12132019 BUSINESS

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FRIDAY, DECEMBER 13, 2019

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‘No clue’ over $300 minimum wage hike

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Governance reformer: $210 minimum wage can’t meet living cost

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Chamber of Commerce’s top workforce specialist yesterday revealed he has “no clue” where the director of labour’s assertions about a $300 weekly minimum wage originated from.

Peter Goudie, who is also the National Tripartite Council’s vice-chairman, told Tribune Business he “did not appreciate” John Pinder wrongly suggesting that body had been discussing the issue of a public sector minimum wage hike “for some time”.

• Never discussed by National Tripartite Council • ‘I don’t know where John Pinder coming from’ • Vice-chair: Issue will only be ‘reviewed’ in ‘20

Speaking after the council met yesterday, Mr Goudie said it had not discussed the minimum wage - and its potential increase - since 2015, and he did not foresee any increase for either the public or private sector “at the moment” as the matter will only be reviewed next year.

He pointed out that the council, which is the primary authority for addressing all PETER GOUDIE

JOHN PINDER

SEE PAGE 4

Blacklisting: Ex-AG fears others will follow France

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN EX-ATTORNEY general yesterday warned that France’s “blacklisting” of The Bahamas may entice other countries to follow suit, and urged this nation to seek US help in defending its interests.

John Delaney, principal of the Delaney Partners law firm, told Tribune Business that the French government was likely “trying to score political points at the expense of places like The Bahamas” with its most recent action.

Suggesting it was trying to impress voters through the perception of cracking down on tax cheats, Mr Delaney said countries such as France incurred “little cost to themselves” by targeting The Bahamas and other small states who

• ‘Little cost’ to targeting The Bahamas • Use US as counterweight, nation told

JOHN DELANEY suffered tarnished reputations and a potential loss of business as a result.

While the French action was unlikely to have much actual impact upon the financial services industry and broader economy, he added that the international services hub model could

Customs won’t accept ‘garbage information’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A TOP Customs official yesterday warned its new system will not accept “garbage information” as a Bahamian firm unveiled software designed to smooth the Click2Clear user’s experience.

Information Specialists Bahamas (ISL), a software development company, yesterday demonstrated at Customs’ headquarters its SWIM solution that is designed to ease the declaration process and related hassles endured with the

Electronic Single Window (ESW) system.

Jasmine Hudson, superintendent of Customs and lead administrator for the system, said of ISL’s solution: “All businesses and individuals that import goods must be registered on the single window, and this system is one of the systems that allows the process of submitting your declarations to us to be more easier and smoother.

“We have companies that are presently using this system, and systems similar to this, and it has made

SEE PAGE 5

Bahamas ‘too profitable’ for an RBC exit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER finance minister yesterday voiced optimism that The Bahamas is “too profitable” for Royal Bank (RBC) and its Canadian rivals to abandon following their eastern Caribbean exit.

James Smith, also an exCentral Bank governor, told Tribune Business that RBC and Scotiabank were unlikely to leave this nation and the other major regional territories given the greater earnings, product ranges and business activities on offer.

Speaking after RBC yesterday confirmed it was following the latter’s lead by selling its business operations in seven smaller Caribbean nations to a consortium of local banks, Mr Smith suggested none of the three Canadian-owned banks (CIBC FirstCaribbean retains that status for the moment) are likely to depart “any time soon”.

“They have no interest in leaving The Bahamas,” he argued. “I say this because The Bahamas has always been rather profitable for them, and the range of

SEE PAGE 6

ill-afford any hit to its “general standing” especially given its two-decade long effort to meet ever-evolving global standards.

“My greater concern would be other jurisdictions following suit,” Mr Delaney told Tribune Business. “The French action, in and of itself, is of limited impact. It just tarnishes, though, and it’s not nice to have a major country put us on their blacklist.

“It’s disparaging and not good for business, but in terms of having an impact and difficulties getting in the way, it’s of less concern.

It’s more about reputation.

It’s not helpful or desirable for a major jurisdiction to be blacklisting us from a PR perspective and general

standing, whether in financial services or as a country that is engaged in international trade.

“We don’t wish to have these things said about us, particularly when we’ve gone to great lengths to operate in a manner that is compliant with international standards. It’s just extremely disconcerting and very unhelpful in terms of The Bahamas doing international business, and there doesn’t appear to be anything fair in the way France has gone about it.”

Several financial industry contacts have suggested it is ironic that France should “blacklist” The Bahamas now given that all its

SEE PAGE 4

A GOVERNANCE reformer yesterday argued it is impossible to live on a $210 weekly minimum wage because “the Bahamian cost of living is too high”.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the oft-recurring debates over the minimum wage exposed the “socio-economic challenge” created by high electricity costs and taxes.

“You can’t live on $210 per week,” he said. “When VAT was put up from 7.5 percent to 12 percent, I don’t know how you can live on $210 a week. Based on today’s socio-economic challenges that wage is too low, but one of our problems is that the Bahamian cost of living is too high.

“The higher your costs of living are, the more people are pulling away from our shores who are seeking a higher quality lifestyle at lower costs. I can assure you that during conversations around the dinner table that I’ve been privy to, people have been saying the cost of living is too high - especially for the elderly living off their pensions and savings.”

Suggesting that the only exemptions from the minimum wage should be for summer students and temporary workers employed for a specific period of time, Mr Myers said this issue was separate and apart from his concerns over escalating government costs and bureaucracy. He said he was becoming “worn out” by the failure to seriously discuss productivity and efficiency reforms in the public sector.

“What still baffles my mind is they are not talking about accountability and efficiency in the public sector,” Mr Myers said of policymakers and politicians. “Increasing

the minimum wage is one thing, but we’re not hearing anything about productivity.

