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FRIDAY, JULY 19, 2019

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Cable: $442m debt slash top ‘priority’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ABLE Bahamas’ chief executive yesterday pledged that slashing the company’s $442m debt and “reinstating” shareholder dividends are among the top priorities in its new financial year. Franklyn Butler, in an interview with Tribune Business, said the BISX-listed communications provider was “doing everything to prioritise” investor needs amid growing shareholder disquiet over heavy losses

• And reinstating shareholder dividends • CEO: Investors ‘out of sync’ on growth phase • Says $10m-$15m network investment likely

FRANKLYN BUTLER

sustained as a result of its Aliv and Florida expansions. The Cable Bahamas chief, though, argued it was “not uncommon to be out of sync with your shareholders” during such a growth phase especially given the emphasis most Bahamian investors place on receiving an annual dividend as the measure by which they judge a company’s performance.

Dividend payments have been suspended for several years to conserve capital for investing in the Bahamian mobile and Summit broadband roll-outs, and Mr Butler - while voicing hope that they might be resumed “in fairly short order” - said he was unable “to commit to a timeline” for doing so.

SEE PAGE 4

Aliv calls on BTC: ‘work with us for good of Bahamas’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ALIV yesterday called for greater co-operation from the Bahamas Telecommunications Company (BTC) in developing “a more resilient interconnection regime” following several recent service disruptions that impacted both carriers’ clients. Damian Blackburn, Aliv’s top executive, told Tribune Business that “the Bahamian people have the right to expect” that calls, texts and other forms of communication will enjoy an interruption-free two-way flow between the mobile rivals. Speaking after communications between Aliv and BTC customers were disrupted at least three times in recent months, Mr Blackburn said his company

• Calls for ‘more resilient connectivity regime’ • Bahamians ‘expect’ more than disruption • ‘Not one’ site affected by BPL outages

DAMIAN BLACKBURN had “consistently” sought greater co-operation from BTC to “make the way calls are handed over between the networks more resilient”. “We have a policy in Aliv that, whenever there’s a service interruption or outage,

Both sides claim victory in Briland project battle By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BOTH sides in the dispute over a controversial Harbour Island project were yesterday claiming victory in the first battles of a brewing legal war over efforts to overturn its permits and approvals. Benjamin Simmons, the Harbour Island hotelier who is one of two parties behind the Judicial Review action seeking to halt the Briland Residences & Marina development, told Tribune Business that the project’s developer had

“skipped over” several developments in claiming victory in their first legal skirmish. A principal behind the second Judicial Review sponsor, Briland Island Responsible Development, Mr Simmons said Justice Diane Stewart had allowed them to amend their initial filings to enter “environmental evidence” provided by their consultants, Turrell, Hall & Associates. And he argued that Michael Wiener and his 4M Harbour Island entity were “in an impossible position”

SEE PAGE 5

Canadian supplier disowns claims against Renew chief By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CANADIAN company has disowned claims levelled by an ex-Bahamas-based consultant against the chief executive of the former New Providence landfill manager. Machinex, which manufactured and supplied the materials recycling facility still sitting at the landfill, told Tribune Business it had never enjoyed anything other than a cordial and truthful relationship with Renew Bahamas head, Michael Cox. The company disassociated itself from allegations made against Mr

Cox by JP Michielsen, the former Stellar Waste to energy executive, adding that his remarks in a recent report did not represent Machinex’s position and that he was not authorised to speak on its behalf. “At the time the article was published, Mr Michielsen was not authorised to speak on behalf of Machinex,” the Canadian firm said in its statement to this newspaper. “Last year, Mr Michielsen was mandated to help us understand the local market, since we were not a local company. His mandate ended in March

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there is a quick move to notify customers and explain the problem,” he told this newspaper. “There have been some fairly high profile disruptions in Aliv customers trying to call BTC customers, and we obviously have no control whatsoever over BTC’s network.” Garfield “Garry” Sinclair, BTC’s chief executive, issued an apology over the last outage that occurred over the weekend of June 29-30, which impacted both mobile and fixed-line communications customers. The police control room and emergency calls were among the facilities said to have been negatively

impacted by “a critical fault” on BTC’s transmission ring between New Providence and Grand Bahama, which took the better part of two days to correct, and also interrupted calls and messages to Aliv customers and vice versa. Mr Sinclair’s statement conceded that there were “intermittent issues with BTC mobile voice services, as customers were unable to reach some off-net destinations”, and his Aliv counterpart yesterday suggested it was time for the two carriers to work together to make their interconnection

SEE PAGE 5

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Patron tax to cover just 45% of gaming By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net JUST 45 percent of web shop gaming activities will attract the new patron “winnings” tax, a Cabinet minister yesterday revealing that online casino spins will remain untouched “for now”. Dionisio D’Aguilar, minister of tourism and aviation, told the House of Assembly that the government had decided to focus this levy solely on lottery/numbers operations because it was too “complicated” to calculate the winnings from online casino spinning. Leading debate on the Gaming Amendment Bill 2019 as the minister responsible for the industry, Mr D’Aguilar said this “small tax on winnings” was projected to yield between $10m-$15m annually for the Public Treasury and help take the government closer to the $50m total web shop revenue target it had envisioned under the initial tax structure for the industry. The new winnings tax, due to take effect when changes to the Gaming House Operator Regulations are implemented at the House of Assembly’s next sitting on Wednesday coming, will see five percent paid on winnings up to $1,000 and 7.5 percent on anything greater than $1,000. Mr D’Aguilar yesterday indicated that Bahamian gamblers had got off relatively lightly, as the comparable winnings tax rates in Jamaica and Barbados are 15 percent and 20 percent, respectively. In the US, he added that the federal tax rate was 25 percent, with state and local taxes on top of that. “The government wishes to introduce a small tax on winnings from playing numbers only, which I already

