business@tribunemedia.net
THURSDAY, FEBRUARY 2, 2017
$4.27 Memories pull-out ‘horrible’ for GB tourism industry By NATARIO McKENZIE
Tribune Business Reporter
and NEIL HARTNELL Tribune Business Editor
Memories’ confirmation that it “vacated” its Freeport resort on Sunday, making several hundred employees redundant, was last night described as “horrible news” for Grand Bahama’s economy and tourism industry. K P Turnquest told Tribune Business that the resort’s pull-out would have “tremendous negative impact” on an island still suffering as a result of Hurricane Matthew, with “depopulation” a major concern. He was reacting after Memories’ parent, Sunwing Travel Group, confirmed its withdrawal from Grand Bahama’s resort market, blaming a lack of co-operation and obstacles placed in its way by its landlord, Hutchison Whampoa. The 500-room resort is understood to have em-
Several hundred jobs lost after Jan 29 ‘vacation’ Operator’s parent slams ‘exorbitant’ Hutchison terms But promises resort brand ‘will be back’ ployed around 300 persons, and Memories said it was now preparing to pay employees due redundancy pay and other benefits due to them. The resort’s departure is also a major blow for the Government, given the timing just prior to a general election, and coming swiftly on the heels of promises by Prime Minister Perry Christie and minister of tourism, Obie Wilchcombe, that $2.5 million in taxpayer monies had been released See pg b6
Investor sceptical on BOB lawsuit merits By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
D’Aguilar: Shareholder suit has to rely on insurance
An outspoken Bank of the Bahamas minority investor yesterday expressed scepticism over whether investors could successfully sue for compensation via a class action-type lawsuit. Dionisio D’Aguilar, the FNM’s candidate for Montagu, told Tribune Business it was unlikely that minority shareholders could obtain financial compensation other than potentially through insurance coverage for the bank’s directors and other actors . “You can sue, but what are you going to get?” he asked. “You could sue the Government as majority shareholder, but I don’t know what the Government is going to give you. They’re putting money into the bank to keep it afloat. “There’s only so much See pg b5
$4.28
$4.33
$4.29
500 Chinese permits an ‘arbitrary’ Pointe By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net An ex-Bahamian Contractors Association (BCA) president yesterday slammed the “arbitrary” justification for granting 400-500 Chinese work permits at The Pointe, and questioned who would ensure Bahamians comprised 70 per cent of the workforce. Stephen Wrinkle told Tribune Business that the Heads of Agreement’s assertion about Bahamian construction workers lacking expertise on ‘high rise structures’ was “untrue and unproven”. The Heads of Agreement for the downtown Nassau project adjacent to the Brit-
Ex-BCA chief: ‘High rise’ claim ‘untrue, unproven’ Asks: Who’s going to check for ‘70% Bahamian’ Local contractors given 40% of work next to Hilton The Pointe ish Colonial Hilton, tabled in Parliament yesterday, granted China Construction America (CCA) between 400-500 work permits for the $200 million develop-
ment. The deal, dated June 18, 2015, stipulated that Bahamians would comprise 70 per cent of the total construction workforce, once
those employed by local sub-contractors were included in the calculation. And Bahamian sub-contractors were supposed to receive “approximately 40 per cent of development See pg b5
Baha Mar to open without sale close
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Baha Mar’s April 21 opening was yesterday branded “an election gimmick”, after it was confirmed that the acquisition by Chow Tai Fook Enterprises (CTFE) will not close until all construction work is completed. Robert Sands, Baha
Describes bank as ‘monster bomb slowly exploding’
Mar’s senior vice-president of government and external affairs, told Tribune Business that CTFE had agreed “to take possession and operate portions of the resort” until its deal with the China Export-Import Bank could close. Mr Sands’ comments came after Graeme Davis, CTFE (Bahamas) president, triggered a renewed onslaught from Opposition
politicians by confirming that Baha Mar will open without its sale being completed. Speaking to foreign media visiting the Bahamas as part of the ongoing Caribbean Marketplace conference, Mr Davis told PressToday: “We’ve made commitments to the islands of the Bahamas, to the Government and to the See pg b4
CTFE won’t complete until construction finish Purchase unlikely to close until late 2017 April 21 open slammed as ‘election gimmick’
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TUC protests to ILO over Govt strike poll move By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian trade union body has complained to the International Labour Organisation (ILO) about the “substantial limitation” that will be imposed on worker industrial action by the Government’s proposed legal changes. The Trades Union Congress (TUC), in a January 31, 2017, letter to the ILO’s Caribbean regional director, said the Government’s bid to require a ‘two-thirds majority’ of union members
Fears ‘substantial limitation’ on industrial action Union body says ‘deterrent’ to workers’ rights to vote in favour of taking a strike ballot was “a deterrent” to Bahamian workers exercising their legal rights. The letter, signed by TUC president, Obie Ferguson, and secretary-general, See pg b6
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PAGE 2, Thursday, February 2, 2017
THE TRIBUNE
ALL THE PERKS OF COMFORT SUITES
ALL THE PLAY OF ATLANTIS Baha Mar Development Project
Baha Mar attracts 9,000 job seekers
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
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Baha Mar’s recruitment drive has attracted 9,000 applicants in just two weeks, its top executive said yesterday, adding that despite the issues that have plagued the project in the past it still has “incredible brand equity”. Graeme Davis, the president of Chow Tai Fook Enterprise’s (CTFE) Bahamian subsidiary, while speaking at a press conference during Caribbean Marketplace, said the resort’s new owners were committed to the Baha Mar brand. He added that there was a tremendous amount of “pent up demand” for the Cable Beach destination. “From a marketing standpoint it is a very interesting approach because a few people have said we should change the name, that Baha Mar has got a bad image,” Mr Davis said. “On the contrary, I think that Baha Mar has incredible brand equity. Longterm, millions were spent in marketing across many markets globally.” Mr Davis added: “We are right now in the final stages of our brand positioning. We will be very quickly in
Number six times’ what required in first hirings the coming weeks launching our website, and launching our brand campaign. “We open April 21, and we want to make sure that we thoughtfully market as well; not to go out there and overreach to begin with. “There is a tremendous amount of pent-up demand. Hyatt alone had over $250 million of business on the books in tentative, prospective and definitive bookings when they closed down, so there is a tremendous amount of pent-up demand on the group business side and there is a tremendous amount of demand from the leisure travellers.” Baha Mar launched its local recruitment campaign on January 16. “I’m pleased to say, and really excited, that we have had over 9,000 applicants in just two weeks that are interested in fulfilling the 1,500 jobs to start with,” said Mr Davis. As many as 5,000 jobs are expected to be created once the resort is fully opened. The new owner, Chow Tai Fook Enterprises (CTFE), has said it is dedicated to the success and timely opening
of Baha Mar, and is “very optimistic” that the April 21 ‘soft opening’ date will be hit. The Hong Kong-based conglomerate revealed itself as the Baha Mar purchaser last November. “When you look at the project itself, we are actually doubling the inventory here in New Providence in the upper upscale luxury market, and we are now growing the product. Over 45 per cent of the product now will become upscale and luxury. It is important that the destination evolves with us,” said Mr Davis. “We are focused on new markets, whether it be throughout North America, Latin America, Europe and, of course, in the future looking at Asia as an opportunity as well. We think the future is extremely bright. “We have an incredible ownership group. We are very thankful for the support that the Bahamian government has given to this project. We are very thankful to EX-IM Bank for the amount work that they have done to ensure that when the doors closed over a year-and-a-half ago that the air conditioners stayed on, over 400 staff were kept to make sure that everything was kept clean and meticulously maintained.”
Scotia Wealth Management opens in Albany was an obvious decision. Albany represents growth and expansion in Western New Providence, and we are delighted to be growing along with Albany.” Explained VP of International Trust and Head of Wealth Management in The Bahamas, Derek Pattison.
(L-R) Sean Albert, VP & District Head of Scotiabank Caribbean North, John Rolle, Governor of Central Bank of The Bahamas, Christina Rolle, Executive Director of the Securities Commission & Derek Pattison, VP of International Trust & Head of Wealth Management in The Bahamas take part in the symbolic cutting of the ribbon at the new Albany office location.
