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Insurer ‘praying’ Abaco 90% paid in six months By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TOP Bahamian insurer was yesterday “praying” that 90 percent of Abaco’s Dorian-related claims will be paid out within the next six months given the scale of the island’s devastation. Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that by comparison the property and casualty insurer hoped to have between 80-90 percent of its Grand Bahama claims “wrapped up before Christmas”.

• Expects 80-90% of GB claims settled by Xmas • Abaco ‘very tedious’ via infrastructure wipe-out • Dorian losses may hit $250m for one UK group Revealing that Grand Bahama will be “completed way before” Abaco, Mr Saunders explained that this will result from differences in Dorian-related destruction on both islands; loss adjusters having easier access to east Grand Bahama and other areas on that island because some infrastructure remained; and potential problems in locating second home clients on the latter island. And, while the Bahamas Insurance Association

(BIA) has initially estimated industry-wide claims payouts at $500m-plus, Mr Saunders said evidence was emerging that suggested such figures were only likely to increase. He referred to an October 2, 2019, article by industry trade publisher, The Insurer, which revealed that a single Hurricane Dorian-related property binder placed with the Lloyd’s of London insurance market suggested reinsurance losses could amount to $250m for

just one syndicate. The RoyalStar chief added that there was “no doubt” that Dorian has proved one of the hardest storms for the Bahamian insurance industry to deal with - especially since it took two weeks to get industry loss adjusters into Abaco, the island that was arguably hardest hit by the category five storm. “This is going to be a very tedious process in Abaco,”

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Lucayan chairman backs govt GB airport control By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Grand Lucayan’s chairman yesterday backed calls for the government to take over ownership of Grand Bahama International Airport from Hutchison Whampoa and the Port Authority. Emphasising that it was his personal opinion, and not government policy, Michael Scott told Tribune Business it was “plain” that a “new regime” is required for an asset that essentially provides a key economic lifeline for Freeport and the wider island. Amid growing concerns as to the ownership’s plans to restore terminals and other facilities ravaged by Hurricane Dorian’s storm surge, Mr Scott said the airport’s fate and restoration will undoubtedly be a factor

• ‘Plain new regime’ needed for key asset • Personal view is to follow LPIA model • Airport critical to Port Lucaya’s revival

MICHAEL SCOTT in negotiations between the government and Royal Caribbean/ITM over the latter’s $195m first phase Grand Lucayan acquisition and harbour redevelopment. “My view on the airport is plain,” he told Tribune Business. “There needs to be a new regime for that [the airport]. My view, for what

Bahamas-based oil explorer sees 4bn barrel upside By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMAS-based oil explorer was yesterday forced to deny it plans to raise further equity financing from institutional investors as interest in its 2020 drilling plans continues to ramp up. Bahamas Petroleum Company (BPC), in a statement to the markets, said that given its belief its share price “materially undervalues” its prospects for striking oil in Bahamian waters it had no intention of seeking further equity financing via private placement.

“The company has multiple funding options available to it to fund the exploration well intended to be drilled in the 2020 first half, which will provide shareholders with exploration exposure to risked resources between 0.4 and 1.2bn barrels of oil, and with a potential upside in the targeted structure that has been independently assessed at close to 4bn barrels of oil,” BPC said. “The company has consistently stated that it will work in a co-ordinated way towards selection of a financing package that the board considers to be in the best

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Activists blast no warning on ‘green’ bills By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEVERAL prominent activists yesterday denied they had been consulted on the environmental legislation tabled in the House of Assembly, and accused the government of exploiting Dorian. Sam Duncombe, president of reEarth, said that she had not seen either the Ministry of The Environment Bill 2019 or The Environmental Planning and Protection Bill despite Romauld Ferreira, minister of the environment and housing, saying there

had been “countless environmental groups who gave us feedback and direction”. Save the Bays vice-president, Joseph Darville, also said he was made aware of the Bills yesterday morning by the minister after they had been tabled but had not seen them yet. Mrs Duncombe, meanwhile, said: “The fact that this is already tabled in the House goes against Agenda 21, which the Bahamas signed on to. How can they possibly bring this to the House without bring it to the

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it’s worth, is that the government should take over that and do the same thing that happened at Lynden Pindling International Airport (LPIA).” That saw the government outsource LPIA’s management and operations to the Nassau Airport Development Company (NAD), which is overseen by Canadian-based airport operator, Vantage. However, Mr Scott said the views he holds on Grand Bahama International Airport are his alone and, while he has expressed them to the government, they do not reflect the latter’s policy. Any decision on the airport,

he added, is “above my pay degree”, and the attorney said he was unaware of any talks between the Minnis administration and its current owners on the issue. “That’s certainly going to factor into the discussion,” Mr Scott said of the talks with Royal Caribbean and ITM Group. “I don’t know what the specifics are, but I think it is understood among all parties that a fair amount of remediation has to be done at the airport. “It’s the essential issue that has to be resolved. A fully functioning and equipped airport is integral