DIONISIO D’AGUILAR have established only makes up 45 percent of the domestic gaming market - less than half - and leave any winnings from online casino operations untaxed for now,” he told the House of Assembly. And, with the operator tax structure also set to be codified with the new regulations, Mr D’Aguilar warned the four web shop hold-outs - Asure Win, the Island Game, Paradise Game and FML - that they now needed to pay taxes owed or face the loss of their licences when they next come up for renewal. Expressing optimism that there would be no need for such action, the minister added: “With the introduction of greater enforcement powers to the Gaming Board in this Bill, I warn those non-compliant operators that, in order to continue to operate in the gaming industry of the Bahamas, they will have to catch up on their outstanding taxes or lose their license to operate. “A number of the smaller houses have assured me that, with the passage of this new legislation and accompanying amendments to the regulations, they have every intention of catching up, and so, I am optimistic of a positive outcome.

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PAGE 2, Friday, July 19, 2019

THE TRIBUNE

The seven toxins that hurt employee output IAN FERGUSON BY

VERY employee has their Achilles heel; an area of vulnerability where there is the potential to fall. Most know what it is and how to manage it, but it is often ignored and left to eat away like a cancer. For many in the workplace, particularly in the Bahamian context, there are common shortcomings that seem to strangle both the individual and the environment in which they perform. Here are seven deadly sins that stagnate the effectiveness of employees. The first step to emotional health, wellness and increased productivity is to identify the toxins in our corporate and personal lives. Taking everything personally People are toxic to be around when they believe that everything that happens in life is a direct assault on them, or is in some way all about them. The reality is that what people say and do to you is much more about them than you. People’s reactions to you are about their filters, and their perspectives, wounds and experiences. Whether people think you are amazing, or believe you are the worst, again, it is more about them. Take each note of praise or comment of discontent with a grain of salt. Align your targets with the workplace standards and make your

positive mark despite the noise in the marketplace. Obsessing about negative thoughts It is very hard to be around people who cannot, or will not, let go of negativity. They dwell on, and speak incessantly, about the terrible things that could happen and have happened; the slights they have suffered; and the unfairness of life. These people stubbornly refuse to see the positive side of life and the positive lessons from what is transpiring. Pessimism is one thing, but remaining perpetually locked in negative thoughts is another. Only seeing the negative, and operating from the viewpoint that everything is negative and against you, is a skewed way of thinking and living. Treating yourself like a victim Another toxic behaviour is non-stop complaining that fuels your sense of victimisation. Believing you are a victim, that you have no power or influence on the direction of your life, is a toxic stance that keeps you stuck and small. When you stop whining, and refuse to see yourself as a hapless victim of fate, chance or discrimination, then you will find that you are more powerful than you realised - but only if you choose to accept that reality. Cruelty - lacking in empathy or putting yourself in other’s shoes One of the most toxic and damaging behaviours – cruelty – stems from a total lack of empathy, concern or compassion for others. We see it every day online and in the media; people being devastatingly cruel and destructive to others just because they can. They

THERE is a bigger picture to your life, and it is not about what you achieve or fail at today.

tear people down online but in a cowardly way, using their anonymity as a weapon. Cruelty, backstabbing and ripping someone to shreds is toxic, and it hurts you as well as your target. If you find yourself backstabbing and tearing someone else down, stop in your tracks. Dig deep and find compassion in your heart, and realise that we are all the same. Excessive reactivity An inability to manage your emotions is toxic to everyone around you. We all know these people – men and women who explode over the smallest hiccup or problem, such as yelling at the bank teller for the long line, screaming at your assistant over the powerpoint error he made, or losing it with your child

for spilling milk on the floor. If you find that you are overly reactive, and losing it at every turn, you need some outside assistance to help you gain control over your emotions and understand what is at the root of your emotional outbursts. There is more to it than appears on the surface. An outside perspective – and a new kind of support – is critical. Super Star Mentality There are large numbers of persons who have simply gotten drunk on their own punch. They believe somehow that they are God’s gift to their companies. Their qualifications, experiences, skills and competencies have rendered them infallible and worthy of canonisation. My advice is simple - get over yourself

already. There is always someone with a greater depth of knowledge, experience and wherewithal. Do not fool yourself; holding on to pride and arrogance is the fastest way of losing the support of a team. This toxin is venomous and deadly. Needing constant validation Finally, people who constantly strive for validation and self-esteem by obsessing about achieving outward measures of success are exhausting to be around. These men and women who get caught up in the need to prove their worth over and over, and constantly want to “win” over their colleagues or peers, are toxic and draining. Overly-attaching to how things have to look and be, and to achieving certain milestones and accomplishments rather than going with life in a more flexible, easy manner, can wear you out and bring everyone else around you down. There is a bigger picture to your life, and it is not about what you achieve or fail at today. It is about the journey, the process, the path - what you are learning and applying, how you are helping others, and the growing process you allow yourself to engage in. NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.

GB law firm gains shipping honours A GRAND Bahamabased law firm has been named as Lawyers World Global’s shipping and maritime law firm of the year for The Bahamas under their global awards category. “It’s a humbling honour to be recognised globally by an organisation like Lawyers World,” said Kenra Parris-Whittaker, partner at ParrisWhittaker. “This is a clear testament to the hard work of the worldclass team we have in place. It will push us to work even harder to serve our clients, who are the real reason we succeed.” Lawyers World recognises firms and individuals that have excelled in their specialist practice areas, both within their geographical region and now globally. Voting nominations come from their 98,500 individual law partners and senior management subscribers.

