06202024 BUSINESS

THURSDAY, JUNE 20, 2024

Pintard calls on govt to respond to gas retailers

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

OPPOSITION leader

Michael Pintard said yesterday the Davis administration should make a “determination” on the proposal for a margin increase on fuel prices and end the 30-month impasse. Speaking on Guardian Radio yesterday, Mr Pintard criticised the Davis administration’s handling of negotations with the gas retailers and called for them to indicate whether the terms set out in the proposal are accepted.

He said: “The government should respond to the last proposal that was

sent to them by the retailers. When we met with the dealer’s and retailer’s leadership. They indicated that they have a proposal on the table. They were under the impression that there was going to be movement on it, and they are simply awaiting the government responding to them.

“We believe that the government should make a determination. The longer they wait to respond to the proposal, the longer this impasse exists. The government ought to respond to the proposal and indicate whether or not they believe is it is acceptable.”

Mr Pintard also raised concerns about “unfair

Extra renovations for Junkanoo Beach

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

SENATOR Randy Rolle, who is spearheading the government’s Downtown Revitalisation Project said during his Senate contribution yesterday the renovations to Junkanoo Beach will include regular landscaping and maintenance service as well as improved waste management to ensure the area remains attractive for visitors.

Mr Rolle said that in addition to improving the

appeal of the destination the unit will install additional restrooms that meet the standards of the American Disabilities Act (ADA) and beach access mats to accommodate people with disabilities.

He said: “As we move forward with our plans to enhance Junkanoo Beach, I am thrilled to announce that we are including two new ADA restrooms in our development. We understand that everyone needs a time away and ensuring that our facilities are accessible to all is a key priority.

Senator: Verified tourism programme a ‘game-changer’

By FAY SIMMONS

SENATOR Randy Rolle, who spearheads the downtown revitalisation efforts, said the verified vendor identification cards which will be issued next month to approved vendors will help set a “new standard” in the quality and safety of the country’s leading industry.

Exports ‘steady’ despite 44% drop, insists Griffin

By FAY SIMMONS Tribune Business Reporter

SENATOR Barry Griffin, deputy chairman of the National Trade Committee, maintained yesterday the export of Bahamian goods remain “steady” amid reports that exports declined by 44 percent in the first quarter of the year.

The Bahamas National Statistical Institute (BNSI) quarterly foreign trade statistics revealed the export of Bahamian goods totalled $95m for the first quarter of 2024, a 44 percent decrease from the same period last year. The quarterly foreign trade statistics said food and live animal exports totalled $24m or 25 percent of total exports, mineral fuels, lubricants and related articles exports totalled $23m or 24 percent of total exports and crude mineral exports totalled $14m or 15 percent of total exports.

Areas such as manufactured goods and machinery and transport equipment decreased by up to 82 percent

“Manufactured Goods Classified Chiefly by Materials, Machinery & Transport Equipment and Mineral Fuels, Lubricants and Related Materials showed decreases of 82 percent, 65 percent, 54 percent respectively”, said the BNSI report.

Mr Griffin explained the export data analysed both exports and re-exports and the main export, food and live animals were fisheries products exported from The Bahamas while the decline in manufactured goods and machinery and

equipment were re-exports, or non-Bahamian products such as equipment used in construction and manufacturing.

He said: “The decline that is noted in ‘manufactured goods’, ‘machinery and equipment’ of 82 percent and 65 percent in first quarter 2024 appear to be in re-exports. These are non-Bahamian products that came into the country and were then re-exported out. This is the case of specialised equipment for construction and manufacturing for example.

“So in real terms, the export of what we would deem as Bahamian products remained steady.”

Mr Griffin said the Davis administration is “committed” to promoting Bahamian products globally aiming to increase exports.

He said the National Trade Facilitation Committee is reviewing all current trade agreements and is working to educate the private sector on how they can take advantage of those agreements. He said: “The goal is educate Bahamian businesses

He said: “The Verified Tourism Programme ensures that only qualified vendors operate from Junkanoo Beach to Cabbage Beach on Paradise Island — has been a gamechanger. By issuing verified identification cards starting in July at Prince George Wharf, we are setting a new standard for tourism quality and safety.” Mr Rolle revealed the Downtown Revitalisation Unit is also looking into a tram service for downtown to meet transportation needs and increase revenue.

He said: “We are also exploring the feasibility of

During his Senate contribution yesterday, Mr Rolle said the Verified Tourism Committee, including stakeholders such as the Royal Bahamas Police Force, the Road Traffic Department, and Inland Revenue will ensure that all approved vendors meet “stringent standards”.

Price comparison portal for breadbasket items to launch

By FAY SIMMONS

SENATOR Barry Griffin, deputy chairman of the National Trade Committee revealed yesterday

a price comparison portal will be launched by the end of July, allowing consumers to compare the cost of breadbasket items among retailers.

