08172023 BUSINESS

New home listings surge 1,025% on ‘right-sizing’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

NEW home listings in the major Bahamian islands increased by 1,025 percent year-over-year for the 2023 second quarter, a major realtor disclosed yesterday, amid signs it is “slowly turning to a buyer’s market” after a “bonkers” post-COVID.

David Morley, Morley Realty’s principal, told Tribune Business that the new listings statistics and other data - which has been analysed by his firm - shows the Bahamian real estate market is presently undergoing “a replenishment, not a depreciation” with more properties becoming available to buyers than are actually being sold.

The firm’s analysis, employing data obtained from the Bahamas Real Estate Association’s (BREA) Multiple Listing System (MLS),

described the increase in new listings across Abaco, Eleuthera, Exuma, Grand Bahama and New Providence as the most significant market shift during 2023.

“The biggest and most consistent market change noted from the 2023 second quarter data was the significant increase in the number of new listings in all the island markets in both homes and land,” Morley Realty said. “New listings of homes across

the island markets in the 2023 second quarter increased over the last quarter by up to 69 percent, and increased year-on-year by up to 1,025 percent.

“New listings of land across almost all the island markets in the 2023 second quarter increased over the last quarter up to 78 percent, and increased year-on-year up to 2,300 percent....... The increase in the inventory of

Minnis blasts Commercial Enterprises Act’s repeal

properties provides buyers with more selection.

“If the demand to purchase real estate remains consistent in the coming quarters, then the near future market data should start showing an increase in the days on the market, a decrease in the listing-to-sale price ratio and a shift to lower median prices. Such changes are typically reflective of a turn from a

Concern on foreign property tax crackdown messaging

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PROMINENT Bahamian realtor yesterday voiced misgivings that the Government’s constant pronouncements about cracking down on foreign real property tax delinquents could drive legitimate overseas buyers away.

George Damianos, Damianos Sotheby’s International

Realty’s president, emphasised to Tribune Business that every foreign property owner in The Bahamas - as well as Bahamians - must pay all due taxes but expressed concern that the “discriminatory” sounding message may not be well received outside this nation.

The Department of Inland Revenue has frequently warned over the last several months that it plans to exercise its “power of sale” to seize,

then sell-off, real estate owned by chronic real property tax delinquents who have made no effort to pay for years. However, this effort will only be applied to foreign-owned and commercial properties as the Real Property Tax Act prevents the tax authorities applying these powers to Bahamian-owned owner-occupied residences.

Biggest investment since Morton Salt for ‘decimated’ Long Island

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE proposed $250m Long Island cruise port is being touted as the first “large-scale project” with “regenerative” potential to impact the southern Bahamas since Morton Salt arrived in Inagua almost 70 years ago.

The Environmental Impact Assessment (EIA) for the Calypso Cove development, which previously staged its groundbreaking at Long Island’s southern tip, said the project if it comes to fruition could revive an area that has been “decimated” since the former Diamond Crystal salt mine, which subsequently became

the Maritek Bahamas shrimp farm, shut down in the mid-1980s with the loss of substantial employment and economic activity.

The analysis, produced by Bahamian environmental engineer Keith Bishop, of Islands by Design, described the project as potentially the largest investment to impact the area since Morton Salt arrived on Inagua in 1954 when it acquired the existing salt plant from the three Erickson brothers.

“Calypso Cove is located in a remote area of Long Island with very few inhabitants and extremely limited economic opportunities,” the EIA stipulated. “This

SEE PAGE B6

BPL union escalation as trade disputes filed

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

BAHAMAS Power & Light’s (BPL) two trade unions yesterday made good on their threat to escalate their grievances by filing trade disputes alleging industrial agreement breaches and other violations by the state-owned utility.

The Bahamas Electrical Utility Managerial Union (BEUMU), which represents the utility’s middle managers, accused BPL of refusing to negotiate a new industrial agreement in

“good faith” after the previous deal expired in 2018.

It also alleged that BPL continues to create positions without consulting the union or giving priority to existing staff.

It said: ”The respondent refuses to negotiate in good faith with respect to a new industrial agreement, as the existing agreement has expired on September 30, 2018.

Other grievances outlined in the trade dispute concern BPL’s pension plan. Union representatives have previously claimed that the staff pension

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN ex-prime minister yesterday branded the Government’s plans to repeal the Commercial Enterprises Act as “a mistake” since it is designed to improve Immigration efficiency and “attract businesses we don’t have”.

Dr Hubert Minnis told Tribune Business the current law, which was crafted by his administration before being passed by Parliament, was intended to position The Bahamas for “the future” by enticing high-growth technology-related businesses to this nation while eliminating some of the “bureaucracy” and uncertainty they faced.

Responding after Ryan Pinder KC, the attorney general, confirmed that the Davis administration plans to “repeal and replace” the existing Act’s work-permit related provisions, he argued that these were designed to “put the onus and pressure” on the Immigration Department to deal with applications in a timely manner.

The present Commercial Enterprises Act requires the Immigration director to make a decision on work permit submissions within 14 days of their receipt, otherwise they are deemed automatically approved, although this is restricted to only the few industries listed in

DAVID MORLEY

$5.70 $5.75 $5.81 $5.94

Customer loyalty needs more focus than adding sales

Customer loyalty is vital to the growth and longevity of any business. What is more, about 82 percent of companies agree it is cheaper to retain old customers than acquire new ones.

Some business owners feel their growth and success depends largely on customer acquisition. They latch on to the idea that businesses cannot succeed if they are not adding new customers to their invoices every month. Not so. Your existing customers matter just as much, if not more. The goal is to break through the competition and bond with your audience in a way that encourages their devotion.

What is Customer Loyalty?

Customer loyalty is achieved when customers purchase a product or service from you repeatedly, and without much consideration of your competition. This is typically the result of offering an authentic branding, personalised marketing and excellent customer service.

Why is it Important?

Loyal customers are one of the most valuable assets of any business as they provide a stable revenue stream, ongoing referrals and authentic proof of quality that are the lifeblood of any successful company. According to research, returning customers spend 67 percent more than new customers and, most importantly, customer loyalty is essential for both online and offline businesses.

With this in mind, excellent service can help to create lifelong customers. According to research, about 60 percent will consider switching brands after two to three instances of poor service. To keep loyal customers coming back, here are a few tips:

Know your customers When contemplating how to build customer loyalty, find the time to understand your clients on a personal level. Listen to them, and build a relationship that shows that you have their best interests at heart.

Customer loyalty programme

Rewarding loyal customers with special sales and discounts, or a simple ‘thank you’ for their business, goes a long way. Regardless of your preferred strategy, normalise making an effort to make them feel valued.

With this in mind, businesses can implement customer rewards or loyalty programmes that serve as powerful tools for enticing previous customers to return with loyalty vouchers.

Referral Programme Referral programmes are a must. Give an award to customers when someone they refer makes a purchase.

Create a sense of community

Take advantage of the numerous available social media platforms to create a community for your current, and target, audience. Loyal customers often provide product and service feedback Customer feedback is equally important, as they then feel their opinions are truly valued. When the customers feel listened to, they begin to have positive connotations with your brand and direct their good experience back at you which, in turn, can lead to more sales in the future. Overall, the silver lining is that these approaches are simple and require only basic attention. While everyone loves new, and there is nothing wrong with that, I challenge you to bring the same level of excitement to retention that you bring to new sales. Employ that same enthusiasm and treat each of your customers as brand new for, if not, someone else will. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com

About columnist: Deidre

M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach

COST RIGHT ANNOUNCES MEMBERS APPRECIATION

BISX-listed AML Foods is gearing up for its Cost Right members appreciation day which will be held this Saturday from 12pm to 5pm at both the brand’s Nassau and Freeport stores.

provide discounts on their own products and services. Non-Cost Right members will be able to purchase a week’s pass for only $10, giving them access to membership savings from August 19-26. Those who purchase the week’s pass can upgrade to an annual pass for an additional $25 from between August 19 to September 2. Customers whose cards have expired can also renew for only $35 on the day of the event.

Share your news

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

BAHAMAS MUST CLOSE CYBER SECURITY ‘GAPS’

A CYBER security specialist yesterday said The Bahamas must close “gaps” in its legal and regulatory framework dealing with online crime if it is to strengthen the country’s Computer Incident Response Team (CIRT).

Sametria McKinney, national CIRT manager and head of information security at the Central Bank

of The Bahamas, told the second annual CIRT stakeholder conference that The Bahamas “doesn’t have the instruments to support” a robust cyber security response in the event of any major attack.

