04102019 BUSINESS

business@tribunemedia.net

WEDNESDAY, APRIL 10, 2019

$4.70 Honda dealer: Two-thirds in airbag danger

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TWO-THIRDS of all vehicles examined at yesterday’s Honda/Acura free airbag recall had “potentially faulty” inflators replaced to protect drivers from serious injury or death.

Rick Lowe, a director and operations manager at Nassau Motor Company (NMC), the brands’ Bahamian dealer, said 198 of the 298 vehicles inspected some 66.4 percent - received new airbag inflators as a precaution to safeguard Bahamian consumers from defects that have claimed 23 lives worldwide.

Revealing that NMC met its goal of inspecting 300 cars daily on the initiative’s launch, Mr Lowe made an urgent plea for all owners of Honda and Acura-manufactured vehicles dated between 2001 and 2016 to visit the examination location at the former City Markets location on the Wulff and Village Road junction.

With the free replacements lasting until this Saturday, he admonished those who believe they simply do not have sufficient time to come in for the inspection to do so given that the defect has effectively turned airbags into “shrapnel”.

“It’s the device that makes the airbag come out,” Mr Lowe said of the problem. “If it’s a faulty one it turns into shrapnel.

People have been killed or injured very badly. Our goal is 300 cars a day, so we were pretty close.

“There are 16 technicians in from the US, as well as are own. I think it’s a little slow. It could be a faster pace. People say they don’t have the time, but they’re not taking into consideration that they could have their life at stake. That’s how serious it is.

“They can go to the doctor if they’re not feeling well, but do not take time out of work to deal with a matter that could result in death or very serious injury.”

Mr Lowe said Takata, manufacturer of the potentially faulty airbag inflators installed in Honda and Acura models, had discovered that the chemical that triggered their expansion had been exposed to moisture.

This had ground down the pellets inside the inflators into powder, making it “so powerful that it ruptures the inflator and turns it into shrapnel”. Mr Lowe added that the worldwide airbag inflator recall and replacement was impacting all Honda and Acura makes, including both left and right-hand drives and US and Japanese-produced autos.

Some 19 different

SEE PAGE 4

$4.72

$4.72

Web shops told: ‘Get on board and pay up’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

W

EB shops were last night warned by a Cabinet minister to “get on board and pay your fair share to the Treasury” otherwise their licences will not be renewed if taxes remain owing.

Dionisio D’Aguilar, minister of tourism and aviation, who has responsibility for gaming, said there was no good reason for continued foot-dragging by some operators now that the industry’s taxation settlement with the government had been given legal effect.

He revealed that two web shop chains, which he did not name, had been waiting for the Gaming Board to confirm the “specifics” of the agreement before they began to pay taxes owing for both the first half of the

THE Bahamas must reverse the downward GDP growth trajectory forecast yesterday by the IMF, a governance reformer warned yesterday, arguing: “We’re still not where we need to be.”

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the International Monetary Fund’s (IMF) world economic outlook represented “a shot across the bows” for The Bahamas even though it showed this nation’s economy holding its own amid fears of a world slowdown.

The fund is still holding to previous predictions that the Bahamian economy will expand by 2.1 percent in 2019 despite fears of global

ROBERT MYERS faltering due to the uncertainty surrounding the US trade battles with China, and now the European Union (EU), and concerns over the UK’s political quagmire in attempting to secure its exit - or Brexit

Tribune Business Reporter

nmckenzie@tribunemedia.net

SEE PAGE 3

SEE PAGE 4

SEE PAGE 4

• ORG chief: ‘I’d wanted 2.5% this year, 3% next’ • Fund sticks at 2.1% for 2019, declines thereafter • Well short of 5.5% growth ‘magical number’ - from the European Union (EU).

However, in what amounts to a “glass half full” forecast for The Bahamas, the IMF projects that this nation’s economic growth rate will taper off to 1.6 percent in 2020 and hold steady at this level for the first part of the upcoming decade. It is forecasting 1.5 percent GDP growth for this nation come 2024.

The fund’s predictions imply that, much like the impact of the Trump administration’s tax cuts stimulus, the “bounce” from Baha Mar’s initial opening is gradually wearing off despite the

By NATARIO MCKENZIE

continued “double digit” increases it continues to help drive in tourist arrivals and key hotel performance indicators.

While agreeing that the IMF’s decision to maintain 2019 GDP growth projections at 2.1 percent was positive for The Bahamas, Mr Myers said this remained well short of “the magic number” previously cited by the Fund.

The Washington DCbased organisation had previously suggested that The Bahamas needed to achieve consistent annual GDP growth of 5.5 percent

2018-2019 fiscal year and under the new structure.

Warning that operators may “have a large mountain to climb” if they did not soon begin paying what is owed, Mr D’Aguilar said tax non-compliance would result in the withholding of licence renewals by the Gaming Board.

He admitted, though, that he was unaware of Wayne Munroe QC’s revelation to Tribune Business last week that none of his three web shop clients had signed up to the mid-February settlement with the government that was unveiled with much fanfare by the Minnis administration.

