FTX arrived in The Bahamas in September 2021 as a “greedy and chaotic” company that had lost its soul, a key Sam Bankman-Fried associate is alleging, as he seeks to escape jail time over its failure.
Nishad Singh, the collapsed crypto exchange’s former engineering chief, sought in legal filings last week to create the impression of a company that had abandoned its original mission as an “idealistic and altruistic” start-up due to “rampant growth” as he made his case for being sentenced to “time served and supervised release” over the multi-billion dollar fraud that sank FTX.
Documents filed with the southern New York federal court also reveal testimony
from Mr Singh’s colleagues that “senior” FTX executives, who are not named, looked down on Bahamian staff and failed to treat them with sufficient respect. Others asserted that the exchange’s former engineering chief personally sought to address “discrepancies” between what expatriate and Bahamian workers were paid. Letters from Mr Singh’s relatives and loved ones also suggested he was personally embarrassed by FTX’s lavish spending and high living while in The Bahamas, including staying at Albany’s Orchid penthouse where Mr Bankman-Fried and his inner circle resided. It was also suggested that he persuaded the FTX founder not to proceed with its new Bahamas headquarters in a
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE former Ginn project’s current owners have moved swiftly to prevent the Bahamian tax authorities seizing and selling-off $26m in real estate to recover unpaid real property tax arrears.
Multiple Tribune Business sources, speaking on condition of anonymity due to what they described as the “sensitivity” of the situation, confirmed that the sole Grand Bahama commercial property listed for current auction on the Department of Inland Revenue’s website is 1,143 acres that forms a major portion of the mammoth development once planned for the island’s West End.
The website lists few details, other than describing the property as 1,143 acres located in Grand Bahama’s West End and carrying an “assessed value” of $26m. The Department of Inland Revenue first advertised it for sale, among the fourth batch of properties it is seeking to auction off to recover unpaid real property tax debts, on September 23, 2024, with the deadline for bids to be submitted falling due today.
This newspaper can reveal that the auction has attracted interest from prominent developers, with several said to have voiced interest in making a bid by the Monday, October 28 deadline. However, it is understood that the Ginn site’s current owners have asked the Bahamian tax authorities not to accept or entertain any offers while they try to resolve the outstanding taxes being demanded.
Lubert Adler, the Philadelphiabased investment bank that was Ginn’s former financing partner, together with the lending syndicate that took over the project’s real estate component and the potential purchaser of both their interests, Kingwood International Resorts, have teamed up to dispute both the property’s valuation and, as a result, the amount of unpaid real property tax said to be owed.
Due to this challenge, and potential discrepancy with what the Department of Inland Revenue is demanding, both sides - the current
Super Value’s ‘special effort’ on expired goods crackdown
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Disclosing that the Super Value store visited by the Commission received a “clean bill of health”, Mr Roberts conceded that leaving goods on shelves after their ‘sell by’ or expiry
SUPER Value’s owner yesterday said the supermarket chain is “making a special effort” to keep expired goods off the shelves amid industry assertions this problem is “not a widespread issue”. Rupert Roberts told Tribune Business the 13-store group “wants to be ahead of the inspectors” after Senator Randy Rolle, the Consumer Protection Commission’s executive chairman, last week said it was “mind blowing” to discover that complaints about some food stores selling expired goods were legitimate.
‘Prove you’re
on airport for Lucayan sale
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government must “prove it is serious” about transforming Grand Bahama International Airport if the Grand Lucayan is finally to be sold, a fellow Freeport hotelier is warning.
Magnus Alnebeck, Pelican Bay’s general manager, told Tribune Business that both political parties are now likely painfully aware that resort is “not an easy sale” as it will likely be “full of surprises” for a buyer given that two out of three properties - Breaker’s Cay and the former Memories Hotel - have now been closed for almost eight years. Suggesting that the Grand Lucayan would likely have attracted “100 bidders overnight” if it was located in Nassau, he reiterated that any prospective purchaser will not complete unless they have watertight commitments from the Davis administration that the airport will be overhauled sufficiently to accommodate the airlift required to make the property work. It has now been more than 18 months since Chester Cooper, deputy prime minister and minister with responsibility for tourism, investments and aviation,
AI is both friend and foe for cyber security
Given both its profound benefits and significant challenges, Artificial Intelligence (AI) has become a game changer in cyber security. With businesses and individuals increasingly relying on digital platforms, protecting sensitive data has never been more critical. Cyber crime has become a complex problem, and AI has emerged both as a powerful ally and as a potential adversary. Several AI-driven technologies have become indispensable in the identification of, and automated response to, threats. Conversely, cyber criminals exploit the same technology to orchestrate more sophisticated and elusive attacks.
