12242018 BUSINESS

business@tribunemedia.net

MONDAY, DECEMBER 24, 2018

$4.55 ‘Push’ for URCA to take over GB Power regulation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PUBLIC advocacy group is targeting 1,000 letters of support as it intensifies its campaign to end Grand Bahama Power Company’s (GBPC) longstanding energy monopoly.

Pastor Eddie Victor, president of the Coalition of Concerned Citizens (CCC), told Tribune Business that besides raising “public pressure” on the Government it also plans to “really push” for the Utilities Regulation and Competition Authority (URCA) to take over energy sector supervision in Grand Bahama’s East and West End. He accused GB Power of exploiting the Hawksbill Creek Agreement “at the expense of the Bahamian people” to escape the national regulator’s reach through its near twoand-a-half year old legal action challenging URCA’s authority to regulate it.

The utility’s Supreme Court move is founded on the notion that it is regulated under Freeport’s founding treaty, not the Electricity Act 2015, but Pastor Victor said it had left the case “just sitting in the courts” with no attempt being made to move it

SEE PAGE 4

Hotels shrug off Baha Mar effect in 35% rate rise

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU/PARADISE Island hotels have seemingly shrugged off the arrival of Baha Mar’s extra 2,000 rooms as average daily rates (ADRs) rose by 35 percent for the year to October 2018.

Data in the Central Bank of The Bahamas’ monthly report for November suggested that the sector has retained its pricing power despite the Cable Beach mega resort’s completion, although average occupancy rates were down slightly.

Drawing on Ministry of

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$4.56

$4.30

Realtors eye 2019 growth despite sales goal misses

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

AHAMIAN realtors are optimistic that this year’s growth momentum will translate into an even better 2019 despite regulatory headwinds and missed sales targets for some.

George Damianos, president of Damianos Sotheby’s International Realty, told Tribune Business that his firm had failed to match 2017’s 20 percent sales volume growth by producing just a five percent increase for the year to endNovember 2018.

Acknowledging that this nevertheless represented progress, Mr Damianos said he felt The Bahamas’ had too often got it sales pitch to international buyers back-to-front by promoting its various residency tools ahead of the actual real estate product.

“Thank God we’re up a little bit for 2018, although not as much as I’d like to

* Top firm’s 2018 growth 5%, not 20% target * Sales’ residency focus back-to-front * Fears over OECD residency targeting

BAHAMAS Power & Light (BPL) will start installing over 30,000 energy-efficient street lights during the 2019 first quarter in a bid to save the Government $3m per year.

Dr Donovan Moxey, pictured, the state-owned utility’s chairman, told Tribune Business that the initiative will help cut its operational and maintenance expenses, with some estimates suggesting it will reduce the Government’s energy consumption by 20 percent.

The project is being financed by a $14.5m loan from the Caribbean Development Bank (CDB), which suggested that the benefits will include reduced fossil fuel imports and greenhouse gas emissions, while

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MARIO CAREY

PETER DUPUCH

be,” he told this newspaper.

“I’m pretty optimistic 2019 is going to be good. I don’t see any indication it won’t be or anything on the horizon that will put a curb on the momentum we have.

“I don’t think it’s overwhelming, but if we can close off 2018 and are up slightly in 2019, we will be fine. We didn’t have quite the growth we’d like to have had in 2018. Our growth did not match 2017’s growth, but

we were still up on 2017.

“We ended our year-end to November up about five percent over 2017. We were up 20 percent in 2017. We were hoping to match that but we didn’t. It is positive, and that’s the way we look at it.”

Mr Damianos, whose firm focuses on higher end properties often geared towards international buyers, said The Bahamas needed to change its approach when

seeking to attract the elite purchasers.

“We’re not getting more people for residency,” he told Tribune Business.

“That’s drying up, slowing down, and I think we’ve focused on the wrong end of the foreigners buying and moving to The Bahamas.

“We put residency first, but it really is we have people wanting to buy into

SEE PAGE 5

* BPL to replace 31k street lights with LED * Project to start in Q1 and save $3m annually * Still targeting 2019 for multi-million refinance

also lessening the demand on The Bahamas’ foreign exchange reserves.

Daniel Best, the CDB’s director of projects, said street lighting accounted for 30 percent of the Government’s total energy consumption and 3 percent of nationwide demand.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

initiative”. Some $8.9m of the loan came from financing provided to the CDB by the European Investment Bank (EIB) under the Climate Action Line of Credit (CALC).

Mr Best was quoted as saying: “Currently, street lighting accounts for more than 30 percent of the Bahamian government’s electricity consumption and, in fact, takes up 3 percent of the country’s overall consumption.

“By implementing energy-efficient street lighting, The Bahamas will be able to save money, reduce its fuel import bill and cut its greenhouse gas

GEORGE DAMIANOS

He predicted that slashing this load by replacing 30,500 existing street lights with light-emitting diodes (LED) will result in significant savings that will rapidly pay back the loan.

“The project is expected to reduce the cost of street lighting to the Government of the Commonwealth of The Bahamas by about 20 percent when it is implemented, saving the country approximately $3m a year,” the CDB said in a statement.

Its $14.5m loan, approved on December 13, 2018, “will cover project preparation assistance, infrastructure works, engineering services, goods and project management associated with the

NAD’s $73m raise ‘a big confidence boost’

THE “fully subscribed” Nassau Airport Development Company (NAD) offering has raised the bar on what the Bahamian capital markets can generate, an investment banker believes.

Michael Anderson, pictured, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business that the $73m capital raise for NAD was “a good confidence booster” given that it represented “$10m more” than previously raised in a single Bahamian debt financing issue.

Confirming that funds were still coming in as the offering closed on Friday, Mr Anderson said the target amount had dropped slightly after the Lynden Pindling International Airport (LPIA) operator decided to pay around $4m of interest owed to holders of the existing bonds from its own cash reserves.

Those investors, who hold what is NAD’s second-tier participating debt tranche, will be paid out on New Year’s Eve by the money raised in this latest offering, for which RoyalFidelity and CIBC acted as advisers and placement agents.

Mr Anderson, disclosing RoyalFidelity’s belief that the Bahamian capital markets are capable of raising around $120m in combined debt and equity offerings in any given year, said the NAD offering’s outcome provided a good reflection “of where the market is”.

“We’re just getting in the final amounts and tallying it all up,” Mr Anderson told this newspaper. “We’ll definitely meet the requirement. We’re basically fully subscribed for the offering.

“NAD decided to reduce the amount. They decided to use some of their cash to pay the interest rather than raise it through debt.

As a result, there was a $4m reduction in the amount we

Govt takes street to 20% energy use cut

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.30

PAGE 2, Monday, December 24, 2018

THE TRIBUNE

THE TRIBUNE

Monday, December 24, 2018, PAGE 3

‘HEADS IN BEDS’ TO DECIDE BAHAMAS BOWL’S FUTURE

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Bowl’s future will be determined by its promotional value and the number of “heads in beds” it generates, a Cabinet minister has confirmed.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, argued that the game’s success could not be based on local attendance alone as the end of its contract with The Bahamas nears.

“What is all of it worth,

IMF HELPS BAHAMAS BOOST ECONOMIC DATA TRANSPARENCY THE Bahamas has enhanced the provision of key national economic and financial data by consolidating it into one website location in accordance with the IMF’s advice.