Discussing the need for stronger legislation to deal with cyber crime incidents, she added that the CIRT cannot do this work themselves. Instead, their job is to “drive and co-ordinate” when cyber security laws are enacted, and she called for more action from policymakers.

Ms McKinney said: “We need partners at every level. We need national partners, we need sub-regional partners, we need regional partners, international partners, and we need people who have done this before us and maybe know a little bit more than us in order to help us do this.”

A national CIRT strategy has not been fully developed to the point where it can be presented to the wider public, but there are pieces that have been completed and are being piloted. “We have designed

and proposed the strate-

gic committee already. We have done that and, when we were developing the strategy, we said these are some high-level critical action items that we need to pull out because they’re so important,” Ms McKinney said. “Even though the strategy hasn’t been officially approved, some of the work we are already doing.” While the CIRT has been “identified as the national authority”, it has yet to be formally established. Still, it has engaged with

CARICOM IMPACS and other regional partners, as well as locally with the various armed services branches and agencies responsible for critical infrastructure.

Ms McKinney said: “It is important for the country to identify in legislation and protect those that we’ve identified. So we want to make sure that we set up a proper regulatory framework around those critical infrastructures so that we can support them, and we can support those essential

Bus drivers renew fare increase push

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE bus drivers union's president yesterday reiterated that his members urgently need a fare increase as their incomes continue to be squeezed by the ever-increasing cost of living Rudolph Taylor, the Bahamas Unified Bus Drivers Union's (BUDU) president, told Tribune

Business his members have reached the point of frustration with the Ministry of Housing and Transport's lack of movement on the issue amid reports that some jitney drivers have already begun charging passengers $1.50, which represents a 25 cent increase, even though this has not been enacted in law.

“I wouldn’t say that we endorse the bus drivers increasing the bus fares, and I wouldn’t say that we don’t endorse them increasing them, but we have been

in discussion with the Ministry of Transport off and on," he said. He added that these talks first started in 2008, some 15 years ago, and this year is the closest that the drivers have come to getting one.

Mr Taylor, though, said he wants to keep the union on one page given how close they are to getting that increase. “The minister (JoBeth Coleby-Davis) said she wants to have a series of town hall meetings the last time I spoke with her, and

that was in the month of April," he added.

"She said she would bring the matter to the public and I was giving her that respect to do that. So I kept my mouth shut and am still waiting on her to have that town hall meeting with regard to the bussing industry. At the end of the day I can tell them as much as possible, but diesel has gone up and you can feel the plight of the drivers in terms of their frustration of waiting and waiting and promises from 2008 to now,

Solar energy finance partnership unveiled

A BAHAMIAN finance house has teamed with a solar provider to offer renewable energy funding solutions for both individuals and businesses.

Envayo International has partnered with Sunshine Finance, which will offer financing solutions of up to $75,000 for the acquisition and installation of solar systems. The duo, in a

statement, said their tie-up is designed to facilitate the transition to clean energy and make solar power more accessible and affordable for Bahamians. They added that the financing terms involve zero down payment, and no repayments are required until 2024 for those who sign up during August. "We are thrilled to launch this

campaign in collaboration with Sunshine Finance," said Jerad Darville, Envayo International's chief executive.

"Our goal is to make solar energy accessible to everyone and accelerate the global transition towards clean, renewable energy sources. By combining our expertise in solar solutions with Sunshine Finance's

financing capabilities, we can offer unbeatable terms to our clients, help them experience the numerous benefits of solar power,

and there is only so much talking the unions can do with regard to the bussing industry. The rest falls squarely at the feet of the Government."

The other group in the jitney fare conversation is the United Public Transportation Company (UPTC), whose members are the jitney franchise owners. The BUDU represents the drivers, some of whom own the vehicles they are driving but they are renting licences from franchise holders.

while powering our clients to more economic emancipation."

Envayo International uses German and American technology in its solar products and systems. Its partnership with Sunshine Finance will begin this

services that are being offered.”

Financial services industry infrastructure is among the areas that need to be prioritised in combating cyber crime, along with public sector institutions that store sensitive data and information. Recognising what is a cyber incident also needs to be fully established and identified in any legislation moving forward. There also needs to be an education component for incident prevention methods.

“There are some issues with the industry that need to be sorted out and this is one of them. Some of us are owners but we don’t own the franchise,” Mr Taylor said. “This disadvantages those who own their own busses. Changes to this is what we have been pushing for for roughly the last 15 years - to get persons to become franchise owners. Some of them who own the franchise, they are just fleecing the drivers who want to be their own boss.”

month. Persons interested in its offerings are encouraged to contact Envayo International at (242) 8048802 or visit its website at www.envayointernational. com .

L to R: Donneldo Harris, Envayo International director; Duran Saunders, Envayo International director; Jerad Darville, Envayo International chief executive and director; S. Rosel Moxey, Sunshine Finance's president; Thea Bowe, attorney; and Donetta Turnquest, Sunshine Finance's director of operations.

the legislation. This does not apply to all sectors, and work permits granted under the law can be revoked if adverse information on their holders subsequently surfaces.

Dr Minnis told this newspaper that the work permit-related provisions, and other aspects of the Act, are designed to prevent companies in the designated industries being “kept in limbo” due to uncertainty over whether - and whencertain approvals would be forthcoming.

He argued that incoming businesses, especially start-ups and other fledgling operations, cannot afford to be “held up for six to eight months” waiting for management and key staff work permits to be approved.

Asserting that the Act was targeted at industries and skills that The Bahamas presently does not have, the former prime minister asserted that attracting these firms would aid the

country’s workforce development and lead to fewer work permits being granted in time.

And, warning the Government against a rush to repeal, Dr Minnis said he had spoken to two investors within the last three months who had been hoping to use the Commercial Enterprises Act to move to Freeport but had placed these ambitions on hold - and may now not proceed - due to uncertainty over the Davis administration’s reform plans. He also suggested the changes may create room for “under table deals” involving businesses trying to speed-up approvals.

The Progressive Liberal Party (PLP), when in Opposition, labelled the Commercial Enterprises Act as the “work permits Bill” on the grounds that it undermined ‘Bahamianisation’ and did too little to protect entrepreneurial opportunities and jobs for locals. Prime Minister Philip Davis KC promised when Opposition leader that

the party would repeal the existing Act, and Mr Pinder on Tuesday confirmed it intends to make good on that pledge. However, while the replacement legislation will follow through on the Davis administration’s “objection to the automatic grant of work permits” and remove the offending clauses, Mr Pinder said the Government plans to retain the sections that facilitate the creation of commercial enterprise zones across The Bahamas as an economic development tool.

Dr Minnis, though, argued against any substantive changes as the 14-day work permit decision deadline was included “to put the onus and pressure on government to get things done”. Explaining his administration’s thinking, he said: “When it was discussed at Cabinet, it was set up to attract businesses that weren’t here and, in time, Bahamians would hopefully learn those types of business and we would improve our skills bank.

“The whole idea was to improve the efficiency of government. There was no reason why we could not get it done in 14 days. If the bureaucracy falls behind, it’s [the work permit] approved automatically. We wanted to put pressure on to improve the efficiency of government and get it done in 14 days.”

Under the present law, key management and skilled personnel in industries targeted by the Act can enter The Bahamas without first possessing a work permit. While that may create border control issues, these persons and their employers must then apply for the necessary work permits within 30 days of arrival. The Immigration Department then has 14 days to decide whether to approve or reject the application failing which it is granted automatically.

This is now due to be changed or stripped from the Act by the Davis administration. However, Dr Minnis continued: “The whole idea is you’re bringing in businesses that you don’t have now, and for which you don’t have the skills. In time your skills bank will improve and increase, and the demand for work permits will subsequently decrease. We’re expanding our own knowledge. I don’t see where that’s a problem. “You cannot hold businesses up, especially new businesses, six to eight months waiting for work

permits. I think this is a mistake [by the Government]. A business really wants to know they have certain things in a certain timeframe. You cannot leave them out in limbo not knowing when they will get certain approvals. We were trying to put pressure on government so it would be know in a week if they were up and running, and can do all their adjustments, accounting and budgeting.

“Not knowing when they can set up puts an additional stress on a business.... We were trying to improve the efficiency of government and the business knowing within a certain timeframe that they can be up and running.” Dr Minnis then suggested that the removal of work permit approval certainty, as provided for by the Act’s current timeframe, could create room for “under the table deals” involving investors seeking to obtain and speed up approvals.

