12192019 BUSINESS

business@tribunemedia.net

THURSDAY, DECEMBER 19, 2019

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$30m ‘scar’ in doing business with govt

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

FRUSTRATED Bahamian businessman has revealed how his family’s home and wellbeing have been threatened by the government’s failure to “honour a contract” now owing him at least $30m.

Kingman Ingraham told Tribune Business he is uncertain how badly “scarred” his wife and son are after the almost fiveyear battle over the government’s alleged lease agreement breaches forced them out of their Camperdown Heights home.

Having sealed what he thought was an ironclad, irrevocable deal for the Department of Public Health to rent the former Kelly’s Warehouse property on Soldier Road in December 2014, Mr Ingraham said his project company, Teetering Investments - and his family - were thrown into “disarray” when it did not move in and begin making rental payments as stipulated by the contract.

Having borrowed $9m to acquire the property and upgrade it according to the Department’s demands, Mr Ingraham said the loss of

• Lease breach threat to businessman’s home, career • Accuses govt of using legal system to stonewall • AG: ‘He has no basis for a claim’ on property deal

the anticipated seven-year rental income stream left his investment and family home exposed to his lender as both had been pledged as loan security.

The financier, the Lowe Group of Companies, which was then-headed by the late William “Billy” Lowe, ultimately initiated legal proceedings to appoint a receiver for both properties. As a result, Mr Ingraham said the government’s continuing failure/ refusal to fulfill its alleged lease obligations has been responsible for forcing his family out of their home for almost three years.

Despite multiple attempts to resolve the matter, including numerous approaches to Cabinet minsters, including K Peter Turnquest, deputy prime minister, and Brensil Rolle, minister of national insurance and the public service, he told this newspaper that all his efforts have been effectively stonewalled by the Minnis administration.

An at-times emotional Mr Ingraham also accused

Tax evaders told: ‘Your time is up’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Ministry of Finance’s top official yesterday warned invoice fraudsters and tax evaders that their time is up, as he pledged: “The days of friend and favour are over at the border.”

Marlon Johnson, pictured, acting financial secretary, said there was no turning back from Customs’ new

Electronic Single Window (ESW) platform for the clearance of imports as he warned against any deliberate efforts to undermine the system’s continued roll-out.

Speaking to Tribune Business after the Ministry of Finance said the online portal, known as Click2Clear, had failed to process just five percent of some 93,600 declarations, Mr Johnson said

SEE PAGE 6

BPL: $27 family bill rise ‘critical to turning page’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMAS Power and Light (BPL) today reveals the “average” family will see a $27 per month increase in their bills from March 2020 onwards to help service its $650m debt refinancing.

The utility, in an advertisement in today’s newspaper, says a “new line item and fee” called the National Utility Investment Bond will be included on all bills from March this year. This represents the debt servicing charge required to repay investors who will acquire

the bonds to refinance BPL’s $321m legacy debt and provide $222m in available funding for critical infrastructure upgrades.

Dr Donovan Moxey, BPL’s chairman, yesterday conceded he was unsure where the $27 figure had come from - especially given that the $650m BPL bond issue has yet to be priced in terms of the interest investors will receive since it has yet to obtain a credit rating.

“Here is the thing that everyone is getting confused about that,” Dr Moxey said. “I think the minister

SEE PAGE 7

the government of using the legal system and arbitration process to drag the situation out, possibly hoping he would go away or be forced to settle for “cents on the dollar”.

He told Tribune Business that representatives of the Attorney General’s Office had pledged to identify an arbitrator within 48 hours of a November 2018 Supreme Court hearing also attended by his attorney, Wayne Munroe QC, yet failed to deliver on its promise.

Mr Ingraham finally secured the appointment of retired Justice Jeanne Thompson as arbitrator some four months later on March 8, 2019, after petitioning the Supreme Court, but argued that the delays in progressing his claim have not ceased.

He accused the government of failing to abide by the deadline set by the arbitrator to file its evidence and submissions on September 29, 2019, which meant that the November 20 hearing planned before

retired Justice Thompson did not take place, thereby halting his claim yet again.

However, Carl Bethel QC, the attorney general, yesterday told Tribune Business that the government’s attorneys had advised him there was “no basis” to support Mr Ingraham’s claim for financial compensation. He added that he was unaware of any delay in the arbitration process, but said he will review the matter in light of the businessman’s claims.

“My instructions by counsel who have reviewed the matter are that he has no basis for a claim,” Mr Bethel said. “He’s invoked the arbitration clause, and ultimately it will be the arbitrator that makes the determination.

“I do not participate in the actual conduct of most of the litigation that goes through my office. If that’s what he says I will review the conduct of the arbitration, but I’m not aware of that.”

SEE PAGE 5

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Bahamas tops hemipshere for quickest govt services

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas is among the hemisphere’s best performers for the speed at which government services are delivered, even though “three visits” are required to complete one-third of such transactions.

These findings, contained in a newly-released InterAmerican Development Bank (IDB) report on the “red tape” encountered in accessing public services, is likely to raise eyebrows among many Bahamians and local businesses given the time spent standing in long lines to complete such transactions.

Still, drawing on

Transparency International data, the report found that The Bahamas lagged only Chile when it came to the speed with which public services are accessed. The average 2.8 hours taken to complete such processes in this nation was said to be far superior to Caribbean rivals, such as Jamaica and Barbados, which were both above four hours, and the region’s 4.3 hour average.

“The Bahamas had the lowest average times of the Caribbean, and was the second best of all Latin American and Caribbean countries at 2.8 hours, just above Chile,” the IDB report said.

This nation also fared

SEE PAGE 7

Cost Right lease’s five-year extension for half the space

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AML Foods has secured a five-year lease extension for 50 percent less space at its Town Centre Mall-based Cost Right store while it waits for the fate of its new location to be determined.

Gavin Watchorn, the BISX-listed food group’s chief executive, told Tribune Business that it will vacate the mall’s upper level in January after the new lease deal bought time for

the legal dispute surrounding the former City Markets head office and warehouse on East-West Highway to be resolved.

He disclosed that the lease extension will also see AML Foods relocate its corporate head office from the Town Centre Mall to a property it owns on Thompson Boulevard, with Cost Right also vacating the upper floor to solely occupy the ground level.

Mr Watchorn confirmed

SEE PAGE 6

PAGE 2, Thursday, December 19, 2019

THE TRIBUNE

Designing for a proper critique THE PURPOSE of a critique is to explore problems and nurture ideas.

IT IS almost impossible to improve a design without feedback from others. Their input helps to avoid mistakes and thus create higher quality work. The goal of critique is to help move a project forward, and should never serve the purpose of boosting the ego or agenda of anyone. The purpose of a critique is to explore problems and nurture ideas, primarily through listening and asking questions.

This old saying rings true: Two brains (or more, in this case) are always better than one. A positive culture of critique supports team building in multiple ways.

Why criticism?

It is important for a designer to learn how to accept feedback from peers, clients and bosses when solving a particular design problem. Critiques help to broaden communication skills, as there is always that opportunity to articulate why you did what you did or to better explain your idea to the reviewer, especially if they do not see it as clearly as you do. A good critique can involve both positive and negative feedback, which can be

The Art of Graphix

BY DEIDRE M BASTIAN

tricky. Here are some quick tips on how to give and receive good design feedback during a critique.

A good critique: The love sandwich The best way to approach critiquing someone else’s work is to sandwich the feedback with love. If you think of your critique as the sandwich, the bread would be what you “love” about the work and the middle fillings what you did not like so much. First, tell your fellow designer what aspects you like about the design, whatever it may be.

Be descriptive. Instead of just saying “I like it” explain why you like it, and perhaps give a specific example.

Constructive criticism If you believe certain aspects of a design are not working, it is good to explain why or offer suggestions on how it can be improved. Asking the designer questions may help to understand problems in the execution of the design that may have being overlooked. You may also want to limit your use of personal pronouns, such as “you”, to make sure your critique is about the design work and not the designer.

Everyone feels an attachment to their work.

However, it is best to separate the person from the piece. For example, say there is a critique about a line intersection. You may want to say: “The way this line intersects with that line” instead of: “The way you intersected this line with that line.” This will help reassure the designer that the criticism is about the work and not about them.