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Port Lucaya chief: ‘Open in three weeks for safe buildings’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PORT Lucaya Marketplace’s tenants and vendors yesterday yesterday received a boost after its owner pledged that all buildings deemed structurally safe will start to “re-open three weeks from today”. Ivan Moss, one of the Marketplace’s directors, told tenants and vendors in an October 3 memorandum that repairs to buildings which pass this week’s inspection by structural engineers will begin immediately and not have to wait on settlement of the property’s Dorian-related insurance claim. “Port Lucaya Marketplace will immediately repair all buildings that pass the structural survey to ensure they can be opened to the public at the earliest possible time,” Mr Moss wrote in his note. “The repairs will not be delayed or affected in any way due to reporting of loss adjusters and our negotiations with the insurers. Port Lucaya Marketplace will do its best to resume normal business as soon as possible and we expect gradual openings to start three weeks from today for all structurally safe and sound buildings.” While providing the Marketplace’s tenants and vendors with some certainty as to when they will be able to re-open their businesses, and start earning revenue again, Mr Moss’ memorandum marks a reversal of what was communicated to Tribune Business by its principal just three days earlier. Peter Hunt, of UK-based PNH Properties Group, told this newspaper that repair works would not begin until the marketplace’s insurance

claim is settled, suggesting it would take weeks - if not months - to re-open a destination that forms a vital component of Freeport’s tourism product as well as a central venue for Bahamian small businesses and entrepreneurs to showcase their wares. This now seems to have undergone a 180 degree reversal after Mr Hunt also accused the government and his insurer of pressuring him to re-open the complex prematurely given its numerous unresolved “safety” issues. He said then that the marketplace will not re-open until a full structural survey is conducted to determine if all its buildings are sound following Dorian’s battering of Grand Bahama. That survey, which is expected to last seven to ten days, with a full report compiled within two weeks, began this week. This suggests that the earliest any “structurally-sound and safe” premises will reopen is either the first or second week in November, which is still a relatively long time for retail and restaurant owners, plus vendors, to carry themselves and staff without the benefit of a regular revenue/income stream. Mr Moss’s update again suggested that Port Lucaya Marketplace’s post-Dorian restoration had been delayed by its loss adjusters being sent out of the country because they did not possess the correct work permits. It is unclear how that situation arose, especially since the Insurance Commission issued detailed instructions on how the industry could obtain such permits in the storm’s immediate aftermath. Meanwhile, Mr Moss also promised that Port Lucaya Marketplace “will

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PAGE 2, Friday, October 4, 2019

THE TRIBUNE

Retaining top talent requires just reward BANK GIVES $200,000 TO BAHAMAS’ EXPO PRESENCE K Peter Turnquest, deputy prime minister, receives a $200,000 cheque on behalf of the prime minister from platinum sponsor, Gonet Bank and Trust. This is part of the public-private partnership and funding initiative for the Bahamas’ participation at Expo 2020 Dubai.

Pictured from left: Michael Diggiss, Davinia Blair, Jeffrey Beckles, Ambassador Tony Joudi, Nicolas Gonet, K Peter Turnquest, deputy prime minister, Patrick Feuz, Janet Johnson, Ahmed Elshahawy, Joshua Sears and Dr Tyrone McKenzie. Photo: Anton Francis/ Ministry of Finance Central Communications Unit

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EVERY employee wants to feel valued and appreciated for their efforts at work. Most employees also want to advance with new and expanded roles and pay. Sadly, most employers find themselves in a quandry where they are simply not able to promote everyone or give everyone the pay increase they desire. It can become a very thin line between placing your company in the red and appeasing all of the staff looking for a few extra dollars. Rewards are a powerful tool used for employee engagement. Recognising and rewarding your employees effectively is crucial for retaining top talent and keeping staff happy. This discussion

today provides a list of creative ways to incentivise employees in today’s Bahamian workforce: 1. At the top of the list is free food. A staff cafeteria where employees get a meal that they enjoy goes a long way in savings. Most grateful employees would view this as a blessing. 2. Vacation Vouchers. Vacation is a blessing to both employer and employee. This time of refreshing is vital to healthy employees. Travel vouchers are a great way to celebrate

great employees. 3. Health programmes and gym membership. Health is wealth, and a healthy employee (mental and physical) will yield higher results. 4. Awards Day. Create a metric with clear, objective standards and give practical prizes that employees would value. Sometimes just knowing that you are appreciated is all team members need. 5. Surprise birthday treats. A personalised birthday gift sends the message that you know, value and appreciate every one of your staff members. 6. Access to the latest promotional gadgets. The giveaway cell phone case, t-shirt, coffee mug and portable cell phone charger can all be used by your associates. Give them the gadgets first and then distribute to the customers and partners. 7. Employee party. Go big and make it lavish.

IAN FERGUSON BY

Extravagant parties that employees talk about across the town are a great way to change the impression of staff towards their employment. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.

