07272023 BUSINESS

Atlantis in 25% large boat fall-off post-VAT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ATLANTIS has suffered a 20-25 percent fall in large vessel volumes since VAT’s imposition on charter fees, its marina dockmaster has revealed, with the decline “definitely hurting the small man” more.

Obiama Knowles told Tribune Business he is more worried about the impact on “bread and butter” Bahamian service providers from the boating traffic fall-off than the hit the marina industry itself has taken after the tax rate on foreign charters was more than tripled in the May 2022 Budget.

Speaking in a recent interview, he revealed that day workers who clean both the interior and exterior of visiting vessels; mechanics; laundry providers; provisioners; limousine drivers and even florists were all complaining that “things aren’t like they used to be” when it comes to earnings from the boating industry.

Some entrepreneurs who have established businesses to cater to the industry are now “having to go back to alternative businesses to make ends meet”.

VAT’s imposition, when added to the already-existing 4 percent fee levied by the Port Department, took the combined tax rate facing foreign charters to 14 percent with effect from July 1 last year, and Mr

Lobster fishermen face ‘bad situation all around’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Knowles said the impact was especially evident in the weeks leading up to Christmas 2022 when the Atlantis marina become “a ghost town”.

The Association of Bahamas Marinas (ABM) has called on the Government to consolidate the two levies into one given that the main objections from boat captains and yacht brokers relate to the process involved in paying the VAT, and having to make two separate payments, rather than taxation increase itself.

Mr Knowles said some in the sector had indicated they would accept a combined 10 percent tax rate, but the Government - despite suggestions it might remove the VAT from yacht charter fees in this year’s Budget - has maintained the structure imposed in 2022. The Atlantis dockmaster also voiced disquiet that the online portal set-up by the ABM at its own expense to facilitate seamless payment of due fees by

US: Gov’t ‘stalling’ on anti-corruption fight

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE US State Department yesterday accused the Government of “stalling full implementation of anticorruption legislation that would promote transparency and good governance” such as the Freedom of Information Act.

The Biden administration, in its newly-released 2023 ‘investment climate statement’ on The Bahamas, also reiterated prior concerns that laws and regulations to combat graft have been “inconsistently applied” and that “more robust enforcement” is necessary to prevent conflicts of interest in the bidding

Melia demolition finish ‘before winter season’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHA Mar’s owner is seeking to completely demolish the former Melia Nassau Beach Resort before the 2023 winter tourism season starts, it was revealed yesterday, although it has not determined what will replace the hotel.

Robert Sands, Baha Mar’s senior vice-president of government and

external affairs, confirmed to Tribune Business that demolition of the sevenacre, 694-room property that was shuttered more than two years ago in early 2021 began earlier this week.

“I can say that the demolition has, in fact, started and we hope to have it completed certainly before the start of the winter season,” he said. “The entire resort is being demolished. The only

BAHAMIAN fishermen were yesterday said to be confronting “a bad situation all around’ with increasing costs and a “lowend” lobster price set to impose a profits squeeze just one week before crawfish season starts.

Paul Maillis, the National Fisheries Association’s (NFA) secretary, told Tribune Business that the sector was facing a “drastic decrease” in lobster prices with wholesale buyers indicating that they may slump by more than 50 percent compared to just two years ago.

With diesel prices still over $6 per gallon, and up to “ten-fold” increases in boat registration fees have yet to be adjusted, he argued that “additional cost pressures” might drive some fishermen to reconsider “whether to go out at all” this crawfish season or switch to catching fish.

“Right now, going into the season, I would say lobster fishermen are a bit concerned because of the overall increase in the cost of business at the moment, coupled with the boat registration fees being increased, and the fact that pretty much all of the fees across the commercial fishing sector have been increased,” Mr Maillis told this newspaper.

“That’s going to add additional cost pressures for fishermen trying to get a trip off the dock, coupled with the fact the lobster prices we were looking for don’t seem to be there. We’re getting reports from some of the buyers that they have a lot of lobster still in stock, and the expected price going into the season is anywhere from $8-$89 a pound, which is on the low end of the spectrum.

“That has a lot of fishermen considering whether to go out at all this year, or just stay in port or focus on catching fish rather than

MELIA Nassau Beach Resort's demolition.

Graycliff wins six top regional wine awards

GRAYCLIFF Hotel & Restaurant has won six awards from ‘The World of Fine Wine’ - The World’s Best Wine Lists Awards after seeing off all competitors in the South & Central

America and the Caribbean region.

The categories in which Graycliff triumphed are:

* Best Hotel Wine List

* Best Designed Wine List

* Best Champagne and Sparkling Wine List

* Best Dessert and Fortified Wine List

* Best Long Wine List

* Best Spirits List ‘The World of Fine Wine’

- The World’s Best Wine

Lists Awards submit each list to an intensive independent judging process by an international panel of leading professionals, including masters of wine, master sommeliers (wine waiters) and a world champion sommelier.

Graycliff’s said the journey to achieving its honours began as a labour of love for owner Enrico Garzaroli back in 1968, when he started his wine collection as a passionate pursuit. His love for exceptional wines led him to envision a fivestar restaurant experience, and this was brought to fruition when he purchased the Graycliff mansion in 1973.

The company said Mr Garzaroli, in pursuing excellence, recognised the importance of a world-class

wine list to complement the restaurant’s cuisine. He started buying wines from all over the world, assembling an impressive and diverse collection that would become the foundation for Graycliff’s Wine Cellar.

Graycliff has expanded beyond wine to assemble a collection of highly soughtafter spirits, including bourbon, whiskey, cognac, Armagnac, calvados, grappa, rum and tequila. The collection is constantly updated.

Enrico Garzaroli said:

“We are honoured to be recognised by ‘The World of Fine Wine’, and this achievement would not have been possible without the dedication of our team and the support of our

valued guests. I must extend my deepest appreciation to our team of incredible sommeliers, whose expertise and passion have played a pivotal role in curating our extraordinary wine collection and providing personalised recommendations to our patrons.”

Besides its 2023 accolades, Graycliff Hotel and Restaurant has received the ‘World of Fine Wine’ three-star award - its highest honour - annually since 2014. Graycliff’s success in the regional category has qualified it for the global category awards and the 2023 Star Awards, which will be announced at the World’s Best Wine Lists awards ceremony at Glaziers Hall in London on September 11, 2023.

GRAYCLIFF WINE CELLAR

Gender diversity critical to combat cyber threats

THE Caribbean telecommunications sector is being challenged to increase gender diversity to help bolster cyber security and combat related threats.

The call came from Janelle Pascall, senior manager of communications at C&W Communications, who also chairs the Women in ICT (information and communications technology) committee for regional telecommunications body, CANTO.

“Including women and underrepresented individuals in cyber security is not only an ethical imperative but also a strategic advantage. Within the field of

cyber security itself, we face a shortage of experts, further exacerbated by a gender gap,” she said.

Ms Pascall was speaking as part of a panel discussion on ‘The importance of gender diversity in cyber security' at CANTO’s recent 38th Annual Trade and Exhibition Conference in Miami, Florida.

“Women remain vastly underrepresented, comprising only a small fraction of the cyber security workforce. This gender disparity not only limits opportunities for talented individuals but also hinders our collective ability to address the multi-faceted challenges of

cyber threats," added Ms Pascal.

The panel also included insights from Kamla Hamilton, manager of security at C&W Business; Dr Kim Mallalieu, senior lecturer at the University of the West Indies, St Augustine, and deputy chair at the Telecommunication Authority of Trinidad and Tobago (TATT); Shakera Rolle, director of information security at Cable Bahamas; and Korah-Jane Jude Grant, director of business development and culture at Symptai.

SEE PAGE B5

‘SMELL IS ROTTEN’ ON BPL’S WARTSILA PURCHASE

were left in place, the bills would not be this is high.”

THE PRIME Minister yesterday blasted that “the smell is rotten” as he and his predecessor resumed House of Assembly battle over whose administration is responsible for Bahamas Power & Light’s (BPL) dire state.

Philip Davis KC attacked the former Minnis administration’s $90m acquisition of the seven Wartsila generation engines, whose combined 132 Mega Watt (MW) capacity was designed to end New Providence load shedding from a generation perspective, by arguing that they have not lived up to their multi-fuel billing and have cost the cash-strapped utility $3m in excess maintenance costs.

The altercation with Dr Hubert Minnis was sparked during debate on

PHILIP DAVIS KC HUBERT MINNIS

the Inter-Parliamentary Union (IPU) Bill when the former prime minister blamed soaring electricity costs on the Davis administration’s failure to execute trades that would have secured further cut-price oil to support the hedging strategy his government left in place.

