12122018 BUSINESS

business@tribunemedia.net

WEDNESDAY, DECEMBER 12, 2018

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Three cruise port bids: Spend from $130m to $250m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government has received three bids, ranging in investment value from $130m to $250m, for the contract to manage and operate Nassau’s cruise port.

There was little surprise as to the contenders’ identity when the bids were officially opened at the Ministry of Finance yesterday in the presence of all three groups who submitted documentation in time to meet Friday’s deadline.

Tribune Business sources, speaking on condition of anonymity, identified the three bidders as the Global Ports Holding consortium; the Nassau Cruise Port group; and the Nassau Port Partners collective.

Global Ports Holding, which operates multiple cruise ports in Europe and the Far East, together with its Bahamian partners - BISX-listed Arawak Port Development Company (APD) and CFAL (formerly Colina Financial Advisors), triggered the open “beauty contest” for Prince George Wharf through their submission of an “unsolicited proposal” earlier this year.

This newspaper was yesterday informed by multiple contacts that the “base” value of its proposed investment to upgrade, and transform, The Bahamas’ main cruise port was the highest of all three bids at around $250m.

Its “unsolicited” 49-page proposal, previously exclusively revealed by Tribune Business, said its plans to transform Nassau’s cruise port will give the economy a $16bn boost spread over 30 years. This was based on a $285.7m upgrade of Prince George Wharf through a waterfront entertainment park that would inject an

SEE PAGE 5

OLD Bahama Bay’s owner was yesterday seeking a “trustworthy” new operator after repossessing the resort to facilitate its sale for the former Ginn project’s $2.8bn redevelopment.

Lubert Adler, the US real estate financier, confirmed in a statement it had secured the West End property late on Monday at the second attempt after previously encountering resistance from the condominium owners who had leased it for six-and-a-half years.

It added that a new operator is now being sought to manage Old Bahama Bay and its amenities to both preserve the resort’s existing 103 jobs and facilitate its sale to Skyline Investments, the Torontobased developer that is in the process of acquiring the 2,000-plus acres that represented the former Ginn project.

While the condo owners’ company, Island Ventures Resort & Club (IVRC), will continue to manage Old Bahama Bay until a new operator is found, Lubert Adler’s statement made clear it sees no future in working with them.

The US real estate financier is understood to have “lost faith” in IVRC and its president, John MacDonald, after they initiated Supreme Court proceedings

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Lucayan payouts: ‘Take it or leave it’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Grand Lucayan’s Board plans to begin voluntary staff separation payouts without an agreement with the workforce’s trade unions on their value and terms, its chairman said yesterday.

Michael Scott, who heads the Government-owned special purpose vehicle (SPV) that controls the resort, told Tribune Business that despite “bending over backwards” in negotiations, and attempting to be “as generous as we could”, the board could not meet the unions’ demands given their limited taxpayerfinanced budget.

Confirming that the

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Nassau airport operator’s advisers last night said they had “high expectations” its refinancing will be fully or oversubscribed after raising 90 percent of their target within the first two days.

Michael Anderson, pictured, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business that the Nassau Airport Development Company’s (NAD) refinancing of its second-tier participating debt tranche had already raised $68m of the $75m required for it to be 100 percent taken-up.

OWNER repossesses Old Bahama Bay. to block the repossession and subsequent sale to Skyline despite having previously accepted their lease’s termination by Lubert Adler was valid and agreeing to vacate.

“Lubert Adler was able to secure their facilities late yesterday [Monday], despite intervention by third parties who are not privy to the lease agreement and are trying to compromise the intended sale of Old Bahama Bay to future developers,” the financier’s statement said.

“Lubert Adler secured their assets yesterday and are working with IVRC and the Government to transition the remaining properties, while maintaining operations until a new, trustworthy, operator can be found - or a sale is finalised.”

The term “trustworthy” appears to be a not-so-subtle strike at IVRC and Mr MacDonald, given that he seemingly agreed to cooperate with Lubert Adler and the lease termination in a September 17, 2018, interview with this newspaper.

“They do not want to deal with IVRC because they’ve lost faith in them as a result of what they’ve done,” a source familiar with Lubert Adler’s position, speaking

SEE PAGE 4

•90% OF TARGET RAISED IN FIRST 48 HOURS •JUST $7M LEFT AS $68M ALREADY ‘IN BANK’

“It’s been very well received so far,” Mr Anderson said of the debt securities offering. “I think the total amount we’re trying to raise was about $75m. We already have subscriptions for around about $68m, so it’s only about $7m that we’re still looking for.

“We have a lot of interest from various parties.

Hopefully, as more people become aware of it we will get more interest. We continue to call people, and we’ll hopefully get pretty close by next Friday” when the offering closes.

The task facing RoyalFidelity and its fellow placement agent, CIBC, has been made much easier by the National Insurance

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEE PAGE 4

SEE PAGE 6

MICHAEL Scott and the Grand Lucayan Resort.

be made available, and all those declining to accept them will be deemed as having decided to stay and be required to report to work as normal.

The Grand Lucayan chairman said the board’s

BTC pays for Black Friday meltdown

Board’s (NIB) decision to roll over its investment in the existing participating debt into the new 7.5 percent fixed-rate securities.

NIB holds close to half of the existing $139.1m participating debt securities, and maintaining its holdings at their current level has sharply reduced the new capital that RoyalFidelity and CIBC have to raise.

The refinancing is designed to reduce NAD’s debt servicing costs, and boost its cash flow, by replacing existing debt that carries a two percent fixed rate and 11 percent floating rate - 13 percent in total - with new securities priced

* No agreement with unions on separation packages * ‘We have bent over backwards to be generous’ * Govt must approve board ‘taking a stand’

payments to staff wishing to exit will be made before year-end, Mr Scott also confirmed that the board had retreated to its previous fall-back position of a “take it or leave it” approach. Cheques will

$4.66

REGULATORS have ordered the Bahamas Telecommunications Company (BTC) to pay 50 percent of its fine for last year’s Black Friday mobile number portability meltdown to affected consumers.

The Utilities Regulation and Competition Authority (URCA), in unveiling the total $102,004 penalty levied on BTC, said some $51,400 would be used to provide a $100 credit to each of the 514 impacted subscribers.

