06152023 BUSINESS

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Doctors targets share offering for end-August

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

DOCTORS Hospital is targeting end-August 2023 for a share offering that will give more Bahamians an ownership interest in the healthcare provider just as it aims to “near double” pre-COVID’s $60m annual revenues.

Dennis Deveaux, the BISX-listed company’s chief financial officer, told Tribune Business it was committed to the offering although the size of the capital raise and mechanism that will be employed are still being determined.

Disclosing that RF Bank & Trust has been retained as financial advisers for the offering, he pledged that Doctors Hospital will “engage” both existing shareholders and potential new investors about the merits of a rights issue, private placement or some combination of both as it seeks to broaden the company’s existing 1,000-strong equity ownership base. The offering proceeds will ultimately finance Doctors Hospital’s

“fairly aggressive expansion agenda”, which includes its new 50,000 square foot-plus Freeport hospital plus clinics and outpatient facilities in Grand Bahama, the Family Islands and New Providence.

Mr Deveaux, confirming that Doctors Hospital will open one facility on the “Village Road corridor” this year, along with another New Providence location he has yet to disclose, told this newspaper that

Wendy’s says PI ambition not over despite reverse

recent investments on the island are expected to pay dividends as early as the company’s current financial year by generating an extra $5m in revenue.

He explained that this growth that has given the BISX-listed private healthcare provider confidence it can “near double” the $60m annual revenues it was generating pre-COVID. Disclosing that Doctors Hospital is targeting improved efficiency, and aiming to hit a net profit margin of 10 percent over the mid-term, Mr Deveaux added that it is keen to partner with the Government to address the $3m-$5m it provides in annual care for which it never receives payment.

“We will announce towards the end of August that we are going to be going to market with an opportunity for Bahamians to purchase stock in the company,” he told Tribune Business. “We think it’s an exciting opportunity for Bahamians to participate in healthcare transformation in The Bahamas by helping to contribute on our plans.

SEE PAGE B8

‘Worst deal in history’ to give Gov’t $78m in 2023

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

NASSAU Cruise Port yesterday estimated it will generate more than $78m for the Government during the 2023 calendar year after a Cabinet minister blasted the project as “the worst deal in Bahamian history”.

The Prince George Wharf operator, in a late afternoon statement, forecast that the Government will earn multiple millions more from cruise passenger activity than the sums given by Keith Bell, minister of labour and Immigration, during his presentation in the 2023-2024 Budget debate.

The House of Assembly was treated to a situation where Mr Bell, in seeking to portray the Minnis administration as having given the cruise port away for next to nothing, attacked an agreement the very Cabinet of

SEE PAGE B9

FTX chief: I’ll tie US up in Bahamas ‘for years’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FTX’s founder has warned he will use the Bahamian judicial system to block efforts to bring additional fraud, bribery and corruption-related charges against him “for years” by going all the way to the UK-based Privy Council.

Sam Bankman-Fried, the embattled crypto exchange chief, warned US prosecutors in Tuesday filings in New York that he “intends to pursue” his legal rights all the way through the Bahamian judicial network

to the system’s highest court in a bid to slash the charges against him by almost half.

Noting that this process, and the multiple hearings it will require, will take “potentially months

SEE PAGE B7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Wendy’s and Marco’s Pizza operator last night asserted it has not abandoned its Paradise Island ambitions despite the planning appeals board overturning the approvals previously granted for the former Scotiabank site.

Gail Lockhart-Charles KC, attorney for the Aetos Holdings affiliate behind the restaurant “change of use” application, told Tribune Business the decision had merely “delayed” her clients plans as it now requires them to go back before the Town Planning Committee for a full public hearing.

She argued that the Subdivision and Development Appeal Board, in yesterday’s verdict, had overturned the preliminary “change of use” approval from the Town Planning Committee on a “technicality”. Pointing out that the Wendy’s/Marco’s Pizza application was heard in March 2022, when COVID restrictions were still in effect, she said the earlier permission was set aside due to Town Planning’s failure to hold a public hearing or carry out adequate public consultation.

Mrs Lockhart-Charles, in a statement sent to this newspaper, said Aetos Holdings and its principals, Chris and Terry Tsavoussis,

MICHAEL MAURA

SAM BANKMAN-FRIED

Handle downsizing with necessary care

By DEIDRE BASTIAN

IN BUSINESS, downsizing refers to reducing operating costs and making a company leaner. It is often is described as ‘trimming the fat’. This involves reducing the size of the workforce, closures and making the various units more productive and efficient. The aim of downsizing is to restructure a company in order to make it more competitive. It is a natural progression in terms of its development.

Some say the downsizing process differs from layoffs, as the former is seen as a more permanent measure while the latter may include the possibility of rehiring workers who lost their jobs at a later date. Today, the term ‘lay-off’ can mean either the temporary suspension or permanent termination of a job.

Nonetheless, if not prepared and carried out properly, downsizing can have unpleasant repercussionsfor a business. Moreover, it is a very common measure that companies enforce during times of market volatility or poor financial performance. Many people, especially trade unions, view the term “downsizing” as simply a euphemism or double-speak for a layoff.

Businesses typically downsize to:

* Improve efficiency (by replacing employees with machinery)

* Reduce costs

* Right-size resources relative to market demand

* Take advantage of cost synergies after a merger

* Increase profits by reducing overhead costs

* Respond to a decline in demand for a company’s products or services

Generally, businesses downsize in different ways. Some may opt for a ‘gentler’ approach by offering early retirement and the possibility for workers to transfer to a subsidiary company.

Unfortunately, for some of the workforce, the most common way to downsize is to terminate the employment of multiple workers. The trimming process may occur gradually, bit-by-bit over a period of a couple of years, or suddenly in one giant slice.

Those in charge of downsizing will target staff and departments that are seen as ‘redundant’ (surplus to requirements) or loss-makers.

Notably, businesses that are downsizing attempt to take the necessary steps to ensure employees who are highly valued are retained. However, employees who are considered ‘key personnel’ can still find themselves out of a job, especially if the headcount reduction is aimed at management personnel. Even when prepared meticulously and carried out properly, the entire process can be extremely nerve-wrecking for employees - even for those who are kept on. Everyone becomes curious or wonders how safe their jobs are, and whether they might be next. How should companies approach downsizing? It is important to look at the consequences of downsizing to ensure the value created from trying to streamline the business outweighs the potential damage to the company’s reputation and decline in employee morale. There are costs associated with the process. It is vital to carefully evaluate factors such as the potential lower productivity, talent loss, cost of severance packages and future hiring and training costs.

Ultimately, it is in the company’s best interest to ensure the downsizing process is done humanely and professionally, with all relevant players a part of the process. This process can be achieved by proper planning and determining the right amount of job cuts, one that suits both the company and its shareholders. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com

• Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach

DPM SPEAKS TO LA ON BAHAMAS FLIGHT

CHESTER Cooper, deputy prime minister and minister of tourism, investments and aviation, was interviewed live at KCAL Morning News (CBS) on

Tuesday to talk about the first-ever non-stop JetBlue flight from Los Angeles (LAX) to Nassau, Bahamas (LPIA).

Photo: Kemuel Stubbs/BIS

CREDIT UNION’S $1M WIND-UP NEARS END

MORE than two-thirds of the cheques representing outstanding funds owed to hundreds of the One Eleuthera Cooperative Credit Union’s (OECCUL) members were signed over the weekend, its liquidator confirmed yesterday.

Errol McPhee, also the OECCUL’s former chairman, told Tribune Business more than 600 cheques were signed for members and he is “happy” this

process will end soon. “You don’t know what it’s like to have 780 people calling you every day for their money. It’s very stressful,” he added. The OECCUL was ordered to close in December 2022 and wind-up its affairs, leaving 780 members without access to their funds. It went into liquidation under The Bahamas Cooperative League (BCLL) shortly afterwards, and is now ready to repay its members what they are due. “Last Saturday gone, me and the secretary was in the church signing cheques.

All of the cheques that was outstanding in Eleuthera, over 600 of them, we dealt with,” said Mr McPhee.

Stephanie Missick-Jones, the BCLL’s general manager, confirmed to Tribune Business she was in the process of signing-off cheques yesterday and members should be receiving word from the BCLL shortly. She said: “We are in the process now. It’s ironic that you are calling now because just last week we were there putting together cheques, and we are continuing with that, so in a few weeks it will be done.”