Mr Munroe, who represents the Island Game,

Bahamas urged to reverse IMF’s GDP growth outlook

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Security expert unveils Bahamas clean-up strategy THE Bahamas is a popular destination for Canadian fraudsters, a global security expert has warned, revealing that he has proposed a plan to recover millions this nation has lost to corruption.

Juval Aviv, former Israeli counter-intelligence officer, and founder and chief executive of New York-based security consulting company, Interfor, told Tribune Business: “I do a lot of work in Canada. Maybe you guys don’t know but Canadian fraudsters put their money in The Bahamas. They don’t go anywhere else, in a hope maybe to move here and live here in the future.”

“Right now The Bahamas is on some lists that are not favourable. Serious investors are not going to come to The Bahamas. We are already a vendor of the EU. We are going to third world countries to really help them to come up to a level that the EU can loan them money.”

Mr Aviv, a speaker at an Insurance Management cyber security and risk management seminar, added that the fight against corruption and other forms of financial crime must be led from the top by national leaders.

Referring to nations unable to access European Union (EU) grants and other forms of funding, he added: “Today, those countries cannot borrow money anywhere. One of the goals is to really clean it up so we can have a favourable rating for countries to trust us and come and do some business here.

“It has to start with the top. You cannot do it with mid-level officials. They don’t have the authority to make decisions. They need to know that the top guy is interested in it. That if he’s criticising the old regime he shouldn’t fall for the same type of activity.”

Mr Aviv said he has presented the government with a proposal to fight corruption. “With the proposal that I gave the government

• No licence renewals if taxes owing • Minister: Don’t leave ‘mountain to climb’ • Warns against deal foot-dragging

DIONISIO D’AGUILAR

$4.75

Renward LOI firm to appeal $727m claim

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE company at the centre of the Renward Wells Letter of Intent (LOI) controversy last night revealed its plans to appeal the Supreme Court’s dismissal of its $727.364m damages claim.

Stellar Energy, in a statement sent to Tribune Business by its new attorneys, suggested it was determined not to let the now-Cabinet minister, two government “agents” and

• Pledges to ‘shed light’ on what happened • Stellar insists LOI ‘legally enforceable’ • Controversy that refuses to die

RENWARD WELLS

the former Christie administration off the hook for dashing its proposed $600$650m waste-to-energy plant solution at the New Providence landfill.

Emphasising its determination “to shed light on all that has transpired” so Bahamians can assess the former government’s conduct over the affair,

Stellar Energy argued that its actions had been inconsistent with “best business practices” and threaten to undermine investor confidence if all the facts became known.

Describing the controversy as being “of crucial public importance”, Stellar Energy and its affiliate, Stellar Waste-to-Energy

(Bahamas), rejected the Supreme Court’s dismissal of its claim and insisted that the LOI “be given its legal contractual effect” because all involved were acting with government authority.

Tribune Business revealed last month how Carol Misiewicz, the Supreme Court’s deputy registrar, found that Stellar Energy and its affiliates were “from any angle unable to sustain an action” against Mr Wells and his government “agent”

SEE PAGE 6

PAGE 2, Wednesday, April 10, 2019

THE TRIBUNE

WATER CORP IN PAPERLESS PUSH THE Water and Sewerage Corporation (WSC) is aiming to go paperless through the elimination of all manual business processes, its executive chairman has announced.

Adrian Gibson, also MP for Long Island, said the state-owned water supplier is implementing a digital business strategy that is expected to improve operational efficiency and provide a platform that allows customers and suppliers to interact more

WATER & Sewerage Corporation chairman, Adrian Gibson, speaks at the corporation’s headquarters.

Photo: Kristaan Ingraham/BIS

easily with the utility.

“This is a move to a more efficient organisation, and means that we are embracing a new approach to normal ways of doing business for our staff as well as our customers,” said Mr Gibson.

Speaking at a press briefing on Monday, Mr Gibson confirmed that the Corporation aims to eliminate manual, paper-driven processes and will undertake a review of all its business processes and systems.

It expects to launch a procurement portal by May 1, which will allow suppliers to manage their vendor accounts and have access to a digital, transparent bidding and procurement process.

The Water and Sewerage Corporation currently offers subscribers a customer portal, online account review and bill payment; automatic receipt of bills via e-notification system; IBR Pay by Phone; website upgrade

that includes e-forms for jobs; new connections; and its mobile app.

WSC mobile is now available for download at Google Play and Apple stores. A version is available for Windows users. The app is at https://wscmobile. me Customers can use their smart phones to pay, review bills and submit complaints.

The app is functional in all the islands where the Corporation provides service.

BFSB SPONSORS MAJOR ANTI-CRIME CONFERENCE NATIONAL AGRICULTURE EXPO DATES REVEALED THE Bahamas Financial Services Board (BFSB) sponsored a major antimoney laundering and financial crimes conference that last week attracted professionals from across the Caribbean.

Members of the Compliance Commission joined BFSB executives at the fifth annual ComplianceAid Anti-Money Laundering and Financial Crimes Conference, which was held in Miami. Besides the strong Bahamian contingent, the conference attracted compliance and legal professionals from other Caribbean jurisdictions such as Barbados, Antigua & Barbuda, Trinidad & Tobago, Jamaica and Belize.

