06092023 BUSINESS

‘Impossible situation’ fear on FTX Bahamas wind-up

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FTX Bahamas’ liquidators yesterday warned they will be placed in “an impossible situation” if they are forced into a “never-ending” legal battle with their US counterparts as operating cash has dwindled to less than $1m.

Peter Greaves, the Hong Kong-based accountant who is one of the three joint provisional liquidators for the failed crypto exchange’s Bahamian subsidiary, told the Delaware Bankruptcy Court the trio have “already committed expenditure beyond the funds we have” due to an inability to access assets amid the ongoing courtroom battle with John Ray, head of the 134 FTX entities under US Chapter 11 bankruptcy protection.

Christopher Shore, an attorney with White & Case, the US attorney for Mr Greaves and his fellow

• Liquidators’ operating cash dwindles under $1m

• FTX US chief trying to ‘starve’ and ‘strangle’ them

• Delaware judge to rule on Chapter 11 stay today

provisional liquidators, accused Mr Ray and his team of using the worldwide automatic freeze imposed by the Chapter 11 proceedings to “starve” FTX Digital Markets into submission through lack of funds and “strangle” its winding-up before the Supreme Court.

Mr Greaves and his fellow PricewaterhouseCoopers (PwC) partner, Kevin Cambridge, together with Brian Simms KC, the senior Lennox Paton partner, have

previously alleged that interference by Mr Ray and his team dissuaded Tether from releasing $45m worth of stablecoins - digital assets backed one:one by fiat currency - to the FTX Digital Markets liquidation despite the two sides agreeing earlier this year that these assets belonged to the Bahamian proceedings.

The joint provisional liquidators have also been

UK tells Bahamas: Let’s expand 295% export rise

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE UK wants to build on last year’s 295.1 percent increase in Bahamian exports and thus cure its “historical commercial underrepresentation” in this nation, its trade chief for Latin America and the Caribbean has revealed.

Jonathan Knott, the UK’s trade commissioner for the

region, in responses to Tribune Business questions during this week’s four-day visit to The Bahamas said he wants to further expand the £324m worth of goods and services that this country exported to his during 2022.

Speaking as the UK seeks to reset its trade and business relationships post-Brexit, and its departure from the now-27 state European Union (EU), M Knott said: “The UK has

been historically underrepresented commercially in The Bahamas. As the country refocuses after leaving the EU, the UK wants to address that underrepresentation across the region and, in particular, here in The Bahamas.

“The UK in 2022 imported goods and services from The Bahamas valued at £324 million, an increase of 295.1

Cruise giant slashes PI buildings by 24k sq ft

• Royal Caribbean eyes ‘acoustic barrier’ to control noise

• Beaches will be expanded on land side, but not seaward

• Pledges ‘environmentally progressive’ development plan SEE

Developer eyes $5m New Providence move

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters

A BAHAMIAN developer yesterday disclosed it plans to invest up to $5m in developing a 2.3-acre project close to Lake Cunningham that will provide medical services to western New Providence residents.

Dr Theodore Turnquest, principal behind the Tabeet complex, which will be located off Baha Mar Boulevard at the first roundabout north of the JFK Drive exit, told Tribune Business the development will also feature town houses, condominiums and rental shop spaces.

“This is not going to be an expansion of my medical office,” he explained. “It will be mixed use because that is all Town Planning gave me approval for. That Urban Easter feel is what we are going for, so there will be some offices downstairs and some residences up top, and then some residences at the back.” The original plan was to have an enclave where people are able to work, live, shop and enjoy themselves alongside the presence of healthcare facilities.

“We can’t go on the lakeside, but we have two acres. We weren’t going to do detached homes. We

SEE PAGE B4

FTX: $7.7bn owed to Bahamas ‘misleading’

By YOURI KEMP and NEIL HARTNELL

Tribune Business Reporters

A KEY financial adviser to FTX’s US chief yesterday disputed as “misleading” assertions that some $7.7bn is currently owed to the failed crypto exchange’s Bahamian subsidiary.

Edgar Mosley, in testimony before the Delaware Bankruptcy Court as John Rays’ team continued their battle with the Bahamian joint provisional liquidators, argued that any sums owed to FTX Digital Markets are “dwarfed” by those due to the failed crypto

exchange’s 134 affiliates now in Chapter 11 bankruptcy protection in the US.

Asked to explain allegations that the Bahamian liquidation trio had “clouded the title” as to who controlled specific assets, he said: “This $7.7bn that’s been referenced by the joint provisional liquidators in a few places, most notably in their interim report, in my opinion is misleading.

“I’m not saying the number is incorrect. I’m saying they’re choosing to show only one side of the ledger. In this case, these

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROYAL Caribbean has pledged to reduce the size of building structures for its $100m Paradise Island project by a combined 24,000 square feet while “building the least amount of infrastructure as possible”.

The cruise giant, in new documents released prior to last night’s Department of Environmental Planning and Protection (DEPP) consultation on the Royal Beach Club, promised it will create “the ultimate beach day” for thousands of passengers with any beach expansion moving inland as opposed to into the sea.

The project’s supplemental Environmental Impact Assessment (EIA), produced by Bahamian consultancy Islands by Design, disclosed that Royal Caribbean plans to reduce the footprint for its so-called ‘front of house’ and ‘back of house’ buildings by 9,000 square feet and 15,000 square feet, respectively.

JONATHAN KNOTT

BRIAN SIMMS KC KEVIN CAMBRIDGE

AN ARTIST’s impression of the Royal Caribbean project.

$5.85 $5.85 $5.75 $5.95

ANDROS BUSINESS OUTLOOK EYES NATURAL CAPITAL FOCUS

THE 11TH Andros Business Outlook conference will focus on issues impacting the island’s tourism, commerce, sustainability and stakeholder engagement when it is held next Thursday, June 15.

The hybrid forum, which will be open to in-person as well as virtual attendees, is one of eight annual business conferences comprising TCL Group’s Bahamas Business Outlook brand.

“Last year we were pleased to arrive at a significant milestone in the history of Andros Business Outlook, where we celebrated a decade of facilitating important national conversations about Andros and neighbouring islands. This year, we are honoured to continue that tradition as the nation looks to celebrate 50 years of independence,” said Joan Albury, president, TCL Group.

“Aptly so, the theme for this year’s conference echoes our national motto: Forward, Upward, Onward. Together. Attendees will receive an up-to-date view of the socio-economic, cultural and environmental landscape of Andros, focusing mainly on relevant community-based initiatives directed towards capacity building, marketing and product development to increase investment, business development and employment, while promoting conservation of the fabulous natural capital of our country’s biggest island. With such well-placed conversations, our audience will see how our largest island is also a giant in national development.”

