business@tribunemedia.net
TUESDAY, JANUARY 15, 2019
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BISHOP SIMEON HALL
CLICO client: I thought we’d get funds ‘in months’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT CLICO (Bahamas) client yesterday admitted he thought he would recover his full investment “in a matter of months” rather than the near-decade it has taken since its collapse. Bishop Simeon Hall, confirming that the fifth payout to the insolvent insurer’s customers has begun, told Tribune Business it had “been an incredibly long” time for so many Bahamians to wait to recover their life savings and major investments. Praising the Government for coming through with the latest payment, Bishop Hall said he never expected the asset recovery process to take so long with the 10th anniversary of CLICO (Bahamas) February 2009 collapse into court-supervised liquidation just weeks away. “I thought it would be a matter of months,” he told this newspaper, “perhaps no more than a year or so, but it’s been incredibly long. Some people have died waiting for this. That’s the tragedy. “If you put your money somewhere that has a government-issued licence, it should be protected. There are some of us who have other reserves, but I’m thinking about Grandma and Grandfather Lou who do not have anything.” Bishop Hall confirmed that the fifth payout to CLICO (Bahamas) former annuity, pension and surrendered life insurance clients, which many had hoped to receive before Christmas, had begun early in the New Year. “They have begun, and I just want to commend the Government for keeping its promise to the policyholders,” he added. “It’s been almost ten years but it’s never late. Money has a way of coming at the right time, so it’s better late than never. Complete the process and let’s make absolutely sure it does not occur again.” Craig Tony Gomez, the Baker Tilly Gomez
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Aviation ‘black eye’ sparks reform plan By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
CABINET minister yesterday estimated that an investment worth “tens of millions” is necessary to prevent a repeat of the Christmas “black eye” suffered by Nassau’s main gateway. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business he had challenged all Lynden Pindling International Airport (LPIA) stakeholders “to do their homework to improve the overall experience” following the delays experienced by aircraft and passengers alike. Admitting that the Christmas period “wasn’t pretty”, Mr D’Aguilar said that among the reforms being eyed is a “slotting programme” where private planes are given specific take-off and landing times at LPIA during the airport’s three peak periods annually. Identifying the others as the Easter and Thanksgiving holidays, he added that the “airspace challenges” had largely resulted from the growth in private plane traffic coupled with the tendency of many pilots to show up unannounced at LPIA
• Minister: LPIA Xmas ‘pile up not pretty’ • ‘Slotting’ plan for private aircraft eyed • ‘Tens of millions’ in upgrades across agencies
DIONISIO D’AGUILAR expecting to be given permission to land instantly. Mr D’Aguilar revealed that air traffic control, known as the Bahamas Air Navigation Services department (BANS), has been tasked with improving its relationship with their Miami counterparts in a bid to prevent any future aircraft “pile ups” in this nation’s air space. Whether “optimal use” was made of LPIA’s runways over Christmas is also under review, the minister added, with the airport’s operator needing to make infrastructure upgrades that may include “a new taxiway” to facilitate the movement of private planes between
AN EX-BIMINI Bay tenant has been left “very confused” by a verdict that permits the resort’s original developer to appeal the majority of a near-$10m damages award to the Privy Council. Garrick Edwards, the Miami-based entertainment promoter who lost his bar and restaurant interests when they were abruptly demolished by Gerardo Capo’s RAV Bahamas in defiance of a Supreme Court-ordered stay, told Tribune Business he had believed the legal battle “over and done with” in his favour. He now plans to “get to the bottom” of the Court
principal spoke out after the Court of Appeal, in a unanimous decision delivered by acting appeal justice, Sir Michael Barnett, granted Mr Capo’s RAV Bahamas and Bimini Bay Resort Management entities leave to challenge the majority of the damages award before the highest court in the Bahamian legal system. Mr Edwards said he was under the impression that only “two appeals” of an arbitration award can take place, and that these had already been exhausted. The first was RAV
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
SEE PAGE 4
SEE PAGE 5
SEE PAGE 4
• Tenant: Battle over 70% of damages ‘finished’ • But Capo granted leave for Privy Council bid • UK law firm to review due to ‘confidence’ loss of Appeal ruling that allows Mr Capo and his corporate entities one final legal bid to challenge 70 percent of the total $9.67m damages awarded to his company, Therapy Beach Incorporated, by retired Supreme Court justice, Cheryl Albury, as arbitrator in the two parties’ dispute. Disclosing that he has little “confidence” in the Bahamian legal system, Mr Edwards said he has now hired a UK law firm - who he declined to name - to review the case. The Therapy Beach
National Trust still ‘refining’ Albany PPP
Bahamas’ appeal to the Supreme Court of the arbitrator’s decision to award Therapy Beach $6.8m, and the second Mr Edwards’ successful appeal of the Supreme Court verdict that went against him. “In my view and opinion, from what I understand of arbitration in The Bahamas, even if you go down the road of appealing [the arbitrator’s verdict], there are only two appeals that can take place,” Mr Edwards argued. “The first appeal we had with the
with them until this was in place. Recalling the problems experienced by The Bahamas’ main entry way, Mr D’Aguilar said the increase in aircraft traffic was driven by rise in private plane numbers rather than commercial (paying passenger) flights. He added that traffic volume over Christmas was between 30-40 percent lower than some estimates he had seen. “The facts revealed that, as far as commercial aircraft are concerned, the amount of traffic remained constant and may even have decreased slightly,” he told Tribune Business.