MINNIS: GOV’T EYES APP TO CONTROL EXPENDITURE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

FORMER Prime Min-

ister Dr Hubert Minnis blasted the government yesterday for the level of taxation, wasteful spending and lack of fiscal accountability.

Dr Minnis, in his contribution to the 2023/2024 Budget debate, said the budget is a “strategy” by the “greedy” Progressive Liberal Party (PLP) to manipulate the tax system to ensure a “historic transfer of wealth from the people to the PLP elite”.

Prime Minister Philip “Brave” Davis has said the current Budget has “no new taxes,” but it does have several increases in levies and service charges.

Dr Minnis said the government is also implementing Value Added Tax (VAT) at the University of The Bahamas that “will have to be passed on to our young people”.

Dr Minnis also accused the government of “hoarding the resources” from the Bahamian people.

In response, Mr Davis said Dr Minnis’s loose lips are designed solely to smear people’s character and that his administration is nothing like the former Minnis administration.

Dr Minnis said: “The Prime Minister, the tax collector in chief, is so defensive about the extra tax burden that he has put on the Bahamian people. This is why he is so defensive about his luxury travel and the over $60m being paid to consultants.

“They won’t tell us why they stopped the Central Bank, the new Central Bank (project). They won’t tell us what is really going on with the cost of the new prison. Their plan and cost about a new hospital for New Providence aren’t adding up.”

He further asked about all of the “confusion and lack of transparency” about these million dollar capital projects. “We wonder if the interest maybe 14 percent or 15 percent may subsequently decrease if the if there were any mobilisation fee by the government. Whenever it comes to state funds

for major capital project works, the PLP can get their stories, right. They’re constantly trying to deflect from their failures and grand mistakes. But Bahamian see through all of this propaganda and hide and seek,” Dr Minnis chided the administration.

Meanwhile, Dr Minnis added: “The Ministry of Finance is so concerned with the overly spending of members of members of this particular government, that the Ministry of Finance is presently in consultation with a particular bank to introduce an app that would allow them to see and monitor the government spending, because it is out of control.

“Hopefully, they will have such an app available, because I do not want to call names, because there are individuals in the government who are abusing the system that Ministry of Finance is so concerned that this particular app being discussed, to be established by one of the major banks in this country to monitor the Bahamian spending.”

Ms Missick-Jones added that they are preparing for an AGM (annual general meeting), which may delay the process, but, “the cheques are pretty much all signed with a few exceptions”.

The OECCUL was forced to close because the Central Bank of The Bahamas, its regulator, said that it was not meeting the legal liquidity requirements. Mr McPhee acknowledged this with great sadness, and said: “They didn’t give us a chance to grow. I’m a part

of the Teachers & Salaried Workers Credit Union, and I grew with that as a former teacher. It took us very long to get to a level. Every credit union needs about 15 to 20 years to get solid.

“They didn’t want to see us successful. We didn’t loan any monies out. All of the money we had out was to our members, and we got very few delinquents and people were paying it back. Even though the credit union closed, people were coming in every Saturday and paying off their loans. I think it is a sad thing, a very sad thing.”

The OECCUL’s liquidation process was relatively smooth as some corporate winding-ups can take several years to completedepending on the complexity of the matter. Sums due to the OECCUL’s members totalled slightly over $1m, Mr McPhee said, as they “were not risky” with money. “When people want their money, they want their money, and they need it. We weren’t using their money; we were allowing them to get their money to do what they needed to do,” he added.

‘3,000 FIND JOBS’ THANKS TO LABOUR ON THE BLOCKS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Department of Labour’s “Labour on the Blocks” initiative has helped 3,000 Bahamians find jobs, said Minister for Immigration and Labour Keith Bell yesterday.

Mr Bell said in his Budget debate contribution that the Labour on the Blocks initiative has helped with providing employment for any Bahamian seeking work.

Mr Bell promoted the efforts of the National Tripartite Council and how its mandate was to train and prepare Bahamians to “maximise the benefits of this economy”.

Mr Bell also said: “The NTA (National Training Agency) is designed to build a competency based training and job placement program for all Bahamians.

“I am pleased to report the National Training Agency offers the ILM level three certificate in leadership and management. Beneficiaries of this certification have been officers from our uniformed

KEITH BELL

branches, the Department of Social Services, and the private sector.”

Due to the efforts of the NTA ensuring that all of their courses are accredited and certified they have been able to matriculate four cohorts into universities abroad. “In the past fiscal year, four cohorts have passed through the

NTA, three in New Providence and one in Grand Bahama. In September of 2022, 114 students completed the programme. Up to date 70, of these students are fully employed. The latest cohort concluded in New Providence on May 26 with another 140 persons,” he said.

Having been the first Caribbean country to sign on to the International Labour Organisation’s Decent Work Programme and “leading the way” in its roll out, in addition to increasing the minimum wage, Mr Bell indicated the government is still making steady progress towards implementing a liveable wage.

ACKLINS SELL BID AUCTION

Beach Front Acreage

15.32 acres

Begin: June 19th, 2023

End: June 30th, 2023

www.PortNewAcklins.com

Email: RemarkableBahamas@gmail.com

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.

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.

Retailer’s website revamp set to be ‘game changer’

A BAHAMIAN retailer says its revamped website, which has amassed more than 10,000 registered users since its launch at COVID’s peak, will be “a game changer” for contractors and other clients.

CBS Bahamas, the home improvement products merchant, confirmed in a statement that it has unveiled an upgraded CBSBahamas.com e-commerce platform. The new online store has been designed to empower both business-to-consumer (B2C) and business-to-business (B2B) customers, providing them with a simplified and improved shopping experience.

The retailer added

that it first launched its online platform in April 2020 at the height of the pandemic. Since then, it has grown to over 10,000 registered users and gained more than 2.5m page views annually. The online portal now showcases more than 11,000 home improvement and hardware items, including both customisable and built-to-order products, and has been redesigned to boost speed, functionality and security.

Brent Burrows II, CBS Bahamas’ senior manager of e-commerce, said:

“Our goal with this allnew e-commerce store is to change the way you interact with CBS. To empower you, the

customer, and to provide the tools necessary to make your shopping experience as self-service, informative and easy as possible.

“We’re introducing what is perhaps the most comprehensive self-service account management module for our enterprise users - providing them with a host of tools that allow for buyer approval workflows, detailed user management, personalised job site delivery, budget snapshots and reporting, and so much more.”

CBS Bahamas said it also plans to debut its new Quote Builder tool. It added that this is a free solution that empowers

small contractors to create custom quotes for their customers,

using their own information and logo in order to price jobs using CBS products as well as materials from other vendors.

Contractors who use the quote builder will be able to set their own margins and labor charge add-ins. The tool is designed to provide them with better client management and professional legitimacy.

Other new features include better product data with more than 25 attributes for the average product, and a new system for product questions and answers and reviews.

CBS Bahamas said it is also introducing a ‘Quick Order’ feature and realtime quantity and pricing updates linked to in-store point-of-sale (POS) systems. The revamped website includes a delivery scheduling module, providing customers with the option to select preferred delivery dates and timeframes, view real-time availability of delivery slots and track orders with detailed tracking events and

digitised signatures. Multiple project calculators have also been incorporated, enabling customers to make informed decisions on product and material quantities required for various projects. Customers now have more payment options, including credit cards, purchase orders or bank transfers in order to simplify the checkout process.

CBS Bahamas said it plans to start enabling access to the new platform in the coming weeks, and will be hosting training sessions to onboard users. Existing rewards customers, preferred contractors or credit account holders can register now for early access.

“This new website will be a game changer for the DIY customer, the small contractor and the enterprise buyer. We are now setting the standard for the way B2B and B2C e-commerce is performed here in The Bahamas,” Mr Burrows said.

SYSTEM COULD WARN OVER WARRANTS

WHEN DRIVERS RENEW THEIR LICENSES

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE government is in discussions with Trinidad to implement a road traffic portal that connects a driver’s license and vehicle registration with outstanding warrants and tickets - prohibiting them from renewing until issues are resolved.

Minister of Transport and Housing Jobeth Coleby-Davis announced the move while speaking at the International Road Federation (IRF) Caribbean Regional Congress yesterday, saying the portal can increase revenue and reduce the “pressure” on the judicial system having to track down individuals with outstanding warrants and traffic tickets.