Dr Minnis said Bahamians are now paying a “Davis BPL tax” on their electricity bills and that

“reckless, irresponsible mistakes” by the Government were behind a 71 percent increase in electricity rates in just nine months.

He argued: “The failure of the Prime Minister to continue with the hedge system the FNM left in place has led to sky high prices. Bahamians are seeing what amounts to a Davis BPL tax on their bills. If the FNM processes

“Why are our electricity bills going up while the cost of oil continues to go down? It is because, in my opinion, of reckless, irresponsible mistakes made by the Government. I want the Bahamian people to listen to me carefully. Light bills are not just going up because it’s summer. Bahamians are paying more because the PLP did not execute a programme we had in place to buy oil cheaper and keep light bills lower.”

Mr Davis interjected and refuted his assertions, throwing the blame for BPL’s shortcomings “directly at the feet” of the previous administration. He claimed that the Wartsila engines are not working and that there was “a lot of smoke” around their purchase.

He said: “The state of affairs at BPL and what it

is today lies directly at the feet of the FNM’s previous administration. They started off with the Wartsila plant. They are not working. They have never worked properly. I will be bringing in due course, because of this constant refrain that the state of BPL today is as a result of what we are doing.”

“I don’t like looking backward…I don’t.. but I have to in this instance, because there’s a lot of smoke that surrounds that transaction with Wartsila engines. They’re not working.” Mr Davis then questioned why the engines were advertised as tri-fuel, able to run liquefied natural gas (LNG), heavy fuel oil and diesel, and maintained that his administration is working to correct the issue but it has delayed plans he intended to implement.

He said” “In fact, we want to understand why… I will bring the documents as

well….I want to understand why it was presented that those engines were tri-fuel. If you look on BPL’s website now it is saying tri-fuel, and we wanted understanding in the last week when we are doing things to correct what’s going on.... I will in due course point to where it is, and let me tell you the smell is rotten. The smell is rotten”

Dr Minnis then suggested they continue the debate at a later time with the maintenance records for the Wartsila engines tabled for discussion.

He said: “I will entertain the Prime Minister and discuss with BPL, but not at this time as I do not have the time. But I ask the Prime Minister to bring to this Parliament the log for the maintenance programme for Wartsila so that we can see and, as a matter of fact, bring to this

Baha Mar invests $2m into environmental sustainability

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHA Mar executives yesterday said the Cable Beach mega resort has invested more than $2m in conservation and sustainability initiatives to help attract environmentallyconscious guests.

Melvern Williamson, the Baha Mar foundation manager, told Tribune Business

during the resort’s Sustainability Week first-day workshop that it will today unveil a $50,000 donation to the Bahamas National Trust (BNT). This, she added, aligns with the resort’s efforts to promote itself as environmentally conscious.

“Annually, we donate over $2m to various environmental causes in the country,” she added. “These days, a lot of the guests now are asking for sustainability reporting companies, and we are putting initiatives in

place that make sure that they can see it first-hand.”

O’Neil Leadon, director of conservation and sustainability programmes, said the effort to promote Baha Mar as sustainable can be seen through it being the only resort in The Bahamas with the ‘Preferred by nature, sustainability certification’, which means that - internationally, and with their guests - it is recognised as an environmentally-stable organisation.

He said: “If you’re someone who is interested in environmental conservation, preserving the planet, or even just living a more sustainable lifestyle, then that ‘Preferred By Nature’ audit certification - on the e-mails, on our sites and on any communications that we make - that goes a long way in promoting the core value that we possess.”

Tarran Simms, Baha Mar’s assistant director of conservation and sustainability programmes, added:

ARAWAK CAY CHIEF EYES 'SECOND FISH FRY' PLANS

By YOURI KEMP Tribune Business

THE Arawak Cay Association’s president yesterday revealed he is considering the development of a second Fish Fry destination at South Beach to cater to growing communities near that area.

Rodney Russell told Tribune Business he has been eying a location in southern New Providence for a new Fish Fry but conceded that no formal proposal has been submitted to the Government. Nor have any architectural renderings of the proposed site been completed.

“We need a second fish [fry],” he argued. “We have many persons who have now retired and they still have good years to offer. We have persons who work in the hotels, around food, still have a lot to offer to younger Bahamians in the culinary arts department, but would like to have their own businesses. People come to me almost every day looking for the

opportunity to open up their own business.

“We need to create and develop the Fish Fry of South Beach, which will be able to cater to all those persons who live in the south-west and also in Carmichael Road, Nassau East and the Yamacraw area, where we have the greater part of our population who are now living south of Carmichael Road.”

Arawak Cay must remain a “touristic destination”, Mr Russell said, while leaving the proposed South Beach Fish Fry for locals to enjoy while giving them the option to still visit Arawak Cay.

The new Fish Fry would not take business away from the established Arawak Cay but, rather, serve as an “enhancement” that would relief congestion at the latter destination and also provide opportunities for new restaurateurs to enter the market. “The country is growing and we have to make more opportunities for people who want to get into business,” Mr Russell said.

“I mentioned this to the Government several times. You have to talk about it first and, if they are interested, then they should say to me to give them more of what you are talking about and put it on paper. But they just listen as if they are only appeasing me. The powers that be have decided that this is foolishness. “These bureaucrats don’t know how to bring anything out of the ground. They only know how to see what’s there, and emasculate it or take from it. But to bring it out of the ground and to give ‘no name’ Bahamians an opportunity to create wealth? The policy is not that. The policy is to only allow certain grounds to create wealth.”

The Arawak Cay Fish Fry has yet to return to preCOVID volumes despite the return of customers to the popular venue. The Independence Celebrations did little to help, Mr Russell adding: “Basically, people came to Arawak Cay for the fireworks and the concert, but they didn’t come to spend any money with

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the restaurants on Arawak Cay. It’s our regular patrons who have been coming to Arawak Cay over the years who are supporting us.”

“We also aid the BNT with mangrove restoration. The reason we do that is because mangroves play a part of the ecosystem service, especially for hurricanes and adaptation. And so we are doing what we can do to ensure that we save the environment through donation or also through associate’s education.

“We also donate to the Bahamas Association for

the Physically Disabled. We have the Ranfurly Home and Nazareth home and Hands for Hunger. Lend a Hand, we actually sponsored a hydroponic system to them to help increase their food intake, and so we’ve actually incorporated this into our guest group activities.”

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Atlantis in 25% large boat fall-off post-VAT

its clients was “taken away” by the Government.

VAT’s imposition on yacht charter fees sparked confusion in the months immediately following its July 2022 introduction.

“There was quite a bit of scare and frustration that came into the industry,” Mr Knowles recalled to Tribune Business. “I used to work as a yacht agent, and I had a lot of brokers reach out to me asking how does this work, why are they [the Government] doing this now, how do we pay it?

“Of course, at that point in time, we had absolutely no answers for them because we were just as surprised and shocked as anyone else. After that, as members of the Association (ABM) and Yacht Brokers Association, we reached out to the Department of Inland Revenue for clarity.”

The Government’s major tax collection agency, though, initially appeared equally as uncertain about how the collection of VAT on yacht charter fees would work in practice. “Initially, the Department of Inland Revenue did not give us a lot of answers as well,” Mr Knowles added.

“When we went back to them a few more times, they were more so trying to pick our brains to ask what sort of things our business does. How do yacht agencies operate? It just seemed from the conversation that they were going after every little bit of money

they could. They wanted to know our business model, how we helped clients, how we billed clients.”

Mr Knowles said the true fall-out from the increased taxation first became apparent as the 2022 winter boating season approached.

Traditionally, following the Fort Lauderdale Boat Show, many boats head to The Bahamas to begin the winter charter and cruising season but that did not happen last year.

“November started off sluggish,” he added.

“When I spoke to the brokers, they said their clients - and brokers as well - had taken offence to comments that those rich people on yachts can afford to pay it. They were not getting the number of bookings for The Bahamas that they normally get, and were actually selling other regions like the Caribbean.

“For myself, November 2022 was not too bad, but December was deplorable. Thanksgiving is generally mostly owners using their boats. After Thanksgiving, Atlantis essentially became a ghost town until the week before Christmas. That was not normal. We would have at least something to carry us through the beginning part of December.”

Mr Knowles said Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, together with John Pinder, the Ministry of Tourism’s parliamentary secretary, were both informed in early

December 2022 by the marinas of the negative boating industry reaction to the taxation increase. Despite suggestions that the charter fee VAT may be repealed in the run-up to the 2023-2024 Budget, it has remained in place.