That will be applied to their mobile accounts today, URCA added, as it sanctioned BTC over its failure to comply with “the rules and regulations” relating to mobile number portability - the process that allows Bahamians to keep their existing phone number when switching from BTC to Aliv and vice versa.

The portability system’s two-day meltdown, which occurred on November 24-25 last year, struck on Black Friday and the Saturday - impacting what is traditionally viewed as the busiest sales day of the year.

The situation provoked a furious row between BTC and Aliv, but the latter’s top executive, Damian Blackburn, last night said the mobile rival wanted to put the matter behind it now that URCA had completed its investigation and imposed sanctions.

“I welcome some of the find being handed to customers impacted. I fully support that way of dealing with it,” Mr Blackburn told Tribune Business.

“The process has been finished by URCA, and BTC has been fined. Obviously, something went wrong for a

decision now needed to be approved by the Minnis Cabinet, as he revealed that his fellow directors “will not let me advance a dollar more” on what they

SEE PAGE 5

‘High expectations’ NAD’s $75m offer is oversubscribed

‘Trustworthy’ hotel operator sought to preserve 100 jobs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PAGE 2, Wednesday, December 12, 2018

THE TRIBUNE

To advertise in The Tribune, contact 502-2394

THE BAHAMAS presented one attendee at the recent National Coalition of Black Meeting Planners (NCBMP) annual conference in New Orleans with a prize of a weekend trip to SLS Baha Mar. From left: Frederick Bell, Aeaonms Inc, chairman, NCBMP; Maricel Herrera associate director of meetings and learning events, Achieving The Dream organisation, and winner of the prize; Linville Johnson, The Bahamas’ director of multicultural markets; and Marlinda Henry, Full Gospel Baptist Church Fellowship International and president of the NCBMP.

Bahamas targets meeting planners THE Bahamas sponsored a VIP Planners Only breakfast at the recent National Coalition of Black Meeting Planners (NCBMP) annual conference, which was held in New Orleans.

The Bahamas was the only Caribbean sponsor at the Conference, which was held from November 28 to December 1. Linville Johnson, the Ministry of Tourism’s director of multicultural and religious markets, educated attending planners on Baha Mar and other improvements to this nation’s hotel plant.

“With its three luxury brands, the Grand Hyatt, the SLS and the Rosewood, Baha Mar’s room inventory

is impressively large and many of the planners are picturing it as the ideal spot for the hosting of their clients’ upcoming conferences and conventions,” Mr Johnson said.

He added that the African-American planners’ interest stems from the fact that “coupled with the recent exponential increase of room inventory in The Bahamas, are factors that have been impressing these planners for many years”.

Mr Johnson described these as including: The Bahamas’ long-standing ties with African-Americans; the country’s hassle-free border formalities; and the ability of Bahamian hoteliers to work with planners to facilitate conferences

and conventions.

The conference, which attracts African-American meeting planners and suppliers, featured presentations by speakers including Derrick Johnson, president and chief executive of the National Association for the Advancement of Colored People (NAACP).

Other conference events included presentations from suppliers, including national and international tourism boards and conventions, Visitors Bureaus (CVB’s) and educational presentations.

Partnering with the Bahamas Tourist Office, SLS Baha Mar provided a prize of a weekend stay in The Bahamas for one planner.

THE TRIBUNE

Wednesday, December 12, 2018, PAGE 3

DAVIS: IMF IGNORES NATION’S ‘SOCIAL PAIN’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Opposition’s leader yesterday argued that the latest International Monetary Fund’s (IMF) report fails to capture “the social pain being inflicted” by the Government’s austerity measures.

Philip Davis said the Fund’s assessment “does not accurately reflect” what is happening in The Bahamas, adding that the economy’s success has “absolutely nothing to do” with the Minnis administration’s fiscal measures and economic policy actions.

PHILIP ‘BRAVE’ DAVIS “The IMF report does not accurately reflect what

is actually happening in this country and the social pain being inflicted. Their focus is purely on the national balance sheet, the fiscal deficit and not the social deficit which continues to widen,” Mr Davis said: “The success of this economy has absolutely nothing to do with anything the FNM did. It boils down to two things; no hurricanes and the positive impact of Baha Mar to our economy.”

The IMF on Monday produced an upbeat assessment of The Bahamas’ economic and fiscal reform progress despite the “many challenges ahead”.

The statement, following its December 3-7 visit, gave

the Government credit for delivering on its promises - especially in the fiscal arena.

Besides underpinning its fiscal consolidation efforts with the Fiscal Responsibility Act, which promises enhanced scrutiny and oversight of the Government’s financial affairs, the IMF also acknowledged the deficit’s reduction from $660.4m in 2016-2017 to $414.9m last year.

But Mr Davis said it was “extraordinary” that, despite the Minnis administration priding itself on fiscal discipline, empirical data suggested The Bahamas’ finances are being “poorly managed or mismanaged”.

He pointed to the a recent admission by financial secretary, Marlon Johnson, that the 20172018 fiscal deficit overshot the deputy prime minister’s year-end forecast by $105m due to a late spending “ramp up”.

Mr Davis yesterday charged that the Minnis administration had done nothing but take credit for work done by the former Christie administration.

“It is highly ironic that, while in opposition, the FNM vehemently opposed the Baha Mar project and the proposal by the PLP to impose a hurricane levy to avoid fiscal disruptions from unforeseen natural disasters,” he said.

“The FNM has now gone to Parliament to take funds from dormant bank accounts and to borrow an additional sum from the IDB to defray the cost of post-hurricane repairs. All of their howling, the hypocrisy and flip flopping is consistently being exposed by their conduct.”

The IMF has praised the Government’s decision to establish a national disaster relief fund, something it has recommended in recent Article IV reports on The Bahamas, with suggestions that this nation build reserves to a level equal to between two to four percent of gross domestic product (GDP).

DPM: ‘THERE’S STILL MUCH WORK TO DO’

By NATARIO MCKENZIE

confirms that we are on the right track as a country with respect to the policies that we’ve initiated thus far.”

Mr Turnquest added: “We are particularly happy that they have endorsed our fiscal responsibility legislation, and what that will allow us to do in terms of making the whole process - budgeting and fiscal management of the country - more inclusive through the fiscal council that we established, and more transparent so that all Bahamians who are interested can have access to data that can have a direct input into how we shape the future of our country from a fiscal point of view.”

