12162019 BUSINESS

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MONDAY, DECEMBER 16, 2019

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$5.4m poverty fight spend’s little value By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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OVERTY-stricken families and the Bahamian taxpayer have received almost no value from a near-$5.4m investment in welfare reform that was halted by the Minnis administration. An Inter-American Development Bank (IDB) report on efforts to reform The Bahamas’ social safety net, which it helped to finance, reveals that the already-launched initiative

• Project halted mid-flow by Minnis govt • ‘Total loss’ to welfare dependency battle • Was ‘onslaught on generational poverty’ was “cancelled after the change in policy directionâ€? that followed the May 2017 general election. The document, which has been obtained by Tribune Business, reveals that $5.374m in IDB financing had been spent by the time the project was stopped. This now represents monies LANISHA ROLLE

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FRANKIE CAMPBELL

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Super Value chief ‘100%’ confident resort deal close By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value’s owner says he is “100 percent� confident that the sale of his Bimini Sands resort will close as early as this week, adding: “I’m doing the island a favour by exiting.� Rupert Roberts told Tribune Business he hoped to conclude the deal this week after the intended purchasers, the Asplundh family, put their signatures to the agreement in Bimini on Friday. Revealing that he was “too busy selling potatoes and onions�, Mr Roberts said he needed to pass Bimini Sands on to a buyer with the capital and expertise to properly oversee its future development because it had become too “time intensive�.

RUPERT ROBERTS “We are there,� he confirmed of the sale’s imminent conclusion. “Everything is in play. We’ve been working it for weeks. I’d hope to sign some time next [this] week. Something like this involves a lot of details, and takes a lot of time to clean up.� Mr Roberts said Peter Maury, who he hired as a consultant to help oversee Bimini Sands’ operations, had visited Bimini on Friday

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Fears voiced on govt renewable energy takeover By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net RENEWABLE energy providers have voiced fears that the government’s planned $170m financing vehicle will “squeeze out� the private sector and “kill an already-struggling industry�. Guilden Gilbert, vicepresident of Alternative Power Solutions (APS) Bahamas, told Tribune Business that the government needed to “just open the space up and get out the way� rather than seemingly seeking to take full state control of the country’s renewable energy sector.

He and others called for urgent “clarification� over the just-approved InterAmerican Development Bank (IDB) project that proposes to inject $170m of solar project financing into an initially government-owned special purpose vehicle (SPV) to spearhead the rollout of renewable energy throughout The Bahamas. Project documents seen by Tribune Business reveal that this entity will then finance the development, construction and operation of utility-scale solar plants in the Family Islands that will then sell all the energy they produce to Bahamas Power

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‘Fluid’ Lucayan deal targeting year-end close By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government is aiming to close “fluid� negotiations for the Grand Lucayan’s sale by year-end, as its chairman hit out at the “shocking� state of Grand Bahama’s main airport. Michael Scott compared the facility’s current appearance to a “Red Cross relief shelter� even amid hopes that US aviation regulators will today give the all-clear for it to begin receiving international commercial flights.

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MICHAEL SCOTT He confirmed that the absence of meaningful airlift was impacting occupancies and business prospects for the Grand Lucayan, as well as other Freeport resorts

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S the search continues for new ways to grow the Bahamian economy, Mayaguana’s potential contribution towards its growth merits a closer look at. In the previous segment on Mayaguana, the island was described as a “blank slate” for investment. This article dives deeper into recent conversations about transforming the island into a transshipment hub that could service international routes, as well as remodeling the airport to become one of the best in the southern Family Islands. While conversations about these projects have

MAYAGUANA EYED FOR SHIPPING HUB BY Roderick A Simms II, Advocate for Family Island Development, RASII@ME.com

THE TRIBUNE been around for some time, an attempt to find out the what, why and how is needed. Port Mayaguana At a recent local civic meeting, residents of Mayaguana met with a top government advisor who presented a potential project called “Port Mayaguana”. To be clear, this potential project has yet to be pitched at, or approved by, the government and is currently a working idea that both government officials and residents of Mayaguana need to collaborate on. But based on research provided in the presentation, project “Port Mayaguana” has the ability to provide a sustainable means of economic growth for the island and, by extension, The Bahamas. For starters, it was pointed out that Mayaguana’s geographical location is ideal for a transshipment hub since it is located in a major shipping lane. Minimum dredging is required since there has very easy access to deep waters. The proposed port would be located at the southern part of Betsy Bay, and would be owned in its entirety by the Bahamian government. It was also revealed that since Mayaguana’s land mass is 40 percent larger than New Providence, this proposed port could mean bigger - and better - business than the current Arawak Cay container port in the capital and in Grand Bahama. Another win for Mayaguana is that there is no constraint on available land, meaning that there would be no legal issues involved in defining the port’s site as this - and the surrounding land - is 100 percent crown land, meaning it is owned by the government. The island also has a high-quality limestone, which would facilitate lower development costs for industrial projects of this kind. While it appears that the proposal has the potential to increase commerce and employment on Mayaguana, there are some challenges that may come

along as details unfold regarding the funding and development of this venture. Challenges One of the most important considerations for this project is how it will be financed. There are many different vehicles that the government can use to fund a project of this size, but a cost has yet to be pinned to it. The government also has to hire a port developer to provide advisory services, which would be another cost to consider. Since the government is operating at a multi-million dollar annual deficit, borrowing funds to facilitate this venture would have a dampening impact on its current fiscal position. It was also mentioned that this project, in the long run, could provide 5,000 direct and 12,500 indirect jobs. Mayaguana currently has nowhere near enough housing, let alone a sufficiently large and trained workforce, for such a project. The island currently has a population of 200 persons. Therefore, if the project comes to fruition, phase one should focus heavily on education and training for local residents, while also urging Bahamians from other islands to embrace new opportunities. It may not be difficult to find investors are willing to pay for housing communities and training sessions once things start to kickoff on the proposed port. Investors are sure to flock where revenue-generating projects are reliable and stable enough to invest in. The best deal In a project of this size, the question is always asked: “Who will benefit the most?” Ideally, the ratio of Bahamians to foreign workers should be very high. The government must take into consideration feedback from residents, business owners, environmentalists and local civic groups. It is important for it to consider allowing Bahamians to have an ownership stake in this proposed historical venture. That way, Bahamians

will be more incentivised to ensure business is always booming. Airport Improvement Mayaguana’s airport has been in need of remodelling for quite some time. At the meeting, it was revealed that approval was granted by Cabinet for construction of a new terminal building. If construction does follow through, this would be a great start towards economic development on the island. The most wellknown investment group pinned to Mayaguana has been the Boston-based I-Group, which proposed a $1.8bn development back in 2006. The thengovernment entered into a Heads of Agreement with Mayaguana Island Developers (MID), a joint venture entity owned 50/50 by the government through the Hotel Corporation of The Bahamas (HCB) and the I-Group. A $7m airport development was proposed for the island. But events did not pan out as planned. Without a proper airstrip, making Mayaguana a commercial hub for the southern Family Islands will prove difficult. Conclusion If everything goes as planned, the best way to describe the outcome of these proposed ventures is a “commerce boom”. With a functional container port, an improved airport and a trained workforce, Mayaguana will top the list of islands in The Bahamas that are worth investing in. Local and international entrepreneurs will be more than incentivised to do business in The Bahamas. In addition, tourism projects such as a proper marina and cruise port terminal could be an easy pitch to potential investors once they are able to see the growth and competitive advantage this island could achieve. Not only could Mayaguana be a pillar of economic growth for The Bahamas, but it will also give competing regional countries such as Puerto Rico and Jamaica a run for their money.