AUTOMAKER BMW NAMES PRODUCTION CHIEF ZIPSE AS NEW CEO

FRANKFURT Associated Press

BMW has named its top production manager, Oliver Zipse, as CEO to lead the luxury automaker through a shift to new ways of doing business such as electric vehicles and offering cars on a per-use basis. The company said yesterday that Zipse, 55, would succeed Harald Krueger on Aug 16. Krueger, 53, had said on July 5 he wouldn’t seek to renew his contract when it expires next May. The BMW board of directors made the decision during a meeting at its plant in Spartanburg, South Carolina.

THE TRIBUNE

Friday, July 19, 2019, PAGE 3

Minister tours Straw PWC BOOSTING SKILLS FOR CARIBBEAN STAFF Market DIONISIO D’Aguilar, minister of tourism and aviation, and Travis Robinson, MP for Bain and Grants Town, toured the Bay Street Straw Market on Wednesday. Photos: Kemuel Stubbs/BIS

A WOOD carver displays football he made from coconut shells.

THE PricewaterhouseCoopers (PwC) affiliates in the Caribbean are launching an internal training programme to boost the skills of employees. The accounting firm’s intermediate to advanced skills-building initiative, called Digital Accelerators, will equip staff to transform the way they work by using more effective and efficient tools and working practices. PwC says its workforce will be upskilled on everything from data analytics and automation to machine learning and blockchain. Trishia Ogilvie, learning and development leader for

PwC affiliates in the Caribbean, said: “The Digital Accelerator programme is a key part of our internal digital upskilling strategy to provide our people working most closely with our clients with the tools and resources they need to drive innovation on the ground.” PwC said it has invested heavily in new technologies, and she added: “Our clients are looking for us to provide greater insights and value, which we believe can be achieved by increasing our digital aptitude. “Through the Digital Accelerator programme our people will develop

BTVI students to design Miss Bahamas outfits

STRAW vendors chat with Mr D’Aguilar.

MR D’Aguilar chats with children during his visit.

GREETING visitors to the straw market.

Boeing to take a $4.9bn charge over grounded jet DALLAS Associated Press BOEING says it will take a $4.9bn charge to cover possible compensation to airlines whose Max jets remain grounded after two deadly accidents. Boeing said yesterday that the calculation was based on an assumption that regulatory approval for the plane’s return to flying will begin early in the fourth quarter. That timing is earlier than some analysts expect, and may have contributed to a rally in Boeing shares in after-hours trading. Boeing said the after-tax charge will cause a $5.6bn reduction in revenue and pre-tax earnings for the April-through-June quarter.

THE Bahamas Technical and Vocational Institute (BTVI) recently signed an agreement with the Miss Bahamas Universe organisation for its students to create outfits for the 2019 pageant. with the Miss Bahamas Universe (MBU) organisation to have BTVI’s fashion students design and create outfits for contestants of the 2019 pageant. The students themselves first pitched Miss Bahamas Universe with the idea. Under the terms of the Memorandum of Understanding (MoU), the students will construct the Avant Garde attire as well as the A-line island handprint cocktail dresses for the contestants’ motorcade. Miss Bahamas Universe’s national director, Anthony Smith, said: “Miss Bahamas Universe decided to partner with BTVI because many of the past students are proof that great talent exists in this country, especially when the talent is trained and harnessed by institutions who are prepared to ensure that the students receive on-thejob training and exposure in order to present them to potential employers or a network of clients. “(This partnership) provides the student designers with a stage, press platforms and networking opportunities, and prospective clients who might not have known them or their brand.” BTVI’s chair of fashion, Kathy Pinder, added: “Our students will gain a lot of exposure from designing for the pageant. This will definitely help them develop their portfolios for their

future endeavours, whether it be furthering their education or securing jobs. It is my hope that it will inspire others who are interested to sign up for BTVI’s fashion programme.” Ms Pinder added that Miss Bahamas Universe’s decision to trust BTVI’s fashion students to create two designs per contestant shows how confident they are in the product. One of the student designers, Denzel Mckay, said: “This experience has helped with developing what we designers call our esthetics, which is our unique design style and is very important in the world of fashion. It has also helped us discover our strengths and weaknesses when it comes to designing and working with different clients.” The grand finale is scheduled for August 11 at the Meliá Nassau Beach Resort, Cable Beach, under the theme, “Alter Ego”. Pictured is BTVI fashion student, Fayren Knowes, left, taking the measurements fo her assigned model, Miss Bahamas Universe contestant, Katherine Weech. Photo: Shantique Longley.

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their skills in critical areas and work on projects that will bring cutting-edge technology to our clients to help them solve important problems.” The initiative’s first phase will focus on data and analytics, before moving on to automation, cybersecurity and training on new technologies. Frazer Lindsay, chief executive of PwC Caribbean Region Ltd, said: “One of the biggest challenges facing businesses and governments across the world is finding the right talent. Our clients are focused on how they can transform, remain

relevant and attract talent in a disruptive environment. “It is critically important, therefore, that we are able to future proof our workforce by providing the technology and skills needed to remain competitive and responsive to the needs of our clients in an ever-changing digital landscape.” The Digital Accelerator programme follows the earlier launch of the Digital Fitness App, a tool that measures an individual’s digital abilities and then allows them to grow through bite-sized learning solutions.

