business@tribunemedia.net
MONDAY, APRIL 29, 2019
$4.82 SUPER VALUE OWNER: ‘$1.5M RELIEF IN SIGHT’ VIA VAT COMMISSION By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value’s owner has voiced optimism that “$1.5m relief is now in sight” after the recent appointment of the VAT Appeals Commission chairman. Speaking after Ernie Wallace’s recent swearing-in, Rupert Roberts expressed hope that the Commission would start to address multiple disputes and concerns that have left merchants uncertain as to the true extent of their tax liabilities. Revealing that his
business is embroiled in one such dispute, Mr Roberts said the Department of Inland Revenue (DIR) was insistent that Super Value pay the 12 percent VAT on goods and other items it alleged it “sold” to its affiliate Quality Supermarkets chain. Mr Roberts, who owns both brands, denied that his affiliates sold to each other. And he questioned how the DIR could expect his supermarket chain to pay the 12 percent levy without being able to recover it when VAT was supposed to borne by the end-consumer. SEE PAGE FOUR
ALIV ‘MONITORING’ US/UK FEARS ON CHINESE SUPPLIER By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ALIV’S top executive “can’t praise highly enough” its Chinese technology supplier despite the ongoing controversy over whether it should be allowed to build 5G mobile networks in the US and UK. Damian Blackburn told Tribune Business that the Bahamian mobile provider was monitoring the highlycharged political debate over Huawei’s involvement in these countries, but said this had not impacted its relationship with the Chinese firm “at
the moment”. Huawei supplied the key technological components for Aliv’s two-year nationwide network buildout, while also providing the start-up operator with vendor lease financing to enable it to acquire some of its equipment. Mr Blackburn, though, said this financing had subsequently been assigned to financial institutions. He added that Aliv would “review all factors” when it came to selecting vendors for future expansions, including the potential move to 5G itself. SEE PAGE FIVE
ENVIRONMENTALIST SLAMS ‘NATIONAL PARK TARGETING’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN environmentalist is questioning whether the proposed $580m south Abaco resort project is another sign that the Government is “intentionally targeting the national parks” for development.
Sam Duncombe, reEarth’s president, told Tribune Business that The Bahamas appeared to have learned nothing from the battle to save Clifton as the “same fight in different places” continues to be waged throughout the country. SEE PAGE SIX
GOVT BUILDINGS STRATEGY ‘WIN-WIN FOR EVERYONE’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE government’s proposal to structure an investment vehicle that would broaden Bahamian ownership of government buildings is “a win-win for everyone”, a Cabinet minister said yesterday.
Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that such a plan would alleviate the financial burden imposed on the Public Treasury when it came to financing construction/ leasing of property for the government. SEE PAGE SEVEN
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Billionaire US family to buy Roberts’ hotel By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BILLIONAIRE US family has been confirmed as the purchaser-inwaiting for Rupert Roberts’ Bimini Sands resort, Tribune Business can reveal. The Super Value chief, in response to this newspaper’s inquiries, disclosed that the Asplundh family – who Forbes magazine named as America’s 103rd wealthiest family in 2015, with a net worth of $2.6bn – are the buyers lined up to acquire the property. Describing the purchasers as topclass, Mr Roberts said their arrival was in the best interests of both Bimini Sands and the wider Bahamian economy. “You’re correct,” he replied, when Tribune Business sought confirmation that the Asplundhs are the potential buyers. “I think it’s a really good investor to introduce to The Bahamas. I think they’re going to be good for The Bahamas. “I think they’re gold-plated and royalty. I would imagine the Government will be anxious to approve them and really get things going. “It’s a good, solid family. They’re all salt of the earth, very nice people and
• SUPER VALUE CHIEF: ‘THEY’RE GOLD-PLATED’ • TREE TRIMMING BEHIND BIMINI SANDS BUYER’S FORTUNE • HOMEOWNERS ANTICIPATE PROPERTY PRICE BOOST
RUPERT ROBERTS very easy to deal with.” The Asplundhs, who originate from Philadelphia, trace the source of their wealth to their 91-year-old business, Asplundh Tree Expert, which cuts
trees and vegetation for electrical utility companies. Now under its third generation of family ownership, the company is described as a $3.1bn revenue business that employs a 35,000-strong workforce across multiple US states. It has operated in the Caribbean region before, most notably in Puerto Rico during the first half of 2018 when tree and line repair crews were deployed to help restore power following the devastation inflicted by Hurricane Maria. Tribune Business sources suggested that the Bimini Sands acquisition is a $15m deal which the parties are hoping to close rapidly, although Mr Roberts did not confirm any of this. One Bimini Sands homeowner, speaking on condition of anonymity, expressed their desire for a quick sale and take over by the family. They told Tribune Business: “Rupert Roberts is a very nice guy, but he knows nothing about resort operations.” SEE PAGE FOUR
PAGE 2, Monday, April 29, 2019
THE TRIBUNE
FESTIVAL TO EXPOSE MARITIME SERVICES ARAWAK Port Development Company (APD) will host The Bahamas’ first ever Maritime Festival on May 11 at its Nassau Container Port facility to highlight the industry’s various service providers. The event will take place from noon to 10pm, and is also intended to celebrate BISX-listed APD’s 10th
anniversary. Mike Maura Jr, APD’s president and chief executive, said the festival was an opportunity for the port community, including the Government agencies affiliated with the maritime industry, to expose the services they offer and allow valued stakeholders to promote their maritime initiatives.
MIKE Maura announces The Bahamas’ first ever Maritime Festival to be held on Saturday, May 11, from noon to 10pm. “As we sat and reflected career possibilities through- Authority, LJM Maritime an intimate look at its on ten impactful and won- out the private sector, Academy, Mediterranean operations. derful years here at the government and NGO mari- Shipping Company (MSC), APD is also promisNassau Container Port, time areas, and hopefully Tropical Shipping, Abaco ing to make its festival we’re reminded every day leave better educated on this Shipping and RORO green, restricting the use of Company. that our success here at important national asset.” single-use plastic and StyThe festival will feature Attendees will also be rofoam at the festival site. APD is very much part of the hard work, the dedica- a wide variety of maritime able to tour the shipping “We are extremely focused tion and commitment of all operators, national security companies’ container ves- and dedicated to our our maritime partners and services and environmental sels and learn about how marine environment and stakeholders. We would not agents. Each organisation they operate, plus board a trying to make what we do be as good as we are with- will present its vital pur- Royal Bahamas Defense better for our country and out working hand in hand pose, unique history and Force vessel. The lat- safer for our country,” Mr with our partners,” said Mr plans for the future. This ter’s Commando Squadron Maura said. event is free to the public, will conduct a live demonMaura. For every person that “We’re taking this who can meet representa- stration, and its band will attends the festival, APD opportunity on May 11 tives from the Bahamas provide entertainment. will make a donation to Other stakeholders, three local charities: LJM to celebrate our maritime National Trust, BREEF, space, and to introduce this Royal Bahamas Defence including The Royal Baha- Maritime Academy; Royal essential sector to the wider Force, Bahamas Customs, mas Police Marine Unit, Bahamas Defence Force community. The Bahamian Royal Bahamas Police will conduct demonstra- Rangers Youth Programme; maritime industry offers so Force, Department of Agri- tions on the water, while the and Bahamas Reef EnviEnvironmental Bahamas Customs Depart- ronment & Educational much, and on May 11 the culture, public will be introduced to Health, Bahamas Maritime ment will give attendees Foundation (BREEF).
FIVE BAHAMIAN SPAS BATTLE FOR TOP AWARD By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FIVE Bahamas-based spas are battling for the top spot in the fifth annual World Spa Awards 2019. The nominees for the best spa include Mandara Spa at Atlantis; Red Lane Spa at Sandals Emerald Bay, Exuma; Red Lane Spa
Resort and Offshore Island, New Providence; Seaspa at Grand Isle Resort and Spa, Exuma; and The Ocean Club, a Four Seasons Resort, on Paradise Island. Joy Jibrilu, the Ministry of Tourism’s director general, said: “The fact that five local spas are nominated for the World Spa Awards bodes well for the islands of The Bahamas and demonstrates that we are on par with countries around the world for revitalisation and relaxation. “Everyone in The Bahamas should be proud of this and vote to ensure that the world knows that it is better in The Bahamas.” Launched by the World Travel Awards as a sister
programme to the World Ski Awards and World Golf Awards, the World Spa Awards is focused on the rapidly-evolving spa and wellness sector. According to officials, World Spa Awards was established “in response to overwhelming demand from the spa industry for a programme that was fair and transparent; a programme with a mission to serve as the definitive benchmark of excellence, and to help to foster a new era of growth in spa tourism”. The World Spa Awards programme has categories for the Best Hotel Spa; Best Resort Spa; Best Wellness Retreat; and Best Spa
Destination, each awarded on a national level. The individual country level winner with the most votes not only takes the national award but also the world-level award in each of the respective categories. A number of categories exist on a world-level only, such as Best Airline Lounge Spa; Best Cruise Line Spa; Best Spa Brand; Best Medical Spa; and Best Desert Spa. Votes are cast by professionals working within the spa industry - senior executives, travel buyers, tour operators, agents and media - and by the public. The voting opens today and ends on August 19. To cast a vote, visit worldspaawards.com.