Speaking in the Senate yesterday, Mr Griffin said consumers will be able to access the portal via the consumer affairs website to view and compare prices at various stores throughout the country.

He said: “I am pleased to announce that, very shortly

you can expect to see the launch of the portal on the website of the Consumer Affairs Department.

“For the first time in The Bahamas, there will be a price comparison portal. Any consumer will be able to go on the consumer affairs website to see and compare prices for breadbasket goods across The Bahamas.”

Mr Griffin explained that prices will be verified by inspectors at the Consumer Affairs Department and will be updated as inspectors carry out their routine visits.

He said: “These prices will have been confirmed by price inspectors at the Consumer Affairs Department.

BARRY GRIFFIN

RANDY ROLLE

MICHAEL PINTARD

Big data analytics: Driving informed business decision-making

In today’s fast-paced, digitally-driven world, businesses are inundated with an overwhelming amount of data. This data deluge, often termed 'Big Data,' has revolutionised the way companies operate, compete, and innovate. Big Data Analytics, the process of examining large and varied data sets to uncover hidden patterns, correlations, and other insights, is now at the forefront of driving informed business decision-making.

At its core, Big Data Analytics harnesses the power of data to provide actionable insights. Unlike traditional data analysis methods, which might only examine a small sample, Big Data Analytics can process vast quantities of information from diverse sources in real time. This includes data from social media, customer transactions, sensors, and more. The ability to analyse this data in its entirety, rather than just a fraction, enables businesses to gain a comprehensive

KEITH

Roye II

understanding of their operations, market trends, and customer behavior.

One of the most significant advantages of Big Data Analytics is its capacity to enhance customer insights. By analysing customer data, businesses can identify buying patterns, preferences, and pain points. This allows for the creation of personalised

marketing strategies, improved customer service, and ultimately, higher customer satisfaction and loyalty. For instance, retailers can use Big Data to optimize their inventory by predicting which products will be in high demand, thereby reducing waste and maximizing sales.

Big Data Analytics is not just about understanding customers; it also plays a crucial role in improving operational efficiency. By monitoring and analysing data from various operational processes, businesses can identify inefficiencies and areas for improvement. For example, in manufacturing, Big Data can be used to predict equipment failures before they occur, allowing for preventative maintenance that reduces downtime and saves costs. In logistics, it can optimize delivery routes, saving time and fuel expenses.

Another critical area where Big Data Analytics proves invaluable is risk management. By analysing

historical data and identifying trends, businesses can better anticipate and mitigate potential risks. In the financial sector, for instance, Big Data Analytics helps in detecting fraudulent activities by recognising unusual patterns that deviate from the norm. Similarly, in the supply chain, it can forecast disruptions and allow businesses to take proactive measures. Innovation is the lifeblood of any business, and Big Data Analytics is a catalyst for innovation. By uncovering new patterns and insights, businesses can identify opportunities for new products, services, and business models. Moreover, the ability to make datadriven decisions provides a significant competitive advantage. Companies that leverage Big Data effectively can respond more swiftly to market changes, tailor their offerings more precisely to customer needs, and operate more efficiently than their competitors.

PINTARD CALLS ON GOVT TO RESPOND TO GAS RETAILERS

competition” between gas retailers and wholesaler, Shell, which also has retail operations and called for the Davis administration to clarify how they intend to “remedy” the issue.

He said: “The second thing that we are concerned about is the wholesalers who have retail operations, and we see that to large extent, very much unfair competition when a wholesaler is operating both a retail operation and a wholesale operation.

“And that is a matter that we’d like to hear what the government’s position is on that, and how do they intend to remedy that?”

Speaking to Tribune Business, Mr Pintard said the FNM supports “business expansion” and their ability to compete at a wholesale and retail level.

He noted that foreign wholesalers are not

permitted to compete at a retail level in the sector and called for increased efforts to prevent foreign wholesalers “sneaking” into the retail sector.

He said: “We support some retailers concerns that every effort should be made to prevent foreign wholesalers from sneaking in the retail sector, whether it is through leasing fuel stations and the retail stores associated with them or through any other arrangement.

“Secondly, we share the concern of some retailers who are leasing from the Bahamian wholesaler but truly wish to own their operation outright and eliminate the uncertainty about their future as lessee.

Clearly petroleum retail operators who are leasing their space and running retail stores have greater concerns about the price margin than retail stores

ran by their landlord who is also a wholesaler.”

On Tuesday, gas retailers said they were “disappointed” a margin increase was not included in 2024/2025 budget contribution.

Vasco Bastian, vice president of the Petroleum Retailers Association, said members were growing impatient over the 30 months they have been negotiating a margin increase with the Davis administration and are ready to close their business for a “day or two” to demonstrate their irritation.

