business@tribunemedia.net
WEDNESDAY, OCTOBER 25, 2023
$6.10
$6.11
$6.07
$6.17
Minnis accuses Gov’t of ‘causing’ EU blacklisting t "MMFHFT JU ATIFMWFE QMBO ABDDFQUFE CZ &6 UP DVSF XPFT t 'JSTU QPSUBM EFWFMPQFS QMFEHFE TPMVUJPO AJO TJY NPOUIT t A"MM UIFZ IBE UP EP XBT GPMMPX QMBO XF MFGU IF DMBJNT
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DR HUBERT Minnis yesterday accused the Government of “causing” The Bahamas’ tax blacklisting by “shelving” a solution that had been “accepted” by the European Union (EU). The former prime minister, speaking after The Bahamas last week failed to escape the EU’s list of non-cooperative jurisdictions following the latest review, told Tribune Business
his administration had agreed a plan to address the 27-nation bloc’s concerns over this nation’s compliance with its economic substance reporting demands. Disclosing that he had “personally” discussed the issue with EU officials, Dr Minnis said his administration had contracted DataTorque, the New Zealandheadquartered developer of the original substance reporting portal, to implement the necessary upgrades that would address the European dissatisfaction “in no more than six months”.
Suggesting that this work was to cost around $260,000, the former prime minister told this newspaper that DataTorque had started the overhauls prior to the September 2021 general election. After his administration was voted out of office, Dr Minnis said the programme was halted by the Ministry of Finance - a move he alleges led directly to The Bahamas’ blacklisting by the EU in October 2022.
Ex-PM contradicts Wynn on Goodman’s Bay easement By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER prime minister yesterday contradicted the developer of Goodman’s Bay’s proposed 14-storey penthouse complex over the existence and termination of beach easement access. Dr Hubert Minnis, who is also Killarney’s MP, backed assertions by Edward Hoffer, a leading opponent of the Wynn Group’s project, that the development threatens to “suck up” an easement that runs alongside the side of his house and property next door. Wynn executives told last Wednesday’s Town Planning Committee public hearing on the project that a legal opinion affirmed the easement, which gave the public an access route to Goodman’s Bay and the beach,
was terminated “many, many years ago”. However, Dr Minnis disputed this, telling this newspaper that easements and rights-of-way cannot be extinguished in such fashion. He called for a national programme to ensure that all easements are unblocked and Bahamians enjoy unimpeded access to public beaches. “I know the easement is next to the Greek house. I know that is Hoffer. The Ministry of Works should have a map of that,” the ex-prime minister said. “There’s an easement for public access. That easement is still there. An easement cannot be terminated. Those were designed and placed there for the benefit of the Bahamian people so that they can have access to the beaches. “The last Ingraham administration had started removing the fences and clearing access to those easements. My administration was proceeding with the same programme to
THE COURT of Appeal has slashed by 77 percent the damages awarded to a Bahamian homeowner after fuel leaks from a nearby Rubis gas station contaminated and polluted her property. Sir Michael Barnett, the appeal court’s president, in an October 19 ruling that was unanimously backed by his two fellow judges cut the compensation awarded to Lillian Russell, whose property is adjacent to Rubis’ Robinson Road and Old Fire Trail Road gas station, from $692,825 to $159,450.
The near-$700,000 sum had been granted by former Supreme Court justice Keith Thompson due to the hardship and “distress” Ms Russell and her family suffered from two gasoline leaks. The first occurred in 1994, when the gas station was owned by Texaco (Bahamas) and operated by/leased to Philip Cartwright. The second, more publicised leak, occurred in 2012-2013 just after Texaco’s Bahamas business had been acquired by Rubis. The gas station at that time was leased to, and operated by, Fiorente Management and Investment, whose principals according to this newspaper’s records were husband-and-wife
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
PENTHOUSES at Goldwynn rendering. ensure Bahamians have access to the beaches. Bahamians must have access to beach facilities and it’s essential to have a national programme to identify those easements for the benefit of Bahamians.” Dr Minnis urged the Davis administration and Ministry of Works to
SEE PAGE B5
team, Harcourt and Bianca Carter. Ex-justice Thompson had broken his damages award into $250,000 as “loss of amenity value”, meaning interference with Ms Russell’s use and enjoyment of her property; $3,450 for costs associated with pollution testing and a real estate appraisal; and $439,375 to cover the cost of remediation works. However, Sir Michael found that much of the damages award was based on the fall-out from the 1994 leak. He ruled that Ms Russell’s claim for this contamination could not be sustained as Rubis was not liable since it occurred under Texaco’s ownership, while the action was also
“statute barred” since it was not initiated within the six years immediately following the leak as required by the Limitation Act. While finding that Ms Russell was due $131,000 for her property’s loss of value due to the 20122013 leak, Sir Michael struck out in its entirety the $439,375 “remediation costs” because these represented an “unreasonable windfall” to the homeowner and not reflect the actual loss if she sold her home and still pocketed the compensation. The appeal court president also slashed the $250,000 awarded for “loss of amenity value”,
SEE PAGE B4
FTX Bahamas: ‘Major progress’ in Ray talks By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE SUPREME Court will now hear the petition to put FTX’s Bahamian subsidiary into full liquidation on November 6, it has been disclosed, amid “substantial progress” in resolving the dispute with its US arm. FTX Digital Markets’ Bahamian provisional liquidators, in an October 18 update to creditors and investors, revealed that the winding-up petition hearing was pushed back to allow talks to “play out” on renewed co-operation with John Ray, head of the crypto exchange’s 134
US entities presently in Chapter 11 bankruptcy protection. Brian Simms KC, the Lennox Paton senior partner, and the PricewaterhouseCoopers (PwC) accounting duo of Kevin Cambridge and Peter Greaves, in their update and other court flings signalled there was fresh optimism that a prolonged legal battle over which jurisdiction has control of FTX’s fate - The Bahamas or Delaware - can be avoided. Acknowledging that the original FTX Digital Markets winding-up petition had been scheduled for hearing before the Supreme Court on
DR HUBERT MINNIS
Royal Caribbean’s PI club in DEPP construction go-ahead
Gas leak victim’s damages cut 77% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SEE PAGE B5
August 9, the Bahamian liquidation trio told creditors: “The return date for the winding-up petition has been rescheduled to November 6, 2023.” Explaining the rationale for this near-three month delay, they added: “As you may be aware, since the second update, the joint provisional liquidators have been engaged in adversary proceedings initiated by the Chapter 11 debtors and formal mediation. “Outside of those proceedings, the joint provisional liquidators have also engaged in constructive informal discussions relating to the co-operation between the FTX Digital
JOHN RAY
Markets estate and the Chapter 11 debtors. The return date for the court hearing has been rescheduled to enable sufficient time for those discussions to play out.” The “adversary proceeding” is the legal action initiated by Mr Ray in Delaware in a bid to cut-off FTX Digital Markets and
SEE PAGE B4
ROYAL Caribbean’s Paradise Island beach club was yesterday revealed to have passed another regulatory hurdle by obtaining a Certificate of Environmental Clearance (CEC) for the construction phase. Philip Simon, the Royal Beach Club’s president and general manager for the cruise line’s Bahamas operations, in written replies to Tribune Business questions revealed the Department of Physical Planning (DEPP) is “satisfied” with the Environmental Management Plan (EMP) submitted for a project that will see some 100 structures - 53 of which are cabanas - erected on the 17-acre site. “The DEPP is satisfied, and has sent us a final review letter and a Certificate of Environmental Clearance for the construction development of the Beach Club at Paradise Island,” he confirmed. However, he acknowledged that not all government approvals have been obtained, and added: “We aren’t rushing into construction. “We are doing all the necessary and methodical due diligence required in the process, including review of our demolition and site clearing plan, working
