10142022 BUSINESS

Long Island

build-out

By NEIL HARTNELL

Business Editor

THE developer behind the planned Long Island cruise port has committed to employing a workforce that is a minimum 80 percent Baha mian for a project where the total investment could exceed $500m.

A spokesperson for the Calypso Cove development, whose principals signed a Heads of Agreement with the Government last week, told Tribune Business the ultimate spend could easily double the announced $250m which covers land acquisition costs and infrastructure build-out. Equipment, labour (wages) and construction materials costs would be what takes that to $500m.

They added that, besides committing to a workforce that is at least 80 percent Bahamian, the project’s prin cipals - Sherif Assal and

Food stores ‘up in arms’ on price control details

Carlos Torres de Navarrahave also agreed to put Long Island residents first when it comes to jobs and hiring. Using a sliding preference scale, existing residents will be called first, with Long Island descendants getting the second go before the pro ject casts its net wider to all Bahamians.

Pledging that Calypso Cove, which is being billed as a “six star” independent cruise terminal and stopo ver tourism destination, will not be operated as a private island location that excludes Bahamians, the spokesperson told this newspaper that it will rely heavily on Long Island’s people and authentic local experiences to differentiate it from rival facilities. Some 120 construction posts, as well as contractors, will be needed once building starts.

Explaining the economic and business rationale for

Pharmacists ‘blindsided’ over Gov’t price control

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas Pharma ceutical Association’s (BPA) president yesterday revealed the industry has been “blind sided” by the Government’s imposition of price-controlled mark-ups that could force smaller operators to close.

Shantia McBride told Tribune Business that here

members do not support the Davis administration’s move as it bids to counter soaring inflation and a cost of living crisis, and the Association plans to “reach out to the Government respectfully” in a bid to achieve a “compro mise” on the matter.

“There has been no consul tation with our stakeholders on any level, because there’s a Pharmacy Council. If they wished for recommendations

to have been made, they could have come straight for ward to the Association. They could have come to me and I would have directed them to our representatives on this price control,” she said.

“Not every pharmacy is a large-scale pharmacy. We have some small pharmacies around and therefore these price controls across the board can’t work.”

The Price Control (Drugs) (Amendment) Regulations 2022, which are due to take effect on Monday, October 17, and remain in place for at least three months until Janu ary 17, 2023 - although they could be extended for longer - impose price-controlled mark-ups ranging from 15 percent to 18 percent on phar maceutical wholesalers. For

Proven competition: Jamaica group targets Bahamas move

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN finan cial providers were yesterday told to “prepare themselves” for increased competition after a promi nent Jamaican group with over $1bn in total assets unveiled plans to establish a physical presence here.

Proven Group Ltd, which is supplying the $20m financing for the Govern ment’s 365-lot Renaissance at Carmichael housing sub division, told shareholders at its recent annual general meeting (AGM) that it has been “creeping into The Bahamas” and is now ready

to set up a “bricks and mortar” presence.

Christoper Williams, president and chief executive of Proven Man agement, the entity that manages Proven Group, was quoted by Jamaican media as saying the com pany already has “a great relationship” with Prime Minister Philip Davis KC and his Cabinet ministers.

“Within the three plat forms, Proven Wealth Jamaica is well-known, well-established and has been creeping into The Bahamas. So, we have been flying in, building relation ships and we’re looking now to establish brick and mortar on the ground in

Gov’t intervention call at GB Power

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Government was yes terday urged to intervene over several labour-related grievances involving Grand Bahama Power Company after a trade union leader threatened to seek a “fur ther course of redress”.

Roscoe Burrows, the Commonwealth Electrical Workers Union’s (CEWU) president, did not specify what this would involve in a statement to Trib une Business as he cited three disputed termina tions at Grand Bahama’s energy monopoly - the last

of which occurred just over a week ago on October 6, 2022.

“Another member was wrongfully dismissed most recently on October 6, 2022, without cause or reason once again despite the pre vious cases being before the courts,” he asserted.

The other two previous dismissals of union mem bers occurred on November 27, 2020, and February 12, 2021, with the former cur rently before the Labour Board.

Mr Burrows added that the second was being appealed by GB Power

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FOOD stores throughout The Bahamas were yesterday said to be “up in arms” over the details of the Government’s expanded price control regime amid fears it will “dev astate” the industry and jobs for hundreds of workers.

Philip Beneby, the Retail Grocers Asso ciation’s president, told Tribune Business the 25 percent across-the-board mark-up that the Davis administration is applying to the targeted 38 product lines is “not enough to survive” for many retailers.

And, with the changes due to take effect from Monday, October 17, he added that the four days granted to the industry to adjust pricing on both store shelves and electronic point-of-sale systems was simply insufficient to facilitate a smooth, orderly transition.

Mr Beneby told this newspaper that food stores are instead now facing the prospect of incurring extra losses, as they will have to sell existing inventories for those goods that are not presently price controlled - but will be come October 17 - at the new, lower govern ment-imposed mark-up instead of the higher gross margin previously anticipated.

Disclosing that no merchant had been consulted on the impact prior to the Prime Minister disclosing the changes in his Tues day evening national address, the Association president warned that the fall-out could impact the Government’s own tax income if stores were forced to close or cut back on operations as a result.

Confirming that grocers across The Baha mas are voicing the same concerns and fears, Mr Beneby said former FNM MP for North Eleuthera, Ricky Mackey, who owns a food store, had also discussed the price control con troversy with him yesterday.

GET YOUR BUSINESS PREPARED FOR 2023

October is typi cally when successful busi nesses invest time and resources to prepare for the upcoming year. Today’s article focuses on a glob ally-respected tool that is being reintroduced to help Bahamian businesses attain a higher level of global competitiveness.

The Hospitality Assured Programme is known for helping companies achieve outstanding results in their business and service goals. And the Hospitality Assured Certification for the Caribbean seeks to actively encourage compa nies to put in place a service quality framework that

meets the requirements for the European Foundation for Quality Management Excellence Model.

The Hospitality Assured process encourages busi nesses to look at their own operation from the cus tomer’s perspective, and see where improvements should be made to ben efit consumers.

This also strengthens the business.

The Hospitality Assured Nine-Step Framework pro vides the foundation to achieve service and busi ness excellence.

