10172024 BUSINESS

THURSDAY, OCTOBER 17, 2024

Resorts World forecasts ‘never close in 15 years’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

RESORTS World Bimini’s financial performance has “never been close” to budget projections in 15 years, its minority owner is complaining, as the property suffers under an annual $57m debt servicing burden.

The financial plight of Bimini’s major hotel was the focus of Board discussions on March 12, 2024, as representatives of RAV Bahamas, the vehicle created by Miami-based developer Gerardo Capo, demanded to know whether Robert DeSalvio, Genting Americas’ president, had “ever encountered these kinds of financial numbers” during his 40-year career in the hotel industry.

Mr DeSalvio stayed silent.

The Board meeting minutes, filed with the south Florida federal court to support RAV Bahamas’ claim for $600m in damages against its Genting partner, also reveal plans to terminate Hilton as the brand/flag partner for the 305-room resort and the minority owner’s suspicions that

the Asian conglomerate is preparing to sell and exit the property.

Genting, in a statement to the Malaysian stock exchange that appeared to have been forced by this newspaper’s revelation of its Bahamian legal battle, earlier this week slammed RAV Bahamas’ lawsuit as

“baseless and totally without merit” while pledging that it will “vigorously defend” itself against allegations that it perpetrated a “massive and co-ordinated fraud” on its minority partner.

The document trail, though, reveals that the two sides’ relationship has been steadily deteriorating for some years prior to the recent spectacular breakdown that culminated in the Florida lawsuit. An “emergency shareholder” meeting called in March 2020, immediately prior to the COVID pandemic, saw RAV Bahamas blame Genting for multiple “one-star” guest reviews that had caused real estate sales to totally dry up. Similar claims had earlier been aired at a Board meeting for Resorts World Bimini’s immediate holding company, BB Entertainment, that very same day - March 3. “There was a discussion about the amount of negative online reviews of the hotel and the condition of the property,” the meeting minutes state. “It was commented that the reviews from

CLICO failure exposes need to ‘better protect small man’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas must “better protect the small man” from unscrupulous companies, a prominent cleric urged yesterday, as CLICO victims receive the latest payouts on their surrendered or in-force life insurance policies.

Bishop Simeon Hall, who was himself a client when the insolvent insurer collapsed more than 15-and-a-half years ago, told Tribune Business the suffering inflicted upon thousands of Bahamians who suddenly lost access to their life savings, investments and retirement

income exposed the lack of safeguards for “the most vulnerable” in society.

Asserting that he “really hopes” The Bahamas has learnt the necessary lessons

Companies hail ‘big leap’ on business ease tax promises

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN companies yesterday hailed “a big leap” forward if the Government delivers on its pledge to enact ease of business-friendly incentives alongside corporate income tax reforms.

Ben Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business that this country’s ease of doing business remains “the elephant in the room” hindering growth and job creation after Chester Cooper, deputy prime minister, said the Government is working on legislation to help address this.

“I think we all agree that the ease of doing a lot of things here is challenging,” the BMDA chief said. “Business is definitely difficult, there’s a lot of hoops to jump through and a lot to navigate, and I’m sure a lot of young people coming into it get discouraged and frustrated dealing with it.

“We all know it’s the elephant in the room. We’ve always in The Bahamas been rated as challenged when it comes to the ease of doing business. I’m hoping that whatever is being proposed has some teeth and does what it’s stated to do because it’s difficult.

“I feel I almost have to be an attorney, a compliance

Corporate taxation Bill causes Freeport fears

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Attorney General yesterday confirmed that the 15 percent corporate income tax “will apply” in Freeport amid fears it may conflict with the city’s founding treaty and other laws. Ryan Pinder KC, in messaged replies to Tribune Business inquiries, confirmed the Domestic Minimum Top-Up Tax Bill 2024 that was laid in the House of Assembly yesterday will be imposed

on Grand Bahama Port Authority (GBPA) licensees who are part of corporate groups generating more than 750m euros in annual turnover. The Bill itself, using language similar to the recently-enacted Electricity Act, specifically states its provisions apply to the Port Area even though the Hawksbill Creek Agreement, Freeport’s founding treaty, exempts GBPA licensees from paying any form of income tax.

RYAN PINDER KC

JAMES CAREY

EMBRACE ETHICS AND AVOID CORPORATE PERIL

In today’s rapidlyevolving regulatory environment, governance, risk and compliance (GRC) play a critical role in shaping operational integrity, especially in industries such as telecommunications and banking. Given their reliance on data, trust and global interconnection, these sectors face unique ethical dilemmas.

As this writer prepares to address the topic, ‘Ethical leadership and governance’, at the annual conference staged by the Institute of Internal Auditors’ Bahamas Chapter, this article examines three key challenges: Accountability, integrity and leadership, providing insights into how management executives and corporate leaders can navigate them.

Accountability in Governance

Accountability is essential in governance, risk and compliance. But when the lines blur, what happens? This is a common ethical dilemma, especially in multinational financial institutions and large telecommunications providers. Accountability is often displaced when reporting structures are unclear or internal controls are inadequate. According to a study by the Chartered Institute for Securities & Investment (CISI), lack of accountability is a primary factor in major financial collapses. And the New York Times reported in March 2021: “Credit Suisse suffered humiliation and shareholder wrath this year when it lost $5.5bn from the collapse of the Archegos Capital Management investment fund”. Integrity in Risk Management Risk management relies on integrity. However,

maintaining it in the face of commercial pressures, especially in high-stakes sectors such as telecommunications and finance, presents a substantial ethical dilemma. Compliance officers often find themselves balancing the demands of regulatory requirements against the drive for profitability, which can result in risky behaviour.

A notable example is the 2020 case involving Deutsche Telekom, which faced scrutiny over data privacy concerns. The telecommunications giant was accused of prioritising commercial interests over customer privacy, raising questions about the integrity of its risk management practices. Ethical risk management is not just about adhering to regulations but also ensuring that business decisions are made transparently and with a commitment to fairness.

In The Compliance Blueprint, this writer wrote:

“True integrity is not tested when everything is running smoothly; it’s in moments of conflict between profitability and ethical practice, where the strength of a company’s governance, risk and compliance framework is truly revealed.” Leaders in governance, risk and compliance roles must be vigilant, ensuring that integrity is non-negotiable even when it may hinder shortterm gains.

Leadership’s Role in Ethical Governance

Corporate leadership plays a pivotal role in establishing and upholding ethical standards in governance. Management executives, especially in sectors such as banking, where public trust is fragile, are under constant scrutiny. A significant ethical dilemma arises when leaders either fail to model ethical behaviour or are themselves embroiled in unethical practices.

Strong leadership requires more than just technical knowledge; it requires a deep commitment to ethical practices. Effective leaders

foster a culture where compliance is not seen as an obstacle but as an integral part of business strategy. Leadership in governance, risk and compliance is about setting the tone from the top. A company’s ethical foundation crumbles when leadership fails to demonstrate consistent, transparent behaviour.

Conclusion

The telecommunications and banking sectors must continuously navigate ethical dilemmas in governance, risk and compliance. Top executives and corporate leadership are critical in ensuring that accountability, integrity and strong ethical leadership are not just buzzwords but foundational elements of their company’s governance, risk and compliance frameworks.

A culture where ethical practices are woven into decision-making can protect companies from both financial and reputational damage by addressing ethical dilemmas. Sustainable, long-term success depends on leaders embracing this responsibility.

DEREK SMITH BY

Jr a governance, risk, and compliance professional for more than 20 years with leadership, innovation, and the author of ‘The Compliis a Certified Anti-Money

Vice President, Compliance and MLRO for CG Atlantic’s family of companies (member of Coralisle Group Vincent & The Grenadines,

Bahamas targeting 20 air connectivity agreements

THE Bahamas is aiming to boost tourism and airlift connectivity by signing air services agreements with up to 20 countries at an international conference next week.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, will lead his ministry’s delegation to the 16th International Civil Aviation Organisation (ICAO) Air Services Negotiation summit, known as ICAN2024, which is being hosted by Malaysia from October 21-25.

The Ministry of Tourism, Investments and Aviation,

in a statement, said its presence will highlight The Bahamas’ efforts to solidify its status as a major travel destination and expand its global reach. The air service agreements will facilitate increased travel, promote economic growth and attract more international visitors.

“Air connectivity is vital for the growth of our tourism industry, which is the backbone of our economy,” said Mr Cooper. “By engaging with our international partners at ICAN 2024, we will open new avenues for travel, foster

business relationships, and ultimately create jobs for our people.”

The Ministry of Tourism, Investments and Aviation said the anticipated agreements will improve air access and provide opportunities for Bahamian businesses to engage with new markets.

Apart from negotiating the agreements, the Bahamian delegation will participate in discussions on best practices in aviation, sustainability and the future of air travel. This aims to position The Bahamas at the forefront of the evolving travel landscape.

FOCOL AFFILIATE GAINS 30-YEAR POWER DEAL

By FAY SIMMONS Tribune Business

A 30-YEAR power purchase agreement will allow BPL to increase generation capacity and improve reliability for businesses and residents, according to Minister of Energy and Transport JoBeth Coleby-Davis.

Speaking in Parliament yesterday, Mrs ColebyDavis gave an update on the country’s energy reforms and noted that the two dual fuel engines commissioned on Tuesday were due to a 30-year public private partnership (PPP) between

Bahamas Power and Light (BPL) and Bahamas Utilities Holdings (BUH). The Power Purchase Agreeement (PPA) included key performance indicators and penalties for non-performance as well as provisions to lock in rates.

Mrs Coleby Davis maintained the engines are not being rented by BPL and the utility has the opportunity to fully purchase the engines once the company is in a “stronger financial position”.

“The engines are not being rented by BPL. It is a power purchase agreement which includes the cost of fuel and the capacity, not a rental,” said Mrs Coleby-Davis.

“Nothing has been divested out of the hands of

BPL. In these agreements, there is opportunities for when BPL gets in a better and a stronger financial position for them to take over full ownership and control of that portion of generation, albeit whether they do it through that relationship or through them getting the necessary capacity that they need to generate on their own.”

Mrs Coleby-Davis said all existing Bahamas Utilities Company (BUC) plants will be removed from the current rental arrangement and placed under the PPA.

Those engines, with the exception of the Hyundai plant, will be converted to LNG by June 2025 and the Hyundai plant will be

redundant capacity once the other units are online.

She said the Hyundai plant will only be operated in “extreme extenuating circumstances” to increase generation capacity.

“Our strategy also calls for all existing BUC plants to be moved from rental arrangement and placed under the PPA. So all that was presently under rental will also transfer under the structure in this PPA,” said Mrs Coleby-Davis.

“One BUC engine will eventually be converted to LNG, the Hyundai plant, however, is not capable of conversion and will remain on diesel or HFO. Once the combined cycle with steam engine plant is complete,

the Hyundai plant will be redundant capacity. So only if there’s extreme extenuating circumstances that we need that extra generating capacity will we have to turn to the Hyundai plant. The intent is for us to fully operate all of those engines under the PPA, on LNG or in the combined cycle with steam producing generation.”

Mrs Coleby-Davis said the two new turbine engines are 35 percent more efficient than the current engines and will use less fuel leading to cost savings for businesses and residences.

“The engines are 35 percent more efficient than the older turbines that are currently being used,” said Mrs Coleby Davis.

‘CONCERNS’ AS MARGARITAVILLE CUTS SAILINGS TO GRAND BAHAMA

By FAY SIMMONS Tribune Business

DEPUTY Prime Minister Chester Cooper said yesterday the Ministry of Tourism has “some concerns” about Margaritaville at Sea’s schedule of calls for 2025. Responding to concerns raised by Opposition leader Michael Pintard about Margaritaville at Sea, Mr Cooper confirmed the cruise line has decided to reduce the number of trips to Grand Bahama and increased the number of calls to New Providence.

Mr Pintard said Grand Bahama residents had a “tremendous amount of anxiety” about the cruise line’s schedule for 2025 which did not include its

usual number of sailings to Grand Bahama.

“With respect to Margaritaville, there is a notice, as a number of us are aware, particularly those of us in Grand Bahama, that the vessel has determined, that the owners have determined that they will be cancelling one particular schedule that they had in Grand Bahama, and that vessel will now be coming into New Providence,” said Mr Pintard. “We have looked at one of the itineraries that that is circulating from the company, but are uncertain as to whether or not the Margaritaville has completely left Grand Bahama or it has just dramatically reduced its sale and service to Grand Bahama. So, we just wanted to get clarification. It has been the source of

tremendous amount of anxiety in Grand Bahama”

Mr Pintard said the cruise line has been the subject of “intense discussions” over the past months and while they will not be discontinuing service into Grand Bahama they have restructured their calls.

“The Margaritaville cruise to Grand Bahama has been the subject of intense discussions over a number of months,” said Mr Cooper.

“The short answer is they are not discontinuing service to Grand Bahama, however, they are restructuring their calls. Some months there will be more calls than they currently have. Some months there will be less.”

Mr Cooper noted the cruise line discontinued one-way travel from Grand Bahama to Florida and vice

versa earlier this year due to the intervention of US Customs and Immigration (ICE) but ongoing discussions may lead to “some adjustment”.