THE TRIBUNE
Monday, April 29, 2019, PAGE 3
Chamber hosting US trade visit this week THE Bahamas Chamber of Commerce (BCCEC) is hosting a trade mission from the Washington DC Chamber of Commerce on a week-long visit that begins today. The mission, which will conclude its trip to The Bahamas on Friday, also includes members from Chambers of Commerce in New York, Boston, Maryland, Virginia, Atlanta and Miami. Jeffrey Beckles, the BCCEC’s chief executive, said the mission represented one of the Chamber’s commitments to the private sector in terms of increasing connectivity between local businesses and other jurisdictions in a
bid to expand commercial opportunities. “We have been working with the office of Ambassador Sidney Collie and our colleagues from the Ministry of Financial Services and Trade Industry to make this and other missions possible,” Mr Beckles said. “We have more than 65 local businesses already signed up to participate in the presentations on Tuesday beginning at 11am at the British Colonial Hilton, and the B2B (businessto-business) meetings are to be held right after. The group will also conduct tours at various sights in the city, including historic sights, the Arawak Port, Cable Bahamas, Baha Mar
and the Fusion Super plex facilities.” The sectors represented by the visiting American Chambers include but are not limited to financial services; Fintech (financial) technology; energy; sports and entertainment; stem cell research; aviation; technology; gaming; hospitality; logistics; shipping; and real estate development. The Chamber, meanwhile, announced that it is preparing to lead its own missions to several upcoming events. These include the International Franchise Expo, from May 30 to June 1 at the Javits Centre in New York, and the US-Caribbean Business Conference in from June 5-6.
Persons interested in participating can register at www.ifeinfo.com for the New York Franchise Show, and call the Chamber’s offices to register for the US-Caribbean Business Conference. The Chamber’s other trade missions for this year will include Cuba, China, Haiti, Costa Rica and Expo 2020. Its partners and sponsors for this year’s visit include Arawak Port Development, Commonwealth Bank, Royal Caribbean Cruise Lines, Aliv, Cable Bahamas, the Small Business Development Center, GB Development Company, Kalik and McKinney, Bancroft & Hughes.
JEFFREY BECKLES
INSURERS UNVEIL LIFETIME NEW BOOKING PARTNER’S ACHIEVEMENT HONOUREE $1.9M TOURISM BOOST THE Bahamas Insurance Association (BIA) has named Orry J Sands as its 2019 Lifetime Achievement Award Honouree for the property and casualty sector. “Orry J Sands is the managing partner of Orry J Sands & Company, a Bahamian general insurance agency for over 30 years. She has been in the insurance industry for almost 50 years, and is a trailblazer and one of the most accomplished leaders of our industry,” said Warren Rolle, BIA chairman. “Our honouree is extremely knowledgeable of the insurance industry. She has set a strong example for the younger generation, always having demonstrated a strong work ethic and an appreciation for the importance of staying abreast of the industry and its developments. As a compelling advocate for insurance education, she has been a mentor to many and is most deserving of this recognition.” Mrs Sands was the first Bahamian woman to achieve the highest insurance designation of Fellow of the Chartered Insurance Institute, and later launched her own insurance agency in 1985. It continues to operate from its offices at 300 Shirley Street in New Providence. Accepting her award, Mrs Sands acknowledged her entrance into the insurance industry was somewhat accidental but one of the most rewarding decisions of her life. She expressed gratitude to the many persons who have contributed to her five-decade long career, most significantly her family. Dr Rhonda
FROM left, Felicia Knowles, BIA secretary; Cardinal McCardy, BIA treasurer; Orry J Sands, 2019 Lifetime Achievement Award for property and casualty; Warren Rolle, BIA chairman; Anton Sealey, BIA deputy chair; Dr Rhonda Chipman-Johnson, BIA co-ordinator. Below, Mrs Sands with with Mr Turnquest.
Chipman-Johnson, BIA co-ordinator, said: “Our honouree has been an asset to the insurance industry,
and her story of success and triumph is to be greatly admired, celebrated and emulated.”
Caves Village
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THE Bahamas has partnered with a new booking platform that generated more than $1.9m in revenues for the destination in 2018. It has teamed with JackRabbit Systems to offer visitors a convenient booking solution, and provide direct lead generation for Bahamian hotels. “We are excited to support the hotel industry by partnering with JackRabbit Systems to bring additional booking revenue to the islands of The Bahamas,” said Dionisio D’Aguilar, minister of tourism and aviation. “We encourage all hotels
in Nassau, Freeport and the Out Islands to register with JackRabbit so they, too, can benefit from the platform.” The platform combines the functionality of a booking engine with the consumer preference to book directly through a hotel’s website, in a bid to generate more revenue and a higher number of repeat customers. In 2018, JackRabbit Systems reported more than 98,000 searches on Bahamas.com, resulting in 1,159 bookings and over $1.9m in booking revenue. The Ministry of Tourism is now encouraging
hotels with booking engines to ensure their existing rates are being displayed on the JackRabbit system engine. For those hoteliers who do not have a booking solution, JackRabbit proves a free reservation system. Travellers visiting Bahamas.com will be provided with a list of available accommodations with rates from which to choose. Upon selecting their preferred option, consumers will be redirected to the hotel’s website for direct booking. There are no commission charges or fees for room reservations facilitated by JackRabbit Systems.
PAGE 4, Monday, April 29, 2019
THE TRIBUNE
Billionaire US family to buy Roberts’ hotel from page one “He’s obviously very good at banking and grocery stores, but it’s time for a change because it’s [Bimini Sands] withering on the vine.” They added of the Asplundhs: “I know they have the money. It’ll be a total revamp, putting in paving for the roads which are currently dirt roads with pot holes, and really fixing
the place up. “The place will be off to the races. It’s a no-brainer. It’s going to take someone with a bit of vision and money, and who knows what they’re doing. The second this deal closes property values are going to double overnight. Right now, they’re in the toilet.” Mr Roberts, in a previous interview with Tribune Business, acknowledged that his expertise lay
outside the resort business especially since the passing of his late Bimini Sands business partner, Frank Cooney, three to four years ago. He said the existing 166 homeowners’ would likely be “thrilled” with the buyer and their plans for a property that currently features 216 units and around 60 marina slips. “It’s something I’ve worked for 20-25 years, and built 216 condo units
and dug the marina,” Mr Roberts said. “I would like to see somebody else complete the vision I had for it, and turn it into another gem in the Caribbean. It’s literally 40 nautical miles from Miami. It’s the beginning of yachting to Paradise; the gateway to The Bahamas. Bimini is the first island they hit. “With government’s cooperation it’s going to be a little gem there on Bimini,
and Bimini Sands will become very famous like Cat Cay.” That is the highend, luxury private island community nearby that is home to multiple wealthy residents. The Asplundhs will be acquiring the 50 condo units yet to be sold, which Mr Roberts has described as “brand new” with just under half - some 24 already furnished. “These people are very creative, very well
financed,” he previously said of the potential purchaser, “and I think it’s the right fit. I’m not getting any younger. Let a young group take that. “I think the home owners are going to be thrilled. The marina I think could sell itself. “There are 60-some slips that could be increased to 160. I just don’t have the time to develop it. I don’t visit Bimini enough for pleasure.”
SUPER VALUE OWNER: ‘$1.5M RELIEF IN SIGHT’ VIA VAT COMMISSION from page one Lamenting the failure of both the former Christie administration and current government in not establishing the VAT dispute resolution infrastructure sooner, Mr Roberts called for his and other cases to now be addressed “speedily” so all businesses could be “put on the right track” and further taxation concerns eliminated. “The merchant community is very happy to see that happen,” Mr Roberts told Tribune Business of Mr Wallace’s appointment. “The former government didn’t do it, and the present government has been promising to do that for a long time. “Even a year-and-a-half ago, at a Chamber meeting, Marlon Johnson [acting financial secretary] made it sound that there were hundreds of cases waiting to be heard.