towards our eventual equity raise and additional governmental approvals. As we shared earlier this summer, our target start for site clean-up and preparation is late this year with the hope to start construction in early 2024.” Royal Caribbean has already initiated the process to value the four Crown Land acres that will be included in the overall 17-acre site. This valuation will be used to monetise the Government’s contribution in the project and determine the size of the equity stake it will hold via the National Investment Fund, the country’s sovereign wealth fund. Once the value of the Government’s equity stake is determined, the balance of the collective 49 percent Bahamian ownership interest in the Royal Beach Club that will be held by private investors can be calculated. That will then set the stage for the equity capital raise from Bahamian investors, Asked yesterday how far work has advanced on valuing the Crown Land and government equity stake, Mr Simon replied: “We don’t have the final valuation of the Crown Land and our own private property. We have draft numbers that have to be reviewed by the Government before we can publish them and
SEE PAGE B4
PAGE 2, Wednesday, October 25, 2023
THE TRIBUNE
BAHAMIAN DESIGNER’S BRAND FEATURES AT INVESTMENT FORUM A BAHAMIAN entrepreneur says she is aiming to combine luxury with sustainability in her leather goods brand that is being showcased at this week’s Caribbean Investment Forum 2023. The appearance by Willique and Anya Pratt, its owner and designer, was arranged by Invest TCI (Turks & Caicos), the island’s investment promotion agency. “In a world drowning in fast fashion, we’re seeing a disconnect between luxury and sustainability, leaving a footprint that our planet and our souls cannot afford,” said Ms Pratt in a statement. The brand, which says it is focused on sustainable
and ethical practices, is centred on what is described as ‘the slow fashion movement’ in the Caribbean. “At Willique, we’re rewriting that narrative,” Ms Pratt added. “Melding my Caribbean heritage with eco-conscious craftsmanship, every handbag we create is a testament to sustainable luxury, a beacon of eco-lifestyle and a step towards a greener, more thoughtful fashion future.” Willique is featuring a selection of bespoke leather products at the Forum, which is being held at the Atlantis resort. Drawing on a mix of Caribbean heritage and classic English design, the brand says it provides an alternative
to mass-produced items, emphasising quality over quantity. Its products have been featured at London’s Library private member’s club, and gained support from the Royal Prince’s Trust. Ms Pratt said her latest handbag collection is designed from sustainable materials. “Fashion should never come at the expense of our environment. The Conscious Collection showcases that luxury and sustainability aren’t mutually exclusive,” she added. “Our prize of being beautiful by nature can only remain if we introduce concepts of sustainability.”
PRODUCTS OF WILLIQUE AND ANYA PRATT
PM backs UN index for cheaper funding access
ATLANTIS-BASED SPA RATED REGIONAL LEAD
A UNITED Nations (UN) index that measures a country’s vulnerability must be deployed to help The Bahamas access grant funding and other financing at concessional rates, the Prime Minister is arguing. Philip Davis KC told the opening ceremony for the Ministry of Foreign Affairs’ Diplomatic Week 2023 that The Bahamas’ needs must be measured by the UN’s multi-vulnerability index (MVI) given its status as a small island developing state (SIDS) that is exposed to climate change and other external shocks. “It is a critical step forward in understanding the relationship between vulnerability, exposure, shock, debt and development. This index not only acknowledges economic vulnerabilities, but also considers factors like climate change, political stability and social disparities, providing a more comprehensive picture of a nation’s
AN Atlantis-based spa has been named as the top such facility in North America for the second consecutive year by Haute Grandeur. The award places Mandara Spa at The Cove in a category with the highestranking spas located in top destinations ranging from Australia to Qatar, Hong Kong and the United Arab Emirates (UAE). According to Haute Grandeur’s initiative, which ranks hotels, dining and other hospitality experiences, Mandara’s award is regarded as “the pinnacle of achievement for spas globally”. “This is such a proud moment for us. Being named top spa in North America for two consecutive years is amazing and is a tribute to our dedicated staff who make every guest experience special,” said Mandara regional vice-president, Youlanda Deveaux.
susceptibility to external shocks,” Mr Davis said. “High income states, such as The Bahamas, often encounter difficulties in accessing concessional financing due to classifications based solely on income.” The Prime Minister explained that the MVI recognises that even relatively affluent nations can be highly vulnerable to certain risks, making it imperative to reassess traditional financing models. “By incorporating the MVI into international funding mechanisms, we can ensure that financial assistance reaches those who need it most regardless of their income status, thereby promoting a more equitable and effective approach to sustainable development and disaster resilience,” Mr Davis added. He praised the work by the UN panel on MVI in 2022, adding that he looks forward to
supporting evidence-based recommendations for policy and governance arrangements in 2023 and beyond. Mr Davis said taxation, commerce and debt are all inextricably linked. “The current international tax system penalises and handicaps the international financial centres of the global south. Multilateralism can help shape more effective and fair global governance arrangements through agenda-setting, cooperation and the merging of political and technical spheres,” he added. Backing calls for the UN to take control of such issues, Mr Davis said The Bahamas believes it is the appropriate body to design and build an equitable and inclusive international tax administration architecture with equal-footed representation. The Prime Minister said: “The Organisation for Economic Co-Operation and Development
PHILIP Davis KC was the keynote speaker at the opening ceremony for the Ministry of Foreign Affairs’ Diplomatic Week 2023. Photo:Anton Thompson/BIS (OECD) cannot declare legitimacy for developing universal outputs while decision-making and membership remain exclusive. The Model Double Taxation Convention between developed and developing countries exemplifies why the UN is a more inclusive body for developing countries concerning international taxation.”
Russell Miller, Atlantis executive vice-president of hotel operations, said: “We at Atlantis applaud Mandara Spa as they celebrate this well-deserved honour. We congratulate Mandara for continuing to maintain the high standard of excellence that creates a great guest experience and keeps Atlantis guests coming back.” Ms Deveaux, who reviews guest comment cards daily, said it is Mandara’s staff who continue to make the spa at the Paradise Island resort a winner. “It’s all about the people of Mandara,” she added. “We have an initiative we call ‘Bring Your Happy to Work’ and they do. Every employee is responsible for creating the environment they work in and making it a happy, welcoming place. Guests tell us repeatedly how much they value their experience at Mandara
SEE PAGE B4
THE TRIBUNE
Wednesday, October 25, 2023, PAGE 3
Sky dive excursion to ‘put Bahamas on map’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A NEW sky diving excursion yesterday said it plans to “put The Bahamas on the map” by establishing drop zones on every island by the end of 2024. Vans Johnson, Sky Dive Bahamas chief executive, told Tribune Business that this ambition - if achieved - will make The Bahamas the country with the most sky diving drop zones as the nearest competitor is Switzerland with five. “For the last 12 weeks of the year, we will have the ‘12 island boogie’, meaning that every week sky divers from around the world will target one island, from Acklins to Abaco.