Speakers at the two-day conference, held from April 4-5, included: 1. Rhonda Lee Braithwaite-Knowles QC, attorney general, Turks and Caicos Islands, who spoke on understanding the push for an open Beneficial Ownership Register 2. Cheryl Bazard, attorney at Bazard & Co, The Bahamas, and Stanley Foodman, chief executive of Foodman CPAS & Advisors, Florida, who presented on De-risking, re-risking and correspondent banking relationships: Where

BAHAMIAN compliance professionals attend the 2019 ComplianceAid conference. are we in 2019?

3. Cleviston Haynes, Governor of the Central Bank of Barbados, who spoke on Cybercrime, cryptocurrencies and managing anti-money laundering/counter terror financing risk in a blockchain environment 4. E Jay Saunders, chief executive of Domus Semo Sancus (DSS), Turks & Caicos/New York, who presented on How AI (artificial intelligence) is improving Know Your Customer (KYC) and anti-money laundering compliance Tanya McCartney, BFSB’s chief executive and executive director, used her address to outline what The Bahamas has done

in response to the various international initiatives aimed at tackling financial crimes and how the private sector was actively in engaged in the process.

She said: “The financial services sector in The Bahamas has been resilient, and has grown along with the world’s evolving financial services industry.

The jurisdiction remains demonstrably unwelcoming to those who engage in illegal activities with strong legal and regulatory controls in place to combat financial crime.”

The conference was used to provide an update on the progress made by The Bahamas in addressing issues highlighted by the

Caribbean Financial Action Task Force’s (CFATF) 2017 Mutual Evaluation Report.

Ms McCartney said: “In December 2018, in its first enhanced followup report (FUR), CFATF acknowledged that The Bahamas had made progress in addressing the technical compliance deficiencies which were identified, resulting in favourable re-ratings being given on 14 of the 40 recommendations, and it was agreed to maintain the largely compliant rating for Recommendation 5, a compliant rating for Recommendation 21, and partially compliant for 8 of the other 40 recommendations.”

THE Ministry of Agriculture and Marine Resources yesterday announced that the Bahamas National Agri-Bahamas Expo for 2019 will be held from Thursday, May 9, to Saturday, May 11.

Michael Pintard, minister of agriculture and marine resources, said the shorter title, “Expo 2019”, will be used. This year’s theme is Embracing change, improving lives through agriculture.

The intent of Expo 2019, which will be held at the Gladstone Road Agricultural site, is to expose the nation’s farmers, artisans, craftsmen, processors, agri and marine business people to the consuming public, as well as

MINISTER of Agriculture and Marine Resources Michael Pintard and team members during the Agri-Bahamas Expo press conference. Photos: Raymond A Bethel Sr/BIS provide opportunities to learn, enhance and grow their business.

THE TRIBUNE

Wednesday, April 10, 2019, PAGE 3

BAHAMIAN INSURANCE BROKER CELEBRATES 100TH ANNIVERSARY

J

S JOHNSON & Company invited all customers to celebrate the insurance agency and brokerage’s 100th anniversary with staff and management last week.

Festivities began at the company’s Thompson Boulevard location on April 3, where Ricardo Clarke of Joy FM joined staff to give away J S Johnson trivia prizes on-air. Customers were invited to enjoy cake, light refreshments and receive JS Johnson gift bags.

JS Johnson’s Soldier Road location was next to celebrate. AC of Y98.7 FM was onhand to announce more JS Johnson trivia winners and broadcast cake-cutting.

At the insurer’s Collins Avenue headquarters, Alister McKellar, its managing director,

and Robert Bartlett, senior manager of customer service, gave brief remarks followed by a final cake-cutting of the day. Special K of 100 Jamz, broadcasting live, invited customers in the area to stop by for trivia prizes and gift bags.

During the event, JS Johnson unveiled the proclamation, issued by The Government, declaring April 2019 as JS Johnson month. The proclamation detailed the company’s start on April 3, 1919, when William CB Johnson, nephew of JS Johnson & Company founder, Joseph Samuel Johnson, signed the first agency agreement allowing a Bahamian operation to write insurance through Eagle Star Insurance Company in London.

JS Johnson’s staff of various branch offices wrapping up anniversary kickoff in Nassau.

Bahamas urged to reverse IMF’s GDP growth outlook FROM PAGE ONE to cut existing unemployment by half and find jobs for all new school leavers, yet its medium to longerterm forecasts push this nation further away from this goal.

“I think that’s a concern,” the ORG principal told Tribune Business. “We should really be targeting, and I’d be hoping we hit, 2.5 percent this year for a positive trajectory and, assuming no global recession in 2020, that we see three percent next year.

“They [the government] need to be out there doing their jobs, and that means hitting 2.5 percent this year and three percent next year, whatever they’ve got to do to make that happen, and that includes education.

“We have to bring people along with us, and education is a disaster at the current level. It’s just not adequate for the modern workforce, and they’re boasting that they want to become an IT hub,” Mr Myers continued. “We don’t have the people to do it.

