09122024 BUSINESS

Gas dealers to protest as Parliament returns

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN petroleum

retailers will be on Bay Street to protest the Government’s “unconscionable” failure to approve a margin increase vital to their survival when Parliament resumes next Wednesday.

Bernard “Porky” Dorsett, owner of Porky’s Rubis Service Centre, told Tribune Business yesterday the Cabinet Office has given formal permission for station operators “to demonstrate” when MPs return from their summer break as frustration over seemingly being the only industry “in the world with the same price after 13 years” boils over.

With merchants “stuck” on the same inflexible, price-controlled margins since 2011, he argued that the Association’s 30 members desperately need a rise “to be able to live in this business with everything

going through the roof” on operating expenses via the likes of Bahamas Power & Light (BPL), National Insurance Board (NIB) and minimum wage cost hikes.

Raymond Jones, the Bahamas Petroleum Retailers Association’s (BPRA) president, confirmed the planned protest to this newspaper while asserting that the Davis administration has failed to implement the 25 cent per gallon of gasoline margin increase that the industry thought had been agreed by both parties in July.

He backed Mr Dorsett’s assertion that the industry’s 54 cent and 34 cent gasoline and diesel margins, respectively, have been “decimated” by ever-increasing inflation and costs that have left them unable to cover operating expenses from the mark-ups that the Government allows.

“We’re just going to stand around and talk, and just

$177m Treasure Cay revival hailed by ‘hallelujah’ shouts

By NEIL HARTNELL Tribune Business Editor

THE proposed $177m revival of Abaco’s Treasure Cay development was yesterday hailed as a “win-win all the way around” and greeted with shouts of “hallelujah” by the island’s Chamber president.

Daphne DeGregory-Miaoulis told Tribune Business the area’s restoration as a leading

tourism and second home destination is “desperately needed” given the damage inflicted by both Hurricane Dorian and the COVID-19 pandemic as it was previously responsible for “putting Abaco on the map”.

Speaking after Prime Minister Philip Davis KC and the Government signed a Heads of Agreement with Edward Burr, the Florida-based developer who this newspaper exclusively

revealed in March 2024 was set to acquire Treasure Cay, she added that the development will likely provide “a big boost” to property values while also “easing the strain” for northern Abaconians who commute to Marsh Harbour for work.

Mr Davis confirmed that Mr Burr and his Jacksonvillebased entity, GreenPointe Holdings, are seeking to

AML slashes energy costs 50% in latest solar switch

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AML Foods says its latest store converted to solar has slashed energy costs by up to 50 percent as it warned that continued cost pressures will challenge the food distribution sector’s “long-term viability”.

The BISX-listed food retail and franchise group, looking ahead to its current financial period and beyond in its just-released 2024 annual report, said exploiting technology and improving supply chain efficiency will be critical to containing costs and ensuring food security for Bahamians.

It expects there will be “significant pressures” on both employee wages and energy costs moving forward, hence its combined $2m investment installing

SEE PAGE B7

By ANNELIA NIXON anixon@tribunemedia.net

WALKER’S Cay is

to undergo a

two

vide

for

Bahamians, it was

to

with “a

Carlo-style casino” among the

attractions, Prime Minister Philip Davis, speaking at the signing of a Heads of Agreement between the Government and Walker’s Cay Development Corporation, headed by Texan investor and underwater treasure explorer, Carl Allen, said the popular boating destination will

receive multiple upgrades and restorations.

“Building on the success of earlier infrastructure upgrades, this agreement sees to it that Walker’s Cay realises its full potential, maximising both economic and environmental welfare,” Mr Davis said. “Following this latest phase of its sustainable development, the island will feature 16 new hurricane-proof cottages, up to 30 ‘glamping’ units and a Monte Carlo-style casino with a maximum seating capacity of 150.

“I’m also proud to share that this Heads of

PAGE B4

Contractor overturns $520k ruling despite admitting work ‘breaches’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN contractor has successfully overturned a $520,000 default judgment despite admitting he “breached the agreement to complete certain works” at a high-end West Bay Street property.

Hugh Gordon Cash, trading as North Eleuthera Builders, persuaded acting Supreme Court registrar, Renaldo Toote, that there was an “irregularity” in how Jon and Valentina Snell obtained the April 19, 2023, judgment against him in a dispute over “incomplete and defective” renovations to 955 West Bay Street.

The 5,055 square foot home, set on 1.2 acres of land and built in 1994, is listed for rent at a rate of $13,500 per month on the websites of multiple Bahamian realtors. “Built on an elevated lot of mature and spectacular 1.2 acre gardens overlooking the beach, the unique villa’s interiors were conceived by an international designer/art collector as a whimsical private entertaining and relaxation space,” its marketing material states.

“The three-bedroom, three-bathroom villa has a resident caretaker for all guests’ needs. Some of the amenities include Starlink Internet, own water purification system, solar panels and a generator. The villa’s main entrance, with floor to ceiling windows, opens to a grand entrance hall.”

The battle between the two sides appears to have become increasingly personal, amid allegations that items were “stolen” during the construction work, with a website concerning the alleged construction failings still existing on the Internet.

However, the Snells launched legal action against Mr Cash over his alleged failure to complete $601,000 worth of renovations to the property in early 2022. “On February 22, 2022, the claimants agreed for the defendant to effect renovation repairs on their property

PHILIP

AI THE FUTURE FOR BUSINESS RELATIONS WITH CUSTOMERS

In today’s hypercompetitive market, companies are constantly seeking innovative ways to deepen their relationships with customers. The traditional approaches to customer management, while effective in their time, are now being eclipsed by new technologies. At the forefront of this evolution is the integration of Artificial Intelligence (AI) into customer relationship management (CRM) systems - a development that is reshaping the way companies interact with their customers and manage their relationships.

Traditional CRM systems have long been the backbone of customer interaction strategies, storing valuable data and providing basic analytics. However, the integration of AI into these systems has unlocked a new realm of possibilities. AI-powered CRM platforms are no longer just passive data repositories but active participants in customer engagement.

These AI-driven systems analyse vast amounts of data at lightning speed, identifying patterns and trends that would be

ROYE II KEITH

impossible for humans to discern in real-time. They predict customer behaviours, preferences and needs, enabling companies to anticipate and respond to customer demands with unprecedented accuracy. This shift transforms CRM from a reactive tool into a proactive strategy.

One of the most significant benefits of AI in CRM is its ability to deliver hyper-personalised experiences at scale. In today’s market, customers expect companies to understand their unique needs and preferences. AI helps meet

this expectation by analysing individual customer data and tailoring interactions accordingly. Whether it is personalised product recommendations, customised marketing messages or targeted customer service responses, AI ensures that each customer feels valued and understood. This level of personalisation not only enhances customer satisfaction but also drives loyalty. When customers perceive that a brand truly understands and caters to their needs, they are more likely to remain loyal and even become brand advocates.

AI integration in CRM is also revolutionising customer support. AI-powered chatbots and virtual assistants are now handling routine inquiries, providing instant responses to customer questions and resolving common issues without human intervention. This not only reduces the workload on human support teams but also ensures that customers receive timely assistance 24/7 round-the-clock.

Moreover, AI-driven CRM systems can escalate more complex issues

to human agents equipped with all the relevant context and information. This seamless hand-off ensures that customers receive efficient and informed support, enhancing their overall experience.

Another groundbreaking aspect of AI in CRM is its predictive analytics capabilities. By analysing historical data, AI can forecast future customer behaviour, such as predicting which products a customer is likely to purchase next or identifying which customers are at risk of churning. This foresight allows businesses to take proactive measures, such as offering tailored promotions to retain at-risk customers or optimising inventory based on predicted demand.

AI-driven predictive analytics also aids in strategic decision-making. Businesses can use these insights to refine their marketing strategies, optimise sales processes and allocate resources more effectively. In essence, AI transforms CRM from a tool of record to a tool of intelligence.

While the benefits of AI in CRM are undeniable, it is crucial to address the

ethical considerations and challenges that come with it. Data privacy remains a significant concern, as AI systems rely heavily on customer data to function effectively. Businesses must ensure they handle this data responsibly, with robust security measures and transparent data usage policies. Moreover, the rise of AI in CRM could lead to overreliance on automation, potentially alienating customers who prefer human interaction. Striking the right balance between AI-driven efficiency and human touch will be key to maintaining customer trust and satisfaction. The integration of AI in customer relationship management is not just a trend; it is the future of customer engagement. Businesses that embrace this technology will be better equipped to meet the evolving expectations of their customers, offering personalised, efficient and predictive experiences. However, as with any technological advances, it is essential to navigate this integration thoughtfully

NET PROFITS NEAR-QUADRUPLE FOR COLINA’S EQUITY HOLDERS

By NEIL HARTNELL

A BISX-listed life insurer has revealed net income earned by its equity owners near-quadrupled to $32.3m in 2023 driven largely by a more than three-fold investment income increase.

Colina Holdings (Bahamas), the listed parent for Colina Insurance Company, said net income attributable to ordinary shareholders for the 12

months to end-December 2023 surged to $32.3m or $1.30 per ordinary share. The outcome was achieved during a year when the company and all other Bahamian insurers adopted new accounting standards to comply with global financial reporting changes. Using the new standards to restate its 2022 financial results, Colina said that on a comparable basis net income attributable to ordinary shareholders was $8.4m or $0.34 per ordinary

share. Under the previous financial reporting mechanisms, net income for 2022 stood at $15.7m or $0.64 per ordinary share.

Colina Holdings (Bahamas), in a statement, said 2023’s financial performance benefited from investment returns that more than tripled. It added that these were driven largely by mark-to-market gains, reflecting recoveries from unrealised losses suffered on its investment portfolio in 2022.

Net investment income totalled $66.1m for the 12 months ended December 31, 2023, compared to the restated $19m for the same period in the prior year. The net insurance and investment result for the year ended December 31, 2023, was $30.7m compared to the restated $6.7m in 2022.

The two newly-adopted international financial reporting standards (IFRS) are IFRS 17, which deals with insurance contracts, and IFRS

with a keen eye on ethics and customer-centricity.

As we move forward, the marriage of AI and CRM will undoubtedly redefine the business and customer relationship, setting new standards for how companies connect with and serve their customers. In this new era, those who leverage AI to enhance their CRM strategies will not only survive but thrive, fostering deeper connections and driving long-term success.

9 that applies to financial instruments. “Colina Holdings (Bahamas) is now reflecting fluctuations in mark-to-market unrealised gains and losses directly in its profit and loss as a result of the recent adoption of the IFRS 9 accounting standard,” said Terence Hilts, its chairman. “So, we anticipate there will be volatility in returns going forward as these movements are now directly reflected in income rather than in revaluation reserves as in prior reporting years.”

While the timing and measurement of the recognition of insurance contracts is the most notable change, due to IFRS 17, Colina Holdings (Bahamas) said its underlying fundamentals remain the same.

It added that the adoption of both IFRS 17 and IFRS 9 resulted in a net increase to retained earnings of $4.2m at the January 1, 2022, transition. “The company’s strong foundation keeps it adequately positioned to withstand local and global market changes, as reflected in the key indicators for 2023,” said Mr Hilts.

Total assets at December 31, 2023, increased to $824.1m compared to the restated $757.1m in 2022.

Shareholder equity as at

December 31, 2023, grew to $230.2m compared to the restated $204.2m in 2022. That is net of dividend distributions to the Class ‘A’ preference shareholders totalling $2.4m, and ordinary shareholders totalling $6.4m for the year.

“Colina Holdings (Bahamas) Board uses sound judgment as we strive to deliver value on shareholders’ investment,” said Mr Hilts. “We prioritise the appropriate balance of liquidity and risk within the company’s investment portfolios as part of our long-term strategic objectives.”

