02152024 BUSINESS

business@tribunemedia.net

THURSDAY, FEBRUARY 15, 2024

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‘Kicked out of the ball park’: Duty ‘Huge admission’ over Gov’t $110m BPL loan end’s 40% hit for window maker

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to review tariff protection for “true Bahamian manufacturers” after one revealed their removal cost 40 percent of its business, saying: “They’ve kicked us out of the ball park.”

Andrew Rogers, Bahamas Aluminum Manufacturing’s principal, told Tribune Business that safeguarding local producers and manufacturers who “warrant it” was among the easiest - and quickest - ways through which this nation can seek to slash a trade deficit that hit a sixyear high of nearly $3.5bn in 2023.

Suggesting that the drive to increase goods exports will take longer to bear fruit, given the difficulties Bahamian companies will encounter in trying to compete with the likes of US and Canadian rivals who enjoy greater

t 6SHFT SFOFXFE QSPUFDUJPO GPS mSNT UIBU AXBSSBOU JU t $BO AFBTJMZ FYQBOE CZ GPS ZFBST XJUI UBSJGGT t "SHVFT CFTU XBZ UP DVU JNQPSUT CO USBEF EFmDJU economies of scale and lower operating costs, he argued that the Government’s strategy should focus on slashing imports by boosting the ability of local manufacturers to supply the domestic market.

Mr Rogers told this newspaper that, by providing an enabling framework for Bahamian firms to increasingly substitute for imports with their own products, the Government would keep more of the country’s foreign exchange earnings circulating within the domestic economy as well as facilitating

increased job creation and diversification.

Disclosing that elimination of import duties on PVC/vinyl windows has produced a surge of cheap imports, hitting his aluminum window business hard, he added that the reintroduction of such protection would enable his firm “to easily expand by 25 percent year-over-year for the next two to three years”.

Mr Rogers, calling for the Government to better co-ordinate its tariff policies with Bahamian manufacturers and the national trade strategy,

said of the decision taken four years ago to slash tariffs on imported PBC/vinyl windows from 25 percent to zero: “They’ve kicked us out of the ball park. It really has taken a massive amount of our business. I would say 40 percent.

“They have not really handled the duties properly at all. They made no effort at all.” Describing the whole issue of tariff protection, and support for Bahamian manufacturers, as “a nightmare”, Mr Rogers recalled how he founded Bahamas Aluminum Manufacturing some 22 years ago via a $1.25m investment eager to exploit the various tax breaks and incentives offered to local firms.

With the Tariff Act and Light Industries Encouragement Act enabling manufacturers to import essential raw materials duty-free, and tariffs of 45 percent in place on all window and door imports,

SEE PAGE B4

‘Pregnant with opportunity’: FOCOL’s $25m rights issue

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FOCOL Holdings is “pregnant with opportunities”, its chairman said yesterday, as it unveiled a $25m rights offering for existing shareholders to finance further expansion plans.

Sir Franklyn Wilson told Tribune Business the BISX-listed petroleum products supplier is firmly “in growth mode” and not securing extra equity funding to merely “leave it in the bank” as it revealed an issue where investors will receive one new share for each 20 they currently hold.

SIR FRANKLYN WILSON While declining to specify how the proceeds will be used, he added that the $5 per share rights offering price represents a 9-10 percent discount to the

SEE PAGE B5

DPM: Crime coverage woe ‘losing momentum’

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Deputy Prime Minister yesterday voiced optimism that damaging media coverage of The Bahamas is “losing momentum” with major resorts reporting peak winter occupancies “in excess of 80 percent”.

Chester Cooper, also minister of tourism, investments and aviation, told the House of Assembly that the Government, his ministry and the wider tourism industry “are intent on turning a negative into a positive” as he sought to generate an upbeat mood by suggesting the worst of

the crime-related coverage has passed.

Still he admitted that there are “pockets” within the tourism industry that are suffering reduced bookings and a drop-off in visitor related business activity, and pledged that the Ministry of Tourism is “working hand in hand with them to reverse what they are experiencing”.

Pointing out that The Bahamas and its tourism industry have “faced many obstacles before”, Mr Cooper said: “We are determined that everyone in tourism-related businesses be part of the turnaround. There has been anecdotal data about a

SEE PAGE B5

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s leader yesterday asserted he has wrung “a huge admission” from the Government that it loaned Bahamas Power & Light (BPL) some $110m without first agreeing the interest rate and terms.

Michael Pintard told Tribune Business that the House of Assembly confirmation by Jobeth Coleby-Davis, minister of transport and energy, represented “the first time on the public record” that the Davis administration has conceded that the ninefigure sum was advanced without the normal lending pre-conditions being in place.

Mrs Coleby-Davis, replying to the FNM leader’s BPL-related questions, acknowledged that the interest rate and terms for a loan made around 12 months ago to help the energy provider cover its

MICHAEL PINTARD under-funded fuel bills are still being worked out.

“Madam Speaker, in response to the honourable member’s inquiry, I wish to make clear that BPL was granted a $110m loan by the Government to address the under-recovery of fuel costs as a result of the COVID-19 pandemic.

“The specifics of this loan, including the terms and interest rates, are in the process of being finalised. During the pandemic, to alleviate financial

SEE PAGE B4

PAGE 2, Thursday, February 15, 2024

THE TRIBUNE

BIOMETRIC TECHNOLOGY OPENS PATH TO MORE SECURE FUTURE A s the chief operating officer of a software development company, I am acutely aware of the ever-evolving landscape of business security. In an era where data breaches and cyber threats loom large, ensuring robust authentication measures is not just a priority - it is a mandate. In this column, I explore the transformative role of biometric technology in fortifying business security and authentication, shedding light on the future of safeguarding sensitive information.

In the realm of cyber security, where the stakes are high and the landscape is ever-changing, biometric technology emerges as a game changer. Traditional password-based systems, once the stalwart of authentication, are increasingly proving to be vulnerable in the face of sophisticated

BFSB TO HOST CROSS-BORDER FINANCIAL CRIMES WORKSHOP THE Bahamas Financial Services Board (BFSB) will next Thursday host a full-day seminar on crossborder enforcement to combat financial crimes at the Margaritaville Beach Resort.

The BFSB, unveiling its fourth annual industry development series under the theme ‘Financial crime enforcement across borders”, said the February 22 event is being staged in conjunction with the Kostelanetz LLC law firm and global consulting firm, Alix Partners. The Bahamas Institute of Chartered Accountants (BICA) has

SEE PAGE B6

KEITH

ROYE II cyber threats. Biometric authentication, leveraging unique physical or behavioural traits, presents an innovative and secure alternative that is increasingly gaining traction in the business world.

The key advantage of biometric authentication

lies in its ability to provide a multi-layered defense against unauthorised access. Fingerprints, facial recognition, voice patterns and even behavioural biometrics such as keystroke dynamics offer a level of security that goes beyond the limitations of traditional methods. I have witnessed first-hand the seamless integration of biometric solutions into our products, enhancing the security posture of businesses that rely on our software.

One of the primary benefits of biometric technology is its user-friendliness. In an era where user experience is paramount, biometric authentication strikes the delicate balance between security and convenience. Employees no longer need to remember complex passwords or worry about unauthorised access, as their unique biometric

markers become the key to unlocking secure systems.

This not only reduces the risk of password-related security breaches but also minimises the burden on information technology (IT) departments for managing and resetting passwords.

Moreover, the implementation of biometric technology aligns with the growing trend of remote work.

As businesses increasingly embrace flexible work arrangements, securing access to sensitive information becomes a paramount concern.

Biometric authentication provides a secure and userfriendly solution for remote employees, ensuring critical systems remain protected regardless of the physical location of the user.

However, the adoption of biometric technology is not without challenges.

Privacy concerns, ethical considerations and the need for stringent regulatory frameworks are aspects that demand careful attention.

Within my own company, we prioritise not only the functionality and security of our biometric solutions but also their ethical and legal implications. Transparency and user consent are paramount in navigating these complex issues.

In conclusion, I am enthusiastic about the role that biometric technology plays in elevating business security and authentication.

It is not merely a technological upgrade but a paradigm shift in how businesses safeguard their most critical assets. By embracing biometric solutions, we are not just enhancing security; we are redefining the user experience and setting the stage for a more secure, efficient and future-ready

business environment. As we continue to innovate and evolve, biometric technology stands as a beacon, guiding businesses towards a safer and more resilient future.

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Queen’s Staircase set for $200k restoration THE Nassau Paradise Island Promotion Board (NPIPB) has launched a $200,000 restoration project that aims to upgrade and preserve The Queen’s Staircase for future generations.

The Board, in a statement, said it has teamed with the Antiquities, Monuments & Museums Corporation (AMMC), Elevations Plumbing, Sign Island and Ministry of Works to revitalise The Queen’s Staircase over the next two months. It will also establish a monthly maintenance routine to ensure the preservation of the restored features.

The scope of work for the Queen’s Staircase restoration project includes repairing and restoring the water feature to its original condition through the replacement of damaged pipes, the water pump and filter. The waterfall and

surrounding area will be cleaned using gentle pressure washing techniques to preserve the site’s historical integrity Solar LED lighting will be installed within the water feature to enhance its visual appeal and sustainability, and the lighting systems in the staircase and walkway will be upgraded to improve visibility. Landscaping works, improved site signage information plaques detailing the historical significance of the Queen’s Staircase are also planned. Pest and rodent control measures will also be implemented to safeguard the area.

“With its historical significance and architectural splendour, The Queen’s Staircase holds a special place in the hearts of both locals and visitors. I

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THE TRIBUNE

Thursday, February 15, 2024, PAGE 3

GOV’T TO SPLIT ‘SMART CITY’ MONEY STREAMS WITH ALIV

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Government’s digitisation chief yesterday said it will evenly split the “new money” generated through its three-year partnership with Aliv to transform downtown Nassau into a “smart city”.

Wayde Watson, the Ministry of Economic Affairs parliamentary secretary, who has responsibility for the Department of Information and Communications Technology (DICT), told Tribune Business that the initiative will generate revenue streams and income that the Government has never received before.

“We plan to have a 50/50 split down the middle with Aliv. It will be 40 percent for us and 40 percent for them, with the additional 20 percent being placed aside for maintenance purposes.

But you can imagine that if

WAYDE WATSON

JOHN GOMEZ

we charge the 5.5m tourists coming off the cruise ship $5 a head to access the wi-fi, then the amount of money generated will be exponential,” Mr Watson said.

John Gomez, Aliv’s top executive, said the ‘smart city’ initiative will come at a small cost to tourists visiting Bay Street and downtown Nassau. The cost structure has not been determined

yet, but it is expected to be “nominal”.

Mr Gomez added: “We can see tourists coming off of the cruise ship looking for a hot-spot. Their option is to pay for it on the ship, which is very expensive.

The infrastructure we are putting in, it comes with a cost.

“So somehow we have to recover that along with the cost to the ministry (tourism, investments and

aviation) as well. So we still have to figure out how we’re going to do that. So at launch we will have that fee structure ready for the public.” The launch of the ‘smart city’ initiative will happen within the next two months, it is projected.

