01162020 BUSINESS

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THURSDAY, JANUARY 16, 2020

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‘went above Dorian pledger’s $670m BOB and beyond’ to ‘one of five’ health offers help Leslie Miller

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

US group’s $670m proposal to transform Bahamian healthcare infrastructure is just one of “five offers on the table”, a Cabinet minister revealed yesterday, adding: “It’s nice to have options.”

Dr Duane Sands, pictured, minister of health, told Tribune Business that The P3 Group’s offer to finance the construction of new public hospitals for Nassau and Freeport via a massive public-private partnership (PPP) would have to be assessed and rated against rival proposals pledging to do exactly the same.

• P3 Group must compete against rival proposals • ‘Radical’ offer to ‘buy entire health infrastructure’ • Dr Duane Sands: ‘It’s exciting to have options’

Revealing that the Ministry of Health had been close to determining how it would move forward just prior to the category five storm’s

arrival, Dr Sands said Dorian’s devastating impact on Abaco and Grand Bahama was a game-changer that had forced it to focus on “climate resilience” as a priority in healthcare infrastructure planning.

He described some of the rival offers to The P3 Group’s post-Dorian pledge as “very radical”, citing one submission that “proposed to buy the entire health infrastructure in The Bahamas and operate it”. The minister revealed that this “unsolicited” offer came

from Steward Health Care, a Dallas-based group that is described as the largest physician-led, for-profit health network in the US. Other offers in the government’s possession for the overhaul of Princess Margaret Hospital (PMH), and the replacement of Freeport’s Rand Memorial Hospital, have been submitted by Medistar, a medical real estate development firm, and SYMX Healthcare Corporation, a

SEE PAGE 4

Minister ‘not worried’ on Lucayan airport demand

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday said he is “not worried” that the ITM/Royal Caribbean joint venture wants a government guarantee the airport will be fixed before they close the Grand Lucayan deal.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business he did not see this “becoming a problem” because the government will not permit Grand Bahama International Airport to “drag on in its current” wretched condition.

He spoke out after multiple sources close to the negotiations revealed that the cruise line and its Holistica joint venture partner are seeking some kind of commitment from the Minnis administration that the

• ITM/Royal Caribbean said to want airport guarantee • Govt won’t let facility ‘drag on in current state’ • Hotel Corp chair says request ‘not unreasonable’

DIONISIO D’AGUILAR

MICHAEL SCOTT

airport will be completely rebuilt to the necessary standard by the time a redeveloped Grand Lucayan and Freeport Harbour are ready to open.

It is understood that ITM/

Royal Caribbean are not concerned as to whether it is the government, or existing airport ownership duo of Hutchison Whampoa and the Grand Bahama Port Authority (GBPA), which

Chamber director: We have ‘solution’ for work permits

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CHAMBER of Commerce director yesterday urged labour policymakers to meet with him over a more effective “solution” to their understudy demands, and warned: “Not talking creates problems.”

Peter Goudie, pictured, who heads the chamber’s labour committee, told Tribune Business that the latest threats to revoke work permits if employers failed to establish proper training schemes, and identify understudies to take over from expatriates, was

Law firm pledges ‘full co-operation’ over alleged scam

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A MAJOR Bahamian law firm yesterday said it will fully co-operate with any local investigation after a former client denied involvement in a muchpublicised alleged scam involving a Nigerian oil explorer.

Holowesko, Pyfrom, and

counterproductive to creating more Bahamian jobs.

Responding to the latest salvo from John Pinder, director of labour, he said he had made two attempts to arrange a meeting with him and Senator Dion

SEE PAGE 5 Fletcher confirmed in a statement to Tribune Business that it had formerly served as the registered agent for Seawave Invest, a company that purportedly received $600,000 from Lekoil in return for arranging a $184m loan from the Qatari Investment Authority (QIA).

London-listed Lekoil announced the loan deal early in the New Year, only to subsequently be embarrassed and claim it had been scammed after the Qataris questioned the “the validity” of the January 2, 2020, deal and said they had never agreed to provide such debt financing.

However, Holowesko, Pyfrom, and Fletcher said Seawave Invest, which had

SEE PAGE 8

makes the investment so long as it is completed in time to attract international commercial flights. Without such concrete assurances, it is thought the joint venture may not proceed.

“I’m hearing the Royal Caribbean project may be on hold until the Government makes a definite move to do what they’re going to do with that airport,” one wellplaced source, speaking on condition of anonymity, said.

“They want a written commitment as to the airport; that it will be rebuilt. They don’t care by whom. You’re not going to construct a hotel

SEE PAGE 6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BANK of The Bahamas yesterday said it “went above and beyond” in trying to help Leslie Miller and his family remedy $25$28m worth of loan facilities that had been “seriously delinquent for years”.

The BISX-listed financial institution, in a statement issued to Tribune Business via its attorney, vehemently denied the ex-Cabinet minister’s claim it had been involved in “a malicious and unlawful conspiracy” to seize his Summerwinds Shopping Plaza off Tonique Williams Highway, which had been pledged as security for the loans.

The bank also pointed out that Justice Cheryl Grant-Thompson’s verbal pre-Christmas ruling only involved Mr Miller’s dispute with the government, not his claims against Bank of The Bahamas or its defence. She is now due to give her written ruling on January 17, 2020, as to whether leases allegedly entered into between the government and former MP are legally valid and binding.

“The allegations made

by Mr Miller and his coplaintiffs against Bank of The Bahamas have been categorically denied by the bank in its defence,” the BISX-listed institution said through its attorney, Gail Lockhart-Charles.

“The bank firmly contends that the plaintiffs’ [Mr Miller and his family] allegation that the bank was a participant in a malicious and unlawful scheme to injure the plaintiffs is wholly without merit, and

LESLIE MILLER should in fact be struck out on the grounds that it is frivolous or vexatious, and/ or it is otherwise an abuse of the process of the court.

“As stated in its defence, the bank went above and beyond what could reasonably be expected of it or any bank to assist the plaintiffs to rehabilitate their seriously delinquent facilities which had been non-performing and in arrears for years. The bank maintains in its defence that, as prudent bankers, the Bank had no reasonable alternative but to cease providing further advances to the plaintiffs.”

Damian Gomez QC, the ex-minister of state for legal affairs who is representing Mr Miller, confirmed to Tribune Business over the Christmas holidays that Justice Grant-Thompson that the Government’s alleged lease of the Summerwinds Plaza was a binding contract.

The Attorney General’s Office has already filed to stay the ruling, and for leave to appeal, but Mr Gomez said: “She didn’t give her reasons, and said she would do that subsequently, but she ruled in favour of the application we made.”

