misuse allegation ‘totally
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN attorney yesterday slammed as “totally false” claims he had misused monies intended to pay severance and pensions owed to long-suffering ex-City Markets staff for “his own personal benefit”.
James Roosevelt Thompson vehemently denied the allegations made by his former clients, which were aired in a recent Supreme Court verdict that dismissed his “preliminary objections” to their
adding him as a defendant in a legal case begun 12 years ago following the supermarket chain’s collapse.
Ten ex-City Markets employees from Grand Bahama - Victoria Allen, Charles Forbes, Emily Adderley, Karia Cooper, Nancy Evans, Andrew Major, Malissa Saunders, Mavie Grant, Idella Grant and Anishka Bartlett - applied more than three years ago to add Mr Thompson as a defendant over allegations he was failing to pay them between $14,000-$16,000 he was receiving monthly on their behalf.
The attorney, father of east Grand Bahama MP, Kwasi Thompson, had acted for the ten - some of whom have since died - when they launched their initial 2012 legal action against City Markets’ parent company, Bahamas Supermarkets; its final majority owner, Trans-Island Traders; and the latter’s principals, Mark Finlayson and his father, Garet ‘Tiger’ Finlayson.
The employees’ bid to recover their due severance and pension monies resulted in a purported settlement where a Finlayson family-owned company, Associated
of scenes from the James
movie, Thunderball, in the 1960s.
• Ministry of Works sets conditions for approval
• Rock Point to employ 50 in 18-month build-out
• Beach club destination to hire 25 fulltime locals
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Mosko Group may have to fund the “realignment” of West Bay Street to secure Ministry of Works approval for its Rock Point “day trip” destination on New Providence’s north coast. Documents filed with the Town Planning
Committee, which have been reviewed by Tribune Business, reveal the ministry’s civil design section has “no objection in principle” provided the developer addresses challenges with installing “a right-turn lane” off West Bay Street and covers all costs related to any required road, infrastructure and utility works. The project, which is intended to appeal to
Bahamian Distillers & Brewers (ABDAB), surrendered its 70 percent majority equity ownership in a company called Trinity Ltd to James Thompson.
That entity owned a West Bay Street shopping complex, Trinity Plaza, and Tribune Business reporting from 2016 shows that James Thompson was supposed to hold the 70 percent stake in trust on the employees’ behalf. The rental income received from the plaza’s retail tenants was then supposed to pay the workers their
both Bahamians and tourists, is targeted for a site between Sandyport and Caves Village that is already owned by one of the Mosko Group’s subsidiaries, Vakis Ltd, which also holds developments such as the Harbour Bay Shopping Centre. It will be centred around the former residence of George Mosko, which featured in the James Bond movie, Thunderball
James ‘Jimmy’ Mosko, a Vakis Ltd director, in a February 19, 2024, letter to Charles Zonicle, director of physical planning, said the Rock Point proposal would take around 18 months to construct once approved and employ around 50 Bahamians in the build-out. He estimated that some 25 permanent Bahamian staff will be required for the operational phase.
To obtain preliminary site plan approval, and ensure the land use designation is rezoned from the present ‘residential’ status to ‘commercial’, Vakis Ltd
Bahamas banks fall short on identifying sanctioned persons
By NEIL HARTNELL
BAHAMIAN financial institutions recently fell short of global standards for detecting clients and transactions subject to international sanctions, the Central Bank has revealed.
The regulator for banks, trust companies, credit unions and money transmission/payment providers disclosed in its just-released 2024 third quarter update that a recent review, involving
“live testing”, saw 61 Bahamian financial institutions achieve a collective 87.7 percent and 89.9 percent success rate, respectively, for detecting sanctioned individuals/companies and transactions related to them.
These scores, the Central Bank revealed, were below the 96.4 percent and 96 percent marks deemed to be the global benchmark for “effectiveness” in preventing such individuals and entities from accessing the global financial system. Sanctions
are typically applied to groups deemed to be terrorist organisations, such as Hamas, and those affiliated with ‘rogue’ regimes such as North Korea.
“The Central Bank engaged AML Analytics in May 2024 to conduct an independent review to assess the effectiveness and efficiency of sanctionsscreening solutions used by supervised financial institutions,” it said.
“Sixty-one supervised financial institutions participated in the live screening tests held in July 2024.
The consolidated assessment results reflected 87.7 percent effectiveness for client screening (the global benchmark is 96.4 percent) and 89.9 percent effectiveness for transaction screening (the global benchmark is 96 percent)”.
John Rolle, the Central Bank’s governor, could not be reached for comment before press time last night despite Tribune Business efforts to do so. But, in response to the results, the Central Bank added:
Watchdog ‘sensitises’ courier firms to consumer complaints
THE Consumer Protection Commission’s executive chairman yesterday said the watchdog has met with courier companies to understand how customers are compensated for lost, stolen or damaged shipments.
Senator Randy Rolle, confirming that the industry has received the highest number of consumer complaints lodged with the Commission for 2024 to-date, said there have been frequent concerns about the level of service when customers do not receive their packages or requested a refund.
“People call in and complain about services rendered to them,” he explained. “Every time
people don’t get their goods or they want a refund, or they believe they have been wronged by these providers, the Consumer Protection Commission is an outlet to report these types of things.
“In terms of complaints that we would have gotten from consumers, courier services were number one ranked above other
• Denies using Trinity Plaza rents for ‘personal benefit’
• But loses initial objections to being added as defendant
• Ex-staff now in 12th year fighting for severance, pension
By NEIL HARTNELL Tribune Business Editor
INSURERS yesterday warned “there will be consequences” for Bahamian property premiums and coverage availability “whatever happens” with Hurricane Milton as it takes direct aim at central Florida.
Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that he is most concerned about Bahamian insurers being able to access the necessary reinsurance capacity to properly underwrite all risks in this nation if Florida takes a devastating hit from what was a Category Five storm last night as this newspaper went to press.
Should reinsurers, who tend to “lump” The Bahamas with Florida when it comes to determining which risks they will support, suffer multi-billion dollar losses as a result of Milton, he warned that they may cut back on capacity here and in the wider Caribbean which would
limit the ability of Bahamian property and casualty underwriters to take on additional business.
“If the projections hold then Florida is in for a devastating event and, with that, reinsurers will be looking at it and determining the impact on each of them and their balance sheets,” Mr Saunders told this newspaper. “If the state gets a Category Three or above, and it does major damage, there’s no good way to say this but there will be extensive repercussions.
“We are all closely monitoring and hoping for the best. Like I said before, right now I’m worried about capacity first and will deal with [premium] price later. That’s unfortunate, but if the consequences are bad I’m more concerned about getting the capacity...
“It is a concern that we have sufficient capacity to ensure that we can protect our clients. That is my main concern absolutely; that we have the availability of capacity to ensure we can protect our clients and
ELEUTHERA RESIDENTS DEMAND ‘NO BILL’ OVER WATER OUTAGES
By ANNELIA NIXON
RESIDENTS in the Eleuthera settlements of Tarpum Bay and Rock Sound yesterday complained that the Water & Sewerage Corporation left them with no supply for four days due to repairs and mechanical failure.
The state-owned utility had released an urgent notice on October 6 alerting Tarpum Bay and Rock Sound residents that they would “experience reduced water pressure” for a few hours due to mechanical failure at the reverse osmosis plant responsible for generating the area’s supply. Another notice was sent out yesterday stating that the interruption would last until 2pm. However, due to a delay, residents did not experience proper water distribution until hours later. Sylvie McCartney, owner of Hidden Persia, a restaurant and bar, told Tribune Business: “If there is no water, there should be no bill.”
She added that the water had been off for four days and those who did not experience complete water loss only had “drizzles” from the faucet. “Of course, we’ve had this problem for several months and we’ve had the water issue on Eleuthera for several years, but for the last four days we’ve had no water whatsoever,” Ms McCartney said. “And for those that were, it apparently has something to do with others that are on elevations. The ones that are on higher hills get no water. The ones that are on flat land, they get drizzles of water and it’s on for a very short period of time and then it’s turned off.” An owner of a food takeaway service in Tarpum Bay said when they report water outages they are told it is because their home is located on a hill. “So we’re on a hill,” they said. “So every time you report a water outage, Water and Sewerage always say, ‘Oh, it’s because you’re at an elevation, you can’t get water.’
