11072019 BUSINESS

business@tribunemedia.net

THURSDAY, NOVEMBER 7TH, 2019

$4.52 Health model revamp in $100m Dorian rebuilding By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday said the public health system’s $100m post-Dorian rebuild will likely create a “more efficient model” on the impacted islands, adding: “Necessity is the mother of invention.” Dr Duane Sands, minister of health, told Tribune Business that the number of public health clinics on Grand Bahama was likely to fall from the nine that existed pre-storm to around five to six, supported by “augmented” services, once reconstruction was complete. And he revealed that Dorian will spark the rollout of “advanced medical care services in Abaco”, including the provision of trauma-related care and a host of other services that will help to produce cost savings from less reliance on patients being evacuated to New Providence for care. Emphasising that Dorian will “force a rethink of all the government’s priorities”, Dr Sands said the National Health Insurance (NHI) scheme’s proposed expansion to include more costly secondary care treatments would now have to be “pushed back even more” due to the storm blowing out the government’s projected 2019-2020 fiscal deficit to around $574m. Praising NHI for “punching above its weight” in the delivery of primary care services to more than 60,000 enrolled beneficiaries, he

DR DUANE SANDS added that it had reduced the burden on an alreadystretched public healthcare sector from high patient demand. And, while “significant health infrastructure” has been lost to Dorian, Dr Sands pledged that it will ultimately be rebuilt so that the delivery of healthcare services on Abaco and Grand Bahama becomes more effective. “We will rethink the architecture of the health services model in Grand Bahama and Abaco, and make it more efficient,” he told Tribune Business. “Whereas we had nine clinics and one major hospital in Grand Bahama, when all this is said and done I doubt we will have nine clinics in Grand Bahama; we will probably have five to six and an augmented healthcare system. “We’ll probably make some changes to the deployment of healthcare services in Abaco. In Abaco, expect to see added services with an increased load being carried by the Marsh Harbour clinic.”

SEE PAGE 6

A BAHAMAS-based oil explorer yesterday said it now has “all the tools we need” to drill an exploratory well within the 2020 year-end target set by the government, its top executive said yesterday. Simon Potter, the Bahamas Petroleum Company’s (BPC) chief executive, told Tribune Business he was “very confident we can deliver” after the company

raised sufficient investor financing to almost totally cover the $25m high-end cost for the well. Revealing that the oil rig would only be on site for 60 days during the 2020 first half, Mr Potter said BPC had not stopped its search for a joint venture or farm-in partner given that it would ultimately need to drill more wells to determine “the size and scale” of any discovery should the first prove successful.

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Port owners will ‘act for Freeport’ on airport offer By YOURI KEMP THE two Grand Bahama International Airport shareholders are engaged in high-level talks over the government’s desire to acquire the asset from them, it was revealed last night. Ian Rolle, the Grand Bahama Port Authority’s (GBPA) president, confirmed that the Hayward and St George families, as well as Hutchison Whampoa, are discussing how to respond to the government’s stance on a facility that is key to the island’s revival.

“I know my shareholders would entertain anything in the best interest of Freeport,” Mr Rolle told Tribune Business, declining to address the situation further. He spoke out after Dionisio D’Aguilar, minister of tourism and aviation, confirmed the government is mulling the acquisition after blasting Hutchison Whampoa’s failure to “demonstrate an effort” to urgently restore the airport to its pre-Dorian state. Disclosing that it will

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$4.60

$4.56

Consumers set to finance $650m BPL debt doubling

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters

Oil explorer: ‘All the tools we will need’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.57

ELECTRICITY consumers were yesterday told to brace for an “adjustment” to their bills via an extra charge as Bahamas Power & Light (BPL) confirmed plans for its mammoth $650m-plus refinancing. Dr Donovan Moxey, the state-owned utility’s chairman, promised that the proposed Rate Reduction Bond issue will ultimately result in “better outcomes” for all Bahamian households and businesses even though the “structure” of electricity bills will change. Using carefully-worded, guarded language, a BPL

• Bond fee to alter every six months • But uility still pledges lower costs • Will remove ‘anchor around neck’ statement quoted Dr Moxey as saying the new billing structure would “function as a short-term deposit” that will ultimately enable consumers to enjoy longer term savings from reduced fuel costs and more efficient generation plant. However, legislation to facilitate the Rate Reduction Bond (RRB) issue, which was tabled in Parliament yesterday, makes clear that BPL’s customer base will be relied upon to service what is essentially a

doubling of the debt burden associated with the utility to secure its financial future. The Order to issue the bonds, according to the Electricity Rate Reduction Bond Bill 2019, has to “approve the imposition and collection by BPL of the rate reduction bond fee” and stipulate the initial level at which this will be set. The Bill, which will replace the Act passed previously by the former Christie administration, provides that the fee can be

DR DONOVAN MOXEY adjusted - “at a minimum semi-annually - to ensure that the collection of such fee will produce sufficient revenues to pay all ongoing financing costs as the same become due and payable”.

SEE PAGE 6

Politicians ignoring ‘powder puff’ growth By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net POLITICIANS are reluctant to tackle The Bahamas’ consumer debt woes for fear of undermining much of the spending fuelling the economy’s “powder puff” growth, a well-known developer said yesterday. Sir Franklyn Wilson, pictured, the Arawak Homes chairman, told Tribune

Business it was easier for both major parties to “turn a blind eye” to the increasing number of Bahamians becoming financially crippled by excessive borrowing due to the “short-term” benefits produced by their spending on consumer goods. Arguing that this was “not sustainable economic development”, Sir Franklyn said much of The Bahamas’ economic growth has been built on a flimsy

debt-fuelled platform rather than long-term savings and investments in the economy’s productive sectors. These concerns were reinforced by this week’s publication of the latest Central Bank’s Lending Conditions Survey, which revealed that debt consolidation loans - the last resort rescue act for troubled borrowers - received the most applications of any

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PAGE 2, Thursday, November 7, 2019

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DPM IN REGIONAL TALKS ON DISASTER RESILIENCE DISASTER resilience and sustainable growth

were the focus of a Caribbean summit attended by DEPUTY prime minister and minister of finance, K Peter Turnquest, is pictured with Tao Zhang, IMF deputy Director, directors from the IMF and World Bank; Warren Smith, CDB president; the Prime Ministers’ of Barbados, St Lucia, St Kitts & Nevis; the premier of the Turks & Caicos Islands; and ministers of finance, economics and resilience planning from throughout the region. the deputy prime minister this week. K Peter Turnquest particicipated in the ninth annual Caribbean Forum on Regional transformation for inclusive and sustainable growth, organised by the International Monetary Fund (IMF) and Caribbean Development Bank (CDB), in Bridgetown, Barbados The Forum assembled high level decision-makers to work together on a disaster resilience strategy, discuss regional integration and improve tax policy in the Caribbean.

Mr Turnquest took part in discussions on alternative approaches and mechanisms to fill the financing gaps related to hurricanes, such as widening the premium pool, hurricane clauses in debt instruments and financial innovations such as resilience bonds. He was also involved in talks around loss and damage related to climate change; rising insurance premiums and loss of insurance coverage; the ability of the private insurance industry to meet the rising risks and cost of climate

change; the capacity of the Caribbean Catastrophic Risk Insurance Facility to meet increased risks and costs; the cost of relief from natural disasters and the costs of building back better. The Forum followed a full day of discussions with regional counterparts and insurance industry representatives at an insurance summit, titled Insurance in the age of climate change, which was hosted by the Government of Barbados and the Inter-American Development Bank.

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Thursday, November 7, 2019, PAGE 3

ABACO’S INSTANT VAT FREE ‘FANTASTIC NEWS’ By YOURI KEMP

THE Abaco Chamber of Commerce’s president yesterday hailed as “fantastic news” the Prime Minister’s decision to make the island immediately VAT free, but warned that questions remain. Ken Hutton queried whether Nassau-based businesses would be placed at a disadvantage because VAT was still being levied on goods purchased from them by Abaco residents and companies, yet product imported directly from the US will now be tax-free. “I think that it is fantastic news,” Mr Hutton said of Dr Minnis’ announcement, but he swiftly added: “Does this include provisions for Nassau businesses to sell goods into Abaco? “Because if we are importing goods from the United States we don’t have to pay VAT, but if we are buying goods in Nassau we have to pay VAT. This puts Nassau businesses at a competitive disadvantage and we need to encourage local businesses as much as possible.” Mr Hutton also told Tribune Business about the process he expects for Abaco businesses to take advantage of the VAT-free

