Issuu

business@tribunemedia.net

WEDNESDAY, JANUARY 3, 2018

$4.39

BTVI aviation ‘partner’ flew illegal charters By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

one-time Bahamas Technical and Vocational Institute (BTVI) aviation partner has been charged by the US authorities with operating an illegal charter service between this nation and Florida. Robert ‘Charles’ Brady, owner of Beach Aviation, who in 2015 teamed with BTVI to launch the ‘Bahamas Aviation Academy’, was indicted just before Christmas on a 56-count charge sheet that included commanding numerous flights to Nassau, Abaco and North Eleuthera without the necessary pilot’s license. Brady’s indictment yesterday prompted one Bahamian aviation operator to call for an intensified crackdown on illegal charter operators - both

* US charges Bahamas Aviation Academy advocate * Bahamian operator calls for Gov’t crackdown * Says ‘huge’ problem and public safety issue local and foreign - by the Government. Captain Randy Butler, Sky Bahamas’ president and chief executive, told Tribune Business that illegal charter flights were “a huge problem” in the Bahamian aviation market and represented “a serious safety issue”. He added that the Bahamas could ill-afford any accidents involving illegal charters, given its reliance on tourism as the country’s key job creator and wealth driver. Tribune Business, meanwhile, can reveal that BTVI ‘partnered’ with Mr Brady and Beach Aviation to create a training course for Bahamian pilots at the

NOT CLEARED FOR TAKE-OFF: BTVI’s onetime aviation ‘partner’, Robert ‘Charles’ Brady, has been charged with operating illegal charters and acting as an unlicensed pilot by the United States government.

same time he was was flying to this nation without the necessary pilot’s license. The US government’s indictment, obtained by this newspaper, lists numerous round-trips that Brady piloted between Florida and Nassau, Marsh Harbour and North Eleuthera during 2013-2015, where he did not possess “an airman’s certificate authorising him to serve as pilot-in-command of a turbojet-powered Eclipse 500 aircraft”. The federal authorities alleged: “Robert Charles Brady never held a rating from the FAA (Federal Aviation Administration) as required authorising him

SEE PAGE 5

$4.39

Japan mission to combat vehicle ‘dumping ground’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN delegation is aiming to prevent this nation from becoming “a dumping ground” for poor-quality used cars through this weekend’s mission to Japan. The mixed public and private sector group, headed by Standards Bureau executives, will assess the pre-export inspection process for used Japanese vehicles as part of efforts to better protect the welfare of Bahamian consumers and the environment. Dr Renae FergusonBufford, the Bahamas Bureau of Standards and Quality’s (BBSQ) director, told Tribune Business that the group was responding to a Japanese invitation about whether this nation wanted pre-inspection services performed on imported used cars. Dr Ferguson-Bufford, who is heading a

* LOCAL GROUP TO ASSESS PRE-EXPORT AUTO INSPECTION * AIMING TO BOOST QUALITY ON COUNTRY’S ROADS * CONSUMER SAFETY, VALUE AND ENVIRONMENT BENEFIT delegation that includes the Prime Minister’s wife, in her capacity as a Standards Bureau Board member, said the visit would focus on one vehicle testing company, EAA Company Ltd, to determine whether its facilities were compliant with International Standards Organisation (ISO) 1725 certification. She added EAA Company had reached out to the Bahamas, upon realising this nation was “one

SEE PAGE 4

Bahamas warned: Prepare Gov’t ‘turning clock back 30 for Bitcoin ‘game changer’ years’ with GB Power approval By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A prominent realtor yesterday warned the Bahamas to prepare for Bitcoin and other digital currencies, describing it as a potential “game changer” for conducting real estate deals. Mario Carey, principal of Better Homes and

* REALTOR ALREADY ANALYSING USE IN PROPERTY DEALS * SAYS CRYPTOCURRENCY ‘MUST BE IN THE DISCUSSION’ * NATION MUST ASSESS TAX, REGULATORY IMPACTS Gardens MCR Bahamas, told Tribune Business that his firm had already been analysing how it could facilitate Bahamian property purchases made via cryptocurrency. “We now have to see if we can use

POINTE’S DEVELOPER PLEDGES BAHAMIAN LABOUR COMPLIANCE By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Pointe’s developer yesterday promised to continue full compliance with its original Heads of Agreement (HOA) that requires 70 per cent Bahamian labour on the project’s construction. Gerhard Beukes, vice-president of China

Construction America’s (CCA) South America affiliate, told Tribune Business: “The plan is to still to comply with the original Heads of Agreement; that is the intention. We have all intentions of complying with the ratio of Bahamian versus expat workers as agreed in the Heads of Agreement with the government.”

