05022024 BUSINESS

THURSDAY, MAY 2,

Ex-MP faces new $180k aggrieved investor claim

By NEIL HARTNELL Tribune Business Editor

A FORMER MP and ex-Supreme Court judge is facing another lawsuit from an aggrieved investor demanding the return of $180,000 spent in vain to purchase an alleged Paradise Island mirage.

Elliott Lockhart KC and his now-closed law firm, Lockhart & Company, together with Patricia Bullard, its administration director, have been accused by Dr Jeremy Schwartz of failing to repay sums he advanced to them for the acquisition of a condominium in a development that does not - and never - existed.

Dr Schwartz, who is the second US investor known to have initiated Supreme Court legal action against the duo over the failure

Lockhart,

• Dispute involves

• Law firm’s admin director denies knowledge

to reimburse funds paid for Bahamian real estate transactions that were never completed, yesterday told Tribune Business the ordeal has been “financially painful” for him. While in “no danger of going bankrupt”, he added that being unable to use his $180,000 for other purposes has had “a major impact” while warning that such incidents threaten to undermine investor

confidence and the foreign direct investment (FDI) inflows upon which the Bahamian economy relies so heavily.

“It’s a lot of money,” Dr Schwartz told Tribune Business. “I’m dealing in a foreign country. It’s extremely inconvenient and financially painful. I’m not going to go bankrupt, but it’s a major financial impact for sure. Very, very frustrating.”

While Ms Bullard was his “only point of contact”, all correspondence bore the Lockhart & Company name together with the law firm’s address and contact details. Legal documents reveal he was solicited to purchase condo unit 311-B, valued at $450,000, in a development called

GB ‘disrespected’ on Electricity Bill

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s finance spokesman yesterday accused the Government of “treating the entire island of Grand Bahama with disrespect” by failing to consult its utility provider and people over energy reforms.

Kwasi Thompson, the east Grand Bahama MP, told Tribune Business the manner in which the Electricity Bill seeks to circumvent the Grand Bahama Port Authority’s (GBPA) authority to regulate energy in the Port area

‘Fixing

will be viewed as “Nassau attempting to dictate to Grand Bahama”.

Noting that the original Electricity Act 2015 was

the crisis’: BPL in $500m liabilities concern

By NEIL HARTNELL Tribune

A CABINET minister yesterday asserted that “we have to fix an energy crisis” amid concerns that the Government’s BPL reform strategy could leave Bahamians stuck with its $500m legacy liabilities.

Jobeth Coleby-Davis, minister of energy and transport, responding to Opposition claims that the Electricity Bill 2024 is designed to facilitate Bahamas Power & Light’s (BPL) split into at least three separate entities argued that the Government has little choice but to overhaul the utility’s “aged infrastructure”.

With the state-owned energy monopoly’s financial needs standing at $1bn, evenly split between its legacy debts/liabilities and current capital investment needs, she said: “We are now faced with a crisis and have to fix it. We are fixing. That is what we are doing. “No one spoke about divide, divide, divide. We are speaking about fixing. We have to address the aged infrastructure because our efforts will be in vain if we don’t have [a modern network] capable of doing what we need.”

However, Prime Minister Philip Davis KC last week confirmed that the Electricity Bill gives the Government the

Ex-DPM: BPL’s $60m LNG engine costs ‘really weird’

By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters

THE Prime Minister’s assertion that it will cost up to $60m to convert BPL’s seven Wartsila engines to burn liquefied natural gas (LNG) was yesterday branded “really weird” by a former Cabinet minister. Desmond Bannister, the former deputy prime minister who was responsible for Bahamas Power & Light (BPL) under the Minnis administration, voiced surprise at the figures provided by Philip Davis KC during his contribution to

the Electricity Bill debate in the House of Assembly yesterday.

Mr Davis asserted that the LNG conversion costs for the seven engines range from $30m to $60m, describing their purchase by the former Minnis administration as a “mistake” because they could never “live up to their costsavings potential”.

He reiterated the Government’s stance that the seven Wartsila engines cannot all be run at once because they were placed in Clifton Pier power station’s aging ‘Station A’.

ELLIOTT LOCKHART KC

DESMOND BANNISTER

PHILIP DAVIS KC

AI AND MACHINE LEARNING TO BE FINANCE GAME CHANGERS

In an era where technology and finance intersect more than ever, several key trends are emerging as game-changers for the financial industry. These trends are not just transforming how financial institutions operate but are also reshaping the customer experience and setting new standards for security, efficiency and innovation.

Artificial Intelligence (AI) and Machine Learning (ML) are at the forefront of the financial revolution. These technologies are empowering financial institutions to analyse vast amounts of data, leading to more informed decisionmaking and personalised services. From risk assessment and fraud detection to customer service and investment advice, AI and ML are enhancing capabilities and creating more

KEITH

value for both providers and customers. Blockchain technology, best known for underpinning crypto currencies such as Bitcoin and Ethereum, is fostering a new era of transparency, security and efficiency. Its

ability to provide secure, real-time and tamper-proof transaction records is revolutionising areas such as payments, remittances and contract execution. As crypto currencies become more mainstream, they are also challenging traditional banking models and offering new forms of investment and asset management. The rise of digital banking and neobanks - online-only financial institutions - reflects a broader shift towards a digital-first approach to finance. These platforms offer convenient, roundthe-clock banking services with enhanced user experiences, lower fees and innovative features that traditional banks struggle to match. This trend is not only attracting technology savvy consumers, but is also pushing traditional banks

Bahamian workforce suffers ‘growing deficit in soft skills’ ROYE II

A CABINET minister has admitted there is “a growing deficit in soft skills” that Bahamians require to be productive in any work environment.

Pia Glover-Rolle, minister of labour and the public service, said multiple studies have indicated that The Bahamas is experiencing some worrying changes to its workforce.

“There is a growing deficit in soft skills. And these soft skills are not necessarily the kind you learn in school; they are the kind of general skills you need to succeed in any setting,” Mrs Glover-Rolle said during the Department of Labour’s human resources forum and panel discussion on Tuesday night.

The ‘re-imagination of human resources for a better Bahamas’ was the forum’s theme. Mrs Glover-Rolle explained

that team-work, self management, time management, maintaining a positive attitude, listening skills, communication skills, knowledge of basic workplace etiquette and rules, and even conflict resolution skills are not where they should be.

She added that these deficits, when added to already-existing deficiencies in numeracy and literacy skills, and job-specific technical skills, will result in a segment of the Bahamian population struggling to find gainful employment and becoming marginalised from wider society.

Mrs Glover-Rolle said past surveys have revealed that more than 60 per cent of local employers have identified a lack of soft skills as the reason for terminating employees. “These soft skills are largely just life skills applied to a work

context. Deep and meaningful fixes are needed if we want to turn this situation around,” she added.

The minister said the transformation required to reverse this decline in work ethic, and shift the workforce culture and mindset, requires the development of a comprehensive and strategic plan to tackle these issues on.

“The good news is that the situation is fixable. In fact, many times. All that is needed is support, training and guidance, combined with sparking some internal motivation and drive to move the needle in the right direction,” Mrs GloverRolle said.

“To spur this transformation of mindsets, we must be comprehensive in our workforce development initiatives. The upcoming National Apprenticeship Programme is a

to accelerate their digital transformation. With the increasing digitisation of financial services, cyber security has become a top priority. The financial sector is a prime target for cyber attacks, leading to substantial investments in cyber security measures. Financial institutions are adopting advanced technologies such as biometric authentication, encryption and blockchain to safeguard customer data and financial assets. Regulatory technology, or RegTech, is another significant trend, offering solutions to help financial institutions comply with regulatory requirements more efficiently and effectively. Leveraging technologies such as AI, big data and cloud computing, RegTech can automate compliance processes,

monitor transactions in real-time, and provide analytics to ensure regulatory adherence.

Sustainable finance and environmental, social and governance (ESG) criteria are gaining traction, as both investors and regulators increasingly prioritise sustainability. Technology is playing a crucial role in this shift, with platforms and tools emerging to assess and monitor ESG performance, facilitate green investments and integrate sustainability into financial decision-making processes. These technology trends are not just reshaping the financial industry; they are setting the stage for a future where finance is more accessible, efficient and aligned with the digital age’s demands. As these trends evolve, they will continue to drive innovation

model for this kind of holistic approach.”

The Minister said the first step in the apprenticeship model is the pre-apprenticeship training delivered prior to trainees actually starting an apprenticeship. She added that because the Government recognises the great need for change, the pre-apprenticeship training will include academic skills development, financial skills education, mental health support and soft skills training, as well as job-specific technical training.

