12122019 BUSINESS

business@tribunemedia.net

THURSDAY, DECEMBER 12, 2019

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$170m vehicle to ‘surpass’ Caribbean renewable lead

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

AHAMIAN investment will ultimately be sought in a $170m special purpose vehicle (SPV) that aims to “surpass” the government’s timeline for this nation to become “a Caribbean renewable leader”.

An Inter-American Development Bank (IDB) report, which has been obtained by Tribune Business, reveals that the multilateral lender will be working with the government to structure the

• Bahamian investors to participate • Aims to beat PM Office’s 2021 goal • Will ‘speed up’ Family Island solar SPV as an entity designed to “speed up the solarisation of the Family Islands”.

While this vehicle will “be initially 100 percent publicly owned”, meaning by the government, the IDB paper discloses that the “participation of Bahamians will be sought” once the risk associated with the project is reduced and its various

renewable energy projects become income-producing.

No timeline for this is given, and it is unclear whether Bahamian investment will be sought via a private placement of shares or initial public offering (IPO), or if it will be open to both retail and institutional investors. However, the SPV’s purpose is to channel

the proceeds of a $170m IDB loan into the development of utility-scale and roof-top solar facilities.

The government/IDB ambition is for this financing to enable The Bahamas to leapfrog the goal set by the Prime Minister’s Office for the country to produce 4.56

SEE PAGE 4

Insurers suffering Dorian ‘loss creep’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN insurers are suffering from Dorian “loss creep” with initial damage assessments having to be revised upwards upon secondary inspections, a top executive said yesterday.

Tom Duff, Insurance Company of The Bahamas (ICB) general manager, told Tribune Business that loss adjusters had been setting “provisional reserves” for property and casualty losses only to discover that the subject buildings were

• Initial reserves inadequate on closer inspection • ICB claims volumes 60% of Matthew numbers • ‘Double digit’ premium rate rises a certainty “more severely damaged” when subjected to closer scrutiny.

While fresh claims are still “trickling in” to ICB and other insurers some three months after Dorian devastated Abaco and Grand Bahama, Mr Duff said the Bahamian industry’s total insured loss estimate of between $1.5bn to $2bn remained unchanged.

He revealed that ICB’s

Bahamas aviation boost in US deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamian tourism and aviation industries are set for a further boost through this nation formalising its long-standing relationship with the US, a senior regulator revealed yesterday.

Juliea Brathwaite-Rolle, head of the Bahamas Civil Aviation Authority’s safety oversight department, confirmed to Tribune Business that this nation had last week signed an air services

agreement with its northern neighbour as it continues to expand the industry’s growth platform.

The signing, which took place at the 12th ICAO Air Services Negotiation Event in Jordan, is the 24th such agreement that The Bahamas has entered into in a bid to unlock route and partnership opportunities with foreign carriers for local airlines.

Emphasising that the US agreement was not of the “open skies” variety, Mrs Brathwaite-Rolle said

SEE PAGE 5

Realtor chief urges further clarity over ‘free’ crown land

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Real Estate Association’s (BREA) president yesterday urged the government to clarify its proposed “Crown Land giveaway” to facilitate post-Hurricane Dorian reconstruction.

Christine Wallace-Whitfield, pictured, questioned whether persons building new homes would be given title deeds to this land, and whether beneficiaries were persons who previously possessed houses and were now being relocated.

“I assume the Prime

Minister is doing it for the safety of the residents if their properties are unsafe or inhabitable,” she said. “I assume he is trying to make sure that this land is on higher grand and more secure on the island, and I am sure he is trying to make

SEE PAGE 4

claims volumes were just 60 percent of those incurred for Hurricane Matthew in 2016, but warned that the severity of Dorian’s destruction meant the average loss/ claim value will be “multiples” of that experienced three years ago.

Mr Duff reiterated that Bahamian homeowners and businesses are facing “double digit” increases in catastrophic premium rates

for 2017 as global reinsurers, which cover the bulk of this nation’s risk, seek more attractive investment returns and compensation for Dorian’s multi-billion dollar losses.

He admitted that such increases had come “at a bad time” for Bahamian consumers given the economy’s projected 0.6 percent

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Atlantis: ‘Responsible wage increase’ please

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATLANTIS wants “responsible wage increases” to be the outcome of the hotel sector’s industrial agreement negotiations, its top executive told thousands of staff yesterday.

Audrey Oswell, the Paradise Island-based resort’s president and managing director, did not define what she meant by “responsible increases” but her hotel union counterpart interpreted it as a sign of employer willingness to conclude a deal almost seven years after the previous one expired.

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, told Tribune Business he was “very confident we’ll be able to iron out an agreement” in the New Year given that both parties appeared ready to “get this behind them”.

Negotiations will halt between December 19 and January 6 for the Christmas and New Year holidays, but Mr Woods indicated that his definition of a “responsible wage increase” takes the fact union members have enjoyed no salary/benefits rise since 2012 into account.

He spoke out after Ms Oswell, in a note to Atlantis employees that was obtained by Tribune Business, gave what was termed as “an update on labour contract negotiations” between

AUDREY OSWELL

DARRIN WOODS the union and the employer bargaining agent, the Bahamas Hotel and Restaurant Employers Association (BHREA).

Talking up the advances made to-date, Ms Oswell wrote: “To-date we’ve mutually agreed to 75 percent of the non-financial provisions of the agreement. We continue to make strong progress on negotiating a labour contract with the union.

“As of this writing we have mutually agreed to, and signed, 40 of the 48 non-financial sections of the agreement.” However, it is now that the hotel industrial agreement talks are reaching their most potentially contentious and volatile stage

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PAGE 2, Thursday, December 12, 2019

THE TRIBUNE

MEDICAL CENTRE GROWS TO SOME 700 MEMBERS THE Eleuthera Medical Centre says its membership has grown to 700 residents in the less than two years since its founding due to the addition of new services.

Founded in partnership with the non-profit group, Eleuthera Community Healthcare initiative, the Centre - located near Governor’s Harbour - has added x-ray capability and upcoming dental care to support existing services that include ultrasounds, chiropractic care, general practice, pediatric, obstetrics and gynecology, health coaching, onsite stat laboratories and emergency treatment.

“The response with which we have been met, and the welcome we have received, has been beyond anything we imagined but speaks to the need for reliable,

ELEUTHERA Medical Centre now has a roster of 12 rotating physicians and specialists, including a full-time radiographer for xray equipment installed this month. The Central Eleuthera facility falls under the umbrella of the Bahamas Wellness Health System. sophisticated health and wellness care, especially on a Family Island where, in most cases, medical services are not as readily available as they would be in the capital,” said Dr Arlington Lightbourne, whose

vision inspired the community-owned medical centre’s creation.

Dr Lightbourne, who founded the Bahamas Wellness Health System, which also operates the Wellness Clinic on Collins Avenue

near Doctor’s Hospital in Nassau, said adding x-ray capability was critical.

“This was a major investment on the part of the community-owned clinic, and one that was urgently needed,” he said. “Every time we had to tell someone they had to fly to Nassau for an x-ray because they might have a fracture, it was heartbreaking.

“The cost, the pain of having to fly when you are already injured, and the time between the injury and the setting of a bone if there is a fracture was an unbearable situation to put people through.”

Besides the $50,000-plus invested in equipment and software, Eleuthera Medical Centre contracted with an experienced board-certified radiologist and an x-ray technician for support.

“We have experienced a number of firsts for Family Island medical services in a very short period of time, and I have to thank the entire community that has supported us and our

hard-working staff,” said Dr Lightbourn.

He credited community volunteers, including the Cancer Society, which helped to enlist members for a venture that has become a gathering place for lectures on lifestyle, diet and exercise. This is part of a plan to set a new standard for Family Island medical care without burdening the public purse.

Eleuthera Medical Clinic has also expanded its roster of rotating physicians and medical professionals. What started out in August 2018 with one doctor and an occasional substitute is now up to 12 physicians including a psychiatrist, a chiropractor, urologist and childhood specialist.

Dental services are scheduled to start in January in a nearby location, making it the only full-time private dental practice in Eleuthera. The centre is also in the process of becoming one of the few National Health Insurance (NHI)

approved laboratories in The Bahamas.

The clinic’s business plan combines revenue from patients using health insurance or self-paying along with the membership-based provision of services. Members pay $40 per month, entitling them to unlimited visits, labs and an annual physical. The clinic’s emergency room is open on a seven-day, 24-hour basis as needed.

“Heart attacks, high blood pressure, cancer are all preventable diseases that we can wipe out just by the choices we make, and I vow to do my part to persuade people that they can make the right choices and lead full, healthy lives,” said Dr Lightbourne.

“If I can do that on a daily basis through a clinic in Eleuthera filling a need, and with the coaches and other staff in Nassau, and we can make a difference, bit by bit, in the health of our Bahamian people, we will have accomplished God’s work.”

INSOLVENCY CONFERENCE ATTRACTS 140 SPECIALISTS ALMOST 140 persons attended a recent insolvency conference staged in The Bahamas by local and international bodies.

The Restructuring and Insolvency Specialists Association (Bahamas) teamed with INSOL International to hold an event attended by 138 delegates from The Bahamas, Barbados, Bermuda, British Virgin Islands, Canada, Cayman Islands, Jamaica, Hong Kong, Turks & Caicos, the UK and the US. The insolvency and restructuring summit, which focused on key cases and issues faced by international financial centres (IFCs), was sponsored by multiple Bahamian law and accounting firms including Ernst & Young (EY), Lennox Paton, PricewaterhouseCoopers (PwC), McKinney Bancroft & Hughes, Deloitte & Touche, Graham Thompson & Company and Higgs & Johnson.

The keynote speaker was Judge Kevin Carey, formerly of the Delaware Bankruptcy

Court, who was responsible for dismissing Baha Mar’s Chapter 11 bankruptcy protection proceedings.

He addressed the topic, Recent trends in cross-border insolvencies.

Bahamian Supreme Court justice, Ian Winder, spoke on the panel, Crossborder forum shopping – where should I seek recognition? The panel discussed recent decisions relating to so-called “clawback” claims and the obstacles involved in bringing them, while addressing the powers and remedies available to office holders in each jurisdiction.