Let us take a pulse of your readiness for 2023, and see how you measure up. Complete this one-minute checklist below:

* Have you compiled and analysed your customer, competitor, market and economic data?

* Have you clearly defined and communicated your customer service promise for 2023?

* Have you consulted, completed and communi cated your 2023 Business Plan?

* Have you updated your operational plan, and created or updated your Standard Operating Procedures?

* Have you accessed all of your business resources, equipment, staff and facili ties in preparation for 2023?

* Have you created a 2023 Talent Development

plan inclusive of per formance management, training needs assessments and measurement?

* Have you established business targets and a system for determining whether they are happening effectively?

* Have you created a service recovery plan, beginning with a checklist of daily issues arising out of doing business?

* Have you completed your focus groups and benchmarking exercises to determine your 2015 strengths and developmen tal gaps?

Every business hopes to see returns on the invest ments they make in staff,

products, marketing and branding efforts. If there are two or more of these boxes left unchecked, it may be a good opportunity to get the help readily available at the Tourism Development Corporation.

• NB: Ian R Ferguson is a talent management and organisational develop ment consultant, having completed graduate studies with regional and interna tional universities. He has served organsations, both locally and globally, pro viding relevant solutions to their business growth and development issues. He may be contacted at tccon sultants@coralwave.com.

GAS WHOLESALERS EYE RISE IN 20-YEAR UNCHANGED MARGINS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

PETROLEUM suppliers are urging the Government to increase price-con trolled margins that have remained unchanged for 20 years so they can better cope with escalating costs.

Raymond Samuels, Rubis’ managing director for The Bahamas and Turks and Caicos, told reporters that “the regulated margin for wholesalers has been around for over 20 years” without any increase while the cost of doing business has risen significantly over the same period.

Speaking at the 10th anni versary celebrations for Rubis’ entry into the Baha mian petroleum market, when it acquired Texaco’s

downstream business and assets, he said: “We under wholesale haven’t had any adjustment in our margin for over probably 20 years.

“It has been 33 cents per gallon on the gasoline, and 18 cents roughly on the diesel. As you know, the cost of doing business has certainly escalated over the years, not to mention the impact of COVID… The logistics costs we see, steel prices and so on going up, so our capital costs have gone up pretty signifi cantly. So we hope at some stage there’ll be some kind of improvement to that margin.”

While this is a decision for the Government, Mr Samu els added: “We certainly believe that the margin should keep pace with the cost of doing business, so it should be assessed and ana lysed over time to allow for

investors like ourselves to really accomplish a reason able return on investment.

“We really think that there needs to be a bal ance. Timing is important, of course, and we do understand the high price environment and custom ers certainly feeling the impact, so I think timing is going to be of the essence. But we do anticipate that at some stage we’ll have an assessment of the whole sale margin so we can have better alignment with the increase in the cost of doing business and return on investment.”

Gas station operators are thus not the only segment of the petroleum indus try seeking an increase in their fixed, price-controlled margins to compensate for increasing business costs that have escalated amid

the post-COVID inflation ary surge.

Dealers had initially sought a 50 percent increase in their gasoline margins, which would have resulted in a 27 cent per gallon increase from the existing $0.54 to $0.81. They subsequently engaged in talks with the Govern ment to seek relief from the squeeze imposed by the fixed, price-controlled structure as global oil prices surged close to $130 per barrel earlier this year, but no conclusive outcome was ever reached.

Michael Halkitis, min ister of economic affairs, quickly ruled out any increase in dealer margins due to the perceived nega tive impacts this would have on consumers already grap pling with soaring inflation. And, given present market realities coupled with the

Government’s position, it appears unlikely a whole saler margin increase - which would also benefit Shell (FOCOL Holdings) as well as Esso (Sol Petro leum) - would be granted with gas prices still near $6 per gallon.

Mr Samuels said it is impossible to forecast how global oil, and gaso line prices, will move but the fast-approaching winter in the US and Europe is set to increase energy demand yet again. Mr Sam uels added: “It’s difficult to predict. We do see the trend in the middle distillate on the Platts side. Prices are creeping up. But how far up we can’t say.”

COVID-19 impacted Rubis and the petroleum industry like all other eco nomic sectors, but Mr Samuels said The Bahamas appears to be rebounding

even in the face of rising inflation. “Fuel is perhaps one of the most transpar ently traded products on the international market,” Mr Samuels said. “The price of product on the interna tional market is a function of supply and demand, and certainly incidents like the war in Ukraine impacted supply and demand.

“So, unfortunately, it has affected the business inter nationally. We are part of that; that ecosystem. We are price takers and, as you know, The Bahamas is a regulated market. So if we acquire on the international market at a higher price, that price goes through to the market. But, you know, we hope that some day that price would certainly stabilise and so that can provide some ease to our customers.”

Food store principal fears: ‘There goes the business’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN food store owner yesterday said “there goes the business” as he voiced fears that the price control regime’s expansion will drive smaller operators such as himself out of business.

Atwell Ferguson, Golden Gates Supermarket’s gen eral manager, told Tribune Business that some of the extra 38 items set for inclu sion in the price control regime from Monday, Octo ber 17, are “the only things that were helping the busi nesses to survive”

“Way back in 1972 they went up by 23 percent,” he added of price-controlled mark-ups, “and then all types of taxes increased from 1997 to now. Even the Bahamas Power and Light (BPL) rate has been increased. I just don’t know how the business is going to make it.”

While there was nothing wrong with the Govern ment’s efforts to make groceries more afford able for Bahamians, Mr Ferguson argued that the effort “should be from the top down and not from the bottom up”. He added: “The govern ment should be the first persons to start to reduce taxes, but instead they increase taxes and it comes down to us to pay it.

“This will hurt us and I don’t understand it. There is global inflation and I understand that. But the Government is not doing anything to help the busi nesses, yet they want the businesses to help the

people and then they take all of the credit.”

Philip Davis KC, in his national address on Tues day evening, unveiled a major expansion of the price control regime to 38 extra foods, medicines and other essentials in a bid to combat soaring inflation that has “made life even more unaffordable” for many Bahamians.

