THURSDAY, AUGUST 22, 2024
‘Pay up or operating licence suspended’ proposes URCA
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
CHANGES are being proposed to the electronic communications sector in a new consultation document released by the Utilities Regulation and Competition Authority (URCA).
The document aims to ensure the sector’s regulatory framework is “robust, equitable, and aligned with the evolving needs of the industry and the Bahamian public”.
The regulator proposed the changes to existing Individual Operating Licences (IOLs) to ensure consistency across licensees.
URCA said no new or revised licences will be issued to licensees with outstanding fees and IOLs expiring in 2024 will be renewed for the standard 15-year period while licensees with later expiry dates will have their licences renewed for the remainder of the current period.
Individual Spectrum Licences (ISLs) and Class licenses will also not be issued to licensees with outstanding fees.
URCA also said that Class licences, which currently do not have a definitive expiration date, will be reissued after the consultation process and SEE PAGE B2
storm
By FAY SIMMONS
SEVERAL areas of New Providence experienced an electrical outage yesterday due to lightning storms. Bahamas Power and Light said service to multiple areas of New Providence was impacted by a lightning storm yesterday afternoon. Residents in East Street South, Prince Charles West, High Point Estates, Stapledon Gardens, Victoria Gardens, East Street North, Sunset Park Warren Street and Oaks Field were
Ministry unveils $43m plan to boost nation’s healthcare
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Ministry of Health and Wellness held a public forum last night to reveal its upcoming plans for significant improvements to the health sector across The Bahamas.
The initiative, in collaboration with the Inter-American Development Bank (IDB), will see a $43m investment aimed at enhancing healthcare delivery and infrastructure.
There will be $8m invested in the improvement of the delivery of healthcare, a $25m investment in enhancing the capacity of primary care and a $10m investment in the modernisation of the health information system.
The plan includes the construction of new clinics on several Family Islands, including Stevenson, Cat Island; Moore’s Island, Abaco; Staniel
Cay, Exuma; Black Point Exuma; Great Harbour Cay, Berry Islands and Long Cay.
Additionally, several existing clinics will be renovated to improve primary care services. These include Bimini Community Clinic; Fox Town Community Clinic; Deadman’s Cay Community Clinic; Fox Hill Community Clinic; Simms Clinic and Abaco Health Centre.
Janeen Bullard, environmental and social specialist for the project, explained that in addition to upgrading the medical equipment
in the clinics 15 ambulances have been procured that are expected to arrive next week.
“Sub components of the unit will be to upgrade the medical equipment that are found in within these clinic systems, various types of equipment, laboratory tests, emergency care, services such as defibrillators, equipment for dental services and preventive care,” said Ms Bullard.
“Under this component, we will also see the purchasing or the arrival of 15 new ambulances, some of which are scheduled to
be delivered on August 30. These [ambulances] will be divided and distributed to various islands. These include Andros, Bimini, Cat Island, Eleuthera, Long Island, New Providence and San Salvador.” In addition to the construction and renovation of the clinics the National Reference Laboratory will be constructed in New Providence on the site of the former Mortgage
BREA president responds to criticisms over condos
By ANNELIA NIXON anixon@tribunemedia.net
THE president of the Bahamas Real Estate Association, Carla Sweeting, says that BREA has a neutral stance on homeowner association rules and restrictions, after criticisms in a letter to The Tribune.
Mrs Sweeting said she believes the letter to the editor, published in yesterday's Tribune, was written due to a recent interview she’d been a part of on a podcast on August 14. Mrs Sweeting
was asked her view on vacation rental homes and how they impact long-term rental homes. She said she
believes the writer based their submission on her response. The writer criticised both BREA and Mrs Sweeting.
“BREA president seems to want to support the minority folk who get on Condo Associations and weld almighty to suit themselves not for the interest of all condo owners,” the writer said. “They went on to mention conveyance, writing, “Just how can the Condo Association override covenants of the original purchase?”
Mrs Sweeting explained to Tribune Business how
a real estate transaction works. She said when purchasing a property, an attorney will conduct a title search to ensure the “root of the title is good” to avoid the purchaser from inheriting debt that does not belong to them. She said the attorney may ask the purchaser if they are aware of the HOA’s restrictions and rules. She said the next step involves a conveyance being drawn.
“Then a conveyance is drawn and the conveyance will, in layman's terms, will
CARLA SWEETING
JANEEN BULLARD
Starting a business is a significant achievement for many potential business persons, but maintaining one is the larger challenge. Subsequently, there are many trials that every business large or small faces such as hiring the right employee,
building a brand, and developing a customer base. And sadly, one of the most common mistakes that small business owners make is not creating a comprehensive business plan.
Challenges of potential business DEIDRE BASTIAN
The business plan should include the profit model of the business, market research about the local competition and demand for the product, the operations of the business, an outline of all sales and marketing efforts, and financial projections.
In theory the paradox of growth is both a blessing and curse for businesses while pursuing profitability and quality. Unquestionably, it can be a tightrope that can often lead to a few missteps; however growth should never be the enemy of quality as a small business needs both. This is often a common story but: one day the business may be celebrating landing a big client, and the next day it’s struggling to keep up with the new client’s demands. Growth comes with growing pains.
