12202019 BUSINESS

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FRIDAY, DECEMBER 20, 2019

$4.56 US airlines want more before returning to GB

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

DIONISIO D’AGUILAR “American wanted to ensure some added infrastructural requirements were put in place prior to them resuming service,” Mr D’Aguilar told this newspaper. “They wanted to ensure that all of the perimeter fencing was restored, although that was not required for the TSA’s purposes.

“They felt we could mitigate the fencing by putting people on the ground to ensure a sterile area; a security area that would remain sterile.

But American

SEE PAGE 5

M

AJOR Bahamian insurers yesterday warned property owners they face “a minimum” 15 percent premium rate rise in 2020 with Dorian-related claims set to hit peak estimates of $2bn.

Patrick Ward, Bahamas First’s president and chief executive, told Tribune Business that obtaining proper catastrophe coverage “should be one of the number one priorities” for Bahamians despite the increased cost and affordability pressures such a significant price hike will bring.

Sky swoops in to block asset sale A A TROUBLED Bahamian airline prevented from flying for over five months has obtained a Supreme Court injunction to block a former partner selling its assets.

Sky Bahamas, through an ex-parte application where only its attorneys were present, persuaded Justice Keith Thompson to bar AOG Maintenance Company

from denying it the ability to “access and remove its assets contained at the aircraft maintenance hangar situated on premises belonging to Lynden Pindling International Airport (LPIA)”.

The December 18, 2019, injunction, a copy of which has been obtained by Tribune Business, also “restrains” AOG Maintenance Company “from selling the assets” of Sky Bahamas “including but not limited

SEE PAGE 7

BISX-listed group urged delay over customs system

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters A BISX-listed food retail group has revealed it pleaded with Customs to introduce its new electronic platform in January “to make the transition a little easier”, but its arguments were not listened to.

Gavin Watchorn, AML Foods’ president and chief executive, told Tribune Business it had “expressed that concern” that it would be better for the Electronic Single Window (ESW) to be implemented in the New

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Year once import volumes were less following the stocking-up for Christmas.

Revealing the the online portal’s launch had been “quite challenging”, Mr Watchorn said AML Foods’ experience had become “much better” in recent weeks as he praised Customs for working with the company to address any issues.

“I do wish they would have implemented it in January,” the AML Foods chief revealed. “We had requested it be implemented in January as there would

SEE PAGE 6

• Industry: ‘Can you not afford coverage after Dorian?’

• Some premiums to rise 30%; Dorian claims close on $2bn • RoyalStar’s ‘gross reserve’ $325m, settles 80% of claims Both he and Anton Saunders, RoyalStar Assurance’s managing director, questioned whether Bahamians can afford not to insure their assets given the potential for Abaco and Grand Bahama-type devastation to occur elsewhere in this nation in coming years.

Mr Saunders, revealing that RoyalStar and its reinsurance partners have set aside a $325m “gross reserve” to deal with some 1,800 Dorian-related claims, conceded that homeowners and businesses will be

“challenged” to afford the necessary coverage in 2020.

Apologising for this, he urged consumers to “step back, look in the mirror and say: ‘If Dorian can happen elsewhere in The Bahamas, can I afford not to have insurance?”.

Revealing that the category five storm had created the “most work” seen during his 20-plus years in the insurance industry, Mr Saunders and his Bahamas First counterpart urged Bahamians to do what is necessary to reprioritise their

spending accordingly.

The RoyalStar chief said the underwriter has now settled 80 percent of its Dorian-related claims, while Mr Ward disclosed that Bahamas First was “probably more than 50 percent of the way through” as year-end approaches.

Besides premium increases, both men confirmed that reinsurers were also seeking “additional terms and conditions” and, in some cases, increased

SEE PAGE 4

Freeport hotel braces for ‘worst xmas ever’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Insurers ‘sorry’ for 15% hike...... but it’s worth it

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MAJOR US airlines want “greater infrastructure upgrades” to Grand Bahama International Airport than their own industry regulators before they will resume flying, a Cabinet minister revealed yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that American Airlines is insisting that the airport’s perimeter security fencing be fully restored before it places the Miami to Freeport route back on its schedule.

He disclosed that the airline’s demands, and those of some international carriers, went beyond what was necessary to satisfy the US Transportation Security Administration (TSA) earlier this week that Freeport/ Grand Bahama could once again be given the all-clear to receive international flights.

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MAJOR Freeport hotel is on track for its “worst Christmas ever” despite enjoying a strong fall, with occupancy rates set to plunge from “the high 80s” to around 30-40 percent.

Magnus Alnebeck, Pelican Bay’s general manager, yesterday told Tribune Business that the drop-off was due to non-governmental organisations (NGOs) and persons associated with post-Hurricane Dorian relief heading home for the Christmas and New Year period.

Predicting that some were unlikely to return, he added that there were too few new arrivals to replace them given that Grand Bahama International Airport had only just re-opened to

• After ‘strongest fall’ in its history • Occupancies to drop to 30-40% • As Dorian relief workers go home international flights this past weekend.

Emphasising that “you cannot rely on a hurricane every year to fill your hotel”, Mr Alnebeck said rebuilding airlift was vital to Freeport’s tourism industry and wider economy given that the peak winter visitor season has now arrived.

He lamented the lack of information being provided to the hotel sector, and wider industry, on progress in this area and in restoring Grand Bahama International Airport despite both its owners - Hutchison Whampoa and the Grand Bahama Port Authority (GBPA) - being represented on the island’s Tourist Board.

“For Pelican Bay we had the best September, October

and November we’ve ever had, but we’re going to have the worst Christmas we’ve ever had,” Mr Alnebeck told Tribune Business. “That’s because all the people here; the NGOs, the loss adjusters and relief people are leaving. Some will come back in January, but we will not see the same volumes we saw in autumn.

“Over the Christmas period, at the most, we’ll be between 30-40 percent occupancy. In the fall, we were in the high 80 percents. Without airlift, you cannot create a sustainable model. You cannot rely on a hurricane every year to fill your hotel afterwards. That would be a pretty bad model.”