“We were trying to move away from that,” he argued.

The Commercial Enterprises Act’s success to-date is difficult to judge given that many of the years since its passage were impacted by a combination of Hurricane Dorian and COVID-=19, while no current data on how many businesses it has helped to attract and jobs created has been provided by the Government.

The Commercial Enterprises Act is largely focused on industries not present in The Bahamas, but which have the potential to create high-earning jobs and be major foreign currency earners. Financial services leads the way with reinsurance; captive insurance; investment fund administration; arbitration; wealth management; international trade and international arbitrage included in the ‘fast track’ work permit sectors. Also covered by the Commercial Enterprises Act are technology-related industries such as computer programming; software design and writing; bioninformatics and analytics; nano technology; and biomedical health facilities.

“Boutique health facilities”; data storage and warehousing; aviation registration and ‘approved’ aviation maintenance operations; ‘call centres’; and manufacturing and assembly/logistics businesses round out the sectors targeted by the former administration.

Dr Minnis acknowledged that this list was “quite broad”, but added: “A lot of those are businesses we don’t have. We want to encourage those businesses to come here with no delay, and no bureaucracy, where we can expand our economy and increase our gross domestic product (GDP). That’s the future. We are now in a technological revolution and The Bahamas has to move with that so that Bahamians are on the cutting edge of technology and don’t get left behind.”

Voicing concern that the Government’s plans are already impacting investment decisions, the former prime minister asserted: “I know there are a couple of businesses that wanted to move to Freeport, and were coming here specifically because of the Act, but have placed themselves on hold because they don’t know what the Government is doing...

“They contacted me, and said they cannot move their businesses here at this particular point in time. I would have spoken to them about three months ago, and they said they’re changing their minds because there’s too much uncertainty. They wanted to bring their businesses here and expand and everything else, but they told me it has caused uncertainty and they cannot do it.”

Dr Minnis said the Davis administration was amending, rather than completely repealing, legislation passed by his government almost as if “they’re putting their stamp of approval on it”.

NEW HOME LISTINGS SURGE 1,025% ON ‘RIGHT-SIZING’

typical sellers’ market to that of a buyers’ market.”

While the MLS does not cover all real estate sales and market activity, since BREA has not made membership mandatory, all the large and major firmsalong with all their agents - are both members and participants. As a result, Mr Morley said “there’s more than sufficient data, especially in the quarterly reports, to justify the accuracy of what these statistics are telling us”.

Confident that the MLS data gives an accurate picture of what is happening in the real estate market in each of the major five Bahamian islands, he added of the new listings surge: “It’s a replenishment situation, not a depreciation situation.

In 2022, yes, the number of sales each quarter was higher than the number of new listings, so it depreciated some of the inventory.

“But, in 2023, in the last two quarters there was definitely replenishment of the industry because more inventory was coming on to the market than actually being sold.” The MLS registered 197 new home listings for New Providence for the three months to end-June 2023, according to Morley Realty’s report, which represented an 44 percent increase on the 137 recorded in the first quarter, but an 885 percent jump on the 20 new listings recorded for the same period in 2022.

As for new vacant land or lot listings, these rose by 8 percent to 96 on New Providence during the 2023 second quarter. This compared to 89 during the first three months of 2023, but was also a 2,300 percent leap on just the four listings recorded during the 2022 second quarter.

Similar new listing trends were seen on other islands.

On Grand Bahama, the 45 new home listings recorded

on the MLS during the 2023 second quarter represented a 1,025 percent year-overyear rise on the four seen during the same period last year. New vacant land and lot sales were also up 833 percent on the same island year-over-year. In Exuma, new home and and listings were up year-over-year by 550 percent and 1,950 percent, respectively, for the 2023 second quarter, while for Eleuthera the same percentage increases were 340 percent and 850 percent.

The data contrasts sharply with the concerns voiced last week by Matt Sweeting, chief executive at 1oak Bahamas, who told this newspaper that demand for housing was likely to exceed available supply for “conservatively” five years at least.

Mr Sweeting’s comments were largely focused on properties valued at $500,000 or less, which is the segment traditionally populated by Bahamians, given that when he closes the sale of multi-family properties there are typically between five to seven rival purchasers who miss out even though they have submitted competitive bids that often exceed the seller’s asking price.

Mr Morley, meanwhile, while affirming that market demand remains robust, said the new listings surge could reflect sellers hoping to capitalise on what remains of the post-COVID boom by placing new builds or existing properties on the market.

“My prediction going into the remainder of the year is that it’s slowly starting turning into a buyer’s market,” he told Tribune Business. “There’s going to be more inventory for them to select from, so it will increase the average days a property is on the market, will decrease the sales/listing ratio and then start impacting the median price. It will come

down because there is more and more inventory, which means there is more and more competition.”

The sales/listing ratio compares the price a property sells for with the value it was originally listed at. Mr Morley said he particularly tracks this, as well as the number of days a property stays on the market, as both indicators provide a good gauge of the supply and demand factors impacting Bahamian real estate.

The new listings rise over the past six-seven months seemingly marks a significant shift from the demand-driven postCOVID Bahamian real estate surge. “In 2021 and the second half of 2022, it was a bonkers market,” Mr Morley told this newspaper. “It was a crazy market that nobody expected to continue on. Everybody’s dream would have been for it to continue, but all good things must come to an end at some point, and all these statistics show that.

“Was it pent-up demand from COVID? It’s possible it could have been. For whatever reason, the market was in a tremendous situation in 2021 and the first half of 2022. The market is returning back to a sense of normality, and to do that it has to do some right-sizing with new inventory coming back on.” He added that some of the new listings could be new builds constructed during the post-COVID boom by developers and others seeking to exploit a booming market.

@ 502-2394

Assistant Project Manager and Head of Maintenance

Job Summary:

Responsibilities

• Conduct research to provide information and support to other teams and departments when required.

• Perform administrative tasks, including the preparation of invoices, estimates, and the scheduling of meetings.

• Monitor and generate reports on the progress of projects.

• the Project Manager.

• project management, and contract management and improvement.

• Advocate for safe, cost-effective, and optimal practices.

• Aid in the formulation and execution of project

• Participate in the selection and oversight of contractors, consultants, and vendors.

•

• Conduct regular site visits to oversee work facilitate solutions.

Requirements:

• as Project Management, Business Administration, Enginee

Deadline August 28th, 2023 Email:

Morley Realty, in its analysis of the MLS data for the 2023 second quarter, said: “The listing-to-sale price ratio remained consistent across most of the island markets. The median prices of home sales across all the island markets proved to be higher than in the last quarter and across almost all the island markets year-on-year.

“The median prices of land sales across almost all the island markets were higher than in the last quarter and almost 50/50 across the island markets year-on-year. When comparing prices (average and

median), the median price is usually the preferred gauge over the average price as it measures the middle of the market and is not usually influenced or impacted by any high-end and low-end sales during the period in comparison to calculating the average price.”

As for days on the market, the firm added: “Days on the market for home sales during the 2023 second quarter decreased in Abaco, Eleuthera, Grand Bahama and New Providence from both the 2023 first quarter and year-on-year, while days on the market for home

sales in Exuma increased from the 2023 first quarter and year-on-year.

“Days on the market for land sales during the 2023 second quarter increased in Abaco and New Providence over the last quarter and decreased in Eleuthera and Exuma. Year-on-year, land sales in Abaco, Exuma and New Providence have increased while land sales year-on-year in Eleuthera have decreased. Grand Bahama was excluded from this analysis as it had no completed land sales in the 2023 second quarter.”

SPECIAL EDUCATION NEEDS TEACHER

This is a rare and exciting opportunity to join an outstanding and ambitious founding team at Inspired’s new premium school in Nassau, The Bahamas.

We are looking for a SEN teacher and leader who brings a dedication to supporting the thriving of each student, a forward-thinking attitude and outstanding experience of best practice across the sector.

You will be able to demonstrate experience in coordinating and delivering outstanding SEN provision in an academically ambitious environment, and in working collaboratively with a team of dedicated educators to design and implement personalised learning plans and inclusivity strategies.

The successful candidate will be providing one on one or small group support to students with SEN, whilst also building the foundations for a thriving department which will grow with the school. As such, the ideal candidate would have a strong background in Special Education, with a proven track record in coordinating and delivering SEN provision in an academically ambitious environment.

A willingness to participate fully in the co-curricular life of the School is expected.

