08082023 BUSINESS

ArawakX ‘still operating’ despite eviction notice

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

ARAWAK X is still operating despite an eviction notice on their doors in their Sandy Port offices, its chief executive said.

The crowdfunding platform has instead moved to its own building off Joe Farrington Road, with the company attributing the payment delay to legal issues being ironed out with one of its financiers.

CEO D’Arcy Rahming

Sr told Tribune Business that despite the notice on the door, the company has not been evicted, but made the decision to operate in a building it owns rather than incurring more costs at its Sandy Port Investor Education Centre.

Mr Rahming was responding to Tribune Business queries on an eviction notice from the Sandy Port Development Company circulating on social media that was

BCA trustee says lack of foundation causing Wartsila vibration problems

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE BAHAMAS Power & Light chief executive officer was right on inadequate facilities for Wartsila generators at the Clifton Pier station, a Bahamian Contractors Association (BCA) trustee has said.

posted on the crowdfunding platform’s doors.

The letter, which was undated, said: “Notice to Tenant: The Landlord has changed the locks, do not enter the premise. We hereby serve notice that the tenant is in default of the lease, and we request that you cure the default. Sandy Port Development Company.”

Marijuana legislation ‘is not all-inclusive’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE LEGALISATION of marijuana is “just a game” for the politicians, a prominent cannabis proponent said as he raises concerns that the consultation process is not all-inclusive.

Terry Miller, chairman of the non-profit Bahamas Cannabis Research Institute (BACARI), told

MILLER

Tribune Business he has not been contacted by anyone from the government on the proposed marijuana legislation despite having been at the forefront of the debate for several years.

Mr Miller said: “There should be a massive education campaign going on right now. This is just a game for them. They don’t have the full picture, they only have half of the picture.”

Keishla Adderley, deputy press secretary, said at a press conference that the marijuana consultations will begin this month, but is unsure when the bills may make it to parliament for debate.

Mr Miller said: “How do we put in place protective mechanisms now? I don’t think they are even thinking about it. That’s what happened with prohibition, one day it was illegal

SEE PAGE B5

No worry over electric as gas car sales ‘booming’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas Motor Dealers Association’s (BMDA) president said he is not worried about electric car sales in the country rising because gasoline car sales are “booming”.

Ben Albury, told Tribune Business electric

vehicles still make up only a small percentage of the vehicle market and the overwhelmingly large sales in the market are still gasoline and diesel engine vehicles.

“My business is booming right now,” Mr Albury told this newspaper. “Electric vehicles still make up a very small percentage of the total vehicle sold in the market. If I was at my

desk, I could have given you the exact percentage, but I think they’re actually a couple points down below where they were last year.”

The Bahamas Bus and Truck dealership owner said: “Dealers have been up quite a bit over the last year. Things seems to be

Debbie Deal told Tribune Business that it was “common knowledge” the facilities at the Clifton Pier station were inadequate for the Wartsila generators purchased by the previous administration.

Ms Deal, responding to comments by BPL CEO Shavon Cambridge that former BPL officials “may have cut some corners” in getting the power company’s Station A plant at Clifton Pier online, added “when they ordered them, they never prepared a new foundation. The station was there for a long time and the vibration had already done a lot of damage to it. The generators that were coming in were much heavier”.

The vibration made by the Wartsila generators

could often be felt a quarter mile from the Clifton Pier station. She said: “The chillers and the wells they had for the cooling were only six inches and they were supposed to be at least ten inches for these new engines. They didn’t upgrade that so there isn’t enough water to chill the engines.”

Mr Cambridge said ‘the use of a singular auxiliary system and the reuse of the old, already compromised borehole cooling system at the original Station A caused an appreciable decline in outputs from the engines”.

In addition, it is claimed the Clifton Pier Station A is

TERRY

The cost of the ‘leaky bucket’

The ‘leaky bucket’ syndrome in The Bahamas represents a major obstacle to its economic growth and development. This metaphor symbolises the continuous loss and hindrance of resources, opportunities, and potential that impede the country’s progress. At the heart of this syndrome is the pervasive issue of corruption. In this column segment, we will explore how corruption perpetuates the leaky bucket phenomenon in The Bahamas, exacerbating several interrelated challenges.

Brain Drain

Corruption corrodes the trust and confidence of skilled professionals in the governance and institutions of The Bahamas. Rampant corruption creates an environment of uncertainty and discourages talented individuals from staying and contributing to their home country. Instead, they seek better opportunities abroad where they can avoid corruption-related challenges and establish a secure future. Consequently, brain drain intensifies, depleting The Bahamas of crucial human capital that is essential for sustainable economic growth.

Furthermore, corruption perpetuates a cycle where individuals appointed based on political connections rather than merit may lack the necessary qualifications

RODERICK A.

