01282019 BUSINESS

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MONDAY, JANUARY 28, 2019

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PI developer eyes $700m in projects

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HURRICANE Hole’s developer is aiming to launch two further resort projects before year-end 2019 that will take total investment in its Bahamian developments to around $700m.

David Kosoy, Sterling Global Financial’s chairman, told Tribune Business it was targeting the “creation of over 1,000 jobs” between its Paradise Island development and similar upscale projects planned for Abaco’s Matt Lowe’s Cay and the Sky Beach Club in Eleuthera.

Confirming the Bahamasheadquartered developer’s ambitious plans, Mr Kosoy said Sterling’s Family Island projects would likely double the 500 permanent jobs created when Hurricane Hole is fully redeveloped by 2024.

• Will create ‘over 1,000 jobs’ in Bahamas • Matt Lowe’s Cay, Sky Beach to join Hurricane Hole • PI ‘city centre’ transformation unqiue to Caribbean “We hope to move those forward by the second quarter, and hope to be in the ground on Sky Beach in the third quarter,” he told this newspaper. “Matt Lowe’s, maybe the fourth quarter.

“I think that with what we have going on now with this [Hurricane Hole], and the others, we will be somewhere around $700m, and jobs created will be over 1,000. I think our first phase on Sky Beach will be around 40 rooms and 20 villas.”

Mr Kosoy said both Matt Lowe’s Cay and Sky Beach Club will feature high-end, boutique “four to five-star resorts” when completed.

While he did not specify the five-star resort’s location, he added that the other

New developer for $2.8bn Ginn revival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE former Ginn project’s $2.8bn revival could soon by led by a new developer with the Supreme Court on Friday confirming the removal of all legal obstacles to the deal proceeding.

Justice Keith Thompson, in a supplemental Order signed on Friday by all parties, reaffirmed that that the six-and-a-half year-old lease of the Old Bahama Bay resort to its condominium owners was “terminated,

null and void and of no further effect”.

The order also confirmed that there was “no right” for Old Bahama Bay’s 73 condominium owners and their company, Island Ventures Resort & Club (IVRC), “to operate, manage, access or control the leased premises” or any part of it.

This further confirmation, if it was necessary, affirms that Lubert Adler, the US real estate financier whose investment funds own Old Bahama Bay and 280 acres of West End real estate,

would be “four-and-a-halfstar with five-star service”.

The 50-acre Matt Lowe’s Cay was originally acquired

by MLCSD Ltd in 2015 for construction of a high-end Aman Resort property, with 200 permanent jobs expected when operational.

That development never proceeded, and is understood to have now been taken on by Mr Kosoy and Sterling.

Speaking following the official groundbreaking for the $250m Hurricane Hole redevelopment, the Sterling chairman told Tribune Business that investors were “lining up” to acquire both marina dock space and condo units even through the developer had yet to start officially marketing

the project to potential purchasers.

“People are lining up to buy slips,” Mr Kosoy said. “We haven’t even called; people are calling us. We’ve got reservations from people wanting to buy slips, and we’ll probably sell no more than 1,000 feet initially. We have probably 40 reservations for condos, and have not gone to market yet because we don’t know the final pricing.”

He added that Sterling planned to make the existing 90-slip marina “25 percent bigger than it is” currently, extending dock space and length to a total 5,500 linear feet so that it can accommodate the larger 200-300 foot yachts

SEE PAGE 4

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Fyre Festival probe targets Bahamians

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN law firm and the National Sports Authority’s (NSA) former chairman are among the local persons and companies being targeted for examination by Fyre Festival investigators.

CF Butler & Associates, the law firm headed by attorney Craig Butler, who once unsuccessfully sought the PLP’s Nassau Village nomination, and LeRoy Archer, ex-NSA head and former managing director of BISX-listed Commonwealth Brewery, have been named among those that the Fyre Festival’s Chapter 7 trustee wants court permission to interrogate.

Documents filed on Friday with the southern New York federal bankruptcy court, which have been obtained by Tribune Business, reveal that Gregory Messer is seeking a court order to serve subpoenas on both Bahamian and US entities that supplied services/goods to a festival that became a chaosstricken debacle threatening the Bahamas’ tourism reputation in April 2017.

CRAIG BUTLER Mr Messer wants to examine those named, including Mr Archer and CF Butler & Associates, to determine why they received payments worth more than $90,000 from the Fyre Festival and if they provided sufficient in return to justify the payments.

The subpoena requests come as Mr Messer’s efforts to trace the $26m investors handed to the festival’s main organiser, now-convicted fraudster, William McFarland, appear to be moving into high gear given the pace of recent court filings.

Besides Mr Archer and CF Butler & Associates, another entity on Mr Messer’s examination list, “Chef Ellis Duff Pastries Catering”, is thought to be the Bahamian company, Chef Ellie’s Duff Pastries

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THE TRIBUNE

WTO LACKS CLOUT ON DISPUTE RULINGS

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE failure to enforce its rulings on trade disputes is among the “biggest criticisms” that can be levelled against the World Trade Organisation (WTO), a Bahamian arbitrator has charged.

Theominique Nottage,

chair of the Young Arbitrators (CIArb Bahamas), while addressing the seventh annual Arbitration and Investment Summit, said Antigua and Barbuda’s dispute with the United States exposed the WTO’s lack of clout when dealing with its larger members.

“That would be one of the biggest criticisms of the value of the WTO dispute

resolution system; that there is just not enough effort on the part of the WTO dispute settlement body to ensure the compliance and enforcement of rulings when it comes to developed countries losing against developing countries,” she said.

“However, notwithstanding that criticism, independent of any issues

that the WTO members have had with the current dispute resolution system, they still see some value in the system. In the proposals for reformation that have been made by developing countries, none has suggested the termination of the system.”

Critics of the WTO have often cited the 15 year-long dispute between the US

and Antigua and Barbuda over internet gambling as evidence that the WTO lacks “teeth” to enforce its rulings, and cannot ensure fair play for smaller nations such as The Bahamas which is bidding to become a full member by next year.

The dispute between the two countries stemmed from the US government’s efforts to prohibit

Americans from gambling via online websites domiciled in Antigua and Barbuda. Antigua and Barbuda won the right to suspend its obligations to the US in respect of intellectual property rights to recover $2m annually, but reportedly has not acted on that authorisation in the hopes of reaching a fair settlement.

PM HAILS $250M HURRICANE HOLE THE prime minister has hailed Sterling Global Financial’s $250m Hurricane Hole project as a sign of continuing investor confidence in the “worldclass destination” of The Bahamas.

Speaking at the development’s Friday groundbreaking, Dr Hubert Minnis said the government was looking forward to the economic boost from the creation of 3,000 construction jobs over its five-year build out. Some 500 permanent jobs will be available once the 13 acre Paradise

Island location is fully builtout by 2024.

“Developments like this demonstrate that investors continue to value The Bahamas as a world-class destination and an excellent place for investment,” the prime minister said.

Sterling Hurricane Hole is among the $3.7bn in foreign investment projects that the government has approved since mid-2017.

Last year, the prime minister also participated in a ground breaking ceremony for the $120m GoldWynn Hotel and Residences

THE prime minister addresses the ground-breaking ceremony for Sterling Hurricane Hole Community Resort and project on the eastern end of Paradise Island.

THE GROUND-breaking ceremony for the Sterling Hurricane Hole Community Resort and Marina was held on the eastern end of Paradise Island. From left: Khaalis Rolle; David Kosoy, chairman of Sterling Global Financial; Prime Minister Dr Hubert A Minnis; Bill Green, president, Sterling Global Developments; Stephen Tiller, president and chief operating officer, Sterling Global Developments; and K Peter Turnquest, minister of finance.

Photos: Kemuel Stubbs/BIS

ARTISTS’ rendering of proposed Hurricne Hole development. project on Cable Beach, just east of Goodman’s Bay. The project is being developed

by Sterling Global Financial, whose chairman is David Kosoy.

The firm is an international financial services company with nearly $10bn under its administration and management.

“I am told that Sterling believes in dreaming large and working smart to make those dreams a reality. The company has its headquarters in The Bahamas, and has had a consistent presence in the country for

more than a decade,” Dr Minnis said.

The re-development of the 13-acre Hurricane Hole marina site encompasses residential, retail, professional office space and a renovated marina. It will take place in three phases.