“Notwithstanding the new presentation, Colina Holdings (Bahamas) continues to focus on strategies that enhance its balance sheet and capital position, ensuring the flexibility needed to meet the ongoing obligations to policyholders and customers,” added Mr Hilts.

BAHAMAS ADVOCATES ARGUE FOR OIL DRILLING BAN AT CARIBBEAN MEETING

BAHAMIAN environmental advocates attended a Caribbean conference where they again argued the case to protect this nation’s territorial waters from exploratory oil drilling.

Waterkeepers Bahamas, in a statement, said it represented the Our Islands, Our Future (OIOF) campaign and The Bahamas at the second Fossil-Free Wider Caribbean meeting held in the Dominican Republic from August 28-30, 2024.

The gathering, a continuation of an initiative that began in September 2022 in Cartagena, Colombia, brought together environmental groups from across the Caribbean and Latin America in a unified bid to

combat the expansion of fossil fuel industries.

Participants included representatives from Belize, Colombia, Guyana, Costa Rica, the Dominican Republic, Guatemala, Honduras, Panama, Suriname and St Lucia. During the three-day meeting, discussions focused on strategies and actions to protect the region’s shared environment and promote sustainable alternatives to fossil fuels.

Waterkeepers Bahamas highlighted the urgent need to safeguard Bahamian waters from the threat of oil drilling. Andurah Dixon, its executive director, said:

SEE PAGE B5

TERRY HILTS

‘CREATIVE’ NEED OVER KEEPING EXUMA AIRLIFT

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

AN AIRLINE with ser-

vice into Exuma said they will have to be “creative” in finding solutions to ensure Exuma residents do not experience a decrease in airlift to the island while the island’s largest resort, Sandals Emerald Bay, is closed for renovations.

Speaking to Tribune Business, Sarah Swainson, director of business development at Makers Air, which has scheduled flights and chartered flights out of Florida to several Family

Islands, says business has been “robust” to all of its Bahamas bookings, especially Staniel’s Cay.

She said while there is concern about the demand for airlift while Sandals is closed, it is important to the airline to ensure Exuma has regular service to meet the needs of the other resorts on the island. “It’s important to be creative and find solutions to pivot to accommodate the demand at any given time,” said Ms Swainson.

“We are seeing robust levels in all of our Bahamas scheduled services including Staniel Cay, that is a very busy stop for us. But

I do think that there is a concern definitely from the local Georgetown community level, about what that airlift is going to continue to look like.

“I think it’s just going to be more important than ever for us to keep communications open, and then to see how we can keep the businesses that are open on the island, well serviced during this time.”

Ms Swainson said the airline is in the process of expanding their flights into the country with a service into Governor’s Harbour, Eleuthera commencing soon.

“We’re in the process of adding Governor’s Harbour,” she said.

“We have a robust schedule flight, we serve 11 out Island destinations. Now, Governor Harbour will be our 11th, and that will complete the trifecta on Eleuthera.”

Sandals Emerald Bay announced last month that the resort will be closing to undergo renovations and rebrand to a Beaches brand resort.

Jeremy Mutton, the Exuma resort’s general manager said the resort plans to begin the 12 to 15-month upgrade once it obtains all the required

permits and approvals this fall.

Despite concerns over reduced airlift to Exuma during Sandals’ temporary closure, Mr Cooper, who is also minister of tourism, investments and aviation, voiced optimism that shortterm rentals will support existing airline service.

He said there are over 3,000 short-term rental listings in Exuma compared to the 245 rooms offered by Sandals Emerald Bay. And, as a result of the alternative accommodations tourists will have other places where they can stay.

“The last record we had was Airbnb had about 3,000

listings in Exuma, and to put that in context, Sandals has 245 rooms,” said Mr Cooper.

“This is huge, and this is why we feel confident that we had the kind of diversification and accommodations in Exuma to be able to carry on smartly, as you will, supporting the tourists that come, supporting the airlift and ensuring that we keep Exuma as a vibrant destination for tourism.

“So, I only make that point to say that Airbnbs and vacation rentals play a critical role in the overall economy. I want to do all that we can to encourage more.”

Halkitis defends partnership approach on capital works

By FAY SIMMONS Tribune Business Reporter

SENATOR Michael Halkitis, Minister of Economic Affairs, defended the Davis administration’s use of Public Private Partnerships to carry out capital works across the Bahamas.

Responding to criticism from the opposition that suggested last year’s deficit reduction may have largely been achieved by deferring payments owed to private sector vendors and cutting capital expenditure, Mr Halkitis said the Davis administration has cut the deficit while still progressing on a large number of projects.

“As we have said during the last three years, each budget, we are using Public Private Partnerships,” he said.

“We are revamping and reforming the way that state owned enterprises

operate. We’re seeking to have them stand on their own feet so that everything doesn’t have to run through Central Government.

“We hear the so-called criticism about you’re not doing capital spending. But the fact of the matter is, job one, stabilise the public finances. We’ve had tremendous progress in that, and you still see a lot of capital development going on.”

The Ministry of Finance’s June 2024 and full-year performance, disclosed that it had cut the deficit - which measures by how much the Government’s spending exceeds its revenues - by 65 percent or $346.7m yearover-year, cutting it from $533.4m to just $186.7m.

The latter figure exceeds the government’s $131.1m full-year deficit target, set back in May 2023, by $55.6m or 42.5 percent but this is likely to be an overshoot that the credit rating agencies, Moody’s

and Standard & Poor’s (S&P), and The Bahamas’ international and domestic creditors consider as being within an acceptable range.

Mr Halkitis said the Davis administration has made “steady progress” in reducing the fiscal deficit and expects last year’s deficit to come in at about 1.3 percent.

“We’re very, very happy to see the progress that we have made in that area,” he said.

“We were in a very precarious position when it came to government finances when we came to office. Over the last three years, we’ve made steady progress in deficit reduction

“The reduction and the level of growth of the debt and our forecast, we forecasted a deficit of 0.9 percent last year, and we’re going to come in at about 1.3 percent which we think is extremely encouraging, particularly when you look at the previous years. When

we came in, the deficit was 13 percent now we’re projecting under 1 percent. So from 13 to 1.3 percent, that’s very good progress.”

He explained that the Davis adminsitration’s goal of reducing the deficit was achieved while numerous capital works were carried out and there is still “a lot in the pipeline”.

“We’ve been able to do that while doing a lot of capital works, including very extensive renovations to schools throughout the islands, healthcare facilities throughout the islands, and signing industrial agreements,” said Mr Halkitis.

“So that’s good news, that the deficit is down, it’s tremendous news and we can look forward to some more good news before the end of the year.”

Mr Halkitis said it is important to reduce the deficit as excessive borrowing leads to funds being diverted from areas such as healthcare and education.

CONCERNS OVER IMPACT ON TOURISM OF GB OUTAGES

By ANNELIA NIXON

anixon@tribunemedia.net

GRAND Bahamians fear constant power outages may negatively impact tourism on the island.

Constant electricity outages and a 6.3 percent increase in the base rate for GB Power bills have been the talk among many Grand Bahamians. However, some establishments in the Port Lucaya area have not been impacted by the outages as much or even at all, while, others in varying areas, have felt the impacts of the consistent electricity loss.

According to multiple sources, electricity in the tourism hub of Port Lucaya is reliable during the day and most outages in that area occur at night, when most establishments are closed. Co-owner of Green Gamut Bistro, located in Port Lucaya, Emilio Bullard concurred. He added that business has not been affected as much because the power usually goes out after hours. He said Port Lucaya does not supply establishments in the marketplace with generators but he believes they should.

“The marketplace does not provide generators unfortunately,” he said. “Which I think is definitely one of those things that should have been automatic given the fact that we are in a tourist space and if there were a power outage and you have terrorists on property, there’s nothing that we could do.”

HG Christie real estate agent Catherine Macleay, said tourists looking to rent vacation homes and potential developers have been complaining about the outages on Grand Bahama.

“Because they’re also looking at, you know, the stability of life on the island. Our big claim to fame was that we were, we have all the amenities and we’re close to Florida, and yet we have less than 50,000 people on this island and a power company that can’t service them. We’ve paid the Dorian rebuilding and they keep increasing the power bills and yet we still don’t have a system that’s functional.”

Mrs Macleay added that most vacation rentals don’t have a generator and guests are left to deal with the prolonged and constant

ANNUAL INFLATION JUMP LOWEST IN THREE YEARS

INFLATION in The Bahamas fell for the third successive month in June, official data revealed yesterday, with the trailing 12-month rate slumping to its lowest rise in three years.

The Bahamas National Statistical Institute (BNSI), unveiling the monthly and annual inflation rate changes as measured by the Consumer Price Index, said goods and services prices decreased by 0.1 percent in June when compared to May 2024.

As for the annual, or trailing 12-month, inflation rate, this increased by just 0.3 percent compared to June 2023. The data will likely give the Government, private sector and households some confidence that inflationary pressures continue to ease following the post-COVID cost of living crisis although many will still be feeling the escalating cost of living.

“The monthly inflation rate in The Bahamas, which represents the overall change in price for 2024, decreased by 0.1 percent when compared to May 2024. This decrease is reflected in the overall price of items purchased by the average consumer during this period. This June 2024 decrease followed a 0.9 percent decrease between the months of April 2024 and May 2024,” the Statistical Institute said.

“On a month-to-month basis, the major decreases by group included transportation [by] 0.9 percent and health by 0.2 percent. The major groups of alcoholic beverages, clothing and footwear, along with recreation and culture, saw little to no change.

“Meanwhile, the major group of furnishing, household and routine household maintenance saw

outages. Manager of Riviera Villas, Ronnie Kelly said, thankfully she is currently experiencing a slow period as she caters to those who travel to Grand Bahama mostly in the cooler months.

Another vacation home rental owner, Pat Burns said the same thing.

However, Sandra Rollins, owner of First Hair, a full service salon. said the outages have caused her customers disappointment. She told Tribune Business that just recently, she was forced to purchase a propane gas stove in order to continue curling a client’s hair in preparation for a function, after the power went out for two hours. She said tourists also makes up a percentage of her customer base.

They praised the quality of service provided by GB Power in the past and questioned why the outages have been so frequent as of late. These outages coincide with the proposed increase in the base rate which if approved will be effective as of January 1, 2025. A petition has recently been launched in an attempt to challenge the proposal.

an increase of 0.2 percent, while food and non-alcoholic beverages saw a 0.1 percent increase when compared to May 2024.”

As for the year-over-year inflation increase, the Statistical Institute said: “For June 2024, the consumer price index0 rose 0.3 percent over the same period last year. The major categories that contributed to this increase included miscellaneous good and services at 4.7 percent, education at 4.2 percent, food and non-alcoholic beverages at 2.9 percent, along with health at 2.9 percent.

“Meanwhile, clothing and footwear recorded a decrease of 6.3 percent when compared to this same period last year. For the month of June 2024, gasoline prices recorded a decrease of 2.8 percent while diesel remained constant with no change when compared to last month. When compared to this time last year, gasoline prices decreased by 1 percent while diesel prices remained constant with no change.”

“It’s very important, because if you’re running deficits, you’re borrowing more money, and you have to pay back more money,” he explained.

“The more money you have to pay back in interest, the less money to go to things like healthcare, education, security. In public finances, if you have too much debt, you don’t have money left over for other important things.”

MICHAEL HALKITIS

Gas dealers to protest as Parliament returns

continue to raise our concerns about the lack of progress and lack of action by the Government,” Mr Jones said of the protest planned for Parliament Square on Wednesday, September 18.

“We met with them, we were under the impression talking to everyone - the minister responsible [Michael Halkitis], the Prime Minister and the financial secretary [Simon Wilson] that the deal we negotiated was completed and they just needed to bring it to Cabinet to get it signed-off.

“We had laid out everything. Twenty-five cents per gallon, it’s not a major win, but in the interest of getting aid to retailers whose fixed margins have been decimated by rising costs, we said: ‘Let’s get this done’. The dealers are in desperate need of an increase,” he continued

“We asked for more.