“But I was like, that doesn’t make any sense because you all have your
water lines up here, and me and my surrounding neighbours, we very rarely have water up here. Some persons who are lower, they will be getting a little, but it’s never enough water pressure for us who live on the hill to get any.”
Both Ms McCartney and the food takeaway service owner said they had to close their doors for four consecutive nights due to having no water. The owner of the takeaway said her restaurant is her only source of income and having to close for that amount of time is not ideal.
Ms McCartney said her business has only been open for a month and she is concerned about the reputation it will gain due to the many challenges it is facing due to water outages. “The only thing I can do is close my doors because even if you have people sitting at your bar, are they not going to need to use the restrooms?” she added.
“So that’s unsanitary. You can’t have people using your restrooms and you have no water. So I have been closing my doors just
to be safe. You know, this is the first month, this is the introduction to the public. So I’m very afraid of my business reputation. I don’t want to take a chance and make someone sick.
“My grand opening is December 23, but before then, if someone gets sick, can you imagine how detrimental it’ll be to my business? Word of mouth is serious. So for four days I’ve just been sitting here just trying to figure out if I’ve made the right choice.”
The owner of the takeaway added that life with utility woes on Eleuthera has led to them having to ask their neighbours with electric pumps for water.
“One of my neighbors has a well with the electric pump so she allow us to get water,” they said. “So we have to take our bottles and buckets to fill, and yesterday my cousin came and she carried all of our jugs to go fill and bring back for us. She lives at a lower elevation but she said she still was getting a little water.”
Ms McCartney said she cannot wash clothes and conduct other activities that
require water for her fiveyear-old son and 84 year-old mother that are dependent on her. She added that the quality of the water is not the best, noting that “it smells like sewage”.
“The only thing we can do with this is flush our toilets.You cannot bathe with the water. Do you know how my family is surviving? We’re catching rainwater. That’s how we’re surviving. I really feel like I’m on an uninhabited island,”
Ms McCartney said. She and the owner of the takeout restaurant added that the advisory schedules are never right. “They put out these warnings and then the lady pulls them back,” Ms McCartney said. “The press, whoever, from the Water Sewage Corporation, and she corrects it. And it’s like, consider the water going off at eleven. It’s going to go off at 9.30. So you run home and you try and fill up jugs of water just in case, because if you’re in a kitchen cooking, you’re going to be sweaty when you close.
BPL boosts Briland to meet regatta demand
By ANNELIA NIXON anixon@tribunemedia.net
BAHAMAS Power & Light (BPL) yesterday said Harbour Island endured a planned outage so a 2.5 mega watt (MW) generation unit could be installed to meet demand ahead of the island’s regatta.
“In our effort to improve reliability in Harbour Island and on mainland Eleuthera, BPL is continuing its generation expansion exercise in these communities,” BPL statement told Tribune Business in a statement. “On Sunday, October 6, 2024, BPL executed a planned outage to facilitate the first phase of the connection of a 2.5 MW unit to Harbour Island’s grid.
“The second phase of the connection is scheduled to take place before the end of the week. The new unit will increase the total installed capacity on Harbour Island to 8.5 MW, including the 6 MW of rental generation. The installation and testing
will be completed ahead of the popular Harbour Island Regatta that is scheduled to take place on the National Heroes Day holiday weekend of October 11-14.
“Not only will the new unit allow us to meet our peak demand during this period but it will also bolster overall generation reliability on Harbour Island going forward. We plan to install another 2.5 MW unit at the Harbour Island power station before the end of the year.”
Briland residents said that since their protest for better water and power services in the summer they have seen great improvement with the utilities. Jamal Johnson, a Harbour Island resident, said those who are still complaining are ungrateful.
“They are very ungrateful,” he began. “I must say. And I live here. The power outages has been limited and the water outages have been limited. The last time I cut my water pump
to bathe was, I can recall maybe sometime almost in the early part of September and, going over a month or six weeks without doing that, I have no need to complain.
“Some people just want to say some stuff. They just want to have something to say. But the Government has been improving. They’ve been on the ground. They’ve been trying to put the generators and the water situation to make it better for the people on the island.”
Mr Johnson added that power has been “stable” for the most part . “They’ve been doing some work and it’s been stable,” he said. “Last night the power was off because they sent a notification that they’re still in the process of doing upgrades.
“And since they had that walk out a couple of months ago, the power has been stable. I can speak to that. Very little outages. Yesterday the power has
been off for like three, four hours because they were putting in some new equipment, upgrading because of the weekend coming.
“Well, I’m not going to say BPL and Water & Sewerage is 100 percent, but you have to start somewhere and the problem is not going to be done overnight. But they are moving in the direction of making them better because from the last month or two,” Mr
Johnson added. “From that point to where I was talking about issues, the power and the water has been improved.
“And improved being that it’s better, but it’s not finalised, is not finished. Improved means that it went from one point to another point where it’s moving forward. So the issue and the problems that we’ve been facing have been partially corrected.
“When you get off, the water’s off. You can’t bathe. So we’re basically back in the 1960s living out of buckets and bottles. This is just, I mean, it’s unbelievable that we’re actually in The Bahamas living like this. And the thing is, there’s no compensation from them for these extravagant bills that we’re getting because the people ride around and guesstimate your usage. It just keeps getting worse.”
The takeout owner added: “When they post their notice, the time that on the notice, they say, ‘okay, you’re going off at 10pm. The water will resume at 5am’. But that doesn’t really apply to us because we lose water way before, hours before that. And when they say water is scheduled to come on at a certain time, it’s still two, three, four hours before we actually get water up there.”
The Water and Sewerage Corporation did not comment before press time.
And it’s been doing good since that time up to now. So they gave us a timeframe of everything is going to be up and running.
“But, like I said, it is yet to be seen because we’re now in the down season where all the capacities of all the houses and hotels are empty. And from November, December when the island is full again, that’s when there’ll be another test to see if the work that BPL and Water and Sewerage been doing since July to August.... we’ll see if that will hold.”
BAHAMAS POWER & LIGHT (BPL) HEADQUARTERS
Bridge Authority reform to drive $50m Glass Window overhaul
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Attorney General yesterday said legislative reforms that will empower the Bridge Authority to expand its responsibilities will facilitate the $45m$50m transformation of Eleuthera’s Glass Window Bridge.
Speaking in the Senate, Ryan Pinder KC said the Bridge Authority Amendment Bill, which will provide the framework for every bridge in the country to be constructed, managed and maintained by the Bridge Authority, is important to mobilising the required financing to repair the bridge that connects North and South Eleuthera.
He said the bridge, when repaired, will improve the island’s tourism product and residents will be able to capitalise once visitors are able to safely access the landmark. “It’s a small piece of legislation, but it’s not inconsequential,” said Mr Pinder.
“It’s a very important piece of legislation, and I’m
going to look at the eyes of the residents of Eleuthera and promise and tell you that by way of this amendment, we will be rebuilding the Glass Window Bridge into a modern passage across from the north to the south with a touristic element.
“An element where Bahamians can capitalise on the rebuild efforts by having a touristic destination. Because right now, when tourists come to see the Glass Window Bridge, they dangerously park on the side of the road. They get out of their cars, and they have to, because it’s all they can do, walk in the
middle of the road to go see the experience,” he added.
“This needs to be a better thing. We need to develop as part of the rebuild a safe, touristic component. And I’ve seen the plans. I’ve seen them. I know it’s going to happen. It’s been budgeted. We have our consultants in place. We’re finalising that agreement.”
Mr Pinder said replacing the Glass Window Bridge is a “highly cost prohibitive” venture that will cost between $40m to $50m, with some estimates reaching upwards of $100m. “To replace the Glass Window Bridge by a central government initiative is highly cost
Northern Bahamas bracing for Milton
By FAY SIMMONS Tribune Business Reporter
jsimmons@tribunemedia.net
RESIDENTS in the northern Bahamas yesterday rushed to grocery stores to stock up on goods ahead of a potential impact from Hurricane Milton.
Bimini resident, Indera Russell, said the grocery stores were “hectic” as persons rushed to stock up on last-minute supplies. She said the gas stations were also packed as the gas tanker returned to the island yesterday.