Speaking to Tribune Business, Mr Bastian said gas retailers are still recovering from the COVID 19 pandemic and find it “extremely difficult” to continue operating under the current rate structure. He said: “The members were ready to shut down and shut down this country

for a day or two and I’m the only one completely opposed to shutting down. It would inconvenience the Bahamian public who are supporting us in this effort and our employees who depend on us. Fifty nine out of sixty members are ready to shut down, for the last 30 months we’ve been to convince them to not strike and shut down, as far as yesterday. “We are trying to be patient and professional in our negotations, but at this point, the members are calling for my head, they believe I am being too nice to the government. But we’re at a point now that I’m even frustrated. I’m disappointed because I feel that I’ve been hoodwinked. It’s extremely difficult, we’re still trying to recover from COVID.”

Gas retailers have not received a margin increase since the then Ingraham administration granted one 13 years ago.

Unlike virtually all other industries, which are able to increase prices to cover rising operating expenses,

While the benefits of Big Data Analytics are clear, implementing it is not without challenges. Businesses must invest in the right technology and infrastructure to collect, store, and process vast amounts of data. Additionally, there is a need for skilled data scientists who can interpret the data and extract meaningful insights. Data privacy and security are also paramount concerns, requiring robust measures to protect sensitive information.

Big Data Analytics is more than just a buzzword; it is a transformative tool that drives informed business decision-making. By leveraging the power of data, businesses can gain deeper insights into their customers, streamline operations, manage risks more effectively, and foster innovation. As technology continues to evolve, the potential of Big Data Analytics will only grow, making it an indispensable asset for any business aiming to thrive in the digital age.

the Bahamian petroleum industry operates on pricecontrolled fixed margins that require government approval before they can be changed.

Dealers say that, especially following the post-COVID cost of living crisis, ever-rising expenses have effectively wiped out the 54- cent and 34-cent margins per gallon of gasoline and diesel sold, driving them into losses and placing some in a position where they are threatening to close their operations. The government, though, has been reluctant to raise the margins for fear it will increase fuel bills for motorists.

Mr Bastian revealed that retailers have reduced

In embracing Big Data Analytics, businesses are not just keeping up with the times; they are positioning themselves at the forefront of the future, ready to navigate the complexities of the modern marketplace with confidence and clarity.

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

their request for a 30-cent increase in petroleum to 25 cents and have “paused” the request for a diesel increase as it would affect boaters, heavy equipment operators and jitney drivers. He said he is “heartbroken” that negotations have dragged out so long preventing retailers from making a profit and is ‘saddened’ by the way the Davis administration has responded.

He said: “I’m extremely disappointed with the way we are being handled. I’m totally in support of Bahamian businesses, I’m totally in support of trying to ensure that small, medium sized business like the gas station operators in The Bahamas another small business in the Bahamas survive, but I’m heartbroken at the way we’ve been handled in the last 30 months.

“Really heartbroken that we as Bahamians with families and bills have not been given an opportunity to make a profit or continue to operate in the Bahamas, in this economy, in this environment. It’s just extremely discouraging and we’re saddened by the way we’ve been treated.”

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a tram service in the Downtown area, focusing on times when cruise ships are in port. This study evaluates the transportation needs, potential benefits, and technical requirements of such a service.

“The potential economic and social impacts are significant, offering us another avenue to enhance the visitor experience and local economy.”

Other improvements to Bay Street include the

installation of additional street signs and partnerships with pest control companies to improve the “aesthetic appeal” of Bay Street. He said: “Partnering with experts in integrated pest management, we will implement strategies that address the root causes of infestations, such as habitat modification and exclusion techniques.”

Mr Rolle said bus shelters for pedestrians will also be constructed on Bay Street and a street sweeping machine will be introduced to ensure the area is maintained He said: “New bus shelters are being installed to provide much-needed shade from inclement weather and heat, as well as comfortable seating for commuters. These shelters will make waiting for public transportation a

more pleasant experience, enhancing the overall convenience and comfort of our public transit system.

“Additionally, we are introducing a state-ofthe-art street sweeping machine. This machine will play a vital role in keeping our city center clean and tidy, ensuring that our streets remain free of debris and adding to the overall beauty and charm of our urban landscape.

“In Pompey Square, we are installing new lighting to enhance visibility and safety, making this popular gathering place even more alluring. The improved lighting will create a vibrant and secure atmosphere, encouraging more community activities and events.”

VASCO BASTIAN

Extra renovations for Junkanoo Beach

“Our grounds will be ADA-friendly, designed with inclusivity in mind to accommodate all visitors. Furthermore, we are considering the placement of beach access mats on the sand to ease the way for those who require mobility aids.”

Mr Rolle said the improvements will be beneficial to both visitors and residents enhance the country’s appeal as a ‘welcoming destination for visitors from all walks of life’.