SIMMS

AN ADVOCATE FOR SUSTAINABLE FAMILY ISLANDS

and expertise for their roles. As a result, efficiency and productivity decline, discouraging more qualified individuals from pursuing opportunities that could contribute to economic growth.

Overreliance on tourism

Corruption undermines the diversification of The Bahamas’ economy by perpetuating an overreliance on tourism. In a corrupt environment, potential investors in other sectors face significant barriers such as bribery, favoritism, and regulatory hurdles. As a result, the tourism sector remains the primary avenue for economic growth, leaving the country vulnerable

to external shocks and fluctuations in the global tourism market. Breaking free from this cycle necessitates an environment where transparency, fairness, and equal opportunities prevail across industries.

Inadequate infrastructure

Corruption negatively impacts infrastructure development in The Bahamas. Misappropriation of funds, kickbacks, and lack of oversight in public infrastructure projects compromise their quality, efficiency, and timely completion. As a consequence, inadequate infrastructure hinders the country’s ability to attract investments, expand businesses, and provide essential services to its citizens. Tackling corruption and ensuring transparency in infrastructure projects is crucial for plugging the leaks and facilitating sustained economic growth.

Education and workforce development

Corruption undermines education and workforce development efforts in The Bahamas. When corruption infiltrates educational institutions, it affects the quality of education, perpetuates nepotism in academic appointments, and erodes the value of qualifications. Because of limited resources or inadequate investment, the quality of education available to

young talents may be compromised, potentially discouraging them from pursuing their educational goals and resulting in a reduction of skilled workers in the pool.By eradicating corruption from the education system, implementing merit-based practices, and promoting transparent policies, The Bahamas can nurture a skilled workforce that contributes to economic growth and innovation.

Economic inequality

Corruption exacerbates economic inequality, intensifying the leaky bucket syndrome. Corruption diverts public funds meant for social welfare programs, infrastructure development, and poverty alleviation into the hands of a few, widening the gap between the rich and the poor. As a result, marginalised communities face limited access to essential services, educational opportunities, and economic resources. Addressing corruption through robust anti-corruption measures, increased accountability, and transparent governance can help level the playing field, promote social inclusion, and foster equitable economic growth.

The National Development Plan

The National Development Plan (NDP) can contribute significantly

ARAWAKX ‘STILL OPERATING’ DESPITE EVICTION NOTICE

FROM PAGE B1

Mr Rahming said: “We are a Fin-Tech company and designed to operate remotely as we did during the pandemic. However,

because we want direct contact with our customers, investors and people who come and see us we have the offices in Sandy Port.”

He added: “We are operating fully and we are

transitioning our operations centre to a building that we own.”

There are no active issues on Arawak X currently and the company’s Bank of The Bahamas accounts were

ordered unfrozen on May 16, 2023, by Justice Simone Fitzcharles after six months due to a legal dispute Arawak X’s parent company, MDollaz, had with a former financier - one-time

to addressing the leaky bucket phenomenon and fostering sustainable development in The Bahamas.

The NDP can prioritize initiatives aimed at retaining and attracting skilled professionals. By investing in education and training programs, scholarships, and career development opportunities, the plan can encourage talented individuals to contribute their expertise to the local economy, reducing brain drain and strengthening key industries. The NDP can emphasise good governance principles, transparency, and accountability in public institutions.

By promoting effective regulatory frameworks, combating corruption, and ensuring transparent procurement processes, the plan can foster a favorable business environment that attracts domestic and foreign investors, helping to reduce economic leakage.

Overall, the plan can provide a comprehensive roadmap for addressing the leaky bucket phenomenon by focusing on human capital development, economic diversification, infrastructure investment, good governance, and social inclusion. Through its implementation, the NDP can help foster sustainable economic growth and improve the overall well-being of the Bahamian people.

Colina Insurance Company president, James Campbell, in a battle for control of the crowdfunding platform.

Mr Rahming said: “During this time we haven’t been able to generate any revenues or put any funds into the company. We recognise the impact of our Sandy Port offices as a Community Investor Education Centre and we intend to be reopening that shortly as well.

“We fell behind in our bill because during this takeover, audit and examination period we haven’t been able to generate any revenue or

Conclusion

By implementing effective measures to combat corruption, such as transparency, accountability, and good governance, the country can create an environment that fosters trust, attracts investment, and reduces economic leakage. Diversifying the economy beyond tourism, investing in infrastructure development, and prioritising education and skills development will also contribute to plugging the leaks in the economic bucket.

Additionally, promoting social inclusion, reducing economic inequality, and implementing targeted poverty alleviation programs will ensure that the benefits of economic growth reach all segments of society. By prioritising the goals outlined in the National Development Plan, The Bahamas can lay the foundation for a more resilient, diverse, and inclusive economy. It is through the collective efforts of government, private sector, civil society, and the Bahamian people that the leaky bucket can be addressed, and sustainable economic growth can be achieved. By seizing the opportunities and challenges at hand, The Bahamas can truly thrive, harnessing its natural beauty, human capital, and resources to create a prosperous future for all.

inject any funds, including our own into the company.”

