“The joint official liqui dators received a preferred creditor claim from the Government for VAT relat ing to unpaid VAT due from Cavalier Construction in the amount of $54,161. The basis of the claim was that as Bobcat Bahamas and Cavalier Construction were part of a VAT group, as allowed under the VAT Act, each member is jointly and severally liable for any amounts owed where the a member of the group contravenes or fails to comply with a provision or requirement of the VAT
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
shareholders of record on September 15, 2022. The total third quarter dividend proposed to be paid will be approximately $5.9m.
This quar ter
“We have changed our dividend payment to now two cents per share. We’ve doubled the quarterly divi dend payment this quarter back to where we were pre-COVID and pre-Dorian,” Ms Albury told this newspaper. “For the last two years we’ve been at one cent per quarter.
The Government’s argu ment is that, since Cavalier and Bobcat were part of the same tax-paying group under the VAT Act, all become liable to pay out standing taxes if one entity fails to make the necessary payments that are owing. The liquidators, though, have yet to approve and accept the Government’s claim, and will instead seek the Supreme Court’s direc tion on the matter.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Total dividends paid to sharehold ers up to September 30, 2022, will be approximately $11.7m compared to the total profit of $42.8m up to June 30, 2022, and will represent 27.3 per cent of the total profit to that date.”
rejection by the Town Plan ningSupportedCommittee.by his attor ney, Bjorn Ferguson, Mr Johnson is set to appeal the Committee’s decision to the Subdivision and Develop ment Appeal Board, headed by Callenders & Co attor ney and partner, Dawson Malone, on September 28, 2022. However, the move is again meeting fierce resist ance from residents in south-western New Provi dence, who have told this newspaper that the entre preneur is “beating a dead horse”, adding: “We’re not going to stand for it.”
THE SUPREME Court will be asked to determine if a Cavalier Construc tion affiliate must pay an outstanding $54,161 VAT bill owed by the insolvent contractor, it has been disclosed.Liquidators for Bobcat Bahamas, which is also being wound-up, disclosed in a July 31, 2022, report to the Supreme Court that the fate of the Govern ment’s VAT claim will be critical to deciding how much termination pay and associated benefits the construction equipment supplier’s employees will recover.Andrew Davies and Ken drick Christie, the Crowe Bahamas accountants and partners, said the Depart ment of Inland Revenue/ Ministry of Finance had submitted the VAT claim in the Bobcat Bahamas liq uidation - even though the sum was owed by Cavalieron the basis of joint liability.
Leslie Vanderpool, principal of the Bahamas International Film Festival,
ALBURY $6.25 $6.29 $6.31 $6.30
Politicians urged: ‘Preach the lessons’ of hard work
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
That first such payment, due to be paid on September 30 to all share holders of record as at this Thursday, September 15, will be the first twocent dividend in more than two years. And the total $5.9m payout will take total capital returns to Com monwealth Bank investors to around $11.7m for 2022 to-date and, poten tially, $17.6m in regular dividend
(DNA) leader Branville McCartney, was branded as “very unwise” by Sir Frank lyn, who instead backed the message delivered by businessman Ethric Bowe that increased productivity was the only way to “save
Court asked to decide Cavalier’s $54k VAT bill
A BAHAMIAN entre preneur yesterday pledged that swimming pigs will “not be part” of his Adelaidebased tourist attraction as he prepares to battle the authorities’ rejection of a proposed beach bar and grill.Charles Johnson, princi pal of Beyond Da Village Pig Experience, told Trib une Business that while he is still “taking care” of the animals they will no longer feature at the site given the strong opposition mounted by Adelaide Beach Drive residents prior to the bar and grill’s March 2022
business@tribunemedia.net MONDAY, SEPTEMBER 12, 2022
COMMONWEALTH Bank will this month “double” its quarterly dividend payment, and return more than 27 percent of year-to-date profits back to shareholders, as it forecasts returning to pre-Dorian annual profits of $50m-$60m for 2022.Tangela Albury, the BISX-listed bank’s vice-president and chief finan cial officer, told Tribune Business that its 2022 earnings performance and the improving outlook for both tourism and employment had given it the necessary confidence to return quarterly dividend payments to two cents per share.
Maintaining a two cent quarterly dividend for the full year would take total capital returned to Common wealth Bank shareholders to around $23.6m in 2023. The BISX-listed
Bank to ‘double’ dividend on pre-Dorian profit return
payments for the full year if the same is repeated for the fourth quarter.
THE BAHAMAS is suf fering from “a shortage” of political leaders who “preach the lessons” of hard work as opposed to offering hand-outs and giveaways, an outspoken businessman is arguing.SirFranklyn Wilson, the Arawak Homes and Sun shine Holdings chairman, in a recent interview told Trib une Business that The Bahamas must stop seek ing “short cut” solutions to the problems it faces as he blasted calls for the creation of a National Lottery. That suggestion, made last week by former Demo cratic National Alliance
30,Septembermadewillpaymentdividendpre-COVID.sistentcents,backmovedwe’vetotwoconwith“Thebeon2022,to
SIR FRANKLYN
TANGELA
SEE PAGE B7 SEE PAGE B7 SEE PAGE B6
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Pigs out as Adelaide planning appeal looms
SEE PAGE B4
WILSON • Commonwealth eyes $50-$60m bottom line • $5.9m payout to take return to 27% of profit • COVID loan loss reversals won’t go into ‘23
Footcare firm beats $150,000 target with pledge conversion
“This amount will allow Footcare Rx to expand their operations in a meaning ful way and bring return to their investors.” So far, Footcare Rx has received a total $294,120 in pledges from 120 persons, ArawakX said.Dr Johnson added: “I congratulate ArawakX on the successful launch. We are well on the way for the training centre and model mini-clinic, which will begin construction renovation as soon as next week. We are at the phase where we start taking on staff, and com pleting some renovations and technology upgrades in order to train the next generation, who will be in the business of amputation prevention and diabetic footcare and providing new hope for the diabetic foot.”
Data consumption, man agement and storage by a company are the primary objectives of this policy. Although not required by law in many countries, such a policy is commonly used
Against this backdrop, it may be more cost efficient to outsource the data pri vacy role and leverage the expertise of professionals within the space without taking on human resources costs.
A company’s policy can demonstrate its commit ment to ensuring consumer data is protected and confi dential. As evidence of the company’s commitment to data protection principles, the policy may be submit ted as evidence during compliance audits or in the event of a data breach.
“This surpasses the mini mum amount of $150,000,” said D’Arcy Rahming Jnr,
FINANCIAL
At a minimum, your policy should address the scope of required data protection and the implementation of data protection techniques and policies. It must also include the involvement of relevant parties, such as individu als, departments, devices and IT environments, and any laws or compliance requirements relating to data protection. The roles
A FORMER Cabinet minister’s latest medical ven ture has converted sufficient investor pledges into actual share purchases to exceed its
insti tutions are facing a growing level of scrutiny from regulators, and this looks set to con tinue. And, when a financial institution conducts opera tions in more than one jurisdiction, complying with ever-evolving data privacy regulations can be challenging.Forthese multinational institutions to keep up with current privacy laws, and assure customers that their information is protected, executives must constantly monitor relevant news and events. More specifically, the financial limitations of boutique institutions make them more susceptible to cyber security concerns because they may not have the resources or money to protect and respond to a threat properly. Here are some tips for staying upto-date with data privacy and ensuring your bou tique financial institution is secure.
Consider outsourcing The data privacy role (an information security control) should not report to the head of informa tion technology. This is because their fundamental objectives are different.
$150,000 minimum crowd funding
Conclusion
Professionals assuming the data privacy role must report to the highest level of management, using the most established global regulations, including the European Union’s (EU) General Data Protec tion Regulation (GDPR) stipulations.
• NB: About Derek Smith Jr Derek Smith Jr. has been a governance, risk and com pliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfs burg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certi fied anti-money laundering specialist (CAMS), and the compliance officer and money laundering report ing officer (MLRO) for CG Atlantic’s family of compa nies (member of Coralisle Group) for The Bahamas and Turks & Caicos.
Footcare Rx, had collected $153,000 in actual inves tor payments by Friday.
Establish a policy Data privacy involves a set of security measures that are designed to stand ardise the use, monitoring and management of data.
“I want to thank all the investors that are making this possible from the bottom of my heart,” con tinues Dr Danny Johnson. “We had a recent event at our primary location by Fort Charlotte, and I was amazed at the types of people that have bought into our vision. We will exceed their expectations.
crowdfunding goals via the ArawakX platform within the past month, with Tropi cal Gyros also seeing raising more than $180,000 in cash.
PAGE 2, Monday, September 12, 2022 THE TRIBUNE
by companies to ensure compliance with data pro tection laws and regulations that they are exposed to because of their customers’ and vendors’ connections to jurisdictions that have data privacy requirements.
ArawakX,target.the crowdfund platform that facilitated the equity capital raise by Dr Daniel Johnson’s
As a first step, appoint a person who is responsible for data privacy. Ensure this person stays abreast of local laws, regulations and local authorities’ publica tions. It is important that the selected individual works with an attorney who can offer guidance. In an
ideal scenario, an attorney (either in-house counsel or retained counsel) should identify changes in the leg islative environment and advise the business on a pre-determined frequency that is established by the financial institution’s policy.
and responsibilities associated with data pro tection, including data custodians and roles tasked with data protection, should be included.
A company’s information technology chief imple ments the actions which will help it to grow. In contrast, the information security function (where data the data privacy role resides) is responsible for protecting your company’s confiden tial and secure information.
In short, to demon strate their commitment to ensuring consumer data is protected and confidential, financial institutions should at a minimum formal ise the data privacy role, establish a data policy, and consider outsourcing.