The panel reviewed the latest Caribbean developments on forum shopping and moving the debtor’s centre of main interests (COMI), the latest case law and the introduction of the economic substance tests for certain companies in the Cayman Islands, BVI and The Bahamas and how this will impact the ability to COMI-shift.

Another panel

featured panellists from the US, Cayman Islands and the British Virgin Islands (BVI), together with Brian Simms QC from Lennox Paton, who spoke on where persons stand the best chance of recovering value for stakeholders. A final group discussion, Departure from the old, dawn of the new?, considered the proposed modernisation of insolvency laws in various jurisdictions.

The conference closed with a Judge’s Panel, which focused on how attorneys, insolvency practitioners and the courts can be more effective in insolvency proceedings. It consisted of Justice Indra Charles of the Supreme Court; Justice Neville Adderley (former Justice of Appeal); Justice Barry Leon (formerly of the Eastern Caribbean Supreme Court, BVI); Justice Robin McMillan of the Grand Court of the Cayman Islands; and Chief Justice Brian Moree QC of the Supreme Court.

THE TRIBUNE

Thursday, December 12, 2019, PAGE 3

FISCAL COUNCIL DELAY ON IMF TRAINING WAIT

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Fiscal Responsibility Council (FRC) has yet to give its recommendations and advice on the recentlyunveiled Fiscal Strategy Report (FSR), the deputy prime minister confirmed yesterday.

Speaking to Tribune Business outside the House of Assembly, K Peter Turnquest conceded there had been some delays in getting the council fully operational.

Asked whether it had provided feedback on the government’s post-Dorian fiscal road map, he replied: “No, not yet. As you know, the Fiscal Council has that document.

“They are doing their work and, from there, they will give their recommendations and their judgment on whether we are in compliance and in alignment with the fiscal principles or not. There is some delay because we want to get some training done on the way a Fiscal Council works, and the IMF (International Monetary Fund) is helping us with that.

“We want to make sure we get it right. So there may be a little bit of a lag, and some delay, but we are addressing it and we hope to be able to have them fully empowered

PELICAN Bay employees.

K PETER TURNQUEST with all of the information and all of the resources they need in order to do their job as soon as possible. The Bill was tabled in theHouse but we won’t debate that in Parliament until January.”

Gowon Bowe, who represents the Bahamas Institute of Chartered Accountants (BICA) on the Council, confirmed that proposed training under the IMF’s oversight has been discussed but is yet to start.

He said: “There are the plans to actually have orientation training that is being supported by the IMF in that regard. Those details are still being worked out in terms of the actual timing relative to the Christmas holidays and others. That is what they are communicating.

“I think the IMF, which has been a supporting agency for the legislation as well as the practical implementation of the council,

is supporting them in a number of ways so they are still trying to work out whether we are travelling to a location where they are doing similar training, or whether or not they will be doing it domestically. So there has not been a finite timeline for it, but over the coming weeks they want to have it done before early January.”

Acknowledging that little remains for the council to assess the Fiscal Strategy Report before it is debated

by Parliament, Mr Bowe said: “Bear in mind that the Fiscal Strategy Report is the responsibility of government, and the council has the responsibility to do its own report with its own timelines.

“Given the number of competing priorities that have taken place in terms of Dorian and the like, ultimately they are ensuring we do things in a proper manner. So the government is free to debate it, the actual work and results of the council, once the necessary information and timing as well as the procedures will be followed.”

He added: “We have to put into perspective that this is the infancy of the council, and so the timelines are those that are prudent and done in the proper way. Yes, we have communications in

Responsibility Act, comprising technical experts from key industries who will provide oversight and advice on the government’s financial affairs.

Besides Mr Bowe, the council includes Kevin Burrows, representing The Bahamas’ society of financial analysts, Christel Sands-Feaste for The Bahamas Chamber of Commerce; Khalil Parker, the Bahamas Bar Association’s chairman; and Dale McHardy from the University of The Bahamas.

Mr Turnquest, meanwhile, reaffirmed to Tribune Business that the government has no immediate concerns over the prospect of a credit rating downgrade

from either Moody’s or Standard & Poor’s (S&P).

He said: “We have been given no indication of being downgraded. In fact, the indications from the rating agencies so far have been positive. They fully appreciate the challenges that we have and they will continue to monitor us like they always do.

“We are confident that we are in a good position.

We have made the sacrifices that we needed to make over the last two years to put ourselves in a position that we can absorb this shock. This is massive, but nonetheless we believe we have the room to handle it and we will work on that commitment to handle it.”

Photo: Alfred Anderson/Barefoot Marketing

Pelican bay rewards staff with getaways GRAND Bahama’s Pelican Bay Resort has rewarded staff for their efforts postHurricane Dorian by paying for two-day getaway breaks in either New Providence or south Florida.

“The impact of Hurricane Dorian was undeniable; many of our staff were directly affected, but they left their homes and families and showed up to work, immediately, working through difficult conditions, and doing so with a smile on their faces. It was a truly tremendous effort,” said Pelican Bay operations manager, Della Bridgewater.

Management immediately started planning ways to reward their loyal employees, and help them recover and restore themselves.

“Conditions on the island were not the best; many persons had lost creature comforts, access to water, and even a warm bed to sleep in,” said Pelican Bay general manager, Magnus Alnebeck.

“We wanted to help replace those things, even if just for a short time, to let them know we noticed their efforts and we are thankful to them.”

Management decided to reward all employees with trips “off the rock”, treating them to free twoday getaways to either New Providence or south Florida. Working with business partners, Pelican Bay staff were able to choose a stay in Nassau courtesy of Comfort Suites on Paradise Island, with travel courtesy of Western Air, or travel to West Palm Beach on board Paradise Celebration Cruise Lines for rest and some restorative shopping.

“It was very thoughtful of them,” said Marissa Russell, a Pelican Bay housekeeping supervisor. “Especially after everything we had gone through and the different emotions everyone was feeling, it was really a great opportunity to unwind and have a good time as a group.

Well, we are a family.”

“These trips were muchneeded especially in the aftermath of the storm,” said Darion Martin, operations supervisor at the hotel.

“After all of the hard work it was really refreshing to have at least a wonderful weekend of rest and relaxation.”

place, but it is like the commencement of a new agency, and so as it relates to physical infrastructure, financial infrastructure, details as well as information - those are all things that come with the learning exercise.

“We are going back and asking for items and getting them. But there wasn’t a checklist embedded in the legislation that says that on day one we will have these 20 things, so there is an element of us working through it and then we ensure that, at the end of the day, we make sure that we have done everything we can do within the legislation.”

The council is an autonomous oversight body established by the Fiscal

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PELICAN Bay employees arrive at the Lynden Pindling International Airport to begin their free weekend getaway at the Comfort Suites Hotel on Paradise Island.

Photo: Pelican Bay/Barefoot Marketing “We are so fortunate to have an incredible staff, many of whom have been with us for years,” added Mr Alnebeck. “We are very thankful to our staff, how

they have helped Grand Bahama recover, and by keeping our hotel at full occupancy for almost three months in not so perfect conditions.”

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PAGE 4, Thursday, December 12, 2019

THE TRIBUNE

HUNDREDS GRADUATE FROM $170m vehicle to ‘surpass’ BAHAMASHOST INITIATIVE Caribbean renewable lead FROM PAGE ONE

BAHAMAHOST students cheer as members of their cohort receive their certifications.

HUNDREDS of persons have graduated from the fall 2019 BahamasHost initiative that is designed to improve service and the guest experience in the tourism industry.

Kirkland Pratt, BahamasHost’s director of industry training, said: “For the fall 2019 cohort, industry training has recorded a total of 659 participants.

On a granular scale, that works out this way: 302 public service drivers and 220 corporate participants, including Bridge Authority, Airport Authority, Nassau Flight Services, Comfort Suites, Baha Mar and Warwick. There are also 20 jet ski operators and 52 participants from the Train the Trainer initiative.

“The Family Islands have participants in this ceremony as well. The Governors Harbour office recorded 102 participants;

The Berry Islands, 22; Mayaguana, 27; Andros, 21; Exuma, 61; and lastly, Abaco has recorded 65.

These individuals could not have reached this milestone, however, without the persistent encouragement from their facilitators who have helped them along the way.”

The BahamaHost graduation ceremony is held twice a year – June and December in Nassau and Grand Bahama, after sessions in the Family Islands have been completed. Following completion of the programme, graduates are awarded a personal certificate of achievement and a name badge to designate the recipient as a certified “BahamaHost”.

This training programme is designed to familiarise participants with The Bahamas’ history, culture and geography. It is also a

customer-based programme that places emphasis on service excellence.

Corrie Bethel, graduate, said the programme was “life changing”. She added: “I wasn’t aware that the history of our country was so in-depth. While there were some things I knew, the courses really brought light to a lot I didn’t know. What I appreciated most, however, was the attention our facilitators placed on good customer service in the tourism industry and why it is critical to our number one industry.”

Keynote speaker Simone Bowe, the Ministry of Tourism and Aviation’s director of human resources, said: “Tourism is a team enterprise. We need all hands to build the economy of our beloved nation and to create a Bahamas where all of our citizens can make an equitable living.”

percent of its total energy mix from renewable sources by 2021, thereby making it a regional leader and setting it on course to hit its “30 percent by 2030” target.

“The Government of The Bahamas wishes to create a renewable energy company in The Bahamas to, among others, speed up the deployment of solar power in the islands,” the IDB paper said. “The main purpose is to channel needed development financing... for $170m to deploy solar installations in two areas - roof-top solar and large-scale solar installations.

“The company is expected to be initially 100 percent publicly owned but, from scratch, needs to have the appropriate governance structure to manage the programme with the best standards of corporate governance..... and to gradually offer shares or other form of local private participation.”

The IDB report says the SPV, once created, will be charged with building and operating “large-scale solar facilities” that will supply electricity to Bahamas Power & Light (BPL) under a power purchase agreement (PPA).

“Thus the SPV, upon completion and entering of operation of the large-scale facilities, will receive payment from the utility and start receiving income,” the documents add. “The SPV will initially be largely publicly owned, but as projects reach maturity and start generating income the

participation of Bahamians will be sought.