While a strong Christmas 2022 helped Atlantis “come close” to its targeted marina performance for the year-end, its marina dockmaster said “something felt off” come February 2023 despite relatively good bookings post-Christmas.

“The size of the yachts, the 80-200 footers, they just didn’t seem to be there,” Mr Knowles said.

“I know from talking to a number of captains, some of whom had been coming to The Bahamas for 15-20 years, they said they had got more requests for the Caribbean. We would normally see them continuing to visit The Bahamas beyond Spring. It felt off. We were still able to make up the numbers where we could, but it did not feel the same.

“I spoke to a number of yacht brokers at the time, and they said the Caribbean was being pushed more strongly because of the uncertainty around the VAT and how payment was to be made. They asked why the Government did not simply increase the charter fee so that one fee is being paid, as they have been accustomed to paying that and they know how easy it is to do that.”

The Government’s response was that yacht brokers should complete the VAT-related paperwork, but Mr Knowles said both they and boat captains “do not want to bear the burden of that” and pass additional costs on to their charter clients. “These are rich folks who could afford it, but no one wants to be told that because they are rich they can afford this,” he added.

The drop-off in boating business has continued to this day. While conceding that Atlantis is faring better than most, due to the pull of its water park, aquarium and various other amenities, Mr Knowles told Tribune Business: “For me especially, as someone who used to work with a lot of large boats, I like to be able to fill the marina with large boats. The numbers for large vessels just aren’t there.

“We’re still getting 110160 footers, but those 180, 190 and 200-plus footers, we’re not seeing many of them. I would say we’re maybe about 20-25 percent down. Oddly enough, Khaalis [Rolle] from Hurricane Hole reached out to me a couple of months ago saying ‘You guys look pretty busy over there, but I don’t have the same business in my marina’. The other marinas maybe don’t have the attractions we have to offer, so they have seen a dip.

“I look at Bay Street Marina, Hurricane Hole and Nassau Yacht Haven,

and you can see that they are down.” However, Mr Knowles said his main concern is not for the marina industry but all the businesses, staff and selfemployed workers who provide services to the boating industry.

“I also speak to a lot of the day workers, laundry people, provisioners, limousine guys and florists that I dealt with as a port agent,” he revealed. “They said the same thing. The numbers just aren’t there and they are not getting the same rewards for their services. That’s the bread and butter of our economy.

“A lot of people think the marinas only care about filling the marinas. Of course there are companies we work for that we try and do our best to make money for, but we also allow and contact other providers to assist the boats with services the marinas don’t offer.

“To hear the little guys say they are not getting as much as they made in past years for the services they offer, that means they cannot buy things for their home. This industry drives a lot of the economy,” Mr Knowles added. “It’s definitely hurting the small man, regular guys working around the marina, local workers now sitting around with nothing to do.

“There are people who voice opinions that boats come here and we don’t gain anything from them being here because they come with provisions. But, if a boat stays in The

LOBSTER FISHERMEN FACE ‘BAD SITUATION ALL AROUND’

FROM PAGE B1

lobster. It’s very unfortunate. At the same time as we’re being hit with high fuel costs and rising boat registration fees, the price of lobster is not where it needs to be from a profitability standpoint.”

Mr Maillis conceded that 2022’s crawfish season “was not that really great” either, with lobster fetching between $10-$12 per pound. However, this year’s projected $8-$9 price represents a more-than 50 percent drop from the up to $20 per pound that fishermen obtained just two

years ago as the Bahamian economy and the world emerged from the COVID19 pandemic.

The NFA secretary described this as “a drastic decrease across the board”, but added that fisheries processors, wholesalers and exporters were unlikely to be happy either. If they are only prepared to pay $8-$9 per pound for lobster, he added, these companies are unlikely to achieve the price they are seeking in the international markets.

And, if the same firms are saddled with large lobster inventories they bought

at higher prices, which they are unable to recover through sales, then their profitability and margins will also be squeezed. “It’s a bad situation all around. It’s a challenging situation for everyone,” Mr Maillis told Tribune Business.

He added that multiple factors were likely driving the depressed lobster prices, and market in general, including the emergence of new supply sources such as Honduras and Belize who are “happy to sell lobster at a low price” and undercut other producers.

Keith Carroll, the National Fisheries Association’s (NFA) president, confirmed to Tribune Business that the industry is “very concerned” about initial indications of relatively low prices this crawfish season. “According to the wholesalers, it sounds like it’s not good,” he said. “They’re saying sales are down and they have too much inventory. I don’t know what were going to get. I have no idea what it’s going to be. “It sounds like it’s not going to be good this year. It sounds like it will be the worst year for a very long time. We’re still hoping for the best but, right now, the

signs are not good. I haven’t taken out any traps yet. Normally they’re all set, but I’ve not taken one out. There’s no sense setting them; there’s no encouragement. We’re hoping for the best but it doesn’t sound so.”

Mr Maillis, meanwhile, also voiced disappointment that international buyers in markets such as the US, Europe and Canada appear to be “overlooking” The Bahamas’ Marine Stewardship Council (MSC) certification, which highlights this nation’s status as a country committed to the sustainability of its lobster and wider fisheries industries.

“Buyers across the world can look at The Bahamas and say it’s a sustainable source of spiny lobster tails,” the NFA secretary explained. “What must be happening is that buyers are overlooking that and choosing to go with the lowest price rather than sustainable price. It’s quite frustrating for us.

Bahamas chartering for an extended period, when they go to Solomon’s or Super Value and see someone with five to six trolleys, that is someone who has come off a yacht.

“The grocery store makes money, the packing boy makes more money than from a local, The provisioners take the burden of shopping off the boats and make money. It’s a trickle down effect. We have day workers washing down the boats, interior workers cleaning the inside. If the number of boats drops off, it means they’re not being called out. I know a number of ladies who have established businesses as stewardesses, and they’re not getting as many calls.”

Mr Knowles said he knew of several persons who had started their own businesses catering to visiting boats post-COVID, and added: “All of these people are seeing a decrease in business. I’ve spoken to a number of people who have said things aren’t as they used to be. I have someone reach out to me every month to say ‘hi’ and make sure that if I know of anything I refer them to her. There’s a couple of them.

“They are struggling to figure out how to present themselves a bit better to people or find alternative means of work. Even though they enjoy being in this business, they have to go back to an alternative business to make ends meet.”

“With MSC certification there were certain expectations that it would be a buffer, but the reality is proving not to be the case. It’s still a positive to have that certification, and we cannot escape the fact our country’s operating costs are higher than our competitor countries who have cheaper labour and cheaper raw materials.”

Crawfish season is due to open on August 1, and Mr Maillis said the cost of doing business has an even greater effect on Family Island fishermen. “On the Family Islands, diesel fuel is already over $6 and close to $7 per gallon,” he added. “The fishermen in Family Islands pay a higher price for fuel, pay a higher price for supplies and get a lower price for lobster. It’s very difficult for fishermen on the Family Islands to survive.

“This constant rise in prices and uncertainty with lobster prices, it’s a difficult business. When it’s good, it’s extremely profitable and financially worthwhile, and when it’s bad you see a lot of people suffer.”

Gas dealer deal likely ‘by end of summer’

By FAY SIMMONS

FINANCIAL Secretary

Simon Wilson indicated on Tuesday that negotiations for a price margin increase with the gas retailers are progressing well and an agreement should be finalised by the end of summer.

He said: “I think those discussions are in abeyance we have a proposal before them and they have a common proposal before the government and I’m assuming that late in the summer we can get into trying to finalise it.”

Vasco Bastian, vice president of the Bahamas Petroleum Dealers Association (BPDA) confirmed to Tribune Business that negotiations are in a "good place" and he was grateful to Mr Wilson and other government officials that aided the resolution.

He said: “I think Mr Wilson is absolutely correct,

we’re in a good place with our negotiations with the government. We're very, very happy with our negotiations. And Simon Wilson has been nothing more than fivestar when it comes to dealing with us trying to get this matter resolved. We appreciate him. We respect him, the Prime Minister and the Minister of Economic Affairs for working with us and working for us during this challenging time, but we are very hopeful and appreciative of the sentiments expressed by Mr Wilson.”

Gas station operators have been in discussions with the government to increase their margins by 50 percent, which would raise them from the present 54 cents per gallon of gasoline to 81 cents.

Their margins have not been adjusted in 12 years, despite rising inflation.

Mr Bastian acknowledged negotiations have been a "long process" but retailers are optimistic that a favorable resolution will be finalised in short order.