He pledged that the Gov ernment is doing more to tackle the country’s cost of living “crisis” while acknowledging that prices have risen “across the board faster than they have for many decades”. Empha sising that the price control regime’s expansion is for a six-month trial period, he told Bahamians: “Tonight, I want to announce that we have added 38 new items to be subject to price controls in our country.

“We are limiting the wholesale and retail

mark-up of everyday items like diapers, and food like chicken, eggs, bread, bananas, apples, oranges, broccoli, onions and pota toes. These items are being added for at least a sixmonth period, at which point we will review and evaluate the impact on businesses and consumers.

“We are also reduc ing the profit margin on price-controlled drugs, providing additional relief to Bahamians. During an inflation emergency it’s important to take the steps we can to improve afford ability.” The price control regime’s expansion, which also involves an increase in the number of inspec tors, is designed to work in tandem with the minimum wage increase to help fur ther offset inflation’s impact on vulnerable, low income Bahamians.

Price controls have always been a controversial

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SAPURAOMV UPSTREAM (SOUTHEAST ASIA) INC.

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned Andrew Davies of Crowe Bahamas, Harbour Bay Plaza, Shirley Street, Suite 587, P.O. Box AP-59223, Nassau Bahamas Email andrew.davies@crowe.bs on or before 14th day of November, A.D., 2022. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 14th day of October, A.D., 2022.

Andrew Davies Liquidator

Harbour Bay Plaza, Shirley Street, Suite 587, P.O. Box AP-59223, Nassau, Bahamas

instrument among the pri vate sector - especially those companies and busi nesses impacted by them. They were imposed by the Government decades ago to prevent what it viewed as an unscrupulous mer chant class from exploiting lower income Bahamians by unreasonably hiking the price of food staples and other essential products, thus placing them out of reach while undermining living standards.

However, opponents argue they are an anach ronism that have no place in a modern 21st century economy. The private sector views price controls as an inefficient, distor tionary mechanism that creates more unintended consequences than the sup posed problems they solve. They can result in product shortages, while retailers and wholesalers have to

increase prices and margins on non-price controlled items to compensate for selling these goods as effec tive “loss leaders”.

Andrew Higgs, general manager of WHIM Auto motive, said he does not

believe in price controls and hit out at a “farce” that governments make consumers believe they are looking out for them through using them. “They just don’t work,” he added.

NOTICE is hereby given that TAMARA KEISHELL CLERVIL of Eneas 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 twenty-eight days from the 7th day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

LONG ISLAND CRUISE PORT BUILD-OUT TO HIT $500M

investing so heavily in what is “a greenfield site” at Long Island’s southern tip, located in close proximity to the settlements of Gor don’s and Mortimer’s, they said it is being “built to get an existing client” rather than simply hoping that the cruise lines and stopover visitors will come. Between 750,000 to one million cruise passengers are fore cast to visit annually once Calypso Cove is completed.

Pointing to the cruise industry’s continued global expansion, with dozens of new vessels scheduled to come off shipyard produc tion lines before 2030, the spokesperson said Long Island’s relative proximity to the US and Florida will make it an attractive port of call compared to other Caribbean territories in an era when the lines are seek ing to minimise fuel costs and remain close to home post-COVID.

And, while the develop ers have requested a Crown Land grant for 500 acres critical to Calypso Cove’s build-out, along with a

50-acre seabed lease, the spokesperson revealed the former deal will not be activated until “specific per formance thresholds” have been met. In particular, the developers must invest a minimum $100m directly into the project before any Crown Land grant or pur chase is considered.

“The Government did not want the develop ers to have an immediate grant,” the spokesperson said. “They have requested specific performance thresholds to be met. The developer has to spend $100m, and it has to be veri fied that this has been spent directly in the project and not outside. Only then can they request the Crown Land grant.

“No financier will fund this without a fee simple in title. It’s largely on private land, and they’re going to end up buying the land from the Government. They will pay for it. That’s not going to be a Crown grant. While most of the project is being built on Crown Land, most of the project will be on private land.” Some 1,066 acres of

the 1,566 acre project con sists of private land that the Calypso Cove develop ers will close on once all necessary approvals and financing are in place.

The Bahamas Investment Authority (BIA), in con firming that the National Economic Council (NEC) had given its blessing to the project via a July 7, 2022, letter to the developers, affirmed that work per mits would be granted to key management person nel and specialised workers provided they adhered to “the Government’s 80:20 ratio (Bahamian to foreign) labour policy”.

“I think the invest ment bodes well for Long Island,” the Calypso Cove spokesperson said. “This is going to be an effort in repopulation for an area that has suffered the depop ulation of thousands of persons over the last few decades. In 1980 there were 2,200 people [in south Long Island], and now there is not more than 100 people from Clarence Town to the southern end.

“This remains the cata lyst for the rebirth and

regeneration of the island with particular focus on the south, which has been ignored and forgotten for more than 40 years. It is that part which needs the most help, and this symbi otic relationship is intended to provide just that- help and hope.

“This development is important for everyone on Long Island, whether it be moonshiners in the north to the boat builder and sailors in the middle and the seamen, fishermen and farmers in the south. Our approach will be inclusive and Long Island focused.”

It is unclear yet when construction will start, and all necessary investment incentives and planning approvals will be in place. Financing will also have to be arranged, and some Long Islanders will likely take convincing about the project’s merits given the limited information made available on it to-date.

Cheryl de Goicoe chea, the Long Island Chamber of Commerce president, told Tribune Business the group has not had any discussions with

Azul Destinations and Calypso Cove Destina tions about their plans and she has only heard informa tion on it via the media.

“Everything is being done in Nassau. I have not been informed about any thing. Nothing has been done on Long Island, so I don’t know anything about the project other than what we see in the press,” she said. “But maybe they have spoken to the Com missioner and maybe they have spoken with Town Planning. Maybe they have met with more important people on Long Island and I just was not included.”

Public consultation thus has yet to start in earnest, but the Calypso Cove spokesperson promised: “This will not be a private island. The developer is trying to encourage Long Islanders to be a part of it, while there are going to be security protocols it’s not going to be preventative in not allowing people in, because the beauty of the island and its people will be the real attraction.

“We don’t see any imme diate environmental issues.