“Gradual private participation needs to be inscribed since inception at the creation of the company, and with appropriate legal consideration to ensure such transition towards private participation is ensured by the governance rules and articles of creation.”

Some observers are likely to view the SPV structure as designed to keep more debt off the Government’s balance sheet, thereby hiding The Bahamas’ true national debt. However, the IDB papers show the plan is for it to act as financier when it comes to the installation of roof-top solar solutions for homes and businesses.

“It is expected that the residential sector may receive discounted rates or longer tenures, while the commercial and industrial sector will receive [financing] resources with a mark-up,” the report said. “In general, it will act as a financial intermediary by itself or via a local bank.

The SPV will be in charge of determining the rates and conditions for financing of roof-top solar in each consumer segment.”

“Disadvantaged households” will be a particular focus for the solar roof-top initiative, with installations performed by Bahamasbased providers so that the creation of new local entrepreneurs and jobs is fostered as well as a reduction in this nation’s fossil fuel imports.

The IDB paper added that the SPV will also take the lead in providing the infrastructure for “electric mobility, such as electric vehicles, throughout The Bahamas. “Small islands can now benefit the most from electric cars as their economies continues to improve,” the report added.

“Electric mobility in islands now makes more sense than ever with the advances in battery technology and electric charging infrastructure, and new business models along the deployment of distributed solar energy solutions.

“Electric car revolution will not happen by itself as it requires co-ordinated government action, especially on setting up the proper regulatory environment and financing instruments for electromobility and the base infrastructure.”

The IDB report said the SPV will help facilitate the first delivery of electric vehicle fleets to the Government, and it added: “The programme will help The Bahamas catch up and move ahead of regional leaders on renewable energy penetration.

“The objective is to speed up the solarisation of the Family Islands by deploying, in addition and complementary to the current efforts by BPL, large-scale solar installation in the islands where private sector participation is less likely. This will also deploy the most advanced storage and grid modernisation technologies to improve the reliability and resiliency of the islands’ grid systems.

“Setting up the enabling infrastructure for the solar installations and future additional deployment will particularly target quickly fulfilling, and even surpassing, the 4.56 percent by 2021 renewable energy target of the Prime Minister’s Delivery Unit to become a regional Caribbean leader in renewable energy deployment and setting the path towards achieving the 30 percent by 2030 renewable energy target of the national commitment under the Paris agreement.”

Realtor chief urges further clarity over ‘free’ crown land

“We’ve committed $10,000 for the reconstruction and building of homes. An inspector from the Ministry of Works will go out and make assessments as to the conditions of homes. Individuals can receive $2,500, $5,000, $7,000 or $10,000.”

People whose homes have been completely destroyed will be eligible for the maximum of $10,000. The government is expected to specify the criteria to be eligible for that aid. The recently created Disaster Reconstruction Authority will establish The Bahamas National Recovery and Reconstruction Trust Fund, an independent body, which will help fund home and building repairs.

“The criteria may be, for example, if an individual has three children, if an individual has disabled persons living with them, if an individual is a single parent (they may be eligible and officials will) look at the individual’s income or combined incomes (in making an assessment),” Dr Minnis further added.

Mrs Wallace-Whitfield, in response, said: “At this point I am all for helping my fellow Bahamian and making sure they are getting back on their feet. crown land is only so much, so I am not sure how much people this will affect or who all will get it.”

FROM PAGE ONE

things easier, but are these things all taking place? The government never contacts BREA on what are your views and what are your opinions.”

She spoke out in response to Dr Hubert Minnis’ suggestion earlier this month that the government will provide crown land for free in Abaco and Grand Bahama to construct lowcost homes for Hurricane Dorian victims. The government, he added, will also install utility infrastructure at the homes at no cost to eventual buyers.

“What it means is the populace will now have land free, which is theirs, and the infrastructure will be free, which is theirs,” he said. “We will then go out via RFP (request for proposals), inviting contractors to build homes meeting certain standards and requirements. Therefore the cost of the homes will be greatly diminished by far less than $100,000 because people don’t have to pay for the land, don’t have to pay for the infrastructure, and many contractors will build the homes and then sell to the various individuals.”

Dr Minnis added:

THE TRIBUNE

Thursday, December 12, 2019, PAGE 5

Insurers suffering Bahamas aviation Dorian ‘loss creep’ boost in US deal FROM PAGE ONE contraction in 2020, but expressed optimism that persons would see the continued value of purchasing insurance coverage for their properties and other key assets given the extent of Dorian’s damage and the struggle of those who were uninsured/underinsured to rebuild.

“The loss still seems to be developing. We’re still getting a trickle of claims coming in,” Mr Duff told Tribune Business. “I don’t know if it has anything to do with homes that are insured by second homeowners or if, initially, a lot of adjusters went to look at properties, set provisional reserves and we’re finding down the road that the building was more severely damaged than expected.

“I think there’s a bit of loss creep on the go here.

The adjusters go out and, at first sight of the property, they’re finding it looks OK with the walls and foundation in place. They set the preliminary reserve on initial inspection, but when the secondary inspection takes place they find the foundation of the building has been compromised because water was in there for three days and it has to be condemned.

“This is a problem for a number of the companies.

We’re looking for the loss to start levelling off, and the $1.5-$2bn estimate for the whole industry is realistic at this time. The claims count is beginning to slow down; we’re still getting a trickle, and once we get into January and February we will be in position to have a much clearer estimate of the final cost.”

Mr Duff said ICB, the underwriter through which BISX-listed J. S.Johnson places much of its property and casualty business, had seen fewer claims in comparison to 2016’s Hurricane Matthew but a much higher average loss.

“I would say the claims numbers are 60 percent of what we saw with Hurricane Matthew,” he disclosed. “There’s less claims but, in our case,

probably more expensive. There are less claims because the impact location was limited to Grand Bahama and Abaco, but the average cost of the claim is significantly higher - multiples of Matthew.”

The ICB chief added that the underwriter was currently receiving “mixed messages” from its reinsurers, which meant it was presently unable to give “an entirely clear picture” of the extent of any premium rate rises to its customers.

“We can safely say the increase will be in the double digits right across The Bahamas,” Mr Duff told Tribune Business.

“Where the final figure falls depends on each carrier getting a consensus from its reinsurance panel.

Different companies are looking for different levels, but we have to reach a consensus with that panel.

“In some of the more seriously affected islands of Grand Bahama and Abaco, I imagine the final increase will be higher than New Providence. That’s what it’s looking like at this time, but we can’t firm it up until each of us closes up negotiations with our reinsurance panels.”

International reinsurers effectively dictate property and casualty premium prices in the Bahamas because the relatively thin capital bases of local carriers means they are unable to absorb all this nation’s multi-billion dollar risks on to their balance sheets.

As a result, they have to purchase huge quantities of reinsurance to cover the risks they underwrite.

“It’s obvious that the international reinsurers have faced their biggest-ever loss from The Bahamas,” Mr Duff explained. “You don’t have to be a rocket science to appreciate they are looking for more payback and improvement on terms, from their perspective, to keep them interested in insuring The Bahamas.”

He agreed that market capacity, or the willingness of reinsurers to continue covering Bahamas-based risks, will be a concern

with some companies likely to “drop out”. Mr Duff said: “There’s a possibility capacity could be squeezed, but much of this is dependent on how much of a premium increase local insurers can provide reinsurers.

“Reinsurers have to look at this against the backdrop of climate change and the premium levels they need to make a realistic return on investments....That’s the biggest challenge we face; whether it’s 10 percent, 20 percent, we all have to come with increases that reinsurers consider reasonable.”

Mr Duff conceded that premium rate rises will again make insurance affordability a concern, adding: “It may be less of a concern when there is the backdrop of a buoyant economy. As we know, the economy was struggling but starting to catch up and we were seeing some green shoots before the hurricane, but Dorian has set a lot of people back in a big way.

“We’re looking at the economy in 2020 being pretty stagnant, so against that backdrop increased rates have come at a bad time for consumers and there will be concerns if they can afford the increase.”

Mr Duff said some consumers would be able to take on more of the risk by accepting a higher deductible threshold, thereby lowering their premiums. “We would hope the destruction witnessed over the last few months will reinforce the importance of insuring properly, because we know the level of under-insurance and noninsurance in the affected islands was very high,” he added.

“You’re talking big numbers. Then there’s the human tragedy that follows that. Persons lose their home and there’s no insurance. It’s a terrible, terrible tragedy. We hope these experiences, and the extent of the destruction, will cause customers to think seriously about insuring their property even at higher rates.”

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FROM PAGE ONE

The Bahamas was already seeing signs that some of its previous air services agreements are starting to pay off.

Besides Turkey “looking at starting something here”, she added that Qatar was exploring whether The Bahamas could become a cargo hub for its efforts to ship goods into South America from the Middle East and eyeing a “code sharing” agreement with Jet Blue.

“The US and ourselves always had an understanding, but now we have an air services agreement,” Mrs Brathwaite-Rolle explained. “It facilitates what we were doing before, with Bahamian airlines being able to operate over there and their airlines being able to operate here.”

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the US had pushed for an “open skies” agreement with The Bahamas at last year’s ICAN conference, but Mrs Brathwaite-Rolle said this was not what had been signed despite some press reports suggesting otherwise.

She explained that the air services agreement, which still has to go through internal approvals within the US government, still secures market access for Bahamas-owned and based airlines. It also does not permit “cabotage”, which would have given US airlines the right to operate domestic flights in this nation - something that is off-limits as far as local players are concerned.

“It’s a state-to-state agreement through a programme that ICAO (the International Civil Aviation Organisation) has put in place so you’re able to generate economic opportunities, aviation opportunities, for each country,” Mrs Brathwaite-Rolle told Tribune Business.

“Any airline registered

in The Bahamas, and vice versa, has the opportunity to operate in the other’s country based on ICAO principles and enter into code share agreements. It provides income and growth opportunities for carriers here to be able to partner with other companies in that manner.”

Mrs Brathwaite-Rolle said The Bahamas has now signed 24 air services agreements with nations such as China, Saudi Arabia, Jamaica, the UK, Canada and even Turkey and Qatar. The latter two had to-date been the most active in exploring the possibilities, and she added: “Services are coming to The Bahamas and we’re benefiting from it.....