King’s College School, The Bahamas, offers a vibrant learning community, already renowned for its high academic standards, and committed to inclusion and the holistic development of every student. The school will offer the highest quality modern facilities in a new purpose-built state-of-the-art facility on an expansive 10-acre campus, ensuring learn in the modern day.

Facilities include football pitches, tennis and Padel courts, as well as dance, drama, and art studios. There will also be state-of-the-art science labs, a multi-purpose hall, a 25m competition swimming pool, an adventure park playground, and plenty of green spaces and shaded areas for students to enjoy.

Job Description

The SENCO is line-managed directly by the Founding Principal and is directly responsible for ensuring that pupils who are registered as having, or show symptoms of, possible across all year groups. The role holder will deliver one-on-one or small group support initially, whilst also establishing a thriving SEN department which will grow with the school. Some of the responsibilities or the role will be:

• To support individuals and small groups of students.

• To work alongside the class teachers to help to identify pupils who may have Special Educational Needs through the use of initial in-house diagnostic tests and refer children to an Educational Psychologist for diagnostic testing whenever necessary.

• To work collaboratively with colleagues to ensure all SEN pupils’ needs are met fully at all times, also by creating, preparing and implementing Individual

• To ensure the details of all ILPs are recorded on iSams and updated regularly and are shared appropriately with class teachers.

• To arrange and attend meetings with parents and teachers.

• To advise the teaching staff on the support for SEN pupils through targeted SEN matters and by participating in the drawing of the school development plan.

When joining King’s College School you will join the family of the awardwinning Inspired Education Group, the leading global group of premium schools, with over 80 schools operating in 23 countries. We offer a competitive salary and benefts and access to best practice and career pathways with some of the very best schools worldwide. To apply please send a CV and letter of motivation to admin@kingscollegeschool.bs

Biggest investment since Morton Salt for ‘decimated’ Long Island

project will increase both the population and economic activity through direct and indirect impacts with the project and its service providers/sub-contractors and the community.

“Additionally, certain public infrastructure will be necessary for the resident and transitory workers, namely, housing, utilities and general population support services (schools, vocational training, professionals and tradesman). Calypso Cove may become a positive regenerative engine for this area of Long Island area, with little or no socioeconomic or cultural disadvantage.

“It should be noted that this project will be the first large-scale project providing employment in the southern Bahamas since the inception of Morton Salt on Inagua.”

Installing the necessary supporting infrastructure and utilities, along with housing for employees and their families, will be among the major challenges facing Calypso Cove’s developers.

The EIA acknowledged that southern Long Island and its various communities have been “decimated” over the past almost 40 years following Maritek Bahamas’

closure and the absence of replacement economic activity, which has resulted in the area’s depopulation such that the number of those living there can be counted in the tens.

“Clarence Town is the nearest major community to Calypso Cove and is approximately 20 miles to the north. Recent population statistics show the total population of Long Island is around 2,900 persons per the last census, with approximately 30 persons inhabiting Clarence Town,” the report added.

“Three other smaller settlements exist between Clarence Town and Calypso Cove and include Gordon’s settlement directly north and adjacent to the project site, Cabbage Point settlement approximately five miles to the north, and Dunmore settlement 12 miles to the north.

“The past economic base of south Long Island in its entirety was solely based on employment opportunities generated by the former Diamond Crystal salt plant (1965 to 1978). The plant was later repurposed as the Maritek Bahamas shrimp farm (1979 to 1984), which is now closed,” the EIA continued.

“This led to a depopulation of south Long Island

and the immediate areas, and decimated a number of small hamlets and settlements (Roses, Berries, Wallace, Miley, Hard Bargain, McKenzies and several others). Currently the only organised employment opportunities in south Long Island are two very small dry goods/grocers, one gas station and three bars. No supply stores are in the area. Present economic activity remains subsistence farming, fishing, and construction on a reduced basis.”

Calypso Cove’s principals are Sherif Assal, a provider of security services to the global cruise industry for 22 years, and aCarlos Torres de Navarra, a former head of port and destination development for Carnival Cruise Lines, and also an ex-chief executive of Holistica, the joint venture between Royal Caribbean and ITM Group. Little has been heard of the project since the groundbreaking, but the EIA’s public release indicates progress is being made. Tribune Business understands that the developers have been moving to secure commitments from the major cruise lines to call at and use Calypso Cove, but one potential stumbling block remains the need to upgrade Long Island’s Deadman’s Cay airport

which will be needed to swiftly transport passengers suffering medical and other emergencies. The airport is among those targeted for the Government’s $263m Family Island infrastructure upgrade.

“Full build-out of the proposed project will consist of two phases. phase one consists of development on a 350-acre privately owned tract near the southern tip of the island that will house the berthing area for a maximum of three cruise ships and other visitor use areas, and use of adjoining lands that are presently Crown Lands,” the EIA said.

“No site plan currently exists for phase two. However, the intent is for the future development on the tract situated immediately northeast of the phase one cruise ship destination parcel and potential use of a non-contiguous 230-acre parcel located approximately three miles to the north.”

Giving further insight into the developers’ plans, the EIA added: “The berthing facility has been designed for a maximum capacity of three passenger cruise ships. The ships that are expected to use the slips use bow and stern thrusters and, therefore, require no tugs or pilot services. A

Bahamian-owned pilotage company providing exclusive services to land at the port may be established. Under normal conditions, the ships are expected to pull into the berths in a bow-forward direction.

“As part of the project, a separate roll on/roll off pier will be constructed along the western side of the shoreline to provide deliveries of essential equipment and supplies. This pier will operate independently of the large ship berthing area and is shown on the conceptual plan.

“The cruise ships that are expected to use the facility have a draft of up to 30 feet and require up to 36 feet of water depth (at lowest low) in sheltered areas protected from large swells. In areas exposed to swell conditions, the vessel requires 45 feet of water depth. Some land filling and an access pier from

the filled area will allow the ships to dock with a limited amount of dredging near the stern areas of the vessels.”

The EIA added that a 64-acre lagoon, which will be excavated from existing salt ponds and be used for swimming, snorkelling and other water sports, will be a key feature of the development. “The lagoon may be reduced in size pending future changes to the master plan,” the report added. “Existing material will be removed and mixed with other excavated material for filling and mostly onsite grading.

“The replacement of existing soils with clean sand will reduce suspension of materials, address existing hypersaline conditions and improve water clarity, converting the existing hypersaline salt pond into a marine ecosystem.”

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CONCERN ON FOREIGN PROPERTY TAX CRACKDOWN MESSAGING

“I don’t know if I want to say this, but it’s on the tip of my tongue,” Mr Damianos told this newspaper.

“I’m a bit disconcerted when the Government pronounces it will be foreclosing, or dealing with by power of sale, only property owned by foreigners. Granted, foreigners should pay their property taxes, as they pay them in their own country, but I don’t know if we should be vocalising discrimination treatment between Bahamians and foreigners.

“It doesn’t resonate very well with equality in the rest of the world. It’s on my mind that if we say too many things like that foreigners could get the signal they are not welcome in The Bahamas or being

identified or singled out. We don’t want them to feel that way, but they should pay their property taxes. Every dollar we beat the Government out of we have to make it up.”

Michael Halkitis, minster of economic affairs, said earlier this year that the Government is only targeting “really chronic” property tax delinquents among foreign and commercial owners who are said to owe a combined $461m to the Public Treasury. The Government is “targeting extreme cases” who have totally disregarded their tax obligations for up to 10-20 years with its warning that it will start to seize and sell-off their properties to recover all arrears owed. The minister also reiterated that Bahamian

owner-occupied properties, where owners live in their own residences, are protected by law from the Government exercising its ‘power of sale’ over their real estate. They are not being targeted in an initiative which seeks to “put a dent” in the total $822.168m outstanding real property that is believed to be past due and owing to the Public Treasury.

Mr Halkitis, stating that the latter figure was the total arrears as at May 18, 2023, added that of this sum some $226m is owed by foreign property owners. A further $235m is due from commercial properties housing businesses or being used as rentals, and thus generating income. Some $155m is owned by Bahamian homeowners living in owner-occupied properties.

Based on these figures, foreign tax delinquents are responsible for 27.5 percent of total real property tax arrears, and commercial properties another 28.6 percent. Together, they account for a combined 56.1 percent or slightly more than half of the total real property tax arrears, and it is this that the Government is targeting with the ‘power of sale’.

