02262019 BUSINESS

business@tribunemedia.net

TUESDAY, FEBRUARY 26, 2019

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Port revamp ‘must run parallel’ to Bay St revival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE revival of Nassau’s cruise port and downtown “must run in parallel”, the Chamber of Commerce’s chief executive urged yesterday, and reverse the slide in passenger experience.

Jeffrey Beckles, pictured, told Tribune Business that Global Ports Holding’s planned $250m transformation of Prince George Wharf “cannot be treated as a separate project and run miles apart” from the wider effort to resurrect Bay Street and the wider downtown economy.

Emphasising that the two initiatives had to be integrated, and treated akin to “hand in glove”, given that both will feed off each other, Mr Beckles said there was little use in offering a fantastic cruise port experience that was not matched by the rest of the destination.

He added that the government’s selection of Global Ports Holding as the preferred bidder, and rejection of the offer that was backed by the cruise lines, would not result in any “fall-out” in terms of reduced calls on Nassau.

Pointing to Nassau’s importance to the cruise industry, despite the rapid expansion of its Bahamian private island network, Mr Beckles said the Bahamian capital had been good to the sector and will continue to produce profits/returns for many years to come.

The chamber chief added that the Nassau cruise port’s upgrade was especially critical given the increase in cruise passenger visitors to The Bahamas, as the rise in volume was not being matched by the quality of their experiences - which have been “trending downwards”.

“The government has obviously made a decision that reflects a more substantive and robust plan for the redevelopment of the port,” Mr Beckles told Tribune Business of Global Ports Holding’s selection.

SEE PAGE 5

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Super Value chief in resort exit ‘gem’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

S

UPER Value’s owner says his Bimini Sands property will be transformed into “a little gem” matching nearby Cat Cay through the deal that will secure his resort industry exit.

Rupert Roberts, confirming that a sale has been agreed subject to government approval, told Tribune Business that it was time for “somebody else to complete the vision I had” for a property that currently features 216 condo units and around 60 marina slips.

While declining to identify the buyer, or speak on its behalf about its plans, Mr Roberts said he wanted to focus on “selling meat and potatoes” via his Super Value supermarket chain and other food retail ventures.

Pointing out that he is “not getting any younger”, he pledged that Bimini Sands’ existing 166 homeowners will be “thrilled” by the impending sale and buyer’s plans to upgrade the South Bimini-based resort.

RUPERT ROBERTS “We’ve signed an agreement for sale subject to government approval,” Mr Roberts told this newspaper, “and I think it’s going to be something outstanding for Bimini, for employment and the tourist industry in Bimini.

“It’s something I’ve worked for 20-25 years, and built 216 condo units and dug the marina.... I would like to see somebody else complete the

MOODY’S is urging further “restraint” in public spending while predicting that the government will miss the 1.8 percent deficit target set by the Fiscal Responsibility Act for 2018-2019.

The credit rating agency, in an update that accompanied its upgrading of The Bahamas’ outlook from “negative” to “stable”, warned that the government’s $237m deficit objective was still “attainable” but would likely require further spending curbs between now and end-June to hit target.

Moody’s also gave more conservative economic growth projections for The Bahamas than the International Monetary Fund (IMF), forecasting that gross domestic product (GDP) will expand by 1.9

creditworthiness over the next six months to two years.

Moody’s had last week indicated that passage of the Fiscal Responsibility Act, combined with the introduction of quarterly fiscal reports and a reduced deficit for 2017-2018 compared to the prior year’s $661m, had restored some of The Bahamas’ policymaking credibility and prompted the improved “outlook”.

However, the “credit opinion” obtained by Tribune Business indicates it now wants to see The Bahamas deliver by translating all this into results featuring a much-reduced annual fiscal deficit. It pointed to 2017-2018’s “slippage”, when the full-year deficit

Tribune Business Reporter

nmckenzie@tribunemedia.net

SEE PAGE 5

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• Forecasts 2-2.5% for 2018-2019 • Goal ‘attainable’ but curb spending • And lower GDP projections than IMF percent in 2019 following two percent growth last year. The IMF had projected 2.1 percent and 2.3 percent, respectively.

And, while acknowledging the tourism-related foreign direct investment (FDI) projects in the pipeline, Moody’s also warned that “the anticipated slowdown” in US economic growth will “weigh” on The Bahamas’ own economic prospects and outlook.

The rating agency’s socalled “credit opinion” thus dims some of the glow that the government was basking in last week following its decision to upgrade The Bahamas’ outlook to “stable” - an indication that it does not currently expect to further downgrade this nation’s sovereign

By NATARIO MCKENZIE

came in at $410m - a sum $105m higher than the figure given five months earlier by KP Turnquest, the deputy prime minister.

“We think the fiscal deficit target of 1.8 percent of GDP in fiscal year 20182019 is attainable as a large share of revenue is collected in the third quarter of the fiscal year,” Moody’s said.

“However, this would still require spending restraint in the second half of fiscal year 2018-2019 and efforts to avoid the accountingled slippage seen in fiscal year 2017-2018.

“Because the government has not built a track record under the new fiscal rules, we have incorporated conservative projections in

have more than I can do.

We’ve grown to 13 supermarkets in Nassau, and five in Abaco, and I have other investments in businesses, including the [Commonwealth] bank.

“These people are very creative, very well financed,” he said of the potential purchaser, “and I think it’s the right fit. I’m not getting any younger.

Let a young group take that. I think the home owners are going to be thrilled. The marina I think could sell itself. There are 60-some slips that could be increased to 160. I just don’t have the time to develop it.