SEE PAGE 6

PAGE 2, Thursday, January 16, 2020

THE TRIBUNE

BFSB rewarded over Realtor tops firm industry’s promotion in just three years THE Bahamas Financial Services Board (BFSB) has been honoured with International Investor’s 2020 award for Outstanding Promotion of Financial Services.

Subscribers of International Investor recommended BFSB for the award within this category, and its research team backed this judgment.

In accepting the award, BFSB’s chief executive and executive director, Tanya McCartney, said: “We are honoured to receive the award. It is a recognition of the strong public –private sector partnership that exists in The Bahamas for the promotion of financial services.

“It reflects the combined contributions and support of our member firms, the Bahamas Government, regulators and professional bodies in the promotion of The Bahamas as the clear choice for financial services.”

International Investor provides government policymakers, business leaders and investors with the information they need to support their decision making.

It connects businesses,

TANYA MCCARTNEY and communicates opportunities globally with potential partners and investors to attract new business and capital.

The official announcement of all winners was published online, and will also be announced in the Davos Winter edition of

the International Investor. Its print publication is distributed at financial centres and international investment events across the globe. However, this edition also has specialised distribution in Davos & Klosters during the World Economic Forum.

A REALTOR has become his company’s top producer just three years after he decided to swap accounting for a career in the industry.

Timothy Smith, an associate with Better Homes and Gardens Real Estate MCR Bahamas Group, attributed his success to a four-pronged approach that involves studying the market as if he were going to be tested every day; a round-the-clock work ethic; a dedication to social media outreach; and negotiating every deal for a client as if it were his own money involved.

Having been named Mario Carey Realty’s rookie of the year in 2017, some two years later he took the top producer title at the company that is now part of the Better Homes & Gardens Real Estate franchise.

Mr Carey said Mr Smith, who has accumulated more than $20m in listings, is “a natural, one of those who everyone likes being around. A most valuable player-type in a professional environment, constantly studying and sharing what he discovers, a rare combination that makes him a great team player, and his

TIMOTHY SMITH constant eye on marketing gives him a real edge that is especially admirable in a competitive industry”.

Mr Smith, who grew up in Nassau, earned a degree in accounting from Georgia State University. He worked for a major accounting firm for two years in addition to interning during four college summers, and left the profession to turn to his real passion, real estate.

He earned his real estate license in 2015 and joined Mario Carey Realty the following year.

The realtor, who is also an entrepreneur with selfdrive truck rental company, E-Z Haul, says his key strength is social media marketing because he does his own. “A lot of people pay for their social media marketing to be done for them,” he says, but spends hours daily updating his.

It is a process and practice that pays off. Among the sales that pushed him to the top of his firm, bested only by the two managing partners, Mario Carey and Tim Rodland, who are excluded from top producer honours, was a five-acre commercial development site on Village Road plus and a property in Ocean Club Estates that had been on the market for more than one year.

“Real estate is a very crowded field with more than 700 licensed BREA (Bahamas Real Estate Association) agents in this country,” said Mr Carey.

“When I founded Mario Carey Realty in 2008, I wanted to create a full-service firm with sales, leasing, appraisals, vacation rentals, relocation services, assistance with financing and a multi-lingual team.

But, above all, my goal was to identify and nurture a group of young people who would be the future of real estate in this country.

“Tim is not just a team player but one who will create the model for what real estate professionals will be in the future. He is the future of real estate in The Bahamas. I am very proud to announce him as producer of the year.”

BAHA MAR EXECUTIVE IN MARKETING HONOUR A SENIOR Baha Mar executive has been honoured with the 2019 Hospitality Sales & Marketing Association International’s (HSMAI) Top 25 Most Extraordinary Minds award.

Karin Salinas, pictured, senior vice-president of marketing, received the award for her role in sales, marketing and revenue optimisation. HSMAI has also recognised Baha Mar with gold and silver Adrian Awards for excellence across the resort destination’s advertising, public relations, digital marketing and social media efforts.

These awards have been chosen by a panel of senior industry executives, and will be celebrated at the Adrian Awards dinner reception and gala on January 21, 2020, at the New York Marriott Marquis.

Ms Salinas has overseen communications and marketing for the $4.2bn resort destination since its opening in early 2017.

Her efforts in 2019 have helped to position Baha Mar as one of the newest

destination resorts.

Prior to joining Baha Mar, Ms Salinas served as director of sales and marketing for Rosewood Hotels & Resorts’ Mexico region after holding the position of vice-president of sales and marketing for the Latin America and Caribbean regions at One & Only Resorts. During her career she has worked for leading hotel brands including Ritz-Carlton properties in Qatar and Chile, and the Swissotel Quito in Ecuador.

“I am incredibly honoured and humbled to be nominated and selected to this inspiring list of industry leaders and peers,” said

Ms Salinas. “Baha Mar’s multiple Adrian Award wins across different categories is a testament to my entire team’s hard work and dedication to ensuring the success of our Bahamian resort destination.”

Baha Mar has received three Gold Adrian Awards for advertising and public relations, as well as two Silver Adrian awards for integrated marketing and social media.

“The Adrian Awards honour innovative travel marketing campaigns that lead the future of hospitality marketing, setting the standard for creativity and flawless execution,” said Robert A Gilbert, president and chief executive of HSMAI. “HSMAI is proud to recognise these award winners and celebrate their remarkable campaigns and the people behind them at the Adrian Awards gala.”

The Adrian Awards Gala will be attended by nearly 1,000 hospitality, travel and tourism marketing executives.

PORT AUTHORITY NAMES CORPORATE AFFAIRS HEAD THE Grand Bahama Port Authority (GBPA) has named Philcher Grant as director of group corporate affairs and government relations at its Port Group Ltd affiliate.

“We are pleased to announce the appointment of Philcher Grant to the Port Group Ltd team,” said Ian Rolle, the GBPA’s president. “This appointment comes as we continue to strategically position the organisation to execute our responsibilities to residents in the most effective and efficient way.

“We remain focused on our vision to improve the quality of life for everyone in Grand Bahama, and to provide high performance service in areas of utility, city management and business development.”

Ms Grant will be

responsible for engagement with key stakeholders, media and public relations, hurricane preparedness, government relations and managing strategy process for the Grand Bahama Utility Company. She joined the company on January 13, 2020.

Sarah St George, the GBPA’s acting chairman, said: “Ms Grant possesses the expertise and diverse knowledge to complement and strengthen our team. In continuing our restoration efforts, we will engage the public more frequently to provide relevant and timely information. We anticipate progressive improvements in our service to the Freeport community and, by extension, Grand Bahama island.”

