BAHAMIAN fishermen are facing “an endless battle with crimi nals” poaching and stealing with impunity amid fears crawfish prices have plunged by up to 50 percent compared to 2021’s “amazing” highs. Paul Maillis, the National Fisher ies Association’s (NFA) secretary, told Tribune Business that with lob ster season less than one month old he has already received multiple reports from fishermen throughout The Bahamas that their condos and traps have been “speared” by poach ers during the closed period. Revealing that he, too, had been a victim after rival fishermen “stole my fishing pot from under my nose”, he called for a shift in attitude and mentality among the “dishonour able” minority in the sector who fail to “value people’s hard work” and instead exploit it for their own finan cial gain.
THE Opposition’s leader yesterday accused the Prime Minister of “not telling the full story” after the latter confirmed the Government is “spend ing millions each month” to minimise electricity costs for households and businesses.Michael Pintard told Tribune Business that Philip Davis QC was giving Bahamians a misleading impression that his admin istration was saving them “a substantial amount of money” by using tax payer dollars to subsidise Bahamas Power & Light’s (BPL) fuel costs. On the same day that Shevonn Cambridge, BPL’s chief executive, last week declined to confirm to this newspaper whether PM ‘not telling full story’ on BPL subsidy millions
Extra Bahamians14,500to benefit in $31m clinic spend
In doing so, the IDB report projected that the expanded network of clinic upgrades will touch and benefit more Bahamians, especially residents on Family Islands, increas ing the number impacted from 60,000 to 74,500. And it estimated that 220,000 will benefit from moving the National Reference Laboratory to an upgraded facility.TheIDB is providing the bulk of the necessary financ ing through two loans, worth a combined $60m, with the EU grant taking the available funding pool to more than $65m. “The Ministry of Health and Wellness has embarked on essential upgrades to public health and primary care services,” the multilat eral lender’s paper said. “With IDB support, it will invest the sum of $60m during the next four years through two investment loans that complement each other. In more than 15 years, the Ministry of Health and Wellness has not invested in this scale to strengthen and modernise
Crowdfunded restaurant eyes $2m 2023 top-line
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
business@tribunemedia.net MONDAY, AUGUST 29, 2022
SEE PAGE B8
‘Endless battle with criminals’ of the sea By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SEE PAGE B6 SEE PAGE B9 SEE PAGE B7 MICHAEL PINTARD • Fisherman says ‘dishonourable’ minority hurting sector • As industry grapples with ‘drastic’ 50% lobster price fall • Multiple reports feature spearing, poaching and pot theft $6.63 $6.63 $6.66 $6.30
AN EXTRA 14,500 Bahamians will benefit from the Government’s decision to expand its investment in Family Island public health clinics by more than 50 percent, it has been paperDevelopmentAnrevealed.Inter-AmericanBank(IDB)seenby Tribune Business reveals that the addition of $5.7m in Euro pean Union (EU) grant monies, and the repur posing of some $5.862m from the original loan, will enable the Government to double the number of newly-built and upgraded clinics to 18 in its “biggest public healthcare invest ment for 15 years”. The repurposing, com bined with the extra money, is set to increase the invest ment in the clinics, their medical equipment and fitout by some 54.5 percent above what was initially conceived, taking this from $20m to almost $30.9m - a rise of nearly $11m.
Besides this threat, Mr Maillis told this newspaper fishermen are fearful over early-season indica tions that there has been “a pretty drastic change” in lobster prices compared to 2021. Last year saw the industry achieve $20-$21 per pound for its catch, but the NFA secretary disclosed he has received reports that some fishermen are presently getting “as low as $8-$10”. As a result, he added that some larger fishing vessels had determined it was “not worth going out for lob ster right now” given that lower prices were simply worsening the financial squeeze imposed on the sector by still-high gasoline and diesel prices.However, Keith Carroll, the Baha mas Commercial Fishers Alliance’s (BCFA) vice-president, told Tribune Business that while lobster prices have fallen “tremendously” it was too early to determine if this was a trend that will be sustained for the entire season. He added that the industry will have a better read of the situa tion in another week to two weeks, when several larger fishing vessels are due to return to port.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN res taurant entrepreneur yesterday said he ultimately plans to return 50 percent of profits to shareholders after his successful crowd fund raise paved the way to secure a second location and toldfoundercentre.production/distributionChefKevinCulmer,ofTropicalGyros, Tribune Business he aims to open his second restaurant by December 1 in JFK Drive’s RND Plaza at the former Cafe Negril site. The production centre will be based in the same plaza, bit a different unit, and is being targeted for an earlier October 1, 2022, opening with the combined expansion set to create some 20 Disclosingjobs. that recruit ment for these posts will start within two weeks, he revealed that he has not given up hope of secur ing a third Tropical Gyros location in the Carmichael Road area - possibly as early as January/February 2023 - if the right location can be Chefsecured.Culmer, telling this newspaper that he has been frustrated to-date in his search for the right site in both that area and Cable Beach, said sales from
Various types of threats to data security may exist. For example, an unauthor ised third party vendor may gain access to it. Malicious or bad actors could seek to obtain access to confidential information for financial or other purposes. A variety of events may result in the loss or destruction of data by accident. Mitigating the identified threats
THE Ministry of Tourism is hoping to make further inroads into the religious tourism market with 200 faith-based visitors arriv ing in Grand Bahama last Thursday for a four-day summit at the Old Bahama BayDrresort.Mary Banks, apostle and founder of Bible Teach ers International, said “The Bahamas is just perfect for it” in announcing the summit. The event comes as the Ministry of Tourism seeks to better penetrate a global religious tourism market it believes is worth billions of dollars, and involves millions of travel lers on an annual basis. Shown from left at the summit’s announcement are: Debbie Huyler, man ager, religious tourism, Ministry of Tourism; Lor enzo Brice, senior pastor and Bible teacher, Nassau; Dr Banks; Bishop Marvin Weech, regional bishop of the Caribbean; Martha Rolle, guest services, Ministry of Tourism; and Monique Lockhart, super visor, Ministry of Tourism.
PAGE 2, Monday, August 29, 2022 THE TRIBUNE
GB gains 200-strong religious tourism boost
Photo:Lisa Davis/BIS
The GB Chamber chief described the much-pub licised battle between the Del Zotto family and the Grand Bahama Port Authority (GBPA), which has led to the former clos ing all their Grand Bahama business interests with the loss of 130 jobs, was “very unfortunate”.“TheDel Zottos are also expressing their disap pointment over not getting permanent residency for some of their family mem bers, too. That has now come out. So they are dealing with both the Government and the GBPA, and all of that is causing disruptions on the normal flow of business,” Mr Carey“Theadded.matter between the Del Zottos and the GBPA comes down to an agree ment that they had with aggregate, which was renew able. It’s a bit strange it came to that when there is quite enough aggregate to go around. All of this is just very unfortunate.”
John Cathapoulis, gen eral manager of John’s Shoe Store, said: “Eve rything seems to be OK. The VAT holiday ends on September 11 and we have that in mind.” The Govern ment was late in unveiling Back to School tax breaks, something initiated by the former Minnis administra tion, only announcing that they would take effect from August 22 for a three-week window - a period cover ing just the very end of the summer holidays. Mr Cathapoulis said the VAT break does rela tively little for businesses in terms of increased sales, with consumers being the main beneficiaries as they escape paying the normal 10 percent levy to the Government.“Ourwalk-in customers are back to normal, and it would have been back to normal from last year if the Government had not locked the country down. That was unnecessary,” he added.
Here are a few measures that companies should con sider implementing in order to minimise these threats.
The creation of Free port Airport Development Company suggests the Gov ernment is going for the same model as at Lynden Pindling International Air port (LPIA) with Nassau Development Company (NAD), where the airport was leased to the latter under a 30-year concession agree ment that was subsequently extended. Vantage, NAD’s operator, was then responsi ble for raising the capital to redevelop LPIA and took over its operations. The Davis administration will have to move quickly to select a winning bidder and create certainty around Grand Bahama Interna tional Airport’s future and redevelopment. Much is riding on this from an eco nomic perspective, not least the Grand Lucayan’s sale and redevelopment, as Electra America Hospital ity Group will want to know whether reconstruction will be sufficiently advanced in time for when the resort re-opens.Referring to Mr Coop er’s recent remarks on The Bahamas needing more hotel rooms, Mr Carey said: “What are you doing about it? We need more things to happen, and more definitive words about what’s happen ing. I think that will relieve some of the angst of the busi ness people on the island.”
‘We need to know’ of GB’s revival progress By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
Uhura Woodside, man ager at Nassau Stationers, added: “Things are coming along. It’s definitely better than last year. Most schools open up on Monday [today], but you have a few that go in a week after, so we will continue to monitor for the next week until eve ryone is back in school.”
BACK TO SCHOOL BUSINESS REBOUNDS ON COVID EASE HOW TO SAFEGUARD DATA FROM MALICIOUS CRIMINALS
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The difference in offer prices raises questions as to whether all three were bidding on like terms and conditionsMrCarey, though, indi cated he is not impressed with the current rate of pro gress at the airport, adding of Mr Cooper’s comments: “They said several months ago that they have narrowed the bidders down. We have been stuck there for months now.“In any event, as these things go, the Board will get their brief from the Government so they will not be contrary to what the Government ultimately wants. Everything else is quiet over here. We just need some definitive words like when is it happening and what stage is everything at? Everything is always so quiet and behind the scenes. We need to know something.”
The adoption of a data classification model in accordance with global standards, and in alignment with a company’s data sets, is a mandatory require ment. This crucial step sets a pathway to categorising data based on relevance, importance and value. When data is not properly classified, it can be difficult to determine what consti tutes a breach of privacy or where the line should be drawn between open data and privacy intrusions. This writer subscribes to the data classifications of restricted or confidential data; sensi tive data; and unrestricted or public data. Understanding possible risks to data security
NB: About Derek Smith Jr Derek Smith Jr. has been a governance, risk and com pliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfs burg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certi fied anti-money laundering specialist (CAMS), and the compliance officer and money laundering report ing officer (MLRO) for CG Atlantic’s family of compa nies (member of Coralisle Group) for The Bahamas and Turks & Caicos.
RETAILERS say Back to School sales are continuing to rebound postCOVID with customers waiting up to 45 minutes to get into one uniform sup plier’sJamesoutlet.Wallace owner/ operator of Janaees Uni form Centre, told Tribune Business that he arrived at his store at 7.30am last week to find customers already queuing outside as they sought to com plete preparations ahead of today’s public school re-opening.“Wewere servicing up to 300 customers a day. It was nowhere near what we did in 2019, but it was good,” he added of this year’s Back to School season. “We had people lined up from 7.30am trying to get into the store. I pulled up on Thurs day morning and met them hereMrwaiting.”Wallace said the big gest challenge was obtaining sufficient inven tory to meet the demand for new school uniforms because some of it was “still stuck in the fac tory abroad”. Mr Wallace added: “Parents are still apprehensive to get uni forms because they still are not sure if there are going to be more lockdowns again. Until those doors open and they see those children in school, people still think that the Govern ment isn’t serious.”
be included. First, the designation of key person nel who will respond to a breach. As a second step, an assessment of the scope and nature of the breach should be conducted. Third is the containment of the breach in order to prevent further unauthorised access to sensitive information. Law enforcement should then be notified, if neces sary, and the fifth step will involve restoration of data and systems. A final step in improving data security within the company, and establishing a robust inci dent response plan, is to evaluate the incident and identify lessons learned. Conclusion Cyber criminals are becoming more sophisti cated, which means that companies and individu als need to better protect their data. It is important for a company to establish the exact level of protection that should be accorded to every digital asset via a clearlypdefined classifi cation process. Security technologies and proce dures can be implemented by companies to protect themselves, risk assess ments can be conducted periodically, and incident response plans can be developed.
