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FRIDAY, FEBRUARY 7, 2020
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Bay Street ‘facing the wrong way’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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OWNTOWN Nassau is failing to exploit its prime asset because many Bay Street buildings “are facing the wrong way”, a Cabinet minister has told Tribune Business. Dionisio D’Aguilar, minister of tourism and aviation, said in a recent interview that “the beauty of the city of Nassau” is its view of the ocean overlooking Nassau Harbour. Yet he pointed out that numerous properties on Bay Street’s northern side faced into the street rather than across to Paradise Island, thereby missing out
• Missing ‘the beauty of Nassau’ on the ocean • Gov willing to lift height limits ‘case by case’ • Minister signals aware of investor deterrent on the opportunity to showcase the capital at its best. The minister’s comments came as he confirmed that the government has agreed to lift height/zoning restrictions in the downtown/ Bay Street area on a “caseby-case” basis to aid a long-awaited revitalisation of the city that has, to-date, failed to materialise. While there were no specific limits on how high developers could go, Mr D’Aguilar said such a concession was designed to make downtown Nassau a
“living city” once again by reducing construction costs sufficiently to enable the building of apartments and condominiums similar to those on Paradise Island. However, he argued that Bay Street’s current configuration meant that many properties were not bestplaced to take advantage of the retail, entertainment and food and beverage opportunities created by the development of the harbourfront boardwalk stretching from Woodes Rogers Walk and the cruise ship terminal
to Potter’s Cay. This is designed to better disperse tourists and cruise ship passengers more widely through downtown Nassau and harbour area, but the many properties that back on - rather than front on - to the harbour are not ideally suited to cater to these potential customers. “The beauty of the city of Nassau is the view of the ocean,” Mr D’Aguilar told Tribune Business. “If you build high rise buildings that
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Flight Services must cut ‘growing taxpayer draw’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU Flight Services (NFS) must “reduce its ever-increasing draw” on Bahamian taxpayers, a Cabinet minister charged yesterday, after privatisation efforts proved unsuccessful. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the ground handling services provider’s board were “anxious” to explore “some very interesting prospects” for expanding revenue streams now that it will remain in government ownership for foreseeable future. Placing the focus on topline growth rather than cutting costs, Mr D’Aguilar
• ‘No downsizing’ despite failed sell-off • And ‘automatic’ labour cost increases • Minister: No setback to outsource plan
DIONISIO D’AGUILAR pledged that there will be “no downsizing” of Nassau Flight Services’ 244-strong workforce even though he
Bahamas bank in managers buy-out By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE majority buyout of a Bahamas-based bank by its existing local management team is only awaiting approval from the relevant regulators before it closes, it was revealed yesterday. The Swiss-headquartered SYZ Group confirmed in a statement that Bahamas-based executives, Daniel-Marc Brunner and Werner Gruner, will become the majority shareholders in its local subsidiary, SYZ
Bank (Bahamas). Following the deal’s completion it will be renamed Nexor Asset Management, with SYZ Group continuing to hold a minority equity ownership interest and providing custodial services for client assets. “The focus of Nexor will remain on generating value in portfolio management and investment advisory services for their clients by offering them the high-quality service and personal touch of a local team with the financial
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Labour chief’s concern over Atlantis payroll By YOURI KEMP AND NEIL HARTNELL Tribune Business Reporters THE government’s top labour official yesterday expressed disquiet that Atlantis appears to be moving ahead with switching to a bi-weekly payroll despite the hotel union’s objections. John Pinder, pictured, director of labour, said he was unsure “if it’s a good thing” that the Paradise Island resort is seemingly proceeding without the consent of, and consultation with, the Bahamas Hotel, Catering and Allied Workers
Union (BHCAWU). Revealing that he would only get involved “once it reaches a stalemate” between the parties, he added: “I am not aware that there is a stalemate yet. I understand that they should have discussed that
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effectively conceded that over-staffing and a generous industrial agreement were undermining the company’s financial viability. He added that there were “automatic” increases in salaries and benefits “every year irrespective of how well the business performs”, and said the government was determined to restructure and realign Nassau Flight Services “so that it makes sense”. Mr D’Aguilar blamed the former Christie administration and his ministerial
predecessor, Glenys Hanna Martin, for the ground handler’s present financial condition on the basis that it first became a burden on Bahamian taxpayers during their term in office. Given this background, it is unclear why the government decided not to follow through with privatising Nassau Flight Services given that such a move would have seemed obvious commercial sense. Mr D’Aguilar declined to
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‘Slow, painful death’ without corporate tax By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN financial services provider yesterday renewed calls for this nation to adopt a low-rate corporate income tax as the platform to prevent the industry “dying a slow, painful death”. Paul Moss, Dominion Management Services president, warned that the country’s financial services industry will “fall flat on its face” unless it enters true tax competition and better defends its right to participate in the sector. Speaking after Julius Baer announced its exit from The Bahamas with the loss of 30 jobs, Mr Moss argued that the jurisdiction has “nothing to lose” by implementing a low-rate corporate income tax as it stands to “lose it all” under the present zerotax model. The head of one of the few Bahamian-owned businesses in the international financial services niche, he told Tribune Business that the sector had been contracting for two decades without anything being done to “recover it and bring it back”. “It’s very disconcerting to hear that although I’m not surprised,” Mr Moss said of Julius Baer’s decision to close its Bahamian subsidiary. “We’ve made tremendous changes in this country, and they and others have stood up for a long time without going out of business. This something that’s probably been on the drawing board for a while. “It’s to be expected having regard to the changes in this country. Every time there’s a ‘blacklisting’ there’s a pressure for change, and change is not good for the sustainability of this industry. It [Julius Baer’s exit] really points
PAUL MOSS out that financial services is dying a slow, painful death. “One can only imagine that 30 workers out of a job will have difficulty finding similar work in the industry as there’s fewer jobs. As time passes, unless The Bahamas puts on its ‘big boy pants’ and fleshes out an industry that’s sustainable, there’s going to be more downsizings, close outs and clients moving assets.” Calling on The Bahamas to “defend what we have” as a first step, Mr Moss added: “We’ve been saying for a long time that The Bahamas is a well-regulated, first class financial centre. We need to defend that. We can’t capitulate at everything that comes up, every scream, every cry that comes up. “The business has been contracting since 2000, for 20 years, and there’s been nothing done to revive it and bring it back. All we’ve done is react to changes against us, we’ve never stood our ground and fought, and have not brought like jurisdictions together instead of responding to all this individually as we always do.” Repeating his long-held calls for a fundamental change in The Bahamas’ taxation system, Mr Moss told Tribune Business: “I believe The Bahamas ought to enter into the world of taxation with a low rate corporate tax. It would then be able to enter into “double
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THE TRIBUNE
Works minister: ‘Public has right’ to expect more’ A CABINET minister has called upon his ministry’s staff to be more “proactive” in 2020, adding: “The public has a right to expect more from us.” Desmond Bannister, minister of works, in his annual New Year’s charge to staff, urged them to take the initiative and be more “responsive” in executing their duties. “We have to do better, and we will do better,” he said. “All over this island are mangled signs; damaged crash barriers; fallen road signs just lying there, in some cases, for years; useless safety barriers…. and the list goes on. The public has a right to expect more from us. “We have a right to expect more from ourselves. This year we have to be more proactive and much more responsive. I’m counting on you counting on you. This ministry is counting on you. The entire country is counting on you.” Mr Bannister added that the Ministry of Works had taken some “huge” leaps forward in 2019, pointing to its new telephone system, building renovations, an increase in its vehicle fleet and confirmations of promotions. “We received 33 vehicles at a cost of $1.6m, which represents half of the
DESMOND Bannister, centre, hold hands with Works staff. vehicles that we expect to get. I am going to be working to get the other half of our vehicles this year, and I promise you that when they arrive, most of them will be assigned to our work crews, not to individuals,” said Mr Bannister. “After many years we now have a new telephone system. BTC is still working on it, but we expect that the entire ministry will soon be able to communicate with the world, and to have appropriate data services. We made recommendations for 90 persons to be appointed to the permanent and pensionable establishment, and 58 of those appointments were made.” Renovations to the Ministry of Works’ 50-year-old building also took place in 2019. “The first floor of the main building has been completely renovated, and
we are moving on now to the third floor. Over a period of time, each floor will be renovated,” Mr Bannister added. “We had a small setback with the fire recently, but I assure you that the renovations will continue so that we can improve the work environment. Improvements planned for this year include renovations and painting of the entire exterior of the JFK Drive building, the installation of hurricane impact windows, repairs to the roof, and upgraded alarm system and environmental cleaning. Among those present for Mr Bannister’s address were Cora Colebrooke, permanent decretary; Melanie Roache, director of public works; Gregory Butler, deputy permanent decretary; department heads and line staff.