What that does is that it is a semi-promotion for all of the islands for the year,” Mr Johnson said. “Take, for instance, like how we are opening up this year. I’m selling tickets to Acklins, but not everyone wants to go to Acklins right away. But if I have a one week boogie in Acklins, where everybody gathered there for that one week, then every year Acklins could have their sky dive festival and then Eleuthera can have their sky dive festival and so on and so forth.” Sky Dive Bahamas is awaiting approval of its licence by the Civil Aviation Department (CAD), and is planning its first jump and excursion for November 1 with a trip from New Providence to Exuma. “We’re just waiting on permission
from the CAD and, once we pull that trigger, we’re diving,” Mr Johnson said. Sky Dive Bahamas already has leased its plane, with instructors also in place for the initial jump. The company is “in the red for $150,000” but, because of the delays in approvals and licensing, a $20,000 investment has ballooned due to plane rental costs, costs to keep instructors engaged and other operating expenses. Mr Johnson said: “We are new and we are going to have a different atmosphere. The other thing is that we have more to offer than any other island or Caribbean nation, and even America. We have 700 islands to offer for sky diving. “Right now we’re running an excursion from
Nassau to Exuma, and that’s just our beginning. That’s our initial stages. Every week after we open we’re going to be doing an excursion on a different island. We’ve got Eleuthera up and running. We’ve got Abaco up and running. These are places that have already been approved by property owners to land on their property.” Other islands are asking to sign up now, too, Mr Johnson said, with “a lot of enthusiasm” for what Sky Dive Bahamas has to offer their communities. Sky Dive Bahamas is also setting up ground tours and excursions for people that book a sky dive experience so they can see what the various islands have to offer.
DPM BACKS ATLANTIS SEAPLANE PROJECT FROM CORRECT LOCATION By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE deputy prime minister yesterday said if Atlantis finds a site that both the Port Department and Civil Aviation Authority approve he will back their sea plane project. Chester Cooper, also minster of tourism, investments and aviation, added that seaplane transportation for inter-island travel has “great merit” for The Bahamas as a “highend destination” but the location of the project must be supported by regulators and make logistical sense. He explained: “If the developers find a suitable site nearby downtown Nassau or wherever the regulators would approve, it’s certainly a business proposition that I would support. “This is a concept, though, that has great
merit. We are a high-end destination and we are a collection of 16 island destinations, and therefore it is important for the connectivity. In Exuma alone we have 365 islands, and therefore if we are able to take guests to the Exuma cays by seaplane - even directly to some of these islands where there isn’t an air strip - it would add significant value. “The sheer charm of the experience of taking a seaplane to Walker’s Cay or to Andros and landing at your hotel is really a significant product enhancement for the islands of The Bahamas. So in principle I support the concept. We have to find logistically the location that makes sense as a launching pad.” Opposition from nearby residents and the sailing community earlier this month resulted in the rejection of Atlantis’ bid to obtain a water aerodrome licence for Montagu Bay as a seaplane landing
destination in conducting tours for its guests. Mr Cooper said that due to the concerns of residents and stakeholders, plans to use Montagu are “dead”. However, seaplanes will continue to provide domestic travel from the Lynden Pindling International Airport (LPIA). He said: “Firstly, let me tell you that this is a matter for the regulators, mainly the Civil Aviation Authority and the Port Department. They have reviewed the matter. They have taken consultation from all of the stakeholders. They had a town meeting for the public to express their concerns. “The concerns were indeed overwhelming. There was significant concern expressed from the sailing community, especially the children who typically would sail… and, of course, regattas that sail out of Montagu Bay. “So I believe for all intents and purposes that
Opposition chief targets public contract awards By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Opposition’s leader yesterday accused the Davis administration of failing to disclose “hundreds of millions of dollars” in awarded contracts as required by the Public Procurement Act. Pledging to re-table questions left unanswered from the last Parliamentary session in the House of Assembly today, Michael Pintard said: “The questions will address the issue of the Procurement Act and the series of contracts the Government has allocated to the tune of hundreds
MICHAEL PINTARD of millions of dollars, not following the appropriate process. “We intend, during this seating of the House of Assembly, to ensure that
the public is aware of those contracts. We will, at the same time, convene the Public Accounts Committee and call for persons and papers in a series of public hearings, which will reveal to the public that this government has very little intention of behaving in a lawful manner when it comes to rewarding some persons who are loyal to their cause.” Mr Pintard, while providing no specific contract examples to back his assertions, reiterated that the Opposition again plans to call for the House to appoint a special
SEE PAGE B4
Pintard raises cost overrun concerns over GB complex By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Opposition’s leader yesterday challenged the “complicated arrangement” that has resulted in the Government engaging two contractors for the Eight Mile Rock administration complex. Michael Pintard argued that this has increased the project’s costs from $22m to $30m, thus further burdening Bahamian taxpayers. He said: “Over the course of the next four weeks, they will celebrate some improvements that they have made to the administration centre.
“But they will not tell you that one of the problems with the administration centre, the Progressive Liberal Party (PLP) gave a contract to two separate contractors for the same building. The original contract with this complicated arrangement that did not work was constructed by the PLP. A contract that should have been somewhere in the vicinity of $22m mushrooms to $30m and, we believe, $30-plus million.” Mr Pintard alleged an arrangement was initially made to allow both contractors to benefit from the project, but due to them working at different speeds and not
collaborating it became a legal matter. He said: “Apparently, they sought to divide the scope of work so that both of them can work on the project. Well, there were some inherent problems with that approach. First of all, both contractors work at separate pace. Secondly, there wasn’t a tremendous amount of co-operation between the contractors. And, of course, it became a legal matter. “So when they come back beating up their chests, as governments tend to do, what governments ought to do, and in this case, the Progressive Liberal Party government should tell the
SEE PAGE B5
CHESTER COOPER idea in that particular location is dead because it will not, I’m advised, obtain the support of the regulators that I referenced. In the meantime, I’m confident, though, that these flights will continue leaving from LPIA, maybe landing in areas across The Bahamas where they are approved to land and therefore, you know, the project I’m sure will go on.”
BPL IS TARGETING ‘GREENER SOLUTION’ IN NORTH ANDROS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMAS Power & Light’s (BPL) chief executive yesterday said the utility is eyeing “more of a greener solution” to replace North Andros’ power plant in a project that will take 18-24 months. Shevonn Cambridge, speaking as BPL signed an industrial agreement with the trade union representing the state-owned energy supplier’s middle managers, added that the sky-high light bills consumers endured over the summer will start to ease as increased maintenance will enable the utility to burn fuel more efficiently and also access cheaper fuel sources. Turning to North Andros, he said: “The contingency measures that are currently in place were put in place to provide relief immediately after the fire. So that allowed us to provide power to North Andros within 36 hours of the initial event. But that’s not a longterm solution. “So as we gear up now to look at putting in the longterm solution, we’re going to supplement the supply in North Andros with a little bit more reliable rental power in the interim, but we’re also going to build a new power station down there. The timeline for the power station is an 18 to 24-month project, because we’re looking at several options. “One of them is actually to put in a hybrid solution. That’s going to be a little bit more of a greener solution than what was formerly in North Andros. As well, we’re going to use this as an opportunity to probably combine some of the generation assets between central and north, which would give us greater efficiencies in our operations and Andros in general.”
BPL also has clearance to go back to North Andros to remediate oil spills that happened in 2019. It now has permission from the impacted landowners to continue with the remediation work after being halted several months ago. As for the engineering study on the structural degradation of Clifton Pier’s Station A, Mr Cambridge said he has the report by US consultants, Matergenics, and BPL is reviewing it to determine the next steps for repairing the building that houses its Wartsila baseload generation turbines. The Bahamas Electrical Utility Managerial Union’s (BEUTM) president yesterday confirmed its members did not get all they wanted from the new industrial agreement but are satisfied with it. Christopher Hanna said: “There were many things in the industrial agreement that the union wanted that we didn’t get. I would just speak to one item, which was the shift rate. We wanted to come on par with everybody else who’s making $3 an hour for shift rate, and I think we are at $1.55. “But because the contract was fair straight around, we kind of let that go. There’s a lot that we feel we wanted that we didn’t get, but we’re satisfied with the industrial agreement.” Jo-Beth Coleby-Davis, minister for energy and transport, said the new industrial agreement will recognise paternity leave along with “four negotiated increments” and a review of allowances for BPL middle managers. “Today’s signing is a demonstration of our continued commitment to the Bahamian workers and creating a productive working environment,” she added.
