11292019 BUSINESS

business@tribunemedia.net

FRIDAY, NOVEMBER 29, 2019

$4.56 AUDITOR GENERAL: SCHOLARSHIPS DID NOT FOLLOW PROCESS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GOVERNMENT officials have admitted that Ministry of Education scholarships are awarded to persons who do not go through the proper approval process or meet application deadlines.

The Auditor General’s report into the processes employed by the Scholarship and Education Loan Division (SELD), tabled in the House of Assembly this week, reveals that not all scholarship recipients are approved by the Board designated for this task as “other persons in the Ministry [of Education’s] leadership” can give the go-ahead outside the established processes.

The report reveals that the Division’s management conceded such practices existed, while also revealing that “exceptions were made outside our purview” to accept scholarship applications submitted after the due deadline expired.

These disclosures suggest that the scholarship awards process is open to potential abuse from arbitrary and political influences that threaten to undermine the concept of a Bahamian meritocracy, depriving more deserving candidates after much sought-after educational opportunities.

The Auditor General’s report, acknowledging the “risk” that some applicants may have received financial awards despite not meeting the qualifying criteria, agreed that this may have prevented persons who did make the requirements from obtaining scholarships.

These concerns are especially critical given SEE PAGE B8

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Capital demand may strain $120m market

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A LEADING investment banker yesterday warned that the increasing competition for capital involving both the Government and private sector could leave some deals “unfunded” over the next 18 months.

Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business that his finance house and its rivals will have to “better co-ordinate” the various capital raises they conduct on behalf of clients given the growing potential for “crowding out”.

Arguing that the Bahamian capital markets have a depth” of $120m for annual fund-raising, Mr Anderson

* RoyalFidelity chief warns on ‘crowd out’ * ‘Co-ordination’ to avoid unfunded deals * Minnis Gov’t to borrow $1.5bn in 3 years said their capacity would likely be stretched by the combination of government and corporate needs based on the transactions he knows are pending over the next two years.

While the banking sector seemingly had ample excess liquid assets of $1.785bn at end-September 2019, the RoyalFidelity chief said only a portion of this sum will be made available to private sector investors even though it will likely receive a further boost from anticipated US dollar borrowing by the Government

post-Hurricane Dorian.

K Peter Turnquest, the deputy prime minister, recently confirmed that the Government will seek to borrow an extra $508m this fiscal year to fill the gap created when Dorian blew the 2019-2020 deficit out to $677.5m.

The Government’s just-released Fiscal Strategy Report shows it borrowing a further $499m in 2020-2021, and $301.2m in 2021-2022, meaning that the Minnis administration is forecasting it will need to borrow some $1.479bn over

its final three years in office.

Then there is the private sector’s requirements. Desmond Bannister, minister of works, this week confirmed that Bahamian institutional investors will be allowed to purchase $70.7m of Bahamas Power & Light’s (BPL) mammoth $650m bond issue, while the Nassau cruise port’s transformation is seeking to raise a $100m bridge financing facility over the next 12 months.

Other transactions are also likely in the pipeline.

“I think as I look over the next 18 months or so, based

MICHAEL ANDERSON on the projects I’m aware of, I think there’ll be a difficulty in raising sufficient cash to fund them all,” Mr Anderson told Tribune Business. “Luckily, certain of them are looking to raise capital over a number of SEE PAGE B5

ATLANTIS GAINS COURT OIL EXPLORER IN NEW YEAR BAR ON UNION ACTION LOCAL INVESTOR FUND

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters ATLANTIS last night obtained an emergency injunction to prevent further industrial action by the hotel union following yesterday’s picketing that hit an industry trying to rise from its “knees” post-Dorian.

Tribune Business understands that the Supreme Court Order blocks the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) and its members from interfering with the Paradise Island-based resort’s operations, guests and employees over the critical Thanksgiving holiday weekend until both sides appear for a joint hearing on Friday, December 6.

Atlantis, the country’s largest

SHELL DEAL STILL ‘VERY MUCH LIVE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.60

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comes online in late 2021/ early 2022, in his House of Assembly presentation on BPL’s $650m bond A CABINET minister refinancing. yesterday asserted that the The minister’s presendeal for Shell’s new power tation shows that $70m plant “is very much live” of the $650m to be raised despite Bahamas Power through the bond has been & Light (BPL) seemingly earmarked for the Phase II making a $70m investment expansion of Clifton Pier’s on its behalf.

“Station A” with the purDesmond Bannister, chase of more generation minister of works, told engines from Wartsila.

Tribune Business This 90 Mega that BPL’s partWatts (MW) of use of the proceeds additional capacfrom its upcoming ity, when combined $650m bond issue with the existto purchase more ing 132 MW set Wartsila engines to come online in was go ensure mid-December, the utility can will provide 222 “move ahead no MW in new genmatter what the eration - exactly MINISTER of circumstances”. what Shell North “The Shell deal Public Works Des- America is supis very much live,” mond Bannister. posed to provide he said. “I want with its new-multi to make sure no fuel power plant. matter what, in any circumIndeed, Chester Cooper, stances BPL is prepared to the Opposition’s deputy move ahead. I don’t want leader and finance spokesto say anything more than man, told the House of that.”

Assembly: “Today, I don’t Mr Bannister was know if he [Mr Bannister] responding after Tribune said Shell once. The MemoBusiness and others que- randum of Understanding ried why there was little to was signed with Shell in no mention of the much- December 2018. Now, the touted Shell multi-fuel Bahamian people must pay power plant, which has without any mention of been portrayed as key to Shell.” solving New Providence’s And one well-placed energy reliability and cost challenges when it SEE PAGE B9

DISGRUNTLED hotel workers are pictured outside at Department of Labour after picketing at Atlantis resort yesterday morning.

PHOTO: Shawn Hanna/Tribune Staff private sector employer, acted after several hundred employees and union members - many of whom appeared to be its housekeeping staff - picketed the SEE PAGE B7

A BAHAMAS-BASED oil explorer yesterday pledged to set-up an investment fund in the New Year that will give Bahamians access to the potential “fortune of hydrocarbons” from its activities.

Simon Potter, the Bahamas Petroleum Company’s (BPC) chief executive, told Tribune Business that it was “only right and proper” that Bahamian institutional and retail investors be given the chance to benefit financially from their country’s natural resources.

BPC has hired Leno Corporate Services, the rapidly expanding investment house headed by Sean Longley, to advise and help structure a Bahamas-domiciled mutual fund that will serve as a vehicle for locals to participate in any wealth

creation upside from the company’s exploration activities.

Mr Potter explained that BPC, which has long promised to facilitate Bahamian investment in the company, had decided it was the correct time to revisit this pledge as it ramps up to spud its first exploratory well in waters southwest of Andros during the 2020 first half.

The proposed mutual fund will invest exclusively in BPC, and Mr Potter emphasised that the company’s primary goal in creating it was not to raise cash as the first well project is already fully-funded. As a result, he explained there is no target sum the company is aiming to obtain.