LAW FIRM WINS HONOUR FOR 2ND YEAR RUNNING A GRAND Bahamabased law firm says it has been named as the Commercial Litigation Firm of the Year in The Bahamas for the second consecutive year. ParrisWhittaker, in a statement issued yesterday, said the designation has come from Global Law Experts (GLE), a guide to the leading legal professionals throughout the world. “We have the utmost
respect for Global Law Experts and the work that they do,” said Jacy Whittaker, founding partner of ParrisWhittaker. “Our team certainly doesn’t set out to win awards like this. However, when we do, we take the acknowledgment seriously and take it as a sign that we’re serving our clients at the highest level possible.” GLE recognises legal firms and individuals that
make a difference in their given area of practice within a specific geographical region. The GLE awards and listings reach 70,000 monthly users. “Our team works hard every single day, and we’re always looking for new ways to serve our clients. We see awards like this as motivation to work even harder,” added Mr Whittaker. The award was confirmed on February 5, 2020
THE TRIBUNE
Friday, February 7, 2020, PAGE 3
Commission ‘underplays’ Rental rate concerns for industrial hemp potential Abaco business revival By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE National Commission on Marijuana has “really underplayed” the potential economic impact of industrial hemp, an advocate for the drug’s legalisation charged yesterday. Terry Miller, head of the Bahamas Cannabis Research Institute (BACARI), vehemently disagreed with the commission’s findings by arguing that industrial hemp was “a huge industry that can be developed in The Bahamas”. The commission asserted that global trends meant “an explosion of products into the industrial hemp market” was highly unlikely, both due to the higher start-up costs faced by entrepreneurs in this segment compared to recreational and medical marijuana, and a saturated environment created by the “majority of the world” lifting prohibitions on its use. However, Mr Miller countered: “My view is that we need to seriously buckle down and look at legislation relating to all aspects of cannabis. Industrial hemp is one that they have really underplayed, which is a huge industry that can be developed in The Bahamas. “Right now it’s a good time because there are a number of investors that would be interested in setting up manufacturing plants. This can change The Bahamas from a consumer nation to a producer nation in short order. “Industrial hemp should not be downplayed at all. The potential is so great. Industrial hemp saps more toxins out of the air than any other plant. We can
also look at biofuels. There are 50,000 applications for industrial hemp. There are people that also want to do hemp powder and hemp oils, beauty products, animal feed; the variety of products is so vast. The list goes on and on.” Backing the commission’s finding that proper zoning is required to separate hemp plants from medical marijuana strains due to cross-pollination that would put both crops at risk, Mr Miller said: “There should be proper zoning because the two of them will not mix properly. “Industrial hemp has virtually no THC, 0.03 percent, so you don’t want crosspollination with medicinal marijuana or your other use marijuana. So they are virtually separate products, although our laws have been skewed even against industrial hemp, which really made no sense in the beginning.” Further asserting that earlier policy towards hemp and cannabis was “not thought through”, Mr Miller added: “The United States said do this and we followed, and there was no thought to why we were doing that. “While we are at this point we are about to change all of that,” he continued, “and we need to look seriously at industrial hemp, medical marijuana and adult use one time. But also, when we are talking about each of them, the most important consideration prior to legislation is the establishment of standards. Standards for this industry. “We don’t have to reinvent the wheel. A lot of work has already been done. A book has already been done on standards, and it has been put out by a
group called FOCUS. It’s on the Internet and available, and we can use that book. From that it can be a basis of how we develop our own standards.” Mr Miller urged the government to “stop being followers. We have to expand our minds beyond the little box we have put ourselves in after all of these years. We need to be imagining the possibilities and stop saying ‘we can’t do’ and say ‘yes, we can do’.” He warned, though, of the pitfalls of creating a “free-for-all” in approving medicinal marijuana. “Again, when we talk about medicinal marijuana, one of the things that concern me is that I think it was almost saying there should be a free-for-all when it comes to medical marijuana,” Mr Miller said. “We have to be careful with medical marijuana, and I think we have to think about not being a consumer nation, but a supplier nation. Let’s not think about how much we can import. Let’s think about how much we can produce and what we can produce. “Initially we should be looking at importing, because there are people in this country that need this help today. Again, we are talking about standards. From a simple study of 100 CBD products, 50 percent of the products had less than one percent of CBD, but they have been marketed as CBD oil. We have to be very careful of that, and we have to be strict.”
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By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ABACO’S Chamber of Commerce president yesterday said there were “no locations” where willing businesses can reopen, adding that landlords were “totally out of line” over the rents they are seeking. Ken Hutton told Tribune Business that the “biggest problem” now facing the reconstruction effort is that multiple businesses want to return to the island, and establish operations again, but there are simply no suitable properties available. “Although there are a number of businesses that want to come back and want to reopen, there are no locations to put them in,” Mr Hutton said. “The priorities right now are residences. Everyone is getting their homes together. There are some properties that are starting to be repaired for businesses, but they are way behind. There are no places for businesses to open up right now.” Restoring Abaco’s business sector to health is vital to the speed, and sustainability, of the post-Dorian recovery given that it will provide the jobs and incomes essential to enabling many communities and households to finance their own rebuilding.
KEN HUTTON Both Maxwell’s (supermarket) and Premier Importers are open, the latter operating out of office containers. Mr Hutton added: “There are a few liquor stores, there are a couple of convenience stores and construction companies, but apart from that there are a couple of takeaway places for food. One pharmacy has opened ,and another one is about to open up inside Maxwell’s.” He said banking services were slowly coming back after the category five storm, and added: “There are two more ATMs (automated teller machines). There is a Scotiabank ATM here now, and there is a Royal Bank ATM here now, and also Commonwealth Bank has opened.” “But in terms of businesses coming back, there are no locations. And the
locations that are available right now, the rents being asked are completely out of line for what would be able to be afforded,” blasted the Abaco Chamber president. Declining to describe these rental rates as “gouging”, Mr Hutton said: “I’m just going to say that market forces right now dictate that demand outstrips supply.” Overall, Mr Hutton said it was “getting better” in terms of the recovery effort. “The debris clearance seems to have turned a corner here,” he added. “I’m very happy with what I’m seeing, and everything is looking much cleaner. “There is more security at the port. The port seems more organised now. There seems to be more people coming back, and there is more construction happening. Overall it seems to be getting more organised and there is a larger sense of optimism now.” He acknowledged that the island was “struggling with some security issues”, but added: “The schools in general are being worked on. New Vision has opened up a small school in their facility and there are lots of kids there. The community is starting to come back but we still have a long way to go.”
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National Trust: Cruise industry ‘must get message’ over waste THE Bahamas National Trust (BNT) yesterday said the cruise ship industry “must get the message that poor practices that damage our environment cannot be tolerated”. Eric Carey, its executive director, in a statement urged the government to release information on the latest episode of waste discharge in Bahamian waters “as soon as possible so that the extent of the possible damage can be assessed”. Speaking out after that incident, which involved Norwegian Cruise Line,
Mr Carey also rejected charges that the trust has been selective in tackling pollution and environmental infractions by businesses - criticising some but not others. “The cruise line industry must get the message that poor practices that damage our environment cannot be tolerated,” he said. “It is unacceptable to carry out dumping in our waters, and that message needs to be hammered home. “There is a saying that what you allow is what will continue. If we allow
one incident we can only expect such cases to continue. We must draw a line and make clear that things must change. At the BNT, we remain committed to our goal of holding those who commit such offences accountable. “We will continue to speak out against any and all who seek to damage the Bahamian environment, no matter who they are. However, it is not our practice to target some companies while ignoring the misdeeds of others, and we agree that it is not fair to do that.”
Flight Services must cut ‘growing taxpayer draw’ FROM PAGE ONE detail the reasons for the Minnis Cabinet’s decision not to proceed when questioned by Tribune Business yesterday, merely saying: “The government decided ultimately that it didn’t wish to sell. No other reason than that. They felt that after all things were considered it was better to keep it under public state ownership.” However, this newspaper received further confirmation yesterday that the government’s decision was based on political rather than commercial considerations. Tribune Business reported on Thursday that the Minnis administration had backed off for fear that any buyer would likely need to significantly cut Nassau Flight Services workforce given previous revelations its wage bill was equivalent to 99 percent of revenue. Job losses, several sources suggested, would not be the government’s desired outcome as it starts to gear
up for a general election in which it will likely need every vote possible. “I don’t think it had anything to do with the quality of the bids, and was more to do with the political consequences,” one source said. “The Cabinet turned it down and agreed to keep it with the government for the time being, so nobody is going to win anything. I think the reasons were that politically it did not make sense to lay-off lots of people at this time, and they agreed to defer it.” Mr D’Aguilar declined to comment on this, but denied that the decision to end the privatisation process and not accept either of the two final bids represented a setback for the Minnis administration’s twin goals of expanding Bahamian entrepreneurship/creating wealth and getting the government “out of business”. “I think the government is strategically looking at each one of its assets, and each one of the services it’s delivering, and evaluating in each
instance which is the best outcome,” he told Tribune Business. “In the first instance it’s to reduce the draw on the public purse and, in the second, to improve the quality of service that asset delivers. They’re looking to see which one of these vehicles is in the best interests of the Bahamian people, whether it’s an outright sale, a public-private partnership (PPP) or retaining the asset under state ownership.” While the Nassau Flight Services process had explored an outright sale or privatisation, Mr D’Aguilar explained that the model selected for the Nassau Cruise Port’s $250m transformation was a PPP-type structure with Global Ports Holding. He reiterated that the Government looked at all its state-owned enterprises (SOEs) on a case-by-case, independent basis, with outsourcing, privatisation and PPP models particularly favoured if they were likely to produce “significant
The Trust said it would be critical of all violators while reiterating its willingness to talk with all corporate entities in a bid to prevent any environmental infractions from occurring in the first place. “Here at the BNT, it is not a case of taking one side over another. The only side we are on is that of the Bahamian environment, and we will always be on that side,” Mr Carey said. “New laws have just been introduced to help to clamp down on environmental offences – and just as all
are equal in the eyes of the court, so, too, do we regard all equally who might have broken those laws. “Offenders should be held to account, and the laws will hopefully discourage others from following suit. In fact, we want to work with companies to help them establish the best practices to ensure they never fall foul of the law in the first place. “It is always better to do things right the first time rather than to pay a penalty and have to clean up the damage afterwards, and helping people to find that
right way of doing things is part of what we do at the BNT.” Geoff Andrews, the BNT’s president, added: “It is a part of BNT’s mandate to protect and preserve the environment of The Bahamas. This mandate demands that we speak out against environmental offenders when warranted. “However, we are not biased in holding companies to task and are happy to work with companies and businesses that respect the environment and are good environmental citizens.”