“We are continuing the dialogue with them on an active basis,” said Mr Cooper.

“There are certain things I cannot say about this entity. I will speak with the leader of opposition offline, but I will tell you that over the course of time, you know that they discontinued service to Bahamians traveling back and forth on Margaritaville at Sea, we are aware that it’s caused some concern. That was precipitated by ongoing dialog that they had been having with the USA Custom and Border Protection Services, it had nothing to do with The Bahamas or the Bahamas government,

and we anticipate that ongoing conversations with Margaritaville at Sea may cause some adjustment.”

He said the Ministry of Tourism has “some concerns” about the cruise line’s adjusted itinerary and will continue to monitor the change.

“The Ministry of Tourism has some concerns as it relates to the schedule, and those conversations are continuing,” said Mr Cooper.

“We met with Margaritaville at Sea only a week ago when we were advised that there would be some adjustments, and we only received the adjusted call schedule yesterday. So this is new, and therefore we’re continuing monitoring, and I’ll make a further comment on it later as it progresses.”

“These efficiencies that we talk about when we talk about engines, it means that the engines don’t have to work as hard to produce the necessary power. That means it does not use the amount of fuel that you may see our older engines currently using because of the strain on them presently. This will have tremendous cost fuel savings for our consumers, and also reduce the cost to BPL. The engines allow for dual fuel technology, which will enhance operational flexibility. However, by June 2025 the engines will run solely on LNG.”

Margaritaville at Sea announced on social media yesterday that Margaritaville Paradise will begin sailings to Nassau on two- to four-night trips.

“Paradise is setting sail to more Bahamas destinations! In addition to Freeport, Paradise will head to one of the most popular cruise ports in the world — Nassau! Enjoy new two- to four-night getaways AND a unique ship-to-resort experience at Margaritaville Resort Nassau,” said Margaritaville at Sea. The company’s website has also been updated to offer two-night Nassau sailing, three-night Nassau weekend sailing and fournight Nassau and Grand Bahama sailing, with either one or two-night stays in Grand Bahama. The cruise line still offers a two-night Grand Bahama sailing and a three-night Grand Bahama weekend sailing.

FIRST APPLEBEE’S EATERY TO HIRE 150 BAHAMIANS

The first-ever Applebee’s restaurant in this nation will hire 150 Bahamians ahead of its November 2024 opening at Fusion Superplex, its local franchisee announced yesterday.

Caribbean Dining, which also holds the IHOP franchise for The Bahamas, said it will recruit staff for all front-of-house and backof-house positions - from servers to hosts and cooks - at a job fair which will be held at The Department of Labour’s Carmichael Road offices on October 21-22 from 9am to 3pm.

“We are ecstatic about the opportunity to employ hundreds of Bahamians at Applebee’s. Our commitment to invest in the

Bahamian economy stands true as we continue to join forces with the best of the best for a prosperous future,” said Caribbean Dining in a statement.

Besides dining at the restaurant, Fusion Superplex guests will also be able to enjoy Applebee’s food and beverage services in the VIP theatres. Interested persons can email hr@caribbeandining.com for more information.

And, after opening its first IHOP location at the Mall at Marathon in early April 2023, Caribbean Dining said it plans to open its second location on Carmichael Road in December 2024 prior to Christmas.

Payments provider unveils three webbased platforms

A BAHAMIAN financial technology provider says it has launched three new web extensions to give consumers greater flexibility in accessing these services directly through their web browser.

MobileAssist, in a statement, said TheBillPlace (bill payment), TicketBox (event ticketing) and DonationStation (donations) extensions will also provide a more convenient and adaptable payment experience for Bahamians.

It added that its clients can now choose between MobileAssist’s app and its new web-based platforms to handle bill payments, purchase event tickets or make charitable donations. The web extensions are designed to integrate seamlessly with clients’ existing processes, adapting to their needs and enhancing convenience.

“This move reflects our dedication to making financial transactions more flexible and accessible,”

said Dr Donovan Moxey, MobileAssist’s chief executive. “By offering both app-based and web-based solutions, we ensure our clients and their customers can choose the platform that best suits their lifestyle and business needs.”

MobileAssist said the event ticketing extension was recently put to use after it won the bid to manage event ticketing for the Eddie Minnis concert at Nassau Cruise Port. It added that attendees “enjoyed a seamless experience” from ticket purchase to entry, underscoring the efficiency of TicketBox. The company said appbased customers such as the Bahamas China Friendship Association are transitioning to the new web platform. New customers, such as Bahama Joy Ride & Snorkeling Adventures, say their guests can now pay using all major credit and debit cards without needing to download the app.

MobileAssist said the Bahamas Basketball Federation has also launched an ongoing fundraising campaign using DonationStation to support its junior and senior national teams.

PALMDALE VETERINARY CLINIC has a vacancy for a Trainee Veterinary Assistant/Receptionist.

Duties will include working on the front desk, restraining patients, assisting veterinarians with surgery, and the administration of medications, and general cleaning. Applicants must have some experience working with animals.

Please take your resume with a cover letter to our clinic or send to palmdale.vet@gmail.com.

The funds raised will assist in Family Island development and grassroots programmes, while also supporting coaches and officials’ training initiatives. MobileAssist said companies using any of its three web-based platforms - TheBillPlace, TicketBox and DonationStation - can embed their personalised payment links in social media posts, websites, WhatsApp messages and e-mail campaigns. They can also generate QR codes for physical or digital display. It added that its payment platforms, including these new web extensions, are fully integrated with Sand Dollar, The Bahamas’ official digital currency.

NAD executive features in aviation panel talks

A NASSAU Airport Development Company (NAD) executive recently participated in a panel discussion at the Routes World 2024 global aviation conference.

Jan Knowles, NAD’s vice-president of marketing and commercial development at Nassau Airport Development Company (NAD), participated in the discussion alongside Antonio MartínMachuca, co-operation manager for the government of Andalusia in Spain, and Vivian Cheung, acting chief executive of Airport Authority Hong Kong.

They focused on how their cities are preparing to host Routes-branded events next year. The Bahamas will host Routes Americas 2025 from February 10-12, while the Government of Andalusia will host Routes Europe and Hong Kong will be the location for Routes World 2025. Each panellist shared insights into their destination’s strategies and preparations, offering a glimpse into the experiences that await attendees.

Speaking on behalf of The Bahamas, Ms Knowles said: “The Bahamas is thrilled to welcome Routes Americas once again,

following our first time as hosts in 2012. At that time, our airport was in the middle of a major infrastructural upgrade. Now, with significant growth and expansion on the horizon, the timing is perfect.” Routes Americas 2025 will attract 1,000 delegates, including airports, airlines and tourism officials, to discuss and explore new route development opportunities. Key partners for The Bahamas event include NAD, the Ministry of Tourism, Aviation and Investments, and the Nassau Paradise Island Promotion Board. The forum will take place at the Atlantis resort.

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

AND MAILLIS

TAKE NOTICE that anyone having a claim against the Estate of SHARON GAYE ALBURY late formerly of the Township of Marsh Harbour in the Island of Abaco and late of the Eastern District of the Island of New Providence, Bahamas, who died on the 5th day of September, 2021, may submit such claim in writing to the law frm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, Tel: (242) 322-4292/3, Fax: (242) 323-2334 ON OR BEFORE the 31st October, A.D., 2024. ESTATE OF SHARON GAYE ALBURY

JAN KNOWLES, NAD’s vice-president of marketing and commercial development (third from right), addresses an aviation and tourism industry panel at Routes World 2024 in the Kingdom of Bahrain. Ms Knowles discussed the upcoming Routes Americas 2025 event set for February 10-12 on Paradise Island. Picture L to R: Nico Spyrou, head of partnerships, Routes (moderator); Ms Knowles, Antonio Martín-Machuca, co-operation manager for the Government of Andalusia in Spain; and Vivian Cheung, acting chief executive of Airport Authority Hong Kong.

TAX INCENTIVE PLAN ‘TO CUT COST’ OF BUSINESS

By FAY SIMMONS

THE government plans to introduce tax incentive legislation to reduce the cost of doing business, according to Deputy Prime Minister Chester Cooper.

While tabling the Domestic Minimum Top-Up Tax bill in Parliament yesterday, Mr Cooper said the bill will introduce an effective tax rate of 15 percent for in-scope multinational enterprises operating in The Bahamas that have annual consolidated revenue of or above 750 million Euros or approximately $818m.

This will be the first such income-based levy in the country’s history, and is intended to ensure The Bahamas complies and fulfils its obligations as one of 140 countries that have signed on to the G-20/ Organisation for Economic Co-Operation and Development (OECD) drive

for a minimum 15 percent global corporate tax.

Mr Cooper said the “lion share” of revenue from the tax will be used for debt reduction and reducing the cost of living in the country. He said along with the tax implementation the government will also introduce incentives to reduce the cost of doing business and will impact small and large businesses.

“The consultation paper foreshadowed the government’s intention to introduce some form of incentives to reduce the cost of doing business in The Bahamas. These incentives will be laid out in a companion piece of legislation,” said Mr Cooper. “These incentives would when introduce would impact all businesses not just businesses which qualify for the DMTT. In this respect, the government within this year and prior to any tax becoming payable under the DMTT would introduce a legislation that will lay out the framework

for such incentives in a manner that will qualify under the GloBe Rules. This proposed Bill because of its impact on all businesses would require public consultation.”

He said during the consultation for the corporate income tax, participants highlighted the need for incentives that will attract new business development in areas such as tourism, finance and technology.

The tax incentive legislation is expected to be revealed during the midyear budget.

“In the consultation process with the DMTT, several respondents suggested that any new incentive regime be aligned with attracting new business development in key economic activity, namely, headquarters, tourism, finance, technology and energy.

“And, in this regard, consideration could also be given to incentives associated with employment, capital expenditures, training, local content spend,

Hospital expansion plans revealed at loyalty launch

By ANNELIA NIXON

anixon@tribunemedia.net

REPRESENTA-

TIVES of Doctor’s

Hospital revealed their plans of expansion on the Family Islands during the announcement of their Loyalty Advantage Membership Programme.

Grand Bahama is opening a brand new 25-bed facility in Grand Bahama, according to Dennis Deveaux, CFO of Doctor’s Hospital.

“So we continue to progress at a very satisfactory pace with our new hospital, which is a 25 bed brand new facility in downtown Grand Bahama,” Mr Deveaux said. “Our hospital is on

budget and we expect the hospital’s opening sometime in the summer to fall of 2025.”

Mr Deveaux added that Doctors Hospital has an urgent care facility in Exuma, as well as clinics in Grand Bahama and Eleuthera.

“Today we are already in Grand Bahama. We have two clinics in Grand Bahama, one in Eight Mile Rock and then one in downtown Freeport on West Mall Drive. We have a full urgent care centre in Georgetown, Exuma, and we are actually planning to announce the opening of a new medical center in Rock Sound, Eleuthera. We’ll be in Eleuthera this

coming Friday to engage the residents of Eleuthera and really understand what their needs are and then how we can cooperate with the existing providers on the ground. Whether it’s Bahamas Wellness, you know, closer to Governor’s, or whether it’s Family Medical Centre a little south Rock Sound, we certainly want to elevate the level of care nationally already in Grand Bahama and Exuma. But our immediate plan certainly will take us into Rock Sound, Eleuthera.”

As for the Paradise Island location, Mr Deveaux said it is to provide urgent medical care for guests and workers on the island and that the decision to open

Businesses question whether bills will be cut by power deal

By ANNELIA NIXON anixon@tribunemedia.net

QUESTIONS have been raised about the effect on BPL rates after Prime Minister Phillip “Brave” Davis announced the government finalised a power purchase agreement for a new 117 megawatt power plant.

Darvin Russell, owner of Bugs B Gone, told Tribune Business he’s not been given reason to disbelieve that he will see a positive change in electricity service and cost, however he questioned what it’s going to cost.

I mean I don’t have any reason not to believe what the good minister is saying in that regard,” Mr Russell said. “My concern is more, what is the rate with which the government is being charged for the power purchase agreement?

“Most of these agreements span decades and the issue that you have is if you don’t have a contract with a favourable kilowatt rate, all you’re in essence doing is really just transferring the cost that you’re paying under the power purchase agreement onto the consumer. So the power may be more reliable from a generation and distribution perspective, but you’re not going to see any relief in the price of electricity, which is Bahamian’s biggest concern before even reliability. I don’t think that the average Bahamian would be as concerned if their power goes off once a week if they were paying ten cents a kilowatt hour for example. So I just wanted to make sure that we’re focused as a country on the right issue.” The manager of an eye care facility shared the same concerns, saying: “I’m hopeful but I think what everybody’s waiting on is the details. If they’re paying more for something, how does that trickle down to us paying less? And I did hear her [JoBeth Colbey-Davis]

briefly as I was driving in

saying something about converting to LNG, which would be cheaper and I do think if they use an alternative source of energy that they can bring down our electrical bills, but I’m not sure with buying two new engines how that works. Are they paying more now? And if so, how does that mean that we’re paying less? I’m not quite sure what the details would be.”