SEE PAGE 7

Bitcoin to do deals down here,” he said. “We have people trying to facilitate that ability. We’re trying to figure out how to do cryptocurrency transactions

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was last night accused of “turning the clock back 30 years on Bahamian ownership” after it decided not to block the $35 million GB Power buy-out. The Minnis administration, in a statement yesterday evening, said it

* EMERA’S 100% TAKEOVER APPROVED * NO ‘LEGAL JUSTIFICATION’ TO INTERVENE * BUT POLICY CONTRADICTION ADMITTED had approved the minority investor buy-out by Emera while admitting this was contrary to its goal of creating wealth/ownership opportunities for Bahamians. Explaining its decision, the Government

said intervention was “not legally justifiable” given that the buy-out was a private transaction where 96 per cent of Bahamian minority investors had

SEE PAGE 5

PAGE 2, Wednesday, January 3, 2018

CIBC UNVEILS CLIENT ANTI-FRAUD DEVICES CIBC FirstCaribbean has launched client-controlled antifraud tools, such as a geo-location service, transaction controls (including the ability to freeze their cards) and real-time alerts. These additions to its mobile banking app, just before Christmas, are designed to boost customer security when handling debit and credit cards. “The bank is committed to putting industry-leading mobile banking capabilities in our clients’ hands”, said Trevor Torzsas, CIBC FirstCaribbean’s managing director for cards and customer relationship management. “We listened to our clients and added these enhancements to meet their needs and demands. We added a two-step verification process (fingerprint/touch ID sign in) as well as the capability for card users to transfer funds and track and monitor their transactions from their smartphones. We are proud to now offer new capabilities that add an extra layer of protection.” The new services are built on Visa technology called mobile location confirmation, and freeze

INTL. BUSINESS HIGHLIGHTS Vice suspends 2 top execs after sexual misconduct report NEW YORK (AP) — Vice has suspended two top executives after a December New York Times report on sexual misconduct at the digital media company. A company memo to employees says that President Andrew Creighton and chief digital officer Mike Germano have been suspended as it investigates allegations against them. Vice Media co-founders Shane Smith and Suroosh Alvi had previously apologized for the company’s “boy’s club” culture. US stocks ring in 2018 with gains as technology leads again NEW YORK (AP) — After strong gains in 2017, stocks get off to a positive start and set more records as technology and health care companies rise in the first day of trading in the new year. Energy companies also jump.

client card services. The ‘Freeze My Card’ feature allows clients to place a temporary freeze on their debit and credit cards if they misplace or lose their card. Clients will be able to reactivate their card when they have located their lost card – all through their mobile phone. Clients can also use the ‘Mobile Location Confirmation’ feature. This notifies CIBC FirstCaribbean of the client’s location, and compares the location of the client to their card’s location. It is available on credit cards only. The mobile banking app also allows clients to receive real time alerts as soon as any transaction is processed on their debit or credit card. The features were made available to clients throughout the Caribbean before Christmas, and are available on all devices. “So far, within days of being available in the app stores, a significant number of CIBC FirstCaribbean clients have opted for the new upgrades. The successful uptake of the features is a result of the bank’s client centric app development. Clients have asked for better fraud protection and we gave it to them”, Mr Torzsas said. Bond yields are rising and stocks that pay hefty dividends continue to lag the market. Uber investors sell at big dis count, but still make billions DETROIT (AP) — Investors in the Uber ride-hailing service didn’t get all they wanted in selling at least part of their holdings to a group led by Japanese technology conglomerate SoftBank. But don’t show them too much sympathy. Even though they sold at roughly a 30 percent discount from what the shares were worth in 2016, those who invested early made nearly 100 times their initial stake McDonald’s tests fresh beef in another burger NEW YORK (AP) — McDonald’s says it’s using fresh beef in another burger, the latest test by the chain to swap out frozen beef as it seeks to improve the image of its food. The company says the new burger, called Archburger, is being tested in seven McDonald’s restaurants in Tulsa, Oklahoma. McDonald’s held similar tests for fresh beef Quarter Pounders for

THE TRIBUNE

Bank names regional chief operating officer CIBC FirstCaribbean has MBA from Cass Business School in named Colette Delaney as its London; and received the designation group chief operating officer, of associate of the Chartered Institute with responsibility for all its main busiof Bankers in the UK in 1989. ness lines. Prior to joining CIBC FirstCaribShe will oversee the Canadian-owned bean, Ms Delaney held the position of bank’s retail and business bankexecutive vice-president within retail ing; cards and customer relationship banking at CIBC. She is a former management; corporate and investment director of the Canadian Payments banking; and wealth management. Association and Acxsys Corporation. Ms Delaney will also continue to In announcing the appointment, be responsible for the bank’s regional Gary Brown, CIBC’s chief executive, country management, including regulasaid: “Colette brings a wealth of experiDELANEY tory and client relationships. She leads ence and strong leadership to the COO the marketing and communications and role. She has been developing a deeper strategy functions, for which she took responsibil- understanding of our country management and ity in May 2017. Ms. Delaney has been appointed client relationships since embracing her responsia member of the Board of Directors of FirstCarib- bilities as head of regional country Management bean International Bank, Limited. earlier this year. Ms Delaney, who joined in 2013, and served as “Given our strategic focus on client service the bank’s chief risk and administrative officer, excellence and growing our business, this change has also been appointed to CIBC FirstCaribbean provides us an opportunity to align our leadership International Bank’s Board of Directors. in a cohesive and holistic manner. It also allows She has more than thirty years’ banking experi- for better collaboration on client service matters ence, having begun her career with CIBC in 1987, across our business lines and with a country manand previously with National Westminster Bank. agement perspective.” She holds a Master of Arts degree from St. Anne’s The appointment became effective on DecemCollege, University of Oxford in the UK; an ber 8. about a year before announcing in March that it would roll it out to most of its 14,000 restaurants by the middle of this year.

in 2015 and part of 2016 while it was being refurbished. The losses come amid signs of trouble at other Trump golf properties.