Derek Smith By The Tribune wants to hear from people who are making news in their neigh bourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. your news
Toissuescomputer-relatedinvestigateand/ or audit incidents fea turing cyber attacks, forensic analysts use scien tific techniques to retrieve data from digital sources. In accordance with stand ard incident response steps, digital forensics procedures include preparation, iden tification, containment, eradication, recovery and lessonsOkereaforlearned.& Adebola (2020) claim it is common for companies to be negli gent, and either ignorant of or lukewarm to, cyber secu rity policies and standards, which can pose challenges to digital forensics. It is well known and published that the breakdowns listed here cause reputational and financial damage when exploited by bad actors. In this article, we will briefly discuss several measures institutions can take to identify risks and safeguard their data from cyber criminals. Data Classification
They include installing anti-virus software, intru sion detection systems and firewalls to provide robust security. Creating and enforcing policies and pro cedures regarding the use of information technolo gies and data, including password requirements and access limitations, should also be a priority. Monitor ing and evaluating risks to identify vulnerabilities, and prioritising remediation efforts on a systematic and Board-approved basis, is a must, while data encryption during transit as well as at rest is another key defence mechanism. Incident response plan implementation In the event that a data security breach occurs, a comprehensive incident response plan should be pre-established, circulated and tested for efficien cies and inefficiencies. In order to develop an inci dent response plan, the following elements should
THE Grand Bahama Chamber of Commerce president says “we need to know something” as he questioned whether Grand Bahama International Air port’s newly-appointed Board has the necessary expertise to select a winning developer.JamesCarey told Trib une Business he was unsure if Freeport Airport Devel opment Company’s seven directors have experience in vetting bidders competing to finance, and transform, Grand Bahama’s main avia tion gateway into a facility that will support the island’s future growth via a publicprivate partnership (PPP) model.“Idon’t know what the Board’s experience is with airports. Some of the per sons on the Board I know, and they have business acumen, but we will see how it goes,” he said. “I note that the minister [Chester Cooper] did say this Board will play a pivotal role, and what I understood him to be saying was that they will be active once a decision has been made on the recon struction of the airport.” Several directors come from an aviation and airport background. While Terah Rahming has been named as chairman, she is sup ported by Peter Rutherford, the Airport Authority’s managing director; Cassi etta McIntosh, an attorney; Elbert Hepburn, a busi nessman; Forrester Carroll, another businessman; Julian Sawyer, an engineer; Harold Williams, an airline execu tive; and an as-yet unnamed representative from the Tourism Development Company.Chester Cooper, deputy prime minister who has responsibility for tourism, aviation and invest ments, said recently that the GB airport contenders have been reduced to three shortlisted bidders offering to invest between $50m to $150m in thje asset’s rede velopment.
NEIL
MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas Caves Village Premium Office Space for Lease conference CAM VAT Contact Mr. Sean McCarroll or
the Glass Window Bridge was undertaken to assess the potential need for a four-lane structure based on 20-year travel demand forecasts. The requirement for widening is based on the volume-to-capacity ratio of the forecast 20-year traffic volumes to published theo retical lane capacities,” the report“Thesaid.
Tribune Business Editor nhartnell@tribunemedia.net
327-1575
NOTICE IN THE ESTATE of, BARBARA JANE BROOKS AKA BARBARA JANE SANDS BROOKS late of the Eastern District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, Noticedeceased.ishereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 8th day of September A.D., 2022, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.
sean@mccarrollrealestate.comEmail:359-2957
FOUR-LANE GLASS WINDOW REPLACEMENT IS RULED OUT
1,056 sq.ft. 4 offices, reception,
and
THE TRIBUNE Monday, August 29, 2022, PAGE 3 THE analysissolution.levelstionsWindowautosdoublingwouldtheengineerstraffic,centwhich“highyearsgerforofferedtraffictheproposedsultationaheadficsuchtrafficwillisland’slaneWindowreplacingadvisersGOVERNMENT’ShaveruledoutEleuthera’sGlassBridgewithafour-highwaybecausetheprojectedgrowthnotgeneratesufficientvolumestowarrantexpansion.Theresultsofatrafimpactstudy,releasedofapubliccononthebridge’sreplacement,saidtwo-lanesolution-withflowingbothways-sufficientcapacitycommercialandpassenvehiclesforthenext20andbeyond.Evenwithaso-calledgrowth”scenario,wouldseea5perannualincreaseintheGovernment’sandplannerssaid2,200dailyvehiclesthisgenerateby2042-aoftoday’s1,100passingovertheGlassinbothdirec-wasstillfarbelowrequiringafour-lane“Ahigh-levelplanningofthecapacityof
Describing this as the superior solution, the Government’s planning, engineering and design consultants said it “greatly reduces, if not mitigates, the effects of the wave action from the Atlantic Ocean, while also being comprised of solely out-of-water piers. This option is less intrusive on the ecological environ ment and requires minimal in water works. Using an alignment adjacent to the existing structure will signif icantly reduce any impact to users during construction”.
room, kitchen $2,640.00 pm. plus
significant capacity to accommodate an increase well beyond 20,000 persons on the island.” A May 2022 study found that daily traffic passing across the Glass Window Bridge ranged between 840 to 1,130 vehicles per day, with greater daily traf fic on weekdays. Heavy vehicle trucks accounted for between 12 percent to 21 percent of all daily traf fic. Bus traffic represented about 2 percent of all traf fic on Thursday, Friday and Sunday.Outlining the ration ale for replacing the critical transport link between north and central/ south Eleuthera, the report added the Glass Window Bridge faces an “extremely aggressive environment” in rough weather and high seas when water crests the roadway and it becomes challenging to cross. The existing infrastructure has been repeatedly acknowl edged by the Government as having deteriorated, and been in poor condition, for many“Optionsyears. considered as part of the concept design study included bridge replacement along various alignments to the west of the bridge, and with pro files that are relatively higher than the existing bridge which is at an eleva tion approximately 40 feet above sea level,” the Gov ernment’s planners said. “The option of having a new bridge built on the existing alignment was discarded as it would sig nificantly impact traffic during construction given the condition of the existing bridge, and given its current performance with severe overtopping and wave impacts several times each year. The option of reha bilitating the existing bridge was also discarded at this stage as the severe over topping and wave impacts would not be addressed, nor would the potential bedrock issues along the site.“Additionally, the exist ing bridge is in poor condition with severe deterioration of the gird ers and the intermediate supporting underneath the girders. Further to that, the girders were not originally designed to accommodate an intermediate support. The various options con sidered did not take the utilities into account as the option of attaching the utilities to the structure is similar for all options considered.”Thepreferred solution is “the construction of a pre-cast pre-stressed sideby-side box girder/slabs bridge on an alignment approximately 60 feet west of the existing structure”. The Government’s plan ners added: “The 20-span bridge would have an over all length of 1,260 feet with eight 120 foot main spans and six 50 feet approach spans.“Three hundred and thirty-five foot long retain ing walls would be required on the approaches on the Bight side. The elevation of the new bridge riding sur face at the channel location would be approximately 13 feet higher than the exist ing bridge at approximately 53 feet above sea level. The abutments and piers for this structure would be founded on drilled shafts on land.”
By HARTNELL
bridgeainurbanisation,experiencesInandbasedanotofofferslanethescenariosandtimetoto-capacityhorizonpeak800daily11,500wasitytransportationlevel-of-servicecapacofatwo-lanebridgeestimatedbetweento14,000averagevehicles,or700-to-vehiclesanhourinthedirection.Inthe2042year,thevolume-ratiowasfoundbelessthan0.26inallperiods,directionstrafficvolumegrowthconsideredwithinassessment.“Therefore,thetwo-GlassWindowBridgeasignificantamountsparecapacityanddoesrequirewideningtofour-lanecross-sectiononprojecteddailyhourlytraveldemands.thecasewhereEleutherasignificantinvestmentitstourismindustryandrisingpopulation,thewouldstillhave
Photo:Lisa Davis/BIS
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A CABINET minis ter has toured the Exuma offices of agencies within his ministerial portfolio. Keith Bell, minister of labour and Immigration, made his first official visit to the Department of Labour, the Department of Immi gration and the National Training Agency offices on that island last Wednesday. Besides seek ing the staff’s working conditions for himself, Mr Bell was able to speak one-on-one with employ ees to hear their concerns. He was accompanied by Cecilia Strachan, per manent secretary in the Ministry of Labour and Immigration; Ordette Wells-Simms, deputy permanent secretary in the Ministry of Labour and Immigration; Ketu rah Ferguson, director of Immigration; Terry Murray, executive director of the National Training Agency; Alexander Carey, first assistant secretary in the Ministry of Labour and Immigration along with other government officials.
CAREER OPPORTUNITY
i n t erest hi g
PAGE 4, Monday, August 29, 2022 THE TRIBUNE
THE Gaming Board’s executive chairman has pledged to issue one of the three hotel casino licences currently available on Grand Bahama before year-end 2022. Dr Daniel Johnson did not identify who will receive the licence, although the likeliest candidate would be a new operator for the Grand Lucayan’s currently shuttered casino. The Gov ernment and resort’s Board is still negotiating its sale to Electra America Hospital ity Group, with both sides recently agreeing a 45-day extension to the due dili gence period that carries it through to year.”it.backtodayheisrenew,clear.oflicences.themianDrofficetheMeanwhile,September.inopeningGamingBoard’snewonSettler’sWay,JohnsonurgedBahainvestorstobidonremaininghotelcasino“ThemandatethisnewBoardisveryWeareinarebrand,rebuildphase.Thisnowthetimegoforit,”said.“IcomeheretosaywewantthisbusinessandwecomingtogetIissuingthatlicencethis
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LABOUR MINISTER IN EXUMA TOUR
“You all have three gaming licences for hotel and casinos on Grand Bahama. We [the Gaming Board] haven’t gotten a penny from those hotel and casino licences in almost 20 years. That’s what I’m coming for.” Dr Johnson added that he would like to issue such a licence to a Bahamian group in Grand Bahama by next year. And Bahamian-owned boutique hotels throughout the Family Islands will be issued gaming licences.
acc o mplish m en ts r el evant t o t he posit i o n ; • Comp leted Em ploym en t
three (3) p r ofessional referen ces. The deadline for submissions is Friday 9th September 2022
GAMING BOARD CHAIR: COME AND GET GB CASINO LICENCES
THE Prime Minister has led a ministerial delega tion to Cat Island for the opening of the Ministry of Tourism’s new offices. He was accompanied by Chester Cooper, deputy prime minister and minis ter of tourism, investments and aviation; Mr Coop er’s wife, Cecilia ; Myles LaRoda, minister of state in the Prime Minister’s Office; Senator Randy Rolle, global relations con sultant in the Ministry of Tourism, Investments and Aviation; Reginald Saun ders, permanent secretary, Ministry of Tourism, Invest ments and Aviation; Dr Kenneth Romer, deputy director general, Ministry of Tourism, Investments and Aviation; Neil Camp bell, acting director of local government, and other gov ernmentPhotosofficials.showthe ceremo nial opening ‘cutting of the ribbon’ by Philip Davis QC and Mrs Cooper, plus associated festivities.
