THURSDAY, SEPTEMBER 26, 2024
‘Magic mushrooms’ defendant suffers FTX victim lawsuit fizzle
By NEIL HARTNELL Tribune Business Editor
A “MAGIC mushrooms” codefendant cited multiple attempts to poison him as just one of numerous bizarre explanations for why he failed to deliver a Bahamian lawsuit on behalf of FTX victims.
Jan Biere, a Dutch national with permanent residency in The Bahamas, variously blamed a $34,000 tax bill from The Netherlands’ revenue authorities; burns and other injuries suffered in an alleged “gas bomb” explosion; and efforts by his parentsin-law to gain custody of his daughter for why he was unable to initiate promised “free” litigation against Sam Bankman-Fried and other directors over FTX’s implosion.
He also asserted that the FTX cofounder’s associates had taken over the property next door to his Coral Harbour home as a base for several alleged “assassination attempts” against himself and his family, “throwing poison on my borders close to my windows”. Nothing was provided to substantiate the claims, which were greeted with scepticism by the crypto exchange’s former clients and creditors.
Tribune Business has obtained numerous videos and Telegram messages detailing how, in the aftermath of FTX’s November 2022 collapse, Mr Biere seized upon events to promise FTX victims that himself and Bahamian attorney, Philip Lundy, would initiate criminal lawsuits in this nation’s courts against Mr Bankman-Fried and the other directors for “no upfront costs”.
The Dutch national, who did not appear alongside his wife, Elike
Hollink, when she recently pled not guilty to dangerous drugs charges because he is presently in Sandilands Rehabilitation Centre, said himself, Mr Lundy and other unnamed attorneys purportedly working on the FTX cases would work for free and take their compensation as 10 percent of whatever they recovered on behalf of victims.
However, within three days of making these pledges Mr Biere was online trying to solicit “an extra $20,000” from FTX victims - some of whom had lost access to most, if not all, their life’s savings and investments - to help finance the legal work.
The abrupt “u-turn” prompted multiple questions from alreadysceptical and nervous FTX customers, who challenged the failure to file the criminal actions in the Bahamian courts by the promised date. They also queried the failure to provide proper legal contracts that would verify they were Mr Lundy’s clients and that he was acting for them in initiating legal action.
Mr Biere’s response was to accuse all questioners of being agents for Mr Bankman-Fried and FTX, and to block them from the Telegram
Bahamians losing trust over transparency flaws
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Opposition’s finance spokesman yesterday argued The Bahamas has already reached the point where citizens are losing trust in institutions as he urged “fundamental change” in governance.
Kwasi Thompson, the east Grand Bahama MP, told Tribune Business that the lack of transparency in government decision-making and policy implementation was “breeding distrust” in Bahamian democracy and governance processes and needs to be reversed to restore public faith.
Arguing that the Davis administration appears not to be treating the creation of an Integrity Commission, full implementation of the Freedom
‘Boom town’ needed to absorb GB Power rise
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
GRAND Bahama Power Company was yesterday urged to provide “greater disclosure” so consumers can have a better understanding of the justification for its proposed three-year rate structure.
James Carey, Grand Bahama Chamber of Commerce president, told Tribune Business it was critical that businesses and residents have a full appreciation of the utility’s financial performance and whether it has consistently been enduring annual losses given that it wants customers to finance its five-year,
$76.6m capital investment plan via rate hikes. He added that Grand Bahama could “easily absorb” the new rate structure, which calls for a maximum increase in all-in electricity costs of between 4.05 percent and 4.52 percent in 2026 compared to 2023’s rates, if it becomes “a boom town” but, in the economy’s present condition, it could represent a further setback.
Questioning why GB Power seems to be 100 percent reliant on its customers to finance capital improvements, as opposed to using its retained earnings and financing from its 100 percent owner, Emera,
BOB beats late Galleria chief’s $1.5m strike-out
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BANK of The Bahamas’ bid to collect on a $1.5m loan debt owed by the late Chris Mortimer and his now-defunct Galleria Cinemas has survived efforts to strike it out in the Supreme Court.
Justice Neil Brathwaite, in an August 20, 2024, verdict rule against claims by the former Democratic National Alliance (DNA) deputy leader, who passed last year, and his companies that the BISX-listed lender plunged the group into financial turmoil by “unlawfully withholding” as collateral a 50 percent ownership interest in his restaurant business.
Bank of The Bahamas, which is more than 82 percent owned by the Government via the Public Treasury and National Insurance Board (NIB), had initiated legal action against Mr Mortimer and his companies to recover the $1.5m advance on November 20, 2020.
The loan, made to Galleria Cinemas before it closed its doors in April 2022 due to COVID-19’s devastating impact on its business operations, was guaranteed by Mr Mortimer personally and his other companies Island Bloom Restaurant and Grand Bahama Theatres. Research showed Island Bloom is the holding entity for the Outback Steakhouse restaurant, which was also located at the Mall at Marathon.
However, prior to his passing and Galleria’s shutdown, the former DNA
CHRIS MORTIMER
Mobile apps critical to thrive in digital world
In today’s fast-paced digital world, mobile apps have become an integral part of business strategies, shaping how companies operate, interact with customers and drive growth. With the proliferation of smart phones, mobile app development is no longer just a trend but a necessity for businesses seeking to remain
competitive and expand their market reach. Mobile apps have revolutionised the way businesses engage with consumers. With over 6.5bn smart phone users worldwide, companies can reach clients on a personal level any time and anywhere. Whether it is e-commerce platforms, banking services or entertainment, nearly every
industry has recognised the importance of mobile apps in delivering convenience, personalised experiences and real time interactions. This shift to mobile is evident in the rise of appdriven businesses such as Uber, Airbnb and Netflix, which have disrupted traditional industries. But it is not just the technology giants who are benefiting.
Small and medium-sized businesses (SMEs) are also leveraging mobile apps to streamline operations, improve customer service and scale their companies.
One of the biggest advantages of mobile apps is the ability to offer personalised experiences to users. Through data analytics, businesses can track user behaviour and preferences, tailoring their offerings accordingly. Features such as push notifications, location-based services and in-app messaging create direct channels of communication, keeping users engaged and informed.
For example, retail businesses can send personalised offers and promotions to customers based on their browsing history or location, thereby increasing the chances of conversion. The convenience of one-click purchases, app-exclusive discounts and loyalty rewards further enhances customer retention.
Beyond customer engagement, mobile apps play a crucial role in optimising internal processes. Many businesses use apps to improve productivity, enhance communication and manage workflows. From managing supply chains and logistics to tracking employee performance, mobile apps provide real time data and insights that enable businesses to make informed decisions.
For industries such as healthcare, logistics and manufacturing, mobile apps are integral to operations. Hospitals use apps to monitor patient health, while logistics companies rely on mobile solutions to track shipments in real time, reducing delays and improving efficiency.
ROYE II KEITH
A well-designed mobile app can significantly enhance brand visibility and loyalty. Unlike websites, apps are always present on users’ devices to serve as constant reminders of a brand’s presence. This increased visibility fosters deeper brand connections and keeps businesses at the forefront of consumers’ minds. Furthermore, mobile apps provide an opportunity for businesses to showcase their unique features, values and services, differentiating themselves from competitors. In a crowded marketplace, offering a seamless, userfriendly app experience can be a powerful tool for brand differentiation and customer loyalty. Mobile apps break down geographical barriers, allowing businesses to reach global markets. An e-commerce app, for instance, can enable a small business in one part of the world to sell products to customers across continents. This global accessibility helps businesses diversify their customer base and reduce reliance on local markets. Moreover, app stores such as Google Play and
CARNIVAL UNVEILS RESTAURANT OFFERINGS FOR ITS
$600M PORT
Apple’s App Store offer additional marketing opportunities, exposing apps to millions of potential users. By optimising app store listings and employing effective marketing strategies, businesses can attract more downloads and expand their user base.
Mobile apps also provide new avenues for revenue generation. Beyond the traditional model of selling products or services, apps offer a variety of monetisation strategies, including in-app purchases, subscriptions and advertising. Businesses can create premium versions of their apps, offer exclusive content or sell ad space, all of which contribute to diversified income streams.
