07112023 BUSINESS

Transparency hope from move to corporate tax

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

IMPLEMENTING a corporate tax would move the country towards more progressive taxation, accountability and fiscal transparency, according to a governance reformer.

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that notwithstanding the US Fiscal Transparency report there more details need to be taken into consideration before the country can claim to be fully fiscally transparent - and urged policy makers to undertake the work required for true transparency before they move towards implementing a corporate tax.

Mr Aubry added that corporate tax is a move towards a more progressive

style of taxation and has a lot of potential to bring value to the Bahamian people. “Our consideration would be that as you move towards any taxation, parallel, you’ve got to have more focus on accountability and transparency,” he said.

“We were started based on VAT and the government took the numbers that came out of the consultation, and did not want to move on the policies that were put forward in exact

same statements, statements by the experts. So we still today, seven years later, don’t have Freedom of Information (FOI). We have fiscal responsibility and then the most recent administration changed the terms of that fiscal responsibility, lessening the level of reporting, and still not fully developing out the role of the fiscal committee, which is supposed to bring oversight and insight.”

The lack of FOI makes any transparent rating null

Economy stabilisation after pandemic ‘a huge positive’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE ECONOMY has stabilised “significantly” since the COVID-19 pandemic, a governance reformer said.

and void for the mere fact that Bahamians don’t have access to the information when they request it. Furthermore, when it comes to fiscal transparency, particularly when dealing with the budget process, there are details hidden in the line items that observers would have to fish out in order to make sense of what they mean in addition

‘No appetite’ for rent-to-own as programme in private sector

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN realtor said there is no appetite for the private sector to start its own rent-to-own programme and developers would need “considerable capital overlay” for it to be successful and profitable.

Matt Sweeting, chief executive at 1oak Bahamas, told Tribune Business while the government’s rent-to-own programme being organised by the Ministry of Housing and Transport has promise and he is excited for new homeowners to be able to invest in a home, the matter for private sector following suit is not so clear cut as things need to be more favourable for developers to enter into the market with their own programme.

Despite the initiative being “timely” in terms of filling the huge demand for homes and

overarching need to help a “marginalised demographic of Bahamians trying to maintain the cost of living while simultaneously trying to purchase a home”.

JoBeth Coleby-Davis, minister of transport and housing, announced the government’s rent-toown initiative during the Budget debate, which she said will give Bahamians the opportunity to save up for their first dream home while living in it at the same time.

The programme will allow for prospective home owners to pay rent for up to two years and then be transferred to the Bahamas Mortgage Corporation if they satisfy further requirements.

Mr Sweeting said: “I think there’s a huge opportunity for a private sector, developer or company to do a rental, but it requires considerable capital outlay with long return objectives.

Hubert Edwards, head of the Organisation for Responsible Governance’s (ORG) economic development committee, told Tribune Business the economy has stabilised significantly and it’s a “huge positive” - due to the reconsolidation coming out of the COVID-19 pandemic - that has pushed the country further than it could have been expected two years ago.

However, with US inflation hovering well over two percent and the Bahamian inflation rate above that, Mr Edwards said the average man would take some time to realise the “full effect” of the economic situation.

Mr Edwards said: “We have to be concerned about how much pressure the debt continues to exert on the economy and

the fact that the US is still willing to increase interest rates through the rest of the year. That represents an increase in the overall cost to the government and certainly will have a knock-on effect on government spending.”

Meanwhile, he took note of comments made by Scotiabank’s vice president and district head for the Caribbean, Roger Archer, and how the country is enjoying relatively low lending rates as other markets in the Caribbean continue to rise. He said: “If you compare rates in

SEE PAGE B4

• Campaigner says govt still needs to do more work

• Seven years on and no Freedom of Information yet

MATT AUBRY

HUBERT EDWARDS

JOBETH COLEBY-DAVIS, Minister of Transport and Housing and Member of Parliament for Elizabeth.

$5.60 $5.63 $5.70 $5.62

Bahamas and climate change at a crucial juncture FOX RICK

Half a century ago, the Bahamas took its first steps as an independent nation, vibrant with potential and promise. Today, however, we confront an existential crisis, brought on by global forces far beyond our control.

I have witnessed this crisis first hand. In 2019, Hurricane Dorian caused significant loss of life and left countless Bahamians homeless. It left a trail of devastation in its wake, costing $3.4bn — nearly a quarter of our GDP. To me, it was a personal and profound wake-up call.

Dorian was not a one-off; it served as a grim forecast of a looming future. As sea levels rise and weather patterns shift, we find ourselves on an accelerating treadmill, running against the escalating force of climate change.

However, amidst the turmoil and fear, we Bahamas must endure. We must refuse to be passive victims, waiting for the world’s major polluters or governments to take action against the climate crisis they continue to create. Instead, we must become masters of our own destiny, pioneering new ways to resist and recover, transforming our vulnerability into innovation.

This week (July 13-14), some of the brightest and best young men are women will host this year’s Youth Climate Conference in Nassau. I had the honour of meeting many of these individuals at COP27 last year in Egypt, and regard them as true heroes – inspiring the next generation of Bahamians. Climate change posts an existential threat to our Islands. But they won’t lie down and take it.

Last year at COP28, Prime Minister Philip Davis addressed the world. He said that Bahamians “have what it takes” to provide

the kind of leadership and innovation that contribute to meaningful solutions. He wasn’t wrong.

Many companies in The Bahamas, including Partanna, are offering global solutions from the frontline of climate change. We have developed a revolutionary carbon-absorbing building material —a game-changer in the fight against global concrete emissions, which contribute to a staggering eight percent of global emissions.

This solution, born from the ashes of Hurricane Dorian, will make a significant impact in the fight against global CO2 emissions and change the way the world builds. Furthermore, it will provide the climate-resilient safeguard that many thousands of Bahamians sorely need.

This natural material, derived from locally available byproducts such as brine—a waste product of desalination—is remarkably stronger when exposed to seawater, creating a robust defense against the rising sea levels threatening our shores.

Not only is our material resilient, but it’s also regenerative. Coral reefs, an essential player in our marine ecosystems and an effective natural barrier

against storm surges, can grow on our Partanna block. This makes our building material an ideal solution to the multibillion dollar global coral reef restoration industry.

By supporting local innovators and risk-takers, we can strengthen The Bahamas’ capacity to combat climate change and its effects. We can create a virtuous cycle where successful strategies are reinvested in further climate-resilient initiatives, driving a self-sustaining, resilient Bahamas.

However, we must not, and cannot, do this alone. Our beaches and idyllic shorelines have long been the envy of the world, and many have benefitted handsomely from their natural beauty. If we want to preserve this way of life and safeguard our shores, international businesses that have long profited from The Bahamas must commit to supporting local resilience solutions to protect it.

Today, I write as an entrepreneur deeply invested in climate action, driven by the devastation I’ve witnessed, and the innovation I know we are capable of. As we celebrate our 50th anniversary, I make this impassioned plea to ensure The Bahamas is around to celebrate its 100th.

Let’s challenge the injustice that leaves those most in trouble bearing the brunt of the climate fight. Let’s support the bold and the brave, those at the frontlines, those creating real, tangible solutions. Together, we can change the narrative from climate despair to climate hope. Together, we can ensure that our beautiful Bahamas remains a beacon of resilience, innovation, and determination for the next 50 years and beyond. Together, we can show the world that our people should not be underestimated.

Baha Mar joins in the

Independence party

BAHA Mar joined in Independence celebration with a series of events over the past week.