KEITH BELL, minister of labour and Immigration, recently conducted his first official tour of his minis try’s offices in Exuma where he met with staff from various departments. Pictured seated (centre) is Mr Bell along with Cecilia Strachan, permanent secretary in the Ministry of Labour and Immigration (left) and Keturah Ferguson, direc tor of Immigration (right), along with staff from the Department of Labour, the De partment of Immigration and the National Training Agency. www.ub.edu.bs
A detailed position announcement is accessible at: http://www.ub.edu.bs/ Requiredabout-us/career-opportunities/staff/qualificationsincludea Bachelor’s degree in a relevant area with at least three years’ experience in an HR role. Certifications in HR (PHR or SHRM-CP) would be an asset. applicants should submit electronically to the Vice President, Human Resources via hrapply@ub.edu.bs all of the following documents: of hlighti ng work exp erience a nd Application Form s/2017/0 1/Applicationleast
f o r Employment-Staff.pdf) • C urrent Cur riculum Vitae or Resume; • Cop i es of al l acad emi c qualifications wit h transcripts (o r i ginal transcripts w ill be r equir ed upon employ ment ) and/ o r Certificates; and • The n ames an d c ontact information o f at
PM leads delegation for Cat Island tourism office
Photo:Kemuel Stubbs/BIS
FOLLOWING the official opening ceremony of new offices for the Gaming Board of The Bahamas on Friday, there were ribbon-cutting and cake cutting ceremonies. The Gaming Board is celebrat ing 100 Years of Gaming under the theme, “Bet on The Bahamas.” Shown from left are Kevin Stuart, Deputy Chairman, Gaming Board; Mrs. Tracy Stuart, wife of Kevin Stuart; Gregory Smith, Deputy Secretary; Ryan Brown, member of the Board; Kaylesa Simmons, Assistant Secretary/Dis trict Head; the Hon. Ginger Moxey, Minister for Grand Bahama; Karen Thompson-Passard, Board Member; Dr. Daniel Johnson, Executive Chairman; Mrs. Johnson; and Ian Tynes, Secretary of the Gaming Board for the Bahamas.
• A c over lett er
Interested
THE TRIBUNE Monday, August 29, 2022, PAGE 5 These are tough times for centralthattheYenasperformsafewelltofeelingeningthroughketsrelationmorehavingreturnedtechnology-heavyeventhe18NASDAQinparedbyAugust,enter500forentailedsuchonandclosewhenoffbeishInseemmarkets’underpinningUnwritteninvestors.rulesthefinancialbehaviourdonottoapplyanymore.theolddays,ahawkFederalReservewouldlikelytotriggerasell-ofstocks.Especiallyinflationremainstofour-decadehighsarecessionislurkingthehorizon.Inthepast,scenarioswouldhaveasignificantlossindicessuchastheS&PortheNASDAQ.Notthistime.AswethelastweekoftheS&P500isupabout14percentcomtowhereitwasmid-June,whilethegainednearlypercent.Inthecaseoflatter,therecoveryismoresurprising.Theindexhastoabullmarket,atsomepointgainedthan20percentintotheJunelows.Butwhyarestockmargoinguphalf-wayamonetarytightcycle?Areinvestorslucky?Theanswerthislastquestionmaybeyes.Duringtroubledtimes,havensareexpectedtowell.AssetssuchgoldandtheJapanesetendtobenefitfromdropinriskappetiteusuallyoccurswhenbankshikeinterest rates, and stop issuing new money and buying debt. In the old days, investors used to anticipate the nega tive impact such measures would have on economic growth. They would sell stocks, using the released funds to buy precious metals or very safe curren cies, such as those from Japan or However,Switzerland.this time around, investors are keep ing faith in risk-related investments. This may be because, over the last decade, prices have moved only in one direction - up. The one-way traffic reg istered since 2009 has perhaps triggered an opti mistic bias in the mindset of traders.Another potential reason for the unusual pattern is the poor performance of traditional refuge assets. Gold lost more than 2 per cent since June and, even before then, its gains were not what one would expect considering the deterioration of the eco nomic backdrop, the war in Ukraine and weakness in stocks. The yen was also expected to perform better than it has done so far this year. The Japanese econ omy is incredibly resistant to inflationary pressures, a peculiarity that greatly enhances the appeal of its currency at times when prices are rising elsewhere. A strong dollar is the reason why the two safe havens are performing below expectations. Both are priced in American cur rency, meaning their face value drops as the green back strengthens. Against such a backdrop, perhaps holding cash (in dollars) could be an option. How ever, with inflation rising, the currency will lose real purchasing power, reducing its attractiveness for inves tors looking to sit-out the crisis.So perhaps the reason why stock prices are rising, when in theory they should not, is that investors are out of options. When eve rything else fails to yield a return, continuing to back stocks, despite the risks, becomes a viable choice. Is it a safe strategy? No, it is not. But what else can investors do, other than cross fingers and hope for the best? A market turned upside down NEW YORK STOCK EXCHANGE
CHESTER Cooper, deputy prime minister and minister of tourism, investments and aviation, and Alfred Sears, minis ter of works and utilities, last Thursday met with the Inter-American Develop ment Bank (IDB) over the airport istrypermanentsecretary;andofSaunders,inglatterimprovementsinfrastructurethattheishelpingtofinance.AlsoatthemeetwereReginaldtheMinistryTourism,InvestmentsAviation’spermanentLutherSmith,secretary,MinofWorksandUtilities;
Dr Kenneth Romer, deputy director-general, Ministry of Tourism, Investments and Aviation; Daniela Carrera-Marquis, the IDB’s Bahamas country representative; and other government officials from those ministries.
PUBLICURGENTLY.NOTICE
Photo:Kemuel Stubbs/ BIS
MINISTERS MEET IDB ON AIRPORT UPGRADES
Mr. N’kem Kareem Wilson, Administrative Cadet is asked to contact the Human Resources Unit of the Department of Labour, Rosetta Street,
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PINDER’S CUSTOMS BROKERAGE LTD.
The HR Coordinator is expected to undertake a variety of HR administrative duties. The HR Coordinator will facilitate daily HR functions like keeping track of employee records and supporting the interview, onboarding, and performance review processes among other tasks.
year) to subsidise BPL’s fuel costs and part-pay its sup plier, Shell - to whom he alleged it now owes $50m in unpaid bills. The Opposition has pre viously charged that such subsidies are illegal under regulations passed in 2020 for BPL’s fuel hedging initi ative, something Mr Pintard reiterated yesterday. And he called on the Utilities Regulation and Competi tion Authority (URCA), which has supervisory over sight of BPL, to “weigh in” on the fuel cost issue and whether it is supposed to be fully paid by consumers as opposed to being subsidised by the WhileGovernment.emphasising that the Free National Move ment (FNM) “do not wish for electricity rates to go up”, he argued that Baha mian households and businesses will have to pay either way - either as taxpayers or BPL consum ers - for these subsidies which would not have been needed the Davis admin istration had executed the September and December 2021 trades associated with the fuel hedging initiative it met in place upon taking office almost one year ago. Asserting that he wished to “go as far as” suggest ing Bahamians will have to pay increased taxes as a result, Mr Pintard urged the Government to lay out a “coherent” alternative plan for resolving BPL’s finan cial and operational woes given that it was seemingly uninterested in proceed ing with the $535m Rate Reduction Bond (RRB) refinancing and fuel hedg ing left in place by the former administration. And he also accused the Prime Minister of “always avoiding having these con versations with the public” over the “tough decisions” that will be required to address The Bahamas’ post-COVID economic and fiscal woes, which include the $12bn-plus national debt and National Insur ance Board (NIB) as well as BPL.Mr Pintard, speak ing after Mr Cambridge confirmed to Tribune Business on Friday that BPL’s refinancing and New Providence power plant deal with Shell North America are both “in abey ance”, again admitted it was “regrettable” that the Minnis administra tion in which he served as a Cabinet minister failed to pull the trigger on the Rate Reduction Bond in particular.Withthe Davis admin istration “moving away” from that financing mecha nism, seemingly fearing it would place an unbearable financial burden on Baha mians if executed now due to the unfavourable global interest rate environment, the FNM leader demanded that the Government lay out an “alternative” and said: “We are still awaiting as a public a plan, a coher ent plan, for how to deal with the issues at BPL. They are duty bound to lay out a plan, ideally with timelines.”
• Knowledge of local employment laws. Strong interpersonal skills. Exceptional oral and written communication skills. Organizational and time management skills. Knowledge of HR software and tools. High level of database management and record keeping skills. Competency to analyze information. Proficiency in the use of Microsoft Office Suite, Adobe Acrobat. Interested and qualified applicants are invited to submit their resume along with 2 references via email to hr@pinderscustoms.combySeptember7th,2022.
• Assist with updating job descriptions and employee policy manual.
• Coordinate employee performance reviews.
• Assist with organizing training initiatives.
• BS degree in Human Resources or related field.
JOB VACANCY HR COORDINATOR
• Assist with the recruiting and staffing process.
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Pinder’s Customs Brokerage Ltd. invites applications from suitably qualified persons for the post of HR Coordinator.
Requirements:
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PAGE 6, Monday, August 29, 2022 THE TRIBUNE
Tribune Business reported last week that the Government had to be sub sidising BPL’s fuel charge as the latest electricity bills for August shows this is still at 10.5 cents per kilowatt hour (KWh) - the same level it was at prior to June 2022 when, under regulations enacted two years ago, it is supposed to be adjusted to account for prevailing global oil Arguingprices.that the Davis administration was not being “transparent” on the matter, Mr Pintard said the “millions each month” referred to by the Prime Minister would not have been required had it exe cuted the necessary trades for BPL’s fuel hedging ini tiative in time. While the hedging struc ture enacted under its Minnis predecessor remains in place, the Opposition leader charged that the missed trades in September and December last year had exposed a portion of BPL’s fuel needs to oil market volatility with Brent crude prices last night still at $101 per“Ifbarrel.youhave only hedged 50 percent of your fuel needs, you have to pay the spot price for the rest. They did nothing to lock in a preferential price, and the public is paying back as tax payers and consumers for their failure,” Mr Pintard told this newspaper. “We are costing the taxpayer in a substantial way.
• Coordinate Reward and Recognition Programs, Employee Socials, etc.