There’s a huge disconnect there. I can’t get someone to fix my car, let along be an IT hub.

“There has got to be more focus on how we build GDP. I’m glad they’re [the IMF] feeling 2020 will be stable, but it’s still a shot across the bows. It’s still not where we need it. We need it to be moving up, not sideways or back.”

To reverse the slowdown in GDP growth, Mr Myers said The Bahamas needed to “fix some of the core problems” that turned off Bahamian and foreign investors and drove away scarce investment capital.

Arguing that The Bahamas needs “to make it easier for them to invest” with better infrastructure, he added: “We have an under-educated workforce, our cost of business is too high and the ease of business too low.

“Anything we can do to improve efficiency in government is a priority.

We’ve got to try and figure out how to right-size the government. The biggest albatross around our necks is the government. It’s too big for this economy, and if we don’t right-size it it will keep the cost of business too high.”

The Minnis administration sought to advance its ambitions to improve the ease of doing business and government efficiency on Monday this week with the formal signing of a $30m loan agreement with the Inter-American Development Bank (IDB) to digitise key government services and eliminate manual processes by making them accessible online.

Mr Myers acknowledged that The Bahamas was “half-way there” at current

GDP growth levels, with anticipated investment projects in Nassau, Freeport, Abaco and Eleuthera in the pipeline.

Yet the country remained some way short of the “full employment, where everyone qualified for a job will have a job”, that would occur at a 5.5 percent GDP growth rate. “That’s the magic number to deal with unemployment and debt,” the ORG principal told Tribune Business.

“GDP growth needs to be at 5.5 percent. Anything under that and we’re labouring a bit. It just says we’ve got more work to do.

We’ve got to get the ease and cost of doing business competitive and then we will see consumer, business and investor confidence increase.

“There is so much inefficiency and bureaucracy in

PRIVATE HOME FOR AUCTION LOCATION: Oxford Drive, South Beach, Lot #30, Block #27; Property size: 60x120, concrete structure, 4 bedroom, 3 bathrooms, spacious kitchen, large family room and dining room, utility room, spacious front and backyard with patio, fence in yard with concrete wall at the front.

DATE: 15th, May 2019 TIME: 12 noon Location: Ansbacher House, parking lot, Bank Lane and East Street, New Providence.

government that people get frustrated. The big investor is just not going to put up with that.”

To advertise in The Tribune, contact 502-2394

is seeking a qualified

Guest Liaison

to join our Guest Experience Team.

The successful candidate should have the following minimum requirements: • Bachelor’s degree from four-year College or university or equivalent related work, related experience and/or training.

• Prefer 2+ years’ Front Desk supervisory experience and hotel/resort operations experience.

• Must have strong organizational skills, excellent written and verbal communication skills, and be able to perform and prioritize multiple tasks with ease.

• Computer skills required.

• Must have a strong guest ethic, empathy and team member relations skills.

All interested applicants can forward their resume and cover letter to

careers@thecoveeleuthera.com

PAGE 4, Wednesday, April 10, 2019

THE TRIBUNE

Web shops told: ‘Get on board and pay up’ FROM PAGE ONE Paradise Games and Asure Win chains, said “resolution wasn’t agreed” between his clients and the government, and that a legal challenge remained a possibility once he had assessed the proposed legal reforms and received their instructions.

Mr D’Aguilar, though, yesterday argued that the tabling of legal and regulatory reforms in Parliament to give effect to the settlement should act as the trigger to “put this behind us and move on” for the benefit of both sides.

“We’ve laid the legislation to concretise what was agreed between legal representatives of the operators and the government,” Mr D’Aguilar told Tribune Business: “I strongly suggest that every operator begins to abide by these rules and pays the taxes, because these taxes are obviously accruing.

“If they don’t pay them this is a large mountain for them to climb to remain compliant, and they need to receive the necessary licences from the Gaming Board. If we feel they are non-compliant, then we’re not able to issue the

licences unless they’re able to pay the taxes.”

While Mr Munroe said Sebas Bastian’s Island Luck and Ultra Games were the only two operators “as far as I’m aware” who had agreed to the settlement terms with the government, Mr D’Aguilar argued that he did “not see any reason” to drag the issue out any further.

“We should put this behind us and move on,” he said. “Nothing is gained by dragging this on further.

The gaming house operators agreed to this. I don’t see why these two have not. I would suggest they get on board and pay their fair share to the Treasury or what they are mandated to pay to the Treasury.”

Mr D’Aguilar said the “two” web shops he was referring to were awaiting “official notification” of the settlement and what they have to pay, adding: “I don’t think there was a disagreement to pay... The Bills should be all the notification they require, and I would suggest they begin to abide by the agreement.

“One or two of them were wanting a letter from the Gaming Board outlining the specifics of the agreement, but I was under the impression everyone

has agreed to pay the taxes from July to December and the new tax increases from January to June.

“I think we’ve reached a compromise rather than endless litigation. The agreement with the gaming house operators has been implemented. Let’s move on. We don’t need it to be any more contentious in any way or for this to be dragged on any longer than it has already been dragged out.”