The Prime Minister said he cannot do that because

of the increased cost to consumers. We negotiated, we got proposals, we exchanged proposals, we accepted this proposal, they changed it, and we said: ‘Get it done. We need relief’.”

However, Mr Jones said the Government has yet to follow through and enact/ implement the 25 cent per gallon of gasoline increase that the Association thought had been agreed. Michael Halkitis, minister of economic affairs, could not be reached for comment before press time last night. “We’re still here struggling, waiting for the Government to do something they agreed to do, but they’ve not made the final decision to enact it,” Mr Jones added. “Our understanding is they don’t have to go to Parliament to do this, and the Opposition supports this.”

The Association chief argued that granting a 25 cent per gallon increase will “not break the bank for our

people. Twenty-five cents a gallon, that’s less than what someone spends buying a beer or on a can of soda. At the end of the day, it’s not a hard decision to make. We need to help these people. The Government has done it for the taxi drivers, the pharmacists and everyone else.”

Mr Dorsett, who opened his Bamboo Town gas station on East Street the year before The Bahamas became an independent nation, told Tribune Business that “even the peanut boy” has been able to increase prices to offset increased operating costs but not petroleum dealers. A further squeeze resulted when his sales volumes fell by 70,000 gallons year-overyear for 2023.

Unlike virtually all other industries, gas stations have to contend with inflexible, fixed margins that are price controlled by the Government and which prevent them from increasing gasoline and diesel prices to compensate for higher

costs. Mr Dorsett yesterday disclosed he first argued for these to be switched to a percentage-based, rather than fixed, margin more than 40 years ago but to no avail.

Now, given the sector’s financial struggles under its existing financial model, Mr Dorsett voiced doubts over whether he will pass Porky’s Rubis Service Centre on to his grand children. He added that the Government, based on the current $5.70 price, is making more per gallon in VAT (57 cents) than the dealers are earning on their gasoline margins (54 cents).

“It’s been 13 years since we’ve been able to add pennies on to our margins,” he disclosed. “It was 2011 when we got the last increase. Everything has gone up. The peanut boy has got a dollar on his peanuts; you cannot buy a peanut for less than $2.”

Mr Dorsett said the operating environment has become especially challenging since the post-COVID cost of living crisis with its inflationary pressures. With gasoline prices having dropped to around $4 at the time the pandemic hit, he added that subsequent global oil price rises have forced dealers to pay more to acquire their fuel supplies from the wholesalers - Rubis, Esso and Shell - but their earnings remain the same.

“We double our investment to make the same money,” was how he explained the fixed-margin impact. “We have minimum wage that’s gone up, we have NIB that’s gone up, and we have light bills that have gone through the roof. It’s been more difficult to run the business.

“We’re getting 54 cents per gallon of fuel. The Government’s VAT is higher than our margins. The Government is making more money on VAT than we are making. My gas is at $5.70, and the Government

is making 57 cents and they have no business to run.

“I continue to say that it’s time for them to get their foot off of us... You’re asking us to operate on the same margin after 13 years. That’s unconscionable. Nothing in the world is at the same price after 13 years. That’s our concern,” Mr Dorsett told this newspaper.

“I told them [other retailers] not to go to the Prime Minister any more. We need to get out and do a demonstration. We’re reasonable people. I’ve been in this business 52 years. I opened this store in 1972, the year before independence. I tell them that I don’t know if I will pass this business on to my grand children; not my children, my children’s grand children. Running the business now, it’s rough.

“My concern is that most of the guys have to continue refinancing their business, trying to keep their business afloat. The overdraft facilities that the banks are charging, the bank fees, the transaction fees, everything is going up. It’s been a hassle. If I was able to make an extra 30 cents on a gallon of fuel I would be happy.”

Mr Dorsett signalled that the tightening financial pressures will prompt some dealers to cut staffing levels or reduce opening hours. He estimated that Association members, on average, employ around 30 persons which would make for a total sector workforce of around 900.

“If we go to self-service, we will have three shifts, and would only six people rather than 30 people to be working. The Government will then have to start worrying about paying unemployment benefit to those people. We don’t want to send those folks home, but they’re making it unconscionable for us to live. That’s our concern,” Mr Dorsett said.

“That’s the message we plan to take out. We need to be able to live in this business. Everything has gone through the roof, and your lead item in your store, you can’t live from it. Some of us have a convenience store. If it wasn’t for the convenience store we’d have been under a long time ago.

“Last year my fuel sales dropped by about 70,000 gallons. People are buying less fuel. They are only buying it when they need it. The country is not in the best of shape. We keep talking about eight million to ten million tourists, but the money is not trickling down to families. I don’t see the US dollars in my business,” the gas station operator told Tribune Business.

“You can tell me we have eight million tourists, but when I ask the straw vendors that come off the bus how they did, they go and say they didn’t make a sell. I don’t know what they’re talking about.”

Mr Dorsett argued that gas station retailers should enjoy the same percentage mark-ups of 22-23 percent as many price-controlled food products. “We can survive with a a simple solution,” he added. “If you want to control our prices, put them to where the price control margins. We’ll take it from there.” Under a percentage-based margin, earnings would increase/decrease according to whether fuel prices rise or fall.

He added that he had first raised switching from a fixed to a percentage-based margin in 1982-1983 when the late Paul Adderley was the minister responsible, but successive administrations have avoided such a step. Mr Dorsett said the retailers have “no problem” with the motoring public, but warned that the sector’s present financial woes may soon force some stations to close.

‘Casino’ part of $200m

Walker’s Cay expansion

FROM PAGE B1

Agreement reflects our mutual commitment to preserving the tangible cultural heritage of The Bahamas. In this latest phase, the historic church on Walker’s Cay will be restored in collaboration with the Antiquities Monuments and Museum Corporation (AMMC) in strict accordance with legal and conservation standards.”

One source, speaking on condition of anonymity, said of Mr Allen’s investment to-date: “He’s way past $130m. He’s easily going to spend another $150m, likely $200m. Some 80 to 120 jobs will be created, and most of that will be specialist labour.”

Mr Davis said Walker’s Cay, which is usually the first stop in the Abacos for visiting boaters and its northern-most end, will also feature “a fuel dock, retail dive shop and scuba diving operations”.

He added that Walker’s Cay has partnered with the Ministry of Agriculture and Marine Resources, Department of Environmental Planning and Protection, the Bahamas National Trust and the University of The Bahamas.

“Working collaboratively, Walker’s Cay and these institutions will see to the removal of invasive lionfish while facilitating the training of Bahamian students and faculty, further augmenting marine research in The Bahamas,” the Prime Minister said.

Mr Allen already employs dozens of Bahamians involved in phase one of Walker’s Cay’s restoration, which included

a clean-up project on the island in preparation for the upgrades. “I’ve spent more time in The Bahamas than anywhere else other than my own home. My wife Gigi and I, as well as our children, love this country and have been blessed and privileged to make so many friends here,” he said.

“We plan to work together with the folks here to restore Walker’s Cay and envision this rebuild as a partnership with Bahamians to create jobs - good playing and secure jobs - strengthen families and develop a lasting economic driver for future generations. Walker’s Reborn starts today, and we aren’t going to stop.”

Mr Davis added: “With its storied past, and inspired future, Walker’s Cay is set to shimmer even more brightly as a cherished gem in our chain of islands.”

RESTORATION BEGINS ON CRUMBLING TAINO BRIDGE

By ANNELIA NIXON

LUCAYA Service Company Limited (LUSCO) and Tamarind Development Company Limited have begun the process of restoration on the Taino Bridge that links to mainland Freeport and houses the Taino Beach Resort.

In a statement yesterday, LUSCO announced that Bahamas Hot Mix (BHM), “a well-regarded leader in infrastructure projects”, was tasked with the bridge’s reconstruction. The beginning steps have

already been taken for the restoration.

“Key steps already completed include the design phase, led by Integrated Building Services Limited, an engineering firm tasked with developing the bridge deck reconstruction plans, preparing bid documents, and overseeing the bidding process.”

To ensure safety during construction, LUSCO released a notice instructing boaters to take the “Fortune Bay Canal, Bell Channel Bay Canal, and the island’s south shore for east-west navigation”.

The statement said the bridge’s condition will be monitored weekly through inspections by LUSCO, GBPA Building and Development Services Department and the project engineer. It read that utilities “situated in the bridge’s central median” must be moved during construction to “minimise disruption to water and power services” and that steps to safely and effectively do so have been discussed with utility establishments.

“Once this is finalised, the construction contract will be awarded, and work will commence.”

The restoration of the bridge comes after Taino Beach Resort attorney Terence Gape, senior partner at Dupuch & Turnquest, threatened legal action if there happened to be a collapse of the neglected bridge. Mr Gape added that businesses, staff and guests affiliated with the resort were in potential danger with the bridge in its current condition.

“We recommend that a proper survey and engineer’s report of the condition of the bridge be laid before or be made available to our clients or any other party with a vested interest

within the next 30 days to include your plan to rebuild or reconstruct the Taino Bridge to the best engineering standard within a reasonable timeframe,” Mr Gape wrote in an August 14, 2024, letter obtained by Tribune Business, “making it safe and reliable to a design and quality in keeping with the salubrious nature of the Taino Beach and Bell Channel and Fortune Bay canal areas.” He continued: “Such an action by you would alleviate the anxiety of investors and residents alike, especially those that rely on the daily tourist trade.”

Women entrepreneurs awarded $100k grants

THE Small Business Development Centre (SBDC) has awarded 14 Grand Bahama female entrepreneurs a collective $100,000 in grant funding as part of its drive to empower women.

The grants are part of the SBDC’s 2024 Women Entrepreneurs Initiative, which has awarded more than $600,000 to 83 persons throughout The Bahamas spread between Grand Bahama and Inagua.

The grants were presented to the recipients during a press conference at Grand Bahama’s COLLAB Centre on September. The women-led businesses range from beauty services to

educational and entertainment ventures, and all went through eight sessions of the Digital Divas Course.

Ginger Moxey, minister for Grand Bahama, said: “This grant is not just about providing financial support; it’s about recognising women’s contribution to our economy, the incredible potential of female entrepreneurs, and creating an environment to drive innovation among Bahamian women.”

She said the Government has consistently allocated Budget funding for small business development and launching initiatives to assist businesses operating in the

blue, green and orange economies, while providing small business owners with support and removing the bureaucracy that limits access to funding.

“I extend my gratitude again to Access Accelerator Small Business Development Centre for their vision and commitment to fostering the growth of women entrepreneurs in Grand Bahama and throughout The Bahamas,” Mrs Moxey said.

Samantha Rolle, the SBDC’s executive director, said the agency has made having a greater impact on Grand Bahama a priority by enhancing its staff to ensure

resources and support are accessible and effective.

“You are the daughters, the mothers, the sisters, the friends – you are the ones that are helping to shape our future generations. And so today we celebrate your tenacity, your vision, your drive, your contribution to the future of Grand Bahama,” she said.

“As leaders, as innovators and change makers in our community, I look forward to the impact you are poised to make. Use your experience in this programme as a springboard for new opportunities as entrepreneurs.”

LUSCO added in their statement: “We understand that the preparatory work that is currently taking place may raise concerns for the public, but we assure the community that LUSCO remains fully committed to maintaining the bridge in a safe and reliable condition. While we understand the inconvenience caused by the current closure of the western lanes, our teams are focused on delivering a successful restoration project that will enhance the long-term safety and functionality of this critical piece of infrastructure.”

BAHAMAS ADVOCATES ARGUE FOR OIL DRILLING BAN AT CARIBBEAN MEETING

FROM PAGE 2

“The Bahamas is at a pivotal moment. We have a unique opportunity to set a global example by permanently banning oil drilling in our waters.

