03042024 BUSINESS

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By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net

Electrical Workers Union

president Kyle Wilson said employees at Bahamas Power

and Light

bution

its regulatory body the Utilities Regulation and Competition Authority (URCA) has yet to weigh in on the deal.

He said: “Just pure pandemonium and frustration at BPL. We feel betrayed. After the meeting, I was given instructions by the membership that it’s a no, an outright no to this deal, this partnership or whatever they want to call it, especially in the face of what we perceive to be a deal in the dark.

“They refuse to turn over any documentation. We don’t believe that it’s

SEE PAGE B4

backend

into three.

Condo development denied by Department of Physical Planning

By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net

PLANS for the Neveah Group Enterprises’ Palazzo Vista Del Mar projectto be located on a 21,000 square foot site south of Da Plantation Bar and Grill off West Bay Street were shot down by physical planning officials who considered the project to be an “overdevelopment” of the site.

The luxury condo project was set to feature a total of 20 three-bedroom units priced between $700,000 and $1.2m with an investment value of $18m to $20m.

The Department of Physical Planning said density limits the development to 30 people or 18 bedrooms on site.

“Kindly note that the application was refused for the reason such as the proposed is considered to be an over-development of site and the proposal does not meet the minimum allowable density of 75 person per acre that limits the development to a total of 30 persons on site or 18 bedrooms for the development,” said the Department of Physical Planning.

SEE PAGE B2

Bank signs agreement to back equality project

THE Bahamas Development Bank (BDB) and Food and Agriculture Organization (FAO) of the United Nations (UN) signed an agreement aimed at advancing the Joint Sustainable Development Goals (SDG) Fund’s Building Back Equal project.

in advancing small island developing states (SIDS). BDB is the national coordinating authority on the Joint SDG Fund and has played a crucial role in shaping the project’s design and implementation. The total contract allocation to BDB for the FAO-funded section of the project is $186,000. The proposed blended financing instrument is a collaboration between BDB and FAO, and will combine capital from the Bahamas Development Bank with non-reimbursable funding from the Food and Agriculture Organization of the United Nations.

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Pintard on BPL: ‘How in the hell did we get to this point?

By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net

OPPOSITION leader

Michael Pintard said the government’s potential granting of private public partnerships (PPPs) for the generation and transmission and distribution at Bahamas Power and Light (BPL) “appears to be privatisation”.

Speaking at a Free National Movement (FNM) press conference yesterday, Mr Pintard said he understands that in June BPL will sign two PPP agreements, one for power generation and the other for transmission and distribution and that the agreement will make the operation of the utility “available for somebody else to execute”.

He said: “We understand that the generation of power BPL has been awarded to one company, a company that is known to this administration very well and some would go as far as to say is an ardent supporter of the Progressive Liberal Party.

PINTARD

“The second part of the operation of BPL is transmission and distribution and another company, the government has been in talks with in terms of them taking over that particular dimension.

“Now the government is going to be cute, as they always attempt to be and say this is not privatisation.

It appears to be privatisation, that if you take your entire generation component and you make that available to another company to execute, and you take your transmission and distribution and turn that

THE INTERSECTION OF INFOSEC AND COMPLIANCE

The saying “Trust is good, but control is better” is ever more pertinent as the digital frontier expands at an unprecedented rate, especially for financial institutions in developing countries. Yet, in the pursuit of compliance, we often overlook a critical point: compliance is more than just a regulatory requirement; it is a strategic asset that fosters innovation, trust, and growth.

This article will briefly highlight strategies for strengthening your organisation’s security, touch on how compliance is a strategic enabler and provide a call to action for business executives.

Strategies for strengthening Information Security

Information security strategies for financial institutions should go beyond technological solutions to

DEREK SMITH

include organisational and cultural changes. Firstly, integrating security measures at the early stages of product and service development contributes to reducing vulnerabilities by adopting a ‘security by design’ approach. Furthermore, encryption, multi-factor authentication,

BANK SIGNS AGREEMENT TO BACK EQUALITY PROJECT

and blockchain technology can significantly enhance the security of sensitive data.

Despite this, technology alone cannot solve every problem. Human error remains a significant contributor to data breaches. In light of this, cultivating a culture of security awareness through regular training and simulations is crucial. Educate all employees about cyber threats and their role in safeguarding the institution’s data.

Additionally, financial institutions should adopt a proactive stance toward information security by implementing continuous monitoring and real-time threat detection systems. By employing this approach, not only are potential threats detected early, but they can also be mitigated swiftly.