The first phase is expected to be completed and ready for occupancy by June 2020.

It includes repairs to the existing 90-slip Hurricane Hole marina, the construction of 16 residential units, 15,000 square feet of office space, 20,000 square feet of convenience commercial

retail, and two restaurants.

The second and third phases will include the construction of 50 to 70 residential units and town homes, respectively.

Sterling Global has undertaken other Bahamas-based projects, including Beach House Villas. It has financed the Courtyard Marriott resort in downtown Nassau, and Ocean Terraces on West Bay Street. It is also considering major Family Island developments on Abaco and Eleuthera.

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THE TRIBUNE

Monday, January 28, 2019, PAGE 3

‘Landmark’ Bill to aid construction disputes

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net ALL foreign direct investment (FDI) projects will need an arbitration clause within their Heads of Agreement (HOA) under draft legislation being circulated for private sector feedback.

Bahamian construction industry professionals said the Construction Adjudication Bill embraces a “pay

now, argue later” concept to dispute resolution that should significantly benefit the sector and its clients.

Ray McKenzie, president and principal of the Caribbean Civil Group (CCG), who was a panellist at the seventh annual Arbitration and Investment Summit, told Tribune Business: “The Construction Adjudication Bill draft being circulated right now essentially is a very beneficial piece of legislation that can

hopefully be enacted very soon.

“Construction is a very high-risk industry, and the bill allows the mechanism for the owners and contractors to resolve disputes.

Construction is an industry that invariably has disputes.

Some can be resolved amicably and some can’t.

When it can’t, it goes to an ADR (alternative dispute resolution) process like adjudication.

“This is going to be critical for business persons, such as contractors, operating in a very high-risk industry where cash flow is very important. The ideology behind the bill is to really pay now and argue later, with the appreciation that cash flow is critical to a contractor, is critical to the progression of a project.”

Mr McKenzie said one of the bill’s key provisions is for an ADR clause to be a component in all Heads of

Agreements negotiated by the government for foreign direct investment projects.

“Any FDI project that has a Heads of Agreement, we are proposing that adjudication and arbitration be a component of the HOA,” he added.

“The bill itself is very landmark, as there is no other regional country that has a Construction Adjudication Bill, so The Bahamas is ahead of the curve in that regard. Other features of the

bill that are very important are timelines for which a dispute have to be resolved.

Those timelines are very stringent.”

Mr McKenzie said the bill would work “hand in glove” with the Construction Contractors Act. “As part of any [contracors] bill ought to be an adjudication and arbitration component.

It dove tails very nicely with the Contractors Act,” he added.

LOSSES PREFERRED TO DISPUTES RESOLUTION

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net PARTIES to construction disputes often take a loss instead of spending time and money to resolve disputes, a Bahamian project consultant has disclosed.

DISPUTES are prevalent within the construction sector particularly on small scale residential projects according to a local consultant, noting that consumers and contractors are often content taking a

loss rather than seeking to resolve their disputes.

John-Michael Clarke, president and managing director of Veritas Consultants, told Tribune Business that disputes between contractors and clients erupt frequently - especially on small-scale residential projects.

“I think that a lot of the challenges that contractors face, particularly the small guys, are the processes that need to take place to resolve disputes,” he said. “They aren’t really followed. A lot of these

construction contracts, particularly the residential ones, start wrong and things end wrong.

“They don’t have proper mechanisms in place to resolve disputes, don’t know how to do proper estimates and, when disputes do happen, contractors don’t know what avenues are available to them. The whole idea is to educate contractors and consumers on the dispute mechanism outside the courts that are available.”

Speaking with Tribune Business on the sidelines of

the seventh annual Arbitration & Investment Summit, Mr Clarke, a quantity surveyor, added that contract and workmanship-related disputes occur all too frequently within the construction sector.

“It’s very prevalent. We hear what happens on big projects but, on small projects, people are firing contractors all the time,” he said. “Consumers and contractors are just content taking the loss instead of finding people that can help them resolve their disputes or knowing where to go.

SEN KAMALA HARRIS SAYS THE POWERFUL SEEK TO DIVIDE AMERICA OAKLAND, CALIFORNIA Associated Press DEMOCRATIC Sen Kamala Harris, standing outside of Oakland’s city hall, formally kicked off her campaign for the White House yesterday, presenting herself as the leader who can best unite an America that is at an “inflection point” and facing a critical question.

“We are here because the American Dream and our American democracy are under attack and on the line like never before,” Harris said. “And we are here at this moment in time because we must answer a fundamental question: Who are we? Who are we as Americans? So, let’s answer that question to the world and each other right here and right now. America, we are better than this.”

Harris, a first-term US senator from California who announced her candidacy last Monday, rallied thousands of supporters at the Frank Ogawa Plaza in Oakland, her hometown and where she served as a prosecutor before becoming the state attorney general.

Harris invoked the speech that Robert F Kennedy gave in 1968 when he announced that he would challenge President Lyndon B Johnson, noting that Kennedy said “at stake is not simply the leadership of our party and even our country, it is our right to moral leadership of this planet.”

Harris added, “So today I say to you, my friends: These are not ordinary times, and this will not be an ordinary election, but this is our America.”

Harris’ campaign is filled with historic possibility. If she

PRESIDENTIAL hopeful Sen Kamala Harris. ultimately wins the White House she would be the first African-American woman and first person of Asian descent to be president.

Harris, the daughter of immigrants from Jamaica and India, said that as she and her sister, Maya Harris, grew up in the East Bay they were “raised by a community with a deep belief in the promise of our country, and a deep understanding of the parts of that promise that still remain unfulfilled”.

She has attributed her decision to become a lawyer and a prosecutor to her upbringing, and said yesterday that she and her sister were “raised to believe that public service is a noble cause and the fight for justice is everyone’s responsibility”.

She said she is running “with faith in God, with fidelity to country, and with the fighting spirit I got from my mother”.

Harris’s launch has drawn heavily on symbolism. She officially entered the race on Martin Luther King Jr Day. Campaign aides say she has drawn inspiration from Shirley Chisholm, a New York congresswoman who in 1972 became the first black

woman to run for president from a major party.

Harris’ first news conference as a candidate was on the campus of Howard University, the historically black college in the nation’s capital that she attended as an undergraduate. On Friday, she was in South Carolina to speak to members of the Alpha Kappa Alpha sorority, of which she is a member. Other members of the group, wearing traditional pink and green, were on hand at Sunday’s rally.

Her choice of Oakland for her campaign launch was both biographical and symbolic. The state of California has played a leading role in resistance to the presidency of Donald Trump. And Oakland itself, where she was born and spent her formative years, has a history of activism. The plaza outside City Hall where Harris spoke once housed Occupy Oakland’s encampment. When Barack Obama ran for president in 2008, he picked the site for his first Bay Area campaign event.

“In some instances, projects stall for simple things.

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contractors, and contractors end up walking away from good projects.”

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THE TRIBUNE

PI developer eyes $700m in projects FROM PAGE ONE

that are increasingly in demand among the world’s wealthy.

“That’s what people are building today, and the marina is not set up for those boats today,” Mr Kosoy said. “We need to grab that market.” The revamp is intended to effectively give the 13-acre Hurricane Hole site a new marina, complete with floating docks, electrical power and other amenities sought after by the boating/ yachting community.

Many marina dock owners will also likely become Hurricane Hole real estate purchasers, with the Sterling chairman reiterating his desire for the project to become the “city centre” for Paradise Island - what downtown Nassau is to New Providence.

“For this kind of live, work and play environment, where do you get it in the Caribbean? You don’t,” Mr Kosoy said of what he envisions for Hurricane Hole. “I want this to be a place people hang out - locals, Paradise Island residents, people from across the bridge,

Atlantis customers.

“I want it to be a city centre. We could have put in way more density here, but I want this to be a place where people are strolling, you can have a concert and have more green space. I believe the parking will be lessened, and we will put in more open space. People will not be driving; in less than ten years they will be in golf carts.”

Mr Kosoy revealed that Sterling had forged commercial alliances with both Atlantis and the Four Seasons Ocean Club that are designed to both increase the development’s revenue streams and give it unique selling attractions with potential purchasers.

Besides providing more dining and retail options/ experiences for both resorts’ guests, the redeveloped Hurricane Hole has agreed deals where restaurant bills can be added to Atlantis room charges.

