02292024 BUSINESS

URCA fears on price in communications market

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

electronic communications service market and determined “excessive pricing” was a common anti-competitive concern for each retail market.

The Utilities Regulation and Competition Authority (URCA) said it is concerned with the ability of powerful providers “to abuse their position of dominance to the detriment of consumers”.

URCA was reporting in its preliminary determination on the assessment of significant market power in the electronic communications sector, addressing providers with significant market power (SMP).

The regulator’s report said all of the markets reviewed had identified a provider with “exclusivity or a very strong market position” which may serve as an incentive to overcharge consumers or shut out competition.

“URCA is concerned with the ability of SMP operators to abuse their position of dominance to the detriment of consumers. In all the markets considered in this market

review, URCA has preliminarily found an SMP operator which has exclusivity or a very strong market position and is therefore not subject to constraints arising from competition or potential new market entries,” said the regulator.

“In these circumstances, an SMP operator may have an incentive to engage in behaviours that exploit its position of market power by either

extracting economic rent directly from consumers or by aiming to harm or prevent competition from emerging within the market, either by making it more difficult for existing alternative operators to compete fairly, using predatory pricing or margin squeezes, and/or by preventing any potential new operators to enter the market.”

The Bahamas Telecommunications Company (BTC) was identified as the SMP for retail fixed voice services and the major competition concern was the provider’s ability to raise its retail prices to an extent it would result in “affordability concerns” for consumers that only want that service.

URCA said they are not concerned about BTC

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Oil waste facility opens in GB

THE Clean Marine Group (CMG) has opened its MARPOL Port Reception Facility in Grand Bahama.

The facility occupies a four-acre site adjacent to the Grand Bahama Shipyard and will repurpose oily waste from vessels visiting The Bahamas. The waste will be converted

The facility is capable of processing up to 50,000 tons of oily waste from vessels annually and the reprocessed fuel can be resold,

reducing the cost of importing fuel to the Islands. Robert Speller, general manager for Clean Marine Group, said the $20m project “underscores” the company’s commitment to marine conservation.

“We’re excited to present our forward-thinking MARPOL Port Reception Facility,” he said. “Our state-of-the-art facility represents a significant investment by Clean Marine of over $20m into Freeport’s maritime infrastructure and underscores our steadfast commitment to marine conservation. By

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Carey wins Chamber vote and sets sights on future

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

JAMES Carey maintained his position as the chamber president after the Grand Bahama Chamber of Commerce elections yesterday.

Mr Carey was elected as president for the third consecutive time and said this year the chamber will be continuing their efforts to push Grand Bahama’s economy forward.

He said they are working to get businesses prepared for the new developments that are coming to Grand Bahama, such as Carnival’s $600m Celebration Key project, which is expected

to lead a cruise-driven 5.5m visitor surge to Grand Bahama by 2028, as well as the Royal Caribbean, Mediterranean Shipping Company and ITM Group consortium’s development. He said: “I’m looking forward to continuing in

SEE PAGE B4

Cap to keep people from being priced out of broadband access

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A CAP is to prevent both the Bahamas Telecommunications Company (BTC) and Cable Bahamas Limited (CBL) from pricing people out of entry level broadband plans. The limit will allow providers to match the rise in inflation to a maximum of five percent, even if inflation goes higher than that value.

The Utilities Regulation and Competition Authority (URCA), in its preliminary determination on the assessment of significant market power (SMP) in the electronic communications said both the Bahamas Telecommunications Company (BTC) and Cable Bahamas Limited (CBL) cannot increase the price of entry-level standalone fixed broadband plans over the previous year’s inflation, capped at five percent.

“Regarding Retail Fixed Broadband Services, the market is divided into

two geographic segments, with Cable Bahamas Limited (CBL) having SMP in areas where it competes with BTC, and BTC holding SMP in regions without CBL’s presence,” said the regulator.

“URCA proposes that both providers are required to continue offering current standalone fixed broadband plans and bundles comprising fixed voice and fixed broadband services.

“Also, subject to URCA’s pre-approval, both providers shall not increase the prices of entry-level standalone fixed broadband plans over last year’s inflation, or five percent a year in case inflation exceeds five percent during that year.

“Additionally, BTC must ensure uniform pricing across the two geographic areas.”

URCA also said that BTC can not increase the price of standalone fixed voice plans over the previous year’s inflation, up to five percent and CBL must abide by the same terms

JAMES CAREY

Higgs & Johnson team recognised for tier one status

LAW firm Higgs & Johnson has kept its tier one status after research by Chambers Global for the 2024 Guide. The firm said: “We are pleased to announce that through the rigorous and independent research process of Chambers Global, Higgs and Johnson maintained its tier one status with the recent release of the 2024 Guide. We are also proud to receive such positive feedback from our clients, who noted that ‘the composition of the team and the expertise on offer allows for the appropriate assignment of legal

matters to the best lawyer possible’.” According to the Gudie, the firm is “widely regarded as one of the most prominent law firms in The Bahamas with considerable experience overseeing major commercial transactions”. Individual attorneys at the firm were also praised, with ranked attorneys including senior partner Philip C Dunkley KC, comanaging partner Oscar N Johnson Jr KC, partner and chair of the commercial transactions practice group Zarina M Fitzgerald, partner and real estate chair Stephen J Melvin,

partner and litigation chair Tara Archer-Glasgow, partner and chair of the financial services and securities, investment funds and Fintech practice groups Christel Sands-Feaste, and litigation partner Audley D Hanna Jr.

