01082024 BUSINESS by tribune242

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MONDAY, JANUARY 8, 2024

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FTX US chief feared $9bn Bahamas ‘risk’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FTX’s US chief has admitted he feared a “risk” that the crypto exchange’s Bahamian liquidators “could be awarded material” sums on their $9bn-plus claim if he failed to settle their dispute. John Ray, who heads the 134 FTX entities currently in Chapter 11 protection in Delaware, also conceded in legal documents filed late last week that his plan to bring the group out of bankruptcy could be blocked if the battle with Brian Simms KC, the Lennox Paton senior partner, and PricewaterhouseCoopers (PwC) accounting duo, Kevin Cambridge and Peter Greaves, was not resolved. The filings, which represent Mr Ray’s bid to obtain Delaware Bankruptcy Court approval of his settlement with the Bahamian liquidation trio, reveal there were multiple factors driving him to seek peace besides the threat posed to creditors by “costly,

t -PDBM MJRVJEBUPST DPVME IBWF HPU ANBUFSJBM TVN PO DMBJN t "OE AQPUFOUJBMMZ QSFWFOU $IBQUFS CBOLSVQUDZ FTDBQF t 3BZ UP HJWF '59 %JHJUBM .BSLFUT USJP N CSJEHF MPBO time-consuming and uncertain litigation” that could delay and reduce the value of asset recoveries. Apart from the possibility that FTX Digital Markets’ liquidators might succeed with their claim, and the potential thwarting of his Chapter 11 restructuring plan, the FTX chief was also troubled by the likelihood that the Supreme Court would not enforce any Delaware judgments covering

Bahamasbased assets such as the crypto exchange’s $256m worth of property purchases. ExplainJOHN RAY ing the rationale for the deal with his Bahamian counterparts, Mr Ray said: “My view is that the global settlement avoids costly, time-consuming and uncertain litigation and eliminates the risk that the Bahamas court will render decisions before this court on matters that are core to the debtors’ Chapter 11 cases or that could harm the debtors’ claims, arguments and defences in other litigation and their reorganisation efforts. “I believe that, absent final resolution of the disputed property issues between the debtors and FTX Digital Markets, [it] could

SEE PAGE B6

FTX real estate sell-off can’t cover $256m debt By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE sell-off of FTX’s high-end properties “will not be sufficient” to fully repay the $256.3m debt owed to the crypto exchange’s Bahamian subsidiary, it has been asserted. John Ray, head of the 134 FTX entities in Chapter 11 bankruptcy protection, alleged in legal documents late last week that the estimated “total net sales proceeds” generated from disposing of 35 properties acquired for a combined $222m will not be enough to totally clear FTX Digital Markets’ claim.

BRYSON ALDRICH DECHAMBEAU The filings, which represent Mr Ray’s bid to obtain Delaware Bankruptcy Court approval of his settlement with the Bahamian liquidators of FTX Digital Markets, also reveal the

SEE PAGE B8

‘We didn’t hit $1bn, but we did very well’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian high-end real estate market will “do at least as good as 2023 if not better” in 2024, as one major realtor said of last year: “We didn’t do $1bn in sales but we did very well.” George Damianos, Damianos Sotheby’s International Realty’s president, told Tribune Business there was “no question” that his firm - which specialises in premium properties - had enjoyed “one of our best years” in 2023 despite not matching the prior year’s 10-figure sales number.

And, looking ahead to the current year, he disclosed that he is “really going to be pushing for 2024 to be better than 2023” as “there’s nothing on the horizon” to suggest the possibility of a downturn or negative forces strong enough to impact the wider market and buyer demand. “Obviously in 2022 we did over $1bn in sales, which was a real record,” Mr Damianos told this newspaper of his company’s performance. “We didn’t do as well; we didn’t do $1bn in sales in 2023, but we did very well. I’m optimistic I

SEE PAGE B4

THE OCEAN CLUB, Four Seasons Residences, Bahamas.

200 jobs through Ocean Club’s $400m expansion By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ocean Club’s upcoming $400m expansion will create 200 full-time jobs once the development is fully completed in 2027, the project’s partners have revealed. Access Industries, the existing Ocean Club’s owner, confirmed it is partnering with Florida-based real estate developer, Two Roads Development, and the high-end Four Seasons resort brand, to construct 67 private residences that will be priced between $6.5m and $23m. “We’re delighted to work with Four Seasons and Two Roads Development on the Ocean Club Private Residences,” said Jonah

t 1* SFTPSU PXOFS UFBNT GPS SFTJEFODFT t A8JO XJO TPMVUJPO FZFE GPS CFBDI BDDFTT Sonnenborn, head of Access Real Estate, said in a statement. “As a long-term investor on Paradise Island, we continue to stimulate economic growth. This project will bring an additional $400m in economic activity to The Bahamas and is projected to create around 200 full-time jobs.”

SEE PAGE B7

PAGE 2, Monday, January 8, 2024

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GOVERNANCE, RISK AND COMPLIANCE IN 2024 T

his year, governance, risk and compliance (GRC) will continue to evolve rapidly, driven by technological advances, evolving regulatory environments and changing economic conditions. Gartner projects $205bn in end-user spending on risk management and cyber security in 2024, an increase of 14.3 percent from 2015. GRC programmes will become ever-more important as the regulatory landscape becomes more complex. This article examines key trends in GRC for 2024, including technological integration, regulatory changes, risk management strategies and evolving compliance roles. Technological integration in GRC Machine learning and artificial intelligence (AI) are increasingly being used in compliance and risk management. As a result of these technologies, companies are able to process large amounts of data to assess risks better and comply with regulations. A number of AI algorithms can, for example, detect financial risks or compliance violations based on data trends and anomalies.

DEREK

SMITH Moreover, the use of blockchain technology in GRC frameworks is also gaining traction. Because blockchain is transparent, immutable and decentralised, it enhances trust in record-keeping and transactional processes. Blockchain can provide a transparent and immutable record of product provenance and handling, which is particularly relevant to supply chain management. Regulatory changes and compliance Our regulatory landscape is expected to continue to change rapidly this year. Adapting to new regulations and standards requires agility on the part

of companies. The European Union’s (EU) General Data Protection Regulation (GDPR) has set a global trend in placing more emphasis on data protection and privacy laws. It is necessary to ensure the correct handling of personal data, so firms must implement robust data protection measures and maintain transparency with data subjects. In addition, environmental, social and governance (ESG) criteria are becoming more important for compliance with regulatory requirements. For companies impacted by ESG requirements, reports must show financial performance and their impact on the environment and society. As a result of this shift, business practices are becoming more responsible and sustainable. Risk management strategies Risk management will continue to be a critical component of GRC in 2024. In contrast to the traditional reactive approach to risk management, there is a trend towards more proactive and predictive approaches. It is possible for companies to identify potential risks before they materialise, and implement

strategies to mitigate them by leveraging data analytics and forecasting tools. Data breaches, ransomware and phishing attacks remain top concerns in cyber security. In order to mitigate cyber risks, companies are investing in advanced cyber security measures, including endpoint security, network security and employee training. The evolving role of compliance It is becoming increasingly important for compliance to play a strategic role in the business, rather than simply being a regulatory requirement. A key driver of business efficiency and value creation in 2024 will be compliance. It is essential for professionals in this area to understand the business in order to provide strategic advice on navigating regulatory environments and managing risks. Compliance also requires a more collaborative approach. The responsibility for compliance has shifted from being solely the responsibility of the compliance department to one that is shared by all business units. Integrated business processes ensure that compliance

considerations are incorporated into all decisions and processes. Conclusion Data protection, ESG criteria, proactive risk management and the strategic role of compliance are key trends shaping the future of GRC. Companies are in need of professionals who can adapt to changing environments, leverage technology advances and integrate compliance into their strategic decisionmaking systems. GRC is about building resilient, agile and ethically responsible companies in an increasingly complex and interconnected world.

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PAGE 2, Monday, January 8, 2024

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GOVERNANCE, RISK AND COMPLIANCE IN 2024 T

DEREK

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Monday, January 8, 2024, PAGE 3

GOVERNANCE REFORMERS: MAKE TRANSPARENCY LAWS ‘A PRIORITY’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GOVERNANCE reformers yesterday argued that prioritising government transparency and accountability will help combat the same cost of living crisis that the Davis

administration is focused on. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that fully implementing the Public Procurement Act’s bidding and contract award stipulations, for example, will enable small businesses and

entrepreneurs to grow by competing on a level playing field for government work. Speaking out after Fred Mitchell, minister of foreign affairs and the PLP chairman, last week dismissed as “just a bunch of public relations” multiple laws passed by previous administrations to enhance government

transparency and accountability to the Bahamian people, he argued that enforcing these Acts would also help restore “trust” and confidence in public institutions. The Prime Minister’s Office, in a statement following Mr Mitchell’s comments and earlier assertions by Philip Davis

KC that fully enabling the Freedom of Information Act is not a top priority at this time, said the administration is “actively moving forward” with implementing that legislation and is fully committed to it. “This step underscores our unwavering