Inflation and price increases
Addressing rising costs can help employers be more successful and regardless of size, the balance sheet and inflation will always be a top concern. What is more, with scarce resources and increased risks, small businesses often spend more time putting out fires which result in less time to focus on growth and development. Nonetheless, not every small business is impacted by inflation; as for some the inconvenience is insignificant.
Finding good employees
As a business expands, enters new markets and its processes will evolve over time, meaning the same talent strategy won’t work forever. In many instances, while large businesses can hire employees for one specific task, a smaller business may require employees who can handle multiple tasks simultaneously. Likewise, employees who feel valued
are usually happier, more productive and less likely to look for other employment opportunities. For all cases and purposes, even though sustainability often brings its own set of challenges, businesses are constantly seeking more effective solutions to these obstacles which require more strategic planning,resource optimization, and innovative marketing tactics. In essence,overcoming these hurdles opens the door to potential growth. By the same token, it is also wise to closely review archaic contracts, along with other expenses to determine what’s necessary (what your business does not need any longer). Negotiate and find economical alternatives as the rising inflation can be challenging. Still amidst the challenges, employers must find ways to “grow their businesses without hurting their business”. Until we meet again, live life for memories as opposed to regrets. Enjoy life and stay on top of your game.
welcomes feedback at deedee21bastian@gmail.com trained Graphic Designer/ International Award-win-
‘Pay up or operating licence suspended’ proposes URCA
FROM PAGE B1
current holders will have to reapply for the revised licences. According to the consultation document, URCA said delinquent fees have reached an “unacceptable and untenable level” and greater regulatory measures are required to “incentivise compliance”.
“Licensees granted a licence by URCA under the Comms Act are required to pay such fees in full each year as levied and, in the manner, prescribed by URCA. Notwithstanding the foregoing, ECS delinquent licensee accounts have accrued to an unacceptable and untenable level since the establishment of the ECS licensing regime in 2009,” said URCA.
“URCA considers this situation to be antithetical to its regulatory functions and the policy objectives under the Comms Act, that now requires more effective and efficient regulatory measures to incentivise compliance by licensees to pay the licence fees.”
To combat the issue, URCA has proposed the suspension of the licenses of delinquent licensees until they have paid their balance and interest in full.
“URCA therefore proposes to stipulate in a modified licence condition regarding the “Payment of Fees and Contributions”, that URCA may immediately suspend the licence
for failure and/or refusal by a licensee to pay licence fees (and interest thereon) and contributions in full, or as charged by URCA,” said URCA.
“The effect of the suspension will be that the licensee shall be prohibited from providing an electronic communication service until such time as all fees and contributions have been paid. The duration of such proposed suspension will not exceed the period until such time as the Licensee pays the outstanding licence fees and contributions.”
The regulator said if outstanding fees are not paid after licenses have been suspended the license will be suspended or revoked.
“Consequential to the suspension of the licence, the charge of fees and contributions by URCA to the licensee will be paused until such time as URCA notifies the licensee that the suspension of the licence has been lifted,” said URCA.
“URCA also proposes a modified licence condition regarding ‘Payment of Fees and Contributions’ that URCA may revoke a licence (in accordance with the Communications Act) where the licensee repeatedly contravenes or fails to cure the obligation to pay fees and/or interest under its licence.”
The consultation period is open until 20 September 2024.
USDA helps Bahamian businesses export to US
By LLONELLA GILBERT
Bahamas Information Services
MINISTER of Agriculture and Marine Resources
Jomo Campbell said in recent years The Bahamas faced various challenges related to food safety including foodborne illnesses, supply chain disruptions and evolving regulations.
“As we focus on food safety, it is essential to acknowledge the unique challenges faced by The Bahamas. With over 700 islands and cays transporting food safely and efficiently can be a logistical challenge,” Mr Campbell said during the Preventive Controls for Human Food Course facilitated by the United States Department of Agriculture (USDA) Foreign Agricultural Service (FAS) in collaboration with the Inter-American Institute for Cooperation on Agriculture (IICA) at the British Colonial Hotel yesterday.
He said, referring to the challenges of an archipelago: “This can lead to longer shipping times and potential spoilage or contamination of perishable goods. Many small-scale and local producers may lack access to the necessary resources such as funds, training and technology to implement effective food safety measures and comply with standards.”
The minister also noted that the country largely relies on imported food products – something that the government is working on to change.
He explained that the three-day course is just one of the initiatives that the Ministry is supporting in its effort to create more economic opportunities for Bahamian agribusinesses, and diminish the nation’s agricultural trade imbalance.
The minister said the completion of the course will allow the participants to meet the requirements for the US Food and Drug Administration Processed Food Import Certification
so they can export Bahamian food products to the US.
He said although this certification allows for critical export opportunities, it is also critical to the nation’s own food safety.
“Food safety is not a regulatory requirement; it is a fundamental aspect of public health and community welfare.”
US Chargé d'Affaires
Kimberly Furnish said during US Vice-President Kamala Harris’ visit to The Bahamas last June, she recommitted the US government’s support for the US-Caribbean Partnership to Address the Climate Crisis 2030 (PACC 2030).
Ms Furnish said: “Under Pact 2030 Food Security Pillar, the US government through the United States Agency for International Development and USDA [is] working to address the barriers the Caribbean, including The Bahamas, faces in the agricultural trade.
