By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
KYLE Wilson, the Bahamas Electrical Workers Union’s (BEWU) president, said although the union still has outstanding concerns about how the government’s energy reform will affect employees the “temperature has turned down significantly” after meeting with officials.
“The union wants consultation, not confrontation,” said Mr Wilson.
“Based on the meetings that we had, the temperature has turned down significantly in terms of confrontive their attitudes on all on both sides. I think it has a degree of positivity to it thus far.”
Mr Wilson said the union drafted a letter to the Office of the Prime
Minister on August 9, outlining their concerns and was promised a reply within 14 working days.
“We still have outstanding concerns and questions, but we were able to meet with the Acting Prime Minister, Chester Cooper, followed up a meeting with the Minister of Energy and Transport [JoBeth Coleby-Davis] along with senior policy advisor, Mr Jerome Fitzgerald,” said Mr Wilson.
“At that meeting, the unions asked to formalise all of its concerns and requests to which we did. We turn those over to the OPM, and we recently received a letter last Thursday from the Office of the Minister of Energy thanking us for those concerns and requests and to give them 14 working days since we would have placed the letter, which would have been on the ninth, to get back to us to
properly address all of the concerns and issues.”
Mr Wilson said the union felt as though it was being “bypassed” in the planned rnergy reform and not receiving adequate information about the deal with Bahamas Grid Company.
The meeting, he said, was a “step in the right direction” and Mrs
PAGE B2
How does your bank rate? Customer fees revealed
By FAY SIMMONS Tribune Business
Reporter jsimmons@tribunemedia.net
A COST analysis of bank fees has been released by the Central Bank - showing that prices continue to differ, notably for transactions involving deposit account administration and credit service maintenance.
The Cost Analysis on Comparability of Bank Fees report showed the fees at June 2024. The report noted that consumers that conduct transactions using digital channels see a significant reduction in fees when
compared to using physical or paper delivery channels. According to the report, CIBC remained the least expensive commercial bank for student account transactions with Commonwealth Bank Limited, Royal Bank of Canada, and Scotiabank Bahamas Limited following, each matching the cost-free digital outcome, except for stamp taxes, but ranking costlier when clients used physical banking services.
The report noted that due to Commonwealth Bank not issuing ATM cards for student account holders the
Exuma businesses braced for Sandals closure impact
By ANNELIA NIXON anixon@tribunemedia.net
TOUR guides in Exuma are bracing for the changes Sandals Emerald Bay’s temporary closing may bring to the island.
Robert Thompson, owner of Robert’s Island Adventures, and Ray Lightbourn, owner of Exuma Water Sports, both said business normally slows down around this time of year. However, Mr Thompson, who conducts boat tours, said business is even slower and he believes it’s due to Sandals closing.
“I don’t have anything scheduled for the rest of the week, so it’s pretty slow,” Mr Thompson said. “I mean, normally in August,
we’re out almost every day in the boat and all of a sudden it just like shut right off. Starting this week, actually, we only had like two trips this week and nothing scheduled for next week, so it’s really dropped off. You know, when somebody hear a major hotel closed on the island, they start to wonder what’s going on.”
Mr Lightbourn, who gained a percentage of his customers from Sandals, said when he heard about Sandals closing he was afraid business would run like it did during COVID.
He said during the height of the pandemic, flights to the island were limited and the
Consultation launched on land reform
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A CONSULTATION
has been held by the Attorney General’s Office on the issue of land reform.
The inaugural consultation on the Land Adjudication Bill and Land Registration Bill was held last week, and Attorney General Ryan Pinder said the Davis administration is advancing the land reforms and the new land registry set to be established next year.
“The government is moving ahead with land reform, and in particular, establishing registered land in The Bahamas, which is intended to facilitate and be more much more transparent in the administration of land and the transfer of land and ensuring that there’s security in the root of title of land,” said Mr Pinder.
The first consultation with the Bahamas Bar Association was described as “positive” by Mr Pinder, who said it focused on the operational and technical aspects of the land registration system.
KYLE WILSON
RYAN PINDER KC
PM REVIEWS PROGRESS OF FREEPORT HEALTH CAMPUS
By ANDREW COAKLEY
Bahamas Information Services
PRIME Minister Philip Davis recently visited healthcare facilities in Abaco, Grand Bahama, Bimini and the Berry Islands, along with Minister of Health and Wellness Dr Michael Darville - including seeing the surgical theatre used for the first time at the clinic in Marsh Harbour, Abaco.
“It was an historic moment for this clinic,” said Dr Darville. “Through a philanthropic effort, they are now doing cataract surgery here in Abaco. The people in Abaco are so grateful for this milestone. What some people may not know is that the Abaco clinic is a sister clinic of the one in Exuma. So, what you see in Abaco is pretty much the same as what you would see in Exuma.”
CONSTRUCTION UPDATE ON FREEPORT
Prime Minister, the Hon. Philip Davis (center), along with Minister of Health and Wellness, the Hon. Dr. Michael Darville (right) and Minister for Grand Bahama, the Hon. Ginger
(left), is given an update on the construction of the new Freeport Health Campus on Saturday, August 10, 2024. The first phase of the $210 million multi-faceted project is expected to be completed by mid 2025.
of understanding with some sub-specialties that are tied in with the Princess Margaret Hospital. With this particular facility, we intend to resolve that and begin to open up this new Northern health facility to the Northern region, inclusive of Abaco, Bimini and the Berry Islands.”
patients the option of remaining on island during cancer treatments.
The first phase is expected to be completed by the middle of 2025.
“We intend to have this facility also serve as a research hub for international researchers in matters of new innovations in medicine, including regenerative medicine and longevity,” said Mr Davis.
Mr Davis got an opportunity to tour the operating theatre in the clinic on Friday, August 9. He noted that with the help of Liquid Legacy and the World Cataract Foundation, the government was able to offer surgeries, eye examinations and screenings, free to Abaco residents.
progress of the works being carried out thus far.
Dr Darville thanked clinic staff and said the Ministry of Health and Wellness is deep into its project to renovate the 41 clinics throughout the Family Islands. He has visited most of those clinics where he received updates on the
Exuma businesses braced for Sandals closure impact
amount of tourists looking for boat tours were as well.
“So what’s going to happen is it’s going to cut a lot of our business because the flights coming in, they’re not going to be full either and so the planes aren’t going to run at half or 60 percent. They got to be full to make money. So more than likely, they’re going to cut those flights. They haven’t cut them yet, but we expect them to cut them as soon as they start feeling it which is going to be within a few weeks, I’m sure. So when that stops people are going to find it very hard to get to Exuma. It’s going to be more costly, too, because they’re going to have to probably go through Nassau or whatever and it’s going to definitely affect us the same way like COVID affected us.”
On a positive note, Mr Lightbourn said Exumians have a timeline on how long the renovations will go on, unlike during the pandemic when the world was unsure when things may return to normal.
“So this time at least we know it’s going to be slow for whatever, 15 months,” he said. “That’s what they say. Of course, that could be two years. We don’t know.”
He also noted that tourists that do end up in Exuma will have AirBNBs as another option. Judy Rolle, a vacation rental property manager and
owner of Little Exuma Tours, concurred.
“I’m pretty sure people hear a lot about Exuma and want to come to Exuma,” she said. “Now that Sandals is not available a lot of the AirBNBs are going to be well booked. I’m hoping.”
Mrs Rolle does not believe Sandals’ temporary closure will negatively impact tourism. She believes Exuma has enough smaller hotels and vacation rentals to accommodate visitors to the island. Mr Lightbourn believes flights will become limited but Mrs Rolle who also works for AirCanada said she confirmed with her boss that their flights will continue to function as normal.
“Well, I work also for Air Canada and our flight normally was pretty much based with Sandals but because there are so many AirBNBs, you have people coming through to stay at AirBNBs,” she said. “So our flight is not cancelled. Our flight resumes back November 10, which is Air Canada. I’m the station manager for Air Canada in Exuma. Air Canada normally comes in from November until April. That has been like that for the past eight years. We just do seasonal from November to April. We come once a week on Sunday. I confirm it with my boss. Because they know Sandals is closed. They still coming, resuming their flights, November 10.”