“Our participation in this initiative reflects our deep commitment to protecting our natural resources and advocating for a sustainable, fossilfree future. We are honoured to stand alongside our regional partners in this crucial fight.”

Taylor Ferguson, representing Our Islands, Our Future presented the campaign’s achievements to-date, including the group’s road map for a fossil-free future that was also given to Prime Minister Philip Davis KC. This outlines steps to ban oil drilling in Bahamian waters permanently.

“Our work at the Fossil-Free Wider Caribbean meeting was important in uniting voices across the region to protect our waters and our future,” Ferguson said.

“The progress we’ve made in The Bahamas, particularly with the pathway document, is a testament to what we can achieve when we come together with a shared purpose. We’re proud to be part of this regional movement that prioritises clean energy and environmental preservation for future generations.”

The meeting, organized by the Quantum Foundation, strengthened collaboration between member groups and English-speaking Caribbean nations, including The Bahamas, participated for the first time. Carolina Sánchez Naranjo, of Quantum Leap in Costa Rica, the initiative’s organiser, said: “The addition of The Bahamas to the Fossil-Free Wider Caribbean initiative is of great importance since it enhances our collective voice.

“Together, we are working towards a Caribbean Sea free from fossil fuels, transitioning fairly to a clean and renewable future and mitigating the devastating impacts of climate change.”

THE SMALL Business Development Centre (SBDC) awarded 14 women-owned businesses in Grand Bahama a collective $100,000 in grant funding under the 2024 Women Entrepreneurs Initiative.

CONTRACTOR OVERTURNS $520K RULING DESPITE ADMITTING WORK ‘BREACHES’

FROM PAGE B1

situated on West Bay Street in New Providence for an agreed sum of $601,000,” Mr Toote wrote in his September 10, 2024, verdict.

“The date of completion appeared to have been agreed as August 31, 2022.

The claimants allege that the defendant breached the contractual agreement by failing to complete the said project within the agreed time and, to date, has refused to complete the same.

“The claimants further allege that the defendant negligently misrepresented to the claimants that he and/or his agents had the necessary skills and competence to perform the renovations to the claimants’ standard. As a result, the claimants suffered loss and damages due to the defendant’s incomplete and defective work.”

Mr Toote, though, noted that the default judgment obtained by the Snells was filed on March 9, 2023. This brought it under the new Supreme Court civil procedure rules that took effect eight days earlier at the beginning of March 2023.

The Snells subsequently applied for an Order to “examine” Mr Cash in November 2023, which was served on him on April 8, 2024. The Bahamian contractor later appeared before another Supreme Court deputy registrar on May 15, 2024, and “confirmed that he was indebted to the claimants but not for the claimed sum”.

After hiring attorney Ian Cargill to represent him, Mr Cash applied on July 12, 2024, to have the default judgment set aside “due to procedural irregularities” that violated the new civil procedure rules. Mr Cargill argued that the non-compliance stemmed from the Snells’ failure to serve Mr Cash with the claim form and statement of claim “in their totality”.

The Snells argued that all the necessary details were contained in their writ filed before the civil procedure rules took effect, but Mr Toote rejected this and found the default judgment was “irregular” and the couple had failed to “cure” these deficiencies.

And he also found they had “erroneously entered judgment for a liquidated sum” when their claim had been for an “unliquidated sum”. The Snells, in their writ, alleged that Mr Cash had been paid a total $522,965 “but failed to honour the various agreements and...and has refused to complete the renovations on the Plaintiff’s property and is in breach of the various contractual agreements”.

They added: “The defendant negligently misrepresented to the plaintiffs that he and/or his agents had the necessary skill and competence to carry out the renovations on the

plaintiff’s property, and have not only produced defective work resulting in the plaintiff’s having to hire others to rectify the defects, but have also destroyed, stolen and damaged some of the fixtures, materials and personal property of the plaintiffs all of which has caused the plaintiffs to suffer loss and damage as a result of the defendant’s and/or his agents action.”

The Snells, in their writ, claimed $85,000 in damages for “defective workmanship and performance and costs to correct the defects”, plus a further $105,000 for delays in completing the renovations and $30,000 to replace “lost, damaged or stolen property”. Some $300,000 was also sought for failure to perform under the terms of the construction contract.

However, Mr Toote ruled:

“On the face of the indorsement, the judgment which was entered as against the defendant is irregular. The indorsement does not contain any quantified special damages which amounted to $520,000.

“The claimants entered judgment in a liquidated amount with respect to a claim which was clearly unliquidated in nature. All of the damages cited in the indorsement must be specifically proven and assessed by the court to ascertain their validity.

“The sum of $520,000 is a sum which the claimants unilaterally assessed, as there is no reference to any professional assessment. This could therefore not form any basis of a liquidated claim.” Mr Toote also accepted that Mr Cash “has no recollection of ever being served” with the default judgment, and that he only found out after his attorney searched the Supreme Court’s records on May 24, 2024.

“Based on the defendant’s affidavit evidence, I accept that he did not appreciate the significance of a Writ of Summons being served on him. According to his evidence, [Mr Snell] came to his house in Eleuthera and informed him that he need not to worry about the claim, as he [the Claimant] was not interested in pursuing it or taking it to court,” Mr Toote added.

“The defendant exhibited a draft defence to his affidavit in his application. While the brevity of the claim form presents challenges, there are serious issues to be tried between the parties and the defendant’s prospects of disputing at least some aspects of the claimants’ claim are not fanciful.”

Mr Toote thus proceeded to set aside the draft defence, even though “the defendant has by his own admission in his draft defence exhibited to his affidavit accepted that there was a breach of the agreement to complete certain works”.

$177m Treasure Cay revival hailed by ‘hallelujah’ shouts

develop Treasure Cay into a mixed-use resort and residential community following the property’s acquisition from the Meister family.

“Treasure Cay has long been an iconic destination and I am excited to see it restored and elevated to an even higher standard. We have remained resolute in our efforts to rebuild and revitalise Abaco. The GreenPointe redevelopment of Treasure Cay is yet another step on the road to recovery for Abaco’s economy,” Mr Davis said.

“GreenPointe Holdings, led by Edward Burr, aims to revamp Treasure Cay into an exclusive luxury resort and residential area with top-notch facilities and services that stand out globally. This $177m development, starting with phase one, will restore infrastructure, including the marina and harbour.

“They will also construct new residential units, a hotel and essential services such as a grocery store—all designed to enhance the lives of both Bahamians and visitors alike.” Mrs DeGregory-Miaoulis, when informed of the signing by this newspaper, replied: “Hallelujah, that’s all I can say. That’s desperately needed.

“I don’t know how aggressive they’re going to be but I can’t imagine we’ll be feeling the real effects of this until well into 2025. A question to ask would be what this means for Treasure Cay airport. Will that be a fully-functioning airport for the northern end?

It definitely has to be.

“It’s something that needs to be asked and confirmed

as it’s a long drive from Marsh Harbour airport to Treasure Cay, so I’m sure that is obviously going to be a substantial part of what they’ve agreed upon. Back in the day Treasure Cay’s development is what put Abaco on the map, and it certainly was just that for the northern end of the island, which is desperately in need after being severely impacted from Dorian.”

Mrs DeGregory-Miaoulis said Treasure Cay’s revival could “reverse a large influx from Treasure Cay and the northern end all the way to Crown Haven” as the relative lack of economic activity in northern Abaco has forced many residents to commute to Marsh Harbour for work. Now, the prospect of jobs and economic activity at Treasure Cay will help to “take the strain off”.

She added that the main road leading into Treasure Cay also needs to be repaved because it has “deteriorated terribly”, but said: “We’re very excited to know this is moving forward. Thank God. It will be fantastic for tourism and, what I think it will do, I think it will give a big boost to the second home ownership.

“Treasure Cay is really supported by the owners and second home residents, and a lot of new homeowner residents came in post-Dorian. I think this will now give a boost to property values in that are and generate a lot of interest. Hopefully it will attract a lot more second homeowners who, really in many ways, are the lifeblood that supports the island. “Tourism and second home ownership. All the properties are visitor

properties because most of them are in the rental market. It’s going to be a win-win all the way around, and the time to celebrate will be at the first ground-breaking.

“In real estate, we don’t celebrate until the cheque is received and the first dollar is spent. Let’s see the pick axe go in the ground and money spent. That will give us full confidence that nothing will interfere with this development.”

Mr Davis, in unveiling the Treasure Cay deal, said: “This agreement with GreenPointe Holdings LLC to revitalise Treasure Cay represents a turning point for the Abacos and is a welcome initiative that is set to benefit Abaco’s economyan injection of growth that has been needed in this post-Dorian era....

“Investment in Treasure Cay represents more than a financial commitment. It signifies a dedication to the future of the Abacos. The redevelopment efforts are expected to create numerous job opportunities across various sectors including construction, hospitality and retail, offering long-term and sustainable employment prospects for Abaconians.

“We are steadfast in our commitment to ensuring that Bahamian workers are prioritised at every stage of this project, and we welcome GreenPointe’s initiative to provide training opportunities for Bahamians and reduce dependence on foreign labour.”

Mr Davis said “Bahamian investors will have an opportunity to participate in this project”, but did not go into detail on what he meant, while adding: “We look forward to the positive

economic impact this project is projected to have, which includes ongoing revenue streams from hotel and retail operations and the further development of our tourism sector.

“Let’s work together to bring Treasure Cay back to its glory as a symbol of Bahamian beauty and resilience.” Mr Burr, in speaking with Tribune Business back in March, said the agreement with the Meister family creates “a unique opportunity” to not only “revive” what has been described as “the largest second homeowner community in The Bahamas and Caribbean” but the whole of North Abaco.

A near-20 year homeowner at Treasure Cay himself, Mr Burr said he and his team were still finalising development plans but aimed to capitalise on the destination’s “rich history” to “build better than what we have”. While the level of investment and number of jobs that will be created had then to be determined, the developer anticipates submitting its application for government approvals in “the near term”.

Mr Burr told this newspaper the project is also seeking to “revitalise” wider North Abaco through the entrepreneurial and employment opportunities it will provide, restoring businesses and ensuring families become “self-sufficient” such that it halts the departure of persons seeking work elsewhere.

“We have a binding purchase and sales agreement with the Meisters to purchase Treasure Cay,” the GreenPointe chief confirmed. “We have been doing the proper due diligence and normal things

buyers do, and look forward to a successful conclusion to the process.”

Confirming that much of the work to-date has involved “understanding the infrastructure and condition of the property as it is’”, especially given the near-catastrophic damage much of it sustained during Hurricane Dorian, Mr Burr said he has been visiting Treasure Cay personally for more than 20 years and has owned a home in the community since 2005.

“We’ve been doing as buyers do, understanding the issues with the property first,” he added. “We’re looking forward to the successful conclusion of this process and doing something that will revive and make better not only Treasure Cay but also all of North Abaco.

“Everything is in process. We don’t have any final plans. We will be submitting concept plans to the Government along with our approvals.” Asked when the application for the necessary permits and approvals will be made to the Bahamas Investment Authority (BIA), Mr Burr replied: “There are so many moving parts, I hate to put a date on it, but it will certainly be in the near-term. I will say that...

“We haven’t involved government much to-date... It’s really taken a while to understand the asset. I think we have a good handle on that and are putting in plans. I think we’ve done a good job of getting an understanding of that and are working on the plans themselves, ready to move forward.”

As for what attracted him to acquire the project, which is thought to have

AML slashes energy costs 50% in latest solar switch

FROM PAGE B1

solar energy via roof-top panels at four of its five New Providence grocery locations to-date.

“The economic conditions and challenges facing The Bahamas are multifaceted and deeply rooted in its reliance on tourism, vulnerability to external shocks and exposure to climate change. While the nation has made strides in diversifying its economy through sectors like financial services, agriculture and technology, [COVID] and frequent natural disasters have underscored the need for greater economic resilience,” AML Foods told investors.