“To that end, the US continues to find ways to assist The Bahamas’ efforts to prioritize agriculture in its nationwide agenda, in its efforts to diversify and modernise the sector, to diversify the country’s food imports, to improve security and to improve the export of locally grown products.”
She explained that to further those efforts, the course will assist Bahamian producers interested in exporting products to the US. Food producers, processors, quality assurance professionals and regulatory inspectors are taking the course.
Some of the topics the course will touch on include an introduction to a food safety plan; good manufacturing practices; biological food safety hazards; food allergen preventive controls determination; sanitation preventive controls; supply chain controls; validation and verification procedures; record-keeping procedures and a recall plan.
MINISTER of Agriculture and Marine Resources
The Presidential Opportunity at University of The Bahamas
The Board of Trustees of University of The Bahamas (UB) is pleased to announce an intensive search for the next President of UB and invites nominations and applications for this exceptional leadership opportunity. The Board seeks a dynamic and inclusive leader who will embody a commitment to the values and traditions of the University. The next President will be an effective and transformational leader who builds on the exceptional strengths of UB, whose mission is to advance and expand access to higher education, promote academic freedom, drive national development, and build character through teaching, learning, research, scholarship, and service. The President will have a deep understanding of and appreciation for the culture of The Bahamas and will position the University for continued growth and success.
This presidential opportunity arrives at a pivotal moment in the history of the Commonwealth of The Bahamas as the nation celebrates 51 years of post-colonial progress and the 50-year legacy of UB. The University has expanded its focus to include continuous quality improvement, demonstrated by its commitment to achieving national and international accreditation. UB is publicly funded with locations on the islands of New Providence, Grand Bahama and San Salvador. UB offers diplomas, graduate, baccalaureate and associate degrees, as well as certifcates across approximately 60 academic programmes. The University serves approximately 4,500 students, has an alumni base of over 22,000 and is one of the largest employers in The Bahamas.
A comprehensive Leadership Profle outlining the University’s priorities as well as the characteristics and attributes of the next President is accessible at https://www.agbsearch.com/searches/presidentuniversity-of-the-bahamas
Additional information about University of The Bahamas is available at: https://www.ub.edu.bs/
AGB Search is assisting the Presidential Search Committee. To assure best consideration, applications and nominations should be received by September 19, 2024. All inquiries, nominations, and applications will be held in the strictest confdence.
Candidates are requested to submit the following documents in Microsoft Word or PDF format:
• A letter of interest describing relevant experience;
• A complete CV or resume; and
• Five professional references with email addresses, and telephone numbers. References will not be contacted until a later stage of the search and without the formal permission of the candidate.
All application materials should be submitted through the AGB Search portal system: http://bit.ly/45x16JU.
Candidates are invited to speak with the search consultant before submitting an application. Questions regarding the application process should be directed to UBahamasPresident@agbsearch.com.
Nominations and confdential inquiries should be directed to: Dr. Carlton Brown, Executive Search Consultant, AGB Search carlton.brown@agbsearch.com / (912)
Jomo Campbell at the Preventive Controls for Human Food Course facilitated by the United States Department of Agriculture Foreign Agricultural Service in collaboration with the Inter-American Institute for Cooperation on Agriculture at the British Colonial Hotel on Wednesday, August 21, 2024. US
Chargé d'Affaires Kimberly Furnish addressed the event.
Photos:Patrick Hanna/BIS
Power outage after lightning storm
affected by the outage due to inclement weather.
As of last night, service was restored to most of the consumers, however, transformers were required to be replaced in High Point and Victoria Gardens leading to some resident’s electricity taking longer to come back on stream.
The utility said it encountered an “additional issue” in Oaks Field and technicians were still working to restore electricity as of press time.
Last week, BPL said it experienced “major system
disturbance” due to a cable fault that caused units at the Clifton Pier Power Station to go offline. The “disturbance” led to an interruption in service to residents throughout the island.
In a statement, BPL described the blackout as “unpredictable” but noted that quick action from its teams led to full restoration “within a short period of time.” While some areas had power restored quickly, others experienced prolonged outages due to additional work required
on the company’s transmission lines. BPL noted that it has not experiences any major outages in New Providence for over a year and apologised to consumers.
“BPL emphasises that it hasn’t experienced any major system disturbance experienced in New Providence in more than a year. While unpredictable, all available resources were committed to the safe restoration of services.” said BPL.
Following the blackout Energy Minister, JoBeth Coleby-Davis said efforts
MINISTRY UNVEILS $43M PLAN TO BOOST NATION’S HEALTHCARE
FROM PAGE B1
Cooperation building located in Oaks Field.
The project also includes the construction of the National Reference Laboratory in New Providence on the site of the former Mortgage Corporation building in Oaks Field.
This laboratory will centralise laboratory testing and information for The Bahamas.
are underway to prevent a recurrence and enhance power reliability
Mrs Coleby-Davis said the recent power cuts highlight the urgent need for electricity reforms in the country and emphasized that BPL’s teams have been working diligently to address critical areas needing upgrades, especially with hurricane season underway.