The International Monetary Fund (IMF) and Central Bank of The Bahamas, in simultaneous statements on Friday, said this nation had implemented the former’s recommendations on the Enhanced General Data Dissemination System (e-GDDS). This will serve as a facility for publishing critical data through the National Summary Data Page (NSDP).

The IMF said the NSDP, in turn, “aims to serve as a one-stop publication vehicle for essential macroeconomic data on national accounts, government operations and debt, monetary and financial sector, and the balance of payments”.

It added that the initiative was intended to boost transparency surrounding key economic data, and encourage development among the Government’s key data and statistical-generating agencies.

“These data will be disseminated in both human and machine-readable formats,” the IMF said of The

and whether we are getting a good deal, is the question,” he told Tribune Business. “When we evaluate whether to continue or not it will be based on what value this game is bringing to the destination and how many heads in beds we get as a result of the game here.

“Bahamians, unfortunately, judge the success of the Bowl by the number of people in the stadium.

If you do that you might conclude it’s not successful.

The purpose of the game, first and foremost, is not to attract Bahamians to the Bahamas’ e-GDDS. “The e-GDDS was established by the IMF’s Executive Board in May 2015 to support improved data transparency, encourage statistical development, and help create synergies between data dissemination and surveillance.”

The NSDP is posted on the Central Bank of the Bahamas’ website, using the Statistical Data and Metadata Exchange (SDMX), and is also accesJOHN sible via the ROLLE IMF’s Dissemination Standards Bulletin Board. The NSDP page contains links to statistics published by official data producers such as the Central Bank of The Bahamas, the Ministry of Finance and the Department of Statistics.

“The NSDP will provide national policymakers, and domestic and international stakeholders, including investors and rating agencies, with easy access to information that the IMF’s Executive Board has identified as critical for monitoring economic conditions and policies,” the IMF said.

“Making this information easily accessible in both human and machinereadable formats will allow all users to have simultaneous access to timely data, and will bring greater data transparency.”

The Central Bank, in its own statement, said

stadium. The objective was to get heads in beds and bring exposure to the destination. That is the primary focus of that game.

“People keep asking why we continue with this undertaking when only so many people show up to the game. Firstly, we’re in a five-year contract which was started by my predecessor. We’re still under the terms of that agreement and I think we have one more year.”

Speaking of this year’s Makers Wanted Bahamas Bowl, Mr D’Aguilar the NSDP launch had resulted from collaboration between the Government’s key agencies, and would allow the public to “obtain key reports and data on the economy from one location”.

It added: “With the launch of this portal, The Bahamas joins a list of over 40 countries who have provided key economic and financial information in this enhanced format.”

John Rolle, the Central Bank’s governor, said: “The Central Bank is pleased to announce that it has launched The Bahamas’ official e-GDDS portal. This website, which represents the result of a collaboration between various agencies, allows members of the public to obtain key reports and data on the economy from one location, thereby improving data transparency and governance. We thank the IMF for their assistance with this initiative and look forward to their continued co-operation.”

Louis Marc Ducharme, chief statistician and data officer, and director of the IMF’s statistics department, added: “I congratulate the authorities of The Bahamas for the launch of the NSDP, an important step forward in data dissemination. I am confident that The Bahamas will benefit from using the e-GDDS as a framework for further development of its statistical system.”

said: “From an operational standpoint the Bowl went very well. It was executed very well and ran very smoothly. The game was also extremely exciting. From a tourism standpoint we’re extremely pleased. Our intention is bringing awareness to the destination and keeping The Bahamas front and centre in the minds of the travelling public when they think of a vacation.

“Seventy-six percent of foreign visitors hail from the United States. It’s our core market and it’s not that

we expect that because the game is named the Bahamas Bowl that people will run to to book a vacation, but it does keep the destination Bahamas front and centre in the minds of the Americans when they decide to go on holiday.

“It also helped that we had a Florida team in the competition this year, and obviously it was easy for a lot of people to fly over to Nassau and support their team. They brought a number of players and support staff, and they had their fans.”

CHURCH: ‘WE’VE MADE OUR CASE’ OVER NON-PROFITS BILL

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net CHURCH leaders will “wait to see” if the Government changes the Non-Profit Organisations (NPO) Bill to address their concerns, adding: “We’ve made our case.”

Bishop Delton Fernander, head of the Christian Council, told Tribune Business that church leaders had met with the Attorney General, Carl Bethel QC, over their concerns but did not wish to disclose details given that he recently accused Civil Society Bahamas (CSB) of divulging confidential information and trying to force the Government’s hand.

“We met with the Attorney General. We had our lawyers put our case forward, citing jurisdictions,” said Bishop Fernander. “We will wait and see what the new bill looks like and make our position known from there.

“We are at the point now where we have made our case from a legal

BISHOP DELTON FERNANDER perspective. We’re just waiting to see what the new bill looks like, if it takes into consideration what we proposed or not. Then, if it does or doesn’t, we will make our position very clear.”

Mr Bethel previously told Tribune Business that the Christian Council and Bahamian churches were seeking “a complete exemption” from the NonProfit Organisations Bill and its provisions, despite his agreement to make the legislation less onerous and “more user friendly”.

He said they cited one other jurisdiction that had

developed a law exempting the church from such regulation, arguing that it had established a precedent to justify their demands.

Mr Bethel, though, described the church’s viewpoint as an “unsustainable position”, adding that the information he possessed contradicted their assertions. While agreeing that one country had drafted such a law, he added that it never been brought to Parliament or passed on to the statute book.

Bishop Walter S Hanchell, head of Great Commission Ministries and Citizens for Justice, recently expressed fears that the Bill “will allow the Government to control churches”.

Arguing that Bahamian sovereignty was again being undermined, he said in a statement: “Non-profit organisations exist not for the benefit of the organisations or their staff but entirely for the benefit of the community which they serve.” The Bill is now expected to be debated in the Senate some time in January 2019 to allow for the re-drafting.

NOTICE

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ASSOCIATION Announces

Christmas and New Year’s Holiday Banking Hours

Monday, December 24, 2018 Branch Operations Close at 1:00pm Tuesday, December 25, 2018 Wednesday, December 26, 2018 CLOSED Thursday, December 27, 2018 Normal Banking Hours Resume Saturday, December 29, 2018 Normal Saturday Banking Hours, except Commonwealth Bank Limited - CLOSED

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Bank of The Bahamas Limited Citibank, N.A. CIBC FirstCaribbean International Bank Commonwealth Bank Limited Fidelity Bank (Bahamas) Limited RBC Royal Bank (Bahamas) Limited Scotiabank (Bahamas) Limited

PAGE 4, Monday, December 24, 2018

BAHAMAS BRANCH JOINT TOP IN CIBC NETWORK A BAHAMIAN bank has tied for first place in CIBC FirstCaribbean International Bank’s Joy Callender Branch of the Year Award.

The Governor’s Harbour branch will share the honour with CIBC FirstCaribbean’s Sheraton branch in Barbados. The award is named after former CIBC FirstCaribbean associate director Joy Callender, who died from cancer in 2017. She is the only employee ever “to have hoisted the ‘Branch of the Year’ trophy twice, in two different jurisdictions”.

Mark St Hill, CIBC FirstCaribbean’s director of retail banking, said: “It has been an incredibly difficult task to select a ‘Branch of the Year’ considering the significant effort of both our Bahamas and Barbados businesses.

“I am so proud to be the leader of team retail. Their response to our sales challenges, and the care and concern they put into creating the right financing packages for our clients, is nothing short of amazing.