NBC names Hoda Kotb as Lauer replacement on ‘Today’ NEW YORK (AP) — NBC News says Hoda Kotb will replace Matt Lauer as “Today” co-anchor with Savannah Guthrie of the first two hours of the show. Kotb has been filling in since Lauer was fired on sexual misconduct charges and NBC has shown strength in the ratings since then. She’ll continue co-hosting the fourth hour of the show with Kathie Lee Gifford.

Get a pencil: California’s marijuana-tracking system delayed LOS ANGELES (AP) — Legal pot sales began in California this week, but a vast computerized tracking system intended to track the leafy plants won’t be ready for months. California officials have long touted the value of the so-called track-and-trace system, which would follow marijuana from seed to sale. But the lack of it raises the potential that an unknown amount of pot will continue slipping into the illicit market, as it has for years.

Trump’s Irish resort loses money for 3rd consecutive year NEW YORK (AP) — Donald Trump has lost money for a third year in a row at his golf club in Ireland. Financial statements filed with the Irish government show the resort owned by the U.S. president lost about $2.6 million in 2016, the latest year available. The losses were down 14 percent from losses a year earlier. The resort was hurt by a shutdown

Ask Brianna: How do I make a money resolution that succeeds? If your New Year’s resolution is to save more money, it might sound appealing to make a plan to drastically cut your spending and set aside half your income. But you’ll probably find that difficult and get discouraged. Instead, set bite-sized goals, share them with

a buddy and adjust them throughout the year. Box office records made as Broadway says goodbye to 2017 NEW YORK (AP) — The year on Broadway has come to a very sparkly end for theater producers as many shows recorded their most profitable weeks ever despite theater-goers facing bitter cold and some eye-popping ticket prices. The Broadway League national trade association says 10 shows last week earned more than $2 million, led by “Hamilton,” ‘‘The Lion King” and “Wicked,” which each pulled in more than $3 million. The year ended with grosses soaring to $1.6 billion, attracting 13.74 million patrons, both records. ‘Wild Thoughts’ for Weight Watchers NEW YORK (AP) — Weight Watchers International climbs after it struck a deal with producer and recording artist DJ Khaled, who will represent the brand to millions of follows on Snapchat, Twitter, Instagram and Facebook.

THE TRIBUNE

Wednesday, January 3, 2018, PAGE 3

Band owners seek rights for Junkanoo Carnival By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net JUNKANOO Carnival band owners yesterday reiterated their desire to take ownership of the festival’s rights, and requested participation in talks over its privatisation. Dario Tirelli, the Bahamas Carnival Band Owners Association’s (BCBOA) president, told Tribune Business: “What we are asking for is more ownership of the Carnival brand, and to work more closely with the Festival Commission in terms of the Road

March. “We want to also be a part of the discussion with the Government on the privatisation of the event. “We also want to ensure that we benefit from all activities that are involved with Carnival, and that is how it is done throughout the region with the band owners’ associations,” he added. Michael Pintard, minister of youth, sports and culture, said the Minnis administration aims to completely privatise Bahamas Junkanoo Carnival (BJC) ahead of the 2018 festival. “If there is another private citizen at the table looking to fund the event,

we want to be a part of the discussion,” Mr Tirelli said. “The people who are coming here are persons coming in through the bands. We are doing our international marking and promotions. We just need the back up support with marketing and public relations. “We want to be a part of the privatisation discussion. We want to own the rights to the festival itself. We have met with Minster Pintard and the conversation was very positive. “We are just seeking the Government’s assistance as much as possible, in kind, for what we need for

Road March. Since we are bringing the revellers to the country we want to get returns from the concert activities, but we are willing to put up the money to make that happen also.” The inaugural event in 2015 was said to have cost $12.9 million. The Bahamas National Festival Commission (BNFC) reported that the 2016 carnival cost $9.8 million, of which $8.1 million was subsidised by the Government. This year’s Carnival report has yet to be released, but Paul Major, outgoing BNFC chairman, said $4 million was spent on the 2017 version.

Labour Department in job-boosting initiatives THE Ministry of Labour will next Monday launch several initiatives designed to reduce unemployment by better matching workers with available jobs. An Employer’s Job Fair will be held at the Department of Labour’s Rosetta Street Office, in the City Corporate Center Building, from 10-2pm. The Job Fair will showcase the recently-updated, web-based PCRecruiter Software System to employers, strengthening the Department’s National Skills Bank. The job fair is intended to provide employers with access to the resumes of eligible Bahamian job seekers, and provide opportunities for employers to upload job vacancies into the online portal. Dion Foulkes, minister of labour, will also on Monday launch a recruitment initiative called ‘Labour on the Blocks’. This will start on January 13 with a registration drive on the Sarah Ingraham Park, Hospital Lane and Cambridge street, in the Bain and Grants Town community. Registration is expected to be held between 11am to 3pm. Mr Foulkes described ‘Labour on the Blocks’ as an opportunity for the Department of Labour’s Public Employment Services (PES) unit teams to go out and meet individuals in their communities. It is targeting job seekers who may have

given up on finding employment, or not understand the avenues they should take to secure work. Labour Department personnel will go into various communities, beginning with Bain and Grants Town, to register them on the PCRecruiter database in an effort to match them with potential job opportunities. Businesses in these areas may also join the initiative. On January, 20, a Construction Job Fair, focused on job seekers and employers in the construction industry, is scheduled for the Kendal G. L. Isaacs Gymnasium from 12-4pm.