“Over the years, the grocery retail sector has been significantly impacted with rising costs, supply chain disruptions and inflation creating a difficult operating environment. Consumer spending remains constrained by factors such as high unemployment and inflation.

“The nation’s heavy reliance on imported goods has made grocery prices

particularly sensitive to global market fluctuations and inflation, putting pressure on both retailers and consumers. To navigate these challenges, the sector will need to adapt by improving supply chain efficiency and leveraging technology to manage costs and meet consumer demand,” it added.

“Addressing these issues is critical for ensuring food security and maintaining the sector’s long-term viability in The Bahamas. Our industry is expected to continue facing challenges such as significant pressures on wages and increased energy costs.....

“To-date, four of our five grocery locations in New Providence are solarised with the remaining store set to be completed by the end of fiscal 2024-2025. In our most recent solar conversion, we have realised a reduction of nearly 50 percent in comparative energy billings. We hope to replicate this in as many of our current and future locations.”

Looking back at the 12 months to end-April 2024,

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

AML Foods said had cut inventory shrink and losses with the cost of supplies falling by 9.6 percent. It added: “After several years of decreasing gross profit attributed to poor shrink performance and inflation pressures, overall gross profit for the 12 months ended April 30, 2024, increased by $5.6m and was 31.1 percent of sales compared to 29 percent in prior year.

“Through product mix offerings and the revamp of our deli programme, we have been able to improve gross profit margin in several locations and departments. Additionally, we continue to explore new vendor relationships and, during the year, we have been able to decrease the cost of supplies by 9.3 percent. We continue to look

for ways to reduce inputs to cost of sales.

“Our efforts to improve shrink paid off for half of our stores that experienced year-over-year improvement in shrinkage. However, our Solomon’s Old Trail location, partly due to renovations, experienced a large increase in shrink during the year. Additionally, group-wide, our meat shrink performance declined compared to prior year,” AML Foods told shareholders.

“While overall shrink was less favourable than prior year, the majority of our excess shrink was experienced in the first three quarters of the year and trends show improvements in shrink as the year progressed. With this continued trend, we expect an improvement in shrink for the upcoming year.”

As for expenses, AML Foods said: “Total selling, general, and administrative expenses (SG&A) increased by $2.7m or 5.4 percent compared to prior year mostly from payroll and sales-related costs. During the year, we invested in our people and payroll dollars were up $1.5m or 7.2 percent over prior year. As a percentage of sales, payroll was 11.7 percent compared to 11.3 percent in prior year.

“Our corporate division payroll as a percentage of overall sales remained flat to prior year. However, both food and franchise divisions saw an increase in payroll as a percentage of sales. We anticipate future investments in payroll will be offset through driving greater sales volumes throughout our stores.”

Turning to the future, AML Foods added: “All of

some 595 undeveloped acres and possibly a further 1,000 in additional land, he added: “My love for Treasure Cay would be the first motivation, and the opportunity to bring the talent, resources and skills of my company, GreenPointe, to revitalise what was Treasure Cay and make it better. We feel we can build better than what we had.

“Certainly we have had friends, and have known people residing in North Abaco, and I’ve watched many of them leave North Abaco because they cannot make a living because there are no jobs in North Abaco. I think we can do a great job of restoring business opportunities and helping to make people self-sufficient and to revitalise most of North Abaco.”

Mr Burr and GreenPointe appear to have the expertise, track record and necessary financing to do what is required in reviving Treasure Cay. Their focus is “to create sustainable, high-value communities throughout the south-eastern United States”, according to the company’s website. It lists some 18 communities on both the west and east coast of Florida that GreenPointe has either developed, or is developing, with many described as “mixed-use, masterplanned” developments featuring hundreds of homes spread across sites ranging in size from several hundred to almost 2,000 acres. Waterfront developments, country clubs, and condominium projects are also included in the portfolio.

our Solomon’s and Fresh Market stores have been reset to our new planograms and we are able to run our stores more efficiently and maintain better in stock levels....

“We are beginning to install electronic shelf labels (ESLs) throughout our fleet of stores. This project is another investment in technology that will benefit both our associates and customers. ESLs are common place for grocery retailers globally and will improve the availability, accuracy and efficiency of pricing of inventory with less effort.

“Our e-commerce division was launched in the fourth quarter of this year in Exuma Markets and, subsequently, within our Fresh Market locations, providing customers with the ability to order our products online. In the near future, we intend to offer an e-commerce platform for all locations.”

US inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates

By CHRISTOPHER RUGABER AP Economics Writer

THE post-pandemic spike in U.S. inflation eased further last month as year-over-year price increases reached a threeyear low, clearing the way for the Federal Reserve to cut interest rates and likely shaping the economic debate in the final weeks of the presidential race.

Wednesday's report from the Labor Department showed that consumer prices rose 2.5% in August from a year earlier, down from 2.9% in July. It was the fifth straight annual drop and the smallest since February 2021. From July to August, prices rose just 0.2%.

Excluding volatile food and energy costs, so-called core prices rose 3.2% in August from a year ago, the same as in July. On a month-to-month basis, core prices rose 0.3%, a slight pickup from July's 0.2% increase. Economists closely watch core prices, which typically provide a better read of future inflation trends.

"Today's report will add to confidence within the Fed that inflation is indeed on a sustainable path towards 2%," the Fed's target level, Carl Weinberg, chief economist at High Frequency Economics, wrote in a note to clients.

For months, cooling inflation has provided gradual relief to America's consumers, who were stung by the price surges that erupted three years ago, particularly for food, gas, rent

and other necessities. Inflation peaked in mid-2022 at 9.1%, the highest rate in four decades.

And Americans' paychecks have risen steadily for the past three years. Overall incomes have even outpaced inflation for roughly the past 18 months, helping more households handle elevated prices.

On Tuesday, the Census Bureau reported that the median inflation-adjusted household income rose 4% last year to above $80,000, essentially matching the 2019 peak.

Wednesday's inflation figures followed a presidential debate Tuesday night in which former President Donald Trump attacked Vice President Kamala Harris for the price spikes that began a few months after the Biden-Harris administration took office,

when global supply chains seized up and caused severe shortages of parts and labor.

During the debate, Trump falsely characterized the scope of the inflation surge when he claimed, "They had the highest inflation perhaps in the history of our country." In 1980, inflation reached 14.6% — much higher than the 2022 peak.

A key reason for last month's drop in overall inflation was the third drop in gas prices in the past four months: Average gas prices fell 0.6% from July to August and are down 10.6% from a year ago. And used cars fell 1% last month. Measured from a year earlier, used car prices have tumbled 10.4%.

Grocery prices were unchanged from July to August, extending a cooldown in food costs even

though they remain much higher than they were three years ago. Over the past year, grocery prices have ticked up just 0.9%, similar to the pace of pre-pandemic food inflation.

Still, many Americans are taking steps to try to stretch their budgets.

Kelsey Aubrey, who lives in North Palm Beach, Florida, and was shopping at the discount grocer Aldi on Tuesday, said she typically visits up to four or five stores in her search for the lowest grocery prices.

"We hop from store to store, trying to save where we can," she said. "Our bills are still pretty high. And we're working a ton to pay the bills."

The tick-up in core inflation from July to August reflected an acceleration in housing costs and some spikes in the prices of air

Fearless Fund drops grant program for Black women business owners in lawsuit settlement

By ALEXANDRA OLSON AP Business Writer

A VENTURE capital

firm has closed down a grant contest for Black women business owners as part of a settlement agreement with a conservative group that had filed a lawsuit alleging the program was discriminatory, both sides announced Wednesday.

The settlement came two months after a U.S. federal court of appeals panel ordered the Atlanta-Based Fearless Fund to suspend the Strivers Grant Contest, which provided $20,000 to businesses that are majority owned by Black women.

In a 2-1 ruling, the appeals court ruled that the American Alliance for Equal Rights, led by conservative activist Ed Blum, was likely to prevail in its lawsuit claiming that the program illegally discriminated on the basis of race.

The lawsuit against the Fearless Fund, the Atlantabased firm that has helped grow popular companies like beauty retailer Thirteen Lune and restaurant chain Slutty Vegan, has been closely watched as a bellwether in the growing legal battle waged by conservative groups

against corporate diversity programs.

Bolstered by the Supreme Court case that ended affirmative action in college admissions, conservatives have targeted dozens of companies and government institutions and challenged a wide array of programs and policies bolstering diversity, equity and inclusion, known as DEI.

In a statement, Blum, who also brought the case that resulted in the affirmative action ruling, reiterated his view that "race-exclusive programs like the one the Fearless Fund promoted are divisive and illegal."

In a statement, Arian Simone, CEO and cofounder of the Fearless Fund, said she was pleased to put the lawsuit behind her and continue with the firm's mission of "helping and empowering women of color entrepreneurs in need."

So far, none of the antiDEI lawsuits have resulted in a precedent-setting ruling on the level of the Supreme Court decision on affirmative action. Ben Crump, a civil rights attorney who represented the Fearless Fund, said that the settlement ensured that lawsuit ended without setting any such precedent.

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"By strategically avoiding a Supreme Court ruling that could have eliminated race-based funding, we protected vital opportunities for the entire Black and brown community," Crump said in a statement.

Still, a growing number of companies — most recently including Lowe's and John Deere — have altered or dropped DEI programs amid the onslaught of lawsuits and conservative activist pressure. In statement, Blum said "it is to be hoped race-exclusive programs like the one offered by the Fearless Fund will be stopped and opened to everyone, regardless of their race." Blum added that he had encouraged the Fearless Fund to open the Strivers Grant Contest to women of other races rather

than shut it down. Other companies, including several law firms sued by Blum, have changed scholarships or fellowships to open it to all races.

Alphonso David, president and CEO of The Global Black Economic Forum and counsel to the Fearless Fund, shot back in an interview with The Associated Press that the "Fearless Fund was not going to allow Ed Blum to dictate how to run their business." David said the Strivers Grant was a small part of the Fearless Fund's operations and had already been scheduled to wind down. He said the settlement "is very narrow" and will not affect the venture capital's firms investments or other activities.

Legal Notice NOTICE

In the ESTATE OF COLIN RICHARD MOORE, deceased.

Notice is hereby given that any person having any claim or demand against the above Estate is required to send the same duly certifed in writing to the Undersigned on or before the 11th day of October, AD., 2024 after which date the Executors of the Estate will proceed to distribute the assets therein having regard only to those claims of which he shall then have had notice.

AND TAKE NOTICE that any person indebted to the Estate is required to make full settlement on or before the date hereinbefore mentioned.

HULLco (LC. Hull & Co.)

Chambers

Attorneys for the Executrix

11 00 East Bay Street

Marsh Harbour, Abaco Bahamas

SHOPPERS pause in the produce section at a Walmart Superstore in

fares and hotel rooms, which are likely to prove temporary. Airline fares jumped 3.9% just from July to August after having dropped the previous five months. Hotel room prices climbed 1.8% last month; they had fallen in two of the previous three months. Fed officials, who are watching housing costs closely, expect them to cool more consistently.

According to the real estate brokerage Redfin, the median rent for a new lease rose just 0.9% in August from a year earlier, to $1,645 a month. But the government's measure includes all rents, including those for people who have been in their apartments for years. It takes time for the slowdown in new rents to show up in the government's data. Last month, rental costs rose 5.2% from a year ago, according to the government's consumer price index.

The Fed's policymakers have signaled that they're increasingly confident that inflation is falling back to their 2% target and are now shifting their focus to supporting the job market, which is steadily cooling. As a result, they are poised to begin cutting their benchmark interest rate next week from its 23-year high in hopes of bolstering growth and hiring.

A modest quarter-point cut is widely expected. The pickup in core inflation makes it unlikely that the Fed would consider cutting

its key rate by a larger-thanusual half-point next week, as some Wall Street traders had hoped. Stock prices slid as a result, with the broad S&P 500 index falling about 1.6% in mid-morning trading.

