business@tribunemedia.net
TUESDAY, OCTOBER 8, 2019
$4.50
K PETER TURNQUEST
Turnquest laments closure of Deep Water Cay By YOURI KEMP THE closure of the country’s oldest bonefishing lodge will have “significant” economic impact on communities in East Grand Bahama, according to the minister of finance. K Peter Turnquest, deputy prime minister and also member of Parliament for East Grand Bahama, lamented the lodge’s closure due to Hurricane Dorian damage yesterday, saying it will affect the area’s economic recovery. On Sunday, Deep Water Cay, whose owners have invested some $44m in upgrades over the past decade, said in a statement that operations would end immediately. The reknowned bonefishing lodge said that Hurricane Dorian clean-up would cost $1m alone and that it had no alternative but to cease operations. Asked about the closure, Mr Turnquest told Tribune Business: “The loss of Deep Water Cay resort in East Grand Bahama is significant for the communities of Sweeting’s Cay and McLean’s Town, where almost 60 persons were previously employed. The economic effect of these lost jobs will factor in the pace of the economic recovery of the area and the pace of reconstruction.” Deep Water Cay also said its workers were made redundant last week and that it would take at least six months to get the property properly cleaned up. “The government for its part will ensure that the social safety net takes into consideration the expanded needs of these persons as well as provide the incentives to encourage alternative employment or income generating activities,” Mr Turnquest added. Tribune Business reported on Monday that since Dorian struck, Deep Water Cay has been providing emergency aid and supplies, raising charitable funds, assessing the damage
SEE PAGE 3
$4.53
Francis: Govt must follow through on S&P optimism By YOURI KEMP
A
FORMER Central Bank governor has welcomed the “optimistic” outlook from Standard & Poor’s prediction for the country’s post-Dorian rebound, but added the timing and quality of the government’s response will determine long-term impact. Julian Francis told Tribune Business while S&P’s post-storm analysis is a “fair assessment”, the government has to follow through on the good news by executing a proper plan for economic recovery, particularly on Abaco. “I think this is a fair assessment by S&P,” he told Tribune Business. “It is very difficult to determine a lot of things at this early stage. There is a lot of factfinding going on: the extent of the cost of the infrastructure that the government will have to put in place in Abaco in the short-term particularly. “As soon as the clean-up is substantially done, the government has to make clear what the plan is and if there would be any change the layout of the island of Abaco.” He added: “Planning has
JULIAN FRANCIS to take place. Then there is going to begin the putting in place the infrastructure. It’s too early to know what that is going to cost. But the general tenor of the S&P position is fair.” S&P, in a preliminary assessment, asserted that this nation is “wellpositioned to handle the fall-out” from the category five storm. The preliminary assessment, which suggested no further downgrade to The Bahamas’ sovereign credit rating is imminent, added that the hurricane’s long-term impact “could be limited” despite it devastating islands that account for between 15-20 percent of gross
domestic product (GDP). In response to that, Mr Francis said: “What I believe they are basing their position on largely is the fact that the government had been making significant improvement in the fiscal management of the country up to the last point in August. It is quite optimistic in that and the results of the government show this. “We were already fairly optimistic for 2019. We were looking at GDP growth of two percent at least from other agencies, with S&P looking for at least 1.8 percent GDP growth for 2019. “I think S&P is giving the government the benefit of the doubt here and have seen that the government has established that they are willing to make the hard decisions in order to do what it takes. So one can assume that they can focus on getting the job done post-Dorian.” However he said the execution of this “depends on the timing and the quality of the response by the government.” He added: “Particularly, how quickly the government can moblilise resources and how right they are in their mobilisation and response – they are the two main