“We’re [Super Value] in there as well. We’re one. I hope they do it speedily so they can put us on track and get us going doing it right, and not having any disputes with them.” He added: “That’s the problem with VAT now. There’s no resolution. The merchant community thinks the law says this, they’re [government and DIR] saying that, and we need someone to define the law and get that going. “The merchant community will have to make the necessary adjustments if they’re right, and if we’re right the VAT Unit and DIR will have to make the changes. “We appreciate and are glad that it’s [the Commission] here but it didn’t come soon enough. It’s surprising that the PLP government that introduced VAT didn’t do it, and it took so long for the existing government to do it.” VAT is now in its fifth calendar year of being levied, and the Act that brought it
into effect mandated that such an Appeals Commission be established to hear and determine disputes over whether the tax was due and how much. Its delayed creation has resulted in a backlog of several key VAT-related disputes, some of which have existed for months, undermining private sector confidence and forcing businesses to set aside thousands of dollars to cover potential liabilities. Mr Roberts said he and others were suggesting potential Appeals Commission appointees to the Government “up until a month ago”, just prior to Mr Wallace’s swearing-in, in a bid to move the process forward. “It’s a $1.5m issue,” the Super Value chief told Tribune Business of the supermarket chain’s matter. “It’s a worrisome thing, because it’s not only the issue at the moment; it’s ongoing if not resolved and
Government of The Commonwealth of The Bahamas
PREQUALIFICATION FOR PROCUREMENT General Contracting Services The EXUMA International Airport Terminal Building and associated Civil Works (Landside only) Moss Town, Great Exuma, BAHAMAS Invitation for Prequalification No.: 01/2019 ICB No.: CW 001 Project: Airport Infrastructure Program Contracting Agency: Ministry of Public Works Deadline to collect Prequalification Documents May 30th, 2019 at 4:00pm Bahamas Local Time and can be collected from Ministry of Public Works. Director’s Office John F. Kennedy. Drive P. O. Box N-8156 Nassau, Bahamas Tel: 1 242 302-9527 or 302-9530 Deadline to submit Prequalification Documents June 13th, 2019 by 4:00pm Bahamas Local Time. Further information can be obtained by email: PIUAIP@bahamas.gov.bs
can result…. “It’s just worrisome that the merchants can pay money in VAT and not recover it. It’s a consumer tax, and I don’t see how they can say Quality Supermarket is buying from Super Value and then charge them 12 percent. “That’s the issue. We don’t sell Quality anything but they say we do. Relief is now in sight,” Mr Roberts continued. “We changed the method. “We couldn’t continue with something where we don’t get back taxes from the public to give to the Government. We can’t pay it to the Government and not get it back. It’s an impossible liability and burden. We can’t do it. “I would have to sell, buy out Quality Supermarkets. We couldn’t go on that way. If it’s their way, I have to change the corporate structure; organisational structure.” Expressing confidence that the VAT Appeals Commission would see the situation in his and Super Value’s favour, Mr Roberts added: “We know there’s no way that VAT was designed so the merchants would pay VAT and not get it back. “This is not what we agreed on. Relief is now in sight.”
ERNIE Wallace being sworn in as Customs Appeals Commissioner, Chairman of the Customs Appeals Commission, VAT Appeals Commissioner, and Chairman of the VAT Appeals Commission on April 12 in the Chambers of Acting Chief Justice Vera Watkins. Photo: Derek Smith/BIS
THE TRIBUNE
Monday, April 29, 2019, PAGE 5
Aliv ‘monitoring’ US/UK fears on Chinese supplier from page one Huawei’s business has come under intense political and diplomatic pressure in recent weeks, especially from the Trump administration, which has been pressuring its allies to ban the Chinese company from participating in the buildout of their 5G mobile network infrastructure. The US is basing its arguments on security concerns, arguing that Huawei technology could open a “backdoor” for the Chinese government to conduct spying, surveillance and even cyber attacks on nations – pointing to the fact Chinese companies are compelled to work with their country’s intelligence and security services. The US and Australia have blocked Huawei from any role in their networks, while Theresa May, the UK prime minister, last week said the company would only be permitted to supply “non-core” parts there. Huawei and the Chinese government have been pushing back against this offensive, and several observers believe it has less to do with security concerns and is more about US efforts to retain its economic dominance and thwart China’s challenge – the ongoing “tariff war” between the two countries over trade being another aspect of this battle. Mr Blackburn, too, alluded to this, telling Tribune Business the issue was more about Huawei’s market-leading dominance of 5G technology and whether countries would accept it held the “road map” keys to this evolution. “Not at the moment is the simple answer,” he replied, when asked by this newspaper whether the ongoing controversy and US pressures would force Aliv to alter or reassess its relationship with Huawei. “We’re obviously keeping
a close on what different adoption points” such as countries are doing in that the leap to 5G technology. regard,” he added. “I was in “We’re delighted with the UK for the last couple what we’ve achieved with of weeks, and following Huawei equipment, and very closely the debate couldn’t praise them highly going on there. I believe the enough in terms of what review they’re undertaking they’ve delivered for us, our in the UK is due in the next customers and The Bahafew weeks..” mas in terms of the change Referring to the “Five in wireless mobile expeEyes” intelligence shar- rience,” he told Tribune ing partnership between Business. the US, Canada, UK, Aus“Aliv’s network is unbetralia and New Zealand, Mr lievably reliable because Blackburn added: “Canada of Huawei network equiphas not taken a decision as ment, and produces fast yet. That’s probably as rel- data speeds. Dropped evant to us as any.” calls are very few, three in Pointing to the UK’s close 10,000. The resiliency built relationship into Huawei’s with Huawei ‘Huawei, based network and since 2005, Mr equipment is Blackburn said on all learned second to none. security experts analysis of the “We’re had already delighted with situation, are cast doubt on what Huwaei the “backdoor” very far ahead brought to Aliv, concerns being in terms of but as with evepromoted by rything, if we’re the Trump the relevant making a major administration. equipment they decision with 5G “The backdoor have for the we will review argument is not all factors at the necessarily the market on 5G time.” argument that is and their scale Mr Blackburn the real debate,” of research and said Bahamian he added. “The engineers had real debate, in development.’ worked alongmy opinion, is side their about the road map to 5G Huawei counterparts on and Huawei’s dominance of the Aliv network built-out, that road map. and that the Chinese com“Huawei, based on all pany was selected only after learned analysis of the situ- a competitive Request for ation, are very far ahead Proposal (RFP) process. in terms of the relevant “Included in that proequipment they have for posal was the ability to the market on 5G and pay for equipment over a their scale of research and period of time,” he added, development.” explaining that Huawei’s Countries that elected offer of vendor financing not to go with Huawei thus was normal – especially for faced the possibility that a “greenfield roll-out” such they may be “left behind as Aliv’s. in terms of their speed and “We contracted with ability to adopt 5G”, Mr Huawei for the initial lease Blackburn added. financing, and once Aliv got In Aliv’s case, Huawei up and running we assigned supplied key network com- the lease financing to major ponents for its Long-Term financial institutions. The Evolution (LTE) 4.5G whole Huawei debate infrastructure. Mr Black- around the US, UK and burn pledged that the that, there’s no link at all Bahamian mobile opera- with the financing of Aliv as tor will always “carefully it’s all with other financial review” its options at “big institutions.”
ALIV CEO Damian Blackburn.
Photo: Shawn Hanna/Tribune Staff
PAGE 6, Monday, April 29, 2019
THE TRIBUNE
Environmentalist slams ‘national park targeting’ from page one Speaking after Tribune Business revealed the proposal by Tyrsoz Family Holdings Ltd, which is pledging to create 600 fulltime jobs and inject $2bn into south Abaco’s struggling economy during its
first 10 years in operation, Mrs Duncombe suggested such developments showed “a complete disregard” for what brought visitors and investors to The Bahamas in the first place. Urging Bahamians to wake-up and realise the value of each island’s various ecosystems, she
questioned why this nation continually “buys into the vision” of outsiders for its development rather than its own. Mrs Duncombe also queried why the Government was not directing foreign direct investment (FDI) to take over existing resort properties that were either
closed or failed, as opposed to allowing them to develop the best “greenfield” sites in places of unique or outstanding natural beauty where the impact on the environment would be difficult to police. Pointing to the Government’s recent agreement with Disney Cruise Line for a passenger experience at Eleuthera’s Lighthouse Point, and the site of the controversial $5.5bn Oban Energies project between two Grand Bahama national parks, she said: “One has to wonder if the Bahamian government is intentionally targeting the national parks. “We now see it in Abaco, where it seems there’s a complete disregard for the things that bring people to the country. It seems as if we feel it’s best to sell off everything on the table while the going is good, and not taking into consideration the value of these ecosystems long-term for us.” The Tyrsoz Family Holdings project, headed by investor Ronnie Ben-Zur and his family, has already come under fire from environmental activists other than Mrs Duncombe. Tribune Business reported last week how eight Bahamian and international environmental groups, in an April 15 letter to the Prime Minister and his Cabinet colleagues, warned that the sheer scale of the proposed development “would result in irreversible negative socioeconomic impacts on local communities as well as dire environmental consequences for many species living in the area”. In particular, they expressed concern about the impact the project’s location and road paving will have on two endangered bird species - the Abaco Parrot and Kirtland’s Warbler. The latter’s habitat is “right in the path” of the $580m project’s location, and Mrs Duncombe shared similar fears with this newspaper. However, a four-page booklet produced by Tyrsoz Family Holdings is devoted to reassuring Bahamians of the company’s environmental sensitivities. It is promising to create “a world-class, environmentally-sustainable luxury island retreat with local
SAM DUNCOMBE, of ReEarth. Photo: Shawn Hanna/Tribune Staff appeal via the participating community while, importantly, maintaining South Abaco’s natural charm”. “Tyrsoz Family Holdings Ltd’s financial advisor and real estate developer, Ra’anan ‘Ronnie’ Ben-Zur, is proposing a low-density, ultra-luxury hotel, residential and marina development for the secluded undeveloped coastal region of South Abaco, Bahamas,” the booklet said. “Based on sound economical footing, yet designed with great care and responsibility to the environment and original nature of the area, it is intended to provide significant ongoing and expanding employment opportunities for the community and important infrastructure improvements for the benefit of residents and visitors alike.” But, unimpressed, Mrs Duncombe charged: “At what point we going to realise the intrinsic value of these ecosystems is beyond me. Why isn’t the Government actively directing investors to defunct properties instead if continually allowing them to choose the pieces of land and sea. “They say they love this country but they’ve come here and screwed it up too often. I don’t understand us buying into the vision of
everyone else as opposed to our vision for the country. If that’s our vision, God help us all, because nothing’s been learnt. “Every time I see these developments I’m reminded of Clifton, and we’ve not moved one step forward to protect places of unique beauty and ecological value. We’re not doing that. We keep going in and ploughing through virgin territory... Every ecosystem has a value whether we recognise it or not,” she continued. “Twenty years after Clifton we’re fighting the same fight in other places. Nothing has changed. We’ve made no headway in understanding some of these places are off-limits.” Mrs Duncombe, arguing that The Bahamas lacked the resources and expertise to police developers and ensure they are living up to their environmental commitments, added: “We need to wake up and smell the coffee here. “We are damaging things way quicker than we can replace them. We’re treating The Bahamas like a liquidation in selling off everything without thought to the consequences these developments have for future generations. That needs to stop. It’s ridiculous, really and truly.”