“The food stores are hectic, people are moving around in the food stores,” said Ms Russell. “I just got in off the streets. People are getting gas. The gas tanker was off the island, so it just came in today, fresh from pumping new gas. So the gas line was pretty long today. I see that kind of preparation in the food stores.”
Ms Russell said Bimini is currently experiencing “a lot of flooding” and she expects to see more residents making preparations as the week progresses. “We
are seeing some flooding right now in the low-lying areas that normally flood,” said Ms Russell.
“Persons are moving around regularly right now, but people are talking about the storm and I’m certainly sure that they are aware it’s going on. I expect to see more action, maybe by later this evening or in the morning.”
A Grand Bahama resident said the grocery stores on the island were also busy yesterday and shelves were emptied by consumers engaging in “panic buying”. Ms Bethel said when she visited stores yesterday other residents had their carts piled high as they braced for the potential impact of the storm.
“The food store was packed,” she added. “Everyone was just trying to make sure they had supplies. Half of the shelves were empty because people were just panic buying. They were buying things they didn’t even need; it was like a hoard.”
Super Value released a statement yesterday advising consumers not to panic buy goods and confirmed it
WATCHDOG ‘SENSITISES’ COURIER FIRMS TO CONSUMER COMPLAINTS
complaints that we would have received from consumers about different companies. So courier companies being number one just simply meant that people had the most bad experiences from them, and they came to consumer protection to get recourse on those issues.”
Mr Rolle said in response the Commission has dedicated the month of October to raising awareness in the courier industry about best practices and consumer rights. Commission officials have visited several courier companies including Ship X, Go Postal and Mr Ship It to discuss their policies for lost, damaged or stolen goods and how they determine when a consumer is due reimbursement for packages.
He said the companies have been receptive to the Commission conducting site visits and are open to ensuring consumers have a positive experience when doing business with them.
“We started a public campaign visiting all of the services, getting an idea of their processes and finding a way how we can mitigate to slow that down in the coming weeks and months,” said Mr Rolle.
“They have been very receptive. As a matter of fact, those who we did not catch on the first instance have called us back and arranged meetings to simply say that they want to be compliant, and they want to make sure that customers receive great experiences when doing business with them.
“We just wanted to know: ‘What’s your policy if an item is lost or stolen’. They told us about their processes and how they check
has enough stock to supply the country for three to four months. “As we are still in the hurricane season, while you do your regular shopping for the next couple of months, we suggest that you stock up on your pantry staples,” said Super Value.
“Don’t leave it for lastminute shopping. Always prepare for hurricanes, Christmas and any future dock strikes. We can supply and restock 13 stores within 24-48 hours. We have enough inventory to supply the country for three or four months. Panic shopping is not necessary.”
The Ministry of Education also cancelled school in Abaco, Bimini, Grand Bahama and Grand Cay on Tuesday and Wednesday as a “precautionary measure”.
“The Ministry of Education and Technical and Vocational Training, as a precautionary measure, announces the closure of schools in Grand Bahama, Abaco, Bimini and Grand Cay for face-to-face instruction on Tuesday October 8 and Wednesday 9, 2024, due to adverse weather conditions from Hurricane
their warehouses, how they make calls, and if all else fails how they would then look to reimburse customers for packages that would not have come through.”
Mr Rolle said the site visits have “sensitised” courier companies to complaints lodged by consumers and work will continue to ensure the number of complaints are reduced going forward.
“Based on the visits, I think it sensitised them a lot about what should happen, what needs to happen and how we can avoid it from happening in the future,” he added
prohibitive, and probably, I think the latest estimates, to the tune of $40m to $50m is the basic amount,” explained Mr Pinder.
“I’ve seen some quotes actually of upwards of $100m to build a new Glass Windows Bridge in a way that it is safe to traverse, and it is not subject to being knocked off its axis or otherwise by the severe weather. One of the historical challenges that governments have faced is I have to raise $50m for a bridge in Eleuthera and then I probably have to raise another $50m for bridges in Andros, another $50m for bridges
throughout other parts of the Family Islands.”
Mr Pinder said the Bill will allow the Bridge Authority to take advantage of “creative loan financing” and public-private partnerships (PPSs) to undertake bridge infrastructure repairs throughout the country.
“We are now amending the Bridge Authority Act, by way of this Bridge Authority Amendment Bill 2024, to make it clear that the scope of application to the Bridge Authority goes now beyond Nassau and goes to any area so designated by the minister by an order,” said Mr Pinder.
“The reason why that’s important, because I know some people will say, well, why don’t the Government just fix it? When you utilise an established authority with an established revenue stream and an established independent governance structure that can be audited, that can be vetted, you now have a framework to allow for different types of financing alternatives to do this important infrastructure work.
“And so you would be able to do public-private partnerships, and you would also be able to do creative loan financing because you have the basis and an Authority without it having to go through the hoops that we know of through the central government system.”
Mr Pinder said the Glass Window Bridge, as well as the bridge in Andros near the Naval Base, will be the first two bridges rebuilt through PPPs facilitated by the Bridge Authority.
“That’s a very important reason for this amendment, and I can tell you that the two bridges I mentioned are first and foremost to be either rebuilt or rehabilitated through this framework of PPPs and creative financing by utilising the Bridge Authority, which is the baseline for this amendment,” said Mr Pinder.
“Also, the second part of the amendment would allow for property to be owned and held by the Bridge Authority, which is an important component when you’re looking at creative financing alternatives.”
Milton,” said the Ministry of Education.
Acting Director of Meteorology, Jeffrey Simmons, said residents in Grand Bahama, Abaco and Bimini will experience rain and flooding due to Hurricane Milton passing across Central Florida. He said residents can expect some sea swells and rainfall but will not get a direct hit from the storm.
He added that schools were not cancelled due to the possible impact of Hurricane Milton but rain and flooding from another weather system ahead of Hurricane Milton. “Schools were not cancelled due to the possible impact of Hurricane Milton but because of the rain and flooding from another system that is not associated with Milton,” explained Mr Simmons.
“That system brought excessive rainfall on Sunday, Monday and Tuesday, so there will be a lot of flooding and standing water.”
AERIAL VIEW OF GLASS WINDOW BRIDGE RYAN PINDER KC
THIS satellite image provided by the National Oceanic and Atmospheric Administration on Monday, Oct. 7, 2024, shows Hurricane Milton.
Bahamian insurers on Milton:
insure their properties. We’ll be praying for the people in Florida to ensure there is no loss of life and injury, and that they listen to the authorities and do what is best to protect their life and property.”
Bahamian property and casualty insurers, due to their relatively thin capital bases, have to purchase huge quantities of reinsurance annually to enable them to underwrite the multi-billion risks present in this nation. This means that the premium prices Bahamian households and businesses pay for coverage are largely determined by what reinsurers charge.
Stung by recent multibillion dollar losses from
major hurricanes hitting the US and Caribbean, as well as other catastrophic event payouts, many reinsurers have either pulled out of the region altogether or reduced the capacity and availability of coverage here. The reduction in reinsurance supply has resulted in Bahamian insurance premiums increasing in cost by as much as 20 percent since 2022. Mr Saunders, who was yesterday in London meeting with reinsurers to start negotiations over contract renewals and treaties for next year, said: “Everyone in the reinsurance market in London who I’ve met with today is monitoring this.
“I’m sure we in The Bahamas we’ll be keeping a close eye on this storm and praying for the best. All we can do right now is to see where it hits and do the assessments afterwards. Whatever happens there will be consequences, whether it’s capacity or price, or a combination of both, if it’s a catastrophic event and there is catastrophic damage.”
Timothy Ingraham, chief executive of Summit Insurance Company, through which Insurance Management Company places much of its property and casualty business, told Tribune Business yesterday: “Local insurers are observing major Hurricane Milton with concern as it makes its
way toward the west central coast of Florida.
“While the impact on rates and capacity, from our perspective, cannot be measured at this time, it will obviously not help.” Milton’s emergence comes after northern Florida, as well as Georgia, the Carolinas and the Appalachians were hit hard by flooding from Hurricane Helene. Mr Saunders said total insured losses from that storm are “hovering” around $15bn to $20bn although they are expected to increase.