Mr Alnebeck’s comments came as Dionisio D’Aguilar,

minister of tourism, revealed that American Airlines and other major carriers vital to providing Grand Bahama with air transport connectivity are demanding more airport upgrades than were necessary to satisfy the US Transportation Safety Administration (TSA) before they will resume flying to the island (see other article on Page 1B).

While Bahamasair and Sunwing resumed international flights over the weekend, coinciding with the TSA all-clear, and Silver Airways restarted its service from Fort Lauderdale yesterday, Freeport’s business model depends heavily on

SEE PAGE 6

PAGE 2, Friday, December 20, 2019

ELEUTHERA POISED FOR WINTER RECORDS A BAHAMIAN real estate firm believes mainland Eleuthera is poised to set new visitor and second homebuyer records this winter season based on initial numbers.

“There hasn’t been a lull yet,” said Angelika Bacchus, an Eleuthera-based estate agent with Damianos Sotheby’s International

Realty. “It’s all homeowners and locals are talking about.

There’s a higher volume of people, and rentals are through the roof.”

Rental occupancy increases are due, in part, to first-time visitors and second homebuyers getting a feel for the island before deciding to purchase a home.

With the addition of direct

flights on Delta, American Airlines and US Airways from Charlotte, Atlanta and Miami, access to Eleuthera is becoming more convenient.

“People are realising they can hop on a flight and come down for a long weekend,” Ms Bacchus said. “Some people have never been to The Bahamas before, while

others have only been further north, like Abaco, so there is some educating that we’re doing about the market.

“Condominiums like Anchor Point and Pineapple Fields are popular first-time purchases because they’re a smaller investment, and give people the opportunity to ease into the market.”

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Neighbourhoods such as Rainbow Bay and Current are also attracting second homebuyers in search of vacation homes with starting prices around $250,000.

“There aren’t a lot of beachfront properties in Eleuthera in that price range, but what we’re finding is that people aren’t being deterred by this,” Ms Bacchus said. “People are happy to purchase homes located further inland at a more economical price point because beaches on Eleuthera are so plentiful you don’t necessarily have to live directly on the beach to enjoy that private beach feeling.”

With Hurricane Dorian’s aftermath fresh in people’s minds, homebuyers and investors are focused

THE TRIBUNE

HOMES located inland, such as those in Rainbow Bay and condominiums like Anchor Point (above) in Governors Harbour, Eleuthera, are attracting buyer attention as potential homeowners look for economical ways to enter the housing market on the island’s mainland on well built homes located above sea level.

“Eleuthera is such a diverse island with so many hills, cliffs and elevations…

People are finding that very appealing,” Ms Bacchus said. “It’s going to be a very healthy season.”

THE TRIBUNE

Friday, December 20, 2019, PAGE 3

Mortgage Corp receives Nassau/PI hotels give $27m in Dorian payouts mixed xmas outlook

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas Mortgage Corporation (BMC) yesterday said it has received $27m in Hurricane Dorianrelated insurance payouts on behalf of its borrower clients, and expects this number to rise.

Philip Haven, its managing director, said the taxpayer-owned mortgage lender expected to be contacted by around 75 percent of its mortgage clients in Grand Bahama and Abaco over damage inflicted upon their homes by the Category Five storm. He added that the claims processing timeframe should take around four days from the moment a request is made.

“We have over 1,000 clients in both Abaco and Grand Bahama,” he said. “We have heard from 537 customers, mostly from Grand Bahama. We expect, when Abaco comes on full stream, that number to escalate to approximately 770.

“The total number of [insurance] cheques we have processed was approximately 200, and that will also include whatever mobilisation the customer has requested or stage-payment. We have received approximately $27m in cheques from our insurance company, and the cheques are still coming in. We expect to pay out the entire amount that we receive with the exception of customers who are requesting that we pay out the remaining balance from the cheque received and send them the balance.”

Mr Haven spoke out after the Mortgage Corporation yesterday unveiled

its Hurricane Dorian claim cheque disbursement processing system - a move seemingly made in response to criticism voiced

by Grand Bahama-based homeowner clients during recent TV reports.

However, insurance cheques are always made out to the lender when a damaged property is acting as security for a mortgage loan. Banks and other lenders always want some control over the rebuilding and repair process given that their loan collateral and its value is at stake.

Their ultimate goal is for any building to be restored to its pre-storm valuation, and to achieve this lenders may seek to influence the selection of the contractor hired to carry out repairs to ensure the work is Bahamas Building Code compliant. They may also control the contractor payout process to ensure borrowers do not use all, or some, of the insurance proceeds to finance activities such as holidays and luxury goods/vehicles purchases.

Meanwhile Mr Haven, responding to concerns that the Mortgage Corporation does not have an approved contractors’ list, told Tribune Business: “We are going with any government-licensed contractor. What happened is that we didn’t want to put an approved list together because the government is already monitoring that requirement.

“But once you are government-licensed and government-approved, then we will work with you once you give us all the information we need.”

Detailing the insurance claims processing timeline, Mr Haven added: “So, let’s

say someone walks in today with a payment request.

Mortgage Corporation personnel have to go out and do an assessment. So, let’s say that assessment happens tomorrow and, once that inspection and assessment is done, then the inspector comes in and triggers the claims process.

“So what we are looking at should be four days, because they have to send it from Grand Bahama here to the Mortgage Corporation. As soon as we get it, we are processing it here and then we have a 48-hour turnaround time at the Mortgage Corporation.

So we have two days to get it from Grand Bahama and another two days here at the Mortgage Corporation.”

The Mortgage Corporation is advising impacted Grand Bahama homeowners to complete and file a claims request directly with JS Johnson at its East Mall Drive, Freeport location. It also wants them to provide to at least one government-licensed contractor’s estimate for repairs or reconstruction, with supporting contractor documents that include business license, tax compliance certificate and approved builder’s certificate from the Ministry of Housing.

