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THURSDAY, DECEMBER 20, 2018
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Port bidder: ‘Majority’ of $250m for Bay St By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
NASSAU cruise port bidder yesterday pledged that the “majority” of its $250m investment will be spent outside Prince George Wharf to help bring Bay Street “back to life”. Colin Murphy, Global Ports Holding’s business development head for the Americas, told Tribune Business that its plans extended beyond “putting lipstick or a lick of paint” on the port to becoming the “transformative
* Aims to be downtown revival ‘catalyst’ * Bid much more than ‘lipstick or lick of paint’ * Says: ‘No one comes close to our offer’
NASSAU Cruise Port. catalyst” that sparks the long-awaited revitalisation of downtown Nassau. He added that, if selected
$225m cruise bid: ‘Everybody wins’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ANOTHER Nassau cruise port bidder declared its hand yesterday by pledging the facility’s $225m transformation into the “Gateway to the Caribbean” under majority Bahamian ownership. Nassau Port Partners, the group headed by Bahamian investment house Providence Advisors, promised that all Bahamian businesses, employees and self-employed persons relying on the cruise industry
would benefit from its proposal to redevelop Prince George Wharf. Kenwood Kerr, pictured, Providence Advisors principal, told Tribune Business last night: “We’re anticipating that it will be
SEE PAGE 7
Christmas miss on CLICO payout By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CLICO (Bahamas) clients are unlikely to receive a much-needed Christmas gift after a top government official yesterday confirmed their latest payout is unlikely to be made in time. Marlon Johnson, pictured, the Ministry of Finance’s financial secretary, told Tribune Business that the fifth payment to the
insolvent insurer’s annuity holders and pension beneficiaries may not be made until the New Year as the
SEE PAGE 5
by the Government as the port’s operator/manager, the Global Ports Holding group will convert the
facility from “a port of convenience” into a location that is “cool, hip and attractive” enough to entice more cruise passengers off their ships. Besides increasing passenger volumes, Mr Murphy said Global Ports Holding’s initial goal of increasing per capita visitor spending yields to in line with the Caribbean average would
SEE PAGE 6
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‘Fairly managed’?: Only if cruise port is independent By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU needs an independent port operator to “manage it fairly” and maximise the economic benefits from the cruise industry’s rapid expansion, one bidder argued yesterday. Colin Murphy, Global Ports Holding’s business development head for the Americas, told Tribune Business that selecting the cruise line-driven bid to manage Nassau’s cruise port would be akin to letting an airline manage Lynden Pindling International Airport (LPIA).
Making the case for The Bahamas’ main cruise port to be managed by an independent operator such as itself, Mr Murphy said it was “extremely important” for new and emerging cruise lines - many of whom were showing interest in coming to Nassau - to have confidence they would have access to berth space when needed. Besides Mediterranean Shipping Company (MSC), which is currently developing its own private island on Ocean Cay near Bimini, cruise lines such as Virgin and Viking are also eyeing the Caribbean region as
SEE PAGE 4
THE TRIBUNE
Thursday, December 20, 2018, PAGE 3
SEEK ‘POSITIVE’ CRUISE BIDDER PLANS ‘BIGGEST RETAILERS CRUISE LINE PARTNERSHIP OFFERING IN BAHAMIAN HISTORY’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
By NEIL HARTNELL and NATARIO McKENZIE Tribune Business Staff A NASSAU cruise port bidder yesterday said it its targeting “the biggest offering in Bahamian history” by giving 20,000 locals a chance to own a piece of its $250m project. Global Ports Holding, the UK-listed operator that is leading one of the three offers submitted to the Government, affirmed its plan to provide a $10m interest free loan to small Bahamian retail investors to enable them to acquire shares in an investment fund that will have equity ownership of 49 percent of the project. Colin Murphy, Global Ports Holding head of business development for the Americas, said: “Our goal is not to be ten businessmen. We want 20,000 Bahamians. “To make it easy for the small guy to participate in this, not the wealthy, we’ve dedicated $10m which will be used to provide interestfree loans. It’s not just a small select few. We want it to be the biggest offering in The Bahamas’ history in terms of spread.” He added: “My chairman is determined this puts as many shares as possible in the hands of small investors. We can lend people money to purchase these shares. They get a stake in the port without putting up any money at all. “Hopefully we will get paid back in dividends. We’re fully committed to it. We want taxi drivers, vendors, everybody to have a piece.” Those 20,000 Bahamians, if Global Ports Holding’s bid proves successful and it attracts such local investment, will hold shares in The Bahamas Investment Fund. That Fund, set up by CFAL (the former Colina Financial Advisors) and
billed as the “first fund ever targeting infrastructure investments”, will in turn hold a 49 percent equity stake in the Nassau cruise port and its redevelopment. Global Ports Holding will hold a matching 49 percent equity stake, while the YES Foundation - a foundation created to make charitable donations to youth, education and sports, provide annual grants and assist small businesses and entrepreneurs - will hold the remaining two percent. It will be capitalised with an initial $3m injection from Global Ports Holding. This structure, significantly, means that neither of Global Ports Holding’s two Bahamian partners - CFAL and BISX-listed Arawak Port Development Company (APD) will have an equity stake in the Nassau cruise port project. APD, which likely holds the current record for most widely-disbursed share offering with its 11,000 investors, will play an advisory role, offer maritime expertise, and provide “nonexecutive operations and facility support”. It will also explore, in conjunction with its New Fortress Energy partner, the possibility of offering liquefied natural gas (LNG) bunkering services to the cruise ships. Mr Murphy confirmed: “Global Ports Holding will own 49 percent of the equity in the project. Another 49 percent will be owned by an entity called the Bahamas Investment Fund. This was created in response to conversations we have had that informed us that people want to have a little bit of ownership in this thing. They want to feel like they are a part of this opportunity. “We are designing a fund that will own 49 percent of the shares in the port. We are keen towards ensuring
that local people can buy into this fund. There is a minimum subscription of $1,000, so we are going to be providing interest free loans of up to $10m for local people to get a stake in the port.” Mr Murphy reaffirmed: “Our target is to get 20,000 Bahamian shareholders, so it’s not six guys or ten guys or 50 guys; we want 20,000. We want everyone to take stake a stake in this project. We’re not doing this because we need the money, but we understand that we are tenants and we have to do this in partnership with The Bahamas. “The other two percent will be owned by a foundation we are going to be setting up called the Yes Foundation, which stands for youth, education and sports. Two percent of the dividends from the port will go into this foundation and be used to support causes good for youth, education and sports. We will kick that off with a $3m grant.” Mr Murphy said Global Ports Holding’s financial commitment to Bahamian stakeholders, inclusive of the $10m Bahamas Investment Fund loan and $3m to the YES foundation, is $28m. “Our financial commitment to local stakeholders is $28m. That comprises of $5m in micro-loans to small business to help them expand and improve. There is $10m we are going to lend, interest free to enable people to invest in the Bahamas Investment Fund,” he added. “We’re also working with the Downtown Nassau Partnership on some ways we can support some of the things they are doing. There is the $3m for the Yes Foundation. We are working with the skills development programme in partnership with the Small Business
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Development Centre to see how we can help them do better. We are advocating $2m to supporting local artisans and farmers through the Bahamas Agricultural and Industrial Corporation (BAIC). We want to be a great corporate citizen. We don’t just want to come in here and run the business. We want to be a part of the community.” Mr Murphy said Global Ports Holding would work “in harmony” with the Downtown Nassau Partnership (DNP) to help finance improvements to Bay Street and surrounding roads, and upgrade lighting and benches to make the area “a more attractive place where people want to linger” and spend money. He added that the port operator will also offer training initiatives to help small retailers and other businesses in areas such as product placement and merchandising, and also assist merchants not part of the cruise ships’ own marketing programmes.
