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IMF gives govt vital ‘boost of confidence’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE IMF yesterday gave the Government a much-needed “boost of confidence” with an upbeat assessment of its economic and fiscal reform progress despite the “many challenges ahead”.

KP Turnquest, deputy prime minister, told Tribune Business he was under no illusions about the scale of the task confronting the Minnis administration when it came to job creation and achieving higher economic growth levels even though the International Monetary Fund (IMF) had largely endorsed its efforts to-date.

“It is a bit of positive news that gives us encouragement that we’re going in the right direction, so we will continue to proceed

* Most upbeat Bahamas evaluation for years * DPM: ‘In right direction, but many challenges ahead’ * Fund backs pain-inducing austerity measures with the reforms we have in progress and look forward to deepening the initial results achieved thus far,” Mr Turnquest said of the IMF’s latest verdict.

“This is a boost of confidence that we are moving in the right direction. There’s a lot of work to be done but we are committed to transforming the way business is done in the country, especially the level of accountability and transparency we aspire to.

“This Fiscal Responsibility Act, and Fiscal Responsibility Act, will ensure that we not only have the level of accountability and transparency

KP TURNQUEST

SEE PAGE 4

Credit Bureau operator Bahamas ‘25% of way set for January selection there’ on reform progress

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank’s governor yesterday confirmed that the preferred operator for The Bahamas’ first-ever Credit Bureau will be unveiled in January amid IMF calls for its “speedy” creation.

John Rolle, in a brief e-mailed reply to Tribune Business’ questions, confirmed that the selection process for the entity that will manage a facility deemed vital to improved Bahamian lending efficiency is nearing its conclusion.

“We are at the end of the review process. The preferred operator will be announced in January,” Mr Rolle said. The Government, too, in its response to the IMF findings, said it was committed to “establishment of the Credit Bureau without delay to enhance credit market efficiency and increase credit growth”.

Non-Profit Bill too one-sided

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s NonProfit Organisations Bill is too one-sided because it neglects the positive effects of the sector’s growth for Bahamian society, a governance reformer argued yesterday.

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that the bill needed to be amended so that the desire for regulation did not stifle Bahamas-based non-profits - especially the smaller ones - and force them to close their doors.

He added that the bill also needed to account for the environment in which Bahamian non-profits operated, pointing out that many donors - both corporate and individual - wanted legitimate confidentiality because they feared they would be bombarded with

SEE PAGE 5

•IMF URGES ITS ‘SPEEDY CREATION’ •WILL BOOST LENDING MARKET EFFICIENCY

JOHN ROLLE

GOWON BOWE

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas is “maybe 25 percent of the way there” on economic and fiscal reforms, a governance campaigner said yesterday, with too few Bahamians feeling the benefits of this progress.

Robert Myers, pictured, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that economic growth was still “not half” of what The Bahamas requires despite the muchneeded changes enacted by the Minnis administration to-date.

Speaking after the International Monetary Fund (IMF) released an upbeat assessment of this nation’s moves following its December 3-7 visit, Mr Myers acknowledged that it would take time for the benefits of the Government’s reforms to “trickle down” to the many Bahamians complaining that their living standards

continue to go backwards rather than improve.

Reiterating that public sector costs and inefficiency must be tackled as a priority, the ORG chief estimated that Bahamian GDP growth could increase by one full percentage point or around $100m if the ease and cost of doing business - energy costs in particular - were transformed.

While the IMF yesterday stuck to projections that Bahamian gross domestic product (GDP) will expand by 2.3 percent and 2.1 percent in 2018 and 2019,

SEE PAGE 5

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Union rejects Atlantis’ ‘no strike vote basis’ assertion

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net ATLANTIS’ assertion that there is “no basis for a strike vote” was yesterday vehemently rejected by the hotel union, which said it still plans to proceed with its December 18 poll.

The Paradise Island resort, in a statement, called on the Bahamas Hotel, Catering and Allied Workers (BHCAWU) union to withdraw “any trade disputes” filed against it because the matters dividing the two sides have in its view been addressed.

But Darrin Woods, the union’s president, told Tribune Business that “nothing has changed” on its position because it feels the two issues that created the dispute - Atlantis’ introduction of a 12-point disciplinary system and new shift structure for housekeepers - remain outstanding and unresolved.

Despite Atlantis’ argument that any further industrial action is “unwarranted”, a position backed

by John Pinder, director of labour, the union’s threat to move ahead with a strike vote next week threatens to send a chill throughout the Nassau/Paradise Island resort and tourism sector

DARRIN WOODS

JOHN PINDER given the potential for disruption at the height of the peak Christmas/New Year season.

Mr Pinder yesterday confirmed that Atlantis had “lived up to its promises” to resolve the dispute, and that there was no further basis for the hotel union to seek a strike vote and escalate the situation beyond the existing “work-to-rule”.

However, Tribune Business understands that the union is unhappy that

SEE PAGE 5

THE TRIBUNE

Tuesday, December 11, 2018, PAGE 3

Non-profit groups set for ‘mapping and valuation’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net CIVIL Society Bahamas yesterday pledged to identify all the country’s non-profit groups and produce a valuation of their worth, as the Government delayed moving forward with controversial legislation to regulate the sector.

Dr Anthony Hamilton, acting president of the umbrella organisation that represents local non-profit and non-governmental organisations (NGOs), praised the Government for its decision temporarily postpone passage of the Non-Profit Organisations Bill to allow for further consultation with the sector.