“This is what is needed for many of our young people and entry-level employees who are new to work environments. They will receive this training prior to them ever stepping foot in an employer’s workplace,” Mrs Glover-Rolle said.

“This training will be funded by the Government to do the heavy lifting so that, when they come to you as employers, they have the basic, general skill set for on-the-job success. It is at that point that the paid apprenticeship period

and transformation across the financial landscape, heralding a new era of financial services that is more inclusive, transparent and secure.

• NB: About Keith Roye II

Keith Roye II is the chief operations officer of Plato Alpha Design, a bespoke software development company that specialises in business efficiency and profitability. Throughout his career in software development, Mr Roye has served as chief software engineer for companies in The Bahamas and the US. His work has led or assisted companies in generating millions of dollars in passive revenue, while saving millions through custom software design.

will kick in and they will learn the job-specific technical skills needed as they embrace a new career of their choosing.”

The minister said the Government is launching a pilot apprenticeship in the maritime sector before yearend 2024. Then it will form apprenticeship partnerships with employers in health and allied services. Construction and auto mechanics will also be targeted areas of training. Mrs Glover-Rolle added that hospitality and tourism has a large role to play as the leading industry in the country. Information and communication technology will also be included because digital skills development is critical.

PIA GLOVER-ROLLE, minister of labour and the public service, gave remarks during the Department of Labour’s human resources forum and open panel discussion held at Baha Mar on Tuesday, April 30, 2024.

Photo:Mark Ford/BIS

MINISTER ASSERTS BPL’S BASE TARIFF ‘INEQUITABLE’

By FAY SIMMONS

Business

A CABINET minister yesterday asserted it is essential to adjust and segment Bahamas Power & Light’s (BPL) tariffs because low income persons are paying higher rates than businesses.

Jobeth Coleby-Davis, minister of energy and transport, told the House of Assembly that BPL’s current base tariff structure - where all commercial and residential customers face the same consumption-based rates - is not equitable because persons “unable to pay” are burdened by higher rates than businesses.

“Since the tabling of the Electricity Bill 2024 and the Natural Gas Bill 2024, there have been concerns expressed in the media about a possible rise in the electricity tariff and the role of URCA,” Mrs ColebyDavis said. “Although the fuel charge is variable, BPL’s base tariff has not

been changed since 2010. Currently, the tariff is not equitable. Those least able to pay are paying more than large businesses.”

She confirmed that BPL is currently undergoing its first tariff review since 2010, and there is an “urgent”

need to complete the review and make adjustments to ensure fair rate distribution.

“I wish to also confirm that BPL is presently completing a tariff review of their rates. This tariff review is long overdue as

FNM leader and PM clash on GB impact of electricity bill

By FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

THE Grand Bahama Power Company will become an approving authority for electricity in Grand Bahama and subject to URCA regulation, said Prime Minister Philip “Brave” Davis in Parliament yesterday during his contribution on the Electricity Bill and the Natural Gas Bill.

He said Opposition Leader Michael Pintard gave commentary that indicated the Grand Bahama Port Authority would have a “problem” with this change.

He said: “This Bill also specifies that the Grand Bahama Power Company is an approving authority for the island of Grand Bahama – that simply means it is authorised to generate and sell electricity in that jurisdiction.

“Now, I know the member for Marco City had some commentary on the matter. He mentioned that the Port Authority (GBPA) might have a problem with the Bill because Grand Bahama Power Company will now be subject to URCA just as BPL is.”

Mr Pintard interjected and said Mr Davis was being “dishonest” about

his position and noted that former PLP administrations have allowed the GBPA to privatise several of Grand Bahama’s “revenue generating entities” which led to shareholders being “empowered” further.

He said: “The member for Cat Island is misrepresenting any statements. In fact, he’s being dishonest about what my position is, and I wouldn’t every time he does it, I’m prepared to stand. At no point I made the statement, similar to what the member has just said.

“And I will remind the public that all of the entities, all of the revenue generating entities that are now private in Grand Bahama the progressive liberal party permitted the shareholders of the Grand Bahama Port Authority to privatise all those revenue generating organisations.

“Look at each of them, whether you want to talk about sanitation, Grand Bahama Power Company, all of those, they were privatised under the Progressive Liberal Party and the Bahamian people need to know that. So if there’s any group that has further empowered the shareholders, it’s the Progressive Liberal Party.”

Mr Davis said that Mr Pintard “seems to enjoy speaking up” for the GBPA and he had concerns as to whose “side” he was on.

He said: “He seems to enjoy speaking up for the Port Authority. I don’t think I’m the only one who’s noticed that. I’m happy to see that you agree with me on some points here I’m concerned on whose side you are…

“I got the impression from commentary made by the member from Marco City that he thought

BPL has not changed their tariff since 2010. And if you look around The Bahamas, you can see the tremendous growth we have had in this country from 2010 to now 2024,” Mrs Coleby-Davis said.

“With this growth comes an increase in demand, and at all times BPL must find means and ways to provide access to electricity. With annual forecasted demand growth at a steady 3 to 5 per cent annually, there is an urgent need for a tariff review and adjustments to ensure we are fairly distributing rates; that they are more flat and equitable.”

She added that the Electricity and Natural Gas Bills expand URCA’s regulatory scope, allowing it to oversee renewable energy projects and usher the country into an era of more sustainable energy sources. “The enhancement of URCA’s authority now includes the approval of all major renewable energy projects, even those not connected to the national grid otherwise known as off-grid projects,” the minister added.

“This expansion is significant because it supports The Bahamas’ move towards more sustainable energy sources, giving URCA a pivotal role in overseeing the sector. By overseeing all renewable energy projects, URCA ensures that even off-grid initiatives meet safety and efficiency standards.

“In conjunction with the Electricity Bill, the Natural Gas Bill also expands URCA’s regulatory scope to include the natural gas sector. This is particularly relevant as liquefied natural gas (LNG) is likely to become a significant fuel source for electricity generation. URCA’s oversight in this area could lead to more efficient and potentially lower-cost electricity production, benefiting the entire energy sector.”

Mrs Coleby-Davis said that as BPL does not have the resources to undertake the required energy transformation, attracting private sector “capital and expertise” is necessary to build a resilient utility. She maintained that BPL is not

that the Grand Bahama Power Company and Port Authority may have some problem with the bill… that the impression you gave to me... now if that ain’t so...”

“You’re wrong... you’re wrong on how you seek to characterise me,” replied Mr Pintard.

Mr Davis maintained if Mr Pintard wants Grand Bahama residents to benefit

for sale, and there is no attempt to lay-off workers, deny their rights or “union bust”.

She said: “It is no secret that BPL does not have the financial resources to execute a transformation strategy. Therefore, it is necessary to attract capital and expertise where needed to ensure that we build a robust and resilient utility capable of servicing the Bahamian people for generations to come.

“Our goal is to select partners who are best in class and have the global reach to achieve that gold standard. I wish to make three things abundantly clear: BPL is not for sale; there is no attempt to layoff workers or deny their rights under union agreements; and there is no attempt at union busting.

“As the Government of The Bahamas continues to review possible solutions, we wish to once again assure the Bahamian people that we are committed to sharing the facts.”

from affordable and reliable energy he would

“embrace” the Electricity Bill.

He said: “No, no, I aint characterising you… because I’m talking about what you say... the message you send to me… I’m talking about what I understood you just said.

“All I can say is that you seem to enjoy wanting to speak up for the Port Authority…a lot of people noticing that you know, but be that as it may, if the member for Marco City wants people in Grand Bahama to benefit from the reforms all I can say to you is embrace this bill.. embrace it.

“Who does not want to benefit from more affordable or reliable, clean energy? Yes, we believe Grand Bahama should be included.”

I JAMES ALEXANDER FERNANDER of Gambier Village, New Providence, Bahamas, hereby REVOKE all Power of Attorney, signed by me from 1994 to 17th April, 2024. I declare them ALL Null and void.

James Alexander Fernander P.O. Box CB-12108, Nassau, Bahamas NOTICE

BAHAMAS POWER & LIGHT (BPL) HEADQUARTERS

JOBETH COLEBY-DAVIS

GB ‘disrespected’ on Electricity Bill

“unsuccessful” in seeking to legislate that the Utilities Regulation and Competition Authority (URCA) assume supervisory oversight of Freeport’s energy sector, he signalled that this repeat attempt will likely suffer a similar fate given that legal challenges remain live before the Supreme Court.

URCA, in its justreleased 2023 annual report, confirmed that Grand Bahama Power Company’s 2016 action that “contests URCA’s jurisdiction to regulate various aspects of electricity functions within the Port area, citing a potential violation of the Hawksbill Creek Agreement”, is still “pending” before the Supreme Court.