He said: “It's been a long process, but negotiations are never supposed to be short and sweet. Negotiations sometimes take time and we have the fortitude to ride out the storm. We've been riding the storm and working with the government to try to come to an amicable agreement.

“I think it just speaks volumes to our level of dedication, and also the dedication of the government in regards to making sure that

Gender diversity critical to combat cyber threats

FROM PAGE B2

The panelists met to explore the intersection of gender and cyber security, revealing the risks of excluding women from this critical field and offering vital insights on how companies and governments can bridge the gender gap. “As the Caribbean navigates the ever-evolving cybersecurity landscape, it is imperative that organisations and governments seize the opportunity to promote gender diversity.

By fostering an inclusive environment, providing mentorship and training, and advocating for curriculum reform, we can unlock the potential of women in cybersecurity and ensure a safer, more resilient future

for the region,” said Ms Hamilton.

Dr Mallalieu, senior lecturer in electrical engineering at UWI, added: “Data in hand shows that women equal or outperform men in IT and computer science, as well as in pure and applied mathematics, at the Caribbean Advanced Proficiency Examination (CAPE). Yet women are in a significant minority in related STEM disciplines at the university level, and even more so in the workplace throughout the Caribbean.”

To help bridge the gap, the panelists said all technology-related sectors have a role to play including governments, Internet Service Providers, regulators and suppliers. For these

groups, the panellists urged stakeholders to focus on mentorship, training, curriculum reform and culture shifts, including unlearning existing societal stereotypes as vital strategies to bridge the gender gap.

Dom Boon, vice-president of people at C&W Communications, gave a presentation to regional government representatives during the conference that discussed efforts by the Bahamas Telecommunications Company’s (BTC) controlling shareholder to transform its internal culture and achieve gender parity.

“We are proud to acknowledge that presently 49 percent of our people managers are female, due in part to our dedication

Bahamians are treated fairly and it is just a reflection of how much the government cares about us and Simon being an arm of the government, representing the government from a financial point of view. We truly appreciate that and appreciate him. I think definitely we are happy and overjoyed I'm with where we are now. ”

Mr Bastian noted that rising electricity costs have been “very challenging” for gas station operators and other businesses that operate machinery continuously. He added that businesses must cut back on some expenses to ensure that electricity bills are paid. He said: “Electricity, electricity costs, especially a business like the gas station and even hotels and even private hospitals like doctors also. These entities are run 24 hours, seven days a week. So you can imagine how challenging and how hard it is for us. When there's a slight increase in a type

of electricity cost it's very challenging.

“But you know, we have to do what we have to do. We have to cut certain areas in order to continue to keep our light on.”

On Monday, Opposition leader Michael Pintard said Bahamas Power and Light (BPL) is in "crisis" and "weighing down" Bahamian businesses.

Mr Bastian, however, is of the opinion that rising costs of electricity is only one of the many factors that are "weighing down" Bahamian businesses. He added that the cost of theft, security, and other indirect costs add to the plight of local businesses.

He said: “I mean that's his view, there are other factors besides electricity that are weighing down Bahamian businesses, electricity is just one of them. We have security that has increased over the years, we have pilfering in retail spaces have increased over the years.

“We’ve had a whole gamut of different unrelated, directly related and indirectly related costs over the last several months. So I hear what the Opposition Leader is saying but there's more to that than just the electricity costs, there are other factors.”

Mr Bastian also noted that transitioning to renewable energy was previously proposed by Esso’s corporate representatives and although the proposal was not favorable at the time, they are more open to it due to rising electricity costs.

He said: “That's been something that's been proposed by corporate. We're looking into that but I think the current model as presented by cooperate to us wasn’t one that was clearly explained or something that we think was in our best interest at the time but at this point with the increased cost of electricity, all our options and opinions are on the desk right now for discussion.”

to developing trust-based and human-centred policies for our employees. We look forward to continuing to support and

increase the number of women at all levels of leadership, fostering their professional growth, and providing opportunities for

collaboration and information sharing through our Employee Resource Groups (ERG),” he said.

FROM L to R: Shakera Rolle, director of information security at Cable Bahamas; Korah Jane Jude Grant, director of business development and culture, Symptai; Dr Kim Mallalieu, senior lecturer at the University of the West Indies, St Augustine; Kamla Hamilton, manager, security, at C&W Business Jamaica; Janelle Pascall, senior manager, communications, C&W Communications at the 38th Annual CANTO Conference in Miami.

Melia demolition finish ‘before winter season’

plans we have right now is to ensure it’s demolished.”

Asked about the timing of the move, Mr Sands told this newspaper: “Now is as good a time as any because it’s not being used at the moment. It’s been ongoing now, I would say, since the beginning of the month.”

As for what Baha Mar’s owner, Chow Tai Fook Enterprises (Bahamas), plans to do with the former Melia site, he added: “There has been no determination yet.

“We’ve no plans for what is going to go there. Our current position is we’re just announcing the demolition of the Melia and the proposal to remove the entire building.” Mr Sands said the Melia building was around 45 years old, with construction having begun in the late 1970s so that it could host the Commonwealth Heads of Government meeting that took place in Nassau in the early 1970s.

Heavy equipment was yesterday starting the tear-down of the physical buildings that comprised the Melia, with the demolition site now boarded and fenced-off. The demolition comes three months after Baha Mar’s president, Graeme Davis, said plans to redevelop the stillclosed Melia resort will be unveiled imminently.

“[There] are ongoing discussions with the Government on our Melia project next door,” he told a Bahamas Hotel and Tourism Association (BHTA) directors meeting. “We look forward to hopefully announcing that very soon so stay tuned for our next report.”

Mr Sands subsequently told Tribune Business that an announcement may come even sooner. Declining to provide specifics on CTFE’s plans, he said: “Hopefully he’ll [Mr Davis] be able to make an announcement on that in the next week or two. It is imminent.”

It is unclear, though, whether a demolition will have been desired by the Government although it has presumably agreed to the move. The Davis administration has been pushing owners of still-closed New Providence resort properties, especially the Melia and British Colonial, to re-open as rapidly as possible and relieve the island’s present room inventory shortage which has resulted from post-COVID demand exceeding present capacity. The room inventory shortage has helped drive up rates and yields, but Dr Kenneth Romer, the Ministry of Tourism, Investments and Aviation’s deputy director-general, recently revealed it has been impossible to find beds for passengers on flights that have either been diverted to, or delayed in, Nassau.

CTFE, also Baha Mar’s owner, was behind on the initial renovation schedule it set out for the Melia when it announced the property’s closure in midFebruary 2021. It said then

that the resort will close for two years to undergo a $100m renovation via a project that was to create some 150 construction jobs.

It added that the sevenacre, 694-room resort, which also featured 32 suites, was to undergo “a complete transformation” with rooms, common areas, restaurants and bars, and outdoor spaces including three freshwater pools included in the renovations. The property was to re-open in 2023, which will now clearly not happen.

Mr Davis, speaking earlier this year on Baha Mar’s 2023 first quarter performance, said: ““We’ve had an extraordinary first quarter here at Baha Mar across all our brands. I’m pleased to announce that, certainly from a first quarter standpoint, we’re up 45 percent year-over-year.”

Mr Davis conceded that the first three months of 2023 were up against

slightly weaker prior year comparatives because of the Omicron COVID variant “break-out” that occurred in early 2022, but added that Baha Mar has “seen a significant amount of demand” for each of its Grand Hyatt, Rosewood and SLS resort properties.

“We hit in March an all-time record for the property,” he explained. “Just 90 percent would be the round-up for occupancy across all three brands, with the Hyatt actually exceeding [that]. Again, a record month. The pace for the rest of the year looks very strong. We’re right now up 20 percent year-over-year in volume for 2023 over 2022.

“Our restaurants remain strong. We continue to see group business and the bookings, even for next year into 2024, are well over any prior years. Looking at the future, 2024 is still quite strong on the group booking side. The leisure

business, it’s not seeing any slowdown, particularly with the summer months. We’re starting to see that window of bookings come in. There’s a little bit of a slowdown in May but nothing concerning. The summer looks very bright.”

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‘STALLING’ ON ANTI-CORRUPTION FIGHT

on, and awarding of, government contracts.

However, the most significant new concern is the assertion that the roll-out of proposed anti-corruption measures such as campaign finance reform, plus legislation that would create bodies such as an Integrity Commission and an Ombudsman, are being delayed. A Bill to create the latter was recently tabled in the House of Assembly and issued for public consultation.