“It’s about market access and trying to build your market. The Asian and Middle East states are capitalising on this because it’s

airport fees, ground maintenance, services at the hotel.

Tourism is our number one industry, and we have the opportunity for more tourist airlift.

“We have more opportunity for employment, persons to be stationed at different locations, local carriers to be able to build their business and bring more airlift into other parts of The Bahamas. I would tell you the air services agreements, the benefits outweigh everything,” Mrs Brathwaite-Rolle continued.

“It’s an opportunity for more growth. When you have Qatar, that is number one for cargo, needing to ship cargo into South America and looking at The Bahamas as a hub, that’s awesome. An air services agreement provides for that.”

Mrs Brathwaite-Rolle said Western Air, the Bahamian carrier, was also looking to exploit the air services agreements in place with Jamaica and the Dominican Republic to begin services into those markets.

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PAGE 6, Thursday, December 12, 2019

THE TRIBUNE

Atlantis: ‘Responsible wage increase’ please FROM PAGE ONE - discussions over the financial terms and conditions, which in particular means the extent of any wage and benefit increases for union members.

Acknowledging this, Ms

Oswell’s December 11 note to staff said: “In this final phase, we are focused on negotiating responsible wage increases and compensation that reflect the excellent work of our team members.”

Atlantis and other hotels that comprise the BHREA will not want to reveal

ATLANTIS PARADISE ISLAND

their negotiating hand publicly, hence no definition of “responsible increases” was provided. But, given that

labour - alongside energy - represents the hotel industry’s biggest expense item, the Paradise Island resort and its counterpart cannot afford for any deal to unduly disrupt their profitability and operating models.

“The BHREA and the union have also agreed to a holiday recess between December 19, 2019, and January 6, 2019,” Ms Oswell revealed. “Negotiations will resume immediately following the break.”

She also reiterated Atlantis’s position on the Thanksgiving Day picketing that took place outside the resort as the peak winter tourism season kick-started, saying: “As you may know, following the union action during Thanksgiving, Atlantis commenced - and was granted - a court injunction against the union to prevent future union picketing and industrial action.

“We believe that labour action is not only unlawful

CCAREER PPORTUNITY AREEROO PPORTUNITY The Aviation Civil Aviation Authorityof of The The Bahamas invites applications from suitably qualified qualified The Civil Authority Bahamas invites applications from suitably individuals for the following position: individuals for the following position:

DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

Position Summary The Director exercises regulatory oversight of civil aviation matters in The Bahamas, in alignment with sition theSummary Civil Aviation Act of The Bahamas, the Regulations, and the Convention on International Civil e Director regulatory oversight of civil aviation matters in The Bahamas, with Aviationexercises and its Annexes.

The span of regulatory oversight includes certification with respectintoalignment the granting, suspension, or imposition conditions on aviation documents, and enforcement of e Civil Aviation Act ofrevocation The Bahamas, theofRegulations, and the Convention on International Civil provisions of the Act andspan Regulations through inspections ongoingcertification surveillance activities to iationtheand its Annexes.

The of regulatory oversightand includes with respect to the ensure the safe, secure and orderly growth of the aviation sector in The Bahamas.

anting, suspension, revocation or imposition of conditions on aviation documents, and enforcement of As the Chief the Director provides the inspections high-level strategic leadership foractivities to e provisions ofExecutive the ActOfficer, and Regulations through and direction ongoingandsurveillance the Authority and is directly accountable to the Board of Directors for the Authority’s performance in sure the safe, secure and orderly growth of the aviation sector in The Bahamas. achieving its strategic goals and priorities.

the Chief Executive Officer, the Director provides the high-level strategic direction and leadership for Qualifications & Experience e Authority and is directly accountable to the Board of Directors for the Authority’s performance in hieving its strategic goals and priorities.

Minimum Requirements • Master’s Degree in Business Administration or equivalent relevant degree from an accredited institution with fifteen (15) years of experience—ten (10) of which must have been at the ualifications & Experience managerial level in a civil aviation agency; and • Fluency in English.

nimum Requirements Master’s Degree inRequirements Business Administration or equivalent relevant degree from an accredited Specific Knowledge • Sound with knowledge of applicable national and regulations; (10) of which must have been at the institution fifteen (15) years oflaws experience—ten • Sound level knowledge of ICAO Annexesagency; and aviation managerial in a civil aviation andanalytics; • Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation Fluency in English.

in The Bahamas; Working knowledge of principles and practices of effective human resource management and ecific Knowledge supervision;Requirements • knowledge of management principles of administration, including strategic SoundSound knowledge of applicable national laws and and practices regulations; planning, budgeting, purchasing, contracting and maintenance Sound knowledge of ICAO Annexes and aviation analytics; of records; and • Sound understanding of the air transport industry.

•

Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation in The Bahamas; Ability to: • Plan,knowledge organize, and a wide and variety of regulatory programmes and services to meet civil Working ofdirect principles practices of effective human resource management and aviation needs and to effectively ensure compliance with safety and operating regulations. supervision; • Analyze and interpret a broad range of civil aviation-related laws, regulations and standards.including strategic Sound knowledge of management principles and practices of administration, Page 1 of 2 • Manage and report upon the status of a variety of safety management programmes. planning, budgeting, purchasing, contracting and maintenance of records; and • Manage the selection, training, evaluation, and disciplining of regulatory directorate staff and Soundresolution understanding of the air transport industry. of interpersonal conflicts.

•

Exercise independent judgment and initiative within established guidelines.

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Prepare and deliver effective public presentations.

bility •to: Prepare clear, concise and complete correspondence, reports and other written materials.

• organize, Establish andand maintain effective working relationships with elected officials, Board Plan, direct a wide variety of regulatory programmes andmembers, servicesstaff, to meet civil BCAA operational directorates, and others in the course of work. aviation needs and to effectively ensure compliance with safety and operating regulations.

Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of The Manager Human Resources, Civil Aviation Authority of The Bahamas, at BODCAAB@BCAABahamas.com, on or before December 13, 2019.

Page 1 of 2

but also unwarranted while we are engaged in negotiating with the union with the shared goal of a signed agreement. The injunction does not affect our ongoing negotiations which are taking place off-property.”

Mr Woods, confirming the Christmas holiday pause in industrial agreement talks, told Tribune Business he was unable to explain what Atlantis meant by “responsible wage increases” but was “very confident” an acceptable deal will be reached in 2020.

“I’m just confident,” he said. “When the matter is outstanding for as long as this, and what they’re sending out to the employees suggests they want to get this behind them, I’m confident we’ll be able to iron out an agreement that the members will be satisfied and happy with. The good master will not let his children suffer; they’ve been suffering for too long.

No storm lasts for ever; they may linger long but they go away.”

The last industrial agreement between the union and employer bargaining unit expired in early January 2013, and the member hotels have operated as if its terms and conditions have remained in effect ever since.

Much of the responsibility for the delay in negotiating a new deal lies with previous BHCAWU leadership, which failed to submit a proposal for a new agreement 90 days’ prior to the old one’s expiry - as they were mandated to do.

Since then, hotel employees have complained that their wages and benefits have stagnated, and are unable to match the significant cost of living increases stemming from VAT’s 2015 implementation and subsequent increase to 12 percent plus sky-high energy costs.

Mr Woods, meanwhile, said he found it “amazing” that Atlantis is speaking out. “We’re not negotiating with Atlantis,” he added.

“We sent them all individual proposals, and they indicated the association is negotiating on their behalf.

We’re negotiating with the BHREA, so I don’t know why one property has a lot to say.”

As for Atlantis’ position on the Thanksgiving Day industrial action, the hotel union chief said it was for the courts - not the resort - to determine if this had been unlawful. “You cannot be judge and jury at the same time,” Mr Woods said. “That’s your version.

If that’s what floats your boat, go ahead. We’re back before the court in the New Year and I’m limiting what I say so they can’t use it against us.”

THE TRIBUNE

Thursday, December 12, 2019, PAGE 7

HOW STREAMING, DIVERSITY SHAPED TV DECADE OF CHANGE

LOS ANGELES Associated Press

“GAME of Thrones” was both an unprecedented achievement and old-school role model in the TV decade that’s rolling its final credits.

Installments of the elaborately produced hit were doled out one at a time by an established outlet, premium cable channel HBO. That was standard TV operating procedure until, suddenly, it wasn’t. The new era arrived in 2013 when a full season’s worth of “House of Cards” popped up amid Netflix’s ondemand movies and old TV shows.

The drama’s unexpected home appeared simply to be an option to the 500-channel universe born in the 1990s.

But “House of Cards” foreshadowed a streaming gold rush and volume of programming dubbed Peak TV in 2015 — and with no drop in altitude in sight.

The result: Nothing is the same, whether it’s how much television we consume; how and where we do it; who gets to make it, and the level of respect given the creatively emboldened small screen. We don’t just watch TV, we binge it until we’re bleary-eyed if not sated. We still change channels with a remote control, but more often we’re logging in to watch shows on our phones or other devices and on our schedules, not network-dictated appointment TV. We’re couch potatoes and office and car and everywhere potatoes.

A comic strip, “Zits”, recently summed up the current reality in three panels.

“What’s on?” a father asks his teenage son, who’s sitting cross-legged in front of a TV set and is bracketed by a smart phone on one side and a laptop on the other.

“Everything ever videotaped, filmed, recorded, photographed or otherwise documented whenever I want to watch it,” the teen answers, nonchalantly tossing popcorn into his mouth.

“I miss television,” the downcast dad tells his wife.

ALL HAIL STREAMING Generational nostalgia aside, consumers have embraced the change in their media world, said Robert Thompson, director of Syracuse University’s Bleier Center for Television & Popular Culture.

“This was the decade that streaming became for many, many people the dominant way in which they watch television,” said Thompson.

It’s a rapid shift that bears little relation to the previous

entertainment industry revolution, cable TV. Only about a quarter of US homes had cable in 1980 despite its availability since the mid-20th century. While growth finally exploded in the ‘80’s, it wasn’t until the tail end of the 1990s and the arrival of HBO’s “The Sopranos” and “Sex and the City” that premium cable received critical praise and honors, Thompson said.