And Cable Bahamas, in similar fashion, is also awaiting a ruling on its similar challenge over whether its “telephony and Internet services within the Port area are subject to URCA’s licensing requirements”.

As a result, Mr Thompson said it was also certain that the new Electricity Bill and regulatory regime will face similar legal battles

over whether it applies to Freeport. The former minister of state for finance, earlier addressing the House of Assembly, told the Government side that it “may be surprised” that some Opposition MPs also share the view that URCA, as a national regulator, should assume supervisory responsibility for all utilities - including electricity - in the Port area.

However, he acknowledged that such ambitions run into Freeport’s founding treaty, the Hawksbill Creek Agreement, which gives the GBPA regulatory authority for utilities within its jurisdiction. “You have made a deliberate attempt to remove the GBPA’s ability to grant licences,” Mr Thompson told the House of Assembly.

“This is contrary to the Hawksbill Creek Agreement. All you have done is add more confusion to an already-difficult situation. You have removed the GBPA as the licensing authority and replaced them with the Power Company, but you didn’t speak to any of them prior to doing this.”

Prime Minister Philip Davis KC, in his official

House of Assembly address on the Electricity Bill, appeared to deny that the proposed legislation grants GB Power any such licensing authority. “This Bill also specifies that the Grand Bahama Power Company is an approving authority for the island of Grand Bahama – that simply means it is authorised to generate and sell electricity in that jurisdiction,” he said. However, the Bill seems to make the Grand Bahama Power Company the “approving authority” for anyone submitting a proposal to supply electricity to the public on the island.

The Bill states that any approvals by such an “authority” must also be given the go-ahead by URCA, and it was suggested this was a neat way of circumventing the GBPA’s utilities regulatory authority in Freeport and transferring it to URCA via GB Power Company.

Mr Thompson, speaking subsequently to Tribune Business, said of the Electricity Bill’s Grand Bahama-related provisions: “I think we are very concerned about what the effect would be on the public. Unfortunately, they have added to the confusion

by not allowing the court to fulfill or make a ruling with respect to the current [GB Power] court case.

“There’s an existing court case already in the jurisdiction of the court, and I believe with the Government attempting to remove that jurisdiction from the GBPA only adds to the confusion.” The Electricity Bill, explicitly states that it applies to Freeport and Grand Bahama Power Company, thus bringing it into direct conflict once again with the provisions of the Hawksbill Creek Agreement.

“Part of the challenge we had in the House is they made these changes without even consulting the GB Power Company, and they have put obligations on the Power Company without first ascertaining whether the Power Company is even able to or empowered to handle these obligations,”

Mr Thompson blasted.

“It is really treating the entire island of Grand Bahama with disrespect. I believe it can be interpreted as Nassau attempting to dictate to Grand Bahama. I would have a lot of concerns with respect to the manner in which the

Government has attempted to do this. “They attempted to legislate in 2015, and it was unsuccessful. Again, the Government is doing things in a manner that is not in the best interests of the people. The best way to approach this thing is to consult the Power Company, consult persons in Grand Bahama, and get their views on how to proceed to make these changes if that’s what the Government wants to do,”

Mr Thompson added.

“They’ve not spoken to anyone in Grand Bahama with regard to the Electricity Bill, they’ve not spoken to Grand Bahama Power with respect to the Electricity Bill. They’ve treated the entire island with disrespect. If they want to make changes, then you come and speak to the community about these proposed changes. Unfortunately, the Government have treated an entire island with disrespect.”

Well-placed sources, speaking on condition of anonymity, have also confirmed to Tribune Business that GB Power was effectively blindsided by the Bill and not consulted over making it an “approving authority”. Concerns have

FEDERAL RESERVE SAYS INTEREST RATES WILL STAY AT TWO-DECADE HIGH UNTIL INFLATION FURTHER COOLS

By CHRISTOPHER RUGABER

AP Economics Writer

THE Federal Reserve on Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn't plan to cut interest rates until it has "greater confidence" that

price increases are slowing sustainably to its 2% target.

The Fed issued its decision in a statement after its latest meeting, at which it kept its key rate at a twodecade high of roughly 5.3%. Several hotter-thanexpected reports on prices and economic growth have recently undercut the Fed's

belief that inflation was steadily easing. The combination of high interest rates and persistent inflation has also emerged as a potential threat to President Joe Biden's re-election bid.

"In recent months," Chair Jerome Powell said at a news conference, "inflation has shown a lack of further

N O T I C E

IN THE ESTATE OF MARVIN LORENZO

BETHEL late of 21 Guyana Court, Flamingo Gardens in the Western District of the Island of New Providence, one of the Islands in the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claims or demands against the above-named Estate are requested to send the same duly certified to the undersigned on or before Friday the 31st day of May 2024 after which the Personal Representatives will proceed to distribute the assets of the deceased among the persons entitled thereto having regard only to the claims of which the Personal Representatives shall then have had notice. AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

CASH FOUNTAIN Chambers 11 Armstrong Street

P. O. Box N-476 Nassau, The Bahamas

Attorneys for the Personal Representative

progress toward our 2% objective."

"It is likely that gaining greater confidence," he added, "will take longer than previously expected."

Powell did strike a note of optimism about inflation. Despite the recent setbacks, he said, "My expectation is that over the course of this year, we will see inflation move back down."

Wall Street traders initially cheered the prospect that the Fed will cut rates at some point this year as well as Powell's comment that the Fed isn't considering

reverting to rate increases to attack inflation.

"I think it's unlikely that the next policy rate move will be a hike," he said.

Later, though, stock prices erased their gains and finished the day essentially unchanged from where they were before Powell's news conference. Still, Powell sketched out a series of potential scenarios for the months ahead. He said that if hiring stayed strong and "inflation is moving sideways," that "would be a case in which it would be appropriate to hold off on

been raised that this represents a potential conflict of interest because it would make GB Power a regulator as well as an operator.

Mr Thompson declined to speak to this issue yesterday, while asserting that he was unsure if the Government knows what effect the Electricity Bill will have on Grand Bahama.

“They have not spoken to GB Power,” he reiterated. “They have not ascertained if GB Power is able or willing to fulfill the obligations imposed on it.”

The Prime Minister last week confirmed that the Electricity Bill 2024 provides “the flexibility” to remove the GBPA’s ability to regulate the energy sector in Freeport.

Speaking to journalists, Mr Davis was asked if the legislation set to be debated by the House of Assembly “intends to take away the authority for Freeport energy from the Grand Bahama Port Authority and give it to URCA” (the Utilities Regulation and Competition Authority) based on provisions in the Bill. Replying, the Prime Minister affirmed: “That flexibility exists in the Bill.”

rate cuts." But if inflation continued to cool — or if unemployment rose unexpectedly — Powell said the Fed would likely be able to reduce its benchmark rate. Cuts would, over time, bring down the cost of mortgages, auto loans, and other consumer and business borrowing.

Those comments were "a signal that the (Fed) is a lot less confident that they know how policies are going to unfold over the course of this year," said Jonathan Pingle, an economist at UBS. "We were all sort of hoping for an update on the committee's path forward. And instead what we got was, 'We're really not confident enough to tell you what our path forward is going to be.' "

The central bank's overarching message Wednesday — that more evidence is needed that inflation is slowing to the Fed's target level before the policymakers would begin cutting rates — reflects an abrupt shift. As recently as their last meeting on March 20, the officials had projected three rate reductions in 2024, likely starting in June. But given the persistence of elevated inflation, financial markets now expect just one rate cut this year, in November, according to futures prices tracked by CME FedWatch.

The Fed's warier outlook stems from three months of data that pointed to chronic inflation pressures and robust consumer spending. Inflation has cooled from a peak of 7.1%, according to the Fed's preferred measure, to 2.7%, as supply chains have eased and the cost of some goods has actually declined.

Pintard: Electricity Bill will decimate Hawksbill deal

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

OPPOSITION leader

Michael Pintard said yesterday that the Davis administration’s Electricity Bill seeks to correct their dealings “in the dark” and will “decimate” the Hawksbill Creek Agreement.

During his contribution in Parliament, Mr Pintard maintained the Electricity Bill would set out the appropriate framework to accommodate the Davis administration’s negotiations in the “dark” to split BPL’s functions and “decimate” the Hawksbill Creek Agreement by creating “significant uncertainty” in Grand Bahama.

He said: “This administration is here on an assignment to pass the electricity bill to accomplish at least two things. One is they are seeking to put in place a framework and a structure that will now correct what they were already doing in the dark. What they were doing in the dark is negotiating on how they were going to partition BPL.

