07062023 BUSINESS

Atlantis: 30% spend, rate jumps ‘as good as it gets’

By NEIL HARTNELL Tribune Business Editor

ATLANTIS yesterday said its year-to-date performance is “as good as you can get” with rates and visitor spending per occupied room both exceeding pre-COVID levels by up to 30 percent.

Vaughn Roberts, the Paradise Island resort’s senior vice-president of government affairs and special projects, told Tribune Business it remains “very bullish” on its full-year outlook and is confident that it will be able to preserve firsthalf profit and revenue gains that “might be 20 percent above” internal projections.

Disclosing that occupancies for the just-completed US July 4 holiday weekend were around 93-94 percent, he added that

this momentum is carrying over into the upcoming Bahamian Independence holiday weekend with forecasts placing occupancy in the high 80 percent range, Mr Roberts told this newspaper that the fact Atlantis’ marine attractions, Dolphin Cay and Aquaventure, are “fully booked” signals that tourist demand for the Paradise Island mega resort and wider Bahamas remains strong. And,

Fishing ‘distress’ over boat registration hike

while group business is still “down significantly from where we budgeted” for 2023, he added that there were signs of an emerging recovery given that bookings are still coming in for this year as opposed to dates typically 18-24 months out.

Revealing that the resort “wishes we had another 500 rooms” to better accommodate the post-COVID tourism resurgence, Mr Roberts nevertheless conceded that the loss of the 400-room Beach Towers - ahead of its planned transformation into the ‘Somewhere Else’ concept - had helped to drive room rates and associated yields due to the capacity reduction.

“We’re just coming off a very strong July 4 weekend where our occupancies were in the mid-90s, 93-94 percent. Going into this

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Merchant’s remote shift ends 50-year retail era

By FAY SIMMONS Tribune BUSINESS REPORTER jsimmons@tribunemedia.net

A BAHAMIAN merchant has shuttered its retail store after more than 50 years in business as part of a restructuring that now sees it providing reduced services remotely.

Albury’s Locksmithing, located on Shirley Street next to the Dundas Centre for the Performing Arts, has moved to sell-off its windows, awnings and other products as part of the transition to providing locksmithing and safe

services without a physical location

The company was founded by Jason Albury and his wife, Martha, and inherited by their daughter, Melissa Roberts, and her husband, Dallas, upon their passing. Mr Roberts told Tribune Business that, although difficult decision, the retail store’s closure “had to be done”. He explained that the move was driven by a combination of decreased business following the COVID-19 pandemic and tax-related reforms and increases introduced by the Government.

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Bahamas ‘not tapped out’: FDI inflows at $1.3bn high

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas is “nowhere near to tapping out” its ability to attract greater foreign direct investment (FDI) flows, it was argued yesterday, after these increased by 6 percent to near-$1.3bn in 2022.

Hubert Edwards, the Organisation for Responsible Governance’s (ORG) economic development committee head, told Tribune Business that while a United Nations (UN) agency’s report signalled

The Bahamas is “holding its own” in the competition for investment capital it needs to intensify its efforts even more to generate the GDP

growth its present economic and fiscal circumstances.

The United Nations Council for Trade and Development (UNCTAD), unveiling its 2023 world investment report

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN fishermen were yesterday said to be “distressed” over “tenfold” rises in annual boat registration fees that are causing “a lot of panic” in the sector.

Paul Maillis, the National Fisheries Association’s (NFA) secretary, told Tribune Business that the body and wider fishing industry were hoping to first gain “clarity” over the increases, how they impact the sector and the wider fiscal objectives before seeking to meet with the Government to make the case for the fees to be adjusted.

With the Budget’s fee and other reforms now passed into law and in effect since July 1, fishermen and other Bahamian boat owners are only now just waking up to the scale of the increases imposed in the Water Skiing and Motor Boat Control (Amendment) Bill 2023 and its implications

for their interests and livelihoods.

Mr Maillis said it appeared as if the reforms had effectively “taken away” the tax break fishermen previously enjoyed, allowing them to import their vessels duty-free, through the hike in first-time and annual registration renewals. And, given that fees were based on the length of vessels, as opposed to their use, value or owner’s wealth, he argued that fishermen whose “profits are on the margin” have to pay the same as owners of multimillion dollar yachts.

“This is an issue of great concern for us,” he confirmed to this newspaper.

“With the increasing cost of doing business in The Bahamas, especially in the fishing industry, it’s distressing to see such a drastic increase in cost with regard to the registration of vessels. We’re talking a tenfold increase in the cost per year for registering vessels.

VAUGHN ROBERTS

HUBERT

BUSINESSES FEAR MAJOR LOSS FROM NORTH ANDROS BPL FIRE

By YOURI KEMP

HUNDREDS of North Andros businesses and visiting vendors were yesterday fearing they could suffer substantial losses after the area’s entire power generation capacity was destroyed by an early morning fire.

The blaze at Bahamas Power & Light’s (BPL) Nicholl’s Town power station, which wrecked all the generation units, was especially ill-timed given that many businesses had stocked up - and were carrying excess inventory - in anticipation of increased sales at the upcoming Independence and regatta/ homecoming weekend.

Darin Bethel, the North Andros Chamber of Commerce president, yesterday

voiced concern that businesses without their own stand-by generators could incur significant losses from food and beverage inventory spoiling, and thus miss out on significant sales, after spending weeks preparing for the weekend’s celebrations.

He told Tribune Business that the “vexing issues” with power generation in North Andros have been a concern for more than 20 years, and argued that the now-destroyed BPL power station needed to be replaced at least a decade ago.

“Governments have been putting this off and pushing it down the line, and last week there were calls for protests in the community against this because we were already experiencing some serious power outages. So it was obvious

that this situation was going to get worse before it got better,” he blasted. “A lot of businesses had already begun taking steps and preparing for the long holiday weekend. I don’t know how they are going to be able to maintain their inventory over the next couple of days. So it’s going to be a lot of loss suffered from the business community because everybody is stock heavy now with inventory, expecting a weekend of activities and so forth.”

BPL, in a statement, said it was moving as quickly as possible to install temporary generation capacity in North Andros ahead of the Independence weekend. It added that it is barging in a 1 Mega Watt (MW) generator and a 500 kilowatt generator, which will be “installed and online” by

today. There are around 300 businesses and 1,000 residential customers in North Andros impacted by the fire and loss of power.

Robert Jones, owner/ operator of Robby’s Beach Lodge, said that while he has a generator on-site, the issue still “affects” him because he has to travel to other locations on the island. The absence of electricity at these places makes it difficult to conduct business.

While voicing hope that BPL will send temporary generation capacity from Nassau, and that this will be installed soon, he rejected the notion that Central Andros’ power station could power North Andros. “I just don’t think Central Andros has the generators in place to run both Central and North Andros. But we were advised by BPL that

they can have stand-by generators mobilised within 48 hours,” he said.

Mr Bethel, on the other hand, is a strong advocate for Central Andros’ power station being a permanent solution to North Andros’ power woes in the longterm. He said: “There was a plan a couple of years ago where the Government had connected North to Central, where Central Andros would have the capability to run power to North Andros for a situation like this.

“They were thinking primarily along the lines that if a hurricane would come and destroy the North’s station, or the station in Central, that either one could supply power to both sides. But because they have been running on

‘Rent to own’ initiative attracts 600 applicants

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE BAHAMAS Mortgage Corporation’s chair yesterday said the Government’s ‘rent to own’ housing initiative has

sparked a “very high” response with more than 600 applications submitted to-date.

Barbara Cartwright told Tribune Business: “The Ministry of Housing has the applications, but the last time I checked it was about 600 applications in so far. It’s going really well.”

The Government’s ‘rent to own’ programme is targeted at home buyers who do not meet the minimum requirement for a mortgage, but can prove they would be solid tenants who consistently meet their obligations. Persons would be able to rent for up to two years before transitioning

to a mortgage, as the Government seeks to make housing more affordable for couples while also allowing them to build up savings.

