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TUESDAY, FEBRUARY 4, 2020

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Union warns of ‘new fight’ over Atlantis payroll By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE hotel union yesterday warned “another fight” is brewing over the decision by Atlantis to switch from a weekly to bi-weekly staff payroll, a top official saying: “It’s not sitting well.” Harrison Williams, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) first vice-president, told Tribune Business that it was an “abuse” for Atlantis to seek the change when the union was in the middle of negotiations with employers for an industry-wide industrial agreement. He argued that the resort was merely following the lead of its fellow Paradise Island resort, the Four Seasons-branded Ocean Club, which last year withstood the hotel union’s bid to challenge its own switch to a bi-weekly payroll. Mr Williams spoke out after Tribune Business obtained a letter from Sheila Edden-Burrows, the hotel union’s general secretary, to all members advising them that “we have not agreed with the Atlantis payroll change from weekly salary to a bi-monthly salary cycle”. However, Audrey Oswell, Atlantis’s president and managing director, in a statement sent to Tribune Business last night argued that he switch to a biweekly payroll would bring the resort “in line with industry standards and generally-accepted business practices”. She said: “We greatly value our employees’ contributions, and are committed to continuing to make our resort a great place to work. We recently notified the Bahamas Hotel, Catering and Allied Workers Union about plans to transition to a bi-weekly payroll schedule in line with industry and standards and generally accepted business practices. “All employees will receive the same terms and benefits. We are committed to ensuring a smooth transition by providing our employees with significant advance notice to prepare for the changes.” But Mr Williams countered: “The management had sent us that memo that they would like to go bimonthly, and we haven’t had a conversation with our members. That would have been something chipped off of the Ocean Club issue, where the persons are being

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No Atlantis sale, reveals owner By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TLANTIS will not be sold “at this time”, it was revealed last night, with its owner instead deciding to unleash a “significant” three-year investment strategy despite receiving multiple offers. An Atlantis spokesperson, effectively speaking on behalf of Brookfield Asset Management, told Tribune Business it was now focused on major renovations to the Paradise Island property that would include new restaurants and nightlife venues. “We have received a number of offers to purchase Atlantis, but have made a determination not to sell at this time,” the spokesperson said in response to this newspaper’s inquiries. “Instead, we have decided to make a significant investment in a renovation of Atlantis which will take place over the next three years, and will include room renovations, additional nightlife

• Resort off-market despite multiple offers • Now planning ‘significant’ investment • New restaurants, nightlife is the focus

ATLANTIS PARADISE ISLAND venues, new restaurants, and other expanded indoor and outdoor activities.” The statement confirms information reaching Tribune Business from multiple sources that the Atlantis sales process, initiated last year, had come to an end with no preferred bidder or buyer selected, and

no suitors left in negotiations with Brookfield Asset Management. The sales process, which had been run on the $330bn Toronto-headquartered asset manager’s behalf by Citibank, was disclosed last July in a report by Bloomberg. That development came after this newspaper revealed

A MAJOR Swiss-owned financial institution yesterday revealed the closure of its Bahamas business with the loss of 30 jobs in the latest blow for the financial services industry. Julius Baer said the decision to close its Nassau “booking centre” was part of a strategy designed to slash its global cost base by 200 million Swiss francs, adding that The Bahamas terminations would be “staggered” during an orderly wind down with all staff receiving due severance pay and benefits. Peter Wirth, Julius Baer Bank (Bahamas) principal, did not return Tribune Business messages seeking comment, but a spokesperson said: “It’s about 30 employees that will be impacted. Julius Baer will

in February 2019 that a potential deal with a New York-based real estate investor, Ashkenazy Acquisition Corporation, which was backed by Qatar’s sovereign wealth fund, had also fallen through.

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$2m lighthouse project aiming to ‘energise’ PI By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN entrepreneur yesterday voiced optimism that his planned $2m transformation of Paradise Island’s western tip will “energise the restoration of other historical sites” throughout this nation. Toby Smith, principal of Paradise Island Lighthouse & Beach Club Company, told Tribune Business his eightyear dream for restoring the derelict lighthouse that marks Nassau Harbour’s entrance, and creating a “get-away” destination for Bahamians and visitors alike, was now within reach after a preliminary agreement was signed with a key government agency. He added that the Memorandum of Understanding (MoU) secured with the Antiquities, Monuments and Museums Corporation (AMMC) had given him the platform to obtain all other

• Local entrepreneur closer to eight-year dream • ‘Unique experience’ to create 40 full-time jobs • But may face competition from Royal Caribbean necessary government approvals for a project that will create at least 40 jobs in both the construction and full-time phases. Mr Smith pledged to create “a truly unique experience” at Colonial Beach that will blend Bahamian history and culture with the typical offerings of a ‘beach break destination’, adding that he wanted the proposed project to become “an example of what Bahamians can do when we pull together to support each other”. While other Bahamian entrepreneurs have tried, and failed, to pull-off similar ventures targeted at Paradise Island’s western tip, Mr Smith said he had THE LIGHTHOUSE ON PARADISE ISLAND

Top Swiss bank lays-off 30 in exiting Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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• Julius Baer job cuts to be ‘staggered’ • ‘Orderly wind down’ of Nassau centre • Move based on ‘future growth potential’ conduct a professional liquidation process. This will take time, so the job cuts will be staggered. The affected employees will receive severance packages.” In subsequent replies to Tribune Business questions, Julius Baer made it clear that the decision to exit The Bahamas was driven largely by its own “commercial” strategy and view of its “future growth potential” in this nation. “Julius Baer will no longer have a presence in The Bahamas once the liquidation process has been finalised,” the institution confirmed. “The decision to close our office in The Bahamas is a purely commercial decision based on

future growth potential. “The closure is part of a global efficiency programme which the group has announced today. This is a purely commercial decision. The group is reviewing its global footprint based on future growth potential.” Julius Baer’s updated global strategy report, released yesterday, said The Bahamas exit was part of a wider cost-cutting drive. International media reports said up to 300 jobs groupwide may be shed, meaning this nation would account for ten percent of the total. “Julius Baer will reduce its cost base by 200 million Swiss francs through productivity and efficiency measures,” the report

added. “These measures will include simplifying its organisation, improving operational excellence in all areas, and reviewing the group’s geographic footprint based on future growth potential. It has already been decided that the booking centre in The Bahamas will close.” Bahamian employees, based at its Ocean Centre headquarters at Montague on East Bay Street, were informed of the Swiss-headquartered institution’s decision for the first time yesterday. “After the long-standing commitment to The Bahamas, Julius Baer has not

