09082022 BUSINESS by tribune242

THE BAHAMAS’ abil ity to cope with natural disasters is set for a $160m overhaul after being ranked among the weakest in the Western Hemisphere by the Inter-American Develop ment Bank (IDB). The multilateral lender, in a paper seen by Trib une Business, plans to assist the Government in transforming its govern ance framework and public policy response to major catastrophes given that a Hurricane Dorian-strength storm is now forecast to occur more frequently - at least once every 25 years - due to climate change impacts.TheCategory Five storm inflicted $3.4bn in com bined damages and losses when it devastated Abaco and Grand Bahama, and the IDB said the Govern ment’s ability to cope with and respond to such events remains “limited”. The Bahamas scored just 22 per cent, out of a possible 100, when measured against an index devised by the bank to benchmark a country’s disaster risk management and response mechanisms. While the Bahamas fared well compared to Carib bean rivals, achieving the second highest score on

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PROMINENT Bahamian dive operator yesterday predicted Tues day’s fatality will not have a long-lasting impact on tourism, adding that over four decades shark encoun ters have proven to be his company’s “safest dive” Stuart Cove, principal of Stuart Cove’s Dive Baha mas, told Tribune Business that “the terrible trag edy” which claimed the life of US tourist, Caroline DiPlacido, had “nothing to do with diving” while acknowledging the instant reactions calling for a halt to all interaction between visitors and sharks. While agreeing that some will “throw my business under the bus” and that of other dive operators/excursion pro viders, he revealed that his company had overseen “a million encounters” between customers and sharks without one inci dent in 40 years due to the strict safety protocols that are enforced. To prevent further trag edies, Mr Cove told this newspaper that the Gov ernment needs to ban scientists from dropping chum and other waste in close proximity to New Providence as a means of attracting tiger and bull sharks to them for research purposes.

business@tribunemedia.net THURSDAY, SEPTEMBER 8, 2022

Retail chief sees signs of supply chain ‘easing’

Bahamas’ disaster response set for $160m transformation

FUSION SUPERPLEX ROBERT SANDS SEE PAGE B9 SEE PAGE B7 SEE PAGE B8 • Move ‘critical to keeping the lights on’ • Attendance numbers 33% off forecast • Eyes Xmas bounce, 2023 profitability • Gov’t requests $80m ‘replenish’ of IDB facility • Nation below average on governance ability • IDB’s concern reform ‘insufficiently robust’ $6.25 $6.29 $6.31 $6.30

THE FUSION Super plex yesterday said its workforce has been reduced by 25 percent compared to pre-COVID levels as part of a $3m cost savings package “critical to our survival and keeping on the Carloslights”. Foulkes, the cinema and enter tainment complex’s chief executive, told Trib une Business via written responses to this newspa per’s questions that it had been forced to restruc ture its operations due to changed consumer habits in the pandemic’s aftermath.Withfewer late movie nights, and earlier res taurant closings, he explained that Fusion Superplex’s labour needs have decreased as a result. The Gladstone Roadbased business is also down 33 percent on its adjusted attendance forecasts for 2022, although close to four months remain for the year, with those numbers also representing 75 per cent of what it achieved pre-COVID in 2019. Mr Foulkes neverthe less voiced optimism that Fusion Superplex will return to profitability in 2023, with revenue gener ated by its restaurants and other amenities return ing to pre-COVID levels by year-end 2022. Cinema attendance was also likely impacted by a weak late summer movie line-up that “had major holes with no good content”, as the major movie producing studios pushed back their best releases to late 2022 and next Assertingyear. that Fusion Superplex’s situation was no different to the global cinema industry’ strug gle to rebound from

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Superplex cuts staff 25% in $3m ‘survival’ package

THE BAHAMAS Federation of Retailers’ cochair yesterday said larger merchants are reporting an “easing” of supply chain disruption with various sur charges previously applied to shipping costs “starting to get Tararemoved”.Morleytold Tribune Business that the logistics and cost pressures were starting to lessen despite continued global economic uncertainty, with much of global inflation already priced into product orders alreadyHowever,placed.she revealed that the outlook for the key upcoming Christmas retail season, when merchants make up to 40 percent of their annual sales during a period that can make or break their year, remains

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEE PAGE B6 SEE

Shark encounters ‘our safest dive’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PAGE B8 A TOP hotelier yester day said The Bahamas must prioritise “comforting the traumatised family” of Tues day’s fatal shark attack and worry later about any nega tive impact to the tourism industry.Robert Sands, the Baha mas Hotel and Tourism Association’s (BHTA) president, told Tribune Busi ness that the “overriding” concern for the destination is the welfare of Caroline DiPlacido’s family after the US mother-of-three was killed by a bull shark while swimming at Green Cay just off the coast of mainland NewNotingProvidence.thatshark attacks, both in The Bahamas and ‘Put shark victim family before tourism fall-out’

Videographer Video production requires investment in equipment up front, which can be quite expensive, but that is what makes your services so valuable. Make sure you have a reel, fea turing several selections, of your work available for interested viewers.

PAGE 2, Thursday, September 8, 2022 THE TRIBUNE

Pet services People are starting to travel more, and their furry friends will need the neces sary care in their absence. This could be the job for you. Real Estate Real estate will always exist, especially in a strong economy. People need places to live, be it an apart ment or a 50-acre farm. To do well, you will need to completely understand the industry and have good (and persuasive) communi cation abilities.

Routes you can take to entrepreneurship DEIDRE BastiaN By CALL 502-2394 TO ADVERTISE IN THE TRIBUNE TODAY!

Freelance Graphic or Web Designer Set your own hours, choose your projects and build a portfolio and busi ness you are proud of. From website design to blog graphics and more, many companies seek out expe rienced graphic designers for support on a variety of projects.Moreover, every e-com merce and online business needs a website. This, like all others, comes with a caveat: Do not forget to improve your skills and stay up-to-date with Internet trends. Gym Owner Turn your passion for fit ness into a community for others by creating your own gym.

Food Services Every person needs to eat. This is a booming sector, and you do not need a fancy eight-year medical degree to break into it.

Hair and Make-up Artist Many people prefer to have a professional do their make-up or hair because they may lack the proper products or skills. It may be for a special occasion, photo shoot, video shoot or another event. If this is your field, take a leap.

Tutor Whether you are a math genius, piano master,or Shakespeare aficionado, there is someone out there who needs a little help and is willing to pay for it. Advertise your services through local schools, com munity colleges and even social media to build a cus tomer base. Event Planner You might choose to spe cialise in a specific type of event such as weddings or company events. If you are highly organised, detail-ori ented and have experience planning large events, it might be time others ben efit from your skills.

Resume Writer Creating a resume, cover letter and portfolio for a new job can be tough and time-consuming, which is why many hire help.

Interior Designer Similar to landscape design, there are many people who have the abil ity to buy the furniture and home decor, but few who know how to decorate. Start documenting your projects and sharing them online to build a fan base beyond your wildest dreams.

• NB: Columnist welcomes feedback at dee dee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a pro fessionally-trained graphic designer/brand marketing analyst, author and certified life coach

Social Media Manager Do you have a knack for social media? Influencer marketing has become more common, and many influencers rely on market ing agencies to promote their companies. As you can tell by now, there is a common theme in each field. They all require some kind of experience or education and training. However, if you play your cards right, each can be lucrative. It requires sac rifice, hard work and long nights.Itmay take a year or two to see a profit, but when you do, you will know it is because you worked hard. To get started with your own small business, having the right mindset and deter mination to succeed is the first step. Go get it. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

Arts Yes, I can see your eyes rolling now. But some people set out to just do what they love. And “art” usually falls into that cat egory. In the hectic times of 2022, art classes and work shops have helped many people see the sun through the clouds. This is a very, very broad category that includes selling paintings, photography, independent film making, dance studios and many other ventures.

Working for your self can be tough, but there is always a bright side. This is because many view small businesses as the key to financial and personal free dom. Here we will take a dive into the most popular types of small businesses in the hope you will become sufficiently inspired to run your own.

Property Management As a property manager, you can help a property owner ensure their home is well taken care of and handle small fixes as they arise. Life/ Career Coach Life/career coaches do not come cheap, but they are able to offer clients the intense hands-on advice needed in their personal and professional lives. To start your life/career coaching business with con fidence, you can look for certification programmes. Massage Therapist Soothe aching muscles and promote peace for your clients as a massage thera pist. Look into training and certification courses, and invest in a portable bed to take on client visits.

Personal Trainers (online)Personal training has taken off, and for good reason. Modern culture pushes people to look as good as they can and that is where personal train ers come in. The difficulty here is getting your name out there. However, the harder you work, the more successful you can becomeeven to the extent of selling personal training courses online.

Auto Repairs This is always in high demand, and if your prices are fair and your knowledge is good, your popularity can easily increase with word of mouth. Second-hand Stores Second-hand stores have seen a boom in popularity in recent years. Making a second-hand store a success takes work, but if you have the time, why not?

EXCURSION OPERATORS URGE SHARK POPULATION CONTROLS

Lowe’s Wholesale

SOME 95 per cent of Straw Market vendors want to keep the shift system put in place to control COVID-19 spread and not return to full capac ity at the Bay Street facility, it was revealed yesterday. Rebecca Small, the Straw Business Persons Society’s acting president, told Trib une Business that based on the recent poll’s results they have written to the Govern ment requesting that the staggered schedule - where vendors only work certain days rather than a full week - remain.

authorized to conduct any business transactions or services on behalf of the company or any of

$180KRESTAURANTCROWDFUNDINGDIRECTSTONEWSITE

BAHAMIAN excur sion and water sports operators yesterday called for shark population control measures to be implemented following Tuesday’s fatal shark attack on a US tourist near Green Cay. One operator, speaking on condition of anonymity, said: “Our company tries to play it safe. We stay away from that area and we don’t venture over there. We nor mally do offshore excursions to Exuma and Spanish Wells, so we don’t go near Green Cay.“Sure, sharks are every where. I understand they are there for a reason, but we need to regulate them to some degree because when you get an overpopulation of certain species that could create a problem. A lot of tourists come down already for shark fishing. I used to be in the fishing business but transitioned to being a tour operator. “That area is a shallow area. The turtles frequent there, but you have to pay attention because sharks feed on turtles. So you have to know your environment and be aware of your sur roundings when you’re dealing with things like that. Sharks have mating seasons and, in certain times of the day, you have to be knowl edgeable in that field.” Another operator, also speaking on condition of anonymity, added: “We won’t have any fall-out from this. This was an isolated incident and, I hate to say this, but people’s memories are short. They will forget about this in due“Justtime.like there was a shark attack in 2019 in the same area, people have for gotten about it and started going back to the site almost immediately. You have shark attacks all over the world and there is nothing you can do about that. We have to remember we are in their domain.”

“That’s going to be a problem, and it’s going to be a problem in more ways than one, but financially speaking it is going to be challenging for the vendors if you see the Government open up the market back up fully. We can do better on these days. The competition is just not there like that.” In a letter to the Minis try of Works and the Straw Market Authority, Ms Small said she made it clear they want the shift system to remain moving forward for all vendors. “We want it to remain as it is,” she said.