‘Confused’ by $10m Bimini Bay verdict By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ERIC CAREY
THE BAHAMAS National Trust’s (BNT) executive director yesterday said it has been approached by several other potential private national park partners as it continues to “refine” its deal with Albany. The BNT unveiled its joint venture with Albany in October, the first such arrangement with a private investor/developer, but Eric Carey confirmed that the practical aspects are still being worked out. “We’re still actually refining our arrangement with Albany,” he said. “That is still ongoing. We have been approached by several other potential private partners. It’s difficult to negotiate these things when you’re dealing with national parks and public spaces. “We have to obviously be very clear that there aren’t going to be any restrictions on the movement of people, there are no exclusive deals, public access must be guaranteed, it must be transparent.” Mr Carey added: “We are looking at a couple of other potential ones, none that we are able to speak publicly about yet because we are still trying to finalise the first one to make sure we get that right. That is going to be an important part of what we do.” The Albany agreement, involving a 50/50 joint venture, will see the highend development and its parent company, Nexus Luxury Collection, invest the necessary capital to develop a beach club and restaurant experience at Warderick Wells Cay, where the Exuma Cays Land and Sea Park’s headquarters and visitor centre are located. A water catchment system, utility and general support building will also be developed, and infrastructure upgraded to enhance the visitor experience. The BNT’s private sector partner will also construct accommodations to
LYNDEN PINDLING INTERNATIONAL AIRPORT (LPIA) runway and Odyssey Aviation, the fixed base operator (FBO) that caters to these aircraft. The Nassau Airport Development Company (NAD) has also been asked to analyse options for passengers to exit an aircraft without requiring a jet bridge. Even the Airport Authority has not been spared, having been charged with solving “the endless problems” with LPIA’s baggage system. Mr D’Aguilar said he was now able to approach commercial airlines serving LPIA with “a plan to mitigate the issues they experienced” during Christmas 2018, having waited to meet
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Junkanoo Beach bidders revealed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE three Bahamian groups competing to upgrade and manage Junkanoo Beach all confirmed their interest when contacted by Tribune Business yesterday. Attorneys, architects, entrepreneurs and infrastructure development groups are among those involved in bids to take over a location that, according to Dionisio D’Aguilar, minister of tourism and aviation, requires a sevenfigure investment to upgrade its attractions and facilities to a standard that will allow The Bahamas to fully maximise its economic potential. John Bostwick II, the attorney and partner at the Bostwick & Bostwick law firm, acknowledged his
• Attorney John Bostwick in one offer • Top architect participating in another • Bahamas Striping behind third proposal
JOHN BOSTWICK II
PATRICK RAHMING
involvement with one of the three bids when contacted by this newspaper. “Yes. Very much so. Spot on,” he replied when asked to confirm his participation. He, like his two rivals, declined to comment further other than to confirm
their interest given the sensitivities involved with the Ministry of Tourism yet to determine a preferred bidder. Similarly, Patrick Rahming, architect and principal of Pat Rahming & Associates, confirmed
his involvement with a rival bid to Mr Bostwick’s. He also affirmed that Brendan Foulkes, brother of Labour Minister Dion Foulkes, who held the Harley Davidson franchise for Nassau, was also involved. Mr Rahming, though, said neither of them were leading the proposal. He declined to identify the principals, but promised to reach out to them for this newspaper. “I’m involved with, not leading,” Mr Rahming said. “Brendan is no more involved than I am.” The third and final bid involves the Bahamas Striping Group of Companies
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THE TRIBUNE
Tuesday, January 15, 2019, PAGE 3
BNT: NATIONAL PARKS MAY DOUBLE THIS YEAR By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Bahamas National Trust (BNT) yesterday said the number of national parks under its oversight could almost double within the next year, creating a variety of business opportunities. Eric Carey, the BNT’s executive director, told Tribune Business there was a “need and opportunity” for nature-based, as well as food and beverage activities, at some of these sites. “We’re looking at, as an example, bringing a number of parks into operation and putting in infrastructure. Bonefish Pond is an incredible site which we believe has the potential to attract a lot of business and generate income,” he said. “We probably won’t build
ERIC CAREY a restaurant food and beverage operation out there. We’d probably look to someone who understands the business of the space, the business potential of it and figure out how we go into it.” Mr Carey added: “Not only is there a need but, quite frankly. there is an opportunity for people to operate not only naturebased businesses but some
of the other businesses; the food and beverage, maybe people operating gift stores with our branding etc. “There are lot of opportunities we are thinking through, but it’s a slow process because, again, when you’re working in a public space, in a national park, you have to be careful of the type of things you are going to allow. You have to be careful about not restricting public access, not selling out the assets of the people. It takes a lot of negotiations and renegotiations to come to a final agreement that makes sense to us and the operator.” Mr Carey said the BNT currently has 32 national parks in its care. “There are some proposed sites that have been before the Government for finalisation since 2015,” he added.