THE TRIBUNE
Monday, April 29, 2019, PAGE 7
TOWN CENTRE MALL, which is to become the temporary site of the Post Office after its original building deteriorated.
Photo: Shawn Hanna/Tribune Staff
Govt buildings strategy ‘win-win for everyone’ from page one Admitting that the government “does not have a good track record” in owning/maintaining its real estate, he suggested that this job as well as the financing could be better performed by the private sector while also broadening ownership and wealth creation to more Bahamians. Speaking after the Prime Minister on Friday revealed that the government was exploring the creation of a 100 percent Bahamianowned company, which would own all government buildings, Mr D’Aguilar added that it would help “break the the concentration of ownership” where a just small number of landlords earned significant rental income from leasing to the government. Arguing that some government properties were “dead in the water”, he told Tribune Business: “It seems like a win-win for everybody. You get the properties renovated, refurbished and restored, and the government does not have to take on any new debt, borrowings or have to raise taxes to cover these costs.
DIONISIO D’AGUILAR “In the process of getting these properties redeveloped it creates construction jobs. Once that’s finished there will be maintenance jobs as a private sector component of this, and hopefully we will get a better record with the private sector than the public sector. ‘We will get a better work environment for the public service, since several buildings have closed early for years such as the Post Office, and that results in lower productivity.” The structure referred to by the Prime Minister on Friday typically involves a trust or investment fund, which is created to own and hold government buildings. Bahamians will then be able to purchase shares in this structure to obtain
an equity interest, with returns generated from the rent paid by the Government which, as a long-term tenant, will help mitigate risk. “It will provide a modest return for Bahamian investors getting zero at the bank,” Mr D’Aguilar said. “Some of these buildings are sitting dead in the water. The government does not have the best track record of owning and maintaining buildings. We have buildings that were started and not finished. The one next to the Attorney General’s Office on Thompson Boulevard has been sitting there for God knows how long.” Mr D’Aguilar pointed to the former City Markets property on Market Street; the soon-to-be former Post Office building; the Clarence A Bain Building and Rodney Bain Building as examples of government buildings that have been allowed to deteriorate and effectively been abandoned. Many observers believe the government has not gotten value from its real estate portfolio, whether owned or leased, for years, with different rental rates and maintenance issues widespread.
PAGE 8, Monday, April 29, 2019
THE TRIBUNE
UTAH’S MARIJUANA PROGRAMME LIMITS GROWING TO TEN FARMS SALT LAKE CITY Associated Press UTAH will allow ten growers to produce the state’s medical marijuana — a limit that state officials say will prevent overproduction but a cannabis business consultant says could cause shortages. The state medical cannabis law enacted last year
limits each grower to cultivating no more than 4 acres (1.6 hectares) outdoors or 100,000 square feet (9,300 square meters) indoors, the Salt Lake Tribune reported last week. The state expects that growers under the cap will be able to produce enough to supply 100,000 patients for a year. The state aimed to balance the restrictions to prevent excess marijuana from ending up in the illegal drug trade while still producing enough for patients. Marijuana pharmacies are set to open in the state next year. Some might have bare shelves in the early days, but it won’t be because of the growing restrictions, according to regulators. “It’s going to be an oversupply if all ten are growing that much product,” said Melissa Ure, senior policy analyst with the state Department of Agriculture and Food.
Supply problems could occur based on timing, Ure said. Growers might not be established in time for all pharmacies to be stocked. The state’s patient estimate of 100,000 patients is more than double the health department’s working number to allow for growth, Ure said. That number might still be too low, said Justin Arriola, a cannabis business consultant and advocate. The number could be closer to 180,000 patients, he said. The state’s restriction on the industry could lead to product shortages and hamper patient choice, Arriola said. The medical marijuana programs in New Jersey and Connecticut have similar grower limitations, and their programs have faced product shortages. “The lesson there is that pretty much always the amount of market demand is underestimated,” Arriola said.
JOB VACANCY A family office located in western New Providence seeks to fill the position of
Accounts Clerk Duties and Responsibilities We are looking for a skilled Accounts Clerk to perform a variety of accounting, bookkeeping and financial tasks, including: • Processing accounting transactions (i.e. accounts payable and receivable, disbursements and receipts) in a timely manner • Preparation of accounting reports (i.e. expense and payable listings) • Reconciliation of bank accounts • Disbursement and replenishment of petty cash • Prepare and maintain accounting documents and records • Data entry of financial transactions in accounting database • Provide accounting and clerical support to the accounting department • Function in accordance with established standards, procedures and applicable laws Requirements and Skills • • • • • • • • • • •
Accounting experience, preferably as an accounts payable clerk Familiarity with bookkeeping and basic accounting procedures Experience working with accounting software (preferably Quick Books) Hands-on experience with spreadsheets and financial reports Ability to perform filing and record keeping tasks Data entry and word processing skills Accuracy and attention to detail with an aptitude for numbers Well organized and able to work independently Excellent communication skills and team-oriented High standards of ethics and confidentiality to handle sensitive information Bachelor or Associates degree in business administration or accounting Interested persons should submit their resumes via e-mail to: vacancybahamasoffice@gmail.com Please reference ‘Accounts Clerk’ as the subject of your email. All resumes must be received by April 30th.