“The state of the country’s infrastructure, transmission, and distribution lines is strained, trying to meet the high demand for power from homes
neighbourhoods,” said Ms Bullard.
and businesses,” said Mrs Coleby-Davis. “There is great urgency to focus our efforts on addressing these challenges and to communicate with the public about the work we are doing.” New Providence’s electricity grid is being transferred to the control of Bahamas Grid Company, an entity that will be 60 percent majority-owned by private investors. Island Grid, the entity that will manage Bahamas Grid Company, is headed by Eric Pike, whose Pike Electrical will be supplying the
manpower, equipment and resources to overhaul the grid. Pike trucks and staff are already arriving in The Bahamas.
Bahamas Grid Company is presently raising $100m via the private placement of a bond issue, with the proceeds set to finance some $120m in “foundational” upgrades to the New Providence grid by the 2025 third quarter. The bond offering document details the implications for BPL staff, with expatriate workers set to take the lead on the upgrades until Bahamians can be up-skilled.
To address potential disruptions to surrounding businesses during construction, a traffic management plan will be implemented.
“A traffic management plan will need to be implemented to ensure that there are minimal impacts to surrounding businesses and
Ms Bullard said the building which is currently unoccupied and sits on 0.32 acres has already undergone an environmental impact assessment. Mitigations will be put in place to reduce the impact of flood, traffic, noise, air quality, erosion and light.
“For the National Reference Lab, there are several businesses that are right around the area. It is within that area for University of The Bahamas, as well as McDonald’s, Wendy’s, there’s an insurance company right next door. So, a part of that process is that we ensure that we put in mitigation practices that limits those impacts.”
She said the clinics will be built to withstand natural disasters and will be constructed in higher lying areas well away from protected areas.
The clinics will also be built and renovated to ensure they are eco-friendly ‘green buildings’ and will feature isolation areas to
prevent the spread of contagious diseases. “We wanted to make sure that there was adequate design for infectious diseases, so that the clinics are designed to contain the spread of contagious diseases,” said Ms Bullard.
“Ensuring that there are things such as isolation units so if there is a fear that there’s a contagious disease that may be a spreading, these clinics have the capacity to isolate them from other patients that may be in those areas. As well as we will be able to handle the higher volume of patients during epidemics, such as what we’ve seen during the COVID-19 pandemic.”
The timeline for the various projects is as follows:
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renovations to the Abaco Health Centre is expected to take 8 months, while the Fox Town Community Clinic, Deadman’s Cay Community Clinic, and Simms Clinic will be completed in four months each. The Bimini Community Clinic is anticipated to take five months, and the Fox Hill Community Clinic will be finished in two months. For new constructions, the National Reference Laboratory is projected to take nine months. Stevenson’s clinic is expected to take 18 months, Moore’s Island, Great Harbour Cay, Staniel Cay, and Black Point are estimated at 14 months each, and Albert Town is expected to be completed in six months.
BREA president responds to criticisms over condos
FROM PAGE B1
be that Mr Seller agrees to sell to you his condo, number so and so in whatever complex,” she said.
“Then you sign it and agree. It’s strictly the legal description of the property that you are buying. That can be a condo, that can be a house, that can be a vacant lot. So that person is totally wrong when it says homeowners association cannot change the covenants of your conveyance. I don’t care to comment on the conveyance part of it because that’s the legal side of it.”
Mrs Sweeting said she told the interviewer that vacation rental homes are very popular at the moment and an extremely saturated market. She said this in turn has made it difficult for Bahamians and foreigners to find long-term rentals.
“There was no indication or hint of anything that me representing BREA is agreeing with a homeowner changing its covenants. I used an example. I said one of the larger communitiesgated communities - in the cable beach area, they did vacation rentals but their home owners association voted and agreed that they would no longer be doing vacation rentals. They have every right to do that if their homeowners association allows them to do that and yes, it doesn’t have to be that every single person agrees with that ruling but the majority wins, like in every organisation. You’re never going to please everybody. ”
The letter writer, K Albury, also suggested that the government put in place a Condo Association Restrictive Practice Act which they said would
“safeguard the condo buyer from the whims of unusual minority ‘power group who get control of the Condo Association and impose conditions not on a unanimous approach where all owners agree…”
Mrs Sweeting said that HOA is like a business, and it would be difficult for the government to tell them how to run their business, especially if they are acting legally. The writer made mention of VAT and BREA wanting to control the market. Mrs Sweeting said she did not understand what the writer was trying to say.
“What in the world does that even mean?” she asked. “I read that over and over. I can’t figure that out. That makes no sense. If you are an owner of a unit, in a complex that allows vacation rentals, you’re supposed to be paying VAT on your rental income. Again, BREA agents don’t get involved in that. That’s not for us to do. I don’t understand what that means.” She defined and outlined BREA’s role in real estate for the public to understand.
“We are the regulatory body,” she said. “We are the regulators for the practice of real estate in The Bahamas. We are responsible for all of the members who hold a BREA licence or sell and engage in any kind of real estate practice. That is what we are. We don’t control homeowner associations, we don’t control what a complex can and cannot do. We abide by whatever they are.”
Questions remain as tech company takes blame for glitch in Florida county election websites
TALLAHASSEE, Fla.
Associated Press
AN elections technology company is taking full responsibility for glitches that kept many Florida county elections officials from immediately posting primary results Tuesday night.
While the problem didn't affect voters or ballot counting, there were still unanswered questions Wednesday.
