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FRIDAY, AUGUST 23, 2019

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Airport upgrades gain 1% of needed $200m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE government has allocated just one percent of the $200m needed to upgrade 28 Family Island airports in this year’s budget, a Cabinet minister revealed yesterday. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the $2m provided for the 2019-2020 fiscal year highlighted why The Bahamas must urgently “fix the model” for airport maintenance as the alreadystrained Public Treasury “is unable to carry the load”.

• Minister: Budget allocated just $2m • User fees in ‘near term’ for major airports • Says: ‘We need to fix the business model’

DIONISIO D’AGUILAR

He voiced optimism that a passenger user facility charge will be introduced “in the near term” at Marsh Harbour’s Leonard Thompson International Airport to provide a funding mechanism for its upkeep, amid complaints from the Abaco Chamber of Commerce and others (see article on Page 1B) that visitors are being given a terrible first and last impression of The Bahamas due to its deterioration. Mr D’Aguilar said such

a move was part of wider plans to potentially rollout the so-called “NAD model” to major Family Island airports, given that all are suffering from a lack of operational and capital improvement funding. This structure, which involves a private sector entity taking over an airport’s management and financing, has already been adopted at the Lynden

SEE PAGE 4

Unions tell govt: Show us why in ‘financial straits’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government must explain why it is “in such dire financial straits” that it cannot meet public sector worker demands, trade union leaders warned yesterday. Bernard Evans, the National Congress of Trade Unions (NCTU) president, told Tribune Business it was “hard to fathom” how the Minnis administration is unable to reach agreement with the public sector unions given its increase in revenues post-VAT hike and recently-improved economic growth. Speaking ahead of Saturday morning’s showdown meeting with the seven public sector unions, Mr Evans said the current industrial unrest had been

• Tax rises, GDP growth make it ‘hard to fathom’ • ‘Aggressive plan’ to address concerns urged • Leader tells politicians to ‘walk the street’

BERNARD EVANS exacerbated by the government’s perceived failure to deliver on its promises for improved salaries, benefits and working conditions. He urged the Minnis administration to unveil an “aggressive plan” for addressing all public sector union concerns, even if it

CCA says Sarkis has no rights on protected papers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA Mar’s main contractor is using a Bahamian Supreme Court ruling to argue it has not breached Sarkis Izmirlian’s rights by obtaining confidential legal documents prepared for him. Attorneys for China Construction America (CCA), in a letter and other documents filed with the New York State Supreme Court on Wednesday, alleged that the original Baha Mar developer’s demand for the papers’ destruction or return should be rejected

Moody’s: BPL is ‘bottleneck to expansion’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MOODY’S has labelled the Bahamian energy sector as “a bottleneck to economic growth”, although its latest analysis makes no mention of the daily outages plaguing New Providence. The international credit rating agency, in its latest annual assessment of The Bahamas economic and fiscal prospects, even credits

SARKIS IZMIRLIAN because he does not hold legal professional privilege over them. The documents detail Mr Izmirlian’s potential claims against CCA for failing to complete the $4.2bn

SEE PAGE 4 the government’s plans to transform Bahamas Power & Light (BPL) and the wider industry via Shell North America’s proposed 220 megawatt (MW) power plant and $450m-$550m rate reduction bond refinancing. “The energy sector remains a bottleneck to growth, with a business’s ability to obtain electricity placing 87th in the 2019 Ease of Doing Business report,” Moody’s noted. “But the government intends to reform the sector. These reforms relate to a restructuring of BPL, improving the electricity network, and building a 220MW power plant. “Given BPL’s weak financial position, an internal restructuring is

SEE PAGE 5

could only make progress in a “piecemeal” fashion. The NCTU president added that it needed to provide a convincing explanation for why its “hands are tied”, and be alert to the “dynamics” driving pressures for increased incomes. Suggesting that politicians needed to “walk the street” to learn how hard it is even for working Bahamians to make ends meet, Mr Evans argued that civil servants “suffered the most” - especially those earning less than $1,000 per month. “It’s kind of weird to fathom,” he told Tribune Business. “With everything in the country supposed

to be on an upward trend, the economy growing by 1.6 percent last year, all the money they borrowed since coming to office, and raising the VAT rate by 60 percent to 12 percent, it’s hard for us to understand how the government is still finding it hard to meet its obligations. “It’s weird. It’s strange to fathom. They [the government] have to lay out to the public service workers why they’re in such dire financial straits and can’t meet that $1,200 lump sum payment.” Bahamas Public Services Union (BPSU) members marched to downtown

SEE PAGE 5

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Abaco airport ‘sorely lacking’ for tourism By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net VISITORS to Abaco have endured “first and last impressions” that are “sorely lacking” due to the failure to properly maintain the island’s $30m airport, a private sector leader said yesterday. Ken Hutton, pictured, the Abaco Chamber of Commerce’s president, implored the government to permit “local input” in solving the airport terminal’s woes ahead of the resumption of peak tourism season in November-December 2019. Arguing that it was “not the best model” to have decision-making power concentrated in Nassau, Mr Hutton said conditions at the Leonard Thompson International Airport frequently switched between “good and terrible” within a matter of days. Fearful that it could deter repeat visitors and recommendations to friends in a tourist market that is extremely high-end, Mr Hutton said deficiencies included a lack of air conditioning, bathrooms that were poorly maintained and did not function, and wildlife that was making a home for itself in the terminal building’s guttering. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the Airport Authority is trying to fix these defects and others after they were brought to its attention by the Abaco Chamber of Commerce and others (see other article on Page 1B). He added that the Marsh Harbour airport, in common with all other Family Island airports, lacked a funding mechanism or income stream to finance infrastructure improvements and maintenance. A passenger facility user charge will now likely be imposed on airport

users “in the near term”, the minister said. Mr Hutton, who said he had first written to the Ministry and Airport Authority with his concerns in early July, added that he was not opposed to such a charge provided the monies raised were used for maintenance purposes, and there was strict accountability and transparency around their use. “As long as the fee is not too onerous, I don’t think there’s a lot of people that will have an issue with that provided the facility is properly maintained and kept up to standard,” the chamber chief said. “And there’s accountability with the funds. It must be transparent and accounted for.” Mr Hutton said he had informed Mr D’Aguilar and Algernon Cargill, director of aviation, that Abaco’s private sector is “ready, willing and able to assist. We have the capacity and expertise, and it is a major international airport. “We have proposed that they talk to us, bring us in, so we can help them look at what a lot of the issues are and provide solutions to them,” he added. “At this point they have not reached out to us. We have not been included. “This is our neighbourhood, but all decisions are being made in Nassau with regard to the local airport. We don’t think that’s the best

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PAGE 2, Friday, August 23, 2019

THE TRIBUNE

Exchanging BPL’s monopoly for true energy independence By the Sustainable Energy Association of The Bahamas THE Sustainable Energy Association of The Bahamas (SEAB) is greeting with great enthusiasm the proposal by John Bostwick II that true “liberalisation of the energy sector” would allow Bahamian businesses and consumers to “get OUT” of Bahamas Power & Light’s (BPL) darkness and into renewable enlightenment. In fact, the SEAB put forward a ten-point proposal almost a year ago to adopt structural energy reform. The main points of this proposal are almost identical to the second report of then-National Energy Committee that was published in September 2010. BPL took the first step to end its de facto monopoly when its chairman, Dr Donovan Moxey, declared: “BPL is relenting its power

BPL’s Clifton Power Plant during a fire. generation by outsourcing it to Shell North America.” The second step would be to make the Power Purchase Agreement (PPA) agreed between BPL and Shell public, as this would establish a base wholesale price of electricity. From there we should create a National Energy Council (NEC) to put vital decisions in the hands of competent technocrats, who would also design proposals for BPL to adapt its operational practices to favour distributed renewable generation (DERs).