You may not agree with or like the decisions of the designer, but their work deserves honest feedback.

Likewise, do not forget to repeat or elaborate on what you liked about the design.

This way, the designer knows which areas may need some reworking, and it ends on a positive note.

Design is not mathematics. There are no right and wrong answers; only subjective opinions that may differ from one designer to another. That being said, remember that a critique is about the design work and making it better; not about the designer. If you disagree with specific feedback, explain your decisions thoughtfully but also listen to what is being said.

Remember, those who are giving critiques generally do so because they want to help. Do not become defensive or take their criticisms personally.

Focus on feedback, not criticism It is important to know the difference between helpful feedback and unhelpful criticism. I have always encouraged clients to open any feedback with something positive that they liked about the design. “I liked how you addressed this part of the design, how do you plan to scale this other part?” and that sort of thing. To really ensure feedback is kept helpful, there is a clear distinction between both.

Criticism passes judgement, whereas critique poses questions. Criticism finds fault, while critique uncovers opportunity.

Finally, a good round of feedback is always better than no feedback at all.

Critique is a team effort that duly becomes valuable when both parties bond with the intent of understanding and identifying opportunities to build up.

Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/marketing co-ordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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THE TRIBUNE

Thursday, December 19, 2019, PAGE 3

Abaco non-profit injects Small Business Centre $1m into Dorian rebuild gives $3.5m in first year

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A NORTH-Abaco nonprofit organisation has spent about $1m on rebuilding Bahamian homes on Treasure Cay in the aftermath of Hurricane Dorian.

Tom Wheeler, member of the Treasure Cay Property Owners’ Association (TCPOA), and major donor to the North Abaco Rebuilding Initiative (NARI), told Tribune Business: “We have committed over $2m, and I’m sure we have spent $1m by now.

“NARI is a group led by Ed Newell (a real estate broker in Abaco), who is a Bahamian, along with several other volunteers.

Nobody is being paid a dime. Ed is the leader of the group and I’m a Treasure Cay homeowner, and I’m part of the group in that I am helping fund the project and raise money for the project.

“But Bahamians are leading it, and we are employing Bahamians and paying them standard rates to help repair just native Bahamian homes and businesses. That’s our goal.

There are no second homeowners receiving anything from NARI. and no foreign homeowners.”

Mr Wheeler added: “We have our second shipment of materials coming soon.

We have done a number of homes and gotten them to a point where the roofs,

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in some places, are rebuilt.

Others are just repaired and now we’re bringing shingles in to finish them.

“That’s our first goal; to get local Bahamian homes, people that work and live in the Treasure Cay area with our boundary between Cooper’s Town to Leisure Lee and everything in between there. So we have a number of homes in Treasure Cay, but they are Bahamian homes that live within the confines of what’s known as Treasure Cay.” Mr Wheeler said NARI had received “zero government support”. He added: “I would say that they have not given us their blessing, because we have been asking for some time now for a very simple letter that states that they recognise NARI as a non-profit, and we are doing things that the government can’t do.

“So we’re helping the Government and helping the local people, and it’s important to us because, as a donor, when the government says NARI is a non-profit, then a nonprofit 501 C-3 from the United Sates can donate money to NARI for this.

“So for right now there is a lot of credit that has been extended to me personally, and I personally paid for a lot of supplies and local labour. We need to get the donation to go through the foundation. So it’s the Treasure Cay Community Foundation (TCCF) that’s funding 99 percent of what NARI is doing, and most of the TCCF is comprised of second homeowners or those that are closely connected to Abaco somehow,” Mr Wheeler explained.

“The funding for NARI will come the TCCF. It’s no secret, but Ceres (Environmental Services) has been given a bad name for I don’t understand what? Because these guys have been absolute stand-up guys and done

a very productive, efficient, thorough job, and have extended me personally credit that amounts to a lot of money.

“From day one they (Ceres) have been cleaning up the properties, and a lot of these properties were dangerously uninhabitable because of the debris around. The government wasn’t doing anything.

So before we can start to repair these local homes we have to clean them up, and we chose Ceres to clean them up for us because they had the proper equipment. They charged a very fair price and they have extended NARI credit because some of the members have pledged to pay them.”

Mr Wheeler said the second phase of NARI’s restoration efforts will involve purchasing materials for local businesses so they can finally resume operations.

Asked how the nonprofit has been mobilising labour and supplies, and getting money in and out of Abaco given that most banks have not reopened on the island, he said: “Not much has come in and out, but it is mainly cash.

How are you going to pay people? There is no bank.

There is no ATM (automated teller machine).

Until recently there was no bank on Abaco, but I think now Commonwealth Bank is in Maxwell’s (supermarket).

“I can tell you this that Ed Newell has been sleeping on a mattress on the floor of his real estate office; he is doing a yeoman’s job.

There have been people who have really put themselves out for this and that story should be told. A fat cat that happens to be able to afford to write a couple of cheques is not the story; the story is a Bahamian effort helping Bahamians.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister has hailed the Small Business Development Centre (SBDC) for approving $3.5m in financing for small businesses and start-up entrepreneurs during its first year.

Speaking at the Centre’s year-end Christmas Client Showcase, K Peter Turnquest said: “In just its first year, SBDC’s internal adjudication and grant committee approved $3.5m in capital financing to 141 small businesses.

“So far the SBDC and its funding partners have disbursed $2.8m directly in support of Bahamian small businesses, and 82 percent of all approved companies have already received their disbursements.”

Mr Turnquest pointed to the fact that the SBDC’s clients come from 15 islands, ranging from Acklins, Crooked Island and Inagua in the south, to Grand Bahama as evidence “this was not a Nassau-centric programme”.

“The showcase you see here today is proof of the talent and creativity possessed by Bahamian entrepreneurs that the SBDC has helped to unleash,” Mr Turnquest said.

“SBDC itself is not the direct provider of capital, so we owe a big thanks to our financial partners, including the Bahamas Development Bank, the Royal Bank of Canada, the Bahamas Entrepreneurial Venture Fund and Scotiabank.”

The deputy prime minister added that the SBDC’s main goal was to expand Bahamian entrepreneurship and economic ownership, and give micro, small and medium-sized enterprises (MSMEs) the ability to sustain and grow

K Peter Turnquest brings remarks at SBDC Client Showcase. their operations through improved access to capital.

Geoffrey Andrews, the SBDC’s chairman, wrote in the centre’s annual report that it had helped 17 entrepreneurs “take their dreams and businesses to the next level” through more than $1m in funding, which he estimated has delivered an economic impact of $2.2m.

“We’ve served over 500 Bahamians in our entrepreneurship training classes across the nation, and we look forward to serving the other 4,000-plus individuals who have signed up for our assistance,” he said.

Participating vendors showcased products ranging from local teas, hot patties and ice cream made from Bahamian fruits, and hair care products during the event, which was held at the Gladstone Road Freight Terminal.

Khrystle RutherfordFerguson, chairman of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), said: “The chamber was one of the founding members of the SBDC. It is such a warm feeling to see what our Bahamian people can do through innovation and production. It is an awesome experience.”

The SBDC’s annual report says it has assisted a total of 4,013 clients. Some 2,860 or 71 percent were “start-up”

businesses, while 1,153 or 29 percent were classified as “existing businesses”. New Providence had the most clients by island with 1,918, while Grand Bahama was second at 700 and Abaco providing 183.

Davinia Grant, the SBDC’s executive director, told Tribune Business of Hurricane Dorian-related assistance applications: “About four weeks ago we had about 200-plus applications from Grand Bahama and 50-plus applications from Abaco, and the requests total up about $10m to $11m from the existing clients and their need to rebuild.”

Mr Turnquest, reaffirming his commitment to the SBDC programme, added: “In just its first year 758 Bahamians participated in SBDC training.

Again, we didn’t make everyone come to Nassau.

This training was held in six different islands.

“Between its face-toface sessions, client visits, webinars and video calls, SBDC provided over 6,600 advisory hours for business support. Our government remains committed to the vision we charted when we agreed to financially support the Access Accelerator SBDC a year ago. We look forward to seeing more success stories emerge out of the amazing cohort of entrepreneurs coming out of the SDBC.”