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Monday, December 16, 2019, PAGE 3

CLIMATE CHANGE CONCERNS RAISED OVER DISNEY PROJECT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SCIENTISTS have said they are “most concerned” about Disney Cruise Line’s failure to-date to address climate change and Marine Protected Area (MOA) issues relating to its south Eleuthera project. Dr David Philipp, chair of the board of directors for the Fisheries Conservation Foundation, told his Disney counterpart that he and 23 other scientists had accepted the cruise line’s offer to discuss the environmental review underway for its Lighthouse Point project. Yet his December 10 letter to Dr Mark Penning, Disney’s vice-president of animal science and environment, said: “We also want to express our

disappointment with the lack of your acknowledgement of two of our most fundamental concerns: climate change, particularly after Hurricane Dorian, and Marine Protected Areas (MPAs.) “A recent study using new models finds that the risks of sea level rise are greater than earlier predicted, with The Bahamas being the most vulnerable country in the Caribbean... Perhaps most concerning is that your response chose to ignore climate change and Marine Protected Areas.​ “Climate change poses serious and intensifying threats to The Bahamas, and Marine Protected Areas such as the one proposed at Lighthouse Point serve a critical role in the mitigation of its impacts. MPAs in general, and Lighthouse Point in

particular, are essential to the resiliency of our oceans already under immense pressure.” Dr Philipp also urged his Disney counterpart to specify “the wildly speculative and misinformed rhetoric being shared by those who oppose the project”, which he had “seemed to imply” that the 24 scientists had relied upon in their previous letter. “We are eager to review with you ways to assure that we and other concerned scientists and citizens are not misled by any misinformation (from whatever the source) in weighing decisions on the future of such an important area,” he added. “We assume that Disney’s environmental review of the proposed project will take into account sea level rise and other

climate change impacts. How will the potential for more intense hurricanes and storm surges be factored into the decision as to whether this is an appropriate site for a cruise ship port? “Will the EIA (Environmental Impact Assessment) consider whether or not the proposed cruise port will exacerbate climate change or decrease ocean resiliency? How does the prospect of more sea level rise affect the economics of the project and the consideration of alternative sites? All of these are critical questions that must be addressed by the EIA,” Dr Philipp continued. “The world and Disney can no longer afford to deny or ignore the realities of a changing climate and a deteriorating ocean. Disney has an opportunity

to change course here and to work with us and the Bahamian environmental community to chart a route to a more sustainable future.” Bahamian members of the Last Chance for Lighthouse Point group, which is aiming to halt a project already approved by the government, also weighed in. Sam Dumcombe, executive director of reEarth, said: “An environmental review that was truly up to international standards would have included the input of all stakeholders, especially the environmental community, from the start. That being said, we still welcome the opportunity to have a productive conversation about the future of Lighthouse Point and potential sustainable alternatives.”

Casuarina McKinney-Lambert, executive director of BREEF, added: “​ There is still no publicly available information about the scope of the EIA, and this is of great concern. As part of the process, we would expect to see full and transparent consultations with the groups and experts who have decades of experience with environments across The Bahamas and at Lighthouse Point.” Marc Yaggi, executive director, Waterkeeper Alliance, said: “​ Disney needs to stop ignoring climate change at Lighthouse Point. Disney has an opportunity to change course here and to work with the scientists and with the Bahamian environmental community to chart a new course to a more sustainable future for Eleuthera and The Bahamas.”

GB airport awaits BPL: IT’S A ‘GO’ FOR NEW GENERATION inspection today By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Government’s top aviation official says US regulators are expected to clear Grand Bahama International Airport to receive international flights following an inspection today. Algernon Cargill, pictured, director of aviation, told Tribune Business: “The Abaco airport was cleared by the TSA (Transportation Security Administration) and has reopened. The Grand Bahama airport will be cleared on Monday. “When the TSA comes on Monday we expect to have the airport ready to be reopened. As a matter of fact, Sunwing will have their first flight coming in from Canada on this Saturday.” The government had been hoping Grand Bahama would receive clearance from the TSA last Tuesday, and be able

to reopen to international flights on the Wednesday, but this has seemingly not happened. The delays have occurred as the government gives serious thought to nationalising the airport through its purchase from current owners, the Grand Bahama Port Authority (GBPA) and Hutchison Whampoa. Gregory Laroda, the Grand Bahama Chamber of Commerce president, and others have called for the government to step in and buy the airport due to

the duo’s failure to begin repairs to the airport. Dionisio D’Aguilar, minister of tourism and aviation, said: “They (Hutchison) have not demonstrated an effort to rebuild that airport to where it was before and they seem somewhat reluctant, so the government is considering its options.” Ian Rolle, the GBPA’s president, said while confirming these negotiations: “I know my shareholders would entertain anything in the best interest of Freeport.” There has been no estimated price tag given by either side on the cost of the airport, but Mr D’Aguilar estimated it will likely take anywhere between $20m to $40m to rebuild the airport terminal and surrounding facilities.

BAHAMAS Power and Light (BPL) yesterday said its new 132 megawatts (MW) of generation capacity “are go” after meeting its December 15 deadline to link them to the grid. Dr Donovan Moxey, BPL’s chairman, said the Wartsila engines “have been putting power to the grid all week long” as the state-owned utility seeks to bring relief to its long-suffering customers following a summer marked by constant load shedding and power blackouts. BPL invested $95M in seven Wartsila 50DF tri-fuel engines, each of which has been commissioned over the past few weeks and tested at full load on New Providence’s power grid. Engines will be connected to the grid over the coming weeks in a phased approach to space out maintenance cycles. The completion of Clifton Pier’s “Station A” provides BPL and its customers

with 132 MW of more efficient, lower-cost energy that will become the new baseload generation for New Providence. Dr Donovan Moxey said in a statement: “The advent of the new power plant at Station A is exciting for us at BPL. It marks the first milestone on our strategic turnaround plan for our national utility, and it means we are close to bringing an end to load-shedding. “We are excited to usher in a new age of reliable energy production at BPL, and the first phase of lowering our fuel costs and bringing Bahamians the reliable, affordable and safe power they deserve.” Whitney Heastie, BPL’s chief executive, added: “This is a critical accomplishment for us. We have been working miracles to keep a severely debilitated generation fleet online, plagued by old machines that have – for various reasons – not been maintained as well as they could have been, and also by a growing demand for

electricity that has taxed our ability to supply. “Now, with the replacement power out of Clifton Pier, we can shift our baseload generation – that is, the first power to the grid and the foundation of our power supply – to Station A, which means we’re burning cheaper, more efficient fuel with more reliable engines first. Our customers will see the difference.” The decision to build a new power plant at Station A was taken by the BPL board of directors following the September 2018 fire that took its then-best generation assets offline. Working with Shell North America, BPL selected Wartsila to build the plant at Station A, and the process of clearing out the decommissioned engines began in November 2018. The major benefits of Station A are intended to be increased reliability, a lower cost of electricity, increased energy and price security, a substantial improvement in the power generation reliability in New Providence.

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THE TRIBUNE

Airport bracing for Bahamas enjoying 230k passengers ‘major’ airlift growth

SKYVIEW of LPIA

LYNDEN Pindling International Airport (LPIA) is aiming to make it feel like Christmas for the 230,000 passengers set to move through its three terminals over the next two-and-ahalf weeks. “Based on historic passenger numbers this year and our initial projections, we are in for a busy season here at the airport. Our focus at NAD is to continue to work with all of the relevant stakeholders to ensure the smooth movement of passengers through our facilities, especially during the peak periods,” said Jan Knowles, Nassau Airport Development Company’s (NAD) vice-president of marketing and commercial development. “Our goal is to use best practices implemented over the Easter, summer and Thanksgiving periods to manage passenger flow.