growth in employment opportunities”. Outlining the government’s strategy for Nassau Flight Services now that it is set to remain under state ownership, Mr D’Aguilar told Tribune Business: “The objective is to make it more self-sustaining, and to diminish its everincreasing draw on the public purse. “The last time the FNM was in office, this entity drew nothing on the public purse, but after five years under Glenys Hanna Martin it’s not a draw on the public purse. We have to now increase revenues and stop the automatic increase in all the costs. “A lot of this is the labour component. There’s automatic increases every year irrespective of how well the business is doing,” Mr D’Aguilar continued. “We’re trying to realign it so it makes more sense. It doesn’t make sense, and I don’t think the taxpayer is wiling to cover an ever-increasing drain on the public purse. “We’ve got to see how best to make it viable, and the best way to do it is grow the business. That’s what they’re aiming for and trying to do. There’s going to be no downsizing of the workforce, but there are some very interesting prospects out there
that chairman Ricky Mackey and his Board are anxious to bring focus to, and make the company more profitable and less loss-making.” Mr D’Aguilar declined to specify these “very interesting prospects”, referring the question to Mr Mackey. Nassau Flight Services is due to receive a $1.8m subsidy for the 2019-2020 fiscal year, with this sum set to increase to $2m in 2020-2021 and to $2.05m in the subsequent two fiscal years, thereby keeping it firmly on the taxpayer’s payroll. The privatisation tender document also laid out relatively modest growth prospects for a business whose annual top-line stands at around $8m. Revenues from Nassau Flight Services’ main ground handling business were projected to grow at two percent per annum over the next decade, increasing from an actual $6.251m in 2018 to $7.62m in 2028. “NFS has managed an average of 6,600 flights during the period 2015-2018, and is projecting a two percent annual growth over the next ten years,” the bid documents added. “NFS has managed an average of 6,600 flights during the period 2015-2018.” The number of flights
handled by Nassau Flight Services was also forecast to increase from the 6,850 handled in 2018 to 8,350 by 2028 - an increase of 1,500 annually, or 21.9 percent - which matches the level of revenue growth. A downsizing of Nassau Flight Services’ 244-strong workforce, featuring 166 full-time workers and 78 temporary staff, was almost inevitable post-privatisation given the need to better align costs with income. This, though, would not have been easy given the presence of trade unions via the Airline, Airport and Allied Workers Union and an existing industrial agreement. Nassau Flight Services’ client base comprises British Airways, Air Canada, West Jet, Sunwing Airlines, InterCaribbean Airlines, Caribbean Airlines, COPA Airlines and Cubana Airlines at LPIA’s international terminal, and Jet Blue, Southwest Airlines, United Airlines and Silver Airlines at the US terminal. It also serves a host of charter and other operators, including Air France and Condor, while in Exuma it serves Air Canada and takes care of American Airlines and Air Cariabes in San Salvador.
Bahamas bank in managers buy-out
had resulted in an unspecified number of terminations. Private Investment Bank, in a signed statement, said it “continues to review its business model and cost structures with a view to identifying opportunities to streamline business operations to improve quality and efficiency”. The statement, signed by Christine Archer, its interim chief executive, and Marco Netzer, vice-chairman, added: “Following a review of our business and operating model we engaged in a right-sizing exercise which impacted a number of employees... “This decision is in no way a reflection of the work ethic or capabilities of impacted employees, and was simply the result of improvements to operational structures to enhance the efficiencies of our operations. These are difficult actions that will strengthen and better position the bank for success.” It is unclear if Private Investment Bank is the unnamed institution referred to by Chester Cooper, the Opposition’s deputy leader, in the House of Assemxbly on Wednesday when he said 27 staff terminations were expected from this entity.
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strength and global offering of the group,” SYZ said. “As such, Nexor will maintain a close business relationship with the SYZ Group, and clients will continue to benefit from the group’s robust banking platform in Switzerland for the safekeeping of their assets. “The restructuring of SYZ Bank (Bahamas) is in line with the SYZ Group’s strategy to centralise its custody in Switzerland and focus on its core area of expertise, which is asset management... The buyout, which remains subject to approval by the relevant regulatory authorities, is due to be completed in the coming months.” SYZ Group said it would continue to focus on its three main business lines of private banking, institutional asset management and private markets. Meanwhile, another Bahamas-based financial institution said it was seeking to bolster its private banking unit with additional relationship manager hires following a restructuring and “right-sizing exercise” that
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THE TRIBUNE
Friday, February 7, 2020, PAGE 5
Bay Street ‘facing the wrong way’ FROM PAGE ONE overlook the harbour, that’s the value. The orientation of Bay Street is that every building on Bay Street faces Bay Street, but the orientation should be to the ocean.” Virtually all cities, ports and towns on the ocean seek to exploit this as a key attraction for both locals and visitors alike, with buildings that typically face the sea. However, much of downtown Nassau and Bay Street has evolved in the opposite fashion where properties back on to the harbour, shielding much of it from public view. Still, Mr D’Aguilar said the government has agreed to ease height/zoning restrictions in the downtown area in a bid to attract Bahamians and residents, especially young professionals, to live in the area and make Nassau a “living city” - especially at night. Confirming that this was a key component to the revitalisation effort, he told Tribune Business: “The government is prepared to entertain elevated building heights to achieve that goal. We weren’t specific about what height, but we’re willing to entertain higher buildings case-by-case. The value of the land or whatever makes the case. There’s nothing specific. “We’re prepared to consider buildings of greater height with the intention of creating the necessary scale to make housing affordable in the downtown area, and bring about its rebirth. We have to create accommodation in the downtown area in order to create three components that are necessary for its revitalisation.” Besides enticing persons to live in downtown Nassau, Mr D’Aguilar said the other “components” involved an expanded nightlife, entertainment and food and beverage options, plus the $250m cruise port transformation set to begin shortly under Global Ports Holding’s leadership.
The previous height/ zoning restrictions were seen as deterring much-needed investment required to spark downtown Nassau’s revival because they increased construction and other costs facing developers. This, in turn, pushed up prices and rental rates beyond affordability for many Bahamians. Signalling that the government is aware of these issues, Mr D’Aguilar said: “The volume of the land increases the higher the building goes, and that makes the proposition for the redevelopment of downtown and the cost of houses on the waterfront that much more financially viable. “If building heights are restricted to very low levels, the only way a project can work is to make the units very expensive. If we allow building heights to go up to the same level as Paradise Island, which they will be facing, you improve the chance that apartment prices will be lower. “You get more apartment per square foot of land, so the price is lower and you attract young professionals to live in the city. You need to create volume, to create height to get the density you’re looking for and the scale to make projects on Bay Street work.” Acknowledging that “Bahamians abandon Bay Street” in the early evening, Mr D’Aguilar said the lack of activities and entertainment options was a key factor behind why all cruise ships left Nassau early taking with them up to 16,000 combined passengers on peak days. While the $250m cruise port overhaul will help address this, and act as a potential catalyst for wider revival, the minister added: “We want Nassau to have life at night. Cruise ships leave because the town is deserted. “How do we create scale in the destination to bring downtown alive at night, with restaurants, clubs and food and beverage options? The higher you go up, the cost of
the land apportioned over a greater number of apartments becomes lower, and the only way to achieve that is by height.” Downtown Nassau’s revitalisation as a centre of economic, social and cultural activity has long been identified as a priority by successive governments, but little tangible progress has been achieved to-date apart from the shipping industry’s relocation to Arawak Cay; the Pompey Square upgrades; and turning some streets into pedestrianonly thoroughfares. Graycliff and John Watling’s Distillery have led the way in terms of private sector investments, but the area “east of East Street” in particular - remains in a state of continuous decay and decline despite the presence of the City of Nassau Revitalisation Act’s tax breaks and other incentives. Mr D’Aguilar’s comments, though, back recent remarks by Ed Fields, the Downtown Nassau Partnership’s (DNP) managing director, who said the government had agreed to lift height/zoning restrictions in the area. Zoning, and especially height, restrictions in downtown Nassau have been an ongoing concern for many years. Larry Roberts, Bahamas Realty’s long-time principal, warned that uncertainty surrounding the issue was impeding the area’s redevelopment several years ago. Those concerns were also echoed by former Cabinet minister, Brent Symonette, whose family has extensive real estate holdings in the downtown/Bay Street area. He complained to this newspaper that the then-Christie administration had failed to establish ‘the rules of the game’ for the area’s revival. The issue was again raised just before Christmas 2017, with a prominent realtor warning then that downtown Nassau’s revival was being “stunted” by regulatory confusion that continued to deter potential developers and financiers. Charles Christie, CA Christie Real Estate’s president, said zoning restrictions - especially the limits on how high developers could build - were combining with already-high property values to make
any redevelopment “east of East Street” commercially “unfeasible”. Potential developers were thus being put-off by an unfavourable risk/reward analysis, he warned, unable to determine whether their proposed projects would yield the desired returns. And the same uncertainty was also driving away financiers of such redevelopment. Mr Christie’s concerns were echoed by Charles Klonaris,
the Downtown Nassau Partnership’s (DNP) co-chairman, who told Tribune Business that the height restrictions were “one of the most serious” impediments to fresh investment and development in the Bay Street area. “The zoning has to change; no question about that,” Mr Klonaris said. “No one is going to make an investment if they can only go up five storeys. We have to create demand. If the demand
among financiers is not there, the revenues are not there, no one is going to invest. “That’s been one of the most serious problems in attracting development and investments downtown; the height restrictions. We have this valuable frontage on the harbourside, and it’s easy to understand why development has not taken place. It’s too costly, if you only go up four to five storeys, to justify the investment.”