THE TRIBUNE Thursday, September 8, 2022, PAGE 3

A BAHAMIAN restau rant entrepreneur yesterday said he will invest the entire $180,000 collected to-date from his crowdfunding offering into opening a second location in JFK Drive’s RND Plaza. Chef Kevin Culmer, Tropical Gyros’ principal, speaking at the ground breaking for the new outlet at the former Cafe Negril site, said: “The pledges we have so far are for $448,000. We have collected $180,000, and those funds are going to be used right now to get this location up and run ning. All of the money collected is going directly into getting this restaurant up and running.”

“There are 360 vendors eligible to register, so half of that, 180, would come each day to the market because of COVID-19 and the influx of the tourists with the ven dors,” she explained. “We did a survey of 231 vendors and everyone was saying that we like this, and keep this moving forward like this, because our competi tion is not as fierce when everyone is out.” Ms Small explained that the shift system is allow ing straw vendors to make money during September’s traditional tourism lull. With the Straw Market not at full capacity, vendors are not fighting over and splitting scarce tourist dollars among eachSheother.added: “I literally did a physical survey, and 231 vendors participated. Out of the 231, 220 vendors said they wanted the days to remain flexible. Only 11 said they wanted to go back, so that shows you we want the days to stay as is.” This marks a sharp u-turn from vendors given the overwhelmingly negative reaction to the shift system when it was introduced last November to coincide with the post-COVID reopening. Even Ms Small was strongly opposed to the move, but she and others have changed their views given how it has worked out. “We don’t even mind paying the full rent for the week,” Ms Small said. “It’s only $39.20 per week. We’re saying keep us like this and we will pay y’all the $39.20. But if you see them open up that market fully, and talk about they want to go up on rent, dog will eat their lunch and dog will eat our lunch.

POLICE remove body of Green Cay shark attack victim. NEW OFFICE SPACE AVAILABLE 2,400 sq/ft Centrally Located Complete with private bathroom Conference room, reception area, kitchenette Sitting area and 4 individual offices CONTACT: 394-0245/6

Head Office Human Resources department should you have concerns on the same.

Notice

Straw vendors: Keep Market’s shift system

Mr. Richard Lightbourne

Wholesale

YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net

As of September 5th, 2022, Mr. Richard Lightbourne –Consumer Sales Representative – is no longer employed with Lowe’s Ltd. Therefore, he no longer Lowe’s neither is he its Pleasesubsidiaries.contact

By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net

The opening came as Tropical Gyros was granted a 30-day extension to con vert almost 60 percent of received “pledges” into actual equity investments by Bahamians in the business. ArawakX, the crowd funding platform through which Tropical Gyros raised its capital, said in a state ment that the Securities Commission has given Chef Culmer extra time to collect $268,000 still outstanding from the total $448,000 pledged by investors. Tropical Gyros had tar geted a minimum $320,000 capital raise from the crowdfund offering, and if all pledges are collected it will have exceeded that goal by 40 percent. Chef Culmer told this newspaper last week that the offering was still struggling to convert some investor pledges into actual share purchases. “The difficulty we’ve been having is that we’ve got a lot of pledges,” he explained. “The one thing is people getting into pay, so ArawakX is coming up with options for people to go to Cash N’ Go and Island Pay so that they can convert pledges into cash and share ownership.”The40 percent sales increase at Tropical Gyros’ existing Rosetta Street outlet since the crowdfund ing launched convinced the Securities Commission to grant the extension, Chef Culmer said. “Our sales last month topped $200,000 on Rosetta Street and, prior to that, our top month was about $66,000 before the launch. Each month since we launched we saw a steady increase,” he added. “So with that informa tion, ArawakX was able to meet and we sat down and were able to get the permission from the (Secu rities) Commission to lower the raise because we have some additional capital from our own sales of oper ations and revenue-based sales to go along with what we have to try to get every thingTropicalaccomplished.”Gyroswas seek ing to raise a maximum $850,000 through its offer ing, with the minimum or ‘floor’ set at wantpay,tionalbeenknowsafely.arrivedcoaster;Butalmostthathappenstoofficer,ArawakX’smaximumGyros’truck,locations,Carmichael.”findthelookingsay,putadded:quicker”,calwouldAchieving$320,000.themaximumhaveallowedTropiGyrostoexpand“alotandChefCulmer“We’dbeabletoathirdlocationin,let’sPrinceCharles.WeareatCarmichael,butproblemwasIcouldn’ttherightlocationonThesetwoalongwithafoodwouldbeonTropicalradariftheyhittheir$850,000.D’ArcyRahmingJr,chieftechnologysaid:“We’retryingmakesureeverythingtransparentlyandhasitsmoments.Itwaslikearollercoaster.it’sbeenagoodrollerit’sgoodtohaveatthedestinationAsthepresswouldthattheraisehasextendedforanaddi30daysforpeopletobutalsoforpeoplewhotoparticipateinit.”

Public

By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net

CHEF KEVIN CULMER

represents

Suitably qualified persons are invited to apply for the position of: Human Resources Information Systems Analyst in the Office of Information Technology responsible for coordinating with OIT and HR teams to analyze all HRIS requirements, develop and implement various HRIS procedures and prepare customized reports for finance and payroll teams; designing all custom ad hoc reports; resolving queries and ensuring accuracy; preparing all business documents and providing upgrades if required; and monitoring HRIS systems, maintaining integrity of all data. Other duties and responsibilities include, but are not limited to, preparing reports for all HR systems and applications; troubleshooting on all technical processes and providing support to all HRIS users; assisting with the training of users and preparing user manuals for KRONOS and BANNER applications. A detailed position announcement is accessible at: http://www.ub.edu.bs/ Requiredabout-us/career-opportunities/staff/qualificationsincludea

• Excellent communication and interpersonal skills (verbal and written).

• Backup and relief for other Lending roles or functions as required.

• Exceptional character, integrity and work ethics.

Duties Responsibilities:

Caregiver/HousekeeperPOSITIONNEEDED 2 year old boy Monday-Friday 8am-5pm Please call: 242-359-0808 PERSONAL REPRESENTATIVEBANKING(LENDER)

Flexible?

A BAHAMIAN accountant has called for the gaming industry’s regulatory regime to be constantly updated so that it keeps pace with tech nology while encouraging continual innovation by licensed operators.

CAREER OPPORTUNITY

• High School Diploma. • Minimum of 3 years’ experience in the Financial Services industry or in a role which required solicitation and sales based on targets.

In addition to a fixed salary, this position also earns substantial performance-based incentives, bonuses and referral fees. Please submit before: September 9th, 2022

DR John Bain (left) presents his disserta tion on regulation of the Bahamian gaming industry to Gaming Board chairman, Dr Danny Johnson.

“The wrong message is being sent and threatens the enforcement abilities of the Gaming Board,” the study said. “The action also tarnishes the reputation of the Government itself. These types of messages may lead to an increase in illegal gambling, encourage others to go underground or to challenge the gaming laws.”Finally, Mr Bain rec ommended that ongoing research be conducted to improve the existing legisla tion. He called for study on desistance in The Bahamas when it came to the gaming industry, as well as stud ies to further explore the uniqueness of web shops compared to land-based casinos.“Regulation by itself without a proper and thorough understanding of the vicissitudes of the existing industry does not influence or motivate the stakeholders to believe that the newly-regulated industry has achieved the objectives,” Mr Bain concluded.“Thisstudy supports other literature that sug gests that, [just] because legalisation of an industry occurs, it does not necessar ily mean that no more illegal activities persist. This study also supports the notion of continuous improvement to the Gaming Act 2014, where the law was more futuristic and adaptable than the industry itself.

PAGE 4, Thursday, September 8, 2022 THE TRIBUNE

“Additionally, this study supports the notion that, eventually, the law will encourage continu ous innovations within the industry and stop any anti-competitive and anticapitalist practices that appear to benefit a few at the expense of the national industry.

• Solicit and interact with prospective clients regarding loan applications and other credit matters.

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. Interested applicants should submit electronically to the Vice President, Human Resources via hrapply@ub.edu.bs all of the following documents:

JobRequirements/Qualifications:Summary:

• Proficient at Microsoft Office Suite programs.

The ideal Candidate will be a proven sales representative who is target-driven and possesses excellent communication and interpersonal skills. This role is primarily responsible for the sale of Fidelity’s loan and credit card products.

The deadline for submissions is Friday 9th September 2022

• Current Curriculum Vitae or Resume; • Copies of all academic qualifications with transcripts (original transcripts will be required upon employment) and/ or Certificates; and • The names and contact information of at least three (3) professional references.

• Ability to manage the administration of multiple tasks at one time.

Dr John Bain, advisory partner at the HLB Galanis law firm, concluded in the 200-page dissertation that earned him his doctorate or Ph.D that the Government has a critical, two-pronged role to play in the gaming industry’s evolution. This requires it and the Gaming Board to keep pace with the sector’s rapid technology evolution while constantly monitoring the regulatory process to prevent illegal operations.MrBain, who once served as the Gaming Board’s chief financial officer, completed his academic paper in 2017 but the contents have not previously been disclosed publicly.Prior to the 2014 push by the last Christie admin istration to regulate, legalise and tax the local web shop industry, Mr Bain’s paper said illegal gambling - known as the “numbers” business - was widespread across The Bahamas. Its explosive growth and expansion this century was enabled by technology, Mr Bain said, noting a 100-year history of informal gaming in the so-called ‘underground’ economy.Inhisreport, ‘The inno vation of regulations against cyber crimes and money laundering in Bahamian gaming houses’, which he wrote as his doctoral disser tation, Mr Bain argues that international concern over the potential for money laundering and terrorist financing through “num bers houses” drove the Christie administration to regulate the industry. “One of the concerns the Government of The Bahamas is addressing is the perception that money laundering and terrorist financing is widespread, and may have penetrated the now-regulated local gam bling industry,” he wrote. “The Gaming Act 2014 effectively converted illegal online gambling operations into financial service pro viders, and subjected them to similar regulations faced by other financial services providers.”MrBain said several fac tors will determine how well the industry adopts, and adapts to, its new reg ulatory environment. His study, the first to directly interview former illegal gaming operators who were transitioning into the new legal environment in The Bahamas, looked at the regulations using the framework of the Diffusion Innovations Theory. For regulation to be suc cessful, he found there must be buy-in from opera tors and a true desire for “desistance”, or moving away from illegal opera tions and seeking to operate solely within the bounds of the new laws. “The commitment should be demonstrable to the regula tors, the Bahamian public and international bodies with strong influences on international finance,” Mr Bain wrote. “It is the international bodies that have the power to label The Baha mas again if there are any suspicions of contin ued criminal activities of the gaming operators.” Mr Bain emphasised that the Government’s abil ity to keep up with an ever-changing Internetbased web shop industry is another important factor in the long-term success of regulatory efforts. He pointed to cases in European countries, which demonstrated that the systems “inherently lack elasticity, and that the very criminals the system regulates are usu ally quick to re-enter the underground industries when technical treatedcomplainedtheirmiannalsregarding“disrespecting”theiroperatorstions,numbercerns,opportunities”.createunforeseeninternationalisationinnovations,oranydevelopmentsnewillegalbusinessToaddresstheseconMrBainmadeaofrecommendaincludingthatgamingberecognisedforinnovationinsteadofthemandthemas“crimiandmisfits”.“InsteadoftheBahasocietyrecognisingtalents,theoperatorsthattheywerewithlittlerespect by the Government’s nego tiators,” his study reads. “If The Bahamas and the gaming industry are to grow, innovation should be recog nised and encouraged.” Mr Bain also suggested that the Government and regulators need to be aware of the “hidden danger” in regulating gaming, noting that the industry may be over-regulated. This, he said, could encour age individuals to move their businesses back underground.“Firstly,more studies should be undertaken to get an accurate picture of the actual local gaming industry,” he wrote. “These studies will enable a better understanding of the state of the industry, and who are the operators and who are the“Afterwards,players. the poli cymakers are urged to revisit the 2014 legislation for possibly updating the laws to enable the Gov ernment to be still able to collect taxes, but in a way that would encourage, rather than contain, innova tion.... The current status is not economically feasible for the long-term as large operators continue to domi nate the industry.” Mr Bain recommended that the Gaming Act and its regulations be thoroughly enforced, pointing to one case where a business that was not granted a licence was still operating “with out a licence, and without adhering to strict regula tions, with impunity.”