PAGE 4, Thursday, December 19, 2019

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THE TRIBUNE

Financial sector raises $537k for Dorian relief THE financial services industry has collectively raised $536,513 for Hurricane Dorian relief following receipt of a further $300,000-plus donation.

The Winterbotham Group, headed by Ivan Hooper, who also serves as co-chair of the Association of International Banks and Trust Companies (AIBT), was joined by his colleagues in presenting a $303,098.21 cheque to the ‘Financial Services Cares’ initiative representing funds raised by staff, clients and others.

The latest donation moves the initiative beyond the half-way point towards its $1m goal. Donations by AIBT and Bahamas Financial Services Board (BFSB) members have been made to the Financial Services

PICTURED from left: David Thain, Winterbotham Group; Bruno Roberts, co-chairman, AIBT; Ivan Hooper, executive director, Winterbotham Group; and Tanya McCartney, chief executive and executive director, BFSB. On the right, The Winterbotham Group staff pose for photo.

Cares initiative as well as through contributions to other approved agencies, charities and foundations.

The contributing firms are: • Alternative Investments Solution Limited • Banca del Sempione • CBH Bahamas • Equity Bank & Trust

• FC Capital Investments • Guaranty Trust • STEP • Ansbacher • SIS SOLUTIONS LTD • Credit Suisse • Julius Baer • MMG • BBM • Gonet Bank & Trust • BBM Bank

LENO NAMES CHIEF FOR TRUST PORTFOLIO LENO Corporate Services has confirmed the appointment of Dianne Bingham to head its newly-acquired $103m trust portfolio.

“We are proud to announce the appointment of Dianne Bingham as managing director of Leno Trust Ltd,” said Leno’s founder and president, Sean K Longley. “Mrs Bingham brings with her a wealth of knowledge and experience gained in a career that spans three decades, having held top posts in local and foreign financial institutions and, most importantly, helping to shape and steer policy in the trust industry. Her appointment also re-affirms our commitment to being a company committed to Bahamian leadership even as we expand our products and services to a wider market.”

Mrs Bingham, who has enjoyed a 30 year career in financial services, has been chosen as Professional of the Year by the Bahamas Financial Services Board (BFSB). In 2017, she received the Society of Trust and Estate Practitioners (STEP) prestigious

Founders Award.

She has served in senior roles ranging from manager of client accounting to director of the private client group at an international bank and, most recently, held the title of vice-president and head of trust and fiduciary at a major international bank and trust company.

“This is an exciting time with unprecedented opportunities for asset structuring and succession planning for Bahamians,” said Mrs Bingham. “The local market has provided more investment opportunities to Bahamians, and we see where Bahamians are making use of corporate vehicles and fiduciaries to protect and grow their personal wealth.

“The shift in family movement resulting in multijurisdictional families has also provided the opportunity for Bahamians to look closely at wealth structuring, asset protection and succession planning by utilising trust and corporate structures.

“As a result of those changes and the movement of families to more than a single jurisdiction, we are

DIANNE BINGHAM seeing an increasing interest in how best to protect, transfer and preserve assets and the role of fiduciaries in that planning, protection and succession role. A trust can also stave off nasty probate court battles as well as maintaining the privacy that is sought by everyone upon a loved one’s demise.”

Leno Trust said it plans to unveil its menu of trust products in the coming months, following the portfolio’s purchase from Bank of The Bahamas. Its parent company recently acquired the assets of FG Capital Markets, an $80m portfolio that includes pension funds and shares in mutual funds.

THE TRIBUNE

Thursday, December 19, 2019, PAGE 5

ROYAL CARIBBEAN AIMS TO RECRUIT MORE BAHAMIANS ROYAL Caribbean International yesterday said it has more job fairs planned for 2020 in a bid to increase its Bahamian workforce beyond the more than 300 currently employed.

These Bahamians are either working on the cruise line’s ships or at its landbased destinations. “We are extremely pleased by the response of Bahamians who attended the job fairs we had in Nassau and Grand Bahama throughout this past year, and the follow-through with completion of applications, documentation, references and an eager attitude,” said Cindy Williams-Johnson, Royal Caribbean’s senior manager of global talent attraction.

“What is most rewarding

CINDY WILLIAMS-JOHNSON, senior manager of Royal Caribbean’s global talent acquisition, reviews applications at one of several job fairs the cruise line held in Nassau and Grand Bahama over the past two years with more scheduled for 2020.

Russell Benford, Royal is knowing that Bahamians vice-presare excited at the prospect Caribbean’s government of joining the world’s larg- ident of est and most innovative affairs for the Americas, cruise line, and seeing the added: “Royal Caribbean prides itself on our comworld.”

$30m ‘scar’ in doing business with govt FROM PAGE ONE

Tribune Business understands that Mr Ingraham and Teetering Investments believe they are currently owed around $30m without damages, and potentially up to $45m if these are included.

The businessman alleged that some $4.5m in penalties have accrued since the current government took office, with the liabilities owed to him standing at almost $24.5m in May 2018.

An accountant by profession, Mr Ingraham argued there was “no logic” to the government’s stance especially since the lease agreement’s penalty clause is potentially adding $140,72 per month to the Bahamian taxpayer’s exposure. He added that the situation also threatened his ability to practice as an accountant of 30 years’ standing.

Warning that private sector and entrepreneur confidence in doing business with the government will be undermined by its treatment of himself and others, he said he was not alone as other companies and investors were experiencing similar difficulties to himself and Teetering Investments.

Mr Ingraham thus questioned why the government preferred to fight instead of exiting contracts and hirings it no longer wanted, arguing that the proper course was simply to negotiate a financial settlement with the other side or pay them what was due under the deal’s terms.

Recalling the emotional swings his family has been put through, he also queried why potential government debts owed to himself and others were not being picked up by the likes of Standard & Poor’s (S&P) and Moody’s and factored into their assessments of The Bahamas’ sovereign creditworthiness.

“It’s almost tearful,” Mr Ingraham told Tribune Business of what he has endured.

“For 14 months myself and my wife did not sleep under the same roof with my child.

I’ve been put out of my house because of this transaction with the government.

For 14 months.

“My son has not been in my yard at Camperdown from January 13, 2017. Just about every week he drops a line about wanting to go back home. Most marriages would not survive. I do not know what scars I’ve put on my child for entering into a transaction with the Government of The Bahamas.

“You’re supposed to get these scars when you try to invest with Tom, Dick and Harry, not the government.

You take a hit when you deal with Tom, Dick and Harry, but for all the procedures you have to go through with the Government of The Bahamas to get a contract with the treasurer... How do you do business with a government that does not honour contracts?” he continued “You are the government.

You’re talking about personal lives. How do you do that? I’m sure I’m not the only person experiencing that. But for the grace of God this would send you crazy.

I’ve been able to survive because I have a good wife who has stood with me, keep my son in St Andrews and live fairly comfortably thanks to my professional skills.

“But for someone not able

to make money, they would go crazy. I wonder how people survive that may not be professional and have the ability to survive like I have.

It’s a lot of pressure that most people can’t take.”

Legal documents seen by Tribune Business make clear that Mr Ingraham and his Teetering Investments vehicle only acquired the former Kelly’s Warehouse building, and obtained debt financing from the Lowe family, because of the signed lease agreement obtained with the government.

His then-attorney, Campbell Cleare of McKinney, Bancroft & Hughes, wrote in an October 9, 2014, letter

to Elizabeth Keju, former permanent secretary in the Ministry of Public Service, warned that “time is of the essence” to complete the lease agreement so that Teetering Investments could close on the property purchase.

The lease, a copy of which has been obtained by this newspaper, was signed on December 23, 2014, at the mid-point of the former Christie administration’s tenure by the government treasurer - which Mr Ingraham said made it a binding, irrevocable contract regardless of administration changes.

However, Mr Ingraham alleged in an affidavit that the project was placed under immediate “strain” by the then-government’s failure to contribute $1.5m to finance its share of the improvements to the Soldier Road property.