Mr Ingraham added: “Hurricane Helene’s impact is not thought to be significant on us, since most damage was caused by flooding and in the US this risk is covered by the federal government’s flood insurance programme. Estimates for Hurricane Helene insured damage are currently in the $6bn to $8bn range.
“By comparison, Hurricane Ian, which impacted the west coast of Florida in September 2022, caused an estimated $65bn in insured damage, as per Swiss Re. That storm did cause an increase in rates and a reduction in available capacity.
“So the extent to which our rates and capacity may be impacted will depend on the size of the Hurricane Milton loss. As most local insurers begin treaty renewal negotiations in the coming weeks/months, we will begin to learn of reinsurers’ response to the loss.” Milton is currently projected to come ashore in the Tampa Bay area and then cross the state to hit Orlando before exiting. Bruce Ferguson, the Bahamas Insurance Brokers
Association’s (BIBA) president, yesterday reiterated that “there’s a limit beyond which these premiums cannot go” as he again voiced concern that property and casualty coverage affordability is already increasingly being pushed beyond the reach of many businesses and households. However, he said Milton could prove something of a “double-edged sword”. While the fall-out from a devastating loss could reduce capacity, and put upward pressure on Bahamian insurance costs, he warned that it could also encourage reinsurers to increase supply for this nation if its building codes and construction standards are perceived as a better risk than Florida.
NOTICE
NOTICE is hereby given that PATRICK CLARKE of Robinson Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that RONALDO PETIT-HOMME Fox Hill Road North, 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 8th day of October, 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 ADELPHIN ALEXANDRE of Lewis Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 8th day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that MARDOCHIE SIMON of Lumumba Road, Fox Hill South, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that MICHELET DANIEL Barcardi 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 8th day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Bahamas banks fall short on identifying sanctioned persons
FROM PAGE B1
“Virtual feedback sessions were conducted with individual supervised financial institutions in late August 2024, with formal feedback letters detailing necessary improvements set to be issued by mid-October 2024.
“Supervised financial institutions should expect to receive letters indicating whether their systems were considered satisfactory, needing improvement or deficient. An industry re-testing to evidence improvements were made is planned for the third quarter of 2025.”
The Central Bank also plans “to enhance its sanctions supervisory framework through the publication of ‘targeted financial sanctions reporting forms’ and guidance notes for licensees, which will be created in conjunction with other Bahamian financial services regulators and are expected to be issued in the 2024 fourth quarter. Further guidance notes on sanctions will be released in the 2025 first quarter.
Elsewhere, the Central Bank said it will this
month hold a consultation and briefing with the Bahamas Cooperative League’s directors to discuss plans to strengthen the regulatory regime for local credit unions via the Bahamas Cooperative Credit Union Bill 2024. “A wider engagement with the credit union sector will ensue afterwards, followed by a 60-day industry/public consultation period,” it added. “These proposed amendments to the legislation will seek to expand and strengthen the supervisory oversight of the Central Bank, provide firmer deterrence safeguards against misconduct and instructional provisions that outline the minimum standards for operations in varying circumstances.
“The amended legislation will also seek to enhance fit and proper criteria for directors and senior management, and establish a resolution framework that strengthens regulatory intervention.” The Central Bank then added that the global information technology (IT) outage caused by CrowdStrike, the cyber security firm, implementing a faulty upgrade, had
MOSKO PROJECT MAY REQUIRE WEST BAY STREET ‘REALIGNING’
will have to satisfy the conditions stipulated by the Ministry of Works earlier this year.
Responding to a request by the Department of Physical Planning for input on Rock Point’s “access and drainage”, Robert Mouzas, acting director of public works, replied that following meetings and talks with Lambert Knowles, civil engineer for Vakis Ltd, the civil design section “has no objection in principle subject to the following conditions which must be met.... to the satisfaction of the ministry”.
Setting out these conditions in a July 25, 2024, memorandum, Mr Mouzas wrote: “The section of existing road (West Bay Street) that abuts the proposed development site at Rock Point is unsuitable for accommodating road widening to include a right lane turn primarily due to the horizontal curve radius, rate of super-elevation and flooding issues along the edge of the pavement on the westbound lane.
“A suitable design and construction drawings, which may necessitate road realignment, must be submitted and approved according to the ministry’s design standards and specifications.” The existing West Bay Street bisects the Mosko/Vakis land, splitting it into two, so any realignment that moves this portion of West Bay Street further south could benefit the developer and increase its real estate values.
And Mr Mouzas, in a final stipulation, wrote: “The developer, Vakis Ltd, shall be responsible for all costs associated with but not limited to the civil engineering design, construction of any road and infrastructural works, utility diversions and relocations, land acquisition and environmental studies required for this project.”
The existing plans for the Rock Point beach club appear to show that the visitor parking lot would be located on West Bay Street’s southern side, with all the activities - including the zip line in front of the public beach, restaurant, pools and lounge areasbased across the road on the northern side. Vehicle entrances from, and exits on to, West Bay Street from the northern side are also noted on the plans.
Mr Mosko, in his application on behalf of Vakis Ltd, referred to a pre-consultation meeting that was held with planning officials on January 17, 2024. “As discussed, Vakis Ltd, a local Bahamian company, owns the property known as Rock Point. The property
reinforced the importance of business continuity planning.
“Following the global IT outage that occurred on 19 July, 2024, the Central Bank issued a survey to supervised financial institutions to assess the extent that the outage may have had on their operations,” the regulator added. “Most supervised financial institutions reported no to little impact from the outage.
“Those reporting some impact outlined a range of technical issues such as
loss of access to Microsoft products, servers and workstations; interruptions in internal monitoring systems which necessitated manual oversight; and disturbances to endpoint detection and response (EDR) services.
In all cases, however, supervised financial institutions reported that issues were remedied shortly after the date of the initial events.
“The occurrence of such systemic events underscore the importance within the industry of maintaining resilient up-to-date business
continuity plans (BCP),” the Central Bank added. “Additionally, we emphasise the need to maintain robust patch management policies and procedures, including the testing of updates pre-deployment and adopting the phased deployment of updates.
“Third-party risks also need to be closely managed so that these do not expose gaps in supervised financial institutions’ policies around patch management.” The Central Bank also warned that its
approval must be obtained when licensees declare, and payout, dividends that are either greater than the prior year’s profit or reduce their capital position to one “less than that required” by regulation. And the regulator also said that, while not mandatory, its recent transparency directive on Bahamian commercial bank fees “may also allow supervised financial institutions to articulate how the costs of providing fee-based services are also varying”.
consists of 7.272 acres and was featured in the James Bond movie, Thunderball,” he wrote.
“The land owned by Vakis Ltd is bisected by West Bay Street, a public road. The section of West Bay Street that runs south of the existing house forms part of the New Providence Road Improvement project. Vakis Ltd would like to repurpose Rock Point as a destination for both locals and tourists.
“The target audience is the tourism sector with the objective of creating a day-trip destination and, to this end, a master plan has been developed that uses the existing road layout and the proposed site plan has been submitted with this application.”
Mr Mosko said Rock Point will implement the necessary safety and security measures, as well as provide access for handicapped persons and emergency and medical services. Utilities will be upgraded, and separate storage areas provided for food and solid waste.
“The property will meet global standards for accessibility, health and safety,” he pledged. “Vakis Ltd undertakes to appoint the appropriate engineers, land planners, architects, landscape architects and other professionals as necessary.
“This includes, but is not limited to....., submitting a drainage design for the car parking area, submitting design drawings for coastal groins from marine engineers and confirmation of whether the property is on the historical register.
“The location will take approximately 18 months to construct and our estimate of employment during construction is 50 Bahamians. The ongoing operational staff requirements would be expected to include 25 Bahamians.” The Vakis Ltd’s application said it plans to “repurpose the existing buildings for restrooms, reception, kitchen and bar” areas, with the residence to be expanded by a further 2,000 square feet from 8,200 square feet to 10,200 square feet. The property was used as the fictitious residence of James Bond’s main enemy, Largo, in the 1965 film Thunderball, complete with live sharks swimming in the pool.
Fast forward to the present day, and the Town Planning Committee decided on August 27, 2024, to defer its decision on giving Rock Point preliminary site plan approval until after the October 21 public hearing and consultation on the project.
ATTORNEY: CITY MARKETS PENSION MISUSE ALLEGATION ‘TOTALLY FALSE’
due severance and pension entitlements, but they are alleging this has not happened.