COLINA RAISES POLICY RESERVES BY $20.2M COLINA Holdings Bahamas (CHBL) yesterday unveiled a $20.2m increase in reserves to cover future policyholder payouts in the wake of Hurricane Dorian. The rise, likely undertaken in anticipation of increased benefits claims, occurred as the BISX-listed life and health insurer reported a 25.3 percent year-over-year profits rise for ordinary shareholders during the three months to end-September 2019 Net income attributable to them totalled $8.9m or $0.36 per ordinary share,

regime. He said that after hurricanes Matthew and Joaquin, all a company had to do was “register with the Ministry of Finance and there is a registry that records all sales going into the disaster area”. “I am very encouraged by announcements made by the Prime Minister,” he added. “Based on what he said it is a huge game changer, especially the formation of this Disaster Reconstruction Authority. It is a huge forward thinking step in my opinion. We would like to see the structure of it.” Dr Minnis yesterday told the House of Assembly that Abaco will be VAT-free immediately for both residential and commercial products, with island’s major airport set to re-open this weekend to international flights. He said the December 1 date originally set for

the VAT-free regime will now only apply to Grand Bahama, and explained this was because Grand Bahama has “inventory” while Abaco has nothing to charge VAT on. “There was some degree of confusion as to what was allowed duty free and VAT free within Abaco, and I know that the commencement period for VAT-free has been placed at December 1,” Dr Minnis said during his contribution to debate on the Disaster Reconstruction Authority Bill 2019. “The explanation given was that it would take a couple weeks to readjust the computer to deal with the VAT-free component, but we must understand that Abaco has no inventory with no computer. There is no commerce. There is nothing to adjust. Only Grand Bahama, and therefore the Order is being made/drafted so that Abaco will be VAT-free immediately.” He added: “Grand Bahama would be delayed until the 1st because Grand Bahama has inventory that has to be dealt with appropriately, but there is no way or no reason why Abaco should be penalised because Grand Bahama has inventory.”

compared to $7.1 million or $0.29 per share for the same period in the prior year. Total net income for the nine months ended to endSeptember stood at $12.1m compared to $9.7m during the same period in 2018, an increase of 24.7 percent. Total revenues increased to $138.7m for the first nine months of 2019 compared to $127.1m during the prior year, with the rise largely attributed to mark-to-market gains included in net investment income. This totalled $32.9m for the 2019 third quarter, up from $20.6m in the prior year. Premium revenues through September 30, 2019, totalled $99.2m compared to $101.3m in the prior year. Colina Holdings said

its total assets have increased to $791.6m as opposed to $759.9m at December 31, 2018, with invested assets remaining the largest proportion of the total at 79.6 percent. Benefits paid to policyholders totalled $67.6m for the nine months to endSeptember 30 compared to $68.4m for the same period in 2018. Terry Hilts, Colina Holdings (Bahamas) chairman, said: “The company’s Board of Directors and executives remain deeply saddened by Hurricane Dorian’s devastation. We continue to work diligently to assist impacted employees and policy owners. While our Grand Bahama business is fully operational, the Marsh Harbour office remains closed.

KEN HUTTON

PAGE 4, Thursday, November 7, 2019

THE FLOWERING OF CREATIVITY IT IS often said that not all gifts are created equal, which is something that design trendsetter, Machelle Brown, can attest to. This designer is often referred to as a “cut above the rest” in her field, as she produces impressive designs throughout The Bahamas. Her vision for elegant floral arrangements and striking stage backgrounds always seems to leave onlookers captivated. Now, she humbly discloses all the details about how her artistic gift has made room for her while sharing some of her principles. Question: When did your attraction to floral design begin? Answer: As a child I always loved flowers, but it officially began in 1995 while employed at a floral store and watching the overwhelming fascination on the faces of every satisfied customer. The captivating act of emotion and kindness through this craft had a therapeutic effect on me. Ever since then I fell in love with it. Q: What does a floral designer do?

MACHELLE BROWN A: A floral designer should have an artistic ability to visualise completion, followed by the creativity and knowledge to design for different occasions. I have arranged both real and artificial flowers for display at occasions, or in homes or offices. Most times, arranging special orders for holidays or other occasions like traditional corsages, bouquets, wreaths and wedding decorations are among the designs. Q: What is your main focal point to a design? A: My focal point is always to have a purpose. Having a strong focal point ensures that I have established the area of a design my customers feel is most

important. This isn’t to say other elements of the design aren’t as important, but you want to create something they are happy with first. Q: Where do you look for inspiration? A: Everywhere… And to everything. Most of all I look to God. Q: Are there any principles to your design that you wish to share? A: Yes, there are a few, mainly understanding how to proportion, balance, space and colour blend. When these basic flower arranging rules are understood and used correctly, you can create gorgeous floral arrangements any time. Q: What is the market for a floral designer? A: A florist is a very fulfilling duty that can only fill your heart with peace and joy. The task to arrange flowers is used primarily for celebratory events like weddings, funerals, birthdays and Valentine’s Day. Also, designs are made for hotels, catered events, homes, funerals and just to say ‘Because I love you’. Q: What is the one thing

CARNIVAL EXECUTIVES IN RETURN VISIT TO GB CARNIVAL Cruise Line’s president and other executives yesterday met with minister of state for Grand Bahama, Senator Kwasi Thompson, during a visit to the island. Following the devastation inflicted by Hurricane Dorian, Carnival donated much-needed relief supplies before it resumed its regular port calls on Friday, October 11. Besides signing

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CHRISTINE DUFFY, president of Carnival Cruise Line, paid a courtesy call on minister of state for Grand Bahama, Senator Kwasi Thompson, during her first trip back to Grand Bahama since Hurricane Dorian. Photo: Robyn Adderley/BIS

the Heads of Agreement for its $100m cruise port in Freeport, one of the cruise line’s ships, Carnival Ecstasy, was the first to call at the Grand Bahama Shipyard following the storm’s passage. Mr Thompson said Carnival Ecstasy’s visit was “significant to us” as power and water had just been restored. Describing the move as “impactful”, the minister added that it was a “tremendous boost” when the cruise line resumed its calls on Grand Bahama. Some Port Lucaya Marketplace businesses have relocated temporarily so they can serve guests as that destination is yet to re-open.

that you look at particularly before you design a floral arrangement? A: I make sure that I understand everything that the client is looking for. I engage him or her in a detailed conversation to decipher what is required so that I can meet the request. Q: How important is floral design in our society? A: The art of floral design is an important part of social interactions and interior design. It is essential in relationships and for enhancing the overall quality of our lives. Working with flowers is fun and also brings a dimension to our lives that is purely pleasing. Q: What is your most fulfilling moment when dealing with customers? A: I adore colours, and so I am motivated by the seasonal changes and the privilege to design arrangements at any occasion. It could be a simple ‘thank you’ bouquet or a more poignant sympathy tribute. Flowers mark important events from the cradle to the grave, and therefore my most fulfilling moments are when my customers

become my friends, and simply just watching their smiles and most gratifying moments. Q: Share two feedbacks as a result of your designs? A: “Machelle, your decorations are amazing, especially the arrangement for my boss’s party.Your hands are gifted. You will do well in interior designs”. “Machelle is gifted and friendly, and has done more than one event for me. Keep up the good work.” Q: Any best kept secret? A: Yes…Always smile after having a long day knowing that you were able to make another person’s day happier. Q: What would you tell persons who are contemplating the floral design industry? A: There is nothing too hard to achieve if you remain focused. Never give the “naysayers” your time. And always create with a heart of love. God did it for me and he could do it for you. And remember that your gift will always make room for you. Until we meet again, fill your life

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The Art of Graphix BY DEIDRE M BASTIAN

with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre Bastian is a professionally-trained graphic designer/marketing co-ordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

Creative village gains $93k venture funding A VILLAGE of Bahamian businesses offering cultural experiences for visitors has secured a $93,000 equity investment through the Small Business Development Centre (SBDC). iDiscover, which offers experiences including three chefs, 10 farmers and 16 craftspeople, obtained the financing from the Government-sponsored venture capital fund known as the Bahamas Entrepreneurial Venture Fund. Tehranique Darrell said she and her team created iDiscover in response to visitor needs and demand. She started walking tours in downtown Nassau to take visitors from Parliament Square to the British Colonial Hilton. During the tours, guests would constantly ask if there was a nearby option that allowed them to buy souvenirs and enjoy creative experiences in one place. As she continuously told her customers “no”, Ms Darrell began asking herself: “Why not?” This inspired her, together with her business partners, to begin researching market trends, vetting interested vendors and creating training programmes. This led to iDiscover’s creation, and

TEHRANIQUE DARRELL, owner of iDiscover. the assembly of a niche market that serves the needs of both consumers and Bahamian artisans. “The team and I found out about the Access Accelerator from the newspaper during its initial roll-out,” said Ms Darrell. “Honestly, we knew that we had almost every area covered within the company except funding, which is usually the case with small businesses. We signed up just to see how far it would go. It was more curiosity than anything else in the beginning. “It has been a long and winding journey. I hate to sound cliché, but we are grateful, we are excited, and we are ready to get started. The access to this capital takes our vision and turns it to reality. Once construction is complete, the site

will come alive with eager craftsmen and farmers. “This is where the work begins,” Ms Darrell continued. “Having a business advisor and the support of a knowledgeable team made the difference between wandering in the dark and having a lit path to success for iDiscover. “There are so many things to consider when attempting to access capital. My advisor was able to shed light on all options and how they would affect my company and its operations.” Encouraging other small business owners to approach the SBDC, Ms Darrell said that while the process may seem tedious it is necessary, allowing entrepreneurs to consider all things and prepare for all possibilities. The SBDC is the product of a tripartite arrangement between the government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Centre works to guide the development, funding, growth and evolution of micro, small, and medium-sized enterprises (MSMEs) in The Bahamas.

