02162024 BUSINESS

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FRIDAY, FEBRUARY 16, 2024

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Fidelity eyes $18m profit after ‘opening the hood’

Multi-million project aiming to revive ‘forgotten’ east Nassau

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Gowon Bowe, Fidelity t $POTVNFS MPBO DPSF JT Bank (Bahamas) chief execuAOPU BO FBTZ SPBE tive, told Tribune Business that management were checking the lender remains a finely tuned machine as 2023’s net income performance was “not where we wanted it to be”.

The commercial bank yesterday unveiled unaudited financial results for the 12 months to end-December

31 that showed a 31.6 percent year-over-year decline in profits, which fell from $20.218m to $13.78m. The drop came despite Mr Bowe telling this newspaper in midNovember that the bank was

“not revising” its $16m profit target for the 2023 full year.

That was ultimately missed by $2.22m, based on the unaudited figures. While Fidelity Bank (Bahamas) full-year total revenues

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GOWON BOWE were essentially flat, increasing by just over $150,000 to $59.426m, the greatest impact to its bottom line came from a more than $6.6m hike in its expense base.

SEE PAGE B2

70-room beach club next in Sebas’s $510m expansion

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A 73-room beach club located at Love Beach likely marks the next stage in the $510m real estate expansion being pursued

by Sebas Bastian’s Brickell Management Group (BMG).

Documents filed with the Department of Physical Planning reveal that the property development firm, headed by the Island Luck chief, is already seeking site plan approval for a series of four storey buildings that will occupy four land parcels straddling both sides of West Bay Street in Love Beach Estates subdivision. The development, if approved, will be

located immediately to the west of the Nirvana Beach Bar site.

The papers, which emerged as Mr Bastian and Brickell Management Group unveiled 14 separate real estate projects to Prime Minister Philip Davis KC and the media, involving a combined $510m and the creation of 3,290 total jobs, promised that the Sevyn Beach Club will provide “an enriching experience” for both residents and tourists alike.

Leonardo Godet, in a December 14, 2023, letter to Charles Zonicle, the Department of Physical Planning’s director, on Brickell’s behalf, wrote: “Our development is designed to contribute positively to the

SEE PAGE B3

HOUSING DEVELOPMENT BY BRICKELL MANAGEMENT GROUP

‘Someone has to answer’ why BPL debt still $184m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s leader yesterday demanded that “someone has to answer” why Bahamas Power & Light’s (BPL) $184m debt has not been cut more drastically after last year’s up to 163 percent fuel charge hikes.

Michael Pintard questioned to Tribune Business why the sum owed to the Government by the stateowned electricity monopoly has seemingly only been slashed by $8.3m despite the “tremendous amounts of money” generated from the huge electricity bill and fuel charge burden imposed

MICHAEL PINTARD on Bahamian households and businesses.

BPL’s so-called fuel charge “glide path” strategy, which has been in place from October 2022 to the present, was intended to raise sufficient sums to pay-off BPL’s

THE developers behind a “multi-million” dollar mixed-use project to the Solomon Springs Plaza’s rear yesterday voiced optimism it will help revive a “forgotten” eastern New Providence if approved.

Richie Goodman, who is spearheading the 7.54-acre development on behalf of a Bahamian family who he declined to name, told Tribune Business that “a driving force” behind the development is an ambition to end “the stigma that the western end of the island is a lot more luxurious than the eastern end”.

The project, which will be located at the rear of an existing plaza on eastern Prince Charles Drive that is already home to Bamboo Shack and Marco’s Pizza outlets, is currently designed to feature 74 residential housing units - town homes and apartments - on the second and third floors plus nine commercial spaces on the ground floor.

Mr Goodman told this newspaper that there will be 67,000 square feet of total commercial space alone, and he added: “The whole project will be over 160,000 square feet....

“We’re just trying to bring something fresh to the arena. I feel as though there’s a lack of housing options for young professionals and a need for more commercial premises. Those needs aren’t really being addressed in the eastern part of the island.”

Noting that most commercial real estate development is occurring in western New Providence, as Brickell Management Group builds-out its $200m Venetian Village project and GoldWynn progresses towards starting its $100m Goodman’s Bay penthouse, Mr Goodman added: “We aren’t as big but we want to bring a sense of modernisation to the area.

“We feel the country, with its development, is ready for it, so that’s why we felt it was time

SEE PAGE B4

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SEE PAGE B4

FTX Bahamas creditors to have first meet March 15

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FTX’s Bahamian subsidiary will hold its first creditors meeting on March 15 at Baha Mar’s convention centre as its liquidators ramp-up efforts to return assets to their rightful owners.

A notice of the meeting said its primary purpose “is to establish a liquidation committee as required pursuant to Order 8 of the Companies Liquidation Rules 2012 in relation to the official liquidation of FTX Digital Markets.

“As part of the meeting the joint official liquidators

will provide an update on the progress and conduct of the liquidation, together with information for customers and non-customer creditors regarding the claims process for FTX Digital Markets,” it added.

All creditors of the Bahamian subsidiary, including investors and non-investors, are being invited to attend.

“With reference to Order eight and nine of the Companies Liquidation Rules 2012, a liquidation committee will be elected at the first creditors’ meeting, which shall comprise of not less than three, nor more than five, customers

SEE PAGE B5

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PAGE 2, Friday, February 16, 2024

THE TRIBUNE

HOW TO BUILD CAPACITY FOR A THRIVING BUSINESS S

ustainability in this day and age refers to a company’s ability to consistently build capacity in its employees, processes and operations.

Capacity-building is defined as the process of developing and strengthening the skills, instincts, abilities, processes and resources that companies and communities need to survive, adapt and thrive in a fast-changing world.

Capacity building is essentially about working on your company’s ability to do more internally, such as speeding up production or improving your systems and processes.

Today’s column focuses attention on tips for micro, small and mediumsized (MSME) businesses

IAN FERGUSON interested in increasing efficiency and starting the journey of creating a capacity building model. Here

are six thoughts on this topic: * Identify organisational goals: Very little can happen in terms of forward movement until the company’s goals and objectives are clearly defined and communicated throughout the organisation. Ensuring the SMART goals, which outline details on what, who, why, where, when and how every thing will be done in the organisation, are aligned with the company’s ethos is crucial for success and capacity building. * Conduct a skills gap analysis: Knowing and understanding where you are weakest is both a humbling and necessary action in building capacity. The old adage says we are as strong as our weakest link.

Knowing where to place additional resources, training and support is vital to success and capacity building. * Design training and development programmes.

Creating a learning culture where employees see themselves as lifelong learners is key to building capacity.

No amount of dependency on technology can take the place of a competent and knowledgeable workforce.

UÊ *À Û `iÊ i>À }Ê resources and support: From solid orientation programmes to a company library and tuition reimbursement, every bit of support you can give to employees in their pursuit of new information is crucial. Create a culture of information sharing

with your technology and encourage all employees to see their team members and resources. * Encourage skills application and feedback.

Learning is most effective when it is applied in «À>VÌ V> Ê Ã ÌÕ>Ì Ã°Ê *À vide your employees with opportunities to apply their newly-acquired skills in real work scenarios. Encourage feedback and reflection on their performance, including feedback from leadership, and provide constructive guidance for additional improvement.

UÊ ÃÌ>L Ã Ê i>ÃÕÀi i ÌÊ and evaluation metrics.

Develop metrics and evaluation criteria to assess the effectiveness of your capability building model. Track

Blue Lagoon Fidelity eyes $18m profit unveils product after ‘opening the hood’ improvement FROM PAGE B1

A BAHAMIAN tourist destination yesterday unveiled a series of upgrades it said are designed to improve the guest experience.

Blue Lagoon Island, in a statement, said the addition of an upgraded, wider dock allows guests to move seamlessly from the beach to its animal habitat. The Dolphin Bar also provides visitors with views of the dolphin habitat, while the newly-unveiled Ocean View Terrace provides a retreat with ocean views and lounging chairs.

Other improvements include a full renovation to the Sea Lion all-natural habitat, which is scheduled

to reopen in early March.

“We are delighted to unveil these new developments,” said Robert Meister, Blue Lagoon’s managing director.

“Our guests deserve an extraordinary experience that celebrates the beauty of nature and fosters a deeper connection with our environment.

These enhancements reflect our unwavering commitment to excellence and sustainability.”

Blue Lagoon added that it has integrated ecofriendly practices into efforts to preserve the island’s natural ecosystem and minimise environmental impact.

BAIC MANDATES FASTER PAYMENTS FOR FARMERS THE Bahamas Agricultural and Industrial Corporation (BAIC) has mandated that all farmers supplying fruits and vegetables through the Government system be paid within 45 days.

The agency, in a statement, said its Board of Directors has passed a resolution stipulating that farmers who supply produce worth $300 or less be paid within 30 days of the produce exchange and Family Island packing houses receiving the goods and being presented with an invoice.

For those farmers who supply $300 or more in fruits and vegetables, they

are to be paid within 45 days as BAIC seeks to ensure "timely compensation of farmers in New *À Û `i ViÊ > `Ê Ì iÊ > ÞÊ Islands.

"This resolution was passed with a view of improving the timeliness of payments to farmers and the operations and efficiencies of BAIC, demonstrating our commitment and confidence in our business relationship with farmers in New *À Û `i ViÊ > `Ê Ì iÊ > ÞÊ Islands," BAIC said. "This initiative goes into effect immediately. All future receipts from farmers will be honoured under this resolution."

General and administrative expenses rose by $4.12m or 24.4 percent, jumping from $16.891m in 2022 to $21.012m, which were largely driven by a $1.3m year-overyear increase in Business Licence fees and merchant card services costs that were some $1.2m higher than the bank had originally projected.

“I think that certainly we would call it not where we want to be,” Mr Bowe told this newspaper of the 2023 full-year performance, “but it’s provided us with a very solid understanding of what the economic environment looks like and is telling us to look at what has to be done differently....

“The fourth quarter outturn was a little less than anticipated. From that perspective, we have really sat down and opened up the hood to make sure we are cleaning the spark plugs, changing the oil filters and changing the clamps. We have a vehicle that runs.

It’s a solid Volkswagen. It’s durable and reliable, but we certainly need to refocus in those areas we have taken for granted in a buoyant environment.”

Disclosing that some shareholders have already asked questions over whether Fidelity Bank (Bahamas) has a growth and expansion strategy, Mr Bowe yesterday answered in the affirmative but reiterated it was one wedded to long-term sustainability rather than issuing “risky” loans simply to secure short-term profits.

“Our target for the New Year, 2024, is really to

get to $18m understanding where we are from the foundation,” he told Tribune Business. “We believe we can exceed that, but first and foremost in our minds is that we are writing good business that’s sustainable over a long period as opposed to writing risky business for immediate profits.

“While there are vested stakeholders who would like to see more direct action, we are satisfied it’s more about sustainability and longevity than immediate returns. We are confident that we have a strategy moving forward, moving into commercial loans and revitalising consumer loans.”

Disclosing that consumer credit “will not be an easy road” in the wake of the COVID-19 pandemic, Mr Bowe said Fidelity Bank (Bahamas) has expanded its commercial loan portfolio by some $3.5m by focusing on small and medium-sized (SME) businesses rather than seeking to compete with the Canadian-owned banks for large commercial clients.

“We see opportunities for growth, but not in the traditional space,” he explained. “You’ll see we are increasing our commercial business, targeted at medium sized and smaller sized businesses, which requires new skill sets to underwrite.”

Mr Bowe said Fidelity Bank (Bahamas) was seeking to “combine” this activity with its fast-growing merchant services offering, which drove a 19.7 percent or $1.2m year-over-year

increase in fee and commission income to $7.358m from $6.145m. It will aim to exploit the potential synergies and “leverage the earning capabilities of each [merchant service] client” as a possible loan customer.

Describing this as a “new focus”, Mr Bowe said of commercial loans: “This year we grew about $3.5m.

For us, when we’re coming into this space, we’re not doing these jumbo loans that our bigger counterparts are doing, with loans of $5m-$10m. We’re talking medium, smaller, $500,000 and below.

“As we bring those on it’s essential to make sure we understand the risk, we understand cash flow and we become familiar with the underwriting process and the underwriters become more familiar” with the nature of the clients they are dealing with.