“The PLP administration confirmed its intention to amend several good governance laws. While efforts have been made in some areas, the Government has stalled full implementation of anti-corruption legislation that would accelerate efforts to enhance transparency and accountability,”

the US State Department report stated.

“The Bahamas lacks an Office of the Ombudsman and has not fully enacted its Freedom of Information Act. Legislation to support an Integrity Commission and campaign [finance] reform have also been delayed. An independent Information Commissioner, supported by technical and administrative staff, was appointed in mid-2021, but the office is not fully operational.”

The Freedom of Information Act was passed in 2017, some six years ago, and the US State Department added: “The campaign finance system remains largely unregulated with few safeguards against quid pro quo donations, leaving a vulnerability for corruption and foreign influence.”

The Davis administration will likely dispute much of the US State Department’s assertions and point the finger back at Washington. However, the concerns align with those raised earlier this year by governance watchdog, the Organisation for Responsible Governance (ORG), which argued that the Government’s promises of greater

transparency and accountability are not matched by financial allocations in the 2023-2024 Budget to provide anti-corruption bodies with the required resources.

The funding allocation for the Freedom of Information Unit remained flat at $140,000 for the upcoming 2023-2024 fiscal year. And, while the Public Disclosures Commission received an increase, it was just $60,000 to take its total level of funding from $20,000 to $80,000. There also appeared to be no Budget allocation for an ombudsman’s office in the 2023-2024 fiscal year despite legislation to create the post being tabled in Parliament recently.

ORG, in a statement, said: “ORG notes that the level of allocation does not seem to align with the key policy outcomes outlined in the Government’s ‘Blueprint for Change’ manifesto. Of particular concern is the proposed funding for the Freedom of Information Act (FOIA) unit, which remains stagnant at $140,000.

“Despite promises made over the past two years to bring FOIA into effect in ten government agencies, the unit acknowledges that they are currently underfunded to fulfill their mandate of granting citizens access to government-held information as established by the FOIA passed seven years ago.”

The US State Department, meanwhile, noted there were no sanctions or penalties imposed on MPs, senators and public officials who failed to meet the 2022 deadline for filing their annual financial disclosures.

“The Public Disclosure Act requires senior public officials, including senators and members of Parliament, to declare their assets, income and liabilities annually,” its report said.

“In 2022, the Government gave extensions to all who were late to comply. The Government did not publish a summary of individual declarations, and there was no independent

verification of the information submitted.” The US State Department also appeared sceptical that the new Public Procurement Act will achieve the promised improvements and objectives.

“In March 2023, the Government repealed and replaced the Public Procurement Act 2021, arguing that the previous legislation produced unintended public policy consequences. The Government contends that the new Public Procurement Act 2023 will overhaul the administration of government contracts and improve transparency and accountability,” it added.

Turning to The Bahamas’ broader battle against corruption, the US State Department said: “Bahamian laws provide criminal penalties for corruption, and the Government generally implemented the law effectively when applied. However, laws to combat corruption by public officials have been inconsistently applied.

“The Bahamas would benefit from a more robust enforcement of rules to prevent conflicts of interest related to government contracts. The country grapples with reports of corruption, including allegations that contracts have been directed to political supporters, isolated reports of officials accepting small-scale ‘bribes of convenience’ and favourable treatment given to wealthy or politically connected individuals.....

“There are no specific protections for NGOs (nonprofit groups) involved in investigating corruption. US firms have identified corruption as an obstacle to foreign direct investment (FDI), and have reported perceived corruption in government procurement and in the FDI approvals process.”

Despite the FTX crypto currency exchange’s implosion in late 2022, the US State Department said The Bahamas is still continuing to attract interest from

digital assets firms despite ongoing concerns over the country’s business processes and ease of doing business.

“Positive aspects of The Bahamas’ investment climate include political stability, a parliamentary democracy, an Englishspeaking labour force, a profitable financial services infrastructure, established rule of law, general respect for contracts, an independent judiciary and strong consumer purchasing power,” the report said.

“Negative aspects include a lack of transparency in government procurement, labour shortages in certain sectors, high labour costs, a bureaucratic and inefficient investment approvals process, a lengthy legal disputes resolution process, Internet connectivity issues on smaller islands, and energy costs four times higher than in the US. The high cost of electricity is driven by antiquated generation systems and inefficient diesel power plants....”

And, turning to The Bahamas’ fiscal woes, the US State Department added: “The Bahamas has

leaned on international financial institutions for loans and has rejected offers from foreign governments to prop up its economy. Although the country has lowered its debt service obligations over the last two years, international financial institutions have voiced concern about The Bahamas’ reluctance to impose more progressive taxes to address its 80 percent debt-to-GDP ratio and to support economic development and social initiatives.”

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‘SMELL IS ROTTEN’ ON

Parliament the log of the maintenance programme for last couple years so we can see and table in here. Then we can enter our discussion…”

Mr Davis fired back, claiming that more than $3m has been lost maintaining the Wartsila engines, and that they were installed in a “dilapidated building” and could not all be run at the same time for fear the building would collapse.

He said: “That is coming because he would find out, right, that those engines were supposed to burn a particular type of oil. You will find that the engines were not able or capable of doing so. And, as a result, it has caused an acceleration of maintenance to the extent where over $3m has been lost in the maintenance of those engines.

“You will find that Wartsila . They’re not here, but they’re being paid millions of dollars. For what Bahamians were doing. You will find that those engines were constructed in a dilapidated building. Therefore they can’t run for fear that the building will collapse on it That’s the findings. They never ran the seven engines that’s put there.”

Mr Davis said The Bahamas is still paying for the engines in a deal that “doesn’t smell good”, and

SESAME IS BEING NEWLY ADDED TO SOME FOODS. THE FDA SAYS IT DOESN’T VIOLATE A ALLERGY LAW

he pledged to expose the “abject failures” involved.

“See, I didn’t want to look back. I wanted to solve the problem. That’s what I’m about; solving issues, not blaming, but since you want to blame me I’ll put the facts to this country and let them know what failure, what abject failure, and let me tell you again. It doesn’t smell good,”

Mr Davis told Dr Minnis. “When you look at the sums of money being paid, and we paid for the engines, so why are we still paying them and buying electricity from them. It doesn’t smell good “

Mr Minnis pressed for the maintenance logs to be tabled saying: “Don’t tell me you will.. do it.”

He added: “This requires a thorough debate of which I am prepared to enter with the Prime Minister. I’m not going to do it at this time, but table the maintenance log that you all did not follow. Don’t tell me you will… do it. Don’t tell me you will do it.”

Alfred Sears, minister of works and utilities, responded: “On BPL there will be a full communication, documents laid and the facts will speak for themselves. It will also be supported by forensic analysis. And it will be a very, very interesting time.”

By JONEL ALECCIA AP Health Writer

FOOD manufacturers who deliberately add sesame to products and include the ingredient on labels are not violating a new federal food allergy law, the U.S. Food and Drug Administration said Wednesday.

The Center for Science in the Public Interest, a food safety advocacy group, had petitioned the FDA to halt an unintended consequence of the January law — more companies adding sesame to foods that didn't have it before. But the agency denied the advocacy group's request.

More than 1.6 million people in the U.S. are allergic to sesame, food allergy experts say. Food allergies can lead to serious, even deadly reactions.

Sesame can be found in obvious places, like sesame seeds on hamburger buns, but it is also a major ingredient in everything from protein bars to ice cream and is added to sauces and spice mixes.

Restaurant chains like Olive Garden, Chick-Fil-A and Wendy's — as well as bread makers whose products are in grocery stores and schools — are adding sesame to their products. Producers say the new federal regulations to prevent

cross-contamination are so stringent, that it's easier to add sesame and note it on the label than to try to keep the ingredient out of other foods and away from equipment.

But food safety advocates say the practice endangers people with sesame allergies.

"It limits our choice and it puts our community at greater risk," said Robert Earl, vice president of regulatory affairs for the nonprofit group Food Allergy Research & Education.

Since the law took effect, Earl said he has received reports of people having allergic reactions after eating formerly "safe" restaurant foods to which sesame was added.

Dr. Ruchi Gupta, a pediatrician and director of the Center for Food Allergy & Asthma Research at Northwestern University,

called the FDA's decision "disappointing."

"It doesn't violate the law; people can do what they want," she said. "But in order to support these adults and children with sesame allergy, I would have hoped they would

A NOTIFICATION for sesame is printed under the ingredient list on a bag of hot dog buns in New York, on Dec. 21, 2022. Food manufacturers who deliberately add sesame to their products and include it on the labels are not violating a new federal law, the U.S. Food and Drug Administration said Wednesday, July 26, 2023.

have come out in a way to prevent or discourage this."