The dual nature of AI, both as defender and weapon, poses a fascinating yet daunting challenge for the future of cyber security.
AVIATION WEEK ‘A BIG DEAL’ AS 400 ATTEND CONFERENCE DEREK SMITH BY
THE second annual Bahamas Aviation Week is “a big deal for the country” as it coincides with this nation hosting a major Caribbean and Latin American regional industry conference.
Dr Kenneth Romer, director of aviation and deputy director-general of tourism, confirmed that October 27 to November 1, 2024, will be observed as Bahamas Aviation Week under the theme, ‘A celebration of aviation partnerships’.
“This Aviation Week 2024 further reflects the strong partnership with, and the great level of respect by, our international counterparts, leaders and top-level decision makers, who will be reuniting in The Bahamas as we engage around up-to-date topics, best
Against the background of the 20th anniversary of Cybersecurity Awareness Month, understanding this phenomenon is critical in determining whether AI is a trick or treat for cyber security. This article will provide insight into the positive and
negative impacts of AI on cyber security.
The positive impacts of AI on cyber security
Faster threat detection and response
Detecting threats and responding quickly is easier with AI. Based on historical data, machine learning algorithms recognise patterns and predict potential breaches. Based on a 2020 Capgemini report, 69 percent of businesses believe AI can significantly reduce detection and response time to cyber attacks.
Proactive defense measures
Threats can be anticipated and countered with AI. Potential vulnerabilities can be identified and defended against. Companies can use AI to simulate cyber attacks to address weaknesses before an actual attack occurs. As
cyber criminals develop new tactics constantly, this proactive approach offers an edge.
Negative impacts of AI on cyber security
AI-driven cyber attacks
Despite AI’s benefits, cyber criminals are leveraging the technology to launch sophisticated attacks. With AI, phishing schemes can be more convincing, encryption is bypassed and/or vulnerabilities exploited. A study by Darktrace revealed that AI-powered cyber attacks are 15 percent more likely to succeed than traditional attacks, as AI allows malicious software to learn and adapt in real-time to avoid detection.
Privacy and data concerns
A large amount of data is often required for AI systems to function effectively,
raising privacy concerns. An attacker could gain insight into sensitive information, such as security protocols or vulnerabilities, if these systems are compromised. Furthermore, the collection and processing of vast data sets by AI systems can create privacy risks, especially if handled improperly.
Conclusion
Cyber security is a field that presents opportunities as well as challenges due to AI. Its ability to enhance threat detection, automate tasks and strengthen proactive defenses makes it an asset. However, companies must adopt a balanced approach due to the rise of AI-driven cyber attacks and concerns about privacy, costs and false positives. If businesses understand and mitigate the risks, they can use AI to boost their cyber
security efforts without relying solely on technology. Human oversight and expertise should always remain integral to the process.
NB: About Derek Smith Jnr Derek Smith Jnr has been a governance, risk and compliance professional for more than 20 years with a leadership, innovation and mentorship record. He is the author of ‘The Compliance Blueprint’. Mr Smith is a certified anti-money laundering specialist (CAMS), and the assistant vice-president for compliance and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group Ltd) for The Bahamas, St Vincent & The Grenadines, St Lucia and Curaçao.
BTC ADDS NEW TECHNOLOGY TO IMPROVE CUSTOMER CARE
practices and discussions to advance aviation,” he said.