Confirming that he expects all web shops to be current with their tax payments by the 2018-2019 fiscal year’s close at endJune, Mr D’Aguilar said: “I’m led to believe that for the period July 2018 to December 2018, the gaming houses are now paying those taxes.

“So in February they will pay for January and July of last year. Every month they will pay two months to catch up so that by the end of the fiscal year everyone will be current. I don’t know the specific numbers but they are paying the amount calculated.

By June 30 they will be up-to-date.”

So-called “back taxes” for the first half of the 2018-2019 fiscal year - from July 1-December 31, 2018

- are to be levied using the web shop’s old taxation rate of 11 percent of gaming revenues.

Mr D’Aguilar previously estimated this will generate around $11-$12m for the Treasury based on previous full-year collections of $21m, which is less than 50 percent of what the Ministry of Finance had projected to earn - $15m “sliding scale”, and $10m from the “patron tax” during that period.

The government last week tabled changes to both the Gaming Act and Gaming House Operator Regulations to give effect to the “settlement”, as well as amending the Stamp Act to eliminate the previously proposed five percent “patron tax” on customer deposits and over-thecounter lottery ticket sales.

That has been replaced by a “winnings tax”, which was due to be levied from April 1 (Monday) on winnings associated with lottery bets. The changes, which confirm that the tax will only be levied on the actual winnings, provide for the “sliding scale” whereby winnings up to $1,000 will attract a five percent rate.

Anything greater will attract a 7.5 percent rate,

Security expert Honda dealer: Twounveils Bahamas thirds in airbag danger clean-up strategy FROM PAGE ONE

FROM PAGE ONE I want to build a reputation for The Bahamas,” he added.

“If you have fraud in mind, go to some other islands. We mean business.

You’re not going to be able to do it. If you have done it in the past we are going to crack down. We want to build a reputation with people who really want to invest money.”

Mr Aviv continued: “The programme is really about coming in, looking at the system, looking at the previous government and their activities. We know from

To advertise in The Tribune, contact 502-2394

rumours and stories that money has left The Bahamas into private pockets.

The programme is going after that money, recovering it and bringing it back home. That could make a big change in the government’s budget.

“We are talking about hundreds of millions of dollars. It’s not just small amounts. The second thing is to really work on prevention. What do we do in systems we can introduce, teach law enforcement here, teach the police, teach other law enforcement agencies how to deal with those type of frauds and prevention.

“The key is prevention. In other countries we also look at the legal area. We found out in some other countries that judges accepted bribes.

It just needs the will of the government to do it.”

manufacturers have been affected to-date, with the replacement effort starting in 2009. “Twentythree people have died worldwide, and a couple hundred have been injured,” Mr Lowe told Tribune Business.

“It’s serious stuff. This could be a matter of life or death. There have been some very serious injuries. With the cars checked today, two-thirds of them needed inflators as the existing ones were felt to be faulty. It’s scary.”

and the government expects this to generate $15m as opposed to the initial “patron tax” forecast of $25m. Web shops must submit monthly tax returns, and payment of the operator “sliding scale” and winnings tax, by no later than the 10th of the following month or “the next business day” if that is Sunday.

The operator tax is due to take effect retroactively from January 1, 2019. The settlement, and the government’s position, has shifted much closer to that taken by the web shop industry in the immediate aftermath of the 2018-2019 budget’s unveiling, as the operator tax rates now fall into the 15-20 percent range that the sector’s consultants argue represents the global gaming average.

The government, in unveiling the agreement, said it would reduce its projected take from the “sliding scale” by $15m annually - from the initially projected $50m to $35m as a result of shrinking the six rates to just two, lower levies of 15 percent and 17.5 percent, respectively.

The latter rate kicks in for taxable revenue higher than $24m.

Tribune Business previously reported that Island Luck is the prime web shop industry beneficiary of the settlement since it was virtually the only operator exposed to the higher tax rates under the government’s original “sliding scale” taxation structure.

It was the sole web shop chain exposed to rates ranging from 30 percent to 50 percent on its gross gaming revenues, whereas five of the remaining six operators would only have faced the lowest 20 percent rate. Chances was the only chain, apart from Island Luck, which would have seen a 25 percent rate levied on a miniscule portion of its revenue.

The bulk of Island Luck’s revenues will now be taxed at 17.5 percent, which is much lower than the rates originally proposed in the 2018-2019 budget. While its six rivals will largely only attract the lower 15 percent rate, this still represents a 36.3 percent - or more than one-third increase - upon the 11 percent rate they were originally paying.

And the five percentage point reduction in the originally proposed 20 percent rate means they will likely see fewer benefits than Island Luck.

NOTICE NOTICE is hereby given that ANDREA McKENZIE of Gamble Heights, off Blue Hill 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 10th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that VELITA DUMENE BELIZAIRE of #17 Clarke Avenue, Freeport, Grand Bahama, 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 3rd day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that EVELYNE YVROSE DALCE THEOPHILE of Lifebouy St. off East St., P.O. Box N-7060, 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 10th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MARIO CAMPBELL of Bellot Road, P.O. Box SB-52524, 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 10th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ANGELINE SOUFFRANT of #135 Faucet Lane, Freeport Grand Bahama, 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 3rd day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, April 10, 2019, PAGE 5

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

PAGE 6, Wednesday, April 10, 2019

THE TRIBUNE

Renward LOI firm to appeal $727m claim FROM PAGE ONE

co-defendants, Algernon Allen and Frank Forbes, “on the basis of the LOI”.