The IMF on Monday gave an upbeat assessment of The Bahamas’ economic and fiscal reform progress despite the “many challenges ahead”. Its latest statement following its December 3-7 visit gave the Government credit for delivering on its promises especially in the fiscal arena.

Besides underpinning its

Tribune Business Reporter

nmckenzie@tribunemedia.net THE deputy prime minister yesterday stressed that the Government must continue with its economic growth and fiscal initiatives, conceding: “There is still a lot of work to be done.”

Speaking with reporters ahead of a Cabinet meeting, KP Turnquest acknowledged that the Minnis administration was “encouraged” by the recent International Monetary Fund (IMF) report.

“As you know the IMF does an annual audit before a report, which is a more in-depth study of our economic environment and the policies of the Government, and they give you an assessment of where they think we are,” he said.

“This is a staff report in preparation of that more in-depth report that will come early next year. But we’re certainly encouraged by the early indications. It

KP TURNQUEST

Minister uncertain on hotel union strike vote

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE minister of labour yesterday said he was uncertain whether the hotel union will continue with its strike vote given assertions that its concerns have been addressed.

Speaking on the matter ahead of a Cabinet meeting, Dion Foulkes, pictured, said: “The hotel union has applied for a strike vote on December 17. I am advised by Atlantis that they have withdrawn their plans to institute a new clock-in system they had planned to institute, which the union had taken exception to. I do not know if the hotel union will continue with the strike as a result of what Atlantis did.”

Atlantis this week asserted that there is “no basis for a strike vote”, a position vehemently rejected by the hotel union.

The Paradise Island resort, in a statement, called on the Bahamas Hotel, Catering and Allied Workers (BHCAWU) union to withdraw “any trade disputes” filed against it because the matters dividing the two sides have in its view been addressed.

But Darrin Woods, the union’s president, told Tribune Business that “nothing has changed” on its position because it feels the two issues that created the dispute Atlantis’ introduction of a 12-point disciplinary system and new shift structure for housekeepers - remain outstanding and unresolved.

The union is set to meet with its members on the issue today.

John Pinder, director of labour, confirmed that Atlantis had “lived up to its promises” to resolve the dispute. However, Tribune Business understands that the union is unhappy that Atlantis tied its dropping of the 12-point disciplinary system to, and made it contingent on, the BHCAWU

finding sufficient members to take on the new housekeeping shift system.

“All of the matters that the union had expressed their concerns over have been addressed by the resort, and

we do not consider there to be any outstanding concerns that would warrant any industrial actions,” Atlantis said in setting out its position. “Not only do we not see a basis for a strike vote, but have asked the union to withdraw any disputes filed thus far.”

Tribune Business was told by sources close to the negotiations that Atlantis sent two letters to Mr Woods in the belief they would end the impasse. They suggested the hotel union has not responded to-date to either of the letters, and added: “What would be the reason for the strike vote? They got exactly what they want.”

fiscal consolidation efforts with the Fiscal Responsibility Act, which promises enhanced scrutiny and oversight of the Government’s financial affairs, the IMF also acknowledged the deficit’s reduction from $660.4m in 2016-2017 to $414.9m last year.

“We recognise that there is still a lot of work to be done. There’s a lot of education that needs to be done because, unfortunately, sometimes we’re not very good at communicating where we are and why we’re doing what we’re doing and taking the steps that we’re taking, so that’s something that we have to work on so that we bring everybody along with us as we try to turn around our fiscal situation,” said Mr Turnquest.

“As we look around the world and what’s happening, and see all the upheaval that’s happening, it’s says to us that we have to get our fiscal house in order and take the opportunity while we have some buffers to do that, so that when hard

times come and if there is another recession - which some people predict - that we are prepared.

“That we can withstand it, that we have in place the fiscal structures and the discipline built into our system so that we can withstand and have some headroom, at least in terms of borrowing, or we have to do other extra fiscal measures to weather anything that may come in the future,” the deputy prime minister added.

“So more than anything the report says to us you’re on the right track. We need to continue with the discipline measures that we have in place, and continue to get our expenditures in line and continue the growth initiatives that we put forth and, again, just being very communicative and transparent with the Bahamian people and ensuring that we again do the best we can to maintain and to meet our commitments in respect to the Fiscal Responsibility Act.”

PAGE 4, Wednesday, December 12, 2018

THE TRIBUNE

‘TRUSTWORTHY’ HOTEL OPERATOR SOUGHT TO PRESERVE 100 JOBS FROM PAGE ONE on condition of anonymity, told Tribune Business.

“They’re allowing IVRC to stay until they’ve checked all their people in and made alternative arrangements.

Lubert Adler is trying to find and independent and trustworthy operator to keep people employed in the meantime. It’s a day-today [with IVRC] until they can find someone else.

“Everything has been secured now. They were allowed to do what they needed to do, and followed the law. The Government asked them to do that, but they don’t want to work with Mr MacDonald. They’re working with the Government to ensure the sale goes through. The Government is stuck; they don’t want to lose the jobs, but at the same time the sale can’t close until IVRC are out.”

Another source, close to developments and also speaking on condition of anonymity, confirmed that IVRC had been allowed for the moment to operate Old Bahama Bay’s 72-slip marina and “front desk” only. The condo owners also retain ownership and all related rights to their units.

“Everything else has been locked down. They’ve changed the locks and repossessed the amenities,” the source said of Lubert Adler’s move, which was implemented on Monday by its local agents and a team from Candid Security.

This was the second

repossession attempt, as the first - made on Saturday was successfully blocked by Mr MacDonald and his supporters, who summoned the police. The source said that while there was “all sorts of resistance, threats and meanness” on Monday, Lubert Adler’s agents ultimately prevailed after producing documents showing the lease was correctly terminated.

“Once they made it clear they weren’t leaving, and the police were satisfied they had a legitimate reason to do what they were doing, they stepped aside and said they would make sure there was no violence,” the source added.

“They [IVRC] were told they had to leave. The issue is both parties want them out. The seller [Lubert Adler] wants them out, and the purchaser wants them out. They don’t want to work with MacDonald.”

Lubert Adler, in its statement, reiterated that the “lease has been lawfully and properly terminated” with the correct notice given to IVRC. It previously released an October 1, 2018, letter from Sophia RolleKapousouzoglu, IVRC’s attorney at Lennox Paton, which appeared to confirm that the condo owners’ company would comply with the second termination notice.