Homeowners then obtain an assessment by the Mortgage Corporation’s technical team, and payments - other than mobilisation (as necessary) - will be made in accordance with the contract following the contractor’s request and an independent Mortgage Corporation inspection.

Payments will be made directly to the contractor.

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THE WARWICK PARADISE ISLAND

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SEVERAL Nassau/ Paradise Island hotel operators yesterday reported a mixed Christmas occupancy and bookings outlook as the industry readies for the peak winter 2020 season.

Ketera Rolle, acting general manager for the Holiday Inn Express, told Tribune Business: “Things are pretty good. I just had a look at it this morning. We are right where we need to be; almost to the point of being sold out as of Tuesday of next week into January 1.”

She added that forward bookings for January are looking “pretty good”, and said: “We have some good on-the-books numbers right now, but we could be better.

We are just focusing our numbers on ending the year.

So early next week we will have a look at our on-thebooks for January, and then we will try to see what we can do to build on that. But, right now, on-the-books looks steady.”

When asked how the Christmas compares to prior year comparatives, Ms Rolle added: “Well, it was kind of sporadic last year in

terms of we picked up most of our bookings over this period last minute. When I say last minute, we were basically relying on walk-ins and that was due to some system issues that we had.

“So most of what we had on the books had fallen off, and we were just relying on basic walk-ins and last-minute bookings, as opposed to this year where we actually had everything on the books from September. So it is basically managing and retaining what we had on our books.”

However, Benjamin Davis, general manager for the Warwick Hotel, told Tribune Business that the outlook was “pretty poor.

I don’t have any idea when it will pick up. But it is nothing fantastic, nothing compared to 2018”.

Asked whether Hurricane Dorian-related fall-out may be a factor behind the weak performance, he replied: “A bit of both.

You have to remember that the hotels in the southern Caribbean, like in St Marteen and Puerto Rico, and these other countries that had a bad hurricane two years ago, they have a lot of rooms back in inventory so travellers have a lot of options.”

Mr Davis added: “We’re not expecting anything

glorious for January or February either, but we have to wait and see. We are seeing moderate pick up; forward bookings are picking up slowly.”

The Ministry of Tourism previously said it will be “more aggressive” in countering the “high single digit softness” in 2020 first quarter bookings after it received a $500,000 boost to its marketing war chest.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business earlier this month that he had approved a reallocation of funding from within the ministry’s 2019-2020 budget to intensify promotional efforts designed to counter negative publicity related to Hurricane Dorian.

Predicting that peak winter tourism stopover numbers will be “flat, if not a little down” against strong comparisons from 2019, Mr D’Aguilar said the fall-off in the highest-spending category had been partially offset by the rapid rebound in cruise passengers.

For last year, Mr D’Aguilar said the Bahamas experienced record-breaking arrival numbers with 6.6m tourists visiting the country in 2018, an increase of 7.9 percent compared to the 2017 numbers.

PAGE 4, Friday, December 20, 2019

THE TRIBUNE

Plastic distributors prepare ‘alternatives’ as ban nears

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net MAJOR distributors yesterday said they already have “alternatives” to single-use plastic bags and styrofoam products in place ahead of the ban that will come into force from January 1.

Marc Serfontein, Darville Packaging’s production manager, told Tribune Business: “We have already got a lot of alternatives ready. We have stopped any import of any of our plastic bags, and we hope to sell

our inventory off by the deadline of June 30.

“We have already converted multiple customers over to the re-usable tote bags; they have all been custom printed for them.

We’re not too worried; we’re just going to up our inventories in paper shoppers and the re-usable types of bags.

“Unfortunately it is what it is. It is a good move for the country. But unfortunately it is a hit on our business. We have been preparing now for almost two years. We have a lot

of really good alternatives for our customers that are really well-priced and cost-effective.”

Camille Ferguson, assistant manager of Kruger Plastics, added: “We have a line of bio-degradables, and we also have compostables available.

Compostables seems to be the route this government wishes to take and so we are prepared. We will get rid of our stock by June.”

Responding to concerns that the ban may be a significant hit for Kruger Plastics, she added: “Our clients do

not prefer the feel of some of these new items. I don’t know if it will be a hit on business, because we are finding alternatives. We have to do what we have to do.”

As of January 1, 2020, customers will be charged 25 cents to $1 for each plastic bag requested at the checkout at Bahamian retail stores. Use of these bags will only be permitted for six months (from January 1 to June 30, 2020).

After this period, these bags must be replaced with compostable plastic options.

The Ministry of Environment and Housing says it “embarked on a nationwide public consultation and education campaign throughout this year”, with input from these meetings helping to to develop a manageable phase-out plan.

The ministry’s website adds: “Biodegradable alternatives to plastic bags and Styrofoam containers such as reusable bags, paper and plant-based food containers have already been introduced to the local market by hotels, restaurants and suppliers.

“The Bahamas will join more than 40 countries around the world including parts of the United States, the UK, Denmark, Ireland, Kenya, Rwanda, Haiti and Antigua and Barbuda that have already enforced - or are in the process of formulating - bans on selected plastic and Styrofoam products.”

The new Bill provides for a complete ban on single-use plastics and styrofoam by 2020, eliminating items such as plastic straws, styrofoam food containers and singleuse plastic shopping bags.

Insurers ‘sorry’ for 15% hike...but it’s worth it FROM PAGE ONE deductibles from their Bahamian insurance partners as they seek compensation for Dorian’s massive claims payout and to better manage their risk exposure/investment return.

Mr Ward, affirming that individual Bahamian property and casualty underwriters each have to negotiate their own terms, said: “I still think it’s a little bit of a moving feast in some ways. The reason I say that is because

individual companies are assessing to what extent they apply additional terms and conditions, and additional deductibles that may apply in certain locations.

“It’s not just about premiums. I would say rates will go up by a minimum 15 percent, and possibly higher for certain locations and exposures, plus areas directly impacted by the hurricanes.

Companies have to make their own judgments on that.”