COLEBY-DAVIS,

She said: “We are presently in discussion with Trinidad. They have a

portal that we were able to view that we really like. And it helped with increasing revenue for the country, but also managing how people interact and used the roads because the portal actually connects your licence and your registration to your warrants, your tickets, and it alleviates the pressure off the magistrate and the court.

“So what it does is when you go to get re-licence, or renew your driver’s licence, anything related to road traffic, the system is connected to the police. And so if your name has a warrant out, or if you have a traffic ticket that has not been paid, you will not be allowed to get your licence renewed until you have cleared that. And so we are in discussions.”

Ms Coleby-Davis

said insurance companies would also be able to access the portal to ensure individuals do not cancel vehicle insurance plans once they have obtained registration. She said using technology to strengthen the ease of communication between these agencies will reduce a lot of issues they face.

She said: “We want to have those systems speak to each other, as well as the insurance companies because what we’ve noticed in the past at road traffic... there’s been a lot of persons getting the insurance to get licenced and registered, and then cancelling it after they have gotten their licence and registration until the next year.

“And so we need to have our systems speaking to one another so that we can alleviate those issues. We’ve

done a great deal of building a strong relationship with the traffic division in the police force, and also with insurance companies. And so I think just stronger collaboration, through innovation and technology will reduce a lot of the issues that we found to be happening in the past, so there is a great benefit to technology. And having those systems speak to one another and collaboration.”

Meanwhile, Minister of Works Alfred Sears said his ministry is using artificial intelligence to collect data from traffic lights and to program street lights. He said utilising this technology allows law enforcement to obtain footage upon request and allows engineers to adjust street lights quickly.

He said: “We have

already installed a road traffic light system. At each of the intersections, we have a camera, and with the artificial intelligence, we’re able to monitor. For example, if there was an accident within the range of the camera, we currently share that information with the police. And we are engaged in discussion to have greater collaboration with road traffic with the police and other stakeholders.

“We’ve introduced a new road traffic system using artificial intelligence that enable the engineers in the ministry to monitor the street lights to be able to manage, given the flow of traffic, the sequencing in the lighting system and also to have real-time observation so that there can be an immediate response when the occasion demands.”

PUBLIC ACCESS FOR DISABLED A PRIORITY, SAYS MINISTER

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

PUBLIC buildings are being refitted with wheelchair ramps to make them more accessible to disabled members of the public, Minister of Works and Utilities Alfred Sears revealed yesterday.

Speaking at the International Road Federation (IRF) Caribbean Regional Congress, Mr Sears provided an update on the status of infrastructure upgrades and repairs.

In addition to wheelchair access to public buildings, sidewalks will be redone to include access ramps and the new Parliament building will include a lift so all Bahamians can access the building. He added that the contractors for the Village road project will ensure that proper sidewalks are constructed.

He said: “The Bahamas has a Disability Act. However, most of the public infrastructure is very old. So we have been engaged in the process of retrofitting, that is, installing ramps in public buildings.”

“We also have a small contractors programme where we’re

tematically, certainly within

New Providence, to redo sidewalks so that we install ramps on the sidewalk. And we would have applied that also in the most recent project that we’re about to complete on Village Road, where we’ve removed all of the sidewalks, because some of them had cracks and so on in them and we have added to the contractor’s work to install new sidewalks that would be safe for all users as well as proper ramps.

“The government has also made a commitment to build a new Parliament because as you know, now Parliament, we have no lift at the Parliament and it sits on the second floor of the House of Assembly. This is one of the priority areas of government, we will engage team of designers, they have travelled throughout our region and other regions looking at national parliaments. And we will be moving very aggressively to build a new Parliament that reflects that, is in compliance with the Disability Act, and really reflects the aspiration of the Bahamian people.”

Mr Sears said Gladstone Road will include a bicycle lane, street lights will be

the ministry has invested in more prominent signage.

He said: “We have started a major programme for the redevelopment of existing roads and also designing new roads. On the Gladstone Road development project, in addition to dual carriageway sidewalks, we’re also putting in place road for bicycles, and better facilitation to encourage walking, as well as bicycling so that the road becomes much more multi-purpose rather than vehicle but for the safe use of pedestrian and also introducing bicycle lane in terms of improving lifestyle.”

“In terms of the lighting we also have made a major commitment with the Caribbean development bank to change the lighting from the sodium lights to LED lights, which puts more emphasis on sustainability. And of course, a major focus now is we have invested substantially in the machines that are producing better signage so that we have signage more prominent, and also cat eyes along the road to improve safety, especially in the night.”

Asked by panel moderators what keeps him

vulnerable infrastructure on the Family Islands, adding that obtaining equipment and staff in these locations presents a challenge and the ministry is turning utilising private contractors to maintain these areas.

He said: “What keeps me up at night is the old road infrastructure, vulnerable infrastructure, roads that are along the coast in our different family islands. And of course, with rain and significant weather events, you have potholes, the potholes really increase the danger and make the road not as safe as it was intended to be.

“Also lighting, signage. And so clearly putting in place a robust maintenance infrastructure. And that involves resources, we have to get equipment, we have to maintain a certain level of staff. And increasingly,

private contractors to maintain different zones.”

Mr Sears said ensuring our infrastructure is constructed sustainably and flood management are also areas that concern him. He said new bridges are being constructed to ensure the free flow of water and that a 600ft well will be constructed in Pinewood Gardens to alleviate concerns. He maintained obtaining funding to build resilient and sustainable infrastructure is critical to our survival and safety.

He said: “The second concern is the critical need for innovation. So as we maintain our roads and our bridges… the 40 that we maintain, we’re building new bridges, we’re replacing existing bridges. And we’re not building bridges in the water, the base of the bridge, we’ve tried to put it

be navigation under the bridge. And unlike in the past, it can allow the free flow of marine life under the bridge.

“So building in a manner to ensure sustainability and resilience and of course getting the money to do it because of the urgency that it has to be done in order to ensure survival and safety.”

“The third aspect is flood mitigation on a very flat island where we have the construction in eco-sensitive areas with heavy rain and certainly hurricanes it floods very quickly. So we’ve put a very major focus on flood mitigation on our roadway, better installation of swales, wells... we are introducing some deeper wells, in an area where historically we’ve had flooding, we are piloting a 600ft well, in the Pinewood Gardens area.”

JOBETH

Minister of Transport & Housing.

are not giving up on their Paradise Island restaurant plans despite yesterday’s reversal. “Our client’s brands, Wendy’s and Marco’s Pizza, share a common goal in wanting to provide hot quality food using the best ingredients and served with excellent service. Their success is the result of doing things the right way,” she said.

“Wendy’s has demonstrated an unwavering commitment to serve fresh food, at a fair price, in a comfortable atmosphere. They are a global family

brand built on values of quality, service and always strive to create joy and opportunity in the communities they serve. Two beautiful and modern restaurants are in the works that will make everyone proud on Paradise Island, providing a place where guests can get quality hamburgers made from fresh beef at Wendy’s and enjoy quality pizza from Marco’s Pizza.

“The Town Planning Committee had previously granted approval to Wendy’s for its Paradise Island location. Unfortunately, the application was heard

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in March 2022 when COVID restrictions were still in place with regard to public meetings, and it has been held that the Town Planning Committee did not carry out adequate public consultation, so the approval has been set aside on this technicality and for no other reason,” Mrs Lockhart-Charles added.

“This technicality has delayed the process, as there must now be a public hearing. Wendy’s welcomes the public hearing and looks forward to sharing with its customers and the public its exciting plans for the development of its Paradise Island location.”

The appeal board’s ruling will likely delight Atlantis and the other Paradise Island hotels that had united in opposition to Aetos Holdings’ plans and sought to block its efforts to convert the former Scotiabank (Bahamas) branch into a restaurant destination for its Wendy’s and Marco’s Pizza brands.

Atlantis had teamed with fellow hotels, the Ocean Club and Comfort Suites, plus Hurricane Hole’s developer, Sterling Global Financial, as well as the Paradise Island Tourism Development

JOB VACANCIES HUMAN RESOURCE MANAGER

Applications are invited from suitably qualifed persons for the post of Human Resource Manager (HR Manager) at the Council of Legal Education Eugene Dupuch Law School, Nassau, The Bahamas. The Eugene Dupuch Law School ( Law School) is a regional institution which is administered by the Council of Legal Education (Caribbean).