Compliance as a strategic enabler

FROM PAGE B1

The strategic partnership will provide women-led businesses with access to low-cost capital after undergoing technical capacity development. A portion of the funds will also be allocated to a grants program.

The narrative around compliance needs a paradigm shift. Compliance, often viewed as a cost centre or a necessary evil, should instead be seen as a strategic enabler that can open doors to new markets, enhance customer trust, and drive innovation.

For financial institutions in developing countries, aligning compliance with strategic objectives can be a game-changer. It is not merely about adhering to regulations but about leveraging compliance to build a secure, resilient, and trustworthy digital ecosystem. This approach mitigates risks and enhances competitive advantage, enabling institutions to navigate the digital landscape with confidence and agility.

A call to action for C-Suite leaders and business executives

A mindset shift at the top is the first step towards

BDB will also sign a similar agreement with UN Women, which will add a further $100,000 to the fund for women-led businesses and further showcase its commitment to empowering women entrepreneurs in diverse sectors.

Gavin Christie, the Bahamas Development Bank’s deputy chairman, said: “This partnership signifies a significant step forward for BDB, FAO, and the nation at large. It underscores BDB’s dedication to driving inclusive economic development and gender equality, aligning with the sustainable development goals. As we support and empower women-led businesses, we are fostering

leveraging compliance and information security as strategic assets. Financial institutions in developing nations must have business executives and C-suite leaders who are committed to:

1. Embrace compliance and information security as integral to their strategic vision, not as afterthoughts or mere operational necessities.

2. Invest in building robust, adaptable information security frameworks that can evolve with the digital landscape and regulatory requirements.

3. Foster a continuous learning and innovation culture, where compliance is seen as a pathway to excellence and competitive advantage.

In the words of Warren Buffet, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

Let this be a clarion call

social growth and sustainability in The Bahamas.”

Nicholas Higgs, the Bahamas Development Bank’s managing director, added: “The collaboration with FAO underlines our commitment to not only bolster the economy but to also ensure that women entrepreneurs are at the forefront of this advancement. By providing these targeted funds, we aim to catalyse a transformation in the industries that help form the backbone of our economy. This initiative is not just about financial investment, but also about investing in the skills and capabilities of women-led enterprises. The empowerment of women is a

to action. Develop a culture of vigilance, invest in robust information security measures, and lead your organisation with foresight and resilience. You are responsible for your customers, your employees, and the fabric of your reputation.

cornerstone for resilient and sustainable economies, and BDB is proud to lead by example. Through these efforts, we aspire to create a ripple effect that will not only uplift women within The Bahamas but also set a precedent for gender equity in funding across the region and globe.” The Bahamas Development Bank is implementing a streamlined approach to its adjudication process to facilitate a faster decisionmaking process, ultimately ensuring expedited access to funding for women-led beneficiaries in the program. An announcement regarding applications will be announced in March.

Condo development denied by Department of Physical Planning

FROM PAGE B1

“Additionally, it should be noted that the committee is willing to review a revised proposal showing a development consisting of a total of 30 bedrooms.”

Last week, neighbours raised concerns about parking, road access and occupancy expectations at a public consultation for the project.

The developers said the units will be occupied mainly by couples, so at full occupancy it may include 40 people, but neighbours argued that the units contain three bedrooms and can be used as AirBnBs so there is no guarantee that guests will not utilise all bedrooms to facilitate up to five guests. Parking was also a hot topic as the developer had

30 parking spaces allocated for the condominium and argued that they were “more than enough” as each unit was assigned one and a half parking spaces.

It is currently unclear if the developer plans to scale down the project and reapply as they were unavailable for comment up to press time.

Legislation to legalize, tax skill games in Virginia heads to governor

By SARAH RANKIN Associated Press

VIRGINIA lawmakers passed legislation Friday that would legalize skill games, the slots-like betting machines that proliferated in businesses around the state before an on-again, off-again ban took effect.

If signed by GOP Gov. Glenn Youngkin, the bill would tax and regulate the devices, which are also known as gray machines because of the murky area of the law in which they previously operated.

The legislation was supported by a well-organized coalition that involved skill game developer Pace-OMatic and business owners who have hosted the games and shared in their profits.

Even critics said they were moved by the testimony of the business owners, many of them first-generation Americans, who said the machines had been a lifeline for their restaurants, convenience stores and gas stations, especially during the pandemic.

"For years, thousands of small businesses throughout the Commonwealth have come to rely on the supplemental, sustainable revenue provided by skill games. This victory will solidify their presence in Virginia and give thousands of small business owners peace of mind knowing they can keep their doors open, create jobs, and support their local communities," said Rich Kelly, a restaurateur and president of the Virginia Merchants and Amusement Coalition, which formed to advocate for legalization of the machines.