Two moderators will lead the day-long forum. The morning session will be spearheaded by Mark Daniels, associate principal

for the environment with BRON Ltd. Benjamin Pratt, senior manager in the Ministry of Tourism, Investments and Aviation’s sustainability department, will lead the afternoon session.

The keynote address will be given by Leon Lundy, parliamentary secretary in the Office of the Prime Minister, and MP for Central, South Andros & Mangrove Cay. Other presenters include Rory Major,

Are YOU Passionate, Results Oriented, Ability to Work in a High Performance Environment, and Driven To Succeed?

If you possess these qualities, we invite you to apply for the position of

BANKING OPERATIONS ASSOCIATE

Job Summary:

The successful candidate will be responsible for assisting the Banking Operations Supervisor, while providing non-credit banking services for Customers of the Financial Centre.

Duties and Responsibilities:

• Management of cash holdings and the monitoring of cash limits.

• Custodian of Treasury & ATM Cash.

• Responsible for Loan disbursements.

• Provide Operations support to the Banking Operations Supervisor.

• Enforce strict observance of Exchange Control Regulations.

• Ensures adherence to Central Bank’s AML/CTF/PF Guidelines, Fidelity’s Financial Crime Policy and Financial Crime Risk Management Procedures Manual and Fidelity’s internal instructions.

• Assumes the responsibility of the Unit Compliance Associate in the absence of the primary Unit Compliance Officer.

• Preparation of assigned reports and posting of entries.

• Ensures daily Teller lock up procedures are conducted.

• Ensures all security procedures are defined, maintained, and tested.

Benefits:

• Competitive salary with incentives and performance bonuses

• Pension plan and medical insurance

• Extensive training and personal development opportunities

Requirements/Qualifications:

• High school diploma or equivalent vocational training

• Minimum 5 years’ experience in the Financial Services Industry

• Must have excellent communication skills (verbal and written)

• Proficient at Microsoft Office Suite programs

• Ability to work in a self-motivated environment with little supervision

• Ability to manage the administration of multiple tasks at one time

All applications will be held in strict confidence. Only short listed candidates will be contacted.

Please submit before: Friday, May 9th, 2023

HUMAN RESOURCES Re: Banking Operations Associate, 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com

New Providence general manager for consumer sales and loyalty at Aliv and Cable Bahamas; Latia Duncombe, director-general, Ministry of Tourism, Investments & Aviation; Prescott Smith, president, Bahamas Fly Fishing Industry Association; Dr Drumeco Bowleg, All Andros Comprehensive Clinic; Valentino Munroe, managing director, Central Andros Shipping; and Sheandra Newton, assistant manager (product outreach) in the

Central Bank’s currency department. There will be two panel discussions. ‘Onward: Prioritising the sustainable revolution’ will feature Edison Sumner, deputy chair, national steering committee, Andros Community-based Tourism Cluster Development Project; Raveenia Hanna, executive director, Bahamas Agriculture and Marine Science Institute (BAMSI); and Sumayyah Cargill, manager, strategic development and

initiatives, Bahamas Development Bank. Kerry Fountain, executive director, Bahamas Out Island Promotion Board; Lakeisha AndersonRolle, executive director, Bahamas National Trust; Matthew Aubry, executive director, Organisation for Responsible Governance; and Darren Bethell, president, North Andros Chamber of Commerce, will comprise the second panel discussion, ‘Together: Facilitating stakeholder engagement for success’.

Realtor expands Bahamas agents

A REALTOR has expanded its Bahamian agent force by adding Dexter Avney to its roster.

“I am absolutely thrilled to join such a tight-knit, dynamic and inventive real estate team,” said Mr Avney. “The Agency Bahamas has established itself as a leading force in showcasing breathtaking real estate properties. With its vast global network of over 80-plus offices, the firm seamlessly combines an expansive presence with exceptional knowledge and expertise from our local professionals.” Danny Lowe, the company’s managing director, said Mr Avney brings a

“profound understanding of the local market and an unwavering commitment to delivering extraordinary customer service”.

“I set out to build the most exciting real estate team in the country, and I am very happy to have Dexter join The Agency Bahamas because I am confident that he will do extremely well,” said Mr Lowe. “Dexter is smart, savvy and tuned into the market, which will be incredibly valuable for the clients that choose to work with him.”

Mr Avney in 2014 founded The Bahamas Jeep Club, which actively participates in fundraisers and

Gov't online portal passes 100k users

THE GOVERNMENT yesterday said its MyGateway online portal, which gives Bahamians digital access to multiple government services, has broken the 100,000-user milestone more than two years after launch.

In a statement, it said MyGateway has now processed 127,000 applications and issued some 87,000 documents that Bahamians have picked up from the Centralised Collections Centre. The online portal was also said to have generated $3.6m in revenue and $25m in exemptions processed. The Road Traffic Department was identified as the highest revenue generator on the portal at $2m. The Royal Bahamas Police Force has processed the most applications, totalling to-date some 67,700, while the Department of Marine Resources offers the most services on MyGateway with ten. The Registrar General’s Department has the most

community-driven events. Mr Lowe launched The Agency Bahamas in Nassau last year. The real estate brokerage is an offshoot of its boutique parent based in Los Angeles, The Agency. Founded by chief executive, Mauricio Umansky, The Agency has been recognised as the Top Luxury Brokerage by Inman. It is now preparing for the release of its second season of ‘Buying Beverly Hills’ on Netflix. The Agency has closed over $41bn in real estate transactions since 2011 and is ranked 21 on the 2022 RealTrends 500 by volume list. The Agency Bahamas is the organisation’s fourth location in the Caribbean alongside Turks and Caicos, the Cayman Islands and the Dominican Republic. It has 62 offices in the US, Canada, Mexico, the Caribbean and Europe.

trained officers working on the back-end of the portal, with 64, while the Ministry of Tourism, currently serves as the only agency on MyGateway with an education and training registration service via its BahamaHost offering.

"We will be launching a new slate of services with digital outputs in the very near future," the Government's digital transformation unit said. "With the continued support of our stakeholders and talented project team, we will expand our user groups to include new user categories.

"The Government of The Bahamas’ support and partnership has been invaluable and, as we collectively celebrate 50 years of independence, we herald this 100,000 registered user accomplishment as a marked progression for e-government."

NOTICE

NOTICE is hereby given that DANE ST. AUBYN BEADLE, of S. C. Bootle Highway, Marsh Harbour, Abaco, The Bahamas is applying to the Minister responsible for Nationality and Citizenship for Registration Naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of June 2023 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

DR DRUMECO BOWLEG LEON LUNDY VALENTINO MUNROE LATIA DUNCOMBE

THE AGENCY Bahamas’ Dexter Avney tours properties with clients in Nassau.

