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THURSDAY, JULY 4, 2019
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Bimini in ‘devastating’ fuel shortages blow By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BIMINI’S boating-reliant tourism industry was yesterday said to be facing another “devastating blow” from fuel shortages just ahead of the US Independence Day holiday weekend. Multiple resorts and marinas confirmed the island’s economy was bracing for a new threat amid uncertainty over when a new supply of gasoline would arrive on the island.
The latest woes come just as Bahamas Power & Light (BPL) appeared to be making progress on addressing power outages that have lasted for weeks. Donovan Roberts, marina supervisor at Bimini Sands Resort & Marina, told Tribune Business the fuel shortage had “made a bad situation worse”. He said: “All of this is affecting our business. We had guests recently that wanted to stay for a few
SEE PAGE 7
GB ships’ waste processor in $3m expansion raise By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FREEPORT-based ships’ waste processor has been approved for a $3m Inter-American Development Bank (IDB) loan that will quadruple the size of the Caribbean’s first such facility. Clean Marine Group, which was founded in 2017, will also receive $1.5m in counterpart funding from the government to help finance the expansion of a business model that aims to bring the shipping
industry into compliance with international anti-pollution conventions. The company, which has already conducted successful trials of its processes at the Grand Bahama Shipyard, is now aiming to extend its services to other maritime operators in The Bahamas and wider Caribbean by developing four acres it has leased from the Freeport Harbour Company. The IDB, in project papers seen by Tribune Business, said its rationale
SEE PAGE 8
Digital B$ ‘no panacea’ with unreliable BPL
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A DIGITAL Bahamian dollar is “no panacea” for this nation’s financial inclusion issues, the IMF has warned, especially if unreliable power supply continues to plague the Family Islands. The International Monetary Fund (IMF), in its Article IV report, urged The Bahamas to “explore all forms of digital innovation” as a means of giving more persons access to formal financial services rather than
focus solely on developing a digital fiat currency. While the Central Bank’s initiative, known as Project Sand Dollar, will undergo a six-month trial later this year in Exuma, the fund pointed out that reliable energy supply and internet connectivity - especially in the Family Islands - are vital for its success. “By exploring all forms of digital innovation, The Bahamas can progress towards financial inclusion while avoiding risks
SEE PAGE 4
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Delinquent homeowner law’s $500m ‘bottleneck’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
COMMERCIAL banks are working with the government to remove “bottlenecks” to cutting the industry’s $500m “bad loan” pile that stem from existing protections for delinquent homeowners. Gowon Bowe, the Clearing Banks Association’s (CBA) chairman, this week confirmed to Tribune Business that the industry is working with the Ministry of Finance on a review of both the Homeowners Protection Act and the Mortgage Relief Plan that were initiated under the former Christie administration. While emphasising that
• Homeowner Protection, Mortgage Relief in review • Bahamas ‘put cart before horse’, says bank chief • IMF report shows need to lift bad loan ‘dark cloud’
GOWON BOWE
mortgage lenders recognised the necessity of safeguards for “the less fortunate”, Mr Bowe suggested the balance had tilted too far in favour of delinquent borrowers to the extent it was complicating bank efforts to address the sector’s $502m in non-performing loans. He argued that The Bahamas had “put the cart before the horse” by providing more rigorous legal protection for homeowners while neglecting the need to modernise a Baha-
mian bankruptcy regime that remains in the 19th century. The Clearing Banks chief argued that the strong bankruptcy laws accompanied homeowner protection regimes in the US, Canada and Europe, but the Bahamian version had neglected the unintended “economic consequences” by focusing solely on the social benefits. The International Monetary Fund’s (IMF)
SEE PAGE 6
Bran: Bahamas ‘must explore’ income tax By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Democratic National Alliance’s (DNA) ex-leader yesterday argued that The Bahamas “certainly needs to explore” replacing the present regressive taxation system with an income tax. Branville McCartney, backing the International Monetary Fund’s (IMF) call for this nation to
BRANVILLE MCCARTNEY
examine income tax as a more equitable “medium term” alternative, told Tribune Business “it cannot be fair” that lower income Bahamians spend a greater proportion of their earnings on taxes than their wealthier counterparts. “The government must look at other means in terms of taxation,” he said. “This VAT is not working. It’s causing a strain, and going to cause more of a strain if we don’t look at
other methods. “Income tax may be something we need to look at. It’s a more fair type of taxation, and something we certainly need to explore especially in light of the fact it will be fairer to the Bahamian people as a whole. “You have the person making $5,000 a week paying the same amount of taxes as someone making $250 a week or minimum
SEE PAGE 5
PAGE 2, Thursday, July 4, 2019
THE TRIBUNE
TRUE RESOLUTION FOR GRAPHIC DESIGNERS RESOLUTION refers to the sharpness and clarity of an image. In the world of computer graphics and printed material, resolution is the amount of pixel data or dot detail that makes up an image or a graphic. The human eye, a truly amazing machine, observes all these tiny points and lets the brain combine them together into
an entire image. WHY IS RESOLUTION IMPORTANT? The resolution of an image determines what sort of output it may be used for. A 300 X 450 pixel image is high enough resolution for a 4 x 6 inch image on your screen at 72 ppi (pixels per inch). But, if you are printing, it will print at about the size of a postage stamp. If an image is used that does not have enough pixel information to fill the output area, yet is enlarged to fit the area anyway, it will result in an undesirable image artifact called pixilation. HOW IMAGE RESOLUTION RELATES TO FILE SIZE Without getting too technical just know that every pixel your image contains increases the amount of data that makes up the file size. The higher the pixel count, the bigger the file size. When we add additional layers or channels, the amount of data also increases. CAN I CHANGE A LOW RESOLUTION IMAGE TO HIGH RESOLUTION? High resolution is 300 dpi (dots per inch), whereas low resolution pictures are less than 300 dpi. Images that are in high resolution provide a clearer picture, due to the concentrated and tight combination of dots per inch. Conversely, you will notice more dots on a low resolution image and the picture will not be as precise. In graphic design, low resolution images are going to look pixelated, blurry and not as clear-cut as high resolution images. High resolution images are needed for print design in order to produce crisp, clear images. Lower resolution images can be used for the Internet, but a low resolution cannot be changed to high resolution in graphic
design. There is no way to add pixels to a low resolution image. Some professional, highend printers may require images to be up to 600 ppi for printing. Always check with your printer/ publisher about required image resolution before submitting images. Just like Internet images, imageries for projectors should match the pixel dimensions of the projector. And, as with computer monitors, projectors also have their own display dimensions. For example, most 4:3 aspect projectors have a display of 1024 x 768 pixels, so an image that is 1024 x 768 pixels with a 72 PPI resolution would be an ideal image size to be displayed from a projector. Internet images work differently than printed images. With printed images we must pay close attention to resolution to ensure that we receive a high-quality print. When using Internet images we must always focus on the pixel dimensions. Screen images are a little different than images for printing because we must think about the pixel dimensions of monitors, TVs and displays rather than PPI. Pixel dimensions ultimately determine the size of the image and quality in how it displays on the Internet or any devices. Remember, when working with images, the most important question to ask is: Where will this image be used? If it will be used online, select the RGB setting. If the image is meant for a brochure or some other printed material, select CMYK. Documents begin on screen, and either stay on screen or may be printed. If the document will stay on the screen (like a website), we only need to worry about screen resolution. Therefore, images should remain at 72 PPI.
The Art of Graphix BY DEIDRE M BASTIAN
If the document will be printed, ensure the images are set at 300 DPI at 100 percent of the final output size. An important note: Sometimes the terms DPI (print) and PPI (screen) are used interchangeably. So, do not be confused if someone refers to a 300 DPI image that is on screen, because pixels per inch (PPI) translate equally to dots per inch (DPI). Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game. NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionallytrained graphic designer/ marketing co-ordinator and certified life voach 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 South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.
THE TRIBUNE
Thursday, July 4, 2019, PAGE 3
JITNEY DRIVER STRIKE ‘TIP OF THE ICEBERG’
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net JITNEY drivers yesterday made good on their strike threat, warning that the move was “just the tip
of the iceberg” unless their grievances were addressed. Frederick Farrington, president of the Bahamas Unified Bus Drivers Union, said: “What you’re seeing right now is just the tip of the iceberg. We withdrew
services from each route; about 90 per cent of buses. The next move, we will most definitely go into a full strike and lock the country down so, minister, just a flex of the muscle. Come and see the union please.” Tribune Business efforts to contact Renward Wells, minister of transport and local government, proved unsuccessful as he was said to be out of the country. Jitney drivers said they
would give him an opportunity to speak with them and hear their concerns once he returns, but warned if that did not happen they would initiate a “full fledged strike”. Mr Farrington, meanwhile, added: “We realise that the minister isn’t in town but this day had already been set for this withdrawal of service. With this union, once we put things in motion there is no
turning back. We are going to give him the opportunity when he gets back in town to speak with us or else we will set a next date and it’ll be a full fledged strike.” The drivers’ main grievances are their longstanding demands for a fare increase; a lack of proper restroom facilities for male and female jitney drivers; an insufficient number of bus stops; and a lack of adequate bus stop shelters
for passengers across New Providence. Last month, Mr Farrington and Bahamas Taxicab Union president, Wesley Ferguson, told Tribune Business they had joined forces in threatening a massive shutdown if government does not take their concerns seriously. The taxi cab drivers, though, did not participate in yesterday’s action.