“In late 2018 we also gave the minister a list of other national parks. “Under our mandate we may have 60 national parks in the next year or so once all of these designations go through. Not all of them are going to have intense use with visitor services. We have identified, as an example, for the next five years, ten national parks which are a top priority for providing access for Bahamians and visitors to enjoy the national parks.” Mr Carey added: “We have identified the investment needs. We hope to work with government as all are private fund raisers, philanthropic donors as well as potential business partners. We’re going to look at all aspects of funding to bring them on stream. “We believe that once
these national parks come on stream it provides more funding for our organisation, but we believe more importantly they could provide good economic opportunities for communities - not only in Nassau.” Mr Carey said the BNT believes it could create a “few hundred jobs” on Grand Bahama alone by creating nature-based tourism business opportunities for Bahamians at national parks. “We’re going to be working with the University of The Bahamas, specifically for Grand Bahama, on trying to get a study carried out to determine the true economic potential of the natural areas on Grand Bahama,” he added. “We want to see how many jobs we could provide but, more importantly, how many jobs could be created
through nature-based tourism. Six to seven-room resorts could generate a lot of money for Bahamians, and they are small enough for Bahamians who either have the capital now or can find the capital to invest in small eco-lodges. Every one of them is going to employ 20-30 people directly. “You also have the people providing the tours, the support systems and taxi drivers to get them there. The economic impact could be quite significant. Yes, we’re looking at reviving the Grand Lucayan, but those people are going to need something to do. Grand Bahama is going to need national parks, protected areas, naturebased tourism and people providing things for people to do to make their visit enjoyable.”
STAGERS ‘GUARANTEE BEST EVER’ BUSINESS OUTLOOK
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ORGANISERS of the annual Bahamas Business Outlook (BBO) “guarantee” this year’s version will be the “best ever” through a speaker line-up focused on key national issues. The Prime Minister, Dr Hubert Minnis, will deliver the keynote address this Thursday and is expected to reveal the Government’s plans for economic growth and development in 2019. Graham Whitmarsh, managing director and chief executive of the National Health Insurance Authority (NHIA), will then explain how his agency is transforming local healthcare. He will be followed by Zhivargo Laing, chief negotiator for The Bahamas’ accession to full World Trade Organisation (WTO) membership, who will provide an update on the process. Marcellus Taylor, acting director of education, will speak to the future of Bahamian education. “These are all important topics in the public’s current dialogue. So we’re pleased that BBO is a forum that makes significant contributions to national conversations,” said Joan Albury, president of The Counsellors and the conference’s chief organiser. “We guarantee that this will be our best-ever Bahamas Business Outlook, and we believe that this year’s theme ought to become the
FROM left: John Cox, founder of Popop Studios and creative arts director at Baha Mar; Joan Albury, president of The Counsellors and chief organiser of Bahamas Business Outlook (BBO); and Marcus Laing, architect and Bahamas Engineers Architects & Allied Professionals secretary, speak at a press conference to announce the 28th conference set for this Thursday. mantra for The Bahamas in Convention Centre. It will feature topics 2019. It’s important for us to really connect resources, including The risks and where the private and public rewards of a family-owned sectors work together so that business, presented by Tara The Bahamas capitalises on and Quinn Russell of Louis every opportunity for eco- & Steen’s New Orleans Coffee House; Millennials in nomic growth.” Under the theme the Workplace #WhycantwegConnecting resources, etalong, with Stacia Williams, maximising opportunities: Fidelity Bank’s group human director, and Transforming The Bahamas, resources the 28th annual Business Player and coach in the Arts industry Outlook will be held this Visual Thursday at the Baha Mar with John Cox, founder
of Popop Studios. Mr Cox, who is also creative arts director at Baha Mar, said his presentation will highlight how the economy-at-large recognises that creative talent plays a key role in The Bahamas’ economic development through collaboration with local institutions. “We’ll look at the kind of benefits that come as a result of that attachment to institutions and the challenges that come along with what it means to be a professional artist. These are simple questions that have evolved. These were the same questions asked 30 years ago, but the answers given back then are not adequate for today,” Mr Cox explained. “We see a whole lot of opportunity for growth, and a whole lot of opportunity to capitalise on what is in The Bahamas and look at how we can develop a platform in this country to broaden the definition of who we are to the world.”
The conference will end with three interactive sessions. Davinia Blair, executive director of the recently-launched Small Business Development Centre (SBDC), will moderate a session with three entrepreneurs. Persons from the Ministry of Finance and Department of Inland Revenue will conduct a workshop about procuring business licenses and other business documentation. The Bahamas Engineers, Architects & Allied Professionals (BEAAP) will also featured in a panel discussion on industry concerns. Marcus Laing, architect and BEAAP secretary, said he and fellow panellists will speak to the gap that exists between where The Bahamas is now and where it should be in terms of construction and infrastructure. He explained: “There are some loopholes that the Government needs to close to increase their revenue.
What we often don’t realise is that construction is one of the main indicators of how well a country is doing. We as an organisation have identified that a lot of opportunities to capture a lot of business are being missed. And that affects the entire economy.” Bahamas Business Outlook 2019 is one of a seven-island series, which takes place each year, covering challenges and opportunities relating specifically to each destination. In addition to New Providence, these islands include Abaco, Andros, Eleuthera, Exuma, Long Island and Grand Bahama. The latter will host the next Business Outlook forum on February 21. Persons interested in attending may contact Margaret Albury at The Counsellors at malbury@ tclbahamas.com or at telephone (242) 322-1000 or register or online at www. tclevents.com.