COST RISES TAKE 30% BITE OUT OF AML FOODS PROFITS

AML Foods yesterday revealed that increased costs and inflation took a bite out of its annual profits after net income for the 12 months to end-April 2023 declined by 30 percent year-over-year.

The BISX-listed food retail and franchise group, unveiling its fourth quarter and 2023 annual results, revealed that profits for the full-year dropped by $1.2m from $4.03m in 2022 to $2.803m this time around as multiple expense increases squeezed its margins.

Costs increased at a faster rate than sales. While sales

for the year to end-April 2023 jumped upwards by 5.5 percent, rising by more than $9m to $184.951m as opposed to $175.3m the prior year, AML Foods’ cost of sales rose by $10m or 8.3 percent to hit $131.26m.

As a result, the Solomon’s Fresh Market and Cost Right operator suffered a slight decline in gross profits from $54.082m to $53.691m year-over-year.

And, with selling, general and administrative costs increasing by more than $1.75m or 3.7 percent, growing from $48.156m to $49.918m, the BISX-listed group’s net operating profit fell by more than $2m or 28 percent, dropping to $5.279m from $7.344m in 2022.

Gavin Watchorn, AML Foods’ president and chief executive, said in his message to shareholders: “We are pleased to report positive sales growth, driven by increases in overall customer counts. This is an indication that our shoppers are appreciating the value we are providing during difficult times, as well as the changes we are making to our product mix in stores.

“Margin, however, continued to be impacted by rising costs as well as other influences. Additionally, we are recording significant increases in energy, insurance and payroll costs, but overall continue to manage expenses well compared to the prior year.

BAIC opens Bahamas to perfume production

THE BAHAMAS Agricultural and Industrial Corporation (BAIC) says it has moved to expand the industrial sector and drive innovation by giving Bahamians another avenue for entrepreneurship via perfume-making.

A one-day workshop was held at BAIC’s headquarters on Old Trail Road to bring together artisans and craftspersons from the world of essential oil production, candle-making aromatherapy and other crafts. Bringing his expertise to The Bahamas, perfume maker and skincare specialist, Edwin Bruce, facilitated the event.

Leroy Major, BAIC’s executive chairman, described the workshop as a ‘groundbreaking’ event for The Bahamas. “The perfume industry is a $38.2bn one that The Bahamas has not tapped into, and so after doing some research and finding out that castor oil, which

is produced locally, is a component of perfume, we decided to try our hand at perfume making,” he said.

“We invited Mr Bruce, out of Jamaica, to assist us as he is well-versed in this area. We plan to also facilitate workshops in some of the other islands shortly.” Mr Bruce said he was elated to share his knowledge with the Bahamian people given his affection for the country.

During the three-hour event, participants learned about the various layers of scent, the use of raw materials for scents, how to blend scents, the philosophy and olfactory psychology, and also the language behind scents. At the end of the workshop, participants were able to compose and bottle their own personalised fragrances.

Disney hires Eleuthera native for public affairs

DISNEY Cruise Line (DCL) has hired South Eleuthera native, Bernadette Sweeting-Miller, to join the company’s public affairs team based in Eleuthera. With more than 20 years of administrative experience in a variety of roles supporting government and local non-profit organisations Ms, SweetingMiller will manage Disney Cruise Line’s local office in Eleuthera and be the primary contact for those

interested in learning more about the cruise line’s new Lighthouse Point destination on the island’s southern tip.

“I’m pleased to welcome Bernadette Sweeting-Miller to the Disney Cruise Line family,” said Joey Gaskins, regional public affairs director, Disney Cruise Line. “In addition to many years of work experience, she brings invaluable community relationships, a deep understanding of our community and rich culture

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

PAPEX EXPORTERS LIMITED (IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of PAPEX EXPORTERS LIMITED is complete.

L. Michael Dean Sole Liquidator

Address: Equity Trust House Caves Village West Bay Street P O Box N-10697 Nassau, Bahamas

and a genuine commitment to her home of Eleuthera.”

In the newly-created role as Disney Cruise Line’s public affairs manager, Ms Sweeting-Miller will serve as the liaison for community members in Eleuthera and other Bahamians interested in securing employment with the cruise line, or local businesses interested in providing goods and services to support the operation of the company’s second Bahamas island destination.

“As a whole it has been a challenging year, which began with supply chain challenges, then continued with having to manage inflation while still delivering value and affordability to our customers. We are confident that the foundation we have established for our business is strong, and look forward to recording improved results in 2023, all while balancing the needs of our customers, associates and shareholders.”

AML Foods’ unaudited financials reveal that profits at its franchise division, Domino’s Pizza, actually doubled year-over-year from $543,000 in 2022 to $1.143m. However, that for its core food distribution business fell from $17.007m

to $13.61m, leaving less net income to cover its corporate overheads.

The BISX-listed group also confirmed it has undrawn credit lines worth $6.7m available to it after completing the acquisition of the Old Trail Building, which houses its Solomon’s Super Centre format, from Solomon Brothers. “In May 2023, the company signed a new credit facility for an additional $1.7m,” AML Food said.

“Additionally, in May 2023, the company completed the purchase of the Old Trail Building where its current Solomon’s Super Centre store resides. A total of $10.5m was drawn down from the credit facility to complete the purchase and

fund renovations on the building. A total of $6.7m remains to be drawn down on the credit facility.”

AML Foods continued:

“Further, in May 2023, the interest rate on all of the company’s existing bank loans were reduced to 3.65 percent in accordance with the terms of the new credit facility. At April 30, 2023, the company had a total of four bank loans with RBC Royal Bank (Bahamas), which bear blended interest rates between 3.65 percent and 4.25 percent. The total principal amount outstanding on the company’s loans was $8.1m.”

“It means so much to me to join a company that is committed to making an impact in the community that I have called home ever since I was a child,” said

Ms Sweeting-Miller. “I’m looking forward to working on behalf of Disney Cruise Line to support local businesses and involve Bahamians in the development and operations of the new island destination at Lighthouse Point.”

Disney’s Lighthouse Point destination will open for guests in summer 2024, with the cruise line stating that the project aims to create sustainable economic opportunities for Bahamians while protecting the natural beauty of the site and celebrating local culture.

Disney added that around 75 percent of the cruises it offers have at least one stop in The Bahamas. All five of its ships are

registered in The Bahamas, and it is estimated that the cruise line’s operations currently contribute more than $70m towards Bahamian gross domestic product (GDP) annually. The cruise line has also committed to filling all positions on Castaway Cay with Bahamians across a range of disciplines, with opportunities for training and advancement. Disney has received all the necessary approvals from the Government and has begun work at Lighthouse Point, which is expected to create more than 300 constructionrelated jobs – more than doubling the number of posts it committed to in its Heads of Agreement.