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JOHN ROLLE

Central Bank raises growth forecast to ‘flat’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas’ 2020 economic growth prospects have improved to “flat”, it was revealed yesterday, with the Central Bank less certain that this nation will suffer a minor contraction. John Rolle, its governor, said it “doesn’t want to be wedded to a number for the contraction”, having forecast last year that economic output or gross domestic product (GDP) was likely to shrink by 0.5 percent this year due to primarily to the loss of Abaco’s tourism product post-Dorian. “A reasonable range would be the growth is zero or negative - some low percentage range,” he added, with the Central Bank’s monthly economic report for December 2019 also striking a more optimistic tone for The Bahamas’ 2020 prospects. “Expectations are that the domestic economy will register a flat outturn in 2020, before experiencing an above trend rate of growth in 2021, as capacity is restored post-Hurricane Dorian,” its assessment, released yesterday, said. “In this regard, sustained near-term improvements in the tourism sector are expected to be supported by activity within the New Providence market and the unaffected Family Islands, with contributions from Grand Bahama and Abaco strengthened in 2021.” Mr Rolle reiterated that the economy’s 2020 performance largely depends on whether those islands not impacted by Dorian can pick up the slack created by Abaco and Grand Bahama as they attempt to rebuild. “We see the economy is improving. There are just two sets of forces at work,” he explained. “Where the storm damage was avoided, those parts of the economy are still moving strongly ahead. It’s a question of whether the pace is fast enough to overshadow the missing pieces of Abaco and Grand Bahama. The underlying forces pushing the economy ahead are still present.”

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DELTEC GROWS TIE-UP WITH ACCUWEATHER A BAHAMIAN-based financial institution yesterday unveiled an expanded partnership with the Accuweather forecasting service to combat the threat posed by extreme weather events. Deltec Bank & Trust said the collaboration builds upon the relationship forged when the duo worked together during significant storms impacting The Bahamas. It explained that Hurricane Dorian’s devastation, combined with Hurricane Irma’s impact on other Caribbean islands in 2017, prompted Deltec Bank to seek out the services provided by AccuWeather’s business-to-business services unit, AccuWeather Enterprise Solutions, in a

bid to improve preparation and response efforts for these storms. AccuWeather’s business weather service helps companies, including more than half of Fortune 500 firms, to translate weather warnings and forecasts into actions that can save the lives of employees and customers, minimise risk, maximise efficiencies and improve business continuity. Jonathan Porter, vicepresident of business services and general manager for AccuWeather Enterprise Solutions, said: “We are pleased with the confidence Deltec has placed with AccuWeather, and we are committed to continuing to provide Deltec Bank & Trust with

life-saving weather intelligence leading up to - and following - significant weather events in addition to superior customer support 24/7.” In addition to monitoring hazardous weather events, AccuWeather meteorologists will provide Deltec with round-the-clock personalised consulting services whenever weather is a factor and key decisions need to be made. “We look forward to working with Deltec Bank & Trust in the year to come and delivering that level of confidence AccuWeather clients have come to depend on. We hope to provide these life-saving services to additional companies in the region,” Mr

Porter added. Emmanuel Komolafe, Deltec’s chief risk officer, said: “AccuWeather has proven to be a most reliable and trusted partner in times of adversity here in The Bahamas. It is noteworthy to state that the top five risks identified in the latest edition of the World Economic Forum’s Global Risks Report 2020 are related to climate change and the environment. “Therefore, it is imperative that we enhance our resilience as a prudent financial institution. While we cannot control the weather phenomena that impact this region, we can cope with them better by having the right adviser to help us with the best

weather forecasts, updates and insights about what is to come and how it will impact us, presented in the clearest possible way to help us make the very best decisions to keep our people safe and our property secure. AccuWeather is that adviser.” AccuWeather’s innovations include the AccuWeather RealImpact Scale for Hurricanes, a six-point scale, including a rating of less than one, to better communicate the impacts of hurricanes and tropical storms. Unlike the widely used Saffir-Simpson scale, which only uses wind speed, the RealImpact Scale incorporates a variety of other factors to communicate the

THE TRIBUNE

EMMANUEL KOMOLAFE threat of a hurricane, such as flooding, rain, storm surge and total damage and economic loss. Introduced in January 2019, AccuWeather’s new scale was used this past hurricane season. It warned Bahamians that Hurricane Dorian would be a RealImpact of 5, so residents and businesses in this nation would understand the magnitude and imminent danger of the storm and act accordingly.

Renewable provider in energy efficiency drive A BAHAMIAN renewable provider is providing energy savings upgrades to both local resorts and government health clinics, while aiding efforts to make the country more resilient post-Dorian. Greg Uptagrafft, PowerPlus Bahamas’ principal, said: “Because of our geographic location we are most vulnerable to the impact of climate change, but we now have a chance to rebuild in a way that helps protect homes and businesses. Construction standards have to change, and alternative energy should be the new normal.” The company recently embarked on a major energy efficiency project at Grand Bahama’s Taino Beach Resort in a bid to replicate the significant savings previously realised by the Abaco Beach Resort. “Reduce before you produce is our motto,” said Mr Uptagrafft. “Based on our audit of the company’s current usage, we set a goal to significantly reduce their energy consumption. Conversion to LED lighting and the installation of THERMX technology to reduce their air conditioning consumption has put