Ms. Grant has more than ten years’ experience

PHILCHER GRANT in resource management, communications, customer and government relations.

She is skilled in disaster restoration planning, metering, billing, management, call centre administration, stakeholder and government relations, as well as regulatory compliance.

THE TRIBUNE

Thursday, January 16, 2020, PAGE 3

RBC ‘very curious’ on Sand Dollar roll-out

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ROYAL Bank of Canada’s (RBC) Caribbean chief yesterday pledged it would participate in the roll-out of the digital Bahamian dollar, adding that it was “very curious to see how it’s going to unfold”.

Robert Johnson, RBC’s head of Caribbean banking, told Tribune Business that “we are going to be one of the participating financial institutions” in the extension of Project Sand Dollar throughout The Bahamas.

“We think it’s an interesting approach,” he said. “We

applaud the government and the Central Bank. We think that the future is digital currency, and we are very curious to see how it’s going to unfold.”

RBC’s competitor, Scotiabank, has already signed on as a partner institution in addition to several Bahamian payment services providers, namely Sun Cash, Omni Money Transfers, Cash N’ Go and Kanoo.

Mr Johnson also said explaining how the digital transformation of RBC is well suited to support clients in this new age of digital banking said, “We have selfservice digital options for

clients but it started with our ATM’s anumber years ago, but that evolved to our online banking, mobile bank app our self serve advice centre for telephone banking here in the Bahamas. We continue to add new functionality and features on a continuous basis. The future is clearly digital.”

However, several sources familiar with the Project Sand Dollar roll-out said the Bahamian commercial banking industry generally had been slow to participate in the initiative due to misconceptions on what it actually involves.

One, speaking on

condition of anonymity, said the banks seemed to view it as a cryptocurrency as opposed to a Central Bank Digital Currency (CBDC) which is backed by the regulator’s external reserves.

“The commercial banks have really been pushing back,” they said. “They’ve not come forward to participate in the Central Bank Digital Currency, the CBDC. They have to get a good understanding of what the CBDC is, and set their systems up to process Sand Dollar transactions.

They’re deeming the CBDC a cryptocurrency, which it’s not because it’s backed

POULTRY PRODUCER FUMES OVER GETTING ‘SIMPLE THINGS DONE’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN Abaco-based poultry producer yesterday challenged government assertions that all its services are “up and running”, citing “aggravation” over trying to get “simple things done” on the island.

Lance Pinder, operations manager at Abaco Big Bird Poultry, disputed the assessment given by Iram Lewis, minister of state for disaster preparedness, management and reconstruction. “I know there is no agriculture office here,” he said. “Right now I am trying to get permits to import plants and things, and I’m having to get somebody in Nassau to get them

and bring them here. It is kind of a problem.”

Mr Pinder added that the agriculture office “was at the public dock. That whole dock building is gone and the Port Department was down there. I don’t know if she ever found it, but the lady I met two days ago who was trying to find the Port Department she said she couldn’t find them nowhere”.

Asked about the main government complex in Marsh Harbour, Mr Pinder replied: “That building is fine. That’s where most of the government officers are working out of. For agriculture there is nothing there for me to do business wise, only for the ‘one stop shop’ for you to get duty-free to

Exuma’s White House readies for the auction A HILL-TOP Exuma residence known as the White House will be showcased to the world at the end of January when it goes up for sale on Concierge Auctions’ website.

The 3,600 square foot, fully-furnished, five-bedroom, four-bath home with a two car garage and pool and patio overlooking Elizabeth Harbour in Georgetown was once offered for nearly $2m.

It will be auctioned without reserve.

“We labelled this property the sparkling year-round tropical oasis,” said Danny Prell, Concierge Auctions’ director of business development.

“Located on Schooner Road, the White House features a great room with a wall of French doors that open to a breathtaking view of the greenery and the turquoise waters that make Exuma the yachting capital of The Bahamas.

THIS five-bedrooom, four-bath home with a spectacular view of Elizabeth Harbour, Great Exuma, was once appraised for nearly $2m. It will go on auction on January 28 through Concierge Auctions in conjunction with Christie’s International Real Estate, and an invitation to all Bahamian brokers and agents to bring clients.

“This very private home is the perfect serene getaway for anyone wanting to escape big city bustle and stress where you can kick back and just breathe. It is also an excellent investment property with solid short-term rental return.

On top of all that, it is in Exuma. What more could you ask for?”

Mr Prell added that The Bahamas remains one of the ten hottest vacation destinations in the world, and a top choice for second home owners. “There will be a lot of eyes on Exuma

import stuff for what’s been destroyed and stuff like that.

“That’s for like dutyfree stuff to replace storm-related items, but if you need a permit to bring in plants - because you need a permit to do that - right now I’m dealing with that and trying to get one out of Nassau.

“What we had to do is send the request into Nassau, and then I had to send somebody to the office to pick it up for me and pay the $2.24 cents. Then they are going to have to get me a copy of the permit so I can send it to the importer,” Mr Pinder added.

“Lucky for me I have a friend in Nassau who would do this for me, but if you

don’t have anyone to do that you would have to fly someone down to Nassau and do it for you.”

Expressing determination such obstacles, Mr Pinder said: “I don’t think it’s going to slow us down, but it’s just the aggravation of trying to get a simple thing done. Just this morning the permit finally came through.

“I had to send someone just this morning, so we had like four people involved making phone calls back and forth having to coordinate just to do this one simple little task. I can’t say it’s stopping us, but it is taking us away from other things. That really should be a simple thing.”

when this auction goes live on the 28th of January,” he predicted.

“Every year we see more interest in the Bahamian Family Islands, particularly among Europeans, Canadians and Americans, though we have experienced active bidding from certain South American countries. The more adventurous buyers search for private islands, wanting to lead a dream life of Robinson Crusoe but with all the amenities.”

This is not the first time Concierge Auctions has been invited to offer a property in The Bahamas to its extensive global database of high net worth individuals.

It has successfully auctioned more than ten properties in Grand Bahama, Paradise Island and Exuma, including Innocence Island in the latter, which sold for $18.75m.

Compliant with Bahamas Real Estate Association (BREA) requirements, Concierge always works with Bahamian brokers.

For the White House auction it has teamed with John Christie of HG Christie and Christie’s International Real Estate as the listing agent.