NOTICE

NOTICE is hereby given that JOSEY SANDS of Augusta Street, P.O.Box N9946, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that FRANTZ JUNIOR REMY of Derby Road House # 44, P.O. Box N-1130, 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 December 27, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MONIQUE LATOYA ANDRE ANDERSON of Guana Cay, Fox Hill, P.O Box CB-11022, New Providence, 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 27th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION

2016 CLE/Qui/No. 01245

IN THE MATTER OF THE PETITION OF LINDY ARLINGTON HALL of Gambier Court New Providence AND IN THE MATTER OF THE QUIETING TITLES ACT 1959 STATUTE LAW OF THE BAHAMAS CHAPTER 393 AND IN THE MATTER OF ALL of that parcel of land containing 0.846 acre or 26,837 square feet situate on the Western side of a 40 feet wide Crown Road Reservation and approximately 196 feet southeasterly from West Bay Street immediately North of Lot Number Twenty (20) Gambier Heights Subdivision New Providence Bahamas. NOTICE OF PETITION

DION FOULKES

The Petition of Lindy Arlington Hall of Gambier Court in the Western District of New Providence one of the Islands of the Commonwealth of the Bahamas, in respect of: ALL of that parcel of land containing 0.846 acre or 26,837 square feet situate on the Western side of a 40 feet wide Crown Road Reservation and approximately 196 feet southeasterly from West Bay Street immediately North of Lot Number Twenty (20) Gambier Heights Subdivision New Providence Bahamas. The Petitioner claims to be the equitable owner in fee simple possession of the parcel of land hereinbefore described and have made an application to the Supreme Court of the Commonwealth of the Bahamas under Section three (3) of the Quieting Titles Act 1959, to have his title to the said land be investigated and the nature and extent be determined in a Certificate of Title in accordance with the provisions of the Act. Copies of the filed Plan may be inspected during normal office hours at:(1) The Registry of the Supreme Court Marlborough House Marlborough Street New Providence the Bahamas. (2) The Chambers of Sivle Law Chambers #20 Montrose Avenue New Providence the Bahamas. NOTICE IS HEREBY GIVEN that any person having a dower or right to a dower or an adverse claim or a claim not recognized in the Petition shall on or before the expiration of thirty (30) days after the final publication of these presents file in the Supreme Court and serve on the Petitioner or the undersigned a statement of his or her claim in the prescribed form verified by an affidavit therewith. Failure of any such person to file and serve a statement of his or her claim on or before the final publication of these presents will operate as a bar to such claim. Dated this 19th day of October 2017 SIVLE LAW CHAMBERS #20 Montrose Avenue New Providence, The Bahamas Attorney for the Petitioner

PAGE 4, Wednesday, January 3, 2018

THE TRIBUNE

Japan mission to combat vehicle ‘dumping ground’ FROM PAGE 1 of the leading” Japanese used vehicle importers in the Caribbean region, to offer its inspection and testing services. The Bahamas currently has no way to verify the quality or mileage of used vehicle imports,

thereby creating a potential danger to consumer health and safety. Purchasers are often unable to determine whether they are getting ‘value for money’, and the influx of these automobiles has also been blamed for the numerous wrecks lining the roadside, impacting the environment.

“The whole objective is to see what these inspection facilities are all about,” Dr Ferguson-Bufford said of EAA Company. “They found us and realised the Bahamas was one of the leading countries in the Caribbean in terms of car imports, and that we’re looking more and more to

Japan to bring these vehicles in. “They know a lot of cars have been dumped, and that there are cars which have been stolen. They want us to ensure we’re getting the proper quality of cars which are environmentally friendly and all of that. “They [EAA] have opened the doors to us to ask if we want to ensure proper inspections, and a proper quality of cars. We want to ensure we’re bringing in good quality cars.” Dr Ferguson-Bufford added that the Government, as well as the private sector, wanted to prevent the importation of ‘disguised’ wrecked vehicles and combat consumer fraud stemming from the ‘roll back’ of an automobile’s mileage to make it appear newer, and less travelled, than it actually is. She also suggested that the Bahamas needed to revisit the ‘10 year-old’ age limit on imported used vehicles, given that this is one of the most generous thresholds in the region. “Out of the Caribbean, we’re one of the leaders in terms of that window,” Dr FergusonBufford told Tribune Business. “It’s still 10 years, and the Caribbean is mostly five years. That’s something we need to look at as well. Should we up it?” She added that EAA Company Ltd had also offered to send its personnel to the Bahamas to train government agencies, such as Customs and the Ministry of Transport, in vehicle inspections free of charge. Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, said the mission would assess how all parties in the ‘used vehicle’ business could benefit

MARKET REPORT TUESDAY, 2 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,063.57 | CHG 0.00 | %CHG 0.00 | YTD 125.36 | YTD% 6.47 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.77 0.16 5.60 8.70 6.30 5.30 12.00 2.59 1.56 6.01 10.55 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.00 17.43 8.19 3.32 0.95 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.67 3.35 6.61 12.01 10.00