The Bahamas First chief said these “additional terms and conditions” could include comprehensive

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catastrophic coverage “being restricted or not made available in certain cases” where properties were non-compliant with the Bahamas Building Code or had not used the correct construction materials.

Homes and businesses in coastal or flood-prone areas, where the risk of water damage is higher, will likely face higher premiums that locations less susceptible to this, while the Dorian-hit islands and others with histories of greater hurricane exposure may be subjected to similar escalating costs.

Bahamian property and casualty underwriters are now better able to pinpoint the likely premium price rises facing their clients because the annual treaty negotiations with global reinsurers are virtually complete, Mr Ward revealing that Bahamas First was “pretty much done”.

“I think the reinsurance market is looking at the market here to give them some direction but, at a very minimum, they want to see rates go up and all the companies here are pretty much in the same boat in that regard,” he added.

Mr Ward, though, said that “in The Bahamas, historically, we’ve had rates higher than they’re likely to be in 2020 even with this increase. It will be a case of persons deciding how to spend their money.

“If insurance is valuable, people may have to make

AFTERMATH of homes after Hurricane Dorian. a choice between that and other options. Anyone seeing the devastation Dorian brought, I think, would treat insurance as one of their number one priorities going forward.”

Mr Saunders echoed his Bahamas First counterpart, telling Tribune Business: “There is going to be an increase, and it’s going to be staggered across individual locations, but I believe it’s going to be from a high in some islands of 30 percent to a low of 15 percent on other islands “The $2bn [collective industry claims payout] for Dorian is holding firm. Tom Duff at Insurance Company of The Bahamas says he has seen some tweaks in his reserves, but overall it will be more in the region of $2bn. You can forget the $1.5bn.”

Acknowledging the

growing concerns over insurance affordability, Mr Saunders added: “People have to prioritise. This is something that is needed, and we all have to step back and say: Is insurance needed in my life? If the answer is, yes, you have to prioritise and find a way to deal with it.”

Homeowners and businesses with mortgages secured on their premises will have no choice but to acquire insurance due to the lender’s need to protect their security, but Mr Saunders added: “Look at what Dorian did, and ask people who had insurance about the gratification they had when they knew it would help them.

“Emotionally it cannot do anything, but financially it can bring you back....

It’s going to be a challenge next year, affordability will

be a challenge, but everyone needs to step back, look in the mirror and say: ‘If Dorian happened elsewhere in The Bahamas, can I not afford to have insurance?’”

Mr Saunders said the Bahamian insurance industry had proven its worth as a force for “economic stability” through its response to Hurricane Dorian, and argued that it had not received due credit for this.

“The industry has proven its weight and value,” he told Tribune Business, “and doesn’t get as much credit as it deserves for being an economic stabilising force in The Bahamas. Imagine if the insurance industry was not here. Who else is going to pay that additional $2bn.”

Revealing good progress in the payout of Dorian claims, Mr Saunders added: “Every claim we are responsible for internally, all of our reinsurers, all of our network partners, we have a gross reserve of $325m. All in we have a total of 1,800 claims, and of those 1,800 claims we have satisfied and settled 80 percent of those. We’re slightly ahead of expected pace.”

Bahamas First’s Mr Ward said: “We’d like to think we’re getting to the end of the process in terms of the claims likely to be reported.

We’re working our way through the settlements, and at this point feel we’re probably more than 50 percent of the way through.”

THE TRIBUNE

Friday, December 20, 2019, PAGE 5

US airlines want more before returning to GB

FROM PAGE ONE

Airlines wanted to ensure that the entire perimeter fencing was secure before they resumed operations.”

Hotel industry sources told Tribune Business that the earliest date an American Airlines flight top Freeport can be booked in the carrier’s reservations system is February 13, 2020, meaning that a critical US lifeline for the sector and wider economy will miss the critical Christmas/New Year holiday period and a significant chunk of the peak winter tourism season.

Magnus Alnebeck, Pelican Bay’s general manager, said the carrier’s Miami service provided “the main” international connectivity for Freeport and Grand Bahama, with its impact extending beyond the tourism sector.

“It was maybe not so much for tourists,” he explained, “but our business model in

Freeport with the Grand Bahama Shipyard etc. That’s where a lot of the corporate traffic comes from. We need scheduled US airlift, and that is American Airlines since Delta announced it was not coming back.

“Silver Airways is a good help from Fort Lauderdale, but you cannot put them on the same level as American.

That’s what we need. The earliest possible date you can book anything in their system is February 13. There might be conversations going on behind the scenes, but we’re not privy to that as hoteliers.”

American Airlines’ extra requirements may further raise anxiety among Freeport businesses and residents given that the responsibility for meeting them falls squarely on the privatelyowned Grand Bahama Airport Company (GBAC), a 50/50 joint venture between Hutchison Whampoa and the Grand Bahama

Port Authority (GBPA).

Concerns that the airport’s owners were not moving fast enough to restore operations post-Hurricane Dorian, and the perception that they may be unwilling to invest the multi-million dollar sum necessary, resulted in Mr D’Aguilar and the government revealing they were mulling the possibility of acquiring the asset.

Mr D’Aguilar, though, told Tribune Business yesterday that he had been “advised” the Airport Company was effecting the necessary perimeter security fencing repairs. He added that the initial priority had been to pass the TSA’s requirements, so that the likes of Bahamasair, Sunwing and Silver Airways could restart their international services.

“Our first goal was to ensure we fulfilled the requirements of the TSA to resume international flights,” Mr D’Aguilar said. “We’re now working assiduously to fulfill the requirements of a number of international airlines.

“The first step was to get the airport opened up so that the residents of Grand

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Bahama could make international flights without having to go through Nassau. It was to get the airport open so international flights could operate; not all, but some.

Now we’ve reached the next step of restoring infrastructure at the airport to fulfill the requirements for other international flights to resume.”

Mr D’Aguilar said American Airlines and others will also have to assign aircraft back to the Freeport route, as Grand Bahama’s enforced three-month shutdown post-Dorian had likely meant planes servicing the island had been dedicated elsewhere.