Scotia Wealth Management (SWM) proudly opened the doors to their newest office in the Albany Financial Centre on January 26, 2017. SWM staff and industry partners gathered to honor the occasion with the official ribbon cutting.
Peter Slan, MD of Global Private Banking Relationship Management & International Trust and Derek Pattison, VP of International Trust & Head of Wealth Management in The Bahamas
TM
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“As we began our journey to locate some of our business closer to our clients, the Albany Financial Centre
“With the opening of our offices in the Albany Financial Centre we can now serve Scotia Wealth Management’s Investment Advisory, Private Banking and Trust clients from world class facilities in either eastern or western New Providence.”
The new Scotia Wealth Management office at Albany Financial Center
THE TRIBUNE
Thursday, February 2, 2017, PAGE 3
RIU PI closing ‘imminently’ for major upgrades By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The RIU Palace Paradise Island will be closing its doors for renovations “imminently”, the Ministry of Tourism’s director-general revealed yesterday. Joy Jibrilu told a press conference at the Caribbean Hotel & Tourism Association’s (CHTA) Caribbean Marketplace summit that the all-inclusive property was set to undergo “major renovations”. “RIU is closing imminently, and they will be closing for renovations and opening at the end of summer beginning of fall. They will be undergoing major
renovations,” said Mrs Jibrilu. Following the passage of Hurricane Matthew last October, the RIU told Tribune Business that the property had suffered “cosmetic damage, and neither the structure nor the basic services were affected”. “Repairs and cleaning began immediately, and service in its five restaurants, four bars, swimming pool and day and night entertainment programs are fully operational,” the resort had stated. Mrs Jibrilu said the One & Only Ocean Club, which also sustained damage during Hurricane Matthew, is on track for a February 14 opening. “It was closed for repairs
but they took the opportunity to do further upgrades. This is following major upgrades and renovations they had already undertook,” said Mrs Jibrilu. Last year, the One & Only Ocean Club closed it doors for renovations at the end of August and re-opened at the beginning of November. At the time, resort management told The Tribune that the hotel’s owners, Access Industries, had been planning “a significant renovation”, with the $15 million redevelopment of the Hartford Wing to include expanded and restyled rooms. The hotel was expected to re-open at the beginning of December, but this was pushed back to its re-opening date of Valentine’s Day.
Expedia: Bahamas bookings rise 20% By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
EXPEDIA, the world’s largest online travel company, yesterday said bookings to the Bahamas increased by 20 per cent during the 2016 third quarter. Demetrius Canton, Expedia’s director of market management for the Caribbean, in an interview with Tribune Business at the Caribbean Hotel and Tourism Association’s (CHTA) Caribbean Marketplace, said: “The Bahamas has always been a very important market for Expedia. “Obviously this location is very key. With the Bahamas being close to the US, that helps to drive demand. Similar to the region, we saw significant growth. In the third quarter we saw 20 per cent growth in bookings to all parts of the Bahamas.” Mr Canton added: “We saw significant growth, especially to Grand Bahama,. with 30 per cent growth, and to the Out Islands with 40 per cent growth.
“When you look at the Out Islands we are really driving a lot of growth through acquisitions. We continue to add properties to our portfolio and that is really helping to solidify the growth that we have seen.” Expedia said its top indemand markets in the Caribbean during the 2016 third quarter were, Punta Cana, Dominican Republic, with
an increase of nearly 25 per cent; Nassau,with an increase of nearly 20 per cent; and Ocho Rios, Jamaica, with an increase of more than 50 per cent. The company said the Caribbean has “immense potential” and is an “in-demand destination”, with Expedia continuing to see the region grow on its group sites.
NOTICE That I, Paquell Butterfield, 30 years old and being of sound mind do hereby declare that neither Colarmae Butterfield, Patricker Butterfield nor Attorney Ramona FarquarhsonSeymour nor any of their agents, assistants or affiliates are authorized to transact any business for or on my behalf, nor to receive funds, settle debts or do any transactions on my behalf.
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K4
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PAGE 4, Thursday, February 2, 2017
Baha Mar to open without sale close From pg B1 bank that we would open the project even before we close [the deal]. “We will be opening the project on April 21 and it will be in a phased manner. Our flagship property is going to be run by Grand Hyatt.” Clarifying Mr Davis’s comments, Mr Sands confirmed that CTFE’s acquisition of Baha Mar would only close once all construction was completed. This implies that the conglomerate’s deal with the state-owned China ExportImport Bank, as Baha Mar’s secured creditor, will likely only close in late 2017. The best estimate is No-
vember/December, as this is when both the Rosewood and SLS properties are supposed to be completed as part of Baha Mar’s ‘grand opening’. “We have signed a definitive agreement to purchase the shares of Perfect Luck,” Mr Sands told Tribune Business, referring to the special purpose vehicle (SPV) created to hold Baha Mar’s resort assets for sale. “The closing of this purchase will be finalised once CCA (China Construction America) completes the construction of the project.” Mr Sands added: “In the interim, we [CTFE] have agreed to take possession and operate portions of the resort as it is completed.
“As such, we anticipate being in position to undertake the soft opening on April 21, with rooms in the casino hotel, the casino, the golf course and the convention centre.” Tying construction completion to the purchase closing is not unusual given the circumstances of the Baha Mar transaction, especially given CCA’s previous failings to hit finishing deadlines - something that many observers believe was responsible for igniting the dispute with the original developer and the property’s woes over the past two years. CTFE is thus taking prudent steps to protect itself, and minimise its risk exposure, by tying deal completion - and full payment of a $1 billion-plus purchase price - to CCA’s efforts and the obtaining of occupancy
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certificates for the entire project. “Until the product [Baha Mar] is completed they can’t close,” a source familiar with developments at Baha Mar, speaking on condition of anonymity, confirmed to Tribune Business yesterday. “They’re selling a completed product. Would you buy that building before it was completed? Until the close, they’re [CTFE] saying they are going to run the property and take it over.” However, Mr Davis’s comments and the subsequent Baha Mar response ignited a frenzy among Opposition politicians, who argued it showed that the April 21 meeting was nothing more than “an election ploy”. Those spoken to by Tribune Business said that since there was no obvious commercial rationale for opening the $4 billion-plus development on that date, the move was simply “a quid pro quo” and expression of gratitude by the Chinese. They argued that the April 21 opening and associated 1,500 jobs, likely coming just weeks before the general election, was a reward by the Chinese for the Christie administration’s co-operation in removing Baha Mar’s original
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developer, Sarkis Izmirlian. “Let me tell you something: Baha Mar is an election gimmick,” said Dionisio D’Aguilar, a former Baha Mar director under Mr Izmirlian, who is now the FNM’s Montagu candidate. “They haven’t closed the deal, and are still finalising the management contracts for the hotels, although Grand Hyatt was done the other day. And they’re spending no money on marketing. “How can you get ready to open these hotels if you haven’t got management agreements in place? It’s an election gimmick, a quid pro quo from the Chinese paying the Government back. It’s just putting people on the payroll for election; that thing ain’t ready to open.” Branville McCartney, the Democratic National Alliance’s (DNA) leader, seized on confirmation that Baha Mar’s purchase has yet to close to allege that Prime Minister Perry Christie had misled the nation on the deal’s status. He questioned how CTFE could legally take over the resort properties given that it has yet to become the legal owner, an issue raised by other observers who queried what would happen to Bahamians seeking employment at Baha Mar if the deal should fall apart. Both the Government and CTFE, though, have
THE TRIBUNE acted and spoken as if the latter’s transaction is ‘a done deal’, and subject only to the normal closing formalities, due diligence and approvals/permits. This, though, did not satisfy Mr McCartney, who said of Mr Davis’s admission: “It shows that they [the Government] are using this as a political ploy. “The Prime Minister realises he cannot go much further in calling the election, and by hook or crook this government is going to say they got Baha Mar open. “But how can you open this resort development without closing, and making legal the new owners? The deal has not been completed with the new owners.” K P Turnquest, the FNM’s deputy leader, told Tribune Business that Mr Davis’s comments showed the April 21 opening date was “obviously a quid pro quo” between the Government and the Chinese. He argued that it was “very dangerous for sovereignty and how we do business in this country, as investors are concerned about what happened at Baha Mar. “I had a conversation with an investor about a month ago, and this was one of the things that came up. It is out in the marketplace, and we need to be careful about getting into these arrangements and giving favours which are not necessarily commercial or arm’s length.”