NOTICE

NOTICE is hereby given that MICHEL PEREZ GARCIA , Jacaranda Close, Sandyport Subdivision, New Providence, 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 9th day of June 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Notice of Appointment of a Liquidator under Section 204 of the BVI Business Company Act

EAGLEHOUSE GROUP S.A. (In Voluntary Liquidation) Company No. 1730761

NOTICE is hereby given pursuant to Section 204, subsection 1(b) of the BVI Business Companies Act, 2004 that EAGLEHOUSE GROUP S.A. is in voluntary liquidation. The voluntary liquidation commenced on 24th May, 2023. The Liquidator is Myron Walwyn of Travers Thorp Alberga, 2nd Floor Jayla Place, P.O. Box 216, Road Town, Tortola, British Virgin Islands, VG1110.

Dated this 8th day of June 2023

Sgd Myron Walwyn

Voluntary Liquidator

BERNADETTE SWEETING-MILLER

UK tells Bahamas: Let’s expand 295% export rise

percent, but I’d like to see that number for UK engagement increase and Bahamians better able to take advantage of what the UK can offer to address priority initiatives.

“I came to the country to help accelerate that process and have visited Grand Bahama, Eleuthera and Abaco as well as Nassau, calling on Bahamian companies and meeting representatives of government. This is all with the aim of identifying the most promising opportunities for UK companies to help Bahamians realise their vision for the country, whether in infrastructure,

health or other sectors,” Mr Knott added. “This wasn’t a visit to conclude deals or define individual contracts. It was about enabling long-term partnerships which will benefit the citizens of the Bahamas and the UK. The development of these relationships will, I hope, be underpinned by the financing offer which UK Export Finance is making available. The specifics will depend on individual projects but this offer, like my visit itself, shows the determination of the UK to become a longterm partner. Dr Michael Darville, minister of health, revealed earlier this week that he was

due to meet Mr Knott and his team to discuss potential financing sources for the proposed new New Providence hospital in the Perpall Tract area. Tribune Business reported earlier this year that the Government is negotiating with UK Export Finance, London’s trade financing and guarantee arm, a potential £750m, or $950m, credit line to finance various infrastructure projects in The Bahamas.

“UK Capability is already helping support Caribbean nations to build resilience in their economies. I leave The Bahamas very much encouraged, and with a clear view of how I hope the UK can be part of The Bahama’s

continuing development,” Mr Knott added.

D’Jamila Ward, regional director for the Commonwealth Caribbean at the UK’s Department of Business and Trade, told Tribune Business that Bahamian exporters to the UK now have improved terms for market access after this nation and 13 other Caribbean states signed on to the Economic Partnership Agreement (EPA) with London following Brexit and London’s withdrawal from the EPA with the EU.

“It very much helps that we have concluded an Economic Partnership Agreement with The Bahamas and 13 other CARIFORUM countries, which came into effect on January 1, 2021,” she said. “The EPA is the cornerstone of our trade relationship and is a renewed opportunity to shape a distinct and ambitious partnership with The Bahamas.

“The agreement provides all qualifying Bahamian/ CARIFORUM goods (except arms and ammunitions) with duty-free quota-free access to the UK

market. For UK businesses, tariffs are gradually phased on approximately 80 percent of goods up to 2033.

“The EPA also provides market access for service providers and covers other modern trade issues such as government procurement, competition policy and intellectual property. I look forward to working with The Bahamas to put the EPA into practice so businesses can realise its full potential.”

Thomas Hartley, the UK high commissioner to The Bahamas, added of Mr Knott’s visit: “It would have been easy to have spent four days in New Providence, but we wanted to start on the heart of the communities in the Family Islands. Across Grand Bahama, Eleuthera, Abaco and Nassau, we have seen bridges, airports, hospitals, schools, farms, ports and a clear vision from ministers and companies for growth. I really hope the UK can be a supportive part of that plan.”

Jesse McDougall, UK Export Finance’s head for the North American and Caribbean region, previously confirmed it has a Bahamas “country envelope” worth

DEVELOPER EYES $5M NEW PROVIDENCE MOVE

FROM PAGE B1

are going to do condo-like homes because we wanted to create that community feel. We want an environment where you can live, work and play in the same area, and the closest thing we have to it here is at Sandyport.”

Dr Turnquest said the idea is to be “more green than Sandyport” and keep a “minimal footprint” so that it can harness the natural beauty of the lake. The project’s financial budget has yet to be fixed because the developers are still going through changes suggested to them by the Town Planning Committee and Department of Environmental Planning and Protection (DEPP).

“The requirements from DEPP is one thing because first they gave an approval, and then there were offsets from the lake and from boundaries, and there were some other requirements that they have us going through and we haven’t really priced it out yet. But initial estimates given to me by my business partners have the project pegged at between $3m and $5m,” said Dr Turnquest. “We were going to initially do two buildings with the Urban Easter part and a set of condos in the back, and it was five buildings and I’m trying to get some of the other surrounding properties. We’re in negotiations with some of the property owners.

“We will probably build all of this out in stages, so

originally it was five build-

ings, but there are offsets and we have to make more considerations for parking and there are a few more things we are trying to work through. The building cost is going to be contingent on what we’re allowed to put there because they had cut us back down and we only could do what they allow us to do with the height restrictions and some other stuff.”

Tabeet’s Environmental Impact Assessment (EIA) states: “The owner proposes to undertake construction on two properties, respectively referred to as Property A and B. Property A will consist of one residential building, and commercial spaces which include one medical facility, one building for office spaces and one utility building, plus parking facilities with 66 stalls with an overall footprint of approximately 24,600 square feet.

“Property B will consist of commercial spaces that will include three retail shops and one restaurant, and parking facilities that will include 27 stalls with an overall footprint of approximately 11,400 square feet. Additionally, the owner intends to develop the disturbed area on site into an access road for both properties.”

Turning to the project’s economic impact, the EIA added: “This project aims to provide increased healthcare services to the local communities with introduction of a medical facility. This will

£750m, or $950m, which is the total available financing that can be allocated to infrastructure projects in this nation where there is “UK content” - meaning that British companies are involved.

In the case of Grand Bahama International Airport, Bahamas Hot Mix (BHM) is “the exporter of record” through its UK office. Ms McDougall, though, explained that the total $950m represents “a global allocation” that is not necessarily drawn down quickly, or all at once, by the borrower. This often occurs over a period of time, “years and years”, before it is used up and, in the case of The Bahamas, it is presently seeking just $400m or less than 50 percent of the total available.