She determined that the LOI, the signing of which forced Mr Wells’ departure as Ministry of Works parliamentary secretary under the former Christie administration, “was not binding in law” and represented “a discussion document” rather than a completed contract.

The deputy registrar also branded Stellar’s claims against Mr Allen, himself a former Cabinet minister, and Mr Forbes, a businessman and accountant who ran Sigma Holdings, as “bad” given that they were not parties to the now-notorious LOI. Ruling that Stellar had “not been able to overcome the hurdles presented by the LOI”, Ms Misiewicz said Mr Wells - despite signing it was not a party to its terms.

“In any event the LOI, for whatever it was worth, automatically expired one year from the date of its execution, which was on July 3, 2015,” the deputy registrar found. “It was a discussion document, subject to contract and was not binding in law. Approached from any angle, the plaintiffs [Stellar] are unable to sustain an action on the basis of the LOI.” Turning to Stellar’s claim against Messrs Allen and Forbes, Ms Misiewicz agreed with their attorney, Damien Gomez QC, that the allegations against the duo were “contradictory” and they were also not parties to the LOI. “I am satisfied that [Stellar] does not gave a good arguable case against any of the defendants, but in particular does not have a case against” them,” she said.

But, seemingly undeterred, Stellar Energy last night said it had hired new attorneys, in the shape of Osman Johnson and the Freeport-based Ayse Rengin Dengizer Johnson & Co law firm, to challenge the Supreme Court’s verdict before the Court of Appeal.

FILE PICTURE OF THE NEW PROVIDENCE LANDFILL DURING A FIRE. It pledged to file affidavits “which outline very serious and fully documented allegations against the past PLP administration”, although appeal courts are typically reluctant to interfere with factual findings by trial judges, instead dealing mostly with challenges relating to the law’s interpretation.

Stellar, adding that its case against Mr Wells, and Messrs Allen and Forbes, “strikes at the very heart of the principle of the responsibility of state actors”, said: “The [Stellar] board maintains that all parties concerned were acting under the actual authority of The Bahamas government at the material time that they executed the document and the letter of intent, irrespective of the opinions expressed by the honourable deputy registrar in her ruling, must therefore be given its legal contractual effect.”

The company said it had been negotiating its wasteto-energy plant proposal since November 2012, with Mr Wells ultimately signing an LOI that it “maintains is

a valid legal contract which is enforceable in law”.

It described the resulting “leak” of the LOI, and subsequent controversy, as “contrived” to enable the former Christie administration to escape from the deal and not honour its terms.

“The fact is that the actions of The Bahamas government in the present matter simply do not represent best business practices, and neither do they encourage any confidence amongst prospective investors in The Bahamas,” Stellar’s statement said.

“These investors may find themselves in a similar position to Stellar Energy Ltd, having expended huge sums of capital in reliance upon what under normal circumstances should be considered to be a contract with a national government and one that will be honoured...

“This is a matter of general public importance, and there is an obligation therefore to provide detail and shed light on all that has transpired here to the public so that they can make informed decisions as to the

conduct of their government and its representatives.”

Jean Paul Michelsen, Stellar Energy’s Bahamas-based former chief operating officer, previously told Tribune Business he thought there would likely be little appetite to continue the case by appealing the deputy registrar’s ruling.

However, he indicated there had been a split with Stellar’s principal, Dr Fabrizio Zanaboni, who is likely to be the driving force behind the desire to continue the legal fight.

Stellar Energy launched its lawsuit in September/ October 2016, claiming $727.364m in damages for loss of opportunity/profits, and seeking declarations that the government both “honour” the LOI contract and not award a waste-toenergy contract to any other company until damages are paid.

However, Mr Wells’ attorney, former MP Gregory Moss, successfully argued that the now-Cabinet minister was “a public authority for purposes of the claim against him”. As a result, Ms Misiewicz agreed that

MARKET REPORT TUESDAY, 9 APRIL 2019

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

BISX ALL SHARE INDEX: CLOSE 2,159.02 | CHG 0.13 | %CHG 0.01 | YTD 95.45 | YTD% 4.63 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.30 1.38 3.45 10.50 6.60 4.64 12.50 2.74 1.81 9.02 6.60 15.60 7.25 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

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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 ##########

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

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)

LAST CLOSE 4.25 17.43 6.00 5.39 2.25 1.38 2.15 10.50 6.16 4.50 10.64 2.54 1.79 9.27 6.60 15.57 7.25 3.54 13.85

CLOSE 4.25 17.43 6.00 5.39 2.25 1.38 2.15 10.50 6.16 4.50 10.64 2.52 1.79 9.45 6.60 15.57 7.25 3.54 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 -0.02 0.00 0.18 0.00 0.00 0.00 0.00 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