A proper study needs to be done of the economic impact and how it seeks to engage Long Island, not just the south but the entire island and the diaspora. The developer is not build ing hoping to get a client; they’re building to get an existing client, and the more exposed Long Island is to the outside world the more opportunities it has for economic growth and empowerment.

“Money and opportu nity follows people, not the other way around. You have nothing down there now in the southern Baha mas close to this. This is on an international shipping land, the Crooked Island passage.”

Mr Torres de Navarra is a former head of port and destination develop ment for Carnival Cruise Lines, and is also an exchief executive of Holistica, the joint venture between Royal Caribbean and ITM Group. Mr Assal is heavily involved in providing secu rity services to the cruise lines.

PROVEN COMPETITION: JAMAICA GROUP TARGETS BAHAMAS MOVE

Bahamas,” Mr Williams was reported to have said. Asked about the state of the Bahamian economy, he further replied: “It’s rebounding very well. The international banking space in The Bahamas is very strong, the real estate space is strong and, of course, the tourism space is strong. We like the economy, and so the Prime Minister and his ministers have been very welcoming to us. We have a great relationship with them.”

Proven Group has strong political connections in Jamaica. One of Proven Management’s co-found ers and a current director, Mark Golding, is leader of Jamaica’s principal oppo sition party, the People’s

National Party (PNP), while another co-founder and fellow director, Peter Bunting, served alongside him in the last of Portia Simpson-Miller’s Cabinets.

Another co-founder and director of both Proven Group and Proven Man agement, Garfield ‘Garry’ Sinclair, is former chief executive at the Baha mas Telecommunications Company (BTC). This newspaper also saw photos earlier this year of Mr Davis meeting Mr Golding in Jamaica while attending the CARIFTA track and field championships.

Jobeth Coleby-Davis, minister of housing and transport, accompanied the Prime Minister on the trip, and visited Jamaican lowcost housing developments while there. It is likely that

the Renaissance arrange ments were discussed at that time. The Progressive Liberal Party (PLP) also views the PNP as akin to its sister political organisation in Jamaica.

Proven’s plans further highlight growing interest by Jamaican finance houses and investment houses in the Bahamian economy and funding projects here. Besides Proven’s involve ment with Renaissance, which was facilitated by Bahamas-based Simplified Lending headed by Robert Pantry, another Jamaican financial player, Sygnus Capital, has recently funded two public-private part nership (PPP) deals in this nation.

Along with the $25m in financing its has provided to Bahamas Striping Group

of Companies’ subsidi ary, Caribbean Pavement Solutions, to fund road projects in Exuma, Sygnus also previously raised $9m for the completion of the Government administra tive complex in Eight Mile Rock, Grand Bahama. That took its total Bahamas exposure to some $34m.

The Davis administra tion will likely interpret Proven’s plans as a vote of confidence in the Bahamian economy and financial ser vices market. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, who dealt with Proven when selling the BISX-listed institution’s Cayman banking subsidi ary to the Jamaican group, said local providers should embrace the challenge of extra competition.

“It may mean they have greater interest in more things in The Bahamas. That’s not a bad thing,” he told Tribune Business of Proven’s plan to establish a physical presence. “We have to welcome this type of thing. Why would we be afraid of the competi tion? Let’s be mindful of it, and those participating in the space should prepare themselves.”

Mr Bowe said Proven has yet to reveal full details of its Bahamas plans and intentions, although these will be signalled by the type of financial services licences it seeks to obtain - bank ing from the Central Bank, investment advisory and securities from the Securi ties Commission.

“It means they’re entering The Bahamas mar ketplace. I don’t think we need to read too much into just yet. It’s just a matter of them entering the market place,” the Fidelity chief added. “They didn’t make clear what licence they will have. There’s still a lot to be understood. They’ve looked at The Bahamas marketplace and looked for an avenue for them to compete and anticipate opportunities.”

Bahamian financial industry sources spoken to by Tribune Business yester day confirmed they were

aware of both Proven’s interest in this nation and move to establish a physi cal presence here. “They’re going to be doing quite a few things here,” said one source, speaking on con dition of anonymity. “It seems like they have a bit of money to put to work. I get the impression they’re going to be in private equity.”

Proven Group’s stated ambition is to be the Car ibbean’s “premium private equity firm”, and its present interests span commercial banking, wealth man agement and real estate investments through to more traditional private equity-type investing in companies with the intent to turn them around and sell for a profit - either by finding a buyer or taking them public on the stock market.

One source suggested that The Bahamas’ one:one exchange rate peg against the US dollar would likely be especially attractive for Proven Group, which gen erated an $11.5m net profit for the year to end-March 2022, as it would give the group greater access to US dollars and help it diver sify further away from the devalued Jamaican dollar and the traditional eco nomic turbulence that state has endured.

0.3690.26023.82.96%

-0.4380.000-9.0

10.250.00 0.1400.00073.20.00% 3.652.27Commonwealth

3.57 3.570.00 0.1840.12019.43.36% 8.255.29Colina

8.23 8.230.00 0.4490.22018.32.67% 17.5010.25CIBC

16.00 16.000.00 0.7220.72022.24.50% 3.251.99Consolidated

retailers, the range is from 35 percent to 40 percent.

The medicines covered include vaccines, anti-dia betic drugs, decongestants, laxatives, contraceptives, antacids, anti-hypertension medicines, cough prepara tions, cardiovascular agents and serums.

Ms McBride added: “The Association is willing to compromise for the ben efit of consumers because we’re consumers, too. But when you now bring on this change to us, in light of an increase in Bahamas Power & Light rates, and you also have now wages increase, we can’t forecast how that scale is going to affect us with all the changes that are going on.

“So by bringing the Asso ciation to the table, we can find some type of com promise or some type of agreement across the board for consumers and for us to also stay open, provide our services and help eve ryone within this six [three] months if they say it is six

months, but to tell us the same time the public was told and we have the week end to changes our prices, it’s not doable.”

“This seems to be a government policy to not consult with phar macies because the last administration did the same thing when it was COVID-19,” Ms McBride continued. “We have tried to give advice and give our recommendations, and it was unheard. We have great ideas for how our patients can benefit.”