The NEC, together with the Utilities Regulation and Competition Authority (URCA), would form the backbone of a regulatory framework representing the interests of all stakeholders. Perhaps, given the magnitude of the task ahead, a new Ministry of Utilities should be established to oversee the provision of all such services. The second important element in this structural reform would be the creation of a Utilities Collection Agency. This would take the burden off the utilities

to collect their income, putting it instead into the hands of a group of IT specialists. The system should follow VAT’s lead by embracing online payments, together with the publication of consumption data. Customers would be able to monitor their electricity and water usage, prepaid meters would enhance timely collection, and non-payment could result in disconnection after reasonable warnings are issued. The third pillar of utility modernisation would be the introduction of an ambitious financing structure for both small and large renewable systems. Small system financing should be taken care of by a lending agency to installers, who in turn would have to document their construction activities. Quality control would be stringent to maintain customer safety. For large system financing, and the proliferation of carbonfree initiatives, we should

model a Renewable Energy Encouragement Act similar to the incentive legislation hotels enjoy. This would attract large, institutional investors to finance renewable projects. A key element in this process would be to transfer Family Island grids to private developers who would, after a certain period of time, sell to local cooperatives to give every Bahamian a chance to own a piece of their utility. The fourth step would result in a fully unbundled energy sector through the creation of the Bahamas Power Exchange. This would enable Independent Power Producers (IPP) to digitally bid into a day ahead, and real time, power market. Blockchain technology would also allow businesses and large commercial entities to enter long-term energy contracts with IPPs to provide cheaper supply. In this structure, BPL would become a transmission and distribution utility, deriving

its revenues from fees paid by those sending electricity to its wires. Distributed generation is also often called Non-Wires-Alternative (NWA), due to the nature of power flowing from one customer to the next, making them both producers and consumers. Everybody wins with a new energy sector structure, as generation is becoming everybody’s business and digital systems would provide more intelligent management of resources. Of course, the cost of implementation will be significant, and that is the main reason to put the management of each reform component into competent hands, taking it away from politics and special interest groups. There is no reason for The Bahamas to be near-last on the list of renewable integration, as the resource is shining brightly from a mostly blue sky and better services would put the smile back on every Bahamian face.

WORKERS Govt defends its fiscal FINANCIAL PASS SECURITIES TEST reform from US study THE government last night defended itself against US findings that it has failed to meet minimum fiscal transparency standards by hailing the “tremendous progress” it has made in this area. KP Turnquest, deputy prime minister, said the Minnis administration was “satisfied” with the reforms it has enacted since taking office in May 2017 “notwithstanding the assessment in the US State Department’s 2019 Fiscal Transparency Report”. Reaffirming the government’s commitment to achieving full fiscal transparency, Mr Turnquest said: “The Ministry of Finance has every confidence that the legislation we plan to introduce this fiscal year,and the other initiatives currently in the works, will address the issues raised by this particular report, and that these efforts are in line with other international best practices. “The State Department’s framework for assessing fiscal transparency places emphasis on transparency around the awarding of

KP TURNQUEST government contracts and natural resource licenses, as well as more robust government audit mechanisms. It also speaks to better and more frequent reporting on budgetary matters.” Mr Turnquest said these criteria fitted well with the

government’s plans “to foster greater accountability and better governance”. He added: “Already, the government has introduced quarterly fiscal reports, a yearly fiscal strategy report, and a new online portal dedicated to budgetary and

fiscal matters. “The government is pleased to have increased the budget of the Auditor General’s department by $433,000 – a 16 percent increase to expand their reach and efficacy. We have approved the recruitment of 11 new internal auditors and 14 new VAT auditors. These will boost the audit function all across government in a substantial way.” Mr Turnquest continued: “During this fiscal year, the government will introduce a new Public Procurement Bill, which will require all prospective government bids to be posted online and call for the publication of all contracts awarded by the government. “The government will also introduce the Public Financial Management Bill to replace the long outdated Financial Administration and Audit Act. Not only will this new Bill require substantially greater reporting and accountability by state-owned enterprises and public sector agencies, it will also stipulate criminal penalties for malfeasance in public financial affairs.”

STACIA FRASER

LATANYA ROLLE

TWO Bahamian financial services workers have passed securities examinations after studying with the Nassau-based Securities Training Institute (STI). Latanya Rolle, a client accountant at Deltec Bank & Trust, passed the US Series 7 exam, while Stacia Fraser did likewise on the Canadian Securities Course (CSC). Bettina Albury, STI’s general manager, said: “We are pleased to be able to play a role in preparing individuals to achieve this international designation

in order to become qualified to participate in the securities market in The Bahamas. “Our CSC workshops provide financial professionals with knowledge of the key subject matter that gives our students a comprehensive understanding of the material, and allows them to write their exams with greater confidence. STI is committed to being the premier provider of professional qualifications and compliance training to prepare Bahamians to succeed in the global economy.”

THE TRIBUNE

Friday, August 23, 2019, PAGE 3

Minister downplays OIL EXPLORATION PLANS public union unrest ‘ABSOLUTELY DISTURBING’ By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Minnis Cabinet will meet this Saturday with all the public sector unions in a bid to address the concerns that have sparked growing industrial unrest, the minister of labour said yesterday. Dion Foulkes, pictured, downplayed the strained labour relations environment, highlighted by yesterday’s Bahamas Public Service Union (BPSU) protest march and Wednesday’s junior doctors strike, arguing that the Department of Labour dealt with these and similar matters on “an almost daily basis”. “In the Department of Labour, we deal with matters like this almost on a daily basis,” he told Tribune Business. “Invariably, when you have a lot of unions you are bound to have disputes from time to time. “The most important thing is for both sides to be engaged and respectful. On a daily basis the conciliators, the director of labour and myself, we have a lot of discussions with both employers and trade unions that never come to the public’s attention, which we tend to revolve. The main thing is to have both parties talking and to try to come to a middle position.” Turning to the weekend’s summit, Mr Foulkes told Tribune Business: “We have a meeting planned for Saturday at 10am at the Paul Farquharson Centre at the police headquarters. We have invited all of the public sector unions to participate. “That includes the Bahamas Public Services

Union (BPSU), the nurses union, the doctors union, the Consultant Physicians Staff Association, the Bahamas Educators and Managerial Union, Customs & Immigration, the Teachers Union. I have spoken to both umbrella union presidents; both Mr Ferguson and Mr Evans, and they have accepted the invitation. The entire Cabinet will be there, the prime minister and deputy prime minister.” Mr Foulkes added: “We would like to have an open discussion with them, and give them an opportunity to talk to the government directly on issues. I don’t want to say more than that but I am very excited to have this opportunity to have seven public sector unions speak directly to government.” His comments came after more than 400 junior doctors went on strike on Wednesday over the government’s alleged failure to resolve long-standing disputes. The Bahamas Doctors Union’s president, Dr Melisande Bassett, said the decision to make good on a strike certificate obtained