“We’re still paying the money and getting lousy service. If we’re paying higher taxes and fees to the government and getting incredible service, that’s more palatable. But when you’re paying higher taxes and getting lousy service it’s not tolerable. The discussion with then unions and others should be how to improve efficiency and productivity, which means we do more with less.

“We should have been having that conversation 40 years ago, but at the very least we need to be having it now given the grave fiscal challenges the country faces.

I’m worn out by the endless discussion on how to increase costs and taxes without any discussion of increasing productivity and efficiency and lowering costs. It’s tiresome,” he added.

“They always take the easy route and continue to kick the can down the road. That can only happen for so long, and we’re approaching a dangerous fiscal position. There seems to be a lot of conversation about how it’s going to increase costs and taxes and everything else, and very little on how to increase efficiency, quality of services and productivity. That’s what hurts.”

Mr Myers reiterated that ORG was ready to work with the Government and public sector on ways to improve transparency and accountability, and renewed his call for The Bahamas to pass legislation similar to New Zealand’s State Sectors Act. Calling on permanent secretaries, department heads and leaders of state-owned enterprises (SOEs) to take the lead in the absence of any government directive, he said: “Everybody knows the problems; let’s get on with it.

Take the initiative. If the government won’t, maybe the public sector will.”

PAGE 2, Friday, December 13, 2019

THE TRIBUNE

UNIVERSITY DEAL TO GIVE TOURISM BOOST THE University of The Bahamas has signed a Memorandum of Understanding (MoU) with a key tourism agency to help strengthen the sector’s resilience and growth prospects.

The agreement with the Tourism Development Corporation is also intended to deepen the University’s education and research impact. Pictured standing from left are Dr Vikneswaran Nair, University of The Bahamas dean, graduate studies and research; Dr. Maria Oriakhi, University of The Bahamas acting vice-president of academic affairs; Michael Scott, chairman of the Tourism Development

Corporation of The Bahamas; and Janet Johnson, chief executive/executive director of the Tourism Development Corporation.

They are also pictured in discussions with University

of The Bahamas’ executive director and senior policy fellow at the Government and Public Policy Institute, Zhivargo Laing.

Photo: Kemuel Stubbs/ BIS

THE TRIBUNE

Friday, December 13, 2019, PAGE 3

Ragged Island’s $3m solar BANK UNVEILS microgrid ready for January FIRST BAHAMAS Power & Light’s (BPL) $3m solar microgrid solution for Ragged Island will produce its first energy by end-January 2020, the state-owned utility said yesterday.

Confirming that the first solar panels are already in the ground, BPL said the solar farm and battery storage solution are now taking shape on the sparselypopulated island that was devastated by Hurricane Irma in 2017.

Burlington Strachan, BPL’s director of grid solutions and support services, said: “Currently, the solar field site preparation is 50 percent complete, including the clearing of the interconnection line access roadway.

“The installation of solar panels is underway. All of the panels and mounting hardware for the installation are on site. Work has not yet started at the Battery Energy Storage System (BESS) site, but will begin as the solar field nears completion.”

All the panels and mounting hardware for the installation are on-site.

Mr Strachan acknowledged that the end-January 2020 target to produce power for the grid is a little later than planned, but said the schedule was affected by the impact Hurricane Dorian had on key suppliers and sub-contractors associated with the project.

The engineering, procurement and construction (EPC) contract for the Ragged Island microgrid was awarded to Tugliq Energy Company and its construction partner, SALT Energy, in July. The selected design is focused on providing the island

ROWS of solar panels will make up the solar farm on Ragged Island, which is designed to withstand wind speeds in excess of 180 miles per hour. The first rows of panels went in this week and are expected to push solar power to the Ragged Island grid in about a month.

Photos: BPL

BPL’s chief executive, Whitney Heastie, discusses project outcomes with contractor David Kaul, of SALT Energy, and Chris Burgess, director of island projects for the Rocky Mountain Institute, which is partnering with BPL on this and other solar projects.

with more than 90 percent renewable energy for most of the year, achieving a significant reduction in the island’s former fossil fuels (diesel) consumption.

The design features a 390 kWp (kilowatt peak), 180 miles per hour, wind load resistant solar array and a 1.26 MWh (mega watts per hour) Battery Energy Storage System (BESS).

“What we are doing on Ragged Island is not quite the conventional microgrid arrangement,” Mr Strachan said. “Here, we are integrating energy produced by a solar field with a BESS and existing conventional energy resources on the island.

“Ultimately, based on the energy needs of Ragged Island prior to the impact of Hurricane Irma, this installation will result in over 90 percent of the energy needs of the island being met by the system.

Indeed, while the island continues to recover, it is possible 100 percent of the current needs could be met.”

BPL hopes the Ragged Island microgrid will serve as a utility-scale renewable energy model that can ultimately be modified, scaled and replicated to provide “right fit” solutions on other islands.

The $3m investment will be offset by fuel savings, significantly reduced emissions and, ultimately, a lower cost of energy that will benefit all BPL customers as the number of such projects increases and their combined benefits are realised.

NO GB JOBLESS SURVEY TILL 2021

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Department of Statistics may not undertake a survey of Grand Bahama’s jobless levels until May 2021, its acting director revealed yesterday.

Leona Wilson explained that a combination of postHurricane Dorian fall-out, with the Department’s Grand Bahama office still not fully functional, and next year’s national “census” were likely to prevent any Labour Force Survey being conducted on that island until then.

She also revealed that the extent of Dorian’s devastation has made it impossible to conduct the November Labour Force Survey, which determines both the national unemployment rate and those for individual islands, for Grand Bahama and Abaco.