Despite having won in court against Campbell, Mr Rahming said they are still undergoing further examinations to ensure the company is operating in a manner that is “acceptable and consistent” with the jurisdiction.

Arawak X is awaiting Securities Commission of The Bahamas approval to list 28 companies on the crowdfunding exchange, the company said in an email to subscribers earlier this month.

BCA trustee says lack of foundation causing Wartsila vibration problems

FROM PAGE B1

only capable of running two engines at the time, despite having seven available. This is something that concerns Ms Deal as she said none of the engines were put on the proper rubber mounts that would stop the vibration that takes them offline and this is why BPL can run no more than two engines at a time.

Ms Deal said previous BPL officials spoke about the Wartsila engines being tri-fuel, because the Shell North America arrangement was supposed to kick in and add liquefied natural gas (LNG) to the energy mix, only to now find out that the Wartsila engines are only dual fuel.

Not only are the Wartsila engines not ready to

run LNG, they are as problematic as the ones they were supposed to replace and as power cuts are continuing on a daily basis, not able to power the island of New Providence. She said: “From the entire time since the engines were ordered they were talking about them being tri-fuel as Shell has been waiting in the wings to do something here since 2017 when they were awarded the LNG plant. They kept talking about doing that, but I can’t imagine that they would have ordered engines and they could not run tri-fuel. Why would they order them and still not give them a proper foundation and a way to chill them?”

She also said: “I don’t mind calling a spade and spade, because at the end of the day we are the ones that suffer. When one of these engines burn up due to lack of water, we are the ones that are going to be left without power.”

BAMSI GETS 600 HENS TO BOOST POULTRY FARM

THE Bahamas Agriculture & Marine Science Institute (BAMSI) received a shipment of layer hens at its Poultry Research and Training Centre in North Andros.

Some 600 Rhode Island Red Layer Hens were transferred to the enriched cage-system at BAMSI’s farm where they are expected to produce almost 500 eggs per day.

Justin Taylor, BAMSI’s poultry specialist, explained the importance of the poultry programme, saying Bahamian consumers should know they are getting fresh eggs from BAMSI. “These eggs are fresh, when you look at the carbon footprint, it takes five to six days to get to a table and in some cases it could go from the chicken to the table in hours, that’s amazing.”

He said that fresher eggs also have an impact when used in recipes. Cakes, pastries and other baked goods that use eggs will be enriched and items like mayonnaise will collate better when fresh eggs are used. He added that with an increasingly health conscious population, restaurants and bakeries can advertise that they are using locally produced eggs in their recipes and customers will recognise the value in that.

He said: “With these imported brands we don’t know how fresh these eggs are, but BAMSI can reassure the public that their eggs are fresh and are fortified with nutrients such as omega3 which comes from the flaxseed in the feed. Customers can know what they are eating. Our chickens are never fed with antibiotics or hormones, they are given an all-natural feed so for our retail clients, that’s a good marketing perception,”

The five-month-old birds will take a few days to get acclimatised to their new environment, but are

expected to begin producing eggs within two weeks. In a matter of weeks, the full complement of birds should be in Andros, with the facility reaching its maximum capacity of 2,800 birds. Once fully outfitted, the Research Centre is expected to produce an estimated 584,000 eggs annually.

Mr Taylor said since its opening in April, egg production has been going well, but the recent heat wave has caused a temporary slowdown in production. “With the climate, the higher heat index… the heat reduces the feed intake by the birds, which results in production losses of five to seven per cent. This is not a normal heat, typically, these birds can produce in heat up to 94 degrees, but the higher temperatures are causing a reduction in production.”

He further explained that the bird house is designed to accommodate a climatic control fan system to provide chickens with adequate ventilation, but to mitigate

these extreme temperatures, the poultry team has introduced additional fans to the climate smart system to draw the hot air out of the house.

The layers, which were purchased from a hatchery in Georgia, were just oneday old when they arrived in the Bahamas by plane. Mr Taylor said the birds were kept in New Providence until they were five months old and were big enough to be safely housed at the Andros facility.

Mr Taylor said now that the layers programme is up and running and egg production is steady, the focus will turn to training and research. “In September, we will begin feeding trials using probiotics and enzymes, and working with various forms of calcium alternatives in the diet (which is necessary for shell integrity) to see the impact on the shells. If the eggshell is thicker, it will allow eggshells to be strong, reducing breakage during handling and transport, minimising

any pathogens from penetrating the eggshell and allowing the composition of the nutrients to stay longer inside the egg. This can result in a longer storage time and support the scientific principles of Haugh Unit, which is a measure of the internal quality of an egg. This will be part of our outreach programme, as we share this information with poultry farmers.”