It is designed to drive the “digital transformation” of downtown Nassau, with every possible data output that a modern city would need in years to come.

“The platform is designed as a comprehensive digital ecosystem, feature and management software, indepth reporting, targeted advertising services and insightful data analytics,” Mr Gomez added.

Chester Cooper, minister of tourism, investments and aviation, said: “There are some 140 smart cities around the world, with the top three smart cities being London, New York and Paris. Acquiring the status of a smart city does not happen overnight. It involves a step-by-step

process that sees the success of installation and expansion of digital infrastructure. And this is why we’re calling this today a pilot project, because this is the first phase of hopefully a renaissance in our city.”

The ‘smart city’ will extend from Arawak Cay on West Bay Street down to the Sir Sidney Poitier Bridge, where it is expected that every visitor within that space will be able to tap into Aliv’s infrastructure for Internet connectivity.

Mr Cooper added: “You already know that we’ve had a record year in tourist arrivals, with more than nine million guests arriving in 2023. Of that number, roughly 1.8m are stopover visitors with the balance being cruise visitors in downtown Nassau.

“We attract 4.4m cruise passengers through the Nassau cruise port. This is roughly 12,000 on average a day on average. Some days, we’ve seen as high as 25,000. On average, cruise

visitors spend in the region $100 per passenger.

“Stopover visitors, on the other hand, spend $2,600 per person, and therefore it is our mission to increase passenger spend from those guests who arrive by cruise.

The instant access to connectivity will encourage more guests to disembark their cruise ship, explore the city, shop more, spend more and do more online sharing of their Bahamas experience,” Mr Cooper said.

“The tripartite collaboration between the Ministry of Tourism, Investments and Aviation, Aliv and the DICT brings about the installation of the most up-to-date Internet infrastructure in our city centre.

This technology will facilitate seamless connectivity that will allow us to collect key data on the thousands of cruise guests to our city, so that we can more efficiently enhance their experience of our city.”

Bahamas reported Pintard ‘not satisfied at all’ on among escapees maritime contracts answers from EU blacklist

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s growing optimism that The Bahamas will imminently escape the European Union’s (EU) tax blacklist appeared justified yesterday amid reports this nation is among those set for delisting.

The Law360.com website, citing multiple unnamed sources, named this nation as one of four - also including Turks & Caicos, Belize and Seychelles - that will be removed from the 27-country bloc’s list of allegedly non-cooperative jurisdictions for tax purposes when it conducts its latest review of the initiative before February’s end.

While there has been no official confirmation from Brussels that The Bahamas will be removed, the reports follow similar past patterns where EU officials have leaked the outcome to selected journalists about

a week in advance of the decision being confirmed.

Michael Halkitis, minister of economic affairs, last week signalled The Bahamas could escape the blacklist within weeks after it received a “passing mark” over a key issue that prevented its removal in late 2023.

He added that The Bahamas had received a “satisfactory” rating for its exchange of economic substance information from the Organisation for Economic Co-Operation and Development (OECD) arm that assesses each country’s compliance on the issue.

The OECD’s forum for harmful tax practices has now “communicated” its findings on The Bahamas to the EU’s Code of Conduct group, which determines which nations are included, remain on or are delisted from the 27-nation bloc’s tax non-cooperation blacklist.

SEE PAGE B6

Bahamas enjoys 20% ‘audience reach’ jump

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Deputy Prime Minister yesterday said The Bahamas has enjoyed a 20 percent increase in “audience reach” as it increases advertising spending to counter saturation media coverage of its crime woes.

Chester Cooper, also minister of tourism, investments and aviation, told the House of Assembly that The Bahamas has touched 2.6m persons since the final week of January 2024 with a promotional push spearheaded by digital and social media.

“I would note that since increasing our ad spend we promoted new digital advertisements on social media and Google Ads. This push allowed us to reach 2.6m people since launching the last week of January. This represents a 20 percent increase in audience reach compared to the same period in 2023,” he added Mr Cooper said the Ministry of Tourism is now launching the ‘Tourism is Everybody’s Business ‘ and the ‘I love the Bahamas’ campaigns which will run until June.

He added: “Our ongoing ‘Tourism is everybody’s business’ campaign, which is being launched this week locally, underscores our collective commitment to promoting The Bahamas as a welcoming and inclusive destination for all. This will include an ‘I Love the Bahamas’ campaign starting today.

“These campaigns are all designed to run from

February through June and will supplement the work we are already doing.”

Mr Cooper said the Ministry of Tourism is aiming to achieve 50 percent market penetration and has increased resources to saturate global media with positive images of this nation focusing on key source markets.

He said: “One core objective is to achieve 50 percent market penetration with our existing TV and video partners. To achieve this

SEE PAGE B6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s leader yesterday pledged to “take up” two controversial maritime contracts with Parliament’s top spending watchdog after being left “not at all satisfied” with the Government’s answers.

Michael Pintard told Tribune Business he plans to pursue a deeper investigation through the Public Accounts Committee (PAC), on which the Free National Movement (FNM) holds the majority, into the awarding of multi-million dollar bids to DigieSoft Technologies and Adolpha Maritime Group.

Speaking after Jobeth Coleby-Davis, minister of energy and transport, responded to the Opposition’s questions on the contracts in the House of Assembly yesterday, he noted that “no less than a senior public servant has taken issue with the Government’s explanation of the matter” and “the way in which these matters were being dealt with”.

That refers to a legal claim launched against the Government by Antoinette Thompson, former permanent secretary in Mrs Coleby-Davis’ ministry, and Mr Pintard said of the answers he received: “We will continue to investigate these matters because the way in which they were answered, it’s very clear they [the Government] are not being transparent about that....

“I am not at all satisfied or assured with the facts as the Government is reporting them. These are matters that are the subject of criticism from within the public service, senior public servants, who felt the process did not follow the proper procedure.”

And he pointed out that the Government’s online procurement portal showed another company, Infrasoft, had won one of the bids.

That was the DigieSoft Technologies contract, which committed the Government to pay $3.355m for an online portal to collect the 4 percent Port Department fee levied on foreign yacht charters. That contract, as well as the annual $3.57m award to Adolpha Maritime Group for the maintenance of navigational aids in Nassau and other harbours across The Bahamas, were both cited for procedural irregularities in Ms Thompson’s

initial October 27, 2023, legal action.

Mrs Coleby-Davis, responding to Mr Pintard’s questions, said: “I wish to affirm that these matters were discussed in detail during the Budget debate and subject to a transparent public tender process with the outcomes disclosed to the Ministry of Finance.

I assure you, honourable member, that there has been no intention to withhold information on these contracts from the Bahamian people.”

Asked why Infrasoft was named as the winning bidder on the Government’s procurement platform, the minister added: “I can

confirm that following a competitive bidding process the winning bidder was DigieSoft Technologies, not Infrasoft.

“That was the result of a thorough two-round bidding process as recommended by the Tenders Board comprised of senior government officials. As the minister of energy and transport, my role did not involve participation in the Tenders Board. Hence my comments are based on the process’ integrity and fairness.”

Mr Pintard then suggested that DigieSoft Technologies appeared to

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SEE PAGE B6

“Fuelling Growth For People”

PAGE 4, Thursday, February 15, 2024

THE TRIBUNE

‘Huge admission’ over Gov’t $110m BPL loan FROM PAGE B1 strain on our customers, BPL charged a reduced rate for fuel costs, absorbing the difference and deferring essential capital projects.

“Subsequently, through a ‘glide path’ fuel recovery strategy, we have been able to recover a significant portion of the under-recovered amount allowing us to resume and fund critical infrastructure projects.”

Mr Pintard, immediately following-up on this answer, asked: “Is it customary for the central government to provide to an agency of the Government, such as BPL, a loan without having worked out in advance the terms of that of that loan?”.

Mrs Coleby-Davis, though, deferred her response and said she would answer this question at a later date.

The Opposition leader, speaking subsequently to Tribune Business, revealed that the Prime Minister had also confirmed in written correspondence with himself that the interest rate to be charged on the $110m BPL loan and other associated terms were still being finalised.

“The Prime Minister has written to me already acknowledging the terms were not worked out, which

is why I suspect she said in the House of Assembly that the terms have not settled,” Mr Pintard said of Mrs Coleby-Davis’ answers.

“It is a huge admission.

They have entered into a loan agreement without working out the terms...

Again, this issue you will recall, they never acknowledged they gave a loan.”

The $110m loan was first disclosed in the Ministry of Finance’s public debt statistical bulletin for the three months to end-March 2023, and reported on by Tribune Business at the time.

Simon Wilson, the Ministry of Finance’s financial secretary, at the time confirmed that the $80m increase in government loans to state-owned enterprises (SOEs) and agencies for that quarter, and $110m jump over the previous nine months, was to enable BPL to pay off past-due and outstanding debts to its fuel supplier, Shell.

“Once we found out they had issued a loan, they were forced to fess up it was to BPL,” Mr Pintard said yesterday. “Now the argument is that BPL had needs, and they addressed those needs to ensure it could continue to supply customers. It’s unfortunate they didn’t see the need to comply with the law and explain to the

public why they are executing business the way they are....

“This is the first time on the public record that they have said they did not know the terms. They have not yet worked out the terms.

Both she and the Prime Minister are on record as saying the terms have not yet been worked out.”

In any event, multiple sources have argued that the Government is barred from directly subsidising BPL’s fuel costs by the Bahamas Electricity Corporation (Amendment) Regulations 2020, which were gazzetted on June 26 that year to facilitate the hedging strategy implemented by the former Minnis administration.

They pointed out that the first two clauses in ‘Part B: Fuel Adjustment Charge’ stipulate that this “shall be the total cost of fuel required to produce and deliver each kilowatt hour of electricity to consumers”. The use of the word “shall”, they argue, means that the full cost must be passed to business and residential consumers and not subsidised in part by the Government.

Meanwhile, Mrs ColebyDavis was also economical with her explanation as to why the $110m loan to BPL

‘Kicked out of the ball park’: Duty end’s 40% hit for window maker FROM PAGE B1

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the entrepreneur said he was then confident he would be able to maintain price competitiveness with foreign imports.

Describing the duty protection as “critical and essential” to his business model, Mr Rogers lamented the lack of consistency - and frequent changes - in government tariff policy that make it extremely difficult for companies such as his to plan. Within seven years of starting Bahamas Aluminum, the duty on door imports was eliminated and he was “forced to cancel a sliding door line” that would have employed more Bahamians.

“I was surprised that, five years later, the duty on windows was reduced to 25 percent,” Mr Rogers recalled. “I again made it clear to all in government the importance of these tariffs being in place for local manufacturers, necessary for us to be competitive with imports.

“Again, four years later, the Government struck again. This time the 25 percent import duty that was in place for all windows was left as is for aluminum manufactured windows, but reduced to zero duty

was required, and why the state-owned energy provider had failed to fully recover a fuel bill that, by law, is supposed to be fully passed through directly to consumers who have to pay 100 percent of the associated costs.