TAKE DATA PRIVACY IN ALL ITS FORMS SERIOUSLY
Derek Smith By
Footcare Rx is the second company to suc cessfully meet its minimum
“We believe we have the right formula for the inves tor and issuer market,” said Mr“KeyRahming.tous is investor par ticipation. We want people to be owners instead of just consumers. We believe this will fundamentally change the mindset of the people. It is absolutely wonderful to see that the widely-held myth that the typical Baha mian does not want to be an investor is shattered with our platform. Over 2,000 people have actually invested and pledged, while over 7,000 have registered on our “Thisplatform.ideathat investing is only for the rich and a select few is absolutely debunked, although some of the old guard are still widely hold ing to it. We believe that financial education begins with owning something, no matter how small. The next company that will be listed will, I am absolutely certain, be a shocker in the tradi tional investing community. Especially those that do not believe that financial inclu sion to ArawakX means all people regardless of their race or economic situation.”
KEN DONATHON, chief of investor relations, ArawakX; Michael Turnquest, chief financial officer, ArawakX; Nadia Butler, chief compliance officer, ArawakX; Robertson Dieudonne, chief mar keting officer, ArawakX; D’Arcy Rahming Snr, chief executive, ArawakX; Dr Daniel Johnson, founder, Footcare Rx; Immashala Johnson, administrator, Footcare RX; D’Arcy Rahming Jr, chief technology officer, ArawakX; Winston Rolle, chief of equities, ArawakX.
ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394
ArawakX’s chief technology officer and co-founder.
Formalise a data privacy role
“Ultimately, we want to focus on training, not com peting with, local farmers. As we train more farmers, BAMSI will scale down to allow the local farmers have better chance to grow their revenue,” he added.
Mr Young said informa tion on each animal will be properly recorded so that farmers can know the full history of its blood line. The pigs, which are currently being held at the Gladstone Road Agricultural Centre (GRAC), should be trans ported to Andros by early November when the site
The initiative supports indi viduals interested in starting a poultry farm, with the ministry providing baby chicks and other resources to ofthemshortlyofingMrbirdsbuildingheforingbegunYounggrowingwethesetheTheablegoaltowardpoultrychickswillwill“Partentrepreneurs.oftheprogrammebeahatchery.Webegrowingourowntosupplythelocalmarket.ThisgoestheGovernment’sofcreatingasustainpoultryindustryinBahamas.Ifwehavechicksandtheeggsfordifferentfarms,thenwillbedevelopingandtheindustry,”Mradded.BAMSIhasalreadytheprocessoforderitsfirstbatchofchicksthelayersprogramme,said,addingthatthestructureforthehasbeencompleted.Youngsaiditisexpecttoreceiveashipmentspecialistequipmentthatwillenabletobegintheprocessoutfittingthestructureto
CENTRAL ELEUTHERA WATER ‘BLOWOUT’ WOES RESOLVED
Petty wishes to assure Cen tral Eleuthera residents that the Corporation is fully engaged with plant opera tors to arrive at the most expedient solution possible with the hope of providing a further update. “[He] says that the Cor poration is keenly aware that while customers rec ognise that reverse osmosis plants may encounter operational difficulties at times, all they ask is to have regular water supply that is consistent and reliable, and that’s precisely what the Corporation is fever ishly pushing for as it daily communicates with Suez to work to stabilise the plant. He said that the frequent interruptions are a major concern to the Corporation because it does not reflect the level of service that customers have a right to enjoy.”
“Our goal is to introduce better blood lines into the whole Bahamas. We will bring in top breeds, breed them with local animals, and then share the offspring with farmers with the expec tation that they will add their offspring to a commu nal pool per se which other farmers can tap into.”
Geno Guina, co-owner of Frigate Bar and Grill, added: “We haven’t been off today because we have a private system. We have a back-up and we forget to turn it off from time to time, but the Government water does go off. When it
BAMSI targets pig breeding
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THE TRIBUNE Monday, September 12, 2022, PAGE 3
that will house them should beThecompleted.impetus behind the project, Mr Young explained, is to enable BAMSI to achieve its mis sion of supporting the Government’s push for food security, establishing the Institute as the agricultural data collection and train ing centre for The Bahamas while also strengthening the quality of the Bahamian breed.Besides establishing the piggery, which is expected to be operational by the end of the 2022 fourth quarter, BAMSI is also seeking to grow its poultry division. This comes after Super Value principal, Rupert Roberts, warned consumers that the price for a dozenstrong egg carton could ultimately increase to $5 after bird flu wiped out mil lions of egg-laying chicks in the“WithUS. BAMSI expand ing its poultry division, and also supporting farm ers and entrepreneurs who want to get into the poultry business, we hope to mitigate these types of scenarios where the issues, constraints, problems being experienced within another country do not negatively
The information obtained from the project will also be disseminated throughout the industry to help farmers ] mitigate most of the mistakes that newcomers will make.
“Initially, we expect to use the revenue gained from the poultry programme, with us selling the eggs and broilers to the public, to fund the project. Alongside that,however, we intend to establish a training facil ity that will be open to the farming community in Andros, in particular, but also to farmers across The Bahamas, on how to do proper poultry husbandry,” Mr Young said.
BAMSI and is MP for North Andros, said: “I must com mend chairman Young for steering BAMSI in a posi tive direction because the growth of the Institute, the launch of these agricultural projects, the research and data collection programme, the focus on increased train ing for staff and farmers, the drive to increase pro duction on the farm, means more jobs, more experience, more revenue for the resi dents of North Andros. He is creating opportunity for a community that is particu larly close to my heart,” he said.
THE Water & Sewer age Corporation’s general manager says the “flange blowouts” that disrupted supply to central Eleuthera for between a week to ten days have now been resolved.Robert Deal said normal water supplies had been restored following a series of cut-offs, interruptions and low pressure that forced some businesses to last week temporarily close theirFrancisoperations.Plakaris, owner/ operator of The Front Porch in Central Eleuthera, told Tribune Business on Thursday that he had suf fered intermittent water supply for much of 2022.
does we switch it over and just never switch it back.”
THE Bahamas Agricul ture and Marine Science Institute (BAMSI) has bolstered its management ranks with two new hires ahead of plans to launch its first-ever pig breeding unit.
impact the Bahamian con sumer,” Mr Young said.
facilitate the laying of eggs. It is anticipated that the project will be operational by the end of October.
“We will be starting a pig gery, the first piggery for BAMSI, and along with that we will be engaging in research studies, col lecting data in order to help local farmers and the industry grow,” Mr Young said. “Part of this project is also about creating a more robust breed of swine in The“OnceBahamas.the piggery is operational, we will be able to disseminate the results of our research throughout the country so farmers will know, for example, the best feed for their animals, the best conditions for them to grow, how to care for the offspring and so on.
Plans are currently under way to increase the number of layers, and also branch out into broilers, both of which will eventually feed into the Ministry of Agri culture’s chicks programme.
“This is hindering my business and hindering our hygienic way of life,” he said. “I eat out of my own kitchen and I serve people out of my kitchen. When I can’t clean my kitchen properly I close down. I am closed now because I haven’t had any water since the morning. People clean themselves every day, and clean their homes every day. I don’t know what the problem is but there is a problem, and I hope they can sort it out.”
have running water on con sistently, but here we are.”
Paulette Stuart, owner/ operator of Hidden Treas ures at Poly Bay, said her water pressure is “very low” and she is trying her best to cope with the situ ation. She added: “None of our guests seem to be affected by it, we haven’t gotten any complaints.”
had slowed to a “trickle”, and as of Wednesday had been completely cut-off.
added. “It’s been ten days, but this is nothing unique.
“No water makes it impossible. They haven’t produced anything; no reason, no excuses noth ing.” The same source, spoken to yesterday, said their supply was restored by midday Sunday. “It was on for one day, Thursday, and then went off again for Friday and Saturday,” they
Another Eleutherabased contact, speaking on condition of anonymity, said they had heard “not a peep” from the Water & Sewerage Corporation as to the reason for the supply disruption prior to its state ment on Friday. “This is not isolated. This is hap pening way too frequently. This one has been going on for pretty much close to a week, apart from a brief couple of hours yesterday,” they said on Thursday.
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
Another Eleuthera busi nessman, speaking under condition of anonymity, said: “Why they can’t get this matter sorted out is beyond me. No matter who we send in to represent us in parliament, we get the same problems year in and year out. The water has been off all day here and spotty all week.
Senator Tyrel Young, its executive chairman, said Ayrett Lightbourne has been named as farm manager, while Justin Taylor will head the live stock and poultry division. Their appointments come as BAMSI plans to acceler ate production on for both produce and livestock, and increase its research efforts.
Over the previous week, it
“We need the water ser vice to be consistent and steady. We cannot operate without water. You would think that after all of these years we would be able to
Leonardo Lightbourne, the Ministry of Agricul ture, Marine Resources and Family Island Affairs parliamentary secretary, who has responsibility for
“However, this year has been particularly bad. It makes one think what would happen if there ever was a catastrophic event, like a hurricane, if it takes them this long to restore it in normal circumstances. We’re grateful it’s back on now.”The Water & Sewerage Corporation, in a statement apologising to its custom ers for the disruption, said: “Customers are advised that the ongoing disruptions are as a result of continuous flange blowouts being expe rienced to the water feed pipes.“Water & Sewerage Corporation chairman, Syl vanus Petty, in speaking with plant operators said that they offer their apol ogy to residents for the abrupt disruptions in the essential supply. Chairman
BAMSI’s chairman said the poultry project will also serve as a source of revenue, with Institite fun nelling any profits back into the initiative. The long-term goal, he said, is to invest in Bahamian farmers and agri cultural entrepreneurs who are interested in starting their own poultry division.