The size of the potential financing drawdown and its uses are still being worked out with the Davis administration. The Prime Minister has previously indicated that a portion of the funding may also be used for the overhaul of 14 Family Island airports. UK Export Finance, which serves as the British government’s credit agency, is also selective in what it funds, choosing only “qualifying projects” once due diligence is satisfactorily completed.

allow for immediate care to patients nearby as the hospitals, both private (Doctors Hospital) and public hospital (Princess Margaret Hospital) are located approximately six miles away....

“The complete development of the Tabeet project will require significant capital investment. It is estimated that approximately $3m is to be invested in the project. The approximate number of workers scheduled to work during the construction and operational phase of the project is still being discussed.

“It is expected that approximately 50 percent of the project cost will go directly into the Bahamian economy in the form of purchasing of goods, services and labour. It is anticipated that 80 percent of the project workforce will be Bahamian... During the construction phase Bahamian contractors will be hired to develop the properties and, during the operational phase, Bahamians would be hired to work at the retail shops, medical facility, restaurant, and commercial office building.”

Tabeet is trying to secure project financing from a commercial bank, and has been talking to several lenders over the last several years. “Everybody has been telling us to come back to them when we get a little closer, but funding is not contingent on government approval and we are leaving ourselves open for different things, but people just want a reasonable expectation that this could happen before there is a commitment,” said Dr Turnquest.

‘Impossible situation’ fear on FTX Bahamas wind-up

negotiating with the US Justice Department for the return of $143m in cash that the latter seized in late 2022 from US bank accounts in FTX Digital Markets’ name, but these efforts which - if successful - would give the Bahamian proceedings a funding source with which to pursue assets and claims have yet to bear fruit.

The consequences were exposed during yesterday’s Delaware proceedings, during which it was revealed that the Bahamian provisional liquidators have “less than $1m” in cash left and are down to a “few hundred thousand dollars”. Asked about the fall-out if litigation with Mr Ray and the Chapter 11 debtors proved “never ending”, Mr Greaves replied: “We have already committed to expenditure beyond the funds we have, so we would be in an impossible situation.”

These financial obstacles, while difficult, are not insurmountable. FTX Bahamas’ liquidators could seek the Supreme Court’s permission to raise or borrow funds from sources such as litigation financiers, while it has become an established principle that clients contribute to winding-up costs

incurred on their behalf via a portion of their assets being held in a trust or fiduciary capacity.

The Bahamian provisional liquidators are asking the Delaware court to confirm that the “directions” they are seeking from Sir Ian Winder, the chief justice, over FTX Digital Markets’ winding-up do not violate the automatic worldwide stay or freeze imposed by the Chapter 11 proceedings. Or, alternatively, if they do that the “stay” be lifted to enable them to progress the Bahamian liquidation, but Mr Ray and his team are opposing this at every turn.

Judge John Dorsey, after hearing arguments from both sides, urged them to go away and talk last night to see if the dispute can be resolved by negotiation. However, in disclosing that he will give his ruling on the matter this morning, he warned that he will not cede his jurisdiction or that of the Delaware Bankruptcy Court to the Bahamian Supreme Court especially given that the vast majority of FTX-related assets are under his control.

Speaking after evidence was given by both sides’ witnesses, Judge Dorsey said: “Here’s my thinking at this point. From a practical standpoint, if I allow the

joint provisional liquidators to go to The Bahamas and proceed there, what could possibly happen? Regardless of what The Bahamas court does, I have to make the same determination and do it on my own, and the assets we are talking about are all in the interim jurisdiction of this court.

“Regardless of what the Bahamian court decides, and it could decide all the assets go to FTX Digital Markets, they cannot go to FTX Digital Markets unless I so decide. What do we gain by allowing this to go forward between two different courts?”

Mr Shore, on the Bahamian joint provisional liquidators’ behalf, argued that the “directions” hearing that his clients wish to pursue before Sir Ian “tees it up” in terms of securing either a consensual or court-to-court co-operation between Chapter 11/ Delaware and this nation moving forward.

Noting that his clients and Mr Ray’s team “can’t seem to get out of their own way”, he warned that the alternative is “a jurisdictional war” between the two sides that threatens to suck time and money away from efforts to maximise asset/cash recoveries for FTX creditors and investors

in both The Bahamas and the Chapter 11 proceedings.

“At the end of the day, if we’re going to disagree that will lead to a jurisdictional squabble which is the thing we should work hard to avoid,” Mr Shore argued. To which Judge Dorsey retorted: “That’s what I’m trying to avoid as well.” Indicating he had not been much moved by the Bahamian provisional liquidators’ arguments, the judge reiterated his previously expressed position at the hearing’s end.

“I will tell you now that under no circumstances would I defer on a jurisdictional issue to a foreign court,” Judge Dorsey said, “and the jurisdictional issues here are whose assets are they? I have in rem jurisdiction, and it has to be decided here..... As a practical matter, they [the provisional liquidators and Supreme Court] don’t have access to the assets. Only I have access to the assets. I’m going to ask the parties to talk this evening and see if there is any way to resolve this issue.”

Mr Shore, meanwhile, argued that Mr Ray and his team are using their opposition to waiving the Chapter 11 stay as a means to halt FTX Digital Markets’ winding-up and deprive it of assets. “The debtors can use

the stay to strangle the joint provisional liquidators’ case,” he argued. “If it’s enforced, they’re not going to be able to fight.....”

He suggested that the FTX US chief was aiming to place the Bahamian trio in a “trap”, and use the Delaware court to trigger that. “What I don’t want is what they’re actually doing; starve my estate, which they will do through you, with the stay and do what they’re not able to do through the normal process, which is wish it [the Bahamian provisional liquidation] away,”

Mr Shore argued.

Andrew G. Dietderich, an attorney with Sullivan & Cromwell, appearing for Mr Ray, asserted that what the Bahamian liquidators are really seeking to do is “gut” the Chapter 11 proceedings by having central jurisdiction over FTX’s winding-up transferred to the Supreme Court.

“This may be one of the most complex insolvencies ever filed,” he argued. “It may be the most complex insolvency ever. We have one saving grace. We know who is calling the balls and strikes. If you take central jurisdiction away from us, we may not be here for years; we may be here for decades.”

The Bahamian provisional liquidators believe it

LAWYERS BLAME CHATGPT FOR TRICKING THEM INTO CITING BOGUS CASE LAW

By LARRY NEUMEISTER

Associated Press

TWO apologetic lawyers responding to an angry judge in Manhattan federal court blamed ChatGPT Thursday for tricking them into including fictitious legal research in a court filing.

Attorneys Steven A. Schwartz and Peter LoDuca are facing possible punishment over a filing in a lawsuit against an airline that included references to past court cases that Schwartz thought were real, but were actually invented by the artificial intelligence-powered chatbot.

Schwartz explained that he used the groundbreaking program as he hunted for legal precedents supporting a client’s case against the Colombian airline Avianca for an injury incurred on a 2019 flight.