IMF urges: ‘Safeguard’ financial services sector By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must develop a “forward-looking strategy” for its financial services industry “to safeguard its contribution to the Bahamian economy”, the IMF has urged. The International Monetary Fund (IMF), in its full Article IV report on the Bahamian economy, called on this nation to craft a road map or business plan that would restore investor confidence and enable the financial services sector to properly compete in the new “tax transparent” world. Essentially calling for The Bahamas to lift its head from recent preoccupation with meeting demands from the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD), the Fund said the financial services industry needed to refocus on growth once again via an adjusted business model. “Looking ahead, a medium-term strategy for the international [financial services] sector is recommended to safeguard its contribution to the Bahamian economy,” the fund urged. “The changing international environment means that offshore business models will continue to evolve. “Tax transparency requirements, and the requirements for real economic activity and substantial economic presence, are principles designed to prevent harmful tax practices. Some countries are moving towards territorial taxation of income, including through minimum effective income taxes. “Accordingly, a review of the competitive advantage The Bahamas has to offer to international business corporations in this new environment can enable the government to charter a forward-looking strategy for the sector to ensure its
•CALLS FOR ‘FORWARD LOOKING’ GROWTH STRATEGY •ASSETS UNDER MANAGEMENT FALL 40% continued contribution to the economy.” This will likely be one of the first tasks facing Elsworth Johnson, the newly-appointed replacement for Brent Symonette as minister of financial services, trade and industry and immigration. The Bahamian financial services industry, often described as the economy’s “second pillar”, has struggled for growth since 2000 due to the regular battering it has taken from international regulatory initiatives that many observers believe are designed to impair its competitiveness and drive it out of the business. While traditionally thought to account for 15 percent of annual Bahamian gross domestic product (GDP), many believe the spin-offs and indirect employment benefits generated by the sector mean its actual contribution is much higher. It provides many of the economy’s higher-paying jobs, and has been viewed as largely responsible for the development of a Bahamian middle class. The IMF’s advice indicates that it believes the Bahamian financial services industry is well worth saving through a comprehensive repositioning that exploits the EU-related physical presence legislation to attract real companies and business to these shores. The fund, meanwhile, revealed that assets under management in The Bahamas’ international financial services sector had declined by 40 percent over a fiveyear period, dropping from $427bn in 2013 to $256bn at June 2018. This was “still large at 21 times’ GDP”, it added,
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and said: “The Bahamas is the fourth largest offshore centre as identified by the Bank of International Settlements (BIS), even if the country responds to only 2.5 percent of the total assets held by the 19 BISidentified offshore centres. “Even if assets under management have fallen, the offshore financial sector remains important to the Bahamian economy and generates some direct government revenue. Employment in the offshore financial sector has remained stable over time, at around 1,000 professionals or about one-quarter of the total financial sector employment, which has fallen from 2.5 to two percent of total employment. “Direct fiscal revenues from the financial sector averaged 1.1 percent of GDP from 2013-2017, with nearly three-quarters of the amount originating from Stamp taxes and transaction taxes. Direct revenue from IBC registration fees has averaged 0.14 percent of GDP.” The IMF also called for Bahamian regulators to carefully monitor the new bank and trust company licensing regime, which will allow institutions to serve both the domestic and international markets subject to exchange controls. “Staff recommended swift implementation of the new frameworks to demonstrate the commitment to a well-regulated and transparent sector, reduce reputational risks, and provide more certainty to market participants,” the fund added. “The new licensing regime, which allows financial institutions to serve both international and domestic clients - subject to exchange controls - requires enhanced monitoring.”
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PAGE 4, Thursday, July 4, 2019
THE TRIBUNE
CRUISE PORT WINNER PUTS REGIONAL HQ IN NASSAU THE winning bidder for the $250m transformation of Nassau’s cruise port has confirmed previous Tribune Business reports that it will soon open its regional head office in The Bahamas. Global Ports Holding, the UK listed/Turkish headquartered cruise port operator, said in a statement that it will shortly open its Caribbean and Americas headquarters in downtown Nassau. No date was given, but the new western
GLOBAL Ports Holding’s vision for Nassau’s Cruise port.
MIKE MAURA hemisphere office will lead execution of Global Ports’ growth strategy for Caribbean and the wider Americas region. This includes both the Nassau cruise port plus Havana and Antigua and Barbuda. Global Ports said the Caribbean accounts for
Digital B$ ‘no panacea’ with unreliable BPL FROM PAGE ONE
associated with the Central Bank’s digital currency,” the Article IV report argued. “Financial innovation could help enhance financial inclusion throughout The Bahamas, and the widespread use of an account-based digital currency could discourage tax evasion. “Financial stability risks associated with the Central Bank digital currency are significant, and the current rules and regulations may need to evolve to appropriately mitigate these risks. A more efficient and inclusive financial system could also be achieved through digital innovations in existing
more than one-third of global cruise industry market share, with the sector continuing to experience record levels of growth as more ships are built and more cruise lines enter the business. It views its Nassau presence as enabling it to play a central role in the industry’s future development in the region. Global Ports Holding also confirmed the appointment of Michael Maura, the former Arawak Port Development Company (APD) chief executive, as regional director for the Caribbean and the Americas. Emre Sayin, Global Ports Holding’s chief executive, said of the move: “Mike’s extensive industry experience and commitment to service and operational excellence make him a perfect fit to help us achieve the ambitious goals that we’ve set to expand our regional footprint. “His impressive level of maritime industry knowledge and leadership skills are among the best we’ve found anywhere in the world. We are very pleased to add this outstanding
Bahamian businessman to our team.” Mr Maura said: “The opening of our new regional headquarters in Nassau not only underlines our longterm commitment to The Bahamas but also to the whole Caribbean region. “In addition to creating exciting employment opportunities locally, our new regional head office will play a pivotal part in delivering Global Ports Holding’s strategy to grow its presence in the Caribbean and wider Americas region. “Global Ports Holding is a dynamic, exciting company, and I’m very pleased to be joining the team. This role presents an fantastic opportunity to help the company continue to grow and strengthen its presence in the market.” Mr Maura will work alongside Colin Murphy, Global Ports Holding’s head of business development for the Americas, who was the first executive appointed to the Caribbean and Americas team in December 2017 following 19 years with Norwegian Cruise Line Holdings.
payments and financial infrastructures.” The Central Bank has already stated that the necessary safeguards will be built into the digital Bahamian dollar’s regulatory framework, as the traditional Know Your Customer (KYC) and anti-money laundering/terror financing practices will be in place. Blockchain technology will be used, with the system designed to complement the existing banking infrastructure. Yet the IMF cautioned: “The introduction of an interest-carrying Central Bank digital currency could undermine financial stability by making commercial bank deposits more volatile. When a Central Bank digital currency becomes a substitute for commercial bank
deposits, banks could experience an increase in funding costs, leading to higher lending rates. “At the same time, higher Central Bank digital currency demand may force the Central Bank to skew the composition of its balance sheet toward more risky assets as it needs to generate higher returns. Furthermore, Central Bank digital currencies appear to be subject to fraud and cybersecurity risks that could have significant reverberations to financial stability.” To ensure Project Sand Dollar’s success, the IMF urged that telecommunications infrastructure and internet connectivity be equal across all Bahamian islands to ensure even access to electronic financial services.
THE TRIBUNE
Thursday, July 4, 2019, PAGE 5
APD is the first commercial port operator in the Caribbean to earn two standard certifications in quality management systems and environmental management from ABS Quality Evaluation.
Arawak Port claims a ‘Caribbean first’ THE Nassau Container Port’s operator has achieved a Caribbean first by obtaining certification that it has met key quality management and environmental performance standards. Arawak Port Development Company (APD) Limited yesterday announced it has been certified by ABS Quality Evaluation as having met the requirements set out by ISO 9001:2015 and ISO 14001:2015 as of June 12, 2019. The standards are established by the International Organisation for Standardisation (ISO), which is an independent, nongovernmental group with a membership of 164 national standards bodies. Through its members, it develops voluntary, consensus-based, and market relevant international standards that support innovation and provide solutions to global challenges. ISO 9001:2015 sets criteria for quality management systems. By earning this distinction, APD said it has placed itself among the top international companies within the maritime sector in terms of product and service quality standards. Meanwhile, ISO 14001:2015 provides practical tools for companies that are focused on improving their environmental performance. This can include refining waste management systems, reducing energy usage and other forms of managing the impact that the company has on its natural environment.
Both certifications consider port and terminal operations, including the provision of container, break bulk and bulk cargo handling; heavy equipment; and facilities maintenance and warehousing services. “We’ve been refining our processes in anticipation of earning these certifications since early 2018,” said Yvette Rahming, APD’s assistant vice-president, legal counsel and head of safety at APD. “This project was extremely important to us – not just to support our performance as an international player in the industry, but to help us to manage our impact on the environment as a supportive community partner. Employees at every level of our company were involved in making this happen. “We were also fortunate to be able to bring in two students from the Small Island Sustainability Studies programme at the University of The Bahamas to assist our team in meeting the requirements under the 14001:2015 standards for an effective environmental management system. Their knowledge and research went a long way to support the efforts of our employees to make this possible.” Michael J Maura, APD’s chairman, added: “Our staff members have gone above and beyond to attain these certifications. Throughout the review process we challenged and inspired each other to dig deeper, think bigger, and truly take ownership of how we work.