“We are very pleased that

they have taken that position. We have made several recommendations to the Government on the bill,” said Dr Hamilton.

Civil Society Bahamas, which purports to represent over 300 non-profit and civil society groups, at the weekend argued that there were numerous sections in the bill “which raise significant concerns for the future health of the civil society sector”.

It warned that many groups will be unable to meet “the strict registration, accounting and record keeping demands” set out in the bill given that 40 percent of the industry is thought to operate on an annual budget of $25,000 or less.

It also questioned whether the Registrar of

Non-Profit Organisations had the capacity to be converted from an information gatherer to a regulator, expressing fears that the legislation will exacerbate the current two-year wait for non-profit registration into “a significant backlog”.

The Non-Profit Organisations Bill, which represents The Bahamas’ response to demands for enhanced scrutiny of the sector to prevent its abuse by financial criminals and terrorists, requires all such organisations to be registered with the Registrar of the same name.

Dr Hamilton, though, called for the Non-Profit Organisations Bill to be combined with the Civil Society Organisations (CSOs) Bill that had been in existence since 2015, and circulated for consultation

with both the Government and industry groups.

“There is an absolute need for a mapping and valuation of the sector, and that is what we undertake to do,” said Dr Hamilton. “We want to ensure the proper identification of the various NGOs and CSOs, and to ensure that we have no overlaps.

“Society would be better served without the duplication of these various efforts, and everyone can work more efficiently if we know who is doing what. We also need to determine the actual contributions to the society at large. Mapping of the sector and valuation are two additional steps we have taken within the wider grouping.”

Carl Bethel QC, the attorney general, yesterday requested that the Senate

postpone debate on the the Non-Profit Organisations Bill until next week to allow for further review and the possible incorporation of recommendations from civil society.

He added that he had received substantial feedback and comments from Civil Society Bahamas, and requested that the bill be left in the committee stage so that drafters within the Attorney General’s Office could assist with a review of the suggestions and their incorporation into the bill without impacting its overall intent.

“We are a reasonable government, a government that is prepared to accept positive suggestions to improve on our initiatives; necessary criticism where it is so; and to act in

a positive way and through meaningful dialogue with all partners. It is not our intention to disregard the well-meaning and positive contributions of all who could assist us,” said Mr Bethel.

He said the delay does not affect the other financial services industry bills passed in the House of Assembly last week, which need to be enacted by December 31. Still, Mr Bethel said the Government still plans to enact the Non-Profit Organisations Bill by year’s end.

He added that the Bill is to comply with the requirements of the Financial Action Task Force (FATF), which has found The Bahamas “woefully” deficient in its monitoring of non-profit groups.

PM: ‘FILL THE 7,000 EMPTY HOTEL ROOMS’ THE prime minister has challenged the Bahamian hotel industry to “fill the 7,000 rooms left unoccupied” in 2018 so that it can maximise the nation’s tourism potential.

Dr Hubert Minnis, while addressing the Bahamas Hotel and Tourism’s Association’s (BHTA) annual general meeting (AGM), reiterated the Government’s commitment to working with the private sector so it reaped the full benefits from the industry.

Dr Minnis, in his remarks, argued that The Bahamas had only “scratched the surface of its tourism potential” given the country’s weather, beaches, “crystal clear waters” and proximity to the US. Prior to the prime minister’s address, various tourism industry stakeholders gave evidence of improved tourism performance.

The Nassau Airport Development Company (NAD)

said Lynden Pindling International Airport (LPIA) had enjoyed record passenger traffic during nine of the first ten months of 2018. The Ministry of Tourism and various promotion boards reported double digit growth in air arrivals, and an increase in visitors to most of the Family Islands.

“We are pleased to hear numerous positive reports from stakeholders as we close out the year. The public and private sector have worked arduously to achieve this end,” said Carlton Russell, who was re-elected as BHTA president for a second term.

“We recognise, however, that good news has not been had by all. We must continue to work together to ensure all of the jewels in our chain of Family Islands are easily accessible to the benefit of the entire country.

“Furthermore, we are mindful that growth in revenue does not necessarily

PRIME Minister Dr Hubert Minnis, centre left, poses with industry stakeholders. equate to an increase in profits, and that the cost of doing business is an important part of that equation.

We, the private sector, must continue to work collectively with our public sector partners to ensure our hopes for the future are realised.”

Bank heads sessions at infrastructure forum CIBC FirstCaribbean headed two sessions at this year’s Caribbean Infrastructure Forum (CARIF 2018), focusing on financing trends and climate resilient water supplies.

The conference, which explored the financing and construction of world-class infrastructure throughout the Caribbean, took place at the Baha Mar convention centre from December 4-5.

Adam Carter, managing director and head of investment banking at CIBC FirstCaribbean, said having more resilient infrastructure projects will help improve the lives of citizens and increase economic prosperity and job creation.

“CIBC and CIBC FirstCaribbean are very strong, and very committed, players in the infrastructure space across the globe and closer to home,” he said. “We have been at the forefront of many projects - from government initiatives to governmensponsored deals to private sector deals.

“I think we have helped improve the competitiveness of the process, and we certainly try to be innovative in terms of providing world-standard products and advisory services to get projects off the ground. We stand ready to continue that push in the islands that we have our footprint in.”