POWERPLUS BAHAMAS, known for its ThermX systems, which reduce the energy consumption of cooling and refrigeration, begin the work of installing energy-efficient cooling systems at the Taino Beach Resort on Grand Bahama. Photo: PowerPlus Bahamas/Barefoot Marketing them well on their way to achieving this goal. “We believe the introduction of these new strategies will help create a new baseline for the company’s energy consumption trends, making it a far more sustainable operation.” PowerPlus Bahamas is also aiding hospital services as well. Along with two other companies, PowerPlus Bahamas has been sub-contracted to provide energy-saving upgrades to new cooling systems being installed at the Eight Mile Rock clinic. In addition to this work, PowerPlus Bahamas has

joined forces with MESOCORE Solar Homes, a Florida-based company, to provide complete pre-built homes created solely for sustainability. “If there’s one thing Hurricane Dorian has taught us, it is that cutting corners and failing to adapt to a more sustainable standard of construction will not hold up in the long run,” said Mr Uptagrafft. “Especially with Category 5 storms and the inundation of seawater.” Each MESOCORE home is designed to be hurricane and water-resilient, incorporating alternative

energy options such as solar electricity and a 2,000gallon rain reservoir with its own filtration system. Its partnership with PowerPlus Bahamas offers the possibility of improved construction standards, including insulation for floors, walls and ceilings. It also uses grid-tied solar systems, watertight features, LED lighting and solar thermal air conditioning systems. “Dorian brought unimaginable destruction, but it also presents an opportunity for us to do better, expect better and, of course, prepare better for future storms,” said Mr Uptagrafft. “If you have to rebuild, then here is your opportunity to include efficiency standards to reduce your energy consumption and features to survive after the storm. “Yes, it is true that some of these measures cost more upfront. But the return on all these types of upgrades is definitely worth it, as we all know our power bills are our largest consumer expense and having power and water days after a storm – is the key to survival.”

ANOTHER group of Grand Bahama businesses received grants from the Office of the Prime Minister, in conjunction with the Small Business Development Centre. Shown seated in the front row following the ceremony from left: Shamine Johnson, Office of the Prime Minister; Harcourt Brown, permanent secretary, Office of the Prime Minister; Senator Kwasi Thompson, minister of state for Grand Bahama; Yvette Oconno, director, Small Business Development Centre; and Conrad Jones, Office of the Prime Minister. Photo: Lisa Davis/BIS

MORE STORM-RAVAGED FIRMS RECEIVE GRANTS SIXTEEN more businesses last week received grants from the Office of the Prime Minister, in conjunction with the Small Business Development Centre (SBDC), to aid their post-Dorian recovery. Senator Kwasi Thompson, minister of state for Grand Bahama, said the funds were being disbursed to small businesses damaged by the category five storm, while a a second grant was geared towards upgrading technology software and equipment. Mr Thompson said hundreds of Bahamians have been trained in using technology through programmes at the Bahamas Technical and Vocational (BTVI), and the YMCA and Urban Renewal Centres will be outfitted with computers for the same purpose. Yvette Oconno, the SBDC’s director, said: “I’m looking to see - not just the city of Freeport, but the island of Grand Bahama go to higher heights. This

will be a new city. I have seen a melting pot that is about to take place, and people will come from everywhere to help build the island of Grand Bahama.” The grant recipients were Goddycia Rolle of P + G Partyrama of Eight Mile Rock; Keva Johnson, EZ Pro Nails; Heather Feaster, Heather’s Apriary of Sweeting’s Cay; Cassandra Moss, Land, Sand & Sea Tours; Patrick Brown, P & P Security; Olive Rahming, Olive’s Souvenirs, Port Lucaya Marketplace; Kathleen Feaster, Subs and More; Emma Forbes, Unique Gifts and Boutique; and start-up, Shirley Knowles. The technology upgrade initiative programme grant recipients were Sophia Smith, Escante Shoes; Jacqueline Knowles, Jackie’s Bakery; Philip Kemp, Yellow Tails Biofuel; Antoinette Smith, Antoinette’s Souvenirs; Denzal Swain Jr, MADE Digital; and Rony Oconno, ETP Industrial Outfitters.

THE MSC cruises employment initiative was officially launched on Tuesday when Grand Bahamian, Raymond Campbell, became the first Bahamian to join the MSC Divina family. On hand to celebrate with him from left: Robert Panico, chief engineer; Pleasant Smith, registry clerk, Prime Minister’s Office; Captain Pietro Sarcinella; Clothilda Whymns, first assistant secretary, Prime Minister’s Office; Lady Naomi Wallace-Whitfield, office manager, Prime Minister’s Office; Rosetta Grant, customer service, Prime Minister’s Office; Raymond Campbell; and Zbigniew Lisowski, hotel director. Photo: Lisa Davis/BIS

FIRST MSC GRADUATE JOINS CRUISE VESSEL

THE first of 220 Grand Bahamians training to work on Mediterranean Shipping Company (MSC) cruise ships has taken his post after the vessel docked in Freeport Harbour. The MSC Divina welcomed Raymond Campbell to its crew last Tuesday as part of the MSC Cruises Employment Initiative, a joint effort with the Office of the Prime Minister. He is the first of 220 Grand Bahamians who will have the opportunity to train, and then work on, one of MSC’s cruise ships. With 60 nationalities

represented on the ship, it has the capacity to hold 4,400 passengers and 1,300 crew members. Representing the Prime Minister’s office in Grand Bahama were Clothilda Whymns, first assistant secretary; Lady Naomi Wallace-Whitfield, office manager; and other support staff. MSC has agreed to hire the Grand Bahamians in the areas of food and beverage, housekeeping, galley and entertainment. Successful candidates will be trained in April.

THE TRIBUNE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE first Bahamas Charter Show is aiming to “put this nation on the yachting map”, it was revealed yesterday, with more 20 boats and 80 registered brokers already registered to attend. Dr Kenneth Romer, the Ministry of Tourism’s executive director of product quality and support, said the show will drive home the industry’s economic impact as one yacht spending a single week in this nation can “inject up to $1m back into our Bahamian economy”. The event, which will be held from February 27 to March 1, will be cohosted by Worldwide Boat, a luxury charter company, together with the Ministry of Tourism and Aviation.

Tuesday, February 4, 2020, PAGE 3

Event to put Bahamas ‘on the yachting map’ Sanaa Vhora, yacht charter and sales director for Worldwide Boat, said the show presented an opportunity for The Bahamas to expand its reach and reputation among the global marina and boating sector. “They are going to find out about all of the marinas that are here that welcome charter yachts,” she said, “and we’re kicking off this show with a Nassau marina tour thanks to the Association of Bahamas Marinas (ABM).