PAGE 4, Friday, July 19, 2019

THE TRIBUNE

Cable: $442m debt slash top ‘priority’ FROM PAGE ONE He confirmed that Cable Bahamas is examining the best method to “deleverage the balance sheet”, which at end-March 2019 was carrying $286.306m in preference shares and $155.861m in bank debt. Much of this was incurred to finance the provider’s rapid, capital intensive expansion over the past three years, but it had left Cable Bahamas with net equity of just over $30m at end-March 2019 and a “current” solvency deficiency of just over $35m. However, Mr Butler yesterday said Cable Bahamas will likely have “some very positive results to release” to its shareholders for the financial year just-ended on June 30 when the next annual general meeting (AGM). He added that the company was on track with executing the plan outlined at the previous AGM, and

revealed that Cable Bahamas was likely to invest between $10m-$15m on network infrastructure upgrades along during its 2020 financial year. Mr Butler said the company’s core cable TV business is coming under increasing pressure from the likes of Netflix and android boxes, but added that it was not losing subscribers to the Bahamas Telecommunications Company’s (BTC) Flow TV product. Still, recognising growing concerns from some shareholders, he told Tribune Business that “how do we deleverage the business and reinstate the dividend” were key questions himself and other Cable Bahamas executives are working on to develop the best solution. “I’m not making any commitments at this stage of the game,” he said of the dividend. “We continue to have that as a priority and something we continue to

work on. We have a plan, and we’re executing that plan. “We’ll do all we can to update the shareholders as and when it’s appropriate on when we will reinstate the dividend. If you look at revenues, we’ve more than doubled the business in the last three years, so we expect that at some point cash flows will continue to improve and we will be able to get to the dividend in fairly short order, but I can’t commit to any timeline.” Cable Bahamas has suffered two years of $50mplus net comprehensive losses prior to 2019 due to the start-up financing needs of Aliv and its $100m US acquisitions, which resulted in three Florida-based companies being merged into the surviving Summit Broadband entity. Many Cable Bahamas shareholders, typically focused on regular dividend payments as opposed to medium and long-term

value that can be obtained if growth opportunities are properly executed, have become increasingly anxious over when these will resume and the company return to the consistent profitability of the past. Several believe the BISXlisted communications provider has expanded too rapidly, biting off too much and taking on too much debt to finance its ambitions. However, Mr Butler said yesterday: “We are confident that the results moving forward will be better than they have been over the last three to four years. That was a journey. “Unfortunately, shareholders in The Bahamas are very yield based, so when a company goes through this growth phase it is not uncommon to be out of sync with your shareholders. We’re doing everything to prioritise the needs of shareholders, and I’m confident we will execute on that as well over

coming quarters.” That and reducing Cable Bahamas’ debt will be “the focus” for its just-started 2020 financial year, as well as executing fully on Aliv’s growth potential and the opportunities to “deliver superior solutions” for Bahamian businesses on the fixed-line voice side. “We’re executing well but there’s always opportunities for us to do more,” Mr Butler added. “We want to manage the decrease in TV subscribers, and give them more Internet and phone... The core business continues to do well. In most instances we’re adding fixed-line voice subscribers, selling people more Internet capacity. He said Cable Bahamas’ core TV business was the segment under most pressure, although not from BTC but Netflix and android boxes. Mr Butler indicated that he was not unduly concerned, describing the TV segment as a

“fairly low margin business”, and said the company was looking at how it delivers TV and video content amid changing consumer tastes. “We continue to upgrade our network and invest in areas of the business to make sure customers get the best in the market, and that we maintain leadership from a product development perspective,” the Cable chief told Tribune Business. “We will invest several million, well above $10m-$15m I suspect, on network upgrades.” He added that Summit Broadband presented multiple opportunities for short and medium-term growth in the US, while Cable Bahamas was also rewarding Bahamian residential customers for their loyalty and moving to increase its value proposition through the recent REV Trio promotion and launch of the $136,000 Cashback campaign.

Canadian supplier disowns claims against Renew chief FROM PAGE ONE 2019, and from then on he was no longer allowed to speak on behalf of Machinex. “We wish to distance ourselves from the article in regards to allegations made against Michael Cox. We have always maintained a direct communication with him, and have never pretended there has been any misinformation.” Renew Bahamas is understood to have kept itself in

good standing with many of its suppliers, and is still working through the necessary processes with the Ministry of Environment after the five year public-private partnership (PPP) type contract between them came to an end in October 2016 following Hurricane Matthew. Machinex added: “The only thing we can say is that Machinex has not been paid entirely for the equipment and service provided to Renew in 2015, but we wish to reiterate that we gave

NOTICE

NOTICE is hereby given that JOVAUGHN PIERRE of Carmichael Road, 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 19th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

ELOUERA PROPERTY S.A. Company No. 1539547 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that ELOUERA PROPERTY S.A. is in voluntary liquidation. The voluntary liquidation commenced on 24th June, 2019 and Andreas Schlumpf of Stockerstrasse 8, 8002 Zurich, Switzerland, has been appointed as the Sole Liquidator. Dated this 24th day of June, 2019 Sgd. Andreas Schlumpf Voluntary Liquidator

ORANA INVEST & TRADE INC. Company No. 1539567 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that ORANA INVEST & TRADE INC. is in voluntary liquidation. The voluntary liquidation commenced on 24th June, 2019 and Andreas Schlumpf of Stockerstrasse 8, 8002 Zurich, Switzerland, has been appointed as the Sole Liquidator. Dated this 24th day of June, 2019 Sgd. Andreas Schlumpf Voluntary Liquidator

LIQUIDATOR’S NOTICE PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT We, Sterling (Bahamas) Limited, Liquidator of E.V.A. INVESTMENT FUND LTD., hereby certify that the winding up and dissolution of E.V.A. INVESTMENT FUND LTD., has been completed in accordance with the Articles of Dissolution. Dated the 16th day of May 2019

them all the support required to operate their sorting system. Therefore, we hope to find an outcome on this matter of unpaid equipment and services very soon. “As a company which has as their mission to design solutions for a sustainable tomorrow, we find it unfortunate that the Bahamas population is deprived from this sorting facility.” Tribune Business understands that Renew Bahamas is disputing Machinex’s claim that it is owed money. It is instead alleging that the Canadian firm owes it more money than is due from itself.