I look forward to another

FOR the first time in history, CIBC FirstCaribbean awarded not one but two of its branches the distinction of Joy Callender Branch of the Year. They are the Governor’s Harbour branch in The Bahamas and the Sheraton branch in Barbados. From left: Quarindo Davis, CIBC FirstCaribbean branch manager, Governor’s Harbour; Gezel Farrington, director of banking for retail channels, CIBC FirstCaribbean; Mark St Hill, managing director of retail and business banking, CIBC FirstCaribbean; Michelle Whitelaw, director of retail banking channels (Barbados), CIBC FirstCaribbean; Colette Delaney, chief executive, CIBC FirstCaribbean; and Francine Arthur, CIBC FirstCaribbean branch manager, Sheraton, Barbados. successful year together.”

He added: “We wish to sincerely thank the 523 retail professionals in these countries and, in particular, the nine champions based at the Governor’s Harbour branch in The Bahamas and the 20 at the Sheraton branch in Barbados.”

CIBC FirstCaribbean’s operations in The Bahamas and Barbados were named Best Bank of the Year and Best Retail Bank in their respective countries in 2017 by The Banker Magazine and Global Banking and Finance Magazine, respectively.

THE TRIBUNE

‘Push’ for URCA to take over GB Power regulation FROM PAGE ONE

forward.

It is unclear whether the Hawksbill Creek Agreement can be used to protect GB Power’s West and East End operations from URCA oversight given that these lie outside the Port area - a potential “weak point” that Pastor Victor and the coalition’s letters are seeking to exploit.

Although billed as demanding a reduction in electricity costs, the letters - 301 of which were delivered on Friday to Pakeisha Parker-Edgecombe and KP Turnquest, deputy prime minister, in their roles as MPs for West and East End respectively - are really seeking an end to GB Power’s energy monopoly as the means to achieve it.

The coalition is thus raising the stakes with the Government yet to decide whether to renew GB Power’s east and west Grand Bahama energy supply deals after both 25-year agreements expired in summer 2018.

Those signing the letters are putting their names to statements urging the Government not to renew either deal with GB Power, with power generation in both locations provided by a new entity that is majority Bahamian-owned. Signatories are also agreeing that URCA should regulate the energy sector in East and West End. Pastor Victor and the coalition have already been extremely vocal in their support for the $30m proposal by Northern Bahamas Utilities (NBU), a wholly Bahamianowned group, to take over power supply in both areas through the operation of two utility-scale solar plants billed as able to reduce electricity costs by up to 40 percent.

The letter-writing effort is an extension of this backing, with Pastor Victor warning that the coalition may have to extend its campaign to also target the Grand Bahama Port Authority (GBPA) in its role as GB Power’s regulator “It is to put public pressure on the Government to yield to the needs and desires of the people,” Pastor Victor told Tribune Business. “We believe the message needs to get very clear to MPs for those areas that people want change in the energy sector.

The people want a lower cost of electricity.

“What we’ve found out in all the town meetings is that everyone wants a solution to bring down the cost of power quickly. A lot of people, myself included, are tried of talking. We need to bring it down. Everybody’s been hit very deeply in terms of costs.

A solution needs to happen.”

PASTOR Eddie Victor holding copies of the letters of support signed by citizens of East Grand Bahama, which he delivered to the office of the DPM. Pastor Victor said persons signing the coalition’s letter were being asked to provide their names and contact details so their MPs, and the Government, would be able to verify that their backing for change is genuine.

“Over the holidays we will be waiting for more letters to come in, and in January we will deliver them,” he added.

“I believe we will be able to get another 400-500 letters.

We’re at 301, and believe we have a lot more letters to come in between East End and West End. We’d love to get 1,000 letters because that’s a significant amount.”

Detailing a strategy beyond letters and Town Hall meetings, Pastor Victor added: “One of the things we’re definitely going to look at is URCA’s responsibility to regulate east and west Grand Bahama.

“We’re going to push for that. The Government refuses to regulate in Freeport because of the Hawksbill Creek Agreement. The law of the land says URCA should regulate in east and west Grand Bahama, and we’ll definitely be looking into that to see how we can bring that about.

“That’s probably going to be one of the next steps after the Town Meetings. We’re really going to push that: URCA regulation. I think it’s worth us doing that.”

Turning to GB Power’s legal bid to block regulation

by URCA, Pastor Victor told Tribune Business: “The company is using the Hawksbill Creek Agreement at the expense of the Bahamian people.

“You’re using the Hawksbill Creek Agreement to avoid being regulated by the Government-appointed agency, while enjoying its bonded privileges. Any regulator is supposed to regulate on behalf of the customer and the Port Authority is not doing that. They’re, in my opinion, acting as agents of the power company.”

However, the expired East and West End supply agreements contain a potential obstacle for rival electricity suppliers seeking to breakup GB Power’s monopoly as they contain language that could be interpreted as giving GB Power a “right of first

refusal” on any renewal.

GB Power, then Freeport Power, agreed to expand beyond the Port area in 1993 to meet the then-Ingraham administration’s desire for the electrification of East and West End. Tribune Business has obtained copies of the two 25-year agreements, one dated June 23, 1993, and the other August 31, 1993, that effectively gave it a 25-year monopoly on Grand Bahama’s energy market.

Using virtually identical terms, the agreements gave GB Power “the sole right” to supply electricity outside the Port area. And it was granted similar tax breaks as those enjoyed within Freeport, including exemptions from Customs duty, stamp duty and business licence fees, along with the use of so-called “bonded” goods without penalty.

And both agreements give GB Power an option to renew for a further 25 years, “upon the same terms and conditions”, provided it gives notice of its intention to do so some 60 days before the existing deals expire.

Kwasi Thompson, minister of state for Grand Bahama, declined to comment on the Government’s plans for East and West End’s energy supply as he was out of the country yesterday. Pastor Victor, though, said Northern Bahamas Utilities and its principals had heard nothing further since being invited earlier this year to present their proposal to the Bahamas Investment Authority (BIA).

With the Government’s intentions unclear, Pastor Victor warned it against any failure to support cost-reducing energy reform initiatives that were Bahamian-led.

“If the Government makes a decision it’s not going to support Bahamians in developing the industry, we’d have to look at alternative options,” he told Tribune Business. “How can we bring about the change we need?

“For another agreement to be given to the Power Company means this generation and the next generation will be locked into a situation where they’re at the mercy of GB Power and the Port Authority.

“That means we may have to look at the Hawksbill Creek Agreement, look at what may have to be done by other means, and our campaign may have to include the Port Authority as the Port Authority is responsible for setting the rates on Grand Bahama.”

Reasserting his support for Northern Bahamas Utilities, Pastor Victor said: “The fact is here is a 100 percent Bahamian-owned company that has a power generation solution where the profits stay in The Bahamas.

“You’re causing the development of Bahamians to develop the energy sector and have a solution to bring down the cost of power.”

THE TRIBUNE

Monday, December 24, 2018, PAGE 5

Realtors eye 2019 growth TOURISM GAINS BOOST VIA despite sales goal misses SEASONAL CHICAGO FLIGHT FROM PAGE ONE our tropical climate in proximity to the US and, in turn, they want to know how to stay in The Bahamas. That’s the way we want to be for sure.”

Mr Damianos warned that the Bahamian real estate market also faced potential “stumbling blocks” from sudden, unexplained hikes in real property tax bills that were again impacting foreign owners in the Family Islands plus the uncertainty surrounding the enhanced Know Your Customer (KYC) due diligence the sector is expected to undertake on its clients.