PAGE 6, Friday, February 7, 2020
Labour chief’s concern over Atlantis payroll
FROM PAGE ONE
yesterday. As a matter of fact they were supposed to come in and discuss that.” He was then made aware by Tribune Business of a memorandum sent by Atlantis’s management to staff confirming that the resort intends to switch from the current weekly to a biweekly payroll from April 2020. “I don’t know if that’s a good thing,” Mr Pinder added. “They need to consult with the union first. They can’t just do that.” He said he will “request that we meet at the office with them and get something resolved. I will set something up for next week and see if we can discuss it
and get it resolved.” The memorandum, obtained by Tribune Business, confirms the position set out earlier this week by Atlantis management. It said: “Beginning April 2020 we will be converting to a bi-weekly payroll schedule in keeping with industry and other local business trends. “All colleagues will continue to receive the same terms and benefits. As we are committed to ensuring a smooth transition, you will be given sufficient time to prepare for the changes. Additionally, we are arranging multiple meetings to talk about the changes and provide complimentary personal financial counselling services for those of you who may
THE TRIBUNE wish to take advantage of this benefit.” The Atlantis note a “schedule of Town Hall meetings” would be posted next week where staff could receive information and “be prepared for this transition. It added: “We greatly value your contributions and are committed to making Atlantis the most remarkable place to work.” Harrison Williams, the hotel union’s first vice-president, declined to comment when told by Tribune Business about the note. He had earlier this week warned that the move by Atlantis was “not sitting well”, and that “another fight” was brewing between the two sides as a result. Mr Williams also told Tribune Business the union was not consulted on the payroll switch, but Atlantis management denied this. He added that the change was something the union
was unlikely to agree to, as it meant members working short work weeks would have to wait two weeks to receive as little to two to three days’ pay, while it could also cause difficulties in meeting financial obligations. Many observers, though, are likely to question why the hotel union feels it is in a position to dictate to Atlantis how it runs its business. Mr Pinder, meanwhile, said: “I know these are hard economic times for a lot of businesses in The Bahamas, and they seem to be struggling. The only way I would advise bi-monthly payment is if it doesn’t disadvantage the employees. But then you have to give the employees some notice.” He acknowledged that the Atlantis note had done this, and said: “So they gave them some notice. So they can work that out and hopefully the union could agree.”
LEGAL NOTICE
LEGAL NOTICE
NOTICE
NOTICE
S ALAM GLOBAL LIMITED
VIRTUOSO MANAGEMENT LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a)
S ALAM GLOBAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(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.
(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 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 Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
Dated this 07th day of February, A. D. 2020 _________________________________
‘Slow, painful death’ without corporate tax FROM PAGE ONE tax” treaties, and remove us from the stigma of being a “tax haven”. It will put us in the tax competition business. ‘“That rate needs to be between three percent to five percent. I don’t know why we’re so reluctant to do it, otherwise this industry will fall flat on its face and many other people will be out of jobs.” Both the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) frown on corporate income tax rates of less than ten percent, but Mr Moss said this was why The Bahamas
had to “defend what we do” as there was no need for a double-digit rate. Suggesting that this nation seek US help to defend itself, he added: “If we do this it ensures people understand we’re in the business and know what we’re about. Quite frankly, we have to participate in that way as opposed to being a zero tax jurisdiction as we’re going to be attacked at every turn. “We have nothing to lose because if we stay in this holding pattern we will lose it all. We may as well be among the first jurisdictions of those like us that don’t have a corporate income tax to implement it. That’s what we ought to do.”
To advertise in The Tribune, contact 502-2394
Dated this 07th day of February, A. D. 2020 _________________________________
CST Administration (Bahamas) Limited Liquidator
Bukit Merah Limited Liquidator
LEGAL NOTICE
LEGAL NOTICE
LEGAL NOTICE
NOTICE
NOTICE
NOTICE
RAVENHURST INVESTMENT LTD.
AMATERASU LTD.
PEPPER TREE HOLDINGS LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a)
RAVENHURST INVESTMENTS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(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.
(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 07th day of February, A. D. 2020
Dated this 07th day of February, A. D. 2020
Dated this 07th day of February, A. D. 2020
_________________________________
_________________________________
_________________________________
Bukit Merah Limited Liquidator
Bukit Merah Limited Liquidator
Bukit Merah Limited Liquidator
LEGAL NOTICE
LEGAL NOTICE
LEGAL NOTICE
NOTICE
NOTICE
NOTICE
RAOUF LIMITED
MARNI ASSETS LIMTIED
GOLDPOPPY LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
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.
(a)
MARNI ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a)
GOLDPOPPY LIMITED 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 Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.
(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 07th day of February, A. D. 2020
Dated this 07th day of February, A. D. 2020
Dated this 07th day of February, A. D. 2020
_________________________________
_________________________________
_________________________________
Leeward Nominees Limited Liquidator
Bukit Merah Limited Liquidator
Bukit Merah Limited Liquidator
LEGAL NOTICE
LEGAL NOTICE
LEGAL NOTICE
NOTICE
NOTICE
NOTICE
BRIGHTON INTERNATIONAL HOLDINGS LIMITED
NIZZAT LIMITED
THE SANTA MARINA LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a)
BRIGHTON INTERNATION HOLDING LIMITED 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.
(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 07th day of February, A. D. 2020 _________________________________ Bukit Merah Limited Liquidator
Dated this 07th day of February, A. D. 2020 _________________________________
Dated this 07th day of February, A. D. 2020 _________________________________
CST Administration (Bahamas) Limited Liquidator
CST Administration (Bahamas) Limited Liquidator
THE TRIBUNE
Friday, February 7, 2020, PAGE 7
PUBLIC NOTICE REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS The Public is notified for general information that the following persons have renewed their licenses as of January 1st, 2020 These licenses are valid until December 31, 2020. The public is advised that the list of names below include registered, licensed members of The Bahamas Real Estate Association. The public is further advised that only licensed real salesmen and brokers are legally permitted to conduct the business of real estate in The Bahamas. First
DR DONOVAN MOXEY
BPL Chair: rate increase a ‘moving date’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMAS Power & Light’s (BPL) chairman yesterday said consumers may not see an extra 15 percent charge added to their bill next month as planned, describing the date as a “moving date”. Dr Donovan Moxey explained that the timing for when the National Utility Investment Bond fee will be added to customer bills could be delayed, or pushed back, as the stateowned utility monopoly has yet to place its $580m bond refinancing with international and Bahamas-based investors. Asked whether BPL customers will still see the additional charge, estimated to be equivalent to 15 percent of their existing consumption, in their March bills as anticipated, Dr Moxey replied: “We can’t do that. “That original date was done in anticipation of us closing the bond along that time. We are still working to do that, so that becomes a moving date now... Right now we are working through all of that and trying to firm up all of our dates, and trying to get it all done.” BPL’s ability to place its $580m rate reduction bond (RRB) depends on it receiving a credit rating from the likes of Fitch, Moody’s and Standard &
Poor’s (S&P). This will signal the strength of BPL’s creditworthiness, and its ability to repay interest and principal over the bond’s 20-25 year life - critical factors in influencing investors to buy-in. The credit rating, in turn, will also play a key role in pricing the $580m issue. This means it will determine the bonds’ interest coupon, or how much BPL’s business and residential customers will have to pay to service the debt owed to investors. Until all this happens, and the process is completed, BPL cannot determine whether consumers will have to pay more or less than the estimated 15 percent. Nor can it give a date for when the $580m raise will be placed, or when consumers will first see the bond fee in their bills. It was announced by BPL in December that by March customers will see a new line labelled “National Utility Charge” on their monthly bills. This charge, which was pegged to be about 15 percent of the average consumer’s electricity bill, is said to facilitate the ERRB passed in parliament last year to help BPL raise some $650m in financing to help pay off its $321m in legacy debt and also help it to finance upgraded to the company’s facilities and invest in newer energy technologies.