FIDELITY DEFENDS ‘NOMINAL’ IN-PERSON SERVICE CHARGE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FIDELITY Bank (Bahamas) is defending its imposition of a fee for in-person services by describing the sum involved as “nominal” and pointing out it is the last bank to levy such a charge. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business he is “empathetic” towards negative reaction by Grand Bahama customers over the imposition of such a fee but argued that it is necessary to cover the costs associated with providing in-branch services. “I try to break it down very simply. When you ask a plumber or an electrician, a lawyer or a doctor, to

provide services to you, you expect there to be a billing for their professional time and hours that they put into it,” he explained. “Historically, financial institutions, whether customers like hearing it or not, used to effectively subsidise what I’m going to call the professional services that they obtained in the branch. When you look at the various types of services, or when you do lending, there are usually loan fees and that helps to compensate for overhead and staff costs. “When you have merchant services, credit cards etc, there are fees and all of those are designed to generate a profit but, more importantly, to cover the costs.” Fidelity Bank (Bahamas) is the last commercial bank in the country

to implement fees for inperson services, and Mr Bowe described the charge as “nominal” and not a bid to unduly burden the customer. “When you look at teller services, in particular, which is really the ones we’re looking at in terms of in-person, those have been services that are really uncompensated,” he added. “When you come in to deposit or withdraw, putting money on an account or taking money off an account does not earn the bank any income, particularly if you are a transitory customer where you are not leaving money on deposit where you can lend it and earn a return. It truly is one that is uncompensated. “There has been a move to how do we provide these services in an efficient way,

Cruise port targeting 25% visitor rise to 5.6m in ‘24 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU Cruise Port yesterday affirmed it is targeting a near-25 percent increase in passengers to 5.6m for 2024 after receiving close to 4.5m last year. The Prince George Wharf operator, in a statement, hailed 2023 as a “record-breaking year” after welcoming 4.491m passengers on a collective 1,201 vessels. It added that this represented a 14 percent increase over previous pre-COVID passenger record from 2019, and it now has ambitions to grow this number by 1.1m in 2024. Mike Maura, Nassau Cruise Port’s chief executive, said: “A huge thank you to the cruise industry

and its passengers, the travel agents championing The Bahamas, our government partners, the Nassau Cruise Port businesses, the entire community here in New Providence and, of course, our incredible team at Nassau Cruise Port. “Each of you make a difference every day, owning your share of this success. And remember, the newly-revitalised Nassau waterfront offers unique finds, fantastic entertainment and delicious food and drinks, with even more on the horizon for 2024.” Nassau Cruise Port added that it shattered Prince George Wharf’s oneday passenger record in March by welcoming 28,554 visitors. It then broke this again on December 27 by attracting 29,316 passengers. This momentum helped it set a new full-year

record and beat the original target of 4.2 million passengers, although no estimates were provided for their spending and how many left ship while in port. Arrivals via Nassau Cruise Port played a significant role in the nine million-plus total visitor numbers for 2023 that were recently touted by Chester Cooper, deputy prime minister and minister of tourism, investments and aviation. Once confirmed, the nine million figure will be some one million - and 12.5 percent - above initial 2023 arrivals projections for The Bahamas. Mr Cooper said the arrivals increase is estimated to have generated more than $6bn in visitor spending that has directly impacted the Bahamian economy.

but in a cost effective way. Because if every service of the bank goes uncompensated, the bank loses money, shareholders lose their equity investment. If it gets so severe, then depositors lose money.” Fidelity Bank (Bahamas) is now encouraging customers to use its online banking facilities for faster service

MATT AUBRY

SEE PAGE B5

that is free of charge. “We have not changed any cost structure and online banking is completely free,” Mr Bowe said. “At this current point in time, we’re saying that if your preference just simply was to see the pretty smiles of our ladies and the dapper Dons, as our gentlemen, in terms of putting

money in and taking it out, then there’s going to be a cost associated with that because we have to pay for them and we have to pay for the overhead. “If there are services that you cannot perform online, and you cannot perform at the ATM, those are not being levied with the fee, but it is really saying that we would want you reserving the in-person services for those that are value added.”

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GRAYCLIFF WORKERS ENJOY 20% PAY INCREASE OVER FIVE YEARS By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net THE hotel union’s president says the newly-signed industrial agreement with Graycliff will give 50 workers a 20 percent pay rise spread over five years and place them in a “more stable position”. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) chief, said the same employees will also receive “improvements” in vacation pay, bonuses

DARRIN WOODS and emoluments as a result of the deal the two sides signed on Friday. He said: “This agreement, as with many, has been outstanding for some

time, the last one being 2013. This puts the employees at Graycliff in a more stable position, where they now have a document that governs the behaviour between management and the union. “It also gives the union the ability now to take matters to another level. And you will see in this new agreement there are improvements in the vacation, there’s improvements in Christmas bonus, there’s improvements in the ham and turkey and, of course, there’s improvement in the wages and emoluments.”

Mr Woods added that employees will received the first pay increase upon the agreement’s signingm and will continue to receive annual rises on the anniversary of the contract signing for the next five years. He said: “There’s also a lump sum payment that they will get. Once the document is signed, they have decided to make those payments in the very near future. “As with many of our agreements, these agreements are historic. This one presents a 20 percent wage increase over the next five

years, with the first increase coming once the document is signed, and on the anniversary of the day every year thereafter until the contract expires.” Mr Woods continued: “The benefits in here are membership driven. The members were the ones who told us exactly what it is they want to see. And, like anything else, you don’t always get what you requested, but I believe we went very well on our way in terms of getting most of the things that we would have asked for, and we were able to preserve a lot of the

prior benefits that were in there. “This one is also historic and significant because, once this document is signed and registered, it then forms part of the employee’s individual contract of employment, which means the benefits will continue. From an organisational standpoint, we are pushing membership-driven activities and membershipdriven benefits because of the long-term benefits they would reap.”

Fired Atlantis shop steward now working at hotel union By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A FORMER Atlantis chief shop steward, whose firing last year triggered a formal trade dispute, has elected not to return to the resort and is now employed full-time with the hotel union. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, said the union had been prepared to negotiate Princess Adderley’s reinstatement with the Paradise Island mega resort by the exRoyal Towers chief shop

steward had chosen to go in a different direction. He said: “We appealed the matter at the highest level of the company, and the company took a particular position, which we did not agree with. “We were negotiating back and forth for her reinstatement and, of course, they took a particular position again, and when it all boiled down, it came to [her] making a decision that she thought was in her best interest. One of the things she said succinctly was, you know, I’m not certain that I would like to go back to a place where it seems as if I’m not wanted.” Ms Adderley was terminated last year because

of alleged insubordination and incitement of a work stoppage, which Atlantis alleged violated the industrial agreement with the BHCAWU. She was initially suspended after workers objected to paying for new independence uniform shirts because their demands for a new industrial agreement had not been met. Mr Woods at the time said Ms Adderley was not present during the incident, but was held responsible when employees stopped working. The union argued that Atlantis management had no evidence to support the termination, and subsequently filed a trade dispute

with the Department of Labour. The BHCAWU chief on Friday maintained that the union was more concerned with Ms Adderley’s best interests than the outcome of the trade dispute, and decided to offer her a position as a junior officer instead. He said: “She made a decision, and we supported her decision, but one of the

things we maintain throughout this whole ordeal is that no matter what happened in this situation, no matter what the outcome was, the union was going to ensure that her best interest longterm would have been looked after. “So we made a decision as an organisation… that we would bring her on as an organiser for the organisation, which is a step above

‘We didn’t hit $1bn, but we did very well’ FROM PAGE B1 may get another [$1bn sales year] before I retire. “I think 2023 is way up there as one of our best years, no question about it. It was better than probably 2019. I think we still have a little bit of upward momentum for The Bahamas. We still have some upward motion left in us. “I’m really going to be pushing for 2024 to be better than 2023. I’m really going to be pushing for 2024 to be better than 2023. I’m really going to try and push this further along than we were last year. We’re getting more inventory and getting good feedback about the market, so I would say it will be at least as good as 2023 if not better.” Mr Damianos justified his optimism by saying there has been little to no change in the fundamentals driving the high-end Bahamian real estate market despite a slight cooling-off following the post-COVID boom of 2021 and 2022. “I think that there’s been no real major change in the economy of The Bahamas or worldwide, or in the US where most of our buyers come from,” he said. “There’s been no real shift to make you feel there’s a recession or slowdown in the marketplace. “There’s a lot of money in the world looking for a great vacation home or second

home and place to come to. That’s where it is in the highend market. Things may go the other way and tighten up for us, but there’s nothing on the horizon that I see which is going to make that happen. It’s early in the year, but I think we’ll be fine. “I’m still very optimistic about 2024, and I don’t see enough of anything to make me change and make me feel like this is a bad year. I think we will have a good year in The Bahamas. Things are moving in the right direction, and my agents are dealing with the right buyers and right people. I think The Bahamas has a lot going for it right now and my competitors feel the same way.” Ryan Knowles, founder and chief executive of Maison Bahamas Real Estate, told Tribune Business he expects 2024’s high-end real estate market to be “significantly stronger” than last year’s even though the 2021-2022 boom is “behind us for now”. Pointing out that inflation in most major economies was starting to subside, or stabilise, amid expectations that global interest rate rises may have peaked, he added of 2023: “It turned out to be kind of what I expected as far as being a year of transition. “Coming off an incredible high in 2022, things cooled off across the board in the luxury market. The temperature kind of came

a chief shop steward, a junior officer of the of the union. She is now employed with the union on a fulltime basis and she’d still be doing the same thing, representing people wherever she is assigned. “She’s graciously accepted the offer and she is here with us today, with the union…and she’s excited.” down a bit as people were coming to terms with higher interest rates. We had some incredible sales, some record-breaking sales in different communities nonetheless. “The 1 percent, the wealthiest sector of the market, continues to shop for homes and want the luxury experience..... Coming into 2024, the buyer sentiment seems to be back. Buyers, from what I’ve been seeing in the last couple of months, there’s a confidence and urgency to purchase that stopped for a while.” Mr Knowles said this urgency is seeing high-end buyers make an offer “right away” on real estate they desire, as opposed to taking time to consider their decision and making multiple trips to The Bahamas to view a variety of properties. “The speed of the transaction is back,” he added. Asked how 2024 is likely to play out, Mr Knowles told this newspaper: “I think it will be better than 2023. There was really a lot of shock when interest rates went the way they did at the start of the year. The first half of 2023 was slow. I think if you talk to any number of realtors they will attest to that. “In the second half, it picked up again. The last few weeks, we’ve been fielding a lot of inquiries. There are a lot of prospects looking in the $1m to $3m range, and also from folks in the $5m$10m range. I think it will be stronger than 2023 if I had to guess; significantly stronger. It won’t be 2021 or 2022; they are behind us now.”