The in-terminal holiday activities, entertainment and special promotions are a way for us to make the travel process more enjoyable for passengers.” She added: “We’re encouraging persons travelling between now and the New Year to plan ahead and stay connected to the airport, and their airlines for relevant travel updates. It’s also advised that persons travelling on US-bound flights to arrive at least three hours prior to their scheduled departure time and two hours for international and domestic departures.” NAD, the airport operator, has launched its seasonal entertainment programme in-terminal with 230,000 persons set to move through its terminals between mid-December and January 2. On December 12, mixologist Marv

Cunningham staged a holiday- inspired mixology session featuring Spice Guava Egg Nog, Peppermint Mojito and Santa’s Little Helper, a non-alcoholic drink for children. The halls are decked and the trees are trimmed at Lynden Pindling International Airport (LPIA) as the country’s major gateway prepares to manage heavy passenger traffic over the Christmas season. Between mid-December, 2019 and January 2nd, 2020, an estimated 230,000 passengers will be processed through the airport’s three terminals. LPIA’s commercial retailers last week launched their 12 Days of Christmas promotion, and US-bound passengers spending $25 or more had a chance to “spin and win” LPIA paraphernalia. Retail promotions will continue through Christmas Eve.

THE Bahamas has seen “significant airlift growth” to Nassau and two other islands as its pushes its “open for business” message in the aftermath of Hurricane Dorian. Tyrone Sawyer, senior director of airlift development for the Ministry of Tourism and Aviation, said: “There has been significant growth in air seat capacity to Nassau, North Eleuthera and Exuma, major Bahamas markets, from the following hubs: Charlotte, Atlanta, Toronto, Miami, Dallas/ Fort Worth and Newark. “These are some of the key hubs undergirding airlift to the islands of The Bahamas, and this increase in airlift to The Bahamas is well-positioned to drive the country’s tourism growth. There is a high volume of non-stop flights from key tourist markets in close proximity The Bahamas. This proximity advantage gives The Bahamas the unique ability to

attract high income visitors, with the desire to achieve a foreign, accessible, authentic vacation experience at competitive prices.” Mr Sawyer also pointed to the new and increased flights that will affect the upcoming winter travel season, and added: “The islands of The Bahamas have - and will - benefit from increases in non-stop air seat capacity from core tourist markets like New York, Fort Lauderdale, Houston, Boston, Orlando, West Palm Beach, Jacksonville and Chicago.” He said the upcoming increases in airlift include: • JetBlue will add a second daily flight from Boston to Nassau in March and April 2020 • United Airlines will add a new non-stop Saturday-only jet from Denver to Nassau in March 2020 • Silver Airways is adding a Fort Lauderdale to Bimini flight, supported by connections through its code share partners,

‘Fluid’ Lucayan deal targeting year-end close

FROM PAGE ONE

that have opened post-Hurricane Dorian, although the property’s performance had been “significantly” better under the government than former owner, Hutchison Whampoa. The Grand Lucayan chairman added that while there was “a lot of talk and noise” on restoring the Grand Bahama International Airport to its pre-storm condition, more action was required to make this happen. “We’re trying to get a signing of the documents by the end of the year, within the next two weeks,” Mr Scott revealed in relation to the Grand Lucayan’s sale to the ITM Group/Royal Caribbean joint venture. “There’s a lot of things that

are fluid right now, so I can’t say too much. The aim is to get everything done by the end of the year.” The Royal Caribbean/ITM project, which involves the creation of some 2,000 jobs via a $195m first phase investment that includes the resort purchase price, is among the projects the government is banking on to revive the Bahamian economy post-Dorian and return it to 2.1 percent growth by 2021. “The project is poised to act as an economic stimulus to Grand Bahama, bringing approximately two million passengers annually to make use of the associated facilities which will include a five-star hotel property, water-based family entertainment, as well as dining, gaming and other entertainment options,” the government’s just-released

JetBlue and United • Air Canada will increase its Montreal to Nassau non-stop flights from two to four flights per week in December 2019 Dionisio D’Aguilar, minister of tourism and aviation, said: “Over the past two years we have seen improved load factor performance by most of our airline partners serving the islands of The Bahamas from origin and destination markets. “This increase in consumer demand, driven by vigorous promotional efforts in the marketplace by the Ministry of Tourism and Aviation and our industry partners, has given our airline partners renewed confidence to increase air seat capacity from key markets to set the stage for further growth.” Mr Sawyer added: “The goal is to build upon a proven formula: Build strong demand and airlift will follow.” Fiscal Strategy Report said. “The additional cruise passengers will also present an opportunity for local vendors, taxi drivers, arts and crafts artisans and other souvenir businesses to benefit from increased sales. Negotiations to finalise this sale are expected to be completed by end-2019.” The government is also likely to be extremely eager to exit the resort ownership business, and get the Grand Lucayan off its books, given the $43m that it pumped into the hotel to cover its operating losses and other costs during the 2018-2019 fiscal year. Selling it will also reduce its contingent liabilities by some $35m. While the $65m purchase price may not recover the government’s entire Grand Lucayan outlay upfront, it will be hoping that the increased economic activity and extra employment created by the Royal Caribbean/ITM project will more than offset this on the back end.

THE TRIBUNE

Monday, December 16, 2019, PAGE 5

HIGH OFFICE, RETAIL DEMAND FOR $250M PI DEVELOPMENT THE developer behind Hurricane Hole’s $250m revival has fully leased all the office space in phase one of its project together with 80 percent of the retail units, it has revealed. Sterling Global Financial said the Paradise Islandbased development is “on budget and ahead of schedule”, with 120 workers on-site and buildings under construction having already reached the third floor level. $250m development that will inject new life into Paradise Island creating a live, work, play community with luxury condominiums, dining, retail, office space and a new superyacht marina is “on budget and ahead of schedule”, according to developer Sterling Global. “Thanks to an incredible

team, the Sterling Hurricane Hole project, including Sterling Commons, is on budget and ahead of schedule - a dream place to be any time you are in the midst of a project of this magnitude,” said Bill Green, president of Sterling Developments. Sterling Global Financial broke ground on the 13.5acre development, designed as a “live, work, play” community with luxury condominiums, dining, retail, office space and a new superyacht marina. “After the music stopped and the festivities died down, we began work immediately and the pace has been steady. No more pomp, just a lot of performance on the ground and the promise is coming true, rising out of the ground and now up to the third floor,”

said Khaalis Rolle, president of Sterling Advisory Services. Messrs Green and Rolle said the goal is to complete the ten-year mixed-use project in half the time. “On any given day we have about 120 workers on site,” said Mr Rolle, “and thanks to our construction management team headed by Nick Mamo, co-ordination has been superb. “The landmark Hurricane Hole Marina will be restored to meet the requirements of today’s super-yachts while taking great care to maintain, and wherever we can, improve the surrounding or adjoining marine environment. “We are committed to taking great care with the waters not only because it makes good business sense,

RESTAURANT GAINS $89K DEBT FUNDING

opportunity to start my business. This was always a passion for me,” Ms Marshall said. “I am also able to spread the good news to all of my classmates who started with me at the SBDC but fell by the wayside because of discouragement. I want to let them know the SBDC is the gateway to the other side for aspiring entrepreneurs like me.” Winston Mitchell, the SBDC’s advisor for Dynasty Café, said: “Kimberley is one of the most determined persons I’ve ever met. Despite challenges and setbacks, she continued to be strong and push to see her vision funded. I believe that Dynasty Café will succeed because the restaurant’s owner is determined to be successful. The SBDC only gave Kimberly the tools and guidance to remain successful.” Before joining the SBDC, Ms Marshall tried for five years to obtain financing and now believes the centre is the solution when it comes to small businesses accessing capital. “I feel without the SBDC it is near impossible to get

funding to start your business,” she added. “The SBDC is the solution. They are your guarantors. They convince the financial institution to see the vision because they believe in you and your dream. “Before the SBDC I tried to access funding from other financial institutions and I was unsuccessful. Financial institutions told me I needed capital or collateral to start my business; this was five years trying. “The SBDC was the foundation for the Dynasty Café. It was a long journey to get to where I am at today. I believe hard work and dedication will always pay off as long as you have determination. The SBDC is indeed the solution for persons wanting to get a fresh start.” 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.