The arcade-style games, which other states are also grappling with, look similar to slot machines but involve an element of skill, according to their manufacturers.

Opponents of legalizing them said doing so would represent a massive expansion of gambling in Virginia, which they argued could result in harm for children, low-income people and those struggling with gambling addiction.

Legalization was also opposed by other players in the gambling industry, including casinos, which

have donated generously to Virginia lawmakers in recent years, as has Pace-O-Matic. "This is bad policy that would bring an unprecedented expansion of gambling to every corner of Virginia without even attempting to provide basic guardrails including local referendums, legitimate background checks, security or problem gambling regulatory requirements," Virginians Against Neighborhood Slot Machines, a group formed to lobby against the legislation, said in a statement.

The legislation, which was filed after a similar effort failed last year, would cap at four the number of games allowed at each ABC-licensed retail establishment; 10 machines would be allowed at truck stops. That is closer to the five- and 10-machine limits contained in the original industry-backed bill than some stricter versions of the legislation as it went through the process.

Receipts from the machines would be taxed at a 25% rate, higher than the original bill's 15%. Under the legislation, localities would not have the authority to ban the machines or hold a referendum on whether to allow them, a local control option opponents had sought.

Speaking to the bill on the House floor, Del. Barry Knight, a Republican from Virginia Beach, pointed out that localities where the General Assembly has allowed casinos were required to hold a referendum approving the projects first.

"What I like to see is a level playing field," he said.

The bill would require that players be 21 or older, though it doesn't require a verification method like a player's card that some proponents called for. A person who allowed an underage player to gamble could be charged with a misdemeanor.

The state's ABC authority would regulate the machines initially, then the Lottery would take over.

The legislation requires that skill game machines must contain an "accounting system" operated by

the state to ensure regulatory oversight of accurate receipts and tax collection.

The legislation the General Assembly acted on Friday was the product of a conference committee, a small group of legislators who met privately to work out a deal after the two chambers passed competing versions.

"It is a true compromise," said Republican Del. Terry Kilgore, one of the lawmakers who helped craft it.

The bill, sponsored by Democratic Sen. Aaron Rouse of Virginia Beach, passed with fairly limited debate. The Senate signed off 31-9, and the House of Delegates 49-43.

Youngkin's press office, which previously told the Virginia Mercury it had "serious concerns" about earlier versions of the bill, did not immediately respond to a request for comment Friday.

The skill games debate is a rare issue that doesn't split along partisan lines, and lawmakers have gone around and around on it for years.

A 2019 state report said Virginia, like other states, was grappling with the "rapid spread" of the machines, which at the time were not "specifically permitted or prohibited" and were not being taxed or regulated.

The General Assembly voted in 2020 to ban them as they were clearing the way for casinos for the first time.

But skill game operators got a one-year reprieve after then-Gov. Ralph Northam, a Democrat, asked lawmakers to delay the enactment of the ban and instead tax the machines and use the revenue for COVID-19 relief. The ban took effect in July 2021.

A legal challenge was filed, and in December 2021, a Virginia judge issued an injunction blocking the enforcement.

Last fall, the Virginia Supreme Court vacated the injunction, meaning the machines had to be turned off again.

QUESTION OF WHETHER NEBRASKA PUBLIC MONEY CAN GO TO PRIVATE SCHOOLS STILL SET FOR NOVEMBER BALLOT

By MARGERY A. BECK Associated Press

NEBRASKA'S top election official has ruled that voters will get to decide this year whether to repeal a law that gives taxpayer money for private school scholarships.

But both Nebraska Secretary of State Bob Evnen and state Sen. Lou Ann Linehan, who authored the school choice law and sought to have the repeal effort kept off the ballot, acknowledge that the courts will likely ultimately decide if the repeal question makes it onto November's ballot.

Evnen said in a news release late Thursday that he consulted state law and previous state attorney general opinions before concluding that the referendum

question is legal and will appear on the November ballot "unless otherwise ordered by a court of competent jurisdiction."

Those behind the referendum effort lauded Evnen's decision.

"Nebraskans have been clear that they want to vote on the issue of diverting public tax dollars to fund private schools," said Nebraska State Education Association President Jenni Benson, who also serves on the board of the group that carried out the referendum petition effort last year. "State lawmakers also must respect voters on this issue and reject new legislative attempts to impose voucher schemes on Nebraska taxpayers." The conflict stems from Linehan's law passed last

year allowing millions in state income tax to be diverted to organizations that grant private school tuition scholarships. That passage set up a battle between powerful education unions and heavily-funded conservative groups trying to make their mark on school policies following COVID-19 lockdowns and ongoing fights over transgender policies.