Warning that “we will definitely have some reaction and headway getting buyers to purchase in The Bahamas” if they are confronted with this, the Damianos Sotheby’s principal said such concerns could be offset if the Government became more efficient with its approvals processes.

“Our entire lives are based on word of mouth,” he told this newspaper. “If someone says to you, Neil, there’s a new restaurant open on the corner of Shirley Street and Mackey Street that has great food, impeccable service, that’s word of mouth.

“If you have someone say I’ve tried a new restaurant on the corner of Shirley and Mackey Streets, and the food was horrible and took three hours to be served, that’s word of mouth. I think The Bahamas needs to start focusing on the word of mouth.

“We need to be performing. We can go around and spend hundreds of thousands with tourism and financial services to promote The Bahamas, but we need to bring them here and they’re able to open a bank account and get the permits they need so they don’t say: ‘Don’t go to The Bahamas.

It takes for ever’.”

Mario Carey, founder of Better Homes and Gardens Real Estate MCR Bahamas, told Tribune Business that limited supply meant real estate prices in close proximity to the coast had increased by between 15-20 percent in 2018. And beachfront properties “may be 50-60 percent up since the crash” of 2008-2009.

While strong US economy continues to bode well for The Bahamas, Mr Carey expressed concern that the Organisation for Economic Co-Operation and Development’s (OECD) targeting of this nation’s economic permanent residency product could deter international buyers.

“My concern is how we’re being bullied by the OECD with the blacklisting, and how that’s impacting us,” he said. “It’s kind of scary, the residency programme, how it’s come under attack.

There’s a lot of discussion there.

“Our core business for residency programmes typically comes from Canada, the UK. Is that still coming?

A lot of offshore banks are closing up, trying to strategise what to do. If it keeps going the way it’s going, if the OECD decides at any

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time to threaten us, change the policy so it works against us, how do we deal with that?

“Is The Bahamas in a position to draw the line in the sand? I don’t know.

When are we going to make that decision? Can we ever do it? Are we always going to be in a position of negotiating weakness? We’re being treated as if we’re offering an investor citizenship programme.”

Still, Mr Carey and Peter Dupuch, president of Nassau-based ERA Dupuch Real Estate, told Tribune Business that projects such as Gold Wynn at Goodman’s Bay; the Palm Cay expansion; Sterling’s $250m Hurricane Hole redevelopment, and further build-outs at Albany and Baker’s Bay promised significant new inventory coming on to the market for sale.

“We’re still busy. Our sales have been up this year pretty good, and hopefully they’re up next,” Mr Dupuch told Tribune Business. “It’s just getting our name out there, and we’re constantly working to put ourselves in front of the buyers coming here.

“People are still interested. Every day we’re getting inquiries in Nassau and the Family Islands. Let’s just hope the market stays up in the US; that’s what drives our market. Barring any economic downturn in the US I do foresee 2019 to be as good as or better than 2019. We have a lot of product coming on to the market, new stuff, things that are going to do well for us.”

CHICAGO Travel Agents and Influencers along with Bahamas Industry Partners at recent Dinner Presentation in Chicago to promote the new AA flights to Nassau out of O’Hare International Airport.

At far left, American Airlines Vacation, BDM, Ana Iglesia and Prescott Young, Bahamas Tourist Office Area Manager responsible for the South and Midwest US. AMERICAN Airlines has increased visitor access to The Bahamas with the introduction of its new seasonal non-stop Saturday service into Nassau from Chicago’s O’Hare airport.

The service, which launched at the weekend, leaves Chicago at 8.30 am to arrive in Nassau at 12:45 pm. It is operated by a 160-seat Boeing 737-800 aircraft.

The Bahamas Tourist Office teamed with American Airlines to recently host an information session for Chicago area travel agents and social media influencers in a bid to support the new service.

The event, which included a mini-trade show and a dinner presentation, provided top American Airlines producers with information on developments in The Bahamas.

The highlight of the evening was a musical performance by one of The Bahamas’ premiere native artists,Veronica Bishop.

Prescott Young, the Bahamas Tourist Office’s area manager, said: “The Chicago market possesses great potential for an increase in travel to The Bahamas. The awareness created from this event should serve to encourage the travel professionals to recommend the destination to their clients.”

The well-attended event

was supported by hotel partners including Atlantis, The Grand Hyatt Baha Mar, Paradise Island’s Four Seasons Ocean Club, Sandals and the British Colonial Hilton. Updates included information on the newly-opened Baha Mar property and its three brands - The SLS, The Grand Hyatt and Rosewood.

NOTICE Notice is hereby given that BRIANA LaFRANCE of #43 Bluebell Avenue, P.O.Box SB-52895, New Providence, 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 17th December, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

Happy Holidays!

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PAGE 6, Monday, December 24, 2018

THE TRIBUNE

Hotels shrug off Baha Mar effect in 35% rate rise

GOVT TAKES STREET TO 20% ENERGY USE CUT

FROM PAGE ONE

emissions.” The project was touted as helping The Bahamas meet its targets of reducing greenhouse gas emissions by 30 percent by 2030, in accordance with its commitments to the Paris climate change agreement.

Dr Moxey, when contacted by Tribune Business, confirmed that the LED lighting’s installation is due to start during the 2019 first quarter and may take between 18 to 24 months to complete.

He was unable to detail the exact savings that BPL and the Government will see once the project is complete as they were still “running our own numbers” and conducting a cost/benefit analysis.

“The main benefits for us are going to be reduced costs on the operations and maintenance side. Those are expected to go down with the new street lights,” Dr Moxey told Tribune Business. “And when you look at energy consumption we’re looking to reduce that as well.

“The Government pays BPL for the cost of street lighting, both costs and maintenance. The Government is looking at reducing their costs as well with this programme.”

Asked how long the project will take to implement, Dr Moxey replied: “We’ve had estimates of where it will take between 18 to 24 months to get everything implemented. We have to look at the resources available to us in terms of scheduling and timing. It’s going to take quite a while.”

He added that BPL was

Tourism and Bahamas Hotel and Tourism Association (BHTA) data, the Central Bank said: “A survey of large hotels showed a 34 percent gain in room revenue during October. This outturn reflected a $5.43 (3.1 percent) advance in the average daily room (ADR) rate to $179.48, and a 30 percent increase in the number of room nights sold, while the average occupancy rate steadied at 45.1 percent.

“Similarly, on a yearto-date basis, total room revenue expanded by 31 percent, underpinned by a 27 percent uptick in room nights sold combined with a $60.36 (34.7 percent) increase in the ADR to $234.41, which overshadowed a slight 40 basis point fall in the average occupancy rate to 61.5 percent.”

Meanwhile, the Central Bank said Ministry of Tourism data showed the extent of Hurricane Irma’s impact on the Caribbean - even on nations such as The Bahamas, whose major tourism plant was spared a direct hit.

“The latest official data from the Ministry of Tourism for the month of September revealed that total visitor arrivals improved by 62.4 percent, relative to a 34.9 percent reduction in the prior year, when the October passage of Hurricane Irma through the region significantly disrupted travel itineraries,” it added.

Similar, although more muted, trends were noted over the nine-month period, as the total number of visitors rose by 8.5 percent, a reversal from a 5.3 percent decline a year earlier. This outcome was underpinned by growth of 16.5 percent and 6.1 percent in the air and sea components, respectively, vis-a-vis contractions of 8.4 percent and 4.3 percent during the same period in 2017.”