underpinning points. “But it is too early to speak with any main certainty with anything right now. We can only be optimistic. But just for the sake of clarity we are talking mainly about the island of Abaco. East Grand Bahama is not as important to the overall economic engine of The Bahamas as is Abaco; and I’m talking mainly about East Grand Bahama alone and not Freeport. Even though in Freeport works need to be done clearly. I have not visited Freeport post Dorian, but from the reports I have gotten, it is probably not as severe or urgent as the problem we have in Abaco. “The Abaco economy is not to be understated. It is a very important tourism economy and provides for a lot of other domestic industry. Abaco always holds its own. We would certainly lose some of that steam from Abaco, and with regard to whether or not the overall GDP growth rate would be mildly positive or mildly negative, depends on how good Abaco was and is moving forward.” Mr Francis said while Dorian “would have wiped
SEE PAGE 4
Ex-DNA Leader: Look at the silver lining By LEANDRA ROLLE lrolle@tribunemedia.net FORMER Democratic National Alliance leader Branville McCartney believes the Bahamas has a tremendous opportunity to build better than ever in the wake of Hurricane Dorian, which decimated parts of Abaco and Grand Bahama last month. Mr McCartney’s comment to Tribune Business yesterday followed Standard & Poor’s latest assessment of the country post-Dorian. The rating agency said early signs suggest the country is well positioned to handle the fallout from the storm. The hurricane’s long-term effect on credit quality could be limited, the agency said, particularly if the government responds in a timely manner to various challenges. Reacting yesterday, Mr McCartney said: “I think with regard to S&P’s
BRANVILLE MCCARTNEY positive report that it is good that we are in a good position to handle the fallout from Hurricane Dorian. I think we ought to use this as something where we are able to rebuild and to restructure our country better, particularly in those two islands. “This ought to be used for us to look at the economic model of those two islands, and rebuild them to accommodate for the future. Although it’s going to be difficult in the meantime, we have to look at the silver lining for us to rebuild into a first world status. The
government should recognise we can’t do this on our own. We need to look internationally in order to get the best advice and look towards the future to carve those islands out in a way that would ensure that they would be economically beneficial and viable on the whole. The government has a tremendous task at hand with regard to having the insight and vision and pure will to make the changes needed. But I have no doubt that we can rebound and rebuild stronger.” Among the reasons S&P believes the long-term
Baha Mar donates $500,000 towards temporary housing after Dorian PRIME Minister Hubert Minnis accepted a $500,000 donation from the Baha Mar resort yesterday to assist with temporary housing for residents affected by Hurricane Dorian. Baha Mar President Graeme Davis said the funds represent the first installment of a $2m commitment made by the Cable Beach resort to help Abaco and Grand Bahama rebuild from the devastation caused by Hurricane Dorian. The resort has also launched a “Pack With Love” campaign that encourages Baha Mar visitors to bring love and an item or two that can be shared directly with residents affected by Hurricane Dorian. Guests are also given the opportunity to deliver their donations personally to shelters in New Providence that are housing
$4.54
PRIME Minister Dr Hubert Minnis, centre, accepts a donation from Baha Mar executives. From left: Sandy Sands, senior vice president, Baha Mar; Graeme Davis, president, Baha Mar; Prime Minister Minnis; Iram Lewis, minister of state, Ministry of Disaster Preparedness, Management and Reconstruction; and Cpt Stephen Russell, director, NEMA. Photo: Yontalay Bowe Grand Bahama and Abaco evacuees. Mr Davis also noted that the resort is working hard to create awareness that Nassau and Paradise Island and the vast majority of other islands are open for business and
ready to accept visitors. Dr Minnis thanked Baha Mar for its continued support and efforts to assist in the aftermath of the monster storm. “Thank you for this generous donation and for living up
to your commitment to help the people of The Bahamas,” said Dr Minnis. “Because of your contribution and commitment to this effort we will be able to provide relief and help to those affected by Hurricane Dorian.”
