03032020 BUSINESS

business@tribunemedia.net

TUESDAY, MARCH 3, 2020

$4.43 DPM: Coronavirus economic fall-out receiving scrutiny

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE deputy prime minster yesterday revealed the government is “contingency planning” for the potential negative impact that the coronavirus may have on economic growth and fiscal projections.

K Peter Turnquest, deputy prime minister, told Tribune Business that the virus’s continued spread was a “concern” that could not have arisen at a worse time with The Bahamas still trying to rebound from Hurricane Dorian’s devastating impact.

Declining to give any estimates for how much Bahamian GDP growth and the government’s finances may be impacted, Mr Turnquest said the Ministry of Finance had been analysing risk mitigation strategies for the past week.

The coronavirus outbreak is creeping closer to The Bahamas, although no confirmed cases had been reported here as Tribune Business went to press last night. Florida yesterday reported its first two cases, while the Dominican Republic revealed its first on Sunday.

“Obviously it’s a concern, and we’ll continue to watch it,” Mr Turnquest told this newspaper. “We are contingency planning, and have been for about a week or so. We’ll make whatever contingency plans we can to avoid any fall-out, but we continue to hope for the best and that any effects will be minimal and short-lived.

“It’s unfortunate timing but again this is something we have no control over so we have to deal with it. We can only stand by and see what happens. We are taking some steps in the interim and firming up other contingencies in case something happens.”

Mr Turnquest agreed that the coronavirus outbreak highlighted the need for The Bahamas to extend its disaster risk management and planning framework beyond hurricanes, adding: “We’re also looking at that as an element in the new budget.”

The Central Bank of The Bahamas, in its monthly economic report for January 2020, confirmed that the virus’s impact on the global economy could also impact forecasts for flat Bahamian gross domestic product (GDP) growth in

SEE PAGE 5

$4.45

Minister: GB poised for six-fold visitor increase

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

G

RAND Bahama is poised for a near six-fold increase in visitor arrivals from two projects that will be “the catalyst for tourism’s rebirth” on that island, a Cabinet minister revealed yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that Carnival’s cruise port will combine with the ITM Group/Royal Caribbean redevelopment of the Grand Lucayan and Freeport Harbour to bring an extra 3.5m tourists to Grand Bahama annually once both become fully operational.

Hailing yesterday’s agreement signing with Holistica, the ITM Group and Royal Caribbean joint venture, as “monumental” and “transformational” for both the island’s tourism industry and wider economy, Mr D’Aguilar said it would restore confidence in Grand Bahama and spur further Bahamian and foreign investment.

He argued that the deal’s closing also justified the government’s

• Carnival, Royal Caribbean deals to bring extra 3.5m • Govts Lucayan purchase: ‘Benefits outweigh costs’ • ‘Ball in Hutchison’s court’ over next airport moves

GRAND Lucayan Heads of Agreement signing. much-criticised move to purchase the Grand Lucayan in September 2018 as “absolutely the right decision”, with the benefits generated from 3,000 new jobs and increased economic activity set to more than outweigh the cost to Bahamian taxpayers from the initial $65m investment.

The government will receive a net $50m from the resort’s sale due to the

$15m credit Holistica will receive out of the Dorian insurance recovery (see other article on Page 1B), while the more than $30m it has spent to subsidise the Grand Lucayan’s operating losses during 18 months of ownership has taken the taxpayer’s total outlay on the deal to at least around $95m.

Mr D’Aguilar, though, hit back at the government’s

THE Hotel Corporation’s chairman yesterday blasted that critics of the government’s Grand Lucayan deal have been “left with egg on their face” as it prepares to receive a net $50m from the sale.

Michael Scott, who also headed the resort’s board, told Tribune Business that transferring the property to the ITM Group/Royal Caribbean joint venture represented “the first step in redressing a legacy of failure” that has haunted Freeport’s mega hotel and wider tourism sector.

He revealed, though, that the government will receive a net $50m from selling the Grand Lucayan because ITM Group/Royal Caribbean - and their Holistica joint venture - will receive a credit from the

political opponents and other critics of its ownership by suggesting that yesterday’s developments showed “we were right, and they were wrong”, not to let the Grand Lucayan become another Royal Oasis.

He admitted, though, that Grand Bahama International Airport’s redevelopment is “a must”

SEE PAGE 5

Bay Street’s ‘survival’ fears on Royal Caribbean PI deal

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAY Street retailers yesterday reacted furiously to revelations of Royal Caribbean’s planned Paradise Island “beach break” destination, and questioned: “How will we survive?”

Leon Griffin, Treasure Bahamas general manager, told Tribune Business he was “p***** off” about the cruise line’s efforts to combine Crown Land at Colonial Beach with private property it has already purchased.

Querying “how will Bay Street businesses survive” if Royal Caribbean’s ambitions are realised, Mr Griffin said: “We depend solely on the cruise passengers and those who are residing in the hotels who come downtown to purchase.

“But if they have their own spot, like how they have got the different cays, and when you go on the different cays nobody else

• Merchants: ‘How can the govt allow this?’

• Say going to affect ‘whole of downtown’

PARADISE Island lighthouse. benefits except themselves [the cruise lines], how could the Government of The Bahamas allow such a thing to happen?”

“It’s terrible. It’s going to affect the whole of Bay Street whether we like it or not, and this government needs to rethink what they are doing because they are not thinking for

the people. I’m p***** off about it to be honest with you. When I heard about it I didn’t understand what they were doing, but now I realise. How could the government do something like that? They continue to give away the people’s properties, and yet when Bahamians apply for crown land it’s a hell to get through with.”

Tribune Business exclusively revealed yesterday that Royal Caribbean has applied to lease around ten acres of the 17-acre crown land parcel on Paradise Island’s western end, which it will combine with its acquisitions of private residential property to create a destination that will cater to the hundreds of thousands of passengers it will bring to Nassau annually.

This newspaper also reported complaints by

Govt earns ‘$50m net’ from Lucayan disposal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.45

• Chairman: Critics ‘left with egg on their faces’ • Deal aims to redress GB’s ‘legacy of failure’ • Hotelier: Economy has ‘hit rock bottom’

MICHAEL SCOTT insurance recovery on the resort’s Hurricane Dorian claim.

The “gross price” remains the $65m that was agreed when both parties signed the Letter of Intent (LoI) for the Grand Lucayan deal in late March 2019, and Mr Scott disclosed that the property had submitted an insurance claim for between

$27m to $28m that was still “in process”.

“It’s $65m but we’re giving them some credit from the insurance recovery,” the Hotel Corporation chairman explained of the “net” figure. “The price is $65m less the credit we’re giving them out of the insurance recovery.

“The net price is $50m; the gross price is $65m.

The claim is in for $27m to $28m, and has been in process for a little while now.”

The Grand Lucayan’s insurance is understood to have been placed through Bahamas-based property and casualty insurer, RoyalStar Assurance.