While BPC still has to work out the pricing of the fund’s shares, and its structure, with Leno, Mr SEE PAGE B6

PAGE 2, Friday, November 29, 2019

THE TRIBUNE

A HEALTHY EMPLOYEE IS A PRODUCTIVE ONE A

WARENESS of mind and body wellness has had a noticeable impact on the corporate landscape over the past few decades. More and more businesses, both large and small, have been integrating a holistic approach to wellness and productivity for their employees and business models. Employee care through human resourcesdriven health and wellness programmes presents a great opportunity for transforming the workplace culture.

But how do we go about taking the message of mind-body wellness to those in offices and boardrooms? What steps can we take to ensure we successfully translate this message for the modern marketplace and, most

importantly, what strategy do we employ in doing so?

Here are a few suggestions that can be considered:

Step 1: Have A Clear Intention Every plan starts with an intention. We need to begin by identifying exactly: 1. What we are trying to accomplish 2. What the end result will be For example, the goal might be to reduce absenteeism by 20 percent through weight loss and nutritional plans.

Step 2: Know your audience and their needs This step may seem obvious, but it is imperative that you understand the business you are trying to influence.

The culture in the corporate,

healthcare and education fields is far removed from the environment of a meditation or yoga retreat. The concept of wellness may still seem strange to many who may be caught up in the ‘live and let live’ world. We have to speak their language and share these teachings in a way that works best for them.

wish to teach or share with their employees, they can often champion the programme from a high level, essentially being your internal marketer. If you are a teacher and have personally taught a leader or executive in the company, reach out to them to see if they will be willing to rally others to your mission.

Step 4: Identify an executive champion If possible, see if there is a top executive who will align themselves with your intent and overall mission. While not always possible, finding a highlevel leader in the company who is sympathetic to your cause can serve as a very powerful trigger for moving your ideas forward.

If a leader has personally experienced the benefits of what you

Step 5: Be subtly persistent Know that businesses may not immediately jump to embrace “mind and body” initiatives in their workplace. Do not see this as a failure. It may take time for the business climate to shift or for the company to adopt an updated wellness model that values a more holistic approach. Stay the course and know that your intention will blossom when the season is right.

SEE PAGE 4B

IAN FERGUSON BY

THE TRIBUNE

Friday, November 29, 2019, PAGE 3

‘SLIDING SCALE’ VAT BREAK ON POST-DORIAN PROPERTY SALES

By YOURI KEMP Tribune Business Reporter

VAT breaks on real estate sales in Doriandevastated Abaco and Grand Bahama will be based on a sliding scale that is capped at 50 percent of the total tax due, a senior official said yesterday.

Gaynell Rolle, acting controller at the Department of Inland Revenue, explained: “On the sale of real property, what the Government is trying to encourage is we know that there is a lot of property in the Abacos and in Grand Bahama where persons figure they want to sell the property, don’t want to stay there any longer or there is vacant land where persons may want to now go develop.

“So, on the sale of those properties, depending on the purchase value the Government offers a sliding scale of up to 50 percent on the purchase of those properties.

So your tax benefit is that the payment will be less up to a sliding scale of 50 percent.”

Saving Ms Rolle added: “Let me give you an example. A property [worth between] 0 to $100,000, with VAT up to $2,500, that will be discounted up to 50 percent, which is a maximum saving of $1,250.”

The sliding scale will be published when the Government fully determines the Special Economic Recovery Zones Order it will develop to facilitate the post-Dorian recovery in Abaco and Grand Bahama.

These zones will come into being on Sunday, December 1, and last until end-June 2020.

Christine Wallace-Whitfield, the Bahamas Real Estate Association’s (BREA) president, said of the proposed VAT breaks: “I guess something is better than nothing. I know the Government is trying to do something and I know it is a very challenging time, and we all have to help out on Abaco and Grand Bahama.

“I guess it does help. I’m thinking more about the foreign sales; we have to think about the foreign direct investment and how that can help those islands to rebuild.

I think those islands need more incentives.

Like when BREA wanted to help where we got assistance from the Cayman Islands Real Estate Brokers Association, where they were able to give money to agents in Abaco and Grand Bahama that needed assistance towards their licensing fees.”

Responding to concerns that the VAT relief will further incentivise “property vultures” hunting for post-Dorian bargains on Abaco and Grand Bahama, Mrs WallaceWhitfield said: “The vultures are already there.

“They will always come when they think people or properties are in distress. It’s just the way of the world.

“I think it is up to us to police it properly so that authorities are aware of it, and so these vultures don’t come in and take advantage of what The Bahamas has to offer. We can try to educate them on the importance of consulting a licensed real estate agent before you make a decision on whether to sell or not.”

Mike Lightbourn, president of Coldwell Banker Lightbourn Realty, told Tribune Business in September that while the “Dorian tax breaks” were a “plus” he and other realtors at his firm were also fielding inquiries from “vultures” eager to snap up Abaco real estate at bargain prices following the deadliest storm likely to have ever struck The Bahamas.

“It’s great. It’ll be a big plus,” Mr Lightbourn said of the incentives. “But we need to put some infrastructure in place before people rebuild. That’ll also encourage the vultures even more. We’ve had several vultures looking for real estate bargains and making it very clear they’re interested in any bargains in Abaco or Grand Bahama.”

Mario Carey, founder of Better Homes and Gardens Real Estate (MCR) Bahamas Group, also told Tribune Business he has already fielded inquiries from deal-seekers in Dorian’s wake.

“You are going to get bottom feeders coming into the Abaco market looking for opportunities,” he revealed. “You will have people looking for opportunities in Abaco. People are inquiring whether real estate prices are attractive for land. Can we pick up a deal in Abaco? It’s a funny conversation to have.”

KEEPING THE WOOD CRAFTING DREAM ALIVE THE widow of Bahamas Woodcrafters’ founder is working with company staff to keep his 22-year dream alive by making it the leading business in the industry.

Alexander Baxter opened the creative wood crafting business in the Soldier Road Industrial Park in 1997.

Despite his passing in July 2019, his widow, Loretta, together with the company’s manager, Patrick Saunders, and staff plan to maintain his vision to be the best.

“Many Bahamians liked my husband’s work. He never advertised.

“But through word of mouth by his clients and friends he was able to build this business over the many years,” said Mrs Baxter.

Bahamas Woodcrafters specialises in mill work.

This involves making exterior doors (mahogany);

interior and louver doors; windows and plantation shutters; crown molding; base board; door trims; arches; hand railings; and cabinet doors.

These decorative pieces are constructed from different types of wood, including poplar, cypress, mahogany, Spanish cedar, red oak, white oak and treated pine.

Mrs Baxter said: “Whatever cuts a customer wants we can make everything on location at Soldier Road Industrial Park.”

She is now planning to expand the business by adding a new line of offerings such

‘SIX MAIN’ DORIAN TAX RELIEFS READY

By YOURI KEMP Tribune Business Reporter

RESIDENTS and businesses in the Dorian-hit islands will be able to access “six main” tax reliefs when the Government’s special economic recovery zones take effect this Sunday.