The Central Bank said initial indicators suggested the momentum from September and October carried over into November’s tourism performance. “Specifically, the number of passenger departures from the country’s largest airport - as reported by the Nassau Airport Development Company (NAD) - firmed by 15.7 percent, outpacing the 4.9 percent advance recorded a year earlier,” it added.

“In particular, the gains in both non-US international and US traffic quickened, by 11.6 and 10.6 percentage points to 16.8 percent and 15.5 percent, respectively.

Likewise, over the 11-month period, total departures strengthened by 14 percent vis-à-vis a 1.3 percent reduction in the prior year.

“In the underlying movements, non-US international passengers rose by 18.6 percent, a reversal from the year earlier decline of 3.4 percent, while US

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

passengers increased by 13.2 percent, contrasting with the one percent softening in 2017.”

Maintaining its expectation that the Bahamian economy will maintain “modest growth” in the near-term, aided by “positive trends” in the tourism sector, the Central Bank said the arrival of the Credit Bureau and selling-off its government debt holdings are designed to provide a gentle landing for the country’s near $1.66bn in excess commercial banking liquidity.

“Expectations are that the current monetary policy stance will be maintained over the nearterm,” it added. “However, downside risks remain prevalent, including the potential impact of a prolonged USChina trade war on the global economy and its spillover effects to the domestic market.

“In addition, the significant bank liquidity overhang could place added pressure on external reserve balances over the medium-term if utilised to support excessive consumer credit demand.

“In light of the latter, the implementation of the Credit Bureau should address issues relating to information asymmetries on the part of potential lenders, while the Central Bank’s efforts to gradually reduce its holdings of Government debt should lead to a reduction in liquidity.”

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

FROM PAGE ONE

NAD’s $73m raise ‘a big confidence boost’ FROM PAGE ONE

were trying to raise. It was just under $78m, and we went back to raising $73m after they decided to pay the interest direct from the cash they had on hand.”

The RoyalFidelity chief added that the NAD debt offering had been “very well received” by Bahamian investors, especially given its timing in the weeks leading up to Christmas - a traditionally quiet time for capital raising.

“It’s one of the biggest transactions in the market to-date,” Mr Anderson said.

“The market has so much liquidity in it, so it’s hard to know how much you will get in at the last. We’re pleased to get to the $70m level.

“It gives you confidence as to what future amounts might be raised. It goes to show. We’ve slowly increased the amount of debt you can get out of the markets over

also focused on promoting its 100 kilowatt (kW) Small Scale Renewable Generation (SSRG) programme to residents and businesses during the 2019 first quarter, plus securing a longawaited multi-million dollar refinancing that will create consumer savings and freeup the financing needed to upgrade its infrastructure.

Dr Moxey pledged that the Rate Reduction Bond (RRB) was “moving forward”, with internal discussions over its structuring and placement taking place at board and executive management level.

“That’s all part of the strategy to reduce the cost of electricity,” he told Tribune Business. “As we reduce the cost of operations those savings can be passed on to consumers. We are moving forward with what needs to be done.”

Describing it as a “Debt Reduction Bond” rather than the “rate” variety, Dr Moxey continued: “We’re looking to reduce the debt BPL has and pass those savings on to the customer. It’s extremely important.

“These are legacy costs that have been around for a long time. We want to retire those legacy costs and focus on upgrading the transmission and distribution (T&D) network and the generation agreement with Shell.

“This goes hand in hand with what we want to do to reshape BPL. I don’t have a date [for the RRB] but it will be some time in 2019.

We’re still analysing what the options are at this point and making some decisions internally.”

Dr Moxey also declined to place a figure on the amount of capital BPL will need to raise, although past estimates have placed this as high as $650m.

BPL is currently handicapped by around $350m in bank and bond debt, plus liabilities such as its $100m pension deficit and the need to clean up past environmental pollution. To address this, the former Christie administration’s plan involved issuing RRB bonds, via a special purpose vehicle (SPV), to Bahamian and international capital markets investors.

The proceeds would take out the legacy debts while keeping the new financing off BPL and the government’s balance sheets, enabling the state-owned utility to raise new capital to invest in badlyneeded network upgrades.

The Minnis administration initially seemed reluctant to adopt the long-term financial restructuring tool left behind by its Christie predecessor, but the RRB’s placing has become critical to raising the nine-figure sum required to restructure BPL’s legacy debt.

It will likely add an additional charge to consumers’ electricity bills, representing monies that will be used to pay interest to investors in the RRB, but this will be a small component of the overall bill. And the increase may well be offset by BPL’s interest savings on its new debt, plus the anticipated reduction in energy costs when Shell’s multi-fuel power plant becomes operational in 2021-2022.

the years. We’ve had $60m in the Cable Bahamas transaction, then did a $55m raise for Aliv early this year.

“We’ve had large issues around $55-$60m, but never before did a $70m raise. It goes to show there’s $10m more out there than we previously ever got to. This is a good confidence booster. Most transactions never get close to this; they’re in the $10-$20m range, sometimes $30m.”

Mr Anderson said investors, especially institutions such as pension funds, mutual funds and insurance companies, will now need time to build back their surplus cash positions before they look for fresh investment opportunities in the capital markets.

“The market capacity is somewhere we believe in the region of $120m,” he told Tribune Business. “Once you take $70m out, $50m is left until they build up their capital again.”

While acknowledging that the timing of the NAD offering so close to Christmas was

not ideal, Mr Anderson said the placement agents “didn’t really have much choice” since holders of the existing senior participating debt needed to be repaid by 2018 year-end.

“There’s still liquidity in the market and people are willing to invest,” he added, noting that this had been tested by “more frequent” Government Registered Stock debt offerings over the past six months.

The task facing RoyalFidelity and CIBC was made much easier by the National Insurance 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 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.

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’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 yearover-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.

NOTICE International Business Companies Act (No. 46 of 2000)

PINEWOOD PROPERTY HOLDINGS LTD. Registration Number: 161309 B (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) PINEWOOD PROPERTY HOLDINGS LTD. commenced voluntary liquidation on the 18th day of December, 2018.

Any person having any claim against PINEWOOD PROPERTY HOLDINGS LTD. is required on or before the 27th day of December, 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved.

GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of PINEWOOD PROPERTY HOLDINGS LTD. GSO Corporate Services Ltd. Liquidator

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.

NOTICE International Business Companies Act (No. 46 of 2000)

ILEXA INC

Registration Number: 32,728 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) ILEXA INC. commenced voluntary liquidation on this 21st day of December, 2018.

Any person having any claim against ILEXA INC. is required on or before the 21st day of January, 2019 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved.

GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of ILEXA INC. GSO Corporate Services Ltd. Liquidator

THE TRIBUNE

20

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25 Extent of 26 Schedule 25 26 some fur 27 Lucky, to 27 28 in bed (7) 28 Dexterity sound of FOR YOUR CHANCE TO WIN £100 CASH r

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21st century Dictionary (1999 edition)

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PAGE 8, Monday, December 24, 2018

THE TRIBUNE

Will stocks rise in 2019?

Maybe, but it’ll be stressful MARVIN

BLONDIE

NEW YORK Associated Press NO MATTER which way the stock market goes in 2019 — and Wall Street has ample arguments for either direction — expect it to be another gut-wrenching ride.