Medicines were once VAT free under the former administration, but the Davis administration reim posed the 10 percent levy from New Year’s Day this year. “They could have given us some timeline in order to change our rates and change our prices. We’re going to revisit this again, so we should sit down one time and forecast eve rything in the long run as it relates to increases from freight costs and the drastic scarcity of medication,” Ms McBride lamented.

BACKYARD FARMING TO BUILD HEALTHIER NATION

THE Agricultural Devel opment Organisation (ADO) Bahamas and its corporate partner yesterday distributed 100 of the 5,000 backyard farming kits they are issuing to school stu dents and other applicants.

Clay Sweeting, minis ter of agriculture, marine resources and Family Island affairs, spoke to the importance of Bahamians growing their own produce to combat food insecurity as ADO Bahamas and The Church Commercial Farm ing Group (TCCFG) released the kits to 25 high school students and 70 members of the public.

“In light of the challenges that exist surrounding the availability of fresh, whole some foods, I continue to encourage backyard farming as an affordable alternative to provide fami lies and communities the opportunity to feed them selves,” Mr Sweeting said. “The Agricultural Devel opment Organisation and The Church Commercial Farming Group are assist ing in bringing about the change we need to feed our people.”

Students from Bahamas Academy, Faith Temple Christian Academy and R.M. Bailey Senior High School were among the kit recipients. “We have to grow a healthier nation,” said Mr Sweeting. “Distri bution of these backyard farming kits can benefit schools, churches, neigh bourhoods and the wider community, and will con nect communities in ways unimagined.”

A number of church rep resentatives and those from major feeding organisa tions were present at the event. These organisations will be used to identify

food insecure persons that can benefit from back yard farms in various communities.

The Church Commercial Farming Group’s chairman, Reverend Pat Paul, said he hoped continued col laboration between the various segments in society will make major inroads into food security. “I am extremely delighted with the partnership forged between TCCFG and ADO,” he said.

“As we work together to empower our people through the medium of agriculture, it is my prayer that together we impact the social fabric of our communities, and indeed our nation, as we address national food security.” Since the back yard farming initiative was announced, more than 200 persons have applied for kits. The initiative is part of a larger effort by ADO, which was launched at the start of this year, to support agricultural devel opment for greater food independence.

With the cost of living and inflation continu ing to be a major issue for many Bahamian families, ADO’s executive chair man, Philip Smith, said he was hopeful the organisa tion can provide a stable and sustainable local food production industry.

“It cannot be overstated how impactful growing our own food would be as it relates to our sense of secu rity as a nation,” Mr Smith said. “The less we rely on international markets to feed our country, the more we can ensure that no one goes to bed hungry.”

Mr Smith, who has been feeding the hungry for 17 years, the last nine of those

through the Bahamas Feed ing Network before moving to the ADO, said as much as 20 percent of the Baha mian population faces the plight of too little to eat.

The initial distribution was the first in an ambitious plan that Mr Smith hopes will, in the next few years, lead to 50,000 backyard or community farms.

“We only need to raise $2m to provide enough farming kits that one in every four families or households in The Bahamas

will grow what they eat and eat what they grow,” he said.

The Bahamas Feeding Network’s (BFN) office administrator, Nicolette Fountain Archer, said: “We at BFN have been trying to bring awareness to this very real and growing problem for some time now. Seri ous attention is needed if we want to create a Baha mas in which nobody has to wonder where their next meal is coming from, and initiatives like this one from

FOOD STORES ‘UP IN ARMS’ ON PRICE CONTROL DETAILS

FROM PAGE B1

“It’s not just the retailers in Nassau. It’s coming from all over The Bahamas,” he told Tribune Business “It’s coming from Abaco, it’s coming from Eleuthera, it’s coming from Harbour Island. I just hung up from Ricky Mackey, the guys in Eleuthera. They’re all up in arms over this. It’s not only here. They’re all concerned when you’re going to have a devastating effect on one’s livelihood like that.

“You have to be careful. We are all partners with the Government because we collect revenue for the Government. We collect VAT for the Government. Do you want to put those who collect your VAT out of business? We also pay Busi ness Licence fees and other taxes to the Government.

“Why do you want to dev astate us like this? You say you are trying to help the consumer, but in helping the consumer you are plac ing another industry in peril. That is what’s happening.... A 25 percent mark-up is not enough to survive.”

Mr Beneby spoke out after the extent of the price control regime’s expansion was unveiled in the Price Control (Application to Additional Items) Regula tions 2022, which are due to take effect on Monday, October 17, and last for at least six months until April 17, 2023. The Prime Minister, in unveiling the move, said it was for a sixmonth trial although there is every possibility it may be extended further.

Wholesale margins, or mark-ups, are capped at 15 percent for all 38 prod uct line items listed, while

those for retailers are set at 25 percent across-the-board.

Those goods impacted, some of which are already price controlled, are baby cereal, food and formula; broths, canned fish; condensed milk; powdered detergent; mustard; soap; soup; fresh milk; sugar; canned spa ghetti; canned pigeon peas (cooked); peanut butter; ketchup; cream of wheat; oatmeal and corn flakes.

The remainder are macaroni and cheese mix; pampers; feminine napkins; eggs; bread; chicken; turkey; pork; sandwich meat; oranges; apples; bananas; limes; tomatoes; iceberg lettuce; broccoli; carrots; potatoes; yellow onions; and green bell peppers. The regulations were signed on October 12, the same day as the Prime Minister’s speech, by the minister responsible for consumer protection, who is Michael Halkitis, minister of economic affairs.

The retail mark-up for eggs appears to have been increased from the present 10 percent to 25 percent, providing a very modest boost for retailers. But, while the 25 percent maxi mum across-the-board mark-up is slightly higher than the “general” 23 per cent permitted currently, Mr Beneby said the increase was insufficient to offset the expansion of price controls to more products.

And he argued that the expanded price control regime was much bigger than the impression given by the Prime Minister’s ref erence to 38 items. “The list is vast and wide,” Mr Beneby explained. “They talk about chicken. What falls under chicken? There’s whole chicken, cut-up

NOTICE

NOTICE is hereby given that DANTÉ CHARLES HANNA of Freeport, Grand Bahama, 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 7th day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

chicken, chicken wings, chicken drumsticks, chicken leg quarters.”