Graeme Davis, president of Baha Mar, expresses his enthusiasm, stating, “As we celebrate 50 years of Bahamian independence, Baha Mar takes immense pride in honoring the nation’s achievements and vibrant culture. The establishment of The Baha Mar Resort Foundation reflects our deep commitment to preserving our heritage to the community.” Events included a lesson in Bahamian sustainability

at The Sanctuary, with an interactive art exhibition, a line-up of celebrated Bahamian choirs, nightly Junkanoo rush-outs, and more.

On July 6, Baha Mar invited guests to learn the art of Androsia printing from women who have dedicated their lives to preserving this sacred tradition, followed on July 7 by an authentic Bahamian marketplace and storytelling event.

Additional events included Bands by The Beach, an outdoor, livemusic event featuring the

Royal Bahamas Police Force Band, the You: Craft Pop-Up, featuring a oneof-a-kind experience to create Junkanoo pieces and keepsakes, and, yesterday, the ultimate Bahamian extravaganza at the Taste of the Islands Fair, featuring native culinary delights, traditional island music, visually stunning art, live entertainment, and more. In a statement, the resort said: “The resort is steadfast in its unwavering commitment to the nation, ensuring the legacy of The Bahamas thrives for generations to come.”

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

ADDED TO MYGATEWAY

THE Ministry of National Security and the Ministry of Economic Affairs last Monday announced that MyGateway has added fourteen new services to its platform.

‘No appetite’ for rent-to-own as programme in private sector

I just don’t know if the developers that we’ve been working with that have done considerable development in The Bahamas, have that long-term ten- to 15-year appetite for hold on to financing.”

Further, while the government has tabled legislation for its own rent-to-own programme, they have not put in place legislation that governs the private sector and how it should treat a rentto-own programme, which leaves the matter up to the courts to adjudicate if and when there is a dispute of any kind.

Mr Sweeting added: “I can’t see any legislation being put in place that would create additional appetite in the private sector for a rent-to-own programme. There might be consideration if the government created some tax concessions around developers doing rent-to-own initiatives related to Value Added Tax and the costs associated with that. This may be something they may want to give a second thought to.”

The rent-to-own market in The Bahamas has been likened to the Wild West with individual property

owners often drafting their own contracts and lease agreements, promising tenants the opportunity to purchase the home after a certain period of time. However, these contracts are sometimes done without legal advice and even in the face of legal advice, and some can be onerous to the renter or tenant.

The standard practice in real property in The Bahamas is that the owners of the conveyance or title is the bonafide owner of the

property and until that changes hands officially, the tenant does not have a true stake or equity in the property and the landlord can alter the property as they see fit.

Mr Sweeting said: “I think the government’s thought was that the sliding scale they produced in the last Budget would be substantial enough. I know one of the things that are still a considerable hurdle for a number of purchases in this market, is the fact

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that financial institutions require them to have the VAT amount in savings in lieu of exemption.

“And again, that’s a tremendous hindrance because we’re now talking anywhere from two percent to four percent that you would need to have in savings in addition to the already exorbitant costs associated with purchasing.”

Meanwhile, he further noted that notwithstanding the challenge ahead for the rent-to-own market, the real estate market is “booming” right now. “Things are really busy. We are in a super strong sellers’ market where properties are appropriately priced on the market for days, not weeks. People are getting market value or slightly above just because of how competitive the market is. There’s an abundance of qualified buyers in the market,” Mr Sweeting said.

Minister of National Security Wayne Munroe introduced the services which include online applications for security guards and inquiry agents and firms licensing, as well as permits to use national symbols. He said every single process of his ministry at this time is done on paper, and that he has to physically sign each licence book advanced to his desk once due process had been followed. Beyond the large amount of paperwork, staff are also challenged with resources. He said: “Addressing the volume of paper permits a more efficient use of space, and so space is a resource that is saved by this innovation. Time is a precious resource that is finite and once spent you can never recover it. So this innovation will assist us with a more economic use of time

and we trust it will get your licence printed and in your hand in a much more timely manner.”

Mr Munroe said a byproduct of the digitisation of services makes the collection of government funds more seamless. National coordinator for information technology Patrick Davis congratulated the Ministry of National Security for making applications available on the MyGateway platform.

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.

WAYNE MUNROE

MATT SWEETING

Transparency hope from move to corporate tax

to them not having any clear explanation to what those heads are meant for.

“We also need to be having parallel conversations about how do we bolster up these mechanisms for oversight transparency, so that people can have great assurance that the way the government monies are being brought in, they are not only managing them appropriately and putting them to where the citizens interests really are, but also

that there’s a level of understanding as to how they’re, how they’re being put forward,” he said. The Bahamas has been deemed fully compliant in the US Department of State’s 2023 Fiscal Transparency Report a local daily reported.

Mr Aubry responded: “I think it’s important to understand what that means, and so... it’s promising that for the first time, maybe that the US would indicate that The Bahamas

has met the minimum for their endorsement on fiscal transparency. But it’s also important to understand why the US does it, what that means and what that really means to the Bahamian people.

“The US has, you know, has pushed forward certain standards - one of those is that information is presented accurately that it’s made publicly available and that the information is presented is generally reliable and that is true and that’s

Economy stabilisation after pandemic ‘a huge positive’

FROM PAGE B1

The Bahamas versus the other Caribbean countries by US dollar loans vs Bahamian dollar loans, we certainly have better rates than other jurisdictions.

“I think persons can now borrow at cheaper levels to which individuals can now actually afford to borrow.

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This is the information you can glean from persons within the banking system itself. In some instances, the rates are significantly favourable. In Jamaica, you are likely to get rates that are in the double digits, while in The Bahamas you are getting rates of 4.5 percent. So that’s significant.”

The average citizen, however, should still be mindful of their spending habits and also pay attention to their credit ratings with the new credit ratings’ bureau. “I think the credit bureau is

going to provide some guidance to the banking sector. But the people who are able to qualify for a 3.5 percent mortgage today would not be affected by the credit bureau,” he said.

Mr Edwards added:

“Those are the top-tier individuals with access and the banks have robust means of assessments, while by no means is perfect, will be proven by the credit bureau. But those people that enjoy those rates now are most likely to enjoy those rates in the future.”

A pre-eminent, well-established, independent, international school in Nassau is seeking a full-time qualified TEACHING ASSISTANT. Candidates should have sound classroom experience; a passion for innovative education; a professional attitude towards work; a friendly and cooperative disposition; a willingness to work in a team environment, a determination to grow professionally; and strong communication & organisational skills.

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An assistant to a teacher has two main jobs: supporting the teacher in charge and supporting students in the classroom. As the job title implies, teacher’s assistants assist the lead teacher to ease their workload and help out with everyday classroom tasks. If a student needs extra support or instruction, a teacher’s assistant might be asked to work with that student one-on-one. Teacher’s assistants might also work with the supervising teacher to discuss the progress of students and provide insight.

Responsibilities include:

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please send resume and cover letter to hrbahamas2014@gmail.com

been true for a while, you know, the Bahamas government... every year prints and presents our Budget information, every year puts forward, since fiscal responsibility, some level of reporting, and there’s also, we have an auditor general that I think is held pretty well in esteem, who provides regular audits. But is that information easily accessible by the day-to-day citizen? Probably not. So if fiscal transparency is put in place so that there is an

accountability factor, that means that someone looking should be able to come back and say this is good, this is great. This is happening, or here’s an area of concern and how is it being addressed.