Even before the bill was signed into law, a petition effort backed largely by public school unions and supporters was launched to ask Nebraska voters to repeal it. The effort collected nearly double the number of valid signatures needed to put the question on the November ballot, and Evnen approved the ballot measure in October.

A SKILL machine displays is screen at the Shebeen Pub and Braai in Charlottesville, Va., Oct. 10, 2019. Virginia lawmakers have passed legislation Friday, March 1, 2024, that would legalize skill games, the slots-like betting machines that proliferated in businesses around the state before an on-again, off-again ban took effect.

Photo:Erin Edgerton/AP

PINTARD ON BPL: ‘HOW IN THE HELL DID WE GET TO THIS POINT?

over to another company, it appears to me that the reason for your existence has been made available to somebody else to execute on your behalf. But there may be a reasonable explanation.”

He questioned how the government was able to enter into the agreement without conducting a bidding process and ensuring that they are getting the best offer and allowing qualified Bahamians an opportunity to enter a bid.

He said: “The most important question is, how in the hell did we get to this point where the government can enter into an arrangement without competitive bidding?

“Without advertising what their consideration is to give many talented

Bahamians to an opportunity to put forward their proposal on how we’re going to move this cooperation forward; and how are we going to tackle the broader issues in the energy sector that directly impacts economic growth and ultimate economic development and how are we going to tackle the broader issues in the energy sector that directly impacts economic growth and ultimate economic development.”

Prime Minister Philip Davis yesterday denied rumours that BPL will be privatised and insisted that the government is bringing in “strategic partners” to generate the funds necessary to “fix” BPL.

He said: “We are not privatising BPL, we will bring in some strategic partners, for the purposes of being

able to find the necessary funding that we the government don’t have to address some of the issues that we have and it’s a lot of money required to fix BPL and we have to find an innovative and creative ways to get that done.”

A press release issued by the Office of the Prime Minister said that the office is “committed to consulting closely with them and with other stakeholders as we work toward a brighter energy future”. Mr Pintard, however, said Mr Davis has not consulted with shareholders on the agreement as the process must have developed beyond verbal agreements for the process to begin within the next three months.

He said: “He talked about this administration’s

BPL workers: We feel betrayed

done in accordance with the various laws and acts that govern electricity and national assets. We have not heard from URCA, we do not know what’s going on and you’re telling me in three months you’re just going to put the assets of Bahamians into foreign hands.

“These entities were put about by the visionaries and forefathers to be people driven now they are being profit driven. So we are saying no. We’re not going to allow another BTC to happen, another Wartsila to

happen, we are saying no in its entirety.”

It is understood that the power generation will be contracted to a leading local petroleum product supplier, the transmission and distribution will be contracted to Pike Cooperation, whose chairman, Eric Pike, has ties to Sir Franklyn Wilson’s Jack Bay development.

The union chief said he first heard of the company when the Minister of Energy, JoBeth ColebyDavis, told him in a meeting with himself and Christina Alston, former BPL COO, who now serves as a consultant for the Ministry

of Energy, that they were “doing business” with them.

He said: “I’ve never heard of this company, never seen this company. I’ve never been to a table with them. I’ve just heard by the mouth of the Honourable Minister JoBeth Coleby that this is who they doing business with.

“And I ain’t see no paper. They telling me what the company ga do and they telling me, but Pike ain’t say nothing to me. They can’t speak for Pike. When did they become agents for Pike? And they ga tell me what Pike ga do with my future when they come here.

commitment to consult with all stakeholders, well, he didn’t do that so what he is saying is because the Bahamian people have become aware of his operation in the dark, and like always, once they are facing reasonable questions about unethical things that they are doing, they can make a public statement about their willingness to consult.

“We say they are late in this regard, because for them to at this point, have entered into verbal or written agreement and we get the impression it is well beyond verbal, would have meant that for once they have been having discussions with various parties about the future of BPL, which the PLP does not own the Bahamian people own BPL.”

“When did these ministers and these people become agents for these companies to tell me what they can do and can’t show me what they will do in black and white. Show me what we agreed and sign to. They playing games with this country and its disheartening and a slap in the face what is taking place.”

He said that the deal was “shady” and that the government should have more access to funds and individuals that can assist the utility in again becoming profitable.