The government’s political opponents, and other

critics of its decision to commit $65m worth of taxpayer monies to meet Hutchison Whampoa’s full asking price for the resort in September 2018, are likely to seize on the differences between the gross and net proceeds that will be received from the Holistica partners.

However, Mr Scott argued that the Progressive Liberal Party (PLP) had little basis on which to criticise because the former Christie administration had previously failed to resolve the post-Hurricane Matthew situation at the Grand Lucayan which resulted in the departure of Canadian hotel operator, Memories.

SEE PAGE 6

Toby Smith, the Bahamian principal of Paradise Island Lighthouse & Beach Club Company, that the government was pressuring him to accept an “inferior” crown land parcel to the one contained in a lease agreement issued to him just two months ago so that Royal Caribbean’s desires can be accommodated.

Michael Bayley, Royal Caribbean’s chief executive, yesterday confirmed that the cruise giant plants to create a destination called the Royal Beach Club on Paradise Island’s western tip, pledging that it would be a “win-win” for all concerned including Bahamians.

However, Royal Caribbean’s plans and the government’s actions raise multiple questions that have

SEE PAGE 4

$4.39 Nassau/PI hotels enjoy 18% room revenues growth

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MAJOR Nassau/Paradise Island resorts shrugged off a modest one percent room revenue fall-off in December to post an 18 percent gain for the 2019 full year, it was revealed yesterday.

The Central Bank of The Bahamas, in its monthly economic update for January 2020, revealed that the post-Hurricane Dorian impact had only slightly weakened the gains posted

by New Providence’s tourism industry earlier in the year.

However, the category five storm’s impact was more pronounced in the vacation rental and second home market that Abaco traditionally thrives on.

Total room nights sold on the island during January dropped by almost onethird year-over-year, with bookings for entire places and hotel comparables down by 32.4 percent and 24.5 percent, respectively.

“Developments within the hotels segment reinforce a comparatively subdued month of December outcome, but with the overall uptrend secured for the calendar year,” the Central Bank said. “Information provided by the Bahamas Hotel & Tourism Association (BHTA) and the Ministry of Tourism showed a one percent fall-off in room revenue for Nassau and Paradise Island properties during the month, but an 18 percent gain for the year.

“The contrast reflected negative marketing pressures that the industry was still steadily countering since the hurricane. For the year, properties sustained gains in the both number of room nights sold of 11 percent, and in the average daily rate of 6.5 percent to $266.92, while the average occupancy rate rose by 5.4 percentage points to 67.1 percent.”

Drawing on information provided by AirDNA for January 2020, the Central Bank revealed that in the vacation rental market there was “a 5.3 percent decline in the total room nights sold, fuelled by a 6.1 percent decrease in bookings for entire place listings, which outstripped the 0.9 percent rise in hotel comparable bookings.

“In addition, the average daily room rate (ADR) for both entire place listings and hotel comparables contracted by 9.6 percent and 1.5 percent to $371.75 and

SEE PAGE 6

PAGE 2, Tuesday, March 3, 2020

THE TRIBUNE

Small Business Centre in largest financing to-date

GLENNETT and Curtis Fowler, with K Peter Turnquest, DPM, and SBDC team members.

A GRAND Bahama business has become the largest recipient to-date of financing arranged through the Small Business Development Centre (SBDC).

Fowlco Marine and Logistics Management has obtained $500,000 to help repair its Dorian-impacted facilities, and replace some $200,000 in lost and damaged equipment.

The company’s owners, Glennett and Curtis Fowler, started Fowlco Import Export, their first company, in 2010. After incorporating under Fowlco Ltd in 2017, they expanded by creating Fowlco Marine and Logistics Management.

The marine and industrial logistics management company offers multiple services related to the shipping and port agency sector, including ship agency, trucking and Customs brokerage support.

However, after suffering major damage during Hurricane Dorian, the Fowlers turned to the SBDC for help after learning about its Recovery Relief Programme on social media.

“After the passing of Hurricane Dorian, we had a major loss of our fleet and damages that were not covered with proper insurance,” Mrs Fowler said.

“Once we investigated more about the Access Accelerator programme, it appeared to be of benefit to companies that were affected by the storm. To not shut down the operation while we figured out a way forward, we realised that the programme was the only viable option.”

The SBDC requested as much documentation as possible from the company and, by simply providing basic business details, Fowlco Marine and Logistics Management was able to obtain a hurricane assistance grant almost immediately.

Mrs Fowler said: “Initially, it was apparent that

a great deal of financial records and paperwork were needed to be engaged in the programme.

However, with basic information immediately after the storm, we received a $15,000 grant which allowed us to purchase a needed tool.”

Deciding to seek additional funding through the initiative, the Fowlers worked with Caline Newton, SBDC advisor on Grand Bahama, to do the necessary work to access greater financing.

Mrs Fowler said: “We decided to pursue the greater aspect of the programme.

We received oversight and recommendations based on our business plan and financials to re-evaluate costs needed to run the company, as well as putting in place needed SOPs (standard operating procedures) from our advisor, Caline Newton.”

This enabled Fowlco Marine and Logistics Management to access $500,000 in investment capital through the SBDC’s Hurricane Recovery Relief Programme. It is the largest financing arranged by the SBDC since it began work in 2018. To-date, it has facilitated some $6m in financing for Bahamian businesses through its regular programme, and $3m from its hurricane relief initiative.

“Being funded allowed us to realise that with a solid business plan, even in an uncertain time in Grand Bahama there is still hope and belief in Grand Bahama,” Mrs Fowler said.

“Also, it is motivation to continue to make progress and not to allow circumstances to define you. The funding allowed us to realise we are one step closer, and that we have what it takes to be a staple in the community and The Bahamas.

“We plan on completing the repairs already began

on our facility that was substantially damaged and replacing over $200,000 in loss and damaged equipment.”

Mrs Fowler added: “The greatest lesson we learned through the programme is maintaining an updated business plan, and not cutting cost through necessary insurances. Insurance was in place but on a basic level. Planning for the unexpected can ensure the business is able to recover and continue.

“After ten years of business and many attempts at getting funding, Access Accelerator [the SBDC] has proven to defy the odds of what our impression of banking in The Bahamas for small businesses has been.”

She continued: “The team they have in place, and the support given during the entire process, showed us it is better when someone is working on your side as an intermediary. They were able to navigate the process for us, and although it was quite a process, we would not have survived without the assistance of the Access Accelerator.

“I want to encourage other business owners who may have had, or have, humble beginnings to reach out to Access Accelerator and get the proper information on the programme.

It can truly be the chance to put your business on the path to success.”

The SBDC Access Accelerator is the product of a tripartite arrangement between the government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC).

The Centre works to guide the development, funding, growth and evolution of micro, small and mediumsized enterprises in The Bahamas.

THE TRIBUNE

Tuesday, March 3, 2020, PAGE 3

BAHAMAS’ SIXTH MOST EXPENSIVE RANKING NOT ‘ACCURATE PORTRAYAL’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Central Bank’s governor says The Bahamas’ recent ranking as the world’s sixth most expensive country to live in is not an “accurate portrayal” of this nation’s cost of living.