Justice Camille DarvilleGomez, in a September 18, 2024, verdict that dismissed James Thompson’s objections to being added as a defendant and ruled that the matter should be determined via a full trial, wrote: “The Trinity building situated on West Bay Street was owned by the trust [City Markets pension plan] and Mr Thompson entered into an arrangement to obtain 70 percent of the shares.
“This has resulted in him collecting rent of $14,000$16,000 monthly. The claimants allege that these funds are being collected by Mr Thompson for his own personal use and benefit.” While these claims have not been proven in the Supreme Court, the former City Markets staff applied on July 16, 2021, to have their now ex-attorney added as a defendant.
They are also seeking a Supreme Court order that James Thompson “forthwith transfer all of the 70
percent shares in Trinity Ltd” to the employees’ accountant, Louis Butler, who will replace the attorney and hold this interest on trust for the benefit of all beneficiaries of the City Markets employee pension plan, known as the Bahamas Supermarkets Profit Sharing Retirement Plan. The ex-staff are also demanding that James Thompson “account for all monies collected, disbursed and expended” from the Trinity Plaza rents “up to the time he transfer the 70 percent shares” to Mr Butler, and that the latter use all monies received to pay the pension beneficiaries and maintain the shopping complex.
James Thompson, who initially asked Tribune Business for time to read the Supreme Court’s verdict on the basis that he had not seen it when first contacted by this newspaper, asserted that allegations he was using the five-figure monthly rental income from Trinity Ltd for his own personal benefit were “totally false”.
Kwasi Thompson, who had acted as his father’s attorney in the case before
Justice Darville-Gomez, said he was no longer providing legal representation and referred this newspaper to his replacement, Constance McDonald. Ms McDonald could not be reached by phone, and did not respond to this newspaper’s message before press time last night.
And James Thompson, when contacted again by Tribune Business, also referred this newspaper to Ms McDonald. “I have to rely on the lawyer,” he added. He did, though, point out that the dispute has been going on “for about ten years now” and said the judge has made no findings - adverse or otherwise - on both the misuse of monies claim or the bid to add him as a defendant in the action.
Justice Darville-Gomez, in her ruling, said James Thompson’s first objection to being added as a defendant was his assertion that the former employees had been “excluded” by an earlier Supreme Court Order from being able to stand as plaintiffs in the case.
This, though, was rejected by Rouschard Martin, the current
National grantmakers bet this rural education program can scale
By EDEN STIFFMAN
IN 2010, Dreama Gentry
met Geoffrey Canada, founder of Harlem Children's Zone, a much-lauded nonprofit that supports youth from birth through college in a roughly 100block area of central Harlem. The program was an inspiration for Gentry, who had launched a college-access program in rural eastern Kentucky about a decade earlier.
"We realized that college access actually starts at birth," Gentry says. "It starts with the family, and it starts with the place." She and her staff soon began to modify their approach.
A breakthrough came that year when Gentry's group — today called Partners for Rural Impact, or PRI — received a Promise Neighborhood grant from the U.S. Department of Education. The federal
effort helps communities design anti-poverty projects modeled after the Harlem Children's Zone's "cradleto-career" approach. PRI became one of the first organizations, and the first rural effort, to receive the grant. Today, the organization helps leaders in rural towns and districts identify programming gaps and tap into comprehensive educational, medical, and social services — largely funded by federal grants. It measures community progress across a indicators like kindergarten readiness, third-grade reading, eighth-grade math, and high school graduation rates. Many of those areas saw substantial improvement over the past decade, although the COVID19 pandemic disrupted progress. Now two funders — the Ballmer Group and Blue Meridian Partners — along
with regional grantmakers and individual donors, are supporting PRI to adapt the model it honed in Appalachia for rural places in Texas, Missouri, and beyond.
"It quickly became clear to us that Dreama's vision for this field and this work was much broader than what she was doing in Appalachia," says Cecilia Gutierrez, a managing director at Blue Meridian Partners.
The grantmaker gave PRI $2 million in 2023 for its work in Kentucky. Now a second two-year grant of $5 million is helping the nonprofit assist other rural communities to develop partnerships among schools, local governments, health-care systems, and other sectors to improve the lives of students.
Rural areas tend to have fewer and less accessible institutional resources
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attorney for the former City Markets employees. He asserted that both himself and James Thompson were present when ex-chief justice, Sir Hartman Longley, ruled in August 2015 that Mr Martin was the attorney for all former staff.
However unwilling to let the matter rest, James Thompson then alleged that a Supreme Court Order dating from December 17, 2013, meant the City Markets case was “permanently stayed”. This assertion was branded “totally illogical and misleading” by Mr Martin, who denied that such an Order existed.
He added that all sides had consented to the Supreme Court conducting an “assessment”, but this had been frustrated by the separate “full-scale ongoing litigation” involving the City Markets pension’ trustees attempting to sell the plan’s most valuable asset - the company’s former East-West Highway headquarters building - to BISX-listed AML Foods.
James Thompson’s third and final objection was to assert that the former City Markets staff he once represented had “settled” the
action back in December 2013. He alleged that the Trinity Plaza’s 70 percent majority stake was “conveyed solely to pay” legal costs owing to him, and that payment of outstanding severance and benefits was to come from the pension plan trustees when the head office was sold. This was again denied by Mr Martin, who asserted: “It is clear and obvious that the plaintiffs are clamouring for help to resolve the live and kicking issues which emanate from the consent Order of September 23, 2016. The parties have settled on liability and have decided to have an assessment done to settle the issue of severance and pension.”
Justice Darville-Gomez, who said she was familiar with both the September 2016 Order and “assessment” from her time as Supreme Court deputy registrar, said the latter has yet to be completed but was intended to identify the City Markets pension fund’s assets “or missing assets”; the plan’s income, expenditure and present financial condition; what sums were
than suburban or urban places, says Jeff Edmondson, executive director of community impact at the Ballmer Group. For that reason, he says, the role of an organization that helps keep a diverse group of community leaders on track to meet common goals is particularly important "to ensure that they're using very limited resources as efficiently and effectively as possible."
This year, the Ballmer Group committed $12.5 million over five years to support PRI's efforts to assist other regions in forging community partnerships that help improve the lives of students. That's in addition to the $2.58 million the Ballmer Group has contributed to PRI since 2022.
In the past year, PRI began working in two towns in rural East Texas and Mexico, Missouri, the hometown of Tyronn Lue, head coach of the Los Angeles Clippers. Lue provided $2.5 million to support that work alongside
Steve Ballmer, the former Microsoft CEO and Ballmer Group founder who owns the NBA team. Over the next four and a half years, PRI plans to identify two more regions or towns to launch locally led partnerships. The idea is that these communities, along with those in Kentucky, Missouri, and Texas, will serve as "proof of concept" for what can work to improve education outcomes for rural families, says Gentry. "Our goal is that a superintendent in a rural place who's really considering doing a collective impact, place-based partnership could say, 'Hey, we see ourself in one of those five places and recognize that works in rural America.'"
No matter where PRI sets up shop, the work is led by locals, Gentry says.
PRI Appalachia has a service area that spans 31 counties and 42 school districts. In Leslie County, where executive director Amon Couch was born
owed to the plan; and what was due to each beneficiary. She described James Thompson’s objections as “difficult to reconcile given what has transpired in the action over the years, in particular since 2016”, finding against his claims that the matter was “permanently stayed” and Mr Martin could not represent the ex-employees.
“The plaintiffs continue to vigorously assert their rights to obtain their severance and pension benefits from the defendants per the assessment Order and therefore the action is not settled,” Justice DarvilleGomez ruled.
“The claimants in the action, some of whom have died since the action has been commenced, have been trying over the years to obtain their entitlement to their pension and severance from the defendants [City Markets]. It would be premature of the court, given all that has transpired, to find in favour of Mr Thompson at this stage without a full hearing of the application to add him as a party.”
and his father worked in the coal mines, the population is declining as people leave for better economic opportunities. The school system serves around 1,500 students, down from more than 3,500 students 30 years ago. Transportation is a major challenge as population density declines, and the area is a resource desert in terms of health and dental care. "The needs of our students are the greatest they've ever been, financially," says Brett Wilson, the district superintendent. Around 70% of students receive some type of public assistance.