In contrast, it took less than a decade for leader Netflix to skyrocket from about 12 million US subscribers at the decade’s start to 60 million this year and 158 million worldwide. The streamer reportedly lavished $15bn on programming for 2019 alone, and earned buzz with series including “The Crown”, “Stranger Things”, and “Orange is the New Black”.

Even major films, among them Martin Scorsese’s “The Irishman”, are making themselves at home on Netflix while still in theaters.

Others in the fray include Hulu and Amazon Prime Video, although “streaming wars” became the aggressive phrase applied to the increasingly competitive marketplace. With newly emboldened (and sometimes mega-expanded) media companies intent on getting a piece of the streaming action, there was a growth surge that won’t abate in the new decade.

Apple TV Plus launched Nov 1 with Oprah Winfrey and Steven Spielberg among its first wave of producers, and was quickly followed

by Disney Plus. The latter has a storehouse of Disney movies and TV shows to draw on, along with acquired properties from Marvel Entertainment and Lucasfilm and its “Star Wars” franchise.

Among the other services set for 2020: Peacock from NBCUniversal; Quibi, run by ex-Disney chairman Jeffrey Katzenberg and former eBay head Meg Whitman, and HBO Max, is counting on HBO, TBS and the Warner Bros. studio assets acquired by parent company AT&T to lure subscribers.

While cord-cutting became a quest for viewers seeking to shed hefty cable bills, there is still a price tag for the gusher of riches, as much as $14.99 monthly for HBO Max alone.

A bonus for viewers as they sort through the competing options: More programming doesn’t just mean more of the same.

VARIETY STORE If retailers can provide every type of yogurt known

to humanity, why can’t TV take the same eclectic approach? It has in the past ten years, as the increasing demand for content and the growth of niche programming created opportunities for diverse and candid voices. Ongoing efforts by advocacy groups also contributed to the gradual but unmistakable shift.

Donald Glover illustrates the before and after. The future multi-hyphenate writer, musician, actor and director had a respectable run as a cast member on the network sitcom “Community”. Two years later, he was the creator and star of FX’s “Atlanta”, which drew raves for its innovative storytelling focused on African American characters.

Jill Soloway called on family experience to create the groundbreaking “Transparent”, about a trans woman and how her decision to be open has a ripple effect on her children and their circle.

Ryan Murphy, already established as a successful producer with “Nip/ Tuck” and “Glee”, exercised his clout to make FX’s “Pose”, set in the LGBTQ ballroom culture scene of the 1980s and ‘90s. Its star, Billy Porter, became the first openly gay man to win the best actor Emmy. Credit RuPaul and his “Drag Race”, which arrived on the cusp of the previous decade and grew in popularity, for setting the table.

Even mainstream broadcasting expanded its field of vision, with ABC the first network in 20 years to air an Asian American family sitcom, “Fresh Off the Boat”, ending this season.

Nahnatchka Khan was its executive producer, one of the women who gained prominence behind the camera in a sector long dominated by men.

As producers, directors and writers, women put complex female characters in the center of the frame — a switch from the male antiheroes of “The Sopranos”, “Breaking Bad” and other turn-of-the-century hits. With women taking the reins as storytellers, female characters became as varied and complex as their male counterparts and began to encompass a fuller view of the modern experience.

Lena Dunham’s “Girls” presented more than cookiecutter young women, both in body and spirit, and foreshadowed the rise of actresses whose talent demands more attention than their weight, including Aidy Bryant of “Saturday

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Night Live” and Chrissy Metz of “This Is Us”.’

African American women took the spotlight in creatorstar Issa Rae’s “Insecure”, while Jenji Kohan’s “Orange is the New Black”, featured characters notable for their ethnic, sexual and class diversity.

Writer-actress Phoebe Waller-Bridge’s “Fleabag” provided the decade’s big finish with its bold sexuality, earning six Emmys last fall including top comedy.

Some established female producers further cemented their success.

Shonda Rhimes added “Scandal” and “How to Get Away with Murder” to her body of work, with the latter’s star, Viola Davis, becoming the first African American to win a best drama actress Emmy. Ava DuVernay, already a filmmaking force, spearheaded “When They See Us” and “Queen Sugar”.

Reese Witherspoon, adding producing to her portfolio, made good on her vow to bring strong female characters to the screen with the hit series “Big Little Lies” and “The Morning Show”.

Statistics confirm the anecdotal evidence. Across all TV platforms in 2017-18, women accounted for a historic high of 31% of those working in key behindthe-scenes jobs including directors, writers and editors, according to research

by San Diego State University’s Center for the Study of Women in Television & Film.

Good, but not good enough, said Kirsten Schaffer, executive director of the advocacy group Women in Film, which joined with the Sundance Institute in 2017 to create and lead ReFrame, an initiative that works with companies and others to foster hiring of women across the media landscape.

“Our goal is to have the industry reflect the population of the United States,” Schaffer said, and that’s 51 percent female and 17 percent women of color.

Firm hands out $10M in holiday bonuses to 198 employees BALTIMORE Associated Press A COMMERCIAL real estate developer is handing out a total of $10m in bonuses to its 198 employees.

WTOP reported on Monday that Baltimorebased St John Properties announced the bonuses at the company’s holiday party.

Edward St John, the founder and chairman of the company, said the amount of money that each employee gets is based on tenure. The average bonus was $50,000, but some employees will get upward of $250,000.

The company has

employees throughout Maryland and northern Virginia.

The bonuses celebrate the company’s achievement of developing 20 million square feet of office space, retail and warehouses. That real estate is spread out over eight states.

Edward St John said that he is “thankful for every one of our employees for their hard work and dedication.

I couldn’t think of a better way to show it.”

The company was founded in 1971. It has retail and warehouse space in Maryland, Virginia, Colorado, Louisiana, Nevada, Pennsylvania, Utah and Wisconsin.

PAGE 8, Thursday, December 12, 2019

THE TRIBUNE

FRENCH GOVERNMENT RAISES RETIREMENT AGE AS STRIKES GRIND ON PARIS Associated Press

FRANCE’S prime minister said yesterday that the full retirement age will be increased for the country’s youngest, but offered concessions in an ill-fated effort to calm a nationwide protest against pension reforms that critics say will erode the nation’s

way of life.

The government is trying to make the pensions system sustainable and simpler but is facing public pressure, including a week of the most debilitating transport strikes in decades.

Major unions were quick to reject government proposals and vowed to strike on. A moderate union, the CFDT, announced last

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night that it would join in a Dec 17 action day, breaking with its past posture.

CFDT leader Laurent Berger said a “red line’’ had been crossed with the introduction of an age factor into the plan, the daily Le Monde reported.

The day after more than 300,000 people protested across France, authorities measured a logjam of some 460 kilometers of traffic in Paris. All metro lines bar two were closed and many train routes remained canceled as unions dig in their heels against President Emmanuel Macron, whom they accuse of shaping policies in favour of the rich.

Prime Minister Edouard Philippe detailed the pension changes in a speech yesterday, saying bluntly that the French “will need to work longer”.

The plan was rich in detail. People born after 1974 will have to work until the age of 64 to get a full pension, instead of 62 previously. Those born before that date will not be affected in any way, he said, throwing out a sweetener.

The leader of the prominent CGT workers’ union, Philippe Martinez, flatly rejected the new plans.

“The government is making fun of everyone,”

FRENCH Prime Minister Edouard Philippe delivers his speech yesterday in Paris as he unveils proposals on pension reforms that might calm tensions on the seventh straight day of a crippling transport strike.

Photo: Thomas Samson/AP he said. Several other unions, including Workers’ Force, said the prime minister’s address only “confirms the necessity to step up the strike action.”

Gilles Pierre, a Paris metro driver and member of hard-left union Solidaires-RATP, was on his seventh straight day of strike yesterday, and decided to continue.

“We do not block public transport for pleasure,” said Pierre, 41. “We are not fighting only for us. ... We call on all French workers in the private and public sectors to join the mobilisation. That is important.”

The new scheme is aimed at replacing a complicated pension system that

included dozens of special privileges for some sectors, like public transport, with one set of rules for all.

Philippe said the changes would ensure the pension system is “fair and sustainable” in the face of a growing population with, a record number of people over 90.

For people entering the workforce, the reforms will only start to apply in 2022, which happens to be the last year of Macron’s term.

It was not known whether he will seek a second mandate. The government also introduced the country’s first ever minimum pension, which will be available to those who worked their whole life, at a relatively high 1,000 euros ($1,100)

per month. That compares with 858 euros (723 pounds) a month in the UK. Beginning under Macron’s watch, it will be harder for the law to be undone by a successor.

The plans though seem to have done little to abate the strikes that were billed as “unlimited” and threatened to mirror similar ones in 1995 that caused the ousting of Prime Minister Alain Juppe. That action paralyzed the country with widespread public support and were themselves compared to the events of May 1968, when France reached the brink of revolution.

Asked in a television interview whether he could be undone by the changes, the prime minister suggested the answer was no because times have changed, other countries are making adjustments and the French knew reform was coming, giving it “political legitimacy’.’

“I’m not pulling this out of my hat,’’ Philippe said, noting that Macron had promised change. “I’m not at all a warrior, but it’s true that I’m determined,’’ Philippe added.

THE TRIBUNE

Thursday, December 12, 2019, PAGE 9

Saudi stock offering creates world’s most valuable company RIYADH Associated Press SAUDI Arabian oil company Aramco surpassed Apple as the world’s most valuable public company yesterday when its shares made their debut on the Saudi stock exchange, part of an ambitious shift away from the very fossil fuels the country’s economy depends on.

The shares’ 10% rally brought state-owned Aramco’s value to $1.88tn. The 1.5% of the company that is listed has raised $25.6bn, a record for an initial public offering. As of Tuesday’s close in the US, Apple was valued at $1.19tn.

Despite the success of the sale, the kingdom’s decision not to list the company on a larger foreign exchange points to concerns that a global flotation would raise.

Listing shares outside Saudi Arabia would open up the company to greater disclosure rules and expose it to foreign laws at a time when the country is under scrutiny for its role in regional conflicts as well as for the killing of a dissident journalist.