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

1050.00 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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.00 17.43 9.09 3.34 0.95 0.16 3.70 8.70 6.10 4.90 9.00 2.52 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CLOSE 4.00 17.43 9.09 3.34 0.95 0.16 3.70 8.70 6.10 4.90 9.00 2.52 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.85 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.02 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

109.87 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

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NAV 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.611 0.583 0.192 0.631 0.102 0.392 1.129 0.729 0.484 0.298 -0.668 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.160 0.690 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000

P/E 9.0 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 25.5 14.3 24.7 3.8 5.3 14.3 12.4 15.0 -10.5 23.0 0.0

YIELD 2.00% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 3.27% 7.67% 2.38% 3.33% 4.83% 4.78% 0.00% 2.68% 2.00% 4.64% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 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% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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from a more rigorous preimport inspection. Mr Sumner, who will be part of the delegation in his capacity as Standards Bureau vice-chairman, explained: “We’re going at the invitation of our counterparts in Japan to have a chance to do some inspections of their vehicle inspection process, their private vehicle auctions, and the process of exporting vehicles from Japan. “Our interest is the quality of vehicles coming into the Bahamas, looking at roadworthiness, how environmentally friendly they are, and the safety of those vehicles on the streets of the country. “We just want to ensure we’re getting the highest quality of inspections before vehicles are shipped to this country, and that we’re getting automobiles that will last for a while and not become a burden on the economy and the environment.” Mr Sumner added that the Bahamas needed to ensure all vehicle imports met certain environmental and emissions standards, and that they conformed to the necessary ISO standards. “When it comes to the importation of used vehicles, we must be sure we are bringing into the country vehicles to the benefit of those using them; the car dealers, consumers and drivers,” he said. “And to be sure we are doing the right thing for Bahamian consumers and business persons, particularly those in the car dealership business.” Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business that properly-certified pre-inspections of this nation’s used car imports would be a ‘win-win’ for all parties by providing them with a higher level of protection. Mr Albury, who will also be part of the week-long mission to Japan, said the idea of pre-inspections was first mulled in 2016 by the former Christie administration and its then-financial secretary, Simon Wilson. While little progress was made then, Mr Albury said his own research found there were several other Japanese companies besides

EAA that performed inspections on the country’s used car exports for destinations such as Australia, New Zealand and Tanzania. While Bahamian consumers may have to pay a small sum should this nation engage such inspection services, the BMDA chief suggested that the enhanced consumer, auto dealer and environmental welfare that would result will far outweigh the costs. “They [the Japanese] do the inspection process to ensure the vehicles are in good condition, to get a good market value and ensure that the mileage is true, because many of the cars coming in have had their mileage rolled back,” Mr Albury said. “It’s something the people bringing in will have to pay for, but many of those cars coming in are disposable and go off the road in short order. I think the benefit is going to be from the environmental side of things, as we as a nation need to ensure we’re not becoming a dumping ground. “It’s going to step up the quality of the vehicle coming into the country, it’s going to have a lot more life, and will enhance the value.” Dr Ferguson-Bufford, who currently chairs CROSQ, the Caribbean regional standards body, said other nations were also interested in accessing pre-export inspection services for Japanese used car imports. “I spoke to some of the bigger member states, Trinidad and St Lucia, and none of them have this service,” she revealed. “All are interested. They want us to go and do it. They’re [the Japanese] opening it to the Bahamas first, and others would like to have the same thing. “Jamaica does preinspections and have found it very challenging. They want it done before the vehicle arrives. Once the car’s landed, whose to say? It’s a challenge they want to get rid of.” Dr Ferguson-Bufford added that more rigorous vehicle import standards also aligned with the Bahamas’ renewed efforts to accede to full World Trade Organisation (WTO) membership.

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NOTICE In the Estate of HENRY MORGAN SMITH late of Jupiter, Florida in the United States of America, deceased. Notice is hereby given that all persons having any claims or demands against the above-named Estate are requested to send the same duly certified to the undersigned on or before the 19th January, 2018 and notice is hereby also given that at the expiration of the time above mentioned the assets of the deceased will be distributed among the persons entitled thereto having regard only to the claims of which the Administrator shall then have had notice. And notice is hereby given that all persons indebted to the estate are required to make full settlement on or before the date hereinabove mentioned. Roberts, Isaacs & Ward, Attorneys-at-Law, Unit 2, Cable Beach Court, 400 West Bay Street, Nassau, Bahamas.

THE TRIBUNE

Wednesday, January 3, 2018, PAGE 5

STERLING GLOBAL ADDS TO EXECUTIVE TEAM STERLING Global Financial has expanded its executive team by hiring resort industry veteran, Bill Green, to head up a newlylaunched subsidiary. Mr Green, former senior vicepresident of Intrawest, a luxury resort and adventure development company, will oversee the Bahamian-headquartered group’s expansion into resort financing and management by becoming president of Sterling Global Developments. Mr Green will also assume the post of chief investment officer at the parent, Sterling Global Financial, which specialises in real estate development financing.