PAGE 4, Tuesday, January 15, 2019
THE TRIBUNE
Aviation ‘black eye’ sparks reform plan FROM PAGE ONE “Instead of the commercial carriers sending more flights to The Bahamas they’re sending more planes. “The airlines are bringing in more people via bigger planes and are not, in a substantial way, adding more planes to a route although we’ve seen new routes opened.” While there had been suggestions that LPIA had failed to cope with increased commercial flights driven by Baha Mar’s opening and a 16 percent rise in air arrivals, Mr D’Aguilar said this was not correct. Rather, he added: “The traffic being generated is general aviation. The private aircraft are coming here in greater numbers, and that’s what is bumping up the aircraft movement numbers. “What we found was, despite all the noise in the marketplace about 1,0001,200 aircraft movements, it was somewhere between
650-700 in and out of Nassau and LPIA, landing and taking off daily.” Mr D’Aguilar said the 1,0001,200 figure likely referred to the number of aircraft moving through Bahamian air space, not the amount that landed and then took off from LPIA. Providing details on how Nassau’s airport and its agencies plan to prevent a repeat of the Christmas problems, the minister told Tribune Business: “I’ve asked air traffic control to review whether they were optimally using the runway. “There were long lags between landings and takeoff. That complaint was made by some of the FBO operators; that the runways were not being used optimally. I’ve asked them to look at that. Also, the airlines were complaining that they were not getting adequate communication about the challenges we were having at the airport.
“We’ve asked them to reach out to Miami air traffic control to establish a clear relationship, especially at the busy periods. Instead of having planes pile up in Nassau, slow them down.” Mr D’Aguilar said air traffic control had been directed to focus on private aircraft in particular in developing a strategy to deal with increased traffic volumes. “These air space challenges are because there is a lot of general aviation,” he explained. “At many Family Island airports, people come and just take off, and then pop up at LPIA and say they need to land. What we’re trying to do with general aviation over Easter, Thanksgiving and Christmas, because those are the busiest periods of the year - for 20 days we are exceptionally busy - is we’ve asked them to develop a slotting programme for general aviation.
“Commercial airlines are not going to change their schedule, but we said go look at slotting and working with the FBOs on that. Let’s look at how many aircraft movements we expect, and look at a sensible process for general aviation to come into that airport.” The significant delays experienced by frustrated Bahamian and tourist passengers alike blighted the Christmas period, impacting the visitor departure experience and ensuring the final impression of The Bahamas for some was not favourable - the very outcome that the Ministry of Tourism seeks to avoid at all costs. Turning to NAD’s role, Mr D’Aguilar said of the LPIA operator: “NAD needs some infrastructure upgrades - parking, taxiways and easier access for general aviation to get to Odyssey but not sit on the runway the entire time. “Facilitating the taxiing of planes to Odyssey, they may
possibly need to put in a new taxiway to facilitate that. New parking spaces and options for passengers to deplane without a jet bridge are also under review.” Making sure no one was left out, Mr D’Aguilar added: “We’ve had endless problems with the baggage system at that airport. The Airport Authority, which has responsibility for the baggage area and screening, has been challenged to address these issues. “Everybody has got their homework to do to improve the overall experience. As our traffic increases, everybody needs to go and do their homework on these challenges we’re having at LPIA. I’ve challenged them all to do that. “Over Christmas we got two black eyes on the 22nd and 27th, and as much as possible I rallied all the stakeholders together, sat them down and heard what they had to say: What the challenges were, and coming
up with a plan to mitigate them,” he continued. “Some we can do right away. Some will take a little time and money. I’m sure it’s in the tens of millions when you combine all that has to be done. It’s not solely optimal use of the runway; it’s not solely infrastructure upgrades.” Mr D’Aguilar acknowledged that the “intersection” of LPIA’s main runway 14 with its runway 9 was an issue for the commercial airlines at peak times, while the weather could also “throw things out of whack”. Yet, now armed with a mitigation plan, he added: “I have yet to speak to the airlines. I wanted to first deal with the persons involved in management of aircraft in terms of landing, take-off and parking, and now meet with the airlines. Now I can go to the airlines with a plan to mitigate the issues they experienced because it was not pretty.”
‘Confused’ by $10m Bimini Bay verdict FROM PAGE ONE Supreme Court and, from that, the Court of Appeal. The Privy Council is not even allowed to get involved.” This was the argument advanced by his attorneys, Krystal Rolle and Wallace Rolle, as to why the
Court of Appeal should reject RAV Bahamas’ final shot at challenging the $6.8m awarded by exjustice Albury as “general damages for consequential loss”. They argued that the Court of Appeal is only able to grant permission for Privy Council appeals in cases that originate with the
Supreme Court - meaning any appeals to the former have to be the first appeals. Mr Edwards’ attorneys argued that the intended Privy Council appeals was “a second appeal” and thus “impermissible” under Bahamian law, making the Court of Appeal’s previous ruling “final” and preventing any further challenges to the $6.8m award. But Sir Michael and his fellow judges, including Court of Appeal president, Sir Hartman Longley, and appeal justice Jon Isaacs, disagreed. In a unanimous verdict, they found that mounting a challenge on the basis that a “serious irregularity” has occurred - as Mr Capo’s attorneys did under the Arbitration Act’s section 89 - was not an appeal from a judicial body. Sir Michael wrote that the Supreme Court was “exercising an original jurisdiction given to it by the Arbitration Act”, pointing out that the law distinguished between this and other sections in the same Act that dealt with hearings before tribunals. As a result, the “two appeals” referred to by Mr Edwards have not been exhausted. “In our judgment, this
court has the jurisdiction to grant leave to the respondent to appeal its decision to the Privy Council,” Sir Michael found. “In our judgment it is a matter worth further consideration whether the failure of the Supreme Court judge to make a specific finding that a serious irregularity has caused, or will cause, substantial injustice is fatal in circumstances where having regard to the nature of the irregularity may be inferred.” But Mr Edwards told Tribune Business of the verdict: “I am very confused with all of this, thinking it was over and done with. How did this happen? We are in talks with a British law firm due to the fact my level of confidence in the Bahamian legal system doesn’t exist.” The $6.8m “consequential damages” is the only aspect of the arbitration award being challenged by Mr Capo and RAV Bahamas. The $370,000 awarded for special damages, and $2.5m in exemplary damages, are not in dispute. Sir Michael Barnett, when he was Chief Justice, heard the original dispute at the Supreme Court level when RAV
NOTICE NAICA CONSULTING INC. ___________________ Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 28th day of November, 2018 Philippe Gail LIQUIDATOR Of NAICA CONSULTING INC.