John Rolle, speaking during the Bahamian digital currency’s launch in Abaco, said of the findings

by CEOWorld magazine: “I think the biggest misinterpretation of that is Bahamians think that it means that it’s their cost of living that’s being referred, and it’s not.”

“It’s the cost of being an expatriate, and that’s compared against other countries internationally where you have expatriate communities.

For the expatriate communities there are inputs into their living like real estate accommodations. Accommodations in The Bahamas would be comparable to the cost of real estate rental wise in many of the other expensive jurisdictions in the world, so we have to remember than.”

He added: “The other thing that we have to remember is that our tax system is pointed towards consumption. That is not similarly the case in other countries. So in other countries, to make a fair comparison with The Bahamas, you also need to consider that we are not paying income taxes.

“Just to look at the cost of living as it applies when you are only paying taxes on your consumption basket understates the fact that your income is not being taxed directly, which is the case in a lot of these other global centres. So The Bahamas, in my view, doesn’t get as accurate a portrayal in those types of comparisons.”

The magazine’s survey ranked The Bahamas

JOHN ROLLE behind just Switzerland, the world leader, and Norway, Iceland, Japan and Denmark, making it the world’s sixth most expensive country to live in and the highest-cost destination in the Western Hemisphere.

The survey, which uses New York as the baseline benchmark to compare all countries to, based its assessment on five metrics including the cost of living; rent; groceries; eating out; and purchasing power.

To assess these metrics, the magazine looked at consumer prices indexes and cost of living studies from 132 nations, as well as publicly-available data that measured every-day costs such as accommodation; clothing; taxi fares; utility; internet; the price of groceries; transport; and eating out.

The Bahamas scored a combined 82.51 points in its “cost of living” rankings, rating especially highly on restaurant costs at 83.66 - a result that may have been aided by the inclusion of the automatic 15 percent gratuity. It also achieved a 62.65 score in the groceries cost index.

While rent costs in The Bahamas received a relatively low score of 36.36, this jumped to 60.43 when added to the magazine’s cost of living index. And it scored just 54.18 for “local purchasing power, the third lowest mark among the 20 most expensive countries.

This indicates that many Bahamians are struggling to keep up with rising living costs.

The survey’s findings will

come as little surprise to many observers given that The Bahamas has long been known as, and perceived as, an expensive destination due in large part to its import dependency and regressive taxation system that focuses primarily on taxing the cost of living through VAT and import tariffs/Excise Tax. However, K Peter Turnquest, deputy prime minister, who was also present at the Abaco Sand Dollar launch, added: “It really is an apples and oranges kind of comparison, because if you look at the list, for instance, it ranks Hong Kong’s cost of living below ours. I have been to Hong Kong. It is an expensive place to live unless you are living in very meagre accommodations.

“So if you compare apples to apples I think you would find we would fall way below where we are ranked on this listing. That’s not to say we need to do more about trying to bring down the cost of living, and we are looking at ways that we can do some of that.

“But, as the governor rightly says, we are a consumption tax-based economy and, as a result of that, a lot of the cost gets built in to the price of goods whereas in other countries it would be taxed on the income, so it gives an unfair comparison,” Mr Turnquest said.

“In addition to that, even when you look at the region to compare us to the region, the reality is our standard and quality of life is a little different. Not better, but it’s different. So when you try to make those comparisons it is sometimes misleading.

If you take out all of the anomalies the reality is our overall burden as a citizen is comparable to most in the world if not less, certainly less than most developed countries.”

Career Opportunity A progressive company invites applications from suitably qualified individuals for the position of Chief Financial Officer

About the Position

Reporting to the Chief Executive Officer, the Chief Financial Officer oversees the financial and general accounting needs of the business to ensure greatest efficiency in the conduct of business transactions. This consists, inter alia, of monitoring all financial functions of the company and preparation of the annual budget, monthly management accounts and other financial analysis.

This position also has direct responsibility for enterprise risk management, ensuring that the company has an operational risk management framework that meets regulatory requirements and is appropriate to the organization’s size and the nature of its operations.

Minimum Requirements

Bachelor’s degree in Accounting/Finance or Business Administration with a certification in Accounting ACCA/CPA, and a minimum of ten (10) years post qualification experience, at least five (5) of which must be at a management level. A Master’s degree is preferred.

Duties include but are not limited to the following:

• Oversee the management of all aspects of the Company’s finance and accounting functions, including responsibility for internal controls over financial reporting and the control environment.

• Oversee the month end accounting processes, including the timely completion of the General Ledger and Balance Sheet reconciliations and production of P&L statements.

• Manage the preparation of the annual budget.

• Oversee the timely and accurate preparation of monthly management accounts, analyzes performance vs budgeted, and provide commentary to company leadership: reconciliation of internal reports to external reports.

• Oversee the preparation of the annual financial statements-in line with statutory requirements.

• Liaise with the internal and external auditors and financial institutions on financial matters.

• Establish and maintain financial policies and procedures for the Company.

• Contribute to the Company’s annual business plan development.

• Participate in key decisions and committees as a member of the executive management team.

• Act as a resource to the Board and its key Committees, to inform on and interpret financial matters.

• Oversee/Coordinate the Company’s business continuity planning processes.

Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of The Manager Human Resources, at cfovacancy2020@gmail.com, on or before March 13, 2020.

Electricity, shipping delay hits Man-OWar recovery

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SHIPPING delays and the absence of electricity are the major obstacles to Mano-War Cay’s recovery from Hurricane Dorian.

Jerome Petrisko, the Hibiscus Café’s general manager, told Tribune Business: “Man-O-War is recovering very quickly. Everyone is working very hard and we’re happy to have a working restaurant and a local business that’s up and running. Everybody’s is here and we’re all just working.

We all have jobs, we’re all supporting the community and the community is supporting us. We’re doing alright.

“Power is a real issue for us. Our generator burned out. We got a second generator and that’s having problems. Power is a huge issue for us, with our freezers with storage and keeping things at the proper temperature for food safety and that kind of thing. It’s hard.

We’re struggling but we’re making it work.”

Mr Petrisko also expressed

concern over the inability to receive timely shipments from his suppliers, saying: “Goods are coming in. We are getting shipments of our things, but we are not getting stuff we ordered in; it’s not coming on time. Things used to be very regular and now it’s sporadic and it’s more difficult, but I expect that after a storm.

“I think it’s a problem with the logistics. Those companies are picking themselves off of their feet, too, and they are working hard to get themselves back to where they used to be. So it’s probably tough for them to get their stuff and everything in order so they can get our stuff in order for us. I guarantee your when we get power, and have 24 hours a day of regularity, that will change a lot for us.”

Mary Ann Albury, general manager of Joe’s Studio, told Tribune Business: “Things have been slow but thanks to Samaritan’s Purse and the Mennonites our recovery has been very steady and wonderful. We miss seeing them go, but as they are leaving it’s becoming very quiet.

“There is no power, we are just running a small generator because our generator quit. We did for a month after the storm, but since it quit we have not been able to get it started. We get updates from the powers that be here, and they are saying it could be another

month before they get power and that they are bringing transformers in.”