This was agreed as a way to

mitment to diversity. We are 73,000 employeesstrong representing 126 nationalities.

“The irony of those statistics is that while The Bahamas was our very first port of call 50 years ago, and remains our number one destination today, we had very few Bahamians working directly for the company until recently, thanks now to the intense talent acquisition campaign.”

While many Bahamians benefited from entrepreneurial opportunities and engagement with Royal Caribbean, Mr Benford said attracting locals to work on board cruise ships was not always easy.

“It seems natural that Bahamians whose history

is so closely tied to the sea take to the ships like second nature, so we are so pleased to see the interest now,” he said. “Two things stand out and are outstanding when it comes to Bahamians. The first is a warmth, like a sense of hospitality that comes naturally and can never be duplicated no matter how much training you do.

“The second thing is Bahamians find each other and gather on breaks as if they were meeting up at Fish Fry on a Friday night. It’s just like they were back home, but they can be a thousand miles away at a port they never even dreamed of landing in before they joined Royal Caribbean.”

Abaco native Brittany

Smith said: “During Dorian, I couldn’t get any word about my family for five days, and the company did everything to comfort me, urging me to take time off, go home, try to find out what was happening. They used their resources to try to get information, too.”

Her family survived despite losing their home, while other relatives in Grand Bahama also suffered extensive damage to their property. “There are times when it is hard being away from home, but everyone is always so nice and so understanding, and it’s like we have our own family on board. It’s a great privilege to work for Royal Caribbean. I feel very honoured,” Ms Smith added.

save the government almost $4m over the lease’s duration by eliminating maintenance costs, thereby keeping the rental rate below $25 per square foot.

However, this payment was never received, and Mr Ingraham and Teetering Investments were now faced with conducting “the necessary renovations within six months” to ensure the Department of Public Health could occupy the building by July 1, 2015.

The Christie administration then committed a second lease breach by taking six months to decide how it wanted the building to be customised to meet the Department of Public Health’s needs, instead of the allotted 30 days, “which further pushed the project into disarray”.

Teetering Investments sent the Ministry of Public Service a June 16, 2015, letter

detailing how the government had incurred $1.714m in penalties due to the delays.

The government “accepted responsibility” and Mr Ingraham and his company revised the sum downwards to $1.242m after being promised they would receive “one prompt lump sum payment”.

Instead, Teetering Investments received four instalment payments spread between August 2015 and January 2016, which Mr Ingraham said only served to exacerbate growing tensions with the lender. He added that the late Mr Lowe’s passing in December 2015 “further catapulted the project into disarray, and the family became very frustrated at the pace of progression of the project”.

“The family demanded by June 2016 the project should be regularised,” Mr Ingraham said. “In June 2016, the project was not regularised

and the funder requested that the plaintiff [Teetering] seek alternative financing.

“The plaintiff was challenged with finding a lender to pay-out the funder, so in June 2016 the funder commenced legal action to place the Soldier Road property into receivership.” Tribune Business understands that accountant Ricky Chea is the receiver for both the Soldier Road property and Mr Ingraham’s home, but no sale of either has been effected as the value is insufficient to recover the loan.

Mr Chea could not be contacted yesterday, while his attorney, Sean Moree of McKinney, Bancroft & Hughes, declined to comment. He replaced his father, now-Chief Justice Brian Moree QC, who had been acting for the Lowe family prior to joining the judiciary.

PAGE 6, Thursday, December 19, 2019

Cost Right lease’s five-year extension for half the space FROM PAGE ONE this will slightly narrow the product range carried by Cost Right as he signalled the group has not given up hope on realising its $3m investment in acquiring the former City Markets property.

“Our corporate offices are relocating in January,” he told this newspaper. “We have a building on Thompson Boulevard, and we will be relocating there. We’ve also signed a five-year lease extension for about 50 percent of the space at Cost Right.

“It’s just for the lower level space. By the end of January we will have exited completely the upper level we currently occupy.”

Acknowledging that there would be some “rationalisation” of Cost Right’s product range as a result, he added: “We’ve begun to discard product items that are not big sellers, and don’t provide the returns necessary. There will be a lower, but not significantly lower, variety of product downstairs.”

Cost Right’s lease at Town Centre Mall was due to expire in early 2020, and the extension gives AML Foods time to properly rebuild and fit-out the former City Markets property once the current battle over the sale proceeds is settled. One of the Town Centre Mall’s owners, Craig Symonette, is also a prominent shareholder and director at AML Foods.

Tax evaders told: ‘Your time is up’ FROM PAGE ONE much of the resistance to its introduction seemed to stem from “resistance to change” and “nostalgia” for the old way of doing business.

This, he added, included reliance on the so-called “buddy” system, where a minority of importers and brokers dealt with certain customs staff to “facilitate their transactions” - a practice that frequently resulted in underinvoicing, premature releases of goods and other forms of tax evasion, avoidance and fraud that potentially cost Bahamian taxpayers millions of dollars.

“I think we have all heard stories where there have been instances of some brokers and business people having alleged relationships with customs officers, and people they’re comfortable dealing with, and those customs

THE TRIBUNE

Mr Watchorn, meanwhile, confirmed that the City Markets dispute is due to be heard by the Supreme Court in April, but declined to comment further as the BISX-listed food group is not a party to it.

The litigation involves various groups connected with the City Markets employee pension fund, the site’s owner, and relates to who should receive the proceeds from the AML Foods sale and how they should be distributed.

The AML Foods chief, meanwhile, also revealed that the ongoing uncertainty over the East-West Highway site was one factor behind the group’s decision to pause plans to expand the neighbourhood food store concept begun by Solomon’s Yamacraw as the property would also be used as a distribution centre to supply these outlets.

“Our board remains focused on expanding in the neighbourhood food store market,” Mr Watchorn added. “But given that our results have not met expectations, and the uncertainties around the hurricane, we need to make sure we have the right opportunities for the benefit of all constituents - our customers, associates and, most importantly, our shareholders.”

He then revealed that AML Foods’ gross margins had risen four percent due to reduced

shrinkage and better purchasing/merchandising strategies that were introduced in the summer.

“That’s a combination of some better shrinkage numbers as well as adjustments made to purchasing and merchandising strategies,” Mr Watchorn told Tribune Business. “It’s just helping us drive better efficiencies through the supply chain.”

Confirming that the group-wide roll out of its new Enterprise Resource Planning (ERP) system will be completed by the end of February, with six out of eight stores now online, he said this will “give us more data to manage the supply chain more efficiently and effectively to serve customers better”.

Mr Watchorn added that AML Foods was also focused on ensuring it had sufficient inventories to match consumer demand, as issues in this area had resulted in “missed opportunities” in the past.

“We just need to simplify what we do,” he told Tribune Business. “In our striving to be better and different we perhaps overcomplicated some of the things we do. We are on a major initiative companywide to simplify what we do, remove complexities and make sure our processes and systems are designed around ease of execution and success of execution for our associates.”

The AML Foods chief said the group’s “net” Christmas performance was unlikely to match 2018’s due to the loss of its Solomon’s Freeport store on Queen’s Highway due to Hurricane Dorian.

officers work with them to facilitate transactions, often because of familiarity,” Mr Johnson said.

“This created a very cosy relationship. One of the things the new system does, because it is automated and assignments are selected randomly for officers, the ability to manipulate and edit information in the system, a lot of that has gone away.

“There is some measure of discomfort, we suspect, as persons are unable to evade and minimise taxes and the like. That is one element in the system that’s largely been disrupted.”

Mr Johnson acknowledged that resistance to Click2Clear was coming from within the Customs Department as well as the private sector, and attributed some of this to persons being “accustomed to doing things a certain way” and “nostalgia for the old system”.

“Brokers around a long time could write things up by rote without having to think much,” he added. “This requires more rigour with a digital platform and inputting things into the system....

There’s a resistance to change because change is difficult, but we’ve told the brokers and Customs staff that in a couple of months this will become routine.”

The acting financial secretary reiterated that the Artificial Intelligence (AI) component built into Click2Clear would detect “anomalies, like entries that are inconsistent with codes”, thereby enabling Customs to better - and quicker detect tax evasion and fraud, and identify brokers and importers that may require more frequent and in-depth inspections.