Last year, the district transported hundreds of students to dental checkups through a partnership with a local health system and using money from a grant through the Department of Education's Full-Service Community Schools program and a local philanthropy.
"You can't learn English or math or anything else when your teeth are throbbing," Couch says.
STUDENTS sit atop Indian Fort Mountain in Berea, Kentucky, during Berea College Mountain Day in Oct. 2023, an annual event held to celebrate the surrounding Appalachian region. The Partners for Rural Impact are taking a philanthropic model from Harlem and adapting it for Appalachian Kentucky.
Photo:Partners for Rural Impact/AP
Hyundai has begun producing electric SUVs at its $7.6 billion plant in Georgia
By RUSS BYNUM Associated Press
HYUNDAI has begun producing electric SUVs in Georgia less than two years after breaking ground on its sprawling, $7.6 billion manufacturing plant west of Savannah.
Hyundai's factory in Georgia held an "employee-focused celebration" Thursday as its first EV for commercial sale rolled off the assembly line, Bianca Johnson, spokesperson for Hyundai Motor Group Metaplant America, said in a statement provided Monday to The Associated Press.
"After validating its production processes to ensure its vehicles meet Hyundai Motor Group's high quality standards, HMGMA has started initial production of
customer vehicles ahead of schedule," Johnson said. She said a grand opening celebration at the Georgia plant is expected in the first quarter of 2025. The South Korean automaker and battery partner LG Energy Solution plan to employ 8,500 total workers at the Bryan County site, about 50 miles (80 kilometers) west of Savannah, once the plant is fully operational. Hyundai has said it will produce up to 300,000 EVs per year in Georgia, as well as the batteries that power them. The plant's vehicle production areas have been completed and are being staffed by more than 1,000 workers, Johnson said. Its battery-making facilities remain under construction.
The first vehicles being produced at the Georgia
site are 2025 models of Hyundai's Ioniq 5 electric SUVs. Johnson said those American-made EVs will arrive at U.S. dealerships before the end of this year. During the first half of 2024, the Ioniq 5 was America's second-best-selling electric vehicle not made by industry leader Tesla.
Hyundai broke ground on its Georgia plant in late October 2022. It's the largest economic development project the state has ever seen, and came with a whopping $2.1 billion in tax breaks and other incentives from the state and local governments.
Hyundai rushed to start making EVs in Georgia within two years of groundbreaking, spurred by federal electric vehicle incentives that reward domestic production.
SUPREME COURT REJECTS APPEAL FROM 'PHARMA BRO' MARTIN SHKRELI
By LINDSAY WHITEHURST Associated Press
THE Supreme Court on Monday rejected an appeal from Martin Shkreli, who was once dubbed "Pharma Bro" after jacking up the price of a lifesaving drug.
Shkreli appealed an order to return $64.6 million in profits he and his former company reaped after monopolizing the market for the medication and drastically increasing its price. His lawyers argued that the money went to his company rather than him personally.
The justices did not explain their reasoning, as is typical, and there were no noted dissents.
Prosecutors, though, said the company had agreed in a settlement to pay $40 million, and because Shkreli masterminded the scheme he should bear responsibility for repaying profits.
New York Attorney General Letitia James applauded the court's
action upholding the order, which also included a lifetime ban on Shkreli working in the pharmaceutical industry.
"This win reinforces how our state's tough anti-fraud laws help protect New Yorkers and ensure bad actors cannot abuse their power, wealth, or influence," she said in a statement.
Thomas Huff, a lawyer for Shkreli, said the decision was disappointing. But he also said the high court could yet overturn a lower court decision that made the $64 million penalty order possible even though Shkreli hadn't personally gotten the money.
"If and when the Supreme Court does so, Mr. Shkreli will have a strong argument for modifying the order accordingly," he said.
Shkreli was also ordered to forfeit the Wu-Tang Clan's "Once Upon a Time in Shaolin," the unreleased work that has been called the world's rarest musical album. The multiplatinum hip-hop group put a single
N O T I C E
Nacaome Investments Limited
NOTICE IS HEREBY GIVEN as follows:
(a) Nacaome Investments Limited is in dissolution under the provisions of the International Business Companies Act, 2000.
(b) The dissolution of the said Company commenced on the 4 October, 2024 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is David Butler.
Dated the 7th day of October, 2024.
H & J CORPORATE SERVICES LTD.
Registered Agent for the above-named Company
copy of the album up for auction in 2015, on the condition that it not be put to commercial use.
Shkreli was convicted of lying to investors and cheating them out of millions of dollars in two failed hedge funds he operated. Shkreli was CEO of Turing Pharmaceuticals — later Vyera — when it raised the price of Daraprim from $13.50 to $750 per pill after obtaining exclusive rights to the decades-old drug in 2015. It treats a rare parasitic disease that strikes pregnant women, cancer patients and AIDS patients.
He defended the decision as capitalism at work, saying insurance and other programs ensured that people who need Daraprim would ultimately get it. But the move sparked outrage, from the medical community to Congress.
Shkreli was released from prison in 2022 after serving much of a seven-year sentence.
AMERICAN WATER, THE LARGEST WATER UTILITY IN US, IS TARGETED BY A CYBERATTACK
By BRUCE SHIPKOWSKI Associated Press
THE largest regulated water and wastewater utility company in the United States announced Monday that it was the victim of a cyberattack, prompting the firm to pause billing to customers.
New Jersey-based American Water — which provides services to more than 14 million people in
N O T I C E
Rocinante Holdings Limited
NOTICE IS HEREBY GIVEN as follows:
(a) Rocinante Holdings Limited is in dissolution under the provisions of the International Business Companies Act, 2000.
(b) The dissolution of the said Company commenced on the 4 October, 2024 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is David Butler.
Dated the 7th day of October, 2024.
H & J CORPORATE SERVICES LTD.
Registered Agent for the above-named Company
14 states and on 18 military installations — said it became aware of the unauthorized activity on Thursday and immediately took protective steps, including shutting down certain systems. The company does not believe its facilities or operations were impacted by the attack and said staffers were working "around the clock" to investigate the nature and scope of the attack.
The company said it has notified law enforcement and is cooperating with them. It also said customers will not face late charges while its systems are unavailable.
According to its website, American Water manages more than 500 water and wastewater systems in about 1,700 communities in California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia and West Virginia.
THE 2025 model Hyundai Ioniq 5 electric SUV is seen Tuesday, Sept. 3, 2024, after being unveiled at an auto dealership in Savannah, Ga. (AP Photo/Russ Bynum
THE SUPREME Court is seen on Monday, Oct. 7, 2024, in Washington.
Photo:Mariam Zuhaib/AP
Wall Street slides after Treasury yields climb back above 4% and oil rises
By STAN CHOE AP Business Writer
U.S. stocks slid Monday after Treasury yields hit their highest levels since the summer and oil prices continued to climb.
The S&P 500 dropped 1%, though it's still close to its all-time high set a week earlier. The Dow Jones Industrial Average fell 398 points, or 0.9%, coming off its own record, while the Nasdaq composite sank 1.2%.
It's a stall for U.S. stocks after they rallied to records on relief that interest rates are finally heading back down, now that the Federal Reserve has widened its focus to include keeping the economy humming instead of just fighting high inflation. Friday's blowout report on U.S. jobs growth raised optimism about the economy and hopes that the Fed can pull off a perfect landing for it.
The stronger-thanexpected hiring pushed Goldman Sachs economist David Mericle to say he now sees just a 15% chance of a recession, down from 20%.
But Friday's jobs report was so strong that it also forced traders to ratchet
back forecasts for how much the Fed will ultimately cut interest rates by. That in turn has sent Treasury yields higher, and the 10-year yield is back above 4% for the first time since August.
The two-year Treasury yield also briefly climbed back above 4% Monday, up from 3.50% a couple weeks ago. That's a sizeable move for the bond market, and it can drag on prices for stocks and all kinds of other investments.
When Treasury bonds, which are seen as the safest possible investments, are paying more in interest, investors become less inclined to pay very high prices for stocks and other things that carry bigger risk of losing money. Monday's sharpest losses hit stocks of utility companies. These kinds of stocks tend to pay big dividends, which means they can see potential buyers leave when bonds are paying more in interest.