“A local Saudi offering is, by all accounts, a friendly audience of Saudi investors,” said Gianna Bern, the author of “Investing in Energy” and lecturer at the University of Notre Dame. She said the real test for Aramco will be a global offering, in another jurisdiction, such as London or Asia. Aramco, however, has said it will not sell more shares for at least another year.

Yesterday’s shares were sold mainly to investors in the region: a 0.5% stake to individual retail investors in Gulf Arab states and 1% to institutional investors.

Non-Saudi investors contributed just 23% of the institutional investment generated in the IPO, according to lead adviser Samba Capital. Saudi companies and government institutions raised 51% of the overall demand, Samba Capital said.

Some analysts said that the surge on the first day of trading suggests heavy buying from investors close to the crown prince to make the operation a hit.

Crown Prince Mohammed bin Salman plans to use the money raised from the sale of a sliver of the kingdom’s crown jewel to diversify the country’s economy and fund major national projects that create jobs for millions of young Saudis entering the workforce.

The sale raises capital for the Public Investment Fund overseen by Prince

SAUDI Arabia’s state-owned oil company employee Sukaynah Al Oqaili rings the stock bell as she celebrates during the official ceremony marking the debut of Aramco’s initial public offering (IPO) on the Riyadh’s stock market in Riyadh, Saudi Arabia yesterday.

Photo: Amr Nabil/AP Mohammed, but it is only part of a much larger transformation program to move the economy away from reliance on oil exports for revenue.

The share sale also has been an exercise in national prestige, with the 34-year-old crown prince looking for the flotation to value Aramco at $2tn.

Zachary Cefaratti, chief executive officer of Dalma Capital, which manages Saudi equity funds that invested in Aramco, said the company could on day two of trading become the first in the world valued at over $2tn if the stock gains another 10%.

The shares rose sharply in the first moment of trading

yesterday to hit the 10% limit on stock price fluctuation allowed by Saudi regulators. That pushed the price to 35.2 riyals, or $9.39 a share, where it held until closing at 3pm.

The $2tn value was considered too high for many international investors, particularly as global oil prices are under pressure from rising production in other countries, especially the United States, and amid a global push toward renewable energy.

Foreign investors have also been spooked by the geopolitical risks associated with Aramco. A stunning missile attack in September struck Aramco’s main crude oil processing facility. The

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Signed: Management

Saudis and the US blamed regional rival Iran, which denies involvement.

“A lot of international investors have felt that there should be a discount to Aramco shares due to perceived geopolitical risk. We actually believe geopolitical risk in Aramco is overstated and that the recent Sept 14 attacks actually demonstrated Aramco’s resilience,” Cefaratti said.

The kingdom’s reputation has, meanwhile, been stained by the killing of Saudi critic and writer Jamal

Khashoggi by Saudi agents in Turkey last year. Controversy over that killing and Saudi Arabia’s war in Yemen have hampered efforts to attract more Western investment to Saudi Arabia.

Still, Aramco remains an attractive investment locally.

It was the most profitable company in the world last year, earning $111bn in net income.

Aramco, which has exclusive rights to produce and sell the kingdom’s energy reserves, was founded in 1933 with America’s

Standard Oil Co before becoming fully owned by Saudi Arabia four decades ago.

To encourage Saudi citizens to buy and keep hold of Aramco stock, the company says it will pay a dividend to shareholders of at least $75bn. Saudi citizens who hold their shares for six months from the first day of trading can also receive up to 100 bonus shares, or one for every ten held. The government also made it easier to access credit for Saudis to buy stock.

PAGE 12, Thursday, December 12, 2019

THE TRIBUNE

EU TO OFFER BILLIONS TO HELP POORER EU NATIONS CUT EMISSIONS

By SAMUEL PETREQUIN AND RAF CASERT Associated Press

TO GET everyone on board with her plan to combat global warming, European Commission President Ursula von der Leyen wants to put up 100 billion euros ($130bn) to help EU nations that still heavily rely on fossil fuels transition to lower emissions.

Von der Leyen, who took

office this month at the helm of the European Union’s powerful executive arm, has made the fight against climate change the top priority of her five-year mandate. The first woman ever to lead the commission, she has pledged to make the EU the world’s first carbon-neutral continent by 2050 as part of the “European Green Deal” she presented yesterday.

The commission hopes the

fund will help EU nations that stand to be hit the hardest financially by the transition to cleaner industries. Among them, Hungary, the Czech Republic and Poland, which rely heavily on coal-fired power plants, have yet to commit to the EU’s goal of having net zero emissions of CO2 by 2050.

“The cost of the transition will be big, but the cost of non-action will be much

bigger,” von der Leyen said, comparing her Green Deal to a “man on the moon moment.”

The net-zero emissions goal will be discussed Thursday during a meeting of EU heads of state and government in Brussels.

The new climate help fund, whose full details should be unveiled in January, might help convince leaders from those three countries to join that goal.

“I want us to agree on the commitment for the EU to become climate-neutral by 2050,” said Charles Michel, president of the EU Council, in a letter to EU leaders.

“This would be a major signal from the European Council that the EU will take a global leadership role on this crucial issue.”

He said the transition to a lower-emissions economy will create opportunities

for economic growth, but that the EU needs to recognise that the shift could be more disruptive for certain countries.

The plan will depend on various sources of funding, including private sector loans from the European Investment Bank, added to cash from the bloc’s long-term budget — which has yet to be approved.

Von der Leyen, who will present in March a European Climate Law, wants the 28-country bloc to reduce carbon emission by at least 50% by 2030 compared with 1990 levels, more than the current goal of 40%. If possible, she would like to increase the EU’s target for 2030 has high as 55% in a way that would not hurt the bloc’s economy.

According to the EU, between 1990 and 2018, greenhouse gas emissions

in the bloc have already decreased by 23%, while the economy grew by 61%.

In total, Von der Leyen has pledged one trillion euros of investment over the next decade as part of her programme.

World leaders agreed four years ago in Paris to keep global warming below 2 degrees Celsius (3.6 Fahrenheit), ideally no more than 1.5 C (2.7 F) by the end of the century. Scientists say countries will miss both of those goals by a wide margin unless drastic steps are taken to begin cutting greenhouse gas emissions next year.

“All eyes are now upon the European Union and the EU Council meeting,” said Alden Meyer of the Union of Concerned Scientists. “We expect the EU’s national leaders will signal their intention to achieve net-zero emissions by 2050, at the latest.”

CCAREER PPORTUNITY AREEROO PPORTUNITY

CCAREER PPORTUNITY AREEROO PPORTUNITY

The Bahamas Air Navigation Services Division of the Civil Aviation Authority of The Bahamas

The Civil Aviation Authority of The Bahamas invites applications from suitably qualified

The Civil Aviation Authority of The Bahamas invites applications from suitably qualified The Civilinvites Aviation Authority The Bahamas invites applications from suitably qualified applications fromofsuitably qualified individuals for the following position: individuals for the following position: individuals for the following position: individuals for the following position: GENERAL MANAGER, BAHAMAS AIR NAVIGATION SERVICES DIVISION DEPUTY DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

Position Summary Position Summary Plans, organizes, integrates and directs the programs, operations, staff and activities to ensure the The Deputy Director General assists with providing strategic leadership for the Authority by working sition Summary Position Summary provision of air navigation services (ANS), including Air Traffic Management (ATM), Procedures for Air with the Director General, board of directors and the executive management team to establish longNavigation Servicesregulatory Operations (PANS-OPS), andThe Surveillance (CNS) and range goals, strategies, plans and oversight policies. of civil aviation matters in The Bahamas, in alignment e Director exercises regulatory Thewith Director exercises oversight ofCommunications civil aviation Navigation matters in Bahamas, in alignmen Aeronautical Information Services—safely, economically and efficiently through the provision of all e Civil Aviation Act of The Bahamas, the Regulations, and the Convention on International the Civil Civil Aviation Act of The Bahamas, the Regulations, and the Convention on Internationa The position assists with the regulatory oversight of civil aviation matters in The Bahamas, in alignment needed facilities and services in collaboration with all stakeholders. iation and its Annexes. The span of regulatory oversight includes certification with respectAviation to the and its Annexes. The span of regulatory oversight includes certification with respect with the Civil Aviation Act of The Bahamas, the Regulations, and the Convention on International Civil anting, suspension, revocation or imposition of conditions on aviation documents, and enforcement granting, of suspension, revocation or imposition of conditions on aviation documents, and enforcem Aviation and its Annexes. The span of regulatory oversight includes certification with respect to the The position holder, who reports directly to the Board of Directors, is required to ensure that all systems e provisions of the Act and Regulations through inspections and ongoing surveillance activities the provisions to of the Act and Regulations through inspections and ongoing surveillance activit granting, suspension, revocation or imposition of conditions on aviation documents, and enforcement of and processes enable the seamless operations of BANSD in alignment with the Civil Aviation Act of The sure the theprovision safe, secure of the sector in The Bahamas. ensure Bahamas the safe,and secure and orderly growth of the sector in The Bahamas. of theand Act orderly through growth inspections and aviation ongoing surveillance activities to ensure the safe, the Convention on International Civilaviation Aviation and its Annexes, and to provide the high secure and orderly growth of the aviation sector in The Bahamas. level strategic direction and leadership for the delivery of air navigation services consistent with the the Chief Executive Officer, the Director provides the high-level strategic direction and leadership As the forChief Executive Officer, the Director provides the high-level strategic direction and leadersh objectives and priorities of the Government of the Commonwealth of The Bahamas.

Qualifications & Experience e Authority and is directly accountable to the Board of Directors for the Authority’s performance the Authority in and is directly accountable to the Board of Directors for the Authority’s performa

hieving its strategic goals and priorities.

Minimum Requirements • Bachelor’s Degree in Business Administration, Aviation Management, Aviation Science or a related field from an accredited institution with 10 years of experience—6 of which must have been at the ualifications & Experience managerial level in a civil aviation agency;

achieving its strategic goals and priorities.

Qualifications & Experiences

Minimum&Requirements Qualifications Experience

Masters’ Degree in Business Administration or equivalent relevant degree.

A sound technical aviation background in one or more areas within the span of control, with at least nimum Requirements Minimum ten Requirements (10) years’ experience.