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Thursday, November 7, 2019, PAGE 5

BAHAMIANS CAN HANDLE ABACO DEBRIS CLEAN-UP BAHAMIAN companies have the necessary equipment and capacity to handle the massive clean-up of Abaco’s Dorian debris, a local contractor involved in the effort is arguing. Atario Mitchell, president of Caribbean Pavement Solutions (CPS), said: “For the last four weeks, CPS, a subsidiary of The Bahamas Striping Group of Companies, was one of four companies mandated by the Government of The Bahamas to remove the debris from the shanty towns in Abaco. “Our island has never seen anything as catastrophic as Hurricane Dorian and, as I listened to many family members and friends relive and describe the storm, I realised that it was an horrific experience for everyone who was on the island. I am taking a special interest in this project, as it is home for me, and I would have never imagined that this island would have experienced this magnitude of devastation.” He reiterated: “I am taking a special interest in the clean-up because Abaco is my home, and I will always regard myself as an Abaconian. I have to do my part. My company and team will do our best to ensure that we play a role in ensuring that Abaco gets back on its feet, as we are resilient people and Abaco has the potential to be a burgeoning city once again.” Caribbean Pavement

Solutions is responsible for removing all debris, including white waste such as freezers and stoves; electronic waste including televisions and computers; and household waste such as mattresses, couches and beds; together with construction waste from The Mudd. The company said it travelled to Abaco to conduct an initial assessment to ensure it would have the necessary equipment such as excavators, grapple trucks, boom cranes, forklifts, payloaders, backhoes, low boy trailers, dump trucks, D5 and D8 tractors, and other equipment to move the project forward on a timely basis. Dr Allen Albury, Bahamas Striping’s managing director, said: “We have a steady movement of heavy equipment, but we want to ensure that the area is treated with a level of dignity because we know there would be a few discoveries of human remains and we want to ensure that we are handling them with sensitivity.” He added that the team is making significant progress as the weather is co-operating, and expects the project will last for another six to eight weeks. CPS said they have hired 45 Abaco residents to assist with the clean-up. Dr Albury added: “Bahamians have the capacity and the level of equipment to handle a project of this magnitude. We are dealing with an unparalleled level of

Cut It

Shay Barran

Sandyport Plaza, North Bucknar Square #16 telephone: (242) 698-0044 / (242) 814-0044 Email: Cutitbahamas@gmail.com Personal: (242) 810-0041 / (242) 449-3729 To all of my valuable customers, my journey has ended at Windermere West Day Spa & Salon. I’ve now relocated to CUT IT Salon in the Sandy-port area, North Bucknar Square #16. The salon is located opposite Twisted Lime Restaurant. We Specialize in all hair types. For any inquiries or to book an appointment you can call, email or whatsapp us at the contact information above I look forward to serving you at the new location in the near future Your’s Truly Shay Barran

FORTY five Abaconians, led by Atario Mitchell, has returned to Abaco to help restore the island.

LEGAL NOTICE

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION SPAIN (OFFSHORE) LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION SPAIN (OFFSHORE) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 5th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 7th day of November, 2019 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

disaster that still potentially has human remains. Therefore we have to handle the site with sensitivity, as we have to go through layers of debris. “Our staff know from our safety briefings that if bodies are discovered, work in that area stops immediately and the local authorities are contacted along with the police, and the remains are removed before work commences. It is important that we ensure that all of our staff understand that no videos and photographs are allowed as we are certain that no family member wants to find out their loved ones has departed through social media.”

PAGE 6, Thursday, November 7, 2019

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Consumers set to finance $650m BPL debt doubling Health model FROM PAGE ONE And those BPL customers who pay their bills in full, and on time, could find themselves penalised by the actions of delinquent payers. The Bill says fee adjustments “will take into account historical and reasonably forseeable differences between amounts billed and amounts collected”, listing “customer defaults and delays” as a key factor determining this variable. Tribune Business has repeatedly said that BPL’s RRB refinancing, while essential to its future financial health, may provoke controversy among some elements of Bahamian society given that it is ultimately the state-owned energy monopoly’s customers that will pay for it via an extra charge that will be added to their monthly bills. The original plan, developed by the former Christie administration, calls for the sums raised by this additional charge to be used to pay the interest and principal owed to investors who purchase the bonds. The Bahamas Rate Reduction Bond Ltd, not BPL, is the special purpose vehicle that will be responsible for issuing the bonds and paying investors due interest. This structure will exchange BPL’s legacy BEC debt and other liabilities for new debt, which will be kept off BPL’s balance sheet via the SPV’s role as issuing agent, thereby relieving the government of its existing $230m guarantee. The old liabilities include around $321m in bond and bank debt; a $100m employee pension fund deficit; and other assorted

DESMOND BANNISTER liabilities including the cost of environmental cleanups at various sites around The Bahamas. It is likely that some of the financing may also replace the $100m short-term funding that helped acquire the 132 megawatts (MW) of new Wartsila engines. Dr Moxey yesterday confirmed to Tribune Business that BPL is seeking $650m through the RRB refinancing, although he declined to comment on the likely price (interest rate) that will be attached to this debt, how many years it will be before the bonds mature, and the initial fee consumers will be charged. BPL, though, will likely be hoping that its new 132 MW of generation capacity, and the planned Shell North America multifuel plant that is due to be constructed and operational by 2021, will reduce fuel and other costs sufficiently that this more than offsets the additional RRB charge added to consumers’ bills, resulting in a net decrease in electricity costs. “The reality of what we found upon taking over the management of the company is that urgent action cannot wait,” Dr Moxey said yesterday. “We must stabilise BPL’s finances if we are going to position ourselves for the future.

“This Bill will lead to better outcomes for all our customers. Once implemented, we anticipate an adjustment period as the billing structure changes to adapt to the new bond. In the end it will essentially function as a short-term deposit to help us achieve the necessary long-term savings as fuel delivery costs decrease when Station A [Wartsila’s 132 MW] comes online by the end of the year.” Several observers have already expressed scepticism about whether the December deadline can be met given the extensive testing and installation work that has to be done. Still, Dr Moxey said the RRB debt issue was unavoidable if BPL is to remove then “anchor around our necks” that is its present debt. “To right the ship and get our fiscal house in order so we can start delivering consistent, reliable power at a lower cost to our consumers, we need to take actions like passing the updated Rate Reduction Bond Bill,” Dr Moxey added. “BPL’s massive debt is an anchor around our necks as we try to fix problems and invest in the future. The Rate Reduction Bond Bill will allow us to restructure the debt and access much needed capital after years

Career Opportunity Job title:

Accountant Location: New Providence Closing date: Friday, November 8th, 2019 A diversified financial services and management firm requires an Accountant to become an integral member its Accounting & Finance Team. This individual will be responsible for: • providing financial advice and support to Executive Management and to Operations; • producing accurate and timely financial reports; • assisting with the management the Company’s financial accounting, monitoring, and reporting systems; and • assisting with supervising and directing the activities of accounting & finance team members. Candidates should possess a Bachelor’s degree in Accounting and a minimum of three (3) years’ experience in a similar position, preferably in a financial services institution or retail company. CPA/ACCA/CA designation or license with BICA is a plus. Reputable accounting firm experience with financial services and retail focus in audit or private company consulting is highly valued. Candidates must have good communication skills, be flexible and have a positive attitude. Candidates will be required to undergo a thorough background check and must provide suitable character and employment references. Please submit resumes to

employed242@gmail.com Candidates submitting resumes must be prepared to begin their tenure with the Company within two weeks of employment offer.

Contract Job Opportunity Job title:

Customer Care Agents Location: Rock Sound & Governor’s Harbour, Eleuthera Closing date: Friday, November 8th, 2019 A growing financial services and retail management company is looking for Customer Care Agents to work on a contract basis. The positions require effective performance of customer services and accuracy in cash handling and management functions. Candidates should possess an Associate’s degree in Accounting, Business, or Hospitality and a minimum of 1-2 years experience in a similar position, preferably in a financial services institution or retail company. Candidates must have good communication skills, be customer service oriented and have a positive attitude. Possessing a second language is a plus (i.e. Spanish or French). Candidates will be required to undergo a background check and must provide suitable character and employment references. Please submit resumes to

employed242@gmail.com

Candidates submitting resumes must be prepared to begin their tenure with the Company immediately upon receiving an employment offer. Only short listed persons will be contacted.

of misplaced priorities and inadequate investment in the entity.” Besides paying out BPL’s $321m legacy debt, the RRB issue will also provide $350m in new financing to enable BPL to invest in its generation and transmission and distribution (T&D) network throughout The Bahamas to improve reliability and reduce power costs. Desmond Bannister, minister of works, told Tribune Business: “BPL will seek to secure $650m. They will then be able to settle their current indebtedness of approximately $321m, thereby releasing the government from its guarantee and ensuring the company’s independence. “The balance will be utilised for a number of badly-needed capital projects, which I will discuss in some detail during the debate.” Explaining the need for the revised RRB legislation, Mr Bannister added: “Modern bond transactions require a high degree of sophistication.” Dr Moxey, too, confirmed to Tribune Business that the $350m balance would be invested in infrastructure upgrades or operational support although he, too, declined to give details. BPL’s statement yesterday touted the bond issue as lowering its debt servicing costs because repayments will take place over a longer period of time than its existing debt. “Ultimately, this legislation will help lead to lower costs for our customers while allowing us to deliver consistent, reliable power to all Bahamians,” Dr Moxey added. “We know full-well that BPL customers are frustrated with the load-shedding being experienced. It is the intent of the new Board of Directors at BPL to ensure that no Bahamian family ever has to deal with that type of crisis again.”