Mr Johnson Jr said: “We are very proud of the tier one ranking awarded to the firm by Chambers for the 16th consecutive year and for the rankings awarded to a number of our attorneys. This is a testament to the incredible depth of experience and world-class service provided by the entire Higgs & Johnson team.”

Things are looking up with vertical farming

DEPUTY Prime Minister Chester Cooper yesterday announced a new initiative, Innovate242, that seeks to assist farmers.

The programme is a centred around vertical farming, and links with the Bahamas Agriculture and Marine Science Institute (BAMSI) to train and develop skills.

Mr Cooper said vertical farming is a response to the lack of sustainable growth in the nation’s agriculture sector over the past 50 years.

He said: “The government of The Bahamas in an initiative called Innovate242 has entered an agreement with a company in Ontario, Canada, called Growers Inc, to do

SEE PAGE B3

DEPUTY Prime Minister and Minister of Tourism, Investments & Aviation the Hon. Chester Cooper toured BAMSI’s Aquaponics Unit in North Andros recently. The Deputy Prime Minister was the keynote speaker at a special graduation ceremony for 40 participants in BAMSI’s National Certification programmes in Flats Fishing and Nature Tour Guide. The two programmes are a joint initiative between BAMSI, the Ministry of Tourism and the Ministry of Agriculture, and represent the first and only certification programmes available not only in the Bahamas, but also the world. Pictured is Deputy Prime Minister Chester Cooper discussing sustainable farming with Dr. Cameron

Lightbourne, head of BAMSI's Aquaponics unit.

Photo:BIS

Oil waste facility opens in GB

streamlining waste management for vessels, we are reinforcing The Bahamas’ standing as a global frontrunner in sustainable maritime operations.”

The Clean Marine Group won the International Development Bank’s (IDB) Blue Tech Challenge in 2019 for innovation in the Blue Economy. This led to the IDB providing finance to CMG combined with an equity and loan investment from the Mirova Sustainable Ocean Fund and local investors.

Clean Marine’s Environmental Impact Assessment has been approved by both the Grand Bahama Port Authority and The Bahamas Government’s Department of Environment, Planning, and Protection.

Ginger Moxey, Minister for Grand Bahama, said the project aligns with the government’s sustainability goals and will propel Grand Bahama towards becoming the “centre of sustainability”. She said: “Sustainability is at the very forefront of the government’s agenda. Reaffirming The Bahamas’ role as a signatory to the MARPOL Treaty and its recent commitment under the Green Shipping Challenge is of paramount importance and promotes Freeport to compete on a Global Scale as modern shipping transforms its energy efficiency. “This project also aligns with the government’s Innovate242 initiative for The Bahamas to become the centre of innovation for the Caribbean and for Grand Bahama to become the centre for sustainability’.”

CMG has expansion plans which include the construction of a dedicated quayside for vessels and extending their operation across a 16-acre plot of land. The expansion will increase their processing capacity and allow for processing of

other waste streams from vessels, including most solid and liquid wastes, into cleaner, sustainable alternative fuels, suitable for the modern needs of shipping. The CMG facility sits adjacent to the Grand Bahama Shipyard that has

just announced a $600m expansion. Rupert Hayward, director of the Grand Bahama Port Authority (GBPA), said the facility is an important and necessary function that continues to put Grand Bahama and Freeport

Things are looking up with vertical farming

containerised farming with turn-key modular vertical farms.

We expect that the first farm will be delivered to BAMSI shortly where the training and skills development will happen. Then we anticipate that Growers will deliver three additional units for Exuma, Grand Bahama and Eleuthera.”

The announcement was made at BAMSI’s graduation ceremony for its national certification programmes in Flats Fishing and Nature Tour Guide.

The two programmes, with a total of 40 participants, are the result of a joint partnership between BAMSI, the Ministry of Tourism and the Ministry of Agriculture

Mr Cooper commended BAMSI for its commitment to producing a first-class training programme saying it was a notable mark of success for the nation’s tourism industry. He said it was the lack of consistent

development in the agriculture sector over the past 50 years that precipitated the government’s partnership with Growers Inc, and the launch of Innovate242 aimed at diversifying and strengthening the industry. He said: “Today is a reminder of the potential of BAMSI. While we celebrate this remarkable achievement in nature-based tourism, it is equally important to

express our concern that we have not made sufficient inroads in agriculture over the past 50 years.

“I am told that if done well, one of these units will be able to provide all of the leafy greens needed to cover the entire population of residents and tourists in Exuma. I am excited about this possibility.

“It’s initiatives like this that emphasise the true potential of BAMSI,[and]

as we stand here in the heart of Andros, an island with abundant agricultural potential, it is a call to action for us to refocus our efforts on revitalising the agriculture sector.”

Mr Cooper also used the opportunity to announce that the Ministry of Tourism is embarking on a new

Harbour on a sustainable trajectory, where we can compete with the best ports in the world.”

