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MONDAY, DECEMBER 9, 2019

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Island Luck co-founder seeks US case dismiss

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

N ISLAND Luck cofounder is urging the New York federal courts to dismiss the US government’s near decade-old human smuggling charges against him because his “rights” are being violated. Adrian Fox, who teamed with Sebas Bastian to create The Bahamas’ largest web shop by market share, is arguing that the charges should be thrown out because the US government’s failure to launch extradition proceedings

• Adrian Fox: ‘My rights are being violated’ • Alleges no extradition attempt by the US • Sought ‘deal’ on human smuggling claims

ADRIAN FOX

Harbour Island deal: opponents ‘to continue fight’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net OPPONENTS of a controversial Harbour Island marina project have vowed “to continue to fight” after the local council granted it site plan approval late last week. Michael Wiener, the developer behind the multimillion dollar Briland Residences and Marina project, said in a statement that he aimed to “restart our development as quickly as possible” following the approvals granted by the Harbour Island District Council.

Paying tribute to the support this decision had received from “scores of Brilanders” during last week’s Town Hall meeting where the planning application was discussed, Mr Wiener promised an unspecified number of job and entrepreneurial opportunities for Bahamians while also lay down a challenge to his principal opponent. Pledging to commit $500,000 to supporting Harbour Island “institutions” over the next five years, he called on fellow Briland hotelier, Ben Simmons, and Briland Island Responsible

SEE PAGE 11

URCA ‘unconvinced’ on Cable’s channel licensing rationale By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS have slammed Cable Bahamas’ explanation for replacing eight TV channels as “unconvincing”, suggesting there were no licensing deals for their use “in the first place”. The Utilities Regulation and Competition Authority (URCA), unveiling the rationale for its decision to sanction the BISX-listed communications provider, said it believed the company’s public statements on the matter were

“not true or accurate”. These findings were unveiled by the communications regulator late last week following an investigation into Cable Bahamas’ controversial decision to replace eight channels from its REV TV line-up - USA, Freeform, TV Land, Sprout, Nicktoons, Hallmark, Independent Film Channel and the Tennis Channel - on June 14, 2019. URCA said it was only informed of the move, which impacted “a significant number” of pay-TV subscribers, one day before

SEE PAGE 8

against him has breached his “right to a speedy trial”. The US, though, is resisting Mr Fox’s dismissal bid on the basis that this was only launched when his efforts to negotiate a “deferred prosecution agreement” with the southern district of New York attorney’s office stalled. Legal papers obtained by Tribune Business allege that the federal authorities told Mr Fox he would personally have to come to the United

States before negotiations on such an agreement could proceed further. The documents also reveal that US legal representatives acting for the Island Luck co-founder have been talking to the authorities in a bid to settle the case since at least 2014. A deferred prosecution deal, which would essentially be a contract between Mr Fox and the US

SEE PAGE 6

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Atlantis industrial action bar extended to March By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE hotel union president says “the people’s spirit has not been broken” despite the court-ordered block on industrial action at Atlantis remaining in effect for another three months. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, told Tribune Business that the Supreme Court injunction’s continuation until at least March 10, 2020, represents “just another speed bump in the road” that workers must deal with. He said the union and its attorneys had little choice but to seek an adjournment of the case when they, together with Atlantis’s legal representatives, appeared on Friday before Justice Keith

DARRIN WOODS Thompson for a hearing on the emergency bar obtained by the Paradise Island-based resort following Thanksgiving Day’s picketing. Mr Woods said Atlantis had served key legal papers, including the “statement of claim” detailing the particulars of its case, on the union less than 24 hours before both sides were due at the Supreme Court. He added that the union and its advisers needed more time to

SEE PAGE 7

THE TRIBUNE

Monday, December 9, 2019, PAGE 3

WTO: Bahamas may have to open reserved industries By YOURI KEMP Tribune Business Reporter THE Bahamas may have to open some of the 16 industries reserved solely for local ownership to foreign competition in becoming a full WTO member, the government’s top negotiator is warning. Zhivargo Laing, a presenter at the Bahamas Bureau of Standards and Quality’s (BBSQ) National forum on standards facilitating trade, said countries who recently completed the World Trade Organisation (WTO) accession process had made concessions towards opening up longclosed economic sectors in response to demands from the body’s members. He explained that this had set a precedent The Bahamas will likely have to follow, and revealed that government negotiators were now awaiting “instructions” from the Minnis administration on how to proceed given that “safeguards” protecting long-sensitive areas may have to be weakened or abandoned. While The Bahamas had “held our ground” on making such concessions up to this point, Mr Laing warned that the country’s progress towards full WTO membership is unlikely to make any further progress until there is “some movement on our part”. Besides opening up industries reserved for Bahamian ownership only under the National Investment Policy, he revealed that existing WTO members want lower tariffs than this nation is prepared to offer for certain goods. There are also calls for The Bahamas to create a more transparent, less arbitrary approval process for foreign investment projects that removes potential political interference. However, the former Cabinet minister reiterated his belief that the domestic political timescale means The Bahamas will not complete the WTO accession process for at least another five years. With this country virtually certain to miss its original target of June 2020, Mr Laing said the next WTO ministerial meeting - which has to ratify acceptance of The Bahamas’ full membership - will not be held until 2022. That date coincides with a likely general election, and the government is unlikely to