revamp in $100m Dorian rebuilding FROM PAGE ONE Dr Sands said trauma care, radiology, imaging and obstetrics were among some of the services likely to “emerge from Dorian” once repairs to the physical healthcare infrastructure are completed and sufficient medical professionals are stationed on the island. “We can see some savings from air evacuation by providing more care in Abaco,” the minister explained. “Necessity is the mother of invention. As we’ve seen previously, these crises lead to progress. Dorian is going to result in the introduction of advanced medical care services in Abaco. “We believe the direct impact of Dorian is as much as $90m-$100m. We have lost significant health infrastructure all over Abaco and Grand Bahama. The Rand itself has been taken out of commission; at least the majority of it. We have begun the repairs but most medical services are being provided in temporary facilities tents and other makeshift buildings. “We have lost almost every ambulance in Grand Bahama... If you go to High Rock, the clinic there is rubble. There’s absolutely nothing salvageable. The further east you go, the same kind of thing. The cost is tremendous... Sweeting’s Cay, MacLean’s Town, Pelican Point, all the way to Abaco and the likes of Cooper’s Town and Man O’ War Cay.” Dr Sands said the Government, and Bahamian people, had no option but to finance the public health system’s rebuilding as access to, medical services was critical if the disaster-ravaged areas on both islands are to be rebuilt given the likely occurrence of construction-related injuries. “I think it’s going to force a rethink of all the priorities of government,” he added of

Dorian’s impact. “We have to look at all our capital works, look at all our current expenditures, and determine what the priorities are in a postDorian reality with revenue down and expenditure up. This will be an issue. “Every single capital works in every single ministry will have to be re-evaluated to determine if it fits in with the strategic priorities for The Bahamas moving forward from this point on. We have huge unanticipated expenditures in Grand Bahama and Abaco, and virtually every ministry has unplanned spending to be funded. We don’t have the option of not funding them.” Among those priorities that will have to be reassessed is NHI’s proposed expansion, which has already been delayed once, but Dr Sands said it would be unfair to single out the healthcare financing scheme as this would give the impression it has been “targeted”. “We’ve 60,000-plus beneficiaries enjoying primary care services with a very high satisfaction rate,” he told Tribune Business. “The enrollment of NHI recipients has done an excellent job in decompressing the public health sector, and led to personal attention for a lot of people that would not have gotten it. “As we look at the state of NHI, it is continuing. It’s making a huge impact and is probably punching above its weight. Its in the midst of rolling out its electronic medical records programme. The extension to high cost care we said would be pushed back six months from the time of the budget, and I suspect it’s going to have to be pushed back even more.” Dr Sands added that any timeline he gave for revisiting NHI’s expansion beyond primary care services would be “totally speculative”, and he said: “We’ve got to try and hold the ground in terms of providing basic services now. “With revenue down, and having lost the contribution to the Consolidated Fund of Abaco and Grand Bahama, the Ministry of Finance will have made it very clear even with borrowing that have to be very careful in managing expenditure.”

THE TRIBUNE

Thursday, November 7, 2019, PAGE 7

Politicians ignoring ‘powder puff’ growth FROM PAGE ONE consumer loan type during the 2019 first half. And, with consumer loans accounting for 91 percent of the total 19,712 loan applications made during the period, Sir Franklyn said it merely continued a trend that he and others have been voicing fears over for some time. Warning that it would require real “courage” for a governing party to make the necessary changes in public policy, he expressed scepticism that anything would happen soon and said: “Politicians don’t get elected on the basis of courage.” Turning to the Central Bank’s survey findings, Sir Franklyn told this newspaper: “This continues the pattern that has been going on for some time... At some point the fact of the matter is that some government is going to out that some public policy change is necessary. “Part of the problem why politicians are reluctant to act is because so much of economic growth depends on consumer spending, and if you go to restrain it, this narrative about economic growth will be affected in a fundamental way. “It’s not in the short run interests of politicians to do anything about it. It’s better in the short run for politicians to ignore it - it props up employment, it props up government revenue. You turn a blind eye because it gives you an opportunity to say the economy is growing, and make speeches on that.” The Central Bank survey revealed that out of 19,712 loan applications processed during the 2019 first half, more than nine out of ten, or just under 18,000 related to consumer loans. The commercial banking industry,

badly hit by the housing market crash following the 2008-2009 recession, now views consumer loans as less risky because they can be secured by salary deduction. The data highlighted how the risk averse Bahamian commercial banking industry continues to concentrate its lending efforts on loans for cars, furniture and appliances, and the luxury “bells and whistles” of life something that threatens to deprive the economy’s productive elements, namely the housing market (mortgages) and private sector (businesses) of much-needed financing capital. It also further exposed the breadth and depth of the pressures faced by financially-struggling Bahamian households, individuals and businesses, as debt consolidation loans are typically a last resort move to rescue troubled borrowers by combining all their outstanding loans into one to reduce the debt repayment burden. More than 6,000 Bahamian borrowers applied for debt consolidation loans during the 2019 first half, making it the most sought-after form of consumer credit by some distance and accounting for more than one-third of all such loan applications during the six months to end-June 2019. Sir Franklyn argued that it was easier to focus on headline GDP growth numbers than look for the roots of economic expansion, which he suggested were poorly planted due to an over-reliance on consumer spending that was often underpinned by unsustainable debt levels. Consumer spending is thought to drive up to twothirds of Bahamian GDP growth, but the Arawak Homes chairman said economists had “long recognised”

there was a difference between economic growth and sustainable growth. “It’s more convenient to talk about economic growth than sustainability and development,” he told Tribune Business. “There’s a difference between economic growth and economic development. This is not economic development. I hear all the talk about the economy growing, but that’s powder puff, man, powder puff. “How do you keep building the economy? What money is going to hotels, farms, fisheries and things that earn foreign exchange? None. You can’t have economic development without this type of development. Someone says they want to build a plant. Where are they going to find the money? Who will lend them the money?” Sir Franklyn said it was easier to be approved for consumer credit than a mortgage because the lender’s qualifying criteria for the former were much simpler, and any loan could be secured via salary deduction if they were working. “There’s just so much you could point to that unless and until we address very serious issues in this country we’re just spinning wheels. This is one,” he told this newspaper. “This is not economic development; this is not economic development. I repeat that: This is not economic development. “No one wins with this. Various businesses have a good innings or two, have a good short run, but in this model no one wins. Government gets revenue from imports, and buying fridges and cars, but this is a temporary thing. It’s not sustainable.” While the total number of loans processed during the

2019 first half represented a 17 percent increase compared to the 2018, just 53 percent of mortgage applications were approved to further illustrate the ongoing difficulties many Bahamians have in meeting the banks’ more stringent qualifying requirements to enter the housing market. The approval rate for commercial loans to businesses, representing a small minority of 2019 first half credit applications, stood at 86 percent.

To advertise in The Tribune, contact 502-2394

PAGE 8, Thursday, November 7, 2019

THE TRIBUNE

Oil explorer: ‘All the tools we will need’

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FROM PAGE ONE

LEGAL NOTICE

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION PORTUGAL (ATLANTIC) LIMITED ________________________________________________

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 5th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

That would require additional capital, but Mr Potter added that the exploration outfit was “already in negotiations about longlead items” that it will require for its first exploratory well such as air/sea transportation logistics for provisioning the rig and removing waste. “We’re confident we can deliver that now,” the BPC chief said of the first well. “We have all the tools we need to be able to deliver it. Today we have the technical services, the rig, the people and the funding so I am very confident we can deliver.”

BPC’s latest $11.4m capital raise, combined with previous financing already put in place, has given the company access to $24.6m in incoming cash flows as it ramps up efforts to fulfill its licence obligations to the Bahamian government. “We have ensured we have the funding as and when we need it,” Mr Potter added. “If the rig comes in the first half of 2020, that’s when we’ll have the funding. Our intent is to drill the well in the first half of 2020, which is well before the year-end. “We have obviously funded all the technical bricks, and have taken the environmental permitting forward in a measured and

responsible way. It’s been a bit up and down, but the way forward is more straightforward now in the sense we have all the tools and are getting on with the professional work we are trained and qualified to do.” Mr Potter added that BPC’s latest financing raise meant it can “honour our obligations to the government” whether it secures a joint venture partner or not, which remains its preferred option. “We want to be as financially robust as possible,” he explained. “It will ultimately take more than one well to prove the size and scale of this resource. Once we establish the presence of hydrocarbons in these

structures we will then move to further delineate the extent of the prospect. “This will be a 60-day well. This will not be a producer, it will not be a permanent installation. It will be a 60-rig on-site. The location will be 80-90 miles from any landfall in The Bahamas. The closest landfall is Cuba, about 25 to 35 miles away. It’s a temporary location, and remote. “We’re already in negotiations about long lead items, looking at how we provision the rig, the extent to which we fly people in and where boats will come from to restock, bring in food and take waste off. There’s a lot of stuff going on.”

Dated the 7th day of November, A.D., 2019.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A. LEGAL NOTICE

N O T I C E

THE WESTERN Air terminal at GB International Airport following Hurricane Dorian.