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BAHAMIAN retailers yesterday called for a more “positive partnership” with the cruise industry, with one executive saying it is a “shame” that passengers are being discouraged from spending locally. Tara Nolan, a Bahamas Chamber of Commerce and Employers Confederation (BCCEC) director, and co-chair of the Bahamas Federation of Retailers (BFR), told Tribune Business: “Unfortunately cruise passengers are really encouraged to spend money on the ship. They are not encouraged, especially in the Nassau port, to even bring their wallets off the ship, much less get off the ship at all. “Sometimes they are told it’s unsafe to get off the ship. We have customers that wander into our store and are shocked to find there is such a nice retail establishment in downtown Nassau because they are not informed. That is a shame, not only for the local businesses, but it is also a shame for the cruise passenger who will not experience all the things that Nassau has to offer.” Ms Nolan said downtown Nassau has been in “desperate need” of a facelift for many years, noting that cruise port proposals by the
likes of Global Ports Holding could transform the area to the benefit of local retailers. “Downtown Nassau has been in desperate need of a beautification for years,” she agreed. “Retailers have been crying out for this investment for ages now. We really haven’t seen the attention from successive governments that we have needed to really transform this space and make it a desirable location. “We need a positive partnership with the cruise ship industry in a way which allows for Bahamian to get more of the economic benefits.” Colin Murphy, Global Ports Holding’s head of business development for the Americas, said has committed to only including already-established Bahamian retailers in its port retail offering. “In terms of retail, the typical sort of model for ports is a car park, a place to park the ships and shops,” he added. “We have committed that we won’t be adding big international retailers in our port, and the retail will be limited to people who operate there currently. We don’t want to step on anyone’s toes outside of the port. Part of our proposal is also to bring in trainers to help the small guys, the handicraft people, and to help them understand the retail business better.”
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‘Fairly managed’?: Only if cruise port is independent FROM PAGE ONE a potential destination in a period of rapid growth for the industry. With Miami adding five new cruise terminals within the next five years, Mr Murphy said Nassau “could be the main beneficiary” of such expansion provided it moved now to upgrade its port infrastructure to accommodate more, larger vessels and enhance the experience for visiting passengers. He warned that it would “cost” The Bahamas economically if it failed to act, pointing out that the Nassau cruise port - located in the heart of the country’s major city - is a prime infrastructure asset that has been under-exploited for decades. While there has been much talk of revitalising Bay Street and downtown Nassau, all such efforts have stalled and fizzled over the past two decades. Mr Murphy indicated that the port’s upgrade is critical - both to enabling Nassau to match the cruise industry’s multiple Bahamian private islands, and downtown’s ability to compete
with, and offer something different to, Atlantis and Baha Mar. “We really understand this business in-depth,” Mr Murphy told Tribune Business. “The cruise lines are users of the port. They don’t have the depth of experience and expertise that we do in port operations and management. You don’t want airlines to manage your airport.” Emphasising Global Port Holdings’ “respect” for the cruise industry, both as partners and for the multibillion dollar investment it is making in new vessels, he added that the lines were best suited to remain as Nassau cruise port’s customers. Mr Murphy, pointing out that Global Ports Holding deals with 70 different cruise lines between the 15 ports it manages, said: “The cruise lines, when it comes to push, they want a great experience and place to take their guests. They want berths for their own ships. “There’s a lot of new cruise lines that could come to Nassau. There’s a lot of cruise lines becoming interested. We feel that having an experienced,
independent port operator is the best way for Nassau to benefit from the growth of the cruise lines, and we’ll manage it fairly. New cruise lines knowing they have access to Nassau is very important.” One of Global Ports Holding’s two rivals for the contract to manage/operate Nassau’s cruise port is the bid from a group of cruise lines, who have partnered with the 50-strong Bahamian investor group, Cultural Village (Bahamas), and RoyalFidelity Merchant Bank & Trust. The involvement of the four cruise lines - Carnival, Royal Caribbean, Norwegian Cruise Line and Disney - has raised concerns about potential “conflicts of interest”, since they would be both operator and customer if the group is selected as Prince George Wharf’s manager. Some have likened their involvement to “the fox guarding the hen house”, given the influence they would hold over Nassau’s development in relation to their private islands. And they could also potentially have a say over berth availability and scheduling such
that other cruise lines could be kept out of Nassau - if Mr Murphy’s argument is followed. “There are more ships on order than ever before,” the Global Ports Holding executive told Tribune Business. “Our role in the industry is to create great destinations for these ships to go to, and their guests have great experiences, that it’s a fair relationship and that we partner with the locals, turning Nassau into a port people want to come back to. “The Port of Miami is building five new cruise terminals over the next five years. They’re all underwritten by the cruise lines. They want great destinations with great capacity. Where are they going to go? “We think a reinvigorated Nassau can be the main beneficiary if it’s done properly, the community is involved in the experience here, and if it is marketed properly. Nassau has a tremendous opportunity. We want to be part of it if we’re fortunate enough to be selected here.” Mr Murphy warned that The Bahamas would suffer a high economic
opportunity lost if it failed to act quickly enough to upgrade its cruise port. “I think it will cost Nassau if there are no new berths, no new ships willing to come here,” he said. “We want Nassau to become the port of choice, not because it’s close to the US but because it offers a fantastic guest experience. That’s what we intend to do, working with the local community. You want the most experienced operator to manage it on behalf of the Bahamian people.” Mr Murphy revealed that Global Ports Holding’s plans will include “iconic, synergistic architecture” for Nassau’s cruise port and the surrounding downtown area, although the final form will be decided after consultation with the Government and all relevant Bahamian stakeholders. “Design is so important,” he told Tribune Business. “We want people standing on their balconies to see fantastic architecture that pulls them off the ship. Everything is clean and friendly. The word of mouth will spread and Nassau’s reputation will be enhanced. “The initial thought was
colonial Caribbean vernacular, but that exists in a lot of other places. We think we have a design that’s more refreshing, more modern and iconic that puts Nassau on the map and make it stand apart from every other port in the Caribbean.” Global Ports Holding’s proposal also involves the creation of a waterfront amphitheatre, set in a park, which will host musical and movie events designed to attract locals and resortbased visitors, as well as cruise passengers, and turn downtown Nassau into a destination that remains open beyond the standard 9am-5pm hours. Mr Murphy rejected criticisms that the venue would deter cruise passengers from exploring downtown, adding that it was also designed to give guests at Atlantis and Baha Mar “a reason to come back downtown again” and expose all to Bahamian culture, music and the arts. “We think our proposal can stand up against anybody,” he told Tribune Business. “It would be easy for us to put lipstick on it but that’s not our intent. As a world-class operator we feel we’re the only person qualified to make this a world-class facility. “People are desperate for a transformation of Nassau, whether it’s taxi drivers, shopkeepers. People are looking for a transformation, not a halfhearted solution, and don’t want someone coming in from outside and co-opting the whole thing for their benefit. “We see this as a very important, prime asset of the Bahamian people, and we will be good stewards of that asset on their behalf. The difference is the management, experience and expertise, spending money wisely in a way that will have the most impact.”