Another aspect of the research and outreach programme will involve using the chicken manure as fertilizer in crop production, including vegetables, and for banana and coconut tree production. The goal of the research component of BAMSI’s layers programme is to encourage increased entrepreneurial ventures in the agriculture sector, to help existing poultry farmers produce eggs sustainably and to offer varied learning opportunities in agriculture and agro-entrepreneurship to student.

NEW hens mark progress in BAMSI’s initiative to enhance local food production.

FINTECHS IN THE BAHAMAS: MASTERCARD CREATING A PATH FOR INNOVATION AND FINANCIAL INCLUSION

By JIMENA ELIA Country Manager for West & Dutch at Mastercard

MUCH has been written recently about financial inclusion, its impact on world economies, and how it is rooted in empowerment when financial tools and credit are accessible and become facilitators of positive social and economic outcomes. However, the latest data provided by Mastercard

and Americas Market Intelligence report, "The State of Financial Inclusion Post COVID-19", highlights the prevalent gaps in access to the financial system in Latin America and the Caribbean, where 26% percent of adults still do not have an account. Around the world, "cash is king" as it still accounts for a high percentage of all transactions. Even though it is tangible and immediate, it can be hard to track and is highly vulnerable.

It is not just about having an account but rather about using it. Usage is a challenge in many countries, where large segments of the population may have an account but still use cash to pay for everyday daily necessities, and ownership of specific products such as credit cards or loans only reaches certain segments of the population in urbanised areas. To counter this reality and achieve the goal of financial inclusion, we must strive to have a network of concurrent transactions that adequately integrates all actors in the ecosystem, including Fintechs. Technology is a great democratiser; innovative

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partnerships and scalable solutions can transform systems and lives. The rapid growth of Fintechs in the region positively impacts how people access financial services, offering new digital user experiences, lower fees, access to e-commerce, and digital financial education.

The Inter-American Development Bank published a study indicating that the size of the Fintech sector in Central America and the Caribbean had doubled in just three years. By 2021, the region already had 2,482 Fintech platforms, accounting for 22.6 percent of all Fintechs in Latin America.

The Bahamas is one of the most prosperous countries in the Caribbean. Thus, it is not a surprise that it also has one of the most vibrant Fintech sectors in the region, given its vastly advanced digital environment, which has been actively encouraged by the Bahamian government through an encompassing Digital Agenda. On august 23rd, Mastercard will host the first ever Mastercard: Fintech Summit. Leaders of the technology sector, financial services industry, non-profit organisations focused on innovation, and government representatives, will gather to discuss growth opportunities for the Caribbean Fintech ecosystem and highlighted the positive impact they have in terms of financial inclusion and literacy, encouraging

innovation, and granting Caribbeans access to safe, convenient, and easy digital financial experiences.

In 2021, we reached the 100 million digital cards milestone through partnerships with 100 Fintech companies in Latin America and the Caribbean (LAC). In addition, we are helping governments embrace digital technologies to deliver payments and better serve their communities through innovative partnerships, leading-edge technology, and critical insights powered by smart aggregated data to make more efficient decisions while expanding inclusion.

Mastercard continues to innovate and diversify, offering a wide range of solutions, products, and programs for startups, as well as a broad network of partners and subject matter experts ready to assist financial technology companies and payment developers in bringing their bold ideas into reality.

In the Caribbean region, Mastercard has established partnerships with various local organisations and government agencies to promote the growth of the Fintech sector; some examples include Neo Banks such as Qik in the Dominican Republic and Sagicor Digital Bank in Barbados; digital payment platforms like Girasol Payments in Curacao, Wipay in Jamaica, Dynamic Payments and GCS in the

Dominican Republic, and even Caribbean-focused e-commerce marketplaces like Caribshopper.

To increase awareness and understanding of what Fintechs are and how they operate, Mastercard has also hosted events and workshops, elevating their knowledge of their benefits in improving financial inclusion, encouraging innovation, supporting the growth of an entrepreneurial mindset, and increasing financial literacy.

By adopting a similar multi-stakeholder approach in The Bahamas over the short, medium, and long term, Mastercard will play a vital role in creating an enabling environment for Fintechs to thrive, thereby driving the region's economic growth and development.

The most significant impact comes when entities decide not to deal with a challenge independently but instead rely on public-private and privateprivate partnerships. At Mastercard, we will continue working on solutions and strategic partnerships with all actors in the ecosystem, fostering financial inclusion and prosperity in the Caribbean. We can help move people toward financial security and thus build a more inclusive, safer, and prosperous future for all.

No worry over electric as gas car sales ‘booming’

FROM PAGE B1

stabilising and they are starting to do a lot better.”

He added: “I think the supply is starting to catch up some, although we’re still having supply shortages. But now they are starting to get certain things that they weren’t getting before and I think that also helps

Marijuana legislation ‘is not all-inclusive’

because there is some pent up interest. Hybrid vehicles are still a very strong part of the segment as well.”