Gaynell Rolle, the Department of Inland Revenue’s acting controller, detailed the procedures that must be followed on Abaco and Grand Bahama to obtain muchneeded breaks designed to help them recover from Hurricane Dorian. Only individuals and businesses present within these zones will be able to access this relief, which ends on June 30, 2020.

Ms Rolle said: “There are six main tax benefits that are available under the [recovery zones] order.

You will find them at the border, at the cash register and at the tax agencies.

They relate specifically to goods; they do not include services.

“They include tax-free importation of goods directly into the recovery zone. This applies to cargo

directly imported into Grand Bahama, Abaco and the surrounding cays. The Value-Added tax (VAT) free purchase of goods inside the recovery zone; this applies to goods purchased inside of the zone.

Duty free and VAT-free replacement of vehicles and boats; relief from all Business License fees; real property tax relief on improved property, not vacant land; and discounted VAT on the sale of real property.”

Supplies Ms Rolle added that the tax relief will apply to “a wide range of items - from building supplies, furniture and office equipment to fishing and farming supplies, medicine and personal hygiene products inclusive of water, fruits and vegetables and other unprepared and prepared foods including foods sold at restaurants. If you have no stove to cook on, you can eat take-out and save on VAT. “At the cash registers in Abaco and Grand Bahama,

consumers will effectively pay no VAT on most items available locally,” she continued.

“They do not have to apply for approval because these purchases are made directly within the zone.

Consumers will just shop within the recovery area and approved items will be VAT-free at the cash register.

“For direct cargo imports at the border in Grand Bahama, Abaco and the surrounding cays, certified individuals and businesses will have the benefit of taxfree imports on approved items. Pre-approval by the Ministry of Finance and the Department of Inland Revenue is required for presentation at the border.”

Here, businesses and individuals must complete the “tax relief consolidated form”.

In Abaco, these forms can be submitted to the “Hurricane Dorian one-stop shop” at the government complex, while in Grand Bahama they must be submitted to the Department of Inland Revenue. Submissions must first be certified, and persons will be required

then present the form to Customs for the tax waiver.

Items approved to receive tax breaks will be published on the Department of Inland Revenue’s website and shared with the

general public. Ms Rolle said the relief will help individuals affected by the “catastrophic” storm to rebuild their lives more “affordably and in greater speed”.

as designer wooden wall paneling. Bahamas Woodcrafters is aiming to market the business in the Family Islands and export to countries throughout the Caribbean.

The company can make more than 500 feet of crown molding in over 100 different patterns in one day.

It takes about two-anda-half days to complete an interior door with any door pattern selected. It also constructs glass doors, French doors, barn doors and window frames in a wide variety of designs.

Mr Saunders said: “Whatever designs a customer can dream about, we can put it on wood to help beautify their home or office.”

He added that Bahamas Woodcrafters has been doing “the best woodwork in the country” for the past 20 years.

PAGE 4, Friday, November 29, 2019 FROM PAGE 2B Be subtle in your persistence, however.

You want to be ready when the opportunity arises, but not pushy. Practice detachment and let go of how you think things should turn out. Your intention may end up being fulfilled in a form that you had not expected, so do not stubbornly cling to a “my way or the highway” mentality. Let go and be vigilant.

This is the perfect opportunity to walk your talk and live with the integrity that comes from a consciousnessbased way of life.

Step 6: Exceed expectations Once your proposal is accepted and things are moving forward, be sure to set your own bar very high.

Exceed the expectations of the company by overdelivering a programme of exceptional quality.

If you are doing the teaching yourself, the onus is on you to be the professional subject matter expert in your field. Do whatever you need to do to present the very best for those who are technically your customers, such as dressing the part, being 100 percent prepared, creating visual aids, slideshows or handouts, and providing post-programme follow-up.

If you are not facilitating the programmes yourself, be sure that whoever is doing the instruction is a reputable, certified instructor in that specified field and is aligned with your mission.

THE TRIBUNE

A HEALTHY EMPLOYEE IS A PRODUCTIVE ONE Step 7: Measure the results If possible, once the programme is complete, look for ways to measure the impact of the teachings and initiatives on employees.

Many businesses use measurement tools to determine the effectiveness of a specific strategy or training programme.

Consider having the employees complete a survey of the programme and how they feel the teachings may have impacted their lives or performance.

This provides very tangible evidence that your programme was of benefit.

At the very least, asking the leadership to poll the participating employees on the quality of the initiatives will help you to improve for future programmes.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 CHAMS DEVELOPMENT GROUP LIMITED NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: a) CHAMS DEVELOPMENT GROUP LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on Octobert 10, 2019 c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

FROM left: Bennett Minnis, WSC Board representative; Miriam Emmanuel, MP for MICAL; Adrian Gibson, WSC’s executive chairman; and Elwood Donaldson, WSC general manager. (BIS Photo/Patrick Hanna)

WATER CORP IS ‘KEENLY’ AWARE OF OUT ISLANDS

ADRIAN GIBSON, WSC’s executive chairman, and Miriam Emmanuel, MICAL MP, are pictured during a stopover visit to Crooked Island. (BIS Photo/Patrick Hanna) LEGAL NOTICE

N O T I C E STARK AND WAYNE INTERNATIONAL LIMITED (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the abovenamed Company is in dissolution, which commenced on the 22nd day of November, 2019. The Liquidator is Windermere Corporate Management Limited, East Bay Street, P.O. Box N-7797, Suite A-084, Nassau, Bahamas.

WINDERMERE CORPORATE MANAGEMENT LIMITED Liquidator

THE Water & Sewerage Corporation’s (WSC) executive chairman has promised Crooked Islanders that the Government is “keenly” aware of their needs and is making plans to address them.

Adrian Gibson, the Long Island MP, told a groundbreaking ceremony for potable water distribution systems at Colonel Hill Park that infrastructure upgrades will expand to other Family Islands.

“In short course we will also announce the tendering process for Cat Island.

Help and hope are on the way. Water is soon to come your way,” said Mr Gibson.

The Government has received funding from the Caribbean Development Bank (CDB) for a $28.33m water supply Improvement project, with the Public Treasury providing $13.3m in counterpart funding.

In Crooked Island, the settlements of Pond Road, Church Grove, Timothy Thompson and Colonel Hill will receive potable water for the first time.

Some 18,850 feet of four-inch PVC pipe, and around 5,800 feet of twoinch PVC pipe with 83 water service connections, will be installed there.

Mr Gibson said engineers and other technical staff have conducted

assessments in the settlements of Landrail Point and Cripple Hill.

“We are actively looking at these areas, and plans are in place to see how we can address those settlements on that side of the island,” said Mr Gibson.

He disclosed that Crooked Island will also be the recipient of at least one, and possibly two, new reverse osmosis plants.

“The Corporation is looking to secure these in short course.

Crooked Island has priority on WSC’s list,” Mr Gibson added.