The chatbot, which has fascinated the world with its production of essay-like answers to prompts from users, suggested several cases involving aviation mishaps that Schwartz hadn’t been able to find through usual methods used at his law firm.

The problem was, several of those cases weren’t real or involved airlines that didn’t exist.

Schwartz told U.S. District Judge P. Kevin Castel he was “operating under a misconception ... that this website was obtaining these cases from some source I did not have access to.”

He said he “failed miserably” at doing follow-up research to ensure the citations were correct.

“I did not comprehend that ChatGPT could fabricate cases,” Schwartz said.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, TAMARA NICOLE BAIN STUART of P.O. Box N1170 Marathon Estate, New Providence, Bahamas, Parents of DAVID JOSHUA STUART A minor intend to change my child’s name to DAVID JOSHUA HANNA If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

Microsoft has invested some $1 billion in OpenAI, the company behind ChatGPT.

Its success, demonstrating how artificial

intelligence could change the way humans work and learn, has generated fears from some. Hundreds of industry leaders signed a letter in May that warns “ mitigating

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, TAMARA NICOLE BAIN STUART P.O. Box N1170 Marathon Estate, New Providence, The Bahamas, intend to change my name to TAMARA NICOLE HANNA If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.”

is “crucially important” to the progress of FTX Digital Markets’ winding-up that Sir Ian be able to give “directions” on several “core fundamental issues”. However, their application to the Delaware court is driven by the need to ensure this does not violate the freezing order imposed by the Chapter 11 bankruptcy protection, as any breach could result in sanctions and penalties being imposed on FTX Digital Markets’ US-based assets

Among the key issues that Sir Ian will be asked to determine is which “terms of service”, the document that governed the relationship between FTX’s international platform and its customers, applies and on what date - as this is critical to working out when, and if, clients were migrated to FTX Digital Markets and became its customers prior to the crypto exchange’s early 2022 implosion.

Another vital issue that Sir Ian will be asked to decide is whether FTX Digital Markets was holding assets, either digital, fiat or both, on trust for investors/clients in a fiduciary or escrow capacity. If it was, then assets treated in such a manner will belong to the client, but if they were not then such properties belong to the liquidation estate.

Judge Castel seemed both baffled and disturbed at the unusual occurrence and disappointed the lawyers did not act quickly to correct the bogus legal citations when they were first alerted to the problem by Avianca’s lawyers and the court.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, SEAN FAWKES/ EDITH BASTIAN of Yellow Elder, New Providence, Bahamas, Parents of KAMIAH HADASSAH MUSGROVE A minor intend to change my child’s name to KAMIAH HADASSAH FAWKES If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

Senior Credit Solutions Manager

The Senior Credit Solutions Manager oversees the Wealth Credit Solutions team in the Bahamas, ensuring business strategies, plans and initiatives are executed The post holder contributes to the profitable growth and quality of the Wealth Credit business by performing financial solutions-related activities including risk analysis, deal structuring, negotiations, and pricing

The post holder has responsibility for the ongoing quality of the assigned credit portfolio through control and administration of terms and conditions as specified in individual authorizations and portfolio metrics and KPIs

The post holder also works closely with Senior Relationship Management team leads and Credit Risk Management and will interface directly with clients from time to time

MAJOR ACCOUNTABILITIES:

 Contributes to the profitable development of Wealth Credit business by ensuring timely analysis, structure and presentation of credit / financial solutions proposals and reviews within assigned portfolio.

 Provides prompt and sound recommendations in the analysis and adjudication of credit proposals.

 Provides guidance and support in the recommendation of loan pricing and credit-related fees that are commensurate with risk and due to regard to profit, administration and competitive considerations.

 Ensures the accurate communication of the terms and conditions of an authorization and supervises the effective and timely implementation of same by reviewing and preparing all written authorizations to ensure accuracy, completeness and clarity.

 Promptly and effectively address issues surrounding the adequacy, quality and completeness of loan documentation and security.

 Ensures the ongoing quality of the assigned credit portfolio through control and administration of the specific conditions and reporting requirements as specified in individual authorization are adhered to by adhering to all regulatory and internal bank policies and requirements.

 Conducts timely and effective performance assessment and making sound recommendations for career development ensuring that employee development is a priority for all employees on the team.

 Safeguards the Bank’s assets and liabilities by maintaining adherence to the Guidelines for Business Conduct, by reporting any unusual occurrences or fraudulent activities as per established procedures.

EDUCATIONAL/COMPENTENCY REQUIREMENTS

 Strong coaching and leadership skills including previous people management experience

 Excellent knowledge and understanding of financial statements and accounting principles and policies, as well a solid understanding of capital markets instruments

 Strong verbal and written communication skills

 Sound credit judgement coupled with thorough understanding of the administration of credit, complex loan documentation and security provision requirements

 A high degree of flexibility is required to adapt to a wide variety of tasks and functions

 Ability to operate with a large degree of independence and to work with a team

 Experience in loan underwriting and ability to analyze and structure complex financial transactions.

 Proficient understanding of tax, estate and financial planning and investment vehicles including complex organizational structures such as family trusts and holding companies.

 Strong customer focus and client portfolio management experience

 Excellent interpersonal and analytical skills

 Excellent time management and priority setting skills

 Minimum 8 years of Banking experience with Commercial or Private Banking credit experience dealing with high-net-worth clients and sophisticated financing requirements

 Recognized post-secondary degree in business, accounting or related discipline

Qualified candidates should submit C.V via email to: hrbahamas@scotiawealth.com on or before June 12th, 2023

Please note that only those individuals short - listed for an interview will be contacted.

Please send your resume no later than June 12th, 2023 to: hrbahamas@scotiawealth.com

Kindly put the job title in the subject line when applying.

Cruise giant slashes PI buildings by 24k sq ft

FROM PAGE B1

“Our refreshed site plan reflects a vision to create the ultimate beach day, restore Paradise Island and do so as one of the most environmentally-progressive tourism developments in The Bahamas,” Royal Caribbean asserted. “One of our key planning goals is to build the least amount of infrastructure as possible, relying on scaled infrastructure in and around New Providence.

“The new masterplan reflects a reduction of approximately 9,000 square feet in front of house buildings and approximately 15,000 square feet in back-of-house buildings. Another key pillar was the restoration of the beaches to ensure health and stability of the sandy coastline.

“The new plan includes the removal of nearly 600 square feet of retaining walls to restore the beach back to its natural state. The new site plan also shows a separation of the pool experience in the centre of the site from one long pool to three smaller pools. This allows us to work with existing elevations on-site in the best way to minimise cut and fill, and maintain the integrity of the existing iron shore.”