Fidelity Bank (Bahamas), which up until the mid-2000s was a slowgrowing mortgage lender, switched to consumer credit just prior to the 20082009 ‘credit crunch’ and subsequent recession. By following Commonwealth Bank into this space, its profitability has accelerated ever since to the point where it now has more than $779m in assets on its balance sheet.

However, Mr Bowe yesterday conceded that the near-term outlook for the wider Bahamian consumer credit market is not promising. “The clear evidence is that the credit environment in the Bahamas, certainly in the consumer lending space, is going to remain

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the progress of your individual employees and the overall impact on organisational performance. This will allow you to effectively identify areas of transformation and areas that need further improvement.

UÊ \Ê > Ê,Ê iÀ}ÕÃ Ê ÃÊ >ÊÌ> i ÌÊ > >}i i ÌÊ> `Ê À}> Ã>Ì > Ê`iÛi « i ÌÊV ÃÕ Ì> Ì]Ê >Û }Ê V « iÌi`Ê}À>`Õ>ÌiÊÃÌÕ` iÃÊ Ü Ì ÊÀi} > Ê> `Ê ÌiÀ >Ì > ÊÕ ÛiÀÃ Ì iÃ°Ê iÊ >ÃÊ ÃiÀÛi`Ê À}> Ã>Ì Ã]ÊL Ì Ê V> ÞÊ> `Ê} L> Þ]Ê«À Û ` }ÊÀi iÛ> ÌÊà ÕÌ ÃÊÌ Ê Ì i ÀÊLÕà iÃÃÊ}À ÜÌ Ê> `Ê `iÛi « i ÌÊ ÃÃÕiÃ°Ê iÊ >ÞÊLiÊV Ì>VÌi`Ê>ÌÊÌVV ÃÕ Ì> ÌÃJÊV À> Ü>Ûi°V ° subdued for an extended period of time,” he told this newspaper.

While Fidelity Bank (Bahamas) own consumer loan portfolio has not contracted since June, Mr Bowe said Central Bank data showed the segment overall enjoyed only a modest $19.1m expansion in 2023 following a more than $100m decline in the prior year. “When you look at the level of contraction and level of rebound a year later, it indicates it will not be an easy road with consumer lending,” he added.

While post year-end loan loss provision modelling is “only going to increase” the profits posted in the bank’s unaudited financial statements, Mr Bowe said merchant, card and valueadded services are areas “where we have to give significant attention”.

He added: “What contributed to the less than expected profitability was the costs of the card business were higher than expected. That’s a statement on management.

Some of the cards were not contracted at the level we thought they were, and some of them were higher costs.

“Being a retail bank, we had some legacy contracts that were not very favourable for some of the growth in the merchant business.

We’re reconstructing those contracts. We have to learn to change an engine in midflight and that’s what we’re doing.”

Explaining the 2023 surge in the bank’s general and administrative costs, Mr Bowe said Business Licence and other fees jumped from $3.9m in 2022 to $5.2m last year. Besides that $1.3m jump, costs involving merchant cards also rose by $1.2m.

“That’s one we are aggressively working on the contract negotiations to make those costs more in line with our business strategy moving forward, moving from an issuing bank to a meaningful acquiring bank,” Mr Bowe added. “Those are the two biggest ones.”

THE TRIBUNE

Friday, February 16, 2024, PAGE 3

APPRENTICESHIP INITIATIVE TO TRANSFORM LABOUR CLIMATE

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A CABINET minister yesterday said the National Apprenticeship Programme will transform the way Bahamians participate in the workforce by providing paid training and development in high demand sectors.

Pia Glover Rolle, minister of labour and the public service, speaking at the Office of the Prime Minister’s weekly press briefing, said the initiative will help participants launch meaningful careers and also address the country's challenges with today's "social climate".

She said: “The National Apprenticeship Programme will forever change the way we prepare Bahamians to

take advantage of opportunities within the labour market. This programme will provide certified, paid training and development opportunities in high demand fields.

“Especially within our current social climate, we believe that the National Apprenticeship Programme is desperately needed to better prepare our young people, our youth, to be productive citizens, leading positive and peaceful lives in an economy and a labour market that will not just make room for them but assist them in launching meaningful careers.”

Mrs Glover-Rolle added that the initative, which will be launched in September, will have a positive social impact as it will target at-risk youth and allow persons who have been

MINISTER PIA GLOVER-ROLLE previously been imprisoned to participate.

She said: “This programme is as much a social change initiative as it is a training and jobs programme, especially considering its focus on at-risk

youth, including those who have been previously incarcerated. Trainees or apprentices will receive live skills and soft skills training, numeracy and literacy skills development, and mental health support as well as

technical and on-the-job skills.

“We still have a tremendous amount of work to get done as we proceed with our plans to launch as soon as is practicable, with an ambitious goal of launching a pilot before the end of this year.”

Mrs Glover-Rolle explained that, through statistics provided by the Department of Labour’s vacancy unit, the initiative has identified several sectors for the pilot programme.

Those sectors include maritime, construction, health and allied services and ICT (information and communications technology). Mrs Glover-Rolle said the programme wil "set the standard" for marketdriven training and leverage the "full potential of labour

EMPLOYER ROLE CRITICAL TO APPRENTICESHIP SUCCESS THE NATIONAL Tripartite Council's chair yesterday said the success of the National Apprenticeship Programme will be driven by the employers that participate in it Sharon Martin, speaking at the Office of the Prime Minister's weekly media briefing, highlighted the important role employers will play in ensuring that the programme is sustainable.

She said: “Individual employers, you are the success of this programme. An apprenticeship programme must be employer driven.

If it's not employer driven it is not an apprenticeship programme. Call it by whatever name it is. It is not an apprenticeship programme.

“We're looking to the employers to come alongside and partner. Partner with the workers, partner with the Government to ensure that what we say will

happen will happen and will be sustainable.”

Ms Martin explained that the programme will be managed by a Board that will consist of 13 members, while a full-time unit will ensure it runs effectively.

She said: “The National Apprenticeship board will be enshrined in law. That body will be made up of 13 members. Those members will have direct responsibility to ensure the success of the programme.

“The National Apprenticeship unit is also enshrined in law, and that unit is put in place to ensure that we have professionals at the helm to make sure the programme runs and runs properly.

“The National Apprenticeship unit will ensure that employers are placed through the proper channels to ensure that there's no back and forth. We're hoping that everything will

be electronic... So the registration of the employer, the registration of the apprentice, all of that will be put through a digital board.”

Ms Martin added that a Sector Skills Council, comprised of industry professionals, will work with the apprenticeship initiative to advise on the labour market. She said the sectors the programme will initially target are maritime, construction and health services.

She said: “We have the Sector Skills Council. These people who are trained, who are the professionals, who will come alongside us, they will be named and the sectors that we have named at this point are maritime, construction health services.

“Those are targeted sectors for the Sector Skills Council members, and they are the ones who will guide the labour market.

They're out there in the labour market so they know exactly what's going onm, what's needed.”

Joan Dilworth, legal adviser for the National Apprenticeship Programme, also stressed the importance of engagement with employers and said the initiative can help to reduce the amount of work permits issued.

She said: “This National Apprenticeship Programme is really about three bodies.

One, the Government, two the apprentice, and three the employers. We seek the engagement of employers. Things can be accomplished but the ideal situation is when we have the full engagement of the employers.

“We also have another situation where we are issuing out every year, every month, loads and loads of work permits. And we all agree that these

permits, these vacancies, can be filled by able bodied Bahamians.”

Ms Dilworth explained that the legislation only allows Bahamian citizens, permanent residents or people with belongers rights to become apprenticeships.

She said: “The Act provides that you have to be a Bahamian citizen in order to be an apprentice, or you have to be a permanent resident with the right to work.

Or we have a group of residents who are neither, but they have been born here and they have belongers rights, so those three groups of people.”

Ms Dilworth said the programme can assist members of society that are not academically inclined, as well as disabled and vulnerable people, to build meaningful careers. She said it aims to reduce the level of youth unemployment and

as one of the key drivers of change".

She said: “This is a massive undertaking, requiring a true tripartite approach with high levels of cross-government cooperation and close public partnerships. At the end of our work, we will have a full fledged, quality National Apprenticeship Programme that sets the standard for market driven database training and apprenticeships that are compatible with International Labor Organisation standards.

“Through the National Apprenticeship Programme we're leveraging the full potential of labour as one of the key drivers of change and the main avenue through which our people contribute and gain opportunities within our economy”. underemployment, and allows people aged 16 and above to pursue a new employment path.

She added: “We want to get, especially young men, off the block. We want to try and ensure that we include with this disabled folks and women, the vulnerable. And so, the purpose of the Apprenticeship Act is then to channel some of these - what we call the non-academic individuals in our school system - into meaningful not jobs, but careers.

“The view is that we could reduce youth unemployment or under employment but, as well as that, because the Act actually deals with not only 16 and young people, but it's 16 without limit. So if you're coming out of unemployment, you're 40 years old, and you were doing whatever and suddenly that job either no longer exists or you want to try your hand, there's something else.”

70-room beach club next in Sebas’s $510m expansion FROM PAGE B1 area and provide an enriching experience for both residents and visitors. The Sevyn Beach development will consist of 70 rooms, basement parking and a pool area.

“The Sevyn Beach development aims to enhance the local area by providing high-quality accommodation options and dining facilities while addressing the need for parking infrastructure. The proposed 73-room establishment will cater to tourists and locals, offering a comfortable and welcoming environment for those seeking a beachside retreat.

“Additionally, the basement parking will alleviate potential traffic and parking concerns in the area, contributing to a more organised and efficient use of space. We are committed to ensuring that the Sevyn Beach development aligns with the existing vision for the Love Beach area and adheres to all relevant

regulations and guidelines,” Mr Godet continued.

“We understand the importance of sustainable and responsible development, and are dedicated to incorporating environmentally-friendly practices into our project, including waste management and energy efficient measures.”

Ansel Watson, Brickell Management Group’s president, yesterday declined to comment further when contacted by Tribune Business as he did not want to go beyond the presentation given earlier by Mr Bastian.

That presentation indicated the Sevyn Beach Club project will involve a $42m investment and create some 320 construction jobs.

However, the file shows that the Town Planning Committee elected on January 30, 2024, to defer a decision on the site plan approval application in favour of holding a February 29, 2024, public hearing and consultation “to obtain the views of nearby

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residents” on the proposed development. Love Beach residents have not always been amenable to developers, as the struggle over Jason Kinsale’s Passion Point showed.

Brickell has assembled, via acquisition, three separate land parcels for the Sevyn Beach Club. One of the sellers was Paje Realty Ltd, a company whose president, Paul Andy Gomez, is the former Bahamas ambassador to China and now this country’s high commissioner to the UK. Other parcels were acquired from 53 Love Beach Corp, headed by its president and director, Giuseppe Zeno, and Barry and Deborah Moss, for $350,000 and $575,000, respectively. The Sevyn Beach Club is one of 14

projects that Mr Bastian and Brickell, who have already begun the $200m Venetian Village expansion, are planning to undertake.

It will likely complement the Sevyn Hotel, planned for the Venetian Village site, and provide the beach access that location lacks.

They involve a mix of residential rental units; extended stay vacation rental units; a hotel; seaside residences; a sports club; a shopping plaza; housing near the University of The Bahamas; and commercial parks in western and central New Providence.

They are named Venetian West Rentals, Venetian Village Shoppes, Skyline Storage West, Westfield Commerce Park, University House, Aspara Sports Club, Skyline Storage Central,

Vilara Villas, Sevyn Residences, Brickell Square, Sevyn Beach, Sevyn Hotel, V’Orsay Residential, and the Venetian Village residences.

“The proposed development, Venetian Village, is situated in western New Providence in the vicinity of Old Fort Bay and encompasses approximately 68 acres. Venetian Village is a $200m capital expenditure for a mixed-use development featuring commercial, residential and recreational facilities to be constructed over two phases,” said the Environmental Impact Assessment (EIA), completed in October 2022 by Waypoint Consulting.

“Project components include commercial office and retail space; [a 75-room] condo hotel; residences

including town homes and condos; open space and recreational facilities; tennis courts; utilities, roadways and parking.” Some 22 of the project’s 68 acres, accounting for almost onethird of the site, had already been cleared in anticipation of future development.

It will be located opposite Charlotteville between the Old Fort Bay and town centre roundabouts.