ZHIVARGO LAING desire having the WTO as a campaign issue. Confirming that Bahamian trade negotiators are awaiting further orders on how to proceed, Mr Laing said: “These instructions from the government relate to the country’s willingness to do any of the following: Agree to a limited number of requests from about four countries to further lower some of the boundaries proposed in our goods offer; agree to adjusting our procedures relating to approval of foreign investments such that there is less arbitrariness in the approval process, and more transparency in the requirements for such approvals, including less political decision-making as opposed to technical administration in the areas of investments that are already open for foreign investors”. He added that the other two concerns involved “agreeing to the opening up of some of the seven to 16 services areas now reserved for Bahamians, and doing so in accordance with agreed liberalisation by some of the recentlyacceded countries; and agreeing to removing some of the limited number of breaches to the principles of most favoured nation (MFN) treatment and national treatment presently practiced by our country”. Mr Laing warned that any reforms in this area, despite impacting just 25 percent of the economy, would represent a fundamental change to The Bahamas’ economic regime and way of doing business given the political and cultural sensitivities involved. Given that long-standing safeguards that have protected Bahamian businesses from foreign competition could be challenged, Mr Laing said of this nation’s negotiators: ‘We have been rigorous in our efforts to maintain these safeguards despite the fact that recently-acceded countries with similar have had to make concessions in these

areas. To this point, we have held our ground but, frankly, the negotiations are unlikely to move any further without some movement on our part.” Real estate, media, retail and wholesale operations, security services, beauty establishments, auto and appliance services, parts of the fisheries industry and construction sector, and public transportation are among the industries supposed to be reserved for Bahamian ownership only under the National Investment Policy. However, this is policy rather than statute law, and transforming this into a National Investment Act was always one of the reforms likely to be required by the WTO and other rulesbased trading arrangements. Successive governments have also waived this policy when convenient, the former City Markets food chain and Sysco’s Bahamas Food Services acquisition being two such examples. “There are some agricultural products that we produce that rely on high Customs duties in order to maintain a level of competitiveness with imports,” Mr Laing added. “So, if negotiating countries are asking you if you can lower your duties in those areas, then that is obviously going to have some sensitivities with some agricultural producers. “There are some areas of the services sector where there might be a request to open up these areas, and we have 16 such reserved areas. We have not had any specific demand to open this area up, but the concept of liberalising in WTO is just that; it is a principle.” Mr Laing said The Bahamas’ was on course to set a world record for the longestever WTO accession, given that it had initiated the process almost 19 years ago in 2001. Asked by journalists whether it will take another 19 years, he replied: “I can’t say it will be 19 years, but any fair reading of our

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circumstances would suggest that we are looking at a minimum of five additional years.” He added that the average WTO accession took nine-and-a-half years, but The Bahamas is now perilously close to matching the record set by the Seychelles, which is 20 years. He estimated that the

earliest possible time at which The Bahamas can join the WTO would be 2022, and said it is highly unlikely the country will meet that deadline either. “It was the government’s aim to conclude our negotiations for accession by the next ministerial conference in June of next year,” Mr Laing said. “That

will not happen. “And since the next meeting will not occur for another two years after that, and it takes a ministerial conference to approve your accession, the next earliest time the Bahamas will be able to do so will be in 2022. I don’t have to tell you what’s happening in 2022.”

PAGE 4, Monday, December 9, 2019

THE TRIBUNE

Tourism ministry testing private pilot preclearance THE Ministry of Tourism is testing the operation of pre-clearance facilities at private Florida airports in a bid to improve access to the Family Islands, the Prime Minister has confirmed. Dr Hubert Minnis, addressing the Bahamas Hotel and Tourism Association’s (BHTA) annual general meeting, said the establishment of Bahamas Customs and Immigration

facilities at fixed base operators (FBOs) was designed to boost this nation’s attractiveness to private pilots and help diversify the tourism product. He described it as the extension of a system initially put in place by the Ministry of Finance and Customs to facilitate the delivery of relief supplies to Abaco and Grand Bahama following Hurricane Dorian.

Impressed by the efficiency of such a system, Dr Minnis said Dionisio D’Aguilar, minister of tourism, persuaded two Florida airports to keep it in place on a test basis. This was approved by K P Turnquest, deputy prime minister and minister of finance, and immediately embraced by those airport operators. “Florida has the largest number of private pilots

in the United States, and the third largest number of registered aircraft,” the prime minister told BHTA members. “The Florida airport operators are now telling us that many private pilots hesitate when contemplating to fly to a foreign country. But if their approvals can be given before they take off from Florida, the operators are convinced that the traffic may substantially increase.” The prime minister said a major reason for the continuation of the pre-clearance test was the recognition that it also opens up more Bahamian islands for nonstop flights without having to travel first to an official port of entry, clear Customs and Immigration, and then travel on to their desired destination. Arguing that the system will save substantial time and costs, Dr Minnis said: “It is also likely to result in much more traffic into those Family Island destinations that are not nearby official designated ports of entry. If this test is successful, this is likely to be an important plank in our plans to diversify the tourism centres across The Bahamas.” The Ministry of Tourism is also being approached to put the same kind of preclearance facility in place for seagoing vessels, Dr Minnis added. The prime minister also praised the Ministry of Tourism for immediately launching a new marketing campaign following Hurricane Dorian. He added that its presentation at the World Routes Conference in September, which included aspects of the new marketing campaign, and channelled the message of 14 islands still open for business. “I am told that after the Ministry’s presentation of

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anting, suspension, revocation or imposition of conditions on aviation documents, and enforcement of As the Chief the Director provides the inspections high-level strategic leadership foractivities to e provisions ofExecutive the ActOfficer, and Regulations through and direction ongoingandsurveillance the Authority and is directly accountable to the Board of Directors for the Authority’s performance in sure the safe, secure and orderly growth of the aviation sector in The Bahamas. achieving its strategic goals and priorities.

the Chief Executive Officer, the Director provides the high-level strategic direction and leadership for Qualifications & Experience e Authority and is directly accountable to the Board of Directors for the Authority’s performance in hieving its strategic goals and priorities.