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
T
he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100
CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus
OPPORTUNITIES • • • •
Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters
BENEFITS
• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care
For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115
Helen Desmond Antoine Ethan W. C. Greg Mark William (Bill) Samara Christopher Michelle Sarah Carl Edith Deborah Clara Mackenson Sonya Christopher Silvina Christopher Paul D. Raymond Sara Linda Kim V. Basil Bianca Shelly Chikita Olivia E. Christopher M. Anthony F. Floyd Q. Robert Paula Peter Brian Angelika Dominic A. Marcus Ann Roy E. Mikhail D. Kevin L. Sebastian Nicholas C. Kristi Lorraine Rowan Leroy Ebony Pauline O. Unni Marie Andrew James C. Jane-Michele John F. Wilshire Godfrey Francis Claudine L. Erin Patricia Wendie F. Cardell Andre Diane Brian Katherine A. Bursell R. Joan Tonielle Trevor Monica O. Lauren Ashley Livingston Geoffrey Geoffrey G. Robin B. Brittany Andrea G. Garth H. Jolika F. Hugh Shavonne Elvis Jeffrey Faye El’Dora Jerry Sara Jason Michelle Garneth Wesley Lindsey Carla Mario A. Frank C. Paul H. Heather Levant Sasha Denise Charles A. Trevor L. Ridley Lisa M. Lars Mark Brent C. Norman Monique Steven L. John I. Shane Terrol Robin Anna Kenneth Simon Lazar Sarah Bobby Sonia Cara Diane John W.C. Gavin Aubynette Samuel Douglas Leslie Ann Samira Gregory Tamecko John Charlotte Astrid Cephas Penny Clarence C. Kenneth Audrey Kent Christina Joseph R. Darvin Terez Lamont Dwayne Roscoe Nicholas George Nicholas Dennis Christopher E. Suzette Donna M. Paul C. Angela Austin Bernard Ambrose B. Donna Katera Dolly Linda Jonathan
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EE-17823 N-1062 CR 56766 Suite #720 SP-60673 SS-6193 SS-5931 AB-20404 CB-11911 General Delivery N 8164 EL 27488 SS-6938 C/O SB-50125 CB-10119 CB-56766 SP-64185 AP 59223-317 SP-63158 N-113 N-732 N-1132 CR 56766 Suite 720 N 3709 CB-11853 SS 6193 SS-6041 N-732 SS-5762 N-3739 CR56766 Suite720 SS-19085 General Delivery SB-50125 General Delivery N-8877 N-8877 N-1132 Generla Delivery CB- 11605 N-4488 N-3709 N-8189 N-8767 CB-13443 SS-19086 N 7776 AB-20757 EL-27600 F-40962 N-4825 N-7655 General Delivery N-1130 N-4825 N-7320 N-7061 N-8524 EL 29955 N-4491 SP-60213 N-1130 SS-19085 AB 20771 SB 20841 Ex-29005 N-7815 N-7776 N-7776 N-1404 EL-25148 SS-19526 N-8244 N-1110 N-1110 N-732 CR56766 Suite720 N-1110 N-1110 N-1132 N-1132 SS-6299 SP-63162 SP-63162 SP-63162 N-10119 CR-56600 Gen Delivery SP-64205 N-7655 EL-27235 SP-63158 SP-63158 CB-13316 General Delivery EE-15819 N 1132 CB-13304 CR56766 Suite720 N-4764 CB-11556 CB-11141 CB-11741 SP-63158
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PAGE 8, Friday, February 7, 2020
Stocks post 4th gain in a row, extending a weeklong rally By ALEX VEIGA Associated Press STOCKS closed higher on Wall Street yesterday, extending the market’s solid rebound this week and delivering another round of record highs for the major indexes. The S&P 500 index, Dow Jones Industrial Average and Nasdaq each hit alltime highs as they extended their winning streak to a fourth day. The latest gains came as investors assessed more company earnings reports. China’s decision to cut tariffs on $75bn of US imports also helped keep investors in a buying mood. The reductions, which follow US tariff cuts last month on Chinese goods, are part of a previously signed “Phase 1” trade agreement with Washington. “It’s certainly good news and something unexpected,” said Sam Stovall, chief investment strategist at CFRA. “The Chinese, in a sense, are showing deference and offering an olive branch to the US ahead of the ‘Phase 2’ negotiations.” The S&P 500 index rose 11.09 points, or 0.3%, to 3,345.78. The Dow gained 88.92 points, or 0.3%, to 29,379.77. The Nasdaq climbed 63.47 points, or 0.7%, to 9,572.15. The Russell 2000 index of smaller company stocks fell 4.46 points, or 0.3%, to 1,677.46. Markets in Europe and Asia finished broadly higher. Bond prices rose. The yield on the ten-year Treasury slipped to 1.64% from 1.65% late on Wednesday. China’s tariff reductions apply to several categories of US imports, including pork, soybeans and auto parts. The cuts follow last month’s signing of a “Phase 1” agreement toward ending a long-running tariff war over Beijing’s technology ambitions and trade surplus. Both sides have made conciliatory gestures, but the lingering dispute threatens to chill global economic growth. Beijing is also promising tax cuts and other help to businesses in a bid to offset the economic blow from the virus outbreak that has put the world’s second-largest economy on lockdown. Companies continue to warn of an expected impact to revenue and profit, though the extent of the damage for many remains unclear. Worries about the potential global economic fallout from the outbreak spurred a mid-January slump for US stocks. Investors appear to have set aside those concerns this week, focusing instead on encouraging US economic data and company earnings reports. Cognizant led the gainers
in the technology sector yesterday, vaulting 9.8%. The information technology consulting firm’s fourthquarter earnings topped Wall Street’s expectations. Twitter surged 15% after the messaging service reported surprisingly good growth for daily users and solid revenue in the fourth quarter. The most recent quarter marks the first time the company’s revenue topped $1bn. The stock’s gains helped pull the communication services sector higher. Industrial stocks and household goods makers also rose. Those gains were outweighed by losses in energy stocks, banks and companies that rely on consumer spending. Traders welcomed solid quarterly results from Coach parent Tapestry. The company, which also owns Kate Spade, warned investors about a potential hit to its sales and profit because of the virus outbreak in China. Its shares rose 2.1%. Yum Brands fell 2.8% after the operator of Pizza Hut, Taco Bell, and KFC restaurants reported weak fourth-quarter profit. The company also faces financial pain moving forward from the virus outbreak impact. China made up 27% of KFC’s total sales and 17% of Pizza Hut’s sales in the fourth quarter. Online mattress pioneer Casper Sleep jumped 12.5% in its stock market debut. The company, which was founded in 2014, has expanded beyond online selling, opening 60 Casper stores and selling to 18 retail partners like Target and Amazon. It has plans to eventually expand to more than 200 stores in North America. The government will release its closely watched monthly jobs report today, along with several other economic indicators. A solid jobs market has been a key factor behind the strong US economy. Economists expect the January jobs report to show more growth and they expect the unemployment to remain stable at 3.5%. Benchmark crude oil rose 20 cents to settle at $50.95 a barrel. Brent crude oil, the international standard, fell 35 cents to close at $54.93 a barrel. Wholesale gasoline rose one cent to $1.50 per gallon. Heating oil climbed two cents to $1.67 per gallon. Natural gas was unchanged at $1.86 per 1,000 cubic feet. Gold rose $7.30 to $1,565.10 per ounce, silver rose 22 cents to $17.79 per ounce and copper rose two cents to $2.60 per pound. The dollar rose to 109.97 Japanese yen from 109.83 yen on Wednesday. The euro weakened to $1.0995 from $1.0997.
BOEING GETS GOOD AND BAD NEWS ON ITS GROUNDED 737 MAX PLANE LONDON Associated Press BOEING has found a new problem with changes it is making to software on the 737 Max, but the company says the issue will not further delay the grounded plane’s return to flight. The head of the Federal Aviation Administration, Stephen Dickson, discussed the issue yesterday with reporters in London. Dickson indicated that the FAA could conduct a certification flight for the Max in the next few weeks. That flight will be a key milestone in Boeing’s bid to get FAA recertification of the plane this summer. “Once we get past the certification flight, and the data that comes out of the certification flight, the steps from there on ... are more predictable, in terms of they’re just fewer variables,’’ Dickson said. “But we’ve got to get to those points before we’re willing to predict anything.’’ Shares of Boeing rose 3.6% to close at $341.43. The new software issue involves a warning light to alert pilots about a
system that makes the plane point up or down by moving part of the tail. It turned on when it wasn’t supposed to, according to Boeing. “We are incorporating a change to the 737 MAX software prior to the fleet returning to service to ensure that this indicator light only illuminates as intended,” said spokesman Gordon Johndroe. He said the issue was spotted during testing of the plane’s new software, and that Boeing told the FAA and airline customers about it in late January. The 737 Max was grounded in March 2019 after crashes in Indonesia and Ethiopia killed 346 people. Boeing is overhauling flight-control software that played a role in the two crashes, pushing the noses of the planes down based on faulty sensor readings. The company does not believe the problem will change Boeing’s estimate of a return to service for the Max around mid-year, the spokesman said.
THE TRIBUNE PUBLIC NOTICE - REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS First Daphne Marcella Nicholas Richard C. Rasheda Kayleigh John B. Jacob S. Sarah Guerda Samia Kenneth Steve Tarma Kenred Marcia William Peter M. Karen Valderine Patricia E. Garnett L. Cathryn Ritchie Roshanne Nicole Jennifer E. Melissa Tyrell Rothia Glenn Cecil C. Tenecia Byron Ruth Tiffany Michael Joerg Peter Godfrey Raylene Alexandrea Monique Margaret Daniel Lewis Cristobal Gregory P. William Bill Brooke Dolly Arvind Carolee Stuart Sandy Raquel Lakeisha Aubrey P. Cheryl M. Garren A. Charles C Gennyne Christopher Lauren Brianna Margo P. Philip Taryn Ann Marie Diane Leo Judith Maxine Mark Marcus Nakia Sally D. Vanessa Dena L. Desiray Kirk Stephen Jack Steven Harold Wendy A. Keisha Josefina Trevor W. Stephen Ingrid Jennie Harrice Chevez Kiara Advara Jacquelyn L. Dale Andrew Jennifer Anne Kim Laura Dwayne Jason Jason Kally Linda Olivea Danielle R. Jeannette Graham Iola Monica Joicelyn Shannon Gina L. Dyaria Lacharah David A. Mark A. Janae C Vicky M. Marcus Donna Justin Roger S. Prince Colin Christopher E. Michael Jacqueline Christopher J. Heather Kathumel Rhodney O’Layinka Hartman Christopher Elmer I G Daniel Christian A. Andrew A. Neil A. Joseph F. M. Mervyn James Kennedi Spencer Kristina Garry R. Donald P. Michelle Carmen G. Patrick Jorge Eugene-Gino Jason Sean Mary Dave Alex Broyde Charmain Jacqueline H. Giselle Desmond Antoinette Tamina C. D. Neil Dorothy Prescott Martina Kurt Junior Anthony Irene Nicholas Anthony Bernadette H.J. Bradley Glenn Greg V. Sopnovia Desaree Erica Edward A. Felicia Kenisha Matthew Cheryl James S. Ian David F.