“This achievement belongs to every single person working at APD. APD is now instantly recognisable as a ‘“bestin-class’ organisation that consistently maintains the highest quality in service and environmental management standards, which makes our company and doing business in The Bahamas highly attractive to international partners.” Richard McCombe, APD’s assistant vice-president of operations and facilities, said: “ISO certification motivates us to continuously consider all partners and stakeholders that we work with. “Our suppliers, tenants, licensees and community members will have to be similarly aligned in the way they manage the quality of their products and services, and their impact on the environment as they collaborate with us. We’ve already engaged some of our tenants as a part of this process.” Dion Bethell, APD’s president and chief financial officer, of APD, added that “all team members were fully engaged and vested in this initiative, and the end result shows the level of commitment of our team”. The new certifications will also affect management of upcoming initiatives within the Nassau Container Port community, including the Electronic Single Window (ESW) customs initiative and other projects aimed at improving safety within the port and Gladstone Freight Terminal.
Bran: Bahamas ‘must explore’ income tax FROM PAGE ONE wage. That’s certainly not fair,” Mr McCartney continued. “That ought to be at the forefront of the minds of the government in terms of reassessing this tax system we have. “It’s regressive taxation. Unfortunately, it is showing in the business sector and every day living of the Bahamian people. We ought to explore that, we ought to explore that. If I’m not mistaken this administration, in pposition, said that VAT was a regressive type of taxation but, when they got in, they increased it to 12 percent. “As was said prior to the 2017 general election, it’s a lazy way to get monies into the government’s coffers. It’s a lazy way, but yet I don’t see as a country where we’re trying to get rid of that lazy way and look at something that’s fair and will ultimately benefit the country and, by extension, the Bahamian people.” Despite Mr McCartney’s enthusiasm for an income tax, KP Turnquest, deputy prime minister, said earlier this week that the government has no plans “at present” to introduce such a levy in either personal or corporate form. He indicated in an interview with Tribune Business that The Bahamas’ population size, and workforce of around 220,000, was too small to generate sufficient revenues from an income tax to cover the government’s financial needs. Pointing out that there are only 400,000 residents
in The Bahamas, Mr Turnquest said an income tax would likely impose “a significantly higher tax burden” on a Bahamian middle class that has frequently been squeezed by tax and cost of living increases over the past two decades. The advantages of an income tax are that, as a progressive levy where payments are linked to ability to pay, it would be fairer and more equitable for all Bahamians - especially those on lower incomes. The disadvantages, though, are its complexity and administrative costs, coupled with the absence of any “income tax” culture in The Bahamas and the likelihood wealthier persons would find loopholes to reduce their burden. Mr McCartney, meanwhile, accused the IMF of being “too harsh” in its pessimistic assessment of the government’s ability to hit both its short and medium-term fiscal targets - especially those set out in the Fiscal Responsibility Act. Praising the Minnis administration for “taking the first step” by passing the Act, the former DNA leader said the IMF “should know better” in that it takes time to swing a country’s national finances on to the right path if they have been in a deficit position for years. The IMF, in its Article IV assessment, expressed scepticism that the government will make its 2017-2018 fiscal deficit target of 1.8 percent of GDP or $229m. It also forecast that achieving “the fiscal balance”, as set out
in the Fiscal Responsibility Act, would only happen in 2022-2023 - later than the government is projecting - while the debt ratio will remain above 50 percent of GDP goal beyond 2024-2025. Mr McCartney, though, argued: “I think the fact that the Fiscal Responsibility Act just came into play really dictates that it will take some time for us hit these targets. The government showing an effort to comply is the first step. “The IMF should know better than this. It takes time to come to fruition. There’s a lot of cleaning up to do but the government has taken the first step in the right direction. We’ve got to give credit where credit is due and I think the IMF is being a bit harsh. “It would be good if the government was in a position to show the IMF otherwise, but the reality is it takes time and adjustment, and the IMF is a bit harsh in this instance.” Mr McCartney said the IMF’s projections “ought to give this administration encouragement to prove them wrong or show that the best efforts in the circumstances have been made to hit those targets.” While The Bahamas should always be open to advice and recommendations from outside bodies, he added that such measures should only be adopted if they were “in the best interests of the governance of this country”.
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PAGE 6, Thursday, July 4, 2019
THE TRIBUNE
Delinquent homeowner law’s $500m ‘bottleneck’ FROM PAGE ONE
just-unveiled financial sector assessment, he added, had shown the value of addressing “the dark cloud” of non-performing loans - credit that is 90 days or more past due - before The Bahamas suffered another external shock
via a global recession or hurricane. The fund’s report warned that non-performing loans remained high at nine percent of all outstanding credit to Bahamian households and businesses, with mortgages accounting for more than 60 percent of the total, and Mr Bowe said the greater difficulties created
by the Homeowners Protection Act when it came to repossessing distressed properties was one of the causes. Describing non-performing loans as “the bane of our existence”, Mr Bowe told Tribune Business: “The Homeowners Protection Act is in review between the Ministry of Finance and
the clearing banks. We are working together in this regard to say what is an acceptable solution. “Homeowners protection exists in the US, Canada and Europe, but it also comes along with modern bankruptcy laws. In The Bahamas we put the cart before the horse by having protection but no modern
bankruptcy laws.... We put it all in favour of the delinquent borrower.” Mr Bowe said it currently made little sense for banks to initiate bankruptcy procedures against delinquent residential mortgage borrowers because their home, as their primary asset, would be protected. “A number of matters need to be resolved between the clearing banks, all mortgage lenders and the Ministry of Finance,” the Clearing Banks Association chairman added. “These efforts are progressing. In reality, I think we will have a resolution within this calendar year.” Mr Bowe then revealed that the Mortgage Relief Programme, which he branded “a noble idea”, was also being subjected to similar scrutiny by the Ministry of Finance and banking industry due to the “moral hazard” it created for delinquent borrowers. “When you have the government intervening to provide limited contributions on the mortgage payment it creates the perception that any delinquent borrower does not have to pay; the government will help me out,” he told Tribune Business. “That is already something under review by the Ministry of Finance and clearing banks. “In the budget debate they questioned the effectiveness of it because the banks were already doing 90 percent of what the Mortgage Relief Programme was intended to do. We have to be careful with government policy that has social safety nets being imposed and the economic consequences of those policies. “We want to ensure those challenged and less fortunate have protection, but we don’t want to create challenges through putting bottlenecks in place and that’s what’s happening with non-performing loans at this time.” Mr Bowe said the IMF’s “stress tests”, which measured Bahamian banks’ resilience to external economic shocks generated by global recessions and natural disasters, had shown the value of further slashing non-performing loans now before such events occurred. “It is a dark cloud that we don’t want to have with any rainy days that may come,” he warned. “We want to clear that dark cloud now.” The Central Bank, though, in its monthly economic report for May 2019 hailed the fact that nonperforming credit in the Bahamian banking sector now stands at “the lowest rate recorded since 2008” - $502.1m or 8.9 percent of total outstanding loans. However, the IMF’s financial sector assessment report said that despite the “bad loans” fall “weaknesses persist” - especially in banks’ mortgage portfolios, which account for 60 cents out of every $1 that is non-performing. It added that many restructured loans were at “increased risk” of becoming non-performing once again. “Despite reductions in non-performing loans,
weaknesses persist in residential mortgage portfolios,” the IMF said. “Two of the seven domestic banks (about 15 percent of the seven domestic banks’ assets) and the two largest credit unions have non-performing loan ratios significantly above ten percent, making them vulnerable to further write-offs. “Non-performing loans remain high at nine percent, after peaking at 17.2 percent in 2014, with three institutions representing 61 percent of aggregate non-performing loans. Nonperforming loans are made up of residential mortgages at B$323.6m (or 61.7 percent), consumer loans at B$143.7m (or 27.4 percent) and commercial loans at B$57.1m (or 10.9 percent). “Non-performing loans have historically spiked during slowdowns and persisted for extended periods. The ratio remains high at nine percent, after peaking at 15.3 percent in 2013. The situation varies significantly across banks, with three institutions owning 61 percent of all NPLs. The large stock of restructured loans is at increased risk of falling back into non-performing status.” The IMF also added that “the real estate market in The Bahamas has been relatively soft for the past several years, as evidenced by the significant stock of distressed properties listed for sale”. The Christie administration’s rationale for developing the Homeowners Protection Act was to make delinquent Bahamian mortgage borrowers more secure in their homes, with all the attendant social and economic benefits that will bring if they can restructure their loans. However, banking industry executives repeatedly warned before its passage that it threatened to increase the costs, time and difficulty/uncertainty incurred by banks in repossessing mortgage collateral - usually the homes and businesses subject to the original loan. With a higher risk associated with mortgage lending as a result, it was feared that the banks may both hike interest rates and refuse to grant new Bahamian loan applicants access to credit. Mr Bowe, though, said the Act was presently “in abeyance” or “suspension” while the Ministry of Finance and government review it. The Act would insert the courts into the foreclosure and ‘power of sale’ process, requiring lenders to give delinquent borrowers 30 days’ notice before either invoking their ‘power of sale’ under the mortgage or seeking a court-approved foreclosure. In both cases, borrowers can apply to the Supreme Court for relief. On the foreclosure process, the court can either adjourn, stay or suspend the matter if it believes the borrower will be able to pay principal and accrued interest within six months. As for the ‘power of sale’, it allows the court to postpone this for “a reasonable period where a sum equal to at least one half of the principal, and accrued interest, has been paid at a specified time”.