On Saturday, August 10, Mr Davis, Dr Darville, and Minister for Grand Bahama Ginger Moxey and Ministry of Health toured the construction site of the $210m Freeport Health campus, located off East Sunrise Highway.
The completion of the campus, according to
Minister Darville, will unify the Rand Memorial Hospital with other medical facilities in the Northern Bahamas, including clinics in Abaco, Bimini and the Berry Islands.
“A lot of people don’t know, but the Rand Memorial Hospital is not classified as a full hospital,” explained Dr Darville. “There are memorandums
The Davis administration broke ground for the clinic in May. The health campus facility will be built over three phases. Phase one will consist of a nearly 60,000 square foot clinic. Phase two will include an inpatient surgical suite urgent care facility. Phase three will involve the construction of an acute care hospital with 126 inpatient beds. One of the most important components of the new facility will be the opening of an oncology centre, which will give Grand Bahama cancer
“We have the doctor’s university just down the street that will hopefully be integrated in what we’re doing here.”
It was during the initial groundbreaking that Minister Darville pointed out that drawings had been made for nine new clinics throughout the Family Islands. He also noted that 41 clinics in the country were set to undergo renovations.
‘TEMPERATURE
FROM PAGE B1
Coleby-Davis has pledged to listen to employee concerns and work to fix the issues.
“The issue was getting the respect that was needed, or getting the information as a union was something that would greatly impact us, and we felt as if we were not being heard,” said Mr Wilson.
“We felt as if we were being bypassed. It’s good that the minister would at least come to have some of the concerns of workers affected. I think that’s a step forward in the right direction.
“She pledged that she’s going to work, she’s there for the workers and they respect the unions. And so that part we will see in the near future, if they’re going to own up to it. We talked
DOWN’ BUT STILL BPL REFORM CONCERN
about publicised issues and they said they’re going to work to fix those issues.”
Mr Wilson remains hopeful but cautious, saying: “I will trust them up until they prove otherwise. They gave us their word that they’re going to give us written, documented form as to the way forward and so I await to see that.
“I trust them to their word, and I look forward to a follow up, a subsequent meeting, and to basically get the response in writing so I can properly address the employees at BPL as to what is going on, then, how the deal will affect the future continuity of employment with BPL and Bahamas Grid,” he said Last month, Mr Wilson said BPL employees are “frustrated, angry” over a perceived lack of “transparency” regarding the Davis
administration’s plans for BPL’s existing workforce and whether all the benefits and rights contained in their existing industrial agreements will be honoured. He accused the Davis administration of intentionally keeping BPL staff and the public “in the dark” on the terms of the agreements struck to outsource New Providence’s baseload energy generation and control of the island’s energy grid to the private sector. He also accused BPL management of showing a “great level of disrespect” to workers by excluding the union and refusing to inform staff exactly how the reforms could impact their careers.
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.
Moxey
Photo:BIS
SANDALS EMERALD BAY
How does your bank rate? Customer fees revealed
fees were less than other banks.
CIBC also maintained the lowest fees for retiree savings accounts, both for over-the counter and digital services.
For adult saving products, Bank of The Bahamas (BOB) was the least expensive option, when using digital channels and for physical channels, RBC FINCO was the least expensive for adult chequing accounts.
Fidelity was the least expensive for adult savings accounts using physical banking services, CIBC was the least costly when using fully digital services.
Scotiabank was the priciest option for adult chequing and savings accounts using digital channels, as well as for students and adults with savings accounts that primarily use physical banking.
RBC FINCO and RBC had the highest cost for seniors, with RBC Finco also the highest cost for students using digital banking services.
BOB and CIBC had greater costs for retiree and adult checking accounts that primarily used physical banking.
For fees on late or missed payments, Fidelity Bank maintained the lowest fees for late credit card, car loans and mortgage payments.
Bank of the Bahamas matched their penalty fee for late or missed credit card payments.
RBC, Scotiabank, and CIBC had the highest charges on late credit card payments an RBC and RBC FINCO were costliest banks for late mortgage payments.
Central Bank said they are reviewing policy reforms to increase digital banking inclusion to improve the “efficiency and
FIRES BREAK OUT ON ABANDONED GREEK-FLAGGED OIL TANKER SOUNION THAT YEMEN REBELS ATTACKED IN RED SEA
By JON GAMBREL Associated Press
FIRES broke out Friday on a Greek-flagged oil tanker previously attacked by Yemen's Houthi rebels this week, with the vessel now appearing to be adrift in the Red Sea, authorities said.
It wasn't immediately clear what had happened to the oil tanker Sounion, which had been abandoned by its crew on Thursday and reportedly anchored in place.
The Houthis didn't immediately acknowledge the fire. The rebels are suspected to have gone back and attacked at least one other vessel that later sank as part of their monthslong campaign against shipping in the Red Sea over the ongoing Israel-Hamas war in the Gaza Strip. The attacks have disrupted a trade route that typically sees $1 trillion in goods pass through it annually.
The British military's United Kingdom Maritime Trade Operations center reported the fires in a note to mariners on Friday night. "UKMTO have received a report that three fires have been observed on vessel," the center said. "The vessel appears to be drifting."
A United States defense official, speaking on condition of anonymity to discuss intelligence matters, said American officials were aware of the fires and continued to monitor the situation.
The vessel had been staffed by a crew of 25 Filipinos and Russians, as well as four private security personnel, who were taken by a French destroyer to nearby Djibouti, the European Union's Aspides naval mission in the Red Sea said Thursday. The Sounion has 150,000 tons of crude oil aboard and represents a "navigational and environmental hazard," the mission warned. "It is essential that everyone in the area exercises caution and refrains from any actions that could lead to a deterioration of the current situation."
Late Friday night, the Houthis released footage of an explosion striking the
affordability” of banking services.
“In addition, customers’ access to and understanding of technology might occasionally diminish the quality of their experience when compared to digital channels,” said Central Bank
“From a policy standpoint, the Central Bank is continuing to review policy reforms to increase digital financial inclusion, as means to improve the efficiency and affordability of access to financial services.
“The Central Bank will continue to consult with stakeholders about the best ways to improve baseline access to transactional services, including through regulation, as well as transparency and disclosure norms for credit facilities management.”
The regulator also said it is working on “targeted reforms” to address fee-setting practices.
“The Central Bank is working on a number of fronts to advance targeted reforms on fee setting practices for supervised financial institutions,” said the Central Bank.
“However, the Central Bank is mindful that these interventions must be framed to preserve the soundness of deposit-taking institutions, which is fundamental to the stability and orderly functioning of the economy.”
The regulator said it is exploring reforms that will allow central government to legislate consumer protection and market conduct standards and to grant the Office of the Financial Services Ombudsman statutory independence.
“Aside from interim measures under the remit of the Payment System Act (2012), that could take effect in the first half of 2025, broader reform proposals are also being explored, that would enable
the Government to legislate consumer protection and market conduct standards, also applicable to credit products; and which could give the Offices of the Financial Services Ombudsman statutory independence,” the Central Bank noted.
Additionally, the Central Bank is working on measures to improve banking services access in Family Islands by identifying needed infrastructure changes for better cash and digital payment services.
“Where cost is a significant factor, the Central Bank continues to craft reform proposals that would achieve more universal access to the supply of financial services in the less populated parts of The Bahamas,” said the Central Bank.
“This includes identifying where supportive changes are needed in the infrastructure to improve access to both cash and digital
payment services, and the role that agency banking could play in lowering supply-side hurdles.”
The regulator also said they are also working on developing financial inclusion regulations for people with lower incomes.