Tallahassee-based VR Systems issued a brief statement but refused to answer questions on how widespread the problem was, why it wasn't prepared for websites that slowed or crashed, and how it's going to fix a problem that popped up during a lowturnout primary when it deals with a much larger demand for information during a hotly contested presidential election in less than three months.
The problem didn't affect how counties reported the primary vote to the state, nor did it affect the state's ability to provide election updates. But people checking local election websites Tuesday night couldn't access results as they came in.
"We share everyone's sense of urgency to identify why people may have experienced problems accessing our customers' websites," the company said in a brief statement. "First and foremost, the election night reporting of the unofficial results was not impacted, and there is no indication of malicious activity."
The company said an increase in website traffic contributed to the problem.
VR Systems didn't return emails and phone calls from The Associated Press seeking more details on the glitch. A reporter went to its
office to ask for additional information in person and was told anyone authorized to speak on the issue was too busy. The reporter was also told to visit the company's website for a statement and that the company was unable to print a copy of
that statement at its corporate headquarters. While the issue didn't affect the process of casting, tabulating and reporting votes, it did cause a headache for the counties that use VR Systems, including some of the state's largest.
"This had no impact on our ability to report our unofficial results. We did so without any delays at all," said
a spokesperson for the supervisor of elections in Hillsborough
which encompasses
and many of its suburbs.
Gerri Kramer,
County,
Tampa
VR SYSTEMS, the company responsible for the glitches that kept the public from seeing primary
election returns in many Fla. counties on Tuesday, Aug. 21, 2024, is pictured here on Wednesday, Aug. 21, in Tallahassee, Fla.
Photo:Brendan Farrington/AP
The price of gold is at a record high. Here’s why
By WYATTE GRANTHAM-PHILIPS
AP Business Writer
A GOLD rush is here.
The precious metal hit an all time high this week.
The spot price for gold closed Tuesday above $2,514, according to data from FactSet. That's the highest closing price recorded for the commodity to date. Here's what you need to know.
What is the price of gold today?
The spot price of gold closed Tuesday at just over $2,514 per Troy ounce — the standard for measuring precious metals, which is equivalent to 31 grams. That would make a gold bar or brick weighing 400 Troy ounces worth more than $1 million today.
This week's record high means that the price of gold has climbed hundreds of dollars per Troy ounce over the last year. Tuesday's price is up nearly $620 from this time in 2023. Why is the price of gold going up? There are a few factors behind the recent gains. Interest in buying gold often comes at times of uncertainty — with potential concerns around inflation and the strength of the U.S. dollar, for example, causing some to look for alternative places to park their money. Gold also saw a surge in the early days of the COVID-19 pandemic. Giovanni Staunovo, a commodity analyst at UBS Global Wealth Management, said the main drivers of recent gold gains have been the weaker U.S. dollar
and expectations that the Federal Reserve will cut its benchmark interest rate next month. With particular concern focused on the health of the job market, all eyes will be on a Friday speech from Fed Chair Jerome Powell in Jackson Hole, Wyoming. Another factor is strong demand from central banks — which is currently wellabove the five year average, notes Joe Cavatoni, senior market strategist at the World Gold Council. Cavatoni says this "reflects heightened concern with inflation and economic stability." He also pointed to ongoing geopolitical tensions, among other factors, that have caused some to buy more gold recently. The wars in Ukraine and Gaza have notably fueled uncertainty around the
world. And numerous countries, including the United States, are also in the midst of a tumultuous election year — which could prove crucial to future economic policy. Is gold worth the investment?
Advocates of investing in gold call it a "safe haven," arguing the commodity can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road. Some also take comfort in buying something tangible that has the potential to increase in value over time.
Staunovo's team at UBS forecasts the price of gold will reach $2,600 by this year's end — and $2,700 by mid-2025. UBS sees lower U.S. interest rates and the weaker dollar supporting inflows into gold ETFs, or exchange traded funds, consequently boosting investment demand.
The Commodity Futures Trade Commission has also previously warned people to be wary of investing in gold. Precious metals can be highly volatile, the commission said, and prices rise as demand goes up — meaning "when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers."
If you do choose to invest in gold, the commission adds, it's important to educate yourself on safe trading practices and be cautious of potential scams and counterfeits on the market.
Still, future gains are never promised and not everyone agrees gold is a good investment. Critics say gold isn't always the inflation hedge many say it is — and that there are more efficient ways to protect against potential loss of capital, such as through derivative-based investments.
Montana asbestos clinic seeks to reverse court finding that it submitted hundreds of false claims
By MATTHEW BROWN Associated Press
AN attorney for a health clinic in a Montana town polluted with deadly asbestos asked a federal appeals court on Wednesday to reverse a lower court determination that it submitted hundreds of false claims on behalf of patients.
That judgment came last year in a jury trial following a lawsuit against the clinic from Texas-based BNSF Railway, which separately has been found liable over contamination in Libby, Montana, that's sickened or killed thousands of people. Asbestos-tainted vermiculite was mined from a nearby mountain and shipped through the 3,000person town by rail over decades.
After BNSF questioned the validity of more than 2,000 cases of asbestosrelated diseases found by the clinic, a jury last year said 337 of those cases were based on false claims, making patients eligible for Medicare and other benefits they shouldn't have received.
The judge overseeing the case ordered the clinic to pay almost $6 million in penalties and fees. However, even if the lower court ruling is affirmed, the clinic won't have to pay that money, under a separate settlement it reached in bankruptcy court with BNSF and the federal government, court documents show.