A RESTAURANT has obtained $89,000 in loan financing from the Bahamas Development Bank (BDB) after working with the Small Business Development Centre (SBDC). Owned by Kimberly Marshall, pictured, Dynasty Café is a soul food eatery that will serve breakfast, lunch and dinner. It will be the first café to have buffet-style eating on Sundays for breakfast and brunch, and is the inaugural restaurant to be funded by the SBDC. Ms Marshall, who found out about the SBDC while watching the TV news, linked with the Centre to take advantage of the opportunities offered. Now funded, the entrepreneur wants to set the bar high while encouraging other business owners. “Being funded feels almost unbelievable and too good to be true. I was beyond excited about this tremendous

STERLING Global says construction of Sterling Commons phase one is on budget and ahead of schedule. Groundbreaking was in January, and the building is up to its third floor with 80 percent of retail space pre-leased. but because it is the right thing to do. We know that we are just borrowing this

land and these resources, and it is our role to protect and preserve for

future generations.” Sterling said 100 percent of the office space in Sterling Commons phase one is leased, along with 80 percent of the retail space. The occupiers include a yacht charter company, pharmacy and hair salon, with an anchor tenant to be announced shortly. 700 Wines & Spirits has already announced it will have two locations in Sterling Commons, which is scheduled for completion and occupancy in December 2020.

PAGE 6, Monday, December 16, 2019

THE TRIBUNE

Winterbotham takes Tourism to ‘come out BISX listings to 26 swinging’ during 2020 THE Bahamas International Securities Exchange (BISX) has announced that another investment fund has been added to its roster of listings. The exchange said Providence Capital Fund, which is licensed under the Investment Funds Act 2003, has completed the mutual fund listing process. Ivan Hooper, The Winterbotham Trust Company’s chief executive, said: “We have been very successful in the listing of funds with BISX throughout 2019, and are very happy to report another listing prior to the end of the year, taking the total of funds sponsored this year to 26. This reflects the importance

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KEITH DAVIES fund promoters see in having their funds listed with BISX. “Providence Capital Fund Ltd focuses on obtaining long-term capital appreciation through investments in private equity and listed entities with a particular focus in the Latin American markets. As the largest fund administrator by number of funds in The Bahamas, and the largest sponsor of listed funds with close to 50 percent of fundrelated listings, partnering with BISX has become a key component of our offering

and a key enhancer in our ability to attract funds to The Bahamas.” Keith Davies, BISX’s chief executive, said: “Growth is important for our offshore financial services industry, and so we are pleased to add another fund to our mutual fund facility. During the course of 2019, we’ve added a number of funds to the exchange and we are proud of this positive momentum. “We know that this is not the end of our growth, and therefore we look forward to welcoming additional funds in the future from Winterbotham and other sponsor members.” The Winterbotham Trust Company serves as the BISX sponsor member that brought the fund to the exchange. The investment decisions will be made by the fund’s board of directors, and The Winterbotham Trust Company has been appointed to serve as the administrator.

www.ub.edu.bs

CAREER OPPORTUNITIES Suitably qualified candidates are invited to apply for the following career opportunities at University of The Bahamas, Oakes Field Campus: Air-Condition Technician II, responsible for the installation, maintenance, repair, assembling, modification and maintenance of air condition and refrigeration systems. Specific duties and responsibilities include repairing or replacing defective aircondition equipment, components or wiring; fabricating, assembling and installing duct work and chassis parts using metal working tools and welding equipment; testing pipes or tubing joints and connections for leaks using pressure gauge or soap and water solution; and installing various makes and models of air-condition and refrigeration systems. Air-Condition Technician Apprentice, responsible for assisting the Air-Condition Technician with the installation, maintenance, repair, and modification of air condition and refrigeration systems. Duties and responsibilities include disassembling defective air-condition and refrigeration fixtures, components, equipment, replacing defective or worn out parts and reassembling equipment; examining air condition and refrigeration fixtures/components/equipment for loose connections and broken insulation and tightening or fastening connections using electrical and/or hand tools; and working from ladders, scaffolds and roofs to install, construct, maintain or repair air-condition related fixtures. Help Desk Specialist II in the Office of Information Technology, responsible for receiving, prioritizing, documenting and actively resolving end user help requests; providing support for hardware and software problems; and assisting with maintenance of IT-related inventory records. Specific duties and responsibilities include documenting all pertinent end user identification information, including name, department, contact information and nature of problem or issue; creating, prioritizing and scheduling work orders for reported issues in the Help Desk ticketing system; escalating work orders (where required) to the appropriately experienced technician and updating tickets to reflect current status and recording, tracking and documenting the help desk request/ problem-solving process. Health & Safety Technician III responsible for assisting with the inspections, assessments, evaluations, maintenance, installations, and enforcement of the University’s health and safety programmes and regulations. Specific duties include identifying campus-wide risks and hazards that may potentially affect the health and safety welfare at work for employees, students and visitors; recommending immediate control measures to prevent, eradicate, or resolve issues relating to risks and hazards; performing routine inspections, evaluation, installation, and servicing of fire safety/other equipment; conducting health and safety inspections of housing and residential facilities and preparing reports; and assisting the Director in developing Health and Safety policies, programmes, practices, and procedures. Detailed position announcements are accessible online at: http:// www.ub.edu.bs/about-us/career-opportunities/. Interested applicants should submit the following to the Human Resources Department via hrapply@ub.edu.bs (Attn: Vice President, Human Resources) by Friday, 20th December, 2019: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Completed UB Employment Application Form (www.ub.edu.bs/wp-content/uploads/2017/01/Applicationfor-Employment-Staff.pdf) • Current curriculum vitae or resume; • Copies of relevant qualifications and certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • Copy of valid driver’s license; • Copy of voter’s card • At least three (3) written, professional references.

BAHAMAS Tourism Office’s staff and partners enjoy junkanoo and remarks at Xmas mix and mingle.

THE Bahamas will “come out swinging next year” with new tourism promotions and initiatives as it continues to rebound from Hurricane Dorian’s devastation. Bridgette King, the Ministry of Tourism’s executive director of sales, outlined the country’s ambitions as the Bahamas Tourist Office’s sales and marketing team organised a Christmas event for south Florida travel, corporate and media

partners at Brightline Station, Miami. Ms King said that while The Bahamas had just missed its projected seven million visitor target in 2019 due to Hurricane Dorian, it was now focused on this goal for next year. She said: “Grand Bahama is coming on strong, and although it may be a little while for Abaco, they are still rocking.” She added that the Ministry of Tourism will

launch a new marketing campaign for 2020, along with new initiatives on the ground and activations including Sawgrass Mills Mall in Sunrise, Florida, for an entire month. Attendees at the event included airlines, hotels, tour operators, wholesalers, journalists, bloggers and others. The event in Miami followed the Bahamas Tourist Office Florida’s Christmas Mix N’ Mingle in Orlando a few days earlier.