“On affordability and access, within the remit of the Payments System Act (2012), the Bank is developing financial inclusion regulations to mandate a “basic” deposit account product for consumers of low-economic means,” said the Central Bank
“The targeted approach would be exposed to public consultation and would also be accompanied by proposals to add more transparency to the fee setting process for digital wallets, credit and debit cards, and transactional accounts, which facilitate payments (savings and chequing accounts).”
CONSULTATION LAUNCHED ON LAND REFORM
FROM PAGE B1
“It was rather technical, and a lot of the questions had to do with procedure and how it’s going to work on a going forward basis,” he said. The feedback will be instrumental in refining the draft bills, which will be reviewed and adjusted before being tabled in Parliament later this year.
Other consultations with real estate agents, banks and the public are planned.
“We intend on doing additional consultations in different sectors, said Mr Pinder. “We will do with the real estate agents and the banks. We will also envision a public consultation. We’re still talking about which forum and format that will undertake, but I encourage the public to keep an ear out for that consultation.”
Sounion, their fighters on the water in the distance chanting the group's slogan: "God is the greatest; death to America; death to Israel; curse the Jews; victory to Islam."
A frame-by-frame analysis of the video conducted by The Associated Press suggested three simultaneous explosions struck the deck of the Sounion. That signature suggests an attack conducted by planted explosives, rather than a strike by missile or drone. The Houthis have targeted more than 80 vessels with missiles and drones since the war in Gaza started in October. They seized one vessel and sank two in the campaign that also killed four sailors. One of the sunken vessels, the Tutor, went down after the Houthis planted explosives aboard it, after its crew abandoned the ship due to an earlier attack, the rebel group later acknowledged.
Other missiles and drones have either been intercepted by a U.S.-led coalition in the Red Sea or failed to reach their targets.
The rebels maintain that they target ships linked to Israel, the U.S. or the U.K. to force an end to Israel's campaign against Hamas in Gaza. However, many of the ships attacked have little or no connection to the conflict, including some bound for Iran.
As Iran threatens to retaliate against Israel over the assassination of Hamas leader Ismail Haniyeh in Tehran, the U.S. military told the USS Abraham Lincoln aircraft carrier strike group to sail more quickly to the area. Early Thursday, the U.S. military's Central Command said that the Lincoln had reached the waters of the Middle East, without elaborating.
Washington also has ordered the USS Georgiaguided missile submarine to the region, while the USS Theodore Roosevelt aircraft carrier strike group was in the Gulf of Oman. Additional F-22 fighter jets have flown into the region and the USS Wasp, a large amphibious assault ship carrying F-35 fighter jets, is in the Mediterranean Sea.
He said members of the Bar Association inquired mainly about the how the new land registration system would be
implemented and run along with the currently in place.
“It was rather technical, and a lot of the questions had to do with procedure and how it’s going to work on a going forward basis, and how is the practice of land law going to be while we’re implementing the land registration system and maintaining the current system of land transactions, and how do you run them in parallel,” said Mr Pinder.
He emphasised the importance of continued engagement, stating, “We encourage them to ask more questions, and we encourage everybody to write in to give us their points of view.”
He also acknowledged the historical challenges with land registration, remarking, “This is an issue that’s been around for more than 50 years… I think it’s about time that we work to modernise the system.”
He added: “We would like to launch the registry starting in 2025 and so
there’s still a lot of work to be done. I think the engagement is very encouraging.
“It’s a vexing issue that it frankly, has been around since 1967 when the first drafts of land registration bills were prepared in The Bahamas and never gone forward with.”
Before the Senate adjourned for summer break, Mr Pinder introduced the “longanticipated” land reforms and said the compendium of bills will also include a Land of Property bill and a Planning and Subdivision bill which should increase the efficiency of land transactions and reduce the associated costs. The land adjudication panel comprised of private sector experts will resolve title issues and once a property is placed on the registry it will have a “guaranteed good title”. Mr Pinder said while it will be easy to determine the title on new developments and properties in
New Providence and Freeport, the Family Islands will be more challenging.
“Now some title is going to be easy, especially new developments,” said Mr Pinder. “New developments will be easy in the last 12 years, since the planning and subdivision bill. Established communities will be easy. Nassau generally for the most part, except for certain parts will be able to be done. Freeport should be able to be done like that.
“The Family Islands will have a little bit more challenges. We understand the title issues and the property issues in the Family Islands. But we will solve this problem and frankly, the adjudication panels will be running concurrently with the current system for a couple of years at least to be able to meet to build and develop the registry.”
THIS frame grab from video released by the Ansar Allah Media
Office, the media arm of Yemen’s Houthi rebels, on Friday, Aug. 23, 2024, shows what the Houthis describe as one of their attacks on the Greek-flagged oil tanker Sounion in the the Red Sea. The logo in the bottom righthand corner of the image reads in Arabic: “Yemeni War Media.”
Photo:Ansar Allah Media Office/AP
NASA decides to keep 2 astronauts in space until February, nixes return on troubled Boeing capsule
By MARCIA DUNN AP Aerospace Writer
NASA decided Saturday it's too risky to bring two astronauts back to Earth in Boeing's troubled new capsule, and they'll have to wait until next year for a ride home with SpaceX. What should have been a weeklong test flight for the pair will now last more than eight months.
The seasoned pilots have been stuck at the International Space Station since the beginning of June. A cascade of vexing thruster failures and helium leaks in the new capsule marred their trip to the space station, and they ended up in a holding pattern as engineers conducted tests and debated what to do about the flight back.
After almost three months, the decision finally came down from NASA's highest ranks on Saturday. Butch Wilmore and Suni Williams will come back in a SpaceX capsule in February. Their empty Starliner capsule will undock in early September and attempt to return on autopilot with a touchdown in the New Mexico desert.
As Starliner's test pilots, the pair should have overseen this critical last leg of the journey.
"A test flight by nature is neither safe nor routine," said NASA Administrator Bill Nelson. The decision "is a result of a commitment to safety."
Nelson said lessons learned from NASA's two space shuttle accidents played a role. This time, he noted, open dialogue was encouraged rather than crushed.
"This has not been an easy decision, but it is absolutely the right one," added Jim Free, NASA's associate administrator.
It was a blow to Boeing, adding to the safety concerns plaguing the company on its airplane side. Boeing had counted on Starliner's first crew trip to revive the troubled spacecraft
program after years of delays and ballooning costs. The company had insisted Starliner was safe based on all the recent thruster tests both in space and on the ground.
Boeing did not participate in Saturday's news conference by NASA, but released a statement: "Boeing continues to focus, first and foremost, on the safety of the crew and spacecraft." The company said it is preparing the spacecraft "for a safe and successful return."
Rand Corp.'s Jan Osburg, a senior engineer who specializes in aerospace and defense, said NASA made the right choice. "But the U.S. is still left with egg on its face due to the Starliner design issues that should have been caught earlier."
Wilmore, 61, and Williams, 58, are both retired Navy captains with previous long-duration spaceflight experience. Before their June 5 launch from Cape Canaveral, Wilmore and Williams said their families bought into the uncertainty and stress of their professional careers decades ago.
During their lone orbital news conference last month, the astronauts said they had trust in the thruster testing being conducted. They had no complaints, they added, and enjoyed pitching in with space station work.
Wilmore's wife, Deanna, said she and their daughters, along with family and friends, "were praying for a safe return on whatever spacecraft that may be." While they are disappointed that he will be away longer, "we know that it's the Lord's plan," she said via text. Flight operations director Norm Knight said he talked to the astronauts Saturday and they fully support the decision to postpone their return.
There were few options. The SpaceX capsule currently parked at the space station is reserved for the four residents who have been there since March. They will return in late
NOTICE
NOTICE is hereby given that REGINE OCCEAN of Ramsey Street, New Providence, The 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 19th day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that RENEE SHANIQUE BROWN of Bamboo Avenue, Nassau, 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 26th day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
September, their routine six-month stay extended a month by the Starliner dilemma. NASA said it would be unsafe to squeeze two more into the capsule, except in an emergency.