“Then we will go into two days where all of the boats participating are open for viewing. Brokers will be inspecting the yachts, meeting the crew and getting to know the culture of The Bahamas. We will be ending the celebration with a Bahamian-themed event at The Pointe marina.” She added that 2020 was “time for us to strike” with the Bahamas Charter Show given the lingering effects of Hurricane Dorian. “It’s

time to put The Bahamas on the map on the yachting industry for brokers to really come, see and feel what the Bahamian waters have to offer,” Ms Vhora added. “This first inaugural event is a not-for-profit event where we are going to be joining hands with the Ranfurly Home for Children. We have a hefty [fund-raising] goal but we believe we can get there.” Dr Romer added: “We believe that the Bahamas

Charter Show will accrue a multitude of benefits for the islands of The Bahamas. From air to sea, The Bahamas’ tourism business is stronger than ever as evidenced by us welcoming a record breaking 2m visitors to our shores in 2019. “We know that Worldwide Boat, which has made Nassau a home park for 15 of its luxury vessels, is helping us to draw more vessels to the country......This is a market that our Bahamas Ministry of Tourism is

placing significant interest and emphasis on, especially going into 2020. “The spend from yachting directly impacts our Family Island communities, and we certainly need all of the assistance right now. Therefore we see yachting as imperative in the diversification of our tourism product.” Peter Maury, the ABM’s president, said: “This is a good opportunity for us to represent the marinas to the charter brokers and the yachts that come to this show. I think it’s a great opportunity for The Bahamas to capitalise on these revenues and kind of explain the modernisation of the clearing process, and some of the charter fees and payment processes, as The Bahamas modernises all of its online capabilities.”

‘Be sceptical’ of all sides on free trade By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN international trade attorney says that The Bahamas will “definitely” have to slash its average Customs duty rate in half if it continues to pursue full World Trade Organisation’s (WTO) membership. Paul Lalonde, partner and head of international trade practice at Dentons Canada, told the Arbitration and Investment Summit that The Bahamas’ reliance on import tariffs as a major revenue source meant its WTO accession process will be “very different” from other countries. He explained: “As a small economy that historically has been highly

Regional body adds to Dorian donations THE Society of Trust and Estate Practitioners Latin America branch has donated $3,000 to the financial services industry’s Hurricane Dorian relief effort. The donation to the Financial Services Cares initiative took place as the branch held a planning meeting at Baha Mar to prepare for its upcoming conference later this year. The Financial Services Cares initiative has set a goal of raising $1m to support post-Dorian recovery and rebuilding efforts. The Bahamas Financial Services Board (BFSB) and The Association of International Banks and Trust Companies (AIBT) will contribute all funds raised to support projects focused on education and youth.

dependent on Customs duties for approximately 60 percent of your government revenue, your accession strategy is very different from the accession strategy of an economy where most of their government revenue comes from other places. “The rates average around 30 percent, and this is a high level benchmark. The WTO encourages a rate reduction to an average of around 15 percent in a scenario such as what The Bahamas has. Definitely the WTO working group would want to see a reduction in these areas.” The Bahamas’ momentum towards WTO accession slowed significantly during the 2019 second half, and the

Government-appointed chief negotiator, Zhivargo Laing, said it was highly unlikely the process will be completed before the 2022 general election. He suggested this nation needed a “minimum” additional five years. However, the Government has been well aware of the need to reduce its average import tariff rate to 15 percent. Many rate categories have already been reduced, while Value-Added Tax’s (VAT) implementation and subsequent increase to 12 percent have made this tax the Government’s primary revenue source. Mr Lalonde, meanwhile, said The Bahamas would still be able to exclude or reserve specific industries

from being opened up depending on the skills of its WTO negotiators. “If you have particularly sensitive areas, and particularly sensitive industries you want to maintain protections for, that’s the whole game of negotiations,” he said. “Every member of the WTO has these kinds of industries. “One thing that I have learned is that the opponents of free trade agreements always overstate the negative impacts, and the proponents always vastly overstate the benefits of trade agreements. It’s wise to be sceptical about things we hear from both sides and ask the right questions.” Citing an example of a protected industry in

Canada, Mr Lalonde said: “One of our sacred cows is dairy. Do you know what the duty rate is for imported butter into Canada? It’s almost 400 percent, so 30 percent is really small in comparison. So that is the game of negotiations.” He added that Canada has “no commitment” to bring down the duty rates on butter. Instead, in the context of WTO, it put in “tariff rate quotas” with the promise to reduce them over time. “You set a number and, over time, we will see how we can bring that number down. In Canada we have made no commitment to bring that down, but we may in the future,” Mr Lalonde explained.

“There isn’t a set box you have to fit in, and no mandate that every country has to modify their laws to fit like this in order to enter the WTO. With the example of the Russian accession and the Chinese accession, those were negotiated over a very long period of time and were very complex negotiations. Both countries had very different and detailed and sophisticated accession agreements. “That means that over time different things about their various trading regimes will be modified in order to meet the WTO accession mandate. So it really isn’t a one-size fits all, all or nothing negotiating approach by the WTO.”

WALGREENS TO PAY $7.5M IN SETTLEMENT OVER PHONY PHARMACIST OAKLAND Associated Press

WALGREENS will pay $7.5m to settle with California authorities after an employee was criminally charged with impersonating a pharmacist and illegally filling more than 745,000 prescriptions in the San Francisco Bay Area. Kim Thien Le has pleaded not guilty to felony impersonation charges. Prosecutors said that from late 2006 through 2017, Le used the license numbers of registered pharmacists in order to impersonate them and dispense prescriptions at Walgreens stores in Santa Clara and Alameda counties. The prescriptions allegedly included more than 100,000 for opioids such as fentanyl, morphine and codeine. Le herself didn’t have a pharmacist license, prosecutors said.

The district attorneys in both counties filed a consumer protection action against Walgreens. Prosecutors yesterday announced that the pharmacy giant agreed to settle. The company will pay $7.5m in penalties, costs and remedial payments. “The burden is on the company to make sure its employees are properly licensed and to complete a thorough background check,” Alameda County District Attorney Nancy O’Malley said in a news release announcing the settlement. In a statement yesterday, Walgreens said Le hasn’t

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worked for the company since 2017. “Pharmacy quality and safety are top priorities, and upon learning of this issue, we undertook a

re-verification of the licenses of all our pharmacists nationwide,” the statement said. The complaint alleged Walgreens failed to vet Le thoroughly when it

promoted her to positions requiring a license and failed to make sure that its internal systems were strong enough to prevent an employee from evading them.