Ms Albury said she had been informed by Bahamas Power & Light (BPL) officials that they will lay cables “underground from the poles to the houses, but they didn’t have any transformers”. The utility also still has to do “cabling from Marsh Harbour and they have to splice it, so they are saying maybe another 30 days”.

Expressing her frustration, she said: “[This is] more than six months. Hurricane Floyd was only six weeks so you can’t compare this to Floyd any more. This is definitely worse than Floyd now.

“I wish we had seen more government involvement.

We did not see a bottle of water from government up here. The first responders were Spanish Wells. They came up with a barge, and a lot of supplies and generators and things like that, because it was payback for our help after Hurricane Andrew. They remembered and they were a big help.”

Ms Albury also complained about the inconsistent delivery of goods into Man-0-War Cay, adding: “There is a barge that comes.

Abacays (Carib Freight Management) is back up and running. They lost a lot of their barges; one overturned with all of the boats.”

PAGE 4, Tuesday, March 3, 2020

THE TRIBUNE

BAHAMAS AIRLIFT GIVES ‘TURNAROUND’ SIGNALS BAHAMIAN tourism executives have been told by key airline partners that the Nassau/Paradise Island route is showing signs of an early 2020 “turnaround” post-Hurricane Dorian.

The Ministry of Tourism & Aviation, along with private sector partners, received this feedback when they attended the Routes Americas 2020 conference recently in Indianapolis, USA. Officials present from the Ministry included Tyrone Sawyer, senior director of airlift development, and Faye Cash, general manager of airlift development.

The Bahamas team held in several 25-minute meetings every day with airline partners over a three-day period.

The meetings reviewed the performance of existing Bahamas routes to re-align strategies as necessary, and to explore how the performance of their flights

FROM left: Jan Knowles, VP marketing, Nassau Airport Development Company (NAD); Tyrone G Sawyer, senior director for airlift development, Ministry of Tourism & Aviation; Eugenia Cano, Copa Airlines airport operations; Jean Christian Arosemena, network planning, Copa Airlines; Faye Cash, general manager, airlift development, Ministry of Tourism & Aviation; Fred Lounsberry, chief executive, Nassau/Paradise Island Promotion Board.

FROM left: Tyrone G Sawyer, senior director, airlift development, Ministry of Tourism & Aviation; Christine “Chris” Kennedy, general manager – global partnerships/network planning, Delta Air Line; Faye Cash, general manager, airlift development, Ministry of Tourism.

can be improved.

One of the principal objectives was to gauge the impact of the Ministry’s advertising/PR campaigns to blunt the loss of business caused by the fall-out from Hurricane Dorian.

Some travellers believe that the entire Bahamas was

likes of American Airlines and Delta Airlines have been “holding the line” and maintaining year-over-year increases in non-stop air seats from their respective hubs of Miami, Charlotte and Atlanta.

Another key objective was to identify new

devastated, despite the fact that the storm impacted only Grand Bahama and Abaco.

This misperception, according to some airline partners, has affected airlift on the Nassau/Paradise Island route in the short-term. However, the

airlift development opportunities. The Bahamas team identified the Latin American market for renewed focus. In addition to Copa Airlines, which operates non-stop flights from Panama to Nassau, a high percentage of Latin American air arrivals to

The Bahamas connect through Miami on American Airlines.

A smaller percentage of air arrivals connect through Fort Lauderdale on United Airlines’ Code Share partner, Silver Airways, and through Delta Airlines via its Atlanta hub. The latter has broadened its footprint in Latin America through its partnership with LATAM Airlines.

This partnership will offer several non-stop flights per day from Coluombia, Ecuador and Peru to Miami, and The Bahamas is seeking to benefit from that to broaden its airlift base.

“Routes Americas 2020 was a very good opportunity to meet with existing partners to review existing routes, and ‘re-tool’ as needed,” said Mr Sawyer.

“We are very encouraged by the prospects for new non-stop airlift opportunities to The Bahamas from new markets.”

Bay Street’s ‘survival’ fears on Royal Caribbean PI deal FROM PAGE ONE yet to be answered. Not least is the fact that the

private properties that the cruise line has acquired are all residential, meaning that the area would have to be

re-zoned for commercial use under planning laws.

It is unlikely Royal Caribbean would have proceeded

without assurances this would happen.

Carl Bethel QC, the attorney general, also told this newspaper yesterday that allowing Royal Caribbean to have its own private Paradise Island destination is required to improve the cruise visitor experience in Nassau, and effectively represents a trade-off for the increased port and tourist fees that will finance Prince George Wharf’s $250m upgrade by Global Ports Holding.

However, this appears to directly contradict the strategy and rationale for embarking on the Nassau cruise port upgrade in the first place. It was billed as the catalyst for kick-starting the much-talked-about revival of Bay Street and the downtown Nassau area, improving the port’s competitiveness, enticing more passengers off the ships and improving visitor spending yields with local businesses.

This could all be

undermined if Royal Caribbean automatically directs, and takes, all its passengers to a destination that it controls on Paradise Island.

Apart from uncertainty over whether Bahamians would have access, the cruise lines typically dictate marks-ups, margins and pricing to any locally-owned businesses that operate in their private locations.

Royal Caribbean’s interest in having its own private destination in Nassau is thought to have been sparked by the success Atlantis has enjoyed in attracting cruise passengers to its water park on day passes. It now wants to retain all this income, and appears likely to end up competing directly with Bay Street and Bahamianowned businesses to achieve this.

Mr Griffin, meanwhile, said: “I thought they were saying it’s the people’s time, by the people, for the people. How could they allow Minnis to do something like this?

“When Frank Watson (former deputy prime minister under the Hubert Ingraham administration) was in charge he allowed the cruise company to not work with the Bahamas Taxi Cab Union. So it was happening from that time, and the cruise ship people have become more greedy.

“What are they leaving here? When the tourist comes here he spends $50, if he spends that much, and then he goes. But everything is spent on the cruise ship and spent on the little islands that they have because they own the shops,” he continued.

“They own everything, so why in the devil are we allowing them to come to The Bahamas in the first place if they are not helping the people? We have over 100 staff, we have to pay them every week and we still have to pay overhead expenses and all of that.

How can Minnis do something like that?”

Mr Griffin called for Royal Caribbean’s Paradise Island destination to

become “null and void”, adding: “The people should speak. The government is not recognising the people.

They are not recognising that power that they have belongs to the people and not them. They should come to the people. The people need to stand up. They need to go out there and they need to demonstrate against his government.”

Thomas Ajeeb, general manager of Caribbean Silver International, told Tribune Business: “Obviously if they [Royal Caribbean] are going to be redirecting traffic that will affect us greatly. As it is now things are tough, so imagine one full cruise line completely bypassing the harbour and going straight to Paradise Island.

“There will be those that want to take a taxi drive to the straw market, so that’s one saving grace, but that’s people who want to take the effort to come. Typically cruise ships have way of keeping their customers and they will discourage people from venturing outside. It’s going to negatively impact us.

