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‘Fiscal peril’: 120 per cent debt fear after next disaster By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Politicians “have no business being in power” if they fail to address the Bahamas’ fiscal peril, a reform advocate warned yesterday, adding that another Matthew-type hit could produce a 115-120 per cent debt-to-GDP ratio. Robert Myers, a principal with newly-formed civil society group, the Organisation for Responsible Governance (ORG), said Matthew had delivered the ultimate incentive for the Bahamas “to get our fiscal house in order”. With the Government

* ‘No business in power’ if issue not tackled in campaign * Governance advocate: Matthew ultimate warning * ‘Must get fiscal house in order before next time’

facing a balancing act between financing disaster relief and avoiding a ‘junk’ creditworthiness downgrade, Mr Myers argued that aspiring politicians did not deserve to be elected if they failed to address the Bahamas’ fiscal woes - and a plan for tackling them during the upcoming election campaign. Emphasising that the country would “have been in real trouble” had Matthew scored a direct hit on Nassau, as opposed to its

Gov’t ‘surprised’ by Renew withdrawal

* Minister: ‘Premature’ to say if landfill firm returns * Awaiting Attorney General’s Office advice * Slams Gov’t criticism as ‘incredibly disingenuous’ * Ministry: Company lacks funding, management By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Cabinet Minister yesterday admitted the Government had been “surprised” by Renew Bahamas’ decision to suspend its management of the New Providence landfill, with no decision made yet on whether the company will return. Kenred Dorsett, minister of the en- KENRED DORSETT vironment and housing, told Tribune Business that he was awaiting legal advice from the Attorney General’s Office before determining the Government’s “next step” on the landfill. He said it was “premature” to say whether Renew Bahamas will be allowed to return as the landfill operator/ manager even if it wanted to, adding that he was seeking to arrange a meeting next week of all relevant parties - the company and government agencies - to determine the way forward. Mr Dorsett also conceded that he was “disappointed” by Renew Bahamas’ failure to restart its landfill-based recycling operation, which had been shut down for several months following fire that damaged the baler. And the Minister hit back at charges by Michael Cox, Renew Bahamas’ chief executive, that the Government had failed to properly engage with the company over the SEE PAGE 4B

National lottery ‘must be looked at’ post-Matthew

* Gaming minister: Storm damage revives issue * $3m available for relief from web shop chains By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net The Minister of Tourism yesterday acknowledged that debate over a National Lottery would be reignited following the $600 million in damage created by Hurricane Matthew, adding that $3 million was already available to assist from the web shops. Obie Wilchcombe explained that the $3 million had been raised from the 1 per cent levy on web shop chains, which are required to contribute this sum to finance social and community causes. He added that these funds have now been placed in a foundation that can be accessed for hurricane relief purposes. Addressing Parliament during the debate on a resolution to raise $150 million for post-Matthew restoration, Mr Wilchcombe addressed whether a national lottery was a potential mechanism for disaster relief financing after being prompted by Fort Charlotte MP, Andre Rollins.

“It is a good argument about the lottery. “It has to be given consideration, but there is a foundation and those funds can be used for community development,” the Minister said. “There are funds there now, around $3 million, that can be utilized now. “If the Government wants to access it it can be utilised. They [gaming houses] are making contributions. They have been incredibly good for the community. “The question is, at the end of it all, do we consider a lottery in the future? How soon it will be is another question, but it has to be looked at.” Mr Wilchcombe continued: “It is a billion dollar industry. “The gaming houses employ 3,600 Bahamians. Our casinos employ just over 1,000. The contribution they make to the community and taxes they pay are more than those paid by the casinos. “Save but one, all of them pay and they pay on time. They are good, prudent businessmen.”

eye passing some 15 miles away, Mr Myers added that the “failure to save for a rainy day has come upon us”. He told Tribune Business: “We’ve got to get our house in order before we have one of these massive events. If we have a global recession or a Category Four or Five storm hits Nassau, our debtto-GDP could go to 115-120 per cent.” The Bahamas’ debt-toGDP ratio, as measured by the Central Bank’s revised

2016 second quarter report, currently stands at just below 75 per cent - a figure that is still in excess of the 70 per cent ‘danger threshold’ established by the IMF. With Hurricane Matthew having inflicted a $600 million repair bill, according to Prime Minister Perry Christie, the Government’s Budget projections and medium-term fiscal consolidation projections have been massively thrown off. The Christie administration has already been

ROBERT MYERS forced into $150 million of unanticipated borrowing to finance Matthew-related infrastructure and public building repairs, plus assist SEE PAGE 5B

* Munroe warns of ongoing litigation’s peril * Appeal Court: Developer doesn’t own dolphins * Privy Council appeal ‘already been filed’

The developer behind the controversial $12 million Blackbeard’s Cay project will appeal its latest legal reversal to the Privy Council, its attorney yesterday warning opponents against making another 100 Bahamian unemployed “in this climate”. Wayne Munroe QC told Tribune Busi-

‘Flagship’ job centre to replace Clarence Bain * Thompson Boulevard property to be demolished * Part of $50m initiative to boost jobs and productivity * Gov’t placing just 2% of registered job seekers

Blackbeard’s QC: ‘Don’t make 100 more unemployed’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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ness that “an appeal has already been filed” on behalf of Blue Illusions after the Court of Appeal upheld a previous verdict that the developer did not own the project’s eight dolphins. Dame Anita Allen, the Appeal Court’s president, affirmed the earlier Supreme Court decision that found the dolphins’ supplier, the Honduran-based Instituto De Ciencias Marinas (IMS), was the SEE PAGE 7B

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government is planning to demolish the Clarence A. Bain Building and replace it with a “flagship one-stop shop centre” for assisting employment seekers, in a bid to improve its 2 per cent job placement success rate. The plan is part of a $50 million initiative, funded with matching 50/50 contributions by the Government and InterAmerican Development Bank (IDB), to boost workforce productivity and economic output by improving skills levels among young Bahamians. The Clarence A. Bain Building, a long-time government property and landmark on Thompson Boulevard, has been wellknown to Bahamians and residents as the location for diver and vehicle licensing, and inspection. It has also been home to the Department of Labour, but this agency has now moved to the former City Markets building on Rosetta Street, while the Road Traffic Department has relocated to the Thomas A. Robinson stadium. An IDB document, obSEE PAGE 8B