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PAGE 4, Friday, February 16, 2024

THE TRIBUNE

Multi-million project aiming to revive ‘forgotten’ east Nassau FROM PAGE B1 to execute this project.....

I think it’s needed, especially because the east is always forgotten in terms of being an area of the island.

There’s a stigma that the western end is a lot more luxurious than the eastern end.

“You have developments like Palm Cay and Port New Providence, but in this area of the island it’s been forgotten, so we’re trying to bring a unique sense of richness back to this end of the island and that’s a driving force for this project.”

Mr Goodman said the total number of construction jobs that will be created is still being determined, along with the size of the required investment. He added that, if all necessary

approvals are obtained, construction will take two to three years to complete with work starting before end-2024.

“We don’t have the exact number of construction jobs based on where we are at the preliminary stages of the project,” Mr Goodman added. “But we don’t feel we’ll be using any foreign labour to accomplish this job. We feel The Bahamas has the correct number of skilled labourers to accomplish the job for us.

“It’s a multi-million dollar project. I can’t go into details but we are working on the numbers to get a final estimate. This will be a phased approach.

We’ll start with the first phase and, based on what we learn from that, move to phases two and three.

“As far as timelines, we see this project taking between two to three years and hope to start ground breaking by the end of this year. That’s subject to the various government agencies and the approvals that they have to give.”

Asked about the likely selling prices for the residential real estate, Mr Goodman replied: “We don’t have finalised price points as yet. We’ll be working with a Bahamian real estate company to establish price points and, more than likely, they’ll lead the charge to establish price points for us.”

The Town Planning Committee is due to hold a public consultation and hearing on the eight-building project, which is earmarked for a rectangular-shaped strip of

land at the existing plaza’s rear to the west of Eastwood Estates, on Thursday, March 7. Amenities include roof terraces, co-working spaces, barbecue stations and a clubhouse, along with commercial kiosks.

Mr Goodman, in a letter to the Department of Physical Planning’s chief planning officer, Jehan Wallace, said: “The proposed mixed-use development would consist of several residential and commercial units. The residential units would be designed to meet the growing demand for housing in the area, while the commercial units would provide much-needed space for local businesses.

“The reason for this development is to meet the changing needs of the community. The area

surrounding the property has experienced significant growth in recent years, with an increasing number of people moving to the area for its proximity to transportation routes and employment centres. As a result, there is a need for more housing options as well as additional commercial space to support the growing population.”

Setting out the project’s virtues, Mr Goodman added: “We believe that the proposed mixed-use development will be a significant asset to the community, providing a range of benefits including meeting the growing demand for housing in the area.”

Other benefits, he added, included “creating job opportunities in the commercial sector, which will

contribute to the economic growth of the community”, plus “enhancing the overall vibrancy and livability of the area by providing a mix of residential and commercial uses”.

“We believe that the proposed mixed-use development will be a valuable addition to the community,” Mr Goodman said.

The same section of eastern Prince Charles Drive has recently seen other shopping plaza-related development, with the project anchored by Royal Bank of Canada (RBC) and Starbucks opening several hundred yards up the road.

‘Someone has to answer’ why BPL debt still $184m FROM PAGE B1 “under-recovered” fuel costs that resulted from the utility not passing these on to consumers 100 percent - as required by law and regulations - over the 12-month period from October 2021.

Jobeth Coleby-Davis, minister of energy and transport, confirmed to the House of Assembly on Wednesday “that BPL was granted a $110m loan by the Government to address the under-recovery of fuel costs as a result of the COVID19 pandemic”. Given that the Government is not supposed to loan money to, or subsidise, BPL, the fuel charge hikes that peaked last summer were to finance repayment of this loan.

However, the Ministry of Finance’s public debt statistical bulletin for the 2023-2024 fiscal year’s second quarter, which covers the three months to end-December 2023, showed that BPL’s indebtedness to the Government has changed little since March last year when it peaked at $192.3m. Given that the sum outstanding stood at $184m at 2023 year-end, the debt reduced by just $8.3m over nine months.

This was despite the excess monies coming in from the fuel charge hikes, and Mr Pintard yesterday

questioned what these funds had been used for given the relatively modest decline in BPL’s indebtedness to the Government.

Tribune Business had earlier this week sought to obtain the same answer from BPL and the Ministry of Finance as to why the loan had not been paid down further. However, Shevonn Cambridge, BPL’s chief executive, referred this newspaper to the utility’s public relations spokespersons, who in turn said Mrs Coleby-Davis would address the matter in the House of Assembly which she did not.

And, when contacted

by Tribune Business on the issue, Simon Wilson, the Ministry of Finance’s financial secretary, said simply: “That’s a discussion you need to have with BPL.” Mr Pintard, though, yesterday also called out energy industry regulator, the Utilities Regulation and Competition Authority (URCA), to confirm whether it has been monitoring how BPL is using its extra fuel charge ‘glide path’ income.

“The Governments data clearly shows that funds due to Shell [BPL’s fuel supplier] for fuel remains unacceptably high,” Mr Pintard said in a statement referring to the outstanding $184m. “This is disturbing especially since

NOTICE

BERTOZZI ARAUJO LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 208603 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 15th day of February A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Roberto Ernesto Coelho De Araujo, whose address is Av. Jacui 312 – 204, Porto Alegre, RS, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 16th day of March A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 15th day of February A.D. 2024.

ROBERTO ERNESTO COELHO DE ARAUJO Liquidator

BAHAMAS POWER & LIGHT’S (BPL) the Government determined that they would raise the fuel pass through rates to what the public believes to be unacceptably high levels.

“In response, URCA approved the ‘glide path’ that enabled BPL to do so. At that time the FNM registered our objection, and asked URCA for a full account of the rationale for their decision. We now ask URCA to confirm whether or not they have been monitoring whether or not the Government has applied the funds earned from the ‘glide path’ to paying the fuel charge to Shell and, if they have not been doing so, have URCA made it clear that this dereliction of duty is a violation of the law?”

Speaking subsequently to Tribune Business, the Opposition leader said: “I’d say someone has to answer.

URCA has the responsibility to ensure that the Government is following the law and what it had committed to when they set up the ‘glide path’. And, more so, URCA endorsed what they did. They never responded publicly with the justification when we raised the rationale for approving it.

“BPL ought to independently say have they honoured the agreement, and the Ministry of Finance have equal responsibility for clarifying how the funds were spent and ought to explain if it [the loan] has not been paid off, why hasn’t it, given that BPL

FINAL LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Kafka Global Macro Fund Ltd. Voluntary Liquidation

NOTICE IS HEREBY GIVEN in accordance with section 138 (8) of the International Business Companies Act, 2000, the dissolution of Kafka Global Macro Fund Ltd. (the “Company” ) has completed, a Certificate of dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the dissolution was 6th February, 2024.

Israel Borba Lyford Financial Centre, Building 2, Western Road, P.O. Box CB-10988, Lyford Cay, New Providence, The Bahamas

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

generated a tremendous amount of money from the ‘glide path’ to pay off the debts incurred.

“What are you doing if the debt is not repaid in full? Someone has to answer. They have a lot of explaining to do. URCA ought to be proactive in speaking to the issue. They have a responsibility. They signed off on the provider issuing these additional bills. I’m sure they are looking at the balance sheet and rate of repayment and realised there’s been no significant movement,” Mr Pintard added.

“They have a duty of care to ask what have you done with the money?

What other expenses have you incurred?” Mrs Coleby-Davis on Wednesday confirmed that through BPL’s fuel charge hikes the utility had “been able to recover a significant portion of the under-recovered amount allowing us to resume and fund critical infrastructure projects”.

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.

Mr Wilson, the Ministry of Finance’s financial secretary, at the time confirmed the $80m increase in government loans to stateowned 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 out- standing debts to its fuel supplier, Shell.

Meanwhile, Mr Pintard yesterday slammed Mrs Coleby-Davis’ explanation that BPL’s fuel cost underrecovery, and the need to hike consumer bills since October 2022, was because the Government had

elected not to pass the full cost on as a way to ease the burden on struggling households and businesses during the COVID-19 pandemic.

Asserting that this was “easy to debunk”, he said: “She clearly was not listening when the Prime Minister told the nation back in October 2022 that the spike in BPL fuel arrears came about because the Davis administration took the conscious decision to ‘postpone the [fuel surcharge] increase’ after oil prices spiked due to the Ukraine-Russia conflict that had started earlier that year.

“Even though, according to the Prime Minister, ‘there was a discussion at the time about increasing BPL’s monthly fuel charge’, the Government put it off until they were forced to make the massive increases in fuel surcharges. It had nothing to do with the pandemic. It had everything to do with PLP mismanagement of BPL”.

Arguing that neither the explanation given by the Prime Minister, nor the answers by Mrs ColebyDavis, were accurate, Mr Pintard said the real cause of the fuel charge hikes was “the disastrous botching of the fuel hedge arrangement and the further poor judgement in not adjusting the fuel surcharge in the manner prescribed by law and regulation”.

He added that this was a direct result of the Davis administration’s decision not to acquire more cutprice 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.

NOTICE

MAYLANA INVEST LTD. (a) Maylana Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 14th February 2024

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

Beatus Limited Liquidator

THE TRIBUNE

Friday, February 16, 2024, PAGE 5

FTX Bahamas creditors to have first meet March 15 FROM PAGE B1 or non-customer creditors,” the notice added.

“Customers and noncustomer creditors may express their interest in being appointed to the liquidation committee by making the relevant election in the electronic proof of debt and voting form .

“The liquidators will report on key aspects of the liquidation to the liquidation committee on an ongoing basis. Liquidation committee members will be required to attend regular update meetings and will have access to material

non-public information.

Committee members will be required to enter into customary non-disclosure agreements and may be restricted from trading claims against FTX Digital Markets.”

Brian Simms KC, the senior Lennox Paton partner, who together with two PwC accountants forms FTX Digital Markets liquidators, revealed in a January 12, 2024, affidavit that they weer a three-week extension to the date on which the first creditors meeting will be held.

“The potential customers and creditors of FTX

Digital Markets with whom the joint official liquidators have been able to discuss the global settlement agreement are supportive of the joint official liquidators entering the global settlement agreement,” Mr Simms said in filings that form part of the trio’s bid for Supreme Court approval of their deal with John Ray, the FTX US chief.

“The joint official liquidators also seek an extension to the statutory 90-day deadline to hold the first creditors meeting due to the fact that the sanction application will be heard on

US EASES RESTRICTIONS ON WELLS FARGO AFTER YEARS OF STRICT OVERSIGHT FOLLOWING SCANDAL

MOTORISTS drive past a sign outside a branch of Wells Fargo bank, Wednesday, Sept. 20, 2023, in Deadwood, S.D. The Biden Administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. The news sent Wells Fargo’s stock up sharply in afternoon trading as investors speculated that the bank, which has been kept under a tight leash by regulators for years, may be able to start growing again.

Photo:David Zalubowski/AP

MICROSOFT IS MAKING 4 EXCLUSIVE XBOX VIDEO GAMES AVAILABLE TO RIVAL CONSOLES

By WYATTE GRANTHAM-PHILIPS AP Business Writer SEVERAL exclusive Xbox games will be soon making their way to rival consoles, the video gaming brand and its parent company, Microsoft, announced Thursday. In a special edition of the Official Xbox Podcast, Microsoft Gaming CEO Phil Spencer confirmed that four Xbox games will no longer be exclusive.

That means players should be able to access them on other companies' platforms.

Spencer did not provide a firm timeframe or identify the four games but said that two will be "communitydriven" games and two will be smaller titles.

"The teams that are building those games have announced plans that are not too far away," he said.

"I won't be talking about the titles specifically, but I think when they come out, it'll make sense."

He did say that Microsoft-owned Bethesda titles Starfield and Indiana Jones were not among them.

Makers of gaming hardware often license popular video games in hopes of getting consumers to buy the devices that hold their exclusive rights.

Xbox's Thursday announcement suggests that the brand is rethinking that strategy. While Microsoft maintained that there was no fundamental change to its exclusivity approach, Spencer noted that he believes games that are exclusive to one piece of hardware "are going to be a smaller and smaller part of the game industry" within the next five or 10 years.

January 22, 2024, and it is only after this application has been determined that the joint official liquidators will be able to circulate forms for proofs of debt that will include the option for customers to elect to prove their claim” in The Bahamas.