I don’t visit Bimini enough for pleasure.”

Asked how quickly he expected the government approvals to materialise, Mr Roberts added: “Government say they’re approving these things on a

Moody’s predicts 1.8% deficit objective missed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Downtown retail hails port winner as ‘what we need’ BAY Street merchants yesterday said Global Ports Holding’s $250m plan to redevelop Nassau’s cruise port is “exactly what downtown has needed for many years”.

Tara Morley, the Bahamas Federation of Retailers (BFR) co-chair, told Tribune Business: “We’re really excited. It seems like they [Global Ports] are extremely keen on getting feedback from the local community in terms of best steps for the redevelopment of downtown. They were far and away the most ambitious of the revitalisation project bidders. It’s exactly what downtown has been needing for many years now.

“Retailers are quite keen on seeing some movement with respect to getting downtown to a level it once was, and hopefully even better than before. This is also going to create a lot of opportunities for the current landlords and business owners who may now want to regroup and reinvest in the downtown area.

“It is also starting to attract other developers from outside the country into looking at downtown as a viable investment going forward. We will continue to collaborate with them [Global Port] closely, and we’re open to feedback from downtown retailers.”

Sarah Hug, proprietor of Shore Boutique, told Tribune Business that Global Ports Holding’s plans could attract her to re-open in downtown Nassau. “I’m very excited. I’m excited for everyone down there. I might review looking at a business down there. What they’re proposing is exactly what downtown needs,” she said.

Ms Hug added that she had been forced to move her business out of downtown two-and-a-half years ago, and focus on her Cable Beach store, due to a lack of “quality tourists” and spending by cruise passengers. “The quality of tourists really deteriorated, there was a lack of parking and so we lost a lot of local business and, frankly, downtown is not exactly an attractive place,” she added.

Global Ports Holding, the UK-listed, Turkish-headquartered operator of 16 cruise ports spread throughout the Mediterranean, Asia-Pacific and Atlantic regions, was unveiled as

• Rupert Roberts confirms Bimini Sands deal • Buyer can make it ‘as famous as Cat Cay’ • Homeowners told: ‘Puts us back on map’ vision I had for it, and turn it into another gem in the Caribbean. It’s literally 40 nautical miles from Miami.

It’s the beginning of yachting to Paradise; the gateway to The Bahamas. Bimini is the first island they hit.

“With government’s cooperation it’s going to be a little gem there on Bimini, and Bimini Sands will become very famous like Cat Cay.” That is the highend, luxury private island community nearby that is home to multiple wealthy residents.

Asked why he had decided to exit now, the Super Value chief said the passing of his Bimini Sands business partner, the late Frank Cooney, three to four years ago was among the factors.

“He was a working partner, not a financing partners, and I sell potatoes and onions,” Mr Roberts added. “I’m busy selling potatoes and onions, and

$4.24

Bahamas First targets 15% returns to offset ‘volatility’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS First’s top executive yesterday said it is targeting a 15 percent return on equity (ROE) in nonhurricane years to ensure it smooths out “volatility” and remains attractive to investors.

Patrick Ward, the property and casualty insurer’s president and chief executive, told Tribune Business it had seen nothing to disturb recent projections that 2018 profits would come in at around $10m.

Confirming that Bahamas First was “absolutely” focused on a 15 percent ROE target, Mr Ward explained that such returns were necessary to ensure the company remained an attractive investment option compared to alternatives.

“We’re in the risk business. We’ve got to have that

• Eyeing $10m bottom line for 2018 • ‘Not passing on in full’ VAT costs • Hike to 12% now ‘fully embedded’ premium return to justify the capital,” he said. “The volatility around insurance company investments suggests we have to have ROE in that range when compared to alternative investment avenues shareholders may have.”

Bahamas First, in a recent letter to shareholders, said 2018’s ROE was around 13 percent based on internal financials suggesting it had generated around $10m in total comprehensive income for the 12 months to end-December.

“The unaudited result for 2018 points to a comprehensive income in the range of $10m for the group,” the letter said. “At this level of income, the ROE would

be approximately 13 percent for 2018, in isolation, and close to 15 percent for the average of the most recent three-year period.

“Having regard to the fact that two of the three years within this average calculation involved material natural catastrophe claims, we are confident that our current business model can consistently achieve the ROE targets set by the board.”

Mr Ward yesterday said Bahamas First had seen nothing to alter its profit forecasts, although its financials are currently being reviewed by external auditors prior to their annual sign-off and publication.

“Nothing has happened so far to change that,” he

added of the expected $10m bottom line. “We’re in the middle of finishing the audit, but at this point there is nothing I can say that would change or alter that expectation.

“We had no hurricane losses or incidents last year in either Cayman or The Bahamas. From that perspective, we didn’t have any extra claims activity that will have any impact on the results. In any year when you don’t have significant hurricane losses you should be running good technical results.”

The last major payout experienced by Bahamas First, and indeed all other local property and casualty underwriters, was for losses associated with Hurricane Matthew in October 2016.

Some also experienced elevated claims in 2017 as a result of having exposures

SEE PAGE 4

PAGE 2, Tuesday, February 26, 2019

THE TRIBUNE

Lightbourn Trading office design is ‘new standard’ A LOCAL firm of architects believes it has set “a new standard for commercial buildings” in The Bahamas with its design for Lightbourn Trading’s property.