Last night’s DEPP consultation, held at Queen’s College, was preceded by allegations that Atlantis was urging its vendors and others to attend. A message, widely circulated on social media and alleged to have been sent by the Paradise Island mega resort, says: “It would be great if you are able to participate.

“I’ve attached the public notice with information on the meeting (including links to register your attendance and to join virtually). I think in-person participation would be more impactful. The meeting notice also includes the link to Royal Caribbean’s project website.”

However, sources familiar with the situation told this newspaper that, while the message had come from Atlantis, it was not widely circulated and had only been sent to other Paradise Island hotels that shared similar misgivings about Royal Caribbean’s project and the potential environmental impact it would have.

Royal Caribbean’s supplemental EIA, meanwhile, contained a variety of studies on the western Paradise Island site including noise pollution and coastal engineering reviews. Kevin Bodge, of Olsen Associates Inc, in the latter report said the cruise line’s project will cover some 3,000 square feet of shoreline on both the northern and southern coasts starting from Paradise Beach Villas and moving west.

“In terms of the concerns raised regarding the project’s development, to my knowledge the Royal Caribbean masterplan includes no proposed seaward expansion of beach areas (except landward and into the upland, which is preferable),” he wrote. “There is no plan to modify the beaches, except for landward expansion into the upland within the casuarina and vegetated back beach area along the west beach, and via removal of the existing seawall on the east beach.”

Describing this as “a preferred ‘retreat’ strategy in contemporary beach management”, Mr Bodge added that there will also be “no seawall construction upon a sandy beach. Instead, there is a landward relocation of the existing east end seawall, which is beneficial for the beach”.

He also affirmed Royal Caribbean’s previous assertions that its plans for the Colonial Beach area on western Paradise Island’s tip contain “no overwater cabanas or other overwater structures other than dock replacement on the harbourside”.

Jetties, breakwaters, revetments “or other similar engineered structures that protrude into the sea or beyond the high water mark” are similarly excluded from the Royal Beach Club proposal, according to Mr Bodge.

Royal Caribbean has no plans for construction “at or seaward of the high water shoreline, and no expansion of the beach or hard structures into the sea”. It is also, the coastal engineer said, not intending to excavate nearshore rock or ironshore, while there will be no development seawards of existing vegetation lines or seawalls.

Mr Bodge’s report also said there are “no plans

to alter or create pocket beaches along the ironshore or elsewhere”, and “no modifications to the southside harbour shoreline beyond new pile supported docks that repair and/or replace some existing docks that would adversely affect nearshore processes beyond those structures that presently exist”.

And, when it came to beach restoration in the aftermath of a major hurricane, Mr Bodge concluded: “In the worst projected acute case, after severe storm impacts the Royal Caribbean project beaches can be restored through routine beach nourishment in order to promptly resume operations.

“In the present case, two beaches comprising 1,200 feet of total beach length, a nominal emergency poststorm renourishment would likely comprise less than 20,000 cubic yards of sand replenishment. That is a relatively modest quantity on coastal engineering practice. It is less than one-fifth of that placed by Atlantis (Kerzner International) along Cabbage Beach after beach erosion impacts from Hurricane Floyd in 1999-2000.”

The supplemental EIA also features a noise assessment of the Royal Beach Club, which calls for the creation of “an acoustic barrier wall” to separate the project’s generators and back-of-house facilities from nearby residential villas and other residences.

“The acoustical modelling results show that the sound levels from the Royal Caribbean Beach Club activities on Paradise Island are anticipated to be well within typically allowable noise levels for impacted residential projects,” consultant Melvin Saunders concluded.

“Residential villas immediately adjacent to the back-of-house/engine generator areas must be separated with the use of an acoustical barrier wall to minimise the impact to the residences. Other residential areas further away from the eastern portion of the Royal Beach Club are anticipated to experience noise levels in the mid-40 decibel range which is generally below the existing background noise levels found on the island.”

FTX: $7.7bn owed to Bahamas ‘misleading’

are amounts transferred from FTX Digital Markets to a debtor. It ignores the fact there are corresponding transfers from the debtors to FTX Digital Markets. It’s just stating, and giving a number, and not giving the reader the benefit of the net amount.”

Mr Mosley argued that there was “a net inflow” of funds and other assets from the FTX entities now in Chapter 11 bankruptcy protection plus Alameda Research, the private trading arm/hedge fund controlled by embattled FTX co-founder Sam Bankman-Fried that played a critical role in the crypto exchange’s November 2022 collapse.

Arguing that the $7.7bn outflow was “dwarfed” by what was injected into the Bahamian subsidiary, Mr

Mosley added: “I don’t view that as the amount due to FTX Digital Markets. In the interim report it sits in the receivables section, and indicates $7.7bn is owed to FTX Digital Markets by the debtors.

“I view that as misleading. I don’t think it’s incorrect. I see it as incomplete and purposefully incomplete. That’s why I say clouded the title, and somehow FTX Digital Markets is entitled to the assets of the debtors.”

Brian Simms KC, the Lennox Paton senior partner, and PricewaterhouseCoopers (PwC) accountants Kevin Cambridge and Peter Greaves, in their first interim report to the Supreme Court revealed they are probing whether $7.7bn was withdrawn from FTX Digital Markets via “legitimate”

transactions as they yesterday revealed virtually all countries are represented in its 2.4m-strong client base.

The trio, in particular, said they are examining whether $5.6bn worth of transactions between FTX Digital Markets and other entities in the group, and a further $2.1bn transferred to related parties, were improper or conducted for legal, appropriate reasons.

“The joint provisional liquidators have also identified over $5.6bn in inter-company transfers from FTX Digital custodial accounts to FTX Trading, and $2.1bn in related party transfers from FTX Digital custodial accounts to Alameda. It is possible, however, that these transfers could relate to legitimate withdrawals from the FTX international platform,” they revealed.

Mr Mosley, though, was less sure on key questions that the Bahamian provisional liquidators are seeking answers to so that they can progress FTX Digital Markets’ winding-up. He agreed that the question of which FTX clients were customers of the Bahamian subsidiary, as opposed to the FTX US entities, “affects a lot of parts of the case” once it is determined. And he admitted that Mr Ray and his team, of which he is a part, have not analysed the data in their possession to determine if FTX’s international clients had been “migrated” to FTX Digital Markets under the May 13, 2022, “terms of service”.

Mr Greaves, testifying for the Bahamian provisional liquidators, argued there were multiple “signposts” indicating this migration to

FTX Digital Markets was well underway by the time the crypto exchange collapsed. Besides the $13.4bn that flowed through the Bahamian affiliate’s bank accounts prior to the November 10, 2022, failure, there was also the enhanced Know Your Customer (KYC) due diligence required by the Securities Commission of The Bahamas. Whereas FTX was previously required to keep details on file regarding beneficial owners with a greater than 25 percent equity stake, the crypto exchange’s move to The Bahamas in September 2021 required that this be extended to those with a 10 percent stake as per the Digital Assets and Registered Exchanges (DARE) Act.