Gillian CharlesGollop, CIBC FirstCaribbean’s executive director of corporate finance and advisory, emphasised the need for stakeholders and

CIBC FirstCaribbean executives headed two key sessions at the Caribbean Infrastructure Forum (CARIF 2018), targeting trends in financing Caribbean infrastructure and climate resilient water supplies. Pictured are Gillian Charles-Gollop, executive director of corporate finance and advisory for CIBC FirstCaribbean Corporate Investment Banking; and Adam Carter, managing director, investment banking, at CIBC FirstCaribbean. authorities to counter the impact of extreme weather events on water supply.

“In the last year we have had several islands that were hit hard in the region with significant destruction of infrastructure. The resulting damage and disruption to water services severely impacted not only the general population but also the supply of other essential services that would have an impact on both health and other environmental risks,” said Mrs Charles-Gollop.

She added that water security and infrastructure resilience is key for many

countries, with several multilateral agencies supporting the development of sustainable assets.

“In many of our own islands, an added challenge is that water treatment infrastructure remains outdated, inefficiently managed and heavily subsidised, indicating the critical need for national water processes and planning for a sustainable future.

Given also that our countries face a very high debt-to-GDP load, alternative financing and operating structures is a prudent consideration,” said Mrs Charles-Gollop.

PAGE 4, Tuesday, December 11, 2018

THE TRIBUNE

IMF gives govt vital ‘boost of confidence’ FROM PAGE ONE we want, but that we will have the best minds in the country put towards safeguarding its future fiscal affairs,” he continued.

“Overall we are encouraged, but I don’t take these things as a pat on the back.

I take them as a sign we are moving in the right direction, and we recognise there is much, much work, and many challenges ahead, for us to overcome.”

The content and tone of the IMF’s latest report differed markedly from the downbeat, pessimistic evaluations released during the former Christie administration’s final years and the initial months of the current government’s term in office following the May 2017 general election.

While those assessments focused on The Bahamas’ deficit and debt woes, plus low economic growth and the factors causing this, the IMF’s latest statement following its December 3-7 visit gave the Government credit for delivering on its promises - especially in the fiscal arena.

Besides underpinning its fiscal consolidation efforts with the Fiscal Responsibility Act, which promises enhanced scrutiny and oversight of the Government’s financial affairs, the IMF also acknowledged the deficit’s reduction from $660.4m in 2016-2017 to $414.9m last year.

The fund also praised the Government’s decision to establish a national disaster relief fund, something

it has recommended in recent Article IV reports on The Bahamas, with suggestions that this nation build reserves to a level equal to between two to four percent of gross domestic product (GDP).

“The enactment of the Fiscal Responsibility Law (FRL) is a welcome development that supports the Government’s efforts to secure fiscal sustainability and put debt on a downward path,” the IMF assessment said yesterday.

“Implementation of the FRL framework will also increase transparency and enhance policy credibility.

The Government’s plan to establish a disaster relief fund as part of a broader strategy for preparedness and risk reduction policies is a welcomed step.”

Mr Turnquest yesterday reiterated the Government’s determination to adhere to the consolidation road map and targets set in the Fiscal Responsibility Act, which mandate that it achieve a deficit equivalent to 1.8 percent of GDP - some $237m - this fiscal year.

He added that current revenue levels had the Government on target to hit this goal, and agreed with the IMF’s call yesterday for “decisive measures” to contain government spending over the short to medium-term - one of the few weaknesses identified by the report.

“The Fiscal Responsibility Bill calls for certain levels of expenditure to GDP and we are committed to those levels,” Mr

Turnquest told Tribune Business. “At current projected revenue rates we believe that will allow us to achieve our fiscal consolidation targets.

“Of course, we recognise we have to contain our expenditure, barring unforeseen circumstances and taking into account the potential for natural disasters, so we are hopeful we will be able to meet our target.”

The IMF, in its statement yesterday, credited the Government with narrowing the deficit during the 20172018 fiscal year, although it seemingly ignored the fact that the $415m worth of “red ink” had overshot Mr Turnquest’s year-end projection by $105m.

“The Government has narrowed the fiscal deficit from 5.5 percent of GDP in fiscal year 2016-2017 to an estimated 3.3 percent in fiscal year 2017-2018,” it added. “In the budget for fiscal year 2018-2019, the Government committed to further fiscal consolidation, targeting an overall deficit of 1.8 percent of GDP. This is supported by various revenue mobilisation measures.

“As noted during the 2018 Article IV consultation, fiscal consolidation should also include decisive measures to contain expenditure growth in the short and medium-term.

The team welcomed the Government’s transparent recognition of accumulated arrears and the budgetary provisions to clearing them, as well as the plans to put in place for robust

expenditure control systems.”

The IMF is thus praising the VAT hike to 12 percent and other revenue-raising austerity measures imposed on Bahamians, as well as the Minnis administration’s plan to clear some $360m in unfunded arrears over the next three fiscal years.

Mr Turnquest, meanwhile, admitted that containing the Government’s $2.7bn in annual spending will not be easy.

While conceding that inflation and rising business costs may increase expenditure, he said the administration planned to “hold” it in line with GDP growth.

“This is not an easy call,” he told Tribune Business. “We do anticipate that there will be growth in expenditure as the cost of doing business goes up, but we’re hoping to hold the line with the growth in GDP, so we have a reduction in overall expenditure compared to GDP growth.

So we hope this will help us to attack the level of legacy debt ($8bn in total).

“As we get this under control it gives us a lot more flexibility to do some other things and stimulate the economy. We realise this is not an overnight fix. It does come with its challenges from a public expenditure and public expectation point of view. We are committed to righting the ship so The Bahamas is in a strong position to take advantage of opportunities and weather any unexpected downturns globally or locally.”