“I don’t think they should have been allowed to buy a part of Paradise Island.

That’s huge against us. I’m not sure how that’s going to work once the new cruise port is renovated and up and running, but I am sure that the cruise port will have some special pull and influence over the cruise lines and they will still probably have them dock here for a day or two, but basically we will have to rely on the cruise port to support us in the meantime.”

Maria Culmer, general manager of Bahamas T-Shirt Company, told Tribune Business: “Any ship that is not being ported out here on Prince George Wharf will affect our business.

The government should address this publicly.

All of us need to eat, all of us are Bahamians, so all of us need to partake of all the cruise ships that come into the harbour. Not just Paradise Island.”

THE TRIBUNE

Minister: GB poised for six-fold visitor increase FROM PAGE ONE

if both the Carnival and ITM/Royal Caribbean projects are to succeed.

The minister revealed that the government was waiting on its current owners, Hutchison Port Holdings and the Grand Bahama Port Authority (GBPA), to decide their next steps and added of the former: “The ball is in their court.”

Still, pegging Holistica’s total investment at $300m, Mr D’Aguilar told this newspaper: “This is a double deal. This is huge.

This is monumental. On the one hand, we finally have light at the end of the tunnel for the Grand Lucayan.

“This property has largely been left to drift with no clear vision for the way forward. Today, the vision has been established. Holistica has purchased the property, and agreed to invest hundreds of millions of dollars in two phases. It’s $300m on the redevelopment of the hotel and creation of a water park, and the construction of a new cruise port with attractions down in Freeport Harbour.”

Mr D’Aguilar added that the Royal Caribbean/ ITM Group joint venture is aiming to bring an extra 2.5m visitors to Grand Bahama annually via a mix of cruise and air transportation. When combined with the one million additional passengers expected to visit Carnival’s Grand Port, he said this would generate a near six-fold boost to the island’s yearly arrivals.

“Grand Bahama currently has 600,000 coming here, which is going to go down with Hurricane Dorian,” Mr D’Aguilar told Tribune Business. “You couple this [ITM/Royal Caribbean] with the Carnival project, which is another one million passengers, and you’re adding 3.5m to 600,000.

“These two transactions, these projects the government has approved, really are the catalyst for the rebirth of tourism in Grand Bahama. It’s going to take time, going to take a lot of work, but now we’re hopeful and optimistic.

It will replace a lot of the

DPM: Coronavirus economic fall-out receiving scrutiny FROM PAGE ONE

2020 depending on the extent of the outbreak and how long it lasts.

“Expectations are that the domestic economy could post a flat outturn in 2020, with a recovery in 2021, as pre-Hurricane Dorian capacity is restored,” the Central Bank said. “Albeit new risks are present given the evolving conditions around the impact of the coronavirus global economic activity and travel.”

The Bahamas as a small, open economy that is heavily reliant on tourism is especially vulnerable to the coronavirus outbreak given that it welcomed 7.2 foreign visitors to its shores in 2019. It also imports virtually everything it consumes, making this nation especially susceptible to supply chain disruptions in developed nations.

Rupert Roberts, Super Value’s president, told this newspaper that had been “no hint” to-date of the coronavirus creating any issues for Bahamian food security and voiced optimism this will not become an issue.

“There’s been no hint of that, and we don’t have any fear that will happen. There’s nothing to be concerned about,” he told Tribune Business. “I called our major supplier and they don’t see any problem coming down the pipeline. There’s nothing that they see.”

Dionisio D’Aguilar, minister of tourism and aviation, said The Bahamas had been fortunate in that its two major tourism source markets - the US and Canada - had not been heavily hit by the coronavirus outbreak todate, although deaths in the

‘hoo-ha’ now that we have some clear plan to move forward.”

He added that yesterday’s outcome, which involved signing the Grand Lucayan sales documentation as well as the overall Heads of Agreement, more than justified the government’s much-attacked move to commit $65m of taxpayer funds to paying the full purchase demanded by Hutchison Whampoa for the hotel’s acquisition.

“I think it was absolutely the right decision,” Mr D’Aguilar said. “Had we not stepped in and allowed Hutchison Whampoa to close that hotel I think it would have been much more difficult to sell it onward to a purchaser with the credibility and financial wherewithal of Royal Caribbean and the ITM Group.

“While we would have incurred some operating losses holding on to the hotel, and one can always opine on whether the money invested was worth it, to us the longer term impact of the $300m investment and the 3,000 jobs created would far outweigh any any operating losses in the 18-24 months that we would have held that hotel.

“I don’t think anyone can negatively compare what we would have spent holding that hotel to the employment opportunities, direct and indirect, the effect on GDP, the increase in tax revenues we will receive from the 2.5m extra visitors that will descend on Grand Bahama. I don’t think anyone can believe for one minute that the benefits are outweighed by the costs,” he continued.

“We were right and they [the critics] were wrong.

We said it was worth taking the risk to buy the hotel with the intention of selling it onward at reasonable speed, and that’s exactly what we’ve done. It took 18 months but it was well worth the wait and one of the reasons for the delay was Hurricane Dorian, which threw everyone off track for three to four months.”

A review of the government’s so-called “fiscal snapshots” reveals that around $14.6m and $16.1m former nation started to rise yesterday.

He added that The Bahamas might even receive a boost as the Ministry of Tourism was receiving feedback that there was “keen interest” in this nation from meeting planners and event/ conference organisers who had been forced to cancel, or look for alternative locations, due to the virus’s impact in other parts of the world.

“Thankfully a lot of the worldwide drama has been centred in parts of the world from which we derive less than ten percent of our foreign visitors,” Mr D’Aguilar said. “Ninety-two percent of our foreign visitors come from the US and Canada.

“While there are some areas of concern, by and large in those two countries the extent of the virus has been relatively small and contained. That is the positive take away from what has transpired to-date.

“Now, is there the belief that it will spread further to those major sources of foreign visitors? Yes. We’re worried but we remain hopeful that the extent of the spread in those major source markets remains contained. There’s no doubt the coronavirus is having a substantial effect on travel in parts of the world where it’s emerged.”

Turning to the positive, Mr D’Aguilar added: “If The Bahamas and the Caribbean remain largely unaffected, people looking for alternative places to go - if they’re not going to hold a conference in Asia, and are not going to proceed - the Caribbean looks more attractive at this time.

“We’re getting feedback from the outreach by our Ministry of Tourism offices that there’s keen interest in The Bahamas because we have, by and large, not been impacted.”

was pumped into the Grand Lucayan during the 20182019 fiscal year, and the 2019-2020 first half, respectively with another $32.4m described as an “initial equity contribution”. The latter is likely to have been the first purchase instalment sent to Hutchison Whampoa, which was to be paid in stages.

Mr D’Aguilar declined to specify how much the government has spent on subsidising the Grand

Tuesday, March 3, 2020, PAGE 5 Lucayan’s operations, but the available data suggests that when the purchase price is factored in the total outlay is close to $100m.