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THE TRIBUNE
Thursday, February 2, 2017, PAGE 5
500 Chinese permits an ‘arbitrary’ Pointe From pg B1 work.... in various classifications”, although these were not listed. Mr Wrinkle, though, questioned how the Government would ensure CCA adhered to these ratios, pointing to the BCA’s long-standing concerns about the seeming inability of public sector agencies to monitor what is happening on foreign direct investment (FDI) projects. The ex-BCA president again argued that the development model presented by The Pointe’s Heads of Agreement was “not a working formula” conducive to national development and that of individual Bahamians. Mr Wrinkle focused in particular on the reference to ‘high rise structures’ in the Heads of Agreement, which likely alludes to The Pointe’s now-completed parking garage and eightstorey condominium hotel. “The developer shall make every effort to fill as many jobs as possible with Bahamian citizens,” states the agreement between the Christie administration and CCA. “The Government recognises, however, that due to the development of the proposed high-rise structures and the tight schedule to complete the development, non-Bahamian labour with special skills and expertise that are not readily available in the Bahamas will be required. “To this end, the Government agrees to facilitate the grant of between 400 and 500 work permits to qualified persons on a short-term
or longer basis, depending on the job classification and the ability of [CCA] to find and/or train suitable candidates for such jobs.” This is the rationale for justifying the 400-500 work permits granted to the Chinese, but Mr Wrinkle retorted: “Who says Bahamians can’t do high rise structures? “We’ve been up 18-20 storeys at Atlantis. It’s not fair to arbitrarily say Bahamian contractors and construction workers are not capable of stepping up to the plate. It’s not true and not proven.” He continued: “Nobody had a tighter schedule than Atlantis, and we had Bahamians working at 18-20 storeys. Why has it got to be a tight schedule? If it’s anything like Baha Mar, it ain’t tight.” That was a barbed reference to CCA’s role as the main contractor at Baha Mar, which collapsed into Chapter 11 bankruptcy protection and a near two-year workout around the same time that the Chinese company was negotiating The Pointe’s Heads of Agreement. Many believe CCA’s failure to hit numerous construction completion deadlines was a major factor in Baha Mar’s initial failure, and Mr Wrinkle expressed major disappointment that just 40 per cent of work at The Pointe was allocated to Bahamian companies. “Jesus, 40 per cent, huh,” he replied, when the figure was revealed to him by Tribune Business. “It’s work that can be 100 per cent done by Bahamians. One has to ask why 60 per
Investor sceptical on BOB lawsuit merits From pg B1
the Government can do. If they’re using scarce resources to prop the bank up, isn’t that what we want in the circumstances? What do you want them to do?” Mr D’Aguilar argued that the Government, via the Bahamian taxpayer, had little choice but to support Bank of the Bahamas and continue with its ‘bail outs’, as allowing the institution to fail would jeopardise $600-$700 million worth of deposits and the economy’s stability. “Bank of the Bahamas is one of those monster bombs that’s slowly exploding,” Mr D’Aguilar told Tribune Business. “It’s on a timer and going to explode. There’s a huge bill coming. “You can certainly sue, but are you going to get anything? I don’t think so. Put it this way: You can try and sue the auditors and tap into the directors’ insurance if they have it. You will only get money from an insurance company; you ain’t getting money from nowhere else.” Mr D’Aguilar was speaking after Tribune Business revealed last week that minority shareholders in Bank of the Bahamas are moving to seek financial redress for the spectacular destruction of shareholder value caused by $120 million in losses incurred over the past three years. Shareholders in the troubled BISX-listed institution met at the British Colonial Hilton last Tuesday to plot their next move, with a class action-type legal action among the options said to be under discussion. A spokesman for the meeting’s organisers, speaking on condition of anonymity, told Tribune Business then that there was a collective determination among minority shareholders to obtain financial compensation for the dramatic decline in their investment’s value. Declining to go into detail on how they would achieve this, the spokesman promised that the group would act “properly” and responsibly, and that the shareholders were not seeking to further damage Bank of the Bahamas or the wider Bahamian economy. Tribune Business reported in September 2016
how almost $70 million was wiped off Bank of the Bahamas’ stock market value in one week, as investors searched for the ‘floor’ following the removal of price movement restrictions. This newspaper’s calculations show that the BISXlisted institution’s market capitalisation fell some 62.45 per cent in just five days, from $111.645 million to $41.92 million, during its $40 million rights issue. Mr D’Aguilar yesterday argued that Bank of the Bahamas’ woes stemmed from “fundamental flaws” in its governance structure and model, as all Board directors were still appointed by the Government, which is 79 per cent majority shareholder via the Public Treasury and National Insurance Board (NIB). “Government needs to get out of the banking business with the quickest of haste,” he told Tribune Business, “and it’s going to cost the taxpayer $300$400 million for them to exit. “It’s another example of a government entity gone wrong, and it’s costing the taxpayers hundreds of millions of dollars. This is one of the big ones, and the Bahamian people don’t understand that. “The Government needs to get out of this bank because it’s going to bleed the Bahamian people dry. The Government should not be in the business of running a business; the private sector should run it,” he added. “This is a classic example of the Government meddling in a business it should not be in, and costing hundreds of millions of dollars.” Loretta Butler-Turner, the Opposition’s House of Assembly leader and another Bank of the Bahamas shareholder, raised the BISX-listed institution’s plight in the House of Assembly yesterday. “We need to know exactly what is happening at Bank of the Bahamas,” she said during her contribution to the Freedom of Information Bill debate. Mrs Butler-Turner pointed to Tribune Business’s revelations about Bank of the Bahamas’ failure to pay the anticipated year-end dividend to its preference shareholders, questioning whether it was still solvent and if it could be allowed to
cent is going to them.” Chinese labour and materials typically go wherever Beijing and its investments are in the world, meaning that The Pointe model is little different from their government’s norm. “It is understood and agreed that the workforce employed by the Bahamian sub-contractors are part of the overall Bahamian to non-Bahamian labour ratio, and Bahamians will represent 70 per cent of the total labour requirement for the development,” the Heads of Agreement state. “The parties may, through mutual agreement, vary their employment ratio if it becomes necessary for earlier completion.” The 70 per cent ‘Bahamian labour component’ is thus subject to alteration but, based on the 400-500 Chinese work permits, this implies around 800-1,000 construction jobs for Bahamians. Mr Wrinkle expressed concern as to who would check The Pointe was adhering to these Heads of Agreement ratios. Tribune Business, and numerous other observers, had seen a workforce dominated by Chinese, with very few Bahamians seemingly present, during the parking garage construction. It is possible this may change for The Pointe’s second phase, which is currently in the planning approvals process, and includes the condominium hotel and associated amenities. “Who ensures the percentages the agreement speaks of are in place?” Mr Wrinkle asked. “The critical point is to ensure those proportions are adhered to. “That’s a tremendous amount of labour on the job,” he added of the 400500 Chinese work permits.
continue operating. The Long Island MP also questioned if Bank of the Bahamas’ directors were each being paid $40,000 in fees annually, and whether “managing directors past” - whom she did not name - were receiving annual $500,000 memberships at private members clubs at Old Fort Bay, Albany and Paradise Island.
“The important thing is one has to monitor it. It has to be monitored so that the proportionate ratio is maintained. “That is the question the BCA has always asked. Who’s going to monitor the situation and ensure we have credible information? “We did not get that with Atlantis, we did not get that at Baha Mar, and unless something has changed we don’t anticipate getting it on a regular basis with The Pointe.”
Mr Wrinkle again argued that the development model laid out in The Pointe’s Heads of Agreement was inadequate in terms of maximising FDI benefits for Bahamian businesses and workers. “It’s an extremely disappointing policy from a national development perspective,” he told Tribune Business. “We’re giving jobs. career opportunities and business opportunities away, and getting nothing from the trickle down.