And its condo buyers will be treated like Ocean Club members, with access to the exclusive property’s amenities at a much-reduced price.

“Four Seasons don’t have enough choices for their

people, and they do not want to go off-island. There are not very many restaurants on the water,” Mr Kosoy added. “Atlantis has agreed to co-operate with us on room charges for the restaurants, which is good for them and good business for us.

“The other thing we have, which no one else has, is that anyone who buys a condo at our place is treated like a member of the Ocean Club. You will be a member of the beach club and the golf club; the only people outside the gates that can be members and at a price point that is substantially less. One Ocean couldn’t do it.

Sterling’s transformation of Hurricane Hole into a mixed-use residential, office and retail destination will create 3,000 construction jobs, at an average of 600 per year, over the five-year development phase that will last until 2024.

It acquired the site from Brookfield Asset Management, Atlantis’ owner, last year following negotiations that lasted nine months and held the groundbreaking - which marks the start of vertical construction - on

Friday “a week ahead of schedule” after obtaining all the necessary planning and environmental permits from the government.

The 13-acre Hurricane Hole site is one of the few remaining Paradise Island land parcels available for commercial real estate development, and its strategic location - on the Nassau harbourfront next to the “off” bridge - will have been a further attraction to Sterling.

The developer is also starting with a “blank canvas” given that the former shops and restaurants that occupied the site were demolished by former Atlantis owner, Kerzner International, when it harboured redevelopment ambitions similar to Sterling’s. This means the latter will not incur any demolition and site clearance-related costs.

“This is a great piece of land. This is an infill site,” Mr Kosoy told Tribune Business, revealing that the sale “covenants” with Brookfield mean Sterling cannot develop more than 300,000 square feet of combined residential, retail, restaurant and office space.

The bulk of the site, some 250,000 square feet, will be used for residential, while the remaining 50,000 is to be broken down into 20,000 square feet for retail and 15,000 square feet each for offices and restaurants.

Around 50 percent, or 10,000 square feet, of the retail space is currently dedicated to a combination

of grocery and liquor stores.

The former will have a majority 6,000 square feet, and Mr Kosoy disclosed that Sterling had already received a commitment from 700 Wines and Spirits, the retail arm of BISX-listed Commonwealth Brewery, for the liquor store spot.

Similar commitments have also been received for the pharmacy and dry cleaning outlets, while the presence of Gavin Watchorn, president and chief executive of BISXlisted AML Foods, at the groundbreaking indicated that Solomon’s Fresh Market is likely to be a leading contender to become Hurricane Hole’s “anchor” grocery store tenant. No deal or commitment is understood to have yet been reached, though.

“We’re trying to put in the right mix of service retail for the community,” Mr Kosoy explained. “We have tremendous interest.

Unbelievable. We haven’t promoted the restaurants, but have had fives times’, ten times’ more inquiries than we have places.

“We’re trying to find the right mix where they complement each other and meld with each other. One will be a community place where people can talk to each other, like a club, and the other a high-end restaurant.” Both proposed Hurricane Hole restaurants will have an equal share of the space at 7,500 square feet each.

Mr Kosoy added that the

redevelopment’s first phase will be known as Sterling Commons, and the second, One Paradise Island. No name has been decided on for the third and final stage, which will involve 170,00 square feet of residential space, but Sterling is open to having it branded.

As for price points, the Sterling chairman said the first phase units were likely to be sold at between $700,000-$900,000 for the first wave of buyers. Second phase prices were likely to range from $750,000$800,000 to $1.6m, and the third and final phase anywhere from $2.5m to $6m.

The project’s first phase, which is scheduled for completion by June 2020, also includes the marina upgrades as well as construction of 16 residential units, and all the office space, commercial retail and the restaurants. The second phase is focused on the construction of 50-70 residential units and town homes.

“Right now, this is number one,” Mr Kosoy told Tribune Business of Hurricane Hole. “Every project we do is number one; every one gets the same attention. This is really my pet project. It’s exciting to me to leave something that will be here 100 years from now.

“I live here and I want to walk to work. How many people do that these days? It would be like the old days.” Sterling plans to move its own offices to Hurricane Hole.

End-March for best Lucayan purchaser FROM PAGE ONE development, those closing recommendations in conjunction with Colliers will be made by March 15 or thereabouts. That is in keeping with the forecast I’ve given out, and repeated from time-totime, that we would be in a position to identify and recommend a purchaser to the government between April and June.”

He spoke out after Dionisio D’Aguilar, minister of tourism, said February 15 was the deadline for the Grand Lucayan’s Board and Colliers, the Canadianheadquartered realtor managing the bidding process on its behalf, to receive all offers for Grand Bahama’s “anchor” resort property.

“We have to wait until the 15th when everyone comes in, but I’m sure it will be over 20,” Mr D’Aguilar said of the likely bidder interest. “We expect to close off the acceptance of bids by the 15th of February.

“Then there will be an evaluation period paring down those who have

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submitted proposals to a small grouping, and then the government will evaluate which one they feel is the best and will select an operator. Obviously we have goals, but these things take time, and we hopefully will have it done in the shortest period of time.”

Mr Scott declined to comment on the nature of the bids received to-date, or their number, although Tribune Business understands that at least two groups are regarded as very strong candidates by the board and its agents.

He also declined to talk about the status of the voluntary separation packages (VSEPs) that the resort wants to offer managerial and line staff who want to leave.

The issue is increasingly seen as a distraction from the bigger, more important goal of finding the right buyer who can transform the Grand Lucayan - and, by extension, Freeport - into a sustainable destination product.

The battle between the Grand Lucayan Board and two staff unions, with both sides far apart, was not good

news for the 227 workers - 90 managers and 137 line staff who wanted to exit and will likely have been hoping to receive their payouts before Christmas.

As reported previously by Tribune Business, the two unions had initially asked for a total $8.4m payout, which represents a sum more than double, or 121 percent higher than the resort’s total $3.8m offer.

Mr Scott, as previously reported by this newspaper, hit out at the Bahamas Hotel and Managerial Association’s (BHMA) lead negotiator, Obie Ferguson, after the middle management union demanded an extra $600,000 just after the board increased its offer by $500,000.

The lower the compensation payout, the greater the savings for the Bahamian taxpayer who has ultimately financed the Grand Lucayan’s $65m acquisition and a series of subsequent multimillion dollar payouts to former owner, Hutchison Whampoa, along with $3.5m in renovation costs.

THE TRIBUNE

Monday, January 28, 2019, PAGE 5

New developer for $2.8bn Ginn revival FROM PAGE ONE has taken back possession of its resort assets and is now free and clear to sell them as part of the acquisition of the former Ginn assets.

That purchaser was supposed to be Toronto-based Skyline Investments, which had been negotiating a Heads of Agreement for a ten-year, $2.8bn build-out at West End - billed as creating 1,400 permanent jobs - via its Grand Palm Beach Acquisitions Ltd vehicle.

However, multiple Tribune Business sources have confirmed that Skyline has been bought out, and replaced, by Intercap, a Toronto-based merchant/ investment bank, which has acquired the former’s rights to purchase the property and the Heads of Agreement. “They’ve bought out the shares in Grand Palm Beach Acquisition Ltd, which is the party to the Heads of Agreement,” one contact said.

Skyline had initially approached Intercap for financing, but the tables have turned and the latter is now understood to have replaced it and be standing in its place. The Minnis Cabinet’s National Economic Council (NEC) was supposed to have considered Intercap’s application to become the lead developer last week - a step essential for it to close the West End purchase.

Kwasi Thompson, minister of state for Grand Bahama in the Prime Minister’s Office, declined to

comment when contacted

by Tribune Business on the Intercap deal. However, several sources have expressed concern as to whether the deal will go through following the Canadian merchant bank’s late replacement of Skyline.

This newspaper understands that Intercap agreed to take Skyline’s place at the proverbial “11th hour” on December 5, 2018, just hours before one of the two transactions necessary to acquire the former Ginn property was due to close the following day.

Besides acquiring Old Bahama Bay and Lubert Adler’s 280-acre holdings for $20m, the original deal as contemplated by Skyline - also envisaged buying out Resorts Holdings (Bahamas) assets for $22m.