Mr Davis said he will not disclose the details now but all will be revealed in coming weeks as it pertains to energy reform, new engines and partnerships. However, both the manager of the eye care facility and Shirlin Jordine, owner of Easy Technology Bahamas, noted that despite their efforts to not consume too much energy, they are still charged with high bills and they want to believe they will receive some relief.

Mr Jordine said: “That’s something that is needed because of the electricity not being calculated properly. That’s something that they need to, uh, work on. At the time the issue we had was it was wrong. Meaning that we wouldn’t use as much electricity, but it still would remain high. Even though we tried to limit our usage, it still was the same or even more so that showed me that the

research and development costs, the creative industry, and extraterritorial turnover. The government acknowledges the importance of developing this new regime, which would need to apply broadly across businesses in The Bahamas. Consequently, the view was taken that a separate Bill be crafted to reflect the final position of the government and submitted for consideration during the mid-year budget exercise.”

Dr Leo Rolle, CEO of the Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC), said the private sector remains “cautious about incentivised promises that often fail to materialise”.

He said while the BCCEC is open to any initiate that will improve the ease of doing business, government should ensure its implementation is equitable.

“While we acknowledge the government’s intentions, we remain cautious about incentivised promises

that branch was due to high demand.

“So we want to firstly serve the folks that work on this island and improve the medical facilities that are on this island as folks come to work. It’s difficult if you have to leave the island and come back should something happen, if you need to go and run and see a doctor if you need to get some labs drawn, it becomes very, very difficult even to get across the island and back, say, on a lunch hour or before work or immediately after work. So our chief priority really is to serve the people that are working on this island.

“Secondly, we know that there are a lot of tourists and there are a lot of second homeowners, and that drives Airbnb and other forms of transient guests. We want them to know that if something

that often fail to materialise,” said Dr Rolle.

“We welcome any measures that reduce the cost of doing business and improve ease of operations. However, we are still waiting to see when and where the net zero effect will occur for businesses, ensuring that any tax implementation allows for equitable taxation, enabling the business community to operate and grow effectively.”

He said the application and approval process for the ta incentives should be “straightforward” so business owners are not frustrated with its implementation and welcomed the public consultation process so the private sector can participate in its drafting.

“We expect a fair and straightforward application and approval process that does not frustrate the business community, as seen with other government incentivized programs,” said Dr Rolle.

should happen, that there is a world class medical facility here to have that first level of urgent response to their medical needs. And so that core demand, the demand of people working on the island, the demand of guests coming to the island, worried about livability, worried about concerns around their health, that drove our planning to put a facility here.

It’s a 3,500 square foot facility that is able to respond to urgent care. It also has a pharmacy in the front, and so if you need to pick up a prescription or to get an over the counter medication that is now available on Paradise Island for the folks that work here as well as the transient guests.”

Mr Deveaux also spoke on under capacity in hospitals.

“So fundamentally, we recognise that there’s under

“We are pleased that public consultation is required and welcome the opportunity to collaborate with the government to craft fiscal measures and policies that reflect the challenges faced by businesses in the blue, green, and orange economies, who also stand to benefit from the concessionary considerations.”

Dr Rolle also recommended that a “robust” public awareness campaign is launched prior to the implementation of the corporate minimum tax so all businesses understand who it applies to.

“Additionally, we recommend a robust public awareness and education campaign to ensure businesses understand the qualifying parameters under the GloBe Rules and do not feel disenfranchised by the implementation,” said Dr Rolle.

capacity nationally and Bahamians experience this when there are difficulties with accessing medical care, whether that’s attempting to get into PMH or attempting to get into the Rand Memorial. There’s no secret that Bahamians experience this. Our role as a private sector act is certainly to cooperate wherever we can to make our capacity available to people that need it. And fundamentally, what we’ve done today is to make our outpatient product, our urgent care product, something happens and you need to get in to see a doctor right away, we’ve made that more accessible and affordable at $119 per month. We think that really is a huge step. But our inpatient capacity remains broadly available to support the government, however they should require of us.”

electricity wasn’t calculated properly and businesses probably were charged a different price than residential homes instead of commercial properties.”

Energy minister JoBeth Colbey-Davis said the power purchase agreement (PPA) has provisions that will prevent residents and businesses from having to handle “large cost fluctuations.”

“Today, we are commissioning two dual fuel turbine engines because of a public-private partnership between BPL and Bahamas Utilities Holdings,” said Mrs Coleby-Davis.

“The partnership is guided by a power purchase agreement. PPAs are standard practice in the energy field. The PPA for this project includes clearly defined key performance indicators and penalties for non-performance. Provisions have also been included to lock down rates, which will protect Bahamian households and businesses from large cost fluctuations.

“The partnership with Bahamas Utilities Holdings will allow for BPL to increase its generation capacity, with direct benefits for households and businesses in New Providence, such as improved reliability and electricity service.”

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

MINISTRY SHARES DRAFT OF LABOUR REFORM PAPER

By ANNELIA NIXON anixon@tribunemedia.net

A SUMMARY of the first draft of the Labour Reform White Paper has been shared by the Ministry of Labour and the Public Service with tripartite stakeholders revealing recommendations for reforms.

According to the summary, recommendations include “new policies for paternity leave, mental

health leave, and remote work”. Others include “strengthening of existing anti-discrimination laws and introduction of Equal Pay for Equal Work are also recommended for consideration”.

“Among the other notable recommendations are the promotion of Alternative Dispute Resolution (ADR) for labour disputes, reforms to address the triple transition of climate

change, digitalisation, and social justice, and the need to balance the hiring of specialised foreign expertise with the creation of opportunities for Bahamians.”

Some recommendations are also aimed at numerous Acts.

“The recommendations include changes to key legislation such as the Employment Act, Industrial Relations Act, Public Service Act, and General

Orders. The comprehensive list of 255 recommendations are focused on enhancing worker protections, promoting business growth, and ensuring fair and inclusive labour practices.”

The Ministry of Labour will move forward with the review process by the Minister Pia Glover-Rolle and then it will be presented to “Cabinet for approval, and further consultation with key stakeholders, before

a first draft of the bills can be prepared” to better align legislation and policies with international standards.

“We will continue to move forward at an expedited pace to ensure that these reforms can be enacted to bring about change for Bahamian workers as soon as possible,” said legal consultant to the Ministry Keenan Johnson.

“When we’re talking about legislative changes

Resorts World forecasts ‘never close in 15 years’

FROM PAGE B1

guests online are almost exclusively negative.

“RAV Board members presented a collection of bad reviews pulled from travel websites such as Yelp, Trip Advisor and Travelocity. The Board then reviewed a substantial number of the negative reviews. It was commented that much of the property has not been properly maintained and had fallen into disrepair.

“RAV Board members then presented a large presentation with pictures taken that past week showing the neglected and abandoned parts of the property, highlighting the property’s poor condition. It was agreed that the hotel, the property and the amenities need to be managed and maintained in a manner competitive with other resorts.”

The same concerns were then aired more vigorously just one hour later at the “emergency shareholder meeting”, featuring both Genting Americas and RAV Bahamas officials, which appears to have been called in an ultimately failed bid to resolve the two sides’ differences.

Alejandro Capo, RAV Bahamas’ chairman and Gerardo’s son, presented what was described as a “package that contained over 200 reviews from

homeowners that are almost all negative. There are onestar reviews of the service and the food, and reviews saying the property and the client engagement being terrible, customers saying they’ll never go back etc”.

“When RAV takes its real estate clients to the resort to see it, the clients see that the property is in disrepair and Fisherman’s Village is abandoned and in disrepair,” he said. “RAV’s real estate clients spend a substantial amount of money on a second home in Bimini. They want and expect a great experience. However, the current experience they are getting is not good. That results in damages to RAV’s core real estate business.”

Asserting that RAV Bahamas, as the 22 percent minority owner, “can’t sit by and watch” Genting and its management affiliates “run the resort into the ground”, Alejandro Capo added: “We are probably spending nearly $100,000, or more, on equipment that we are replacing because it wasn’t managed and maintained properly.

“And we are spending money on repairs because [Genting’s management firm] allowed the property to fall into disrepair.” Alejandro Capo, according to the meeting minutes, alleged that improvements only occurred after he brought a senior Genting executive, referred to as KJ, to the island to see

conditions at Resorts World Bimini.

“We should not have to drag Genting upper management to Bimini to point these things out before they are maintained. They should always be properly maintained and cared for under the resort management agreement,” Alejandro Capo argued This prompted Missy Lawrence, Resorts World Bimini’s president, to hit back by asserting that RAV Bahamas was equally to blame for the state of the resort and conditions encountered by some 300 homeowners. “This isn’t only Resorts World’s doing; it’s yours, too,” she blasted. However, Alejandro Capo was unwilling to let the matter rest. In one of the meeting’s final remarks, he asserted: “The management of the resort has been awful. We need to work together to make this place make money. RAV’s primary revenue source is real estate sales, and if Resorts World does not do its job, RAV can’t sell real estate. You have affected my core business to the point that I have no sales.

“What you do materially affects what I do. Moving forward, I need to have guaranteed good service at the resort and for our prospective real estate clients to protect BB Entertainment’s image, and to ensure RAV can sell real estate.”

Rafael Reyes, RAV Bahamas’ president and Gerardo Capo’s son-inlaw, added: “The operation of the resort needs to be better all around. People

buy based off of reviews, so we can’t afford to have negative reviews or at least try to limit them to a great extent.” Alejandro Capo added: “Bad reviews affect our bottom line.”

It appears, though, that “the emergency meeting” resolved little with tensions between Resorts World Bimini’s two owners continuing to simmer and fester through the COVID-19 pandemic. The minutes for a January 27, 2022, Board meeting reveal Mr Reyes opened with: “The purpose of this meeting is to emphasize that we need to have transparency and a good relationship with our partners.”

Moving on to the March 12, 2024, Board meeting, Alejandro Capo complained that Resorts World’s sales, general and administrative expenses (SG&A) were “extremely high for a 300room hotel”. He called for a “full breakdown” of salaries and benefits, and added: “This executive team has been here for roughly four years, and the hotel has continued to lose money - less money than in prior years, but still lose money.”

Turning to Mr DeSalvio, as Genting Americas president, Alejandro Capo then asked: “Bob, have you ever encountered these kinds of financial numbers in your 40-year history in the industry?” The meeting minutes record Mr DeSalvio as giving no reply.

However, Shane Pomeroy, Resorts World Bimini’s chief financial officer, replied: “The largest components of the SG&A expense line item are insurance premiums of $2.8m; transportation costs of $2.4m; HOA (homeowners association) fees of $1.6m, freight costs of $1.1m, Hilton royalty fees of $1m; and bank fees of $0.8m totalling nearly $10m.”

And, in response to a question from Mr Reyes, he added: “Debt service is roughly $57m a year.” Alejandro Capo then challenged: “How realistic is the 2024 budget, as these budgets have rarely, if ever, accurately projected the true financial picture?

“In fact, RAV has been through approximately 15

of this magnitude, the scale of inputs from experts and stakeholders, as well as the many steps required to get us to the point of having drafted legislation can be quite extensive. However, working along with the Ministry’s team of seasoned HR and Labour professionals with the full support of this administration behind us, we can anticipate significant progress in a relatively short time frame.”

of these projected financial presentations, and the yearend results have never been close to how the financials were presented.” This saw Mr Pomeroy reply: “We are confident in the numbers.” As for resort operations, Mr DeSalvio said Resorts World planned to either terminate the flag agreement with Hilton or allow it to end. “Resorts World brand does not wish to continue with the Hilton brand,” he confirmed. “The company believes it is the right move for the property to terminate the franchise agreement or let it expire.” The Genting representatives on Resorts World’s Board, though, did not emphatically deny that they were planning to sell Bimini’s ‘anchor’ property when challenged by RAV Bahamas. “Has Genting management attempted to sell the property? Is the hotel for sale,” asked Alejandro Capo.

To which Mr DeSalvio replied: “I’m not aware of any listing agreement to sell the property, but I will check with other Genting executives and respond back to the Board.” Alejandro Capo added: “RAV formally requests disclosure and to be involved in any meeting or communication whatsoever related to the sale of the property. Any discussions, formal or informal, involving the sale of the hotel should include RAV as a shareholder.” RAV Bahamas is essentially accusing Genting of using its 78 percent majority ownership, plus Board and management control, to conceal how it funnelled hundreds of millions of dollars in liabilities incurred elsewhere in its global empire on to the Bimini resort’s books. Complaining that this has undermined the value of its investment, while also “depriving” it of expected profits, RAV Bahamas claimed that Genting “has deliberately kneecapped” its attempts to gain a true understanding of Resorts World Bimini’s true financial position by denying “full access” to the property’s financial records and its calls for an independent audit.

RESORTS WORLD BIMINI

CLICO failure exposes need to ‘better protect small man’

from the CLICO (Bahamas) debacle, with multiple policyholders having died before being fully compensated and others yet to fully recover their assets, he confirmed that the insurer’s Supreme Court-appointed liquidator has made a further payout to victims following a near-20 month pause.

“I think they have made some payment. That’s what I understand,” Bishop Hall told this newspaper. “They haven’t given me much. Some payments have been made. Mr Gomez told me that. It looks like they’ve been spread out over some time. I pray it doesn’t take as long for people to get it as it was long in terms of the legal position reaching this conclusion. Thank God something has happened.”