Bobcat’s total solvency deficiency, once unsecured creditor claims worth $133,735 are accounted for,
Court asked to decide Cavalier’s $54k VAT bill
THE BAHAMAS Agri cultural and Marine Science Institute (BAMSI) is read ying itself for “a heavy planting season” that will include the reintroduction of bananas as the Govern ment moves to complete construction of its campus.
approval for these online courses, and we’re also working to expand our marine science division,” he added.“We have been work ing to repair a number of our boats, ensuring that all the engines are seaworthy.
As for accounts receiva bles, the liquidators said the largest sum of $84,431 was owed by Cavalier, which was insolvent and thus uncollectable. While $15,960 was collected from one debtor, the rest of the outstanding debts were deemed to be too insignifi cant to warrant time and money spent on chasing them.A further com bined $430,000 was owed to Bobcat by its parent and affiliate, but their insolven cies meant the $110,000 owed by Galaxy and $320,000 due from Cavalier cannot be recovered.
PAGE 4, Monday, September 12, 2022 THE TRIBUNE
Of the net $180,489 cash that will likely be left when all liquidation expenses are paid, some 61.8 percent or $111,590 will go to CIBC FirstCaribbean Interna tional Bank (Bahamas) - as Bobcat’s secured credi tor - to repay an overdraft facility that was secured via a debenture that imposed fixed and floating charges over the equipment sup plier’sThatassets.leaves the pre ferred creditors, namely the former Bobcat employees
Beyond the new farm projects, Mr Young said BAMSI’s school, which recently started its fall semester and will soon celebrate a decade of exist ence, is pushing to develop new online courses. “We’re working to get NAECOB
“Theseconcluded.delaysresulted in increased holding costs to maintain adequate insur ance and security of the assets the joint official liquidators took charge of. These costs in turn impacted overall returns for creditors as they were paid for out of the liquidation estate.“The joint official liquida tors were not in a position to wait for the pandemic to dissipate and the economy to stabilise given the signifi cant amount of uncertainty involved, and so ran the sales process for the main assets of the company in April 2021.”
Act, regulations or rules,” the Crowe Bahamas duo revealed.“Thejoint official liqui dators sought the opinion of their legal counsel on this claim but have not approved this claim to date. Given its relative complexity and the overall impact for recoveries for creditors, the joint official liquidators intend to seek directions from the court on the Government’s claim at the next hearing.”
and the Government with its unpaid taxes, to fight over the remaining $68,899. Should the unpaid VAT claim be accepted, the total sum due to the pre ferred creditors would be $203,002. Distributing the former sum equally would see the ex-staff and govern ment gaining 33.9 cents of every $1 they are owed.
Despite making prof its in each of its last four years in existence, Bobcat was placed into liquida tion because of its heavy reliance on Cavalier for rev enues as well as back office and operational support, and the fact that argu ably the leading name in Bahamian construction for the 64 years prior to 2020 allowed it to operate from its premises rent free. Both companies shared the same owner and majority share holder, the Galaxy Group of Companies.
Messrs Davies and Christie are also handling Cavalier’s toneterycameandrecoveries,improved.”havecreditorpreferredthepre-pandemicmachineryifofficialliquidationmaximisedthethedatorstheytheseveresonablethisantremainedstructioncertainofficialexpected.materiallyplantofinitialthanalmostatthanandmas’theCourtadmittedvaluedproceedswilltor,Again,theStreetheadsaleing-upunderstoodJanuaryhasinformationliquidation.court-supervisedNoformalonthatprocessbeenforthcomingsince2021,althoughitisthatthewindlargelyhingesontheofCavalier’sformerofficeonCrawfordinOakesFieldandsalespricerealised.assecuredcrediCIBCFirstCaribbeanhavefirstclaimtoanyfromapropertyat$2min2017.TheCroweBahamasduointheirSupremethatrecoveriesfromsell-offofBobcatBahaequipment,inventoryvehicleswasfarloweranticipated,cominginatotal$380,630-asum37percentormoreone-thirdbelowtheirestimatesof$602,750.“Theactualrealisationstheassets,particularlyandmachinery,arelowerthanWhilethejointliquidatorsnotesectorsoftheconindustryhaverelativelybuoythroughthepandemic,outcomeisnotunreagiventheoveralleconomicchallengesjurisdictionhasfaced,”argued.“Thejointofficialliquiarecomfortablethatformatandtimingofsalesprocesstheyranreturnsfortheestate.Thejointliquidatorsnotethatrealisationsofplantandwereinlinewithestimates,financialpositionofandunsecuredclasseswouldbeensignificantlyBreakingdowntheMessrsDaviesChristiethatwhenittoplantandmachinassets“totalrealisationsofVATamounted$324,253againsta
FROM PAGE B1
A long-time resident of Andros, Mr Lightbourne
The drive to increase production also follows the hiring of Ayrett Light bourne and Justin Taylor as farm manager and livestock consultant, respectively. They are tasked with reinvigorating the farm,
was formerly employed by the Institute. Mr Taylor is also expected to serve as a lecturer for students in the associate degree pro gramme. He currently works as a lecturer at the University of the Bahamas, and has headed a number of national agricultural pro jects. He has also worked with Big Bird Farms in Abaco.MrYoung added that BAMSI’s team has also been bolstered by aqua ponics specialist, Dr Cameron Lightbourne. “He has already gotten a few raceways back up and running and has built out the circulation system. We expect to have hundreds of leafy greens produced on a weekly basis, which will be another source of revenue for the Institute,” he said.
severance and other ben efits that came due when it closed its doors more than two-and-a-half years ago in January 2020 just before COVID struck.
The outcome is espe cially critical for Bobcat’s former staff, given that the company is insolvent and that they are owed a col lective $148,842 in unpaid
Senator Young said.
increasing the training of staff and spearheading pro jects that include the launch of a piggery and the expan sion of the poultry division. The duo were introduced to staff last “We’reweek.getting ready for a heaving planting season. We’ll be reintroducing the BAMSI banana, and we’re growing water melons and pineapples. BAMSI is also gearing up to do a 360-coconut programme at the farm in North Andros.
BAMSI IN ‘HEAVY PLANTING SEASON’
However, if the Govern ment’s claim was rejected, the employees will receive a bigger share of the remain ing pot. This would increase to 46.3 percent, or close to half of what they are owed.
“Since the date of the first interim report, the joint official liquidators received two new creditor claims which they approved, and resolved a specific claim relating to an amount of $71,328, which formed part of a larger $80,124 claim submitted by the only nonBahamian based creditor,” Messrs Davies and Christie wrote.“Based on realisations to-date and associated expenses, the joint offi cial liquidators are of the opinion that the unsecured creditors will not receive a dividend in the liquidation after distributions are made to the secured creditor and preferred creditor group. This is not uncommon in insolvent liquidation scenarios.”Ofthe$136,008 in liqui dation expenses incurred in the near two-and-a-half years between February 2020 and end-July 2022, some $107,627 or 79 per cent represented fees paid to the liquidators and their attorneys, the McKinney, Bancroft & Hughes law firm. Just over $64,000 in additional fees are expected to be billed before Bobcat’s liquidation is completed and a single, final dividend paid out to creditors.
pre-pandemic estimated value of $466,050.
BAMSI’s executive team flew to its North Andros campus to introduce its new farm man ager and livestock consultant to staff. Pictured from L to R are livestock consultant Justin Taylor; irrigation manager Lenny McDonald; farm man ager Ayrett Lightbourne; and BAMSI executive chairman, Senator Tyrel Young.
is estimated at $267,839. The liquidators have informed each of the unse cured creditors, who their report does not name, that they will not receive a cent of what is owed to them.
It’s called 360 because every part of the coconut will be used. The coconuts will be processed for human consumption, mulch and general landscaping, jewel lery making, and it will also be used to make compost,”
“The liquidation has experienced significant delays and unexpected complexities as a result of the worldwide pandemic. The joint official liquida tors have within these restrictive and challeng ing conditions sought to maximise returns for the creditors of Bobcat Baha mas,” Messrs Davies and Christie
“This represents a recovery of 70 percent on expected sales value which the joint official liquida tors consider a satisfactory outcome given the sig nificant negative impact of the pandemic on the domestic economy, and the challenges of running a sales process during this same period.”
We’ve put them back into operation so our students and lecturers will be able to use it as they are work ing on various projects. With these new projects and initiatives coming on stream, staff, students and the North Andros com munity are very excited to see BAMSI is once again moving in a forward direction.”
Senator Tyrel Young, BAMSI’s executive chair man, said the Ministry of Works has mobilised a number of contractors to finish the building work. The aim, he added, is to have students back in faceto-face learning no later than Fall 2023.
Decency and stock markets
THE TRIBUNE Monday, September 12, 2022, PAGE 5
Mr Hanna added: “With better access to real time and future information, our airport partners can plan more effectively, and can adjust operational hours or staffing levels as informa tion is received. Passengers can also benefit from the data by receiving accurate updates on flights through the AeroCloud app or via LPIA’s website www.nas saulpia.com.”Sometenteam members from NAD’s operations
Decency and stock exchanges are two different things. If you did not know that yet, you could see it again this week. The Queen dies and what are the stock brokers doing in the City of London? Still trading stocks as if nothing hap pened. At least they could have offered a reasonable discount. A black Friday would have been a sign. But what does the FTSE 100 stock index do? Closes with a comfortable gain of more than 1.5 percent. A thor oughly cheerful trading day.