The Bahamas is hosting some 400 international delegates during the Latin American & Caribbean Air Transport Association’s (ALTA) 20th anniversary forum from October 28-30 at Baha Mar. ALTA is said to be one of the most important conferences in Latin America and the Caribbean for aviation leaders and decision makers. Besides the international focus, the week will also highlight and recognise the contributions of the almost 4,000 persons directly employed throughout the Bahamian aviation industry.
Key among the event highlights will be the Aviation Partners Celebration & Luncheon on Thursday,
THE Bahamas Telecommunications Company (BTC) has implemented a new technology at its Contact Centre in a bid to improve customer care and response times.
The carrier, in a statement, said it has introduced the Genesys Conversational Interactive Voice Response (IVR) platform. The upgraded system, it added, offers a more efficient way for customers to receive assistance by reducing wait times, while enhancing user satisfaction through smart and personalized support.
K. Teneile Simmons, BTC’s executive senior manager for customer experience, said: “We are committed to providing the highest level of care and support for our customers. The upgraded Contact Centre allows us to proactively communicate with customers. The platform is easier to navigate and has even more self-help tools for customers.”
The telephone number stays the same, and customers can CALL-BTC (225-5282) to access the new Contact Centre. The new system went live in September, and its enhanced features include:
* Instant bill balance retrieval.
* WhatsApp Chat transfer option for chatting with a live agent.
* Service disruption and outage notifications.
* Basic trouble shooting guidance and easy access for further technical support.
* Directory assistance and weather updates.
Early users have given their views on the new system.
Kendra Hanna said: “I often call BTC and speak with a live agent every month to obtain my balance, but last month I was able to instantly get my bill balance for my mobile phone. Kudos to BTC for allowing customers to have their needs met over the phone without any long wait times.”
Brenda Rolle added: “My experience calling the upgraded BTC Contact Centre was positive. It has been working well and it’s extremely easy to understand. What I really like is being able to receive directory assistance and the weather. It made me recall when there was a separate three-digit number that persons called to get this information. Now everything can be found by just calling one number.”
BTC said the Contact Centre upgrade follows several improvements introduced this year, including a revamped WhatsApp Chatbot and the upgraded MyBTC Mobile App.
K TENEILE SIMMONS
MINISTER URGES NEGOTIATION ON NURSE AND DOCTOR GRIEVANCES
By ANNELIA NIXON Tribune Business
A CABINET minister is urging trade unions representing doctors and nurses to resolve their grievances through negotiation rather than industrial action while describing their present stance as “concerning”.
Dr Michael Darville, minister of health and wellness, told Tribune Business that the Government’s “doors are open” and discussions with the unions ongoing as he responded to comments from the presidents of both the Consultant Physician Staff Association (CPSA) and the Bahamas Nurses Union (BNU) at last week’s Trades Union Congress (TUC) rally/
“Some things were said at that particular rally that were of concern to me, some statements that were inaccurate,” Dr Darville said. “First of all, our doors are open. Negotiations, as far as we are concerned, are still ongoing. We believe that we are reasonable. We listen to our doctors, and we try to find common ground where both of us can agree.”
Dr Charelle Lockhart, president of the CPSA, which represents more senior doctors within the public healthcare system,
referring to the Bahamas Customs, Immigration and Allied Workers Union’s (BICAWU) announcement that it will conduct a strike vote/poll on October 30, said her union already possesses its strike certificate. “We have quietly set our concerns out to our employer, the PHA (Public Hospitals Authority) and the Ministry of Health and Wellness,” Ms Lockhart said. “We have spoken quietly to the minister of labour. We have quietly spoken to the Prime Minister. We have had enough. It’s time to dig up some dirt. Mr Brooks, you getting your strike certificate? We
have our strike certificate. Enough is enough.....
“We can’t get our industrial agreement signed from 2021. We do not have an industrial agreement signed. And do you know, the last time we heard from our employer, they stopped our negotiations. They decided what it is we must accept and just threw that out at us as if we are supposed to just take it, roll around... roll on the ground and play dead. We ain’t playing dead.”
Dr Darville, however, said he would rather negotiate than have the unions resort to “industrial action”. He added: “I don’t think it
Chamber chief: Abaco split on $985m project
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
ABACO’S Chamber of Commerce president says the island is split over a $985m resort project targeted at locations close to key wildlife and environmental sites.