Diesel Mechanic Job Vacancy We are looking to hire an experienced Diesel Mechanic to join our Maintenance Department, to assist with the overall fleet maintenance. Principal Duties and Responsibilities: Ability to perform routine maintenance on heavy machinery and automotive vehicles. • • • • • • • • •
Inspect machines for faulty parts Analyze and diagnose mechanical issues Regularly clean and maintain tools and equipment Create a plan of action for all repairs Follow checklists and protocols while conducting repairs Ensure a safe, organized, and tidy workspace Input, track, and maintain all maintenance data and records Track inventory and order new parts when required Report to department supervisor repairs that has been evaluated, determine plan of action. • Follow all health and safety guidelines as instructed by the company. • Performs other duties as assigned by management • Must have basic mechanic tool kit, specialty tools will be provided in the maintenance shop tool box Requirements: • High School education or equivalent. • At least 3 years of experience. Necessary Skills: Mechanical acuity is a key skill required, basic math and Computer fluency is expected. High levels of productivity are essential. Attentiveness and attention to detail is a must. Preferred Skills: Ability to work under pressure and in any working environment, as well as physical demanding positions, ability to stand for prolonged periods. All qualified applicants must submit their resume via email to
resumes@pinderscustoms.com
THE TRIBUNE
Putting an end to littering with balloons Monday, April 29, 2019, PAGE 9
EAST Baton Rouge Sheriff’s deputies release balloons at a noon vigil in 2016 in downtown Baton Rouge, Louisiana, in honour of slain and injured sheriff deputies and police. Bills are pending in a growing number of states in 2019 to ban the feel-good tradition of releasing helium-filled balloons at events, since they have the unintended consequence of spoiling the environment and threatening wildlife. Photo: Gerald Herbert/AP PORTLAND, Maine Associated Press
environment and cause marine and wildlife issues is really not a good way THE tradition of releas- to memorialise someone. ing balloons at weddings, There are plenty of other birthdays and memorials ways to do it,” Sampson may soon get deflated by said. lawmakers in more than In Rhode Island, comhalf a dozen states. mercial lobsterman John Critics say the helium- Peabody said he’s generfilled balloons pollute the ally anti-government but he environment, and threaten supports limits on balloon birds and other wildlife releases based on what he when they fall to earth. sees from his boat. “People don’t really real“You see tons of those ise that it’s littering. That’s things. You see them floatwhy we want to bring atten- ing on the surface, you find tion to this,” said state them in the traps below. Rep Lydia Blume, who’s You wouldn’t believe how supporting a balloon bill many of them are out in Maine. “It’s a common there,” he said. sense thing.” Eric Sparks, coastal Nationwide, there’s ecology specialist at Missisa growing awareness of sippi-Alabama Sea Grant the problem, and it has Consortium, said he sees energized legislation in balloons and other plasstate governments. Bills tic debris in the decaying to limit the carcasses of intentional pelicans and release of other birds. large numHe used to bers of be shocked, balloons and took are being note of them. aired in legNow it’s a islatures in common Arizona, sight, he said. Connecticut, ShoreMassachubirds can get setts, New entangled. Hampshire, In the ocean, New Jersey, turtles misNew York take them for and Rhode jellyfish and Island, in eat them. addition to Critics Maine, said are having Jennifer some recent Schultz of success in the National battling the A PHOTO by David Gurniewicz feel-good Conference of State showing a dead bird entangled tradition Legislatures. with a cord attached to the re- of releasTexas is mains of a pink balloon on the ing balloons. also consider- shore of Lake Michigan. Clemson ing a study on University windblown stopped and waterborne litter that releasing balloons at its would include helium bal- football games. The Indianloons, she said. A similar apolis 500 and the Nebraska proposal was terminated Cornhuskers have faced while in committee in the pressure to do the same. Kentucky legislature last And a growing number month. of communities are tackling These states would join the issue, too. California, Connecticut, The New Jersey-based Florida, Tennessee and Balloon Council, which Virginia — all of which represents manufacturers, already have laws that ban wholesalers, distributors or restrict launches. Califor- and retailers, used to be nia’s law applies only to foil opposed to bans on balballoons, while Connecticut loon releases because of the is currently considering a impact on small businesses. stricter law, said Danielle These days, the council Vosburgh, a Florida envi- still prefers education over ronmental activist who legislation, but it is not helped launch a nonprofit opposing any of the legislaorganisation, Balloons tive efforts to stop balloon Blow. releases. Maine’s proposal to ban “The balloon counmass balloon releases took cil feels that all balloons flight at a town meeting should be deflated and last month in Unity. Penny properly disposed of,” Sampson, chairwoman of said spokeswoman Lorna the Select Board, said she O’Hara. “There is a heighthad witnessed a couple ened attention across the releases in person. Once globe. We’re rising to what’s was in 2000 when triplet happening in the United boys died in a fire in Unity. States and globally.” Another time, balloons Some folks are getting the were released at the Wiscas- message — with or without set Raceway to memorialise legislative intervention. someone who died. At Fort Leavenworth, “To pollute the Kansas, officials at the
Army installation quickly decreed there will be no more balloon releases after children released balloons on April 1 to mark the “month of the military child.” The balloon launch caused an uproar in the community. “We’ve been beaten up on social media,” said base spokesman Jeffrey Wingo. But the outrage sparked a discussion about environmental stewardship. “Is this the right thing to do? Is this environmentally sound, or not?” he said. “It is not.”
Ministry of Labour
PAGE 10, Monday, April 29, 2019
THE TRIBUNE
JEEP vehicles parked outside the Jefferson North Assembly Plant in Detroit. When Fiat Chrysler began considering where to build its next assembly plant, the automaker didn’t have far to look for land. A short walk from its Jefferson North plant on Detroit’s east side is 200 acres of land the company is eyeing as part of its $1.6bn investment to convert an engine complex into a new facility. Decades of residential flight, disinvestment and abandonment have left the Motor City with stretches of available real estate which are appealing to some developers. Photo: Carlos Osorio/AP
DETROIT’S EMPTY LAND IN DEMAND AGAIN DETROIT Associated Press
WHEN Fiat Chrysler began considering where to build its next assembly plant, the automaker didn’t have to look far to find land. A short walk from its Jefferson North plant on Detroit’s east side is 200 acres (80 hectares) of land the company is eyeing as part of a $1.6bn investment to convert its Mack Avenue Engine Complex into a new facility. Decades of residential flight, disinvestment and abandonment have left the Motor City with something many others just don’t have: stretches of available real
estate. Unlike many big cities where space is tight and most new buildings must be vertical, Detroit’s sprawling empty spaces appeal to some developers. Detroit is now working to secure the land needed for Fiat Chrysler. Some is home to an old power plant. A tree-planting operation is on another part. A large chunk is privately owned and leased to the automaker as a lot for new vehicles. Mayor Mike Duggan said in late February that Detroit had 60 days to pull those acres together or the deal with Fiat Chrysler could sputter. Much of the land has been secured, with negotiations continuing
with businessman Manuel “Matty” Moroun’s family for one section, according to city spokesman Tim Carroll. The Detroit City Council is expected to discuss the city’s land acquisition plan as early as Monday. A new plant is expected to add 3,850 jobs. Fiat Chrysler plans an additional 1,100 new jobs at its adjacent Jefferson North Assembly plant. The effort is seen as more good news for the city that is still rebounding after its 2014 exit from the largest municipal bankruptcy in U.S. history. Bolstered by auto and other manufacturing jobs, Detroit nearly
was bursting at its seams by the 1950s when the city’s population rose to about 1.8 million. But white people started to leave the city for the suburbs. The outbound tide swelled following a 1967 race riot. The black middle class followed. Tens of thousands of aging homes that once held families deteriorated. More than 14,000 vacant structures — mostly houses — have been torn down over the past five years as part of the nation’s largest demolition programme. About 680,000 people live in the city — 1.2 million fewer than six decades ago. They’re not cramped for space: About 14,800 acres
MARKET REPORT THURSDAY, 25 APRIL 2019
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,154.98 | CHG 0.01 | %CHG 0.00 | YTD 45.53 | YTD% 2.16 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.45 1.88 3.35 10.60 6.16 4.64 12.50 2.74 1.96 9.02 6.63 15.60 7.25 4.30 14.00
52WK LOW 3.50 19.17 4.90 3.50 1.00 0.19 2.10 8.80 6.11 3.54 10.05 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 4.25 17.43 6.00 5.39 2.39 1.87 2.10 10.50 6.16 4.47 10.64 2.57 1.79 9.38 6.60 15.57 7.25 3.50 14.00
CLOSE 4.25 17.43 6.00 5.39 2.40 1.87 2.10 10.50 6.16 4.47 10.64 2.53 1.79 9.35 6.60 15.57 7.25 3.50 14.00
CHANGE 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 -0.03 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME 265 2,000 820
30 400
82
VOLUME
EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.636 0.834 0.950 0.205 0.631
DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.328 0.240 0.500 0.200 0.090 0.600
P/E 25.4 18.7 N/M 16.7 N/M N/M -4.9 14.8 12.8 29.0 17.0 24.8 8.6 N/M 10.4 18.7 7.6 17.1 22.2
YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.07% 0.00% 6.76% 3.57% 2.68% 5.83% 2.37% 3.35% 3.51% 3.64% 3.21% 2.76% 2.57% 4.29%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
MUTUAL FUNDS 52WK HI 2.20 4.24 2.04 184.51 158.55 1.61 1.75 1.70 1.14 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.55 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.22 4.22 2.04 184.51 147.81 1.61 1.75 1.70 1.14 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.69 11.79
YTD% 12 MTH% 0.58% 3.94% -0.39% 1.53% 0.43% 2.52% 3.26% 3.26% -3.65% -3.65% 1.15% 4.41% 0.59% 4.31% 0.92% 4.16% 2.79% 4.80% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
NAV Date 28-Feb-2019 28-Feb-2019 22-Feb-2019 31-Dec-2018 31-Dec-2018 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Sep-2018 30-Sep-2018 30-Sep-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
(5,990 hectares) of land in Detroit — 16.75% of the city’s 88,800 acres (35,940) — are considered vacant, according to Data Driven Detroit. “Really, in some ways for Detroit to grow it had to shrink,” said Clifford Brown, managing partner of Woodborn Partners, which is building a $16 million mixed-use development in southwest Detroit. “The vacant land is just emblematic of Detroit needed to shrink for a while before it could get healthy. Those who were optimistic said (the city) was just resting.” Woodburn Partners’ project will include 60 new apartments and retail space. The land being vacant was part of the appeal, Brown said. “It’s an asset — at least from our perspective,” he said. “We like to develop on vacant land.” In the Cleveland area, decisions are made to assemble vacant parcels, side lots and lots with abandoned houses into contiguous pieces that possibly
could see redevelopment. “The land becomes valuable over time once it becomes assembled,” said Gus Frangos, Cuyahoga Land Bank president. But assembling smaller parcels into larger pieces is complicated, said Joe Schilling, senior policy and research associate at the Washington DC-based Urban Institute. “Even if the land is vacant, it’s often owned by multiple entities and some that may no longer exist, whether bankrupt companies or single-family homes,” Schilling said. Land banks can help, he said. “You’ve got to have a plan and you also have to have a process that really engages the residents who live in that neighborhood to insure they benefit from the regeneration,” Schilling said. “You can’t just do one thing,” he said. “You have to build new stuff. You have to reclaim some vacant land. You kind of have to do it all at the same time.”