Ms Cartwright said: “The Ministry of Housing is administrating this at the minute, and once they have accumulated the funds it

low fumes, Central Andros does not have the capacity to carry the North because they don’t have the generators to operate.”

Another business owner, speaking under condition of anonymity, said of the blaze: “This is going to disrupt the entire Independence weekend. This is also a huge regatta weekend for the island, too, and now vendors will be at a loss without power to operate if BPL does not send help.

“There are hotels, and short-term vendors who will be making their way to the island just for this weekend. If there is no power then they would have wasted their time and hundreds of dollars.”

would be turned over to us to complete a mortgage. We are excited to take the BMC in this new direction because anything that has to do with housing is a big deal, and anything to do with owning a piece of the rock is a big deal.”

Six homes were initially identified in Abaco for the pilot ‘rent to own’ initiative, with hopes that it can be expanded rapidly throughout the rest of The Bahamas if shown to be successful. Applications are currently being vetted.

‘RETICENT’ ON OIL EXPLORER’S CARBON CREDITS ALTERNATIVE

ENVIRONMENTAL

activists are urging the Government to “carefully scrutinise” any proposal by Challenger Energy Group to monetise its $150m investment in this nation via the creation of carbon credits.

Joe Darville, the Save the Bays chairman, responding to the former Bahamas Petroleum Company’s (BPC) confirmation that it has offered such a plan to the Government as an alternative to renewal of its exploratory oil drilling licences, told Tribune Business: “All I could say at this point in time is that it seems to be a very strange notion or idea that they could

search for oil and, if they find any, not extract it and request compensation based on carbon credits they have accumulated.

“I don’t know why they would come up with this notion. I would say we would have to be extremely reticent, careful and scrutinise carefully any such venture relating to carbon credit accumulation being supported by any outside entity and based on the fact they could drill for oil but not extract any commercial quantities.

“We need clarity coming from our government, not from them, around the procedures put in place for any carbon credits sold internationally and traded.” Mr Darville spoke out after the Davis administration

confirmed to Tribune Business that it is “examining the merits” of the oil explorer’s proposal to gain a return on its investment in The Bahamas via the use of carbon credits.

A spokesman confirmed it had received a proposal from Challenger Energy Group, the former Bahamas Petroleum Company (BPC), suggesting how it could “monetise” its assets in this nation via an alternative to extracting any commercial oil discoveries.

“They have written to us asking us to consider,” the spokesman confirmed. “We are examining the merits of their request within the stringent environmental carbon credits framework.” They responded after Challenger, in its just-released

2022 annual report, asserted it had proposed a “joint initiative” to the Government that would enable it to extract value from its Bahamas investment while avoiding much of the environmental-related controversy surrounding its oil drilling activities.

Eytan Uliel, Challenger’s chief executive, told shareholders it was pursuing a “parallel” path in The Bahamas with the carbon credits initiative put forward as an alternative to the renewal of its four exploration licences for a three-year term that would involve the drilling of another exploratory well within this nation’s waters during that time.

“In relation to the Company’s licences in The Bahamas, we maintained

ongoing dialogue with the Government of The Bahamas on two parallel options:

The renewal of the licences into a third exploration period, given that we still see considerable long-term exploration potential in those licences, a joint initiative seeking to monetise those assets via an alternative approach based around carbon credits,” Mr Uliel wrote.

And, in the same report, Challenger affirmed: “The group is the 100 percent holder of four conjoined exploration licences offshore in The Bahamas. The Perseverance One exploration well was drilled in the licence area in early 2021, and did not result in a commercial discovery at the drill location.

Selling out! Independence Day sales soar

By FAY SIMMONS Tribune Business Reporter

RETAILERS are reporting strong sales of Independence Day-related merchandise ahead of the Bahamas’s 50th anniversary celebrations.

James Wallace, owner/ operator of Janaees Uniform Centre stated that pre-Independence Day sales have been “tremendous” leading to his business being sold out of items weeks prior to the holiday. He said this is the first year his company has offered independence merchandise and he was conservative with the amount imported. He said: “Thankful to God that the sales have been tremendous. The Bahamian people are certainly supportive of the 50th anniversary of this country. We are absolutely sold out of items. It was sold out from last week.

“This is the first year we’ve done Independence, we just entered the market

this year, for the first time. Of course we were very cautious in the amount of inventory brought in but we are certainly pleased and thankful to God that we are sold out of the inventory for Independence.”

Mr Wallace added that he saw an increase in demand for Independence goods over the past two weeks and although he is sold out of the initial Independence Day items they offer embroidery services have began to customise a new batch of apparel.

He said: “We brought them in the end of May, beginning of June. We saw the sales pick up and two weeks ago we saw a lot of traffic with regards to Independence. Here and now, we’ve completely sold out I mean, we just don’t have it.

“We have in stock golf shirts that are not specific to Independence but we can embroider them and logo them and put the 50th anniversary on them which we are doing for customers who unfortunately missed the

actual sublimated T-shirts that we were selling.”

Mr Wallace noted that due to the strong response to the Independence merchandise offered this year he intends to expand this line of business.

He said: “I think we will continue with the independent sector of the business, but this is our very first year in our 30 years of existing that we’ve opted to go into it.

“So definitely we’re looking to do the same thing next year and probably expand the line into more areas like the flags on the buntings we didn’t carry, we only carried garments this year.”

Mr Wallace said the increased sales are not unique to Janaee’s independence offerings, but due to Bahamains displaying their patriotism in celebration of the 50th Independence. He said: “We’re understand that this is not Janaee-centric, this is industry-centric, everybody is sold out. The Bahamian

A note to our c lients on Eleuthera Notice of Relocation

Our Governor’s Harbour Branch will move to a new location at #4, Charlow’s Bay Plaza, Queen’s Highway, effective Monday, 24 July, 2023.

The location at Eleuthera Supply Building Complex will close permanently on Friday, 21 July, 2023 at 4:30pm.

Our telephone numbers, e-mail addresses and operating hours remain the same.

We look forward to serving you at our new location.

people are certainly celebrating their 50th.”

“Jenaee’s would like to thank our customers very much for supporting us and The Bahamas in celebrating 50 years.”

Mr Wallace added that after Independence Janaees will be having an early bird back to school sale.

He said “Of course, we are heading back to school again right out of Independence, we’ll have 20 percent sale on all our back to school items so persons can shop early and take advantage of that.

“Hopefully they won’t end up in this situation where school is opening and they are still looking for items and can’t find them.”

Dr Cheryl Strachan, Beyond Flags owner/operator said sales are getting stronger as the Independence holiday approaches. She said: “In terms of independence sales, they’re actually picking up and I’m thinking it’s probably because we’re running a sale on the 50th logo shirts.

They are $25 now VAT included.

“We’ve had you know, slow periods, but now that it’s getting closer, it’s definitely picking up. I think people are catching the fever.”

Mr Strachan said as Beyond Flags carries Independence-themed items all year long she still has inventory and they are extending

“However, a number of other structures and drill targets remain prospective across the licence areas, and the technical findings from Perseverance One indicate the potential of deeper jurassic horizons. In March 2021, the group notified the Government of The Bahamas of its intent to renew the licences into a third threeyear exploration period.

“This renewal remains pending, and the group is engaging with the Government on the renewal process. At the same time, the group is engaging with the Government and various third-party consultants

SEE PAGE B9

their operation hours ahead of the holiday.

She said: “We’re selling all year-long. We don’t just do this for Independence. Any time during the year, you’re able to come into the store and purchase the same items that are available during the Independence period. “Well, we still have shirts. We still have decorations, car flags, mirror covers, hood covers and headrest covers - we still have all those things, they can still come and get what they need.”

BAHAMAS SET TO HONOUR TOP-PERFORMING FARMERS

THE Ministry of Agriculture, Marine Resources and Family Island Affairs has launched the country’s firstever Agrarian Awards to honour the best-performing farmers for their efforts to improve Bahamian food security.

Under the theme, ‘Our Food, Our Future’, the awards aim to highlight The Bahamas’ agriculture sector. They are being held in conjunction with the Agriculture Development Organisation (ADO) and the Bahamas Agriculture and Marine Science Institute (BAMSI), and are a part of the country’s 50th independence anniversary celebrations.