While IVRC had disputed the validity of the first notice, issued on August 17, 2018, Mrs Rolle-Kapousouzoglu told Michael Scott, Lubert-Adler’s attorney, that her client intended to comply with the second one.

“Please be advised that IVRC intend to fully comply with Section 28.01 by surrendering the property at the sooner termination of the term, but not prior,” she wrote. “In that regard we affirm our acknowledgement of the Section 2.01 Notice to Terminate dated September 7, 2018.”

Mr MacDonald did not respond to an e-mail sent to his personal address seeking comment before press time last night, but Lubert Adler said it had permitted IVRC to keep Old Bahama Bay open on very favourable financial terms following the signing of their June 1, 2012, lease.

“Lubert Adler leased its assets for over six years to IVRC at a very favourable rate in order to support the ongoing operation for the benefit of the condominium owners and the employees of IVRC,” it added.

“During that period IVRC and the condominium owners took 100 percent of the profits for their own benefit from the marina, restaurants leases, etc.”

Tribune Business sources said IVRC was required to “pay a notional rent and be responsible for maintenance” at Old Bahama Bay under the lease’s terms.

They suggested this had allowed the condo owners to fund their units’ maintenance and other support through the revenues generated by the resort’s amenities, describing this as “a gravy train” that has now been cut off by Lubert Adler’s repossession.

However, IVRC and

‘High expectations’ NAD’s $75m offer is oversubscribed FROM PAGE ONE at 7.5 percent.

The Lynden Pindling International Airport (LPIA) operator was frequently deferring payment of the

“floating” 11 percent and rolling it over, meaning it was accruing as a bill that has to be paid at some point in the future.

Mr Anderson yesterday said NAD’s fundamentals had

changed significantly from when it first placed the participating debt to finance LPIA’s redevelopment, with the timing of that fund-raising - at the height of the 20082009 financial crisis - adding

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Mr MacDonald yesterday received backing from former West End MP and ex-minister of tourism, Obie Wilchcombe, who urged the Government to intervene to guarantee the continued employment of Old Bahama Bay’s 100-plus staff until there was greater clarity over the Skyline deal and its completion.

He argued that, while there had been much talk about Skyline’s $2.8bn proposal there was nothing to suggest a deal was “imminent” - going so far as to suggest no sales agreement had been signed, even though two closing dates have now been missed.

Calling on the Minnis administration to “help both sides work out their differences so we can have harmony”, Mr Wilchcombe said: “That’s 100 jobs. That’s the least we can afford, not only in West End but Grand Bahama.

“When MacDonald and those were faced with shutting or continuing to operate the resort [after Ginn’s default], they kept the place going and people working. They were contributing as corporate citizens.

“I don’t like the atmosphere right now. The environment is not getting more harmonious. What they’re doing is working against harmony. They’ve [the Government] got to work for the betterment of the island, as this island needs all the help it can get.

“We have to commend Mr MacDonald as he kept the place open, and is making another investment.

He’s ready to go.” Tribune Business revealed on Monday, though, that questions were being asked over whether any applications for the necessary investment approvals for that project, the 460-unit Grande Harbour development, have been made to the Government.

“Once the deal is done, and Skyline comes up with the funding and completes, we can move on but we’ve seen nothing yet,” Mr Wilchcombe said. “Let what exists today continue in the interests of us all.

“I’m really disappointed that the Government hasn’t stepped up or said anything at this point. People in the community are wondering what is going on, who’s speaking for us, standing for us? Nobody is explaining anything to them. They don’t know what is happening from one day to the next.

“One day one group of security people come and put locks on the development; the next day it’s another,” he added. “It’s a fragile economy and everyone is fearful we will lose what little we have now.

Everyone wants to see progress but until we get there, work with what we have that’s providing stability in the area.

“Don’t hit what we have now. Do we wish to send 100 people home? My God.” Tribune Business understands that IVRC and Mr MacDonald are still seeking a date before the Supreme Court for their legal action, filed last Thursday, to be

heard. They want to obtain an injunction Order preventing Lubert Adler and Skyline from “interfering or attempting to interfere” with the Old Bahama Bay assets covered by the lease agreement.

IVRC’s summons, seen by this newspaper, also wants the Supreme Court to prevent Old Bahama Bay’s current and potential new owners from “evicting or attempting to evict” it from these leased assets, which include the 72-slip marina, gasoline station, retail and restaurants, reception area and other facilities essential to a properly-functioning resort.

They are effectively asking the Supreme Court to maintain the Old Bahama Bay status quo until it can give a “final determination of the rights and obligations” of all parties in relation to the original lease deal they made with Lubert Adler.

Alternatively, they are seeking an Order that a new lease be “entered into”

by IVRC and Skyline for Old Bahama Bay’s operation and management that gives the condo owners and their tenants “rights of access and use of various common areas” at the resort. Until that happens, the condo owners want the Supreme Court to rule that they continue to “manage and operate” the assets governed by the existing lease.

to the premium it had to pay in terms of higher interest.

“When they funded it at the height of the crisis, the airport was not there, the revenue streams were not there, even though they were expected to happen,” the RoyalFidelity chief told Tribune Business.

“They’ve now got sustainable cash flow going in, and it’s an entirely different company compared to when it was initially funded.

“The projections support that they’re highly likely to pay principal and interest [on the new debt]. Where the company is today as the principal port of entry in the country, and they’ve got a high quality financial strength rating, all investors should be confident this is a great

investment opportunity and the rate of return is excellent compared to most alternative investments.

“It’s been a great start to the offering, and we have high expectations it will be fully subscribed or oversubscribed within the next week.”

RoyalFidelity, in recommending the NAD offering to investors, wrote: “The company’s cash flow from operations has shown stable growth following the 20072008 financial crisis, more than doubling from $28m in 2009 to over $60m for the fiscal year ended June 30, 2018.

“The January 2018 increase in rates will further drive an increase in per unit revenues for the current fiscal year,

and so is expected to further improve cash flows. By reducing the carrying cost on the participating debt, this will further enhance the company’s financial position and cash flow savings.

“Planned capital expenditures during the term of the notes include maintenance capital expenditure to resurface the runway and potential growth capital expenditure of a new runway should air traffic continue to improve.”