LEGAL NOTICE
NOTICE International Business Companies Act No. 45 of 2000
Meireles Reis Partners Ltd. (the “Company”)
Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Meireles Reis Partners Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 25th day of March, 2019.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, HELENA DELCINA SYMONETTE of Monastery Height, P.O.Box CB-12766 Nassau, Bahamas, intend to change my name to HELENA DELCINA STUART. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LATHERA GAIL GILBERT, of #38 Braemar Circle, South Bahamia, Freeport, Grand Bahama, Bahamas, mother of LA’SHANTAE JESSICA CLARKE, a minor, intends to change her name to LA’SHANTAE JESSICA GILBERT. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas, no later than thirty (30) days after the date of publication of this notice.
THE TRIBUNE
Monday, April 29, 2019, PAGE 11
FIRST Minister of Scotland Nicola Sturgeon.
Photo: Jane Barlow/PA via AP
PRESSURE TO ACT ON CLIMATE CHANGE LONDON Associated Press
BRITISH opposition leaders are pressuring the government to act on climate change after weeks of protests put the issue at the heart of political debate. Scottish first minister Nicola Sturgeon on Sunday declared a “climate emergency” during her
party’s conference in Edinburgh, saying she had been inspired by young activists. Sturgeon says “Scotland will lead by example.” Earlier, the main opposition Labour Party said it would introduce a motion this week to force Parliament to declare an environmental emergency. Such a declaration was a demand of the Extinction
Rebellion activists who paralysed parts of London this month. Labour’s policy is for Britain to achieve net zero carbon emissions by 2050, compared with Extinction Rebellion’s 2025 deadline. Scotland’s Green Party has criticised Sturgeon’s government for moving too slowly on climate change.
In preparing the consolidated statement of financial position, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s financial reporting process. Auditors’ Responsibilities for the Audit of the Consolidated Statement of Financial Position Our objectives are to obtain reasonable assurance about whether the consolidated statement of financial position as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated income statement and consolidated statement of financial position.
Tests show high levels of coral-harming chemical in Hawaii KAILUA-KONA, Hawaii Associated Press OFFICIALS have found high levels of a chemical commonly used in sunscreen that is believed to harm coral reefs in bay waters off Hawaii’s Big Island. The Kahaluu Bay Education Center commissioned the testing for oxybenzone at five sites in the bay on the island’s west side last year, West Hawaii Today reported yesterday. The results found the chemical’s concentration at one of the sites to be 262 times greater than levels considered high-risk by the US Environmental Protection Agency. “That sample there is the highest we’ve ever measured in the world,” said Craig
Downs, executive director of Haereticus Environmental Laboratory, which conducted the sampling. The concentration was likely high because it was taken at a spot where people enter the water and on days with heavy beach traffic, Downs said. The chemicals oxybenzone and octinoxate have been linked to coral damage and other negative effects on aquatic life, according to the National Oceanic and Atmospheric Administration. The state legislature last year enacted a law banning the sale of sunscreens that contain oxybenzone and octinoxate, aiming to protect the state’s reefs. The ban takes effect in 2021. The chemicals contribute to declining reef health in
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Hawaii’s water, as does erosion and cesspool pollution, Downs said. While chemical pollution is a threat to the reefs, the greater threat is climate change, said Lindsey Kramer, Hawaii Island coordinator of Eyes of the Reef. Rising ocean temperatures are inextricably linked to the mass bleaching events that killed corals off the Big Island a few years ago, she said. But unlike with climate change, the state can control the chemicals, said Cindi Punihaole, director of the Kahaluu Bay Education Center. “It’s not a difficult step — it’s just a choice,” Punihaole said. “Protect and heal the bay — it would be a benefit not just to our environment, but to future generations.”
•
Identify and assess the risks of material misstatement of the consolidated financial position, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
•
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated income statement and consolidated statement of financial position or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the consolidated statement of financial position and whether the consolidated statement of financial position represent the underlying transactions and events in a manner that achieves fair presentation.
ANNUAL REPORT 2018
Consolidated statement of financial position as at December 31, 2018
2017
USD 000
USD 000
Assets: Non-current assets Plant and equipment
22
22
38
38
320,462
612 1,201 13 2,451 239,419
243,696
Current assets Trade receivables Other receivables and accrued income Receivables from affiliated companies Loans and advances customers Cash and cash equivalents
704 498 95 3,326 315,839
Total assets
320,484
243,734
Equity and liabilities:
Your ongoing financial support DOES make a difference
EVERYDAY! Your donation to Ranfurly impacts Bahamian lives. A child in need that comes to Ranfurly increases their chances of staying in school, becoming a successful adult and ultimately a contributing member of Bahamian society.
PARTNER WITH RANFURLY WITH CIRCLE OF FRIENDS
Corporate Packages for Ranfurly • Silver - $1,500 • Gold - $4,999 • Platinum - $5,000+
Share capital Retained earnings Total equity attributable to shareholder of the Company
5,000 53,039 58,039
55,369
Current liabilities Other payables and accrued expenses Payables to affiliated companies Deferred income Amount owed to depositors
338 109 630 261,368
Total equity and liabilities
262,445 320,484
1,493 72 590 186,210
188,365 243,734
Interested parties can obtain a full set of the consolidated financial statements at Citco Bank and Trust Company (Bahamas) Limited, One Montague Place 1st Floor, East Bay Street, Nassau, Bahamas.
Citco Bank and Trust (Company) Limited Nassau, Ba ha mas Signing of the consolidated Financial Statements The consolidated financial statements were approved by the Board of Directors and authorized for issuance on April 17, 2019 and are signed on its behalf by: The Board of Directors:
For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children on Mackey Street 242-393-3115 • P.O. Box 1413 Nassau, Bahamas
5,000 50,369
Director
Director
PAGE 12, Monday, April 29, 2019
THE TRIBUNE
Southwest: Boeing did not say it deactivated safety alert By THE ASSOCIATED PRESS SOUTHWEST Airlines says Boeing did not disclose that it had deactivated a safety feature on its 737 Max jets until after one of the airliners crashed last year. At issue is an alert that tells pilots if a sensor — called an “angle of attack” (AOA) indicator — is transmitting bad data about the pitch of a plane’s nose. The sensor’s alerts had been operational in previous versions of the 737 but were switched off in the 737 Max.
The news first appeared Sunday in The Wall Street Journal. The Journal also reported that Federal Aviation Administration safety inspectors and supervisors did not know about the change either. The FAA declined to comment. In a statement Sunday, Southwest said that the safety feature was “depicted to us by Boeing as operable on all Max aircraft.” Only after a Lion Air 737 Max crashed in Indonesia last October 29 did Boeing say the feature wasn’t turned on, Southwest said. The Max was grounded
after a second crash, involving an Ethiopian Airlines jet, on March 10. In response to the Journal story, Boeing said that as the Max planes return to service “all customers will have the AOA disagree alert as standard”. Earlier this month, an Ethiopian government report found that a malfunctioning sensor sent faulty data to the 737 Max 8’s anti-stall system, forcing down the nose of the jet. The pilots could not regain control of the aircraft; 157 died in the crash. Last year’s Lion Air crash killed 189.
SAS planes are seen grounded at Oslo Gardermoen airport during pilot strikes in Oslo on Friday. Photo: Ole Berg-Rusten/NTB Scanpix via AP
SAS PILOTS STRIKE MEANS 1,200 MORE FLIGHTS CANCELLED HELSINKI Associated Press NEARLY 600 flights have been canceled and thousands of passengers stranded on the third day of a pilots strike at Scandinavian Airlines that the carrier estimates has affected some 170,000 passengers over the weekend.
Caribbean Alliance Insurance Company Limited Bahamas Branch Operations
Statement of Comprehensive Operations
For the year ended December 31, 2018 (expressed in Bahamian dollars)
Premium income Insurance premium revenue Insurance premium ceded to reinsurers
2018 $ 965,657 (877,134)
2017 $ 1,024,288 (955,015)
Net insurance premiums revenue Change in unearned premiums
88,523 4,873
69,273 (14,022)
Net premium income
93,396
55,251
(59,958)
(44,354)
Insurance benefits and claims Insurance claims and loss adjustment expenses Insurance claims and loss adjustment expenses recovered from reinsurers Net insurance benefits and claims Acquisition (expenses)/income Commission expense for the acquisition of insurance contracts Commissions on reinsurance premiums ceded Net acquisition income for insurance contracts Gross underwriting income
(1,416)
33,809
(61,374)
(10,545)
(132,021) 177,256
(161,827) 193,417
45,235
31,590
77,257
76,296
(165,796)
(202,564)
(88,539)
(126,268)
Finance income Interest income
24,361
16,556
Total finance income
24,361
16,556
(64,178)
(109,712)
General and administrative expenses Net underwriting loss
Net loss and total comprehensive loss for the year
Caribbean Alliance Insurance Company Limited Notes to Financial Statements December 31, 2018
(expressed in Eastern Caribbean dollars)
1
Basis of preparation These summary financial statements are derived from the audited financial statements of Caribbean Alliance Insurance Company Limited – Bahamas Branch Operations for the year ended December 31, 2018.