The Washington-based Fund’s report is timely for the Minnis administration given growing public dissatisfaction with the seeming lack of improvement in their living standards, which erupted into the recent demonstration outside the House of Assembly.

The protest, which voiced multiple concerns over soaring energy costs and high taxes, highlighted the steep price many Bahamians are paying for years of fiscal profligacy by successive administrations that has resulted in tax hikes and other austerity measures that were yesterday praised by the IMF. The Government has also been hit with labour unrest in both the public and private sectors, further confirming that its post-election honeymoon - if it ever had one - is well and truly over.

The further confirmed that many Bahamians are still reeling from reduced living standards and disposable incomes, and a higher cost of living, stemming from tax hikes and higher global oil prices.

While affirming The Bahamas’ current GDP growth projections of 2.3 percent and 2.1 percent for 2018 and 2019, respectively, the IMF said this nation’s vulnerability to global recessions and natural disasters meant it needed to exploit the opportunity to build buffers against external shocks.

“The Bahamian economy continues to recover, with real GDP growth projected to reach 2.3 percent in 2018

CREDIT BUREAU OPERATOR SET FOR JANUARY SELECTION FROM PAGE ONE Their assessment was yesterday backed by Gowon Bowe, the Clearing Banks Association’s chairman, who represents the sector on the committee set up to evaluate Credit Bureau operator bids.

He revealed that the selection committee was last week conducting overseas “site visits” at facilities already operated by “shortlisted candidates”, and its recommendations should be submitted to Mr Rolle and the Central Bank shortly.

“We are actually on our way to getting things done,” Mr Bowe said. “If you have been following the Central Bank, this has been in the pipeline for several years.

We’re at the point where the committee will be recommending one to all the decision-makers.”

The Central Bank’s progress is timely given that the International Monetary Fund’s (IMF) statement yesterday, summarising the findings of its December 3-7 visit to The Bahamas, called for the rapid establishment

of the Credit Bureau as a means to unlock the loan growth that has traditionally fuelled much of the Bahamian economy.

“The banking system as a whole has strong capital and liquidity ratios, and banks have made progress towards improving asset quality,” the IMF said, in what was a markedly more upbeat assessments of The Bahamas’ economic prospects and reform progress compared to recent assessments.

“As of June 2018, the average capital to riskweighted assets ratio across domestic institutions was 34 percent, above the regulatory target ratio of 17 percent, and non-performing loans declined to 9.6 percent of total loans, from 12.3 percent a year earlier.”

Aside from the positives, the IMF then called for The Bahamas to complete long-planned structural reforms to its credit/lending market. “The mission recommended the speedy establishment of the Credit Bureau to enhance credit market efficiency, increase credit growth, and help financial inclusion,”

the Fund added.

The Bahamas’ Credit Reporting Project was launched by the Central Bank in 2010, in a bid to establish a national credit reporting system that included the Credit Bureau.

The bill and and accompanying regulations to give legal effect to its creation were first issued for public consultation in September 2014, and were further revised since before finally being brought for debate and passage in Parliament earlier this year.

Credit Bureaus, which are found in most countries, collect personal and financial information on persons and companies, and then issue this to client lenders via a credit report.

A Credit Bureau’s clients typically include banks, mortgage lenders, credit card firms and other financing companies.

The Central Bank has long believed that the banking industry’s nonperforming loan crisis in the aftermath of the 20082009 recession may have been mitigated, to some extent, if a Credit Bureau was already in existence

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to provide more accurate, up-to-date information on the creditworthiness of borrower candidates.

Wendy Craigg, Mr Rolle’s predecessor as Central Bank governor, told Tribune Business in 2014 that one of the Credit Bureau’s advantages will likely be that Bahamians with good credit histories can enjoy lower interest rates (reduced debt servicing costs) and improved credit access.

“A Credit Bureau will have benefits for both lenders and borrowers,” she said. “For the borrowers, they will be motivated to improve their credit and payment behaviour; they will benefit from faster credit decisions; and those with good credit histories may be rewarded through lower collateral requirements for loans and even lower interest rates.

“Lenders will have increased access to accurate and more comprehensive information about borrowers’ credit history and payment habits, which will allow for a more informed assessment of creditworthiness; their own credit decision-making process will be streamlined; their lower exposure to risky loans would favourably impact operational costs; and, especially for banks, improve their capital positions and reduce provisioning requirements. Importantly, lenders will be able to offer more risk-based pricing to customers, favouring persons with good credit histories.”

The IMF, meanwhile, also backed the Central Bank’s efforts to develop a digital version of the Bahamian dollar as a means to generate greater financial inclusion - especially for remote Family Island communities that lack a physical bank presence.

“The Central Bank of The Bahamas is preparing to pilot a digital central bank currency. The team recognised the role new financial technologies can play in fostering financial inclusion, and concurred that a gradual approach will help mitigate potential risks to the economy,” the fund’s statement added.

It supported the Government’s bid to address the “structural deficiencies” in The Bahamas’ anti-financial crime regime, adding: “The mission welcomed the Government’s firm commitment to a well-regulated international financial and business sector, and recognised the significant steps taken to increase compliance with international standards on anti-money laundering and combating the financing of terrorism.