The docked Russian Soyuz capsule is even tighter, capable of flying only three — two of them Russians wrapping up a yearlong stint.
So Wilmore and Williams will wait for SpaceX's next taxi flight. It's due to launch in late September with two astronauts instead of the usual four. NASA is yanking two to make room for Wilmore and Williams on the return flight in late February.
NASA said no serious consideration was given to asking SpaceX for a quick stand-alone rescue. Last year, the Russian Space Agency had to rush up a replacement Soyuz capsule for three men whose original craft was damaged by space junk. The switch pushed their six-month mission to just over a year.
Former Canadian astronaut Chris Hadfield, applauded the decision via X: "Good to err on the side of caution for astronaut lives." Long missions are "what astronauts work their entire career for. I'd take it in a heartbeat!"
Starliner's woes began long before its latest flight.
Bad software fouled the first test flight without a crew in 2019, prompting a do-over in 2022. Then parachute and other issues cropped up, including a helium leak in the capsule's propellant system that nixed a launch attempt in May. The leak eventually was deemed to be isolated and small enough to pose no concern. But more leaks sprouted following liftoff, and five thrusters also failed.
All but one of those small thrusters restarted in flight. But engineers were perplexed by ground testing that showed a thruster seal swelling and obstructing a propellant line.
In boosting clean energy in Minnesota, Walz lays foundation for climate influence if
By JENNIFER McDERMOTT and ISABELLA O’MALLEY Associated Press
WHEN Minnesota Gov. Tim Walz strolled onstage to welcome a conference of clean power advocates to Minneapolis in May, he was quick to note that his state is now getting a little over half of its power from renewables. In the next breath, Walz said Minnesota would never get to 100% — a goal he helped set — without changing what he called “outdated” permitting laws.
“There are things we are doing that are too cumbersome, they don’t fit where we’re at, they add costs, and they make it more prohibitive to get where we need to go,” Walz told the industry group American Clean Power.
A few weeks later, he signed legislation to speed things up. Developers no longer have to demonstrate that a clean energy project — that is, solar and wind, storage and transmission projects — is needed as part of Minnesota’s energy system. And they no longer have to study alternative sites and transmission line routes — a requirement that had effectively doubled the possible opponents for a project.
NOTICE
NOTICE is hereby given that REDINO DONALD RECKLEY P.O. Box SP-62764 of Rock Crusher, Nassau, 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 26th 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 ADRIANNA OCTEUS of Soldier 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 19th 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 PIERRELINE FLEURIMOND of Redland Acres, Soldier 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 19th day of August, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Harris wins
Walz’s effort to resolve a major obstacle to the clean energy transition nationwide is getting new attention since he was tapped as Kamala Harris’ running mate. His experience enacting such laws in Minnesota could position him as a leader on climate issues if Harris wins in November.
“If Gov. Walz becomes our VP, I hope he could help bring some of this thinking to the federal level,” said Amelia Vohs, climate program director at the Minnesota Center for Environmental Advocacy, a group that was involved in helping produce the permitting reforms. “It would make an incredible difference in the nation’s progress on climate.”
What Minnesota did won’t easily be replicated at the federal level due to a sharply divided Congress. But experts say most renewable projects are developed on private land, making them subject to state or local siting authority or both, and other states could follow Minnesota’s lead.
Offshore wind is a notable exception, with regulation from federal agencies for development in federal waters.
New York, California, Illinois and Michigan have already made their own changes to permitting in the last few years to accelerate the adoption of clean energy, with varying approaches depending on whether the state or local
government retains control over the siting process.
“The speed of the energy transition matters, it matters a lot,” said Matthew Eisenson, a senior fellow at the Sabin Center for Climate Change Law who tracks legal obstacles to renewable energy facilities and develops strategies for overcoming them.
“The faster we can reduce emissions, the faster we can stabilize the climate and avoid the worst impacts of climate change. So at a macro level, speed matters. At a micro level, speed matters. Projects can die on the vine if it takes too long.”
Most wind and solar projects take four to six years from the time they’re announced to start operating, with roughly two-thirds of that time spent on permitting, according to research from the Lawrence Berkeley National Laboratory. About 20% of projects take more than six years.
The Berkeley Lab asked developers of large-scale wind and solar projects nationwide last year about their experiences with permitting. Developers said local ordinances or zoning and community opposition were leading causes of significant delays and cancelations. Research scientist Robi Nilson said the two are often linked — community opposition made the permitting process longer in some cases, and in others, the process was already lengthy because of past opposition to other projects.
NOTICE
SONETO LIMITED In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SONETO LIMITED is in dissolution as of August 22nd 2024.
International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
NOTICE
WACS STARS LTD. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, WACS STARS LTD. is in dissolution as of August 9, 2024.
International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
THIS photo provided by NASA shows Boeing’s Starliner spacecraft which launched astronauts Butch Wilmore and Suni Williams to the International Space Station docked to the Harmony module’s forward port on July 3, 2024, seen from a window on the SpaceX Dragon Endeavour spacecraft docked to the adjacent port.
Photo:NASA/AP
Gold – The eternal safe bet
By RICARDO EVANGELISTA
For millennia, gold has held a unique position as a universal symbol of wealth, serving as a unit of account, a store of value, and a medium of exchange. Its allure has persisted through ages of economic turbulence and transformation.
As of today, with gold prices reaching an all-time high of $2,500 per ounce, a standard 400-ounce (11.3 kilos) gold bar is now valued at a staggering $1 million. This milestone not only reflects the precious metal’s enduring appeal but also offers a lens through which to examine broader economic shifts, particularly in relation to the value of money and the growth of investment markets like stocks.
To appreciate the current value of gold, it is instructive to look back at its price history. In 1933, during the throes of the Great Depression, President Franklin D Roosevelt suspended the US dollar gold standard.
At that time, the price of gold was fixed at $20.67 per ounce, meaning that the same 400-ounce bar would have been worth just $8,268. Fast forward nearly a century, and the price of gold has surged, propelled in part by its relative rarity. Throughout human history, only about 200,000 metric tons of gold have been mined—enough to form a cube roughly 20 meters on each side, valued at around $16 trillion by today’s prices. An additional 50,000 metric tons are estimated to remain underground. This scarcity is a key driver of gold's value, as the metal's supply cannot easily be expanded to meet rising demand. However, the dramatic rise in gold prices
over the decades cannot be attributed to scarcity alone. A critical factor behind gold's skyrocketing value is the massive expansion of the global money supply. Central banks worldwide have been increasing money supplies to support their economies, especially during economic crises. This has led to the devaluation of fiat currencies, making gold—a scarce, tangible asset with intrinsic value—more desirable. In this context, the rising price of gold may be less about the metal itself appreciating and more about the purchasing power of money diminishing.
There is another aspect of the evolving dynamics of wealth that warrants attention. If we revisit 1933, the market capitalization of the New York Stock Exchange was then of approximately $15 billion. Fast forward to August 2024, and this value has ballooned to $28 trillion—an amazing increase of 186,000%, far outpacing the impressive12,000% gains in the price of gold over the same period. While this extraordinary growth can partly be attributed to the fact that US stocks were at a low point in 1933, in the aftermath of the 1929 crash, it also reflects the increasing confidence investors place in the future performance of companies, particularly in the tech sector. However, some observers have concerns about the sustainability of such lofty valuations.
STOCK MARKET TODAY
Wall Street rallies near its record heights as ‘time has come’ for cuts to rates
By STAN CHOE AP Business Writer NEW YORK (AP) —
U.S. stocks rallied close to their records Friday after the head of the Federal Reserve finally said out loud what Wall Street has been expecting for a while: Cuts to interest rates are coming soon to help the economy.
The S&P 500 rose 1.1% after Fed Chair Jerome Powell said in a highly anticipated speech that the time has come to lower its main interest rate from a two-decade high. The index pulled within 0.6% of its all-time high set last month and has clawed back virtually all of its losses from a brief but scary summertime swoon.