“White House on Schooner Road in Exuma is a unique property with its superior quality construction and attention to detail throughout the residence, and its breathtaking views and elevation, though only a minute from the beach,” said Mr Christie. “It has also demonstrated an excellent return on investment through short term rentals to a luxury leisure market.”

by the reserves.

“The banks are taking a wait and see approach. Sand Dollar is a secondary activity for them, whereas it’s a primary activity for payments services providers. The banks also did not want to grant payment providers access to the Automated Clearing House that clears and settles transactions between institutions, and which they control, but they’re coming around now.”

Mr Johnson, meanwhile, said RBC was “excited” to see The Bahamas’ longpromised Credit Bureau come to fruition. “It’s one of the things that will equip

Bahamians for the future,” he explained. “They will take more control of their financial situation.

Confirming that nothing should stand in the way of the credit bureau’s implementation, Mr Johnson added: “I think it would make it easier for persons to get mainstream banking solutions. If anything it will give us more data, because with more data we can make better decisions.”

The Central Bank has completed the licensing process for Italian-based CRIF SpA. (CRIF) to establish and operate the Credit Bureau some time later this year.

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PAGE 4, Thursday, January 16, 2020

Dorian pledger’s $670m ‘one of five’ health offers FROM PAGE ONE

LEGAL NOTICE

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that, ALBERTVILLE COMPANY LIMITED is in dissolution and that the date of commencement of the dissolution is the 13th day of January, A. D. 2020.

ENERVO ADMINISTRATION LIMITED LIQUIDATOR Montague Sterling Centre, East Bay Street P.O. Box N-3924 Nassau, The Bahamas

NOTICE NOTICE is hereby given that Makenson Lubin of, Grand Cay Abaco,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 January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Florida-based designer, builder and manager of healthcare facilities.

Dr Sands yesterday revealed that Baylor Medical Centre is also in contention. While expressing appreciation for The P3 Group’s offer, he added that it was “not the first to offer concessionary terms” such as low interest rates and an extended payback period for it to earn a return on its investment.

He added that the group’s submission would be “incorporated” into the government’s thinking as it sought to advance postDorian restoration and upgrades to the nation’s deteriorating healthcare infrastructure, adding that the Minnis administration needed to “flesh out a fair and transparent process” for determining which - if any offer to accept.

Dr Sands acknowledged that the Ministry of Health may “have to go back” to some of the contenders and ask for revised proposals in an effort to “harmonise” them, since they had each focused on different elements. This, he explained, meant it was akin to “comparing apples and oranges” when seeking to analyse their merits and weaknesses.

“I’m happy to share with you that we now probably have five different offers on the table for capital and infrastructure works for health,” Dr Sands told Tribune Business. “The P3 Group offer, as generous as it is and appreciated as it is, is not the first offer we’ve had on concessionary terms.

“We’re very grateful for another offer. What we have been doing, and continue to do, is review the various offers. We’ve been at this for almost a year, looking at the various forms of approach submitted by SYMX and Medistar, among others, as well as

Baylor Medical Centre.

“We’ve had a number of offers for private-public partnerships with health, and have been engaged in an awful lot of due diligence.

We’ve had teams travel to look at projects around the US completed by various companies, reviewed the facilities operated by various companies. Prior to Dorian we had been preparing to make a decision on the way to go.”

Dr Sands said the latest offers from SYMX and Medistar had been submitted around November 2019, and he added: “We have other offers on the table, and they require careful consideration to identify the strengths and weaknesses of each of them, and how appropriate they are for healthcare moving forward.

“Some of the proposals were unsolicited. We had an offer to buy the entire healthcare infrastructure in The Bahamas; to buy it and run it the way it is done in Malta. It is on the table. It is a totally different approach. That’s the Steward Healthcare Group.

They would have come in with a very radical proposal.

“We have other groups that have unsolicited proposals from prior to Dorian to build a new Rand Memorial Hospital and, subsequently, a new PMH. We’ve met with the group out of Baylor in conjunction with the Grand Bahama Port Authority (GBPA).”

Some 68.7 percent of The P3 Group’s $975m proposal is devoted to entirely covering the government’s $670m post-Dorian healthcare “wish list”, which was provided to potential donors prior to Monday’s pledging conference at the Baha Mar Convention Centre.

Wrapped into that $670m is $500m for a new hospital to replace PMH; $120m for the Rand Memorial Hospital’s successor; and $50m to reconfigure Abaco’s health clinics and care system. The remaining $305m of The P3 Group’s proposal is broken down into $155m for “other

THE TRIBUNE essential government facilities”, such as housing schools and airports; $100m for renewable and solar energy; and a final $50m for community-based projects.

However, the P3 Group, a US-based commercial real estate and PPP specialist, has made it clear from the outset that its $975m “pledge” is not a donation but a loan that will have to be repaid by the government, Bahamian taxpayers and users of the new hospitals and other facilities it would construct over time.

It is really offering a traditional PPP structure whereby it would seek a return on its investment, albeit at concessionary interest rates that it says could be as low as three to four percent, although these terms would have to be negotiated should the government accept its offer.

The P3 Group says the benefit of its proposal, where it would design, build, own/ operate what it constructs for a 20-30 year period, recouping its investment through rent and user fees, is that it lessens the financial burden on the government to find such capital up-front.

However, some observers believe it would have too much ownership/control of key Bahamian infrastructure should the government accept its proposal in full.

Dr Sands, however, yesterday expressed amazement that public debate on The P3 Group’s proposal seemed to assume it was a ‘done deal’. While its offer had elevated health infrastructure improvements to a national issue, he added: “Let’s be very clear: The whole discussion about who owns what, and development by non-Bahamian entities and control of the entity, no decision has been made.

“There are so many things to be considered.

One day after someone has made an offer, I’m amazed we’re having conversations about how we’re going to sell the healthcare system or someone owns the hospital. There’s no decision on whether to accept an offer or what is a reasonable approach, but we have been doing our homework.

“Someone said we can’t borrow any more money.

Who said we’re going to

borrow money? It has yet to be decided but, clearly, the status quo is not acceptable,” Dr Sands continued. “We will collate all the offers, create a spread sheet that compares apples to apples, oranges to oranges. The final arbiter will be the Cabinet of The Bahamas, and no decision has been made.

“While we have this [P3 Group] offer on the table, it’s not the only offer, and will be incorporated into the consideration. We hope to flesh out a fair, transparent process as to how we move forward.

We’ve had in hand completed, signed proposals from a number of companies. The next step of this process was to review them at the highest level, the Cabinet level.

We’ve been at this for more than a year.”