“The team made the case for sustaining efforts to fully implement the ‘Action Plan’ agreed with the Financial Action Task Force (FATF), including to mitigate financial risks associated with the withdrawal of correspondent banking relationships.”

and 2.1 percent in 2019,” the fund said. “Growth is driven by an increase in tourist arrivals, paired with an expansion of hotel room [Baha Mar] and airlift capacity, and against the backdrop of the continued expansion of the US economy.

“This calls for maintaining strong fiscal and financial policies to bolster the Bahamian economy’s resilience, and build buffers should external conditions become less favourable, and for advancing reforms to achieve more inclusive growth over the medium term.”

This appears to be a nod towards greater job creation and a more even distribution of wealth, although the fund’s statement yesterday ignored its own projections that Bahamian GDP growth will taper off post2019 back to its 1.5 percent long-term average.

Acknowledging the need to improve the “ease of doing business” to generate higher GDP growth, Mr Turnquest said yesterday: “We know we have some structural impediments to that growth and have to continue to push through them.

“We have to ensure we remain an attractive destination for foreign investment, and protect the financial services sector and other industries, as we look for ways to deepen connectivity and linkages throughout the economy and find other investment avenues to stimulate growth.”

EU prolongs sanctions against Congo ruling party candidate BRUSSELS Associated Press THE European Union yesterday prolonged sanctions against Congolese President Joseph Kabila’s chosen successor just two weeks before a historic election in the resource-rich Central African country.

EU headquarters said that travel bans and asset freezes will be renewed for a year against Congo’s ruling party candidate Emmanuel Ramazani Shadary and 13 other people.

Shadary was sanctioned by the EU last year for obstructing Congo’s electoral process.

The decision, taken by EU foreign ministers in Brussels, could be reviewed “in the light of and following” the elections, scheduled for Dec 23.

It could be Congo’s first peaceful, democratic transfer of power. The opposition fears that Kabila, who has ruled since 2001, will assert power behind the scenes if Shadary wins.

Kabila’s adviser said the EU move is tantamount to election meddling.

“We have said it time and again. We believe those sanctions are politically motivated they are arbitrary and they are unjust,” said Kikaya Bin Karubi, Kabila’s special adviser. “And even more so, to renew them today, two weeks before the elections, what the European Union is doing is actually interfering in our electoral process.”

NOTICE

NOTICE

ARDILA INVEST LTD.

KIMBELL INVESTMENTS LTD.

NOTICE is hereby given as follows:

NOTICE is hereby given as follows:

(a) Ardila Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) Kimbell Investments Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 10th day of December, 2018.

Beatus Limited Liquidator

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 10th day of December, 2018.

Beatus Limited Liquidator

THE TRIBUNE

Tuesday, December 11, 2018, PAGE 5

Bahamas ‘25% of way there’ on reform progress FROM PAGE ONE

respectively, Mr Myers said this remained well short of the 5.5 percent growth that the Fund itself said is needed to absorb all new workforce entrants as well as slash existing unemployment in half.

He agreed that there were “a lot of positive signs” from both the Government’s own actions and the IMF evaluation, which suggested “the turn has happened”, but The Bahamas needs much more if every citizen is to benefit.

“We could see another one percentage point put on [GDP growth] if we could get some of the plaguing ease and cost of doing business issues out of the way, and take power out of the way,” Mr Myers told Tribune Business.

“If we could get all-in power costs down to 20-21 cents per kilowatt hour, you’re talking about hundreds of millions of dollars in savings just on the Government alone. If we get the ease and cost of doing business moving, get some of the bureaucracy moved out of the way, and get control of the size, cost and efficiency of government then we can get that up at least one percentage point.”

The ORG chief called for the Government to start by “hitting the mark” on the deficit and spending targets mandated by the Fiscal Responsibility Bill, and holding the entire public sector accountable for its actions - especially when it came to the spending and use of Bahamian taxpayer monies.

He added that ORG remains adamant there are “not enough teeth” in the Fiscal Responsibility Act to truly penalise infractions by ministers and officials - an assertion that the Government disputes.

“If we were to correct everything and really see this country move forward, in my opinion we’re maybe 25 percent of the way there,” Mr Myers told Tribune Business. “We’ve still got a lot of work to do. The real heavy lifting to address public sector costs and inefficiency has not been started, although they did implement the

hiring freeze and spending cuts.

“Dealing with public sector accountability, cost and inefficiency has not been attempted at all.

That’s the 50,000 pound anchor in the canoe.

If we’re to get 5.5 percent GDP growth that’s the piece to attack next.

Any more increases in taxation and costs by anybody serves to slow the economy. We’ve got to back in and create more efficiency.”

Mr Myers added that the size of government needed to be matched to what the Bahamian economy can bear, adding: “If we can lighten the load and the public sector drag, the economy will start moving.

“BPL would be the one place I would start, as well as the unfunded public sector pension liabilities and getting rid of loss-making state-owned enterprises (SOEs).

There’s hundreds of millions of dollars there, if not billions. That’s the hard work. That’s going to make the economy move because if the Government does that it’s going to lower our costs.”

While arguing that the Bahamian economy was performing much better than several years ago, especially in the tourism industry with ‘double digit’ stopover growth, Mr Myers acknowledged that too few were feeling the benefits.

“It’s not as bad as it was two to three years ago,” he added. “The economy is improving slowly, but it does take time for that to trickle down. We need to be at 5.5 percent, not two to three percent. GDP growth is what we need to deal with our fiscal woes and unemployment. At two percent something, you’re not half-way there.

“Is it better than two years ago? Ye. Is it where we need to be? No. Even wealthy people are complaining about the cost of power now, and businesses are fuming. It’s becoming prohibitive.