Ms Wilson said: “The Department of Statistics is in the midst of collecting data for its semi-annual Labour Force Survey during the month of December. This survey is usually conducted in November in New Providence, Grand Bahama and Abaco, but because of Hurricane Dorian it had to be delayed. Additionally, we are not able to survey the islands of Grand Bahama and Abaco at this time.”

With the department’s Grand Bahama office still not fully functioning, Ms Wilson added that any Labour Force survey on that island would also “be a challenge because next year we are conducting our census where we got to every single island.

“Usually, the practice in the Department of Statistics since the last 40 years has been that we don’t conduct a Labour Force Survey at the same time we conduct a census,” she said. “Because we only have so much resources, and all of the resources go towards conducting the census.

“Additionally, it would be challenging going back to the householder so many times. So we more than likely are not going to have

a Labour Force Survey next year. The earliest may be in May 2021.”

Many observers are likely to question how The Bahamas will be able to obtain accurate data on unemployment, and its breakdown by island, gender and age, as well as the number of persons who have given up looking for work, without the bi-annual Labour Force Survey.

Such data is especially critical in Hurricane Dorian’s aftermath, as New Providence’s workforce is likely to have swelled as a result of storm evacuees relocating and searching for work, while Grand Bahama and Abaco have both depopulated due to both the devastation and absence of economic activity.

Marlon Johnson, the Ministry of Finance’s acting financial secretary,

previously predicted that the national unemployment rate will rise from 9.5 percent in May 2019 to hit a peak of around 13.5 percent next year as a result of Dorian. This makes it vital that both government policymakers and the private sector gain access to speedy information on workforce trends.

Ms Wilson, meanwhile, the findings of a survey conducted by the Bahamas Shelter Cluster (BSC) which found the unemployment rate in Freeport post-Dorian was around 47 percent.

She said: “I really cannot comment on that. I didn’t know there was a survey done.

“The first time I heard about that was in the news.

The only information I got on that was from the news. I don’t know anything about

the survey. I don’t even know if it was survey. I don’t know what the questionnaire looked like or how the study was conducted.”

Acknowledging that this is the first time in the Department’s history that a Labour Force Survey will not include Grand Bahama or Abaco, Ms Wilson said the major population shifts in the latter as a result of Hurricane Dorian meant it would need the latest information to develop a representative sample.

Cyprianna Winters, senior statistician in charge of conducting the Labour Force Survey, warned Bahamians about a Whatsapp voice note suggesting that persons may have been impersonating researchers from the department.

Ms Wilson said such persons are equipped with

identification and markings such as a highly visible vest with the department’s name on the back; a blue and black bag with the department’s name engraved on it; picture identification cards signed by the director; and a tablet on which the data is being collected, in addition to a letter signed by her as the acting director of statistics.

APPRENTICE WINNER

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Development Bank (BDB) yesterday unveiled the first beneficiary of its new apprenticeship programme, which is named in honour of its first managing director, Warren Logan-Rolle.

K Peter Turnquest, deputy prime minister, speaking at a press conference to honour Octovia Green, said: “Mr Rolle is a key part of the bank’s history, having been its first managing director from 1978 to 1988.

“Mr Rolle also served as financial secretary between 1990 and 1993, and has represented The Bahamas on the international stage as director and alternate governor of the Caribbean Development Bank, alternate governor of the Inter-American Development Bank, and alternate governor of the World Bank.”

He added: “The apprenticeship programme is an extension of the values of the BDB and Mr Rolle. In order to cultivate the next generation of Bahamian leaders, the ambitious youth of today must be supported.

“Under the programme, the BDB will provide full tuition and fees for a high school graduate to attend the University of The Bahamas. The apprentice will have the opportunity to work in the bank in a paid position and gain exposure to develop skills in finance, economics, accounting and business administration.”

Dave Smith, the BDB’s managing director, said: “BDB designed the apprenticeship programme to target young people just like Octovia who are academically sound, challenged and deserving of a ‘hand up’.

Octovia displays an indomitable spirit, and so did Mr Warren Logan-Rolle during his tenure with BDB.”

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PAGE 4, Friday, December 13, 2019

‘No clue’ over $300 minimum wage hike FROM PAGE ONE

labour-related disputes and issues in The Bahamas, had also not included a minimum wage increase in its three-year strategic plan which had been vetted by both the government and trade unions.

Suggesting that the issue had only returned to prominence after the prime minister last week vaguely indicated a public sector minimum wage rise was being considered, Mr Goudie urged both the government and political opposition to base their arguments on facts rather than emotion and talk.

Questioning what Philip “Brave Davis”, the Progressive Liberal Party (PLP) leader, meant by the term “livable wage”, the Chamber of Commerce’s labour leader said the National Tripartite Council used data provided by the Department of Statistics to ensure the last minimum wage increase in 2015 brought impacted workers to an income “better than the poverty level”.

Expressing surprise at Mr Pinder’s suggestion that the Council was supportive of

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a 42.9 percent increase in the public sector minimum wage, Mr Goudie told Tribune Business: “I have no idea where John Pinder is coming from, but I can confirm to you we have never had a discussion at the National Tripartite Council - until today - on the minimum wage since 2015.

“We talked about what had been in the papers today. It only confirmed what I had told you; that we have not had any discussions. I have no idea what John is referring to, period.

We will probably look at the minimum wage next year, but that would only be reviewing it and we would have to make any recommendations to the minister, and the minister to Cabinet.

“I just don’t see anything happening at the moment.

John Pinder, and what he said, is not what happened at the National Tripartite Council. I don’t appreciate him saying what we did at the National Tripartite Council when it’s not the truth. It was never discussed. I don’t know what meeting he was at, but it was not the National Tripartite Council.”’

Mr Pinder does not sit on the National Tripartite Council, which is chaired by his predecessor as director of labour, Robert Farquharson. Mr Goudie said yesterday’s National Tripartite Council meeting aimed to “set the record straight” after the director

of labour said earlier this week it had been engaged in discussions “for some time” on a proposed minimum wage increase.