Dr Sands said the Ministry of Health and Public Hospitals Authority (PHA) had already “started walking down this road” themselves by examining the feasibility and design for the new emergency room, mother and child care ward and imaging department at PMH - a $200$250m investment that the Minnis administration committed to in its 2017 general election manifesto.

He added that this represented the second phase of the plan for PMH’s staged redevelopment that had been drawn up by US architectural/design firm, the Beck Group, headed by Bahamian, Fred Perpall. The first phase was the already-completed $100m Critical Care Block.

Then Dorian intervened.

“I think it catapulted the need for a new climate resilient facility in Grand Bahama to the top of the class, head of the class, though it was an option we had been considering,” Dr Sands told Tribune Business.

“It’s now an absolute requirement. The discussions with the United Nations Development Programme (UNDP) brought into focus even more strongly whether PMH is climate resilient. The documents submitted to the UNDP broadened the scope.

They asked what health should look like in the future post-Dorian. That was a different question from when we got the initial proposals.”

THE TRIBUNE

Thursday, January 16, 2020, PAGE 5

Chamber director: We have ‘solution’ for work permits FROM PAGE ONE Foulkes, minister of labour, to discuss an alternative that would give Bahamians the expertise they needed to take over from expatriates when their work permits expired.

Mr Goudie argued that a more effective way for Mr Pinder to achieve his objectives was for Bahamians to overcome their “reluctance” to leave The Bahamas and work abroad, arguing that the experience and qualifications gained would be far more valuable than “understudying” someone at home.

And he pleaded for greater dialogue between the government’s top labour officials and the private sector on any reforms that could impact the latter, adding that failure to do so would lead to resistance from those most impacted by the change.

“I have made at least two attempts to arrange a meeting with the minister of labour to do with a possible solution and dialogue on this subject, but to no avail,” Mr Goudie told this newspaper. “What I can’t understand is why the director of labour or minister of labour introduce or refine a policy without having dialogue with the business community.

“We have never heard a word from them on this subject. We have other solutions and would like to have dialogue, but if you don’t have dialogue with the people you’re putting the

JOHN PINDER policy on you’re going to create problems.”

Mr Goudie said it had always been the policy that Bahamian employers needed to name an “understudy” to take over from the expatriate hire when applying for a work permit, but this had never been “fully enforced” as the government simply lacked the necessary manpower to do so.

Arguing that Mr Pinder’s latest version of this policy was likely to be “unworkable”, Mr Goudie said he and another person - who he declined to name - had developed an alternative based around Bahamian workers gaining the necessary experience and qualifications by working abroad.

“I found when I was the head of human resources for a major regional bank that Bahamians are very reluctant to move overseas, and that is how you really get expertise; not just by understudying someone,” he told Tribune Business.

“We need to go forth into the world to learn. That’s how a lot of expatriates who

are here got their expertise, and Bahamians are reluctant to do that.

“We’ve put together a proposal where the understudy needs to go to other countries to gain experience. It took me years and years to get the experience I did when I headed up human resources for the region. You’re going to give me someone in three years’ time who has my experience? It’s not going to work.

“We’re going to propose a plan to get Bahamians to go overseas and gain that type of experience, and then come back and take over. That’s the gist of it.

It’s much deeper than that.

But you can’t just learn from somebody; you have to experience that yourself, and you can’t get that by staying home” Mr Goudie added that Mr Pinder’s proposal seemingly did not account for “a whole lot of factors that need consideration”.

He queried whether businesses would be penalised if they were unable to identify an understudy, or if the person nominated suddenly left to join another company, thereby forcing the employer to begin the process all over again.

The chamber’s labour specialist also questioned how many work permits would be affected, given that the majority of those issues are for domestic workers and gardeners work Bahamians typically consider to be beneath them or too low-paid.

And he pointed out that the pool of available,

qualified Bahamian labour was being further shrunk by a “brain drain” that saw 61 percent of college-educated students remain abroad after graduating because the job opportunities were much broader.

Acknowledging that Mr Pinder’s remarks could cause businesses to pull back further on investment due to uncertainty over whether they will be able to recruit essential expatriate labour, Mr Goudie also agreed that the proposed policy effectively crosses the line to the point that the government is effectively dictating private sector hiring practices.

“I would agree that it’s putting undue pressure on the business community at a time when we’re trying to create more employment. I don’t think this is the way to do it,” he told Tribune Business. “We’re losing jobs in the financial industry, and now you want to put pressure on. What? To lose more jobs.

“That’s what John is saying. If you don’t do what we say, you’re going to lose work permits. When John says that he needs to come and have dialogue with us.

How can you start telling people how to run their business when you haven’t talked to us. All we’re asking is: Come and talk to us.”

Tribune Business was unable to reach Mr Foulkes for comment.

PAGE 6, Thursday, January 16, 2020

THE TRIBUNE

Minister ‘not worried’ on Lucayan airport demand FROM PAGE ONE without the airport. I don’t know why they are dragging their heels. Government should take the action and do it. Send Hutchison and the Port Authority the bill, but the government has got to do it themselves.

“I heard Royal Caribbean and ITM will not proceed without a commitment on the airport. They know it will take two years to do it. It doesn’t bother them, as their project will take two years.

That’s good news for us otherwise the government will kick that can down the road to the detriment of the Bahamian people.

“Royal Caribbean has all the leverage in the world. It’s getting worse by the day here.

We’re in danger of becoming a village, so let’s hope it’s going to happen. It’s [the airport] so vital to Freeport. No new hotels will ever be built without a proper airport.”

However Mr D’Aguilar, when contacted by Tribune Business, said on the airport: “I don’t anticipate that being a problem because the Government of The Bahamas is not going to let that airport drag on in its current state.

“There’s a lot to do at the Grand Lucayan. They have to build water features, renovate the rooms. For the period it would take for Royal Caribbean and ITM to develop their project, all

that is going to take time.

I’m sure the airport will be addressed by the time they’ve completed and are ready to launch their project. I’m not worried.”

Yet Michael Scott, the Grand Lucayan’s chairman, yesterday conceded that such a request by ITM/Royal Caribbean would “not be unreasonable” given the current uncertainty surrounding Grand Bahama International Airport’s future.

While he was unaware of any binding commitment being requested, he added: “I’ve had no confirmation of that but it would not be unreasonable. I would say it would not surprise me, and not be an unreasonable request, but I’m not privy to those details. If I was an investor/developer I’d be asking the same.

“The government is trying to sort that out now and is motivated to get it done because Freeport will stagnate unless and until it happens.”

