03252019 BUSINESS

business@tribunemedia.net

MONDAY, MARCH 25, 2019

$4.40 Lucayan managers in new ‘reasonable’ proposal to govt

OBIE FERGUSON

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Lucayan’s managerial union is seeking a ministerial meeting early this week after submitting a “reasonable” offer to resolve the long-running payout impasse.

Obie Ferguson, the Bahamas Hotel Managerial Association’s (BHMA) president and chief negotiator, told Tribune Business it had sent a new proposal to Dionisio D’Aguilar, minister of tourism and aviation, on Thursday after the two sides met last Monday.

Suggesting that there was “a willingness to resolve” the seven-month dispute among both parties, Mr Ferguson said he and the BHMA expected to receive a formal response from the minister early this week.

Revealing that the union would then seek to meet again with Mr D’Aguilar, the BHMA president added

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE government last night said it “recognised the merits” of reform after the IMF revealed The Bahamas’ last US$750m sovereign bond issue did not meet evolving global standards.

KP Turnquest, deputy prime minister, told Tribune Business in a messaged response that the Minnis administration planned to take up the matter with its “legal advisers” to ensure the concerns raised by the International Monetary Fund (IMF) were “considered” in the government’s future international bond issues.

He spoke out after the fund, in a paper published last Thursday, revealed that The Bahamas was one of just five nations not to include “enhanced collective action clauses” or CACs in sovereign bond issues since late September 2017. Such clauses were

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

STEPHEN BEREAUX of its New Providence and Family Island customers installing the same equipment at the centre of the ongoing controversy in Grand Bahama.

SEE PAGE 5

Ex-Bahamas CEO defeats $2m asset freeze reimposition

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Bahamasbased chief executive, accused by his ex-employer of taking $2m in unauthorised payments and expenses, has successfully resisted the reimposition of an asset freeze.

The Court of Appeal, upholding an earlier verdict

by Supreme Court Justice Ian Winder, found that Blue Planet Group had failed to make a “full, fair and frank disclosure” of all material facts relating to its bid to freeze all William Downie’s

$4.72

Bahamas $750m bond missed global standard

Regulators warn BPL: Be ‘fair’ in your probe REGULATORS have warned Bahamas Power & Light (BPL) to be “fair, transparent and nondiscriminatory” over any probe into whether its customers are using “fake energy saving devices”.

Stephen Bereaux, the Utilities Regulation and Competition Authority’s (URCA) chief executive, yesterday told Tribune Business it will be “monitoring” BPL’s investigation into whether it has sustained financial losses as a result

$4.42

Bahamas-based assets.

Blue Planet, whose website describes it as a “multinational vertically-integrated water purification group”, with an office at Building No 6 at Caves Village in western New Providence, had obtained a Mareva injunction to prevent the sale of Mr Downie’s Albany home and freeze bank accounts belonging to himself and his wide at CIBC FirstCaribbean International Bank (Bahamas).

That injunction, obtained at a February 22, 2017, hearing before Justice Winder

SEE PAGE 6

BAIC warning to tenants: ‘Put your house in order’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

omitted from the $750m US$ bond issue placed by The Bahamas in late 2017.

“Only a few issuers are not following the market trend,” the IMF revealed.

“From end-September 2017 to end-October 2018, these issuers were The Bahamas and Lebanon under New York law, and Azerbaijan, Macedonia and Poland under English law.”

The fund’s paper added that, of 510 international sovereign bond issues worth a collective $620bn since October 1, 2014, some 88 percent contained enhanced CACs. “From end-September 2017 to end-October 2018, only 8 percent of issuances did not include enhanced CACs,” it said.

The Bahamas is included in the latter group, and Mr

THE Bahamas Agricultural & Industrial Corporation (BAIC) has warned delinquent tenants to “get their house in order”, its chairman noting that several businesses had been evicted over the past year.

Bishop Gregory Collie, BAIC’s newly-appointed chairman, said: “This new board we have has placed a serious focus on our real estate inventory. Those persons who remain delinquent, I can send out a warning now that they need to get their house in order. If not, BAIC will do what it needs to ensure that they are compliant with their leases.”

He continued: “We have over the past year revoked a number of tenants who were delinquent. We’re in the process of allowing those delinquent tenants to bring their accounts to order. We are accepting new applications for those vacant lots and buildings that we have.

We intend to have the entire park occupied.

“It does the corporation no good, nor does it help

SEE PAGE 3

SEE PAGE 3

• IMF: One of few not on ‘market trend’ • DPM responds: ‘We have taken note’ • Has ‘merit’, will look at it for future raises

DEPUTY PRIME MINISTER KP TURNQUEST

$4.45

PAGE 2, Monday, March 25, 2019

THE TRIBUNE

Tourism must ‘continuously TRIPARTITE COUNCIL IN up its game’, minister urges ‘AGGRESSIVE’ AGENDA A CABINET minister has called on the Bahamian tourism industry to “continuously up its game” following its recordbreaking visitor arrivals performance in 2018.

“In our tourism endeavour, we are guided by a powerful mantra: ‘It’s Better in The Bahamas’,” Dionisio D’Aguilar, minister of tourism and aviation, said. “More so than describing a current state of reality, this mantra is aspirational - urging, propelling, each of us ever onward to improve the tourism product so that it indeed becomes better in The Bahamas, and The Bahamas becomes the go-to place of rejuvenation for travellers the world over.

“Let us collectively commit to continuously up our game so that The Bahamas becomes a place that those of us call home can have a better, more equitable life, and a greater stake in an industry to which twothirds of our population gives its labour and energy.”

Mr D’Aguilar’s comments came as he announced tourism’s record-breaking 2018 performance. He said all indicators project that the upward trend will

DIONISIO D’AGUILAR, minister of tourism and aviation, at a press conference on March 20, 2019 at the ministry’s offices. Photo: Kemuel Stubbs/BIS continue throughout 2019, and applauded “Team Tourism” for the role their collective efforts played in ensuring a record-breaking year.

“Tourism is a team effort.

Ours is an all-encompassing team that includes me, the minister of tourism and aviation, and my tourism team throughout The Bahamas and overseas,” Mr D’Aguilar added, “our promotion boards, our hotels, large and small, our contracted marketing and

advertising agencies, cruise operators, airlines, our network of travel professionals, every local tourism-related operation, each and every Bahamian who works in the industry throughout the length and breadth of The Bahamas.

“As the chief executive leading the tourism enterprise, it gives me great pleasure and pride this afternoon to report that in 2018 our collective effort has yielded results that are record-breaking. Our

tourism numbers are up by 16.9 percent. All indicators project that this trend will continue throughout 2019.

It will take all of us, united in effort and purpose, to sustain the growth in tourism that we have achieved over the past 12 months.”