“They are bringing in their labour and materials duty free, and bring in their management and take their profits out. It’s not a working formula for the country. It’s not working for the economy and construction industry, and we need change in the future.” Mr Wrinkle added: “People are taking everything they can get out of this country, and leaving nothing behind. We can’t build our nation in that manner. We can’t do that.”
PAGE 6, Thursday, February 2, 2017
Memories pull-out ‘horrible’ for GB tourism industry From pg B1 to advance repairs and get Memories open by May. Mr Wilchcombe could not be reached for comment last night, as Sunwing and its subsidiary, Blue Diamond Resorts, slammed Hutchison Whampoa for having sought to impose “exorbitant” and “totally unacceptable conditions” on its bid to carry out post-Hurricane Matthew restoration work. The two companies, in a statement seen by Tribune Business last night, said they had “taken on the significant financial burden of compensating and re-protecting customers, as well as
running an air programme with limited accommodation options as a demonstration of goodwill and commitment to the people of Grand Bahama island”. Sunwing/Blue Diamond added: “In January, it was reported in the Bahamian press that the Government and Sunwing had agreed to co-invest sums to restore Memories and secure its earliest reopening. “Sunwing sought the hotel owner’s [Hutchison’s] consent for such restoration but, regrettably, the owner attempted to impose exorbitant conditions that were totally unacceptable to Sun-
wing, and would be to any other potential tenant. “The Sunwing Travel Group is very proud of the partnership it has forged with the Government and the people of Grand Bahama, and very saddened to report that we were required to vacate the Memories Resort premises on January 29, 2017.” The Sunwing/Memories move will come as little surprise to many in Freeport’s tourism industry. Tribune Business was told earlier this week that the resort was moving furniture into shipping containers, with beach vendor and retail tenants also asked to remove their belongings from the property. Food supplies were also being sold-off, and sources
were telling this newspaper of Memories: “I think they’re done here. It’s just waiting for the official confirmation.” However, in a glimmer of light for Freeport’s tourism product, Sunwing confirmed it would continue with its present air services to Grand Bahama. And it promised that it was working with the Government to return as a hotel operator soon. “Sunwing intends to continue supporting Grand Bahama and its tourism economy, including its hotels, through its tour operators, Sunwing Vacations and US-based Vacation Express, as well as by continuing its airlift programmes from Canada and from the United States in the summer, subject to conditions we are discussing with Government,” Sunwing said. “We are also pleased to advise that as part of our ongoing commitment to Grand Bahama and its people, we are already developing plans in concert with the Government to return to Grand Bahama as a hotel operator, and are optimistic that we will be in a position to announce details shortly.” In the immediate term, though, Freeport’s tourism product has lost its main hotel. Together with the Grand Lucayan, which has only 200 rooms open, some 1,500 hotel rooms have been taken out of Grand Bahama’s
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inventory. “This is obviously significantly bad news,” Mr Turnquest told Tribune Business. “We have many people out of work, and with prospects of alternative work being what they are, I would expect the unemployment rate to jump tremendously. “This is going to also affect the Port Lucaya Marketplace, tour operators, taxi drivers. This is one of the more significant drivers of the tourism economy in Grand Bahama, and the Grand Lucayan. It’s very significant for us.” Mr Turnquest expressed fears that Grand Bahama could suffer further population loss as a result of Memories’ closure, with persons forced to look for work in New Providence and Abaco. Recalling what happened with the Royal Oasis in 2004, Mr Turnquest called on the Government to ensure Memories lived up to its commitments to Bahamian staff. “The Minister for Grand Bahama tells us the island is booming,” the east Grand Bahama MP added. “It is so disingenuous of the Government not to explain to the Bahamian people where we are, and the plans for turning this around. It’s quite obvious they have no plans, are in a state of shock and don’t know what to do about it.” Earlier yesterday, while addressing a Caribbean Marketplace press confer-
TUC protests to ILO over Govt strike poll move From pg B1 Tyrone Morris, argued that the proposed legal amendment would violate the ILO’s convention 87 and ‘Recommendation 159’. The Christie administration is seeking to insert an entirely new clause 1 (d) into the Industrial Relations Act’s section 20, which deals with the supervision of strike polls by the Minister of Labour, but the TUC branded this as “unreasonable”. “This, in our view, will have grave implications for unions and their membership in an anticipated pursuit of preparing for an industrial action,” Messrs Ferguson and Morris wrote on behalf of the TUC and its affiliates. Pointing out that all its members were “strenuously opposed” to the Government proposal, they added:
“In our view, the essence of ‘right’ as enshrined in ILO convention 87... will be contravened by Government’s proposed imposition of balloting by secret ballot on the question of ‘consideration for the taking of a strike ballot’. Recommendation 159 will, too, be compromised. “The proposed amendments are unreasonable and will place substantial limitation on the means of action in readying the union for industrial action.” Messrs Ferguson and Morris argued further: “The mere fact of taking a secret ballot to determine if a ballot should be taken for a strike action is contrary to the ILO convention and recommendation cited above. “This we consider to be a deterrent to the free, unimpeded participation of workers seeking to exercise their rights.” The clause subject to the TUC’s protest would require that “a two-thirds majority” of union members must vote in favour of taking a strike poll before it can be held - something they do not have to do currently. It reads: “Any decision as to whether or not to request a strike poll shall be made at a Special General Meeting of the membership called by the Executive Committee, and shall be decided by a two-thirds majority vote by secret ballot.” The proposed clause creates another step, and a potential impediment/
ence, the Grand Bahama Tourism Board’s chairman, Russell Miller, said heavy emphasis was now being placed on the summer tourist period as the post-Hurricane Matthew recovery struggles had effectively crushed the winter season for the island. Still, Mr Miller stressed that the industry was “open and operational”, and is accepting visitors with several properties open for business. “We are accepting visitors. Grand Bahama continues to struggle post-Hurricane Matthew,” Mr Miller said. “The island of Grand Bahama was hardest hit during the passage of Hurricane Matthew on October 5. “Since then, tourism stakeholders have worked feverishly to get back to the business of operating our island.” He added: “The winter season, they’re gone; we are not going to be able to achieve that. We are putting heavy emphasis now on the summer markets and the summer locations from the United States.” Tourism director-general, Joy Jibrilu, said the Ministry of Tourism was working with stakeholders on the island to reposition and rebrand the destination. “What Hurricane Matthew has caused is for us to look at how we can reposition and promote Grand Bahama,” she said.
obstacle, in the process trade unions and Bahamian workers must undergo before they can lawfully take industrial action against an employer. It effectively requires them to ‘take a vote on taking a vote’. Robert Farquharson, the director of labour, wrote on January 9, 2017, to the ILO’s regional director, Claudia Coenjaerts, seeking the organisation’s approval for the change. He said: “The Government wishes to include a provision in the Act whereby before a trade union applies to the Minister to supervise a strike poll, as prescribed in section 20 (3), the union must ensure that a secret ballot is taken by the membership with a twothirds-support.” Mr Farquharson revealed that this provision was lifted from the Water and Sewerage Management Union’s constitution, and said: “We are seeking to ascertain if the inclusion of this provision will be in violation of any of the ILO conventions and/or recommendations, particularly Convention 87.” Should it become law, the amendment would require Bahamian trade unions to ‘take a poll on whether they should have a poll’, with the bar set extremely high for a vote in favour of a strike ballot. It is unclear what has motivated the Government to push for this, but the move has coincides with recent demands and industrial action threats by public service unions, and their alliance with the ‘We March’ organisers.
LEGAL NOTICE Via Della Rosa Subdivision Coral Harbour Notice of outstanding assesment fees for the following lots:
LOT #:
1, 4, 5, 7, 9, 10, 13, 16, 18, 19, 22, 23, 24, 25, 26, 27, 28, 30, 32, 33, 34, 35, 37, 39, 108, 109, 115, 117, 227, 28, 289, 292, 293, 298, 291, 290 Payments not made in full within 14 days of this Legal Notice, the association will exercise its rights to commence legal action against the owners of the above mentioned lots.