The same applies to pork, under which comes centre-cut pork chops, pork chop ends, pork loins, fresh pork, pork legs and pork shoulders. “When they say sandwich meat, what does it cover?” he asked. “It covers bologna, salami, turkey.

They say 38, but when you start counting the list and come down it’s way more than 38 items. It covers a wide, vast array of product. They say 38, but that 38 can expand to over hundreds of varieties of items.”

Mr Beneby also warned that the October 17 dead lines gives merchants too little time to prepare for the change in mark-ups and pricing. “It’s not enough time, and what happens to your present inventory is that you are going to reduce its price to meet that dead line,” he explained.

“That again eats into your profit margin because you have to reduce what was previously at a higher markup to 25 percent. That’s another blow yet again.

The list has been expanded, and you’re going to have to reduce the prices on the existing inventory of those items. Those reduced markups, that’s not a good thing for the retailers.”

One industry source, speaking on condition of anonymity, told Tribune Business yesterday that it appeared the Government wanted food retailers and wholesalers to subsidy the cost of food for the Baha mian people at a massive financial loss to the private sector.

Pointing out that the price control expansion will aid

high income earners, as well as the middle class and poor it is designed to help, they added: “Don’t make the food industry subsidise it. There’s better ways to do it than what they’ve done.

“At the end of the day, we’ll see if the Government is prepared to do anything other. I don’t see how they can make the food industry subsidise the cost of living. It’s like making the gas people subsidise the cost of gasoline. They cannot do it. We’ll see if they’re going to make adjustments, back off on certain things or leave as is.”

Rupert Roberts, Super Value’s principal, told une Business operators were “very dis tressed” over the price control regime’s expansion and agreed the window in which the industry has to effect the changes is “very short”. However, he declined to say much more on the basis it could preju dice further talks with the Government.

“The food industry was not consulted on the new price control and there fore we have to consult the Government,” Mr Rob erts explained. “I don’t think we should be discuss ing it before we talk with them. It may jeopardise the negotiations.

“It’s safe to say we were not consulted. Therefore we have to consult the Govern ment. If they had consulted us I think we could have helped them with their plans. We’ll leave it and let everything come out in the wash.”

Mr Beneby added: “I’ve spoken today to many of the retailers, large and small, up and down, and no one seems

NOTICE

NOTICE is hereby given that YVENA JOSEPH of Market 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 twenty-eight days from the 6th day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

ADO and TCCFG can play a big role in this effort.”

Mr Smith added: “We have been giving people fish for a while now, and it’s not solving the crisis. Now we are teaching them to fish, or rather to farm, so that they can begin to help themselves for a lifetime.”

At Hands for Hunger, one of the most wellknown feeding centres in The Bahamas, executive director, Keisha Ellis, said the results of her organisa tion’s annual survey on food insecurity show their work, along with that of other like-minded groups, has helped keep the problem at bay. But she agree that a sustained and continued effort is needed to ade quately address the issue.

“People always ask me about working with food insecure people when they

to have been consulted or had any dialogue with anyone in the Government as far as I know.

“They have to be careful over the way they are trying to help the poor. The same people, the same consumers they are trying to help, are the ones they are going to hurt in this exercise they’re putting in place. It’s going to have a devastating effect.

are at their lowest, and does it makes me feel pes simistic, and my response is always no,” says Ms Ellis. “I wake up every morning optimistic and knowing that this is a battle that we can win.”

In a country where nearly 90 percent of all food con sumed is imported, food security has been at the forefront of national discus sions in recent years with the COVID-19 pandemic highlighting the urgent need to reduce The Baha mas’ annual food import bill of more than $1bn.

“At ADO, we are dedi cated to doing what we can to increase farmers’ access to resources for the bet terment not only of them, but the entire nation,” said Mr Smith.

non-price controlled goods, thereby further feeding already-high inflation. And it also provides a disincen tive for retailers to stock price-controlled items, which could result in a shortage of such products.

Mr Beneby, pointing out that small and mediumsize food stores will suffer the greatest impact, added: “It’s going to essentially run

NOTICE

NOTICE is hereby given that SOPHIA ANNMARIE GREG-HUGHES of P. O. Box EE-17738, #18 Lightbourne Avenue, New Providence, The 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 14th day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

STUDENTS and teachers from Bahamas Academy, Faith Temple Christian Academy and R.M. Bailey Senior High School receive backyard farming kits. Pictured (L to R): BAIC executive chair man, Leroy Major; minister of agriculture, marine resources and Family Island affairs, Clay Sweeting; Agricultural Development Organisation (ADO) chairman, Philip Smith; Rev Charlene Paul; The Church Commercial Farming Group’s chairman, Rev Pat Paul; Church of God of Prophecy’s Bishop Franklyn Ferguson; Agricultural Development Organisation director, Karen Casey.

AGRICULTURAL Development Organisation chairman, Phillip Smith, highlights the goal of backyard farming. Photos: Cay Focus/DPA

Gov’t intervention call at GB Power

after the Labour Board ruled in the ex-worker’s favour on May 2, 2022.

“In events leading up to dismissal, he had reached out to GB Power’s human resources concerning some irregularities he found in work operations,” Mr Bur rows alleged.

“After receiving no reso lution, he proceeded to use Emera’s hotline, which has been established for reporting code of conduct violations. It promises to be anonymous and protect employees from retaliation.

Shortly after he would have been dismissed by his direc tor, and the CEWU union responded by filing a dis pute at the Labour Board

for wrongful dismissal on his behalf.”

Suggesting that the employee dismissed on October 6, 2022, would have used the same hotline installed by GB Power’s 100 percent owner, the union chief added: “It seems Emera’s hotline is getting a little too hot for employees to manage.”

GB Power, in a response to the union’s claims, con firmed that three labour disputes are presently before the Bahamian court system as it tried to strike a conciliatory tone. “Grand Bahama Power Company takes the concerns of our employees seriously as well as our obligations as their employer under the law,” it said.

“As we have demon strated throughout the pandemic, and in the aftermaths of Hurricanes Matthew and Dorian, we remain committed to an open and productive working relationship with our staff and their trade unions. There are, how ever, occasions when our employees, or their trade unions, disagree with the decisions that we have made, for various rea sons, and we are unable to resolve them without court intervention.