PAGE 4, Wednesday, October 25, 2023
THE TRIBUNE
Opposition chief targets public contract awards FROM PAGE B3 committee to investigate the FTX crypto currency exchange’s collapse. He said: “We thought the collapse of FTX had the potential to cause reputational damage to The Bahamas. We then encouraged the government to stop dilly dallying. They really wasted a lot of time addressing the accusations against this jurisdiction, and we thought every day that
passed would [harm] the reputation of our country. “The Government ignored the recommendations, and then urgings and warning by the Free National Movement. And they took their own sweet time and allowed the international press to characterise us in a negative manner. We intend during this month of November to officially call for the establishment of this select committee and debate this in detail.”
He explained that the special committee would seek to answer ten questions, some of them involving whether politically exposed persons (PEPs) profited from FTX or its subsidiaries. He said: “What is the nature of the relationship between all politically exposed persons relative to FTX and its officials? Did these politically exposed persons receive any loans from FTX, or any of its subsidiaries? Did any publicly
exposed persons receive payments or donations from FTX? Or any of its subsidiaries?” Mr Pintard said the Opposition is calling for the select committee on FTX “to ensure transparency”, and questioned if the Davis administration would be willing to discuss the role PEPs played in attracting FTX to The Bahamas and if these people benefited politically or financially as a result.
Gas leak victim’s damages cut 77% FROM PAGE B1 reducing it by 90 percent to just $25,000, on the basis that it was “manifestly too high” and neglected the fact Ms Russell was still renting the property to tenants. This “suggests that the property was certainly habitable and could not have suffered a significant loss of amenity value given that Russell, and subsequently the tenants, were able to live there. Accordingly, by not considering all of the facts, the judge has made a wholly erroneous estimate of the loss of amenity,” Sir Michael wrote.
“In all of the circumstances, specifically because there was limited evidence provided of any loss of amenity related to the 20122013 spill, and the fact that Russell received rental income, in my judgment the loss of amenity was minimal. Accordingly, I would reduce the award of $250,000 to the sum of $25,000.” Detailing the background to a verdict that was ultimately favourable to Rubis (Bahamas), since the damages it must pay were cut by over $430,000, Sir Michael wrote: “Russell, who owns property adjacent to a gas station owned by Rubis,
claimed that she suffered loss as a result of leaks of oil and petroleum products which spilled from the gas station presently owned by Rubis on to Russell’s property. “In a nutshell, there were two spills from a gas station located at Robinson and Old Trail Road. They occurred in 1994 and in or about 20122013. The station is adjacent to two housing subdivisions called Marathon and Highbury Park. “Russell has lived on her property since 1979. However, in 1994, Russell’s property was owned by her mother and her brother, with whom she lived. At
that time, the gas station was owned by Texaco Bahamas. It was leased by Texaco to Philip Cartwright, who operated the station under the name of ‘Texaco Star Mart’,” Sir Michael continued. “Under that lease agreement, Texaco was responsible for the maintenance of all tanks, pumps and equipment at the gas station. Russell alleged that fuel leaked from the gas station and contaminated the water table on the property. In 2003, Russell acquired title to the land from her brother and mother and continued to live on the property....
“In 2012-2013, there was another leak of petroleum products from one of the tanks at the gas station. The fact of this leak is not in dispute. Russell claims that this 2012-2013 leak also impacted her property. What impact that 2012-2013 leak had on Russell’s property is in dispute.” Ms Russell initiated legal action against Rubis (Bahamas) on March 13, 2015, but did not sue Texaco or the two operators. Her property, located at the junction of Haslemere Road and Old Trail Road, lies south-east of the gas station and is separated from it by Old Trail Road. Her action claimed for negligence, and “trespass and nuisance”, alleging that
she had been “exposed to toxic vapours”. Justice Thompson, finding that both leaks occurred, found Rubis liable for each - something that the Court of Appeal, in relation to the 1994 ruling, has overturned. “To the extent the judgment claims that Rubis is liable for the damages caused by the 1994 leak, that part of the judgment is, in my view, not sustainable,” Sir Michael wrote. “In my judgment, the finding by the trial judge that Rubis was liable for the damage caused by the 1994 leak was wrong on the basis that there was no claim against Rubis and that any such claim was statute barred.”
FROM PAGE B2
ROYAL CARIBBEAN’S PI CLUB IN DEPP CONSTRUCTION GO-AHEAD before the final equity plan can be finished. We hope to wrap that up in the coming months.” The construction phase EMP, prepared by Bahamian environmental consultancy, Islands by Design, confirmed that Royal Caribbean is targeting an early 2024 start date for building work at the site located on Paradise Island’s western end in the Colonial Beach vicinity. “As part of Royal Caribbean group’s commitment to The Bahamas, they will continue to grow tourism to Nassau far in excess of the maximum capacity of the Royal Beach Club. When Royal Caribbean initially began exploring a beach club concept, the company brought approximately one million visitors to Nassau per year, and it is expected to grow to more than 2.5m
“The question is: Are the Prime Minister and his colleagues prepared to have a full discussion of the role any of his members played in terms of helping FTX get established, acquire properties, hire persons - some of whom worked previously with government - and have they benefited personally or politically from any resources from this company.”
Atlantis-based spa rated regional lead
MANDARA Spa at The Cove, Atlantis, wins top spa award by Haute Grandeur Global Awards for the second consecutive year. Mandara Regional VP Youlanda Deveaux (in pink dress, near centre), says it’s all about the people who “bring their happy” to work. Photo:Ronnie Archer/DP&A
FROM PAGE B1
He said: “We called for the establishment of the select committee on FTX in order to ensure transparency, due public oversight in this matter, which we understood it back then and we believe now to be of international concern. “And this is even more relevant now…since it has surfaced that the Prime Minister has asked the principal who’s now being investigated to provide advice to a member of his family.
visitors per year by 2027,” the EMP said. “Royal Caribbean will continue to follow all government requirements and processes that are required for project approvals, and we anticipate that construction will start in early 2024 with a target opening date of the 2025 second quarter.” Providing a broad overview of what Royal Caribbean will be building, the EMP said: “A total of 100 buildings will be constructed on the site including five food venues, eight bars, six retail stores, six restrooms and lockers, three dining pavilions, two beach game huts, 53 cabanas, six maintenance and storage buildings, one wastewater treatment plant, one reverse osmosis (RO) plant, and one power and utility building. “Five piers and ramps are included in the conceptual plan. Two piers
will be constructed on the harbour side of the site to accommodate the entry and exit flow of our guests and employees. An existing provisioning ramp constructed of concrete will be utilised by the project. Upgrades and repairs will be made to this structure as needed to support site construction and operation. “Two provisioning ramps will also be constructed on the harbour side of the site, one at the eastern property boundary and one at the western boundary, to support back of house logistics. No dredging will be required for the construction of these ramps. Docks that currently exist on the harbour side of the site will be further inspected and assessed for opportunities to retain and refurbish.” Among the amenities offered to Royal Caribbean passengers and others will be a “splash pad” and three separate swimming pools. “Three pools will be constructed for a total of 38,000 square feet,” the EMP added. “One large
pool at 18,400 square feet, one medium pool at 13,300 square feet and one small pool at 6,200 square feet. “Approximately 590,906 gallons of water will be utilised for both pools and will be sourced from the reverse osmosis plant. All raw water will be sourced from an intake well drilled to a minimum depth of 150 feet and cased to a minimum depth of 100 feet. Brine concentrates will be disposed of into a deep well injection system. “All wells will be developed under the guidance and requirements of the Water & Sewer Corporation. Both pools will be below the current grade and will require excavation. The pools are strategically placed at higher elevation locations to minimise excavation and will not extend to the water table.” Giving an insight into the Royal Beach Club’s overall concept, the EMP said: “The site’s master plan creates three distinct zones – chill, party and family - that cater to the diverse vacation styles of Royal Caribbean guests. Each zone offers amenities such as a pool, food and beverage services, cabanas, lounge chairs and umbrellas, restrooms and decentralised back of house structures. “Across the site, guests have convenient access to entry/exit piers, artisan huts, service kiosks, game/ towel stands, walking trails and beaches that include local shore excursion services.... Upon payment of an entrance fee, guests will receive a range of experiences and amenities that include water tender transportation (provided by a Bahamian-owned company), food and beverage, Internet, basic beach toys and beach chair access with umbrellas. “For additional fees, guests can upgrade their beverages, reserve cabanas and daybeds, and participate in water sports and local tours. There will be an array of activities available to guests including, but not limited to, snorkelling, floating mat rentals, volleyball and other related activities. The construction of a family attraction, potentially featuring water fountains and splash zones, will provide enjoyment for visitors of all ages.”