EXXONMOBIL EXPLORATION AND PRODUCTION SPAIN (OFFSHORE) LIMITED ________________________________________________

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 5th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 7th day of November, A.D., 2019.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

Port owners will ‘act for Freeport’ on airport offer FROM PAGE ONE likely cost between $20m$40m to rebuild the airport terminal and associated facilities, Mr D’Aguilar pledged that the government will not make any purchase decision “on the fly”. He promised that, rather than rush into a deal as

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it was accused of doing over the Grand Lucayan, the government will first determine how to make the airport profitable before it commits the Bahamian taxpayer to another potentially risky multi-million dollar outlay. “Certainly it is under consideration to buy the GBIA,” Mr D’Aguilar confirmed when questioned outside the Cabinet Office. “Hutchison Ports have not demonstrated an effort to rebuild the airport to where it was before. They seem somewhat reluctant, so the government is considering its options.” However, Mr D’Aguilar said the government will not rush blindly into any acquisition. “Buying the airport is the easiest thing,” he warned. “It is what you do once you get the airport. The focus of the Bahamian people is now for Hutchison Ports to do something with that airport. Once the government buys it, the focus will now go towards the government, and what will the government do about it? The minister estimated that rebuilding Grand

Bahama International Airport could cost between $20m to $40m, and added: “You have to figure out where that money will come from, and you have to consider who the operator is going to be, and you have to consider how that airport is going to make money. “So before we spend the money of the people of The Bahamas, you have to consider these things and I don’t think the government wants to be rushed into this thing. We have to think through the purchase.” Mr D’Aguilar continued: “You can’t just buy it where it will just sit there. You have to have a plan. We just can’t make a decision on the fly. You have to do the research and look at the business model and study the financials. You have to consider all of these things. “The objective is going to be revenue source. How will the airport fund itself? Obviously we will look at the Nassau Airport Development (NAD) model at the Lynden Pindling International Airport (LPIA); obviously the LPIA has

more traffic than what they have in Grand Bahama. “So, are we considering it? Yes. But we are working through all of the proposals and considering how we will make it work once we acquire it.” Prominent businessmen such as Magnus Alnebeck, the Pelican Bay hotel’s general manager, together with Michael Scott, the Hotel Corporation and Grand Lucayan chairman, have previously urged the government to acquire Grand Bahama International Airport given that the island’s tourism and industrial business model “won’t work” if it is unable to receive international airlift. While Freeport’s stopover tourism product is still moribund in Dorian’s wake, the airport - and associated airlift - are set to assume greater importance in the coming months due to the development of Carnival’s $100m cruise port and the proposed ITM Group/Royal Caribbean joint venture that includes the $195m first phase acquisition of the Grand Lucayan and harbour redevelopment.

THE TRIBUNE

Thursday, November 7, 2019, PAGE 9

Europeans look to China as global partner, shun Trump’s US PARIS Associated Press WHEN France’s president wants to carry European concerns to the world stage to find solutions for climate change, trade tensions or Iran’s nuclear ambitions, he no longer calls Washington. He flies to Beijing. President Emmanuel Macron’s visit to China this week suggests that the United States risks being sidelined on the global stage under President Donald Trump. One moment spoke volumes: Chinese President Xi Jinping sampling French wines, which Trump’s administration recently slapped with heavy new tariffs. Macron portrayed himself as an envoy for the whole European Union, conveying the message that the bloc has largely given up on Trump, who doesn’t hide his disdain for multilateralism. Just as the Trump administration formally launched the process of pulling out of the 2015 Paris climate agreement, France and China issued a “Beijing call” yesterday for increased global cooperation in fighting climate change and better protecting biodiversity. Both countries have deplored the US withdrawal. “One country’s isolated choice can’t change the course of the world. It only leads to marginalisation,” Macron said. While China’s president tasted French wines and highquality beef at an import fair in Shanghai, Macron was pushing for a broader opening of the Chinese market to European products. “I think he discovered Languedoc wine. He wasn’t familiar with it, he liked it. He tasted a Burgundy and a classic Bordeaux wine,” Macron told reporters. Xi said the two leaders were sending “a strong signal to the world about steadfastly

products with tariffs, drawing retaliation from the 28-country bloc. And the Trump administration is due to decide this month whether to impose tariffs on Europe’s massive auto exports, a move that would significantly escalate tensions that are already hurting the global economy.

FRENCH President Emmanuel Macron, left, shakes hands with Chinese President Xi Jinping following a signing ceremony at the Great Hall of the People in Beijing, yesterday. Photo: Nicolas Asfouri/AP upholding multilateralism and free trade, as well as working together to build open economies.” During his first state visit to China in January 2018, Macron vowed to return every year in an effort to establish “mutual trust”. Since then, Xi has travelled to France, when China signed an agreement in March to buy 300 aircraft from European plane maker Airbus. This time, Macron travelled east, bringing with him an ambitious agenda that includes establishing a joint stance on reforming the World Trade Organization, fighting climate change and saving the nuclear accord with Iran. After Trump pulled the US out of the 2015 UN nuclear pact, France and China reiterated their support for the hard-fought deal both countries had helped negotiate. In Beijing, Macron described recent Gulf tensions as “the negative impact of the non-respect of a multilateral agreement. ... The American error has been to leave (the pact) unilaterally.” “Strong multilateralism is more efficient than shrill unilateralism,” Macron said, praising China’s support for de-escalation of the tensions as the Europeans try to save the nuclear deal with Iran.

“China and France are together with the Europeans and Russians,” he said. “We are convinced that we should increase our joint efforts to bring Iran back into compliance.” On trade, the EU often joins US criticism of China’s protectionist policies, government subsidies and other restrictive practices. But whereas Trump has responded by aggressively imposing tariffs on hundreds of billions of dollars worth of goods from China, Europe and elsewhere, bypassing rules set by the WTO, the EU considers that a trade war is not the appropriate response. “We must get stable and cooperative trade rules at the international level,” Macron said, referring to a plan to reform the WTO. Trump complains that the WTO, which is tasked with resolving trade disputes, is weak and ineffective as China flouts its rules and it takes years to address trade complaints. Macron said it is Europe and China’s shared responsibility to make proposals to reform the WTO, because it would be a “fundamental error” to wait for “those who are calling into question the multilateral system”. Besides the tariffs on China, the US has hit EU steel, aluminum and agricultural

Eswar Prasad, a Cornell University economist and former head of the International Monetary Fund’s China division, said “the Trump administration’s antipathy to multilateralism, its repudiation of many international agreements, and hostility toward even longstanding allies, have

all eroded US economic and geopolitical influence.” “The US is now seen by other countries as an unreliable and untrustworthy partner, leaving them to manoeuvre around the US by striking bilateral and multilateral deals that protect and advance their own interests,” Prasad said.

PAGE 12, Thursday, November 7, 2019

THE TRIBUNE

US: SAUDIS RECRUITED TWITTER WORKERS TO SPY ON USERS SAN FRANCISCO Associated Press THE Saudi government recruited two Twitter employees to get personal account information of their critics, prosecutors said yesterday. A complaint unsealed in US District Court in San Francisco detailed a coordinated effort by Saudi government officials to recruit employees at the social media giant to look up the private data of thousands of Twitter accounts. The accounts included those of a popular critic of the government with more than one million followers and a news personality. It also alleged that the employees — whose jobs

did not require access to Twitter users’ private information — were rewarded with a designer watch and tens of thousands of dollars funneled into secret bank accounts. They were charged with acting as agents of Saudi Arabia without registering with the US government. The Saudi government had no immediate comment through its embassy in Washington. Twitter acknowledged that it cooperated in the investigation and said in a statement that it restricts access to sensitive account information “to a limited group of trained and vetted employees”. “We understand the incredible risks faced by many who use Twitter to share their perspectives with the world and to hold those in power accountable,” the statement said. “We have tools in place to protect their privacy and their ability to do their vital work.”

Ahmad Abouammo, who left his job as the media partnership manager for Twitter’s Middle East region in 2015, was also charged with falsifying documents and making false statements to obstruct FBI investigators — offenses that carry a maximum penalty of 30 years in prison if convicted. At his appearance in Seattle federal court yesterday, Abouammo was ordered to remain in custody pending a detention hearing set for Friday. His lawyer, Christopher Black, declined to comment, as did Abouammo’s wife, who did not give her name. Investigators alleged that a Saudi citizen working as a social media adviser for the Saudi royal family recruited Twitter engineer Ali Alzabarah. The two met in Washington DC, around the same time the adviser, Ahmed Almutairi, met with someone named in the

complaint as Royal Family Member 1. “Within one week of returning to San Francisco, Alzabarah began to access without authorisation private data of Twitter users en masse,” the complaint said. The effort included the user data of over 6,000 Twitter users, including at least 33 usernames for which Saudi Arabian law enforcement had submitted emergency disclosure requests to Twitter, investigators said. After being confronted by his supervisors at Twitter, Alzabarah acknowledged accessing user data and said he did it out of curiosity, authorities said. Alzabarah was placed on administrative leave, his work-owned laptop was seized, and he was escorted out of the office. The next day, he flew to Saudi Arabia with his wife and daughter and has not returned to the United States, investigators said.