Miriam Emmanuel, the local MP for MICAL, said of the improvements: “It’s been a long time coming, but Crooked Island, your change is here. We will continue to make life better for all.”

Edith Bain, a local government representative, described the groundbreaking as a “quantum” leap for the residents of Crooked Island.

“My grandparents and parents had to go and bring water from far distances for daily use such as cooking, cleaning and drinking.

“We are particularly grateful that you saw fit to come to us at Thanksgiving season. We have waited a long time for this precious gift,” said Ms Bain.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, URBAN JASON GUSTAVE WILLIAMS of Eight Mile Rock, Grand Bahama, The Bahamas, intend to change my name to URBAN JASON GUSTAVE FRANCIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE

NOTICE ALISA CAPITAL CORP. (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act 2000, the abovenamed Company is in dissolution, which commenced on the 27th day of November, 2019. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas.

GALNOM LTD. Liquidator

THE TRIBUNE

CAPITAL DEMAND MAY STRAIN $120M MARKET FROM PAGE ONE years like the Government’s airports project, which will be over three years.

“To some extent the market will be able to replenish for some of these transactions. I think the market depth is $120m, so you could have a $75m and a $45m deal in one year, or $40m, $50m and $30m. The investor money gets used up and, whether they are an institutional or a retail investor it takes a while to get the funds for the next one. It’s not sufficiently available.”

For the Bahamian capital markets to cope with the expected demand, Mr Anderson said: “Everyone in that space is going to have to be co-ordinated and aware of what is happening with other projects so we are not on top of each other.

“People will be comparing the terms and rates on different deals. Deals coming to market may be put behind others seen as more attractive.

“And transactions coming in a few weeks may not be funded with the same amount of certainty.”

Mr Anderson’s concerns were echoed earlier this week by Anthony Ferguson, CFAL’s principal, who agreed that the Government’s post-Dorian financing needs could pose “a challenge” to the financeraising 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.

“I don’t think it’s going to impact us,” he added, “but I think that with the Government’s Dorian raises and other infrastructure needs their could be competition for sure, and interest rates may be impacted.”

The RoyalFidelity chief, backing his competitor’s assessment, said: “It’s certainly going to become harder, and we will have to be better organised in the capital raising process so that we do not have unfunded or underfunded transactions.

“There’s a good opportunity for investors. We have so much liquidity in the banks and they can’t hold it all. Investors have to start moving money out of the banks and find some way to make funds available to finance projects and keep the momentum going forward.

“Putting money in the bank at 0.5 percent interest will not help grow the local economy.

“We need some money put in local investments and that creates opportunities for investors to diversify their portfolios,” Mr Anderson continued.

“Hopefully we will get more people into the investment space and get more of these projects funded because there will be more opportunity over the next 18 months to two years.”

Friday, November 29, 2019, PAGE 5

SUMMIT TO HONOUR THREE BAHAMIANS THREE Bahamians will be honoured at Hubert Edwards Global Success Summit 2019, which will be held tomorrow.

Barry Rassin, the first Bahamian president of Rotary International; Ricardo P. Deveaux, founder of the Primary School Student of the Year Awards, and Anthony Longley, first Bahamian and current director of Toastmaster’s International, will be honoured for their leadership excellence in The Bahanas and internationally.

Success Summit, now in its third year, was founded

by Hubert Edwards, a certified accountant and talk show host who wanted the conference to connect Bahamian society and allow persons to network and be invested in each others’ success.

“These three distinguished Bahamians, through their leadership and commitment, have positively influenced the lives of many, both locally and internationally,” Mr Edwards said of the honorees.

“The standard for this award is very high and discriminating. We will recognise persons who are unquestionable leaders

and active contributors to national life who, through their work, represent The Bahamas in ways consistent with national ideals and who, through their life, demonstrate the philosophy of Ubuntu (I am because we are). Barry Rassin, Anthony Longley and Ricardo P. Deveaux embody important leadership essentials.”

Success Beyond Self is the title of this year’s event, which is targeted at corporate employees and executives; small business owners; public service workers; politicians and national leaders; young professionals; entrepreneurs; religious leaders; trainers and life coaches; and any person committed to their personal development.

Speakers include Duquesa Dean; Zhivargo Laing; Dr Kenneth Romer; Ethan Hepburn; Ethan and Dekel Quant; Malachi Munroe; Ean Maura; Khrystle Ferguson; Rodney Bain; Simmone Bowe; Victoria Mullings and Mr Edwards. The international presenter is Pollo Prosper, a Haitian-American author and John Maxwell Team Member who fought his way from

the streets to success as a retail leader and now a speaker coach and entrepreneur.

The summit’s title sponsor, Aliv, will have also two executives presenting.

Scholarships for Bahamian students have been made available through this event.

Three students from inner-city community schools were selected from numerous applicants and will be awarded scholarship grants. Scholarship awardees will be recognised and presented with their scholarship information at the Summit.

The scholarships grants

are: Dr Myles Munroe memorial Scholarship Grant sponsored by Aliv; the Michelle M. Miller Memorial Scholarship Grant sponsored by Hubert Edwards Global and Friends; and the Dr Richard Pinder Memorial Scholarship Grant sponsored by Genesys Now.

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 6, Friday, November 29, 2019 FROM PAGE ONE Potter said it would likely be “quoted” - as opposed to listed - on the Bahamas International Securities Exchange (BISX) to give investors better price transparency and discovery.

The mutual fund’s worth will be directly linked to BPC’s share price on London’s Alternative Investment Market (AIM), and the oil explorer’s chief executive said it would seek investments from both institutional and smaller retail investors once it launches in early 2020.

“It’s clearly been our goal to allow Bahamian investors to have the opportunity, or facility in, BPC, which was solely set up to to explore for hydrocarbons [oil] in The Bahamas. It’s a potential resource for the country, and seems only fitting that Bahamians are able to invest in this. This is a natural asset, this is a Bahamian asset, and is only right and proper,” Mr Potter told Tribune Business.

Asked when the planned mutual fund will be structured and offered as an investment opportunity to Bahamians, he added: “I think realistically, with regulations and legislation the way it is, and the Christmas holidays, it’s probably going to be the New Year. We’ll certainly be ready to go in the New Year.”

BPC, in its official release on the matter, said: “The company expects that, following a further process of consultation with Leno and various administrators in The Bahamas, details of the proposed mutual fund - including the terms, how investors’ interests in BPC would be reflected, eligibility for, anticipated timeframe and manner of subscription - will be confirmed in the coming weeks.”

OIL EXPLORER IN NEW YEAR LOCAL INVESTOR FUND Opinion is likely to be divided on the merits of BPC’s mutual fund. While many Bahamians will likely welcome a chance to invest in the oil industry, one of the most lucrative in the global economy, it is probable that an equal number at least will be opposed given Hurricane Dorian’s recent devastation and the linked concerns over fossil fuel-driven climate change.