THE TRIBUNE
Thursday, December 20, 2018, PAGE 5
BAHAMAS WINS TWO EXTRA TOURISM AWARDS THE Bahamas has won two awards from the largest website covering Caribbean travel and tourism. Caribbean Journal’s Caribbean Travel Awards 2018 honoured The Bahamas with awards for Best Caribbean Destination and Best Caribbean Tourism Minister. Its editor and publisher, Alexander Britell, said: “The region’s tourism offering has never been more diverse or more energetic. It’s a message to the world that the Caribbean isn’t just back — it’s better than ever.” But Caribbean Journal reserves extra praise for The Bahamas. Officials said
DIONISIO D’AGUILAR on its website: “While several destinations have had particularly strong growth in 2018, none has been more impressive — or more broadly impactful —
than The Bahamas. “That’s because while the destination has seen surging airlift growth (and a powerful increase in arrivals, thanks to the full-fledged debut of the Baha Mar mega resort), this year has seen something unique for the destination: universal growth. “That means growth that has been felt beyond the traditional pole of Nassau and New Providence. Indeed, islands across the Out Islands (and, crucially, Grand Bahama) are seeing strong growth — a clear sign that The Bahamas’ tourism growth is being realised across 700 islands and cays.
And that’s a very powerful thing.” Ministry of Tourism and Aviation officials recently confirmed that stopover arrivals have risen by some 18 percent from January to October 2018. Expedia travel has also reported that room night sales have grown by 30 percent, and forward bookings are up by 9.2 percent. The Caribbean Journal says part of this success is due to Dionisio D’Aguilar, minister of tourism and aviation. “While The Bahamas’ impressive growth has come from myriad sources, the destination’s surge has been expertly stewarded by
tourism minister Dionisio D’Aguilar, who took over in the role in 2017,” Caribbean Journal officials said. “From adding new hotels to helping to secure crucial new flights, to, importantly, making a concerted effort to give The Bahamas an active regional presence in the Caribbean, both at the public and private sector levels, D’Aguilar has been at the heart of the country’s impressive growth.” Minister D’Aguilar said new and refurbished hotel offerings are key to The Bahamas’ success over the past year. “We will continue to work to reach millenials as well as
repeat visitors looking for authentic, unique Bahamian experiences through the natural beauty of all of our islands, strategic partnerships and promotions, media relations and attractive programmes for travellers,” he added. “Our priority will be to continue to position the islands of The Bahamas as a premier travel destination.” These latest awards come on the heels of The Bahamas being awarded the World Travel Awards’ ‘World’s Leading Luxury Island Destination’ and the ‘World’s Leading Wedding Destination’ honours.
Christmas miss on CLICO payout FROM PAGE ONE Government “worked through” the disbursement. “That’s correct. The money has not been disbursed as yet, but we’re trying to work through it and get the money paid as soon as possible,” Mr Johnson said in response to this newspaper’s inquiries. “We wanted to the payment before the end of the year. It’s still the plan to do it on this side of New Year, or in the next two to three weeks for sure. It’s busy for us at the Ministry of Finance. We’re doing thousands of things we have to get done, end of year elements sorted out. “That’s [the payout] still the plan. We’re trying to make the payment before year-end or certainly in the New Year.” This places the Government in jeopardy of missing the timescale unveiled by KP Turnquest, deputy prime minister, who in late October said the Government was “set
to make another payout this year” in the region of $10m. Some $12.403mm has been allocated in the Government’s 20182019 budget for CLICO (Bahamas) compensation payments, with the same sum also earmarked at present for the 2019-2020 and 2020-2021 fiscal years. However, with their hopes of receiving further recovery of their life savings pre-Christmas likely to be dashed, festive cheer among CLICO (Bahamas) annuity holders and pension beneficiaries is likely to be in short supply as the ten-year anniversary of the insurer’s collapse into insolvency on February 2009 looms. Bishop Simeon Hall, a prominent CLICO (Bahamas) annuity holder, told Tribune Business: “On behalf of policyholders I’m hoping that the ministry delivers on its promise before the Christmas holiday. “If the Ministry of Finance puts on the Santa Claus hat and comes through everyone will be
BISHOP SIMEON HALL happy. I got word something was coming through before Christmas, and I hope that can materialise. “In these tough economic times, any amount of money is badly needed. On behalf of those who desperately need it, are marginalised. I’m encouraging the administration to keep its promises.” Tribune Business understands that all persons who needed to approve the fifth CLICO (Bahamas) payout have done so. Apart from the insurer’s liquidator, Craig Tony Gomez, the Baker Tilly Gomez accountant and
Three and Four Year Old Children Given a Head Start in Early Childhood Care and Development The Ministry of Education senior officers met with the Pre-school and Day-Care Centre Council to discuss the new initiative for the Universal Pre-Primary Private Partnership. The Pre-school and Day-Care Centre Council is partnering with the Ministry of Education in its goal to increase the number of three year olds attending early childhood programmes within the Bahamas. The Council seeks to intensify its monitoring of early childhood centres by ensuring that all centres are duly registered and in compliance with the law. Such centres will be afforded the opportunity to partner with the Ministry of Education in receiving 2k per child in assisting the Ministry of Education to care for and provide developmentally appropriate practices and service to each child. The council applauds the Ministry of Education in this venture that will focus on early development and pre-primary readiness. This is a strong and valuable commitment made by the Ministry of Education to Early Childhood Development which contributes to Education for all and the Council wholeheartedly supports this initiative.