The cost of electricity is ridiculous, and the quality of electricity is ridiculous.

We blow up more equipment because of power problems and can’t claim.

It’s not just the bills.”

Union rejects Atlantis’ ‘no strike vote basis’ assertion FROM PAGE ONE Atlantis tied its dropping of the 12-point disciplinary system to, and made it contingent on, the BHCAWU finding sufficient members to take on the new housekeeping shift system.

“All of the matters that the union had expressed their concerns over have been addressed by the resort, and we do not consider there to be any outstanding concerns that would warrant any industrial actions,” Atlantis said yesterday, setting out its position. “Not only do we not see a basis for a strike vote, but have asked the union to withdraw any disputes filed thus far.”

Tribune Business was told by sources close to the negotiations that Atlantis sent two letters to Mr Woods in the belief they would end the impasse. They suggested the hotel union has not responded to-date to either of the letters, and added: “What would be the reason for the strike vote? They got exactly what they wanted.”

Mr Pinder, confirming that the hotel union has made an

Non-Profit Bill too one-sided FROM PAGE ONE demands if their identities are disclosed.

Praising both Carl Bethel QC, the attorney general, and Civil Society Bahamas, the umbrella non-profit group, for leading the dialogue that resulted in the Non-Profits Organisation Bill’s passage through Parliament being placed on temporary hold so that the sector can provide feedback by this Saturday, Mr Aubry backed calls for it to be combined with provisions from the Civil Society Organisations (CSOs) Bill that has been in circulation since 2015.

Acknowledging international concerns that charities can be abused by money launderers, tax evaders and terror financiers, the ORG executive director said Bahamian civil society groups had already recognised the

application to the Department of Labour for a strike-poll to be conducted on December 18, added: “Last time they met at the Department of Labour, Atlantis made some promises and, based on a letter I received, they lived up to those promises.

The first letter that they sent had some conditions attached to it, and that probably gave the union some concerns. They wanted the union to assist them with recruiting persons from each tower to introduce this shift system. I think that was attached as a condition for them to withdraw the 12-point system. Unless the union withdraws the complaint they can go ahead

with the poll.”

The shift change - to a 9am to 5 pm and a 10am to 6pm shift - is to cover some maid services in both Atlantis towers, but the union contends there was a lack of consultation and that the resort sought to unilaterally vary the terms of their still-expired industrial agreement by going ahead with its implementation.

Mr Woods told Tribune Business: “Nothing has changed as far as we are concerned. The issues are still outstanding. They gave us an ultimatum. They want us to find 48 people to work the shift and revert on the programme.

“How am I supposed to do that? I told them that’s

not how you negotiate; you don’t just say take it or else.

I take my direction from my members as long as it is within the confines of the law.” Mr Woods said he has a meeting with his members on Wednesday to further discuss the matter.

Robert Sands, Baha Mar’s senior vice-president of government and external affairs, said the hotel industry would be worried about industrial action even if it was confined to one property given that it may coincide with the winter tourism season.

“Obviously we would be concerned about any strike vote, but a strike vote has to be geared towards a particular property,” he told Tribune Business. “Notwithstanding that, any industrial action at this time will be of concern to all member properties that are part of the Bahamas Hotel and Restaurant Employers Association (BHREA).”

Dionisio D’Aguilar, minister of tourism and aviation, referring to Atlantis’s statement, said: “According to Atlantis, everything they complained about has been withdrawn. So what, then, are they voting on?”

need for local regulations to address the issue.

“Coming out of the civil society conclave in January, it came across that all the groups recognised we need regulations and standards,” Mr Aubry told Tribune Business, “and to be taken seriously we need to step to that.

“There should be appropriate standards, oversight and accountability like any private sector industry and the Government. But it need not be to the detriment of the civil society sector. Civil Society Bahamas talked of the need for the sector to grow.

This bill only speaks to the side of how we keep them in check, and to do so in a way where Know Your Customer regulations are imposed.”

Mr Aubry said the main concerns centred on small, “volunteer driven” nonprofits and whether they will be able to cope with the increased costs and bureaucracy imposed by the Non-Profits Organisations Bill’s enhanced reporting and record-keeping requirements.

The Non-Profit Organisations Bill requires all such organisations to be

registered with the Registrar of the same name. To become registered, the legislation stipulates that all non-profit groups must show “evidence” that they are compliant with “Know Your Client” stipulations - meaning that they know the sources of their funding, and the background of these donors.

Non-profits with annual gross income above $75,000 will also be required by law to maintain financial statements, showing all income and spending, at their registered offices. They will have to submit “a declaration” that these are available and accurate to the registrar, who can require that these financial statements be produced to it.

And the bill, in a section entitled “reportable donations”, mandates that all non-profits provide the registrar with details on donations that exceed $50,000 - either in total or as a lump sum - and their ten largest contributors every two years.

The information is to be kept private by the regulator.

“Many individual and corporate donors do so with a level of anonymity

because they do not want to be overrun with requests from other groups,” Mr Aubry explained, suggesting that this needed to be “respected”.

He added that the sector had been given “no promises” by the Attorney General on whether any of their recommendations will be incorporated into the final legislation that is passed by Parliament, but Mr Bethel had been “very open to hearing our feedback”.

Mr Aubry said civil society wanted to “ensure the Bill is more reflective of industry and the needs of the local non-profit sector, and added: “The hope is that it becomes a process that meets the Government’s intent and requirements as well as those of civil society.”