The Human Resource (HR) Manager is accountable to the Principal of the Law School and provides strategic leadership and direction to the management of the Law School through initiatives that support the key results areas of the school such as employee development, employee retention, and governance.

Educational Qualifcations and Experience

1. (a) Master’s degree in Human Resource Management (HRM) /Development or ;

(b) Bachelor’s degree in Human Resource Management/Development along with relevant professional certifcations.

2. At least eight (8) years’ experience in the feld of HRM, four (4) of which should be at a senior level.

Applicants should submit by email to admin@edls.edu.bs a signed letter of application along with an updated curriculum vitae, three (3) signed character reference letters, (two of which must demonstrate familiarity with the applicant’s work) and copies of all relevant certifcates and other documents

For details and further information visit the Eugene Dupuch Law School’s website: https://eugenedupuchlaw.edu.bs/careers

Application Deadline – Friday June 30, 2023.

Association in a bid to appeal the original Town Planning Committee approval on the basis that converting the bank into fast-food restaurants would create “a potential obstacle for planned luxury resort and residential development”.

The mega resort added that such projects are planned by itself, Four Seasons (the Ocean Club) and Hurricane Hole’s developer, and allowing the presence of Wendy’s and Marco’s Pizza will cause “incongruence with the idyllic setting of Paradise Island” and “erosion of the natural, scenic and aesthetic environment”. However, none of these grounds ultimately swayed the appeal board’s decision. Describing the verdict as a “testing” one, it added:

“The appellants [Atlantis and the hotels] jointly challenge the decision under appeal on the basis that same is irrational/unsustainable due to the congestion of traffic, environmental concerns, parking, impact on luxury of the island. Further challenges relate to covenant challenges and decisions going against the wishes of residents and business owners on Paradise Island.

“What, however, has concerned the Board on this appeal most is the position advanced that there was no application in accordance with the Planning and Subdivision Act. The public hearing was not consistent with the Planning and Subdivisions Act or, alternatively, if the hearing was in fact a public hearing it was not conducted in accordance with settled legal principles.”

The appeals board added that compliance with the processes and procedures set out in law by the Planning and Subdivision Act was vital to obtaining the necessary approvals or otherwise such permissions would be rendered “meaningless”. And it noted that public hearings and consultations “must be fair”, with all relevant drawings, information and materials provided to interested parties so that they can give informed feedback. There was “no evidence” that notice was given of a public hearing, although many of Aetos Holdings’

opponents were invited pri-

vately and did attend the hearing. “In addition, the nature of the information being requested, such as drawings, signage etc, are all information that ought to have been available in advance for consideration and comment by those being consulted,” the appeals board said.

“Having concluded that for such approval to stand there must be an application in accordance with the Planning and Subdivisions Act and public consultation as aforesaid, and same not having taken place, the appeal is allowed and the decision is therefore set aside.....

“[It] does not appear that an adequate opportunity was afforded to all parties to receive materials and make representations before a decision was made by the Town Planning Committee and this is fortified by the lack of documentation contained in the record of appeal provided.” The appeals board said Aetos Holdings is free to appeal its findings to the Supreme Court, and made no decision or findings on the other grounds of appeal raised.

The former Scotiabank branch occupies a key spot at the junction of Harbour Drive and Paradise Beach Drive. Drivers coming on to Paradise Island reach it before they get to Atlantis, Hurricane Hole and any of the other resorts, while persons exiting via the offbridge also have to pass it. It is also within walking distance for both the thousands of staff and tourists at Paradise Island’s hotels, giving any fast food operator a lucrative and large market to tap into.

Atlantis, in appeal documents, said neither itself nor any of its subsidiaries had seen the original application for “change of use” from a bank branch “to a fast food restaurant location, namely to be used for Marco’s Pizza and Wendy’s restaurants”, that was submitted to the Town Planning Committee on October 26, 2021.

The planning authority gave preliminary approval for the change on March 29, 2022, prompting Atlantis to lodge its notice of appeal on April 20, 2022. It argued that the decision “was made with insufficient merit and regard to the adverse impacts on residents and commercial operations on Paradise Island”, with the negative impacts including

increased traffic congestion and parking demand on Paradise Island.

Where Atlantis succeeded was its attack on the Town Planning Committee’s decision via procedural matters by arguing it was “unlawful” on the basis that no public consultation had been held. Arguing that their had been non-compliance with “the record of appeal”, as several documents required by law had not been provided, Atlantis said “change of use” applications are not mentioned in the Planning and Subdivisions Act 2010.

Regardless, the mega resort argued that “in any event, no matter what type of application for development is made”, a public hearing was mandatory before the Town Planning Committee reached its decision.”It is now apparent that no public hearings were held,” Atlantis said.

“The meeting held by the Town Planning Committee on March 15, 2022, was not a public hearing.

“Whilst it is appreciated that [the Atlantis subsidiaries] were notified of and allowed to attend the meeting, that notification and attendance were not sufficient” to qualify as a public hearing. No notice of such a hearing, and/or informing the public it was being held, were included in the record of appeal.

“As a result, it is now submitted that the absence of any public notice, and therefore of any public hearing, is a further reason why the Appeal Board ought to overturn the decision of the Town Planning Committee,” Atlantis said. “Providing an opportunity for public input is a mandatory step that the Town Planning Committee must take before making a decision in any application for development.

“The importance of holding a public hearing cannot be underestimated. The public ought to have an opportunity to be notified and consulted regarding any development within their community. This was not done in the instant case... Accordingly it is submitted that the Town Planning Committee’s decision in the instant case to grant preliminary support of application was unlawful.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, RENETTE MOREE HARDING of P.O Box SS-19330 Sweeting Street, Nassau, Bahamas, intend to change my name to RENETTE MOREE If there are any objections to this change of name by Deed Poll, you may write such objections to the h ef Pass ort Offcer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

The Public is hereby advised that I, COLISNOAD ST. CLOUT WATKINS of Leeward East, P.O Box N-226, intend to change my name to CLINT WATKINS If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE is hereby given as follows:

(a) Ramseyville Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 14 June 2023

FTX chief: I’ll tie US up in Bahamas ‘for years’

or years” to conclude, the FTX founder and his attorneys are arguing that the multiple new counts and charges levied against him following his extradition from The Bahamas should be dismissed or, alternatively, “severed” from those that formed the basis of his surrender to US federal authorities.

With Mr BankmanFried’s Bahamian legal action effectively blocking the Davis administration from giving US prosecutors the permission they need to proceed with the additional charges filed post-extradition, his advisers are arguing it will be impossible to bring or hear these at his New York trial that is scheduled to begin on October 2 this year. For that very reason, they argue, these should be dismissed.

Justice Loren Klein, in a June 13, 2023, verdict, has already given Mr Bankman-Fried leave to bring a Judicial Review challenge to ensure he has the right to contest any decision by The Bahamas government to grant US authorities the go-ahead they are seeking.

And he also issued a temporary injunction blocking the Government, at least for the moment, from giving that consent until Mr Bankman-Fried’s case is heard on the merits.

Capitalising on this, Mr Bankman-Fried’s attorneys alleged in filings with the southern New York federal court: “If the Bahamian Supreme Court subsequently determines that Mr Bankman-Fried has a right to be heard by the minister

(Fred Mitchell, minister of foreign affairs) regarding the Government’s specialty waiver request, the minister may only decide the request after Mr Bankman-Fried has been given an opportunity to be heard.

“And if the minister makes an initial determination to grant the waiver, such initial determination is subject to an appeals process in The Bahamas up to the United Kingdom’s Judicial Committee of the Privy Council, which Mr Bankman-Fried intends to pursue. The appeals process would likely further stay the minister’s initial determination, and is anticipated to take potentially months or years.

“Thus, even if the minister were to initially consent, this consent cannot be considered provided under the Extradition Treaty until the appeals process in The Bahamas has been exhausted. For its part, due to its own delay in seeking The Bahamas’ consent as discussed above, the [US] government cannot now reasonably contest the severance of the charges by citing some pretense of urgency that requires Mr Bankman-Fried to be tried on the at-issue charges in October.”