CHAMBER AIDS STUDENTS DISPLACED DURING DORIAN

FROM left: Gwen Knowles, Khrystle Rutherford-Ferguson, Lady Camille Barnett, Patricia Minnis, Patricia Hermanns, Vernice Walkine, Antoinette Russell, and Inga Bowleg. Missing from the photo is Karen Carey and Sharon Cleare. THE Bahamas Chamber of Commerce and Employers Confederation’ (BCCEC) chair has announced its #fitforschool initiative. Khrystle L RutherfordFerguson helped organise a

small group of business leaders and philanthropists to partner with the Chamber in sourcing school supplies that could be used to equip Dorian-hit students. These items included textbooks, uniforms, footwear and

CONSULTANT RADIOLOGIST NEEDED A well establish local Radiology Center is seeking to fill the position of Consultant Radiologist. Applicants must have a minimum of seven (7) years experience and possess medical administrative skills. All resumes can be sent to: info@ftdcimaging.com

under-garments. The initiative aims to assist the Ministry of Education’s effort to ensure students from Abaco and Grand Bahama can return to some sort of normalcy, and have access to education by registering displaced students into schools. Mrs Rutherford-Ferguson said: “Access to education is a fundamental right, and the ability to function in a classroom calls for students to be equipped with essential items that facilitate learning.” The group that partnered with the chamber includes the initiative’s patron, Patricia Minnis, wife of the Prime Minister, Antoinette Russell, Lady Camille Barnett, Gwen Knowles, Inga Bowleg, Karen Carey, Patricia Hermanns, Sharon Cleare and Vernice Walkine. This is the second Dorian-related relief initiative unveiled by the chamber. It recently announced that its Restore Bahamas initiative will provide micro loans to businesses adversely impacted by the storm.

THE TRIBUNE

Friday, October 4, 2019, PAGE 3

ATTORNEY CALLS ON GOVT TO PERMIT ACCOUNTS FACTORING By YOURI KEMP A BAHAMIAN attorney yesterday called for the government to enable monies to better circulate in the economy by passing laws to facilitate businesses wishing to sell their receivables. Gregory Moss, the former MP, backed such schemes - known as accounts factoring - as a means to generate cash flow for companies who simply lack the wherewithal to chase down and collect monies they are owed. Arguing that the government needed to go further than its proposed Economic Recovery Zones in the wake of Hurricane Dorian, Mr Moss said it needed to stimulate private sector revival through more creative means - and accounts factoring schemes were one of them. “We have to look at what former US president Barack Obama did with stimulating automobile companies. He stimulated the businesses,” Mr Moss argued. “In The Bahamas, all of these companies have receivables, but no one has any money to pay

GREGORY MOSS these receivables.” He said this resulted in a sluggish economy when money is not moving around freely, and urged the government to create the enabling factoring framework for addressing this. “We need to enact policies that would allow for factoring that would allow these businesses to sell their invoices,” Mr Moss argued. Factoring is a financial transaction, and type of debtor finance, where a business sells its accounts receivables (invoices and monies owed to it) to a third party (a factor) at a discount. The factor will then assume the rights to these debts, and responsibility for collecting them, as the selling business “factors” its receivable assets to

meet its present and immediate cash needs. Mr Moss added that there is “no factoring happening in The Bahamas, and no legislation that allows for it. You make the business sector the agents of recovery instead of the government. The sitting back by the government is dereliction of duty”. Mr Moss argued that the Economic Recovery Zones unveiled by the Prime Minister would “not produce anything” in terms of meaningful restoration and revival, post-Dorian, and the private sector’s much-needed economic recovery. “What we require is a stimulation of the businesses in Grand Bahama,” he added. And, addressing concerns surrounding the Port Lucaya Marketplace’s opening, Mr Moss said: “The closure of the Port Lucaya Marketplace is, of course, terrible, but when put within the context of the larger slowdown in the economy of Grand Bahama prior to Hurricane Dorian it only magnifies the impact of what Grand Bahamians were already enduring.”

AG: LAWS ARE FLEXIBLE OVER ‘SEVEN-YEAR WAIT’ By YOURI KEMP THE attorney general yesterday argued there was sufficient flexibility in Bahamian law to ensure relatives of missing Dorian victims will not wait seven years to access financial payouts. Carl Bethel QC, pictured, told Tribune Business that the existing Coroner’s Act enables the process for dealing with missing persons, who are presumed dead, to be speeded up. He explained that the coroner can determine that an inquiry is not needed in special circumstances such as those created by Hurricane Dorian, and the number of missing, and ensure a certificate of death is rapidly issued by the Registrar General’s Department. Mr Bethel was speaking after Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings

chairman, warned that the financial hardship faced by relatives of those missing in Hurricane Dorian could be exacerbated without changes to Bahamian law. He said the historic sevenyear wait for missing persons to formally be declared dead could now prevent hundreds of Bahamians and their families from accessing much-needed life insurance payouts and bank accounts belonging to their deceased relatives. With hundreds of Abaco residents, especially, feared dead and swept out to sea where they may never be

found, Sir Franklyn called on the government to change laws relating to missing persons so that hundreds are not further financially disadvantaged by the category five storm. However, Mr Bethel said: “The coroner, who is a judicial officer, has authority to convene an inquest in any judicious manner and to hold an inquest as a result of missing persons.” He added that the Coroner’s Act 2011 provides for such flexibility around the waiving of an inquest. Clause 20 of the Coroner’s Act 2011 empowers the coroner to waive inquests if they find it unnecessary, whereas Clause 37 allows for the attorney general to determine whether or not a jury is necessary for a Coroner’s Inquest. Both measures are designed to expedite the death certificate process.

at John TOP: Group photo FT: LE h. ot bo ’s ing atl W ning an m rs be NAB mem relief ne ca rri hu r fo h ot bo efforts.