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Monday, January 8, 2024, PAGE 5

WHAT’S TO COME IN 2024 By CHRIS ILLING CCO @ ActivTrades.com

he first week of 2024 is behind us. What will happen

in 2024? Indices: During 2023, stock markets rose sharply in the US as well as Europe. Falling inflation rates, in particular, provided support. The main price driver was investors’ expectations that major global central banks, such as the Federal Reserve in the US and the European Central Bank (ECB), would not raise their key interest rates any further but would soon start cutting them. There is certainly potential for a correction and continued volatility that is quite high. The courses

are highly data-driven. The tension between inflation and interest rate expectations remains. In addition, the market is already technically over-bought in some areas. However, the momentum remains positive. Investors are certainly hoping the US will aim for its first interest rate cuts by the middle of the year, and that the ECB will follow suit albeit with a slight delay. The continued focus on the so-called ‘Big 7’, and especially

artificial intelligence (AI) related companies, suggests opportunities in specialised ETFs (exchange-traded funds) and index-based investments. Crypto: Crypto currencies have experienced a resurgence. The two main factors are the possibility of the Blackrock Crypto ETF and the Bitcoin halving event. The Bitcoin halving event occurs when the reward for mining Bitcoin transactions is cut in half. Halving reduces the rate at which new coins are

GOVERNANCE REFORMERS: MAKE TRANSPARENCY LAWS ‘A PRIORITY’ FROM PAGE B3 the Public Procurement Act. It is behind the mandated schedule for publishing quarterly and fiscal reports, and late last year published its first list of government contract award winners even though it had been in office for two years and both the original and current Public Procurement Act mandate such information be published “within 60 days of the award” This is supposed to include the winning bidder’s name and address; contract amount; bid title; name of the procuring entity; and bidding method used. Mr Aubry, meanwhile, argued that the same legislation criticised by Mr Mitchell as “having nothing to do with ordinary lives” could also be used to help ease the cost of living crisis that the Government has identified as its priority, with Bahamians struggling to make ends meet. “I think it’s critical to make time and make a priority for issues of transparency that exist in our legislation,” the ORG chief told Tribune Business. “At a critical time, when things

external to The Bahamas are at play in many spaces, there are many things we can’t control and a lot of external pressures, it’s understandable transparency and those types of things don’t become a priority when you’re trying to address a crisis. “However, I think it’s absolutely essential to remember that those mechanisms of transparency and accountability were put into law to pay attention to long-term sustainability and the positive impact that comes all the way down to quality of life issues.” Citing the Public Procurement Act as an example, Mr Aubry said its full implementation when it comes to total transparency in unveiling bidding opportunities, and encompassing all state-owned enterprises (SOEs), will give Bahamian businesses, including those in the Family Islands and/ or run by women and young people, “confidence the system is fair and equitable, and they can invest in and grow their business. “We need that,” he added. “COVID taught us we need more sustainable and resilient local

economies. The difference between a person in the community struggling to put food on the table and their ability to thrive by utilising the skills they have might be using the procurement system to build their business. These are critical things. “The Freedom of Information Act fully functioning makes Government make more efficient and effective decisions on spending. That means less wastage and more money applied to social challenges when external sources are affecting food and electricity prices. “There’s a challenge with trust that exists not only in The Bahamas, but in the Caribbean and worldwide, involving the connection between citizens and the Government. We need to restore that level of trust. We need people to have confidence the Government is serious when it puts forward things like digitisation.”

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created, and thus lowers the available amount of new supply. The final halving is expected to occur in about 2140 when the number of bitcoins circulating will reach the theoretical maximum supply of 21m. Oil: The geopolitical hotspots around the world will continue to create challenges in the production and distribution of oil supplies. These challenges should increase volatility

in the market and create opportunities for day traders. Forex: The euro and US dollar will be, for one more year, the most traded currency pair worldwide. The experts have different opinions as to which currency will be on the front foot. On the one hand, international investors continue to regard the US as the more stable and stronger economic area, and this attitude will

help to strengthen the dollar. But the foundation is not as solid as it used to be. The budget dispute, the upcoming presidential election, and the massive debt are gnawing away at the US being the ideal destination for international capital, and might weaken the dollar. There are many opportunities for the savvy investor in 2024.

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THE TRIBUNE

FTX US chief feared $9bn Bahamas ‘risk’ FROM PAGE B1 delay and potentially prevent the confirmation and effectiveness of the debtors’ proposed chapter 11 plan. “Further, FTX Digital Markets is subject to its own insolvency proceeding in The Bahamas, and there is no assurance that any judgment by this court in favour of the debtors with respect to assets located in The Bahamas will be enforced by the Bahamas court,” Mr Ray added. “The debtors have defences to the claims and counterclaims asserted by FTX Digital Markets. However, absent approval of the global settlement agreement and the releases contained therein, there is risk that FTX Digital Markets could be awarded material claims in the debtors’ Chapter 11 cases.” Mr Simms and the PwC duo submitted a $9bn-plus claim in the Chapter 11 proceedings on June 30, 2023, claiming these sums were owed to FTX’s Bahamian subsidiary by the entities Mr Ray controls. “FTX Digital Markets has asserted significant claims against various debtors, including an approximately $7.7bn fraudulent transfer claim, an approximately $1.1bn indemnification claim, an approximately $47.6m

inter-company transactions claim, an approximately $256m property expenses claim, an approximately $16.2m corporate expenses claim, plus additional contingent and unliquidated amounts,” it was confirmed. “The global settlement agreement also releases all claims asserted by FTX Digital Markets against the debtors, which include more than $9bn in asserted claims plus all unliquidated amounts asserted by FTX Digital Markets against the debtors.... The global settlement agreement brings finality on favourable terms.” The size of these claims, and the possibility that the Bahamian liquidation might be awarded a significant portion of its demands, were thus a key factor in prompting Mr Ray and his team to announce the settlement agreed by both parties on December 19 last year. His legal filings affirm that the FTX Digital Markets trio were not without leverage during their negotiations.

The deal will also see Mr Ray provide the Bahamian liquidators with a $45m bridging loan, carrying a 7 percent per annum interest rate, “no later than January 29, 2024” so long as both the Delaware Bankruptcy Court and the Supreme Court approve the two sides’ settlement. The proceeds are to be used “solely to pay administrative expenses” incurred in the FTX Digital Markets liquidation, with this sum to be repaid on June 19, 2025, or earlier if milestones such as approval of the Chapter 11 reorganisation plan occur beforehand. Proceeds from “recovery of certain assets” will also be set aside by the Bahamian liquidators to repay the bridging loan. This financing will give FTX Digital Markets trio much-needed cash with which to finance their work after being starved of funds by the US Justice Department’s seizure of some $143m from the Bahamian subsidiary’s US bank accounts.

Both sides, as part of their deal, have agreed to use best efforts to employ similar asset valuations and settlement offers when assessing/granting creditor claims in their respective liquidation proceedings. And the Bahamian trio will “take the operational lead in managing the value-maximising disposition of real estate and other assets in The Bahamas”. They will also spearhead “pursuing specific litigation and avoidance actions identified in the global settlement agreement as part of the ongoing efforts to maximise recoveries for customers and creditors”, which seems to imply Mr Simms and the PwC duo will be in charge of efforts to recover the $100m obtained by 1,500 “Bahamian” customers in violation of the asset freeze when FTX imploded. Asserting that both sides “engaged in good faith, arm’s length discussions over a period of many months” to resolve their differences, Mr Ray added: “Those negotiations consisted of numerous virtual and in-person meetings, correspondence and multiple rounds of settlement offers and counter-offers involving both principals and advisors.....