Mr Gomez is Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez accountant and managing partner, who has been acting as CLICO (Bahamas) liquidator since the insurer was placed under the Supreme Court supervision in February 2009. He is prevented by a gagging Order from speaking publicly about the case.

However, Tribune Business understands that the latest payments to victims have been taking place over the past two weeks with some 60 percent of those who surrendered their life insurance policies now fully compensated and paid out.

The 40 percent of clients yet to be made whole are those whose policies have greater surrender values or are still in effect and being managed by BAF Financial.

“Payments have been going on over the past two weeks,” a well-placed source, speaking on condition of anonymity, confirmed. “They are trying to run a very controlled process and make the payments in a controlled way for the benefit of creditors.” They added that this round of compensation, the first for around 20 months since 2022, may be concluded “by next weekend”.

It is thought about $55m has been paid out to CLICO (Bahamas) victims across three different administrations, with the Government stepping in to finance the compensation in the insurer’s stead via the Bahamian taxpayer. The Government, and those policyholders

CORPORATE TAXATION BILL CAUSES FREEPORT FEARS

James Carey, the Grand Bahama Chamber of Commerce’s president, was among those voicing concern yesterday that the Government’s push to comply with G-20/OECD global 15 percent ‘minimum’ corporate tax drive might be the latest legislative initiative to run afoul of the Hawksbill Creek Agreement’s provisions. However, attorneys spoken to by this newspaper said the issue may not be so simple. They pointed out that Freeport’s investment incentives, including the income tax exemptions, expired in 2015 and were never renewed by the-then Christie government which instead passed the Grand Bahama (Port Area) Investment Incentives Act 2016.

Under this legislation, which the subsequent Minnis administration never gave effect to, only the GBPA, Hutchison Whampoa and their affiliates such as the Grand Bahama Development Company (DevCO) were given an automatic 20-year renewal of their income and other tax breaks through to 2036.

All other GBPA licensees have to apply to be granted these by the Government, including exemptions from taxation on “the earnings of a licensee in the Port Area and outside The Bahamas”. Amid this general

uncertainty now enters the Davis administration’s move to extend the 15 percent corporate income tax to the Port area.

“Clause three of the Bill makes provision for the Bill to apply to the entire Bahamas including the Port Area as defined in the” Hawksbill Creek Agreement and Freeport Bye-Laws Act, the Domestic Minimum Top-Up Tax legislation states. Mr Pinder yesterday said the Bill has nothing to do with the GBPA or Hawksbill Creek Agreement, and is merely intended to give effect to this nation’s compliance with the G-20/OECD initiative.

“The Domestic Minimum Top-Up Tax Bill has nothing to do with the Hawksbill Creek Agreement or the GBPA,” the Attorney General told Tribune Business “It is the legislation to implement Pillar Two - the OECD global corporate minimum income tax. It will apply to GBPA licensees operating in the Port Area. It applies to the entire country.” But only to entities part of corporate groups with turnover greater than 750m euros.

The Government’s position appears to have advanced since its summer 2023 ‘green paper’ on corporate income tax reform, which failed to give a definitive position on whether such a levy could be imposed

yet to receive full compensation, must now wait on Trinidad to pay the agreed $110.827m settlement to CLICO (Bahamas) for their reimbursement. That sum was offered by liquidators for the Bahamian insurer’s Trinidad-based parent, CL Financial, and Sir Ian Winder, the Supreme Court’s chief justice, last year gave Mr Gomez the go-ahead to accept it in his capacity as CLICO (Bahamas) liquidator. The nine-figure sum represents a settlement of CLICO (Bahamas) claim against its Trinidadian parent. CL Financial had guaranteed $58m, or 79.5 percent, of the monies its Bahamian subsidiary had advanced to another group entity, CLICO Enterprises, which subsequently defaulted on the loan repayments. Mr Gomez thus argued that CLICO (Bahamas) was a secured creditor of CL Financial.

However, not a cent of the $110.827m has yet been received from Trinidad. The timing and amount of any payout depends on CL Financial’s liquidators, and the Trinidad courts, and neither Mr Gomez nor anyone in The Bahamas has control

on Freeport given its status as a free-trade zone.

“Businesses under the Hawksbill Creek Agreement in Freeport are exempt from paying the Business Licence fee, alongside the elimination of property taxes and import duties,” it s ‘green paper’ said.

“For these free trade zones, appropriate Bahamian legal advice would be required to determine whether the application of corporate income tax would be legally possible, though any application of corporate income tax would likely erode the competitive advantage afforded to this area.”

GBPA licensees will also be unable to benefit from the elimination of Business Licence fees for those who qualify for the corporate income tax as they presently do not pay this. Instead, they pay a fee to the GBPA.

The GB Chamber’s Mr Carey told Tribune Business: “This is, I guess, the Government’s continued erosion of the permanent power of the Hawksbill Creek Agreement. Maybe it will be another opportunity for the Port to figure out and find out what’s going on with the agreement.

“The question is: Can legislation supersede the Hawksbill Creek Agreement without specifically amending it in the manner prescribed, which requires the consensus of licensees and all that good stuff. I’m not an attorney. I will speak to some of my legal friends and see what their thoughts are. The Government did get VAT implemented in Grand Bahama.

of this. As a result, it could be months and even some years yet before all or part of this money is paid out and received in The Bahamas.

CLICO (Bahamas) is far from being the only CL Financial creditor, and the latter’s Trinidadian liquidators must now work to secure and liquidate assets in that jurisdiction, converting them into cash and then obtaining approval from that nation’s courts before the monies can be transferred to Mr Gomez and the liquidation estate he oversees. All this will take time.

Prime Minister Philip Davis KC earlier this year said the Government planned to make no more payments to the CLICO (Bahamas) policyholders until the payments from Trinidad were received, even though the $110.827m is likely to paid in tranches over a period of time as opposed to a lump sum.

“The liquidators for CLICO have reached a settlement with the Government of Trinidad or the entity controlling CLICO’s assets in Trinidad. This settlement will benefit the funds here, ensuring we can discharge CLICO’s

“Government is intent, apparently, on eroding the power of the Hawksbill Creek Agreement. The sooner they see the back of it the better for them, no doubt. This determination to undo the Port Authority is very real. and strong, but the Prime Minister stated he doesn’t intend to undo the Hawksbill Creek Agreement. It’s the families that are the target.”

Freeport is home to a number of entities that would likely meet the qualifying threshold to attract the 15 percent corporate income tax, including the likes of the Grand Bahama Shipyard; BORCO (Buckeye Bahamas); Carnival’s Celebration Key; Grand Bahama Power Company (Emera); and Polymers International. However, it is unclear whether the 20-year

responsibilities to our customers. In fact, we might see how we can recoup some of the advances we made to assist those affected,” Mr Davis said then.

“The Ministry of Finance and our technical team are meeting with the liquidator to resolve this and ensure the funds are secure. There’s no need for further allocation. It seems significant progress has been made in Trinidad to resolve all related issues, benefiting policyholders here in The Bahamas.

“We do not intend to trouble the policyholders; we want to make them whole. We stepped in to help, and that’s what we did. If we’re able to retrieve some of the taxpayer’s money, it would be a windfall for us.”

However, Bishop Hall told Tribune Business: “I understand the policymakers can be hopeful; optimistic and hopeful. I’m glad for some resolution to have been reached, and I just pray it never happens again. A little something is better than nothing at all. Christmas is coming.

“I think the Government should protect policyholders more than they did with CLICO. I think they should

‘blanket’ tax exemption granted to the GBPA, Hutchison Whampoa and their affiliates in the Grand Bahama (Port Area) Investment Incentives Act 2016 will trump the new legislation that the Government is bringing. Among the entities covered by the 2016 Act are Freeport Harbour Company; Freeport Container Port; Hutchison Freeport Holdings; Hutchison Ports (Bahamas); Hutchison Ports (Bahamas) Holdings and a whole range of other affiliates and subsidiaries.

Michael Pintard, the Opposition’s leader, while emphasising that he was not supporting either the GBPA or Hutchison, yesterday called for “a more robust discussion” around changes that the Government might want to make to the

have been more precise, more particular, more judicious with these foreign companies. There’s nothing there for persons to hold on to than make noise and agitate. What about those who have died? I understand some policyholders’ children are now facing an uphill battle” to claim what is due to their parents’ estate.

“We have to protect the small man. We have to protect those persons who are most vulnerable. Any area of our society where people are vulnerable, I think we should protect them better.” Asked whether The Bahamas has learned the right lessons from CLICO’s failure, Bishop Hall replied: “I hope we have; I really hope we have.

“We have to be more specific and more protecting than we were back then. People are now willing to look a little further and a little deeper than before. Personally, I’ve learned quite a bit from this. We have to cover ourselves when we look at these things and have to be more particular. If a business gets a licence from the Government, the Government has the task of protecting local consumers.”

Hawksbill Creek Agreement rather than “coming and stripping away” its terms gradually with individual pieces of legislation.

Backing the Davis administration’s move to implement corporate income taxation, especially given that failure to do so will allow other countries to collect this revenue, Mr Pintard said: “It makes more sense for us to collect this money than for that money to be collected in other jurisdictions.

“The Government is already missing income in that regard because many countries have signed on to the OECD/G-20 initiative since January. At the end of the day, we support collecting the funds in this jurisdiction given the amount of countries, 147, who have signed on to this.”

Companies hail ‘big leap’ on business ease tax promises

officer, an accountant. You have to know a bit of everything to keep up with what’s happening. Hopefully it’s something the Government can give consideration to and it makes a difference.

I often said that if I didn’t have to do this, I wouldn’t do it,” Mr Albury continued. “It would be a big leap if this is something that has some substance and can improve things.”

When asked what specific improvements he would like to see, he added: “General day-to-day things, and being able to get quicker

and faster responses from various [government] departments. That would be the most important thing.

There’s a lot of changes that have been implemented, some good, some bad, but it can be difficult keeping upto-date with what’s presently the norm.”

Mr Cooper, in tabling the Bill to give effect to the 15 percent minimum corporate tax in the House of Assembly yesterday, promised it will be accompanied by incentive-based legislation designed to address longstanding concerns regarding the ease and efficiency

of doing business in The Bahamas. The Domestic Minimum Top-Up Tax Bill 2024 removes the possibility of double taxation for companies that qualify for the new levy by eliminating the need for them to pay Business Licence fees as well. Only companies that are part of corporate groups with annual turnover in excess of 750m euros will, at present, have to pay corporate income tax on their profits. Referring to the consultation paper on the Domestic Minimum Top-Up Tax Bill, the deputy prime minister said: “The consultation

paper foreshadowed the Government’s intention to introduce some form of incentives to reduce the cost of doing business in The Bahamas. These incentives will be laid out in a companion piece of legislation.

“These incentives would, when introduced, impact all businesses - not just businesses which qualify for the Domestic Minimum Top-Up Tax. In this respect, the Government within this year and prior to any tax becoming payable under the Domestic Minimum Top-Up Tax would introduce legislation that will lay out the framework for such incentives in

a manner that will qualify under the” OECD rules.

Mr Cooper added: “In the consultation process with the Domestic Minimum Top-Up Tax, several respondents suggested that any new incentive regime be aligned with attracting new business development in key economic activity, namely headquarters, tourism, finance, technology and energy.

“And, in this regard, consideration could also be given to incentives associated with employment, capital expenditures, training, local content spend, research and development costs, the creative industries and extra- territorial turnover.

“The Government acknowledges the importance of developing this new regime, which would need to apply broadly across businesses in The Bahamas.

Consequently, the view was taken that a separate Bill be crafted to reflect the final position of the Government and submitted for consideration during the mid-year Budget exercise.” That takes place towards the end of February.

The Government has estimated that it could earn as

much as $140m in annual revenue from the 15 percent corporate tax once it has been in effect for a full year. Mr Cooper yesterday sought to soften the tax reform blow by pledging that the proceeds will be used to reduce the $11.5bn national debt and tackle the ongoing cost of living crisis.

“This Bill seeks to introduce an effective tax rate of 15 percent for in-scope multinational enterprises operating in The Bahamas that have annual consolidated revenue of or above 750 million euros or approximately $818m. At this threshold very few Bahamian-owned and operated businesses would be impacted,” the deputy prime minister added.

“In addition, with the passage of this Bill, The Bahamas would be allowed to retain tax revenues on profits of these entities that would otherwise be subjected to top-up tax in another jurisdiction under the OECD’s Income Inclusion Rule or the Under Taxed Profit Rule.

“As a matter of policy, this administration has already stated that the lion’s share of revenue from this Bill would be dedicated to debt reduction and reducing the cost of living for ordinary Bahamians.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, ASHAKI PHILIPPA STURRUP, of the Island of New Providence, intend to change my name to ASHAKI PHILIPPA BETHEL If there are any objections to this change of name by deed poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-792, Nassau, Bahamas no later than Thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that QUINCY LADDEUS, of Golden Gates, 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 17th 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 ROBINSON ROCK, of Rockcrusher, Carmichael 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 17th 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 ASHLEY ARRIANNA JACKSON of P. O. Box GT-2555, #76 Barbados Street, Golden Gates #2, 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 17th 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 JUSTIN PAUL , of Balfour Avenue, Miami Street New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

AUSTRALIA’S PRIME MINISTER IS CRITICIZED FOR BUYING

A WATERFRONT HOME DURING A HOUSING CRISIS

By ROD McGUIRK Associated Press

AUSTRALIAN Prime

Minister Anthony Albanese has been criticized for buying a multimillion-dollar waterfront home during a national housing crisis with federal elections just months away.

