01252019 BUSINESS

business@tribunemedia.net

FRIDAY, JANUARY 25, 2019

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V ALFRED GRAY

Ex-minister says BAMSI revamp ‘simply stupid’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net AN EX-CABINET Minister yesterday slammed the government’s decision to revamp The Bahamas Agriculture and Marine Science Institute’s (BAMSI) business model by exiting retail as “simply stupid”.

V Alfred Gray, the former minister of agriculture and marine resources, told Tribune Business that the move was “regrettable”. He added: “The whole purpose of BAMSI was to get into agricultural development by using farmers on the Family Islands and educating them on the BAMSI philosophy.

“BAMSI would buy from the farmers and resell to the Bahamian people, so that at the end of the day we would become less dependent on foreign imports. To hear that they are closing the Family Island offices or depots is really disappointing.

“I believe that this administration is trying to erase all of the legacies of the Christie administration.

I think that history would be kind in showing that the Christie administration had the foresight to establish a BAMSI. Whatever they do I’m sure it will not be able to obliterate BAMSI.” BAMSI confirmed earlier this week that it is revamping its business model by exiting the food retail sector to focus solely on wholesale activities. The institute, in a statement, said the move will boost its economic

SEE PAGE 6

Sarkis secures major Baha Mar legal win

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

AHA Mar’s original developer was yesterday celebrating a major legal victory after a New York court upheld his $2.25bn fraud and breach of contract claim against the project’s contractor.

Sarkis Izmirlian and his BML Properties vehicle successfully persuaded the New York State Supreme Court to reject China Construction America’s (CCA) bid to both dismiss the fraud claim and have the case sent to arbitration.

Justice Saliann Scarpulla’s ruling forces CCA to now file a formal defence to the Lyford Cay resident’s allegations by February 13, 2019, while keeping the

• Court upholds $2.25bn fraud claim • And rejects CCA dismissal/arbitration bids • Victory keeps battle in public domain

SARKIS IZMIRLIAN dispute before the court and thus in the public domain.

The Chinese state-owned contractor, which owns downtown Nassau’s British Colonial Hilton, dislikes the publicity associated with

BAHA MAR events it is anxious to put behind it. This is revealed in transcripts filed with the New York State Supreme Court where its attorneys expressed the company’s displeasure at continued coverage by

Tribune Business.

Had Justice Scarpulla ruled in favour of CCA’s arbitration bid, Mr Izmirlian’s case would have been transferred out of the

SEE PAGE 4

Tourism disruption fears mount on US shutdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE tourism industry was yesterday “carefully monitoring” the US government shutdown’s impact on air travel amid growing fears it may threaten The Bahamas’ projected arrivals gains.

Robert Sands, Baha Mar’s senior vice-president of government and external affairs, told Tribune Business that the sector was hoping the federal government will re-open “sooner rather than later” to allow The Bahamas to maintain the “momentum” of 16 percent year-over-year

Govt ‘beating’ its business licence goal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOP Ministry of Finance official yesterday said the government is already “beating” its five-day business licence turnaround pledge amid “kudos” from the private sector for the improvement.

Marlon Johnson, the ministry’s financial secretary, told Tribune Business that “most businesses” - especially small ones - were receiving their business licences within 48-72 hours of submitting the completed application and associated fees to the Department of Inland Revenue (DIR).

He added that the Department had “demonstrated what the best of the public service can look like” through its focus on improved customer service and reliance on technology to underpin its processes - a model that the Minnis administration now wants to roll-out across the rest of government.

Asserting that the Ministry of Finance and Department of Inland Revenue were now “operating in a 21st century way”, Mr Johnson said: “So far I think we’re pleased with the progress the team has made.

“We’re getting very good feedback from customers who have even gone on social media to voice their

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MARLON JOHNSON

• Industry ‘carefully monitoring’ impact • Concern on threat to stopover gains • Warning on US aviation safety, security

ROBERT SANDS

DIONISIO D’AGUILAR

stopover arrivals increases throughout 2019.

Speaking after US trade unions representing air traffic controllers, pilots

and flight attendants issued a joint warning that their aviation system was being stretched to breaking point as a result of the shutdown,

potentially to the point of compromising traveller safety, Mr Sands said the hotel and tourism industry’s concerns matched those of Dionisio D’Aguilar, minister of tourism.

“I think we can confirm precisely the same position the minister outlined over this temporary shutdown in the US; that we would become concerned when it impacts those elements of government that influence

SEE PAGE 6

‘Dire need’ for productivity rise in The Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas has a “dire need” for improved productivity given that its industrial output growth rate is half that of Barbados, a government “white paper” is arguing.

The document, produced for the National Tripartite Council to underpin the rationale for establishing a National Productivity Council and associated standards in The Bahamas, argued that a legal framework “to promote the development of a highly-skilled workforce” was essential to sparking higher GDP growth rates.

The paper, authored by J Malvese Capron, a committee member on the Bahamas National Productivity Council, said increased worker output was needed to help reduce business costs and improve this nation’s regional and international competitiveness.

Pointing to the four-year period of zero to low growth to 2017, the “white paper” stated bluntly: “The Bahamas has experienced zero economic growth, which is attributed to poor productivity of the workforce.

Besides, the country underperformed its Caribbean counterparts in a report released by the Inter-American Development Bank (IDB) earlier this year.

“Furthermore, the economic attractiveness of the country has declined over the years, and this decline is as a result of woes in the private sector concerning an inadequately trained workforce. Hence, there is a dire need to establish strategies to improve the quality of the workforce in the country. The surest way to do this is to ensure that the legal framework in The Bahamas promotes the development of a highly skilled workforce.”

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We have committed to small businesses a five working-day turnaround, which is down from weeks and months before, but we’ve actually been beating that. Most businesses are getting theirs in 48 hours, 72 hours.”

Mr Johnson added that the private sector had “responded very positively” to the Department of Inland Revenue’s extended hours, including Saturday opening, as well as the ability to file and pay online.

“It was truly, from our perspective, a testament to

SEE PAGE 5

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PAGE 2, Friday, January 25, 2019

THE TRIBUNE

Valuing millennials in the workplace

M

ILLENNIALS now officially make up nearly 50 percent of the Bahamian workforce. They are who they are, and they bring with them the full range of their domestication. It is undeniable that millennials are valuable to the 21st century workforce.