He said the Downtown Revitalisation will be

installing 60 additional garbage bins and implementing recycling programmes to maintain cleanliness in the area. He said: “In our commitment to cleanliness and hygiene, we are introducing 60 additional garbage bins. Adequate waste management is essential for maintaining our public spaces, and this significant increase in bins will greatly improve waste disposal efficiency. “In addition to installing additional receptacles, we will implement recycling programs and adopt smart waste technologies to

optimise collection routes and reduce environmental impact.”

Mr Rolle said the unit is acquiring new utility vehicles to “ensure the efficient and timely maintenance” of public spaces and will install new planters and seating areas on Bay Street.

He said: “These new planters and seating areas will provide numerous benefits. They will offer comfortable resting spots for pedestrians, encouraging foot traffic and making downtown Nassau a more inviting place to spend time.

“Aesthetically, the planters and seating will add a

Price comparison portal for breadbasket items to launch

We are launching the website in stages. By the end of July, prices will be listed of all breadbasket items at various stores across in Bimini, Andros, Cat Island, Exuma, Abaco, Eleuthera, and New Providence.

“This information will be updated regularly as price inspectors routinely visit the stores. It is intended that, over time, more stores will be added, more islands will be covered, and more frequently used consumer goods will be added. The tool will also undergo continuous improvement, as driven by usability feedback by the users.”

He said the National Trade Facilitation Committee aims to enhance the efficiency and transparency of trade procedures,

reducing unnecessary delays and costs for businesses engaged in trade

The committee also working to strengthen the country’s competitiveness in the global marketplace by aligning trade practices with international standards and best practices.

Mr Grifin said the committee is working on bringing a Competition Act into law and has already completed a ‘thorough review’ of previous draft Competition Acts and a “benchmarking exercise” to compare the draft with other regional and international partners. He said: ”The first priority is to take forward the government’s commitment in the Speech from the Throne last autumn to bring forward the draft

Exports ‘steady’ despite 44% drop, insists Griffin

on how to take advantage of the opportunities in these agreements. For example, under the EPA with the UK and the EPA with the EU, a number of Bahamian goods would qualify for duty free access into those markets.

“Our goal is to arm the private sector with that information so that they may take advantage of it.”

Competition Act into law.

This will be the means by which The Bahamas can deliver fair market conditions. We have completed a thorough review of the previous draft Acts that relate to competition policy.

“We have already completed a ‘benchmarking exercise’ - comparing our draft Act with the Competition Acts of Barbados, Cayman Islands, Canada, The United Kingdom, and the United States. This is to make sure that we benefit from the experience of others and tailor the draft Act to our specific needs.”

He said the committee is working to reduce the price of imports by opening new import markets and exploring a new trading relationship with Brazil that will see the cost of goods

touch of nature and modern design to Bay Street, transforming it into a more attractive and vibrant area. This initiative reflects our commitment to revitalising Downtown Nassau.”

He said the unit has partnered with the Ministry of Agriculture and Marine Resources and the Ministry of Works to address the stray animals on Bay Street and to improve “infrastructure development and maintenance.”

The unit is also working to improve pedestrian safety on Bay Street and has submitted draft designs to address safety concerns.

imported directly from Brazil reduced by up to 20 percent.

He said: “Last month, The Bahamas Trade Commission led a delegation to Brazil. We met with members of the Government of Brazil and with members of the private sector, to lay the foundation of a new trading relationship.

“Once established, we in The Bahamas may begin to import more goods directly from Brazil and cut out the middleman in the USA. As a result, in most instances, goods emanating from Brazil could be up to 20 percent cheaper. This includes goods such as poultry, pork, beef, building materials, houseware, solar equipment and much more.

He said the committee plans to work with the Ministry of Economic Affairs to review existing trade agreements and educate business on how to benefit from the reduced tariffs.

He said: “Going forward, we will look into a

He said: “From correcting uneven pavements to repairing and cleaning drainage vents to implementing street markings, our collaborative efforts ensure the safety and functionality of our city streets. We are also working on enhancing pedestrian safety in high-traffic downtown areas, particularly near Prince George Wharf and the cruise ship area, is a priority.

“Communication between the Ministry of Works and stakeholders has been robust, and draft designs for the downtown area have been submitted.

workstream in conjunction with the Trade Unit at the Ministry of Economic Affairs, a comprehensive review of all trade agreements to ensure that we maximise their benefits for the Bahamian business community.

Our collaborative efforts ensure we address safety concerns efficiently and effectively.”

Many visitors, including up to 30,000 passengers that disembark at Nassau Cruise Port daily, walk down Bay Street but many complain about the area’s poor condition, lack of cleanliness and the absence of activities.

The downtown revitalisation project is aiming to give Bay Street a facelift through the installation of pedestrian zones, a business incubation centre, green spaces, a cultural village and other initiatives.