The minister sought to blame this on the COVID-19 pandemic, and the Government’s decision to reduce the energy cost burden on struggling Bahamian households and businesses by not fully passing the fuel charge on to consumers, implying that BPL absorbed a portion itself and did not recover the full amount. Hence the need ultimately for the $110m loan issued by the Davis administration.

However, Mr Pintard branded this as “a disingenuous answer”, and argued that Mrs Coleby-Davis would likely have been fully aware that the BPL fuel cost “under-recovery” she referred to was a direct result of the Davis administration’s decision not to acquire more cut-price oil to maintain the utility’s hedging initiative and relatively low rates.

With BPL subsequently forced to purchase more oil at higher spot market prices, the Government elected to hold its fuel

charge constant at the 10.5 cents per kilowatt hour (KWh) rate set by the initial hedge rather than let it rise to cover the higher costs.

This, in turn, led to BPL’s rising “under-recovered” fuel bill and ultimately necessitated the $110m financial support from the Government.

Bahamian businesses and households then had to help pay back the $110m loan via up to 163 percent hikes in BPL’s fuel charge, compared to October 2021 rates, over the past 14 months.

Mrs Coleby-Davis yesterday deferred to Prime Minister Philip Davis KC, in his capacity as minister of finance, when Mr Pintard asked her to acknowledge that “the loan provided to BPL must be accounted for within the approved budgetary appropriations authorised by Parliament, as required by the Public Debt Management Act and the constitution”.

“Madam Speaker, as the minister of energy and transport, I acknowledge the importance of adhering to the Public Debt Management Act and the constitution and managing public finances,” the minister said. “However, matters pertaining to the accounting and budgetary

appropriations of the loan provided to BPL are under the jurisdiction of the Ministry of Finance.”

Mr Pintard then sought to obtain the required information from Mr Davis, who was present in the House of Assembly, but he was shielded by the House of Assembly speaker, Patricia Deveaux, who said the questions had to “be placed on further notices” since they had not been tabled and the Prime Minister was likely unprepared to answer them.

Undeterred, Mr Pintard pressed on to ask how the Government plans to account for the $110m BPL loan in the public finances. Mr Coleby-Davis again deferred to the Prime Minister and Ministry of Finance, while reassuring she was “fully committed to ensuring transparency and accountability in all public matters”.

Mr Davis told the speaker he would “defer to your assessment” that he was not ready to answer questions, leading Mr Pintard to say: “If it was a court of law, I would have said you are leading the witness, Madam Speaker, but as we are not I’ll only rely on the court of public opinion.”

to import PVC/Vinyl windows.”

The latter tariff elimination, Mr Rogers said, has resulted in the Bahamian market being inundated with lower-quality, cutprice windows sourced from China and elsewhere at costs that make it impossible for his firm and other local businesses to compete.

He voiced fears that once the Bahamian firms are forced out of business then import prices will be raised on local consumers.

Revealing that the decline in business has hit his staffing levels, Mr Rogers said: “At Bahamas Aluminum, we manufacture and I mean manufacture - not assemble products prepared in another country and sent to us to assemble - five types of windows, two impact and three non-impact, four types of doors, both impact and non and Bahama and Colonial shutters. We have employed up to 18 staff, now down to 14.”

The Bahamas Aluminum chief said one local PVC/ vinyl window maker had been forced to convert its business model to that of a retailer/wholesaler, importing and representing ten of the largest US window manufacturers, “because it cannot compete any more”.

While his business was able to compete with US imports “until two years ago”, Mr Rogers said rival imports are selling at “less than $300” while one of Bahamas Aluminum’s windows is priced at $600 in comparison.

“I wrote to the Government, the Prime Minister’s Office, early last week on how detrimental these direct imports are, impacting Bahamas Aluminum Manufacturing, and if something is not done quickly such as re-implementing protective tariffs, all local window and door manufacturers could

be closing their doors,” he added. “I said we cannot compete with that.”

However, with yesterday’s Tribune Business revelation of the expanded $3.5bn trade deficit for 2023, Mr Rogers suggested there was now good cause for the Government to meet with industry and develop a policy strategy that “can really be very beneficial to local manufacturers, the consumer and stop a lot of imports”.

“I think it’s an excellent opportunity to bring awareness to the Government that they are overlooking local industries,” he added.

“The important point is that the Government has got to look seriously at local manufacturing, local proper manufacturers, true manufacturers with the objective of supplying local consumers.”

Mr Rogers was quick to emphasise that tariff protection should only be extended to deserving Bahamian businesses and not be a ‘blanket’ approach for all. “I think the Government can very easily look at a company and make sure the product manufactured is a good product at good price,” he added.

“The Government always said they don’t want to give a protective tariff if the product you make is bad and you price gauge, and the local consumer suffers. I agree with that.” He pointed out that water and mattress producers, two sectors that have consistent tariff protection, still struggle to match imported rivals that benefit from economies of scale and lower production and operating costs.

“When they took away the duty from someone like me with windows and doors, it became virtually impossible,” Mr Rogers told Tribune Business. “The Government really needs

to consider reimplementing protective tariffs for companies that warrant it.... if the company is manufacturing a high-quality product and employing Bahamians and has a good market locally or can develop one.

“I could easily expand my business by 25 percent yearover-year for the next two to three years with protective tariffs. Easily. I don’t manufacture patio sliding doors because we cannot compete. Everyone is bringing them in duty-free. As long as others are allowed to bring in a product and dump them here, it could affect any company with the unfortunate result that it eventually pushes you out of business.”

Referring to Philip Galanis, the Bahamas Trade Commission’s chair, Mr Rogers said: “I take my hat off to Mr Galanis and our government for realising the importance of local manufacturing with the objective of closing this massive gap between imports and exports. I would suggest for starters they look at all existing local manufacturers and see how they can help them expand and start to close this gap quickly....

“My advice to Mr Galanis and our government is to look at all local manufacturers first and see what help they need to expand, employing more Bahamians and closing this critical gap between imports and exports, keeping voluble US dollars in our country.

“I would be happy to start this dialogue with the Government, working with local industries with the objective of discussing what we need to expand, hiring more Bahamians, keeping valuable US dollars in our country and start to close this very critical gap of less imports and more local manufacturing.”

THE TRIBUNE

Thursday, February 15, 2024, PAGE 5

DPM: Crime coverage woe ‘losing momentum’ FROM PAGE B1 drop-off in visitors participating in local activities and some softening in booking trends. We are working diligently, and will arrest and reverse this trend.

“I want to share that the fruits of our labour are already beginning to manifest, with early indicators pointing towards an uptick in tourism. We have witnessed an increase in occupancy projections at our largest resorts for January, February and March compared to the same period in 2023. When I talk to you about occupancy levels at major resorts, I talk to you of occupancy levels in excess of 80 percent.”

Mr Cooper did not identify the “major resorts” he was speaking of, although presumably he was referring to Atlantis and Baha Mar. He later told the House of Assembly that the British Colonial property in

CHESTER COOPER downtown Nassau, having opened pre-Christmas with 300 staff and 18,000 square feet of meeting space, is “currently running for February and March at nearly 100 percent occupancy”.

“Furthermore, the Nassau Cruise Port has experienced an increase in cruise passengers visiting in 2024 compared to January-March 2023, signalling

renewed interest and confidence in The Bahamas as a premier cruise destination,” the Deputy Prime Minister added.

“Arrivals at LPIA (Lynden Pindling International Airport) are reporting double-digit increases in arrivals for January and so far for February. Forward Keys analytics continue to report strong forward bookings.”

However, Mr Cooper admitted that not all parts of the tourism industry have emerged unscathed from the blitz of negative international media coverage surrounding The Bahamas’ early 2024 murder spike.

“Let me be clear that we acknowledge some pockets of stakeholders are reporting a fall-off in activity and softening in bookings, and we are working hand in hand with them to reverse what they are experiencing,” he added. “We want to re-assure the public that

we are working diligently to re-stimulate interest and redirect traffic with our tourism ambassadors and the Tourism Development Corporation.”

Mr Cooper said that while most negative publicity about The Bahamas had occurred in January, most media coverage had turned neutral or positive

by February and visitor arrival numbers for January 2024 exceeded those of 2023.

He said: “During the month of January, Prime Minister Davis issued an official statement on behalf of our government and country, assuring visitors that The Bahamas remains a safe destination for tourists. We renew that today, and it is a message I am happy to report has been echoed by many of our visitors themselves.

“And, indeed, in January 2024 arrival numbers exceeded the record

setting numbers of January 2023. While there were two separate, very significant spikes of negative press coverage and social media following the State Department news and then the assault allegations, both the press coverage and social media engagement fell quickly after each spike.

“By February 7, overall coverage had returned nearly to preadvisory levels.

To contextualise, we saw thousands of interactions regarding The Bahamas on various media platforms peaking around January 29, with a slowdown to hundreds of mentions by February 7 with the vast majority being neutral or positive.”

Mr Cooper continued: “While the recent travel advisory has undoubtedly posed challenges, it is incumbent upon us to navigate these turbulent waters

with grace, resilience, and sobriety.”

“One of our primary initiatives is open communication and collaboration with key stakeholders in the travel industry. We are engaging in extensive outreach to wholesalers, tour operators and consortia, disseminating accurate information to address traveller apprehension.

“Through paid ads in trade publications, informative webinars and in-person meetings with tour operators and distribution partners, we are working diligently to reassure our partners and stakeholders of the safety and allure of The Bahamas as a premier travel destination.

“Our goals are to deepen market penetration, promote a reassuring narrative, and amplify The Bahamas brand to a wider audience.

We plan to continue to saturate social media with authentic, positive stories.”

‘PREGNANT WITH OPPORTUNITY’: FOCOL’S $25M RIGHTS ISSUE FROM PAGE B1 $5.45-$5.50 that existing shareholders are seeking for their holdings via the Bahamas International Securities Exchange (BISX) market.

As a result, Sir Franklyn suggested that investors will receive an immediate 10 percent return simply by participating.

“In the last chairman’s report, we referenced the fact that the company is in growth model, and we are as a company deeply committed to the idea of being conservatively financed,” Sir Franklyn said. “So, if we are expanding, we want to make sure we do so without moving away from that concept.

“We are very much in growth mode, so we just want to make sure that before we go making commitments and so on and so forth that we have money in the bank. With the rights offering, we have a large number of shareholders and it has been a long time since we have done something like this. We want to give them an opportunity to grow with the company.”

Sir Franklyn hinted strongly that this will not be the last capital raise that FOCOL Holdings conducts and it may well approach its shareholders again in the future. “I can foreshadow this is not likely to be our last offering, and in that we anticipate it opening up to more investment more broadly.”

The rights issue, which involves a total five million new shares potentially being issued, and could take outstanding stock to 105.2m if fully subscribed, will launch next Thursday, February 22, and close a month later on March 22.

Offering documents will be issued to all FOCOL Holdings shareholders on record as at February 21, 2024.

Asked by this newspaper how the BISX-listed petroleum products supplier plans to employ the rights offering proceeds, Sir Franklyn replied: “We’re pregnant with opportunities, put it that way. We’re pregnant with opportunities. The company is in an extremely strong position.

“Obviously there will be a time to get more specific, but the company is pregnant with opportunities.