“As many of us know, agriculture is a challenging and demanding industry. It requires long hours, hard work and a deep understanding of the land and its resources,” said Clay Sweeting, minister of agriculture, marine resources and Family Island Affairs.

“And it has not been easy for our farmers. They face challenges such as hurricanes and limited arable land. But despite these challenges, our farmers have persevered, producing crops and livestock that not only feed our nation but also contribute to our exports and economy.

“The Agrarian Awards is a testament to the fact that agriculture is not just a job, but a way of life. It is a way of connecting with nature, working with the land and nurturing our communities. It is a way of preserving traditions, introducing new innovations and passing on our knowledge and skills to future generations.”

Through a nomination process available on the ADO’s website, www.adobahamas.org, Bahamians will be able to view the criteria for nominees and enter submissions.

The Agrarian Awards will have feature several nomination categories, including:

* Male Farmer of the Year - $10,000

* Female Farmer of the Year - $10,000

* Youth Male Farmer of The Year - $5,000

* Youth Female Farmer of The Year - $5,000

* School Farm of the Year - $5,000 in supplies

* Community Farm$5,000 in supplies

* Backyard Farmer of the Year - $2,500

* Minister’s Lifetime Achievement Award - $10,000

The Backyard Farmer of the Year will be subject to a ‘people’s choice’ format, where followers of the ministry’s social media pages will be able to vote for their favourite backyard farm. The Minister’s Lifetime Achievement Award winner has been selected, and is not for public nomination, while the Lifetime Achievement Award winner is Dianne ‘Lady Di Thompson.

“For decades, ‘Lady Di’ has made strides in pineapple farming in The Bahamas, assisting other farmers with establishing their farms and has

passed on her knowledge to future generations. Her tireless efforts have not only improved the lives of countless individuals in her community, but has influenced agriculture on a national and even global level,” Mr Sweeting said.

“She has, and continues, to set an example of excellence for others to follow. So it is only fitting that we at the Ministry of Agriculture, Marine Resources and Family Island Affairs are taking this opportunity to salute her during our country’s 50th anniversary celebrations.”

The deadline for all submissions is July 31. After this date, submissions will be evaluated by the Department of Agriculture to ensure criteria standards

L TO R: Dion Gibson, Agrarian Awards committee member; BAMSI chairman Tyrel Young; chairperson of the Agrarian Awards Committee, Kendea Smith; ADO executive chairman, Philip Smith; Clay Sweeting; Aliv chief executive, John Gomez; Bridget Hepburn, under-secretary in the Ministry of Agriculture, Marine Resources and Family Island Affairs; and David Cates, the Ministry of Agriculture, Marine Resources and Family Island Affairs’ permanent secretary.

are met. Then, a special ‘Blue Ribbon Panel’ containing farming experts will evaluate all submissions and select four finalists. The winners of each category will be honoured during an awards ceremony to be held at Margaritaville on September 16, 2023. Tickets are expected to go on sale in early August.

Sponsors of the Agrarian Awards include ADO Bahamas, AFS Insurance, Aliv, Super Value, BAMSI, Bahamas Waste, Island Site Development, Jones Communications, The Guardian Group of Companies, The Tribune Media Group, New Providence Development Company, Royal Caribbean Cruise Lines (RCCL), The Movi Group and other private donors.

Hurricane Hole developer ‘joins forces’ in Cayman

A BAHAMAS-headquartered asset manager and developer was yesterday said to have “joined forces” on the Grand Hyatt Grand Cayman Hotel & Residences project that is already underway in the Caribbean territory.

Sterling Global Financial, which is behind the development of Paradise Island’s Hurricane Hole and Montage Cay in the Abacos, has partnered on a project whose condominiums are said to be more than 80 percent sold. Just 22 units remain available for sale.

David Kosoy, Sterlng’s founder and executive chairman, said in a statement: “We are delighted to join forces with Pageant Beach Hotel Ltd to bring the Grand Hyatt Grand Cayman Hotel & Residences to fruition. With our investment, we are committed to delivering a world class destination that exemplifies luxury and unparalleled hospitality. This venture showcases our dedication to enhancing the local community and creating lasting value for our clients and investors.”

The Grand Hyatt Grand Cayman Hotel & Residences, located on a 7.1-acre site on 7 Mile Beach, will offer 190 hotel guest rooms, 88 condohotel guest rooms, and 76 one, two and three-bedroom condo-hotel suites.

The development involves Americaribe LLC, a subsidiary of Bouygues Construction, in partnership with LG Contracting as general contractor; Sculptor Real Estate as construction lender; and Sterling Global Financial Group and Pageant Beach Hotel Ltd as developer. Construction is on schedule for a mid-2025 opening.

Tzvi Goder, director of Pageant Beach Hotel Ltd, said: “We have enjoyed a strong financial relationship with Sterling over the past several years. We are very excited to now have Sterling as our development partner, and look forward to the extensive experience and resources they bring to the Grand Hyatt development.”

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FISHING ‘DISTRESS’ OVER BOAT REGISTRATION HIKE

“If you have a ten-foot commercial fishing boat, what would have cost you $250 a couple of months previously to register for the year is now $2,300 plus a $125 inspection fee. Another thing that is rather distressing is if you’re bringing in a boat for the first time you have to pay a base fee, or first-time payment,

to register it. So now, if you have a 50-foot vessel, it will cost you $10,000 to register it for the first time.” Commercial fishermen enjoyed a duty exemption on boats imported into The Bahamas. The Davis administration, in the 20232024 Budget, eliminated the VAT and Customs duties previously levied on private vessels coming into

The Bahamas. It views this as both an offset to the increased registration, fees given that the combined tax rate now eradicated was 20 percent, and an incentive to encourage boat owners to register their craft in this nation. Mr Maillis, though, said the fishing industry was awaiting clarity from Michael Halkitis, minister

of economic affairs, on whether boats imported for commercial fishing will also be exempt from VAT. “Minister Halkitis has promised to give a breakdown of the legislation, but we have yet to get clarity,” he added.

“We need it to be cleared up because it’s causing a lot of panic. No matter what the uses are, they have increased the registration fee ten-fold. And the owner of a 50-foot yacht has to pay the same price as a commercial fisherman who has put his life savings towards his boat, does a regular blue collar job on the sea and has to pay the same price as someone using their boat for pleasure.

“There’s no concession for fishermen. They’ve effectively eliminated the duty-free concession for fishermen.... We had a dutyfree concession already. They gave the duty-free concession with one hand, and took it away with the registration fee increase. We would like the Government to reconsider some of these scales, and consider creating a segment specifically for fishermen and commercial fishermen,” Mr Maillis argued.

“We’re trying to encourage fisheries in this country. We’re trying to encourage productivity. I see articles about our multi-billion dollar balance of payments deficit, yet we’re discouraging people from coming into one of the primary export industries in the country and shouldn’t be doing that.

“Now, when you’ve made the registration fee so extremely high, you can see who will be hurting more:

Is it the person with money, or the person in an industry whose profits are on the margin? It’s going to disproportionately impact us, especially those on lower incomes,” he continued.

“For a 20-29 foot vessel, which is a pretty average size commercial fishing vessel, it’s gone from $20 to $700 for the annual registration fee. It’s absurd. We understand the Government needs money. We really, really do understand, but how easy is it for someone with a 50-foot, $10m yacht to pay a $10,000 first-time registration fee compared to a fisherman who has to take out loans and spend thousands of dollars on essential infrastructure for their business? That $10,000 charge is a substantial amount.”

Peter Maury, the former Association of Bahamas Marinas (ABM) president, had previously flagged up the seven and tenfold increases in first-time registration fees for particular classes of boats in a Tribune Business article. First-time registrants of vessels between 40 to 49 feet in length, and 50 to 59 feet, are set for fee increases from the previous $1,000 to $7,000 and $10,000 respectively.

And a 200-foot yacht will have to pay $35,000 compared to the current $4,000, which represents an eight-fold hike. It is unclear why other industries, and boat owners in general, did not react to or notice this, although it is possible some believed the hikes only applied to foreign-owned vessels.