Mr Potter acknowledged the “very mixed’ reaction BPC’s plans have provoked, saying: “You talk to fishing communities, and they talk about the oil discoveries they know of and the drilling that has taken place.

There are those communities that say oil is there, and others less so.”

Environmentalists, in particular, are likely to be against BPC’s plans to offer a local investment opportunity. And there are other sceptics questioning whether BPC is for real, given that it has yet to spud its first exploratory well despite starting the data collection process 14 years ago in 2005.

Mr Potter, pointing out that BPC has raised and spent some $100m to reach this point, said the estimated oil beneath the Bahamian sea-bed was almost three times’ what the industry considers a “giant” find. He described this nation, and the wider Caribbean, as “hot” when it came to oil exploration.

“I’m a geologist, I’m an explorer and it’s been my job with the various companies I’ve worked in to

look at opportunities for hydrocarbon resources,” he added. “The Bahamas stands out as an area close to existing production, close to international markets and, geologically, is very attractive for hydrocarbon exploration.”

“It’s clearly been our goal to allow Bahamian investors to have the opportunity, or facility in, BPC, which was solely set up to to explore for hydrocarbons [oil] in The Bahamas.”

Simon Potter, the Bahamas Petroleum Company’s chief executive Mr Potter said BPC’s studies to-date had been “unable to disprove” the theory that The Bahamas has the right type of subsurface rock structures for holding oil reserves, and continued: “It stands out as a project with huge technical merits, and technical merits that have kept us aligned as a team and working to bring this project about.

“It can be a huge resource for this nation. The barrels potential is 1.4bn, and currently half a billion barrels is considered giant. There’s oil in Florida, oil in Mexico, and Guyana has made tremendous discoveries. The

Caribbean and The Bahamas are kind of hot at the moment for hydrocarbon exploration.”

Mr Potter said the drilling of BPC’s first exploratory well near The Bahamas’ maritime boundary with Cuba, together with the greater legal, regulatory, licence term and rig equipment “certainty”, meant it was an opportune time to revisit Bahamian investor participation.

The oil exploration regulatory regime, and BPC’s licence terms and conditions, were set in 2016 and 2019, respectively, and the well design, rig provision and delivery of associated services are now well advanced, Mr Potter added.

“The funding, the equipment, the law, the licence have all come together to allow us to offer the investor a degree of certainty that was not there before,” he said. “And the timeline of the project, with rig operations scheduled three to five months from now, and it being there for 40-60 days, that’s the window of opportunity.”

Leno will act as the proposed fund’s manager/ administrator, with Mr Potter explaining that they selected it as the best vehicle for Bahamian investors because it “seems to be most administratively straightforward and consistent with the timeframe we’re on” to drill a first exploratory well in Bahamian waters by the 2020 first half.

“This is not us raising cash, us raising money,” he

THE TRIBUNE added of the rationale for the mutual fund’s creation.

“The project is already going ahead, the project is funded.

This is simply a facility for Bahamians to invest in BPC and the fortunes of hydrocarbons in The Bahamas if they so wish. It’s not a chase for money. It’s a facility.”

As a result, BPC has not set any target amount that it wants to raise from Bahamian investors. “We’re not taking any view on that,” Mr Potter said. “In some ways it will be what it will be. We’re not coming with a prescribed view. It’ll be up to the investors. We’re planning with Leno to ensure the costs and fees associated with the fund are as low as they can possibly be.”

BPC will be a relatively unique investment opportunity for the Bahamian capital markets given the nature of its business and its life stage. Some observers will likely argue that it is more a venture capital investment, given its high risk/high reward nature as a company in the lucrative oil industry that has yet to strike proven oil reserves in Bahamian waters.

“The issue for us as managers of the company is ensuring the fund documents, the prospectus, adequately addresses this and explains that hydrocarbons have risks associated with their success that are different from financial instruments,” Mr Potter explained.

“This kind of investment is not for all, and shouldn’t be for all.

“That’s our challenge in terms of the fund documents, the prospectus; to be able to articulate the sub-surface, the geotechnical and make people aware of the risks of exploring for resources. I don’t want to belabour this point but it’s something on our minds.”

Mr Potter added that BPC had sufficient new shares it could issue to the mutual fund as a result of shareholder approvals at its last annual general meeting (AGM).

He confirmed that the mutual fund would likely be quoted, not listed, on BISX with valuations updated on a frequent - weekly or monthly - basis.

The BPC chief said he was also confident that the oil explorer will meet its deadlines for completing all necessary environmental studies.

It is aiming to complete its revised Environmental Authorisation by the 2020 first quarter, meeting a timeline developed in conjunction with the Government and Bahamas Environment, Science and Technology (BEST) Commission.

Work on an environmental response plan is also expected to be completed by early 2020, with Mr Potter adding: “The timely receipt of requisite approvals from the Government means we have been able to commence a critical piece of preparatory work ahead of drilling activities: The collection of a comprehensive range of samples necessary to demonstrate the current ambient conditions at the proposed drill site.

“This will allow a direct assessment of any potential impact from our planned activities, noting that those activities by their very nature will be for a short, temporary duration, close to the international maritime border with Cuba, in a location which is an active marine thoroughfare serving both the existing petroleum facilities in The Bahamas as well as the entire region.

“We remain on track to see drilling commence on schedule.”

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

N O T I C E

N O T I C E

N O T I C E

EXXONMOBIL EXPLORATION AND PRODUCTION TURKEY (OFFSHORE) LIMITED

EXXONMOBIL RUSSIA CENTRAL CHUKCHI SEA SERVICES LIMITED

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 17th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 17th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 29th day of November, A.D., 2019.

Dated the 29th day of November, A.D., 2019.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

LEGAL NOTICE

LEGAL NOTICE

N O T I C E EXXONMOBIL RUSSIA WEST SIBERIAN SERVICES LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL RUSSIA WEST SIBERIAN SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 26th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 29th day of November, 2019 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company LEGAL NOTICE

N O T I C E EXXONMOBIL RUSSIA SOUTH CHUKCHI SEA SERVICES LIMITED Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 17th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 29th day of November, A.D., 2019.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

N O T I C E EXXONMOBIL RUSSIA WEST SIBERIAN SERVICES LIMITED Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 17th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 29th day of November, A.D., 2019.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

LEGAL NOTICE

N O T I C E EXXONMOBIL RUSSIA WEST LAPTEV SEA SERVICES LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL RUSSIA WEST LAPTEV SEA SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 26th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 29th day of November, 2019 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

EXXONMOBIL RUSSIA EAST SIBERIAN SEA SERVICES LIMITED Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 17th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 29th day of November, A.D., 2019.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

LEGAL NOTICE

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION TURKEY (OFFSHORE) LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION TURKEY(OFFSHORE) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 26th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 29th day of November, 2019 Dated the 29th day of November, 2019 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company LEGAL NOTICE

N O T I C E EXXONMOBIL RUSSIA WEST LAPTEV SEA SERVICES LIMITED Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 17th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 29th day of November, A.D., 2019.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

THE TRIBUNE FROM PAGE ONE entrance to the complex’s Coral Towers property.