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nimum Requirements Master’s Degree inRequirements Business Administration or equivalent relevant degree from an accredited Specific Knowledge • Sound with knowledge of applicable national and regulations; (10) of which must have been at the institution fifteen (15) years oflaws experience—ten • Sound level knowledge of ICAO Annexesagency; and aviation managerial in a civil aviation andanalytics; • Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation Fluency in English.

in The Bahamas; Working knowledge of principles and practices of effective human resource management and ecific Knowledge supervision;Requirements • knowledge of management principles of administration, including strategic SoundSound knowledge of applicable national laws and and practices regulations; planning, budgeting, purchasing, contracting and maintenance Sound knowledge of ICAO Annexes and aviation analytics; of records; and • Sound understanding of the air transport industry. •

Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation in The Bahamas; Ability to: • Plan,knowledge organize, and a wide and variety of regulatory programmes and services to meet civil Working ofdirect principles practices of effective human resource management and aviation needs and to effectively ensure compliance with safety and operating regulations. supervision; • Analyze and interpret a broad range of civil aviation-related laws, regulations and standards.including strategic Sound knowledge of management principles and practices of administration, Page 1 of 2 • Manage and report upon the status of a variety of safety management programmes. planning, budgeting, purchasing, contracting and maintenance of records; and • Manage the selection, training, evaluation, and disciplining of regulatory directorate staff and Soundresolution understanding of the air transport industry. of interpersonal conflicts. •

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bility •to: Prepare clear, concise and complete correspondence, reports and other written materials. • organize, Establish andand maintain effective working relationships with elected officials, Board Plan, direct a wide variety of regulatory programmes andmembers, servicesstaff, to meet civil BCAA operational directorates, and others in the course of work. aviation needs and to effectively ensure compliance with safety and operating regulations. Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of The Manager Human Resources, Civil Aviation Authority of The Bahamas, at BODCAAB@BCAABahamas.com, on or before December 13, 2019.

Page 1 of 2

PRIME Minister Dr Hubert Minnis delivered the keynote address at the BHTA AGM and alo perused crafts on exhibit. Photos: Yontalay Bowe/BIS

its marketing plan, aviation representatives were so confident and optimistic about our destinations that some airlines have even added additional service, including United Airlines with a direct flight from Denver, Colorado, to Nassau,” said Dr Minnis. British Airways will be adding one additional flight per week for its summer schedule, going

from four flights per week to five flights per week with effect from March 2020. The Ministry of Tourism is also gearing up to unveil phase three of its postDorian campaign under the theme Still Rockin. “The campaign highlights the resiliency of Bahamians by utilising Bahamians to show the world that we are rebounding,” said the Prime Minister.

THE TRIBUNE

Monday, December 9, 2019, PAGE 5

‘Small lull’ vital on GB airport re-open By YOURI KEMP Tribune Business Reporter THE Grand Lucayan’s potential sale makes it critical there is “only a small lull” in restoring Grand Bahama International Airport to full operational health, the prime minister says. Dr Hubert A Minnis, speaking after the Bahamas Hotel and Tourism Association’s (BHTA) annual general meeting on Friday, voiced optimism that Bahamasair will be able to restart international flights into Grand Bahama this Wednesday. This, though, is dependent on the airport’s temporary facilities and modules receiving the regulatory all-clear from the US Transportation Security Administration (TSA). The latter is due to arrive in Freeport tomorrow to determine whether its security measures/systems and other essential functions are up to acceptable international standards. The prime minister, meanwhile, acknowledged that reopening Grand Bahama International Airport to international airlift is vital to bringing the Grand Lucayan deal and other major developments out of the foreign direct investment (FDI) pipeline and into reality. “The Grand Lucayan, as you know, there have been discussions going on with Royal Caribbean Cruise Lines (RCCL) and, I think the ITM Group,” Dr Minnis said. “They should be coming to a resolution very quickly, and they’re working as aggressively and as quickly as possible, but we have been affected by the hurricane. “Therefore, it’s essential as the hotel (Grand

Lucayan) comes on stream, you will only have a small lull in terms of getting the airport back to normal. So the government is presently in discussion with the owners of the airport - the Port Authority and Hutchison- because it is essential that the airport open as quickly as possible.” International airlift is critical to the $275m Holistica joint venture between Royal Caribbean and ITM Group, which involves a first phase investment of $195m (inclusive of the purchase price), in transforming both the Grand Lucayan and Freeport harbour into a destination experience that will attract two million extra cruise ship passengers to Grand Bahama as well as stopover visitors. The $100m Carnival cruise port, as well as the Freeport industrial sector and wider Grand Bahama economy, also rely heavily on the airport for international connectivity and to ensure their business model works. Dr Minnis, though, said the government was “comfortable with the progression” in restoring Grand Bahama International Airport. “I have been informed you would have modules at this particular point in time to get the airport open,” he said. “Those

PRIME MINISTER DR HUBERT A MINNIS modules will be first-class with all the different amenities - seating arrangements, bathroom facilities, ticketing counters for both international as well as domestic flights. “We would not have the US pre-clearance at this particular time point in time. As you know that has been destroyed, and that calls for more engagement. The Bahamsair domestic flights should be flying into the new airport facility, the modules, on Saturday, and with the TSA, my understanding is they will be flying into Grand Bahama on Tuesday where they do their assessment and, once that is approved, then the Bahamsair’s international flight will be flying in on Wednesday. “And the minister of tourism is aggressively in discussion with the international airlines, American and others, to see when they would come on board.” Dr Minnis also confirmed that TSA officials will be conducting a similar inspection of Abaco’s Leonard Thompson International Airport and, if all goes well, the first international Bahamasair flight to that island will take place on Saturday. Magnus Alnebeck, general manager of Freeport’s Pelican Bay resort, branded the prime minister’s

The Annual General Meeting of the Bahamas Cycle Company will be held on Tuesday 10th December at The Phoenix Restaurant on the corner of Bay St. and Elizabeth Ave. at 5:30pm. All shareholders are welcomed to attend. Wayne A. Roberts

comments on Grand Bahama International Airport’s potential re-opening as “great news” and “fantastic”. “I just hope that it happens and see what the scheduled airlift is coming back,” he said. “It doesn’t surprise me that the preclearance won’t be coming back to the Grand Bahama airport. But at least we get some flights coming back, hopefully, and that will help a lot. Let’s just hope we pass the TSA inspections this week Tuesday.” Mr Alnebeck, along with several other prominent business persons in Grand Bahama, has been urging the government to purchase Grand Bahama’s airport. He argued that Hutchison Whampoa had shown little interest in the asset prior to selling the Grand Lucayan to the government in September 2018. The Pelican Bay chief said the Hong Kong-based conglomerate’s decision to exit the hotel’s ownership meant it had even less “incentive” to maintain “an airport that works”.

