07172023 BUSINESS

‘Use renewables’ to solve Andros electricity woes

By FAY SIMMONS Tribune Business Writer jsimmons@tribunemedia.net

AFTER a series of problems with power generation, Darin Bethel, president of the North Andros Chamber of Commerce, is challenging the government to look into a long-term energy plan for North Andros that includes an increased use of renewable energy.

A recent fire at the North Andros Bahamas Power and Light (BPL) plant resulted in widespread damages to the generators there. BPL has commissioned two generators from Mechanical and Electrical Ltd(M&E) and sourced a third from another Family Island to provide electricity throughout North Andros.

Mr Bethel is apprehensive about the long-term

use of the fossil fuel generators and is calling for BPL and the government to look into renewables as a lasting solution to many of North Andros’ energy woes.

He said “[The generators that] are used, they are very old and I believe that BPL is going to try and use those generators here for a long period of time. And that’ll be sad because the Prime Minister has become the poster boy for climate change. He has talked about retaining

benefits by way of carbon credits.

“I think you have a clean slate in North Andros and it would look very hypocritical for the Prime Minister to now go back and put fossil fuel generators in Andros when he has an opportunity and we have the land mass. This is a chance for him to show he believes what he has been saying about climate change. This is an opportunity for renewable energy.”

Mr Bethel contended that as the largest island

‘Is council still active?’ demands Thompson

in The Bahamas and the fifth largest island in the Caribbean, Andros provides a unique opportunity to display the country’s commitment to climate change by having the landmass powered by renewable energy. He added that locals are keeping up with communications from BPL and are eager for a transition to renewable sources.

He said “Andros is unique in that we have the landmass. This can provide an opportunity to set the tone and show that we are moving to a new global ideal.

“On the ground, we are waiting to see if they give us something old or something new. And if it is something new it has to be in the area of renewable energy.”

SEE PAGE B6

Gas dealers hopeful despite lack of talks

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

PETROLEUM dealers said that the lack of a margin increase does not signify a failure in their negotiations with the government.

Vasco Bastian, the Bahamas Petroleum Dealers Association’s (BPDA) vice-president, told Tribune Business they are waiting on a follow-up meeting with the government on their concerns in the industry but “will not go negative” by trying to lay down an ultimatum for the government on the margin increase.

Mr Bastian said: “We believe that at the end of

the day both the government and ourselves would be able to come together and have this issue resolved and move forward with resolve.

“We want to continue our talks and move forward

SEE PAGE B6

Jitney drivers want fare increase to $2 for adults

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

JITNEY drivers are proposing that fares for adults should go up to $2, but are awaiting the go-ahead from the government.

Harrison Moxey, the United Public Transportation Company’s (UPTC) president, told Tribune Business that in their proposal to the government they want bus fares for adults to go up to $2 from the now $1.25, but senior citizens and school children would remain the same.

He said: “There are a few different scenarios out

there, but we believe we can get $2 for the adults across the board and we will be satisfied to leave everybody else, the school students and the senior citizens.

“It has been over 15 years since we had an increase. We’ve seen the taxi drivers have already gotten theirs, but we haven’t gotten ours yet. But we’re hopeful.”

JoBeth Coleby-Davis, minister for housing and transport, told reporters that they plan to go on an extensive town hall meeting programme to advise the general public on the new rates. “We’ve been

SEE PAGE B6

By FAY SIMMONS Tribune Business Writer jsimmons@tribunemedia.net

KWASI Thompson, Member of Parliament for East Grand Bahama, released a statement yesterday urging the government to provide an update on the Fiscal Responsibility Council and to produce the overdue Fiscal Strategy Reports.

He said: “We demand that the government provide a fulsome update on the status of the council - including its current leadership and composition. Also, the government must advise of what steps it is taking to ensure that the FRC promptly publishes all of its tardy reports and begin to meet the reporting timelines stipulated in the law.”

In January, Kevin Burrows, the former council chairman, confirmed to this paper that he is no longer involved with the council and that it is understood the representative for the

financial analysts may have changed.

Mr Thompson said that he was “astonished” by the government’s failure to ensure that the council is active and demanded to know if the council is currently functional and receiving a stipend.

“The Opposition is astonished that the Davis administration is once again failing in it’s responsibility to the public in failing to ensure that the statutorily mandated Fiscal Responsibility Council (FRC) is

He said:

VASCO BASTIAN

VASCO BASTIAN

$5.60 $5.63 $5.70 $5.71

We must confront an uncomfortable truth: we, the people, are the root of the problem. As citizens of The Bahamas, it’s high time we face our shortcomings and acknowledge the urgent need for sweeping reforms across critical sectors of our society. From education and law enforcement to defense force, social services, national insurance, crime, and mental health, we must accept that the responsibility for change lies squarely on our shoulders. Reforming The Bahamas is not a burden solely on the government; it’s a shared responsibility that demands action from every citizen. We can no longer shy away from the uncomfortable truths that plague our society. It’s time to acknowledge our failures, rally together, and demand change. The future of The Bahamas rests on our ability to confront our flaws and take decisive steps towards a better tomorrow.

In this segment, we review main arguments from previous segments that aimed to raise awareness of the need for reform in certain aspects of our society.

The reform series

Education:

Our education system is not producing enough critical thinkers, and we have no one to blame but ourselves. We’ve allowed resources to dwindle, curricula to become outdated, and practical skills to take a backseat. It’s time we wake up and prioritise educational reform. We must invest in modern infrastructure, revamp teacher training programmes, and demand relevant, real-world content in our schools. If we continue to neglect the education of our youth, we doom them to a future of mediocrity.

Law Enforcement and Defence Force:

The safety and security of our citizens are at stake, and it’s our apathy that has allowed our police and defence forces to decay. We must demand accountability, transparency, and proper training for those who are meant to protect us. It’s time to implement community policing initiatives, raise recruitment standards, and foster effective communication between law enforcement and the public. Trust and cooperation can only be restored if we actively engage in holding our protectors responsible for their actions.

Social Services:

Our lack of compassion is glaringly evident in the abysmal state of our social services. We’ve turned a blind eye to the plight of the most vulnerable among us. It’s a shameful reflection of our collective indifference. We must invest more in social welfare programmes, improve healthcare access, and expand support systems for the elderly, disabled, and economically disadvantaged. Let’s prove that we are a society that genuinely cares for the well-being of all its members.

Crime:

The stain of crime has blemished our nation for far too long, tarnishing our reputation and inhibiting progress. We can no longer ignore the elephant in the room. We need comprehensive criminal justice reform, including robust rehabilitation programs and addressing the root causes of crime such as poverty and drug addiction. Community-based initiatives must take precedence, focusing on prevention, rehabilitation, and restorative justice. It’s time we confront the criminals among us, but also address the systemic issues that perpetuate their existence.

Mental Health: We’ve neglected our mental health to the point of crisis, and it’s time we face the consequences of our neglect. Accessible mental health services are sorely lacking, and the stigma surrounding mental health issues continues to prevail. We must allocate resources to create a comprehensive network of support, reduce stigma, and educate our population about mental health. Let’s prioritise the well-being of our people, fostering resilience and strength in the face of adversity.

National Insurance Board: The National Insurance Board (NIB), meant to provide a safety net for our citizens, has fallen short of its purpose. The alleged corruption, mismanagement, and inefficiency have plagued this vital institution. We must demand transparency, rigorous oversight, and strict accountability within the NIB. It’s time to restore public trust by ensuring that the funds intended for our welfare are managed responsibly and used to support those in need.

Immigration: Immigration reform is a pressing issue that requires immediate attention in The Bahamas. By acknowledging the challenges and complexities associated with immigration, we can work towards implementing a comprehensive and fair system.

It is imperative to balance national security concerns with humanitarian considerations, ensuring that the rights and dignity of all individuals are respected. Through inclusive dialogue, collaboration with stakeholders, and the development of a well-designed

immigration policy, we can achieve a more efficient, transparent, and equitable system. By embracing immigration reform, The Bahamas can harness the benefits of a diverse and inclusive society, while also addressing concerns and safeguarding the interests of its citizens. Let us strive for an immigration system that reflects our values, fosters social cohesion, and contributes to the sustainable development of our nation.

Reform Series Conclusion: ‘We are the problem.’ SIMMS

No one left behind Investing in Infrastructure:

To remain competitive globally, our infrastructure must be modern, efficient, and sustainable. This includes upgrading transportation networks, expanding and improving ports and airports, and ensuring reliable and affordable energy sources. By investing in infrastructure, we not only enhance our connectivity within The Bahamas but also strengthen our position as a hub for international trade and tourism.