FTX creditors will also receive the necessary waivers “barring” them from seeking to claim twice in both The Bahamas and Delaware.

The 90-day timeline to hold a first creditors meeting started running from when Mr Simms and the PwC duo were approved as official

liquidators in early November 2022.

“As such, there will be insufficient time to hold the first creditors meeting by February 8, 2024,” the senior Lennox Paton partner said. “The joint official liquidators therefore request an extension to February 29, 2024, to hold the first creditors meeting.

“As of January 9, 2024, the joint official liquidators have received a total of 60,933 notices of intention to file a claim through the creditor portal launched on December 13, 2022. Given the time sensitivity of the instant application as set

out above, and the amount of notice of intended claims lodged to-date, the joint official liquidators are unable to convene a meeting of creditors.”

This also extends to holding a vote on whether FTX Digital Markets creditors approve the deal with Mr Ray or the selection of a creditors’ committee. “The fact that the potential customers and creditors span the length and breadth of the globe creates further difficulties,” Mr Simms added.

By KEN SWEET AP Business Writer

— who worked at "stores" not bank branches — were forced to open millions of unauthorized accounts.

Customers had their identities stolen and their credit scores impacted. Of the millions of customers effected, a disproportionate number were non-English speaking Americans.

The scandal severely tarnished the reputation of San Francisco-based Wells Fargo, which eight years ago was considered one of the best-run banks in the country by investors and analysts.

Since the scandal broke, Wells Fargo overhauled its board of directors and management, paid more than a billion dollars in fines and penalties, and has spent eight years trying to show the public that the bad practices are a thing of the past. The scandal led to unionization efforts at some branches as employees protested how managers pushed unreasonable sales goals.

In a brief statement Thursday, the Comptroller of the Currency said that Wells Fargo's "safety and soundness" and "compliance with laws and regulations does not require the continued existence of the Order."

The decision is a major victory for Wells Fargo's management and Charles Scharf, who took over as CEO in 2019.

"Confirmation from the OCC that we have effectively implemented what was required is a result of the hard work of so many of our employees, and I'd like to thank everyone at Wells Fargo involved for their dedication to transforming how we do business," Scharf said in a prepared statement.

Citigroup banking analyst Keith Horwitz said in a note that the OCC's decision was "positive proof" that Wells Fargo's management was making the right decisions to fix the company's culture.

There remains in place a Federal Reserve consent order against Wells Fargo as well as a requirement by the Fed that bank grow no bigger than its current size until it fixes its sales culture. The Fed declined to comment, but the OCC's decision is likely to pressure the Fed to make its own decision regarding its restrictions on Wells Fargo.

Including the Fed's order, Wells Fargo still has eight consent orders that govern its operations. That's down from 14 when Scharf took over the bank. Management says they still have work to do.

"We've changed the company across a number of dimensions," said Scott Powell, Well Fargo's chief operating officer, in an interview. Powell joined the bank roughly around the same time as Scharf.

THE Biden administration eased some of the restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.

The news sent Wells Fargo's stock up sharply Thursday as investors speculated that the bank, which has been kept under a tight leash by regulators for years, may be able to rebuild its reputation and start growing again. The bank's shares closed up 7.2% to $52.04, its highest level since March 2022, in extremely active trading.

The Office of the Comptroller of the Currency, the regulator of big national banks like Wells Fargo, on Thursday terminated a consent order that had been in place since September 2016. The order required the bank to overhaul how it sold financial products to customers and provide additional consumer protections, as well as employee protections for whistleblowers.

That consent order was put into place after a series of newspaper and government investigations in 2016 found Wells Fargo to have a poisonous sales culture that pressured employees into selling multiple products to customers even though the products were not needed. Employees

PAGE 6, Friday, February 16, 2024

THE TRIBUNE

PUBLIC NOTICE REAL ESTATE BOARD LICENSED BROKERS/SALESMEN/APPRAISERS/DEVELOPERS THE NEW Yorker Hotel, center, is seen in New York, Nov. 8, 2013. A man who succeeded in using a New York City housing law to live rent-free in the iconic hotel has been charged with fraud after he claimed to own it.

Photo:Peter Morgan/AP

A LOOPHOLE GOT HIM A FREE NEW YORK HOTEL STAY FOR FIVE YEARS. THEN HE CLAIMED TO OWN THE BUILDING

By CEDAR ATTANASIO Associated Press FOR five years, a New York City man managed to live rent-free in a landmark Manhattan hotel by exploiting an obscure local housing law.

But prosecutors this week said Mickey Barreto went too far when he filed paperwork claiming ownership of the entire New Yorker Hotel building — and tried to charge another tenant rent.

On Wednesday, he was arrested and charged with filing false property records. But Barreto, 48, says he was surprised when police showed up at his boyfriend's apartment with guns and bullet-proof shields. As far as he is concerned, it should be a civil case, not a criminal one.

"I said 'Oh, I thought you were doing something for Valentine's Day to spice up the relationship until I saw the female officers,'" Barreto recalled telling his boyfriend.

Barreto's indictment on fraud and criminal contempt charges is just the latest chapter in the yearslong legal saga that began when he and his boyfriend paid about $200 to rent one of the more than 1,000 rooms in the towering Art Deco structure built in 1930.

Barreto says he had just moved to New York from Los Angeles when his boyfriend told him about a loophole that allows occupants of single rooms in buildings constructed before 1969 to demand a six-month lease. Barreto claimed that because he'd paid for a night in the hotel, he counted as a tenant.

He asked for a lease and the hotel promptly kicked him out.

"So I went to court the next day. The judge denied.

I appealed to the (state) Supreme Court and I won the appeal," Barreto said, adding that at a crucial point in the case, lawyers for the building's owners didn't show up, allowing him to win by default.

The judge ordered the hotel to give Baretto a key.

He said he lived there until July 2023 without paying any rent because the building's owners never wanted to negotiate a lease with him, but they couldn't kick him out.

Manhattan prosecutors acknowledge that the housing court gave Barreto "possession" of his room. But they say he didn't stop there: In 2019, he uploaded a fake deed to a city website, purporting to transfer ownership of the entire building to himself from the Holy Spirit Association for the Unification of World Christianity, which bought the property in 1976. The church was founded in South Korea by

a self-proclaimed messiah, the late Rev. Sun Myung Moon.

Barreto then tried to charge various entities as the owner of the building "including demanding rent from one of the hotel's tenants, registering the hotel under his name with the New York City Department of Environmental Protection for water and sewage payments, and demanding the hotel's bank transfer its accounts to him," the prosecutor's office said in the statement.

"As alleged, Mickey Barreto repeatedly and fraudulently claimed ownership of one of the City's most iconic landmarks, the New Yorker Hotel," said Manhattan District Attorney Alvin Bragg.

Located a block from Madison Square Garden and Penn Station, the New Yorker has never been among the city's most glamorous hotels, but it has long been among its largest. Its huge, red "New Yorker" sign makes it an oft-photographed landmark.

Inventor Nikola Tesla lived at the hotel for for a decade.

NBC broadcasted from the hotel's Terrace Room.

Boxers, including Muhammad Ali, stayed there when they had bouts at the Garden. It closed as a hotel in 1972 and was used for years for church purposes before part of the building reopened as a hotel in 1994.

The Unification Church sued Barreto in 2019 over the deed claim, including his representations on LinkedIn as the building's owner. The case is ongoing, but a judge ruled that Barreto can't portray himself as the owner in the meantime.

A Unification Church spokesperson declined to comment about his arrest, citing the ongoing civil case.

In that case, Baretto argued that the judge who gave him "possession" of his room indirectly gave him the entire building because it had never been subdivided.

"I never intended to commit any fraud. I don't believe I ever committed any fraud," Barreto said.

"And I never made a penny out of this."

Barreto said his legal wrangling is activism aimed at denying profits to the Unification Church. The church, known for conducting mass weddings, has been sued over its recruiting methods and criticized by some over its friendly relationship with North Korea, where Moon was born.

He said he has never hired a lawyer for the civil cases and has always represented himself. On Wednesday, he secured a criminal defense attorney.

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The Public is notified for general information that the following persons have renewed their licenses as of January 1st, 2024.

These licenses are valid until December 31, 2024. The public is advised that the list of names below include registered, licensed members of The Bahamas Real Estate Association. The public is further advised that only licensed real estate salesmen and brokers are legally permitted to conduct the business of real estate in The Bahamas.

First Helen Neil Perez Christopher Ethan W. Hazel C. Greg Mark William (Bill) Keith Christopher Celine Roy-Anne Michelle Sarah Margo Carl Deborah Quinell P.A. Alexis Nathan Clara Sheryl Alexander C. Jennifer Billy Dale Mackenson Sonya Christopher Christopher Christopher Silvina Kenneth Christopher Paul D. Sara O. Ken Linda Kim V. Basil Bianca Isabelle Cherise Shelly Chakita Olivia E. Christopher M. Anthony F. Floyd Q. Eartha Robert Paula Peter Brian Dexter Marilyn Angelika Denaldo Ann Shantae Mikhail Nakira Tracey Bianca Kevin L. Sebastian Nicholas C. Cheryl Luicito Hannah Lorraine Rowan Charles J. Leroy Ebony Pauline O. Nakessa John Unni Marie Andrew James C. Jane-Michele Anne Danae Wilshire Meliciana Erin Patricia Jeffrey B. Wendie F. Suzanne J. James Vincent Scott Cynthia Cardell Shamanique Cephas Andre Diane Brian Katherine A. Tonielle Nekia Trevor Keva J Monica O. Lauren Rosalyn Ashley Livingston Brittany Edroy Jonathan Geoffrey Geoffrey G. Robin B. Brittany Andrea G. Garth H. Jolika F. Hugh Shavonne Elvis Shelley Monalisa Breontae Eli Curlisa Faye

Last Aaron-Dupuch Aberle Adderley Adderley Adderley Adderley-Fox Ageeb Ageeb Albury Albury Albury Albury Albury Albury Albury Albury Albury Albury Albury Albury Albury Alcime Alcita Alexiou Alexiou Allen Allen Altidor Alvino Anand Anand Anand Andrews Andrews Ansell Antonas Appleton Aranha Aranha Aranha Aranha Aranha Aranha Archer Archer Archer Armaly Armaly Armbrister Armbrister Arnold Arthur Auberg Auberg Austin Avney Ayearst- Hartley Bacchus Bain Bain Bain Barnett Barnett Barone Barone Bastian Bastian Bates Bazard Bazard Beard Beauregard Beede Bell Beneby Beneby Beneby Berdanis Berg Berlanda Bernard Bethel Bethel Bethel Bethell Bethell Bethell-Jones Birch Birch Bishop Black Blacquiere Bocus Bodie Bodie- Williams Bowe Bowe Bowe-Pindling Bowers Bowers Brancaccio Brice Bridgewater Bridgewater Brown Brown Brown Brown Brown Brown Brown Brown Brown III Brown Jr. Brownrigg Brownrigg Brownrigg Buckner Buckner Buckner Bullard Bullard Bullard Bullard Bullard Burrows Burrows

Category Postal Address Broker EE-17823 Broker AB-20106 Salesperson SP- 60213 Salesperson N-8245 Salesperson SP-60673 Salesperson N-8164 Broker SS-6193 Salesperson SS-5931 Salesperson AB-20404 Salesperson SP-60213 Salesperson General Delivery Salesperson AB-22140 Salesperson FH-14293 Salesperson S 519221 Salesperson EL-27664 Salesperson AB-20123 Salesperson SS-6938 Salesperson CB-10119 Salesperson EL-27235 Salesperson General Delivery Salesperson N/A Salesperson CB-56766 Salesperson CB- 11777 Broker EL 27045 Salesperson EL-27045 Salesperson N/A Salesperson CB-13316 Salesperson SP-64185 Broker AP 59223-317 Developer SP-63158 Developer SP-63158 Developer N/A Broker N-113 Salesperson EE-16469 Salesperson N-732 Broker & Appraiser N-1132 Salesperson N 3709 Salesperson N-4634 Salesperson CB-11853 Salesperson SS 6193 Salesperson SS-6041 Salesperson N-732 Salesperson ss-6650 Salesperson N/A Salesperson SS-5762 Salesperson N-3180 Salesperson CB-13304 Broker & Appraiser SS-19085 Broker General Delivery Broker & Appraiser SB-50125 Broker N/A Salesperson General Delivery Broker N-8877 Salesperson N-8877 Broker N-1132 Salesperson N/A Salesperson SS-5244 Salesperson Generla Delivery Salesperson N-1062 Salesperson N-3102 Salesperson F-43152 Salesperson N/A Salesperson N-1062 Broker EE-15240.