“This will also include a business education initiative to show businesses how to capitalise effectively on these agreements for exports and to ensure they are benefitting from lower tariffs.

The import of food and live animals was the second largest contributor, accounting for $199m or less than one percent of total imports for the quarter.

“Other categories that contributed significantly

The BNSI report also revealed imports for the first quarter totalled $1,027bn, a one percent increase from the same period last year with the import of machinery and transport equipment being the largest contributor at $240m or 17 percent of total imports.

to total imports were ‘Miscellaneous Manufactured Articles’, ‘Mineral Fuels, Lubricants & Related Materials’, and ‘Chemicals’ with a combined total of $329m, 32 percent of total imports,” said the BNSI.

Global stocks are mixed after Wall Street edges to more records

By ZIMO ZHONG Associated Press

WORLD stocks were mixed on Wednesday after U.S. benchmarks ticked to more records following the latest signs that the U.S. economy may be slowing without falling into recession.

The future for the Dow Jones Industrial Average was down 0.1% while that for the S&P 500 rose 0.1%.

U.S. markets are closed on Wednesday in observance of Juneteenth.

European equity markets opened lower. In London, the FTSE 100 lost 0.2% to 8,177.86 after data showed that British inflation fell to the central bank's 2% target for the first time in nearly three years. The data also backed the market's expectation that the Bank of England would hold the rate at 5.25% in the coming meeting on Thursday.

Germany's DAX slipped 0.1% to 18,109.65, while the CAC 40 in Paris shed 0.2% to 7,615.76.

CURRENCY traders pass by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, June 19, 2024.

agency would be enhancing oversight of all financial activities to prevent potential risks.

In Sydney, the S&P/ASX 200 edged 0.1% lower to 7,769.70. South Korea's Kospi surged 1.2% to 2,797.33.

Elsewhere, Taiwan's Taiex gained 2%, while Bangkok's SET fell 1%.

Ahn Young-joon/AP

sales rose 0.1% in May, below the pace that economists projected, while April sales were revised downward — a 0.2% decline, from unchanged.

That might signal that the main engine of the U.S. economy, spending by households, is cracking. Inflation is still high, even if it's slowed since its peak, and lower-income households in particular are struggling to keep up with higher prices.

Tokyo's Nikkei 225 index climbed 0.2% to 38,570.76 as Japan's trade data for May showed exports rose 13.5% while imports were up 9.5% from a year earlier, pushed higher by rising prices and the weaker value of the yen against the U.S. dollar.

whether the yen's weakness may push inflation still higher. Governor Kazuo Ueda has hinted at raising the benchmark interest rate in coming months, depending on economic data at the time.

Minutes from the Bank of Japan's latest policy meeting showed a debate among its decision makers over

"Moves in the Nikkei have reflected much indecision in place, with the index

CALIFORNIA FINES AMAZON NEARLY $6M, ALLEGING ILLEGAL WORK QUOTAS AT 2 WAREHOUSES

By CHRISTOPHER

CALIFORNIA has fined Amazon a total of $5.9 million, alleging the e-commerce giant worked warehouse employees so

hard that it put their safety at risk, officials said Tuesday. The two citations issued in May by the California Labor Commissioner's Office said Amazon.com Services LLC ran afoul of the state's Warehouse Quota Law at facilities in Riverside and

San Bernardino counties, east of Los Angeles.

The law, which took effect in 2022, "requires warehouse employers to provide employees written notice of any quotas they must follow, including the number of tasks they need to perform

trading in a broad consolidation phase thus far," IG Asia said in a commentary.

The Hang Seng in Hong Kong added 2.9% to 18,430.39, while the Shanghai Composite index lost 0.4% to 3,018.05 after the head of China's securities watchdog said at a financial forum in Shanghai that the

per hour and any discipline that could come" from not meeting the requirements, the labor commissioner's office said in a statement.

Amazon was fined $1.2 million at a warehouse in Redlands and $4.7 million at another in nearby Moreno Valley.

The company said Tuesday that it disagrees with the allegations and has appealed the citations.

"The truth is, we don't have fixed quotas. At Amazon, individual performance is evaluated over a long period of time, in relation to how the entire site's

On Tuesday, the S&P 500 added 0.3% to 5,487.03, setting an all-time high for the 31st time this year. The Nasdaq composite edged up by less than 0.1% to 17,862.23. The Dow Jones Industrial Average gained 0.2% to 38,834.86.

Nvidia once again was the star, gaining 3.5% and acting as the strongest force pushing the S&P 500 upward. It lifted its total market value further above $3 trillion, again.

The Commerce Department reported that retail

team is performing," company spokesperson Maureen Lynch Vogel said in a statement. "Employees can — and are encouraged to — review their performance whenever they wish. They can always talk to a manager if they're having trouble finding the information."

The citations allege that Amazon failed to provide written notice of quotas.