Bahamas alleged that Therapy Beach’s December 31, 2011, lease was “null and void”, and that Mr Edwards had to vacate. He also granted the interim “stay” intended to preserve the “status quo” between the two sides that was ignored by the developer. And Sir Michael was the only dissenting judge when the Court of Appeal last August ruled, in a majority two to one verdict, that the arbitrator should reconsider the $6.8m award because it was “manifestly unfair and ambiguous”. He found that “the sum is so high that no arbitrator acting reasonably could properly have come” to such a conclusion, suggesting that ex-justice Albury must have included factors “she ought not to have taken into account” in calculating the award especially given that the two sides had agreed Mr Edwards would lose a maximum $7,500 per month if the facilities were to close. The Court of Appeal verdict came after Justice Ian Winder, finding in favour of Mr Capo, remitted 70 percent of the damages award back to retired justice Albury for “reconsideration” on the basis that a
“serious irregularity” had occurred in determining the $6.8m. But Therapy Beach persuaded Sir Hartman and appeal justice Isaacs to find that the Supreme Court had failed to show any irregularities resulted in “substantial injustice” to Mr Capo and RAV Bahamas - as required under the Arbitration Act. Therapy Beach has previously alleged in court documents that Mr Capo and RAV Bahamas needed to bulldoze its restaurant and beach club facilities to consummate the deal with their new partner, the Genting-owned Resorts World Bimini. It claimed that Resorts World had been promised it would have the exclusive rights to operate all food and beverage facilities at the property, and that its facilities stood in the way meaning they had to go. Resorts World opened its own two days after Sakara’s destruction. RAV Bahamas put together a high-powered legal team to secure its Privy Council appeal. Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, joined Ferron Bethell of Harry B Sands & Lobosky to argue the case.
LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 rp Safra Private Equities I Fund Ltd. Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of Safra Private Equities I Fund Ltd. has completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 18th December 2018.
THE TRIBUNE
Tuesday, January 15, 2019, PAGE 5
Junkanoo Beach bidders revealed FROM PAGE ONE
Tribune Business yesterday that the Minnis Cabinet will “certainly” receive a recommendation in the 2019 first quarter on which of three bids is best-suited to take over Junkanoo Beach and invest “millions” in its upgrade. He told Tribune Business that the outsourcing of the West Bay Street location’s management to the private sector was “still very much front and centre” for his ministry as it continued efforts to identify a preferred bidder. Describing the area as “kind of run down and tacky” in comparison to other elements of The Bahamas’ tourism product,
Mr D’Aguilar argued that this nation had failed to maximise the potential economic benefits from Junkanoo Beach’s location near the heart of downtown Nassau and its cruise port. He said a private sector operator, working with existing vendors and businesses to enhance standards and develop new attractions, would be better-placed than the Ministry of Tourism to extract greater spending by the thousands of cruise passengers and stopover visitors that already visit the area. Praising the “incredible ideas” submitted by the three bidders, who he described as
“all-Bahamian” but declined to identify, Mr D’Aguilar pointed to the quality of both Baha Mar and Atlantis’s Marina Village as examples of what the Government has in mind, adding: “Why can’t we do that at Junkanoo Beach?” He promised, though, that any changes would not dislocate or disrupt any existing vendors there, adding that the Government and any preferred bidder would work in partnership with them to upgrade their products and services. Junkanoo Beach’s potential management outsourcing falls within
the Minnis administration’s twin aims of getting the Government “out of business” and creating opportunities for small Bahamian businesses and entrepreneurs. It also ties directly to the Government’s efforts to revitalise the Bay Street/ downtown Nassau area, and improve the tourism product offering. Its location, adjacent to the British Colonial Hilton and $200m Pointe development, and a key link between downtown and the Arawak Cay Fish Fry, means any upgrade will link into Nassau cruise port’s potential outsourcing and the harbourfront boardwalk.
CLICO client: I thought we’d get funds ‘in months’
National Trust still ‘refining’ Albany PPP
annual $1.5m grant from the Government - more than 50 percent below the financing required to properly manage and protect all The Bahamas’ national parks. With the Government “making it clear” that the necessary funding will not be coming from the cashstrapped Public Treasury, he added that the Trust had sought to adopt the “concession” model employed by US and Canadian national parks. “The cost estimates we’ve done show that to manage the national parks we currently have, 32, will probably cost us $10m per annum if we bring them all on stream,” Mr Carey told Tribune Business. “That includes $25m in capital investment in visitor centres, board walks. When we spoke to members of the Government, current and former administrations, they encouraged us to look at the private sector to see if there was any interest in operating certain concessions, including potential visitor centres, offering some tours and providing the infrastructure to do that. “The Government made it very clear that they would not provide the $25m. They
don’t have it in the current budget, and will not have it in the future.” The BNT yesterday said it currently incurs a $300,000 annual deficit between the Exuma Park’s annual income and $750,000 operating costs, making it difficult to find the “several million dollars” required in the near future to maintain and upgrade its facilities. The BNT’s accounts show it received $1.5m and $1.4m grants from the Government in 2017 and 2016, respectively, without which it would have made a substantial operating loss for both years. Its endowment fund, the Heritage Fund, did possess some $4.319m in assets at end-2017 through investments in government bonds and Templeton Global mutual funds. The Government’s $1.5m grant accounted for 35 percent of the National Trust’s $4.282m income in the year to end-December 2017, which saw it incur a net operating loss of $101,162. This followed a similar $117,976 net operating loss for 2016, although these figures do not include dividends and the performance of the Heritage Fund.