The market is facing a long list of challenges this TIGER year, from expecupcoming tations for slower economic growth around the world to the restraining effect of rising interest rates. And the global trade war is still creating uncertainty as investors guess how much pain it will ultimately inflict.

All those risks have market strategists along Wall Street forecasting another turbulent year for stocks, and potentially one of the most difficult years for investors since the bull CALVIN & HOBBES market began its recordsetting run in 2009. That follows up on a 2018 where swings of hundreds of points within a single afternoon

THEStock HORRIBLE THIS combination photo shows a television screen on the floor ofHAGAR the New York Exchange with a headline for the Dow Jones industrial average on Feb 2, 2018, left, and another on Nov 28. No matter which way the stock market goes in 2019, and Wall Street has ample arguments for either direction, expect it to be another gut-wrenching ride. became fairly common for the Dow Jones Industrial Average.

As 2018 showed, higher risk doesn’t always mean higher rewards. As of Friday, all major US stock indexes are down more than eight percent for the year.

And many strategists are forecasting a subdued performance for stocks in 2019.

“Ironically ... one would expect higher returns with higher risk, but for the past two years we’ve

underscored a slightly more treacherous environment for investors: higher risk and lower returns,” Vanguard’s global chief economist Joe Davis said as he unveiled his forecasts.

He expects global stock markets to return 4.5 percent to 6.5 percent annually over the next ten years, in dollar terms, versus the 12.6 percent they had provided annually since the market’s bottom following the 2008 financial crisis.

NOTICE BIG OPEN WATERS LIMITED

A quick glance at the titles of the 2019 outlook reports for various investment houses shows the increased caution. “The end of easy” was Wells Fargo Investment Institute’s title. “Navigating volatile markets” was UBS Asset Management’s, and “Lower expectations” was Barclays’.

All the cross-currents pushing and pulling markets have analysts along Wall Street recommending a contrasting array of strategies.

NOTICE MILLENNIUM INVESTMENT ADVISORS LTD.

N O T I C E IS HEREBY GIVEN as follows:a) BIG OPEN WATERS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

NOTICE is hereby given that in accordance with the relevant provisions of the International DENNIS THE MENACE b) The dissolution of the said company commenced on Business Companies Act, 2000, Millennium the 20 December, 2018 when the Articles of Dissolution Sudoku is a number-placing puzzle based Advisors on a 9x9 grid Ltd. has been dissolved Investment with several given numbers. The object is to place the were submitted to and registered by the Registrar numbers 1 to 9 in the and empty squares so the row, Register according to struck offeachthe General. each column and each 3x3 box contains the same number thelevelCertificate Dissolution issued by the only once. The difficulty of the Conceptis of Sudoku increases from Monday to Sunday c) The Liquidator of the said company is OCTAGON Registrar General on the 5th day of December MANAGEMENT LIMITED, The Bahamas A.D., 2018.

Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated the 20th day of December, 2018

Dated this 20 day of December, A. D. 2018 _________________________________ OCTAGON MANAGEMENT LIMITED Liquidator

Beatus Limited Liquidator

CROSSWORD PUZZLE

TUESDAY, DECEMBER 25, 2018 (Christmas Day)

Some suggest focusing on gains, largely because econstocks from emerging mar- omies around the world kets, where proponents say were growing in sync. But particularly sharp drops in the optimism fell apart as price have left them looking the year progressed and cheap. Others say high-qual- growth rates diverged, in ity bonds look like the safest part because of rising trade bet given all the expected tensions. turbulence. And some optiMuch will hinge on how mists are forecasting a big resilient the US economy bounce-back year for US remains in 2019. It has been stocks, which they say no accelerating since emerging longer look expensive rela- from the Great Recession in tive to corporate earnings.

2009, and it got a big boost As investments of all types this past year from tax cuts, dropped this year, inves- which helped corporate tor psychology underwent profits surge at their fasta reset. For most of the last est rates in eight years. The decade, markets powered current economic expansion higher in a largely smooth will surpass the 1991-2001 and gradual way. That stretch as the longest on meant big rewards for inves- record if the economy avoids tors who saw any dip as an a recession through July. In opportunity to buy at lower the economy’s favor are the prices. The market recovstill-strong job market and ered from every wobble to consumer confidence. set records again and again, But concerns are rising often quite quickly. that a recession may be posBut this year has been different. The S&P 500 is down sible in 2020 or even the 9.6 percent and is on pace latter parts of 2019. The for its first down year in a Federal Reserve is raising decade after including divi- interest rates — it indicated dends. It also created a lot two more increases may of heartburn getting there, arrive in 2019 following four with two separate drops of this year— and other centen percent over the course tral banks are stepping off the accelerator on stimulus of the year.

“This is the brave new for their economies, which world for investors,” said remove big supports. And Rich Weiss, chief investment if inflation spikes unexpectofficer of multi-asset strate- edly higher, it could push gies at American Century the Fed to get more aggresInvestments. “It’s been nine sive about raising rates, years, ten years, so it’s going which would further hinder to be a shock to some of the growth.

The International Monnewer investors who were not around in 2008 or in etary Fund expects US economic growth to slow to prior market turns.”

Of course, no forecast is 2.5 percent next year from perfect. A year ago, Wall 2.9 percent in 2018. It’s also Street was broadly opti- forecasting slower growth mistic about stocks and in the euro area, Japan and was forecasting moderate China.

Best described as a number crossword, the task in Kakuro is to fill all of the empty squares, using numbers 1 to 9, so the sum of each horizontal block equals the number to its left, and the sum of each vertical block equals the number on its top. No number may be used in the same block more than once. The difficulty level of the Conceptis Kakuro increases from Monday to Sunday.

NOTICE

Notice is hereby given that Sheila St.Far of Marsh Harbour, Abaco, Bahamas is Yesterday’s Yesterday’s applying to the Minister responsible for nationality and Citizenship, forAnswer Registration/ Sudoku Answer Kakuro 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 24th December, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

Legal Notice

NOTICE

CRYPTIC PUZZLE 1 An Italian poet? Not too fast! (7) 5 He requires fifty in hard cash (5) 8 Naomi clueless? Just

1 Let in or out (5)

ones! (7,6) irritated (7)

back with conclusions (6) 12 Gift for producing story book in abbreviated form (6) 15 Era when men began forging ahead? (4,3) 17 Criminal file that’s wrong put right (5) 19 Two new union members (5,3,5) 20 An important occasion for an Eastern airway (5) 21 Secure in bed, yet unable to move (7)

Yesterday’s Cryptic Solution Across: 1 Hence, 8 Waterloo, 9 Agony, 10 Close set, 11 Stood, 12 Use, 16 Sermon, 17 Tanker, 18 Arc, 23 Tepid, 24 Amethyst, 25 Strap, 26 Passable, 27 Sweet.

Down: 2 Eighteen, 3 Consomme, 4 Vaults, 5 Feast, 6 Class, 7 Hosta, 12 Una, 13 Etc, 14 Undertow, 15 Heritage, 19 Rustle, 20 Happy, 21 Yeast, 22 Ahead.

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000).BILBROOK GROUP INC., is in Dissolution.”

3 Poverty led to being 4 Register silent

11 Tendencies to come right

In Voluntary liquidation

and very bad

mixed up, perhaps (13) the mountains (5)

BILBROOK GROUP INC.

2 Very good workers do -

9 Novice and learner among 10 Screen I wrenched open (7)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

Down

perplexity (6)

The date of commencement of dissolution is the 21st day of November, 2018.