Labor Commissioner Lilia García-Brower said Amazon engaged in "exactly the kind of system" that the quotas law was put in place to prevent.

In other dealings Wednesday, U.S. benchmark crude oil gave up 15 cents to $80.56 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude lost 17 cents to $85.16 per barrel. The dollar fell to 157.76 Japanese yen from 157.87 yen. The euro slipped to $1.0736 from $1.0738.

"Undisclosed quotas expose workers to increased pressure to work faster and can lead to higher injury rates and other violations by forcing workers to skip breaks," she said in a statement.

The agency began investigating in 2022 after employees at the two Southern California facilities reported that they were subject to unfair quota practices, said the Warehouse Worker Resource Center, a nonprofit that advocates for improving working conditions.

Photo:

Ship attacked by Yemen’s Houthi rebels in fatal assault sinks in Red Sea in their second sinking

By JON GAMBRELL Associated Press

A BULK carrier sank days after an attack by Yemen's Houthi rebels, who are believed to have killed one mariner on board, authorities said early Wednesday. It was the second ship sunk in the rebels' campaign targeting Red Sea shipping.

The sinking of the Tutor marks what appears to be a new escalation by the Iranian-backed Houthis in their campaign of attacks on ships in the vital maritime corridor over the Israel-Hamas war in the Gaza Strip.

The attack comes despite a monthslong U.S.-led campaign in the region that has seen the Navy face its mostintense maritime fighting since World War II, with near-daily attacks targeting commercial vessels and warship.

The Liberian-flagged, Greek-owned-and-operated Tutor sank in the Red Sea, the British military's United Kingdom Maritime Trade Operations center said in a warning to sailors in the region.

"Military authorities report maritime debris and oil sighted in the last reported location," the UKMTO said. "The vessel is believed to have sunk."

The Houthis late Wednesday released footage showing their attack on the Tutor, acknowledging they used two different drone boats to hit the vessel from both its side and the stern.

The U.S. military did not respond to requests for comment over the sinking.

The Tutor came under attack about a week ago by a bomb-carrying Houthi drone boat in the Red Sea.

John Kirby, a White House national security spokesman, said on Monday that the attack killed "a crew member who hailed from the Philippines."

The Philippines has yet to acknowledge the death, but the man who had been aboard the Tutor has been

missing for over a week in the Red Sea, which faces intense summertime heat.

The use of a boat loaded with explosives raised the specter of the attack in 2000 on the USS Cole, a suicide assault by al-Qaida when the warship was at port in the Yemeni city of Aden, killing 17 on board. The Cole is now part of a U.S. Navy operation in the Red Sea led by the aircraft carrier USS Dwight D. Eisenhower to try and halt the Houthi attacks, though the rebels continue their assaults.

The Houthis have launched more than 60 attacks targeting specific vessels and fired off other missiles and drones in their campaign that has killed a total of four sailors. They've seized one vessel and sunk two since November. A U.S.-led airstrike campaign has targeted the Houthis since January, with a series of strikes May 30, killing at least 16 people and wounding 42 others, the rebels say.

In March, the Belizeflagged Rubymar carrying fertilizer cargo sank in the Red Sea after taking on water for days following a rebel attack.

The Houthis have maintained that their attacks target ships linked to Israel, the United States or Britain. However, many of the ships they've attacked have little or no connection to the ongoing Israel-Hamas war.

"It is deplorable that innocent seafarers are being attacked while simply performing their jobs, vital jobs which keep the world warm, fed, and clothed," the shipping industry said in a joint statement Wednesday.

"This is an unacceptable situation, and these attacks must stop now," it said.

The war in Gaza has killed more than 37,000 Palestinians there, while hundreds of others have been killed in Israeli operations in the West Bank. It began after Hamas-led militants attacked Israel on Oct. 7, killing about 1,200

people and taking around 250 hostage.

A recent report by the U.S. Defense Intelligence Agency said that container shipping through the Red Sea has declined by 90% since December because of the attacks. As much as 15% of the world's maritime traffic flows through that corridor.

Meanwhile, the Houthis said on Wednesday that U.S.-led airstrikes targeted Raymah, a province in Yemen under rebel control. The Houthi-controlled SABA news agency described a local radio station's building as being "totally destroyed" in the

strikes. About a week earlier, the Houthis said similar strikes killed two people and wounded nine others, without saying if those hurt were fighters or civilians.

Later in the day, SABA also reported U.S.-led strikes targeting the port city of Hodeida.

The U.S. military's Central Command said in a statement early Thursday it destroyed "one ground control station and one command and control node in a Houthi-controlled area of Yemen" in the strikes. It also claimed destroying two Houthi drone boats in the Red Sea as well over the last 24 hours.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, LEDANTE MELVINIA WRIGHT of P.O. Box N-4690 Freeport, Grand Bahama, Nassau, Bahamas, Mother of NAZARIA SHAI MORYAH WRIGHT A minor intend to change my child’s name to NAZARIA SHAI MORYAH SMITH 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.