“Of course, the second is the pet project of the member for Fox Hill [Fred Mitchell] and the member for Cat Island [Philip Davis]. Their goal is to decimate the Hawksbill Creek Agreement and create significant uncertainty in the business environment in Grand Bahama and I encourage the member for Pineridge to sign up for Grand Bahama and don’t allow them to decimate Grand Bahama.”

Mr Pintard argued the Wartsila engines purchased by the former Minnis administration were trifuel as they accommodated heavy fuel oil, light fuel oil and gas but did not have the parts installed that would have facilitated LNG due to the fuel source not being available for another three years.

He said: “The member for Cat Island and aided and abetted by the member for Elizabeth [JoBeth Coleby Davis] kept talking about these engines. These tri-, I think they call it a trifuel engines that were put in place and made the point that the former administration sought to mislead the public about these tri-fuel

engines when the truth is that yes, the engines were in fact installed, they do have the capacity to carry three different fuels.

“The Prime Minister appeared to be a bit confused regarding the tri fuel engine, I’m advised that the Wartsila engines are indeed tri-fuel… they could run on… heavy fuel oil, LFO light fuel oil and gas. What the administration decided to do was not to put in place all of the parts that would have facilitated LNG… what decided is that they would not expend upfront the revenue to put in place… what we what we did was not to make what not to make them gas ready from day one, because LNG would not have been available for three years and in the interim, we would have used heavy fuel oil and light fuel oil to run the engines.

“So again, if LNG was not available at that time would not be available for the foreseeable future, what you do is you wait in order to introduce those mechanisms on the engine when LNG becomes available, so that you can successfully use it.”

Change Healthcare cyberattack was due to a lack of multifactor authentication, UnitedHealth CEO says

By TOM MURPHY AP Health Writer

THE Change Healthcare cyberattack that disrupted health care systems nationwide earlier this year started when hackers entered a server that lacked a basic form of security: multifactor authentication.

UnitedHealth CEO Andrew Witty said Wednesday in a U.S. Senate hearing that his company, which owns Change Healthcare, is still trying to understand why the server did not have the additional protection.

His admission did not sit well with Senate Finance Committee members who spent more than two hours questioning the CEO about the attack and broader health care issues.

"This hack could have been stopped with cybersecurity 101," Oregon Democratic Sen. Ron Wyden told Witty.

Multifactor authentication adds a second layer of security to passwordprotected accounts by having users enter an

auto-generated code. It's common on apps protecting sensitive data like bank accounts and meant to guard against hackers guessing passwords.

Change Healthcare provides technology used to submit and process billions of insurance claims a year.

Hackers gained access in February and unleashed a ransomware attack that encrypted and froze large

parts of the company's system, Witty said.

He told a separate House Energy and Commerce committee hearing Wednesday that hackers used "compromised credentials" that may have included stolen passwords to enter Change's system.

The attack triggered a disruption of payment and claims processing around the country, stressing doctor's offices and health care

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Mr Pintard said the

Davis administration has not shared how the utility will pay its legacy debts or meet its pension obligations and questioned whether BPL will increase the tariff of fuel rates to pay these debts.

He said the public should “brace themselves” for a “dramatic” rate increase if the companies contracted to carry out various functions for the utility do not operate cohesively.

He said: “What we have not heard from the Prime Minister… is what the plan of action is to retire the legacy debt we have, they certainly have not laid that out, they have not laid out the plan on how they are going to address the pension. They have not laid out the plan on how they’re going to retool the workforce, they have not laid out the plan.

“They have eliminated the rate reduction bond, which was designed to retire the legacy debt, but they have not explained today or any other time how they intend to retire that legacy debt.

“They have at least two options, one they do it

systems by interfering with their ability to file claims and get paid.

UnitedHealth quickly disconnected the affected systems to limit damage and paid a $22 million ransom in bitcoin, Witty said. The company is still recovering.

"We've literally built this platform back from scratch so that we can reassure people that there are not elements of the old attacked environment within the new technology," Witty said, also noting that he was "deeply, deeply sorry" for the attack.

through the tariff or they could do it through the fuel rate. We are unclear on which route they’re going to take. All we would say to the public is brace yourself because what they are likely to do is to cause a dramatic increase in your bills if they don’t work out the details on how each of those separate companies are going to work in tandem with each other.”

He said the Davis administration has refused to discuss the incoming changes to the energy sector or enter a public bidding process to determine which companies will be contracted.

He said: “This government has refused upfront to debate with the public to discuss with the public, the way forward for the electricity sector, and then to engage in competitive bidding to make sure a number of corporations have an opportunity to determine who best can handle generation, who best might be available for operations, who best would be available for any dimension of BPL that they decide to partition.

“One group would get transmission and distribution, another group would get generation, another group would be in charge of operations. And only God knows what the government component was going to do. So here you have here you have four components, at a minimum three, but four components that this administration, if they know how all of those components will work together, they certainly haven’t explained it today.”

MICHAEL PINTARD

Ex-MP faces new $180k aggrieved investor claim

‘One Bayshore Drive’ on Paradise Island.

The only problem is that such a project does not exist. Internet searches by Tribune Business produced no matches, although the name is similar to ‘One Marina Drive’ and the ‘One Ocean’ condo complex - both of which are on Paradise Island. Dr Schwartz, in a March 15, 2022, e-mail asked if his condo was in One Ocean, only to be corrected by Ms Bullard that it was not as that complex was “95 percent sold”.

The offer term sheet sent to Dr Schwartz one day before, which is included among his Supreme Court filings, bears the logo of high-end real estate broker, Berkshire Hathaway Home Services. However, he alleged that he ultimately discovered the document was not prepared by Berkshire Hathaway, and that it was not involved in the transaction.

“One of the major issues was they sent an entire sheet with Berkshire Hathaway, which is one of the main real estate brokers in The Bahamas, and used their name as the broker. That gave a lot of credence to it.

How do we trust another

Berkshire Hathaway deal?” Dr Schwartz said. “He [Mr Lockhart] really took advantage of his position. You’re talking about a guy who was a former MP and ex-judge in The Bahamas. It doesn’t give a lot of credence to investments in The Bahamas by Americans. I know what I’m seeing. I’d be hard pressed to invest in The Bahamas again.

“There’s a lot of American money there, and I’m sure they’d like to keep it coming. Not that we’re [Americans] the only outlet for it, but it’s a major thing. Hopefully they will come out of hiding and resolve the problem. It’s definitely very frustrating and very disappointing.”

Mr Lockhart did not respond to Tribune Business phone calls and What’s App messages before press time last night. However, this newspaper did reach Ms Bullard, who denied any knowledge of Mr Schwartz or his legal claim against herself and Mr Lockhart.

Having first identified herself, Ms Bullard responded when informed of Dr Schwartz’s legal action: “You may have the wrong person. I know nothing of what you are talking about. I don’t know anyone

of that name. I know the name Bullard. I don’t know who Schwartz is. I don’t know anyone by the name James Schwartz. I don’t know who that is. You are incorrect. It’s not ringing a bell at all.”

Dr Schwartz’s legal filings with the Supreme Court contain multiple pages covering e-mail and What’s App communications between himself and Ms Bullard relating to the Paradise Island condo project and sale that never was. However, when pressed further by this newspaper, Ms Bullard stuck to the line: “The name rings no bells with me and I’ve not seen any claim.

“But if there is one, or I should receive one, public opinion is not what these things are supposed to be about, but certainly in a court of law.” However, Ms Bullard confirmed she knew Dr Schwartz’s good friend, Dr Paul Fuchs, who has filed his own Supreme Court action against herself, Mr Lockhart and Lockhart & Co over the alleged failure to return $3.033m advanced for a similarly-failed real estate transaction.

“I am aware that there are some claims being made,” Ms Bullard said. When asked if she had

a response, the former administration director said she “had none”. Ms Bullard concluded: “I allow the courts to have their way and that’s where it should be: In the court.” Mr Lockhart, too, seemed to disavow any knowledge of Dr Schwartz earlier this year, saying he was “unfamiliar” with the name.

A January 26, 2024, e-mail sent by Mr Lockhart to Raven Rolle, who is one of the Callenders & Co attorneys together with Dawson Malone who is representing Dr Schwartz, stated at the bottom that he had retired last summer.

Apart from a filing clerk, his law firm had been dissolved. A notice read:”Elliott B. Lockhart KC, JP (justice of the peace), will commence retirement and transition to of counsel and legal consultant on Friday, August 25, 2023.”