Still, over time, a series of Fed rate cuts should reduce the cost of borrowing across the economy, including for mortgages, auto loans and credit cards.

During the presidential campaign, Harris has proposed subsidies for home buyers and builders in an effort to ease housing costs. She also backs a federal ban on price-gouging for groceries. Trump has said he would boost energy production to try to reduce overall inflation.

A number of trends suggest that inflation will keep slowing. Those signs include a drop in oil prices to roughly $67 a barrel early Wednesday, down from a high of $80 last month. Americans' paychecks are also growing more slowly — an average of about 3.5% annually, still a solid pace — which reduces inflationary pressures. Two years ago, wage growth was topping 5%, a level that can force businesses to sharply raise prices to cover their higher labor costs.

In a high-profile speech last month, Fed Chair Jerome Powell noted that inflation was coming under control and suggested that the job market was unlikely to be a source of inflationary pressure.

Secaucus, New Jersey, July 11, 2024.

Photo:Eduardo Munoz Alvarez/AP

CO-founders and CEOs of The Fearless Fund Arian Simone, center left, and Ayana Parsons, center right, speak to journalists outside the James Lawrence King Federal Building in Miami, as they leave with their legal team following a hearing on Wednesday, Jan. 31, 2024.

Photo:Rebecca Blackwell/AP

More than 67 million people watched Donald Trump and Kamala Harris debate. That’s way up from June

By DAVID BAUDER AP Media Writer

AN ESTIMATED 67.1

million people watched the presidential debate between Kamala Harris and Donald Trump, a sharp increase from the June debate that eventually led to President Joe Biden dropping out of the race. The debate was run by ABC News but shown on 17 different networks, the Nielsen company said. The Trump-Biden debate in June was seen by 51.3 million people. Tuesday's count was short of the record viewership for a presidential debate, when 84 million people saw Trump's and Hillary Clinton's first faceoff in 2016. The first debate between Biden and Trump in 2020 reached 73.1 million people.

With Harris widely perceived to have outperformed Trump on Tuesday night, the former president and his supporters are sharply criticizing ABC moderators David Muir and Linsey Davis. The journalists waded into onthe-fly fact checks during the debate, correcting four statements by Trump. No other debates are currently scheduled between the two presidential candidates, although there's been some talk about it and Fox News Channel has publicly offered alternatives. CBS will host a vice presidential debate between Tim Walz and JD Vance.

Tuesday's debate stakes were high to begin with, not only because of the impending election itself but because the last presidential debate uncorked a series of events that ended several weeks later with Biden's withdrawal from the race after his performance was widely panned.

Opinions on how ABC handled the latest debate Tuesday were, in a large sense, a Rorschach test on how supporters of both sides felt about how it went.

MSNBC commentator

Chris Hayes sent a message on X that the ABC moderators were doing an "excellent" job — only to be answered by conservative commentator Ben Shapiro, who said, "this is how you know they're complete s—-." While CNN chose not to correct any misstatements by the candidates during Trump's debate with Biden in June, ABC instead challenged statements that Trump made about abortion, immigration, the 2020 election and violent crime.

team to complete projects on time

quality standards and comply with local codes and regulations

● Quality Assurance: Ensure all installations meet Sonawatt Energies quality standards and comply with local codes and regulations

● System Testing and Commissioning: Perform system testing and commissioning, troubleshooting any issues to ensure optimal system performance

● Site Assessments: Conduct pre-installation site assessments to determine the best installation approach and identify any potential challenges

● System Testing and Commissioning: Perform system testing and commissioning, troubleshooting any issues to ensure optimal system performance

● Site Assessments: Conduct pre-installation site assessments to determine the best installation approach and identify any potential challenges

● Team Training and Development:

● Team Training and Development: Train and mentor installation team members, promoting continuous learning and adherence to best practices in solar installation

● Safety Compliance: Enforce safety protocols and procedures on all job sites to ensure a safe working environment for the installation team

● Customer Interaction: Interact professionally with customers on-site providing updates on project progress and addressing any concerns or questions they may have

● Inventory Management: Assist in managing inventory levels of installation materials and tools ensuring that all necessary equipment is available for upcoming projects

● Documentation: Maintain accurate records of installations including

●

Sen. Bernie Sanders said he is set to pursue contempt charges against Steward CEO

By STEVE LeBLANC Associated Press

VERMONT

U.S. Sen. Bernie Sanders said Wednesday he is prepared to pursue contempt charges against Steward Health Care CEO Ralph de la Torre if he fails to show up at a hearing Thursday despite being issued a subpoena.

Sanders said de la Torre needs to answer to the American people about how he was able to reap hundreds of millions of dollars while Steward Health Care, which operated about 30 hospitals nationwide, had to file for bankruptcy in May.

"This is something that is not going to go away," Sanders told The Associated Press. "We will pursue this doggedly."

Steward has been working to sell its more than a half-dozen hospitals in Massachusetts, but received inadequate bids for two other hospitals — Carney Hospital in Boston and Nashoba Valley Medical Center in the town of Ayer — both of which have closed as a result. A federal bankruptcy court last week approved the sale of Steward's other Massachusetts hospitals.

"He has decided not to show up because he doesn't

want to explain to the American people how horrific his greed has become," Sanders said. "Tell me about your yacht. Tell me about your fishing boat. I want to hear your justification for that. Tell that to the community where staff was laid off while you made $250 million."

Sanders said that to hold de la Torre in contempt would require a vote by the Senate Health, Education, Labor and Pensions Committee, which he chairs, or — depending on what action they take — a vote of the full Senate.

Lawyers de la Torre have said that he won't testify before the committee investigating the Dallas-based hospital company because a federal court order prohibits him from discussing anything during an ongoing reorganization and settlement effort.

Sanders said there are plenty of questions de la Torre could still address.

Lawyers for de la Torre also accused the committee of seeking to turn the hearing into "a pseudo-criminal proceeding in which they use the time, not to gather facts, but to convict Dr. de la Torre in the eyes of public opinion." "It is not within this Committee's purview to make predeterminations of

alleged criminal misconduct under the auspices of an examination into Steward's bankruptcy proceedings, and the fact that its Members have already done so smacks of a veiled attempt to sidestep Dr. de la Torre's constitutional rights," the lawyers said in a letter to Sanders last week.

De la Torre hasn't ruled out testifying before the committee at a later date — a suggestion Sanders described as "100% a delaying tactic."

Sanders also said the committee has received no indication that de la Torre will change his mind and attend Thursday's hearing, which will also include testimony from nurses who worked at two of the hospitals owned by Steward in Massachusetts.

""You have a guy becoming fabulously wealthy while bankrupting hospitals and denying low income and middle income folks the health care they so desperately need," Sanders said. He said that more than a dozen patients have died in Steward hospitals as a result of inadequate staffing or shortages of medical equipment.

"When a hospital shuts down in a community, especially a low-income community, it's a disaster. Where do people go?

SEN. BERNIE SANDERS, I-Vt., smiles as he addresses Unite Here Local 11 workers holding a rally, April 5, 2024, in Los Angeles.

Photo:Damian Dovarganes/AP

Where's the nearest emergency room?" Sanders added.

The committee's options include holding de la Torre in criminal contempt, which could result in a trial and

NOTICE TO PROSPECTIVE VENDORS

The U.S. Embassy anticipates signifcant contracting opportunities over the next 12 months. All vendors that wish to do business with The U.S. Embassy, Nassau, are required to register their business in SAM – System for Award Management – prior to receiving a contract award. There is no cost to register with or use SAM. The registration process can take up to six weeks and should be completed before bidding on any solicitations or opportunities.

Interested vendors should register at https://sam.gov/. Click on “Get Started” to initiate setting up a user account and then registering your business with SAM.

Instructions will be there under “Register Your Entity”

Assistance with the registration process is found at https://www.fsd.gov

For additional information please contact NassauProcurementStaff@state.gov

jail time; or civil contempt, which would result in fines until he appears. Both would require a Senate vote. De la Torre also refused invitations to testify at a

committee.

Boston field hearing earlier this year chaired by Sen. Edward Markey, a Democrat from Massachusetts and also a member of the

COURT WON'T ALLOW PUBLIC MONEY TO BE SPENT ON PRIVATE SCHOOLS IN SOUTH CAROLINA

By JEFFREY COLLINS Associated Press

SOUTH Carolina's law

allowing parents to spend taxpayer money on private schools violates the constitution, the state's highest court ruled Wednesday.

The 3-2 ruling prohibits paying tuition or fees with "Education Scholarship Trust Funds," but it does allow parents to use that money for indirect private expenses like tutoring, textbooks and other educational material.

Nearly 3,000 students have already been awarded $1,500 each under the program. The court won't require it be paid back if spent on private school tuition or fees. The case was argued before the high court in March, well before the money was distributed.

The South Carolina law is part of a nationwide movement. Groups that study the programs report that at least 16 states have some form of the vouchers.

The South Carolina case centered on part of the state constitution that says "no money shall be paid from public funds nor shall the credit of the State or

any of its political subdivisions be used for the direct benefit of any religious or other private educational institution."

Lawyers who think the program is illegal said giving the private schools public money is a direct benefit even if the program allows students to pay fees or transportation to attend a public school outside of their district.

"A parent who chooses to use a scholarship to pay their child's private school tuition is undoubtedly using public funds to provide a direct benefit to the private school," wrote Justice Gary Hill in his first major opinion since joining the court a year ago.

Hill's sharply written ruling tracked the history of why South Carolina voters had to amend their constitution in 1972 to affirm the right of a free public school education for all children after state lawmakers spent two decades trying to keep Black children from going to school with white children through a flurry of maneuvers and proposals including eliminating public school entirely.

"Our General Assembly knew how to draft an amendment to present to the people that would allow public funding for private schools, but it did not," Hill wrote of lawmakers more than 50 years ago.

Supporters of the now overturned law said putting the money into a trust fund was key. The money goes to parents, who get to make a decision on where to spend it instead of state government directly paying the private schools themselves.

In a dissent, Chief Justice John Kittredge said the ruling ignores the broad power South Carolina's Legislature has to create policy.

"The literary style of the majority opinion may be appealing, but its underlying rationale is anathema to the rule of law," Kittredge wrote.

The chief justice also suggested other programs where private money goes toward public education institutions like college scholarships paid with money from the state lottery or the pre-kindergarten program First Steps. Hill responded in his decision those programs

have a different structure than the trust fund driven vouchers.

Supporters of the law can appeal. They also could attempt in 2025 or beyond to put a constitutional amendment before voters eliminating the constitutional provision, but fears that getting a majority vote could be tricky prevented them from trying that the first time.

"Families cried tears of joy when the scholarship funds became available for their children, and today's Supreme Court ruling brings those same families tears of devastation," Republican State

Superintendent of Education Ellen Weaver said in a statement that promised to work to find a way to get the program started again.

Republican Gov. Henry McMaster said the state will ask the state Supreme Court to reconsider its ruling because it "may have devastating consequences for thousands of lowincome families."

The decision goes against what lawmakers saw in past court opinions, said Republican Senate Majority Leader Shane Massey.

"The Court changed the rules, and poor children lose," Massey said in a statement.

Private power companies in Puerto Rico are under scrutiny as officials demand fewer outages

By DÁNICA COTO

Associated Press

TWO private power companies came under scrutiny Wednesday while they presented plans to stabilize Puerto Rico's crumbling electric grid as officials demanded immediate action to minimize chronic power outages. The presentations by Genera PR, which operates the generation of power in the U.S. territory, and Luma Energy, which handles transmission and distribution, lasted more than five hours as they answered questions by Puerto Rico's Energy Bureau and others. The bureau had ordered both companies in June to produce "aggressive" plans to improve the island's electric system, which was razed by Hurricane Maria in 2017 but was already failing prior to the Category 4 storm given a lack of maintenance and investment under Puerto Rico's Electric Power Authority.