Doug Smith, of Arcop Architects, said that while the Tonique Williams Highway building was based on a standard steel-framed industrial building, the front elevation was designed to look more composed and expressive through an entrance tower at its centre. Its large shaded windows provide good lighting inside while

helping to break down the scale The design was intended to meet the brief set by John Lightbourn, Lightbourn Trading’s owner, who wanted a stand-out warehouse building that would attract customers and suppliers. He was also convinced that more interesting and varied interior spaces would improve workforce teamwork and productivity.

Lightbourn Trading’s office interior contains a sky-lit atrium, with tropical planting and casual seating; a theatre-style presentation room; and a large

lunchroom. The warehouse area was designed around the racking system, and the concrete floor is finished in hardwearing epoxy, with innovative diagonal joints to prevent cracking and scuffing by forklift trucks.

Arcop worked with interior designer, Jacqui Derbyshire, on the project. The general contractor was Shevco Construction, and the Butler steel building developed by Island Industries.

REALTOR RATES HIGH-END PROPERTIES ON AMENITIES

A BAHAMIAN real estate broker has released a report on high-end real estate opportunities on New Providence and Paradise Island, rating each for the quality of on-site amenities.

The New Condo & Amenity Report, by Engel & Völkers Bahamas, focuses on seven projects: One Marina at Palm Cay; Albany; Residences at Goldwynn; Hurricane Hole; One Particular Harbour at The Pointe; and Baha Mar Residences with condominiums and villas by Rosewood and SLS Hotels.

It rates Albany as having the best-quality on-site amenities, with Baha Mar’s Rosewood and SLS properties close behind in second and third spot, respectively.

The remainder are all on various stages of construction and development, which is reflected in their rankings.

Palm Cay’s One Marina is fourth, followed by

EXECUTIVES from Engel & Völkers Bahamas entertained guests and industry executives at Baha Mar at Rosewood’s 6,400 square feet ocean-front villa to celebrate the release of their latest report, the 2019 Condo & Amenity Report. From left: Alex Jupp and Colin Lightbourn, both of Engel & Völkers; Genevieve Conroy, vice-president of residential sales and marketing, Baha Mar Residences; Leo Huber and Lou Jupp, Engel & Völkers.

Photo: Azaleta Ismael-Newry GoldWynn in fifth and The the properties on a scale Pointe in sixth. Sterling of zero to three, with three Global Financial’s Hurri- being the best rating. Some cane Hole project, which of the criteria include: Marihas only just started, not nas, restaurants, concierge surprisingly ranks bottom at services, a theatre, beaches present. and exclusivity.

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partner and luxury property specialist, said the report focuses on the new condominium developments that will lead the 2019 real estate market.

“Amenities are the new luxury real estate,” he said.

“Developers are now creating spas and restaurants, tennis courts and golf, owner services, rental programmes, and bringing in name brands with their own following.

“So small, luxury hotels - some with residences such as Goldwynn, and obviously Rosewood for example - are adding more guest amenities. It’s really all about amenities, and developers price the amenities into their final products.”

The report was released at the exclusive six-bedroom, 6,400 square feet ocean front Rosewood Beach Villa at Baha Mar. Mr Lightbourn, addressing attendees, said: “There

are some amazing developments on the island at the present time and, between them all, there are a lot of options for a buyer.

“We decided to prepare this initial report to bring together the details of each one, and create a criterion by which each one can be evaluated. We chose the Rosewood Beach Villa to release the report; firstly because the Rosewood collection includes some of the most legendary hotels and resorts in the world, which we feel most aligns with the Engel & Völkers brand values. The six-bedroom beach villa, which has rented at up to $18,000 a night, is the premier unit of all the properties in our report.”

Mr Lightbourn added that the ratings do not necessarily mean that any one property is better than another. He said they create an “apples to apples” comparison for properties which

are at different price points.

“We could not give something that has not been completed the same value as something that has. We anticipate the new projects to be every bit as luxurious as the developers are marketing them to be once they are completed,” he said.

In addition to the amenity ratings, the report includes average square foot prices and a modified value that factors into the amenity rating. While Albany and Rosewood at Baha Mar top the amenity list, Palm Cay on the eastern end of New Providence came in with the best value in terms of what you pay for the amenities you get.

“Every property is very different at very different price points, with different features and options for prospective owners. Our follow-up report will dive more into these features and the range of ownership opportunities,” Mr Lightbourn said.

THE TRIBUNE

Tuesday, February 26, 2019, PAGE 3

Govt told: ‘Get serious’ on Morton Salt issues

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE trade union representing line-staff at Morton Salt (Bahamas) has urged the government to “get serious” about resolving its long-running dispute over a new industrial agreement.

Jennifer Brown, president of the Bahamas Industrial, Manufacturers & Allied Workers Union (BIMAWU), said workers were tried of hearing that

Inagua was a “one company town”, adding that the government appear paralysed over addressing their concerns.

“We want to know who is looking out for us,” she said. “We’re tired of hearing that this is a one company town. The government needs to get serious, step up and help bring a resolution to our concerns.

Inagua is our home and we will not be mistreated. We want our issues resolved, and we believe the government can do much more.”

Ms Brown spoke out after Dion Foulkes, minister of labour, recently expressed concerns over ongoing industrial issues at Morton Salt, noting that operations at the salt harvester remain critical to employment on Inagua.

Morton Salt, in a recent statement, said it hopes to “soon” conclude an industrial deal despite a “very tense” working environment where the line staff union has held-off on potential strike action.