Mr D’Aguilar said the industry’s record-breaking performance in foreign air and sea visitor arrivals to The Bahamas can be attributed to the collective efforts of the public and private sectors, and the successful elevation of the awareness and visibility of The Bahamas’ brand that was achieved via the use of a robust marketing strategy.

The Bahamas received far more visitors to its shores in 2018 - 6.6m - than in any previous year in its “entire history of being engaged” in the tourism business. The increase in 2018 was experienced nationwide - Nassau/ Paradise Island, Grand Bahama and in the major Family Islands.

Mr D’Aguilar also announced that the major hotels on Nassau and Paradise Island recorded a 34 percent increase in room revenues during 2018, gains not experienced in the past ten years.

A CABINET minister has described the 16 projects in the National Tripartite Council’s strategic plan to improve workplace relations as “aggressive and ambitious”.

Senator Dion Foulkes, pictured, minister of labour, addressing the council’s recent general assembly, said its top priority was the development and passage of national productivity legislation something he described as “critical to the future economic growth of The Bahamas”.

“This initiative is the number one priority of the National Tripartite Council, and critical to the future economic growth of the Bahamian economy,” he said. “The transformation of the Industrial Tribunal is another exciting project of the council, and is vital to the restoration of confidence in the nation’s dispute resolution system.

“Labelled as innovative and transformative, the Tribunal project will need advice and input from other stakeholders outside the traditional social partners to be successful.”

The National Tripartite Council proposes to

convert the Tribunal into the industrial side of the Supreme Court. It is holding a workshop on April 5 to review the current legislation for achieving this transition, and to establish the rules for the new forum.

Featuring representatives from the trade unions, private sector and the government, the National Tripartite Council was created to act as a forum for resolving all workplace, industrial relations and labour matters.

“In addition to the approximate 16 projects emanating out of the National Tripartite Council’s strategic plan, I am told that council members will, over the next few months, also have a renewed focus on the Dispute Resolution Protocol,” Mr Foulkes said.

“This mechanism, which is designed for urgent intervention by National Tripartite Council executives to discuss and resolve disputes that may have national implications, has proven to be successful and has resulted in two new collective bargaining agreements being executed and the settlement of a number of long-standing issues.”

THE TRIBUNE

Monday, March 25, 2019, PAGE 3

BAIC CHAIR’S PLEDGE TO ‘STEP UP OUR GAME’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Agricultural & Industrial Corporation (BAIC) has not been as “visible and impactful” as it ought to be, its newly-appointed chairman has admitted, pledging: “We will be stepping up our game.”

Bishop Gregory Collie

said BAIC, which serves as the Ministry of Agriculture and Marine Resources’ business arm, is not solely focused on agriculture.

“I think that BAIC over the years has not been as visible and impactful as we ought to be,” he added. “We’re not only involved in agricultural development. As the business arm of the

Ministry of Agriculture and Marine Resources we have a greater responsibility to the overall economic development of the country.

“Going forward you will see that we will be stepping up our game in that regard.

We hope to provide more training and linkages for persons seeking financing, business plans and other things to ensure that for

entrepreneurs who wish to establish a business we will be here for them to get started.

“We’re not only involved or focused on agriculture; we’re multi-faceted. We have at our disposal a very large real estate holding for those who may have the need. We will concentrate all of our efforts and expertise to ensure that we bring about food

security and economic development.”

BAIC, in conjunction with the Ministry of Housing and Environment and the Bahamas Telecommunications Company (BTC), held a farmers market over the weekend.

“We intend to take the market to the various Family Islands. We are on a daily basis searching for markets not only within

The Bahamas but outside The Bahamas,” said Bishop Collie.

“We need to get our farmers to produce more.

I can tell you that on a Saturday, if you get to the farmers market by 10am11am, they’re sold out. We can’t get enough produce to keep it going. We’re encouraging our farmers to return to the farm. We need to produce more.”

‘Lax’ building practices link to storm damage A LARGE number of hurricane-damaged homes are built by construction companies that fail to comply with The Bahamas’ building code, a government official has said.

Iram Lewis, parliamentary secretary in the Ministry of Public Works, revealed that much of the government’s post-hurricane resources were being consumed by roof repairs to homes that were either not insured or under-insured.

A large percentage of these homes, he added, are built by construction companies that do not adhere to the building code either through lack of knowledge or absence of government compliance requirements.

“Categorically speaking, the housing sector is one of the major areas that is often severely affected by these natural disasters. Not only because of the havoc caused on the housing sector but the mental and economic havoc,” Mr Lewis said.

He was speaking at a one-day workshop for contractors to assist them in improving construction practices, staged last Thursday by the Ministry of Public Works and the Caribbean Development Bank.

Held under the theme, Partnering to provide hurricane resilient housing throughout The Bahamas, the workshop’s objective was to educate and train artisans, small contractors

CONSTRUCTION WORKSHOP – Contractors were hosted to a one-day National Contractor’s Workshop on Thursday, March 21, at the Bahamas Public Service Union Hall. Photo: Lisa Davis/BIS and building inspectors on various techniques, industry standards, best practices and products so that homes are constructed to withstand up to Category 5 hurricanes.

Mr Lewis said: “As you are aware, in The Bahamas we are increasingly experiencing stronger hurricane force winds, high sea surges and even tornadoes that have the capacity to cause major damage to homes, especially those not built up to building code standard, which as a result can in some cases lead to loss of lives.”

He urged workshop participants to obtain as much information as possible and, more importantly, implement this in their building practices.

“It is important that you understand that this workshop training is not intended to replace our building code

standard, which incidentally is one of the strongest in the Caribbean, but rather to heighten its awareness and improve areas where we have become lax,” Mr Lewis explained.

“Knowledge is power, and we aim to empower you today with the knowledge and skills to equip you in the field of construction in order that you may remain current in the construction industry.

“In order to offset some of the challenges small countries in the Caribbean region face as a result of hurricanes, it is vitally important that you not only recognise the damaging effects of the increase in climate change but also plan to construct more resilient type housing that would be sustainable to meet the various challenges throughout The Bahamas.”

Bahamas $750m bond missed global standard FROM PAGE ONE Turnquest confirmed that the Ministry of Finance had “taken note” of a clause that is designed to make it easier for countries to restructure their debt should the need arise.

CACs are designed to make it more difficult for one, or a small group of creditors, to “hold out” and prevent a country restructuring its national debt on more beneficial terms by refusing to sign off unless they receive payment in full.

Countries such as Argentina have fallen victim to such practices, and the current CAC standard overseen by the IMF allows a government to modify the terms of a particular bond or debt instrument once the restructuring receives support from creditors collectively holding 75 percent of the issue in question.