PAGE 2, Friday, October 21, 2016

THE TRIBUNE

How you can help Matthew’s victims

Two weeks after Hurricane Matthew ravaged a number of islands in our beautiful archipelago, many businesses and individuals, particularly in Grand Bahama, New Providence and Andros, are struggling feverishly to pick up the pieces and move towards normalcy. Many public and private agencies have joined forces to assist those most affected by the storm, which has destabilised many companies and families. The losses are tremendous, and the social and economic impact is becoming more evident as time passes. We agree that the ‘Bahamian spirit’ is a resilient one that can rise above the fray of even seemingly insurmountable odds, but the hurt, pain, loss and frustra-

vided an opportunity for members of society to be ‘our brother’s keeper’. The business community must seize the opportunity, despite potential financial loss, to assist individuals in their employment and within the wider community. Here is a quick checklist of what every company should consider in the aftermath of Matthew:

Ian ferguson tion is great, and a swift response to those in dire need is crucial. This catastrophe has pro-

1. DO NOT lay employees off. No company should be considering this as an opportunity to release any team members. Exploring options to cut days or reduce benefits might alleviate some of the financial burden of meeting salary payments despite strained revenue streams. 2. Use this period for the purpose of training and re-

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of responsibilities, skills, experience: Bachelor degree in Business Administration, Law or related field; at least 5 years of relevant experience as a Senior Bank Officer; Possess in-depth knowledge of Anti-Money Laundering Laws and Regulations – to include monitoring changes in Anti-Money Laundering legislation and updating policies and procedures as necessary; conducting checks and due diligence enquiries in respect to the operations of the Bank and its clients activities; Oversee the implementation, maintenance and execution of the compliance program to ensure compliance with regulatory authorities and application of best practices; Attending to requisite internal/external reporting and communications with regulators/headquarters; Implement screening controls of sanctions lists (e.g. OFAC, EU, UN, etc.) Proficient in the use of Microsoft applications; Good command of English and Portuguese languages; Accounting skills.

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tooling. Identify resources, internal or external, to assist employees in preparing for the influx of customers just around the corner. Training gives employees hope for brighter days ahead, and reminds them of the standards they must deliver on in good times and bad. 3. Consider giving interest free small loans for employees most severely affected by the storm. An employee without a roof, stove, refrigerator etc will have great difficulty delivering the level of service you might expect. Anything you can do to financially release the strain and burden of the loss will be most appreciated. 4. Extend time to address immediate needs they may have. Dealing with insurance companies, banking matters, children out of

school, securing a badly damaged roof and all of the other issues that may arise as a result of the storm can be quite overwhelming. Since much of these are dealt with during the working hours of the day, employers should demonstrate some level of leniency with those affected. 5. Provide counselling and emotional support for individuals coping with loss. We must not take for granted the psychological burden placed on the leaders of homes during this time of great loss. EAP programmes, grief counsellors and other professionals should be engaged to help individuals through their dark hours. 6. Leadership must be visible during this time, and open to sharing and hear-

ing from employees as they overcome their issues. The presence of the owner, or senior executive, sends the message of CARE to those who need it most. As decision makers in your company, ask yourself: How many of these are you currently doing to assist those in need? It is time to act. • 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 tcconsultants@ coralwave.com.

Capital outlook for the markets

By The Bahamas International Securities Exchange

This article was first published in The Bahamas Investor and thebahamasinvestor.com. Reproduced with permission Etienne Dupuch Jr Publications. • Introduction Many emerging domestic capital markets are ignored and neglected by international investors due to their relatively small size and unique features (exchange controls, illiquidity and number of listings). However, in the Bahamas, there is a different picture that can be drawn, particularly when any international person touches our island nation and becomes aware of the growing and vibrant capital markets within the country, as well as the growth in knowledge and sophistication of the investor base, financial intermediaries and issuers. This article will seek to serve as an introduction to the domestic Bahamian capital markets. • Recent past performance 2014 and 2015 saw a number of interesting developments in the Bahamian capital market: * The Government of the Bahamas introduced its first exchange-listed and traded debt in December 2014. These securities, issued

as ‘Bahamas Government Stock’ (BGS), were the first dematerialised securities issued by the Government of the Bahamas and, as a result of their dematerialisation, are able to trade in a much more efficient and transparent manner. During the period December 2014 to December 2015, approximately $200 million in BGS securities were issued. Investors have benefited from greater liquidity due to trading in a centralised meeting place, and the formalised trading nature for fixed-rate Government securities will assist with the development of a yield curve for Bahamian debt securities. * Many public companies took advantage of historically low rates, as well as high liquidity levels in the Bahamas, to refinance existing bank and corporate debt through the capital markets, with over $300 million being raised in secondary issues over the period 2014-2015. This move allowed many investors to move out of fixed deposit positions into fixed income securities. * The Government of the

Bahamas, through the introduction of Value-Added Tax (VAT) in 2015, made a significant change to the taxation structure of the country. The first year inflows from this initiative, at more than $350 million, helped to reduce the high growth rates in national debt that the country had recently been experiencing.

• Current environment, including the capital markets After significant fundraising over the last two years, and when viewed purely from this perspective, market observers anticipated that 2016 will see slightly less activity, given that many of the private sector issuers seeking to refinance debt already have. Additionally, the structural reforms undertaken by the Government of the Bahamas should result in lower rates of borrowing in the future compared to the period 20112014. However, this does not mean that there will be no activity now and going into 2017. Approximately $150 million in long-term government debt is coming due in

SEE PAGE THREE

HANDY YARD/HOUSE MAN Requirements: • Age 25-45 • Clean Police Record • Current Driver’s License • Able to travel • Experience in “handy” duties Bahamians only need apply. Submit resumé along with a photo to: The Manager, P.O. Box SS-6253, Nassau, Bahamas

NOTICE

NOTICE is hereby given that DEBORAH SUZANNE NOGUEIKA of #6 BTC Earthstation Rd., P.O.Box SS-19270, New Providence, 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 21st day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LOUNA LOCHA ALEIME of Roberta Drive off Ridgeland Park, P.O.Box N-7060, New Providence, 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 21st day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PKF BAHAMAS

QUALIFIED ACCOUNTANTS REQUIRED PKF Bahamas, an International Accounting Firm, seeks to recruit professional qualified persons with recognized accounting qualifications. They 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.