He continued: “We also see that we still struggle with those issues. We’re still struggling with the issues of the public procurement, who’s got contracts, why were those contracts given and where did they go? We still don’t have the FOI Act

in place. There have been promises for last year and for this coming year. But, without that, six years after the Act was passed, people still can’t go to government and make a request, as they should in law be able to get information back and if they have a question, be able to get that adjudicated based on the FOI Officer or FOI Commissioner, so those are still issues that that kind of pushed forward, when we look at fiscal transparency.”

A WORKER adjusts the US and EU flags prior to the arrival of European Union foreign policy chief Josep Borrell and United States Secretary of State Antony Blinken during the EU-US Energy Council Ministerial meeting at the European Council building in Brussels, on April 4, 2023. The European Union signed off Monday July 10, 2023 on a new agreement over the privacy of people’s personal information that gets pinged across the Atlantic, aiming to ease European concerns about electronic spying by American intelligence agencies.

Europe signs off on a new privacy pact that allows people’s data to keep flowing to US

By KELVIN CHAN AP Business Writer

THE EUROPEAN Union signed off Monday on a new agreement over the privacy of people's personal information that gets pinged across the Atlantic, aiming to ease European concerns about electronic spying by American intelligence agencies. The EU-U.S. Data Privacy Framework has an adequate level of protection for personal data, the EU's executive commission said. That means it's comparable to the 27-nation's own stringent data protection standards, so companies can use it to move information from Europe to the United States without adding extra security.

U.S. President Joe Biden signed an executive order in October to implement the deal after reaching a preliminary agreement with European Commission President Ursula von der Leyen. Washington and Brussels made an effort to resolve their yearslong battle over the safety of

EU citizens' data that tech companies store in the U.S. after two earlier data transfer agreements were thrown out.

"Personal data can now flow freely and safely from the European Economic Area to the United States without any further conditions or authorizations," EU Justice Commissioner Didier Reynders said at a press briefing in Brussels.

Washington and Brussels long have clashed over differences between the EU's stringent data privacy rules and the comparatively lax regime in the U.S., which lacks a federal privacy law. That created uncertainty for tech giants including Google and Facebook parent Meta, raising the prospect that U.S. tech firms might need to keep European data that is used for targeted ads out of the United States.

The European privacy campaigner who triggered legal challenges over the practice, however, dismissed the latest deal. Max Schrems said the new agreement failed to resolve core issues

and vowed to challenge it to the EU's top court. Schrems kicked off the legal saga by filing a complaint about the handling of his Facebook data after whistleblower Edward Snowden's revelations a decade ago about how the U.S. government eavesdropped on people's online data and communications. Calling the new agreement a copy of the previous one, Schrems said his Vienna-based group, NOYB, was readying a legal challenge and expected the case to be back in the European Court of Justice by the end of the year.

"Just announcing that something is 'new', 'robust' or 'effective' does not cut it before the Court of Justice," Schrems said. "We would need changes in U.S. surveillance law to make this work — and we simply don't have it."

The framework, which takes effect Tuesday, promises strengthened safeguards against data collection abuses and provides multiple avenues for redress.

Photo:Virginia Mayo/AP

TEACHING JOB OPPORTUNITIES PRIMARY TEACHING ASSISTANT needed

EXPENSIVE SUPERSTARS

By CHRIS ILLING CCO of ActivTrades Corp

Ticket business for the superstars in the entertainment industry is shared by a few providers worldwide. While the Live Nation group (LYV.US) with its subsidiary Ticketmaster dominates the business in the US, the German Eventim (EVD) is one of the leading international ticketing and live entertainment providers in Europe.

Live Nation’s earnings reached a record $16.7bn in 2022, up by 44 percent from the pre-pandemic era of 2019. That growth was spread across several factors like more fans, more concerts, more spending per fan, higher average ticket prices and a greater number of large sponsors. The share price was up YTD by 34 percent at $92.58 last Friday.

Eventim closed the 2022 financial year also with record figures. In the 2022 financial year, consolidated sales increased by 372 percent compared to the previous year to EUR 1.926 billion, an increase of 33 percent compared to the previous record year 2019 before the COVID-19 pandemic. The new record of almost two billion euros is supported by strong growth in both the ticketing and live entertainment segments.

Concert ticket prices for famous pop stars like Beyoncé and Taylor Swift have risen sharply in the past. And now Taylor Swift

breaks all records during her current world tour. The US pop icon could bring in more than 1.3 billion dollars, unmatched in music history. No wonder the pop icon brings in hefty proceeds.

The US singer and the organisers earn around 13 million dollars per evening, reports the business news agency Bloomberg. This does not even include the proceeds from merchandise sales. But even without the sales from the sale of fan paraphernalia, Swift’s “The Eras Tour” is likely to bring in more money than any other in music history. Admission tickets will

contribute the lion’s share of expected sales.

At Stubhub, the cheapest seat for a Taylor Swift concert in Seattle this July costs $1,200. In Mexico City it’s still $500 that promoters and artists charge for the cheapest ticket.

Five years ago, Britney Spears and Celine Dion were the only two artists

to earn more than $200 per ticket.

High ticket fees are a constant source of criticism.

The US government wants to ban hidden fees when buying tickets with the “Junk Fee Prevention Act”.

The market leader Live Nation intends to show all-in prices immediately in the future.

Cultural diversity suffers from the dominant position of the big corporations, because Live Nation and Co. are only interested in business with the big stars. Approximately five percent of artists bring in about 85 percent of worldwide concert revenues.

NATO will boost defense spending to help back Ukraine but the math is tricky. Just ask Luxembourg

By LORNE COOK

Associated Press

WHEN it comes to criticizing the NATO members who fail to spend enough on defense, tiny Luxembourg is an easy target.

One of NATO's richest countries, and routinely ranked at the top of Europe's economic growth tables, the Grand Duchy currently spends 0.72% of gross domestic product on its armed forces, according to the organization's estimates for this year.

That puts it at the foot of the 31-nation military alliance's charts. Still, the numbers are deceiving, and that goes for other members too, like Germany.

Under a pledge made in 2014, after Russia annexed Ukraine's Crimean Peninsula, NATO allies agreed to halt the spending cuts they made in calmer times after the Cold War ended, boost their national military budgets and move toward spending 2% of GDP on defense by 2024.

With that target date closing in, and the biggest land war in Europe in decades ravaging Ukraine, U.S. President Joe Biden and his NATO counterparts will commit to a new spending goal at their two-day summit in the Lithuanian capital Vilnius starting on Tuesday.

"At the summit, allies will set a more ambitious defense investment pledge, to invest a minimum of 2% of GDP annually on defense," NATO SecretaryGeneral Jens Stoltenberg said Friday. No date will be set for achieving this target.

While the 2% figure remains as a reference point, it's a slippery metric. Growth fluctuates in times of economic boom

and bust, and inflation can wreak havoc with the bottom line. NATO estimates that Turkey, with one of the organization's biggest armed forces, will spend just 1.31% of GDP in 2023, compared to 1.91% before the war started.

Nor does big spending equal wise spending. Correct spending levels on paper don't translate into adequate and well-equipped forces being quickly dispatched to the battlefield and sustained by efficient supply lines. Nor does 2% have a direct relationship to any real security threat assessment. The goal was established in peacetime. Things have changed, and Luxembourg's case provides a salutary lesson about what this guideline can hide.

When grilled by U.S. and European lawmakers about budget priorities, Luxembourg Defense Minister François Bausch said last month that Estonia, Latvia and Lithuania would have to spend four to five times more than they do now to reach 2% if their economic growth matched that of Luxembourg.