RUM SUMMIT HEARS BAHAMAS STILL OPEN THE Bahamas Tourist Office in Florida recently partnered with John Watling’s, the Bahamian distillery, at the International Rum Conference to promote the 14 islands still open for business. “When invited to this conference we saw it as a great opportunity to speak to those attending on how The Bahamas is still open for business on 14 of our Islands, despite the devastation that we experienced on the Abaco and Grand Bahama,” said Tina Lee, district marketing manager for the Bahamas Tourist Office. “We are grateful to John Watling’s and the organisers of the International Rum Conference for the invitation to participate, which is indicative of their strong support of our destination and their commitment to work with us in promoting our islands that are open, and assisting us in the rebuilding of our two islands affected by the hurricane.”

The International Rum Conference, formerly known as the Congreso del Ron, which moved from Madrid to Coral Gables, invited the National Association of The Bahamas (NAB), a Florida-based Bahamian association, to its two-day event, and encouraged attendees to make donations to NAB for relief efforts towards those affected by the catastrophic storm. The event also saw John Watling’s, which is located in downtown Nassau, awarded the highest prize

of a double gold medal in the Special Harvest/Single Cask category for its Single Barrel rum. John Watling’s Distillery also earned a silver medal in the White Rum category for its Pale rum. In the past, John Watling’s rums have received medals, awards and honours from The Fifty Best in New York; Barlife Magazine in Prague; Rum Bahamas in Nassau; Taste of the Caribbean in Miami; Beverage Testing Institute in Chicago; and Congreso del Ron in Madrid.

Alleviate Art Auction The National Art Gallery of The Bahamas Sunday, October 6th, 2019 6pm - 9pm 100% of donations to Hurricane Dorian

PAGE 4, Friday, October 4, 2019

THE TRIBUNE

Insurer ‘praying’ Abaco 90% paid in six months FROM PAGE ONE Mr Saunders told Tribune Business yesterday. “The adjusters are on the ground, looking at the properties, and doing their preliminary reviews. Clients have to sign off on their claims. Yes, we’d like it to be faster, but we have to understand the situation on the ground. “Grand Bahama is more rapid because conditions are more favourable. We are paying claims but Abaco is just a slow process. We expect Grand Bahama to be completed way before Abaco. There is less penetration there but enough penetration. “We had a sea surge loss in Grand Bahama; the majority of claims are for penetration of water, whereas in Abaco we had everything - wind, tornado and surge damage - and the infrastructure in the central part of Abaco was wiped out.” Mr Saunders said RoyalStar’s loss adjusters had now seen 90 percent of client properties with damage in Grand Bahama, and were now in the process of submitting their final reports on the island. “Hopefully by Christmas we will have 80-90 percent of Grand Bahama wrapped up,” he told this newspaper. “Abaco, because of the logistics, will take a longer time. Neil, I would hope, and it’s only me, but I’m praying that in six months time we will have 90 percent done.” Noting that some winter

residents and second homeowners may never return to Abaco to deal with their claims, Mr Saunders said clients and their adjusters will still have to sit with RoyalStar and its advisers to settle claims. “We’re all in the same boat,” he told Tribune Business of the Bahamian insurance industry, “but we’re trying to do it as quickly as possible and as reasonably as possible.” Mr Saunders said RoyalStar Assurance had a “very good idea” of its likely total Dorian claims payout, which is :what we believed would happen when Dorian stalled, give or take 20 percent”, but declined to reveal any figures when pressed by Tribune Business. However, he indicated that total claims payouts by Bahamian insurers would likely be higher than the initial $500m-plus estimate given this week’s report in The Insurer, which detailed the arrival of a dossier from BISX-listed agent and broker, JS Johnson. Said to feature mid-market and retail Bahamian property, the article said market-wide Lloyds of London losses stemming just from this reinsurance placement were estimated at between $100m to $250m. JS Johnson places much of its property and casualty business through local carrier, Insurance Company of The Bahamas (ICB), and Caribbean-based insurer, Island Heritage. “By no doubt this has been one of the hardest

storms to deal with,” Mr Saunders added of Dorian. “We’ve never had, in the history of The Bahamas, where two islands were impacted to this extent and the infrastructure in the centre of one was wiped out. “Grand Bahama has seen storm surges before, hurricanes before, but has never seen a hurricane other than Frances and Jeanne - which were category two to three storms - it has never seen a Category Five storm that stopped and pushed water to that height in Grand Bahama that I’m aware of in modern times. “We’ve never had a storm where you couldn’t go on the island for two weeks to start adjusting. This has probably been the worst and most difficult adjustment we are faced with because of logistics.” Mr Saunders argued that Dorian had again highlighted the insurance industry’s importance to Bahamian society and the conduct of commerce, adding: “Without the insurance industry and us stepping up to the plate now and offering coverage into the future, The Bahamas will be a sad place as no business transactions would be able to transpire.” The RoyalStar chief said the company will eventually meet with its insurers to “discuss the best way forward at a reasonable price”, when asked how Dorian and other recent Caribbean storms will impact property and casualty premium rates and coverage affordability moving forward.