Given that the ITM/Royal Caribbean project’s projected build-out will take 21-24 months, the government will effectively have around two years to ensure Grand Bahama International Airport is rebuilt after it was devastated by Hurricane Dorian’s storm surge.

Securing sufficient international airlift will be vital to the success of a $275m development, which is promising

to create 2,000 jobs and bring two million extra passengers to Freeport per year in a “game changer” that could rescue the city’s stopover tourism industry and wider economy.

While a temporary terminal and associated facilities have been out in place, international airlines - especially American Airlines and its connectivity to Miami have yet to resume service to Grand Bahama, which is currently reliant on a combination of Bahamasair, Silver Airways, Sunwing and Western Air for domestic and international airlift. There is also no indication when US pre-clearance will return.

Multiple observers have argued that Freeport’s industrial sector and whole economic model will be undermined without a restored airport, and suspicion and mistrust persists about its owners’ intentions notwithstanding their public pronouncements.

There are fears that neither Hutchison Whampoa nor the GBPA are interested in investing what is required, with the Hong Kong conglomerate having form for pocketing insurance proceeds and failing to use them to rebuild loss-making assets, as happened at the Grand Lucayan. This prompted the government to publicly signal its interest in acquiring Grand Bahama’s main international gateway.

BOB ‘went above and beyond’ to help Leslie Miller FROM PAGE ONE “She struck out the defence on the basis it was frivolous, vexatious or an obvious abuse of process.

In light of their [the Government] submissions, they really have no defence.”

Bank of The Bahamas, though, yesterday sought to clarify that this did not apply to itself or its dispute with Mr Miller and his family. “Justice Grant Thompson has given no ruling, verbal or otherwise in relation to any claim of unlawful conspiracy by the government and Bank of The Bahamas to seize Mr Miller’s Summerwinds Shopping Plaza, nor has there been any application to Justice Grant Thompson for judgment of any sort against the bank,” it added.

“The Plaintiffs brought an application against the Attorney General and the treasurer of The Commonwealth of The Bahamas for judgment based on admissions allegedly made by those parties with respect to certain leases which the plaintiffs contend were entered into between the plaintiffs and the Government of The Bahamas.

“No application for judgment has been pursued against Bank of The Bahamas. Further, Justice

Grant-Thompson has indicated that her ruling on the application for judgment against the Attorney General and the Treasurer is now scheduled to be delivered on January 17, 2020.”

Tribune Business has seen written suggestions that the government owes as much as a $66m liability to Mr Miller, but Mr Gomez said “it could be higher than that”. The ex-Cabinet minister’s lawsuit, filed last July, had been seeking a Supreme Court declaration that the five leases entered into on December 1, 2016, by the former Christie administration are “valid and binding” upon the government.

Those leases were among the contracts identified by K Peter Turnquest, deputy prime minister, during the 2018 mid-year Budget debate as “handcuffing” the government’s financial plans. It was one of two cases he cited where the government owed between $13m-$14m for property leases and had “no exit clauses”, even though “not one single government worker has ever set foot in the building”.

However, Mr Miller is alleging that both the government and Bank of The Bahamas both reneged on agreements to fund

multi-million dollar renovations at Summerwinds Plaza so it could be rented to government ministries.

Besides claiming damages for the loss of multi-million dollar rental income through these purported contractual breaches, Mr Miller also accused the Minnis administration of deliberately refusing to follow through on the leases signed by its predecessor knowing it “would trigger a default” on the $25m-$28m worth of loans owed to Bank of The Bahamas, thereby paving the way for the bank and the Bahamas Resolve bailout vehicle to seize control of the Tonique Williams Highway plaza.

In a previous interview, Mr Miller described the leases - entered into by the former Christie administration in December 2016 - as “a win-win” for all parties given that the rental rate was 45-55 percent lower than that typically enjoyed by the government.

The outspoken ex-MP told Tribune Business that the main potential tenant was the Immigration Department, which had been lined up to lease some 98,000 square feet at the former Robin Hood store.

Other government departments supposed to join it are the Registrar General’s Department, Public Parks and Beaches Authority and Parliamentary Registration (voting) Department.

NOTICE Notice is hereby given BGRS Certificate No. 85139 in the amount of $8,600.00 is lost and matures in the year 2028. If this Certificate is found, please write to P.O Box SB 50178 Nassau, Bahamas or call 424-8995

THE TRIBUNE

Thursday, January 16, 2020, PAGE 7

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE

SOME HELPFUL TIPS BEFORE YOU DONATE:

4 You must have eaten at least once for the day.

4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

BECOME A REGULAR DONOR

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES

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

PAGE 8, Thursday, January 16, 2020

Law firm pledges ‘full co-operation’ over alleged scam FROM PAGE ONE

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

“always been inactive” and was struck off the Bahamian companies registry on New Year’s Day 2020 for non-compliance, had informed it that it, too, was a victim of whatever had occurred. The company’s directors said it had never received the alleged $600,000, and were unaware of any dealings with Lekoil or Qatar.

“Holowesko, Pyfrom and Fletcher provided the registered office to Seawave Invest (the company) which was incorporated on October 28, 2016. The Company was, and has always been, inactive and was struck off by the Registrar of Companies for default on January 1, 2020,” said the Bahamian law firm, which numbers ex-Senate president and current ‘ease of doing business’ committee chair, Lynn

Holowesko, among its partners.

“Holowesko, Pyfrom and Fletcher is instructed by the company’s directors to state that whatever acts may have been done by persons purporting to represent the company, neither the company nor any of its officers and directors have any knowledge or involvement in such acts.

“Furthermore, none of the proceeds of such alleged acts have ever come into the possession of the company, its officers or directors. Holowesko, Pyfrom and Fletcher will co-operate to the fullest extent with the relevant Bahamian authorities if called upon to do so. We have not been contacted by any local authorities, nor have we been contacted by authorities abroad.”

Tribune Business reached out to Holowesko, Pyfrom and Fletcher after research

THE TRIBUNE showed Seawave Invest’s website contained both its office phone number and address at the Templeton Building at Lyford Cay. The website showed its operational base as an address in Ghana.

Lekoil, which is listed in London’s AIM (alternative investment market), was forced to temporarily suspend trading in its shares earlier this week due to the controversy. It had just appointed Mark Simmonds, the UK’s former Africa minister under ex-prime minister, David Cameron, when the alleged scam was uncovered.

Seawave Invest’s website says the firm provides services in investment banking, public-private partnerships and corporate advisory and research, including acquisition and investment advisory, with a focus on Africa.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, January 16, 2020, PAGE 9

Lab director: Innovation key for peace, national security

SANDIA National Laboratories Associate Director of Mission Services Scott Aeilts answers reporters questions following a news conference in Albuquerque, New Mexico yesterday. Aeilts said Sandia plans to expand its efforts to work with businesses in southern New Mexico.