There are hopes that this strong rebound in car sales will continue well on into 2024, “provided the dealers can get inventory”. The inventory and supply shortage should have been “well behind” the

Illinois to ban advertising for guns allegedly marketed to kids and militants

By JOHN O'CONNOR AP Political Writer

ILLINOIS will soon outlaw advertising for firearms that officials determine produces a public safety threat or appeals to children, militants or others who might later use the weapons illegally, as the state continues its quest to curb mass shootings.

Gun-rights advocates say the plan, which Democratic Gov. J.B. Pritzker has pledged to sign into law, is an unreasonably vague decree that violates not only the constitutionally protected right to own guns, but also free speech.

The prime exhibit in Democratic Attorney General Kwame Raoul's effort is the JR-15, a smaller, lighter version of the AR-15 semi-automatic rifle advertised with the tag line, "Get 'em One Like Yours." The maker says it is deliberately made smaller, with added safety features, to fit younger shooters as they learn from adults how to safely maneuver such a weapon. Raoul says it's marketed to children and potentially entices them to skip the adult supervision and start firing.

Opening the door to court challenges is part of ongoing efforts by Democratic lawmakers who control the Statehouse to eliminate gun violence, made more complicated by the U.S. Supreme Court's expansion of gun rights a year ago. Pritzker also signed a ban on semi-automatic weapons this year, a law that gunrights advocates continue to challenge in federal court.

Illinois would be the eighth state to approve legislation that allows such lawsuits against firearms manufacturers or distributors. The legislation comes after the deadliest six months of mass killings recorded since at least 2006

— all but one of which involved guns.

Raoul finds precedent in the 25-year-old settlement with large tobacco companies and more recently with advertising for vaping.

"We've gone after the marketing that has historically driven up the consumption by minors for those products that are harmful to them," Raoul said. "The firearms industry shouldn't be immune to the standards that we put on other industries."

Except that other industries don't produce

automobile industry as it continues moving further and further away from the pandemic’s peak, but Mr Albury said: “The Japanese vehicles have settled down, but American vehicles and American spare parts they’ve got a challenge with backorders and delays in production and components shortages.”

constitutionally protected products, counters the National Shooting Sports Foundation, an industry trade association that has filed federal lawsuits in nearly every state that has approved a similar law.

"They're infringing on your Second Amendment rights by taking away your First Amendment rights," foundation spokesperson Mark Oliva said.

Without specific legislation, states are largely barred from legal action by a 2005 federal law that prohibits lawsuits blaming manufacturers for the later criminal use of a purchased gun. It sprang from mayors in the late 1990s who sued gun-makers for creating a public nuisance, such as Chicago Mayor Richard M. Daley's $433 million action in 1998, which the Illinois Supreme Court tossed out in 2004. But the federal law does allow legal action if a

Meanwhile, BMDA is looking forward for its first Auto Show since prior to 2020, at the Mall of Marathon on October 20 and 21. Consumers would be able to look at the cars as well as talk to different banks about financing. In addition, they will have insurance agents on hand.

state explicitly names firearms and conduct by their manufacturers in state law, which is what Raoul's plan would do. He won over lawmakers by showing them advertising they decided was over the line.

FROM PAGE B1

and the next day it wasn’t and then people were drinking and partying like crazy.”

Marijuana legalisation should be “eased in”, and should not follow the model left by the ending of prohibition, and officials should learn to “understand legalisation in depth”.

Asked whether he will reach out to the point person on the marijuana consultation process, Mr Miller said: “Let them do their thing, because I’m going to do my thing. I can

speak out and my word will be heard on it.”

Calling for maturity in the consultation process, Mr Miller noted this should not be tainted with political bias and all stakeholders should be brought into the discussion. He said: “I have a perspective that may be slightly different than everyone else’s. I have done the research and I have travelled and I have spent years looking at the different marijuana laws, from at least 2018. We are nearly there so why should I have to reach out to them if they have having public consultations?”

Wall Street rises to regain momentum after last week’s lull

By STAN CHOE AP Business Writer

STOCKS climbed

Monday as Wall Street's big rally for the year kicked back into gear following a brief hiccup.

The S&P 500 rose 40.41, or 0.9%, to 4,518.44 and recovered more than a third of its loss from last week. That was its first losing week in four and just its third in the last 12.

The Dow Jones Industrial Average rallied 407.51 points, or 1.2%, to 35,473.13, and the Nasdaq composite added 85.16, or 0.6%, to 13,994.40.

Berkshire Hathaway rose 3.6% and was a major force lifting the market after the company run by famed investor Warren Buffett reported stronger profit and revenue for the spring than analysts expected. Pharmaceutical company Viatris also rose after its results topped forecasts. Viatris's stock climbed 3.9%.

The stronger-thanexpected reports helped offset a 3.8% drop for Tyson. The company's results for the latest quarter fell far short of analysts' expectations, and Tyson said it would close four chicken facilities as it tries to cut costs.