“It will start to flag things and look for trends,” Mr Johnson said. “Any person who who has been misstating invoices or any means of invoice fraud, those anomalies will be picked up by the system and flagged.

“The vast majority of importers are honest and do the right thing, but some are taking advantage of the sheer volumes of transactions Customs has to deal with to get away with invoice fraud. We want to let the small minority know the system will detect that.”

Mr Johnson said Customs and the Ministry of Finance had been “transparent” over the initial difficulties with Click2Clear, and he admitted that the system “has had some issues” coping with the volume of imports it has been handling while “tightening up and reviewing” reporting and processing elements.

“We certainly don’t want to paint the picture that some of the concerns raised are not legitimate,” he told Tribune Business. “There were growing pains, but 95 percent of transactions went through seamlessly without issue, and

that number will go down as we get familiar with it.

“It will settle down. We will get past the peak of the learning curve. We will certainly get to that point. We will do all we need to do to ensure our customers, the taxpayers and importers, are comfortable with the system and it works optimally.”

But, pointing out that the private sector has “a duty of care” too to be properly prepared to use Click2Clear, and identify any problems with it to Customs, Mr Johnson added: “As we move into the New Year a lot of the concerns and angst will diminish.

“Over time, as we run reports and use AI, that will certainly assist us in detecting tax cheats, ensuring the government gets its fair share of revenue from the system.”

Mr Johnson delivered a similar message to the private sector at a recent meeting, saying: “We know why some people inside and outside want to go back to the old way of doing things, but the days of friend and favor are over at the border.

“We have advised customs brokers to tell their clients a lot of things people were casually able to get away with will not be tolerated any more.

In fact, they will be detected automatically..... The best way to do things moving forward is the right way. While we can forgive mistakes, we will not forgive fraud.

“We are trying to grapple with a cultural change amongst customs officers and brokers. Brokers that once depended on knowing a Customs officer who they could call and get an override or have something overlooked, or run through an informal channel no longer have that facility,” he added.

“This is creating some resistance all around. We think the public can appreciate the importance of us fighting this battle to bring about cultural change internally and externally.”

Stephen Major Jr, inhouse broker for Xtra Value, said: “Like any new thing you have to adjust and get used to it. Some people are rioting because they do not know how to work the new system. Everything can’t stay the same all your life, and Customs can’t just stay with the old system. It’s just like the self-checkout in the US. Some people like it; some people don’t. Things will settle down eventually.

“The system makes sense.

It automates a lot of the steps and cuts back on opportunities for tipping and bribery, and I think Customs is right to want to do that. People could get away with a lot before; if they knew people in Customs they could get a [pass] on different things. Because of the new system it don’t work like that no more.”

THE TRIBUNE

Thursday, December 19, 2019, PAGE 7

Bahamas tops hemipshere for quickest govt services FROM PAGE ONE

relatively well, at least in comparison to its Caribbean counterparts, on the number of visits that have to be made to government offices before a service can be accessed.

While just 11 percent and 23 percent of such transactions in Jamaica and Barbados, respectively, were completed in one visit, for The Bahamas 51 percent - or one in two such dealings - were concluded in this manner.

“In Barbados, only 23 percent of the transactions were completed in one visit, and 43 percent required three visits or more,” the IDB report said. “In The Bahamas, on the other hand, 51 percent of the transactions were completed in one interaction, and 36 percent needed three or more visits to be finalised.

“Multiple interactions can happen for various reasons.

BPL: $27 family bill rise ‘critical to turning page’

FROM PAGE ONE

[Desmond Bannister] was asked a question in Parliament, and he was asked: ‘What’s going to be the average cost to the Bahamian consumer?, and I think his response was between $20 to $30. That’s his response to it.

“This $27, I’m not sure where it came from, but maybe it’s based on the fact that the average bill in The Bahamas is $180. So we are not giving out a number, we have not communicated a number. As far as I know the minister indicated a $20 to $30 possible impact to the average consumer. That’s it; the average, and that’s a wide range.

“The reason why we can’t do that is that we still haven’t completed the rating for the bond, so we can’t say anything about prices because

They might be a reflection of problems with the clarity and relevance of the information provided by the government: If people go to carry out a government transaction without having all the required documents, or they must visit different offices due to a lack of information, then finalising their transaction will require more interactions.

“Furthermore, they could be pointing to the existence of excessive requirements, which results in the need to carry out additional transactions, creating a ‘chain of transactions’. Multiple interactions generate transaction costs for citizens even if every individual visit is short, as citizens must spend time and resources commuting to public offices and ask multiple times for leave at work, among other costs.

“In addition to the

difficulties for citizens, these multiple interactions also imply efficiency losses for the government, which is forced to earmark more resources for providing citizen services.”

The government has just initiated a $30m IDB-funded initiative to digitise government services, the latest example of this exercise being the online passport renewal application, as it seeks to improve efficiency in public service delivery and economic competitiveness.

Just how far The Bahamas has to go was illustrated by the latest IDB report, which said: “A recent survey of nearly 350 businesses in The Bahamas showed that their experience conducting transactions with the government is difficult and often costly.

“Thirty percent of all transactions required more than eight hours of active time to complete, 38 percent of all transactions required five documents or more, and 26 percent of businesses hired external help to conduct their last

we don’t know what the interest rate is going to be.

So the only thing we can give is what we believe the range is, but the one thing that is definitive is that this will be an additional line item on the bill.”

However, Paul Maynard, the Bahamas Electrical Workers Union president, reiterated his belief that BPL customers will pay more than the predicted increase of $20 to $30 per month on their bills next year.

“They have to pay the rate reduction bond,” he said. “So they have no other choice but to change the billing structure. They will have to do something, because they have $120m that is owed [to BPL] in receivables. You have to collect that and you have to get people paying their bills.”

The BPL advertisement also failed to specify how much of an increase the “average business” will see as a result of the new charge’s introduction, even though it promised that the bond debt servicing fee’s costs will be “more than

offset” by lower generation costs from the utility’s new engines, meaning consumers should see a net overall reduction.

BPL, in the ad, again warned Bahamian households and businesses that they are being called upon to make a short-term sacrifice for long-term gain by assisting a refinancing designed to address “past failures and neglect that have plagued BPL for many years”.

“If we continue to follow past practices and simply ignore the growing debt problem, it would adversely impact our ability to fix BPL for the long-term,” it said.

“In order to invest in the future and deliver more reliable energy that is less costly over time, BPL must service this debt now to make investments for the future.

“The summer load shedding was a prime example of what happens when a company fails to maintain existing equipment or invest in new, more efficient generators. Doing nothing will only make things far worse, as we have already seen.”

Please be advised that

BETTY K. AGENCIES LIMITED WILL CLOSE TO THE PUBLIC

Tuesday, December 24th, 2019 at 12:00 noon & WILL RE-OPEN ON

Monday, December 30th, 2019 at 8:00 a.m IN OBSERVANCE OF

FFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFF AAnd

Tuesday, December 31st, 2019 at 12:00 & WILL RE-OPEN ON Thursday, January 2nd, 2020 at 8:00 a.m In Observance of The New Year’s Day Holiday WE WOUKD LIKE TO THANK YOU FOR YOUR CONTINUED PATRONAGE THROUGHOUT THE YEAR

Merry Christmas & A Prosperous New Year

government transaction.”

And, referring to the Transparency International findings, the IDB document branded government transactions “a hotbed of corruption” with 20 percent of Bahamians surveyed reporting they had paid a bribe to access public services - a percentage only exceeded by Guyana.

The Bahamas also ranked among the hemisphere’s lowest with just five percent of government services accessible online, and no functional electronic platform that combines these services so that applicants do not have to resubmit the same information twice.

“One of the biggest problems of difficult government transactions is their regressive character: They affect the poor more,” the IDB report said. “People in this segment of the population generally enjoy less flexibility at work, which makes it difficult for them to ask for time off to carry out a government transaction.

“Likewise, they are less able to forego lost income and have fewer resources to cover the costs incurred in carrying out transactions. Complex, hardto-access information on transaction requirements and forms that are difficult to fill out or hard to understand

also affect, to a greater extent, people with lower educational attainment who lack the necessary tools to navigate the system.