He predicted that discussions over Grand Bahama

International Airport’s fate and future ownership will likely restart in the New Year, but added that extra investment to harden the facility was essential since it would be “foolhardy” to simply focus on restoring it to its pre-Dorian state.

“Each of the parties are considering their positions, we’ll resume in earnest exploring the possibility of something happening,” Mr D’Aguilar told Tribune Business. “It’s still all a bit up in the air, and Hutchison Ports has to come to a decision on what it would like to do because they own it, and are considering all their options as is the Government.

“An airport is a critical component of any island’s

infrastructure.

It’s very important to the government that this airport is restored and operated optimally. However, we cannot get away from the fact this airport has been destroyed several times in the last few years.

“You’d be foolhardy to restore it to the position it was in pre-storm. We have to build in some resiliency, which will take some time.

We either have to put the terminal building 20-25 feet in the air or put a dyke around the perimeter of the airport.” Asked whether he knew how much this will cost, Mr D’Aguilar replied: “No. Therein lies the conundrum.”

PAGE 6, Friday, December 20, 2019

Freeport hotel braces for ‘worst xmas ever’ FROM PAGE ONE

the major US carriers returning.

“The big problem is the lack of information,” the Pelican Bay chief told Tribune Business. “That Sunwing was coming in was something that became known to us at the hotel when we saw it on social media.

“We never heard it [the airport] was not going to come back. But we kept on asking if it’s open, if it’s open, were told wait and see, and then it’s back.... I have yet to see an official statement from the Airport Company in Grand Bahama after the storm about what their plan is.

“I’ve seen various comments and interviews from Sarah St George, but we were first told there was going to be a mid-November resumption of international flights. Maybe that’s what was meant by a few challenges, but we wanted to hear if Sunwing and American were coming back with regular flights as we didn’t know what to tell our guests,” Mr Alnebeck continued.

“It is good to say to a guest who has made a hotel Christmas booking some four to five months ago how they are going to get here.”

Mr Alnebeck nevertheless hailed the return of Silver Airways, and the restart

of international flights, as “great news” for Grand Bahama’s tourism industry and wider economy. Yet he questioned why more information was not forthcoming sooner given that the airport’s two owners were both represented on the Grand Bahama Tourist Board by Ian Rolle, the GBPA’s president, and Godfrey Smith, head of Hutchison Port Holdings (Bahamas).

Urging the Government to “finalise” the Grand Lucayan’s sale to the Royal Caribbean/ITM Group joint venture as rapidly as possible, the Pelican Bay general manager added that Freeport Harbour’s redevelopment represented “a pretty big” investment for Freeport’s economy.

“Number one is to get the empty hotel redeveloped, and the port opened up,” Mr Alnebeck said. “It’s absolutely critical to show there are new investments coming into Freeport, and doing things in Freeport proper. There is a lot of talk about the Carnival cruise port, but it’s something outside Freeport and not really a mainstay investment.”

While the Grand Lucayan’s redevelopment will take 21-24 months, Mr Alnebeck said the construction work would still inject money and spending into Freeport’s economy. “Any economic activity is needed at this moment to rebuild our local economy,” he added.

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BISX-listed group urged delay over customs system FROM PAGE ONE be a lot less volume of imports coming into the country then, and that may have made the transition a little easier.

“We had expressed that concern. It is what it is.

We had some impact at the beginning as both sides worked their way through the initial challenges. The initial weeks were quite challenging but it has got much better as we’ve gone along. We need to continue to do whatever training needs to happen, training and retraining, so we iron out whatever kinks are involved with it.

“Having said all that, if this is a system that drives improvements and reduces opportunities for revenue leakage we will welcome that. As with most systems there’s a learning curve.”

Meanwhile, brokers yesterday refuted suggestions

by Customs and the Ministry of Finance that their failure to attend training sessions on how to use the new system was a major factor behind the early difficulties.

Lance Major, in-house broker for the D’Albenas Agency, said: “The whole project dropped on us in a ‘dead hurry’. It took us some time to figure out what it was all about. It was very, very complicated when I first started, but now I’m accustomed to it and everything is working fine.

“I have been to lots of training, but the training really was basically to tell

you the red dots and so on and so forth. It didn’t tell you what to put into it. It was really a whole different set up, and different from the eCAS (Electronic Customs Automated Services) used previously. But I’m familiar with the system now and it is working quite well.”

Kenneth Gibson, chief executive of Five Star Brokers, said: “The issue isn’t really related to training.

The issue stems from the Customs department and their processing times. It seems like they have deficiencies in their department where it takes a while for certain items to get processed in a timely fashion.

“That has nothing to do with me. Either they don’t have enough people or their people don’t know what to do. Some entries it is taking us two weeks to get them released from their system; that isn’t a training issue to me.

“All of my people in my establishment took advantage of the training. So you can’t be signalling us out,” Mr Gibson continued. “I wanted to clarify that issues we had were with the Customs department’s processing time. We put the items into the system and it is taking them two weeks to process it. What does that have to do with training?

That is the specific and particular issue we are facing.

“With the old system it would take less than an hour. The same things that used to take less than an hour, it now takes up to two weeks. They are getting

better with time but still not where it needs to be because it seems as if they need to have more people put into the area.

“We process a lot of concessions. So clients like the hotels, they don’t pay any duty. So when you have an entry in for them, it goes to a special area and not a generalized area and that’s taking long.”

An in-house broker for a major retailer, speaking on condition of anonymity, said: “I think that what happened in this particular case is that this ESW had been touted initially as an ease of doing business feature; we will make trade between borders easier and what not.

“That is what the Government is getting the blowback for now, because that was featured as the main purpose of the ESW, but the main purpose is now it is about protecting the Government revenue and making it more difficult for people to evade the Government through fraudulent

means - even in the case of collusion between brokers or importers and Customs officers.”

They also signalled the possibility of an increase in customs brokerage fees due the extra compliance costs with the system, and said: “On the broker side it is more time consuming and it is a lot more detailed, and therefore it is causing the price of brokerage services to go up, which in turn is an added cost to importers.