GB POWER APPROVAL FROM PAGE 1

voted in favour of accepting Emera’s offer. Describing the deal as one that “in all respects exceeds the requirements of Bahamas company law”, the Government said: “One of the stipulations for the proposed transaction included a requirement that ‘the majority of the minority’ of shareholders should support the proposed shares acquisition. “This threshold was significantly exceeded with the support of 96 per cent of those who voted.” Then, acknowledging the contradiction with the Government’s policy, the statement continued: “While the policy of the Government is, and remains, to encourage Bahamian ownership and participation in the domestic economy wherever possible, it was not found to be legally justifiable for the Bahamas Government to intervene in the shareholding transactions between a private company and its shareholders, all of whom

BTVI AVIATION FROM PAGE 1

to operate a turbojetpowered Eclipse 500. “Neither Robert Charles Brady nor Beach Aviation ever held an air carrier certificate issued by the FAA to operate any aircraft for compensation or hire as required.” But BTVI, in a March 2, 2015, press release, touted its “historic partnership” with Mr Brady and Beach Aviation for enabling Bahamian student pilots to be trained on FAA-approved courses while remaining in Nassau. “While the theory and tests will take place at BTVI, the practical will be held at Beach Aviation in Florida with a required minimum flight time of 40 hours,” the BTVI release said. It even features a photo of a smiling Mr Brady with Dr Iva Dahl, BTVI’s then-manager, and two men described as Beach Aviation’s ‘partners’ - a Dr James Eddy and Bahamian Dr Kenneth Romer. Another Bahamian, Captain Fredrick McPhee, is also mentioned as a Beach Aviation ‘partner’ in the release. There is nothing to suggest either Bahamian has done anything wrong, or knew of Mr Brady and Beach Aviation’s alleged violations of US aviation law. Dr Romer was thus quoted in the BTVI release: “The partnership between Beach Aviation and BTVI ensures an opportunity for Bahamians and members of the Caribbean community to train for a career in a high demand and high paying field in the Bahamas. “The students will also benefit by learning from professional pilots and current jet captains who share real-world knowledge and experiences with them.” It is unclear whether the Bahamas Aviation Academy ever took off, given that us has never seemingly come to prominence since. However, the release announcing its creation and the Brady/Beach Aviation tie-up remains in the ‘press release’ section on BTVI’s website. BTVI’s president, Dr Robert Robertson, could

Sterling’s chairman, David Kosoy, said: “We are extremely pleased to announce the appointment of Bill Green to our team at Sterling Global Financial. “Bill holds an almost singular position in the world of innovative resort development, recovery and redevelopment, having served in the most senior positions with both Intrawest, an unparalleled industry leader, and as managing director of Replay Resorts, a company that in only a few years has made a strong name for itself.” Steve Tiller, Sterling’s chief operating officer, said Mr Green brings both training and

experience in an area Sterling Global Financial is targeting for future growth. “As we at Sterling increase our interests in funding resort and hospitality-related developments, redevelopments and work-out strategies, Bill will be a great asset, providing guidance from his impressive academic background and hands-on experience through dozens of projects in many countries and cultures,” Mr Tiller noted. Mr. Green holds an MBA from Harvard, which he achieved while studying as a cross-registrant at Massachusetts Institute of Technology in its Master of Science

programme for real estate. Before joining Replay Resorts in 2005, he helped to found Live Work Learn Play LLP, a firm working on 41 developments in five countries. Mr Green has also served as senior vice-president of Intrawest, with responsibility for its real estate development division that reported annual sales of about $250 million in eastern North America. Among Sterling Global Financial’s current Bahamas projects are ONE Cable Beach, Ocean Terraces, Courtyard by Marriott in Nassau, Thirty Six on Paradise Island, Matt Lowe’s Cay and Powell Cay in Abaco, and Sky Beach in Eleuthera.

had the ability to seek independent counsel and advice.” The Government then moved to dampen any resentment, and sweeten aggrieved Bahamians, by promising it would create ownership opportunities through selling-off its majority 51.75 per cent stake in Aliv. It also promised to subsequently reduce its Bahamas Telecommunications Company (BTC) stake by selling shares to Bahamian investors. “The Government’s commitment to advancing Bahamian ownership and participation in the economy will, in the near future, be further expanded and deepened with the offering of shares to the Bahamian general public and institutional investors in Aliv and, subsequently, in BTC,” the Minnis administration promised. The private placement of the Government’s equity in Aliv, the second mobile operator, has been on the drawing board for the best part of a year. Tribune Business reported late last year that all that remained was for the Government to ‘pull

the trigger’, and last night’s statement indicates that the Aliv offering to institutional investors may be coming closer to a launch. However, one Bahamian unlikely to be won over by the Government’s Aliv/ BTC ownership promises is Fred Smith QC, who last night said he was “appalled and shocked” that the Minnis administration had permitted the GB Power buy-out to be consummated. The Callenders & Co attorney and partner, who previously launched Judicial Review proceedings seeking to overturn previous government approvals on behalf of his company, SeSaChe, which holds $300,000 worth of shares in BISX-listed ICD Utilities, said he would now have to determine whether to take action against last night’s decision. “I am appalled and shocked at the Government’s insensitivity to Bahamian investors,” Mr Smith told Tribune Business, adding that the 96 per cent vote in favour of accepting Emera’s offer has “got nothing to do with it’.