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Lucayan chairman backs govt GB airport control FROM PAGE ONE to the redevelopment of Port Lucaya.” The government’s negotiations with the Royal Caribbean and ITM Group joint venture restarted yesterday and Mr Scott, while declining to go into specifics, said: “They’re moving along and we’re now into the nitty gritty. We’re into the meat of the negotiations now, and the talks are going to accelerate in earnest.” The Grand Lucayan chairman’s remarks, though, are likely to add to the growing pressure on Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) families, which each own 50 percent of the Grand Bahama Airport Company with the former having management control, to publicly detail their plans and timelines for restoring and rebuilding the airport. Terence Gape, senior partner at Dupuch & Turnquest, in a letter published in Tribune Business this week called on the Minnis administration to ensure the Grand Bahama Airport Company’s owners make financing available for its swift rebuilding given its importance to the Freeport economy’s survival. He suggested that the government require that the proceeds received by the GBPA’s two shareholder families, the Haywards and St Georges, from selling land they own at Sharp Rock to Carnival for its new cruise port be placed

Port Lucaya chief: ‘Open in three weeks for safe buildings’ FROM PAGE ONE also conduct a full strategic review of our hurricane and disaster plan to ensure a more efficient path to reopening quickly is developed in the event the island experiences an event like we did four weeks ago”. Arguing that Port Lucaya Marketplace is being guided by both its insurance company and the Grand Bahama Port Authority’s (GBPA) building and development department over the structural survey, given that the complex has endured four hurricanes since 2004, Mr

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“in escrow” to guarantee there are funds available to rebuild the airport’s Dorian devastated terminals. “The airport terminal is an absolute priority,” Mr Gape argued. “I have been gratified by the growing realisation that the Grand Bahama International Airport is an essential instrument, and is central to the rehabilitation and revitalisation of the Grand Bahama economy. “Without this, our industrial plant will wither and die and our efforts to revive the tourism sector will fail. It has even been said that without an international airport Grand Bahama will become another Andros. “If Hutchison and the families readily agree to earmark funds for the airport terminal and commence reconstruction then my fears will have proven groundless and I apologise.” Mr Gape’s words echo those of Magnus Alnebeck, Pelican Bay’s general manager, who told Tribune Business in a recent interview that “Freeport’s business model won’t work” unless its airport is rapidly restored to a standard where it can receive US and international flights. With the US pre-clearance facility unlikely to return until Grand Bahama International Airport was restored to an acceptable condition, the Pelican Bay chief said Freeport and the wider island faced the threat of “being converted to an out island very quickly”. He argued that it “would not even become an Exuma

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Moss also recalled how it reopened within six weeks of Hurricane Matthew’s passage in 2016 after its owners worked at “a feverish pace” to finance repairs in the absence of an insurance settlement. Mr Hunt had revealed to Tribune Business earlier this week: “We are getting pressure from the insurance company and the government to open up Port Lucaya. We think they’re wrong to do it. We’re being advised by professional people who know how to do it. “We’ve had a category five hurricane blast through the place; the strongest ever. They’re [the insurance company] asking us to open to keep the claim down. They’re bashing us on the head, this insurance company; they’re out of order. They’re continually asking

or Eleuthera”, as both those islands receive international flights, but rather “an Andros” located just 80 miles from South Florida unless international airlift came back “as quickly as possible”. “Maybe somebody should suggest they buy the airport,” Mr Alnebeck told Tribune Business previously of the RoyalCaribbean/ITM venture. “To me it would make sense if they’re going to operate 1,300 rooms on the island and be a major investor in the tourism industry. “You would want maybe at least a say in that airport, and maybe they would prefer to have a government to speak to rather than another private entity. I think that would be a wonderful idea.” The Pelican Bay chief admitted the thought that Hutchison would not reinvest any insurance proceeds into the airport’s revival had “crossed my mind as well”. He added: “Hutchison doesn’t have a proven track record of spending insurance proceeds widely in Grand Bahama, but let’s give them the benefit of the doubt for now. “I suggest that the government has a serious sit down with them and ask how much they really want for the airport. You have a good company operating Lynden Pindling International Airport (Nassau Airport Development Company) that maybe could be an operator of the airport in Grand Bahama as well.” us to open but we’ve got to do it in the right way. “If it’s safe to open, we will open. They should give us time to do the necessary work. This insurance company should be saying to us: There is a claim here but let us do everything in the correct way. Let’s make sure everything is repaired, and done correctly, because if something did happen I’m going back to the insurer saying I’ve got another claim because someone’s been killed or badly injured.” Mr Hunt said two structural engineers will survey the Port Lucaya Marketplace, and in two weeks will produce a report saying “what buildings are unsound, unsafe and need work, and what buildings can be opened to the public”. The loss adjusters will then work with the Marketplace’s insurer to sort out the claim value, bur Mr Hunt made clear no repair work will take place until that is settled. “Work will not take place until the insurance claim is settled,” he told Tribune Business then. “We need money to get this work done. We are working very hard to get Port Lucaya open but it does take time.”

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THE TRIBUNE

Friday, October 4, 2019, PAGE 5

BAIC festival aims to promote prodcuers PRODUCT samples of bahamian producers.