“Currently, there are three matters pend ing before the courts to determine disagreements between GB Power and the CEWU regarding recent decisions and actions in

relation to members of CEWU. GB Power respects the court process and is of the view that the determi nation of those matters by the courts will bring clar ity to a number, if not all of, the concerns expressed by CEWU on behalf of its members,” it continued.

“Management’s door remains open to continue to dialogue with CEWU and to address their mem bers’ concerns while these matters are being deter mined, and we look forward to working with CEWU on these issues.”

Mr Burrows, mean while, indicated the union’s grievances extend beyond the three court disputes. “There also exists numer ous counts of employees

performing tasks well above and outside their roles with no compensation, no raises, no promotions, not to men tion many employees have either no clear job descrip tions or are just plain missing in the contract,” he alleged.

“Meanwhile the com pany has successfully and quietly downsized from over 200 line staff down to almost half that in the past decade while execu tive promotions and hiring seem to be at an all-time high. With all the same equipment in place to main tain and operate, almost all departments are over worked, understaffed and under-compensated.

“With contract rene gotiations looming in the

near future, to prevent the union from taking any further course of redress we are calling on the Gov ernment to intervene and bring about swift, amenable resolves with Emera and its affiliate to make Grand Bahama Power bright again.”

Mr Burrows said other concerns included “safety” matters involving GB Pow er’s power line technicians, a customer service repre sentative with no clear job title working above his pay scale for seven years, a store man stuck at the lowest pay grade for nine years despite training others, plus issues with control room opera tors and four technicians in instrument electrical and control.

STOCKS MOUNT BIGGEST COMEBACK IN YEARS; S&P 500 JUMPS 2.6%

By STAN CHOE, DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers

WALL Street staged its biggest comeback in years Thursday, as stocks roared back from steep morning losses caused by a worsethan-expected report on inflation.

The S&P 500 jumped to a gain of 2.6%, a stunning reversal after earlier being down as much as 2.4% and touching its lowest level in nearly two years. The Dow Jones Industrial Average swung more than 1,500 points from its low to its high. The turnarounds were the biggest for each index since March 2020.

Other markets around the world likewise veered sharply from losses to gains, while analysts offered possi ble reasons for the reversal but little that was concrete.

Besides stocks, prices also initially tumbled for bonds and cryptocurrencies in the knee-jerk reaction to a disappointing report from the U.S. government, which showed inflation is spread ing more widely across the economy. One component that's closely followed by policy makers and investors accelerated to its hottest level in 40 years.

That forced investors to brace for continued, big hikes to interest rates by the Federal Reserve to get inflation under control, and the potential recession those moves could create. The Dow Jones Industrial Average fell as many as 549 points shortly after the

N

report's release, and the Nasdaq was down as much as 3.2%.

The slump didn't last. Stocks shot up, driving the Dow up 827.87 points, or 2.8%, at 30,038.72. The Nasdaq climbed 232.05 points, or 2.2%, at 10,649.15. The benchmark S&P 500, which was briefly up 3%, rose 92.88 points to 3,669.91. The gains ended a six-day losing streak for the S&P 500 and Nasdaq.

Smaller company stocks also rallied after an initial slide. The Russell 2000 rose 40.65 points, or 2.4%, to close at 1,728.41.

"Anybody who had a hope of a pivot or a pause or a slowing in Fed policy tightening for the next meeting, that's been dashed today," said Liz Young, chief investment strategist at SoFi. "I literally can't even wrap my head around what the logic would be to buy (stocks) on any change in Fed policy."

Stocks in Europe also flipped from losses caused by the U.S. inflation data, while Treasury yields pulled back a little from their ini tial surge. The value of the U.S. dollar against other currencies sank after ini tially jumping.

They're the latest jagged, back-and-forth moves for markets, which have been swinging sharply due to all the uncertainties about economies around the world and how badly higher interest rates will hurt them.

Analysts said some data points buried deep within the inflation report may be

C

SAPURAOMV UPSTREAM (SOUTHEAST ASIA) INC

N O T I C E IS HEREBY GIVEN as follows:

(a) SAPURAOMV UPSTREAM (SOUTHEAST ASIA) INC is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 12th day of October, 2022 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Andrew Davies of Crowe Bahamas Harbour Bay Plaza, Shirley Street, Suite 587, P.O. Box AP-59223, Nassau Bahamas Email andrew.davies@crowe.bs

Dated the 14th day of October, A.D., 2022

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.

Registered Agent for the above-named Company

NOTICE

International Business Companies Act (No. 46 of 2000)

PYRAMIDS LIMITED No. 206260 B In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (6) of the International Business Companies Act 2000, PYRAMIDS LIMITED is in Dissolution.

Dissolution Commenced on: April 7, 2022.

We, SOVEREIGN DIRECTORS LIMITED of Suite 205A –Saffrey Square, Bay Street, Nassau, Bahamas is the appointed Liquidator of the company: PYRAMIDS LIMITED.

Any person having a Claim against PYRAMIDS LIMITED is required on or before November 30, 2022 to send their name, address and particulars of the debt or claim 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 approved.

offering hope that inflation is on its way to marking a peak and then easing, even though current conditions look dour. Others said tech nical reasons could also be helping to support markets, as some investors closed out of trades betting on declines following the infla tion report.

"Hopefully it's because people have dug into the details of the inflation report and noticed a few signs that we could get infla tion relief by the end of the year," said Brian Jacobsen, senior investment strate gist at Allspring Global Investments.

"Markets have talked themselves off a ledge, so to speak, and they're a bit more hopeful," said

Kristina Hooper, chief global markets strategist at Invesco.

Young noted that the drop in the dollar relative to other currencies, like the British pound, could be a tailwind for stocks, but not enough to cause such a sharp turnaround in the market.

"It's nonsensical to me that the market would be up so strongly," she said.

Most investors came into the morning already expect ing the Fed to hike its key overnight interest rate by three-quarters of a per centage point next month, which would be its fourth straight hike that was triple the usual size.

But Thursday's disap pointing data caused some

NOTICE

International Business Companies Act (No. 46 of 2000)

NEW CASTLE SERVICES LTD. No. 206260 B

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (6) of the International Business Companies Act 2000, NEW CASTLE SERVICES LTD. is in Dissolution.