1,000

VOLUME

EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.834 0.578 0.205 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 25.4 18.7 N/M 16.7 N/M N/M -5.0 14.8 12.8 29.2 17.0 24.7 8.6 N/M 13.7 18.7 12.5 17.3 21.9

YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.45% 0.00% 6.76% 3.57% 2.67% 5.83% 2.38% 3.35% 0.89% 3.64% 3.21% 2.76% 2.54% 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%

MATURITY 19-Oct-2022 ############### 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

MUTUAL FUNDS 52WK HI 2.20 4.24 2.04 184.51 158.55 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

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

NAV 2.22 4.22 2.04 184.51 147.81 1.61 1.74 1.69 1.12 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.69 11.79

YTD% 12 MTH% 0.58% 3.94% -0.39% 1.53% 0.43% 2.52% 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

NAV Date 28-Feb-2019 28-Feb-2019 22-Feb-2019 31-Dec-2018 31-Dec-2018 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

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

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

the claim against Mr Wells was “statute barred” under both the Crown Proceedings Act and Limitation Act. Mr Wells, who is currently minister of transport and local government, became embroiled in controversy in mid-July 2014 when the Stellar LOI was leaked to the media and he was accused of signing it on the government’s behalf without the proper authorisation. He eventually departed his parliamentary secretary post some 80-90 days later.

The best explanation for the LOI affair came from Mr Wells’ former parliamentary colleague, Dr Andre Rollins, who described it as a “manufactured political controversy”.

That matched evidence uncovered by Tribune Business, which suggested Mr Wells became a “fall guy”, or “sacrificial lamb”, in a battle between different Christie Cabinet factions over the New Providence landfill.

These factions were backing different private sector offers to take over

the landfill, and the LOI is thought to have been leaked by one side in a deliberate effort to scupper Stellar’s chances by embroiling it in a firestorm of political controversy.

This newspaper obtained a May 26, 2014, letter written by Michael Halkitis, then-minister of state for finance, to the Inter-American Development Bank’s (IDB) Bahamas country representative stating that “the government has issued an initial LOI” to Stellar Energy.

That letter was dated some five to six weeks BEFORE Mr Wells signed the LOI, suggesting key members of the Christie Cabinet knew of its existence in advance and of the government’s intentions - at least at that point - to sign it.

There is nothing, though, to suggest Mr Halkitis did anything wrong.

Stellar’s original statement of claim laid out multiple allegations. It described Messrs Allen and Forbes as government “agents” who promised then-prime minister Perry Christie would arrange a $40m guarantee for the project, and bragged: “We hold the key to the kingdom.”

The waste-to-energy group’s allegations placed Mr Christie and now-PLP leader, Philip Davis, at the centre of events leading up to the LOI’s disclosure and subsequent political firestorm although there is nothing to suggest they were guilty of any wrongdoing.

Arguing that the LOI’s leaking showed “clear intent at the government level to sabotage” the $600m project, Stellar claimed Mr Allen, the former Urban Renewal co-chair, and Mr Forbes were “two of the private individuals who claimed to be representatives of The Bahamas government and/or agents acting for and on behalf of The Bahamas government”.

Heated debate over high drug costs returns to Capitol Hill

By TOM MURPHY Associated Press PATIENT bills, competition and secrecy shared the spotlight yesterday as pharmacy benefit managers testified before Congress about prescription drug prices.

Members of a Senate Finance Committee investigating drug costs pushed the benefit managers to explain why they can’t do more to control prices and to reveal the details behind the contracts they negotiate. The hearing was the committee’s third so far this year focused on the high cost of prescriptions.

Executives from CVS Health, UnitedHealth Group’s OptumRx and Cigna testified. Here are some key points about the issue: WHO THEY ARE Pharmacy benefit managers, or PBMs, run prescription drug coverage for employers, insurers, unions and other clients. They set up lists of covered drugs that are often broken into tiers with different pricing levels for the patient. They negotiate rebates for some drugs to help offset high initial or list prices.

Three PBMs dominate the US market. CVS Health’s Caremark business, UnitedHealth’s OptumRx and Cigna’s recently acquired Express Scripts each process over a billion prescriptions annually.

The trio controlled about 76 percent of the market last year, according to the research firm Drug Channels Institute.

THE DEBATE Critics see PBMs as middlemen who add costs to an already expensive system for prescription drugs.

Drugmakers point to the rebates as part of the problem.

They say they have to

offer them to land some of their products on a PBM’s list of covered drugs or a less-expensive tier, and this contributes to higher list prices. High list prices hurt patients who have to pay a big deductible when they fill a prescription.

Sen Ron Wyden, D-Ore, criticised the companies for “gouging” their customers by charging them higher drug prices than what they negotiated with drugmakers.

He also said the companies guard their operations “with greater secrecy than HBO is guarding the ending of ‘Game of Thrones.’”

“Whether pharmacy benefit managers bring any real value to taxpayers is a mystery,” Wyden said.

Committee Chairman Chuck Grassley, R-Iowa, questioned whether PBMs prefer high-cost drugs that come with big rebates over cheaper drugs.