effects of Dorian on the country’s credit quality could be limited is that Abaco and Grand Bahama attract only 20 percent of tourists. “Other destinations within the country, including Nassau, the capital and economic centre, were unaffected,” the agency said. “Furthermore, before the hurricane, the country had been on track to achieve good GDP growth in 2019, slightly exceeding our forecast. The government also recently reported a relatively strong fiscal performance in 2019 (year ended June 30). Based on the information currently available, the timing and location of the hurricane’s impact, and the country’s relatively strong economic and fiscal performance year to date, it is possible that Dorian may not lead to a meaningful deterioration in
SEE PAGE 3
$4.54 Abaco’s Sandpiper Inn to reopen in another week By YOURI KEMP THE Sandpiper Inn in Schooner Bay, South Abaco will hopefully reopen in a week or two but needs the island’s power and water supply to stabilise, the hotel’s owner said. Dr Larry Carroll, the inn’s managing director and owner, said luckily the property suffered “no damage” from monster storm Dorian but faces issues getting necessary supplies to reopen his business. “We were pretty much unscathed due to us being in the southern part of the island in Schooner Bay,” he told Tribune Business. “We will reopen as soon as power is fully restored and water is made totally reliable. Our supply lines are cut however, and there is difficulty in getting food and other items in to run a hotel. But within a week or two we plan to reopen.” He added: “The good thing is that the mailboats are starting to return to Marsh Harbour, even though there is nothing in Marsh Harbour for them to come to. The roads are being slowly cleared for us to meet the mailboat when it arrives. We need fresh meat and fresh eggs and other stuff. Where Bahamas Food Services would have a truck available for us on the island, what we now have to do is go to the mailboat in Marsh Harbour for ourselves. “Abaco Gas has reopened but not back to normal and we need the propane to be used to heat water and power our generators as well as to cook with.” He said Bahamas Power and Light recently restored power to his area last week, “but in some instances there was over voltage and it was causing damage to equipment. We are anxiously waiting for the power to stabilise.” Still, his main issue is reestablishing the inn’s supply chain. “Once Maxwell’s is open, it could help us out in the short-term because we understand that the Maxwell’s building is the only building that survived the storm. But boats are coming into Marsh Harbour now, so we are hopeful. “Water supply is an issue, we just want them to get the pumping station up and running properly and for
SEE PAGE 3
PAGE 2, Tuesday, October 8, 2019
THE TRIBUNE
Government continues to monitor oil spill at Equinor
Freeport ice maker hopes to be back in business soon
THE government continues to monitor the oil spill at the Equinor, South Riding Point Oil storage facility on Grand Bahama. The National Oil Spill Contingency Advisory Committee, consisting of a cross-section of industry stakeholders, has been appointed to address the issue. To date, the committee has met on several occasions and key persons have visited the oil spill site to assess the scope of the spill. According a release from Bahamas Information Services, following the most recent site visit, it was revealed that the oil spill made incursions of the facility’s berm and spread inland up to seven miles into coppice environments north of the facility. It was also determined that what may have been initially reported as an oil slick in the ocean was actually seaweed, the BIS release said, adding it was also confirmed that there was no immediate threat to human health and safety, however, a wildlife plan has been submitted for review by the Ministry of Agriculture and Marine Resources in concert with the BEST Commission. “An assessment conducted by the Department of Environmental Health has confirmed that the product that was spill was Dopa crude oil,” BIS reported. “The Equinor facility has a storage capacity for 6.5 million barrels of oil. During the passage of Hurricane Dorian last month, 1.8 million gallons were contained at the facility. Of the ten crude oil tanks present at the facility, three of them contained product. The product came from the top of tanks #6 and #10. Experts suspect
CROWN Ice and Refrigeration in Freeport, a subsidiary of Northwestern Manufacturing, has announced that the company is still unable to open for business post-Hurricane Dorian. However the company hopes to be back in business as soon as possible. In a statement sent to Tribune Business, a company official said: “The management and staff of Sunny Isles and Crown Ice were devastated to see the destruction that our beautiful island endured last month. “Due to the substantial damage sustained at our businesses, we regret to inform you that we are unable to produce our products. We went to great measures to make sure that we were fully stocked and ready to serve our customers as soon as the storm passed, but we could never have prepared for the destruction that Hurricane Dorian brought to our doors. “We have been cleaning, and sorting out our buildings as well as working with our suppliers to order new equipment which we hope will have us back in business as soon as possible. We have been very appreciate of your business over the years and ask for your patience as we work to rebuild and restore, we will keep you updated as we progress. “Our prayers and commitment to Grand Bahama people will continue.”