“AeroCloud Systems uti lises artificial intelligence (AI) and machine learning to predict and project pas senger forecasts. It takes into account seasonality, including peak periods, and pairs that information with data from other sources,” Mr Hanna explained. “What we get, in return, is an improved passenger forecast which provides data as far out as 90 days. This longer lead time allows us to plan more effec tively from an operations standpoint.”NAD’soperations pre viously relied heavily on passenger forecasts that were a maximum of three days out. Now, with the predictive capabilities on AeroCloud’s platform, the airport operator can manage gate alloca tions more efficiently and develop contingency plans throughout the year.
briefly before remember ing that they had already priced this in anyway. The German Dax index change was 0.09 percent at the end of the second and, so far largest, interest rate turnaround day in 2022. But maybe there is more to come because the inflation drivers heating oil, diesel and natural gas have so far hardly been impressed by the diligent efforts of the central banks and remain expensive.Hundreds of thousands of British citizens can no longer afford to pay their energy bills. The Bank of England predicts a long downturn. The new British
Nassau Airport Devel opment Company (NAD), in a statement, said it has entered into a three-year contract with aviation technology company, Aero Cloud Systems, to provide flight information display systems (FIDS) and gate management systems (GMS) at the airport.
The financial institutions’ costs of raising money are climbing. The result will be that loans for households and companies are also becoming more expensive.
Early data will also allow airport stakehold ers, including Bahamas Customs, Immigration, US Customs and Border Protection (USCBP), com mercial airlines, retail and food and beverage con cessions to plan ahead. In addition to forecast data, they will receive real time updates on delays or can cellations via SMS text.
cost-effective and efficient, and offers customers unlim ited user licences under the umbrella of absolute secu rity,” Mr Hoppe said.
George Richardson, chief executive and AeroCloud's co-founder, said: “Our gate management system will create a paradigm shift for Lynden Pindling Inter national Airport, greatly reducing the amount of manual tasks required to manage their operations, and also alerting key stake holders to take proactive measures towards avoid ing conflicts and irregular operations."It’safail safe solution, and we applaud Lynden Pindling International Air port’s progressive approach towards resolving the dis ruption issues faced by many airports recently.”
LPIA inks three-year deal to aid efficiency
and IT departments partici pated in a two-day training session conducted by Aero Cloud’s chief technology officer, Ian Forde-Smith, and the company’s prod uct manager, Danny Lee. Andrew Hoppe, director of airport engagement for the Americas region for Aero Cloud, was also in Nassau for the “Thistraining.isthe future of airport operational management, and that immediately resonated with the team at Lynden Pindling International Airport. They were espe cially intrigued with how AeroCloud’s innovative forward planning feature will allow them to plan gate scenarios up to three months in advance using AI and machine learning. Our product is innovative,
CALL 502-2394 TO ADVERTISE
On Thursday, Christine Lagarde, the European Central Bank’s (ECB) president, announced an historically large interest rate hike by her central bank council. What are the stock markets doing? Noth ing. Complete ignorance. It was only when Lagarde later pointed to an economi cally difficult winter that the stock exchanges twitched
Prime Minister wants to limit heating and electricity costs for private households to £2,500 a year. Energy taxes are to be temporarily suspended. There should also be price limits for companies for the next six months.Thesituation in Great Britain shows what is still to come for the rest of Europe. Russia wants to wear Europe down,and hopes for a cold winter so that the sanctions front in Western Europe breaks down. President Vladimir Putin made that clear during the Eastern Economic Forum in Vladi vostok. Mainly because of expensive energy as a result of the Ukraine war, infla tion in the euro zone has now reached a record level of 9.1 percent
As a rule, the banks pass on the increased costs directly to consumers and compa nies in the form of higher interest rates
It added that Aero Cloud’s 100 percent cloud native software platform provides stakeholders with critical data related to flight cancellations, delays and diversions to better assist with day-to-day and longterm planning. Jonathan Hanna, NAD’s vice-presi dent of operations, said he expects full implementa tion to be completed by the end of 2022's third quarter ahead of the peak Christ mas holiday travel period.
But what the protocol for the death of the Queen pro vides is: No stock exchange trading on the day of the funeral, and none on the day of the coronation of the new king. Business associa tions have little choice but to calculate what this will cost. It was £6bn in sales due to idle factories and supermarket checkouts for the wedding of Prince William, now the heir to the throne. If two public holi days are announced at the same time, it almost borders on a deliberate plunge into recession. But we already had that with decency.
LYNDEN Pindling Inter national Airport's (LPIA) operator has signed a deal that will improve the gate way's overall efficiency by automating operational and management systems.
Never before has the ECB raised interest rates as much as it did on Friday. It is questionable whether the monetary watchdogs will be able to curb record inflation quickly. Consumers will still feel the consequences clearly. Lending rates for real estate and companies will move relatively quickly with the key interest rates.
Ms Albury acknowledged that Commonwealth Bank cannot rely on the “rever sal” of previously booked COVID loan loss provi sions for profits and growth in 2023, but said the lender was sufficiently optimistic about its 2022 performance and that of the overall economy - despite the ongoing cost of living crisis and fears of a US recession - to double quarterly divi dends by a sum not far off $3m.“This earning perfor mance has resulted in an increase in shareholders’ equity of approximately
Loan growth, in common with other commercial banks, has been harder to achieve with Common wealth Bank’s net portfolio expanding by less than $5m to $772.37m during the 2022 first half. Ms Albury said loans to borrowers in the hotel and tourism industry “command a higher loan loss provisioning than other segments of the loan book”, which impacts the overall portfolio.“Wehave not seen a material impact on our operations during the first half of 2022,” she added of cost and inflation pres sures. “While the cost of operating has been impacted, our bank would have seen this impact on operating activities that do not have previously negoti ated contract costs, and only on some large contracts that have reached end-oflife as of the mid-year.
Looking forward, Ms Albury said: “We remain cautiously optimistic and expect the factors under lying our first half-year earnings performance to continue along the same momentum and direc tion, particularly as we move closer to the end of the 2022 hurricane season. Our bank is expected to deliver earnings results in line with its pre-Dorian and pre-COVID-19 levels, and which have been boosted by the reversals of impair ment expense on our loan book.”Promising “a laser focus” when it came to managing loan delinquen cies, she added: “The reversal of impairment expenses as a result of the economy moving into postpandemic normalisation is not expected to exist and contribute to earnings per formance in 2023, and this outcome is consistent with what has been seen across many financial institu tions, both domestic and non-domestic.“Notwithstanding this, the prospects for 2023 are favourable as the eco nomic recovery firms, and as our bank has improved the credit quality of its
Bank views the rise in customer accounts and deposits as having helped to drive an increase in fee and com mission income, which rose by more than $2m during the 2022 second quarter to $7.835m. This drove the half-year figure up by 12 percent to $11.613
“A part of the growth in fee income is occur ring because of increased customer accounts,” Ms Albury said, “and also, in 2021, a review of our bank’s fee schedule revised sev eral fee-generating services ancillary to the bank’s loan and deposit portfolios. These are now being fully effected into the income of the bank for 2022. In addition, the bank’s man agement is focused on providing value-added ser vices to customers which are fee income generating.”
Bank’s profits for the six months to end-June 2022 were not driven by its loan book or traditional organic growth. Top-line interest income was down by more than $8m or 12.1 percent year-over-year, standing at $60.036m compared to
17 percent to $278.4m from $238.5m as of December 31, 2021,” she said of the near-$40m jump. “With our balance sheet as strong as it is, we felt it was the right time to be returning cash to shareholders in line with our quarterly dividend dis tribution before the height of the COVID-19 health and economic crisis.
existing loan book. We are cautiously optimistic about our growth in Abaco and Grand Bahama, where the pace of rebuilding those island economies has been slow, although new pros pects are on the horizon.
PAGE 6, Monday, September 12, 2022 THE TRIBUNE
FROM PAGE B1 TO TRIBUNETODAYADVERTISEINTHECALL@502-2394 Would work directly with the CEO and be responsible for performing executive-level duties. Minimum requirements include, but are not limited to: • Advanced experience as an Executive Assistant to a CEO or other top-level management, with effective communication skills (verbal, email / written). • Strong organizational, project management and problem-solving skills with impeccable multi-tasking abilities. • Medium-to-advanced skill level in Microsoft Outlook, Word, Excel and PowerPoint, with minimum typing speed of 55 words-per-minute. • Ability to move work forward with minimal supervision, and have good interpersonal skills to work as part of a team. • A commitment to high standards and, most importantly, a strict level of confidence. For a copy of the full Position Description, please contact Charmaine at Positioncharmaine@npipb.comavailableimmediately. *About NPIPB: visit NassauParadiseIsland.com NOW HIRING! Executive Assistant NEEDED for the CEO of the Nassau Paradise Island Promotion Board (NPIPB*).
In particular, we have seen where the positive impact of the reversal of previously recognised impairment for credit losses has firmed. While we do not expect this reversal to play a role in the bank’s earn ings performance beyond 2022, we are satisfied that our core business profits are strong and support increas ing the profit return to shareholders..... We expect to fully realise the opportu nities for further reversals by the end of the fourth quarter of Commonwealth2022.”
$68.303m, while net inter est income was off by a similar margin. Total oper ating income, including fees and commissions, dropped almost $8.4m or 11.5 per cent to However,$64.588m.Ms Albury said customer deposits had increased by $37m during the 2022 first-half aided by Commonwealth Bank’s decision not to follow competitors by offer ing zero interest savings accounts. “Total deposits as of June 30, 2022, rest at $1.499bn compared to $1.462bn as of Decem ber 31, 2021,” she added. “This reflects an increase of 2.56 percent from the fiscal year-end, with no mate rial shift in the distribution between demand and term funding.“The bank has not taken a position to offer zero-interest on savings accounts, which separates it from others in the market. Additionally, the brand of our bank remains strong. We believe that people feel safe placing their deposits with us so we do not have to pay a premium above market rates on deposits to attractCommonwealththem.”
compared to $10.371m for the prior year.