THE TRIBUNE

Monday, December 16, 2019, PAGE 7

$5.4m poverty fight spend’s little value FROM PAGE ONE taxpayers will have to repay despite not gaining the intended benefits from them. Frankie Campbell, minister of social services and urban development, could not be reached for comment yesterday despite text messages and voice mails being left. However, the Minnis administration last year blasted the welfare reform initiative for having “self-destructed and suffered irreparable defects as a result of poor management, low performance outputs and failure to meet deliverables”. It added that the IDB itself had recommended closing the project by its “fixed expiration date” of August 2017 due to the “limited results” and problems associated with its execution. Yet none of this is mentioned by the IDB’s “project completion report” which, while acknowledging implementation challenges, blamed its closure on policy decisions taken by the Minnis administration. Melanie Griffin, the former social services minister who oversaw the project’s development, yesterday told Tribune Business that the IDB report exposed “a total loss for this country” when it came to combating “generational poverty” and welfare dependency. She added that the project had been designed to “break that cycle” by

MELANIE GRIFFIN linking the payment of welfare benefits to specific education and health goals. Known as a conditional cash transfer (CCT), which would have consolidated the government’s benefits regime, the initiative aimed to “change behaviour” among the children of poor families by promoting schooling and healthy living. Benefits recipients would have been required to ensure their children maintained a 90 percent school attendance record at both primary and secondary level, and keep a grade point average (GPA) of 2.0 or more. Dropping below this level would have triggered a 90 percent minimum attendance threshold at tutoring classes. On the health front, beneficiaries and their families would have been required to attend the likes of routine prenatal classes, “well child care” visits, parent craft classes and healthy weight clinics in a bid to combat childhood obesity and the high level of noncommunicable diseases that flow from it.

Super Value chief ‘100%’ confident resort deal close FROM PAGE ONE

to obtain the sign-off from the US billionaire family that is set to acquire the property. The Asplundhs, who originate from Philadelphia, trace the source of their wealth to their 91-year-old business, Asplundh Tree Expert, which cuts trees and vegetation for electrical utility companies. Now under its third generation of family ownership, the company is described as a $3.1bn revenue business that employs a 35,000-strong workforce across multiple US states. “I like the family and have a lot of confidence in them,” Mr Roberts said. “I’ve met Mr Asplundh, he’s a young 80s, and his son lives in Florida and he’s involved.” Tribune Business understands that the Asplundh family intend to rename Bimini Sands as Bimini Cove, but few details as to their plans have been revealed as yet. Reiterating his belief that

they will transform the property into “a gem like Cat Cay”, Super Value’s owner added that the passing of his late Bimini Sands business partner some three to four years ago had been a key factor behind his decision to get out. “They have the resources and capabilities to do it,” Mr Roberts said of the Asplundhs. “At this point I’m doing Bimini a favour to exit for them to move the resort to a higher level. I always felt that the marina should be enlarged. We have less than 100 slips, and could go to 200. It needs that investment, and I think with a new investor that will come. “After [Frank] Cooney dies, I’m too busy selling potatoes and onions, and without the eye of the master... You need the eye of the master to make it work. It’s a difficult business from what I understand of it. The hospitality business, I don’t have the expertise, so am giving it to someone who knows something about it.

Mrs Griffin, arguing that the IDB report vindicated her criticisms of the Minnis administration, said it was another example of how five-yearly changes in government are undermining initiatives that benefit the Bahamian people. Adding that the fight against poverty was nonpolitical, the former Cabinet Minister said the Christie administration would have sought an extension of the August 2017 deadline from the IDB had it been returned to office. “It was a full onslaught against poverty,” Mrs Griffin told Tribune Business. “It was not just doling out assistance. It was meant to take us beyond that. It was meant to take families out of poverty by building health, education and making them better able to compete in the job market. “For me and this country it was a total loss for this programme to be stopped. We already had in place the IT platform; it was just about complete. Everything was in place. The IT system was not just in New Providence; we had built the capacity and started to send computers to Grand Bahama. I myself sat in training on these computers. “I’m very passionate about this. I got involved with this personally to push things, drive things... It just goes to show what happens when you have changes of government, and you do not have the inclination to move forward with what the previous administration left in place,” she continued. “All they [the Minnis administration] had to do was build on it. The IDB is not political, and “Supermarkets are so time intensive, and take time to manage. Being involved at Commonwealth Bank only takes so many hours in the boardroom. I’d rather get out as this is too time intensive.” Bimini Sands currently features 216 condo units and around 60 marina slips. The Asplundhs are acquiring the 50 condo units yet to be sold, with just under half - some 24 - already furnished. Mr Roberts said he was “satisfied to move out” based on the purchase price he is due to receive, which he declined to reveal. “I have a lot of acreage of land in Bimini, and maybe in future years my children and grand children will make money out of Bimini,” he added. “We still have to settle the water situation. We may stay in that, we may hand it [the Bimini Sands water supply] over completely to the new owners. If they want us to stay on it and help them we will, but if we stay in it I would hope to be a water producer as water is a high duty item. Why send hard-earned dollars to the US for water? We’ll look at that in the future.”

we had already had training sessions on it. This was devastating for the social workers, who were looking forward to helping clients better and weaning them off poverty.” The decision to halt the Social Safety Net Reform initiative was taken under Mr Campbell’s ministerial predecessor, Lanesha Rolle, who is now minister of youth, sports and culture. A previous IDB report, revealed by Tribune Business last year, was also highly critical of the effort in finding that it achieved “none of the planned outcomes” with just 27 percent of the targeted 12,000 Bahamian households receiving cash grants. However, the moredetailed “project completion report” provides a different take, arguing that the minimal achievements had more to do with the project being halted in mid-stream while also identifying the typical bureaucratic weaknesses in the Bahamian government. “The project was cancelled after the change in policy direction based on the change in the political

administration after the elections in May 2017,” the IDB report said. “Using social safety nets as a means of affecting these outcomes is no longer seen as a viable option for affecting these indicators. “After the change in government, the programme was assessed and found not to be in line with the current policy direction, which is why most of the outcomes, which depended on the government delivering transfers under the new rule, were not achieved.” Some $9.6m worth of funding had initially been dedicated to alleviating poverty and welfare dependency, with $7.5m to come from the IDB and the balance from the Government. While the project was halted before the final $4.386m was disbursed, some $5.374 had already been used. “What we had under the old system was a grandmother on food assistance, her daughter on food assistance, and her daughter’s daughter on food assistance,” Mrs Griffin said yesterday. “It was generational, and for us to break that generational cycle was

very important and to make these people better able to fend for themselves. “Did the programme have some setbacks, some challenges? Of course it did. It was a first for us. This was totally new for us. In fact, the programme in The Bahamas was going further than many in other countries. We looked at what had been done in other countries, and changed them to suit the situation in The Bahamas with all its islands. It was tailor-made for The Bahamas.” Mrs Griffin said the switch from paper food coupons to pre-paid cards was also designed to combat widespread fraud involving the former that has been identified in previous Auditor-General’s reports. “One of the important conclusions from the report was that the targeting mechanism was well designed and would have been adequate to target the poor,” the IDB project completion report said, noting that some funding was used to help poor households recover from Hurricane Matthew in October 2016.