because of their interaction with the people. It’s the Bahamian personality that shines. “In addition to recognition and rewards, we sponsor a whole array of self-help and self-improvement initiatives for our staff to feel good about themselves and their well-being. We sponsor fitness classes, dance with an Alvin Ailey dancer, yoga-paddleboard and Ariel, cycling, boot camp and HIIT 45 classes. “Treating them to be the best they can be is our way of celebrating our employees. We believe if
our employees are happy, they will make our guests happy,” Ms Deveaux continued. “One of the most interesting things that sets us apart is something we offer that comes from the very root of our heritage – Bahamian bush tea. Our ‘tea chefs’ prepare it fresh daily using all-natural herbs and leaves. “Guests love it so much that the spa is often the last stop they make as they check out, just picking up more to take home and enjoy keeping the memory of The Bahamas alive until their next trip to Paradise.”
FTX Bahamas: ‘Major progress’ in Ray talks FROM PAGE B1 the Bahamian liquidators from securing any of the crypto exchange’s assets for their respective winding-up estate. However, there is now the possibility that an expensive and lengthy legal battle, which would cost both sets of FTX creditors time and money, may be averted. Documents filed with the Delaware federal bankruptcy court reveal that the dates for the next legal filings in that case have been pushed back from this month to November as “the parties have been engaging in continued discussions regarding a potential resolution of this adversary proceeding, which have made substantial progress, including during the week of October 2, 2023”. “To facilitate those continuing discussions, including as necessary with the mediator [retired US judge Judith Fitzgerald] later this month, the parties have discussed and agreed upon a revised schedule for this adversary proceeding.” The Bahamian liquidation trio also said the launch of a full claims process for FTX Digital Markets, including the details and time, is “subject to the outcome” of the talks with Mr Ray and his team. Thus far, some 45,878 individuals, 958 institutions and 86 trade creditors have submitted a collective 46,922 claims against FTX Digital Markets. Yet it still has to be determined which assets and clients belong in which estate - the Bahamian liquidation, or the Chapter 11 proceedings in Delaware. Once that is worked out, it will then be necessary to decide which assets belong to creditors and which to the exchange.
Answering those questions was why the Bahamian trio, in their first Supreme Court report, had recommended extending FTX Digital Markets’ liquidation by a further six months to August 2023. That has now morphed into a near nine-month extension. That extension, Mr Simms and Messrs Cambridge and Greaves argued, would maintain value and “optionality” in FTX Digital Markets’ licence, which would be terminated if placed into full liquidation. And an extension would also allow them to “develop options to maximise returns to creditors via a platform reorganisation, which could include restarting the international platform in some format. “The joint provisional liquidators are co-operating with the Chapter 11 debtors in this regard, but it is thought likely that it will take three to four months to agree a plan. That will then take time to implement.” Lasting co-operation has proven elusive to-date, but the trio wrote at the time: “Ordinarily, it might be expected that a provisional liquidation outcome would be concluded within six months of a petition date. “However, given the complexity of the case and the need to review and implement the matters outlined above, in addition to the value and volume of the likely creditor claims, the joint provisional liquidators’ recommendation to the Supreme Court is an extension of the provisional liquidation for a further six months in order to be able to determine and progress key matters.”
THE TRIBUNE
Wednesday, October 25, 2023, PAGE 5
Minnis accuses Gov’t of ‘causing’ EU blacklisting FROM PAGE B1 “We had engaged a company, DataTorque, to provide a platform initially that would allow for [economic substance] reporting via the Department of Inland Revenue’s (DIR) reporting platform,” the Killarney MP said. “The EU had subsequently requested some data that could not be extracted from the platform without further upgrades. “DataTorque was advised of the problem and they provided us with a solution to upgrade the platform at a cost of about $260,000 if my memory serves me correctly. They had promised to roll it out in no more than six months. “This programme would have addressed some of the challenges with the system used for the substance reporting, and this plan was presented to the EU, and the time to implementation, and was accepted as a workable solution by them,” Dr Minnis continued. “When the administration changed, the programme and the plan was arbitrarily shelved. They shelved the programme and the plan. That programme and plan were presented to the EU, and accepted as a workable solution. The Government shelved the programme when they came in and the plan. “The issues we are seeing today are are as a result of the Government’s failure in not following through on what our government had done and was approved by the EU. My information is that DataTorque had started the upgrades. “They [the Davis administration] caused us to get blacklisted. All they had to
do was follow the plan we had left in place and allow DataTorque to complete the programme which had already been approved by the EU. This matter falls to Brave Davis’ administration. All this shows us is that if they’d followed the programme and plan we would not be in the mess we are in.” Dr Minnis said he had travelled to Europe himself with then-attorney general, Carl Bethel KC, to address the economic substance reporting deficiencies. “I had travelled there and spoken to them personally myself,” he added. “I had gone up earlier to talk about the challenges we had, myself and Carl Bethel.... The programme was stopped by the Ministry of Finance.” The former prime minister’s account, though, has already been vehemently contradicted by Davis administration Cabinet ministers. Ryan Pinder KC, the attorney general, has repeatedly argued that the Minnis administration’s decision to effectively bolt the economic substance reporting portal on to the Department of Inland Revenue led to a “non-functional” system with corporate filings having to be entered manually. “To give some context, the deficiencies primarily lie in the reporting portal and methodology that was put in place,” Mr Pinder said in late 2022. “The former FNM government looked to put the substance reporting through the Department of Inland Revenue framework. “This method was ineffective and presented many problems with the actual administration of the reporting. In fact, at a point in time the reporting was being
done on a manual entry basis as the entire platform was non-functional. A complete failure of implementation, which led to the blacklisting of the country by the EU.” He repeated the same concerns following last week’s EU decision to keep The Bahamas on its tax blacklist, asserting: “The old portal was completely deficient and did not function. “Part of the challenge that we faced, and the work we continue to do, is take the data that was reported historically in that system and review it, reorder it, clean it and make sure that it’s accurate so it can be advanced [migrated] to the new portal. If the former portal was bad, the organisation of the data was equally as bad. “We’re working through that manually. Every report in the old portal we’re manually reviewing, manually assessing and putting in the new portal to complete the reporting by the end of the calendar year. That will be the last piece to be deemed co-operative and compliant with our obligations,” he added. “It’s been a lot of work. The fact of the matter is we have an obligation to get it right even if the former administration got it wrong, and we are doing everything in our power to get it right.” Dr Minnis’ accusations also risk re-igniting the political ‘blame game’ that erupted when The Bahamas was blacklisted in October 2022, with the Davis administration and Opposition engaging in ‘finger pointing’ and each accusing the other of being responsible for that outcome. Several observers have also argued that, rather than dredging up history, The