The three Baltic States — so geographically close to Russia and Ukraine, and historically aware of the potential threat that their giant neighbor poses – will all spend just above 2% this year, among only 11 nations to attain the goal, according to NATO estimates.

Sandwiched between France and Belgium, Luxembourg has demographic challenges too. Of its roughly 630,000 passport holders, only 315,000 are Luxembourgers. The number of people ranging in age from 18 to 40 — military service age — is smaller still.

Around 1,000 people are enlisted in the country's army. That's small compared to the might of some members, but greater per capita than the number serving in the armed forces of the United Kingdom, one of NATO's most exemplary national forces.

Plus, unemployment is low in Luxembourg. Relatively high-paying jobs abound. Why join up?

"I want to increase the number of troops in the army. We are looking for 200-300 soldiers already, but it's not easy," Bausch said.

Beyond that, Luxembourg spent more than 16% of its defense budget on support for Ukraine — a lot of it ammunition — last year. The government isn't asking for that money to be reimbursed through a special European Union fund set up to refund nations that help Ukraine defend itself.

Prime Minister Xavier Bettel's government also meets all of NATO's planning requirement goals.

"We are fulfilling everything that is demanded of us," Bausch said, and Luxembourg plans to double defense spending by 2028.

Another country that meets NATO's planning goals is Germany — Europe's model of fiscal rectitude and routinely flailed by former U.S. President Donald Trump for failing to boost its military budget.

In an abrupt aboutface last year after Russia invaded Ukraine, Chancellor Olaf Scholz announced that his government would spend an additional 100 billion euros ($109 billion) on defense, including on the purchase of high-end U.S.made F-35 fighter jets.

Analytical, Self Motivated, Team Player, Results Driven

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INTERNAL AUDIT SUPERVISOR

Job Summary:

Duties and Responsibilities:

• Act as lead auditor for the team.

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• 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.

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

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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, July

PRESIDENT JOE BIDEN, left, walks with Ukrainian President Volodymyr Zelenskyy ahead of a working session on Ukraine during the G7 Summit in Hiroshima, Japan, on May 21, 2023. Russia’s war on Ukraine will top the agenda when U.S. President Joe Biden and his NATO counterparts meet in the Lithuanian capital Vilnius on Tuesday and Wednesday.

Photo:Susan Walsh/AP

Reform Series: ‘Immigration’ Hubert edwards by

Immigration reform stands as an urgent imperative for The Bahamas, a nation grappling with the complex challenges presented by both legal and illegal immigration. With a firm resolve, it is essential to address the pressing issues arising from the influx of undocumented migrants, particularly from neighboring countries like Haiti. This segment delves into the critical need for immigration reform, advocating for a resolute and unwavering approach that safeguards national interests, bolsters border security, and ensures the orderly management of immigration while upholding humanitarian principles.

A snapshot of the cost of illegal immigration

The cost and burden of illegal immigration in The Bahamas have reached alarming levels, straining the financial resources of the government and taxpayers. According to Minister of Labor and Immigration, Keith Bell, in 2022, The Bahamas repatriated approximately 3,349 migrants to Haiti. Based on these figures, the repatriation costs alone amounted to an estimated $16.5m.

However, when considering the total number of repatriated migrants, including 1,001 Cubans, which reaches 4,748 individuals, the extra costs soar to over $23.5m. These figures highlight the immense financial

impact that illegal immigration has on the nation. It is important to note that the Immigration Department’s allocated budget for repatriating illegal immigrants in the 2022-2023 fiscal year stands at $1.827m, indicating a significant disparity between allocated funds and the actual costs incurred. In the previous fiscal year (2021-2022), the department received $1.204m for repatriation purposes. However, this amount was nearly exhausted within the first nine months, with approximately $1.189m already spent by the end of March 2022. This indicates that the financial burden associated with repatriating undocumented migrants far exceeds the allocated budget, putting additional strain on public finances.

The substantial disparity between the allocated funds and the actual costs of repatriation underscores the urgent need for comprehensive immigration reform in The Bahamas. Reform measures should focus on enhancing border security, establishing efficient legal immigration processes, and implementing effective mechanisms to deter illegal entry. By addressing the root causes of illegal immigration and streamlining immigration procedures, The Bahamas can reduce the financial burden on taxpayers while ensuring orderly and lawful immigration practices.

Furthermore, efforts should be made to strengthen regional collaborations and engage with neighboring countries to address the challenges at their source. This could involve cooperation on economic development, social stability, and addressing the factors that drive migration, leading to a more sustainable and effective approach to managing immigration.

Sustainable immigration

The Carmichael Road Detention Centre in New Providence plays a crucial role in housing and managing individuals who are detained due to immigration-related issues. It serves as a central facility for the detention of undocumented immigrants and individuals awaiting immigration proceedings. Its primary purpose is to securely hold individuals who have violated immigration laws, including those intercepted while attempting to enter or reside unlawfully in The Bahamas. As an important facility within the country’s immigration system, it faces unique challenges and considerations in providing appropriate care and accommodation for detainees.

The conditions and resources at the Carmichael Road Detention Centre have been a subject of concern and scrutiny over the years. Due to the increasing numbers of detained immigrants and limited capacity,

overcrowding has become a persistent challenge. The strain on resources, such as living space, sanitation facilities, and access to medical care, can impact the overall well-being of detainees. While efforts have been made to improve the conditions at the detention centre, there is still the need for enhanced facilities and services to better meet the specific needs of detainees. These include providing medical care, counseling services, and educational programmes to promote their well-being and ensure their basic rights are upheld.

Collaboration with international organisations, non-government organisations (NGOs), and other stakeholders is crucial in supporting the detention centre. These partnerships can contribute to improving infrastructure, providing training for staff, and implementing best practices in detention management. The aim is to ensure that the centre adheres to international standards regarding the treatment of detainees and the respect of their human rights.

Moreover, ongoing efforts to address the root causes of illegal immigration, streamline immigration processes, and establish alternatives to detention can help alleviate the strain on facilities like the detention centre.

Enhancing Border Security Measures

As part of immigration reform, The Bahamas should invest in enhancing border security measures. This includes modernising and strengthening surveillance technologies, increasing patrols, and improving cooperation with international law enforcement agencies. Such measures will help detect and deter illegal immigration while ensuring the orderly and safe movement of people through legal channels.

In addition, collaboration with the Haitian government and other neighboring countries is crucial. Establishing cooperative frameworks that address the root causes of migration, such as poverty, political instability, and limited economic opportunities, can help reduce the flow of undocumented immigrants. Joint efforts in strengthening border controls, sharing intelligence, and promoting economic development will contribute to more effective immigration management.

Striving for Inclusivity

Striving for inclusivity is a fundamental aspect of immigration reform in The Bahamas. A fair and inclusive system recognises the rights and dignity of all individuals, regardless of their immigration status. It requires creating transparent and efficient processes for legal immigration, enabling individuals to enter the country lawfully and contribute to its development.

Streamlining the legal immigration process is crucial in ensuring that individuals have accessible and clear pathways to enter The Bahamas. This involves simplifying application procedures, reducing bureaucracy, and establishing reasonable processing times. By creating a more efficient system, the government can encourage individuals to pursue legal channels, reducing the incentive for illegal immigration.

In addition to facilitating legal immigration, immigration reform should address the situation of undocumented immigrants already residing in The Bahamas. This includes implementing policies that provide pathways to regularization, allowing individuals to obtain legal status. By offering opportunities for regularisation, the government recognizes the contributions and potential of undocumented immigrants while safeguarding their rights.