The flag carrier of Denmark, Norway and Sweden yesterday announced further flight cancellations as the parties failed to resume talks on a new collective bargaining agreement. It plans to cancel another 1,213 flights on Monday and Tuesday, hitting some 110,000 passengers.
The open-ended strike started on Friday following the collapse of pay negotiations with the SAS Pilot Group, which represents 95% of the company’s pilots in the three countries. SAS said it “deeply regrets” the distress to clients on its domestic, European and long-haul flights.
THE TRIBUNE
Monday, April 29, 2019, PAGE 13
AT RISK OF FIRE, NO PLAN TO RUN PARADISE, California Associated Press
WILDFIRE surrounded Darrel Wilken and the three hospital patients in his car. But instead of evacuating Paradise, they were stuck in traffic along with thousands of others. Cars burned in front of them. Trees, homes and buildings exploded into flames as the gusting firestorm destroyed nearly everything around them. Wilken, a nurse, knew about Paradise’s evacuation plan, which includes route maps and zones. But the speed and intensity of the fire forced him to improvise, he said. Despite the tragic outcome of that day in November 2018 and the confusion faced by people like Wilken, the city’s careful planning made a difference, Paradise Mayor Jody Jones insists. “I don’t know that you could ever prepare for something like what happened here. It was just so fast,” Jones said. “But we were not caught flat-footed. We did know what to do. Our people knew what to do, and it did save lives.” Counter-intuitive as it may sound, Paradise has some of the strongest evacuation planning in California. In fact, a USA TODAY Network-California survey of communities at high risk from wildfire found only 22 percent (including Paradise) have a robust, publicly available evacuation plan.
THIS November 8, 2018, file photo shows Nurse Cassie Lerossignol hugging a coworker as the Feather River Hospital burns while the Camp Fire rages through Paradise, California. Photo: Noah Berger/AP In some spots, burned- appeared on both lists. The scale of disaster in the Camp Fire was unprec- out and abandoned vehicles Reporters contacted offiedented, but the scene of lined roads leading out of cials in each of those 27 people fleeing wildfire was town. communities, and filed docBut none of that has cre- ument requests under the familiar, repeated numerous times over the past ated a detectable sense of California Public Records three years up and down urgency for more evacua- Act with those that refused California from Redding tion planning. to release plans. Using Cal Fire’s desand Paradise to Santa Rosa, They found that fewer ignation of wildfire risks than one in four, just 22 Ventura and Malibu. In many of those com- across the state, the USA percent, have a robust evacmunities, motorists became TODAY Network-Califor- uation plan that is available stuck in traffic as officials nia requested evacuation to the public. tried to evacuate thousands plans from 27 communities California does not onto a few roads leading at greatest risk of fire. require communities to plan One group consisted of for wildfire evacuations. away from the flames. The 85 deaths and nearly the 15 most populous com- And while experts recom19,000 buildings destroyed munities where 95 percent mend cities and counties in Paradise’s Camp Fire or more of residents live develop evacuation plans, made it the deadliest and in very high hazard areas there is disagreement over most destructive blaze in for wildfires; the other what should be included in California history. Eight of group included the 15 those plans. those who perished were places with the highest Tom Cova is a University found in their vehicles, with sheer number of residents of Utah geography profestwo others found outside living in that riskiest sor who has done extensive zone. Three communities research on environmental near vehicles.
hazards, emergency management, transportation, and geographic information science. Cova said he doesn’t understand why communities wouldn’t do more evacuation planning. “To me, it says, one, communities are complacent or ignorant of the risks, and two, it’s a failure on the part of local and state governments to not require them (certainly for the highest hazard communities),” Cova said in an email. Jones, the Paradise mayor, said other communities around the state in high fire hazard areas should learn a lesson from what happened in her town. “Have a plan, an evacuation plan,” she said. “You’re going to have tragedy if you don’t have a plan.” But some emergency officials say fires are too unpredictable for that. Evacuation areas depend on the fire itself and what areas or neighborhoods it is threatening, said Paul Lowenthal, assistant fire marshal and public information officer for Santa Rosa. He acknowledged the difficulty of evacuating tens of thousands of residents during the Tubbs Fire in October 2017, when between 80,000 and 100,000 residents were evacuated and Highway 101 was clogged. Lowenthal said evacuation plans may be helpful in communities with few roads in and out. But in
communities like Santa Rosa, where there are more options, he believes they aren’t needed. “Conditions dictate the extent and need for evacuations,” Lowenthal said. Paradise had detailed evacuation plans that had worked in the past, including in 2017, Jones said. The evacuation plan breaks the town into 14 zones. Residents living in each zone evacuate depending on where the fire is located. The plan is mailed to every home in Paradise each year. The community even practiced evacuating, she said. But the Camp Fire, which broke out the morning of November 8, 2018, was different. It was “everywhere” by the time it got to Paradise, Jones said. “The plan was never for the whole town to evacuate at once, so I’m not sure I would say it went according to plan because the evacuation plan we had was predicated on evacuation by zones in a very orderly manner,” Jones said. “And the entire town, because of the wind, the embers were coming in everywhere all at once, so we had fires all over town and the entire town was evacuating at one time, which is going to overrun your transportation system. “I don’t care what town you are, where you live or how big your streets are. They’re not sized to take the entire population at one time,” she said.
CAPITAL UNION BANK LTD. Statement of Financial Position
December 31, 2018, with corresponding figures for 2017 (Expressed in United States dollars) Notes
ASSETS Cash and due from banks – demand Due from banks – time deposits Loans and advances Prepaid expenses Other assets and receivables Investments Derivatives Property and equipment Intangible assets Total Assets
4 & 15 4 & 15 5, 12 & 15 8, 12 & 15 15, 17 15, 16 & 17 6 7 & 20
2018 $
$
2017
91,369,694 159,121,982 165,956,878 127,625 5,097,734 13,671,406 1,487,691 838,008 823,085 438,494,103
176,982,245 38,880,761 99,331,584 162,943 3,641,446 11,201,690 2,420,834 138,670 962,670 333,722,843
2,617,884 384,489,244 1,090,335 5,312,869 393,510,332
6,333,256 1,850,906 290,515,724 2,277,125 7,192,862 308,169,873
6,050,000 27,950,000 10,983,771 44,983,771
6,050,000 2,950,000 16,552,970 25,552,970
438,494,103
333,722,843
LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Due to banks – demand Due to banks – time deposits Due to customers Derivatives Accrued expenses and other liabilities Total Liabilities
4 & 15 4 & 15 12 & 15 12, 15, 16 & 17 9, 12 & 15
Shareholders’ Equity Share capital Additional paid-in capital Retained earnings Total Shareholders’ Equity
$
14 & 20 14 & 20 20
Total Liabilities and Shareholders’ Equity
$
Commitments
13
See accompanying notes to financial statements. These financial statements were approved on behalf of the Board of Directors on April 17, 2019 by the following:
CAPITAL UNION BANK LTD. Note to Financial Statements
Year ended December 31, 2018 (Expressed in United States dollars)
3
1. General Capital Union Bank Ltd. (“the Bank”) was incorporated on August 23, 2013 under the Companies Act, 1992 of the Commonwealth of The Bahamas (“The Bahamas”) and was licensed under the Banks and Trust Companies Regulation Act, 2000 on February 11, 2014 to carry on banking business within The Bahamas. During 2016, the Bank also became a licensee of the Securities Commission of The Bahamas. The principal activities of the Bank are providing banking, investment management and financial services. The Bank commenced operations on March 1, 2014 and is owned by CUB Holdings Ltd., an International Business Company which is incorporated in The Bahamas. Effective November 18, 2013, the Bank changed its name from Capital Union Management Ltd. to Capital Union Bank Ltd. The Bank’s principal place of business and registered office is located at CUB Financial Center, Lyford Cay, Nassau Bahamas.
PAGE 14, Monday, April 29, 2019
THE TRIBUNE
PIGS eat from a trough at the Las Vegas Livestock pig farm in Las Vegas. The farm feeds their pigs with food waste from Las Vegas casinos. Photo: John Locher/AP
Pigs play part in cutting food waste LAS VEGAS Associated Press AT a farm outside Las Vegas, a herd of pigs feasts on lobster, sausage links and beef. In town, people at a community centre sit for a dinner that may include sliders and truffle mac and cheese. The two meals have something in common: Both came from the kitchens of Sin City’s opulent casinos, where the axiom of excess is increasingly being reconsidered and waste reduction has taken hold. The environmental and financial impacts of leftover food are more important than ever to Las Vegas’ world-famous casinos, which in recent years have developed and expanded innovative practices to cut back on what they send to the landfill by thousands of tons a year. Food scraps are turned into compost or taken to a farm to feed thousands of pigs. Expired minibar snacks are donated to community organisations. Banquet meals that were never served go to a food bank. Oyster shells are even shipped thousands of miles to Chesapeake Bay. The comprehensive efforts vary slightly among operators, and some were recently recognized by the US Environmental Protection Agency.