The Non-Profit Organisations Bill was created after the Financial Action Task Force (FATF), the body monitoring The Bahamas after uncovering “structural deficiencies” in its anti-money laundering/ counter terror financing regime, put pressure on this nation to enhance regulation of non-profits in the belief it was weak or non-existent.

ATLANTIS PARADISE ISLAND

NOTICE

FOUNTAIN MANAGEMENT HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows:a) FOUNTAIN MANAGEMENT HOLDINGS 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 07 December, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is OCTAGON MANAGEMENT LIMITED, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. _________________________________ OCTAGON MANAGEMENT LIMITED Liquidator NOTICE

NOTICE

GREAT INTEGRITY HOLDINGS LIMITED

ALTOSTRATUS LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a) GREAT INTEGRITY HOLDINGS 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 10th December, 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 11th day of December, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

N O T I C E IS HEREBY GIVEN as follows: (a) ALTOSTRATUS 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 10th December, 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 11th day of December, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

NOTICE

K & X INVESTMENTS LTD. N O T I C E IS HEREBY GIVEN as follows:a) K & X INVESTMENTS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. b) The dissolution of the said company commenced on the 07 December, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is OCTAGON MANAGEMENT LIMITED, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 07 day of December, A. D. 2018 _________________________________ OCTAGON MANAGEMENT LIMITED Liquidator

PAGE 6, Tuesday, December 11, 2018

THE TRIBUNE

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

T

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

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

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

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

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

China ups pressure as bail hearing resumes for top tech exec

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PEOPLE hold a sign at a Vancouver, British Columbia courthouse prior to the bail hearing for Meng Wanzhou, Huawei’s chief financial officer yesterday. Meng Wanzhou was detained at the request of the US during a layover at the Vancouver airport on Dec 1.

Photo: Jonathan Hayward/AP

OPPORTUNITIES

VANCOUVER Associated Press

• • • •

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

CHINA raised the pressure on the United States and Canada as a bail hearing resumed yesterday for a top Chinese technology executive in a case that has fueled US-China trade tensions and roiled financial markets.

Meng Wanzhou, the chief financial officer of Chinese telecommunications giant Huawei and daughter of its founder, was detained at the request of the US during a layover at the Vancouver airport on Dec 1 — the same day that Presidents Donald Trump and Xi Jinping of China agreed to a 90-day cease-fire in a trade dispute that threatens to disrupt global commerce.

The US has accused Huawei of using a Hong Kong shell company to sell equipment in Iran in violation of US sanctions. It also says that Meng and Huawei misled banks about the company’s business

BENEFITS

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

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

MARKET REPORT MONDAY, 10 DECEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 2,027.15 | CHG 3.84 | %CHG 0.19 | YTD -36.42 | YTD% -1.76 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.30 0.56 3.92 9.30 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50

52WK LOW 3.50 19.17 4.90 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

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 ##########

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ 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)

LAST CLOSE 4.44 17.43 7.00 4.90 1.28 0.56 2.30 9.30 6.16 4.22 11.25 2.57 1.78 8.37 6.30 12.85 6.75 3.62 13.01

CLOSE 4.44 17.43 7.00 4.90 1.28 0.56 2.30 9.30 6.16 4.22 11.25 2.47 1.78 8.39 6.30 12.85 6.75 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.10 0.00 0.02 0.00 0.00 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

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

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

VOLUME

86,624

15

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 20.7 18.7 N/M 15.5 N/M N/M -3.9 13.3 14.0 27.4 17.9 24.2 8.5 N/M 9.4 18.3 11.7 13.1 20.6

YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 1.79% 0.00% 7.63% 3.57% 2.84% 5.51% 2.43% 3.37% 1.00% 4.44% 3.89% 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%

MATURITY 19-Oct-2022 ############### 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

MUTUAL FUNDS 52WK HI 2.19 4.18 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

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

NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.41 8.57 6.55 10.68 11.65 10.62 9.92 8.69 11.79

YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 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

NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-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

HUAWEI’s chief financial officer Meng Wanzhou. China on Thursday demanded Canada release the Huawei Technologies executive who was arrested in a case that adds to technology tensions with Washington and threatens to complicate trade talks. dealings in Iran.

Her arrest has fueled US-China trade tensions at a time when the two countries are seeking to resolve a dispute over Beijing’s technology and industrial strategy. Both sides have sought to keep the issues separate, at least so far, but the arrest has roiled markets, with stock markets worldwide down again yesterday.

China formally protested to the ambassadors of both Canada and the United States over the weekend.

In urging the court to reject Meng’s bail request, a prosecutor said on Friday the Huawei executive had vast resources and a strong incentive to bolt: She’s facing fraud charges in the United States that could put her in prison for 30 years.

Yesterday, David Martin, Meng’s lawyer, reiterated that Meng was willing to pay for a surveillance company to monitor her and wear an ankle monitor.

Called by the defense, Scott Filer of Lions Gate Risk Management group said his company would make a citizen’s arrest if she breaches bail conditions.

Under the defense proposal, Meng’s travels would be restricted to Vancouver and surrounding municipalities. Martin said Meng’s husband would put up both of their Vancouver homes plus $1m Canadian ($750,000) for a total value of $15m Canadian ($11.2m) as collateral.

The hearing has sparked widespread interest, and the courtroom was packed again yesterday with media and spectators, including some who came to support Meng. One man in the courtroom gallery brought binoculars to have a closer look at Meng, her lawyers and the prosecution team.