PM ‘not telling full story’ on BPL subsidy millions FROM PAGE B1
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the Government is sub sidising the state-owned utility’s multi-million dollar monthly fuel bill, Mr Davis on Thursday effectively affirmed this is the case via a tweet on his personal Twitter“Helpingaccount. Bahamians cope with high prices is a priority,” Mr Davis wrote. “Among other steps, we’ve reduced import duties on dozens of food items, we’re building more affordable housing and we’re spend ing millions each month to make sure higher electricity costs are not passed along to Theconsumers.”PrimeMinister gave no figure for these “mil lions”, but Mr Pintard said he had been informed the Government was using between $3m-$5m worth of taxpayer dollars per month (up to $60m per
“What the Prime Min ister is not saying to the public is the reason the Government is doing what it is doing now, which is a violation of the law, is as a result of his administra tion not taking good advice in its first week on the job. The failure to execute the hedge made us vulnerable to unforeseen price escala tions. We are subject to the vagaries and volatility in the oil market. “He is in no position to boast about what he’s doing. He has forced the country into paying $3m$5m a month for fuel. This is something he has brought on the country for failure to take advice.... The Prime Minister is giving Baha mians the impression he’s saving a substantial sum of money without telling the whole story. He’s caused the public to be in the position they are in,” the Opposition leader continued.
• Maintain physical and digital copies of employees’ records.
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The responsibilities of the HR Coordinator include but are not limited to the following:
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• A minimum of two years’ experience in an HR role.
• PHRI or SHRM certifications are preferred.
“The public will still pay for it. One way or another, the taxpayers will pay. The question is when and how. BPL does not have the money, the Govern ment does not have the money. The present course of action is not sustain able. My understanding is that they already owe Shell more than $50m fuel in any event. The failure to exe cute the hedge is causing you to subsidise.” Mr Pintard queried where the unbudgeted spending is coming from, although a line in the Min istry of Finance’s Budget - entitled Budget Reserve Appropriations - is under stood to be a “reserve” for unplanned contingencies and could have been called upon. This more than dou bled year-over-year, rising from $23.25m to $54.25m for the 2022-2023 fiscal year - a $31m or 133 percent. The Opposition’s leader, meanwhile, called out URCA over the Gov ernment’s subsidising of BPL’s fuel costs and if this may violate the Bahamas Electricity Corporation (Amendment) Regulations 2020 that stipulate these must be passed on in full to end“URCAusers. has a responsi bility in this,” Mr Pintard told Tribune Business “URCA does not have the luxury of being quiet on the course of action the Government is taking, and ought to weigh in. Failing to weigh in raises the ques tion about whether their are exercising their respon sibility for oversight on how the Government handles the fuel pass through and all matters associated with BPL.“This comes on the heels of URCA’s electricity regu lation head [Mr Cambridge] recently taking the helm at BPL. The public ought to be reassured that URCA has the capacity to operate independently against the backdrop of him recently becoming chief executive at BPL.”
NOTICE FRIDAY,
THE TRIBUNE Monday, August 29, 2022, PAGE 7
NOTICE
NOTICE is hereby given that WILFRIDO SEGURA PEREZ of #3 Kite Terrace, Monastary Park, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 29th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas. 26 AUGUST 2022
NOTICE is hereby given that ASHLEIGH DEIMIE GIBBS of P. O. Box CR-56104, #43 Sunrise Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE NOTICE is hereby given that MARIO MOISE of P. O. Box SB-51877, Mackey Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
The NFA secretary said global indices showed lobster prices were down against 2021 levels, with the decline hitting a Bahamian fishing industry still grap pling with high fuel costs despite a modest easing of global oil prices in recent weeks. “Diesel is upwards of $6.80 per gallon. At one point earlier this year it was near $7 a gallon,” he added. “It’s come down a little bit but is still very high, and for fishermen taking on hundreds to thousands of gallons a trip the price differential is enormous. A couple of years ago it was at $4 per gallon, and now it’s at $7 per gallon, so it’s unman ageable. Gas is the same. To be hit with higher costs and lower prices, there’s a lot of fishermen who have held off this August from going out forMrlobster.”Maillis suggested that lower lobster prices might be the result of reduced demand for a commodity that typically generates between $60m-$80m of The Bahamas’ annual export earnings. Pointing to fears of a recession in the US and other major economies, which are all hiking interest rates to combat inflation, he added that increased supply may be another factor in play.“Markets like South Africa and Australia are coming back into the system,” Mr Maillis added. “For a long time during the pandemic those markets were shut down because of COVID-19 restrictions while The Bahamas kept operating, and we could be seeing too much supply in the market right now. That’s speculation. The only thing we know for a fact is prices are low. Hopefully they go up. Everybody is trying to get the best they can from the same resources.”
NOTICE
NOTICE is hereby given that FELANDA OSNE of P. O. Box N-98320, Marigold Lane, South Beach, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that VERNICA VELMA SEYMOUR of Kemp Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2610.713.280.13382.4717.16 BISX LISTED & TRADED SECURITIES 52WK HI52WK LOWSECURITY SYMBOLLAST CLOSECLOSECHANGE VOLUMEEPS$DIV$P/E YIELD 6.985.30 AML Foods Limited AML 6.98 6.980.00 0.2390.17029.22.44% 53.0033.80 APD Limited APD 39.95 39.950.00 0.9321.26042.93.15% 2.761.60Benchmark BBL 2.76 2.760.00 0.0000.020N/M0.72% 2.612.20Bahamas First Holdings Limited BFH 2.46 2.460.00 0.1400.08017.63.25% 2.761.30Bank of Bahamas BOB 2.51 2.760.25 2,0000.0700.000N/M0.00% 6.205.75Bahamas Property Fund BPF 6.20 6.200.00 1.7600.000N/M0.00% 10.057.50Bahamas Waste BWL 9.75 9.750.00 0.3690.26026.42.67% 4.152.82Cable Bahamas CAB 3.91 4.000.09 1,000-0.4380.000-9.1 0.00% 10.655.40Commonwealth Brewery CBB 10.15 10.150.00 0.1400.00072.50.00% 3.652.27Commonwealth Bank CBL 3.45 3.450.00 0.1840.12018.83.48% 8.255.29Colina Holdings CHL 8.23 8.230.00 0.4490.22018.32.67% 17.509.80CIBC FirstCaribbean Bank CIB 16.00 16.000.00 0.7220.72022.24.50% 3.131.99Consolidated Water BDRs CWCB 3.28 3.27 (0.01) 0.1020.43432.113.27% 11.288.25Doctor's Hospital DHS 10.26 10.260.00 0.4670.06022.00.58% 11.6711.25Emera Incorporated EMAB 11.62 11.52 (0.10) 0.6460.32817.82.85% 10.8510.00Famguard FAM 10.85 10.850.00 0.7280.24014.92.21% 18.3014.05Fidelity Bank (Bahamas) Limited FBB 18.10 18.100.00 0.8160.54022.22.98% 4.003.50Focol FCL 3.90 3.900.00 0.2030.12019.23.08% 11.008.20Finco FIN 11.00 11.000.00 0.9390.20011.71.82% 16.5015.50J. S. Johnson JSJ 15.50 15.500.00 0.6310.61024.63.94% PREFERENCE SHARES 1.001.00Bahamas First Holdings PreferenceBFHP 1.00 1.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 6 CAB6 1000.001000.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 9 CAB9 1000.001000.000.00 0.0000.0000.0000.00% 1.001.00Colina Holdings Class A CHLA 1.00 1.000.00 0.0000.0000.0006.25% 10.0010.00Fidelity Bank Bahamas Class A FBBA 10.0010.000.00 0.0000.0000.0007.00% 1.001.00Focol Class B FCLB 1.00 1.000.00 0.0000.0000.0006.50% CORPORATE DEBT - (percentage pricing) 52WK HI52WK LOWSECURITY SYMBOLLAST SALECLOSECHANGEVOLUME 100.00100.00Fidelity Bank (Note 22 Series B+)FBB22 100.00100.000.00 100.00100.00Bahamas First Holdings LimitedBFHB 100.00100.000.00 BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92104.79Bahamas Note 6.95 (2029) BAH29 107.31107.310.00 100.00100.00BGS: 2014-12-7Y BG0107 100.00100.000.00 100.00100.00BGS: 2015-1-7Y BG0207 100.00100.000.00 100.00100.00BGS: 2014-12-30Y BG0130 100.00100.000.00 100.00100.00BGS: 2015-1-30Y BG0230 100.00100.000.00 100.00100.00BGS: 2015-6-7Y BG0307 100.00100.000.00 100.00100.00BGS: 2015-6-30Y BG0330 100.00100.000.00 100.00100.00BGS: 2015-10-7Y BG0407 100.00100.000.00 100.2299.98BGRS FL BGRS99032 BSBGS990326100.50100.500.00 200 100.2299.98BGRS FL BGRS99032 BSBGRS990326100.50100.500.00 100.4399.96BGRS FL BGRS97033 BSBGRS970336100.09100.090.00 100.43100.43BGRS FL BGRS75022 BSBGRS750225100.54100.540.00 100.34100.04BGRS FL BGRS81037 BSBGRS810375100.34100.340.00 100.23100.00BGRS FL BGRS88028 BSBGRS880287100.00100.000.00 100.0089.62BGRS FX BGR129249 BSBGR129249389.6289.620.00 100.0089.00BGRS FX BGR131249 BSBGR1312499100.00100.000.00 100.9890.24BGRS FX BGR132249 BSBGR1322498100.00100.000.00 100.0090.73BGRS FX BGR136150 BSBGR1361504100.00100.000.00 MUTUAL FUNDS 52WK HI52WK LOW NAV YTD%12 MTH% 2.522.11 2.520.99%4.22% 4.693.30 4.690.36%5.78% 2.221.68 2.210.67%2.74% 207.86164.74 197.44-2.97%-2.35% 212.41116.70 202.39-4.72%6.04% 1.741.69 1.741.37%3.03% 1.841.75 1.841.19%5.23% 1.831.76 1.831.62%4.13% 1.030.97 0.97-5.25%-6.07% 9.376.41 9.37-0.02%10.36% 11.837.62 11.79-0.33%18.23% 7.545.66 7.540.22%3.05% 16.648.65 15.94-3.89%14.76% 12.8410.54 12.47-1.04%-2.57% 10.779.57 10.740.81%4.20% 10.009.88 N/AN/AN/A 10.438.45 10.433.00%25.60% 14.8911.20 14.897.90%48.70% MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price 52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths Daily Vol. - Number of total shares traded today NAV - Net Asset Value DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333 5.55%4.33%4.31%4.30% 15-Apr-204926-Jul-202817-Apr-203323-Sep-20324.87%4.43% 26-Jul-20377-Sep-2022 6.25% 31-Mar-202230-Sep-2025FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund 4.25%6.25%4.50%6.25% NAV Date 4.30%5.69%5.65% 31-May-202231-May-202231-Jan-202231-Jan-202231-Jan-202231-Jan-202231-May-202231-Jan-202231-Jan-202231-Mar-202115-Oct-204923-Sep-203221-Apr-205025-Mar-202215-Oct-202226-Jun-204526-Jun-202230-Jul-204515-Dec-204430-Jul-202215-Dec-2021 INTEREST Prime + 1.75% MARKET REPORT 31-Mar-202131-Mar-2021 MATURITY 31-Mar-202231-Mar-202220-Nov-202919-Oct-20224.50%6.95% 31-May-202231-Mar-2022 5.60%6.25%4.50% 15-Jul-2049 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund (242)323 2330 (242) 323 2320 www.bisxbahamas.com
The public is hereby advised that We, STEPHEN GORDON DEAN and RACHAEL MONETTE DEAN, both of #74 Collins Drive, Faith Gardens in the Southern District of the Island of New Providence, The Bahamas, parents of STEPHEN GORDON DEAN now registered in the Birth’s Register in the Registry of Records as “STEPHEN GORDON DEAN” and reflected in his passport issued by The Government of The Bahamas as “STEPHEN GORDON DEAN JR.” intend to change our child’s name to “STEPHEN GORDON DEAN II”. If there are any objections to this change of name by deed poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742, Nassau, The Bahamas, no later than Thirty (30) days after the date of the publication of this notice.