and its affiliates, Tribune Business can reveal. Dr Allen Albury, the group’s managing director, confirmed this was correct but declined to speak further. “I’m not sure I’m at liberty to comment on it at this stage,” he replied. “No comment at this time.” Dr Albury also responded “can’t comment on that” when asked if Pirate Republic Brewing Company, the Bahamian craft beer producer founded by Stephen Holowesko, had partnered with Bahamas Striping on its bid. Mr Bostwick had denied that Pirate
FROM PAGE ONE accountant and partner who serves as CLICO (Bahamas) liquidator, is gagged by the Supreme Court from speaking publicly on the matter. However, Tribune Business understands that the latest payout from the Government - thought to total around $8m - has been split into two tranches, or slices, that are roughly equal in value. Bishop Hall said those former customers sharing the first slice are elderly clients above a certain age. Also receiving funds are understood to be those owed relatively small sums, with the Government wanting to settle their claims now. These clients are now being contacted by Mr Gomez and his team to come in and receive their payments. All those not included in the first tranche will receive a payout in the second, with that
Republic was involved with his proposal. Bahamas Striping, which has been frequently held up as the “poster child” for the former Ingraham administration’s self-starter programme, having been founded with one of its $5,000 grants, made its name in striping parking lots, roads and airports. It has increasingly been seeking to expand and diversify into other areas, including infrastructure and property management/ leasing, and has shown a particular interest in publicprivate partnership (PPP) contracts put out to tender by the Government. Mr D’Aguilar told
process thought likely to begin within weeks. Bishop Hall said it was “difficult” to determine whether insurance and other financial servicedrelated regulatory reforms would prevent a similar CLICO-type situation from happening in The Bahamas in future. “The golden rule is he who has the gold makes the rule,” he added. “People with power and money make the rules. People at the bottom rung of the ladder have to wait until it comes through. Thanks be to God we’ve got over this hurdle. “I don’t think it would happen again, but I think we should see people are protected once they put their trust in a governmentlicensed institution.” Bishop Hall called on more Bahamians in positions to do so to, “particularly pastors, to agitate on behalf” of those unable to do so when injustice occurred. “We should be proactive rather
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than reactive,” he added. “I’m just glad it’s over for some of us, and there appears to be hope for the rest of us.” CLICO (Bahamas) collapse occurred after the insurer moved $73m out of The Bahamas without the necessary permits and approvals. This sum was transferred to CLICO Enterprises, the vehicle for the insurer’s non-insurance activities, and invested in Wellington Preserve, an illiquid Florida-based real estate development. Mr Gomez, in his last report to the Supreme Court, said he was only able to recover $38m - just over half of the $73m invested - in selling Wellington Preserve to a host of real estate buyers. This resulted in a $35.8m loss to CLICO Enterprises, with its parent, CLICO (Bahamas), suffering a $55.817m solvency deficiency at end-June 2017.
FROM PAGE ONE support future marine biology camps and retreats for Bahamian students. Mr Carey said at the time that the deal would provide the sustainable financing required for the BNT to properly manage and safeguard the Exuma Park, benefiting both Bahamians and visitors, while covering an annual $300,000 “and growing” operating deficit. The BNT executive director also revealed that the $10m annual operating costs for this nation’s national parks meant it had no choice but to seek private capital backing. He also revealed to Tribune Business that an additional $25m was also required to upgrade essential infrastructure across the 32 parks that the trust currently oversees. Mr Carey said “simple economics” had forced the BNT to seek private investor support, with its current income - including an
PAGE 6, Tuesday, January 15, 2019 LONDON Associated Press BRITISH Prime Minister Theresa May made a frantic last push yesterday to swing lawmakers’ support behind her seemingly doomed Brexit deal, warning that its defeat risked scuttling the UK’s departure from the European Union and “betraying the vote of the British people”. May claimed to have gotten reassurances with “legal force” on key issues from the EU, and said history books would judge Parliament harshly if lawmakers did not back Britain’s orderly exit from the EU when they vote on the agreement today. “Over these next 24 hours, give this deal a second look,” May implored skeptical lawmakers in the House of Commons. “With just 74 days to go until (Brexit day) the 29th of March, the consequences of voting against this deal tomorrow are becoming ever clearer,” she said. May said rejecting her deal would lead either to a reversal of Brexit — overturning voters’ decision in a 2016 referendum — or to Britain leaving the bloc without a deal, a course that would damage the country’s economy, security and unity.
THE TRIBUNE
UK leader in frantic final push to win Brexit deal backing
BRITAIN’s Prime Minister Theresa May leaves 10 Downing Street in London yesterday.