“We will continue to have a laser focus on delin quency management, while simultaneously negotiating terms for qualified borrow ers that are favourable to both the borrowers and the bank. The downside risks still exist given that the global economy cannot yet claim that it sits in a period of post-pandemic nor malisation, global supply chain disruptions continue, elevated levels of inflation continue to persist, and the stress on government finances has not substan tially waned.”
“Our bank’s stronger earnings performance, which is tied to the larger economic recovery, pre pared the ground for the 100 percent increase in the quarterly dividend distri bution to shareholders, compared to the previous quarters of 2021 and 2022.
commercial bank, which focuses primarily on per sonal loans and consumer lending, more than wiped out 2021’s COVID-driven loss in the first six months of this year, generating a $42.793m bottom line com pared to $10.283m for the same period Commonwealththen. Bank’s profitability resurgence has largely been driven by a more than $63m positive reversal on loan loss pro visions, as it was able to reverse $17.65m in impair ment charges during the 2022 first half as more bor rowers returned to work or full-time jobs postCOVID and were able to resume loan payments. This marked a major swing from the $45.796m worth of pro visions taken during in 2021 amid ongoing pandemicrelated restrictions.
Bank to ‘double’ dividend on pre-Dorian profit return
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 ����.
annually
THE TRIBUNE Monday, September 12, 2022, PAGE 7
Mr McCartney, mean while, said that despite suggestions a National Lot tery and web shop gaming cannot co-exist there was no doubt the former would “certainly be better” for The Bahamas as a means to redistribute monies to those with the greatest food, clothing and shelter needs.
Holdings Limited (The Company/BHL”) was incorporated on February ��, laws of The Commonwealth of The Bahamas and is owned by the Government of the of The Bahamas (“the Government”). The Company’s shares are registered in Treasurer of The Commonwealth of The Bahamas and the Cabinet Secretary of the the Bahamas. The principal activity of the Company is the operation of scheduled freight services within The Bahamas and between The Bahamas, Florida, Haiti and The Company maintains its membership with The International Air Transport Association participates in its clearing house, and undergoes an IATA Operational Safety Audit years. IATA is an association representing appro�imately ��� a irlines. It is responsible safe, reliable, secure and economical air services and fostering inter airline co operation. operates the airline’s clearing house, which processes and allocates financial between member airlines and administers the IATA Operational Safety Audit (“IOSA”). has participated in the IOSA program since ���� and has successfully undergone unqualified audits. The Company successfully passed its seventh IATA Operation
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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 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. BHL�. invites qualified consulting firms to submit proposals for provision of internal audit services. Interested firms are requested to submit a proposal as follows� 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. The�. financial proposals should be submitted by ���� PM on ��th September ����. Any submission received after the above date and time will not be considered. All inquiries should be directed to� �mail� Internalauditproposal�bahamasair.com
and others will inform the Appeals Board of their objections in writing, he added that besides the zoning restrictions there were also concerns about the increased traffic and noise generated by Mr John son’s“Therebusiness.were these four wheelers coming down and making a lot of noise,” Mr Stuart added. “We’re defi nitely against that. Beach Drive is totally against that. The people in Adelaide Vil lage, it doesn’t affect them, so some say they want it to go ahead, but they aren’t even getting any jobs out of it... We’re definitely going to write and do what we have to do to show them that we’re against it. Adelaide Beach Drive is not going to stand for that.”
and Corporate
“I spent a lot of money on this particular venture, and didn’t go into it without having the other approvals from the police and Ministry of Agriculture,” Mr John son added. “I’m hoping I will be able to offer a tour ist product that offers them somewhere where they can come and have access to the beach, and access to a bar and grill on the beach. That’s all I’m hoping for.
the
objective of this engagement is to conduct quarterly Internal Audits of the Company’s and assess the status of internal controls. The areas to be audited will be scoped and both the Company and Auditor through an annual review of the Risk Based Internal plan will be prepared, reviewed, and agreed upon with the Company’s Audit Committee Financial Officer.
Holdings Limited (The Company/BHL”) was incorporated on February ��, ����, 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 Treasurer of The Commonwealth of The Bahamas and the Cabinet Secretary of the Commonwealth the Bahamas. The principal activity of the Company is the operation of scheduled freight services within The Bahamas and between The Bahamas, Florida, Haiti and Cuba.
The�.����.purpose
Forming a National Lot tery has been mulled many times previously, but the Christie administration never went forward with the proposal and instead pro ceeded with the legalisation, taxation and regulation of the web shop gaming indus try. Numerous countries and US states use lotteries as a mechanism to finance social and charitable causes that are designed to benefit wider society.
However, Mr Johnson yesterday said he will make the case that his project should get the go-ahead based on south-west New Providence’s continued growth and development. In particular, he pointed to the proposed $63m Adelaide Pines subdivision, for which a separate Town Planning consultation will be held this month, as an example of a project that will have greater impact than his own via the mixed-use light industrial, storage, retail and officeAnd,components.despite being zoned ‘residential’, Mr Johnson charged that several Adelaide Beach
“I’m trying to get this to where I can operate and pay my bills. I lost a lot of money. It’s just dead. The tourists have stopped coming. There were a lot of spin-offs, and people making a living off what we were doing in the back there. There’s nothing happening in Adelaide.”
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Politicians urged: ‘Preach the lessons’ of hard work
of this RFP is to invite suitably qualified and e�perienced service providers The Bahamas to submit proposals to provide Internal Audit services for a period commencing October ����.
FROM PAGE B1
Bahamasair�.
Road homeowners were actually putting their prop erties to commercial use by leasing them out as Airbnb-style vacation rent als. He questioned why he should be blocked from offering similar, and beach access to tourists together with accompanying food and drink, if the planning authorities were to reject his appeal.“He has every right to exercise his right to appeal. I’m not surprised. He’s a man that doesn’t understand much, and wants to have everything done his way,” Ms Vanderpool told this newspaper of the appeal. “But you cannot just change something that is legally binding, which is the resi dential zoning parameters.
The specific terms of reference, in terms of overall objectives and scope of work are outlined Preparation of a two year risk based internal audit rolling plan based on an assessment of key areas regarding the Company’s Operations, Risk Management Strategy Plan which will be reviewed considering emerging understanding of the Company’s business processes under scope and of key that impact business
of this RFP is to invite suitably qualified and e�perienced service providers The Bahamas to submit proposals to provide Internal Audit services for a period commencing October ����.
“The Government has to be honest with the people even if it means getting kicked out of office for doing the right thing. We have to save the country. The Government needs to tell the people every chance they get, they have to be productive. If you do not come to work, we cannot pay you,” he continued.
Mr Bowe, an engineer with multiple business inter ests including Advanced Technical Enterprises, an insurance agency/broker age and a family farm, had railed against the creation of a ‘something for noth ing’ mentality among many Bahamians through the con stant provision of what was billed as ‘free’ hand-outs.
doing something of value have to take their money to pay them. Any time there are a lot of lines in the country, it means people are standing on those lines and not working. If they’re not working it’s a drag on our gross domestic product (GDP). We have to be pro ductive. We need to focus on our productivity, and for people to understand what productivity and service is.”
risks and new processes� II. Performing an
identification
“There are a lot of people employed by the Gov ernment every day who provide nothing of value and get paid. Those that are
risks
Bahamasair�.
the country” and improve economic growth and job prospects.“Idisagree very, very strongly with that,” Sir Franklyn told this news paper of Mr McCartney’s argument that the country should revisit a National Lottery as a means of redis tribution to assist vulnerable Bahamians struggling with the cost of living crisis. “Higher productivity, hard work. That is the talk to which I subscribe.”
Sir Franklyn, agreeing that Mr Bowe’s message was “infinitely more sound” and “in my humble opin ion, infinitely more wise”, added: “This stuff about a National Lottery being the answer is unwise. Stop look ing for short cuts. I thought that was a very unwise comment.”AstoMr Bowe’s com ments, he enthused: “That’s the answer, that’s the answer. The path to devel opment involves concepts of increasing productiv ity, hard work, more stable families and greater savings. These are the right things that make “Unfortunately,sense. I think we’re going in the wrong direction because, fun damentally, we have a
The specific terms of reference, in terms of overall objectives and scope of work are outlined
Pigs out as Adelaide planning appeal looms
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.
“We don’t want him there. For him not to understand that.... Nobody benefits. We’re definitely going to respond. He seems to have lots of time on his hands to appeal, but he’s beating a dead horse. No one wants him here. What is there to appeal? There’s many com mercial spaces elsewhere that he could go and operate on. It’s a residential zone. I’m shocked he’s appealing. He’s very stubborn, very stubborn.”Rudy Stuart, another Adelaide Beach Drive resident, yesterday reiter ated of Beyond Da Village: “We don’t want that. That’s a ‘no, no’, a definite ‘no, no’.” Promising that he
Bahamasair�.
means he will abandon the original business model and concept.Thiswas to offer visitors, who did not have the time, money or ability to visit the swimming pigs of Exuma, a “minimal experience” with just three to four animals in a New Providence setting that was more convenient for the likes of cruise pas sengers who need to return to their vessel by a specific time.
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.
Mr Johnson said he had been informed there was “nothing to stop me offer ing beach access” to tourists, but alleged that he had been “harassed daily” by the police and this had turned visitors off from using his property.