One boat owner, speaking on condition

of anonymity, yesterday described the registration fee increases to Tribune Business as “ludicrous” as their annual payment has risen from $100 to $1,650. Given that the deadlines for commercial vessel and private vessel registration are January 31 and March 31, respectively, they added that the majority of owners may not feel the impact for some months as it will only be late-comers that will be affected.

“It’s an insane increase. It’s just insane. If you crunch the numbers it’s insanity,” they said. “It’s not going to entice anybody. It’s going to drive them away. It will hurt small fishermen, subsistence people. It’s going to hurt your jet ski and tour boat operators, people like that.

“It’s ludicrous really. It’s just such a big one-time jump between the old rates and the new. It’s the 20-foot to 50-foot that is going to kill Bahamians. They’re not thinking it through, obviously.” Mr Halkitis did not respond to a Tribune Business message seeking comment before press time last night.

However, Mr Maillis added: “We’re going to hear back from the minister hopefully very soon. We’re hoping we can come to some sort of negotiation. We’re going to speak to the Government respectfully and see if we can some sort of agreement. We look forward to speaking to the Government through the Association and see if we can’t come to the table and make some improvements to the legislation.”

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Bahamas ‘not tapped out’: FDI inflows at $1.3bn high

yesterday, revealed that FDI inflows attracted by The Bahamas last year marked a six-year high. FDI increased slightly from $1.185bn in 2021 to $1.255bn, reaching the highest level since 2017.

The report also found that The Bahamas had the second-largest share of FDI inflows to 11 Caribbean small island developing states (SIDS), attracting some 22 percent - or more than one out of every five dollars - invested in the region. Only the Dominican Republic attracted more.

“Inflows to the 11 Caribbean SIDS rose by 27 per cent to $5.9bn, due to some recovery in international tourism investment,” the UNCTAD report said. “FDI flows in the Dominican Republic rose by 25 per cent to $4bn. The number of greenfield projects more than doubled to 30, and the value more than quadrupled to $3.5bn. In the Bahamas, inflows rose by 6 per cent to $1.3 billion, mainly due to intracompany loans.” FDI remains critical to The Bahamas’ ability to grow its way out of the post-Dorian and COVID economic and fiscal crisis, and to generate the jobs necessary to further reduce unemployment. Describing the UNCTAD report’s findings as “consistent with what we have seen in the past”, Mr Edwards asserted that The Bahamas should aim to grow its share of FDI inflows to Caribbean SIDS to 30-35 percent - around a 10 percentage point increase.

“Certainly, post-pandemic, the fact The Bahamas continues to demonstrate it’s attractiveness as a destination for investment is a good thing,” Mr Edwards told this newspaper. “To garner between 20-25 percent of FDI inflows to Caribbean SIDS shows The Bahamas has huge investment potential.

“To come second to the Dominican Republic is not a bad thing, and suggests the Bahamas is holding its own. We are hoping some of the projects on the table will propel The Bahamas to grow even more. Getting to a 30-35 percent share will give us the impetus for the growth we need at this

time. It’s a good performance, but we definitely need more. “We want more FDI inflows because the more we get, the greater the growth in the economy is going to be, and that benefits all and sundry. The Government’s role is to balance this with domestic participation, but The Bahamas cannot grow without the rest of the world.”

Describing The Bahamas as a “greenfield site” for tourism and other investments, due to its multiple Family Islands and archipelagic nature, Mr Edwards added: “I don’t think in any way, shape or form at this time The Bahamas is anywhere near tapping out its investment potential.

“What’s important, and what policymakers have to keep an eye on, is the type of investment the country attracts and the value it delivers; value beyond simple employment. We have to consider how to balance FDI activity with local investors. We want to ensure our economy grows, and it’s a good place to be in, but it requires careful management and strategy.”

Mr Edwards said it was also critical that

the Government follow through with long-promised reforms to convert the Bahamas Investment Authority (BIA) into a true investment promotions agency such as Jamaica’s JAMPRO. Given The Bahamas’ FDI performance to-date without this restructuring, he argued it was conceivable that capital inflows will hit further heights if reform is successfully implemented.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, pledged during the 2023-2024 Budget debate that the Government will finally deliver on promises to convert the Bahamas Investment Authority (BIA) into a proactive investment promotion agency known as Bahamas Invest.

“Consecutive administrations have talked a lot about Bahamas Invest, a proactive department of investments to promote, manage and attract foreign direct investment FDI). The new construct will formalise promotions unit, a compliance unit and a facilitations unit,” he said.

“Further, as I indicated before, it is often said

that domestic investors, although entitled to the same and more concessions, are not treated with the same level of seriousness as foreign investors. As we committed in Our Blueprint for Change, we will refocus the Bahamas Investment Authority as a nimble promotional arm. Bahamas Invest will focus on attracting investment and industry across all sectors as we are committed to do in our Blueprint for Change.”

Mr Cooper said Bahamas Invest’s compliance arm will ensure all investors fulfill their obligations and commitments in their Heads of Agreement with the Government. “We will expand the role of Bahamas Invest to include a Domestic Investment Board to support Bahamian businesses in participating more fully in the tourism value chain,” Mr Cooper added.

“The director of investments, Phylicia Hanna-Woods, has already

started work in regard to this transition, working along with McKinsey consultants to deploy global best practices. We intend to create the conditions necessary to achieve the equivalent of being ranked top 50 in the world in competitiveness.... We have pledged this in at least the last three speeches from the throne. And we intend to stand up Bahamas Invest during this fiscal year.”

Analytical, Self Motivated, Team Player, Results Driven

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

INTERNAL AUDIT SUPERVISOR

Job Summary:

Duties and Responsibilities:

• Act as lead auditor for the team.

• Successfully plan, coordinate and lead audit engagements with all levels of management and employees.

• Conduct and document thorough analysis of business processes for areas under audit.

• Develop specific audit procedures that are designed to achieve audit objectives.

• Ensure all specific audit test work is properly performed and adequately documented.

• Prepare and review detailed audit work papers to substantiate the fieldwork performed, testing results, and audit conclusions reached.

• Summarize, draw conclusions and effectively report testing results.

• Provide cost effective solutions and recommendations to problems encountered during the audit.

• Prepare audit reports detailing the audit results and findings inclusive of recommendations.

• Ensure audit findings are properly communicated with management and appropriately tracked through remediation.

• Finalize audit reports based on management responses and remediation dates; and

• Supervise and manage the activities of the Internal Audit Associates.

Benefits:

• Competitive salary with incentives and performance bonuses

• Pension plan and medical insurance

• Extensive training and personal development opportunities

Requirements/Qualifications:

• Bachelor of Arts or Science Degree in Accounting, Finance, Banking or associated disciplines with advanced knowledge of accounting principles.

• Designations such as a CPA, CIA, CISA or CRMA are an asset, but not required provided industryrelated credentials have been obtained along with the relevant audit experience.

• At least five (5) years of progressive audit experience in public accounting or a minimum of ten (10) years of experience in retail banking, including at least three (3) years of supervisory or managerial experience.

• Extensive knowledge of financial, operational and system audits, as well as business process control reviews.

• Proficiency with computer applications, such as the Microsoft Office Suite.

• Knowledge of TeamMate is preferred.

• Exceptional communication and interpersonal skills are required with strong attention to detail and accuracy.

• Exceptional organizational skills with the ability to prioritize, meet tight deadlines and work well under pressure.

• Highly confidential and ability to work flexible hours.

In this highly visible position, you will be a part of a small team performing audits, fraud investigations, and special projects on the request of the Regulator, Board, ARMCO or ExCom of Fidelity Bank (Bahamas) Limited and its subsidiaries (collectively referred to as the Bank). Friday,

ATLANTIS: 30% SPEND, RATE JUMPS ‘AS GOOD AS IT GETS’

weekend, Bahamian independence, we’re still very strong in the high 80 percents,” Mr Roberts said.

“July to August for us is typically strong because we have a lot of families and children with us here on summer break.