THE NATIONAL Oil Spill Contingency Advisory Committee (NOSCAC), a small action team, has already met several times and key members have conducted site visits to the Equinor, South Riding Point Oil storage facility in Grand Bahama. Photos: Raymond Bethel/BIS tornadic activity propelled the oil spill in a northerly direction, which pose no real threat to the marine environment. “Equinor’s initial response to the spill included: deployment of containment and personnel; acquisition of oil spill resources from Louisiana; assessment of storage terminal damage; investigation to determine the integrity of oil storage tanks; oil removal with the facility’s berm; aerial reconnaissance to determine the scope of pollution and development of an oil response strategy and tactics ahead of arrival of containment and remedial resources from Louisiana including equipment and supplies.” The committee has planned another site visit to Grand Bahama this week to further its assessments.
By YOURI KEMP
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
Tuesday, October 8, 2019, PAGE 3
BISX announces three new funds
Turnquest laments closure of Deep Water Cay
By YOURI KEMP
to its property and liaising with insurance adjusters. The lodge said Sunday that the clean-up of island homes, lodges, and guest facilities will require barges and heavy equipment, but the island lost its docks to facilitate this work. The cay is also far from safe or habitable, with only the runway clear of debris for landing aid planes. “Expected clean-up of the cay is estimated at well over $1m,” said Paul R Vahldiek Jr, Deep Water
THE Bahamas International Securities Exchange (BISX) announced that three new investment funds sponsored by Witherbotham Trust Company Ltd, along with one with sub-fund, have successfully completed the BISX mutual fund listing process and have been listed on the BISX Exchange. These newly listed funds are: Planifolia Trade Finance Fund Ltd; T Wealth Fund Ltd; ADIFO Global Multi-Asset Fund Ltd – Class A; ADIFO Global Multi-Asset Fund Ltd – Class B; and the ADIFO Global MultiAsset Fund Ltd – Class C. In a press release, BISX said: “All of the funds are open-ended mutual funds with subscriptions and redemptions carried out by the relevant fund’s administrator. The funds are incorporated as International Business Companies under the laws of the Commonwealth of The Bahamas and are licenced under the Investment Funds Act, 2003.” Ivan Hopper, chief executive officer of Winterbotham Trust Company, stated: “We continue our sponsoring efforts, this time with the listing of three new funds, one of them with three separate share classes, for a total of five listings. These funds have diverse investment
KEITH DAVIES objectives and reflect the importance managers are giving to listing their investment vehicles. UCAP Bahamas Limited, the investment manager for these funds, is a great example of such a manager and we hope to be able to continue to sponsor further funds in the future. As the largest fund administrator by number of funds in The Bahamas, and the largest sponsor of listed funds with over 45 percent of fund-related listings, partnering with BISX has become a key component of our offering and a key enhancer in our ability to attract funds to The Bahamas.”
BISX Chief Executive Officer Keith Davies said: “We are proud to have crossed the 90 listed fund threshold and look forward to passing 100 funds.” He added: “Milestones such as this are only possible due to the hard work put in by our sponsor members including Winterbotham which has been steadfast in its support of BISX and our drive to expand the exchange’s mutual fund listing facility.” Winterbotham served as the BISX sponsor member that brought the funds to the exchange and the administrator, UCAP Bahamas Limited, is the investment manager.
Abaco’s Sandpiper Inn to reopen in another week FROM PAGE ONE them to make clear the water table. Luckily we have our own private water supply, once the power is on we can pump our own water if need be.” When asked if his workers are all accounted for, Dr Carroll said: “We have been reaching out to our people in Crossing Rocks, where our staff members are being re-engaged at this moment. Because this is their only form of livelihood, we desperately want to be in a position to help
them now. So we want to get our six staff members ready to start work as soon as possible. We plan to be ready to house recovery personnel once we are reopened, and also be available for construction staff in the reconstruction and recovery efforts.” He added: “But this week is going to prove the point if we should open up or wait for November. Once Maxwell’s is open it could help us out in the short term. Boats are coming into Marsh Harbour now so everything is looking up for us.