Salesperson EE-15240 Salesperson CB-13443 Developer Salesperson N 7776 Salesperson N-4484 Broker N 555 Salesperson CB-13534 Broker EL-27600 Broker DC-30687 Broker F-40962 Salesperson N-9072 Salesperson N-7655 Salesperson N/A Salesperson N-8164 Salesperson General Delivery Salesperson N-1130 Broker & Appraiser N-4825 Broker N-7320 Salesperson EL-25025 Salesperson N/A Broker & Appraiser N-8524 Salesperson N-7655 Broker N-7776 Broker & Appraiser SS-19085 Salesperson P.O.Box FC 23311 Broker AB 20771 Broker N-8233 Developer N/A Salesperson ss-6481 Salesperson SB 20841 Salesperson FH-14061 Salesperson N/A Salesperson Ex-29005 Salesperson N-7815 Salesperson N-7776 Salesperson N-7776 Salesperson SS-19526 Salesperson EE-17823 Salesperson N-3180 Salesperson N-1062 Salesperson N-1110 Salesperson N-1110 Salesperson CB-13647 Broker CB-11707 Salesperson CR56766 Suite720 Salesperson N-1062 Salesperson SS-19085 Salesperson N-431 Salesperson N-1110 Broker N-1110 Broker & Appraiser N-1132 Salesperson N-1132 Broker SS-6299 Broker SP-63162 Broker SP-63162 Broker SP-63162 Salesperson N-10119 Broker CR-56600 Salesperson N-1062 Salesperson N/A Salesperson & Appraiser SS-5362 Salesperson EE-15819 Salesperson SP-64205

Town/District Nassau Marsh Harbour Nassau Nassau Nassau Nassau Nassau Nassau Marsh Harbour Nassau Man-O-War Cay Nassau Nassau Nassau Spanish Wells Marsh Harbour Nassau Nassau Harbour Island Hope Town Nassau Nassau Nassau Dunmore Town Harbour Island Nassau Nassau West Bay Street Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau East Bay Street Nassau Nassau Nassau Cable Beach Nassau Fernandez Bay Nassau Freeport Harbour Island Nassau Nassau Nassau Nassau Nassau Governor’s Harbour Nassau Nassau Nassau Nassau Nassau Paradise Island Nassau Gregory Town Nassau Nassau Nassau Nassau Nassau Spanish Wells Salt Pond Freeport Nassau Nassau Nassau Nassau Cockburn Town Nassau Nassau Nassau Governor’s Harbour Nassau Nassau Nassau Nassau Nassau Fresh Creek Marsh Harbour Nassau Nassau Nassau Prince Charles Dr Freeport George Town, Nassau Nassau Nassau Nassau Freeport Nassau Nassau Nassau #248 Shirley St. Nassau Nassau Nassau Nassau Nassau Hope Town Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Baillou Hill Road Nassau

Island New Providence Abaco New Providence New Providence New Providence New Providence New Providence New Providence Abaco New Providence Abaco New Providence New Providence New Providence Eleuthera Abaco New Providence New Providence Eleuthera Abaco New Providence New Providence New Providence Eleuthera Eleuthera New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Cat Island New Providence Grand Bahama Eleuthera New Providence New Providence New Providence New Providence New Providence Eleuthera New Providence New Providence New Providence New Providence New Providence New Providence New Providence Eleuthera New Providence New Providence New Providence New Providence New Providence Eleuthera Long Island Grand Bahama New Providence New Providence New Providence New Providence San Salvador New Providence New Providence New Providence Eleuthera New Providence New Providence New Providence New Providence New Providence Andros Abaco New Providence New Providence New Providence New Providence Grand Bahama New Providence Exuma New Providence New Providence New Providence New Providence Grand Bahama New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Abaco New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence

THE TRIBUNE

Friday, February 16, 2024, PAGE 7 PUBLIC NOTICE - REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS

First Claudius A. Andrew El’Dora Allan Jerry Christopher Sara Jason Sean Carlyle Shamon Michelle Garneth Wesley Garnell A. Tyrese R. Lindsey Jodie Arlington Carla Ingrid Olive Mario A. Frank C. Paul H. Odette Janyce Colleen Andrew Heather Levant Sasha Denise Tonika Janine Charles E. Bradley Trevor L. Bryce Ridley Lisa M. Mark Brent C. Clinton Steven Robert Norman A. Monique Ryan Christine Steven L. John I. Shane Terrol Robin Anna Serena Virginia Takara Kenneth Simon Lazar Laura Demar Omar Catarina Bobby Sonia Linnea Rebecca Cara Diane John W.C. Gavin Steffan P. Cheslie Dylan Donald Aubynette Claudlyn Alexis Samuel Douglas Leslie Ann Deatra Cassie Samira Gregory Cara Tamecko Travis John Charlotte Matthew Astrid Cephas Penny Darieo Clarence Kevin J. C. Kenneth Audrey Kent Kendra C. A. Christina Joseph R. Darvin Terez Lamont Roscoe Nicholas Dennis Christina Christopher E. Suzette Paul C. Angela Austin Bernard Aaron Donna Lamond Brendan Leah R. Thavon Trent Linda Jonathan Alexandra Lanelle Daphne Marcella Joshua Nicholas Travis W. Richard C. Shavonne John B. Jacob S. Sarah Guerda Samia Kenneth Stephen Tarma Kenred Davaughn Tamara kristina Marcia William Peter M.

Last Burrows Burrows Butler Butler Butler Callendar Callender Callender Campbell Campbell Campbell Campbell Campbell Campbell Campbell Cancino Cann- Fountain Capron Card-Stubbs Carey Carey Carey Carey Carey Carey Carey Carey Carey Carey Carey Carey Carey Carey III Carey, Jr. Cargill Carroll Carroll Carroll Carter Cartwright Cartwright Cartwright Cartwright Cartwright Cartwright Cartwright Cartwright BRI., Cash Cash Cash Cates Cathopoulis Chan Chan Chandler-Gardiner Chaplin Chappell Charlton Charlton Charlton Chemaly Chemaly Chen Chipman Chisholm Christen Christie Christie Christie Christie Christie Christie Churchill Clarke Clarke Clarke Cleare Colclough Cole Colebrooke- Beneby Coleby Collie Collie Collie Collins Constantakis Constantakis Constantakis Cooper Cooper Costain Cox Cox Cross Culmer Culmer Culmer Culmer Cunningham Curry Curry Curry D. Nixon Dames Damianos III Darling Darville Darville Darville Darville Darville Davis Davis Davis Davis Davis Davis Davis Davis Dean Dean Dean DeGregory DeGregory Delancy Delaney Delva Demeritte Deveaux Dillett Disston Disston Dolce-Culmer Donaldson Donathan Donovan Dorsett Dorsett Dorsett Dorsett-Vieljeux dragovich Duncan Duncombe Dupuch

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FORD MOTOR CO., President and CEO Jim Farley announces the automaker’s new BlueOval Battery Park, Monday, Feb. 13, 2023, in Romulus, Mich. Ford’s top executive says that last fall’s contentious United Auto Workers’ strike changed the company’s relationship with the union to the point where it will “think carefully” about where it builds future vehicles.

Photo:Carlos Osorio/AP

FORD CEO SAYS COMPANY WILL RETHINK WHERE IT BUILDS VEHICLES AFTER LAST YEAR’S AUTOWORKERS STRIKE

By TOM KRISHER AP Auto Writer LAST fall's contentious United Auto Workers' strike changed Ford's relationship with the union to the point where it will "think carefully" about where it builds future vehicles, Ford's top executive said Thursday.

CEO Jim Farley told the Wolfe Research Global Auto Conference in New York that the company always took pride in its relationship with the UAW, having avoided strikes since the 1970s.

But last year, Ford's highly profitable factory in Louisville, Kentucky, was the first truck plant that the UAW shut down with a strike.

Farley said as the company looks at the transition from internal combustion to electric vehicles, "we have to think carefully about our (manufacturing) footprint."

Ford, Farley said, decided to build all of its highly profitable big pickup trucks in the U.S., and by far has the most union members — 57,000 — of any Detroit automaker. This came at a higher cost than competitors, who went through bankruptcy and built truck plants in Mexico, he said.

But Ford thought it was the "right kind of cost," Farley said.

"Our reliance on the UAW turned out to be we were the first truck plant to be shut down," Farley told the conference. "Really our relationship has changed.

It's been a watershed moment for the company.

Does this have business impact? Yes." In a statement, union President Shawn Fain said Ford should stay focused on building the best auto industry, not on a race to lower wages.

"Maybe Ford doesn't need to move factories to find the cheapest labor on Earth," he said. "Maybe it needs to recommit to American workers and find a CEO who's interested in the future of this country's auto industry," Fain said.

Asked about Farley's comments, White House press secretary Karine Jean-Pierre said President Joe Biden believes in making goods and creating jobs in the U.S. "We're going to do everything we can to make sure that continues," she said.

Biden, she said, believes that workers have the right to collective bargaining to get better wages and benefits like the UAW did.

"That is something that the president is always going to speak for and is going to stand up for" she said.

The UAW made strong wage gains after a six-week strike at selected plants run

by Ford, General Motors and Jeep maker Stellantis. Top-scale factory

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workers won 33% raises in a contract that runs through April of 2028, taking their top wage to around $42 per hour.

High manufacturing costs are among the reasons why Ford has a $7 billion annual cost disadvantage to competitors, Farley has said.

He told the conference that Ford is making progress on cutting those costs with cultural and structural changes at the company.

It expects to take out $2 billion worth of costs this year, and Farley said he thinks cuts in manufacturing costs will offset the cost of the UAW contract.

Ford has said the contract would add $900 to the cost of a vehicle by the time it reaches full effect.

Ford has shifted its electric vehicle strategy to concentrate on smaller, lower priced EVs and work vehicles such as pickup trucks and full-size vans, Farley said. Any EV larger than a Ford Escape small SUV "better be really functional or a work vehicle."

A small team within the company is developing the underpinnings of a less costly smaller vehicle, which Farley said would be profitable because of U.S. federal tax credits as high as $7,500 per vehicle.

He gave no time frame for the small EV to come out, but said Ford's next generation of electric vehicles would come in the 2025 through 2027 time frame.

His comments about the union raise questions about whether the new small EV would be built in Mexico, which has lower labor costs.

Vehicles built in North America are still eligible for the U.S. tax credit.

Farley also sees EV battery prices coming down with more competition. The company, he said, may go with a common cylindershaped cell to leverage purchasing and get better prices. He also said Ford might do that with another automaker.

Ford's Model e, the electric vehicle unit, lost nearly $5 billion before taxes last year. Farley wouldn't give a date for it to break even, but said any new EV built by the company has to make money within 12 months of its release.

The company still posted net income of $4.3 billion due largely to big profits from its Pro commercial vehicle unit and Ford Blue, the internal combustion division.

Farley said Ford and others will have trouble competing on EVs with Chinese automakers, who have gone from no EV market share in Europe two years ago to 10% of the market now.

Chinese auto giant BYD 's Seagull small electric vehicle, he said, has about $9,000 in material costs, and it will probably cost the company another $2,000 to meet crash test standards, for a total of around $11,000. It has a range of about 150 miles in cold weather, "not a fantastic vehicle, but pretty damn good."

Ford's lowest-priced U.S. EV is the Mustang Mach e, which starts around $43,000.

PAGE 8, Friday, February 16, 2024

THE TRIBUNE PUBLIC NOTICE - REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS

SHOPPERS and sightseers walk on Fifth Avenue on Dec. 11, 2023, in New York. In the United States, the economy motored ahead in last year’s fourth quarter for a sixth straight quarter of growth since the pandemic’s early days.

Photo:Yuki Iwamura/AP

RECESSION HAS STRUCK SOME OF THE WORLD’S TOP ECONOMIES. THE US KEEPS DEFYING EXPECTATIONS

By STAN CHOE and CHRISTOPHER RUGABER AP Business Writers AS some of the world's biggest economies stumble into recession, the United States keeps chugging along.