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PAGE 6, Monday, December 9, 2019

Island Luck co-founder seeks US case dismiss FROM PAGE ONE

government, would typically result in the case being closed in return for the former complying with certain conditions. Such conditions often involve making charitable contributions, community service and paying restitution if victims are involved. But, with legal negotiations seemingly going nowhere after five years, Mr Fox’s move has sparked a flurry of activity in a case where the US has allegedly not launched extradition proceedings against him in The Bahamas ever since the indictment’s 2010 release. “Fox brings this motion to dismiss the indictment...

based on the government’s violation of his constitutional right to a speedy trial,” his attorneys argued in legal filings. “The nine-year post-indictment delay is ‘extreme’ as a matter of law, and mandates dismissal absent a compelling government excuse. There is none. “The indictment was unsealed on July 13, 2010, while Fox was living in the Bahamas. In the nine years since then, the government has made no effort to bring Fox to trial. The United States has an extradition treaty with the Bahamas and could have extradited Fox. Yet the government appears to have made no effort over the past nine years to do so. “Although that judgment may be sensible in light of Mr Fox’s exemplary conduct

since the date of the alleged offense, it has prejudiced Fox’s rights irreparably by subjecting him to the anxiety of criminal charges and vitiating his ability to mount an effective defense... The sheer passage of time here requires dismissal. Nine years is just too long for the government to bring a defendant to trial.” Mr Fox was charged in a sealed April 4, 2010, indictment that was subsequently revealed three months later after his alleged co-conspirator, fellow Bahamian citizen, Mario Bowe, was arrested by US law enforcement. Bowe, the son of the late Sir Lynden Pindling’s confidant, Felix “Mailman” Bowe, ultimately pled guilty in September 2010 and was sentenced to 33 months in

prison in early 2011. While he is understood to have been released from prison and returned to The Bahamas, Mr Fox has remained outside the US judicial system’s reach ever since. The pair were accused of masterminding a three-year human smuggling operation that involved bringing Chinese and other migrants into the US, arranging “transportation and safe houses” for them in The Bahamas while they waited to travel to New York Via Miami. Blaming the US authorities’ failure to extradite Mr Fox for the case’s delay, his attorneys continued: “Fox has lived openly in The Bahamas, under his own name, since he was indicted. “He is a prominent businessman and philanthropist

THE TRIBUNE who could easily have been found. The government cannot credibly claim that there were any obstacles to his extradition – at least none that excuse the government’s failure to even try.” However, the US government’s November 12, 2019, legal filings dispute Mr Fox’s assertions regarding the extradition process or lack of it, although they do not go into detail. Instead, they urged the southern New York district court to reject dismissal of the case on the basis that the Island Luck co-founder “continues to evade the charges against him and remains a fugitive”. “Since 2014, when one of Fox’s prior counsel filed his notice of appearance in this case, the government has engaged in numerous conversations with various counsel for Fox regarding the defendant’s willingness to travel to the United States and face the pending charges,” the US attorney’s office alleged. “During those discussions, Fox’s counsel has indicated that Fox was aware of the charges against him as early as 2010. The government’s discussions with Fox’s prior attorneys have

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included Fox’s submission of a deferred prosecution application to this office, with additional material submitted to this office as recently as September 2019. “Only when the government informed Fox’s then-counsel that it would not further consider Fox’s deferred prosecution application while he was a fugitive did Fox retain new counsel and file the instant motion.” The US attorney’s office is arguing that Fox has “constructively fled” by failing to come to the US to face the charges against him, and alleged that the court would send a bad message to other fugitives by dismissing the case against him. However, Mr Fox’s attorneys, in a November 19 follow-up submission to the court, challenged their client’s labelling as “a fugitive” on the basis that he had never “set foot” in New York or the US when committing the alleged offences. “The government has done nothing to bring Fox to justice other than reject every one of his efforts to negotiate a voluntary selfsurrender,” they blasted. “The government had a constitutional duty to extradite Fox yet took no steps to do so for over nine years. It has offered no excuse for this apparently flagrant violation of Fox’s constitutional rights.” Mr Fox was previously Mr Bastian’s 50/50 partner in Island Luck’s rapid expansion prior to the industry’s legalisation, regulation and taxation by the former Christie administration. But subsequent regulatory filings named Jeffrey Prescott Kerr as a 50 percent equal shareholder with Mr Bastian in an operation whose $100m in annual revenues give it around half the domestic gaming market. Mr Kerr was also named as president of Quantas Investment Group, the entity said to be responsible for development of the Venetian West residential project at the back of Old Fort Bay. This was constructed by Brickell Management Group, the construction, property development and management arm of Mr Bastian’s interests. Mr Fox, meanwhile, is well-known for the activities of his Fox Foundation, which holds an annual Christmas block party and gift/food giveaway for residents in Nassau’s Kemp Road area.

THE TRIBUNE

Monday, December 9, 2019, PAGE 7

Atlantis industrial action bar extended to March

FROM PAGE ONE

properly respond, but the earliest date for a new hearing before Justice Thompson is March 10 - some three months away. “The matter was adjourned for three months,” the hotel union chef confirmed to this newspaper. “We were served with some papers late on Thursday, and to assess them properly we had to get an adjournment. The earliest date we could get is March 10. “We got something around 1pm, and something at 4pm - an amended statement of claim and something. For us to be able to respond to it, and with the matter due to be heard at 11am the following morning, you have to appreciate nothing could be done.” The union, in a note issued to its several thousand members on Friday, warned them that they must continue to abide by the injunction’s terms for another three months. The outcome of last week’s events effectively bans them from taking any form of industrial action that impacts Atlantis, its guests and operations for much of the peak winter tourism season - including Christmas and the New Year. Sheila Edden-Burrows, the hotel union’s general secretary, wrote: “Please be advised that the Atlantis versus the Bahamas Hotel, Catering and Allied Workers Union injunction remains in effect until the matter is heard in court on March 10, 2020, at which time you will be advised. “Until such time, the union is restricted from entering the property. The union and its members are prohibited from picketing, inciting or intimidating the employees of the resort. The president would like for all union members to be guided accordingly.” The injunction, for which a “certificate or urgency” was filed by Atlantis and its attorneys, Ferron Bethell