THE TRIBUNE

Friday, October 21, 2016, PAGE 3

Chamber chief seeking post-storm ‘quid pro quo’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Bahamian businesses were yesterday urged to make their product offerings “as attractive as possible” by fully exploiting the post-Matthew exigency Order, thus “compelling” consumers to shop at home. Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s chief executive, called on Bahamian merchants to urgently register with Customs and the National Emergency Management Agency (NEMA) so they can offer post-storm ‘tax breaks’ to consumers. By so doing, and passing these tax savings along, Mr Sumner said the private sector would be able to offer “competitive pricing” to Bahamians seeking to recover from Matthew’s devastation. He added that the businesses themselves would also benefit from doing this, as it would ensure that storm re-

* Businesses: Make prices ‘as compelling as possible’ * Calls on private sector to maximise exigency Order * Will minimise Matthew relief leakage pre-Xmas lief monies remain circulating in the Bahamian economy rather than leaking out abroad. With the upcoming Christmas holiday season set to encourage more foreign shopping trips, Mr Sumner said it was vital for Bahamian businesses to encourage ‘spending at home’ to maximise the post-Matthew recovery. Pointing out that Bahamians spent $3 billion in south Florida annually, the Chamber chief executive said retaining just half that sum locally would provide a massive economic boost. “What we don’t want to see happening is that if there’s some kind of windfall given to residents, we don’t want that money taken out and spent abroad,” Mr Sumner told Tribune Business. “Make your product offering as attractive as possible.

If money is going to be circulating in our country, we’d rather see that money circulating in the economy than outside. “We’d like to see Bahamians supporting the local businesses, so make your prices compelling enough to shop at home. It’s important merchants put inventory at very attractive prices so people shop at home.” Mr Sumner added: “There has to be a quid pro quo on the business side, the consumer side, and the Government side. “We believe the Government has made a goodwill gesture with the exigency Order. We also now want to encourage the business community to follow through, take advantage of the exigency to lower your prices. “Eliminate your VAT charge and Customs duty

No Caribbean disaster insurance for Bahamas By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

The Bahamas would not have received any Hurricane Matthew relief from a Caribbean disaster insurance fund because the storm was not strong enough to trigger a payout, the Government revealed yesterday. Michael Halkitis, minister of state for finance, told Parliament that the Government had ceased financial contributions to the Caribbean Catastrophe Risk Insurance Facility (CCRIF) because the Bahamas would only have received compensation in the event of a Category 5 hurricane. Matthew came through this nation as a Category Three/Four storm, and Mr Halkitis said the Christie administration had decided to drop CCRIF participation and establish its own disaster fund as “the threshold was just too high”. He was addressing questions from Opposition leader, Dr Hubert Minnis, who noted

FROM PAGE TWO 2016. Much of this will be refinanced and re-issued. Additionally, the reorganisation and recapitalisation of the local electric utility as a new corporate entity, named Bahamas Power and Light, will be financed in part by the issuance of rate reduction bonds, with tranches to be offered both internationally and domestically. Though this type of security has been issued around the world previously, it is a new type of security to the Bahamian marketplace and should add to the increasing diversification of securities available for investment. Market experts are anticipating one or two initial public offerings (IPOs) shortly. These IPOs would in all likelihood be offered by medium or larger, mature companies that would then seek to list on the main facility of the Bahamas International Securities Exchange (BISX). These would be the first local IPOs since 2012. BISX is also in the process of developing a junior market listing facility for small and medium-sized compa-

that in Matthew’s wake CCRIF will pay out a little over $20 million - the largest payment ever made by the fund - to Haiti. Matthew had triggered a payment on that country’s ‘tropical cyclone’ policy, while Barbados is set to receive a $975,000 payout under the CCRIF facility for Caribbean governments. Mr Halkitis said that while the Bahamas has been a member of CCRIF for many years, it has never been able to access any relief funding under the facility. “My advice is that in order for us to ever get a claim under CCRIF, we would have to be hit by a Category five hurricane,” he said. “The Government of the Bahamas made a decision that instead of continuing to pay this premium where there was practically no chance of us every being able to claim, we would establish a disaster fund where we would put our funds every year. “No policy lapsed. We took the decision, after advice, to discontinue that because it

SEE PAGE 4B

Capital outlook for the markets nies to offer securities to the public. Tentatively known as the ‘BISX Small Alternative Market’ or ‘BISX SAM’, it is intended to expand the market and open access to a group of entrepreneurs who previously, due to the smaller size of their organisations, faced challenges accessing the capital markets. Companies that initially list on the BISX SAM would be expected to eventually migrate to the main BISX listing facility over a pre-determined period. Finally, the expansion of Exchange Control Liberalisation measures means that Bahamian investors are able to invest more funds into international investments through vehicles approved for this purpose by the Central Bank of the Bahamas. This Exchange Control Liberalisation programme, via the creation of Bahamian Depository Receipts (BDRs), has resulted from inception in the creation of vehicles that invest in such diverse product offerings as energy, high yield securities

and index-linked securities. It is expected that with the expansion of this programme and the integration of new products and services by BISX broker/dealer members, there will be increased offering choices available for investors. • What challenges are the markets? The Bahamian economy remains in a fragile condition in late 2016. Events such as Hurricanes Joaquin and Matthew, and the bankruptcy of the Baha Mar resort project, continue to have a negative impact on economic growth. While recent fundraising was made possible due to the high amounts of liquidity in the country’s banking system, new investment and expansion opportunities will require growth and confidence in the country’s economic trajectory to serve as a necessary component. Additionally, now that many issuers who sought to refinance have already completed those steps, future investment by these issu-

VACANCY

Compensation: Competitive salary & benefits package are commensurate with experience. Qualified candidates only should submit applications via email to: offshorebank17@gmail.com

charge to customers, and register with Customs and NEMA so that you recover your VAT charges when you file returns. “We recommend that businesses take advantage of it, because if not you’re likely to have your inventory sitting on your shelves as people go abroad, especially as we’re coming to the holiday season.” With the Christmas season now fast approaching in Matthew’s wake, Mr Sumner said the Bahamas had to take restarting its economy seriously. “It also represents a very desperate time for people who might now have much disposable income to spend, and it will also be difficult because of losses Bahamians suffered because of the hurricane,” he told Tribune Business. “While businesses are in business to make a profit, I believe many of them have a strong humanitarian and benevolent heart, so make your product offering as attractive