PBM TAKE PBMs say they do several things to help control costs, but drugmakers are the only ones responsible for setting their initial prices.

When drugmakers produce competing products to treat the same condition — like with hepatitis C drugs — PBMs use that competition to wrangle price breaks in exchange for coverage.

They use the leverage that comes from all the prescriptions they process to negotiate rebates, and they urged lawmakers to make it easier for patients to get access to lower cost drugs like generic medications.

“When we have competition, we can bring down drug prices,” said CVS Health’s Derica Rice, a former executive with the drugmaker Eli Lilly and Co. PBMs say they only offer rebates on around 8% of the prescriptions they process, and they pass along most of those discounts to payers like insurers or large employers.

PAGE 8, Wednesday, April 10, 2019 DALLAS Associated Press

B

oeing failed to win any orders for its 737 Max airliner in March as scrutiny of the plane increased following a second deadly crash in less than five months.

Deliveries of finished Max jets also tumbled, to 11 from 26 in February.

That was not surprising — Boeing suspended deliveries in mid-March after regulators around the world ordered the plane grounded.

Boeing’s report yesterday on orders and deliveries came just three days after the company announced that it will cut production of 737s from 52 a month to 42. Meanwhile, airlines that own the nearly 400 grounded Max jets are cancelling flights.

The damage to Boeing could be temporary, however, if the company can complete a fix to key software on the Max and reassure regulators and passengers that it is a safe plane.

Many analysts believe the deliveries will only be delayed, not lost forever, unless airlines cancel orders for the plane.

The figures on March orders and deliveries are “secondary to getting the Max fix approved and its grounding lifted”, Cowen aircraft analyst Cai von Rumohr said.

The plane was grounded when an Ethiopian Airlines Max crashed March 10, less than five months after a Lion Air Max plunged into the sea off the coast of Indonesia. In all, 346 people died.

Boeing has acknowledged that in each crash, a faulty sensor triggered an anti-stall system when it wasn’t needed, pushing the plane’s nose down. Pilots on each flight fought unsuccessfully to regain control, according to flight data retrieved from the planes.

The company is still working on the software update, which was delayed recently by several weeks

THE TRIBUNE

Boeing orders and deliveries tumble as Max jet is grounded

BOEING 737 Max 8 jets, built for American Airlines, left, and Air Canada are parked at the airport adjacent to a Boeing Co production facility in Renton, Wash. Orders and deliveries of Boeing’s 737 Max plunged in the first quarter as the plane was grounded around the world following a second deadly crash. Boeing disclosed yesterday that it received no new orders for the Max in March.

Photo: Elaine Thompson/AP because of the discovery of a second software problem.

Boeing hasn’t described the second issue but says it is not related to the anti-stall system.

So far, most of Wall Street and Boeing’s airline customers have publicly stood behind the company during its crisis. Boeing hasn’t disclosed any lost orders, although Garuda Indonesia has said it will cancel an order for 49 Max jets. Boeing has a backlog of about 4,600 orders for the plane.

Delta Air Lines neither owns nor has any orders for the Max — most of its pending orders are with Boeing’s rival, Airbus. But Delta CEO Ed Bastian said he remains confident in Boeing’s technological prowess and is interested if Boeing decides to build a new plane bigger than the 737.

“I am confident that Boeing will solve this issue” with the Max, he said. “I expect that to be a hiccup.”

Airlines that own the Max, however, are paying a

price. Yesterday, American Airlines cut a key revenue estimate after cancelling 1,200 flights in the first quarter due to the grounding of its 24 Max jets.

American, the world’s biggest airline, said that it can’t predict the future financial fallout until it knows how long the jets will be parked and the circumstances under which they will be allowed to fly again.

Over the weekend, American removed the plane from its schedule for

an additional six weeks, through June 5.

Shares of Chicago-based Boeing fell $5.48, or 1.5%, to close at $369.04. They have lost 13% since the Ethiopian crash.

To advertise in The Tribune, contact 502-2394

Retailers try to lure customers with free Uber rides NEW YORK Associated Press WHILE shoppers are getting everything from morning coffee to complete work wardrobes delivered to their homes, some businesses are working with ride-hailing company Uber to entice customers through their doors.

Uber launched a voucher programme yesterday that enables companies like Westfield Mall and TGI Fridays to dole out free or discounted rides to customers, offering a way for retailers to counter declining foot traffic heightened by the growth of online shopping.

Retail traffic has declined 2.3% over the last two years, according to Cowen Equity Research. Malls in particular have experienced a drop-off as younger generations living in urban centers have shown little interest in owning cars and taking trips to suburban shopping malls, said Jon Reily, vice president and global commerce strategy lead at Publicis Sapient. The growing number of retail bankruptcies illustrates the problem, he said.

“That’s a great move for malls to get people in the door, because malls need footfall, and anything that they can do to get that is a good thing,” Reily said.

Restaurants are also participating in the Uber vouchers, including some that are already delivering food to customers’ homes through Uber Eats.

Getting diners back into the restaurant — even if it means paying for their ride — could enable restaurants to make more money since customers could be more inclined to order a dessert or an alcoholic beverage or two.