NOTICE is hereby given that FENES OSNE of P. O. Box N-98320, Marigold Lane, South Beach, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. NOTICE is hereby given that LAUROSE DERILUS-OSNE of P. O. Box N-98320, Marigold Lane, South Beach, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
‘ENDLESS BATTLE WITH CRIMINALS’ OF THE SEA FROM PAGE B1
The Public is hereby advised that I, JADESHA SHONETTE KENEICE CULMER of Farmer’s Hill, Exuma, Bahamas, intend to change my name to JADE SHONETTE WILLIAMS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.
INTENT TO CHANGE NAME BY DEED POLL PUBLIC NOTICE
“I know the price went down tremendously, but it has still not settled,” Mr Carroll explained. “Right now it’s at $12 a pound. This time last year it was prob ably at $16 a pound. The price is not really decided until probably the first or second week in September - another week to ten daysand then we’ll have an idea of what it will be for the rest of the season.” Mr Maillis, though, dis closed that crawfish prices are far from the only chal lenge faced by Bahamian fishermen. “It’s an endless battle with criminals out here,” he told Tribune Busi ness. “People want to poach out of season. It’s outra geous. There’s a need for our country to have a cul tural“Anotherswitch. fisherman stole my fish pot from under my face. I was a quarter of a mile away. They anchored above our fish pot, my boat was too slow and they outran me. They knew it was our fish pot. They saw the buoy, knew we were working the area, and stole it from under our face. “There’s a lot of fisher men that take advantage of the sea. There’s no law enforcement out here, and they don’t place value on other people’s hard work. They see opportunities and they take them. That’s what we deal with in the fishing industry; a lot of dishonour ableMrpeople.”Maillis said he was far from alone in having his livelihood impacted by rogue operators and poachers. “It’s very evident listening to the testimony from fishermen down south, like myself who set condos and expect to get a good catch from August 1, that many of their traps have been speared,” he revealed. “I had a report from a Long Island fisherman, and it looked like all their traps have been speared by poachers. The reefs and cracks [in the rocks] as well looked like poaches had recently been through the area. And, further up north, it looked like a lot of lobster spearing had taken place over the summer. They are reporting their condos have been speared as well. “There were a lot of fish ermen waiting to access their traps, and when August 1 came there were a lot of heads lying around, and a lot of areas that shouldn’t have been empty were empty. It’s not as if there’s been a consistent downward trend in lobster. Last year was an amazing year for fishermen, and we experience a similar - maybe a slightly decreased - catch.” Mr Maillis’ comments will likely spark renewed concerns about poaching and illegal lobster harvest ing in the closed season, which lasts for four months from April 1 every year, and the impact this has on the long-term sustainability and conservation of craw fish and other key fisheries species. A successful lobster season is especially vital for many Family Island fish ing communities which rely heavily on the sector for their economic well-being. That is also heavily linked to catch volume and the price obtained for lobster from fisheries processors and exporters. “Right now, the big issue is the price of lobster at the moment in the market,” Mr Maillis told Tribune Business. “Last year fishermen experienced anywhere from $20 and up per pound of lobster tails. In some places it was $18; any where from $18 to $20 per pound.“This year I’ve heard some reports that fisher men are getting as low as $8-$10 a pound. That’s a pretty drastic change from last year to this year. You’ve got some larger fishermen saying it’s not worth going out for lobster because the price of fuel is so much higher than it used to be and lobster prices have been cut in half; they’re going to wait for something to change. Fishermen made invest ments coming off last year’s boom, and now it has come crashing down.”
INTENT TO CHANGE NAME BY DEED POLL PUBLIC NOTICE
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“The decision to increase from 54 to 85 clinics will allow the Ministry of Health and Wellness to speed up the digitisation of the health information system and health care services in all primary health clinics of the public healthcare system” the IDB paper added. “The Ministry of Health and Wellness consid ered the feasibility of the connectivity and the imple mentation of the electronic health records, given the country’s geographical conditions.”
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Darville, minister of health and wellness, was said to be travelling and could not be reached for comment before press time last night. However, it was previ ously revealed that the nine new clinics will be built in Moore’s Island, Abaco; Fresh Creek and Mangrove Cay, Andros; Smith’s Bay, Cat Island; Staniel Cay and Black Point, Exuma; Long Cay; and Rock Sound and Palmetto Point, Eleuthera. The National Reference Laboratory in New Provi dence will be relocated to the former Bahamas Mort gage Corporation Building on Russell Road, while the primary healthcare clinics set for upgrade and renova tion are based at Matthew Town, Inagua; Marsh Har bour and Fox Town, Abaco; Mastic Point, Andros; Simms and Deadman’s, Long Island; Alice Town, Bimini; and Fox Hill Clinic in New Providence.
Extra 14,500 Bahamians to benefit in $31m clinic spend
FROM PAGE
The Secretary shall ensure that all documentation provided to members of the Board is concise and its content is accurate and appropriate.
Dr Michael
Board Secretary
• Assures that an agenda has been prepared by the Board, President and/or CEO and that the agenda is distributed in advance of the meeting; Oversees the distribution of the background information for agenda to be discussed; Prepares the official minutes of the meeting and records motions, discussions, votes and decisions; Schedules and notifies board members of upcoming meetings; Completes any other duties as may be assigned by the Board Chair.
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COVID-19 vaccine maker Moderna is suing Pfizer and the German drugmaker BioNTech, accusing its main competi tors of copying Moderna’s technology in order to make their own Modernavaccine.saidFriday that Pfizer and BioNTech’s vac cine Comirnaty infringes on patents Moderna filed several years ago protecting the technology behind its preventive shot, Spikevax. The company filed patent infringement lawsuits in both U.S. federal court and a German court. Pfizer spokeswoman Pam Eisele said the com pany had not fully reviewed Moderna’s lawsuit, but the drugmaker was surprised by it, given that their vac cine is based on proprietary technology developed by both BioNTech and Pfizer. She said in an email that Pfizer Inc., based in New York, would “vigorously defend” against any allega tions in the case. BioNTech said in a statement late Friday that its work was “original” and that it too would defend itself. Moderna and Pfizer’s two-shot vaccines both use mRNA technology to help people fight the coronavirus.“When COVID-19 emerged, neither Pfizer nor BioNTech had Moderna’s level of experience with developing mRNA vaccines for coronaviruses,” Mod erna said in a complaint filed Friday in the U.S. Dis trict Court for the District of TheMassachusetts.mRNA vaccines work by injecting a genetic code for the spike protein that coats the surface of the coronavirus. That code, the mRNA, is encased in a little ball of fat, and instructs the body’s cells to make some harmless spike copies that train the immune system to recognize the real virus. That approach is radi cally different than how vaccines have traditionally beenModernamade. said it started developing its mRNA tech nology platform in 2010, and that helped the com pany quickly produce its COVID-19 vaccine after the pandemic arrived in early 2020. By the end of that year, U.S. regulators had cleared shots from both Pfizer and Moderna for use after clinical research showed that both were highly effective.Moderna CEO Stephane Bancel said in a prepared statement that the vaccine developer pioneered that technology and invested billions of dollars in creat ingModernait. worked with scientists at the National Institutes of Health to test and develop its COVID-19 vaccine. The company said its lawsuit is not related to any patent rights generated during that collaboration. The company said it believes its rivals’ vaccine infringes on patents Mod erna filed between 2010 and 2016.Moderna said in its complaint that Pfizer and BioNTech copied some critical features of its tech nology, including making the “exact same chemi cal modification to their mRNA that Moderna sci entists first developed years earlier” and went on to use in ModernaSpikevax. said it recog nizes the importance of vaccine access and is not seeking to remove Comir naty from the market. It also is not asking for an injunction to prevent future sales.Moderna said in 2020 that it would not enforce its COVID-19 related patents while the pandemic contin ued. But the company said in March, with vaccine sup plies improving globally, that it would update that pledge.
“The Government of The Bahamas prioritised most resources for the pandemic response. It tem porarily repurposed health personnel, medical equip ment and health facilities for COVID-19 cases. For instance, it transformed a polyclinic in southern New Providence into a ten-bed negative pressure COVID19 care centre. This facility remained a COVID-19 treatment centre from April 20, 2020, to October 31,“The2021. clinic’s conversion allowed for the manage ment of COVID-19 patients and disrupted primary health care services in New Providence. Reallocating health personnel and repur posing facilities allowed the Ministry of Health and Wellness to effectively manage the public health emergency. However, it also strained further its capacity to provide primary health care services and widened previous deficiencies,” the IDB“Beforeadded. the pandemic, the population had lim ited access to primary healthcare services due to geographic barriers and the inadequate conditions of primary health care clin ics and medical equipment. Moreover, the social distancing measures, lock down, curfews also affected the demand for primary healthcare
CAREER OPPORTUNITY
“Therefore,services.the Min istry of Health and Wellness request to real locate the resources of the loan is justifiable and allo cate the EU grant funds to strengthen the facilities and renovate the medical equipment. Moreover, the modernisation of the model of care for non-communi cable disease patients and the introduction of digital health technology, includ ing telemedicine services, will facilitate access and increase coverage in more Family Islands.”
• The University Secretary shall be responsible for the custody of the University Seal and for its proper use.
PAGE 8, Monday, August 29, 2022 THE TRIBUNE its public health and pri mary healthcare services.”
As to the benefit of dou bling the number of public sector health clinics, the IDB added: “In the original version of the programme, it was estimated that about 60,000 people would benefit after improving the infra structure of nine clinics. “The increase from nine to 18 primary health care clinics with climate resilience and energy effi cient measures, including reinforcing the medical infrastructure furniture and new medical equip ment, will facilitate access and improved services to approximately 74,500 people living in 11 Family Islands.“The reallocation of the National Reference Labo ratory to an upgraded facility will benefit 220,000 people. The introduction of the digital health tech nology in 85 clinics will improve healthcare qual ity for the total population in The Bahamas, 349,939 persons.”Although the financing has been cut from the orig inally-envisaged $10m to $6.9m, another component of the IDB-financed health care upgrade involves modernising the public healthcare sector’s informa tion management system. Despite the funding cut, the bank estimated that the number of clinics set to benefit will still increase from 54 to 85 due to ongo ing improvements being facilitated by both itself and theAllGovernment.locationswill receive Internet connectivity and see the implementation of electronic patient records, together with the necessary cyber security protections.
• The University Secretary is required to consult with the President/ Chief Executive Officer and keep him fully informed on any matter relating to the business of the Board of Trustees (other than in relation to the Board’s consideration of the President/Chief Executive Officer’s emoluments).