• The solicitation of customers for overdue loan and credit card payments.

Accountant: Gaming laws need continuous updating

• Ability to work in a self-motivated environment, on a team and with little supervision.

HUMAN RESOURCES Re: Personal Banking Representative (Lender), 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@ delitybahamas.com www.ub.edu.bs

Are you highly adaptable? Competitive? Energetic? Fidelity is looking for a passionate, sales-driven, networking professional to

• A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Completed Employment Application Form f(www.ub.edu.bs/wp-content/uploads/2017/01/Application-orEmployment-Staff.pdf)

• Must be energetic, competitive and goal-oriented.

• The solicitation and sale of loans, credit cards and other credit products to new customers.

and

fill the role of: If you have what it takes, we want you!

• Prepare credit applications (loans, overdrafts, credit cards) and perform credit facility renewals.

THE PERSON | You will have a minimum of two years’ experience in a similar client relations role within the insurance industry. You will possess superior verbal communication skills, pay attention to details, display a ‘can-do’ positive attitude and approach to work. A multi-tasker with strong organisational abilities. A team player with confidence and great work ethic, you will have proficiency in the Microsoft Office suite, are entrepreneurial and goal oriented. You will live and breathe great customer service.

TO APPLY | Please send your cover letter and resume by no later than September 16th, 2022 to our Human Resources Department at bs_hr@ cgcoralisle.com.

CRYPTO ISLE MEETING ROOM CRYPTO ISLE PRIVATE DESKS

THE ROLE | Based in Nassau and reporting to the Agency Manager, you will be responsible for developing relationships with new and existing customers as well as selling and underwriting Property & Casualty insurance products. You will achieve sales targets as well as assist customers with the set up and renewal of personal insurance policies, accepting premium payments, updating and changing policy information and providing support to other departments as needed. Excellent and innovative customer service delivery and sales focus are important to us, critical to our strategic objectives of business retention and growth and applies to all roles across the Group.

Khalil Braithwaite, Kanoo’s co-founder and chief marketing officer, said: “We keep our fingers on the pulse of anything that’s leaning towards inno vation, and so we were familiar with some of the principles of Crypto Isle. We chose to make Crypto Isle our home because crypto as a concept is built around bringing innovation, con nectivity and community together with peer-to-peer connection.“Weembrace the phi losophy and ideology of digital connectivity, and Crypto Isle seemed like the best fit for us. The campus is very open and conducive to multiple types of events, which also appeals to us since it reflects how our app works.”Besides private offices and communal spaces, Crypto Isle’s co-work ing space includes a fully-equipped conference room and members-only lounge for meetings and special events. The facil ity also provides in-person and virtual educational resources, plus a member ship community that offers an avenue for networking, exploring job opportunities and fine-tuning skills.

THE TRIBUNE Thursday, September 8, 2022, PAGE 5

ABOUT US | A leading regional player in the retail insurance sector, CG Atlantic Insurance Agents & Brokers Ltd. is a subsidiary of Coralisle Group Ltd., with over 600 employees and offices in Bermuda, The Bahamas, Barbados, the British Virgin Islands, the Cayman Islands, Turks & Caicos Islands, Anguilla, Antigua and Barbuda, Montserrat, Dominica, St. Lucia, St. Vincent, Saint Maarten, Grenada, Trinidad and Tobago, Guyana, Curacao, Aruba, Jamaica and Belize, offering a complete range of premier financial and insurance services to our individual and corporate clients. We know that our products make a real difference to our clients and their families.

THE BENEFITS | We offer an attractive compensation package.

Are you a people person? Join a team where people come first. We have an exciting opportunity for an optimistic and persistent self-starter. CG Atlantic Insurance Agents & Brokers Ltd. Atlantic House, 2nd Terrace & Collins Avenue, PO Box 7764, Nassau, Bahamas Tel 242 677 6422 | Fax 242 502 4379 | www.CGCoralisle.com

INSURANCE | HEALTH | PENSIONS | LIFE CUSTOMER REPRESENTATIVE/SERVICESALESPERSON

DIGITAL ASSETS HUB SELLS OUT ALL SPACE

“Crypto Isle is not a tra ditional working space; it’s a collaborative co-working space, and it’s also beauti ful with an eye-catching marina. Spaces like this allow for idea genera tion, and I look forward to meeting people from other industries who are also pushing things forward in the digital space,” said MsKanoo,Dean. the digital pay ments and virtual wallet provider, plans to use its Crypto Isle location as a “fluid dynamic home base”, where about 10-15 team members will perform their day-to-day functions.

An East Bay Street digi tal assets hub yesterday said it has totally sold out the private office space it had available for other technol ogy-driven companies. Crypto Isle, based at the site of the former Luciano’s restaurant, said in a state ment that Onwrd, a digital solutions agency, and digital wallet brand, Kanoo, have become its latest residents in taking the last remaining units.“We have two core goals at Crypto Isle. To amplify the knowledge and discus sion around blockchain and crypto in The Bahamas, and create a community where industry professionals can expand their reach and strengthen their businesses through collaboration and technology,” said Crypto Isle co-founder, Davinia Bain.“We welcome these two innovative organisations contributing to the growth and advancement of The Bahamas’ digital economy as they make Crypto Isle their home base.” Onwrd is a digital solutions and communications agency that provides data-driven strategies to aid its clients’ sustainable growth. Its man aging director, Royann Dean, was one of the first business owners to reserve a space at Crypto Isle, com mitting to set up an office at the campus in late 2021.

PAGE 6, Thursday, September 8, 2022 THE TRIBUNE the Index on Disaster Risk Management Governance and Public Policy (iGOPP) index behind Jamaica, its final score was well below the 33 percent average for the wider Latin American and Caribbean region. The IDB is proposing reforms, starting with an overhaul of disaster man agement laws, that it says would near-double The Bahamas’ score on this index to 39 percent and thus placing it above the regional average. A draft Bill has already been pre pared, with the IDB hiring both a senior legal adviser and an extra legislative drafter to move this effort forward.TheBill, which would likely replace both the Disaster Preparedness and Response Act 2008 and Disaster Reconstruction Authority Act 2019, will provide the foundation that triggers financial support identified by the IDB as worth up to $160m.

Bahamas’ disaster response set for $160m transformation FROM PAGE B1

TAKE NOTICE that anyone having a claim against the Estate of ROGER FYFE KELTY late of Towers of Cable Beach, Nassau, The Bahamas, who died on the 30th day of December, 2021, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th September, A.D., 2022.

The IDB paper also called for The Bahamas to create a national emer gency fund that could be used to finance post-hurri cane restoration, as well as legal mandates for the Gov ernment and its agencies to protect their assets with insurance or other financial mechanisms.Notingthe urgency to improve the Government’s disaster response mecha nism, the IDB said The Bahamas has suffered 14 such catastrophes in the past years through hurri canes hitting this nation. These were said to have resulted collectively in 400 deaths, impacted 50,000 persons and caused $6.7bn in damage to public infra structure and housing. “A probable disaster risk estimation for The Baha mas shows that more than 4,000 people are expected to be affected by coastal flooding every year. Simi larly, more than 9,000 people are expected to be affected by extreme winds every year,” the paper predicted.“Theeconomic damage caused by climate-related hazards in The Bahamas, as a percentage of GDP, is higher than in other countries in the Carib bean region. Thus the total damage from disasters in The Bahamas from 2002 to 2022 (over US$6.7bn) is equivalent to more than 50 percent of the coun try’s economy in 2015. Conversely, values for Jamaica and Barbados are 17 percent and 2 percent, respectively.”Morethan half that $6.7bn was incurred during Hurricane Dorian. The IDB paper estimated that a once-in-a-century storm could inflict $6bn in economic damage upon landfall in The Bahamas, and added: “While a hurri cane the size of Dorian has been calculated to occur once every 50-100 years in the past, it is now estimated to occur once every 25 years due to the effects of climate change.“Another report esti mates that the expected coastal inundation area from a 50-year flood in New Providence will be 15 per cent larger by 2050 than it is today due to increased precipitation due to cli mate change.” Turning to its iGOPP index, the IDB said higher scores meant countries will suffer lower fatalities and economic losses should a major hur ricane or other natural disaster strike. “In other words, having a robust governance framework is key to an effective use of human, technical, financial and material resources to address the risk and conse quences of natural disasters.

Thus, the IDB found that a governance improvement of 1 percent (measured in terms of the iGOPP score), on average, is associated with a 3 percent reduc tion in human losses and reduces the economic losses by 6 percent,” it added. “According to a recent update of the index by the Bank in 2020, The Baha mas has an iGOPP score of 22 percent. Although this is the second best iGOPP score in the Caribbean region (after Jamaica’s 25 percent), it is still below the Latin American and Caribbean average of 33“Thepercent.results of the IGOPP update point out that The Bahamas has limited legal, institutional and budgetary conditions to implement effective public policies in disaster risk management, result ing in actions which are not always aligned with best international practices and generally insufficient due to scarce funding, which would benefit from more robust legalBreakingmandates.”down the 22 percent rating, the IDB said neither the Disaster Pre paredness and Response Act 2008 nor the Disaster Reconstruction Authority Act 2019 “provide a solid foundation to implement effective public policies in disaster risk management. “Despite having some strengths, both Acts com bined still leave the country with governance gaps that hinder the efforts to build a more resilient Bahamian society to natural disas ters and climate change,” it added. The Bahamas also scored exceptionally low, at just 6 percent, when it came to educating its citizens on disasters risks andDespitepreparedness.the existence of the Bahamas Building Code and Building Regu lation Act, which sanctions non-compliance with legally-mandated construc tion standards, and the Planning and Subdivision Act’s zoning requirements, the IDB report added: “There is no legal mandate for public bodies or local governments to reduce the risk within the scope of their functions and juris dictions, particularly for vulnerable critical infra structure, and disaster risk analysis is not manda tory for public investment projects.”TheIDB analysis also found there is no legal underpinning for the crea tion of emergency plans by government agencies or provision for “early warning systems”. And there is “significant room for improvement” when it comes to The Bahamas improving future resilience via disaster recovery. The IDB paper said the Government had admitted “the current legal, institu tional arrangements and budgetary arrangements for disaster risk manage ment in the country were not optimal for effective execution”, prompting it to seek the multilateral lender’s help to, in the first instance, craft the neces sary legal reforms to bring The Bahamas into line with international best practices. “There is a high risk that the lack of staff specialised in disaster risk manage ment legal frameworks in the Government may result in an insufficiently robust policy reform. To mitigate this risk, in addition to the technical advice provided by the IDB staff, the bank has hired one senior legal advisor to support the Gov ernment,” the IDB said.