Education for the Future:

In an increasingly interconnected and knowledge-based world, our education system must align with the skills and competencies demanded by the global job market. By integrating technology into classrooms, emphasising critical thinking, creativity, and problem-solving skills, and fostering a culture of lifelong learning, we can equip our citizens to thrive in the digital age. Reforming our education system ensures that our workforce remains competitive, adaptable, and prepared for the challenges and opportunities of the future.

Embracing Technological Advancements:

Technological innovation has become the driving force behind global progress. To compete in the global marketplace, we must embrace digital transformation and harness the power of technology. This includes investing in infrastructure, expanding broadband access, and promoting digital literacy and entrepreneurship. By fostering a conducive environment for innovation and technology adoption, we position ourselves as a forward-thinking nation ready to seize emerging opportunities.

Promoting Sustainable Practices: Global sustainability challenges, such as climate change and resource depletion, necessitate that we adopt sustainable practices across all sectors. By transitioning to renewable energy sources, implementing environmentally friendly policies, and promoting sustainable tourism and agriculture practices, we demonstrate our commitment to preserving our natural resources for future generations. Embracing sustainability also enhances our global reputation and attracts conscientious tourists and investors.

The National Development Plan

The National Development Plan (NDP) holds immense potential to drive reform in The Bahamas. By setting clear objectives, coordinating policies, engaging stakeholders, allocating resources effectively, and implementing a robust monitoring and evaluation framework, the plan can guide the nation towards sustainable and transformative change. Let us embrace this opportunity to create a Bahamas that is resilient, inclusive, and prosperous, with a shared vision for the future. Together, we can harness the power of the NDP to drive meaningful reform and secure a brighter future for all Bahamians.

Conclusion

The urgent need for reform in The Bahamas is undeniable, and it is a responsibility that lies with each and every citizen. From education and law enforcement to social services, crime prevention, mental health, and the NIB, comprehensive changes are required to address pressing challenges and secure a brighter future. By acknowledging our shortcomings, actively participating in reform efforts, and embracing the NDP, we can pave the way for a more competitive, equitable, and resilient Bahamas. Let us unite in our commitment to reform, working together to build a nation that thrives on innovation, inclusivity, and sustainability. The time for action is now, and by reforming our society, we can create a legacy of progress and prosperity for generations to come.

Imports up and exports down in latest foreign trade statistics

THE Bahamas has seen an increase in imports and a decrease in exports in a disconcerting combination for the nation’s trade balance.

The foreign trade statistics quarterly report, just released by the Bahamas National Statistical Institute, reported that in the first quarter of this year imports were up by 22 percent compared with last year, at a total of $1.027bn. Meanwhile, exports were down 23 percent, at $161m. The figures, derived from Customs reports, show that

the biggest categories of imports were machinery and transport equipment, at $205m, food and live animals, at $198m, and mineral fuel, lubricants and related materials, at $151. Those three combined added up to more than half of total imports (54 percent).

That first category, of machinery and transport equipment, also accounted for the biggest increase year-on-year, with a rise of 37 percent.

The next biggest rises came from beverages and tobacco, up 36 percent, and miscellaneous manufactured articles, at 33 percent.

For exports, mineral fuels, lubricants and related materials led the way with

$49m of exports, followed by manufactured goods classified chiefly by materials at $45m, and machinery and transport equipment at $21m. These combined to total 72 percent of exports.

The biggest increase in exports was in chemicals, up by a remarkable 3,454 percent. Machinery and transport equipment followed with a rise of 146 percent, and manufactured goods classified chiefly by materials up 85 percent year on year.

The largest decrease was in the category of food and live animals, down 49 percent annually.

AN ADVOCATE FOR SUSTAINABLE FAMILY ISLANDS

By Belinda Payne

Brokerage Manager, RF Bank & Trust

As the summer sun blazes, so does the ongoing battle against inflation. Rising prices are causing financial stress for many, but savvy investors are turning to a powerful weapon in their arsenal: investor loans also known as margin loans. This unique financial tool allows you to use your government bonds, shares and other investments as security against a loan. Let’s look at some of the ways you can get ahead by opting for a low interest investor loan.

Leveraging your investments:

The most popular way to use an investor loan is to leverage your existing portfolio to invest more than what you currently hold. By borrowing funds from a brokerage firm like RF Bank and Trust using your existing assets as collateral, you gain additional purchasing power to capitalise on market trends

and emerging opportunities. Whether it's investing in promising stocks, participating in IPOs, or diversifying your portfolio with alternative assets, investor loans open doors to a wider range of investment options. As long as your investment returns outweigh the interest expenses, you can make the loan pay for itself.

Battling bills School fees, like everything else, are climbing thanks to inflation. Utilising investor loans can offer a smart solution when juggling summer vacations and back to school expenses. With low interest rates and flexible repayment terms, an investor loan can provide the funds needed to cover educational expenses without straining your budget. By leveraging the existing assets in your portfolio, you can access the necessary funds at borrowing rates that are far lower than traditional student loans or personal loans. Moreover, the flexible repayment terms allow you

Consumer prices up 0.6% in April

INFLATION continues to rise in The Bahamas, according to the latest figures from the Bahamas National Statistical Institute.

The newest Consumer Price index reveals an increase in prices of 0.6 percent in April over the previous month. That follows on the heels of an increase of 0.4 percent between February and March.

Manufactured goods and services saw the most striking increase, of four percent over the previous month, while food and beverages were up by one percent. However, there were drops of 2.5 percent in recreation

and culture prices and two percent in communication.

Going year by year, this marks a rise in consumer prices of four percent over the same period in 2022.

Annually, alcoholic beverages saw a rise of 13

to structure your payments according to your financial situation, easing the burden and providing the necessary breathing room while sending your child off to school.

Hurricane preparation

Living in The Bahamas, we have first-hand experience on how devastating hurricanes can be and the importance of preparation becomes paramount. As the season progresses, last minute improvements to fortify your home against potential damage might be top of mind. Whether it's replacing a roof, removing trees, or upgrading to hurricane-proof windows, investor loans provide swift and stress-free solutions. By leveraging your investment portfolio as collateral, you can secure a loan with flexible repayment terms in as little as 48 hours. Investors can easily ensure their family and belongings are protected without financial strain.

As the battle against inflation heats up this summer, investors can keep cool with the ultimate

percent, tobacco and narcotics were up 11 percent and restaurants and hotels were up seven percent. Diesel prices were up ten percent and gasoline declined eight percent compared to the same period in 2022. However, on a monthly basis, gas prices were up 11 percent from March to April this year and diesel prices down two percent.

Bees N’ Trees

Trade mark by Sovereign International Advisors

financing hack. By leveraging borrowed funds to seize investment opportunities, battle soaring tuition fees, and protect your home during hurricane season you can supercharge your investments and make them work double time for you.

In closing, when considering margin loans, exercising caution and disciplined risk management is vital. Understand the intricacies of margin lending, evaluate your financial situation and goals, and seek guidance from professional

financial advisors, such as our RF Advisors. By doing so, you can make informed decisions and effectively navigate potential risks, unlocking the benefits of margin loans with confidence.

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.

Linking climate risk, compliance and actuarial science

THIS summer, my compliance intern is an actuarial science major. In several instances, both she and I have been asked, "Why would an actuarial science major choose the area of compliance for their summer internship at an insurance company?"

The urgency to address climate change and environmental concerns has led businesses to recognise the importance of understanding and managing climate-related risks. Actuarial science, the discipline that assesses and manages risk, is at the forefront of understanding and quantifying the impact of climate risk. Equally, a comprehensive climate risk assessment is crucial to a company's long-term success as extreme weather events, regulatory changes, and shifting consumer preferences become more prevalent. Therefore, the risk and compliance space that includes Enterprisewide Risk Assessments is

DEREK SMITH BY

a perfect opportunity for a budding actuary to be trained.

This article examines, in brief, how actuarial science is being influenced by climate risk and how climate risk assessments can contribute to sustainable growth and resilience.

Understanding climate risk: Increasing temperatures, changing precipitation patterns, and more frequent

and severe extreme weather events are all proven contributors to climate risk. According to disaster management specialist Dr Trevor Johnson, “From a disaster management and Bahamian perspective, climate risk refers to the potential financial, economic, and societal impacts resulting from climate change-related factors such as increasing temperatures, changing precipitation patterns, and more frequent and severe extreme weather events.”

Impacts of insurance: Insurance companies acutely feel the effects of climate change as risk transfer entities. Changing weather patterns, such as more frequent and severe storms or droughts, can increase property damage, crop losses, and natural disaster claims. Long-term liabilities, such as life insurance policies, are also affected by climate change since actuarial assumptions must account for increased

mortality rates and more significant life expectancies.