“It is my view that the settlement documents are the result of good faith, arm’s length negotiations between the parties and that such negotiations were vigorous and free of any collusion.” Without a deal, he warned there was the likelihood that both sides would be locked in legal battles for years to come to the detriment of FTX’s clients, creditors and investors and the recovery of their assets. “The parties have already engaged in extensive discovery in the adversary proceeding and continued litigation of the debtors’ and FTX Digital Markets’ claims would spawn additional extensive discovery,” Mr Ray warned. “For the adversary proceeding, the parties anticipated the litigation would involve document and testimonial discovery, expert reports and briefing on numerous issues including property ownership issues, transaction avoidance issues and various issues of foreign law.” FTX Trading, the main entity under Mr Ray’s charge, branded the settlement as “a practical solution that is in the best interests of all shareholders”. It added: “The global settlement agreement ensures that the combined

value of the debtors and FTX Digital Markets is available to pay allowed creditor claims, and that a streamlined process is put in place to facilitate those creditor recoveries pursuant to distribution rules substantially similar in both proceedings. “The global settlement agreement also recognises the fact that material assets that the debtors and FTX Digital Markets dispute are located in The Bahamas, including real estate property and avoidance actions against persons in The Bahamas or arising out of the commencement of FTX Digital Markets’ liquidation proceeding. “The global settlement agreement unlocks this value for the debtors and their creditors efficiently and without such uncertainties.... Given the number, scope and complexity of the disputes between the debtors and FTX Digital Markets, the risk of litigating each to decision in multiple fora, and the associated cost of resolving each and every one of these disputes, the debtors have determined that, in its totality, entry into the global settlement agreement is in the best interests of the debtors, their estates and all stakeholders.”

A GROUP REPRESENTING TIKTOK, META AND X SUES OHIO OVER NEW LAW LIMITING KIDS’ USE OF SOCIAL MEDIA By JULIE CARR SMYTH Associated Press A TRADE group representing TikTok, Snapchat, Meta and other major tech companies sued Ohio on Friday over a pending law that requires children to get parental consent to use social media apps. The law was part of an $86.1 billion state budget bill that Republican Gov. Mike DeWine signed into law in July. It's set to take effect Jan. 15. The administration pushed the measure as a way to protect children's mental health, with Republican Lt. Gov. Jon Husted saying at the time that social media was "intentionally addictive" and harmful to kids. The NetChoice trade group filed its lawsuit against GOP Attorney General Dave Yost in U.S. District Court for the Southern District of Ohio. It seeks to block the law from taking effect. The litigation argues that Ohio's law — which requires social media companies to obtain a parent's permission for children under 16 to sign up for social media and gaming apps — unconstitutionally impedes free speech and is overbroad and vague. The law also requires social media companies to provide parents with their privacy guidelines, so that families can know what content will be censored or moderated on their child's profile. "We at NetChoice believe families equipped with educational resources are capable of determining the best approach to online services and privacy protections for themselves," Chris Marchese, director of the organization's litigation center, said in a statement. "With NetChoice v. Yost, we will fight to ensure all Ohioans can embrace digital tools without their privacy, security and rights being thwarted." The group has won lawsuits against similar restrictions in California and Arkansas. Husted, who leads Ohio's technology initiatives and championed the law, called Friday's lawsuit "cowardly but not unexpected." "In filing this lawsuit, these companies are determined to go around parents to expose children to harmful content and addict them to their platforms," Husted said in a statement. He alleged the companies know their algorithms are harming children "with catastrophic health and mental health outcomes."

THE TRIBUNE

Monday, January 8, 2024, PAGE 7

200 jobs through Ocean Club’s $400m expansion FROM PAGE B1 Tribune Business understands that the The Ocean Club, Four Seasons Residences will be developed at a 6.1-acre site located between the RIU Paradise Island resort and Sunrise Beach Villas on Paradise Island’s northern coast. The developer consortium is thought to be concluding the project’s final details, including obtaining all planning and environmental approvals and other necessary permits, with the Davis administration. Among the key issues being discussed by the two sides is the preservation of access to Cabbage Beach for Bahamian vendors and locals, and it is understood a solution may be close or have been agreed upon. “The issue they had was how to leave it open to the public but keep the right to a five-star resort,” one source familiar with developments confirmed on condition of anonymity. “They’ve agreed the roadway will be open and remain in place. I think it will be a win-win for all sides.” Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, did not respond to Tribune Business calls and messages seeking comment on the status of the Ocean Club Residences negotiations - and, in particular, the preservation of beach access for Bahamians at Cabbage Beach’s western end by the RIU - before press time last night. Beach access for Bahamians has long been a sensitive and emotive issue, with Cabbage Beach an especially sore point. The issue has erupted under both the last Christie administration and its Minnis successor, with protests in 2016 resulting in the tearing-down of a gate and fencing that blocked public access to Cabbage Beach over Access Industries’ property. It reared up again in 2021 after Bahamian vendors, returning to work after COVID restrictions were eased, found the Paradise Island beach entrance locked and their items

relocated across the street. This sparked immediate upset and protests, with some vendors forcing open the locked gates and placing their possessions back on the beach. Access Industries, at the time, explained that it installed fencing and locked the gates as a measure to guard against “safety” concerns related to the construction of its residences project - although it has taken another two-plus years for the development to come close to reaching that stage. However, the beach access by the RIU is not a public right of way or easement. For it is located on private land whose owners have allowed Bahamians to use it, a judge having branded it a “private access way” with the Supreme Court ruling in favour of the owners/developers and against the Cabbage Beach vendors every time the matter has been taken to court. Ownership of the 6.1 acre development parcel, and the Cabbage Beach access point, was transferred by Atlantis and its owner, Brookfield Asset Management, to Access Industries when the latter acquired the Ocean Club from them in 2014. Tribune Business understands development of The Ocean Club, Four Seasons Residences, which coincides with the existing resort’s 60th anniversary, comes in response to demand from clients for more residentialbased options that cannot be met with its existing facilities. “The Ocean Club has such a big book of expanding business,” one contact said. Realtors yesterday forecast that The Ocean Club, Four Seasons Residences will likely “set some records for price per square foot” in The Bahamas as well as help to further boost real estate values on Paradise Island. Ryan Knowles, founder and chief executive of Maison Bahamas Real Estate, told Tribune Business: “We now have Four Seasons expanding the Ocean Club. It’s going to set some records for price per square foot. It will be

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in the 3,000 to 4,000 square foot range. “The fact that development is going public is telling you they are seeing something out there that gives them confidence to go ahead with the project. I look at that as a great indicator for the year that that project is moving ahead, and the fact they’ve gone ahead and announced it is great news for everybody. For Paradise Island residents like myself it’s only going to help property values on the island.” No construction start date has been formally announced, with this depending on how quickly all necessary agreements, approvals and permits are obtained from the Government. Nor were any figures provided for how many Bahamian contractors, as well as the likes of architects and engineers, will be involved along with how many construction jobs will be created. Design work appears to largely have been done offshore. “We look forward to partnering with Four Seasons to celebrate this iconic destination and to set a new standard for luxury living in The Bahamas,” said Reid Boren, managing partner at Two Roads Development. “With convenient access from major US and international gateways, The Ocean Club, Four Seasons Residences, Bahamas will allow owners and their guests to experience the very best service-rich luxury lifestyle paired with the amenities of The Bahamas’ most legendary resort right next door.” Bart Carnahan, president of global business development, portfolio

management and residential for Four Seasons, added of the Ocean Club: “Since 2017, Four Seasons has been proud to be part of the Paradise Island community and manage such a legendary property that is beloved by many. “Our new private residences will be the perfect complement to The Ocean Club resort while offering a more permanent address to those looking to make this special destination their home with the service and lifestyle excellence that only Four Seasons can offer.” Access Industries, founded in 1986 as a private investment company, is controlled by Ukrainian-born,

US-British businessman Len Blavatnik, who was estimated by Forbes to have a net worth approaching $30bn in October 2023. Access itself values its investment portfolio, which includes Warner Music Group, and interests in sectors such as real estate and biotechnology, at $35bn. The Ocean Club owner will be the project’s financing partner, with Two Roads serving as the development partner and Four Seasons ultimately managing the residences and associated amenities. Two Roads has already developed Four Seasons-branded residences in Las Vegas, and other high rise and condo projects in locations such

as Miami, Tampa and West Palm Beach. Burnett Partners will lead sales efforts. The developer group said in a statement that residences will range from 3,124 interior square-foot two-bedrooms and 4,073 square-foot three-bedroom homes to 5,028 square foot four-bedroom offerings. Five-bedroom beach villas will offer 7,459 square feet of interior living space with 6,604 square feet of outdoor terraces, including a private pool. Penthouses will offer an average of 5,263 square feet of interior living space and 3,917 square feet of outdoor space, including a private pool.