Here is some of what they teach older generation team members: • New Technology: This is the most obvious area.

Whether it is computers, PDAs or any other device with bits and bytes, chances are younger workers know how to use it. If they do not, they are comfortable learning how. And, like most people with a skill, they are usually happy to pass on what they know.

• Diversity: Younger workers come from diverse households and backgrounds. Their “wider perspectives” can help open older workers’ eyes to the changing world and workforce.

• Job-Hopping: Older workers have been told that only bad, disloyal or incompetent employees leave. While older workers may regard career change as negative, young people understand that it can be fulfilling, energising - even life-changing.

• Risk Taking: Younger workers are extremely entrepreneurial. They are excellent out-of-the-box thinkers. That is especially true compared to people who have spent their careers respecting corporate hierarchies and processes, and not taking

a lot of risks. Though that was not necessarily bad in earlier times, a new era demands a new way of thinking.

• Balancing Work/ Life Issues: Older workers have not done so well with family and work-life balance issues. Younger workers are not careerdriven, and can teach older employees a little about fulfilling their own personal dreams while still making a valuable contribution on the job.

Despite the obvious blessing young people are to today’s workforce, they are still treated warily.

In addition, millennials themselves have begun to lament how they are perceived and treated as professionals in the Bahamian workforce.

So, to every team member and leader over the age of 40, listen up as Clifford and Danielle share their “millennial hearts” in the form of a WISH LIST geared towards improved generational working relations: Wish 1: A company with a clear mission. A strong corporate identity allows for millennials to represent the company with a sense of pride and confidence in what they are working towards.

Wish 2: Proper compensation for level of education, even if the person is single with no offspring.

Wish 3: Succession Training. A management team that is committed to employee mentoring and company succession.

Wish 4: Understanding

IAN FERGUSON BY

of current office attire trends. Please update the 1970 office apparel standards, and recognise that fashion trends come and go with times and seasons.

Wish 5: Millennials value the ability to work from anywhere. Managers who value hours in office versus results will not fare well with millennial employees.

Isn’t this the purpose of technology?

I know, it is a whole lot to absorb. But for the sake of harmony and productivity, it is certainly worth considering.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.

Water supplier gives police trust donation

THE ROYAL Bahamas Police Force Dependents’ Trust relies on community assistance to fulfil its purpose. From left: Jeffrey Burrows, Consolidated Water’s operations manager; Maria C Johnson, Royal Bahamas Police Dependents’ Trust administrative assistant; Welliya Cargill, Consolidated Water accounts manager; and Bryan Russell, Consolidated Water general manager.

Photo: Serena Williams PR CONSOLIDATED Water (CWCO) Bahamas has made a donation to the Royal Bahamas Police Force Dependents’ Trust to help the school-age children of officers who died or were injured on duty.

Maria C Johnson, the trust’s administrative assistant, said the funds donated will go mostly towards tuition. “The trust has been established to assist the continued education of dependents up to age 18,” she said.

“Sometimes it goes

beyond that, and the trust will offer financial assistance during college for dependents as well. It’s all about helping our own Bahamian people.

It’s funded through the generosity of corporate citizens like CWCO, individuals and the founder.

“The trust is a worthy cause. It is helping the loved ones of those who help us every day – some of whom have died protecting us as citizens. The police force is quite an interesting operation. We on the

outside don’t know the half of it.”

Consolidated Water is a long-time sponsor of the trust. Bryan Russell, its Bahamas general manager, said: “We’ve supported them [the trust] the best we can. We’re happy to be a part of it because often people want to complain about crime and the police without understanding what they go through. They provide an extremely valuable service for our community, and without them there would be anarchy.”

THE TRIBUNE

Friday, January 25, 2019, PAGE 3

Bank chief slams ‘selfish’ education loan deadbeats

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Clearing Banks Association’s (CBA) president yesterday slammed the “selfish mentality” of delinquent student borrowers who have exposed Bahamian taxpayers to a $100m liability.

Gowon Bowe charged that the Education Loan Authority (ELA) remains in a financial crisis, which has potentially deprived hundreds of students of university and college educations over the past decade, because successive governments have failed to “actively and aggressively” pursue recovery from those with the ability to pay.

He told Tribune Business: “Where we are today is really sort of the chickens coming home to roost. The reason for that statement is more that, ultimately, the loan programme was a contradictory programme because it was called an education loan scholarship programme. I think using the terms ‘loan’ and ‘scholarship’ led to, whether intentionally or otherwise, confusion as to the obligation on the borrower.”

Mr Bowe spoke out after Jeffrey Lloyd, minister of education, earlier this week revealed that the authority’s (ELA) delinquency recovery rate needs to increase seven-fold. Its board is set to hire a private collection agency “with the teeth” to pursue deadbeat borrowers after staff found themselves “overwhelmed” by the sheer magnitude of the task.

“I think that in the initial stages, and certainly in the inception of the

GOWON BOWE programme, there wasn’t the focus on repayment but, rather, on the distribution and so we got to a situation where significant sums were outstanding and the default rates were starting to be experienced,” Mr Bowe added.

“Successive governments continued to distribute funds but not taking what, in my mind, is the necessary actions to recover the funds; not for the purpose of the government coffers but the benefit of the actual Education Loan Authority and [its ability] to continue to provide financial assistance to students.”

The authority’s 2017 financial statements, tabled in the House of Assembly on Wednesday, reinforced the depths of a financial crisis that has suspended the granting of new loans for almost ten years and left Bahamian taxpayers facing another substantial liability they may be called upon to cover.

Mr Bowe said: “There is a selfish mentality on behalf of persons who have borrowed and failed to repay.

They are now effectively limiting the ability of others who are coming behind to receive the same financial assistance. If you have the ability to pay and don’t it is certainly a very negative indicator of your character by doing so.”

He added that successive governments had failed to crack down effectively on delinquent borrowers, saying: “I think that the sort of soft gloves that have been used in the past should have been toughened up because legal pursuit, naming and shaming the individuals but, more importantly, actively pursuing the funds really is one that has often been spoken of but very little tangible effort has been expended to actively and aggressively pursue them.