Dr Schwartz, in his legal filings, said he was introduced to Ms Bullard by Dr Fuchs, who disclosed that he had employed Mr Lockhart and his firm for prior legal services. After Dr Schwartz informed Ms Bullard “he was considering purchasing real estate in The Bahamas”, the latter said “she knew of a condo development that was in the process of being improved and that the developers were looking for investors”. Lockhart & Co was thus retained to provide legal services for Dr Schwartz’s purchase of a condo in the One Bayshore Drive development. After being told by Ms Bullard on March 15, 2022, that a “50 percent deposit” equivalent to $67,500 was needed “to get approved”, he duly wired the sum requested to Lockhart & Co’s account at

CIBC FirstCaribbean International Bank (Bahamas) the very next day. Ms Bullard, in a What’s App message sent one week later on March 23, 2022, told Dr Schwartz he could enjoy a net savings of $64,000 on the condo purchase’s closing costsnamely Stamp Tax and legal fees - if he paid 40 percent of the unit’s asking price by March 28 that year. This proved sufficient to induce Dr Schwartz to send a further $112,500 to Lockhart & Co on that latter date.

After duly confirming that Lockhart & Co held Dr Schwartz’s $180,000 in escrow, Ms Bullard requested one year later on April 27, 2023, that he provide her with an account number so that the funds could be returned if the project did not proceed. The developer was named as Elevated Development, and its principal as Corey Lanson, although there is no suggestion they have done anything wrong.

Dr Schwartz duly completed a “funds release request” form on May 25, 2023, and returned this to Ms Bullard and Lockhart & Co. Between May and August 2023 he sought updates on the PI development’s progress.

“Owing to various delays relating to the condo development and the vague responses provided by the third defendant [Ms Bullard] throughout the real estate process, the claimant [Dr Schwartz] via What’s App on June 14, 2023, requested the return of the funds held in escrow by [Lockhart & Co],” Dr Schwartz’s statement of claim alleged.

“The funds held in escrow were not returned to the claimant despite the third

defendant’s confirmation she would work on the file the following day and get the necessary documents to accounting to process and request a wire and subsequent message that she was working on ensuring the funds were returned.”

A mere $198 was returned on September 24, 2023. After repeated requests, Dr Schwartz alleged that Ms Bullard provided “three confirmations” of wire transfers from Chase Manhattan bank on September 8, 2023, purportedly showing all funds were returned but nothing further has been received by the US investor or his companies.

As a result, Dr Schwartz has initiated Supreme Court action seeking the return of the $179,802 balance plus general damages; aggravated damages; and “damages for negligent misrepresentation or, alternatively, fraudulent misrepresentation” against Mr Lockhart, Ms Bullard and Lockhart & Co.

Dr Schwartz yesterday told Tribune Business that the PI condo project was “made up and totally false”. He added: “I really didn’t have a high level of suspicion because the because the people actually doing the escrow were running it. We were dealing with an attorney; you couldn’t do better than that, and Paul had numerous interactions with them for years...

“All of a sudden there was a delay, delay, delay. Because it was a real estate investment I was not flipping out. It was probably in Spring 2023 that I’m having concerns... I need to get my money back, this thing is taking too long. Patricia was calling and messaging me, saying they were wiring the money back, but nothing was happening.

“Then I call them up. This was over the summer. I was like: ‘Hey, I’m thinking of bailing’. She said:

‘Well, maybe we’ll buy it off you. It’s a good one’.”

Dr Schwartz complained that, ever since, Ms Bullard has “given me a whole song and dance” but repeatedly failed to deliver on multiple promises to return and wire back his monies.

ESTATE OF DIRK ORLANDO DARVILLE

TAKE NOTICE that anyone having a claim against the Estate of DIRK OLANDO DARVILLE late of Eastern Road, New Providence, Bahamas, who died on the 6th day of May, 2022, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 31st May, A.D., 2024

Ex-DPM: BPL’s $60m LNG engine costs ‘really weird’

When operated together, the vibrations cause pieces of roof tile to fall from an already-dilapidated building, and Mr Davis also accused the Minnis administration of “misrepresenting” the engines’ ability to burn three fuel types.

“We can’t forget the failure of the Wartsila engines, which were placed in an aged facility that can only accommodate five of the seven generators at a time, which means that they will never live up to their costsavings potential,” the Prime Minister said.

“This affected the mix of fuel that was used for projections on their [the former administration’s fuel] hedge, which meant that the hedge they like to bring up all the time was underperforming as well. The Wartsila engines were promoted as tri-fuel…misrepresented to the Bahamian people that this was tri-fuel, these engines….it is latent in our negotiations trying to get this thing fixed.

“They also said that they will be compatible, because it’s tri-fuel, it meant it would be compatible with the LNG, but they are not... and if you go on their website now… they still saying its tri-fuel. That’s what y’all was saying, that what y’all bargained for and paid for.. come to find out it was not.

That mistake will cost us $30m to $60m in conversion costs.”

Those figures, though, were challenged and questioned by Mr Bannister. “That sounds really weird,” he told Tribune Business of the numbers. “That sounds strange. That sounds really out of order.” The ex-deputy prime minister promised to do further investigations of those figures.

Other well-placed Tribune Business sources, speaking on condition of anonymity, yesterday argued that there is no dispute over the ability of the seven Wartsila engines to burn either LNG, heavy fuel oil (HFO) or automated diesel oil (ADO). They pegged the cost of the necessary LNG conversion kits at between $1m to $1.5m per engine, or between $7m to $10.5m - figures much lower than those cited by Mr Davis.

“That is ridiculous. I don’t know where he got that number from,” one source said of the Prime Minister’s figures. Knowing that a supply of LNG fuel to Clifton Pier was at least three years’ away, and with the then-administration still negotiating the outsourcing of New Providence’s baseload energy generation to Shell North America, they added that it made “absolutely no sense” to acquire the LNG conversion kits then.

Had those been purchased, it was likely they would need to be changed out when LNG became available, resulting in BPL acquiring and paying for the same piece of equipment twice. As a result, the former administration planned to operate the Wartsila engines using HFO and ADO, aiming to rely on the former because it was cheaper.

“Those are tri-fuel engines period. End of story,” one source said. “They never put in gas conversion kits because they knew they were three years away from LNG.” That is now seemingly much closer, with Tribune Business sources disclosing that the Government wants to start the supply of LNG to Clifton Pier by late July.

This newspaper was also informed that the Minnis administration’s plans to rely on HFO as BPL’s primary fuel source were dashed because the thenpurifiers at Clifton Pier good never get the fuel quality to what was needed by the Wartsila engines. A new purifier and boiler system was said to have been approved, and was set to be installed, around the time of the 2021 general election.

“The whole problem is that they didn’t put in the purifier so they could have the right fuel mix,” one source added, resulting in the fuel hedge’s failure to

CONSUMER GROUPS PUSH CONGRESS TO UPHOLD AUTOMATIC REFUNDS FOR AIRLINE PASSENGERS

By DAVID KOENIG AP Airlines Writer

CONSUMER groups are pushing Congress to uphold automatic refunds for airline passengers whose flights are canceled or delayed for several hours.

Just last week, the Transportation Department announced a rule requiring airlines to pay quick and automatic refunds. President Joe Biden touted the rule, posting on X this week, "It's time airline passengers got the cash refunds they're owed, without having to jump through hoops."

But eight words in a 1,069-page bill that the Senate began debating Wednesday would keep the burden for refunds on consumers. The bill says airlines must pay refunds only "upon written or electronic request of the passenger."

Consumer advocates say travelers will lose money without automatic refunds.

"How many average air travelers know what the (refund) rules are? How many of them know how to go about filing a claim?"

said William McGee, a consumer advocate at the American Economic Liberties Project, a group skeptical of large corporations, including airlines.

"The percentages are so low that the airlines sit on a tremendous amount of money that is never refunded because nobody asks."

Sen. Elizabeth Warren, D-Mass., said the bill's wording around refunds "would be a gift to the

airlines, who know many travelers won't have the time or resources to navigate the bureaucratic process they designed."

The eight words are not new. Sen. Maria Cantwell, D-Wash., included them in the bill she introduced last June to reauthorize Federal Aviation Administration programs for five years, and an amendment to strip them out failed in the Senate Commerce Committee, which Cantwell chairs. Transportation Secretary Pete Buttigieg said this week that his department has good legal authority for its rule on automatic refunds. However, John Breyault, an advocate with the National Consumers League, said the language in the new bill could make it easier for airlines to block automatic refunds in court.