Balancing Economic Growth and Social Harmony

Immigration, when properly managed, can be a catalyst for economic growth. The Bahamas should leverage immigration reform to attract skilled workers, entrepreneurs, and investors who can contribute to various sectors of the economy. By establishing programs that promote entrepreneurship and facilitate job creation, The Bahamas can harness the potential of immigration to foster economic prosperity. However, it is crucial to strike a balance between economic considerations and the preservation of social harmony. Stringent regulations and monitoring mechanisms should be put in place to prevent the exploitation of both immigrant workers and local citizens.

The National Development Plan

The National Development Plan (NDP) plays a crucial role in supporting immigration reform in The Bahamas by providing a comprehensive framework that addresses the challenges and opportunities associated with immigration. One of the ways mentioned within the plan is the establishment of a coordinated database system that allows for seamless information sharing between the Immigration Department and other law enforcement agencies is essential. This integration ensures that relevant data on immigration matters, including security risks and criminal activities, is accessible to all relevant stakeholders. Enhancing collaboration and communication among different agencies will strengthen border control efforts and facilitate a more coordinated response to immigration-related issues. The plan also advocates increasing the collection of immigration data which is vital for informed decision-making and policy formulation. The Immigration Department should focus on gathering comprehensive data on immigration trends, including origin and destination countries, visa categories, and duration of stay. This data can help identify emerging patterns, inform resource allocation, and shape immigration policies to better address the evolving landscape of immigration. With these measures amongst others proposed within the NDP, it is possible to create a more robust and responsive immigration system that aligns with the broader goals of immigration reform.

Conclusion In conclusion, immigration reform in The Bahamas is a pressing imperative that requires a comprehensive and balanced approach. Throughout this segment, we have explored various aspects of immigration reform, including the challenges posed by illegal immigration, the burden on public resources, and the need for inclusive policies. To address these challenges, The Bahamas must prioritise streamlining the legal immigration process, enhancing border security, and protecting the rights of undocumented immigrants already residing in the country. This should be coupled with efforts to promote economic growth, social cohesion, and integration. By embracing a forward-thinking and inclusive approach to immigration reform, The Bahamas can navigate the complexities of immigration, while safeguarding national interests, respecting human rights, and fostering social harmony.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

REAL PASSION TRADING LIMITED (IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, REAL PASSION TRADING LIMITED is in dissolution.

The dissolution of the said Company commenced on July 5, 2023 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.

The sole liquidator of the said Company is Kim D Thompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D Thompson Sole Liquidator

Biden administration asks appeals court to block order limiting its contacts with social media

By KEVIN MCGILL

Associated Press

THE Biden administration asked a federal appeals court Monday to temporarily block a lower court's order limiting executive branch officials' discussions with social media companies about controversial online posts.

The request for an emergency stay was filed at the 5th U.S. District Court of Appeals shortly after U.S. District Judge Terry Doughty rejected an administration motion that he put his own July 4 order on hold. The order came in a lawsuit filed by Republican attorneys general in Louisiana and Missouri, as well as a conservative website owner and four individual critics of government COVID-19 policies.

The lawsuit claimed the administration, in effect, censored free speech by using threats of regulatory action or protection while pressuring companies to remove what it deemed misinformation. COVID19 vaccines, legal issues involving President Joe Biden's son Hunter and election fraud allegations were among the topics spotlighted in the lawsuit.

Doughty was nominated to the federal bench by former President Donald Trump. His injunction blocked the Department of Health and Human Services,

the FBI and multiple other government agencies and administration officials from meeting with or contacting social media companies for the purpose of "encouraging, pressuring, or inducing in any manner the removal, deletion, suppression, or reduction of content containing protected free speech."

Administration attorneys said in the motion filed at the 5th Circuit that Doughty's ruling was too broad and vague, and had the potential to chill government officials' speech on important matters. And they said Doughty failed to point to any evidence that the administration had made threats against social media companies to coerce them to take down posts.

"The district court identified no evidence suggesting that a threat accompanied any request for the removal of content. Indeed, the order denying the stay — presumably highlighting the ostensibly strongest evidence — referred to 'a series of public media statements,'" the administration said.

They asked that the 5th Circuit block Doughty's order while the case is pursued at the appeals court in New Orleans or, at minimum, grant a 10-day block of the order so the administration could prepare to go to the Supreme Court to seek a longer stay.

Earlier Monday, Doughty rejected administration requests that he stay his own order pending appeal.

"In essence," Doughty's Monday order said, "Defendants argue that the injunction should be stayed because it might interfere with the Government's ability to continue working with social-media companies to censor Americans' core political speech on the basis of viewpoint. In other words, the Government seeks a stay of the injunction so that it can continue violating the First Amendment."

Government lawyers have argued that the companies control their own policies regarding misinformation and that the lawsuit casts officials' comments on issues and policy as threats. The administration said Doughty's July 4 order was unclear about who in the executive branch it covers and what they can or cannot say about important topics discussed on social media platforms. The order could cause "grave harm" by preventing the government from "engaging in a vast range of lawful and responsible conduct," government lawyers said in requesting the stay Thursday night.

Doughty order said the administration "seems to have assumed a role similar to an Orwellian 'Ministry of Truth.'" The order, which was to remain in effect pending further arguments

REQUEST FOR PROPOSALS (RFP) FOR EXTERNAL AUDIT SERVICES TO PUBLIC

WORKERS CO-OPERATIVE CREDIT UNION LIMITED

PURPOSE:

Public Workers Co-Operative Credit Union Limited (PWCCUL) is inviting qualified professional audit firms with experience in theory, principles, and applications of standard accounting and audit practices to submit proposals wishing to be considered for appointment as external auditors (the “External Auditor”)

GENERAL INFORMATION:

Public Workers Co-operative Credit Union (PWCCUL) is a Supervised Financial Institution, duly licensed by the Central Bank of The Bahamas (CBOB) to provide financial services to a group of bonded members PWCCUL has been in existence for more than 41 years and provides full service to its members and features several different financial products designed to provide an increased return on their investment. Its objectives include providing financial services in a professional manner that is convenient and comprehensive.

SCOPE OF SERVICES:

The objective of the audit is to express an opinion as to whether the financial statements of PWCCUL present fairly, in all material respects, the financial position, results of operations, and changes in cash flow, in accordance with generally accepted accounting principles. This will be for the financial year ending 31st December 2023. The period of the audit exercise shall be within one week of the commencement of the audit exercise. It is expected that the successful organisation will be retained for a further two years. Management will prepare the financial statements that will be subject to the audit and make available to the Auditor(s).

During the engagement, the Auditor(s) will report:

• Any significant or unusual transactions

Any deficiencies in internal controls that are of sufficient importance to merit the attention of Management and/or the Board of Directors

• Any disagreements with Management about matters which are significant to the organization’s financial statements.

Any lack of compliance with PWCCUL Operating Manuals, Financial Management and Controls Policy

• Any lack of compliance with International Financial Reporting Standards (IFRS)s

• Any lack of compliance with financial, accounting standards or other relevant national legislations; and/or

• Any lack of accountability in the use and management of PWCCUL’s assets. All reports will be presented through an audit management letter.

EXPECTED DELIVERABLES:

The Auditor will:

• Prepare an auditor’s report in a format consistent with International Standards on Auditing (ISAs) generally accepted auditing principles/standards.

• Provide a management letter that identifies areas of concern or weaknesses, recommendations for improvement, and management’s response to any concerns identified.

• Discuss the auditor’s report and management letters with Management and the Board Audit Committee prior to their distribution.