The standard also includes a simpler, more efficient voting mechanism for creditors to vote their acceptance or rejection, meaning CACs are designed as a tool to make debt restructurings easier for all countries.

“The Ministry of Finance has taken note of the IMF’s report on the inclusion of

enhanced contractual provisions in international sovereign bond contracts,” Mr Turnquest told Tribune Business.

“The government recognises the merits for the inclusion of super-majority provisions and modified clauses relative to how much one creditor is paid versus another.

“As we have witnessed in many sovereign debt restructuring exercises, which have given rise to these proposals, such exercises could be very protracted and disruptive at a time when a country is under severe fiscal pressures and can least afford additional ones.”

Confirming that the government had taken heed of the IMF’s conclusions, Mr Turnquest added: “While we are committed to pursuing sound fiscal management that would make debt restructuring a remote possibility, these recommended provisions are reasonable from the standpoint of mitigating fiscal risks.

“Therefore we will be speaking with our legal advisors to ensure that these developments, which are receiving increased uptake in the sovereign bond market, are considered in future issuances.”

BAIC warning to tenants: ‘Put your house in order’ FROM PAGE ONE the country’s economic situation, to have them vacant.

Those who have the ability and desire to carry on business, we encourage them to

come to BAIC and we will see how to assist them.”

According to Bishop Collie, the Soldier Road Industrial Park has about 14 tenants, while the Gladstone Road Park has roughly 25.

The IMF’s findings apply only to sovereign bond issued deemed to be “international” in nature, meaning that they are guaranteed by foreign law.

The Bahamas’ last $750m bond issue was guaranteed under New York law, not Bahamian.

PAGE 4, Monday, March 25, 2019

THE TRIBUNE

LUCAYAN MANAGERS IN NEW ‘REASONABLE’ PROPOSAL TO GOVT FROM PAGE ONE that “it’s in the best interests of both sides” to settle the voluntary separation packages (VSEP) terms and benefits - especially with the government’s selection of a preferred bidder for the Grand Lucayan thought to be imminent.

Tribune Business sources, speaking on condition of anonymity, suggested that the Board of Lucayan Renewal Holdings - the government-owned special purpose vehicle (SPV) that owns the Grand Lucayan was due to meet on Friday to discuss the preferred bidder recommendations submitted by Colliers, the Canadian-headquartered real estate firm that was administering the resort’s sale process.

Michael Scott, the Lucayan Renewal Holdings chairman, previously told this newspaper that he

THE GRAND LUCAYAN PROPERTY had set end-March 2019 as the deadline for identifying a preferred bidder and submitting its recommendations to the government - a timeline that will be hit by the end of next week.

While no details have been forthcoming on the board meeting’s outcome, multiple Tribune Business sources expect that the ITM/Royal Caribbean

joint venture will likely be selected as the preferred bidder.

The Mexican port developer and cruise line are proposing to transform the Grand Lucayan, and the surrounding area, as well as Freeport Harbour into a destination product using water-based adventure theme parks. Both sides bring considerable

expertise and development resources, with Royal Caribbean adding an extremely large customer base to the mix.

But, with around 90 of the BHMA’s 114 Grand Lucayan members willing to accept the VSEP packages if the terms are right, Mr Ferguson said those involved were becoming increasingly anxious to reach a settlement with the government so they could move on with their lives.

“I’m waiting on a reply from the minister,” he told Tribune Business. “I put forward a position to him, and we’re waiting to hear back from the minister of tourism. I’m satisfied that something will happen. I think I would hear from him early next week.

“We had a meeting with the minister of tourism on Monday, March 18, where he put forward his understanding as to the whole thing and we gave an undertaking we would go back and look at our numbers. He indicated he would do what he had to do from his side, and we wrote him a letter yesterday [Thursday] outlining what we consider reasonable.”

Negotiations between the BHMA, and Lucayan Renewal Holdings/the government, have become contentious on several occasions with the latter arguing that there is simply no more money available for VSEPs due to its desire to minimise taxpayer exposure.

Mr D’Aguilar told Tribune Business on March 14 that the Government was not increasing the total value of its payout offer beyond $3.1m-$3.2m.

The BHMA is demanding $5.5m, a figure that includes the retirement annuity, leaving them some $2.4m apart.

But, adopting a far more conciliatory tone, Mr Ferguson told this newspaper that the BHMA will seek “a meeting early next [this] week” with the minister in a bid “to see if we can’t put

this behind us”.

Declining to reveal specifics on the BHMA’s latest proposal, he added: “My concern is trying to resolve it amicably, and certainly in the interests of the members, but also the company.

“We are exchanging communications with a view to having it resolved. I feel very certain that it’s in the best interests of both sides to resolve it.”

Mr Ferguson said the BHMA’s Grand Lucayan members, especially those wanting to take the VSEPs and leave, were becoming increasingly anxious and frustrated by the contentious negotiations and wait to have the matter resolved.

With future plans and financial well-being on hold, the BHMA president added: “It’s having an effect in that regard, no question about it. That’s why I have it on the burner to work on quite quickly to get it resolved.

“They’re very concerned, quite frankly, at this point because they themselves thought it would be complete by this point. I thought it would be complete as well. I gave them assurances that I’m working on it assiduously to find resolution that will be mutually beneficial to them.

“I’m certain the other side is trying to find a formula to meet and resolve the situation. It’s in the best interest of all parties to have it resolved. I think there’s a willingness to resolve the matter, and resolve it very quickly,” Mr Ferguson continued.

“Hopefully next week, once the minister has had a chance to review our position, we will be seeking a meeting with him with a view to getting the matter resolved.”

The BHMA recently moved to revive the Grand Lucayan dispute previously filed with the Industrial Tribunal, and Mr Ferguson said it had given both sides until May 20 to see whether they could

resolve the matter.

“If we do not resolve it by then, we have to go back to the Tribunal and see if they can use their conciliation mechanisms to bring the parties together, but I hope it will not be necessary,” the BHMA president added.

The government and Grand Lucayan Board have argued that the union’s comparisons with previous VSEPs are inappropriate because those involved operating businesses in the process of being sold or restructured, while the Grand Lucayan has yet to be disposed of.

The government is also basing the VSEP offers on the Employment Act, which caps payouts at 12 years of service, but the BHMA and its 114 Grand Lucayan members are arguing that this applies only to redundancy/terminations not voluntary departures.

The union’s total $5.5m payout figure also includes the workers’ retirement annuity, but the Grand Lucayan Board’s position is that it needs to take this issue up with Hutchison Whampoa - not the government.

Some observers will likely argue that the government should have left the staff payouts to the Hong Kong conglomerate rather than take responsibility itself, as this could have avoided the present impasse.