For more info please call:
393-7370
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Thursday, February 2, 2017, PAGE 7
Fed leaves rates alone and gives no hint of when it may hike WASHINGTON (AP) — The Federal Reserve has left its key interest rate unchanged at a time of solid economic gains but also heightened uncertainty surrounding the new Trump administration. At the same time, the Fed pointed to improved sentiment among consumers and businesses. And it said it had become more confident that inflation will reach its 2 percent target. But the Fed offered no hints about when it will resume raising rates. In a statement it issued Wednesday after its latest policy meeting, the Fed said it wants more time to monitor the economy and still envisions a gradual pace of rate increases. Many economists think the Fed will put off further rate increases until more is known about President Donald Trump’s ambitious agenda, or whether his drive to cancel or rewrite trade deals will slow growth or unsettle investors. The statement offered a slightly more upbeat tone than it did after the Fed’s previous meeting in December, reflecting rising confidence in the economy and signs that chronically low inflation is moving higher. In January, a measure
of consumer confidence shot up to the highest level in more than 15 years, the Conference Board has reported. And a measure of small business confidence has reached its highest point since 2004, according to the National Federation of Independent Business. In its statement, the Fed said flatly that inflation “will rise to 2 percent over the medium term.” Previously, it had said only that inflation was “expected” to rise to 2 percent. But none of the revisions to the statement appeared to hint that a rate hike could be coming as soon as the Fed’s next meeting in March. If the Fed does want to signal investors of a forthcoming rate increase, it can use Chair Janet Yellen’s semiannual testimony on interest-rate policy to Congress on Feb. 14-15 to do so. Some economists said they still think a rate hike as soon as March is possible — if details of Trump’s economic plan become clearer by then and if the job market continues to show strength. “We view this statement as a very small nudge towards the next rate hike, but action in March will come only if the next two labor
market reports are strong and we have a clear idea of the likely extent and timing of fiscal easing,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. Other analysts mentioned June as a more likely time for the next rate hike. More will be known by then about the fate of Trump’s stimulus program and how the economy and investors respond to it. “We still expect the fiscal stimulus to be passed by June,” said Paul Ashworth, chief U.S. economist at Capital Economics. “As the stimulus boosts economic growth and particularly inflation, we then anticipate a much more aggressive second half of the year” by the Fed. Ashcroft envisions three rate increases from June through December. Wednesday’s Fed statement was approved 10-0. The panel’s voting membership among regional bank presidents rotates each January, and two members who dissented at times in 2016 in favor of faster rate increases do not have votes this year. The statement was not accompanied by updates to the Fed’s economic fore-
A television screen on the floor of the New York Stock Exchange shows the rate decision of the Federal Reserve, yesterday. The Federal Reserve has left its key interest rate unchanged at a time of solid economic gains but also heightened uncertainty surrounding the new Trump administration. (AP Photo)
casts or by a news conference with Yellen, both of which occur four times a year. Last month, the Fed modestly raised its benchmark short-term rate for the first time since December 2015, when it had raised it after keeping the rate at a record low near zero for seven years. The Fed had driven down its key rate to help rescue the banking system and energize the economy after the 2008 financial crisis and the Great Recession.
When it raised rates last month, the Fed indicated that it expected to do so three more times in 2017. Yet confusion and a lack of details over what exactly Trump’s stimulus program will look like, whether he will succeed in getting it through Congress and what impact it might have on the economy have muddied the outlook. And while Trump’s tax and spending plans are raising hopes for faster growth, his combative approach to trade relationships with
such countries as China and Mexico could slow the economy if U.S. trading partners retaliate and collectively impede the flow of imports and exports. Nariman Behravesh, chief economist at IHS Markit, predicts that the economy will grow a modest 2 percent to 2.5 percent this year, before accelerating next year to 2.6 percent to 2.7 percent on the assumption that Trump’s policy proposals will have begun to take full effect by then.
PAGE 8, Thursday, February 2, 2017
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Retailers, trade groups increase fight against tax proposal NEW YORK (AP) — More than 100 retailers including Wal-Mart and Target as well as key trade associations are launching a new coalition aimed at fighting a Republican proposal on how imports get taxed, a measure they believe would harm their businesses. The National Retail Federation, along with the American International
Automobile Dealers Association, the National Grocers Association and others are joining forces to form Americans for Affordable Products, which will run a campaign to educate consumers and show lawmakers that the so-called Border Adjusted Tax plan would lead to higher prices of as much as 20 percent on everyday items including clothing, food and even
gas. The diversified group, which also includes such companies as Nike, Best Buy, luxury conglomerate LVMH and Dollar General, is trying to make their opposition heard even while Congress and the president try to sort out exactly what adjustments to put forth. Congressional Republicans want to eliminate tax incentives that encourage U.S. companies to move
overseas, sharply cut the corporate tax rate to 20 percent from 35 percent, and encourage more factory output at home. But opponents say the plan would have a harmful rippling effect, causing companies to even lay off workers. The proposal — spearheaded by House GOP Speaker Paul Ryan and Texas Rep. Kevin Brady, the top Republican on the House tax-writing committee — would constitute the most sweeping reforms to corporate taxes in at least three decades. Trump has dismissed the cornerstone of the House GOP plan as “too complicated” and has been touting a 35 percent levy on imports. Yet his spokesman appeared to put the tax back in play last week by
proposing a 20 percent tax on goods from Mexico and “other countries we have a trade deficit with” to pay for a border wall. “There’s a rush to get this done in Congress. We want to make sure our voices are heard,” said David French, chief lobbyist for the National Retail Federation, which has been dispatching members to meet with different levels of the new administration as well as lawmakers. Details of the consumer campaign are still being worked out, according to a spokeswoman at the retail trade group. A lot is at stake. Nearly all such items that U.S. shoppers buy are either wholly or partly produced overseas as companies have sought the cheapest way to
make goods. And with online competition and shoppers trained to find the best deals, U.S. retailers haven’t had the power to raise prices on many goods for several years. “I’m losing sleep. I am scared out of my mind,” said Rick Woldenberg, CEO of Learning Resources, which has signed on to the coalition. It is a family-owned company based in Vernon Hills, Illinois that makes educational toys and employs 150 people in the U.S. He estimates that under the GOP plan his federal tax rate would soar to 165 percent from 39.6 percent, he would have to raise prices by 10 percent to 15 percent to stay viable, and would have to lay off employees. a woman pushes her shopping cart as an employee pulls a long line of carts outside a Target store in Encinitas, Calif. More than 100 retailers, including Wal-Mart and Target as well as key trade associations, are launching a new coalition aimed at fighting a Republican proposal on how imports get taxed, which they believe would harm their businesses. (AP Photo)
PAGE 12, Thursday, February 2, 2017
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UK lawmakers back bill to trigger EU exit talks
LONDON (AP) — Britain moved closer to leaving the European Union Wednesday as lawmakers backed a bill authorizing divorce proceedings and kept alive the government’s plan to trigger Brexit talks within weeks. The House of Commons decisively backed the bill by 498 votes to 114, sending it on for committee scrutiny. The result was a victory for the Conservative government, which had fought in court to avert the vote out of fear Parliament would impede its Brexit plans. Lawmakers also defeated a “wrecking amendment” proposed by the Scottish National Party that sought to delay Britain’s exit talks
with the EU because the British government has not disclosed detailed plans for its negotiations. During two days of debate in the House of Commons, many legislators — Euroskeptic and Europhile alike — said they would back the bill out of respect for voters’ June 23 decision to leave the EU. But opposition parties will try to insert more amendments during the next stages of the parliamentary process. They are seeking to prevent an economy-shocking “hard Brexit,” in which Britain loses full access to the EU’s single market and faces restrictions or tariffs on trade. After committee consid-
eration, the bill is due to return to the House of Commons for a final vote next week before moving on to Parliament’s upper chamber, the House of Lords. The government was forced to introduce the legislation after a Supreme Court ruling last week torpedoed Prime Minister Theresa May’s effort to start the process of leaving the 28-nation bloc without a parliamentary vote. The government wants to have the bill approved by early March so it can meet a self-imposed March 31 deadline for triggering the EU divorce talks. Scores of lawmakers spoke during more than 16 hours of debate over two
A leading vacation ownership resort is seeking an applicant for the position of: AssistAnt Director of Housekeeping The incumbent will be responsible for the daily management of the resort’s housekeeping department, while giving focus to the management of the Tower Managers. Provides leadership, standards enforcement, and results for Housekeeping team. responsibilities include: • Conducting daily staff briefings. • Conduct reviews on the quality of room inspections done by Tower Managers. • Inspect and evaluate guest rooms and deficiencies and ensure rooms are cleaned to the required standards. • Supervise, conduct performance appraisals, coach, discipline, hire, terminate, reward, recognize, celebrate and direct all of the activities of the Housekeeping staff while building a strong team. • Train staff while ensuring that they are in compliance with company policy and procedures. • Complete weekly payroll • Prepares and monitors weekly work schedule, based on projected occupancy. Plans, organizes, coordinates and assigns work load. • Focus on the accomplishment of divisional goals. required Qualifications: • College degree preferred but not essential • Minimum job experience of five years in a Housekeeping or Public Areas position. • Computer literacy in MS Word, Excel, Outlook and PowerPoint • Demonstrated knowledge of housekeeping operations in a high volume environment. • Proven knowledge of financial and operational management. • Strong communication skills. interested person can apply to the position on: Atlantislocalbahamas.com Deadline for submissions is february 3, 2017
KINGSWAY ACADEMY Teacher Applications for September 2017 - 2018
Kingsway Academy invites applications from highly qualified and experienced candidates who are committed to the spiritual, intellectual and social development of students, and who are willing to enrich our school community beyond the classroom.