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Confirming that the Ministry of Health had requested that more fund ing be redirected and redistributed to addressing existing deficiencies with the public health clinics themselves, the IDB added: “It will finance the con struction of nine primary health clinics, the retrofit ting of nine primary health clinics and the upgrade of the building where the Ministry of Health and Wellness will relocate the National Reference Laboratory.“Thiscomponent will still finance the procurement of new medical equip ment, such as basic medical devices, diagnostic devices, equipment for emergency care, dental and preventive care and six ambulances.... The MInistry of Health and Wellness prioritised aged primary health clinics vul nerable to environmental hazards, lacking mainte nance and outdated medical equipment.”
Moderna sues Pfizer, BioNTech over COVID-19 vaccine patents www.ub.edu.bs
• The University Secretary will be required to form effective working relationships with the Chair and Vice Chair of the Board and the President/Chief Executive Officer of the University.
Board Administration
Interested applicants should submit the following electronically to the attention of the Chairman, Human Resources Committee via boardsecretaryapply@ub.edu.bs (noting the position in the subject field of the email): A cover letter of interest highlighting work experience and accomplishments relevant to the position; Current Curriculum Vitae or Resume; Copies of Qualifications and Certificates; At least three (3) written, professional references. for applications is Friday 2nd September 2022.
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By TOM MURPHY AP Health Writer
The IDB, agreeing that the project’s financial repur posing is justified, said: “The COVID-19 pandemic had severe economic effects in reducing the fiscal space and curtailing further investments to improve supply capacity to deliver primary healthcare services.
Qualifications include a Bachelor’s degree in law, accounting, management, communications, or any other relevant field; and relevant practical/ professional experience of no less than five (5) years. Certification as a Board Secretary is preferred. The comprehensive position announcement is available via: https://www.ub.edu.bs/about-us/career-opportunities/.
The University Secretary has sole responsibility for advising the Board on all matters of Board procedure.
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Suitably qualified candidates are invited to apply for the position of: University Secretary appointed by the Board of Trustees in accordance with Statute V of the University of The Bahamas Act, 2016. Required duties and responsibilities include, but are not limited to, the following:
The deadline
“For the production unit we will be open before the second outlet. We’re look ing to work the kinks out with the production unit,” he added. “We’re look ing at October 1 for that, and trying to have the res taurant location ready for December 1. That gives us two months to deal with any issues we may have, so when December 1 comes around it will be a lot easier.”Chef Culmer said Tropi cal Gyros’ production unit and corporate office will be located in the RND Plaza’s unit ten, where Colina’s former satellite office was based. “We are moving for ward to sign the lease and get the production facil ity up and running and the second outlet,” he added. “We feel the area is a developing area for busi ness, especially with Bank of the Bahamas putting their head office and new branch there. It’s a good corridor.” The presence of government offices and businesses meant Tropical Gyros felt it has secured a location with “good visibil ity”, Chef Culmer added.
Acknowledging that he had previously been focused on finding sites in Carmichael Road and Cable Beach, he said of the latter: “The problem was finding a good location. There was one location we looked at on Cable Beach, but parking was a huge challenge. There was two restaurants in the plaza we looked at, Sbarro’s and Mesa Grill, but there’s no more space. I went there last Sunday and there’s no moreRulingspace.”out a location further west of Carmichael Road’s intersection with Gladstone Road, Chef Culmer said he had yet to find anything suitable there. A spot he thought was vacant at the South-West Plaza is already leased, although he remains opti mistic there may be spaces where Popeyes is further west.“We’ve asked our real estate agents to take a look,” the Tropical Gyros chief said. “We saw some empty spots, and want them to check it out and see if it’s available. If it is, we’d look to get it as a third unit. If that location is available, we’ll be looking at JFK and Carmichael. We’d get JFK open on December 1 and hopefully by January/Feb ruary Carmichael is ready to “Thego. challenge has been trying to find sites. We don’t want to go into a location for the sake of it. We want to rent spots that make sense. The restaurant busi ness is location, location, location. We don’t want to be in a bad spot that takes us away from clients.” Despite having hit his $320,000 minimum with a further ten days to go before Tropical Gyros’ raise closes on Septem ber 7, Chef Culmer said he was waiting for investors to close on the pledges they have made and actually part with their cash to buy shares in the company. He added that ArawakX has moved to facilitate this by working with Cash N’ Go and Island Pay to facilitate payments.
“I am humbled that we have reached this point with the assistance of the crowdfunding platform ArawakX,” added Chef Culmer. “One of the things we are doing immediately is engaging a business consultant to put in place and shore up our internal controls including stand ard operating procedures, operations manual and human resources to give us a true competent and effec tive internal management systems.“We are also sourcing inventory control systems software which this con sultant will help guide us on in this process. I want to assure our investors and those who are intending to invest in Tropical Gyros that we are bringing effec tive and efficient talent to ensure Tropical Gyros has the right procedures moving“Nowforward.asweembark on this new journey, I see great potential returns for our investors, and I want to say thank you for those that have pledged and paid for their pledges, giving us the ability to take this brand throughout the Bahamas and our ultimate goal into the international market.” CULMER
his existing sole Rosetta Street outlet have risen by 40 percent since his bid to raise a minimum $320,000 in equity financing via ArawakX’s crowdfunding platform launched in June. With that target now hit, he said the Rosetta Street restaurant is on track to generate $900,000 total sales for 2022 to-date. The addition of the JFK Drive location will play a sig nificant role in more than doubling this to a projected $2m for 2023, while he added that the addition of a third location could take the annual top-line to $3m. “Our sales have increased by 40 percent since we launched the offer in June,” Chef Culmer confirmed. “This year we’re on pace to hit $900,000 from Rosetta Street, and next year we anticipate doing $2m from the two locations. If we get a third open on Carmi chael, we will be looking at expanding to $3m.” With ambitions of hit ting a 20 percent gross profit margin, and returning 50 percent of earnings to investors, Chef Culmer said that at $3m in revenues this translates into a $600,000 gross profit and collective $300,000 capital return to shareholders.
FROM PAGE B1 TROPICAL GYRO WITH ARAWAKX TEAM TROPICAL GYRO CHEF KEVIN
Crowdfunded restaurant eyes $2m 2023 top-line
THE TRIBUNE Monday, August 29, 2022, PAGE 9
AT THE LAUNCH TROPICAL GYRO CHEF IN ACTION Verizon Media Group JOB DIGITALVACANCYREPORTER About the job- A digital reporter should be a skilled writer and journalist who can craft content that provide value and drive engagement on our online platforms. Responsibilities • Collect, verify and analyze thoroughly newsworthy information • Assemble findings into a balanced story • Write and deliver news stories with the reader’s perspective in mind • Report news quickly and accurately • Understand types of stories that drive traffic on website • Work with management to deliver a content mix that reflects needs of our audience • Identify story trends • Edit/produce short video content • Utilize social media for reporting and story promotion Requirements and skills • Proven working experience as a Reporter • Ability to gather, write and edit news • Computer proficiency (MS Office, digital editing, web search, databases) • Excellent communication, lobbying and active listening skills • Integrity and morality • BS degree in Journalism or mass communication Interested individuals should email resumes to hr@ilstudios.comonorbeforeSeptember2,2022.
PAGE 10, Monday, August 29, 2022 THE TRIBUNE
“Everyone’s going to have to adapt,” he said. “Small businesses have an opportunity to adapt quicker since they’re more nimble than bigger companies.”DanielEdwards, who owns a Handyman Connec tion franchise in Hanover, Massachusetts, focuses on small jobs that are sev eral thousand dollars, like building decks, swapping out windows and doors and carpentry projects. In the greater Boston area that includes Hanover, home sales in July were down 20%. The median price of a home sold was $650,000, down 2% from June but up 8% from this time last year, according to Re/Max data. Edwards said he’s nor mally booked out three or four weeks with jobs, but lately it’s been two to three weeks. He says cus tomers are being tighter with money: They, want smaller jobs, want to look at receipts and question the price of materials.
By MAE ANDERSON AP Business Writer
THE chill in the housing market is rippling out to the carpenters, landscapers and other small businesses that lose out when fewer home owners are renovating their properties.Inflation was already causing some homeown ers to delay big renovation projects as prices for build ing materials, fixtures and appliances jumped. More recently, higher mortgage rates have put a damper on the number of homes being sold.At the beginning of the year, carpenter Bill Albritton, who has owned Albritton Custom Carpen try near Charlotte, N.C., since 2004, was booked months in advance and completing full custom kitchen cabinet replace ments in homes in the historic districts of Char lotte. But he’s seen a slowdown over the past two months.Inthe Charlotte metro politan area, the number of home sold fell 19% between June and July, and are down about 21% from July a year ago, accord ing to the Re/Max monthly National Housing Report. Albritton is booked out 30 days in advance, com pared to the usual 90 to 160 days. Meanwhile, his costs have gone up by more than 30% across the board. Ply wood he uses jumped from $72 to $140 a sheet around Christmas. It has gone back down to $85 a sheet, but that’s still higher than it used to be. And he has trouble finding hinges at anyAlbrittonprice. is trying to pivot to smaller carpentry jobs.“Instead of doing new kitchens we’re gearing up to do what we call ‘kitchen face lifts,’” Albritton said. That means just replac ing the fronts of cabinets and drawers and teaming up with a painting contrac tor to paint the cabinets. It gives “a new kitchen look for a fraction of the price,” heThesaid.Federal Reserve has been raising interest rates in an effort to reduce infla tion, which is running at almost 10% annually at the wholesale level. The fear is the Fed will go too far and the economy will go into a slump.“Iam very worried on the heels of the material short ages we have been battling to now look at a very pos sible recession,” Albritton said. He’s reaching out to other home renovation companies to partner with as one way to keep the workThecoming.average rate on a 30-year mortgage is 5.55%, according to Freddie Mac. A year ago, the average was 2.87%. The increase is forc ing some would-be buyers out of the market and sales of previously owned homes have fallen for six straight months. That matters to the businesses involved in home renovations because sellers can spend thousands of dollars making a house more attractive to buyers, and then the buyers spend thousands more personaliz ing their new home or fixing it up.Growth in homeowner spending for improvements and repairs is expected to slow for the rest of 2022 and the first half of 2023, according to the Remode ling Futures Program at the Joint Center for Housing Studies of Harvard Univer sity. The center’s Leading Indicator of Remodeling Activity predicts home owner improvement and repair spending repair spending will grow 17.4% this year to $431 billion. That will slow to 10.1% by the second quarter of next year, with total 2023 spending estimated at $446 billion.Chris Doyle, CEO and co-founder of Billd, a con struction finance company, said small businesses should be aware of what’s going on in their market and consider pivoting to dif ferent types of projects. A small business previously focused on new-home con struction should try to work with renovators instead, for example. And since resi dential home spending is set to decline, federal construc tion projects might also be something to look into.
Small businesses feel the pinch from slowing housing market
BILL Albritton of Bill Albritton Cabinetry in his workshop in Charlotte, N.C., on Aug. 24, 2022. Albritton is booked out 30 days in advance, compared to the usual 90 to 160 days. Meanwhile, his costs have gone up by more than 30% across the board. Plywood he uses jumped from $72 to $140 a sheet around Christmas. It has gone back down to $85 a sheet, but that’s still higher than it used to be. And he has trouble finding hinges at any price.