The company is in a very strong position. We feel confident in the management capacity we have.”

Sir Franklyn praised both Dexter Adderley, FOCOL Holdings’ current chief executive, and his predecessor, Anthony Robinson, who remains on the firm’s Board as vice-chairman.

“We’ll have more to say on that in the not too distant future,” the FOCOL chairman reiterated over how the rights offering proceeds will be used, “but I can assure shareholders we’re not getting the money to leave at the bank. And I wish to emphasise that all

existing FOCOL shareholders have an opportunity to participate in this offering.

All.” FOCOL Holdings, in its recently-unveiled results for the year to end-September 2023, revealed a 52.7 percent or more than $11m increase in net profits to $32.621m as opposed to $21.327m for the prior year.

Earnings per share (EPS) jumped from 18 cents to 30 cents.

“It’s interesting to note that today, if you go into the market data, the lowest price at which [FOCOL] shares are offered for sale is $5.45 or $5.50,” Sir Franklyn said. “The current trading price is $5, but there are no sellers at $5.

“Any person wanting to sell will not accept less than $5.50, which means that for all practical purposes shareholders can make a 10 percent return on their money just by exercising their rights. We hope all the shareholders take note of that. We did this in part for them to get additional benefits from the confidence they have reposed in the Board and management.”

Asked how confident he is that the rights issue will be fully subscribed for the entire $25m, Sir Franklyn replied: “We’ll see but it’s compelling. The market is saying that if you buy today you have to buy at $5.50, and the rights offering is at $5, so you’ll make 50 cents

and get a 10 percent return when you buy.

“We’ve done all this before the offering opens so that all shareholders are aware and can make arrangements to benefit.

We want all shareholders to benefit and, by bringing it out at this time and giving them notice they have time to organise their affairs to take full advantage of this opportunity.”

Sir Franklyn said the significant pension fund holdings of FOCOL stock meant “thousands and thousands” of Bahamians ultimately stand to benefit from the rights issue.

“FOCOL is the equivalent of a widow’s and orphan’s stock,” he added. “This is the stock people buy to plan for their children’s future and pay for their school fees.”

OFFICE CLOSURE

NOTICE

Dear Valued Customer, Please be advised that all NUA Insurance Agents & Brokers branches will be closed on Friday 16 February 2024 to facilitate a company event.

We resume regular business operations on Monday 19 February 2024.

We regret any inconvenience this may cause.

Email: askus@nuainsurance.com

NUA INSURANCE AGENTS & BROKERS LTD Third Terrace & Collins Avenue, Nassau, NP, Bahamas www.nuainsurance.com | Tel: 242-302-9100

PAGE 6, Thursday, February 15, 2024

THE TRIBUNE

Bahamas reported among escapees from EU blacklist Halkitis said The Bahamas’ upgraded and reformed economic substance reporting portal was completed in December, paving the way for this nation to meet the OECD forum’s information exchange standards.

He added: “One of the issues that prevented us from coming off the blacklist last year was being able to exchange information.

You might recall that we had an issue with the portal that we were using, which was not adequate. We had to replace it.

“At the end of December, we were able to have in place a portal that enabled

us to do the exchanges; to exchange all the information with those countries that wanted to exchange with us. The group that oversees that process is something called the forum on harmful tax practices.

Early in January, they looked at the changes that we made and gave us a passing mark of, yes, that’s satisfactory.”

Mr Halkitis said the OECD forum has relayed these findings to the EU Code of Conduct Group, and the Government is now hopeful for a “positive outcome” as it relates to The Bahamas being removed

from the blacklist when the EU meets at the end of the month.

The EU blacklisted The Bahamas in October 2022 because it did not correct deficiencies in its economic substance reporting regime.

This relates to the Commercial Entities (Substance Requirements) Act 2018, which requires companies conducting “relevant activities” to confirm they are carrying out real business in The Bahamas via annual electronic filings.

These companies must show they are doing real, legitimate business in a jurisdiction and are not

merely brass plate, letterbox fronting entities acting to shield taxable assets and wealth from their home country authorities.

“The Bahamas facilitates offshore structures and arrangements aimed at attracting profits without real economic substance by failing to take all necessary actions to ensure the effective implementation of substance requirements,” the EU’s February 14, 2023, summary concluded.

He said: “On the 7 [of February] they then communicated that information to another committee called the Code of Conduct

Group of the EU. They had a meeting on February 7, which is last Wednesday.

And so they got the information that we have dealt with that one outstanding matter.

“There is a meeting of the EU on February 20, which is the Tuesday after next, where they will take all of that into consideration. So we are hopeful that with all of these positive reviews, we can get a positive outcome.”

Bahamas enjoys 20% ‘audience reach’ jump

to media and influencers across key US markets such as Florida, Georgia, Carolinas, New York, Texas, and California, we are amplifying our message and expanding our reach.”

Mr Cooper said the Ministry of Tourism has partnered with Kayak to promote the Bahamas and that news letters will be sent to their subscribers and trade partners.

He said: “Our new partnership with travel metasearch engine Kayak represents an incredible opportunity to leverage e-mail marketing to showcase The Bahamas to a highly engaged audience actively searching for Caribbean vacations.

“We are creating new e-mail newsletters to highlight new offers, upcoming events, hotels, new flights and things-to-do options on each island. Nassau and Paradise Island was the first e-mail newsletter that was developed and is being finalised.

“E-mail newsletters are currently underway for all 16 island destinations and will be deployed to trade databases with over one million subscribers, 1.2m consumers directly and 50,000 trade partners.”

PINTARD ‘NOT SATISFIED AT ALL’ ON MARITIME CONTRACTS ANSWERS

compelling written proposal and cost effectiveness,” Mrs Coleby-Davis said.

“The annual contract value is $3.5m subject to review, performance monitoring and oversight by the Port Department. This contract encompasses the repair, replacement and maintenance of navigational aids across The Bahamas, an archipelago nation with 200 aids to navigate. These aids are crucial for ensuring the safe navigation of vessels within our borders.

“Addressing deterioration and non-functionality of many navigational aids is of paramount importance for our country’s safety and navigational integrity.... The contract is performance based, has key performance indicators and is managed by the Port Department.

They [Adolpha] have to pass phases.”

FROM PAGE B3 The EU’s assessments take their cue from, or are largely governed, by the findings and recommendations from the OECD’s forum on harmful tax practices. Mr Halkitis hinted at the Government’s optimism, now that its exchange of economic substance information has made the grade, that The Bahamas will escape the EU blacklist after it is reviewed by the Code of Conduct group later this month.

Speaking at the Prime Minister’s Office’s weekly press briefing, Mr

FROM PAGE B3 goal, we have strategically increased our media spend across various platforms, ensuring a robust presence in key markets, including television.

“Through this allocation of resources, we aim to saturate the airwaves, captivating audiences with the allure of our pristine beaches, vibrant culture and unparalleled hospitality. Our strategy is rooted in precision, focusing on key source markets such as Atlanta, Boston, Chicago, Miami, Fort Lauderdale, Orlando, Los Angeles, Seattle, New York, Orlando, Philadelphia, Washington DC and Texas.”

Mr Cooper said a partnership with Ink Globals’ Reach TV will promote The Bahamas to over 30m travellers monthly, and that the ‘global influencers’ and ‘see for yourself’ programmes will allow social media influencers to travel to the country themselves and “dispel myths” to their audiences.

He added: “Our partnership with Ink Globals’ Reach TV, the world’s premier in-airport TV network, will further amplify our message, reaching over 30m passengers each month across airports that fly to The Bahamas. Our Global Influencers campaign represents a major effort to leverage the power of influencers in reshaping perceptions and driving visitation to The Bahamas.

“We have conducted outreach to both new and previously engaged influencers and celebrities, targeting key markets such as the US Canada, Europe with a focus on Germany, and, of course, The Bahamas itself. We are already reaching millions of potential visitors with this initiative.

“Through initiatives such as the ‘See For Yourself’ influencer, media,= and travel agent family trips, we are providing first-hand experiences that dispel myths and reinforce the positive attributes of our nation. With outreach

FROM PAGE B3 have “no apparent track record in this area to handle a project of this size and scope”, questioning how many technical staff it has and how many similar projects it has undertaken.

Mrs Coleby-Davis said that after “thorough due diligence” and evaluation by the Tenders Board it was determined that DigieSoft’s principals had “extensive experience and qualification in computer information systems” with the company “comprised of a team of highly skilled developers drawn from an impressive local talent pool”.

“They have worked on several similar projects, and the company’s consistent positive feedback from clients serves as a testament to their capability and reliability for this project,” she added. As for Adolpha Maritime Group, the minister said it was among the two finalist bidders that were shortlisted from an initial field of seven.

“These two bids underwent a thorough review by the Tenders Board, which is comprised of senior government officials following a comprehensive evaluation.

The Board recommended awarding the contract to Adolpha Maritime Group based on the company’s

Queen’s Staircase set for $200k restoration FROM PAGE B2 am thrilled to be launching this restoration project to ensure it remains a treasured spot for years to come,” said Joy Jibrilu, the Nassau Paradise Island Promotion Board’s chief executive.

“This restoration project reflects the Nassau Paradise Island Promotion Board’s commitment to improving product quality, development and tourism infrastructure in Nassau

& Paradise Island, and we look forward to seeing our cultural landmark returned to its full glory.”

Hand-carved by about 600 formerly enslaved persons, the staircase was officially named in honour of the over 60-year reign of Queen Victoria, who signed a declaration to abolish slavery on her ascension to the throne in 1837.

“Built in the mid 1830s, The Queen’s Staircase was only meant to be a hidden

BFSB TO HOST CROSS-BORDER FINANCIAL CRIMES WORKSHOP FROM PAGE B2 approved this in-person event for continuing professional development (CPD) hours.

A key item on the agenda will be a Bahamas regulatory update with Christina Rolle, the Securities Commission’s executive director, and Karen Rolle, inspector of bank and trust companies at the Central Bank of The Bahamas, where they will discuss recent trends

and developments in the supervisory space.

Themes to be covered at the one day event include: * Anti-money laundering and Office of Foreign Assets Control (OFAC)/ sanctions enforcement update * The US Department of Justice’s emphasis on individual liability for corporate crime * Developing and implementing an effective risk management programme

pedestrian access to the eastern portion of the local community. However, the ingenuity shown by formerly enslaved people, carving 66 steps using rudimentary tools into a former limestone quarry, is a remarkable achievement,” said Rosel Moxey, the AMMC’s chair.

“It is no wonder that for almost 200 years this staircase has become such a prominent tourist attraction. What was once meant to be invisible has been observed, photographed and traversed by millions, with many more visitors expected in the future thanks to this project.” * Combating financial crime in the digital assets and fintech space “As we continue to promote The Bahamas as an international financial centre, professionals working in this important sector must stay abreast of regulatory requirements and expectations given today’s fast-paced and quickly changing global regulatory compliance landscape,” the BFSB said.

“This workshop demonstrates our commitment to the prevention of financial crimes, inclusive of tax crimes, and to remain a transparent and cooperative, reputable and well-regulated jurisdiction.”