NAD’s total outstanding debt stood at $522m as at end-June 2018, with the participating debt accounting for $125.3m of that sum then.

The most senior debt tranche added a further $396.7m. with the airport operator’s total cash on hand pegged at $57.8m.

“NAD is seeking to refinance the high cost participating debt put in place in 2009 at the height of the financial crisis,” RoyalFidelity added. “Since the placement date, NAD has successfully completed the construction of world class facilities and has established a far stronger financial position, with a recent affirming of the ‘BBB-’ credit rating with an upgrade to stable from Fitch.

“While the new notes are repayable by 2035, NAD intends to reduce the outstanding balance on a quarterly basis as cash flow permits... In addition to substantially reducing the carrying cost of its debt, the refinancing of the participating debt may result in more of NAD’s debt being denominated in Bahamian dollars, substantially reducing interest costs and fees to convert Bahamian dollars to US dollars for repayment of principal and interest.”

NAD’s financial statements for the year to end-June 2018, released to investors as part of the offering materials, reveal that its net comprehensive loss fell by almost $10m year-over-year - dropping from $14.153m to $4.371m as it slashed losses by some 70m percent.

The improved financial performance was driven by increased passenger traffic stemming from Baha Mar’s full opening, plus fee increases, both of which contributed to significant hikes in passenger processing and facilities fees.

Passenger facility charge revenue grew by 15.5 percent or over $7m, rising from $45.464m to $52.508m, while processing fees were up by 51.4 percent from $7.525m to $11.396m. As a result, total operating revenue jumped from $77.028m to $89.396m, a 16 percent rise that put NAD closer than ever before to covering both operating expenses and $68.473m in financing costs.

Announcement SpeciAl DiviDenD The board of directors of Benchmark (Bahamas) Ltd. at its May, 2018 board meeting unanimously elected to establish a policy for future dividend payments .

Commencing June 2018, Benchmark (Bahamas) Ltd. will declare an annual dividend of one cent per share, thereafter , each year during the same period until the policy changes. Other special dividends can be paid at the discretion of the board based on business performance.

For December 2018, the Benchmark board has declared a special dividend of one cent per share to shareholders of record 17 December , 2018 payable on the 31 December, 2018.

Brent Roberts Secretary

THE TRIBUNE

Lucayan payouts: ‘Take it or leave it’ FROM PAGE ONE considered “a fair and reasonable offer” to both unions.

“The board has reached a determination,” Mr Scott told Tribune Business. “It’s in the hands of the policymakers now. The board has communicated its final position. Our position is that we have bent over backwards and strained to be as fair as generous as we could, but we have a limited budget and are expected to ensure we conserve it as best we can.

“I have told the representatives of the line and managerial staff that we have gone as far as we could with them. We are preparing to implement what we have offered: If you like it [the payout], take it, and if not show up for work.

“We are going to get this done by the end of the year.

There is no more money. I made them an offer I consider fair and reasonable.

It’s been blessed by the board, and they will not let me advance a dollar more.

Someone has got to take a stand.”

The impasse with the Bahamas Hotel Managerial Association (BHMA), which represents middle management workers, and the Commonwealth Union of Hotel Services and Allied Workers (CUHSAW) that acts for the line staff, comes exactly one week after Mr Scott confirmed that their differences over the voluntary separation packages with the board had narrowed “substantially”.

He had been “aiming” to finalise the packages for the 227 staff who had indicated they wished to leave - 90 managerial and 137

line workers - by the end of last week, while confirming that board and unions were “very close” to an agreement on payout valuations and terms.

Mr Scott declined to detail what has seemingly derailed the talks, although Tribune Business understands that the Grand Lucayan’s Board was closer to a deal with the BHMA and its lead negotiator, Trades Union Congress (TUC) president Obie Ferguson, than the line staff union.

Mr Ferguson could not be contacted before press time, and Mr Scott also declined to provide figures showing how far apart the sides were. This newspaper, though, was told that the Grand Lucayan increased its original $2.7m total offer to the BHMA, but the union raised its demands in the final days of last week.

The gulf between the Government-owned resort and CUHSAW, though, is understood to have been much wider and little changed from their original multi-million dollar differences. The CUHSAW had initially been asking for “over $3m” - a sum neartriple the Grand Lucayan’s $1.1m proposal.

As for the BHMA, it had first sought a collective $5.4m payout for its members - double the $2.7m offered by the resort’s board. The BHMA is thought to have moderated that demand somewhat, bringing it closer to the Grand Lucayan’s position, but the gap still remained too wide to bridge.

As reported previously

by Tribune Business, the two unions had thus initially asked for a total $8.4m payout, which represents a sum more than double, or

121 percent higher than the resort’s total $3.8m offer.

The lower the compensation payout, the greater the savings for the Bahamian taxpayer who has ultimately financed the Grand Lucayan’s $65m acquisition and a series of subsequent multi-million dollar payouts to former owner, Hutchison Whampoa, along with $3.5m in renovation costs.

Mr Scott previously said settling the voluntary separation packages would allow the Government to fulfill its promise of permitting all staff wanting to leave to do so while simultaneously reducing the Grand Lucayan’s operating costs.

Besides the wage bill savings, he added that completing this process will also allow the board and management to focus on operational efficiency and minimising expenses as they prepare Freeport’s sole remaining “anchor property” for sale to a private buyer.

“It allows the Government to keep one of its undertakings and promises,” Mr Scott told Tribune Business, “and allows us to move on with the next phase of the resort; its operations for the next six months and moving into the pre-sale phase. It also allows us to operate relatively cost efficiently.”

To advertise in The Tribune, contact 502-2394

Wednesday, December 12, 2018, PAGE 5

Three cruise port bids: Spend from $130m to $250m FROM PAGE ONE extra $216m into the Bahamian economy in the first year alone.

The formal bid valuation suggests that Global Port Holdings’ offer, while it has likely been tweaked and enhanced, may not have changed significantly over the past several months.

Meanwhile, the secondhighest investment spend - at $225m - was said to have come from the Nassau Port Partners consortium, which features Bahamian investment house Providence Advisors, headed by Kenwood Kerr.