While the benefits of mobile app development are clear, there are challenges that businesses must consider. Developing and maintaining a mobile app requires significant investment in terms of time, resources and expertise. Ensuring app security, managing updates and staying competitive in a constantly evolving market are ongoing challenges. As mobile technology continues to evolve, businesses that invest in innovative and user-centric apps will be well-positioned to thrive in the digital economy, driving long-term success and growth.
• NB: Keith Roye II is an analytic and solutionsdriven professional with extensive experience in software development. He holds a BSc in Computer Science and his career includes leading and delivering global software projects
at Calypso Lagoon, Mingo’s Tropical Bar & Kitchen is a full-service restaurant named after The Bahamas’ national bird that will offer waterfront dining. It will serve fried fish and conch fritters, as well as classic burgers, seafood, tacos, steak and sandwiches.
CARNIVAL yesterday previewed the menus for more than 30 food and beverage outlets at its Celebration Key port that is due to open on Grand Bahama in July 2025.
The offerings include four full-service restaurants, a food hall, nine food trucks, five snack shacks, two counter-service kiosks and 12 bars that will serve Bahamian specialties, seafood, barbeque and other cuisines.
“Great food and beverage options are essential to the Carnival experience, and we’ve designed Celebration Key with an array of dining opportunities, whether our guests want a casual snack, a quick meal or a full dining experience,” said Christine Duffy, Carnival’s president.
“Just like there will be no shortage of ways to enjoy their day in paradise, there will also be something for everyone to eat and drink at Celebration Key.” Located
Slow-smoked meats will be provided at Surf N’ Sauce BBQ & Brews, a full-service dining spot at Calypso Lagoon. Meats will be prepared in an outdoor smoker and served with an array of sauces and sides. At its full-service bar, guests can enjoy craft beer from local Bahamian breweries. Carnival said visitors will find a variety of food trucks in both the Calypso and Starfish Lagoons. They will feature beachside classics, such as chicken sandwiches and burgers, as well as Bahamian delights suc as conch fritters. At Calypso Lagoon, the cruse line added that its passengers can swim up to one of the 100 seats at the in-lagoon Long Necks Bar and enjoy a frozen drink, beer or Bahamian cocktail. Celebration Key’s retreat for guests 18 and older, Pearl Cove Beach Club, will feature a full-service restaurant with an elevated menu, bar and lounge. The infinity pool overlooking the beach includes a swim up bar.
MINGO’S TROPICAL BAR & KITCHEN
Countries most affected by climate struggle to qualify for funds, says AG
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE small island states most susceptible to natural disasters as a result of climate change are often not able to apply for climate financing due to the “hoops” they must jump through, said Attorney General Ryan Pinder yesterday.
Speaking at Climate Week in New York yesterday, Mr Pinder suggested a vulnerability index be used to determine which countries should be granted access to funding. “The excessive conditionalities is an important component when you think about climate finance, and especially concessionary climate finance, the hoops that a small country like The Bahamas has to jump
through to even be able to try to access those are significant,” said Mr Pinder.
“But some of the changes that we think need to happen is The Bahamas is regarded as having a high GDP per capita income. That means that we get graduated out of many of the concessionary frameworks... So automatically, we don’t qualify for a lot.
“What we want to see is we want to see a
vulnerability index being used when you talk about concessionary financing. Who are the most vulnerable countries? What does vulnerability mean? And those should be the ones who get first priority to concessionary financing?”
He said it is “frustrating” small island states must borrow funds at high interest rates to rebuild after natural disasters from
LONG ISLAND ‘SUFFERING’ DAILY WARNS ISLAND MP GIBSON
By FAY SIMMONS Tribune Business Reporter
LONG Island MP Adrian Gibson said Long Island is “suffering” with utility and infrastructure issues - listing a number of problems facing islanders daily.
Speaking in Parliament yesterday, Mr Gibson said the economy of Long Island has “contracted” under the Davis administration and residents are faced with frequent water and electricity outages.
He said the telecommunication service provided by BTC is unreliable in many settlements and called for the government to ensure BTC provided proper service.
“Long Island is suffering, and it’s high time that this new day government pays attention,” said Mr Gibson.
“The economy of Long Island has contracted under this administration, the residents of Long Island face daily struggles. Our water supply is unreliable. The power cuts off more than ever before, and let’s not forget the frequent telecom failures.
“Imagine this week in 2024 the whole
communities... cannot make a single phone call. If you need a part for your vehicle or something as simple as groceries in another part of the island, you have to drive burning expensive gas just to find out if it’s in stock because you can’t use the phones, you can’t text, you can’t WhatsApp, you can’t make a phone call. You have no internet access.
“The government is a major shareholder in BTC, and so BTC’s infrastructure is lacking, and if BTC’s service is poor, the government has a duty to ensure that BTC provide proper service to the people of Long Island.”
Mr Gibson said businesses have grown frustrated at the outages that make it difficult to process credit card payments and payrolls as well as communicate with their consumers.
“Telecommunications is the backbone of a modern economy, but on Long Island, BTC is a joke,” said Mr Gibson.
“We are paying for internet and phone services we don’t get. Imagine the frustration of business owners trying to serve their customers or even make payrolls without a reliable phone or internet connection. If we
are to attract any meaningful investment, this cannot continue. So where is the upgrade to this critical infrastructure? Where is the accountability?”
He said the island’s sole ATM is frequently out of service and funds leaving tourists and resisents frustrated and called for Bank of The Bahamas to provide banking services to the island.
“There’s one ATM and that is in Deadman’s Cay and when you arrive there, more often than not, the ATM’s without cash, out of
service, yet again,” said Mr Gibson.
“And I’ve constantly called upon the government for BOB to come to Long Island to provide banking services. This is inconvenient. It’s a burden when you have the one and only ATM machine in Deadman’s Cay breaking down constantly, businesses are unable to accept credit cards, obviously because of the internet failures.
“Tourists can’t access money, and tourism should be bringing dollars into our economy, are left
the countries with major emissions.
“It’s very frustrating that we have a climate crisis that affects The Bahamas and other small island developing states,” said Mr Pinder. “We have hurricanes that come through and do massive damage year after year, island after island, and then we have to go out and borrow at high interest rates just to rebuild. And it’s a perpetual cycle, and
frustrated, inconvenienced and unlikely to return.”
Mr Gibson said the roads are in a state of disrepair being “more reminiscent of a war zone than an island that should be promoting tourism and development”.
“Let me tell you about our roads, deplorable doesn’t even begin to describe their condition, potholes, floods, disrepair,” said Mr Gibson.
we’re borrowing from the same countries who have caused the climate crisis that we’re borrowing for to rebuild. So it’s a crazy cycle. It’s circular, and it really puts countries like The Bahamas in a situation where it’s a perpetual end, and at some point in time that your debt burden becomes so large you can’t now develop your country, and you can’t now develop your people, and then it all blows up. And guess who steps in the IMF… fun,fun.” He said The Bahamas has requested an advisory opinion from the International Court of Justice to hold large emitters liable and a positive ruling would
“Our airport derelict run down and frankly, an embarrassment,” said Mr Gibson.
“How can we promote tourism and encourage economic growth when the gateway to our island is so decrepit? We need upgrades. We need airlift solutions, and we need them now. How much longer can Long Islanders wait in limbo denied the basic access that every other Bahamian expects.”
“These roads are more reminiscent of a war zone than an island that should be promoting tourism and development. We’re being taxed through the nose, and fuel, that is fuel taxes, vehicle registration fees and more. And yet we drive on roads that punish us for owning cars.” He also called for the airport to be renovated to provide more airlift to the island and sustain the tourism industry.
‘Magic mushrooms’ defendant suffers FTX victim lawsuit fizzle
message chat. None of the promised complaints were ever filed and, based on his last message dated May 12, 2023, the effort ultimately came to a shuddering halt after raising less than $100 in donations. Victims who came forward had less than $10m in claims
Mr Lundy, who heads Pride Rock Law Chambers, confirmed to Tribune Business that Mr Biere’s FTX lawsuit scheme “died a natural death”. He added that he informed his former client that the notion of working for free, with no upfront costs as promised by the Dutch national, is not how the system operates in The Bahamas.
However, he said he was unaware of Mr Biere’s efforts to obtain donations and legal funding from FTX victims. “It was all talk and no action,” Mr Lundy told this newspaper. “He never came up with the funds. He wanted me to file and pay later. That was his idea.