Refuting such suggestions, he added: “It was not even in our three-year strategic plan, which was reviewed by the minister, unions and chamber. The minimum wage was not brought up by anybody. I don’t know where this has come from.

“What I told you was the truth, and I’m not backing down from that. The cards will fall where they want. This was not an issue.

It only became an issue because the Prime Minister mentioned it. I don’t know where John Pinder is coming from, but he does not speak for the National Tripartite Council. The minimum wage, period, has not been discussed, let alone $300.”

Mr Goudie’s comments further hint at the seeming confusion and uncertainty within government circles on whether a public sector minimum wage hike will occur and, if it does, to what extent. K Peter Turnquest, deputy prime minister, who has sought to hold the line on public sector union industrial agreements, said no funds had been allocated in the 2019-2020 budget for this purpose.

He added that the matter was still being discussed by the Cabinet, which contradicted Dion Foulkes, minister of labour, who had previously assured that public sector workers earning the minimum wage would enjoy an increase from the present $210 level during this fiscal year.

Then came Mr Pinder,

who asserted that the government is seeking to increase the public sector minimum wage to $300 per week with discussions ongoing. Mr Goudie’s denial of the National Tripartite Council’s involvement adds to the impression that Dr Hubert Minnis suggested a hike was forthcoming merely to appease an increasingly volatile industrial relations climate within government.

Mr Goudie, meanwhile, called for the minimum wage debate to be based on facts. “When we reviewed the minimum wage in 2015 we based it on statistics, not what you or I think,” he said. “We determined, when we increased the minimum wage from $150 to $210, that the $210 was above the poverty level.

“I don’t know where this term ‘livable wage’ comes from because we have statistics to confirm what we were doing was better than poverty. I’m not saying people should live in poverty, but we had them above the poverty level.

“This term ‘livable wage’ was not discussed at the National Tripartite Council either,” Mr Goudie added.

“What does it mean? Where are the statistics, and where is the proof? That is only talk because you do not have the statistics we had in 2015, which came from the Department of Statistics, and upon which we based our decision.

“We did a lot of work. It wasn’t a whim. It was based on data. We didn’t do something out of the blue. If you’re going to go out and talk about something like this, you need to get your facts first and then talk.”

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LEGAL NOTICE

NOTICE

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that SEQUEL CORPORATION is in dissolution and the date of commencement of the dissolution is 11th day of December, 2019.

Lynn Kelly LIQUIDATOR c/o EFG Bank & Trust (Bahamas) Ltd West Bay Street and Sea View Drive 3rd Floor, Goodman’s Bay Corporate Centre P. O. Box CB 10956 Nassau, Bahamas

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Olive Tree Consultants Ltd is in dissolution and the date of commencement of the dissolution is 27 November, 2019.

Mr. Lukas Ruflin LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

LEGAL NOTICE

NOTICE

International Business Companies Act (No. 45 of 2000)

ECLIPSE ASSET MANAGEMENT LTD.

ALPR INVESTMENT LTD (the “Company”)

(Voluntary Liquidation)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of ALPR INVESTMENT LTD has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the Dissolution was the 29th day of November, 2019.

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 3rd, day of December 2019. The Liquidator is Dillon R. Dean of Nassau Bahamas.

_____________________ Luciane Ribeiro Moreno Liquidator

Dillon R. Dean (Liquidator)

THE TRIBUNE

Blacklisting: Ex-AG fears others will follow France FROM PAGE ONE financial institutions, such as BMP Paribas, have exited this jurisdiction following the legal and regulatory pressures Paris imposed at home to drive them out.

But the French move is the latest example of individual European nations placing The Bahamas on their national “blacklists” despite being members of groups, such as the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD), which have rated this nation compliant with the regulatory reforms they have demanded of it.

The Netherlands placed The Bahamas on its own “blacklist” earlier this year, and Mr Delaney agreed that such actions undermined the worth of The Bahamas’ efforts in meeting EU and OECD impositions and “causes one to lose confidence” in working with such blocs if their members go further and apply their own standards.

K Peter Turnquest, deputy prime minister, previously expressed his “total disgust” over how The Bahamas had been blindsided by the French move. The Emmanuel Macron government has justified its actions on the basis that this nation, and the other three named, have taken too long to respond to requests for legal assistance and tax information, while the responses themselves are inadequate in terms of the information provided.

The Attorney General’s Office handles all legal assistance requests, while the Ministry of Finance deals with tax information exchange demands.

Mr Delaney argued that France needed to provide specific cases it had issues with, rather than “generalities”, especially since Mr Turnquest said the government had been unable to find any requests or follow-up demands that were outstanding.

Suggesting that the French move may be aimed more at its domestic audience, the former attorney general added: “I think they’re trying to score political points internally at the expense of places like The Bahamas.

“My view on this is that in the world of international trade there’s a lot of power plays going on, and unless we as a jurisdiction - and particularly as a small player - coalesce with others that have common interests or interests in looking after

our well-being, then we are going to be vulnerable to these sorts of vagaries.

“The Bahamas, relative to a major European country, is seen as very vulnerable and, if they felt the need to score internal points by blacklisting The Bahamas, they will do so at very little cost to themselves. That’s the reality of things.”

Besides finding common cause with other international financial centres (IFCs), Mr Delaney said the obvious counter-weight to France and other EU countries is the US given the shared history, economic, trade, security and cultural ties.

While dealing with the Trump administration is often a unique experience, the US president has at times shown and expressed obvious disdain for European states and their leaders - something that The Bahamas might be able to use to its advantage, especially given the extra challenges post-Hurricane Dorian.