Mr Damianos, meanwhile, yesterday revealed that while real estate sales activity was not as robust for his firm this year compared to 2022 it was still ahead of pre-COVID performance from 2019. “It’s still holding. It’s not as strong as it was last year, but it’s holding,” he told Tribune Business. “Right now we’re in a bit of a shoulder period as people go back

New Mexico congressman in swing district seeks health care trust for oil field workers

By MORGAN LEE Associated Press

A BILL aimed at compensating oil field workers and immediate relatives for uninsured medical costs related to air pollution and heat-related illness has been introduced by a first-term congressman from New Mexico.

Democratic U.S. Rep. Gabe Vasquez said Wednesday his bill would require that oil and natural gas companies nationwide pay into a trust that provides reimbursement to workers for health costs associated with ailments linked to methane and smog, including respiratory problems such as asthma.

Workers would be eligible to seek reimbursement for costs not covered by private insurance, Medicare or Medicaid, he said. A full draft of the bill as introduced Wednesday was not immediately available.

Vasquez said the proposal is an outgrowth of concerns he has heard from oil field workers in southeastern New Mexico — and his observations about extensive profits and executive compensation among major petroleum companies. New Mexico is the nation's second-largest oil producer behind Texas.

"If you're an energy worker in Hobbs or Carlsbad who has a child who has asthma, you would benefit from this legislation," Vasquez said.

He said annual contributions by energy companies to a health care trust should equal compensation to their 10 highest-paid employees.

The bill marks a shift in focus from an unfettered support of the oil industry

under Vasquez's Republican predecessor, Yvette Herrell, and her criticism of energy exploration policies under the Biden administration.

Vasquez flipped the district, which extends from

the U.S. border with Mexico to Albuquerque, to Democratic control in 2022, under newly drawn congressional districts that divvied up a major oil-producing region of New Mexico among three

districts. Republicans are challenging the redistricting in state district court. Vasquez announced details of the health compensation bill at a gathering in Hobbs, accompanied by

to school and vacation in August and September. “We are off from last year, but it’s held up touch wood. The interest and momentum is still good. I would say that we are definitely ahead of where we were in the comparable year of 2019 pre-COVID. We’re OK, thank God.” Mr Damianos said inventory shortages in the high-end market, due to many properties being sold in the post-COVID boom, had slowed the pace of activity slightly while there were also a number of listings “that seem to be over-priced”.

Noting that the market will eventually correct both these trends, he added that he remains optimistic about industry prospects for the remainder of 2023 and into 2024 despite the ongoing

advocates for the immigrant-rights group Somos Un Pueblo Unido, amid testimonials from oil field workers and their spouses — speaking in Spanish — about frustrations with working conditions.

"In reality my heart breaks because we're left with the effects of this industry and the corporations that don't pay what

murmurings about a possible US recession. “I don’t see any real signals that will change that outlook for The Bahamas right now unless something drastic happens,” Mr Damianos told this newspaper. “If we can keep it together and keep our policies together we’ll be OK.”

John Christie, HG Christie’s president and managing broker, added: “It’s still fairly high demand, especially among the higher-end properties. It’s a little quieter in general now but that’s par for the course and there’s still momentum. It’s slowed a little bit but is holding and, if something comes up they’ll want to buy it.”

they should for it to be a just system," Vasquez said in Spanish. "I ask you today to support us in the proposed legislation."

The bill is modeled after a compensation program for coal miners disabled by black lung disease, under the provisions of a 1969 law, Vasquez said.

BPL UNION ESCALATION AS TRADE DISPUTES FILED

scheme has been operating without a governing board and deducting contributions prior to the required date, with a second pension plan created outside the industrial agreement. The trade dispute also called for a resolution to issues with staff at the Clifton Pier plant, which it alleged has left BPL is in breech of its industrial agreement.

The Bahamas Electrical Workers Union (BEWU), which represents BPL’s line staff, alleged that the utility is in breech of their industrial agreement by contracting other staff to do the same jobs as unionised employees but with better benefits such as hazardous pay, insurance and 12-hour shifts. The dispute claimed

that BPL was “discriminating” against union members and breaching the industrial agreement by providing these workers with more favourable terms.

It said: “The BEWU negotiated an industrial agreement for the period May 1, 2021, to April 30, 2026 with the respondent which was registered on April 1, 2021. The respondent then contracted two-year agreements with certain employees dated January 1, 2023, with better terms and conditions than that of the industrial agreement knowing that there were employees doing the same work without these additional benefits. These benefits include full insurance, hazardous pay and 12-hour shifts.

“The respondent is discriminating among the bargaining unit members without any justifiable reason for providing better benefits to some workers performing the same work pursuant to Section 6 (b) of the Employment Act. The payment of full insurance for these selected workers is contrary to Clause 27.4 of the registered industrial agreement. The payment of a fixed monthly hazardous pay contravenes Clause 35 of the industrial agreement in that persons do not get the benefits as a normal part of their daily work.”

The BEWU went on to claim that BPL has violated the industrial agreement over the pension plan and failed to give workers the agreed-upon pay increments. It also called for the

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reinstatement of Monica Gaitor, who was ruled by the Industrial Tribunal to have been wrongfully dismissed.

It said: ”The respondent breached the industrial agreement by instituting a second pension plan outside the agreement in contravention of Clause 28.1. Further, the respondent has continually refused to put the union president on the pension board.

“The respondent breached the industrial agreement by failing to pay increments pursuant to Clause 52.1 (2) of the registered industrial agreement signed by the parties and registered on April 1, 2021. The union is claiming that the respondent is non-compliant with the industrial agreement, discriminating in dealing with bargaining unit members and continuing to deliberately punish a member who the Tribunal has ruled was wrongfully and unfairly dismissed.

A BPL spokesman said the company is aware that both unions filed trade disputes. The maintained that most of the issues outlined by the line staff union are either in active discussion or being settled in courts, but declined to comment further other than to say weekly discussions with the union to address its

concerns are ongoing. They added that BPL is working on completing a new industrial agreement with the managerial union. They said: “We are advised on the same by both unions. With regard to the BEWU, most of the matters filed in the dispute are either being actively discussed with the union or are before the courts. We continue weekly meetings with the union to discuss their concerns but cannot comment on any matter presently before the courts. We continue to work towards completing a new industrial agreement with the BEUMU.”

Kyle Wilson, the BEWU president, yesterday said the trade dispute is a “tool” that the union is using to draw attention to the concerns of employees. He added that he had publicised the issues that the union has with BPL on numerous occasions and does not feel the company is willing to come to a resolution. He said: “It’s no secret. I will do whatever it takes to protect the members and to protect their benefits and to protect their safety. And so that’s one of the measures that one would take is to file to trade disputes. That’s a part of the toolbox and if we feel like nothing

NOTICE

NOTICE is hereby given that LEDEANO VIRGILE of Ida Street, off Balfour Avenue, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of August, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

happened, then we’ll use another tool.”

Mr Wilson said workers have become “bitter” and staff morale has “plummeted”, adding that it seems as if “the jet is on autopilot”. He added: “We would have expected a lot better and we got a lot bitter. Many of the members in BPL feel as though BPL has gotten worse post the previous administration.

“The frustration has reached to the high heavens and no one has listened to the cries of the employees. And they just use PR to try to downplay the issues and this is not good. This is not good, man, that the morale of the staff has once again plummeted to depths unfathomable based on what’s going on. It seems as if there is no one in the captain’s wheel. It’s like the jet is on autopilot because no one has hearing the issues.”

“An MOU was signed stating that we’re going to work together but you can’t when one side wont deal. It’s very sad the way that workers are being treated when there’s an MOU [signed with the PLP when it was in Opposition] in place, and a government that says it’s a workerfriendly government. I can meet with anybody, but are you meeting towards a resolution or are you meeting just to tell the public you met with the union just to do PR.”

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AP, OTHER NEWS ORGANIZATIONS DEVELOP STANDARDS FOR USE OF ARTIFICIAL INTELLIGENCE IN NEWSROOMS

By DAVID BAUDER

AP Media Writer

THE Associated Press has issued guidelines on artificial intelligence, saying the tool cannot be used to create publishable content and images for the news service while encouraging staff members to become familiar with the technology.

AP is one of a handful of news organizations that have begun to set rules on how to integrate fastdeveloping tech tools like ChatGPT into their work. The service will couple this on Thursday with a chapter in its influential Stylebook that advises journalists how to cover the story, complete with a glossary of terminology.

"Our goal is to give people a good way to understand how we can do a little experimentation but also be safe," said Amanda Barrett, vice president of news standards and inclusion at AP.