“I said that in The Bahamas it doesn’t work like that. Of course, for free meant I would have to pay the filing fees and
everything else. All that stuff done for free, I never got to it. It eventually died a natural death. It never went anywhere and I was not getting involved any further. It never went anywhere because he never came up with any monies. I wouldn’t file anything otherwise.”
Mr Lundy added that he “wasn’t aware” of Mr Biere, his now-former, soliciting funding from FTX victims. However, he appeared alongside Mr Biere in a half-hour live You Tube video where they both answered questions on the latter’s promised legal crusade to recover client and creditor monies at no upfront cost to them.
Mr Biere, who Tribune Business previously revealed has been operating his own unlicensed crypto currency business from The Bahamas, as well as the Psilocybin Therapy Bahamas ‘magic mushrooms’ venture, seemed eager to prove his credentials and attract as many FTX clients and creditors to his legal bid as possible Mr Lundy told those tuning in that he had “assembled a team of five experienced criminal
MC Business Investment Ltd. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MC Business Investment Ltd. is in dissolution as of September 19, 2024.
GUSTAVO DOS SANTOS VAZ situated at Avenida Bem -Te - Vi (0124), Moema 04524-030, Sao Paulo - Brazil is the Liquidator.
lawyers” led by an unnamed KC, the highest-ranking attorney in the Bahamian legal system, “to lead the charge and, if need be, there are other members of the Bahamas Bar that I can [ask] to assist”. None of the five “criminal lawyers” nor the KC were identified on the video.
“We are still gathering information, but we are trying to file by the end of this week; by Friday at the latest,” Mr Lundy said of a court action deadline that was ultimately missed. “We’ll have the documents filed in the Magistrate’s Court. The documents we’re talking about are a criminal complaint against FTX.”
Mr Lundy correctly pointed out to attendees that it would be futile to sue FTX as a corporate entity, both in The Bahamas and elsewhere, because this nation’s provisional liquidation proceedings and the US Chapter 11 bankruptcy processes meant that any lawsuits are automatically stayed or frozen.
They also suggested that FTX’s $256m worth of Bahamian property assets would provide a rich source of recovery for clients and creditors, but this seemingly failed to take into account that the holding entity for these purchases, FTX Property Holdings, had already been placed in Chapter 11 before the Delaware Bankruptcy Court.
Mr Lundy added that the legal actions being contemplated were not a class action lawsuit but, rather, criminal complaints where each FTX client participating would have to “stand on their own two feet”. As for financing this, the Pride Rock chief said Mr Biere “is dealing with the money part”.
The Dutch national said he, Mr Lundy and the other unnamed Bahamian attorneys would be compensated for their efforts after they “won” the case against Mr Bankman-Fried and the other FTX directors. “We initially agreed 10 percent,
right,” he added. “There are more lawyers coming in. It’s not even about the money for us. We just want to get this guy....
“The victims lost everything. We get that 10 percent if we indeed win the case and get you your money back. We get 10 percent and divide that among ourselves. The law firm would normally ask heavy fees upfront for something like this but we agreed that, since you lost everything we don’t want to ask you for money upfront until we get justice.” Mr Biere later said his share of that 10 percent would be 35 percent.
But, prior to the You Tube appearance on November 26, 2022, Mr Biere had already been forced to defend his and Mr Lundy’s credibility in the ‘FTX Lawsuit Bahamas’ messaging chat on Telegram. After telling FTX victims to e-mail their details to Mr Lundy’s law firm at info@ priderocklawchambers. com, including the amount lost, identity and contact details, Mr Biere was immediately with “scam” accusations.
One poster asserted: “Bahamas lawsuit will contact you and ask for private information such as screenshots of your balances, e-mail registered with FTX and other information. Star Lord, the administrator of this group, has no real lawyers or law firm. The website of the law firm he is promoting was down and he he is the IT developer of the website for the law firm.
“Everybody here, this website is a scam.... Star Lord or guys related to this group, you are trying to scam people who have already lost everything in FTX.” The poster, who left their message on November 19, 2022, also alleged that Mr Biere was trying to suck FTX victims away from other litigation groups.
Mr Biere, who confirmed he was ‘Star Lord’, then posted the 2016 Business Licence for Mr Lundy’s firm as proof of credibility before producing more current documents. He vehemently denied the “scam” claims, hitting back: “What makes you think I am a scammer? I gave you my name and you want to be anonymous. What are you talking about? Why are you so angry?”
The Dutch national then faced allegations that he had “created a cloned fake account” under the name ‘Rey’ in a bid to pose as John Ray, head of the 134 FTX entities in Chapter 11 bankruptcy protection. Again, Mr Biere rejected the claims, replying: “I have no idea who Rey is. Where do you even get that information? What are you talking about? I’m really working on this case.”
The pace of events quickened after the November 26, 2022, You Tube
broadcast. Mr Biere alleged he had been forced to hire guards at his home to protect his family from FTX’s minions, while the video had drawn international interest including a November 27, 2022, interview with crypto influencer, BitBoy, at Baha Mar.
“I live maybe five kilometres away from Sam Bankman-Fried, “ Mr Biere asserted. “His lackeys are crawling all over the place. I had to hire guards to protect my family when I leave.” He then posted a Telegram video of travelling along the Airport Highway to Baha Mar that lacked only the James Bond theme music.
“I don’t think anyone’s chasing me right now,” he told viewers. “Everything looks alright. I’m kind of afraid they’ll [FTX] shoot me in the parking lot or something. The dreaded parking lot. This really sucks that I have to cross that parking lot but I’ll be fine I guess. It’s a long way from the parking lot to Baha Mar and they could gang me.
“Maybe some people think I’m joking but they really want to kill me. They’ve already threatened to kill me a couple of times. There have already been a couple of assassination attempts. They’ve been throwing poison on my borders, close to my bedroom, and they’re trying to poison me and my family.”
Mr Biere repeated the allegations the following day, November 28, 2022.
“They have been trying to kill me for a while now,” he asserted. “They bought the property next to my house and their agents drop liquid poison close to my bedroom windows three times’ per week. The battle is real but I will never surrender.”
The Dutch national also claimed he had been blocked from his Skype and Gmail accounts after seeking to contact US senator, Rand Paul, and the Russian and Chinese embassies in an unnamed country. However, the very next day he went back on earlier promises by asking FTX victims for a collective “extra $20,000 before Mr Lundy can work on it every day for the next three months”.
This sparked immediate suspicion and push back from FTX victims.
One, Raees, posted: “In the video you both said we are not charging anything up front and, if you win, you’ll take 10 percent. You also said that it’s a risk on our part but we’re taking it because it’s such a strong case. Theft is theft etc.
“Now you are saying $20,000-$30,000 a few days after you both said no upfront cost. You are now trying to justify why you want funds upfront with different excuses. Saying one thing and trying to do something that’s different to what you said is a no, no.... Your behaviour is casting doubt because you have done a complete u-turn.”
Mr Biere said the extra funds were needed to ensure the legal actions were “filed faster”, and to cover associated costs, adding that he had already worked on the case for free
for three weeks. This explanation, though, did not satisfy the FTX victims.
Another asked: “Why not have a legal contract for us to sign so it is clear Mr Lundy is legally representing us? That would make it much less untrustworthy, and that’s also the normal way to work with legal affairs. I don’t understand why you don’t do that. It’s literally five minutes of Mr Lundy’s time to share a standard contract with us.”
Mr Biere’s response was that he did not want Sam Bankman-Fried and his legal team to gain a copy of the contract, which was why it was to be released close to the filing of the criminal complaints. This, though, again cut little ice with the FTX victims. One, Oster, posted: “You’re asking people who lost millions to lose even more. You know how pathetic that sounds?”
Another FTX investor, Samih, pointed out that the Friday deadline for filing the lawsuit had been missed. “I have been in this group for a few days now, and it seems that apart from paranoia and accusations nothing much else is going on.”
Mr Biere then blamed the $34,000 tax bill he received from the Dutch tax authorities at end-November 2022 for sucking time and funds away from the legal effort, hence the delay. He alleged that he had been ‘double taxed’, as his wife had already paid this bill two years, and claimed the timing showed Mr Bankman-Fried was controlling the Dutch tax authorities.