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LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT

(No. 45 of 2000) In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act (No. 45 of 2000), BELFIELD HOLDINGS LTD. ( the “Company”) is in dissolution. The date of commencement of the dissolution is 16th July, 2019. Pedro Adolfo Melnitzky Kvitca of Av. Santa Fe 3069, 10th Floor, Apt B, Buenos Aires 1425, Argentina is the liquidator. All persons having, claims against the above-named Company are required to send their names, addresses and particular of their debts or claims to the Liquidator before 15th August, 2019

Sterling (Bahamas) Limited Liquidator

NOTICE F&G Holding Limited In Voluntary

NOTICE Piperanna Ltd. In Voluntary

Notice is hereby given that accordance with Section 138(4) of the International Business Companies Act 2000, F&G Holding Limited is in dissolution as of July 12, 2019

Notice is hereby given that accordance with Section 138(4) of the International Business Companies Act 2000, Piperanna Ltd. is in dissolution as of July 15, 2019

International Liquidator Services Inc. situated at 3rd floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator

LIQUIDATOR _________________

THE TRIBUNE

Friday, July 19, 2019, PAGE 5

Aliv calls on BTC: ‘work with us for good of Bahamas’ FROM PAGE ONE more resilient to system disruptions. “We’ve consistently called for co-operation with BTC to make the way the calls are handed over between the networks more resilient,” Mr Blackburn told Tribune Business. “Over the last three years both of us have been working in the market, and for the good of The Bahamas the time has come to sort this out. “We have requested, and we expect, that BTC will now co-operate with us to sort this out and build a more resilient interconnection

regime. This, for us now, is top of the list. We don’t want to have to send messages to our customers explaining why they cannot call customers on BTC’s network and vice versa any more. We think the public of The Bahamas has the right to expect that.” Interconnection is the points at which BTC’s and Aliv’s network infrastructure links to one another, thus enabling calls and other forms of communication flow seamlessly from one carrier’s customers to another. It is vital to fostering reliable, consistent communications across the entire Bahamas as well as

a fair competitive environment for both the mobile rivals. Mr Blackburn, meanwhile, said “not one” of Aliv’s multiple New Providence mobile tower sites was knocked out by the recent Bahamas Power & Light (BPL) load shedding and blackouts that have impacted the island for several weeks. Arguing that this was “a testament” to the strength of Aliv’s $123m network infrastructure, he added that it had provided a good test of its resiliency ahead of the 2019 hurricane season. “We’re a mobile operator with deep experience of

operating in the hurricane belt, and our contingency teams are prepared for hurricane season,” Mr Blackburn said. “We’ve had a bit of a challenge with the power outages, and I can report that not one site in New Providence lost power.” Confirming that all network locations are equipped with back-up generators and storage batteries, he added: “It was a bit of a trial. If we do have to batten down the hatches at some point in the future it shows that all the investment we’ve made, which was a lot of money to produce a quality network” was well spent. “It’s unfortunate there are

power outages,” Mr Blackburn continued, “but it is a testament to the planning we did and it has not affected the service to our customers as a result.” He added that Aliv’s transformation from startup to established mobile operator in less than three years had been achieved by a “predominantly Bahamian team, most of whom had no telecommunications experience before Aliv”. Mr Blackburn said training and knowledge transfer had taken Aliv to the position “where most of our operation is fully Bahamian”, and he explained: “At the beginning we were

Both sides claim victory Patron tax to cover just 45% of gaming in Briland project battle FROM PAGE ONE

FROM PAGE ONE regardless of whether Briland-related planning decisions were governed by the Planning and Subdivisions Act or Town Planning Act because the process for issuing the project’s permit was flawed under either law. However, an incredulous spokesman for Mr Wiener and Briland Residences & Marina questioned how Mr Simmons and the Association could claim any victory when Justice Stewart’s July 15 ruling refused both their bid to add the Harbour Island District Council as a potential respondent or include their allegation that marina construction was taking place illegally on the basis that site approval had lapsed. Justice Stewart had also ordered that Mr Simmons and Briland Island Responsible Development pay the legal costs of both the developer and the government in her ruling - something Mr Wiener’s spokesman said did not suggest the other side had won the initial fight. And they also questioned why a posting on Briland Island Responsible Development’s Facebook page, stating that Justice Stewart had “made several rulings favourable to our case” on July 15, had been removed following Tribune Business coverage of her judgment in yesterday’s paper. The posting added that the verdict “suggests that when she reconvenes on August 6, the next hearing date, she will grant our application for Judicial Review and issue an injunction staying further work on the marina until our claims can be ruled on”. Mr Simmons yesterday said he had not been responsible for the posting, and had not read it before it went up. However, Mr Weiner’s spokesman argued that its removal was a further sign that Briland Residences & Marina’s opponents had not been as successful as they claimed. But Mr Simmons, sticking to his arguments, said: “The big thing they’ve done is present themselves as winning this round. They skipped over three main things that happened in the judge’s ruling, one of which was that she ruled to allow our environmental evidence.” He added that Turrell, Hall & Associates had produced a note, comparing the actual marina construction and other activities at Briland Residences & Marina to what had been promised in the project’s Environmental Impact Assessment (EIA). Based on what they had seen in early to mid-June, Mr Simmons questioned how Briland Residences & Marina could meet its promise of being able to accommodate 250-foot plus vessels in the marina without much more dredging than outlined in the EIA. Suggesting that dredging to a depth of 15 feet would be required, impacting some 15-30 acres of