“There is a medium to high risk that the lack of available legal drafters at the Office of the Attorney General and Ministry of Legal Affairs delays the drafting of the new legislation, which may result in the delay of the Bill’s approval on which the operation’s disbursement depends. To mitigate this risk the bank has hired a legal drafter to support the Government in drafting the Bill.”

ESTATE OF ROGER FYFE KELTY

The paper is not clear on how this money is to be used or spent, but it adds that the Government has asked the IDB to “replen ish” the $100m credit facility used to finance rapid post-hurricane response. Just $20m remains after it was drawn down in Dorian’s aftermath, imply ing that an $80m top-up is required, while another $100m is being sought by The Bahamas to address health pandemics. It is unclear if the latter facility includes the com bined $60m being provided to The Bahamas for its ini tial COVID-19 response and to overhaul the pri mary healthcare system/ public clinics, but the IDB paper said of the $100m credit line: “This facility has currently a balance of $20m, after utilising $ 80m in response to Hurricane Dorian. The Government has requested a replen ishment of the facility for natural disasters in addi tion to $100m for health pandemics.”

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Photo:Ahn Young-joon/AP down,” Fed Vice Chair Lael Brainard said at a bank ing industry conference on Wednesday. “Our resolve is firm, our goals are clear, and our tools are up to the task.”Traders clawed back some of their recent losses with Wednesday’s rally, which pushed the S&P 500 up 71.68 points to 3,979.87. The Dow rose 435.98 points to 31,581.28, and the Nasdaq gained 246.99 points to 11,791.90. The Russell 2000 climbed 39.68 points to Technology1,832. stocks and retailers made solid gains. Intuit rose 3.9%. Target rose 4.4% after announcing that it is dropping the man datory retirement age for its CEO position, allowing CEO Brian Cornell to stay for three more years. United Airlines rose 5.5% after raising its rev enue forecast following a busy summer travel season. The encouraging update helped several competitors take flight. American Air lines rose 5.1% and Delta Air Lines added 3.3%. Bond yields fell. The yield on the 10-year Treas ury, which influences interest rates on mort gages and other loans, fell to 3.27% from 3.34% late Tuesday. The two-year Treasury yield, which tends to track expectations for Fed action, fell to 3.45% from 3.51%. In energy trading, bench mark U.S. crude added 74 cents to $82.68 a barrel. U.S. crude oil prices slid 5.7% Wednesday. Brent crude, the international standard, gained 68 cents to $88.68 a barrel.Incurrency trading, the U.S. dollar edged up to 143.97 Japanese yen from 143.74 yen. The euro was little changed at $1.00.

ASIA SHARES RISE AS WALL STREET ON TRACK TO END LOSS STREAK

“It remains to be seen what level of inflation we end up with because we’re heading into the cooler months up north, so what that’s going to do to oil and gas markets, and what that does to us because we’re a price taker, is unknown.” With COVID lockdowns in China continuing to hamper manufacturing and shipping, Ms Morley said of the outlook for Christ mas: “It’s definitely mixed. Some people have taken a more conservative base line versus last year, and some people are expecting it to be the first fully back to normal Christmas since the pandemic.“Itdepends on who you speak to. I spoke to one of the retailers who said they were expecting more of an impact with what’s going on in the economy, but for whatever reason people see their product as an essential part of their lives so they are buying a full inventory for the upcoming season. Others are taking a more conservative approach. “Anything could happen, but it seems as if every thing is easier than last year supply chain wise. There’s little pockets of flare ups depending on the product. Additional cost surcharges and fuel charges added for shipping, a lot of that stuff is being removed. Some of that is coming off, which is price beneficial, because containers are more avail able. Again, not perfect, but not as backlogged as before.”TheCentral Bank previ ously revealed that annual inflation for the year to June 2022 increased almost five-fold compared to the previous 12 months to give a stark indication of the cost of living crisis facing many Bahamian families. The monetary policy regulator, unveiling its July economic update, revealed that the annual domestic inflation rate had increased to 4.4 percent as opposed to 0.9 percent some 12 months ago just one day after the Prime Minister urged Baha mians to be frugal with their spending and warned that the country was “in for a rough ride”. “Reflective of the passthrough effects of the increase in global oil prices and supply chain short ages, domestic consumer price inflation - as meas ured by the All-Bahamas Retail Price Index - rose to 4.4 percent during the 12 months to June, from 0.9 percent in the same period of 2021,” the Central Bank said.“Leading this outturn, average costs for trans port rose by 14.2 percent; for communications by 12.2 percent; for educa tion by 2.3 percent; and for recreation and culture by 1.3 percent after posting respective reductions in the prior year. Further, aver age inflation accelerated for food and non-alcoholic beverages (7 percent); res taurants and hotels (6.8 percent); clothing and foot wear (5.4 percent); health (4.8 percent); and furnish ings, household equipment and maintenance (2.1 percent).“Similarly, the rise in average costs quickened for alcoholic beverages, tobacco and narcotics and housing, water, gas, elec tricity and other fuels, by 2.8 percent each. Pro viding some offset, the average cost for miscella neous goods and services decreased by 1.8 percent following a gain of 2.7 per cent in 2021.” FROM PAGE B1

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“mixed” with much still depending on whether pent-up demand continues to drive Bahamian tourism amid fears of a recession in the country’s major market, the“SomeUS. of our bigger retailers have indicated that the supply chain is open ing up a bit more again, so they’re seeing less dis ruption,” Ms Morley told this newspaper. “Inflation has been going on since COVID started, so I feel a lot of those costs have already been reflected, at least through orders put through already.

A CURRENCY trader watches monitors in front of screens showing the Korea Composite Stock Price Index (KOSPI), left, and the exchange rate of South Korean won against the U.S. dollar, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 8, 2022. Asian benchmarks mostly rose Thursday, as investor optimism got a perk from a rally on Wall Street that’s on track to break a three-week losing streak.

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By YURI KAGEYAMA AP Business Writer ASIAN benchmarks mostly rose Thursday, as investor optimism got a perk from a rally on Wall Street that’s on track to break a three-week losing streak.Japan’s benchmark Nikkei 225 surged nearly 2.0% in morning trading to 27,964.16. Australia’s S&P/ ASX 200 gained 0.8% to 6,783.80. South Korea’s Kospi edged up 0.4% to 2,385.55. Hong Kong’s Hang Seng slipped 0.3% to 18,986.70, while the Shang hai Composite rose nearly 0.1% to Somewhat3,248.76. reassuring to market watchers was Japan’s revised seasonally adjusted real gross domes tic product, or GDP, for the second quarter, which was revised upward to an annual rate of 3.5% growth, better than the initial estimate at 2.2%.Data showed private consumption and business spending are holding up in the world’s third-largest economy, which has man aged to grow for three quarters straight. The onquarter growth for GDP, or the sum of the value of a nation’s products and ser vices, was revised upward to 0.9% from 0.5%. The annual numbers show how the economy would have grown if the quarterly rate were to continue for a year. “Economic conditions in the region will continue to be in focus, with China’s trade balance data yester day revealing challenges in both external and domes tic demand,” said Yeap Jun Rong, market strategist at IG in Singapore, referring to Wednesday’s Chinese data.Investors are also watch ing for what may happen on interest rates at the European Central Bank’s meeting, as well as for comments from U.S. Fed Chair Jerome Powell, later Thursday.OnWall Street, the S&P 500 rose 1.8%, its biggest single-day gain in four weeks, with roughly 95% of the stocks in the bench mark index closing higher. The Dow Jones Industrial Average rose 1.4% and the tech-heavy Nasdaq climbed 2.1%. Smaller com pany stocks outgained the broader market, driving the Russell 2000 index 2.2% higher.The indexes are now all in the green for the week, a welcome respite for trad ers after a slump in recent weeks that erased much of the market’s gains from a July and early August rally. Wall Street watchers cau tioned that the market is likely to see more volatility in coming weeks ahead of the next Federal Reserve interest rate policy update scheduled for Sept. 21. “It’s good that there’s an up day, but I would cau tion anyone not to be too optimistic right now,” said Randy Frederick, managing director of trading & deriv atives at Charles Schwab. “You don’t have a whole lot of reason for that.” Wall Street’s focus remains on the highest infla tion in decades and the Fed’s attempt to rein it in with high interest rates. The cen tral bank has already raised rates four times this year and markets expect them to deliver another jumbo-sized increase of three-quarters of a percentage point at their next meeting in two weeks. The central bank has been clear about its deter mination to continue raising rates until it feels that inflation is leveling off or cooling. In June, Fed officials projected that the benchmark rate will reach a range of 3.25% to 3.5% by year’s end and roughly a half-percentage point more in “We2023.are in this for as long as it takes to get inflation

THE TRIBUNE Thursday, September 8, 2022, PAGE 7 Retail chief sees signs of supply chain ‘easing’

Would work directly with the CEO and be responsible for performing executive-level duties.

VICTIM FAMILY BEFORE TOURISM

FROM PAGE B1 ESTATE OF ETHELYN MARITA WELGOS A.K.A. ETHELYN WELGOS NEE ALBURY TAKE NOTICE that anyone having a claim against the Estate of ETHELYN MARITA WELGOS a.k.a. ETHELYN WELGOS NEE ALBURY late of the Settlement of Marsh Harbour, Great Abaco, Bahamas, who died on the 14th day of October, 2018, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th November, A.D., 2022.

Suggesting that this, together with the fish waste deposited into the waters at Potter’s Cay and Mon tague, were likely “the main culprit” and “biggest prob lem” behind what may have occurred with Tuesday’s fatal attack, he added that the fall-out for Bahamian tourism is unlikely to be long-lasting because it will quickly be overshadowed by other global events.

‘PUT SHARK FALL-OUT’

Asked if the private sector and government are likely to meet to draw up a more detailed response, Mr Sands replied: “I am not aware of anything at this point in time, but those are discus sions that are likely to take place in the not too distant future.“We are satisfied that the authorities will certainly look into this incident and learn from it to see a way forward. I think it would be a collaboration between the public and private sectors on thisMsmatter.”DiPlacido was a longtime employee at Gannon University in the US, having served as a marketing sec retary and, most recently, project co-ordinator in com munity and government relations.