Mr Kerr appears to be facing a busy Christmas when it comes to publicprivate partnership (PPP) infrastructure investments as he is heading the group attempting to finalise the contract to take over management/operations at the New Providence landfill.

The third and final bid, valued at $130m, came from Nassau Cruise Port. This is a consortium featuring the major cruise lines and the 50-strong Bahamian investor group, Cultural Village (Bahamas), together with their local financing partner, RoyalFidelity Merchant Bank & Trust.

Cultural Village (Bahamas) is headed by Gerald Strachan, the former Family Guardian president, and other key players in the group are understood

to include former Central Bank of The Bahamas governor, Julian Francis, and Craig Tony Gomez, the Baker Tilly Gomez accountant and principal.

Ex-tourism minister, Vincent Vanderpool-Wallace, is an adviser to the group.

“At least there’s some competition in terms of the port,” one source, speaking on condition of anonymity, told Tribune Business of the three bids.

Another added: “I’m sure we have three good groups who have made three good proposals. There are eyes on it, and the process should be clear and above board. It’s full disclosure in full public view. Let’s hope they get started quickly on the assessments. The main beneficiaries of this will be The Bahamas and its people.”

The cruise port bidding process came under scrutiny last week amid anonymous claims that the Request for Proposal’s (RFP) fairness and transparency had been compromised through its origins in the Global Ports Holding proposal.

While this was dismissed

by Dionisio D’Aguilar, minister of tourism and aviation, and others, several fresh concerns were raised yesterday.

Tribune Business sources pointed out that, in evaluating the Global Ports Holding bid, the Government and its technical

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division

committee will effectively be assessing themselves given that the Government holds a 40 percent equity ownership interest in APD. And there are likely to be concerns over a potential “conflict of interest” relating to the involvement of the major cruise lines in one of the bids, since they would be both operator and customer if the group was selected as Prince George Wharf’s manager.

The cruise lines have recently come under increasing scrutiny by many Bahamians amid the perception that they retain the vast majority of the industry’s economic benefits, while this nation gets the crumbs, especially given their increased reliance on private islands where they control the majority of attractions and activities.

Tribune Business sources said there were also concerns over the composition of the technical committee the Government will form to evaluate the bids, and whether it will complete its assessment and selection of the preferred bidder within the 21-day timeline given that Christmas will intervene.

Most participants are understood to be expecting that this December 28 deadline will be missed, and the selection and evaluation process will continue into January.

2018 CLE/gen//001148

IN THE MATTER of the QUIETING TITLES ACT, 1959 AND IN THE MATTER of the Petition of WILFRED BUTLER, JR. , KIPLING BUTLER, DON BUTLER and PEREZ BUTLER AND IN THE MATTER of ALL THAT piece parcel or lot of land comprising 8,636 square feet and situate at Peter Street off East Street in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of the Bahamas which said piece parcel or lot of land is bounded on the North by a reservation known as Peter Street and running thereon 66.65 feet, on the west by a property now or formerly the property of the Estate of Brenhilda Johnson and running thereon 81.85 feet, on the East by a Road Reservation known as East Street and running thereon 55.57 feet and South by a property said to be the property of the Church of God of Prophecy and running thereon 104.97 feet.

NOTICE WILFRED BUTLER, Jr., KIPLING BUTLER, DON BUTLER and PEREZ BUTLER claim to be the owners in fee simple in possession of ALL THAT piece parcel or lot of land comprising 8,636 square feet and situate at Peter Street off East Street in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of the Bahamas which said piece parcel or lot of land is bounded on the North by a reservation known as Peter Street and running thereon 66.65 feet, on the west by a property now or formerly the property of the Estate of Brenhilda Johnson and running thereon 81.85 feet, on the East by a Road Reservation known as East Street and running thereon 55.57 feet and South by a property said to be the property of the Church of God of Prophecy and running thereon 104.97 feet; AND have made application to the Supreme Court of the Commonwealth of The Bahamas pursuant to Section 3 of the Quieting Titles Act, 1959 to have their title to the said parcel investigated and the nature and extent thereof determined and declared in a Certificate of Title granted by the Court in accordance with the provisions of the said Act. Copies of the Petition and Plan showing the position boundaries shape, marks and dimensions of the said tract or parcel of land filed in this matter may be inspected during normal office hours at the following:a) The Registry of the Supreme Court of the Commonwealth of The Bahamas, British American Building, Marlborough Street, Nassau, The Bahamas; or b) BUTLER’S LAW CHAMBERS of 15 VET CF Place, 8th Terrace Centreville, Nassau, N. P. Bahamas; Attorney for the Petitioners.

NOTICE is hereby given that any person having dower or right to dower or an Adverse claim or claim not recognized in the Petition shall within Thirty (30) days after the appearance of this Notice filed in the Registry of the Supreme Court aforesaid and served on the Petitioner or the undersigned of his or her or its claim in the prescribed form verified by the Affidavit to be filed therein.

Failure of any such person to file and serve a Statement of his /her or its claim on or before the said Thirty (30) days herein will operate as a bar to such claim.

DATED the 3rd day of December, A.D. 2018 BUTLER’S LAW CHAMBERS 15 VET CF Place, 8th Terrace Centreville, Nassau, N.P. Bahamas; Attorney for the Petitioners.

PAGE 6, Wednesday, December 12, 2018

THE TRIBUNE

OPPOSITION CONCERN ON MAYAGUANA PORT

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Opposition yesterday expressed concerns around the possible development of a “Panama” type port in Mayaguana.

Philip Davis, the PLP’s leader, said: “That chatter has been around from time

immemorial. I recall that some time during the first FNM regime, a major announcement was made about Mayaguana which included such a port.

“I am aware that between 2000-2007, the I Group made certain representations to the Government that included a port but whether it was a

Panama-type port was not a component of the project to my recollection.”

He added: “What we are concerned about is the idea of making it an international port in Mayaguana. Representations were made during our last term. What we recognised was that it was not really a port, but they were

more after mining rock for export, just as they are doing at the Grand Bahama port. That is still, in our view, the main thrust of what they want.

After mining the port you will have deep water and convert that into a port.”

Renward Wells, minister of transport and local government, said during a

BTC pays for Black Friday meltdown FROM PAGE ONE couple of days.

“But that’s over a year ago. The issues are well behind us, and the porting system is working pretty well now. URCA did intervene and use their powers to make sure the process was working.