The poisoning allegations were also rolled out again, including a video showing patches or pools of liquid on the ground that were not identified and absent any commentary. “I don’t know what to believe any more. That is the point. With all due respect the word delusional comes to mind,” said Samih, who also complained that he had not even received an acknowledgement despite sending his details to Mr Lundy’s law firm four days earlier. From then on, Mr Biere’s efforts appeared to slacken through December 2022 despite repeated promises that a filing was just “a few days” away. On December 13, he claimed that his attention had been diverted by his parents-in-law trying to gain custody of his daughter, while asserting that Mr Bankman-Fried’s arrest meant the cases had to be converted to a civil matter.
On February 10, 2023, Mr Biere was said to have been caught “in an explosion by a gas bomb” that had left him with second degree burns all over his arms and legs, which put him out of action for one month. In his last posting, on May 12, 2023, he wrote: “In case anyone wonders we are still working on the lawsuit against Sam Bankman-Fried in The Bahamas.”
Mr Biere could not be contacted for comment, while Christina Rolle, the Securities Commission’s executive director, said she was unaware of the lawsuit caper in her capacity as digital assets regulator.
COST OF BUSINESS CONCERNS AS UNEMPLOYMENT PAYOUTS RISE
By ANNELIA NIXON
THE Bahamas Chamber of Commerce and Employers Confederation is concerned about the cost of doing business after the National Insurance Board revealed that unemployment payouts have increased by 25 percent, totalling around $940,000 last month.
The BCCEC will conduct labour surveys as it remains “concerned with the cost of doing business and any impact this is having on the labour market”.
“We will be conducting our labour survey with members to understand those areas of concern and the exact impact that these challenges have had on employment, prices, revenue and expansion efforts so that we can continue to drive public policy and inform decision-making through the use of empirical data,” said the BCCEC.
The BCCEC said they enquired about the increase in unemployment payouts and came to the conclusion that part of the reason was “as a result of furloughed hotel workers, as this is
the traditionally the slower period in the hospitality industry”.
Darin Woods, president of the Bahamas Hotel Catering and Allied Workers Union agreed adding that many hotels have closed recently, including so and so which closed so and so and so and so that is reopening so and so. Dr Tami Francis, deputy director of New Providence Operations and Actuarial Services at NIB, told this newspaper that the closure of a few hotels across The Bahamas contribute heavily to the increase. She listed numerous hotels including the Four Seasons Hotels and Resorts, the Ocean Club and Sandals Emerald Bay which recently closed for renovation and conversion into a Beaches-branded resort.
In discussing hotels shutting down and as a result having to let people go, Mr Woods asserted he is not worried about the economy. He doesn’t believe the health of the economy is a reflection of what is going on in the hotel industry. He stated that this is the typical slow season and the only other thing further
feeding a decline in tourism, currently, is the US presidential election.
“So typically when there’s an election, the american travellers really don’t travel like that and also over the past for three years or so we were really benefiting from the lockdown, from the COVID-19 and so you found a resurgence in persons travelling around this peak time, which was always an off time for us. And now the things are kind of normalising you find people are now going back to what they used to do before. They’re not travelling and like I say, because it is an election year, you will find that less people travel during the election. They hold on to whatever disposable income they have so that they could see exactly what happens after the election.
“The veracity of the slowness right now is as a result of the US election. We believe once we get past October into November, there’s a surge for the travel for Thanksgiving. It tapers off and then it picks back up in December and once it picks up in December, around about third week or
NATIONAL INSURANCE BOARD HEADQUARTERS
so, in December, it normally carries straight through to spring break, to the summer months, and then we back to the same ritual. So you looking at about effectively maybe around nine to ten months when there’s a real high occupancy in terms of
hotels, and then it tapers off for another month or eight weeks or so, six weeks thereof.”
The chamber added:
“We encourage NIB to conduct education and awareness campaigns for employees and employers
Nation short of rooms, says hotel union chief
By ANNELIA NIXON
THE Bahamas is experiencing a room shortage, according to Darin Woods, Bahamas Hotel Catering & Allied Workers Union, who expressed his joy that Baha Mar will build a new luxury resort where the former Melia hotel once stood.
“I mean, as far as we concerned, first of all, we don’t represent the persons out there, but when you look at, from a country standpoint, we welcome any expansion of rooms because we recognizse that we are shortlisted in terms of our inventory of
rooms because, of course, we would have lost the Melia hotel, we would have lost the Wyndham hotel
and so anything that brings a replacement to the rooms that we would have lost is welcome news to us because we know the other day we had some rooms booked in here and we actually didn’t have enough rooms. So anything that replaces the rooms is welcome news.”
This comes after comments from former Minister of Tourism Dionisio D’Aguilar who said Atlantis has 600 rooms sitting vacant that he believes should be brought “back online”. He added: “Well, you know, the revenue from tourism is a function of number of rooms multiplied by what people spend on
the room and so the room rates have definitely gone up. The number of rooms have probably remained flat if trended down a little bit with the demolition of a number of hotels, the one at Baha Mar, the closure of 600 rooms at Atlantis, the Hilton have been closed. So those rooms are hopefully coming back on stream but if you don’t have the rooms you can’t earn the revenue result of that, the comment probably was that we were not getting what we could get if we bought those rooms back on screen and so they’re slowly coming back on stream. You know, the Hilton’s back on
stream now and Baha Mar announced that they’re building a replacement for the Melia and we’ve heard nothing about what’s happening over at Atlantis with their 600 or so rooms.”
Mr Woods also said Baha Mar is not part of the union, but he hopes the new resort will be just like Melia was. He added that he would like to adopt every hotel into his union but it’s a process.
“What I mean, of course, is the process in terms of going through to get recognition where the employees have to express an interest and the union have to then write to the company
to understand the impact of these and other changes ongoing in the department to ensure proper adherence and compliance. The BCCEC welcomes the opportunity to collaborate on the same.”
expressing that they have employees as members of the union, and then they either reject or accept it,” he said.
He spoke on why Baha Mar is not part of the union:
“One thing we know, we don’t have the numbers that is required to have them so we got to continue working until that happens. That’s because they’re not members. We need 50 plus one, and we don’t have that number and of course, like anything else, employees have to express an interest in that, you know?”
DARIN WOODS
Bahamians losing trust over transparency flaws
FROM PAGE B1
of Information Act, proper financing for the Ombudsman and restarting the Fiscal Responsibility Council as “a priority”, he asserted that “the FNM must do” all these tasks if re-elected to office.
“I think there’s a fundamental change required in the way we do governance,” Mr Thompson told this newspaper. “Transparency improves trust, and if we are not transparent that just breeds distrust. The Government has been failing at being a transparent government.”
To back his case, the MP cited yesterday’s House of Assembly debate on the revised National Crime Intelligence Agency legislation. He questioned how the Bill could proceed without ensuring there is parliamentary oversight of this agency to hold it accountable for its actions and help to redress public grievances and complaints.
Mr Thompson also pointed to uncertainty over whether the Government has selected who will man the key financial watchdog, the Fiscal Responsibility Council, and the fact its members are now effectively accountable to the minister of finance - whose ministry is the very one they will be scrutinisingrather than Parliament.
“They have failed to fund the Ombudsman Act,” he added of a post designed to help redress Bahamian complaints of maladministration by public bodies. “They’ve failed to be transparent in terms of fully implementing the Freedom of Information Act. Time and time again, when given the opportunity to be transparent, the Government fails.
“That’s why a majority of the public don’t trust the way they are governed. I don’t believe the PLP will do it. We in the FNM must do it. We have to
fundamentally change the way we do governance. We have to shift towards transparency if we want the public to trust us. The PLP don’t seem interested, do not see it as a priority. The FNM must do it.”
Asked by Tribune Business whether he believes The Bahamas has reached a tipping point, where its citizens are starting to lose trust in the democratic system and its institutions, Mr Thompson replied: “I think we are already there. Therefore it requires change in the way we do governance. The PLP, they will not do it. The FNM must do it.”
Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business it was “accurate” to assert that transparencydriven change is essential for improved governance in The Bahamas.
“Transparency is easy to say,” he added. “The last
two administrations talked about it, but actions that make it real have not happened yet. One of the main components is not just committing to say we agree with transparency and integrity in governance, but also understanding a critical piece of our democracy is not being utilised, and that’s the suggestions and oversight of the public.