THE TRIBUNE

Thursday, November 7, 2019, PAGE 13

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THE TRIBUNE

US business sees dwindling prospects in Cuba HAVANA Associated Press THE Havana International Trade Fair is where Cuba puts the best face on its struggling economy. There are state-run restaurants stocked with fresh food; shiny displays of electric motorcycles from traders in Panama; dozens of Cuban government companies offering goods from cigars to farmed shrimp. One dark spot this year was the American section, where the US presence has shrunk from dozens

of companies during the Obama administration to a handful today. Some say they may not last another year of Trump administration sanctions. After then-President Barack Obama’s 2014 announcement of detente with Cuba, the annual trade fair was swarmed with American businesspeople hunting opportunities. There were dozens of US companies, state trade offices and associations, including the US Chamber of Commerce. Cuban-American businesspeople prowled the aisles,

NOTICE

NIROY EQUITIES LIMITED

PEOPLE attend the Havana International Trade Fair, in Havana, Cuba, yesterday. The trade fair is where Cuba puts the best face on of its struggling economy. Photo: Ismael Francisco/AP discussing the possibility of a return to the island after decades in exile. The unprecedented boom didn’t last long, as companies began to realise the difficulty of doing business in Cuba, where a centralised bureaucracy must sign off on all foreign investment, and American business is particularly sensitive. But the American presence started shrinking in earnest after

President Donald Trump’s 2017 announcement that he was reversing Obama’s opening to Cuba, following by two years of increasingly tough sanctions on Cuba and its closest ally, Venezuela. This year, Cuba has found it harder to do business internationally. The US is pressuring banks to cut ties with the island, and sanctioning tankers that bring oil from Venezuela. There are sporadic

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, NIROY EQUITIES LIMITED is in dissolution as of November 5th, 2019. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. L I QU I D A T O R

LEGAL NOTICE

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION PORTUGAL (ATLANTIC) LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION PORTUGAL (ATLANTIC) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 5th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 7th day of November, 2019 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

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shortages of common products, gasoline and diesel, and a perennial government cash crunch has worsened. Jay Brickman, vice president of Cuba services for Crowley Maritime, a major Florida-based global shipper, said the company had seen its business with Cuba drop roughly 20 percent this year. An exception in the US trade embargo on Cuba allows American companies to sell food to the communist government, and Crowley moves most of the soybeans, chickens and other agricultural products that travel from the US to Cuba. Looking out onto the mostly empty American section of Pavilion 7 at ExpoCuba, a 30-year-old fairground and convention center on the outskirts of Havana, Brickman said he fondly remembered his first Havana trade fair, in 2001, after the US legalised the sale of agricultural products to Cuba. He said there were hundreds of American companies, then-Minnesota Gov and former pro-wrestler Jesse Ventura, even American cows brought in to sell Cuba on the benefits of US livestock.

With the exception of the Obama years, the last two decades have not lived up to that promise, Brickman said. “It’s a lot more ebb than flow,” he said. “The spirit of all that began to fade away.” During Trump’s presidency, Cuba has been looking to buy farm products from countries beside the US, and Crowley’s business to Cuba has been dropping to the point where its sustainability is in question. “Our commitment is to continue to be here if it’s all economically possible,” he said. This week thousands of Cubans and foreigners swarmed pavilions with Spanish, Panamanian, Venezuelan and other stands from dozens of other countries. Besides Crowley, the American section of the fair had a couple of small Florida-based import-export firms, and a Guatemalabased consultant for the US poultry and egg association. Stands for the Alabama State Port Association and a few other US representatives were empty on Tuesday afternoon, the day after the fair’s inauguration.

THE TRIBUNE

Thursday, November 7, 2019, PAGE 15

US productivity falls for first time in nearly four years

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T MOUNT Rainier in the background, cranes and a cargo container ship are shown at the Port of Tacoma in Tacoma, Wash. Yesterday, Nov 6, the Labor Department issues revised data on productivity in the second quarter. Photo: Ted S Warren/AP WASHINGTON Associated Press AMERICAN workers were less efficient in the July-September quarter, pushing down productivity for the first time since late 2015. With economic growth slowing, in part because the stimulus from Trump administration tax cuts is fading, many economists worry that worker productivity will follow suit. Most economists also believe that the Trump administration’s trade war with China has discouraged businesses from investing more in productivity-enhancing tools such as computers and machinery, offsetting the benefits from the 2017 corporate tax cut. The Labor Department said yesterday that productivity, a measure of economic output for each hour worked, fell 0.3% in the third quarter. The drop comes after two quarters of healthy gains. Still, productivity has increased just 1.4% in the past year, about two-thirds of its long-run average. Weak productivity growth has been a hallmark of the current economic expansion, now in its 11th year. It is a key reason the overall economy has expanded more slowly than in previous expansions. Greater productivity is an important ingredient in raising living standards. It enables companies to lift

worker pay without raising prices on customers. Economists noted that the data is volatile on a quarterly basis and said the negative reading is at least partly a blip. Still, it suggests recent increases in productivity may not last. “With economic momentum poised to cool further in 2020 and the economy no longer fiscally-stimulated, we expect productivity gains to continue to fade,” Lydia Boussour, senior economist at Oxford Economics, a consulting firm, said. The Trump administration promoted its 2017 corporate tax cut as a policy that would raise productivity by encouraging businesses to invest in more computers, machinery and other equipment. Productivity did pick up in the first half of this year after growing modestly in 2018, but it now appears to be dropping back to the slow growth that has occurred since the Great Recession ended. Many economists blame President Donald Trump’s trade war with China for discouraging businesses from spending more on goods that would make workers more productive. The tariffs imposed by both countries have raised business’s costs and caused many executives to postpone plans to expand and invest. “The trade policy situation has derailed (investment) to some degree,” said Stephen Stanley, chief economist at Amherst Pierpont Securities.

“Firms seem to have stepped back.” Still, Stanley said it is too early to determine whether or not the administration’s tax cuts have boosted investment. Economists point to many different reasons for the current sluggish level of productivity growth. Some argue that new technologies, such as smartphones and mobile software, simply aren’t that economically useful. Others say that innovations like search engines, which are free to users, aren’t properly captured in government data. The government’s report also shows that the low unemployment rate is driving up labour costs by forcing companies to pay more, a trend that could eventually raise inflation. For now, economists say that many corporations are absorbing the higher costs by reducing their profit margins, rather than passing the costs on to customers. Labor costs rose at an annual rate of 3.6% in the third quarter, and are up 3.1% in the past year. That annual gain is the largest in more than five years. That higher pay could provide key support to consumer spending in the coming months. The decline in productivity reflects slower economic growth combined with steady hiring. The economy grew just 1.9% in the third quarter, down from 2% in the second quarter and a 3.1% pace in the first three months of the year.

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

Vacancy Announcement The American Embassy in Nassau is accepting applications for the following position:

Mechanical Engineer Salary $51,114 - $76,672 Duties: The Mechanical Engineer shall be directly responsible to the OBO Project Director in the performance of their duties. Services shall generally consist of eight (8) hours a day, 40 hours a week from Monday through Friday or as otherwise directed. The mechanical engineer shall be available for compensated overtime work as directed by the OBO Project Director. The Mechanical Engineer will observe, inspect, and report on the construction of the New Embassy Compound (NEC) in Nassau as directed by the OBO Project Director. Interested candidates are required to possess the following skills and qualifications: • Education: Bachelor of Science degree in Mechanical Engineering from an accredited institution is required. • Experience: Five years of progressively responsible experience in Mechanical Engineering with at least three years of experience in the field of building construction. • Language: English level IV (Fluent) Written/Speaking/Reading is required. The complete Vacancy Announcement and Application forms are available online at: https://bs.usembassy.gov/embassy/jobs Application forms must be submitted electronically to the following email for consideration: NassauHR@state.gov. Applications will not be accepted at the Security Gate of the Embassy or by mail or other means of delivery. Deadline for applications is November 8, 2019. Due to the high volume of applications, unsuccessful candidates will not be contacted.

PAGE 16, Thursday, November 7, 2019

THE TRIBUNE

Grounded Boeing jet hits another pothole in path to return DALLAS Associated Press REGULATORS are asking Boeing to revise documentation of its proposed fixes to software on the 737 Max jet, and the company said yesterday that it is too early to know whether the request will further delay the return of the grounded plane. Boeing says it is in the final stages of making fixes to the Max, which has been grounded eight months after two crashes that killed 346 people. The CEO of American Airlines, a major Boeing customer, said he is growing more confident that the Max will soon be approved to fly again. Regulators began

reviewing Boeing’s technical documentation within the last week, and the audit has not been completed. The review involves specifications for software to use a second flight-control computer, not just one, on all flights. Boeing spokesman Gordon Johndroe said the MCAS documentation was presented in a format used in the past, but regulators want it in a different form, and the company is doing that. He said the company is continuing to work with FAA and other regulators while the audit is being conducted. “It’s too early to speculate on how this might affect the schedule” for returning the Max to service, Johndroe said.