Clinic attorney Tim Bechtold told the threejudge panel of the 9th U.S. Circuit Court of Appeals on Wednesday that Libby's Center for Asbestos Related Disease acted in compliance with federal law.
A provision in the 2009 Affordable Care Act sponsored by former U.S. Sen. Max Baucus, a Montana Democrat, said asbestosrelated disease could be determined for Libby-area residents even without a clinical diagnosis, assuming other evidence of disease such as an X-ray interpretation from an outside party, Bechtold said.
Bechtold also wrote in court filings that the judge overseeing the lawsuit gave the seven-person jury
erroneous instructions, essentially predetermining the verdict.
BNSF urged the judges to affirm last year's ruling.
Railroad Attorney Dale Schowengerdt argued that an outside X-ray reader can identify abnormalities in a patient's lungs, but can't diagnose them as asbestosrelated disease.
"The abnormality could be asbestos-related disease, but it could also be a broken rib, emphysema, past thoracic surgery, autoimmune disease," Schowengerdt said.
Asbestos-related diseases can range from a thickening of a person's lung cavity that can hamper breathing to deadly cancer. Exposure to even a minuscule amount of asbestos can cause lung problems, according to scientists. Symptoms can take decades to develop.
The Libby area was declared a Superfund site two decades ago following media reports that mine workers and their families were getting sick and dying due to hazardous asbestos dust from vermiculite that was mined by W.R. Grace & Co.
Federal prosecutors previously declined to intervene in the false claims case, and there have been no criminal charges brought against the clinic.
Clinic representatives argued during last year's trial that they were acting in good faith and following the guidance of federal officials who said an X-ray reading alone was sufficient diagnosis of asbestos disease.
But Judge Dana Christensen issued a scathing judgment following the trial and ordered the clinic to pay $5.8 million in penalties and damages. He said clinic staff demonstrated "a reckless disregard for proper medical procedure and the legal requirements of government programs."
Christensen said he was concerned in particular that the clinic's former doctor
diagnosed himself with asbestos-related disease and that a nurse signed off for benefits for her own mother.
The clinic filed for bankruptcy after the judgment, but that case was later dismissed at the request of government attorneys. They said the U.S. Department of Health and Human Services was the main funding source for the clinic, meaning any costs associated with the bankruptcy or the false claims judgment would have come at taxpayers' expense.
The clinic has certified more than 3,400 people with asbestos-related disease and received more than $20 million in federal funding, according to court documents.
There has been no attempt to revoke those
services following the false claims ruling, according to testimony on Wednesday, and the jury in last year's trial did not specify which patient's cases were problematic.
BNSF is itself a defendant in hundreds of asbestosrelated lawsuits. In April, a federal jury said the railway contributed to the deaths of two people who were exposed to asbestos in Libby decades ago. The jury awarded $4 million each in compensatory damages to the estates of the plaintiffs, who died in 2020.
Canada’s two major freight railroads may stop Thursday if contract dispute isn’t resolved
By ROB GILLIES and JOSH FUNK Associated Press
CANADA'S two major freight railroads could halt their trains Thursday if they can't agree to renewed contracts with the union representing their engineers, conductors and dispatchers. Canada's government is watching closely and may intervene to prevent widespread damage to the economy.
Both Canadian National and CPKC have been gradually shutting down since last week ahead of the contract deadline of 12:01 a.m. Eastern Thursday, and all traffic will stop before then if this isn't resolved. Shipments of hazardous chemicals and perishable goods were the first to stop, so they wouldn't be stranded somewhere on the tracks.
As the Canadian contract talks were coming down to the wire, one of the biggest U.S. railroads CSX, broke with the U.S. freight rail industry's longstanding practice of negotiating jointly for years with the unions. CSX reached a deal with several of its 13 unions that cover 25% of its workers ahead of the start of national bargaining later this year.
The new five-year contracts will provide 17.5% raises, better benefits and vacation time if they are ratified. The unions that have signed deals with CSX include part of the SMARTTD union representing conductors in one region, the Transportation Communications Union, the Brotherhood of Railway Carmen and the Transport Workers Union. TCU President Artie Maratea said he's proud that his union reached a deal "without
years of unnecessary delay and stall tactics."
Canadian Prime Minister Justin Trudeau has been reluctant to force both sides into arbitration because he doesn't want to offend the Teamsters Canada Rail Conference and other unions, but he urged both sides to reach a deal Wednesday because of the tremendous economic damage that would follow a full shutdown.
"It is in the best interest of both sides to continue doing the hard work at the table," Trudeau said to reporters in Gatineau, Quebec. "Millions of Canadians, workers, farmers, businesses, right across the country, are counting on both sides to do the work and get to a resolution."
Numerous business groups have been urging Trudeau to act.
Trudeau said Labor Minister Steven MacKinnon
met with both sides in the Canadian National talks in Montreal on Tuesday and would be on hand for the CPKC talks in Calgary, Alberta. The talks at both railroads were ongoing Wednesday.
MacKinnon later said he wrapped up his meetings with the rail companies and the Teamsters.
'Workers, farmers, commuters and businesses can't wait. Canadians need urgency at the table. The parties need to get deals done now," he posted on the social platform X.