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s chief executive. as possible for people trying to get back to a state of normalcy.” Acknowledging that many small and medium-sized enterprises (SMEs) may have lacked catastrophe (property), inventory and business interruption insurance, Mr Sumner said the only way to get money flowing again was

for “businesses to be in business”. “Let’s make it attractive so that persons feel compelled to spend that money at home,” he reiterated. The Chamber’s recent trip and meetings in south Florida, Mr Sumner confirmed, had shown that Bahamians spent some $3 billion annually in that state, representing “a good percentage of our GDP”. “If we can turn half of that back into the local economy and spend that over the course of a year, businesses will get a major benefit and receive a true boost,” he added. “Let’s create the opportunity and expectation at home, and let’s create not just the perspective but where it becomes a reality: Shopping at home at competitive prices so locals benefit from the money circulating. “Let’s encourage as much shopping at home as we can in this period, and especially after such tragedy and harm for the country.”

Auditor-General scrutiny for $150m storm funding

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

The Prime Minister yesterday tackled transparency and accountability concerns over the $150 million hurricane restoration borrowing, explaining that it would subjected to the Auditor General’s oversight and broken out as an annual Budget line item. Mr Christie, while addressing Parliament during the debate on a resolution to raise $150 million for hurricane restoration, said: “The level of accountability with respect to this $150 million will be the same as our responsibility in the Budget. “A line item would be created and go from year to year with the expenditure. “The Financial Administration and Audit Act will be applicable, so the Auditor General will have access to it and we will be responsible in our obligation to Parliaers will in all likelihood be predicated upon expansion plans. These will undoubtedly be linked to the country’s economic position. Therefore, some of these plans will slow down as the year-end approaches, and as entrepreneurs await to hear the fiscal and economic plans of the political parties that will contest the upcoming 2017 general election. The Bahamian economy is an integrated economy that is significantly affected by external global economic conditions. Factors such as the current recession in Brazil can have a significant impact on the Bahamian economy in the short to medium-term.

ment in being able to administer this on the levels of accountability that are vested in us.” Mr Christie added: “The Government is seeking to raise $150 million in government debt using the authority of the Financial Administration and Audit Act. That same authority governs the expenditure of all public funds. “This is a facility that is being subjected to the Financial Administration and Audit Act, meaning the Auditor General, meaning anything that this is being used as a part of the Budget that we will be approving each year.” Mr Christie also told Parliament that the Government will work with the Chamber of Commerce to provide direct assistance to small and medium-sized businesses. “In a prudent manner we will work with our partners in the private sector to design programmes to assist citizens through loans and payment deferrals,” said Mr Christie.

The Bahamian economy, as with many smaller economies, is much more closely tied to its domestic capital market than that of larger economies. As a result, further economic deterioration could potentially limit the ability for new rounds of fundraising, as well as dampening expansionary plans. • Conclusion The Bahamian capital markets have experienced two very positive years recently, with the BISX AllShare Index increasing by approximately 13 per cent in 2014 and 10 per cent in 2015. Outside of listed companies, fund-raising has been robust.

Looking to the future, we believe the following factors would be most likely to contribute to a positive 2016 and 2017 for the Bahamian capital market: * Continued Small and Medium Entity (SME) support by all domestic stakeholders including BISX, the Government of the Bahamas and the Bahamas Chamber of Commerce. * Continued fiscal rebalancing that slows the growth of the National debt. * Formal pension legislation, including the formal adoption of fiduciary obligations for pension fund trustees to ensure that this money is professionally managed.

PAGE 4, Friday, October 21, 2016 FROM PAGE 1B past two-and-a-half years to develop a strategic plan for the landfill. Mr Dorsett said this was “far from the truth” and “incredibly disingenuous”, adding that there had been constant communications between the two sides, with his Facebook page featuring pictures of a meeting with Renew Bahamas in his office. “Right now, the matter has been referred to the Office of the Attorney General,” the Minister told Tribune Business. “They are reviewing the matter, and I am awaiting their advice to determine the next step. “Last week Tuesday, I got a text message saying they [Renew Bahamas] were suspending services and provided the reasons why. I was in Cabinet, and able to discuss the matter with colleagues then. “A formal response was issued shortly thereafter, no later than Thursday last. In the wake of the hurricane, the Department of Environmental Health Services (DEHS) stepped in to provide additional facilities at the landfill, and indicated ti Renew it will take over operations, albeit for a period of time.” Mr Dorsett’s office later issued a statement following his interview with Tribune Business, in which his ministry took “grave exception” to Mr Cox’s allegations that the Government had failed to properly support and engage with Renew Bahamas. The statement also released some of the postMatthew correspondence that has passed between the two sides, including Mr Cox’s October 11 message invoking the ‘force majeure’ clause in Renew Bahamas’ operating contract. Mr Cox told Mr Dorsett that “Hurricane Matthew has restricted Renew Baha-

Gov’t ‘surprised’ by Renew withdrawal

mas’ ability to perform its obligations under the contract”, due to factors that included “structural damage” to the landfill’s materials recycling facility (MRF) and buildings. The Renew Bahamas also cited the continued absence of power and communications, including Internet; the absence of fuel supplies; overturned containers; and the closure of the Nassau Container Port, preventing further exports and revenue generation, as reasons for invoking ‘force majeure’. Mr Cox also said just 25 per cent of Renew Bahamas’ staff were reporting for work, while the storm had also interrupted the supply of material for its newly-started metals recycling operation. “Renew is unable to perform its operational duties at the site, and urgently requests the assistance of the DEHS in agreeing a practical solution during the interim,” Mr Cox wrote, according to the Ministry’s statement. “We submit that in the interests of facilitating posthurricane clean-up in New Providence, it is in the interests of the Government of the Bahamas to find a workable solution.” The Ministry of the Environment and Housing’s permanent secretary responded the following day, referring to a conversation between Mr Cox and Mr Dorsett, in which the former allegedly said Renew Bahamas did not have the funds to hire contractors and fulfill its contractual obligations. “I also refer to your verbal communication with Minister Kenred Dorsett, in which you indicated that Renew