PAGE 8, Monday, January 8, 2024

THE TRIBUNE

FTX real estate sell-off can’t cover $256m debt FROM PAGE B1 identities of prominent local persons and international sporting giants who sold their properties to the crypto exchange after it arrived in this nation in September 2021. Greg and Gabriella Curry, owners of Cafe Matisse, the well-known downtown Nassau restaurant that closed last August as the couple retired, were disclosed as the vendors of an Old Fort Bay property that was acquired by FTX Property Holdings. Described as lots 5A and 5B in the community’s Fincastle Island section, the documents did not identify this as the property acquired for Sam Bankman-Fried’s parents. Meanwhile, the seller of condominium unit 2C in Albany’s Honeycomb complex was identified as Canadian tennis player Milos Raonic, who has been ranked as high as the world’s third best and lost the 2016 Wimbledon final to Andy Murray. And the vendor of condominium 1B in Albany’s Cube building was named as Bryson Aldrich DeChambeau, the American professional golfer and winner of the 2020 US

Open major, who has joined the Saudi-backed LIV Golf tour. These disclosures came as Mr Ray effectively admitted that part of the reason he decided to settle with the Bahamian liquidation trio of Brian Simms KC, the Lennox Paton senior partner, and PricewaterhouseCoopers (PwC) accounting duo, Kevin Cambridge and Peter Greaves, was to gain some control over the sale of FTX’s Bahamian real estate portfolio and the proceeds. His legal filings revealed that FTX Property Holdings’ Chapter 11 case could not be “recognised” in The Bahamas since that entity is Bahamian-incorporated. Thus, as a result, “no viable insolvency regime” exists through which Mr Ray and his team could control the properties’ sale and disposal. Referring to FTX Property Holdings as FTX PropCo, Mr Ray said it was incorporated in The Bahamas on July 22, 2021 - almost two months before the crypto exchange received the necessary licensing and approvals to operate in this nation. Its sole purpose was to acquire, and hold, commercial and

high-end real estate purchased for use by FTX and its senior executives. “FTX PropCo conducted no business other than the purchase and ownership of real property in The Bahamas and does not have other significant assets,” Mr Ray affirmed. “The aggregate purchase price of the Bahamas properties was approximately $222m. “Purchase prices paid by FTX PropCo in respect of each of the Bahamas properties range between approximately $500,000 and approximately $30m. Five properties were less than $1m; 24 properties were between $1m and $10m; three properties were between $10m and $15m, and three properties exceeded $15m. “FTX Digital Markets is the largest creditor of FTX PropCo. On June 29, 2023, FTX Digital Markets filed a proof of claim against FTX PropCo in the amount of $256.291m in respect of loans allegedly granted by FTX Digital Markets to FTX PropCo for both the acquisition and maintenance of the Bahamas properties,” the FTX US chief added. “Based on guidance from brokers in The Bahamas,

the debtors currently estimate that the total net sale proceeds from the disposition of real estate owned by FTX PropCo will not be sufficient to pay the [$256m FTX Digital Markets claim] in full and, as a result, such claim is expected to be impaired in any Chapter 11 plan with respect to FTX PropCo.” The nature of the “guidance”, or the brokers who provided it, were not identified. The extent of the recovery from selling-off FTX PropCo’s real estate holdings remains to be seen given that the high-end market for Bahamian real estate appears to be holding firm, though not quite at the levels generated by pent-up demand post COVID-19. Most of FTX PropCo’s residential holdings are located in Albany, plus the GoldWynn development at Goodman’s Bay at One Cable Beach. The commercial properties include the site earmarked for FTX’s Bahamian headquarters at Bayside Executive Park on West Bay Street, plus Pineapple House and multiple units at the Veridian Corporate Centre. Mr Ray, though, said he and his team were unable to secure recognition of the Chapter 11 proceedings from the Bahamian Supreme Court. “On February 14, 2023, following an application made by the debtors, the Bahamas court entered an order recognising Kurt Knipp as the foreign representative of certain debtors in The Bahamas,” he revealed. “However, the debtors were unable to have FTX PropCo’s Chapter 11 case recognised (or a foreign representative appointed) in The Bahamas on the basis that, under Bahamian law, recognition is not available to entities that, like FTX PropCo, are incorporated in The Bahamas... The debtors understand that no viable insolvency regime exists for recognition of FTX PropCo’s Chapter 11 case in The Bahamas.” To gain a measure of control and influence over how FTX’s Bahamian real estate is liquidated for the benefit of creditors and investors, Mr Ray’s filings revealed he and the Bahamian liquidators have entered into “The Bahamas’ properties exclusive sales agency agreement” that has to be approved by both the Supreme Court and Delaware Bankruptcy Court.

This involves FTX PropCo appointing FTX Digital Markets, and the Bahamian liquidators, as its “exclusive agent with powers to conduct the management, preparation for sale, marketing and sale of The Bahamas properties”. The trio will have “the full exclusive powers, as the agent of FTX PropCo, to appoint and engage real estate agents to market The Bahamas’ properties for sale; elicit or encourage expressions of interest or bids for the disposition of The Bahamas’ properties; and conduct negotiations with any potential purchaser or other interested person for any disposition of The Bahamas’ properties”. However, FTX PropCo, which is under Mr Ray’s control, “has the sole and exclusive right to” approve both the disposition of one of the 35 properties or entering into a sales agreement for any of them. Without its approval, any sale will be “null and void”. And, while FTX Digital Markets can recommend a sale and enter into a binding agreement for such a deal, it must back this up by giving Mr Ray “all offers received by the liquidator; a broker price opinion including a comparative property sale analysis produced by a well-respected real estate broker; (any valuation reports available to the liquidators; and any other information or documentation that FTX PropCo may reasonably request”. “The Bahamas properties exclusive sales agency agreement reflects the recognition of the debtors that FTX Digital Markets and a large part of the liquidators’ team are physically located in The Bahamas and can therefore more efficiently manage the sale operations under the debtors’ supervision and subject to the debtors’ approval rights,” Mr Ray and his team alleged. “Pursuant to the Bahamas properties exclusive sales agency agreement, FTX Digital Markets shall, through the liquidators, take the operational lead in managing the valuemaximising disposition of The Bahamas properties. “The liquidators’ team is also well-positioned to manage the sales process because they represent FTX PropCo’s largest creditor and, therefore, have a direct interest in maximising value for the benefit of FTX Digital Markets’ estate.” Gross proceeds from the sales will

LEGAL NOTICE

N O T I C E EXXONMOBIL SAUDI ARABIA (RED SEA) LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL SAUDI ARABIA (RED SEA) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 3rd day of January 2024 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 8th day of January, 2024 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

LEGAL NOTICE

be used to satisfy FTX Digital Markets; $256m claim. Mr Ray’s filings also request the Delaware Bankruptcy Court’s approval of “sales procedures” that will help to speed-up the sale of the 35 Bahamas-based properties and ensure they are not ensnared by the need to seek time-consuming court approvals for each disposal. “To alleviate the cost and delay of filing a separate motion for each proposed sale of the Bahamas properties, and to eliminate any uncertainty regarding the debtors’ authority to consummate certain transactions, the debtors seek approval of expedited procedures to govern the sale of The Bahamas properties,” he added. “The debtors do not, at this time, have a specific proposed sale or buyer for any of the Bahamas properties. Rather, to allow the marketing of the Bahamas properties by the liquidators pursuant to the Bahamas properties exclusive sales agency agreement, and to obtain maximum value and to facilitate a more expeditious and cost-effective review of each sale by the debtors and other partiesin-interest, the debtors propose to utilise the sale procedures.” Mr Ray and his team added: “Sales pursuant to the sale procedures will enable the debtors to defray or avoid any operational, carrying or other expenses associated with certain of the Bahamas properties, including homeowners association fees, utility payments, maintenance fees and real property taxes”. They will also “protect the debtors against the possible declining value of certain Bahamas properties, and minimise the costs associated with selling these assets through the use of more streamlined processes appropriate for luxury real estate assets. “Obtaining court approval for each sale would result in unnecessary administrative costs attendant to drafting, serving and filing pleadings, as well as time incurred by attorneys for court appearances and potentially conducting expansive marketing processes and auctions, which could drastically reduce the ultimate net value of these assets,” Mr Ray added. “The proceeds that will be generated by many, if not all, of the sales of the Bahamas properties do not warrant the incurrence of such expenses. Moreover, the sale procedures will enable the debtors to seize sale opportunities that may be available only for a limited time, resulting in recovery of certain value for the Bahamas properties through their prompt monetisation. “The Debtors may face stringent time constraints in terms of meeting the closing deadlines established by interested purchasers. The sale procedures will permit the debtors to be responsive to the needs of interested purchasers and thereby guard against lost sales due to delay, while still providing interested parties with the ability to review more significant transactions.”

N O T I C E

EXXONMOBIL SAUDI ARABIA (SOUTHERN GHAWAR) LIMITED

EXXONMOBIL SAUDI ARABIA (RED SEA) LIMITED

N O T I C E IS HEREBY GIVEN as follows:

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 30th day of January, A.D., 2024. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

(a) EXXONMOBIL SAUDI ARABIA (SOUTHERN GHAWAR) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

Dated the 8th day of January, A.D., 2024.

(c) The Liquidator of the said Company is Matteo Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

(b) The dissolution of the said Company commenced on the 3rd day of January 2024 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Dated the 8th day of January, 2024 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

THE TRIBUNE

Monday, January 8, 2024, PAGE 9

BIDEN WITHHOLDS $2M FROM STUDENT LOAN SERVICERS AFTER COMPANIES BUNGLED BILLING STATEMENTS By COLLIN BINKLEY AP Education Writer THE Biden administration is docking more than $2 million in payments to student loan servicers that failed to send billing statements on time after the end of a coronavirus pandemic payment freeze. The Education Department said Friday it will withhold payments from Aidvantage, EdFinancial and Nelnet for failing to meet their contractual obligations. The servicers failed to send timely statements to more than 750,000 borrowers in the first month of repayment, the agency said.