Bahamas’ focus - and that of its government and political parties - should be on executing the reforms necessary to ensure this nation escapes the EU blacklist as rapidly as possible and subsequently stays off it for the good of its economy and financial services industry. What is new, though, is the former prime minister’s assertion that the EU had “accepted” the solution offered by his administration and that it was “shelved” post-general election by the Ministry of Finance. Tribune Business understands that, after being elected to office, the Davis administration disbanded the Ministry of Finance unit dealing with EU and OECD-related tax matters, releasing its head, Stephen Coakley-Wells. “Stephen was well involved and understood the process,” Dr Minnis added yesterday. “The plan was put together and accepted by the EU and, when they came in, they stopped it. No one picked up the process, even upgrading the portal, not once. The focus they had in there, relative to the EU, all that was dropped and never restored.” Tribune Business previously revealed that Philip Davis KC, the prime minister, signed three separate letters over a six-week period between December 15, 2021, and January 26, 2022, to the EU pledging that The Bahamas will resolve the 27-nation bloc’s issues over “economic substance” and tax reporting This was clearly never accomplished to the EU’s satisfaction as The Bahamas was duly ‘blacklisted’ some ten months later. It is unclear what happened between those letters and
October 2022, and it was only after this nation was listed that Simon Wilson, the Ministry of Finance’s financial secretary, said the Government would have to spend between $4m-$5m on an entirely new reporting system. He blamed deficiencies in the software for the economic substance portal that the Davis administration inherited from its predecessor, arguing that the existing system “just didn’t cut it”. One source, familiar with what the Minnis administration had left in place, admitted there were some challenges with the portal but that these were being addressed prior to the 2021 general election. “It would be accurate to say there were some challenges with the user friendliness of it,” the source said. “It was sub-optimal but that was being corrected. It was a work in progress. DataTorque were the ones who had developed the portal, and there was already an agreement with them and they had started the process to upgrade the portal. “I thought it was extremely odd that they [the Davis administration] would cancel it. They knew they were up against a timeline.” DataTorque’s website, though, shows it specialises in dealing with revenue, customs and transport software rather than economic substance reporting. ‘Economic substance’ is a test that requires companies to show they are doing real, legitimate business in a jurisdiction and are not merely brass plate, letterbox fronting companies acting to shield taxable assets and wealth from their home country authorities.
Ex-PM contradicts Wynn on Goodman’s Bay easement FROM PAGE B1 “review the files to be able to determine where a lot of these easements are” and complete the initiative that his government had been working to finish. He said many private homeowners, whose properties bordered and were adjacent to New Providence easements, had placed hedges and picket fences across them to wrongly block public access. “That should be a national programme that no government must be able to stop,” he added. “It must be completed so that all Bahamians, generations of the future, always have access to their beach facilities. Once easements are there they cannot be terminated.” The Killarney MP added that the easement discussed at the GoldWynn meeting would be clearly shown on the conveyance for Mr Hoffer’s property.
Addressing last week’s Town Planning meeting, Mr Hoffer argued: “There’s also an easement that runs along the side of my house, between lots eight and nine, which they did not take into consideration. They’re [Wynn] sucking up the easement, and that’s supposed to be a public easement for a pedestrian walkway” for Bahamians to access Goodman’s Bay and the beach However, Randy Hart, Wynn Group’s vice-president, responded that the developer had been advised by its attorneys that the access route was “terminated” some time ago and therefore no longer a potential obstacle for what he indicated is a $125m investment. “You raise a legal issue,” he added of Mr Hoffer. “We have a legal opinion that the easement was terminated many, many years ago. Obviously we would not put forward a project of
PINTARD RAISES COST OVERRUN CONCERNS OVER GB COMPLEX FROM PAGE B3 full story about the complicated arrangement that they made that resulted in the delays that occurred.” Mr Pintard also raised issuea with the Government having members of the executive sit on the Public Accounts Committee. He accused the Davis administration of not being “transparent” or “accountable”. He said: “There is a separation of powers. We do not believe it is appropriate to
have two parliamentary secretaries sit on the Public Accounts Committee. It is the equivalent of those persons who are making the decisions investigating themselves. And it is wrong. “I mean, we know that this government is not transparent. It’s not accountable. But it would be a dereliction of duty for us not to raise the concern with the public that the Government is not following the very rules that it has called for in the past.”
this magnitude if we have a legal impediment such as that. “We’re not trying to hide anything, we’re not trying to cover up anything. We have obviously done our homework, and there is no legal impediment or easement. People have access to that beach from either side of that property.” Dr Minnis, meanwhile, said his administration had rejected Wynn’s request to take half of the existing Goodman’s Bay public parking lot and use it for valet parking for its properties. He added that the refusal was based on the fact that existing parking space was already inadequate, especially on public holidays and at weekends. “They had submitted a proposal to us to utilise half of Goodman’s Bay parking
facility for parking for the hotel; for valet parking,” Dr Minnis recalled. “We had refused it. You cannot deprive the public of having proper access to their facilities. “I know the Wynn Group had requested half of that parking facility. The public parking, they wanted half of it. But during holidays and other events, there is insufficient parking in any event.” Traffic congestion and parking woes featured prominently during last Wednesday’s public hearing, which saw Mr Hart disclose that GoldWynn is eyeing “off-site parking” for staff to ease the problems. “There’s been much talk about the traffic study,” he added. “An important point is this building is only 40 units, so it’s much, much lower density than the
original GoldWynn. It will have a very, very marginal impact. “Whereas the hotel may have a lot of people coming and going, this one will have much fewer units and we also have the egress to the side through the existing entrance so there’s no separate entrance with GoldWynn two which would, I think mitigate any impact. “We did have extensive discussions with the Department of Physical Planning and Ministry of Works regarding a possible roundabout in front of the Prime Minister’s Office. We were certainly open to the possibility,” Mr Hart continued. “However, there are some major logistical challenges and we found that the radius of that
The initial Commercial Entities (Substance Requirements) Act 2018 required all companies conducting “relevant activities” to confirm they are carrying out real business in The Bahamas via annual electronic filings - a requirement that was maintained in upgraded legislation, passed by Parliament earlier this year, to help address the purported deficiencies identified by the EU. The Government has also initiated inspections and enforcement actions to ensure registered agents and their corporate clients are complying with the Act, while BDO - the company that developed the beneficial ownership registry (BOSS) system - was hired to develop a new electronic online portal for economic substance filing and reporting. That portal went live in September, although the deadline for 2022 filings was extended to October. “The level of work has been, and continues to be, rather intense,” Mr Pinder told Tribune Business last week of the ongoing drive to ensure The Bahamas meets EU and OECD demands. “We have accomplished a lot in the last year. You would note, if you look at the October release by the EU last year, it spoke about deficiencies in the country-by-country reporting mechanism “You would note those are no longer detailed this year. The EU has acknowledged that, in the grand scheme of things, in their review that we have improved.”
roundabout, in order for large trucks and equipment to continue down West Bay Street, would require part of the front of the Prime Minister’s Office and part of some of the adjoining property owners. There was no real easy practical fix.” Mr Hart, though, said Wynn would take measures to prevent cars and food trucks from crossing and parking on the West Bay Street median at Goodman’s Bay when it executes its penthouse project after securing the necessary approvals. “We don’t want a carnival atmosphere in the street in front of the median,” he added, “so with the second phase it’s our intent to find off-site parking for the staff and then we can really try and minimise any impact that will have in the shortterm. That’s basically where things stand.”