Legal Notice

does not have the financial equity to engage contracts at the landfill site for it [Renew] to fulfil contractual obligations,” the permanent secretary wrote. Pointing out that the DEHS was already doing Renew Bahamas’ job by disposing of Matthew-related waste, the letter added: “In light of all the challenges facing the New Providence landfill, the Ministry of the Environment and Housing recommends the full takeover of operations at the landfill by the DEHS,” This arrangement is to last at least until November 1, 2016. “Many of the factors affecting Renew’s operations, and its performance under the contract, are related to management and administrative issues and are not attributable to Hurricane Matthew,” the Ministry said, pointing the finger of blame at the company. It is now awaiting the Attorney General’s Office’s advice over Renew Bahamas’ contract terms. When asked by Tribune Business whether Renew Bahamas will be allowed to resume the landfill’s management, Mr Dorsett replied: “I think it’s premature for me to answer that at this point. The Office of the Attorney General is looking at the matter, so I will have a better appreciation of the options. “I received a text telling me that they were going to suspend services within a 48hour period so, yes, I was surprised by it. “But we were in a national crisis at the time in the wake of Hurricane Matthew, and we knew the landfill could not be closed if we were to

restore a sense of normalcy to New Providence.” Mr Dorsett then vehemently rejected Mr Cox’s allegations about the Government’s ‘lack of engagement’ with Renew Bahamas, blasting: “I think he’s being incredibly disingenuous if that’s what he’s saying. “That’s far from the truth, considering they’ve met with the Office of the Prime Minister, DEHS and communications were ongoing. I’m not entirely sure where that’s going. Maybe in the emotion of it all he misspoke. The facts speak for themselves.” Still, Mr Dorsett said he wanted to meet with Renew Bahamas and all parties involved with the New Providence landfill early next week, when the rush to dispose of Matthew-related debris should have slowed slightly. “By next week we will be in a position to figure out a way forward,” the Minister told Tribune Business. “I want to sit at the table with all parties in the near future and make a determination as to what’s best in the national interest. “Obviously I am very disappointed to the extent that the materials recycling facility, which was damaged in the fire a few months ago, has never become fully operational. “We’ve been at the table with Renew Bahamas for several months, getting a better appreciation of their operations and challenges,” he added. “In the wake of the hurricane, it was clear that Renew Bahamas did not have the capacity to deal with the landfill.” The Ministry of Environment also pointed out that there had been no fuel shortage, as alleged by Renew. Mr Cox told Tribune Business that the absence of power and communications at the landfill had made it an

Legal Notice

NOTICE

AKASHI INVESTMENTS S.A. In Voluntary liquidation

DELIVERY SERVICES INC. In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), AKASHI INVESTMENTS S.A. is in Dissolution.”

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), DELIVERY SERVICES INC. is in Dissolution.”

The date of commencement of dissolution is the 17th day of October, 2016.

The date of commencement of dissolution is the 19th day of October, 2016.

Michael Alan Gardner Fifth Floor, 37 Esplanade St. Helier, Jersey JE1 2TR Liquidator

Pollux Corporate Services Ltd. Suite E-2, Union Court Building Elizabeth Avenue and Shirley Street Nassau, Bahamas Liquidator

THE TRIBUNE

unsafe operating environment, with gun shots being fired at security guards and all tyres on his vehicle being slashed. Equipment vital to the recycling operation has also been stolen. Renew Bahamas’ pull-out, even if it is on a temporary basis, creates another potential headache and embarrassment for the Christie administration. The New Providence landfill has become an even more important public asset in Matthew’s wake, given the vast amount of extra construction and green waste that will need to be disposed of in the storm’s aftermath. The Christie administration now finds itself back at ‘square one’ with the facility, as the landfill has been returned to its pre-Renew Bahamas status - under DEHS control, a situation that both current and former governments have regarded as unsatisfactory. It also represents something of an embarrassment for the Christie administration, given how highly it touted the landfill’s management outsourcing to Renew Bahamas, suggesting it would save taxpayers an annual multimillion dollar sum. It now appears that the Treasury will assume this burden again, at least for the short-term. Mr Dorsett, though, tried to strike a positive note, pointing to the ongoing negotiations with a Bahamian group for green/organic waste recycling, and the completion of studies for the landfill’s remediation. “We still have great hopes as to the future,” he told Tribune Business. “There’s no secret that there’s an abundance of green waste, and there have been discussions - with Renew Bahamas’ knowledge - with a large group of Bahamians involved in the waste management business on that.” Renew Bahamas had earli-

er this year sought to engage the Government in negotiations over revisions to its fiveyear management contract, having argued that its business model was unsustainable and had produced “millions of dollars” in losses. In response, the Christie administration appointed the Kikivarakis & Co accounting firm to analyse Renew Bahamas’ financials, and determine whether its request was justified. However, there were indications then that the Government was seeking a ‘Plan B’ option as an alternative to Renew Bahamas, as it had approached a Bahamian consortium over landfill-related proposals. The Waste Resources Development Group (WRDG) is understood to have expanded beyond its original four members - Wastenot, Bahamas Waste, Impac and United Sanitation - to now include a total of 10 fully Bahamian-owned companies.

No Caribbean disaster insurance for Bahamas FROM PAGE THREE was virtually impossible to ever get a claim; the threshold was just too high.” Prime Minister Perry Christie added: “We had a category four impact our islands that are extraordinarily vulnerable and they disqualified us in that regard. “It was that thinking that led the Bahamas to decide that it would rather insure itself by making contributions to a fund.” Mr Christie reiterated that due to the Bahamas’ relatively high per capita income, it continues to be disqualified from concessionary lending facilities such as grant funding. “This is an extraordinarily difficult position for the Bahamas,” said Mr Christie.

NOTICE MARIO INVESTMENT ASSETS LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MARIO INVESTMENT ASSETS LTD. is in dissolution as of October 3, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

N O T I C E

EXXONMOBIL LNG NIGERIA LIMITED

EXXONMOBIL IRAQI KURDISTAN (BETWATA) LIMITED _______________________________________

EXXONMOBIL IRAQI KURDISTAN (BETWATA) LIMITED _______________________________________ N O T I C E IS HEREBY GIVEN as follows:

_______________________________________

N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL LNG NIGERIA LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 17th day of October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is T.A. Parmenter, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 18th day of November, A.D., 2016. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 20th day of October, A.D., 2016.