The new law, which took effect Jan. 1, requires all foods made and sold in the U.S. to be labeled if they contain sesame, designated by Congress as the nation's ninth major allergen.

NOTICE is hereby given that PAUL JUSTIN of P.O Box EE-15849 Sunrise 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 twentyeight days from the 27th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Photo:Patrick Sison/AP

African leaders arrive in Russia for summit as Kremlin seeks allies amid fighting in Ukraine

ST. PETERSBURG, RUSSIA

Associated Press

SOME African leaders arrived in Russia for a summit with President Vladimir Putin as he seeks allies amid the fighting in Ukraine, while the Kremlin accused Western powers of “outrageous” efforts to pressure other African heads of state not to attend.

Putin has billed the twoday summit that opens Thursday in St. Petersburg as a major event that would help bolster ties with a continent of 1.3 billion people that is increasingly assertive on the global stage.

“Today, Africa is asserting itself more and more confidently as one of the poles of the emerging multipolar world,” Putin said in a statement released by the Kremlin. “The forum will provide a further boost to our political and humanitarian partnership for many years to come.”

On Wednesday, Putin held one-on-one talks with Ethiopia’s Prime Minister Abiy Ahmed, and said Russia will more than triple the number of Ethiopian students it hosts and cover their education costs.

Ethiopia’s government has been under pressure from the U.S. and the World Food Program after they made the extraordinary decision to suspend food aid to the country earlier this year following the discovery of massive theft of aid. They seek reforms that involve the government giving up controls over aid distribution.

Meanwhile, watchdogs say hunger is rising in areas like the Tigray region that is recovering from two years of conflict.

Later in the day, Putin also met with Egyptian President Abdel Fattah el-Sissi, hailing their growing bilateral trade that accounts for about one third of Russia’s trade with Africa.

El-Sissi noted that Russia has been building Egypt’s first nuclear power plant and emphasized the “special character of relations” between the two countries.

“I’m sure that the RussiaAfrica summit will achieve significant results,” he said.

Africa’s 54 nations make up the largest voting bloc at the United Nations and have been more divided than any other region on General Assembly resolutions criticizing Russia’s actions in Ukraine.

It’s the second RussiaAfrica summit since 2019. The number of heads of state attending shrank from 43 then to 17 now because of what the Kremlin described as crude Western pressure to discourage African nations from taking part.

Kremlin spokesman Dmitry Peskov deplored “unconcealed brazen interference by the U.S., France and other states through their diplomatic missions in African countries, and attempts to put pressure on the leadership of these countries in order to prevent their active participation in the forum.”

“It’s absolutely outrageous, but it will in no

way prevent the success of the summit,” Peskov said in a conference call with reporters.

Putin’s foreign affairs adviser Yuri Ushakov said that while only 17 heads of state will attend the summit, 32 other African countries will be represented by senior government officials or ambassadors.

“We remain committed to assisting our African partners in every possible way to help them strengthen their national and cultural sovereignty, to play a more active role in resolving regional and global challenges,” Putin said in Wednesday’s statement.

The summit follows Russia’s withdrawal from a deal that allowed Black Sea exports, vital to many African countries, a move that drew a strong condemnation around the world and raised new threats to global food security.

Russia shrugged off criticism and doubled down by launching a barrage of missile attacks on Ukrainian ports and agriculture facilities.

At the same time, Putin has repeatedly pledged that Russia would offer free grain to low-income African countries now that the Black Sea deal has been terminated.

“I want to give assurances that our country is capable of replacing the Ukrainian grain both on a commercial and free-ofcharge basis,” Putin said in a statement Monday, asserting that Russia shipped almost 10 million

tons of grain to Africa in the first half of the year.

Along with grain, another issue likely to be on the agenda will be the fate of Russia’s Wagner military company led by Yevgeny Prigozhin following its brief rebellion against the Kremlin last month. Wagner’s future will be an urgent issue for countries like Sudan, Mali and others who contract with the mercenary group in exchange for natural resources like gold. Russian officials and Prigozhin have said the company will continue working in Africa.

A peace proposal for Ukraine that African leaders have tried to pursue is set to be discussed as well.

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RUSSIAN President Vladimir Putin, right, and Ethiopian Prime Minister Abiy Ahmed shake hands during their meeting on the eve of the Russia Africa Summit in St. Petersburg, Russia, Wednesday, July 26, 2023.

Photo:TASS News Agency/AP

STOCKS DRIFT AFTER FED HIKES RATES, AS YIELDS FALL ON HOPES THAT’S THE LAST ONE

By STAN CHOE AP Business Writer

STOCKS held steady Wednesday after the Federal Reserve raised interest rates to their highest level in more than two decades, just as Wall Street expected.

The S&P 500 slipped 0.71, or less than 0.1%, to 4,566.75, remaining near a 15-month high. The Dow Jones Industrial Average rose 82.05 points, or 0.2%, to 35,520.12, and the Nasdaq composite slipped 17.27, or 0.1%, to 14,127.29.

The bond market moved more sharply, and Treasury yields fell after Fed Chair Jerome Powell said no decision has been made about whether to raise rates at its next meeting or beyond. That may have bolstered hopes among traders that Wednesday's hike could be the last for a long time.

Microsoft weighed on the market after falling 3.8%. That was despite reporting better profit and revenue for the spring than expected. Analysts said the company made comments that were perhaps intended to rein in huge expectations for upcoming growth related to artificial intelligence. Investors also may have been hoping to hear more about when slowing growth at its Azure cloud computing business will trough.

Helping to limit the market's losses was Alphabet, which rose 5.6%. The parent company of Google and YouTube reported better profit and revenue for the spring than analysts expected.

What Big Tech titans do matters more for Wall Street than other stocks because they have become so influential due to their massive size. Seven stocks

alone accounted for most of the S&P 500's returns through the first half of this year, largely on expectations that their explosive growth will continue. They'll need to deliver big profits to justify those gains.

Another member of the "Magnificent Seven" that's overshadowed the rest of the market also reported its results after trading closed for the day, Meta Platforms. The stock has soared 148% so far this year, while Alphabet and Microsoft are both up more than 40%.

Boeing, meanwhile, helped prop up the Dow Jones Industrial Average, which has less of an emphasis on Big Tech than the S&P 500. The aircraft maker reported a smaller loss for the spring than analysts expected, and revenue topped expectations. Boeing's stock rose 8.7%.

In the bond market, the highlight was the Fed's move to raise its federal funds rate to a range of 5.25% to 5.50% in hopes of wrestling down high inflation. That's its highest level since 2001 and up from virtually zero early last year.

The hope among traders is that will be the last increase of this cycle because inflation has been on a downward trend since last summer. Such hopes have been another big reason for Wall Street's big rally this year. That's because rate increases work to lower inflation by grinding down on the entire economy, raising the risk of a recession and hurting prices for investments.

The economy has so far defied predictions for a recession, largely because of a remarkably solid job market that has allowed U.S. households to keep

spending. That has hopes rising that the Federal Reserve can pull off a "soft landing" for the economy where high inflation falls back to its target without a painful recession.

Some critics, though, say traders may have rushed into such hopes too quickly and too strongly. Inflation is still high, even if it's come down, and the Fed may need to keep rates high for a while to drive it down to its 2% target. A recession is still a risk, they say.

"The market seems to be talking itself into this internally inconsistent scenario, where growth is OK, inflation is basically solved for and the Fed can start cutting rates," said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.

A resilient economy could cause inflation to stay elevated, he said, and

inflation could reaccelerate later this year. Prices for oil and other commodities may end the year higher than a year before, for example.

"Unfortunately for the Fed, this is as easy as it gets," Samana said. "From here, inflation is going to probably prove to be more stubborn."

The Fed's Powell said Wednesday that rates will likely need to stay high for a while to drive inflation lower, but he was noncommittal about the possibility of more increases. The Fed's next opportunity to raise rates will arrive at its meeting in September, and Powell said policy makers want to see more data about where inflation and the job market are heading before then.

"It's really dependent so much on the data, and we just don't have it yet," Powell said.

UNION PACIFIC HIRES CEO FAVORED BY HEDGE FUND AS

PROFIT FALLS 15% LAST QUARTER ON WEAKENING DEMAND

By JOSH FUNK

AP Business Writer

UNION Pacific has hired the CEO candidate favored by a hedge fund that’s been pressuring the railroad to improve amid disappointing results driven by weakening consumer demand and higher labor costs.