IN this photo released by the Etat-Major des Armées, the MV Tutor sinks in the Red Sea after it was struck by a Houthi drone vessel, Wednesday, June 12, 2024. The bulk carrier sank days after an attack by Yemen’s Houthi rebels believed to have killed one mariner on board, authorities said early Wednesday, June 19, the second-such ship to be sunk in the rebel campaign.

Photo: Etat-Major des Armées/AP

EU criticizes France for excessive debt, putting pressure on Macron during election campaign

By RAF CASERT Associated Press

THE European Union's executive arm on Wednesday criticized France for running up excessive debt, a stinging rebuke at the height of an election campaign where President Emmanuel Macron is facing a strong challenge from the extreme right and the left.

The EU Commission recommended to seven nations, including France, that they start a so-called "excessive deficit procedure," the first step in a long process before any member state can be hemmed in and moved to take corrective action.

"Deficit criteria is not fulfilled in seven of our member states," said EU Commission Vice President Valdis Dombrovskis, pointing the finger at Belgium, Italy, Hungary, Malta, Slovakia and Poland, in addition to France.

For decades, the EU has set out targets for member states to keep their annual deficit within 3% of Gross

Domestic Product and overall debt within 60% of output. Those targets have been disregarded when it was convenient, sometimes even by countries like Germany and France, the biggest economies in the bloc.

This time, however, Dombrovskis said that a decision "needs to be done based on, say, facts and whether the country respects the treaty, reference values for a deficit and debt and not based on the size of the country." The French annual deficit stood at 5.5% last year.

Over the past years, exceptional circumstances like the COVID-19 crisis and the war in Ukraine allowed for leniency, but that has now come to an end.

Still, Wednesday's announcement touched a nerve in France, after Macron called snap elections in the wake of his defeat to the hard right of Marine Le Pen in the EU parliamentary polls on June 9.

Le Pen's National Rally and a new united left front are polling ahead of Macron's party in the elections, and both challengers have put forward plans where deficit spending to get out of the economic rut is essential.

In the election campaign, Macron's camp could use the wrist-slap as a warning that the extremes will drive France to ruin, while the opposition could claim that Macron had overspent and still impoverished the French, leaving them no choice but to spend more still.

Despite the rebuke over excessive debt, EU Economy Commissioner Paolo Gentiloni stressed France was also moving in the right direction to address certain "imbalances," sending a

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"message of reassurance" to the EU institutions. The International Monetary Fund forecasts that the French economy will grow at a relatively sluggish 0.8% of GDP in 2024, before rising to 1.3% in 2025.

And unlike the measures imposed on Greece during its dramatic fiscal crisis a decade ago, he said that excessive austerity was not an answer for the future.

"Much less does not mean back to austerity, because this would be a terrible mistake," he said.

He also disputed a claim that it was austerity itself drove voters to veer to the extreme right, pointing out that lenient budget conditions had been in force for the past years and still allowed the hard right to come out as victors in many member states.

JORDAN BARDELLA, president of the far-right National Front party, answers reporters after visiting the Eurosatory Defense and Security exhibition, Wednesday, June 19, 2024 in Villepinte, north of Paris. Jordan Bardella, hoping to become France’s prime minister, appealed Tuesday to voters to hand his party a clear majority after French President Emmanuel Macron’s announcement on June 9 that he was dissolving France’s National Assembly, parliament’s lower house.

Photo:Michel Euler/AP

Upgrades on way for markets, says minister

UPGRADES to market sites are on the government agenda, including further improvements to Arawak Cay and Potter’s Cay, according to Minister of Agriculture and Marine Resources Jomo Campbell.

During his contribution to the 2024/25 Budget debate, Mr Campbell also highlighted the market at Gladstone Road, and the recently acquired Blue Hill Road Farmers Market.

He said: “These public markets play a vital role in The Bahamas’ economy. They offer a variety of products for sale which range from freshly caught fisheries products, fruits and vegetables, to enjoying your favorite freshly prepared or cooked Bahamian cuisines. Public markets also seek to encourage entrepreneurship, create employment and contribute towards our gross domestic product.”

MINISTER of Agriculture and Marine Resources, Jomo Campbell.

He said that at the Arawak Cay/Fish Fry it is necessary to continue to upgrade and refurbish the restrooms and surrounding facilities. Other improvements include addressing the grease clogging problem at the site.

“The grease traps will be cleared, cleaned and maintained on a regular basis,” he said. “This will minimise the vexing problem of clogged drains, which occur far too frequently. We have also collaborated with the Water and Sewerage Corporation and the Ministry of Works to assist in addressing the water flow and drainage situation. This work is almost completed. We conducted a survey of all plots/stalls. Through this survey, we are able to accurately request lease rental fees as fees are calculated according to the area a stall occupies.”