He said: “This progressive waste management technology will provide critical circular economy services to the shipping and cruise industries, as well as the large oil storage facilities that we have on Grand Bahama, to name just a few. These are exciting times as we expand our blue and green economies for the benefit of all Grand Bahamians and the businesses who currently operate here.”

BAMSI graduates prepare themselves for a career in Sustainable Tourism: Pictured from left are BAMSI President Dr. Raveenia Roberts-Hanna, Allancia Emmanuel-Gaitor, who graduated with both a National Certification in Flats Fishing and Nature Tour Guide, Deputy Prime Minister Chester Cooper, Executive Chairman of BAMSI Senator Tyrel Young and Member of Parliament for North Andros and the Berry Islands Leonardo

push in Sustainable Green Tourism and how Andros, the largest island in the Bahamian archipelago, will benefit for this focus. He said “Our studies indicate that 76 percent of our visitors are interested in Sustainable Tourism – exploring, enjoying, and studying the flora and fauna, exploration and adventure in out creeks, blue holes and waterways, snorkeling, farm-to-thetable, catch-n-release, flats fishing and game-fishing.”

He said that Andros was well positioned to take advantage of the sustainable tourism niche. With its

natural allure and proximity to Nassau, the tourism community must engage and be at the front end of this new push that will bring millions of dollars to the local economy.

“It is interesting when I travel to international conferences like UNWTO in faraway places and they talk about Sustainable Tourism as a new fad. We have been doing ecotourism for 50 years, we have been leaders, and we will assert our leadership again,” he said.

Lightbourne.

Photo:BIS

PICTURED is the facility that occupies a four-acre site adjacent to the Grand Bahama Shipyard.

Photo:Clean Marine

CAREY WINS CHAMBER VOTE AND SETS SIGHTS ON FUTURE

the efforts and relationships that have been made and cultivated to help from the chamber’s perspective in pushing the economy on the island, and the country as a whole forward.

“A number of new people are coming on board with new energy and new ideas. Hopefully they will be as aggressive as we have been in terms of advancing our cause.

“Right now, we are pushing the concept of really preparation for what we

see coming and we embrace that. We need to get more technology, we need to get our businesses up to snuff, we need more business to come and to get our critical mass population coming back, we certainly need to step up our game in terms of service to customers, locals and visitors.”

He said that improving customer service on the island will be a major focus of the Chamber this year as they want businesses to understand that locals and visitors will spend more

readily when given good service.

“It’s something that we are going to focus even more on pushing so that the visitors can enjoy what we have and of course, residents will enjoy having to move around the island and enjoy what’s available from a business point of view,” said Mr Carey. “We need to do what we can to businesses so that we’re all good to receive these things that are coming and we trust and believe that Grand Bahama will emerge as a leader again in

URCA FEARS ON PRICE IN COMMUNICATIONS MARKET

the economic landscape of the Bahamas.” The chamber chief predicted that over the coming years, Grand Bahama’s tourism sector will emerge as a front runner, with the Grand Bahama International Airport’s renovation allowing the island to receive more visitors. He said: “I think some industrial things will happen but I think it’s going to be more touristic with the airport will open up the opportunity for airplanes to fly in from other destinations not just South Florida,

increasing its prices to earn excessive profits from the service but rather the continued affordability of the service to users with limited options.

“URCA recognises that the market for standalone fixed voice services is a declining market with an increasing number of end users purchasing fixed voice services as part of bundled plans rather than on a standalone basis,” said the regulator’s report.

“However, URCA considers that it is important to ensure that those customers who continue to purchase standalone fixed voice services receive adequate protection from, without limitation, excessive price increases, particularly as these customers are likely to belong to vulnerable social groups, sensitive to price increases. There is currently no alternative, similarly priced services available to meet their needs.”

For the retail fixed broadband service market,

particularly in other East Coast cities in the US but more far flung. “There was a time with airplanes coming in from Italy or from London and if we can get those coming back I think it’s going to be a great step for us because when those people come they tend to stay longer and enjoy more types of activities we’re certainly going to move in the direction of more touristic ventures.”

Mr Carey also noted that Grand Bahama entrepreneurs will have to get creative in attracting cruise

the regulator identified Cable Bahamas Limited (CBL) as the SMP in “geographic market 1” which includes New Providence, Grand Bahama, Abaco and Eleuthera, the islands where BTC and CBL offer broadband services.

BTC was identified as the SMP in “geographic market 2” which includes all remaining islands where only BTC has deployed network infrastructure to offer fixed broadband services.

The regulator said that there were concerns of “excessive pricing and anti-competitive customer lock-in” noting that CBL has been able to “consistently” charge consumers higher prices than its competitors and was “concerned about BTC’s ability to price excessively in absence of ex-ante regulation”.

“In the market for retail fixed broadband services, there are concerns around excessive pricing and anti-competitive customer lock-in. This product market is divided in two geographic markets. In Geographic Market 1, CBL as the SMP operator has been able to consistently charge higher prices than its competitor(s). The concern for anti-competitive customer lock in arises from

passengers away from the port area and opportunities will arise for new transportation businesses to emerge.

He said: “With the Carnival Cruise port, albeit most of those people will just be on day cruises, but on a day-to-day basis, almost 4,000 people on the ground.