Elementary School • • • • • • •
General Elementary Studies K3 through Grade 6 Art Computer Library Studies Music Physical Education Spanish
High School
Art Geography Biology History Business Studies Home Economics Carpentry and Joinery Mathematics Chemistry Physical Education Christian Education Physics English Language/Literature Social studies French Spanish General Science Woodwork
Successful candidates will meet the following criteria:
• • • • •
An academic degree in the area of specialization A teaching certificate Strong oral and written communication skills Interest in and skills to participate in extra-curricular activities or committees Be a born-again Christian with high standards of morality
A complete application package includes the following: A completed Kingsway Academy application form, a detailed resume with cover letter, a recent photo, a legible e-mail address, working telephone contacts, and three reference forms - one being from your church’s minister, a police record and a health record. The application and reference forms are accessible at the school’s website at www.kingswayacademy.com click on About Us or at the school’s Business Office located on Bernard Road. Packages should be forwarded to: Kingsway Academy Employment Kingsway Academy P O Box N-4378 Nassau, The Bahamas E-mail: employment@kingswayacademy.com To ensure consideration, application packages must be received by Monday February 27, 2017 at the Herbert L. Treco Administration Building at the school.
days. Those who backed the winning “leave” side in the referendum said they would vote proudly to start the exit process. Others, who voted to remain in the EU, said they would respect the will of the people despite their own reservations. Former Treasury chief George Osborne, a pro-EU Conservative, said “to vote against the majority verdict of the largest democratic exercise in British history” would set Parliament against the people and “provoke a deep constitutional crisis in our country.” Still others said they would oppose the start of withdrawal negotiations, accusing the government of rushing Britain toward the EU exit door with little idea of what is on the other side. The government says it will publish a White Paper outlining its strategy for withdrawal on Thursday, but it’s unclear how many new details it will contain. “Voting for departure is
not the same as voting for a destination,” said Liberal Democrat leader Tim Farron, who called on the government to guarantee a second referendum to approve a final deal with the bloc. Scottish National Party lawmaker Angus MacNeil said that in acting to trigger Brexit, “the House of Commons has taken leave of its senses.” “It’s crossing its fingers and hoping for the best,” he said. The U.K.’s largest opposition party, Labour, told its lawmakers to back the bill, but said it plans to try to amend it later to avert the so-called “hard Brexit.” However, 47 of the 229 Labour lawmakers defied party leader Jeremy Corbyn and voted against the bill. “I do not believe that the Brexit course we are now set on will make Britain a more prosperous, fairer, more equal, tolerant country,” said Owen Smith, one of the Labour rebels. “I believe, by contrast, that it will
make our politics meaner, and it will make our country poorer.” Meanwhile, Britain’s former top diplomat to the EU warned Wednesday that disentangling the U.K. from the bloc will be a long and arduous process. Ivan Rogers, who resigned in January after telling the government that a deal could take a decade, told Parliament’s European Scrutiny Committee that Brexit will involve negotiations “on a humongous scale.” Rogers said consensus among the other EU nations was that a new free trade deal between Britain and the bloc would take until the early 2020s to be ratified. One major wrangle is likely to be over how much Britain will have to pay the EU to leave. Rogers said EU officials currently put the figure at 40 billion to 60 billion euros ($37 billion to $56 billion).
SaleS Coordinator essential Job Functions: • Assist with the preparation of sales reports that will assist revenue management; groups, corporate and leisure clients. • Prepare all written correspondence and follow up with clients. • Prepare all creative correspondence to Corporate Clients. • Oversee all set up and break down of functions Position requirements: • Three years experience at a major company or hotel in a similar position; • Proficiency in Microsoft Word and Excel spreadsheets; • The ability to assist with Sales Functions
Interested persons should submit their resumes via e-mail to: recruitment.humanresources@outlook.com
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Thursday, February 2, 2017, PAGE 13
Apple surges on iPhone sales; stock indexes wobble NEW YORK (AP) — Investors didn’t react much to a strong hiring survey or the Federal Reserve’s decision to leave interest rates unchanged Wednesday, and U.S. stock indexes finished pretty much where they started. Apple soared after it said iPhone sales improved in its latest quarter. Stocks jumped in morning trading after payroll provider ADP said hiring by private employers grew stronger in January. Bond prices climbed. But the market’s gains thinned, partly because investors sold shares of companies that pay big dividends as bond yields rose. Stocks briefly turned higher after the Fed’s announcement, but that also faded. The only constant was the big gain for Apple, which pushed technology companies higher. The Federal Reserve left its key interest rate unchanged, just as investors expected. The central bank noted that the job market is getting stronger and inflation is gradually rising, but
said it wants more time to monitor the economy. That’s what investors expected. Kate Warne, an investment strategist for Edward Jones, noted that the central bank just increased rates in December and the Trump administration’s spending and fiscal plans still haven’t been spelled out. “They’ll wait until they actually know what’s going to happen,” she said of the Fed. The Dow Jones industrial average rose 26.85 points, or 0.1 percent, to 19,890.94. The Standard & Poor’s 500 inched up 0.68 points to 2,279.55. The Nasdaq composite, which has a high concentration of technology companies, gained 27.86 points, or 0.5 percent, to 5,642.65. The Russell 2000 index of smaller company stocks dipped 0.60 points to 1,361.23. Most stocks listed on the New York Stock Exchange fell. Apple made its biggest one-day jump six months after its first-quarter profit and sales were better than
Specialist Peter Mazza works at his post on the floor of the New York Stock Exchange, yesterday. Solid Chinese manufacturing data helped shore up global stock markets on Wednesday ahead of the latest policy decision from the U.S. Federal Reserve. (AP Photo)
analysts expected. The company said consumers snapped up its new iPhone 7 and 7 Plus, and that ended the first-ever slump in iPhone sales. Apple stock rose $7.44, or 6.1 percent, to $128.79. Apple was singlehandledly responsible for the Dow gain and it helped take technology stocks higher. Investors haven’t focused on company earnings recently because of the flood of political news and other factors, but Warne said re-
sults like Apple’s will help the market. “The fact that we’re seeing solid earnings and they’re coming in better than expected ... will help sustain stocks over time,” she said. Chipmaker Advanced Micro Devices reported a profit when analysts expected a loss, and its sales were greater than expected. Its stock climbed $1.69, or 16.3 percent, to $12.06. The ADP jobs survey was better than expected, and the construction, manufacturing, health care and shipping industries all added jobs at a solid pace. The U.S. government will release its own monthly jobs report Friday. Investors reacted to the hiring report by selling bonds, which are relatively safe investments that are in greater demand when the economy seems weaker. The yield on the 10-year Treasury note rose to 2.48 percent from 2.44 percent. Stocks that pay large dividends traded lower as bond yields rose. Dominion Resources dropped $4.43, or 5.8 percent, to $71.85. Dominion also released a
weak quarterly report. Oil prices stayed within a small range. U.S. crude added $1.07, or 2 percent, to close at $53.88 a barrel in New York. Brent crude, the benchmark for international oil prices, gained $1.22, or 2.2 percent, to $56.80 a barrel in London. U.S. oil has stayed between roughly $52 and $55 a barrel for the last two months. The S&P 500’s energy company index fell for the fifth day in a row. It’s down almost 3.5 percent over that time and has sunk 7 percent since Dec. 13. Lightweight aluminum products maker Arconic surged after its largest shareholder said the company needs new leadership. Elliott Management nominated five potential directors to Arconic’s board. The company said it stands by CEO Klaus Kleinfeld and that Elliott’s moves are not in the best interest of all shareholders. Since Arconic split from Alcoa on Nov. 1, Arconic stock was almost flat and Alcoa has jumped almost 70 percent. Arconic gained $2.55, or 11.2 percent, to $25.28.