“For the next two months it’s going to be very, very strong. It’s definitely up over prior year, and even up compared to 2019, which was pre-pandemic.” While Atlantis is monitoring quieter “shoulder” periods, such as the first weeks in August, he added that this outlook could change rapidly given that leisure visitors, in particular, are booking more closely to their actual travel date than they ever did pre-COVID.

“We are seeing a booking window that is very short, with people making decisions within 14 days of travel. We’re seeing a lot of leisure travel and very short booking windows, although people with families are

booking a lot further in advance. All of that supports the very strong performance we are seeing. We’re seeing 80-90 percent occupancies around this period, and that’s as good as you can get,” Mr Roberts told Tribune Business.

“We’re still seeing average daily room rates (ADRs) much higher than pre-COVID. In some cases they are up to 30 percent higher. It’s just very strong demand. For us, a part of it is we wish we had another 500 rooms. The Beach Towers is closed, but that has certainly driven our ability to yield rates.

“People are also spending more. Our marine programmes are fully booked, Aquaventure and Dolphin Cay. When we look at spend per occupied room, when we close a month it’s been up 25-30 percent compared to pre-pandemic. Part of that is inflation, and price driven, but people are also consuming more

Notice

and spending more in the restaurants.”

Despite being off-target, Mr Roberts said Atlantis was also seeing signs of a revival in its group business - the segment of the tourism market that was predicted to be the last to rebound from COVID. While meetings, conventions, events and incentives were traditionally booked 18-24 months out, he revealed that the Paradise Island mega resort is presently receiving business for dates later this year.

“We’re seeing a lot of bookings in the year for the year,” the Atlantis executive explained, indicating that the group booking window has also shrunk considerably. “Somebody booked a group to come in October or November this year, booking today, and normally groups book 18-24 months in advance.

“Our group business is rebounding, and we’ve seen some pick-up in the year for the year, so that helps our

In the Estate of CLEMENT ARUNDEL LAVILLE late of No. 275 Fire Trail Road, situate in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claims against the above-named Estate are required, on or before the 6th day of August A.D., 2023 to send their names and addresses, and particulars of their debts or claims to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default, thereof they will be excluded from the benefit of any distributions AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once.

AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late CLEMENT ARUNDEL LAVILLE will be distributed among the persons entitled thereto having regard only to the claims of which the Executors shall then have had notice.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

Dated this 6th day of July A.D., 2023.

c/o CAMPBELL-EBONG & CO. Attorneys for the Executors No. 51 Infant View Road Nassau, N.P., Bahamas

occupancy too. We’re still down significantly on the group side from where we budgeted this year, and that budget was significantly below 2019, but we’re optimistic because we’re seeing a lot of bookings in the year for the year, and are seeing a good pick-up and build for 2024 and 2025. We have made some changes in group sales leadership, and are now starting to get good traction.”

Bahamians resorts traditionally generate the bulk of their profits during the calendar year’s first half as this contains the peak winter season, relying on this to carry them through the softer parts of the year prior to the Christmas season. Atlantis is no different, and Mr Roberts yesterday said the resort is confident it will have preserved its first half gains when the 2023 full year closes.

“Because of the seasonality of the business, we expect most of our

profitability in the first six months because of the winter season,” he explained. “The first six months thankfully performed very well against our budget. We’re significantly above budget. June was really strong, and September and October, where there traditionally is risk, we’re happy about how those two months look.

“We expect to exceed our budget for this year. We’re very bullish on how we will close the year in terms of the first six months and what we can see in business for the balance of the year. On the revenue side and the profit side we’re above budget; I don’t have the numbers in front of me, but it might be 20 percent above. We’re hoping to carry through what we’ve got so far for this year; for the first six months. We’re trying to carry that through.” Mr Roberts told Tribune Business that the Christmas and Thanksgiving 2023

periods already looked robust based on business that Atlantis has already booked. “We know our November and December period is going to be very strong because of what we have on the books already,” he said.

“We also, in November and December, have a series of events - Battle 4 Atlantis, the men’s and women’s basketball tournaments, gymnastics and things that drive occupancy for us. We know that October will be strong as well. Typically we see a slowdown in September, but we’re seeing a lot of strength going into that month.

“We always have levers to drive occupancy in a slow period, sales and events. We think this is going to be a great year.”

Merchant’s remote shift ends 50-year retail era

FROM PAGE B1

“Albury’s Locksmithing has closed down,” Mr Roberts said. “We kept the same number but that company actually doesn’t exist any more. It was several things. It was coming. Actually, you know, we probably should have transitioned sooner, like before.

“But it was something that had to be done, something we had thought about, but didn’t do, but it was something we had to do. The pandemic had something to do with it along with the many, many tax forms we have now. Also, it was time for a change for my wife as well; she’s in a different line of work now.”

Mr Roberts Albury’s has streamlined its business

offerings and now exclusively provides locksmithing and safe services remotely through a new company, Albury’s Lockmasters. He said: “The Albury’s Locksmithing brand has closed down. We used to be another company for the window side, but that kind of merged several years back into one company, and we had windows, locks, safes, screens and all that stuff. But we no longer do any kind of screen or shutter or window work. It transitioned from Albury’s Locksmithing to Albury’s Lockmasters, and we only do locksmithing and safe work.”

Albury’s Locksmithing is the latest of several wellknown and long-standing Bahamian retailers, such as

‘RETICENT’ ON OIL EXPLORER’S CARBON CREDITS ALTERNATIVE

FROM PAGE B3

on a joint initiative seeking to monetise the asset via an alternative approach based around carbon credits.”

No details were provided on how the carbon credits proposal would be structured. However, given that these credits would likely be an offset to the non-extraction of any further commercial oil discoveries in Bahamian waters, it would appear likely that further exploratory wells will have to be dug to confirm if such deposits exist.

Carbon credits will only be created, and available for trading, if the existence of commercial oil deposits within The Bahamas can be verified. There would likely also have to be a revenue

sharing agreement worked out with the Government if Challenger’s plan ever comes to fruition, and much work remains to yet be done.

Meanwhile, Casuarina McKinney, executive director of Bahamas Reef Environment Educational Foundation (BREEF), argued it was “ludicrous” for Challenger to describe itself as holding four exploration licences in The Bahamas when these had all expired two years ago and have yet to be renewed.

Voicing hope that the Government will charge the oil explorer interest on the outstanding licence fees owed over its Perseverance One well, she argued that the company had yet to fulfill its obligations because monies remain due and owing.

City Markets, Taylor Industries and John S George, to cease operating. Mr Roberts said that while the transition happened faster than expected, all former employees have found new jobs. Albury’s Lockmasters will operate as a mobile business, with significantly lower overheads and costs.

Mr Roberts said: “I mean, it kind of happened quicker than we would have planned or liked, but it happened fairly quickly. Some things are out of our control and we were not able to transition it over a longer period of time.

“As far as I know, several of them got jobs very quickly, but basically all of have been re-employed; some in them similar work, some in different lines.

Challenger said it was sufficiently encouraged by the results of its Perseverance One well, drilled in waters 90 miles west of Andros, to believe oil may yet exist below the Bahamian seabed. However, it has made clear that it will not proceed with further drilling activities unless it can find a joint venture or farm-in partner to share the bulk of the financial, technical and operational risk as it seeks to recover its extensive investment in this nation. The oil explorer’s annual report also revealed it has still not fully paid licence fees due and owing to the Government from when it drilled Perseverance One. And it has yet to pay the $500,000 in “top-up” insurance for the well as the latter’s costs exceeded initial estimates. It said: “As at the date of this report, the matter remains pending resolution with the insurers.”

There’s no location at this time, it’s only mobile. So like how you see other mobile locksmiths around town without a storefront, that’s how we’re operating now.”

Mr Roberts added that although a buyer has agreed to purchase the majority of Albury’s Locksmithing’s inventory, individuals wishing to acquire certain items can do so by appointment only.

He said: “Sometimes I’ll be there, and some people have stopped by and I’ll help them out with something if it has to do with locks or to cut a key or whatever quick, but nobody is at the Shirley Street place any more.