Luxury Construction company is looking for a Senior accountant to assist the CFO in overseeing general accounting operations by controlling and verifying our financial transactions. Responsibilities ·

Verify, allocate, post and reconcile accounts payable and receivable Produce error-free accounting reports and present their results Spot errors and suggest ways to improve efficiency and spending Provide technical support and advice to CFO on management accounting Review and recommend modifications to accounting systems and procedures Provide input into department’s goal setting process Assist in preparation of financial statements according to schedule Assist with Value Added Tax returns Direct internal and external audits to ensure compliance Support month-end and year-end close process Develop and document business processes and accounting policies to maintain and strengthen internal controls

· · · · · · · · · ·

Requirements ·

Thorough knowledge of basic accounting procedures Familiarity with financial accounting statements Experience with general ledger functions and the month-end/year-end close process Accuracy and attention to detail Aptitude for numbers and quantitative skills BS degree in Accounting, Finance or relevant

· · · · ·

Email resumes to

242constructionjobs@gmail.com

Boeing has already taken months longer than expected to make fixes to the plane, but it still aims for Federal Aviation Administration approval of its changes before the end of the year. The most important upgrade deals with software in a flight-control system called MCAS. Before both accidents, a faulty sensor triggered MCAS and caused it to push the plane’s nose down; pilots were unable to regain control. Pilots were not told about MCAS until after the first accident — it was not described in pilot manuals for the Max. Boeing assumed that pilots would use longstanding procedures for handling a nose-down pitch of the plane even if they didn’t know what caused it. “We build those manuals to try to train the pilots on how to respond to the effects of failures rather than diagnose failures,” Boeing CEO Dennis Muilenburg said yesterday at a New York Times conference. A day earlier, Boeing Chairman David Calhoun said Muilenburg volunteered to refuse a bonus in 2019 and stock awards until the Max is back in full service, which Calhoun said would take at least a year. Muilenburg said he will forgo “tens of millions of dollars ultimately” to take personal responsibility. Several relatives of passengers who died in the crashes have said Muilenburg should resign, a move the CEO has resisted. Meanwhile, American Airlines CEO Doug Parker said nothing is certain about the Max’s return, “but we feel a lot better about the fact that indeed the aircraft is going to get certified sometime in the near future. When it does, we will be ready.” Parker said at an investor conference in Chicago that he based his prediction on discussions American has held with Boeing and the FAA. American is already selling flights on five of its Max jets as early as Jan 15. Southwest Airlines is being more conservative, keeping the Max out of its schedule until Feb 8.

Vacancy Announcement The American Embassy in Nassau is accepting applications for the following position:

Electrical Engineer Salary $51,114 - $76,672 Duties: The Electrical Engineer shall be directly responsible to the OBO Project Director in the performance of their duties. Services shall generally consist of eight (8) hours a day, 40 hours a week from Monday through Friday or as Otherwise directed. The electrical engineer shall be available for compensated overtime work as directed by the OBO Project Director. The Electrical Engineer will observe, inspect, and report on the construction of the New Embassy Compound (NEC) in Nassau as directed by the OBO Project Director. Interested candidates are required to possess the following skills and qualifications: •

Education: Bachelor of Science degree in Electrical Engineering from an accredited institution is required.

•

Experience: Five years of progressively responsible experience in Electrical Engineering with at least three years of experience in the field of building construction.

•

Language: English level IV (Fluent) Written/Speaking/Reading is required.

The complete Vacancy Announcement and Application forms are available online at: https://bs.usembassy.gov/embassy/jobs Application forms must be submitted electronically to the following email for consideration: NassauHR@state.gov. Applications will not be accepted at the Security Gate of the Embassy or by mail or other means of delivery. Deadline for applications is November 8, 2019. Due to the high volume of applications, unsuccessful candidates will not be contacted.

THE TRIBUNE

Thursday, November 7, 2019, PAGE 17

BRAZIL’S OIL TENDER YIELDS $17BN, FALLS SHORT OF HOPES RIO DE JANEIRO Associated Press BRAZIL awarded two of the four blocks on offer in its priciest oil auction since 2010 yesterday, securing about $17bn dollars but falling short of government expectations. The highly anticipated tender had captured the attention of some of the world’s biggest oil firms, including the United States’ ExxonMobil and other companies from China, Malaysia and Norway. In the end, few participated. Chinese state-owned oil firms CNOOC and CNODC won the largest block, Buzios, in a

consortium with Brazil’s state-controlled Petrobras. The Chinese will have a minority share of ten percent in the joint venture. Petrobras was the sole participant and de facto winner of the second awarded block, Itapu. “We have to evaluate why the big (oil firms) didn’t participate in this auction,” said Brazil’s energy minister, Bento Albuquerque, adding that the government will review the auction’s methodology to improve future tenders. The contract terms stipulated that winning bidders were to reimburse an undisclosed amount of money to Petrobras to compensate for

NOTICE NOTICE is hereby given that ROSELENE LOUIS, of #29 Hillside Street off Mackey Street, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JENNIFER ST. FORT, of 23B Turnquest Avenue, Stapledon Gardens, P.O. Box SS-19102, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 31st day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

exploratory works already carried out by the company. The fact that this sum was to be negotiated after the auction represented additional risk for potential investors. Brazilian energy officials after the event maintained the auction was a success, though the proceeds fell short of the $26bn the government could have obtained if all four blocks

had been auctioned. Décio Oddone, director of Brazil’s National Agency of Petroleum, Natural Gas and Biofuels called it a “historic day” for the oil sector. The tender is the result of years of difficult negotiations between the federal government, Petrobras, which had previous rights on the oil fields, and Brazilian states that also wanted a

share of the windfall. Brazil’s oil sector has been recovering from the fall in international oil prices since 2014 as well as the sprawling “Car Wash” anti-graft probe that unveiled endemic corruption at the top levels of Petrobras and the government. “We had a crisis here in Brazil,” Oddone said in an interview with The

Associated Press before the tender. “The oil sector hit the wall. We had to do something for the market to recover.” According to Fernanda Delgado, head of research at the Getulio Vargas Foundation’s energy department, Brazil is now considered a “hot spot” for oil investment, for its attractive geology, contract terms, and stable political context.

UNIQUE VACATIONS LIMITED VACANCY Digital Marketing Manager Unique Vacations is looking for a Digital Marketing Manager who will be responsible for the development and management of advertising campaigns, providing insights as well as expertise when it comes to social media, and improving the brands recognition in the online world. Job Summary: The Digital Marketing Manager will play a key role in the development, implementation, and optimization of various online marketing initiatives including SEO, SEM, Analytics, Email Marketing and Affiliate Marketing programs. In this role you will need to handle several different tasks concurrently which requires working closely with management, agency partners, and cross-functional teams to coordinate resources and align objectives. The Digital Marketing Manager should have a proven track record, and examples of previous successful campaigns Areas of Responsibility • Work with management to define and develop a comprehensive digital marketing strategy • Manage digital marketing initiatives/campaigns to meet the business goals and enhance the customer experience and journey • Incorporate industry best practices and benchmark to competitor websites • Develop strategies and tactics for: emails, website, landing pages, online ads, social, affiliate, client communications, blogs, info graphics and concepts for special projects • Develop and distribute monthly business metrics/dashboards on performance, consisting of web, mobile, and email data • Any other duties/projects as deemed necessary by management Experience/Skills/Qualifications: • • • • • •

3 + years of paid digital media management on agency or client side Bachelor’s Degree IT or equivalent Paid search & SEO optimization techniques Experience with Google Analytics Experience managing a medium-large brand Ability to work with and lead external vendor/partner relationships including negotiating contracts and terms • Excellent time management, organizational, communication, and analytical skills • Preferred: travel industry experience Only short-listed candidates will be contacted. Interested persons should submit their applications by November 8th, 2019 with curriculum vitae to hrreport6@gmail.com

PAGE 18, Thursday, November 7, 2019

THE TRIBUNE

US stock indexes hit pause, hold close to record levels NEW YORK Associated Press A MEANDERING day of trading left US stock indexes close to their record highs yesterday, as strong

gains for health care companies jousted with sharp drops in energy stocks. The market took a decisive turn lower in the middle of the day after a report from Reuters said the United States and China

may delay signing “phase one” of their trade deal until December, but the drop didn’t last long. After sinking 0.3%, the S&P 500 erased its loss within about two hours. By the end of the day, the

index was up 2.16 points, or 0.1%, at 3,076.78. It’s within two points of its record. The Dow Jones Industrial Average dipped 0.07 points, less than 0.1%, to 27,492.56, and the Nasdaq composite fell 24.05, or 0.3%, to 8,410.63. The US-China trade war has been a top concern for investors since early 2018, and momentum has recently been tilting toward at least a partial agreement. That, combined with encouraging reports on the economy and corporate profits, have recently propelled US indexes past their prior peaks from July to alltime highs. While acknowledging that trade talks could easily falter again, Jeff Mills, chief investment officer at Bryn Mawr Trust, said both sides have an incentive to come to a deal. China’s economic growth has slowed under the weight of increased US tariffs. President Donald Trump’s chances of reelection, meanwhile, likely hinge in large part on the economy, and a worsening trade war would only sour it. Mills is optimistic the economy will show more