“Most of whom will stay in the port area but we will have to look how we can get some of those persons out into the community and make sure that we have enough transportation to meet the needs of those who want to move around.”

the notable lack of awareness among customers regarding alternative providers,” said URCA.

“In Geographic Market 2, BTC is the SMP operator and URCA is concerned about BTC’s ability to price excessively in absence of ex-ante regulation.”

For retail pay TV services and multi product bundles, URCA identified CBL as the SMP and said that excessive pricing is the main concern in both markets.

“In the market for (standalone) retail pay TV services, CBL is currently the only provider offering pay TV on a standalone basis. Therefore, as in the market for standalone retail fixed voice services, URCA’s main concern is that customers who want to consume this service on a standalone basis may be threatened by excessive pricing,” said URCA.

“In the market for multiproduct bundles URCA is concerned about CBL’s ability to price excessively in absence of ex-ante regulation. Similarly to the market for retail fixed broadband services, this market is also subject to anti-competitive customer lock-in from the lack of awareness among customers regarding alternative providers.”

By CEDAR ATTANASIO

Associated Press

AFTER failing to wipe illegal cannabis dispensaries off the map, New York is asking online sites to hide them.

Since the state legalized marijuana in 2021, unlicensed pot shops have proliferated across New York City, with limited pushback from authorities. On

Tuesday, Gov. Kathy Hochul called on online map and social media companies to stop listing them.

"If you type in 'cannabis dispensaries' in Google Maps or Yelp, you'll get a long list of unlicensed illegal vendors," Hochul, a Democrat, said Tuesday, speaking to reporters alongside some of the owners of licensed, legal weed stores that make up a tiny minority of the cannabis shops in New York City.

In a statement, Yelp said the company believes "consumers have a First Amendment right to read and write about all businesses, even if unlicensed."

"Allowing users to contribute and see information ... about unlicensed businesses serves the public interest and provides a resource for regulators to determine whether any particular business has appropriate licenses," the statement read.

Legal marijuana shops in New York pay a vice tax, purchase from local farms, and submit to quality control testing to ensure their products aren't laced with other drugs and aren't stronger or weaker than their label says.

But so far, fewer than 80 cannabis licensed stores have opened around the state, where strict eligibility requirements and lawsuits have contributed to slowing the rollout. Meanwhile, it's common for a single neighborhood in New York City to have a dozen illegal ones.

Hochul vowed to crack down eight months ago, but has failed to make noticeable progress.

Aiming to avoid an echo of prohibition-era criminalization of drug sales, New York state's marijuana legalization doesn't include severe criminal punishment for illegal sales and doesn't allow most law enforcement agencies to enforce pot laws.

Legislation that Hochul signed last May gave the state powers for inspections, seizures, fines that can reach $20,000 a day and, in some cases, close shops and go after landlords. But the governor on Wednesday said she has since learned that it wasn't enough. She said the fines aren't high enough to deter people, and noted the appeals process takes many months, allowing shops to continue raking in tax-free profits off unlicensed products that are less expensive because they can be purchased out of state.

New York City itself has tried to stem the tide by going after landlords, but Mayor Eric Adams has been imploring Albany to grant the city more power to respond.

Hochul has asked the Democrat-controlled state Legislature to pass new legislation to grant more enforcement authority to city agencies, increase fines, and give law enforcement permission to shut down illegal stores before the appeals process plays out.

In the meantime, Hochul is asking tech companies "to not be posting the sites that are illegal and ensure that they're posting the legal shops."

Local cannabis entrepreneur Osbert Orduña said Google Maps keeps delisting his legal shops, one in New Jersey, and another in Queens, New York. He said he's never had trouble with his listings on Yelp, though he'd like the site to delist illegal operators as well.

"Four times, Google has taken us down off of their platform for 'violating their terms of service.' We've done nothing other than have our store hours and our basic business information listed," he said.

Google didn't immediately respond to a query about Orduña's specific circumstances, but noted in a statement responding to Hochul's comments that it does remove listings for closed venues.

"If we can confirm that a business has closed for any reason – including license issues – we'll reflect that it's closed in the listing. We also prohibit cannabis ads in New York and remove them upon detection, often before they ever run," the statement read.

Cap to keep people from being priced out of broadband access

for its standalone pay TV service.

“URCA proposes that BTC will be required to continue offering its current standalone fixed voice tariff plans and, subject to URCA’s pre-approval, BTC shall not increase prices of entry-level standalone fixed voice plans over last year’s inflation, or 5 percent a year in case inflation exceeds five percent during that year,” said the regulator “In the area of Retail Pay TV Services, URCA’s preliminary position is that CBL is the SMP provider of retail pay TV services and is subject to restrictions preventing price increases beyond the inflation rate or five percent annually for its entry-level standalone pay TV product.

“This measure aims to promote access to essential services by protecting

consumers from potential price hikes.”

URCA also determined that both providers must notify of any changes in retail tariff plans for products that do not require approval for changes and must publish all tariffs on their websites for consumers.

URCA said: “Beyond the above market-specific measures, both BTC and CBL will continue to be subject to URCA’s Accounting Separation Guidelines.