Corporate profits have been mostly beating forecasts as the season for reporting results from April through June enters its tail end. Nearly four out of five companies in the S&P 500 have topped expectations so far, according to FactSet. But they're still on track to report their sharpest drop in profit since the summer of 2020, when the pandemic was pummeling the global economy.

Besides profit reports from some media giants like The Walt Disney Co. and

Fox, this upcoming week also features highly anticipated reports on inflation.

Inflation has been the key to Wall Street's big moves in recent years after soaring to its worst level in generation. Since hitting a peak last summer, inflation has been cooling steadily. That has raised hopes the Federal Reserve may be done with its drastic hikes to interest rates.

Higher rates try to smother inflation by bluntly slowing the entire economy and hurting prices for investments. The Fed has quickly pulled its federal funds rate to the highest level in more than two decades, up from virtually zero early last year.

Inflation has come down from more than 9% last summer to 3% in June. But many economists and professional investors say the toughest part may still be ahead as the Fed tries to get inflation down toward its 2% target.

Sticky inflation could mean Wall Street latched too quickly onto the hope that rate hikes are over and the economy will have a soft landing. If that's the case, the S&P 500's rally of 19.5% through the year's first seven months could also be overdone, as critics suggest.

Some recent earnings reports may be hinting at the still-existing risk of a mild recession, as all the Fed's past rate hikes make their way through the system, according to Amanda Agati, chief investment officer for PNC Financial Services Asset Management Group.

She points to Chipotle, Starbucks and Apple, which all reported revenue either below or right at analysts' expectations for the spring. They're "very much a part

of the daily life of upper middle-income consumers. Yet their sales were weak."

Oil prices have perked up recently. The price of a barrel of U.S. crude added roughly $10 through July to top $80, though it slipped 88 cents to $81.94 on Monday.

A remarkably resilient job market may also be putting a floor under inflation by giving households fuel to keep spending and keep inflationary forces alive. A report last week showed that wages for workers rose more in July than expected, though hiring was cooler than forecast.

On Thursday, the U.S. government will release the latest monthly update on inflation that consumers are feeling, and economists are forecasting it will show a 3.3% rise in prices from year-ago levels. That would be an acceleration from June's inflation rate.

The Fed pays particularly close attention to what prices are doing for services outside of rent and housing. Much of the improvement there during June came from a sharp drop in airfares. Now that they're back to where they were before the pandemic, they may not move much, economists at Deutsche Bank say.

In stock markets abroad, indexes were mixed across Europe and Asia.

In the bond market, yields ticked higher after jumping last week and putting pressure on the stock market. The yield on the 10-year Treasury rose to 4.09% from 4.04% late Friday. It helps set rates for mortgages and other important loans.

The two-year Treasury yield, which moves more on expectations for the Fed, rose to 4.77% from 4.76%.

A MAN walks in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, Aug. 7, 2023, in Tokyo. Asian shares were trading mostly lower on Monday after U.S. employment data had Wall Street close out a losing week.

Photo:Eugene Hoshiko/AP

THE MEGA MILLIONS JACKPOT HAS SOARED TO

$1.55

NEW YORK

Associated Press

BILLION. HERE’S HOW HARD IT IS TO WIN

THERE’S no shaking it. Your chances of winning the lottery are extremely slim.

After no big winner Friday night, the Mega Millions jackpot climbed to an estimated $1.55 billion. If someone wins it all on Tuesday, when the next Mega Millions drawing takes place, the prize would one of the largest in U.S. lottery history.

But don’t plan on entering a new tax bracket anytime soon. The odds of winning a Mega Millions jackpot — no matter the size — stand at about 1 in 302.6 million.

Because of the almost impossible chance of winning big, experts stress that you shouldn’t spend all your money on lottery tickets. If you choose to play, it’s important to be mindful of what you can afford — and maybe consider other places to put your money, even if it’s just a few dollars at a time.

Lottery tickets are “definitely not good investments,” Matthew Kovach,

an assistant professor in Virginia Tech’s economics department told The Associated Press last month. “They’re not even investments ... there’s an expectation you will always lose money.” There’s a long list of rare events that are more likely than winning the Mega Millions or Powerball jackpot. A common comparison is the odds of getting struck by lightning once in your lifetime, which stand at about one in 15,300. Even if you bought a lottery ticket for every drawing over 80 years — two times a week for Mega Millions and three times a week for Powerball — you would still be far less likely to win than to be struck by lightning one time in your life, Syracuse University mathematics professor Steven Diaz said. “A slightly darker example,” Kovach added, is comparing the odds of winning the lottery to getting into a fatal car accident on the way to a store. “Imagine you have to drive half a mile to buy your lottery ticket, so you have a 1 mile

round-trip. It’s about 4 times as likely that you die in a car accident on the trip to buy your ticket than you are to win,” he said.