He said: “You’re trying to tell me a private company have more money than an entire government. A private company have access to people and engineers and craftsmen that an entire government. We have already proven there was a heyday in BPL, let’s go back to that day when BPL was profitable, and find out what was going on in the hands of the Bahamian people but we have too much foreign interference and they just want the money

“The people do not want this deal. And they know the people don’t want it and they know it’s a shady private deal in the dark that is probably not done in accordance with the law, probably not done and respected Utilities regulation Commission, probably not done with transparency. And that’s why everybody I tell hiding they hand and

The Office of the Prime Minister’s statement also said maintained “there will be no layoff of workers at Bahamas Power and Light (BPL), industrial agreements will continue to be honoured, and that commitments made to workers, including pension benefits, will be met” as the government works to bring “much-needed change to the energy sector”.

Mr Pintard yesterday questioned whether the government or the contracted firms will be responsible for paying worker benefits and if Bahamians will be allowed to purchase shares in the utility.

He said: “He intends to make sure that the benefits are honoured, everything in the industrial agreement in terms of employment,

saying trust me, man, I gat something sweet for you.

Prime Minister Philip Davis yesterday denied rumours that the BPL will be privatised and insisted that the government is bringing in “strategic partners” to generate the funds necessary to “fix” BPL.

He said: “We are not privatising BPL we will bring in some strategic partners, for the purposes of being able to find the necessary funding that we the government don’t have to address some of the issues that we have and it’s a lot of money required to fix BPL and we have to find an innovative and creative ways to get that done.”

Minister of Energy and Transport JoBeth ColebyDavis said on social media yesterday that changes are “long overdue” at the utility and that it will remain government owned. She said: “Bahamians agree that big changes at BPL are long overdue.

“Our government’s Energy Reform Roadmap is a comprehensive plan to reduce prices for Bahamian families and businesses, increase reliability and efficiency, add cleaner sources of energy, upgrade and modernize our outdated grid, upskill and train Bahamian workers, and strengthen the financial position of BPL, which will remain a governmentowned utility.”

The Office of the Prime Minister also released a statement yesterday noting that Mr Davis met with the union representatives for BPL, Mr Wilson and Mr Christopher Hanna,

pension all of those things will be honoured, the question is honoured by whom?

Will they be on the government’s payroll? Will they be on the company responsible for power generation or will they be on the payroll of the company responsible for transmission and distribution? Have they actually worked out how all of those entities are going to work in tandem with each other?

Our suspicion says no.

“What is going to be the share structure? To what extent will Bahamians be able to buy into this entity? And if this particular arrangement is to commence in June, do we have enough time to work on those details in terms of whether Bahamians would be able to be shareholders in this new configured companies?”

president of the Bahamas Electrical Utility Managerial Union (BEMU) as well as Mr Obie Ferguson, president of the Trades Union Congress (TUC)

The statement said there will be no layoffs and industrial agreements and worker benefits will be retained as the sector undergoes a “much-needed change”.

“I was grateful for the opportunity to assure them that as our government works to bring much-needed change to our energy sector, there will be no layoff of workers at Bahamas Power and Light (BPL), industrial agreements will continue to be honoured, and that commitments made to workers, including pension benefits, will be met,” said the Prime Minister’s Office.

“In fact, a critical element of our plans includes the training and upskilling of many of our specialised line staff at BPL. Modernising our electricity infrastructure is necessary to meet the goals of energy reform: lowering costs for families and businesses, increasing reliability, and using cleaner sources of energy. Investing in our BPL workers will mean they are wellpositioned to thrive in this evolving energy landscape.

“As we move forward together, we are grateful to the leaders and workers of BEWU and BEMU for their expertise, hard work, and dedication. We are committed to consulting closely with them and with other stakeholders as we work toward a brighter energy future.”

Old and new commodities

By Chris Illing CCO at ActivTrades Corp

INVESTORS who are bullish on oil and/or crypto currencies had a favorable end last week. Oil prices rose sharply on Friday. A barrel (159 liters) of North Sea Brent crude for delivery in May cost $84.16 in the evening. That was $2.23 more than the day before.

The price of a barrel of American West Texas Intermediate (WTI) for April delivery rose by $2.49 to $80.75. This pushed the WTI price above $80 for the first time since November. Crude oil futures are futures contracts in which buyers and sellers of oil agree to deliver set amounts of physical crude oil at a specific time in the future.