(a) EXXONMOBIL IRAQI KURDISTAN (BETWATA) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 17th day of October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Registered Agent for the above-named Company

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

NOTICE

N O T I C E

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION NIGERIA (UPSTREAM VENTURES) LIMITED

EXXONMOBIL LNG NIGERIA LIMITED

EXXONMOBIL EXPLORATION AND PRODUCTION BULGARIA LIMITED

Dated the 20th day of October, 2016 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 11th day of October, 2016 Dated the 20th day of October, A.D., 2016. T.A. Parmentor Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION NIGERIA (UPSTREAM VENTURES) LIMITED

_______________________________________

Dated the 20th day of October, 2016 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.

Registered Agent for the above-named Company

Dated the 20th day of October, A.D., 2016.

T.A. Parmentor Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION BULGARIA LIMITED

THE TRIBUNE

Friday, October 21, 2016, PAGE 5

New PI resort switches opening to October 28

The Warwick Paradise Island Bahamas has rescheduled its soft opening to October 28, after Hurricane Matthew cleanup caused a three-week delay. “We are pleased to announce that Warwick Paradise Island Bahamas will start accepting guests for our soft opening on Friday, October 28,” said Benjamin Davis, its general manager. “We have cleaned up from

Three-week delay after Hurricane Matthew

Hurricane Matthew following minor cosmetic landscaping damages, and are moving forward with opening our doors by offering a special rate to our Bahamian friends.” The resort is offering special rates for Bahamians starting

from $155 per person, per night, based on double occupancy. Warwick Paradise Island said this represented a savings of almost 50 per cent off its best flexible rate. To reserve the special rates, Bahamas residents must book

online via http://warwickhotels. com/bahamas-resident/ by calling the resort directly on 242363-2560, or sending email to info.wpib@warwickhotels.com. Warwick Hotels and Resorts has invested $40 million in its adults-only, all-inclusive hotel

‘Fiscal peril’: 120 per cent debt fear after next disaster FROM PAGE ONE uninsured Bahamians and small and medium-sized (SME) businesses. Mr Myers, meanwhile, echoed the concerns of others in the private sector in questioning what the Government has been using its Value-Added Tax (VAT) revenue windfall for, given that it has still been running deficits and increasing the national debt. “None of that went to pay off the $6 billion-plus debt,” he told Tribune Business, “and they have no provisions for this type of event. “They continue to spend; it’s just reckless. We’re not anywhere near any kind of fiscal headroom or provisioning for a rainy day. It has now come upon us.” Suggesting that Matthew had produced “the strongest winds New Providence has seen in 50 years”, despite being just a Category

Three or Four storm, Mr Myers said it was “a God send” that the storm’s eye did not move over Nassau directly. “If that had gone over Nassau, we’d have been in real trouble,” he added. “Thank God Nassau was 10-15 miles away from the eye wall and the centre of the storm. “We were lucky.” Still, Mr Myers emphasised that Matthew and its aftermath had delivered probably the strongest warning yet that the Bahamas needed to repair its fiscal balance sheet. He suggested that should a similar catastrophic disaster strike in the near future, be it another powerful hurricane or global economic depression, then the Bahamas would be struggling to find the financial resources to survive. “It’s another sign that we’d better start acting re-

NOTICE

UP Offshore (Holdings) Ltd. NOTICE IS HEREBY GIVEN as follows: (a) UP Offshore (Holdings) Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 19th day of October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company NOTICE

Sovereign Maritime Ltd. NOTICE IS HEREBY GIVEN as follows: (a) Sovereign Maritime Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 19th day of October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent NOTICE

Imperial Maritime Ltd. NOTICE IS HEREBY GIVEN as follows: (a) Imperial Maritime Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 17th day of October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

sponsibly or we’re going to meet our fiscal peril,” Mr Myers told Tribune Business. “That message is now more evident than it has been before. “We’re seeing what that destruction looks like, and the impact it will have.” He implied that Matthew should act as a wake-up call to politicians from all parties that fixing the Bahamas’ fiscal problems should be among the top priorities in the general election campaign. “We’ve got to get leaders

in power that understand the importance of righting the fiscal ship,” Mr Myers told Tribune Business. “If they’re not talking about that on the campaign trail, if that’s not high on their agenda or their manifesto, they have no business being in power. If not, it means they care not for the economic health of the country, and we want no part of it. “If the constituents and voters don’t understand that, they’ll get what they deserve.”

alongside Nassau Harbour. The resort features 250 rooms on 12 floors, four dining options, two bars, a fitness centre, entertainment and activities, an onsite gift shop and a tour desk offering sightseeing options. The resort will feature an onsite, full-service spa and salon to open in late fall 2016, with services available for an additional charge.

NOTICE

AML LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) AML LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 14th October, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 21st day of October, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator

NOTICE

MAURIBEASWEET LIMITED

INTERNATIONAL AEON LIMITED

N O T I C E IS HEREBY GIVEN as follows:

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

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

(b) The dissolution of the said company commenced on the 14th October, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 21st day of October, A. D. 2016 _________________________________ Leeward Nominees Limited Liquidator

THE TRIBUNE

Friday, October 21, 2016, PAGE 7

Blackbeard’s QC: ‘Don’t make 100 more unemployed’ FROM PAGE ONE

mammals’ true owner. “For the reasons, which we will give at a later date, we dismiss the appeal with costs to [IMS]... and affirm the learned judge’s decision, namely that on a true construction of the documents, IMS is the true owner of the eight bottlenose dolphins at Blackbeard’s Cay,” Dame Anita said. Confirming Blue Illusions’ intention to appeal, while it waits for the Court of Appeal’s written verdict, Mr Munroe said he had been encouraged by the arguments presented at the latest hearing. “I’m not sure the ownership of the dolphins really matters,” he told Tribune Business, “because there was an agreement that the Hondurans would only get them back if another agreement they struck was terminated. “If that construction is correct, one of the agreements had them owning, and they can only export them [the dolphins] if that other agreement is terminated. The question is: Was that other agreement terminated?” Seemingly seeking to allay environmentalist concerns over the dolphins’ safety during/after