The salt harvester,

Downtown retail hails port winner as ‘what we need’

Inagua’s largest employer, said it was aiming to achieve a “comprehensive and fair” industrial agreement with the Bahamas Industrial, Manufacturers and Allied Workers Union (BIMAWU) even though the relationship between the two sides remains strained.

Morton Salt’s spokesman, Paul Jackiewicz, released a statement from the company which said: “We hope to resolve the ongoing negotiations soon with a comprehensive

and fair labour agreement that maintains a safe and successful facility for our employees.”

Ms Brown, though, previously told Tribune Business that tensions were high at the Inagua plant with workers expressing safety concerns.

Those tensions escalated in recent weeks, with Morton Salt issuing warning letters to several employees over what it claimed was an “intentional slowdown”, and suspending at least three for a week.

Govt ‘duplicitous’ on oil licence extension

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

ARTIST rendering of a revamped Prince George Wharf in Downtown Nassau presented by Global Ports Holdings. Global Ports Holdings has been identified the preferred bidder in redevloping the area.

FROM PAGE ONE the $125m submission by Company officials have Cruise Ports International. also promised to work “in the preferred bidder to The latter, a Bahamian harmony” with the Downtake over Prince George group, was headed by town Nassau Partnership Wharf’s management and former Family Guardian (DNP) to help finance operations, and oversee president, Gerald Stra- improvements to Bay its redevelopment, at the chan, in alliance with four Street and surrounding major cruise lines - Car- roads, and upgrade lightweekend.

Bids for the Nassau nival, Disney, Norwegian ing and benches to make Cruise Port were submit- and Royal Caribbean. the area “a more attracGlobal Ports Hold- tive place where people ted to the Government on December 7 last year, ing has pledged to provide want to linger” and spend and opened on December a $10m interest free loan money.

11. The three contend- to small Bahamian retail Global Ports Holders were the $250m offer investors to enable them to from Global Ports Holding acquire shares in an invest- ing also plans to offer and its Bahamian advisors, ment fund that will have of training initiatives to help Arawak Port Develop- 49 percent equity owner- small retailers and other ment Company (APD) ship in the project. Those businesses in areas such and CFAL; the $225m 20,000 Bahamians will hold as product placement and proposal by Nassau Port shares in The Bahamas merchandising, and also Partners, headed by Baha- Investment Fund set up by assist merchants not part mian investment house, CFAL (the former Colina of the cruise ships’ own Providence Advisors; and Financial Advisors). marketing programmes.

To advertise in The Tribune, contact 502-2394

The union has in recent months gone public over its dispute with Morton Salt regarding a new industrial agreement. Ms Brown recently told this newspaper that the union, which represents some 100-line staff, had been been “pushed” to take strike action after the company made no improvements to its purported counter-offer. The threat of industrial unrest has loomed over Morton Salt’s Inagua operations since late last year.

AN environmental activist yesterday accused the government of being “duplicitous” for extending oil exploration licences at the same time it is promoting renewable energy use.

Sam Duncombe, reEarth’s president, told Tribune Business she was “more than irritated” after the Minnis administration extended Bahamas Petroleum Company’s (BPC) four oil exploration licences until year-end 2020.

She urged the government to “get serious” about the environment and renewable energy, and said: “It was a bit of a shock to see that in the papers to be quite honest. We had been told that there would be absolutely no oil drilling.

“The government cannot continue to play with the public. The government cannot continue to ignore the concerns of the people.

There’s Oban, and then they’re continuously talking about oil drilling. The government seems hell bent on ignoring science.

SAM DUNCOMBE “We need to be focusing on green energy and stop entertaining this conversation about fossil fuels. It’s so duplicitous. The government has to get serious about the environment.

Right now I’m more than irritated.”

The extension confirmation effectively gives BPC a clear two-year window in which to complete everything required for the drilling of a first exploratory well in waters south-west of Andros, near the maritime border with Cuba.

It provides BPC and any joint venture partner - especially in a business reliant on government regulation and approvals - with the

certainty and clarity they crave to proceed with their plans, knowing that the “rules of the game” have now been set.

BPC and the government must also work together to develop a twoyear “road map”, or work schedule, setting out how all technical and environmental issues likely to be encountered on the way to that first exploratory well will be dealt with. This includes BPC obtaining all required “environmental authorisations”.

Both parties must also work together to “reconcile” the licence fees paid

by BPC to-date, including during the “period of disruption”, with those sums that will be owing to the government during the upcoming period to end-2020.

The “period of disruption” refers to the time when BPC’s progress was essentially halted as it waited for the former Christie administration to pass legislation to strengthen the regulatory and environmental protection regimes for oil exploration - an objective that was eventually accomplished.

PAGE 4, Tuesday, February 26, 2019

THE TRIBUNE

Super Value chief in resort exit ‘gem’ FROM PAGE ONE

timely basis. They want the employment and the investment, so I think that should happen fairly quickly.

Hopefully that is speeded up.”

He explained that Bimini Sands’ potential new owner is acquiring the 50 condo units yet to be sold, which he described as “brand new” with just under half some 24 - already furnished.

The Super Value chief revealed that he last year hired Peter Maury, who runs Bay Street Marina and the Atlantis marina, as a consultant to help oversee Bimini Sands’ operations.

Mr Maury, who also has a condo at the South Bimini property, told Tribune Business there was “great potential” for further expansion under a new owner.

“It’s been almost a year; eight to nine months,” he said of his time in Bimini.

“We were basically trying to figure out the operations and get the whole thing running the way it should. We showed them [the buyer] the potential for improved sales.