Resorts Holdings (Bahamas) is the Credit Suisse-led consortium of lenders which currently owns the 1,476 acres that formed the former Ginn project’s real estate component. Both deals need to close to fulfill the Skyline

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project’s ambition of bringing West End back to life over a ten-year period.

But several sources suggested that Resorts Holdings (Bahamas) and its members are unhappy about Intercap’s late intervention, and are becoming reluctant to close the purchase even if the Toronto-based merchant bank obtains the necessary government approvals.

They added that, even though it has significant liquidity and financing, Intercap is a merchant bank, not a developer, and would need to bring in other companies with the necessary expertise and experience to achieve the

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Job Summary: The ideal Candidate will be a proven business development and sales leader who is target-driven and possesses excellent communication and interpersonal skills. This role is primarily responsible for business development with a focus on Fidelity’s credit products and services, while providing effective and ongoing relationship management for loan clients.

In addition to a fixed salary, this position also earns substantial performance-based incentives and referral fees.

Main Duties and Responsibilities: • Business development and solicitation of new business • Sale of loans, credit cards and other credit products • Meet with current and prospective clients regarding loan and credit card applications and other credit matters • Prepare credit applications (loans, overdrafts, credit cards) and credit facility renewals • Financial coaching (setting goals, preparing a budget and a financial action plan) • Perform collection of overdue loan/credit card payments • Serve as a backup and relief for other Loan Officers as required

Requirements/Qualifications: • • • • • • • •

High school Diploma Minimum of 3 years’ experience in the Financial Services Industry Must have excellent communication and interpersonal skills (verbal and written) Must be energetic, competitive and goal-oriented Strong integrity and work ethics Proficient at Microsoft Office Suite programs Ability to work in a self-motivated environment with little supervision Ability to manage the administration of multiple tasks at one time

PLEASE SUBMIT BEFORE January 31st, 2019 to:

envisaged mixed-use buildout of the former Ginn project.

Other sources, though, familiar with developments at West End, expressed hope that the purchase would go ahead as planned regardless of whether Intercap or Skyline was leading it - especially since all obstacles on the Lubert Adler side had been removed.

“Hopefully, the problems at Grand Palm Beach Acquisition will be solved in whatever iteration they end up being,” one contact said. “I’m sure this [the Supreme Court Order involving IVRC] will be welcome news and a

HUMAN RESOURCES Re: Personal Banking Representative (Loan Officer) 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

catalyst to help that along.

“They’ve [Lubert Adler] removed any impediment to them closing.

They’ve got an open field and a clear shot. They’ve removed the legal impediment to the Old Bahama Bay element. That’s done.

The country really needs this to happen.”

Meanwhile, the Supreme Court Order in the IVRC matter requires the condo owners and their company to provide Lubert Adler with “a zero balance on all utilities, charges and other outgoings” incurred during the lease period prior to their exit.

IVRC is also “solely responsible” for paying any

severance pay and other benefits to employees, which it hired and may now have to be terminated, as a result of Lubert Adler’s repossession.

However, the order also gives the condo owners “access to certain amenity areas” at Old Bahama Bay as agreed by both sides and “as may be commercially practicable for Lubert Adler in their sole and absolute discretion”. No “perpetual right” of access for the condo owners was granted, though.

IVRC was also given “the right to rent the dock slips” it owns and are located in the Old Bahama Bay marina.

PAGE 6, Monday, January 28, 2019

THE TRIBUNE

Fyre Festival probe targets Bahamians FROM PAGE ONE Catering.

It allegedly received $170,000 in March 2017, probably for providing catering services, and is described in court documents as a “food/pastry vendor”.

Also named is NC Macduffs Ltd, which received $115,351 from McFarland and his Fyre Media entity between November 2016 and December 2017, and is described as a “bar/restaurant”.

Although unclear from the court filings, this could be MacDuffs Cottages and Restaurants on Norman’s Cay. Mr Archer last night replied to Tribune Business’s messages, saying he was in church and would call back. No call was received and, after this newspaper’s subsequent call was not

LEROY ARCHER answered, Mr Archer messaged: “I understand that they are trying to pay or cure or settle. I do not want to upset or disturb what they are trying to do at this time.”

When asked by Tribune Business to explain what he meant, Mr Archer responded again by text message, saying: “For which product was purchased and shipped to the Exuma Fyre Festival.” He did not explain further.

However, several sources

- speaking on condition of anonymity - confirmed that Mr Archer had been working as a consultant to specific events and their planners since leaving the NSA in early 2016. They also confirmed that one of those events was the Fyre Festival.

Court documents allege that Mr Archer received a $100,000 payment for his work in April 2017, the same month that Fyre Festival fell apart, describing him as a “festival consultant/investor”. CF Butler & Associates, which was also labelled as a “festival consultant”, allegedly received $131,500 from organisers.

There is nothing to suggest that any of the Bahamians or local companies named by the Chapter 7 trustee have done anything wrong in relation to the Fyre Festival, or that they did not deserve the payments made to them.

They are also in good company, because the list of those Mr Messer wishes to examine includes the likes of social media sensation, Kendall Jenner, and the management agencies for fellow models and social media influencers, Bella Hadid and Emily Rajtakowski.

All were allegedly paid significant sums, up to $1.215m, by McFarland and Fyre Media to promote the festival on social media, which bolstered the event’s credibility and convinced many that it was for real and to part with their money.

Mr Messer, in court filings, said his probe of the Fyre Festival to-date “has been challenging” due to a combination of McFarland’s six-year imprisonment, lack of help, and absence of any financial record and documents detailing what had happened to investor monies.

All information so far has been obtained “from third parties”, and the payments to the Bahamian individuals

and companies were said to be among “significant transfers” totalling $5.2m that were made by Fyre Media, the festival’s parent company.

“In order to gain a full understanding of the reasons for these transfers and the consideration provided for them by the examinees, if any, the trustee respectfully requests that the court enter an order... authorising the trustee to serve a subpoena upon each of the examinees,” Mr Messer explained of the rationale for his latest filing.

“Each of the examinees is either a company or individual who provided promotional services, advertisements, social media posts, musical performances, logistical support, vendor services or guidance to the debtor in connection with the preparation for the festival.

“The Trustee has uncovered transfers made to each of the examinees and, due to the lack of information currently in the trustee’s

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, GIRTY ANNA BULLARD of No. 23 Jack Fish Drive, Golden Gates #2, Nassau, New Providence, Bahamas, mother of AIDEN-BETHANY GIANAH BULLARD, a minor, intends to change her name to AYDIN-BETHANY GIANAH BULLARD. 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, ROSANNA ROSALIE WELLS of 733 West Bay Street, in the Western District of New Providence intend to change my name to ROSALIE ROXANNA WELLS-FAWKES. 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-792 Nassau, Bahamas no later than thirty (30) days after publication of this notice.

HARBOURSIDE MARINE LIMITED is seeking to fill the following • • • •

Parts Sales Personal Technicians Technician Helpers Outboard Sales Personnel

Send all inquiries to: ian@hbsmarine.com

possession, it is unclear whether any consideration was ever provided in exchange for the same,” he continued.

“The debtor [Fyre Festival] maintained only one bank account of its own, which it used exclusively in connection with booking air travel. All of the debtor’s funds were run though Fyre Media or other nondebtor accounts, including Billy McFarland’s personal accounts.”

Recalling the background to the Fyre Festival’s collapse into infamy, Mr Messer said: “In 2016, the debtor [Fyre Festival] and its principal, Billy McFarland, conceived of and began promoting the Fyre Festival as a unique concert experience that would take place at Great Exuma, The Bahamas, over the course of two weekends in April and May of 2017.

“Tickets to the festival were billed as “‘exclusive’ and cost between $1,200$100,000 per ticket or ticket package. In promotional materials, the Festival was called ‘the cultural experience of the decade’ which included travel via private jet from Miami to Exuma, VIP accommodations and A-list musical performances from talents such as Blink182, Major Lazer and Migos.

“The debtor spent tremendous amounts of time and borrowed money promoting the Festival through YouTube videos and social media promotions featuring famous celebrities. As a result of this advertising and promotional blitz, thousands of people purchased tickets to the Festival.

Unfortunately, the debtor’s management failed to ensure that Exuma was adequately prepared to host the Festival.”