“For standalone products that do not require URCA’s pre-approval for changes, the preliminary view is that both providers will be required to notify URCA of any changes in retail tariff plans.

“Additionally, both operators are mandated to publish all tariffs on their websites, enhancing transparency and accessibility for consumers.”

Photo:Stefan Jeremiah/AP

New York AG says meat producing giant made misleading environmental claims to boost sales

By MICHAEL HILL Associated Press

THE giant meat producer

JBS was accused of making misleading claims about its greenhouse gas emission goals to boost sales among environmentally conscious consumers in a lawsuit filed Wednesday by New York Attorney General Letitia James.

The lawsuit filed in a state court in New York City alleges that the company claimed it will achieve net zero greenhouse gas emissions by 2040 despite having no viable plan to meet that commitment. The lawsuit names as defendants JBS USA Food Company and JBS USA Food Company Holdings, the American subsidiary of the world-leading producer of beef products based in Brazil.

James says the company made misleading statements about its pledges to curb deforestation and to reduce greenhouse gas emissions to capitalize on

consumers' desire to make climate friendly choices.

The lawsuit cites a full-page JBS USA advertisement in The New York Times in 2021 that includes the line: "Agriculture can be part of the climate solution. Bacon, chicken wings and steak with net-zero emissions. It's possible."

"When companies falsely advertise their commitment to sustainability, they are misleading consumers and endangering our planet.

JBS USA's greenwashing exploits the pocketbooks of everyday Americans and the promise of a healthy planet for future generations," James said in a prepared release.

James is asking a court to require JBS USA to end its "Net Zero by 2040" campaign and to return profits "traceable to its fraudulent, deceptive, or illegal acts or practices." The suit also seeks civil penalties of up to $5,000 per violation to be determined at trial.

A spokesperson for JBS said the company disagreed with James' action.

"JBS will continue to partner with farmers, ranchers and our food system partners around the world to help feed a growing population while using fewer resources and reducing agriculture's environmental impact," read a statement emailed by spokesperson Nikki Richardson.

"Our belief that American agriculture can help sustainably feed the world is undeterred."

The lawsuit comes in the wake of recent letters from lawmakers in the United States and the United Kingdom to the Securities and Exchange Commission cautioning against the listing of JBS. The lawmakers argues that expanded capital would allow the company, responsible for much deforestation in the Amazon rainforest, to do even more harm.

Beef has the highest total greenhouse gas emissions of any major food commodity and beef production is linked to large-scale deforestation, according to the lawsuit.

NEW York Attorney General Letitia James speaks during a news conference, Sept. 21, 2022, in

York. The giant meat producer JBS was accused of making misleading claims about its greenhouse gas emission goals to boost sales among environmentally conscious consumers in a lawsuit filed Wednesday, Fe. 28, 2024 by New York Attorney General Letitia James.

Photo:Brittainy Newman/AP

APPELLATE JUDGE REFUSES TO HALT TRUMP’S $454

MILLION FRAUD PENALTY WHILE HE APPEALS

By MICHAEL R. SISAK and JENNIFER PELTZ Associated Press

A NEW York appellate judge on Wednesday refused to halt collection of Donald Trump's $454 million civil fraud penalty while he appeals, leaving the former president less than a month to pay up or

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secure a bond covering the full amount he owes.

Judge Anil Singh of the state's mid-level appeals court rejected Trump's offer of a $100 million bond, though he did offer Trump some leeway that could help him secure the necessary bond before New York Attorney General Letitia James seeks to enforce the judgment starting on March 25. Singh granted an interim stay pausing a provision in the Feb. 16 verdict that barred the Republican presidential front-runner, his company and co-defendants from obtaining loans from New York banks. Trump's lawyers had told the appellate court earlier Wednesday that the lending ban in Judge Arthur Engoron's decision had made it impossible for him to secure a bond for the full amount.

Trump's lawyers warned he may need to sell some properties to cover the penalty and would have no way of getting them back if he is successful in his appeal. State lawyers said those disclosures suggested Trump — who has more than a half-billion dollars in pending court debt — was having trouble coming up with the staggering sum he owes.

Trump's lawyers floated their smaller bond offer in court papers as they sought an order from the appellate court preventing James' office from enforcing the judgment while his appeal plays out. Singh, sitting in the Appellate Division of the state's trial court, ruled after hearing arguments at an emergency hearing Wednesday.

In all, Trump and his codefendants owe more than $465 million to the state. They have until March 25 to secure a stay — a legal mechanism pausing collection while he appeals — before they would be forced to pay the penalty or risk having some of their assets seized. Posting a bond in the full amount would trigger an automatic stay under state law.

"The exorbitant and punitive amount of the judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond," Trump lawyers Clifford Robert, Alina Habba and Michael Farina wrote in court papers detailing the $100 million bond offer.

James' office opposed Trump's plan, saying his lawyers have all but conceded he has "insufficient liquid assets to satisfy the judgment."

"These are precisely the circumstances for which a full bond or deposit is necessary," Senior Assistant Solicitor General Dennis Fan wrote, saying Trump's offer would leave James' office and the state "with substantial shortfalls" if the verdict is upheld.

"A prevailing plaintiff is entitled to have her award secured, and defendants have never demonstrated that Mr. Trump's liquid assets could satisfy the full amount of the judgment," Fan wrote.