The journalism think tank Poynter Institute, saying it was a "transformational moment," urged news organizations this spring to create standards for AI's use, and share the policies with readers and viewers.

Generative AI has the ability to create text, images, audio and video on

command, but isn't yet fully capable of distinguishing between fact and fiction

As a result, AP said material produced by artificial intelligence should be vetted carefully, just like material from any other news source. Similarly, AP said a photo, video or audio segment generated by AI should not be used, unless the altered material is itself the subject of a story.

That's in line with the tech magazine Wired, which said it does not publish stories generated by AI, "except when the fact that it's AI-generated is the point of the whole story."

"Your stories must be completely written by you," Nicholas Carlson, Insider editor-in-chief, wrote in a note to employees that was shared with readers.

"You are responsible for the accuracy, fairness, originality and quality of every word in your stories."

Highly-publicized cases of AI-generated "hallucinations," or made-up facts, make it important that consumers know that standards are in place to "make sure the content they're reading, watching and listening to is verified, credible and as fair as possible," Poynter said in an editorial.

News organizations have outlined ways that

generative AI can be useful short of publishing.

It can help editors at AP, for example, put together digests of stories in the works that are sent to its subscribers. It could help editors create headlines or generate story ideas, Wired said. Carlson said AI could be asked to suggest possible edits to make a story concise and more readable, or to come up with possible questions for an interview.

AP has experimented with simpler forms of artificial intelligence for a decade, using it to create short news stories out of sports box scores or corporate earnings reports. That's important experience, Barrett said, but "we still want to enter this new phase cautiously, making sure we protect our journalism and protect our credibility."

ChatGPT-maker OpenAI and The Associated Press last month announced a deal for the artificial intelligence company to license AP's archive of news stories that it uses for training purposes.

News organizations are concerned about their material being used by AI companies without permission or payment. The News Media Alliance, representing hundreds of publishers, issued a

statement of principles designed to protect its members' intellectual property rights.

Some journalists have expressed worry that artificial intelligence could eventually replace jobs done by humans and is a matter of keen interest, for example, in contract talks between AP and its union, the News Media Guild. The guild hasn't had the chance to fully analyze what they mean, said Vin Cherwoo, the union's president.

"We were encouraged by some provisions and have

questions on others," Cherwoo said.

With safeguards in place, AP wants its journalists to become familiar with the technology, since they will need to report stories about it in coming years, Barrett said.

AP's Stylebook — a roadmap of journalistic practices and rules for use of terminology in stories — will explain in the chapter due to be released Thursday many of the factors that journalists should consider when writing about the technology.

"The artificial intelligence story goes far beyond business and technology," the AP says. "It is also about politics, entertainment, education, sports, human rights, the economy, equality and inequality, international law, and many other issues. Successful AI stories show how these tools are affecting many areas of our lives."

The chapter includes a glossary of terminology, including machine learning, training data, face recognition and algorithmic bias.

NEW JERSEY’S GAMBLING REVENUE WAS UP BY 5.3% IN JULY

By WAYNE PARRY Associated Press

ATLANTIC City’s casinos, the three New Jersey horse tracks that take sports bets, and their online partners won over half a billion dollars from gamblers in July, up 5.3% from a year earlier, figures released Wednesday show.

The month was particularly good for Atlantic City’s top-performing casino, the Borgata, which

broke its own record for the most money any Atlantic City casino has ever won in a single month, with more than $127 million in casino, internet and sports betting winnings.

But the amount of money won from in-person gamblers at the nine casinos declined by 3% compared with a year ago, to less than $290 million.

Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton

NOTICE is hereby given that

NOEL SEDLER of Fox Hill, 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 10th day of August 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

University, which studies the Atlantic City gambling industry, said the 3% dip is not particularly worrisome.

“As is the nature of the gaming industry, there are always fluctuations in the monthly revenues and this 3% decline does not appear to be part of a lasting trend,” she said.

Total gambling revenue, including money from internet and sports betting at casinos and three horse racing tracks, was $506 million in July.

That number was the highest in any July in over a decade, said James Plousis, chairman of the New Jersey Casino Control Commission.

The amount of money won from gamblers physically present on casino floors is the key metric for Atlantic City casino executives. Internet and sports betting money helps the bottom line somewhat, but that money must be shared with third parties such as sports books and technology platforms, and is not solely for the casinos to keep.

In-person gambling is also a closely watched

ACTOR Kelsey Grammer pours beers during a guest bartending stint at the Golden Nugget casino in Atlantic City, N.J. on July

14, 2023. Atlantic City’s casinos won 3% less from in-person gamblers in July as they did a year earlier, although total gambling revenue, including internet and sports betting at casinos and horse tracks, rose by 5.3%.

metric when compared to the levels the casinos were experiencing before the COVID-19 pandemic hit.

Just two of the nine casinos

— Hard Rock and Ocean — won more from in-person gamblers last month than they did in July 2019, although several came close to equaling that mark. The Borgata’s recordbreaking $127 million total

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

MAPLE FALLS TRADING CORP. (IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International BusinessCompanies Act, 2000, as amended, the winding up and dissolution of MAPLE FALLS TRADING CORP. is complete.

Kim D Thompson Sole Liquidator

Address: Equity Trust House Caves Village West Bay Street P O Box N-10697 Nassau, Bahamas

win in July was up nearly 3% from a year earlier. It broke its own monthly revenue record of $124 million in July 2022.

Borgata president Travis Lunn said the strong performance is due to positive customer response to the former Water Club hotel, now redone as the MGM Tower; a high-limit slots lounge and a new

restaurant, none of which were available a year ago.

Hard Rock won $62.7 million in July, up nearly 5%; Golden Nugget won nearly $54 million, up nearly 10%; Ocean won $42.4 million, down 2%; Tropicana won $32.3 million, down nearly 10%; Harrah’s won $25.2 million, down 4.2%; Caesars won $25.1 million, down 1.5%; Bally’s won $24.1 million, up more than 16%, and Resorts won $15.3 million, down more than 16%. Resorts Digital, the casino’s online arm, won $59.5 million, up nearly 53%.

The online-only Caesars Entertainment Interactive NJ won $8.5 million, down nearly 22%.

The casinos and three horse tracks took $587 million in sports bets in July, keeping $61 million of that as revenue after paying off winning bets and other expenses.

Internet betting brought in $155 million in July, up 13.5% from a year earlier.

LEGAL NOTICE

ADIFO Global Multi-Asset Fund Ltd.

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the dissolution of ADIFO Global Multi-Asset Fund Ltd. has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 27th day of July, 2023.

Signed:

Crowe Bahamas Liquidator

Photo:Wayne Parry/AP

Target Q2 sales fall on muted spending, Pride month backlash, and it cuts profit outlook for 2023

By ANNE D'INNOCENZIO AP Retail Writer

TARGET reported its first quarterly sales drop in six years, dragged down by shoppers' inflation worries and a negative reaction by some customers, widely publicized on social media, to its Pride merchandise.

The Minneapolis retailer expects high interest rates, which makes credit cards more expensive to use, and higher prices on food to continue to put a strain on customers and on Wednesday, the chain cut its profit outlook for the year. It also expects sales will decline for the remainder of the year.

In lowering its forecast, Target also cited the end of the student loan moratorium, which had provided one-time college students a little more financial breathing room. Profit for the fiscal second quarter came in above expectations, however, as Target brought inventories closer in line with cautionary spending on discretionary items by customers.

Shares rose 3% Wednesday despite trimming profit expectations for the year.

Target is among the first major U.S. retailers to report quarterly financial results and the impact of rising prices and elevated interest on its customers will get a lot of attention ahead of a raft of quarterly reports from companies like Walmart other retailers.

CEO Brian Cornell said higher high prices for food and household essentials are taking a bigger chunk out of the paychecks of customers, who have also pulled back on buying some goods in favor of travel or spending time out of the house in other ways.

"Guests are out at concerts," Cornell told reporters on a media call Tuesday. "They're going to movies. They've seen 'Barbie.' They're enjoying those experiential moments, and they're shopping very carefully for discretionary goods."

Other retailers are seeing the same thing. Home Depot, the nation's largest home improvement retailer, said Tuesday that sales continued to decline after surging in recent years. Sales of big-ticket items, those that may require financing, were particularly hard hit. Industry analysts will be eager to see if the same forces are impacting other retailers reporting earnings this week, including Walmart, the nation's largest, on Thursday. Macy's, Kohl's and Nordstrom post quarterly results later this month. This week, the U.S. reported that Americans increased their spending last month, but higher interest rates are weighing on economic activities that are highly dependent on credit,

like sales of homes, vehicles, furniture and electronics.