“We are a small jurisdiction and economy,” Mr Delaney said, “but we do have bigger countries with shared interests that respect our approach to running an economy. What we need to do strategically is coalesce with our bigger and more powerful friends to help us make our way in the world.

“Our neighbours to the north have been our closest friend, and I believe out of any major jurisdiction, the US understands us best. We need to understand what they’re about, they need to understand our concerns and we need to pursue them.

“The reality of the matter is there’s no other country that we have greater links to. We are inter-linked on so many levels; economically, historically, socially. You’d be hard-pressed to find a single Bahamian family that does not have relatives living in the US,” he continued.

“Apart from that we’re right next door and they’re our number one trading partner. Our security interests are linked. It’s absolutely natural that we prevail upon them to act for our interests and be an advocate when our own voice may not be loud enough to be heard.

“The US ought to be better understanding of The Bahamas, and they know that we are running as best as can be reasonably expected a transparent and well-regulated financial services industry that can be compared to any of the onshore centres.”

THE TRIBUNE

Friday, December 13, 2019, PAGE 5

Customs won’t accept ‘garbage information’ FROM PAGE ONE their process a whole lot smoother and easier.” Tribune Business previously revealed numerous complaints with Customs’ new system, which was rolled out on October 1 for all New Providence’s seaborne cargo.

The major concerns harboured by brokers and large importers relate to the fact they were informed that shipments would be immediately released once due taxes (VAT and duties/ excise tax) was paid on the declaration.

This was intended to speed up the clearance of goods at the border, benefiting Bahamian merchants,

wholesalers and other importers through reduced supply chain delays and associated logistical costs.

However, in practice, this is not happening as Customs is still insisting on checking consignments prior to their clearance even if taxes have been paid.

Other issues include “significant delays” to the replenishment of companies’ performance bonds with Customs even after due taxes are paid, and problems processing shipments where VAT waivers are required.

The latter is understood to have added an extra business day to processing/ clearance times alone.

Responding to these concerns, Ms Hudson

said yesterday that the system “will not be changed”. She added: “The process now requires the declaration to be submitted and paid for, and then the examination is done.

“The system does not require new information; it just requires accurate information. Prior to now a lot of persons never really paid attention to what they were putting in the system, which meant that Customs was receiving a lot of garbage information because people were just putting things in.

“Now, this system does not allow that garbage information to be put in any longer. You have to put in correct information and the system will not allow you to

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put in garbage.”

Vouching for the efficacy and necessity of the Electronic Single Window, Ms Hudson said: “In the past companies were permitted to submit declarations prior to payment. Now the government is seeing the revenue ahead of releasing. So it improves the government’s revenue intake; it improves the data intake.

“Data is needed for [the Ministry of Finance] to make decisions when there is time for revenue changes to be made. This information needs to come in, and we need to submit correct data so that they can make proper decisions with respect to duty rate changes,

with respect to goods being allowed into he country, what concessions would be permitted based on the amount of stuff coming in.

So the data has to be a little more accurate so that they can make better decisions.”

Ms Hudson added that once the importer uses the right concession code, the system knows exactly what type of duty applies based on the code used.

Clyde Symonette, ISL managing director, said: “What’s happening now is that if you have an invoice that has some duty-paid items and some concession items, you have to submit two entries to Customs. That’s the advantage of SWIM. Using the

one invoice, SWIM automatically separates the concession items and the duty items and sends them to Customs on one shot.”

Ms Hudson added that the system “lag” brokers and importers were experiencing last week had nothing to do with the Electronic Single Window crashing on its own, but instead infrastructure issues with the central government’s “cloud system” at the Ministry of Finance.

The “cloud system” is the feeder for the Electronic Single Window, and its provider, Cloud Carib, has since increased the amount of support and data provided to the Customs system so it can handle the volume of persons using it on a daily basis.

PAGE 6, Friday, December 13, 2019

THE TRIBUNE

Bahamas ‘too profitable’ for an RBC exit FROM PAGE ONE

business activity is wider. I doubt very seriously that in the eastern Caribbean there was much private banking, wealth management and trust business.

“I think the range of products, profitability and activities is much wider in The Bahamas and the Cayman Islands, and it’s not warranted leaving this area at this time... It’s unlikely, and it doesn’t seem to be in the outlook of the major Canadian

banks to exit any time soon.

We’re still an offshore centre, and there are things that still can be done more efficiently offshore than onshore.”

RBC yesterday unveiled its exit from Antigua and Barbuda; Dominica; Grenada; Montserrat; St Kitts and Nevis; St Lucia; and St Vincent and the Grenadines by selling its operations in these territories to locallyowned institutions.

It retains a presence in The Bahamas, as well as Trinidad & Tobago, Barbados, the Cayman Islands and Turks

& Caicos, all of which are larger, higher income markets. RBC has given no signs of an impending exit from this nation, and recently unveiled its digital branch prototype at Old Fort Bay. “Consistent with our strategy of being a competitive leader in the markets where we operate, RBC is always evaluating opportunities for our business. Earlier this year we were approached by a consortium of indigenous banks with their proposal to acquire all RBC Eastern Caribbean operations,” said

Rob Johnston, head of RBC Caribbean banking.

“After a review of our operations and strategy, we determined this opportunity was a good decision for the long-term future success of RBC Caribbean, and also, that it aligned with our vision to help our clients thrive and communities prosper.”