He also revealed that the next step in determining Grand Bahama International Airport’s fate lies with its current owners rather than the government.

“Obviously the airport in Grand Bahama is a critical component of the revitalisation of the tourism industry on the island,” the minister told Tribune Business. “The redevelopment of the airport is a must.

“As to where we are in the negotiations, the government is waiting on the owner to decide on the way forward. The government does not own the airport

and the current owner, Hutchison Port Holdings, is making some critical decisions on how best to move forward. The ball is in their court on the next step.”

Tribune Business previously revealed that Hutchison and the GBPA had both agreed to accept $1 apiece for their respective 50 percent equity interest in the airport, which is a subsidiary of the airport. They would retain the proceeds of any Dorianrelated insurance payout, leaving the government to oversee the redevelopment.

The delay is thought to be linked to the wait for the insurance claim.

Mr D’Aguilar, meanwhile, said ITM Group/ Royal Caribbean’s plans

to expand Freeport Harbour through the addition of three extra cruise ship berths in the first phase - a number that could ultimately expand to seven - would attract other cruise lines who have never called on Grand Bahama before, such as Disney and Norwegian.

“You have the developers, ITM and Royal Caribbean, who are well funded, have a track record of success, and are likely to deliver on their promises,” the minister of tourism said. “These are what I call ‘Grade A’ investors. What they’re going to do is create a sense of optimism in the Grand Bahama economy, and cause other people to think about investing.”

PAGE 6, Tuesday, March 3, 2020

THE TRIBUNE

Nassau/PI hotels enjoy 18% room revenues growth FROM PAGE ONE $153.07, respectively. An analysis of the short-term rental data by island indicated that reductions in total room nights sold were led by the stormravaged Abaco market (32.1 percent)...

“In the New Providence market, bookings fell by 6.3 percent, underpinned by reductions of 6.7 percent for entire place bookings and 4.5 percent for hotel comparable listings. In Grand Bahama, entire place listings and hotel comparable listings declined by 5.1 percent and 2.9 percent, respectively,” the Central Bank added.

“Conversely, in Exuma, data for bookings varied, as room nights sold for entire place listings weakened by 5.7 percent, while room nights sold for hotel comparable grew by 10.4 percent.”

Turning to the arrivals figures, the Central Bank said January and December 2019 growth was down

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on prior year comparisons in Hurricane Dorian’s wake.

“The latest data provided by the Nassau Airport Development Company (NAD) showed that total departures from the country’s main airport for the month of January - net of domestic passengers - firmed by 6.1 percent, but was markedly lower than last year’s 22.1 percent growth,” the Central Bank said.

“Underlying this development, the dominant US component rose by six percent after the previous year’s 24.5 percent expansion. Further, non-US departures grew by 6.4 percent relative to an 11.1 percent gain a year earlier.”

Going back to December 2019, the Central Bank added: “Official data provided by the Ministry of Tourism revealed that total foreign arrivals for the month of December 2019 rose by 5.3 percent, but was below the ten percent growth recorded in the prior year.

“Specifically, the sea segment grew by 8.9 percent following a growth of 9.2 percent in 2018. In contrast, air arrivals declined by 6.9 percent, a reversal from a 12.7 percent expansion a year earlier.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JOHNNIE HERARD LOUISSAINT of John Ally off Dowdswell Street, Nassau, Bahamas, intend to change my name to JOHNNIE HERARD. 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.

PRIOR to the start of the Heads of Agreement Signing Ceremony at the Grand Lucayan yesterday, Prime Minister Dr Hubert Minnis and Minister of Tourism & Aviation, Dionisio D’Aguilar, met with officials of Royal Caribbean International and Bahamas Port Holdings, the group purchasing the hotel. Pictured from left: Rev Dr Robert Lockhart, president of the Grand Bahama Christian Council; Robert Shamosh, CEO, Holistica Destinations; Michael Bayley, president and CEO, Royal Caribbean International; Prime Minister Minnis; Minister D’Aguilar; Mauricio Hamui, CEO, ITM; and Minister of State for Grand Bahama, Senator J Kwasi Thompson.

Photo: Yontalay Bowe/BIS

Govt earns ‘$50m net’ from Lucayan disposal FROM PAGE ONE “They’re left with egg on their face because they contributed to this legacy of failure, this pall of doom that has overshadowed the island for so long,” he said of the Government’s political opponents following yesterday’s Heads of Agreement and resort sale documentation with Holistica and its partners.

Describing the signing ceremony as “the end of the beginning” for the Grand Lucayan and Grand Bahama’s wider tourism industry, Mr Scott added: “If I could be prophetic I would say this signals a new dawn in Grand Bahama.

“Grand Bahama has been a field of broken dreams.

There has been, on this little island, a legacy of failure that stretches back into previous administrations.

This is the first step in the right direction to redressing this balance, and for Grand Bahama to come

into its own and achieve the potential for which it was designed.”

Other Freeport-based hoteliers also hailed yesterday’s signing for a project billed as creating 3,000 fulltime jobs, both direct and indirect, via a $300m total investment covering both the resort and the harbour.

Magnus Alnebeck, the Pelican Bay Resort’s general manager, told Tribune Business that while the construction phase for the ITM Group/Royal Caribbean project was likely to take just over 20 months any increased employment and income circulation will benefit an economy that has “hit rock bottom”.

He added: “Any economic activity in Grand Bahama at this present time is good. We have really hit rock bottom. Anything that starts happening now, and putting money into circulation, is good and really needed. Hopefully this [signing] will have the effect of helping the airport get

sorted out as well. It’s a very good day for Freeport. We have time to sort the airport out and get everything in place.”

Mr Scott, meanwhile, said the real “game changer” in the ITM Group/Royal Caribbean project is the creation of an aquatic, water-based adventure theme park along with harbour village-style amenities at the expanded cruise port.

With visitors set to come by both sea and air, he added: “You have all these components that make the deal a game changer and a win-win for all. They are going to cater to many different markets - from the young market to the old market to the middle class market. There will be something in it for everybody.”

Mr Scott said part of the Grand Lucayan hotel complex will remain open during the construction phase. He added that some of the existing structures will be demolished, while others will be remodelled,

refurbished and rebuilt.

He added that the Government-appointed Grand Lucayan Board will remain in place in an oversight role to ensure that the developers deliver on what they have promised.

“It’s up to us on the Board to exercise our collective skills to police this, and do due diligence to ensure what is promised is delivered,” Mr Scott told Tribune Business. “We have a residual role to police this to ensure it is carried out in the best interests of Grand Bahama and, by extension, the entire Bahamas.”

Dionisio D’Aguilar, minister of tourism and aviation, yesterday said the Heads of Agreement makes provision for the developer to offer small business loans, and ensure that the project’s retail, restaurant and transportation aspects are provided by Bahamians.

The developer has also pledged to use Bahamian artwork and cuisine.