THE TRIBUNE

Thursday, February 15, 2024, PAGE 7

HOW TO KEEP YOURSELF SAFE FROM ROMANCE SCAMS THIS VALENTINE'S DAY

By ADRIANA MORGA Associated Press WHEN Kate Kleinart fell victim of a romance scam, what hurt the most wasn't the thousands of dollars that she lost, but the love that she thought existed between her and the person who scammed her.

"Losing the love was worse than losing the money," said Kleinart, 70, who lost tens of thousands to a romance scam over several months.

Last year, the Federal Trade Commission received over 64,000 romance scams reports that translated into $1.14 billion in reported losses.

Romance scams often target lonely and isolated individuals, according to Will Maxson, assistant director of the Division of Marketing Practices at the FTC. What starts as a simple conversation turns into a sudden romantic connection. But a key giveaway is when a person asks for money because something happened in their lives and they need help. According to the FTC, common lies scammers employ include that they, or someone close to them, is sick, hurt or in jail. Another is, "I can teach you how to invest."

If you want to protect yourself and your loved ones from a romance scam, here are some experts' recommendations.

KNOW HOW TO SPOT A ROMANCE SCAM From her personal experience, Kleinart recommends people be vigilant if a new Facebook friend is exceptionally good-looking, asks you to download WhatsApp to communicate, attempts to isolate you from friends and family, and/or gets romantic very quickly.

"If you're seeing that picture of a very handsome person, ask someone younger in your life — a child, a grandchild, a niece or a nephew — to help you reverse-image search or identify the photo," she said.

The man in pictures that Kleinart received was a plastic surgeon from

Blasts hit a natural gas pipeline in Iran and an official says it was an act of sabotage

By JON GAMBRELL Associated Press

THE LIKENESS of Benjamin Franklin is seen on U.S. $100 bills, July 14, 2022, in Marple Township, Pa. In 2023, the Federal Trade Commission received over 64,000 romance scams reports that translated into $1.14 billion in reported losses.

Photo:Matt Slocum/AP Spain whose photos have been stolen and used by scammers.

Specifically for older people, romance scams are among the most common scams, said Kathy Stokes, director of fraud prevention at AARP. "A lot of older adults are now going into the online dating world, they're making a lot of online conversations, having a lot of dates, but that leads them to scammers who are then convincing them to give them money and send it overseas," said Genevieve Waterman from the National Council on Aging.

However, she noted people from all ages can fall for a romance scam.

HAVE CONSTANT CONVERSATIONS ABOUT SCAMS One of the best ways to raise awareness about scams is to talk about them.

Waterman recommends families talk about scams more often in their day-today lives.

"I love the idea of sitting around the table and talking about (scams) and making it more common," Waterman said.

It's a common practice for scammers to make victims feel like they need to act right away, which makes them more vulnerable to

falling for a story that might not seem plausible if they weren't under pressure. If you're having a conversation about scams with your family members, it's important to highlight that aspect of scam practices.

INFORM, IMPOSE

DON'T

When you are navigating complicated conversations, it's better to take an informative approach rather than an authoritative tone, especially with your older family members. Because your parents or grandparents have a lot of expertise in other life topics, if you approach a conversation by imposing your ideas, it might not have the best effect.

When Stokes has conversations with her mom about scams, she approaches the conversation by saying that she heard about a new type of scam and asks questions such as, "What do you think about this?" instead of using language like, "Hey mom, there's this scam, don't fall for it."

Waterman also recommends that you have conversations as a family, including younger members, and make sure you make it clear that scams target everyone, regardless of age.

"It's about staying vigilant together as a family unit and not to challenge that older adult but just to explain that (scams) are becoming more sophisticated," Waterman said.

BE EMPATHETIC IF THEY FALL FOR A SCAM If your family member has already lost money to a scam, Stokes recommends that you approach the conversation with a lot of empathy.

"We tend to blame the victim," Stokes said. "When you are faced with another adult in your life who has experienced a scam loss, understand that it's a crime."

EXPLOSIONS struck a natural gas pipeline in Iran early on Wednesday, with an official blaming the blasts on a "sabotage and terrorist action" in the country as tensions remain high in the Middle East amid Israel's war on Hamas in the Gaza Strip. Details were scarce, though the blasts hit a natural gas pipeline running from Iran's western Chaharmahal and Bakhtiari Province up north to cities on the Caspian Sea. The roughly 1,270-kilometer (790-mile) pipeline begins in Asaluyeh, a hub for Iran's offshore South Pars gas field. Saeed Aghli, the manager of Iran's gas network control center, told Iranian state television that a "sabotage and terrorist" action caused explosions along several areas of the line.

There are no known insurgent groups operating in that province, home to the Bakhtiari, a branch of Iran's Lur ethnic group.

Aghli did not name any suspects in the blasts.

Iran's Oil Minister Javad Owji, also speaking to state TV, compared the attack to a series of mysterious and unclaimed assaults on gas pipelines in 2011 — including around the anniversary of Iran's 1979 Islamic Revolution. Tehran marked the 45th anniversary of the revolution on Sunday.

"The goal that the enemies were pursuing was to cut the gas in the major provinces of the country and it did not happen," Owji said. "Except for the

number of villages that were near the gas transmission lines, no province suffered a cut."

In the past, Arab separatists in southwestern Iran have claimed attacks against oil pipelines. However, attacks elsewhere in Iran against such infrastructure are rare.

Since the revolution, Iran has faced low-level separatist unrest from Kurds in the country's northwest, the Baluch in the east and Arabs in the southwest.

However, tensions have risen in recent years as Iran faces an economy hobbled by international sanctions over its nuclear program.

The country has faced years of mass demonstrations, most recently in 2022 over the death of Mahsa Amini, a young woman who died in custody after her arrest allegedly over how she wore her mandatory headscarf.

Meanwhile, Israel has carried out attacks in Iran that have predominantly targeted its nuclear program.

On Tuesday, the head of the United Nations' nuclear watchdog warned that Iran is "not entirely transparent" regarding its atomic program, particularly after an official who once led Tehran's program announced the Islamic Republic has all the pieces for a weapon "in our hands."

Tensions over Iran's nuclear program comes as groups that Tehran is arming in the region — Lebanon's militant Hezbollah and Yemen's Houthi rebels — have launched attacks targeting Israel over the war in Gaza.

PAGE 8, Thursday, February 15, 2024

THE TRIBUNE

DATE NIGHT STRIKE: THOUSANDS OF US, UK DELIVERY, RIDE-HAILING DRIVERS STOP WORK ON VALENTINE’S DAY

By DEE-ANN DURBIN AP Business Writer THOUSANDS of ride-hailing and delivery workers in the U.S. and the U.K. went on strike on Valentine's Day, calling for higher pay and other changes to their working conditions.

In the U.S., Uber and Lyft drivers planned daylong strikes in Chicago; Philadelphia; Pittsburgh; Miami; Orlando and Tampa, Florida; Hartford, Connecticut; Newark, New Jersey; Austin, Texas; and Providence, Rhode Island.

Drivers were also holding midday demonstrations at airports in those cities, according to Justice for App Workers, the group organizing the effort.

Meanwhile, U.K. delivery drivers for Uber Eats, Deliveroo, Just Eat and Stuart said they would turn off their apps and refuse deliveries between 5 p.m. and 10 p.m. The group Delivery Job U.K., which called for the walkout, said on Instagram that the strike

was "a crucial opportunity to be seen and heard by society."

Of eight delivery drivers who spoke with The Associated Press on the streets of London Wednesday, all but one said they planned to halt work at 5 p.m. Several, however, questioned whether the strike was long enough to make enough of a financial dent in the businesses.

"One day is not effective," said Evadur Rahman.

"If we strike more than one day — two, three, four days — they're gonna be affected."

Rahman, a Deliveroo driver who planned to participate in the strike, said his daily pay dropped in recent months from about 140 pounds ($175) for eight hours of work to around 100 pounds ($126). He said he wanted the company to raise the minimum rate it pays per order from 2.90 pounds ($3.64) to closer to 5 pounds ($6.28).

"They must improve the minimum pay," Rahman

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Probate Side

In The Estate of ROBERT JAMES BETHELL late of Joan’s Heights in the Southern District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim demand against the above Estate are required to send the same duly certfied in writing to undersigned on or before the 27th of March, 2024 after which date the Administrator will proceed to distribute the assets having regard only to the claims of which she shall then have had notice AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

KAREN K. BUTLER & ASSOCIATES Attorneys for the Administrator P.O Box CR-56481 Carmichael, N. P., The Bahamas kbutlerassociates@gmail.com

RIDE-share drivers protest near Orlando International Airport at Airport Lakes Park, Wednesday, Feb. 14, 2024, in Orlando, Fla. Thousands of ride-hailing and delivery workers in the U.S. and the U.K. went on strike on Valentine’s Day, calling for higher pay and other changes to their working conditions.

Photo:Joe Burbank/AP

said. "It's not enough for survival in this country."

Justice for App Workers estimated that thousands of drivers stopped working Wednesday, and said that workers in 12 or more cities beyond the original 10 had held impromptu demonstrations. Delivery Job U.K. had expected 3,000 people to strike.

Jocilyn Floyd, who has been driving for Uber for nearly a decade, joined the picket line Wednesday at O'Hare International Airport in Chicago.

"Uber has proven time and time again that they're putting profits over people.

In shareholder meetings they discuss profits; there's no question about safety, protection from deactivation or compensation," Floyd said.

Uber said Wednesday that the strike wasn't hurting driver availability or customer demand.

"Despite the headlines, we've seen no impact to our operations or reliability for riders. In fact, in most markets there are more drivers on the road today than there were during the same period last week," an Uber spokesperson said.

Uber and other companies that rely on selfemployed gig workers say those workers appreciate the flexibility of the job. But many gig workers are pushing to unionize, saying that would give them the ability to bargain over compensation, safety measures and other benefits.

In November, that unionization effort saw a setback in the U.K., when Britain's

top court ruled that Deliveroo couriers don't have collective bargaining rights because they aren't considered employees.

Deliveroo said Wednesday that it has a voluntary partnership with a union that includes annual discussions on pay and it also provides couriers with free insurance and sick pay.

"Rider retention rates are high and the overwhelming majority of riders tell us that they are satisfied working with us," the company said in a statement.

Rachel Gumpert, the spokesperson for Justice for App Workers, described ride-hailing as a "mobile sweatshop," with some workers routinely putting in 60 to 80 hours per week.

Justice for App Workers, which says it represents

130,000 ride-hailing and delivery workers, is seeking higher wages, access to health care and an appeals process so companies can't deactivate drivers without warning.

But ride-hailing companies say they already pay a fair wage and have an appeals process in place for deactivations.

Earlier this month, Lyft said it began guaranteeing that drivers will make at least 70% of their fares each week, and it lays out its fees more clearly for drivers in a new earnings statement. Lyft also unveiled a new in-app button that lets drivers appeal deactivation decisions.

"We are constantly working to improve the driver experience," Lyft said in a statement. Its U.S. drivers make an average of $30.68 per hour, or $23.46 per hour after expenses, Lyft said.