“Both BTC and ourselves have been working since then to make sure it works smoothly for everyone.

There are glitches, but generally it’s working well.”

Mr Blackburn’s mood and tone were markedly different back in November 2017, when he said the “massive disruption” caused by number portability’s failure had undermined Aliv’s promotional drive to grow its customer base on “the busiest shopping day of the year”.

“We went on the radio at 12 pm to tell everyone that, despite the delays, to keep coming and porting,” the Aliv chief officer said then. “The BTC system wasn’t working this [Friday] morning; we don’t know the reason why.

“It was the biggest sales day of the year and ports weren’t going through until lunch time. We weren’t very happy. It was massive disruption. At least 200 persons were impacted this morning. There’s now about 350 ported today, most within the last couple of hours. We made a noise, and everything cleared.”

BTC quickly blasted

DAMIAN BLACKBURN

back, saying: “It is unfortunate that BTC, who has faithfully provided service to all parts of The Bahamas, is being publicly castigated and vilified. The mass hysteria that the provocateurs tried to create was unwarranted and unfortunate.

“We believe the timing of this hysterical announcement was crafted to get free publicity for their [Aliv’s] Black Friday initiative which, based on the numbers of porting requests, was not much higher than normal since their entrance into the market.”

URCA, though, at the time criticised the “significant and unacceptable delays” that “primarily” impacted Bahamians wanting to switch from BTC to Aliv. It promised an investigation that would “expeditiously” address the matter.

Unveiling the final act of its probe yesterday, the communications regulator said: “Consumers affected by a regulatory breach by the Bahamas Telecommunications Company (BTC) can expect to receive a $100 credit applied to their

cellular mobile account on December 12, 2018.

“The credit to affected consumers is the result of a determination made by URCA on May 7, 2018.

URCA found that on 24 and 25 November, 2017, BTC failed to comply with the requirements of the rules and regulations relating to mobile number portability, causing unacceptable delays to 514 customers seeking to ‘port’ their telephone numbers to Aliv.”

With $51,400 going to consumers, URCA said BTC will pay the balance of the fine for its “breaches” to the regulator.

“Each of the affected subscribers who currently have active services on the Aliv and BTC networks will receive the $100 credit. The affected subscribers whose accounts are credited shall be sent a SMS message advising them of credited funds,” URCA added.

“Mobile number portability allows a subscriber of mobile telephone services to choose the service provider of their choice without having to change their telephone number by using the established number porting process.

“Since the 27 April, 2017, launch of mobile number portability in The Bahamas more than 47,000 customers have successfully ported their telephone numbers between the two mobile networks in The Bahamas.”

MARKET REPORT TUESDAY, 11 DECEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 2,059.63 | CHG 32.48 | %CHG 1.60 | YTD -3.94 | YTD% -0.19 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.30 0.56 3.92 9.30 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50

52WK LOW 3.50 19.17 4.90 3.32 0.90 0.16 2.25 8.60 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 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 4.44 17.43 7.00 4.90 1.28 0.56 2.30 9.30 6.16 4.25 11.25 2.47 1.78 8.39 6.30 12.85 6.75 3.62 13.01

CLOSE 4.44 17.43 7.00 4.90 1.28 0.56 2.30 9.30 6.16 4.50 11.25 2.46 1.78 8.29 6.30 12.85 6.75 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.25 0.00 -0.01 0.00 -0.10 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

2,000 79,960

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 0.277 0.631

DIV$ 0.100 1.260 0.000 0.240 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 20.7 18.7 N/M 15.5 N/M N/M -3.9 13.3 14.0 29.2 17.9 24.1 8.5 N/M 9.4 18.3 11.7 13.1 20.6

YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 1.79% 0.00% 7.63% 3.57% 2.67% 5.51% 2.44% 3.37% 1.01% 4.44% 3.89% 2.22% 3.59% 4.61%

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 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.10 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 1.52 1.68 1.61 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 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.41 8.57 6.55 10.68 11.65 10.62 9.92 8.69 11.79

YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -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 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

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

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

presentation at the Bahamas Engineers, Architects & Allied Professionals (BEAAP) stakeholder forum last week that the Government was exploring port development opportunities in the southern Bahamas, and particularly Mayaguana - suggesting this could offer similar benefits to

the Panama Canal.

“The canal allows shippers of commercial goods to save time and money with a shorter route. That opportunity is now also available to us in The Bahamas. Should the Government approve this port in Mayaguana it is going to be to the tune of billions of dollars,” the minister said.

Huawei CFO gets bail; China detains ex-Canadian diplomat VANCOUVER Associated Press A CANADIAN court granted bail yesterday to a top Chinese executive arrested at the United States’ request in a case that has set off a diplomatic furor among the three countries and complicated high-stakes USChina trade talks.

Hours before the bail hearing in Vancouver, China detained a former Canadian diplomat in Beijing in apparent retaliation for the Dec 1 arrest of Meng Wanzhou, chief financial officer of Chinese telecommunications giant Huawei and daughter of the company’s founder.

After three days of hearings, a British Columbia justice granted bail of $10m Canadian (US$7.5m) to Meng, but required her to wear an ankle bracelet, surrender her passports, stay in Vancouver and its suburbs and confine herself to one of her two Vancouver homes from 11pm to 6am.

The decision was met with applause in the packed courtroom, where members of Vancouver’s Chinese community had turned out to show support for Meng.

Amid rising tension between China and Canada, Canadian Public Safety Minister Ralph Goodale confirmed Tuesday that a former Canadian diplomat had been detained in Beijing. The detention came after China warned Canada of consequences for Meng’s arrest.

“We’re deeply concerned,” Goodale said. “A Canadian is obviously in difficulty in China. ... We are sparing no effort to do everything we possibly can to look after his safety.”

Michael Kovrig, who previously worked as a diplomat in China and elsewhere, was taken into custody by the Beijing Bureau of Chinese State Security on Monday night during one of his regular visits to Beijing, said the International Crisis Group, for which Kovrig works as North East Asia adviser. His

MENG WANZHOU employer said it had received no information about him since his detention.

Canada had been bracing for retaliation for Meng’ arrest. The Canadian province of British Columbia canceled a trade mission to China amid fears China could detain Canadians to put pressure on Ottawa over Meng’s detention.