Critics argue that the purchase of the 4.3 million Australian dollar ($2.9 million) clifftop home at Copacabana, north of his hometown of Sydney, made him appear out of touch with many Australians who are struggling to buy or rent a home due to elevated interest rates, rising prices and limited supply.

Albanese brushed off criticisms Wednesday when questioned by reporters about concerns raised privately within his own government.

"We want to get on with helping Australians, whether it be public housing, whether it be rentals or whether it be buying their

own homes," Albanese said.

Copacabana and several other beaches in the area have mainly multi-million dollar price tags on their waterfront homes, owned by Sydney-siders who still have homes in the city or have moved to a more tranquil lifestyle.

Opposition lawmaker Sussan Ley described the purchase as evidence that Albanese was "out of touch," and her colleague Angie Bell described the timing as "questionable."

"The real issue for Australians is a lot of people want to be able to buy a home, but they're finding it very, very difficult and the current government is doing a very poor job at getting the policy settings in place to make it easier," opposition lawmaker Paul Fletcher told Sky News Australia.

Government lawmakers have publicly backed Albanese.

"I think the average Australian says, 'Fair enough,

leave him alone, I'll criticize his policies or I'll support his policies, I'll criticize or support his government, but I'm not going to criticize or support what he does with his own bank account with his own money,'" Cabinet minister Chris Bowen told Australian Broadcasting Corp.

Albanese's center-left Labor Party seeks a second three-year term in office at elections due by May next year.

Monash University political scientist Zareh Ghazarian described the buy as "politically risky" ahead of an election in which housing affordability will be "at the top of the policy agenda."

"For the prime minister to make this purchase in this climate is just distracting for the Labor Party," Ghazarian said.

Ghazarian said the home also damaged Albanese's political brand. Albanese, who is paid an annual salary exceeding AU$600,000 ($400,000), maintains that

being raised in public housing by a single mom gave him an appreciation of the financial struggles of lowincome families.

A Sydney radio station first reported the real estate transaction on Tuesday. Albanese's offer for the four-bedroom house was made in September and the sale was expected to be completed by the end of October.

On Tuesday, Albanese explained he was buying the house because the family of his fiancee, Jodie Haydon, lived on the Central Coast. Albanese lives in the prime minister's official residences in Sydney and the national capital Canberra. He said

he was selling his private Sydney house which would help pay for the Copacabana home. "I am much better off as prime minister. I earn a good income. I understand that. I understand that I've been fortunate," Albanese said. "But I also know what it's like to struggle. My mum lived in the one public housing that she was born in for all of her 65 years. And I know what it's like, which is why I want to help all Australians into a home, whether it be public homes or private rentals or home ownership."

Australia's property market is among the most expensive in the world, with

Sydney regularly featuring in lists of the world's least affordable cities.

Residential property prices rose by 32.5% across Australia in four years as of February, despite the cash interest rate rising from 0.25% to 4.35% in that period, according to financial data company CoreLogic.

Sydney is the capital of New South Wales state, where real estate prices are Australia's highest. The price of the average New South Wales dwelling was AU$1.2 million ($817,000) in the latest June quarter, the Australian Bureau of Statistics said.

OIL COMPANY PHILLIPS 66 SAYS IT WILL SHUT DOWN LOS ANGELES-AREA REFINERY

LOS ANGELES Associated Press

OIL company Phillips 66 announced Wednesday that it plans to shut down a Los Angeles-area refinery by the end of 2025, citing market concerns.

The refinery accounts for about 8% of California's refining capacity, according to the state's Energy Commission. The company indicated it will remain operating in the state.

"With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles," CEO Mark Lashier said in a statement. "Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet

our commercial and customer demands."

The closure will impact 600 employees and 300 contractors who help operate the refinery, the company said in a news release. The refinery consists of two facilities that were built more than a century ago.

The announcement comes days after Democratic Gov. Gavin Newsom signed a law aimed at preventing gas prices from spiking at the pump. The law authorizes energy regulators to require refineries to maintain a certain level of fuel on hand. The goal is to avoid sudden increases in gas prices when refineries go offline for maintenance.

Phillips 66 said it supported the state's efforts to keep certain levels of fuel on hand to meet consumer needs.

The company also operates a refinery near San Francisco that accounts for

about 5% of California's refining capacity, according to the state Energy Commission. Phillips 66 Santa Maria, a refinery that was located about 62 miles (100 kilometers) northwest of Santa Barbara, shut down in 2023 after the company announced plans to convert its San Francisco-area site into "one of the world's largest renewable fuels facilities."

Newsom has applied pressure on lawmakers to pass oil and gas regulations. He called the state Legislature into a special session in 2022 to pass legislation aimed at cracking down on oil companies for making too much money. The Democrat often touts California's status as a climate leader. The state has passed policies in recent years to phase out the the sale of new fossil fuel-powered lawn mowers, cars, big rigs and trains.

AUSTRALIAN Prime Minister Anthony Albanese gestures during a press conference in Logan City, near Brisbane, Tuesday, Oct. 15, 2024.

Photo:Darren England/AP

A JOGGER runs in front of the Phillips 66 refinery, July 16, 2014, in the Wilmington area of Los Angeles. Photo:Mark J. Terrill/AP

THE FOUR TECH FEATURES YOU NEED TO GET ON YOUR NEXT VEHICLE

By JOSH JACQUOT Edmunds

TECHNOLOGY

fea-

tures in modern vehicles can make driving easier and more enjoyable. But when buying your next car, it can be hard to know which features are useful and which ones are more like gimmicks. And many times, these features are only available on certain trim levels. To help you out, Edmunds' car experts have come up with a list of their top four features and offer insight on how to get them. Easy phone pairing: wireless connectivity and wireless charging

Most modern vehicles come with Apple CarPlay and Android Auto. These features allow you to display and use many of your smartphone's apps and features on the vehicle's touchscreen. Typically, you'll need to connect your phone with a USB cord to make Apple CarPlay and Android Auto work. But some vehicles also support wireless connectivity. A wireless connection allows you to pair your phone and

stop fussing around with a cord every time you get in to drive.

To make the most of it, buy a vehicle that also has a built-in wireless phone charger. Having a wireless charger fully cuts out the need for a cord. The charging pad also serves as a dedicated location for your phone, which isn't a certainty in every car. How to get it: Research if the vehicle you're interested in supports wireless connectivity for Apple CarPlay and Android Auto. Most vehicles either have it or they don't, though a few do offer it as part of an upgraded infotainment system. A wireless smartphone charger is commonly an option or one of the extra features that come on a more expensive trim level. Perfect parking: surround-view camera

A surround-view camera, also known as a 360-degree camera, uses an array of cameras placed in different locations on the vehicle to create a stitched-together image on the infotainment screen. The view, which looks like it's made

by a single camera hovering above the vehicle, is as amazing as it is helpful.

A surround-view camera system is helpful to have when you're in a tight parking lot or when you're parallel parking. The topdown view makes it a lot easier to park perfectly between the lines or be the right distance from the curb. The most helpful camera systems also come

with parking sensors that provide auditory or visual feedback to indicate how far away you are from an obstacle.

How to get it: A surround-view camera system usually comes on a more expensive trim level or as part of an optional package. Less fatigue in heavy traffic: adaptive cruise control If you frequently navigate stop-and-go traffic on the highway, adaptive cruise control can provide helpful relief from traffic fatigue. Like regular cruise control, it allows you to set a speed that the vehicle will maintain. In addition, adaptive cruise control can

automatically slow your vehicle when it senses a slower vehicle ahead and then accelerate back up to your set speed when traffic is moving again. These systems allow you to set the following distance behind the vehicle in front as well.

Some versions of adaptive cruise can bring your vehicle to a complete stop, shrinking the following distance as speeds decrease. Adaptive cruise will then return your vehicle to a preset speed as traffic begins to move again. And it all happens without touching any pedals.

How to get it: Adaptive cruise is often standard equipment on many new vehicles, even inexpensive ones. Protection from the unseen: rear-cross traffic warning

How many times have you backed out of a parking spot or driveway, unable to see if there's a vehicle bearing down on you from the side? It's a too common scenario that a rear crosstraffic warning system often solves brilliantly. Sensors at the back of the vehicle can sense what's coming before you can and sound or display an alert warning that a vehicle is approaching. These systems usually alert you soon enough that you'll have time to press on the brake and stop. Some vehicles also can also automatically apply the brakes if the driver doesn't react in time.

How to get it: Rear crosstraffic warning typically comes bundled with blindspot warning because the two features rely on the same sensors and technology. The two features aren't always standard equipment, however.

Bloomberg Philanthropies launches its largest Mayors Challenge ever to inspire city leaders globally

By GLENN GAMBOA AP Business Writer

THE beauty of Rourkela, India's city-changing idea is in its simplicity. Giving farmers affordable access to cold storage for their crops reduces waste and increases sales.

What turned that idea into an award winner in the annual Bloomberg Philanthropies Global Mayors Challenge was the ambition of its execution. Rourkela made the cold storage affordable by powering it with solar panels. It enlisted women from the community to manage the units, providing them with new skills and a new source of income. And it encouraged farmers to store excess produce there rather than selling at reduced prices to avoid spoilage in the Indian heat.

"This is not new technology. It is not rocket science," said Rourkela's commissioner Ashutosh Kulkarni. "It is a question of ideas. I

believe that ideas can move mountains."

To support more innovative ideas from cities around the world, Michael R. Bloomberg, former mayor of New York City and founder of Bloomberg L.P. and Bloomberg Philanthropies, Wednesday announced the largest Mayors Challenge ever. The expanded initiative will provide 50 cities with $50,000 and an invitation to Ideas Camp so the city leaders can hone and test their ideas. The 25 cities with the best ideas will then receive $1 million and the technical support needed to enact them.

"This new challenge will empower cities to rethink the way they deliver essential services in ways that better meet the everyday needs of residents," Bloomberg said in a statement from the Bloomberg CityLab 2024 meeting in Mexico City. "Bloomberg Philanthropies believes in the power of cities to affect change and we're looking

forward to seeing the bold proposals that mayors put together – and helping their cities bring them to life."

The most successful of those ideas may go into the new Bloomberg Cities Ideas Exchange program, where municipal leaders share what has worked and what hasn't, so other cities can replicate those ideas.

Phoenix Mayor Kate Gallego says that through the Bloomberg Cities program, she has already informally learned about municipal tree-planting programs in Freetown, Sierra Leone, and how Rochester, New York, was able to get more women hired in construction – two issues that are important in her city. And Gallego has happily shared with numerous cities how she started Phoenix's "mobile career units" program, which travels to areas where people have challenges with transportation to inform them about job opportunities and offer interviews.

THIS photo provided by Edmunds shows an Apple iPhone connected wirelessly to a BMW i5 through an Apple CarPlay interface. The iPhone is also placed on a wireless charging pad.

Photo:Edmunds

HONG KONG CUTS LIQUOR TAX IN AN EFFORT TO REIGNITE ITS NIGHTLIFE INDUSTRY

By KANIS LEUNG Associated Press

HONG Kong's leader announced a cut in liquor taxes on Wednesday, in a bid to revive the Asian financial hub's reputation as a travel destination with a vibrant nightlife and dining scene.

After fulfilling Beijing's long-standing imperative to enact a homegrown national security law, which has furthered concerns about the curtailing of civil liberties in the city, Chief Executive John Lee now faces challenges with economic competitiveness against regional rivals like Singapore, Japan and mainland Chinese metropolises.

Changes in residents' lifestyles and a wave of middle-class emigration during the COVID-19 pandemic have dampened local spending. Many residents now prefer to spend their weekends in mainland China, attracted by its lower prices and a wider variety of entertainment options. Meanwhile, visitors from the mainland are spending less in the city than before.

Vacant shops are commonly seen in the city's most popular shopping districts, and revenue at the city's bars was down about 28% in the first half of 2024 from the same period in 2019, preliminary official data showed.

In his annual policy address, Lee said the duty rate for spirits with an import price of more than 200 Hong Kong dollars (about $26) would be slashed from 100% to 10% for the portion above that price starting Wednesday. He said he hoped it would foster the logistics, storage, tourism and high-end dining industries.

The government previously told lawmakers that after wine duties were abolished in 2008, imports jumped 80% in a year and the city welcomed hundreds of new wine-related businesses.

Lee highlighted the city's various global rankings near the end of his speech at the legislature, but said past performance does not guarantee future success.

"We must remain confident in ourselves and uphold our morale, standing firm against any efforts to downplay our success story," he said.

Lee, a former security chief handpicked by Beijing to lead Hong Kong, pushed through the new security law in March. Critics fear the law will further erode the civil liberties promised to the former British colony when it returned to Chinese rule in 1997.