“When we think about the money from a

government perspective, these are already funds that have been spent but there are outstanding bonds - bonds that were issued by the Education Loan Authority - which are guaranteed by the government,” Mr Bowe continued.

“As the government continues to extend funds, and is having to honour the guarantee on the loan commitment, it is going to be caught by a double whammy when it is called upon to honour the actual bond commitments if there are not sufficient funds in the authority to pay them.

I think this is a programme that shows what not to do.”

The 2017 accounts, audited by the Grant Thornton accounting firm, were heavily qualified as a result of 88 percent of the authority’s $76.844m gross loan book being in default as at June 30 that year.

Some 84 percent, or $64.578m, had been delinquent for one year, with a 12-month incentive programme designed to encourage borrowers to settle their debts or bring them current netting only $3.035m.

As a result, the authority sank into a $6.229m total comprehensive loss for its 2017 financial year compared to the $1.757m worth of “red ink” incurred in 2017. Three single expenses - $3.22m in bond interest; $1.861m in bad debt write-offs; and $1.375m in impairment provisions exceeded its total income of $1.293m.

Mr Lloyd told Tribune Business on Wednesday that the authority’s delinquency recovery rate needed to increase from the present $60,000-80,000

per month to $400,000$500,000, or from $1m per year to $6-$7m, if the authority is to “put a serious dent” in what it is owed.

He added that too many Bahamians viewed a government loan as free credit - akin to a grant or gift - that does not have to be repaid.

He added that this culture extended well beyond the Education Loan Authority, recalling his career at the Sears & Co law firm and what occurred when it was hired to pursue Bahamas Mortgage Corporation debts.

“People took out a

loan and paid not a single dime for years,” he added.

“When contacted by the Mortgage Corporation or ourselves they said the government gave it to us, notwithstanding they signed a mortgage agreement committing them to repay over a number of years.

“Their attitude was that it was granted by the government, it’s free and there’s no obligation to pay. That’s prevalent throughout society, and I’m quite sure that attitude has seized a number of our loan holders.

No doubt about it.”

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PAGE 4, Friday, January 25, 2019

THE TRIBUNE

Sarkis secures major Baha Mar legal win FROM PAGE ONE court and into mediation/dispute resolution hearings that are typically held behind closed doors and thus more private. Few to no details are made public.

The New York court’s decision to prolong the legal action is also likely to be unwanted by members of the former Christie administration given the controversy that erupted when it decided to side with two Chinese state-owned entities against Mr Izmirlian in his capacity as private developer, due to the possibility of previously unknown evidence being revealed in court.

Mr Izmirlian and BML Properties, in a short statement issued last night, said the New York court had “fully sustained in its entirety” their fraud and breach of contract claims against China Construction America, now called CCA America, and its affiliates.

They added that Justice Scarpulla

had rejected “both substantive and procedural attacks”on the case, and said: “In sustaining BML Properties’ fraud and other claims, the New York judge quoted from a January 20, 2015, letter secretly sent by the defendants which stated that if CCA America did not correct their serious problems, the result would be ‘irreversible and catastrophic loss’ and ‘unmeasurable damages’.”

In her ruling, Justice Scarpulla noted how Mr Izmirlian and his family lost their entire $845m equity investment in Baha Mar, along with “expected future profits”, after the project’s secured financier, the China Export-Import Bank, took possession of the mega resort and ultimately sold it to current owner, Chow Tai Fook Enterprises (CTFE).

Recalling the dispute, which dominated Bahamian national affairs between 2015-2017, she wrote: “BML Properties alleges

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW & EQUITY SIDE BETWEEN

that CCA... failed to advise the Board of its findings and concerns regarding the project’s construction as required by both the Investors Agreement and the Master Construction Contract (MCC).

“Specifically, BML Properties alleges that defendants failed to report accurately, or at all, the true state of its scheduling, deadline compliance, the amount or experience of its workforce and status of its procurement.”

The judgment recorded Mr Izmirlian’s allegations that he and his management team were prevented from “effectively monitoring the project’s progress and governing its finances” by CCA’s failure to provide it with the necessary records and documentation.

“BML Properties contends that the accuracy of the defendants’ reporting directly affected its ability to predict and protect against risks to its equity investment,” Justice Scarpulla added.

“Despite defendants’ repeated assurances, the project’s most important building, the Convention Centre, was not timely completed.

“BML Properties alleges

2018 CLE/qui/00662

IN THE MATTER OF THE QUIETING TITLES ACT 1958 AND IN THE MATTER of Petition of CECIL HILTON AND CONWILL KEITH O’NEIL SAUNDERS, both of the Eastern District of The Island of New Providence, Bahamas AND IN THE MATTER OF ALL THAT: piece parcel or track of land containing 52.752 acres more or less originally Crown Land and said to be the property of one JOSEPH BRINDLEY BARRY situate on the Western side of Queen’s Highway about 1 ¼ miles Northwards from the Junction of the Road leading therefrom into The Bluff Settlement on the Island of Eleuthera, one of the Islands of the Commonwealth of The Bahamas, and bounded NORTWARDLY by land said to be Crown Land and running thereon Two Thousand One Hundred and Seventy-Two and Ninety-Five Hundredths (2172.95) feet, on the EAST a fifty foot wide road known as Queen’s Highway and running thereon One Thousand Six Hundred and Forty-Four and Sixty-Six Hundredths (1644.66) feet, on the SOUTH by land said to be Crown Land and occupied by one HARRY ALBURY and running thereon Two Thousand One Hundred and Ninety-One and Eighty-Three Hundredths (2191.83) feet, on the WEST by Land said to be Crown Land and running thereon Five Hundred and Eighty-Eight and FiftyNine Hundredths (588.59) feet which said piece parcel or lot of land is more particularly described on the Plan filed in this action and thereon coloured Pink.

NOTICE TAKE NOTICE THAT CECIL HILTON AND CONWILL KEITH O’NEIL SAUNDERS, claims to be the owners in fee simple in possession of the said land and has made application to the supreme Court of the Commonwealth of the Bahamas Under Section 3 of the Quieting Title Act, 1959 to have their title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: i.