“They have 50 units and I imagine they’re going to renovate them, and do property improvements to the roads, landscaping and that stuff. They have to invest money in it. There’s clear room in the marina for more slips.

“It would depend on what they’re going to do. If they want to sell a slip with a unit they will add 50. If they want to accommodate bigger vessels they will put in larger slips to generate more revenues,” Mr Maury continued.

“From the marina standpoint, you put in bigger slips and get more revenue with bigger boats and yachts. It depends on how they package the deal up, but they could easily double the size of the marina with more slips and selling them off with units.

“They’ll have to figure out their market. It’s a pretty capable group, well funded. It’s a young group and they have vision. I’ve walked the property with them and they want to make it more than it is, which will be good for the equity value of the homeowners already there.”

Mr Maury said Mr Cooney’s passing had resulted in “turmoil” at Bimini Sands, as “the homeowners couldn’t decide who would run it”. Suggesting there had been “too many chiefs” among the homeowners, he added: “There was always a new condo committee coming in and trying to run things.

“They couldn’t decide who would be the boss in the Homeowners Association, unfortunately, and Mr Roberts didn’t have the time to deal with it. It’s more convenient to do it this way and let someone else take it on.”

Mr Roberts added that the buyer would also be acquiring a water plant that could serve the whole of South Bimini, while there was also scope for it to introduce “a solar farm” as a source of renewable energy.

Bimini Sands’ impending sale was revealed in a letter to the resort’s condo owners by one of their own, Charles Conigliaro, who helped find the buyer.

The letter, which has been obtained by Tribune Business, says the deal will

“put Bimini Sands back on the map” and increase the value of their properties.

“For the past seven months I have been working with Mr Roberts, Peter Maury and Paige Waugh in bringing buyers to Bimini Sands,” Mr Conigliaro wrote. “I must say the process couldn’t have gone any better. Everyone representing Bimini Sands, including Mr Roberts, couldn’t have been any more accommodating during the many face-to-face meetings we attended in Nassau.

“Today I’m pleased to announce that Bimini Sands now has new equitable owners. These buyers have a clear vision of what Bimini Sands should be and is currently lacking. They do realise there is a lot of work ahead of them, as well as gaining the trust, confidence and co-operation of all the homeowners and HOA [Homeowners Association] board members.”

Mr Conigliaro said the buyer’s planned upgrades included paving all roads; new landscaping and lighting; a new condo rental programme; new security camera system; marina

expansion and fix-ups with “first right of refusal” to current homeowners; repairs to the infinity pool; beach replenishment; “addressing the current restaurant deficiencies” and water supply woes; fixing the sewerage treatment plant; and marketing and rebranding Bimini Sands.

“These buyers are very sharp and have seen all the negative postings on social media, which is not a mystery and a big concern for them,” he added. “I myself have been very transparent and make no excuses, but to assure them that all of this would go away once this announcement is posted.

“The future of our homes at Bimini Sands will be given new life with the enthusiasm and knowledge of these buyers. I hope we can all agree to put our differences aside and start anew. The first test will be getting everyone on board to approve the painting of all the buildings in each phase, which is so badly needed.”

Mr Conigliaro added that the buyers had promised improvements would be evident to homeowners

“prior to the start of the 2019 season”. Arguing that this represented “a chance for a whole new beginning for all of us”, he urged homeowners to get behind the purchasers.

“This is an opportunity for the buyers and the [homeowners] to start off fresh and on the right foot with everyone’s best interest at heart. The painting of the individual buildings will be the only expense to the [homeowners],” Mr Conigliaro wrote.

“This has been a challenging task for me and well worth the time spent putting this deal together.

This new company, without a doubt, will put Bimini Sands back on the map as well as increase our property values, and have asked me to be the direct communicator as well as their liaison between the them, homeowners and association board members going forward.”

Tribune Business reached out to the prospective Bimini Sands purchaser yesterday via Mr Conigliaro but did not receive a response before press time last night.

Bahamas First targets 15% returns to offset ‘volatility’ FROM PAGE ONE elsewhere in the Caribbean to hurricanes Irma and Maria.

Describing 2018 as a “much-needed reprieve” from major storm activity, Bahamas First’s letter to shareholders said its core underwriting (insurance) results in this nation and the Cayman Islands “were either in line with expectations, or positively ahead of our original projections”.

“For the second year running we were able to generate an increase in our

gross written premiums, primarily fuelled by increased property rates in both locations, and the steady growth in business for our health segment in Cayman,” the insurer said.

“Competitive pressures, particularly around product pricing, are a constant in both jurisdictions but we remain focused on the need to maintain an appropriate balance between growth and margin integrity.

“The economic environment in Cayman continues to be very encouraging and we expect fairly robust growth in the

overall economy well into the future. In The Bahamas, the economic conditions have stabilised, and emerging signs of improvement continue to support a more promising outlook.”

Bahamas First said the “unwelcome” VAT increase, which saw the rate rise from 7.5 percent to 12 percent with effect from July 1 last year, “seems to now be fully embedded into the daily reality of most residents of The Bahamas”.

Mr Ward yesterday told Tribune Business that Bahamas First had “not passed on in full” to consumers the

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HUMAN RESOURCES Re: Senior Internal Auditor 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

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

extra cost it has incurred from absorbing VAT associated with residential homeowner premiums that are now treated as “exempt”.

While this had benefited consumers, he warned that Bahamas First and others may be unable to continue absorbing these costs if - and when - a major hurricane strikes to produce thousands of insurance claims.