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THE TRIBUNE
Thursday, July 4, 2019, PAGE 7
Bimini in ‘devastating’ fuel shortages blow FROM PAGE ONE days and decided to leave because of the power outages. Our generator is down right now. Three days ago the power was off for eight to ten hours. Now, North and South Bimini are out of fuel. Only Cat Cay has fuel right now. We’ve been working with the fuel company to see how quickly they can get to us. “This is devastating. This is happening at the worst possible time. This is a very busy weekend. We have power issues and now fuel supply issues. I have been getting lots of calls regarding what’s going on here. I hope these things can get resolved as quickly as possible. “I have seen the guys at BPL. It looks like they have been working overtime to get the issue sorted, but since the fire at the plant the power situation has truly been terrible. I’ve been explaining the situation to the fuel company and hopefully they can sort it out.” Mr Roberts added that there were only a few months left in what is typically Bimini’s busiest period. “These months are going by quickly. After September this will be pretty much a ghost town. Thankfully, Resorts World is doing a lot of promotion and advertising and is attracting a lot of persons,” he said. Bimini’s Blue Water Marina was also said to have been impacted by the fuel shortage, but calls to management were
THE ISLAND OF BIMINI to returned up to press time. One posting on the popular ‘The Real Bimini’ Facebook page simply said: “Just a heads up to boaters; there is no gas anywhere in Bimini.” One homeowner added last night: “The update on fuel on south Bimini is there is is no update. Distributor non-committal, maybe tomorrow. No idea on north.” The fuel shortage has compounded the problems created by BPL’s energy crisis. Facebook postings by residents and guests said that power on South Bimini was out for 10.5 hours on Tuesday as a result of ten separate outages. Deandra Sweeting, general manager of the historic Bimini Big Game Club Resort & Marina, told Tribune Business yesterday: “The power has been off and on, and that’s just the general situation. There’s still load shedding. Boaters have been unable to get power to their boats, and most of the boaters have had to use generators. “We have a generator coming in in at least another two weeks. In short order we will be able
to provide our guests with power in some areas. I think BPL is trying their best. July 4 is a very busy time. They are trying to get everything up and running in order to accommodate this holiday weekend at least. From around March to September is the busy period for the island.” Ebeneezer “Ebbie” David, owner of Ebbie’s Bonefish Club in Bailey Town, added: “The power situation is really bad and, of course, it’s hurting business. We’ve lost business and a lot of other places have lost business. People find out there is no power and they’re not dealing with that.” BPL’s spokesman, Quincy Parker, last admitted that the power supply situation on Bimini had been “tenuous” due to “persistent problems” with one generation unit that the utility had been forced to rely on following the Labour Day blaze that took out its two most efficient units. However, he added that BPL staff on the island had informed him that all the Aggreko rental units shipped to Bimini together
with a two megawatt (MW) Caterpillar trailer unit had been installed and were fully functioning. “At this point they should be in a pretty stable position,” Mr Parker said. “Prior to some of the rental units going in they did have some stability issues.” This was confirmed by residents who last night said power had been on all day in south Bimini. BPL executives said late last month the company would launch a bidding process to seek permanent replacements for its fire-ravaged Bimini generation units. A fire at BPL’s Bimini power station in late May destroyed almost nine megawatts (MW) of generation capacity.
PAGE 8, Thursday, July 4, 2019
GB ships’ waste processor in $3m expansion raise FROM PAGE ONE for financing Clean Marine Group’s project lay in the fact that it will benefit a country that relies heavily on the sea environment for the lifeblood of its economy - tourism and fisheries. Praising Clean Marine Group for creating “an interesting business model” that has adapted cavitational
technology for use in processing ships’ waste, the IDB said: “They have obtained the license from the Grand Bahama Port Authority to operate, and will collect and process all kinds of liquid waste emitted by ships, including black water, grey water, black and grey water, oily water and sludge.” This, the multilateral lender added, will allowing
THE TRIBUNE ships that use Clean Marine Group’s services to comply with MARPOL, which is known as the International Convention for the Prevention of Pollution from Ships, and regulations that have been in effect globally since 1973. “Clean Marine Group currently operates a pilot MARPOL treatment facility in the Grand Bahama Shipyard, has undertaken successful trials in processing a variety of liquid marine wastes, and has passed proof of concept for providing MARPOL-compliant
processing of those wastes,” the IDB said. “Clean Marine Group, having formed its initial alliance with the Grand Bahama Shipyard, proposes to now extend that alliance to other maritime-based entities throughout the Bahamas and the wider Caribbean, by developing out four acres of quayside land under lease from Freeport Harbor Company. “The proposed IDB loan will co-finance the expansion of the port reception and treatment facility that will provide significant environmental and health benefits to the populations that reside in, or depend on, ocean-related activities for their well-being in the Bahamas, as well as the all other
Caribbean countries that are affected by the improper disposal of marine waste and pollutants that are dumped into the ocean.” The project report added that Clean Marine Group’s technology will break down oil and water emulsions, plus process contaminated water from ocean liners and cruise ships. “With a capacity to process in excess of 50m gallons of waste from cruise ships and other commercial vessels every year, the facility will now be expanded to receive up to 200m gallons per annum,” the IDB said. Clean Marine Group was selected for the financing as one of five winners of the IDB’s Blue-Tech Challenge, which was launched
in September 2018 and closed on November 30 last year. It aimed to identify businesses that apply new technologies or solutions to facilitate the long-term sustainability of the ocean economy across the Caribbean. “Despite The Bahamas and most neighbouring countries of the wider-Caribbean gaining access to MARPOL, the extremely high cost and complexity of building and operating a port reception facility to process liquid marine waste streams means that there are no adequate facilities throughout the wider- Caribbean, and so ships find it difficult to comply with the MARPOL regulations,” the IDB paper said.
THE TRIBUNE
Thursday, July 4, 2019, PAGE 9 COMMONWEALTH OF THE BAHAMAS
2018
IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION
CLE/GEN/00579
IN THE MATTER of the property comprised in a Mortgage October 2006 made between John Felix Smith as Borrower and Scotiabank (Bahamas) Limited as Lender. 20th
AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statute Laws of the Commonwealth of The Bahamas. BETWEEN
SCOTIABANK (BAHAMAS) LIMITED AND JOHN FELIX SMITH
Defendant
ORIGINATING SUMMONS
PULPY owners talk with Associate Director of Advancement, Anastarcia Palacious.
Plaintiff
TO: JOHN FELIX SMITH, his servants and/or agents or otherwise any other person in the occupation of the premises being 1 ½ Acres being a portion of a larger tract of land of 20 acres at Kemp’s Bay in the Island of Andros one of the Islands of the Commonwealth of the Bahamas. LET THE DEFENDANT within fourteen (14) days after service of this Originating Summons on him, inclusive of the service, cause an Appearance to be entered on this Originating Summons which is issued on the application of Scotiabank (Bahamas) Limited. THIS SUMMONS is issued on behalf of the Plaintiff, Scotiabank (Bahamas) Limited, a company duly organized and existing under the Laws of The Commonwealth of The Bahamas to carry on banking business within the Commonwealth of The Bahamas aforesaid and who by claims to be the Mortgagee under a Mortgage 21st October, 2006 with all sums of money due and payable which was duly lodged for record and recorded in the Registry of Records in Volume Number 10720 at pages 268 to 282.
SBDC clients - Island Breeze.
1978:-
ELVIS Percentie and Melissa Darville of Shiver.
BY THIS SUMMONS the Plaintiff claims against the Defendant pursuant to Order 77 of the Rules of the Supreme Court Delivery of possession to Scotiabank (Bahamas) Limited all that piece or parcel of land referred to in the said Mortgage. 2. Payment of the sum of $34,102.23 and interest pursuant to Section 2 of Civil Procedure Act 3. Further and other relief. 4. Costs. 1.
If the Defendant does not enter an Appearance such Judgment may be given or Order made against or in relation to them as the Court may think just and expedient. AND FURTHER TAKE NOTICE that on the 15th day of May, A.D., 2019 His Lordship Mr. Justice Gregory Hilton, Justice of the Supreme Court, ordered that service of the said Originating Summons and Affidavit was to be effected upon you by way of publication in the issue of The Nassau Guardian and The Tribune, each notice to run once (1) each being one (1) week apart. AND FURTHER TAKE NOTICE that time limited for you to enter an appearance is Fourteen (14) days after the final publication of this advertisement. A copy of the Originating Summons and Affidavit may be obtained on request from the Plaintiff’s attorneys, whose name and address appear below, otherwise Judgment may be entered against you. MITRE COURT Chambers
SBDC Executive Director Davinia Blair brings remarks during social.