The Dow Jones Industrial Average rose 462 points, or 1.1%, to close above the 41,000 level for the first time since it set its own record in July, while the Nasdaq composite jumped 1.5%.
Powell’s speech marked a sharp turnaround for the Fed after it began hiking rates two years ago as inflation spiraled to its worst levels in generations. The Fed’s goal was to make it so expensive for U.S. households and companies to borrow that it slowed the economy and stifled inflation.
While careful to say the task is not complete, Powell
used the past tense to describe many of the conditions that sent inflation soaring after the pandemic, including a job market that “is no longer overheated.”
That means the Fed can pay more attention to the other of its twin jobs: to protect an economy that’s slowing but has so far defied many predictions for a recession.
“The time has come for policy to adjust,” Powell said. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”
That second part of his statement held back some of the details that Wall Street wanted so much to hear.
Treasury yields had already pulled back sharply in the bond market since April on expectations the Federal Reserve’s next move would be to lower its main interest rate. The only questions were by how much the Fed would cut and how quickly it would move.
A danger is that traders have built their expectations too high, something they’ve frequently done in the past. Traders see a high likelihood the Fed will cut its main interest rate by at least 1 percentage point by the end of the year, according to data from CME Group. That would require
the Fed to go beyond the traditional move of a quarter of a percentage point at least once in its three remaining meetings scheduled for 2024.
If their predictions are wrong, which has also been a regular occurrence, that could mean Treasury yields have already pulled back too much since their decline began in the spring. That in turn could pressure all kinds of investments.
On Thursday, for example, the S&P 500 fell to its worst loss in more than two weeks after Treasury yields climbed.
“Like usual, we will be sitting on the edge of our seats not only trying to figure out what the next data point will be, but how the Fed will interpret the
data,” said Brian Jacobsen, chief economist at Annex Wealth Management.
For Friday, at least, Powell’s speech heled lead to a widespread rally across Wall Street.
The smaller stocks in the Russell 2000 jumped 3.2% to lead the market. Smaller companies can feel greater benefit from lower interest rates because of their need to borrow to grow.
In the S&P 500 index of big companies, more than 85% of the stocks climbed. The strongest push upward came from Nvidia, which rose 4.5%.
Its stock has been shaky this summer amid worries that investors took it and other highly influential Big Tech stocks too high in their mania around
The question then arises: How should we handle the astonishing devaluation of money and the exponential growth of speculative investments like stocks over the last century? Both dynamics arguably make gold look like a safe bet, serving as a hedge against both inflation and market volatility.
artificial-intelligence technology. But Nvidia has been charging back recently ahead of its highly anticipated profit report scheduled for next week.
Most of the other companies in the S&P 500 have been reporting better-thanexpected profit so far this reporting season, as is usually the case.
Ross Stores added 1.8% after topping analysts’ estimates for profit and revenue during the latest quarter.
But CEO Barbara Rentler also said the retailer’s low- and moderate-income customers continue to feel the pressure of high prices across the economy, even if inflation has slowed. It’s a concern that many CEOs have been echoing recently. That helped offset an 8.2% tumble for Red Robin Gourmet Burgers, which reported a worse loss for the latest quarter than expected. It cited a slowdown across the restaurant industry.
All told, the S&P 500 rose 63.97 points to 5,634.61. The Dow jumped 462.30 to 41,175.08, and the Nasdaq composite gained 258.44 to 17,877.79.
THE NEW York Stock Exchange is shown on Aug. 21, 2024, in New York.
Photo:Peter Morgan/AP
French authorities arrest Telegram CEO Pavel Durov at a Paris airport, French media report
By BARBARA SURK Associated Press
THE FOUNDER and CEO of the messaging service Telegram was detained at a Paris airport on an arrest warrant alleging his platform has been used for money laundering, drug trafficking and other offenses, French media reported Sunday.
Pavel Durov, a dual citizen of France and Russia, was taken into custody at Paris-Le Bourget Airport on Saturday evening after landing in France from Azerbaijan, according to broadcasters LCI and TF1.
Investigators from the National Anti-Fraud Office, attached to the French customs department, notified Durov, 39, that he was being placed in police custody, the broadcasters said.
Durov's representatives couldn't be immediately reached for comment.
French prosecutors declined to comment on Durov's arrest when contacted by The Associated Press on Sunday, in line with regulations during an ongoing investigation.
French media reported that the warrant for Durov was issued by France at the request of the special unit at the country's interior ministry in charge of investigating crimes against minors. Those include online sexual exploitation, such as possession and distribution of child sexual abuse content and grooming for sexual purposes.
Telegram was founded by Durov and his brother in the wake of the Russian government's crackdown after mass pro-democracy protests that rocked Moscow at the end of 2011 and 2012.
The demonstrations prompted Russian authorities to clamp down on the digital space, adopting regulations that forced internet providers to block websites and cellphone operators to store call records and messages that could be shared with security services.
In the increasingly repressive environment, Telegram and its pro-privacy rhetoric offered a convenient way for Russians to communicate and share news. In 2018, Russian media watchdog Roskomnadzor moved to block Telegram over its refusal to hand over encryption keys, but ultimately failed to fully restrict access to the app.
Telegram continued to be widely used — including by government institutions — and the ban was dropped two years later. In March 2024, Roskomnadzor said that Telegram was working with the Russian government to a certain extent and had removed more than 256,000 posts with prohibited content at Roskomnadzor's request.
Telegram also continues to be a popular source of news in Ukraine, where both media outlets and officials use it to share information on the war, and
deliver missile and air raid alerts.
In a statement posted on its platform, Telegram said it abides by EU laws including the digital services act, and its moderation is "within industry standards and constantly improving."
Durov, the company added, "has nothing to hide and travels frequently in Europe."
"It is absurd to claim that a platform or its owner are responsible for abuse of that platform," Telegram's post said. "Almost a billion users globally use Telegram as means of communication and as a source of vital information. We're awaiting a prompt resolution of this situation. Telegram is with you all."
A French judicial official suggested that Durov
could appear before a judge later Sunday to determine whether he will remain in custody. The official wasn't authorized to be named publicly during an ongoing investigation.
"If the person concerned is to be brought before a judge today, it is only in the context of the possible extension of his police custody measure — a decision that must be taken and notified by an investigating judge," the official said.
Western governments have often criticized Telegram for lack of content moderating on the messaging service, which experts say opens up the messaging platform for potential use in money laundering, drug trafficking and allowing the sharing of content linked
to sexual exploitation of minors.
Compared to other messaging platforms, Telegram is "less secure (and) more lax in terms of policy and detection of illegal content," said David Thiel, a Stanford University researcher, who has investigated the use of online platforms for child exploitation, at its Internet Observatory.
In addition, Telegram "appears basically unresponsive to law enforcement," Thiel said, adding that messaging service WhatsApp "submitted over 1.3 million CyberTipline reports in 2023 (and) Telegram submits none."
In 2022, Germany issued fines of 5.125 million euros ($5 million) against the operators of Telegram for failing to comply with German law. The Federal Office of Justice said that Telegram FZ-LLC hasn't established a lawful way for reporting illegal content or named an entity in Germany to receive official communication.
Both are required under German laws that regulate large online platforms.
Last year, Brazil temporarily suspended Telegram over its failure to surrender data on neo-Nazi activity related to a police inquiry into school shootings in November.
Elon Musk, the billionaire owner of social media site X who's called himself a "free speech absolutist" in the past, posted
"#freePavel" in support of Durov following the arrest. Russian government officials expressed outrage at Durov's arrest, with some highlighting what they said was the West's double standard on freedom of speech.
"In 2018, a group of 26 NGOs, including Human Rights Watch, Amnesty International, Freedom House, Reporters Without Borders, the Committee to Protect Journalists, and others, condemned the Russian court's decision to block Telegram," Russian Foreign Ministry spokeswoman Maria Zakharova said.
"Do you think this time they'll appeal to Paris and demand Durov's release?" Zakharova said in a post on her personal Telegram account.