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PAGE 8, Thursday, September 8, 2022 THE TRIBUNE

near Green Cay, which has become a popular attraction to take visitors to because it is where Atlantis releases turtles.TheGreen Cay beach was closed following the attack, and Mr Cove said: “We want don’t to be finger pointing in such a tragic situation, but I think the Government could easily help with this. When they issue permits to these marine scientists, stip ulate that they cannot do this around the city; it must be at least 20 miles away. Chumming in Nassau Har bour is just ridiculous. “We have scientists with government permits chum ming in the narrows and trying to attract the tiger sharks and bull sharks in Nassau harbour.” Mr Cove added that he knows of what he speaks, recall ing how he was hired by a scientist who attached a gas-powered device to the back of his boat to crush tuna and other chum-type food that was dropped into the narrows at the eastern end of Paradise Island. “That’s going to attract all kinds of stuff,” he told this newspaper. “Those are the main culprits in my opinion. I think the biggest problem is these scientists chumming all day long. It’s putting hundreds of pounds out into the water every day, and if the tide is going out it takes it to Green Cay. It attracts the bull sharks in Nassau harbour and the big sharks in the ocean to Green Cay.” Mr Cove said the fish waste thrown into the ocean at Potter’s Cay and Montague was further compounding the problem, while acknowledging that such practices have become culturally ingrained for decades and would be very hard to change.

Shark encounters ‘our safest dive’

“Along with her efforts to further the mission of Erie-GAINS and Our West Bayfront, Caroline was a powerful presence of kind ness and friendship to colleagues, students and the wider community and cherished many family ties to Gannon,” the university chaplain, Rev Michael Kes icki said in a statement. “The news is devastating, and she will be missed. “We pray for Caroline as she crosses over to eternity. We pray for her husband, David, her children, David, Robert and Allison; her mother, Olivia; and her widerYesterday,family.” members of the Royal Bahamas Police Force and the coroner vis ited the site where the attack was reported to have taken place.

“Obviously this is a ter rible tragedy, but it had nothing to do with diving,” Mr Cove said. “All I have to say, and this is not about myself, the business and diving, but over 40 years we’ve done a million encounters between tour ists and sharks without one incident. It’s our safest dive, our shark dive, because we have so many procedures and standards in place. “You can go snorkelling at Goulding’s Cay in ten feet of water, and it would be more dangerous than diving with sharks. Shark diving is an activity that has proven to be very safe... We have a lot of safety protocols that are followed. We do intense training courses with our staff and follow them to the letter, dotting every ‘i’ and crossing every ‘t’. “Some of the protocols are that we feed the shark with a spear out of a box, and when they get too active we close the box and stop feeding for a while. The guests have to be at least 20 feet away. We’ve got to protect the guests, protect the staff and pro tect the animal.” Mr Cove explained that the sharks were fed dead fish cast-offs from Tropic Seafood, thus ensuring they were fed what is considered part of their regularWhilediet.shark attacks, both in The Bahamas and worldwide, are extremely rate, Tuesday’s fatality has already received extensive coverage in the US and global media. Asked if he was worried about any rep utational and other fall-out for Bahamian tourism, Mr Cove replied: “It’s always a concern. But I’m more con cerned for the family [of the victim], not for the business. I had nothing to do with it. “They’ll be people throw ing my business under the bus, but we’re 25 miles away. I don’t think it’s going to affect The Baha mas negatively; maybe in the short-term. There will unfortunately be worse news tomorrow. Stuff hap pens. This is a tragic tragedy of immense proportions, but when someone is knocked off a moped and killed - which happens quite frequently - that doesn’t get the same “Travellingcoverage.can be a dangerous game. Our des tination is no different from any other one, whether you go to Miami, Grand Cayman. They all have unfortunate accidents. I know the last time this hap pened, back in 2019, there was really no fall-out for the country itself and certainly not for me. The more dan gerous people see sharks, the more they want to come diving with them.” The reference to 2019 relates to the last previ ous shark fatality in The Bahamas, when another US tourist, Jordan Lindsey was killed by a shark during a snorkelling trip off Rose Island. That occurred not far from Tuesday’s fatality

FROM PAGE B1 worldwide, are rare, he described the incident as “a most unfortunate trag edy” and said the tourism industry was satisfied that everything possible is being done to address the needs of herMrrelatives.Sands also indicated to this newspaper that talks between the Government and private sector over pos sible measures to prevent future shark attacks were “likely” to be held soon once the immediate aftermath of the tragedy is dealt with. “I think the industry’s position is that, first of all, we want to extend our con dolences to the family of the deceased,” he said. “First and foremost, we are satisfied that the relevant government authorities; the Government of The Baha mas, the US embassy and the tour company involved are doing their utmost to cater to and comfort the family at this time. “I’m not in possession of many of the relevant facts other than to say it’s a most unfortunate tragedy that has occurred in the islands of The Bahamas. We do know shark attacks happen all over the world, including in The Bahamas, but are very rare. Nevertheless, they do occur.”Mr Sands said any negative fall-out for the Bahamian tourism industry, which is still in the midst of its post-COVID recovery, is a secondary considera tion. “That is not the issue at hand at this point in time,” he added. “I think the ini tiatives undertaken by a number of entities are the right thing to do, and that is to bring comfort to the family.“The most important issue is how The Bahamas deals with such a tragedy and deals with comforting the family traumatised by this event. It would be extremely premature and irresponsible to comment further. I think the overriding consideration will be how The Baha mas deals with this and the level of empathy, comfort and support brought to the family.”

FROM PAGE B1 ESTATE OF ANDREE ASTON ALBURY A.K.A. ANDRE ASTON ALBURY TAKE NOTICE that anyone having a claim against the Estate of ANDREE ASTON ALBURY a.k.a ANDRE ASTON ALBURY late of the Settlement of Marsh Harbour, Great Abaco, Bahamas, who died on the 19th day of January, 2021, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th November, A.D., 2022.

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COVID-related lock downs and subsequent restrictions, he added that the upcoming release of movies such as Black Pan ther: Wakanda Forever and Avatar 2 should provide a year-end boost to viewing figures even though global inflationary pressures have raised costs and cut profit margins.TheFusion Superplex chief told Tribune Busi ness: “Fusion’s revenue is directly proportional to the attendance.... Our restaurant and other rev enue outlets are on a strong rebound. By the end of the year, we should be back to pre-pandemic levels in all the outlets with the support of the “Butpublic.financial perfor mance is not just revenue. It is best described by oper ational margins. As you know, the rising cost of supplies and inventory has reduced profit margins. Not just here but globally.” Noting the devastating blow that COVID has inflicted on the global cinema indus try, Mr Foulkes pointed to Cineworld, parent company of Regal - the second larg est chain in the US - having to file for Chapter 11 bank ruptcy protection yesterday. However, there are glimmers of improve ment. Cineplex, Canada’s largest cinema chain, has posted quarterly profits of $1.3m. While massively down on pre-COVID earnings, Mr Foulkes said this was a major improve ment when compared to the prior year’s $103m loss, and he voiced optimism that Fusion Superplex will soon achieve a similar positive swing thanks to the major cost-cutting initiatives it has implemented.“Theway Fusion has survived this period of higher costs and lower rev enue is by a comprehensive restructure of its operating methodologies,” he told this newspaper. “More effi cient ways of production, better maintenance pro grammes and, yes, reduced staffing. This has led us to a cost reduction of $3m when compared to pre-pandemic operations. This $3m cost reduction was critical to our survival and keeping on the lights.“We have actually reduced staff out of neces sity by 25 percent. However, we are now at maximum staff level for our newlyrestructured services. These adjustments were systemic after COVID-19 forced a restructure. For example, the late night movies are now only on Fridays, Sat urdays and Sundays. This means labour needs on Mondays through Thurs days in cinema services are less.“Another example is the roof-top restaurant, Edge, that once operated on the weekend until 2am. This now closes at midnight. In COVID-19 lockdown and subsequent curfews, eating out habits did change and this became the new business cycle. We have found additional ways to improve services with technology, such as using our automatic chemical mixing machines instead of hand pouring or eyeballing measures.”Given that Fusion Superplex’s pre-COVID workforce was around 350-strong, a 25 percent reduction implies that around 87 positions have been axed to bring it to around 263. “As attend ance continues to rise, it is our expectation that 2023 should be a profitable year for Fusion Superplex,” Mr Foulkes told Tribune Busi ness. “Occupancy is picking up“Westeadily.estimate we are at 75 percent of pre-pandemic numbers, and 33 per cent short of 2022 adjusted attendance projections thus far. This is a cumula tive total to this point in the year, and is a compari son between this year and 2019. But the year is not yet over.”The Fusion Superplex chief added that a relatively weak late summer movie line-up may have con tributed to lower cinema attendance numbers than forecast. “Occupancy largely depends on Hol lywood offerings. To maximise profits when full attendance returns, and to be certain they have cleared COVID-19 restrictions, most studios pushed their better movies to the bottom of the year and, in some cases, well into 2023,” he explained.“Wehad only a few good movies such as Top Gun Maverick, Dr Strange 2, and Sonic The Hedgehog 2 early in the summer. You would have noticed the schedule for the late summer had major holes with no good content. So much so that studios ran a re-release programme for old movies such as 1975’s Jaws, 1982’s E.T and 2016’s Star Wars Rogue One “Even last December’s Spider Man - No Way Home has returned to screens this week with 11 minutes of new footage. This one was for the fans. Later in the year we expect movies like The Woman King, coming to screen next week, or Black Panther 2 in November, or the longawaited Avatar 2 to really raise boost attendance this December.”Yohancy Kemp, Fusion Superplex’s sales and mar keting director, told Tribune Business that it was still missing many of its previous 40 year-old and older cus tomers who are venturing out less often post-COVID. “We’re still struggling in terms of demographics and Baby Boomers coming back out. We’re getting a lot of Generation X’s, and it’s the millennials and Gen eration X’s that are keeping us afloat,” he explained. “We’re missing two major demographics. Once they start coming back out, and it’s not only here but it’s a worldwide trend that many 40 and older per sons, they go out less after COVID. Once we can cap ture that audience back that will go a long way towards our recovery. We’re work ing really hard to get them backMrout.”Kemp estimated that Fusion Superplex has “another 30 percent company-wide in all our entities” to recover before it regains pre-COVID busi ness levels. He added that the entertainment destina tion was “very encouraged” by Saturday’s National Cinema Day audience, as it showed movie goers that it was still adhering to all the pandemic-related health and safety protocols. “It was by far the best day we’ve had for the year,” Mr Kemp said of Saturday. “We discounted tickets to $3 plus fees and taxes. That was by far the best day we have had for the year. People are coming back slowly but steadily. Summer was marginally better than expected. The bounce back in the business, I would say it’s consistent but we would still like to see it increase.” Echoing Mr Foulkes, the sales and marketing direc tor said anticipated summer movie “blockbusters” such as Bullet Train, Minions and Notes “didn’t pan out” as expected in terms of driving attendance figures. “Notes we anticipated would be a huge blockbuster hit for us, and it was very marginal for us in sales,” Mr Kemp said. “We are still in a posi tion where everything is in recovery mode. Our res taurants are doing well, but not as well as we’d like... People are coming out more regularly, and what we’re gearing up for is hopefully this coming season everyone joins the new normal and starts using the facilities again. We have a lot of great movies coming out between Octo ber and December, so are really looking forward to that period.”