Suite 227, 2nd Floor, Island Lane Building Olde Towne, Sandyport West Bay Street Nassau, The Bahamas Attorneys for the Plaintiff
Small Business Centre to double assistance THE Small Business Development Centre (SBDC) yesterday said it will double the $1m financing it has already facilitated for Bahamian entrepreneurs before its first birthday in September. The SBDC, in a statement, said its Access Accelerator initiative has to-date assisted 17 companies in collectively obtaining $1.073m from its grant committee, bank loans and investments from the Bahamas Entrepreneurial Venture Fund. It added that the economic impact of this financing has been calculated at $2.4m. Davinia Blair, the SBDC’s executive director, said: “Having reached over $1m million in disbursed funds is evidence that the organisation is indeed at work and is successfully fulfilling its mandate. “Every time a company can successfully obtain financial backing we see it as not only a direct investment into their dreams but also into The Bahamas. The success of small businesses is important for a strong and sustainable economy. The more we can educate entrepreneurs and give them an opportunity to access necessary capital, the more we are strengthening The Bahamas.” The 17 businesses represent multiple industries within The Bahamas. Their products and services range from Bahamian-made ice creams and sorbets to a Family Island school offering a unique
learning experience. Vue-AV, an audio and visual company, is one of the beneficiaries of funding assistance from the SBDC. Juan Bethel, its owner of Vue-AV, described being approved for funding as “a surreal moment.... It also increased my responsibility to continue the journey of growing my company and making it profitable”. With the funding earmarked for expanding inventory and increased marketing, the entrepreneur said: “The SBDC has prepared me to make the right moves. Also, I am not doing this alone because the SBDC is a resource centre that I can and will use. “This experience is incredible, and I have confidence that once I prove myself with this funding access to further funding for growth is now a realistic hope for my business. I feel supported by SBDC, and that makes a huge difference in my pushing forward with positive expectations.” The SBDC is the product of a tripartite arrangement between the Government, through the Ministry of Finance; University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Centre will work to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises (MSMEs) in The Bahamas.
NOTICE
Mr. Esek Lynes
can you please contact The Human Resource Section of the Department of Immigration.
PAGE 10, Thursday, July 4, 2019
THE TRIBUNE
Utility blocks Iowa solar firm from Wisconsin energy market MADISON Associated Press AS SOLAR energy has become more popular and cost-effective, this once fringe renewable source is now at the center of an energy turf war in Wisconsin. At issue is a project in which an Iowa-based renewables company wants to partner with the city of Milwaukee to power seven municipal buildings with solar. Eagle Point Solar would help to finance the city’s project, taking advantage of federal tax breaks that local governments do not qualify for. Eagle Point is suing the public utility, We Energies, for refusing to connect a series of solar arrays to each other. We Energies says it is simply following the law. The utility claims Eagle Point would essentially be selling electricity to the city within We Energies’ service area, which the utility argued would be illegal. “Assuming it’s safe, reliable and legal, we have no problem. It’s just when it is not a legal agreement, we obviously can’t connect that,” We Energies spokesman Brendan Conway said. Eagle Point also sued the Public Service Commission, which declined to take up its complaint against We Energies, also known as Wisconsin Electric Power Co, essentially ducking the bigger question of to what extent utilities in Wisconsin can control the provision of solar energy. “This case is very important and is being watched in other states,” said Brad Klein, a lawyer with the Environmental Law and Policy Center, a legal advocacy group that focuses on the Midwest. “The definition of ‘public utility’ is becoming more important as new technologies like solar emerge that allow customers and private businesses to assume roles that once could only be played by large monopoly utilities.” Wisconsin is one of 15 states that have not clarified whether they will allow such third-party solar arrangements. Five states prohibit it, according to the North Carolina Clean Energy Technology Center, a state-funded research group. Advocates say a ruling in favor of Eagle Point could open the door for other such solar projects. Wisconsin law preserves the rights of utilities to hold a monopoly on providing power to the public, and they are regulated by the Public Service Commission. The definition of what constitutes a public utility is at the crux of the Eagle Point lawsuit. The solar company argues it is not a utility. “Eagle Point will be providing power to only one customer and will not be holding itself out to the public as an electricity provider,” the company argued in the lawsuit, filed May 28 in Dane County Circuit Court. Renewables advocates say We Energies’ ability to block competitors is hampering the growth of solar energy in a state already lagging behind its neighbors. Wisconsin ranks 41st nationally in solar generating capacity, powering the equivalent of 10,599 homes, according to the Solar Energy Industries Association. “I think it’s really important for state policy to help level the playing field and ensure that everybody has access to the benefits of solar technology, and thirdparty financing is a good example of that,” Klein said. The city of Milwaukee wants to expand its solar power to 25% of the city’s
energy use by 2025 as part of a strategic sustainability plan called ReFresh Milwaukee. Less than half a percent of the city’s energy use currently comes from solar. Erick Shambarger, director of environmental sustainability for Milwaukee, says the push toward solar came from residents. “We are hearing from constituents that climate change is real. It presents real threats to Wisconsin,” Schambarger said. The city wants to shift to solar through public utility-run programmes as well as with companies like Eagle Point Solar, known as third parties, which offer financing for governments, nonprofits and other organisations that want to have small-scale solar arrays. “Solar pays for itself in the long term, however it requires an initial investment that not everybody has the resources to make,” Shambarger said. In Milwaukee, Eagle Point Solar planned to install, maintain and finance the solar equipment, lowering the overall cost of the project by taking advantage of a 30% federal solar energy tax credit. Milwaukee put out a request for proposals for third-party financing to erect solar panels on the roofs of several public buildings, including library branches, a police office and the Department of Public Works field headquarters. The project’s solar arrays would only partially power the sites where they are located. Initially, Milwaukee would own 20% of the $1.9 million project to Eagle Point’s 80%, with the option to purchase the panels over time. The city expected to save $28,000 a year on its energy bills, according to Shambarger. Eagle Point was poised to install the project late last year when it learned We Energies would not connect the solar arrays. In response, the city has scaled down its project to three buildings that it is self-financing. The agreement with Eagle Point Solar is still pending for the other four, depending on the outcome of the lawsuit and other factors, including the size of tax credits, which are scheduled to start decreasing after 2019. Eagle Point filed a complaint against We Energies with the Public Service Commission, which declined to hear the matter. The company then filed the lawsuit in May. It is asking for the court to block We Energies and the Public Service Commission from interfering in the project and to award legal fees and damages for the stalled project in Milwaukee. Public utilities have traditionally been granted the exclusive right to provide electricity in Wisconsin. The courts have justified this as being in the public interest because energy is an “indispensable service”, according to the Environmental Law and Policy Center. The actions of public utilities and their rates are regulated by the PSC to protect consumers, who generally cannot choose their energy providers. Eagle Point Solar and renewables advocates say it is no longer in the public’s interest to restrict the energy market. Eagle Point Solar CEO Barry Shear says competition will make the industry more efficient. “Every business, including utilities, has to adjust to changing technology and changing economic circumstances, and they’re just going to have to adapt their business models to accommodate customers who want to grow their own energy,” he said.
THE TRIBUNE
Thursday, July 4, 2019, PAGE 11
Show of hands on immigrant health care belies a thorny issue
DEMOCRATIC presidential candidates, author Marianne Williamson, former Colorado Gov John Hickenlooper, entrepreneur Andrew Yang, South Bend Mayor Pete Buttigieg, former Vice President Joe Biden, Sen Bernie Sanders, I-Vt, Sen Kamala Harris, D-Calif, Sen Kirsten Gillibrand, D-NY, Colorado Sen Michael Bennet, and Rep Eric Swalwell, D-Calif, raise their hands when asked if they would provide healthcare for undocumented immigrants, during the Democratic primary debate hosted by NBC News at the Adrienne Arsht Center for the Performing Arts in Miami. Photo: Wilfredo Lee/AP WASHINGTON Associated Press IN one unanimous show of hands, Democratic presidential candidates moved the idea of full health insurance for people who are not legally in the United States into the political mainstream. That debate night moment last week symbolised the party’s move to the left heading into a primary in which most candidates are trying to appeal to the progressive base. President Donald Trump immediately jumped on it to paint Democrats as extreme. Even if Democrats win the White House and both chambers of Congress, coverage for unauthorised immigrants would mean reversing long-standing restrictions in the government’s main health insurance programmes and a heated political battle — more so should Republicans retain Senate control. The issue has been considered so politically sensitive that the “Medicare for All” bills in Congress don’t explicitly say they’d cover immigrants here without legal permission. Instead legislation from Sen Bernie Sanders, I-Vt, and a House counterpart calls for covering every US “resident” and delegating the nation’s health to define that term. The Senate bill has been endorsed by several of Sanders’ rivals for the Democratic presidential nomination, including Sens Cory Booker of New Jersey, Kirsten Gillibrand of New York, Kamala Harris of California and Elizabeth Warren of Massachusetts. Debating in Miami last week, Democrats argued that all Americans would be better off if everyone in the country had medical care. They pointed out that most immigrants are working and paying taxes that support programmes such as Medicare and Social Security. “You cannot let people who are sick, no matter where they come from, no matter what their status, go uncovered,” former Vice President Joe Biden said. Biden’s approach calls for building on the Obamaera law he helped to pass, which now denies benefits to immigrants living in the country without permission. It wouldn’t be a freebie, argued South Bend, Indiana, Mayor Pete Buttigieg, who has talked about a buy-in plan. “They pay sales taxes, they pay property taxes directly or indirectly,” Buttigieg said. “This is not about a handout. This is an insurance programme.” Other Democrats say program design could lead to broader public acceptance. “If it is clear that they are paying for it, they could be getting basic care and avoid being in the emergency room at taxpayer expense,” said Rep Ro Khanna, D-Calif. Trump all but thanked the ten Democrats on the debate stage. “All Democrats just raised their hands for giving millions of illegal aliens unlimited healthcare,” he wrote on Twitter. “How about taking care of
American Citizens first!? That’s the end of that race!” A CNN poll raised a warning flag that echoed Trump’s dismissive tweet: Among all Americans, 59% were opposed, while 38% were in favour. But Democrats had a different view. Roughly six in ten Democratic voters for government health insurance coverage for people in the country illegally. The poll also highlighted a generational difference. Democrats under 45 supported coverage by 70% to 29% while those 45 and older were more closely divided, 55% to 41%. For now, flagship federal health programmes remain off limits to all but US citizens and legal residents. That includes Medicare, Medicaid, Children’s Health Insurance and the Obamaera Affordable Care Act. Congress even forbade unauthorised immigrants to buy ACA coverage with their own money. America doesn’t slam the door completely. Federally funded community health centers provide basic medical care to the uninsured without asking immigration questions. Hospital emergency rooms are required by law to treat and stabilise all patients, with government subsidising the cost. Some states, like California, use their own funds to cover children regardless of immigration status. Of the ten million to 11 million immigrants in the country without legal permission, many appear to have private coverage. The Kaiser Family Foundation estimates that roughly four million people are uninsured because of immigration status, while the Migration Policy Institute has a higher number, nearly six million. Both are nonpartisan research organisations. Opponents of covering unauthorised immigrants say it will only encourage more migration — a potential problem supporters of the idea have acknowledged. The Medicare for All bills call for measures to deter immigration for the “sole purpose” of getting free medical care. “Adopting subsidised major health care programs for illegal aliens serves as the ultimate ‘pull factor’ for migrants and would exacerbate our nation’s border crisis,” said RJ Hauman of the Federation for American Immigration Reform, which supports curbs on immigration. Cost is another factor. Hauman said it would be a new “multi-billion dollar” expense for taxpayers. However, independent experts at the Kaiser Foundation and Migration Policy say there’s no authoritative number because the question hasn’t been rigorously researched. Randy Capps, a senior researcher with the Migration Policy Institute, said immigrants living in the country illegally are generally a younger population, so bringing them into the private insurance system could also help with costs. “Undocumented immigrants are disproportionately young and healthy,” Capps said.