and Camille Cleare of Harry B Sands & Lobosky, bars the union, its officers and members who do not work at Atlantis from entering the property, “picketing or besetting” it. They also cannot “induce, incite or intimidate” Atlantis employees or guests, or impede access to the resort in any way. Mr Woods, though, said the union and its members were unbowed by the continued injunction. “We’re chugging along, chugging along, chugging along,” he told Tribune Business. “The one thing they haven’t broken is the people’s spirit, I can tell you that.” He reiterated the union’s position that the issues that led to the Thanksgiving Day picketing, namely the proposed changes to the shift system in Atlantis’ housekeeping department and the outsourcing of the resort’s laundry functions, together with recent terminations, were separate from negotiations on an industry-wide industrial agreement. “The thing was to get these matters resolved one way or another,” Mr Woods added of the Atlantis-specific issues. “They’ve [the resort] resolved to look into them.” This occurred after meetings between the hotel union and Atlantis management, some of which took place with Department of Labour officials present. However, Mr Woods said the union was now watching to see whether Atlantis and the other resorts that make up the industry bargaining agent, The Bahamas Hotel and Restaurant Employers Association (BHREA), will use the Thanksgiving Day events to “stall” negotiations on an industry-wide industrial agreement. While confirming that both parties have now signed off on 36 out of 48 clauses in the new deal, Mr Woods told Tribune Business: “The negotiations are still ongoing. We’ll see where they go, and what happens in terms of the court in giving us dates

accused Dr Minnis of trying to appease the public sector unions with promises of an unspecified minimum wage rise as the government seeks to quell rising labour discontent. No such increase is being considered for the private sector, the prime minister conceded.

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ATLANTIS PARADISE ISLAND

in early March, and whether it causes them to lose steam around the negotiating table. “We want to see if they’ll use it as a tactic to stall industrial agreement negotiations. We negotiate with the association, not individual properties. We’ll see if they’re going to negotiate in good faith and sign an industrial agreement we can get registered. These are two separate issues. These negotiations are totally different from the matter at hand with Atlantis. We’ll have to see how they approach it.” Mr Woods also gave an insight into the pressures building up inside private sector unions as a result of the deals their public sector counterparts are obtaining from the government. He referred specifically to the $1,400 lump sum payment that Bahamas Public Services Union (BPSU) members are due to receive pre-Christmas, with the prime minister also talking about a public sector minimum wage rise. “It looks like the hotel sector’s getting left out,” Mr Woods added. “It’s kind of disheartening. We’re praying for the best. We know it will all work out in the end; it’s just how we get there. This is just another speed bump in the road.” Fred Mitchell, the Progressive Liberal Party’s (PL) chairman, yesterday

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The Civilinvites Aviation Authority The Bahamas invites applications from suitably qualified applications fromofsuitably qualified individuals for the following position: individuals for the following position: GENERAL MANAGER, BAHAMAS AIR NAVIGATION SERVICES DIVISION

DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

Position Summary Plans, organizes, integrates and directs the programs, operations, staff and activities to ensure the Position Summary provision of air navigation services (ANS), including Air Traffic Management (ATM), Procedures for Air Navigation Servicesregulatory Operations (PANS-OPS), andThe Surveillance (CNS) and The Director exercises oversight ofCommunications civil aviation Navigation matters in Bahamas, in alignmen Aeronautical Information Services—safely, economically and efficiently through the provision of all the Civil Aviation Act of The Bahamas, the Regulations, and the Convention on Internationa needed facilities and services in collaboration with all stakeholders. Aviation and its Annexes. The span of regulatory oversight includes certification with respect

granting, suspension, revocation or imposition of conditions on aviation documents, and enforcem The position holder, who reports directly to the Board of Directors, is required to ensure that all systems the provisions of the Act and Regulations through inspections and ongoing surveillance activit and processes enable the seamless operations of BANSD in alignment with the Civil Aviation Act of The ensure Bahamas the safe,and secure and orderly growth of the sector in The Bahamas. the Convention on International Civilaviation Aviation and its Annexes, and to provide the high level strategic direction and leadership for the delivery of air navigation services consistent with the

As the Chief Executive Officer, the Director provides the high-level strategic direction and leadersh objectives and priorities of the Government of the Commonwealth of The Bahamas. the Authority and is directly accountable to the Board of Directors for the Authority’s performa achieving its strategic goals and priorities. Qualifications & Experiences

Minimum&Requirements Qualifications Experience

Masters’ Degree in Business Administration or equivalent relevant degree. A sound technical aviation background in one or more areas within the span of control, with at least Minimum ten Requirements (10) years’ experience. • Master’s Degree in years’ Business or equivalent relevant degree from with an accr § At least five (5) seniorAdministration management experience in an aviation-related organization institution with fifteen (15) years of experience—ten (10) of which must have been a demonstrated proven leadership ability. managerial in a civil aviation agency; and § Fluent level in English § §

•

Fluency in English.

Specific Knowledge Requirements

Sound knowledge of national regulations and ICAO standards and recommended practices and Specific§ Knowledge Requirements documents pertaining to ANS; • Sound knowledge of applicable national laws and regulations; § Sound knowledge of management principles and practices of administration, including strategic • Soundplanning, knowledge of ICAO Annexes and aviation analytics; of records; budgeting, purchasing, contracting and maintenance • Sound knowledge of policies, practices, rules and ordinances pertaining to civil av § Sound understanding of the air transport procedures, industry; § Principles and practices of effective management and supervision; and in The Bahamas; § Knowledge of industrial relations and ANSpractices human resources policies, procedures and best practices. • Working knowledge of principles and of effective human resource managemen supervision; Ability to: • Plan, direct, organize, manage and integrate the activities of a comprehensive air navigation services • Sound knowledge of management principles and practices of administration, including Page 1 of 2 str division; planning, budgeting, purchasing, contracting and maintenance of records; and • Prepare and present proposals, industry-specific analytics and recommendations clearly, logically • Sound understanding of the air transport industry.

and persuasively in public meetings; • Develop and implement the ANS strategic plan; Ability to: • Analyze, interpret and explain proposed legislation and programs in terms of their implications and • Plan, organize, directservices a wide ofand regulatory programmes and services to mee impact on airand navigation andvariety objectives; aviation needs and to effectively ensure compliance with safety andexecutives operating • Establish and maintain highly effective working relationships with ANS andregulations. managers, and stakeholder representatives. Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of The Manager Human Resources, Civil Aviation Authority of The Bahamas, at BODCAAB@BCAABahamas.com, on or before December 13, 2019.