Last DeGregory DeGregory Delaney Demeritte Deveaux Dickson Dillett Disston Disston Dolce-Culmer Donaldson Donathan Donovan Dorsett Dorsett Duncan Duncombe Dupuch Duvalier Edgecombe Edgecombe Ellis Evans Eyma Eyma Fair Farrington Farrington Ferguson Ferguson Ferguson Ferguson Ferguson Ferguson Forbes Forbes Fox Jr. Friese Galanos Gardiner Gardiner Gatis Davis Gilce Glynatsis Godet- Spence Gomez Graham Green Greene Griffin Gulati Halbert Halbert Hall Hall Hamilton Hanna Harding- de Goicoechea Hepburn Hepburn Hepburn Herrod Higgs Higgs Hillhouse Hillier Hinsey Holowesko Hall Holowesko-Dunkley Huber Hurlock Hussey Hussey Hutcheson Hutcheson Hutcheson Ifill Ingraham Ingraham Ingraham Isaacs Johnson Johnson Johnson Johnson Johnson Johnson Johnson Johnson Johnson Johnson-Ramirez Jones Joos Kemp Kemp Kettel Kikivarakis- Dillett Kimble King Kinsale Kinsale Klonaris Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles-Andrews Laing Laing-Jones Leach Legros Lewis Lightbourn Lightbourn Lightbourn Lightbourn Lightbourn Lightbourn Peterson Lloyd Lloyd Lockhart Longley II Lowe Lowe Lowe II MacDonald Mactaggart Mactaggart, Jr. Major Major Jr Malcolm Mallory Mallory Malone Markham Martinborough Martinborough Massoni Maura Mauricio Maycock McCarroll McCarroll McCartney McCorquodale McDonald McGann. McIntosh McIntosh McIntosh McKenzie McKinney McKinney McNamara McPhee McSweeney Melnechuk Mernard Miaoulis Miaoulis Miaoulis Miaoulis IV Miller Miller Miller Miller Miller Mingo Minnis Minus Missick Mitchell Mitchell Moir Moorcroft Morley
Category Postal Address Salesperson EL-27235 Salesperson EL-27235 Salesperson N-732 Broker CB-1101 Salesperson SS-19248 Salesperson SS-19085 Salesperson AP-59217, Slot 2732 Broker N-7776 Salesperson N-7776 Salesperson SP-60213 Salesperson CR56766 Suite720 Salesperson SS- 19256 Salesperson N-732 Salesperson SP-62233 Salesperson N-4589 Salesperson CR-55091 Salesman/Appraiser F-41991 Broker/Appraiser EE-17823 Broker CR-56152 Broker SP-60986 Broker SP60986 Broker/Appraiser CB-11517 Salesperson N-1458 Salesperson AB-20865 Salesperson AB 20865 Salesperson SS-5539 Salesperson N-1110 Salesperson SS-19085 Salesperson F-40368 Salesperson CB-12675 Salesperson SP-60592 Salesperson CB-12989 Salesperson CB-13604 Salesperson E E- 17823 Salesperson EE-16021 Salesperson N-7776 Salesperson AP-59221 Developer LI-30105 Broker/Appraiser CR-54906 Salesman/Appraiser F. H. 14673 Salesperson F-43152 Salesperson N 4949 Salesperson N-1062 Salesperson CB-13304 Salesperson EE- 16489 Salesperson N 3709 Broker CB-13443 Developer Gen Delivery Salesperson N-4484 Salesperson SS 5693 Salesperson CB 13604 Salesperson N-1132 Broker N-1132 Salesperson SS-6894 Salesperson N-1062 Salesperson N-1062 Broker N-3162 Salesperson DC-30716 Broker GT-2368 Salesperson N-10119 Salesperson CB-11517 Broker CB-13647 Salesman/Appraiser General Delivery Salesperson AB20900 Salesperson EE-16358 Salesperson N-7776 Salesman/Appraiser SS-6041 Broker SS-5977 Salesperson SS-5977 Salesperson SS-6481 Broker P.O. Box EX-29420, Salesperson N-732 Salesperson N-732 Salesperson CB 13421 Salesperson CB 13421 Broker/Appraiser CB-13421 Salesperson SS- 6193 Salesperson N-3180 Salesperson EE-16295 Broker N-1062 Broker N-1458 Broker N-4949 Broker SS-19270 Salesperson General Delivery Broker N-7776-151 Broker/Appraiser F-42480 Salesperson SS-5872 Salesperson N-9473 Salesperson EE-16439 Salesperson N-1062 Salesperson N-732 Salesperson F 43790 Salesperson SS-6193 Broker EL-26016 Salesperson EX-29031 Salesperson EX-29111 Broker/Appraiser AP-59217, Slot 2732 Broker/Appraiser CB-13443 Salesperson F- 43152 Salesperson SP60343 Developer CB-12762#355 Salesperson CB-13443 Salesperson SP- 60216 Broker CB-12396 Salesman/Appraiser General Delivery Salesperson N- 1130 Salesperson N-8164 Salesperson N-1132 Salesperson SS-6690 Salesperson N-641 Salesperson N-3709 Salesperson N-4949 Salesperson General Delivery Salesman/Appraiser SS-6041 Salesperson P.O. Box CB-11911 Salesperson N-1062 Broker N-8164 Salesperson EE-15647 Broker F-43790 Salesperson N-1702 Salesperson N-7776 Salesperson N-1132 Broker/Appraiser N-4949 Salesperson CR-56766 Broker/Appraiser N-4949 Salesperson N-732 Salesperson Gen Delivery Broker N-4949 Salesperson CB-11556 Salesperson N-7014 Salesperson CB-11932 Broker N-8339 Broker/Appraiser SS-6041 Salesperson N-7795 Salesperson CR56766 Suite720 Salesperson CB-13443 Salesperson AB-20509 Broker SS-19223 Broker/Appraiser FH-14673 Salesperson N-1062 Salesperson General Delivery Salesperson F40368 Broker/Appraiser F-40368 Salesperson Gen. Delivery Salesperson N-4949 Broker N-1132 Salesperson N-1132 Broker SS-6193 Salesperson N-8164 Broker N-9128 Broker/Appraiser SP60213 Broker N-3371 Salesperson N-3371 Broker N-1144 Broker EE-17823 Salesperson GT-2127 Developer CB-13835 Salesperson N-1062 Salesperson AB 22744 Salesperson N-9600 Salesperson SS-19086 Broker N-22 Salesperson SS-6193 Salesperson N 7776 Salesperson EE-15746 Salesperson SS-6193 Salesperson CB-11932 Salesperson General Delivery Salesperson SS-6269 Salesperson SS-6269 Salesperson EL-27235 Salesperson N-1130 Broker CB-11639 Broker CB-11605 Salesperson EE-16435 Salesperson CR-56152 Salesperson N-1062 Broker SP-61762 Salesperson General Delivery Salesperson N-1062 Salesperson F- 43152 Salesperson N-8245 Salesperson SP-61978 Broker CB-13836 Developer F 44636 Broker/Appraiser SS-19085
Town/District Harbour Island Harbour Island Nassau Nassau Nassau Nassau Caves Village Nassau Nassau Nassau Nassau Nassau Nassau Nassau Tarpum Bay Nassau Freeport/Lucaya Nassau Nassau Nassau Nassau Nassau Nassau Marsh Harbour Marsh Harbour Hope Town Nassau Nassau Freeport Nassau Nassau Nassau Nassau East Bay Street Governor’s Harbour Nassau Nassau Stella Maris Nassau Nassau Freeport Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau West Bay Street Nassau Nassau Nassau Nassau Nassau Nassau Salt Pond Nassau Nassau Nassau Nassau Great Harbour Cay Marsh Harbour Nassau Nassau Nassau Nassau Lyford Cay Nassau Jimmy Hill Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Great Harbour Cay Nassau Marsh Harbour Lyford Cay Freeport Nassau Nassau Nassau Nassau Nassau Freeport Nassau Rock Sound Georgetown Georgetown Nassau Nassau Freeport Nassau Nassau Nassau Nassau Nassau Mangrove Bush Governor’s Harbour Nassau East Bay Street Nassau Nassau East Bay Street Nassau Governor’s Harbour Marsh Harbour Hope Town Nassau Nassau Nassau Freeport/Lucaya Nassau Nassau Nassau Nassau Nassau 18 Shirley Street Nassau Elbow Cay, Nassau Palmdale Nassau Nassau Nassau Nassau Lyford Cay Nassau Nassau Man-O-War Cay Nassau Nassau Nassau Governor’s Harbour Freeport Freeport Hope Town Nassau Nassau Nassau 30 Queen Street Nassau Nassau Nassau Nassau Nassau Nassau Nassau #148 Yamacraw Hil Nassau Nassau Marsh Harbour Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Hope Town Nassau Nassau Harbour Island Nassau Nassau Nassau Nassau Nassau Nassau Nassau Governor’s Harbour Nassau Freeport Nassau Nassau Nassau Freeport Nassau