THE TRIBUNE Thursday, September 8, 2022, PAGE 9 Superplex cuts staff 25% in $3m ‘survival’ package

Bahamasair�. Holdings Limited (The Company/BHL”) was incorporated on February ��, ��, under the laws of The Commonwealth of The Bahamas and is owned by the Government of the Commonwealth of The Bahamas (“the Government”). The Company’s shares are registered in the name of the Treasurer of The Commonwealth of The Bahamas and the Cabinet Secretary of the Commonwealth of the Bahamas. The principal activity of the Company is the operation of scheduled passenger and freight services within The Bahamas and between The Bahamas, Florida, Haiti and Cuba.

The�. financial proposals should be submitted by �� PM on ��th September ��. Any submission received after the above date and time will not be considered.

The�. Company will evaluate all proposals based on the criteria below. To ensure consideration for this RFP, your proposal should be complete and include all the following criteria� I. Overall proposal suitability� proposal must meet the scope and needs included herein and be presented in a clear and organi�ed manner� II. Clarify the alignment of the proposed internal audit planning and process to BHL. III. Organi�ational ��perience� Bidders will be evaluated on their e�perience as it pertains to the scope of this assignment� I�. Previous work� Bidders will be evaluated based on e�amples of their work on similar assignments� �. �alue and cost� Bidders will be evaluated on the proposed cost based on the work to be performed in accordance with the scope of this assignment� and �I. Technical e�pertise and e�perience� Bidders must provide descriptions and documentation of the technical e�pertise and e�perience of the specific proposed core team for this assignment.

EU WANTS PRICE CAP ON RUSSIAN GAS, ENERGY COMPANIES TO PAY

I. Preparation of a two year risk based internal audit rolling plan based on an assessment of key risk areas regarding the Company’s Operations, Risk Management Strategy and Corporate Plan which will be reviewed annually considering emerging risks and new processes� II. Performing an understanding of the Company’s business processes under scope and identification of key risks that impact the business processes� III. Review of the appropriateness, scope, efficiency and effectiveness of internal control systems, policies and procedures� I�. Planning and e�ecution of audits� �. Providing recommendations for areas where control weaknesses have been identified as part of the review and ensuring achievement of the objectives� �I. Perform site visits to various locations to confirm implementation status� �II. Audit of Information Technology (IT) security, systems and applications as part of the annual audit plan� �III. Reporting of audit findings and recommendations to the Board and Senior Management� I�. Periodic and continuous review of implementation of recommendations made in previous reports� �. I. �uarterly internal audit reports to the Board Risk and Audit Committee in line with approved audit plan over a period of two years subject to annual performance review� II. Periodic Review of Management Actions implementing the recommendations� III. Reporting the implementation status� �. I. �emonstrate e�perience in similar assignments� II. �ell qualified key staff for the assignment� III. Able to develop, measure � report relevant operational metrics� I�. ��cellent presentation and communication skills� �. Proven track record for provision of risk management training�

The Company maintains its membership with The International Air Transport Association (“IATA”), participates in its clearing house, and undergoes an IATA Operational Safety Audit (“IOSA”) every two years. IATA is an association representing appro�imately �� a irlines. It is responsible for promoting safe, reliable, secure and economical air services and fostering inter airline co operation. IATA also operates the airline’s clearing house, which processes and allocates financial credits and debits between member airlines and administers the IATA Operational Safety Audit (“IOSA”). The Company has participated in the IOSA program since �� and has successfully undergone a total of seven unqualified audits. The Company successfully passed its seventh IATA Operational Safety Audit in The�.��.purpose of this RFP is to invite suitably qualified and e�perienced service providers operating in The Bahamas to submit proposals to provide Internal Audit services for a period of two years commencing October ��. The�. objective of this engagement is to conduct quarterly Internal Audits of the Company’s processes and assess the status of internal controls. The areas to be audited will be scoped and agreed upon by both the Company and Auditor through an annual review of the Risk Based Internal Audit Plan. The plan will be prepared, reviewed, and agreed upon with the Company’s Audit Committee and Chief Financial Officer. The specific terms of reference, in terms of overall objectives and scope of work are outlined below�

EUROPEAN Union countries should set a price cap on Russian natural gas and seek a “solidarity contribution” from Euro pean oil and gas companies making extraordinary prof its as the war in Ukraine drives up energy costs, European Commission President Ursula von der Leyen said Wednesday. With winter approach ing, the 27 EU members are struggling to contain an energy crisis that could lead to rolling blackouts, shuttered factories and a deep recession. Russia has already cut gas supplies par tially or entirely to 13 EU countries that use the fuel to heat homes, generate electricity and run factories. “We are facing an extraordinary situation, because Russia is an unre liable supplier but also because Russia’s actively manipulating the gas market,” von der Leyen told reporters in Brussels. “We must cut Russia’s rev enues, which (President Vladimir) Putin uses to finance his atrocious war in Ukraine.” She declined to recom mend any price cap levels, saying that should be agreed during emergency talks among EU energy ministers Friday. The bloc’s executive arm is putting a raft of proposals on the table for the ministers to discuss. Putin threatened to completely cut energy sup plies to the West if it tries to cap prices of Russian exports, saying the move would violate contracts. “In that case, we will just halt supplies if it contradicts our economic interests,” Putin said Wednesday at an economic forum in the far-eastern port city of Vladivostok. “We won’t supply any gas, oil, diesel oil or coal.” Meanwhile, Von der Leyen said the EU’s executive Commission, which proposes EU rules and policies, noted that oil and gas companies have made “massive profits.” A European drought is fueling higher electricity demand and limiting the produc tion of hydropower, just as Russia is wielding its energy might.She gave no other details. Some countries already have passed taxes on the windfall profits of energy companies. Bahamasair�. Holdings Limited (The Company/BHL”) was incorporated on February ��, ��, under the laws of The Commonwealth of The Bahamas and is owned by the Government of the Commonwealth of The Bahamas (“the Government”). The Company’s shares are registered in the name of the Treasurer of The Commonwealth of The Bahamas and the Cabinet Secretary of the Commonwealth of the Bahamas. The principal activity of the Company is the operation of scheduled passenger and freight services within The Bahamas and between The Bahamas, Florida, Haiti and Cuba.

BHL�. invites qualified consulting firms to submit proposals for provision of internal audit services. Interested firms are requested to submit a proposal as follows�

All inquiries should be directed to� �mail� Internalauditproposal�bahamasair.com

PAGE 12, Thursday, September 8, 2022 THE TRIBUNE

The financial proposal shall also be submitted to internalauditproposal�bahamasair.com, with subject ‘Internal Audit Financial Proposal’. The financial proposal shall detail the level of effort, the consultancy fees, and other costs payable by the Company.

I. Preparation of a two year risk based internal audit rolling plan based on an assessment of key risk areas regarding the Company’s Operations, Risk Management Strategy and Corporate Plan which will be reviewed annually considering emerging risks and new processes� Holdings Limited (The Company/BHL”) was incorporated on February ��, ��, under the Commonwealth of The Bahamas and is owned by the Government of the Commonwealth Bahamas (“the Government”). The Company’s shares are registered in the name of the The Commonwealth of The Bahamas and the Cabinet Secretary of the Commonwealth of The principal activity of the Company is the operation of scheduled passenger and services within The Bahamas and between The Bahamas, Florida, Haiti and Cuba. maintains its membership with The International Air Transport Association (“IATA”), in its clearing house, and undergoes an IATA Operational Safety Audit (“IOSA”) every two an association representing appro�imately �� a irlines. It is responsible for promoting secure and economical air services and fostering inter airline co operation. IATA also airline’s clearing house, which processes and allocates financial credits and debits member airlines and administers the IATA Operational Safety Audit (“IOSA”). The Company participated in the IOSA program since �� and has successfully undergone a total of seven audits. The Company successfully passed its seventh IATA Operational Safety Audit in of this RFP is to invite suitably qualified and e�perienced service providers operating in to submit proposals to provide Internal Audit services for a period of two years October ��. of this engagement is to conduct quarterly Internal Audits of the Company’s processes the status of internal controls. The areas to be audited will be scoped and agreed upon by Company and Auditor through an annual review of the Risk Based Internal Audit Plan. The prepared, reviewed, and agreed upon with the Company’s Audit Committee and Chief Officer.terms of reference, in terms of overall objectives and scope of work are outlined below� reparation of a two year risk based internal audit rolling plan based on an assessment of key risk areas regarding the Company’s Operations, Risk Management Strategy and Corporate Plan which will be reviewed annually considering emerging risks and new processes�

AssociatedBRUSSELS Press

THE TRIBUNE Thursday, September 8, 2022, PAGE 13

STOCKS CHARGE HIGHER ON WALL STREET, ERASING WEEKLY LOSSES

STATUES adorn the facade of the New York Stock Exchange, July 14, 2022, in New York. Stocks are pushing higher on Wall Street in early trading but remain mostly in the red for the week as traders try to gauge whether the Federal Reserve will succeed in its mission to get inflation under control. The central bank’s policymakers meet again in two weeks, and markets expect them to deliver another jumbo-sized interest rate increase of three-quarters of a percentage point. Investors will be closely watching appearances by Fed officials later Wednesday, Sept. 7, 2022 to see if they drop any hints about the Fed’s thinking.

Photo:John Minchillo/AP

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers STOCK indexes on Wall Street closed solidly higher Wednesday, placing the market on pace to break a 3-week losing streak. The S&P 500 rose 1.8% Wednesday, its biggest sin gle-day gain in four weeks, with roughly 95% of the stocks in the benchmark index closing higher. The Dow Jones Indus trial Average rose 1.4% and the tech-heavy Nasdaq climbed 2.1%. Smaller company stocks outgained the broader market, driving the Russell 2000 index 2.2% higher.The indexes are now all in the green for the week, a welcome respite for trad ers after a slump in recent weeks that erased much of the market’s gains from a July and early August rally. Wall Street watchers cau tioned that the market is likely to see more volatility in coming weeks ahead of the next Federal Reserve interest rate policy update scheduled for Sept. 21. “It’s good that there’s an up day, but I would cau tion anyone not to be too optimistic right now,” said Randy Frederick, managing director of trading & deriv atives at Charles Schwab. “You don’t have a whole lot of reason for that.” Stocks have been mostly losing ground in recent weeks after the Federal Reserve indicated it will not let up anytime soon on raising interest rates to bring down the highest inflation in decades. Wall Street’s focus remains on inflation and the Fed’s attempt to rein it in with high interest rates. The central bank has already raised rates four times this year and markets expect them to deliver another jumbo-sized increase of three-quarters of a per centage point at their next meeting in two weeks. The central bank has been clear about its deter mination to continue raising rates until it feels that inflation is leveling off or cooling. In June, Fed officials projected that the benchmark rate will reach a range of 3.25% to 3.5% by year’s end and roughly a half-percentage point more in “We2023.are in this for as long as it takes to get inflation down,” Fed Vice Chair Lael Brainard said at a bank ing industry conference on Wednesday. “Our resolve is firm, our goals are clear, and our tools are up to the task.”Investors have been reviewing economic data to gauge whether price increases on everything from food to clothing and gas are easing. They are also closely listening for any clues about potential changes in policy from Fed officials.Traders clawed back some of their recent losses with Wednesday’s rally, which pushed the S&P 500 up 71.68 points to 3,979.87.