“Our clients are benefiting from their premiums not having the 12 percent VAT included on homeowner coverage, and that’s

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a welcome development for most people,” Mr Ward said. “For other lines of business the population has become accustomed to paying VAT on premiums.

“From the industry perspective we’ve seen the impact on the cost base from the additional VAT component. At this stage, certainly speaking for ourselves, we’re not passing that cost on in full. The full test will be in a catastrophe situation when we have thousands of homeowners claims, and the impact will be significantly more than in a year when we don’t have a catastrophe loss.”

Bahamas First’s shareholder letter said the only disappointing element of its 2018 results was the “unrealised losses” on its Commonwealth Bank investment in The Bahamas, as the year-end share price did not recover to 2018 levels, coupled with its Cayman-based international bond portfolio.

Mr Ward said the bond portfolio’s decline reflected what was happening to prices globally. He added that the “overall mood”

in the Bahamian economy appeared to be improving, though, with Bahamas First always seeking to “do better than the year before” with its financial results hurricanes notwithstanding.

“On a global basis, both the property and casualty (P&C) and health insurance sectors continue to be subject to a relentless pace of disruption, and this will no doubt continue into the foreseeable future,” Bahamas First warned in its letter to shareholders. “Leveraging technology and innovation will be a key element of our strategic focus as we endeavour to thrive in this emerging environment.

“We have already taken active steps to implement more advanced systems for our P&C business segment during 2019 for full deployment in 2020. The successful completion of this project will provide us, and our business partners, with a platform for enhanced customer experiences and a more efficient operating environment, while bringing us closer to our digitisation goal.”

THE TRIBUNE

Tuesday, February 26, 2019, PAGE 5

Moody’s predicts 1.8% deficit objective missed FROM PAGE ONE our baseline scenario with the deficit reaching 2-2.5 percent of GDP in fiscal year 2018-2019.

Nevertheless, we project a stabilisation of government debt metrics with debt expected to reach 58.5 percent of GDP in fiscal year 2018-2019.”

The Fiscal Responsibility Act mandates that the government hit a deficit equivalent to 1.8 percent of GDP in 2018-2019, but coming in at the higher end of the range given by Moody’s may require it to account to Parliament and the newly-established Fiscal Responsibility Council to explain the reasons for the overshoot.

The fiscal deficit measures by how much the

government’s annual spending exceeds its revenues, and thus the extent of borrowings that add to this nation’s $8bn-plus debt.

The Minnis administration is hoping to move to a small surplus position, whereby its income exceeds spending, by 2020-2021.

Still, Moody’s gave the Government credit for cutting the 2018-2019 first half fiscal deficit by 70 basis points compared to the prior year, an improvement it largely attributed to the 60 percent hike in the VAT rate.

“In the first six months of fiscal year 2018-2019, the government reduced the fiscal deficit to 1.3 percent of GDP from two percent in the same period in fiscal year 2017-2018,” Moody’s said.

“Revenue increased 14.7 percent year-over-year, mainly reflecting the higher VAT rate (12 percent versus 7.5 percent) effective since August, even amid implementation delays on other measures (higher gaming taxes).

“Expenditures rose by 4.4 percent, reflecting an increase in spending on goods and services related to arrears the government intends to clear. Wages and capital expenditures, on the other hand, fell in nominal terms.”

Acknowledging the strong tourism and related investment outlook, Moody’s nevertheless warned that dark clouds may be gathering in the medium to long-term due to projections of a slowdown in US economic growth that

The Bahamas feeds off so heavily.

“We estimate the economy expanded by about two percent in 2018 in real terms,” the rating agency said. “Growth has been driven by the tourism sector and foreign investments that have fuelled construction.

“Tourist arrivals by air increased by 13.8 percent in 2018 after contracting 0.8 percent in 2017. International passenger departures from the Nassau airport were the highest since 2012.

Air arrivals in New Providence increased by 18.8 percent between January and September 2018, with the Baha Mar hotel being fully operational.”

Turning to FDI projects, Moody’s flagged Disney’s Lighthouse Point project, which is expected to bring

up to 1m cruise passengers to Eleuthera annually, together with Carnival’s proposed $100m cruise port for Grand Bahama and Sir Franklyn Wilson’s $400m Jack’s Bay development.

“The government expects the project to attract $350-$400m in investments and 540,000-1m visitors to Eleuthera annually,” the rating agency said of Disney. “On the same island, construction has started for the development of Jack’s Bay, which is expected to attract $400m in investments.

“In early February 2019, the government announced the construction of a cruise port in east Grand Bahama, which will be operated

by Carnival Cruise Line, a subsidiary of Carnival Corporation. The port is

expected to be completed by 2021 and employ around 1,000 people.” The longer term outlook, though, appears mixed.

“Going forward, tourism and FDI will remain the main growth drivers, with the economy expanding by 1.8 percent and 1.6 percent in 2019 and 2020, respectively,” Moody’s said. “While the US economy’s strong performance has benefited The Bahamas’ tourism sector, the anticipated slowdown in US growth will likely weigh on The Bahamas’ economic outlook.

“However, this will be partially compensated by the development of the new tourism-related projects that will allow economic activity to remain close to its potential.”

Port revamp ‘must run parallel’ to Bay St revival FROM PAGE ONE “From that end it’s exciting, and we’re just hopeful Global Ports Holding delivers on its commitment. We have every confidence they will. We’re just happy a decision has been made because our cruise passenger numbers continue to go up but the experience is going in the opposite direction for any number of reasons.