Chaos quickly descended after McFarland failed to deliver on anything he had promised, with most festival-goers immediately demanding their money back and seeking the quickest way off Exuma.

Class-action lawsuits from attendees swiftly followed at federal courts throughout the US. Besides being totally out of his depth, and possessing none of the experience and expertise required to organise such an event, McFarland also induced investors to part with a collective $26m through a series of lies and fruadulent misrepresentations that effectively sold them a $26m mirage.

Among the falsehoods was a claim the Festival owned significant landholdings in The Bahamas.

BAHAMAS AIR NAVIGATION SERVICES DIVISION 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

JOB VACANCY NOTICE

The Bahamas Air Navigation Services Division (BANSD) was established on October 3, 2016 as the service provider of the aviation sector, independently operating with the responsibility for air traffic services, aeronautical information services, communications, navigation and surveillance, and advisory services. In order to continue the efficient and effective operation of BANSD, we are recruiting motivated and interested persons to join the team as Air Traffic Controllers.

AIR TRAFFIC CONTROL TRAINEES Trainees will complete the Air Traffic Controller Training Program based on the International Civil Aviation Organization Standards. All Trainees are required to complete a Class III Medical and a security vetting. Successful Trainees will perform as a Flight Service Officer after certification.

Minimum Requirements: • Must be ages 18 – 26; • Successfully pass Five (5) BGCSE with “C” or above including;

English and Math; • No speech, sight or hearing impediments.

Qualified candidates should submit, in person: a resume, copies of academic qualifications, valid police record (original), valid passport, NIB smart card, three (3) recent passport size photos to the attention of the HR Manager, BANSD, JL Centre 2nd Floor at #26 Blake Road on or before Thursday, January 31st, 2019.

THE TRIBUNE

Monday, January 28, 2019, PAGE 7

Tech rises, but four-week winning streak for stocks ends NEW YORK Associated Press STOCKS closed higher on Wall Street on Friday, recovering a chunk of their losses from earlier in the week. Technology and industrial companies jumped.

Traders took a brighter view on the economy, and US companies continued to report solid results for the fourth quarter. Energy and consumer-focused companies as well as basic materials makers all did better than the broader market. Those industries and stocks tend to benefit the most when economic growth improves.

Markets didn’t react much to news that President Donald Trump and congressional leaders reached a deal to reopen the federal government for three weeks while talks continue over Trump’s demands for money to build a wall along the US border with Mexico.

Trump announced the agreement to break the 35-day impasse as delays at airports and widespread disruptions brought new urgency to efforts to end the partial shutdown. Trump almost immediately threatened another shutdown or emergency action if he does not get a “fair deal”.

The S&P 500 surged ten percent during the shutdown, which started when the stock market was at its low point in December.

Some experts feel that the standoff won’t have a lasting effect on the market or the economy, with government employees resuming their spending as soon as they are repaid for their work in January.

But Kristina Hooper, chief global market strategist for Invesco, said the magnitude of the shutdown might have major effects on consumers’ confidence.

“If the government can’t work together in times where there are no real crises, imagine what would happen in an environment where there was a real crisis,” she said. “It’s hard to envisage Congress and

the executive branch putting their differences aside and working together.”

She added that the government’s dysfunction might contribute to the US’ credit being downgraded, and if that happens, investors are likely to flee the stock market and pour money into the bond market. That’s what they did when the country’s credit rating was cut in 2011.

The S&P 500 index rose 22.43 points, or 0.8 percent to 2,664.76, but the index fell 0.2 percent for the week after big gains in the past four. The Dow Jones Industrial Average added 183.96 points, or 0.7 percent, to 24,737.20.

The Nasdaq composite climbed 91.40 points, or 1.3 percent, to 7,164.86.

The Russell 2000 index of smaller company stocks increased 18.45 points, or 1.3 percent, to 1,482.85.

Hard drive maker Western Digital vaulted 7.5 percent to $43.16 after the company said it expects business to improve in the second half of its fiscal year. That overshadowed a weaker-than-expected second quarter. Competitor Seagate Technology also gained 6.6 percent to $43.66.

Other tech stocks also climbed. Apple rose 3.3 percent to $157.76. Those gains outweighed disappointing quarterly results and weak forecasts from the world’s largest chipmaker, Intel. Its shares slumped 5.5 percent to $47.04.

Starbucks rose 3.6 percent to $67.09 after the company reported revenue and profit growth with the help of a strong holiday season. The results topped expectations and the

company gave an upbeat outlook for the year.

The Wall Street Journal reported that the Federal Reserve might soon halt the shrinking of its bond portfolio. The Fed bought trillions of dollars in bonds following the recession in 2008 to help keep interest rates low and aid an economic recovery. It started gradually letting its portfolio shrink recently, but investors are concerned that will tighten credit conditions, which could slow economic growth.

“Although the economic data are pretty solid right now, the markets have basically told us that we are not tolerating additional tightening,” said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott.

Bond prices fell. The yield on the ten-year Treasury note rose to 2.75 percent from 2.71 percent.

Drugmakers fell sharply.

Abbvie fell 6.2 percent to $80.54 after the company said international sales of its drug Humira weakened in response to growing competition in key markets including Europe. AbbVie gets most of its revenue from Humira, which is the top-selling prescription medication in the world in terms of revenue. Drugmakers and health care stocks stumbled this week.

The S&P 500 has climbed 6.3 percent in January, an echo of its big rally one year earlier. The index surged 7.5 percent in the first few weeks of January 2018 before a sharp plunge. That set the stage for a tumultuous year, the worst one in a decade for the stock market. Experts say 2019 could be similarly rocky as investors react to political

COMMONWEALTH OF THE BAHAMAS

2018

IN THE SUPREME COURT

FAM/gua/00650

Family Division IN THE MATTER of the Child Protection Act, Chapter 132 IN THE MATTER of AMBREON CHRISTIAN FORD, An Infant BETWEEN

GARVIN CAREY and PATRICE CAREY AND

Applicants

DELVON WARDRICK FORD Respondent

NOTICE To:

Delvon Wardrick Ford

TAKE NOTICE that an Action has been commenced against you by Garvin Carey and Patrice Carey in the Supreme Court of the Commonwealth of The Bahamas by Originating Summons filed on the 2nd day of October, A.D., 2018 being Family Division FAM/gua/00650 of 2018 wherein the Applicant’s seek custody, care and control of the Infant named therein.

1. It has been ordered that service of the said Originating Summons be effected on you by virtue of this advertisement.

2. You must within Fourteen (14) days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the said Originating Summons by filing a Memorandum of Appearance at the Supreme Court Registry, Ansbacher Building, Bank Lane, Nassau, The Bahamas and by serving the said Memorandum of Appearance on the Attorneys whose name and address appear below, otherwise the relief sought may be given in your absence.

Dated the 22nd day of January, A.D., 2019 MUNROE & ASSOCIATES Chamber #83 East Bay Street, Nassau, The Bahamas.

Attorneys for the Applicants

uncertainty and slowing economic growth worldwide, exacerbated by trade tensions and rising interest rates.

US crude oil rose 1.1 percent to settle at $53.69 a barrel in New York. Brent crude, used to price international oils, rose 0.9 percent to $61.64 in London.

Wholesale gasoline stayed at $1.39 a gallon and heating oil added 0.3 percent to $1.89 a gallon.

Natural gas gained 2.5 percent to $3.18 per 1,000 cubic feet.

The dollar dipped to 109.64 yen from 109.67 yen.

The euro rose to $1.1414 from $1.1299.

Gold jumped 1.4 percent to $1,298.10 an ounce.

Silver added 2.6 percent to $15.70 an ounce and copper climbed 3.2 percent to $2.73 a pound.

France’s CAC 40 rose 1.1 percent, while Germany’s DAX gained 1.4 percent.

Both finished the week with solid gains. Britain’s FTSE 100 fell 0.1 percent and finished the week down 2.3 percent. The country is moving closer to leaving the European Union without a trade deal, meaning Britain still faces tariffs and economic turmoil if its situation doesn’t change before March 29.

Japan’s Nikkei 225 rose one percent, South Korea’s Kospi surged 1.5 percent and Hong Kong’s Hang Seng gained 1.6 percent.

NOTICE

NOTICE is hereby given that FRANLINE AUGUSTIN of Strachans Alley, P.O. Box N-8914 of Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of January, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.