Airlines for America, a trade group for the largest U.S. carriers, has opposed automatic refunds from the beginning — as it opposes almost any effort to tell airlines how to conduct their business. The trade group argued that airlines should be able to offer to put a stranded traveler on a different flight or give them frequent-flyer points — and pay a refund only if the customer rejected those offers.

The trade group declined to comment Wednesday. Refunds are emerging as one of the most controversial provisions in the massive $105 billion FAA bill. A fight also is likely over a provision to allow 10 more flights

realise optimal savings as noted by Mr Davis. As for Station A, Bahamian engineer, Lambert Knowles, approved its suitability as the home for the $95m Wartsila engines and oversaw the design/construction of the seven pedestals on which they currently sit.

Mr Davis, meanwhile, said the Electricity Bill and Natural Gas Bill will help to create a regulatory regime that facilitates cheaper energy and a more reliable supply. He promised “comprehensive” energy reforms that will deliver savings to consumers. Describing BPL’s current energy grid as “at the end of its life”, he added that the proposed reforms will end “band-aids and temporary fixes”.

“I emphasised earlier that the reforms we are planning will be comprehensive because we share with the Bahamian people a conviction that our electricity sector requires transformation, and that we need to put the days of tinkering at the margins – the days of band-aids and temporary fixes – behind us,” Mr Davis said.

“We need system-wide change, because in order to reduce the cost of electricity for consumers we need a grid that is welldesigned, effective and efficient. Frankly, our grid is at the end of its life. We simply cannot lower costs – or meet our full potential as a nation – with

outdated, deteriorating energy infrastructure.”

Mr Davis said BPL needs more than $1bn to get “on track” as well as cover more than $100m in unfunded employee pension liabilities, but maintained that his administration’s commitment to workers is “ironclad” so no employees will be laid off, industrial agreements will be honoured and pension commitments will be met.

He argued: “The BPL we inherited from our predecessors was in serious crisis. $500m in debt. Half a billion dollars, with experts telling us we need another $500m in capital investments to rescue and then modernise a grid on the verge of collapse. That’s more than $1bn, just to get BPL on track.

“And that’s before we get to the additional $100 million-plus in pension liabilities. And let me say this clearly: We will meet every commitment to our workers. No one will lose their job, and pension and other commitments will be met. Our commitment to BPL workers is ironclad. We will continue to honour existing union agreements. We will accomplish our objectives without lay-offs.”

Mr Davis confirmed the Electricity Bill will include a three-year “transition period” in which the Utilities Regulation and Competition Authority (URCA) will accept

current tariff rates, but he expects those to decrease.

He added: “The Bill introduces a transition period of three years in which URCA will accept the existing tariff rates presently in effect for licensees. During the next three years, a tariff review will be conducted with the objective of making the rates more equitable. It is our intention for tariff rates to residential consumers to go down, not up.”

Mr Davis said URCA will act as an arbitrator for any disputes between BPL and third parties, and the regulator must consider the costs of “restorative natural disaster relief” when determining tariff rates. He added: “Our Bill ensures that URCA will have regulatory oversight over renewable energy, and promotes the adoption of efficient energy practices. URCA will also act as an arbitrator should any disputes arise between licensees and a third party.

“This Bill allows system operators to enter into management agreements with licensees to manage specific functions, and allows URCA to take restorative natural disaster relief costs into account when tariff rates are being determined.”

per day at busy Reagan National Airport near Washington, D.C.

Consumer groups generally favor the bill, which triples maximum fines for airlines that violate consumer protections, requires airlines to let families sit together at no extra charge, and requires that airline travel vouchers be good for at least five years.

‘Fixing the crisis’: BPL in $500m liabilities concern

“flexibility” to breakup BPL into separate generation, transmission and distribution, and customer billing and collections if it determines this is the best way to deliver cheaper, more reliable and cleaner energy for The Bahamas.

The Bill facilitates this by creating a foundation for private-public partnerships (PPPs) that the Government hopes will rescue the ailing state-owned energy monopoly by attracting private capital and expertise.

The Bill’s section nine, three (c) details new clauses on page 15 that allow BPL to “incorporate one or more” 100 percent-owned subsidiaries or joint venture

companies, the latter partowned by the Government, to which it is able to transfer “functions and assets”.

And these newly-formed entities are also permitted by the new Bill “to enter into a management contract with a system operator to perform any or all of the functions of BPL”. This appears to creating the legal basis for the potential break-up of BPL into separate functions, and the outsourcing of the management of those functions to private sector companies and investors.

Pike Corporation and its subsidiary, Pike Electric, headquartered in the Carolinas, were previously identified as the frontrunners to take over BPL’s

transmission and distribution business And several sources have suggested that Shell North America, which under the Minnis administration won the bidding process for outsourcing New Providence’s base-load generation via the development of a new 225 Mega Watt (MW) power plant at Clifton Pier, may be a contender to take over generation again. This may possibly be in partnership with BISX-listed FOCOL Holdings.

However, Desmond Bannister, ex-deputy prime minister who held ministerial responsibility for BPL under the Minnis administration, told Tribune Business that the way these proposed “subsidiaries”

are structured could result in the utility’s customersBahamian businesses and households - being stuck with the $500m in legacy liabilities identified by Mrs Coleby-Davis.

He pointed out that while BPL’s “assets and functions” can be transferred to these entities, in return for potentially little to no compensation, there is no mention of its liabilities - debt, the $100mplus pension deficit and environmental clean-up costs being moved. This means the Government’s private partners will take over operations that are debt-free.

Suggesting the Government’s plans will socialise the costs of BPL’s liabilities,

Mr Bannister said: “Based on what they’ve put in the legislation, they can transfer assets without money coming back to them. It’s a really dangerous piece of legislation. They can only transfer the assets and functions, not the liabilities.

“They will transfer hundreds of millions of dollars in assets and they will keep the liabilities at BPL. They cannot transfer the liabilities, so the Bahamian people will keep those liabilities. In addition to keeping the liabilities, they are then going to have to buy the power back from those subsidiaries and those are profit-making entities, so they may be buying electricity back at a higher cost.

“When you look at the legislation, there’s no guarantee that those subsidiaries are going to pay one cent for the assets of BPL. There’s no guarantee that the Bahamian people will get even a 50 percent share in those subsidiaries. They don’t have a minimum share that the Bahamian people will keep. They can transfer the assets and only keep 1 percent of the shares. It’s a very risky piece of legislation.”

Prime Minister Philip Davis KC, though, yesterday argued that the Minnis administration’s failure to refinance BPL’s liabilities via the proposed $535m rate reduction bond during its tenure in office had lumbered his government with a major financial burden it now has to tackle.

“And then there was the Rate Reduction Bond Act, which was supposed to generate over $500m to address BPL’s debt situation. Instead, those legacy debts were passed on to us,” he argued. This, though, neglects that this Act was passed under the Christie administration in 2015, when Mr Davis - as then-deputy prime minister and minister of works - held ministerial responsibility for it. The Christie administration, too, failed to place the bond before it was vote out of office in 2017. The Electricity Bill 2024 repeals the Rate Reduction Bond Act, and does not replace it, so as to “remove the obligation to finance” BPL via this method.

With no alternative method proposed in the legislation, it is unclear how

the Government plans to refinance the state-owned energy provider’s $500m legacy debts and liabilities.

Mrs Coleby-Davis revealed to the House of Assembly in March that BPL’s financial needs total $1bn, evenly split between its legacy debts/liabilities and current capital investment needs.

“Mr deputy speaker, BPL has over $500m in debt. Yes, that’s right, over half-a-billion dollars and counting,” she confirmed. “It owes banks, it owes the Government and its employees’ pensions are underfunded by $120m. You heard me right. The employees’ pension [fund] is underfunded by $120m. Big change is needed.”

Mrs Coleby-Davis did not break down the $500m, which appears to represent total liabilities and not just debt, beyond the $120m employee pension fund deficit. The reference to “owes the Government” likely means the $184m debt, disclosed in the latest quarterly debt statistical burden, that represents the loan/ subsidy provided to BPL to cover its fuel purchase costs after hedging trades were not executed.

The minister, though, provided more details on BPL’s capital investment needs which she also pegged at $500m or halfa-billion dollars. “BPL operates 29 power stations on 17 islands. Over the next five years, BPL will need an investment of over $500m to upgrade its infrastructure,” Mrs Coleby-Davis said. This, she added, was broken down into a collective $300m investment in new generation assets spread across New Providence and the Family Islands; $130m to upgrade New Providence’s transmission and distribution network “in the next two years alone”; $35m for the roll-out of advanced metering infrastructure (AMI); and $70m in undefined “other costs”.