Hurricane Matthew, Mr Munroe said the protection plans at Blackbeard’s Cay and other Bahamas-based dolphin attractions had “worked perfectly by all accounts”. With no suffering or injuries reported at Atlantis, Blue Lagoon and UNEXSO in Grand Bahama, the QC praised the Ministry of Agriculture for its insistence on proper protection, with inspections by vets to assess the mammals’ welfare occurring immediately after Matthew’s passage. “They caused them to be treated better than Social Services treated your children,” Mr Munroe joked. Blue Illusions, whose principal is St Maarten businessman, Samir Andrawos, is still fighting numerous court battles in a bid to prevent enforcement of a Supreme Court judgment, and subsequent ‘penal notice’, requiring the Blackbeard’s Cay project to be shut down. Its problems stem from a successful Judicial Review challenge by the environmental activist group, reearth, which resulted in Justice Stephen Isaacs quashing the development’s approvals be-

cause the Government had failed to follow its own statutory permitting processes. To prevent the enforcement of this ruling, Blue Illusions has initiated separate legal actions, one of which saw the same Justice Isaacs, on April 8, 2016, stay any government efforts to close down Blackbeard’s Cay. To date, the cruise passenger getaway destination, which is located on Balmoral Island, off New Providence’s north coast opposite Sandals Royal Bahamian, has been able to continue operating in defiance of the Judicial Review judgment for more than two years. Mr Munroe, though, told Tribune Business that the ongoing litigation was impeding Blackbeard’s Cay’s ability to grow and plan, plus jeopardising the jobs of its existing 100 staff. “That is the concern,” he told Tribune Business. “No businessman likes litigation, and all along the way I try to civil matters as much as I can... “But for businessmen it does affect their ability to do longterm planning. “We’re dealing with the Government saying they want to do

a re-consultation for the grant of the license in the proper fashion. We don’t accept that the first one was done improperly. “All this creates uncertainty. There are 100 Bahamian employees out there, and we don’t want to see another 100 Bahamian unemployed; not in this climate.” Mr Munroe described the Blackbeard’s Cay staff and the dolphins as “like a little family over there”, adding that the potential loss of his $12 million investment - if Blackbeard’s Cay was to be shut down - was “the least” of Mr Andrawos’s worries. Should a ‘worst case’ scenario occur, Mr Munroe said his client would simply sue the Government to recover its loss, having previously alleged that it had failed to defend Blackbeard’s Cay’s interests during the reearth Judicial Review hearings. However, the potential loss of the project’s dolphins and their export to Honduras, which has been brought a step closer by the Court of Appeal ruling, represents a potentially significant blow for Blackbeard’s Cay. For the dolphins are its primary attraction, and their loss would reduce the project’s allure

for its primary cruise passenger customer base. Justice Milton Evans, in the original December 17, 2015, ruling on the ownership issue, rejected much of Mr Andrawos’s evidence and branded him as “evasive and untruthful”. Justice Evans also suggested that some of the documentary evidence presented at trial implied that the dolphins’ importation into the Bahamas was structured to evade import taxes. He told attorneys for both sides that the documents “could give rise to the conclusion” that the Government was defrauded of due Customs duty, given that the dolphins were not accurately valued. Both Blue Illusions and the Honduran-based Instituto De Ciencias Marinas (IMS) denied “any knowledge or intent” to defraud, and Justice Evans confined his ruling to determining that the latter was the dolphins’ true owner. Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, and Kevin Moree represented IMS at the Court of Appeal hearing as well as at the Supreme Court.

THe WeaTHer repOrT

5-Day Forecast

TOday

OrlandO

High: 88° F/31° C low: 60° F/16° C

Tampa

TOnIGHT

saTurday

sunday

mOnday

Tuesday

Partly sunny with a shower in spots

Partly cloudy

Partly sunny with a shower in spots

Partly sunny and breezy

Partly sunny, a shower; breezy

High: 85°

Low: 73°

High: 85° Low: 72°

High: 83° Low: 72°

High: 84° Low: 72°

AccuWeather RealFeel

94° F

76° F

96°-71° F

86°-67° F

87°-70° F

87°-71° F

High: 86° F/30° C low: 62° F/17° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

aBaCO

High: 83° F/28° C low: 76° F/24° C

7-14 knots

WesT palm BeaCH High: 86° F/30° C low: 68° F/20° C

8-16 knots

FT. lauderdale E

FreepOrT

High: 85° F/29° C low: 70° F/21° C

mIamI

High: 87° F/31° C low: 69° F/21° C

6-12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 71° F/22° C Normal high ....................................... 84° F/29° C Normal low ........................................ 73° F/23° C Last year’s high ................................. 83° F/29° C Last year’s low ................................... 73° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.28” Year to date ............................................... 47.55” Normal year to date ................................... 33.09”

eleuTHera

nassau

High: 85° F/29° C low: 73° F/23° C

High: 83° F/28° C low: 75° F/24° C

Key WesT

High: 84° F/29° C low: 75° F/24° C

tiDes For nassau High Today

Ht.(ft.)

Low

Ht.(ft.)

12:16 a.m. 12:49 p.m.

3.0 3.5

6:26 a.m. 7:21 p.m.

0.2 0.4

Saturday

1:20 a.m. 1:52 p.m.

2.8 3.3

7:30 a.m. 8:26 p.m.

0.5 0.5

Sunday

2:27 a.m. 2:57 p.m.

2.7 3.1

8:37 a.m. 9:30 p.m.

0.7 0.6

Monday

3:35 a.m. 4:00 p.m.

2.7 3.0

9:45 a.m. 0.7 10:29 p.m. 0.6

Tuesday

4:37 a.m. 4:58 p.m.

2.8 3.0

10:49 a.m. 0.7 11:22 p.m. 0.5

Wednesday 5:31 a.m. 5:49 p.m.

2.9 2.9

11:45 a.m. 0.7 ---------

Thursday

3.0 2.9

12:08 a.m. 0.5 12:34 p.m. 0.6

6:19 a.m. 6:34 p.m.

sun anD moon Sunrise Sunset

High: 85° F/29° C low: 77° F/25° C

6-12 knots

andrOs

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

7:11 a.m. 6:37 p.m.