Officials at the Russian Embassy in Paris had requested access to Durov, Zakharova told Russian state news outlet RIA Novosti, but she added that French authorities view Durov's French citizenship as his primary one. In a statement to the AP earlier this month, Telegram said that it actively combats misuse of its platform.
"Moderators use a combination of proactive monitoring and user reports in order to remove content that breaches Telegram's terms of service. Each day, millions of pieces of harmful content are removed," the company said.
NASA decision against using a Boeing capsule to bring astronauts back adds to company’s problems
By DAVID KOENIG AP Business Writer
NASA's announcement Saturday that it won't use a troubled Boeing capsule to return two stranded astronauts to Earth is a yet another setback for the struggling company, although the financial damage is likely to be less than the reputational harm.
Once a symbol of American engineering and technological prowess, Boeing has seen its reputation battered since two 737 Max airliners crashed in 2018 and 2019, killing 346 people. The safety of its products came under
renewed scrutiny after a panel blew out of a Max during a flight this January. And now NASA has decided that it is safer to keep the astronauts in space until February rather than risk using the Boeing Starliner capsule that delivered them to the international space station. The capsule has been plagued by problems with its propulsion system.
NASA administrator Bill Nelson said the decision to send the Boeing capsule back to Earth empty "is a result of a commitment to safety." Boeing had insisted Starliner was safe based on recent tests of thrusters both in space and on the ground.
The space capsule program represents a tiny fraction of Boeing's revenue, but carrying astronauts is a high-profile job — like Boeing's work building Air Force One presidential jets.
"The whole thing is another black eye" for Boeing, aerospace analyst Richard Aboulafia said.
"It's going to sting a little longer, but nothing they haven't dealt with before."
Boeing has lost more than $25 billion since 2018 as its aircraft-manufacturing business cratered after those crashes. For a time, the defense and space side of the company provided a partial cushion, posting strong profits and steady revenue through 2021.
Since 2022, however, Boeing's defense and space division has stumbled too, losing $6 billion — slightly more than the airplane side of the company in the same period.
The results have been dragged down by several fixed-price contracts for NASA and the Pentagon, including a deal to build new Air Force One presidential jets. Boeing has found itself on the hook as costs for those projects have risen far beyond the company's estimates.
The company recorded a $1 billion loss from fixedprice government contracts in the second quarter alone, but the problem is not new.
"We have a couple of fixed-price development programs we have to just finish and never do them again," then-CEO David Calhoun said last year. "Never do them again."
In 2014, NASA awarded Boeing a $4.2 billion fixedprice contract to build a vehicle to carry astronauts to the International Space Station after the retirement
of space shuttles, along with a $2.6 billion contract to SpaceX.
Boeing, with more than a century of building airplane and decades as a NASA contractor, was seen as the favorite. But Starliner suffered technical setbacks that caused it to cancel some test launches, fall behind schedule and go over budget. SpaceX won the race to ferry astronauts to the ISS, which it accomplished in 2020.
Boeing was finally ready to carry astronauts this year, and Butch Wilmore and Suni Williams launched aboard Starliner in early June for what was intended to be an 8-day stay in space. But thruster failures and helium leaks led NASA to park the vehicle at the space station while engineers debated how to return them to Earth.
The company said in a regulatory filing that the latest hitch with Starliner caused a $125 million loss through June 30, which pushed cumulative cost overruns on the program to more than $1.5 billion. "Risk remains that we may record additional losses in future periods," Boeing said. Aboulafia said Starliner's impact on Boeing business and finances will be modest — "not really a needlemover." Even the $4.2 billion, multi-year NASA contract is a relatively small chunk of revenue for Boeing, which reported sales of $78 billion last year. And Aboulafia believes Boeing will enjoy a grace period with customers like the government now that it is under new leadership, reducing the risk it will lose big contracts. NASA administrator Nelson said Saturday he was "100%" confident that the Starliner will fly with a crew again. Robert "Kelly" Ortberg replaced Calhoun as CEO this month. Unlike the company's recent chief executives, Ortberg is an outsider who previously led aerospace manufacturer Rockwell Collins, where he developed a reputation for walking among workers on factory floors and building ties to airline and government customers. "They are transitioning from perhaps the worst executive leadership to some of the best," Aboulafia said. "Given the regime change underway, I think people are going to give them some slack."
TELEGRAM co-founder Pavel Durov, center, smiles following his meeting with Indonesian Communication and Information Minister Rudiantara in Jakarta, Indonesia on Aug. 1, 2017.
Photo:Tatan Syuflana/AP
THE BOEING logo is displayed in El Segundo, Calif., on Jan. 25, 2011. Photo:Reed Saxon/AP
Back-to-work order issued for 2 major Canada railroads. Union will comply, but lawsuit planned
By JOSH FUNK and ROB GILLIES Associated Press
THE CANADIAN arbitrator appointed to resolve a messy railroad labor dispute to protect the North American economy has ordered employees at the country's two major railroads back to work so both can resume operating.
Saturday's order means Canadian National will be able to continue operating the trains it restarted Friday morning just over a day after it locked out workers. But Canadian Pacific Kansas City likely won't be able to restart its operations before 12:01 a.m. Monday, when workers were ordered to return.
Railroads play a crucial role in the economy with CPKC and CN delivering more than CA$1 billion (US$730 million) worth of shipments a day and carrying billions of dollars of goods between the U.S. and Canada every month. Even though both companies' trains in the United States and Mexico continued operating, the lockouts caused a significant disruption. A number of smaller short-line freight railroads that handle local deliveries continued operating across
Canada but were unable to hand off shipments to either of the major railroads while they were idle.
The Teamsters union representing workers said that it will comply with the Canada Industrial Relations Board order and send its members back on the job, but it will also move forward with a legal challenge of the arbitration order.
"This decision by the CIRB sets a dangerous precedent. It signals to corporate Canada that large companies need only stop their operations for a few hours, inflict short-term economic pain, and the federal government will step in to break a union," said Paul Boucher, President of the Teamsters Canada Rail Conference, which represents more than 9,000 engineers, conductors and dispatchers at both railroads.
"The rights of Canadian workers have been significantly diminished today," Boucher added.
Labour Minister Steven MacKinnon order the lockouts to end just over 16 hours after they began because government officials couldn't bear to watch the economic disaster
unfold if the railroads remained shut down.
MacKinnon noted the board's decision in a post on the social platform X and said he expects the railroads and employees to resume operations as soon as possible.
Businesses all across Canada and the United States said they would quickly face a crisis without rail service because they rely on freight railroads to deliver their raw materials and finished products. Without regular deliveries, many businesses would possibly have to cut production or even shut down.
Canadian National trains started running again Friday morning but the union threatened to go on strike there starting Monday morning. Saturday's order nullifies that strike threat. CPKC workers have been on strike since the lockout began early Thursday, and the railroad's trains have remained idle.
"While CN is disappointed an agreement could not be reached at the bargaining table, the company is satisfied that this order effectively ends the unpredictability that has been negatively impacting supply chains for months,"
China opposes US sanctions on firms over alleged ties to Russia's war efforts
BEIJING Associated Press
CHINA on Sunday expressed its opposition to the latest U.S. sanctions on Chinese companies over their alleged ties to Russia's war in Ukraine, saying it will adopt necessary measures to safeguard the rights and interests of the country's businesses.
The U.S. on Friday announced sweeping sanctions on hundreds of firms in Russia and across Europe, Asia and the Middle East, accusing them of providing products and services that enable Russia's war effort and aiding its ability to evade sanctions. The U.S. Department of State said it was concerned by "the magnitude
of dual-use goods exports" from China to Russia. The Ministry of Commerce in China in its statement firmly opposed the U.S. putting multiple Chinese companies on its export control list. The move bars such companies from trading with U.S. firms without gaining a nearly unobtainable special license. The ministry said the U.S. action was "typical unilateral sanctions," saying they would disrupt global trade orders and rules, as well as affect the stability of the global industrial and supply chains.