Notice Civil & Commercial Law firm seeking a Receptionist: • Exceptional Customer Service Skills.

• Professionalism and preparedness to assist without direction.

• Meet and greet all visitors to the Firm, providing a professional welcome.

• Answer all incoming telephone calls.

• Performs clerical/admin duties as required.

• Maintain files, calendars, and schedule appointments and meetings as required.

Please send your resume to

Lawjob2019@outlook.com

NOTICE Notice is hereby given that CARLOS BROWN of #22 Warwick St, P.O. Box N-9948, Nassau 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 signed statement of the facts within twenty-eight days from the 21st January, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Side

2012 No. 01065

IN THE MATTER OF ALL THAT piece parcel or lot of land hereinafter referred to as the said parcel of land containing 119.34 acres forming part of two tracts of land totalling 133.64 acres being land previously claimed by the late John Sweeting and the late William Sweeting situate North-Eastwardly of Queens Highway (The Main Public Road) and South-Eastwardly on a road known as and referred to as Free Town Road in the settlement of Deep Creek in the Southern District of the Island of Eleuthera in the Commonwealth of the Bahamas AND IN THE MATTER of the Quieting Titles Act, 1959 AND IN THE MATTER of the Petition of Rosilee Sweeting Wilkinson, Audrey Anderson, Conrad Sweeting, Mervin Sweeting and Lawrence Sweeting.

NOTICE Pursuant to an Order of the Supreme Court dated the 15th November, 2018. The Petition of Rosilee Sweeting-Wilkinson, Audrey Anderson, Conrad Sweeting, Mervin Sweeting and Lawrence Sweeting in respect of: ALL THAT piece parcel or lot of land hereinafter referred to as the said parcel of land containing 119.34 acres more particularly described and bounded as follows: North-Eastwardly partly by land said to be the property of the Thompsons now claimed by the Wallace Estate and partly by other land claimed by the Wallace Estate and running thereon for a total distance of One thousand six hundred and five and forty-five hundredths (1605.45) feet AND East by land claimed by the Wallace Estate and running thereon for a total distance of One thousand three hundred and eightynine and thirty hundredths (1389.30) feet AND South-Eastwardly partly by land claimed by the Wallace Estate partly by land claimed by various owners partly by the property of Percy Taylor partly by the property of Rosina Thompson partly by land said to be the property of Ethlyn Thompson and partly by land now or formerly the property of Viola Gardiner and running thereon for a total distance of Two thousand and eleven and twenty–seven hundredths (2011.27) feet AND South-Westwardly by land claimed by the Wallace Estate partly by the property of Percy Taylor partly by the property of Rosina Thompson partly by property of various owners partly by land said to be the property of Ethlyn Thompson partly by land said to be the property of Thomas Thompson partly by land said to be the property of Viola Gardiner partly by the previously mentioned Free Town Road partly by a proposed reservation for a road partly by the property of Myrty Taylor and partly by land said to be the property of James Gibson and running there on for a total distance of Two thousand and forty-five and eight-four hundredth’s (2045.84) feet AND North-Westwardly partly by land the property of Rosina Thompson partly by land said to be the property of various owners partly by a proposed reservation for a road and partly by land said to be property of James Gibson and running thereon for a total distance of Three thousand four hundred and four and sixty-three hundredths (3404.63) feet. The said piece parcel or lot of land has such position, shape, dimensions and boundary marks as are shown on a plan by D. F. Wilkinson dated April of 2009.

The Petitioners, Rosilee Sweeting-Wilkinson, Audrey Anderson, Conrad Sweeting, Mervin Sweeting and Lawrence Sweeting, claim to be the legal and beneficial owners in fee simple and possession of ALL THAT parcel of land hereinbefore described and the Petitioners have made application to the Supreme Court of the Commonwealth of the Bahamas under Section 3 of the Quieting Titles 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 in accordance with the provisions of the said Act. Copies of the filed plan may be inspected during normal working hours at: (a) The Registry of the Supreme Court, Judicial Complex (Ansbacher House), Bank Lane and East Street, Nassau, N.P., Bahamas; or (b) The Chambers of Martin, Martin and Co., Second Floor, Heritage Building/Vet CF Place, No.15 Eight Terrace East, Off Collins Avenue, Centerville, Nassau, N.P., Bahamas.

NOTICE IS HEREBY GIVEN that any person having a dower or right to dower or any adverse claim or claims not recognized in the Petition shall on or before expiration of Thirty (30) days after the final publication of these presents file in the Supreme Court and serve on the Petitioner or the undersigned a statement of his or her claim in the prescribed form verified by an affidavit to be filed therewith.

Failure of any such person to file and serve a statement of his or her claim on or before the expiration of Thirty (30) days after the final publication of these presents shall operate as a bar to such claim.

Dated the 11th day of January, A.D., 2019 MARTIN, MARTIN & CO. Vet CF Place (No.15), 8th Terrace East, Off Collins Ave., Centerville, N.P., Bahamas ATTORNEYS FOR THE PETITIONER

PAGE 8, Monday, January 28, 2019

THE TRIBUNE

Dueling Venezuela leaders dig in defending presidency claims VENEZUELA Associated Press THE Venezuelan opposition leader who has declared himself interim president vowed on Friday he would remain on the streets until the South American country has a transitional government, while President Nicolas Maduro dug in and accused his opponents of orchestrating a coup.

In dueling press conferences, Juan Guaido urged his followers to stage another mass protest next week, while Maduro pushed his oft-repeated call for dialogue. Each man appeared ready to defend his claim to the presidency no matter the cost, with Guaido telling supporters that if he is arrested they should “stay the course” and peacefully protest.

But the standoff could set the scene for more violence and has plunged troubled Venezuela into a new chapter of political turmoil that rights groups say has already left more than two dozen dead as thousands take to the street demanding Maduro step down.

“They can cut a flower, but they will never keep spring from coming,” Guaido told supporters on Friday, alluding to a similar phrase from the Chilean poet Pablo Neruda.

Guaido’s talk with

OPPOSITION leader Juan Guaido speaks to supporters at a public plaza in Caracas, Venezuela on Friday. Guaido declared himself interim president on Wednesday. Photo: Fernando Llano/AP reporters in a plaza in Caracas turned into a de facto rally as thousands gathered after hearing he would speak in public for the first time since taking a symbolic oath last Wednesday proclaiming himself the nation’s rightful leader.

The Trump administration announced it was recognising the 35-year-old leader of the opposition-controlled National Assembly quickly after his oath, leading Maduro to say that he was breaking all diplomatic ties with the United States.

Guaido’s move, which was made after assurances

of US support, is the most direct challenge to Maduro’s rule despite years of protests at home and international efforts to isolate the regime amid a growing humanitarian crisis fueled by falling oil prices and government mismanagement.

Maduro is accusing the opposition of working with the US to overthrow him. Though over a dozen nations as well as the Inter-American Development Bank are recognising Guaido as president, Maduro still has the support of the military and powerful, longtime allies like Russia and China

and is vowing to defend his socialist rule.

“This is nothing more than a coup d’etat, ordered, promoted, financed and supported by the government of the United States,” Maduro said on Friday at the presidential palace before a room of journalists. “They intend to put a puppet government in Venezuela, destroy the state and take colonial control of the country.”

But he added that he was still willing to talk with the opposition even if he “had to go naked”.

Both sides attempted dialogue last year, but it fell apart as Maduro pushed forward with an early election that the country’s most popular opposition leaders were barred from running in. Many in the international community condemned that vote and now consider the National Assembly, which Maduro has stripped of its power, the only legitimate institution.

On Friday, Alexander Shchetinin, head of the Russian Foreign Ministry’s Latin America department, told the state RIA Novosti news agency that Moscow is ready to play mediator between Venezuela’s government and the opposition. The UN Security Council is meeting Saturday on the crisis.

The standoff is taking place as international

concern over repression by state security forces during the days of political upheaval mounts.

UN human rights chief Michelle Bachelet’s office said on Friday it has credible reports that security forces or members of progovernment armed groups have shot at least 20 people during protests on Tuesday and Wednesday and is calling for an investigation. The total figure is likely higher: The Venezuelan Observatory of Social Conflict says 21 people were killed by gunfire in protests and looting on Wednesday and Thursday, on top of five deaths authorities confirmed on Tuesday.