seabed, he added that Turrell, Hall & Associates had concluded that Briland Residences & Marina’s promises to potential dock slip purchasers “didn’t make any sense” unless this was concluded. Justice Stewart’s ruling, while declining to add the Harbour Island District Council as a potential respondent, left open the question of whether it is the Planning and Subdivisions Act or Town Planning Act that applies to Briland planning decisions to be decided another day. Attorneys for the multimillion dollar project had argued that the Planning and Subdivisions Act did not apply to Harbour Island because the government had failed to include it in the list of islands it was extended to cover in 2012. As a result, Robert Adams and Adrian Hunt, of Graham, Thompson & Company, said the Town Planning Act and its procedures govern any planning-related appeals on Harbour Island. This stipulates that there is a “statutory right of appeal” to the Supreme Court that must be followed, rather than the Judicial Review route taken by Mr Simmons and Briland Island Responsible Development. Mr Simmons, though, argued that either way the developer could not win. Should the Planning and Subdivisions Act

apply, the argument via Judicial Review will be that the issuance of the required permits by the Town Planning Committee breached the law because they were approved at a private meeting rather than in public - and with consultation - as required by law. And, if the Town Planning Act applies, Mr Simmons added that the argument will be that the wrong body - the Town Planning Committee - issued the permits as opposed to the Harbour Island District Council. “It puts them in an impossible position,” he told Tribune Business. “The judge allowed that amendment. It puts them in an impossible position. They’re damned if they do, damned if they don’t, as the Judicial Review applies.” That, though, could be subject to challenge as the Judicial Review would seemingly face being thrown out if the Town Planning Act applies, since all challenges under that statute have to be brought by a different route. Still, suggesting that Briland Island Responsible Development is backed by some 150 Harbour Island residents, businesses and expatriates, Mr Simmons said of the developer: “They’re going to try and turn any victory we have and muddy the waters, under-playing it.”

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“But, to those who are operating in this market without a license or have no intention to catch up on their back taxes, we will move with haste and determination to shut your illegal activities down,” Mr D’Aguilar continued. “After all, Mr Speaker, it is simply not fair to all of us, both consumers and business owners, who faithfully pay our taxes every day of the year, to have persons/business owners living amongst us believing that they do not have to pay their fair share of the tax burden that we all carry. However, he added that Island Luck, Ultra Game and Chances - who account for 70 percent of the web shop industry’s tax revenue - were up-to-date with their tax payments in accordance with the February 2019 settlement agreed with the government. With Sebas Bastian’s Island Luck now the

dominant player in the web shop market by far, Mr D’Aguilar yesterday renewed predictions of “further consolidation” that is likely to reduce the number of operators who are now having to cope with a higher taxation and regulatory burden. “Everyone knows that there is a dominant gaming house that presently, right now, reaps over 50 percent of the annual revenues derived from this industry and, as that gaming house goes from strength to strength reinvesting, innovating and expanding its menu of gaming options, it will inevitably come at the expense of the smaller players,” Mr D’Aguilar said of Island Luck. “If you speak to persons who operated in the gaming industry in the days before 2014, they would say that, once upon a time, there were over 40 operators. That reduced to 20, that reduced to 12 and then to seven. Market forces

mandated as part of our licence obligation to partner with a network engineering company that had prior experience of doing a network roll-out. “That was a sensible part of the Request for Proposal process. We chose to work with SaskTel (from Saskatchewan, Canada) and we had half a dozen Canadian engineers working on the roll-out and training Bahamian engineers.” Knowledge transfer had now progressed to such an extent, Mr Blackburn added, that the Canadian engineers had been replaced by an all-Bahamian engineering workforce. will probably continue that trend.” Mr D’Aguilar said web shop industry revenues had grown at an average rate of $20m per annum since regulation, now standing at just over $210m compared to the $112m earned in 2014. While conceding that increasing the industry’s effective tax rate from 11 percent to 28 percent in the 2017-2018 budget “was probably over-ambitious”, the minister argued that the government’s annual tax take - at around $22m - was more than 50 percent less than the operators’ combined $45m-$50m annual profit. He described this as “inequitable”, and added of the new 15 percent and 17 percent rates: “This increase in the gaming tax rate should generate an additional $10m to $12m in gaming tax revenues, and increase the government’s take from $22m to $32m to $34m annually.” Mr D’Aguilar added that the seven licensed web shops employ collectively some 2,800 persons with a combined annual wage bill of $33m, which he added translated into “the equivalent of $220 per week...just $10 above the minimum wage”.