"China urges the U.S. to immediately stop its wrong practices and will take necessary measures to resolutely safeguard the legitimate rights and interest of Chinese companies,"
it said. The U.S. action is the latest in a series of thousands of U.S. sanctions that have been imposed on Russian firms and their suppliers in other nations since Russia's invasion of Ukraine in February 2022. The effectiveness of the sanctions has been questioned, especially as Russia has continued to support its economy by selling oil and gas on international markets.
According to the U.S. State Department, some China-based companies supplied machine tools and components to Russia companies.
China has tried to position itself as neutral in the Ukraine conflict, but it shares with Russia high animosity toward the West.
the railroad said in a statement. "CN remains focused on safely getting goods moving again, as efficiently as possible."
CPKC officially ended its lockout after Saturday's decision and asked workers to return for the day shift Sunday. But union spokesman Christopher Monette said workers who have been on strike won't be going back to CPKC before the Monday deadline in the order.
CPKC said it wants to "get the Canadian economy moving again as quickly as possible and avoid further disruption to supply chains."
The railroads said it could take several weeks to fully recover because they began gradually shutting down their networks more
than a week ago, leaving shipments stranded on customer loading docks and at ports across the country.
The previous contract, which expired at the end of last year, will remain in force while the arbitration process proceeds, and the board ordered the unions not to disrupt operations further while that unfolds.
The negotiations at CPKC and CN broke down over issues related to how workers are scheduled and rules in the contract that are designed to prevent fatigue. Both railroads had proposed changing the compensation system from paying workers according to miles traveled to one based on hours worked.
The railroads said doing that would make it easier to provide predictable time
off, but the union resisted over worries that the changes could erode important fatigue protections and jeopardize job safety.
Canadian National and CPKC have said they offered raises in line with other recent rail industry deals. CN said its engineers make about CA$150,000 a year, while its conductors earn CA$121,000. CPKC said its pay is comparable. At CN there was also a dispute over its effort to expand its system of temporarily relocating workers to other regions when there are staff shortages. The union didn't want CN to have the power to disrupt families, but the railroad said the system is voluntary and is already in place in some places.
TEAMSTERS Canada Rail Conference picket sign lean up againts a CPKC logo outside the company’s headquarters in Calgary, Alta., Friday, Aug. 23, 2024.
Photo:Jeff McIntosh/AP
A CHINESE official walks by the China and U.S. national flags before a meeting between Commerce Secretary Gina Raimondo and Chinese Minister of Commerce Wang Wentao at the Ministry of Commerce in Beijing on Aug. 28, 2023.
Photo:Andy Wong/AP
DID TAYLOR SWIFT CREATE A NEW ERA FOR FOOD BANK DONATIONS?
By STEPHANIE BEASLEY Associated Press
AHEAD of Taylor
Swift's July 14, 2023, concert in Denver, Aditi Desai, chief marketing officer at the Food Bank of the Rockies, got an unusual call. The billionaire pop star wanted to donate tens of thousands of meals to the nonprofit — a philanthropic effort she had repeated, much like her favorite songs, as she traverses the country on her 52-city Eras Tour.
"I was shocked and then thrilled by the news," Desai said. "When (Swift's representatives) shared the news, they were so kind, letting us know that Taylor wanted to express her gratitude for the work we do in our community every day."
Since last March, Swift has donated the equivalent of hundreds of thousands of meals to help feed the growing number of Americans grappling with rising food and housing costs. She chooses to give without celebrity fanfare, and the gifts have been welcomed. But food bank operators say they have provided only temporary relief, as food insecurity has been spiking and federal government COVID-19 aid has ended.
"We got so much support during COVID," said Jessica Sund, director of development and communications at Channel One Regional Food Bank of Minnesota, which received funding from Swift. "That really helped us not have a horrible situation. But the numbers we're seeing are so much higher now because of inflation and cost of living, and all of that support is gone."
Swift's support has been meaningful, food bank operators say, especially in drawing attention to their crucial service for low- and mid-income people. But
food banks, collectively, require billions of dollars in funding per year, said Kyle Waide, CEO of Atlanta Community Food Bank, who is chair of the National Council for Feeding America and whose Georgia food bank is a Swift grantee. The annual funding shortfall between what is needed in food assistance and what is provided by the federal government is roughly $33 billion, according to Feeding America, a network of food banks, pantries, and local meal programs.
"At a macro level, food banks are certainly facing lots of pressure right now, mainly because of just the extraordinary level of demand that's out in the community," Waide said. Typically, according to Feeding America, food banks rely on individual and corporate donations, contributions from local farmers and retailers, and federal aid programs to sustain operations.
75,000 Meals
The self-described "tortured poet," who has an estimated net worth of more than $1 billion, has a history of supporting emergency relief causes. Swift's charitable fund at the Community Foundation of Middle Tennessee was set up to respond to flooding that struck the region in 2010. She gave $1 million to the community foundation's Tennessee Emergency Response Fund last year.
Food banks fortunate enough to receive a slice of her wealth have praised the pop star for highlighting their efforts to reduce hunger amid inflation, rising food and energy costs, and increased demand for their services. At least 49 million Americans rely on food from food banks and other charities. Young people, who make up a large portion of Swift's audience, are increasingly affected by food insecurity. More than half of those ages 18 to 34 said rising food costs were chief among their biggest financial worries.
Swift's public relations team declined to comment about her food bank donations. Grantees said they were asked not to disclose the amount of the gifts. However, Desai said the contribution allowed the food bank to purchase enough food for 75,000 meals. Typically, the food bank can provide about three meals for every $1 donated, she said.
Channel One Regional Food Bank of Minnesota was able to purchase 30,000 meals with its donation, according to Jessica Sund, the organization's director of development and communications. Food banks can purchase anywhere from two to 10 meals per dollar donated, she said.
"It really does range dramatically from food bank to food bank," Sund said.
At Channel One, it usually costs about $8 million a year to keep shelves stocked with enough food to support roughly 300,000 visits from people in 14 counties.
Conflicting federal policies may cost residents more on flood insurance, and leave them at risk
By DAVID A. LIEB Associated Press
CONFLICTING fed-
eral policies may force thousands of residents in flood-prone areas to pay more for flood insurance or be left unaware of danger posed by dams built upstream from their homes and worksites, according to an Associated Press review of federal records and data. The problem stems from a complex set of flood policies and some national security precautions taken after the Sept. 11, 2001, terror attacks.
To get the best discount on flood insurance, the Federal Emergency Management Agency's points-based rating system requires communities to chart all the homes, businesses and critical facilities endangered by a potential dam failure and warn people of their risk. But that's difficult or even impossible in some communities, because other federal agencies restrict the release of such information for hundreds of dams that they own or regulate across the U.S., citing security risks.
The quandary has persisted for years, though federal officials have been warned of its implications.
Federal "dam information sharing procedures costs communities points, homeowners money, and potentially citizens lives," a California emergency services official warned in a January 2020 presentation to FEMA's National Dam Safety Review Board at an invitation-only meeting attended by dozens of federal and state officials.
The meeting's minutes were provided to the AP this summer, nearly
Keeping It Real(istic)
Swift's gifts seem to amount to a tiny percentage of the revenue earned from the tour and her personal wealth. Nevertheless, many of her food bank grantees consider the exposure that she gives them priceless.
Her donation provided the kind of media attention that Food Bank of the Rockies could never afford, Desai said. "We saw rapid increases in 'likes' and 'comments' on the social media post announcing the gift, with exponentially more engagement than we typically receive," Desai said.
Some food banks said they saw a bump in small donations in response to the press coverage. It was short-lived, and most continue to be challenged by high demand for their services as more Americans struggle to make ends meet.
Channel One is seeing an increase in individuals and families reaching out for the first time as they realize they can no longer afford to buy food on their own, Sund said. Currently, the organization receives 10,000 visits to its on-site food shelf in Rochester, Minnesota, which is roughly a 50 percent increase from last year, she said.