Specific Knowledge Requirements Master’s Degree in Business Administration or equivalent relevant degree from an accredited • Master’s Degree in years’ Business or equivalent relevant degree from with an accr § At least five (5) seniorAdministration management experience in an aviation-related organization • Sound knowledge of applicable national laws and regulations; institution with fifteen (15) years of experience—ten (10) of which must have been at institution the demonstrated with fifteen (15) years of experience—ten (10) of which must have been a proven leadership ability.

• Sound knowledge of ICAO Annexes; managerial level in a civil aviation agency; and managerial level in a civil aviation agency; and § Fluent in English • Sound knowledge of the roles and functions of ICAO, BCAA, and other international and regional

Fluency inaviation English. civil agencies; •

Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation

§ §

•

Fluency in English.

Specific Knowledge Requirements

Sound knowledge of national regulations and ICAO standards and recommended practices and ecific Knowledge Requirements Specific§ Knowledge Requirements in The Bahamas; documents pertaining to ANS; • Familiarity with contemporary safety concepts inclusive of safety management systems and state Sound knowledge of applicable national laws and regulations; • Sound knowledge of applicable national laws and regulations; § Sound knowledge of management principles and practices of administration, including strategic Soundsafety; knowledge of ICAO Annexes and aviation analytics; • Soundplanning, knowledge of ICAO Annexes and aviation analytics; of records; budgeting, purchasing, contracting and maintenance • Well-developed human resource management and analytical skills; Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation • Sound knowledge of policies, practices, rules and ordinances pertaining to civil av § Sound understanding of the air transport procedures, industry; • Sound knowledge of management principles and practices of administration, including strategic § Principles and practices of effective management and supervision; and in The Bahamas; in The Bahamas; planning, budgeting, purchasing, contracting and maintenance of records; and § Knowledge of industrial relations and ANSpractices human resources policies, procedures and best practices.

Working knowledge of principles and practices of effective human resource management • and Working knowledge of principles and of effective human resource managemen •Ability Sound to: understanding of the air transport industry. supervision; supervision; Ability to: Ability to: and interpret a broad range of civil aviation-related laws, regulations and standards.

• Analyze • Plan, direct, organize, manage and integrate the activities of a comprehensive air navigation services Sound knowledge of management principles and practices of administration,Page including strategic • Sound knowledge of management principles and practices of administration, including Page 1 of 2 str • Analyze a broad range of of acivil aviation-related laws, regulations and standards. 1 of 2 Manage and and interpret report upon the status variety of safety management programmes. division; planning, budgeting, purchasing, contracting and maintenance of records; and planning, budgeting, purchasing, contracting and maintenance of records; and • Manage and upontraining, the statusevaluation, of a varietyand of safety management programmes. the report selection, disciplining of regulatory directorate staff and • Prepare and present proposals, industry-specific analytics and recommendations clearly, logically Sound understanding of thetraining, air transport industry.

• Sound understanding of the air transport industry. resolution of interpersonal conflicts.

• Manage the selection, evaluation, and disciplining of regulatory directorate staff and

and persuasively in public meetings; of interpersonal conflicts. correspondence, reports and other written materials.

• resolution Prepare clear, concise and complete • Develop and implement the ANS strategic plan; bility •to: Prepare clear, Ability to: concise and complete correspondence, reports and other written materials. and deliver effective public presentations.

• Analyze, interpret and explain proposed legislation and programs in terms of their implications and • organize, Prepare deliver effective public presentations.

Lead andand motivate staff.

Plan, and direct a wide variety of regulatory programmes and services to meet • civil Plan, organize, directservices a wide ofand regulatory programmes and services to mee impact on airand navigation andvariety objectives; • Lead and motivate staff.

Methodically coordinate work programs withinwith the confines theoperating regulatory statute. aviation needs andplan to and effectively ensure compliance safety of and regulations. aviation needs and to effectively ensure compliance with safety andexecutives operating • Establish and maintain highly effective working relationships with ANS andregulations. managers, • Methodically planand andmanage coordinate withinsituations. the confines of the regulatory statute.

Monitor, control crisiswork and programs natural disaster and stakeholder representatives.

• Monitor, control and manage crisis and natural disaster situations.

Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of Theshould Manager Human Resources, Civil Aviation Authority of Thesupporting Bahamas, Interested, qualified candidates submit their Curriculum Vitae and all relevant at BODCAAB@BCAABahamas.com, on or before December 13, 2019. documents to the attention of The Manager Human Resources, Civil Aviation Authority of The Bahamas, at BODCAAB@BCAABahamas.com, on or before December 13, 2019.

Page 1 of 2

Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of The Manager Human Resources, Civil Aviation Authority of The Bahamas, at BODCAAB@BCAABahamas.com, on or before December 13, 2019.

Page

THE TRIBUNE

Thursday, December 12, 2019, PAGE 13

US stocks notch modest gains as Fed leaves rates unchanged

By ALEX VEIGA Associated Press WALL Street capped a wobbly day yestersday with modest gains for stocks, snapping a two-day losing streak for the S&P 500.

The market shook off a mixed start after the Federal Reserve announced it is would be leaving interest rates unchanged this month and signaled that it expects to leave them alone in 2020.

The central bank had been expected to leave its benchmark interest rate unchanged this month after lowering it three times this year in a bid to shield the economy from slowing global growth and the fallout of US trade conflicts.

Investor jitters over whether the US and China will be able to avert a new escalation in their trade war has made for choppy trading this week, pulling major indexes lower.

Wall Street is hoping that both sides can avoid a new round of tariffs scheduled to kick in on Sunday on Chinese goods that include phones, laptops and other popular products.

“We’re in a wait-andsee mode going into Friday to see if we have any more clarity on the trade tariffs that go into effect on Sunday,” said Keith Buchanan, portfolio manager at Globalt Investments. “The market is kind of sitting on its hands right now.”

The S&P 500 index gained 9.11 points, or 0.3%, to 3,141.63. The benchmark index is still on track for a slight weekly loss.

The Dow Jones Industrial Average bounced back after being slightly lower most of the day. It rose 29.58 points, or 0.1%, to 27,911.30. The Nasdaq added 37.87 points, or 0.4%, to 8,654.05.

The Russell 2000 index of smaller company stocks edged up 0.21 points, or less than 0.1%, to 1,631.93.

Despite the wobbly week in the market, the major indexes on track for strong gains this year. The Nasdaq is leading the way, with a gain of 30.4%. The S&P 500 is now up 25.3% and the Dow is up nearly 20%.

The Fed’s decision to stay put on rates this month leaves its benchmark rate, which influences many consumer and business loans, in a low range of 1.5% to 1.75%.

In a sign of the Fed’s confidence about the economy, its latest policy statement dropped a phrase it had previously used that referred to “uncertainties” surrounding the economic outlook. That suggests that the Fed is less worried about the impact of the USChina trade war or overseas developments, and that it views the US economy as generally healthy.

Technology and industrial stocks led the gains yesterday. Skyworks Solutions climbed 4.7% and United Rentals rose 2.1%.

Banks and real estate companies lagged the market. US Bancorp slid 1.2% and mall owner Simon Property Group lost 2.4%.

The yield on the tenyear Treasury slipped to 1.79% from 1.83% late on Tuesday.

Some companies made big moves after releasing earnings reports. Ollie’s Bargain Outlet surged 15% after reporting surprisingly good third-quarter profit and revenue. GameStop plunged 15.1% after issuing a surprising loss and cutting its profit forecast.

Home Depot dropped 1.8% after giving investors a weak sales forecast.

Shares in American Eagle Outfitters slumped 6.5% after the clothing chain reported third-quarter results that were largely in line with Wall Street’s expectations, but noted it saw softer demand for certain apparel categories.

Chevron fell skidded 1.4% after the energy company warned investors about a potential charge of up to $11bn because of lower long-term prices for oil and natural gas. The huge fourth-quarter write-down underscores the challenge posed by rising production that has prevented energy prices from increasing sharply during a time of increasing global demand.

Benchmark crude oil fell 48 cents to settle at $58.76 a barrel. Brent crude oil, the international standard, dropped 62 cents to close at $63.72 a barrel. Wholesale gasoline fell two cents to $1.63 per gallon. Heating oil climbed four cents to $1.93 per gallon. Natural gas fell two cents to $2.24 per 1,000 cubic feet.

Gold rose $6.80 to $1,469.40 per ounce, silver rose 14 cents to $16.74 per ounce and copper fell two cents to $2.78 per pound.

The dollar fell to 108.51

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Japanese yen from 108.73 yen on Tuesday. The euro

strengthened to from $1.1096.

$1.1140

Stock indexes in Europe closed broadly higher.

PAGE 14, Thursday, December 12, 2019

THE TRIBUNE

MARKET REPORT

NOTICE

www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 11 DECEMBER 2019

PH CORPORATION

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,195.41 | CHG: 1.35 | %CHG: 0.06 | YTD: 85.96 | YTD%: 4.07 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.64 11.01 2.81 4.01 10.21 7.60 16.99 9.40 3.63 14.20

52WK LOW 3.35 20.91 4.90 4.46 1.35 0.22 2.00 9.30 5.60 3.95 6.75 2.35 1.76 8.00 6.10 12.15 6.80 3.01 13.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 3.70 17.43 6.00 6.10 2.46 1.80 4.40 11.06 6.16 4.15 8.01 3.31 3.96 10.16 7.60 16.99 9.33 3.20 14.00

CLOSE 3.70 17.43 6.00 6.10 2.46 1.80 4.40 11.06 6.16 4.16 8.01 3.32 3.96 10.18 7.60 16.99 9.33 3.20 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

20,000

500 400

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 15.5 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 22.6 57.2 32.5 8.5 15.8 10.4 20.8 9.9 15.8 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.59% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.88% 0.00% 13.07% 1.52% 3.22% 3.16% 3.18% 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

MUTUAL FUNDS 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

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

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

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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

30-Mar-2019 30-Mar-2019 30-Mar-2019

Notice is given hereby in accordance with Section 138(8) of the International Business Companies Act, 2000, the dissolution of PH CORPORATION has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Registrar.