Registry of the Supreme Court, Ansbacher House, Bank lane & East Street, the office of the Administrator at Harbour Island and Dorsett Major & Co., Mother Gibson’s Plaza, Boyd Road, Nassau Bahamas.

NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an adverse claim not recognized in the Petition shall on or before the 28th, day of February, A.D., 2019 file in the said Registry of the Supreme Court and serve on the Petitioner or the undersigned, a statement of such claim. Failure of any such to file and serve a statement of claim by the above time will operate as a bar to such claim.

Dated this 28th, day of November 2018 DORSETT MAJOR & CO. Suite No.12, Mother Gibson’s Plaza Boyd Road Nassau, Bahamas Attorney for the Petitioner

that defendants made false representations regarding the progress and status of the project. For example, at the September 28, 2012, board meeting, in response to concerns raised

by Thomas Dunlap, BML Properties’ president, [Tiger] Wu represented that CCA had on site the resources (workers, senior staff, materials) to effectuate the Convention Center’s completion by March 2014, and that CCA would also meet its milestones regarding several other buildings.

“BML Properties alleges that Wu lacked any support for his statements when made, and that he failed to disclose that CCA was understaffing the project, lacked internal controls and experienced staff.”

Despite multiple efforts to resolve the two sides’ differences and concerns, the convention centre delays were ultimately brought before the Dispute Resolution Boards created to handle any constructionrelated disputes at Baha Mar. While the Dispute Resolution Board’s August 13, 2014, ruling found that CCA had breached the construction contract by failing to dedicate sufficient resources to the convention centre, Mr Izmirlian’s lawsuit alleges that it continued to “understaff” the project and even diverted its senior personnel - including Mr Wu and Daniel Lu - to other developments.

“Due to understaffing, CCA could not process all of the work permits for incoming Chinese workers, necessitating Baha Mar to assist at its own expense,” Justice Scarpulla’s ruling recorded. “Significantly, none of the milestones which CCA ‘committed’ to (such as the dates for power and air, elevators, structural steel roofs, and hotel completion) were in fact achieved.”

Following fresh efforts to ensure Baha Mar’s March 27, 2015, completion date was achieved, CCA received a $54m advance on disputed construction “change orders” prior to Mr Izmirlian and then-prime minister, Perry Christie, travelling to China in early January 2015 to obtain further assurance that this deadline would be met.

“BML Properties alleges that at the Beijing meeting, defendants knew - but did not disclose - that they did not have the resources and could not finish the project by the March 27, 2015 deadline,” Justice Scarpulla wrote.

“In fact, a letter dated January 20, 2015 – 15 days after the Beijing meeting – from CCA to Yi, the chairman of China State Construction, requested additional workers and stated that ‘the professional subcontractors failed to provide sufficient workforce in time’ which ‘will directly impact the target of opening on 27 March, 2015’.

“The January letter also

stated that if the situation is not turned around, the result will be ‘irreversible and catastrophic loss’ and ‘[n]ot only will there be a daily delay penalty of $250,000, unmeasurable damages to the brand and reputation of CSCEC will also be caused.”

Unaware of this letter, and relying on CCA’s assurances that Baha Mar would be completed by March 27, Mr Izmirlian and his management team drew $20m from the project’s credit facility; hired an extra 2,070 workers; and began taking reservations.

This all proved in vain, with Justice Scarpulla’s judgment revealing: “On March 25, 2015, Reiss Engineering (the deputy inspector for the Ministry of Works, Government of The Bahamas), issued a letter to Baha Mar advising that CCA did not complete the project and could not even qualify for Temporary Certificates of Occupancy (TCOs), which the Government requires before any hotel room can be occupied by guests.”

With the March 27, 2015, deadline missed, and the two sides further apart than ever, Mr Izmirlian filed for Chapter 11 bankruptcy protection at end-June 2015. This was ultimately dismissed to be followed by Baha Mar being placed into liquidation and receivership, from where the China Export-Import Bank and its agents ensured its ultimate sale to CTFE. “Consequently, BML Properties lost its entire investment in Baha Mar, or approximately $845m, as well as its expected future profits from the resort,” the New York court noted.

Seeking to knock Mr Izmirlian’s lawsuit out at the first hurdle, CCA argued that it was not bound to New York as the legal venue for resolving disputes because the investors agreement with BML Properties was signed by its parent, China State Construction Engineering Corporation (CSCEC), and not itself.

However, Mr Izmirlian’s attorneys argued that CCA was bound by the agreement as a “successor” to its parent, and because it performed all obligations under the contract. The deal was also negotiated by CCA personnel.

“The facts alleged provide a sufficient basis for me to conclude that BML Properties may, at this point, invoke the forum selection clause in the Investors Agreement against CCA,” Justice Scarpulla ruled.

She also rejected the Chinese contractor’s argument that Mr Izmirlian and BML Properties could not bring “direct claims for a loss in the value of [their] equity investment as the loss simply reflects damages incurred by the company (Baha Mar)”.

Justice Scarpulla, though, said an action could be brought where one shareholder suffered a disproportionate loss in comparison to others. A CCA affiliate held $150m

worth of preference shares in the Baha Mar project, and she found: “Here, BML Properties alleges that CCA, the only other shareholder in Baha Mar, not only did not sustain a loss proportionate to BML Properties’ loss but, in fact, perpetrated the fraud and benefited from the misconduct that decimated BML Properties’ investment. Therefore, BML Properties has properly alleged a direct claim.”

While branding Mr Izmirlian’s complaint as “overly voluminous” at an “unwieldy, unmanageable 259 pages”, Justice Scarpulla condensed the 12 separate fraud allegations into one.

CCA sought to dismiss these claims on the basis that Baha Mar was responsible for the project’s daily management and therefore could not claim ignorance about its progress.

However, the New York court found that the original Baha Mar developer had provided enough evidence to “sufficiently plead” fraud thanks to the numerous e-mails, documents and meetings referenced. It also rejected CCA’s argument that the fraud claims duplicated the breach of contract allegation.

“The crux of the fraud claims is that CCA, from 2012 through 2015, fraudulently misrepresented its existing workforce, available resources and ability to complete the Project to BML Properties, preventing the latter from seeking remedies at the time of the misrepresentations or mitigating their cumulative effect and averting added losses,” Justice Scarpulla added.