Crude oil is the most important global energy source. The price of oil is therefore an important factor for the economy. Apart from its role as a

primary energy source, crude oil is the most important raw material in the production of plastics and is even used in cosmetics and medicines. However, the steady demand is offset by a limited supply and thus a steadily rising oil price. In total, there are dozens of types of crude oil in the world, all of which have different characteristics and prices. Its origins range from Alaska’s North Slope to Arab Light and Zuetina, a city in Libya. However, standardized products, so-called reference oils, are traded on the futures exchanges in London and New York. The Gaza war, the generally high tensions in the

oil-rich Middle East and the tight supply of the large oil alliance OPEC+ could be signs of rising prices. O prices rose for the second month in a row. the share of crude oil in the global production volume of all raw materials is almost 45 percent. This makes crude oil by far the most important raw material in the world.

Another product that needs mining, but not in the traditional sense of the word, are Crypto currencies. Last week, Bitcoin, the worlds most popular crypto currency, rose to almost 64.000 USD and is getting closer to the record high of just under $69,000, reached in November 2021.

In Senegal’s capital, Nicaragua is a hot ticket among travel agents as migrants try to reach US

By BABA AHMED Associated Press

GUEVA Ba tried to reach Europe by boat 11 times from Morocco, failing each attempt. Then, in 2023, the former welder heard about a new route to the United States by flying to Nicaragua and making the rest of the journey illegally by land to Mexico's northern border.

"In Senegal, it's all over the streets — everyone's talking about Nicaragua, Nicaragua, Nicaragua," said Ba, who paid about 6 million CFA francs ($10,000) to get to Nicaragua in July with stops in Morocco, Spain and El Salvador. "It's not something hidden."

Ba, 40, was deported from the U.S. with 131 compatriots in September after two months in detention, but thousands of other Senegalese have gained a foothold in America. Many turn to savvy travel agents who know the route — touted on social media by those who've successfully settled in the U.S.

They are part of a surge in migration to the United States that is extraordinary for its size and scope, with more people from far-flung countries accounting for crossings at the border. And as with this route used by the Senegalese, more are figuring out plans, making payments, and seeking help via social networks, and

apps like WhatsApp and TikTok.

Arrests for illegal crossings on the U.S. border with Mexico reached record highs in December. January saw a drop for the month, but arrests have topped 6.4 million since January 2021. And Mexicans account for only about 1 of 4 arrests, with the others coming from more than 100 countries. U.S. authorities arrested Senegalese migrants 20,231 times for crossing the border illegally from July to December. That's a 10-fold increase from 2,049 arrests during the same period of 2022, according to U.S. Customs and Border Protection. Many cross in remote deserts of western Arizona, like Ba, and California.

Word of the Nicaragua route began spreading early last year in Dakar and took hold in May, said Abdoulaye Doucouré, who owns a travel agency that sold about 1,200 tickets from Dakar to Nicaragua in the last three months of 2023, for the equivalent of several thousand dollars each.

"People didn't know about this route, but with social networks and the first migrants who took this route, the information quickly circulated among migrants," he said. Some are motivated by Senegal's political turmoil — authorities delayed February's presidential elections by 10 months

— but the sudden draw seemed to hinge largely on social media posts and the spread of the route there.

Spikes attributed to social media have occurred in other West African nations, whose people have historically turned first to Europe to flee. Mauritanians have arrived at the U.S. border with Mexico in similarly large numbers, and migrants from Ghana and Gambia have come, too.

Many are eventually released in the U.S. to pursue asylum in immigrant courts that are backlogged for years with more than 3 million cases.

Passports from many African countries carry little weight in the Western Hemisphere, making the journey by land to the United States difficult to even begin. Senegalese can fly visa-free to only two countries in the Americas: Nicaragua and Bolivia, according to The Henley Passport Index. Nicaragua is much closer than Bolivia and avoids the notoriously dangerous Darien Gap in Panama.

As U.S. sanctions against Nicaragua's repressive government have increased, the government of President Daniel Ortega has used migration to push back. The Nicaraguan government went so far as to hire a Dubai-based firm to train Nicaraguan civil aviation to manage national immigration procedures for charter flight passengers.

Since the beginning of 2024, Bitcoin has thus gained more than half at its peak. The Halving event remains the big driver of the price rally. This is an event in April that halves the reward for verifying Bitcoin transactions. As a result, the supply of Bitcoin is growing more

slowly, which has usually led to price gains in the past. Another reason for the rise is the approval of special US funds(ETF’s) that can be used to bet on the performance of Bitcoin without directly owning the digital currency itself.

The peak of just under $69,000 was reached in

November 2021. After that, however, a steep decline began, which caused the price to crash to a good $15,000 within a few months.