“As soon as we abate that downward trend in customer experiences we should see an improvement in cruise passengers coming on shore, spending money and Bay Street and the economy see some real injection.”

Mr Beckles, calling on Bahamians to prepare themselves for the entrepreneurial opportunities that will flow from the cruise port’s overhaul, added that neither Global Ports Holding’s project - nor the wider transformation of downtown Nassau - would be successful without the other enjoying a similar fate.

“I don’t think one’s going to be successful without the other,” he told Tribune Business. “We will realise some gains with the port but, at the same time, have to have redevelopment of downtown Nassau.

“If we’re going to make this effort with the port to develop a real destination experience and, 100 feet away, we don’t improve the downtown experience...

They must run in parallel.

Then, and only then, will we see a real impact from an economic standpoint.

“Once people get off the ship because of this new, exciting experience in port and get into a Bay Street that’s clean, alive, well managed and says ‘come hang out with me’ people will spend their money. They have to run parallel; they can’t be two separate projects and run miles apart.”

Fears had been expressed previously that the cruise lines may simply choose to bypass Nassau, and call solely on their private

island destinations, if their alliance with Cruise Ports International, the Bahamian investor group, in the Port of Nassau Partnership proposal was rejected by the government.

Mr Beckles, though, argued that such concerns were overblown. He said: “The cruise lines are acutely aware of how important Nassau has been to them and their bottom line. I don’t see there being any fall-out.

“There may have been some hurt over the bidding process, but economics rise to the top and will govern their behaviour. They are still deeply involved in their private islands, which have been extremely profitable for them. The fact they did not get the port development will not hurt them per se.

“They have a foothold in The Bahamas, and this port for them will generate returns for many years to come.”

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The government is eyeing a 25-year lease deal with Global Ports Holding for the operation, management and redevelopment of Nassau’s cruise port, although the commercial terms and other details will have to

be negotiated between the two sides during a period expected to last between 60-120 days.

The UK-listed, Turkish headquartered port operator is proposing to add two new berths to accommodate

the world’s largest cruise ships, taking the total from six to eight, while also filling in the space between the harbourfront and existing first cruise berth to create land for its amphitheatre events destination.

PAGE 6, Tuesday, February 26, 2019

THE TRIBUNE

Worker visas in doubt as Trump immigration crackdown widens NEW YORK Associated Press IMMIGRANTS with specialised skills are being denied work visas or seeing applications get caught up in lengthy bureaucratic tangles under federal changes that some consider a contradiction to President Donald Trump’s promise of a continued pathway to the US for the most talented foreigners.

Getting what’s known as an H-1B visa has never been a sure thing — the number issued annually is capped at 85,000 and applicants need to enter a lottery to even be considered. But some immigration attorneys, as well as those who hire such workers, say they’ve seen unprecedented disruptions in the approval process since Trump took office in 2017.

“You see all these arguments that we want the best and the brightest coming here,” said John Goslow, an immigration attorney in Ann Arbor, Michigan. “Yet we’re seeing a full-frontal assault on just all aspects of immigration.”

For American businesses, there is a bottom-line impact.

Link Wilson, an architect who co-founded a firm in Bloomington, Minnesota, said finding enough qualified workers within the US has been a problem for years. That’s due to a shortage of architects, but also because his firm needs people with experience developing senior housing.

He said employers who turn to international applicants do so as a last resort, putting up with legal fees and everexpanding visa approval times because they have no other choice.

“We’re just at the point where there’s no one else to hire,” said Wilson, who hired an architect under an

LEO Wang packs a suitcase at his home in San Jose, Calif. Wang has found himself trapped in an obstacle course regarding H-1B work visas for foreigners. His visa denied and his days in the United States numbered, Wang is looking for work outside the country. “I still believe in the American dream,” he says. “It’s just that I personally have to pursue it somewhere else.”

Photo: Ben Margot/AP H-1B visa last year after while another temporar- the number of completed enduring a long wait. He ily rescinded the option of H-1B applications receivestimates his firm turned paying for faster application ing an RFE, from about 21 away about $1m in projects processing. percent in the 2016 fiscal in 2018 because it didn’t Attorneys who handle year to 38 percent last fiscal have enough staff to handle these applications say one year. The number continued them. of the biggest shifts is an to rise in the first quarThree months after increase in “requests for ter of this fiscal year, to 60 taking office, Trump issued evidence”, or RFEs, from percent. his “Buy American and US Citizenship and ImmiA growing number of Hire American” executive gration Services. An RFE applications with such order, directing Cabinet can delay a visa for months requests were ultimately officials to suggest reforms or longer as applicants and denied, while the approval to ensure that H-1B visas employers are forced to rate among all applicants are awarded to the “most- submit additional documen- has fallen. Approvals also skilled or highest-paid” tation over things such as dipped in two other visa applicants to help promote the applicability of a college programmes for foreign the hiring of Americans for degree to a prospective job workers, including one for jobs that might otherwise go or whether the wage being individuals with extraordito immigrants. offered is appropriate. If the nary abilities in areas such Subsequent memos have responses are unsatisfac- as science, sports and the allowed for greater discre- tory, a visa may be denied. arts. tion in denying applications “They’re just blocking Jessica Collins, a spokeswithout first requesting the avenues so that employ- woman for USCIS, linked additional information from ers will get frustrated and the changes to the presian applicant, tossed the they won’t employ foreign dent’s executive order, deference given to people nationals,” said Dakshini saying the goal was to seeking to renew their Sen, an immigration lawyer reduce “frivolous” petitions H-1Bs, and raised concern in Houston whose caseload and that “it is incumbent that the government would is mostly H-1B applications. upon the petitioner, not revoke work permits for the “We have to write and write the government” to prove spouses of H-1B holders. and write and explain and eligibility.