The government is also taking increasing fire from the opposition over the costs it is incurring over the Grand Lucayan’s purchase, and operations, as it bids to secure a buyer that will transform the resort into a profitable, sustainable tourism destination.

The Minnis administration’s six-month “fiscal snapshot”, covering the first half of the 2018-2019 fiscal year, revealed that it injected $45.4m into the Grand Lucayan resort, including $13m to cover its operational costs, during the period to end-December 2018.

THE TRIBUNE

Monday, March 25, 2019, PAGE 5

Regulators warn BPL: Be ‘fair’ in your probe FROM PAGE ONE The URCA chief said it was vital that BPL properly “verify any conclusions” from its investigation, and that “people are treated fairly”, suggesting this “may not be the case” in Grand Bahama.

Making the case for URCA to have regulatory oversight of all utilities in Grand Bahama, and especially the port area, Mr Bereaux said the cuttingoff of customers’ power

by Grand Bahama Power Company - and uncertainty over when it would be switched back on - was “a serious situation that should be overseen by an independent regulator”.

URCA currently has no supervisory responsibility for Freeport-based utilities, and has been unable to progress its long-standing bid to take over their regulation due to the July 7, 2016, legal action filed by GB Power to block this.

Mr Bereaux yesterday said URCA was trying “to progress” the action through the Bahamian court system, but had the added difficulty that it did not initiate the case. He described it as “languishing”, with GB Power seemingly not motivated to ensure it was dealt with quickly.

The URCA chief executive spoke out after BPL yesterday urged its 100,000plus customers to report to it any concerns they may have over “energy saving devices” installed in their homes or businesses.

The state-owned utility monopoly said “it will not prosecute” if customers “unknowingly participated in tampering with or diverting the energy supply” as a result of these installations.

But BPL warned: “The customer must come in and report their suspicions before it is discovered by BPL. Should BPL discover the tampering or diversion, and the customer has not reported it, BPL will prosecute.”

Tribune Business exclusively revealed on Friday that BPL was investigating whether it, and its customers, had fallen victim to the same “fake energy saving devices” that Grand Bahama Power claims to have uncovered.

To produce the promised energy savings, GB Power is alleging that installers resorted to either bypassing or tampering with electricity meters to underrecord actual consumption.

It produced photographs of these bypasses to back its claims, and alleged that it resulted in customers not paying for all the

electricity used - potentially costing the utility millions of dollars.

Acknowledging BPL’s probe, Mr Bereaux said that if it also uncovered what is tantamount to electricity theft then URCA “would want to ensure that the process taken in terms of investigating and addressing any theft is fair, transparent and non-discriminatory.

“What we have to be careful about is that proper action is taken at every step of the process so any conclusions are verified, and people are treated fairly,” the URCA chief told Tribune Business.

“We would be monitoring what happens, and have a communication going to BPL to ensure they’re mindful of the need to be fair, the investigation done has to be thorough, and any action taken has proper oversight.”

Mr Bereaux, though, confirmed that events in Grand Bahama were “outside our sphere of influence” due to the ongoing court case launched by GB Power challenging URCA’s ability to licence and regulate it on the grounds that this “conflicts” with Freeport’s founding treaty - the Hawksbill Creek Agreement.

The URCA chief, though, made thinly-veiled criticisms of the way in which GB Power had handled the situation by cutting off customers’ electricity supply without establishing whether they were knowingly aware of what was happening and what these “energy saving devices” were doing.

GB Power is regulated by the Grand Bahama Port Authority (GBPA), Freeport’s quasi-governmental authority, which last week said it had begun an investigation of its own - although there have been few visible signs of this occurring.

And Mr Bereaux also implied the GBPA was conflicted, given that it had licensed the person(s) responsible for selling and installing the devices at the heart of the controversy.

“There are questions over whether customers knew what was going on, and these are areas where we have concerns that what was done was transparent and fair,” he told Tribune Business of Freeport.

“It was a very unfortunate situation because it doesn’t appear people knew what was happening, but we would certainly not want that uncertainty to happen in New Providence; how power was switched off, and when and how quickly it will be restored.

“These are all serious

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situations that should be overseen by an independent body, which is the reason we continue to argue for expanded regulation. We have people who understand what’s going on, and have a full slate of regulatory personnel. I’m not sure that’s the case in Grand Bahama currently.”

GB Power, in its amended statement of claim, filed on July 7, 2016, sought a Supreme Court injunction to prevent URCA “from

regulating, or seeking to exercise licensing and regulatory authority”, over it.

It also wants the Supreme Court to declare that GB Power can carry on its business without requiring a public electricity supplier licence from URCA. GB Power’s action is founded on the basis that, as a Grand Bahama Port Authority (GBPA) licensee, it is licensed and regulated by the latter via the Hawksbill Creek Agreement - and

not by URCA and the Electricity Act 2015.

It is arguing that the Electricity Act’s sections 44-46, which give URCA the legal right to licence and oversee energy providers, “are inconsistent, and conflict with, the rights and privileges vested in [GB Power] and the Port Authority” by the Hawksbill Creek Agreement.

GB Power’s statement of claim argues that itself and the GBPA “have been

vested with the sole authority to operate utilities”, including electricity generation and transmission and distribution, within the Port area until the Hawksbill Creek’s expiration in 2054.

Mr Bereaux yesterday said URCA was “pushing” for the case to be “progressed as quickly as possible” through the court system, but said GB Power - whose responsibility this was as filer - had left it “languishing”.

PAGE 6, Monday, March 25, 2019

THE TRIBUNE

Ex-Bahamas CEO defeats $2m asset freeze reimposition FROM PAGE ONE where only Blue Planet and its attorneys, Higgs & Johnson, were present, was successfully challenged by Mr Downie in the Supreme Court.

He argued that Blue Planet, whose Bahamian business he described as an International Business Company (IBC) serving as a “holding company” for the group, had failed to reveal he owned an 11 percent equity stake in the business that had been independently valued at $4.385m.

This sum, Mr Downie alleged, was worth double the sum Blue Planet was claiming from him, and the group had also failed to disclose to the Supreme Court that its Articles of Association enabled them to impose a lien or charge over his shares to “enforce” any debt he allegedly owed.

As a result, he argued that the Mareva injunction was irrelevant and unnecessary as Blue Planet had ample other remedies, especially the ability to block the sale of his shares. Justice Winder agreed and, based on Blue Planet’s non-disclosure, he discharged the asset freeze “in its entirety” on April 6, 2018.

Blue Planet’s appeal sought to reimpose the asset freeze against Mr Downie, who is counter-claiming for wrongful dismissal from his post as Blue Planet chief executive - a

position he held from December 1, 2010, to July 18, 2016.