The negotiations are stuck on issues related to the way rail workers are scheduled and concerns about rules designed to prevent fatigue and provide adequate rest to train crews. Both railroads had proposed shifting away from the existing system, which pays workers based on the miles in a trip, to
an hourly system they said would make it easier to provide predictable time off.
The railroads said their contract offers have included raises consistent with recent deals in the industry. Engineers make about $150,000 a year on Canadian National while conductors earn $120,000, and CPKC says its wages are comparable.
Nearly 10,000 workers are covered by these contracts.
Similar quality-of-life concerns about demanding schedules and the lack of paid sick time nearly led to a U.S. rail strike two years ago until Congress and President Joe Biden intervened and forced the unions to accept a deal.
Countless businesses that rely on railroads to deliver their raw materials and finished products would be hurt if the trains do stop. All rail traffic in Canada
and all cross-border traffic with the U.S. would stop, although CN and CPKC's American and Mexican operations would continue.
Manufacturing companies may have to scale back or even shut down production if they can't get rail service, while ports and grain elevators will quickly become clogged with shipments waiting to move. And if the dispute drags on for a couple weeks, water treatment plants all across Canada might have to scramble without new shipments of chlorine.
"If railways are not picking up the goods that are coming in by ships, then pretty soon your terminals get filled up. And at that point you cannot take any vessels at the terminal anymore," said Victor Pang, chief financial officer at the Vancouver Fraser Port Authority.
US COLLEGES ARE CUTTING MAJORS AND SLASHING PROGRAMS AFTER YEARS OF PUTTING IT OFF
By HEATHER HOLLINGSWORTH Associated Press
CHRISTINA Westman
dreamed of working with Parkinson's disease and stroke patients as a music therapist when she started studying at St. Cloud State University.
But her schooling was upended in May when administrators at the Minnesota college announced a plan to eliminate its music department as it slashes 42 degree programs and 50 minors.
It's part of a wave of program cuts in recent months, as U.S. colleges large and small try to make ends meet. Among their budget challenges: Federal COVID relief money is now gone, operational costs are rising and fewer high school graduates are going straight to college.
The cuts mean more than just savings, or even job losses. Often, they create turmoil for students who chose a campus because of certain degree programs and then wrote checks or signed up for student loans.
"For me, it's really been anxiety-ridden," said Westman, 23, as she began the effort that ultimately led her to transfer to Augsburg University in Minneapolis. "It's just the fear of the unknown."
At St. Cloud State, most students will be able to finish their degrees before cuts kick in, but Westman's music therapy major was a new one that hadn't officially started. She has spent the past three months in a mad dash to find work in a new city and sublet her apartment in St. Cloud after she had already signed a lease. She was moving into her new apartment Friday.
For years, many colleges held off making cuts, said Larry Lee, who was acting president of St. Cloud State but left last month to lead Blackburn College in Illinois.
College enrollment declined during the pandemic, but officials hoped the figures would recover to pre-COVID levels and had used federal relief money to prop up their budgets in the meantime, he said.
"They were holding on, holding on," Lee said, noting colleges must now face their new reality.
Higher education made up some ground last fall and in the spring semester, largely as community college enrollment began to rebound, National Student Clearinghouse Research Center data showed.
But the trend for four-year colleges remains worrisome. Even without growing concerns about the cost of college and the long-term burden of student debt, the pool of young adults is shrinking.
Birth rates fell during the Great Recession of 2007 to 2009 and never recovered. Now those smaller classes are preparing to graduate and head off to college.
"It's very difficult math to overcome," said Patrick Lane, vice president at the Western Interstate Commission for Higher Education, a leading authority on student demographics.
Complicating the situation: the federal government's chaotic overhaul of its financial aid application. Millions of students entered summer break still wondering where they were going to college this fall and how they would pay for it. With jobs still plentiful, although not as much as last year, some experts fear students won't bother to enroll at all.
"This year going into next fall, it's going to be bad," said Katharine Meyer, a fellow in the Governance Studies program for the Brown Center on Education Policy at the nonprofit Brookings Institution. "I think a lot of colleges are really concerned they're not going to make their enrollment targets."
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, JAKIA ALLEN of 39C Raliegh Drive, Freeport, Bahamas Mother of TRAYVON JAMAL ARMANI CLARKE A minor intend to change my child’s name to TRAYVON JAMAL ARMANI ALLEN If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Offcer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that HONKEY MIKE GUSTAVE of Jerome Avenue, New Providence, 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 22nd day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE Malu Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 208470 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 21st day of August A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. BRUNO ANDRIETTA DE LIMA, whose address is R. Simao Alvares 479, AP 144, Sao Paulo, SP, CEP: 05417-030, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 20th day of September A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneft of any distribution made before such claim is proved. Dated this 21st day of August A.D. 2024. BRUNO ANDRIETTA DE LIMA LIQUIDATOR
Kentucky meets conditions for lawmakers to cut income tax in 2026
By BRUCE SCHREINER Associated Press
KENTUCKY has met the financial conditions needed to set in motion another cut in the state's personal income tax rate that could take effect in 2026, top Republican lawmakers said Wednesday.
State budget officials confirmed the financial triggers were satisfied, clearing the way for lawmakers to reduce the individual income tax rate to 3.5% from 4%, effective in January 2026, said Sen. Chris McDaniel. The GOP-dominated legislature can pass the rate cut when it reconvenes next year.