• Schedule in-person clarification and catch-up meetings with PWCCUL; and

• Attendance and presentation at the Annual General Meeting (AGM)

Event Key Dates/Timing PWCCUL Financial Year end 31 December 2023

• External Auditors appointed, week commencing 25th, August 2023

• Audit Plan presentation to Finance and Risk Committee week commencing 15th, September 2023

• Completion of audit -Interim Audit Work commencing 01st, December 2023

• Board meeting to review and approve Audited Financial Statements March 2024

• Audited Financial Statements and Audit Report to be submitted to PWCCUL for 31st December 2023

15th April 2024

All reports will be presented through an audit management letter.

All reports will be presented through an audit management letter.

A Retail Company is seeking to retain a Temporary Accounts Payable Clerk

EXPECTED DELIVERABLES:

EXPECTED DELIVERABLES:

in Doughty's court, was hailed by conservatives as a victory for free speech and a blow to censorship. But critics said the order and accompanying reasons, covering more than 160 pages, were broad, unclear and could chill government efforts to fight misinformation on important topics.

Requirements are as follows:-

The Auditor will:

• An Associates Degree in Finance at Minimum

• Prepare an auditor’s report in a format consistent with International Standards on Auditing (ISAs) generally accepted auditing principles/standards.

The Auditor will: Prepare an auditor’s report in a format consistent with International Standards on Auditing (ISAs) generally accepted auditing principles/standards.

• Minimal 1- 3 years experience

• Provide a management letter that identifies areas of concern or weaknesses, recommendations for improvement, and management’s response to any concerns identified.

• Assist with maintenance of General Ledger Account Codes

• Discuss the auditor’s report and management letters with Management and the Board Audit Committee prior to their distribution.

• Provide a management letter that identifies areas of concern or weaknesses, recommendations for improvement, and management’s response to any concerns identified. Discuss the auditor’s report and management letters with Management and the Board Audit Committee prior to their distribution.

The criticisms were echoed in the government's Thursday night request for a stay. "The potential breadth of the entities and employees covered by the injunction combined with the injunction's sweeping substantive scope will chill a wide range of lawful government conduct relating to Defendants' law enforcement responsibilities, obligations to protect the national security, and prerogative to speak on matters of public concern," the government's motion said.

• Schedule in-person clarification and catch-up meetings with PWCCUL; and

• Prepare and submit proper VAT filings as well as reports for upper management

• Schedule in-person clarification and catch-up meetings with PWCCUL; and Attendance and presentation at the Annual General Meeting (AGM)

• Attendance and presentation at the Annual General Meeting (AGM)

Event Key Dates/Timing PWCCUL Financial Year end 31 December 2023

Event Key Dates/Timing PWCCUL Financial Year end 31 December 2023

• Posts Invoice disbursements and journal entry data into the accounts payable system for all services

• External Auditors appointed, week commencing 25th, August 2023

• External Auditors appointed, week commencing 25th, August 2023

• Audit Plan presentation to Finance and Risk Committee week commencing 15th, September 2023

• Audit Plan presentation to Finance and Risk Committee week commencing 15th, September 2023

• Completion of audit -Interim Audit Work commencing 01st, December 2023

• Reconcile vendor accounts by generating reports and cross-checking entries of banking transactions and prepayments

• Completion of audit -Interim Audit Work commencing 01st, December 2023

• Board meeting to review and approve Audited Financial Statements March 2024

• Board meeting to review and approve Audited Financial Statements March 2024

• Performs other ad hoc duties as required by the Supervisor and Department Head

• Audited Financial Statements and Audit Report to be submitted to PWCCUL for 31st December 2023 – 15th April 2024

• Audited Financial Statements and Audit Report to be submitted to PWCCUL for 31st December 2023 – 15th April 2024

PRICE SCHEDULE/BILL OF QUANTITIES:

PRICE SCHEDULE/BILL OF QUANTITIES:

Send your resume to: Bahamasjobs8@gmail.com

Full specifications of the provision of audit and assurance services shall be provided on the price schedule.

Full specifications of the provision of audit and assurance services shall be provided on the price schedule.

EVALUATION OF PROPOSALS:

EVALUATION OF PROPOSALS:

The most promising responses will be evaluated in detail. Additional information may be sought from the Firm(s). Firm(s) may be asked to present and explain their proposals. PWCCUL reserves the right to waive non-material deficiencies in any proposal. Proposals will be evaluated by PWCCUL, who reserves the right to reject any or all proposals received. The following will serve as the basic criteria for the selection of the successful vendor:

The most promising responses will be evaluated in detail. Additional information may be sought from the Firm(s). Firm(s) may be asked to present and explain their proposals. PWCCUL reserves the right to waive non-material deficiencies in any proposal. Proposals will be evaluated by PWCCUL, who reserves the right to reject any or all proposals received. The following will serve as the basic criteria for the selection of the successful vendor:

1. Understanding of the work required as evidenced by the proposal and the ability of the audit firm to deliver in a timely manner. The completeness of the proposal will be critical.

1. Understanding of the work required as evidenced by the proposal and the ability of the audit firm to deliver in a timely manner. The completeness of the proposal will be critical.

2. The qualifications of the company.

2. The qualifications of the company.

3. The scope of the services offered.

3. The scope of the services offered.

4. Completeness and responsiveness to the requirements of the RFP.

4. Completeness and responsiveness to the requirements of the RFP.

5. Experience, qualifications, and competency in providing audit and assurance services.

5. Experience, qualifications, and competency in providing audit and assurance services.

6. Good service and good value shall weigh heavily in the selection process.

CONFIDENTIALITY

The information provided by PWCCUL in connection with this RFP is for the sole purpose of this solicitation and is to be considered confidential. Any information learned by a Proposer in connection with this solicitation will not be revealed by such Proposer or used for any purpose other than the preparation of their proposal.

GENERAL INFORMATION:

This RFP shall not be construed to be a commitment on the part of PWCCUL, nor shall it entail the applicant to make any claim(s) whatsoever and/or seek any indemnity from PWCCUL, by virtue of such applicant having responded to this RFP.

PWCCUL will not be responsible for any cost or expenses incurred by any interested party in connection with any response to an inquiry nor shall it entitle any party submitting documents to claim any indemnity from PWCCUL

PWCCUL is not bound to shortlist any bidder and reserves the right to annul the bidding process at any time without incurring any liabilities and assigning any reason.

How To Apply

SUBMISSION AND INFORMATION REQUIREMENTS:

• One electronic copy (Adobe Acrobat format) should be submitted to erolle@pwccu.com on or before 29th July 2023 at 5:00 p.m , at which the advert will be closed.

• A cover letter shall be included with the proposal on the firm’s letterhead with a duly authorized signature and company stamp/seal. The letter will include the Name of Business, Address, Contact Person, Phone Number, and Email Address.

• Proposals will be evaluated based on what is deemed to be in the best interests of PWCCUL, including such factors as the bidder’s experience and expertise in the provision of audit services, the flexibility of the proposal, and total cost. The cost will not be the sole factor in evaluating bids.

• Please note that PWCCUL is asking for a full proposal for the provision of audit and assurance services.

• Firm will certify a validity period of 60 days for the prices provided.

• Provide an overview of your company, including a brief description of your company’s history, ownership structure, financial stability, philosophy/culture, and approximate number of employees. Describe your expertise in our industry, outlining your ability to provide expertise and experience in the areas of financial services

• Please indicate any other services, capability, designation, or experience that differentiates your organization from the competition.