RECORD HEAT WAVE PUTS CALIFORNIA IN FOSSIL FUEL CONUNDRUM

AIRSTREAM RVs for sale are parked under high power trans mission towers at Airstream Los Angeles in San Gabriel, Calif., Tuesday, Sept. 6, 2022. The California Independent System Operator, the entity that oversees the state’s electrical grid, issued a Stage 3 alert allowing it to draw on emergency power sources. The alert is one step below actually ordering rotating power outages.

By AssociatedRONAYNEKATHLEENPress

Photo:Damian Dovarganes/AP

THE TRIBUNE Thursday, September 8, 2022, PAGE 15

A RECORD heat wave put California in a fossil fuel conundrum: The state has had to rely more heavily on natural gas to produce electricity and avoid power outages while Gov. Gavin Newsom's administration moves toward ending the use of oil and gas. The heat wave that started more than a week ago has been hotter and longer than any other in the state, and it put unprec edented strain on power supplies. That prompted Newsom to plead with people to use less power to avoid rolling blackouts — a practice that involves cut ting some people's power to save energy so the lights can stay on for everyone else.The effort worked, but meeting the state's height ened energy demand also required activating genera tors fueled by natural gas, which is still a major part of the state's power picture. The Democratic governor's calls for conservation also drew criticism about new state policies governing electric vehicles and other measures that will only increase energy demand. Newsom, speaking to reporters Wednesday, said the "pretty extreme" cir cumstances required the state to turn to more natu ral gas as a backup supply. "We all want to accelerate the elimination of the gas, but it's a sober reminder of reality," he Tuesday'ssaid.demand for 52,000 megawatts set a record, as triple-digit tem peratures blanketed much of the state. Sacramento hit a record high of 116 degrees (47 degrees Celsius), and normally cooler places like San Francisco and San Diego also reached sizzling temperatures.Demandwill only climb in the years ahead. By 2045, when the state is mandated to get all of its electricity from non-carbon or renew able sources, demand is expected to be as high as 78,000 megawatts due to more electric home appli ances and cars on the road, according Califor nia Energy Commission estimates.Tomeet that demand, both the government and major utilities like Pacific Gas & Electric are work ing to scale up renewable sources such as solar and wind power, as well as large-scale batteries that can store that power for use at night. The California Public Utilities Commission last year ordered utilities to procure enough additional power for 2.5 million homes byNewsom2026. just signed leg islation aimed at keeping the state's last nuclear plant open for five years beyond its planned 2025 closure, and he suggested Wednes day that the plant could run even longer if needed. The sun is typically the state's biggest power source during the day. But as the hot weather arrived, natural gas surpassed renewables for more time over the past week, according to the Cali fornia Independent System Operator, which is respon sible for managing and maintaining reliability on the state's power grid. Gas was the primary energy source all day on Tuesday — the expected peak of the brutal temperatures.Meanwhile, on Monday the state for the first time turned on four gas-powered generators to add more supply, enough to power 120,000 homes. It planned to rely on some diesel-pow ered generators as well. But some of the state's fossil-fuel plants have their own reliability prob lems. Several power plants, including aging gas-fired ones along California's coast, partially broke down or produced less energy than planned, according to theFourISO.of the plants, which suck up ocean water to cool down their equipment, were slated to close in 2020, but the state has continually extended their lives to help stabilize the power supply. They now plan to stay open until at least 2023, but they could last even longer under legislation Newsom signed in June. If the state wants to keep the old coastal gas-powered plants online beyond 2023, it needs to give the compa nies that own them more certainty about the future so they can decide whether to spend money to main tain them, said Siva Gunda, vice chairman of the Cali fornia Energy Commission, the state's energy planning agency."Everything has to be moved forward at full throt tle" with the "ambitious aim" that cleaner energy sources make up most of the state's power reserves, heThesaid.intensity of the heat wave only emphasizes the need for California to move away from fossil fuels as quickly as possible, he said. The grid challenges also provided plenty of fodder for Newsom's political crit ics, who have argued that Democrats' policies to move away from oil and gas don't add up. The state recently adopted new regulations aimed at ending the sale of most new gas-powered cars in the state by 2035. But during the heat wave, officials also urged people not to charge cars or use other large appliances at night. The state has not banned car charging, but instead urged people to do so during the day. "Gavin Newsom — You have to buy an electric car. Also Gavin Newsom — But you can't charge it," Republican state Sen. Melissa Melendez tweeted Tuesday evening after the state sent out an emergency wireless alert urging people to reduce power Environmentaluse. groups say planning failures led California to rely on natu ral gas — and even ramp up its use — during the heat wave. The state needs to set clearer goals and bench marks to meet its clean energy targets and ensure that fossil fuels aren't used as a backup, said Ari Eisen stadt, campaign manager for Regenerate California, a campaign aimed at ending fossil fuel use in the state. "Folks have been talk ing about natural gas as a bridge for decades," he said. "And if it were truly a bridge, we would have crossed it by now."

Photo:Jeff Chiu/AP 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 92.5391.76BGRS FX BGR124238 BSBGR124238192.5392.530.00 100.0089.02BGRS FX BGR127149 BSBGR127149789.7289.720.00 89.7389.01BGRS FX BGR129249 BSBGR129249389.4289.420.00 100.0089.00BGRS FX BGR131249 BSBGR131249990.3490.340.00 100.0090.24BGRS FX BGR132249 BSBGR132249890.9590.950.00 100.23100.00BGRS 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% 2.552.11 2.552.24%4.01% 4.833.30 4.833.42%7.26% 2.241.68 2.241.70%2.82% 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%

CFAL Bond Fund CFAL Balanced Fund

4.50%6.95% 31-May-202231-Mar-2022 6.25%4.50% 15-Oct-204913-Jul-203821-Apr-205029-Jul-202215-Oct-202226-Jun-204526-Jun-202230-Jul-204515-Dec-204430-Jul-202215-Dec-202131-May-202231-May-202231-Jan-202231-Jan-202231-Jan-202231-Jan-202231-May-202231-Jan-202231-Jan-202231-Mar-2021

NOTICE is hereby given that JASON JACQUES of Market Street 303, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of September, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Money

NOTICE

PAGE 16, Thursday, September 8, 2022 THE TRIBUNE APPLE

The iPhone 13 versions of the Pro and Pro Max have 12-megapixel cameras. This year’s high-end models will also have always-on displays that stay lit even when the device is locked, a feature that has long been available on many smartphones pow ered by Google’s Android software.Beginning in November, all the iPhone 14 models will be able to send SOS messages via a new satellite feature — a safety measure intended to let users request help when in remote areas without a wireless connection.AlltheiPhone 14 models also will include a motion senor capable of detect ing serious car crashes and automatically connecting to emergency services. With inflation still hov ering at its highest level in 40 years, consumers have curbed their spending on many discretionary items. That’s likely contributing to a recent decline in smart phone sales, although the iPhone has fared far better than competing Android devices . The dimming sales outlook prompted the research firm International Data Corp. to predict a worldwide decline in 2022 smartphone shipments of 6.5%, almost double the 3.5% decline it had esti mated a few months ago. Despite that anticipated drop in sales, the average price for new smartphones is expected to finish this year about 6% higher than last year, IDC estimated. By keeping iPhones prices the same, Apple faces the potential risk of under mining its profits if inflation drives up its own costs. It’s a hit that the company could easily afford, given it has reaped $44 billion in profits through the first half of this year.Apple could also end up fatten its bottom line if more consumers look ing upgrade their mobile devices gravitate to the high-end Pro and Pro Max models, which generate bigger profit margins than the cheaper models.

WEDNESDAY, 7 SEPTEMBER 2022 CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2608.89-1.06-0.04380.6517.08 BISX LISTED & TRADED SECURITIES 52WK HI52WK LOWSECURITY SYMBOLLAST CLOSECLOSECHANGE VOLUMEEPS$DIV$P/E YIELD 6.995.30 AML Foods Limited AML 6.95 6.950.00 0.2390.17029.12.45% 53.0034.60 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% 2.851.30Bank of Bahamas BOB 2.85 2.850.00 0.0700.000N/M0.00% 6.205.75Bahamas Property Fund BPF 6.20 6.200.00 1.7600.000N/M0.00% 10.058.25Bahamas Waste BWL 9.75 9.750.00 0.3690.26026.42.67% 4.152.82Cable Bahamas CAB 3.95 3.950.00 -0.4380.000-9.0 0.00% 10.655.99Commonwealth Brewery CBB 10.20 10.200.00 6000.1400.00072.90.00% 3.652.27Commonwealth Bank CBL 3.46 3.45 (0.01) 19,3600.1840.12018.83.48% 8.255.29Colina Holdings CHL 8.23 8.230.00 0.4490.22018.32.67% 17.5010.25CIBC FirstCaribbean Bank CIB 16.00 16.000.00 0.7220.72022.24.50% 3.251.99Consolidated Water BDRs CWCB 3.26 3.390.13 0.1020.43433.212.80% 11.288.25Doctor's Hospital DHS 10.26 10.260.00 0.4670.06022.00.58% 11.6711.25Emera Incorporated EMAB 11.43 11.590.16 0.6460.32817.92.83% 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 3.85 3.850.00 0.2030.12019.03.12% 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

APPLE’S latest line-up of iPhones will boast better cameras, faster processors, and a longer lasting battery — all at the same prices as last year’s models, despite inflationary pressure that has driven up the cost of many other everyday items. That pricing decision, revealed Wednesday during Apple’s first in-person prod uct event in three years, came as a mild surprise. Many analysts predicted Apple would ask its devout fans to pay as much as 15% more to help offset rising costs for many components.

The hoopla surround ing Apple’s new iPhone 14 models is part of a post-Labor Day ritual the company has staged annu ally for more than a decade. Wednesday’s event was held on the company’s Cuper tino, California, campus at a theater named after com pany co-founder Steve Jobs. After Apple CEO Tim Cook strolled out on stage, most of the event consisted of pre-recorded video pres entation that the company honed during previous events staged during the pandemic.Forseveral years, Apple’s new iPhones have mostly featured incremental upgrades to cameras and battery life, and this year’s models were no exception.

www.bisxbahamas.com

MATURITY 31-Jul-202231-Jul-202220-Nov-202919-Oct-20226.25% 31-Mar-202230-Sep-2025

Pricing for the standard iPhone 14 will start at $799; the deluxe iPhone 14 Pro Max will start at $1099. Among the latest improvements is a 48-meg apixel camera in the Pro and Pro Max models that the company said will produce especially crisp pictures.