Page

PAGE 8, Monday, December 9, 2019

URCA ‘unconvinced’ on Cable’s channel licensing rationale FROM PAGE ONE the switch, while customers found out about it on the same day even though one month’s notice was supposed to be given. Responding to complaints via its Facebook page, Cable Bahamas said no provider could carry the Hallmark channel in The Bahamas and it “has to abide by the licensing agreements” with content distributors. While sections of Cable Bahamas’ response have been “blacked out” in URCA’s final ruling and order, the company said the replacement channels - ION TV, Escape TV, Heroes and Icons, PBS Kids, Qubo, ION Life, MOVIES! and Quest TV - were free-to-air content that could be picked up by its Bimini network

and rebroadcast without the need for any licensing deals with the copyright holders. However, referring to the company’s public statements and explanation for the eight-channel switch, URCA said: “URCA disagrees with Cable Bahamas’ explanation that when it attributed the channel removal to ‘changes in licensing agreements’ this meant there was a lack of any licensing agreements... “It is unclear to URCA how agreements which never existed in the first place can change. URCA finds Cable Bahamas’ explanation to be unconvincing. URCA is still of the view that Cable Bahamas’ public statements on the matter were not true or accurate.” As a result, the regulator found the company in breach of the industry’s consumer

THE TRIBUNE protection regulations. URCA also dismissed Cable Bahamas’ contention that it had not violated its own operating licence, the BISX-listed provider arguing that there had been no changes in the price per channel or package price for its offerings. Similarly, it said there had been no alteration to the terms and conditions of its TV service, while there was a website disclaimer noting that channel line-ups were subject to change. URCA, though, concluded that channel line-ups “go to the very essence of the contract by defining the product sold to the subscriber”. It added: “It cannot be dismissed as not forming part of the terms and conditions under the guise of the parole evidence rule to displace Cable Bahamas’ obligation to give requisite notice.” To prove that customers had not suffered a “material detriment” to their welfare and enjoyment,

Cable Bahamas also produced survey data showing that the number of visits and viewing hours for the eight new channels in July was higher than the May figures for the ones it had replaced. Again rejecting this argument, URCA added: “Customers were at a disadvantage once the channels were removed and should have had an opportunity to decide if they wanted to unsubscribe from a service or package. To date, URCA has received 11 official complaints on the channel changes.” Customer feedback on Cable Bahamas’ Facebook page expressed similar sentiments. The regulator, agreed to adjust the “starting point” for the fine to be levied on Cable Bahamas to 1 percent of its total June revenues derived from the PRIME, PRIME Extra and PRIME Sports packages given that just one percent and two percent of channels in the former two packages,

CCAREER PPORTUNITY AREEROO PPORTUNITY The Civil Aviation Authority of The Bahamas invites applications from suitably qualified

The Civil Aviation Authority of The Bahamas invites applications from suitably qualified individuals for the following position: individuals for the following position: DEPUTY DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

Position Summary The Deputy Director General assists with providing strategic leadership for the Authority by working sition Summary with the Director General, board of directors and the executive management team to establish longrange goals, strategies, plans and oversight policies. of civil aviation matters in The Bahamas, in alignment e Director exercises regulatory

with e Civil Aviation Act of The Bahamas, the Regulations, and the Convention on International Civil position assists with the regulatory oversight of civil aviation matters in The Bahamas, in alignment iationTheand its Annexes. The span of regulatory oversight includes certification with respect to the with the Civil Aviation Act of The Bahamas, the Regulations, and the Convention on International Civil anting, suspension, revocation or imposition of conditions on aviation documents, and enforcement of Aviation and its Annexes. The span of regulatory oversight includes certification with respect to the e provisions of the Actrevocation and Regulations inspections ongoing granting, suspension, or impositionthrough of conditions on aviationand documents, andsurveillance enforcement ofactivities to sure the theprovision safe, secure of the sector in The Bahamas. of theand Act orderly through growth inspections and aviation ongoing surveillance activities to ensure the safe, secure and orderly growth of the aviation sector in The Bahamas.

Minimum Requirements • Bachelor’s Degree in Business Administration, Aviation Management, Aviation Science or a related field from an accredited institution with 10 years of experience—6 of which must have been at the ualifications & Experience managerial level in a civil aviation agency;

nimum Requirements Specific Knowledge Requirements Master’s Degree in Business Administration or equivalent relevant degree from an accredited • Sound knowledge of applicable national laws and regulations; institution with fifteen (15) years of experience—ten (10) of which must have been at the • Sound knowledge of ICAO Annexes; managerial level in a civil aviation agency; and • Sound knowledge of the roles and functions of ICAO, BCAA, and other international and regional Fluency in English. civil aviation agencies; •

Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation

•

resolution of interpersonal conflicts. correspondence, reports and other written materials. Prepare clear, concise and complete

• •

Methodically planand andmanage coordinate withinsituations. the confines of the regulatory statute. Monitor, control crisiswork and programs natural disaster Monitor, control and manage crisis and natural disaster situations.