We’re still moving stuff out of there and several people have bought quite a bit of the window-type stuff.

“We have a little bit of some of the shutters, but it

would have to be specific. There’s still a few things they were trying to sell off but we don’t really have a large variety of stuff like that. And we’re not doing installation, so they will have to find materials and either have someone else do it or install it yourself.

“But someone is actually buying in bulk, like the windows, screens and all that type of stuff, which is basically spoken for. Some lock items are still there to sell by appointment only if persons want to look at something if it’s available.”

Strong demand drives US new vehicle sales higher in the first half of the year

DEMAND for new SUVs, trucks and cars in the U.S. picked up steam in the second quarter, but the stronger sales kept prices high for consumers.

Auto sales rose a healthy 16.8% from April through June to just over 4.1 million,

fueled by pent-up demand from nearly two years of short supplies due to factories that were hobbled by the global computer chip shortage.

For much of the year, average prices pulled back a bit and automakers raised

discounts a little. But in June, those trends began to stall out, said Ivan Drury, director of insights for Edmunds.com. Consumers paid an average of $45,978 per vehicle in June, according to J.D. Power estimates. That's

flat from June of last year, but almost $1,400 less than in December of 2022 when prices peaked. Inventory on dealer lots was expected to be just over 1.2 million vehicles in June, about the same as most of this year, J.D. Power

said. Because of increased demand, supplies aren't growing.

Electric vehicle sales continued to rise during the first half of the year to more than 557,000 vehicles, or 7.2% of all new vehicle sales. In all of last year, consumers bought just over 807,000 EVs, or 5.8% of new vehicle sales.

With prices flat and average new-vehicle interest rates of around 7% expected to stay elevated through at least the summer, Drury says those in the market for a new car should hold off buying if they can. If they can't, they should figure out if they need as many bells and whistles.

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"Any of those upgrades are likely going to cost you far more than you might expect," he said.

General Motors led all automakers in secondquarter sales with almost 690,000, a 19% increase over a year ago. Toyota, which had been in second place, posted sales of 569,000, up 7%. Ford will release sales on Thursday.

Stellantis sales rose 6% for the quarter, while Nissan sales jumped 33%, and Honda's leaped 45% over poor numbers from a year ago due to parts shortages. Hyundai and Kia sales each rose 15% from a year ago. Subaru sales were up 22%.

For the first half of the year, auto sales rose 12% over 2022 to 7.7 million, still below pre-pandemic levels.

Tesla again was by far the leader in electric vehicle sales at nearly 337,000 in the U.S. from January through June, according to estimates from Motorintelligence.com.

General Motors was a distant second with about 34,000 EVs sold, mainly the Chevrolet Bolt and Bolt Electric Utility Vehicle. Korean automaker Hyundai made big gains, selling more than 22,000 EVs.

The Annual General Meeting will be held on Wednesday, 26 July, 2023 at 6:00 p.m. in a virtual meeting place, which will be hosted from the Grand Hyatt Baha Mar Convention Centre, 1 Baha Mar Boulevard, New Providence Bahamas The Annual Report is available at www.fidelitygroup.com Malvern L. Bain Assistant Corporate Secretary

NOTICE

In the Estate of GODFREY ANTHONY BETHELL late of Bahamas Breeze Retreat in the Settlement of Palmetto Point in the Island of Eleuthera one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE IS HEREBY GIVEN that all persons having any claim against the above named Estate are required on or before the 10th day of July, 2023 to send their names and addresses and particulars of their debts or claims to the undersigned and if so required by notice in writing from the undersigned to come in and prove such debts and claims or in default thereof they will be excluded from the benefits of any distributions made before such debts are proved AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned. HAILSHAMS

UN nuclear agency chief says he’s satisfied with Japan’s plans to release Fukushima wastewater

By MARI YAMAGUCHI Associated Press

THE head of the U.N. atomic agency toured Japan's tsunami-wrecked Fukushima nuclear power plant on Wednesday and said he is satisfied with still-contentious plans to release treated radioactive wastewater into the Pacific Ocean.

International Atomic Energy Agency chief Rafael Mariano Grossi observed where the treated water will be sent through a pipeline to a coastal facility, where it will be highly diluted with seawater and receive a final test sampling. It will then be released 1 kilometer (1,000 yards) offshore through an undersea tunnel.

"I was satisfied with what I saw," Grossi said after his tour of equipment at the plant for the planned discharge, which Japan hopes to begin this summer. "I don't see any pending issues."

The wastewater release still faces opposition in and outside Japan.

Earlier Wednesday, Grossi met with local mayors and fishing

association leaders and stressed that the IAEA will be present throughout the water discharge, which is expected to last decades, to ensure safety and address residents' concerns. He said he inaugurated a permanent IAEA office at the plant, showing its long-term commitment.

The water discharge is not "some strange plan that has been devised only to be applied here, and sold to you," Grossi said at the meeting in Iwaki, about 40 kilometers (25 miles) south of the plant. He said the method is certified by the IAEA and is followed around the world.

The IAEA, in its final report on the Fukushima plan released Tuesday, concluded that the treated wastewater, which will still contain a small amount of radioactivity, will be safer than international standards and its environmental and health impact would be negligible.

Local fishing organizations have rejected the plan because they worry their reputation will be damaged even if their catch isn't contaminated. It is also

opposed by groups in South Korea, China and some Pacific Island nations due to safety concerns and political reasons.

Fukushima's fisheries association adopted a resolution on June 30 reaffirming its rejection of the plan. The fishery association chief, Tetsu Nozaki, urged government officials at Wednesday's meeting "to remember that the treated water plan was pushed forward despite our opposition." Grossi is expected to also visit South Korea, New Zealand and the Cook Islands to ease concerns there. He said his intention is to explain what the IAEA, not Japan, is doing to ensure there is no problem.

In an effort to address concerns about fish and the marine environment, Grossi and Tomoaki Kobayakawa, president of the plant operator, Tokyo Electric Power Company Holdings, signed an agreement on a joint project to determine whether they are impacted by tritium, the only radionuclide officials say cannot

ESTATE OF ERNIE WILLIS PINDER

TAKE NOTICE that anyone having a claim against the Estate of ERNIE

WILLIS PINDER late of 19th Street, Spanish Wells, St. George’s Cay, Bahamas, who died on the 2nd day of November, 2022, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 31st August, A.D., 2023.

EMPLOYMENT OPPORTUNITY

Chief Executive Officer/General Manager

About BAMSI: The Bahamas Agriculture and Marine Science Institute is a multifaceted agency which utilises several engines to achieve its country mission; to drive a progressive and sustainable path toward a food secure future. To execute this mission, the Institute uses a multi-pronged approach, inclusive of the BAMSI College with campus facilities in North Andros, the tutorial (demonstration/research) 1,000acre farm and the Associated Farmers Programme. Currently, BAMSI’s innovative methods are attracting Bahamians of all ages with an interest and passion for sustainable development both in agriculture and marine science. There is significant interest coming from: high school graduates wishing to pursue a tertiary level education, members of the public interested in urban farming, professional agriculturalists, farmers and educators.

RESPONSIBILITIES

• The Chief Executive Officer oversees the administration and management of the Institute specifically with oversight over the four components of BAMSI: the Institute (College, Research and Development), the North Andros Farm, the Marine Sector, and the Extension Offices (Outreach Programme).

• Provide overall strategic leadership of BAMSI and ensure that the mandate of the Government is carried out in consultation with the Board of Directors.

• Develop a culture of excellence and relevance in research and of collaboration between Participants and BAMSI.

• Ensure technology transfer through research and the adoption of new practices.

• Manage Extension Officers.

• Ability to travel locally and internationally.

LEADERSHIP

• The CEO will report to the Chairman of the Board of Directors.

• Oversee the business operations of a farm by providing leadership and organization during the production process.

• Establish a working relationship with Family Island communities, the agriculture sector and small farmers.

EDUCATION AND EXPERIENCE

• Minimum of a Master’s degree in Business Management, Agribusiness, or other related professional education from an internationally recognized and accredited institution.