Evolving actuarial models: Climate risk is being addressed by the insurance industry with new models that go beyond traditional approaches. Rather than considering the multiple broader impacts of climate change as a whole, actuaries collaborate with scientists to include climate projections in risk assessments.

Machine learning and artificial intelligence are used to simulate climate change scenarios. Insurers' understanding of risk, underwriting decisions, and pricing structures are enhanced due to using these integrated climate projections and scenario analyses in their risk assessments. The competitive edge through climate risk assessments: Staying ahead of industry peers by completing a climate risk assessment gives companies a competitive edge. Proactively addressing climate risks can position businesses

as leaders in their industries, attracting top talent, fostering partnerships, and attracting investors.

Incorporating climate risk management into corporate strategies demonstrates a company's ability to adapt and thrive in a rapidly changing environment. As a result of this forward-looking approach, businesses can leverage emerging opportunities, respond to the changing dynamics of the market, and outperform their competitors.

In short, the intersection of actuarial science and climate risk assessment presents a unique opportunity for aspiring actuaries to contribute to sustainable growth and resilience. Climate-related risks are becoming more important as businesses address climate change. Risk and compliance professionals are at the forefront of quantifying and understanding climate risk. A climate projection or scenario analysis can help insurers enhance their understanding of risk and gain a competitive

edge. As a result of proactive climate risk management, companies can adapt, thrive, and capitalise on emerging opportunities. In this writer's opinion, an actuarial science major who chose the area of compliance for their summer internship is proactive as well as the company that facilitates the opportunity.

Share your news

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.

Ruling rallies crypto faith

Acourt ruling in the US has caused many cryptocurrencies to rise to new yearly highs on Friday after a long period of sideways movement. This triggered a price rally last week. Bitcoin, the most important cryptocurrency, has reached its highest price overnight since June 2022. Bitcoin rose to as much as $31,818. It’s up more than 90 percent so far this year and is up almost 30 percent in one month. The second-largest token Ether posted its best result since March, and Ripple, which a US judge has ruled legal to sell on public crypto exchanges, rose 73 percent.

The US court decision was decisive. A district judge awarded the crypto company Ripple, which issues the token XRP, partial success in its legal battle against the US Securities and Exchange Commission.

The question is whether Ripple should be classified as a security and subject to SEC supervision. The SEC takes this view, Ripple defends itself against it and has now received support from the court.

Some investors conclude from yesterday’s ruling by the US court, that the industry may not be subject to strict US securities regulations after all.

The responsible judge ruled that the XRP token is only to be classified as a security if it is offered to institutional investors and not to the general public, for example via a crypto exchange such as Coinbase.

Shares of the crypto exchange Coinbase also climbed 24 percent to an annual high. Coinbase share turnover on Thursday was the highest it had been in 14 months. This gives the price increase more weight. Coinbase stock has doubled in value within a month and

was trading at $108.10 last Friday. The shares gained approx. 220% YTD. The Ripple ruling came alongside fraud allegations against the former head of bankrupt crypto lender Celsius Network, which are being appealed. In addition, large investment houses such as Blackrock and Fidelity are taking further steps towards market entry. Investors say all of this is contributing to a shift in sentiment.

The world’s largest wealth manager Blackrock last month applied to launch a Bitcoin ETF (exchangetraded fund), and in early July exchange operator Cboe renewed its application for a similar fund to be operated by asset manager Fidelity.

The regulatory environment is changing and based on what happened on Thursday last week it could be for the better.

Our Bahamian regulator, the Securities Commission of The Bahamas, is also

preparing an amended version of the DARE act which is anticipated to be released later this year.

Ripple stakeholders have been waiting for some regulatory clarity and the court seemed to have delivered just that. That now XRP tokens sold on public crypto exchanges are not securities under the law could probably serve as a precedent.

The ruling also sparked a rally in smaller cryptocurrencies, dubbed “altcoins.” Tokens such as Solana, Matic and Stellar gained between 15 and 50 percent.

With that, crypto assets are now trading again near or above the levels reached when last November’s FTX exchange collapse plunged the sector into what has been dubbed “crypto winter”.

In November 2022, Bitcoin plummeted to around $16,000 on the back of the collapse of the crypto exchange. A year earlier, bitcoin hit a record high of $69,000.

Our company has been around gaming for over 30 years and pride ourselves on quality service and customer relationships. We are moving forward in the market and such are looking for hardworking, reliable, people friendly customer services representatives.

Jarol Investments Limited is seeking to fll the following position:

Handyman (Nassau)

Cleaning and maintaining property inclusive of cleaning windows, mopping entrance, light weeding & painting, clearing fences, throwing out garbage daily from offces, keeping yard swept and clean & washing all company’s vehicle on Saturdays.

Janitress (Nassau)

Cleaning offce daily, mopping, sweeping, wipping doornobs, cleaning bathrooms, dusting desks & keeping kitchen area clean. Performs related duties as assigned by Management.

Interested persons should email their resume to careers@chancesgames.com. Subject: Handyman or Janitress; or visit our Head Offce on Prince Charles Drive (across from Restview Funeral Home)) between the hours of 9 a.m. to 5 p.m.

Gas dealers hopeful despite lack of talks

and we’re not speaking failure into our existence, we are very optimistic. We are optimistic Bahamian men and women who provide an essential service to the economy and so we are hoping for a positive solution.”

Last month, a number of petroleum dealers stopped selling diesel fuel, claiming it was not profitable for them to sell it at the then high prices without an increase in their margins to make up for the additional costs. But Mr Bastian said diesel is flowing regularly to all of the retailers and the diesel shortage “was not a protest”, but rather they were “just having a dialogue with the government”.

Mr Bastian also said: “Protest sounds like revolutionary talk. We are just professionals trying to have an honest dialogue with the government.”

Continuing this dialogue with the government has been challenging as the BPDA has not met with

‘Use renewables’ to solve

Andros electricity woes

FROM PAGE B1

any government official on their concerns since prior to the Independence Holiday and are now trying to pencil in a date within the next two weeks. Meanwhile, oil prices have been trending downward. Mr Bastian said: “We continue to be very hopeful and respectful of the concerns of the government and our concerns but we think we can merge the two to for the betterment of the Bahamian people. Now is really a good time because we now see the price of oil is declining and hopefully it continues to decline, there is no better time to do what we suggest and to do what the government suggests for us to move forward, but we all really need to continue to be optimistic.”

The government had already given tax rebates up to $6m to petroleum dealers last year, but petroleum dealers also have on their agenda the government assisting them with relief from their landlords in addition to support in dealing with their wholesalers.

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

Requirements are as follows:-

Mr Bethel questioned how the continued use of fossil fuel bolsters the country’s international stance on climate change and committed to pushing for renewable energy as a major part of Andros’s development.

He said “Aren’t we looking to receive payments from carbon credits? Don’t we need to maintain a low carbon footprint? How is the continued use of fossil fuel generators going to increase confidence?

“As much as the Bahamas talks about renewable energy no island is operating primarily on renewable energy. I intend to hold them to the fire whenever they talk about development in Andros. This is an opportunity to practice what we preach and prove that we are serious about climate change.” Last week, Minister of Works Alfred Sears said that shortly after one of the mobile generator units in North Andros was brought online it has to be shut down due to contaminated fuel.

On Friday, BPL released a statement noting that one of the generators that received contaminated fuel is still offline and that they are working with FOCOL to find the source of the contamination. It said: “BPL has experienced unexpected and unavoidable challenges in restoring its service to customers in the week following the incident. One challenge was that two units received a deliver or contaminated fuel. The genset that was online at the time was damaged and remains out of service. The

second unit was successfully drained of the contaminated fuel and returned to service.

“BPL is in contact with its fuel handling and distribution service provider, FOCOL, who is cooperating with BPL to confirm the source of the contamination. FOCOL has pledged its usual and continuous commitment to employing appropriate corrective measures or any root causes that may be identified with respect to its operations and gave its commitment to addressing any related concerns.”

JITNEY DRIVERS WANT FARE INCREASE TO $2 FOR ADULTS

FROM PAGE B1

speaking to cabinet about that and we’re going to have some town hall meetings with the public to discuss and consider the potential of having some bus fare increases, but also some transformation in the industry and we are still seeking some form of unitisation so that we can get a better busing system in the country. And for the next half of this year, we will be focusing a lot on how we do some transformation with that industry.”

Mr Moxey said he was not aware of the proposed series of town hall meetings, but noted that the

proposals sent in by the UPTC may have sparked Ms Coleby-Davis’s action towards making the public aware of the possibility of bus fare increases.