Both Japan and the United Kingdom said Thursday their economies likely weakened during the final three months of 2023. For each, it would be the second straight quarter that's happened, which fits one lay definition for a recession.

Yet in the United States, the economy motored ahead in last year's fourth quarter for a sixth straight quarter of growth. It's blown past many predictions coming into last year that a recession seemed inevitable because of high interest rates meant to slow the economy and inflation.

Give much of the credit to U.S. households, who have continued to spend at a solid rate despite many challenges. Their spending makes up the majority of the U.S. economy. Government stimulus helped households weather the initial stages of the pandemic and a jump in inflation, and now pay raises are helping them catch up to high prices for the goods and services they need.

On Thursday, a report showed that fewer U.S. workers filed for unemployment benefits last week. It's the latest signal of a remarkably solid job market, even though a litany of layoff announcements has grabbed attention recently.

Continued strength there should help prop up the economy.

Of course, risks still loom, and economists say a recession can't be ruled out.

Inflation could reaccelerate. Worries about heavy borrowing by the U.S. government could upset financial markets, ultimately making loans to buy cars and other things more expensive. Growing losses tied to commercial real estate could mean big pain for the financial system.

But, for now, the outlook continues to appear better for the United States than many other big economies.

The mood on Wall Street is so positive that the main measure of the U.S. stock market, the S&P 500 index, topped the 5,000 level last week for the first time.

"First and foremost, it's important to emphasize that the market's performance is more a reflection of a thriving economy rather than unwarranted 'animal spirits' from investors," according to Solita Marcelli, chief investment officer, Americas, at UBS Global Wealth Management.

When it upgraded its forecast for global growth in 2024 a couple weeks ago, the International Monetary Fund cited greater-thanexpected resilience in the U.S. economy as a major reason.

Several unique characteristics of the U.S. economy have sheltered it from recessionary storms, analysts say.

The U.S. government provided about $5 trillion in pandemic aid in 2020-2021, far more than overseas

counterparts, which left most households in much better financial shape and supported consumer spending well into 2023.

The Biden administration has also subsidized more construction of manufacturing plants and infrastructure through additional legislation passed in 2021 and 2022 that was still having an impact last year. About one quarter of the U.S. economy's solid 2.5% growth in 2023 was made up of government spending.

Republican critics, however, charge that the extended spending contributed to higher inflation.

"We had some policies that I do think helped us a lot," said Diane Swonk, chief economist at KPMG. "But also the structure of our economy is so much different."

Americans have been better protected from rising rates than U.K. counterparts, for example, because most U.S. homeowners with mortgages have long, 30-year fixed rates. As a result, the Federal Reserve's rapid rate hikes of the past two years -- which have lifted mortgage rates from around 3% to about 6.7% -- have had little effect on many U.S. homeowners.

Yet their British counterparts carry mortgages that have to be renewed every two to five years. They've struggled with rapidly rising mortgage rates as the Bank of England has lifted borrowing costs to combat inflation.

Catherine Mann, a member of the Bank of England's interest-rate setting committee, said Thursday that the U.K. economy's slowdown should be temporary. There are already signs in business surveys that the economy is picking back up, she added.

"The data we have today is rear-view mirror," she said on the sidelines of an economic conference in Washington. Forwardlooking reports "are all looking good." Like the Fed, the Bank of England is considering reducing its benchmark rate once it is confident inflation is under control.

Another benefit for the United States is that it experienced a surge in immigration in recent years, which has made it easier for businesses to fill jobs, potentially expand their operations, and has led to more people earning wages -- and then spending those earnings.

Japan, by contrast, is rapidly aging and has seen its population shrink for years, as it is less open to foreign labor. A declining population can act as a powerful drag on economic growth.

In Europe, consumer sentiment is weak among consumers who are still feeling the effects of higher energy prices caused by the war in Ukraine.

Even China, whose economy is growing faster than the United States', is under heavy pressure. Its stock markets have been among the world's worst recently due to worries about a sluggish economic recovery and troubles in the property sector.

First Dexter Karen Valderine Patricia E. Allan Chevy Ezekiah Garnett L. Alexander Cathryn Ritchie Roshanne Nicole Adell Jennifer E. Melissa Scott Tyrell Kendal Rothia J. Scott Glenn Cecil C. Tenecia Byron Abigail F. Nicole Nikki Naaman Adell Ruth Tiffany Heather Nick Jeron Bradley Raleigh Darren Joerg Chris James Godfrey Raylene Corey Sarah Alexandrea Iliana Hezekiah Shaq J. Zoe Monique Steve Charmaine Donna Indira Cristobal Tara Gregory P. Peter Shavonne Brooke DeNero N. Dolly Sharmaine Arvind Stuart Sandy Khandira Chris Raquel William Bishop Walter S. Aubrey P. Shannon Brian K. Dante Cheryl M. Randy J. Randy J. Patricia Theresa Toby Rupert Alexdia Garren A. Charles C Gennyne Gustaf Christopher Jerlean (Joyce) Lauren Lydia Margo P. Philip Cody Taryn Denea Justin Lauren Ann Marie Diane Leo Priscilla Kristi Adama Judith Maxine Mark Marcus Nakia Sally D. Templeton Demetri Vanessa Carl Christian Dena L. Desiray Kirk Stephen Rashema Jack Deron Dario Steven Harold Wendy A. Keisha Josefina Trevor W. Stephen Ingrid Lonnie Sheldon Jennie Harrice Troy Kiara Aston K. Antone Dajah Advara Alexander Loubna Dale Andrew Steven Brittany

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Friday, February 16, 2024, PAGE 9 PUBLIC NOTICE - REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS

First Andrew Phillip Kohen Jennifer Anne Caroline Kim Laura Dwayne Inger Jason Jason Sherry Mike Linda Olivea Glenique Danielle R. Franklyn Anthony Warren W. Sandra P. Jeannette Iola Monica Allysan Judith Ryan Joicelyn Shannon Gina L. Lacharah Dwaynecia Reneika D Patrick Ryan Giorgio April jennifer Vicky M. Kerrie Sherrie Marcus Donna Candis Sann Sann Shaniel Caryl Brett Justin Vanessa Yannick Roger S. Prince Jerome Colin Michael Jacqueline Christopher J. Heather Bertram E. Hollis Charles Kathumel Rhodney Tyrel O’Layinka Aikia Justin Julian Hartman Patricia Daniel William Christopher Analia Daniel Robyn Phaedra Catherine Andrew A. Joseph F. M. Paul D Tonya Monique Mervyn James Brittany Kennedi Spencer Kristina Garry R. Thomas Thomasina T. Donald P. Michelle Patrick Jorge Eugene-Gino A. Randolph Peter Desmond Jason Sean Mary Dave Alex Harry Charmain Jacqueline H. Maranique S. andrew Avril Tamina C. Duncan Neil Alexander Samone Prescott Martina Meka Ewa T. Kurt Junior Anthony Irene Nicholas Anthony Bernadette H.J. Glenn Greg V. Sopnovia Kimberley Edward A. Andrew Felicia Michael C. Kenisha Matthew Cheryl David Charis James S. Casey David F. Laura Sarah David G. Dashanna Peter Jonathan P.

Last Kemp Kemp, II Kerr Kettel Key Kikivarakis- Dillett Kimble King King Kinsale Kinsale Klonaris Klonaris Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles knowles Knowles-Andrews Knowles-Brown Knowles-Stuart Laing Laing-Jones Lakin Lam LaRoda Lashley Lashley Leach Leach Ledard Legros Lewis Lewless Lightbourn Lightbourn Lightbourn Lightbourn Lightbourn Peterson Lightbourne Lightbourne Lightbourne Lloyd Lloyd Lockhart Lockhart Lockhart Lockhart Lockhart Longley II Love Lowe Lowe Lowe Lowe II Lowe-Davis Mackey-Knowles Macleay Mactaggart Major Major Major Major Major Jr Malcolm Malcolm Mallory Mallory Malone Markham Marrazza Martin Martinborough Martinborough Maura Mauricio Maycock Maycock Maynard McCarroll McCarroll McCartney McCorquodale McDonald-Green McGann McIntosh McKenzie Mckenzie Mckenzie McKinney McKinney McKinney McKinney-Blackwood McPhee McSweeney McWeeney Mellor Melnechuk Mernard Miaoulis Miaoulis Miaoulis Miaoulis IV Miller Miller Miller Miller Miller Minnis Minns Minus Missick Missick Mitchell Mitchell Mitchell Mitchell Moir Moncur Morley Morley Morley Morley Morley Morley Morris

Category Postal Address Salesperson N/A Broker CB-13896 Salesperson SS-19085 Salesperson EX-29111 Salesperson N-732 Broker & Appraiser N- 1835 Broker & Appraiser CB-13443 Salesperson F- 43152 Salesperson CB-11914 Developer CB-12762#355 Salesperson SP60343 Salesperson F-44704 Salesperson N/A Salesperson SP- 60216 Salesperson CB-13604 Broker CB-12396 Salesperson & Appraiser AB 20106 Salesperson N/A Broker SS-6219 Salesperson SS-6219 Salesperson & Appraiser General Delivery Salesperson N-8164 Broker N-1132 Salesperson SS 6219 Broker DC-30646 Salesperson EE15549 Salesperson SS-6690 Salesperson N-641 Salesperson N-3709 Salesperson General Delivery Salesperson N/A Salesperson CB- 12276 Salesperson CB-11158 Salesperson N/A Salesperson N/A Salesperson N/A Broker CB-11911 Salesperson N-9921 Salesperson N-1062 Salesperson EE-15647 Broker F-43790 Salesperson N-732 Salesperson N852 Salesperson N-3180 Salesperson CB-14000 Salesperson CB-14000 Salesperson N-1702 Salesperson N-1062 Salesperson None Salesperson N-7776 Salesperson & Appraiser N-1132 Salesperson N-8164 Broker & Appraiser N-4949 Broker & Appraiser N-4949 Salesperson N-732 Salesperson N/A Broker N-4949 Broker & Appraiser F-40693 Broker CB-12291 Salesperson Salesperson N-9642 Salesperson N-7014 Salesperson CB-11932 Salesperson CB-11932 Salesperson SS 6193 Salesperson N/A Salesperson N/A Broker N-8339 Salesperson AB-20106 Broker F-42748 Broker & Appraiser SS-5841 Salesperson SS-6219 Broker N/A Salesperson SS-19337 Salesperson Salesperson F-42473 Salesperson AB-20509 Broker & Appraiser FH-14673 Salesperson N/A Salesperson CB- 11741 Salesperson N-8405 Salesperson N-1062 Salesperson General Delivery Salesperson N/A Salesperson F-41991 Broker & Appraiser F-41991 Salesperson Gen. Delivery Salesperson & Appraiser N-4949 Salesperson N/A Salesperson CB-11710 Broker N-1132 Salesperson N-1132 Salesperson AB-20106 Broker N-9128 Broker & Appraiser SP60213 Salesperson EE- 17909 Salesperson N-1000 Broker N-3371 Salesperson N-914 Broker N-1144 Broker EE-17823 Salesperson N-10119 Developer CB-13835 Salesperson N-1062 Salesperson N-1062 Salesperson N/A Salesperson AB-20237 Broker N-22 Salesperson SS-6193 Salesperson CB- 13443 Salesperson N-1062 Salesperson EE-15746 Salesperson N-4949 Salesperson N-8245 Salesperson F-42545 Salesperson CB-11932 Salesperson General Delivery Salesperson SS-6269 Salesperson SS-6269 Salesperson EL-27235 Salesperson N-1130 Broker CB-11639 Salesperson EE-16435 Salesperson CR-56152 Salesperson N-1062 Salesperson SS-19085 Salesperson N-4949 Salesperson AP59221 Salesperson N-1062 Salesperson N-1062 Salesperson F- 43152 Salesperson N-8245 Broker SP-61978 Salesperson N/A Salesperson Broker CB-13836 Salesperson SP-64133 Broker & Appraiser SS-19085 Salesperson SS-19085 Salesperson N-121 Salesperson N/A Salesperson N/A Salesperson ss-19085 Salesperson EL-25009