• Solid progressive management experience, of which five years should be at CEO level in a comparable corporate entity.

• Senior management experience with proven ability to successfully develop and manage projects.

• Familiarity with global and local markets and regulatory environments for agribusiness and financial services.

• International and preferably regional experience

• Relevant risk management and leadership courses attended an advantage.

• Background in Agriculture is a plus.

TO APPLY: Qualified individuals are encouraged to email their curriculum vitae, along with a cover letter, to hr@bamsibahamas.com. Please submit your application materials by Monday, July 24th, 2023.

DIRECTOR OF HUMAN RESOURCES

Re: Chief Executive Officer The Bahamas Agriculture & Marine Science Institute Island Traders Building East Bay Street hr@bamsibahamas.com

be removed from the wastewater by treatment.

In South Korea, officials said in a briefing Wednesday that it's highly unlikely that the released water will have dangerous levels of contamination. They said South Korea plans to tightly screen seafood imported from Japan and that there is no immediate plan to lift the country's import ban on seafood from the Fukushima region.

Park Ku-yeon, first vice minister of South Korea's Office for Government Policy Coordination, said Seoul plans to comment on the IAEA findings when it issues the results of the country's own investigation into the potential effects of

the water release, which he said will come soon.

China doubled down on its objections to the release in a statement late Tuesday, saying the IAEA report failed to reflect all views and accusing Japan of treating the Pacific Ocean as a sewer.

"We once again urge the Japanese side to stop its ocean discharge plan, and earnestly dispose of the nuclear-contaminated water in a science-based, safe and transparent manner. If Japan insists on going ahead with the plan, it will have to bear all the consequences arising from this," the Chinese Foreign Ministry said.

Grossi said Wednesday he is aware of the Chinese

position and takes any concern seriously. "China is a very important partner of the IAEA and we are in close contact," he said.

A massive earthquake and tsunami on March 11, 2011, destroyed the Fukushima Daiichi plant's cooling systems, causing three reactors to melt and contaminating their cooling water, which has leaked continuously. The water is collected, treated and stored in about 1,000 tanks, which will reach their capacity in early 2024. The government and TEPCO, the plant operator, say the water must be removed to prevent any accidental leaks and make room for the plant's decommissioning.

Federal Reserve minutes: Some officials wanted to raise interest rates last month

By CHRISTOPHER RUGABER AP Economics Writer

SOME Federal Reserve officials pushed to raise the Fed’s key interest rate by one-quarter of a percentage point at their meeting

last month to intensify their fight against high inflation, though the central bank ultimately decided to forgo a rate hike. In a sign of growing division among the policymakers, some officials favored a quarter-point

increase or said they “could have supported such a proposal,” according to the minutes of the June 13-14 meeting released Wednesday. In the end, the 11 voting members of the Fed’s interest-rate setting committee agreed unanimously

to skip a hike after 10 straight increases. But they signaled that they might raise rates twice more this year, beginning as soon as this month.

In Fed parlance, “some” is less than “most” or “many,” evidence that the support for another rate hike in June was a minority view. And some who held that view were likely unable to vote at the meeting; the 18 members of the Fed’s policymaking committee vote on a rotating basis.

Though last month’s vote to keep rates unchanged was unanimous, it is relatively uncommon for the central bank to stipulate in the minutes of Fed meetings that some officials had disagreed with the committee’s decision.

Overall, the minutes echoed previous comments from Chair Jerome Powell that the Fed will likely keep raising rates this year, with a hike at its next meeting in three weeks considered highly likely.

“Barring any surprises, the Fed will likely increase rates in July after the hawkish pause in June,” said Jeffrey Roach, chief economist for LPL Financial.

Twelve of the 18 members of the rate-setting committee have projected at least two more rate hikes this year, according to the members’ projections released last month. Four envisioned one more increase. Just two

officials foresaw keeping rates unchanged.

Raphael Bostic, president of the Federal Reserve Bank of Atlanta, suggested in remarks last week that he had supported keeping rates unchanged last month. Bostic is not currently a voting member.

“I believe we are just now beginning to see signs that the cumulative effects” of the Fed’s rate increases — the fastest in four decades — “are showing up in the real economy,” Bostic said.

“We are making progress on reducing inflation,” he added.

Many of his fellow Fed officials, though, don’t agree. The policymakers who had favored a rate hike last month felt that “there were few clear signs that inflation was on a path to return” to the Fed’s 2% objective anytime soon, the minutes said. The decision to forgo an increase left the Fed’s key rate at about 5.1%, the highest level in 16 years.

At the same time, a majority of officials signaled that they expect to raise rates twice more this year — once more than had previously been expected.

In their quarterly economic projections, the policymakers also forecast higher inflation and modestly stronger growth than they had envisioned in June. Those upward revisions are a sign that the economy has

been more resilient than Fed officials have expected.

The Fed’s aggressive streak of rate hikes have made mortgages, auto loans, credit cards and business borrowing increasingly expensive.

Many economists described the message from last month’s Fed meeting as a blurry one. On the one hand, the central bank chose not to raise borrowing costs. And Powell said at a news conference that the Fed was slowing its rate hikes to allow time to assess their impact on the economy.

On the other hand, the officials’ forecast for two more rate hikes suggested that they still believe more aggressive action is needed to defeat high inflation. And Powell has said more rate hikes are likely this year.

Speaking at a panel discussion with other top central bankers last week, Powell suggested that “the bottom line is that (interest rate policy) hasn’t been restrictive enough for long enough.”

Most other central banks in developed countries are taking a similar approach. ECB President Christine Lagarde and Bank of England Governor Andrew Bailey indicated last week that they expect to keep interest rates high for an extended period. They spoke on the same panel as Powell.

ESTATE OF DUSTON CECIL BABB

TAKE NOTICE that anyone having a claim against the Estate of DUSTON CECIL BABB late of Golf Course Boulevard, Sea Breeze Estates, New Providence Bahamas, who died on the 25th day of March, 2020, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 3224292/3, fax: (242) 323-2334 ON OR BEFORE the 31st August, A.D., 2023.

Analytical, Self Motivated, Team Player, Results Driven

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

UNIT COMPLIANCE ASSOCIATE

Job Summary:

The successful candidate will be responsible for approving all account opening, relative to KYC requirements, as well as data changes for all existing customers with the approval of the Head of Compliance.

Duties and Responsibilities:

• Review and approve applications for all new acceptable risk applicants prior to onboarding and new facilities for existing customers.

• Review applications for all high risk relationships and escalate to the Compliance Unit for approval prior to onboarding.

• Review and address all customer complaints, as well as prepare and submit the customer complaint report within required timeline.

• Participate and complete all quarterly in-branch Financial Crime Risk Trainings as assigned.

• Respond to all customer due diligence requests from the Compliance Unit within required timeframes.

• Responsible for the preparation and submission of various assigned reports to be submitted within the stipulated timeframes.

Benefits:

• Competitive salary with incentives and performance bonuses

• Pension plan and medical insurance

• Extensive training and personal development opportunities

Requirements/Qualifications:

• Designation by the Head of Compliance & MLRO as a Unit Compliance Associate

• 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.

JetBlue is dumping its partnership with American Airlines to salvage its purchase of Spirit

By DAVID KOENIG

AP Airlines Writer

JETBLUE says it will end a partnership with American Airlines in the Northeast after losing a court fight over the deal, and will instead focus on salvaging its proposed purchase of Spirit Airlines.

JetBlue Airways said Wednesday that it will not appeal a federal judge’s ruling blocking the deal with American. With its decision, JetBlue said the U.S. Justice Department should reconsider its opposition to a JetBlue-Spirit combination.

The Justice Department sued to block both the JetBlue-American deal and JetBlue’s agreement to buy Spirit for $3.8 billion on grounds that they would hurt competition.

The Justice Department won a trial in Boston last fall over the JetBlueAmerican partnership.

U.S. District Judge Leo Sorokin decided in May that the airlines must end their Northeast Alliance, or

NEA, which began in 2021, because it violates U.S. antitrust law.