Darrin Woods, the union’s president, speaking before the injunction was granted denied that it was a strike as he pledged the action would continue “as long as workers want to come out”. He said: “We are not striking, we are picketing. The Industrial Relations Act, Schedule two, gives you the rules for picketing.”

This allows workers to take such action over a trade dispute where a strike vote has been declared by their registered trade union, and Mr Woods added: “We are picketing in the furtherance of a dispute where a strike vote has been issued, where they made changes to the terms and conditions, where they have outsourced the laundry at Atlantis and, in addition, the workers also want their contract.”

The union’s assorted

ATLANTIS GAINS COURT BAR ON UNION ACTION

grievances include the length of time it is taking to negotiate and seal a new industrial deal with the resorts represented by the Bahamas Hotel and Restaurant Employers Association (BHREA), plus the Four Seasons Ocean Club’s recent shift from a weekly to biweekly payroll.

However, many observers will likely argue that the union’s actions could not have been worse-timed for the Bahamian economy, the tourism industry and Atlantis given that the picketing took place on Thanksgiving Day - the traditional start to the peak winter tourism season when resorts and

LEGAL NOTICE

NOTICE OF DISSOLUTION NOTICE IS HEREBY GIVEN as follows: a) Brian Associates Ltd. 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 28th 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 Liquidator before December 30, 2019.

Dated this 29th day of November 2019 __________________________________ Francesca Magna Eichmann Liquidator LEGAL NOTICE

N O T I C E EXXONMOBIL RUSSIA CENTRAL CHUKCHI SEA SERVICES LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL RUSSIA CENTRAL CHUKCHI SEA SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 26th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

their employees make the bulk of their annual income.

The union’s move, threatened by Mr Woods earlier this month, also potentially undermines efforts to resurrect the tourism sector following the negative publicity and fall-off in visitor arrivals in Hurricane Dorian’s aftermath.

Atlantis itself is likely to be seething over the timing given that it coincided with the traditional ‘Battle 4 Atlantis’ college basketball tournament that it hosts every Thanksgiving weekend. The tournament provides the resort with huge amounts of free airtime and publicity due to the presence of TV cameras, but yesterday the ‘Battle 4 Atlantis’ appeared to be taking place in the streets outside.

The picketing also comes as Atlantis’s owner, Brookfield Asset Management, is attempting to sell the Paradise Island property via a bidding process overseen by Citibank. Industrial actions are not going to be desired by potential buyers, and while Tribune Business understands no deal has been sealed yet, the Toronto-headquartered asset manager is likely to be furious with the hotel union.

Ed Fields, Atlantis’ senior vice-president of public affairs, expressed surprise over the union’s move given that significant progress was apparently being made with the hotel union in talks on a new industrial agreement.

The last valid deal between the two parties

expired in January 2013 and, because the hotel union failed to submit its proposal for a new agreement by the stipulated October 2012 deadline, resort employers have continued as if the terms of the previous contract have stayed in effect.

This has left workers agitating for a new deal and pay increases due to subsequent cost of living rises provoked

by VAT and the like.

“Quite frankly we do not know what this is about,” Mr Fields said of the union’s actions. “We would suggest you ask the union leadership what this is about.

“Mr Russell Miller, chairman of the Bahamas Hotel Employers Association, was due to meet the union today at Hotels House to sign off on 36 of the 48 sections of the new agreement that were mutually agreed upon.

The negotiations have not been contentious, and we do not know where this is coming from.”

Mr Fields added: “It is safe to say that over 95 percent of our associates reported to work, and operations are proceeding without interrupting services to our guests.”

Dionisio D’Aguilar, minister of tourism and aviation, yesterday warned that any industrial unrest “compounds a bad situation” with The Bahamas having been portrayed internationally as “down on our knees” following Hurricane Dorian as recently as two months ago.

“I find the industrial action on Paradise Island disappointing because The

LEGAL NOTICE

N O T I C E EXXONMOBIL RUSSIA NORTH CHUKCHI SEA SERVICES LIMITED Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 17th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 29th day of November, A.D., 2019.

(c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Friday, November 29, 2019, PAGE 7

DIONISIO D’AGUILAR, minister of tourism and aviation Bahamas has just been subjected to millions and millions of dollars of negative public relations as it relates to Hurricane Dorian, and the Ministry of Tourism has been spending a significant amount of time and resources to address that negative public relations,” he said.

“The negative public relations was that The Bahamas has been destroyed by Hurricane Dorian and we were down on our knees, and we have obviously been getting our message out that the islands of The Bahamas are open for business and 90 percent of tourism infrastructure was unaffected by the storm. So, therefore, please come and visit.”

Suggesting that the union’s actions threatened to undermine this message, he added: “As you can imagine the tourism sector, which is the linchpin of our economy, over 50 percent of our GDP, two out of three Bahamians are employed in that sector, is at a very, very sensitive

stage right now.

“We are trying to combat all of this negative public relations that has been wrought on us, and obviously we are trying to rebuild our nation after Hurricane Dorian. As foreign visitors agree to take a second look at The Bahamas and say: ‘Let me come here and see what’s going on’, they find an island that has not been destroyed and devastated, but they are greeted with industrial action taking place in our hotels. It compounds a bad situation.”

Mr D’Aguilar, emphasising that he did not want to take sides, said the timing of the union’s actions would have been “more understandable” in a non-Dorian environment. With the Bahamian tourism industry and economy in a “very sensitive” situation, he urged all parties to do nothing that would further inflame the situation.

Mr Woods, meanwhile, said: “As long as the workers want to come out, we are coming.

“We have nine strike vote certificates and the last one was held in June 15. They are only now exercising their right to picket outside the property to bring attention and light to their plight.”

When asked why was there such a long period in between the final strike vote and the current picking action, Mr Woods added: “We were trying to talk; we just didn’t want to take the votes and then strike.

“None of the issues we voted for a strike on we were able to get resolution on except for one. We are working on the other ones currently.

“We are saying that time is taking too long, and it is time to bring our issues to a close.”