Daphne DeGregoryMiaoulis told Tribune Business while some south Abaco residents are excited for the economic opportunities the Kakona project will bring others have strong doubts about its environmental impact.
Conceding the area does need development, Mrs DeGregory-Miaoulis highlighted the need for sustainable projects to protect the existing community and the environment.
“Definitely from the community standpoint, people are just anxious for jobs and economic opportunities. Fifty percent of the people want it because they’re looking for the
jobs, 50 percent of the people have concerns about where it’s located and the environmental impact it’s going to have,” said Mrs DeGregory-Miaoulis.
“People who are looking for jobs today are not necessarily looking long-term at the impact that it’s going to have on the future generations. But, personally, Sandy Point and the whole south end of Abaco needs development, they need economic opportunities.
“The young generation need to have places to go without having to move out of their homestead. But it needs to be a sustainable development and one that doesn’t create adverse effects on the existing development or the existing community.”
South Abaco Land Development Company plans to develop three sites - one on Abaco’s southwestern tip, and two on the eastern side. To the west, Leeward Harbour will be located one mile south of Sandy Point with its northern boundary immediately
adjacent to the community’s air strip.
Among the planned amenities is a 225-slip marina. The project, which will be flagged by the highend Setai resort brand, also intends to develop two sites to be called High Bank Bay and Conch Sound Point on the Abaco’s south-eastern tip. The former will cover 503 acres, and feature a 30-room resort, 25 cottages and 150 residential lots available for sale, plus an 18-hole golf course.
Conch Sound Point, meanwhile, is a 375-acre tract that will include another hotel, 25 cottage and 100 “private estate lots”. The EIA confirms that High Bank Bay “abuts” the Abaco National Park on its western boundary, and acknowledges that “the park protects a critical breeding habitat for the endemic Abaco Parrot”.
Mrs DeGregory-Miaoulis said the development is too dense for the Sandy Point area and cautioned the developers to not “overdo” their plans to the detriment
would be in the best interest of the Bahamian people, and particularly patients. And so the Government is always willing to sit at the table to continue the negotiations and try to find a solution. That is the whole process of the bargaining table. And we are prepared.
“We have never left the bargaining table. We intend to stay there. And we do encourage all unions to let’s address these concerns at the bargaining table. That is my view. But, ultimately, the unions, the ones who are in the process, and the Ministry of Finance has also reiterated the fact that they are still prepared to negotiate and prevent industrial action.”
The PHA, in its own reply, said all non-financial elements in a new industrial agreement for the CPSA and its members have been agreed and signed-off by both sides. It added that the financial clauses, which would incorporate any salary increases and other compensation and benefits adjustments, are being reviewed by Simon Wilson, the Ministry of Finance’s financial secretary.
“PHA management has consistently fulfilled its obligations by providing regular updates and engaging with CPSA executives. Both parties have reached agreements on all non-financial
of the environment. She added that when the road to the project was installed, several homes experienced flooding and questioned the effects of such a large development on the wider area.
“Personally, I think that development is too dense for this area, although they’re saying that it’s low density, Maybe low density in other areas, but I wouldn’t consider it low density for this area,” said Mrs DeGregory-Miaoulis.
“They need to justify the money that they’re spending with the return that they’re going to get. However, they’re going very high end. So they need to find a way to not over overdo to the detriment of the environment that has attracted them here in the first place.
“When they just put the road in it created
articles, which have been signed,” the PHA, which is responsible for the operation of Princess Margaret Hospital (PMH), the Rand Memorial Hospital and Sandilands Rehabilitation Centre, said in a statement.
“The remaining financial articles are under review by the financial secretary following three rounds of counter-proposals focused on establishing commitments that are both reasonable and sustainable. While CPSA has not yet agreed to these terms, management has maintained open communication, attended all scheduled meetings, and never paused negotiations......
“PHA is aware of the strike vote and notes that trade disputes have been filed twice, with the most recent meeting held on Thursday, October 24, 2024, during which the CPSA was not in attendance.”