"We continue to see a high rate of critical failures," said Daniel Haughton, Luma's planning director.

The ongoing outages come as crews make permanent repairs to the grid following Hurricane Maria, which caused an estimated $9.7 billion in damage to the system's transmission and distribution. Hurricane Fiona also battered the grid in 2022, sparking an island-wide blackout, and Tropical

Storm Ernesto caused further damage in mid-August. "We need to get it done soonest," Jorge Camacho, engineer and advisor to Puerto Rico's Energy Bureau, said of the improvement plan. "What is the delay?"

Luma says it has taken steps to improve the grid including replacing more than 17,000 utility poles and clearing vegetation from more than 4,800 miles (7,700 kilometers)

of power lines and other infrastructure.

In addition, 144 projects out of 460 submitted to the U.S. Federal Emergency Management Agency, which is helping fund the grid reconstruction, are under construction.

Meanwhile, eight transformers in transmission centers are currently out of service, with only two financed by FEMA. "We need additional funding," said Julio Aguilar, Luma's director of reliability and distribution automation.

The company said it would prioritize large substation and transmission projects in the next two years, as well as launch preventive transmission maintenance. Eight major substation projects have all been obligated by FEMA, while three of four transmission line projects are awaiting that status.

Luma said it also plans to inspect 51 line segments in fiscal year 2025 that are to blame for roughly three-fourths of transmission-related power interruptions. It also would clear vegetation from

The new law allowed vouchers of up to $6,000 for as many as 5,000 students a year, eventually expanding to about 15,000 students, or about 2% of the statewide school age population. Only families making under about $120,000 could get the assistance.

Allowing parents to spend public money on private schools has been a two-decade effort that ran through three governors, four House speakers and five education superintendents in a state where Republicans have been consolidating and expanding their power.

16,000 miles (25,700 kilometers) worth of powerlines in the next four years.

The company said it also would install more battery energy storage systems as well as replace 1.5 million meters with smart ones in a span of roughly three years so officials know when and where power is lost.

Meanwhile, Genera PR pledged to reduce forced outages by half, as well as restore 800 megawatts of capacity by November following repairs. The company noted that a main power station in southern Puerto Rico is expected to come online this weekend, which would boost generation. Another one is expected to do the same in late October.

However, the company noted that one unit has been out of service since 2016, when it was being run by Puerto Rico's power company.

Genera PR suggested during Wednesday's meeting that the energy bureau start a process to lease additional temporary generation.

The ongoing outages have led to demands that the government cancel the contracts awarded to Luma and Genera PR, with some gubernatorial candidates pledging to do so if they win this year's general election.

ALL SHAREHOLDERS

The Board of Directors of Bahamas Waste Limited has declared a Dividend for Ordinary Shares, to all shareholders of record as of September 20th, 2024, of $0.16 cents per share

The payment will be made on October 2nd, 2024, through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent

THE EXTERIOR of the South Carolina Supreme Court building in Columbia, S.C. is shown Jan. 18, 2023. Photo:James Pollard/AP

Federal judge temporarily blocks Utah social media law aimed at protecting children

By AMY BETH HANSON Associated Press

A FEDERAL judge in Utah has temporarily blocked a social media access law that leaders said was meant to protect the personal privacy of children and limit their use of such platforms, saying it is unconstitutional.

U.S. District Court Judge Robert Shelby on Tuesday issued the preliminary injunction against a law that would have required social media companies to verify the ages of their users, apply privacy settings and limit some features on those accounts.

The law was set to take effect on Oct. 1 but will be blocked pending the outcome of the case filed by NetChoice, a nonprofit trade association for internet companies such as Google, Meta — the parent company of Facebook and Instagram — Snap and X.

The Utah legislature passed the Utah Minor Protection in Social Media Act to replace laws that were passed in 2023 and were challenged as unconstitutional. State officials believed the 2024 act would hold up in court.

But Shelby disagreed.

"The court recognizes the State's earnest desire to protect young people from the novel challenges associated with social media use," Shelby wrote in his order. However, the state has not articulated a compelling state interest in violating

the First Amendment rights of the social media companies, he wrote.

Republican Gov. Spencer Cox said he was disappointed in the court's decision and was aware it could be a long battle, but said it "is a battle worth waging," due to the harm that social media is causing children.

"Let's be clear: social media companies could voluntarily, at this very moment, do everything that the law put in place to protect our children. But they refuse to do so. Instead, they continue to prioritize their profits over our children's wellbeing. This must stop, and Utah will continue to lead the fight."

NetChoice argues Utah residents would have to supply additional information to verify their age than social media companies usually collect, putting more information at risk of a data breach.

Several months after Utah became the first state to pass laws regulating children's social media use in 2023, it sued TikTok and Meta for allegedly luring in children with addictive features.

Under the 2024 Utah law, default settings for minor accounts would have been required to restrict access to direct messages and sharing features and disable elements such as autoplay and push notifications that lawmakers argue could lead to excessive use. The settings also limit how

N O T I C E CRYPTO SKY INTERNATIONAL LIMITED (Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the abovenamed Company is in dissolution, which commenced on the 10th day of September, A.D., 2024. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas.

GALNOM LTD. Liquidator

NOTICE MPME LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 209405 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 11th day of September A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. MARCELO KAIRIS ANTONIO, whose address is Rua Dr Nilton Vieira De Souza 00165, Cond Res Millenium, CEP: 18046600, Sorocaba, SP, Brazil. Any Persons having a Claim against the abovenamed Company are required on or before the 12th day of October A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneft of any distribution made before such claim is proved.

Dated this 11th day of September A.D. 2024.

MARCELO KAIRIS ANTONIO LIQUIDATOR

NOTICE

PATRIMONIO MJP LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 207288 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 11th day of September A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. MARCOS JOSE DE PAULA, whose address is Rua Cypriano S. Coutinho, N° 10, Apt 400, Bairro Belvedere, CEP: 30.320-730, Belo Horizonte – Brazil. Any Persons having a Claim against the above- named Company are required on or before the 12th day of October A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneft of any distribution made before such claim is proved.

Dated this 11th day of September A.D. 2024.

MARCOS JOSE DE PAULA LIQUIDATOR

companies

collect.

separate law, under which parents would have grounds to sue

NOTICE

NOTICE is hereby given that ANETTE MCINTOSH of Nassau Village, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

N O T I C E SPICA

CORPORATION

(Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 10th day of September, A.D., 2024. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas.

GALNOM LTD. Liquidator

this now sixth injunction against these overreaching laws, we hope policymakers will focus on meaningful and constitutional solutions for the digital age," said Chris Marchese, director of litigation for NetChoice.

NOTICE

NOTICE is hereby given that

ALMONOR of #2 Beaconfeld Drive Freeport, Grand Bahama, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 5th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

La Martineta Investimentos Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 208526 B. (In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 11th day of September A.D. 2024.

LEOCADIO DE ALMEIDA ANTUNES FILHO LIQUIDATOR

UTAH Gov. Spencer Cox speaks during a news briefing during the final day of the Utah Legislature, March 1, 2024, in Salt Lake City.

Photo:Rick Bowmer/AP

THE SUNSHINE PUZZLE

THE SUNSHINE PUZZLE

T H I N K

ACROSS Curriculum vitae, Shrinkage, Urge, Meta, College, Avarice, App, Clamour, Leisure, Tie, Oxidise, Student, Limb, Anti, According, Double entendres. DOWN Cloud-cuckoo-land, Rise, Corn, Land, Meat, Item, Engagement rings, Galvanism, Epicurean, Melodic, Hearten, Hapless, Saviour, Barb, Acre, Wren, Side, Aged.

LAST SATURDAY’S SOLUTION

ACROSS Curriculum vitae, Shrinkage, Urge, Meta, College, Avarice, App, Clamour, Leisure, Tie, Oxidise, Student, Limb, Anti, According, Double entendres. DOWN Cloud-cuckoo-land, Rise, Corn, Land, Meat, Item, Engagement rings, Galvanism, Epicurean, Melodic, Hearten, Hapless, Saviour, Barb, Acre, Wren, Side, Aged.

SMALL CROSSWORD

SMALL CROSSWORD

Aged.

Norfolk Southern fires CEO

Alan Shaw for an inappropriate relationship with an employee

By JOSH FUNK AP Business Writer

NORFOLK Southern said Wednesday it has fired CEO Alan Shaw for having an inappropriate relationship with a subordinate. His ouster comes after two difficult years in the top job and just days after the company's board announced it was investigating him for alleged ethical lapses.

The Atlanta-based railroad said Shaw had an inappropriate consensual relationship with Norfolk Southern's chief legal officer, who was also terminated. Norfolk Southern promoted Chief Financial

Officer Mark George to be the railroad's next CEO. Shaw was leading Norfolk Southern in February 2023 when one of its trains derailed, spilled toxic chemicals and caught fire in East Palestine, Ohio, the worst railroad disaster in the last decade. Then, activist investor Ancora Holdings tried to take control of the railroad earlier this year and fire Shaw. He weathered congressional hearings and difficult community meetings after the East Palestine derailment, while promising to make Norfolk Southern the "gold standard for safety" in the industry. He also managed to persuade investors not to back the

majority of Ancora's board nominees. Three of its nominees did win seats on the railroad's board, but that wasn't enough to give it control.

The derailment near the Ohio-Pennsylvania border prompted the nation to reexamine railroad safety and led lawmakers and regulators to call for reforms. But those proposals have largely stalled, and the industry has made only minimal changes since the derailment, such as installing more trackside detectors to spot overheating bearings like the one that caused the East Palestine crash.

The disappointing financial results Norfolk Southern delivered after

the derailment, combined with questions about Shaw's strategy of keeping more workers on hand during a downturn, made the railroad ripe for pressure from an investor like Ancora. Norfolk Southern's profits have consistently lagged behind the other major railroads that more aggressively adopted the lean operating model that has become the industry standard.

The railroad said Shaw's firing was unrelated to Norfolk Southern's financial performance, and the board reaffirmed its financial guidance. The railroad has said it expects to improve productivity by about $550 million and boost its profit

margin over the next two years. Shaw received $13.4 million compensation last year in his first full year as CEO. But being fired for cause will reduce his severance package.

The railroad's Chairman Claude Mongeau said, "The Board has full confidence in Mark and his ability to continue delivering on our commitments to shareholders and other stakeholders" despite having only worked on the railroad since 2019. Previously, George was CFO for air conditioning maker Carrier Corporation and Otis Elevator Company. Mongeau said George will work with John Orr — the chief operating officer hired during its fight with Ancora — to continue improving the railroad's profits by cutting costs and getting more efficient.

NORFOLK Southern Railroad CEO Alan Shaw speaks during an interview Wednesday, June 21, 2023, in Atlanta.

Photo:John Bazemore/AP

WALL STREET STORMS BACK FROM AN EARLY SLIDE THANKS TO NVIDIA AND BIG TECH

By STAN CHOE AP Business Writer

U.S. stock indexes stormed back from big early drops on Wednesday to finish higher, led by a handful of influential Big Tech companies.

The S&P 500 rallied 1.1% after erasing a morning wipeout of 1.6%, one where almost every stock within the index had been falling. A majority of the index's stocks still finished lower for the day, but the performances by Nvidia and other tech stocks were enough to drive it to a third straight gain and back within 2% of its all-time high set in July.

The Dow Jones Industrial Average rose by 124 points, or 0.3%, after rallying back from a drop of 743 points. The Nasdaq composite jumped 2.2%.

The sharp see-saw trading, where the Nasdaq composite roared back from an earlier 1.4% slide, followed the government's latest update on inflation at the consumer level. Overall inflation slowed to 2.5% in August from 2.9% in July, a touch better than expected. But prices rose more than expected from July into August when ignoring food and energy, and economists say that can be a better predictor of where inflation is heading.