Back row: Ms. Morlette Johnson, Mrs. Joy Wells, Nurse Gina Dean, Ms. Letitia Smith, Dr. Marcia Bassett, Mrs. Ellen Rhodriquez, Front row: Mrs. Roxane Chipman, Mrs. Agatha Archer, Ms. Cyprianna Bethel, and Mrs. Leja Burrows.
principal, this included the creditor’s committee, Insurance Commission of The Bahamas (ICB) and the Supreme Court. However, it is understood that the payout, which is thought to be between $8-$10m, is now simply in the Ministry of Finance’s payment queue. Basil Christie, the CLICO (Bahamas) creditors committee chairman, said: “We had approved a payout from December 14, last Friday. “Apparently, the Government have not sent the money. That’s as much as I know. I’ve not been successful in contacting the liquidator to get an update. Yeah, I’m concerned. I’d love to have it for Christmas.” Back in 2016, former Prime Minister Perry Christie announced that the insolvent insurer’s Executive Flexible Premium Annuity (EFPA) holders, and surrendered pension policies, would receive a cash payment capped at $10,000. Anything owed above
this sum was to be paid off via the issuance to former clients of seven-year promissory notes (government bonds), which will provide them with quarterly insurance payments at the
prime rate (4.75 percent). It was also indicated that surrendered insurance policies, death benefits, medical claims and staff pensions would ultimately be paid in full.
NOTICE The Chambers of CEDRIC L. PARKER & CO. Counsel & Attorneys-at-law 9 Harcourt (Rusty) Bethel Drive Nassau, The Bahamas Will Be CLOSED For the holidays From Friday, 21st December, 2018 at 5:00pm re-opening on Wednesday, 2nd January, 2019 HAPPY HOLIDAYS CEDRIC L. PARKER & CO.
PAGE 6, Thursday, December 20, 2018
THE TRIBUNE
Port bidder: ‘Majority’ of $250m for Bay St FROM PAGE ONE - based on a back-of-theenvelope calculation - inject nearly an extra $100m into the Bahamian economy annually. Among the bidder’s planned upgrades is the development of a waterfront amphitheatre and park, with the former hosting musical acts and events such as “movies under the stars” in a bid to make downtown Nassau a 24/7 destination that attracts locals and resort-based tourists as well as cruise passengers. Mr Murphy added that Global Ports Holding aims to add two new berths at Prince George Wharf to accommodate both the increasing number and size of cruise ships, giving the port the ability to handle up to an extra 12,000 passengers daily. A tram service, similar
to that employed at Disney World, will be installed to transport passengers from the furthest berths to the port’s entrance. And two marinas, one immediately adjacent to the port, will be developed to facilitate the rapid movement of visitors from cruise ships to vessels belonging to water-based tour operators. Mr Murphy emphasised that Global Ports Holding would work closely with all Bahamian stakeholders in downtown Nassau so that the economic benefits of its port management initiatives are maximised for the country and its people, adding of the two rival bidders: “No one else comes close.” “Our goal is not to put lipstick on it or a lick of paint,” he told Tribune Business of Global Ports Holding’s plans. “Our goal is to transform downtown. That majority of that $250m is being spent outside the gates of the port.
“It’s an attempt to put Nassau not only among the top ranks of cruise ports in the Caribbean, but the world. We’re really doing everything we can by investing outside the port, creating opportunities for local people. It’s not just about the port. We want to the the transformative element, be the catalyst that brings downtown Nassau back to life in partnership with Bahamians.” Global Ports Holding triggered the Government’s issuance of a formal Request for Proposal (RFP) for a cruise port operator with its unsolicited bid that was submitted in summer 2018. In that then-$200m offer, it predicted that its proposal would give the Bahamian economy a $16bn boost spread over the 30-year period to 2049. Suggesting that the economic impact will only increase as a result of the
company’s proposed investment increase, Mr Murphy told Tribune Business: “There’s billions of dollars of impact, and we can do it. “This is money not flowing into our pockets; it’s money flowing into Bahamian pockets. We’ve said we don’t want to bring in big retail stores like others currently do. It [the port] will be reserved for existing stores operating in spectacular surroundings.” A recent economic impact survey on behalf of the Florida-Caribbean Cruise Association (FCCA) found that cruise passenger spending in Nassau and Freeport soared by 59 percent over the past three years, jumping from $82.83 in 2015 - a low to average sum in comparison to the rest of the Caribbean - to $131.95 just three years later, an almost $50 increase. Several observers have expressed scepticism over the timing and magnitude of such an increase, and Mr Murphy yesterday suggested the average cruise passenger spend in Nassau was closer to $63. Taking this figure, he argued that raising Nassau’s spending to the Caribbean average of $86 per head would generate a near$100m annual economic boost for Bahamian businesses in the downtown area, their employees and self-employed vendors. “If we get The Bahamas up to the average of the Caribbean that’s nearly $100m a year,” Mr Murphy said, basing this on the $23 per head increase and 4m passengers. “That’s our goal. It’s been going down, down, down every year. “We want everyone to benefit. We want the distribution of passengers to be enhanced, we want the tour operators to benefit. The passenger count is expected to grow five percent yearover-year through 2027, and at 2.5 percent after that. It will stabilise at two percent year-over-year. “It’s massive influx of money to the Bahamian people and not to us through passenger growth combined with higher spend. Hopefully, we will be helping to create jobs
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for retailers, tour operators. If those people are getting a pay cheque, that will flow through the whole economy.” Mr Murphy said Global Ports Holding would take on all those employed in current port operations that wanted to join it, should its bid be successful, while “98 percent of the construction workers will be from The Bahamas”. While a “small number of expatriates” would be brought in to ease the transition, and oversee project management and financial administration related to construction, he added that all building work would be performed by Bahamian sub-contractors. Global Port Holdings’ unsolicited bid forecast that the project would generate up to direct 1,182 construction jobs, and up to 70 permanent posts in port operations by the fourth year. It added: “The first year of the operational phase is expected to add an estimated $216m to the economy as a result of expected increases to cruise passenger arrivals, onshore rates and cruise tourist spending. Over a ten-year period (2022-2031), the cumulative effect is projected to be $3.7bn.” Global Ports Holding will have to fend off competition from two rival bidders, the Nassau Port Partners consortium and the alliance between the cruise lines and the 50-strong Cultural Village (Bahamas) group, if it is to realise a near two-year ambition to take over Prince George Wharf’s operation and management. The UK-listed port operator, which manages 15 cruise venues in nine countries, including the ports at Barcelona, Lisbon, Venice, Singapore and Malta, has recently broken into the Caribbean market by securing Havana and now has Nassau in its sights. Mr Murphy said that while “98 percent” of the Caribbean ports spoken to had expressed an interest in Global Ports Holding’s involvement, the UK-listed company “can’t be everywhere” and needs to be “selective”. Besides its proximity to the US, and value to the cruise lines’ threefour night cruises because of US laws that require foreign-flagged vessels to call abroad before returning to their home ports, Mr Murphy said Nassau’s status as “the biggest cruise port in the world” catering to between 3.5m-4m passengers annually was especially attractive.