“It’s not just transparency for transparency’s sake. If people think their own interests are not reflected in governance, and that governance is not a fair game, they will not participate and disengage. We need to find ways to actively and meaningfully engage with them. Everybody we talk to wants a fair shot, not based on affiliation or association, to make a fair living for themselves, their communities, their island and their country.”
An Integrity Commission would be a politically-independent
BOB beats late Galleria chief’s $1.5m strike-out
deputy leader and his companies invoked the Supreme Court’s then-rules to argue that Bank of The Bahamas’ action should be struck out on the grounds it “discloses no reasonable cause of action, is scandalous, frivolous or vexatious” and represented an abuse of process. Alternatively, they asked that the case continue by different means. Mr Mortimer, in an affidavit setting out his case, confirmed he was the beneficial owner and president and director of all three companies. He added that Bank of The Bahamas was familiar with his practice of using the revenues, assets and earnings of all three companies to help support and repay loans taken out by one entity individually.
“Bank of The Bahamas, by its officers and managers, well knew that as far as repayments to Bank of The Bahamas were concerned I utilised the assets and revenues of each one of Galleria Cinemas, Island Bloom Restaurant and Grand Bahama Theatres to assist the others including by way of using the assets and revenues of either of those companies to service, manage or pay off any Bank of The Bahamas loans of any of those other companies,” Mr Mortimer alleged. He then claimed that a debenture security granted to Bank of The Bahamas by Island Bloom Restaurant in 2013 was not secured by the guarantees provided as evidence by the BISX-listed lender. Mr Mortimer added that these guarantees “only arose after Bank of The
Bahamas unlawfully withheld” one of his two shares, representing a 50 percent equity interest in Island Bloom, for 20 months.
This, he said, lasted from March 7, 2016, to November 27, 2017, and was only “eventually and belatedly released” to him by Bank of The Bahamas after the latter was threatened with Supreme Court legal action.
Mr Mortimer said the loss of this share for a 20-month period left without collateral to pledge as security for new financing that would pay off the $1.5m loan to Galleria Cinemas.
“Island Bloom was my most profitable business venture at that time and, but for Bank of The Bahamas’ unlawful withholding of my Island Bloom share, I would have had no difficulty in servicing the Bank of The Bahamas loan
NOTICE TO PROSPECTIVE VENDORS
The U.S. Embassy anticipates significant 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
body to receive and investigate corruption allegations, while an Ombudsman provides a pathway for citizens to redress grievances over maladministration and how they are treated by the Government, especially in accessing and receiving public services.
Their job is to investigate allegations by Bahamian citizens that there has been a “breach of fundamental rights and freedoms” in how they have been dealt with by a government body. Mr Thompson, speaking in the House of Assembly yesterday, said: “Transparency is required for trust.
“A lack of transparency results in distrust and a deep sense of insecurity when you are not open. When you are secret that breeds mistrust, and the way to enhance trust is to be transparent. The Bahamas must have a fundamental change as to how we govern. That is a principal issue as to what the
to Island Bloom and my other business ventures by short-term financing from financiers who had, in the past, repeatedly and consistently financed such short-term business loans to me upon the pledging of my shares in my companies,” Mr Mortimer alleged.
“Regrettably but predictably I was not able to access any short-term business loans over the shares of Island Bloom Restaurant as one of those shares was unlawfully being withheld by Bank of The Bahamas.”
This, Mr Mortimer said, had caused him “tremendous loss and damage”.
Mr Mortimer and his companies claimed that no personal or corporate guarantees had been given to back the 2013 debenture, while also arguing that Bank of The Bahamas’ case was “fatally flawed as drafted” and that. They also alleged that the guarantees were “not under seal”, and therefore unenforceable, “null and void and of no effect” so that no reliance can be placed upon them.
And, based on the late Galleria chief’s affidavit, they also asserted that Bank of The Bahamas’ alleged “unlawful withholding” of the Island Bloom share had interfered with the companies’ ability to repay the $1.5m loan. In such cases where a creditor interferes with the debtor’s ability to repay, they argued that this has the effect of releasing a guarantor from his obligations. The BISX-listed lender, though, alleged that Mr Mortimer and his companies had “mischaracterised” the claim and remain “jointly and severally liable” to repay the $1.5m. They added that there was no dispute that the monies had been advanced, Galleria had agreed to repay it and Mr Mortimer and his other companies had promised to guarantee this. Galleria had now “breached its repayment obligations”.
Justice Brathwaite, while finding that Bank of The Bahamas’ action could have been more specific, said it did not rise to the level where it should be struck out. He added that
COUNTRIES MOST AFFECTED BY CLIMATE STRUGGLE TO QUALIFY
FROM PAGE B3
set the stage to provide climate financing and sovereign debt forgiveness for vulnerable countries.
“We believe that you have to be forceful as a jurisdiction, especially a jurisdiction who is most vulnerable,” said Mr Pinder.
“We are very active at the International Court of Justice on the request for an advisory opinion. That advisory opinion will be whether states themselves can be held liable for neglecting climate regulation, neglecting greenhouse gas regulation, and effectively perpetuating the climate crisis. We think that that’s going to be a landmark case at the International Court of Justice.
“We believe that if we can win that case and get an advisory opinion that says that states themselves have liability for failure to act in the climate crisis. That gives us a legal position and a position where we can
FOR FUNDS, SAYS AG
impose liability on those who are polluting the most.
And then that translates, I think, into climate finance.
Translate into not only concessionary loans, maybe it translates into sovereign loan forgiveness, taking some of that debt burden off of small countries like The Bahamas, so we could actually develop for our people.”
He said a two percent tax should be levied on private companies such as fossil fuel manufacturers for climate financing.
Those funds will be placed in a pool that countries recovering from a climate change related disaster can access to ensure they can rebuild and implement adaptation and mitigation initiates.
“We believe that there should be a two percent tax on the net income of fossil fuel, petroleum manufacturers and straight down the value chain,” said Mr Pinder.
dissatisfaction of the public is with the Government. They don’t trust them.” Mr Thompson added that the Integrity Commission must be established to ensure public servants are transparent and are held accountable.
“We must take a close look at the anti-corruption laws in The Bahamas and bring into force an Integrity Commission in the Bahamas,” said Mr Thompson. “Transparency is required for trust. This includes when you’re dealing with the Integrity Commission. It includes looking at politicians, but just as important, it also includes looking at public servants, again changing the way we govern. It’s not just about politicians, but it is also about our public servants in ensuring that all of us do what we are supposed to be doing and are transparent with what we are supposed to be doing.”
documents filed with the Supreme Court included a “commitment letter” showing the $1.5m was advanced to refinance an earlier loan granted in August 2013, plus payout overdraft and credit card facilities. Some $1.191m was disbursed.
“I am not satisfied, on the evidence before me, that there is a substantial dispute as to the validity of the debentures,” Justice Brathwaite said. As for the Island Bloom share and its allegedly “unlawful withholding”, he noted that had been pledged to secure earlier financial obligations.
And the $1.5m loan at the centre of the dispute was advanced on December 4, 2017, after the Island Bloom share had been returned to Mr Mortimer. As a result, Justice Brathwaite said Galleria Cinemas’ ability to repay could not have been damaged by Bank of The Bahamas because it no longer possessed this security and could not interfere with Mr Mortimer’s efforts to secure new financing.
As a result, he dismissed the bid to strike out Bank of The Bahamas’ case.
“We think that two percent tax should be a global tax that goes into a fund to help fund vulnerabilities as a result of the climate crisis, and we’re glad we were able to get environment tagged to tax in the tax convention terms of reference. And these are the types of things that we’re going to be advocating, because really it shouldn’t only be the countries we’ve talked about the ICJ matter that are liable.
“We think private companies who have ignored in the face of hard evidence over the decades and generations of what they are doing to the world, should now pay and should now pay those who are most vulnerable. So if we can set up a mechanism whereby it’s not concessionary loans and it’s really a pool of funds that are available to those who are vulnerable. I think that creates some simplification. Then you just have to qualify and show that what you’re using the money is really for proper adaptation and mitigation efforts.”
Leading Mid-Sized Law Firm seeking to recruit an Associate Attorney to join its Litigation Practice.
The successful applicant will work with senior counsel and must have experience in litigation.
The successful applicant must be able to work independently, be detail oriented, and have strong analytical skills.