By MICHAEL LIEDTKE AP Technology Writer

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MARKET

PEOPLE arrive before an Apple event on the campus of Apple’s headquarters in Cupertino, Calif., Wednesday, Sept. 7, 2022.

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DESPITEPRICESMAINTAINSONNEWIPHONESINFLATION

Low: 79°

RUSSIAN President Vladimir Putin and Chinese President Xi Jinping are expected to meet next week in Uzbekistan for talks that could signal warming rela tions between two powers that are increasingly facing off against the West. The meet ing at the Shanghai Cooperation Organization — a political, economic and security forum that China and Russia dominate — comes at delicate times for both leaders, and it would be their second face-to-face meeting this year. Putin is dealing with the economic and political fall out of his war in Ukraine that has left Russia more isolated — and defiant. Xi faces rising tensions with the West over the status of Taiwan and China's treatment of Uyghurs and other mostly Muslim ethnic groups.Russia's ambassador to China told reporters Wednesday that the two would meet in the Uzbek city of Samarkand on Sept. 15-16. Then Putin con firmed it himself, telling top Chinese legislator Li Zhan shu at an economic forum in Russia that "we will see each other with President Xi Jinping soon, I hope, in Samarkand, Uzbekistan." The visit to Uzbekistan, if it goes ahead, would be part of Xi's first foreign trip in 2½ years. Xi has only left mainland China once — to make a one-day visit to the semi-autonomous city of Hong Kong — since the COVID-19 outbreak exploded in early 2020. When asked about the trip at a daily briefing, a Chinese Foreign Ministry spokesperson said: "On your question, I have noth ing to Russiaoffer."and China have increasingly aligned their foreign policies to oppose liberal democratic forces in Asia, Europe and beyond, making a stand for author itarian rule with tight borders and little regard for free speech, minority rights or opposition politics. The Russian military held sweeping military drills that ended Wednesday in the country's east that involved forces from China, another show of increasingly close ties between the two. And on Tuesday, the Pentagon said the Russian Ministry of Defense was in the process of purchas ing millions of rockets and artillery shells from North Korea, a close ally of China, for its ongoing fight in Ukraine.Experts say the Russian and Chinese leaders may be hoping that another meet ing with each other will help bolster their standing at home and abroad. For Putin, it's an oppor tunity to show that he still has powerful allies, said Alexander Gabuev, senior fellow at the Carnegie Endowment for Interna tional Peace. "How can you isolate Russia, when China stands back to back with it?" Gabuev said. ISLAND F/26° F/31° ISLAND Low: F/26° High: F/31° INAGUA F/26° High: F/31° 76° F/24° C High: 89° F/32° C FREEPORT NASSAULow: 79° F/26° C High: 92° F/33° C MIAMI

THE WEATHER

C Low:ANDROS81°F/27° C High: 88° F/31° C Low:

MAYAGUANA Today: WSW at 6 12 Knots 4 7 Feet 10 Miles 84° F Friday: SSW at 4 8 Knots 3 5 Feet 10 Miles 84° F

LONG ISLAND Today: WSW at 4 8 Knots 1 3 Feet 5 Miles 86° F Friday: SSE at 4 8 Knots 1 3 Feet 10 Miles 86° F

5-Day

RAGGED ISLAND Today: SW at 4 8 Knots 1 2 Feet 10 Miles 87° F Friday: SE at 4 8 Knots 1 2 Feet 10 Miles 87° F SALVADOR Today: W at 4 8 Knots 0 1 Feet 4 Miles 85° F Friday: S at 4 8 Knots 1 2 Feet 10 Miles 85°

REPORT

WINDS WAVES VISIBILITY WATER TEMPS. ABACO Today: W at 4 8 Knots 3 6 Feet 10 Miles 85° F Friday: S at 4 8 Knots 3 5 Feet 8 Miles 86° F ANDROS Today: SW at 4 8 Knots 0 1 Feet 7 Miles 87° F Friday: S at 6 12 Knots 0 1 Feet 8 Miles 87° F CAT ISLAND Today: W at 4 8 Knots 3 5 Feet 5 Miles 85° F Friday: S at 4 8 Knots 3 5 Feet 10 Miles 85° F

NASSAU Today: WSW at 3 6 Knots 0 1 Feet 7 Miles 86° F Friday: S at 4 8 Knots 0 1 Feet 7 Miles 86° F

marine Forecast

L L tracking map Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. NS EW S 4 8 knots NSW E 4 8 knots NS EW S 4 8 knots NSW E 4 8 knots NS EW S 4 8 knots NS EW S 4 8 knots NS EW S 4 8 knots NS EW S 4 8 knots | Go to AccuWeather.com CALL 502-2394 TO ADVERTISE

C MAYAGUANALow:80°F/27°CHigh:88°F/31°C GREAT

GREAT EXUMA Today: SW at 4 8 Knots 0 1 Feet 7 Miles 86° F Friday: S at 4 8 Knots 0 1 Feet 10 Miles 87° F

An afternoon thunder storm in spots High: 88° AccuWeather RealFeel 101° 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 t‑storm around in the evening Low: 78° AccuWeather RealFeel 88° F Mostly sunny and nice High: 89° AccuWeather RealFeel Low: 79° 101°-88° F Partly sunny High: 90° AccuWeather RealFeel Low: 80° 102°-90° F A passing shower in the afternoon High: 89° AccuWeather RealFeel Low: 79° 102°-89° F Cloudy with a derstormthun High: 90° AccuWeather101°-87°RealFeelF Low: 77° TODAY TONIGHT FRIDAY SATURDAY SUNDAY MONDAY almanac High 90° F/32° C Low 77° F/25° C Normal high 88° F/31° C Normal low 75° F/24° C Last year’s high 88° F/31° C Last year’s low 73° F/23° C As of 2 p.m. yesterday 0.00” Year to date 40.69” Normal year to date 25.92” Statistics are for Nassau through 2 p.m. yesterday PrecipitationTemperature sun anD moon tiDes For nassau Sep.Full10 Sep.Last17 Sep.New25 Oct.First2 Sunrise 6:53 a.m. Sunset 7:21 p.m. Moonrise 6:32 p.m. Moonset 4:46 a.m. SundaySaturdayFridayToday High Ht.(ft.) Low Ht.(ft.) 6:32 a.m. 3.1 12:38 a.m. 0.5 7:04 p.m. 3.7 12:43 p.m. 0.2 7:27 a.m. 3.3 1:29 a.m. 0.3 7:55 p.m. 3.8 1:39 p.m. 0.1 8:18 a.m. 3.5 2:17 a.m. 0.2 8:42 p.m. 3.7 2:31 p.m. 0.1 9:07 a.m. 3.5 3:02 a.m. 0.1 9:28 p.m. 3.6 3:22 p.m. 0.1 WednesdayTuesdayMonday 9:53 a.m. 3.6 3:45 a.m. 0.1 10:13 p.m. 3.4 4:11 p.m. 0.2 10:39 a.m. 3.5 4:28 a.m. 0.2 10:57 p.m. 3.1 4:59 p.m. 0.4 11:25 a.m. 3.4 5:10 a.m. 0.4 11:42 p.m. 2.9 5:48 p.m. 0.7

C High: 88°

F uV inDex toDay

Forecasts

Forecast

88°

THE TRIBUNE Thursday, September 8, 2022, PAGE 19

C LONG

The Associated Press

88°

Putin and Xi plan to meet again, as relations with West fray Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. Low:ORLANDO75°F/24° C High: 89° F/32° C Low:TAMPA77°F/25° C High: 86° F/30° C WEST PALM BEACH Low: 76° F/24° C High: 91° F/33° C FT.High:Low:LAUDERDALE80°F/27°C91°F/33°C KEY WEST Low: 81° F/27° C High: 88° F/31° C Low: 78° F/26° C High: 88° F/31° C Low:ABACO80°F/27° C High: 89° F/32° C High:Low:ELEUTHERA78°F/26°C89°F/32°C RAGGED ISLAND Low: 79° F/26° C High: 87° F/31° C GREAT EXUMA Low: 79° F/26° C High: 87° F/31° C CAT ISLAND Low: 78° F/26° C High: 88° F/31° C SANHigh:Low:SALVADOR78°F/26°C88°F/31°C CROOKED

GREAT INAGUA Today: SW at 4 8 Knots 1 3 Feet 10 Miles 86° F Friday: SSE at 4 8 Knots 1 3 Feet 10 Miles 86° F

79°

/ ACKLINS Low: 79°

SAN

CROOKED ISLAND Today: WSW at 6 12 Knots 2 4 Feet 10 Miles 85° F Friday: S at 4 8 Knots 1 3 Feet 10 Miles 85° F ELEUTHERA Today: W at 4 8 Knots 3 6 Feet 5 Miles 85° F Friday: S at 4 8 Knots 3 5 Feet 10 Miles 85° F FREEPORT Today: W at 4 8 Knots 1 2 Feet 10 Miles 85° F Friday: S at 6 12 Knots 1 2 Feet 7 Miles 86° F

United said it will end flights at John F. Kennedy International Air port in New York unless it can expand operations at the congested UnitedChicago-basedairport.estimated that

UNITED LIFTS 3Q REVENUE ESTIMATE AFTER

AIRLINES

By DAVID KOENIG AP Airlines Writer

PAGE 20, Thursday, September 8, 2022 THE TRIBUNE

tomorelevels.increaseousofthanrevenueJuly-through-Septemberwillbe12%higherinthesamequarter2019,upfromitspreviprojectionofan11%overpre-pandemicUnitedpaidslightlythanithadexpectedforjetfuel,butthatwas offset by a slightly smaller increase in other costs on a per-seat basis. Profit margins, excluding special items, was about 10.5%, compared with a previous forecast of 10%, the com panyPatricksaid. Quayle, a senior vice president who oversees United’s global network, said strong sales have con tinued into September, with none of the usual end-ofsummer decline in vacation bookings to destinations in Mexico, the Caribbean and Europe.Thenumber of corporate travelers remains below 2019 levels, although rev enue is about the same or even up because of higher average fares, he said during a Cowen investor conference.Strongticket sales could last the rest of the year. JPMorgan airline analyst Jamie Baker, citing data from an Airbus subsidiary, said Wednesday that fourthquarter booked revenue on United and American is running 20% over the same time in Baker2019.said it’s still early, the pace of corporate travel remains uncertain, and recession fears could become a factor. But so far, he said, there is “no clear evidence of any decelerat ing momentum” for the biggestMeanwhile,airlines.United says it will suspend service at JFK Airport at the end of October unless federal regulators allow it to oper ate more flights to compete better against rivals such as JetBlue and American. CEO Scott Kirby expressed the airline’s intentions in a letter last week to Billy Nolen, acting head of the Federal Avia tion Administration.

UNITED Airlines said Wednesday that third-quar ter revenue will be higher than it had expected due to strong summer travel demand, and the upbeat outlook helped push airline stocksSeparately,higher.

BUSY SUMMER