CCA had sought to push the case into arbitration through the mediation/ dispute resolution clause contained in Baha Mar’s construction contract.

This was amended in 2016 to facilitate the $4.2bn development’s completion under the temporary ownership of the China Export-Import Bank and its Perfect Luck vehicle.

While Mr Izmirlian and BML Properties were not signatories to the 2016 deal, CCA claimed they were still bound by it because New York courts ‘frequently’ impute the intent to arbitrate to a non-signatory”.

Finding that CCA had misinterpreted the law, the judge found there was no intent for BML Properties to be bound as such. And its complaints stemmed from the investors agreements, not the construction contract.

She wrote: “In sum, defendants failed to produce evidence of BML Properties’ intent to be bound by the arbitration clause or furnish a basis for imputing such intention to it. Accordingly, I find that the arbitration clause is inapplicable and deny defendants’ motion to compel arbitration.”

The parties are scheduled to return to court on February 27, 2019.

THE TRIBUNE

Friday, January 25, 2019, PAGE 5

Tourism disruption fears mount on US shutdown FROM PAGE ONE travel to The Bahamas,” he told Tribune Business.

“We are certainly concerned about that, and are watching the situation very carefully. We hope the US authorities will come to some agreement that ensures there’s no disruption to the upward momentum of tourism gains in The Bahamas.”

Mr Sands said Baha Mar and other Bahamian hotels/ tourism industry players had experienced no impact “at the moment” from the growing airport and aviation woes in the US, which have already resulted in longer waiting times and queues to pass through security as growing numbers of workers stay at home due to not being paid.

“But we are certainly monitoring the situation to ensure it doesn’t pose any threat to the gains The Bahamas has made in the recent past,” he reiterated.

“The fact we’ve had historical stopover visitors one year, and that they continue to be up a phenomenal 15 percent, we’d like to see that momentum continue through 2019.

“One of the areas we have to be concerned about is this so it doesn’t disrupt that. We hope cool heads prevail and that there’s a resolution to the matter, hopefully sooner rather than later.”

Concerns that the US government shutdown could impact airlift access to The Bahamas rose dramatically on Wednesday after unions representing aviation workers warned that it threatens to compromise

safety and security should it persist much longer.

The joint statement, issued in the names of National Air Traffic Controllers Association (NATCA) president, Paul Rinaldi; Air Line Pilots Association (ALPA) president, Joe DePete;, and Association of Flight Attendants-CWA (AFA) president, Sara Nelson, said: “We have a growing concern for the safety and security of our members, our airlines and the traveling public due to the government shutdown.”

Pointing out that at 35 days this was the longest US federal government shutdown with “no end in sight”, they added: “In our risk averse industry, we cannot even calculate the level of risk currently at play, nor predict the point at which the entire system will break. It is unprecedented.

“Due to the shutdown, air traffic controllers, transportation security officers, safety inspectors, air marshals, federal law enforcement officers, FBI agents and many other critical workers have been working without pay for over a month.

“Staffing in our air traffic control facilities is already at a 30-year low, and controllers are only able to maintain the system’s efficiency and capacity by working overtime, including ten-hour days and six-day workweeks at many of our nation’s busiest facilities.”

Apart from the potential impact at airports and airlines, there are further potential implications for The Bahamas because Miami air traffic control presently manages all mid

and high level airspace above this nation. This leaves the entire aviation sector and commerce that depends on it, as well as tourism, vulnerable to any air traffic controller closure/ shortage in the US. The shutdown has left the Federal Aviation Administration (FAA) unable to hire or conduct air traffic controller training, and the statement added: “Even if the FAA were hiring, it takes two to four years to become fully facility certified and achieve Certified Professional Controller (CPC) status.

“Almost 20 percent of CPCs are eligible to retire today. There are no options to keep these professionals at work without a pay cheque when they can no longer afford to support their families. When they elect to retire, the National Airspace System (NAS) will be crippled.”

The statement continued: “The situation is changing at a rapid pace. Major airports are already seeing security checkpoint closures, with many more potentially to follow. Safety inspectors and federal cyber security staff are not back on the job at pre-shutdown levels, and those not on furlough are working without pay.

“Last Saturday, TSA (Transportation Security Administration) management announced that a growing number of officers cannot come to work due to the financial toll of the shutdown. In addition, we are not confident that system-wide analyses of safety reporting data, which is used to identify and implement corrective actions in order

to reduce risks and prevent accidents, is 100 percent operational due to reduced FAA resources.

“As union leaders, we find it unconscionable that aviation professionals are being asked to work without pay and in an air safety environment that is deteriorating by the day.

To avoid disruption to our aviation system, we urge Congress and the White House to take all necessary steps to end this shutdown immediately.”

Bahamian travellers heading to or transiting through the US could also suffer travel delays and disruptions, along with freight traffic between the two countries, should the shutdown bite deeper.

Mr D’Aguilar yesterday confirmed that he was “absolutely” concerned about the US shutdown’s potential threat to projections that stopover arrivals to The Bahamas will be up around 16 percent during three of the first four months of 2019, “maintaining the

phenomenal growth rate” experienced throughout 2018.

Besides the aviation issues, the shutdown has left 800,000 federal workers without pay. Travel and vacation will be the last things on their mind, and the loss of their spending power will hurt other businesses and workers throughout the US. More importantly, consumer confidence will be negatively impacted, which could prompt potential travellers to postpone or cancel a Bahamian holiday. While bookings for January, February and March are likely to be set in stone and unaffected, those with travel plans further out may have second thoughts.

Mr D’Aguilar added that travellers may also be deterred by the prospect of an airport “melee” in trying to get through security, but expressed confidence that “common sense” would ultimately prevail between President Donald Trump and his congressional

Democrat opponents to end the impasse and re-open the federal government.

“One would hope the damage to the US economy would ensure their aviation system doesn’t collapse,” he told Tribune Business.

“I’m sure the collapse of their economy and system would be so monumental and severe that common sense would prevail and the US people would force their government to open.

“There’s nothing we can do about it. We’re a small country and pale in comparison to the economy of the US. There’s nothing we can really do except hope common sense prevails.”