He added: “RBC has operated in the Caribbean for more 100 years – longer than we have been in many parts of Canada. We remain committed to the future of the Caribbean and to a vision of

JAMES SMITH

NOTICE

NOTICE

NOTICE is hereby given that JACKSON DARIUS of Treasure Cay, Abaco ,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 13th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that HARRIOT JOSEPH JR. of Albert Street, Hatchet Bay Eleuthera, 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.

www.bisxbahamas.com

(242) 323-2330

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,207.66 | CHG: 12.25 | %CHG: 0.56 | YTD: 98.21 | YTD%: 4.66 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 4.35 10.21 7.60 16.95 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 4.16 8.01 3.32 3.96 10.18 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 3.30 4.35 10.17 7.60 16.75 9.33 3.50 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.39 -0.01 0.00 -0.24 0.00 0.30 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

18,000 2,500 1,000

10

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 32.4 9.3 15.7 10.4 20.5 9.9 17.2 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% 13.15% 1.38% 3.23% 3.16% 3.22% 2.14% 3.43% 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

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regulatory initiatives, may have also influenced RBC’s move in what has become a general trend of Canadian banking pull-back from a region where institutions have suffered high non-performing loan levels since the 2008-2009 recession, RBC’s decision also comes on the heels of CIBC’s decision to sell a majority two-thirds ownership interest in FirstCaribbean to Colombia’s GNB Financial Group - a deal that is expected to close next year.

GNB is to acquire a 66.73 percent equity stake in FirstCaribbean, taking majority control from CIBC to enable the Canadian bank to begin its long-awaited Caribbean exit. The latter will retain a 24.9 percent minority position in its former regional affiliate once all necessary regulatory approvals in The Bahamas and other jurisdictions are received.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

MARKET REPORT THURSDAY, 12 DECEMBER 2019

digital innovation that transcends traditional services.

“This transaction will allow us to realign and focus our strategy on Caribbean markets where we can achieve that vision most successfully. Self-determination is the highest level of empowerment, and the indigenous banks acquiring this business will now have an increased opportunity to influence the development of their communities.”

Mr Smith yesterday suggested that increased compliance costs, stemming from international

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

The Public is hereby advised that I, LEVITICUS HOLDALE ROLLE JR. of Western District P.O.Box N-877, New Providence, Bahamasintend to change my name to LEVI GABRIEL HOLDALE. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, EDRICKA TASHONYA RAHMING. of Miami Street, New Providence, Bahamasintend to change my name to LEVI GABRIEL HOLDALE. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHRISTOPHER BURROWS of Dominica Way,Golden Gates #2 P.O.Box SB-52811 New Providence, Bahamasintend to change my name to CHRISTOPHER BUSTER BURROWS. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, GEWVELY DADA. of Spanish Wells P.O.Box N-742,Eleuthera , Bahamasintend to change my name to GEWVELY ALCIRA. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JEROME FORBES of Clear View Road New Providence, Bahamas, Parents of ROMEO JAMAL NEWTON intend to change my child’s name from ROMEO JAMAL NEWTON to JAMAL ROMEO FORBES. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE TRIBUNE

Friday, December 13, 2019, PAGE 7

EU leaders set to reject TurkeyLibya maritime border deal BRUSSELS Associated Press EUROPEAN Union leaders are set to reject a maritime border agreement between Turkey and Libya as invalid and insist that the pact interferes with the rights of other Mediterranean Sea countries, according to a draft summit statement.

The border deal, endorsed by the Turkish parliament last week, has fueled regional tensions with Greece, Cyprus and Egypt over oil and gas drilling rights in the eastern Mediterranean.

The three countries, which lie between Turkey and Libya, have blasted the maritime border accord as being contrary to international law. Greece has expelled the Libyan ambassador over it.

In the statement, the leaders say the Turkey-Libya agreement “infringes upon the sovereign rights of third states, does not comply with the Law of the Sea and cannot produce any legal consequences for third states.”

The text, seen yesterday

by The Associated Press and drawn up for a two-day EU summit underway in Brussels, was a draft so its exact wording could change.

FINNISH Prime Minister Sanna Marin, left, is welcomed by European Council President Charles Michel during a bilateral meeting on the sidelines of an EU summit in Brussels yesterday.

Photo: Olivier Hoslet/AP

DANISH Prime Minister Mette Frederiksen, second left, arrives the EU summit in Brussels. European Union leaders gather for their year-end summit and will discuss climate change funding, the departure of the UK from the bloc and their next seven-year budget.

Photo: Olivier Matthys/AP The draft document in the Aegean Sea. The continues that the EU NATO allies have come to “unequivocally reaffirms the brink of war three times its solidarity with Greece since the 1970s, including and Cyprus regarding these once over drilling rights in actions by Turkey”. Turkey the Aegean. has already angered the EU Greece insists the deal by drilling for gas in waters with Libya — which has no off the divided island nation fully functioning governof Cyprus. ment able to rule across all of Ankara upped the ante in its territory — is unenforcethat dispute on Wednesday able and has stressed that by confirming that it would it will protect its sovereign use its military forces if rights. Like its EU partnecessary to halt any explor- ners, Greece recognises the atory gas drilling in waters United Nations-endorsed off Cyprus that it claims as Libyan government based its own. in Tripoli in the west of the Neighbors Greece and country.

Turkey are divided by a Arriving for the summit in series of decades-old issues, Brussels, Greek Prime Minincluding territorial disputes ister Kyriakos Mitsotakis

said he would seek from his European counterparts, “and I am sure I will receive, their active support in the face of Turkish provocation”.

Mitsotakis said the deal between Libya and Turkey “grossly violates the sovereign rights of (our) country and has no legal effect.

Europe is raising diplomatic walls against Turkish provocations, and in all this process our country is not alone. It has very powerful allies.”

Libyan parliament speaker Aguila Saleh visited Athens yesterday and met with the Greek parliament speaker and with the country’s foreign minister, Nikos Dendias. Libya’s parliament is affiliated with the government based in the country’s east and has already rejected the maritime deal as invalid.

Speaking after the meeting, Dendias thanked Saleh and welcomed the Libyan parliament’s position “according to which the memoranda which have been signed ... are void and without content, are unenforceable and create instability in the region”.