PAGE 6, Friday, July 19, 2019

THE TRIBUNE

New York’s climate plan will drive big changes, if it works ALBANY Associated Press SOLAR panels on every roof. Parking meters that double as car chargers. Wind turbines towering above farm fields and ocean waves. A new law signed yesterday by New York Gov Andrew Cuomo sets the nation’s most aggressive targets for reducing carbon emissions and is intended to drive dramatic changes over the next 30 years. It calls for all the state’s electricity to come from renewable, carbon-free sources such as solar, wind and hydropower. Transportation and building heating systems would also run on clean electricity rather than oil and gas. “The environment and climate change are the most critically important policy priorities we face,” the Democratic governor said in announcing his signing of the sweeping climate legislation and the nation’s largest offshore wind project. “They literally will determine the future — or the lack thereof.” But while the legislation’s goals are clear, details on how to achieve them have yet to be determined. It isn’t clear how much all this change will cost, or even whether it is all technically feasible. Some critics call the plan impractical. “It would require massive deployment of both onshore and offshore wind, which is going to be enormously costly,” said Robert Bryce, an energy specialist at the Manhattan Institute, a conservative think tank. “You already have local opposition to onshore wind that has stymied the state’s ability to build any new capacity.” The Climate Leadership and Community Protection Act requires the state to cut greenhouse gas emissions to 85% below 1990 levels by 2050 and offset the remaining 15% with measures such as planting forests and capturing carbon for storage underground.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 18 JULY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,204.93 | CHG: -0.36 | %CHG: -0.02 | YTD: 95.48 | YTD%: 4.53 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.60 2.60 2.00 3.00 11.75 6.17 4.64 12.50 2.74 2.20 9.51 7.01 15.60 8.00 3.75 14.00

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 9.17 6.13 3.54 8.59 2.35 1.75 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

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

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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

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

E J K L M N

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

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)

LAST CLOSE 4.24 17.43 6.00 5.39 2.51 1.95 2.18 11.05 6.16 4.45 9.02 2.82 2.20 10.12 7.00 15.45 7.98 3.38 14.00

CLOSE 4.18 17.43 6.00 5.39 2.49 1.95 2.18 11.75 6.16 4.45 9.02 2.83 2.20 10.16 7.00 15.45 7.98 3.38 14.00

CHANGE -0.06 0.00 0.00 0.00 -0.02 0.00 0.00 0.70 0.00 0.00 0.00 0.01 0.00 0.04 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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 3,000

7,800 5,000

VOLUME

EPS$ 0.240 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.467 0.000 0.611 0.743 0.939 0.203 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 17.4 18.7 N/M 16.7 N/M N/M -5.0 16.6 12.8 24.2 14.4 27.7 4.7 N/M 11.5 20.8 8.5 16.7 22.2

YIELD 3.83% 7.23% 0.00% 4.64% 0.00% 1.03% 0.00% 6.13% 3.57% 2.70% 0.00% 2.40% 2.73% 3.23% 3.43% 3.50% 2.51% 3.55% 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

0.0 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% 2.50% 6.46% 2.79% 8.14% 2.12% 4.69% 5.00% -3.39% 3.04% 3.32% 2.48% 3.55% -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 31-May-2019 31-May-2019 31-May-2019 31-May-2019 31-May-2019 31-May-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 7.66 8.96 6.74 11.83 12.04 10.63 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 8.89 6.74 10.89 12.04 10.63 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

A new 22-member New York State Climate Action Council will have three years to recommend mandates, regulations, incentives and other measures. The law will require utilities to get 70% of the state’s electricity from renewable sources by 2030. Last year, 26.4% came from renewables, according to a report by New York Independent System Operator, the nonprofit corporation that runs the state’s power grid. “The legislation is going to shape the way we live, work and play going forward,” said Peter Iwanowicz, executive director of Environmental Advocates of New York, which supports the plan. Massive wind farms will play a key role in the transition. Cuomo announced Norway-based Equinor will develop one farm, generating power for New York City, while a joint venture of Connecticut-based Eversource Energy and Orsted A/S, a Danish company, will develop another, off the coast of Long island. Combined, the two farms will have a 1,700-megawatt capacity, enough to power one million homes, Cuomo said at the signing, where he was joined by former Vice President Al Gore. “This is the most ambitious, the most well-crafted legislation in the country,” Gore said. The act calls for 9,000 megawatts of offshore wind capacity by 2035. It also calls for 6,000 megawatts of solar capacity by 2025, five times the current amount. The Climate Action Council will likely call for new building codes to increase energy efficiency and require heating and cooling systems using electric heat pumps that transfer heat between indoors and outdoors. There may be incentives to retrofit existing homes and buildings. The New York City Council this spring passed an aggressive climate bill of its own that would require energy-efficient building retrofits. Since transportation makes up a third of the state’s emissions, the climate council will likely push for

greater mass transit and an accelerated shift to electric vehicles, which the state now promotes with rebates and investments in charging infrastructure. Ken Girardin, a policy analyst at the Empire Center for Public Policy, a spinoff of the Manhattan Institute, calculates the offshore wind buildout will cost more than $48bn upfront and $1bn in annual operating cost. At least 56 square miles of solar panels would be needed to hit the 2025 goal of 6,000 megawatts of solar capacity, Girardin said. But Gerrard said the costs of wind and solar installations have been dropping. “It’s much more economical to build large amounts of wind and solar energy than even three or four years ago,” Gerrard said. Mark Jacobson, an energy expert at Stanford University, led a 2013 study outlining how New York could transition to 100% renewable energy by 2030. It envisioned 4,020 onshore wind turbines spread across 1.5% of the state’s land area — 818 square miles. And solar farms would cover 463 square miles. About a third less land area would be required with today’s technology, he said, but the buildout would still be staggering — especially in a state where land is expensive and local opposition has stymied such projects. New transmission lines, which also generate local opposition, would be needed to tie new wind and solar projects to the electrical grid. “It’s definitely going to cost ratepayers a lot more for reliable electricity,” said Gavin Donohue, president of Independent Power Producers of New York, whose members produce three-quarters of the state’s electricity. He said efficient, low-emission natural gas plants built in the last ten years are needed to keep the lights on. “To say we’re not going to have any fossil fuel by 2050 is preposterous,” Donohue said. “Are we not going to have airplanes or gas-fueled cars? Is everyone going to have to retrofit their houses?”