PAGE 8, Monday, December 16, 2019

Fears voiced on govt renewable energy takeover FROM PAGE ONE & Light (BPL) via a power purchase agreement (PPA). But the SPV will also provide financing to homeowners and businesses for the installation of roof-top and ground-mounted solar photovoltaic (PV) systems. The project calls for Bahamian firms and entrepreneurs to install these systems, but it is unclear whether they will be selected

by the government-owned vehicle - something that would raise concerns about certain players being excluded altogether. “Why wait for such a vehicle to give solar ‘free reign’,” Mr Gilbert asked. “They’re [the government] competing with the private sector, which doesn’t make any sense. I just don’t understand why the government wants to get into this industry. Just open the space up. That’s really what should happen.

THE TRIBUNE “The private sector can fund large solar projects, and some large-scale potential projects are not getting the support to allow them to go forward. Why restrict it now and then open it up once the SPV is in place? Just open up the market. If the client wants to do a utility-scale solar plant the government needs to get out the way and let them do it.” Mr Gilbert said there would likely be “no issue” if the proposed SPV was a mere financing vehicle competing in an open market, as he warned that the “exclusive arrangements” he and other Bahamian providers hold with renewable equipment manufacturers would present an obstacle to its involvement in installations. “All these questions need to be fleshed out to get reliable feedback from the industry on what they think about it. This is not something that can be driven down the throats of the public,” he added. “If it’s a matter of the government competing for our business as well it doesn’t make any sense. You will kill an industry; an industry that is already struggling. “Maybe the IDB can

speak out and advise how they see this. We have financing arrangements that, as a company, we will be announcing very soon. We’ve signed off an arrangement.” Mr Gilbert also pointed out that the government’s plans, as outlined by the IDB, “seem to oppose” the controversial “buy all/ sell all” mechanism proposed by the Utilities Regulation and Competition Authority (URCA) for compensating renewable energy producer who sell power back to BPL’s grid. “On the surface, it’s not a bad thing if it’s being structured to support the industry. The government will not get push back,” he added of the SPV. “If it’s being structured where the industry will be squeezed out of the market they will get push back, as they are killing the private sector and that does not bode well for the economy.” Philip Holdom, Alternative Power Supply’s principal, told Tribune Business in an e-mailed response that the Sustainable Energy Association Bahamas wanted more information on how the proposed SPV will be structured “and be at the table

during negotiations”. “Even though the government may wish to incorporate PV into its generation mix, it should not hinder or obstruct private persons or businesses from installing a roof-top solar for self-consumption,” he said. “Our concern with public solar plants is the same with the public utility fossil fuel plant: The public pays the price but does not get the benefit. As a case in point, we welcome an explanation as to how the National Stadium PV system benefits the public with lower electric rates. Any power generated by the stadium goes straight to BPL. The public has no access to the production of the PV plant even though they technically own it and they derive no direct benefit.” Mr Holdom continued: “The current proposed URCA ‘buy all/sell all’ proposal for private solar systems is a win-lose proposition where the public utility wins and the public loses. “The public is sick and tired of being overcharged for electricity, and now the government proposes to force private solar plants to

sell all their clean solar electricity at half-cost to BPL and force the public to buy the utility’s dirty electricity at twice that cost. “How this could even be suggested as a way to promote solar in the Bahamas is completely absurd. An informed public will say no to a ‘buy all/sell all’ arrangement and will make their voice known to URCA,” he added. “The bottom line is that rules are being proposed to prevent the public from reducing their own electric bill by their own means through a solar system. The goal appears to be a reduction of the utility’s cost without passing that savings on to the customer. “If the public does not agree with this then they must speak up by contacting URCA and the Prime Minister’s Office. If they do not speak up or act, laws will be passed to prevent the public from reducing their electric costs, with the promise that the utility will lower your costs once they have solar. Dependency on public utilities is being promoted over independence.”

To advertise in The Tribune, contact 502-2394

JOB VACANCY

Assistant Designer-Detailer - Electrical Purpose: The purpose of this role in our organization is to assist with the preparation of Construction Documents and Installation and Shop drawings for Electrical Installations Required skills • Must be proficient in AutoCAD and related software, with some knowledge of BIM, Revit & Bluebeam • Experience working in the Construction industry is required, some knowledge of Electrical work is preferred • Demonstrated willingness to learn and constantly improve one’s skills and abilities • Results and detailed oriented and must thrive in a team environment • Some formal training in codes and electrical installations is not mandatory but preferred • While post high school education is not mandatory, college level technical education is preferred Duties and responsibilities • Assisting Project Engineer with the preparation of electrical construction documents including reviewing available information, determining applicable code rules, researching equipment requirements, assisting with circuit designs & coordinating with other disciplines, among other duties • Reviewing Construction Documents including specifications and shop drawings to assist with the preparation of project submittals and shop drawings. • Assisting Project Manager with identifying any conflicts, errors and omissions in the Construction Documents and preparation of RFI’s • Assisting with PM in preparing installation drawings including layout of distribution equipment, branch circuits, lighting, electrically powered equipment, LV systems requirements, etc. • Assist with preparation of standard installation details • With the assistance of field personnel, preparation of as-built drawings Suitably qualified individuals shall submit CV’s via email to

bahamaselectricalengineer@gmail.com This opportunity is located in Nassau

Submission deadline is December 23rd, 2019. Only preferred qualified submissions will be contacted

THE TRIBUNE

Monday, December 16, 2019, PAGE 9

CHINA WELCOMES PRELIMINARY DEAL IN TRADE WAR IT BLAMES ON US and elsewhere will “meet the growing needs of the people for a better life,” said Wang Shouwen, a deputy commerce minister and trade negotiator. Bai Ming, an economic expert described as being close to the commerce ministry, told the state-owned Global Times newspaper that the US tariff cuts demonstrate a positive attitude. “They are not showing enough of it, but it’s

A MAN eats a snack while passing an “I love China” decoration at a popular shopping mall in Beijing. China is putting a positive face on an agreement to start dialing down a trade war that it blames the US for starting. Chinese experts and news media said on Saturday that the deal would reduce uncertainty for companies and lay the foundation for further talks. Photo: Andy Wong/AP BEIJING Associated Press CHINA expressed cautious optimism Saturday about a first-step trade agreement that dials down a trade war it blames the US for starting. Chinese experts and news media joined government officials in saying the deal would reduce uncertainty for companies, at least in the short term. They remained cautious, saying both sides will have to show a willingness to compromise to resolve the more fundamental differences between them. “It at least stabilises the situation and lays a foundation for the next round of trade talks or canceling additional tariffs in the future,” said Tu Xinquan, a professor at the University of International Business and Economics in Beijing. “I cannot predict what achievement can be made during the future talks.” The two countries announced a “Phase 1” agreement Friday under which the US will reduce

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tariffs and China will buy more US farm products. Chinese officials said the nine-chapter text, which includes intellectual property, technology transfer, financial services and dispute settlement, has to undergo legal and translation review before it can be signed. At a late night news conference in Beijing, timed to coincide with the US morning, the officials said the United States would begin

phasing out tariffs on Chinese imports, rather than continue to raise them. The deal was announced just two days before higher tariffs were set to kick in. China would make similar tariff cuts, the officials said, but they gave no details. China portrayed the agreement as in line with the opening up of its economy and the deepening of its economic reforms. Increased imports of high-quality products from the United States

an improvement,” he was quoted as saying. In a separate piece, the Global Times called the agreement a new beginning. It pointed to stock market gains in recent days as word of a possible deal emerged. The dispute between the world’s two largest economies had rattled markets and depressed global growth. “China and the US have been locked in a trade war for about 20 months and

neither side could overwhelm the other to recklessly impose its own will on the other,” said the newspaper, which is known for its nationalistic views. It added, though, that both countries are capable of prolonging the trade war, and that resolving their differences will require patient negotiations. “Rome was not built in a day,” it wrote.