“In China, there is no coincidence,” Guy SaintJacques, a former Canadian ambassador to China, said of Kovrig’s detention. “Unfortunately Canada is caught in the middle of this dispute between the US and China.

Because China cannot kick the US they turn to the next target.”

Earlier in the day, China vowed to “spare no effort” to protect against “any bullying that infringes the legitimate rights and interests of Chinese citizens”.

Chinese Foreign Minister Wang Yi didn’t mention Meng by name. But ministry spokesman Lu Kang said Wang was referring to cases of all Chinese abroad, including Meng’s.

Washington accuses Huawei of using a Hong Kong shell company to sell equipment to Iran in violation of US sanctions. It says Meng and Huawei misled banks about the company’s business dealings in Iran.

Yesterday, US State Department spokesman Robert Palladino told reporters in Washington “the charges against Meng pertain to alleged lies to United States financial institutions” about Huawei’s business dealings in Iran.

NOTICE Notice is hereby given that DIEUSON ESPERANCE of Carmichel Road, New Providence, P.O. Box N-10584, The 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 signed statement of the facts within twenty-eight days from the 12th December, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

THE TRIBUNE WASHINGTON Associated Press IN A wild Oval Office confrontation, President Donald Trump heatedly threatened to shut down the US government yesterday as he and Democratic leaders bickered over funding for his promised border wall and offered a grim preview of life in Washington the next two years under divided government.

Trump and House and Senate Democratic leaders Nancy Pelosi and Chuck Schumer squabbled for more than 15 minutes in the stunning, televised encounter.

Each of them, especially Trump, interrupted the others to question facts, quibble over election results and lob insults.

Trump questioned Pelosi’s ability to count votes in her own House. She questioned his manhood — after she left the building.

The public clash marked Trump’s first meeting with the newly empowered Democrats since their midterm victories that put them in control of the House, laying bare the tensions on both sides and suggesting how divided government might work — or not — as the 2020 presidential election nears.

Neither the public nor the private face-to-face portion of the meeting appeared to resolve the wall-funding dispute with a partial shutdown looming on Dec 21. However, Pelosi said Trump called her later in the afternoon and told her the White House was looking at options she and Schumer had laid out.

In the public debate, Trump sounded more determined than ever to allow a partial government shutdown unless he gets the billions he wants for his long-promised wall along the US-Mexico border.

“I will take the mantle.

I will be the one to shut it down,” he declared.

Pelosi later crowed that she and Schumer had goaded the president to “fully own that the shutdown was his”.

She told Democratic lawmakers back at the Capitol, according to an aide who was in the room, that the wall was “like a manhood thing for him ... as if manhood could

Wednesday, December 12, 2018, PAGE 7

Trump threatens shutdown in wild encounter with Democrats ever be associated with him.

This wall thing”.

The aide was not authorised to speak publicly and commented only on condition of anonymity.

While Trump has suggested he may be willing to trade with Democrats and has publicly praised Pelosi, he was focused yesterday on reinforcing his hardline immigration promises, repeatedly stressing border security and the wall as a critical part.

Democrats were in no mood to sympathize, emphasising their newfound political strength.

“Elections have consequences, Mr. President,” said Schumer.

Trump later called it a “friendly meeting”, saying “I’ve actually liked them for a long period of time and I respect them both. And we made a lot of progress”. The Democrats said they had given Trump two options to keep government open and the responsibility lay with him and Republicans who control Congress.

The wall remains the main sticking point in talks.

Republican House Speaker Paul Ryan acknowledged yesterday that the GOP-led House has yet to pass legislation that includes the $5bn in border wall funds that Trump has been requesting. Ryan likely lacks sufficient votes from Republicans who will

VICE President Mike Pence, centre, looks on as House Minority Leader Rep Nancy Pelosi, D-Calif, argues with President Donald Trump during a meeting in the Oval Office of the White House yesterday in Washington.

Photo: Evan Vucci/AP lose their majority at the end of the month.

Trump is seeking far more for his long-stalled border wall than the $1.6bn the Senate has agreed to for border security, including physical barriers and technology along the US southern border.

Should the two sides not make a deal by Dec 21, about three-quarters of the government would continue to have enough money to operate.

But departments affected

absent a deal include Homeland Security, Transportation, Agriculture, State and Justice, as well as national parks.

Both sides came into the negotiating session primed for battle. After a few niceties, Trump dug into Democrats on the border wall, prompting a stern rebuke from Schumer that the issue at hand was “called funding the government”.

Trump soon started scrapping with Pelosi, when she said there should not be a

“Trump shutdown”.

“Did you say Trump?” the president said, as the two argued over whether Trump had enough Republican votes in the House to support his border wall plan.

“The fact is that you do not have the votes in the House,” Pelosi declared.

Trump shot back, “Nancy, I do.”

Also in a fighting mood, Schumer accused Trump of threatening a shutdown “because you

can’t get your way”.

Trump heckled Schumer over a previous shutdown, saying “the last time you shut it down you got killed” politically.

Pelosi and Schumer both repeatedly asked to make the conversation private, without success, as Trump argued that the public meeting was a good thing: “It’s called transparency.”

Trump repeatedly returned to his argument that the border wall is needed for security reasons. He also argued that “tremendous” portions of the wall have already been built. In fact, some barrier renovation has happened, but little wall construction has been completed under Trump.

If Democrats refuse to support the wall, the military will build the remaining sections, Trump said. “The wall will get built,” he insisted.

Hours after the meeting ended, a Pentagon spokesman said in a statement that “there is no plan” for the military to build sections of a border wall. But Army Lt Col Jamie Davis added that the military may have the power to fund “barrier projects” in national emergencies or to counter the drug trade.

Pence, a former House member, sat silently as Trump and the two Democrats bickered. He later called the meeting a “good discussion”.

Asked to describe the atmosphere in the private meeting that followed the public quarrel, Pence said, “candid.”

Pelosi and Schumer have urged Trump to support a measure that includes a halfdozen government funding bills largely agreed upon by lawmakers, along with a separate measure that would fund the Department of Homeland Security at current levels through Sept 30, the end of the fiscal year. The homeland bill includes about $1.3bn for fencing and other security measures at the border.

If Trump rejects that, Democrats are urging a continuing resolution that would fund all the remaining appropriations bills at current levels through Sept 30.

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