• Declaration of independence from PWCCUL and any conflicts of interest (actual, perceived, or potential)

• List three current (not more than 2 years ago) clients for whom you have provided audit and assurance services in the Nongovernmental Organization or Not for Profit making sector/industry. For each client, the list must specify the type of work performed by your company and the period retained as a client. For each client, include the name, title, address, and phone number of a contact person who PWCCUL may contact as a reference.

• Each proposer must submit a proposal that indicates the minimum requirements listed in Annex 1 and a price proposal. The price proposal must only include the price schedule for provision of audit and assurance and filing of annual returns services. Tender documents submitted late shall be rejected.

• Failure to comply with the instruction(s) and provide any required document(s) may automatically result in disqualification.

US President Joe Biden walks backdropped by Marine One upon arriving at Stansted airport, in London, Monday, July 10, 2023.

Photo:Susan Walsh/AP

Wall Street ticks higher ahead of updates on inflation, profits

By STAN CHOE AP Business Writer

STOCKS ticked higher on Wall Street Monday ahead of a week with updates on where inflation and corporate profits are heading.

The S&P 500 rose 10.58, or 0.2%, to 4,409.53, coming off just its second losing week in the last eight.

The Dow Jones Industrial Average climbed 209.52, or 0.6%, to 33,944.40, and the Nasdaq composite added 24.77, or 0.2%, to 13,685.48..

FMC, which sells herbicides, insecticides and other products to the agricultural industry, tumbled 11.1% for the biggest loss in the S&P 500 after it warned of a sudden drop in business around much of the world toward the end of May as partners burned through inventory levels. It said the "unforeseen and unprecedented" declines would hurt its results for the spring and full year. On the winning side of Wall Street was Helen of Troy, which said profit and revenue fell by less last quarter than analysts expected. The company

behind OXO, Hydro Flask and other brands jumped 18.5%. But it also warned of expectations for a slower economy. The big question hanging over Wall Street is whether the U.S. economy can avoid a long-predicted recession despite high interest rates meant to pull down inflation. The hope is that inflation is easing enough for the Federal Reserve to soon halt its hikes to rates, which have already caused cracks in the banking industry and other corners of the economy.

A report on Wednesday will offer the latest monthly update on inflation at the consumer level, and economists expect it to show another slowdown. They're forecasting consumer prices were 3.1% higher in June than a year earlier, down from 4% inflation in May.

The Fed has acknowledged inflation has slowed since last summer, when it peaked just above 9%, But it's also hinted that it may raise rates one or two more times this year before holding them at a high level to ensure inflation returns to its 2% target.

NOTICE is hereby given that BRADLEY STEVEN AVILUS of Abaco, 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 11th day of July, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Such talk has helped erase many earlier bets among traders that the Fed may not only halt its hikes to interest rates this year but also to cut them. That's caused Treasury yields to jump back toward their highest levels since March,

before high rates helped cause the collapses of several U.S. banks that rattled confidence in the system. Treasury yields fell back on Monday The 10-year Treasury yield slipped to 4.00% from 4.06% late Friday. It helps set rates for

NOTICE is hereby given that SELENA JEAN-BAPTISTE of Yamacraw Hill, New Providence, 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 11th day of July, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

mortgages and other important loans.

The two-year Treasury yield, which moves more on expectations for the Fed, fell to 4.86% from 4.95%.

An expectation for higher yields is one of the reasons Barry Bannister, managing director at Stifel, says the S&P 500 could hit a pause after its big first half of the year and end 2023 at 4,400.

When bonds are paying more in interest, particularly after taking inflation into account, stock investors aren't willing to pay as much for each $1 in profits that companies are producing. That puts downward pressure on stock prices.

Bannister expects the U.S. economy to slow through the back half of 2023 but then succumb to a recession in early 2024. The resilient job market is propping the economy up now, but its strength may push the Fed to take a harder stance on interest rates to drive out inflationary pressures.

"Labor is just too hot, making it difficult for the Fed to achieve" its goal for

inflation, Bannister wrote in a report. That pushes him to ask: "WWJD" - What Will Jerome Do?" in reference to Fed Chair Jerome Powell.

The other big factor that sets stock prices, corporate profits, will also come into focus at the end of this week, when companies begin reporting on how they did during the spring.

Delta Air Lines and PepsiCo will report their results on Thursday, and JPMorgan Chase will headline a rush of bank reports on Friday.

The wide expectation is for companies across the S&P 500 to report a 7.2% drop in earnings per share for the second quarter from a year earlier. If analysts' forecasts prove correct, that would be the worst drop for the index since the spring of 2020, when the pandemic was paralyzing the global economy.

In markets abroad, stocks inched higher in China amid hopes that the government may offer more stimulus. Its economic recovery has faltered following the removal of anti-COVID restrictions.

China said Monday that producer prices fell 5.4% in June from a year earlier, down from a 4.6% drop in May, as growth in the U.S. and Europe continued to taper. Consumer price inflation was flat, also suggesting weakening of demand as activity in the world's second largest economy slows U.S. Treasury Secretary Janet Yellen also wrapped up a fence-mending visit to Beijing on Sunday with no major agreements or breakthroughs in strained ties, as expected. But Yellen said relations were on a "surer footing" between the world's largest economies. Hong Kong's Hang Seng gained 0.6%, and stocks in Shanghai rose 0.2%. Stocks were mixed in the rest of Asia and modestly higher in Europe.

NOTICE

NOTICE is hereby given that THELUS HAMILTON, of Carmichael Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that FRADIN FRANCOIS, of Matathon Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

A PERSON walks in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Friday, July 7, 2023, in Tokyo. Asian shares slipped Friday after another decline on Wall Street, where hopes for an end to interest rate hikes have been dashed by strong economic data.

Photo:Eugene Hoshiko/AP

Applicants are advised that it is their responsibility to provide certified proof of all relevant academic and professional qualifications and school experience.

Applicants must submit a Letter of Interest and an Applicant Information Form, along with supporting documents, copied to their Head of Department, not later than 27 July, 2023

External candidates should submit their documents to https://forms.office.com/r/xDG1MPXjWw by the deadline.

APPLICATIONS TENDERED AFTER THE STIPULATED DEADLINE AND WITHOUT THE REQUISITE DOCUMENTS ARE DEEMED INCOMPLETE AND UNACCEPTABLE.

Secretary Public Service Commission

VACANCY FOR SUBJECT SECRETARY – MODERN LANGUAGES

SCALE: SED6

EXAMINATION & ASSESSMENT DIVISION, NEW PROVIDENCE

MINISTRY OF EDUCATION AND TECHNICAL AND VOCATIONAL TRAINING

Letters of Interest and completed Applicant’s Information Forms are invited from suitably qualified Bahamians presently serving in the Public or Private School Systems to fill the post of Subject Secretary – Modern Languages, (Spanish and French) Examination and Assessment Division, Ministry of Education and Technical and Vocational Training, for the beginning of the 2023/2024 academic year.

Please note that this position will not be filled if the anticipated vacancy does not materialize

Requirements for the post:

1. A Bachelor’s Degree in Education/Modern Languages (Spanish and French);

2. Professional Teaching Qualification from an approved institution;

3. A minimum of ten (10) years of experience as a Trained Teacher;

4. A minimum of five (5) years of experience as a National Examiner; and

5. Be Computer literate and have undergone training in Pre and Post Examination Procedures.

The successful candidate will be expected to:

• Have a sound knowledge of the processes in educational assessment;

• Have a general knowledge and understanding of the various assessment practices used in the development of BJC and BGCSE examinations in Modern Languages (Spanish and French);

• Have demonstrated the ability to effectively and efficiently plan, develop, monitor and evaluate the implementation of High School instructional programmes; and

• Possess a high level of administrative competence, interpersonal, organizational, written and oral skills and be a strong team motivator.