Appeal Justice Stella Crane-Scott, in a unanimous verdict, recorded that Blue Planet’s claim against its former chief executive was based on alleged “breaches of his contract and general breaches of his duties, including failing to meet target objectives, misrepresentation, unauthorised use of its funds, gross misconduct and insubordination, which had caused it loss and damage”.

The company sought the asset freeze after learning that Mr Downie had placed his Albany home up for sale and was seemingly making plans to leave The Bahamas.

It sought an undertaking from him that he would not “dissipate” his Bahamas-based assets below a value of $2m - something he refused to do.

Julian Askin, Blue Planet’s chairman, alleged that “Mr Downie was looking to buy or rent a home in Pompano Beach, Florida. The Askin affidavit set out Blue Planet’s belief that if Mr Downie relocated to Florida, any judgment which the company may obtain against him in The Bahamas would be rendered nugatory as it would be unable to recover the amount from Mr Downie”.

Blue Planet claimed it had lost $1.147m and £64,830 as a result of Mr Downie’s allleged “unauthorised activities”,

which purportedly included $142,000 in non-approved bonuses; the unauthorised hiring of his wife at Blue Planet’s Yellow Elder subsidiary; unapproved sums spent on furniture, a housing allowance, homeowners insurance and travel.

However, Mr Downie’s attorney, Metta McMillanHughes of Lennox Paton, argued before the Court of Appeal that “nothing could change the simple fact that Blue Planet had failed to fully disclose the existence and extent of Mr Downie’s shareholding, and the fact that Blue Planet had under its control $4.38m of Mr Downie’s shares which were obviously not at risk of dissipation”.

The Court of Appeal agreed, finding that had the existence of Mr Downie’s shareholding and Blue Planet’s ability to impose a lien on it been disclosed at the initial hearing, he would “seriously question the entire basis” on which the asset freeze was being sought.

“In our view, the existence in Blue Planet’s articles of association of a provision enabling Blue Planet to place a lien on Mr Downie’s shares was undoubtedly information which was both material and relevant to the exercise of the judge’s discretion whether he ought to grant the injunction at all, or even on the terms which he did,” Justice

CORPORATE IT SERVICE SPECIALIST Sterling Global Financial an international financial services corporation is looking for a Corporate IT Service Specialist who has experience and a positive attitude supporting a regulated company’s IT infrastructure. This role will be based in the Bahamas. The successful candidate will be expected to hit the ground running by managing all on-site support requests, provide ad-hoc and formal end-user training, and maintaining policies and procedures. They will also be involved in the development and implementation of enterprise applications that provide our companies with streamlined operational efficiencies.

Qualifications and Skills required for this job are: • BSc. in Computer Science or preferred minimum qualification, an Associate degree.

• Minimum 5 years’ experience providing technical support in a modern Windows network.

• Minimum 5 years’ experience with application support within the financial services industry.

• Programming experience.

• Working knowledge of TCP/IP networks (Wi-fi, VPNs).

• Demonstrated ability to apply analytical and troubleshooting skills.

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Responsibilities for this job are: • Produce and maintain documentation of site-specific issues and requests.

• Setup and install workstations and software applications.

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• Track trends and user requirements.

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Crane-Scott found.

“It essentially, suggested that Blue Planet had it in its power to essentially take self-help measures to secure payment of any amounts which Mr Downie might later be found to owe to it following a full hearing of action and the substantive issues before the court...

“Instead, notwithstanding its duty of full and fair disclosure, Blue Planet (with full knowledge of Mr Downie’s $4.385m shareholding) led the learned judge to believe that the Albany residence appeared to be Mr Downie’s ‘only asset’ in the jurisdiction.”

The Court of Appeal also agreed that it was impossible for Mr Downie to sell his shares prior to any trial, and said: “Having found that the non-disclosure was known to Blue Planet and could not have been perceived as irrelevant, and therefore was not innocent, the learned judge refused to exercise his discretion to continue the injunction or to make a new injunction on terms...

“We find no error of principle in how his discretion was exercised and, once again, we are not prepared to interfere.”

However, it did set aside the Supreme Court’s costs order on the basis that Blue Planet had been denied a full hearing on the matter.

ALGERIAN lawyers marching to demand removal of Bouteflika.

Algerian lawyers march to demand Bouteflika’s departure ALGIERS, ALGERIA Associated Press HUNDREDS of lawyers in Algeria marched Saturday in the country’s capital wearing their black courtroom robes to demand the departure of ailing 82-yearold President Abdelaziz Bouteflika at the end of his term scheduled on April 28.

Similar demonstrations were held in the country’s other big cities calling for an end to Bouteflika’s 20-year reign of this gas-rich country.

Lawyers chanted antigovernment slogans as they marched to a central plaza in Algiers, where they sang the national anthem. Police stood alert but stayed largely on the sidelines, and local

residents applauded as the lawyers paraded past. The protesters, with shoulders wrapped in green-and-white Algerian flags, responded by raising their fists and changing “Long Live Algeria!”

The march comes a day after thousands of people demonstrated for the fifth straight Friday since nationwide anti-Bouteflika protests began on Feb 22.

Protests were also held in Paris.

Last week, Bouteflika indefinitely postponed April’s national election and overhauled the government.

While he abandoned his bid for a fifth term in office, critics fear that he intends to hold onto power indefinitely.

THE TRIBUNE

Monday, March 25, 2019, PAGE 7

ITALY, CHINA SIGN ACCORD DEEPENING ECONOMIC TIES ROME Associated Press ITALY signed a memorandum of understanding with China on Saturday supporting Beijing’s “Belt and Road” initiative, which aims to weave a network of ports, bridges and power plants linking China with Africa, Europe and beyond.

With the move, Italy becomes the first member of the Group of Seven major economies, which includes the United States, to join the Belt and Road programme, following Portugal’s embrace of the initiative in December.

Italian Premier Giuseppe Conte and Chinese President Xi Jinping attended a ceremony in Rome where 29 separate protocols of the memorandum were signed by both governments in front of the flags of China, Italy and the European Union.

Luigi di Maio, the Italian minister of economic development, told reporters afterward that his country’s goal is to increase exports to China in order to correct trade imbalances and boost Italian businesses and the country’s troubled economy.

He said the value of the individual deals signed on Saturday amounts to 2.5

CHINESE President Xi Jinping, left, and Italian Premier Giuseppe Conte shake their hands at the end of the signing ceremony of a memorandum of understanding at Rome’s Villa Madama on Saturday.

Italy signed a memorandum of understanding with China on Saturday in support of Beijing’s “Belt and Road” initiative, which aims to weave a network of ports, bridges and power plants linking China with Africa, Europe and beyond.

Photo: Andrew Medichini/AP billion euros, with the potential to grow to 20 billion euros.