“All of the above means that low income people complete fewer transactions, which implies that they benefit less from government services and programmes.....

The fact that low income people carry out fewer government transactions, even to access services that in theory would benefit them, has negative implications: government programmes are not reaching their target beneficiaries, which reduces policy effectiveness.”

PAGE 8, Thursday, December 19, 2019

THE TRIBUNE

BUY, LEASE OR SUBSCRIBE TO ADD SOLAR PANELS TO YOUR HOME NEW YORK Associated Press HOMEOWNERS are clamoring to power through blackouts that have become a regrettably frequent part of life in California. The cost of solar panels and batteries has fallen. And a new California law will require all new homes to produce as much energy as they consume beginning in January.

That mix of incentives has led to a surge in interest among homeowners who want to add solar arrays and batteries to their homes, and the companies offering those packages have noticed.

Sunrun, which sells solar panels primarily through long-term lease agreements, in October saw traffic spike 1500% to the page on its website which explains how to power through blackouts, shortly after Pacific Gas & Electric cut power proactively to thousands of people

DANE HEW LEN, lead installer for RevoluSun, places a solar panel on a roof in Honolulu. If you have the cash, most experts agree buying a solar system outright is a better investment than leasing or taking out a loan. hoping to prevent wildfires.

During the October blackouts, Sunrun’s California customers with solar and battery systems kept their lights on for more than 36 hours on average, and one Sonoma County family powered their home for nearly six straight days.

“Interest has by far gone through the roof,” said Evelyn Huang, chief

customer experience officer at Sunrun.

When weighing whether to buy, lease or subscribe to a solar energy system, it’s worth considering whether there are hidden costs or pitfalls.

BUYING IS BEST If you have the cash, most experts agree that buying a solar system outright is a better investment than

leasing or taking out a loan.

Customers should check electric bills to estimate monthly energy use when deciding what size system to buy and calculate federal or state incentives. Make efficiency upgrades such as buying new windows or energy-saving appliances before choosing a system to help avoid purchasing an array that’s larger than necessary. A good solar company will help calculate the appropriate size.

Solar panels can cost $20,000 or more, and solar companies and others are increasingly offering loans to help alleviate the upfront cost. The solar loan market grew 40% in early 2019 from the same time last year, according to Wood Mackenzie.

For buyers, the sooner the better. The federal investment tax credit, which covers 30% of the cost of the system until year-end, will fall over the next two years and will expire for residential customers in 2022.

LEASES CAN SAVE MONEY, BUT BEWARE OF PITFALLS Leasing a solar energy system may be an attractive option for people who want to use renewable energy but don’t have the cash

to buy a system.

Sunrun estimates that customers who lease panels save 10% to 40% on their electric bills. Customers can choose a fixed monthly rate or start out with a lower monthly payment that increases over time. Leases at Sunrun typically last about 25 years.

Lease companies also handle repairs, and “if the system doesn’t perform, the customer doesn’t pay,” said Thomas Plagemann, chief commercial officer at Vivint Solar.

But as prices fell and loan options increased in recent years, leases declined. About 28% of residential solar systems are owned by third parties, down from 62% in early 2014, according to the Solar Energy Industries Association.

“Usually it ends up being more expensive over the life of the project (to lease),” said Brett Simon, senior energy storage analyst at Wood Mackenzie. “It’s economically more efficient if you have the capital to just buy a system.”

Lease customers don’t always save money, and entering into a lease agreement can complicate home sales. That was the case for Steve Hebert in Hillsboro, Oregon, who began leasing

solar panels from Solar City in 2016 before the company was bought by Tesla. When Hebert recently decided to sell his house, his realtor told him it would be difficult because of the solar lease.

The lease could be transferred to a potential buyer, but some wouldn’t want to take it on.

Hebert tried to find out what it would cost to buy out the rest of the lease agreement and found out he wouldn’t be able to buy it outright until he was five years into the contract. He wanted to find out more but had difficulty getting a Tesla representative on the phone.

“I feel like I’m probably at a wash or paying more than I was before solar,” Hebert said. “I love that I can feel good about running my AC in the summer but I regret this whole thing.”

When solar costs were very high, leases took off, but as prices have fallen leases have become less attractive, said Ricardo Rodriguez, research analyst at Navigant Research. “It just creates an extra hassle there, and especially if you just moved to your first house, you probably don’t expect to live there for 20 years,” he said.

JOB VACANCY

Assistant Designer-Detailer - Electrical Purpose: The purpose of this role in our organization is to assist with the preparation of Construction Documents and Installation and Shop drawings for Electrical Installations Required skills • Must be proficient in AutoCAD and related software, with some knowledge of BIM, Revit & Bluebeam • Experience working in the Construction industry is required, some knowledge of Electrical work is preferred • Demonstrated willingness to learn and constantly improve one’s skills and abilities • Results and detailed oriented and must thrive in a team environment • Some formal training in codes and electrical installations is not

mandatory but preferred • While post high school education is not mandatory, college level technical education is preferred Duties and responsibilities • Assisting Project Engineer with the preparation of electrical construction documents including reviewing available information, determining applicable code rules, researching equipment requirements, assisting with circuit designs & coordinating with other disciplines, among other duties • Reviewing Construction Documents including specifications and shop drawings to assist with the preparation of project submittals and shop drawings.

• Assisting Project Manager with identifying any conflicts, errors and omissions in the Construction Documents and preparation of RFI’s • Assisting with PM in preparing installation drawings including layout of distribution equipment, branch circuits, lighting, electrically powered equipment, LV systems requirements, etc.

• Assist with preparation of standard installation details • With the assistance of field personnel, preparation of as-built drawings Suitably qualified individuals shall submit CV’s via email to

bahamaselectricalengineer@gmail.com This opportunity is located in Nassau

Submission deadline is December 23rd, 2019.

Only preferred qualified submissions will be contacted

THE TRIBUNE

Thursday, December 19, 2019, PAGE 9

UK services industry sees little joy in post-Brexit world LONDON Associated Press PRIME Minister Boris Johnson’s decisive victory in last week’s general election provided little comfort to Britain’s once world-beating financial services industry, which has been battered by Brexit for more than three years.

While Johnson’s triumph buoyed optimism that he would end the country’s long-running political stalemate, it virtually guarantees the UK will leave the European Union on Jan 31 and starts the clock on efforts to negotiate a trade deal with the bloc by the end of 2020.

As prime minister prepares to outline his government’s priorities today in a speech to lawmakers, the financial industry is seeking assurances that service businesses like theirs won’t lose the unfettered access to European markets that has underpinned growth for more than four decades.

“Services are the lifeblood of the UK economy and vital to its growth,” said Catherine McGuinness, policy chair at the City of London Corp, the historic base for the UK financial services industry.

“Politicians across the spectrum should recognise that financial and professional services make a significant contribution, employing 2.3 million people across the country – two-thirds outside of London.’’

The UK financial industry, whose roots stretch back to the investors who financed the British Empire and insured its ships, has flourished as a gateway to Europe for companies from around the world. That helped make London the world’s top financial center, before Brexit eroded its advantages.

New York moved past London into the top spot last year, according to a ranking of 114 financial centers compiled by Z/Yen, a London-based commercial think tank, and the China Development Group.

In the most recent rankings, published in September, London dropped further behind New York, with Hong Kong just behind in third place. The Global Financial Services Index is based on information provided by more than 3,300 financial professionals around the world.

“Respondents in London continue to be less optimistic than those in other centers, reflecting the continuing uncertainty about future trading relations with the EU and the rest of the world after Brexit,’’ the report said.

Rather than wait to see the outcome of future discussions, firms ranging from the global investment bank Goldman Sachs to British insurance company Aviva have announced plans to relocate some operations to other EU countries to ensure they maintain a toehold in the bloc.

At least 332 firms in the UK banking and finance industry have prepared for Brexit by relocating part of their business, moving staff or setting up new entities in the EU, according to a study

by New Financial, a London-based think tank. It also identified some 5,000 staff moves or local hires made in response to Brexit, stressing that the figures are likely

to rise when the terms of Britain’s departure become clear.