PAGE 4, Tuesday, February 4, 2020

THE TRIBUNE

$2m lighthouse project aiming to ‘energise’ PI FROM PAGE ONE promised his late father he would succeed, asserting: “I don’t give up.” Tribune Business, though, understands that Mr Smith may have substantial competition for the Crown Land he needs to obtain for his venture from Royal Caribbean Cruise Lines (RCCL). This newspaper revealed last year how the cruise giant was quietly acquiring real estate at Paradise Island’s western end to develop its own “beach break destination” for its passengers, and recent developments suggest it may by moving closer to its goal. Tribune Business understands that Royal Caribbean may have spent as much as $54m in purchasing privately-owned properties to the west of the Yoga Retreat. It is thought to have recently purchased the Beach House Villas property developed by Sterling Global Financial chief, David Kosoy, and may not be stopping there. The Prime Minister’s Office has yet to reply to Tribune Business questions, submitted last week, asking whether Royal Caribbean has applied to either acquire or lease around ten acres of crown land running further west on Paradise

No Atlantis sale, reveals owner FROM PAGE ONE Brookfield and Atlantis made no mention of how much will be invested to upgrade and refresh the Atlantis product over the next three years, but the statement indicates that the former will now continue into its eighth year of owning the Paradise Island

Island that would bring it close to the site eyed by Mr Smith for his project. A spokesperson said the inquiry had been referred to the Bahamas Investment Authority (BIA), and they were awaiting a reply. However, multiple well-placed Tribune Business contacts, speaking on anonymity, have suggested the government is using Royal Caribbean’s desire for a Nassau Harbour destination as “leverage” in negotiations over the Grand Lucayan’s sale in Freeport. This newspaper was told that the Minnis administration will not give the final go-ahead for Royal Caribbean’s Nassau project until the deal for its $275m overhaul of Freeport’s “anchor” property and harbour is sealed. The cruise line is understood to have taken a tough approach to the Freeport negotiations, and the length of time taken to close the sale - it is almost a year since the Letter of Intent was signed - is thought to have frustrated the government. “It wouldn’t surprise me because of their procrastination,” one source said of using Nassau Harbour as leverage with Royal Caribbean. Mr Smith made no mention of Royal Caribbean’s potential rival plans when announcing his project, or

in the subsequent interview with Tribune Business. He indicated his interest in reviving the 200 year-old lighthouse dated back to well before the cruise line’s emergence. “The 12th of April, 2012, is when I initially applied to restore the lighthouse and keeper’s quarters,” he told Tribune Business. “I loved going up to the top of the lighthouse and spending free time there, and thought: ‘Wouldn’t it be a wonderful idea to continue the restoration effort and fully restore the lighthouse?’ It’s a treasure, but to see it now, it’s run down and derelict. “Besides some of the forts, the historical icons in our country are often falling into disrepair, and the lighthouses especially have been on a gradual decline with the exception of Elbow Reef Lighthouse in Hope Town, Abaco. “Other lighthouses have become automated and, in some cases, abandoned. Why is it not me that steps up to the plate with a genuine interest and love for our Bahamian history?” Taking his plans a step further, Mr Smith said he decided to expand to the project to a multi-faceted “beach break” destination at Colonial Beach due to the erosion of Bahamian beach access. “A lot of Bahamians

simply no longer have access to the beaches I used to frequent when I was a child,” he explained. “Major developments have changed simple beach-going activities for Bahamians and our guests. “I believe the success of Harbour Island and Abaco is the fact visitors and Bahamians can rub shoulders, share a laugh, and tourists can see firsthand Bahamian culture in a relaxed environment next to our biggest the asset, the ocean.” Mr Smith said his proposal offers “a truly unique experience that will be safe, affordable, and what’s going to be best for Bahamians and best for The Bahamas”. Besides the traditional food and beverage offerings provided at such destinations, he added that the project will be “inclusive of Bahamian talent and culture”. Two docks will be constructed to provide access to the site for guided historical and educational tours, which will feature the 203 year-old lighthouse as its centrepiece. Mr Smith said he plans to fully restore the property to working condition, complete with lighthouse keeper’s quarters. Visitors and Bahamians alike will be treated to demonstrations of straw work, and other traditions

such as roasting peanuts and fabricating cow bells. A resident artist will be in place, and nature and bird watching tours will also be offered, with rake n’ scrape and Junkanoo rush outs also among the features. Mr Smith said the project will incorporate renewable energy, and would also seek to become an evening destination. “I want to connect with people and make it inclusive,” he explained, “where they feel a sense of belonging and are contributing to the revival. I’m also not going to include a gratuity. I want the staff to be engaging, friendly and hospitable.” The construction phase will create jobs for the likes of architects, plus skilled craftsmen such as carpenters and plumbers, given the need to construct facilities such as pop-up shops, a bar and restaurants. Full-time opportunities would involve chefs, boat captains and crew, beach and maintenance staff, and managerial and supervisory positions. “I want this to hopefully energise others to restore historical sites, especially the lighthouses,” Mr Smith told Tribune Business. “I think it’s extremely important for the younger generation to be guided and taught to look after our history. “If the example given is

resort property. No explanation or reason was given for why all bids were rejected. Nor were the identities of those behind the offers revealed, although former prime minister Perry Christie last year said he was representing one of the interested parties. Tribune Business sources recently suggested his client was likely to be Phil Ruffin, the Las Vegas hotel/casino billionaire magnate, who owned the former Wyndham resort and Crystal Palace casino before selling them to Sarkis Izmirlian in 2006 for the Baha Mar project. Mr Ruffin has never hidden his interest in, or admiration of, Atlantis. In

a 2012 interview with Bahamian media, shortly after Brookfield took possession of the property following the debt-for-equity swap with Kerzner International, he said: “I think it’s a destination casino. It’s got everything. “It’s got a lot of land. It’s got everything you want. So if Brookfield, who is the owner, if they ever get tired of it — which they may not; they might like the asset — but if they get tired of it and sales go down and it comes at a (good) price, we’d certainly take a look at it.” Mr Ruffin added then: “I think it’s probably no secret that this [Atlantis] makes about $130m a year; not bad, tax free. And even if it dropped to $100m it’s still a good value. Normally a property like this will sell for seven to seven-and-a-half

times earnings. “So if it makes $100m earnings, you’d probably pay $700m or $750m for it. Whether the lender would take that big a hit or not, I don’t know.” Brookfield, which also twice refinanced Atlantis’ debt, is likely to have been seeking a substantially higher price than the figures quoted by Mr Ruffin in 2012. Morningstar Credit Ratings, the investment analysis firm which assigned the highest ‘“triple-A” rating to the most senior financing tranches in Atlantis’ last $1.85bn refinancing, revealed in a July 2018 report that the resort “feels strongly” that Baha Mar’s emergence will not impact its long-term performance after net operating income jumped 27 percent for the 2018 first quarter.