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THE TRIBUNE
Friday, February 7, 2020, PAGE 9 PUBLIC NOTICE - REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS
First Jonathan P. Sherry Celeste Henry Neville Emmanuel Nicolas E.P. Allyson Charles Gevon Angela Debra Gregory Lana Sarah L. Cristina Bersel Robert Sean Ohmar Cindy Ed Eric Krystle John Marc Eugenie Marie Andrew G. S. Coretta Sara Jane Mitzi Jackswell Charles Miguel John Norma Dana Rachel K. Craig Denise Candida Lynden O. Sheldon James Yasmin Sophia Vincent Delerese Vanessa Eva Marie Luke Lana Melanie Martina Justin Melissa T. W. Larry Mark M. Richard Montague Joseph John Marcellus S Antonio Michael A. Summer Dorothea Krystle Tim Anton Alvan K. Periska Shamon Patrice Ceron Calvin Katherine Ann Bruce Wendy June Christopher Keith Katherine Phillice E Patrick B. Peter Mailin Thomas A. Jr Darrin William Christopher Janice Telesha Maria Nikolai James Thaddeus Richard W. Stan Elaine Dwight Nikolai Katina Laurie Bernadette Wendell E. Daren Andrew J. Cara Nikhil Natasha Antoinette Ina Maurice Lester Anne I. Cecil Timothy Tiffany Marsha Laura Jill Julian A. Sharvase Michael Dean Michelle Patrick Linda Ayana Nsenga Kyron Elizabeth Osbourne Cyprianna J. Daria N Diane Kerry Stephen Carla A. Winston Robin Brent T. Greer Claire Perry Rhiannon William ‘Bill’ Christopher Paul D. Alexandria Shawn Steven Colyn Indira John Jennifer Linda Denisia Lisa Lorraine E. Collingwood Ingrid Dianna M. Natasha YaEl Christine Dwayne Gregory Rhonda L.Roberts Daniel Janet Katherine F. Anthony Kelli Rosalie Valerie Gregg Harold Roosevelt K. Misty Dawn Roosevelt K. Hazel Beatrice Rachel Desiree Madeline Nicola Francisca Franon Vena B. William U. Jason Wellington Ian Mary
Last Category Postal Address Morris Salesperson EL-25009 Morris Salesperson N-4484 Morrison Salesperson SS-6481 Moser Developer EE-15832 Mosko Broker N-1130 Mosko Broker N-1130 Moss Salesperson SP- 60213 Moss Broker F41247 Moss Salesperson EE 17944 Moss Salesperson N-4825 Moxey-Rolle Salesperson EX-29008 Munnings Salesperson N-4484 Munnings-Basalyga, BRI, CIPS Broker N-4484 Munro Salesperson SS-6193 Murciano Developer C/O N-4875 Musgrove Salesperson Ex-29190 Myers Salesperson SS-6481 Newbold Salesperson N-8164 Newell Salesperson AB-20509 Newell Broker AB-20509 Newman Salesperson Ex-29363 Nottage Salesperson N-8245 Nutt Salesperson SS-6193 Nuttall Salesperson N-7776 O’Brien II Developer N-492 Owen Broker N-12285 Parker Broker CB-10964 Patterson Salesperson General Delivery Pearce Salesperson AB-204599 Percentie II Salesperson SS-6193 Perez Salesperson N-1132 Pinder Salesperson General Delivery Pinder Salesperson SS-5889 Pinder Salesperson SS-6193 Pinder Broker/Appraiser N-3709 Pinder Broker SS-6894 Pinder Salesperson EL-27424 Pinder- Carey Salesperson N-4949 Pindling Salesperson CB-11001 Pitt Broker CR-56766 Slot720 Pleydell-Bouverie Salesperson AB-22950 Popescu Salesperson F-42748 Porras Salesperson CB-13443 Pratt Salesperson N-368 Pratt Salesperson CB-13443 Pritchard-Ansell Salesperson N-732 Pyfrom Salesperson CB-13000 Pyfrom Salesperson CB-13000 Rademaker Broker N-732 Rees Broker SS-19085 Reichardt Salesperson N 8164 Ritchie Salesperson C B 13647 Ritchie-Wilkinson Salesperson EE-16336 Roberts Broker N-1132 Roberts Broker SS-6366 Roberts Salesperson N-732 Roberts Salesperson 61 Harbour Island Roberts Broker A B 22183 Roberts Salesperson Roberts Salesperson AB-20404 Roberts-McPhee Salesperson CB-13304 Robins Salesperson N-1062 Rodgers Salesperson N-8164 Rodland Broker CB-11354 Rodrigues Salesman/Appraiser SS-6041 Rolle Broker/Appraiser N-7401 Rolle Salesperson N-8860 Rolle Salesperson Rolle Salesperson CB-13304 Rolle Salesperson GT-2513 Rolle Salesperson N-101119 Rose- Clarke Salesperson DC 30699 Rowan Salesperson CB 13443 Rowe Broker EX-29178 Russell Broker AB20967 Russell Salesperson EE-17623 Russell Salesperson AB-20198 Russell- Mackey Salesperson N-1062 Rutherford Broker/Appraiser N-4182 Rutherford Salesperson Sands Salesperson AB-20900 Sands Broker/Appraiser EL-26030 Sands Broker General Delivery Sands Salesperson N-1132 Sands Salesperson SP-64205 Sands-Pinder Salesperson F-43152 Santillo- Silvester Broker AB-20900 Sarles Salesperson F 43152 Sarles Broker F-43152 Saunders Salesperson N-1062 Sawyer Salesperson N-732 Sawyer Broker AB-22127 Sawyer Salesperson N-1480 Sawyer Salesperson N-4098 Sawyer Salesperson N-641 Schopper Salesperson N 7776 Schreiner Salesperson General Delivery Scott Salesperson CB-12291 Seymour Broker SS-6938 Seymour Salesperson N-8164 Seymour Jr. Salesperson CR 56766 Suite 720 Seymour-Collie Salesperson N 282 Shah Salesman/Appraiser AB-20509 Shephard Broker EL-27235 Simmons Salesperson F-43152 Simms Salesperson GT-2292 Smith Broker N-1110 Smith Broker N-7776 Smith Salesperson EX-29222 Smith Salesperson CB-13304 Smith Salesperson F-43152 Smith Salesperson N-1062 Smith Salesperson N-1130 Smith Salesperson LI-30105 Smith Salesperson CB-11001 Smith Salesperson N-1062 Sneyd Developer SP-64185 Spychalla Salesperson CB-13304 Stevenson Salesperson N-732 Stevenson Salesperson N-8096 Stewart Salesperson General Delivery Storr Salesperson N-3180 Strachan Salesperson N-3180 Stuart Broker/Appraiser N-10119 Stuart Salesperson CB-12291 Stubbs Salesperson N3745 Sturm Broker SS-6299 Sullivan Broker General Delivery Sweeting Broker N-1110 Sweeting Broker/Appraiser SS-19085 Sweeting Salesperson N-1062 Symonette Salesperson N-3709 Symonette Broker N-3709 Symonette- Bain Salesperson N-1062 Thackray Salesperson CB-13647 Thomas Broker AB-20900 Thomas Salesperson Thompson Broker AB-20404 Thompson Broker General Delivery Thompson Salesperson AB 22705 Thompson Salesperson F-44618 Thompson Salesperson General Delivery Thompson Salesperson General Delivery Thompson Salesperson N-1062 Thompson Salesperson N-1130 Toker Salesperson SS- 6208 Treco Salesperson CB-11932 Treco Salesperson SP-64205 Tseretopoulos Salesperson N-7776 Tucker Salesperson N 7246 Turnquest Broker N-8408 Turnquest Broker EX-29101 Tynes Stuart Salesperson GT 2494 Vargas-Phillpot Salesperson SS-5151 Vythoulkas Salesperson N-4949 Walcott Salesperson EE-17823 Wallace-Whitfield Broker N-3709 Wallas Salesman/Appraiser AB-20777 Watkins Salesperson N-8245 Waton Salesperson General Delivery Waton Salesperson N-8164 Watts Broker/Appraiser EX-29122 Weech Salesman/Appraiser General Delivery Wells Broker/Appraiser N 3709 Wells Salesperson SS-6193 Wells -Fawkes Salesperson CB-11120 Wells Broker White Broker SS-6222 WhiteIII Developer N-4820 Whyms Broker EE-17617 Whyms Salesperson EE-17617 Whyms Developer EE-17617 Wicky Broker N-3709 Wiklund Salesperson N-1062 Wilchcombe-Aranha Salesperson CB 11992 Wilkinson Salesperson N-732 Williams Salesperson SB-52306 Wilson Broker/Appraiser N-3739 Wolfe Broker F 43440 Wong Broker/Appraiser CB-11932 Wong Salesman/Appraiser N-1132 Woods Broker/Appraiser CB-11777 Young Salesperson EE 16021 Zervos-Knowles Salesperson N-1132
Signed: Registrar, Bahamas Real Estate Association
Date: January 1st, 2020.