NOTICE

NOTICE is hereby given thatHASSANRYAN HERARD, of Barcardi Road P.O.BoxN75W 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 12th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that BELKYS VEAMONTES GONZALEZ KELLY, of 69A Davis Street, Oakes Field, 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 19th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MEOSHE SHAQUILL JOSEPH, of Allen Drive, Carmichael Road 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 12th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Friday, July 19, 2019, PAGE 7

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For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

PAGE 8, Friday, July 19, 2019 WASHINGTON Associated Press HOUSE Democrats approved legislation yesterday to raise the federal minimum wage for the first time in a decade, to $15 an hour, showcasing the progress and challenge of a signature issue for the party ahead of the 2020 election. The increase, which would boost pay for some 30 million low-wage workers, is intended as one answer to income inequality. A longshot project of liberal advocates just a few years ago, the $15 minimum is standard practice at some leading US corporations. But passage was assured only after centrist Democrats, reluctant to embrace the party’s left flank, won adjustments, including a slower six-year phase-in of the wage. It was just the latest reminder of the sway moderates hold over the party’s policy decisions. Even though the bill’s chances in the Republican-controlled Senate are slim, and President Donald Trump is unlikely to sign it into law, the outcome is important because it puts $15 into the campaigns as the new benchmark for debate. “We’re testing candidates from the presidential all the way down to the school board,” said Mary Kay Henry, the president of the Service Employees International Union whose members cheered passage from the House gallery. “They have to raise wages,” Henry said, to address what she described as the inequality of the times. A hike in the $7.25 hourly wage has been a top Democratic campaign promise, and what Majority Leader Steny Hoyer of Maryland called yesterday the “right thing to do”. “America’s workers deserve a raise,” said Speaker Nancy Pelosi at a press conference with labor leaders and employees ahead of voting. Lifting a young girl into her arms, Pelosi said, “This is what it’s all about... It’s about family.” The last increase in the federal minimum occurred

House OKs $15 minimum wage, setting marker for 2020 campaign

SPEAKER of the House Nancy Pelosi, D-Calif, holds a news conference on Capitol Hill in Washington on Wednesday. Photo: J Scott Applewhite/AP ten years ago, the longest stretch without an adjustment since the wage floor was first enacted during the 1930s. The wage protection covers millions of low-wage workers in all types of jobs. Under the House bill, for the first time, tipped workers would be required to be paid the same as others earning the minimum, boosting their pay to $15 an hour, too. It’s now $2.13, in what labour scholars call a jarring remnant from the legacy of slavery, when newly freed workers received only tips. Republicans in the House balked at the wage hike,

which would be the first since Democrats last controlled the majority. Just three Republicans joined most Democrats in passage, on a 231-199 vote. During the floor debate, Rep Ronald Wright, R-Texas, called it a “disastrous bill”. Republicans have long maintained that states and municipalities are already able to raise the wage beyond the federal minimum, and many have done so. They warn higher wages will cost jobs, especially among smaller business owners.

Wright said the bill should be renamed the “Raising Unemployment for American Workers Act”. While opponents have long said higher minimum wages lead to job losses, economists say new studies are casting doubt on those long-held theories. A report from the nonpartisan Congressional Budget Office sent mixed messages. It said more than 30 million workers would see bigger paychecks with a higher wage, lifting more than one million workers from poverty. It also said between one million and three million

jobs could be lost. At time of wage stagnation and grave income inequality that’s playing out on the campaign trail, Democrats led by Rep Bobby Scott, D-Va, the chairman of the House Education and Labour Committee, are willing to accept that tradeoff. But swift passage earlier this year ran into trouble when centrists and those Democrats from rural regions and Southern states raised concerns. While the new Democratic majority is often seen as pushing the House leftward, many of the freshmen

THE TRIBUNE are actually moderates from districts won by Trump in 2016. Those same freshmen will face some of the toughest reelection races in 2020. The moderate Blue Dog Coalition, led by Rep Stephanie Murphy, D-Fla, advocated for changes to the wage bill. With some two dozen members, the caucus has enough votes to deny Pelosi a majority and sink the legislation. They wanted the longer phase of six years instead of five. And they included an amendment requiring a report from the General Accountability Office, after the first phases of the wage hike, to assess the economic impact on jobs and whether wages should be fully raised to $15. “I’ve always been one to believe compromise is not a dirty word,” Murphy said in an interview. “It has helped us get things done.” Most members of the Blue Dogs and another centrist caucus, the New Democratic Coalition, ended up voting for the bill. They also held the line against a Republican alternative. Progressives and labor leaders said they could live with the changes. Rep Mark Pocan, D-Wis, co-chairman of the Congressional Progressive Caucus, said the bill is popular back home and far from Trump’s characterization of Democrats as “socialists”. The idea of $15 hourly wage, “somehow that’s an out-of-the-mainstream thought?” he said. “Of course not.” Advocates who have been trying to boost wages for workers for years said they were stunned at how quickly the debate shifted. Sara Jayaraman, president of the Restaurant Opportunities Center United, group founded with displaced workers from the World Trade Center after the Sept 11, 2001 terror attacks, said boosting the tipped wages in particular, for waiters and other tipped workers, was a milestone. It’s “historic moment and a historic bill,” she said. “Once you start raising workers’ wages it’s hard to go back.”