“But bear in mind that there are some good features about it. With the old system we as brokers had ‘free reign’ in the Customs eCAS system. For example, you can put in a document today, go back tomorrow and take the document out and put something else in. That should not have been allowed. You should not have been allowed to run free in the system, but with this system they have put some restrictions in.

You can’t do as you would like in this new system.”

THE TRIBUNE

Friday, December 20, 2019, PAGE 7

Sky swoops in to block asset sale FROM PAGE ONE

to aircraft engines, propellers and gears contained inside the said maintenance hangars”.

Finally, the Supreme Court Order also prevents AOG Maintenance Company “from interfering with” the airline’s “business operations” and assets located at the LPIA maintenance hangar.

Captain Randy Butler, pictured, Sky Bahamas’ president and chief executive, told this newspaper he sought the injunction after the airline was “locked out of” the maintenance hangar that had been the subject of a joint venture partnership with AOG Maintenance Company.

“We heard they were about to sell that stuff,” Captain Butler added of the airline’s property still inside the hangar. “The court issued an injunction to give us access and stop them selling any of our stuff.”

This is not the first time Sky Bahamas and AOG Maintenance Company have clashed since the former was ordered to stop flying by the Bahamas Civil Aviation Authority on July 8, with the industry regulator subsequently refusing to renew its air operator certificate (AOC) that was required to carry fee-paying passengers.

AOG Maintenance

Company, in late August, announced that it had evicted Sky Bahamas from its corporate offices, with a note posted on the door directing all inquiries to two Glinton, Sweeting & O’Brien attorneys, Roy Sweeting and Giahna Soles-Hunt.

“Effective Saturday, August 17, 2019, the previous tenant of these premises, Sky Bahamas Airlines, has been evicted and the premises have been secured and reoccupied by the owner, AOG Maintenance Company. The contents of the premises are presently destrained for rent,” the notice said.

“Access to, and entry upon these premises for any reason by any person is forbidden save with the express permission of AOG Maintenance Company... Trespassers will be prosecuted to the fullest extent of the law.”

Any attempted sale of the aircraft parts contained in the LPIA hangar would likely be to recover debts that AOG Maintenance Company believes Sky

Bahamas owes it following its regulatory troubles, which sent the Bahamian-owned carrier into a financial tailspin that effectively forced it to shut down.

Captain Butler yesterday told Tribune Business it was “still a mystery to me” why the Bahamas Civil Aviation Authority had refused to renew Sky Bahamas’ AOC, having in the past alleged he was being victimised.

He indicated yesterday that all options remain available in resolving the dispute with the regulator, saying it was “best to sit down at the table and talk. All things are open and continue to be open”.

The Sky Bahamas chief told Tribune Business in early October that the carrier’s shut-down had forced him to incur costs worth $4.2m and “counting”, with the airline existing as a company in name, and on paper, only.

“We have to go through the system. The goal is the system is supposed to selfcorrect. If the Board finds there is no cause they’ll selfcorrect. But to self-correct after three months, what’s that do for you?” he said then.

“We would have lost hundreds of thousands of dollars, your reputation is on the line, and we’ve gone three months down the road and the Board finds no cause. What do you do? Staff have gone home, creditors are calling on you, my partners in the hangar operations are impacted, my US operations are impacted, my insurance is impacted and my group medical insurance impacted.

“Everything has been

2019

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

CLE/qui/00618

Common Law and Equity Division IN THE MATTER of the Quieting Titles Act, 1959.

AND IN THE MATTER OF ALL THAT piece parcel or lot of land containing Nine thousand Five hundred and Four (9,504) square feet at the Southwest junction of East Lake Road and Pilot Drive being Lot No. 15 in the Coral Heights East Subdivision situate in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas AND IN THE MATTER OF ALL THAT piece parcel or lot of land containing Eight thousand Eight hundred (8,800) square feet at Pilot drive being Lot No. 16 in the Coral Heights East Subdivision situate in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas AND IN THE MATTER of the Petition of KRYSTYN DEVEAUX and KIM MONIQUE DEVEAUX ____________________________ NOTICE OF PETITION ____________________________ The Petition of KRYSTYN DEVEAUX and KIM MONIQUE DEVEAUX both of the Western District of the Island of New Providence one of the Islands in the Commonwealth of The Bahamas (hereinafter called “the Petitioners) in respect of:a) ALL THAT piece parcel or lot of land containing Nine thousand Five hundred and Four (9,504) square feet at the Southwest junction of East Lake Road and Pilot Drive being Lot No. 15 in the Coral Heights East Subdivision situate in 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 NORTHWARDLY by Pilot Drive and running thereon Fifty-seven and Ninety-six hundredths (57.96) feet NORTHEASTWARDLY by Pilot Drive and East Lake Road and running thereon along a line Thirty-five and Eighty-seven hundredths (35.87) feet in an arch EASTWARDLY by East Lake Road and running thereon Eighty-nine and Twenty-one hundredths (89.21) feet SOUTHWWARDLY by Lot No. 14 and a portion of Lot No.13 and running thereon Ninety-four and Eighty hundredths (94.80) feet and WESTWARDLY by Lot No. 16 and running thereon One hundred and Ten (110.00) feet which said piece or parcel of land has such position boundaries shape marks and dimensions as are shown on the diagram or plan filed herein and marked “5936NP”and is delineated on that part which is coloured “Pink”. b) AND ALL THAT piece parcel or lot of land containing Eight thousand Eight hundred (8,800) square feet at Pilot Drive being Lot No. 16 in the Coral Heights East Subdivision situate in 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 NORTHWARDLY by Pilot Drive and running thereon Eighty (80.00) feet EASTWARDLY by Lot No. 15 and running thereon One hundred and Ten (110.00) feet SOUTHWWARDLY by a portion of Lot No. 13 and a portion of Lot No.12 and running thereon Eighty (80.00) feet and WESTWARDLY by Lot No. 17 and running thereon One hundred and Ten (110.00) feet which said piece or parcel of land has such position boundaries shape marks and dimensions as are shown on the diagram or plan filed herein and marked “5936NP”and is delineated on that part which is coloured “Pink”.