Utilities fell 2.3% for the sharpest loss among the 11 sectors that make up the S&P 500 index, including a 5.2% drop for Vistra and a 3.3% slide for Duke Energy.
It's more difficult to look attractive to investors seeking income when a 10-year Treasury is paying a 4.02% yield, up from 3.97% late Friday and from 3.62% three weeks ago.
The yield on the twoyear Treasury, which more closely tracks expectations for the Fed, jumped more on Monday. It rose to 3.99% from 3.92% late Friday.
Treasury yields may also be feeling upward push from the recent jump in oil prices. Crude prices have been spurting higher on worries that worsening
tensions in the Middle East could ultimately lead to disruptions in the flow of oil.
Brent crude, the international standard, rose another 3.7% Monday to settle at $80.93 per barrel. Benchmark U.S. crude, meanwhile, also gained 3.7%, to $77.14 per barrel.
Stocks that are seen as the most expensive can feel the most downward pressure from higher Treasury yields, and the spotlight has been on Big Tech stocks. They drove the majority of the S&P 500's returns in recent years and soared to
heights that critics called overdone.
Apple fell 2.3%, Amazon dropped 3% and Alphabet sank 2.4% to act as some of Monday's heaviest weights on the S&P 500.
An exception was Nvidia, which rose another 2.3%. It rode another upswell in excitement about artificialintelligence technology after Super Micro Computer soared 15.8% after saying it recently shipped more than 100,000 graphics processing units with liquid cooling.
If Treasury yields keep rising, companies will likely need to deliver bigger profits to drive their stock prices much higher, and this week marks the start of the latest corporate earnings reporting season.
Analysts say earnings per share grew 4.2% during the summer for S&P 500 companies from a year earlier, led by technology and health care companies, according to FactSet. If those analysts are correct, it would be a fifth straight quarter of growth.
PepsiCo will report its latest quarterly results on Tuesday, but the momentum will really pick up Friday. That's when JPMorgan Chase, Wells Fargo
and Bank of New York Mellon will report, as banks dominate the early days of reporting season.
Bank stocks were mixed Monday, with a few adding to gains from Friday when the stronger-than-expected jobs report raised hopes that customers will borrow more money and make good on the loans.
Elsewhere on Wall Street, winemaker Duckhorn Portfolio more than doubled after a private-equity firm said it would buy the company for roughly $1.95 billion in cash. All told, the S&P fell 55.13 points to 5,695.94. The Dow dropped 398.51 to 41,954.24, and the Nasdaq sank 213.95 to 17,923.90. In stock markets abroad, European indexes were mixed following bigger gains in Asia.
Japan's Nikkei 225 index rose 1.8% after the value of the yen sank against the U.S. dollar. A weaker yen can boost profits for Japanese exporters. Stock markets in mainland China will reopen on Tuesday from a weeklong holiday, and the government said it plans to explain details of plans for economic stimulus at a morning news conference in Beijing.
THE NEW York Stock Exchange is shown on Sept. 24, 2024., 2024, in New York. Photo:Peter Morgan/AP
FEDERAL JUDGE ORDERS GOOGLE TO OPEN ITS ANDROID APP STORE TO COMPETITION
SAN FRANCISCO
Associated Press
A FEDERAL judge on Monday ordered Google to tear down the digital walls shielding its Android app store from competition as punishment for maintaining an illegal monopoly that helped expand the company's internet empire.
The injunction issued by U.S. District Judge James Donato will require Google to make several changes that the Mountain View, California, company had been resisting. Those include a provision that will require its Play Store for Android apps to distribute rival third-party app stores so consumers can download them to their phones, if they so desire.
The judge's order will also make the millions of Android apps in the Play Store library accessible to rivals, allowing them to offer up a competitive selection.
Donato is giving Google until November to make the revisions dictated in his order. The company had insisted it would take 12 to 16 months to design the
safeguards needed to reduce the chances of potentially malicious software making its way into rival Android app stores and infecting millions of Samsung phones and other mobile devices running on its free Android software. The court-mandated overhaul is meant to prevent Google from walling off competition in the Android app market as part of an effort to protect a commission system that has been a boon for one of the world's most prosperous companies and helped elevate the market value of its corporate parent Alphabet Inc. to $2 trillion.
Google said in a blog post that it will ask the court to pause the pending changes, and will appeal the court's decision.
Donato also ruled that, for a period of three years ending Nov. 1, 2027, Google won't be able to share revenue from its Play Store with anyone who distributes Android apps or is considering launching an Android app distribution platform or store. It also won't be allowed to pay developers, or share revenue, so
that they will launch an app in the Google Play Store first or exclusively, and can't make deals with manufacturers to preinstall the Google Play store on any specific location on an Android device. It also won't be able to require apps to use its billing system or tell customers that they can download apps elsewhere and potentially for cheaper.
The Play Store has been earning billions of dollars annually for years, primarily through 15% to 30% commissions that Google has been imposing on digital transactions completed within Android apps. It's a similar fee structure to the one that Apple deploys in its iPhone app store — a structure that prompted video game maker Epic Games to file antitrust lawsuits four years ago in an effort to foster competition that could help drive down prices for both app makers and consumers.
A federal judge mostly sided with Apple in a September 2021 decision that was upheld by an appeals court. Still, a jury favored Epic Games after the
New analysis suggests national debt could increase under Harris, but it would surge under Trump
By JOSH BOAK Associated Press
NO one is likely to be happy with the projected higher deficits laid out in a new analysis of Kamala Harris' and Donald Trump's economic plans.
The analysis released Monday by the nonpartisan Committee for a Responsible Federal Budget suggests a Harris presidency could increase the national debt over 10 years by $3.5 trillion. That's even though the vice president's campaign insists her proposed investments in the middle class and housing would be fully offset by higher taxes on corporations and the wealthy. Her campaign policy guide states that Harris is "committed to fiscal responsibility — making investments that will support our economy, while paying for them and reducing the deficit at the same time."
The same analysis says former President Trump's ideas could heap another $7.5 trillion onto the debt and possibly as much as $15.2 trillion. That's even though he suggests growth would be so strong under his watch that no one would need to worry about deficits.
The 34-page report released by the fiscal watchdog group puts a spotlight on the issue of government borrowing that will confront the winner of November's election. Total federal debt held by the public now tops $28 trillion and is expected
to keep climbing as revenues can't keep up with the growing costs of Social Security, Medicare and other programs. The analysis noted that the expense of servicing that debt in dollar terms has "eclipsed the cost of defending our nation or providing health care to elderly Americans." Drawing on the candidates' speeches, campaign documents and social media posts, the analysis warns bluntly: "Debt would continue to grow faster than the economy under either candidates' plans and in most scenarios would grow faster and higher than under current law."
Neither candidate has meaningfully stressed budget deficit reduction in their pitch to voters. But multiple analyses show a clear difference of Harris being much more fiscally responsible than Trump.
Harvard University professor Jason Furman, who was the top economist in the Obama White House, estimated in an opinion article for The Wall Street Journal that Harris' plans could cut deficits by $1.5 trillion or raise them by $1.5 trillion. Meanwhile, his estimates show that Trump's plans would increase deficits by $5 trillion, though that figure does not include his plans to charge no taxes on overtime pay and scrap the limit on deductions of state and local taxes. There are other estimates by The Budget Lab at Yale and the Penn Wharton Budget Model that
completion of a four-week trial completed last year and delivered a verdict that tarred the Play Store as an illegal monopoly. That prompted another round of hearings this year to help Donato determine what steps should be taken to restore fair competition. Google argued that Epic Games was seeking some extreme changes, saddling the company with costs that could run as high as $600 billion. Epic contended Google could level the playing field for as little as $1 million. It's unclear how much the changes ordered by Donato will cost Google. Although Epic lost its antitrust case against Apple, Donato's ruling could still have ripple effects on the iPhone app store as another federal judge weighs whether Apple is making it easy enough to promote different ways that consumers
possible that Harris' agenda would add nothing to baseline deficits, but the report also said it might plausibly add as much as $8.1 trillion in debt in what appears to be a worse-case scenario.
also show Harris would be better at keeping the deficit in check.
The Harris campaign said it sharply disagreed with the analysis of Harris' policies by the Committee for a Responsible Federal Budget, saying she would reduce the deficit if she became president.