Town/District Governor’s Harbour Nassau Nassau Nassau Nassau Nassau Nassau Freeport Nassau Nassau Jimmy Hill Nassau Nassau Nassau Nassau George Town, Nassau Nassau Marsh Harbour Marsh Harbour Georgetown Nassau Nassau Nassau Nassau Nassau Nassau Hope Town Marsh Harbour Nassau Nassau Hope Town Nassau Nassau Nassau Nassau Spanish Wells Spanish Wells Nassau Nassau Man-O-War Cay Freeport Nassau Nassau Nassau Nassau Nassau Cable Beach Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Harbour Island Treasure Cay Nassau Marsh Harbour Cable Beach Nassau Nassau Nassau Nassau Georgetown Nassau George Town, Nassau Nassau Nassau Hamilton’s Nassau George Town, Marsh Harbour Nassau Marsh Harbour Nassau Nassau Nassau Marsh Harbour Governor’s Harbour Spanish Wells Nassau Nassau Freeport Marsh Harbour Freeport Freeport Nassau Nassau Treasure Cay Nassau Nassau Nassau Nassau Marsh Harbour Nassau Nassau Nassau Nassau Nassau Marsh Harbour Harbour Island Freeport Nassau Nassau Nassau George Town, Nassau Freeport Nassau N-1130 Nassau,Bah Stella Maris Nassau Nassau Nassau Harbour Island Nassau Paradise Island Hope Town Nassau Nassau Nassau Nassau Nassau Blair Estates Hope Town Nassau Nassau Nassau Nassau Nassau Nassau Nassau Marsh Harbour Hope Town Marsh Harbour Hope Town Hope Town Nassau Nassau Hope Town Nassau Nassau George Town, Nassau Nassau Nassau Marathon Rd. Nassau Georgetown Alice Town Nassau Nassau Nassau East Bay Street Marsh Harbour West Bay Street Governor’s Harbour Nassau George Town, Alice Town Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Freeport Nassau Nassau Nassau Nassau Nassau
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AN UBER office in Secaucus, NJ. Uber continued to lose cash as it poured money into building its food delivery business and developing technology for driverless cars, but revenue for its rides business nearly tripled as the company picked up more passengers around the world.
Uber loses $1.1B investing in food delivery, driverless cars NEW YORK Associated Press UBER is still losing money as it expands its food delivery business and develops technology for driverless cars. But revenue for its rides business nearly tripled in the final three months of last year as the company picked up more passengers around the world. That prompted it to say it will turn a profit earlier than it expected. The San Francisco-based ride-hailing giant lost $1.1bn in the fourth quarter of 2019, about 24% more than the same time last year. The loss amounted to 64 cents per share, which was slightly better than what analysts were expecting. Analysts polled by FactSet predicted Uber would lose $1.18bn, or 67 cents per share, during the quarter. Uber brought in $4.1bn in revenue, up 37% from a year ago. Its revenue grew around the world, although the biggest gain was in the US and Canada, where it pulled in 41% more than last year. Because of the company’s progress in 2019 and its plans this year, Uber expects to turn a profit in the fourth quarter of 2020, CEO Dara Khosrowhsahi said in a conference call with investors. That’s sooner than the projection during the last earnings call when he said the company would turn a full-year profit in 2021. Khosrowshahi called 2019 “a transformational year for Uber”. “We recognise that the era of growth at all costs is over,” he added. Uber’s Eats business lost $461m in the quarter before accounting for interest, taxes, depreciation and amortisation, down 66% from the same time last year as Uber poured money into growing the business in a highly competitive food delivery market. In January, Uber sold its Eats business in India to Zomato, a popular food app, a move that its executives hope will stem some of the losses. “Right now, the Eats business has had a tornadolike impact on profitability,” said Dan Ives, managing director of equity research at Wedbush Securities. In the US, Uber has been focused on improving restaurant selection and has almost 400,000 restaurants on the Eats platform, up
YOUR
78% on a year-on-year basis, Khosrowshahi said. The fourth quarter was marked by painful disclosures at Uber. In December, it released a long-awaited report, in which its riders reported more than 3,000 sexual assaults during 2018. The same month, it agreed to pay $4.4m to end a federal sexual harassment probe about its internal corporate culture. But those announcements did not take a toll on Uber’s stock, which has been inching up over the past two months. And in a major blow, Uber lost its license to operate in London in November over concerns about impostor drivers and the way the company handles safety. “We’re going to have our day in court,” Kohsrowshahi said. “We respectfully disagree with (Transport for London’s) conclusions.” Uber’s safety and service have significantly improved over the past few years and “the team is very focused on executing on safety around the world, and the London team is especially focused on it,” he said. Uber also has been dealing with a new California law makes it harder for companies to classify workers as independent contractors instead of employees. The law went into effect in January. Since then, Uber has been making some changes to assert drivers’ independence. It started allowing drivers to see riders’ destinations before they accept a ride. It also changed the cost structure in California so riders now see a price range, instead of a flat rate, before a ride. “Driver feedback has been positive in terms of the information, the empowerment that I think our driver partners feel,” Khosrowshahi said. “Prices have increased more (in California) than they have nationally, so I think from a rider standpoint, the service has become more expensive, but it’s very, very early.” Uber’s stock cratered after its IPO, falling 42% to a low of $25.99 in November. But it recovered some ground over the last month, reaching $37 yesterday, about 18% below its IPO price. The stock climbed 5% to $39 in after-hours trading following the release of the quarterly results. Its losses in the fourth quarter included $243m in stock-based compensation.
CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019
PAGE 10, Friday, February 7, 2020
THE TRIBUNE
NY Times publisher’s 4Q profit grows as it adds subscribers NEW YORK Associated Press THE publisher of The New York Times posted a 20% gain in fourth-quarter
profits as the paper continued to add digital subscribers, although ad revenue declined both online and in print. In 2019, the Times set
a goal of ten million subscribers by 2025, and hit the halfway mark in the latest quarter with 5.3 million print and digital subscribers. It sells access to its newspaper as well as separate subscriptions for its crosswords and recipes. In the fourth quarter, it added 342,000 new digital subscriptions. It added more
than one million in 2019. The company is transitioning from its roots in print to a more sustainable online model for news; many local outlets and other newspaper chains have struggled with similar efforts. News Corp said yesterday that The Wall Street Journal also added digital subscribers in its most
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I,DA’VETTE YWASHER LAUREN MOXEY of #50 Jumbey Drive, Golden Gates #1, P.O.Box CR-54372 New Providence, Bahamas, intend to change my name to YWASHER LAUREN CAMPBELL. 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.
recent quarter, with 1.9 million average daily digital subscribers at the end of the year, up from 1.7 million in 2018. The Times is raising the price of its digital-only news subscription to $17 a month from $15 for many customers, the first such increase since it launched in 2011. It will affect 750,000 customers by the end of the year. Subscription revenue in the fourth quarter rose 4.5% to $275.3m, while advertising revenues declined 10.7% to $171.3m. Print-ad revenue slid 10.5% to $79.1m, while digital-ad revenue fell 10.8% to $92.2m. Print-ad sales have long been falling as readers shift online. The company said it was a difficult comparison to a strong
NOTICE
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I,MARCO CHARLES BETHELL JR of #50 Jumbey Drive, Golden Gates #1, P.O.Box CR-54372 New Providence, Bahamas, intend to change my name to MARCO CHARLES MUNNINGS. 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.
LEGAL NOTICE
Salisbury Investment Trading Ltd. Company No. 488267 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Salisbury Investment Trading Ltd. is in voluntary liquidation. The voluntary liquidation commenced on 30th January, 2020 and Mr. Alexander Greter of Brandschenkestr. 24, 8027 Zurich, Switzerland, has been appointed as the Sole Liquidator
Dated this 31st day of January, 2020 Sgd. Mr. Alexander Greter Voluntary Lquidator
NOTICE NOTICE is hereby given that DILLON DEXTER WILLIAMS of Vernon Street, Collies Avenue 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 7thday of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
THURSDAY, 6 FEBRUARY 2020
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,212.93 | CHG: 3.09 | %CHG: 0.14 | YTD: -18.67 | YTD%: -0.84 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 10.84 3.24 5.06 10.57 7.90 16.99 9.40 3.80 15.20
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
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 3.35 17.43 6.00 6.68 2.10 1.62 3.80 11.61 6.00 4.34 6.49 3.49 4.60 10.74 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 4.34 6.49 3.48 4.60 10.67 7.60 15.05 9.33 3.60 15.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.07 0.00 0.00 0.00 0.07 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
100
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 23.6 46.4 34.1 9.9 16.5 10.4 18.4 9.9 17.7 24.1
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 5.07% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.76% 0.00% 12.47% 1.30% 3.07% 3.16% 3.59% 2.14% 3.33% 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
2018 quarter, and noted on a call with analysts that digital advertising has been tough for publishers as the major tech companies like Facebook and Google take most of advertisers’ dollars. It said that it is trying to counteract that by developing “distinctive” ad products in areas such as branded content and podcasts. Ad revenue grew from podcasts. The company expects digital advertising revenue to continue to drop this quarter but predicts a return to growth in the second half of the year. The newspaper publisher also got a big revenue bump from licensing fees for its TV show, “The Weekly”, which launched last summer.
NOTICE is hereby given that RODNEY SAINFLEUR of Pine Dale , Freeport, Grand 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 30th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE
MADHEEN INTERNATIONAL INC. Company No. 613015 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that MADHEEN INTERNATIONAL INC. is in voluntary liquidation. The voluntary liquidation commenced on 30th January, 2020 and Maja Hegetschweiler of Winkelstrasse 20, 8912 Obfelden, Switzerland, has been appointed as the Sole Liquidator.
Dated this 31st day of January, 2020 Sgd. Maja Hegetschweiler Voluntary Lquidator
NOTICE Pursuant to the provision of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:LORAX LTD . is in dissolution; (b) The date of commencement of the dissolu tion is the 5th day of February A.D., 2020 and (c)
the Liquidator is C. B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.
C.B. Strategy Ltd Liquidator
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
NOTICE Pursuant to the provision of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:LEXLAW LTD. is in dissolution;
30-Sep-2019 30-Sep-2019 30-Sep-2019
(b) The date of commencement of the dissolu tion is the 5th day of February A.D., 2020 and (c)
the Liquidator is C. B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.
C.B. Strategy Ltd Liquidator TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333