“That’s what individual rights are all about,” he added of his Judicial Review. “The approval by the majority of shareholders doesn’t necessarily translate into automatic deprivation of the shares of those who did not agree. “This is not a private law interest I have raised; it is a public policy, public law issue, which is that the Government has committed itself to direct Bahamian participation in domestic industries such as the energy sector. “That was the whole idea when ICD Utilities was initially created. This is turning the clock back 30 years on direct Bahamian investment.” Branding the Government’s approval as “economic treachery”, Mr Smith then pledged that he would not give up his Judicial Review without a fight. “I do not presume to simply give up because the Government has betrayed Bahamian investors in GB Power,” he told Tribune Business. “I haven’t had the opportunity to consider this approval for Judicial Review in any way.

not be contacted for comment as the phone repeatedly ‘rang out’ when the institution was called. While the ‘partnership’ with Brady/Beach Aviation was seemingly agreed before his appointment, the US charges are likely to be something of an embarrassment for BTVI and raise questions about the quality of its due diligence. Captain Butler, meanwhile, questioned whether the Bahamas’ newlycreated Civil Aviation Authority has both the personnel, financing and resources to clamp down on illegal charter operations being run by both local and foreign actors. “It’s a huge problem,” he told Tribune Business. “I think the major places where you find this happening are Abaco, Exuma, Eleuthera and Bimini; this is where you find it in a big way. There is a demand in these areas, and people are being hooked up. “It’s a serious indictment on us. There is the safety thing because they are not licensed, there is no oversight of them, so you don’t know if the pilots are properly certified and planes properly maintained. It’s a serious safety issue for the travelling public.” The Sky Bahamas chief added that the lack of regular, scheduled airlift to some Family Islands was also creating a vacuum that illegal charter operators are all too willing to fill. The significant market share obtained by illegal charter operators creates problems for legitimate fliers such as himself, Captain Butler explained, as they were able to undercut him on cost by not paying any of the taxes and licensing/regulatory fees the likes of Sky Bahamas must grapple with. “They’re charging the same fees we do, and we have the expense of training the pilots, paying VAT and airport facility charges, which are a big kicker to everybody right now,” Captain Butler said. “We are paying NIB, medical insurance, licensing for the pilots and aircraft, and every six months they have to go to training. “It’s hurt my business significantly; big time. I’ve been looking at this and complaining about it. I’ve spoken to the Chamber

of Commerce and Nassau Airport Development Company, and have spoken to and written to Civil Aviation about it. “It is still continuing because we are feeling the pressure.” Pointing out that the Government had invested capital and resources in transforming Civil Aviation from a department to an authority, Captain Butler added: “Now the rules and regulations must be implemented across the board without fear or favour. “They’re required to have their people fly out to the islands, go out and

do inspections. I’m hearing more and more that matters are being referred to the Attorney General’s Office. The Attorney General’s Office needs an aviation department to go out and prosecute these people.” Captain Butler said convictions, and associated financial penalties, were the best deterrent to illegal charter operations and unlicensed pilots. However, he expressed concern that tourism and aviation were under one ministry, suggesting that the need to promote airlift could conflict with the sector’s regulation.

BILL GREEN

“It’s really, really discouraging that the Government should behave in this way towards Bahamian investors. It’s actually quite shocking. And the notion that I must now give up my shares in GB Power so I can buy shares in Aliv and BTC is perverse political thinking.” Emera’s stated goal is to simplify GB Power’s corporate ownership structure by taking out BISX-listed ICD Utilities, the holding vehicle for a 50 per cent stake in Grand Bahama’s utility monopoly, and de-list it from the exchange. Apart from an all-cash pay-out, Bahamian investors can also elect to retain their indirect GB Power ownership by swapping their ICD Utilities shares for Emera Depository Receipts (BDRs). The latter will be listed on BISX, and these securities will potentially diversify/ minimise risk for Bahamian investors since returns will be generated from all

Emera’s Canadian, US and Caribbean assets - not just GB Power. The Emera Depository Receipts (DR) will effectively allow Bahamian investors to maintain indirect ownership in GB Power, as they will be a direct replacement for the ICD Utilities shares. The DR option, Emera and its advisers are arguing, also means that Bahamian investors are not being forced to sell. Despite 96 per cent of minority Bahamian investors voting in favour of the buy-out, the Government delayed final approval of the deal while it completed a final review. Carl Bethel QC, the Attorney General, subsequently told this newspaper that the Minnis administration wanted to be sure that approving the Emera purchase was “consistent” with previous policy decisions taken when the Canadian utility first bought into GB Power.

NOTICE TURIN INVEST S.A. (In Voluntary 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 28th, day of December 2017. The Liquidator is Dillon Dean of Nassau Bahamas.

Dillon Dean (Liquidator)

PAGE 6, Wednesday, January 3, 2018

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Bahamas warned: Prepare for Bitcoin ‘game changer’ FROM PAGE 1 with certain clients. “Once we get facilities in place it’s a game changer. It’s a paradigm shift in the way we do business. At some point we’d better be ready for the cryptocurrency.” Cryptocurrencies such as Bitcoin are a form of digital money which, using the Internet, are designed to provide a secure and anonymous form of payment for numerous types of transaction. While Bitcoin has produced tremendous volatility in global markets in recent weeks, Mr Carey said he

and his firm were already in discussions to determine how they could handle cryptocurrency deals. “We’ve been in discussions with different suppliers and lawyers on how we’d be able to handle that,” he told Tribune Business. “Cryptocurrency should definitely be in the discussion in the real estate industry. It’s there. It’s real.” Mr Carey warned that the Bahamas may also have to adjust its laws and regulatory regime to account for Bitcoin and its fellow cryptocurrencies, warning that their arrival could prompt a shake-up where exchange