To advertise in The Tribune, contact 502-2394

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW & EQUITY SIDE BETWEEN

is looking for

Experienced Travel Agents to Join Its team

Experience: • Knowledgeable with the Sabre Application • Interpersonal skills to maintain and develop relationships with management and customers • Sales Experience • Existing Customer Base would be a plus General Responsibilities • Communicate with Customer to obtain travel request • Maneuvering through the Sabre system to fulfil Customer request • Provide support to customers and support staff • Foster a positive team environment and assist coworkers as required • Comply with all company policies and procedures Instructions to applicants Please send resume via email to hr@premiertravel-bahamas.com Subject of email “Vacancy- Travel Agency” Only those applicants who are shortlisted for interview will be contacted Deadline for submission – 5pm, February 15th, 2019

2018 CLE/qui/1388

IN THE MATTER OF THE QUIETING TITLES ACT 1958 AND IN THE MATTER of Petition of ROXBERG WILLIAMS, of the Southern District of The Island of New Providence, Bahamas AND IN THE MATTER OF ALL THAT piece parcel or lot of land containing approximately Ten Thousand Nine Hundred and Thirty-Three (10,933) square feet being a portion of Crown Grant A3-54 situate South of Adelaide Road in the Western District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas and bounded NORTH by other parts of Crown Grant A3-54 and running thereon Ninety-two and Eleven Hundredths (92.11) feet EASTWARDLY by a fresh water pond and running thereon for a total distance of One Hundred and Seventeen and Eighty hundredths (117.80) feet SOUTHWARDLY by a fresh water pond and running thereon One hundred and Thirty-Seven and Eighty-Eight Hundredths (137.88) feet WEST by a 14 feet Road Reservation and running thereon Fifty and Forty-Two Hundredths (50.42) NORTH by property owned by the (Petitioner), ROXBERG WILLIAMS and running thereon EightyFive and Ninety-One Hundredths (85.91) feet and WEST partly by the property of, ROXBERG WILLIAMS and property now or formerly the property of LESTER COX and running thereon for a total distance of Eighty Nine and Twenty-Five Hundredths (89.25) Feet such said shape, size and dimensions are thereon coloured Pink.

NOTICE TAKE NOTICE THAT ROXBERG WILLIAMS, claims to be the owner in fee simple in possession of the said land and has made application to the supreme Court of the Commonwealth of the Bahamas Under Section 3 of the Quieting Title Act, 1959 to have his title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: i.

Registry of the Supreme Court, Ansbacher House, Bank lane & East Street, the office of Dorsett Major & Co., Mother Gibson’s Plaza, Boyd Road, Nassau Bahamas.

NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an adverse claim not recognized in the Petition shall on or before the 31st, Day of March, A.D., 2019, file in the said Registry of the Supreme Court and serve on the Petitioner or the undersigned, a statement of such claim. Failure of any such to file and serve a statement of claim by the above time will operate as a bar to such claim.

Dated this 28th day of November 2018 DORSETT MAJOR & CO. Suite No.12, Mother Gibson’s Plaza Boyd Road Nassau, Bahamas Attorney for the Petitioner

PAGE 6, Friday, January 25, 2019

Govt ‘beating’ its business licence goal FROM PAGE ONE the team and management at the Department of Inland Revenue that they took this on and demonstrated what the best of the public service looks like “ he said. “They ran with it, and established the model of customer service. We know there’s a long way to go in other areas, but that’s a step in the right direction.

“A lot of businesses did jump on it and did it [filing] very early. We’ve been pleased at the pace at which businesses have been getting things in, so that’s

Ex-minister says BAMSI revamp ‘simply stupid’

FROM PAGE ONE

sustainability by cutting operational costs and increasing revenues.

It added that the closure of its retail centre, which sells locally-grown organic produce, will strengthen its financial position.

THE TRIBUNE

very positive as well.”

Mr Johnson said the Ministry of Finance was now moving to establish better electronic links and interfaces with other government agencies so that it could better check and monitor business compliance with other taxes and permits - issues that could result in business licences being withheld until a company cleans them up.

He added that it would be looking to translate “the prime minister’s push to digitisation” into reality, which would “really make the Ministry of Finance and Department of Inland Revenue operate in a 21st century way”.

The government sought to this year reduce the bureaucracy and red tape associated with obtaining new and renewed business licences by eliminating

the requirement to obtain National Insurance Board (NIB) “letters of good standing” and permits/ approvals from other agencies. It is now conducting compliance checks on the front end, not the back end.

This has met with broad approval from a private sector often at odds with the government and its inefficiencies amid signs that the reforms - small though they may be - are paying dividends.

“The business licence process has been improved,” Rick Lowe, Nassau Motor Company’s (NMC) director/operations manager told Tribune Business. “You don’t need a letter from NIB, all the letters from the Department of Environmental Health Services (DEHS) any more.

“All that running up

and down has stopped.

It’s a marked improvement. They should be commended. We put our business licence application in on Monday, Tuesday submitted our money and on Wednesday got the approval. They confirmed receipt of the money and are just waiting for the actual licence now.

“We can get on with other things. It makes sense. Why can’t they check things internally rather than making people run up and down and get turned around? It’s certainly saved a lot of time and frustration. That’s a good thing.”

Jeffrey Beckles, the Bahamas Chamber of Commerce’s chief executive, said “at least” eight to ten attendees at the recent Bahamas Business Outlook conference were able to go through the business

licence process “within an hour” with the Department of Inland Revenue team that was present.

He told Tribune Business that given that the government typically takes “a lot of licks” from the private sector, so “we have to be fair” when it “makes strides” and improves.

“This is a good example of how the private and public sectors can work together to improve government services,” he said.

“In a word: Kudos,” he added of the private sector’s reaction. “We’ve been getting positive feedback about the changes so far.

There’s great expectation that as the process continues to be refined there will be further improvements.

“For the time being tremendous kudos is being given to the Ministry of Finance, Department of

Inland Revenue and Business Licence Unit for the work they’ve done so far.

The mood is very positive and businesses are really hoping this continues to be a trend.

“This proves it can be done and it can be better,” Mr Beckles continued.