James, a Democrat, has said that she will seek to seize some of Trump's assets if he's unable to pay the judgment.

Engoron found that Trump, his company and top executives, including his sons Eric and Donald Trump Jr., schemed for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals.

Paperwork making the judgment official was filed on Feb. 23. That started a 30-day window for Trump to pay up or file an appeal and seek a stay.

Also Wednesday, white powder was found in an envelope addressed to Engoron at his Manhattan courthouse. Officials said preliminary testing showed it was negative for hazardous substances and no injuries were reported.

Trump filed his appeal on Monday. In their notices of appeal, his lawyers said they want the appellate court to decide whether Engoron "committed errors of law and/or fact" and whether he abused his discretion or "acted in excess" of his jurisdiction.

Trump wasn't required to pay his penalty or post a bond in order to appeal, and filing the appeal did not automatically halt enforcement of the judgment.

Trump would receive an automatic stay if he were to put up money, assets or an appeal bond covering what he owes. He also had the option to ask the appeals court to grant a stay with a bond for a lower amount — a gambit rejected Wednesday.

Trump's lawyers argued that his vast real estate assets and oversight mandated by Engoron's ruling, including supervision of his company by an independent monitor, "would alone be sufficient to adequately secure any judgment affirmed."

The $100 million bond, they said, "would simply serve as further security."

Trump's lawyers did not ask to pause the monitor's oversight, but Singh did halt some other sanctions affecting the Trump Organization, at least temporarily.

The appellate judge paused Engoron's two-year ban on Eric and Donald Trump Jr. holding executive positions in New York corporations, meaning they can continue running the company. He also paused a similar three-year ban that applied to Trump.

Trump maintains that he is worth several billion dollars and testified last year that he had about $400 million in cash, in addition to properties and other investments.

In all, Trump has at least $543.4 million in personal legal liabilities from Engoron's ruling and two other civil court judgments in the last year.

In January, a jury ordered Trump to pay $83.3 million to writer E. Jean Carroll for defaming her after she accused him in 2019 of sexually assaulting her in a Manhattan department store in the 1990s. That's on top of the $5 million a jury awarded Carroll in a related trial last year. Trump denies her allegation.

FORMER President Donald Trump attends the closing arguments in the Trump Organization civil fraud trial at New York State Supreme Court in the Manhattan borough of New York, Jan. 11, 2024. Trump’s lawyers have asked a New York appellate court to halt collection of the former president’s $454 million civil fraud judgment while he appeals. Trump’s lawyers said in a court filing Wednesday that he is planning to post a $100 million appeal bond rather than a bond covering the full amount, which would automatically pause enforcement.

Photo:Shannon Stapleton/AP

Surge in Wendy’s complaints exposes limits to consumer tolerance of unstable prices

By ANNE D'INNOCENZIO and DAVID HAMILTON AP Business Writers

CONSUMERS will pay

more for a flight to Florida or for a hotel room during peak vacation times. They fork out more for a rush hour Uber ride, perhaps while grinding their teeth, and rely on apps like ParkWhiz or ParkMobile to book spots for their cars at premium prices.

But a social media backlash this week to media reports that said fast-food chain Wendy's had plans to increase menu prices during its busiest hours showed a limit to where, when and for what U.S. consumers will trade more cash for convenience. It looks like a Dave's Double Combo or a Frosty won't make the cut.

Wendy's clarified its intentions Wednesday, drawing a distinction between the company's "dynamic pricing" strategy and "surge pricing" practices that charge more during times of peak demand. The company said any fluctuations it decides to test in the future "would be designed to benefit our customers and restaurant crew members."

Here's a look at the differences between dynamic and surge pricing, which industries are using them and some of the more subtle ways in which companies build price fluctuations into their bottom lines.

WHAT'S THE DIFFERENCE BETWEEN DYNAMIC PRICING AND SURGE PRICING ?

Dynamic pricing and surge pricing are both models that continuously adjust prices based on a range of factors, sometimes within minutes. Dynamic pricing can involve both increasing and decreasing prices, based on market conditions, the season and supply changes. Surge pricing is a subset of dynamic pricing and only involves increasing prices, based on supply and demand, experts say.

WHICH INDUSTRIES USE DYNAMIC PRICING?

Dynamic pricing has been part of some industries almost as long as they've had technology capable of adjusting prices quickly. Airlines, for instance, regularly raise and lower fares depending on the time of year, expected customer surges, and projections of how many seats they can fill at various times. Flights on Sundays and Fridays, for instance, tend to cost more than those in the middle of the week. Airlines even have a name for the practice: yield management. Hotels do much the same with room reservations. It's why you can score better deals during hurricane season or immediately following big holidays when travel tends to slump. These days, though, the actual calculations that go into reservation pricing are much more complex.

Other places where dynamic pricing shows up include concerts, sporting events, parking facilities

and street meters. Utilities use dynamic pricing to limit usage at times of high demand that could threaten blackouts, notes Daniel Freund, a business professor at the Massachusetts Institute of Technology. E-commerce retailers like Amazon also change prices algorithmically, although usually in ways shoppers don't notice.