PAGE 10, Monday, December 16, 2019

FLORIDA CITY MUM ON RANSOM DEMANDS BY CYBERATTACKERS

TALLAHASSEE Associated Press

A FLORIDA city confirmed Friday that hackers seeking to extort money were responsible for crippling its computer systems earlier this week but officials have yet to decide whether they will pay a reported $1m ransom. If they do opt to fork over the money, they may have to dip into Pensacola city coffers; the city of about 52,000 in Florida’s Panhandle — whose annual budget is roughly $245m — is not insured for such an attack. Obtaining it in the future is “something that our risk manager will certainly be looking into,” said city spokeswoman Kaycee Lagarde. Lagarde confirmed that ransomware was behind the attack that brought down the city’s computer network over the weekend, less than a day after a Saudi aviation student killed three US sailors and wounded eight other people at a nearby naval air station. The FBI has said the

attacks were not connected. The cybersecurity blog BleepingComputer reported earlier this week that a group behind a ransomware strain known as Maze claimed responsibility for the attack and was demanding $1m from the city. In emails exchanged with the website, the Maze hackers claimed they had stolen documents from the city but didn’t say whether they had given Pensacola officials a deadline to pay for them or if they had threatened to release the documents if they didn’t pay. Ble epingComputer editor Lawrence Abrams said the Maze operators had authenticated their identity with proof of a different hack and by posting snippets of email exchanges with his blog on a dark-web payment site. City officials declined to discuss who might have been responsible or any ransom amount demanded against the city. The city said it has restored some services, including email, phone services and utility online bill payments. Ransomware infections

reached epidemic dimensions this year, and security researchers are concerned ransomware could also disrupt next year’s US presidential elections. According to a new report released this week by the cybersecurity firm Emsisoft, more than 948 US government agencies, educational institutions and health care providers were hit in an unprecedented barrage at a potential cost of more than $7.5bn. New Jersey’s largest hospital system and the city of New Orleans are among the most recent US ransomware victims. Hackensack Meridian Health, which operates 17 hospitals and other facilities, said Friday that it paid an undisclosed amount to regain control over systems disrupted last week— and that it had insurance for such emergencies. In New Orleans, investigators discovered ransomware as they looked into a suspected cyberattack that led to a shutdown of city computers on Friday. City officials said they had not

received a ransom demand, however, and it was initially unclear whether the attack did any damage to the city’s system. In May, a cyberattack hobbled Baltimore’s computer network and cost the city more than $18m to repair. City officials refused to pay demands for $76,000 in bitcoin. During the summer, two Florida cities — Riviera Beach and Lake City — paid hackers more than $1m combined after being targeted. Pensacola officials became aware of the cyberattack against their city about 1:30 am Saturday. Ever since, information technology technicians have been working to restore services as city officials continued to take stock of the damage, if any, and determine what information might have been compromised or stolen by the hackers. Lagarde would not say whether any personal or financial data was breached. She said the city would notify residents and customers as warranted.

THE TRIBUNE

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

T

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

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

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

OPPORTUNITIES • • • •

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

BENEFITS

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

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

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 13 DECEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,208.96 | CHG: 1.30 | %CHG: 0.06 | YTD: 99.51 | YTD%: 4.72 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.62 11.01 2.81 4.35 10.21 7.60 16.99 9.40 3.63 14.20

52WK LOW 3.35 20.91 4.90 4.46 1.35 0.22 2.00 9.50 5.60 3.95 6.75 2.35 1.76 8.00 6.10 12.15 6.80 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

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)

LAST CLOSE 3.70 17.43 6.00 6.10 2.46 1.80 4.40 11.06 6.16 4.16 8.01 3.30 4.35 10.17 7.60 16.75 9.33 3.50 14.00

CLOSE 3.70 17.43 6.00 6.10 2.46 1.80 4.40 11.06 6.16 4.17 8.01 3.27 4.35 10.18 7.60 16.75 9.33 3.50 14.00

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

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 50

6,646 48,000

1,100

VOLUME

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 0.260 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 15.5 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 22.7 57.2 32.1 9.3 15.8 10.4 20.5 9.9 17.2 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.59% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.88% 0.00% 13.27% 1.38% 3.22% 3.16% 3.22% 2.14% 3.43% 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% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 11.19% 12.08% 18.66% 19.64% 4.33% 5.06% 10.43% 7.24% 5.42% 5.77% 3.11% 0.77% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019

MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.23 10.10 6.85 11.45 12.32 10.74 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

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

NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.31 10.26 6.88 11.45 12.32 10.70 9.92 8.68 11.38

MARKET TERMS

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

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

30-Mar-2019 30-Mar-2019 30-Mar-2019

NOTICE NOTICE is hereby given that HAROLD JULMISSE of #7 Chignall Court apartment #3 Fortune Bay Freeport Grand Bahama 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 16th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE TRES HEIGHTS MANAGEMENT LTD. NOTICE IS HEREBY GIVEN as follows: (a)TRES HEIGHTS MANAGEMENT LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b)The dissolution of the said Company commenced on the 13th day of December, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c)The Liquidator of the said Company is Mr. Brynn Powell, P.O. Box 2619, Jackson, WY 83001, U.S.A. H & J CORPORATE SERVICES LTD.

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

Registered Agent for the above-named Company

THE TRIBUNE

Monday, December 16, 2019, PAGE 11

Reparations mark new front for US colleges tied to slavery BUFFALO Associated Press THE promise of reparations to atone for historical ties to slavery has opened new territory in a reckoning at US colleges, which until now have responded with monuments, building name changes and public apologies. Georgetown University and two theological seminaries have announced funding commitments to benefit descendants of the enslaved people who were sold or toiled to benefit the institutions. While no other schools have gone so far, the advantages that institutions received from the slavery economy are receiving new attention as Democratic presidential candidates talk about tax credits and other subsidies that nudge the idea of reparations toward the mainstream. The country has been discussing reparations in one way or another since slavery officially ended in 1865. This year marks the 400th anniversary of the arrival of the first slave, launching the violence afflicted on black people to prop up the Southern economy. University of Buffalo senior Jeffrey Clinton said he thinks campuses should acknowledge historical ties to slavery but that the federal government should take the lead on an issue that reaches well beyond higher education. “It doesn’t have to be trillions of dollars ... but at least address the inequities and attack the racial wealth gap between African Americans and white Americans and really everybody else, because this is an American-made institution. We didn’t immigrate here,” said Clinton, a descendant of slaves who lives in Bay Shore, New York. A majority of Georgetown undergraduates voted in April for a nonbinding referendum to pay a $27.20-per-semester “Reconciliation Contribution” toward projects in underprivileged communities that