“Today, to fix, BPL we need over $500m to address its debts and over $500m to upgrade and improve its aged and deteriorated infrastructure. Mr deputy speaker, that’s over $1bn,” Mrs Coleby-Davis said.

TRUMP AWARDED 36 MILLION MORE TRUMP MEDIA SHARES WORTH $1.6 BILLION AFTER HITTING PRICE BENCHMARKS

By MATT OTT AP Business Writer

FORMER President

Donald Trump has secured an additional $1.6 billion worth of shares in Trump Media, according to a regulatory filing this week.

Based on the company's stock hitting certain price benchmarks, Trump was awarded an additional 36 million shares in the company that owns his social media platform Truth Social. That brings his total ownership to more than 114 million shares, which based on Wednesday's closing stock price, are worth about $5.2 billion.

For now, the value of those shares is considered "paper wealth." Trump is prohibited from selling any shares for six months after Trump Media went public without securing a waiver from the company's board. Trump, the presumptive Republican presidential nominee, now owns close to two-thirds of the company's outstanding shares.

Trump Media & Technology Group shares have surged in the past couple of weeks and closed Tuesday at $49.93. Trump only needed the stock to be above $17.50 each for 20 consecutive trading days to secure the new shares.

The stock on Wednesday tumbled 9.6%, closing at $45.13.

Trump Media got its place on the Nasdaq after merging with a company called Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. These type of mergers offer young companies quicker and easier routes to getting their shares trading publicly.

On March 26, the first day of trading after Trump Media closed the merger with Digital World Acquisition, shares in the newly combined company reached nearly $80 each in intraday trading before closing at $57.99.

Less than a week after that flashy stock market debut, Trump Media disclosed that it lost nearly $58.2 million last year, sending its stock tumbling more than 21%. The 2023 losses marked a stark decline compared with the profit of $50.5 million that the company reported for 2022, according to a regulatory filing. In the subsequent weeks, the company's stock tumbled to around $22 each before rebounding in mid-April.

Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and X, formerly Twitter, following the Jan. 6 insurrection at

Google and Apple now threatened by the US antitrust laws that helped build their technology empires

By MICHAEL LIEDTKE AP Technology Writer

THE U.S. Justice Department's double-barreled antitrust attack on Google's dominant search and Apple's trendsetting iPhone is reviving memories of the epic battle that hobbled Microsoft before it roared back to yet again become the world's most valuable company.

The parallels to the Justice Department's landmark antitrust case in 1998 could provide a window into the potential breakthroughs that could be unleashed if regulators succeed in their attempts to crack down on Google and Apple.

Federal lawyers have even gone as far as to assert Google and Apple may never have created so many popular products or become as powerful as they are now if Microsoft hadn't been reined in a quarter century ago.

In closing arguments of a Washington, D.C., trial that began last September, regulators Thursday will apply the finishing touches to a case alleging Google has turned its search engine into an illegal monopoly that stifles competition and innovation. The Apple case, which was only filed a month ago, is still years away from its resolution.

Although regulators have lodged separate complaints against Google and Apple, the two cases are shadowed by Microsoft's legal saga that began when both those were mere specks on the technology landscape.

When they went after Google in October 2020, regulators compared the lucrative deals that the company cut with Apple to lock its search engine into the iPhone and Safari web browser to the same tactics Microsoft deployed in its personal computer software to block competition.

And in the antitrust lawsuits that they filed against Apple last month, the Justice Department pointed back to complaints that company co-founder Steve Jobs had raised in 1998 against Microsoft's "dirty tactics" while urging regulators to take steps to force the PC software maker "to play fair."

And that is what the Justice Department did in an antitrust case against Microsoft that caused massive distractions that opened the door for Google's search engine to become the internet's main gateway. It also culminated in a series of concessions that paved the way for Apple to extend the reach of its iTunes music store that increased the popularity of the iPod that spawned the iPhone.

The Microsoft case "created new opportunities for innovation in areas that would become critical to the success of Apple's consumer devices and the company itself," the Justice Department crowed in the lawsuit that casts the iPhone as an illegal monopoly.

After years of mostly fruitless attempts to compete against Google's search engine and the iPhone under the leadership

of Steve Ballmer, Microsoft began to regain its stride when Satya Nadella became CEO in 2014.

Earlier this year, Microsoft's market value hit $3 trillion for the first time, surpassing Apple as the world's most valuable company while taking the early lead in artificial intelligence technology that's expected to reshape the world.

It's an odd juxtaposition that has thrust regulators into battling two companies they helped create when they caged a colossus now angling to seize the mantle in technology's next frontier.

But it's also a tableau that antitrust experts cite as evidence that the system is working to unlock more robust competition that hatches innovations. And then those breakthroughs sometimes serve as the building blocks for new monopolies that must eventually be challenged by regulators, even as fallen empires like Microsoft can still find ways to reinvent themselves.

"It's not about an agenda about trying to pursue and destroy companies, it's about trying to restore competition in a market," said Rebecca Haw Allensworth, a Vanderbilt University law professor who focuses on antitrust law issues. "What has happened with the Microsoft case is a success story that can also provide a blueprint for Apple and Google when people ask why is America trying to destroy its most successful companies? Microsoft has done great after it had a major antitrust claim against it."

The Justice Department's landmark case against Microsoft was not the first time an antitrust lawsuit turned into a springboard for other companies to emerge as dominant forces that eventually need to be corralled, too.

For instance, separate antitrust lawsuits filed against IBM in 1969 and AT&T in 1974 helped pave the way for Microsoft and Apple to launch the personal computer revolution that subsequently spawned the internet boom that was followed by the smartphone explosion.

Those are the kinds of innovations that have fueled economic growth and society-shifting products that might not have happened had antitrust regulators stayed on the sidelines while IBM and AT&T continued to exploit their respective monopolies, Yale University economics professor Fiona Scott Morton said.

"When you innovate successfully, you can grow like crazy but then it's 20 years later and it's hard to keep growing like you were," said Scott Morton, who once was chief economist in the Justice Department's antitrust division. "So instead of just relying on innovation, you realize, 'Hey we have a lot of market power, we could use that to raise profits.'

"It's just very natural that's what happens repeatedly and regulators have to say, 'No, that part

NOTICE

IN THE ESTATE of ARTHUR JAMES DORSETT late of the of Richville Subdivision, in the Southern District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 2nd day of May A.D., 2024, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO.,

Attorneys for the Executors

Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

isn't allowed, you have to compete on the merits.' And oftentimes when you succeed in forcing more competition, somebody else ends up winning the next race."

After the closing arguments in the Justice Department's antitrust case against Google wrap up this week, U.S. District Judge Amit Mehta is expected to issue his ruling in the late summer or early autumn. Meanwhile, the case against Apple will continue to progress in New Jersey federal court while antitrust regulators examine whether Microsoft is once again crossing the line to gain an unfair advantage in the stillnascent field of AI.

PEOPLE arrive at the recently opened Google building in New York, Feb. 26, 2024. The U.S. Justice Department’s double-barreled antitrust attack on Google’s dominant search and Apple’s trendsetting iPhone is reviving memories of another epic battle that hobbled Microsoft before it roared back to yet again become the world’s most valuable company.

Photo:Seth Wenig/AP

Lawsuit against Meta asks if Facebook users have right to control their feeds using external tools

By BARBARA ORTUTAY AP Technology Writer

DO social media users have the right to control what they see — or don't see — on their feeds?

A lawsuit filed against Facebook parent Meta Platforms Inc. is arguing that a federal law often used to shield internet companies from liability also allows people to use external tools to take control of their feed — even if that means shutting it off entirely.

The Knight First Amendment Institute at Columbia University filed a lawsuit Wednesday against Meta Platforms on behalf of an Amherst professor who wants to release a tool that enables users to unfollow all

the content fed to them by Facebook's algorithm. The tool, called Unfollow Everything 2.0, is a browser extension that would let Facebook users unfollow friends, groups and pages and empty their newsfeed — the stream of posts, photos and videos that can keep them scrolling endlessly. The idea is that without this constant, addicting stream of content, people might use it less. If the past is any indication, Meta will not be keen on the idea.

A U.K. developer, Luis Barclay, released a similar tool, called Unfollow Everything, but he took it down in 2021, fearing a lawsuit after receiving a cease-and-desist letter and a lifetime Facebook ban from Meta, then called Facebook Inc.

With Wednesday's lawsuit, Ethan Zuckerman, a professor at the University of Massachusetts at Amherst, is trying to beat Meta to the legal punch to avoid getting sued by the social media giant over the browser extension.