But the British leader had few concrete measures up her sleeve, and
opposition to her deal remains dauntingly strong. A defeat today would throw Brexit plans into disarray just weeks before the UK is due to withdraw from the bloc. Britain and the EU reached a hard-won divorce deal in November, a milestone that should have set the UK on the road to an orderly exit. But the compromise deal has been rejected by both sides of Britain’s EU divide. Many Brexit-backing lawmakers say it will leave the UK tethered to the bloc’s rules and unable to forge an independent trade policy. Pro-Europeans argue it is inferior to the frictionless economic relationship Britain currently enjoys as an EU member. May postponed a vote on the deal in December to avoid a resounding defeat, and there are few signs sentiment has changed significantly since then.
A handful of previously opposed legislators have swung behind May’s agreement in the last few days, but they remain outnumbered by those determined to vote against it. In a bid to win support, May sought reassurances from EU leaders about the deal’s most contentious measure — an insurance policy known as the “backstop” that would keep Britain in an EU customs union to maintain an open border between the UK’s Northern Ireland and EU member Ireland after Brexit. Pro-Brexit lawmakers worry that Britain could be trapped indefinitely in the arrangement, bound to EU trade rules and unable to strike new deals around the world. In a letter to May published Monday, European Council President Donald Tusk and European Commission
President Jean-Claude Juncker offered an assurance that the backstop “would only be in place for as long as strictly necessary”. They promised that the EU would work quickly to strike a permanent new trade deal with Britain that would render the backstop unnecessary. But the letter also reiterated the bloc’s refusal to renegotiate the divorce deal. The two men said “we are not in a position to agree to anything that changes or is inconsistent with the Withdrawal Agreement.” Lawmaker Nigel Dodds of Northern Ireland’s Democratic Unionist Party, which fiercely opposes the Irish backstop, said “nothing has fundamentally changed.” Facing opposition from pro-Brexit members of her Conservative Party and its DUP allies, May sought
to win opposition Labour Party lawmakers’ support by promising that the government won’t try to water down environmental standards and workers’ rights after Brexit. Some opposition lawmakers’ suspect that the government plans to reduce the protections in a bid to boost the economy after Britain leaves the EU. Labour leader Jeremy Corbyn was unmoved, condemning May’s deal as a “damaging shambles” and calling for a general election if the agreement is rejected today. If Parliament votes down the deal, May has until the following Monday to come up with a new proposal. So far, May has refused publicly to speculate on a possible “Plan B”. Some members of Parliament from both government and opposition parties are exploring ways to use parliamentary procedures to wrest control of the Brexit process away from the government, so that lawmakers by majority vote could specify a new plan for Britain’s EU exit. But with no clear majority in Parliament for any single alternate course, there is a growing chance that Britain may seek to postpone its departure date while politicians work on a new plan. Without a Brexit deal, Britain faces an abrupt break from the EU, a scenario that economists warn could batter the British economy and bring chaotic scenes at borders, ports and airports. Conservative lawmaker Dominic Grieve, who is spearheading efforts to unite Parliament to prevent a no-deal Brexit, said a cliff-edge exit from the EU would be “national suicide”. “The economic damage which it will do to us will be immense, so that the most vulnerable in our society will be those who suffer most as a consequence,” Grieve said. “I’m not prepared to see that happening,” he added.
MARKET REPORT MONDAY, 14 JANUARY 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,098.89 | CHG 0.07 | %CHG 0.00 | YTD -10.56 | YTD% -0.50 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.48 0.56 3.92 10.20 6.60 4.89 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.48 13.50
52WK LOW 3.50 19.17 4.90 3.32 0.90 0.18 2.10 8.70 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.85 3.25 12.51
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
SYMBOL LAST CLOSE AML 4.43 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.46 BBL 0.56 CAB 2.30 CIB 10.20 CHL 6.15 CBL 4.44 CBB 11.01 CWCB 2.37 DHS 1.78 EMAB 8.17 FAM 6.30 FBB 12.85 FIN 6.98 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
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) 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
MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 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
CLOSE 4.43 17.43 7.00 4.90 1.46 0.56 2.30 10.20 6.15 4.44 11.01 2.47 1.78 8.15 6.30 12.85 6.98 3.62 13.01
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.00 -0.02 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
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
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
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
VOLUME
1,000
VOLUME
EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631
DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600
P/E 30.1 18.7 N/M 15.2 N/M N/M -4.4 14.6 12.8 28.8 17.6 24.2 8.5 N/M 13.1 16.9 12.1 13.1 20.6
YIELD 2.71% 7.23% 0.00% 4.90% 0.00% 3.57% 0.00% 6.96% 3.58% 2.70% 5.63% 2.43% 3.37% 1.03% 4.44% 3.89% 2.15% 3.59% 4.61%
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 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 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%
NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.43 8.57 6.57 10.37 11.68 10.32 9.92 8.69 11.79
YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
MATURITY 19-Oct-2022 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 NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018
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
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
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PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DELORES THOMPSON, DELORES CHELEST THOMPSON, DELORES MCKINNEY, DELORES CHELEST MCKNNEY, DELORES CELESTE ADDERLEY of Faith Gardens, Nassau, Bahamas, intend to change my name to DELORES CELESTE MCKINNEY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JAMES ST. LUC of #4 Pine Street, Nassau Village, Nassau, Bahamas, intend to change my name to JAMES LEONARD FILTERMAN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE NOTICE is hereby given that KAM WHONG LOK of Carmichael Road, P.O. Box CR-55247, 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 15th day of January, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.