That law follows similar national legislation Beijing imposed in 2020 to quell

huge anti-government protests. Since that law took effect, many of the city's leading activists have been prosecuted, forced into selfexile or silenced. The Hong Kong government said the security laws are necessary for the city's stability. But in the wake of such dramatic political changes, many middle-class families and young professionals have emigrated to Britain, Canada, Taiwan and the United States.

To attract more wealthy migrants, Lee revised a plan that awards residency to applicants who invest a minimum of 30 million Hong Kong dollars ($3.9 million) in some types of assets. Starting Wednesday, purchases of homes valued at 50 million Hong Kong dollars ($6.4 million) or more can count toward up to a third of the requirement, he said.

Simon Lee, an adjunct faculty member in finance at The Chinese University of Hong Kong, Shenzhen, said slashing taxes on liquor will help stimulate trades of spirits. But he added that the impact on tourism and bar businesses isn't expected to be significant because the numbers of those consuming strong alcohol may be limited.

Lee, the city's leader, also pledged to turn the city into an international hub for post-secondary education by offering scholarships to overseas students, and promised moves to develop the "silver economy" and "low-altitude economy" — Beijing's buzzwords for markets like elderly care, private aviation and drones. He also announced plans to build an international gold trading market and create a "new commodity trading ecosystem."

Lee also proposed to regulate the city's subdivided flats, which are notorious for their tiny size and poor living conditions but provide a relatively affordable housing option in one of the world's most expensive housing markets.

Some 110,000 households live in such homes, and one of Beijing's top officials for Hong Kong affairs has called for Lee's government to abolish them.

Lee said owners of subsidized flats must ensure each home has windows, an individual toilet and a minimum floor area of 8 square meters (86 square feet) after a grace period.

Lo Kin-hei, chairman of the Democratic Party, one of the city's few remaining pro-democracy parties, expressed concerns about the impact of the new rules, saying it could force people living in larger but windowless homes to move to smaller flats with windows.

NOTICE TO SHAREHOLDERS

Notice is hereby given that the Annual General Meeting of Shareholders of Bahamas First Holdings Limited (“BFH” or the “Company”) will be held as follows:

Date Thursday, October 24, 2024

Time 6:00pm

Location Baha Mar Convention Center Chub Cay Room Nassau, Bahamas

The BFH 2024 Proxy material will be distributed electronically to all Shareholders of record as at the close of business on September 9, 2024

The BFH 2023 Annual Report may be downloaded from the Company’s website: www bahamasfirst com/financial-reports

PEOPLE walk past a night club in Hong Kong’s Wan Chai district, Nov. 5, 2014.

Photo:Vincent Yu/AP

UNIONS FACE A MOMENT OF TRUTH IN MICHIGAN

IN THIS YEAR’S PRESIDENTIAL RACE

By JOEY CAPPELLETTI and MATT BROWN Associated Press

VICE President Kamala Harris rallies in Michigan's union halls, standing alongside the state's most powerful labor leader, while former President Donald Trump fires back from rural steel factories, urging middle-class workers to trust him as the true champion of their interests.

As they compete for blue wall states with deep union roots, the presidential candidates are making their case to workers in starkly different terms. And nowhere is that contrast more significant than in Michigan, where both candidates are vying for workers' support in a race that could mark a pivotal moment for organized labor.

"The American dream was really born here in Michigan," United Auto Workers President Shawn Fain told a crowd of several hundred while campaigning for Harris in Grand Rapids. Fain, who described Michigan as "sacred ground" for his union at the early October rally, warned that the dream was on "life support" and that unions like his were key to protecting it for American workers.

Harris, who is planning to meet with union workers again in Michigan on Friday, hopes her message — amplified by supporters such as Fain — will resonate beyond the union families that once formed a rock-solid base for the Democratic Party. Her campaign has grown increasingly concerned about her standing with men in the blue wall states of Michigan, Wisconsin and Pennsylvania, where they are looking to union leaders

to help mobilize voters in a political landscape that has shifted in the winds of a rapidly changing economy. These concerns intensified recently when Harris failed to secure two key union endorsements that in 2020 went to President Joe Biden, who has touted himself as the most laborfriendly president in U.S. history. The International Association of Firefighters and the International Brotherhood of Teamsters both declined to endorse anyone, with the Teamsters citing a lack of majority support for Harris among their million-plus members.

The Teamsters have traditionally been less reliably Democratic than other unions, having endorsed Republican Presidents Richard Nixon and Ronald Reagan in the past. Some state-level unions have also diverged from their national leadership, with Michigan's Teamsters and California's main firefighters' union backing Harris. Still, any break in unity within the labor movement could strike a blow against a party that has worked hard to restore unions as a central source of its power at the ballot box.

"When you talk about unions, you're addressing more than just unionized workers. Most people in states like Michigan have a family member or close friend in a union," said Adrian Hemond, a longtime political strategist in Michigan. "Unions are just a vessel to get that messaging out to workers."

Trump has seized on the union non-endorsements, claiming they prove rankand-file workers support his vision for the country.

Many Midwestern communities once core to the labor movement have

Italy approves tight budget partly funded by a levy on banks and insurers

By GIADA ZAMPANO Associated Press

ITALY'S far-right government has approved a budget for next year of about 30 billion euros ($33 billion), which officials say will be partly funded by a levy on Italian banks and insurers.

Prime Minister Giorgia Meloni said late Tuesday that the government expected to raise some 3.5 billion euros from banks and insurance companies to ensure better public services, especially the country's struggling health service, and help the most vulnerable citizens.

"As we promised, there will be no new taxes for citizens," Meloni wrote in a post on X.

The 2025 budget law was agreed by ministers at a cabinet meeting late Tuesday, just in time to meet a deadline to submit the plan to the European Union. The measures still need to be approved by the Italian parliament, with a final vote expected by the end of the year.

Economy and Finance minister Giancarlo Giorgetti had been under intense pressure for weeks to reconcile the need to speed up Italy's deficit reduction — closely watched by the EU — with the government's expensive electoral promises.

"Someone would call it an extra profit (tax), I call it a sacrifice," Giorgetti said at a press conference on Wednesday, commenting on the new levy on banks and insurers.

Government officials didn't release details on the new financial levy. But some

shifted to the right in recent decades, often in response to economic concerns such as deindustrialization and the removal of trade barriers. In that same span, non-college-educated white voters across the country began voting more conservatively for a number of reasons, including concern about cultural issues involving race and gender.

In Michigan, home to the Big Three automakers and the largest concentration of UAW workers, Trump seeks to capture an even larger share of these votes by framing Harris as a supporter of electric vehicle mandates and trade policies that he says send jobs overseas.

Attempting to separate union workers from their leaders, he labeled Fain a "stupid idiot" and praised Tesla CEO Elon Musk for firing workers who went on strike. The UAW says that could intimidate people who work for the Trump campaign or at Tesla who might want to join a union.

In 2020, Biden narrowly carried the blue wall states that had broken with Democrats in 2016 for the first time in decades on his way to winning the White House. That election win was built on a foundation of strong support from unionized voters, who have traditionally formed a turnout machine for Democrats in the Midwest. But it stood apart from past Democratic

victories in a number of significant ways.

While Trump narrowly won white voters in Michigan in 2020, the former president's vote margin was highly polarized along educational, professional and income lines; Trump won nearly two-thirds of non-college-educated white voters in the state, while Biden and Trump were drawn to a near tie among college-educated white voters, according to AP VoteCast, a comprehensive survey of the electorate.

Among Michigan's nonwhite voters, who make up 16% of the state's electorate, Biden won a resounding 80% of the vote. But signs of that coalition fracturing have emerged more recently, particularly among Arab Americans in metro Detroit, many of whom are expected to turn away from Democrats due to the Biden administration's handling of the Israel-Hamas conflict.

As Trump again seeks the presidency, his campaign hopes to boost GOP support among the state's non-college-educated white and nonwhite workers

to unprecedented levels, partly to offset expected losses Trump will face with white college-educated voters, where he has hemorrhaged support since his 2020 loss and subsequent efforts to overturn the results in Michigan, Pennsylvania and other swing states.

"I think that part of the problem that Democrats are having with some of the white male, blue collar voters is not within the union itself," said Brian Rothenberg, a former UAW spokesman. "It's those folks that are children or relatives of union members that just aren't doing as well."

Harris has aimed to win over these voters by emphasizing how unions benefit all workers. At a Labor Day rally in Detroit, she said "you better thank a union member" for the fiveday work week, for sick and paid leave and for vacation time.

"When union wages go up, everybody's wages go up," said Harris. Just over a year after securing new contracts for UAW workers at Ford,

General Motors and Stellantis, Fain has staked much of his political capital — and potentially his future — on supporting Harris. He argues that UAW backing for Democrats has remained steady over recent elections, with approximately 60% of members voting for the Democratic presidential nominee. Petitions for union representation have doubled under the Biden administration, and he became the first president to walk the picket line when he visited Michigan in late 2023 amid the autoworker strike. A day later, Trump traveled to Michigan and appeared at a non-union plant, where he railed against Biden's electric vehicle push and told workers to "get your union leaders to endorse me, and I'll take care of the rest."

Union leaders have said his first term was far from worker-friendly, citing unfavorable rulings from the nation's top labor board and the U.S. Supreme Court, as well as unfulfilled promises of automotive jobs.

Italian media reported it would focus on temporarily removing deductions for lenders' so-called deferred tax assets and increasing taxes on bankers' stock options.

The minister revisited a prior plan by the right-wing government, which has repeatedly criticized banks for gaining excessively from higher interest rates.

A first attempt to tap lenders with a 40% windfall tax failed last year, after the move sparked a major selloff in Italian banking stocks, forcing the government to withdraw the plan.

Vice-Premier Antonio Tajani said in a post on X that the new contribution from banks will "not frighten the markets."

Giorgetti said on Wednesday that additional resources will also come from a "spending review" imposed on Italian ministries, which have been asked to tighten their belts and propose spending cuts. The 2025 budget also includes permanent cuts to income tax and social contributions for middle- and low-income earners, one of Meloni's main electoral pledges.

To fund the new package of measures, Italy will widen next year's deficit to 3.3% of gross domestic product from an estimated 2.9%.

Rome is under pressure to keep its accounts under control, after having being placed under special monitoring by Brussels for running deficits far in excess of the EU's 3% limit and for not reducing its mammoth debt, now close to 3 trillion euros.

DEMOCRATIC presidential nominee Vice President Kamala Harris, with Democratic vice presidential nominee Minnesota Gov. Tim Walz, left, and UAW President Shawn Fain, speaks at a campaign rally at UAW Local 900, Aug. 8, 2024, in Wayne, Mich.

Photo:Julia Nikhinson/AP

Amazon, Google make dueling nuclear investments to power data centers with clean energy

By ALEXA ST. JOHN and JENNIFER McDERMOTT Associated Press

AMAZON on Wednesday said that it was investing in small nuclear reactors, coming just two days after a similar announcement by Google, as both tech giants seek new sources of carbon-free electricity to meet surging demand from data centers and artificial intelligence.

The plans come as the owner of the shuttered Three Mile Island nuclear power plant said last month it plans to restart the reactor so tech giant Microsoft can buy the power to supply its data centers.

All three companies have been investing in solar and wind technologies, which make electricity without producing greenhouse gas emissions. Now they say they need to go further in the search for clean electricity to meet both demand and their own commitments to cut emissions.

Nuclear energy is a climate solution in that its reactors don't emit the planet-warming greenhouse gases that come from power plants that burn fossil fuels, such as oil, coal and gas. The demand for power is surging globally as buildings and vehicles electrify. People used more electricity than ever last year, placing strain on electric grids around the world. Much of the demand also comes from data centers and artificial intelligence.

The International Energy Agency forecasts that data centers' total electricity consumption could reach more than 1,000 terawatt hours in 2026, more than doubling from 2022. Estimates suggest one terawatt

hour can power 70,000 homes for a year.

"AI is driving a significant increase in the amount of data centers and power that are required on the grid," Kevin Miller, Amazon Web Services' vice president of global data centers, told The Associated Press, adding: "We view advanced new nuclear capacity as really key and essential."

Energy Secretary Jennifer Granholm said she's thrilled Amazon is the latest to "BYOP" or "bring your own power" to the buildout of data centers. Granholm spoke at an event for Wednesday's announcement at Amazon's second headquarters in Virginia. Virginia's governor and two U.S. senators also attended. The United States aims to reach 100% clean electricity by 2035. Granholm said small modular reactors are a "huge piece of how we're going to solve this puzzle," a way to phase out fossil fuel power while responding to the increasing electricity demand from data centers and new factories. She said her department will provide

$900 million to deploy more of these reactors.

Small modular reactors are a type of nuclear reactor that can generate up to roughly one-third the amount of power of a traditional reactor. Developers say small reactors will be built faster and at a lower cost than large power reactors, scaling to fit needs of a particular location. They aim to start spinning up electricity in the early 2030s, if the Nuclear Regulatory Commission gives permission to build and operate their designs and the technology succeeds. If new, clean power isn't added as data centers are developed, the U.S. runs the risk of "browning the grid," or including more power that isn't made from clean sources, said Kathryn Huff, a former U.S. assistant secretary for nuclear energy who is now an associate professor at the University of Illinois Urbana-Champaign.