"The reason it's worth challenging Facebook on this is that right now we have very little control as users over how we use these networks," Zuckerman said in an interview. "We basically get whatever controls Facebook wants. And that's actually pretty different from how the internet has worked historically." Just think of email, which lets people use different email clients, or different web browsers, or anti-tracking

software for people who don't want to be tracked. Meta declined to comment.

The lawsuit filed in federal court in California centers on a provision of Section 230 of the 1996 Communications Decency Act, which is often used to protect internet companies from liability for things posted on their sites. A separate clause, though, provides immunity to software developers who create tools that "filter, screen, allow, or disallow content that the provider or user considers to be obscene, lewd,

lascivious, filthy, excessively violent, harassing, or otherwise objectionable."

The lawsuit, in other words, asks the court to determine whether Facebook users' news feed falls into the category of objectionable material that they should be able to filter out in order to enjoy the platform.

"Maybe CDA 230 provides us with this right to build tools to make your experience of Facebook or other social networks better and to give you more control over them," said Zuckerman, who teaches

public policy, communication and information at Amherst. "And you know what? If we're able to establish that, that could really open up a new sphere of research and a new sphere of development. You might see people starting to build tools to make social networks work better for us." While Facebook does allow users to manually unfollow everything, the process can be cumbersome with hundreds or even thousands of friends, groups and businesses that people often follow.

META’s logo is seen on a sign at the company’s headquarters in Menlo Park, Calif., Nov. 9, 2022.

A lawsuit filed Wednesday, May 1, 2024, against Facebook parent Meta Platforms Inc. is arguing that a federal law often used to shield internet companies from liability also allows people to use external tools to take control of their feed — even if that means shutting it off entirely.

Photo:Godofredo A. Vásquez/AP

DoorDash posts betterthan-expected Q1 sales but

shares fall on cost concerns

By DEE-ANN DURBIN AP Business Writer

DoorDash reported higher-than-expected revenue in the first quarter as strong growth in U.S. grocery orders helped make up for slowing restaurant demand.

But the company's shares fell more than 15% in afterhours trading Wednesday as investors appeared concerned about rising costs.

DoorDash said its net loss narrowed to $23 million in the first quarter, compared to a loss of $161 million in the same period a year ago. The loss, of 6 cents per share, was higher than the 3-cent loss Wall Street had forecast, according to analysts polled by FactSet.

DoorDash said it increased both marketing expenses and research costs during the quarter.

The company, which laid off 1,250 people at the end of 2022, is also hiring again to improve its products,

DoorDash Chief Financial Officer Ravi Inukonda said Wednesday during a conference call with investors.

"Our goal is not just to drive strong growth in 2024, but for many years to come," Inukonda said.

DoorDash also said it expects pretax earnings between $325 million and $425 million in the second quarter. The midpoint of that range — $375 million — is less than the $394 million that analysts are forecasting. Inukonda said he expects pretax earnings

to improve in the second half of this year. The San Francisco-based delivery company said Wednesday its revenue rose 23% to $2.51 billion in the January-March period. That was higher than the $2.45 billion Wall Street was expecting, according to analysts polled by FactSet.

DoorDash said its total orders climbed 21% to 620 million. That also surpassed expectations; analysts were forecasting 607 million orders.

The value of U.S. grocery orders doubled from the same period last year.

DoorDash began offering grocery delivery in 2020 and continues to add grocery options. In March, Giant Eagle expanded the number of stores offering same-day DoorDash delivery in Pennsylvania and other states. In April, DoorDash added some West Coast grocers to its offerings, including Haggen and Vallarta Supermarkets.

DoorDash said U.S. restaurant order value also grew, but at a slightly slower pace than last year.

DoorDash said its U.S. restaurant business remains healthy, and it saw record order frequency from users during the first quarter, but it's not growing as quickly as newer businesses like grocery.

Still, investors were clearly rattled this week by McDonald's and Starbucks, which both reported lower store traffic in the most recent quarter as inflationweary customers in the U.S.

and other markets shift from dining out to eating at home.

"I do understand that there are some headwinds that certain merchants face when it comes to instore traffic," DoorDash CEO Tony Xu said. "But I think on the digital side, we tend to see pretty strong demand."

DoorDash said new rules in New York and Seattle establishing minimum wage requirements for delivery drivers has increased prices for consumers, resulting in reduced sales. It estimated that the new rules will result in $110 million in lost sales annually for its merchants in New York and $40 million in lost sales in Seattle.

DoorDash absorbed some of those increased costs in the first quarter but expects those costs to decrease as the year progresses. The company said the rules had a minimal impact on its business, lowering total orders by less than 1% in the first quarter.

Xu said he doesn't expect similar regulations to pass in many other cities, either in the U.S. or abroad.

"I mean, think about the billions of dollars or tens of billions of dollars that you're adding to the local economic GDP or the fact that you're offering a service that consumers love and a place where anyone can really earn extra income on their own time," Xu said. "Who wouldn't want that? I think most governments think like that."

NOTICE is hereby given that RAFAEL ANTONIO GOMEZ SIMO of High Vista, 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 2nd day of May 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that PJAY DOMINIQUE RENE of Bernard Road, Monastery Heights, 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 2nd day of May 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that

ANTONIA MONTAS OTANEZ RAMSEY of #4 Pikena Drive, Harold 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 25th day of April 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

JULIANNO THEOPHILE of Gibbs Corner, 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 25th day of April 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 FRITZ PIERRE of Lazaretha Road #7, 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 2nd day of May 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 JOHN YVENET AUGUSTIN of Marshall 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 2nd day of May 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

JULIEN THEOPHILE of Gibbs Corner, 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 25th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

IN THE ESTATE of KANDY KAY PINDER late of the Settlement of Cherokee Sound on the Island of Abaco, one of the Islands of The Common wealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 2nd day of May A.D., 2024, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executors shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Executors Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

WANT TO SPEND THE NIGHT IN A PARIS MUSEUM OR A HOUSE OWNED BY PRINCE? AIRBNB PLANS TO LIST THEM

By DAVID KOENIG AP Business Writer

IN a mad mix of gameshow glitter and marketing flash, Airbnb is offering customers a chance to spend a night in a Paris museum, stay in houses mocked up to look like movie settings, or sleep surrounded by eight Ferrari racing cars.

Those and other chimerical listings are part of a splashy new campaign by the short-term rental giant, which wants to portray itself as a company that sells experiences and not just alternatives to staying in a hotel.

CEO Brian Chesky announced the 11 temporary listings — Airbnb is calling them "icons" — at an event Wednesday in Los Angeles. The San Francisco company hit upon the idea for the publicity caper after seeing the response to a Barbie-themed house in Malibu, California, it listed last year in conjunction with a hit movie about the Mattel fashion doll. The formula is the same: link a promotion to a pop-culture product, celebrity or event. And don't be boring. "We're not historically known for making

anything. We're a platform," Chesky said in an interview. "I think it's really great to show what it looks like when suddenly you can step into our vision and our imagination. I think it's going to keep Airbnb top of mind."

Unlike the rental platform's typical listed properties, Airbnb is practically giving away its "icons." Chesky said the company will invite people to fill out a profile and explain why they want one of the listings, and Airbnb will pick about 4,000 winners over the course of the year. He said winners will be able to

book the featured properties or events for free or at prices under $100.

One of the exotic opportunities is an overnight stay at the Musee d'Orsay in Paris. Chesky said Airbnb recruited Mathieu Lehanneur — he designed the torch for this summer's Paris Olympics — to convert the clock room atop the museum into a bedroom.

"By the way, the torch is in the bedroom with you," Chesky said. "You get the entire museum all to yourself. This is literally night at the museum. It gets even better because you step outside the bedroom on to

the terrace, you have the single best seat in the house for the opening ceremony" of the Olympics, which will take place on the River Seine.

For those preferring a U.S. setting, Airbnb is listing a house in New Mexico detailed to look like the one from the 2009 PixarDisney animated film, "Up." Chesky said Airbnb paid to build the house from scratch and attach 8,000 balloons to mimic the helium-filled ones the central character in the movie uses to make the house fly. The Airbnb version won't fly, but Chesky said guests

will be able to watch

crane lift the New Mexico house 50 feet off the ground.

"I think we maybe won't have them inside the house when we lift it, just for safety reasons," he said.

Some of the listings will be one-time events, including the sleepover at the the Ferrari Museum in Maranello, Italy, a living room performance by rapper Doja Cat, and an evening with comedian Kevin Hart in his membersonly lounge.

The "Up" house and a mansion in New York made to look like the one in "X-Men" Marvel comics will be available for three or four months. A Minneapolis house owned by Prince that was featured in the film "Purple Rain" will be available for a year, according to Airbnb.