“They threaten peace and stability in the Eastern Mediterranean,” Dendias said, adding that Greece was prepared to help in efforts to restore peace in Libya.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT EQUITY SIDE

2014 CLE/QUI/

BETWEEN ALL THAT piece parcel or lot of land containing TwentyEight Thousand Nine Hundred and One (28,901) Square Feet Westwards of Telda Close approximately Three Hundred and Eighty-Six (386) feet Northwards of Cow Pen Road and approximately One Thousand Five Hundred and Fifty (1550) feet Westwards of East Street in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas AND IN THE MATTER of the Quieting of Titles Act, 1959 AND IN THE MATTER of the Petition of CEDRIC E. CURRY, JR.

NOTICE 1. The Petition of CEDRIC E. CURRY of the Southern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas in respect of ALL THAT piece parcel or lot of land containing Twenty-Eight Thousand Nine Hundred and One (28,901) square feet situate Westwards of Teleda Close approximately Three Hundred and Eighty-Six (386) feet Northwards of Cow Pen Road in the Southern District of the Island of New Providence aforesaid and bounded on SOUTHEASTWARDLY thence SOUTHWARDLY by land now or formerly the property of Neville Dorsette and together running thereon One Hundred and Fifteen and TwentySeven Hundredths (115.27) feet SOUTHWESTWARDLY by land now or formerly the property of Neville Dorsette and running thereon Two Hundred and Sixty and Forty- three Hundredths (260.43) feet NORTHWESTWARDLY by land now or formerly the property of Stoney Battery and running thereon One Hundred (100) feet NORTHEASTWARDLY thence EASTWARDLY thence NORTHEASTWAWARDLY by land the property of Your Petitioner and together running thereon Two Hundred and NinetySeven and Nine Hundredths (297.09) feet which said piece parcel or lot of land is shown on the plan attached hereto and is thereon coloured Pink.

The Petitioner, Cedric E. Curry, claims to be the owner in of the fee simple estate in possession of the said land and has applied to the Supreme Court of the Bahamas under the Quieting Titles Act, 1959, Chapter 393 of the Statue of Laws in the above action to have his title to the said land investigated and declared.

Copies of the said plan may be inspected during normal working hours at the Registry of the Supreme Court, Bank Lane, N. P., and at the Chambers of Braynen Symonette & Co., Suite A3, Amelia House, #23 Mt. Royal Avenue (Hawkins Hill) North, Nassau, The Bahamas.

NOTICE IS HEREBY GIVEN that any person having dower or right to dower or any adverse claim not recognized in the Petition shall before the 25th day of September A.D., 2014 file in the said Registry of the Supreme Court and serve on the Petitioner or the above Braynen Symonette & Co., a statement of such claim. Failure of any such to file and serve a statement of such claim by the above time will operate as a bar to such claim.

Dated this 11th day of December, A.D., 2019 BRAYNEN SYMONETTE & CO. Attorneys for the Petitioner

THE TRIBUNE

Friday, December 13, 2019, PAGE 9

UN chief warns against ‘survival of the richest’ on climate MADRID Associated Press

FAILURE to tackle global warming could result in economic disaster, the United Nations SecretaryGeneral warned yesterday in Madrid, as negotiators at the UN climate talks remained deadlocked over key issues.

António Guterres said unrestrained climate change would allow only the “survival of the richest”, while former US Secretary of State John Kerry said the “absence of leadership” from Washington was a big obstacle in the talks.

“It’s very difficult to get this done if the United States of America isn’t there,” the veteran diplomat told The Associated Press during an interview in the Spanish capital, adding that he felt negotiators were holding their breath until the next US presidential election at the end of 2020.

President Donald Trump’s administration has begun the process of abandoning an ambitious 2015 global deal forged by his predecessor Barack Obama that aimed to contain rising temperatures on the planet.

Officially the US leaves the Paris accord on Nov 4, 2020, the day after the US election.

“I think Glasgow is already more of a target in many people’s minds here, and that handicaps the process slightly,” Kerry said, referring to the venue of next year’s UN climate summit.

In Madrid, “there will be accomplishments, there’ll be some forward progress, but really, everyone knows that the crunch is going to come next year with the raising ambition issue,” he added.

Scientists say countries need to stop burning fossil fuels by 2050 at the latest to ensure global temperatures don’t rise more than 1.5 degrees Celsius (2.7 Fahrenheit) this century.

Not giving up on that goal, UN chief Guterres urged officials from almost 200 countries to embrace the economic opportunities that come with cutting greenhouse gases rather than focus on the risks to existing industries dependent on fossil fuels.

“For too long, vested interests have peddled the false story that economic growth and tackling climate change are incompatible,” the UN chief said. “This is nonsense.”

“In fact, failing to tackle global heating is a sure-fire recipe for economic disaster,” Guterres added.

He cited a study showing that shifting to a low-carbon economy could create 65 million new jobs worldwide by 2030 and boost growth by $26tn dollars.

“This transition needs to be done to benefit everybody,” Guterres said. “And not doing this transition will only allow, as I said, the survival of the richest.”

At the talks, vulnerable countries expressed outrage over Australia’s bid to hold onto piles of emissions vouchers left over from a now-discredited system that could allow it to meet its climate commitments without reducing pollution.

Asked about Australian Prime Minister Scott Morrison’s recent assertion that his country was part of the “Pacific family”, the economy minister of Fiji responded that “when you have family members you also have some black sheep members too in the family”.

“At the moment, it would seem that they appear to

be far from eating at the same table,” Aiyaz Sayed Khaiyum told reporters in Madrid, adding that he hoped Australia would “let go of their current position”.