Ms Coleby-Davis also said that the bus unification programme is still very much alive and the transformation of the sector is still foremost on her agenda.

Mr Moxey added that while there were some “unfortunate and unforeseen things” that have stalled the bus unification project, he doesn’t want to say any more until he is sure they can deliver on the targets set for the programme.

‘IS COUNCIL STILL ACTIVE?’ EMANDS THOMPSON

Harbourside Marine is seeking a FULL TIME CASHIER:

Responsibilities

• Handle cash transactions with customers using cash registers;

• Scan goods and collect payments;

• Issue receipts, refunds, change or tickets;

• Pleasantly deal with customers to ensure satisfaction.

Requirements

• Must have a clean police record; and

• Two references.

Bahamasjobs8@gmail.com

Send resume’ to Johneberhardt@hbsmarine.com

FROM PAGE B1

properly constituted and doing its work.”

“From what we have read in the press, the chairperson of the FRC stepped down several months ago. The government has failed to announce the appointment of his replacement. We do not know if the council is still functional and receiving its monthly stipend from the Treasury.”

“What we do know is that there are three legally required oversight reports that the council has failed to produce - one of which is more than a year late.”

The council is a key fiscal watchdog, charged with reviewing the annual Fiscal Strategy Report; annual Budget; mid-year Budget review; pre-election economic and fiscal update; the government’s annual accounts and any deviation

from the established fiscal targets.

Mr Thompson accused Prime Minister Philip Davis of staying silent on the council’s “gross dysfunction” and playing “lip-service” to the concept of transparency.

He said: “Despite the fact that the seeming gross dysfunction of the FRC has been raised several times now, the Prime Ministerwho as Finance Minister has executive oversight of the council - continues to say mum on the matter. As with many other matters, the Davis administration is perfectly content to flaunt the law and do little more than play lip service to any notion of true accountability and transparency.”

The Davis administration’s Public Finance Management Bill 2023 repealed both the Fiscal Responsibility Act and Public Financial Management Act and consolidating them into one large new law.

Are you passionate about sustainability and making a positive impact on the environment?

Partanna, a leading Bahamian producer of carbon-negative building materials, is seeking a talented and driven individual to join our team as the Business Development and Marketing Director. This is an incredible opportunity to contribute to our mission of revolutionizing the construction industry with eco-friendly solutions.

Job Requirements:

• minimum of years of e perience in public relations, marketing, or business development.

• luent in both nglish and Spanish, with e ceptional communication skills in both languages.

• Possess a degree in usiness, Marketing, or a related eld.

• deep understanding of nvironmental, Social, and overnance S issues and sustainable development practices.

• Proven e perience in establishing commercial arrangements and partnerships at an international level.

• ill be required to travel regularly to entral and South merica for business development purposes.

To

JOBETH COLEBY-DAVIS

Putin says Russia has ‘sufficient stockpile’ of cluster bombs as Ukraine gets its own supply from US

By ELISE MORTON AND FELIPE DANA

Associated Press

RUSSIAN President Vladimir Putin said in an interview published Sunday that Moscow has a “sufficient stockpile” of cluster munitions, and warned that Russia “reserves the right to take reciprocal action” if Ukraine uses the controversial weapons. In his first comments on the delivery of cluster munitions to Ukraine from the U.S., Putin said that Russia hasn’t used cluster bombs in the war with Ukraine so far. But the use of cluster bombs by both Russia and Ukraine has been widely documented, including by The Associated Press and international humanitarian organizations, and cluster rounds have been found in the aftermath of Russian strikes.

“Until now, we have not done this, we have not used it, and we have not had such a need,” he said.

Rossiya TV reporter Pavel Zarubin published excerpts of the interview to his Telegram channel Sunday before a scheduled broadcast on Sunday night.

The Pentagon said Thursday that cluster munitions provided by the United States had arrived in Ukraine. The munitions, which are bombs that open in the air and release scores of smaller bomblets, are seen by the U.S. as a way to get Kyiv critically needed ammunition to help bolster its offensive and push through Russian front lines. U.S. leaders debated the thorny issue for months,

before President Joe Biden made the final decision last week. Cluster bombs have long been criticized by humanitarian groups, and some U.S. allies, because those used in previous conflicts have had a high “dud rate,” meaning that they often leave behind unexploded bomblets that can harm civilians long after a battle has ended.

Proponents argue that Russia has already been using cluster munitions in Ukraine and that the weapons the U.S. is providing have been improved to leave behind far fewer unexploded rounds. Ukraine has promised to use them only away from densely populated areas.

The Ukrainian military said in a regular update on Sunday morning that over the previous 24 hours, Russia had launched two Iranian-made Shahed exploding drones, two cruise

missiles and two anti-aircraft guided missiles, in addition to 40 airstrikes and 46 attacks from multiple rocket launchers.

The Ukrainian General Staff wrote that Russia continues to concentrate on offensive operations in Ukraine’s industrial east. Donetsk regional Gov. Pavlo Kyrylenko said Sunday that two residents of the region were killed on Saturday, and one other person was wounded.

The mayor of Kharkiv, Ihor Terekhov, said seven people were injured in a Russian attack Sunday evening on the city, Ukraine’s second-largest.

Ukrainian Deputy Defense Minister Hanna Maliar said Sunday that fighting in eastern Ukraine had “somewhat intensified,” amid a slow counteroffensive in which

Ukraine has made small territorial gains. Writing on Telegram, she said that Russia had been “actively attacking” in the direction of Kupiansk in the northeastern Kharkiv region for two consecutive days, and that Ukrainian forces were “on the defensive” in the area.

“There are fierce battles, the positions of both sides change dynamically several times a day,” she wrote.

Maliar wrote that Ukrainian troops were trying to hold onto their positions on the northern flank around the destroyed city of Bakhmut, but reported that Ukrainian forces were

“advancing daily” on the southern flank. Ukraine has been trying to encircle the city since losing control of it to Russia in May. Putin claimed that the Ukrainian counteroffensive had been futile, in another excerpt published by Zarubin.

POLICE officers look at collected fragments of the Russian rockets, including cluster rounds, that hit Kharkiv, in Kharkiv, Ukraine, Saturday, Dec. 3, 2022. Russian President Vladimir Putin said in an interview published Sunday that Russia had a “sufficient stockpile” of cluster munitions, warning that Russia “reserves the right to take reciprocal action” if Ukraine uses the controversial weapons.

EMPLOYMENT OPPORTUNITY

Chief Executive Ofcer/General Manager

About BAMSI: Te 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. Tere is signifcant 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 Institute specifcally with oversight over the four components of BAMSI: the Institute (College, Research and Development), the North Andros Farm, the the Government is carried out in consultation with the Board of Directors. between Participants and BAMSI.

LEADERSHIP organization during the production process. agriculture sector and small farmers.

EDUCATION AND EXPERIENCE

related professional education from an internationally recognized and accredited institution.

level in a comparable corporate entity. manage projects.

agribusiness and fnancial services.

TO APPLY:

Qualifed 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

Te Bahamas Agriculture & Marine Science Institute Island Traders Building

hr@bamsibahamas.com

Photo:Libkos/AP

A raucous week for Wall Street closes with a quiet, mixed finish

By STAN CHOE AP Business Writer

WALL Street's latest winning week closed with a mixed finish on Friday following stronger profit reports than expected from several big U.S. companies.

The S&P 500 slipped 4.62, or 0.1%, to 4,505.42 to edge back from its highest closing level since April 2022. The Dow Jones Industrial Average rose 113.89, or 0.3%, to 34,509.03, and the Nasdaq composite fell 24.87, or 0.2%, to 14,113.70.

Insurance giant UnitedHealth Group rallied 7.2% after it said profit growth during the spring was better than feared. It also raised the bottom end of its forecast for earnings for the full year.

JPMorgan Chase rose 0.6% after it said its profit during the spring grew by more than expected thanks in part to its acquisition of the troubled First Republic Bank. It had been up more in the morning, but it

faded through the day like the broader market. Wells Fargo likewise swung to a drop of 0.3% from an earlier gain after reporting stronger profit for the second quarter than expected.

Helping to drag down Wall Street was State Street, which dropped 12.1% after reporting slightly weaker revenue than expected for the latest quarter, though its profit topped forecasts.

The earnings reporting season is just getting underway, and Wall Street's expectations are low. Analysts are forecasting the worst drop in earnings per share for S&P 500 companies since the spring of 2020. If they're right, it would also mark a third straight quarter where profits sank.