FROM PAGE B1
I. Preparation of a two year risk based internal audit rolling plan based on of key risk areas regarding the Company’s Operations, Risk Management and Corporate Plan which will be reviewed annually considering emerging processes�
objective of this engagement is to conduct quarterly Internal Audits of the Company’s and assess the status of internal controls. The areas to be audited will be scoped and agreed both the Company and Auditor through an annual review of the Risk Based Internal Audit plan will be prepared, reviewed, and agreed upon with the Company’s Audit Committee Financial Officer.
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
shortage of politicians in the country, and have had it for some time, who are prepared to preach these lessons... No politician is saying these things. It’s give away something else, give away something else. We don’t have politicians show ing any courage, creativity or innovation. It’s give me, give me. It infuriates me.”
Sir Franklyn thus voiced similar sentiments to Mr Bowe, who last week told Tribune Business: “We need to give people support to earn, but we deny them opportunities and give them free stuff. We don’t encour age people to learn. Where do we expect to go. If we don’t get people productive, we will not get the economy to “Ourmove.problem is really us. We need people to tell us the truth. We need to earn our way out of this situation. There’s no magic. Every day I go to work at 8.30am, 9am, and there’s a whole line of men at the liquor store. You can’t run a society like this, standing around drinking all day, and spending all the money you earn at the bar.
and a Beach Drive resi dent, said she was “shocked but not surprised” that Mr Johnson would seek to appeal given the con troversy that surrounded the initial Town Planning Committee application and subsequent public consulta tionShemeetings.asserted her belief that, if The Bahamas is a country that abides by the rule of law, and follows the necessary regulations, then it is impossible for Beyond Da Village to obtain the necessary planning permis sions because Adelaide Beach Drive is located in an area that is zoned as ‘Low Density Residential 1’. This means commercial activity is not supposed to take place.
Although Bahamians might still play the num bers, go back to a National Lottery. I would revisit that again, the development of a National Lottery,” Mr McCartney told this news paper. “If we do a National Lottery, the proceeds would right now go to social assis tance. It’s certainly not to take away from the web shops, but the bottom line is that a National Lottery would certainly be better for the economy as a whole.”
below� I.
Mr Johnson, meanwhile, said his opponents knew of the appeal hearing before he did. Despite submitting his appeal within one week of Town Planning’s March rejection, he told Tribune Business that he “never got an official response” and only learned about the September 28 hearing after being alerted by his attor ney, Mr “RightFerguson.now,the pigs por tion is not going to happen any more. The pigs are not going to be part of it any more,” he disclosed to this newspaper. The focus, Mr Johnson added, is solely on the beach bar and grill approval, even though this
The�.����.purpose
The Company maintains its membership with The International Air Transport Association participates in its clearing house, and undergoes an IATA Operational Safety Audit (“IOSA”) years. IATA is an association representing appro�imately ��� a irlines. It is responsible safe, reliable, secure and economical air services and fostering inter airline co operation. operates the airline’s clearing house, which processes and allocates financial credits between member airlines and administers the IATA Operational Safety Audit (“IOSA”). has participated in the IOSA program since ���� and has successfully undergone a unqualified audits. The Company successfully passed its seventh IATA Operational Safety
The specific terms of reference, in terms of overall objectives and scope of work are I. Preparation of a two year risk based internal audit rolling plan based of key risk areas regarding the Company’s Operations, Risk Management and Corporate Plan which will be reviewed annually considering emerging processes�
risk
The railroad trade group has said there’s no way trucks can pick up the slack if the railroads stop moving because roughly 467,000 additional trucks a day would be needed to handle all the cargo trains haul and there is already a shortage of truck drivers.
Five other unions have already reached tentative agreements based on the Presidential Emergency Board’s recommendations that will deliver 24% raises and $5,000 in bonuses over a five-year contract that’s retroactive to 2020. But sev eral key unions have been holding out in the hope that the railroads will also address some of their other concerns.Ifthe two sides can’t agree on a deal by the end of the week, Congress is expected to step in to block a strike because of the dire economic consequences if a strike happens because so many businesses rely on railroads to deliver their raw materials and finished products. The Association of American Railroads trade group put out a report last week estimating that the economy would take
IN this Dec. 20, 2019, file photo, shipping containers are of floaded at a BNSF Railway intermodal facility as the sun sets in Edgerton, Kan. The heads of the nation’s two largest rail unions said Sunday, Sept. 11, 2022 that the freight railroads’ move to begin delaying some shipments ahead of this week’s looming strike deadline is only an attempt to get shippers to increase the pressure on Congress to intervene and block a work stoppage by imposing a contract on workers.
“Themoving.railroads are using shippers, consumers, and the supply chain of our nation as pawns in an effort to get our unions to cave into their contract demands knowing that our members would never accept them. Our unions will not cave into these scare tactics, and Congress must not cave into what can only be described as corporate terrorism,” said Jeremy Fergunson with SMART-TD and Dennis Pierce with the BLET union.
Unions blast rail move to delay shipments before deadline
A coalition of 31 agricul tural groups sent a letter
The railroad trade group said that a single railcar can carry up to 2,000 UPS packages, or enough plastic pellets to make some two million two-liter bottles.
PAGE 8, Monday, September 12, 2022 THE TRIBUNE
a $2 billion a day hit if the trains stop moving and passenger traffic would be disrupted nationwide because Amtrak and many commuter railroads use tracks owned by the freight railroads.Therailroads said in a statement Friday that they needed to start delaying shipments of sensitive cargo to “ensure that no such cargo is left on an unat tended or unsecured train in the event of a work stop page due to an impasse in labor negotiations.” The railroads also said other shipments could be affected thisTheweek.railroad trade group didn’t immediately respond to the unions’ criticisms Sunday.Already, a number of trade groups represent ing railroad shippers have urged lawmakers to be prepared to block a strike.
By JOSH FUNK AP Business Writer
lockout won’t be allowed until this coming Friday, but the railroads appear to be bracing for one by saying they would begin curtail ing shipments of hazardous materials and other chemi cals on Monday to ensure carloads of those dangerous products won’t be stranded along the tracks if the trains stop
Photo:Charlie Riedel/AP
“Supply chains are already strained and there is currently zero elasticity in rail transportation,” TFI President and CEO Corey Rosenbusch said. “This situation will get exponen tially worse every day there is no Heresolution.”saidmore than half of all fertilizer is hauled by railroads. More than 75% of all finished vehicles are taken from factories to dealerships by train, and countless other products move by rail.
Those two unions have been demanding that CSX, Union Pacific, BNSF, Nor folk Southern, Kansas City Southern and the other railroads go beyond the pro posed deal recommended by a group of arbitra tors President Joe Biden appointed. They want them to address concerns about strict attendance policies that they say make it hard to take any time off and increasing workloads after the railroads cut nearly onethird of their workforces in recent years.
THE heads of the nation’s two largest rail unions said Sunday that the freight railroads’ move to begin delaying some shipments ahead of this week’s loom ing strike deadline is only an attempt to get shippers to increase the pressure on Congress to intervene and block a work stoppage by imposing a contract on workers.Theheads of the unions that represent engineers and conductors — the Sheet Metal, Air, Rail and Transportation Workers — Transportation Division union and the Brotherhood of Locomotive Engineers and Trainmen union — issued a joint statement blasting the move, which the railroads announced late Friday. A strike or
to Congress last week, and the Fertilizer Institute trade group joined the chorus of concerned shippers Satur day because shipments of ammonia and other fertiliz ers will be delayed.
THE TRIBUNE Monday, September 12, 2022, PAGE 9
QUEEN Elizabeth II has been depicted on Brit ish banknotes and coins for decades. Her portrait also has been featured on cur rencies in dozens of other places around the world, in a reminder of the British empire’s colonial reach.
Other nations’ curren cies that feature the queen — from Australian, Cana dian and Belizean dollars — also will be updated with the new monarch, but the process could take longer, because “it is much easier to enforce a new design in the country where it origi nates, rather than in other countries where differ ent jurisdiction may take place,” the Coin Expert website said.
THE QUEEN’S CURRENCY
31-Mar-202131-Mar-2021
The queen’s portrait on British notes and coins is expected to be replaced by a likeness of the new King Charles III, but it won’t be immediate.“Current banknotes fea turing the image of Her Majesty The Queen will continue to be legal tender,” the Bank of England said.
With 4.7 billion U.K. banknotes worth 82 bil lion pounds ($95 billion) in circulation and about 29 billion coins, British money bearing the queen’s image will likely be in circulation for
By KELVIN CHAN AP Business Writer
“Ratheryears. than all of the current coins and notes being handed in, the pro cess will be a gradual one and many of the coins fea turing portraits of Queen Elizabeth II will remain in circulation for many years to come,” according to Coin Expert, a British coin research website.
MONARCHSSWITCHING
Canadian $20 bills were updated with a new por trait of the queen in 1954, a year after her coronation, and her portrait also started appearing on other cur rencies around the world, mainly British colonies and Commonwealth countries.
CURRENCIES OUT SIDE THE U.K.
The Royal Mint, which is the official maker of Brit ish coins, said all coins with her portrait “remain legal tender and in circulation,” with more information to come
So what happens next after her death this week? It will take time for the United Kingdom, Canada, Australia, New Zealand and other countries to swap out the monarchs on their money.Here’s a look at what is next for the paper cash fea turing the late queen:
She first appeared on money when she was still a princess. That was in 1935, when Canada’s $20 bill fea tured 8-year-old Princess Elizabeth, whose grandfa ther King George V was then the monarch, as part of a new series of notes.
British bills didn’t get her image until 1960 — seven years after her coronation. That’s when the Bank of England was granted per mission to use her likeness on paper money, starting with the 1-pound note, though the formal and regal image was criticized for being too severe and unrealistic.Shebecame the first monarch to be depicted on British banknotes. British coins, meanwhile, have fea tured kings and queens for more than 1,000 years.