Specific duties of the post include:

• Offer professional advice on all matters concerning the subjects and maintain and ensure quality and efficiency of the examinations under his/her supervision;

• Advise the Assistant Director of Education, Examination and Assessment Division on all matters concerning BJC Spanish and French and BGCSE Spanish and French including training of examiners, syllabus development, question paper development, and all other matters related to the conduct and development of examinations;

• Act as secretary to subject committees on question paper development, question paper moderation, marking, grading, grade reviews and syllabi revision;

• Ensure that subject reports on the examinations are prepared according to schedules determined within the division;

• Coordinate the training of markers for the examinations under his/her supervision to ensure ongoing development of examiners to meet the needs of the division;

• Assist with the selection of persons as Chief Paper Setters, Paper Setters, Chief Markers, Team Leaders and Markers;

• Develop, maintain and keep current an item bank of quality items for inclusion in future question papers;

• Liaise with Curriculum Officers and coordinate and assume responsibility for the revision and implementation of all Curriculum and Syllabus material appropriate to the examination;

• Liaise with Cambridge International Examinations on all pre-examination activities leading to the accreditation of subjects under supervision; and

• Keep under constant review current trends in test development and scoring techniques and where appropriate adapt such changes to the local system;

• Advise and assist in school-based test development workshops and seminars for the professional and academic development of teachers and administrators; and

• Complete any other duties that may be assigned by the appropriate education authorities within the Department of Education.

The salary of the post is in Scale SED6 $35,400 to $46,600 per annum (September 2016 Salary Scales).

Documents that MUST be submitted, by email to Promotions@moe.edu.bs, are:

i. A Letter of Interest, with the applicant’s authentic signature, indicating the specific post, scale and island for which the applicant wishes to be considered;

ii. A completed Applicant’s Information Form, with the applicant’s authentic signature;

iii. Certified copies of all academic and professional documents (see Requirements for the post);

iv. A letter from the MINISTRY OF FOREIGN AFFAIRS AND THE PUBLIC SERVICE, confirming the applicant’s appointment to his/her current substantive post;

v. Two Letters of Reference are required from External Applicants supporting teaching and national examinations experience, and

vi. A recent passport-sized photograph (no more than 2”x2”) – copied on to the Information Form or the Letter of Interest.

Applicants are advised that it is their responsibility to provide certified proof of all relevant academic and professional qualifications and school experience.

Applicants must submit a Letter of Interest and an Applicant Information Form, along with supporting documents, copied to their Head of Department, not later than 27 July, 2023

External candidates should submit their documents to https://forms.office.com/r/xDG1MPXjWw by the deadline.

APPLICATIONS TENDERED AFTER THE STIPULATED DEADLINE AND WITHOUT THE REQUISITE DOCUMENTS ARE DEEMED INCOMPLETE AND UNACCEPTABLE.

YELLEN SAYS WASHINGTON MIGHT ‘RESPOND TO UNINTENDED CONSEQUENCES’ FOR CHINA DUE TO TECH EXPORT CURBS

By JOE MCDONALD AP Business Writer

TREASURY Secretary

Janet Yellen on Sunday said she agreed Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports and might "respond to unintended consequences" as she ended a visit to Beijing aimed at reviving strained relations.

Yellen defended "targeted measures" on trade that China's leaders complain are aimed at hurting its fledgling tech industries. She said the Biden administration wants to "avoid unnecessary repercussions" but gave no indication of possible changes.

Relations between the two biggest economies are at their lowest level in decades due to disputes about technology, security and other irritants. A key Chinese complaint is limits on access to processor chips and other U.S. technology on security grounds that threaten to hamper the ruling Communist Party's development of smartphones, artificial intelligence and other industries.

"We will open up channels so that they can express concerns about our actions, and we can explain and possibly in some situations respond to unintended consequences of our actions," Yellen said at a news conference.

Yellen talked with China's No. 2 leader, Premier Li Qiang, and other officials during 10 hours of meetings. She had a five-hour session Saturday with her Chinese counterpart, Vice Premier He Lifeng. Treasury officials said in advance there were no plans for her to meet Chinese leader Xi Jinping.

Yellen received a warm welcome and prominent

coverage by the state press, but Chinese officials gave no sign they would change industrial or other policies that Washington and other governments say violate Beijing's free-trade commitments. On Saturday, He said Washington should "adopt a rational and pragmatic attitude" to improve relations.

On Sunday, Yellen announced no agreements on major disputes or plans for future activity but said her department and Chinese officials would have "more frequent and regular" communication.

U.S.-Chinese political strains are adding to uncertainty that is dampening the willingness of consumers and businesses to spend and invest.

China's economic growth rebounded to 4.5% in the first quarter of 2023 from last year's 3% after antivirus controls on travel and business activity were lifted in December. But factory activity and consumer spending decelerated in the quarter ending in June.

Xi accused Washington in March of trying to hold back China's industrial development.

Beijing has been slow to retaliate for U.S. technology restrictions, possibly to avoid disrupting its own industries. But three days before Yellen's arrival, the government announced unspecified controls on exports of gallium and germanium, metals used in making semiconductors and solar panels. China is the biggest producer of both.

Yellen said she tried to reassure officials Washington doesn't want to decouple or separate its economy from China, while it tries to "de-risk" trade.

The Biden administration is pressing semiconductor

makers to move production to the United States to reduce reliance on Taiwan and other Asian suppliers, which is seen as a security risk. Washington wants to develop alternatives to Chinese supplies of rare earth elements, metals used in smartphones, wind turbines and other products.

"They have expressed some concern that de-risking amounts to decoupling," Yellen said. She said she tried to "assure my Chinese counterparts that this is by no means the same thing."

"The de-risking involves attention to clearly articulated and narrowly targeted national security concerns, as well as broader concern with diversifying our supply chains, which the United States is doing in a few important sectors," she said.

Throughout her visit, Yellen appealed for "healthy economic competition," a reference to complaints Beijing violates its free-trade commitments by subsidizing and shielding politically favored industries from private and foreign competition.

Yellen said she had expressed concern to Chinese officials about "coercive activities" against U.S. companies.

That follows raids on consulting firms and the detention of staff members without explanation and what the U.S. government says is arbitrary detention or prohibitions on people leaving China that some complain are used to pressure them in business disputes.

Chinese leaders are trying to revive investor interest, but foreign companies are uneasy about their status after Xi and other officials called for economic selfreliance. The ruling party has also expanded an antispying law that has fueled uncertainty about what law firms or consultants can do.

On Saturday, Yellen appealed to He for cooperation on climate change, the debt burdens of developing countries and other global challenges. She said their governments shouldn't let disagreements about trade and security derail economic and financial relations.

Beijing broke off climate discussions with Washington last August in retaliation for a visit by then-Speaker Nancy Pelosi of the House of Representatives to Taiwan, the self-ruled island democracy claimed by China as part of its territory.

President Joe Biden's climate envoy, John Kerry, is due to become the next senior official to visit China next week. China and the United States are the world's top emitters of climate-changing carbon.

China signed an agreement last month to restructure the debt of Zambia, including billions of dollars lent under Beijing's Belt and Road Initiative to build ports and other infrastructure across Asia and Africa. Treasury officials pointed to that as successful cooperation.

TREASURY Secretary Janet Yellen speaks during a news conference at the U.S. Embassy in Beijing, Sunday, July 9, 2023.

Photo:Mark Schiefelbein/AP