Such expectations are key for financial markets, because one of the biggest factors that set a stock's price is how much profit a company produces. Wall Street nevertheless rallied hard this week and closed out its seventh

winning week in the last nine because of rising optimism for the other major lever that sets stock prices: how much investors are willing to pay for each $1 of corporate profits.

Two reports earlier this week showed that inflation continued to cool across the U.S. economy in June. That bolstered investors' hopes that the Federal Reserve is close to feeling comfortable enough to halt its blistering

for Tender� Internal Audit Services

�e�uest for Tender� Internal Audit Services

�uly ��th ���� Sub�ect� Internal Audit Services

Audit Services

� Purpose

The Bahamas Development Bank (“the Bank”) is seeking to appoint an independent service provider (“the service provider”) to design and execute an internal audit function on behalf of the Bank. The service provider �ill create a plan for, design and execute an internal audit program for the Bank.

The Bank invites eligible vendors to submit competitive �uotes for the provision of these services. �ailure to provide a �uote that meets the minimum specifications re�uired may lead to dis�ualification of a bidder from selection.

campaign to raise interest rates.

The Fed has already hiked its federal funds rate to a range of 5% to 5.25%, up from virtually zero early last year. High rates undercut inflation by slowing the economy and putting downward pressure on prices for stocks and other kinds of investments.

The expectation is still for the Fed to raise rates one more time at its next meeting in two weeks. But

A PEDESTRIAN passes by the Hong Kong Stock Exchange electronic screen in Hong Kong, Friday, July 14, 2023. Asian shares surged Friday after Wall Street’s winning streak barreled into a fourth day, buoyed by the latest signal that inflation may be easing.

traders are largely betting on that being the final hike of the cycle.

Treasury yields rose Friday, paring some of their sharp tumble from earlier this week caused by traders paring bets for Fed rate hikes later this year.

The 10-year Treasury yield rose to 3.82% from 3.77% late Thursday. But it's still well below the 3.98% it sat at late Tuesday, before the inflation reports were released. The 10-year yield helps set rates for mortgages and other important loans.

The two-year Treasury yield more closely tracks expectations for Fed action, and it's at 4.73%, down from 4.89% late Tuesday.

Yields rose after a report on Friday suggested consumers are feeling much better about the economy

Photo:Louise Delmotte/AP

thanks to slower inflation and a still-solid job market. A preliminary reading on a University of Michigan survey showed consumer sentiment at its highest level since September 2021, though lower-income consumers weren't feeling as positive.

Solid spending by U.S. consumers has been one of the main pillars keeping the economy out of a recession. They've kept spending despite high interest rates as employers have continued to hire more workers.

The survey also suggested consumers aren't raising their expectations for upcoming inflation much.

The Federal Reserve has been adamant about wanting to avoid a vicious cycle where expectations for high inflation drive behavior that only worsens it.

by key personnel i.e. Partners, Directors, etc., and other team members, the proposed schedule for submission of progress reports, and follo� up timelines.

�eferences of �omparable �ngagements A list of references of similar or comparable engagements should be provided �ith the proposal. At least three (�) references should be provided and each reference must be clients retained for a minimum of t�e lve (��) months. A summary of the pro�ect and client names and contacts should be provided to enable the Bank to contact references if re�uired.

Applicants must declare any areas that may constitute conflict of interest related to this proposal

� Scope of �ork

The independent service provider �ill design, implement, and execute the internal audit function for the Bank. The service provider �ill meet �ith the Audit �ommittee and �xecutive �anagement to discuss the structure and intended design of the internal audit frame�ork The service provider �ill be responsible for designing the ne� frame�ork and developing an Internal Audit Policies and procedures to support it The service provider �ill also be responsible for development and execution of an integrated annual audit program for the function.

The service provider �ill provide a proposed plan of action to achieve the ob�ectives of the internal audit function. Internal Audit �unction Design and Implementation Services and deliverables expected include�

�. �eet �ith Audit �ommittee and �xecutive �anagement to determine suitable structure for internal audit unit function of the Bank

�. Development of the Internal Audit �harter.

�. Set ob�ectives and performance measurements for the internal audit function.

�. �evie� and advise on the �uality of the existing internal control frame�ork, including best practice reporting relationships.

�. �onduct an �nterprise �isk Assessment for the Bank

Development Bank (“the Bank”) is seeking to appoint an independent service provider (“the provider”) to design and execute an internal audit function on behalf of the Bank. The service create a plan for, design and execute an internal audit program for the Bank.

�. Development of risk assessment and audit methodology for the organi�ation, including identification of audit universe.

�. Develop an internal audit �ork program to cover all departments �ithin the Bank.

� Background

The primary purpose of the Bahamas Development Bank is to assist in the economic development of The Bahamas by providing financial and technical assistance in areas including Agriculture, �isheries, Tourism, Industry, �ousing and Business Development �or more information see� ���.bdb.gov.bs

�. �valuation, ac�uisition, and maintenance of audit tools and technology.

eligible vendors to submit competitive �uotes for the provision of these services. �ailure �uote that meets the minimum specifications re�uired may lead to dis�ualification of a bidder

� Terms and �onditions

�here a firm or company intends to submit a proposal, the re�uirements, and terms, including all instructions, re�uirements, and specifications, provided in this ��P should be revie�ed in their entirety

The Bank shall incur no liability in the case of failure of a proposing firm or company to understand the contents of the ��P. It is the service provider’s duty to properly understand and examine the ��P and re�uest any clarification or make any reasonable in�uiry and satisfy itself as to the completeness and sufficiency of its response.

� Subcontractors If a proposer intends to subcontract some of the �ork to another company or individual for any reason, the Proposer must identify the �ork items that they intend on subcontracting, to �hom, and the experience and �ualifications of the organi�ation or individual. The Bank reserves the right to approve all subcontractors.

� Schedule of �ork and �xpected Deliverables

The Proposer should present a preliminary �ork plan outlining key tasks, schedules and anticipated start and completion dates for each deliverable �ithin the scope of �ork re�uested.

� �eporting and �ommunication

purpose of the Bahamas Development Bank is to assist in the economic development of The providing financial and technical assistance in areas including Agriculture, �isheries, Tourism, �ousing and Business Development �or more information see� ���.bdb.gov.bs

The Bank and its officials, officers, employees and advisors are not liable or responsible in any �ay for any costs, expenses, losses, damages or liabilities incurred in the preparation of a proposal in response to this ��P. This includes but is not limited to costs associated �ith preparing the submission of its proposals, costs associated �ith the undertaking of any due diligence, and any other costs associated �ith this ��P process �esponses to this ��P and any ackno�ledgement of receipt of proposal shall not constitute an obligation on the part of the Bank to a�ard a contract for any services or combination of services. �ailure of the Bank to select a contractor by �ay of this ��P shall not result in any claim �hatsoever against the Bank

�onditions

The Bank reserves the right, in its sole and absolute discretion, to re�ect any or all proposals in part or in full, �ithout assigning any reason. The Bank may, at any time, vary the ��P process or abandon the ��P process �ithout assigning any reason thereof and �ithout notice.

The Proposer �ill report directly to the Audit �ommittee, functionally, and to the �anaging Director, for administrative purposes. It is expected that the selected team �ill submit periodic progress reports �ith recommendations on mutually agreed upon dates throughout the engagement period. The Bank may re�uest additional reports over the course of the contract period.

�� Pricing Structure and �ees

Proposers should provide a separate financial proposal outlining all proposed fees and the proposed pricing structure to complete the �ork effort. The financial proposal should be itemi�ed by expected engagement deliverables and should be inclusive of any ongoing costs. The contracted rate and any necessary scope changes �ill be revie�ed by the Bank annually. The annual contracted fee �ill be paid on a �uarterly basis. �� �valuation �riteria

company intends to submit a proposal, the re�uirements, and terms, including all re�uirements, and specifications, provided in this ��P should be revie�ed i n their entirety incur no liability in the case of failure of a proposing firm or company to understand the ��P. It is the service provider’s duty to properly understand and examine the ��P and clarification or make any reasonable in�uiry and satisfy itself as to the completeness and response.

The Bank �ill consider the follo�ing factors in the evaluation and selection of proposals.

�. �ompleteness of Proposal�

The information provided by the Bank in connection �ith this ��P is for the sole purpose of this solicitation and is to be considered confidential. Any information learned by a Proposer in connection �ith this solicitation �ill not be revealed by such service provider or used for any purpose other than the preparation of their proposal.

This ��P shall be governed by the la�s of The Bahamas. Any legal action or proceedings arising out of or in connection �ith such terms and procedures shall be sub�ect to the exclusive �urisdiction of the courts of The �ommon�ealth of The Bahamas.