Education Secretary Miguel Cardona said his agency will continue to pursue "aggressive oversight" and won't give loan servicers "a free pass for poor performance." The move is the administration's latest attempt to straighten out a process that has been marred by errors after student loan payments restarted in October. Tens of thousands of borrowers have received billing statements late or with incorrect amounts as servicers scrambled to jumpstart the process. The department previously withheld $7.2 million from loan servicer MOHELA for failing to

send statements on time to more than 2.5 million borrowers. The new action will take $2 million from Aidvantage, $161,000 from EdFinancial and $13,000 from Nelnet, based on the number of borrowers who faced errors. Nelnet said in a statement that less than 0.04% of its borrowers had missing or late statements, including some who chose to move their due dates up "to better meet their situation." "While we are confident the number of borrowers with Nelnet-caused billing statement errors is less than the number released we do take seriously our responsibility to borrowers and

regret any mistakes made during the extraordinary circumstances of return to repayment," the Nebraskabased company said. Aidvantage and EdFinancial didn't immediately return messages seeking comment. Borrowers who did not get statements within the required 21 days before payment will be placed in administrative forbearance while problems are resolved. That means their payments will temporarily be paused and any interest that accrues will be removed. Time spent in forbearance will continue to count toward Public Service Loan Forgiveness and

other cancellation through income-driven repayment plans. "We are committed to providing a seamless repayment experience for borrowers," said Rich Cordray, chief operating officer of Federal Student Aid, the office that oversees federal student loans. Republicans say the Biden administration's action is an attempt to shift blame elsewhere for a sloppy return to repayment. Louisiana Sen. Bill Cassidy, the top Republican on the Senate Health, Education, Labor and Pensions Committee, said the administration failed to give

servicers clear guidance. He has asked the Government Accountability Office to investigate. More than 22 million borrowers started getting bills again in October after a moratorium that froze payments and interest for more than three years. Bringing that many borrowers online at the same time was an unprecedented task that overwhelmed servicers hired by the government. Many borrowers received bungled bills only to face hours-long wait times for customer service. To ease borrowers back, the Education Department is offering a one-year "on-ramp" that waives the harshest penalties for borrowers who miss payments. Until next September, borrowers won't be found to be delinquent for missing payments and they won't be subject to debt collection.

NOTICE

International Business Companies Act (No. 45 of 2000)

WINCHESTER BAY LTD.

KPD GROUP INC.

CALWOOD INVESTMENTS LTD.

Registration Number: 165812 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that WINCHESTER BAY LTD., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023. ___________________________

Registration Number: 156729 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that KPD GROUP INC., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023. _____________________________

Registration Number: 145384 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that CALWOOD INVESTMENTS LTD., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023. _____________________________

GSO Corporate Services Ltd. Liquidator

NOTICE

International Business Companies Act (No. 45 of 2000)

HARLING CORP.

STRICKLAND INC.

HAMPTON CREEK LTD.

GSO Corporate Services Ltd. Liquidator

Registration Number: 160364 B

Registration Number: 160368 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that HARLING CORP., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that STRICKLAND INC., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that HAMPTON CREEK LTD., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

___________________________

GSO Corporate Services Ltd. Liquidator

NOTICE

Registration Number: 159251 B

NOTICE

International Business Companies Act (No. 45 of 2000)

ALBANY THIRTEEN LTD.

BOULDER HILL LTD.

FORDEL INC.

Registration Number: 159254 B

Registration Number: 160363 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that BOULDER HILL LTD., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that FORDEL INC., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

___________________________

_____________________________

GSO Corporate Services Ltd. Liquidator

NOTICE

International Business Companies Act (No. 45 of 2000)

TAVISTOCK BIO I INC.

KRESTON INVESTMENTS LTD.

BENNETT INVESTMENT HOLDINGS INC.

Registration Number: 152619 B

Registration Number: 159256 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that KRESTON INVESTMENTS LTD., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that BENNETT INVESTMENT HOLDINGS INC., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Registration Number: 174473 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that ALBANY THIRTEEN LTD., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023. ___________________________

GSO Corporate Services Ltd. Liquidator

Registration Number: 159054 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that TAVISTOCK BIO I INC., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023. ___________________________

GSO Corporate Services Ltd. Liquidator

___________________________

GSO Corporate Services Ltd. Liquidator

___________________________

GSO Corporate Services Ltd. Liquidator

PAGE 10, Monday, January 8, 2024

THE TRIBUNE

NY SEEKS $370 MILLION IN PENALTIES IN TRUMP’S CIVIL FRAUD TRIAL. HIS RESPONSE: ‘THEY SHOULD PAY ME’ By JENNIFER PELTZ Associated Press NEW York state lawyers increased their request for penalties to over $370 million Friday in Donald Trump’s civil business fraud

trial. He retorted, “They should pay me.” The exchange came as lawyers for both sides filed papers highlighting their takeaways from the trial in court filings ahead of closing arguments, set for

next Thursday. Trump is expected to attend, though plans could change. It will be the final chance for state and defense lawyers to make their cases. The civil lawsuit, which accuses the leading

Republican presidential hopeful of deceiving banks and insurers by vastly inflating his net worth, is consequential for him even while he fights four criminal cases in various courts.

The New York civil case could end up barring him from doing business in the state where he built his real estate empire. On top of that, state Attorney General Letitia James is seeking the $370 million penalty, plus interest — up from a pretrial figure of $250 million, nudged to over $300 million during the proceeding. The state says the new sum reflects windfalls from wrongdoing, chiefly $199 million in profits from property sales and $169 million in savings on interest rates, as calculated by an investment banking expert hired by James’ office. Trump bristled at the proposed penalty, calling it “a disgrace” at a campaign stop in Sioux Center, Iowa. “There was no victim. There was no default. There was no damages. No nothing,” he said. In an allcaps post hours earlier on his Truth Social platform, he complained that the attorney general was seeking $370 million and instead “should pay me,” asserting that businesses are fleeing New York. (According to the state Labor Department, the number of private sector jobs in New York increased 1% in the year that ended this past November, compared to 1.6% nationally.) James’ office argued in a filing Friday that Trump, his company and executives clearly intended to defraud people. “The myriad deceptive schemes they employed to inflate asset values and conceal facts were so outrageous that they belie innocent explanation,” state lawyer Kevin Wallace wrote. The state alleges Trump and his company ginned up exorbitant values for golf courses, hotels, and more, including Trump’s former home in his namesake tower in New York and his current home at the Mar-aLago club in Palm Beach, Florida. The numbers were listed on personal financial statements that netted him attractive rates on loans and insurance, leaving him money to invest in other projects and even his 2016 presidential campaign, James’ office says. The defendants, including Trump’s sons Donald Jr. and Eric, deny any wrongdoing. The former president has painted the case as a political maneuver by James, Judge Arthur Engoron and other Democrats, saying they’re abusing the legal system to try to cut off his chances of winning back the White House this year. He asserts that his financial statements actually came in billions of dollars low, and that any overestimations — such as valuing his Trump Tower penthouse at nearly three times its actual size — were

mere mistakes and made no difference in the overall picture of his fortune. He also says the documents are essentially legally bulletproof because they said the numbers weren’t audited, among other caveats. Recipients understood them as simply starting points for their own analyses, the defense says. None of Trump’s lenders testified that they wouldn’t have made the loans or would have charged more interest if his financial statements had shown different numbers, and 10-plus weeks of testimony produced “no factual evidence from any witness that the gains were ill-gotten,” attorneys Michael Madaio and Christopher Kise wrote in a filing Friday. Nor, they said, was there proof that insurers were ripped off. Separately, defense lawyers argued that claims against Executive Vice Presidents Eric Trump and Donald Trump Jr. should be dismissed because they never had “anything more than a peripheral knowledge or involvement in the creation, preparation, or use of” their father’s financial statements. The sons relied on the work of other Trump Organization executives and an outside accounting firm that prepared those documents, attorneys Clifford Robert and Michael Farina said, echoing the scions’ own testimony. Their father also took the stand, disputing the allegations, decrying the case as political and criticizing the judge and the attorney general. James’ office argued in its filing Friday that Trump was “not a credible witness.” “He was evasive, gave irrelevant speeches and was incapable of answering questions in a direct and credible manner,” Wallace wrote. The verdict is up to the judge because James brought the case under a state law that doesn’t allow for a jury. Engoron has said he hopes to decide by the end of this month. He will weigh claims of conspiracy, insurance fraud and falsifying business records. But he ruled before trial on the lawsuit’s top claim, finding that Trump and other defendants engaged in fraud for years. With that ruling, the judge ordered that a receiver take control of some of the expresident’s properties, but an appeals court has frozen that order for now. During the trial, Engoron fined Trump a total of $15,000 after finding that he violated a gag order. The order, imposed after Trump maligned a law clerk, barred all trial participants from commenting publicly on the judge’s staff. Trump’s lawyers are appealing the gag order.

NOTICE NOTICE is hereby given that STEEVE MORSLY SAINT-FLEUR of Croton Court, Eastern Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of January, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Monday, January 8, 2024, PAGE 11

Alaska Airlines again grounds all Boeing 737 Max 9 jetliners as more maintenance may be needed By CLAIRE RUSH, DAVID KOENIG and BECKY BOHRER Associated Press ALASKA Airlines again grounded all of its Boeing 737 Max 9 jetliners on Sunday after federal officials indicated further maintenance might be required to assure that another inflight blowout like the one that damaged one of its planes doesn't happen again. The airline had returned 18 of its 65 737 Max 9 aircraft to service Saturday following inspections that came less than 24 hours after a portion of one plane's fuselage blew out three miles above (4.8 kilometers) above Oregon on Friday night. The depressurized plane, carrying 171 passengers and six crew members, returned safely to Portland International Airport with no serious injuries. The airline said in a statement that the decision was made after receiving a notice from the Federal Aviation Administration that additional work might be needed. Other versions of the 737 are not affected. "These aircraft have now also been pulled from service until details about possible additional maintenance work are confirmed with the FAA. We are in touch with the FAA to determine what, if any, further work is required before these aircraft are returned to service," the airline said. The FAA had ordered the grounding of some 737 Max 9s on Saturday until they could be inspected, a

process that takes about four hours. The world's airlines are currently operating about 171 737 Max 9s globally. The aircraft make up about 20% of the Alaska Airlines' fleet. As of midday, Alaska had canceled about a fifth of its Sunday flights, according to FlightAware.com. United Airlines, which also grounded its Max 9s, had about a 10% cancellation rate on Sunday. Democratic Sen. Maria Cantwell of Washington state chairs the chamber's Committee on Commerce, Science and Transportation and said she agreed with the decision to ground Alaska Air's Max 9 jetliners for comprehensive inspections. "Safety is paramount. Aviation production has to meet a gold standard, including quality control inspections and strong FAA oversight," she said in a statement. The National Transportation Safety Board is investigating Friday's accident and is still looking for the door from the paneled-over exit that blew out. They have a good idea of where it landed, near Oregon Route 217 and Barnes Road in the Cedar Hills area west of Portland, NTSB Chair Jennifer Homendy said at a news conference late Saturday. "If you find that, please, please contact local law enforcement," she said. Early Sunday afternoon, some local residents were scouring a patch of land with dense thickets, sandwiched between busy roads and a light rail train station.