We are looking for someone who can aggressively represent clients’ interests and the succesful applicant must have the interpersonal skills neccesary to work closely with our clients and attorneys.
Our ideal applicant will have 5-12 years of litigation experience, preferably focused on Civil Litigation and Asset Recovery.
‘Boom town’ needed to absorb GB Power rise
the GB Chamber chief told this newspaper: “We just need disclosure. We need to understand.
“If they’re losing a lot of money, we need the electricity and appreciate that this [the rate structure] is something that has to happen. But we also need to see what the outflow is.”
The “outflow” refers to the dividends that Emera, the Canadian-owned utility giant, may have been taking out of GB Power in recent years. None of this has been disclosed because GB Power is now a private company, no longer a publicly-traded one. Mr Carey also voiced misgivings about the utility relying so heavily on its customer base for capital investment financing, adding: “If it’s capital expenditure that they’re asking the customer to pay for, that becomes an issue.
“The returns, I’m sure, are not what they’d like it to be. In an area of New Providence that’s fairly populated, for example, you have a tremendous number of customers connecting into the grid. In Freeport, you can have power supply going into an area where there are only a couple of people.
“The Power Company is still having to provide these energised lines throughout the whole area. I have to say it’s not cost effective for them, and maybe the returns aren’t as rapid as they’d like them to be. But it’s one thing going into business. I’m in business myself. The returns are not what I’d like them to be, but it’s one of those things you try to improve and grow and participate in the growth.”
Asked whether Grand Bahama’s economy can bear what GB Power is proposing, Mr Carey told Tribune Business: “We can absorb it easily if we can get the economy moving in Freeport. If it’s going to stay as it is, no, but Freeport becoming a boom town, of course, we can easily afford it. But with so many business houses struggling and being marginal it’s not really conducive at this point in time.”
Besides the 6.32 percent base rate increase, which has been the focus of political and public protest, GB Power’s tariff application for 2025-2027 is also seeking to “transfer the charge associated with the PharmaChem shutdown” to its rates.
What this means, and the implications for consumers, is not explained but PharmaChem - which went into Supreme Court-supervised liquidation earlier this year - was GB Power’s largest customer accounting for 5 percent of total load demand.
Documents released by the Grand Bahama Port Authority (GBPA), in its capacity as GB Power’s regulator and which would have to approve any tariff increase, affirm that the storm recovery charges related to Hurricanes Matthew and Dorian, which added around one cent per kilowatt hour (KWh) to customer bills, will fall away in 2024 and 2026, respectively.
However, GB Power is now seeking what it terms an “additional regulatory asset recovery” via its fuel charge “to catch up on amortisations that were suspended after Hurricane Matthew” to ease the financial burden on longsuffering businesses and residents.
This will add 0.5 cents to per KWh to consumer bills in 2025, it was revealed yesterday, and one cent n 2026 and 2027. As a result, even with the benefits of hedging that has locked in the price that GB Power will pay for much of its fuel, the utility is predicting that the fuel charge consumers will pay will increase from 12.44 cents per KWh in 2025 to 13.83 cents in 2026 and then to 14.39 cents in 2027.
As to what this means for consumers, the data released yesterday projects that - despite the 6.32 percent base rate increase - residential consumers who use less than 600 KWh per month will see a modest $1 reduction in their all-in total monthly electricity costs in 2025 when compared to current rates.
However, residential consumers using above 600 KWh per month are forecast to see a slight increase in their monthly bill of $1. And commercial customers using from 1,000 KWh per month to 50,000 KWh per month will see their all-in cost jump by between $3.10 to $67.97, or 0.79 percent to 0.37 percent, based on GB Power’s submission.
While estimates for commercial customers will vary based on their specific demand, GB Power’s estimates showed that all classes of customers - from the smallest residential user to the large industrialswill see their total monthly energy costs rise in 2026. The extent of the increase
GRAND BAHAMA POWER COMPANY HEADQUARTERS
will range from $2.64 to $803.91 (largest users), representing a rise of between 4.05 percent and 4.52 percent in percentage terms.
GB Power, using current rates and fuel charges as the base for its calculations, then forecast that the all-in electricity cost for
2027 will drop compared to 2026 although prices will still be slightly higher than those seen next year. It is also targeting an increase in average base rate revenue from $269.9m in 2023 to $277.5m over the next three-year period - a rise of $7.6m.
GB Power is forecasting that a 10 percent increase in electricity sales over the three-year period through end-2027, calculated in mega watt (mWh) hours, will help it to achieve this base rate increase. Sales are forecast to jump from 286,431 mWh in 2023 to 315,177 mWh driven by increases in all GB Power’s major customer categoriesresidential, commercial and general service/industrial. Among the key investments that the tariff increase will finance are a $3m expansion of GB Power’s sub-station three next year, which the utility touted will “ensure system reliability in a critical area that is experiencing growth”. What was termed “major maintenance” at GB Power’s generation plants, worth $2.8m in 2025 and
$2.6m in 2027, is required “to ensure plant reliability and availability”, while a collective $9m investment in battery energy storage systems (BESS) is needed to support the utility’s solar power drive.
“These investments increase the availability of solar power to days and times when power is required, and the solar projects are not able to produce due to weather and/or time of day issues,” it was stated.
GB Power plans to make some $13.5m worth of capital investments in 2025, followed by $16.3m in 2026 and $22.9m in 2027. That totals $52.7m across the three years covered by the present tariff proposal, with a further $11.9m and $12m planned for 2028 and 2029, respectively.
CALL 502-2394 TO ADVERTISE
JUDGE APPROVES $600 MILLION SETTLEMENT FOR RESIDENTS NEAR FIERY OHIO DERAILMENT
By JOSH FUNK Associated Press
A FEDERAL judge on Wednesday approved a $600 million class-action settlement Wednesday that Norfolk Southern railroad offered to everyone who lived within 20 miles (32 kilometers) of last year’s disastrous derailment in East Palestine, Ohio.
Judge Benita Pearson gave the deal final approval after a hearing where the lawyers who negotiated it with the railroad argued that residents overwhelmingly supported it, attorneys for the residents and railroad spokesperson Heather Garcia told The Associated Press. Roughly 55,000 claims were filed. Only 370 households and 47 businesses opted out.
Those who did object to the deal were vocal in their concerns that the settlement won’t provide enough and that the deal was rushed through so quickly that they can’t possibly know what the potential health impact from the derailment will be. They say it’s hard to know all the risks, given the way test results have been reported by the EPA and the fact that the lawyers haven’t disclosed everything they learned in their investigation.
The objectors had hoped the judge would order the
Share your news
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.
plaintiff’s lawyers to release the tests their own expert did after the derailment and address their concerns about a toxicologist who told them at one of the lawyers’ town meetings that they shouldn’t worry because he doesn’t think anyone will develop cancer. That angered residents who have been complaining about unexplained ailments since the derailment and talking with doctors who are conducting studies to try and determine what the health impacts will be.
Experts say it’s too soon to know the health impacts.
“These attorneys were bullying people and telling them they were never going to get any money if they didn’t take this. People felt backed into a corner,” resident Jami Wallace said.
The judge’s approval clears the way for payments to start going out quickly.
The lawyers had previously said they hoped to get the first checks in the mail before the end of the year.
As part of the settlement, any aid residents received from the railroad will be deducted from their final payments. Wallace and others who had to relocate for an extended period while the railroad paid for hotels or rental homes likely won’t get anything.
Anyone who lived within 2 miles (3.2 kilometers) of the derailment can get up to $70,000 per household for property damage plus up to $25,000 per person for health problems. The payments drop off the farther people lived from the derailment down to as little as a few hundred dollars at the outer edges.
“This outcome would not have been possible without
the resilience and support of the East Palestine community and the broader class of impacted residents and business owners,” the plaintiffs’ attorneys said in a statement. “We look forward to beginning the distribution of funds in the coming weeks to help this community rebuild and move forward.”
When the train derailed late on Feb. 3, 2023, tank cars full of hazardous chemicals ruptured and spilled their contents that caught fire just outside the small town on the Ohio-Pennsylvania border. Then three days later officials decided to needlessly blow open five tank cars of vinyl chloride and burn the toxic plastic ingredient inside because they feared they would explode.
Since the derailment, the railroad has offered residents and the community $108 million in assistance and paid for the massive cleanup that has cost more than $1 billion.