Target is more vulnerable than other big box discounters like Walmart. More than 50% of Target's annual sales come from discretionary items like toys, fashion and electronic gadgets, according to the company's latest annual financial report.

Target also faced a unique problem during the most recent quarter, becoming one of the companies that was targeted for its LGBTQ+ support, in particular, its displays of Pride Month merchandise. It pulled some items in particular regions and made other changes after encountering hostility from some customers who confronted workers and tipped over displays. Company executives said this week that it couldn't tease out how much the negative reaction had on its business, but once it made the changes, those incidents subsided. Overall sales improved in July from June.

Cornell said the company has learned from the backlash and that it will be more

thoughtful in merchandise offerings for its heritage months, which celebrate various ethnic and marginalized groups. Target said it will have a slightly more focused assortment and will reconsider the mix of its own and national brands with its external partners.

"We'll continue to celebrate Pride and other heritage moments, which are just one part of our commitment to support a diverse teams and guests, " Cornell told reporters. "However, as we navigate an ever changing operating and social environment, we're applying what we've learned to ensure we're staying close to our guests and their expectations of Target."

Target earned $835 million, or $1.80 per share, in the quarter that ended July 29. That compares with $183 million, or 39 cent per share, in the year-ago period.

Sales fell nearly 5% to $24.77 billion as shoppers focused more on groceries than discretionary items. Business in the quarter was also hurt because results were being compared with heavy discounting in the year-ago period that was meant to clear unwanted inventory as shoppers pulled back.

Analysts had been expecting profits of $1.43 per share on sales of $25.18 billion, according to FactSet.

Inventory at the end of the second quarter was 17% lower than last year, reflecting a 25% reduction in discretionary categories like fashion and home furnishings.

NOTICE is hereby given that DOMINIQUE JEAN LOUIS of Wallace Road off Farrington Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of August 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

DIVIDEND NOTICE

TO ALL SHAREHOLDERS

The Board of Directors of Bahamas Waste Limited has declared a Dividend for Ordinary Shares, to all shareholders of record as of August 25, 2023, of $0.16 cents per share

The payment will be made on September 6, 2023, through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent

Robert V. Lotmore Corporate Secretary

THE BULLSEYE logo on a Target store is shown in the South Bay neighborhood of Boston, on Feb. 28, 2022. Target reports earnings on Wednesday. Photo:Charles Krupa/AP

Aldi to buy 400 Winn-Dixie, Harveys groceries in Southern US

By DEE-ANN DURBIN AP Business Writer

DISCOUNT grocer Aldi

said Wednesday it plans to buy 400 Winn-Dixie and Harveys supermarkets in the southern U.S.

Under a proposed merger agreement, Aldi will acquire all outstanding shares of Jacksonville, Florida-based Southeastern Grocers Inc., the parent company of Winn-Dixie and Harveys. If the deal is approved by regulators, it's expected to close in the first half of 2024.

Financial terms of the deal weren't disclosed. Both Southeastern Grocers and Aldi are private companies. Aldi is based in Germany with a U.S. headquarters in Batavia, Illinois.

Assistant Operations

Aldi said the deal supports its long-term growth strategy in the U.S., where it expects to have 2,400 stores by the end of this year. The Winn-Dixie and Harveys supermarkets it's acquiring are primarily in Alabama, Florida, Georgia, Louisiana and Mississippi.

Aldi said it will convert some locations to its own brand and format, which cuts costs with features like limited selection and

self-bagging. But it will operate some stores under the Winn-Dixie and Harveys brands.

Neil Saunders, an analyst with GlobalData Retail, said the deal is unusual for Aldi, which usually opens its own stores. He said it suggests Aldi wants to experiment with more traditional supermarkets that don't follow its low-cost model. He also said Aldi's deep pockets and efficient supply chain will make Southeastern's stores more competitive.

The deal comes amid wider consolidation in the grocery industry as customers increasingly defect to big box stores like Walmart.

In the year ending June 30, Walmart controlled 25% of U.S. grocery sales, according to Numerator, a market research firm. Aldi controlled 2% while Southeastern Grocers controlled less than 1%. Aldi's share had grown 0.2% since 2021, while Southeastern Grocers' share was down 0.2%.

Last fall, Kroger and Albertsons __ two of the largest U.S. grocery chains __ announced plans to merge in a $20 billion deal. Regulators are reviewing that plan now; if it's

approved, it is expected to close early next year. Together, Kroger and Albertsons currently control around 18% of the U.S. grocery market, Numerator said.

But not everyone supports consolidation. The United Food and Commercial Workers union, which represents the majority of hourly workers at Kroger as well as workers at Albertsons-owned Safeway, voted in May to oppose the merger, saying the companies weren't being transparent about its impact on jobs.

And on Wednesday, the secretaries of state of seven states with nearly 5,000 Kroger and Albertsons stores __ including Colorado, Arizona, Minnesota and Maine __ sent a letter to the Federal Trade Commission opposing the merger, saying it would limit consumer choice and give the stores no competitive incentive to hold down prices.

Southeastern Grocers also plans to sell its 28 Fresco y Mas stores to Fresco Retail Group, an investment company, which will continue to operate them under the same brand.

and Harveys supermarkets in the southern U.S.

Photo:Chris Urso/AP

FANTASIA ASSET MANAGEMENT LTD. (Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 11th day of August, A.D., 2023. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas.

GALNOM LTD. Liquidator

NOTICE

TurnbullLimitedHoldings

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Turnbull Holdings Limited has been completed and the company has been struck from the Register on the 22nd day of June 2023.

DELCO INVESTMENTS LIMITED Liquidator

NOTICE

Chisel Point Limited

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Chisel Point Limited has been completed and the company has been struck from the Register on the 22nd day of June 2023.

DELCO INVESTMENTS LIMITED Liquidator

Legal Notice NOTICE

BLUESHORES INVESTMENTS LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) BLUESHORES INVESTMENTS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 16th day of August 2023.

(c) The Liquidator of the said Company is Delco Investments Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. Dated this 17th day of August A.D., 2023

Delco Investments Limited Liquidator

NOTICE

Whirlwind Management Inc.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Whirlwind Management Inc. has been completed and the company has been struck from the Register on the 12th day of May 2023.

NOTICE is hereby given that WALVENS GARCONVIL of Wulff Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th 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 TIMOUNI ANTHONEY WALTON of P. O. Box SB-52750, #5 Mount Tabor Estates, 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 10th day of August, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

KINETICA INVESTMENT CO. LTD.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of KINETICA INVESTMENT CO. LTD. has been completed and the company has been struck from the Register on the 6th day of July 2023.

DELCO INVESTMENTS LIMITED Liquidator

The Public is hereby advised that I, BRANDON LEE MATTHEW ELDON BULLARD of #24 Nassau Village, Lewis Street, New Providence, Bahamas intend to change my name to BRANDON LEE MATTHEW ELDON HARRIS 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, Bahamas no later than thirty (30) days after the date of publication of this notice.

NADLER NO GMO POPCORN CO. LTD. (Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 11th day of August, A.D., 2023. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas.

GALNOM LTD. Liquidator

Legal Notice NOTICE

ORACLE SECURITIES LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) ORACLE SECURITIES LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 16th day of August 2023.

(c) The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229,

Dated this 17th day of August A.D., 2023

Baird One Limited Liquidator

DELCO INVESTMENTS LIMITED Liquidator

BIDEN MARKS 1-YEAR ANNIVERSARY OF CLIMATE, HEALTH

LAW, SAYS ‘WE’RE INVESTING IN ALL OF AMERICA’

By SEUNG MIN KIM

Associated Press

PRESIDENT Joe Biden proclaimed Wednesday his administration is “turning things around” for Americans when it comes to the economy, with his signature climate, health care and tax package giving people “more breathing room” on prices and investing anew in clean energy jobs.

“We’re leaving nobody behind,” Biden told a packed East Room filled with lawmakers, advocates and people who have benefited from his economic policies. “We’re investing in all of America — in the heartland, and coast to coast.”

His remarks, delivered on the anniversary of the so-called Inflation Reduction Act, came as the White House ramped up efforts to illustrate the real-world impact of Biden’s economic plans.

At a White House event

Wednesday afternoon to celebrate a year since he signed the bill, the president stood alongside people — from union workers

to small business owners to consumers — who the White House says have been aided by the law. That sweeping package, along with the bipartisan infrastructure law and a massive bill that bolsters production of semiconductor chips, make up the core of what the White House has branded “Bidenomics.” It’s aggressively promoting the concept as Biden seeks to improve his standing with voters amid his re-election campaign.