"Kentuckians know best how to spend their money and do so more efficiently than the government," McDaniel, chairman of the Senate Appropriations and Revenue Committee, said in a statement. "We are proud to help them and their families keep more of their hard-earned money."
It's a reversal from a year ago, when the Bluegrass State failed to fully meet the financial conditions, meaning the income tax rate will hold steady at 4% this coming January. Since Republican lawmakers passed a tax overhaul in 2022, the personal income tax has gradually been reduced by increments of a half-percentage point, conditioned on meeting benchmarks that ensure revenues are sufficient to meet state spending needs.
For many supporters of that landmark legislation, the goal has been to eventually phase out individual income taxes in Kentucky, shifting tax collections toward personal consumption and away from personal income. That 2022 measure also extended the state sales tax to more services. House Appropriations and Revenue Committee Chairman Jason Petrie, the tax overhaul's lead sponsor, said Wednesday that the latest tax cut is the result of a disciplined approach to state budgeting.
NOTICE
NOTICE is hereby given that MOIZUDDIN MOHAMMED of #79 Atlantic Drive, Westridge Estate, New Providence, 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 15th day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that FRED RIKO POLYCARPE of #6 Moss Road, New Providence, 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 15th day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that DAVID BELLOT of Church Hill Subdivision, New Providence, 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 15th day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that SAMREEN OMARA of #79 Atlantic Drive, Westridge Estate, New Providence, 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 15th day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that JUSTIN KESHAWN PAUL of Balfour Avenue, Miami Street, New Providence, 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 15th day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that JACKSON SALNAVE of Charles Saunders Highway, New Providence, 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 15th day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Wall Street pulls closer to records after retailers
top profit forecasts
By STAN CHOE AP Business Writer
U.S. stocks ticked higher Wednesday after more big companies delivered profit reports that topped analysts' expectations.
The S&P 500 rose 0.4% a day after breaking an eight-day winning streak, its longest of the year. The index is back to within 0.8% of its all-time high set last month.
The Dow Jones Industrial Average added 55 points, or 0.1%, while the Nasdaq composite gained 0.6%.
Treasury yields eased a bit in the bond market as investors wait for the week's main event, which will arrive Friday. That's when Federal Reserve Chair Jerome Powell will give a speech at an annual economic symposium. The hope is he'll offer clues about how deeply and quickly the Fed will begin cutting interest rates next month after it jacked them to a two-decade high to beat inflation.
In the meantime, more companies joined a parade to deliver what looks to be the best growth in profit for S&P 500 companies since late 2021.
Target jumped 11.2% after the retailer said an important underlying measure of sales strength for the spring came in at the high end of its expectations, as traffic increased at both its stores and online. Its profit topped analysts' estimates, and it raised its forecast for the full year.
TJX, the company behind TJ Maxx and Marshalls, rose 6.1% after it likewise reported stronger profit for the latest quarter than expected. The retailer also raised its profit forecast for
the full year and said it saw increased customer transactions at all of its divisions. They helped offset a 12.9% drop for Macy's. The company reported better profit than analysts expected, but its revenue fell short of forecasts. It also lowered its expected range for sales this year, due in part to "a more discriminating consumer."
Worries have been growing about whether U.S. shoppers can keep up their spending and keep the slowing economyout of a recession. Inflation is slowing, but prices are nevertheless much higher than before the pandemic, and many U.S. households have burned through the savings they built up during that stay-at-home period.
Concerns have been particularly high for U.S. households at the lower end of the income spectrum. High interest rates instituted by the Federal Reserve have made it more expensive to borrow money, compounding the difficulty.
That's why the widespread expectation is for the Fed next month to lower its main interest rate for the first time since the COVID crash of 2020. The only question is how much and how quickly it will move.
Most Federal Reserve officials agreed last month that they would likely cut at their next meeting in September, as long as inflation continued to cool, according to minutes of the meeting released Wednesday.
The yield on the 10-year Treasury has been sinking since April on such expectations. It eased a bit further Wednesday, down to 3.79% from 3.81% late Tuesday.
A preliminary revision released by the U.S. government in the morning suggested the economy created 818,000 fewer jobs in the year through March than earlier reported. That's a big number and adds to evidence showing a cooling job market, though it was smaller than some had feared.
"We have long warned that the jobs numbers were unreliable and subject to dramatic revision," said Nancy Tengler, chief executive of Laffer Tengler Investments. She suggested focusing on the longer term and said rising U.S. worker productivity is an encouraging signal for the economy.
On Wall Street, coal companies Arch Resources and Consol Energy saw their stocks swing after they said they were combining in an all-stock "merger of equals." After merging, they plan to go by a new name, Core Natural Resources.
Both their stocks initially jumped following the announcement but regressed as the day progressed. Arch Resources ended the day down 1.9%, while Consol Energy gained 0.9%.
All told, the S&P 500 rose 23.73 points to 5,620.85. The Dow gained 55.52 to 40,890.49, and the Nasdaq composite tacked on 102.05 to 17,918.99.
In stock markets abroad, indexes were mixed. Japan's Nikkei 225 slipped 0.3%. It was a much more modest move than some of its huge swings in recent weeks, including its worst day since the Black Monday crash of 1987.