5 Is able to hold on as a rule (5)

Richard L. Broughton, #6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator

6 Volume of autumnal extracts? (5-4,4) 7 Beginning the northern climb (7) 11 Handy cover for the sewer (7) 13 Term that’s musical or legal, perhaps (7) 14 A point for the writer (3,3) 16 Rep may get an order (5) 18 Frosted look seen when I’m in debt? (5)

EASY PUZZLE

Across

Across 1 Praise too highly (7) 5 Restrained (5) 8 Sharing common problem (2,3,4,4) 9 Entice (5)

Yesterday’s Easy Solution

10 Breach of law (7)

Across: 1 Ghost, 8 Downside, 9 Inure, 10 Up in arms, 11 Wedge, 12 Yen, 16 Coffee, 17 Overly, 18 Tow, 23 Adage, 24 Property, 25 Gloom, 26 Consomme, 27 Vinyl.

Down: 2 Hanger-on, 3 Shrug off, 4 Topple, 5 Inane, 6 Fibre, 7 Messy, 12 Yet, 13 Now, 14 New Delhi, 15 Old Glory, 19 On time, 20 Space, 21 Bound, 22 Peron.

11 Originator (6) 12 An ordained minister (6)

Down 1 Indistinct (5) 2 Without thinking (13) 3 Scene of action (7) 4 Sanity (6) 5 Bundle of papers (5) 6 Credit for good work (7,6) 7 Refuge (7)

15 Lie down (7)

11 Promote (7)

17 Liable (5)

13 Censure (7)

19 Underhand (4-3-6)

14 Seller (6)

20 Regal (5)

16 As the total (2,3)

21 Denial (7)

18 To register (5)

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) SH STRUCTURE LTD. is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on December 21, 2018 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before the January 21, 2019 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

December 21, 2018 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

THE TRIBUNE

Monday, December 24, 2018, PAGE 9

Profiting off presidency? Trump biz takes hit since election MARVIN

WHEN workers pried the Trump name off another Manhattan building earlier this year, it capped a bad few weeks for the president’s businesses.

Donald Trump’s golf resorts in Scotland had just posted millions of dollars in losses, one of his hotels in Panama had rebranded itself a Marriott, and New York officials announced they were looking into how he avoided paying tens of millions in taxes.

All that, along with the daily drumbeat of Trump tweets and headlines about investigations into his administration, led Austin, Texas, tech executive Gary Barrett to finally give up hope of ever turning a profit on an apartment he bought as an investment in a Trump tower in Las Vegas.

“People with enough cash to buy these units seem to be shying away from the Trump name,” says Barrett, calling it “the Trump effect”.

From golf fees and licensing deals to prices for Trump condos, many metrics used to gauge his business in the first two years of his presidency are down as the divisive comments and policies so beloved by his political base have turned off a group just as dear to him — the affluent who fuel his businesses.

“He can be very polarising. ... The brand has

BLONDIE

DONALD TRUMP

been diminished,” says Jeff Lotman, CEO of licensing firm Global Icons. New York brand consultant Robert Passikoff puts it more bluntly: “The Trump brand has lost its mojo.”

Though it’s difficult to know just how badly Trump’s privately held businesses are hurting, Associated Press interviews with two dozen club members, condo buyers and real estate experts suggest the impact has been broad and sustained, with the same political divisions among voters playing out on the links and in clubhouses and condo board meetings.

The Trump Organization did not respond to repeated requests for comment but has said in the past its core operations are strong.

From the beginning, though, there were signs that mixing politics and business were backfiring. It started when Trump announced his

NOTICE Oceanview Consulting Ltd. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Oceanview Consulting Ltd. is in dissolution as of December 12th, 2018.

Lighthouse Corporate Services Ltd., situated at Old Fort Building 4, Suite 303, Lyford Cay, Nassau, Bahamas is the Liquidator.

LIQUIDATOR ______________________

TIGER candidacy in 2015, calling some Mexican immigrants crossing the border illegally “rapists”, and then snowballed the next year following the “Access Hollywood” tape of him boasting about grabbing women by the genitals.

Macy’s and Univision severed ties with his brand, mattress maker Serta stopped licensing his name, CALVIN & HOBBES NASCAR and the PGA booked events that used to be held at his Doral resort

in Miami elsewhere, and the TV network that aired his “Apprentice” — NBC — ended its relationship with him.

Then Trump blamed “both sides” at the neoNazi rally in Charlottesville, Virginia, in the summer of 2017, and more than a dozen charities and other organisations cancelled galas and other parties at his Mar-aLago club in Florida. A hotel in the Soho section of Manhattan that had a licensing agreement to use his name took it off its building, following a decision by one in Toronto to do the same.

The revolt has extended to new Trump hotel ventures aimed at those who can’t afford $450 or more to stay at his big-city hotels.

Early last year, the Trump Organization announced the rollout of two chains — one mid-priced, the other budget — and said it had signed letters of intent for possible deals with more than 20 developers.

Today, only one deal, in Mississippi, has been announced. Hotel experts

LIQUIDATOR ______________________ NOTICE IMPORTATION COMPANY LIMITED In Voluntary Liquidation

NOTICE IS HEREBY GIVEN as follows:

Dated this 20th day of December, 2018 Sgd. PETRA-MARIE HERBERT Voluntary Liquidator

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator

CROSSWORD PUZZLE

WEDNESDAY, DECEMBER 26, 2018 (Boxing Day) CRYPTIC PUZZLE Down

1 Girl holds information for the programme (6)

1 It is included in a doctor’s rounds (6)

4 and 16 Down: World Cup team shaken in the dressing room? (6,6)

2 Compel payment to be precise (5)

9 A touching thing to read (7) 10 Climb, by the skin of one’s teeth! (5) 11 A private coach? (5) 12 Put into liquidation (7) 13 Firm provision for retirement (7,4) 18 Exit to the open air (7) 20 Pack animal brings everything back around morning (5) 22 A short release from the army (5) 23 Being boastful with only a little credit due? (7) 24 Puts back steers broken loose (6)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, IMPORTATION COMPANY LIMITED is in dissolution as of December 21, 2018

SUFFREN LTD.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies (a) Suffren Ltd., is in voluntary dissolution under the provisions of Section 138 (4) of the International Act, 2004 that MARIS STELLA LIMITED Business Companies Act 2000.

DENNIS THE MENACE is in voluntary liquidation. The voluntary liquidation commenced on 24th October, (b) The of grid the said Company commenced Sudoku is a number-placing puzzledissolution based on a 9x9 2018 and PETRA-MARIE HERBERT of given numbers. with several The object is to place the on the 21st December, 2018 when its Articles of numbers 1 to 9 in the empty squares so the each row, Nerine Chambers, PO Box 905, Quastisky each column and each Dissolution 3x3 box contains were the samesubmitted number to and registered by the only once. The difficulty level of the Conceptis Sudoku Building, Road Town, Tortola VG1110, increases from MondayRegistrar to Sunday General.

British Virgin Islands, has been appointed as (c) The Liquidator of the said Company is Shareece E. the Sole Liquidator.

Across

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

adds that it doesn’t help that some apartment hunters won’t even consider a Trump building now.

“His politics are definitely alienating people,” Gutierrez says.

Ivanka Trump’s business has been hit by the political backlash, too.