Before the East Room event, the administration rolled out a new online tool on invest.gov that relays stories from across the country about the impact of the president’s economic agenda.

“As all of the great things from this bill roll out over the next few years — and over the next decades, frankly — when it comes to the Inflation Reduction Act, as great as it has been, the best is yet to come,” said Senate Majority Leader Chuck Schumer, D-N.Y., who muscled the legislation through an evenly-divided Senate last year.

The White House is on a sprint to connect what they say is a popular economic agenda with an unpopular incumbent president, as polls show a majority of voters consistently disapprove of Biden’s handling of the economy even amid signs of a U.S. economic upswing.

The inflation rate has cooled over the past year to a more manageable 3.2%

annually, while job growth has stayed solid and the economy has avoided the recession that many analysts said would be needed to bring down prices.

On Tuesday, the Census Bureau reported that retail sales have climbed 3.2% over the past 12 months. That level of consumer spending led the investment bank Goldman Sachs to raise its expectations for

overall growth in the third quarter to an annual rate of 2.2%. The Atlanta Federal Reserve’s GDPNow estimate jumped even higher with the forecast of thirdquarter growth reaching 5%.

The evidence of economic strength has yet to translate into political gains for Biden, who has devoted the past several weeks to traveling the U.S. He’s emphasized the roughly $500 billion worth of investments by private companies that have been spurred by his policies.

Aides say the mood of the American electorate has been dampened in recent years by outside forces such as a once-in-a-century pandemic and said it would take time for laws signed by Biden to have an impact on voters’ sentiments.

“Once those investments happen, once those jobs are created, once those people are at work, in red districts, purple districts, blue districts, it’s very hard to walk away from that,” White House energy adviser John Podesta said Wednesday. “And so I’m quite confident

that as the public really begins to feel the presence of this law in their lives, particularly on that workforce side, it’s here to stay.’’ Meanwhile, U.S. Treasury marked the law’s anniversary by releasing a new analysis that it says shows new clean energy investments spurred by the law are largely benefitting underserved communities. The agency report issued Wednesday states that new investments in clean energy, electric vehicles and batteries are concentrated in areas with lower employment, wages and college graduation rates. But the name is the Inflation Reduction Act after all, despite the minimal impact that the law has had in actually taming cost prices over the past year. So the administration is also rolling out a new report from the Department of Energy that shows the law will cut electricity rates up to 9 percent and lower gas prices by up to 13 percent by the year 2030.

Notes to the Consolidated Financial Statements (Unaudited)

For the Six (6) Months Ended 30 June 2023 (Expressed in Bahamian dollars)

Corresponding Figures

Where necessary, corresponding figures are adjusted to conform with changes in presentation in the current year. Further, corresponding figures presented in the consolidated statement of financial position and related notes are as of 31 December 2022.

Capital Management

The objectives of Fidelity Bank (Bahamas) Limited (the Bank) when managing capital, which comprises total equity on the face of the consolidated statement of financial position, are:

To comply with the capital requirements set by the Central Bank of The Bahamas (the Central Bank).

To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; and

To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Bank’s management, employing techniques designed to ensure compliance with guidelines established by the Central Bank, including quantitative and qualitative measures. The required information is filed with the Central Bank on a quarterly basis.

The Central Bank, the Bank’s principal regulator, requires that the Bank maintains a ratio of total regulatory capital to risk-weighted assets at or above a minimum of 14.00%. For the six (6) months ended 30 June 2023 and the year ended 31 December 2022, the Bank complied with all of the externally imposed capital requirements to which it is subject.

PRESIDENT Joe Biden arrives to speak on the anniversary of the Inflation Reduction Act during an event in the East Room of the White House, Wednesday, Aug. 16, 2023, in Washington.

Photo:Evan Vucci/AP

Wall Street falls as the bond market cranks up the pressure

By STAN CHOE AND ALEX VEIGA AP Business Writers

WALL Street weak-

ened Wednesday to worsen what's already been a messy August.

The S&P 500 fell 33.53, or 0.8%, to 4,404.33, following up on its prior day's tumble of 1.2%. The Dow Jones Industrial Average lost 180.65 points, or 0.5%, to 34,765.74, and the Nasdaq composite dropped 156.42, or 1.1%, to 13,474.63.

Increased pressure came from the bond market, where yields have recently neared their highest levels since the Great Recession sent interest rates collapsing. Yields climbed more following the afternoon release of the minutes from the Federal Reserve's latest meeting.

The minutes suggested Fed officials are unsure about their next move after catapulting the main interest rate they control to its highest level in more than two decades. Hopes had been rising among investors that last month's rate hike by the Fed would prove to be its last.

High rates work to grind down inflation by bluntly slowing the entire economy and hurting investment prices. The Fed's minutes showed that officials still don't think the job on inflation is done but that they also acknowledge the risk of going too far and torpedoing the economy. They said they'll make upcoming decisions based on what data reports about inflation and the economy tell them.

Some analysts took the minutes as a suggestion that another rate hike is possible, while others said it shows the Fed is likely done hiking.

"Ultimately there were no major surprises in the minutes, as the Fed is expected to remain data dependent when determining the path of monetary policy through the end of the year," said Sam Millette, fixed income strategist for Commonwealth Financial Network.

Big technology stocks and other investments seen as particularly vulnerable to higher rates were some of the day's heaviest weights on indexes. Tesla fell 3.2%.

Facebook's parent, Meta Platforms, dropped 2.5%, and Amazon fell 1.9%.

Wall Street has generally been retrenching this month on several concerns, including worries that torrid gains made this year through July were overdone and that interest rates may stay high for longer.

A surprisingly strong report on sales at U.S. retailers helped cause Tuesday's slide in stocks, as it suggested upward pressure on inflation still exists.

While strong economic reports calm long-held worries about a possible recession, they could also end up keeping rates higher for longer.

Data released Wednesday showed that U.S. industrial production improved by more than economists expected last month. Homebuilders also broke ground on more homes.

Treasury yields have been generally climbing as reports paint a picture of a still solid economy. That pressures stocks because when safe bonds are paying more in interest, investors feel less pressure to pay

high prices for stocks and other risky investments. The yield on the 10-year Treasury rose to 4.26% from 4.22% late Tuesday. It's once again close to where it was when the 200709 Great Recession sent interest rates crashing. The 10-year yield helps set rates for mortgages and other important loans.

The 10-year Treasury Inflation Protected Security, which takes inflation into account, is at its highest level since 2009, according to Tradeweb.

On Wall Street, Intel's stock fell 3.6% after it and Tower Semiconductor agreed to call off Intel's $5.4 billion buyout of the Israeli chip maker. The deal faced resistance from Chinese regulators.

Agilent Technologies fell 3.4% despite reporting stronger profit for the latest quarter than analysts expected. Its forecasts for upcoming results, including revenue for the full year, fell short of expectations. It pointed to a challenging economy, particularly in China.

Coinbase Global's stock swung after it said it plans to soon offer futures trading for cryptocurrencies to eligible U.S. customers after receiving federal regulatory approval. It rallied in the morning before finishing with a dop of 0.2%.

Target and TJX, the company behind T.J. Maxx and Marshalls, helped to limit the market's losses.

Target rose 3%, and TJX

climbed 4.1% after both reported stronger profit for the spring than analysts expected.

Progressive jumped 8.9% for the biggest gain in the S&P 500 after reporting its results for July, and other insurers also rallied to help lead the market.

In stock markets abroad, indexes were mixed in Europe. Stocks were down more sharply in Asia, where worries are high about a faltering economic recovery in China.

Stock indexes fell 1.4% in Hong Kong, 1.8% in Seoul, 1.5% in Tokyo and 0.8% in Shanghai.

Coming into this year, the expectation was that China's economy would grow enough after the government removed anti-COVID restrictions to prop up a global economy weakened by high inflation. But China's recovery has faltered so much that it unexpectedly cut a key interest rate on Tuesday and skipped a report on how many of its younger workers are unemployed.

A CURRENCY trader passes by the screens showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Aug. 16, 2023. Asian shares declined Wednesday amid worries over discouraging data on China, as well as over the future of the U.S. economy.

Photo:Ahn Young-joon/AP

“Ultimately there were no major surprises in the minutes, as the Fed is expected to remain data dependent when determining the path of monetary policy through the end of the year.”

Sam Millette