THE Bahamas Agricultural and Industrial Corporation (BAIC) will promote smallscale producers at its 16th BahamaArts Festival, which will be held from November 1-2 at Arawak Cay. The event will be held under the “Bahamian Tings” moniker at the Cay’s Heritage Village, and forms part of the corporation’s

mission to stimulate and facilitate the creation of entrepreneurs, small and medium-sized businesses. The festival will involve the production of arts, crafts, souvenirs, clothing, accessories, jewellery, packaged and processed foods. It aims to bring together artisans and artists from throughout The Bahamas in a “Craft Village” featuring locally-made products

displayed in 65 booths. Designed to promote Bahamian manufacturing and cottage industries, BAIC is calling on craft associations from across The Bahamas to bring members engaged in producing handicrafts such as shells, straw, coconut crafts, wood turning, conch shell jewellery, sponge products and processed foods to the festival.

Activists blast no warning on ‘green’ bills

of the public will not rise to this issue. When the country should be focused on increasing environmental protection they are actively dismantling it. They must have taken a few chapters out of Trump’s play book.” Mrs Duncombe added: “Now is not the time for division, which they are actively engaging in with these Bills. It’s an allhands on deck situation. And for this to be coming from the minister who as a civilian railed against the Planning and Subdivision Act while a board member of Save the Bays is even

FROM PAGE ONE public for discussion? “This will take a lot longer than a few minutes to address because we are going to have to check it against the existing Act to see what the changes actually mean. This is an underhanded play by the government. No surprise there. “During the last

administration, Save the Bays effectively stopped the PLP (Progressive Liberal Party) from changing the law. Now the government, taking advantage of the mayhem caused by Dorian, is trying to weasel this in. It is a despicable move on our so-called democracy. “They know everyone is still focused on the aftermath of Dorian, and most

BAIC team members speaking on the upcoming festival.

more disturbing. “Both these Bills should have been put forth to the public for consultation before they went to the house. They should not be in the House. When you bring them out in the middle of a crisis, and you are not giving people a chance to digest them and form sensible thoughts on it, that is just wrong on so many levels. “ Mrs Duncombe continued:: “We are still waiting for the Bills for the cruise ships; when Carnival Cruise Lines was caught dumping waste into our waters. We

should be drafting legislation to deal with this kind of situation. We don’t have the kind of laws to allow us to go after Carnival for what they did to our country. This country is in deep trouble with all of what is going on.” Asked by Tribune Business if she had any knowledge of these Bills being drafted or prepared, she added: “We have gotten no foreshadowing of these Bills being drafted or being prepared to be tabled in the House. I have also reached out to other environmental groups and they

said that they have not seen these Bills either.” The Ministry of The Environment Bill 2019 aims to establish the Ministry of the Environment on a solid legal foundation, and provide for the establishment and oversight of an Environmental Trust Fund. The Environmental Planning and Protection Bill is to create the Department of Environmental Planning to provide for the prevention and control of pollution, and activities related to the conservation and sustainable use of the environment.

NOTICE IN THE ESTATE of MERLENE DECOSTA NEE JOHNSON late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased. Notice is hereby given that all persons having any claims or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 24th day of October A.D., 2019, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

The Cove Eleuthera is seeking a qualified Assistant Director of F&B to join our Team on a Fixed-term Contract. The successful candidate should have the following minimum requirements: •

Bachelor’s degree from four-year College or university; and work-related experience and/or training.

•

Prior food & beverage management experience and Sommelier preferred.

•

Prefer 3+ years’ prior supervisory skills and hotel/ resort food and beverage operations experience.

•

Must have strong organizational skills, excellent written and verbal communication skills and be able to perform and prioritize multiple tasks with ease.

•

Computer skills required. Strong guest and team member relations skills. Must maintain current food handler’s certification

All interested applicants can forward their Resume and Cover Letter to

Human.Resources@thecoveeleuthera.com.

PAGE 6, Friday, October 4, 2019

THE TRIBUNE

Bahamas-based oil explorer sees 4bn barrel upside FROM PAGE ONE interests of the company and its shareholders.” BPC, in its recent half-year results announcement, said some of the four additional financing offers it has received would cover the $20m-$25m costs of its first exploratory well by themselves. And BPC’s recent annual general meeting (AGM) gave the go-ahead to a conditional agreement with Bizzell Capital Partners, an Australian-based oil and gas exploration financier, to provide a £10.25m convertible loan that can be switched into equity shares. That sum, which translates into $12.5m, is equivalent to half the cost of the $25m initial exploration well and will help underpin BPC’s drilling should a joint venture partner not be sealed in time. “In this context, in recent days the company has met

with a number of potential institutional investors as it considers its funding strategy,” BPC confirmed yesterday. “However, the Board considers that the current share price of the company materially undervalues the project, and thus raising equity by way of a private placing to institutional investors at or below the current share price would not compare favourably with other options presently being considered, and would thus not represent the best value proposition for the company’s shareholders. “The company continues to actively evaluate a range of funding options, and active farm-in discussions continue. The company remains confident it will implement a suitable financing package which will provide access to funding as and when required for drilling and drilling-related

activities, and which linked to the provision of a rig and access to integrated well services from a collaboration of major international companies will enable drilling to commence as intended in the 2020 first half.” Simon Potter, BPC’s chief executive, recently told Tribune Business that BPC now had almost total certainty it will be able to finance drilling of its first exploratory well in waters several hundred miles south-west of Andros, near The Bahamas’ maritime boundary with Cuba. “We’ve got a range of options for funding that is certainly going to deliver the $25m needed to deliver the well,” he said in a recent interview with this newspaper. “We’ve identified, given that we’ve locked in the pricing through the technical agreements we have, a $20m-$25m range for the well. This isn’t a number