�. Appropriateness of Approach to �ngagement and�or �ethodology�

�. �uality and Depth of �esponse�

�. �ualifications and �xperience of �ey Personnel�

�. �uality of �eferences and Demonstrated �elevant �xperience in the Provision of Internal Audit Services�

�. �eputation of the �irm or �ompany�

�. �uality of Preliminary �ork Plan and Schedule� and

�. Pricing and �ee structure.

The Bank, in its sole discretion, may modify the re�uirements, terms, and conditions for this ��P

� �ontract Term

The initial contract period �ill be for t�o (�) years. The Bank reserves the right to extend the contract for �uality management, including updates, enhancements, and maintenance services.

� �onditions� information for applicants

These instructions are provided for general information for the preparation of the proposal. Proposals should be concise and contain the sections described belo� Proposals that fail to adhere to or comply �ith the prescribed format may be excluded from the evaluation process. The proposal should be submitted in �nglish and must include the follo�ing�

Proposal �etter All proposals must be submitted �ith a duly signed proposal letter, �hich should include the signatures of the individual or individuals authori�ed to legally bind the firm or company (“the authori�ed person”).

Business Profile The proposal must include an overvie� of the firm�company i.e. Business profile.

The profile must include�

o Type of Business (i.e. �ompany, Partnership, etc.)

o Date of incorporation�formation�

o Address of registered office�

o �ame of key contact person and address for communication (i.e. phone contact and email)�

o Business Status� and

o The name and position of key personnel (Partners�Directors����) and team members along �ith an attachment of their �ualifications, including professional licenses or certifications (i.e. �urriculum �itae)

An �xecutive Summary of the proposal should also be provided for ease

and other team members, the proposed schedule for submission of progress reports, and follo� up timelines.

The Bank reserves the right to evaluate the proposals either by itself and�or in coordination �ith and�or by engaging any external consultants.

�� �ontract A�ard

officials, officers, employees and advisors are not liable or responsible in any �ay for any losses, damages or liabilities incurred in the preparation of a pr oposal in response to this includes but is not limited to costs associated �ith preparing the submission of its proposals, costs the undertaking of any due diligence, and any other costs associated �ith this ��P process ��P and any ackno�ledgement of receipt of proposal shall not constitute an obligati on the Bank to a�ard a contract for any services or combination of services. �ailure of the Bank contractor by �ay of this ��P shall not result in any claim � hatsoever against the Bank

The Bank reserves the right to make no a�ard, make a partial a�ard, make multiple a�ards, or to a�ard in aggregate or by line item in scope of services as determined by the Bank to be in its best interest, sub�ect to determination that the price proposal is fair, reasonable, and provides the best value to the Bank given the re�uirements of the pro�ect.

Appointment as a successful contractor shall be sub�ect to the parties agreeing to mutually acceptable contractual terms and conditions. In the event of the parties failing to reach such agreement, the Bank reserves the right to appoint an alternative service provider.

�� �ontract �ompletion �riteria

�here a contract results from this ��P, such contract �ill be considered complete �hen the Bank has approved and accepted all assigned contract deliverables.

�� Insurance �overage

The selected contractor is to provide professional liability insurance covering the services described in the contract.

�� Deadline

The due date for submission of the tender is ��th �uly, ���� �ate submissions �ill be returned unopened to the sender.

Please send all tenders clearly marked “Internal Audit Service Proposal” to �mail� careers�bdb.gov.bs Person� Submit by hand in the tenders’ box at BDB’s reception, add address.

�or any complaints regarding the tenders please refer to the �omplaints section on the BD B �ebsite.

Biden making $20 billion available from ‘green bank’ for clean energy projects

By MATTHEW DALY Associated Press

THE BIDEN administration said Friday it is making available $20 billion from a federal "green bank" for clean energy projects such as residential heat pumps, electric vehicle charging stations and community cooling centers.

Two programs, worth $14 billion and $6 billion, respectively, will offer competitive grants to nonprofits, community development banks and other groups to invest in clean energy projects, with a focus on disadvantaged communities, the White House said. The investments follow a $7 billion Solar for All program launched last month for residential and community solar projects in low-income communities.

All three programs will be overseen by the green bank, formally known as the

Greenhouse Gas Reduction Fund, which Congress created in last year's climate law.

Vice President Kamala Harris called the grant programs announced Friday "the largest investment in financing for communitybased climate projects in our nation's history,'' adding: "It's a good day.'' Speaking at Coppin State University, a historically black university in Baltimore, Harris said green bank investments would "dramatically accelerate" work to lower planet-warming greenhouse gas emissions while boosting tens of thousands of climate and clean energy projects across America.

The federal investments mean that developers who build affordable housing in cities such as Baltimore "will now have the capital they need to install energyefficient appliances in new

units, to lower energy use and help tenants save on their electric bills,'' Harris said. Small business owners also will be able to receive zero-interest loans to purchase electric delivery trucks, reducing pollution and saving on gas, she said.

"When we invest in clean energy and electric vehicles, more of our children can breathe clean air and drink clean water,'' she said. "When we help folks upgrade their heating and cooling systems, we lower the cost of electricity, so working parents have more money for groceries and home repairs and school supplies. And think of all the jobs these investments will create.''

Environmental Protection Agency Administrator Michael Regan, whose agency oversees the $27 billion green bank, called it a way to "tackle the climate crisis and reshape

the economy'' at the same time. The three programs will offer "transformational resources'' for many disadvantaged communities that often are passed over by commercial banks and investors, he said.

"These communities have been left behind in this transition, and it's going to be a strong signal to the market for us to pull private capital off the sidelines'' in urban and neglected areas, Regan told The Associated Press in an interview.

Applications under the program are due this fall, with grant awards expected next year. The $14 billion National Clean Investment Fund will provide grants to up to three national clean financing institutions, enabling them to partner with states and the private sector to provide affordable financing for tens of thousands of clean

A TESLA electronic vehicle charging station is seen Thursday, May 25, 2023, in Nashville, Tenn. The Biden administration is making available $20 billion from a federal “green bank” for clean energy projects such as residential heat pumps, electric vehicle charging stations and community cooling centers.

technology projects nationwide, the EPA said.

The $6 billion Clean Communities Investment Accelerator, meanwhile, will provide grants for up to seven nonprofits that will work with other groups to provide access to investments needed to deploy clean technology projects.

Hundreds of community lenders, credit unions, housing finance agencies and other institutions will finance clean technology projects in low-income and disadvantaged communities, the EPA said.

Maryland Sen. Chris Van Hollen, a Democrat who first introduced legislation to create a national green bank 14 years ago, said the grants will accelerate deployment of clean energy in underserved communities such as Baltimore that have been disproportionately harmed by pollution and climate change.

"These funds will serve as a force multiplier for private investment in clean energy projects to cut emissions and promote environmental justice in underserved communities across the country,'' said Van Hollen, who attended the ceremony

at Coppin State with Harris, Regan and other officials.

The green bank could help finance cooling centers in urban areas suffering from extreme heat, as well as charging stations for electric vehicles, retrofitting buildings and installing efficient heating and airconditioning systems, Regan said.

"This is really about ensuring that every person in this country is experiencing the best quality of life as possible with clean energy technology providing that landing,'' he said.

The green bank — modeled after similar banks established in states such as Connecticut, New York and California — is expected to unlock billions of dollars in private investment, Regan and other officials said.

Republicans in Congress have criticized the green bank, calling it a taxpayerfunded "slush fund" ripe for abuse.

A GOP energy package that passed in March would repeal money allocated to the green bank. Rep. Gary Palmer, R-Ala., said the fund would benefit Wall Street firms but would not "lower the cost of heating for American families."

NOTICE

NOTICE is hereby given that

KAREN SHANTOLO DUPRENA of South Beach Hollday Drive, 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 17th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Legal

Notice

NOTICE IS HEREBY GIVEN as follows:

Photo:George Walker IV/AP

Purpose

Britain officially joins an Asia-Pacific trade group that includes Japan and 10 other nations

By NICK PERRY Associated Press

BRITAIN on Sunday officially joined an AsiaPacific trade group that includes Japan and 10 other nations during a meeting in New Zealand. The trade bloc covers more than 500 million people and 15% of the world's economy. For Britain, it represents the largest trade deal it has struck since leaving the European Union more than three years ago. Britain first announced in March it had reached an agreement to join the bloc, which was created in 2018, after more than two years of negotiations.

It is the first new member to join the bloc, called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

It also includes New Zealand, Australia, Brunei, Canada, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam.