“Despite our deep conviction in the procompetitive benefits of the NEA, after much consideration, JetBlue has made the difficult decision not to appeal the court’s determination ... and has instead initiated the termination of the NEA, beginning a wind down process that will

take place over the coming months,” New York-based JetBlue said in a statement.

“We will now turn even more focus to our proposed combination with Spirit.”

Shortly after JetBlue’s announcement, American said it respects JetBlue’s decision “to focus on its other antitrust and regulatory challenges,” but it will press ahead with its own appeal in the case.

JetBlue’s decision to choose a purchase of Spirit over a geographically limited deal with American grew more likely in recent weeks, as JetBlue declined to say whether it would appeal the Northeast Alliance ruling.

While the deal with American helped JetBlue grow in one region of the country, buying Spirit would let JetBlue grow quickly to nearly 10% of the nationwide air-travel market. That would make JetBlue much closer in size to United, Delta, Southwest — and American.

Last month, JetBlue and American asked Judge Sorokin to let them keep selling tickets on each other’s flights, an arrangement called code-sharing, and offering reciprocal frequent-flyer benefits. The judge has not ruled on the request, but those features of the NEA will now go away. Meanwhile, a trial has been scheduled for October in the Justice Department’s lawsuit against the JetBlueSpirit merger.

A JETBLUE Airbus A320 taxis to a gate after landing, Oct. 26, 2016, as an American Airlines jet is seen parked at its gate at Tampa International Airport in Tampa, Fla. JetBlue on Wednesday, July 5, 2023, said it won’t appeal a judge’s ruling against its partnership with American Airlines, effectively dropping the deal in an effort to salvage its purchase of Spirit Airlines.

Photo:Chris O’Meara/AP

Meta takes aim at Twitter with the launch of rival app Threads

By KELVIN CHAN AP Business Writer

META unveiled an app to rival Twitter on Thursday, appearing to target users looking for an alternative to the social media platform owned — and frequently changed — by Elon Musk.

Called Threads, the new offering is billed as a textbased version of Meta’s photo-sharing app Instagram that the company says provides “a new, separate space for real-time updates and public conversations.”

The app went live just after midnight Wednesday in the U.K. in Apple and

Google Android app stores in more than 100 countries including the U.S., Britain, Australia, Canada and Japan.

Users will get a Twitter-like microblogging experience, according to screenshots provided to media, suggesting that Meta Platforms has been gearing up to directly challenge the platform after Musk’s tumultuous ownership has resulted in a series of unpopular changes that have turned off users and advertisers.

There are buttons to like, repost or quote a “thread,” and counters showing the

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NOTICE is hereby given that SHALANDA BLANC of Spanish Wells, Eleuthera, 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 6th day of July, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

number of likes and replies that a post has received.

“Our vision is that Threads will be a new app more focused on text and dialogue, modeled after what Instagram has done for photo and video,” the company said.

Posts are limited to 500 characters, which is more than Twitter’s 280-character threshold, and can include links, photos and videos up to five minutes long.

Instagram users will be able to log in with their existing user names and follow the same accounts on the new app. New users will have to set up an Instagram account.

Meta emphasized measures to keep users safe, including enforcing Instagram’s community guidelines and providing tools to control who can mention or reply to users.

Meta’s new offering, however, has raised data privacy concerns.

Threads could collect a wide range of personal information, including health, financial, contacts, browsing and search history, location data, purchases and “sensitive info,” according to its data privacy disclosure on the App Store.

Twitter co-founder Jack Dorsey pointed it out in a

snarky tweet saying, “All your Threads are belong to us” that included a screenshot of the disclosure. Musk replied “yeah.”

One place Threads won’t be rolled out is in the European Union, which has strict data privacy rules.

Meta has informed Ireland’s Data Privacy Commission that it has no plans yet to launch Threads in the 27-nation bloc, commission spokesman Graham Doyle said. The Irish watchdog is Meta’s main privacy regulator for the EU because the company’s regional headquarters is based in Dublin.

While Meta had teased the launch with a listing on Apple’s U.K. App Store earlier this week, it could not be found in the French, German or Dutch versions.

Analysts said its success is far from guaranteed, citing Meta’s track record of launching standalone apps that were later shut down. Also in question is whether it’s the right move for Meta, which has announced tens of thousands of layoffs over the past year amid a tech industry slowdown.

CEO Mark Zuckerberg also has been focusing on the metaverse, investing tens of billions of dollars in the virtual reality concept.

THIS photo, taken in New York on Wednesday, July 5, 2023, show the logo for Meta’s new app Threads, left, and that of Twitter. Meta is poised to unveil the new app that appears to mimic Twitter — a direct challenge to the social media platform owned by Elon Musk.

Photo:Richard Drew/AP

NOTICE is hereby given that MANICA CAMILLE of Pine Street, Jubilee Gardens, Nassau, 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 6th day of July, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE

NOTICE is hereby given that JOHN JEAN of Churchill Avenue, Nassau, 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 6th day of July, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

STALEMATE: UPS, TEAMSTERS CONTRACT TALKS BREAK DOWN WITH EACH SIDE BLAMING THE OTHER

By MATT OTT

AP Business Writer

CONTRACT negotiations

between UPS and the union representing 340,000 of the company’s workers broke down early Wednesday with each side blaming the other for walking away from talks.

The Teamsters have imposed several deadlines for United Parcel Service negotiators to make their “last, best and final” offer to its unionized workers in recent days. Union officials said Wednesday that UPS “walked away from the bargaining table after presenting an unacceptable offer,” specifically with regard to the economic package.

UPS told a different story. The package delivery company said it was the Teamsters who abandoned negotiations, “despite UPS’s historic offer that builds on our industry-leading pay.”

“We have not walked away, and the union has a responsibility to remain at the table,” the Atlanta company said in a prepared statement.

Whichever the case, talks are at a stalemate with the end of the contract — midnight on July 31 — rapidly approaching. Teamster-represented UPS workers

voted for a strike authorization last month and union chief Sean O’Brien said last week that a strike was imminent.

The Teamsters say any tentative agreement would need to be endorsed by its national committee before being disseminated and voted on by membership. The union has said it will not negotiate past the expiration of the current contract.

Shares of United Parcel Service Inc. fell more than 2%. Shares in rival FedEx rose slightly.

The Teamsters represent more than half of the company’s workforce in the largest private-sector contract in North America. If a strike occurs, it would be the first since a 15-day walkout by 185,000 workers crippled the company a quarter century ago.

UPS has grown vastly since then and become even more integral piece of the U.S. economy, with consumers relying on swift delivery of most essential home items. Small businesses who rely on UPS could also be left looking for alternative shipping options if the company’s remaining workforce wasn’t able to meet demand during a strike.

The company says it delivers the equivalent of about 6% of nation’s gross domestic product.

That means a strike would carry with it potentially far-reaching implications for the economy, particularly the supply chain, which

has just begun to recover from pandemic-related entanglements.

Negotiations had appeared to be progressing in recent weeks, with tentative agreements on a

number of issues since national contract talks began in April. The sides agreed to scrap the two-tier wage system for drivers who work weekends and earn less money, which was a major sticking point.

The union also said it also reached a tentative agreement to establish Martin Luther King Jr. Day as a full holiday for the first time and end unwanted overtime on drivers’ days off.

Last month, the union and the company reached another tentative agreement to equip more trucks with air conditioning equipment. Under that agreement, UPS said it would add air conditioning to U.S. small delivery vehicles purchased after January 1, 2024. Existing vehicles wouldn’t get that upgrade, but the union said they will have other additions like two fans and air vents.

Annual profits at UPS in the past two years are close to three times what they were pre-pandemic. The company returned about $8.6 billion to shareholders in the form of dividends and stock buybacks in 2022, and forecasts another $8.4 billion for shareholders this year.

A UNITED Parcel Service driver loads his truck, adjacent to a UPS Store, in New York, Thursday, May 11, 2023. Frustrated by what he called an “appalling counterproposal” earlier this week, the head of the union representing 340,000 UPS workers said a strike now appears inevitable and gave the shipping giant a Friday deadline to improve its offer.

Photo:Richard Drew/AP