THE TRIBUNE

Tuesday, March 3, 2020, PAGE 7

NOTICE NOTICE is hereby given that NICOLE GUILLAUME of Wulf Road, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25st day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE PRESIDENT of the European Central Bank Christine Lagarde addresses an event to launch the private finance agenda for the 2020 United Nations Climate Change Conference COP26 at Guildhall in London, Thursday Feb 27, 2020. The 2020 United Nations Climate Change Conference COP26 will be hosted in Glasgow from November 9 - November 19, 2020 under the presidency of the UK. Photo: Tolga Akmen/AP

ECB’S LAGARDE: ‘READY TO TAKE TARGETED ACTION’ ON ECONOMY FRANKFURT Associated Press THE head of the European Central Bank said yesterday that Europe’s top monetary authority is ready to take “appropriate and targeted measures” if necessary to support the economy against the headwinds from the new coronavirus.

Christine Lagarde said in a statement that the virus “is a fast developing situation which creates risks for the economic outlook”.

She said the bank would

COALITION OF BUSINESSES UNITE AGAINST SALES TAX EXPANSION ANNAPOLIS Associated Press A COALITION of Maryland businesses came together yesterday to oppose a measure to expand the sales tax to cover most professional services, a proposal that would raise an estimated $2.9bn to pay for a comprehensive plan to improve K-12 education.

closely monitor developments and act “as necessary and commensurate with the underlying risks”.

Lagarde’s remarks come as stock markets have risen in the US on speculation that central banks may step in with action to support the global economy against the disruption caused by the spread of the virus. That is the case even though some economists think central bank action might only have symbolic value, since lower interest rates cannot reopen businesses that have been closed to prevent the

spread of the virus. Lower rates can boost stocks, however, and might be used to prevent turmoil on equity markets from spilling over to the wider economy.

The ECB has less room to cut than the US Federal Reserve. The Frankfurt, Germany based central bank for the 19 countries that use the euro has already cut a key benchmark, its deposit rate, into negative territory. It stands at minus 0.5 percent. The ECB is also purchasing bonds with newly printed money in an effort to support tepid growth and

raise inflation toward more normal levels, the bank’s chief mandate.

While Lagarde said the ECB was ready to act, she also hedged by saying that any action would be “commensurate with the underlying risks”.

The US Dow Jones index jumped 1,300 points or around 5%. The huge gains clawed back some of the ground lost in a massive sell-off that gave stocks their worst week since the financial crisis of 2008.

The ECB holds its next rate-setting meeting on March 12.

Christine Ross, president of the Maryland Chamber of Commerce, said the widening of the sales tax would discourage companies from expanding or relocating to the state. She also noted that states neighbouring Maryland do not apply a sales tax as broadly.

“The chamber stands here today as a member of this concerned coalition of 29 statewide organisations who understand the devastating impact (the bill) will have on Marylanders, the small businesses community and our state’s economy,” Ross said.

The measure, which would take effect next year, would cut the sales tax rate from 6% to 5%. However, by extending the sales tax to cover services, the state would raise an additional $2.9bn in fiscal

year 2025.

Some exemptions would be kept for food, medicine, medical services, educational and social services and nonprofits.

Del Eric Luedtke, the measure’s lead sponsor, said the proposal is aimed at addressing an economic trend with consumption patterns shifting more to the purchase of services, rather than goods.

He also said discussions going forward could exempt more services from being affected, or lowering the rate even further.

“We need to make sure that every kid in the state of Maryland has access to a great education,” Luedtke, a Montgomery County Democrat and former teacher, said.

“I think this is one option, only one option, but an option for how we get there.”

A separate measure, sponsored by Del Lorig Charkoudian, would extend the sales tax to about a dozen services that are used mostly by wealthy residents, such as marina services, country club memberships and lobbying.

“The goal is to add more revenue without putting more burden on working class families,” Charkoudian, a Montgomery County Democrat, said.

Republican Gov Larry Hogan has vowed to oppose a major tax hike.

NOTICE is hereby given that CINDY AMISCA of Miami Street, 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 3nd day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TIFFANY GIBSON of Nassau, Bahamas, parent of TANYAH GIBSON a minor intend to change my child’s name to TANYAH CORNISH. 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.

Maintenance Technician Needed to service and repair washers, dryers, heaters, and boilers.

• Must have strong work ethics and at least 5 years experience.

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PAGE 8, Tuesday, March 3, 2020

THE TRIBUNE

Jack Welch, the GE chief who became a superstar, has died BOSTON Associated Press JACK Welch, who transformed General Electric Co into a highly profitable multinational conglomerate and parlayed his legendary business acumen into a retirement career as a corporate leadership guru, has died. He was 84.

His death was confirmed yesterday by GE. The cause of death was renal failure, his wife Suzy told The New York Times.

Welch became one of the nation’s most well-known and highly regarded corporate leaders during his two decades as GE’s chairman and chief executive, from 1981 to 2001. He personified the so-called “cult of the CEO” during the late-1990s boom, when GE’s soaring stock price made it the most valuable company in the world.

A chemical engineer by training, Welch transformed the company from a maker of appliances and light bulbs into an industrial and financial services powerhouse.

During his tenure, GE’s revenue grew nearly fivefold, and the firm’s market capitalisation increased 30-fold.

Welch’s results-driven management approach and hands-on style were credited with helping GE turn a financial corner, although some of the success came at the expense of thousands of employees who lost their jobs in Welch’s relentless efforts to cut costs and rid GE of unprofitable businesses.

Business success and outspokenness brought him wide fame.

In 1999, Fortune magazine named Welch as its “Manager of the Century”.

For his first book, “Jack: Straight From the Gut,” Welch received a $7.1m advance. Although released on the very morning of the Sept 11, 2001 attacks, the book became a best-seller, and led to frequent speaking

FORMER Chairman and CEO of General Electric Jack Welch.

Welch, who transformed General Electric Co into a highly profitable multinational conglomerate and parlayed his legendary business acumen into a retirement career as a corporate leadership guru, has died at the age of 84.

Photo: Richard Drew/AP engagements where he took his candour on stage.

“From the day I joined GE to the day I was named CEO, 20 years later, my bosses cautioned me about my candour,” Welch wrote in “Straight from the Gut”. “I was labeled abrasive and consistently warned my candour would soon get in the way of my career ... and I’m telling you that it was candour that helped make it work.”

Welch did not slow down after leaving GE. He became a senior advisor with private equity firm Clayton, Dubilier & Rice in 2001. He also taught a course on business leadership at MIT’s Sloan School of Management in 2006. In 2009, Welch founded the Jack Welch Management Institute, an online MBA program that is now part of Strayer University.

While Welch was known for being hypercompetitive, he also stressed giving everyone a fair shake.

In the 2005 book, “Winning”, Welch wrote that he would like to be remembered “as a huge advocate of candor and meritocracy, and believing everyone deserves a chance. And I’d like to be remembered for trying to make the case that you

can never let yourself be a victim.”

Along with Welch’s fame came greater scrutiny. Welch found himself defending his retirement compensation.