The Omaha, Nebraskabased railroad said its former chief operating officer Jim Vena will take over as CEO next month.

Soroban Capital Partners, a hedge fund that holds a $1.6 billion stake in Union Pacific, had been urging the railroad to hire Vena because of his expertise in streamlining operations.

The hedge fund said that UP lagged behind its peers during Lance Fritz’ 8-year tenure in all key measures. Soroban declined to comment on the hire Wednesday, but investors resoundingly endorsed it by sending Union Pacific’s stock soaring more than 10% to $238 Wednesday.

“I am excited about returning to Union Pacific and look forward to the journey to be the safest, most reliable and most efficient railroad in the industry,” Vena said in a statement. “Working closely with the entire team, my focus from day one will be to ensure the company delivers industry-leading customer and operating excellence, cultivates and empowers our employees, and cares for the communities in which we operate.”

Fritz acknowledged that the railroad didn’t deliver “consistent and reliable” service during his tenure, and “that needs to be remedied.” He said proving to Union Pacific customers they can count on good

service will help the railroad attract new business and improve profits in the future. At times, UP has struggled to handle everything companies wanted to ship after cutting too deep during the pandemic. Regulators had to twice order the railroad to deliver emergency shipments to livestock producer Foster Farms to ensure that company wouldn’t run out of feed for the millions of chickens it raises.

The rail industry has also been under pressure to improve safety ever since the fiery Norfolk Southern derailment in February prompted evacuations and sent a towering plume of black smoke over the town of East Palestine, Ohio.

Lawmakers and regulators are considering imposing new rules on railroads.

Vena was brought in to Union Pacific in 2019 after more than 40 years at Canadian National to help the railroad change to a new operating model that relies on fewer, longer trains and significantly fewer employees and locomotives to move freight, but Vena left after less than two years on the job.

“He knows us and he’s laser-focused on running the safest, best-service railroad in the industry,” Fritz said. “And that’s going to be that’s going to be really valuable to us.”

But rail unions have criticized UP and the other major freight railroads’ reliance on that precision scheduled railroading model that has become the industry standard. They say the deep workforce cuts that have accompanied that model have made railroads riskier because employees are spread too

thin and under pressure to rush safety inspections and maintenance. Plus, the changes made it less desirable to work for the railroads with train crews on call 24-7 and increasing demands on all rail workers.

Union Pacific has made progress this year in addressing workers’ quality of life concerns by agreeing to provide paid sick time to all its workers and improve scheduling for engineers so they can reliably know ahead of time what days they will have off. The president of the Brotherhood of Locomotive Engineers and Trainmen, Eddie Hall, was operating UP trains during Vena’s previous stint with the railroad, and he said he hopes the new CEO is willing to temper his approach now.

“We would like to see continued progress, including necessary changes to the precision scheduled

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railroading operating model,” Hall said. “Few people alive know more about PSR than Vena. He should be fully aware of its failings. If not, rest assured, we will make him aware.” UP didn’t follow the lead of CSX, which looked outside the rail industry to hire its new CEO last year, and instead went with someone with deep experience running a railroad. Edward Jones analyst Jeff Windau said “the key is his knowledge of precision scheduled railroading and, you know, his ability to help improve productivity and efficiency overall for the railroad.”

Union Pacific also promoted board member Mike McCarthy to chairman and named its chief human

resources officer Beth Whited president Wednesday. It also added two new independent directors who both have experience has CEOs of other companies.

In addition to the hiring news, Union Pacific said its second-quarter profit declined 14.5% to $1.57 billion, or $2.57 per share, as it hauled 2% less freight and dealt with rising costs. H igher wages promised to workers in last year’s bitter contract fight and the cost of adding sick time were among the rising costs.

A year ago Union Pacific made $1.835 billion, or $2.93 per share.

The railroad’s earnings fell short of the $2.74 per share that the

UNION PACIFIC CHAIRMAN, President, and CEO Lance Fritz smiles after a news conference at the Durham Museum in Omaha, Neb., on Feb. 17, 2017. Union Pacific announced Wednesday, July 26, 2023, it has replaced Fritz with its former chief operating officer Jim Vena as the new CEO. The Soroban Capital Partners hedge fund that holds a $1.6 billion stake in Union Pacific had been urging the railroad to hire Vena because of his expertise in streamlining operations.

analysts surveyed by FactSet Research were generally expecting.

The railroad’s 5% decline in revenue to $5.96 billion also disappointed. Analysts had been expecting $6.09 billion.

Union Pacific said weakening consumer demand and higher costs will make it hard to meet its previous goal of seeing the number of shipments it hauls grow more than industrial production. Volume will likely fall short of the current forecast for industrial production to grow by 0.1% this year.

Union Pacific is one of the nation’s largest railroads with a network of 32,400 miles (52,000 kilometers) of track in 23 Western states.

Photo:Nati Harnik/AP

GOOGLE’s self-driving Lexus car drives along street during a demonstration at Google campus on May 13, 2015, in Mountain View, Calif. Advocates for the self-driving vehicle industry on Wednesday, July 26, 2023, warned that years of regulatory inaction is putting American manufacturers at a competitive disadvantage and urged Congress to expand their ability to test and eventually sell autonomous cars and trucks.

Congress urged to revive long-stalled debate about regulating self-driving vehicles

By ASHRAF KHALIL AND TOM KRISHER Associated Press

ADVOCATES for the self-driving vehicle industry on Wednesday warned that years of regulatory inaction is putting American manufacturers at a competitive disadvantage and urged Congress to expand their ability to test and eventually sell autonomous cars and trucks.

“I’m sure it’s rare for you that someone from the private sector comes before you to ask, to plead, for their business to be regulated,” said John Bozzella, president for the Alliance for Automotive Innovation, which represents several major auto manufacturers. “We’re at a crossroads, and without a comprehensive AV framework, companies are not going to succeed.”

While most Republicans, and some Democrats, on the House Energy and Commerce Committee seemed enthusiastic about speeding up the pace of AV research and testing in America, others warned about going too fast without addressing long-standing issues of safety and liability.

Rep. Frank Pallone of New Jersey, the committee’s ranking Democrat, warned that Congress “cannot simply dust off 6-year-old legislation and ignore the substantial issues that have emerged in recent years ... Troubling safety incidents are mounting, liability loopholes are emerging.”

The legislation in question is a 2017 bill on AV regulations that passed the House but stalled in the Senate. Currently AV manufacturers can deploy a maximum of 2,500 selfdriving vehicles for testing, provided they have permission from the National Highway Traffic Safety Administration. AV advocates have complained that the limits represent a bottleneck that is holding back the growth of the industry at a crucial time. Currently the NHTSA has spent more than a year considering a petition from General Motors to deploy 2,500 vehicles from its Cruise AV unit for street testing and a ridehailing service.

Among the new proposals currently before the committee is one that would provide exemptions for manufacturers to deploy

NOTICE is hereby given that DAYANA PHAREL of East Street, 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 27th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

GLENN ACKER CORP.

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GLENN ACKER CORP. is in dissolution as of July 20, 2023

International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

thousands of autonomous vehicles without meeting existing auto safety standards.

One of the main sticking points surrounds liability in case of an accident caused by a malfunctioning AV. Industry advocates argued Wednesday that accidents involving self-driving vehicles are exaggerated and that the machines are already far more reliable than human beings. Gary Shapiro, head of the Consumer Technology Association, told the committee that self-driving vehicles, “are never distracted, never tired, they don’t get drunk and they don’t fall asleep.”

But Rep. Kelly Armstrong, R-N.D., countered that the human driving model at least provides clarity on who to blame and who should pay for the damage.

“When somebody gets injured, somebody gets sued,” he said. “When a minivan goes off the road in Florida and five people are killed, somebody is getting sued ... Each one of these (crashes) is still going to be subject to a plaintiff’s lawyer, an insurance company and a defense lawyer. And until we’ve figured that out, this is just a science project.”

On General Motors’ earnings conference call Tuesday, Cruise CEO Kyle Vogt said his company’s analysis of the first million miles of autonomous vehicle use shows they had 54% fewer collisions than humans in similar environments, and 92% fewer crashes where the autonomous vehicle was at fault.

“The vast majority of collisions are caused by inattentive or impaired human drivers, not the AV,” he said.

But auto safety advocates have cast doubt on industry claims about the safety of autonomous vehicles and the numbers they use to back up those claims.

Missy Cummings, a former senior safety adviser to the National Highway Traffic Safety Administration who is now an engineering and computer science professor at George Mason University, said that analysis of available data challenges those safety claims.