plucked out of the air; it has considerable engineering gone into it. “The pricing of rigs has come down considerably, and we’ve locked in the rig price per day,” he explained.” We can be fairly certain about costs. The rig is coming from the Gulf of Mexico, which is very close to The Bahamas, so in terms of pricing, logistics and transit time, that’s relatively minimal.” Many Bahamians will likely be sceptical as to whether any oil exploration activities will take place, given the lengthy 12-year process BPC has been involved with, but the financial impact of Hurricane Dorian’s devastation will likely strengthen the calls that this nation has nothing to lose in determining whether commercial, recoverable quantities of oil are located within its waters.

To advertise in The Tribune, contact 502-2394

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), FINTO TRADE LIMITED. (the “Company”) is in dissolution. The date of commencement of the dissolution is September 24, 2019. Susanne Hug is the Liquidator and can be contacted at Oberfeld 38, 9495 Triesen, Liechtenstein. All 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 October 24, 2019

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), AGRIFOODS LTD. (the “Company”) is in dissolution. The date of commencement of the dissolution is September 24, 2019. CONTINENTAL LIQUIDATIONS 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 above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before October 24, 2019

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 3 OCTOBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,172.43 | CHG: -0.87 | %CHG: -0.04 | YTD: 62.98 | YTD%: 2.99 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 3.50 10.18 7.35 16.50 9.30 3.64 14.20

52WK LOW 3.50 19.17 4.90 4.46 1.01 0.22 2.00 9.22 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 2.26 4.31 2.07 191.61 158.55 1.63 1.77 1.71 1.17 8.01 9.60 6.83 11.39 12.30 10.68 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 4.80 11.06 6.16 4.00 7.26 3.23 3.50 10.62 7.00 16.50 9.27 3.47 14.20

CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.80 11.06 6.16 3.99 7.26 3.20 3.50 10.64 7.00 16.50 9.27 3.48 14.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.03 0.00 0.02 0.00 0.00 0.00 0.01 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

2,000

500 96 10,000

12,450

VOLUME

NAV 2.26 4.29 2.07 191.61 158.33 1.63 1.77 1.71 1.17 8.01 9.60 6.83 11.30 12.30 10.68 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 0.646 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 0.434 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 21.7 51.9 31.4 7.5 16.5 9.6 20.2 9.9 17.1 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% 3.01% 0.00% 13.56% 1.71% 3.08% 3.43% 3.27% 2.16% 3.45% 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% 2.46% 3.85% 1.61% 3.28% 1.78% 2.75% 3.85% 6.28% 7.12% 2.08% 1.91% 4.55% 1.45% 4.30% 1.67% 4.21% 4.75% 7.44% 7.17% 8.76% 11.07% 12.58% 3.50% 4.96% 8.92% -0.97% 5.22% 5.44% 2.95% 2.64% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Aug-2019 31-Aug-2019 30-Aug-2019 30-Jun-2019 30-Jun-2019 31-May-2019 31-May-2019 31-May-2019 31-May-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-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

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

NOTICE

NOTICE is hereby given that SLAM AMONDIEU CHARLES of Nassau Village, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of September, 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 DYLON ANTHONY GRANT of John Chipman Street, 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 4th day of October, 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 LEONNE SAINTILUS of Spanish Wells, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of September, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Friday, October 4, 2019, PAGE 7

US authorities seek access to Facebook encrypted messaging NEW YORK Associated Press US Attorney General William Barr and other US, UK and Australian officials are pressing Facebook to give authorities a way to read encrypted messages sent by ordinary users, re-igniting tensions between tech companies and law enforcement. Facebook’s WhatsApp already uses so-called endto-end encryption, which locks up messages so that even Facebook can’t read their contents. Facebook plans to extend that protection to Messenger and Instagram Direct. But the officials will ask Facebook to hold off in an open letter to Facebook CEO Mark Zuckerberg . A copy of the letter, dated Friday, was obtained by The Associated Press. “Companies should not deliberately design their systems to preclude any form of access to content, even for preventing or investigating the most serious crimes,” the officials wrote. The letter repeatedly emphasises the dangers of child sexual exploitation to justify their stance. Law enforcement has long sought a way to read encrypted messages that’s analogous to wiretaps for phone calls. Security experts, however, say giving police such access makes messaging insecure for everyone. Redesigning encryption to create “backdoors” for police also