All together, the data seemed to confirm that the Fed will indeed cut its main interest rate at its meeting next week, which would be the first such cut in more than four years. But it bolstered expectations that the Fed will begin with only a traditional-sized move of a quarter of a percentage point instead of the more severe half-point that some had been expecting.

Investors have a long history of being overly optimistic about how much and when the Fed will cut interest rates, only to send stock prices lower after being confronted with reality. Wall Street loves lower rates because they can goose the economy by making it cheaper for U.S. companies and households to borrow. The downside of lower rates is that they can give inflation more fuel.

"We believe the market is pricing in more rate cuts than what will occur this year," said Gargi Chaudhuri, chief investment and portfolio strategist, Americas at BlackRock.

This time, the Fed at least has already indicated it's about to begin lowering interest rates as it shifts from fighting high inflation toward protecting the job market and keeping the economy out of a recession. With inflation down from its peak of 9.1% two

summers ago, the Fed is hoping to ease the brakes off the already slowing economy.

A worry on Wall Street is that the cuts may prove to be too late, with many U.S. shoppers already struggling under the weight of high prices and stretched ability to spend more.

Vera Bradley's stock dropped 4.6% after the designer of handbags and the parent company of the Pura Vida brand reported weaker profit and revenue for the latest quarter than analysts expected. It pointed to "stubbornly

pack more punch on the index than almost every other stock.

All told, the S&P 500 rose 58.61 points to 5,554.13. The Dow rose 124.75 to 40,861.71, and the Nasdaq composite jumped 369.65 to 17,395.53.

In the bond market, the yield on the 10-year Treasury rose to 3.66% from 3.64% late Tuesday. The two-year yield, which more closely follows expectations for Fed action, rose more, to 3.65% from 3.59%.

In stock markets abroad, indexes fell across much of Europe and Asia.

“We believe the market is pricing in more rate cuts than what will occur this year.”

Gargi Chaudhuri

persistent macro consumer headwinds."

Elsewhere on Wall Street, Trump Media & Technology Group sank 10.5% to worsen its rough run since March. The company behind former President Donald Trump's Truth Social platform has often risen and fallen with expectations for Trump's re-election chances, and he's coming off a debate with Vice President Kamala Harris.

Since closing above $66 in early March, the stock has tumbled to $16.68. That affects Trump particularly because he is the company's largest shareholder.

On the winning side of the U.S. stock market were solar-energy companies, which are seen as doing better under a Democratic White House than a Republican one. First Solar jumped 15.2%.

Big Tech also once again lifted the market. A handful of these behemoths has pulled away from the rest of the stock market and accounted for most of the S&P 500's return through the early part of this year, in large part on excitement about the artificial-intelligence boom.

They faltered during the summer on worries that investors had carried their stock prices too high, including a 27% drop for Nvidia at one point, but they've been firming in the last couple weeks.

Besides the 8.1% jump for Nvidia, gains of 2.8% for Amazon, 2.1% for Microsoft and 6.8% for Broadcom were the strongest forces lifting the S&P 500. Because these companies are among Wall Street's largest by market value, their movements

Japan's Nikkei 225 dropped 1.5% after a Japanese central bank official was quoted by Japanese media as indicating the Bank of Japan was getting ready to raise interest rates. The comments also pushed the value of the Japanese yen higher against the U.S. dollar, a move that earlier in the summer helped send financial markets around the world reeling.

THE AMERICAN flag hangs from the front of the New York Stock Exchange on Wednesday, Sept. 11, 2024, in New York.

Photo:Peter Morgan/AP

Death Notice For

Evelyn Jennifer Symonette, 64

of 102 Hampshire Street, Cable Beach, New Providence, Bahamas and formerly of Wemyss Bight, Eleuthera, Bahamas died the Saturday, 7th September, 2024 at the Princess Margeret Hospital.

Cherished memories are held by her husband: Wellington Symonette; daughters: Jenna, Jamie and Jessica Symonette; grandson: Aydan Wallace; sisters: Theolinda Laing, Patrice Thompson, Louise Coleby and Judy Cartwright; brothers: Leroy, Roscoe and McArthur Thompson; aunts: Sally Hutchinson, Audrey Lyttle and Gladys Seymour; uncle: Robert Taylor, and a host of other relatives and friends.

Funeral arrangements to be announced at a later date.

POPE TRAVELS FROM ONE OF THE WORLD’S POOREST COUNTRIES TO ONE OF THE RICHEST: SINGAPORE

SINGAPORE

Associated Press

POPE Francis flew to Singapore on Wednesday for the final leg of his trip through Asia, arriving in one of the world's richest countries from one of its poorest after a recordsetting final Mass in East Timor.

After a brief farewell ceremony, Francis, the Vatican delegation and journalists traveling with him flew to Singapore aboard local carrier Aero Dili's only aircraft, an Airbus A320. It landed about three hours later in Singapore, where Francis had no public events scheduled for the rest of the day.

Francis wrapped up his visit to East Timor with a rally Wednesday morning of its young people, who make up the majority of the 1.3 million population. He urged them to work together to build their young country, using the foundations of older generations who formally secured their independence from Indonesia in 2002, to grow in peace, prosperity and reconciliation.

"Go forward with the happiness of youth, but don't forget one thing," Francis told them. "You are the heirs of those

who persevered in founding this nation. For this, don't lose your memory, the memory of those who persevered with so much sacrifice to consolidate this nation."

The 87-year-old pope, who is on the longest and farthest trip of his pontificate, ditched his prepared remarks to speak off the cuff in his native Spanish, as he often does when he's around young people.

The joyous encounter came just hours after around 600,000 people — or nearly half the population — packed a seaside park for Francis' Mass.

It was held on the same field where St John Paul II prayed 35 years ago, when East Timor was under brutally oppressive Indonesian rule.

Francis came to East Timor, also known as Timor-Leste, to encourage it more than two decades after it secured independence as it struggles with poverty and high unemployment.

In his final remarks at the end of the liturgy, Francis warned the Timorese today to beware of the "crocodiles" who come ashore and "want to change your culture, your history."

It was an apparent reference both to East Timor's past, as a colonial

possession of first Portugal and then Indonesia, but also its current attractiveness to international commercial interests eager to develop its natural gas reserves.

The oil and gas industry is the bedrock of the Timorese economy and the main source of government revenue. Development of the promising offshore Greater Sunrise gas field, shared between Australia and East Timor, has been stalled for more than two decades — mainly over the question of which country the fuel should be piped to.

Timorese officials believe that piping gas into their country would deliver more benefits for their people despite the added logistical challenges. In an interview last week, President Jose Ramos-Horta said any alternative would have to be "a very persuasive proposal".

Francis, who is from Argentina and is history's first Latin American pope, has long railed against multinational companies that exploit poor countries for their natural resources for their own benefit without taking care to adequately compensate the local population or care for the environment.

Prayers of protection

By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net

As Bahamian children have returned to classrooms across the islandsparents, guardians, and communities are embracing a long-standing tradition that is prayer.

In the face of a new academic year filled with opportunities, challenges, and uncertainties, Bahamians are lifting their voices in prayer, asking for guidance, protection, and success for their children.

From early morning prayers before the school bell rings to heartfelt petitions in the evening, many locals view prayer

as an essential practice to keep children grounded and supported throughout their educational journey.

Tribune Religion spoke to a number of persons who shared their thoughts on the importance of prayer for a new back-to-school year.

As a mother, Phillipa Butler said she believes prayer is most

definitly the foundation that helps her children navigate through the school year.

“I pray every day for their protection, wisdom, and focus. They don't even know how much of their life journey has to do with me being on my knees praying for my babies. There are so many challenges they face, but I trust that God’s guidance will help them make the right decisions, stay safe, and grow not just academically, but spiritually as well. It’s my way of covering them when I can’t be there physically,” said Phillipa.

One woman, Crystal Cooper, said she is prayerful that her son keeps his focus, because last year he was a bit distracted.

“He didn’t have a very good semester last year. So my prayer

for him this year is that he has a better level of focus, a spirit of comrade with his classmates because there were a lot of issues with that. I want him to become more of a leader and take more initiative with his school work, be able to balance his school work as well as sports because he is very athletic. So my overall prayer is for him to just have a better transition into the 5th grade this year,” said Crystal.

Another parent, Michelle Bain, said her goal is to always keep her children covered in prayer at all times, especially during school terms.

“Whether we want to believe it, our babies are stressed out and have a lot on their minds. They have to deal with bullies

and homework and the pressure of doing well. Some of these kids, you have no idea what drama they have in their house, before they even reach the school gate,” said Michelle.

She said with her son now being at the age of 14, she reflected on a recent shooting held in Georgia where a 14-yearold tragically killed two students and two teachers. Michelle said when she think about her child being of the same age, it makes her terribly sad to think what in his life can possibly change to make him end up that way.

“I pray for health and strength and focus for my kids, I pray that their school environment is a place to have fun and learn, and that they have a successful year,” said Michelle.

Lyrics and Bars Fest returns

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

THIS month will see the return of the Lyrics and Bars Festival that will be a celebration of faith through music in a new and dynamic way.

Edgy Management Bahamas and Emerge Youth Church are collaboration for the all-white event held under the theme "The King: Jesus".

The highly anticipated AllWhite Party will take place on September 27 at 7pm at Bahamas Faith Ministries (BFM).

After a successful inaugural launch last year, the festival returns with an even bigger lineup of talented Bahamian gospel rappers and hip-hop artists, including Eman, Bazza, DJ Godson, Chaz (Chosen Soldiers), Mr Blaxx, Young

WYSTM, Rico, Nish, Lady V, and many more, who will bring their passion for Christ through powerful performances.

Event coordinator Travis Edgecombe expressed his excitement for this year's festival.

“After a successful inaugural launch last year, we’re returning bigger and better in 2024. The partnership with Emerge Youth Church and Edgy Management has been key in pushing the boundaries of creative worship, and we can’t wait to share

this amazing experience with everyone.”

Travis has in times brought a number of unique events that appeal to young people. He said this event is important in keeping young people engaged.

“Keeping young people engaged in the things of God is absolutely crucial for the growth and sustainability of the church. They are the next generation of leaders, and their active involvement ensures that the message of Christ remains relevant and vibrant.”

Mr Edgecombe said many young people are experiencing their own battles, and need a safe to express and receive help.

“Young people face countless distractions and challenges in today's world, so it’s important to provide them with opportunities to connect with their faith in meaningful ways through unique events, creative expressions like music and

arts, and authentic mentorship. These engagements not only strengthen their relationship with God but also equip them to impact others. When young people feel valued and empowered in their faith, they are more likely to stay grounded in their walk with Christ and inspire those around them,” he said.

Travis said he believes the event will have a a great impact as lives will be touched and changed.

“It always warms my heart at the end of an event and a charge is given, conviction begins to take place and a group of young people steps forward to make that bold decision to surrender their lives to Christ. Every rapper has a message or a story to tell and by that I pray it changes their lives instantly.

That's the impact I would like to see.”

This event provides an opportunity for youth groups and

individuals to come together in an evening of uplifting music, celebration, and unity.

Attendees are encouraged to come dressed in all white.

“Last year, seven teens gave their lives to Christ during the event, and this year, the goal is to reach even more. The primary focus of Lyrics and Bars Fest is to provide a space where the gospel of Jesus Christ can be shared in a relevant and impactful way, resonating with the youth through music they love. Parents are strongly encouraged to send their teens to this event, as it offers not just an exciting evening of entertainment, but also an opportunity for spiritual growth and life-changing experiences. Don't miss out on this life-changing night where music and ministry collide to glorify the King.”

For more information, contact edgymanagementbahamas@ gmail.com.

BAZZA BRIEON CHAZ (CHOSEN SOLDIERS)

DJ GODSON EMAN

MR. BLAXX NEJA NISH