“But something of this size and devastation is something we could not have planned for. So it’s not going to be a week for us to recover, but over the long haul. A lot that is positive that can come out of this if we look at the glass as half full instead of half empty because a lot of things need to change, for example the (slackness) in enforcing the law will have to stop particularly with the lack of enforcement of our building codes. “We got caught with our pants down but hopefully we can be better.”
FROM PAGE ONE
Ex-DNA Leader: Look at the silver lining FROM PAGE ONE
The Bahamas’ economy, fiscal performance, debt burden, and external assessment. “Nevertheless, this event highlights the importance of considering environmental factors in our analysis of The Bahamas, given its location in the Atlantic hurricane belt, and the large geographic dispersion of its 700 islands over almost 14,000 square kilometers. In the past five years, The Bahamas has been affected by at least four other serious hurricanes. We believe this elevated environmental risk has contributed to belowaverage growth for The Bahamas, when compared with peers with similar GDP per capita. The Bahamas has taken steps to mitigate the risks related to increasingly frequent climate disasters by strengthening its public finances, planning for these events, and obtaining insurance. Despite these efforts, vulnerability to natural disasters continues to affect the country’s creditworthiness,” S&P said.
DAMAGE at Deep Water Cay property by Hurricane Dorian. Cay Holdings president and a major shareholder. “It will take at least six months and require heavy equipment, operators, and proper disposal of many tons of debris to clean the cay. “With no idea when power will be restored to East End, and no structures that can be connected on the island - no housing, offices, functioning water or sewage treatment plants in place - we have simply been forced by mother nature to close.”
Deep Water Cay represents the area’s major employer and also provides numerous spin-off entrepreneurial and job opportunities. “It employed pretty much everyone down there,” one contact, speaking on condition of anonymity, told Tribune Business on Sunday. “Nobody wants their place to close but it’s trashed; it’s horrible. They have to wait, look at what they’ve got, clean it up and assess.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHANTEL DEMERITTE and GERRARD TITO THOMPSON, of P. O. Box N-3848, #12 Oxford Drive, South Andros, Bahamas, Parents of JACOB DEMERITTE, a minor, intends to change my child’s name to SHANTIONY SHANTON IVISKOS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, New Providence, Bahamas, no later than thirty (30) days after the date of publication of this notice. LEGAL NOTICE
NOTICE OCEAN OUTLOOK PROPERTIES LIMITED (In Voluntary Liquidation) NOTICE is hereby given in pursuance of Section 222 (2) of the Companies Act, 1992 as amended by the Companies (Windingup Rules Amendment) Act, 2011 that an Extraordinary General Meeting of the Members of the above-named Company will be held at the Offices of GSO CORPORATE SERVICES LTD., the 1st day of November, 2019 at 10:00 o’clock in the morning for the purposes of (i) having an account laid before them showing the manner in which the winding up has been conducted, the property of the Company disposed of and hearing any explanation that may be given by the Liquidator, (ii) the approval of the Liquidator’s remuneration and (iii) determining by Extraordinary Resolution the manner in which the books, accounts and documents of the Company, and of the Liquidator, shall be disposed of. DATED this 8th day of October , 2019 GSO CORPORATE SERVICES LTD. Liquidator
PAGE 4, Tuesday, October 8, 2019 LEGAL NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT 2000 C.I.S.A Co. Ltd. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act, C.I.S.A CO. LTD. is in Dissolution The date of commencement of the dissolution was 3rd October 2019. Nakia Adderly of 16 West Court, Centerville, Nassau, Bahamas is the Liquidator of C.I.S.A CO. LTD.