Mr Bankman-Fried is seeking to prevent additional charges being brought that threaten to expose him “to greater penalties and a much longer period of imprisonment” if he were tried and convicted on any of them.

The FTX founder and his legal advisers are bidding to ensure charges of “conspiracy to commit

bank fraud”; “conspiracy to violate he Foreign Corrupt Practices Act’; “conspiracy to operate an unlicensed money transmission business”; commodities fraud; securities fraud; and US campaign finance law violations are all dismissed on the basis that they were not included in the offences for which he was extradited from The Bahamas.

They are arguing that many of the charges brought against Mr Bankman-Fried subsequent to his departure from this nation run afoul of The Bahamas-US extradition treaty, and specifically its Article 14. Known as the “rule of specialty”, this stipulates that someone being extradited from The Bahamas “may only be detained, tried or punished” in the US “for the offence for which extradition was granted”, while setting out other criteria.

The alleged breach occurred because of the charges added following Mr Bankman-Fried’s extradition, and the US is now moving to correct this by seeking The Bahamas’ permission to proceed with the new grounds. It formally requested The Bahamas’ consent on May 22, 2023, via a “diplomatic note”. Setting out their arguments for having these additional charges dismissed, or at least “severed” from the original indictment so the October 2, 2023, hearing can proceed only on offences for which he was extradited, the former FTX chief’s attorneys argued: “In its haste to proceed against Mr Bankman-Fried, the [US]

government has repeatedly erred as to both matters of process and law, warranting relief from this court.

“First, in its opposition brief, the [US] government now admits that it has not properly followed the treaty between The Bahamas and the US. After The Bahamas agreed to extradite Mr Bankman-Fried on only seven of the original eight charges, the government ignored this direction, seeking to prosecute Mr Bankman-Fried on all eight charges.

“The government then filed two superseding indictments, adding six new charges without first seeking (or obtaining) consent from The Bahamas as required under the extradition treaty. And now, when confronted with the fact that the new charges - nearly half of the indictment - were not properly brought, the [US] government scrambles about, saying it has belatedly sought the appropriate permission in The Bahamas

and asking the court and the defendant to bear with it.

“But this is not how the process works. Mr Bankman-Fried is currently challenging the government’s new application for consent in The Bahamas, as is his right, and such proceedings may well take many months, even years to be litigated - well beyond the October 2 trial date set by this court,” they continued.

“In light of this, the new charges must be dismissed for lack of personal jurisdiction, or in the alternative severed, so that we may go forward on the October 2 trial date. To proceed otherwise would cause significant prejudice to Mr BankmanFried and should not be permitted, particularly where this entire situation is of the government’s own making.”

Mr Bankman-Fried’s attorneys argued that US prosecutors only belatedly sought The Bahamas’ permission to proceed with

the extra charges when they realised the FTX chief was about to make the Extradition Act and treaty violations an issue.

“It appears to have only been after the defence indicated its intent to make a motion regarding specialty that the [US] government decided to take the requisite action at all,” they alleged. “The government’s delay in seeking The Bahamas’ consent has not stopped the government from pressing forward in prosecuting Mr BankmanFried for these charges.

“If the court determines that it cannot dismiss any of the at-issue charges at this stage of the proceedings, they should be severed pursuant to Federal Rule of Criminal Procedure 14 due to the substantial prejudice Mr Bankman-Fried will suffer if required to prepare for a trial that is less than four months away without knowing whether he will be tried on nearly half of the counts in the indictment.”

Doctors targets share offering for end-August

“We have executed an agreement with RF Bank & Trust to act as financial advisers, and towards the end of August - shortly after our annual general meeting (AGM) - we intend to be coming to market with a public offering.” Mr Deveaux, though, said Doctors Hospital and its advisers have yet to determine how much capital they will seek to

raise from offering ordinary (equity) shares to investors. “We haven’t set a quantum yet for the raise. That will be determined in the coming weeks as we work through the road to the raise with RF Bank & Trust,” he added.

“We do envision using a combination of equity through the capital raise and have secured some commitments around debt financing. It’s likely to be a combination of

both that we look to to fuel our growth.”

Doctors Hospital is also exploring whether the share offering will take the form of a rights issue, where existing shareholders are given an opportunity to acquire new stock in proportion to their existing holdings, or a private placement where new investors are also sought. A combination of both remains a possibility.

“We do envision some existing shareholders are likely to take up a portion of the raise,” Mr Deveaux said. “We haven’t determined if we will do a rights offer or private placement yet. We haven’t worked this out, and will be engaging key groups of shareholders to see if there’s an interest in them subscribing from a rights perspective.

“We are also likely to engage key groups who are non-shareholders to see if there’s interest in a private placement.” While Doctors Hospital is seeking to broaden its ownership base via either mechanism, he added that the “most important” goal was to give small retail (individual) investors the chance to acquire equity ownership and “participate in what is an amazing success story - the transformation of private healthcare in the country.

“We have 1,000 shareholders and through this offering we expect to expand that and hope Bahamians will follow the success story that is Doctors Hospital and join us in the transformation of private healthcare in the country.” Asked how Doctors Hospital plans to use the share offering proceeds, Mr Deveaux replied: “We continue to have a fairly aggressive expansion agenda. The largest use of the funds is going to be the construction of the healthcare system in Grand Bahama, with the

flagship facility in Freeport north of 50,000 square feet.

“Beyond that, we envision rounding out of the EAGLE initiative where we’re looking at investments in Eleuthera, Abaco, Grand Bahama and Exuma. That’s obviously driven by our president and chief executive, Charles Diggiss. It goes beyond the establishment of a new hospital; it’s also investing in our out-patient space.

“We are planning two new openings in New Providence before the end of 2023. One is on the Village Road corridor, and the other is subject to future announcement.

Last year we invested fairly significantly, $6m, in a new electronic health records system and then several million dollars in expansion to The Pointe, Carmichael Road, the clinic at Dowdeswell Street, the new relationship with Baha Mar,” Mr Deveaux continued.

“Our expectation is that those clinics will not only broaden access to quality private healthcare services but they are expected to generate revenues in excess of $5m in the current financial year, which is obviously a significant uptake from the Bahamian public.

“Based on these investments, we expect to see a near-doubling - not quite a doubling - of our revenue line relative to pre-COVID. The pre-COVID benchmark was our revenue line was

about $60m a year, and while we will not see a doubling of that we expect to see a significant revenue curve following the investments from last year. That’s an important thing going into a market offering.”

Mr Deveaux said Doctors Hospital is keen to partner with the Government to address the $3m-$5m in “uncompensated care” that the BISX-listed provider grapples with annually, meaning care that patients do not subsequently pay for.

“We continue to experience, as we continue to grow, a significant level of uncompensated care,” he told Tribune Business

“We know our ethical obligation is to treat people when they come in and save life. But that represents a loss that is starting to approach $3m-$5m a year. We’re really anxious on how we can partner with the Government of The Bahamas on defining a sustainable financial strategy for uncompensated care in the country.

“We know that as we seek to balance access that partnership is going to be the linchpin of what allows Bahamians to access high quality care and life saving interventions through Doctors Hospital.” Mr Deveaux said the company’s employees have always responded “to the clarion call”, and added: “We know healthcare in the country has been broken for a while, and it’s part of our vision to stand in the gap and grow the business.

“We’re improving our efficiency. In the mid-term, we have set ourselves an efficiency benchmark measured by net income [margin) of north of 10 percent. We think that’s critically important for sustainability. We think Bahamians want to know the country’s largest healthcare system is not only accessible and affordable, but financially resilient.

“We are running a good business, and in a position to deliver sustainable returns to shareholders. These priorities are not in competition; they must by aligned with quality healthcare, growing the top-line and sustainable returns for shareholders. These represent the triad of priorities that we have to execute on.”

‘WORST DEAL IN HISTORY’ TO GIVE GOV’T $78M IN 2023

which he is part upheld and saw through to a completion that culminated in the May 26 official opening by Prime Minister Philip Davis.

Branding the cruise port’s outsourcing, and $322.5m transformation, as a “bad deal”, Mr Bell asserted that the Government - over the five-year period to 2027 - is forecast to earn just $18m from land and seabed leases at Prince George Wharf while Nassau Cruise Port, in contrast, will earn collective revenues of $578.4m over the same period.