The dollar rose to 113.09 yen from 112.76 yen. The euro fell to $1.0744 from $1.0803. In other energy trading, wholesale gasoline rose 3 cents, or 1.9 percent, to $1.58 a gallon. Heating oil added 4 cents, or 2.6 percent, to $1.67 a gallon. Natural gas rose 5 cents, or 1.6 percent, to $3.17 per 1,000 cubic feet. The price of gold slipped $3.10 to $1,208.30 an ounce. Silver lost 9 cents to $17.45 an ounce. Copper fell 2 cents to $2.71 1 pound. Stocks in Europe got a boost from the hiring survey and a report that said manufacturing in China grew at its fastest pace in two years in January. Heavy government spending and more lending by banks helped keep the economy steady. Germany’s DAX added 1.1 percent while the CAC 40 of France rose 1 percent. The FTSE 100 index in Britain picked up 0.1 percent. Japan’s Nikkei 225 rose 0.6 percent after a skid on Tuesday. The Kospi in South Korea jumped 0.6 percent. Hong Kong’s Hang Seng fell 0.2 percent.
PAGE 14, Thursday, February 2, 2017 Google’s self-driving Lexus car drives along street during a demonstration at Google campus in Mountain View, Calif. California regulators release safety reports filed by 11 companies that have been testing self-driving car prototypes on public roads yesterday. The papers report the number of times in 2016 that human backup drivers took control from the cars’ selfdriving software, though companies argue such “disengagements” don’t always reflect something going wrong. (AP Photo)
EMPLOYMENT OPPORTUNITY IT TECHNICIAN Job Summary We are looking for an IT Technician who has a thorough knowledge of computer software and hardware and a variety of internet applications, networks and operating systems. The ideal candidate will also have great troubleshooting abilities and attention to detail. The right individual must be able to train users of the systems. Duties and Responsibilities: • Setup workstations with computers and necessary peripheral devices (routers, printers, etc) • Be familiar with all hardware and software • Be familiar with network operating system • Install and configure appropriate software and functions according to specifications • Check computer hardware (mouse, keyboard) to ensure functionality • Provide orientation to new users of existing technology • Provide individual training and support on request • Troubleshoot technology issues • Provide network access to all users • Make recommendations about purchase of technology resources • Maintain records/logs of repairs and maintenance schedule Position Requirements: • Proven experience as IT Technician • Excellent diagnostic and problem solving skills • Excellent communication ability • Organizational and time management skills • Certification as IT Technician will be an advantage Competitive salary and benefits package are commensurate with experience. Interested persons should apply in writing via e-mail address: jmcdonald@comfortsuitespi.com
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Self-driving car prototypes need less human help, data show
LOS ANGELES (AP) — Self-driving car prototypes appear to be getting better at negotiating California streets and highways without a human backup driver intervening, according to data made public Wednesday by California transportation regulators. The data reflect safetyrelated incidents reported by 11 companies that have been testing more than 100 vehicles on public roads, primarily in the Silicon Valley neighborhoods where the technology has grown up. The reports were made to California’s Department of Motor Vehicles, which posted them online. The documents catalog the number of times from December 2015 through the end of November that humans took over control from a car’s software for safety
reasons. Waymo, as Google’s selfdriving car project was recently rebranded, did far more testing than the other 10 companies combined — and had much greater success. Its fleet drove itself more than 635,000 miles with 124 safety-related “disengagements,” which must be reported when the technology fails or the backup driver takes control out of concern the car is malfunctioning. The Google project’s disengagement rate was the equivalent of two incidents every 10,000 miles, a notable decrease over the prior year, when there were eight disengagements per 10,000 miles. “This four-fold improvement reflects the significant work we’ve been doing to make our software and hardware more capable and
NOTICE
NOTICE is hereby given that SAINT CYR JEAN OSTAIS of
Ocean Street, P.O. Box SB-52944, Nassau, Bahamas
is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 2nd day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that CIALIN DANY of Marsh Harbour, Abaco, The Bahamas is applying to the Minister
responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
mature,” Dmitri Dolgov, Waymo’s head of self-driving technology wrote in a blog post . Waymo’s chief critic acknowledged the improvement, but John Simpson of the nonprofit Consumer Watchdog said the number of disengagements shows the cars still “simply aren’t ready to be released to roam our roads” without human backup drivers. Other companies also showed improvements. Nissan reported 28 disengagements over 4,099 miles, or 68 incidents per 10,000 miles — far better than the 106 in 1,485 miles (713 per 10,000 miles) it reported last year. Cruise Automation, a startup acquired last year by General Motors, reported driving the second most test miles this year. Cruise said its prototypes had 181 disengagements over 9,776 miles (185 per 10,000 miles) and that it was “pleased with our progress” during testing on the complex streets of San Francisco. The company did not file numbers for 2015 because it did not have a testing permit that year. Though imperfect, the data represent the best peek the public gets into the secretive and fiercely competitive world of self-driving cars and how the prototypes are performing. California required the disengagement reports as part of regulations governing testing on public roads. Separately, the state also requires companies to report any collisions involving its cars. When the technology will be ready for the public depends on several factors, including regulators’ readiness and company confidence the vehicles are safe.
THE TRIBUNE
Thursday, February 2, 2017, PAGE 17
YOUR
CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019
A leading vacation ownership resort is seeking an applicant for the position of:
Engineering Assistant Operations Manager The incumbent will be responsible for assisting with the management of the Engineering Department and Asst. Shift Engineers. Responsibilities also include the management of property and resort maintenance, to ensure the property is maintained to the required standard, while keeping safety standard guidelines enforced. In addition, be responsible for supporting the Engineering Operations Manager and Director in the supervision of the projects that impact the general upkeep of the resort property. Other • • • • •
responsibilities include: Conducting morning briefings Coach, develop, trains, recognizes, disciplines and rewards subordinates. Monitors/supervises special projects specific to renovations, maintenance weeks, electrical, plumbing, painting, golf carts, gates, signage, leaks, alarms, furniture, refrigeration, air conditioning, heaters, boilers, etc. Participate in the Hurricane Preparedness Task Force as one of the property’s safety coordinators. Have a thorough knowledge of documented Emergency & Safety Procedures.
Required Qualifications: • Must be proficient in computers and electrical systems • AT least BTVI trade certificates or three disciplines equivalent in the Engineering field/Associate Degree in relevant field • Must have a good command of the English language • At least 3-5 years in a supervisory position in an engineering environment. Interested person can apply to the position on: Atlantislocalbahamas.com Deadline for submissions is February 3, 2017
PAGE 18, Thursday, February 2, 2017
THE TRIBUNE
GOP pushes 2 top Cabinet picks through to full Senate WASHINGTON (AP) — Republicans jammed two of President Donald Trump’s top Cabinet picks through the Senate Finance Committee with no Democrats in the room Wednesday after suspending a rule that would have otherwise barred them from taking the vote. The tactic seemed a warning shot that they might deploy brute political muscle in the upcoming fight over the Supreme Court vacancy. With a near-toxic vapor of divisiveness between the two parties across Capitol Hill, nasty showdowns broke out elsewhere as well. One Senate panel signed off on Trump’s choice for attorney general only after senators exchanged heated words, and another committee postponed a vote on the would-be chief of the Environmental Protection Agency after Democrats refused to show up. Busting through a Democratic boycott of the Finance panel, all 14 Republicans took advantage of Democrats’ absence to temporarily disable a committee rule requiring at least one Democrat to be present for votes. They then used two 14-0 roll calls to approve financier Steve Mnuchin for Treasury secretary and Rep. Tom
Secretary of State-nominee Rex Tillerson testifies on Capitol Hill in Washington. Trump’s nomination of Tillerson for secretary of state is headed toward Senate confirmation after several Democrats crossed party lines to back the former Exxon Mobil CEO. (AP Photo) Price, R-Ga., to be health secretary, ignoring Democrats’ demands that the two nominees provide more information about their financial backgrounds. All the nominations will need full Senate approval. Underscoring Congress’ foul mood, Finance panel Chairman Orrin Hatch, R-Utah, said Democrats should be “ashamed” for staying away from his committee’s meeting. “I don’t feel a bit sorry
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, HERBERT LEWIS of Pinewood Gardens, P.O.Box N-9112 New Providence, Bahamas intend to change my name to HERBERT SAMUEL STRACHAN. 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.