“There’s an opportunity to improve it and bring tremendous value,” the Global Ports Holding executive told Tribune Business. “Nassau is a port of convenience really because of its proximity to the US. We want to change it to a place where Nassau is cool and hip and attractive, and provides all the attributes that make passengers come. “We want bigger, modern ships coming with higheryielding passengers. The first thing is we think we can add two new berths for ships bringing 5,000 to 6,000 passengers. That’s the first thing we can do. We are definitely going to increase the number of passengers.” Along with increasing cruise passenger volumes, Mr Murphy said Global Ports Holding would seek to eliminate “bottlenecks” at Prince George Wharf’s entrance and ensure “a better distribution of passengers and flow” throughout downtown Nassau so more merchants, taxi and surrey drivers, hair braiders and other professions benefit. It also plans to tackle the distance between Prince George Wharf’s external cruise berths and the port entrance, with Mr Murphy saying that “people struggle with having to do long walks over rough surfaces”. A tram-based transportation system will be introduced, with Global Ports Holding also planning to “get rid of” old containers and trash receptacles from the dock. It also intends to build two marinas, one immediately adjacent to the port. That will cater to pre-booked tours, with the other set aside for independent water taxis and tour operators. “We understand how important it is for the cruise lines to get people off ship and on to tour boats as quickly as possible,” Mr Murphy added. “Nassau has great assets like Fort Charlotte and Fort Fincastle. We look forward to working with the Antiquities, Monuments and Museums Corporation (AMMC) to publicise them and make them great venues for tour operators to bring guests to.” Mr Murphy said Global Ports Holding had been exploring Nassau’s cruise port since 2016-2017, and added: “We’ve invested a lot of money in this opportunity, and spent a lot of time and effort, and think we understand this opportunity better than anyone else. We think by far Global Ports Holding has the best plan for Nassau. No one else comes close.”
THE TRIBUNE
Thursday, December 20, 2018, PAGE 7
$225m cruise bid: ‘Everybody wins’ FROM PAGE ONE majority Bahamian-owned. It’s transformational, and we’re the better group. “It’s wide participation of Bahamian ownership, rather than concentrated ownership in the historic set of hands. And it’s more than just Bahamian ownership. It’s actual participation in economic activity through the port. “Through the project, taxi drivers, artisans, hair braiders, straw vendors, surrey drivers, even the downtown merchants - everybody wins.” Unveiling four other entities participating in the Nassau Port Partners bid, the group said its proposal calls for the development of “a park at the pier” by the entrance to Prince George Wharf, along with better links and passenger flow to take visitors into Bay Street and wider downtown Nassau. “As the cruise industry trends toward larger ships accommodating 4,000plus passengers, it has created a growing demand for ports of call with a pier structure to facilitate the rapid offloading/ loading of passengers without tenders,” Nassau Port Partners said. “The greater numbers of passengers visiting foreign ports are fuelling the need for improved passenger experiences,and enhanced and varied cruise itineraries. Currently, the port of Nassau is the busiest transit port in the Caribbean but has, over the past 50 years, struggled with portraying a ‘sense of place’ and providing a memorable experience for cruise guests with a great sense of arrival. “Nassau Port Partners will re-establish Nassau as ‘The Gateway to the Caribbean’, with a dedicated pier park at the pier, open to the city and linking it with the revitalisation and expansion of the downtown shopping and historical walking experience,” it continued. “Our consortium will set a goal with our redevelopment to add value to the whole of the city,
and develop a mixed-use land plan to rebrand the destination. Nassau Port Partners’ priority is to develop a berthing plan to accommodate the larger ships with safety and efficiency as paramount objectives, yet allow for enough landside space to make the guest experience enjoyable for the arriving passengers, local guests and residents of The Bahamas.” Besides giving Nassau’s cruise port a distinctly Bahamian identity, Nassau Port Partners - echoing the rival bid from Global Ports Holding - said it planned to enhance berthing capacity and the distribution of passengers throughout downtown with the goal of raising per capita spending yields. Promising the group’s commitment to delivering the “optimum port experience”, Nassau Port Partners said: “In order to benefit both the guest experience and the impact on local businesses, Nassau Port Partners have proposed a series of both local transportation initiatives and ‘out lying’ experiences to help distribute guests throughout New Providence and the islands. “These transportation initiatives would also be available for use by the local community. Our continuous aim will be to deepen the economic participation of the many micro, small, mediumsized Bahamian businesses, including the taxi drivers, tour boat operators, straw vendors, local craft artisans, surrey drivers and entertainers, and many others that would fit the new vision of our destination port. “The key to a successful port is one where it reflects a sense of place and local culture, is treated as part of the locale, open to all, and not set behind gates and walls for the exclusive benefits of the users.” Besides Providence Advisors, which touted itself as representing 45,000 Bahamian pensioners, largely through its administration of the hotel industry pension funds, the consortium includes Metro Cruise
Services as the port-operating entity. Metro, headquartered in Long Beach, California, was billed as managing 12 ports on the US east and west coasts, including Port Everglades, Boston, Bayonne, Mobile, Galveston, Los Angeles, Long Beach, San Francisco, San Diego, Catalina Island, Santa Barbara and Seattle. “Metro received the ‘Port of the Year’ award by Princess Cruises when they previously operated the Los Angeles World Cruise Terminal with volumes exceeding one million passengers annually,” Nassau Port Partners said. Also involved is PND Engineers, a marine engineering firm said to specialise in cruise ship industry infrastructure, and which expanded into the Caribbean in 2016 with the Harvest Caye project for Norwegian Cruise Line. IDEA Inc is the planning and design component, and Nassau Port Partners said it has received awards for Jamaica’s Historic Falmouth cruise attraction and Tortola Pier Park. “IDEA has provided strategic planning services for Royal Caribbean, Disney and Norwegian Cruise lines, and acted as an owner’s representative on port projects in the Caribbean, Alaska and Asia,” Nassau Port Partners said. Finally, Nassau Port Partners named US-based investment bank, Bazarian International Financial Associates, as its financial advisor in raising the necessary project financing, asserting that it had “a proven track record” in The Bahamas, Caribbean and Central and South America.
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THE TRIBUNE
Uber loses UK case on worker rights, expected to appeal LONDON Associated Press UBER pledged yesterday to challenge a UK Court of Appeal decision that drivers should be classed as workers rather than selfemployed employees, a verdict that has potentially wide-ranging implications for the rapidly growing gig economy and the rules that govern it. The challenge sets up a showdown in Britain’s Supreme Court that will determine whether the drivers will be able to claim the rights open to workers such as the minimum wage and paid holidays. Unions rejoiced at Uber’s third loss in the courts on the issue, and said it was an early Christmas present for those working in the gig economy, where people work job-to-job with little security and few employment rights. “We’re now at a hat trick of judgments against Uber, they keep appealing and keep losing,” said Tim Roache, the generalsecretary of the GMB union. “Uber should just accept the verdict and stop trying to find loopholes that deprive people of their hard-won rights and hardearned pay.” The San Francisco-based company, which has sought under its new CEO Dara Khosrowshahi to improve its image, pointed out that the decision was not unanimous “and does not reflect the reasons why the vast majority of drivers choose to use the Uber app”. It added that were drivers to be classified as workers,
AN UBER App is displayed on a phone in London. then it would be inevitable that they would lose freedom and flexibility. “Over the last two years we’ve made many changes to give drivers even more control over how they use the app, alongside more security through sickness, maternity and paternity protections,” the company said. “We’ll keep listening to drivers and introduce further improvements.” Though the UK ruling will not apply to employees outside the country, it is part of a trend in which regulators are more closely scrutinising a quickly evolving workplace and challenging traditional employment models. Only this week, Britain published its Good Work Plan, promising to clarify the tests around employment status as suggested by the landmark Taylor Review last year. Though the suit was brought by two employees, the case has implications for the 50,000 drivers who use the platform. Lawyers
are also watching — not just because of Uber’s massive global footprint, but because some 1.1 million people in the UK are estimated to work in the gig economy. The numbers involved mean that any future decision could have an impact on the viability of Uber’s business model and pricing, according to Rachel Farr, a senior employment lawyer at the international law firm Taylor Wessing, which is not involved in the case. “Uber’s competitors and businesses in the gig economy will also be considering what this means for them, while the decision will have given hope to those who believe they are workers who deserve a better deal,” she said. “But just because Uber lost, it doesn’t mean that others will: each case will be considered on its specific facts, including the contractual terms between the parties and what actually happens in practice.” Uber has expanded rapidly around the world by positioning itself as the alternative to traditional taxis through a smartphone app that links people in need of rides with drivers of private cars. That has drawn protests from taxi drivers who say Uber and similar services are able to undercut them. Some companies have argued that the gig system provides lifestyle benefits for people who want flexibility, but the arrangements also allow companies to avoid many expenses associated with hiring full-time employees.