The record spark on the global stock markets has also now ignited Bitcoin and Co and investors are looking for new highs.

GENEVA Associated Press

GENEVA-based commodities trading firm Gunvor said Friday that it has reached a $661 million settlement with U.S. and Swiss prosecutors after convictions for bribery of foreign officials in connection with the petroleum industry in Ecuador.

The Swiss attorney general's office says the company didn't take "reasonable and necessary organizational measures" to prevent bribery by its employees in the South American country over four years starting in February 2013.

A statement from U.S. Federal Court in Brooklyn said Judge Vitaliano sentenced Gunvor to pay a criminal penalty of over $374 million and forfeit more than $287 million in "ill-gotten gains."

"Gunvor has accepted responsibility for the actions of certain of its former agents and employees – all of whom Gunvor stopped working with years ago and before it learned of the U.S. investigation –and pled guilty in federal court in New York" on Friday, the company said in a statement.

The Swiss prosecutors said the case involved payouts to that led the state

petroleum company Petroecuador to award two oil-related contracts to Gunvor. U.S. authorities said the Geneva commodities trader earned more than $384 million in profits "from the business it corruptly obtained" related to the Ecuadorian oil company.

U.S. authorities said they had previously won convictions in New York of four people who pleaded guilty to money launderingrelated charges, including former Gunvor consultants Antonio Pere Ycaza and Enrique Pere Ycaza; former Gunvor employee and agent Raymond Kohut; and Nilsen Arias Sandoval, a former senior Petroecuador official.

"Gunvor's years long bribery scheme involving high-level Ecuadoran officials was both detrimental to the business environment and eroded the public's trust and confidence in their government," said FBI Special Agent-inCharge Jeffrey Veltri in a statement.

He credited "significant cooperation" from authorities in the Cayman Islands, Colombia, Curacao, Ecuador, Panama, Portugal, Singapore, and Switzerland. Gunvor was founded decades ago by oil traders Gennady Timchenko of Russia and Torbjörn Törnqvist of Sweden, Timchenko, who is under international sanctions in connection with Russia's war in Ukraine, divested his holdings in the firm and sold his shares to Törnqvist in 2014 as it appeared sanctions would be imposed against him.

SOUTH KOREAN DOCTORS HOLD MASSIVE ANTI-GOVERNMENT

OVER MEDICAL SCHOOL RECRUITMENT PLAN

By HYUNG-JIN KIM Associated Press

THOUSANDS of senior doctors rallied in the South Korean capital, Seoul, on Sunday to express their support for junior doctors who have been on strike for nearly two weeks over a government plan to sharply increase the number of medical school admissions.

The rally came as the government said it would begin to take steps Monday to suspend the doctors' licenses of nearly 9,000 medical interns and residents for defying government orders to end their walkouts, which have disrupted hospital operations.

"The government's absurd medical policy has triggered immense resistance by trainee doctors and medical students, and we doctors have become one," Park Sung-min, a senior member of the Korea Medical Association, said in a speech at the rally. "I'm asking the government: Please, stop the threats and suppression now."

Protesters chanted slogans, sang and held placards criticizing the government's plan. There were were no reports of violence.

As of Thursday night, 8,945 of the country's 13,000 medical interns and residents were confirmed to have left their worksites, according to the Health Ministry. The government had said they would face minimum three-month license suspensions and indictments by prosecutors if they didn't return by Feb. 29.

The striking doctors are a fraction of South Korea's 140,000 doctors. But they account for 30-40% of the total doctors at some major hospitals, where they assist

senior doctors during surgeries and other treatments while training. Their walkouts have subsequently caused numerous cancellations of surgeries and medical treatments at the hospitals. Senior doctors have staged a series of rallies backing the young doctors but haven't joined the walkouts. If they also launch strikes, observers say that would be a major blow to South Korea's medical service. Prime Minister Han Duck-soo on Sunday urged senior doctors to persuade the striking junior doctors to return to work.

Police said they were investigating five ranking Korea Medical Association officials accused of inciting and abetting the junior doctors' walkouts. Seoul police chief Cho Ji-ho told reporters Sunday that police had raided KMA offices as part of the investigation.

The government wants to increase South Korea's medical school enrollment quota by 2,000 starting next year, from the current 3,058, to better deal with the country's rapidly aging population. Officials say South Korea's doctorto-population ratio is one of the lowest among developed countries.

But many doctors have vehemently protested the plan, saying medical schools can't handle such a sharp increase in the number of students. They say the recruitment plan also does not address a chronic shortage of doctors in essential but low-paying specialties like pediatrics and emergency departments. Doctors say adding too many new doctors would also increase public medical expenses since greater

competition would lead to excess treatments.