The Penal Forum human rights group says that 369 people have been detained since Monday.

“The international community is watching more closely than ever before, so Venezuelan security forces - and those commanding them - should know they will be held to account for any abuses,” Jose Miguel Vivanco, the Americas director for Human Rights Watch, wrote on Twitter.

US and Venezuelan diplomats are finding themselves caught in the crosshairs.

On Wednesday, Maduro gave American diplomats 72 hours to leave the country — an order Washington said it would defy by keeping the embassy open, though it told non-essential staff to leave.

On Friday morning, a caravan of black SUVs escorted a contingent of US embassy workers and their families to the Caracas airport. They were later seen checking into an American Airlines flight.

Maduro, meanwhile, has recalled all Venezuelan diplomats from the US and ordered the nation’s embassy and consulates there closed. Guaido, seeking to sidestep Maduro, has urged all American and Venezuelan staff to stay in their posts.

Amid the tension, the US on Friday named Elliot Abrams, a hawkish former Republican official, to handle American policy toward Venezuela.

Standing before a podium with the Venezuelan coat of arms, Guaido said on Friday that he would release the text of an amnesty law that

would pardon members of the military who cooperate in restoring democracy and asked Venezuelans to share it with officers they know.

The military is the traditional arbiter of political disputes in Venezuela and the armed forces’ top brass has pledged its loyalty to Maduro, though security experts note that many within the lower ranks are disgruntled over low wages rendered practically worthless by hyperinflation.

Still, most consider it a long shot for Guaido to win the military’s support.

“Stand on the side of the people,” he urged the armed forces.

Maduro has not shown any hint he’s ready to cede power. He called Guaido on Friday “an agent for the gringos in Venezuela”, using a sometimes derogatory term for Americans.

But he also said that he would be willing to talk with US President Donald Trump and the opposition.

“I’m not anti-American,” he said.

“I’m anti-imperialist.”

Maduro’s administration looked to discredit Guaido on Friday by broadcasting security camera footage that Communications Minister Jorge Rodriguez said shows the young opposition leader entering a meeting with ruling socialist party boss Diosdado Cabello the night before declaring himself president.

Cabello has alleged that Guaido held a secret meeting with him Tuesday night and admitted to being under enormous pressure from the US Guaido denied having met with Cabello.

The security footage shows a man looking down and dressed in a gray hoody, making it essentially impossible to identify him.

In response, supporters on social media launched the hashtag “GuaidoChallenge”, urging people to share photos of themselves disguised in hoodies.

Guaido, in his remarks earlier on Friday, said he’d be willing to talk with any party willing to discuss restoring democracy, but short of that, he said there would be more protests.

“There will be people on the street,” Guaido clamoured, “until we get freedom.”

THE TRIBUNE

Monday, January 28, 2019, PAGE 9

Black workers had long history with fed jobs before shutdown DETROIT Associated Press FOR Cheryl Monroe and generations of other African-Americans, federal government jobs have long been a path to the middle class and a way to provide a comfortable life for their families.

Then the record-long government shutdown hit, making it hard for the US Food and Drug Administration chemist from Detroit to pay her mortgage.

“People say ‘save for a rainy day’ and you’re always saving, but when there is no check, that’s a hurricane not a rainy day,” Monroe said.

The shutdown that ended on Friday left an especially painful toll for AfricanAmericans who make up nearly 20 percent of the federal workforce and historically have been on the low end of the government pay scale.

The federal government played an important role in the building of the black middle class in the United States, giving African-Americans job opportunities that weren’t always available in the private sector. It started during World War II and the postwar years when the need for manpower was great as large numbers of whites were in military-related or war-production jobs.

CHERYL MONROE, right, a Food and Drug Administration employee, and Bertrice Sanders, a Social Security Administration employee, rally to call for an end to the partial government shutdown in Detroit. The government shutdown left an especially painful toll for African-Americans who make up nearly 20 percent of the federal workforce and historically have been on the low end of the government pay scale. The US Office of Personnel Management says African-Americans make up about 18 percent of the federal workforce of approximately 2.1 million employees.

Photo: Paul Sancya/AP These jobs offered African-Americans a chance to reach for a “slice of the American dream”, said Frederick Gooding Jr, African-American studies professor at Texas Christian University and author of the recently published “American Dream Deferred: Black Federal Workers in Washington, DC, 1941-1981”.

“One of the pull factors was a good government job had stable pay, higher pay and benefits in contrast to

domestic jobs and tough industrial jobs,” Gooding said. “After the war ended, the federal government really started to take a look at what it should do because many of those black workers were still there.”

Gooding said the federal Office of Price Administration — which helped regulate the economy — made sure opportunities were provided for blacks in federal government. Many also found jobs in the Postal

Service, Defense Department and general printing office, but the work still primarily involved manual labor and “many failed to reach high pay”, Gooding said.

“In my experience, there are far fewer AfricanAmericans in the higher grades,” said Monroe, who began her federal employment in 1987 with the IRS and is a chapter president with the National Treasury Employees union. “White people have the more lucrative jobs in the government.

They are able to save, able to put money away for six months or a year’s worth of salary. It’s harder for black people. We’re always starting at the bottom.”

The challenges for black workers at the federal level mirror the wage gap in the broader economy. The median black income in 2017 was $40,258 for black households, compared with $65,273 for their white counterparts, according to the Census Bureau.

Experts say the wage gap put black federal workers at a particular disadvantage during the shutdown.

“African-Americans, despite the opportunities, have generally not had all of the opportunities that whites have had and tend to be more concentrated in the bottom half of the federal workforce and are the most vulnerable to be hurt in a shutdown situation,” said

Joseph McCartin, a labor history professor at Georgetown University.

The Rev Tia Coulter of Greenbelt, Maryland, earned $15,000 a year when she first started working for the federal government in the 1990s. She worked her way up to a programme support assistant job with the Security and Exchange Commission but admitted this week that she was “struggling”, having already gone without one paycheck and with another now coming late.

“I’m happy to be going back to work with the possibility of getting paid,” she said on Friday. “That being said, I am also leery of the upcoming months and what will happen on or after Feb 15. I am hoping that some kind of plan will be put in place so that when these three weeks are up we continue working.”

Of the approximate 2.1 million federal executive branch employees in 2017, about 37 percent were ethnic minorities, according to the US Office of Personnel Management.

African-Americans made up 18.2 percent of the workforce, compared with nine percent for Hispanics. Data listed 63 percent as white.

Those numbers do not include postal workers and members of the US intelligence services.

In 2017, whites made up about 78 percent of

the overall US workforce, according to the US Bureau of Labor Statistics. Blacks comprised 13 percent.

Gary Morton, 58, of Philadelphia, started working for the federal government in 1981 with the IRS and has been with the EPA since 1992. He now works in the Land and Chemicals division and has missed out on more than $4,000 in pay since the start of the shutdown.

Morton cut back on expenses and unnecessary purchases when the shutdown started.

“I’m really trying to buy only the basic necessities, food, pay my utility bill, still pay my church tithes,” said Morton, who is AfricanAmerican and president of the American Federation of Government Employees Council 238. “I’m cooking more. I won’t go to McDonalds and buy a $3 milkshake when I can get (a carton of) ice cream for $2.50. I carry a case of water in the car now instead of pulling over for a $2 beverage.”

Coulter, who is black, said the shutdown has opened the eyes of many people relying on a government paycheck that’s becoming less of a sure thing during constant gridlock in Congress. Coulter said she’s looking at a less expensive place to live and thinking about a second source of income.

PAGE 10, Monday, January 28, 2019

THE TRIBUNE

ECONOMY LIKELY TO PICK UP, THOUGH PAIN MAY LINGER FOR SOME BALTIMORE Associated Press The US economy will likely resume its steady growth now that the government has reopened, though economists say some scars — for the nation and for federal workers — will take time to heal.

Most analysts estimate that the 35-day partial

shutdown shaved a few tenths of a percentage point from annual economic growth in the first three month of 2019. They say growth should pick up in the coming months, though some of the money federal workers and contractors didn’t spend in the past five weeks — on such items as movie tickets, restaurants and travel — will never

LEGAL NOTICE

HOUSE Speaker Nancy Pelosi of Calif, accompanied by House Democratic members, listens to a reporters question after signing a deal to reopen the government on Capitol Hill in Washington on Friday. Photo: Andrew Harnik/AP

NOTICE

KYZYI KUM LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, KYZYI KUM LTD. is in dissolution as of January 24, 2019 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

be made up. Having gone without two paychecks, many federal workers were forced to visit food banks or to borrow money. Federal workers will now receive backpay, though some contractors might not.