The reactors are currently under development, with none currently providing power to the electric grid in the U.S. Big investors can help change that,

and these announcements could be the "inflection point" that makes scaling up this technology truly possible, Huff said.

Jacopo Buongiorno, professor of nuclear science and engineering at the Massachusetts Institute of Technology, echoed that, saying the industry needs customers who value the reliability and carbon-free attributes of nuclear and are willing to pay a premium for it at first, until a number of the next-generation reactors are deployed and the cost comes down.

On Monday, Google said it was signing a contract to purchase nuclear energy from multiple small modular reactors that Kairos Power, a nuclear technology company, plans to develop.

The news highlights "the technologies that we're going to need to achieve round the clock clean energy, not only for Google but for the world," Michael Terrell, Google's senior director of energy and climate, told the AP.

With Kairos, Google said it expects to bring the first small modular reactor online by 2030, with more

to come through 2035. The deal is projected to bring 500 megawatts of power to the grid. For context, Google consumed more than 24 terawatt hours of electricity last year, according to the company's annual environmental report. One terawatt is equal to 1,000,000 megawatts.

Meanwhile, Amazon's announcements Wednesday included working with utility Dominion Energy to explore putting a small modular reactor near its existing North Anna nuclear power station in Virginia. It's investing in reactor developer X-energy for its early development work, and collaborating with regional utility Energy Northwest in central Washington to put four of the X-energy reactors there.

Combined, the three announcements could account for more than 5,000 megawatts of power by the late 2030s with the possibility of more. All of that is still likely only a small fraction of the company's total energy consumption, a figure that Amazon does not report publicly.

Moscow and Beijing announce further cooperation during international group meeting in Pakistan

By MUNIR AHMED Associated Press

LEADERS and top offi-

cials from an international group founded to counter Western alliances met in

Pakistan's capital Wednesday, with Moscow and Beijing announcing they will boost cooperation.

The 23rd meeting of the China-and Russia-founded Shanghai Cooperation

Organization was held amid tight security in Islamabad, virtually on lockdown, and attended by leaders including Chinese Premier Li Qiang, Russian Prime Minister Mikhail Mishustin,

Indian External Affairs Minister Subrahmanyam Jaishankar and the prime ministers of Kyrgyzstan, Belarus, Kazakhstan, Tajikistan and Mongolia.

New reactor designs pair well with industrial applications because they can be built on a small footprint and generate reliable power, with some able to provide high-temperature heat too, at the site, said Doug True, chief nuclear officer at the industry trade association, Nuclear Energy Institute.

"It seems like a really good fit to support those facilities, and for a lot of different applications depending upon the amount of power that's needed by the customer," he said.

Both Amazon and Google have committed to using renewable energy to address climate change. By 2030, Google has pledged to meet net-zero emissions, and run carbon-free energy every hour of every day on every grid where it operates. It says it has already matched 100% of its global electricity consumption with renewable energy purchases on an annual basis. However, the company has fallen short on decreasing its emissions.

Amazon has said it would match all of its global electricity consumption with 100% renewable energy by 2030, and recently announced it met that goal early in 2023. Though the company has matched its consumption as far as purchases of an equivalent amount of renewable energy, that does not necessarily mean it is using that to power its operations.

Amazon saw its electricity emissions drop 11%, but direct emissions — known as Scope 1 — increased 7%, according to its 2023 sustainability report. The company is also targeting net zero-carbon by 2040.

According to Russian state news agency Tass, Mishustin said during a meeting with Li on the sidelines of the gathering that "despite unprecedented external pressure," both countries are "increasing the volume of mutual trade and launching joint investment projects." He also said they are "creating new international transport corridor ... and strengthening food security in Russia and China."

The Chinese premier said Beijing was willing to work with Moscow to strengthen strategic coordination, expand cooperation and contribute to the development and revitalization of the two countries, reported the official Xinhua News Agency.

The member state leaders attending the SCO meetings called for enhanced cooperation in the fields of security, trade, and health, minimizing the impacts of climate change and boosting people-to-people contact.

Jaishankar, India's foreign minister said the objective of the SCO is to "strengthen mutual trust, friendship and good neighborliness," adding that "if trust is lacking or cooperation inadequate, if friendship has fallen short and good neighborliness is missing somewhere, there are surely reasons to introspect and causes to address."

The two countries have had a history of bitter relations since the end of British colonial rule on the Indian subcontinent in 1947, which led to the India-Pakistan Partition. Meanwhile, Attaullah Tarar, Pakistan's information minister, boasted on state-run Pakistan Television of organizing "the international event" within years of joining SCO, "in a safe and secure and conducive environment."

Over a week ago, two Chinese engineers were killed in a suicide bombing claimed by an outlawed separatist group that opposes Chinese-funded projects in Pakistan.

Thousands of Chinese nationals work in the South Asian country on projects related to the China-Pakistan Economic Corridor, part of China's Belt and Road Initiative which aims to reconstitute the Silk Road trade route and has seen Bejing building power plants, roads, railroads and ports around the world. It is a major part of President Xi Jinping's push for China to play a larger role in global affairs.

In his opening remarks, Pakistan's Prime Minister Shehbaz Sharif called for expanding the initiative and the China-Pakistan Economic Corridor, focusing on roads, railways, and digital infrastructure.

He also said stability in Afghanistan was vital to realize an "invaluable and rare opportunity for trade and transit" that would benefit SCO members. He urged the Taliban government in Kabul to ensure "Afghan soil is not misused for terrorism against its neighbors by any entity".

THE GOOGLE logo, left, is displayed at the company’s headquarters in Mountain View, Calif., on July 19, 2016, and the Amazon logo is displayed on the exterior wall of the Amazon OXR1 fulfillment center in Oxnard, Calif., on Aug. 21, 2024. AP

CHINESE Premier Li Qiang, left, and Russian Prime Minister Mikhail Mishustin pose for a photo on the sidelines of the Shanghai Cooperation Organization (SCO) Council of Heads of Governments Summit in Islamabad, Pakistan, Wednesday, Oct. 16, 2024. Photo:Alexander Miridonov/AP

THE JUDGE HANDLING

BOEING’S PLEA DEAL ASKS

JUSTICE DEPARTMENT TO EXPLAIN ITS DIVERSITY POLICY

By DAVID KOENIG AP Airlines Writer

THE federal judge considering Boeing's plea deal with prosecutors wants to know how the Justice Department's diversity, equity and inclusion policies would affect the selection of an independent monitor to oversee the aerospace company during a three-year probation period.

U.S. District Judge Reed

O'Connor, a conservative nominated to the federal bench in Fort Worth, Texas, by President George W. Bush in 2007, ordered the Justice Department to explain how it will pick the monitor and whether DEI considerations would — or should — influence the choice.

The judge asked Boeing whether it would follow its own DEI policy to block a proposed monitor.

The appointment of an independent monitor to make sure Boeing follows compliance and safety rules is a key component of the deal in which Boeing agreed to plead guilty to a felony charge of conspiring to defraud the U.S. government.

O'Connor has long been a favorite of conservative lawyers looking for a court to hear their lawsuits against policies issued by Democratic presidents. In 2018, the judge issued a ruling striking down President Barack Obama's hallmark Affordable Care Act, although the U.S. Supreme Court overturned that decision. He also has sought to toss out expanded rights for transgender people.

Attacks against diversity, equity and inclusion have become a staple among conservative Republican politicians. Florida Gov. Ron DeSantis built a campaign for the GOP nomination for president against "woke" liberal policies, although his candidacy failed. A dozen states, including Texas, have new

laws limiting or banning DEI policies at their public universities.

Conservatives argue that DEI lets less qualified people win admission to college or land important jobs that have a bearing on public safety. Some conservatives on social media blamed Boeing's DEI policy after a door plug blew off one of its airliners during an Alaska Airlines flight in January.

Boeing struck a deal with the Justice Department in July in which the company agreed to plead guilty to conspiracy to commit fraud for misleading federal regulators who approved pilot-training requirements for the 737 Max, the newest version of Boeing's venerable 737 airliner.

As a result, airlines and pilots did not know about a new flight-control system called MCAS until it played a role in a deadly crash in Indonesia in October 2018. MCAS was implicated again in a second fatal Max crash that occurred in March 2019 in Ethiopia. In all, 346 people died.

The plea agreement would require Boeing to pay a $243.6 million fine, spend at least $455 million on compliance and safety programs and accept the independent monitor's oversight.

Boeing and the Justice Department want O'Connor to approve the deal, which would essentially replace a 2021 settlement that allowed Boeing to avoid prosecution but did little to stem concerns about the company's commitment to safety and quality.

The Federal Aviation Administration increased its oversight of Boeing after the door-plug incident in January, and whistleblowers have alleged that the company cut corners on safety.

Relatives of passengers who died in the crashes want O'Connor to reject the plea agreement, which they call a sweetheart deal.

They want Boeing to go on trial and face tougher punishment. They specifically oppose the section on the monitor because they want the judge — and not the government and Boeing — to pick the monitor.

Nadia Milleron, a Massachusetts woman whose daughter, Samya Stumo, died in the Ethiopia crash, said Wednesday that she did not know what to make of the judge's line of questions about choosing the monitor. "It seems irrelevant to me," Milleron said. "The bottom line is safety, and if the judge is going after safety, great. I don't understand his agenda with DEI."

Experts on corporate behavior say the monitor could do more to improve safety than the 2021 settlement did so long as the person is truly independent and can report any concerns directly to the court without going through the Justice Department. The monitor would oversee Boeing's compliance with safety protocols and its actions to prevent future acts of fraud.

During a hearing last week, O'Connor asked lawyers for the government and Boeing about the monitor and how DEI policies could affect the choice. The plea deal states that the Justice Department would select the person with "input" from Boeing.

A Justice Department lawyer said the provision doesn't mean that a lessqualified person would be picked, only that the government will consider all candidates. Boeing lawyers did not object to the monitor-selection process outlined in the plea agreement.

In an order Tuesday, the judge wrote that it is important to know if DEI considerations would promote Boeing's safety and compliance efforts. He asked the Justice Department and Boeing to respond in writing by Oct. 25. "Both the DOJ and Boeing have publicly

Boeing struck with federal

acknowledged their commitment to advance diversity, equity, and inclusion ('DEI')," including a government plan to use diversity and equity in hiring federal workers, O'Connor wrote.

Boeing's website, he added, "touts its commitment 'to creating a culture of inclusion' and 'set of aspirations' it will strive to achieve by 2025 to advance equity and diversity and build a culture of inclusion,"

including racial quotas and hiring more Black workers.

In considering whether to accept the plea deal, O'Connor wrote, "it is important to know: how the provision promotes safety and compliance efforts" at Boeing and whether the company would strike an applicant based on its own DEI commitment.

It is not clear whether the judge is making a statement about DEI policies or whether he would seize on the issue to throw out the plea agreement. "I do not see this as a strategic move, but as a detour motivated by the court's skepticism of DEI," said John Coffee, a law professor at Columbia University who studies corporate governance and white-collar crime and has followed the Boeing case. "He is a conservative. Possibly he wants to delay the decision, but that is an unsupported hunch."

CATHERINE BERTHET, whose daughter Camille Geoffrey died in the March, 2019, crash of an Ethiopian Airlines 737 Max, speaks outside federal court in Fort Worth, Texas, on Friday, Oct. 11, 2024. Lawyers are asking a federal judge to throw out a plea agreement that the aircraft manufacturer

prosecutors. Photo:Dave Koenig /AP

Helene and Milton are both likely to be $50 billion disasters, joining ranks of most costly storms

By SETH BORENSTEIN AP Science Writer

MONSTROUS hurri-

canes Helene and Milton caused so much complex havoc that damages are still being added up, but government and private experts say they will likely join the infamous ranks of Katrina, Sandy and Harvey as super costly $50-billion-plus killers.

Making that even more painful is that most of the damage — 95% or more in Helene's case — was not insured, putting victims in a deeper financial hole.

Storm deaths have been dropping over time, although Helene was an exception. But even adjusted for inflation, damages from intense storms are skyrocketing because people are building in harm's way, rebuilding costs are rising faster than inflation, and human-caused climate change are making storms stronger and wetter, experts in different fields said.

"Today's storms, today's events are simply vastly different from yesterday's events. One of the things

that we're seeing is the energy content that these systems can retain is significantly greater than it used to be," said John Dickson, president of Aon Edge Insurance Agency, which specializes in flood coverage. "The weather seems to be, in many cases, moving faster than we as a society are able to keep pace with it."

In the last 45 years, and adjusted for inflation, the National Oceanic and Atmospheric Administration has counted 396 weather disasters that caused at least $1 billion in damage. Sixty-three of those were hurricanes or tropical storms. The $50 billion mark for direct losses is a threshold that differentiates "truly historic events," said Adam Smith, the economist and meteorologist who runs the list out of NOAA's National Center for Environmental Information in Helene-hit Asheville, North Carolina. Only eight hurricanes reached that threshold. Smith said he thought Milton and Helene have "a very good shot" of joining that list.

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Stratgen Company Ltd. (IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, Stratgen Company Ltd. is in dissolution.