“We made a promise to make things right and this is just one piece of that commitment,” the railroad said in a statement. “We remain committed to this community for the long haul and look forward to continuing our relationship with the Village as we work to help the area recover and thrive.”
Tamara Lynn Freeze said she and her husband ultimately decided to accept the deal despite their concerns about giving up the right to ever sue even if someone eventually develops cancer. She said the idea of having to go it alone against the railroad’s army of lawyers one day is daunting.
NOTICE is hereby given that OLIVER LYNCH #30 Hanna Road, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
META UNVEILS CHEAPER VR HEADSET, AI UPDATES AND SHOWS OFF PROTOTYPE FOR HOLOGRAPHIC AR GLASSES
By BARBARA ORTUTAY AP Technology Writer
META unveiled updates to the company's virtual reality headset and Ray Ban smart glasses on Wednesday along with AI advances as it tries demonstrate its artificial intelligence prowess and the next generation of computing platforms beyond smartphones and computers.
CEO Mark Zuckerberg also showed off Orion, a prototype he called "the most advanced glasses the world has ever seen."
"The technical challenges to make them are insane," he told a crowd of developers and journalists at Meta's Menlo Park, California headquarters. These holographic augmented reality glasses, for one, needed to be glasses — not a bulky headset. There are no wires and it has to weigh less than 100 grams (3.53 ounces), among other things. And the beyond interacting with your voice, typing or hand gestures, Orion has a "neural interface" — it lets you send a signal from your brain to the device. There is no release date for Orion — Zuckerberg called it a "glimpse of the future."
Seemingly in his element speaking to a cheering and clapping crowd, Zuckerberg said Meta is working to "bring the future to everyone" with its headsets, glasses and AI system. As part of an update to its Llama model, people will now be able to interact with Meta AI by speaking, with
voices from celebrities such as John Cena, Judi Dench and Awkwafina.
An AI update aimed at influencers allows them to craft AI versions of themselves — for interacting with fans. On the keynote stage, an AI version of a creator appeared on the screen and answered a few questions just as the actual creator would. When Zuckerberg asked the AI creator about cattle ranching, it responded "my expertise lies in technology and design, not agriculture." An earlier version of this tool was text only.
Other AI updates include live translation, which Zuckerberg demonstrated on stage. While wearing the smart glasses, Zuckerberg spoke in English to someone replying in Spanish — the conversation was translated in real time. People can also dub their videos in another language so that it looks like they are speaking natively — even going so far as changing their lips movements to match. Meta AI now has 500 million users, the company said. Jeremy Goldman of the research firm Emarketer called the number "jaw-dropping."
"Meta has transformed from just a social media company into an AI powerhouse. Zuckerberg's move to celebrity voices is not just for fun — it's a direct challenge to OpenAI, with an emphasis on real-world utility," Goldman said.
Meta, which introduced the Quest 3 last year, also showed off a cheaper version of the VR goggles
NOTICE
NOTICE is hereby given that COURTNEY VALENTINE ANDERSON Cowpen Road, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that VIBRUN ANTOINE P.O. Box N-3878 Washington Street, 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 26th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that SUZETTE ROSE FALCONERARCHER of Ponicanna Drive, Bamboo Blvd. South Beach Est., New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that EVENS JOSEPH of Ragged Island Street, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
— the 3S — that will cost $299. The regular Quest 3 costs $499. The S3 will start shipping on Oct. 15. "Meta is aggressively undercutting Apple's Vision Pro to dominate the middle-tier AR/VR market," Goldman said. Those VR goggles, which came out earlier this year after much anticipation, cost $3,500. While VR goggles have grabbed more headlines, the augmented reality Ray Bans turned out to be a sleeper hit for Meta. The
company hasn't disclosed sales numbers, but Zuckerberg said during Meta's July earnings call that the glasses "continue to be a bigger hit sooner than we expected -- thanks in part to AI." Zuckerberg said on Wednesday that Meta seems to have gotten past the supply issues that plagued the Ray Bans a few months ago due to high demand.
"They are kind of the perfect form factor for AI," Zuckerberg said. The glasses, he added, let an AI
assistant "see what you see, hear what you hear" and help you go about your day. For instance, you can ask the glasses to remind you where you parked or to pick up groceries, look at a pile of fruit and come up with a smoothie recipe, or help you pick out a party outfit. Meta — which renamed itself from Facebook in 2021, still makes nearly all of its money from advertising. In its most recent quarter, 98% of its more than $39 billion in revenue
came from ads. At the same time, the company is investing heavily in AI and what Zuckerberg sees as the next generation of computing platforms such as VR headsets and AR glasses.
"VR headsets, despite Meta's assertion, will not go mainstream," said Forrester research director Mike Proulx. "They're too cumbersome, and people can only tolerate them in short bursts." Glasses, on the other hand "put computing power directly into a common and familiar form factor.
As the smart tech behind these glasses matures, they have the potential to disrupt everyday consumers' interactions with brands."
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.
HARRIS IS MAKING A ‘CAPITALIST’ PITCH TO BOOST THE ECONOMY AS TRUMP PUSHES DEEPER INTO POPULISM
By ZEKE MILLER, STEVE PEOPLES and JOSH BOAK Associated Press
VICE President Kamala Harris on Wednesday pledged to build an economy that is both probusiness and helps the middle class as she pushed back against Republican nominee Donald Trump 's claims that she's advancing "communist" ideas.
The Democratic nominee said in remarks at the Economic Club of Pittsburgh in battleground Pennsylvania that she "would take good ideas from wherever they come" as she promised to double the number of people being trained in registered apprenticeships and outlined her support for more home ownership.
"As president, I will be grounded in my fundamental values of fairness, dignity and opportunity," Harris said. "And I promise you, I will be pragmatic in my approach."
Little more than a hour before her speech, Trump offered his own competing vision of the economy while visiting a furnituremaker
in Mint Hill, North Carolina. He defended his idea for a special lower tax rate for U.S. manufacturers and pledged to impose tariffs high enough that there would be an "exodus" of auto factory jobs from Japan, Germany and South Korea.
"I'm imposing tariffs on your competition from foreign countries, all these foreign countries that have ripped us off, which stole all of your businesses and all of your jobs years ago," Trump said. The dueling speeches by the two candidates reflected how they're honing their economic messages for voters in battleground states. Both are trying to counter criticism while laying out their best cases for a public that still worries about the economy's health. Trump is focused on the idea of U.S. dominance over foreign competitors, while Harris is stressing the importance of supporting the middle class and entrepreneurs. Harris later sat down for an interview with MSNBC and reacted to Trump's calls for tariffs, saying, "You
don't just throw around the idea of, just tariffs across the board." She added of her opponent: "He's just not serious about very many of these issues."
In the interview, the vice president also renewed her calls for raising corporate tax rates, saying, "I'm not mad at anyone for achieving success, but everyone should pay their fair share."
Those remarks came after Harris' speech focused
on her broader philosophy and what she's trying to achieve for the economy. That was in contrast to Trump's, which was more freestyle, including insinuations about Iranian connection to the two assassination attempts against him.
The former president said the corporate tax rate would drop from 21% to 15% for companies that make their products
domestically if he were elected. The Republican nominee suggested that his support for broad tariffs as high as 20% have made him an international target.
"This is why people in countries want to kill me," he said. "They're not happy with me."
The candidates are each emphasizing the economy at a time when polls show that it is one of the most important issues for voters as they consider who to support. A recent AP-NORC poll found that neither candidate has a decisive edge with the public on the issue.
Both say their own approach will do more to ensure that the U.S. economy — and not China's — leads the world in this century. Both are eager to embrace an image as a tax cutter and are accusing the other of backing massive tax hikes on the middle class. It's a meaningful shift in messaging as inflation concerns have ebbed somewhat with the Federal Reserve cutting its benchmark interest rates last week.
Harris rebutted Trump by saying that she is a capitalist
who believes in an "active partnership between government and the private sector." She said Trump has "no intention to grow our middle class — he's only interested in making life better for himself and people like himself."
The Democratic nominee plans to provide $100 billion worth of tax breaks and other incentives to build up U.S. manufacturing and emerging technologies, according to a person familiar with her plans who provided details on the condition of anonymity. She has a forthcoming brochure to outline her vision for the economy.