“Financial services have resigned themselves to have a fairly hard Brexit from their point of view,” said Jonathan Portes, a senior fellow at The UK in a Changing Europe, a nonpartisan think tank at King’s College London. “What we will essentially see is a slow drift away from London being by far the most dominant financial center in Europe.”

Johnson’s Brexit deal covers only the so-called divorce issues, including payment of the UK’s financial obligations and citizen’s rights. The future relationship between Britain and the EU, including a potential free-trade agreement, will be the subject of a second round of negotiations that the government wants to complete by the end of next year.

TheCityUK, which represents Britain’s financial services, said that so far Brexit talks have largely focused on trade in goods, neglecting the services sector, which accounts for 80% of the economy.

“Ministers should seek to rectify this, consult widely, and focus their efforts on how the UK’s global leadership in services industries like ours can be sustained and enhanced over the course of this Parliament,” Chief Executive Miles Celic said.

Financial services alone accounted for 6.9% of the UK economy and generated 29 billion pounds ($38.6bn) of tax revenue in the 201718 fiscal year. Related professional services such as accounting and legal services push the industry’s total contribution to 10% of GDP. The EU has already rejected Britain’s continued participation in the bloc’s “passporting’’ system, which allows financial firms that are authorised in any EU country to do business across the European Economic Area, which comprises all 28 EU countries plus Iceland, Norway and Liechtenstein.

That leaves Britain and the EU to determine so-called “equivalence’’ agreements, which would permit limited access to specified areas if both sides agree to align regulations. Such agreements can be canceled by either side, however, and are subject to wider political considerations.

“This is going to leave loads of uncertainty because these things are not going to be negotiated in a hurry,’’ said Vicky Pryce, chief economic adviser at the London-based Centre for Economics and Business Research.

Johnson’s government has said it is seeking a “Canadastyle free-trade agreement,’’ stressing that the EU’s deal with Canada covers trade in services.

But experts question whether the UK can hammer out a similar deal by the end of next year. It took Canada more than five years to negotiate its agreement with the EU, plus two more for it to be approved by each EU country.

Johnson says he won’t ask for an extension and will introduce legislation to rule one out, leaving open the possibility that Britain could still leave the EU without

a trade deal in a little over a year. Economists forecast this would have tough consequences for jobs and investment.

“The most important thing to remember is that Brexit may get done from a legal point of view on Jan. 31, but that does not get Brexit done from an economic point of view,’’ Portes said. “British businesses are going to have to face the fact that uncertainty is going to continue.’’

That has weighed on financial markets.

The FTSE 100, Britain’s benchmark stock index, has gained 4% since last week’s election, beating the S&P 500 in the US and Germany’s DAX. But the long-term picture is less positive. While the FTSE 100 has risen 14% since Britain voted to leave the EU in June 2016, the S&P 500 jumped 51% in the same period and the DAX 31%.

The pound jumped briefly after the election, adding to a rally that began in August on optimism Johnson would secure a deal with the EU. The currency is still down almost 10% since the referendum.

“Anyone hoping that the election would draw a line under Brexit was sadly mistaken,’’ Craig Erlam, senior analyst at market research firm Oanda.com, said in a note to investors headlined “Christmas Gift or Exquisitely Wrapped Lump of Coal?’’

PAGE 12, Thursday, December 19, 2019

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

THE TRIBUNE

Thursday, December 19, 2019, PAGE 13

UK WATCHDOG SET TO CHALLENGE GOOGLE, FACEBOOK AD DOMINANCE LONDON Associated Press BRITAIN’S competition watchdog yesterday signaled its willingness to push for stricter rules to counter Google and Facebook’s dominance of online advertising.

The Competition and Markets Authority said in an interim report it’s concerned that the US tech giants have become “entrenched” players in the UK’s 13 billion pound ($17bn) digital advertising market, with “negative consequences” for the people and businesses that use them.

Google’s six billion pounds in search advertising revenue last year accounted

FACEBOOK CEO Mark Zuckerberg testifying before a House Financial Services Committee hearing on Capitol Hill in Washington earlier this year. Facebook’s stock dropped almost 3% in regular trading after news reports yesterday suggested that the FTC may take antitrust action to prevent Facebook from integrating its disparate messaging apps. The reports said the Federal Trade Commission may seek a court injunction that would block Facebook’s “interoperability” plans for Facebook Messenger, WhatsApp and Instagram, which involves revising them to use the same underlying software.

Photo: Andrew Harnik/AP

for more than 90% of the UK total, while Facebook’s two billion pounds in display ad revenue was equivalent to almost half the UK total.

Big doesn’t necessarily mean bad and the two companies provide innovative and valuable products and services, the authority added.

However, it said a “lack of real competition to Google and Facebook could mean people are already missing out on the next great new idea from a potential rival.”

Lack of proper choice for consumers and higher prices for advertises could mean higher costs for flights, electronics, insurance and other online purchases, it said.

“Most of us visit social

media sites and search on the internet every day, but how these firms work can be a mystery,” the authority’s Chief Executive Andrea Coscelli said.

“Digital advertising fuels big businesses like Google and Facebook and we have been building a picture of how this complex new market works,” he added.

Coscelli said the authority looked at how the big tech platforms collect and use personal data, which lets Google and Facebook more effectively target ads than their rivals. They looked at how the companies monetised this data, and what it means for rivals as well as people and businesses that use their services.

There’s a strong argument

for a new regulatory regime that includes rules covering the behaviour of online platforms and giving people greater control over their own data, the authority said.

It will now hold a consultation, which Google and Facebook said they will contribute to, before issuing a final report next year.

Google said it will “continue to work constructively with the CMA and the government on these important areas.”

Facebook said it’s “fully committed to engaging in the consultation process” and agrees with the CMA “that people should have control over their data and transparency around how it is used.”

PAGE 14, Thursday, December 19, 2019

THE TRIBUNE

Modest rally for stocks is mostly gone by the closing bell

By ALEX VEIGA AND STAN CHOE Associated Press A LAST-minute burst of selling pulled the major US stock indexes mostly

lower yesterday, ending the market’s five-day winning streak.

The S&P 500 index and Dow Jones Industrial Average finished with tiny losses that left them just below

their all-time highs set a day earlier. The Nasdaq composite eked out a slight gain, giving it its fifthstraight record high.

Trading was listless most of the day in the absence of

major new economic data and only a few corporate earnings reports for investors to mull over. Stocks have jumped recently on optimism around a “Phase 1” trade deal announced

GN-2357

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 18 DECEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,195.65 | CHG: -22.61 | %CHG: -1.02 | YTD: 86.20 | YTD%: 4.09 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.50 11.01 2.81 4.35 10.21 7.90 16.99 9.40 3.63 14.20

52WK LOW 3.35 20.91 4.90 4.46 1.45 0.22 2.00 9.50 5.60 3.95 6.75 2.35 1.76 8.00 6.25 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 4.24 8.01 3.27 4.35 10.20 7.60 16.75 9.33 3.50 14.00

CLOSE 3.59 17.43 6.00 6.10 2.39 1.80 4.40 11.06 6.16 4.24 8.01 3.27 4.35 10.08 7.60 15.08 9.33 3.50 14.00

CHANGE -0.11 0.00 0.00 0.00 -0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.12 0.00 -1.67 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 2,500

2,000

1,800

38,380

8

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 15.0 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 23.0 57.2 32.1 9.3 15.6 10.4 18.5 9.9 17.2 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.74% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.83% 0.00% 13.27% 1.38% 3.25% 3.16% 3.58% 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% 10.91% 11.57% 17.57% 18.60% 4.72% 5.08% 13.44% 13.49% 5.38% 5.44% 3.28% 3.80% -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 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019

MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.31 10.26 6.91 11.76 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 8.29 10.16 6.91 11.76 12.32 10.72 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

last week between the United States and China, among other factors. But after five straight days of gains, the S&P 500 had less fuel to push higher.

“The market doesn’t seem like it’s stretched, so it’s not surprising that we’re seeing it kind of slowly moving up higher,” said Veronica Willis, investment strategy analyst at Wells Fargo Investment Institute.