Of course, both Mega Millions and Powerball offer a handful of tiers below the top jackpots — with the lowest prizes starting at $2 and $4, respectfully. For both games, the odds of winning any prize stand at about 1 in 24.

Yes. Winning the lottery has become harder in recent years, causing jackpots to

grow bigger and bigger — and that’s by design.

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, lengthening 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.

When someone wins a lottery jackpot in games like Powerball or Mega Millions they have two options: an annuity that is distributed

THE AWNINGS of a store advertise the sale of lottery tickets, including Mega Millions, Jan. 11, 2023, in New York. Your chances of winning the lottery are extremely slim. After no big winner Tuesday night, the Mega Millions jackpot climbed to an estimated $1.25 billion. If someone wins it all on Friday, when the next Mega Millions drawing takes place, the prize would one of the largest in U.S. lottery history. Photo:Seth Wenig/AP

over 29 years or a (significantly smaller) cash payout.

The estimated $1.25 billion jackpot seen for Mega Millions’ Friday drawing, for example, is the annuity option — and the cash value for this prize is nearly half that, standing at $625.3 million. Most jackpot winners opt for the cash.

Federal and state taxes will also lower the money you take home, with deductions depending on where you live. Because winning is so rare, experts maintain that lottery tickets are horrible investments — but note that every person’s reason for playing the lottery is different.

Some people might buy a $2 lottery ticket as a form of entertainment and find satisfaction in “the excitement of thinking you might win,” Diaz said. Meanwhile, others may enter the lottery out of feelings of desperation or financial struggle — with experts pointing to

consequences that have disproportionately impacted low-income communities.

The lottery has historically acted as a regressive tax on the poor, meaning the people that can least afford to lose their money buy the most tickets, Lia Nower, a professor and the director of the Center for Gambling Studies at Rutgers University, previously told The AP. She said her “concern with lottery is really more people who are buying it every day or two or three times a week” as opposed to those who purchase one ticket as the jackpot nears $1 billion.

A $2 ticket may not seem like much — but it can add up for those who are regularly entering the lottery over time.

Alternative spending options could include opening an investment account that allows you to invest in small amounts or buying partial stock, Kovach said.

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT

Common Law and Equity Division

BETWEEN

2023 CLE/Qui/00294

IN THE MATTER of the Quieting Titles Act, 1959 AND

IN THE MATTER of ALL THAT piece parcel or Lot of Land containing 4,054 square feet situate on the Southern side of Brougham Street between Blue Hill Road and Market Street in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas and shown on a plan on record in the Department of Lands and Surveys as Plan numbered 6113 NP. AND

IN THE MATTER of the Petition of VANESSA WALKES-SANDS

NOTICE

THE PETITION OF VANESSA WALKES-SANDS in respect of:-

“ALL THAT piece parcel or Lot of Land containing 4,054 square feet situate on the Southern side of Brougham Street between Blue Hill Road and Market Street in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas and more particularly described and shown and delineated on Plan No. 6113 NP fled in the Department of Lands and Surveys.”

THE PETITIONER claims to be the owner of the fee simple estate in possession of the parcel of land hereinbefore described free from encumbrances and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act, 1959, in the above action, to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certifcate of Title to be granted in accordance with the provisions of the said Act.

NOTICE is hereby given that any person having a dower or a right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the fnal publication of these presents, fle in the said Registry of Supreme Court and serve on the Petitioner or the undersigned a Statement of his claim in the prescribed form verifed by an Affdavit to be fled therewith. Failure of any such person to fle and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the fnal publication of these presents will operate as bar to such claims.

Copies of the Petition and Plan of the said land may be inspected during normal offce hours in the following places:- the Registry of the Supreme Court, 1st Floor, British American Building, George Street, Nassau, The Bahamas, and the Chambers of the Petitioner’s Attorneys, Duffus House Annex, 36B Sears Road in the City of Nassau, The Bahamas.

NORWOOD A. ROLLE & CO., Chambers, Duffus House Annex, 36B Sears Road, Nassau, N.P. The Bahamas. Attorneys for the Petitioner

Simon & Schuster purchased by private equity firm KKR for $1.62 billion

NEW YORK

Associated Press

SIMON & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink the book market. An executive for KKR is calling the deal a chance to work with "one of the most effective" book publishers.

The private equity giant will buy Simon & Schuster for $1.62 billion in cash, said Paramount Global, the parent company of the storied publishing house. Simon & Schuster will operate as a standalone entity, under the leadership of CEO Jonathan Karp.

"We are delighted," Karp said Monday. "We will remain an independent company and not only will we continue to thrive, but with the help of KKR we can become even greater.

Paramount, which on Monday reported a loss of $424 million for the three months leading up to June 30, will use sale proceeds to pay down debt. The agreement is subject to government approval, but is unlikely to face the objections raised by the Penguin Random House deal.