Photo: Susan Montoya Bryan/AP ALBUQUERQUE Associated Press WITH so many threats to peace and stability around the globe, the new leader of the United States’ largest federal laboratory said Wednesday that it’s critical the nation find ways to stay ahead when it comes to what he described as a “race for innovation”.

James Peery took the helm at Sandia National Laboratories at the start of the year, becoming the 16th director to oversee the lab in its 70-year history. With a multibillion-dollar budget and campuses in New Mexico and California, Sandia focuses on national security work that spans everything from ensuring the safety of the US nuclear arsenal to development of reliable energy sources, nanotechnology and biomedical research.

One of Peery’s passions has been finding ways to accelerate innovation, and he said that focus will continue during his tenure.

“As the world becomes more increasingly complex, and national and global security continue to be tested, I’m committed to Sandia Labs’ pursuits of peace through innovative science, engineering and technology,” he said, adding that advanced science and visionary research can “change the world”.

Aside from potential military conflicts, Peery said the world also faces a growing threat of natural and man-made disasters and that the lab’s scientists and researchers have a role in preparing for and responding to

those problems.

Sandia has about 14,000 workers, most based in New Mexico. It recently filled 1,100 new jobs, and lab officials expect some growth over the next year, but Peery said Sandia’s challenge now is that it’s running out of room to expand.

The lab already leases space throughout Albuquerque ,and officials said they have discussed the value of expanding its campus, which sits at the southern edge of the city and is bordered by Kirtland Air Force Base.

“We’re hitting it on every facet to try to explore what we should do, and we’re trying to just make sure it fits the needs of our customers,” said Scott Aeilts,

an associate director at Sandia.

Lab officials on Wednesday also touted Sandia’s economic impact in New Mexico. For the last fiscal year, the lab contributed an all-time high of nearly $3.7bn to the economy by spending on goods, services, payroll, taxes and other payments.

Aeilts said the goal is to keep growing that number by reaching out to more small businesses.

That will include a new effort to work with businesses in southern New Mexico, where lab officials have identified some untapped opportunities.

“We’re going to need that going forward,” he said.

“There are businesses down there that can help us.”

To advertise in The Tribune, contact 502-2394

PAGE 10, Thursday, January 16, 2020

THE TRIBUNE

TRADE DEAL: US EASES SANCTIONS, CHINA TO BUY MORE US EXPORTS Associated Press THE United States and China signed an initial trade pact yesterday, easing tensions between the world’s two largest economies.

A look at highlights of the 86-page deal.

US EXPORTS: China agreed to increase purchases of US services and manufactured, energy and farm products by $200bn this year and next. The arrangement means that China is supposed to buy $40bn a year in US farm exports. It’s an ambitious goal. China has never bought more than $26bn in US agricultural products in a year.

TARIFFS: The United States dropped plans to extend tariffs to an

to China and trade. It is unclear what China is going to do with the retaliatory tariffs it has imposed on US products.

TECH TRANSFERS: China pledged to stop forcing US and other foreign companies to hand over technology as the price of admission to the Chinese market. Any transfer of technology must be made for business reasons and not be coerced. Still, China has sworn off forced technology

PRESIDENT Donald Trump shakes hands with Chinese Vice Premier Liu He, after signing a trade agreement in the East Room of the White House yesterday in Washington. Photo: Evan Vucci/AP additional $160bn worth of Chinese imports. That move, originally scheduled for Dec 15, would have extended the tariffs to just about everything China ships to the

United States. The US also cut in half, to 7.5%, the US tariffs on another $110bn in Chinese goods. Still, the US maintains tariffs on $360bn worth of Chinese imports,

nearly two-thirds of the total.

It’s a figure that would have been unthinkable before President Donald Trump took office and took a far more aggressive approach

transfers before.

INTELLECTUAL PROPERTY: The agreement makes it easier to bring criminal cases in China against those accused of stealing trade secrets. It includes provisions designed to stop Chinese government officials from using administrative and regulatory procedures to ferret out foreign companies’ trade secrets and allowing that information to get into the hands of Chinese competitors.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ATTIAS SAINT REMY of Hanna Hill, Eight Mile Rock, Grand Bahama, Parent of SAINT REMY MICHEL intend to change my child’s name from SAINT REMY MICHEL CULMER to MICHEL SAINT. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that JEFFREY SAINTILUS of Spanish Wells, Eleuthera, 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 9th day of January, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE ORYX SHIPPING COMPANY LIMITED Pursuant to the Provisions of Section 138 (6) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 30th day of December, 2019.

Delano Aranha Liquidator of ORYX SHIPPING COMPANY LIMITED

LEGAL NOTICE

NOTICE GAZELA SHIPPING COMPANY LIMITED Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 30th day of December, 2019.

Delano Aranha Liquidator of GAZELA SHIPPING COMPANY LIMITED

LEGAL NOTICE

NOTICE GUNGA SHIPPING COMPANY LIMITED Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 30th day of December, 2019.

Delano Aranha Liquidator of GUNGA SHIPPING COMPANY LIMITED

THE TRIBUNE

Thursday, January 16, 2020, PAGE 11

STARBUCKS EXPANDS PRESENCE IN LOW-INCOME COMMUNITIES DETROIT Associated Press

STARBUCKS is expanding a programme that tries to help low-income communities by opening coffee shops and hiring local workers.

The Seattle-based company plans to open or remodel 85 stores by 2025 in rural and urban communities across the US That will bring to 100 the total number of community stores Starbucks has opened since it announced the programme

in 2015. Each store will hire local staff — including construction crews and artists — and will have dedicated community event spaces.

Starbucks will also partner with local United Way chapters to develop programming for each store, such as youth job training classes or mentorship groups.

Starbucks opened its first community store in Ferguson, Missouri, in 2016, two years after devastating riots that followed the shooting of an unarmed black man by police. It has opened 13

other locations since then, including stores in Baltimore, Chicago, Dallas, New Orleans and Jonesboro, Georgia. Another store will open this spring in Prince George’s County, Maryland.

Starbucks estimates the stores have created more than 300 jobs.

All of the stores are in the US, although Starbucks says some franchisees in other countries, including Thailand and China, have also opened community stores.

Starbucks says most of the 85 stores will be new, but

some will be remodels of existing stores. The company will consider various factors — including youth unemployment rates and low median household income — in deciding where to build them.