The area is located across from a sprawling hospital complex. Adam Pirkle said he had ridden 14 miles (22 kilometers), maneuvering his bicycle through the overgrowth, while searching. "I've been looking at the flight track, I was looking at the winds," he said. "I've been trying to focus on wooded areas." Daniel Feldt navigated the same thickets on foot, equipped with binoculars after descending from the roof of a parking garage beside the light rail station. "I was up on the parking garage and scanning everything. Didn't see any holes in the bushes that looked obvious where something had fallen through," he said. Gavin Redshaw even brought his drone for an aerial view but hadn't found anything either by Sunday afternoon. "Lots of trash, but no door," he said. There has not been a major crash involving a U.S. passenger carrier within the country since 2009 when a Colgan Air flight crashed near Buffalo, New York, killing all 49 people on board and one person on the ground. In 2013, an Asiana Airlines flight arriving from South Korea crashed at San Francisco International Airport, killing three of the 307 people on board. Flight 1282 took off from Portland at 5:07 p.m. Friday for a two-hour flight to Ontario, California. About six minutes later, the chunk of the fuselage blew out as the plane was at about 16,000 feet (4.8 kilometers).

PAGE 12, Monday, January 8, 2024

THE TRIBUNE

NOTICE

BullTec Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 209820 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 5th day of January A.D. 2024. Leonardo Spies Vieira Liquidator

NOTICE

LEGACY ALPHA LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 210413 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 5th day of January A.D. 2024. Henrique Ayres Jameli Liquidator

NOTICE

Hermenegildo Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 201565 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 5th day of January A.D. 2024. Guilherme Bender Lima Liquidator

NOTICE

KODO LIMITED Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 209391 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 5th day of January A.D. 2024. CIRO RIBEIRO IAMAMURA Liquidator

NOTICE Mere Corp (In Voluntary Liquidation) Registration Number 198869 NOTICE IS HEREBY GIVEN in accordance with Section 138(4) of the International Business Companies Act, (no. 45 of 2000) as follows: (a) Mere Corp (the “Company”) is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Company commenced on the 21st day of December, 2023 when its Articles of Dissolution were submitted to and registered by the Registrar General. All persons having claims against the above-named Company are required to send their names, address and particulars of their debts or claims to the Liquidator before the 22nd January, 2024. (c) The Liquidator of the said Company is Marijke Taylor of Alverna Heights View, Gulf Harbour, Whangaparaoa, Auckland, 0930 New Zealand. Dated the 5th day of January, 2024. H&J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

THE TRIBUNE

Monday, January 8, 2024, PAGE 13

NOTICE

Sussa Ltd.

PIRARA INVESTIMENTS LTD.

TMM LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 200785 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 206747 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 210976 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024.

Luiz Carlos Vasconcellos De Moraes Junior Liquidator

Rodolfo Nascimento Fiorezi Liquidator

NOTICE

AKAMAI GLOBAL LIMITED

VM GLOBAL LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 206862 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 205302 B.

(In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024.

Júlio Cézar Fonseca De Melo Liquidator NOTICE

TOMPE TRADE LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 202128 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024.

Roberto Afonso Valerio Neto Liquidator

Fernando Vidor Santos Liquidator

Leonardo Marques da Silva Liquidator

NOTICE

ANTONY ML LTD.

EVOKE LTD.

9V GLOBAL OPPORTUNITY LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 203488 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 211126 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 206421 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024.

Mauricio Antonio Freua Liquidator

Wladimir Moscoso De Medeiros Liquidator

Rodrigo Teodoro Alves Liquidator

NOTICE

Ikonn Global Ltd.

Lanai Manao Ltd.

Manada Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 210472 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 200697 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 208260 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024.

André Luiz Ota Liquidator

Frederico Arieta Da Costa Ferreira Liquidator

Felipe Martins Guimaraes Bromfman Liquidator

NOTICE

G2D INTERNATIONAL LIMITED

FJR INVESTMENTS LTD.

Lgbotelho Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 205118 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 210848 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 203249 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024. Gustavo de Abreu Semeraro Liquidator

Flavio Jose Reis Liquidator

Luis Gustavo Botelho Liquidator

PAGE 14, Monday, January 8, 2024

THE TRIBUNE

NOTICE

MISB LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 204387 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024. Mauro De Oliveira Liquidator NOTICE

MARCOS SCHEIBEL PARTICIPACOES LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 205399 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024. Marcos Scheibel Liquidator

NOTICE

NGFERRES LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 207697 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024. NEWTON CESAR GRASSI Liquidator

NOTICE

MN Investments Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 206407 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024. Joao Mauricio Magalhaes Moreira Liquidator NOTICE

RGS LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 206807 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 4th day of January A.D. 2024. Rafael Gomes Silverio Liquidator

THE TRIBUNE

Monday, January 8, 2024, PAGE 15

JUDGE PARKER

CARPE DIEM

MARVIN BLONDIE

HAGAR THE HORRIBLE

TIGER

20 22

CALVIN & HOBBES

OR T VOA TM I

● The Target uses words in the main body of Chambers 21st Century Dictionary (1999 edition)

TARGET REVOLTING evil give given giver glove glover govern grove grovel invert live liven liver love lover loving novel ogive olive oven over overt ovine revolt REVOLTING rive riven rivet rove roving trove veil vein vent vertigo veto vetoing vile viler vine vino viol violent violet voile vole volt vote voter voting

HOW many words of four letters or more can you make from the letters shown here? In making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. No plurals. Verb forms ending in S permitted.

DENNIS THE MENACE Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Sudoku increases from Monday to Sunday

TODAY’S TARGET Good 13; very good 20; excellent 26 (or more). Solution tomorrow

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

CRYPTIC PUZZLE

1 Seems put out - may become violent (11) 9 The south wind heading east looks serious (7) 10 Not so high clouds may threaten so (5) 11 Vessel - we’re bringing stern round (4) 12 Fish and chip preparation cooked with lard (8) 14 People enter for this sort of sport (6) 16 Holy smoke! It could be responsible (6) 18 Standard feature of most city streets (8) 19 But a cocktail is forbidden (4) 22 Publication is by a girl (5) 23 A piece of yarn (7) 24 A record turnover? (7,4)

Down 2 Happen to come

later (5) 3 One entitled to look closely

(4)

4 Odd pieces of money (6) 5 Lone duck out in the open

6 Takes out from the paper

16 17

(8) 18

(7) 7 Sort of help that’s not

21 22

fancied? (8,3) 8 The ways of business (5,6) 24

13 Effect is perfect (8) 15 The estate needs me to rearrange it (7) 17 Teachers having no head make bloomers (6) 20 A gaping hole to keep away from (5) 21 Small amounts put on horses (4)

Yesterday’s Cryptic Solution

EASY PUZZLE

Across

2 Commencement (5)

9 Precise

3 Undiluted (4)

moment (7)

Yesterday’s Easy Solution Across: 1 Suburb, 4 Cul-de-sac, 9 Magnum, 10 Brickbat, 12 Abut, 13 Brash, 14 Waif, 17 Highly strung, 20 Go like a dream, 23 Loud, 24 Agile, 25 Glut, 28 Citation, 29 Homily, 30 Dominant, 31 Old hat. Down: 1 Sympathy, 2 Begrudge, 3 Rout, 5 Unreservedly, 6 Dock, 7 Subway, 8 Cut off, 11 Dressing-down, 15 Alloy, 16 Snide, 18 Well-nigh, 19 Amethyst, 21 Placid, 22 Custom, 26 Stun, 27 Foal.

4 Choice (6)

10 Professorship (5)

5 Secured firmly (8)

11 Abhor (4)

6 To malign (7)

12 Capital of Hawaii

7 Spread scandal

(8) 14 Obstruct (6)

Across: 1 Willow, 4 Accredit, 9 Nebula, 10 Underact, 12 Lilt, 13 Rural, 14 Etna, 17 Step on the gas, 20 Joint concern, 23 Rook, 24 Giant, 25 Otto, 28 Overlook, 29 Cobweb, 30 Shove off, 31 Eluded. Down: 1 Windlass, 2 Labelled, 3 Oils, 5 Convalescent, 6 Reel, 7 Dearth, 8 Titian, 11 Putting it off, 15 Rotor, 16 Gaunt, 18 Bestowed, 19 Entombed, 21 Brooks, 22 Pomelo, 26 Blue, 27 Toll.