“Our goal with these accords is to start to rebalance an imbalance for which there is a lot of ‘Made in China’ coming to Italy and too little ‘Made in Italy’ that goes to China,” Di Maio said.

He said Italy now expects “a substantial and gradual increase of exports and we hope that in the next years we can balance out the trade imbalances.”

Italy’s move appears to also be driven by hopes that Chinese investment in Italy’s ports might help revive the country’s traditional role as a key link in trade between the East and West.

The signed accords are wide-ranging and include co-operation between banks, between a Chinese construction company and Italian ports, and the export of Italian fruit to China. The deals also foresee co-operation in the spheres of science and technology and between

media outlets, as well as the return by Italy of hundreds of Chinese cultural treasures.

The signing ceremony took place at the Villa Madama, a Renaissance villa designed by Raphael, where Xi was greeted with full honors on the second day of his two-day visit to Italy. He then travelled to Sicily, where officials hope to attract more Chinese tourism.

Italy’s involvement in the Belt and Road programme gives China a crucial inroad into Western Europe and

a symbolic boost in its economic tug-of-war with Washington, where President Donald Trump is challenging China over trade and other issues.

The EU, however, is worried about unfair competition from Chinese companies, which are controlled by the Chinese government and benefit from the state’s financial backing. EU leaders in Brussels are preparing a strategy to counter the growing influence of China, which they describe as a “systemic rival”.

Some Italian government officials were critical of the deals, worried that Italy might be ceding national sovereignty in key strategic areas to Beijing. In a sign of opposition, Matteo Salvini, the deputy prime minister and interior minister, stayed away from the official ceremonies with the Chinese delegation.

Di Maio stressed that Italy remains firmly rooted in its alliance with the United States, NATO and its European partners, but said Italy must also look out for its own economic interests.

“Like someone in the United States said ‘America first,’ I continue to repeat: ‘Italy first’ in commercial relations,” Di Maio said.

In response to concerns that the memorandum could open the way to colonization

by China, Di Maio countered it would instead help goods manufactured in Italy “to colonize the world”.

“That is a good colonialization,” he said.

The Belt and Road project has so far seen investments totaling more than a trillion dollars since its launch more than five years ago, and China says some 150 countries have signed agreements related to the project.

Beijing has marketed the initiative as a way to give some of the world’s neediest countries a leg up, helping them gain access to more trade and investment. But it also helps Chinese companies tap new markets for their products while helping Beijing amass greater global influence.

Some governments including the US, Japan and India worry that Beijing is trying to build a China-centered sphere of influence that undermines their own sway, pulling developing nations into infrastructure “debt traps” that would give China ever-more control over their territories and economies.

Some say the proposed improvements are too expensive for the impoverished countries.

UNIQUE VACATIONS LIMITED VACANCY Social Media Manager

Unique Vacations is looking for a Social Media Manager who will play a key role in the development, implementation, and optimization of various Social Media marketing initiatives. In this role you will need to handle several different tasks concurrently which requires working closely with management, agency partners, and cross-functional teams to coordinate resources and align objectives. The Social Media Manager should have a proven track record, and examples of previous successful campaigns.

Job Summary: The Social Media Manager must have solid communication skills and tactical hands on experience optimizing Social Media campaigns. Data and analysis should come easily. You must be dynamic with your strategies and willing to adapt to the ever-changing marketplace. You think critically to solve problems and can always find a solution.

Areas of Responsibility • Work with management to define and develop a comprehensive Social Media marketing strategy • Manage Social Media initiatives/campaigns to meet the business goals and enhance the customer experience and journey • Incorporate industry best practices and benchmark to competitor websites • Develop and distribute monthly business metrics/dashboards on performance, consisting of web, mobile, and email data • Manage the organization’s social media channels, e.g., Instagram, Twitter, Pinterest, YouTube, Facebook, LinkedIn, and more. Manage the communication of organizational messaging, news, and priorities by leveraging social media messaging • Work closely with the Executive Management team to develop social media campaigns that help to achieve corporate marketing goals • Create, curate, and manage all published content (images, video and written).

• Develop relevant Social Media content topics to reach the company’s target customers • Manage and create Social Media publishing schedule • Monitor the company’s social media accounts and offer constructive interaction with users • Develop monthly reports on emerging social media trends that will be submitted to the management and executive teams • Provide training and launch on resort Social Media Photo Contest • Manage and curate all on resort User Generated Social Media Content (images, video and written) • Monitor emerging internet technologies. Identify opportunities to utilize emerging platforms to improve efficiencies • Develop strategies to introduce new methods to increase audience outreach and following, and further develop relationships to increase their engagement in programs • Manage relationships with third-party vendors handling social media management tools • Develop, execute and roll out On Resort engagement and ambassador programs • Effectively communicate the mission, vision, and values, and the importance of programs in public forums, events, and public awareness campaigns • Any other duties/projects as deemed necessary by management Experience/Skills/Qualifications: • 3+ years of Social Media and Content Management on agency or client-side • Bachelor’s Degree in Journalism/Communications/Media or equivalent • Experience with Social Media software • Experience with Google Analytics • Experience managing a medium-large brand • Ability to work with and lead external vendor/partner relationships including negotiating contracts and terms • Excellent time management, organizational, communication, and analytical skills • Preferred: travel industry experience • Preferred: Fluent in English, Spanish and French • Ability to travel as required, extended travel may be expected Only short-listed candidates will be contacted. Interested persons should submit their applications by March 26th, 2019 with curriculum vitae to

hrreport6@gmail.com

Employment Opportunity: Program Associate (Project Manager) The Organization: Templeton World Charity Foundation, Inc. (“TWCF”) is a global nonprofit foundation created by Sir John Templeton in 1996 to provide support for scientific breakthroughs and practical tools relating to the search for meaning, purpose, and truth. Through sharing these spiritual discoveries, we seek to impact individual lives across the world. The current grant portfolio of the Foundation comprises over 200 projects in more than 40 countries. The Foundation’s offices are located in Nassau, The Bahamas.

Purpose and Scope: The Program Associate will support the wider program team in many day-to-day operational activities of the Foundation, and will play a critical role in a vibrant office culture. The Program Associate should be comfortable with managing multiple simultaneous projects, motivating others, and working creatively to overcome obstacles. Efficiency, attention to detail, flexibility, strong communication skills and good judgment will be critical in this role.

Position Summary & Responsibilities • Serve as a project manager or coordinator for multiple initiatives, including prioritizing tasks, tracking progress against deadlines, and ensuring clear communication between multiple stakeholders.

• Assist in scheduling and planning for events, including taking detailed notes and drafting meeting summaries.

• Work on special projects that may include conducting background research, analysis of data, and drafting of reports in both written prose and slide presentation formats.

• Assist with all aspects of proposal development and grant management.