THE TRIBUNE
Tuesday, January 15, 2019, PAGE 7
Dem pushes censure for Rep King Fiat Chrysler CEO says company over white supremacy remark strong enough to stand alone DETROIT Associated Press
REP STEVE KING WASHINGTON Associated Press A SENIOR member of the Congressional Black Congress promised yesterday to introduce a formal punishment for Rep Steve King over his latest remarks on white supremacy. Rep Bobby Rush, D-Ill, said his censure resolution against King would announce to the world that Congress has no home for “repugnant and racist behaviour”. “As with any animal that is rabid, Steve King should be set aside and isolated,” Rush said in a statement that also called on Republicans to strip King of his committee memberships until he apologises. The text of the censure resolution, which is not finalised, lists several examples of King’s remarks, beginning with comments in 2006 in which he compared immigrants to livestock and ending with his lamentation in the New York Times last week that white supremacy and white nationalism have become offensive terms. Rush’s proposal was the latest twist of pressure on the nine-term congressman. On Friday, House Speaker Nancy Pelosi said there was “interest in doing something” — unspecified — to respond to King. Rep Tim Ryan, D-Ohio, also said he intends to introduce a censure resolution against the Republican. House Republican leaders have also condemned King’s remarks as racist. House Minority Leader Kevin McCarthy said on CBS’ “Face the Nation” on Sunday “action will be taken” against King. After the cameras were off, McCarthy told host Margaret Brennan he was reviewing whether King, now serving his ninth term, should keep his committee assignments, according to CBS’ transcript of the broadcast. King on Friday suggested he’s been misunderstood. He said the foundation of the Times interview was partly a Sept 12 tweet in which he wrote: “‘Nazi’ is
injected into Leftist talking points because the worn out & exhausted “racist” is over used & applied to everyone who lacks melanin & who fail to virtue signal at the requisite frequency & decibels. But...Nazis were socialists & Leftists are socialists.” On Friday, King said on the House floor that the interview with the Times “also was discussion of other terms that have been used, almost always unjustly labeling otherwise innocent people. The word racist, the word Nazi, the word fascist, the phrase white nationalists, the phrase white supremacists.” King said he was only wondering aloud: “How did that offensive language get injected into our political dialogue? Who does that, how does it get done, how do they get by with laying labels like this on people?” South Carolina Sen Tim
Scott, who is the only black Republican in the Senate, cast King’s remarks and those like them as a blemish on the country and the Republican Party. “When people with opinions similar to King’s open their mouths, they damage not only the Republican Party and the conservative brand but also our nation as a whole,” Scott wrote in an op-ed last week in The Washington Post. King’s views, Scott added, are separate from the conservative movement and “should be ridiculed at every turn possible”. “Some in our party wonder why Republicans are constantly accused of racism — it is because of our silence when things like this are said,” Scott wrote. King’s position in the GOP had been imperiled even before his remarks about white supremacy.
NOTICE IN THE ESTATE OF HELEN RIDDEL WIGHTMAN, late and domiciled of 21 Old Mill Drive in the Village of Storrington the Country of West Sussex in the United Kingdom Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 7th day of February A.D. 2019 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all person indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned. Dated the 8th day of January, A.D. 2019 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative
MAJOR job cuts or an alliance with other automakers are not in the plans for Italian-American automaker Fiat Chrysler, the company’s new CEO says. Mike Manley, who took over for the late Sergio Marchionne last year, said the company downsized its workforce significantly during the global financial crisis a decade ago, and smaller cuts have been made since. So unlike crosstown rivals Ford and General Motors, he doesn’t expect any “big bang event”. Three years ago Marchionne was shopping for a partner and said the industry needed to consolidate to better share huge capital investment costs. But Manley said FCA is now in a different position and can go it alone. “We know we have the resources. We have the balance sheet strength,” he told reporters yesterday at the North American International Auto Show in Detroit. Although he’s not looking for large-scale partners, Manley said he would be foolhardy to rule out any offers. Manley also said FCA realigned its North American manufacturing operation to phase out compact and midsize cars and convert the factories to
FIAT Chrysler’s new CEO, Mike Manley, is interviewed yesterday at the North American International Auto Show in Detroit. Manley says major job cuts or an alliance with other automakers are not in the plans for the Italian-American automaker. Manley took over for the late Sergio Marchionne last year. Three years ago, Marchionne was shopping for a partner and said the industry needed to consolidate to better share huge capital investment costs. Photo: Carlos Osorio/AP SUVS and pickups, boosting its profit margins. In a wide-ranging question-and-answer session, Manley also: • Confirmed plans to add factory capacity to build two large 3-row Jeep SUVs that are in the works, the Wagoneer and Grand Wagoneer. He wouldn’t say where but there have been reports it will reopen a factory in Detroit. He said the additional jobs created will be significant. • Said a pledge to get Italy’s factories up to full employment by 2021 with a five billion euro ($5.7bn) investment in new cars and engine technology is being reviewed due to plans by
Italy’s populist government to raise taxes on gas- and diesel-powered cars because the “environment has changed”. • Told reporters that the company expects tariffs imposed by the Trump administration on imported steel and aluminum last year will cost the company $300m to $350m in 2019. The tariffs are 25 percent on steel and ten percent on aluminum. • Said the company made no admission of guilt and did not intentionally violate US clean air laws, even though it settled civil lawsuits with the US Justice Department, Environmental Protection Agency and owners.