NOTICE
NOTICE is hereby given that SIDNEY SYLVIAN of Abundant Life Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
for them,” he told reporters, adding later, “I don’t care what they want at this point.” Trump won one major victory, as the Senate confirmed Rex Tillerson to be secretary of state. The mostly party-line 56-43 vote came with Democrats critical of Tillerson’s close ties to Russia as former Exxon Mobil CEO. But the prospects that GOP donor Betsy DeVos would win approval as education secretary were jarred when two GOP senators, Susan Collins of Maine and Alaska’s Lisa Murkowski, said they opposed her. Both challenged her support for public education, and their defections meant Vice President Mike Pence might need to break a tie in a Senate that Republicans control 52-48. Congress’ day was dominated by confrontation, even as lawmakers braced for an even more ferocious battle over Trump’s nomination of conservative federal judge Neil Gorsuch to fill the Supreme Court vacancy. Democrats were already furious over Republicans’ refusal to even consider last year President Barack Obama’s pick for the slot, Judge Merrick Garland. Trump fueled the fire by urging Senate Majority Leader Mitch McConnell, R-Ky., to “go nuclear” — shorthand for a unilateral change in the chamber’s rules so Democrats can’t block Gorsuch with a filibuster.
MARKET REPORT TUESDAY, 31 JANUARY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,908.66 | CHG -4.06 | %CHG -0.21 | YTD -29.55 | YTD% -1.52 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.55 4.70 0.12 7.68 8.50 6.10 10.60 15.48 2.72 1.60 5.82 9.75 11.00 9.00 6.90 12.25 11.00
52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 4.10 8.05 5.50 7.72 11.00 2.18 1.31 5.60 6.70 8.56 6.12 6.35 11.81 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate 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 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.46 1.67 1.56 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 4.48 8.50 5.83 10.50 11.93 2.02 1.60 5.82 9.75 10.95 9.00 6.90 11.93 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 107.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 4.25 8.50 5.83 10.50 11.93 2.06 1.60 5.82 9.75 10.95 9.00 6.90 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.23 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
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 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
107.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.19 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
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
VOLUME 7,000 115
2,000
VOLUME
NAV 2.03 3.92 1.94 168.44 141.76 1.46 1.66 1.56 1.07 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000
P/E 151.0 15.8 N/M 20.7 N/M N/M -141.7 14.0 13.6 23.3 108.5 20.2 20.0 19.4 18.8 11.4 11.0 23.5 19.6 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 0.0
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 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 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 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
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 1.83% 6.31% 0.00% 5.97% 0.00% 0.00% 2.12% 3.53% 3.77% 3.43% 4.11% 2.91% 3.75% 4.12% 4.10% 0.00% 3.67% 2.03% 5.36% 0.00%
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
NOTICE IN THE ESTATE of Alma M. Jorge, late of 135-07116th Avenue So., Ozone Park Queen, New York, one of the States of the United States of America, deceased. Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and particulars of the same certified in writing to the undersigned on or before the 14th day of February A.D., 2017, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Attorney by Deed of Power of Attorney for the Executors shall have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys by Deed of Power of Attorney for the Executors Alvernia Court, 49 A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas
PAGE 20, Thursday, February 2, 2017
THE TRIBUNE
Call 502-2394 to advertise
House Speaker Paul Ryan of Wis., joined by Rep. Scott Tipton, R-Colo., meets with reporters on Capitol Hill in Washington, yesterday, following GOP strategy session. Ryan gave a strong defense of President Donald Trump’s refugee and immigration ban to caucus members and said he backs the order, which has created chaos and confusion worldwide. (AP Photo)
Congressional Republicans move to dismantle Obama rules WASHINGTON (AP) — Moving to dismantle former President Barack Obama’s legacy on the environment and other issues, House Republicans approved a measure Wednesday that scuttles a regulation aimed at preventing coal mining debris from being dumped into nearby streams. Lawmakers also voted to rescind a separate rule requiring companies to disclose payments made to foreign governments relating to mining and drilling. Republicans said the votes were first in a series of actions to reverse years of what they see as excessive government regulation during Obama’s presidency. Rules on fracking, guns and federal contracting also are in the cross-hairs as the GOP moves to void a host of regulations finalized during Obama’s last months in office. “Make no mistake about it, this Obama administration rule is not designed to protect streams. Instead, it was an effort to regulate the coal mining industry right out of business,” said Rep. Bill Johnson, R-Ohio, who sponsored the disapproval measure on the stream protection rule. The House approved the measure, 228-194. Nine Re-
the coming weeks as Congress uses it to overturn regulations federal agencies issued late in Obama’s presidency. The law hastens the process for bringing legislation to the floor and removes the hurdle of a 60-vote threshold in the Senate. Regulations imposed since June 13 can be invalidated on a simple majority vote of both GOP-led chambers and the president’s signature. What’s more, the law prevents the executive branch from imposing substantially similar regulations in the future. It is that aspect of the law that frightens environmental groups that have fought for years for the coal-mining rule and another rule to restrict energy companies from burning off natural gas during drilling operations on public lands. Using the review act to overturn a federal regulation “is like burning down your house because you don’t like the paint color,” said Jenifer Collins, a clean water advocate for the environmental group Earthjustice. Collins calls the review act “an extreme and blunt instrument” that essentially prevents federal rulemakers from addressing a
“Make no mistake about it, this Obama administration rule is not designed to protect streams. Instead, it was an effort to regulate the coal mining industry right out of business” publicans voted against repeal, while four Democrats supported it. Lawmakers approved the financial disclosure measure, 235-187. The rule, which grew out of the 2010 Dodd-Frank financial oversight law, was intended to promote transparency so citizens in some of the world’s most impoverished countries can hold their governments accountable for the wealth generated through mining and drilling. Republicans said the regulation placed an unfair burden on U.S. companies by requiring them to hand over key details of how they bid and compete while many foreign competitors are under no obligation to do the same. The GOP said the cost of compliance is estimated at $590 million a year — money that could be used to help produce more oil, gas and mineral resources. Rep. Carolyn Maloney, D-N.Y., said the only reason to repeal the disclosure rule was “to help corrupt governments steal money from their people.” Republicans voted to repeal the Obama-era rules using the Congressional Review Act, an obscure oversight tool that could become more familiar in
topic once Congress has acted. But House Speaker Paul Ryan and other Republicans blame Obama, saying the rules Congress is rescinding are poorly crafted and hurt people. “The stream protection rule is really just a thinly veiled attempt to wipe out coal mining jobs,” Ryan, RWis., said. “The Department of Interior’s own reports show that mines are safe and the surrounding environment is well-protected,” Ryan said, adding that the stream-protection rule ignores dozens of federal, state and local regulations already in place. The Interior Department said in announcing the rule in December that it would protect 6,000 miles of streams and 52,000 acres of forests, preventing coal mining debris from being dumped into nearby waters. The rule maintains a longestablished 100-foot buffer zone that blocks coal mining near streams, but imposes stricter guidelines for exceptions to the 100-foot rule. Interior officials said the rule would cause only modest job losses in coal country and could even create jobs as companies hire construction crews to haul and store debris.