Photo:Rick Chastain/AP
In 2013, a bill in the lower house stated, “Coal mining activities have gen eralized risks, because their techniques are artisanal and rudimentary … Risky mining practices must be minimized or eliminated.” It is unclear why those laws were never passed. Mine safety activist Cris tina Auerbach noted that coal is politically sensi tive in Coahuila, especially among the impoverished communities that once made a living from it.
FACEBOOK’s Meta logo sign is seen at the company head quarters in Menlo Park, Calif., on, Oct. 28, 2021. Facebook’s corporate parent has reached a tentative settlement, Friday, Aug. 26, 2022, in a lawsuit alleging the world’s largest social network service allowed millions of its users’ personal information to be fed to Cambridge Analytica, a firm that supported Donald Trump’s victorious presidential campaign inPhoto:201.Tony Avelar/AP
Photo:Alfredo Lara/AP
“Coal is a political issue in Coahuila, not an eco nomic one,” said Auerbach. She said that from 2006 through last year at least 80 miners had died in acci dents in Coahuila. “The smallest businesses in the coal region are the most precarious, like Pinabete,” sheButsaid. small-scale coal mining appeared to be dying out in Coahuila until López Obrador directed the Federal Electricity Commission to ramp up purchases.“Theregion was revived with the new purchase orders from the federal commission,” said Diego Martínez, a professor of applied earth sciences at the Autonomous Univer sity of LópezCoahuila.Obrador wanted to eliminate subterfuge and corruption in coal purchases, but apparently failed at that; one man was arrested in connection with the Pinabete mine acci dent after it was found that the mine was apparently registered under different names or titles on purchase contracts and in labor department records. No one has been sen tenced for the 2006 deaths at the Pasta de Conchos mine. DANGEROUS FORM OF COAL MINING
MEXICO’S PRESIDENT REVIVED
SAN AssociatedFRANCISCOPress FACEBOOK’S corpo rate parent has reached a tentative settlement in a lawsuit alleging the world’s largest social network ser vice allowed millions of its users’ personal informa tion to be fed to Cambridge Analytica, a firm that sup ported Donald Trump’s victorious presidential cam paign in 2016. Terms of the settlement reached by Meta Platforms, the holding company for Facebook and Instagram, weren’t disclosed in court documents filed late Friday. The filing in San Francisco federal court requested a 60-day stay of the action while lawyers finalize the settlement. That timeline suggested further details could be disclosed by late October.Theaccord was reached just a few weeks before a Sept. 20 deadline for Meta CEO Mark Zuckerberg and his long-time chief operat ing officer, Sheryl Sandberg, to submit to depositions during the final phases of pre-trial evidence gath ering, according to court documents.Zuckerberg, who founded Facebook in 2004 as a Harvard University student, could have been deposed for up to six hours. Sandberg, who is stepping down as chief operating officer after a 14-year stint, could have been questioned for up to five hours. The case sprang from 2018 revelations that Cam bridge Analytica, a firm with ties to Trump political strategist Stephen Bannon, had paid a Facebook app developer for access to the personal information of about 87 million Face book users. That data was then used to target U.S. voters during the 2016 cam paign that culminated in Trump’s election as the 45th president.Theensuring uproar led to a contrite Zuckerberg being grilled by lawmak ers during a high-profile congressional hearing and spurred calls for people to delete their Facebook accounts. Even though Facebook’s growth has stalled as more people connect and entertain themselves on rival services such as TikTok, the social network still boasts about 2 billion users worldwide, including nearly 200 million in the U.S. and Canada. The lawsuit, which had been seeking to be certified as a class action represent ing Facebook users, had asserted the privacy breach proved Facebook is a “data broker and surveillance firm,” as well as a social network.
A TOWER, used by a rescue team to enter the Pinebete mine where miners are trapped, is silhou etted against an afternoon sky in Sabinas, Coahuila state, Mexico, Aug. 4, 2022. Fifteen men were working inside the mines, about 70 miles southwest of Eagle Pass, Texas on Aug. 3., when a wall of water from an abandoned mine next door filled the single shaft 40 meters (yards) deep. Five miners managed to escape as the mine flooded, but there has been no contact with the rest.
By FABIOLA SÁNCHEZ AND MARK STEVENSON Associated Press AS hopes faded of res cuing 10 men trapped in a flooded Mexican coal mine, evidence mounted that the current administra tion’s populist policies have driven the revival of the dangerous, primitive mines that continue claiming lives. President Andrés Manuel López Obrador enacted a plan two years ago to revive coal-fired power plants in northern Mexico and give preference to buying coal from the smallest mines. The purchases were part of the president’s policies to give more income to the poorest Mexicans. In doing so, the adminis tration resuscitated a form of coal mining so danger ous that lawmakers in both houses of Mexico’s Con gress had tried to ban it a decadeExpertsago.say that mines so narrow and primitive that only one miner at a time can be lowered into a narrow shaft — and only one bucket of coal extracted — are inherently unsafe. At some pits, known as “pocitos,” or “little wells,” air is pumped in and water pumped out through plas tic hoses. Some don’t even have that. There are usually no safety exits or auxiliary shafts.Fifteen men were work ing inside the Pinabete mine in Sabinas, Coahuila, about 70 miles (115 kilometers) southwest of Eagle Pass, Texas, on Aug. 3. A wall of water from an abandoned mine next door — and pos sibly wastewater pumped in from a nearby town — filled the single shaft about 40 meters (yards) deep. It blew out so many wooden sup ports that they have formed floating barriers to rescue crews.Five workers managed to escape as the mine flooded, but there has been no con tact with the rest. Promoting coal is part of López Obrador’s effort to shore up the state-owned power utility, the Federal Electricity Commission, headed by old-guard poli tician Manuel Bartlett. Not only was the policy questioned by environmen talists; many also said it endangered miners. “Manuel Bartlett’s bril liant idea of buying more coal from the smallest pro ducers, and less from big producers, gave rise to a black market that wound up in the exploitation of mines that lack the safeguards needed to protect the lives of the workers,” Miguel Riquelme, the governor of Coahuila state and member of the opposition Institu tional Revolutionary Party, said after the accident. The government utility had defended its decision to buy about two-thirds of coal for power generation from small mines. “We had to have the mindset of favoring the smallest (producers) because we had to make their economic condi tions more equal,” Miguel Alejandro López, the subdirector of purchasing for the company, said in July, describing the orders he got under López Obra dor. “Because as he (the president) has said, one of this country’s main failings is inequality.”Lópezsaid small mine owners were required to submit proof they complied with labor laws, which in Mexico govern mine safety. But even the president acknowledged that the Pinabete mine had not com plied with the few existing safety and labor standards. Accidents at small coal mines have been depress ingly frequent. In June 2021, seven miners were killed at a simi lar small mine in Muzquiz township, about 80 miles (130 kilometers) south west of Eagle Pass, Texas. The shaft at the Micarán mine also flooded and par tially collapsed, and it took days to recover the miners’ bodies.The operations resem ble wildcat mines from the U.S. Old West: Horizontal coal faces spread out from the bottom of the shaft and are shored up with wooden poles.At some mines, the pit-head winches used to extract miners and coal are run off old car engines placed on Lawmakersblocks.already knew the dangers of the narrow, unreinforced vertical shafts; explosive gas accumula tions and flooding risks are common.Asfarback as 2012, Mex ican legislators tried to pass laws to do away with such primitive mines. The 2006 tragedy in the nearby Pasta de Conchos mine, where 65 miners died after a gas build-up caused a fire and explosion, was still fresh in their minds. That was a larger mine where gas monitoring proved to be insufficient.A2012Senate bill pro posed “the outright ban on vertical coal mines, also known as ‘pocitos,’ because that is where the greatest risks occur.”
THE TRIBUNE Monday, August 29, 2022, PAGE 11
“Manuel Bartlett’s brilliant idea of buying more coal from the oftosafeguardsminesthethattoproducers,lessproducers,smallestandfrombiggaveriseablackmarketwoundupinexploitationofthatlacktheneededprotectthelivestheworkers.”
Miguel Riquelme
FACEBOOK PARENT SETTLES SUIT IN ANALYTICACAMBRIDGESCANDAL
THE Dow Jones Indus trial Average sank more than 1,000 points Friday after the head of the Fed eral Reserve dashed Wall Street’s hopes that it may soon ease up on high inter est rates in its effort to tame inflation.TheS&P 500 lost 3.4%, its biggest drop since midJune, after Jerome Powell said the Fed will likely need to keep interest rates high enough to slow the economy “for some time” in order to beat back the high inflation sweeping the country.TheDow dropped 3% and the Nasdaq composite ended 3.9% lower, reflect ing a broad sell-off led by technology stocks. Higher rates help corral inflation, but they also hurt asset prices.The Fed has indicated it will raise rates into next year as it tries to quell demand and bring down prices for goods and services. But some investors speculated the central bank might pause or even reverse course next year if inflation subsides, leading to a rally for stocks in July and early August.Some analysts expected Powell to bat down that talk in Friday’s speech, and he delivered. His speech followed up remarks by several other Fed officials, who also pushed back on speculation the Fed might act less aggressively or even “pivot.”“Hebasically said there will be pain and that they won’t stop and can’t stop hiking until inflation moves a lot lower,” said Brian Jacobsen, senior invest ment strategist at Allspring Global done.”keepfesterifpainsion.toinhouseholdsthePowellInvestments.acknowledgedincreaseswillhurtU.S.andbusinesses,perhapsanunspokennodthepotentialforarecesButhealsosaidthewouldbefargreaterinflationwereallowedtoandthat“wemustatituntilthejobis
A SCREEN displays market data at the New York Stock Exchange in New York, Wednesday, Aug. 10, 2022. Stocks are holding steady in the early going on Wall Street, Friday, Aug. 26, ahead of a widely anticipated speech by the head of the Federal Reserve that’s expected to yield more clues on the central bank’s outlook on the economy, inflation and interest rates.
Requirements • Must have a High School Diploma or equivalent thereof. • Excellent knowledge of Microsoft Office (especially Word and Excel) • Familiarity with office machines (e.g., Printers, Scanners, etc.) • Must possess strong communication and interpersonal skills • Must possess good organizational skills and multi-tasking abilities Individuals who are interested are asked to email your Resumes/Cover Letters Deadlinerforsythe@allianceinvest.comtotoapplyisTuesday,September6th,2022.Compensationwillcommensuratewith relevant qualifications and experience. NOW HIRING Office Assistant/ Receptionist
A report on Friday said U.S. consumers are expect ing 2.9% annual inflation over the long run, which is at the lower end of the 2.9% to 3.1% range seen in the University of Michigan’s survey over the last year. For now, the debate on Wall Street is whether the Fed will raise short-term rates by either half a per centage point next month, double the usual margin, or by three-quarters of a point. The Fed’s last two hikes have been by 0.75 points, and a slight majority of bets on Wall Street are favoring a third such increase in Sep tember, according to CME Group. A report Friday morning showed that the Fed’s preferred gauge of inflation decelerated last month and wasn’t as bad as many economists expected. It’s a potentially encour aging signal, which may embolden more of Wall Street to say that the worst of inflation has already passed or will soon. Other data showed that incomes for Americans rose less last month than expected, while consumer spending growth slowed. Following the reports and Powell’s comments, the twoyear Treasury yield rose for much of the day, but slipped by late afternoon to 3.36% from 3.37% late Thursday. It tends to track expecta tions for Fed action. The 10-year Treasury yield, which follows expec tations for longer-term economic growth and infla tion, initially rose then slipped to 3.02% from 3.03% late Thursday.