Top Swiss bank lays-off 30 in exiting Bahamas

LEGAL NOTICE

NOTICE

LEGAL NOTICE

GOLDNITE LIMITED ___________________

NOTICE RAOUF LIMITED

Pursuant to the Provision of Section138 (8) of the International Business Companies Act2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 25th day of January,2020.

N O T I C E IS HEREBY GIVEN as follows:

(a)

RAOUF LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of

Dated this 05th day of February, A. D. 2020

GOLDNITE LIMITED

_________________________________ Leeward Nominees Limited Liquidator

NOTICE IN THE ESTATE OF ERIC HERMAN STURRUP, late of 18th Street in the Settlement of Spanish Wells on the Island of St. George’s Cay one of the Island of the Commonwealth of The Bahamas, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 5th day of March A.D. 2020 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all person indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Board Certified Dematologist 15 years Clinical experience including Mohs surgery

Dated the 4th day of February, A.D. 2020 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

Submit Resume to Hr@familymedicinecenter.org

FROM PAGE ONE taken this decision lightly and regrets the impact of this group-wide programme on local staff and clients,” the bank said. “All the necessary steps for this process are being taken in close alignment with the relevant authorities. The booking centre will remain operative for an appropriate period of time in order to allow for an orderly dissolution of the business. The group is committed to offer all affected clients a suitable alternative.” Julius Baer added that it would assist its Bahamasbased staff through the wind down, “and continues to rely on their professionalism and support”. It added that the closure was designed “to address margin pressure and structurally lower the group’s cost base by 2022, as its bids to simplify its organisational structure and “streamline” the front office”. News of Julius Baer’s impending closure stunned many in the financial services industry. One executive messaged Tribune Business: “Trying to see if they are completely closing down their trust company, too. We had several senior trust officers who went there so we’re all very concerned.” Elsworth Johnson, minister of financial services, trade and industry and Immigration, declined to comment on the implications of Julius Baer’s exit as he had just returned to The Bahamas and was unaware of what had happened. However, the loss of such a major name in Swiss and global wealth management represents another hit for The Bahamas together with the loss of more high-paying jobs from a sector that has played a key role in developing this nation’s middle class. The Julius Baer decision is a further sign of how global consolidation continues to impact the Bahamian financial services industry as institutions reduce their footprint to operate only from nations where they can achieve the desired returns. “It’s bad news. Those are high-paying jobs,” one

to let these things fall apart, and to not have national pride, we’re descending on a slippery slope. How can we expect the younger generation to look after things if they’re not taught how to do it in the proper way?” Mr Smith has been heavily involved in the preservation of Bahamian landmarks, having sculpted Ringo the Flamingo with his daughter and also restored some of Steve Burrows’ sculptures (the Conch Shell and White Crowned Pigeon) on John F Kennedy Drive and the restoration of the Steam Roller on Thompson Boulevard. “It has been my dream for years to become the lighthouse keeper of this lighthouse, and it has been a long road in bringing this project to fruition. I am overjoyed that the Government of the Bahamas has signed our Memorandum of Understanding with Paradise Island Lighthouse & Beach Club Company,” he added. “We look forward to breaking ground in the very near future. “Each component of our team is Bahamian, and we are all excited to launch this project and be a ‘shining’ example of Bahamian pride. Historical preservation and rich Bahamian culture shall run through the veins of this low impact, sustainable tourism product.”

source, speaking on condition of anonymity, said. Craig A “Tony” Gomez, Baker Tilly Gomez’s managing partner, yesterday told Tribune Business that “the message it sends” was likely to be more important for the wider Bahamian financial services industry than the loss of jobs. He added that the arrival of new institutions tended to signal a jurisdiction was strong, and doing well, while their departure was often interpreted as a sign of weakness. “It’s a bit unfortunate,” Mr Gomez said of Julius Baer’s move, “but it could merely be a shift in strategy, which is commonplace these days. “We have to examine ourselves, and The Bahamas is still a well-regulated, well-run jurisdiction. We’re not seeing anything different from other jurisdictions. The story of today has changed from that of yesterday, and every financial institution is evaluating where they must move to. “It’s not only happening with financial institutions, it’s happening with Google, Amazon and Facebook. It’s all the major players. But for an island nation like ourselves, where the financial community is the second largest part of the economy, we’re hopeful the minuses don’t outweigh the pluses.” The Bahamian financial services industry has struggled to grow, and effectively been in a state of slow decline, following the 2000 “blacklisting”. It has been kept off-balance by a constant stream of tax, anti-money laundering and counter-terror financing initiatives from the likes of the European Union (EU) and Organisation for Economic Co-Operation and Development. Financial services industry sources had last week predicted that 30 lay-offs were coming in the sector, but suggested they were likely to fall at another institution - Private Investment Bank - not Julius Baer. It is unclear whether they named the wrong institution, or if something similar has - or will - occur at that other bank. There was no confirmation of this before press time last night.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Tuesday, February 4, 2020, PAGE 5

Union warns of ‘new fight’ over Atlantis payroll FROM PAGE ONE forced now to be paid every other two weeks. “It’s not something sitting well with the union because we do have members who are working reduced days. They would now be waiting two weeks for three days’ pay. So that’s not something easy that the union can put their head around and say we agree to it.” Revealing that a meeting has been scheduled with Atlantis management to discuss the matter, Mr Williams said: “We are supposed to be having a scheduled meeting with the Atlantis seniors, Russell Miller (executive vice-president of hotel operations) and those. Then we will

Central Bank raises growth forecast to ‘flat’

FROM PAGE ONE

Mr Rolle added that another key was whether tourism business normally destined for Abaco and Grand Bahama, especially the former island’s vacation rental market, would switch to other parts of The Bahamas and thereby enable the country to retain this source of foreign exchange income. He said there were initial signs of “some pick up” in the vacation rental business on other islands post-Dorian, while the reconstruction efforts on the two hard-hit islands will “help to cut into

be able to say exactly what we’re doing. But the union doesn’t agree with it.” Mr Miller said the union’s claims about not being fully informed of the payroll change are “not accurate”. He added: “I had a conversation with the president (Darrin Woods) notifying him that we are going to make the change. “We have a meeting with the officers this week in his absence, and we will continue to discuss it. But there has been discussion, and also we followed up with a letter to the union notifying them that this is what we plan to do. The meeting is going to be either on Wednesday or Thursday.” Mr Williams, told Tribune Business, however, “The date hasn’t been set yet.