THE TRIBUNE
Thursday, December 20, 2018, PAGE 11
Obama health law sign-ups beat forecast despite headwinds WASHINGTON Associated Press THE Affordable Care Act has yet again beaten predictions of its downfall, as government figures released yesterday showed unexpectedly solid sign-ups for health coverage next year. The Centres for Medicare and Medicaid Services said nearly 8.5 million people had enrolled as of last Saturday’s deadline, with about a dozen states, including California and New York, still left to report. The preliminary number was down about four percent, when a much bigger loss had been expected. Different factors combined to make for an unpredictable sign-up season this year for former President Barack Obama’s health care law, commonly referred to as “Obamacare”. On the plus side, premiums stabilised and consumers had more coverage choices. On the negative side, premiums for the health law’s comprehensive coverage remained unaffordable for many people who don’t qualify for financial help. Also, Congress repealed a requirement for Americans to get health insurance, and President Donald Trump’s administration sharply scaled back advertising and opened the way for competition from lower-cost insurance that covers less. Then last Friday, a Republican-appointed federal judge in Texas declared the whole law unconstitutional on the eve of the enrollment deadline. Health law supporters are planning to appeal. Experts said the new numbers show staying power for “Obamacare”, even with its continuing
political problems and premiums that remain too high for many middle-class consumers. “Despite everything that has been thrown at this market, politically, with premium increases and also regulation changes, there is still a core group of Americans who want this insurance and buy this insurance every year,” said Chris Sloan of the consulting firm Avalere Health. “They are a hardy group of people.” But the number of new customers — the key to growing the market — remained down by about 15 percent when compared to last year. Yesterday’s figures are for the 39 states using the HealthCare.gov website. Not included yet are totals from about a dozen states running their own insurance marketplaces. Also to be added in later are HealthCare.gov customers who signed up close to deadline or who left phone numbers for a callback. In a twist, Trump administration officials said the enrollment numbers rebut charges of “sabotage” coming from Democrats. Trump has repeatedly called the health law a “disaster” and last year led an unsuccessful drive to repeal it. White House actions last year were blamed for higher premiums. Nonetheless, CMS Administrator Seema Verma said that the administration has taken strong steps to run a smooth and efficient sign-up process and that yesteryda’s numbers are “another sign that the administration’s efforts are working”. For example, Verma said HealthCare.gov was down for less than an hour this open enrollment season. After the Republican-led Congress repealed the law’s
unpopular fines for people who go without health insurance, many experts predicted it would lead to a drop in enrollment. But Verma said that doesn’t seem to have happened. She said the main reason enrollment has continued to gradually erode year over year is because premiums are still unaffordable for people who don’t qualify for help. But Joshua Peck, who headed marketing efforts under the Obama administration, faulted the Trump administration for ratcheting back advertising. “Consumer demand for health coverage is extremely high,” he said. “That doesn’t mean the administration is running open enrollment well. In fact, new enrollment — one of the best indicators — has shown a decline.” The health law provides subsidised private insurance for people who don’t have coverage through their jobs. It also gives states the option to expand their Medicaid programs to cover more low-income adults. Since it passed in 2010, about 20 million people have gained coverage, keeping the nation’s uninsured rate under ten percent. Nearly 11.8 million people signed up during last year’s open enrollment season, counting consumers in all 50 states. It’s possible that number could be matched again, after totals from remaining states are added. “Obamacare” has survived two Supreme Court challenges and dozens of votes in Congress to repeal it wholly or in part. After Judge Reed O’Connor’s ruling last week, another legal challenge is working its way through the courts. The judge agreed with a group of Republican-led states that were seeking to overturn Obamacare.
Life Insurance Consultant Are you a people person? Join a team where people come first. About Us – A leading regional player in the retail insurance sector, Colonial Group International, with over 300 employees and offices in Bermuda, the Bahamas, Barbados, the British Virgin Islands, the Cayman Islands and the Turks & Caicos Islands, offers a complete range of premier financial and insurance services to our individual and corporate clients. We know that our products make a real difference to our clients and their families. The Role – You will be responsible for achieving set sales targets by developing, fostering and maintaining relationships with new and existing clients by offering Colonial Life’s full range of life insurance and investment products. Reporting to the Sales Manager, you will provide regular accountability reports regarding activities undertaken to achieve sales targets. You will also ensure client information is up to date in the system as well as other related general administration duties. Excellent and innovative customer service delivery is important to us, critical to our strategic objective of business retention and growth and applies to all roles across the Group. The Person – You will be responsible for achieving set sales targets by developing, fostering and maintaining relationships with new and existing clients by offering Colonial Life’s full range of life insurance and investment products. Reporting to the Sales Manager, you will provide regular accountability reports regarding activities undertaken to achieve sales targets. You will also ensure client information is up to date in the system as well as other related general administration duties. Excellent and innovative customer service delivery is important to us, critical to our strategic objective of business retention and growth and applies to all roles across the Group. To Apply – Please send your résumé/cv by no later than December 31, 2018 to our Vice-President, Human Resources at bs_hr@atlantichouse.com.bs.