Moonrise Moonset

none 12:44 p.m.

last

new

First

Full

Oct. 22

Oct. 30

nov. 7

nov. 14

CaT Island

uV inDex toDay

san salVadOr

GreaT eXuma

High: 85° F/29° C low: 78° F/26° C

High: 84° F/29° C low: 78° F/26° C

High: 85° F/29° C low: 72° F/22° C

W S

lOnG Island

insurance management tracking map

High: 85° F/29° C low: 77° F/25° C

6-12 knots

mayaGuana High: 86° F/30° C low: 78° F/26° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CrOOKed Island / aCKlIns raGGed Island High: 86° F/30° C low: 78° F/26° C

GreaT InaGua High: 85° F/29° C low: 77° F/25° C

High: 86° F/30° C low: 77° F/25° C

4-8 knots

marine Forecast aBaCO andrOs CaT Island CrOOKed Island eleuTHera FreepOrT GreaT eXuma GreaT InaGua lOnG Island mayaGuana nassau raGGed Island san salVadOr

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS NW at 8-16 Knots NNW at 7-14 Knots NW at 6-12 Knots NNW at 6-12 Knots W at 6-12 Knots NW at 6-12 Knots SSW at 4-8 Knots WNW at 4-8 Knots W at 7-14 Knots NW at 6-12 Knots NW at 7-14 Knots N at 7-14 Knots W at 6-12 Knots NNW at 6-12 Knots SW at 4-8 Knots NNW at 4-8 Knots W at 6-12 Knots WNW at 4-8 Knots S at 7-14 Knots W at 4-8 Knots WNW at 4-8 Knots NW at 4-8 Knots NW at 4-8 Knots NW at 6-12 Knots W at 6-12 Knots NW at 6-12 Knots

WAVES 4-8 Feet 4-7 Feet 1-2 Feet 1-2 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-2 Feet 3-6 Feet 2-4 Feet 3-6 Feet 3-6 Feet 1-2 Feet 1-2 Feet 2-4 Feet 1-2 Feet 0-1 Feet 0-1 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-3 Feet 0-1 Feet 0-1 Feet 2-4 Feet 1-3 Feet

VISIBILITY 7 Miles 10 Miles 8 Miles 8 Miles 8 Miles 8 Miles 7 Miles 7 Miles 8 Miles 8 Miles 10 Miles 8 Miles 8 Miles 8 Miles 7 Miles 7 Miles 10 Miles 10 Miles 7 Miles 7 Miles 8 Miles 8 Miles 10 Miles 10 Miles 8 Miles 8 Miles

WATER TEMPS. 81° F 80° F 84° F 85° F 82° F 83° F 84° F 84° F 83° F 82° F 85° F 85° F 82° F 82° F 85° F 85° F 83° F 83° F 84° F 84° F 82° F 82° F 84° F 84° F 81° F 82° F

PAGE 8, Friday, October 21, 2016

THE TRIBUNE

‘Flagship’ job centre to replace Clarence Bain FROM PAGE ONE

tained by Tribune Business, reveals that the Clarence A. Bain Building is unsuitable for the Department of Labour’s public employment exchange because it has “been declared unfit to operate in”. Its demolition, and replacement, is intended to provide better support infrastructure to assist unemployed Bahamians find work and “engage” better with employers. “Improvements in software, hardware and infrastructure will help to provide targeted quality services to the unemployed (with special emphasis on youth services), and more closely engage with employers within a 21st century setting, promoting a better placement of the job seekers and a better match with employers,” the IDB document. “Currently, the Department of Labour is promoting the concept of one-stop-shops, where its clients receive centralised information about the array of services available to improve their prospects of employment.” As a result, the $50 million project is allocating some $11.8 million to finance the Clarence A. Bain building’s demolition, and its replacement with a model ‘onestop-shop’ employment exchange intended to become the Bahamian national standard. “This component will finance the construction of a 43,500 square foot area of a new building to house the Department of Labour and the country’s ‘flagship’ one-stop-shop centre that will serve as the national standard for other islands’ one-stop-

shops,” the IDB said, “and to provide a new, modernised... environment best suited to the needs of job seekers. “The project contemplates the demolition of the Clearance A. Bain Building, and builds a new facility on site - which is government owned land. There will be no acquisition of land. “The original infrastructure, built in 1974 has been declared unfit to operate in, as the needs of the public employment service have outgrown it, and its ability to service its clients. “Moreover, the current building does not fit the minimum criteria necessary to install and develop a one-stop-shop centre that represents a major step forward towards a modern job placement system.” Improvement is badly needed, with Tribune Business having previously revealed that the Department of Labour’s existing public employment service places just 2 per cent of registered persons with jobs. This also undermines the concept of Bahamian society as a meritocracy, the IDB report adds, because job opportunities tend to go to “the well connected” as opposed to the best qualified and suited for the post - also undermining labour force productivity. The Department of Labour “has limited capacity - in terms of infrastructure, co-ordination with the private sector, and qualified personnel to systematically capture vacancies and be able to respond to the demands of employers by matching these vacancies to the

pool of available workers. “The Department of Labour currently resides in a building that is not consistent with the 21st century public employment services (PES) environment that it envisions, whereby the unemployed can have access to high quality and well-targeted services that can help them find formal and productive job opportunities,” the IDB said. “This reduces the possibilities of employers to find the right talent and reinforces inequality of opportunities for workers who are obliged to search through their networks of contacts. “In this scenario, job opportunities do not necessarily go to the better prepared or to those individuals who represent a better match with the vacancy, but rather to the well connected, lowering the quality of the workerjobs matches and, with it, labour productivity.” The Department of Labour facility featured vacancies from just 12 per cent of listed businesses, with just 2 per cent of registered job seekers placed in a post, figures that were “well below international best practices”. “The Bahamas’ placement rate of 2 per cent compares to the Latin American and Caribbean regional average of 27.1 per cent, corresponding to the average of 2013 figures for Honduras, Jamaica, Peru, the Bahamas, Mexico, Brazil, Nicaragua, Barbados, Guatemala, Guyana, and Ecuador,” the IDB said. “In the Caribbean, some comparator figures are 11 per cent for Jamaica and 25.7 per cent for Barbados.”