They had sent us a letter dated January 24 where they wanted to talk about it, but we haven’t agreed to anything and they do have a deadline here when they want to put it into effect. “They want to do that at the end of April, but again that’s a conversation to have. Because don’t forget that you have people who have deductions weekly out of their money, and all of these things have to be cleared up. “Apparently Atlantis would have said in meeting that they don’t believe in it because they know how their employees are being at work, but after Ocean Club got away with it in court I guess Atlantis feels they can do the same. So it’s a discussion to be had

and we haven’t had that discussion yet,” Mr Williams added. “Right now in our [expired industrial] agreement employees are to be paid weekly, and we would prefer it to remain that way. This is something we are going to look at very seriously, and as soon as the meeting is scheduled to be held we will see how quickly we can have this matter resolved.” Mr Williams said the switch to a bi-weekly payroll had never come up in talks for an industrywide industrial agreement. Warning that this is “going to be another fight,” he added: “In all honesty there are only two areas that are guaranteed weekly work in the hotel, and that’s

the losses from direct visitor spending”. The governor continued: “The economy could still contract in 2020, as neither construction efforts nor the pick-up in business elsewhere in The Bahamas might fully compensate for the absence of a meaningful tourism contribution from Abaco and Grand Bahama during the peak of the season. “In addition, the dependence on imports for rebuilding is likely to cause a deduction from the GDP estimate, even though The Bahamas will have more than ample access to foreign exchange to pay for such spending... “Now it is most important to ensure that the rebuilding happens on an efficient timeline, which from the Central Bank’s estimate would be

signaled from a comfortable drawdown in the reserves during 2020 - even to the point that the balances fall modestly lower than they were at the end of 2018.” Mr Rolle said foreign direct investment (FDI) projects continued to be active, with the Central Bank’s research report citing numerous projects on the table for New Providence. It pointed to the $50m renovation of the Paradise Yacht Club on Paradise Island, which will see it developed into a 48-room boutique hotel with a 45 to 50 slip marina, complete with cafe and roof-top club. That project is billed as providing 120 full-time and operational jobs, while entities called Kovalitio and 360 Bahamas Ltd are also planning to invest $50m in

expanding the Cove Resort. The Lyford Cay Club is aiming to expand its facilities with the purchase of 59 acres for $12m, while the Ocean Club Community Association is aiming for a $5m acquisition and renovation of the Beach Club. The Central Bank report also referred to a $10m “glamping”, meaning a luxury or glamorous camping, resort in the Berry Islands by Yo! Island Ltd. Several investments were also identified for Exuma and Eleuthera. Mr Rolle, meanwhile, said the Central Bank had also lowered its forecast for the ramp-up of non-performing bank loans post-Dorian given that the national ratio had continued declining post-storm to 8.1 percent at year-end 2019.

engineering and front desk. “Once the hotel is 65 percent full the front desk and engineering automatically work five days. That’s a guarantee for them, but that’s not for food and beverage; it’s not guaranteed for food and beverage. So the hotel can be running at 65 percent occupancy and employees are still working two or three days in the food and beverage. “Their base salary, to be honest with you, is low and the 15 percent is set to enhance their base salary. If they work one to two days they basically still go home with peanuts. I don’t know what deal or contract that the hotel would cut with the banks to allow them to be paid every two weeks, but to me it’s dangerous

because they could be charged with late fees. “Every other week that the deduction isn’t coming out because the money isn’t there, and people are working day-to-day, people are working from salary to salary. This is not something that the union can say yes to. The most we can say is wait until we meet and have a clear discussion on what exactly is going on and we can inform our members.” When asked by Tribune Business if the union is planning any industrial action as a result of this latest move, Mr Williams said: “We are not planning any action at this time. We would do the honourable thing and simply meet with them first and hear exactly what they plan to do.”

LEGAL NOTICE

NOTICE VIRTUOSO MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows:

(a)

VIRTUOSO MANAGEMENT LIMITED. . is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 05th day of February, A. D. 2020 _________________________________ Bukit Merah Limited Liquidator

LEGAL NOTICE

NOTICE

AMATERASU LTD.

PEPPER TREE HOLDINGS LIMITED

BRIGHTON INTERNATIONAL HOLDINGS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a)

AMATERASU LTD. . is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

PEPPER TREE HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

BRIGHTON INTERNATION HOLDING LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 05th day of February, A. D. 2020

_________________________________

Bukit Merah Limited Liquidator

LEGAL NOTICE

NOTICE

MARNI ASSETS LIMTIED

S ALAM GLOBAL LIMITED

THE SANTA MARINA LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a)

MARNI ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

S ALAM GLOBAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

THE SANTA MARINA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

Dated this 05th day of February, A. D. 2020

Dated this 05th day of February, A. D. 2020 _________________________________

Bukit Merah Limited Liquidator

CST Administration (Bahamas) Limited Liquidator

LEGAL NOTICE

NOTICE

GOLDPOPPY LIMITED

RAVENHURST INVESTMENT LTD.