"We are honored to become the CPTPP's first new member and to join this extraordinary community of now 12 economies spanning Asia, the Pacific and now Europe," said British Trade Minister Kemi Badenoch. "This is a modern and ambitious agreement and our membership of this exciting, growing and forward-looking bloc is proof

that the UK's doors are open for business."

Badenoch said that more than half a million Britons already work for companies from the bloc's member nations.

Shigeyuki Goto, Japan's economic minister, said adding Britain would strengthen the bloc.

"The fact that this was done in a way that maintains the high standards of agreement sets an exemplary precedent for future accessions," Goto said.

The deal comes as Britain pursues greater engagement with the IndoPacific. Critics say the deal is insignificant compared to Britain's trade with its

POSITION AVAILABLE

A Company is seeking to employ full time professional mature persons over the age of 25 years of age, as SECURITY OFFICERS Qualified applicants must be available to work shifts, have the command of “good people’s skills,” and a valid driver’s license.

Interested persons are to send their resume along with a photo ID, current police record and a copy of their NIB card, to email address – mngoccompany@gmail. com; on or before July 31, 2023.

Only serious minded persons need to apply.

�e�uest for Tender� Compliance Services

�e�uest for Tender� Compliance Services

�uly ��th, ����

Sub�ect� Compliance Services

Compliance Services

� Purpose

The Bahamas Development Bank (“the Bank”) is seeking to appoint an independent service provider (“the service provider”) to execute the compliance function on behalf of the Bank. The service provider will create a plan for and execute the compliance program for the Bank.

neighbors in the 27-nation EU. New Zealand Prime Minister Chris Hipkins said the addition of Britain to the bloc was great news for the region. "Trade is not only a priority for this government, but is essential to our economic

recovery, and improving the lives and livelihoods of all New Zealanders," Hipkins said.

Since leaving the EU, Britain has also signed separate trade deals with Australia and New Zealand.

The U.S. is not part of the bloc after former President Donald Trump withdrew from its predecessor, the Trans-Pacific Partnership. China has applied to join the bloc.

by key personnel i.e. Partners, Directors, etc., and other team members, the proposed schedule for submission of progress reports, and follow up timelines.

�eferences of Comparable �ngagements � list of references of similar or comparable engagements should be provided with the proposal. �t least three (�) references should be provided and each reference must be clients retained for a minimum of twelve (��) months. � summary of the pro�ect and client names and contacts should be provided to enable the Bank to contact references if re�uired.

�pplicants must declare any areas that may constitute conflict of interest related to this proposal

� Scope of �ork

The independent service provider will design, implement, and execute the compliance program for the Bank. The service provider will meet with �xecutive �anagement to discuss the structure and intended design of the compliance framework The service provider will be responsible for designing the new framework and updating the Compliance policies and procedures to support it The service provider will also be responsible for development and execution of an integrated annual compliance program for the function.

The service provider will provide a proposed plan of action to achieve the ob�ectives of the compliance function Services and deliverables expected include�

�. �erification of compliance with policies, procedures and controls relating to money laundering activities;

�. Completion of compliance on boarding approval of new accounts;

�. Periodic due diligence review of client’s accounts;

�. �ssessing risks relating to ����C�T re�uirements;

�. �onitoring and responsibility for ��C and compliance risk rating ;

Bahamas Development Bank (“the Bank”) is seeking to appoint an independent service provider (“the provider”) to execute the compliance function on behalf of the Bank. The service provider will plan for and execute the compliance program for the Bank.

The Bank invites eligible vendors to submit competitive �uotes for the provision of these services. �ailure to provide a �uote that meets the minimum specifications re�uired may lead to dis�ualification of a bidder from selection.

� Background

The primary purpose of the Bahamas Development Bank is to assist in the economic development of The Bahamas by providing financial and technical assistance in areas including �griculture, �isheries, Tourism, �ndustry, �ousing and Business Development �or more information see� www.bdb.gov.bs

�. Prepare monthly and �uarterly compliance reports ;

�. Drafting and updating the Bank’s compliance policies and procedures in accordance with regulatory re�uirements and best practices;

�. �aintaining a log of suspicious activities and reports;

�. �acilitating the compliance training program for all relevant staff members; ��. �onitoring developments and changes in legislation and regulations that affect the Bank;

invites eligible vendors to submit competitive �uotes for the provision of these services. �ailure �uote that meets the minimum specifications re�uired may lead to dis�ualification of a bidder selection.

��. �iaising with regulators, external auditors and other interested parties to ensure compliance matters addressed

ound

� Terms and Conditions

�here a firm or company intends to submit a proposal, the re�uirements, and terms, including all instructions, re�uirements, and specifications, provided in this ��P should be reviewed in their entirety

The Bank shall incur no liability in the case of failure of a proposing firm or company to understand the contents of the ��P. �t is the service provider’s duty to properly understand and examine the ��P and re�uest any clarification or make any reasonable in�uiry and satisfy itself as to the completeness and sufficiency of its response.

� Subcontractors �f a proposer intends to subcontract some of the work to another company or individual for any reason, the Proposer must identify the work items that they intend on subcontracting, to whom, and the experience and �ualifications of the organi�ation or individual. The Bank reserves the right to approve all subcontractors.

purpose of the Bahamas Development Bank is to assist in the economic development of The providing financial and technical assistance in areas including �griculture, �isheries, Tourism, �ousing and Business Development �or more information see� www.bdb.gov.bs

and Conditions

The Bank and its officials, officers, employees and advisors are not liable or responsible in any way for any costs, expenses, losses, damages or liabilities incurred in the preparation of a proposal in response to this ��P. This includes but is not limited to costs associated with preparing the submission of its proposals, costs associated with the undertaking of any due diligence, and any other costs associated with this ��P process �esponses to this ��P and any acknowledgement of receipt of proposal shall not constitute an obligation on the part of the Bank to award a contract for any services or combination of services. �ailure of the Bank to select a contractor by way of this ��P shall not result in any claim whatsoever against the Bank

� Schedule of �ork and �xpected Deliverables

The Proposer should present a preliminary work plan outlining key tasks, schedules and anticipated start and completion dates for each deliverable within the scope of work re�uested.

� �eporting and Communication

The Proposer will report directly to the �anager, �overnance, �isk and Compliance �t is expected that the selected team will submit periodic progress reports with recommendations on mutually agreed upon dates throughout the engagement period. The Bank may re�uest additional reports over the course of the contract period.

firm or company intends to submit a proposal, the re�uirements, and terms, including all re�uirements, and specifications, provided in this ��P should be reviewed i n their entirety shall incur no liability in the case of failure of a proposing firm or company to understand the the ��P. �t is the service provider’s duty to properly understand and examine the ��P and clarification or make any reasonable in�uiry and satisfy itself as to the completeness and of its response.

�� Pricing Structure and �ees

The Bank reserves the right, in its sole and absolute discretion, to re�ect any or all proposals in part or in full, without assigning any reason. The Bank may, at any time, vary the ��P process or abandon the ��P process without assigning any reason thereof and without notice.

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

Proposers should provide a separate financial proposal outlining all proposed fees and the proposed pricing structure to complete the work effort. The financial proposal should be itemi�ed by expected engagement deliverables and should be inclusive of any ongoing costs. The contracted rate and any necessary scope changes will be reviewed by the Bank annually. The annual contracted fee will be paid on a �uarterly basis.

�� �valuation Criteria

The Bank will consider the following factors in the evaluation and selection of proposals.

�. Completeness of Proposal;

�. �ppropriateness of �pproach to �ngagement and�or �ethodology;

�. �uality and Depth of �esponse;

This ��P shall be governed by the laws of The Bahamas. �ny legal action or proceedings arising out of or in connection with such terms and procedures shall be sub�ect to the exclusive �urisdiction of the courts of The Commonwealth of The Bahamas.

The Bank, in its sole discretion, may modify the re�uirements, terms, and conditions for this ��P

and its officials, officers, employees and advisors are not liable or responsible in any way for any expenses, losses, damages or liabilities incurred in the preparation of a pr oposal in response to this includes but is not limited to costs associated with preparing the submission of its proposals, costs with the undertaking of any due diligence, and any other costs associated with this ��P process to this ��P and any acknowledgement of receipt of proposal shall not constitute an obligati on of the Bank to award a contract for any services or combination of services. �ailure of the Bank contractor by way of this ��P shall not result in any claim w hatsoever against the Bank

� Contract Term

The initial contract period will be for two (�) years. The Bank reserves the right to extend the contract for �uality management, including updates, enhancements, and maintenance services

� Conditions� information for applicants

These instructions are provided for general information for the preparation of the proposal. Proposals should be concise and contain the sections described below Proposals that fail to adhere to or comply with the prescribed format may be excluded from the evaluation process. The pr oposal should be submitted in �nglish and must include the following�

Proposal �etter �ll proposals must be submitted with a duly signed proposal letter, which should include the signatures of the individual or individuals authori�ed to legally bind the firm or company (“the authori�ed person”).