Outside court a man and woman held a sign that read “Free Ms. Meng”.

Over the weekend, China’s Vice Foreign Minister Le Yucheng summoned Canadian Ambassador John McCallum and US Ambassador Terry Branstad.

Le warned both countries that Beijing would take steps based on their response. Asked yesterday what those steps might be, Chinese Foreign Ministry spokesman Lu Kang said only that “it totally depends on the Canadian side itself”.

The Canadian province of British Columbia has already cancelled a trade mission to China amid fears China could detain

Canadians in retaliation for Meng’s detention.

Stocks around the world fell yesterday over investor concerns about the continuing US-China trade dispute, as well as the cloud hanging over Brexit negotiations after Britain’s prime minister postponed a vote on her deal for Britain to exit the European Union. In the US, stocks were volatile, tumbling in the morning and then recovering ground in the afternoon.

The Huawei case complicates efforts to resolve a US-China trade dispute.

The United States has slapped tariffs on $250bn in Chinese imports, charging that China steals American technology and forces US companies to turn over trade secrets. Tariffs on $200bn of those imports were scheduled to rise from ten percent to 25 percent on Jan 1.

But over dinner Dec 1 with Xi in Buenos Aires, Argentina, Trump agreed to delay the tariff increase for 90 days, buying time for more negotiations.

Bill Perry, a trade lawyer with Harris Bricken in Seattle, said China’s decelerating economy is putting pressure on Xi to make concessions before US tariffs go up. “They need a trade deal.

They don’t want the tariffs to go up to 25” percent, said Perry, who publishes the “US China Trade War” blog. “This is Damocles’ sword hanging over the Chinese government.”

Huawei, the biggest global supplier of network gear for phone and internet companies, has become the target of US security concerns because of its ties to the Chinese government.

The US has pressured other countries to limit use of its technology, warning they could be opening themselves up to surveillance and theft of information.

Lu, the Foreign Ministry spokesman, accused unnamed countries of hyping the “so-called” threat. “I must tell you that not a single piece of evidence have they ever presented to back their allegation,” he said. “To create obstacles for companies’ normal operations based on speculation is quite absurd.”

Canadian officials have declined to comment on Chinese threats of retaliation, instead emphasising the independence of Canada’s judiciary and the importance of Ottawa’s relationship with Beijing.

THE TRIBUNE

Tuesday, December 11, 2018, PAGE 7

Nearly 85 percent of UN nations back migration deal; not US MARRAKECH Associated Press DEFYING fierce opposition from the US and a few other nations, nearly 85 percent of UN member states agreed yesterday on a sweeping yet non-binding accord to ensure safe, orderly and humane migration.

The debate over the Global Compact for Migration, the first of its kind, has proven to be a pivotal test of the UN-led effort to crack down on the often dangerous and illegal movements across borders that have turned people smuggling into a worldwide industry, and give people seeking economic opportunity a chance.

“Unregulated migration bears a terrible human cost: a cost in lives lost on perilous journeys across deserts, oceans and rivers; and a cost in lives ruined at the hands of smugglers,

unscrupulous employers and other predators,” UN Secretary-General Antonio Guterres told a migration conference in Marrakech, Morocco.

“More than 60,000 migrants have died on the move since the year 2000,” he said. “This is a source of collective shame.”

Migration affects hundreds of millions of people across the globe — farmers coming off the land or forced by climate change to head to cities, families fleeing war or persecution at home, impoverished workers from the developing world looking for jobs in rich countries. It can also involve high-skilled workers from developed nations looking for opportunities beyond their homelands.

Defenders say migration greases the wheels of the world economy by diversifying and rejuvenating workforce in aging rich countries and providing a

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 MONDAS LIMITED NOTICE IS HEREBY GIVEN that in accordance with Section 138 (8) of the International Business Companies Act 2000, as amended, MONDAS LIMITED has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 15th day of November, 2018.

Doris Schweitzer Perez Liquidator

needed source of cash to poorer countries through remittances sent home by migrants.

Opponents often fear that an influx of migrants can dilute their countries’ character, import poverty or crime, reduce wages and take jobs from tax-paying citizens.

A total of 164 countries among the 193 UN members approved the agreement by acclamation yesterday. The UN General Assembly will meet on Dec 19 to endorse it.

At the two-day conference, UN leaders were hoping to lure in holdouts from mostly Western nations who were not signing: Australia, Austria, the Czech Republic, the Dominican Republic, Hungary, Latvia, Poland and Slovakia along with the United States, which under President Donald Trump did not participate in drafting the accord.

Louise Arbour of Canada, a former UN human rights chief, said the issue also has

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, ELKE MIA CAMPBELL of #70 Lincoln Boulevard, New Providence, Bahamas, intend to change my name to ELKE-MIA CAMPBELL. 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.

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Jael Investments Limited is in dissolution and the date of commencement of the dissolution is 30 November , 2018.

Lorna Kemp and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

been tied up in parliamentary debates in Belgium, Bulgaria, Estonia, Italy, Israel, Slovenia and Switzerland — although some of them did participate in creating the accord, which has since been ensnared by tough political headwinds.

The conference is the

capstone of efforts set in motion two years ago when all 193 UN member states, including the US under President Barack Obama, adopted a declaration saying that no country can manage international migration on its own and agreed to work on a global compact.

NOTICE Notice is hereby given that WILLY MASENA of Lipilli Road, Farrington Road New Providence, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 4th December, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.