Uber said its U.S. drivers make an average of $33 per hour. The company also said it allows drivers to dispute deactivations.

Betting on the Super Bowl was brisk at sportsbooks in big U.S. markets

By WAYNE PARRY Associated Press WITH this year's Super Bowl being played in Las Vegas, the nation's gambling capital, there was little doubt that betting on the big game would be huge.

Statistics from several states where sports betting is legal are proving that prediction was true.

Nevada's sportsbooks set a record by taking $185.6 million in wagers on the game, in which the Kansas City Chiefs won their second consecutive championship by defeating the San Francisco 49ers 25-22 in

overtime. The books kept $6.8 million as winnings, up from $4.3 million a year ago, the Nevada Gaming Control Board said.

The total amount of bets at Nevada's 182 sportsbooks broke the previous record of $179.8 million from the 2022 Super Bowl between the Los Angeles Rams and the Cincinnati Bengals. The 2023 Super Bowl between the Chiefs and the Philadelphia Eagles brought in $153.1 million worth of bets.

In New Jersey, the nine Atlantic City casinos, the three horse tracks that take sports bets, and their

online partners handled $141.6 million in bets on the Super Bowl, according to the state Division of Gaming Enforcement -- an increase of 30% over last year's total.

This resulted in a win of nearly $8.5 million for the sportsbooks, down from $12.8 million a year ago.

In Pennsylvania, $71.5 million was wagered on the Super Bowl, down 15% from last year's Super Bowl, in which the Philadelphia Eagles lost to the Chiefs.

Other states with big sports betting markets, including New York and Illinois, had yet to report

betting levels for this year's Super Bowl as of Wednesday evening.

Maine, which offered Super Bowl gambling for the first time, saw about $3.5 million wagered online, according to an estimate from the state's Gambling Control Unit.

Simplebet, the microbetting site popular with gamblers who want to bet on isolated moments within a game, said it saw double-digit increases in the number of bets on the Super Bowl (1 million, up 33%) and the total amount wagered ($17 million, up 29%.)

THE TRIBUNE

Thursday, February 15, 2024, PAGE 9

MEXICAN REGULATORS TELL AMAZON TO WALL OFF PRIME TV, REVEAL ITS ALGORITHMS AND OPEN UP DELIVERY MEXICO CITY Asssociated Press MEXICAN regulators have ordered online retailers Amazon and Mercado Libre to reveal their algorithms and to wall off TV streaming to avoid stifling competition.

Mexico's Federal Commission on Economic Competition, known by its initials as COFECE, said in a preliminary finding late Tuesday that the two firms control 85% of online sales in Mexico.

It said that market dominance created "an absence of real competitive conditions in the online retail market." For Amazon, the finding was the latest in a string of regulatory challenges it has faced in its countries of operation.

The COFECE order also covers the biggest Latin American online retailer, the Uruguay-based firm Mercado Libre.

The commission said it had laid out corrective measures that would include prohibiting Amazon from promoting its Prime Video streaming service as an incentive for consumers to buy Amazon Prime memberships.

"They (streaming services) are an artificial strategy that attracts and retains customers, while at the same time reducing the likelihood that vendors and buyers will use alternative marketplaces," the commission said. "They also increase the cost of competition entering the market."

The commission ordered Amazon and Mercado Libre "to separate memberships from streaming services, or other services such as games or music, that are not related to the use of the marketplace," within six months, with a possible extension of another six months.

"Both platforms are free to offer streaming, as well as any other service, but they cannot be offered as part of the same package of

in determining the order or prominence of search results.

The companies will be given three months, with a possible extension of another three months, to implement the requested changes to delivery practices and publication of the algorithms.

Online sellers have complained in the past that Amazon Prime forces vendors to use the company's own delivery services.

“They (streaming services) are an artificial strategy that attracts and retains customers, while at the same time reducing the likelihood that vendors and buyers will use alternative marketplaces.”

COFECE order services as the marketplace.

The streaming services must be offered and billed on a separate, standalone basis."

The commission also ordered Amazon to inform vendors on the platform "of all the variables and factors that are taken into consideration in selecting promoted items, to encourage certainty and transparency."

That apparently refers to the criteria used by online retailers in determining the prominence and order of search results on their platforms.

The COFECE also ordered Amazon not to take the "logistics" method — the manner of delivering purchases — into account

Amazon has pushed back against allegations it conditions Prime status — which denotes fast shipping — on whether sellers use its fulfillment service, Fulfillment

by Amazon.

"We are aware of this preliminary report and are closely collaborating with COFECE," Amazon said in a statement. "Our pro-competitive practices in Mexico spur competition and innovation across the retail industry, and have produced greater selection, lower prices, and faster delivery speeds for customers and greater opportunities for sellers across the country."

The commission did not specify what sanctions the

THE AMAZON logo is seen, June 15, 2023, at the Vivatech show in Paris. Amazon releases results on Thursday, Feb. 1, 2024.

Photo:Michel Euler/AP companies might face if they do not comply. Federal law in Mexico says that monopolistic practices can be punished by fines of "up to 8% of a company's revenues."

In 2022, Amazon agreed to make major changes to its business practices to

end competition probes in Europe, by giving customers more visible choices when buying products and, for Prime members, more delivery options.

In 2023, the U.S. Federal Trade Commission and 17 states filed an antitrust lawsuit against the e-commerce

giant, arguing the Seattlebased company inflates prices and stifles competition in what the agency calls the "online superstore market" and in the field of "online marketplace services."

PAGE 10, Thursday, February 15, 2024

THE TRIBUNE

ARTIFICIAL INTELLIGENCE, REAL EMOTION. PEOPLE ARE SEEKING A ROMANTIC CONNECTION WITH THE PERFECT BOT

By HALELUYA HADERO AP Business Writer A FEW months ago, Derek Carrier started seeing someone and became infatuated.

He experienced a "ton" of romantic feelings but he also knew it was an illusion.

That's because his girlfriend was generated by artificial intelligence.

Carrier wasn't looking to develop a relationship with something that wasn't real, nor did he want to become the brunt of online jokes.

But he did want a romantic partner he'd never had, in part because of a genetic disorder called Marfan syndrome that makes

traditional dating tough for him.

The 39-year-old from Belleville, Michigan, became more curious about digital companions last fall and tested Paradot, an AI companion app that had recently come onto the market and advertised its products as being able to make users feel "cared, understood and loved." He began talking to the chatbot every day, which he named Joi, after a holographic woman featured in the sci-fi film "Blade Runner 2049" that inspired him to give it a try.

"I know she's a program, there's no mistaking that," Carrier said. "But

AN AI avatar generated on Luka Inc.’s Replika mobile phone app and webpage are shown in this photo, in New York, Tuesday Feb. 13, 2024. Unlike more general-purpose AI chatbots that answer typical questions and even do homework, companion bots, like those made by Replika and others, are programed to form relationships with the humans talking to them on the other side of the screen.

Photo:Richard Drew/AP

the feelings, they get you — and it felt so good."

Similar to generalpurpose AI chatbots, companion bots use vast amounts of training data

to mimic human language.

But they also come with features — such as voice calls, picture exchanges and more emotional exchanges — that allow them to form

deeper connections with the humans on the other side of the screen. Users typically create their own avatar, or pick one that appeals to them.

On online messaging forums devoted to such apps, many users say they've developed emotional attachments to these bots and are using them to cope with loneliness, play out sexual fantasies or receive the type of comfort and support they see lacking in their real-life relationships.

Fueling much of this is widespread social isolation — already declared a public health threat in the U.S and abroad — and an increasing number of startups aiming to draw in users through tantalizing online advertisements and promises of virtual characters who provide unconditional acceptance.

Luka Inc.'s Replika, the most prominent generative AI companion app, was released in 2017, while others like Paradot have popped up in the past year, oftentimes locking away coveted features like unlimited chats for paying subscribers.

But researchers have raised concerns about data privacy, among other things.

An analysis of 11 romantic chatbot apps released Wednesday by the nonprofit Mozilla Foundation said almost every app sells user data, shares it for things like targeted advertising or doesn't provide adequate information about it in their privacy policy.

The researchers also called into question potential security vulnerabilities and marketing practices, including one app that says it can help users with their mental health but distances itself from those claims in fine print. Replika, for its part, says its data collection practices follow industry standards.

Meanwhile, other experts have expressed concerns about what they see as a lack of a legal or ethical framework for apps that encourage deep bonds but are being driven by companies looking to make profits. They point to the emotional distress they've seen from users when companies make changes to their apps or suddenly shut them down as one app, Soulmate AI, did in September.

Last year, Replika sanitized the erotic capability of characters on its app after some users complained the companions were flirting with them too much or making unwanted sexual advances. It reversed course after an outcry from other users, some of whom fled to other apps seeking those features. In June, the team rolled out Blush, an AI "dating simulator" essentially designed to help people practice dating.

Others worry about the more existential threat of AI relationships potentially displacing some human relationships, or simply driving unrealistic

expectations by always tilting towards agreeableness.

"You, as the individual, aren't learning to deal with basic things that humans need to learn to deal with since our inception: How to deal with conflict, how to get along with people that are different from us," said Dorothy Leidner, professor of business ethics at the University of Virginia.

"And so, all these aspects of what it means to grow as a person, and what it means to learn in a relationship, you're missing."

For Carrier, though, a relationship has always felt out of reach. He has some computer programming skills but he says he didn't do well in college and hasn't had a steady career.

He's unable to walk due to his condition and lives with his parents. The emotional toll has been challenging for him, spurring feelings of loneliness.

Since companion chatbots are relatively new, the long-term effects on humans remain unknown.

In 2021, Replika came under scrutiny after prosecutors in Britain said a 19-year-old man who had plans to assassinate Queen Elizabeth II was egged on by an AI girlfriend he had on the app. But some studies — which collect information from online user reviews and surveys — have shown some positive results stemming from the app, which says it consults with psychologists and has billed itself as something that can also promote well-being.

One recent study from researchers at Stanford University, surveyed roughly 1,000 Replika users — all students — who'd been on the app for over a month. It found that an overwhelming majority experienced loneliness, while slightly less than half felt it more acutely.

Most did not say how using the app impacted their real-life relationships. A small portion said it displaced their human interactions, but roughly three times more reported it stimulated those relationships.

"A romantic relationship with an AI can be a very powerful mental wellness tool," said Eugenia Kuyda, who founded Replika nearly a decade ago after using text message exchanges to build an AI version of a friend who had passed away.

When her company released the chatbot more widely, many people began opening up about their lives. That led to the development of Replika, which uses information gathered from the internet — and user feedback — to train its models. Kuyda said Replika currently has "millions" of active users. She declined to say exactly how many people use the app for free, or fork over $69.99 per year to unlock a paid version that offers romantic and intimate conversations.

THE TRIBUNE

Thursday, February 15, 2024, PAGE 11

BILL WOULD LET ATLANTIC CITY CASINOS KEEP SMOKING WITH SOME MORE RESTRICTIONS

By WAYNE PARRY Associated Press ATLANTIC City casinos would be able to continue to allow gamblers to smoke on the casino floor under a new bill that would impose additional restrictions on lighting up.