TAKE NOTICE that by Petition filed in the Supreme Court of The Bahamas on the 9th day of May, A.D., 2019 the Petitioners claim to be the owners in fee simple in possession of all those pieces parcels or lots of land hereinbefore described and have made an application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act 1959 to have their title to the said pieces parcels or lots of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Plan of the said land may be inspected during normal office hours in the following places: 1. The Registry of the Supreme Court of the Bahamas, Ansbacher House Building, East Street; and 2. The Chambers of Ferreira & Company, situate in the Kemp Building, No. 39 East Street North, Nassau, The Bahamas.

TAKE NOTICE that any person having dower or right of dower or any adverse claim or a claim not recognized in the Petition must on or before the expiry of Thirty (30) days following final publication of this Notice file in the Supreme Court and serve on the Petitioner or the undersigned a Statement of his/her claim in the prescribed form, verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of his/her claim on or before the Thirtieth (30) day following final publication of this notice will operate as a bar to such claim.

FERREIRA & COMPANY Chambers Kemp Building No. 39 East Street North.

Nassau, The Bahamas Attorneys for the Petitioner

impacted by a decision, finding that has no merit. I must now sit and wait for the Board to make a decision while lives have been impacted.

Asked how much his battle with the BCAA has cost, Captain Butler replied: “So far we’re north of $4.2m and the costs have not stopped.

It’s continuing.” Reiterating that Sky Bahamas has “complied with any and all inspections”, he added that there were no legal issues outstanding while any and all adverse findings had been dealt with “way before” the

AOC renewal date.

The BCAA’s decision not to renew Sky Bahamas’ AOC was based on the section in its schedules that permits it to deny such an application on the basis that “the applicant is not properly or adequately equipped, or is not able to conduct safe operations in commercial air transport”.

Captain Charles Beneby, the BCAA’s director-general, issued a September 19, 2019, notice giving Sky Bahamas some 14 days to appeal the regulator’s decision not to renew the airline’s AOC. “The Civil Aviation

Authority of The Bahamas hereby denies Sky Bahamas application for an Air Operator Certificate, as it has determined in all the considered circumstances and communications between the Authority and the applicant’s accountable manager (Captain Butler) and its attorney that, pursuant to schedule 12.025 (b) (1) that Sky Bahamas Airlines is not properly or adequately equipped or able to conduct safe operations in commercial air transport,” the notice, signed

by Captain Beneby, states.

PAGE 8, Friday, December 20, 2019

THE TRIBUNE

Big spending bill wins Senate OK, has victories all around WASHINGTON Associated Press THE Senate passed a $1.4tn government spending package yesterday in a last bipartisan burst of legislating before bolting for the holidays from a Capitol riven by impeachment.

Lawmakers cleared the two-bill package in a set of votes, sending it to President Donald Trump in time to forestall a possible government shutdown this weekend. The White House said Trump would sign it before today’s midnight deadline.

The first measure, covering domestic programmes, passed by a 71-23 vote. A Pentagon and homeland security measure passed hours later in an 81-11 vote that was the last Senate tally for the year.

The legislation delivers Trump a victory on his

SEN ROB PORTMAN, R-Ohio, left, talks with Senate Majority Leader Mitch McConnell of Ky, yesterday on Capitol Hill in Washington.

Photo: Patrick Semansky/AP US-Mexico border fence and gives Democrats longsought domestic spending increases and a repeal of Obama-era taxes on highcost health insurance plans.

It blends spending increases for both sides — reelection fodder for lawmakers — with tax and benefit addons that will mean a roughly

$400bn boost to the deficit over ten years.

The split-their-differences legislation was carrying a large number of unrelated provisions into law, drawing protests from fiscal conservatives. It would put in place an earlier spending deal that reversed unpopular and unworkable automatic

spending cuts to defense and domestic programmes — at a $1.6tn or so cost over the coming decade.

“These spending bills are a fiscal dumpster fire,” said Sen Mike Lee, R-Utah.

“This is embarrassing.”

Key provisions include an expensive repeal of Obamaera taxes on high-cost health plans, help for retired coal miner, and an increase from 18 to 21 in the nationwide legal age to buy tobacco products. The tobacco measure was pushed by Senate Majority Leader Mitch McConnell, R-Ky. The almost 2,400-page package reflects the reality of divided government and the enduring strength of the Capitol’s appropriations process, which allows lawmakers to go to bat for their states and congressional districts.

McConnell emerged as a victor, winning the politically popular $6bn pension rescue

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 19 DECEMBER 2019

ALL SHARE INDEX: CLOSE: 2,197.80 | CHG: 2.15 | %CHG: 0.10 | YTD: 88.35 | YTD%: 4.19 52WK LOW 3.35 20.91 4.90 4.46 1.45 0.22 2.00 9.50 5.60 3.95 6.75 2.35 1.76 8.00 6.25 12.15 6.80 3.01 13.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.59 17.43 6.00 6.10 2.39 1.80 4.40 11.06 6.16 4.24 8.01 3.27 4.35 10.08 7.60 15.08 9.33 3.50 14.00

CLOSE 3.59 17.43 6.00 6.10 2.35 1.80 4.40 11.06 6.16 4.25 8.01 3.28 4.35 10.16 7.60 15.16 9.33 3.50 14.00

CHANGE 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.08 0.00 0.08 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

2,000

23,480

3,200

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

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

P/E 15.0 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 23.1 57.2 32.2 9.3 15.7 10.4 18.6 9.9 17.2 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.74% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.82% 0.00% 13.23% 1.38% 3.23% 3.16% 3.56% 2.14% 3.43% 4.36% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 10.91% 11.57% 17.57% 18.60% 4.72% 5.08% 13.44% 13.49% 5.38% 5.44% 3.28% 3.80% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019

MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.31 10.26 6.91 11.76 12.32 10.74 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.29 10.16 6.91 11.76 12.32 10.72 9.92 8.68 11.38

MARKET TERMS

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

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

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

preserves Trump’s ability to use his budget powers to tap other accounts for several times that amount. That’s a blow for liberal opponents of the wall but an acceptable trade-off for Democrats who wanted to gain $27bn in increases for domestic programmes.