Town/District George Town, Nassau Nassau Georgetown Abaco Nassau Nassau Freeport Nassau Nassau Nassau Freeport/Lucaya Nassau Nassau Nassau Nassau Hope Town Nassau Nassau Nassau Mangrove Bush Nassau Nassau Nassau Salt Pond Nassau Nassau Governor’s Harbour East Bay Street Tarpum Bay Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Freeport/Lucaya Nassau George Town, Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau 18 Shirley Street Nassau Elbow Cay, Nassau Freeport/Lucaya Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Hope Town Freeport/Lucaya Nassau Green Turtle Cay Nassau Nassau Nassau Freeport Man-O-War Cay Nassau Nassau Nassau Nassau Nassau Harbour Island Freeport Freeport Freeport Hope Town Nassau Nassau Nassau Nassau Nassau Marsh Harbour Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Marsh Harbour Marsh Harbour Nassau Nassau Nassau Nassau Nassau Nassau Nassau Freeport Paradise Island Hope Town Nassau Nassau Harbour Island Nassau Nassau Nassau Alice Town Nassau Nassau Governor’s Harbour Georgetown Nassau Nassau Freeport Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Governor’s Harbour

Island Exuma New Providence New Providence Exuma Abaco New Providence New Providence Grand Bahama New Providence New Providence New Providence Grand Bahama New Providence New Providence New Providence New Providence Abaco New Providence New Providence New Providence Long Island New Providence New Providence New Providence Long Island New Providence New Providence Eleuthera New Providence Eleuthera New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Grand Bahama New Providence Exuma New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Abaco New Providence Grand Bahama New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Abaco Grand Bahama New Providence Abaco New Providence New Providence New Providence Grand Bahama Abaco New Providence New Providence New Providence New Providence New Providence Eleuthera Grand Bahama Grand Bahama Grand Bahama Abaco New Providence New Providence New Providence New Providence New Providence Abaco New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Abaco Abaco New Providence New Providence New Providence New Providence New Providence New Providence New Providence Grand Bahama New Providence Abaco New Providence New Providence Eleuthera New Providence New Providence New Providence Bimini New Providence New Providence Eleuthera Exuma New Providence New Providence Grand Bahama New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Eleuthera

THIS photo shows the Stellantis sign outside the Chrysler Technology Center in Auburn Hills, Mich, on Jan. 19, 2021. Carmaker Stellantis on Thursday, Feb. 15, 2024 reported an 13% decrease in net profits in the second half of 2023 due to the impact of strikes in North America, its profit center, as it heads into year it described as “turbulent.”

Photo:Carlos Osorio/AP

CARMAKER STELLANTIS CEO WARY OF CHINESE OFFENSIVE AS MARKET MOVES INTO ELECTRIC VEHICLES

By COLLEEN BARRY AP Business Writer STELLANTIS CEO Carlos Tavares has his attention fixed on Chinese competitors as the automaker amps up the launch of its electric vehicle strategy.

Stellantis will launch 18 new electric vehicles this year, eight of those in North America, increasing its global EV offerings by 60%. But Tavares told reporters during earnings calls Thursday that "the job is not done" until prices on electric vehicles come down to the level of combustion engines — something that Chinese manufacturers are already able to achieve through lower labor costs.

"The Chinese offensive is possibly the biggest risk that companies like Tesla and ourselves are facing right now,'' Tavares told reporters. "We have to work very, very hard to make sure that we bring out consumers better offerings than the Chinese.

He compared the Chinese offensive in the United States to the arrival of Japanese competitors in the 1970s and Korean carmakers in the 1990s, taking a significant market share.

Mirafiori that is producing the electric version of the Fiat 500, is quite significant,'' he said, adding that incentives to boost EV sales would be a win-win for both Stellantis and Italy, by boosting domestic car production.

Stellantis earlier Thursday reported an 13% decrease in net profits in the second half of 2023 due to the impact of strikes in North America, its profit center, as it heads into a year it expects to be "turbulent."

The world's third-largest carmaker, formed three years ago through the Peugeot PSA-FCA FiatChrysler merger, reported net profit of 7.7 billion euros ($8.3 billion) in the second half, down from 8.8 billion in the same period. Fullyear profit rose 11% to 18.6 billion euros .

Strikes in North America idled plants at all three Detroit automakers for six weeks last fall, leading to a deal that increased pay across the industry and forced automakers to absorb higher vehicle costs as it shifts away from gasoline-fueled vehicles.

Stellantis' North American revenues, accounting

“The Chinese offensive is possibly the biggest risk that companies like Tesla and ourselves are facing right now.’’

Carlos Tavares "So do we want that the Chinese carmakers take a significant share of the U.S. market in the next 20 years, or the next 10 years? I don't know. That is the question.

So how do we prevent that from happening beyond all the protectionist decisions, which are out of my reach?

Well, by making our consumers happy."

In Europe, Stellantis is taking orders on the new Citroen e-C3, aimed at the middle class and selling for 23,300 euros ($25,000) with a range of 320 kilometers (199 miles), and will soon offer a 200-kilometer range entry model at 19,990 euros from 2025, both being sold at a profit. Beyond price, he said consumers need to see a "dense charging network" to buy into the technology.

Tavares suggested that government incentives offering subsidies to purchasers are the best way to get consumers to buy electric vehicles, saying in countries which offer such plans, EV sales are boosted by 20,000 additional units.

He repeated that incentives might be a way out of a tiff with the Italian government, which has slammed Stellantis for not having plants running at higher capacity. The Mirafiori plant in Turin is reducing production to one shift, putting workers on temporary layoff schemes, through March.

Tavares said he shares the Italian government's goal that Stellantis should produce 1 million vehicles a year.

"An additional 20,000 units in a plant like

for nearly half of the carmaker's total, dropped 5.6% in the second half of the year to 40.5 billion euros from 43 billion euros on lower shipments that eroded its market share.

Stellantis CFO Natalie Knight noted ongoing geopolitical uncertainty shaping up "what we think is going to be a pretty turbulent year." While Stellantis won't be shouldering strike costs, it will face higher labor costs due in North America due to the union deal, she noted. Collective bargaining last year cost the company 428 million euros.

Knight expected tailwinds from lower raw materials and logistics costs.

Impact from the attacks on global shipping by Houthi rebels in the Red Sea has been minimal, she said, as Stellantis has shifted shipments of high-voltage batteries and gear boxes to airfreight.

Stellantis' European revenues were flat in the second half of the year at 31.7 billion euros. South America was flat at 8.4 billion euros, while the Middle East surged 71% to 5.9 billion euros and China, India and the Pacific second half revenues slid by a third, to 1.5 billion.

Stellantis paid shareholders 6.6 billion euros last year through dividends and buybacks, up 53% from 2022. The carmaker said it plans to increase dividend payments by 16% this year, to 1.55 euros per share, and buy back another 3 billion euros in shares.

PAGE 10, Friday, February 16, 2024

THE TRIBUNE PUBLIC NOTICE - REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS

PEDESTRIANS pass the New York Stock Exchange as snow falls on Tuesday, Feb. 13, 2024 in New York. Photo:Peter Morgan/AP

STOCK MARKET TODAY

Wall Street rises to another record as Treasury yields ease

By STAN CHOE AP Business Writer U.S. stocks set another record Thursday following some mixed reports on the economy.

The S&P 500 rose 29.11 points, or 0.6%, to 5,029.73 and squeaked by its prior all-time high set last week.

The Dow Jones Industrial Average gained 348.85, or 0.9%, to 38,773.12, and the Nasdaq composite climbed 47.03, or 0.3%, to 15,906.17.

TripAdvisor gained 9.2% after reporting stronger results for the latest quarter than analysts expected.

Tech giant Cisco Systems also reported better-thananticipated results, but its stock sank 2.4% after it cut its profit forecast for its full fiscal year.

The mixed set of data on the economy included a report showing sales at U.S. retailers weakened by more in January from December than expected. It was a striking drop in spending

by U.S. households, whose strength has helped keep the economy out of a recession, even with high interest rates. The upside for financial markets is that it could also remove some upward pressure on inflation.

A separate report said fewer U.S. workers applied for unemployment benefits last week than expected, the latest signal of a solid job market despite high-profile announcements of layoffs.

Other reports on Thursday morning painted a mixed but better-than-feared picture of the manufacturing industry.

Altogether, the economic reports helped send Treasury yields lower in the bond market. The yield on the 10-year Treasury fell to 4.24% from 4.27% late Wednesday.

Treasury yields have been swiveling recently.

Stronger-than-expected reports on inflation, the job market and the overall economy have forced traders on Wall Street to delay their forecasts for when the Federal Reserve will begin cutting interest rates.

The Fed has already hiked its main interest rate to the highest level since 2001. The hope is that high rates will squeeze the economy just enough to get inflation down to a comfortable level without causing a recession.

After earlier hoping the Fed may offer some relief and begin cutting rates in March, the thinking on Wall Street is now that won't happen until May or maybe June. That delay in turn knocked stocks down from their record highs.

Still, the widespread expectation remains for cuts to rates to come this year.

It's just the timing that is changing. In the meantime, the economy continues to look solid, which should help drive growth in profits for companies. That's helping to keep stocks from falling very much.

CBRE Group jumped 8.5% for one of the largest gains in the S&P 500 after it joined the parade of companies beating analysts' expectations for profit in the last three months of 2023. Despite difficult conditions for commercial real estate, the company also reported stronger revenue than expected.

Shake Shack was another winner, rising 26% after the burger chain reported better profit and revenue than expected. Its total revenue jumped 20% from a year before, more than forecast.

Wells Fargo climbed 7.2% and was one of the stronger forces pushing the S&P 500 upward.

Regulators at the Office of the Comptroller of the Currency removed a consent order issued in 2016, which required the bank to revamp how it sells products to customers after it was caught opening unauthorized accounts.

On the losing end of Wall Street was Deere, which fell 5.2% even though the maker of agricultural equipment's profit for the latest quarter topped expectations. Deere gave a profit forecast for this fiscal year that fell short of analysts' estimates, saying conditions in the industry are getting back to normal following a couple record years.

One risk that could upset things is the upcoming U.S. election. The Fed does not like to shift from holding rates steady to cutting too close to an election, according to Bank of America strategists led by Mark Cabana. So if the Fed doesn't move by June, the possibility rises that it may end up holding rates steady until late 2024 or early 2025.

Still, Cabana said where yields ultimately go will depend more on how far the Fed ends up cutting rates than on when it begins.

In stock markets abroad, the Nikkei 225 rose 1.2% after Japan said its economy shrank for a second consecutive quarter. It dropped behind Germany to become the world's fourth-largest economy, and the weakness raised expectations that Japan's central bank may keep interest rates very easy.

The United Kingdom also reported its economy shrank for a second straight quarter. The FTSE 100 index in London rose 0.4%, while stocks were up a bit more across Europe.

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Last Category Postal Address Morris Salesperson N-4484 Morrison Salesperson N-466 Morton Salesperson N 852 Mosko Broker N-1130 Mosko Broker N-1130 Mosko Salesperson F-40368 Mosko Broker N-641 Mosko-Battello Salesperson F-40368 Moss Salesperson AB- 20669 Moss Salesperson CB-13598 Moss Salesperson EE 17944 Moss Broker N/A Mousis Salesperson N-8164 Moxey Broker & Appraiser SS-6193 Moxey Salesperson N-1947 Moxey Salesperson N/A Moxey-Rolle Salesperson EX 29417 Moyle Salesperson N-4852 Munnings Salesperson N-4484 Munnings-Basalyga, BRI, CIPS Broker N-4484 Munro Salesperson SS-5480 Munroe Salesperson N-99 Murciano Developer C/O N-4875 Myers Salesperson SS-6481 Neely Salesperson N-8164 Neilly Salesperson N 4949 Newbold Broker SB-51038 Newbold Salesperson N-8765 Newell Salesperson AB-20509 Newell Broker AB-20509 Neymour Salesperson SP-60986 Nixon Salesperson SS 6481 Nottage Salesperson SS-19085 Nottage Salesperson CB- 13554 Nottage Salesperson N/A Nuttall Salesperson N-7776 O’Brien II Developer N-492 Owen Broker N-4825 Palacious Salesperson SP-60343 Parker Broker CB-10964 Parmentier Selby-Cane Salesperson EL-27045 Parotti-Burrows Broker F-40089 Patterson Salesperson General Delivery Pawar Salesperson SS-5366 Pearce Salesperson AB-204599 Percentie II Salesperson SS-6193 Perez Salesperson N-1132 Peters Salesperson N-7655 Philippe Broker N-8164 Phillips Salesperson AB-22127 Pinder Salesperson General Delivery Pinder Salesperson SS-5889 Pinder Broker & Appraiser N-3709 Pinder Broker SS-6894 Pinder Salesperson EL-27424 Pinder Salesperson SP-60213 Pinder Broker F-42473 Pinder Salesperson N/A Pinder Salesperson N/A Pinder- Carey Salesperson N-4949 Pinder- Peel Salesperson N345 Pindling Salesperson CB-11001 Pintard-Rolle Salesperson F-40769 Pitcan Salesperson N-3180 Pitt Broker CR-56766 Slot720 Pleydell-Bouverie Salesperson AB-20509 Plummer Broker AB-22705 Poitier Salesperson N4949 Porras Salesperson CB-13443 Pratt Broker N-368 Pratt Salesperson CB-13443 Pratt Salesperson SP-61513 Pratt Salesperson N/A Pratt Salesperson SB 50422 Pratt Salesperson N/A Pratt Salesperson N/A Pritchard-Ansell Salesperson N-732 Quant Salesperson N-8245 Rademaker Broker N-732 Rahming- Charles Salesperson CR-54875 Ralston Broker CB 13604 Rees Broker AB-20149 Rees Broker SS-19085 Rees Broker AB-20149 Reichardt Broker N-7940 Reid Salesperson N/A Reines Salesperson N-4949 Ritchie Salesperson EE-16336 Ritchie Salesperson N-8339 Ritchie Salesperson C B 13647 Ritchie Sweeting Broker & Appraiser SP 60412.