US Attorney General William Barr addresses the International Conference on Cyber Security at Fordham University in New York. creates vulnerabilities that criminals or foreign spies can exploit, they say. Facebook said yesterday that people have the right to have private conversations online and that companies are already able to respond to government agencies when they receive valid legal requests. “We strongly oppose government attempts to build backdoors because they would undermine the privacy and security of people everywhere,” Facebook spokesman Joe Osborne said in a statement. The letter marks yet another salvo in the Justice Department’s continuing effort to persuade technology companies to weaken or bypass encryption upon requests from law enforcement. Former FBI Director James Comey championed the need for law enforcement to find a workaround

for encrypted devices and communications. He led a highly publicised push to gain access to an iPhone belonging to one perpetrator of a terrorist attack in San Bernardino, California, that killed 14 people in 2015. Apple resisted such efforts and went to court to block an FBI demand for Apple to disable security measures that complicated efforts to guess the phone’s passcode. While the FBI cast its request as a limited emergency measure, CEO Tim Cook argued that the technique could easily be used again, making iPhone users more vulnerable to spies and thieves. The FBI relented after it found another way of getting into the San Bernardino phone. Barr will make the request to Facebook in a letter with US Homeland Security Secretary Kevin McAleenan, UK Home Secretary Priti Patel and Australia Home Affairs Minister Peter Dutton. BuzzFeed News reported on the letter earlier. The Justice Department calls the growing use of end-to-end encrypted communications the “going dark” problem, referencing the way encryption shields information that law enforcement could previously access easily. Barr gave lengthy comments on what he described as a dangerous increase in device encryption at a cybersecurity conference this summer in New York. During his comments, Barr

specifically detailed the use of WhatsApp group chat by a drug cartel to coordinate the murders of Mexico-based police officials.

In announcing plans in March to expand encryption, Zuckerberg acknowledged that the privacy protection it affords extends to “the privacy of

people doing bad things”. He said Facebook was working on better ways to detect patterns of bad behaviour, without seeing contents of messages.

FORM B Notice of Intended Marriage (Section 7(3))

SALLY-ANN PRATT Registrar of Marriages

FORM B Notice of Intended Marriage (Section 7(3))

SALLY-ANN PRATT Registrar of Marriages

FORM B Notice of Intended Marriage (Section 7(3))

SALLY-ANN PRATT Registrar of Marriages

PAGE 8, Friday, October 4, 2019

THE TRIBUNE

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

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

STOCKTON Mayor Michael Tubbs discusses a programme he initiated to give $500 to 125 people who earn at or below the city’s median household income of $46,033 during an interview in Stockton, Calif. After eight months new data shows people have spent 70 percent of that money on things like food, clothing and utility bills. Tubbs hopes the new data will win over skeptics. Photo: Rich Pedroncelli/AP

$500 a month for free: Data shows how people spent the money SACRAMENTO Associated Press THE first data from an experiment in a California city where needy people get $500 a month from the government shows they spend most of it on things such as food, clothing and utility bills. The 18-month, privately funded program started in February and involves 125 people in Stockton. It is one of the few experiments testing the concept of “universal basic income”, an old idea getting new attention from Democrats seeking the 2020 presidential nomination. Stockton Mayor Michael Tubbs has committed to publicly releasing data throughout the experiment to win over skeptics and, he hopes, convince state lawmakers to implement the program statewide. “In this country we have an issue with associating

people who are struggling economically and people of color with vices like drug use, alcohol use, gambling,” he said. “I thought it was important to illustrate folks aren’t using this money for things like that. They are using it for literal necessities.” But critics say the experiment likely won’t provide useful information from a social science perspective given its limited size and duration. Matt Zwolinski, director of the Center for Ethics, Economics and Public Policy at the University of San Diego, said people aren’t likely to change their behavior if they know the money they are getting will stop after a year and a half. That’s one reason why he says the experiment is “really more about story telling than it is about social science”. Plus, he said previous studies have shown people don’t spend the money on frivolous things. “What you get out of a program like this is some fairly compelling anecdotes from people,” he said. “That makes for good public relations if you are trying to drum up interest in a basic income program, but it doesn’t really tell you much about what a basic income programme would do if implemented on a long-term and large-scale basis.” The researchers overseeing the program, Stacia Martin-West at the University of Tennessee and Amy Castro Baker at the University of Pennsylvania, said their goal is not to see if people change their behavior, but to measure how the money impacts their physical and mental health. That data will be released later. People in the programme get $500 each month on a debit card, which helps researchers track their spending. But 40% of the money has been withdrawn as cash, making it harder for researchers to know how it was used. They fill in the gaps by asking people how they spent it. Since February, when the

programme began, people receiving the money have on average spent nearly 40% of it on food. About 24% went to sales and merchandise, which include places like Walmart and discount dollar stores that also sell groceries. Just over 11% went to utility bills, while more than 9% went to auto repairs and fuel. The rest of the money went to services, medical expenses, insurance, self-care and recreation, transportation, education and donations. Of the participants, 43% are working full or part time while 2% are unemployed and not looking for work. Another 8% are retired, while 20% are disabled and 10% stay home to care for children or an aging parent. “People are using the money in ways that give them dignity or that gives their kids dignity,” Castro-Baker said, noting participants have reported spending the money to send their children to prom, pay for dental work and buy birthday cakes. Zohna Everett, 48, and her husband are among the recipients. When the experiment started she was unemployed and her husband was making $110 a day as a truck driver. They were always late paying their bills, and the pressure caused problems with their marriage. Once she got the money, Everett set it up to automatically pay bills for her electricity, car insurance and TV. She donates $50 a month to her church and still has some left over for an occasional date night with her husband. And the extra income was enough of a cushion to allow her husband to pay off her wedding ring with their other income. She said she and her husband now both have jobs working at the Tesla plant in Fremont. “I think people should have more of an open mind about what the program is about and shouldn’t be so critical about it,” she said. “A poor person knows how to budget.”