Mr Greaves said FTX conducted “a telephone campaign to reach out to customers” to obtain the necessary extra KYC data and include that in its files. And the latest “terms of service”, he added, made clear that multiple services were to be provided by FTX Digital Markets.

He added that clients even received “pop-up” messages requesting that they send funds to bank accounts in FTX Digital Markets’ name, as opposed to Alameda Research. However, the Bahamian provisional liquidators had been prevented from confirming this by Mr Ray and his team. “I have some evidence of that, but the place I want to look for it, the debtors have denied us access,” Mr Greaves told the Delaware Bankruptcy Court.

BARELY A BEAR: WALL STREET EXITS WHAT TURNED OUT TO BE A FAIRLY TAME BEAR MARKET

By STAN CHOE AP Business Writer

WHILE it seemed scary and interminable, Wall Street's bear market last year was meeker than most. After the S&P 500 on Thursday closed at a level more than 20% above where it was in mid-October, Wall Street can give official dates for the birth and death of its last bear market, which is what traders call a long decline of at least 20% for the S&P 500. It started on Jan. 3, 2022, when the S&P 500 set a record high, and ended on Oct. 12, when it bottomed out 25.4% lower.

Worries about the highest inflation in generations drove the drop. More precisely, it was worries about what the Federal Reserve would do to combat high inflation. The Fed furiously jacked rates up to their highest level since 2007, up from virtually zero in about a year. The aim of high interest rates is to lower inflation

by slowing the entire economy and dragging down prices for stocks, bonds and other investments. But a nine-month bear market with a drop of 25.4% is milder than the average bear market since 1950, which has lasted 13 months and seen a decline of 34.2%. Go back even further in history to include the Great Depression and other yearslong downturns, and the typical bear market looks even worse, according to

data from S&P Dow Jones Indices.

Part of that may be because the economy has so far seemed able to avoid a recession.

The job market has remained remarkably solid despite all the hikes to interest rates. That in turn has fueled spending by households, which has kept the economy from tumbling even though the manufacturing, banking and other industries have already

THIS Oct. 18, 2008 file photo shows the Charging Bull sculpture in New York City's Financial District. The S&P 500 is now in what Wall Street refers to as a bull market, meaning the index has risen 20% or more from its most recent low.

Mary Altaffer/AP

cracked under the weight of high rates.

Of course, the Fed may still not be done hiking interest rates. Many traders expect it to take a pause on rates next week, which would be the first meeting in more than a year where it hasn't raised rates. But inflation remains uncomfortably high, and the expectation is that it hikes rates again in July.

Some critics expect stocks to struggle to rise for a while, particularly because only a small handful of big tech-related stocks have been responsible for most of this year's rise.

Photo:

GM’s electric vehicles will gain access to Tesla’s vast charging network

By TOM KRISHER AP Auto Writer

ELECTRIC vehicles

made by General Motors will be able to use much of Tesla's extensive charging network beginning early next year under an agreement the two companies announced Thursday.

In addition, GM will adopt Tesla's connector, the plug that links an electric vehicle to a charging station.

GM joins Ford in shifting its electric vehicles to work with about 12,000 of Tesla's roughly 17,000 chargers, and both Detroit automakers are pushing to make Tesla's connector the industry standard. GM CEO Mary Barra and her Tesla counterpart, Elon Musk, made the announcement during a Twitter Spaces conversation.

Their discussion comes two weeks after Ford CEO Jim Farley joined Musk to announce that Ford's electric vehicles would gain access to much of Tesla's EV-charging network, the largest in the nation. Farley

also said Ford would switch to Tesla's connector rather than go with the connector used by the rest of the industry.

At first, GM and Ford EV owners will need an adapter to hook into the Tesla stations, which have their own connector. But both GM and Ford will switch to Tesla's North American Charging Standard connector starting with new EVs produced in 2025.

Tesla has about 17,000 Supercharger stations in the U.S. There are about 54,000 public charging stations in the U.S., according to the Department of Energy, but many charge much more slowly than the Tesla stations.

"Like Ford, we see this as an opportunity to expand access to charging," Barra said, adding that GM hopes the rest of the industry will move to the Tesla charging connector, which is different from the CCS connector used on most other EVs.

Musk said that GM and Tesla vehicles would have

an even playing field at the charging stations.

"We will provide support equally to both," he said.

"The most important thing is we advance the electric vehicle revolution."

Financial details of the agreement between the two companies were not released Thursday, but GM spokesman Darryll Harrison said GM isn't paying Tesla.

"Tesla will get better utilization of their network and all the new charging revenue, which will help

them expand the network further," Harrison said. "There are other opportunities both companies can take advantage of as a result of the agreement."

It's likely that GM EV owners will have to pay a monthly charge to access Tesla's charging network, and current GM owners probably will need to buy the adapter, Harrison said.

Tesla's supercharger network is a huge competitive advantage for the company based in Austin, Texas, which sells more EVs than

CHIEF Executive Officer Mary Barra speaks during the opening of contract talks with the United Auto Workers on July 16, 2019, in Detroit. Barra was the second highest paid woman CEO in a survey done by AP and Equilar. She received a base salary of $2.1 million, a $6.3 million performance-based bonus, $1.1 million in perks and $19.5 million in stock and option awards, for a total pay package of $29 million.

anyone else in the U.S. Chargers often are located near freeways to enable long trips, where most fastcharging plugs are needed, and generally they're more reliable than other networks.

But opening access to EVs from GM and Ford, which rank a distant second and third in U.S. EV sales, will make it easier for those owners to charge while traveling. It also could rankle some Tesla owners who already are jockeying for space at some of the busier Supercharger stations, largely in California.

Barra said joining Tesla's network would almost double the number of chargers available to GM electric vehicle owners.

"At the end of the day, we're looking at what's best for our customers," Barra said. "We aren't the only

THE WEATHER REPORT

company that comes up with good ideas."

Mike Austin, an electric vehicles analyst for Guidehouse Insights, said GM joining the Tesla network is a huge step toward making Tesla's connector the industrywide standard.

"It seems like there's a lot of momentum going the way of the North American Charging Standard, for sure," he said.

If other large EV makers such as Hyundai, Kia, Volkswagen and Nissan, also switch connectors, Tesla would get a large amount of revenue from its chargers, Austin said.

Still, Tesla appears to be holding back at least part of its network for use only by Tesla owners, he said. The risk, he said, is that Tesla owners could have to wait for access to a plug.

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

Photo:Paul Sancya/AP