Ritchie-Wilkinson Salesperson EE-16336 Roach Salesperson CB-13443 Roach Salesperson N/A Roberts Broker N-1132 Roberts Broker F-43152 Roberts Broker SS-6366 Roberts Salesperson N-732 Roberts Broker A B 22183 Roberts Salesperson SS-5236 Roberts Percentie Salesperson EL-27235 Roberts-McPhee Salesperson CB-13304 Robins Salesperson SS-5550 Rodgers Salesperson N-8164 Rodland Broker CB-11354 Rodrigues Salesperson & Appraiser SS-6041 Rolle Broker & Appraiser N-7401 Rolle Salesperson N/A Rolle Salesperson N-1062 Rolle Salesperson & Appraiser EX-29034 Rolle Salesperson N-8860 Rolle Salesperson N-4949 Rolle Salesperson GT-2513 Rolle Salesperson CB-11616 Rolle Salesperson N-4949 Rolle Salesperson N-4949 Rolle- Miller Salesperson EE-17439 Rose Salesperson N-8584 Rose- Clarke Salesperson DC 30699 Rowan Salesperson CB 13443 Rowe Broker EX-29178 Russell Broker CB-13443 Russell Salesperson EE-17623 Russell Broker N-1062 Russell Salesperson EE-17823 Russell Salesperson N-9038 Russell Salesperson CB 13443 Russell Salesperson SS-6650 Rutherford Broker & Appraiser N-4182 Sadowski Broker SS-6193 Saintil Salesperson N-1062 Sams Salesperson AB-20900 Sands Salesperson N/A Sands Broker & Appraiser EL-26030 Sands Salesperson N-1132 Sands Salesperson CB-11246 Sands Salesperson SP-64205 Sands Salesperson N-4726 Sargent Broker N-3210 Sarles Salesperson F 43152 Sarles Broker F-43152 Saunders Salesperson N-1062 Sawyer Salesperson N-732 Sawyer Broker AB-22127 Sawyer Salesperson N-4098

Town/District Nassau Nassau Nassau Nassau Nassau Freeport/Lucaya Nassau Freeport Marsh Harbour Nassau Nassau Freeport Nassau Nassau Nassau George Town, Jimmy Hill Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau The Current Nassau Nassau Marsh Harbour Marsh Harbour Nassau Nassau Nassau Nassau Nassau Nassau George Town, Nassau Nassau Nassau Harbour Island Freeport/Lucaya Hope Town Tarpum Bay Marsh Harbour Nassau Nassau Nassau Nassau Treasure Cay Hope Town Nassau Nassau Nassau Spanish Wells Nassau Freeport Nassau Nassau Spanish Wells Marsh Harbour Nassau Freeport 18 Shirley Street Nassau Man-O-War Cay Green Turtle Cay Alice Town Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Marsh Harbour Marsh Harbour Marsh Harbour Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Freeport Nassau Nassau Treasure Cay Nassau Harbour Island Cable Beach Nassau George Town, Nassau Nassau Georgetown Nassau Nassau Nassau Nassau Alice Town Nassau Nassau Alice Town Nassau Nassau Nassau Deadman’s Cay Nassau George Town, Marsh Harbour Nassau Nassau George Town, Nassau Nassau Georgetown Nassau Nassau Nassau Marsh Harbour Nassau Governor’s Harbour Nassau Nassau Nassau Nassau Nassau Freeport Freeport Nassau Nassau Treasure Cay Nassau

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THE TRIBUNE

Friday, February 16, 2024, PAGE 11 PUBLIC NOTICE - REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS

First Last Nikolai Sawyer Annie Sawyer Katina Schopper Bernadette Scott Daren Seymour Andrew J. Seymour Jr. Nikhil Shah Natasha Antoinette Shephard Caron Shepherd Nikita Shiel- Rolle Ina Simmons Maurice Simms April Simms Lester Smith Amanda Smith Anne I. Smith Cecil Smith Timothy Smith Tiffany Smith Marsha Smith Jill Smith Laura Smith Julian A. Smith Sharvase Smith Sean Smith Latoya Smith Denise Smith Martin Solomon Shawne K Springer Dean Spychalla Ilianna Spychalla Kyle Stevens Michelle Stevenson Patrick Stevenson Ayana Nsenga Storr Sonia Storr Sherrell Storr Shanalee Storr Kyron Elizabeth Strachan Terrance Strachan Osbourne Stuart Eulanda Stuart Omar Stubbs Daria N Stubbs Michael Stubbs Gere Stubbs Shikeya Stubbs Kerry Sullivan Erin Surujulal Jessica Sutherland Stephen Sweeting Carla A. Sweeting Clay Sweeting Ruby Lee Sweeting Matt Sweeting Jeremiah Sweeting Robin Symonette Brent T. Symonette Rafique Symonette Greer Symonette- Bain Marvin Taylor Lakeithra Taylor Donelle Taylor Toni Taylor- Lloyd Claire Thackray Perry Thomas William ‘Bill’ Thompson Christopher Thompson Elbert Thompson Paul D. Thompson Alexandria Thompson James Thompson Shawn Thompson Colyn Thompson Indira Thompson Celina Thompson Hilary Thompson Ashley Tomlinson Krystal Treco Darlene Treco Jennifer Treco Linda Treco- Mackey Marianne Tremblay Denisia Tseretopoulos Lisa Tucker Patrick Tully Steven Turnquest Collingwood Turnquest Candice Turnquest Michael Turnquest Carla Turnquest Shawn Turnquest Danielle Van Wynen Dianna M. Vargas-Phillpot Eduardo vazquez Lauren Villi Natasha Vythoulkas Sasha Wallace-Whitfield Christine Wallace-Whitfield Dwayne Wallas Sheree Wallas Cyd Ward Ana Elisa B.N. Wassitsch Gregory Watkins Rhonda L.Roberts Waton Daniel Waton Janet Watts Katherine F. Weech Elizabeth Alecia Weech Anthony Wells Valerie A. Wells Maria Wells Morgan Wells Rosalie Wells -Fawkes Spencer D. White Gregg White Phillip Whitehead Peter John Whitehead Sofia Whitehead Carla Whittingham De’ Angelo Whyms Dr. Roosevelt K. Whyms Dr. Roosevelt K. Whyms Rachel Wiklund Desiree Wilchcombe-Aranha Madeline Wilkinson Philip Williams P. Neil Williams Nicola Francisca Williams Franon Wilson Harry Winner Zoe Winner Ryan Winters Vena B. Wolfe William U. Wong Jason Wong Timothy Wong Wellington Woods Chantelle Wszolek-Euteneuer Sheila Young Shenika Ytil Mary Zervos-Knowles Date: February 15, 2024 Signed; Registrar of Real Estate

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A LOGO of Microsoft is displayed during an event at the Chatham House think tank in London, Jan. 15, 2024. Microsoft said Wednesday that U.S. adversaries are beginning to use generative artificial intelligence to mount or organize offensive cyber operations.

Photo:Kin Cheung/AP

MICROSOFT SAYS US RIVALS ARE BEGINNING TO USE GENERATIVE AI IN OFFENSIVE CYBER OPERATIONS

By FRANK BAJAK AP Technology Writer MICROSOFT said Wednesday that U.S. adversaries — chiefly Iran and North Korea and to a lesser extent Russia and China — are beginning to use its generative artificial intelligence to mount or organize offensive cyber operations.

The technology giant and business partner OpenAI said they had jointly detected and disrupted the malicious cyber actors' use of their AI technologies — shutting down their accounts.

In a blog post, Microsoft said the techniques employed were "earlystage" and neither "particularly novel or unique" but it was important to expose them publicly as U.S. adversaries leverage large-language models to expand their ability to breach networks and conduct influence operations.

Cybersecurity firms have long used machine-learning on defense, principally to detect anomalous behavior in networks. But criminals and offensive hackers use it as well, and the introduction of large-language models led by OpenAI's ChatGPT upped that game of cat-and-mouse.

Microsoft has invested billions of dollars in OpenAI, and Wednesday's announcement coincided with its release of a report noting that generative AI

that may relate to the war in Ukraine.

— The Chinese cyberespionage group known as Aquatic Panda — which targets a broad range of industries, higher education and governments from France to Malaysia — has interacted with the models "in ways that suggest a limited exploration of how LLMs can augment their technical operations."

— The Chinese group Maverick Panda, which has targeted U.S. defense contractors among other sectors for more than a decade, had interactions with large-language models suggesting it was evaluating their effectiveness as a source of information "on potentially sensitive topics, high profile individuals, regional geopolitics, US influence, and internal affairs."

In a separate blog published Wednesday, OpenAI said its current GPT-4 model chatbot offers "only limited, incremental capabilities for malicious cybersecurity tasks beyond what is already achievable with publicly available, non-AI powered tools."

Cybersecurity researchers expect that to change.

Last April, the director of the U.S. Cybersecurity and Infrastructure Security Agency, Jen Easterly, told Congress that "there are two epoch-defining threats and challenges. One is China, and the other is artificial intelligence."

“Of course bad actors are using largelanguage models — that decision was made when Pandora’s Box was opened.”

Amit Yoran is expected to enhance malicious social engineering, leading to more sophisticated deepfakes and voice cloning . A threat to democracy in a year where over 50 countries will conduct elections, magnifying disinformation and already occurring, Here are some examples Microsoft provided. In each case it said all generative AI accounts and assets of the named groups were disabled: — The North Korean cyberespionage group known as Kimsuky has used the models to research foreign think tanks that study the country, and to generate content likely to be used in spear-phishing hacking campaigns.

— Iran's Revolutionary Guard has used largelanguage models to assist in social engineering, in troubleshooting software errors, and even in studying how intruders might evade detection in a compromised network. That includes generating phishing emails "including one pretending to come from an international development agency and another attempting to lure prominent feminists to an attacker-built website on feminism." The AI helps accelerate and boost the email production.

— The Russian GRU military intelligence unit known as Fancy Bear has used the models to research satellite and radar technologies

Easterly said at the time that the U.S. needs to ensure AI is built with security in mind.

Critics of the public release of ChatGPT in November 2022 — and subsequent releases by competitors including Google and Meta — contend it was irresponsibly hasty, considering security was largely an afterthought in their development.

"Of course bad actors are using large-language models — that decision was made when Pandora's Box was opened," said Amit Yoran, CEO of the cybersecurity firm Tenable.

Some cybersecurity professionals complain about Microsoft's creation and hawking of tools to address vulnerabilities in large-language models when it might more responsibly focus on making them more secure.

"Why not create more secure black-box LLM foundation models instead of selling defensive tools for a problem they are helping to create?" asked Gary McGraw, a computer security veteran and co-founder of the Berryville Institute of Machine Learning.

NYU professor and former AT&T Chief Security Officer Edward Amoroso said that while the use of AI and large-language models may not pose an immediately obvious threat, they "will eventually become one of the most powerful weapons in every nation-state military's offense."