Neil Saunders, a managing director with research firm GlobalData, said that even though dynamic pricing is already ubiquitous, the grief Wendy's got shows how sensitive consumers are to price variations.

"Dynamic pricing is common in travel and accommodations. There's a fixed level of supply," Saunders said. "But if one minute a burger is $5 and the next minute it's $6, and then it goes up and down again, they will simply get annoyed. And they'll probably go elsewhere."

HOW COMMON IS DYNAMIC PRICING IN RESTAURANTS?

Experts say it's not common. But a growing number of restaurants are charging more for items that patrons order using thirdparty apps like Uber Eats and DoorDash, according to Jason Goldberg, chief commerce strategy officer at Publicis Groupe, a global marketing and communications company.

Debbie Roxarzade, founder and CEO of Las Vegas-based Rachel's Kitchen restaurants, uses technology from a startup called Sauce Pricing to help adjust prices for users of third-party apps based on algorithms and the inperson traffic at the chain's nine restaurants.

For example, a sandwich that would cost $12 on the regular menu might rise to $12.60 for a delivery customer during peak hours but fall to $11.05 during slow times such as after lunch, Roxarzade said.

"It's helpful to streamline operations and keep things fresh and clean and more consistent instead of having a huge peak in demand and then just very little sales in other hours," she said.

Roxarzade emphasized that her physical locations do not employ such dynamic pricing methods.

WHAT ABOUT IN RETAILING?

Amazon and other online retailers have increasingly embraced dynamic pricing based on supply and demand. The strategy goes full tilt during the Black Friday and Cyber Monday shopping bonanza.

Shoppers know that prices for a hot toy can go up ahead of the holidays, given a surge of demand, while prices for familiar games and puzzles can go down, Goldberg said.

But traditional retailers "exploitatively" raising prices based on the time of day for routine items isn't a good practice, Goldberg said.

Amazon currently faces a Federal Trade Commission lawsuit accusing it of various unfair practices such as overcharging sellers and preventing them from lowering prices.

DO GROCERY STORES USE THE STRATEGY?

Before the coronavirus pandemic, grocers and restaurants already were playing with technology to make changing prices easier. But the pandemic pushed more restaurants and stores, particularly grocers, to turn to digital pricing because of severe labor shortages. Walmart Inc. and other grocers have expanded their use of electronic shelf tags, relieving workers of doing the job manually so they can better help out customers. Restaurants had another reason to ditch printed menus in favor of QR codes that diners could scan to access the menu: They were worried about physical interactions during the height of high COVID19 infection rates. Businesses have seen more of a need to rely on digital pricing at a time of high inflation, analysts said.

"It's not that they can raise the price every hour, but they do occasionally change prices up and down, " said Goldberg. He noted that changing prices at a grocer, which typically has 20,000 items in each store, can be laborious if they have to depend on workers.

Photo:Nam Y. Huh/AP

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, CHRISTINA JOY SUCKIE of Hudson Street, Blair Estates, P.O. Box CR-56766, Nassau, The Bahamas, Mother of CHRISTIAN BRYSON ROYHAL DESMANGLES A minor intend to change my child’s name to CHRISTIAN BRYSON ROYHAL SUCKIE If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Offcer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that NADEGE MEZADIEU Johnson Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of February 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KRISHNADAT PERSAUD of P.O. Box SS-6542, Jean Street, Hillside Park, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MARVIN LUBIN of Marsh Harbour, Abaco, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 22nd day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CHARLENE FREDERIC Zion Blvd, Off East Street South, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of February 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ERONNE DURONE of Marsh Harbour, Abaco, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 22nd day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that NALDA KAREEN WRIGHT of Current Road, Yamacraw, P.O. Box N-1210, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

WALL STREET DRIFTS LOWER AS BITCOIN BOUNCES EVEN HIGHER

By STAN CHOE AP Business Writer

U.S. stocks drifted lower Wednesday to edge a bit further from their all-time highs.

The S&P 500 slipped 8.42 points, or 0.2%, to 5,069.76, continuing its quiet and listless run since setting a record last week. The Dow Jones Industrial Average dipped 23.39, or 0.1%, to 38,949.02. The Nasdaq composite sank 87.56, or 0.5%, to 15,947.74 a day after pulling within 0.1% of its record set in 2021.

Treasury yields also eased in the bond market after a report said the U.S. economy likely grew a touch slower at the end of 2023 than earlier estimated. The growth was nevertheless still solid, as the economy continues to defy expectations of a recession despite high interest rates meant to bring down inflation.

A 1.3% drop for Nvidia and 1.8% slump for Google’s parent company, Alphabet, were two of the heaviest weights on the market. They’re among a small group of Big Tech stocks that have been

disproportionately responsible for the S&P 500’s run to records. Such concentration in the market can be a concerning signal, according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute. Broad gains among a wide variety of stocks are typically a more favorable sign that the market’s strength is sustainable.

Bumble tumbled 14.8% after it reported weaker

results for the latest quarter than analysts expected. The dating and friendmaking app company, which recently revamped its leadership team, also gave a forecast for revenue this upcoming year that fell short of analysts’ expectations.

Boston Beer, the company behind Samuel Adams, slid 15.8% after reporting a larger loss than analysts expected. It was

hurt by declines for its Truly hard seltzer.