The president’s daughter shut down her company making dresses, shoes, handbags and other accessories in July after boycotts against her brandTHE and after retailers HAGAR HORRIBLE such as Saks Fifth Avenue and Nordstrom decided to drop her line, the latter specifically citing weak sales.

Her company said at the time that business was strong and that the shutdown was triggered by Ivanka’s desire to focus more on her work as a White House adviser.

Ivanka’s brother Eric Trump is similarly optimistic about his father’s 17 golf resorts around the world, telling the AP earlier this year that the clubs are doing “spectacularly”.

The few public numbers available suggest otherwise.

Legal Notice NOTICE

MARIS STELLA LIMITED Company No. 257470 (In Voluntary Liquidation)

NOTICE LE TRUCHOT LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, LE TRUCHOT LIMITED is in dissolution as of December 14, 2018

say potential partners don’t want to deal with the controversy the Trump name brings.

“In today’s politically charged environment, everyone is cautious,” says Lee Hunter, CEO of consultancy Hunter Hotel Advisors in Atlanta. “You want as many guests staying with you as possible.”

Trump’s condos in New York have taken a hit, too.

An AP analysis of sales data from brokerage CityRealty shows prices per square foot have fallen in nine of the 11 Trump-branded buildings in Manhattan in the first ten months this year after dropping last year, too. Since Trump has taken office, prices have fallen nine percent on average and are now down to levels not seen in five years. In that time, Manhattan condos overall have risen 29 percent.

CityRealty consultant Zach Gutierrez says Trump buildings are suffering partly because they look dated next to all the new luxury buildings that have gone up in recent years. But he

25 Circulates, so one says (6)

3 Girl to perform different roles (7) 5 Has sampled some tea (5) 6 Companion given a smile, despite one’s annoyance (7) 7 More like those blessed with a worldly inheritance? (6) 8 It gives power to those who deserve it (11) 14 Buries someone - because of wrong note given to doctors? (7) 15 Not to agree to a full distribution (4,3) 16 See 4 Across 17 A great flower of India? (6) 19 A full round or a small portion? (5) 21 Similar to a cup of tea (5)

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 Andante, 5 Colin, 8 Miscellaneous, 9 Tyrol, 10 Sincere, 11 Trends, 12 Talent, 15 Iron Age, 17 Lifer, 19 Bride and groom, 20 Event, 21 Blocked.

Across: 1 Flatter, 5 Sober, 8

Down: 1 Admit, 2 Deserve notice, 3 Needled, 4 Enlist, 5 Canon, 6 Loose-leaf book, 7 Nascent, 11 Thimble, 13 Allegro, 14 Pen nib, 16 Agent, 18 Rimed.

Down: 1 Faint, 2 Automatically,

In the same boat, 9 Tempt, 10 Offence, 11 Father, 12 Priest, 15 Recline, 17 Prone, 19 Hole-andcorner, 20 Royal, 21 Refusal.

3 Theatre, 4 Reason, 5 Sheaf, 6 Brownie points, 7 Retreat, 11 Further, 13 Reproof, 14 Vendor, 16 In all, 18 Enrol.

EASY PUZZLE

NEW YORK Associated Press

Across 1 Important person (6) 4 To pound (6) 9 Great circle of Earth (7) 10 Fertile area in desert (5) 11 Completely (5) 12 Apparent (7) 13 Relevant example (4,2,5) 18 Sharply sarcastic (7) 20 Discharge of guns (5) 22 Examination of accounts (5) 23 Jumpy (7) 24 Haughty (6) 25 In addition (2,4)

Down 1 Gap made by force (6) 2 To estimate (5) 3 Deeply felt (7) 5 Home (5) 6 A specified task (7) 7 Give up office (6) 8 Reasons for and against (4,3,4) 14 Apart (7) 15 Mediocre in quality (2,5) 16 Untidy writing (6) 17 A bite (6) 19 Complete (5) 21 Unfastened (5)

PAGE 10, Monday, December 24, 2018

THE TRIBUNE

Japan court OKs ten-day detention for Nissan’s exchair Ghosn

CARLOS Ghosn.

TOKYO Associated Press A JAPANESE court approved prosecutors’ request yesterday to keep Nissan’s former chairman Carlos Ghosn in detention for another ten days.

The Tokyo District Court said that the approval is for prosecutors to investigate further his third allegation of breach of trust for causing Nissan a loss of 1.8 billion yen ($16m) in 2008.

Yesterday’s extension allows prosecutors to keep Ghosn at the Tokyo detention house until New Year’s Day. Ghosn and another executive Greg Kelly were arrested Nov 19 and charged with underreporting Ghosn’s income for 2011-2015 by about 5 billion yen ($44m). Other charges for additional underreporting of Ghosn’s

pay by about 4 billion yen ($36m) are pending.

The latest allegation filed on Friday only applies to Ghosn and came a day after the court rejected prosecutors’ request for a longer detention of Ghosn and Kelly. Kelly’s bail request filed by his lawyer on Friday is still pending and could come sometime after Christmas.

Prosecutors allege that Ghosn in 2008 transferred a private investment loss worth more than 1.8 billion yen ($16m) to Nissan by manipulating an unspecified “swap” contract. Ghosn also profited by having the automaker transfer a total of $14.7m to another company to benefit himself and that company’s owner, who helped in the deal, prosecutors said. Japan’s NHK public television said the company owner is a Saudi Arabian acquaintance of Ghosn who provided credit guarantee of several billion yen.

Ghosn, according to his lawyer Motonari Ohtsuru who visited him at the detention centre earlier yesterdat, denied the allegation, saying he did not cause any damage to Nissan, NHK reported.

The lawyer quoted Ghosn as saying that his Saudi Arabian friend contributed significantly to Nissan’s sales promotion, including lobbying for the royal Saudi family, and that the payment was for his work

for Nissan, not Ghosn’s thank-you money for his private investment.

The arrest of an industry icon has triggered international attention.

Prosecutors have been criticised for separating the same allegation of violating the Financial Instruments and Exchange Act as a tactic to detain Ghosn and Kelly longer. They say Ghosn and Kelly are flight risks. No trial date has been set.

The additional ten-day detention imposes meeting restrictions, according to the court. Ghosn is allowed to see nobody else but his lawyers and embassy officials because of his “rearrested” status in the new allegation under Japanese code of criminal procedure.

The scandal also raised concerns over the Japanese automaker and the future of its alliance with Renault SA of France.

Ghosn’s downfall is seen by some as a maneuver by others at Nissan to gain power in the alliance.

Renault in 1999 sent Ghosn to turn around Nissan, then on the verge of bankruptcy, and he led its rise to the world’s second-largest automaker.

Nissan has dismissed Ghosn as chairman and Kelly as a representative director since the allegations were made. Nissan has put off a decision on Ghosn’s replacement.

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) ALBANY INSURANCE LIMITED - IBC No. 172232 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a) That Albany Insurance Limited is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 30th day of November, 2018 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Atlas Insurance Management Limited, Sassoon House, Shirley Street & Victoria Avenue P.O. Box SS-5383, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 31st day of December, 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

Atlas Insurance Management Limited Liquidator Sassoon House, Shirley Street & Victoria Avenue, P.O. Box SS-5383, Nassau, Bahamas

NOTICE BLUE TIDES INVEST SA (Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 19st day of December, 2018. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator)

THE TRIBUNE

Monday, December 24, 2018, PAGE 11

PAGE 12, Monday, December 24, 2018

THE TRIBUNE