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last year was prompted by the Public Hospitals Authority’s alleged failure to negotiate in good faith over holiday pay, coupled with the issuance of one-year contracts despite assurances from Dr Duane Sands, minister of health, that this practice would stop. Despite yesterday’s bad weather, the BPSU led several hundred public service workers in a march downtown to protest the government’s unwillingness to immediately give its members a $1,200 lump sum payment. The union, which has been locked in negotiations with the government over a new industrial agreement, is demanding the one-time lump sum payment for each of its 20,000 members to assist with back-to-school expenses - a move that the Ministry of Finance estimates will cost around $20m. Union representatives recently met officials of the Ministry of Finance, including deputy prime minister, K Peter Turnquest, where they were told that the government wanted to ease the burden on its cash flow by

splitting the payments into two lump sums of $600. One would be paid this month, and the latter in December. Kimsley Ferguson, the BPSU’s president, said yesterday: “We need a response to the concerns of these people. Economically, these people are paid beneath survival and we need their heads to come up above water so that they can breathe. “With the burden of value added tax and the cost of living increases, these people are very challenged, and so I’m grateful that they would stand behind us as we make every effort to represent them and to address the concerns that have the immediate effect on their lives.” He added: “We would have had a discussion with the prime minister on receiving some funding, which is part of our industrial agreement; the lump sum payment. If the agreement was signed we would have received it in 2018. “However, the discussion was with the view to get some of the money to assist our members with getting their children ready for back-to-school. The prime minister made a commitment for some $1,200. However, I found myself in another negotiation with him making some offer of two $600 lump sum payments, which in our view was not going to be sufficient for the membership to prepare themselves for back-to-school. We weren’t able to come to an agreement; hence the members of the public service are here demonstrating in the rain.”

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net ENVIRONMENTALISTS yesterday branded the Bahamas Petroleum Company’s (BPC) plan to drill an exploratory well in Bahamian waters during the 2020 first half as “absolutely disturbing”. Activists again called on the Government to publicly clarify its position on oil drilling in Bahamian waters following the company’s announcement. Joseph Darville, of Save the Bays and Waterkeepers Bahamas, told Tribune Business: “We got it straight from the horse’s mouth, in fact from the environmental ministry, that the Government is not proceeding with any offshore drilling for oil. “For this announcement to now come from a foreign entity is absolutely disturbing. If anything was going to happen other than what was said to the environmental groups, the decent thing to do would be to call the environmental groups in and inform them. “For this to come up at this point, with no announcement from our government, is absolutely abominable. It is contrary to our national interests. I cannot see them making a public statement without getting some authorisation from the powers that be in the country to proceed with exploration for oil.” Sam Dumcombe, reEarth’s president, added: “I find it so disingenuous that they talked about no oil drilling but this company is forging ahead. When you look at the climate crisis,

the fact that the Amazon is on fire, the ice caps are melting, how many more signs do we need to understand that this is not the way we should be going? We advertise our country based on its natural beauty but, in the same breath, we are actively seeking to destroy those very things that inspire tourists to come here.” BPC, in a statement on Wednesday, said it had laid the foundation to meet its licence obligations by signing a series of financing and service provision contracts with a variety of oil industry players. Revealing that these arrangements could slash the cost of drilling its first exploratory well by more than two-thirds, BPC added that they would also enable it to adjust its business model and proceed without a joint venture partner should the need arise. Tribune Business reached out to Romauld Ferreira, minister of the environment, to confirm whether BPC has obtained the ‘environmental authorisation’ it needs to proceed with oil drilling. However, no response was received before press time. This deals with the environmental, health and safety issues raised by BPC’s oil drilling venture. BPC, which has spent more than a decade on its exploration project, confirmed back in May that it had “lodged an application for Environmental Authorisation” with the Ministry of the Environment and Housing over its plans to drill a first well in waters south-west of Andros.

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PAGE 4, Friday, August 23, 2019

Airport upgrades gain 1% of needed $200m FROM PAGE ONE

Pindling International Airport (LPIA) with the Nassau Airport Development Company, and the minister said the government’s financial constraints give it no alternative but to look at similar public-private partnerships throughout the nation. While aviation consultants, Stantec, estimated in 2013 that a $180m total investment was required to bring all Family Island airports up to international standard, Mr D’Aguilar said these costs had likely escalated to “very much north of $200m”. The Minnis administration itself is not well-placed to do much about it, the minister admitted, as the government has “allocated $2m for it this year”. All 28 airports remain under the control and management of the state-owned Airport Authority, with travelling passengers contributing nothing towards maintaining infrastructure vital to the tourism industry and interisland commerce. “The issue at many of our Family Island airports is a lack of funding for operations and capital improvements,” Mr D’Aguilar told Tribune Business. “So the government is considering the implementation at some of the key Family Island airports of a business model similar to the one we have at LPIA, where we have an entity that manages that specific airport and raises funds through the implementation of a passenger

facility charge. “None of our Family Island airports charge a passenger facility charge. I don’t know of any international airport that does not charge a passenger facility charge. The business model at airports recognises the users of the airport pay for its use, but we don’t deploy that at Family Island airports, so they don’t have sufficient funding in place to fund operations and provide the necessary upkeep when needed.” Acknowledging that this had resulted in The Bahamas possessing some of the cheapest airports in the Caribbean to fly into, Mr D’Aguilar said this had created an imbalance that needed to be addressed if this nation is to bring its aviation ports of entry up to world-class standards. Using the Miami to Nassau route as an example, he revealed that airline ticket prices typically contained around $154 in total fees. While around $60 was incurred on the US side, the remainder on this end was made up of NAD’s charges ($48); Bahamian departure taxes ($29); and a $7 security fee with the remainder being value-added tax (VAT). While similar fees and charges may not be imposed at the same level in the Family Islands, Mr D’Aguilar said additional income streams were essential to address the Airport Authority’s “very limited funding for capital improvements and equipment upgrades” and “keep it on the cutting edge”.

Legal Notice NOTICE TEEOFF INVESTMENTS LIMITED NOTICE IS HEREBY GIVEN as follows: (a)

TEEOFF INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 22nd August, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 23rd day of August, A.D. 2019 Shareece E. Scott Liquidator

THE TRIBUNE “The process has begun for us to turn our airports into self-sustaining businesses,” he told Tribune Business. “Once we’ve done North Eleuthera and Exuma, we will bring attention to those airports receiving serious traffic and set up a business model that allows for sufficient revenue to upgrade and maintain them. We need to put that structure in place. “I feel that we’re leaving money on the table that could be used to maintain them. We need to fix the business model. The public purse is not going to be able to carry the full load. The travelling public can expect, in the near term, to commence paying a passenger facility charge. I’m hoping that at Marsh Harbour we can achieve that in the near term. “We’ve got to review how we roll that out, but Family Island airports are the cheapest in the Caribbean to visit. Yet it’s leaving no funds for us to keep them in an acceptable state. It’s not only foreign visitors bringing that to our attention but local residents. They want something a lot better and I can understand that.” Mr D’Aguilar said Marsh Harbour was a prime example of the flawed airport operating model employed in The Bahamas. “The government spent $30m on it, and we need to put in place a funding mechanism and business model that provide for the regular upkeep of the second busiest airport in the country,” he added. “We need to step in and ensure there is no deterioration to the physical plant, and provide the necessary maintenance and up keep of the facility. There is no doubt we’ve been having some challenges at Marsh Harbour airport in terms of runway lighting, in terms of issues at the terminal that have been brought to our attention by the Chamber of Commerce and local community. “We’ve obviously responded to those issues. There was a problem with the runway lighting that we’ve corrected, and I’ve been advised we’ve taken remediation steps to correct the other issues, but that will not solve the problem long-term.” Mr D’Aguilar said “the biggest impediment” to transforming many Family Island airports is that they lack legally-defined boundaries, having simply “evolved” over the decades. This has forced the government to hire surveyors via the Surveyor General’s Office to properly determine the limits for these assets.

LEGAL NOTICE

LOVEGROVE LIMITED Company No. 1534468 (InVoluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1) (b)of the BVI Business Companies Act, 2004 that LOVEGROVE LIMITED is in voluntary liquidation.The voluntary liquidation commenced on 20th August, 2019 and Patrick Husler of Wengistrass1,8004 Zurich, Switzerland, has been appointed as the Sole Liquidator.

Dated this 21st day of August, 2019 Sgd.Patrick Husler Voluntary Liquidator LEGAL NOTICE

Dos Osos Ltd. Company No. 1506188 (InVoluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b)of the BVI Business Companies Act, 2004 that Dos Osos Ltd. is in voluntary liquidation.The voluntary liquidation commenced on 21st August, 2019 and Dr. WOLFGANG RABANSER of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator. Dated this21stday of August, 2019 Sgd.Dr.WOLFGANG RABANSER Voluntary Liquidator

CCA says Sarkis has no rights on protected papers FROM PAGE ONE mega resort on time and on budget, but the Chinese state-owned contractor is arguing that the “privilege” preventing their disclosure does not now belong to the former developer or his BML Properties vehicle. Instead, CCA and his attorneys are arguing that these rights belongs to Baha Mar Ltd, the entity which was taken over by the Deloitte & Touche accountants appointed by China Export-Import Bank as the project’s receiver/managers following the failure of Mr Izmirlian’s Chapter 11 bankruptcy protection filing. And, even though Bahamian Supreme Court justice, Ian Winder, ruled at end-March 2019 that the two legal opinions at the heart of this dispute remain sealed, CCA appears to be cherry-picking parts of his judgment to justify obtaining them for use in its defence to Mr Izmrilian’s $2.24bn fraud and breach of contract lawsuit in the New York courts. CCA, arguing that the receiver/managers now “control” the rights to both opinions, has seized on a portion of Justice Winder’s ruling where he finds that the Deloitte & Touche accountants waived legal privilege to a “limited” extent by using the documents at the August 2016 Supreme Court hearing that approved Baha Mar’s sale. Seizing on this, the Chinese contractor and its US attorneys are alleging that disclosure of the legal opinions prepared for Mr Izmirlian is a similar “limited waiver” of legal privilege - not its complete abandonment. “The privilege belongs to Baha Mar Ltd, a distinct legal entity from BML Properties, [which] commissioned the valuation reports,” CCA and its attorneys alleged to the New York court. “BML Properties has no joint privilege with Baha Mar Ltd; the joint receiver/managers control Baha Mar Ltd’s privilege. Drawing on Justice Winder’s ruling, they continued: “The joint receiver/managers may make a limited waiver of the privilege, and did not effect a general waiver by submitting the BML reports to that court. “The joint receiver/managers’ disclosure of the BML reports to [CCA] was

BAHA MAR a limited waiver of Baha Mar Ltd’s privilege.” Arguing that the matter was governed by New York rather than Bahamian law, CCA also alleged that Mr Izmirlian had “refused” to provide evidence showing the legal opinions had been sought by BML Properties rather than Baha Mar Ltd. The Chinese state contractor is also arguing that it was “entitled” to access the two legal opinions when they were created because its parent company, China State Construction and Engineering Corporation (CSCEC), was a Baha Mar Ltd shareholder and held a seat on its board. Tribune Business exclusively revealed Mr Izmirlian’s accusation earlier this month that the Deloitte & Touche accountants had “surreptitiously delivered” the legal opinions to CCA just one day before the Bahamian Supreme Court heard arguments over its bid to gain access to them. This newspaper has now obtained a copy of the May 1, 2019, judgment referred to by his attorneys, and which makes plain Justice Winder’s unease over CCA’s bid to have the documents unsealed on the grounds of “open justice” and transparency. The Chinese contractor, which was represented at the earlier March 26, 2019, hearing by now-Chief Justice, Brian Moree QC, also argued that there was no reason for them to remain confidential as the Baha Mar sales process had finished. “It does not escape me that the party asking that the opinions be unsealed is the very party that is the subject matter of these opinions,” Justice Winder wrote pointedly. “Mr Moree QC for CCA nonetheless says that this is not an application by CCA to obtain access to these documents... “CCA says that they are not applying to have these documents, and is simply supporting the application to lift the seal since the reason why it was imposed is now spent.” The Chinese stateowned contractor added that how the legal opinions

Legal Notice NOTICE TODDI INVESTMENTS LIMITED

Legal Notice NOTICE JANCO LTD. NOTICE IS HEREBY GIVEN as follows:

might be used in the future was a totally separate matter from their unsealing. Justice Winder, though, was unpersuaded, and wrote” “Notwithstanding Mr Moree’s assurances, I would only say that it would indeed have been unusual that, in the ordinary course, Baha Mar would voluntarily waive privilege in those legal opinions from its lawyers so that CCA and CSCEC, the subject matter of the opinions, can have access.” Finding that the legal professional privilege covering the two documents “is not seriously disputed”, Justice Winder noted CCA’s arguments that “transparency was an essential element of the process” and that there was a need “to attract the confidence of the public that something was not going on behind closed doors... to deliver this property [Baha Mar] to a specific party”. “CCA’s concern, that transparency required the public to be satisfied as to whether an adequate price was secured for the construction contract, is severely weakened when we look at the terms of the sale relative to the construction contract,” the judge ruled. “The process approved by the court pegged the sale to an independent valuation.” The transparency and “open justice” call also comes from a company that has raised objections to Tribune Business’s coverage of the New York case with the presiding judge, and also mounted a failed bid to take the matter into arbitration and out of the public eye. Justice Winder’s ruling, meanwhile, backed arguments by Mr Izmirlian’s attorneys that there was no reason for the legal opinions to be placed in the public domain. He added that their use at the sale approval hearing amounted to a “limited” waiver of privilege, not a “general waiver” where all protection is “lost against the whole world”. Both legal opinions were ordered to remain sealed until a further decision from the Supreme Court.

NOTICE IS HEREBY GIVEN as follows:

(a)

JANCO LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

TODDIIN VESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 22nd August, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said Company commenced on the 22nd August, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

(c)

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 23rd day of August, A.D. 2019

Dated this 23rd day of August, A.D. 2019

Shareece E. Scott Liquidator

Shareece E. Scott Liquidator

LEGAL NOTICE International Business Companies Act (No.45 of 2000)

LEGAL NOTICE

AMG InvestmentFund Ltd. (the “Company”) In Voluntary Liquidation Notice is hereby given that,in accordance with Section 138 (4) of the International Business Companies Act,(No.45 of 2000), AMGInvestment Fund Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 02nd day of August, 2019.Gustavo Dos Santos Vaz is the Liquidator and can be contacted at Rua General Leite de Castro, 200 -Bloco B Cedro-Apto 71 -Jardim Santa Cruz (Sacoma), Sao Paulo,BraziAll persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 02nd day of September, 2019. Gustavo Dos Santos Vaz Liquidator

International Business Companies Act (No. 45 of 2000) RTT Investments Ltd Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of RTT Investments Ltd has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 21st day of August, 2019. Luciane Ribeiro Moreno Liquidator

THE TRIBUNE

Friday, August 23, 2019, PAGE 5

Unions tell govt: Show us why in ‘financial straits’ FROM PAGE ONE Nassau yesterday to demonstrate outside the Cabinet Office after the government last week proposed paying the $1,200, which is supposed to help cover back-to-school costs, in two $600 tranches. These would be paid in August and December, respectively, due to the Ministry of Finance’s fears that making the $20m payment in one go will severely impair the government’s cash flow. However, with one week left before school resumes, civil servants yesterday sought to send a message to the government that it is “all or nothing”. Adding to the turbulent industrial relations climate in the public sector, 400

junior doctors at Princess Margaret Hospital went on strike on Wednesday over long-standing grievances relating to holiday pay and short-term contracts. Mr Evans confirmed that the government has now requested to meet with the seven public sector unions on Saturday at 10am. Besides the BPSU and Bahamas Doctors Union, others represented will include Customs and Immigration, the Bahamas Union of Teachers, the nurses, senior doctors and education managers. “We hope that the prime minister will get the full brunt of what is going on with his ministers responsible for these entities,” Mr Evans told Tribune Business, voicing optimism

that some matters may be resolved “on the spot” given that the entire Cabinet as well as worker representatives will be present. “For those in the public service there has to be a plan,” he added. “Hopefully, the government will show an aggressive plan detailing how they will satisfy all these outstanding items for those in the public sector, even if they have to do it piecemeal. “But they have to live up to standard. These promises keep going on and on and on. They keep on promising but never deliver. People keep reading the newspapers and watching the news. What has happened to the $65m spent on the hotel in Freeport? That has yet to materialise in

any way for us. “The government seems to find ways to spend money on what it wants, but when it comes to the poor and downtrodden it seems to want to make them wait. Many of these persons earn less than $900 a month in the public service. What difference do you think $1,200 means to these people,” the NCTU president continued. “They need to walk the streets and find out how single mothers with two to three children can make it on $800-$900 a month. It’s extremely difficult. Hopefully at the meeting the government will be able to satisfy the worker representatives that they’re responding, engaging, and that they’re doing the best they can.”

Tribune Business understands that the average civil service salary is around $19,000 per annum, with around ten percent falling into the category described by Mr Evans. Besides the $1,200 lump sum, the BPSU has also been seeking salary rises of $250 and $200 in the first and third years of a new industrial deal, together with a $2,500 lump sum payment in the second. The $1,200 appears to be half of that figure, and the Ministry of Finance’s calculations indicate that the full lump sum amount would cost the government (taxpayers) between $40m to $45m in a one-off deal. Combining the two salary increases would raise the annual service payroll by $9m, assuming there are

Moody’s: BPL is ‘bottleneck to expansion’

20,000 civil servants. Mr Evans yesterday argued that economic growth could not come at the expense of worker salaries, benefits and living conditions, reiterating that income inequality and the “gap between rich and poor” was continuing to worsen. “You can’t say the economy is getting better, getting better when everyone is employed on the minimum wage or contract, and with no pension or medical coverage,” Mr Evans added. “I know governance is hard. But they ask for the responsibility, get in there and find they’re not set for success. I know it’s hard but the reality is the reality. You have to balance the Budget but satisfy the masses.”

Abaco airport ‘sorely lacking’ for tourism FROM PAGE ONE

BPL HEADQUARTERS

FROM PAGE ONE underway and the company is also considering a bond issuance to refinance $320m in legacy debt, which would allow BPL to have more resources available to improve its infrastructure and eventually lower customers’ costs.” Elsewhere, Moody’s said the debt burden of stateowned enterprises (SOEs) such as BPL remains a risk to the government’s fiscal consolidation plans, given that this totals a sum equivalent to almost 14 percent of Bahamian annual economic output. “A potential rising risk to the government’s fiscal strength is the increase in the debt burden of SOEs, which

reached 13.8 percent of GDP as of December 2018, as this is not included in our debt ratios,” Moody’s said. “Although less than half of it is fully guaranteed by the central government, should these contingent liabilities materialise it would have a material effect on the government’s balance sheet. “Potential reforms to SOEs would be key to ensuring that their finances improve both to reduce the necessity of sovereign support and to decrease the transfers the central government makes every year – in fiscal year 2018-2019 subsidies to SOEs amounted to $326m (2.6 percent of GDP) – that impact its own fiscal deficit.” Moody’s added that The Bahamas is aided

by a “favourable” debt maturity profile with just ten percent due to be repaid in the short-term. However, it warned that increased foreign currency borrowing had increased this nation’s exposure to changes in global market conditions. “External market debt has an average maturity of ten years, while domestic bonds mature on average in nine years,” Moody’s said. “At 7.8 percent of GDP in fiscal year 2018-2019, gross borrowing requirements continue to exceed historical trend levels of aboutsix to seven percent of GDP. We expect the financing requirement to narrow going forward, reaching 6.6 percent of GDP in fiscal year 2019-2020, supported by the government’s fiscal

Legal Notice

NOTICE NOTICE IS HEREBY GIVEN to the public that Zeneta Archer-Deveaux, the heiress-at-law of the estate of the late Pearl Tucker, who died on the 20th day of September, 1980, is the legal fee simple owner of the property described herein. Any person or persons claiming any right, benefit or interest in the same, must present his or her claim, in writing, along with the appropriate documentation, to the aforementioned Zeneta Archer-Deveaux, within twenty-one(21)days of the publication of this notice at the expiration of which time, no further claim will be entertained. The plot referred to comprise sis thousand six hundred and eight(6,608.00)square feet on the southern side of Laird Street two hundred and sixty seven feet east of Blue Hill Road in the southern district of New Providence bounded on the north by Laird Street and running thereon fifty two and thirty three(52.33)hundredths feet on the south by property of various owners and running thereon fifty-eight and sixty nine hundredths(58.69)feet, on the east by property of Sadie Curtis and running thereon one hundred and eighteen and twenty seven hundredths(118.27)feet, and on the west by property of one Dorsette and running thereon one hundred and twenty and forty four(120.44)hundredths feet. ZENETA ARCHER-DEVEAUX Phone No.242-818-7911

consolidation efforts. “External debt as a share of total government debt remains low at an estimated 31.5 percent in fiscal year 2018-2019, up from 26.9 percent in fiscal year 2016-2017. The share of external debt increased following the issuance of a ten-year, $750m international bond with a coupon of six percent in November 2017. “Although the external financing environment has been favourable, increased reliance on external market funding has increased The

Bahamas’ vulnerability to a change in global market conditions in the medium term,” the rating agency added. “That said, vulnerability to refinancing risks are mitigated by the currency peg as well as the external debt’s long maturity profile. The first upcoming Eurobond repayment, amounting to $300m, is not due until 2024. Additionally, the government has established a sinking fund to cover the principal payments due on the 2028 bond that amortises in 2026-28.”

model. This thing is not rocket science, but there has to be local input into the situation.” Mr Hutton said the airport terminal’s problems included the constant breakdown of air conditioning and generators; bathrooms where sinks did not work, and there was a frequent absence of paper towels and toilet tissue; and wildlife that had made a home in the guttering. Emphasising that the chamber’s focus was solely on the airport terminal building, and that it had no intention of becoming involved with issues such as air traffic control and airside operations, Mr Hutton said the lack of maintenance often resulted in visitors enduring sweltering conditions in the departure lounge and similar issues when they arrived. “The Marsh Harbour International Airport is the first and last thing that our guests see when they arrive and leave,” the chamber president told Tribune Business. “It’s their first and last impression of Abaco, and right now that impression is sorely lacking. “It’s embarrassing. It’s good some days and terrible on others. It’s hit and miss, it really is. There’s no consistency. It’s good one day and then horrible for three, and then good for four days and horrible for two. It’s not how you run an airport. We’re concerned about the airport terminal building. It could be much better, and now’s the time to do it because we’re in slow season.”

PAGE 6, Friday, August 23, 2019

THE TRIBUNE

S Korea cancels Japan intelligence deal amid trade dispute SEOUL Associated Press SOUTH Korea said yesterday it will terminate an intelligence-sharing deal with Japan that focused on classified information about North Korea, a surprise announcement that is likely to set back US efforts to bolster security cooperation with two of its most important allies in the Asian region. South Korea attributed the decision to its bitter trade dispute with Japan, which has plunged the two countries’ relations to their lowest point since they established diplomatic ties in 1965. Japanese Foreign Minister Taro Kono called the decision “extremely regrettable” and summoned the South Korean ambassador to protest the linking of trade and security issues. The US expressed disappointment in the decision. Secretary of State Mike Pompeo said the US hopes that “each of those two countries can begin to put that relationship back in exactly the right place”. The US is urging Japan and South Korea to continue to talk, he said. Many experts had predicted that South Korea

South Korea’s presidential national security office, said in a nationally televised statement. He said South Korea would formally notify Japan of its decision before Saturday, the deadline for an extension of the pact for another year. Japanese Foreign Minister Kono said in a statement that the decision “was an action that completely misjudged the current security environment in the region and is extremely regrettable”. He said South Korea’s linking of trade and security was “absolutely unacceptable, and we firmly protest to the South Korean government”. Since early last month, Japan has imposed stricter controls on exports to South Korea of three chemicals essential for manufacturing semiconductors and display screens — key export items for South Korea — and decided to remove South Korea from a list of countries granted preferential trade status. South Korea accuses Japan of weaponising trade to punish it over a separate dispute linked to Japan’s brutal colonial rule of the Korean Peninsula from 1910 to 1945. Japan denies that,

SOUTH Korean President Moon Jae-in listens a report from officials about the General Security of Military Information Agreement, or GSOMIA, at the Presidential Blue House in Seoul, South Korea, yesterday. South Korea will stop exchanging classified intelligence on North Korea with Japan amid a bitter trade dispute, an official said yesterday, a surprise announcement that is likely to set back US efforts to bolster security co-operation with two of its most important allies in the Asian region. would be unlikely to spike the three-year-old intelligence-sharing deal for the sake of its relations with the United States. South Korea has been seeking US help in resolving the trade dispute, and Seoul and Washington have also been working together to restart stalled talks on stripping North Korea of its nuclear weapons. South Korea’s presidential office said it terminated the intelligence deal because

Japan’s recent decision to downgrade South Korea’s trade status caused a “grave” change in security cooperation between the countries. “Under this situation, the government has determined that maintaining the agreement, which was signed for the purpose of exchanging sensitive military intelligence on security, does not serve our national interests,” Kim You-geun, the deputy director of

NOTICE

NOTICE

NOTICE is hereby given that PIK MAN LAM of, Treasure Cove #75 Yamacraw Road, P.O.Box N-1394 New Providence, The 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 16th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that SCHACKAR NALINE SHAKES of, Stapleton Gardens, P.O.Box CB-11559 New Providence, The 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 16th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 22 AUGUST 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,123.24 | CHG: -7.31 | %CHG: -0.34 | YTD: 13.79 | YTD%: 0.65 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.92 2.60 2.00 2.75 11.75 6.17 4.64 12.50 2.81 2.64 10.00 7.35 15.60 9.30 3.75 14.20

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 9.17 6.15 3.54 8.00 2.35 1.75 7.51 6.10 11.70 6.20 3.01 13.00

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

52WK HI 2.25 4.31 2.06 191.61 158.55 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 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

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)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 4.19 17.43 6.00 5.92 2.45 1.80 2.18 11.05 6.16 4.07 8.55 2.89 2.64 10.51 7.00 15.45 9.24 3.40 14.20

CLOSE 4.19 17.43 6.00 5.92 2.46 1.80 2.18 11.05 6.16 4.07 8.00 3.01 2.64 10.41 7.00 15.45 9.24 3.40 14.20

CHANGE 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 -0.55 0.12 0.00 -0.10 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

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

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

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

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

VOLUME

2,800 200 20,000 1,000

VOLUME

NAV 2.25 4.31 2.06 191.61 158.33 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.57 9.92 8.68 11.38

EPS$ 0.240 0.932 1.760 0.323 0.098 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.000 0.728 0.816 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 0.610

P/E 17.5 18.7 N/M 18.3 N/M N/M -5.0 15.3 13.7 22.1 57.1 29.5 5.7 N/M 9.6 18.9 9.8 16.7 22.5

YIELD 3.82% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.52% 3.57% 2.95% 0.00% 2.26% 2.27% 3.15% 3.43% 3.50% 2.16% 3.53% 4.30%

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

0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD%12 2.15% 1.61% 1.53% 3.85% 7.12% 1.57% 0.99% 1.32% 3.22% 3.25% 3.82% 2.59% 8.44% 3.87% 1.84% -0.71% 7.40% 10.20%

MTH% 3.88% 4.11% 2.74% 6.28% 2.08% 4.58% 4.25% 4.12% 5.64% 6.65% 8.36% 4.81% 0.78% 4.17% 2.29% 0.16% 2.70% 1.30%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

NAV Date 31-Jul-2019 31-Jul-2019 26-Jul-2019 30-Jun-2019 30-Jun-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

saying its steps were taken because of unspecified security concerns. The Japanese trade curbs triggered an outburst of antiJapan sentiment in South Korea. Many South Korean citizens rallied in the streets, canceled planned holiday trips to Japan and launched widespread boycotts of Japanese beer, clothes and other products. The South Korean government, for its part, decided to downgrade Japan’s trade status. Some experts say the tit-for-tat actions could eventually hurt South Korea’s economy more than Tokyo’s. Many big South Korean manufacturers including Samsung rely heavily on materials and components imported from Japan, while Japan doesn’t import many vital materials from South Korea. Liberal South Korean President Moon Jae-in, who earlier declared his country would “never again lose” to Japan, used the Aug 15 anniversary of Korea’s liberation from Japan to extend an olive branch. Moon said Seoul will “gladly join hands” if Tokyo wanted to talk. The Pentagon yesterday expressed “strong concern and disappointment” in the collapse of the agreement. “We strongly believe that the integrity of our mutual defense and security ties must persist despite frictions in other areas” of the South

Korea-Japan relationship,” said Lt Col Dave Eastburn, a Pentagon spokesman. “We’ll continue to pursue bilateral and trilateral defense and security cooperation where possible.” On Wednesday, the top US envoy on North Korea, Stephen Biegun, told reporters in Seoul that he appreciated what he called “strong and continued cooperation between the US, South Korea and Japan.” The intelligence deal went into effect in 2016, reportedly at the strong urging of the United States, which wants to boost threeday security cooperation to better cope with North Korea’s nuclear threat and a rising China. The United States stations a total of 80,000 troops in the two Asian countries, the core of America’s military presence in the Asia-Pacific region. Experts said the deal enabled a quicker exchange of information between Seoul and Tokyo, because they had previously exchanged intelligence via the United States. In 2012, the countries nearly forged a similar deal but it was scrapped at the last minute following a vehement backlash in South Korea. However, it is unclear how effective the deal has been for both countries, especially on intelligence on North Korea, one of the world’s most secretive countries.

NOTICE NOTICE

is

hereby

given

that

T’neal Lenoah Hanna Johnson,

Of Bartlett Hill, Eight Mile Rock, Grand Bahamas, 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 23rdday of August, 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 CHI KEUNG YUEN of, Treasure Cove #75 Yamacraw Road, P.O.Box N-1394 New Providence, The 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 16th day of August, 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 SHEREKA SHENETTE MILLER of, Sandilands Allotment, New Providence, The 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 23rdday of August, 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 MARK ANDREW RATCLIFFE of,Prospect Ridge Condos, P.O.Box N-7891 New Providence, The 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 23rdday of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Friday, August 23, 2019, PAGE 7

Democrats see opening on economy, resist cheering recession PROLE, IOWA Associated Press CAMPAIGNING under the stifling August sun, Joe Biden assailed President Donald Trump’s trade war with China, accusing him of squandering a strong economy and putting Americans’ financial security at risk. But he was quick to add that he was not hoping for the worst. “I never wish for a recession. Period,” the former vice president and current Democratic presidential candidate told reporters in Prole, Iowa. Biden’s comments highlight the delicate balance for Democrats as the US economy flashes recession warning signs. In town halls and speeches across the country this week, candidates leveled blame on Trump, arguing that his aggressive and unpredictable tariff policies were prompting gloomy economic forecasts. Yet they also strained to avoid the appearance of cheering for a downturn that would inflict financial pain on millions of Americans, but potentially help their party’s political fortunes in 2020.

For more than two years, the combination of solid growth, low unemployment and a rising stock market has been a bulwark for Trump, helping him maintain the support of many independents and moderate Republicans who are turned off by his incendiary statements and pugnacious personality. According to a new Associated PressNORC poll, a higher percentage of Americans approve of Trump’s handling of the economy than his overall job performance. “If there is a recession and the economy is doing worse, not better, than when Donald Trump started, it is hard to see how the majority of the American people, even those who have looked the other way on so many of his indiscretions, will decide to give him a shot at another four years,” said Jennifer Psaki, a former White House and campaign adviser to President Barack Obama. Trump’s advisers privately have the same concern, particularly given that the president’s path to victory is already narrow. Well aware that a sitting president almost always gets the credit or the blame for the

JOE BIDEN state of the American economy, Trump and his team have tried to point the finger elsewhere, namely in the direction of Federal Reserve Chairman Jerome Powell, accusing him of slowing growth by not lowering interest rates. “Our Federal Reserve does not allow us to do what we must do. They put us at a disadvantage against our competition,” Trump said yesterday on Twitter. Shifting blame to others has been a frequent tactic for Trump, even to those within his own administration. (Trump nominated Powell as Fed chair last year.) Some Democrats said he shouldn’t get away with it this time. “Do not allow him to escape the accountability that he deserves for what he is doing to this economy,” said Beto O’Rourke, a presidential contender and former Texas congressman. “He’ll try to blame every other person. The blame rests with Donald Trump. Now it’s incumbent on all of us to call this out.” For months, the strong American economy has posed complications for Democrats trying to unseat

Trump. Although Trump inherited an economy on the rise from his predecessor, Barack Obama, gains have indisputably continued under his watch. Unemployment is near a 50-year low at 3.7%. Consumer and business confidence has been strong, fueling record highs on Wall Street, even though the most recent signs show that consumer confidence could be ebbing. Rather than trying to undercut those markers or predict doom ahead, most Democratic candidates have focused on economic inequalities, arguing that the wealthy were reaping the benefits far more than middle- and working-class Americans. In particular, Candidates have hammered Trump’s 2018 tax law, which gave large-scale tax cuts to the rich and corporations and more moderate benefits to the middle class. And they’ve slammed the tariffs for burdening farmers across the heartland. One exception has been Massachusetts Sen Elizabeth Warren, who has openly warned about the prospect of another economic decline. In July, she wrote an essay predicting that a rise in consumer and

US STOCK INDEXES END MIXED AHEAD OF FED CHAIRMAN SPEECH By ALEX VEIGA Associated Press A WOBBLY day on Wall Street left stock indexes mostly lower yesterday as investors turned cautious ahead of a widely anticipated speech by the Federal Reserve chairman. Losses by health care, technology and energy companies, among other sectors, outweighed gains by banks, consumer goods makers and elsewhere in the market. Bond prices fell, nudging yields higher. Stocks gave up an early gain and then wavered through much of the day after a mixed batch of economic data coupled with remarks from two Federal Reserve bank presidents left investors less certain about the likelihood that the central bank will lower interest rates again next month. Traders hope for a better read on Fed policy Friday, when Chairman Jerome Powell is scheduled to speak at the central bank’s annual conference in Jackson Hole, Wyoming. “The market is expecting a rate cut in September, and if Powell doesn’t think that consensus is going to be to cut rates, he needs to start preparing the market for that,” said Willie Delwiche, investment strategist at Baird. The S&P 500 fell 1.48 points, or 0.1%, to 2,922.95. It swung between a gain of 0.5% and a loss of 0.7%. A pickup in Boeing helped drive the Dow Jones Industrial Average higher. The Dow gained 49.51 points, or 0.2%, to 26,252.24. The Nasdaq dropped 28.82 points, or 0.4%, to 7,991.39. The Russell 2000 index of smaller company stocks lost 3.85 points, or 0.3%, to 1,506. Bond prices fell. The yield on the ten-year Treasury yield rose to 1.61% from 1.57% late on Wednesday. The Fed cut its key policy rate July 31 for the first time in more than a decade, citing a number of “uncertainties” that were threatening the country’s decade-long expansion, from Trump’s trade battles to slowing global growth.

Investors have been convinced that the central bank will follow up the July rate cut with further cuts at coming meetings, beginning with one next month. But remarks from Esther George, president of the Fed’s Kansas City regional bank, and Philadelphia Fed President Patrick Harker, have injected some doubt about what the Fed will do next. In televised interviews, both said they don’t see a need for another rate cut. George and Eric Rosengren, president of the Boston Fed, dissented from the 8-2 rate cut vote, arguing that they favored no rate cut at all. Minutes from the Fed’s July meeting released on Wednesday provided little clarity on what the future course for rates will be. Investors now predict a 91.2% likelihood that the Fed will cut its benchmark rate by a quarter-point next month, according to the CME Group, which tracks investor bets on central bank policy. That’s down from 98.5% the day before. New economic data also has done little to make clear the Fed’s next move. Positive consumer-related data on home sales, retail spending and jobless claims could argue against the need for lower rates. But a closely watched index that showed manufacturing contracted this month for the first time in a decade could help make the case for another cut. “The market is trying to figure out what Powell is going to say tomorrow,” said Delwiche. “Any news today is being viewed through that context.” Investors worried that uncertainty over the US’ escalating trade war with China could cause the economy to stumble, hurting corporate profits. The Trump administration has imposed a 25% tariff on $250bn in Chinese imports. A pending 10% tariff on another $300bn in goods would hit everything from toys to clothing and shoes that China ships to the United States, however some 60% of the new tariffs wouldn’t go into effect until mid-December, and others

were taken off the table altogether. Surprisingly strong quarterly results from several big retailers this week have given investors reasons to hope that consumers are still eager to spend despite the

cloudy economic outlook. Traders bid up shares in Nordstrom, BJ’s Wholesale Club and Dicks’ Sporting Goods Thursday after the companies reported quarterly results that topped analysts’ forecasts.

ELIZABETH WARREN corporate debt was imperiling the longest expansion in US history. “Whether it’s this year or next year, the odds of another economic downturn are high — and growing,” Warren wrote. Biden in particular appeared to shift close to Warren’s warnings this week, as analysts said that a slowdown, if not a fullblown recession, could hit before next year’s election. During a two-day campaign swing through Iowa, Biden reminded voters that the Obama administration handed Trump a strong economy that could quickly come undone. “Donald Trump inherited a growing economy from the Obama-Biden administration, just like he inherited everything in his life. And

now he’s squandered it, just like he’s squandered everything he inherited in his life,” said Biden, making sure to remind voters of his own role in revitalising the economy during the last administration. Other Democrats were more cautious, particularly about leaving the impression that the party sees a political benefit from an economic decline. “I just think it’s very important that we be clear as a party that we don’t want a recession,” said John Delaney, the former Maryland congressman who is mired at the bottom of the pack in the crowded Democratic primary field. “I don’t want anything to happen, even if it’s good politics, if it hurts workers.”

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LEGAL NOTICE

NOTICE International Business Companies Act (No. 46 of 2000) EIGHTSOURCE.COM INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (6) of the International Business Companies Act 2000, EIGHTSOURCE.COM INC.is in Dissolution. Dissolution Commenced on: August 12, 2019. We, REDCORN CONSULTANTS of 2nd Floor, Yellowman & Sons Building, P. O. Box 170, Grand Turk, Turks & Caicos Islands are the appointed Liquidator of the company: EIGHTSOURCE.COM INC. Any person having a Claim against EIGHTSOURCE.COM INC. is required on or before September 30, 2019 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

_____________________________________ Liquidator

This is to advise the general public that

Kermit Ferguson is NO LONGER employed at

Bahamas Waste Limited and is NOT authorized to conduct any business on our behalf.

Signed: Management

LEGAL NOTICE

NOTICE GEOLOGICAL RESEARCH AND ANALYSIS LTD Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 12th day of August, 2019. Dated the 23RD day of August, A.D., 2019. Alexander Petrenko Liquidator of GEOLOGICAL RESEARCH AND ANALYSIS LTD

PAGE 8, Friday, August 23, 2019

THE TRIBUNE

As global economic picture dims, solutions seem out of reach WASHINGTON Associated Press AS GLOBAL leaders gather on two continents to take account of a darkening economic outlook, this is the picture they face: Factories are slumping, many businesses are paralysed, global growth is sputtering and the world’s two mightiest economies are in the grip of a dangerous trade war. Barely a year after most of the world’s major countries were enjoying an unusual moment of shared prosperity, the global economy may be at risk of returning to the rut it tumbled into after the financial crisis of 2007-2009. Worse, solutions seem far from obvious. Central banks can’t just slash interest rates. Rates are already ultra-low. And even if they did, the central banks would risk robbing themselves of the ammunition they would need later to fight a recession. What’s more, high government debts make it politically problematic to cut taxes or pour money into new bridges, roads and other public works projects. “Our tools for fighting recession are no doubt more limited (than) in the past,” said Karen Dynan, an economist at Harvard University’s Kennedy School. The International Monetary Fund and the World Bank have downgraded the outlook for worldwide growth. Yesterday, Moody’s Investors Service said it expects the global economy to expand 2.7% this year and next — down from 3.2% the previous two years. And it issued a dark warning: Get used to it. “The new normal will likely continue for the next three to four years,” the credit rating agency said.

TOURISTS walk on the beach promenade as French police officers stand guard ahead of the upcoming G7 Summit in Biarritz, France, yesterday. The G7 Summit will host the heads of countries with advanced economies from United States, Britain, Canada, Germany, Italy, Japan and France and will be held in Biarritz between the 24th and 26th of August. Photo: Francois Mori/AP Concerns are rising just as central bankers meet in Jackson Hole, Wyoming, and leaders of the Group of Seven advanced economies gather this weekend in the resort town of Biarritz in southwestern France. A spotlight will shine, in particular, on whatever message Federal Reserve Chairman Jerome Powell sends in a speech Friday in Jackson Hole. The dour global outlook partly reflects President Donald Trump’s combative trade conflicts with China and other countries. A realisation has taken hold that Trump likely will keep deploying tariffs — and in some cases escalating them — to try to beat concessions out of US trading partners. “The trade uncertainty is here to stay,” said Madhavi Bokil, senior credit officer at Moody’s. Squeezed by tightening protectionism, global trade is likely to grow just 2.5% this year, its slowest

pace in three years, the IMF says. Manufacturers, whose fortunes are closely tied to trade, are struggling. JP Morgan’s global manufacturing index dropped in July for a third straight month, hitting the lowest level since 2012. The global funk also reflects the pull of gravity: The economies of Europe and Japan, fueled by central banks’ easy-money policies, overexerted themselves a couple of years ago and are now returning to their more typical state: Sluggishness. The IMF expects China’s economy, the world’s second biggest, to grow 6.2% this year — the weakest since 1990 — and just 6% next year. Trump’s trade war is certainly a factor. The president has imposed tariffs on $250bn in Chinese imports and is set to tax nearly $300bn more before year’s end. China’s slowdown is also being orchestrated in part by the officials in Beijing,

who are trying to contain lending to control the country’s runaway debts. And an economic chill in China sends shivers into the many countries — from copper-producing Chile to iron ore-making Australia — that feed Chinese factories with raw materials. Then there’s Europe. In the 19 countries that use the euro currency, growth slowed to an anemic 0.2% in the second quarter from the quarter before. The eurozone, which maintains close trade ties with the US and China, has been sideswiped by the collision between Trump and President Xi Jinping. What’s more, Trump has threatened to impose significant tariffs on European auto imports. Even more than the tariffs themselves, uncertainty over whether the trade disputes will be resolved is chilling investment and purchasing. Despite cheap borrowing costs from

central bank stimulus, investment in new plants is lagging — an ominous sign that bosses don’t foresee future prosperity. In Europe’s usual economic powerhouse, Germany, the economy shrank 0.1% in the second quarter from the quarter before. If output should fall for a second straight quarter, Germany would find itself on the verge of a recession. Some of Germany’s troubles originate closer to home. Its major automakers have been compelled to sink billions into technology to meet stricter emissions tests, and some have endured delays in doing so. BMW lost money on its car business for the first time in a decade in the first quarter. Daimler posted its first net loss since 2009 in the second quarter. Brexit is another risk for Europe. Prime Minister Boris Johnson says the UK will leave the 28-country European Union and its free-trade zone on Oct 31, with or without a divorce deal. Not knowing what will happen is a nagging source of uncertainty. Facing such risks, the European Central Bank has signaled that it could launch new monetary stimulus as early as next month. As recently as December, the ECB had been confident enough in the European economy to halt a nearly four-year, $2.6tn euro ($2.9tn) bond purchase program. That optimism has vanished. The US economy, now enjoying a record-breaking ten-year expansion, still shows resilience. American consumers, whose spending accounts for 70% of US economic activity, have driven the growth. Retail sales have risen sharply so far this year, with

people shopping online and spending more at restaurants. Their savings rates are also the highest since 2012, which suggests that consumers aren’t necessarily stretching themselves too thin, according to the Commerce Department. But Trump’s tariffs loom over the US economy. The import taxes he plans to impose on China on Sept 1 and again on Dec 15 are likely to hit ordinary Americans more than the earlier rounds of tariffs. Already, companies are delaying investments because they don’t know where to put new factories, seek suppliers or find customers until they have a better idea where the trade disputes are going. “Uncertainty is high,” said Eric Lascelles, chief economist at RBC Global Asset Management. “Businesses everywhere are sitting on their hands.” “All forecasts for the US economy in the second half of this year and beyond are contingent on the trade war,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, concluded in a note yesterday. For all the global gloom, RBC’s Lascelles said policymakers aren’t without options. Even with shortterm interest rates near zero, central banks can aggressively buy bonds to pump money into the financial system — the so-called quantitative easing the Federal Reserve, the ECB and the Bank of Japan used to revive growth during and after the financial crisis. And even with the heavy debt burdens, governments could capitalise on low rates to borrow cheaply if they decided to stimulate their economies with tax cuts or stepped-up spending, Lascelles said.