But the cruise port operator, while doubtless seeking to avoid being dragged into a political battle, asserted that the Public Treasury will earn this year alone earn four times’ the figure quoted by Mr Bell for a full five-year period due to revenue streams that the Cabinet minister seemingly neglected in his presentation.

Besides the pierage and wharfage fees, Nassau Cruise Port pointed out that the Government also earns $18 per head in cruise passenger departure taxes after the Minnis administration eliminated the rebates previously granted to the cruise lines. With the departure tax rates set to increase from July 1, as per the 2023-2024 Budget, and passenger volumes rising thanks to Nassau Cruise Port’s expansion, the Government’s income is set to only increase further.

Using 2019 as the benchmark, which produced a then-record 3.85m cruise visitors for Nassau, Nassau Cruise Port said combined pierage and wharfage charges have historically worked out at an average $0.78 per passenger.

Using this rate, and the $18 departure tax, and multiplying these by 3.85m

passengers resulted in wharfage/pierage revenues of around $3.003m for 2019 and departures taxes of $69.3m.

Combined, this totals $72.303m, which dwarfs the $2.5m-$2.6m that Mr Bell alleged is all that the Government is receiving from the seabed and land leases. “Nassau Cruise Port completed the construction of the new berth six and extension of berth one in early 2022, which has materially improved the cruise port’s vessel capacity and consequently the number of passengers calling on Nassau,” the cruise port said.

“In 2023, Nassau is forecasted to surpass 2019’s passenger count by approximately 300,000 passengers and, in 2024, the total number of cruise passengers is estimated to climb to 4.6m passengers.”

Michael Maura, Nassau Cruise Port’s chief executive, told Tribune Business yesterday that the Bahamian capital is still forecast to receive some 4.2m passengers this calendar year.

Based on 4.2m passengers for 2023, and 4.6m forecast for 2024, multiplying these figures by the $18 departure tax gives $75.6m and $82.8m in such revenues, respectively, for 2023 and 2024. Again, both sums massively exceed the Government’s

projected earnings as given by Mr Bell and, when the minimum $2.5m lease payment is factored in, the Public Treasury’s income from Prince George Wharf is projected at $78.1m for 2023 and $85.3m for 2024. These represent 8 percent, or as $5.8m yearover-year increase for 2023 compared to 2022, and a $13m or 18 percent increase for 2024 when benchmarked against last year. These figures are, if anything, likely to be under-estimates of what the Government will earn from cruise passengers given that departure taxes for those leaving from Nassau will be raised from $18 to $23 as of July 1 this year.

Cruise passengers, from that date onwards, will also be required to pay a $5 ‘environmental levy’ and $2 “tourism enhancement levy”, which will ultimately take the sum paid in taxes and levies from the present $10 to $30.

“While the Government is earning more in departure taxes and lease payments combined in 2023 and 2024, what the Government and Bahamian people are also benefiting from is Nassau Cruise Port’s redevelopment of 18 acres of Bahamian commercial entertainment, retail and food and beverage, and the region only wishes they

could have mirrored what we have done,” Mr Maura told Tribune Business.

“The financial benefits to the country, and the Government of The Bahamas specifically, go far beyond the noticeable increase in departure tax revenues plus the $2.5m in lease payments. I’m sure the Government appreciates, and acknowledges, that renovating 11 upland acres for retail, a Junkanoo museum, amphitheatre, food and beverage creates a great experience for one and all, and translates into an increase for thousands of Bahamians and consequently an increase in revenues for the Government of The Bahamas.”

The Nassau Cruise Port, in its statement, forecast that passenger numbers will continue to climb throughout the decade. For the 12 months to end-March 2025, it is predicting that 5m

visitors will arrive at Prince George Wharf, with this number increasing to 5.2m, 5.4m and 5.6m for its financial years to end-March 2026, 2027 and 2028. For the five-year period to endMarch 2028, some 25.8m persons are projected to cross its wharves and jetties.

Over that same period, Nassau Cruise Port’s revenues are projected to rise from $34.1m in the year to end-March 2024 to $47.4m the following year, with further increases to $60.4m, $64.7m and $68.9m in the years to end-March 2026, 2027 and 2028. Over that same five-year period, the cruise operator is forecasting it will earn a collective $275.5m in top-line revenue income.

The latter figure is well short of the collective $578.4m that Mr Bell alleged Nassau Cruise Port will earn over the five years to end-2027. Nassau Cruise

Port sources were unable to explain the discrepancy between their forecasts and the figures given by Mr Bell, although it appeared he may have been reading from an old 2018 “unsolicited” proposal submitted by Global Ports Holding, the company’s 49 percent controlling shareholder. Much has changed since 2018, especially the fact that the world has gone through the unexpected COVID19 pandemic, which shut down the cruise industry worldwide for some 15 months and threw out all previous financial forecasts and projections. Mr Bell, though, yesterday charged that Nassau Cruise Port was predicted to earn some $3.1bn in revenues over the life of its 25-year concession agreement plus the twoyear winding down period.

HUBERT MINNIS

KEITH BELL

Bud Light, top US seller since 2001, loses sales crown to Modelo as beer backlash continues

By DEE-ANN DURBIN

AP Business Writer

AFTER more than two decades as America's bestselling beer, Bud Light has slipped into second place.

Modelo Especial, a Mexican lager, overtook Bud Light in U.S. retail dollar sales in the month ending June 3, according to Nielsen data analyzed by Bump Williams Consulting. Modelo controlled 8.4% of U.S. grocery, convenience and liquor store sales; Bud Light fell to 7.3%.

It's a milestone in Bud Light's months-long sales decline since early April, when critics who were angered by the brewer sending a commemorative can to transgender influencer Dylan Mulvaney vowed to boycott the brand.

Bud Light has also faced backlash from Mulvaney's fans, who think the brand

didn't do enough to support her.

Dave William, Bump Williams' vice president of analytics and insights, said Bud Light has been the topselling U.S. beer since 2001, and it could still retain that crown this year. He noted that Bud Light's year-todate market share of 9% is still outpacing Modelo's, at 8%. And Bud Light's sales volumes are higher.

But Modelo appears to have the advantage, with its dollar sales increasing by double-digit percentages every week. The launch of a new light beer, Modelo Oro, in May is also boosting awareness of the brand.

Sales in bars and restaurants, which are harder to track, aren't included in the retail numbers, and Bud Light far outpaced Modelo in those venues prior to April. But David Steinman, the vice president

and executive editor of Beer Marketer's Insights, said Modelo's bar and restaurant sales have been growing quickly, and it's believed that Bud Light took an even steeper sales hit in bars and restaurants than in groceries.

Bud Light's U.S. retail sales were down 24% the week ending June 3, while Modelo Especial sales were up 12%, according to Dave Williams.

Scott Scanlon, an executive vice president at the consulting firm Circana who follows the alcohol market, said Mexican imports like Modelo and Corona have been the biggest bright spots in the otherwise stagnant U.S. beer market for years. When Modelo first went on sale in the U.S. in the 1990s, it was primarily marketed to Hispanic drinkers, Scanlon said. It launched

English-language ads in 2015 and has broadened its consumer base significantly since then. It's especially popular among younger drinkers, who like its fuller flavor, Scanlon said.

Scanlon said Modelo is already the top seller in markets like Los Angeles and Chicago, but it could still see a lot of growth ahead on the East Coast.

"Modelo was going to become the No. 1 beer brand. It was destiny because the growth numbers we are seeing and have been seeing are astonishing," Scanlon said. "The only question was time."

Scanlon said the pandemic accelerated Modelo's U.S. sales, since it sees more of its sales from retail stores than from bars and restaurants. And Bud Light's missteps further accelerated its rise.

Grupo Modelo, the Mexican brewer, is owned by Anheuser-Busch InBev, the same parent company of Bud Light. Constellation Brands, a Rochester, New York-based company, has been licensed to sell Modelo in the U.S. since 2013 as part of an agreement with antitrust regulators after InBev bought Grupo Modelo.

Constellation said Wednesday it has nearly

doubled its marketing spending on Modelo over the past five years and continues to see a "runway for growth" in the U.S. But Bud Light will try to counter that. Last month, InBev said it will triple its marketing spending in the U.S. this summer, with a focus on sports and music festivals. Bud Light also continues to be a high-profile sponsor of LGBTQ+ Pride events.