ecific Knowledge Requirements in The Bahamas; • Familiarity with safety concepts inclusive of safety management systems and state Sound knowledge ofcontemporary applicable national laws and regulations; safety; Sound knowledge of ICAO Annexes and aviation analytics; • Well-developed human resource management and analytical skills; Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation • Sound knowledge of management principles and practices of administration, including strategic in The Bahamas; planning, budgeting, purchasing, contracting and maintenance of records; and Working knowledge of principles and practices of effective human resource management and •Ability Sound to: understanding of the air transport industry. supervision; Ability to: and interpret a broad range of civil aviation-related laws, regulations and standards. • Analyze Sound knowledge of management principles and practices of administration,Page including strategic • Analyze a broad range of of acivil aviation-related laws, regulations and standards. 1 of 2 Manage and and interpret report upon the status variety of safety management programmes. planning, budgeting, purchasing, contracting and maintenance of records; and • Manage and upontraining, the statusevaluation, of a varietyand of safety management programmes. the report selection, disciplining of regulatory directorate staff and Sound understanding of thetraining, air transport industry. resolution of interpersonal conflicts. • Manage the selection, evaluation, and disciplining of regulatory directorate staff and

bility •to: Prepare clear, concise and complete correspondence, reports and other written materials. and deliver effective public presentations. • organize, Prepare deliver effective public presentations. Lead andand motivate staff. Plan, and direct a wide variety of regulatory programmes and services to meet civil • Lead and motivate staff. Methodically coordinate work programs withinwith the confines theoperating regulatory statute. aviation needs andplan to and effectively ensure compliance safety of and regulations.

Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of Theshould Manager Human Resources, Civil Aviation Authority of Thesupporting Bahamas, Interested, qualified candidates submit their Curriculum Vitae and all relevant at BODCAAB@BCAABahamas.com, on or before December 13, 2019. documents to the attention of The Manager Human Resources, Civil Aviation Authority of The Bahamas, at BODCAAB@BCAABahamas.com, on or before December 13, 2019.

Page 1 of 2

respectively, were impacted. However, this was ultimately increased to 1.25 percent of June revenues due to what URCA described as “the gravity of the breach” and “extenuating circumstances” related to the fact Cable Bahamas was “not truthful and accurate in its public statements” and was “not transparent in its communications” with the regulator. “Cable Bahamas argued that very few of its customers were affected by the channel changes with less than five percent of viewing hours and less than one percent of views spent on the removed channels when compared to all of Cable Bahamas’ programming,” URCA added. “Cable Bahamas reiterated that its reference of ‘changes in licensing arrangements’ did not refer to changes in terms of any licensing agreements but to the lack of such arrangements. Cable Bahamas reiterated that it complied

with its legal obligations and that URCA misunderstood the technical arrangements and legal background for the new channels, which are free-to-air, and is expecting information that does not exist.” This was rejected by URCA, which found that the BISX-listed company breached both its operating licence, and the Bahamian communications industry’s communications retail pricing rules as well as consumer protection regulations. Cable Bahamas has also been ordered to compensate customers with a bill credit. Subscribers to Prime would receive $4, Prime Extra $6 and Prime Sports $2. Each credit is cumulative. Franklyn Butler, Cable Bahamas’ chief executive, did respond to a Tribune Business message seeking comment. Nor were messages to other Cable Bahamas executives responded to before press time.

THE TRIBUNE

Monday, December 9, 2019, PAGE 9

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PAGE 10, Monday, December 9, 2019

THE TRIBUNE

CHINA’S TRADE WITH US SINKS IN NOVEMBER AMID TARIFF WAR By JOE MCDONALD Associated Press

CHINA’S trade with the United States sank again in November as negotiators worked on the first stage of a possible deal to end a tariff war. Exports to the United States fell 23% from a year earlier to $35.6bn, customs data showed yesterday.

Imports of American goods were off 2.8% at $11bn, giving China a surplus with the United States of $24.6bn. Exports to some other countries including France rose, helping to offset the loss. China’s global exports were off 1.1% from a year earlier at $221.7bn despite weakening worldwide demand. Imports were up 0.3% at $183bn, giving

China a global surplus of $38.7bn. Hopes for a settlement to the fight over Beijing’s technology ambitions and trade surplus rose after President Donald Trump’s announcement of a “Phase 1” agreement following talks in October. But there has been no sign of agreement on details nearly two months later. The dispute has disrupted

global trade in goods from soybeans to medical equipment and threatens to depress economic growth. Trump put off a tariff increase in October but penalties already imposed by both sides on billions of dollars of imports stayed in place. Another US increase was due yesterday on $160bn of Chinese goods. That would extend penalties to almost everything

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000) INT&SER CONSULTANCY, LTD. In Voluntary liquidation “Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). INT&SER CONSULTANCY, LTD., is in Dissolution.” The date of commencement of dissolution is the 25th day of November, 2019. Richard L. Broughton, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 6 DECEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,191.11 | CHG: 0.76 | %CHG: 0.03 | YTD: 81.66 | YTD%: 3.87 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.64 11.01 2.81 4.01 10.21 7.60 16.99 9.40 3.63 14.20

52WK LOW 3.35 20.91 4.90 4.46 1.35 0.22 2.00 9.30 5.60 3.95 6.75 2.35 1.76 8.00 6.10 12.15 6.41 3.01 13.01

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

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

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.23 10.10 6.85 11.45 12.32 10.74 10.00 8.69 11.79

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

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)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 3.70 17.43 6.00 6.10 2.46 1.80 4.20 11.06 6.16 4.15 8.06 3.32 3.96 10.21 7.60 16.93 9.33 3.20 14.00

CLOSE 3.70 17.43 6.00 6.10 2.46 1.80 4.20 11.06 6.16 4.15 8.06 3.32 3.96 10.20 7.60 16.99 9.33 3.20 14.00

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 -0.01 0.00 0.06 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

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

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

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

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

VOLUME

318

30,000

2,010

VOLUME

NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.31 10.26 6.88 11.45 12.32 10.70 9.92 8.68 11.38

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

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

P/E 15.5 18.7 N/M 16.5 N/M N/M -9.6 15.3 13.7 22.6 57.6 32.5 8.5 15.8 10.4 20.8 9.9 15.8 22.2

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

YIELD 4.59% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.89% 0.00% 13.07% 1.52% 3.22% 3.16% 3.18% 2.14% 3.75% 4.36% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 11.19% 12.08% 18.66% 19.64% 4.33% 5.06% 10.43% 7.24% 5.42% 5.77% 3.11% 0.77% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