PAGE 6, Wednesday, October 25, 2023
THE TRIBUNE
UAW STRIKES AT GENERAL MOTORS PLANT IN TEXAS AS UNION GOES AFTER AUTOMAKERS’ CASH COWS By TOM KRISHER AP Auto Writer FIRST it was Ford, then Stellantis, and now a General Motors factory has been added to the growing list of highly profitable plants where the United Auto Workers union is on strike. On Tuesday, about 5,000 workers walked out at GM's factory in Arlington, Texas, that makes big, high margin SUVs such as the Chevrolet Tahoe and Cadillac Escalade. The strikes in Texas, as well as at the largest Ford factory in the world in Louisville, Kentucky, and a Stellantis plant that makes lucrative Ram pickups in Michigan, are aimed at getting the companies to capitulate to union demands for richer wages and benefits than the automakers so far have offered. But judging from statements out of Detroit, the companies are at or near the limit on how much they're willing to budge to end a series of targeted strikes now involving 46,000 workers that began on Sept. 15. About 32% of the union's 146,000 members at the companies are on strike, and the automakers are laying off workers at other plants as parts shortages cascade through their systems. In announcing the Arlington strike, UAW President Shawn Fain noted that GM posted big earnings on Tuesday, yet its offer to the union lags behind Ford, preserving a two-tier wage structure and offering the weakest 401(k) contribution of all three automakers. "It's time GM workers, and the whole working class, get their fair share," Fain said. But GM CEO Mary Barra told investors on the company's earnings
conference call that the automaker already has made a record offer and won't sign a contract that jeopardizes the company's future. "We will not agree to a contract that isn't responsible for our employees and for our shareholders," she said. "We need to make sure we have a contract that is going to allow us to compete and win in what is a challenging market for EVs and also allows us to support the business that we have with strong margins in our (internal combustion engine) business." Last week, Ford told reporters that it had reached the limit of what it was willing to pay to end the nearly 6-week-old strike, bringing out Executive Chairman Bill Ford to urge strikers to return to work. On Monday, after the union took down the pickup plant in Sterling Heights, Michigan, north of Detroit, Stellantis said it
“The pressures for reaching an agreement that everybody can live with are immense on both the company and the union. The effects of an expanded strike across the three companies and prolonged over time would be profound, and would have very serious negative effects on the companies and on the workforce.” Thomas Kochan was "outraged" by the escalation because it improved its offer to include a 23% wage increase over four years. All three automakers have said they won't stick themselves with high labor costs that would make their vehicles more costly than nonunion competitors. Talks continued Tuesday with Stellantis and Ford, with new offers from the union either coming or delivered at both
companies. The status of talks with GM wasn't clear. Early on, the union struck at plants that didn't make the companies' most expensive and profitable vehicles. But as the strikes dragged on, Fain has targeted truck and SUV plants in an effort to empty the companies' wallets. At the same time, workers are getting by on $500 per week of strike pay, hardly enough to pay the monthly bills. The payments also are making a
dent in the union's strike fund, which was $825 million when the strikes began. Fain said it was still healthy. Thomas Kochan, a professor of work and employment at the Massachusetts Institute of Technology, said adding the GM SUV plant means the negotiations are at a pivotal point. "The pressures for reaching an agreement that everybody can live with are immense on both the company and the union," he said. "The effects of an expanded strike across the three companies and prolonged over time would be profound, and would have very serious negative effects on the companies and on the workforce." The companies, he said, are close to the limits on their offers and the union is close to what it legitimately can expect to get. "There comes a time where the parties have to have very private conversations in negotiations," Kochan said. "It's time for the public rhetoric to stop." On the picket line in Texas, Ethan Pierce, a material handler with more than 23 years at GM, said workers sacrificed, making concessions to help save GM when it was in dire financial trouble around the 2008 financial crisis. "We started asking for some of
our stuff back. They didn't want to give it to us," Pierce said. Now, with inflation driving up prices, workers are struggling, he said. Among the sticking points is GM's refusal to let workers go on strike over plans to close factories, Pierce said. "If you're being treated unfairly, sooner or later you have to stand up," he said. "When we get treated better, everybody else gets treated better." The addition of the Arlington plant came just after GM announced strong third-quarter financial results. The SUVs are among GM's most profitable vehicles. The company on Tuesday posted a net profit of just over $3 billion for the quarter, down 7% from a year ago. But the company reported strong demand and prices for its vehicles. GM later said that it's disappointed in the escalation at Arlington, calling the strike "unnecessary and irresponsible" and said it will have negative ripple effects on dealers, suppliers and communities. Because the striking plants supply or get parts from other factories, the automakers say they've been forced to lay off another 7,672 workers. And shares of General Motors Co. are down more than 14% this year, touching lows Tuesday that haven't been seen since 2020 during the pandemic, when the company's sales growth tumbled almost 11%. Last week GM made an offer that increased its previous one by about 25% in total value, the company said. Barra said GM has made a record offer to the union that will raise top factory pay to $40.39 per hour, or roughly $84,000 per year in four years. The company also said the strike is expected to cut pretax earnings by $800 million this year, and another $200 million per week after that. And those estimates were made prior to the Arlington strike, GM said.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LEE SANCHEZ KASHEV RASHAD DORMEUS of #50 Pinewood Drive Southern District, New Providence, Bahamas intend to change my name to LEE SANCHEZ KASHEV RASHAD THOMPSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P O o , Nassau, Bahamas no later than thirty (30) days after the date of p icatio of this otice
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DEVON LORRAINE MCQUEEN of P.O Box N-8947 #23 Adelaide Gardens, New Providence, Bahamas intend to change my name to DEVONYA LORRAINE COLLIE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
LIBECCIO LTD. N O T I C E IS HEREBY GIVEN as follows: (a) LIBECCIO LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 24th October, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands. Dated this 25th day of October, A. D. 2023. _______________________________ Leeward Nominees Limited Liquidator
PAGE 8, Wednesday, October 25, 2023
THE TRIBUNE
STOCK MARKET TODAY
Wall Street rises after corporate profits top forecasts and oil prices sink more By STAN CHOE AP Business Writer WALL Street rose to a rare gain Tuesday after Verizon, General Electric and other big companies reported fatter profits for the summer than expected. The S&P 500 climbed 30.64, or 0.7%, to 4,247.68 to break a five-day losing streak. The Dow Jones Industrial Average gained 204.97 points, or 0.6%, to 33,141.38, and the Nasdaq composite rose 121.55, or 0.9%, to 13,139.87. Verizon jumped 9.3% after saying it increased its number of broadband subscribers by 20% and earned more than analysts expected during the summer. General Electric rallied 6.5% after delivering better-than-expected earnings and raising its profit forecast for the year. CocaCola rose 2.9% after it said growth in Mexico, India