Simon & Schuster, where authors include Stephen King, Colleen Hoover and Bob Woodward, is one of the so-called "Big Five" of New York publishing, with others including Penguin Random House,

HarperCollins Publishers, Hachette Book Group and Macmillan. HarperCollins, owned by Rupert Murdoch's News Corp, had expressed interest in buying Simon & Schuster.

Simon & Schuster has had strong sales over the past two years, even as the book market has cooled off. The publisher has scheduled some of the most anticipated fall releases, including Britney Spears' memoir "The Woman In Me" and Walter Isaacson's biography of Elon Musk.

Richard Sarnoff, chair of media at KKR, praised Simon & Schuster as effective and well run and said that it would retain editorial independence.

"We're not going to tell them what to buy, what to publish or what not to publish," said Sarnoff, a former executive at Penguin Random House's parent company, the German conglomerate Bertelsmann. "There's a 99-year legacy of editorial independence that we're going to protect."

Sarnoff said that no layoffs were planned, and that instead KKR hoped to invest in and expand Simon & Schuster, citing international sales as an area of possible growth. As with other companies that KKR has owned, it plans to give Simon & Schuster employees equity, an arrangement that could give the publisher a competitive advantage. In an industry where starting salaries range from $45,000-$50,000, a source of growing unhappiness among young people

trying to afford living in the New York City area, an equity stake could end up being worth half or more of a worker's annual pay, according to Sarnoff.

"The upside is big," he said. Sarnoff added that he didn't know how long KKR would run Simon & Schuster before selling it, although he cited five to seven years as the typical range. "We don't have a set timeline," he said.

Employee equity is rare in book publishing, but not unprecedented. W.W. Norton & Company, founded in 1923, has been wholly employee owned for decades.

Late in 2020, Paramount had announced the sale of Simon & Schuster to Penguin Random House for $2.2 billion, a deal that would have made the new company by far the biggest in the U.S. But the Department of Justice, which under the Biden administration has taken a tougher stance on consolidation compared to other recent presidencies, sued to block the sale in 2021.

After a three-week trial in the summer of 2022, with King among those opposing the merger, U.S. District Judge Florence Y. Pan ruled in the government's favor, saying the DOJ had made "a compelling case that predicts substantial harm to competition." Paramount declined to appeal the decision, and instead renewed its efforts to sell Simon & Schuster, which next year marks its centennial.

Beyond Meat revenue plummets in the second quarter due to flagging US demand

DEE-ANN DURBIN AP Business Writer

PLANT-based meat substitute maker Beyond Meat

said its revenue plunged 30.5% in the second quarter as consumer demand for its burgers, sausages

and other products fell despite price cuts.

The El Segundo, California-based company lowered its full-year

revenue forecast as a result. Beyond Meat now expects revenue between $360 million and $380 million for the year. That's down from

the $375 million to $415 million it forecast at the end of the first quarter.

Beyond Meat's shares fell 10% in after-hours trading Monday. In a conference call with investors, Beyond Meat President and CEO Ethan Brown said the company faced tough comparisons to the second quarter of 2022, when a new beef jerky product generated sales and restaurants were reopening and placing big orders.

But Brown said the company is also struggling to appeal to new customers because of perceptions that its products are unhealthy and overly processed. Brown said an ad campaign launched last week will better explain its "clean and simple" manufacturing process and highlight the products' health credentials.

"We're going to be much more aggressive in our marketing," Brown said. "It is an education issue. The facts are there. The health benefits of our products are very strong."

Brown said Beyond Meat has also reached out to some of its competitors to discuss working together on ads that would help change perceptions about the category.

For the April-June period, Beyond Meat reported revenue of $102.1 million. That was lower than the $108.7 million Wall Street forecast, according to analysts polled by FactSet.

U.S. revenue dropped 40% as both retail and food service sales weakened. International revenue was down 8.7%. International food service demand was flat compared to the same period last year, but retail sales were down nearly 16%.

Beyond Meat makes plant-based burgers and nuggets in a partnership with McDonald's in Europe, but those products aren't offered in the U.S. Brown said he expects more U.S. fast food restaurants to add plant-based options in the near future.

Beyond Meat said its net loss narrowed to $53.5 million, or 83 cents per share, as it reined in logistics and manufacturing costs. That was slightly better than the 84-cent loss analysts had forecast.

Brown expressed confidence that revenue will grow modestly in the second half of this year as new products hit the U.S. market and distribution grows abroad.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, Vivian Karen Deveaux of Southern District mother of DEMARKUF DANIEL DESIR a minor, intend to change my child’s name to DEMARKUF DANIEL DEVEAUX If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that LUBINS GUSTAVE of Fox Hill South, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of August, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CLAUDIN LAURISTON of Treasure Cay Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of August, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that WILDANA DESINORD of Fourth Street, Coconut Grove, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 8th day of August, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that IRENE FRANCOIS of West End Avenue, Blue Hill Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 1st day of August, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.