But the Democratic concession angered some Hispanic lawmakers. They lashed out at the head of the House Appropriations Committee, Rep Nita Lowey, D-NY, rather than Pelosi.

“I told (Lowey) we don’t appreciate that we’re going to get thrown under the bus so she can pass this omnibus and she did exactly that,” said Rep Ruben Gallego, D-Ariz.

The trade-off for the wall money was Trump’s signature on the broader package, which increases spending across the almost one-third of the budget that’s passed

by Congress each year. Popular bipartisan programmes such as health research, veterans medical care, NASA, sewer and water projects, and law enforcement grants to states and local governments would get increases.

The $738bn Pentagon budget is a record, with increases for procurement of expensive weapons systems like the F-35 fighter.

The increase in the tobacco purchasing age to 21 also applies to e-cigarettes and vaping devices. Aides familiar with the talks said Pelosi agreed to the tobacco legislation as she also won help for unionised carpenters with lower drug costs under their health plans.

Anti-smoking activists were irate at the tobacco provision, saying it doesn’t go far enough because it failed to ban flavored vaping products popular with teenagers. It also threatens to kill momentum for more stringent anti-vaping legislation backed by House Energy and Commerce Chairman Frank Pallone, D-NJ, who was one of only seven Democrats to oppose the domestic spending half of the two-bill package.

NOTICE

(242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.50 11.01 2.81 4.35 10.21 7.90 16.99 9.40 3.63 14.20

for about 100,000 retired coal miners, along with more parochial items such as help for his state’s legal hemp industry and $410m to build a new veterans hospital in Louisville.

GOP Sen Richard Shelby of Alabama, the Senate Appropriations Committee chairman, secured many items for his state, includinga $378m harbour dredging programme. It’s expected to deliver the lions share to a Shelby-backed initiative to deepen Mobile Harbor to accommodate larger cargo ships.

House Speaker Nancy Pelosi, D-Calif, was also a driving force, winning permanent repeal of a tax on high-cost “Cadillac” health insurance benefits that is unpopular with Democratic labor allies.

After months of negotiation, leading lawmakers cut a deal on Monday that gives Trump a steady stream of money for the border wall.

“I would have preferred no funding for the wall,” said Vermont Sen Patrick Leahy, the top Democrat on the Senate Appropriations Committee. “But the Republicans were clear. ...

They stood with the president on the wall, as they seem to do time after time.”

The bill also offered business-friendly provisions on export financing, flood insurance and immigrant workers. A tax on medical devices and health insurance plans would be repealed permanently.

The core of the spending bill is formed by the 12 annual agency appropriations bills passed by Congress each year. It fills in the details of a bipartisan framework from July that delivered about $100bn in agency spending increases over the coming two years instead of automatic spending cuts.

The bill exceeds Trump’s budget requests in virtually every domestic category, except for Trump’s request for $8bn-plus for the USMexico wall. It was cut back to $1.4bn, equal to last year’s appropriation. The measure

30-Mar-2019 30-Mar-2019 30-Mar-2019

NOTICE is hereby given that JACKSON DARIUS of Treasure Cay, Abaco ,Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of December 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 WILLY DERECK LAFRANCE of South Beach, 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 20th day of December 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 JANET NORTH of 4IE Hearn Lane, Freeport ,Grand 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 20th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Friday, December 20, 2019, PAGE 9

EU TOP COURT: AIRBNB NOT SUBJECT TO REAL ESTATE AGENT RULES

BRUSSELS Associated Press

AIRBNB scored a big win in its long-standing fight with French hoteliers as the European Union’s highest court rejected Thursday an argument that Airbnb should be subject to the strict rules that govern French real estate agents.

The case was submitted by a French court after a major association of hotels, including leading chains like Best Western, filed a complaint arguing that the Ireland-registered company should be submitted to the same obligations as traditional real estate providers. The hotel industry in France, like those in

AN AIRBNB logo during an event in San Francisco. Airbnb’s Chief Operating Officer Belinda Johnson is stepping down from her post in order to achieve a better work-life balance.Johnson will join the San Francisco-based company’s board. CEO Brian Chesky said in a statement on Friday, Nov 22, 2018 that Johnson was the first executive he hired for Airbnb. She’s worked for the business since 2011.

many countries across the world, accuses the online rental platform of unfair competition.

Hotel owners wanted Airbnb to follow real estate agent accounting, insurance and other financial rules.

Airbnb denied acting as a real estate agent.

“We welcome this judgment and want to move forward and continue working with cities on clear rules that put local families and communities at the heart of sustainable 21st century travel,” Airbnb said in a statement. “We want to be good partners to everyone and already we have worked with more than 500 governments to help hosts share their homes, follow the rules and pay tax.”

In its ruling, the Court of Justice said that under a European directive on electronic commerce Airbnb should be classified as an “information society service” connecting potential guests with hosts. The court said that “France cannot require Airbnb to hold an estate agent’s professional licence.”

Paris city officials have been at odds with the platform in recent years, holding it responsible for the rise of rents in the French capital.

Earlier this year, the city took legal action against Airbnb and wanted to fine the company 12.5 million euros ($14m) for allowing owners to rent their properties without having them properly registered.

Paris Mayor Anne Hidalgo has planned to hold a referendum that could reduce the platform’s presence in some of the most touristic districts of the city if she wins re-election next year.

In 2012, Airbnb had 4,000 Paris-area listings. That surged to more than 40,000 by 2015, when Airbnb CEO Brian Chesky was welcomed at city hall. Last year, Paris city hall said there were about 60,000 Airbnb listings in Paris.

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