LEGAL NOTICE

N O T I C E EXXONMOBIL RUSSIA NORTH CHUKCHI SEA SERVICES LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL RUSSIA NORTH CHUKCHI SEA SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 26th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

N O T I C E

N O T I C E

EXXONMOBIL RUSSIA NORTH KARA SEA SERVICES LIMITED

EXXONMOBIL RUSSIA SOUTH CHUKCHI SEA SERVICES LIMITED

Dated the 29th day of November, 2019

N O T I C E EXXONMOBIL RUSSIA NORTH KARA SEA SERVICES LIMITED Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 17th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 29th day of November, A.D., 2019.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A. LEGAL NOTICE

N O T I C E EXXONMOBIL RUSSIA EAST LAPTEV SEA SERVICES LIMITED Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 17th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 29th day of November, A.D., 2019.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

Dated the 29th day of November, 2019 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

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

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

(a) EXXONMOBIL RUSSIA NORTH KARA SEA SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(a) EXXONMOBIL RUSSIA SOUTH CHUKCHI SEA SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 26th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said Company commenced on the 26th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

(c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Dated the 29th day of November, 2019

Dated the 29th day of November, 2019

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

LEGAL NOTICE

LEGAL NOTICE

N O T I C E

N O T I C E

EXXONMOBIL RUSSIA EAST LAPTEV SEA SERVICES LIMITED

EXXONMOBIL RUSSIA EAST SIBERIAN SEA SERVICES LIMITED

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

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

(a) EXXONMOBIL RUSSIA EAST LAPTEV SEA SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(a) EXXONMOBIL RUSSIA SIBERIAN SEA SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 26th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said Company commenced on the 26th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

(c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Dated the 29th day of November, 2019 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Dated the 29th day of November, 2019 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

PAGE 8, Friday, November 29, 2019 FROM PAGE ONE that the division’s management admitted that typically just one out of every seven, some 500 out of 3,500 applicants who provide all required documents and are taking a “priority” subject, receive scholarships.

The Auditor General’s Office, which was supported by the Deloitte & Touche accounting firm in its assessment of the division’s processes, said: “During our review of the approval process it was discovered that all scholarship awardees may not

THE TRIBUNE

AUDITOR GENERAL: SCHOLARSHIPS DID NOT FOLLOW PROCESS be selected through the Board approval process.

“In addition, requests for Board approval reports were not readily available to determine if all applicants had been approved by the Board.

Specifically, approvals can be granted by other persons in the Ministry’s leadership.”

Detailing the “implications” of this, the report added: “There is a risk that

applicants may have been approved who may not have met the requirements at the time of the selection or at all.

In addition, there are no controls in place to determine if applicants in the system were in fact approved by the Board as the reports were not stored in an easily accessible location.

“Consequently, applicants who met the requirements

to receive awards may have been denied the awards. The Board should ensure that the Department’s approval process is adhered to at all times for the issuance of awards.

Specific approval should be documented for each criteria of award for transparency along with the number of awards issued. Approvals should be properly maintained and readily available.”

In response, the scholarship division’s management admitted that applicants were approved outside the established processes.

“While it is agreed that Ministry’s

LEGAL NOTICE

LEGAL NOTICE

NOTICE OF DISSOLUTION

NOTICE OF DISSOLUTION

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows:

a) Niagara Associates Ltd. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

a) Orange River Trading Ltd. 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 28th day of November 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

b) The dissolution of said company commenced on the 28th 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.

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 Liquidator before December 30, 2019.

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 30, 2019.

Dated this 29th day of November 2019 __________________________________ Francesca Magna Eichmann Liquidator

Dated this 29th day of November 2019 __________________________________ Francesca Magna Eichmann Liquidator

LEGAL NOTICE

LEGAL NOTICE

NOTICE OF DISSOLUTION

NOTICE OF DISSOLUTION

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows:

a) Fremantle Associates Ltd. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

a) Westwood Partners Ltd. 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 28th day of November 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

b) The dissolution of said company commenced on the 28th 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.

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 Liquidator before December 30, 2019.

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 30, 2019.

Dated this 29th day of November 2019 __________________________________ Francesca Magna Eichmann Liquidator

Dated this 29th day of November 2019 __________________________________ Francesca Magna Eichmann Liquidator

(242) 323-2330

BISX LISTED & TRADED SECURITIES 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 3.27 3.96 10.10 7.60 16.90 9.33 3.51 14.00

CLOSE 3.37 17.43 6.00 6.10 2.46 1.80 4.36 11.06 6.16 4.14 8.06 3.27 3.96 10.12 7.60 16.90 9.33 3.20 14.00

CHANGE -0.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.02 0.00 0.00 0.00 -0.31 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

NOTICE OF DISSOLUTION NOTICE IS HEREBY GIVEN as follows: a) Amarula Partners Ltd. 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 28th 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.

NOTICE

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,189.93 | CHG: -11.32 | %CHG: -0.51 | YTD: 80.48 | YTD%: 3.82 52WK LOW 3.35 20.91 4.90 4.46 1.01 0.22 2.00 9.30 5.60 3.95 6.75 2.35 1.76 8.00 6.10 12.10 6.41 3.01 13.01

LEGAL NOTICE

Dated this 29th day of November 2019 __________________________________ Francesca Magna Eichmann Liquidator

www.bisxbahamas.com

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

Auditor General’s Office found that scholarship applications were being processed even if they missed the deadline or cut-off period by which they are due to be received.

“Students were able to request and obtain scholarships outside of the scholarship window, creating a backlog,” the report found.

“Applications accepted after the Department’s deadline impact the internal approval schedules and create additional backlogs. The backlogs lead to excessive overtimes and payment delays to respective institutions.

“The Department should establish and adhere to set deadlines for the submission and approval of all applications, which should be adhered to.

“This would ensure an efficient process and assist with ensuring that the Department has the required resources to process applications, especially during the busier times of year.”

The division’s management, in response, indignantly said the Auditor General’s findings were “inaccurate” as deadlines were in place for submitting and approving applications. It added that the cut-off dates for 2018-2019 were “strictly followed”.

But then, in the same breath, it admitted: “However, exceptions were made outside the committee’s purview and these were recorded separately.”

The Auditor General’s Office, together with Deloitte & Touche, reviewed the scholarship division’s policies and procedures, interviewed and met with staff, and examined 405 existing applicant files and 267 belonging to new ones.

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 30, 2019.

MARKET REPORT THURSDAY, 28 NOVEMBER 2019

leadership may recommend approvals which have not been recommended by the National Scholarship Committee, such referrals were co-mingled with applications approved by the committee prior to the 2018-2019 cycle,” it conceded.

“Now, the written approval for this second group is provided to the administrator of SLED and, as indicated earlier, they are recorded on a separate list. These candidates may or may not be in compliance with the policy guidelines for Board approval.”

Responding to the Auditor General’s conclusion that more deserving applicants were being denied scholarships and financial assistance as a result, the division’s management complained: “It is important to point out that because of budgetary constraints a large percentage of qualified persons are not granted awards.

“Generally speaking, approximately 5,000 individuals apply annually for the National Scholarship Awards and approximately 3,500 are in submitted mode.

However, funding is only available for approximately 500 of the students in submitted mode. This grouping consists of qualified persons with all supporting documents submitted who are pursuing one of the priority areas of study.”

The Budget constraints, though, would seem to increase the importance of ensuring only deserving, qualified scholarship applicants receive funding due to the scarcity of resources, and that this is achieved via a fair and transparent process.