• Support all general office administrative duties as needed, including official correspondence, monitoring payout budgets, record keeping, expense reports, meeting preparation and logistics.

Required Qualifications and Skills • Bachelor’s degree from a highly ranked and globally recognized university or college is required. Masters degree preferred.

• Excellent organizational, analytical, and problem-solving skills.

• Excellent interpersonal skills and comfort in working in a small, inter disciplinary team.

• Skilled verbal and written communicator able to work with professionals within the organization and communicate with external parties.

• Demonstrated competence in word processing, spreadsheet and presentation software, with ability and willingness to work on a range of different software.

Required Experience • Prior experience as a project manager or equivalent, preferably in an operational or administrative role for a complex and fast-paced organization.

• Understanding of contracting processes and legal/paralegal experience is desired.

• Experience in setting priorities and meeting deadlines, balancing the needs of multiple individuals.

• International experience is highly desired.

• IT project planning and execution is highly desired, including use of Google Docs, Adobe, and Microsoft Powerpoint.

Personal Qualities • Evidence of interest in aspects of the specific philanthropic aims of the Foundation and Sir John Templeton required.

• Strong attention to detail.

• Maturity and discretion.

• A humble spirit and a desire to benefit others.

• Demonstrated positive, flexible and collaborative approach to work.

• Willing to travel on occasion.

Competitive salary & benefits package are commensurate with experience.

Bahamian citizens or persons with the right-to-work only.

Qualified candidates only should submit CV and a cover letter via email to: Manager, Human Resources at hr@templetonworldcharity.org on or before April 5, 2019.

PAGE 8, Monday, March 25, 2019

THE TRIBUNE

FIRST-OF-ITS-KIND US NUCLEAR WASTE DUMP MARKS 20 YEARS NEW MEXICO Associated Press

IN A remote stretch of New Mexico desert, the US government put in motion an experiment aimed at proving to the world that radioactive waste could be safely disposed of deep underground,

rendering it less of a threat to the environment.

Twenty years and more than 12,380 shipments later, tons of Cold Warera waste from decades of bomb-making and nuclear research across the US have been stashed in the salt caverns that make up the

underground facility . Each week, several shipments of special boxes and barrels packed with lab coats, rubber gloves, tools and debris contaminated with plutonium and other radioactive elements are trucked to the site.

But the Waste Isolation

Pilot Plant has not been without issues.

A 2014 radiation leak forced an expensive, nearly three-year closure, delayed the federal government’s cleanup programme and prompted policy changes at national laboratories and defense-related sites across

A WORKER drives a cart through a tunnel inside the Waste Isolation Pilot Plant number two, 150 feet below the surface near Carlsbad, NM. Twenty years and more than 12,330 shipments later, tons of Cold War-era radioactive waste from decades of bomb-making and research have been stashed in the salt caverns that make up the underground facility and not without issues.

Photo: Eric Draper/AP the US. More recently, the US Department of Energy said it would investigate reports that workers may have been exposed last year to hazardous chemicals.

Still, supporters consider the repository a success, saying it provides a viable option for dealing with a multibillion-dollar mess that stretches from a decommissioned nuclear weapons production site in Washington state to one of the nation’s top nuclear research labs, in Idaho, and locations as far east as South Carolina.

If it weren’t for the Waste Isolation Pilot Plant, many containers of plutoniumcontaminated waste would be outside, exposed to the weather and susceptible to natural disasters, said JR Stroble, head of business operations at the Department of Energy’s Carlsbad Field Office, which oversees the contractor that operates the repository.

“The whole purpose of WIPP is to isolate this longlived radioactive, hazardous waste from the accessible environment, from people and the things people need in order to live life on Earth,” he told The Associated Press.

Stroble and others in the communities surrounding the repository are steadfast in their conviction that the facility is a success. They point to 22 sites around

the nation that have been cleaned up as a result of having somewhere to put the waste — including Rocky Flats, a former nuclear weapons plant outside Denver that had a history of leaks, spills and other violations.

For critics, that success is checkered at best since the repository is far from fulfilling its mission.

“It’s 80 percent through its lifetime, and it has disposed of less than 40 percent of the waste and has cost more than twice as much as it was supposed to,” said Don Hancock with the watchdog group Southwest Research and Information Center.

“How great of a success is that?”

Officials initially thought the facility would operate for about 25 years. Rather than wrapping up in the next few years, managers have bumped the timeline to 2050.

The repository was carved out of an ancient salt formation about a half-mile below the surface, with the idea that the shifting salt would eventually entomb the radioactive waste.

It was the National Academy of Sciences in the 1950s that first recommended disposing of atomic waste in deep geologic formations.

Scientists began taking a hard look at the New Mexico site about two decades later.

THE TRIBUNE

Monday, March 25, 2019, PAGE 9

UK PM May faces heavy pressure to step down to save Brexit LONDON Associated Press EMBATTLED Prime Minister Theresa May was scrambling yesterday to win over adversaries to her Brexit withdrawal plan as key Cabinet ministers denied media reports that they were plotting to oust her.

May spent the afternoon ensconced in a crisis meeting at her country residence Chequers with fellow Conservatives and outspoken Brexit advocates like Boris Johnson, Jacob Rees-Mogg and others who would prefer to leave the European Union without a divorce deal rather than delay Britain’s departure from the bloc further.

Her office released a statement afterward giving no hint about whether she had gained any new backing. It said only that they discussed “whether there is sufficient support” to bring her Brexit divorce plan back to Parliament for a third vote.

The prime minister has found her authority weakened after a series of setbacks in Parliament and her inability to win meaningful concessions from EU leaders who refuse to sweeten the Brexit deal.

The Sunday Times claims that 11 Cabinet ministers plan to tell May to resign so a caretaker leader can be put in her place to kick start the stalled Brexit process.

She faces growing pressure from within her own party either to resign or to set a date for stepping down as a way to build support for her Brexit plan.

The confrontation may come to a head at a Cabinet session expected today.

Under Conservative Party rules, May cannot face a formal leadership challenge from within her own party until December because she survived one three months ago. But she may be persuaded that her position is untenable if top Cabinet ministers and other senior party members desert her.

Despite headlines about a Cabinet coup, there was no indication from Downing Street yesterday that a resignation was near. Two of the people mentioned as possible successors — Cabinet Office Minister David Lidington and Treasury chief Philip Hammond — expressed strong support for May. Hammond said yesterday that senior party members plotting to oust May were

being “self-indulgent”. He said a change of leadership would not provide a solution to the UK’s political deadlock on Brexit.

“We’ve got to address the question of what type of Brexit is acceptable to Parliament, what type of way forward Parliament can agree on so that we can avoid what would be an economic catastrophe of a no-deal exit and also what would be a very big challenge to confidence in our political system if we didn’t exit at all,” Hammond said.