Urban Outfitters dropped 12.8% after the retailer reported weaker results than expected. The company, which also runs Anthropologie stores, said sales are continuing to weaken at its Urban Outfitters locations.

Helping to limit the market’s losses was eBay, which rose 7.9% after reporting stronger results than analysts expected. Axon Enterprise, the company that sells Tasers, body cameras and other equipment, also turned in a better-thanexpected profit report, and its stock jumped 13.8%.

Coinbase gained 0.8% after rising more earlier in the day to continue its strong run as bitcoin’s price keeps rallying. New exchange-traded funds that make investing in bitcoin easier have raised interest in the cryptocurrency, with BlackRock’s iShares Bitcoin fund alone quickly growing to $7 billion in assets.

Bitcoin’s price briefly topped $64,000 Wednesday for the first time since 2021. It’s pulling closer to

its record of nearly $69,000 after rising more than 40% so far this year.

Coinbase’s CEO, Brian Armstrong, apologized to customers during the day for issues they encountered because the company was “dealing with a LARGE surge of traffic” as bitcoin’s price soared. The company said some users may have seen a zero balance across their accounts and had errors in buying and selling.

Beyond Meat surged 30.7% even though it reported much weaker results for the latest quarter than expected. Its revenue was slightly better than forecast after falling less than expected, and it said its profitability will likely increase through 2024.

Agilent Technologies gained 3.4% for one of the bigger gains in the S&P 500 after beating forecasts for both profit and revenue.

NOTICE

NOTICE is hereby given that RENALDO DORVAL of #2 Boathook Avenue, Freeport, Grand Bahama, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THIS Nov. 23, 2020 file photo shows the sign of the New York Stock Exchange in New York, Monday, Nov. 23, 2020.

Photo:Seth Wenig/AP

Struggling to stop illegal cannabis stores, New York governor asks online sites to hide them

By CEDAR ATTANASIO

Associated Press

AFTER failing to wipe illegal cannabis dispensaries off the map, New York is asking online sites to hide them.

Since the state legalized marijuana in 2021, unlicensed pot shops have proliferated across New York City, with limited pushback from authorities.

On Tuesday, Gov. Kathy Hochul called on online map and social media companies to stop listing them.

"If you type in 'cannabis dispensaries' in Google Maps or Yelp, you'll get a long list of unlicensed illegal vendors," Hochul, a Democrat, said Tuesday, speaking to reporters alongside some of the owners of licensed, legal weed stores that make up a tiny minority of the cannabis shops in New York City.

In a statement, Yelp said the company believes "consumers have a First Amendment right to read and write about all businesses, even if unlicensed."

"Allowing users to contribute and see information ... about unlicensed businesses serves the public interest and provides a resource for regulators to determine whether any particular business has appropriate licenses," the statement read.

Legal marijuana shops in New York pay a vice tax, purchase from local farms, and submit to quality control testing to ensure their products aren't laced with other drugs and aren't stronger or weaker than their label says.

But so far, fewer than 80 cannabis licensed stores have opened around the state, where strict eligibility

requirements and lawsuits have contributed to slowing the rollout. Meanwhile, it's common for a single neighborhood in New York City to have a dozen illegal ones.

Hochul vowed to crack down eight months ago, but has failed to make noticeable progress. Aiming to avoid an echo of prohibition-era criminalization of drug sales, New York state's marijuana legalization doesn't include severe criminal punishment for illegal sales and doesn't allow most law enforcement agencies to enforce pot laws.

Legislation that Hochul signed last May gave the state powers for inspections, seizures, fines that can reach $20,000 a day and, in some cases, close shops and go after landlords.

But the governor on Wednesday said she has since learned that it wasn't enough. She said the fines aren't high enough to deter people, and noted the appeals process takes many months, allowing shops to continue raking in tax-free profits off unlicensed products that are less expensive because they can be purchased out of state.

New York City itself has tried to stem the tide by going after landlords, but Mayor Eric Adams has been imploring Albany to grant the city more power to respond.

Hochul has asked the Democrat-controlled state Legislature to pass new legislation to grant more enforcement authority to city agencies, increase fines, and give law enforcement permission to shut down illegal stores before the appeals process plays out.

In the meantime, Hochul is asking tech companies "to not be posting the sites that are illegal and ensure that they're posting the legal shops."

Local cannabis entrepreneur Osbert Orduña said Google Maps keeps delisting his legal shops, one in New Jersey, and another in Queens, New York. He said he's never had trouble with his listings on Yelp, though he'd like the site to delist illegal operators as well.

"Four times, Google has taken us down off of their platform for 'violating their terms of service.' We've done nothing other than have our store hours and our basic business information listed," he said.

Google didn't immediately respond to a query about Orduña's specific circumstances, but noted in a statement responding to Hochul's comments that it does remove listings for closed venues.

"If we can confirm that a business has closed for any reason – including license issues – we'll reflect that it's closed in the listing. We also prohibit cannabis ads in New York and remove them upon detection, often before they ever run," the statement read.

Orduña said he also wants his illegal competitors, some of whom he knows personally, to be closed down. He says they tell him he's playing a "sucker's game." But as a former Marine, he likes to do things by the book and even plans on expanding to open another store in Queens next week.