“This gives impetus to the positive feeling being experienced. It may be cautious optimism but it’s optimism so we’ll take it.

“In an environment where it’s generally expected that nothing good is going to come out of government initiatives, it’s time to say something good came out. If we continue to make these positive strides I think you’ll not only find the private sector expressing appreciation but it leads to easier engagement in ‘how to’ in other areas.”

Tennyson Wells, BAMSI’s president and chairman of the board, said its changed outlook resulted from the government’s determination that the institute must be financially self-sufficient long-term.

“Going forward, BAMSI’s new focus will be strengthening the academic arm of the institute so that it can fulfill its mandate to provide scientific research covering a wide cross section of areas, including soil science, fisheries, produce and small ruminants

to the Bahamian farmer,” he said. “As the recipient of cutting-edge research and innovative technologies, farmers will be able to bring best quality produce to the Bahamian market on a more consistent basis.”

BAMSI’s new direction was described as a threepronged approach where whatever is grown on its farm in North Andros will be used to feed students at the institute. The students themselves will have played a key role in producing the food as

they participate in farm skills and other practical training courses.

The institute is also preparing to expand its culinary department by introducing personnel with a background in vegetarian and organic food preparation, in an effort to capitalise on the expanded menu. The remaining produce will be sold directly to wholesalers, hotels and restaurants, which is where BAMSI expects to see an increase in its revenue.

Mr Gray, though,

said: “BAMSI is contracting.

To contract BAMSI’s operation rather than expand it is stupid; simply stupid. Of course nothing surprises me about this administration.”

He further argued that despite the touted success of BAIC’s pop-up market, “BAIC is not in the farming business”. “The farmers do not necessarily farm for BAIC,” he added. “They may buy the farmer’s products but BAIC was designed as the business arm for the farming industry for the government.

“BAMSI was where the development of agriculture, the production of agricultural pursuits, took place.

That’s why there was a school component and a farm component to the school. The whole vision was so that we could import less in our country and eat fresh food.

BAIC was never intended to be the farming arm, BAMSI was that.

“I am disappointed that whatever is good in our country by one government is not carried out by another another for either selfish reasons or lack of fright, or perhaps a combination of both. I would advise the minister of agriculture not to follow a policy that contracts BAMSI’s influence in the country but rather seek to expand it.”

NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE IS HEREBY GIVEN as follows:

SKYCOLORS LIMITED

(a) MONTE LEONE US FUND LTD. is in dissolution under the provisions of the International Business Companies Act 2000.

N O T I C E IS HEREBY GIVEN as follows: (a) SKYCOLORS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b The Dissolution of said Company commenced on January 24, 2019 when its Articles of Dissolution were submitted and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 24th January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 25th day of January, A. D. 2019.

(d) All persons having Claims against the above-named Company are required on or before February 25, 2019 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

January 24, 2019

_________________________________ Leeward Nominees Limited Liquidator

ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

MARKET REPORT WEDNESDAY, 23 JANUARY 2018

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,101.13 | CHG 0.04 | %CHG 0.00 | YTD -8.32 | YTD% -0.39 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.39 1.60 0.56 3.68 10.20 6.60 4.85 12.50 2.74 1.78 8.21 6.30 13.20 6.99 4.48 13.50

52WK LOW 3.50 19.17 4.90 3.34 0.90 0.18 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 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

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 ##########

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ 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)

LAST CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.30 10.20 6.16 4.44 11.00 2.50 1.78 8.40 6.30 12.85 6.98 3.62 13.01

CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.30 10.20 6.16 4.44 11.00 2.50 1.78 8.45 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 0.00 0.00 0.05 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

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

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

3,455 100

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 16.7 N/M N/M -4.4 14.6 12.8 28.8 17.5 24.5 8.5 N/M 13.1 16.9 12.1 13.1 20.6

YIELD 2.71% 7.23% 0.00% 4.45% 0.00% 3.57% 0.00% 6.96% 3.57% 2.70% 5.64% 2.40% 3.37% 0.99% 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%

MATURITY 19-Oct-2022 ############### 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

MUTUAL FUNDS 52WK HI 2.20 4.21 2.03 182.41 158.55 1.60 1.74 1.68 1.11 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 1.54 1.68 1.62 1.08 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 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

NAV 2.20 4.21 2.03 182.41 158.55 1.60 1.74 1.68 1.11 7.43 8.57 6.57 10.37 11.68 10.32 9.92 8.69 11.79

NAV Date YTD% 12 MTH% 3.57% 4.03% ############### 1.65% 1.76% ############### 2.18% 2.45% ############### 2.08% 3.47% 30-Sep-2018 30-Sep-2018 3.35% 5.94% 31-Dec-2018 4.30% 4.30% 31-Dec-2018 2.60% 2.60% 31-Dec-2018 3.40% 3.40% 31-Dec-2018 1.46% 1.46% -1.08% 1.77% ############### -5.96% -3.05% ############### 1.90% 4.59% ############### 7.24% 11.96% ############### 2.77% 3.88% ############### 3.94% 4.69% ############### 30-Sep-2018 -0.71% 0.16% 30-Sep-2018 3.96% 7.75% 8.34% 14.88 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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANGELA DESTILIEN of Faith Avenue North, Nassau, New Providence, Bahamas, mother of Bryan Bradley Ryan Destilien, a minor, intends to change his name to Jeremiah André Jerome. 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, New Providence, Bahamas, no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DYNITHIEA GIOVANA RAHMING aka DYNITHIEA GIOVANA HOWARD aka DYNITHIEA GIOVANA HOWARD-CHARLES aka DYNITHIEA GIOVANA HOWARD CHARLES of #64 Westridge Estates, P.O. Box CR-54875, Nassau, New Providence, Bahamas intend to change my name to GIOVANNA DYNITHIEA RAHMING CHARLES. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that KENNY PIERRE of Washington Street, P. O. Box N-4640, 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 25th day of January, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.

NOTICE Notice is hereby given that JACKSON FRANCOIS of South Bamboo Town 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 signed statement of the facts within twenty-eight days from the 18th January, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE NOTICE is hereby given that NESSTA PETIT FRERE of Fire Trail Road, 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 25th day of January, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.