Amid a wave of corporate scandals, details of Welch’s GE perks emerged in court papers during his 2002 divorce from his wife of 13 years, Jane Beasley. He received millions of dollars in benefits, including unlimited personal use of GE’s planes, office space and financial services.

After the perks became public, Welch reimbursed the company for many of them, and paid for use of aircraft and other services.

His first marriage, to Carolyn Osburn, ended amicably in divorce after 28 years in 1987. Plans for his second divorce were disclosed shortly after Harvard Business Review editor Suzy Wetlaufer revealed she had become romantically involved with Welch while working on a story about him.

Welch didn’t blame the media for the attention the affair generated.

“Christ, if I was a journalist, I’d write a scandalous story,” Welch told the CBS television news magazine “60

Minutes” in a 2005 interview.

“I mean, it’s a good story, but I don’t care. I fell in love.”

Wetlaufer resigned the Harvard editing post in 2002 because of a furor caused by her relationship with Welch. In a January 2012 interview with CNN’s Piers Morgan, when asked how he persuaded Wetlaufer to marry him, Welch replied, “My charm and probably my wallet.”

“We had a little scandal at the beginning,” he continued.

“And it’s been the greatest ten years of our lives.”

The couple wrote a regular column, called “The Welch Way”, in Business Week magazine for four years.

They also wrote management books, including “Winning” in 2005.

The Welches resumed writing a regular column in 2012, this time for Reuters. They used the column to dole out advice for business and political figures, including Facebook CEO Mark Zuckerberg and GOP presidential candidate Mitt Romney, whom they supported.

Welch was also active on Twitter, where he opined on everything from politics to business to sports and had 1.4 million followers.

Some of those opinions generated controversy.

He questioned a monthly jobs report in October 2012 that showed the unemployment rate had fallen below 8% for the first time in three and a half years. The report came two days after President Barack Obama had performed poorly in his first debate with Romney and a month before the election.

“Unbelievable jobs numbers,” he tweeted. “These Chicago guys will do anything...can’t debate so change numbers.”

Obama hailed from Chicago. While some Republican members of Congress echoed his views, his criticism was mostly derided by economists and by former Labor

MARKET REPORT www.bisxbahamas.com

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MONDAY, 2 MARCH 2020

ALL SHARE INDEX: CLOSE: 2,211.22 | CHG: 0.39 | %CHG: 0.02 | YTD: -20.38 | YTD%: -0.91 52WK LOW 3.35 20.91 5.50 5.38 1.77 0.67 2.00 9.91 5.60 3.95 6.10 2.53 1.76 8.00 6.40 14.00 6.80 3.01 13.85

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 3.50 17.43 6.00 6.68 2.10 1.62 3.21 11.61 6.00 4.32 6.10 3.23 5.06 10.31 8.00 15.08 9.33 3.87 15.20

CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.21 11.61 6.00 4.32 6.10 3.45 5.06 10.54 8.00 15.08 9.33 3.87 15.20

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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

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 14.6 18.7 N/M 18.1 N/M N/M -7.3 16.1 13.4 23.5 43.6 33.8 10.8 16.3 11.0 18.5 9.9 19.1 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 4.86% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.78% 0.00% 12.58% 1.19% 3.11% 3.00% 3.58% 2.14% 3.10% 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% 0.37% 3.81% 0.24% 4.38% 0.23% 2.75% 5.76% 5.76% 12.81% 12.81% 0.58% 4.04% -1.09% 5.26% 0.22% 4.45% 2.29% 9.61% 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-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019

MUTUAL FUNDS 52WK HI 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.67 1.83 1.76 1.23 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 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

MARKET TERMS

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

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

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

including the NBC television network. The deal energised GE, which made hundreds more acquisitions as the company moved aggressively into financial services, medical equipment and jet engines.

One of Welch’s greatest accomplishments, his supporters say, is the talent GE has created by placing a premium on developing leaders. Many former GE executives now lead Fortune 500 companies.

Among the leaders Welch groomed was his GE successor, Jeffrey Immelt. Welch has written that picking his successor leading up to the 2001 leadership transition was the most important and agonizing decision he ever made.

In April 2008, Immelt became the target of Welch’s blunt talk when GE missed a quarterly earnings target, a month after Immelt had promised investors the company would meet its goals.

The disappointment sent GE shares down nearly 13% in a single day, prompting Welch to say that he would “get a gun out and shoot” Immelt if he allowed GE to miss earnings targets again.

After making the comment on CNBC, Welch went back on the GE-owned cable station the next day to renounce his harsh talk, saying, “Nothing, nothing, nothing is as disgusting to me as some old CEO chirping away about how things aren’t as good under the new guy as they were under him.”

“From the first day I joined GE, I felt like I worked for Jack Welch, and that was all right by me,” Immelt said yesterday. “He was a brilliant, aspirational leader.

Jack was always direct, but his frankness was appealing and effective. His informality and accessibility made GE a team -- we all loved working for him because he wanted the people around him to succeed. Jack was the best boss I have ever seen. God bless him and his family.”

He is survived by his third wife, Suzy Welch, and four children from his first marriage.

NOTICE

(242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.75 3.64 5.10 10.88 8.00 16.99 9.40 3.87 15.20

Department officials from the Bush administration, who vouched for the accuracy of the data.

In his writing and speaking, Welch shared the wisdom he gained in a GE career that began right after he left grad school. He quickly climbed the ranks, and became the company’s youngest chairman and CEO in 1981, at age 45.

Welch quickly shook up GE, laying off tens of thousands of employees in his first five years. That earned him the unwanted nickname “Neutron Jack”, after the nuclear weapon that kills people but leaves buildings largely intact. Welch bristled at the name, insisting that successful companies needed to be agile.

But the nickname stuck, and was used by President Donald Trump in a tweet yesterday.

Welch also divested GE of billions of dollars in businesses that didn’t live up to his mantra that they be No 1 or 2 in their markets. The early moves dismantled GE’s bureaucracy and eliminated many layers of reporting relationships.

“He’s quick on the trigger — sometimes too quick,” Noel Tichy, the author of a 1993 book on Welch and a former leader of GE’s vaunted training programmes, said in 2001. “He’ll make snap judgments. He’s a human being that has temper tantrums.

“With all that, I think he’s the greatest business leader I ever met,” Tichy said.

And Welch freely acknowledged his mistakes.

One was Calma, a computer design firm that GE bought in 1981. The company wound up losing $50m annually until GE sold it in 1988.

Welch delayed his retirement for one last bold move, a $41bn bid to buy Honeywell International.

Welch predicted easy government approval for the largest acquisition GE had ever attempted, but European regulators rejected the deal as bad for competition.

In 1986, Welch made one of his boldest moves, a $6.4bn acquisition of RCA,

30-Sep-2019 30-Sep-2019 30-Sep-2019

NOTICE is hereby given that MAXINE MYA BAPTISTE of Bacardi Road, P.O.Box SB-50029 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 3nd day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that DOROTHY LOMOND PHILIPPE of Deans Lane off Nassau Street, P.O.Box GT-2557 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 3nd day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that MARVIN LUBIN 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 25st day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.