One order restricted com- explain and explain each Some employers note panies’ ability to use H-1B and every point.” traditional three-year workers off-site at a cusUSCIS data released on renewable terms of H-1Bs tomer’s place of business, Friday shows an increase in have also been changing;

MARKET REPORT MONDAY, 25 FEBRUARY 2019

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

BISX ALL SHARE INDEX: CLOSE 2,065.95 | CHG -0.09 | %CHG 0.00 | YTD -43.50 | YTD% -2.06 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.77 0.80 3.68 10.20 6.60 4.74 12.50 2.74 1.81 8.50 6.40 14.10 6.99 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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

MUTUAL FUNDS 52WK HI 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

LAST CLOSE 4.37 17.43 7.00 5.39 1.77 0.80 2.28 9.85 6.16 4.30 10.99 2.69 1.78 8.65 6.40 14.10 6.98 3.20 13.85

CLOSE 4.37 17.43 7.00 5.39 1.77 0.80 2.28 9.85 6.16 4.30 10.99 2.62 1.78 8.60 6.40 14.10 6.98 3.20 13.85

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07 0.00 -0.05 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.150 0.090 0.600

P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 27.9 17.5 25.7 8.5 N/M 13.3 18.5 12.1 11.6 21.9

YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.50% 0.00% 7.21% 3.57% 2.79% 5.64% 2.29% 3.37% 0.98% 3.75% 3.55% 2.15% 2.81% 4.33%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.69 1.12 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 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 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

one lawsuit by an organisation representing information technology companies claims some visas were valid for only a few days or had expired before they were even received.

Meantime, a vague entry published in the Federal Register last fall advised that the Department of Homeland Security would propose additional revisions to focus on attracting “the best and the brightest” and to “ensure employers pay appropriate wages” to H-1B visa holders, which has raised alarms that the administration will move to narrow the definition of who qualifies.

Caught in the crosshairs of all this are workers like Leo Wang.

Wang, 32, spent six years after college in his native China learning all he could about data and analytics.

He got into the University of Southern California, interned at a major venture capital firm and wasted no time after finishing his master’s before starting on another degree. He couch-surfed, passed up an enticing foreign job offer and amassed educational debt all in pursuit of the dream that ultimately came true: A six-figure Silicon Valley job.

As long as it took Wang to achieve his goal, it disappeared in record time.

Wang was working at Seagate Technology under an immigration provision known as Optional Practical Training, which gives those on student visas permission to work. But that expired last year, and because his H-1B application was in flux, he was forced to take a leave from Seagate and withdraw from the master’s programme he was pursuing at Berkeley. He says he and his company dutifully responded to an RFE, compiling examples of his work at Seagate. But on Jan 11, Wang got a final answer: He was denied an H-1B. “All I wanted was to be able to see my American dream,” he said.

Sandra Feist, an immigration attorney in Minneapolis, said talented foreigners discouraged by the visa process are beginning to look at opportunities in other countries, and she questions what that means for America’s future, especially if top-tier researchers who could contribute to science and medicine are turned away.

One of her clients, a computer systems analyst from India with a master’s degree from a US college, filed his petition for an H-1B in April 2017 with 101 pages of documentation.

He received an RFE, and a 176-page response was filed, with additional paperwork attempting to prove just how complicated the position was. He was denied.

Feist filed a 282-page appeal, requesting that the file be reopened. Though the appeal was approved, there was a second RFE, which Feist said raises the same issues she already responded to.

With a US work visa unlikely, that client is applying for permanent residency in Canada with his wife and US citizen child.

CEOs for companies including Apple, Ford and Coca-Cola penned a letter to Homeland Security Secretary Kirstjen Nielsen in August, saying immigration policy changes were undermining economic growth.

“At a time when the number of job vacancies are reaching historic highs due to labor shortages,” they said, “now is not the time to restrict access to talent.”

A provision for immigration based on skills, education and employer needs dates back to the Immigration and Nationality Act of 1952, and the visa now known as the H-1B has until recently enjoyed wide support among politicians on both the left and the right. A Pew Research Center survey last year found broad approval for high-skilled immigrants among the public, as well, with support at 83 percent among Democrats polled and 73 percent of Republicans.

Trump has vacillated on the issue. During a March 2016 presidential debate, then-candidate Trump was asked about his opposition to visas for skilled workers, to which he said “I’m changing” and that he saw such policies as a way to keep top international students in the US. “We absolutely have to be able to keep the brain power in this country,” he said.

His campaign followed that with a statement saying: “The H-1B programme is neither high-skilled nor immigration: these are temporary foreign workers, imported from abroad, for the explicit purpose of substituting for American workers at lower pay.”

NOTICE NOTICE is hereby given that SELVAINS JHON DALMOND of Marsh Harbour Abaco, 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 26th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

N O T I C E HUGE PROFIT ENTERPRISE LIMITED (In Voluntary Liquidation)

Notice is hereby given that the dissolution of the above-named Company commenced on the 19th day of February, 2019. The Liquidator is Thomas D. Knowles of East Bay Street, PO Box N-7797, Suite A-084, Nassau, Bahamas.

THOMAS D. KNOWLES Liquidator