UNIQUE VACATIONS LIMITED UNIQUE VACATIONS VACANCY LIMITED UNIQUE VACATIONS LIMITED VACANCY UNIQUE VACATIONS LIMITED Senior Global E-Chat Manager VACANCY UNIQUE VACATIONS LIMITED Senior Global E-Chat Manager VACANCY Senior Global E-Chat Manager VACANCY Unique Vacations is looking for a Senior Global E Chat ManagerE-Chat who willManager play a key role in the development, implementation, and Senior Global Senior Global E-Chat Unique Vacations is looking a Senior Global E Chat Manager who willbeManager play a keythinking, role in the development, implementation, optimization of various globalformarketing initiatives. The individual must forward strategic, and possesses the abilityand to
PAGE 14, Thursday, July 4, 2019
Unique Vacations is looking aqualities Senior Global E the Chat Manager who will play a key role in the development, implementation, optimization of various globalfor initiatives. The individual must forward thinking, strategic, and possesses the abilityand to demonstrate excellent leadership and have skills to manage thebebooking process from start to end.; and be responsible for Unique Vacations is looking formarketing a Senior Global E Chat Manager who will play a key role in the development, implementation, and optimization of various globalfor marketing initiatives. The individual must bebooking forward thinking, strategic, and possesses the abilityand to demonstrate excellent leadership qualities and have the skills to manage the process from start to end.; and be responsible for Unique Vacations is looking a Senior Global E Chat Manager who will play a key role in the development, implementation, creating, leading and implementing a cultural based around revenue, sales strategies, client focused, training and development. optimization excellent of variousleadership global marketing initiatives. The individual must bebooking forwardprocess thinking, strategic, and possesses the abilityfor to demonstrate qualities and have the skills to manage the from start to end.; and be responsible optimization of various global marketing initiatives. 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Administer discipline and participate in disciplinary hearings. employee performance appraisals according to policy. policy. •• Conduct Enforce rules of conduct based on company/department Conduct employee performance appraisals accordinghearings. to training policy. courses Administer discipline and participate in development disciplinary •• Identify training needs and assist incompany/department the of Enforce rules of conduct based on policy. •• Administer discipline and participate in disciplinary hearings. Enforce rules of conduct based policy. 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Theposition number is decided by management •• Complete Participate in the interview and selection process of new E-Chat Agents’ Remain current with all resort updates andprocess ifsessions required byAgent Management, take opportunities to view first-hand. Participate in the interview and selection of new E-Chat Agents’ position Complete minimum number of monitoring per Week. The number is decided by management ••• Any other duties/projects as deemed necessary by management Remain current with number all resortofupdates and ifsessions required Management, take opportunities to view first-hand. Complete minimum monitoring perby Agent Week. The number is decided by management •• Remain current with all resort updates and if required by Management, take opportunities to view first-hand. Any other duties/projects as deemed necessary by management •• Complete minimum number of monitoring sessions per Agent Week. The number is decided by management Any other duties/projects as deemed necessary by management • Complete minimum number of monitoring sessions per Agent Week. The number is decided by management Experience/Skills/Qualifications: • Any other duties/projects as deemed necessary by management • Any other duties/projects as deemed necessary by management Experience/Skills/Qualifications: Experience/Skills/Qualifications: • Minimum of 5+ years’ senior management experience in a call Center environment Experience/Skills/Qualifications: Experience/Skills/Qualifications: •• Minimum 5+ years’ senior management experience infield a call Center environment Bachelor's of Degree in Business Administration or related Minimum of 5+ years’ senior management experience infield a call Center environment ••• Bachelor's Degree in Business Administration or related Proven management, problem solving and leadership skills Minimum of 5+ years’ senior management experience infield a call Center environment •• Proven Bachelor's Degree in Business Administration or related Minimum of 5+ sales years’ senior management experience in a call Center environment management, problem solving and leadership skills Proven advance skills Bachelor's Degree in Business Administration or related field ••• Proven management, problem solving and leadership skills Bachelor's Degree in Business or related field Proven advance sales skills Administration Multitasking abilities •• Proven management, and leadership skills advance sales problem skills solving •• Proven Proven management, problem solving and leadership skills Multitasking abilities Technology comfort and know how Proven advance sales skills Multitasking abilities •• Proven advance salesand skills Technology comfort know how Excellent time management, organizational, communication, and analytical skills •• Multitasking abilities Technology comfort and know how • Multitasking abilities Excellent time management, organizational, communication, and analytical skills •• Preferred: Technology comfort and know how travel industry experience Excellent time management, organizational, communication, and analytical skills • Ability Technology comfort and know how travel may to travel as required, extended be expected and analytical skills • Excellent time management, organizational, communication, • Excellent time management, organizational, communication, and analytical skills Only short-listed candidates will be contacted. Interested persons should submit their applications by July 8th, 2019 with curriculum vitae to hrreport6@gmail.com
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ROUHANI: IRAN WILL ENRICH URANIUM TO ‘ANY AMOUNT WE WANT’ TEHRAN, IRAN Associated Press IRAN’S president warned that Tehran will increase its enrichment of uranium to “any amount that we want” beginning on Sunday, putting further pressure on European nations to save its faltering nuclear deal and offer a way around intense US sanctions. President Hassan Rouhani’s threat, combined with Iran surpassing the stockpile limits of the 2015 atomic accord, could narrow the estimated oneyear window it would need to produce enough material for a nuclear weapon, something Iran denies it wants but the deal sought to prevent. But as tensions rise a year after President Donald Trump unilaterally withdrew America from the deal, it looks unlikely that Europe can offer Iran a way to sell its oil on the global market despite US sanctions. All this comes the US has rushed an aircraft carrier, B-52 bombers and F-22 fighters to the region and Iran recently shot down a US military surveillance drone. “Be careful with the threats, Iran. They can come back to bite you like nobody has been bitten before!” Trump tweeted in response to Rouhani’s warning. Yesterday, Iran also marked the anniversary of the US Navy shooting down an Iranian passenger jet in 1988, a mistake that killed 290 people and shows the danger of miscalculation in the current crisis. “The Trump administration is pushing the center of Iranian politics to the right at the determent of the Iranian people and the entire region,” said Ali Vaez, an Iran analyst for the International Crisis Group. “Rouhani is clearly at the end of his rope and has no choice other than green lighting further escalation.” Rouhani, still viewed inside Iran as a relatively moderate cleric in the country’s Shiite theocracy, has taken an increasingly hardline tone in his remarks to the West. Particularly, he and others in his administration target European signatories to the nuclear deal for not doing enough to ease restrictions on Iran’s oil and financial sectors. That continued yesterday in a televised address to his Cabinet. His remarks seemed to signal that Europe has yet to offer Iran anything to alleviate the pain of the renewed US sanctions targeting its oil industry and top officials. The deal saw Iran agree to limit its enrichment of uranium to 3.67%, which is enough for nuclear power plants but far below the 90% needed for weapons. It also limited its stockpile of enriched uranium to 300 kilograms. In exchange, Iran saw crippling economic sanctions lifted. But after Trump withdrew from the deal, those sanctions and even morestringent newer ones took effect. On Monday, both Iran and the UN’s nuclear watchdog agency confirmed that Tehran had breached that stockpile limit. Rouhani some two months earlier set the Sunday deadline that Iran would increase its enrichment of uranium. Yesterday’s remarks underlined that. “From July 7 onward, the level of our enrichment will not be at 3.67% anymore,” Rouhani said. “We will put aside this commitment as much as we want to and to any level we think is necessary and we need.” However, Rouhani’s remarks, while strident, seemed to still insist lastminute diplomacy could be possible. “Our advice to Europe and the United States is to
PRESIDENT Hassan Rouhani speaks in a cabinet meeting in Tehran, Iran yesterday. Rouhani warned European partners in its faltering nuclear deal that Tehran will increase its enrichment of uranium to “any amount that we want” beginning on Sunday, putting pressure on them to offer a way around intense US sanctions targeting the country. go back to logic and to the negotiating table,” he said. “Go back to understanding, to respecting the law and resolutions of the UN Security Council. Under those conditions, all of us can abide by the nuclear deal.” There was no immediate reaction in Europe, where the EU just the day before finalised nominations to take over the bloc’s top posts. On Tuesday, European powers separately issued a statement on Iran breaking through its stockpile limit, calling on Tehran “to reverse this step and to refrain from further measures that undermine the nuclear deal”. Vaez, the Iran analyst, said the current state of the deal forced Rouhani to shift right, while also highlighting the limitations faced by Europe. “It is a pity that despite its goodwill and efforts, Europe fell short of preserving an agreement that incarnates European belief in multilateralism,” he said. The heightened tensions between the US and Iran have seen a series of incidents spiral across the wider Persian Gulf. Mysterious attacks have struck oil tankers near the Strait of Hormuz, which the US and Israel blame on Iran, although Tehran denies involvement. Yemen’s Iranian-backed Houthi rebels have launched a series of bombladen drone attacks on Saudi Arabia. Iran also shot down an over $100m US military surveillance drone on June 20, nearly sparking a retaliatory American strike. Iranian state TV reported that the powerful Imam Reza Foundation, a religious body that manages vast endowments and businesses across Iran, awarded medals to those who shot down the US drone. Meanwhile, relatives of those killed the 1988 downing of Iran Air Flight 655 by the US Navy marked the day by visiting the site in the Strait of Hormuz where its debris fell. Iranian TV showed video of the mourners as armed Iranian Revolutionary Guard fast boats patrolled around them. They tossed gladiolas and roses into the strait from the boat and by helicopter as some wept. “Thirty years of being an orphan!” one woman screamed. Others chanted: “Death to America!” Just after dawn on July 3, 1988, the USS Vincennes chased Iranian speedboats into Iranian territorial waters after they allegedly shot at an American helicopter. It began firing at the Iranian vessels there. The Vincennes then mistook Iran Air flight 655, which had taken off from Bandar Abbas, Iran, heading for Dubai in the United Arab Emirates, for an Iranian fighter jet. It fired missiles, killing all 290 people on board.