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

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

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

Americans buy from China. Chinese spokespeople have expressed hope for a settlement “as soon as possible”, but Trump spooked financial markets last week by saying he might be willing to wait until after the US presidential election late next year. Financial markets have repeatedly risen on optimism about the talks only to fall back when no progress is announced. The “Phase 1” agreement doesn’t cover contentious issues including US complaints that Beijing steals or pressures companies to hand over technology. Economists warn tensions could rise again next year and the bulk of tariff hikes are likely to stay in place for some time. For the first 11 months of 2019, China’s total global exports were off 0.3% at

$2.3tn despite the tariff war. Imports were down 4.5% at $1.8tn, adding to signs Chinese domestic demand is cooling. China’s exporters have been hurt by the US tariff hikes but its overall economy has been unexpectedly resilient. Growth in the world’s second-largest economy slipped to 6% over a year earlier in the three months ending in September, down from the previous quarter’s 6.2% but still among the world’s strongest. Weaker Chinese demand has global repercussions, depressing demand for industrial raw materials and components from other Asian economies and oil, iron ore and other commodities from Brazil, Australia and other suppliers.

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 20th, day of November 2019. The Liquidator is Dillon R. Dean of Nassau Bahamas

THE TRIBUNE

Monday, December 9, 2019, PAGE 11

Harbour Island deal: opponents ‘to continue fight’ FROM PAGE ONE Development (BIRD) to match his contributions. “My family and I are thrilled that the Harbour Island Council has approved our site plan for the Briland Residences and Marina,” Mr Wiener said. “This decision was supported by scores of Brilanders who came out at the Town Hall meeting last week to voice their support for the development, and from the bottom of our hearts we want to thank each and every one of them. “We look forward to restarting our development as quickly as possible so that we can fulfill our mandate to providing employment and entrepreneurial opportunities for local residents of Harbour Island.” The developer and his 4M Harbour Island Ltd vehicle said their $500,000 pledge, which will be split into $100,000 per annum over a five-year period, came in response to concerns voiced by Harbour Island second homeowners during Thursday night’s meeting.

Challenging BIRD and Mr Simmons to match this “dollar for dollar” with a grant of their own, on the basis of “bringing the community together”, Mr Wiener added: “It is our hope that this combined community funding will go a long way to improving and enhancing this wonderful island that we all love, whether it is through scholarships, community programmes or small-business capital funding.” Mr Simmons could not be reached for comment, but a BIRD spokesperson yesterday promised that its battle against the development was far from over despite Mr Wiener’s latest site plan approval success. This particular permit was the subject of a recent Supreme Court legal battle where all parties - Mr Wiener, BIRD/Mr Simmons and the government - all agreed that the initial site plan approval should be quashed because it had been wrongly granted by the government’s Town Planning Committee instead of the Harbour

Island District Council. That has now seemingly been rectified by Thursday’s Town Hall meeting, and the council’s subsequent decision, with Mr Wiener viewing it as the go-ahead to press forward with all the construction approvals and other permits the project requires. However, the BIRD spokesperson yesterday expressed concerns over the site plan approval process. They argued that public information issued prior to Thursday’s meeting was extremely vague, with few details provided and Harbour Island residents informed it had been called merely to discuss “an application for preliminary approval” that had been submitted by 4M Harbour Island Ltd. Suggesting that the site plan application was approved with remarkable speed, within just 24 hours of the Town Hall meeting, the BIRD spokesperson argued that responses to questions posed by their attorney, Gail Lockhart-Charles, also received incomplete answers.

This, though, was denied by a source close to the developer, who said 4M Harbour Island Ltd’s attorney, ex-financial services minister, Ryan Pinder, “answered each and every” of the eight to nine questions that Mrs Lockhart-Charles posed. Referring to the challenge Mr Wiener has posed to BIRD, they said: “He’ll set up a fund and is asking Ben and them to match. If they really care about the island, they will put their money where their mouth is and show they care about the people rather than the competition.” BIRD and Mr Simmons have frequently faced charges from Mr Wiener and his supporters that their opposition is based on the latter’s fears about the competitive threat the Briland Residences and Marina project poses to his own Harbour Island hotel interests, rather than concern about the environmental and other potential impacts on the renowned tourist destination. Several previous expansions by Harbour Island resort properties have also run into opposition from their rivals, and it has been difficult separating genuine concerns from suspicions that such protests are motivated by competition concerns. The BIRD spokesperson, though, rejected the

allegations that competition was the primary reason for its opposition to Mr Wiener’s development. They told Tribune Business: “We’re going to continue to fight this, and there’s enough wrong with how this was dealt with that they’re still going to have some difficulty. “This was a divisive meeting. If they’re giving the impression there’s overwhelming approval that isn’t the case. There were scores of Brilanders not for that position. They’re trying to bump it up for something else. This is a PR mechanism to try to turn the tide with this project.” Questioning how the Briland Residences and Marina site plan approval could be granted “within 24 hours” of the Town Hall meeting, the spokesperson said Harbour Island residents had not been properly informed of its purpose. “We did not know it was for site plan approval,” they said. ‘We went into the local administrator’s office to ask what application had been put forward, and what we were looking at. They said it was a consultation meeting; presumably consultation with us, and there would be remarks and comments shared with us.” A public notice advertising the meeting, which has been obtained by Tribune Business, makes no mention of the “site plan approval”

and how quickly this would be granted following the meeting’s end. The notice, signed by chief councillor Terrance Davis, said: “The public is hereby notified that an application for preliminary approval on behalf of 4M Harbour Island Ltd is presently being reviewed by the Harbour Island District Council. “The applicant proposes to redevelop and expand the Harbour Island Marina & Resort. The proposed development includes an expanded marina, cottages, a small marina village, a boutique hotel and residences, back-of-the-house facilities and a residential subdivision on 27 acres of land.” The meeting was “to discuss and address planning issues” related to the project, with persons invited to review the plans and provide comments before it was held. Comments were to be submitted to the Family Island administrator within 21 days of the notice’s publication, a deadline that appears to have been made redundant through the approval’s granting. “The plans that were on display were complete departures from all the Environmental Impact Assessments (EIAs),” the BIRD spokesperson said, “and we’re going to write a letter to the BEST Commission about it.”