ATLANTIC MEDICAL INSURANCE LIMITED Atlantic House, 2nd Terrace & Collins Avenue, P.O. Box SS-5915, Nassau, Bahamas tel. 326 8191 www.cgigroup.com A Member of Colonial Group International Insurance, Health, Pensions, Life Atlantic Medical Insurance is rated A- (Excellent) by AM Best
PAGE 12, Thursday, December 20, 2018
THE TRIBUNE
Fed lifts rates for 4th time this year but sees fewer hikes WASHINGTON Associated Press THE Federal Reserve raised its key interest rate yesterday for the fourth time this year to reflect the US economy’s continued strength but signaled that it expects to slow its rate hikes next year. Despite the forecast for fewer hikes, investors sent stocks plunging once Chairman Jerome Powell began a news conference, apparently disappointed that Powell didn’t go further to signal a slowdown in rate increases. Yesterday’s quarter-point increase, to a range of 2.25 percent to 2.5 percent, lifted the Fed’s benchmark rate to its highest point since 2008. It will mean higher borrowing costs for many consumers and businesses. The Fed’s move came despite President Donald Trump’s attacks in recent weeks on its rate hikes and on Powell personally. The president has complained that the moves are threatening the economy. At a news conference after the Fed’s announcement, Powell said Trump’s tweets and statements would have no bearing on the central bank’s policymaking. The statement the Fed issued yesterday after its latest policy meeting said that only “some” further gradual rate increases are likely; previously, it spoke
FEDERAL Reserve Chairman Jerome Powell speaks at a news conference in Washington, yesterday. The Federal Reserve is raising its key interest rate for the fourth time this year to reflect the US economy’s continued strength but signaling that it expects to slow hikes next year. Photo: Susan Walsh/AP
simply of “further gradual increases”. And its new forecast projects two rate hikes next year, down from three the Fed had predicted in September. US stocks had been up sharply before the Fed’s announcement, but the Dow Jones Industrial Average closed down about 352 points. Bond prices surged, though, sending yields lower. The central bank has raised rates with steady regularity as the US economy has strengthened. Yesterday’s was the Fed’s ninth hike since it began gradually tightening credit three years ago. But a mix of factors — a global slowdown, a US-China trade war, still-mild inflation, stomach-churning drops in stock prices — has led the
Fed to consider slowing its rate hikes to avoid weakening the economy too much. It’s now likelier, as Powell said at his news conference, to suit its rate policy to the latest economic data — to become more flexible or, in Fed parlance, “data-dependent”. Powell acknowledged the shift in the Fed’s strategy. “We’re going to be letting incoming data inform our thinking about the appropriate path” of future rate increases, he said. In recent years, the Fed has managed to telegraph its actions weeks in advance to prepare the financial markets for any shift. But now, the risks of a surprise could rise. Next year, Powell will begin holding a news conference after each of the Fed’s eight meetings each
year, rather than only quarterly. This will allow him to explain any abrupt policy changes. But it also raises the risk that the Fed will jolt the markets by catching them off guard. Some analysts say the Fed might want to pause in its credit-tightening to assess how the economy fares in the coming months in light of the headwinds it faces. Contributing to this perception is Powell’s view that rates appear to be just below the level the Fed calls “neutral”, where they’re thought to neither stimulate growth nor impede it. Asked at his news conference whether the Fed’s key rate is near neutral, the chairman said he thinks it’s at the “lower end” of a neutral range. His comment reinforced
the notion that the Fed might be poised to slow or halt its rate hikes to avoid weakening the economy. For now, most US economic barometers are still showing strength. The unemployment rate is 3.7 percent, a 49-year low. The economy is thought to have grown close to three percent this year, its best performance in more than a decade. Consumers, the main driver of the economy, are spending freely. After the two rates increases that the Fed now envisions for next year, it foresees one final hike by 2020, which would raise it benchmark rate to 3.1 percent. By 2021, four Fed officials envision reversing course and actually cutting rates to help stimulate the economy. The Fed’s new forecasts also reduce the long-run level for its benchmark rate to 2.8 percent from three percent. In doing so, the Fed is signaling that it doesn’t need to tighten credit much further to keep the economy from overheating. Its statement described the economy as strong. But it did note potential threats by adding language to say it would monitor global developments and assess their impact on the economy. In its updated outlook, the Fed lowered its forecast for growth next year to 2.3 percent from the 2.5 percent it foresaw three months ago. It predicts two percent
growth in 2020. Those estimates are far below the Trump administration’s insistence that its tax cuts would help accelerate annual growth to three percent in coming years. Given the still-healthy US economy, the Fed would normally keep gradually raising rates to make sure growth didn’t overheat and ignite inflation. But this time, the risks to the economy seem to be rising. From China to Europe, major economies are weakening. Trump’s trade conflict with Beijing could, over time, undermine the world’s two largest economies. There are also fears that the brisk pace of US growth this year reflected something of a sugar high, with the economy artificially pumped up by tax cuts and a boost in government spending. The benefit of that stimulus will likely fade in 2019, slowing growth to a more modest pace. And as US interest rates have risen, loan-sensitive sectors of the economy, from housing to autos, have begun to weaken. In addition, the Fed has been gradually shrinking the vast portfolio of Treasury and mortgage bonds it built up after the 2008 financial crisis. This process is thought to have had the effect of putting further upward pressure on borrowing rates for consumers and businesses.
THE TRIBUNE
Thursday, December 20, 2018, PAGE 13
US cybersecurity firm: Hackers stole EU diplomatic cables LONDON Associated Press HACKERS have spent years eavesdropping on the diplomatic communications of European Union officials, a US cybersecurity firm said yesterday, an operation disrupted only after researchers discovered hundreds of intercepted documents lying around on the internet. The documents were discovered a few months ago after a malicious email was caught by the Redwood City, California-based Area 1 Security firm, according to company co-founder Blake Darche. He said the firm followed
forensic clues in the message back to an unsecured server that had some 1,100 EU diplomatic cables. Darche said he believed that tens of thousands more such documents have been stolen. “We estimate that the ones we found are a small fraction of the overall operation,” he said. “From what we can see, the EU has a significant problem on their hands.” Darche said the hackers are working for China’s People’s Liberation Army, a judgment he said was based on eight years spent observing the group. A report published by the group yesterday laid out the hackers’ modus operandi, but
attribution is notoriously fickle and others in the field voiced skepticism. Calls to China’s mission to the European Union were not returned yesterday. Beijing has in the past denied similar reports. EU officials are taking the report “extremely seriously” but it is “impossible to comment on leaks”, European Commission Vice President Valdis Dombrovskis told reporters in Brussels. “All communication systems have vulnerabilities, so we’re constantly dealing with this challenge,” he said. Dombrovskis identified the system hit by the leaks as one managed by the
EUROPEAN Commissioner for Euro and Social Dialogue Valdis Dombrovkis speaks during a media conference at EU headquarters in Brussels, yesterday. The European Commission says it has reached an agreement with Italy to avert action over the country’s budget plans, which the EU’s executive arm had warned could break euro currency rules. Photo: Virginia Mayo/AP European Council’s secretariat, which represents EU member states in Brussels, rather than the commission itself. In an email, the council acknowledged what it described as “a potential leak of sensitive information” and said it was investigating. It offered no further comment. The New York Times, which first reported on the
breach, published excerpts of the diplomatic cables after obtaining them from Area 1 ahead of time. Some of the messages appeared to capture European officials struggling to deal with the erratic movements of US President Donald Trump. One such document appeared to capture a senior European official in
Washington recommending that envoys from the EU’s member nations work around Trump by dealing directly with Congress. In another apparent message, European diplomats described a recent summit between Trump and Russian President Vladimir Putin in Helsinki, Finland, as “successful (at least for Putin)”.