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Trump says US should start manipulating the dollar
PRESIDENT Donald Trump walks across the South Lawn as he arrives at the White House in Washington. Trump is accusing China and Europe of playing a “big currency manipulation game”. He says the United States should match that effort, a move that directly contradicts official US policy not to manipulate the dollar’s value to gain trade advantages. Photo: Andrew Harnik/AP WASHINGTON Associated Press PRESIDENT Donald Trump yesterday accused China and Europe of playing a “big currency manipulation game”. He said the United States should match that effort, a move that directly contradicts official US policy not to manipulate the dollar’s value to gain trade advantages. In a tweet, the president said if America doesn’t act, the country will continue “being the dummies who sit back and politely watch as other countries continue to play their games — as they have for so many years”. Trump’s own Treasury Department in May found that no country meets the criteria of being labeled a currency manipulator, although the report did put China and eight other countries on a watch list. A country manipulates its currency when it drives down the value to make its exports cheaper and foreign imports more expensive. As a candidate in 2016, Trump repeatedly charged that China was manipulating its currency and as president he would
immediately label China as a currency manipulator. However, after taking office, Trump’s Treasury Department has issued five reports on the subject, required by law every six months. In each report it said no country met the criteria to be labeled a currency manipulator. Trump’s tweet seemed to have no impact in currency markets, a situation that would likely change if Treasury Secretary Steven Mnuchin began threatening to use currency manipulation to drive down the dollar’s value. The Treasury secretary has the job of commenting on the dollar’s value and also implementing intervention to buy or sell dollars in currency markets to influence the dollar’s value. US administrations for decades have pledged in international communiques not to intervene in currency markets for the purpose of influencing trade flows. A weaker dollar would boost US exports but could run the risk of causing foreign investors who are helping to finance the federal government’s $22tn national debt to move their investments elsewhere to avoid the risk of currency depreciation lowering their returns.
Thursday, July 4, 2019, PAGE 15
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FARMER Matthew Keller walks through one of his pig barns near Kenyon, Minn. When the Trump administration announced a $12bn aid package for farmers struggling under the financial strain of his trade dispute with China, the payments were capped. But records obtained by The Associated Press under the Freedom of Information Act show that many large farming operations easily found legal ways around the limits to collect big checks. Recipients who spoke to AP defended the payouts, saying they didn’t even cover their losses under the trade war and that they were legally entitled to them. Keller, who also grows crops to feed his livestock, said he “definitely appreciated” the $143,820 he collected from the programme. It didn’t cover all his losses but it helped with his cash flow, he said. He reached the $125,000 cap on his hogs, and the remaining money was for his soybeans and corn. Photo: Jeff Baenen/AP
Some big farms collect big checks from Trump aid package MINNEAPOLIS Associated Press WHEN President Donald Trump’s administration announced a $12bn aid package for farmers struggling under the financial strain of his trade dispute with China, the payments were capped. But many large farming operations had no trouble finding legal ways around them, records provided to The Associated Press under the Freedom of Information Act show. The government paid nearly $2.8m to a Missouri soybean operation registered as three entities at the same address. More than $900,000 went to five other farm businesses, in Indiana, Illinois, Tennessee and two in Texas. Three other farming operations collected more than $800,000, and 16 others collected over $700,000. Recipients defended the payouts, saying they didn’t cover their losses from the trade war and they were legally entitled to them. Department of Agriculture rules let farms file claims for multiple family members or other partners who meet the department’s definition of being “actively engaged in farming”. But US Sen Charles Grassley, an Iowa Republican who has long fought for subsidy limits, and other critics say it’s the latest example of how loopholes let large farms collect far more than the supposed caps. Grassley said in a statement to AP that some of the nation’s largest farms are receiving huge subsidies “through underhanded legal tricks. They’re getting richer off the backs of taxpayers while young and beginning farmers are priced out of the profession. This needs to end. The Department of Agriculture needs to re-evaluate its rules for awarding federal funds and conduct more thorough oversight of where it’s funneling taxpayer dollars”. USDA officials said they believe its rules are being followed and that procedures are in place to audit recipients. About 83 percent of the aid under the Market Facilitation Program has gone to soybean farmers because they’ve suffered most under China’s retaliatory tariffs. The programme sets a $125,000 cap in each of three categories of commodities: one for soybeans and other row crops, one for pork and dairy, and one for cherries and almonds. But each qualified family member or business partner gets their own $125,000 cap for each category. Farmers who produce both soybeans and hogs, for example, would have separate caps for each and could thus collect $250,000. But there are legal ways around those caps.
USDA data show the biggest beneficiary has been DeLine Farms Partnership and two similarly named partnerships registered at the same address in Charleston, Missouri, that collected nearly $2.8m. They’re led by Donald DeLine and his wife, Lisa DeLine. Their attorney, Robert Serio, said the partnerships qualified legally and probably could have qualified for more if not for the caps. He said each partnership farms around 27,000 acres and is made up of eight or nine partners who all meet the “actively engaged” requirement. USDA spokesman Dave Warner said the department couldn’t comment on the specifics of the DeLines’ operations but that such a large claim was likely audited to ensure eligibility. At Peterson Farms in Loretto, Kentucky, eight members of the family partnership collected a total $863,560 for crops grown on over 15,000 acres, including wheat and corn used at the nearby Maker’s Mark bourbon distillery. Co-owner Bernard Peterson said it didn’t make up for all their losses at a time when it was already hard to be profitable. The $1.65 per bushel aid payments for soybeans fell well short of losses he estimated at $2 to $2.50 per bushel. “It’s a big number but there are a big number of people directly depending on the success of our operation in the community,” he said. The numerous ways around the caps mean that millions of subsidy dollars flow to “city slickers who are stretching the limits of the law,” said Scott Faber, senior vice president of government affairs at the Environmental Working Group, which has criticized federal farm subsidy programs as biased toward big producers and promoting environmentally damaging farming practices. Urban dwellers might play only a small role in an operation without ever setting foot on the farm because of the loose definitions for who qualifies, he said. Matt Keller, a pork producer in Kenyon, Minnesota, said he appreciated the $143,820 he got. It didn’t cover all his losses but helped with cash flow, he said. He reached the $125,000 cap on his hogs, and the remaining money was for his soybeans and corn. Keller said his wife and other family members are all involved in his operation, which produces about 29,000 pigs per year. He doesn’t blame the trade wars for depressed hog prices, but said the tariffs, on top of oversupply, have made things even tougher. “It was kind of a relief, I guess, that we had a little support from the president and the country,” Keller said.