Other upgrades include the installation of spotlights as well as plans for additional lighting in the parking lots.

“This additional lighting would serve to help customers, vendors and tourists feel safe. It would also

PETROBRAS NEW CHIEF SWORN IN AS MARKET WORRIES BRAZIL’S GOVERNMENT WILL HAVE HEAVIER HAND

By ELÉONORE HUGHES

Associated Press

THE head of Brazil’s state-run oil giant Petrobras, Magda Chambriard, was sworn in Wednesday amid market concerns of increased government intervention in the company.

President Luiz Inácio Lula da Silva — who nominated Chambriard — attended the ceremony at a Petrobras research center in Rio de Janeiro, along with Finance Minister Fernando Haddad and Mines and Energy Minister Alexandre Silveira.

Chambriard’s predecessor, Jean Paul Prates, stepped down last month following months of tensions with the federal government. The market viewed Prates as putting the

interests of shareholders above those of the nation, and is skeptical Chambriard — who headed oil and gas regulator ANP between 2012 and 2016 — will have the same approach.

“Our management, as expected, is fully aligned with President Lula’s and the federal government’s vision for the country,” Chambriard said during the ceremony. “After all, they are our majority shareholders.”

Fears of government interventionism in Petrobras date to the sprawling “Car Wash” investigation that began a decade ago. The yearslong investigation discovered billions of dollars in kickbacks related to construction contracts that Petrobras awarded. Investigators found illicit funds

filled party coffers and lined politicians’ pockets, at a time when Lula’s Workers’ Party was in power. Lula himself was jailed for almost 600 days as a result, although his conviction was later annulled. During the ceremony on Wednesday, Lula slammed the investigation’s legacy.

“With the false argument of fighting corruption, Operation Car Wash was actually aimed at dismantling and privatizing Petrobras,” he said. “If the objective was to combat corruption, the corrupt should be punished and our people’s assets left intact. But that’s not what was done; what was done was an attempt to destroy the company’s image.”

The Intercept Brasil revealed collusion between

serve as a crime prevention measure. We also intend to install security cameras to complement our safety strategy. There is a plan to install fencing in certain areas, which would be beneficial in addressing the issue of vagrants,” said Mr Campbell.

He said conch shells on the northern seawall will be removed to minimise the possibility of conch poisoning due to algae buildup. Repairsare also planned for the sidewalks at Arawak Cay.

He said long-standing issues with lease renewals will also be addressed, saying: “Vendors will have to settle their affairs or face closure like all other businesses in the country.”

He said at Potter’s Cay, there have continued to be upgrades to restroom facilities, the administration building and the

prosecutors and Car Wash’s crusading judge, Sergio Moro, who later joined former far-right President Jair Bolsonaro’s Cabinet. That tainted the investigation’s credibility and fueled Lula allies’ accusations that it was politically motivated. After beating Bolsonaro in the 2022 presidential election, Lula returned to power for a third, non-consecutive term. Car Wash’s prosecutions of scores of politicians and executives — celebrated at the

garbage bin area, as well as repairs to potholes at the main entrance and exit and removal of derelict vehicles, pallets and debris from the garbage bin area. A booth was also installed for security personnel. Upgrades to lighting are also planned for Potter’s Cay. He added: “We also intend to ensure that vendors have access to electricity, so they can rid themselves of portable generator use for power.”

He said that there are plans to install a diesel generator for the administration building, and for a camera surveillance system and proper signage as well as modifications for existing fruits and vegetables stalls.

Upgrades are also panned at Gladstone Road. Mr Campbell aid an audit of the market had been completed and agreements

time as great achievements in attacking longstanding impunity — have been further dismantled since last year. The Supreme Court has suspended fines stemming from leniency agreements, annulled convictions and closed investigations.

Such developments have contributed to worry that the scope or tolerance for graft may return. But Rafael Schiozer, a finance professor at the Getulio Vargas Foundation, a

were being finalised for rental fees.

At Blue Hill Road Farmers Market, which was transferred to the Ministry of Agriculture in September 2022, he said a market manager has been appointed and a general cleanup of the market and other drainage works were recently carried out. A planned redesign will include an administration building, new stall designs and layout, landscaping and fencing, parking, kiddies corner, and more. Mr Campbell alo announced that the ministry has created a new digitisation unit to enable various online applications for permits, licenses and registration. Farmers and fishermen are now able to use various services online, he said.

university and think tank, said such concern about Petrobras is unwarranted.

“The company’s governance has improved a lot. Managers today are aware of the responsibilities they have, and corruption is obviously punished,” he said. Brazil’s government has a controlling stake in Petrobras and some Brazilian politicians see the company as a means to leverage national development.