Powell says rates will stay high
PAGE 12, Monday, August 29, 2022 THE TRIBUNE
He was speaking at an annual economic sym posium in Jackson Hole, Wyoming, which has been the setting for marketmoving Fed speeches in the past. The sell-off capped a week of choppy trading that left major indexes down 4% or more for the week. All told, the S&P 500 fell 141.46 points to 4,057.66. The benchmark index is now down almost 15% for theTheyear.Dow lost 1,008.38 points to close at 32,283.40. The last time the blue-chip average had a 1,000-point drop was in May. The Nasdaq slid 497.56 points to 12,141.71, its big gest drop since June. The Russell 2000 index of smaller companies fell 64.81 points, or 3.3%, to finish at 1,899.83.Stocks are still show ing solid gains for the third quarter, with the S&P 500 up more than 7% and the Nasdaq up 10%. Recent earnings reports were better than some analysts had expected, and there are signs that inflation may have peaked although it remains at sharply elevated levels.Still, Powell’s speech made clear the Fed will accept weaker growth for a while for the sake of getting inflation under control, ana lysts“Powellsaid. reiterated that the Fed is worried about rising prices, and getting inflation under control is emphatically job number one,” said Jeff Klingelhofer, co-head of investments at Thornburg Investment Management.Perhapsgiving some hope to investors, some analysts said Powell seemed to indicate expectations for future inflation aren’t taking off. If that were to happen, it could cause a self-perpet uating cycle that worsens inflation.
Dow drops 1,000 after Fed’s
By STAN CHOE, DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers
Photo:Seth Wenig/AP
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LOW FUEL INVENTORIES CAUSE SPECIAL CONCERN IN US NORTHEAST Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. Low:ORLANDO76°F/24° C High: 90° F/32° C Low:TAMPA77°F/25° C High: 88° F/31° C WEST PALM BEACH Low: 80° F/27° C High: 90° F/32° C FT.High:Low:LAUDERDALE81°F/27°C89°F/32°C KEY WEST Low: 82° F/28° C High: 88° F/31° C Low: 80° F/27° C High: 89° F/32° C Low:ABACO80°F/27° C High: 89° F/32° C High:Low:ELEUTHERA79°F/26°C90°F/32°C RAGGED ISLAND Low: 79° F/26° C High: 88° F/31° C GREAT EXUMA Low: 81° F/27° C High: 89° F/32° C CAT ISLAND Low: 78° F/26° C High: 89° F/32° C SANHigh:Low:SALVADOR79°F/26°C89°F/32°C CROOKED ISLAND / ACKLINS Low: 79° F/26° C High: 89° F/32° C LONG ISLAND Low: 79° F/26° C High: 89° F/32° C MAYAGUANALow:80°F/27°CHigh:88°F/31°C GREAT INAGUA Low: 80° F/27° C High: 89° F/32° C Low:ANDROS80°F/27° C High: 90° F/32° C Low: 78° F/26° C High: 88° F/31° C FREEPORT NASSAULow: 81° F/27° C High: 89° F/32° C MIAMI THE WEATHER REPORT 5-Day Forecast A stray t‑storm; winds subsiding High: 89° AccuWeather RealFeel 100° F The exclusive AccuWeather RealFeel Temperature is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day. A thunderstorm early; partly cloudy Low: 80° AccuWeather RealFeel 88° F A thundershower in spots High: 90° AccuWeather RealFeel Low: 79° 99°-87° F An a.m. shower; oth erwise, some sun High: 89° AccuWeather RealFeel Low: 78° 100°-88° F Mostly sunny High: 90° AccuWeather RealFeel Low: 79° 101°-87° F A morning t‑storm; partly sunny High: 90° AccuWeather101°-86°RealFeelF Low: 78° TODAY TONIGHT TUESDAY WEDNESDAY THURSDAY FRIDAY almanac High 84° F/29° C Low 77° F/25° C Normal high 89° F/31° C Normal low 76° F/24° C Last year’s high 90° F/32° C Last year’s low 75° F/24° C As of 2 p.m. yesterday 0.04” Year to date 40.30” Normal year to date 24.54” Statistics are for Nassau through 2 p.m. yesterday PrecipitationTemperature sun anD moon tiDes For nassau Sep.First3 Sep.Full10 Sep.Last17 Sep.New25 Sunrise 6:50 a.m. Sunset 7:32 p.m. Moonrise 8:46 a.m. Moonset 9:11 p.m. ThursdayWednesdayTuesdayToday High Ht.(ft.) Low Ht.(ft.) 9:51 a.m. 3.1 3:50 a.m. 0.6 10:07
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DIESEL and heating oil supplies in the Northeast are more than 50% below the recent average, raising concerns that an extreme weather event could cause supply disruptions, federal officials said. Fuel supplies are lower than normal across the country for a variety of rea sons, including the war in Ukraine. But it’s the worst in the DieselNortheast.fueland heat ing oil, which comprise the distillate category, are 63% below the five-year aver age in New England and 58% below the same aver age from Maryland to New York, according to a survey by the Department of Energy. Gasoline invento ries are not as bad, but are still at their lowest levels in nearly a decade along the entire East Coast, the agency said. The Northeast is heav ily dependent on heating oil to keep homes warm in the winter, while other regions rely more on natu ral gas and electricity. Also, the National Oceanic and Atmospheric Administra tion has projected an active hurricane season, and a powerful weather event could cause disruptions, since most fuel consumed from the Middle Atlan tic states to Maine comes from Gulf Coast refineries, energy officials say. Energy Secretary Jennifer Granholm is con vening a meeting of New England governors and their energy directors after Labor Day to discuss the situation. In the meantime, she has urged governors in a letter to take whatever steps they can to shore up fuel supplies in coming weeks to prevent any problems.TheEnergy Department also sent letters to seven major oil companies, asking them to hold onto their stocks to help offset low stocks.The federal agency has been monitoring the prob lem and is attempting to be proactive with outreach. But there’s little incentive for buyers to stock up on high-priced fuel for stor age because it is anticipated that prices will drop, said Michael Ferrante, of the Massachusetts Energy Mar keters Association. The fuel inventory concerns come against a backdrop of Russian’s invasion of Ukraine fur ther shaking up an energy supply chain that was seek ing to catch up with growing demand. The war is causing worries about the adequacy of energy supplies around theInworld.New England, the immediate concern in the late summer is diesel fuel, but the winter heat ing season looms not far behind.Heating oil disruptions would hit the region hard because the percentage of homes that rely on it range from 24% in Massachusetts to more than 60% in Maine, the most heavily dependent states.Maine Gov. Janet Mills, a Democrat, has urged the Energy Department to expedite its meeting with governors to talk about maintaining a stable heat ing oil Mainesupply.is“distinctly vul nerable to the increased prices and volatility the global fossil fuel market is now experiencing due to the Russian invasion of Ukraine,” said Anthony Ronzio, a spokesperson for the Mills supplythatimmediateandwillhetogether,retailerswholesaleDespiteadministration.theconcern,suppliersandareworkingwellandFerrantesaidanticipatesinventoriesincreaseinSeptemberOctober,easingtheconcerns.Hesaidheisoptimistictherewillbeanampleofheatingoil. p.m. p.m. 10:30 a.m. 4:24 a.m. 10:44 p.m. 4:43 p.m. 11:12 a.m. 5:00 a.m. 11:25 p.m. 5:29 p.m. 11:58 a.m. 5:40 a.m. 6:19 p.m. 12:11 a.m. 2.8 6:25 a.m. 0.6 12:50 p.m. 3.2 7:16 p.m. 1.0 1:04 a.m. 2.7 7:17 a.m. 0.6 1:49 p.m. 3.2 8:20 p.m. 1.1 2:06 a.m. 2.6 8:18 a.m. 0.7 2:55 p.m. 3.3 9:29 p.m. 1.1
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THE TRIBUNE Monday, August 29, 2022, PAGE 15
By DAVID AssociatedSHARPPress
marine Forecast WINDS WAVES VISIBILITY WATER TEMPS. ABACO Today: SE at 10 20 Knots 2 4 Feet 10 Miles 84° F Tuesday: ESE at 8 16 Knots 2 4 Feet 10 Miles 84° F ANDROS Today: SE at 10 20 Knots 1 2 Feet 10 Miles 85° F Tuesday: ESE at 8 16 Knots 1 2 Feet 10 Miles 85° F CAT ISLAND Today: ESE at 10 20 Knots 3 5 Feet 10 Miles 84° F Tuesday: ESE at 8 16 Knots 2 4 Feet 10 Miles 85° F CROOKED ISLAND Today: ESE at 12 25 Knots 3 6 Feet 6 Miles 84° F Tuesday: ESE at 10 20 Knots 2 4 Feet 7 Miles 84° F ELEUTHERA Today: SE at 10 20 Knots 3 5 Feet 10 Miles 85° F Tuesday: ESE at 8 16 Knots 2 4 Feet 10 Miles 84° F FREEPORT Today: SSE at 10 20 Knots 1 3 Feet 10 Miles 85° F Tuesday: SE at 7 14 Knots 1 2 Feet 10 Miles 84° F GREAT EXUMA Today: SE at 12 25 Knots 1 2 Feet 10 Miles 85° F Tuesday: ESE at 8 16 Knots 1 2 Feet 10 Miles 84° F GREAT INAGUA Today: SE at 12 25 Knots 2 4 Feet 10 Miles 84° F Tuesday: ESE at 8 16 Knots 1 3 Feet 7 Miles 84° F LONG ISLAND Today: ESE at 12 25 Knots 3 5 Feet 10 Miles 84° F Tuesday: SE at 8 16 Knots 2 4 Feet 10 Miles 84° F MAYAGUANA Today: ESE at 10 20 Knots 4 7 Feet 10 Miles 84° F Tuesday: ESE at 10 20 Knots 3 5 Feet 7 Miles 84° F NASSAU Today: SE at 12 25 Knots 1 3 Feet 10 Miles 85° F Tuesday: ESE at 8 16 Knots 1 2 Feet 10 Miles 85° F RAGGED ISLAND Today: SE at 12 25 Knots 3 6 Feet 10 Miles 85° F Tuesday: ESE at 8 16 Knots 1 3 Feet 10 Miles 85° F SAN SALVADOR Today: SE at 10 20 Knots 1 3 Feet 10 Miles 85° F Tuesday: ESE at 8 16 Knots 1 2 Feet 7 Miles 85° F uV inDex toDay The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection. Forecasts and graphics provided by AccuWeather, Inc. ©2022 H tracking map Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. NS EW S 7 14 knots NS EW S 10 20 knots NS EW S 8 16 knots NS EW S 10 20 knots NS EW S 12 25 knots NS EW S 12 25 knots NS EW S 12 25 knots NS EW S 10 20 knots | Go to AccuWeather.com
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