Lidington, mentioned as a possible caretaker prime minister should May be ousted, said yesterday that talk of a Cabinet revolt was far-fetched speculation. He said May is doing a “fantastic job” and that he has no desire to take her place.

Still, May thus far has been unable to generate enough support in Parliament for the deal her government and the EU reached late last year. Lawmakers voted down the Brexit plan twice, and May has raised the possibility of bringing it back a third time if enough legislators appear willing to switch their votes.

The Cabinet is focused on the best way to get May’s withdrawal plan passed in the House of Commons, Lidington said.

The UK’s departure from the EU was set to take place on March 29, but the absence of an approved divorce agreement prompted May last week to ask the leaders of the 27 remaining EU nations for a postponement.

The leaders agreed to delay Brexit until May 22, on the eve of the EU Parliament elections, if the prime minister can persuade Parliament to endorse her twice-rejected agreement.

If she is unable to rally support for the deal, the European leaders said Britain only has until April 12 to choose between leaving the EU without a divorce deal and a new path, such as revoking the decision to leave the bloc or calling another voter referendum on Brexit.

Parliament may hold a series of votes this week to determine what Brexit proposals, if any, could command majority support.

Conservative Party legislator George Freeman, a former policy adviser to May, tweeted that the UK needs a new leader if the Brexit process is to move forward.

“I’m afraid it’s all over for the PM. She’s done her best.

BRITISH Prime Minister Theresa May leaves a news conference in Brussels on Friday.

But across the country you can see the anger. Everyone

feels betrayed,” Freeman tweeted. “This can’t go on.

We need a new PM who can reach out & build some sort

of coalition for a Plan B.” May also faces pressure from groups demanding a second Brexit referendum.

Huge crowds turned out on Saturday for an anti-Brexit protest march in London, which organisers claimed involved more than one million people.

Yesterday, an electronic petition designed to cancel Brexit altogether passed the five million signature mark.

To advertise in The Tribune, contact 502-2394

PAGE 10, Monday, March 25, 2019

THE TRIBUNE

Ethiopian Airlines chief questions Max training requirements

To advertise in The Tribune, contact 502-2394

Ethiopia Associated Press THE warning and training requirements set for the now-grounded 737 Max 8 aircraft may not have been adequate, in light of the Ethiopian plane crash that killed 157 people, the chief of Ethiopian Airlines said on Saturday.

After the Lion Air crash off Indonesia in October, the US Federal Aviation Administration and Boeing “came up with contents that we incorporated in our working manuals and also briefed all our pilots. But today we believe that might not have been enough”, Tewolde Gebremariam told The Associated Press in an interview in Ethiopian capital Addis Ababa.

Ethiopian Airlines insists the carrier’s pilots went through all the extra training required by Boeing and the FAA to fly the 737 Max 8 jet.

The March 10 crash killed people from 35 countries.

FAA spokesman Lynn Lunsford declined to comment, citing an open investigation. Boeing on Saturday detailed planned flight-control software fixes for the plane and said it will pay to train airline pilots.

Gebremariam said earlier in the week that the training was meant to help crews shift from an older model of the 737 to the Max 8, which entered airline service in 2017. In a statement, he said pilots were also made aware of an emergency directive issued by the FAA after the Lion Air crash, which killed 189 people.

Ethiopian Airlines has said there is a “clear similarity” between the Lion Air and Ethiopian Airlines crashes, citing preliminary information from the flight data recorder.

Although the causes of the crashes haven’t been determined, investigators in the Lion Air disaster have focused on an automated system designed to use information from two sensors to help prevent a dangerous aerodynamic stall.

It is not known whether the same flight-control system played a role in the crash of the Ethiopian Airlines jet shortly after takeoff from Addis Ababa, but regulators say both planes had similar erratic flight paths, an important part of their decision to ground the roughly 370 Max planes around the world.

Both planes flew with erratic altitude changes that could indicate the pilots struggled to control the aircraft.

Shortly after their takeoffs, both crews tried to return to the airports but crashed.

The New York Times reported on Wednesday that the pilots of the doomed Ethiopian plane never trained in a simulator for the Max. Gebremariam, the Ethiopian Airlines CEO, said on Saturday that “it wouldn’t have made any difference” as the 737 Max simulator isn’t designed to imitate problems in the new jet’s flight-control software.

He still didn’t say whether the pilots had trained on the simulator.

Boeing’s planned software update for the Max must “address the problem 100 percent before we return the aircraft to air,” he said, noting that the airline hasn’t made a decision on whether or not to cancel orders for Max jets.

Ethiopian Airlines is widely seen as Africa’s bestmanaged airline.

The carrier had been using five of the Max planes and was awaiting delivery of 25 more.

NOTICE MARKET REPORT THURSDAY, 21 MARCH 2019

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

BISX ALL SHARE INDEX: CLOSE 2,111.97 | CHG 0.02 | %CHG 0.00 | YTD 48.40 | YTD% 2.35 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 1.96 1.15 3.68 10.20 6.60 4.64 12.50 2.74 1.81 9.02 6.40 15.60 6.99 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.80 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

1000.00 1000.00 1000.00 1000.00

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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 1.61 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 1.55 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 4.25 17.43 6.00 5.39 1.96 1.15 2.20 9.85 6.16 4.50 10.64 2.62 1.79 9.01 6.40 15.57 6.98 3.35 13.85

CLOSE 4.25 17.43 6.00 5.39 1.96 1.15 2.20 9.85 6.16 4.50 10.64 2.62 1.79 9.04 6.40 15.57 6.98 3.35 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 0.00 0.00 0.03 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

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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 115 300

4,000

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.104 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$ 0.130 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 0.200 0.090 0.600

P/E 28.9 18.7 N/M 16.7 N/M N/M -4.2 14.1 12.8 29.2 17.0 25.7 8.6 N/M 13.3 20.4 12.1 12.1 21.9

YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.74% 0.00% 7.21% 3.57% 2.67% 5.83% 2.29% 3.35% 0.93% 3.75% 3.21% 2.87% 2.69% 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 1.61 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% 0.76% 4.39% -0.03% 2.04% 0.51% 3.65% 1.03% 3.78% -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 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-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

NOTICE is hereby given that JULIE OBAS of Shirley 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 25th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE CITRIN WEALTH MANAGEMENT LTD. (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the above-named company has therefore been struck off the Register.

The date of the completion of the dissolution was the 5th day of February 2019.

Bennet R. Atkinson Liquidator

LEGAL NOTICE

NOTICE CORNERS DEVELOPMENT INC. (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the above-named company has therefore been struck off the Register.

The date of the completion of the dissolution was the 28th day of February 2019.

Bennet R. Atkinson Liquidator

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