The dissolution of the said Company commenced on October 9th, 2024, when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.

The sole liquidator of the said Company is Kim D Thompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D Thompson Sole Liquidator

“Today’s storms, today’s events are simply vastly different from yesterday’s events. One of the things that we’re seeing is the energy content that these systems can retain is significantly greater than it used to be.”

John Dickson,

The first $50 billion hurricane was Andrew in 1992. The U.S. went 13 more years before Katrina topped the damages chart, then seven years until the third costly whopper, Sandy. Helene and Milton would make seven in the last seven years. Calculating damages is far from an exact science. The more complex and nastier storms are — like Milton and Helene — the longer it takes, Smith said. Damage is spread over different places and often a much larger area, with wind damage in some places and flood damage elsewhere. Helene, in particular, caused widespread flooding and in places not used to it. Estimates for those storms from

private firms in recent days vary and are incomplete. There's three categories of damage: insured damage, uninsured damage and total economic cost. Many risk and insurance firms only estimate insured losses.

Homeowner insurance usually covers wind damage, but not flood. Special insurance has to be bought for that. Flood insurance coverage rates vary by region and storms differ on whether they cause more wind or water damage. Helene was mostly water damage, which is less likely to be covered, while Milton had a good chunk of wind damage.

Of the top 10 costliest hurricanes as compiled by insurance giant Swiss Re — not including Helene

or Milton yet — insured damage is about 44% of total costs.

But with Helene, Aon's Dickson estimated that only 5% of victims had insurance coverage for the type of damage they got. He estimated $10 billion in insured damage so doing the math would put total damage in the $100 billion to $200 billion range, which he called a bit high but in the ballpark.

Insured losses for Milton are in the $50 billion to $60 billion range, he said.

With Helene, Swiss Re said less than 2% of Georgia households have federal flood insurance, with North Carolina and South Carolina at 3% and 9%. In North Carolina's Buncombe County, where more than 57 people died from Helene's flooding, less than 1% of the homes are covered by federal flood insurance, the agency said.

Risk modeling by Moody's, the financial services conglomerate, put a combined two-storm total damage estimate of $20 billion to $34 billion.

Karen Clark and Company, a disaster modeling firm that uses computer simulations superimposed on storm and insurance data, wouldn't give total damage estimates for the storms.

But the company figured insured losses alone were $36 billion for Milton and $6.4 billion for Helene.

"The economic losses are going up because we're putting more infrastructure and housing in harm's way,"

said University of South Carolina's Susan Cutter, co-director of the Hazards Vulnerability and Resilience Institute, who added that climate change also plays a role. "Human losses and deaths are going down because people are being a little bit more vigilant about paying attention to preparedness and getting out of harm's way."

Much of the damage is because of flooding. Studies show that hurricanes are getting wetter because of the buildup of heat-trapping gases from the burning of coal, oil and gas. Basic physics dictates that clouds hold 4% more moisture for every degree Fahrenheit (7% for every degree Celsius), and that falls as rain.

"There is scientific agreement that floods and flooding from these hurricanes is becoming more frequent and more severe. So it is likely that we're going to be seeing a higher frequency of storms like Helene in the future," said Karen Clark, who founded her namesake firm. "It's not really an insurance issue because it's not privately insured. This is really a societal issue and political question. How do we want to deal with this?"

Clark and several of the experts said it's time for society to think about where it builds, where it lives and if it should just leave dangerous areas and not rebuild, a concept called "managed retreat."

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 208842 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 16th day of October A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. CAIO BEZERRA SILVA, whose address is Rua Elisa Ventura 37 Cordoeira, Nova Friburgo, CEP: 28613-690, Rio De Janeiro-RJ, Brazil. Any Persons having a Claim against the abovenamed Company are required on or before the 15th 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 beneft of any distribution made before such claim is proved.

Dated this 16th day of October A.D. 2024. CAIO BEZERRA SILVA LIQUIDATOR

NOTICE Sisters Carafni Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 210427 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 15th day of October A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Ms. Cheila Carafni, whose address is Avenida Beira Mata, Q9, L. 14, S/N Residencial Portal Do Cerradi, CEP:75832619, Mineiros, GO, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 14th 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 beneft of any distribution made before such claim is proved.

Dated this 15th day of October A.D. 2024. CHEILA CARAFINI LIQUIDATOR NOTICE NEW HORIZON CAPITAL LTD.

RESIDENT KERRY FLYNN, right, and a friend walk past a damaged home and the displaced roof of their 55+ mobile home community's tiki hut after the passage of Hurricane Milton, on Manasota Key, in Englewood, Fla., Oct. 13, 2024. Photo:Rebecca Blackwell/AP

Wall Street rises as tech stocks and oil prices steady themselves

By STAN CHOE AP Business Writer

U.S. stocks rose Wednesday following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies.

The S&P 500 gained 0.5% to recover much of the slide from its all-time high the day before because of tumbling energy and technology stocks. The Dow Jones Industrial Average rose 337 points, or 0.8%, to set its own record, and the Nasdaq composite added 0.3%.

Morgan Stanley rallied 6.4% after reporting stronger profit for the latest quarter than analysts expected. CEO Ted Pick said the investment bank enjoyed a "constructive environment" in its businesses around the world. And with stock prices near records, it's managing even more money for clients.

United Airlines flew 12.4% higher after reporting a milder drop in summer profit than expected and announcing plans to send up to $1.5 billion to its shareholders by buying back its stock. J.B. Hunt Transport Services motored up by 3.1% after the freight company delivered betterthan-expected results. They helped offset a 2.5% drop for Citizens Financial Group, which reported weaker results for the latest quarter than analysts expected. Energy stocks were holding steadier, including a 0.3% tick higher for Exxon Mobil, a day after sliding to some of the market's worst losses.

They've been generally following the price of oil, which has fallen back as worries recede that Israel will attack Iranian oil facilities as part of its retaliation for Iran's missile attack early this month. Iran is a major producer of crude,

and a strike could upend its exports to China and elsewhere. Concerns about the strength of demand because of China's flagging economic growth have also hit oil prices.

U.S. technology stocks were also holding up better a day after a market-shaking warning from ASML, a Dutch supplier to the chip industry.

ASML CEO Christophe Fouquet said Tuesday that artificial intelligence continues to offer strong upside potential, but "other market segments are taking longer to recover." That helped lead to slides of 3.5% for Broadcom and 4.7% for Nvidia on Tuesday. A day afterward, both rose, and Nvidia's gain of 3.1% was the strongest

single force pushing upward on the S&P 500.

Still, Wednesday offered the first chance for Asian stock markets to feel the ripples of ASML's warning, and chip companies there tumbled.

Japan's Nikkei 225 fell 1.8% as chip maker Tokyo Electron sank 9.2% and Lasertec Corp., which makes equipment to inspect chips, lost 13.4%.

Stock indexes were mixed across the rest of Asia and Europe. In London, the FTSE 100 rose 1% after the government reported U.K. inflation eased in September to its lowest level in more than three years. That reinforced expectations that the Bank of England will cut interest rates at its next policy meeting.

In the United States, the Federal Reserve has also already begun cutting

interest rates following years of keeping them high in hopes of slowing the economy enough to stifle high inflation.

With inflation finally seeming to be heading toward the Fed's 2% target, the central bank is widening its focus to include keeping the economy humming. Recent reports showing the U.S. economy remains stronger than expected have raised optimism that the Fed can pull off a perfect landing where it gets inflation down without causing a recession that many had thought would be necessary.

Such optimism, along with hopes for increased stimulus for China's flagging economy, caused the biggest jump in global growth expectations since May 2020 in a survey of global fund managers by Bank of America.

MARINE FORECAST

THE NEW York Stock Exchange is shown on Wednesday, Oct. 16, 2024 in New York. Photo:Peter Morgan/AP

DEFENSE CONTRACTOR RTX AGREES TO PAY MORE THAN $950 MILLION TO RESOLVE BRIBERY, FRAUD CLAIMS

By MICHAEL R. SISAK and JAKE OFFENHARTZ Associated Press

RTX Corporation, the defense contractor formerly known as Raytheon, agreed Wednesday to pay more than $950 million to resolve allegations that it defrauded the government and paid bribes to secure business with Qatar.

The company entered into deferred prosecution agreements in separate cases in federal court in Brooklyn and Massachusetts, agreed to hire independent monitors to oversee compliance with anti-corruption and anti-fraud laws and must show good conduct for three years.

The money the company owes includes penalties in the criminal cases, as well as civil fines, restitution and the return of profits it derived from inflated Defense Department billing and business derived from alleged bribes paid to a high-ranking Qatari military official from 2012 to 2016.

The biggest chunk is a $428 million civil settlement for allegedly lying to the government about its labor and material costs to justify costlier no-bid contracts and drive the company's profits higher, and for double-billing the government on a weapons maintenance contract.

The total also includes nearly $400 million in criminal penalties in the Brooklyn case, involving the alleged bribes, and in the Massachusetts case, in which the company was accused of inflating its costs by $111 million for missile systems from 2011 to 2013 and the operation of a radar surveillance system in 2017.

RTX also agreed to pay a $52.5 million civil penalty to resolve a parallel Securities and Exchange Commission investigation into the bribery allegations and must forfeit at least $66 million to satisfy both probes.

At a hearing in Brooklyn federal court, RTX lawyers waived their right to an indictment and pleaded not guilty to charges that the company violated the anti-bribery provision of the Foreign Corruption Practices Act and the Arms Export Control Act. They did not object to any allegations in court documents filed with the agreement.

RTX said in a statement that it is "taking responsibility for the misconduct that occurred" and is "committed to maintaining a world-class compliance program, following global laws, regulations and internal policies, while upholding integrity and serving our customers in an ethical matter."

The various legal resolutions came to light over the span of several hours.

First, at the Brooklyn hearing, prosecutors revealed that RTX was to pay a $252 million penalty to resolve criminal charges in the bribery case. Then, court documents hit the docket in Boston showing another criminal penalty of nearly $147 million to resolve the missile and radar case.

Finally, hours later, the Justice Department issued a press release putting the total north of $950 million.

Assistant Attorney General Matthew Olsen, of the Justice Department's National Security Division, said in a statement that the resolution of the cases "should serve as a stark warning to companies that violate the law when selling sensitive military technology overseas."

A message seeking comment was left for the Qatari embassy in Washington.

RTX said in a July regulatory filing that it set aside $1.24 billion to resolve pending legal and regulatory matters. Its president and CEO, Christopher Calio, told investors that the investigations largely involved issues that predated the Raytheon-United Technologies merger that formed the current company in 2020.

"These matters primarily arose out of legacy Raytheon Company and Rockwell Collins prior to the merger and acquisition of these companies," Calio said. "We've already taken robust corrective actions to address the legacy gaps that led to these issues."

Before Wednesday, paperwork in Raytheon's criminal cases was kept under seal and not publicly available. Because of that, the company's name was left off the Brooklyn court calendar, leaving the nature of the case a mystery — and reporters scrambling to figure out what it was about — until the hearing began. According to court documents, Raytheon employees and agents offered and paid bribes to a high-ranking Qatari military official to gain an advantage in obtaining lucrative contracts with the Qatar Emiri Air Force and Qatar Armed Forces.

The company then succeeded in securing four additions to an existing contract with the Gulf Cooperation Council — a regional union of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — and a $510 million contract to build a joint-operations center for the Qatari military, the court documents said.

Raytheon made about $36.7 million in profit from the Gulf Cooperation Council contract additions, which involved air-defense system upgrades, and anticipated making more than $72 million on the joint-operations center, but the Qatari government ultimately did not go forward with the deal, prosecutors said.

The Qatari military official represented his country on the Gulf Cooperation Council deal, served as an adviser on the joint-operations center project and ran procurement for the Qatar Emiri Air Force, prosecutors said. Raytheon bribed him by inking at least $2 million worth of sham contracts with a company he owned, prosecutors said.

In the price inflation case, Raytheon allegedly lied to the government about the costs it would incur in building three Patriot missile firing units — known as missile batteries — leading the U.S. Army to agree to a $619 million contract.

In a 2013 email cited in court papers, a Raytheon employee told a Pentagon official that the company's expected costs

had increased when, according to prosecutors, they actually went down. Prosecutors said the government overpaid by about $100 million.

Raytheon was also accused of misleading the U.S. Air Force in 2017 about the costs associated with operating and maintaining a radar surveillance system, including by arguing that it needed to give employees lucrative compensation packages to maintain adequate staffing.

In reality, prosecutors wrote in court papers, the company "was secretly preparing to reduce the pay" of site employees "in order to improve the company's profitability."

The contract was fraudulently inflated by $11 million, prosecutors said.

Wednesday's penalties are just the latest legal fallout from RTX's business dealings.

In August, the company agreed to pay the State Department $200 million after disclosing more than two dozen alleged violations of the Arms Export Control Act and International Traffic in Arms Regulations.

Among the allegations were that the company provided classified military aircraft data to China and that employees took company-issued laptops containing sensitive missile and aircraft information into Iran, Lebanon and Russia.

THE SKY is reflected on the facade of Raytheon’s Integrated Defense Systems facility, Monday, June 10, 2019, in Woburn, Mass.

Photo:Elise Amendola/AP