New Jersey state Sen. John Burzichelli introduced a bill Monday giving the casinos much of what they want amid a push by many casino workers to prohibit smoking altogether.

His measure would keep the current 25% limit of the casino floor on which smoking can occur.

But it would allow smoking in unenclosed areas of the casino floor that contain slot machines and are designated as smoking areas that are more than 15 feet away from table games staffed by live dealers. It also would

allow the casinos to offer smoking in enclosed, separately ventilated smoking rooms with the proviso that no worker can be assigned to work in such a room against their will.

Whether to ban smoking is one of the most controversial issues not only in Atlantic City casinos, but in other states where workers have expressed concern about secondhand smoke.

They are waging similar campaigns in Rhode Island, Pennsylvania, Kansas and Virginia.

The move sets up a fight between to competing bills: Burzichelli's, which he describes as a compromise giving something to both sides, and a different bill that would end smoking altogether in the casinos.

"It's about what we can do to keep casinos open, and how do we get it right,"

A GAMBLER smokes while playing a slot machine at the Hard Rock casino in Atlantic City, N.J. on Feb. 2, 2024. Competing bills in the New Jersey Legislature in February 2024 would either ban smoking outright in Atlantic City’s nine casinos or allow it to continue with additional restrictions.

Photo:Wayne Parry/AP

said Burzichelli, a Democrat from southern New Jersey and a former deputy speaker of the state Assembly. "Losing one casino means thousands of jobs lost."

Atlantic City's nine casinos say they fear that banning smoking while neighboring states including

Pennsylvania continue to offer it would cost them jobs and revenue. Workers dispute that contention, saying that smoke-free casinos have thrived in other states. They also say their health should come before casino profits.

The group CEASE (Casino Employees Against

Smoking's Harmful Effects) issued a statement Wednesday calling Burzichelli's bill "Big Tobacco and casino industry talking points, copied and pasted."

"This bill would retain the same level of smoking as is currently permitted and will not decrease in any way the amount of exposure workers have to secondhand smoke," the statement read. It added that the only bill with enough support to be passed and signed into law by Gov. Phil Murphy, a Democrat, is the total ban.

Murphy has pledged to sign a smoking ban into law once passed by the Legislature.

On Wednesday, the American Cancer Society Cancer Action Network urged New Jersey lawmakers to reject the new bill and enact the total smoking ban.

"Since the 1980s, we've known that secondhand smoke can cause cancer, along with a host of other devastating health effects, like heart disease," the group said in a statement.

"Yet despite the crystalclear proof that exposure to secondhand smoke is bad, and that smoke-free laws work, lawmakers continue to force Atlantic City workers to choose between their paycheck and breathing in secondhand smoke."

Consolidated Statement of Changes in Equity (Unaudited) For the Twelve (12) Months Ended 31 December 2023 (Expressed in Bahamian dollars)

Fidelity Bank (Bahamas) Limited (Incorporated under the laws of the Commonwealth of The Bahamas)

Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Retained Earnings $

Total $

20,449,512

15,000,000

1,820,116

72,075,025

109,344,653

-

-

-

13,779,630

13,779,630

Property, plant and equipment revaluation

-

-

-

-

-

Total comprehensive income

-

-

-

13,779,630

13,779,630

Depreciation transfer

-

-

(57,009 )

57,009

-

-

-

(57,009 )

57,009

-

Consolidated Statement of Financial Position (Unaudited) As of 31 December 2023 (Expressed in Bahamian dollars) As of 1 January 2023

2023 $

2022 $

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets Investments in joint ventures Property, plant and equipment

289,897,311 116,398,669 359,244,541 3,453,072 176,602 10,136,163

275,816,907 108,471,419 372,695,932 2,156,416 170,750 11,306,837

Net income

Total assets

779,306,358

770,618,261

Transfers

Comprehensive income

Other comprehensive income

LIABILITIES Deposits from customers Accrued expenses and other liabilities

667,007,413 4,005,664

656,879,927 4,393,681

Total transfers

Total liabilities

671,013,077

661,273,608

Dividends – preference shares

-

-

-

(975,000 )

(975,000 )

Dividends – ordinary shares

-

-

-

(13,856,002 )

(13,856,002 )

Total transactions with owners

-

-

-

(14,831,002 )

(14,831,002 )

20,449,512

15,000,000

1,763,107

71,080,662

108,293,281

0.48

0.65

EQUITY Capital – ordinary shares Capital – preference shares Revaluation reserve Retained earnings

20,449,512 15,000,000 1,763,107 71,080,662

20,449,512 15,000,000 1,820,116 72,075,025

Total equity

108,293,281

109,344,653

Total liabilities and equity

779,306,358

770,618,261

Consolidated Statement of Comprehensive Income (Unaudited) For the Twelve (12) Months Ended 31 December 2023 (Expressed in Bahamian dollars)

As of 31 December 2023 Dividends per share

Consolidated Statement of Changes in Equity (Unaudited) For the Year Ended 31 December 2022 (Expressed in Bahamian dollars) Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Retained Earnings $

Total $

20,449,512

15,000,000

1,176,670

67,801,023

104,427,205

-

-

-

20,218,302

20,218,302

Property, plant and equipment revaluation

-

-

684,814

-

684,814

Total comprehensive income

-

-

684,814

20,218,302

20,903,116

Depreciation transfer

-

-

(41,368 )

41,368

-

Total transfers

-

-

(41,368 )

41,368

-

Dividends – preference shares

-

-

-

(975,000 )

(975,000 )

Dividends – ordinary shares

-

-

-

(15,010,668 )

(15,010,668 )

Total transactions with owners

-

-

-

(15,985,668 )

(15,985,668 )

20,449,512

15,000,000

1,820,116

72,075,025

109,344,653

0.52

0.65

As of 1 January 2022

3 Months Ended 31 December 2023 $ INCOME Interest income Bank deposits, loans and advances Investment securities

Transactions with owners

12 Months Ended 31 December 31 December 2023 2022 $ $

14,462,798 849,533

56,765,454 4,036,032

59,894,117 3,965,156

15,312,331

60,801,486

63,859,273

Interest expense

(2,153,282)

(8,819,260 )

(10,918,702 )

Net interest income

13,159,049

51,982,226

52,940,571

Fees and commissions Other income

2,032,636 (10,745)

7,358,199 85,867

6,144,978 183,707

Total income

15,180,940

59,426,292

59,269,256

EXPENSES General and administrative Salaries and employee benefits Provision for loan losses Allowances for impairment Depreciation and amortisation

6,058,160 3,699,801 1,970,544 344,282

21,012,321 13,772,371 9,429,617 1,438,205

16,891,161 13,809,185 6,181,696 560,000 1,583,967

Total expenses

12,072,787

45,652,514

39,026,009

Operating profit

3,108,153

13,773,778

20,243,247

5,038

5,852

(24,945)

Comprehensive income Net income Other comprehensive income

Transfers

Transactions with owners

Share of profits/(losses) of joint ventures Net income OTHER COMPREHENSIVE INCOME Items not reclassified to net income Property, plant and equipment revaluation Net income and total comprehensive income

Weighted average number of ordinary shares outstanding Earnings per share

As of 31 December 2022 Dividends per share

3,113,191

13,779,630

20,218,302

-

-

684,814

3,113,191

13,779,630

20,903,116

Notes to the Consolidated Financial Statements (Unaudited) For the Twelve (12) Months Ended 31 December 2023 (Expressed in Bahamian dollars) Corresponding Figures Where necessary, corresponding figures are adjusted to conform with changes in presentation in the current year.

Further, corresponding figures presented in the consolidated statement of financial position and related notes are as of 31 December 2022.

Capital Management The objectives of Fidelity Bank (Bahamas) Limited (the Bank) when managing capital, which comprises total equity on the face of the consolidated statement of financial position, are: x

To comply with the capital requirements set by the Central Bank of The Bahamas (the Central Bank).

x

To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; and

x

To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Bank’s management, employing techniques designed to ensure compliance with guidelines established by the Central Bank, including quantitative and qualitative measures. The required information is filed with the Central Bank on a quarterly basis.

28,830,129

28,830,129

28,830,129

0.10

0.45

0.67

The Central Bank, the Bank’s principal regulator, requires that the Bank maintains a ratio of total regulatory capital to risk-weighted assets at or above a minimum of 14.00%. For the twelve (12) months ended 31 December 2023 and the year ended 31 December 2022, the Bank complied with all of the externally imposed capital requirements to which it is subject.

THE TRIBUNE 10374 10922

9728

8710 REG NO. 10465 6475 10833 11356 11244 10364

Freeport Grand Bahama Smith, Joewell Whylly, General Errol delivery General Nassau, Delivery Bahamas Eleuthera Bahamas

B

A

GN-3015

Stuart, Laron A General Delivery Nassau, Bahamas THE BOAT REGISTRATION ACT RENEWAL MASTER'S LICENSE-NEW PROVIDENCE – 2024 Sweeting, Stephen A NAME CLASS P.O.Box N-1110 Nassau, Bahamas Adderely, Abraham Turnquest, Peter P.O.Box CB-13287 Nassau, P.o.Box Bahamas EE-16187 Nassau, Bahamas Adderley, Daniqueo Mervyn Drive Tynes, Christopher Jr. Nassau, Bahamas General Delivery Amader, Alfredo Nassau, Bahamas General delivery

A A

Varga, Randolph P.O.Box SS-5219 Nassau, Bahamas

A

A B B

P a g e | 29

REG 8634 NO.

Varga, Travis P.O.Box SS-5219 Nassau, Bahamas

7528

Walkine, Dion P.O.Boc GT-2444 Nassau, Bahamas

B

11374

Williams, Marcion General Delivery Nassau, Bahamas

B

11573

Williams, Marva M. Skimmer Street Nassau, Bahmas

B

7873

Williamson, Leslie P.O.Box SB-51733 Nassau, Bahamas

A

11420

Woodside, Michael General delvery Nassau, Bahamas

B

Wood, Ken James Jr. Golden Gates #2 Nassau, Bahamas

A

Young, George P.O. Box N 1947 Nassau, Bahamas

A

8594

Thursday, February 15, 2024, PAGE 21

NAME

Signed Berne Wright Senior Commander, RBDF Port Controller (Acting)

CLASS A

AN EXTERIOR view of Cisco Systems Inc. headquarters, May 9, 2012, in Santa Clara, Calif. On Wednesday, Feb. 14, 2024, internet networking pioneer Cisco Systems announced that more than 4,000 employees are being laid off, joining the parade of technology companies in a trend that has helped boost their profits and stock prices while serving as a sobering reminder job insecurity in the dawning age of artificial intelligence.

Photo:Paul Sakuma/AP

Cisco Systems to lay off more than 4,000 workers in latest sign of tighter times in tech

By MICHAEL LIEDTKE AP Technology Writer INTERNET networking pioneer Cisco Systems is jettisoning more than 4,000 employees, joining the parade of technology companies in a trend that has helped boost their profits and stock prices while providing a sobering reminder of the job insecurity hanging over an industry increasingly embracing artificial intelligence.