THE TRIBUNE

Friday, January 25, 2019, PAGE 7

Belt buckles and beer: Federal shutdown hits businesses hard WASHINGTON Associated Press FROM power restaurants in Washington and a belt-buckle maker in Colorado to a brewery in California, businesses that count heavily on federal employees as customers are feeling the punishing effects of the government shutdown.

In many cases, it’s forcing them to cut workers’ hours and buy less from suppliers — measures that could ripple through the larger US economy.

“It’s a fog with no end in sight,” Michael Northern, vice president of a company that owns three restaurants in the Huntsville, Alabama, area near a huge Army base that houses some 70 federal agencies, including NASA. He said business is down 35 percent. “People are just going home and nesting, trying to conserve resources.”

Western Heritage Co in Loveland, Colorado, which makes buckles for uniformed employees of the National Forest Service and other outdoor agencies, has seen sales plummet 85 percent this month and laid off 12 of its 13 workers.

In the nation’s capital, Clyde’s Restaurant Group, which owns the Old Ebbitt Grill restaurant down the street from the White House and ten other dining spots, reported a 20 percent drop in sales and is cutting hours for waiters and kitchen staff.

So far, the broader economic impact of the shutdown is not clear — because, well, many agencies that compile such data are closed.

The Labor Department, which is open, said yesterday that the number of

company. His online orders went from thousands of dollars a week before Christmas to just $78 in the first week of January.

On Jan 7, Lynch laid off nearly everyone, leaving one person to answer the phone “in case someone

TABLES sit empty during dinnertime at Rocket City Tavern near numerous federal agencies in Huntsville, Ala. Businesses that count heavily on federal employees as customers are feeling the punishing effects of the government shutdown. Michael Northern, vice president of a company that owns three restaurants in the Huntsville area including the Rocket City Tavern, said business is down 35 percent.

Photo: David Goldman/AP people seeking unemployment benefits fell last week to the lowest level since 1969, a sign the job market is still strong.

But most economists are forecasting slower growth in the first three months of this year. Analysts estimate gross domestic product shrinks 0.13 percentage points for each week the shutdown lasts.

Those estimates reflect the loss of government spending and lost paychecks for federal employees. What is not known is how much the shutdown will reverberate through the rest of the economy. When waiters at restaurants that serve federal employees lose income, for example, will they also cut back spending? And will that then harm other companies?

Among the hardest hit are the owners of restaurants, hotels and gift shops near federal agencies and national parks around the country.

In Mariposa, California, just outside Yosemite National Park, tourism has dropped sharply and most

of the 6,000 county residents who work in the park have not been paid for a month.

“For my business personally it’s been absolutely devastating,” said Hanna Wackerman, co-owner of the 1850 Restaurant and Brewing Company. “Usually January is a pretty busy month for us. With the new snow being in Yosemite, that tends to bring new tourists to the park.”

Instead, business is down 80 percent, she said.

Mike Lynch, owner of Western Heritage, saw online orders collapse almost immediately after the government shut down Dec 22. The company sells buckles, keychains, commemorative coins and badges to employees of the Fish and Wildlife Service, the Forest Service, the Bureau of Land Management and other agencies. It also sells patches and some clothing.

Most of the purchases are discretionary and customised. For example, if a BLM employee is retiring, co-workers might order a plaque from Lynch’s

wants to buy something”.

They were the first job cuts in the company’s 43-year history.

With business so slow, Lynch isn’t ordering any of the bronze, silver or pewter he uses and isn’t replenishing other inventory.

Larger companies are also affected, though it is typically easier for them to weather the impact. Airlines like Delta and Southwest, for example, are losing tens of millions of dollars in business, but that’s out of billions in revenue.

PAGE 8, Friday, January 25, 2019

THE TRIBUNE

Starbucks posts better-thanexpected profit in fiscal 1Q SEATTLE Associated Press IMPROVED US holiday sales helped Starbucks Corp achieve better-thanexpected results in its fiscal first quarter.

After a disappointing holiday in 2017, Starbucks made some changes. This past year, holiday drinks went on sale earlier and the company removed some merchandise from the lobby

to make a clearer path to gift cards.

It worked. Starbucks Chief Operating Officer Roz Brewer said gift card sales — which were down last year — jumped 12

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percent to $2.6bn in its fiscal first quarter that ended Dec 30.

Net revenue for Starbucks’ Americas segment rose eight percent to $4.6bn.

Same-store sales growth was up four percent. Store transactions were flat, but customers spent more per visit.

Starbucks hopes to boost US sales by adding a delivery option through UberEats. It announced earlier this week that the service is launching soon at some stores in San Francisco, New York, Boston, Washington, Chicago and Los Angeles. Brewer said more cities will be announced at the end of the second quarter. Tests last fall in Miami indicated

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that customers spent slightly more on delivery orders, Brewer said.

In Starbucks’ Asia Pacific region, its other key market, revenue jumped 45 percent to $1.2bn. Same-store sales growth rose three percent in Asia Pacific. Transactions were up one percent.

Same-store sales were down one percent in the Europe, Middle East and Africa segment.

John Culver, Starbucks’ group president of international operations, said Starbucks’ plan to open 600 stores per year annually in China over the next four years is on track despite headlines about a slowing economy there.

“We are playing the long game,” Culver said in a conference call with analysts and media.

The Seattle-based company earned $760.6m, or 61 cents per share, during the quarter. Earnings, adjusted for non-recurring costs like restructuring expenses, were 75 cents per share.

Analysts had forecast earnings of 65 cents per share, according to Zacks Investment Research.

Starbucks posted revenue of $6.63bn in the period, also topping Wall Street’s forecast of $6.49bn.

Starbucks reiterated its plan to open 2,100 net new stores globally in fiscal 2019.

It expects full-year earnings in the range of $2.68 to $2.73 per share.

Starbucks shares rose nearly two percent to $65.96 in after-hours trading.

Neil Saunders, managing director of the consulting firm GlobalData Retail, said Starbucks delivered strong numbers in the first quarter, but it could be tested if economic conditions become more challenging in its key markets.

“Overall, the prospects for Starbucks look good in the short term, reasonable in the medium term, but somewhat more challenging over the longer term,” he said.