FRIDAY, 9 SEPTEMBER 2022 CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2617.061.650.06388.8217.45 BISX LISTED & TRADED SECURITIES 52WK HI52WK LOWSECURITY SYMBOLLAST CLOSECLOSECHANGE VOLUMEEPS$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 1,000-0.4380.000-9.0 0.00% 10.655.99Commonwealth Brewery CBB 10.20 10.300.10 5,0000.1400.00073.60.00% 3.652.27Commonwealth Bank CBL 3.50 3.500.00 8000.1840.12019.03.43% 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 3.31 3.570.26 0.1020.43435.012.16% 11.288.25Doctor's Hospital DHS 10.26 10.260.00 0.4670.06022.00.58% 11.6711.25Emera Incorporated EMAB 11.62 11.720.10 0.6460.32818.12.80% 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 8000.8160.54022.22.98% 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 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% MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price 52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths Daily Vol. - Number of total shares traded today NAV - Net Asset Value DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333 5.60% 15-Jul-2049 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund INTEREST Prime + 1.75% MARKET REPORT
MATURITY 31-Jul-202231-Jul-202220-Nov-202919-Oct-20224.50%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 6.25% 31-Mar-202230-Sep-2025FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund 4.25%6.25%4.50%6.25% NAV Date 5.55%4.33%5.55%5.50%5.06%5.69%5.65% 15-Apr-204926-Jul-202815-Apr-204915-Jan-20495.65%5.60% 15-Oct-204915-Jul-2049 (242)323 2330 (242) 323 2320 www.bisxbahamas.com NOTICE is hereby given that WATSON CALIXTE of Pinedale Street, 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 5th day of September, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas. NOTICE
In general, when a new portrait subject is chosen for Canadian money, the process begins with drawing up a fresh design, and a new note is ready to be issued “a few years later,” the bank said.The Reserve Bank of New Zealand said it will issue all of its stock of coins depicting the queen before new ones go out with Charles’ image. The queen also is featured on the $20 bill, which is made “infrequently” and there is no “plan to destroy stock or shorten the life of existing banknotes just because they show the Queen,” the bank said.“It will be several years before we need to intro duce coins featuring King Charles the Third, and longer until stocks of $20 notes are exhausted,” it added.
WHAT ABOUT OTHER COUNTRIES?
An announcement on exist ing paper money issued by the U.K.’s central bank will be made after the official 10-day mourning period has ended, it said.
After Charles takes the crown at his coronation, a new portrait will need to be taken to use on redesigned notes and coins, the website said.Coins featuring him will show him facing to the left, replacing the queen’s rightward gaze in line with tradition dating to the 17th century. It dictates mon archs be shown in profile and in opposite direction to their predecessors.
The Bank of Canada said its current $20 banknote, made of synthetic polymer, is designed “to circulate for years to come.”
“There is no legislative requirement to change the design within a prescribed period when the Monarch changes,” the Bank of Canada said.
QUEEN ELIZABETH IS FEATURED ON SEVERAL CURRENCIES. NOW WHAT?
“Aslater.we respect this period of respectful mourn ing, we continue to strike coins as usual,” the Royal Mint said on its website.
At one time, Queen Elizabeth II appeared on at least 33 different curren cies, more than any other monarch, an achievement noted by Guinness World Records.Herimage is still featured on money in places where she remains a beloved figure, such as Canada, and continue to incorporate the Union Jack into their flags, like Australia and New Zealand.She’salso found on notes and coins issued by the Eastern Caribbean Central Bank, the monetary author ity for a group of small nations including Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.Otherplaces have long stopped putting her face on their currency. After Jamaica gained independ ence from Britain in 1962, its central bank replaced the queen on paper notes with portraits of national heroes such as Marcus Garvey.
She says she’s a little wor ried but hopes people can adjust to inflation.
For much of the pan demic, small business customers were largely tol erant of price increases and kept on spending. But now owners say they’re seeing someNinety-sevenpushback. percent of small business owners say inflationary pressure is the same or worse than it was three months ago, according to a survey of more than 1,500 small busi nesses by Goldman Sachs 10,000 Small Business Voices. Sixty-five percent have raised prices to offset higher costs. And 38% say they’ve seen a decline in customer demand due to priceNicoleincreases.Miskelley, who manages PMR, an auto and diesel repair shop in Marion, Illinois, said she has seen customers delay repairs that aren’t urgent such as scheduled
“Among a lot of my older customers, who are
on restricted income like Social Security, they say they have to cut back,” she said. “They say, ‘I know I need these tires, but I need to make a couple more rounds (of Social Security) to save up.’”
“Last year has been chal lenging to say the least,” she said. “All prices across the board have gone up.” Everything from card board, containers and the food that she includes in the baskets have become more expensive.Sheimplemented a 5% increase to cover some costs. After she raised the price of her most popular get-well gift basket called “One Tough Cookie,” from $27.50 to $28.95, sales went down, she said. CUSTOMERS
At the Bushwick Grind Cafe in Brooklyn, New York, Kymme WilliamsDavis has raised prices and switched to different types of goods to keep up with the rising costs of milk, coffee, paper goods and plastic, as well as shortages of items such as paper cups and plastic lids. She hasn’t experienced anything like this since opening in 2015.
INFLATION isn’t only costing small businesses money. It’s costing them customers as well.
‑‑‑‑‑ ‑‑‑‑‑
PUSH BACK
One customer who had been coming in for years stopped in to tell WilliamsDavis he bought himself a coffeemaker.“Hesaid I’m going to start making coffee at home, I need to budget, so I won’t be coming in here every day,” she said. “I feel like I’ve been on a good bye campaign.” Inflation has been rising at nearly the fastest pace in 40 years, driven up by strong con sumer spending and higher costs for food, rent, medical care, and other necessities.
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. Low:ORLANDO75°F/24° C High: 92° F/33° C Low:TAMPA78°F/26° C High: 88° F/31° C WEST PALM BEACH Low: 76° F/24° C High: 91° F/33° C FT.High:Low:LAUDERDALE79°F/26°C90°F/32°C KEY WEST Low: 82° F/28° C High: 89° F/32° C Low: 78° F/26° C High: 88° F/31° C Low:ABACO80°F/27° C High: 88° F/31° C High:Low:ELEUTHERA78°F/26°C88°F/31°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: 79° F/26° C High: 87° F/31° C SANHigh:Low:SALVADOR78°F/26°C87°F/31°C CROOKED ISLAND / ACKLINS Low: 79° F/26° C High: 88° F/31° C LONG ISLAND Low: 79° F/26° C High: 88° F/31° C MAYAGUANALow:79°F/26°CHigh:89°F/32°C GREAT INAGUA Low: 79° F/26° C High: 89° F/32° C Low:ANDROS79°F/26° C High: 89° F/32° C Low: 78° F/26° C High: 88° F/31° C FREEPORT NASSAULow: 79° F/26° C High: 92° F/33° C MIAMI THE WEATHER REPORT 5-Day Forecast Some sun, an after noon thunderstorm High: 88° AccuWeather RealFeel 100° F The exclusive AccuWeather RealFeel Temperature is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day. A thunderstorm early; partly cloudy Low: 78° AccuWeather RealFeel 89° F Some sun, a t‑storm in the p.m. High: 87° AccuWeather RealFeel Low: 79° 100°-87° F Partly sunny, a t‑storm in the p.m. High: 88° AccuWeather RealFeel Low: 80° 98°-88° F Clouds and sun with a thunderstorm High: 89° AccuWeather RealFeel Low: 79° 100°-87° F Partial sunshine High: 90° AccuWeather100°-86°RealFeelF Low: 78° TODAY TONIGHT TUESDAY WEDNESDAY THURSDAY FRIDAY almanac High 90° F/32° C Low 79° F/26° C Normal high 88° F/31° C Normal low 75° F/24° C Last year’s high 91° F/33° C Last year’s low 72° F/22° C As of 2 p.m. yesterday 0.35” Year to date 41.16” Normal year to date 26.42” Statistics are for Nassau through 2 p.m. yesterday PrecipitationTemperature sun anD moon tiDes For nassau Sep.Last17 Sep.New25 Oct.First2 Oct.Full9 Sunrise 6:55 a.m. Sunset 7:17 p.m. Moonrise 8:59 p.m. Moonset 8:59 a.m. ThursdayWednesdayTuesdayToday High
with a year ago, down from 8.5% in July, according to data provider FactSet.
maintenance or getting new tires.At the beginning of the year, Miskelley’s labor costs rose 12% and the cost of towing cars to the shop went up due to higher gas prices. Parts are more expensive too. Last year, an air con ditioner processor would cost her $200, but this year she can’t find one for under $400. So, she’s had to raise her average price for a repair by 30% to 40%. Her customers have noticed.
THE TRIBUNE Monday, September 12, 2022, PAGE 11
notable of a difference, they’re going next door.”
business owners are seeing much of the same.
Kim Shanahan operates the online store Gifts Ful filled in Berlin, Maryland, which sells gift baskets and care packages and employs people with disabilities.
By MAE ANDERSON AP Business Writer
“Right now , it kind of sucks because costs increased faster than I could catch up with. In time, I hope people budget better and their incomes change to reflect the economy.”