CANS of Bud Light chill in a refrigerator in Oakland, Calif., Friday, April 28, 2023. After more than two decades as America’s best-selling beer, Bud Light has slipped into second place. Modelo Especial, a Mexican lager, overtook Bud Light in U.S. retail dollar sales in the month ending June 3.

Photo:Jeff Chiu/AP

Fed Chair Powell sees progress on inflation, though not quickly enough

By CHRISTOPHER RUGABER

AP Economics Writer

INFLATION may be cooling — just not yet fast enough for the Federal Reserve.

Chair Jerome Powell offered a nuanced view Wednesday of how the Fed intends to address its core challenge at a time when inflation is both way below its peak but still well above the central bank's 2% target: Give it more time, and maybe some help from additional interest rate hikes.

Yet on a hopeful note, Powell also suggested that the trends that are needed to further slow inflation, from lower rents to slowergrowing wages, are starting to click into place.

As a result, the Fed decided Wednesday to forgo another increase in its benchmark interest rate, leaving it at about 5.1%. The pause followed 10 straight hikes in 15 months — the fastest series of increases in four decades.

By leaving rates alone, at least for now, Powell and other top Fed officials hope to use the extra time to more fully assess how higher borrowing rates have affected inflation and the economy. They also want to see whether the collapse of three large banks

this spring will weigh on lending and growth.

In a surprisingly hawkish signal, the Fed officials issued projections Wednesday showing they envision as many as two additional quarter-point rate hikes before the year ends. (Hawks generally favor higher rates to quell inflation, while doves typically advocate lower rates to aid a healthy job market.) Before this week's policy meeting, Fed watchers had expected the officials to signal just one more rate increase this year.

In their new projections, the members of the Fed's interest-rate committee

were less divided than many economists had expected, with 12 of the 18 policymakers foreseeing at least two more quarter-point rate increases. Four favored one quarter-point hike. Only two envisioned keeping rates unchanged. The policymakers also predicted that their benchmark rate will stay higher for longer than they had envisioned three months ago.

Powell noted that many economists expect rental costs, a key driver of current inflation, to steadily decline in the coming months. He also said wage growth has slowed and noted some signs that the job market is

cooling. Those factors, he added, should reduce inflationary pressures.

"I would almost say that the conditions that we need to see in place to get inflation down are coming into place," Powell said. "But the process of that actually working on inflation is going to take some time."

Inflation dropped to 4% in May compared with a year ago, down sharply from a 9.1% peak last June. And many economists expect it to decline further. Rental costs are falling, and used car prices, which spiked in April and May, are also likely to drop.

Yet Powell underscored that the Fed will need to feel confident that inflation is moving steadily closer to its 2% target.

"We're two and a quarter years into this, and forecasters, including Fed forecasters, have consistently thought that inflation was about to turn down ... and been wrong," he said. "We want to get inflation down to 2%, and we just don't see that yet."

Still, Powell stopped short of saying the Fed's policymakers have committed to resuming their hikes when they next meet in late July. At one point in the news conference, he referred to Wednesday's decision as a "skip," which would imply that the Fed planned to raise rates at the July meeting. He then corrected himself: "I shouldn't call it a skip," he said.

But Powell emphasized that the Fed wants to move more slowly after its breakneck pace last year, when it carried out four straight three-quarter-point hikes, followed by a half-point increase and then three quarter-point hikes this year.

The Fed's aggressive streak of rate hikes, which have made mortgages, auto loans, credit cards and business borrowing costlier, have been intended to slow spending and defeat the worst bout of inflation in four decades. Average credit card rates have surpassed 20% to a record high.

"Given how far we have come, it may make sense for rates to move higher but at a more moderate pace," he said. "It's just the idea that we're trying to get this right." Should inflation come down further, some economists think the Fed may not actually have to raise rates again.

"With inflation set to moderate noticeably, we are skeptical that the Fed will resume hiking interest rates," Ryan Sweet, chief U.S. economist of Oxford Economics, wrote in a note.

"Our baseline forecast is for the Fed to remain on hold through the remainder of this year before gradually easing in early 2024."

One reason why Fed officials may be predicting additional rate hikes is that the economy has remained surprisingly resilient this year, with more persistent inflation that might require higher rates to cool. Their updated forecasts show them predicting economic growth of 1% for 2023, an upgrade from a meager 0.4% forecast in March.

FEDERAL Reserve Chair Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting, Wednesday, June 14, 2023, at the Federal Reserve Board Building in Washington.

Photo:Jacquelyn Martin/AP

Energy secretary Granholm says she failed to reveal stock holdings; GOP calls for investigation

By MATTHEW DALY Associated Press

THE top Republican on the Senate Energy panel is calling for an investigation of Energy Secretary Jennifer Granholm, after she told the committee she mistakenly provided false information about her family's stock holdings in testimony earlier this year.

Wyoming Sen. John Barrasso on Wednesday asked the Energy Department's inspector general to look into what Barrasso called "multiple instances of questionable ethical conduct since the start of her tenure'' in 2021.

Barrasso's request came after Granholm sent a letter to the committee revealing she owned financial stocks as recently as May, contradicting testimony she gave to the panel in April.

Granholm also said her husband, Daniel Mulhern, owned previously undisclosed stock in Ford Motor Co., a key player in the Biden administration's efforts to improve fuel efficiency for cars and trucks and boost sales of electric vehicles.

Granholm said at an April 20 budget hearing that she did not own any individual stocks, saying she was only invested in mutual funds. That comment was a mistake, Granholm said. "I should have said that I did not own any conflicting stocks," she wrote in a June 9 letter to Democratic Sen. Joe Manchin, chairman of the energy panel.

Granholm said she had stocks in six companies that were deemed "non-conflicting assets" by agency ethics officials but has since sold them. She declined to identify the companies or say how much the stocks were worth, but said that information would be publicly revealed on a financial disclosure report due this month.

Granholm also said she recently became aware that her husband owned stock in Ford, which has worked closely with the Biden administration. Granholm is a former Michigan governor and prominent supporter of the U.S. auto industry. The Ford stock

was sold on May 15 for just under $2,500, she said.

"As I was not previously aware of the asset, I did not report my spouse's financial interest on my two prior Public Financial Disclosure Reports, nor was it included in the other paperwork associated with my nomination,'' Granholm wrote. If it had been reported, the value would have been listed as $1,001 to $15,000, she said.

"As a public servant, I take very seriously the commitment to hold myself to the highest ethical standards, and I regret the accidental omission of my spouse's interest in Ford," Granholm wrote.

A spokesman for Energy Department Inspector General Teri Donaldson said Wednesday that the watchdog office had received Barrasso's letter and was reviewing it.

A DOE spokesman said Granholm is committed to ethical conduct and transparency.

"Secretary Granholm timely divested of all conflicting assets that were known at the time of her confirmation, and subsequently even divested of assets she wasn't legally required to sell."

Granholm also drew criticism from Republicans two years ago, after she revealed ownership interest in an electric bus maker that President Joe Biden touted as part of push for EVs.

Granholm sold her holdings in California-based Proterra Inc. in May 2021, clearing a net gain of $1.6 million. The sale fulfilled her obligations under an ethics agreement three months before an August 2021 deadline, the Energy Department said at the time.

Republicans had criticized Granholm's holdings in the company, noting the administration's focus on electric vehicles as part of its push to slow climate change. Criticism grew louder after Biden made an online visit to a Proterra manufacturing site in South Carolina to highlight U.S. EV makers.

NOTICE is hereby given that NADIA PASCAL of #35 Wellington Street, Hospital Lane, New Providence, 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 15th day of June, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JOSE MILANDA TIMOTHEE of Nassau Village, New Providence, 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 15th day of June, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RONALD EUGENE , of Fort Fincastle, New Providence, 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 15th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

ENERGY Secretary Jennifer Granholm speaks during an interview with The Associated Press after touring a liquefied hydrogen carrier at a pier in Otaru, northern Japan, April 14, 2023. Sen. John Barrasso, R-Wyo., the top Republican on the Senate Energy panel is calling for an investigation of Granholm, after she told the committee she mistakenly provided false information about her family's stock holdings in testimony earlier this year.

Photo:Hiro Komae/AP

Ex-Starbucks manager awarded $25.6 million in suit over firing after 2018 arrests of 2 Black men

CAMDEN, N.J.