control and taxation - and the Government’s collection of the latter - were concerned. “When we do cryptocurrency transactions, does that mean we’re still charging Stamp Duty [on real estate purchases]?” he asked. “I guess so. How is the Government going to regulate that? What changes does it mean for the way we do business now? “The cost should be the same. It’s the manner in which payment is made that could be a lot easier, where you’re not having to rely on exchange control and wire transfers. Whatever

questions come up with regard to cryptocurrency, they need to be looked at.” Mr Carey, meanwhile, expressed optimism that real estate would enjoy “a very good season” in 2018 due to improved confidence and growth in the US economy. He added that the surging Wall Street stock market was enhancing Americans’ wealth and providing them with the confidence, and capital, to invest in foreign second home markets such as the Bahamas. The devastation inflicted by hurricanes Irma and Maria in the southern Caribbean was also driving real

estate purchasers towards the Bahamas and other destinations that had not been impacted, Mr Carey said. “Money is still affordable in US currency, and we’re still an attractive place to business,” he told Tribune Business. “We’re still benefiting, unfortunately, because of the hurricane damage that was done. “People view Nassau as not really being in the hurricane belt; New Providence itself and even the Bahamas in general. We’re seen as a ‘relatively safe’ hurricane prospect, and the market is gaining momentum.” Mr Carey was backed by Mike Lightbourn, Coldwell

Banker Lightbourn Realty’s president, who told this newspaper: “We’re optimistic for this year. What’s encouraging to us is that the US economy seems to be getting stronger so farm and we follow them. “If they continue to strengthen, that helps us, and we’re going to benefit from it. If the US economy gets stronger, the Bahamian buyer market and the foreign buyer market will strengthen. “In the real estate market, we expect a better 2018. Assuming natural catastrophe-type events don’t happen, I think we should have a very strong year.”

POINTE’S DEVELOPER PLEDGES BAHAMIAN LABOUR COMPLIANCE FROM PAGE 1 The Heads of Agreement for the project, tabled in Parliament last year, granted CCA between 400-500 work permits for the $200 million development. The deal, dated June 18, 2015, stipulated that Bahamians would comprise 70 per cent of the total construction workforce, once those employed by local subcontractors were included in the calculation. And Bahamian sub-contractors were supposed to receive “approximately 40 per cent of development work.... in various classifications”, although these were not listed. Mr Beukes’ comments came after Bahamian Contractors Association (BCA) president, Leonard Sands, demanded the Government and developer “clarify” how many Bahamian companies and labourers are employed on Phase II of The

Pointe. The Pointe’s developer is China Construction America (CCA), Baha Mar’s controversial main contractor and the British Colonial Hilton’s owner. “While I’m happy with the work going on, we would want to know what is the involvement of Bahamian contractors this time around,” Mr Sands said of The Pointe. “The BCA right now wants to know how this multi-million project is going to be constructed and completed, and how Bahamian workers will be a part of this. We are asking for clarity. I know there were a lot of Chinese workers on the ground. I would like to know what’s going to happen as they get into vertical construction, pouring concrete and laying blocks; that is something a large portion of our workforce is very skilled at.” Phase II is now underway, and will encompass the development of a 100-room,

eight-storey condominium complex with oceanfront residences and a marina. “Phase II is progressing; the condominium tower is coming out of the ground nicely. We are proceeding according to the revised timelines we have,” said Mr Beukes. Mr Beukes is the former chief executive and 60 per cent majority shareholder of Renew Bahamas, the company that won a contract from the former Christie administration to manage the New Providence landfill and operate a recycling business there. Renew Bahamas ceased operations at the landfill in Hurricane Matthew’s aftermath, citing the ‘force majeure’ provisions in its contract, and forcing the Department of Environmental Health Services (DEHS) to take over the site again. The Minnis administration has subsequently initiated a new bid

process seeking to privatise the landfill. Mr Beukes, prior to Renew Bahamas’ creation, was one of the lead negotiators for the private equity firm that sold the British Colonial Hilton to CCA. Chinese labour and materials typically go wherever Beijing and its investments are in the world, meaning that The Pointe model is little different from their government’s norm. “It is understood and agreed that the workforce employed by the Bahamian sub-contractors are part of the overall Bahamian to non-Bahamian labour ratio, and Bahamians will represent 70 per cent of the total labour requirement for the development,” said the Heads of Agreement. “The parties may, through mutual agreement, vary their employment ratio if it becomes necessary for earlier completion,” it stated.

The 70 per cent ‘Bahamian labour component’ is thus subject to alteration but, based on the 400-500 Chinese work permits, this implies around 800-1,000 construction jobs for Bahamians. The Heads of Agreement also committed CCA to “make every effort to fill as many jobs as possible with Bahamian citizens”. However, it then added: “The Government recognises, however, that due to the development of the proposed high-rise structures and the tight schedule to complete the development, nonBahamian labour with special skills and expertise that are not readily available in the Bahamas will be required. “To this end, the Government agrees to facilitate the grant of between 400 and 500 work permits to qualified persons on a short-term or longer basis, depending on the job classification and the ability of [CCA] to find and/or train suitable candidates for such jobs.”

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