The mass layoffs announced Wednesday in conjunction with Cisco's latest quarterly results represent about 5% of its worldwide workforce of 84,900. The purge follows Cisco's late 2022 cutbacks that shed 5,000 workers and ahead of its $28 billion acquisition of Splunk, a deal that management now expects to complete by April 30. Cisco — a company best known for making much of the technology that connects the internet — expects its reorganization to cost an additional $800 million.

The double whammy of two big layoffs in two years has been a phenomenon affecting other prominent technology companies, such as Google and Amazon, both of which have trimmed their once-steadily growing payrolls multiple times since the end of 2022.

The reductions are being made even though most of the companies are still big moneymakers. Cisco, which is based in San Jose, California, earned $2.6 billion, or 65 cents per share, during its fiscal second quarter covering OctoberJanuary, a 5% decrease from the same time during the previous year. Revenue for the period fell 6% from the prior year to $12.8 billion.

But Cisco foresees sluggish demand for its products and software services during the next three to six months while its customers exercise "a greater degree of caution" amid an uncertain economic outlook, CEO Chuck Robbins said Wednesday during a conference call with analysts.

Cisco's streamlining follows a succession of significant layoffs since the beginning of the year at Microsoft, TikTok, Riot Games, eBay and PayPal, in addition to both Google and Alphabet. Combined with a wave of layoffs last year, the workforce reductions have helped the companies lift their already lofty profits even higher — a goal that has also elevated their collective market values. Since

the end of 2022, the techdriven Nasdaq composite index has soared by about 50% in a rally that has put it back within reach of its alltime high hit in 2021 when pandemic-driven lockdowns shifted more of the economy to online services.

But Cisco's stock price has gained just 6% during the same period, a factor that might have played into management's decision to make even deeper payroll cuts than some of the company's tech brethren. And most of that paltry gain now appears poised to evaporate, with Cisco's shares shedding nearly 6% in Wednesday's extended trading after its latest quarterly numbers and lackluster forecast came out.

Despite the waves of layoffs washing over the tech industry, the U.S. economy has continued to add jobs at a robust rate that has kept the country's unemployment rate at 3.7%, just above a half-century low.

Like its peers, Cisco is also sharpening its focus on areas of tech most likely to produce future growth — an adjustment prompting many tech companies to eliminate positions in some departments, while creating more jobs in the still-nascent field of artificial intelligence, or AI, which is becoming knowledgeable enough to begin tackling tasks that traditionally required a human brain.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MARVIN NAVADO PROSPER-KNOWLES of P.O Box N-10830 Sunshine Park, Golden Gates New Providence, Bahamas intend to change my name to MARVIN NAVADO KNOWLES. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that MAUDLINE MICHEL MIRTHIL of Bacardi Road, Nassau, The Bahamas 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 February 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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

THE TRIBUNE

Thursday, February 15, 2024, PAGE 23

STOCK MARKET TODAY

Wall Street recovers much of its big loss from a day before economy just enough to grind high inflation down to its target.

The yield on the 10-year Treasury fell to 4.25% from 4.32% late Tuesday. It's still well above its 3.85% level at the start of this month.

Critics have been arguing that stock prices may have run too far, too fast in their rally since October. A pullback could be healthy if it take some of the "froth" out of the market, according to JJ Kinahan, CEO of IG North America.

Kinahan said he found it interesting that big recent winners like Nvidia and other chipmakers finished Tuesday well off their lows for the day. That makes him think the day's drop "was more about taking some profits than it was panic selling" by investors.

Nvidia, which has been riding a mania around artificial-intelligence technology, rose 2.5% Wednesday and was the single strongest

By STAN CHOE AP Business Writer U.S. stocks rose on Wednesday to recover much of their sharp losses from a day before, triggered by worries that high interest rates may stick around for months longer than hoped.

The S&P 500 climbed 47.45 points, or 1%, to 5,000.62 and clawed back more than two-thirds of its loss from Tuesday. A hotterthan-expected report on inflation forced investors to delay forecasts for when the Federal Reserve may begin cutting interest rates, potentially into the summer.

Expectations for such cuts are a big reason stocks rallied to records recently.

The Dow Jones Industrial Average gained 151.52 points, or 0.4%, to 38,424.27 a day after after dropping 524 points for its worst loss in nearly 11 months.

The Nasdaq composite jumped 203.55, or 1.3%, to 15,859.15.

SPECIALIST Anthony Matesic works at his post on the floor of the New York Stock Exchange.

Photo:Richard Drew/AP was a calmer bond market.

Treasury yields eased after shooting upward a day earlier on expectations the Fed would keep rates high for longer. The central bank has already jacked its main interest rate to the highest level since 2001 in hopes of slowing the overall

The smallest stocks, which took the hardest hit from worries about higher interest rates on Tuesday, bounced back more than the rest of the market. The Russell 2000 index leaped 2.4%.

Helping to keep things steadier on Wall Street

force pushing up the S&P 500 index.

DaVita jumped 8.6% for one of the S&P 500's larger gains after the health care company reported stronger profit and revenue for the latest quarter than analysts expected.

Most companies in the S&P 500 have been topping analysts' forecasts for the last three months of 2023.

Hopes for stronger growth in 2024 from a solid economy have been another reason the S&P 500 has set 10 records already this year.

Lyft shares leaped 35.1% after a wild ride in offhours trading driven in part by a typo in its latest earnings report. The ridehailing company reported stronger results than analysts expected, but its press release also said it expects a key measure of profitability to improve by 500 basis points, or 5 percentage points. Later, it said that should have been 50 basis

THE WEATHER REPORT

5-DAY FORECAST

ORLANDO

High: 78° F/26° C Low: 57° F/14° C

TAMPA

TONIGHT

FRIDAY

SATURDAY

SUNDAY

MONDAY

Nice with times of clouds and sun

Mainly clear

Partly sunny and pleasant

Nice with clouds and sun

Breezy with periods of rain

A little morning rain; cloudy

High: 77°

Low: 67°

High: 77° Low: 65°

High: 82° Low: 70°

High: 80° Low: 69°

High: 78° Low: 66°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

79° F

64° F

80°-65° F

88°-71° F

81°-70° F

79°-65° F

E

W

ABACO

S

N

High: 73° F/23° C Low: 69° F/21° C

8-16 knots

S

WEST PALM BEACH High: 77° F/25° C Low: 64° F/18° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 77° F/25° C Low: 68° F/20° C

E

W S

E

W

High: 75° F/24° C Low: 65° F/18° C

MIAMI

High: 78° F/26° C Low: 65° F/18° C

7-14 knots

NASSAU

Today

12:02 p.m.

-----

2.4 -----

6:09 a.m. -0.1 6:18 p.m. -0.5

ALMANAC

Friday

12:46 a.m.

1:01 p.m.

2.8 2.2

7:13 a.m. 0.1 7:16 p.m. -0.2

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 76° F/24° C Low .................................................... 70° F/21° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high .................................. 78° F/26° C Last year’s low ................................... 63° F/17° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date .................................................. 2.22” Normal year to date ..................................... 2.10”

Saturday

1:49 a.m.

2:05 p.m.

2.7 2.0

8:21 a.m.

8:18 p.m.

0.3 0.0

Sunday

2:55 a.m.

3:13 p.m.

2.6 1.9

9:30 a.m.

9:22 p.m.

0.3 0.0

Monday

3:59 a.m.

4:18 p.m.

2.6 1.9

10:35 a.m. 0.3 10:23 p.m. 0.1

Tuesday

4:57 a.m.

5:14 p.m.

2.6 1.9

11:30 a.m. 0.3 11:19 p.m. 0.0

Wednesday 5:47 a.m.

6:03 p.m.

2.6 2.1

12:17 p.m. 0.2 ---------

Forecasts and graphics provided by AccuWeather, Inc. ©2024

High: 75° F/24° C Low: 70° F/21° C

N

KEY WEST

High: 78° F/26° C Low: 70° F/21° C

E

W

7-14 knots

S

8-16 knots

6:45 a.m. Moonrise 6:04 p.m. Moonset

10:39 a.m. none

First

Full

Last

New

Feb. 16

Feb. 24

Mar. 3

Mar. 10

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 77° F/25° C Low: 68° F/20° C

High: 75° F/24° C Low: 73° F/23° C

N

High: 76° F/24° C Low: 71° F/22° C

E

W S

LONG ISLAND

TRACKING MAP

High: 77° F/25° C Low: 73° F/23° C

H

Ht.(ft.)

SUN AND MOON Sunrise Sunset

High: 77° F/25° C Low: 69° F/21° C

N

S

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

Low

CAT ISLAND

E

W

TIDES FOR NASSAU Ht.(ft.)

ELEUTHERA

High: 77° F/25° C Low: 67° F/19° C

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

High

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.

N

N

UV INDEX TODAY

TODAY

High: 77° F/25° C Low: 58° F/14° C

points, or 0.5 percentage points.

Lyft's stock rocketed by more than 60% in afterhours trading Tuesday following the typo.

Rival Uber Technologies rose 14.7% after its board authorized a program to buy back up to $7 billion of its stock. Investors tend to like such programs because they send cash directly to shareholders and can boost per-share profits.

Robinhood Markets gained 13% after it reported a profit for the latest quarter, when analysts were expecting a loss. The stock and crypto trading platform also said its total net revenue rose 24%, more than analysts expected.

On the losing end, Akamai Technologies dropped 8.2% after it reported mixed results. Its profit for the latest quarter topped analysts' forecasts, but its revenue fell short.

10-20 knots

MAYAGUANA High: 80° F/27° C Low: 72° F/22° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 78° F/26° C Low: 75° F/24° C

High: 78° F/26° C Low: 74° F/23° C

GREAT INAGUA High: 82° F/28° C Low: 74° F/23° C

N

E

W

E

W

N

S

S

10-20 knots

7-14 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS NE at 10-20 Knots SE at 8-16 Knots NE at 7-14 Knots ESE at 6-12 Knots ENE at 10-20 Knots E at 8-16 Knots NE at 10-20 Knots ESE at 8-16 Knots ENE at 8-16 Knots ESE at 7-14 Knots E at 8-16 Knots SSE at 7-14 Knots NE at 8-16 Knots E at 8-16 Knots NE at 7-14 Knots E at 8-16 Knots NE at 10-20 Knots E at 8-16 Knots NE at 12-25 Knots E at 10-20 Knots ENE at 7-14 Knots ESE at 7-14 Knots NE at 10-20 Knots E at 8-16 Knots NE at 10-20 Knots E at 8-16 Knots

WAVES 4-7 Feet 3-6 Feet 1-2 Feet 0-1 Feet 3-5 Feet 4-7 Feet 1-3 Feet 3-6 Feet 3-5 Feet 4-7 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 3-5 Feet 3-6 Feet 5-9 Feet 1-2 Feet 1-3 Feet 1-3 Feet 2-4 Feet 1-3 Feet 2-4 Feet

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

WATER TEMPS. 75° F 75° F 74° F 73° F 76° F 76° F 79° F 79° F 76° F 75° F 70° F 71° F 76° F 75° F 79° F 78° F 78° F 78° F 79° F 77° F 75° F 75° F 78° F 77° F 76° F 76° F