Small, low-lying islands like Fiji are particularly vulnerable to tropical storms and sea-level rise worsened by climate change.

Simon Stiell, environment minister of the Caribbean island of Grenada, warned that some countries at the UN meeting “are losing sight of the bigger picture as if there is no climate emergency”.

“This inaction is costing the lives of our people and impacting the lives and the livelihoods of millions around the world,” Stiell said. “We need to stop talking. We know what must be done.”

Talks to agree rules for global carbon markets and aid for poor countries already affected by climate change have made little progress in recent days.

Bas Eickhout, an influential Green Party lawmaker in the European Parliament, said maintaining the “integrity” of the 2015 Paris climate accord was a priority for the 28-nation bloc. Some negotiators have expressed concern that loopholes in a deal about international carbon markets could allow some countries to claim emissions reductions on paper that haven’t actually been made.

“In that sense, from a European perspective, we are absolutely clear that: better no deal than a bad deal,” said Eickhout.

The summit’s president, Chile’s Environment Minister Carolina Schmidt, urged delegates to find “no excuses for not reaching agreements” and added that the world’s “youth and

women” were demanding action, “one that is equal to the historical challenge that we are facing”.

“I call on you to work together to be able to give a positive response tomorrow,” she said.

Separately, two former top US officials signaled that in the absence of leadership from the US, Beijing had an opportunity to champion global leadership in fighting climate change if the world’s second largest economy reconsiders its current promotion of coal.

“It would be down to China’s everlasting credit if this policy of financing the construction of so many new coal plants in other countries could respectfully be reviewed and reconsidered,” Al Gore, the former US vice president, told China’s top climate official in Madrid, Vice Minister of Ecology and Environment Zhao Yinming.

Kerry, who as the US top diplomat paved the way for the Paris accord by brokering a US-China climate agreement in 2014, told the AP that Beijing’s reliance on coal

“will undo a lot of the good that’s been done”, but added that Chinese involvement in fighting climate change “is critical”.

He also said the Trump administration’s trade war with China is dragging possible solutions to the fight against climate change.

“The absence of the United States to work with China as an effective partner is a huge loss to the acceleration process we need,” he said. “It really is sad to see our country absent in many ways in terms of leadership.”

PAGE 10, Friday, December 13, 2019

THE TRIBUNE

US and China near deal that would suspend planned tariffs WASHINGTON Associated Press THE Trump administration and China are close to finalising a modest trade agreement that would suspend tariffs that are set to kick in Sunday, de-escalating their 17-month trade war.

“We’re close to a deal,’’ said Myron Brilliant, the US Chamber of Commerce’s head of international affairs, who has been briefed by both sides.

Brilliant said the administration has agreed to suspend Trump’s plans to impose tariffs on $160bn in Chinese imports Sunday and to reduce existing tariffs, though it wasn’t clear by how much.

In return, Beijing would buy more US farm products, increase Americans companies’ access to the Chinese market and tighten protection for intellectual property rights.

The deal awaits final approval from President Donald Trump.

Trump took to Twitter early yesterday to declare: “Getting VERY close to a BIG DEAL with China.

They want it, and so do we!”’

The president’s comments triggered a daylong rally on Wall Street. The Dow Jones Industrial Average surged 220 points, or 0.8%.

Earlier yesterday, a spokesman for China’s Ministry of Commerce, Gao Feng, had told reporters that “the economic and trade teams of both sides have maintained

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close communication”.

He offered no additional details.

Beijing had threatened to retaliate if Trump proceeded with plans to raise tariffs on $160bn of Chinese imports Sunday.

The two sides are negotiating a so-called Phase 1 agreement as part of the effort to resolve their sprawling trade dispute.

Still, the truce leaves unsettled the toughest and most complex issues that have divided the two sides.

Three Democratic senators — Minority Leader Charles Schumer of New York, Ron Wyden of Oregon and Sherrod Brown of Ohio — sent a letter to the White House yesterday, urging Trump to “stand firm’’ in the negotiations with China. They called on the president to hold out for “commitments from the Chinese government to enact substantive, enforceable and permanent structural reform’’.

The administration accuses Beijing of cheating in its drive to achieve global supremacy in such advanced technologies as driver-less cars and artificial intelligence. The administration alleges — and independent analysts generally agree — that China steals technology, forces foreign companies to hand over trade secrets, unfairly subsidises its own firms and throws up bureaucratic hurdles for foreign rivals.

Beijing rejects the accusations and contends that Washington is simply trying to suppress a rising competitor in international trade.

Since July 2018, the Trump administration has imposed import taxes on $360bn in Chinese products. Beijing has retaliated by taxing $120bn in US exports, including soybeans and other farm products

that are vital to many of Trump’s supporters in rural America.

On Sunday, the administration was set to start taxing an additional $160bn in Chinese imports, a move that would extend the sanctions to just about everything China ships to the United States.

Repeated rounds of negotiations had failed to achieve even a preliminary agreement. The prolonged uncertainty over Trump’s trade policies has curtailed US business investment and likely held back economic growth. Many corporations have slowed or suspended investment plans until they know when, how or even whether the trade standoff will end.

A far-reaching agreement on China’s technology policies will likely prove difficult. It would require Beijing to scale back its drive to become a global powerhouse in industrial high technology, something it sees as a path to prosperity and international influence.

Efforts to acquire foreign technology are a theme that runs through Chinese law and government. Security researchers have asserted that Beijing operates a network of research institutes and business parks to turn stolen foreign technology into commercial products.

The Trump administration has been seeking a way to enforce any significant trade agreement with China, reflecting its contention that Beijing has violated past promises. One way to do is to retain some tariffs as leverage.

“They’re two such different economies that don’t trust each other,’’ said Jessica Wasserman, a trade lawyer at Greenspoon Marder LLP.