and other markets helped drive it to better profit during the summer than analysts expected. The pace is picking up for companies to report their results for the summer, with more than 30% of companies in the S&P 500 on the schedule for this week. The broad hope is for S&P 500 companies to report the first growth in earnings per share in a year. Such strength is crucial for the stock market to stabilize. It’s been mostly struggling since the summer under the weight of much higher yields in the bond market. The 10-year Treasury yield has been rising rapidly from less than 3.50% in the spring and catching up with the Federal Reserve’s main overnight interest rate, which is at its highest level since 2001. The Fed has yanked its federal funds rate above 5.25% in hopes of starving
high inflation of its fuel, and it’s indicated plans to hold the rate at a high level for a while. High yields hurt prices for stocks, cryptocurrencies and other investments. They also slow the economy bluntly and add stress for the entire financial system. But the 10-year Treasury yield was easing Tuesday after hitting its highest level since 2007 a day before. The 10-year yield was at 4.82%, down from 4.85% late Monday. Another drop in oil prices helped to ease the pressure on inflation. Some investors have recently begun saying yields may not have much higher to go. “From here, our view is that we are now close to the peak in yields,” said Solita Marcelli, chief investment officer Americas of UBS Global Wealth Management. She said that if yields were to move much higher
at a quick pace, it would risk hurting the Treasury market and shake the financial system’s stability. She said the Federal Reserve could step in to help the market like it did in March, when high interest rates helped cause three highprofile collapses of U.S. banks. To be sure, even if rates and yields climb no further, they’re still high enough that some investors are worried they’ll eventually drag the economy into a recession if the Fed holds pat. Until now, the overall economy has remained remarkably resilient in the face of much higher interest rates. A solid job market and spending by U.S. households has helped keep the economy chugging along. Strong data reports recently have driven expectations for the U.S. economy’s growth in the
third quarter of the year sharply higher. Economists at Goldman Sachs, for example, have raised their forecast for the quarter’s growth to 4.6% from just 1.5% in mid-August. A preliminary report on Tuesday said business activity is strengthening in October by more than economists expected. The report from S&P Global indicated demand for manufacturers improved for the first time since April. While such strength has prevented a recession, it could also be giving inflation fuel and encouraging the Fed to keep rates high for longer. That in turn could lead to more weakness in the future. Some warning signals are also lying within the strong run of corporate profit reports. General Motors, for example, said it made more during the summer than analysts had forecast. But it also warned
THE WEATHER REPORT
5-DAY FORECAST
ORLANDO
High: 84° F/29° C Low: 71° F/22° C
TAMPA
TODAY
TONIGHT
THURSDAY
FRIDAY
SATURDAY
SUNDAY
UV INDEX TODAY
A couple of morning showers; windy
Mainly clear, windy and warm
Windy with plenty of sunshine
Mostly sunny and windy
Sunny much of the time and windy
Sun followed by clouds and windy
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
High: 83°
Low: 76°
High: 83° Low: 77°
High: 83° Low: 77°
High: 83° Low: 73°
High: 83° Low: 76°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
86° F
76° F
85°-77° F
84°-76° F
84°-76° F
84°-75° F
High: 85° F/29° C Low: 70° F/21° C
E
W
ABACO
S
N
High: 81° F/27° C Low: 76° F/24° C
12-25 knots
S
WEST PALM BEACH High: 84° F/29° C Low: 76° F/24° C
12-25 knots
FT. LAUDERDALE
FREEPORT
High: 84° F/29° C Low: 76° F/24° C
E
W S
E
W
High: 83° F/28° C Low: 74° F/23° C
MIAMI
High: 84° F/29° C Low: 76° F/24° C
10-20 knots
Ht.(ft.)
Today
5:17 a.m. 5:40 p.m.
3.1 3.3
11:31 a.m. 0.4 ---------
ALMANAC
Thursday
6:12 a.m. 6:33 p.m.
3.3 3.3
12:01 a.m. 0.2 12:30 p.m. 0.2
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 77° F/25° C Normal high ....................................... 84° F/29° C Normal low ........................................ 72° F/22° C Last year’s high .................................. 87° F/31° C Last year’s low ................................... 73° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................ 47.35” Normal year to date ................................... 34.06”
Friday
7:04 a.m. 7:23 p.m.
3.6 3.2
12:49 a.m. 0.0 1:25 p.m. 0.0
Saturday
7:53 a.m. 8:11 p.m.
3.7 3.1
1:36 a.m. -0.2 2:17 p.m. -0.1
Sunday
8:40 a.m. 8:59 p.m.
3.7 3.0
2:21 a.m. -0.3 3:07 p.m. -0.1
Monday
9:26 a.m. 9:45 p.m.
3.7 2.8
3:05 a.m. -0.2 3:55 p.m. 0.0
Tuesday
10:13 a.m. 10:33 p.m.
3.5 2.7
3:50 a.m. 4:44 p.m.
KEY WEST
High: 83° F/28° C Low: 76° F/24° C
ELEUTHERA
NASSAU
High: 83° F/28° C Low: 76° F/24° C
Low
Ht.(ft.)
0.0 0.2
SUN AND MOON Sunrise Sunset
7:13 a.m. Moonrise 6:35 p.m. Moonset
4:40 p.m. 3:43 a.m.
Full
Last
New
First
Oct. 28
Nov. 5
Nov. 13
Nov. 20
CAT ISLAND
E
High: 83° F/28° C Low: 76° F/24° C
N
S
E
W
10-20 knots
S
12-25 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
Forecasts and graphics provided by AccuWeather, Inc. ©2023
High: 83° F/28° C Low: 77° F/25° C
N W
TIDES FOR NASSAU High
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
N
that strikes by its unionized workers are cutting sharply into its pretax earnings. GM stock fell 2.3% after drifting between gains and losses several times. In stock markets abroad, indexes were mixed across Europe and Asia. Stocks in Shanghai added 0.8% after trading near their lowest levels in several years on worries about a slump in the property market and a slowing economy. In the oil market, prices fell again to take some more pressure off inflation. A barrel of benchmark U.S. oil dropped $1.75 to settle at $83.74. Brent crude, the international standard, fell $1.76, to $88.07 per barrel. U.S. oil had been above $93 last month, and it’s bounced up and down since then amid concerns that the latest Hamas-Israel war could lead to disruptions in supplies from Iran or other big oil-producing countries.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 83° F/28° C Low: 77° F/25° C
High: 83° F/28° C Low: 78° F/26° C
N
High: 84° F/29° C Low: 78° F/26° C
E
W S
LONG ISLAND
TRACKING MAP
High: 84° F/29° C Low: 78° F/26° C
12-25 knots
MAYAGUANA High: 85° F/29° C Low: 79° F/26° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 84° F/29° C Low: 80° F/27° C
High: 84° F/29° C Low: 79° F/26° C
GREAT INAGUA High: 86° F/30° C Low: 78° F/26° C
N
E
W
E
W
N
S
S
12-25 knots
12-25 knots
MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:
WINDS NE at 12-25 Knots ENE at 12-25 Knots NE at 10-20 Knots ENE at 10-20 Knots NE at 15-25 Knots ENE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots NE at 12-25 Knots ENE at 15-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots ENE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots ENE at 10-20 Knots ENE at 10-20 Knots NE at 12-25 Knots ENE at 12-25 Knots NE at 12-25 Knots ENE at 12-25 Knots
WAVES 6-10 Feet 6-10 Feet 1-2 Feet 1-2 Feet 6-10 Feet 8-12 Feet 4-8 Feet 6-10 Feet 6-10 Feet 8-12 Feet 3-5 Feet 3-5 Feet 1-3 Feet 1-3 Feet 4-7 Feet 4-8 Feet 3-6 Feet 4-8 Feet 6-10 Feet 8-12 Feet 2-4 Feet 2-4 Feet 3-6 Feet 4-8 Feet 3-5 Feet 3-5 Feet
VISIBILITY 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 6 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 81° F 81° F 82° F 82° F 82° F 82° F 83° F 83° F 82° F 82° F 81° F 81° F 82° F 82° F 84° F 83° F 83° F 83° F 83° F 83° F 82° F 82° F 83° F 83° F 82° F 82° F