To advertise in The Tribune, contact 502-2394

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 6 NOVEMBER 2019

life after the Federal Reserve cut interest rates three times this year, if trade tensions continue to ratchet lower. It would be a sharp turnaround from just a few months ago, when worries were spiking that Trump’s trade war and four interest-rate increases by the Federal Reserve in 2018 could tip the economy into a recession. “People know this intellectually but tend not to focus on it: Changes in interest rates impact the economy with a significant lag,” Mills said. “What we’ve been seeing the last year or so is the economy absorbing the rise in interest rates that we experienced in 2018.” Early next year, the economy should start to get a boost from the Fed’s three rate cuts since the summer, “and I would expect the market to see the recession narrative as overblown,” he said. Until then, though, markets are still trading on every whiff of news about trade. Yesterday’s moves following the report of a possible “phase one” delay demonstrated that. “Trade is a key issue but it’s difficult to gain an edge because no deal has been signed,” said Tom Hainlin, national investment strategist at US Bank Wealth Management. “It’s proving to be challenging for investors.” One thing more certain for investors has been the steady flow of better-thanexpected profit reports from big companies. Over the last month, hundreds have told investors how much they made from July through September, and in most cases the declines were not as steep as analysts had forecast. With about 80% of reports in hand, S&P 500 companies on track to report a drop of 2.6% in earnings from a year earlier, according to FactSet. That’s versus initial expectations for a 4% decline. Health care stocks had some of yesterday’s most

notable reports. CVS Health helped lead the way with a 5.4% gain after it reported a stronger profit for the latest quarter than analysts expected and raised its forecast for the year. Humana jumped 3.5% after it also turned in a better-than-expected earnings report. Together, they helped drive health care stocks in the S&P 500 to a 0.6% gain, the largest among the 11 sectors that make up the index. On the losing end were energy stocks, which sank 2.3% for the market’s worst losses after oil prices slumped. Exxon Mobil lost 2.2%, and oilfield services provider Schlumberger fell 3.2%. Occidental Petroleum tumbled 5.5%. Benchmark US crude lost 88 cents to $56.35 per barrel after a report showed that the amount of oil supplies in inventories rose last week. Brent crude fell $1.22 to $61.74. Treasury yields dipped, putting at least a temporary halt to the strong gains they’ve made in recent days. The yield on the ten-year Treasury fell to 1.82% from 1.86% late on Tuesday. Global markets mostly drifted higher. France’s CAC 40 rose 0.3%, Germany’s DAX returned 0.2% and the FTSE 100 in London added 0.1%. The Japanese Nikkei 225 rose 0.2%, the South Korean Kospi gained 0.1% and the Hang Seng in Hong Kong was virtually flat. In commodities markets, wholesale gasoline fell five cents to $1.63 per gallon. Heating oil lost three cents to $1.93 per gallon. Natural gas fell three cents to $2.83 per 1,000 cubic feet. Gold rose $9.40 to $1,490.20 per ounce, silver rose four cents to $17.56 per ounce and copper fell threecents to $2.66 per pound. The dollar fell to 108.93 Japanese yen from 109.24 yen on Tuesday. The euro edged up to $1.1069 from $1.1065.

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,210.69 | CHG: -0.67 | %CHG: -0.03 | YTD: 101.24 | YTD%: 4.80 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 3.85 10.21 7.51 16.50 9.40 3.64 14.20

52WK LOW 3.65 20.91 4.90 4.46 1.01 0.22 2.00 9.25 6.15 3.95 6.75 2.35 1.76 7.51 6.10 12.10 6.20 3.01 13.01

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 2.27 4.31 2.07 194.86 158.57 1.65 1.82 1.74 1.21 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 1.58 1.69 1.66 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 3.68 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.12 8.55 3.51 3.85 9.92 7.51 16.50 9.33 3.54 14.20

CLOSE 3.68 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.12 8.55 3.51 3.85 9.92 7.51 16.50 9.33 3.54 14.00

CHANGE 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 0.00 0.00 0.00 -0.20

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 Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME

1,100

VOLUME

NAV 2.27 4.30 2.07 193.72 158.42 1.65 1.82 1.74 1.19 8.23 10.10 6.85 11.24 12.28 10.74 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 15.4 18.7 N/M 16.0 N/M N/M -10.7 15.3 13.7 22.4 61.1 34.4 8.2 15.4 10.3 20.2 9.9 17.4 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.62% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 2.91% 0.00% 12.36% 1.56% 3.31% 3.20% 3.27% 2.14% 3.39% 4.36% 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% 2.77% 3.84% 1.38% 3.46% 2.03% 2.76% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 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 30-Sep-2019 30-Sep-2019 27-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-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

ENGAGEMENT OF AN AUDITOR AND CONSULTANTS FOR THE VARIOUS PROJECT REPORTS: PROJECT MANAGERS The Bahamas Environment, Science and Technology (BEST) Commission is seeking qualified individuals to provide consultancy services for Project Manager of Biodiversity and Climate Change Projects. CERTIFIED FINANCIAL AUDITOR NEEDED The Bahamas Environment, Science and Technology (BEST) Commission of the Ministry of the Environment & Housing requires auditing of financial statements for internationally funded projects. The complete Terms of References and process for responding to employment opportunities are available at The BEST Commission website www.best. gov.bs/projects/ Submissions can be directed to inquiries@best.gov.bs or call 322-4546 SUBMISSION DEADLINE: November 29, 2019

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

PAGE 20, Thursday, November 7, 2019

THE TRIBUNE

Fewer protections come with digital payments like Apple Cash NEW YORK Associated Press MY DESPERATION to see Ariana Grande in concert created the perfect trap. Instead of seeing her sing about love and loss, I got sucked into an online ticket scheme that cost me $75 and a big chunk of my pride. Con artists often get away with scams like these because digital payment services such as Venmo and Apple Cash don’t protect consumers the same way credit cards do. As a rule of thumb, the newer the service, the more likely con artists will target it. “The regulations haven’t caught up with these technology capabilities,” said Krista Tedder, head of fraud management at the advisory firm Javelin Strategy & Research. With credit cards, a federal law caps your liability at $50, and most companies go further with zero-liability policies. Debit cards typically offer similar protections if you report the

THE APPLE Pay app on an iPhone in New York. Experts warn that digital wallet services like Apple Cash and Venmo are prime targets for scammers. fraud immediately. In addition, banks go through a series of verifications before letting someone open an account.

But digital payment services work more like cash. When fraud occurs, it’s as though someone took off with your $20 bill.

Because such services aren’t bound by the same regulations as credit and debit cards, it’s up to individual companies to offer

protections themselves. Experts say Western Union, which has been offering money transfers long before smartphones, devotes a team to monitoring and validating transactions. Tedder said Western Union would even call a customer if something looks suspicious. “They really treat every transaction as a potential risk,” Tedder said. A more recent service, PayPal, offers reimbursements when merchants ship damaged or counterfeit items, but digital money transfers aren’t covered. The newest ones, including Apple Cash, are still figuring out how to deal with fraud, experts say. Others, like Facebook’s proposed Libra currency, are on the horizon. “These payment systems should carry a big red flag that says you’re not protected,” said Avivah Litan, a senior analyst at Gartner. “I never use them because I know of all the perils.” Western Union and PayPal, which also owns Venmo, declined comment on their fraud-protection policies. Apple also declined to comment, but offers online tips that warn, “If you’re not sure about their identity, don’t send the payment.” To be fair, my phone warned me to use Apple Cash only with people I knew, but I ignored that in my desperation to get the tickets. I wrongly assumed that because Apple Cash was drawing money from my debit card account, I’d be protected if anything went wrong. As I looked for tickets online for Grande’s soldout show in September, some of the people I spoke to clearly were scammers: They wouldn’t send pictures of their tickets. Their social media account seemed too new to be real. But one person had a plausible story about just wanting to get some money back for a show he couldn’t attend. We talked twice through a Facebook Messenger call, which I found comforting, though my partner later pointed out it was a false sense of security. The biggest red flag I ignored was the scammer’s insistence on using Apple Cash, a payment method I was unfamiliar with. Launched in 2017, Apple Cash lets iPhone users send money to each other through Apple’s Messages app. Money you send comes out of your bank account. Money you get can be spent at merchants that take

Apple Pay or moved back to a bank account. Five minutes after I sent $75 through Apple Cash, the scammer’s Facebook account disappeared, and so did all my ways of contacting him. Since then, I’ve felt guilty and embarrassed that I fell for it, angry that companies aren’t protecting me and sad that I didn’t get to go to the concert. “A lot of people have this happen to them and blame themselves, and it’s not their fault,” Tedder said. It’s not clear how widespread these scams are. The Department of Justice found only 15% of all fraud victims report it to law enforcement. The FBI says while it’s unclear why so few people report fraud, many of the complaints they do receive show victims were embarrassed or worried their family would be devastated. Tedder said that if more people reported these scams, it could better inform government agencies tasked with tracking, and in turn, creating solutions and policies for these types of crimes. Experts also say consumers are typically unaware what is and isn’t protected. Litan said she believes the government should do more to educate people. There are some hopeful developments. Apple has partnered with Goldman Sachs for an Apple-branded credit card, which some experts say may put pressure on Apple to get more serious about protecting its consumers on other services like Apple Cash. But even newer services — and newer targets for scammers — are coming. Facebook is working on a digital currency called Libra, which the company says will allow for easier buying and selling across the internet. Facebook says when people spend libras through Facebook’s own wallet, Calibra, their identities will be verified to help guard against fraud. But well before the currency’s launch, scammers are already trying to sell fake libras. In the words of Ariana Grande, I have “learned from the pain.” Fortunately, I’ll be able to see her sing that very line next week in New York, as she added more concert dates after I was scammed. I bought two tickets through Ticketmaster. Though fees get expensive, I now realise I’m paying for peace of mind.

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