Associated Press

JURORS in federal court have awarded $25.6 million to a former Starbucks regional manager who alleged that she and other white employees were unfairly punished after the high-profile arrests of two Black men at a Philadelphia location in 2018.

Shannon Phillips won $600,000 in compensatory damages and $25 million in punitive damages on Monday after a jury in New

Jersey found that race was a determinative factor in Phillips' firing, in violation of federal and state anti-discrimination.

In April 2018, a Philadelphia store manager called police on two Black men who were sitting in the coffee shop without ordering anything. Phillips, then regional manager of operations in Philadelphia, southern New Jersey, and elsewhere, was not involved with arrests. However, she said she was ordered to put a white manager who also

wasn't involved on administrative leave for reasons she knew were false, according to her lawsuit.

Phillips said she was fired less than a month later after objecting to the manager being placed on leave amid the uproar, according to her lawsuit. The company's rationale for suspending the district manager, who was not responsible for the store where the arrests took place, was an allegation that Black store managers were being paid less than white managers, according to the

lawsuit. Phillips said that argument made no sense since district managers had no input on employee salaries. The lawsuit alleged Starbucks was instead taking steps to "punish white employees" who worked in the area "in an effort to convince the community that it had properly responded to the incident."

During closing arguments on Friday, Phillips' lawyer Laura Mattiacci told jurors that the company was looking for a "sacrificial lamb" to calm the outrage and

show that it was taking action, Law360 reported.

Picking a Black employee for such a purpose "would have blown up in their faces," she said.

Starbucks denied Phillips' allegations, saying the company needed someone with a track record of "strength and resolution" during a crisis and replaced her with a regional manager who had such experience, including navigating the aftermath of the 2013 Boston Marathon bombings, Law360 reported.

Phillips' attorney, however, cited earlier testimony from a Black district manager, who was responsible for the store where the arrests took place, who described Phillips as someone beloved by her peers and worked around the clock after the arrests.

In an email to The Associated Press, Mattiacci confirmed the award amount and said the judge will consider awarding back pay and future pay, as well as attorney's fees. Mattiacci told the New Jersey Law Journal that she will seek about $3 million for lost pay, and roughly $1 million on her fee application. Starbucks declined comment Tuesday.

Riu Hotels and Resorts, a world-renowned hotel chain with over 90 properties, employing over 28,000 persons is seeking Professional Dancers for the Riu’s Paradise Island property.

Requirements: The ideal candidates will have a minimum of Level 2 ballet certifcation and training in contemporary, jazz and ethnic dance styles. Responsibilities include performing in our nightly shows, collaborating with choreographers to create and perform original works and participating in rehearsals.

Interested candidates should submit their resume, headshot, and a video reel showcasing their dance skills via email: hhrr.nas@riu.com

We look forward to hearing from you!

JOB OPPORTUNITY

Rahming’s Medical Centre is looking to employ the following health care professionals to work at our new medical facility

• Primary Care Physicians candidates with past graduate encourage to submit their resume for special consideration

• Licensed pharmacist part time or full time

• Licensed Dentist

• Partime or Full time ultrasound,radiologytechnician offered

Please forward all inquires/resumes along with contact information to rahmingsmedicalcenter@gmail.com (242) 425-1623

NOTICE is hereby given that REMY PIERRE of Market Street, New Providence, 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 15th day of June, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that AMIT MOR, of P.O Box CB-12213 Water Color Cay, Sandy Port New Providence, 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 15th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that WILDER LAURENVIL of Poitier Avenue, New Providence, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 15th day of June, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that PAULEDINE STEPHANI JUSTIN of P. O. Box SB-52453, Sunrise Road, New Providence, 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 15th day of June, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that BENJAMIN BOCAGE , Bluefn Close, Bernard Road, 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 8th day of June 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

WALL STREET SWINGS TO MIXED CLOSE AS FED HINTS OF RATE HIKES TO COME

By STAN CHOE AP Business Writer

WALL Street swung to a mixed finish after the Federal Reserve hinted it may raise interest rates two more times this year, even as it held them steady Wednesday.

The S&P 500 finished the day 0.1% higher after pinballing between gains and losses following the Fed's announcement. The Dow Jones Industrial Average dropped 232 points, or 0.7%, while the Nasdaq composite rose 0.4%.

The Fed closed its latest policy meeting by saying it would keep rates where they are, to give more time to see how its fusillade of hikes over the last 15 months is affecting the economy. It's attempting the excruciating balancing act of slowing the economy just enough through rate increases to snuff out high inflation, but not so much as to break the job market and create a recession.

Standing pat would give the economy more time to absorb all the past rate hikes, and Fed Chair Jerome Powell said "ideally by taking a little more time, we won't go well past the level where we need to go." That would provide

some breathing room for the economy and financial markets.

But at the same time, the majority of Fed policy makers also indicated Wednesday they expect its main interest rate to climb at least 0.50 percentage points by the end of the year. The federal funds rate is already at its highest level since 2007, in a range between 5% and 5.25%.

Even though inflation has slowed since last summer's peak, Powell said there hasn't been enough improvement in underlying trends to feel comfortable. He said one measure the Fed closely watches remains "far above our target and not really moving down. We want to see it moving down decisively, that's all."

Many traders on Wall Street came into Wednesday bracing for just one more hike this year, if any. The threat of a more aggressive Fed than expected initially sent prices tumbling for all kinds of investments.

"I do feel like things are slowly tightening, just not as fast as the Fed needs it to cause inflation to get down to their number," said Brian Rehling, head of global fixed-income strategy at Wells Fargo Investment

Institute. "The job market really has to weaken, that's what the Fed needs."

Brian Jacobsen, chief economist at Annex Wealth Management, said, "If they do restart their hikes and squeeze in not just one but two hikes this year, then they do risk bigger problems for the economy."

In anticipation of future increases to rates, yields in the bond market rose following the Fed's announcement. The 10-year yield climbed as high as 3.83% from 3.77% just before the Fed's announcement.

It later receded to 3.79%, compared with 3.82% late

Tuesday. That yield helps set rates for mortgages and other important loans.

The two-year Treasury yield, which moves more on expectations for the Fed, climbed to 4.68% from 4.67% late Tuesday and was as high as 4.78%.

Stock indexes initially sank in unison following the Fed's announcement amid worries about higher rates, which not only slow the economy but also drag down prices of stocks, bonds and other investments.

But they pared their losses, and bond yields gave back gains as Powell spoke at a press conference,

saying no decisions on upcoming rate hikes had been made and that the Fed's next meeting in July is "live."

"I just think the markets, and I think it's incorrect, have a view that inflation is going to come down far enough that the Fed is going to capitulate" and halt its rate hikes and even begin cutting them, said Rehling of Wells Fargo Investment Institute. "I just don't think that's the case."

"The market just wants to go up. I don't know if people are just kind of tired of waiting for the recession, waiting for the downturn. I'm not sure what it is."

Some of the sharpest drops in the stock market came from several health insurers after UnitedHealth Group flagged how many customers were getting knee procedures and other outpatient services done. That's something that could raise costs for insurers, and UnitedHealth fell 6.4%.

Humana dropped 11.2%.

Stocks of companies that make products used in hip replacements and other health procedures, meanwhile, were at the front of the market. Stryker rose 4.2%, and Boston Scientific gained 4.2%.

THE WEATHER REPORT

All told, the S&P 500 rose 3.58 points to 4,372.59. The Dow dropped 232.70 to 33,979.33, and the Nasdaq gained 53.16 to 13,626.48. Wednesday marked the first time in more than a year where the Fed has not hiked rates at a meeting, after calls for a pause climbed as high rates have already caused damage in several corners of the economy. Hikes to interest rates take a notoriously long time to take effect, and they can do so in unanticipated ways. Already, they've helped lead to three high-profile failures in the U.S. banking system, a monthslong contraction in the manufacturing industry and worries about a possible recession. But inflation is still too high for comfort. It's hurting all kinds of households, particularly those with lower incomes. In stock markets abroad, indexes rose modestly in Europe and ended mixed across Asia. Japan's Nikkei 225 rose 1.5%, continuing a strong run where it's already jumped more than 28% this year.

TRADERS work on the floor at the New York Stock Exchange in New York, Wednesday, June 14, 2023. Photo:Seth Wenig/AP