Besides the “significant override” of the process, the

VOLUME 133,140

1,500 903 20,000

502

12,000

50

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 14.1 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 22.5 57.6 32.1 8.5 15.7 10.4 20.7 9.9 15.8 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 5.04% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.90% 0.00% 13.27% 1.52% 3.24% 3.16% 3.20% 2.14% 3.75% 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

NOTICE is hereby given that IESHA ROBIN SADE DELANCY of P.O. Box SS-5660, Pinewood Gardens, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 29th 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 WESLEY CALIX of Ross Corner, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th 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 WILLY VIL of Davis Street, Fox Hill, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of November, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Friday, November 29, 2019, PAGE 9 ANTI-government protesters chant slogans, during ongoing protests against the Lebanese government, in front of the Central Bank, in Beirut, Lebanon, Thursday. Lebanon paid back a Eurobond worth $1.5 billion that was scheduled to mature Thursday, a Finance Ministry official said, pacifying concerns of a first-ever default on its debt amid the worst financial crisis in three decades.

(AP Photo/Bilal Hussein)

LEBANON PAYS BACK $1.5 BILLION EUROBOND AMID ECONOMIC CRISIS

By BASSEM MROUE Associated Press

BEIRUT (AP) — Lebanon paid back a Eurobond worth $1.5 billion that was scheduled to mature Thursday, a Finance Ministry official said, pacifying concerns of a first-ever default on its debt amid the worst financial crisis in three decades.

The tiny Mediterranean country’s economic emergency has ignited nationwide protests against widespread corruption and mismanagement, bringing the country to a standstill for over a month.

The protests were initially sparked by new taxes but have snowballed into calls for the entire political elite to step aside.

Prime Minister Saad Hariri resigned in late October, meeting a key demand of the protesters. But that has plunged the country into further uncertainty, with no clear path to resolving its economic and political problems.

The Eurobond announcement came as a top Arab League official arrived in Lebanon, expressing readiness to help the country solve its political stalemate.

The repayment was being widely watched in Lebanon, which has one of the highest debt ratios in the world, standing at $86 billion or 150% of the GDP. There were concerns that Lebanon, which always paid back its debt on time, might default.

Lebanon has in recent weeks imposed unprecedented capital controls.

The Finance Ministry official, who spoke on condition of anonymity in line with regulations, gave no further details about the repayment.

Local media and analysts said the payment was made from the reserves of the Central Bank.

“This is a positive message to international ratings agencies and lenders that Lebanon did not default in the past and will not default in 2020,” said economist Ghazi Wazni. He added that Eurobonds worth $2.5 billion are scheduled to mature next year, the first payments will come in March and it will be worth $1.3 billion.

Earlier this month, International ratings agency Standard & Poor’s downgraded Lebanon’s credit rating to ‘CCC/C’ from ‘B-/B’.

The agency said the outlook for Lebanon was negative and “reflects the risk to the sovereign’s creditworthiness from rising financial and monetary pressures tied to widespread protests and the resignation of the government.”

Earlier this year, Fitch Ratings downgraded Lebanon’s long-term foreign currency issuer default rating to CCC from B- while Moody’s downgraded Lebanon’s issuer ratings to Caa1 from B3 while changing the outlook to stable from negative.

The office of Lebanon’s president, Michel Aoun, said he discussed political and economic conditions with visiting Arab League assistant secretary general, Hossam Zaki. Aoun has not set a date for binding consultations with heads of parliamentary blocs to name a new premier.

Hariri, who was Aoun’s and the militant group Hezbollah’s favourite to lead a new Cabinet, withdrew his candidacy on Tuesday.

Politicians have failed to agree on the shape and form of a new government. Hariri had insisted on heading a government of technocrats, while his opponents, including Hezbollah, want a Cabinet made up of both experts and politicians.

Meanwhile, the protesters are demanding that the country’s ruling elite be replaced, blaming them for failures in years that followed the 197590 civil war. The protests have remained overwhelmingly peaceful, resorting to road closures and other tactics in an effort to pressure politicians into responding to their demands.

But in recent days, scuffles broke out in Beirut and other areas between protesters and Aoun and Hezbollah supporters, leaving dozens of people injured. As tempers flare, there are real concerns Lebanon could be sliding toward a prolonged period of instability.

“The current situation cannot take conditions and counter-conditions.

We

SHELL DEAL STILL ‘VERY MUCH LIVE’ FROM PAGE ONE

source, speaking on condition of anonymity, told Tribune Business: “I don’t understand why they’re [BPL] funding this when Shell is supposed to be doing it. And how can you give Wartsila a contract for that amount of money when it has not gone out to tender.”

Mr Bannister, meanwhile, said he had been “trying to give people a general idea” of the impact BPL’s refinancing will have on their electricity bills when he said the average household was likely to see a $230-$30 increase over a 10-month period next year when the debt servicing fee kicks in. This is despite the fact, which he agreed, that the bond has not yet been priced or structured.

As for whether the bond servicing fee will be a flat levy or percentage of the bill, the minister pointed Tribune Business to the Electricity Rate Reduction Bond Bill 2019 which refers to it being calculated based on a customer’s “estimated kilowatts per hour use” - indicating bigger energy consumers will pay more.

Mr Bannister said the former Christie administration had been exploring a two-tiered debt servicing fee for the BPL bond, whereby small residential consumers would pay a lower rate and be subsidised by business users - a proposal that was shut down by the private sector.

“The Prime Minister addressed that very clearly,” Mr Bannister said. “The larger companies indicated the country would be shut down as there was no benefit for them. As a result, former Prime Minister Christie agreed and withdrew any discussion of that issue.”

The minister said the refinancing, which will leave BPL with $222m for infrastructure improvements, “is going to be the first time it will have the wherewithal to make any kind of investment without coming to the Government”.

He added: “BPL was created with debt, they were incorporated with debt. They’ve never been debt free. They were created with no chance to succeed. This is going to be their first opportunity to succeed and do anything for themselves.

“It’s a wonderful opportunity. The Government is looking forward to BPL stepping up on its own, and doing what it has to do, and seeing how it transforms the country, the structure of power, the generation of power, the transmission of power.”

should all work together to get out of the crisis in what serves the interest of the Lebanese people,” Aoun said in comments released by his office Thursday. He added that Arab support “should be translated into actual steps regarding assistance to improve the deteriorating economic conditions.”

Zaki told reporters said there must be solution for the Cabinet formation crisis, adding that “it is important so that Lebanon avoids negative effects on its economic conditions and civil peace.”

Scores of Lebanese businesses have closed in recent months and thousands of employees were either laid off or are getting half their salaries amid the crisis. Local banks have imposed capital controls worsening the economic conditions amid a liquidity crisis and shortage in U.S. dollars.

Since 1997, the Central Bank has kept the pound stable at 1,507 to the dollar thanks to heavy borrowing at high interest rates but on the black market, the price of the dollar reached in recent days 2,100 pounds, a 40 percent over the official price.

The private sector had planned a strike Thursday but later suspended it while gas stations started an openended strike protesting dollar shortages to cover their imports. Exchange shops will also hold a one-day strike on Saturday to protest charges by some that accuse them of being behind the rise oof the dollar against the local currency.

Late on Thursday, scores of protesters held a sit-in outside the Central Bank in Beirut blaming bank governor Riad Salameh’s policies for worsening economic and financial conditions in the country.