John Kelly, Starbucks’ executive vice president of public affairs and social impact, says the stores reflect Starbucks’ core belief in responsible capitalism. The stores are profitable, he said, and have the same menu and prices as regular Starbucks stores.

“This is not charity. These are successful stores,” Kelly said. “We’re defying a lot of the stereotypes and we’re proud to do so.”

Panera Bread had similarly tried to appeal to low-income communities by opening pay-what-you-can restaurants in 2010, but all of them have closed.

Starbucks also learned lessons from previous efforts.

In 1998, the company partnered with Earvin “Magic” Johnson to develop stores in urban neighbourhoods, but some closed because

they weren’t economically viable. Kelly said Starbucks wants its new stores to be more connected to their communities.

“All of these programmes are with the intent of being purposeful and profitable.

It does not do a community any good to close a store,” Kelly said.

Starbucks learned that it has to partner with local leaders and groups like United Way so it can understand what each community needs.

PAGE 14, Thursday, January 16, 2020

US lobster industry hopes new deal renews trade with China PORTLAND Associated Press MEMBERS of the American lobster industry are hopeful the thawing of trade relations between the US and China will reopen one of the biggest markets in the world for lobsters.

China is one of the biggest export destinations for lobster, which are trapped in the cold waters of the Atlantic Ocean by American and Canadian fishermen and are worth hundreds of millions of dollars per year. But President Donald Trump’s trade hostilities with China resulted in heavy tariffs on US lobster exports, and Canada took firm control of the business over the last 18 months.

Trump and Chinese officials announced a new trade agreement yesterday that could change all that. The proposal includes purchase agreements that formalise China’s commitment to buy more American goods in some sectors, said Republican Sen Susan Collins.

Lobster is highlighted in the agricultural purchase agreement, the Maine senator added.

That clears a path for American lobster exporters to take back access to China, a market that had been growing for years, said Annie Tselikis, executive director of Maine Lobster Dealers’ Association.

“China presents incredible opportunity for the coastal Maine economy and regaining access to that market is essential for our longterm growth,” Tselikis said, adding that Maine is the biggest lobster state in the US. American lobster exports to China cratered last year, dropping to less than $47m

through November. The exports were worth more than $138m in 2018 through the same month. The collapse of the export market followed years of heavy growth spurred in part by the expanding Chinese middle class.

It remains to be seen just how much of the Chinese market American exporters can get back, said Stephanie Nadeau, owner of The Lobster Co, an Arundel, Maine, exporter. She said she has lost half her workforce due to the trade fight.

“We can battle for some of the business back, but some of the business will be permanently gone,” Nadeau said. “You don’t leave somebody as a supplier for 18 months and have them not find someone else.”

The US lobster industry benefited from the growth of the Chinese market prior to the trade hostilities because fishermen are in the midst of a multi-year boom in lobster hauls. China emerged as a new trade partner in a time when lobstermen were catching more of the crustaceans than ever, and that served to help buoy prices for the seafood. Winter is an especially busy time of year for lobster exports to China because the seafood delicacy is especially popular on the Chinese New Year, which falls on Jan 25 this year.

US Trade Representative Robert Lighthizer said the new agreement “will provide lobstermen and women a more level playing field” and more stable access to China. But Mary Lovely, a senior fellow at the Peterson Institute for International Economics, said it remains to be seen just how much the new pact will benefit US seafood.

THE TRIBUNE

PAGE 22, Thursday, January 16, 2020

THE TRIBUNE

MARKET REPORT

LEGAL NOTICE

FINAL NOTICE

www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 15 JANUARY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,185.83 | CHG: -27.03 | %CHG: -1.22 | YTD: -45.77 | YTD%: -2.05 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 11.75 6.17 4.50 11.01 2.81 4.60 10.21 7.90 16.99 9.40 3.63 15.20

52WK LOW 3.35 20.91 5.50 5.38 1.47 0.67 2.00 9.50 5.60 3.95 6.45 2.35 1.76 8.00 6.30 12.15 6.80 3.01 13.50

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 3.35 17.43 6.00 6.10 2.35 1.80 3.89 11.06 6.00 4.49 7.15 3.23 4.60 10.60 7.60 15.05 9.33 3.56 15.20

CLOSE 3.35 17.43 6.00 6.68 2.35 1.62 3.51 11.06 6.00 4.40 6.49 3.23 4.60 10.67 7.60 15.05 9.33 3.56 15.20

CHANGE 0.00 0.00 0.00 0.58 0.00 -0.18 -0.38 0.00 0.00 -0.09 -0.66 0.00 0.00 0.07 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

2,000 3,100 1,000 10,000 8,025

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

P/E 14.0 18.7 N/M 18.1 N/M N/M -8.0 15.3 13.4 23.9 46.4 31.7 9.9 16.5 10.4 18.4 9.9 17.5 24.1

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

YIELD 5.07% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.51% 3.67% 2.73% 0.00% 13.44% 1.30% 3.07% 3.16% 3.59% 2.14% 3.37% 4.01% 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% 3.93% 3.93% 6.38% 6.38% 4.50% 4.50% 7.96% 7.96% 10.91% 11.57% 17.57% 18.60% 4.72% 5.08% 13.44% 13.49% 5.38% 5.44% 3.28% 3.80% N/A N/A 10.80% 2.60% 10.40% -4.00%

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

MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.66 1.85 1.76 1.20 8.31 10.26 6.91 11.76 12.32 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.60 1.74 1.69 1.12 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 1.66 1.85 1.76 1.20 8.29 10.16 6.91 11.76 12.32 10.72 N/A 8.98 11.40

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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

30-Sep-2019 30-Sep-2019 30-Sep-2019

Pursuant to the provisions of section 138 (8) of the International Business Companies Act 2000, notice is hereby given that:Blue Garden Group Limited has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 9th day of December, 2019.

Dillon R. Dean Liquidator

POSITION AVAILABLE AT

BAHAMAS ACADEMY Bahamas Academy of Seventh-day Adventists is looking for a candidate to fill the following position for the 2019-2020 school year: • Mathematics Teacher

Minimum Candidate Requirements: • Bachelor’s degree • A minimum of two year’s teaching experience.

Download the application form from the website at www.southbahamasconference.org Submit the completed application form along with copies of professional degrees and resume to: THE OFFICE OF EDUCATION, 135 Tonique Williams-Darling Highway, Nassau, Bahamas or mail the completed application form, copies of professional degrees and resume to: THE OFFICE OF EDUCATION, P.O. Box N-356, Nassau, Bahamas or email the completed application form to logos@sbcadventist.com