Nakia Adderly LIQUIDATOR
THE TRIBUNE
Francis: Govt must follow through on S&P optimism FROM PAGE ONE
out the gains of 2019” he is willing to be persuaded and optimistic that S&P is right “that we would finish 2019 with a slight gain, or at least
To advertise in The Tribune, contact 502-2394
something better than zero or negative growth.” When asked to respond to S&P’s comment that it could lower the rating if government finances deteriorate compared to medium term expectations and what does he estimate those expectations to be, Mr Francis said: “They are primarily looking at the level of the debt and debt service ratio and looking at all of those numbers. When we consider what we had thought the mediumterm outlook would have been, based on what we have now and would that
now be not as good as we initially forecasted: Would those numbers be higher would the growth be overall slower? “I am not 100 percent sure I would be in the negative column here either. As bad as it has been for us and as devastating as it has been, especially in Abaco, in a way it presents an opportunity to rebuild better than it was before, with the knowledge of how the Abaco economy has functioned and also for us to benefit from that knowledge on how we plan for the future.
“In case many are not aware, Abaconians are very industrious people. Yes it would be an additional burden placed on the Bahamas. It would not surprise me that within a few short years that we would turn this and make this success story. “I think there is every possibility for that. I believe that the private sector is going to play a more important role than it would in any other island in The Bahamas. The Abaco private sector is going to be a strong partner with the government.”
THE TRIBUNE
Tuesday, October 8, 2019, PAGE 5
What next as UK and EU seek last-minute Brexit deal LONDON Associated Press BRITAIN is due to leave the European Union in just over three weeks, but still no one knows the terms of the divorce — or even whether the country will really meet that Oct 31 deadline. With both the UK and the EU saying this is a make-or-break week in the long-running Brexit drama, a look at what could happen next. DEAL OR NO DEAL? Almost a year ago, Britain and the EU struck a withdrawal agreement setting out the terms of Britain’s departure. Britain’s Parliament then rejected it three times, the UK’s departure date was postponed twice and Prime Minister Theresa May resigned in frustration and failure. Last week, her replacement, Boris Johnson, sent the EU a new proposal. He calls it a “reasonable compromise” that solves the thorniest issue in the Brexit talks — how to maintain an open border between the UK’s Northern Ireland and EU member Ireland. The bloc says the proposals don’t fulfil the UK’s commitment to a frictionless border, because there would have to be customs checks on some goods, and because the arrangement would be subject to review by politicians in Northern Ireland. Johnson has urged EU leaders to compromise and sit down for face-toface talks. So far, the EU is resisting, saying the UK must show more “realism” in its proposals. The last scheduled opportunity to reach a deal is Oct 17-18, when all 28 EU leaders, including Johnson, are due to meet in Brussels. French President Emmanuel Macron has said the EU will decide by the
BRITAIN’s Prime Minister Boris Johnson speaks to mental health professionals during his visit to Watford General Hospital, in Watford yesterday. Britain and the European Union appeared to be poles apart Monday on a potential Brexit deal, with the Dutch government urging the British government to offer “more realism and clarity”, and UK Prime Minister Boris Johnson insisting the bloc has to soften its stance.
end of this week whether a deal is possible, or whether the two sides should buckle up for a rocky no-deal departure. SHOULD I STAY OR SHOULD I GO? Johnson insists Britain will leave the EU on Oct 31, with or without a divorce deal. But many EU leaders simply don’t believe him. Many British lawmakers believe a no-deal Brexit would be economically devastating and socially destabilising, and are determined to prevent it. Last month, opposition legislators with support from rebel members of Johnson’s Conservative Party passed a law ordering the government to seek a delay to Brexit if no deal has been struck by Oct 19. Johnson insists he won’t ask the EU to postpone Brexit — but also says the government will obey the law. That has left some speculating the government will try to challenge the law in the courts. Others think Johnson is bluffing, and that when push comes to shove he will either do as Parliament orders, or resign and let someone else send the extension letter. All 27 other EU members would have to agree to a postponement. The bloc is thoroughly frustrated by the endless Brexit melodrama, but also eager to avoid the disruption of a no-deal Brexit, so it is likely to agree. ELECTION TO UNBLOCK THE DEADLOCK? More than three years after voting to leave the EU, Britain is stuck because its Parliament, like the country as a whole, is divided about how, or even
PKF BAHAMAS QUALIFIED ACCOUNTANTS REQUIRED PKF Bahamas, an International Accounting Firm, seeks to recruit senior professional qualified persons with recognized accounting qualifications, and trainee accountants. Qualified persons must be eligible for membership in The Bahamas Institute of Chartered Accountants and must have at least two (2) or three (3) years post qualification experience. Only Bahamians need apply. Preference will be given to applicants with proven audit and assurance experience. Salary and benefits subject to negotiation. Please apply in writing to: Human Resources Partner PKF Bahamas P. O. Box N-8335, Nassau, Bahamas.