Dissolution Commenced on: May 31, 2022.

I, ALAN COLE, of Suite 205A – Saffrey Square, Bay Street, Nassau, Bahamas are the appointed Liquidators of the company: NEW CASTLE SERVICES LTD.

Any person having a Claim against NEW CASTLE SERVICES LTD. is required on or before June 30, 2022 to send their name, address and particulars of the debt or claim 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 approved.

Liquidator

NOTICE

International Business Companies Act (No. 46 of 2000)

PINKBEACH HOLDINGS LIMITED No. 167749 B

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (6) of the International Business Companies Act 2000, PINKBEACH HOLDINGS LIMITED is in Dissolution.

Dissolution Commenced on: October 6, 2022.

We, REDCORN CONSULTANTS LIMITED of Suite 205A – Saffrey Square, Bay Street, Nassau, Bahamas is the appointed Liquidator of the company: PINKBEACH HOLDINGS LIMITED.

Any person having a Claim against PINKBEACH HOLDINGS LIMITED is required on or before November 30, 2022 to send their name, address and particulars of the debt or claim 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 approved.

Redcorn Consultants

investors to expect a fifth such increase in Decem ber, dashing hopes that the Fed may begin downshift ing soon. Bets increased for the Fed to pull its overnight rate above 5% by early next year. The federal funds rate started this year at virtually zero.

Higher rates make buying a house, car or anything else purchased on credit more expensive, and the hope is that will slow the economy and job market enough to undercut infla tion. But higher rates take a notoriously long time to take full effect, and the Fed risks causing a recession if it ends up going too far.

As the day progressed, and investors had more time to dig into the inflation

report's details, though, analysts said they perhaps saw some glimmers of hope. Even though what's called "core" inflation accelerated last month, overall inflation including food and energy prices slowed by a touch.

The overall Consumer Price Index, also called CPI, was 8.2% higher in September than a year ear lier, versus August's 8.3% inflation.

"If you're at least starting to see headline CPI cool, there's hope that core CPI will follow," Hooper said. "There's definitely that thought process coming in."

Quincy Krosby, chief global strategist at LPL Financial, said, "There's a view that because CPI is a lagging indicator, the higher rates will increasingly slow down the economy and inflation will recede at a faster clip."

Treasury yields pulled back a bit from their initial, early-morning leaps, lessen ing a bit of the pressure on stocks.

The yield on the 10-year Treasury, which helps set rates for mortgages and many other loans, rose to 3.96% from 3.90% late Wednesday. Earlier in the day, it topped 4%.

The two-year yield, which moves more on expecta tions for Fed action, rose to 4.48% from 4.29%. It crossed above 4.50% earlier in the morning.

Higher yields amp up the pressure on the economy not only by making loans more expensive and slow ing growth.

N O T I C E

SAPURAOMV UPSTREAM (MALAYSIA) INC.

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned Andrew Davies of Crowe Bahamas Harbour Bay Plaza, Shirley Street, Suite 587, P.O. Box AP-59223, Nassau Bahamas Email andrew.davies@crowe.bs on or before 14th day of November, A.D., 2022. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 14th day of October, A.D., 2022.

Andrew Davies Liquidator

Harbour Bay Plaza, Shirley Street, Suite 587, P.O. Box AP-59223, Nassau, Bahamas

NOTICE

International Business Companies Act (No. 46 of 2000)

GROUSSE MOUNTAIN HOLDINGS LIMITED No. 167748 B

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (6) of the International Business Companies Act 2000, GROUSSE MOUNTAIN HOLDINGS LIMITED is in Dissolution.

Dissolution Commenced on: October 6, 2022.

We, REDCORN CONSULTANTS LIMITED of Suite 205A – Saffrey Square, Bay Street, Nassau, Bahamas is the appointed Liquidator of the company: GROUSSE MOUNTAIN HOLDINGS LIMITED.

Any person having a Claim against GROUSSE MOUNTAIN HOLDINGS LIMITED is required on or before November 30, 2022 to send their name, address and particulars of the debt or claim 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 approved.

AN NYSE sign is seen on the floor at the New York Stock Exchange in New York, Wednesday, June

Photo:Seth Wenig/AP

META

By MARCY GORDON AP Business Writer

FEDERAL regulators and Facebook parent Meta are battling over Meta's proposed acquisition of vir tual-reality company Within Unlimited and its fitness app Supernatural. In a land mark legal challenge to a Big Tech merger, the Federal Trade Commission is suing to block the deal, asserting it would hurt competition and violate antitrust laws. Meta struck back Thursday, asking a federal court in San Jose, California, to dismiss the FTC's July request for an injunction against the acquisition. The tech giant said in its court filing that the government failed to estab lish that the virtual-reality market is concentrated with high barriers to entry. The claims in the agency's lawsuit "are nothing more than the FTC's speculation about what Meta might have done," the company says. It asserts that the FTC failed to meet two key legal stand ards set in previous cases. In a statement Thursday, the FTC noted that it revised its complaint last week in a way that narrowed the focus of its allegations. In its new form, the statement said, "We are confident that the District Court complaint will not be dismissed and this case will be heard."

OVER VR

tiDes For nassau

Today

almanac

High Ht.(ft.) Low Ht.(ft.) 11:35 a.m. 3.1 5:12 a.m. 0.6 11:54 p.m. 2.4 6:06 p.m. 0.9 12:22 p.m. 3.0 5:56 a.m. 0.9 6:57 p.m. 1.1 12:44 a.m. 2.3 6:44 a.m. 1.1 1:14 p.m. 2.8 7:52 p.m. 1.2 1:40 a.m. 2.2 7:40 a.m. 1.2 2:11 p.m. 2.8 8:51 p.m. 1.3

2:41 a.m. 2.2 8:42 a.m. 1.3 3:11 p.m. 2.7 9:48 p.m. 1.3 3:43 a.m. 2.3 9:45 a.m. 1.3 4:07 p.m. 2.8 10:40 p.m. 1.2 4:38 a.m. 2.5 10:43 a.m. 1.2 4:58 p.m. 2.8 11:25 p.m. 1.0

moon

6:44 p.m. Moonrise 10:10 p.m. Moonset 11:33 a.m.