Aegis Corporate Services Limited Offices at Old Fort, Building Four, Western Road, P.O. Box SP-63771 Nassau, Bahamas Liquidator

NOTICE NOTICE is hereby given that RONEL THERVIL of Mildred Avenue, Carmicheal Road, 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 12th day of December 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 JACKSON JOSEPH, of Magrate Ave Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Thursday, December 12, 2019, PAGE 15

Washington state OKs some of the nation’s toughest OT rules SEATTLE Associated Press WASHINGTON state is adopting some of the nation’s most aggressive overtime rules, restoring protections for hundreds of thousands of salaried workers and taking what supporters say is a crucial step toward rebuilding the middle class.

The Department of Labor and Industries finalized the rules Wednesday and will phase them in by 2028. By that time, salaried workers making up to about $83,400 a year will be entitled to time-and-a-half pay if they work more than 40 hours per week.

Workers making more than that could also get overtime unless they are certain types of professionals — such as those with higher degrees — or unless they are truly managers or executives, as demonstrated by their ability to hire and fire, direct other people’s work or make significant business decisions.

Many job categories will be affected, including shift managers at restaurants and retail establishments, office managers, some medical workers and other white-collar staff, officials said.

“We need to make sure the middle class shares in our state’s prosperity,” Washington Gov Jay Inslee said in a news release. “Overtime protections ensure workers

are fairly compensated when they work more than 40 hours in a given week — time that would otherwise be spent with their families and in their communities.”

Employees who are paid hourly have long been entitled to overtime. But salaried workers have generally been entitled to it only if they make less than a certain amount: about $23,660 under federal law, or more where state laws are more generous.

Those thresholds may have worked decades ago, when they meant that nearly two-thirds of salaried workers nationally were covered by overtime protections. But after a recession in the 1970s, lawmakers largely stopped updating them. Washington’s has been stuck at $13,000 since 1976.

As people’s salaries rose with inflation, they found themselves no longer eligible for overtime. Businesses have also been able to

convert hourly workers into salaried ones who make just more than the threshold as a way to avoid hiring additional staff or paying overtime.

In other cases, workers have been classified as managers when their actual duties more closely resemble those of hourly workers, officials said.

By some estimates, as few as 7% of salaried workers across the country are now entitled to overtime.

The federal government and several states, including California, New York, Pennsylvania, Colorado, Michigan and Massachusetts, have recently updated or started to update their overtime rules, but none have adopted a target threshold as high as Washington’s, said Paul Sonn, state policy programme director with the National Employment Law Project.

The rules adopted by the Trump administration will

raise the threshold to cover workers making up to $35,308 a year — a significant cut from the $47,000 limit proposed by the Obama administration.

“The overtime threshold is to the middle class as the minimum wage is to lowwage workers,” said Nick Hanauer, a Seattle venture capitalist whose think tank, Civic Ventures, advocates for progressive economic policies.

“It is the indispensable labor protection for middle class people.”

Business groups in Washington have agreed that the state’s rules needed to be updated, but they criticized the plans as drastic. The Association of Washington Business warned when the proposed rules came out in June that they would be a shock to many businesses and that they could particularly hurt nonprofits.

The organisation said many businesses might convert salaried workers to hourly ones, reducing scheduling flexibility.

To advertise in The Tribune, contact 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MERYL MORLEY of New Providence, Bahamasintend to change my name to MERYL ALTHEA MORLEY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

www.ub.edu.bs

CAREER OPPORTUNITIES Suitably qualified candidates are invited to apply for the following career opportunities at University of The Bahamas, Oakes Field Campus: Air-Condition Technician II, responsible for the installation, maintenance, repair, assembling, modification and maintenance of air condition and refrigeration systems. Specific duties and responsibilities include repairing or replacing defective aircondition equipment, components or wiring; fabricating, assembling and installing duct work and chassis parts using metal working tools and welding equipment; testing pipes or tubing joints and connections for leaks using pressure gauge or soap and water solution; and installing various makes and models of air-condition and refrigeration systems.

Air-Condition Technician Apprentice, responsible for assisting the Air-Condition Technician with the installation, maintenance, repair, and modification of air condition and refrigeration systems. Duties and responsibilities include disassembling defective air-condition and refrigeration fixtures, components, equipment, replacing defective or worn out parts and reassembling equipment; examining air condition and refrigeration fixtures/components/equipment for loose connections and broken insulation and tightening or fastening connections using electrical and/or hand tools; and working from ladders, scaffolds and roofs to install, construct, maintain or repair air-condition related fixtures.

Help Desk Specialist II in the Office of Information Technology, responsible for receiving, prioritizing, documenting and actively resolving end user help requests; providing support for hardware and software problems; and assisting with maintenance of IT-related inventory records. Specific duties and responsibilities include documenting all pertinent end user identification information, including name, department, contact information and nature of problem or issue; creating, prioritizing and scheduling work orders for reported issues in the Help Desk ticketing system; escalating work orders (where required) to the appropriately experienced technician and updating tickets to reflect current status and recording, tracking and documenting the help desk request/ problem-solving process.

Health & Safety Technician III responsible for assisting with the inspections, assessments, evaluations, maintenance, installations, and enforcement of the University’s health and safety programmes and regulations. Specific duties include identifying campus-wide risks and hazards that may potentially affect the health and safety welfare at work for employees, students and visitors; recommending immediate control measures to prevent, eradicate, or resolve issues relating to risks and hazards; performing routine inspections, evaluation, installation, and servicing of fire safety/other equipment; conducting health and safety inspections of housing and residential facilities and preparing reports; and assisting the Director in developing Health and Safety policies, programmes, practices, and procedures.

Detailed position announcements are accessible online at: http:// www.ub.edu.bs/about-us/career-opportunities/.

Interested applicants should submit the following to the Human Resources Department via hrapply@ub.edu.bs (Attn: Vice President, Human Resources) by Friday, 20th December, 2019: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Completed UB Employment Application Form (www.ub.edu.bs/wp-content/uploads/2017/01/Applicationfor-Employment-Staff.pdf) • Current curriculum vitae or resume; • Copies of relevant qualifications and certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • Copy of valid driver’s license; • Copy of voter’s card • At least three (3) written, professional references.

PAGE 20, Thursday, December 12, 2019

THE TRIBUNE

Fed leaves low rates alone and sees no moves in near future WASHINGTON Associated Press

CHAIRMAN Jerome Powell, pictured, made clear yesterday that the Federal Reserve is prepared to keep

its benchmark interest rate very low through at least next year — and possibly longer.

Fueling that expectation is the growing belief of Fed officials that inflation

will remain tame even as the economy keeps growing modestly and the job market remains solid. The lowest unemployment rate in a half-century — 3.5% — won’t necessarily fan high

inflation as it might have in the past, Powell suggested at a news conference.

Yesterday, the Fed left its key short-term rate in a low range of 1.5% to 1.75% after having reduced

it three times this year.

Powell had previously characterised those rate cuts as “insurance” that would offset the drags from the US-China trade war and global slowdown. But yesterday, he boldly suggested that the Fed wouldn’t likely reverse those cuts for the foreseeable future.

“Inflation is barely moving up, notwithstanding that unemployment is at 50 year lows and expected to remain there,” Powell said at his news conference.

“We have learned that unemployment can remain at quite low levels for an extended period of time without unwanted upward pressure on inflation.”

In a further sign of its confidence, the Fed’s latest policy statement dropped a phrase it had previously used that referred to “uncertainties” surrounding the economic outlook.

This change suggested that the Fed is now less worried about economic risks from the trade fights or global slowdown.

With the Fed’s key rate likely to stay where it is, consumers interested in buying a home or car should continue to enjoy low borrowing costs. Businesses will likely also enjoy lower interest rates. Savers, though, will struggle to earn

a return above the inflation rate.

Powell signaled that persistently low inflation is allowing the Fed to pursue low interest rate, or “accommodative”, policies to sustain the 11-year economic expansion and try to create the conditions for more people to find jobs.

“Even though we are at 3½% unemployment, there is actually more slack out there in a sense,” Powell said. “And the risks of using accommodative monetary policy, our tool, to explore that, are relatively low.”

The chairman expressed optimism about the economy and satisfaction that the Fed’s rate cuts this year may have helped prolong growth.

“Both the economy and monetary policy are in a good place,” he said.

Many analysts note, though, that the economy faces threats from the trade conflicts, a stumbling manufacturing sector and cutbacks in business investment. Some say the Fed may feel compelled to cut rates at least once next year.

Still, in updated forecasts the Fed issued yesterday, no officials penciled in a rate cut in 2020. Instead, four Fed officials said they expected a rate increase next year. The remaining 13 officials projected no change to rates.

“If I were Powell, I would say I have things exactly where I want them,” said David Jones, an economist and author of five books on the Fed. “Despite all the people who criticised Powell for not easing sooner or not easing more, it looks like this mid-course correction of three rate cuts was almost perfect in keeping the economy growing on a sustained basis.”

For now, the chairman has managed to draw his colleagues on the Fed’s policymaking committee fully into his corner. No Fed officials dissented from yesterday’s decision to keep rates unchanged — the first time in five meetings that a vote was unanimous.

Powell has suggested that this year’s rate cuts have helped lower mortgage rates and spurred growth in home purchases. Auto sales have also remained healthy as more Americans have borrowed to buy cars.

Still, Powell’s satisfaction with the Fed’s policies comes after the central bank executed a U-turn this year.

The Fed raised its benchmark short-term rate four times in 2018 after growth began the year at a healthy pace. But as the trade conflicts intensified, the stock market fell at year’s end and inflation slowed rather than picked up as expected, the Fed reversed course and cut rates three times.

“Toward the end of 2018, there was still a sense that the economy was growing at around 3%, and it didn’t,” he said. “I didn’t expect to face the challenges, but I think we did face them, and I’m pleased that we moved to support the economy in the way that we did.

Fed policymakers have been weighing their options to stabilise short-term lending in money markets. In late September, overnight lending markets seized up, and banks and other financial institutions struggled to find short-term loans. This problem briefly lifted the Fed’s benchmark rate out of its target range.

Powell said that the Fed’s efforts to boost banks’ cash reserves by purchasing Treasury bills and its own short-term lending have been effective.