Sund and other food bank leaders point to inflation and the lack of affordable housing as contributing to increased demand. The end of government pandemic relief funding has exacerbated these issues, they said. In 2020, at the height of the pandemic, the federal government expanded the Child Tax Credit program for low-income families. Lawmakers allowed the policy to expire at the end of 2021. Similarly, temporary benefit increases for the Supplemental Nutrition Assistance Program expired in March 2023.
Second Harvest of Silicon Valley also received a gift from Swift during the U.S. leg of her tour. The organization had heard that Swift was donating to food banks and reached out to her press team about a month ahead of her performances in Santa Clara last July, said Shobana Gubbi, chief philanthropy officer at Second Harvest of Silicon Valley. "A day before the concert, they just called us," she said. Gubbi declined to provide further details about the donation, saying only that the organization was grateful for the gift and for Swift "shining a light" on food insecurity. However, the situation on the ground has not greatly improved. The Silicon Valley region has been deeply affected by layoffs within the tech sector that have resulted in less giving, even from those who are still employed, Gubbi said. People are fearful about job security and are giving less; and when those donations decline, it also means less money from corporate matches, Gubbi added. In response, Second Harvest is tightening its budget and keeping staff small, she said. The rations of food have also been downsized; rather than providing gallons of milk, the bank is now handing out half gallons and giving meats, eggs, and dairy on alternating weeks, she said. Some weeks people receive meats, and on others they may only get dairy and eggs, Gubbi explained. The organization is currently serving 500,000 people a month, roughly the same as during the peak of the pandemic.
"At the moment we are having a lot of challenges in terms of getting support from the community," she said.
two-and-half years after the news organization submitted a Freedom of Information Act request to FEMA.
Since that meeting, the U.S. Army Corps of Engineers has begun publicly posting maps of areas that could be flooded if one of its hundreds of dams were to fail. But similar information remains restricted by other federal agencies, including by the Federal Energy Regulatory Commission, which regulates about 1,800 power-producing dams, and by the U.S. Bureau of Reclamation, whose 430 dams in the western U.S. include some of the nation's largest structures.
The Bureau of Reclamation said in response to questions from the AP that it is revising its policies and will start sharing more information about damfailure inundation zones in 2025, though it said the process could take more than eight years to complete for all its dams.
Meanwhile, FEMA is accepting public comment through Sept. 9 on potential revisions to its Community Rating System, which awards discounts on flood insurance in communities that take steps to reduce risks. During a FEMA public hearing Wednesday, the floodplain administrator for Phoenix — the nation's fifth largest city — raised concerns that the conflicting federal policies regarding dam flood zones were unfair to communities trying to get better insurance discounts for their residents.
"I believe this is a punishment to us," Phoenix floodplain administrator Nazar Nabaty told FEMA officials.
Another community that has been affected by the information-sharing gap is Sacramento, California, which ranks among the most at-risk regions in the U.S. for catastrophic flooding. California's capital sits at the confluence of two rivers and about 25 miles (40 kilometers) downstream from Folsom Dam, a large Bureau of Reclamation structure with a capacity that could cover the equivalent of the entire
state of Rhode Island with a foot of water.
During a review about five years ago, Sacramento County achieved one of the best-ever scores in FEMA's rating system. But the county did not qualify for the top flood-insurance discount because the Bureau of Reclamation's restrictions regarding Folsom Dam made it impossible to meet FEMA's criteria for mapping and public outreach about a potential dam break, said George Booth, the county's former floodplain manager.
"We got wrapped around the axle," said Booth, now executive director of the Floodplain Management Association, a professional organization that focuses on flood-risk reduction in California, Hawaii and Nevada.
The city of Sacramento, which receives a separate flood insurance rating, has faced similar struggles meeting FEMA's standards for flood insurance discounts because of limited information about Bureau of Reclamation dams, said Rosa Millino, the city's Community Rating System coordinator.
TAYLOR Swift performs at Wembley Stadium as part of her Eras Tour on Friday, June 21, 2024 in London.
Photo:Scott A Garfitt/AP
Kroger and Albertsons hope to merge but must face a skeptical US government in court first
By DEE-ANN DURBIN AP Business Writer
THE largest proposed grocery store merger in U.S. history is going to court.
On one side are supermarket chains Kroger and Albertsons, which say their planned merger will help them compete against rivals like Costco. On the other side are antitrust regulators from the Federal Trade Commission, who say the merger would eliminate competition and raise grocery prices in a time of already high food price inflation.
Starting Monday, a federal district court judge in Portland, Oregon, will consider both sides and decide whether to grant the FTC's request for a preliminary injunction. An injunction would delay the merger while the FTC conducts an in-house case against the deal before an administrative law judge.
Kroger, based in Cincinnati, Ohio, operates 2,800 stores in 35 states, including brands like Ralphs, Smith's and Harris Teeter. Albertsons, based in Boise, Idaho, operates 2,273 stores in 34 states, including brands
like Safeway, Jewel Osco and Shaw's. Together, the companies employ around 710,000 people. Here's what to know ahead of the hearing, which is expected to last until Sept. 13. Why do Kroger and Albertsons want to merge?
Kroger and Albertsons – two of the largest grocery chains in the U.S. – announced in October 2022 that they planned to merge. The companies say the $24.6 billion deal would hold down prices by giving them more leverage with suppliers and allowing them to combine their store brands. They say a merger also would help them compete with big rivals like Walmart, which now controls around 22% of U.S. grocery sales. Combined, Kroger and Albertsons would control around 13%.
Why does the FTC want to block the merger?
Antitrust regulators say the proposed merger would eliminate competition, leading to higher prices, poorer quality and lower wages and benefits for workers. In February, the FTC issued a complaint seeking to block the merger before
an administrative judge at the FTC. At the same time, the FTC filed the lawsuit in federal court in Oregon seeking the preliminary injunction. The attorneys general of Arizona, California, the District of Columbia, Illinois, Maryland, Nevada, New Mexico, Oregon and Wyoming all joined the federal lawsuit. Will Kroger and Albertsons close some stores if they merge? They say no. If the merger is approved, Kroger and Albertsons have agreed to sell 579 stores in places where their stores overlap. The buyer would be C&S Wholesale Grocers, a New Hampshire-based supplier to independent supermarkets that also owns the Grand Union and Piggly Wiggly store brands. Kroger and Albertsons initially planned to divest 413 stores, but the FTC said that plan would not have allowed C&S to be a robust competitor. Kroger and Albertsons agreed to divest additional stores in April. Washington has the most stores that would be divested, with 124, followed by Colorado with 91 and California with 63.
What happens if the Oregon judge issues a preliminary injunction?
If the preliminary injunction is approved, Kroger and Albertsons would likely appeal to a higher court, said Mike Keeley, a partner and antitrust chair at Axinn, Veltrop & Harkrider, a Washington law firm. The case could then move through the FTC's own judicial system, but since that can take a year or more, companies often abandon a deal before going through the process, Keeley said. Kroger sued the FTC this month, alleging the agency's internal proceedings are unconstitutional and saying it wants the merger's merits decided in federal court. In that case, filed in Ohio, Kroger cited a recent Supreme Court ruling that limited the power of the Securities and Exchange Commission to try some civil fraud complaints within the agency instead of in court.
What happens if the Oregon judge agrees with Kroger and Albertsons?
The FTC would likely appeal the ruling, but Keeley said it's rare for an appeals court to reverse a
lower court's ruling on a merger, so the FTC might decide to drop the challenge. The case could still proceed through the FTC's administrative process. It's unclear what impact the presidential election could have on the case. The Biden administration has been particularly aggressive in challenging mergers that it considered anti-competitive, but lawmakers from
both parties expressed skepticism about the merger in a 2022 hearing. If the federal court lets the merger proceed, could state courts still prevent it? Colorado and Washington have separately sued to block the merger in state courts. That's an unusual situation; normally states are co-plaintiffs in a federal lawsuit.