whether, to leave. Both government and opposition say they want an election to break the deadlock — but they can’t agree on when. Parliament has twice rejected calls by the government to hold an early election, fearing Johnson planned to time it so Britain would leave the EU without a deal during the election period. Opposition parties say they will agree trigger a poll once no-deal Brexit has been ruled out. That could mean an election in late November or December. Opposition politicians have discussed trying to oust the government with a vote of no confidence, and replacing Johnson with a national-unity leader who
To advertise in The Tribune, contact 502-2394
would serve only until an election. But the plan has foundered because the parties can’t agree on a unity candidate to lead an interim administration. When an election comes, Johnson’s “do or die” pledge to leave the bloc on Halloween is likely to form the basis of a “people vs Parliament” campaign. He will aim to win the votes of Brexit supporters by
arguing that he tried his utmost to take the UK out of the bloc but was frustrated by Parliament and the EU. The Conservatives hope that will give them a majority in Parliament, and with it the ability to leave the EU on terms of the government’s choosing. But there is every chance it could produce a legislature as messily divided as it is now.
PAGE 6, Tuesday, October 8, 2019 Legal Notice
NOTICE SHANGHAI CHEM-DISTRIB. CO. LTD. (a)
SHANGHAI CHEM-DISTRIB CO. LTD., 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 4th October, 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 8th day of October, A.D. 2019
Shareece E. Scott Liquidator
THE TRIBUNE
US SIGNS LIMITED DEAL WITH JAPAN ON AG, DIGITAL TRADE WASHINGTON Associated Press THE United States and Japan signed a limited trade agreement yesterday, a deal that would win back benefits American farmers lost when President Donald Trump pulled out of a broader Asia-Pacific pact his first week in office. US farmers have been operating at a disadvantage in Japan since Trump withdrew from the Trans-Pacific Partnership agreement, which had been negotiated by the Obama administration. The other 11 Pacific Rim countries, including big farm producers such as New Zealand and Canada, went ahead without the United States and were
PRESIDENT Donald Trump shakes hands with Japanese Ambassador to the United States Shinsuke Sugiyama, left, and US Trade Representative Robert Lighthizer after they signed a trade agreement in the Roosevelt Room of the White House yesterday in Washington. Photo: Evan Vucci/AP enjoying preferential treatment in Japan. “This is a huge victory for America’s farmers, ranchers and growers. And that’s very important to me,” Trump said in a signing ceremony at the White House. But Tami Overby, senior director on Asia and trade issues at the McLarty Associates consultancy, said America’s competitors in agriculture got a two-year head start and used it to sign multi-year contracts in Japan to sell farm products.
“We’re going to have to thrash back and fight for lost market share,” she said. The deal comes at a time when other parts of the Trump administration’s trade agenda have stalled. The United States has been locked in a costly trade war with China for more than a year — though negotiators are scheduled to resume talks in Washington on Thursday. Congress has yet to approve a North American trade deal Trump’s trade team negotiated
last year with Canada and Mexico. While rewarding American farmers, the new US-Japan mini-deal does not resolve differences over trade in autos. Trump has said the two countries continue to work on a more comprehensive agreement. Trump has threatened to impose import taxes on foreign autos, claiming they pose a threat to US national security. At the UN general assembly, Japanese Prime Minister Shinzo Abe told reporters that Trump had assured him that a previous agreement to spare Japan from new auto tariffs still stood. But Japanese automakers were disappointed that the United States kept existing auto tariffs at 2.5%. The limited trade pact also includes marketopening commitments on $40bn worth of digital trade between the two countries. Yesterday’s Japan deal, Overby said, “is important, but it’s still not the whole enchilada.”