Down

1 Practical (4-2-5)

16 To champion (6) 18 Long period of

(4,3,4) 8 Spontaneous growth of opinion (11)

unenlightenment

13 Witty retort (8)

(4,4)

15 Italian radio pioneer

19 Sudden shock (4) 22 Henhouse (5) 23 Unlawful (7) 24 Fall dead in battle (4,3,4)

(7) 17 Culminating point (6) 20 Nigeria’s chief port (5) 21 Ran away (4)

Saturday’s

Sudoku Answer

Kakuro Answer

PAGE 16, Monday, January 8, 2024

THE TRIBUNE

STOCK MARKET TODAY

Wall Street shaves off some losses to close its worst week in the last 10 By STAN CHOE AP Business Writer WALL Street closed its worst week since Halloween with a listless Friday after reports showed workers are getting bigger raises, but key parts of the economy still don’t look like they’re overheating. The S&P 500 rose 8.56 points, or 0.2%, to 4,697.24 after drifting between small gains and losses through the day. It capped the first down week for the index in the last 10, after it roared into 2024 on hopes that inflation and the overall economy are cooling enough for the Federal Reserve to cut interest rates sharply through the year. The Dow Jones Industrial Average rose 25.77, or 0.1%, to 37.466.11 and inched closer to its record set earlier in the week. The Nasdaq composite added 13.77, or 0.1%, to 14,524.07. Treasury yields swung sharply in the bond market

The rebound after seven monthly declines fueled debate over how soon the European Central Bank could cut its own interest rates. Indexes were also lower across much of Asia. Japan’s Nikkei 225 was an exception and rose 0.3%. Japanese exporters are betting a boost from the falling value of the yen against other currencies. The yen has weakened in recent days amid speculation the Bank of Japan might go slowly on changing its ultra-aggressive policy on interest rates following Monday’s major earthquake in central Japan.

overdone. Critics say the six rate cuts traders are betting on for 2024 is unlikely unless a recession occurs. The Fed itself indicated in its latest summary of economic projections, or SEP, that three cuts may be more likely. “Many who assume that the Fed will need to move faster and more aggressively than its SEP projections or recent statements likely received a dose of reality this week,” said Rick Rieder, chief investment officer of global fixed income at BlackRock. “Things are cooling, but in a more moderate way than historically, similarly to the weather these days. There are spurts of faster cooling in some areas, but generally nothing that people should panic about, or aggressively seek shelter from.” In stock markets abroad, indexes were mostly lower in Europe after data showed showed inflation rose to 2.9% in December.

report on services industries. It eventually pulled back to 4.04%, compared with 4.00% late Thursday. On Wall Street, Constellation Brands climbed 2.1% after the seller of Corona and Modelo beers in the United States reported stronger profit for the latest quarter than analysts expected. Travel-related companies were also strong and clawing back more of their losses from earlier in the week. Carnival rose 2.8%, and American Airlines gained 3.9%. On the losing end was Apple, whose 0.4% dip Friday sent it to a 5.9% loss for the week, its worst since September. It’s a sharp turnaround from last year, when the market’s most influential stock soared more than 48%. This week’s broad pullback for stocks was not a surprise for many on Wall Street, who had been calling its big run since autumn

the Fed could begin to cut rates. But a report later in the morning showed that growth for finance, real estate and other companies in the U.S. services industries slowed by more than economists expected last month. Following that report, traders quickly built bets back up for the Fed to begin cutting rates in March. They’re now forecasting a nearly two-in-three chance of that, similar to a day earlier, according to data from CME Group. Altogether, the data could bolster Wall Street’s building hopes for a perfect landing for the economy, one where it slows just enough through high interest rates to stamp out high inflation but not so much that it causes a recession. After climbing as high as 4.09% immediately after the jobs report, the yield on the 10-year Treasury fell to back to 3.96% following the weaker-than-expected

following the economic reports. They initially climbed after the latest monthly jobs report showed U.S. employers unexpectedly accelerated their hiring last month. Average hourly pay for workers also rose, when economists had been forecasting a dip. Such strong numbers are good news for workers, and they should keep the economy humming. That’s a positive for corporate profits, which are one of the main factors that set prices for stocks. But Wall Street’s worry is the strong data could also convince the Federal Reserve upward pressure remains on inflation. That in turn could mean the Fed will hold interest rates high for longer than expected. Interest rates affect the other big factor setting stock prices, with high ones hurting financial markets. The jobs report briefly forced traders to push out their forecasts for when

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

THE WEATHER REPORT 5-DAY FORECAST

ORLANDO High: 72° F/22° C Low: 63° F/17° C

TAMPA

TONIGHT

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Cloudy, showers around; breezy

Windy with rain and drizzle

Windy and humid with high clouds

Humid; a couple of morning showers

Humid with some brightening

Mostly sunny and humid

High: 77°

Low: 70°

High: 81° Low: 70°

High: 80° Low: 67°

High: 79° Low: 69°

High: 83° Low: 71°

AccuWeather RealFeel

75° F

65° F

85°-72° F

87°-68° F

85°-71° F

91°-71° F

High: 71° F/22° C Low: 65° F/18° C

ABACO

High: 73° F/23° C Low: 70° F/21° C

12-25 knots

WEST PALM BEACH

High: 73° F/23° C Low: 70° F/21° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 75° F/24° C Low: 72° F/22° C

High: 74° F/23° C Low: 67° F/19° C

MIAMI

10-20 knots

High: 77° F/25° C Low: 72° F/22° C

High

Ht.(ft.)

Today

4:53 a.m. 5:04 p.m.

2.7 2.0

11:25 a.m. 0.2 11:09 p.m. -0.3

ALMANAC

Tuesday

5:43 a.m. 5:56 p.m.

2.9 2.1

12:16 p.m. 0.0 ---------

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 74° F/23° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/19° C Last year’s high .................................. 81° F/27° C Last year’s low ................................... 72° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date .................................................. 0.00” Normal year to date ..................................... 0.31”

Wednesday 6:33 a.m. 6:48 p.m.

3.1 2.2

12:00 a.m. -0.5 1:05 p.m. -0.2

Thursday

7:21 a.m. 7:39 p.m.

3.3 2.4

12:52 a.m. -0.6 1:53 p.m. -0.4

Friday

8:10 a.m. 8:30 p.m.

3.3 2.5

1:43 a.m. -0.7 2:40 p.m. -0.5

Saturday

8:59 a.m. 9:23 p.m.

3.3 2.6

2:36 a.m. -0.7 3:28 p.m. -0.6

Sunday

9:48 a.m. 10:17 p.m.

3.3 2.7

3:30 a.m. -0.7 4:16 p.m. -0.6

NASSAU

High: 77° F/25° C Low: 71° F/22° C

Ht.(ft.)

Sunrise Sunset

6:56 a.m. Moonrise 5:36 p.m. Moonset

4:08 a.m. 2:47 p.m.

New

First

Full

Last

Jan. 11

Jan. 17

Jan. 25

Feb. 2

CAT ISLAND

High: 81° F/27° C Low: 73° F/23° C

8-16 knots

12-25 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

High: 77° F/25° C Low: 73° F/23° C

KEY WEST

Low

SUN AND MOON

ELEUTHERA High: 77° F/25° C Low: 70° F/21° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

TIDES FOR NASSAU

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

UV INDEX TODAY

TODAY

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 72° F/22° C

High: 79° F/26° C Low: 75° F/24° C

High: 78° F/26° C Low: 73° F/23° C

W S

LONG ISLAND

TRACKING MAP

High: 80° F/27° C Low: 75° F/24° C

12-25 knots

MAYAGUANA High: 82° F/28° C Low: 73° F/23° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND

High: 80° F/27° C Low: 76° F/24° C

GREAT INAGUA High: 83° F/28° C Low: 76° F/24° C

10-20 knots

MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS NE at 12-25 Knots SE at 20-30 Knots NE at 8-16 Knots SE at 10-20 Knots ENE at 12-25 Knots ESE at 12-25 Knots ENE at 10-20 Knots ESE at 12-25 Knots ENE at 12-25 Knots SE at 15-25 Knots ENE at 12-25 Knots SSE at 20-30 Knots NE at 12-25 Knots SE at 12-25 Knots NE at 10-20 Knots E at 12-25 Knots ENE at 10-20 Knots ESE at 12-25 Knots ENE at 8-16 Knots ESE at 12-25 Knots ENE at 8-16 Knots SE at 10-20 Knots NE at 10-20 Knots ESE at 12-25 Knots NE at 12-25 Knots SE at 12-25 Knots

WAVES 4-7 Feet 6-10 Feet 1-2 Feet 1-2 Feet 3-6 Feet 6-10 Feet 2-4 Feet 5-9 Feet 4-7 Feet 6-10 Feet 2-4 Feet 3-5 Feet 1-2 Feet 1-3 Feet 2-4 Feet 4-7 Feet 2-4 Feet 4-8 Feet 3-5 Feet 6-10 Feet 2-4 Feet 2-4 Feet 2-4 Feet 4-8 Feet 2-4 Feet 3-5 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 74° F 74° F 75° F 75° F 78° F 78° F 80° F 79° F 77° F 77° F 75° F 73° F 78° F 77° F 80° F 80° F 81° F 80° F 79° F 78° F 76° F 76° F 79° F 79° F 78° F 77° F