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Thursday, July 4, 2019, PAGE 17
Stage set for lackluster 2nd-quarter US corporate earnings
ALPHABET logo shows on a Nasdaq screen. By ALEX VEIGA Associated Press UNCERTAINTY over US trade conflicts and signs of a slowing global economy have led many S&P 500 companies to lower expectations for how much profit they made in the spring. Wall Street projects that overall S&P 500 company earnings for the April-June quarter fell 2.6% from a year earlier, according to FactSet. As recently as the end of March, earnings were forecast to be down only 0.5%. This sets up the possibility for the first back-to-back decline in overall quarterly earnings for S&P 500 companies in three years. “This has been one of the most negative quarters in terms of guidance we’re seen since the end of the financial crisis,” said Brian Nick, chief investment strategist at Nuveen. The second quarter profit outlook has waned as the US escalated its trade conflict with China, setting off a new round of tariffs in May. The two nations have raised tariffs on tens of billions of dollars of each other’s goods in their dispute over US complaints about China’s technology ambitions. The May escalation fueled concerns on Wall Street that the dispute would hinder global growth and hamper corporate earnings, especially for technology companies and large multinationals that do a lot of business overseas. A recent truce in the trade war and the resumption of trade negotiations came too late to have an impact on the overall dimmer second quarter earnings forecast. Of the 113 S&P 500 companies that have given an outlook on their April-June results, 87 issued negative earnings guidance and the rest issued positive guidance, according to FactSet. Put another way, 77% of the companies that provided guidance have lowered the bar on their results, above the five-year average of 70%. That’s a moderate cause
for concern for investors, said Kate Warne, chief investment strategist at Edward Jones. “It says one of the supports we’ve seen for the continuation of the bull market is getting weaker,” Warne said. Technology and materials stocks account for the biggest share of projected earnings declines, with estimated drops of 11.9% and 14.4%, respectively. Consumer staples, industrials and consumer discretionary stocks are also expected to post overall declines in earnings growth. While six sectors are predicted to report earnings growth, led by utilities and health care, four of them have lower earnings estimates than they did in March. “The tariffs plus rising wages are beginning to cut into margins, and while companies are still able to adjust, there’s more of a risk that margins are falling and earnings will begin to decline more than most people expected early in the year,” Warne said. Energy and utilities are two sectors bucking the trend, with second quarter profit forecasts higher now than they were in March. If the current earnings projections hold, the second quarter results will mark the first time that the S&P 500 has posted two straight quarters of annual declines in earnings since the first and second quarters of 2016. Earnings growth overall for S&P 500 companies declined 0.3% in the first three months of this year, according to FactSet. The lowered expectations should help companies deliver earnings that top Wall Street’s projections. But how their stock prices move will likely hinge on the outlook management teams provide for their businesses in the second half of this year. “This is the quarter that just passed,” said Willie Delwiche, investment strategist at Baird. “It’s not necessarily indicative of what we could see going forward.”
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Trump insists he’s not dropping citizenship question effort
WASHINGTON Associated Press PRESIDENT Donald Trump, pictured, insisted yesterday that he is not dropping efforts to include a citizenship question on the upcoming 2020 census, even as the US Census Bureau has started the process of printing the questionnaire without it. “News Reports about the Department of Commerce dropping its quest to put the Citizenship Question on the Census is incorrect or, to state it differently, FAKE!” Trump said in a tweet. “We are absolutely moving forward.” The White House did not immediately respond to questions about what he meant, but the confusion sown by Trump’s tweet prompted federal judges handling census cases in Maryland and New York to ask the Justice Department for clarification. Trump’s tweet directly contradicted comments made less than 24 hours earlier by Commerce Secretary Wilbur Ross and Justice Department lawyers that they were standing down, following a Supreme Court decision halting the question. “The Census Bureau has started the process of printing the decennial questionnaires without the question,” Ross said in a statement on Tuesday. “My focus, and that of the Bureau and the entire Department is to conduct a complete and accurate census.” Justice Department lawyers also notified parties in lawsuits challenging the question, and at least one federal judge who blocked its inclusion, that the company with a $114m contract to print census questionnaires had been instructed to start printing forms without the citizenship question. In the short term, Trump’s comment is unlikely to affect work on the census. But the two federal judges asked for immediate updates on the administration’s intentions. US District Judge George Hazel in Maryland moved up to Friday from Monday a deadline for the government to stipulate that it is no longer seeking to put the question on the 2020 census, Asian Americans Advancing Justice, a plaintiff in the Maryland case, said in a tweet. “To be clear, the government has confirmed the Census Bureau is continuing the process of printing the questionnaire without the citizenship question,” the group tweeted following a conference call with the
judge and lawyers on both sides that Hazel did not open to media coverage. US District Judge Jesse Furman in New York ordered the Justice Department to report its “position and intentions” by early this evening. Furman acted after New York Attorney General Letitia James asked for Furman’s help in resolving the administration’s conflicting accounts of its census plans. Hazel has said he is considering reopening the case after the civil rights groups who filed the Maryland lawsuit produced evidence from the computer files of a Republican redistricting consultant who died last year that they shows that discrimination against Hispanics was behind the push for the citizenship question. It’s unclear whether Trump’s comment would affect Hazel’s decision. Opponents of the citizenship question said it would discourage participation by immigrants and people who are in the country illegally, resulting in inaccurate figures for a count that determines the distribution of some $675bn in federal spending and how many congressional districts each state gets. The administration had said the question was being added to aid in enforcement of the Voting Rights Act, which protects minority voters’ access to the ballot box. But in the Supreme Court’s decision last week, Chief Justice John Roberts joined the court’s four more liberal members in saying the administration’s current justification for the question “seems to have been contrived”. For months, the administration had argued that the courts needed to decide quickly whether the citizenship question could be added because of the deadline to starting printing materials this week. On Twitter Tuesday night, Trump wrote that the Supreme Court ruling marked a “very sad time for America”. He also said he had asked the Commerce and Justice departments “to do whatever is necessary to bring this most vital of questions, and this very important case, to a successful conclusion”. He did not elaborate. Even though the Census Bureau is relying on most respondents to answer the questionnaire by internet next year, hundreds of millions of printed postcards and letters will be sent out next March reminding residents about the census, and those who don’t respond digitally will be mailed paper questionnaires.
NOTICE NOTICE is hereby given that DEJACMA ALTIDOR of Ross Corner, P.O. Box CB-12405, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of June, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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Thursday, July 4, 2019, PAGE 21
PAGE 22, Thursday, July 4, 2019
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NOTICE
NOTICE is hereby given that MIREILLE JOSEPH of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I,SHAVONNE MARIE FORBES THOMPSON of Harold Road, Nassau, Bahamas intends to change my name to SHAVONNE MARIE FORBES. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-792, Nassau, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice. LEGAL NOTICE
NOTICE
AMORTEN LIMITED Company No. 1066257 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that AMORTEN LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 19th June, 2019 and Patrick Hüsler of Wengistrasse 1, 8004 Zurich, Switzerland, has been appointed as the Sole Liquidator. Dated this 20th day of June, 2019 Sgd. Patrick Hüsler Voluntary Liquidator
NOTICE
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
WEDNESDAY, 3 JULY 2019
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,161.50 | CHG: 0.95 | %CHG: 0.04 | YTD: 52.04 | YTD%: 2.47 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.60 2.60 2.00 3.10 11.05 6.17 4.64 12.50 2.74 2.20 9.51 7.01 15.60 7.98 3.75 14.00
52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 8.98 6.13 3.54 9.00 2.35 1.70 7.50 6.10 11.25 6.20 3.01 12.51
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.00
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SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
SYMBOL LAST CLOSE AML 4.24 APD 17.43 BPF 6.00 BWL 5.40 BOB 2.51 BBL 1.95 CAB 2.13 CIB 11.05 CHL 6.16 CBL 4.49 CBB 9.02 CWCB 2.88 DHS 2.00 EMAB 10.09 FAM 7.00 FBB 14.45 FIN 7.98 FCL 3.41 JSJ 14.00 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)
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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 4.24 17.43 6.00 5.39 2.51 1.95 2.13 11.05 6.16 4.49 9.02 2.87 2.20 10.21 7.00 14.45 7.98 3.41 14.00
CHANGE 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.20 0.12 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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
VOLUME
1,000
4,000
5
250,000 VOLUME
EPS$ 0.167 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.209 0.000 0.611 0.743 0.939 0.205 0.631
DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.600
P/E 25.4 18.7 N/M 16.7 N/M N/M -4.9 15.6 12.8 24.4 14.4 28.1 10.5 N/M 11.5 19.4 8.5 16.6 22.2
YIELD 3.77% 7.23% 0.00% 4.64% 0.00% 1.03% 0.00% 6.52% 3.57% 2.67% 0.00% 2.37% 2.73% 3.21% 3.43% 3.74% 2.51% 3.52% 4.29%
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%
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% 1.55% 3.97% 1.18% 4.17% 1.11% 2.71% 2.06% 4.97% 4.52% 0.96% 1.57% 4.58% 0.99% 4.25% 1.32% 4.12% 3.22% 5.64% -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% 7.40% 2.70% 10.20% 1.30%
NAV Date 31-May-2019 31-May-2019 31-May-2019 31-Mar-2019 31-Mar-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019
MUTUAL FUNDS 52WK HI 2.24 4.29 2.06 188.32 158.55 1.62 1.76 1.70 1.15 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 1.56 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.24 4.29 2.06 188.32 154.49 1.62 1.76 1.70 1.15 7.66 8.94 6.71 11.25 11.94 10.59 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 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
NOTICE is hereby given that ROMANO CHARMANT of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of June, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
POSITION AVAILABLE Law firm seeks Secretary/Clerk: Minimum of 2 years experience with: • Conveyances • Companies, Wills • Probates and • Estates • Proficiency in word processing and excel is essential • BGCSE English and Maths are required Resumes should be submitted by email to
info@kinglaw.co