Legal Notice
To advertise in The Tribune, contact 502-2394
NOTICE SHANGHAI BRILLIANT CO. LTD. (a)
SHANGHAI BRILLIANT CO. LTD., 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 4th October, 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 8th day of October, A.D. 2019
Shareece E. Scott Liquidator
Legal Notice
NOTICE SHANGHAI HAOHUA CO. LTD. (a)
SHANGHAI HAOHUA CO. LTD., 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 4th October, 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 8th day of October, A.D. 2019
Shareece E. Scott Liquidator
THE TRIBUNE
Tuesday, October 8, 2019, PAGE 7
GE FREEZES PENSIONS FOR 20K WORKERS IN BID TO TRIM DEBT PILE
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
MONDAY, 7 OCTOBER 2019
NEW YORK Associated Press
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,173.44 | CHG: -0.02 | %CHG: 0.00 | YTD: 63.99 | YTD%: 3.03 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 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 20.91 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
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
52WK HI 2.26 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 3.99 7.26 3.28 3.50 10.70 7.00 16.50 9.27 3.50 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 3.24 3.50 10.72 7.00 16.50 9.27 3.50 14.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 0.02 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
VOLUME
300
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$ 0.170 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
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 31.8 7.5 16.6 9.6 20.2 9.9 17.2 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 4.15% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 3.01% 0.00% 13.40% 1.71% 3.06% 3.43% 3.27% 2.16% 3.43% 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
GENERAL Electric is freezing the pension plans of about 20,000 of its workers and offering pension buyouts to 100,000 former employees as it attempts to reduce its mountain of debt. The industrial conglomerate has been selling off assets and streamlining its operations amid sagging profits and other setbacks in recent years. It has about $105.8bn in overall debt, and whittling that down has become a priority for CEO Larry Culp. The Boston company said yesterday that its actions would trim its pension deficit by about $5bn to $8bn, and net debt by about $4bn to $6bn. “Returning GE to a position of strength has required us to make several difficult decisions, and today’s decision to freeze the pension is no exception,” said Kevin Cox, chief human resources officer at GE, in a prepared statement. “We carefully weighed market trends and our strategic priority to improve our financial position with the impact to our employees.” GE closed its pension plan to new beneficiaries in 2012. Companies nationwide have been capping or freezing defined-benefit pension plans, which promise regular retirement payments for the remainder of a beneficiary’s life. Many switched to 401k plans, which often include contributions from employers and employees but which do not guarantee a certain level of payments. GE’s pension actions should have been taken much sooner, but the company needed to first secure the funding from its portfolio sales so it could re-deploy those proceeds, said Deane Dray, managing director of RBC Capital Markets, in a
note to investors. “Freezing the pension plan is sort of a ‘stop the bleeding’ type of measure,” said Zorast Wadia, principal and consulting actuary at Milliman, an actuarial firm. “It does nothing to that deficit. Essentially what you’re doing is you’re limiting future accruals.” For the pension buyouts, GE is offering a one-time lump-sum payment to former employees who have not started monthly pension plan payments. Those who take GE up on the offer will receive, in one payment, the total amount that actuaries estimate they would have received after retiring at around age 65. Some former employees might find the lump sum option more attractive than waiting until retirement to receive benefits, because if the company were to go bankrupt, they might not receive the full benefits they were entitled to, said Olivia Mitchell, executive director of the Pension Research Council at the Wharton School of the University of Pennsylvania. The number of entities offering defined benefit pension plans has been “dropping like a stone,” Mitchell said. Back in the early 1980s, there were 146,000 defined benefit pension plans, and the most recent data suggests there are now about 45,000, she added. “The defined benefit plan was a form of compensation which really encouraged employees to stick to their firms for life,” and today’s workforce is much more mobile than it was 40 years ago, Mitchell added. Wadia said that the majority of companies his firm tracks have frozen their pension funds, but some — primarily in financial services or the not-for-profit sector — have pension plans where beneficiaries continue to accrue benefits.
PAGE 8, Tuesday, October 8, 2019
THE TRIBUNE
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
T
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