The pullback is more dramatic among consum ers with less discretionary income. Walmart says its customers, who tend to have lower incomes, are spending more on food and less on other items. Small
Low
Williams-Davis says she has lost nearly half of her regular customers. Some have traded down and are buying coffee for $1 at the McDonald’s or bodega on either side of the café instead of paying the $3 she charges.“If(customers) can get it for a dollar for not that
SundaySaturdayFriday 12:29 a.m. 2.6 6:38 a.m. 0.9 1:03 p.m. 3.0 7:33 p.m. 1.2 1:21 a.m. 2.4 7:28 a.m. 1.1 1:58 p.m. 2.9 8:32 p.m. 1.4 2:18 a.m. 2.3 8:24 a.m. 1.2 2:58 p.m. 2.8 9:34 p.m. 1.4
AS SMALL BUSINESSES RAISE PRICES, SOME
On Tuesday, the govern ment is expected to report that price increases slowed in August compared with a year ago, largely because of a steady drop in the cost of gas. Prices for other items, particularly food, are likely to keep rising quickly. Overall, economists fore cast consumer prices rose 8.1% in August, compared
KIM SHANAHAN, who operates online store Gifts Fulfilled, stacks Get Well Soon boxes in her shop, Thurs day, Sept. 8, 2022, in Berlin, Md. This is a fulfillment project for another company to create jobs at her company.Photo:Todd Dudek/AP Ht.(ft.) Ht.(ft.) 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 12:13 p.m. 3.2 5:53 a.m. 0.6 6:39 p.m. 0.9
marine Forecast WINDS WAVES VISIBILITY WATER TEMPS. ABACO Today: NE at 3 6 Knots 4 7 Feet 10 Miles 85° F Tuesday: SE at 4 8 Knots 4 8 Feet 10 Miles 85° F ANDROS Today: E at 4 8 Knots 0 1 Feet 6 Miles 86° F Tuesday: SE at 3 6 Knots 0 1 Feet 10 Miles 87° F CAT ISLAND Today: E at 3 6 Knots 3 6 Feet 10 Miles 85° F Tuesday: SE at 6 12 Knots 4 8 Feet 10 Miles 85° F CROOKED ISLAND Today: E at 6 12 Knots 3 5 Feet 10 Miles 84° F Tuesday: ESE at 8 16 Knots 4 7 Feet 10 Miles 85° F ELEUTHERA Today: ENE at 3 6 Knots 4 7 Feet 10 Miles 85° F Tuesday: SSE at 4 8 Knots 5 9 Feet 10 Miles 85° F FREEPORT Today: SE at 3 6 Knots 1 3 Feet 10 Miles 85° F Tuesday: ESE at 3 6 Knots 2 4 Feet 10 Miles 86° F GREAT EXUMA Today: E at 4 8 Knots 0 1 Feet 6 Miles 85° F Tuesday: SE at 6 12 Knots 0 1 Feet 10 Miles 86° F GREAT INAGUA Today: E at 7 14 Knots 1 3 Feet 10 Miles 85° F Tuesday: ESE at 7 14 Knots 2 4 Feet 7 Miles 85° F LONG ISLAND Today: E at 6 12 Knots 1 3 Feet 10 Miles 85° F Tuesday: ESE at 7 14 Knots 2 4 Feet 10 Miles 85° F MAYAGUANA Today: ESE at 6 12 Knots 3 6 Feet 6 Miles 85° F Tuesday: ESE at 8 16 Knots 5 9 Feet 10 Miles 85° F NASSAU Today: ENE at 4 8 Knots 0 1 Feet 6 Miles 85° F Tuesday: SE at 4 8 Knots 1 2 Feet 10 Miles 86° F RAGGED ISLAND Today: E at 7 14 Knots 1 3 Feet 10 Miles 85° F Tuesday: ESE at 8 16 Knots 1 3 Feet 5 Miles 85° F SAN SALVADOR Today: E at 3 6 Knots 1 2 Feet 10 Miles 85° F Tuesday: SE at 6 12 Knots 1 3 Feet 10 Miles 86° F uV inDex toDay The higher the AccuWeather UV Index number, the greater the need for eye and skin protection. Forecasts and graphics provided by AccuWeather, Inc. ©2022 H tracking map Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. NS EW S 4 8 knots NSW S E 3 6 knots NS EW S 4 8 knots NSW E 3 6 knots NSW E 4 8 knots NSW E 7 14 knots NSW E 7 14 knots NSW E 4 8 knots | Go to AccuWeather.com
“Typically, I am able to joke about how drastically different things are now and most agree with me,” she said. “On occasion, I deal with push back,” including the rare bout of yelling or cursing by a customer.
Stocks spent July and part of August gaining ground on hopes that the Fed would ease up on its interest rate hikes, but slumped over the last few weeks as it became clear the central bank remained resolute in raising rates.
That has left investors closely watching economic data for any sign that infla tion might be cooling. The calendar for such updates will be busy next week.
CHINESE state media say the country's top leg islator decried sanctions against Russia during a recent visit to the country, underscoring China's back ing of Moscow in its war on Ukraine despite claims of neutrality.Theofficial Xinhua News Agency said Li Zhanshu urged greater cooperation on "fighting against exter nal interference, sanctions and long-arm jurisdiction, among others," in a meet ing with Russian lawmakers Thursday.Lialso held talks with Russian President Vladimir Putin ahead of an expected meeting this month between Putin and Chi nese President Xi Jinping at a regional gathering in Uzbekistan. That would mark Xi's first trip outside China since the pandemic began in early 2020. Li is a member of the Communist Party's all-powerful Politburo Standing Committee and is considered one of Xi's closest confidants, the two having worked together for decades. Ranked third in the Communist Party hierarchy, Li is the high est-level official to travel abroad since the start of the pandemic.The meet ing at the Shanghai Cooperation Organization — a political, economic and security forum that
PAGE 12, Monday, September 12, 2022 THE TRIBUNE
The latest gains punctu ated a holiday-shortened week of trading on Wall Street during which the market regained some of the ground it lost after a mid-August slump that wiped away the much of the gains from a mid-summer rally.
CHINA LEGISLATOR CRITICIZES SANCTIONS ON VISIT TO RUSSIA
All 11 industry sectors in the benchmark S&P 500 rose, though makers of household goods and utilities, which are typically
The Fed has been the main focus for investors as they try to figure out whether the central bank’s plan to cool the hottest inflation in four decades will work or possibly trip an already slowing economy into a recession.
Smaller company stocks also notched solid gains. The Russell 2000 index
By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers
WALL Street added to its recent gains Friday with a broad rally that broke the market’s three-week losing streak.TheS&P 500 closed 1.5% higher, its third straight increase, and ended with a 3.7% gain for the week. That makes it the bench mark index’s best week going back to July.
PEDESTRIANS walk past the New York Stock Exchange, on July 8, 2022, in New York. Stocks rose on Wall Street, Friday, Sept. 9, keeping the market on a track to break a three-week losing streak.
The central bank has already raised rates four times this year and markets expect it to deliver another jumbo-sized increase of three-quarters of a percent age point at its next meeting in two weeks. Fed officials, including Chair Jerome Powell, have all reaffirmed the central bank’s determi nation in raising rates until inflation is under control.
The yield on the 10-year Treasury, which influences interest rates on mortgages and other loans, slipped to 3.31 from 3.33% late Thurs day. The two-year Treasury yield, which tends to track expectations for actions by the Federal Reserve, rose to 3.57% from 3.51%.
AssociatedBEIJING Press
STOCKS END BROADLY HIGHER, BREAKING A 3-WEEK LOSING STREAK
The S&P 500 rose 61.18 points to 4,067.36. The index is still down about 15% so far this year.
The Labor Depart ment will release its report on consumer prices for August on Tuesday and a report on wholesale prices on Wednesday. On Thurs day, Wall Street will get an update on retail sales for August.
“We probably wouldn’t read too much into it. For us, anyway, the trend in (stocks) remains lower.”
Photo:John Minchillo/AP
China and Russia dominate — comes as Putin faces setbacks in his attempt to conquer Ukraine and Xi prepares for a congress of the ruling Communist Party that is expected to grant him a third five-year term as Xinhualeader. said Russia also backed Beijing's con demnation of U.S. House Speaker Nancy Pelosi's visit last month to Taiwan, the self-governing island democracy that China threatens to annex by force. "Li thanked the Russian side for firmly supporting China on the Taiwan ques tion," Xinhua reported. Russia has also backed China against interna tional criticism, including at the United Nations, over its mass incarceration of Uyghurs and other Muslim minorities.Theworld's two leading authoritarian states, China and Russia have increas ingly aligned their foreign policies against the U.S. and other liberal democra cies. Weeks before Russia invaded Ukraine, Xi hosted Putin in Beijing in early February, during which the sides issued a joint state ment declaring, "Friendship between the two States has no limits, there are no 'forbidden' areas of cooperation."Inthatstatement, Russia also said it "confirms that Taiwan is an inalienable part of China, and opposes any forms of independence of Taiwan."
A weaker dollar and a reversal among short-sell ers — traders who bet that the market will go lower —appeared to be responsible for some of the rally Friday, said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.“Youhad a little bit of a positive catalyst in the dollar coming off today, and lo and behold that extreme positioning had to kind of be unwound,” he said.
signature company reported strong secondquarter sales and raised its subscription forecast.
considered less risky invest ments, lagged the market. U.S. crude oil prices rose 3.9%, helping push up energy sector stocks. Exxon Mobil rose 1.7%.
The Dow added 377.19 points to 32,151.71, while the Nasdaq rose 250.18 points to Technology12,112.31.stocks and retailers had some of the biggest gains. Microsoft rose 2.3% and Amazon roseDocuSign2.7%. jumped 10.5% after the electronic
rosed 35.94 points, or 1.9%, to Bond1,882.85.yields mostly rose.
Big gains for technol ogy companies pushed the Nasdaq composite to a 2.1% gain, while the Dow Jones Industrial Average rose 1.2%. Both indexes also notched their first weekly gain in four weeks.