“But I would not be surprised to see a little bit of profit-taking as we’re getting these record highs.”

Losses in banks, industrial stocks, household goods makers and technology companies helped pull the market lower. They offset gains in real estate, communication services, health care and elsewhere in the market.

The S&P 500 fell 1.38 points, or less than 0.1%, to 3,191.14. The Dow dropped 27.88 points, or 0.1%, to 28,239.28. The Nasdaq composite rose 4.38 points, or 0.1%, to 8,827.73, a record.

Smaller-company stocks outperformed the rest of the market. The Russell 2000 index gained 4.17 points, or 0.3%, to 1,661.73.

More stocks rose than fell on the New York Stock Exchange.

Treasury yields rose slightly. The yield on the ten-year Treasury climbed to 1.92% from 1.89% late Tuesday.

Despite the last-minute dip, stocks are on track for strong gains this year. The benchmark S&P 500 is up 27.3%, while the Dow is up 21.1%. The Nasdaq, which is heavily weighted with technology stocks, is up 33%.

Stocks have been mostly hovering near their recent all-time highs this week.

Investors have appeared content this week to hold on to their gains from a fall runup in the market.

Traders have drawn encouragement from the US and China’s steps to de-escalate their trade conflict, including reaching a limited deal on trade on Friday.

For now, at least, the pact has helped ease a key source of uncertainty for investors heading into next year.

Yesterday’s historic House of Representatives session to impeach President Donald Trump on charges of abuse of power and obstructing Congress didn’t appear to have any impact on the market.

“This is what the market already expected, that it would go to a vote in the House and once it

eventually moves on to the Senate the president won’t be removed from office,” Willis said. “There are no surprises on that front, which is why the market isn’t reacting much to it.”

Investors like Trump’s approach of low taxes and less regulation for businesses, but they see his removal from office as unlikely because the Republican-controlled Senate would decide his fate following a House impeachment vote.

Traders had their eye on a mixed batch of corporate earnings reports yesterday.

FedEx was the biggest loser in the S&P 500 after the package delivery giant cut its profit forecast for its fiscal year and reported weaker quarterly earnings than analysts expected.

The company cited “weak global economic conditions” and higher expenses.

The stock slumped 10%.

FedEx’s woes also pulled shares in rival UPS lower.

That stock gave up 1.9%.

General Mills added 1.9% after it reported stronger profit for the latest quarter than analysts expected. The company behind Haagen-Dazs ice cream and Yoplait yogurt said its sales were flat from a year ago, which was a touch weaker than analysts expected, but it made more in profit from each $1 in sales than Wall Street forecast.

Cigna climbed 2.4% after the company agreed to sell its group life and disability coverage business for $6.3 billion.

Cintas added 2% after it reported stronger earnings and revenue for the latest quarter than Wall Street expected. The company, which provides uniforms, restroom supplies and other products for businesses, also raised its profit forecast for the fiscal year.

Tesla shares rose 3.7%, reaching an all-time high.

The electric car maker’s stock is up 18.1% so far this year. It’s jumped 54.4% since Oct 23, when it reported a surprise profit and reaffirmed its goal to sell 360,000 vehicles this year.

Several department store chains also notched solid gains. Macy’s rose 3.1%, L Brands climbed 3.3% and Nordstrom picked up 3%.

Benchmark crude oil fell one cent to settle at $60.93 a barrel, snapping a fiveday winning streak. Brent crude oil, the international standard, rose seven cents to close at $66.17 a barrel.

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.

THE TRIBUNE

Thursday, December 19, 2019, PAGE 15

FIAT CHRYSLER-PEUGEOT MERGER COULD BRING MORE CLEAN VEHICLES

DETROIT Associated Press

FIAT Chrysler and Peugeot agreed yesterday to merge into a single company that will become the world’s fourth-largest automaker, a giant that could bring consumers a wider variety of cleaner vehicles at a faster pace, including more powered by electricity.

The boards of the two companies signed the deal to achieve what neither was good at alone: conquering the challenges of stricter emission rules and navigating the transition to battery-powered and autonomous vehicles.

The new company, which doesn’t yet have a name, will be led by Peugeot’s costcutting CEO Carlos Tavares.

Fiat Chrysler CEO Mike Manley will stay on, though

it was unclear in what capacity and for how long.

For consumers, the agreement will give Fiat Chrysler access to “multi-energy platforms” already developed by Peugeot, including electric vehicles, Manley said.

“That obviously increases choice and improves overall fleet performance from a CO2 perspective,” he said.

“In any competitive environment, you win because you offer your customers great value.”

But don’t expect to see Peugeot sedans in the US anytime soon. Tavares said the combined company’s brands would stay where they originated.

The deal, long sought by both corporations, is expected to close within 15 months, although it will have to clear anti-trust and other regulatory hurdles.

On a series of conference calls, Tavares and Manley talked about obtaining $4.1bn (3.7 billion euros) in annual savings, largely from combining research and platforms, the underpinnings on which vehicles are built. The companies said they do not expect any factory closures, but administrative cuts that could cost jobs will be considered. Added vehicles should be able to fill up underutilised plants, they said.

By themselves, the companies were relatively weak in new technology, such as electric vehicles, with Peugeot ahead of Fiat Chrysler. But together, they will be able to turn out more plug-in hybrids and electric vehicles.

“In going this route, they should be more affordable,” said Stephanie Brinley, principal analyst for IHS Markit.

“Consumers should be able

to get it faster, and they should be able to get it at a lower cost.”

Peugeot has strong small and midsize cars, markets that Fiat Chrysler has almost abandoned in the US because of a huge consumer shift toward SUVs and trucks. But Brinley said Fiat Chrysler could use the Peugeot underpinnings to build more small and midsize SUVs at a faster pace for sale in the US. Meanwhile, Peugeot would get Fiat Chrysler’s expertise in pickup trucks and commercial vehicles and could perhaps sell some of the popular Jeep brand vehicles in

Europe and elsewhere.

Tavares said both companies’ brands have a strong following, especially in their home countries, that could be used as an advantage.

“When there is passion and emotion, there is room to work on the marketing communications,” he said.

The merger will not be the the last in a capitalintensive industry that faces challenges of new technologies, Brinley said.

Although she expects more combinations, she said competitors such as Ford Motor Co have been able to get economies of scale and share technology costs through partnerships that are short of a

full-blown combination.

Ford, for instance, is partnering with Volkswagen, while the much smaller Mazda of Japan is joining with Toyota.

“I think that it’s not unrealistic that we will see another merger or acquisition,” Brinley said. “But strategic alliances can be just as effective or more. I think we’ll see both happening.”

The deal, which was first unveiled in October, will create a company with revenues of nearly 170 billion euros (nearly $190bn) that produces 8.7 million cars a year — just behind Volkswagen, the Renault-Nissan alliance and Toyota.

JOB VACANCY Lead Electricians Purpose: Leads small installation teams of site electricians and other tradesman.

Duties and responsibilities · Review and understand electrical, architectural, structural and mechanical/plumbing drawings · Discuss with site superintendent any questions/discrepancies which you and the other field staff may have regarding the projects plans and specifications · Assist the Site Superintendent with the electrical layouts and planning of the daily/weekly activities and look-ahead schedules. · Assign and inspect the work of the site electricians to ensure timely completion and quality standards · Maintain time cards, material records and field reports as necessary · Maintain a harmonious working relationship with the other contractors and tradesman and coordinate the electrical work with their work · Ensure the company’s safety policy is adhered to and report any violations Required skills · Working knowledge of the electrical code and other relevant standards and regulations · At least 10 years’ experience on medium and large scale electrical installation projects in the Bahamas · Should be able to lead by example by demonstrating hard work, integrity & taking ownership · Must be Skilled in leading the work activities of self and others. · Must possess a Working Knowledge of the tools, equipment and materials common to the trade · Must be skilled in both verbal and written communication Suitably qualified individuals shall submit CV’s via email to

jobs@flameless.com

This opportunity is located in Nassau Submission deadline is December 23rd, 2019.

Only preferred qualified submissions will be contacted