Business Profile The proposal must include an overview of the firm�company i.e. Business profile.

The profile must include�

o Type of Business (i.e. Company, Partnership, etc.)

o Date of incorporation�formation;

o �ddress of registered office;

o �ame of key contact person and address for communication (i.e. phone contact and email);

o Business Status; and

o The name and position of key personnel (Partners�Directors�C��) and team members along with an attachment of their �ualifications, including professional licenses or certifications (i.e. Curriculum �itae).

�n �xecutive Summary of the proposal should also be provided for ease of reference.

Scope of �ork The proposing firm or company should respond to all re�uiremen ts outlined in the re�uested scope of work in a comprehensive and clear manner. This should include any information or supplemental material that may clearly outline how the scope of work will be approached and how the team will address all re�uirements specified.

Proposed Schedule of �ork The proposal should include a schedule of work with proposed timelines for the specified work period of one year. The schedule should include work to be done by key personnel i.e. Partners, Directors, etc., and other team members, the proposed schedule for submission of progress reports, and follow up timelines.

�eferences of Comparable �ngagements � list of references of similar or comparable engagements should be provided with the proposal. �t least three (�) references should be provided and each reference must be clients retained for a minimum of twelve (��) months. � summary of the pro�ect and client names and contacts should be provided to enable the Bank to contact references if re�uired.

�pplicants must declare any areas that may constitute conflict of interest related to this proposal

�. �ualifications and �xperience of �ey Personnel;

�. �uality of �eferences and Demonstrated �elevant �xperience in the Provision of Compliance Services;

�. �eputation of the �irm or Company;

�. �uality of Preliminary �ork Plan and Schedule; and

�. Pricing and �ee structure.

The Bank reserves the right to evaluate the proposals either by itself and�or in coordination with and�or by engaging any external consultants.

�� Contract �ward

The Bank reserves the right to make no award, make a partial award, make multiple awards, or to award in aggregate or by line item in scope of services as determined by the Bank to be in its best interest, sub�ect to determination that the price proposal is fair, reasonable, and provides the best value to the Bank given the re�uirements of the pro�ect.

�ppointment as a successful contractor shall be sub�ect to the parties agreeing to mutually acceptable contractual terms and conditions. �n the event of the parties failing to reach such agreement, the Bank reserves the right to appoint an alternative service provider.

�� Contract Completion Criteria

�here a contract results from this ��P, such contract will be considered complete when the Bank has approved and accepted all assigned contract deliverables.

�� �nsurance Coverage The selected contractor is to provide professional liability insurance covering the services described in the contract.

please refer to the Complaints section on the BD B website.

Our company has been around gaming for over 30 years and pride ourselves on quality service and customer relationships. We are moving forward in the market and such are looking for qualifed, dedicated, people friendly customer services representatives.

Jarol Investments Limited is seeking to fll the following position: Receptionist (Nassau)

Job Duties:

• Filing important and confdential documents.

• Projects such as gathering information by phone, letter, email or in person from clients.

• Recording and updating customer database (KYC).

• Photocopying and scanning documents.

• Sorting and distributing memos, fyers, letters etc, to staff and/or customers.

• Answering the phones, taking messages, transferring and properly screening calls etc.

• Assisting with customer related issues (account recovery, payout calculations, complaints etc.).

• Distributes checks to vendors, recording pick up/drop off dates, signatures etc.

• Communicating with the shops and distributing supplies.

• Perform other related duties as assigned by Management.

Interested persons should email their resume to careers@chancesgames.com. Subject: Handyman or Janitress; or visit our Head Offce on Prince Charles Drive (across from Restview Funeral Home)) between the hours of 9 a.m. to 5 p.m.

EUROPEAN UNION AND TUNISIA ANNOUNCE PROGRESS IN BUILDING ECONOMIC AND TRADE TIES, AND ON MIGRATION

TUNIS, TUNISIA

Associated Press

EUROPEAN leaders and Tunisia’s president announced progress on Sunday in the building of hoped-for closer economic and trade relations and on measures to combat the often lethal smuggling of migrants across the Mediterranean Sea.

The leaders of Italy, the Netherlands and the European Commission made their second visit to Tunis in just over a month. They expressed hope that a memorandum newly signed with Tunisia during the trip would pave the way for a comprehensive partnership.

On their last visit in June, the leaders held out the promise of more than 1 billion euros ($1.1 billion) in financial aid to rescue Tunisia’s teetering economy and better police its borders, in an effort to restore stability to the North African country and to stem migration from its shores to Europe.

This time, European Commission President Ursula von der Leyen, Italian Premier Giorgia Meloni and Dutch Prime Minister Mark Rutte didn’t detail the full monetary value of EU aid on offer to Tunisia, in statements they made after talks with Tunisian President Kais Saied.

But von der Leyen said the latest trip secured agreement on “a comprehensive package of measures that we will now put into practice swiftly.”

Saied, speaking through a interpreter, said that he expects the memorandum to be followed by “a set of binding agreements” — suggesting more negotiating work ahead.

Tunisia intends to implement the memorandum “in the nearest time possible,” he said.

Specific aid that von der Leyen announced included a 10-million euro ($11 million) program to boost exchanges of students and 65 million euros ($73 million) in EU funding

to modernize Tunisian schools.

On migration, Von der Leyen said: “We need an effective cooperation more than ever.”

The EU will work with Tunisia on an antismuggling partnership, will increase coordination in search and rescue operations and both sides also agreed to cooperate on border management, she said. Von der Leyen pledged 100 million euros ($112 million) for those efforts — a figure she had already announced on the leaders’ previous visit.

Tunisia has faced an international outcry over the plight of hundreds of migrants who were deported to inhospitable desert areas on the Libya and Algeria borders. On the Tunisia-Algeria border, local reports have said as many as 30 migrants died. Saied, however, insisted migrants are well treated.

“The Tunisian people have provided these migrants with everything

Microsoft agrees to keep Call of Duty on Sony Playstation after it buys Activision Blizzard

NEW YORK

Associated Press

MICROSOFT has signed an agreement with Sony to keep the Call of Duty video game series on the PlayStation console after the tech giant acquires video game maker Activision Blizzard.

The announcement was made Sunday in a Twitter post by Phil Spencer, who heads up Microsoft's Xbox division.

"We look forward to a future where players globally have more choice to play their favorite games," Spencer said in the post.

Call of Duty has been at the center of a corporate tug-of-war between Microsoft's Xbox and Sony's PlayStation over Microsoft's planned $69 billion purchase of Activision Blizzard, which makes the best-selling Call of Duty lineup.

As it tried to persuade regulators around the world to approved the deal, Microsoft struck deals with Nintendo and some cloud

gaming providers to license Activision titles like Call of Duty for 10 years and offered the same to Sony.

Until now, Sony hadn't signed on. It has now, as Microsoft inches closer to completing the buyout.

On Friday, a U.S. appeals court rejected a bid by federal regulators to block Microsoft's acquisition. Microsoft struck the deal for Activision in January of 2022 to expand its video game imprint beyond Xbox, which has less market share than longtime industry leader Sony and its PlayStation device. The company has been seeking regulatory approval in the U.S. and aboard over the past few months, trailed by objections from Sony, which feared losing access to what it describes as a "musthave" game title.

In testimony given during the U.S. Federal Trade Commission's legal dispute over the acquisition, Sony executive Jim Ryan said he initially expressed little worry about the deal after

private conversations with Activision Blizzard CEO Bobby Kotick and Spencer.

Ryan said he later came to believe Microsoft would leverage Call of Duty's popularity to disadvantage PlayStation, whose players might get a more "degraded experience."

Sony did not immediately reply to a request for comment Sunday. Microsoft confirmed the agreement will run for 10 years.

"From Day One of this acquisition, we've been committed to addressing the concerns of regulators, platform and game developers, and consumers," Microsoft President Brad Smith said in a tweet.

"Even after we cross the finish line for this deal's approval, we will remain focused on ensuring that Call of Duty remains available on more platforms and for more consumers than ever before."

The tech giant must close the acquisition by Tuesday to avoid a potential $3 billion termination fee.

possible, with unlimited generosity, while many organizations, supposed to play their humanitarian role, only

manifested themselves in press releases,” he said.

Rutte described the new memorandum as the “promising start of a

comprehensive strategic partnership” between the EU and Tunisia that will aim to boost economic growth.