The Trump campaign also criticized the analysis, with Brian Hughes, a senior adviser, saying, "Trump's plan will rein in wasteful spending, defeat inflation, reduce the burden of interest costs, and ignite economic growth that fuels federal revenue, so we can make our economy great again."
The committee analysis estimates that Harris' policy ideas could add $3.5 trillion to the national debt through 2035. That conclusion depends on its treatment of how much various programs could cost.
It forecasts that Harris would implement $4.6 trillion in tax reductions, including extensions of some of the expiring 2017 tax cuts that Trump signed into law and tax breaks for parents and no taxes on tipped income for hospitality workers. Roughly $4 trillion in higher taxes on corporations and the wealthy would be insufficient to cover the total cost of her agenda and the additional interest on the debt that it could generate.
Still, the analysis notes that its numbers depend on various interpretations of what Harris has said. It's
By contrast, Trump's ideas would likely add another $7.5 trillion to the debt. His $2.7 trillion in tariff revenues would be
can pay for digital transactions. Apple was ordered to allow in-app links to alternative payment systems as part of U.S. District Judge Yvonne Gonzalez Rogers' decision in that case, but Epic contends the provision is being undermined with the creation of another commission system that stifles consumer choice.
The forthcoming Play Store shakeup could be just the first unwelcome shock that antitrust law delivers to Google. In the biggest antitrust case brought by the U.S. Justice Department in a quarter century, U.S. District Judge Amit Mehta in August declared Google's dominant search engine to be an illegal monopoly, too, and is now getting ready to start hearings on how to punish Google for that bad behavior. Google is appealing Mehta's ruling in the search engine case in hopes
of warding off a penalty that could hurt its business even more than the changes being ordered in the Play Store.
"Provided the ruling survives the appeals process, Google will almost certainly take a revenue hit," said Emarketer analyst Evelyn Mitchell-Wolf. "No doubt some of the largest app developers like Epic Games will start encroaching on Google Play Store's market share, meaning Google will lose out on its usual cut of subscription and in-app purchases."
The analyst added that, while the Google Play Store will likely continue to benefit from brand recognition since it was the default Android app store for so long, "some consumers may defect if they can get better deals on their favorite apps elsewhere."
unable to cover $9.2 trillion in tax cuts and additional expenditures such as $350 billion to secure the border and deport unauthorized immigrants. But the analysis includes other possibilities that show far higher deficits under Trump. If his tariffs raised less money and there were higher costs for his mass deportations and tax breaks, the national debt could jump by $15.2 trillion. On the other hand, if the tariffs raised $4.3 trillion and there were no costs tied to deportations, Trump's plans could only increase the debt by $1.5 trillion over 10 years.
A SIGN is shown on a Google building at their campus in Mountain View, Calif., on Sept. 24, 2019.
Photo:Jeff Chiu/AP
Home insurers argue for a 42% average rate hike in North Carolina
By GARY D. ROBERTSON Associated Press
WITH many western North Carolina residents still lacking power and running water from Hurricane Helene, a hearing began Monday on the insurance industry's request to raise homeowner premium rates statewide by more than 42% on average.
A top lieutenant for
Insurance Commissioner
Mike Causey opened what's expected to be multiple weeks of witnesses, evidence and arguments by attorneys for the state Insurance Department and the North Carolina Rate Bureau, which represents insurance companies seeking the increase.
In over 2,000 pages of data filed last January, the Rate Bureau sought proposed increases varying widely from just over 4% in parts of the mountains to 99% in some beach areas. Proposed increases in and around big cities like Raleigh, Charlotte and
Greensboro are roughly 40%.
Across 11 western counties that were hit hard by Helene, including Asheville's Buncombe County, the requested increase is 20.5%. The percentages are based on insurance payouts of years past and future claims projections.
After taking public comment, Causey rejected the request in February, prompting the hearing. In previous rounds of premium rate requests, the industry and the commissioner have negotiated settlements before a hearing. Before the last such hearing set for early 2022, they settled weeks earlier on a 7.9% average premium rate increase after the bureau had sought 24.5%.
This time, Causey told reporters Monday, "we were not able to come anywhere close, so that's why we're here today."
When the hearing ends, the hearing officer, in consultation with Causey, will decide within 45 days whether the proposed
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 208470 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 4th day of October A.D. 2024.
BRUNO ANDRIETTA DE LIMA
rates are excessive, and if so, issue an order that sets new rates. That order could be challenged at the state Court of Appeals.
Rate Bureau attorney Mickey Spivey told hearing officer Amy Funderburk that the highest inflation in 40 years — particularly
on building materials — combined with calamitous storms that are "getting worse and worse" show that current premium rates are "severely inadequate."
Spivey cited Helene, which inflicted unprecedented destruction in the state's western mountain
NOTICE
BD Participações Internacional 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 210504B.
(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 4th day of October A.D. 2024.
JORGE LUIZ NICCHIO FILHO LIQUIDATOR
Without a fair profit and the ability to cover claims, Spivey said, industry companies will have to invoke a legal exception more frequently insuring high-risk homeowners only if they agree to pay premiums at rates that are up to 250% of the bureau's rate. Otherwise, he said, more insurers will stop issuing policies altogether.
communities, as well as Hurricane Florence in 2018, which caused billions of dollars of in damage in eastern North Carolina, much of it paid for by insurance companies.
Not mentioned Monday:
Hurricane Milton, which grew explosively to a Category 5 hurricane while closing in on Florida on a path expected to mostly miss North Carolina.
"Whether you want to call it climate change or not, there is no denying that we are having bigger, stronger and more costly catastrophic storms than we've seen in any of our lifetimes," Spivey said.
The Insurance Department's attorney, Terence Friedman, argued that the industry continues to use actuarial methods that ignore what state law requires in calculating rates increases.
Friedman said the bureau's requested rates are inflated and that the department's actuaries will demonstrate there are "alternative recommended rates that will allow the bureau's members to earn what they're constitutionally entitled to."
But Spivey said the Insurance Department's witnesses would seek to actually lower premium rates, or limit increases by less than 3%.
Not every owner's premiums will go up or down by the final approved rates; there are other factors insurers consider in setting a bill.
The "consent to rate" exception in North Carolina's law has helped prevent a mass exodus of home insurers, as some states have experienced, said David Marlett, an insurance professor at Appalachian State University.
While each state has different models to regulate rates, those affected by more hurricanes and storms are essentially faced with two options, Marlett said: Allow rates to keep rising to cover claims, or "somehow we build structures that are able to withstand climate change."
Friedman criticized the bureau for citing Helene in its opening statement, saying it shouldn't be used as grounds to raise rates on the storm's survivors. He also noted that most of Helene's damage was caused by flooding, which is covered separately from the homeowners' policies now being considered.
The proceedings are likely to continue after early voting begins on Oct. 17. Causey, a two-term Republican commissioner, is being challenged by Democrat Natasha Marcus, a state senator. Marcus held a news conference outside the Insurance Department headquarters criticizing Causey for declining to preside over the hearing, calling it a "ridiculous dereliction of one of his major duties in this job." She also lamented that any decision will be made after Election Day. Causey said he's not hearing the case in part because he's not an attorney.
NOTICE
Elaine Giovannetti Incorporações 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 210459 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 4th day of October A.D. 2024.
ELAINE DA ROCHA GIOVANNETTI LIQUIDATOR
NOTICE EMOTIONAL INTELLIGENCE LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 206604 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 4th day of October A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is VIVIANE ZUKERMAN CONDE CALDAS, whose address is Rua Capuri 711 Casa, Sao Conrado, CEP: 22610- 310, Rio De Janeiro, Brazil. Any Persons having a Claim against the abovenamed Company are required on or before the 4th day of November 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 benefit of any distribution made before such claim is proved.
Dated this 4th day of October A.D. 2024. VIVIANE ZUKERMAN CONDE CALDAS LIQUIDATOR
NORTH Carolina state Sen. Natasha Marcus, D-Mecklenburg, a candidate for North Carolina insurance commissioner, speaks outside the state Department of Insurance building in Raleigh, N.C., before a hearing on homeowners’ premium insurance rates on Monday, Oct. 7, 2024.
Photo:Gary D. Robertson/AP