League school to consider how it could make amends for the oppression of Antiguan slaves by a plantation owner whose gift endowed a law professorship in 1815. Harvard’s president wrote back that the school is determined to further explore its historical ties to slavery. Harvard in 2016 removed a slave owner’s family crest from the law school seal and dedicated a plaque to four slaves who lived and are home to some descendants of 272 slaves who were sold in 1838 to help pay off the school’s debts. Georgetown President John DeGioia responded in October with plans instead for a universityled initiative, with the goal of raising about $400,000 from donors, rather than students, to support projects like health clinics and schools in those same communities. Elsewhere, discussions of reparations have been raised by individual professors, like at the University of Alabama, or by graduate students and community members, like at the University of Chicago. At least 56 universities have joined a University of Virginia-led consortium, Universities Studying Slavery, to explore their ties to slavery and share research and strategies. In recent years, some schools, like Yale University, have removed the names of slavery supporters from buildings. New monuments have gone up elsewhere, including Brown University’s Slavery Memorial sculpture — a partially buried ball and chain — and the Memorial to Enslaved Labourers under construction at the University of Virginia. “It’s a very diffused kind of set of things happening around the nation,” said Guy Emerson Mount, an associate professor of African American history at Auburn University. “It’s really important to pay attention to what each of

PASSERS-by walk near an entrance to a building at Harvard Law School, in Cambridge, Mass. A cluster of commitments to atone for historical ties to slavery marks new territory in a reckoning at US colleges that have responded up until now with monuments, building names changes and public apologies. Photo: Steven Senne/AP these are doing” because they could offer learning opportunities and inform national discussions on reparations. Virginia Theological Seminary in September announced a $1.7m endowment fund in recognition of slaves who worked there. It said annual allocations would go toward supporting African American clergy in the Episcopal church and programs that promote justice and inclusion. The Princeton Theological Seminary in New Jersey followed with a $27.6m endowment after a historical audit revealed that some founders used slave labor. “We did not want to shy away from the uncomfortable part of our history and the difficult conversations that revealing the truth would produce,” seminary President M Craig Barnes said in October. In an October letter to Harvard University’s president, Antigua and Barbuda’s prime minister noted the developments at Georgetown and the seminaries and asked the Ivy

JOB VACANCY Lead Electricians Purpose: Leads small installation teams of site electricians and other tradesman. Duties and responsibilities · Review and understand electrical, architectural, structural and mechanical/plumbing drawings · Discuss with site superintendent any questions/discrepancies which you and the other field staff may have regarding the projects plans and specifications · Assist the Site Superintendent with the electrical layouts and planning of the daily/weekly activities and look-ahead schedules. · Assign and inspect the work of the site electricians to ensure timely completion and quality standards · Maintain time cards, material records and field reports as necessary · Maintain a harmonious working relationship with the other contractors and tradesman and coordinate the electrical work with their work · Ensure the company’s safety policy is adhered to and report any violations Required skills · Working knowledge of the electrical code and other relevant standards and regulations · At least 10 years’ experience on medium and large scale electrical installation projects in the Bahamas · Should be able to lead by example by demonstrating hard work, integrity & taking ownership · Must be Skilled in leading the work activities of self and others. · Must possess a Working Knowledge of the tools, equipment and materials common to the trade · Must be skilled in both verbal and written communication Suitably qualified individuals shall submit CV’s via email to

jobs@flameless.com

This opportunity is located in Nassau Submission deadline is December 23rd, 2019. Only preferred qualified submissions will be contacted

worked on campus. At the University of Buffalo, some have urged the public school to consider the responsibility it bears having been founded by the 13th US president, Millard Fillmore, who signed the Fugitive Slave Act to help slave owners reclaim runaways. Students have not formally raised the idea of reparations, according to a school spokesman, but they led a discussion on the topic as part of Black Solidarity Week last month.

THE TRIBUNE LONDON Associated Press THERE will be no letup for UK lawmakers worn out after Britain’s bruising election campaign. Prime Minister Boris Johnson is set to begin “before Christmas” the push to secure Parliamentary approval for his Brexit deal. Buoyed by its landslide victory in Thursday’s election, Johnson’s Conservative government plans to move fast to make good on his campaign mantra to “get Brexit done”. That means ensuring legislation known as the Brexit withdrawal agreement bill is passed in time for the UK to complete its historic departure from the European Union by the current deadline of Jan 31. Conservative Party lawmaker Rishi Sunak on Sunday told the BBC that Brexit-enabling legislation will be “back to Parliament before Christmas”. The Conservatives won 365 of the 650 seats in the House of Commons. Labour took 203 seats, its worst total since 1935. With a Conservative majority of 80, the tortured wrangling that has been a hallmark of Brexit debates since Britain’s 2016 referendum on its EU status should be consigned to history. But once the Brexit legislation has passed, negotiations between London and Brussels will begin on a new deal covering their economic and strategic relationship. A transition period built into Johnson’s Brexit deal means that trade between Britain and the bloc will remain smooth until the end of 2020. But if no pact is ready then, the United Kingdom could still face an economically damaging departure from the EU, its main trading partner. Senior Johnson ally Michael Gove told Sky News on Sunday that much of the work has already been done on the new deal and “there are areas where the European Union’s interests and the United Kingdom’s interests are already closely aligned, so I am confident that we will be able not just to leave the EU on Jan 31

Monday, December 16, 2019, PAGE 15

No letup for UK lawmakers: Johnson presses ahead with Brexit

BRITAIN’s Prime Minister Boris Johnson, gives an interview during a visit to meet newly elected Conservative party MP for Sedgefield, Paul Howell, at Sedgefield Cricket Club in County Durham, north east England on Saturday, following his Conservative party’s general election victory. Johnson called on Britons to put years of bitter divisions over the country’s EU membership behind them as he vowed to use his resounding election victory to finally deliver Brexit. Photo: Lindsey Parnaby/AP but also to conclude all the details of a new relationship in short order”. Yet procedures in Britain’s centuries-old Parliament will stand in the way of instant gratification for Brexiteers. The first order of business when the new lawmakers take their seats tomorrow on the green leather-clad wooden benches of the House of Commons’ debating chamber is electing a Speaker. That position was elevated to global fame by former Speaker John Bercow and his theatrical cries of “Or-derrr” before he stepped down and was replaced in November by

Lindsay Hoyle. Next, all 650 legislators have to be sworn in, a process expected to take days. On Thursday, Queen Elizabeth II will deliver a speech written by Johnson’s government, laying out the administration’s policy plans. Gove said, after Brexit, the new Conservative government’s first priority will be pumping billions into Britain’s ailing national health system. “We need to make sure that the National Health Service is properly funded and we will be bringing forward legislation to ensure that there is an NHS funding

guarantee, that’s the first and most important thing,” Gove told Sky News. While the Conservatives are forging ahead with their policy platform, the defeated opposition Labour Party was licking its wounds and preparing to find a successor to leader Jeremy Corbyn, who has said he will relinquish the party leadership early next year. Corbyn apologised yesterday for this party’s crushing defeat in the British general election but defended his campaign, even though it failed to resonate with the party’s working-class base, as “one of hope rather than fear”. “I’m sorry that we came up short and I take my responsibility for it,” Corbyn wrote in a letter published in the left-leaning Sunday Mirror newspaper. But he also insisted that his party’s ambitious, bigspending policy platform was popular and blamed the British media for its portrayal of Labour. Corbyn was widely criticised for his perceived tolerance of antiSemitism in his inner circle. After coming under fire from his own party in the aftermath of the electoral carnage, Corbyn said he will step down after a “period of reflection”. The process of choosing a replacement will begin early next year, but some have called for Corbyn’s immediate resignation. At least one potential successor came forward yesterday. Labour lawmaker Lisa Nandy told the BBC she is “seriously thinking about” running to become the party’s next leader. One thing that is not on Johnson’s agenda as he starts composing the queen’s speech is Scottish independence. Nicola Sturgeon, whose Scottish National Party made strong gains in Thursday’s election, has been pushing hard since then to get UK government approval for a second referendum on Scottish independence, something Johnson has ruled out.

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