Without concrete plans on how to educate the

newly added students, "the quality of medical education will plunge endlessly, resulting in a unsafe,

low-quality medical service and eventually a collapse of the medical service of the Republic of Korea," Lee Jeong-geun, acting leader of the Korea Medical Association, said at the rally.

The protests by doctors haven't won public support, with a survey showing a

majority of South Koreans support the government plan. Some critics say doctors — one of the best-paid professions in South Korea — simply worry about receiving a lower income due to the rising number of doctors.

DOCTORS stage a rally against the government’s medical policy in

Photo:Ahn Young-joon/AP

BOEING CONFIRMS IT'S IN TALKS TO BUY SPIRIT AEROSYSTEMS, ITS KEY SUPPLIER ON THE TROUBLED 737 MAX

By DAVID KOENIG AP Airlines Writer

BOEING said Friday that it is in preliminary talks to buy Spirit AeroSystems, which builds fuselages for Boeing 737 Max jetliners, including the one that suffered a door-panel blowout on an Alaska Airlines flight in January.

Boeing used to own Spirit, and it said that bringing the supplier back into the Boeing fold would improve plane quality and safety, which has come under increasing scrutiny by regulators, Congress and airlines.

Buying Spirit back would reverse a longtime Boeing strategy of outsourcing key work on its passenger planes. That approach has been criticized as problems at Spirit have disrupted production and delivery of popular Boeing jetliners including 737s and 787s.

Concerns about quality came to a head after the Jan. 5 blowout of a panel on an Alaska 737 Max 9 at 16,000 feet over Oregon.

Days after the incident, the Federal Aviation Administration announced

increased oversight of Boeing and Spirit. This week, the FAA gave Boeing 90 days to submit a plan to improve quality and address safety concerns raised by a panel of experts who spent a year studying the company.

Boeing CEO David Calhoun has long defended the outsourcing strategy, but his tone changed after the blowout. On Jan. 31, as Boeing reported a fourthquarter loss, Calhoun said that outsourcing probably went too far.

In a statement Friday, the company said, "We believe that the reintegration of Boeing and Spirit AeroSystems' manufacturing operations would further strengthen aviation safety, improve quality and serve the interests of our customers, employees, and shareholders."

A deal would give Boeing more control over its production chain, but fixing Spirit would present Boeing with new challenges while regulators are pressuring the company to improve its own work. And it could

add to Boeing's debt load, already at $52 billion.

Spirit AeroSystems also confirmed the talks, while cautioning that it could not make any promises about closing a deal or its terms.

Shares of Spirit rose more than 15% after media reports that the two companies were talking about a sale.

Boeing spun off Spirit in 2005. In recent years, quality problems have mounted at Spirit, including fuselage panels that didn't fit together precisely enough

and holes that were improperly drilled.

Spirit — which is not related to Spirit Airlines — removed its CEO in October and replaced him with Patrick Shanahan, a former Boeing executive who served as acting defense secretary in the Trump administration.

Things seemed to be going more smoothly until the Alaska Airlines incident. Investigators said a panel used in place of an extra emergency door had been removed at a Boeing

factory to let Spirit workers fix damaged rivets, and bolts that help hold the panel in place were missing after the repair job. It is not clear who removed the bolts and failed to put them back.

Two weeks later, during a tour of the Spirit factory in Wichita, Kansas, Calhoun and Shanahan pledged to work together to improve manufacturing quality. "We will restore confidence," Shanahan vowed.

About 70% of Spirit AeroSystems' revenue last

a fish-

MAX 8

the assembly line during a brief media tour in Boeing’s 737 assembly facility in Renton, Wash., March 27, 2019. Boeing is in talks to buy Spirit AeroSystems, which builds fuselages for Boeing 737 Max jetliners including the one that suffered a door-panel blowout in January, according to a published report, Friday, March 1, 2024.

year came from work done for Boeing, according to Spirit's latest annual report. That is up from 60% two years earlier. Most of the company's other revenue comes from making parts for Airbus, Boeing's European rival.

The talks between Boeing and Spirit were first reported by The Wall Street Journal, which said Spirit hired bankers to consider strategic options and had held preliminary discussions about a sale to Boeing. Spirit also is looking into selling operations in Ireland that make parts for Airbus, the newspaper reported.

TRACKING MAP

IN this photo taken with

eye lens, a Boeing 737

airplane sits on

Photo:Ted S. Warren/AP