Guests of the glitzy mega resorts will never witness the not-so-glamorous efforts, but they exemplify the extent to which companies are going to improve their bottom line and make a dent on a global issue. “Most people, when they think about recycling, they think about the standard metal, plastic, paper — and the reality is, for an organisation like MGM, food, food waste, food scraps is a significant part of our waste footprint,” said Yalmaz Siddiqui, vice president of corporate sustainability at MGM Resorts International. “Our main approach is to think about the type of food that’s coming out of our operations and directing that type of food to the best destination it could go to.” In 2016, MGM began donating fully cooked but never-served meals from conventions and other large events to Three Square, southern Nevada’s only food bank. The company has donated more than 700,000 pounds (317,500 kilograms) of cooked food, kitchen ingredients, minibar snacks and extra food stored at warehouses. Food bank employees coordinate with MGM’s properties along the Strip and arrive with an empty truck. They then take the temperature of every potential hot food donation, and if it is above 135 degrees Fahrenheit (57 degrees Celsius), it is packaged in disposable foil pans, placed in a cart and driven to the food bank. On a recent afternoon, food bank employees picked up more than 250 beef sliders, truffle mac and cheese and stir fry from the Aria casino-resort. Trays of chicken sliders did not meet the required temperature. The food is then cooled in blast chillers, moved to a warehouse-sized freezer and entered into an ordering system used by charities, including a senior center, Catholic Charities and the Salvation Army. “Knowing that they are going to help us fight this hunger battle is paramount,” said Maurice Johnson, director of operations at Three Square, adding the 700,000 pounds have been used for 600,000 meals. “We update our inventory every day. We process orders every day.” The federal government has estimated more than one-third of all available food in the US is wasted. An EPA initiative has partnered with more than 1,000 organisations — including grocers, restaurants and hotels — to tackle the issue. The agency estimated participants in 2017
prevented about 648,000 tons (587,856 metric tons) of food from going into landfills or incinerators, avoiding more than $30 million in landfill tipping fees. The Trump administration declared April “Winning on Reducing Food Waste Month”. The EPA in March honored MGM’s Bellagio casino-resort for its food recovery efforts. The property last year sent 2,210 tons (2,005 metric tons) of food waste to the pig farm outside Las Vegas, up 16% from 2017 and 455% from 2015. It also diverted 20,000 pounds (9,072 kilograms) of oyster shells to Chesapeake Bay, where they help restore oyster habitat. The Venetian and Palazzo casino-resorts, which are operated by Las Vegas Sands, also donate prepared meals to charities and send food scraps to the Las Vegas Livestock pig farm 25 miles (40 kilometers) north of the Strip. The farm’s 5,000 pigs are fed boiled food scraps exclusively. Trucks haul 25 tons to 35 tons (23 to 32 metric tons) of food a day from the Strip to the farm. The process is part of the waste management package the companies purchase. “They probably have eaten more lobster than me,” farm manager Sarah Stallard said. The practice of feeding food scraps to pigs has federal approval but is not widely used at US farms, which favor a regimented diet of corn, wheat and soybean meal. Las Vegas Livestock has the advantage of being close to a large source of scraps and is building a system that would allow it to accept even more. Caesars Entertainment, which operates several properties on the Strip, sends its food scraps to composting. It also donates unserved meals. And while the meal donations and food-scrap diversion help, the operators are also looking at producing less waste to begin with. At employee dining halls, thousands of workers are encouraged to be mindful of what they put on their plates. At the Las Vegas Sands, employees work with conventions, many of whom are repeat clients, in “engineering menus” using data from previous years that can allow them to minimise waste without risking a shortage, said Pranav Jampani, the company’s executive director of sustainability. “We never want to run short of food,” Jampani said. “That would be a huge problem.”
THE TRIBUNE
Monday, April 29, 2019, PAGE 15
GAMECHANGER
MARVEL Studios president Kevin Feige, left, poses with members of the cast of “Avengers: End Game” Chris Hemsworth, Chris Evans, Robert Downey Jr, Scarlett Johansson, Jeremy Renner and Mark Ruffalo at a hand and footprint ceremony at the TCL Chinese Theatre on April 23 in Los Angeles. Photo: Willy Sanjuan/Invision/AP NEW YORK Associated Press THE universe belongs to Marvel. “Avengers: Endgame” shattered the record for biggest opening weekend with an estimated $350m in ticket sales domestically and $1.2bn globally, reaching a new pinnacle in the blockbuster era that the comic-book studio has come to dominate. The “Avengers” finale far exceeded even its own gargantuan expectations, according to studio estimates Sunday. The movie had been forecast to open between $260m and $300m in US and Canadian theatres, but moviegoers turned out in such droves that “Endgame” blew past the previous record of $257.7m, set last year by “Avengers: Infinity War” when it narrowly surpassed “Star Wars: The Force Awakens” ($248m or about $266m in inflation adjusted dollars.) “Endgame” was just as enormous overseas. Worldwide, it obliterated the previous record of $640.5m, also set by “Infinity War”. (“Infinity War” didn’t open
in China, the world’s second largest movie market, until two weeks after its debut.) “Endgame” set a new weekend record in China, too, where it made $330.5m. In one fell swoop, “Endgame” has already made more than movies like “Skyfall”, ‘’Aquaman” and “The Dark Knight Rises” grossed in their entire runs, not accounting for inflation. Alan Horn, Disney chairman, credited Marvel Studios and its president, Kevin Feige, for challenging “notions of what is possible at the movie theatre.” “This weekend’s monumental success is a testament to the world they’ve envisioned, the talent involved, and their collective passion, matched by the irrepressible enthusiasm of fans around the world,” Horn said in a statement. To accommodate demand, the Walt Disney Co released “Endgame” in more theatres‚ 4,662 in the US and Canada‚ than any opening before. Advance ticketing services set new records. Early ticket buyers crashed AMC’s website. And starting on Thursday,
some theatres even stayed open 72 hours straight. “We’ve got some really tired staff,” said John Fithian, president and chief executive of the National Association of Theatre Owners. “I talked to an exhibitor in Kansas who said, ‘I’ve never sold out a 7am show on Saturday morning before,’ and they were doing it all across their circuit.” Not working in the film’s favor was its lengthy running time: 181 minutes. But theatres added thousands of showings for “Endgame” to get it on more screens than any movie before to satiate the frenzy around “Endgame”. Joe and Anthony Russo’s film ties together the “Avengers” storyline as well as the previous 21 releases of the Marvel “cinematic universe”, begun with 2008’s “Iron Man”. For an industry dogged by uncertainty over the growing role of streaming, the weekend was a mammoth display of the movie theater’s lucrative potency. Fithian called it possibly “the most significant moment in the modern history of the movie business”.
“We’re looking at more than 30 million American and more than 100 million global guests that experienced ‘Endgame’ on the big screen in one weekend,” Fithian said. “The numbers are just staggering.” Further boosting the results for “Endgame” were good reviews; it currently ranks as 96% fresh on Rotten Tomatoes, the best rating for any Marvel movie aside from “Black Panther”. Audiences gave the film an A-plus CinemaScore. Single-handedly, “Endgame” led the overall weekend at the domestic box office to a record $400m in ticket sales, according to Comscore. “Endgame” accounted for a staggering 88% of those tickets. The film’s grosses were aided
by 3D screenings (a record $540m in global ticket sales) and IMAX screenings (a company record $91.5m). “Our partners in exhibition have done a great job with us on this film. As they saw the need, they opened up screens,” said Cathleen Taft, distribution chief for Disney. “While there may have been a concern - is there going to be enough seats available? - I think that exhibition met that demand and rose to the occasion.” But if there was any shadow to the weekend for the theatrical business, it was in just how reliant theatres have grown on one studio: Disney. Disney now holds all but one of the top 12 box-office openings of all time. (Universal’s “Jurassic World” is the lone exception.)
The studio is poised for a record-breaking year, with releases including “Aladdin”, “Toy Story 4”, “The Lion King”, “Star Wars: The Rise of Skywalker” and “Frozen 2” on the horizon. Following its acquisition of 20th Century Fox, Disney is expected to account for at least 40% of domestic boxoffice revenue in 2019, a new record of market share. The company’s “Captain Marvel”‚ positioned as a kind of Marvel lead-in to “Endgame”‚ also rose to No 2 on the weekend, eight weeks after it opened. Given its start, “Endgame” is likely to rival the top three worldwide grossers: “The Force Awakens” ($2.068bn in 2015), “Titanic ($2.187bn in 1997) and “Avatar” ($2.788bn in 2009).