Elsewhere, billionaire Mark Cuban said business leaders like him are backing Harris because she has taken considered stances that companies can understand even when they have a different perspective.
"I want a president that for business goes into details and has a policy team that understands all the ramifications of what's been proposed," Cuban said on a Tuesday call with reporters set up by the Harris campaign.
MARINE FORECAST
DEMOCRATIC presidential nominee Vice President Kamala Harris waves after speaking at a campaign event at Carnegie Mellon University, Wednesday, Sept. 25, 2024, in Pittsburgh. Photo:Jacquelyn Martin/AP
Empowering MSMEs through digitalisation: Driving financial inclusion and sustainable growth
By MAYRA VIVACQUA , Cluster Lead for Mastercard Caribbean
IN TODAY’S digital age, businesses of all sizes are increasingly aware of the need to move from manual systems to digital solutions for financial management.
Not only does embracing digital technology help companies stay ahead of the curve, but it also meets the shifting consumer demands for seamless, secure, and faster digital experiences.
According to a recent report conducted by Mastercard in 14 Latin American and Caribbean countries, 77 percent of respondents had used digital payment methods, with credit and debit cards being the most common. Additionally, over 50 percent of those surveyed reported that since adopting digital payment methods, they have reduced their need to carry cash on a daily basis. These findings suggest a shift towards more convenient and secure payment options in the region.
This imperative shift is particularly challenging for micro, small, and medium-sized enterprises (MSMEs), who
still commonly struggle to go digital and make and receive payments. For MSMEs, going digital offers multiple benefits: facilitating optimised financial data analysis, automating tasks like accounting, granting them access to alternative financing, expanding their market reach via online platforms, and providing their customers with a better payment experience. Mastercard is committed to supporting micro and small businesses as they navigate the shift to digital. With a goal to integrate 50 million new micro and small businesses globally into the digital economy by 2025, the company is focused on enhancing payment efficiency through innovative technologies. Key priorities include strengthening cybersecurity to build trust, fostering inclusion through partnerships, and offering tailored solutions to meet the diverse needs of businesses across various sectors.
Our educational platforms, such as the Entrepreneur’s Odyssey and MicroMentor, provide invaluable resources and
mentorship opportunities for entrepreneurs transitioning to the digital economy. Additionally, Mastercard’s Trust Center serves as a hub for small and medium-sized businesses to gain knowledge and skills to protect their assets and information.
Similarly, Mastercard offers MSMEs access to Easy Savings Specials, a robust global redemption program designed to empower them by providing access to exclusive digital merchant offers. With over 100 tailored deals, the program aims to streamline operational and administrative processes, saving businesses valuable time and resources, while maximising efficiency on digital platforms.
As we navigate the everchanging digital Caribbean landscape, we will continue working with financial institutions, Fintechs, and governments to provide MSMEs with the resources, technology, and support they need to thrive in the digital economy, recognising they play a critical role in achieving a prosperous future, where everyone can benefit from the technological revolution.
GOING FOR GOLD... AS PRICES JUST KEEP CLIMBING
By WYATTE GRANTHAM-PHILIPS
AP Business Writer
THE RUSH for gold just keeps coming. Gold hit another all time high this week. Recent gains for the precious metal are largely credited to ongoing economic uncertainty, geopolitical tensions and strong demand from central banks around the world. If trends continue, analysts have bullish outlooks on the price of gold for the months ahead. But the future is never promised. Here’s what you need to know.
Where does the price of gold stand today?
The New York spot price of gold closed Tuesday at just over $2,657 per Troy ounce — the standard for measuring precious metals, which is equivalent to 31 grams — the highest recorded to date, per FactSet. That would make a gold bar or brick weighing 400 Troy ounces worth more than $1.06 million today. This week’s record high means that the price of gold has climbed hundreds of dollars per Troy ounce over the last year. Tuesday’s price is up nearly $145 from a month ago and more than $740 from this time in 2023.
The price of gold is up nearly 30% year to date, analysts note — outpacing the benchmark S&P 500’s roughly 20% gain since the start of 2024.
Why is the price of gold going up?
There are a few factors behind the recent gains. Interest in buying gold often comes at times of uncertainty — with potential concerns around inflation and the strength of the US dollar, for example, causing some to look for alternative places to park their money. Gold also surged in the early days of the COVID-19 pandemic.
Among sources of uncertainty
today are geopolitical tensions — which escalated over recent days with Israel’s deadly strikes in Lebanon. And the ongoing wars in Gaza and Ukraine have continued to fuel fears about the future worldwide. In markets like the US, there’s also particular concern about the health of the job market. Last week’s larger-than-usual half-point cut by the Federal Reserve signals a new focus on slowing employment numbers, and more rate cuts are expected before the end of the year. And such action arrives in the midst of a tumultuous election year — which could prove crucial to economic policy in the road ahead, too.
In the near future, people are considering “any case of turbulence in the economy,” FxPro senior market analyst Michel Saliby explained. “This is why they’re keeping a decent portion of gold in their portfolio as a ‘safe haven.’”
Analysts also point to strong demand from central banks around the world. Joe Cavatoni, senior market strategist at the World Gold Council, noted last month that central bank demand was well-above the five year average — reflecting “heightened concern with inflation and economic stability.”
Recent stimulus measures in China aimed at boosting consumer spending are also expected to up retail investments, Saliby added, further boosting gold’s performance.
Is gold worth the investment?
Advocates of investing in gold call it a “safe haven,” arguing the commodity can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road. Some also take comfort in buying something tangible that has the potential to increase in value over time.
Experts caution against putting all your eggs in one basket.
Both retail and institutional investors shouldn’t be influenced by the “FOMO effect,” or fear of missing out, Saliby notes — explaining that people should not risk all their money just because they are seeing others rake in gains. He advises investors to watch the market and always have a clear risk management strategy for their position.
If geopolitical tensions cool, Saliby expects the price of gold to correct slightly, perhaps falling around $50 to $80. But he remains bullish overall for the near future — expecting gold’s spot price to soon surpass the $2,700 mark previously predicted for 2025, and perhaps reach as high as $2,800 or $2,900 if trends continue.
Still, future gains are never promised and not everyone agrees gold is a good investment. Critics say gold isn’t always the inflation hedge many say it is — and that there are more efficient ways to protect against potential loss of capital, such as through derivativebased investments.
The Commodity Futures Trade Commission has also previously warned people to be wary of investing in gold. Precious metals can be highly volatile, the commission said.
THE SECRET COST ADDING UP FOR PARENTS? SCHOOL LUNCH
By CORA LEWIS Associated Press
SINGLE mother Rebecca Wood, 45, was already dealing with high medical bills in 2020 when she noticed she was being charged a $2.49 “programme fee” each time she loaded money onto her daughter’s school lunch account.
As more schools turn to cashless payment systems, more districts have contracted with processing companies that charge as much as $3.25 or 4-5 percent per transaction, according to a new report from the US Consumer Financial Protection Bureau. The report found that though legally schools must offer a fee-free option to pay by cash or check, there’s rarely transparency around it.
“It wouldn’t have been a big deal if I had hundreds of dollars to dump into her account at the beginning of the year,” Wood said. “I didn’t. I was paying as I went, which meant I was paying a fee every time. The $2.50 transaction fee was the price of a lunch. So I’d pay for six lunches, but only get five.”
The US Department of Agriculture, which oversees the federal policy on fee-free school lunch, has mandated that districts inform families of their options since 2017, but even when parents are aware, having to pay by cash or check to avoid fees can be burdensome.
“It’s just massively inconvenient,” said Joanna Roa, 43, who works at Clemson University in South Carolina as a library specialist and has two school-aged children. Roa said that when her son was in first grade and she saw the $3.25-per-transaction fee for lunch account transactions, she and her husband decided to send him to school with packed lunches instead.
“A dollar here and there, I expected,” she said. “But $3.25 per transaction, especially here in rural South Carolina where the cost of living is a lot lower — as are the salaries — is a lot.”
Roa said packing lunch for two kids every day, for two working parents, was an increased burden of time and effort. For the past two years, thanks to surplus funds, her school district has been providing free lunches in school, which has changed the equation, but Roa said that could end at any point.
In its review of the 300 largest public school districts in the US, the CFPB found that 87 percent of sampled districts contract with payment processors.