PAGE 14, Thursday, December 20, 2018
THE TRIBUNE
DC SLAPS FACEBOOK WITH LATEST SUIT TARGETING PRIVACY LAPSES WASHINGTON Associated Press THE District of Columbia has fired the latest legal salvo against Facebook with a lawsuit seeking to punish the social networking company for allowing datamining firm Cambridge Analytica to improperly
access data from as many as 87 million users . The complaint filed Wednesday by Washington, DC, Attorney General Karl Racine alleges that Facebook misled users about the security of their data and failed for years to properly monitor third-party apps. “We’re seeking to hold Facebook accountable for
NOTICE COMPASS POINT AVIATION NOVUS FIN 1 LTD. NOTICE IS HEREBY GIVEN as follows: (a) COMPASS POINT AVIATION NOVUS FIN 1 LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 19th of December, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.
jeopardising and exposing the personal information of tens of millions of its users,” Racine said. “We hope this lawsuit will ensure Facebook takes better care with its data.” Facebook said it’s reviewing the complaint and will continue to hold discussions with Racine and attorneys general scattered across the country who have raised red flags about the company’s mishandling of personal information. The lawsuit is the latest blow to Facebook in a year fraught with privacy scandals and other problems for the world’s biggest social network. Facebook already has been buried in an avalanche of other lawsuits filed in federal and state courts, as
well as regulatory investigations in both US and Europe into whether the company has violated laws by repeatedly allowing unauthorised access to the personal information of the nearly 2.3 billion people on its private network. Most of the headaches began in March after revelations that Cambridge Analytica, which had been working with the 2016 campaign of President Donald Trump, had been able to vacuum up potentially valuable information about US voters off of Facebook profiles. That bombshell triggered congressional hearings and changes in what sorts of data Facebook lets outside developers access. The Washington lawsuit
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INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, VERONICA BRENDA COLLINS of New Providence, The Bahamas, intend to change my name to VERONICA BRENDA COLLINSStyLES. If there are any objections to this change of name by Deed Poll, you may submit such objections to the Chief Passport Officer, P. O. Box N-742, New Providence, The Bahamas no later than Thirty (30) days after the date of the publication of this notice.
(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
alleges that about half of the District of Columbia’s roughly 700,000 residents had their data scooped up by Cambridge Analytica in violation of local laws. That is a relatively small number, but the case could attract outsized attention, given it will unfold in the nation’s capital, where US lawmakers are mulling imposing new regulations restricting how much personal information Facebook and other internet companies can collect on their mostly free services. “Every time we see another lawsuit, or investigation, it helps keep attention on what has been happening and should help create a framework for holding Facebook accountable,” said Mike Chapple, an associate teaching professor of information technology, analytics and operations at the University of Notre Dame. “People are getting fed up with having their information mishandled.” It remains unclear, however, whether the allegations that are being made against Facebook in the District of Columbia and in other complaints were against the law at the time, said Dora Kingsley Vertenten, professor of public policy at the University of Southern California. “It looks like they are throwing spaghetti against the wall and seeing what sticks,” she said. Facebook has repeatedly assured lawmakers, regulators and the media that it is battening down its hatches in an effort to do a better job preventing
unauthorised access to the pictures, thoughts and other personal information that its nearly 2.3 billion users typically intend to share only with friends and family. But revelations of more privacy lapses continue to crop up, sometimes through breakdowns that Facebook has periodically disclosed, such as a software flaw that improperly exposed the photos of about seven million users, or other times though media investigations such as a New York Times report documenting the company’s agreements to share its audience’s information with its partners, including Microsoft and Netflix. With each breakdown, Facebook risks losing credibility with both its audience and the advertisers whose spending generates most of the company’s revenue. That threat has spooked investors, causing Facebook’s stock price to plunge by more than 24 percent so far this year, wiping out more than $100bn in shareholder wealth. Some of the lawsuits allege Facebook misled investors as its privacy problems unfolded. Other lawsuits, as well as regulatory inquiries by the US Federal Trade Commission and the Irish Data Protection Commission, are focused on Facebook’s sharing of personal information with other companies. Depending on how they turn out, the lawsuits and government probes could cost Facebook billions of dollars more in penalties.
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PARADISE FOUND HOLDINGS LTD. (IN VOLUNTARY LIQUIDATION) Registration No. 55534C
NOTICE IS HEREBY GIVEN that an extraordinary general meeting of the Shareholders of PARADISE FOUND HOLDINGS LTD. is hereby called to be held at the offices of Callenders & Co, One Millars Court, Nassau, N.P., Bahamas on the 14th day of January, 2019 at 10:00 o’clock in the forenoon of that day.
MARKET REPORT WEDNESDAY, 19 DECEMBER 2018
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BISX ALL SHARE INDEX: CLOSE 2,028.89 | CHG -46.99 | %CHG -2.26 | YTD -34.68 | YTD% -1.68 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.35 0.56 3.92 9.30 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50
52WK LOW 3.50 19.17 4.90 3.32 0.90 0.18 2.10 8.70 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.85 3.25 12.51
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
SYMBOL LAST CLOSE AML 4.44 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.35 BBL 0.56 CAB 2.30 CIB 9.30 CHL 6.16 CBL 4.61 CBB 11.25 CWCB 2.33 DHS 1.78 EMAB 8.00 FAM 6.30 FBB 12.85 FIN 6.98 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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
MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 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
CLOSE 4.44 17.43 7.00 4.90 1.35 0.56 2.30 9.30 6.16 4.25 11.25 2.31 1.78 7.94 6.30 12.85 6.98 3.62 13.01
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.36 0.00 -0.02 0.00 -0.06 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
VOLUME
1,000
VOLUME
EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 0.277 0.631
DIV$ 0.100 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600
P/E 20.7 18.7 N/M 15.5 N/M N/M -3.9 13.3 14.0 27.6 17.9 22.6 8.5 N/M 9.4 18.3 12.1 13.1 20.6
YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 3.57% 0.00% 7.63% 3.57% 2.82% 5.51% 2.60% 3.37% 1.06% 4.44% 3.89% 2.15% 3.59% 4.61%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.41 8.57 6.55 10.68 11.65 10.62 9.92 8.69 11.79
YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
MATURITY 19-Oct-2022 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 NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
The object and purpose of the said meeting is to have laid before the shareholders of the Company the account of the Liquidator thereof, Mr. William L. Price, showing the manner in which the winding up of the Company has been conducted, the property of the Company distributed and the debts and obligations of the Company discharged, and also to hear any explanations that may be given by the liquidator. Dated this 19th day of December, 2018
William L. Price Liquidator
NOTICE SYMBA ENTERPRISES LTD. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 14th day of December, 2018. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas. Dated this 17th day of December, 2018 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR
NOTICE MAAJAUH HOLDINGS LIMITED (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 14th day of December, 2018. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas. Dated this 17th day of December, 2018 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR