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THURSDAY, SEPTEMBER 19, 2019

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BPL solution ‘must be around corner’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIANS “shouldn’t fool ourselves” that Bahamas Power & Light’s (BPL) woes have gone away amid the post-Dorian chaos, the Chamber of Commerce’s top executive warned yesterday. Jeffrey Beckles told Tribune Business that a solution to the state-owned utility’s daily three-hour load shedding on New Providence

JEFFREY BECKLES had to be “around the corner” with the vital winter tourism season just two months away from starting.

SEE PAGE 5

ZNS blasts $542k summary judgment bid as ‘premature’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATTORNEYS for ZNS have slammed the “premature” effort to enforce a $542,000 summary judgment bid against the state-owned broadcaster over a satellite contract dispute. Dennis Tracey, an attorney with Hogan Lovells, the law firm that traditionally represents the government’s US and international interests, argued that Centrex Communications Corporation should not be allowed to proceed

given its four-and-a-half month silence over the case. Centrex is accusing ZNS of walking away two years’ early from its agreement to lease satellite capacity, but had not attempted to move its lawsuit forward after the Broadcasting Corporation of The Bahamas (BCB) succeeded in early April 2019 in switching the matter from the New York State Supreme Court to the southern New York federal court. Then, in a September 12 letter, the US company requested a conference

SEE PAGE 6

Abaco can be ‘model rebuild for Caribbean’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ABACO can become “uniquely distinct” as the Caribbean “model” for how storm-ravaged communities are rebuilt, the Chamber of Commerce’s chief executive argued yesterday. Jeffrey Beckles told Tribune Business that Hurricane Dorian’s devastation had “provided a clean slate” to develop a “new Abaco” that employed sustainable living practices “catapulting the island will into the future”. Looking beyond the immediate destruction, wrecked livelihoods and vast clean-up operation that is required, Mr Beckles said the restoration effort provided opportunities for the introduction of renewable energy and recycling technologies that - to-date - The Bahamas has just flirted with. He added that the extent of the post-Dorian rebuild, which will cost hundreds of millions - if not billions - of dollars also provided The Bahamas with the chance to further slash a national unemployment rate that continues to hover stubbornly around ten percent. Mr Beckles argued that Abaco would still lack a sufficient workforce for the reconstruction effort even if 100 percent of its preDorian population returned en masse, but emphasised that the psychological welfare of the island’s residents will now assume critical importance given how vital they are to its revival. And, warning that

reconstruction in both Abaco and Grand Bahama’s East End will be akin to an “extended marathon”, the chamber chief preached that patience was essential if The Bahamas wanted to win “a first prize” for building back better and stronger. “Dorian has provided a clean slate in waste and waste management, energy and shipping,” Mr Beckles told Tribune Business, looking to Abaco’s future and that of the wider Bahamas. “The upside is that we have an opportunity to figure out how to do this well. These are real issues. Wouldn’t it be great if Abaco was greater than before? Wouldn’t it be great if we had solar as a new source of energy? Wouldn’t it be great if the ‘new Abaco’ was recycling its trash? “That alone would catapult Abaco well into the future, and it could be used as a model for other islands, particularly New Providence, because if that storm [Dorian] had come five degrees further south you and I would not be having this conversation today,” the chamber chief executive continued. “We have the opportunity to do something uniquely distinct and have The Bahamas set aside as a country that not only impacts local communities but regionally in terms of how we rebuild. “When you start looking at what we have to do in Abaco and East End in Grand Bahama, that not only impacts how we prepare Nassau, Exuma,

SEE PAGE 6

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Small business faces $180m ‘finance gap’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Bahamas faces a $180m “finance gap” in providing capital to small businesses, the InterAmerican Development Bank (IDB) has revealed, as its project covers just 17 percent of demand. The multilateral lender, in documents detailing its $25m initiative to enhance credit availability for micro, small and medium-sized enterprises (MSMEs), said there was a “considerable” capital shortfall that

• IDB: Project covers just 17% of demand • Banks reject 85% of small firm applicants • 77% of lending focused on personal credit • Private sector being starved of capital must be “addressed by the financial system in The Bahamas”. Yet the IDB’s own papers, obtained by Tribune Business, showed why private lenders are unlikely to step into the breach by highlighting their risk averse nature. It noted that Bahamian MSMEs reported the highest “rejection rates” in

the Caribbean of 85 percent when they approached commercial banks for loans, meaning that over four out of every five applicants were turned away. And 77 percent of credit extended by the Bahamian banking system is classified as “personal loans”, which are typically taken out to finance the purchase

of vehicles and other consumer goods such as furniture, appliances and vacations. Personal loans have become increasingly popular among commercial banks, especially the Bahamian-owned ones, as they can be secured via salary

SEE PAGE 7

Dorian ‘totally destroys’ 80% of fishing industry By YOURI KEMP FISHERMEN yesterday said Hurricane Dorian had “totally destroyed” 80 percent of the industry in Abaco and Grand Bahama amid uncertainty over how the government will aid recovery. “Eighty percent of the fisheries sector in Grand Bahama and Abaco is totally destroyed. We’re not sure what the government will do to help us after

Dorian,” said Keith Carroll, the Bahamas Commercial Fishers Alliance’s (BCFA) vice-chairman. “Hurricane Mathew in 2016, when I lost some 4,000 lobster traps, the government at the time took the VAT off replacing the traps and, luckily, everything for fishing is duty free. Replacing a trap could cost about $50 to $60 from build to placement, and you have about a four year lifespan on a lobster trap.”

Mr Carroll estimated that in the Dorian-ravaged northern Bahamas, from Marsh Harbour up to eastern Grand Bahama, fishermen in those areas lost between 80 percent to 90 percent of their entire vessel fleet. “Most of the mother ships are on the land right now and cannot be used,” he added. This was echoed by Paul Mailis, a director of the National Fisheries Association of The Bahamas,

who is currently conducting damage assessments with teams from the United Nations’ Food and Agriculture Organisation (FAO) and the Department of Fisheries. He said the fisheries infrastructure in Grand Bahama had suffered 80 percent damage, with near 100 percent destruction to vessels along with the processing

SEE PAGE 4

PAGE 2, Thursday, September 19, 2019

THE TRIBUNE

BTC DONATES $25,000 TO DORIAN FOOD SUPPLY THE Bahamas Telecommunications Company (BTC) has presented World Central Kitchen with a $25,000 cheque to assist with the cost of providing meals to displaced Dorian victims. The carrier, through the Cable & Wireless Charitable Foundation (CWCF), has partnered with World Central Kitchen (WCK), which has been providing fresh meals throughout The Bahamas since just after Hurricane Dorian made landfall on Abaco and Grand Bahama as a category five hurricane on September 1. “This grant from the CWCF will go a long way to help us get food to those who need it the most. Many communities have been completely devastated and are in dire need,” said Erin Gore of WCK. “To date, we have served 280,000 meals to people across both islands, as well as to those currently living in shelters in Nassau.” “This grant to WCK is part of our broader humanitarian initiative in The Bahamas”, said Denise Williams, a director of the Cable & Wireless Charitable Foundation, and senior vice-president of communications for BTC’s immediate parent. “Our team visited the islands of Grand Bahama and Abaco immediately after the passage of Hurricane Dorian, and have seen the devastation firsthand. Based on those reports we immediately initiated our response protocols. We will be supporting organisations such as WCK that are working to help bring relief to those affected by the hurricane.” The CWCF last week committed $500,000 towards immediate relief and rebuilding initiatives. “We have already utilised a

Three-strong team joins with real estate broker

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ENGEL & Völkers Bahamas yesterday announced that the Andrews Group has joined the real estate broker at its Nassau office. Headed by veteran broker, Silvina Andrews, the team includes real estate advisors Phillip Kemp and Ana Wassitsch, who together combine 34 years of experience as

real estate professionals in The Bahamas. Specialising in luxury real estate, the three-strong team offers a collaborative approach to their clients. It will combine the international reach of the European/North American-based Engel & Volkers brand with their knowledge and relationships - both internationally

and within The Bahamas. “Delivering on client expectations has been the team’s culture of success, and the Andrews Group is positioned to excel through their partnership with a diverse background of skills, multiple languages and specialties,” said Engel & Volkers license partner, Colin Lightbourn.

Climate change student in Butterfield scholarship significant amount of these funds to purchase and ship critical items such as generators, care packages and supplies to the islands to support affected communities. In the weeks ahead, we will continue to work with organisations such as WCK to get additional supplies to those most in need,” said Ms Williams. Gary Sinclair, BTC’s chief executive, also outlined the broader humanitarian support the company is providing in The Bahamas. “In addition to aid from the C&W regional Foundation, BTC has also airlifted and shipped over 60,000 pounds of food, water and critical care supplies along with 225 generators to the islands,” he said. “Our first priority was securing the safety of our employees and their families. We have evacuated 160 employees and family members, and are providing them with temporary housing and essential supplies while, at the same time, we are providing critical supplies to members of affected communities”.

The Cable & Wireless Charitable Foundation was established in 2017 to help the region rebuild in the aftermath of hurricanes Irma and Maria. The Foundation has raised more than $1.2m,and has used the funds to: • Distribute emergency supplies to thousands in the British Virgin Islands, Turks and Caicos Islands, Dominica, Antigua and Barbuda, Anguilla and Puerto Rico. • Build stronger and safer facilities for students in Dominica, Anguilla and Turks and Caicos Islands. • Support the rebuilding efforts in Dominica, including the island’s only public library. • Enable hundreds of young people to learn new life skills in vulnerable communities in Puerto Rico, Curacao and Jamaica. • Support more disaster resilient communities in Trinidad and Barbados. The Foundation is now focusing its efforts on immediate disaster relief and longer-term rebuilding activities in the region.

A BAHAMIAN graduate student has been awarded a scholarship by The Bank of NT Butterfield & Son. Barisse Griffin, pictured, was awarded the Butterfield Post-Graduate Scholarship by the parent company of Nassau-based Butterfield Trust (Bahamas). Other recipients of its 2019 scholarship awards are Sadia Wilson of Bermuda, who received the Sir Harry D Butterfield Undergraduate Scholarship, and Alexander Yang of Canada, who received the Undergraduate Scholarship for Employees’ Children. The Butterfield PostGraduate Scholarship is available to students in all ten Butterfield locations globally who are studying disciplines related to the preservation and improvement of island environments at accredited institutions. The award has an annual value of $25,000, tenable for up to four years. Ms Griffin is currently enrolled at King’s College in London, the UK, where she is pursuing a master’s degree in disasters,

adaption and development management. She said: “Throughout the Caribbean we are experiencing unfamiliar climate patterns, such as prolonged and repeated droughts, intense rainfall and rising sea levels. “These conditions disrupt our marine environments and coastal areas, resulting in pollutants and debris drifting into the sea, and rising seas consuming our beaches.” Ms Griffin’s goal is to develop strategies that will improve crisis response throughout The Bahamas and the Caribbean, helping to combat natural disasters and protect the islands. The criteria Butterfield uses to select scholarship recipients includes academic achievement, financial need, character, leadership qualities, civic attainment and involvement, and achievements in extra-curricular activities including the arts and sports. Mark Johnson, a member of Butterfield’s scholarship committee, said: “Butterfield attracted a

large pool of talented, deserving young candidates for this year’s scholarships. Barisse’s passion for her field of study, her academic standing and her clear commitment to use her degree to make a positive impact on her community helped her stand apart from other post-grad candidates. “We are delighted to assist Barisse in her pursuit of higher education, and excited to follow her career progress. Congratulations to Barisse and all our scholarship recipients. We wish them all the best in their studies.” Craig Barley, managing director of Butterfield Trust (Bahamas), added: “As we begin the recovery and reflect on the damage that Hurricane Dorian inflicted on The Bahamas, it’s is increasingly clear that island nations like ours need to focus on and prepare for the effects of changing climate patterns. “I am, therefore, pleased that Butterfield is able to support Barisse, who has dedicated herself to this important field of study and who plans to put her learnings to work here in The Bahamas after she graduates.”

THE TRIBUNE

Thursday, September 19, 2019, PAGE 3

BANKS MOVE TO ‘JUMPSTART’ CLIENTS’ DORIAN RECOVERIES ALL Bahamian commercial banks were yesterday said to have implemented Dorian relief programmes to help storm-ravaged clients “jumpstart their recovery and get back on their feet”. LaSonya Missick, chair of the Clearing Banks Association (CBA), said: “Each member of the Clearing Banks’ Association is committed to helping impacted Bahamians through this difficult time. Our members all have special relief programmes in place to provide assistance to those hardest hit by Hurricane Dorian. “This includes loan and mortgage payment deferrals, special rate financing to assist with rebuilding, and other offerings designed to help banks’ clients get back to some semblance of normalcy as soon as possible.” Ms Missick, who is also

NIB REPLACES 438 LOST SMART CARDS THE National Insurance Board (NIB) says it is proactively working to assist Abaco and Grand Bahama residents seeking to replace National Insurance smart cards lost in Hurricane Dorian. It said its registration department has taken steps to simplify the application process for replacement cards. The official police report required for all lost or stolen cards is not required to replace cards lost during the storm, and the card replacement fee will be waived for residents in the affected islands. Application forms for replacement NI cards were made available at shelters throughout New Providence for displaced persons to complete. The forms are collected daily, processed and the replacement cards are delivered within 48 hours for Bahamian registrants who were already in receipt of a smart card. This service includes nonBahamians who previously had smart cards and, where relevant, current valid documents exist in NIB’s system (a valid Immigration card, naturalisation or permanent residency certification). Registrants, including children, who were never issued a smart card will be required to visit an NIB office and provide the necessary documents. NIB replaced 438 smart cards last week, and will continue to work with beneficiaries hardest hit by the storm.

LASONYA MISSICK Royal Bank of Canada (RBC) Bahamas managing director, added that her institution is granting Abaco and Grand Bahama clients a five-month deferral of mortgage and loan payments to assist their recovery. Loan payments made after August 31 will also be returned. “For RBC Royal Bank, we are applying automatic five-month payment deferrals on mortgages and loans to impacted clients on Abaco and Grand Bahama,” she confirmed.

“In addition, to help put more money back in the pockets of these clients, RBC will be returning any payments made on mortgages and loans after August 31, 2019. “We want our clients to have the flexibility they need during this tough time to help them start their recovery process. Clients on other islands who might have sustained damage due to Hurricane Dorian can also apply for deferrals. They simply need to visit a branch and provide appropriate documentation of damages, and we will be happy to see what we can do. “Finally, we are offering special financing to help impacted clients jumpstart the rebuilding process to put them and their families get back on their feet.” Ms Missick encouraged evacuees who have

relocated to New Providence to visit RBC’s Prince Charles branch or Carmichael Road branches, where they have set up specialised teams to assist them. RBC added that while its Freeport branch was closed until further notice, its automated teller machines (ATM’s) and online banking services were operational. However, its branch in Marsh Harbour, Abaco, was “hard hit” and requires “significant reconstruction”. It will remain closed until further notice, with RBC saying: “When conditions improve and there is a better understanding of the needs on the ground, RBC will look at ways to re-establish banking services for the community while clean-up efforts get underway.” Gowon Bowe, Fidelity Bank (Bahamas) chief

financial office, said the commercial banking industry was grateful that the Central Bank had relaxed guidelines requiring borrowers to come up with a minimum 15 percent of equity, while waiving the maximum debt service ratio applied to distressed borrowers that prevents more than 40-45 percent of their income going to pay back loans. “We’re more concerned with making sure our customers remain good customers,” he explained. “In saying that, we may be extending the deferment of payments for a period of time and we may be allowing for refinancing of current loan obligations up to a certain amount.

“Fidelity will extend relief services to Hurricane Dorian victims on a caseby-case basis, and on the basis of needs that must be met, rather than a blanket relief package across the board for all persons and in all Dorian victims’ circumstances.” Mr Bowe reiterated that banks are not in the business of implementing set policies across the board, and each institution will have to determine what they are willing to do for their customers. “We must ensure that all customers meet their requirements, but it is up to borrowers to come to us and ask first, and then we take it from there,” Mr Bowe said.

AIRLINE BIDS TO ‘GET GOING’ AFTER DORIAN

A WESTERN AIR JET By YOURI KEMP A BAHAMIAN-owned airline plans to resume flights to Marsh Harbour tomorrow as it bids to rebound from Dorian’s destruction of its Grand Bahama International Airport terminal. Sherrexcia Rolle, Western Air’s vice-president for operations, told Tribune Business it has introduced mobile ticket counters for customers seeking to book flights. It was yesterday awaiting the arrival of office trailers via freight boats to bring it closer to full operations. “We started operating last week Thursday with flights into Freeport,” Ms Rolle said,”and by Friday of this week we will resume our flights into Marsh Harbour, Abaco.” While unable to provide a dollar figure for the damage inflicted on the

airline’s Grand Bahama terminal, Ms Rolle replied: “We aren’t be able to provide a cost as yet as we are still in the middle of our assessments. “What we have done is that we have started our mobile ticket counters for customers looking to book with us, and by the end of today we should be getting some office trailers coming in from the freight boat.” Ms Rolle added: “We are committed to quality air service, and we just are trying now to make sure that we are all on the same page so we can get going again as a company and get some sort of normalcy to our lives. Then, of course, we can begin focusing on rebuilding.” When asked by Tribune Business if all Western Air staff survived, Ms Rolle said: “Thankfully all of our staff are accounted, and so are their families.”

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THE TRIBUNE

Dorian ‘totally destroys’ 80% of fishing industry DAMAGES fishing boats sustained during Hurricane Dorian in Abaco and Grand Bahama.

FROM PAGE ONE and brokerage storage facilities in the island’s eastern end. Some 70 percent of the fishing fleet is damaged in Freeport, while in Abaco destruction to the fisheries infrastructure in the Marsh Harbour, Man O’ War Cay, Guana and Green Turtle Cay areas is estimated at between 95 percent to 100 percent. Mr Mailis added that “the largest processor in Abaco, Marsh Harbour Exporters, lost about 60,000 pounds of crawfish during the storm.” “Some of the smaller boats may be able to go out, people who have little dinghies and what not, and also people who secured their boats properly may be able to go out, but in general the large fishing

guys will have to wait until August of next year when the season starts again,” Mr Carroll said. “Commercial fishing for this year in that area is over.” He added that fishermen will probably not find any traps in the Little Bahama bank area either, as he learned from personal experience after Hurricane Matthew in 2016. “All the sea bed is gone and it will take about two years for the sea grass to grow back,” Mr Carroll said “The shoals are filled with mud. The same thing that happens on land with a hurricane is about the same thing that happens on the sea bed. Lobster traps are washed away and destroyed, and foreign debris ends up in the sea grass along with the mud, destroying the feeding and breeding grounds of the

fish and crawfish.” Mr Carroll said fishermen typically have no private insurance as they cannot qualify for coverage, which he said is usually the norm for agriculture as well. He expressed hope that the Caribbean Catastrophic Risk Insurance Facility (CCRIF) that the government signed on to in 2018 may help. Mr Carroll said he was aware that the rest of the Caribbean has insurance on their fishing equipment through CCRIF, but he was not sure if it covers all fishermen and farmers. It was announced in July 2019 that the CCRIF, in collaboration with the World Bank, issued the Caribbean Oceans and Aquaculture Sustainability Facility (COAST) for Grenada and St Lucia.

THE TRIBUNE

BPL solution ‘must be around corner’ FROM PAGE ONE

Reiterating that the private sector, in particular, had not forgotten the hardship still being imposed on residents and businesses via BPL’s regular blackouts, he said the government and state-owned utility had to address the problem “with the greatest sense of urgency”. Mr Beckles said the devastation inflicted by Hurricane Dorian had made tackling BPL’s New Providence generation shortfall even more critical because the loss of Grand Bahama and Abaco - the second and third largest island economies respectively, and which contribute a combined 15-20 percent of annual GDP meant The Bahamas was almost solely reliant on its capital city for economic growth.

Thursday, September 19, 2019, PAGE 5 With private sector confidence in the reliability of BPL’s supply badly shaken, if non-existent, the chamber chief said the present situation made it impossible to power the economy forward. “Dorian has obviously taken away the focus on the immediate issue of BPL,” Mr Beckles told Tribune Business. “We shouldn’t fool ourselves. That’s a reality that needs to be repositioned, and progress needs to be made immediately. “While the hurricane and its aftermath may have taken our attention for the moment, it’s still an issue that we must resolve with the greatest possible sense of urgency. It does not mean no one is paying attention, but if the rest of The Bahamas is going to rely on us here in Nassau to provide the leadership, support and direction then we must have stable power. “You can’t drive the economy without power,” he continued. “I’ll say this: As we get into the fall season, the private sector needs to have confidence a solution is literally around the corner because, in a few weeks, we will looking at the Thanksgiving holiday and increased hotel occupancies,

then Christmas. “The right reasons exist for us to continue to push. A lot of people feel stretched, but this is the hand we have been dealt and we must play it. This is also a good opportunity for us to look at the energy sector and any solutions we wish to apply.” BPL yesterday confirmed it still faced a 26.2 megawatt (MW) shortfall in its New Providence generation capacity, possessing only 193.8 MW of available supply set against a daytime peak demand of 215 MW and 220 MW at night. It indicated there will be no change in the three-hour load shedding rotation today, with the shortfall expected to increase to 30 MW. The only bright spot for BPL’s long-suffering customers is that, at least for the moment, the state-owned utility monopoly is sticking to the end-September timelines previously given for the restoration to service of two engines - which can supply 44 MW - at its Blue Hills power plant. However, previous deadlines for their return have proven optimistic and subsequently pushed back. Desmond Bannister, minister of works, who has responsibility for BPL,

earlier this week pledged to Tribune Business that “we’re never going to go through a summer like the one we went through again” although many are unlikely to share his optimism until this becomes the reality persons can feel and touch. It has become increasingly clear, though, that beyond repairing the two Blue Hills units there is no immediate solution to BPL’s woes that the government or utility have in the works. The only other hope is that cooler fall temperatures reduce energy demand enough to eliminate, or significantly reduce, load shedding until the new 132 MW provided by Wartsila’s engines is installed. Mr Beckles, meanwhile, reiterated that the chamber and wider private sector were “very, very concerned” about the wider ramifications for the Bahamian economy

as a result of this week’s oil price spike following the attacks on key oil-producing infrastructure in Saudi Arabia. He said the Monday increase, which represented the sharpest jumps on record, with Brent crude and US crude prices rising by 14.6 percent and 14.7 percent, respectively, “could not have come at a worse time” given Dorian’s devastation and the load-shedding summer crisis endured by BPL customers. Oil prices fell back yesterday amid Saudi reassurance on production levels, but both the industry and market are said to be “on edge” over the possibility of further attacks and renewed Middle East political tensions. This is the worst possible outlook for The Bahamas because it relies 100 percent on fossil fuels, such as oil and oil derivatives, that

are all imported. “We ought to be very concerned,” Mr Beckles said, noting The Bahamas’ status as an energy price taker. “There’s so many components of our economy that are attached to oil and fuel prices. “Airlines flying here will be impacted so their prices will increase, shipping will be impacted, electricity costs will be impacted and every day living will be impacted. We’re watching it, and the market reaction, and are very, very concerned. “We are hoping this is not a long-term trend, and that it can be resolved as it impacts how we get our economy moving again. We couldn’t ask for a worse possible time on the heels of Dorian and what we have gone through this summer with the power company. The last thing we need is a meltdown in global oil prices.”

PAGE 6, Thursday, September 19, 2019

THE TRIBUNE

ZNS blasts $542k summary judgment bid as ‘premature’ FROM PAGE ONE

before Judge Nelson Roman prior to filing its motion for a summary judgment - an effort that ZNS and its attorneys are now opposing. “BCB opposes Centrex’s planned motion and the need for a pre-motion conference as premature given the lack of litigation activity in this case since its filing,” Mr Tracey told the court on Monday. Noting that Centrex had done virtually nothing to pursue the matter since its transfer to federal court, Mr Tracey added: “Since then, BCB has received no

communications of any kind from Centrex. No counsel even appeared for Centrex until four weeks ago, on August 16, 2019, when Mr Sklarin [its attorney] filed a notice of appearance stating he was appearing on behalf of Centrex. “Further, while BCB had requested that Centrex’ original counsel, Jeremy Havens, provide documents on April 3, 2019, including documents relating the basis for Centrex’ claim and to actions taken by Centrex to mitigate any damages, Centrex did not respond or provide any materials. “Since no disclosures

have been made and no discovery has taken place, it is premature for Centrex to file a motion for summary judgment.” Documents obtained by Tribune Business reveal that ZNS’ relationship with Centrex began under the last Ingraham administration when it agreed to lease satellite capacity from the US firm for transmission of its television programming. The deal, signed on ZNS’ behalf by then-general manager Edwin Lightbourn, featured a Master Service Agreement (MSA) that was accompanied by a Service Order setting out

specifics of the agreement such as monthly rate, satellite and transponder bandwidth, and duration. The initial deal saw ZNS pay $30,920 per month, or close to $372,000 per annum, for a one-year deal. After the Christie government took office in May 2012, Centrex alleged that the lease agreement was renewed for three years at a lesser rate of $26,400 per month. ZNS then opted for a longer term five-year deal at a lower monthly rental rate, agreeing that it be retroactive to January 1, 2016, and last until December 31, 2020. The agreement was signed by

Mr Lightbourn’s successor, Diana Swann. However, ZNS management, “citing budget cuts”, sought to exit the contract on November 30, 2018, but Centrex is refusing to release the loss-making broadcaster from its alleged obligation to pay it $22,600 per month until the deal ends on December 31, 2020. “On September 3, 2018, the current general manager of the Broadcasting Corporation of The Bahamas, Kayleaser Deveaux-Isaacs, sent an e-mail to Centrex with a letter dated August 31, 2018, advising Centrex that BCB intended to end

Abaco can be ‘model rebuild for Caribbean’ FROM PAGE ONE

Eleuthera, Andros, Long Island and Acklins, but it equally impacts what happens in the Caribbean where it can be used as a model.” Mr Beckles said the chamber was having “very healthy discussions” with the government, Abaco and Grand Bahama private sectors and others in terms of developing a forward-looking strategy for the recovery and restoration effort to come. “One thing that has to be exercised here is patience,” he told Tribune Business. “It’s going to be a marathon, not a sprint. It’s an extended marathon. One thing very clear is that we will not rebuild as it was. “If we want a first prize for best practice, at the end of the day in Abaco, Freeport and Grand Bahama’s East End, it requires patience to ensure we’re doing the right thing in the right time and space. “I couldn’t give a timetable as to how long this will take. It’s going to be a sustainable, long-term effort. It’s not a one to two year quick fix in terms of restoration. There are things that can be done in 30 days, 60 days and 90 days, one year, but it’s not going to be a quick fix.” Mr Beckles voiced optimism that “the vast majority” of Abaco’s population will return if basic living conditions are provided despite the island’s extensive depopulation in Dorian’s immediate aftermath. The longer their return is delayed, the more likely it is that they will find jobs and housing in both New

its contract for satellite services ‘effective November 30, 2018’, citing budget cuts,” Centrex’s initial claim alleges. Centrex’s lawsuit makes clear why it may be especially eager to pursue its claim. For it reveals that it is a ‘middle man’ or broker for ZNS, as it actually leases the latter’s satellite capacity on its behalf from another company, New Skies Satellites BV. Centrex itself is locked into the lease deal with New Skies until December 31, 2020, making it imperative for the New York company to obtain payment from ZNS otherwise it will be forced to cough up itself. Providence and the US. However, the chamber chief executive added: “The good thing is that while there are some people who are not going to go back, and we get that, you won’t find that being the vast majority. Once we get that man camp [tent village] established and built, you’ll find Bahamians - particularly Abaconians - willing to go back and be part of the rebuilding process.” With 1.5 billion tons of Dorian-related debris needing to be moved, Mr Beckles said entrepreneurs and persons previously employed in professions such as waiters would need to get their hands dirty and engage in manual labour to kickstart the recovery process. “As the restoration and rebuilding effort accelerates, you will see it fan out into specific areas,” he added of the jobs available on Abaco, with employment prospects and their variety increasing as economic activity picked up. “We see it as having tremendous impact on future employment,” Mr Beckles said of the rebuilding process, “because I tell you: What it will take to restore Abaco, even if you had the entire resident population return, it would not be enough in the long haul to put it back together. “That creates a tremendous opportunity to dip even further into the unemployment ranks, and put people back to work. That’s our hope and objective, and we will keep pushing on that line. Let’s hope it works out that way.” Mr Beckles added that it was “important that we do not overlook the extension of the humanitarian effort” and ensure Dorian victims’ psychological, emotional and mental well-being is taken care of. “People are critical to our success economically, so we have to get them rolling,” he said.

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THE TRIBUNE

Thursday, September 19, 2019, PAGE 7

Small business faces $180m ‘finance gap’ FROM PAGE ONE deductions and are thus viewed as less risky than housing mortgages and credit to businesses. Yet the IDB documents effectively expose how the private sector, the most productive sector of the economy and which is responsible for all Bahamian economic growth and job creation, is being starved of the capital it needs to fulfill its key functions. And those most vulnerable to this are the small businesses and entrepreneurs vital to increasing output. An analysis of likely demand for the IDB-financed “credit enhancement” enhancement initiative, which will provide $22m in guarantees to underwrite Bahamian commercial bank lending to the small business sector, drew on the government-owned Small Business Development Centre’s (SBDC) estimate that there were just over 22,500 MSMEs in this nation in 2018. With the SBDC estimating that the average loan under the initiative would be $62,680, the IDB’s analysis said 50 percent of small businesses surveyed had not applied for a loan or credit line the previous year. Putting these figures into the mix, the IDB came up with a “conservative” $215m total credit demand among Bahamian MSMEs, also factoring in the proportion who had invested over the past year via the likes of internal funds, supplier credit and customer advances. “We have a range of a potential demand that could go from $215m to $605m. Following a conservative approach, we opt to consider for this analysis the smallest amount, noticing that is smaller than the one derived from the most direct question regarding credit constraints,” the IDB concluded. “Given these calculations, we see that the $35.7m that the programme will mobilise (backed by the $22m destined for guaranteeing loans to MSME) would correspond to 16.6 percent of the potential demand of $215m. “Thus we can conclude that there is enough demand for the funds of the programme, and that there remains a considerable finance gap to be addressed by the financial system in The Bahamas.” It is doubtful, though, whether the risk averse commercial banking industry will fill this gap. There are also questions over whether it is the right industry to do so, given its obligation to protect depositors’ funds by not engaging in the sort of risky lending some entrepreneurs and small businesses represent. The IDB noted: “One of the main constraints to private sector growth in The Bahamas is access to finance. The Bahamas ranks 142nd out 190 countries, and 22nd in IDB borrowing countries, on the World Bank’s ‘ease of getting credit’ indicator based on the absence of an established credit bureau and weak legal rights.” While the credit bureau deficiency is being addressed, the multilateral lender added: “According to one study, less than one-fourth of companies undertaking investment projects in The Bahamas have been funded by private banks, and access to credit is particularly harder for SMEs, which report rejection rates as high as 85 percent.”

This was said to be higher than similar rejection rates of 35 percent in Barbados, 55 percent in Jamaica and 27 percent in Suriname, with only Trinidad & Tobago found to turn down small business credit requests with the same frequency as The Bahamas. “According to the latest enterprise survey of The Bahamas, only 14.6 percent of firms used banks to finance investments versus 38 percent for Latin America and the Caribbean at the time, and 78.3 percent of firms used supplier or customer credit to finance working capital (versus 58.8 percent in the region),” the IDB added. “The commercial banking sector typically does not prioritise MSMEs, preferring mortgages and consumer loans. Observing the sectoral distribution of credit in the banking system, 77 percent is categorised under personal loans, albeit some of these may include those destined for small business purposes. “The financial sector’s restraint from lending to MSMEs stems from two main problems: The lack of collateral, and lack of information and financial statements from the firms, which substantiate a low risk appetite from the banks. This trend has been reinforced recently by the legacy of the prolonged recession and the non-performing loans it produced.” Digging deeper into these woes, the IDB documents said interest rate spreads had “widened significantly” since the 2008-2009 recession in an environment where commercial banks sought “higher risk premiums” for lending to borrowers whose creditworthiness is uncertain. “Despite ample balance sheet space, banks are cautious in making new loans. Persistent weakness since the global financial crisis in economic activity, coupled with a debt overhang problem, has strained households’ debt-servicing capacity, constraining their access to credit,” the papers said. “A Central Bank survey of bank lending conditions consistently shows an excessively high debt-service-to-income ratio as the most common reason for rejecting loan applications. At the same time, weak economic activity has also affected businesses’ profitability. “Therefore, banks have been reluctant to lend in an environment where the only recent development of a credit bureau and the absence of book-keeping tradition, combined with a prolonged recession, make it more challenging to screen borrowers. “Large intermediation spreads, which in addition to limited competition also reflect a risk premium on lending, have widened significantly since the global financial crisis. These factors have kept credit to the private sector, excluding non-performing loans, broadly flat.” The IDB papers reveal that it has also been asked by the Minnis administration to strengthen the SBDC’s ability to “efficiently carry out its mandate” as the agency responsible for working with small businesses and entrepreneurs, helping them to prepare business plans, access needed professional expertise and facilitating access to potential financing.

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PAGE 10, Thursday, September 19, 2019

THE TRIBUNE

JOHNSON FACES BREXIT FLAK FROM EU LAWMAKERS AND TOP UK COURT STRASBOURG Associated Press BRITISH Prime Minister Boris Johnson was accused by European Union officials yesterday of failing to negotiate seriously and branded the “father of lies” by a lawyer in the UK Supreme Court, as his plan to leave the EU in just over six weeks faced hurdles on both sides of the Channel. In Strasbourg, France, the European Parliament said it would be the fault of Britain, not the bloc, if the UK crashed out of the EU without a divorce deal on the scheduled Oct 31 departure day. In London, Johnson’s government battled to convince the UK’s top court that the prime minister’s decision to suspend Parliament for five weeks with Brexit looming was neither illegal nor improper. The government’s opponents claim Johnson illegally shut down the legislature to prevent lawmakers from scrutinising his Brexit plans.

EUROPEAN Commission president Jean-Claude Juncker, left, speaks whith European Union chief Brexit negotiator Michel Barnier yesterday at the European Parliament in Strasbourg, eastern France. The risk of Britain leaving the European Union without a divorce deal remains “very real”, European Commission chief Jean-Claude Juncker declared as EU lawmakers debated the ramifications of a no-deal Brexit. Photo: Jean-Francois Badias/AP Government lawyer James Eadie told 11 Supreme Court justices that the decision to send lawmakers home until Oct 14 was “inherently and fundamentally political in nature”, and not a matter for the judiciary. He said that if the court intervened it would violate the “fundamental constitutional principle” of

the separation of powers. But a lawyer for lawmakers challenging the shutdown accused the government of being “unworthy of our trust”. “We’ve got here the mother of parliaments being shut down by the father of lies,” said attorney Aidan O’Neill. He urged the judges to “stand up for

truth, stand up for reason, stand up for diversity, stand up for Parliament, stand up for democracy”. The judges, for their part, wondered why Johnson had refused to provide a sworn statement to the court about his reasons for the suspension. “Isn’t it odd that nobody has signed a witness statement to say: ‘This is true. These are the true reasons for what was done’?” said one of the judges, Nicholas Wilson. The developments were the latest in a rocky week for Johnson, who pulled out of a news conference with the prime minister of Luxembourg on Monday because of noisy protesters nearby. Yesterday he was berated by the father of a sick child over funding cuts to Britain’s health service as he visited a London hospital. Johnson took power in July with a vow that Britain will leave the EU on Oct 31 “come what may”. He promised to break a stalemate that saw the Brexit agreement struck between

the EU and Johnson’s predecessor Theresa May rejected three times by Britain’s Parliament, prompting May to resign. Many lawmakers believe a no-deal Brexit would be economically devastating and socially destabilising, and have put obstacles in Johnson’s path, including legal challenges to the Parliament shutdown. Last week, Scotland’s highest civil court ruled the move illegal, saying it had the intention of stymieing Parliament. The High Court in London, however, said it was not a matter for the courts. The Supreme Court is being asked to decide who is right in a three-day hearing that ends today. If it overturns the suspension, lawmakers could be called back to Parliament as early as next week. Johnson insists he is working hard to get an agreement with the EU that will ensure a smooth departure. EU leaders are skeptical of that claim. European Commission

President Jean-Claude Juncker said yesterday that the risk of a no-deal Brexit remained “very real” because Britain still had not produced workable new proposals. “I asked the British prime minister to specify the alternative arrangements that he could envisage,” Juncker said. “As long as such proposals are not made, I cannot tell you — while looking you straight in the eye — that progress is being made.” Juncker, who met with Johnson on Monday, told a gathering of the European Parliament that a no-deal Brexit “might be the choice of the UK, but it will never be ours”. The main sticking point over a Brexit deal is the Irish border “backstop”, an insurance policy that would require Britain to respect EU trade and customs rules in order to avoid a hard border between EU member Ireland and the UK’s Northern Ireland until a better solution is found.

THE TRIBUNE

Thursday, September 19, 2019, PAGE 11

TECH EXECS SAY THEY’RE ACTING FASTER ON EXTREMIST CONTENT WASHINGTON Associated Press EXECUTIVES of Facebook, Google and Twitter told Congress yesterday that they’ve gotten better and faster at detecting and removing violent extremist content on their social media platforms in the face of mass shootings fueled by hatred. Questioned at a hearing by the Senate Commerce Committee, the executives said they are spending money on technology to improve their ability to flag extremist content and taking the initiative to reach out to law enforcement authorities to try to head off potential violent incidents. “We will continue to invest in the people and technology to meet the challenge,” said Derek Slater, Google’s director of information policy. The lawmakers want to know what the companies are doing to remove hate speech from their platforms and how they are coordinating with law enforcement. “We are experiencing a surge of hate. ... Social media is used to amplify that hate,” said Sen Maria Cantwell of Washington state, the panel’s senior Democrat. The company executives testified that their technology is improving for identifying and taking down suspect content faster. Of the nine million videos removed from Google’s YouTube in the second quarter of the year, 87% were flagged by a machine using artificial intelligence, and many of them were taken down before they got a single view, Slater said. After the February 2018 high school shooting in Florida that killed 17 people, Google began to proactively reach out to law enforcement authorities to see how they can better coordinate, Slater said. Nikolas Cruz, the shooting suspect, had posted on a

YouTube page beforehand, “I’m going to be a professional school shooter,” authorities said. Word came this week from Facebook that it will work with law enforcement organisations to train its AI systems to recognise videos of violent events as part of a broader effort to crack down on extremism. Facebook’s AI systems were unable to detect livestreamed video of the mosque shootings in New Zealand in March that killed 50 people. The self-professed white supremacist accused of the shootings had livestreamed the attack. The effort will use bodycam footage of firearms training provided by US and UK government and law enforcement agencies. Facebook also is expanding its definition of terrorism to include not just acts of violence intended to achieve a political or ideological aim, but also attempts at violence, especially when aimed at civilians with the intent to coerce and intimidate. The company has had mixed success in its efforts to limit the spread of extremist material on its service. Facebook appears to have made little progress, for example, on its automated systems for removing prohibited content glorifying groups like the Islamic State in the four months since The Associated Press detailed how Facebook pages auto-generated for businesses are aiding Middle East extremists and white supremacists in the US. The new details come from an update of a complaint to the Securities and Exchange Commission that the National Whistleblower Center plans to file this week. Facebook said in response that it removes any auto-generated pages “that violate our policies. While we cannot catch every one, we remain vigilant in this effort.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, NATASHA GERARD of Market Street, Nassau, Bahamas intend to change my name by Deed Poll to NATASHA JOSEPH. If there are any objections to the change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of this publication notice.

PAGE 12, Thursday, September 19, 2019

THE TRIBUNE

Small business digital marketing: DIY or outsource? By JOYCE ROSENBERG Associated Press Marketing and advertising on the internet are an integral part of running a small business, one many owners handle themselves. It does require some knowledge and skill. Owners may need to take short courses in digital marketing — in particular, online searches and advertising — at local colleges. Or, they may be self-taught, says Cathy Petersen, director of search engine marketing at Surefire Local, a digital marketing company based in Vienna, Virginia. “There are a lot of good resources for people who are just getting started,” Petersen says. It might make more sense for this task, like keeping the company books, to be

outsourced to a consultant if owners need to devote themselves to working with customers or developing their products and services. Or, if they have employees, owners might make sure that one of their staffers has the time and know-how to do the work. At its simplest, getting good visibility in an online search requires a company to use what’s known as search engine optimisation, the use of keywords in a website that are frequently searched. Which words to use will differ from company to company. Google’s algorithms that rank companies in search results also take into consideration how relevant a company’s website and individual pages are to people who are searching. Businesses that get publicity or are on review

websites can improve their rankings. Advertising on Google involves bidding for specific keywords. But small businesses may not be able to pay for keywords that are extremely popular and that larger companies want. But they may have advantages, for example, location. Google can place a local business on its maps that are often part of its search results, Petersen notes. Online advertising needs to be an ongoing commitment if it’s going to be effective. Companies must monitor how well their search listings and ads are leading to visits to their websites. Some businesses hire digital marketing consultants to handle this task, while others rely on analytics programs including Google Analytics. If owners aren’t satisfied with the traffic to their websites, they need to consider changes in the site or advertising and/or they need to find ways to get publicity that help Google algorithms give them a better ranking in search results.

Senior Operator and Plant Manager Needed Our organization is searching for a dynamic plant manager to take on the responsibility of managing the operations and maintenance of a small/mid-scale desalination plant in Bimini. The successful candidate will be accountable for all aspects of plant performance and maintenance. Essential duties and functions include but not limited to: • Oversee the day to day operation of the plant • Oversee and manage plant employees • Perform routine maintenance (mechanical repair, I&C trouble shooting and repair) • Plant operation optimization • The local company representative toward the client • Manage external subcontractors • Inventory management • Preparing daily, monthly, and general reports Requirements: • Electromechanical and hydraulic experience (preferably an engineering or technical degree/diploma) • Two years plant operation and maintenance experience (preferably water systems operation experience) • Microsoft Office proficient • Excellent communication skills • Ability to engage and motivate others The successful candidate will be required to reside on Bimini. This position comes with an attractive compensation and benefits package. Interested qualified candidates may submit their resume via email to

info@globalcmltd.com.

THE TRIBUNE

Thursday, September 19, 2019, PAGE 13

US SAYS ATTACK ON SAUDI OIL SITE WAS AN IRANIAN ‘ACT OF WAR’ RIYADH Associated Press US Secretary of State Mike Pompeo yesterday called the attack on Saudi Arabia’s oil installations an “act of war” against the kingdom by Iran, as the Saudis displayed missile and drone wreckage and cited other evidence they said shows the raid was “unquestionably sponsored by Iran”. Iran, which has denied involvement in the attack, warned the US it will retaliate immediately if it is targeted. President Donald Trump, meanwhile, said he is moving to increase financial sanctions on Tehran over the attack. He was noncommittal on whether he would order US military retaliation. At a news conference, Saudi military spokesman Col Turki al-Malki said the attack Saturday that did heavy damage to the heart of the Saudi oil industry was “launched from the north and was unquestionably sponsored by Iran”. Yemen is south of Saudi Arabia, while Iran and Iraq lie to the north. Al-Malki stopped short of accusing Iran of actually firing the weapons itself or launching them from Iranian territory. Yemen’s Iranian-backed Houthi rebels have claimed responsibility for the attack, saying it was in response to the Saudi-led war in Yemen that has killed tens of thousands of people. At the news conference, the Saudis displayed broken and burned drones and pieces of a cruise missile that Al-Malki identified as Iranian weapons collected after the attack. He also played surveillance video that he said showed a drone coming in from the north. Eighteen drones and seven cruise missiles were launched in the assault, Al-Malki said, with three missiles failing to make their targets. He said the cruise missiles had a range of 700 kilometers, meaning they could not have been fired from inside Yemen. “This is the kind of weapon the Iranian regime and the Iranian IRGC are using against the civilian object and facilities infrastructure,” Al-Malki said, referring to Iran’s Revolutionary Guard. He added: “This attack did not originate from Yemen, despite Iran’s best effort to make it appear so.” Pompeo, who landed in Saudi Arabia shortly after the news conference, took a harder line, telling reporters:

“The Saudis were the nation that was attacked. It was on their soil. It was an act of war against them directly.” He said en route to Saudi Arabia that “it doesn’t matter” whether the Houthis claim they were behind the attack. “This was an Iranian attack,” he said. “It doesn’t change the fingerprints of the ayatollah as having put at risk the global energy supply,” Pompeo said, referring to Iran’s Supreme Leader Ayatollah Ali Khomenei. The attack came after a summer of heightened tensions between Iran and the US over Trump’s withdrawal from the 2015 Iranian nuclear deal. Iran sent a note to the US via Swiss diplomats on Monday, reiterating that Tehran denies involvement in the aerial attack, the country’s state-run IRNA news agency reported. The Swiss have looked after American interests in Iran for decades. “If any action takes place against Iran, the action will be faced by Iran’s answer immediately,” IRNA quoted the note as saying. It added that Iran’s response wouldn’t be limited to the source of the threat. The US State Department had no comment on the warning. Trump, meanwhile, tweeted: “I have just instructed the Secretary of the Treasury to substantially increase Sanctions on the country of Iran!” He did not elaborate, and it was not immediately clear what further means are available since he has already cut deeply into Iran’s oil market. National Security Council officials declined to comment. IRNA also reported that Iran’s delegation to the annual UN General Assembly meeting has yet to receive the necessary US visas. Foreign Minister Mohammad Javad Zarif was to travel to New York on Friday, with Iranian President Hassan Rouhani following on Monday. The UN meeting had been considered as an opportunity for direct talks between Rouhani and Trump. Asked in Los Angeles whether Rouhani will come to New York, Trump said, “I really don’t know. If it was up to me, I’d let them come.” “I’ve always felt the United Nations is very important,” he added. “I think it’s got tremendous potential. I don’t think it’s ever lived up to the potential it has. But I would certainly not want to keep people out if they want to come.”

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PAGE 14, Thursday, September 19, 2019

THE TRIBUNE

DEMOCRATS BLOCK PENTAGON BILL AMID BORDER WALL BATTLE WASHINGTON Associated Press

SENATE Democrats yesterday blocked debate on the almost $700bn Pentagon budget and other spending bills amid a feud between the chamber’s leaders over the rules of engagement for translating this summer’s hard-won

budget deal into binding legislation. Minority Leader Chuck Schumer orchestrated the party-line filibuster vote, claiming Senate GOP leaders were doing President Donald Trump’s bidding on the US-Mexico border fence and paying for it by shortchanging health and education programmes. Both sides accused the

LEGAL NOTICE

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), BLOWENS ENTERPRISES LIMITED (the ”Company”) is in dissolution. The date of commencement of the dissolution is September 13, 2019. CONTINENTAL LIQUIDATORS INC. is the Liquidator and can be contacted at 60 Market Square, P.O. Box 1906, Belize City, Belize. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before October 14, 2019.

other of violating the bipartisan spirit of July’s budget blueprint, which gave Trump a must-have increase in the government’s borrowing limit and new spending “caps” to avert sweeping cuts to the Pentagon and domestic programmes. Democrats are chiefly upset that the Senate GOP would permit Trump to again shift money from military accounts to wall funding that he has otherwise been unable to win from Congress. He’s seeking $5bn more after winning only $1.4bn for the current year. “It does nothing to prevent the president from stealing billions of dollars more from our troops to pay for the president’s cynical campaign promise to build a gigantic wall across our southern border,” said top Appropriations Committee Democrat Patrick Leahy of Vermont. “The president has already raided $6.1bn from Department of Defense accounts in the fiscal year 2019 bills for his border wall — all without congressional approval.” Also at play is Democrats’ desire to hold the Pentagon budget back as leverage in future endgame negotiations.

Republicans countered that Democrats are injecting abortion- and wall-related fights with Trump into a time-tested appropriations process that relies on bipartisanship and compromise that is in increasingly short supply in the halls of Congress. “Congressional leaders and the president laid the groundwork for sensible, bipartisan funding process. But instead over the past week and a half we’ve seen our Democratic colleagues suggest that they may try to shoe horn their longstanding disagreements with President Trump into this appropriation process,” McConnell said. The Kentucky Republican said Democrats should chill out and let the process advance — knowing that Democrats controlling the House will have their back in upcoming negotiations. Also yesterday, House Appropriations Committee Chairwoman Nita Lowey, D-NY, introduced a bipartisan stopgap spending bill to keep the government running at current levels until Thanksgiving. The routine measure contains numerous add-ons to extend expiring programs, including billions of dollars to replenish Trump’s bailout to farmers

LEGAL NOTICE

NOTICE

EMORY HOLDINGS LIMITED

KLINTOL LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) EMORY HOLDINGS LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) KLINTOL 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 17th September, 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 19th day of September, A.D. 2019. Shareece E. Scott Liquidator

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 18 SEPTEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,166.23 | CHG: -8.75 | %CHG: 0.40 | YTD: 56.78 | YTD%: 2.69 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 20.91 7.00 5.92 2.60 2.00 5.47 11.75 6.17 4.64 12.40 2.81 3.19 10.00 7.35 16.50 9.30 3.65 14.20

52WK LOW 3.50 19.17 4.90 4.46 1.00 0.19 2.00 9.17 6.15 3.60 6.75 2.35 1.76 7.51 6.10 12.10 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

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

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 1.63 1.77 1.71 1.17 7.89 9.35 6.80 11.39 12.15 10.63 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.65 1.09 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 4.10 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.06 7.50 3.02 2.90 10.50 7.00 16.00 9.20 3.35 14.20

CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.80 11.06 6.16 4.06 7.20 3.06 3.19 10.48 7.00 16.50 9.25 3.20 14.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.00 0.00 -0.30 0.04 0.29 -0.02 0.00 0.50 0.05 -0.15 0.00

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

1,100 19,879 1,200 3,500 1,000 5,000 35,400

VOLUME

NAV 2.25 4.31 2.06 191.61 158.33 1.63 1.77 1.71 1.17 7.89 9.35 6.80 11.39 12.15 10.63 9.92 8.68 11.38

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.000 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

0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 17.2 18.7 N/M 16.0 N/M N/M -11.0 15.3 13.7 22.1 51.4 30.0 6.8 N/M 9.6 20.2 9.9 15.8 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 3.90% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 2.96% 0.00% 2.22% 1.88% 3.13% 3.43% 3.27% 2.16% 3.75% 4.30% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

YTD%12 MTH% 2.15% 3.88% 1.61% 4.11% 1.53% 2.74% 3.85% 6.28% 7.12% 2.08% 1.91% 4.55% 1.45% 4.30% 1.67% 4.21% 4.75% 7.44% 5.53% 8.48% 8.12% 12.28% 3.03% 4.85% 9.83% 0.60% 3.92% 3.72% 2.47% 3.16% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

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

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

SENATE Minority Leader Chuck Schumer, D-NY, joined at right by Sen Chris Van Hollen, D-Md, pauses during a news conference at the Capitol in Washington on Tuesday. buffeted by his trade battles with China. House Democrats, who have passed most of the spending bills under terms generous to domestic agencies, are eager to kick-start negotiations in hopes of wrapping up the $1.4tn appropriations bundle before Thanksgiving. “They know what they have to do,” Pelosi said of the Senate as she shuttled between meetings. “Hopefully they’ll get moving so we can have this all done in a predictable, well organized way.” Appropriations Committee Chairman Richard Shelby added that the terms of July’s budget pact guaranteed Trump’s powers to transfer billions of dollars around within the Pentagon’s budget. “Our Democratic colleagues may now regret having agreed to these terms, but that does not change the fact that they

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did,” Shelby said. It’s unclear what the next steps will be, though both sides have come too far to let a spat over tactics derail the spending bills, which are main must-do business for Congress each year. The ultimate backstop for Senate Democrats is House Speaker Nancy Pelosi, who will play a key role in talks down the road and is chiefly interested in getting negotiations under way. To buy time, both House and Senate are set to pass the government-wide stopgap spending bill unveiled yesterday, which would keep the lights on through Nov 21. There seems to be no risk of a government shutdown when the budget year ends on Sept 30, as fights over the wall and other hot-button issues are being put off until later. Talks on the stopgap bill have taken longer than hoped as Pelosi and Republicans have wrangled over the details of the legislation, including add-ons like replenishing farm bailout accounts and a variety of expiring health care provisions. It would also extend the charter of the ExportImport Bank and continue the federal flood insurance programme.

NOTICE

NOTICE is hereby given that GESTINA DEVALLON of Bougainvillea Blvd., South Beach, 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 September, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE

NOTICE SUMAI INVESTMENTS INC. NOTICE IS HEREBY GIVEN as follows: (a) SUMAI INVESTMENTS INC., 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 17th September, 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 19th day of September, A.D. 2019. Shareece E. Scott Liquidator LEGAL NOTICE

NOTICE STATEN VENTURES LTD. (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 8th day of April, 2019. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas. Dated this 19th day of September, 2019. AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR

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

PAGE 16, Thursday, September 19, 2019

THE TRIBUNE

A divided Fed reduces rates but may not cut again this year WASHINGTON Associated Press A SHARPLY divided Federal Reserve cut its benchmark interest rate yesterday for a second time this year but declined to signal that further rate cuts are likely this year. The Fed’s move reduced its key short-term rate — which influences many consumer and business loans — by an additional quarter-point to a range of 1.75% to 2%. The action was approved 7-3, with two officials preferring to keep rates unchanged and one arguing for a bigger half-point cut. The divisions on the policy committee underscored the challenges for Chairman Jerome Powell in guiding the Fed at a time of high economic uncertainty. The Fed did leave the door open to additional rate cuts — if, as Powell suggested at a news conference, the economy weakens. For now, he suggested, the economic expansion appears durable in its 11th year, with a stillsolid job market and steady consumer spending. At the same time, the Fed is trying to combat threats including uncertainties caused by President Donald Trump’s trade war with China, slower global growth and a slump in American manufacturing. The Fed noted in its statement that business investment and exports have weakened. Financial markets closed mostly higher after the Fed’s afternoon announcement although the diverging opinions on

the Fed left some investors uncertain how many more rate cuts the Fed will deliver. The Dow Jones Industrial Average after being down most of the day finished up 36.28 points, or 0.1%, to 27,147.08. At his news conference, Powell acknowledged that Fed officials are sharply divided about the wisest course for interest rates, especially given uncertainties, like trade conflicts, whose outcomes are out of the Fed’s control. “This is a time of difficult judgments and disparate perspectives,” the chairman said. In any case, many business leaders are skeptical that the Fed’s slight rate cuts will deliver much economic benefit. Yesterday’s rate cut “makes virtually no difference to the US economy in and of itself,” said Jamie Dimon, CEO of JPMorgan Chase, who suggested, as many corporate leaders have, that Trump’s trade war remains an overarching threat. “I don’t think cutting rates will offset trade, personally,” said Dimon, head of the largest US bank. Among Powell’s challenges is that the trade war’s uncertainties are likely affecting the nation’s economic data, making it hard for the Fed to set an interest-rate policy for the months ahead. “It doesn’t make sense to commit to a path of policy today when monetary policy is now responding to future developments in the trade policy,” said Bill Adams, a senior economist at PNC Financial Services.

FEDERAL Reserve Board Chair Jerome Powell speaks at a news conference following a two-day meeting of the Federal Open Market Committee yesterday in Washington. Photo: Patrick Semansky/AP

Yesterday’s modest rate cut irritated Trump, who has attacked the central bank and insisted that it slash rates more aggressively. The president immediately signaled his discontent: “Jay Powell and the Federal Reserve Fail Again,” Trump tweeted. “No ‘guts,’ no sense, no vision! A terrible communicator!” Asked about Trump’s latest personal taunt, Powell declined, as he has before, to respond directly, while adding that the Fed’s long-standing independence from political pressures “has served the public well”. Updated economic and interest rate forecasts issued yesterday by the Fed show that only seven of 17 officials foresee at least one additional rate cut this year. And at least two Fed

officials expect a rate hike next year. None of the policymakers foresee rates falling below 1.5% in 2020 — a sign that the turbulence from a global slowdown and Trump’s escalation of the trade war is viewed as manageable. The median forecasts show the economy is expected to grow a modest 2.2% this year, 2% next year and 1.9% in 2021. Those forecasts are well below the Trump administration’s projection that the president’s policies will accelerate growth to 3% annually or better. But they also suggest that policymakers do not envision a recession. Unemployment is projected to be 3.7% and inflation 1.5%, below the Fed’s target level of 2% A resumption of trade talks between the Trump

administration and Beijing and a less antagonistic tone between the two sides have supported the view that additional rate cuts might not be necessary. So has a belief that oil prices will remain elevated, that inflation might finally be reaching the Fed’s target level and that there are increasing signs that the US economy remains sturdy. The job market looks solid, wages are rising, consumers are still spending and even such sluggish sectors as manufacturing and construction have shown signs of rebounding. Yet no one, perhaps not even the Fed, is sure of how interest rate policy will unfold in coming months. Too many uncertainties exist, notably the outcome of Trump’s trade war. Trump has meantime kept up a stream of public attacks on the central bank’s policymaking, including referring to Powell as an “enemy” and the Fed’s policymakers as “boneheads”. Even though the economy looks resilient, the president has insisted that the Fed slash its benchmark rate more deeply — even to below zero, as the European Central Bank has done — part to weaken the US dollar and make American

exports more competitive. The Fed is monitoring the global slowdown, especially in Europe, and Britain’s effort to leave the European Union. A disruptive Brexit could destabilise not just Europe but the US economy, too US inflation, which has long been dormant, has begun to show signs that it is reaching the Fed’s 2 percent target and might remain there. If the Fed’s policymakers conclude that inflation will sustain a faster pace, it might give them pause about cutting rates much further. The most serious threat to the expansion is widely seen as Trump’s trade war. The increased import taxes he has imposed on goods from China and Europe — and the counter-tariffs other nations have applied to US exports — have hurt many American companies and paralysed their plans for investment and expansion. In recent days, the Trump administration and Beijing have acted to de-escalate tensions before a new round of trade talks planned for October in Washington. Yet most analysts foresee no significant agreement emerging this fall in the conflict.