Robotaxis from Cruise are eight times more likely to get into a crash than humans, she said, while autonomous vehicles from Waymo, a spinoff of Google, are four times more likely than humans to crash.

Waymo said it disagrees with Cummings’ findings.

“I think we need to take their claims of being safer with a grain of salt,” Cummings said.

Photo:Tony Avelar/AP

MEGA MILLIONS LOTTERY JACKPOT NEARS $1B AHEAD OF FRIDAY DRAWING

By SUMMER BALLENTINE Associated Press

THE Mega Millions lottery jackpot is approaching $1 billion ahead of Friday's drawing, driving first-time buyers and other hopefuls to stock up on tickets.

Regeina Whitsitt, a lottery clerk for RED X Grocery Store in the Missouri city of Riverside near the border of Kansas, said she's sold tickets to a number of new players trying to win the $910 million jackpot. Customers are buying $60 to $100 worth of tickets, Whitsitt said.

The $910 million prize is one of the largest in U.S. lottery history and follows a $1.08 billion Powerball prize won by a player July 19 in Los Angeles. California lottery officials haven't announced a winner for that jackpot, the sixth-largest in U.S. history.

The largest U.S. jackpot was a $2.04 billion Powerball prize won in November 2022.

The current Mega Millions jackpot is shaping up to be the fifth highest in Mega Millions history, with a one-time cash prize estimated at $464 million. The last winner took home $20 million in April. Since then,

there have been 28 consecutive drawings without a jackpot winner. The highest Mega Millions jackpot, won in 2018, was more than $1.5 billion. The odds of winning the Mega Millions jackpot are 1 in 302,575,350. Your odds of winning are only slightly improved by buying more than one ticket. And the odds are so long that it's certainly not worth spending money you'll miss for more tickets, experts warn. If buying one ticket gives you a 1 in 302,575,350 of winning the jackpot, spending $10 for five tickets improves your chances to only 5 in 303 million. The same is true is you spend $100. So you could spend a lot of money on tickets and still almost undoubtedly not hit the jackpot. Lottery officials say the average player buys two or three tickets, meaning they're putting money down on a dream with very little chance of a jackpot payoff. For every dollar players spend on the lottery, they will lose about

CALL 502-2394 TO ADVERTISE IN THE TRIBUNE TODAY!

NOTICE is hereby given that JONATHAN EVERALD STERLING of P.O Box SB-50925 #14 Mt. Moriah Estates, 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 20th 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 GISLAINE PIERRE LOUIS of East Street, 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 twentyeight days from the 20th day of July 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

COMMONWEALTH OF THE BAHAMAS 2007

IN THE SUPREME COURT CLE/QUI-984

COMMON LAW & EQUITY DIVISION

IN THE MATTER OF THE QUIETING TITLES ACT 1959

AND

IN THE MATTER OF ALL THAT parcel or lot of land being known as lot Number Sixteen (16) Block Number Nineteen (19) Centreville District, as shown on the Master Plan in the Department of Lands And Surveys in the Island of New Providence AND

IN THE MATTER OF THE Petition of JULIETTE L. RAMSEY

NOTICE JULIETTE L. RAMSEY the Petitioner claim to be the owner in fee simple in possession of the parcel of land and free from encumbrances. The Petitioner has made application to the Supreme Court of the Commonwealth of The Bahamas Section 3 of the Quieting Act, 1959 to have their Title to the said land investigated and declared in a Certifcate of Title to be granted by the Court in accordance with the provisions of the act.

Copies of the fle plan may be inspected during normal hours at:

1. The Registry of the Supreme Court; and

2. The Chambers of Ramsey And Associates, Rames Building, 23 Plantol, Nassau, Bahamas

Notice is hereby given that any person or persons having a right of dower or any adverse claim not recognized in the Petition shall within thirty (30) days after the publication of the notice herein fled in the registry of the Supreme Court in the City of Nassau aforesaid and serve on the Petitioner or the undersigned a statement of such claim in the prescribed Form, verifed by an affdavit to be fled therewith. Failure of any such person to fle and serve a statement a such claim within thirty days (30) herein will operate as a bar to such claim.

Dated this 17 day of September A. D. 2009

Dulwich Law Chambers Farrington Road, Nassau, Bahamas

35 cents on average, according to an analysis of lottery data by the Howard Center for Investigative Journalism at the University of Maryland. That's how the games have been designed. The credit for such big jackpots comes down to math -and more difficult odds. In 2015, the Powerball lottery lengthened the odds of winning from 1 in 175.2 million

to 1 in 292.2 million. Mega Millions followed two years later, stretching the odds of winning the top prize from 1 in 258.9 million to 1 in 302.6 million. The largest lottery jackpots in the U.S. have come since those changes were made.

Mega Millions is played in 45 states, as well as Washington, D.C. and the U.S. Virgin Islands.

State-run lotteries brought in roughly $95 billion in revenue in 2021, according to the U.S. Census Bureau. Of that, about $64 billion was paid out in prizes and another $3.4 billion was used to run the programs. A little under $27 billion in revenue was left for states to pad their budgets. State lotteries spend more than a halfbillion dollars a year on

pervasive marketing campaigns designed to persuade people to play often, spend more and overlook the long odds of winning. For every $1 spent on advertising nationwide, lotteries have made about $128 in ticket sales, according to an analysis of lottery data by the Howard Center for Investigative Journalism at the University of Maryland.

BOEING LOST $149 MILLION LAST QUARTER AS THE PLANE MAKER PUSHES AHEAD WITH PRODUCTION INCREASES

By DAVID KOENIG AP Airlines Writer

BOEING flipped to a $149 million loss in the second quarter despite higher revenue, as the plane maker struggled with higher costs in both its airline and defense business.

The company beat Wall Street expectations for profit, revenue and free cash flow and said it is beginning to increase production of its two most popular airline planes.

The shares jumped 8.7% on Wednesday — the biggest one-day percentage gain in more than a year.

European rival Airbus reported a second-quarter profit and also said it was making progress to raise production of its best-selling plane. Airbus said a new problem with Pratt &

Whitney engines will not affect its assembly lines.

Boeing plans to raise production of the 737 Max from 31 to 38 planes a month and boost output of the larger, two-aisle 787 Dreamliner from four to five per month by year end. The world's two leading aircraft manufacturers are benefitting as travel recovers from the pandemic and airlines place huge orders for newer, more fuel-efficient planes.

"We have more work ahead to improve performance, but our progress is clear and we're confident in our path forward."

CEO David Calhoun said in a memo to employees. He said the company was improving the stability of operations in its factories and among suppliers.

Boeing, headquartered in Arlington, Virginia, has

been beset by supply-chain problems that continued during the second quarter, including a temporary delay in 737 deliveries because of fittings on the Max and regulators' questions about Dreamliner inspections.

Boeing said the commercial-planes division was weighed down by "abnormal costs," which it did not detail. Cai von Rumohr, an analyst with Cowen, said those were likely the result of fixing issues with fuel tanks on the Boeing 767 and fuselage fittings on the Dreamliner.

The defense and space business also performed worse than analysts expected. Von Rumohr called it "disappointingly still in the red," partly due to write-downs on several programs. The company recorded charges of $257 million related to a delay

in launches of its Starliner reusable space vehicle, $189 million for higher than expected production costs for a military training jet, and $68 million for delays in a defense refueling drone.

Boeing's loss compared with net income of $160 million a year earlier and, excluding unusual items, amounted to 82 cents per share. Analysts expected a loss of 89 cents per share, according to a FactSet survey.

Revenue rose 18% to $19.75 billion, more than the $18.59 billion that analysts expected. Sales were boosted by an increase in delivery of commercial planes to airlines and lessors.

Airbus said net income attributable to shareholders were 1.06 billion euros ($1.17 billion) in the quarter, or 1.34 euros ($1.48) per

share. Revenue was 15.9 billion euros ($17.6 billion).

Analysts expected 1.55 euros per share on revenue of 15.85 billion euros, according to FactSet.

Like Boeing, Airbus said it was making progress toward raising production of its A320neo-family of jets – they compete with the Max -- to 75 jets a month in

2026. However this week, it was revealed that hundreds of Airbus passenger jets will need to have their engines removed and inspected in the coming months after engine maker Pratt & Whitney discovered a problem with powder metal used in making parts for 1,200 engines.

IN this Feb. 5, 2018, file photo a Boeing 737 MAX 7 is displayed during a debut for employees and media of the new jet in Renton, Wash. The Boeing Company reports earnings on Wednesday, July 26, 2023.

Photo:Elaine Thompson/AP