NIZZAT LIMITED

_________________________________

N O T I C E IS HEREBY GIVEN as follows:

(a)

GOLDPOPPY LIMITED LIMITED. . is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

RAVENHURST INVESTMENTS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

NIZZAT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 30th January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

Dated this 05th day of February, A. D. 2020

_________________________________

Bukit Merah Limited Liquidator

Dated this 05th day of February, A. D. 2020 _________________________________ CST Administration (Bahamas) Limited Liquidator

PAGE 6, Tuesday, February 4, 2020

THE TRIBUNE

TRUMP’S ECONOMY: SOLID AND STEADY BUT VULNERABLE TO THREATS WASHINGTON Associated Press

A PORTRAIT of a robust US economy is sure to take centre stage tonight when President Donald

Trump gives his third State of the Union address. It is an economy that has proved solid and durable yet hasn’t fulfilled many of Trump’s promises. Nine months before the election, the economy keeps

growing steadily if only modestly. Unemployment is at a half-century low. And consumers, the lifeblood of the US economy, continue to spend. Average pay is rising faster than when Trump took office three

years ago, with the largest percentage gains now going to lower-wage workers. Some research has found that this trend, which began in 2015 before Trump’s election, partly reflects higher state minimum wages. Economists warn, though, that the US expansion, now in its record-long 11th year, faces an array of threats. Most immediately, China’s viral outbreak has paralysed business with the world’s second-largest economy. Starbucks and Apple have closed stores in China, airlines have canceled flights and companies like General Motors have halted production there. All of that could shave one-half percentage point off annual growth in the first quarter, Goldman Sachs economists forecast, though they expect the slowdown to be offset by a rebound in the second quarter. Boeing’s decision to halt production of its 737 MAX should also weaken growth in the first six months of the year, economists say. America’s manufacturing sector is struggling, a reflection of Trump’s trade conflicts. High corporate debt levels have sparked concerns. Some analysts also worry that the Federal Reserve’s ultra-low interest rates have helped feed risky bubbles in stocks or other assets. And leading Democratic presidential candidates, especially Sens Bernie Sanders and Elizabeth Warren, have built their campaigns to unseat Trump around the message that the economy remains rife with inequality, with many workers struggling to afford college, housing or health care. Trump is unlikely on Tuesday night to let any such doubts temper his standard message that under his stewardship, the economy is thriving, unemployment is falling, the stock market is roaring and that the best days are still ahead. “I’m proud to declare that the United States is in the midst of an economic boom the likes of which the world has never seen

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 3 FEBRUARY 2020

ALL SHARE INDEX: CLOSE: 2,217.87 | CHG: -1.38 | %CHG: -0.06 | YTD: -13.73 | YTD%: -0.62 52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.35 2.53 1.76 8.00 6.30 12.38 6.80 3.01 13.50

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

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

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.80 11.61 6.00 4.40 6.49 3.42 4.60 10.89 7.60 15.05 9.33 3.53 15.20

CLOSE 3.35 17.43 6.00 6.68 2.10 1.62 3.80 11.61 6.00 4.40 6.49 3.43 4.60 10.90 7.60 15.05 9.33 3.53 15.20

CHANGE 0.00 0.00 0.00 0.00 -0.20 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

1,000

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 14.0 18.7 N/M 18.1 N/M N/M -8.7 16.1 13.4 23.9 46.4 33.6 9.9 16.9 10.4 18.4 9.9 17.4 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 5.07% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.73% 0.00% 12.65% 1.30% 3.01% 3.16% 3.59% 2.14% 3.40% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.73% 3.73% 2.93% 2.93% 2.67% 2.71% 5.76% 5.76% 12.81% 12.81% 3.93% 3.93% 6.38% 6.38% 4.50% 4.50% 7.96% 7.96% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Dec-2019 31-Dec-2019 27-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019

MUTUAL FUNDS 52WK HI 2.29 4.37 2.09 195.13 166.73 1.66 1.85 1.76 1.20 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.60 1.74 1.69 1.12 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.29 4.37 2.09 195.13 166.73 1.66 1.85 1.76 1.20 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

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

DONALD TRUMP amount of output for each hour worked. Greater productivity is one of the two main drivers of growth; the other is an increase in the number of US workers. Both have slowed in the past decade. Most economists partly blame Trump’s trade wars, particularly with China. The trade conflicts have left American companies much less certain about the economic outlook and reluctant to expand and invest. Business investment shrank in the final three quarters of last year. Nor have Trump’s business tax cuts and deregulation made the economy more dynamic. The growth of new companies has remained anemic since the 2008 downturn. Larger businesses continue to dominate many industries, from technology to retail to finance. All this is occurring despite significant stimulus. Trump has assailed Fed Chairman Jerome Powell for not cutting rates more, though the Fed’s benchmark rate is now in a range of just 1.5% to 1.75%, a very low level historically and one that is considered stimulative. And increased federal spending has also helped support the economy. The Congressional Budget Office last week projected that the government’s deficit will top $1tn annually for the next decade.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ETHEL LEE HUMES of Rosewood Street Pinewood Gardens, New Providence, Bahamas, intend to change my name to NATHALEE WHILMENA DORSETT. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

(242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 10.99 3.24 5.06 10.57 7.90 16.99 9.40 3.80 15.20

before,” Trump said last month in Davos, Switzerland. “America is thriving, America is flourishing, and yes, America is winning again like never before.” Yet what Trump calls an unprecedented boom is, by many measures, not all that different from the solid economy he inherited from President Barack Obama. Economic growth was 2.3% in 2019, matching the average pace since the Great Recession ended a decade ago in the first year of Obama’s eight-year presidency. During the 2016 campaign, Trump boasted that his tax cut plan would boost annual growth to 4% a year — a brisk pace not seen since the late 1990’s. Instead, Trump, along with Obama, is one of two presidents since World War II not to have presided over a year of at least 3% growth. And few economists think the economy will hit that target this year. Most analysts do think Trump’s tax plan helped accelerate growth, just not the way he had promised. “The Trump tax cuts were a sugar high that juiced the economy temporarily,” said Ryan Sweet, an economist at Moody’s Analytics. It put more money in Americans’ pockets, boosting consumer spending. The economy grew 2.9% in 2018, a healthy pace though the same as in 2015, the year before Trump’s election. The administration had vowed, though, that the tax cuts would do more than just encourage Americans to shop more. The president’s top economists had said the tax cuts would accelerate corporate investment in machinery, computers and plants and office towers. All the new equipment would make workers more efficient, the argument went, thereby boosting productivity — the

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NOTICE is hereby given that ARNOLD JOSEPH of Upper Bogue Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4thday of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that SHOURN ASHLEIGH ALPHONSE of Carmichael Road, 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 and signed statement of the facts within twenty-eight days from the 28th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that KAMLA BICHAN PARAGUE of #7 Ruth Close, Sea Breeze Lane, P.O.Box EE-17641 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 and signed statement of the facts within twenty-eight days from the 4thday of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.