President Donald Trump agreed to reopen the government for three weeks after having forced the shutdown in hopes of compelling Democrats to approve billions for a wall on the Mexico border.

Trump failed to secure any such money.

During the shutdown, a shortage of airport security and air traffic controllers disrupted travel at such major hubs as LaGuardia Airport in New York and Newark Liberty International Airport in New Jersey. The pressure on Trump to reopen the government intensified Friday after a delay of about 3,000 flights by mid-afternoon because six of 13 air traffic

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

HORATIO GARDEN INC.

LASALLE VALLEY INC. In Voluntary Liquidation

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, HORATIO GARDEN INC. is in dissolution as of January 22, 2019 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, LASALLE VALLEY INC. is in dissolution as of January 24, 2019 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LIQUIDATOR ______________________

worker shortages in some areas.

Job searches by employees at multiple federal agencies jumped during the shutdown, according to clicks tracked by the jobs site Indeed. Employees who had gone unpaid at the Department of Homeland Security, Census Bureau, the IRS and the Transportation Safety Administration were much more likely to be hunting for a new job compared with the past two years of searches.

One lingering risk is if Trump chooses to shutter the government again after the three-week agreement lapses on Feb 15. Should that occur, it would sabotage consumer confidence and hurt the economy, predicted Mark Zandi, chief economist at Moody’s Analytics.

“It would wipe out confidence,” Zandi said.

LEGAL NOTICE

NOTICE

Pinehill Investment Holdings Inc. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Pinehill Investment Holdings Inc. is in dissolution as of January 22, 2019

MARKET REPORT WEDNESDAY, 23 JANUARY 2018

controllers didn’t show up to work at a critical center in Virginia.

S&P Global Ratings estimates that the economy lost $6bn because of the government closure — a sizable but relatively negligible sum in a $19tn-plus US economy.

“If the shutdown had lasted much longer, the economic impacts would have snowballed — travel problems, tax refunds, etc,” said Stephen Stanley, chief economist at Amherst Pierpont Securities.

Still, the damage isn’t likely to lift immediately.

And some federal employees had expressed anxiety during the shutdown about the stability and security of their jobs. The most skilled or talented among them may be likelier to leave government service, a potential problem for an economy already facing

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

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

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

LIQUIDATOR ______________________

LEGAL NOTICE

NOTICE

INTERAGRO FARMS COMPANY LTD In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, INTERAGRO FARMS COMPANY LTD is in dissolution as of January 24, 2019 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LEGAL NOTICE

NOTICE

SOTTUNGA LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SOTTUNGA LTD. is in dissolution as of January 22, 2019 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

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

THE TRIBUNE

Monday, January 28, 2019, PAGE 11

Trump rollbacks for fossil fuel industries carry steep cost BILLINGS, MONTANA Associated Press AS THE Trump administration rolls back environmental and safety rules for the energy sector, government projections show billions of dollars in savings reaped by companies will come at a steep cost: more premature deaths and illnesses from air pollution, a jump in climatewarming emissions and more severe derailments of trains carrying explosive fuels.

The Associated Press identified up to $11.6bn in potential future savings for companies that extract, burn and transport fossil fuels. Industry windfalls of billions of dollars more could come from a freeze in vehicle efficiency standards that will yield an estimated 79 billion-gallon increase in fuel consumption.

On the opposite side of the government’s ledger, buried in thousands of pages of analyses, are the “social costs” of rolling back the regulations. Among them: • Up to 1,400 additional premature deaths annually due to the pending repeal of a rule to cut coal plant pollution.

• An increase in greenhouse gas emissions by about one billion tons from vehicles produced over the next decade — a figure equivalent to annual emissions of almost 200 million vehicles.

• Increased risk of water contamination from a drilling technique known as “fracking”.

• Fewer safety checks to prevent offshore oil spills.

For the Trump administration and its supporters, the rule changes examined

by AP mark a much-needed pivot away from heavy regulations that threatened to hold back the Republican president’s goal of increasing US energy production.

But the AP’s findings also underscore the administration’s willingness to put company profits ahead of safety considerations and pollution effects.

SIDING WITH INDUSTRY The AP found the administration has sought to bolster the changes by emphasising, and sometimes exaggerating, economic gains while minimising negative impacts.

For example, when calculating future damages from greenhouse gas emissions from coal plants, the Trump administration looked only at US effects, instead of globally. That drastically reduced the benefits of emission restrictions and allowed the administration to conclude the Obama-era rule was no longer justified, given costs to the coal industry.

In another instance, the Environmental Protection Agency wants to stop considering secondary benefits of controlling mercury emissions — namely reductions in other pollutants projected to prevent up to 11,000 premature deaths.

Last month, the AP revealed that the administration understated the advantages of installing better brakes on trains carrying crude oil and ethanol.

Transportation Department officials acknowledged they miscalculated potential benefits by up to $117m because they failed to include some projected future derailments.

In explaining its actions, the Trump administration said in some cases that the previous administration understated the price tag on new industry restrictions.

In others, it said President Barack Obama’s administration had been overly expansive in how it defined benefits to society.

Michael Greenstone, a University of Chicago professor who served as chief economist for Obama’s Council of Economic Advisers, said the Trump administration was downplaying the health and environmental impacts of its actions.

“When you start fudging the numbers, it’s not that the costs just evaporate into thin air. We will pay,” Greenstone said. “They are

reducing the costs for industries where pollution is a byproduct.”

The rules being targeted were largely crafted under Obama in response to climate change, the disastrous 2010 Gulf of Mexico oil spill, massive releases from coal ash dumps and fuel train explosions.

ADMNISTRATION: NEGLIGIBLE RISKS Trump’s administration has stressed that savings for companies were greater than any increased perils to safety or the environment.

“We fully recognise every significant policy decision has a consequence and that those consequences can differ,” acting US Interior Secretary David Bernhardt told the AP. “I think when you look at the track record, holistically, what you see is our deregulatory efforts are still pretty protective.”

The AP’s tally of savings was derived from government projections required under a 1993 executive order. Five of the rule changes are still pending.

On rules for toxic coal ash, offshore safety and refinery pollution, the administration said companies would save hundreds of millions of dollars with little or no added risk — an assertion former federal officials and environmental groups have disputed.

The potential industry savings were projected largely over the next decade.

Sectors of the coal industry see lifting costly rules as a matter of survival because demand has plummeted as utilities switch to cleanerburning fuels.

For the oil and gas industry, with hundreds of billions of dollars in annual revenue, the economic impact of the Obama-era rules was comparatively small. But they were vigorously opposed as restrictions on business.

“We need to make sure we’re putting together rules that are flexible enough to apply the latest, greatest technologies,” said Erik Milito, vice president for

the American Petroleum institute. He said the group focused on whether rules make sense, rather than cost savings.

Critics say the impact on public health and the environment will be even worse than projected.

“I don’t think it’s well understood what the death toll of these policies will be for the American people,” said Paul Billings, of the American Lung Association.

OBAMA CLIMATE AGENDA ASSAILED Two sweeping changes under Trump — the rollback of the Clean Power Plan that threatened to close many coal power plants and a reversal of plans to increase vehicle fuel efficiency standards — were centerpieces of Obama’s climate change actions.

Killing the power plan would save companies up to $6.4bn, the EPA concluded.

The trade-off is almost 61 million tons annually of additional carbon dioxide emissions by 2030. The administration calculated that those emissions carry a maximum of $3.2bn in “social costs”, such as flood damage and higher air conditioning costs.

Since company savings outweighed pollution costs, the administration said scrapping the power plan was justified. That conclusion was possible largely because the EPA limited social costs to effects in the US, instead of globally as under Obama.

EPA spokeswoman Enesta Jones said the analysis complied with a 2003 directive under President George W Bush that said such reviews should focus on costs and benefits to people in the US. Joe Goffman, a former EPA official who helped create the clean power plan and now at Harvard Law School, said the omission of international impacts “doesn’t track with reality” given that climate change is a worldwide problem.