Ms Lockhart, meanwhile, used Thursday night’s rally to challenge Dr Darville’s assertions that there are no nursing and physician shortages in The Bahamas.
“Everybody heard the minister of health talking about how everything’s good,” Ms Lockhart said. “We don’t have a nursing shortage, we don’t have a physician shortage. That is not the truth.”
flooding areas for a lot of the residents in their homes, because Sandy Point is a very low lying, flat end of the island. And so when these people come in and they build up their land and their dunes, and dredge and put in canals, all of this is going to have an impact on the resident community of Sandy Point.”
Mrs DeGregory-Miaoulis said residents also pushed for the developer to build a school in the area to help train what will one day be their workforce.
“The developer said he’s going to bring a better quality of life to the residents because of providing jobs, people won’t have to go into Marsh Harbour or Baker’s Bay or elsewhere to find jobs. They’ll be able to find jobs closer to home. Well, that only works if their children can also find
However, the PHA added that neither itself nor Dr Darville have ever denied that there is a shortage of healthcare professionals.
“PHA leadership has never denied or misrepresented the challenges regarding physician, nursing, or allied health professional shortages. This is a well-known global issue, not unique to The Bahamas,” it said.
“In response, PHA continues to implement recruitment strategies, with advertisements and active hiring across all disciplines.
The latest group of nurses arrived in The Bahamas just this week, and we currently have two cohorts in the PHA Academy, have onboarded 41 new graduate nurses, and continue to offer local training and scholarships for postgraduate specialty training.”
Dr Darville, too, said he is bringing in nurses from Africa and additional doctors, mainly to service health facilities on the Family Islands. “But at no particular time did I say there was no shortage of doctors and nurses in the hospital,” he added. “I’ve never made an utterance of that nature.
“I can say that some of the challenges that I met when I came in, we’re addressing them, but there’s still shortages and the
schooling closer to home,” she explained.
“The children need training, and it’s in their best interest to educate them and get them the training, because they are going to be the labour force for the future. After the meeting, they made a point of reaching out to us and they reconfirmed that they were committed to increasing the capacity of the existing schools or building a school.”
Mrs Daphne DeGregoryMiaoulis also encouraged the developers to work closely with the Bahamas National Trust to ensure their plans during the construction phase do not impact their protected land areas, and to install a green buffer zone between their development and the protected sites.
DR MICHAEL DARVILLE
UNION CHIEF WARNS: ‘WE’RE READY TO STRIKE VERY SOON’
By ANNELIA NIXON Tribune
THE Trades Congress Union (TUC) president has warned organised labour “will strike very shortly” unless the Government moves rapidly to address long-standing industrial grievances.
Obie Ferguson, head of the umbrella union body, told Tribune Business at last Thursday’s TUC-organised ‘Enough is Enough’ rally: “We will strike. So let me make that clear. We will make that strike if they don’t do anything.” He also reaffirmed that himself and the TUC are continuing to fight for the minimum wage to be raised to $350 per week - a 35 percent, or $90, hike from the present $260.
Pia Glover-Rolle, minister of labour and the public service, in reply told this newspaper: “Although another minimum wage increase is a matter that is currently under consideration for [the] future, it requires careful consultation to ensure that such an adjustment is sustainable for employers and manageable for the fiscal health of the entire government.
“The Ministry of Finance is currently assessing a salary review of the public service. If, upon review, it is determined that the economy, employers and government can sustain the impact of a wage increase, then it will certainly be given serious consideration.”
Mr Ferguson pointed to several outstanding industrial deals that have yet to be signed, including for middle managers at the Grand Lucayan resort. He said: “The Bahamas Hotel Managerial Association, they ought to have gotten their increase, signed the agreement three years ago.”
To which Mrs GloverRolle responded: “The
hotel in Grand Bahama has been an ongoing concern. But the hotel remains unopened and unoccupied. Nonetheless, the Government has not let the employees down and has continued in good faith to pay staff salaries and benefits, and keep persons employed. Our sources advise that the staff are grateful for this. The Government is of the opinion that a sale of the property is imminent.”
Another union president told Tribune Business that morale is still low in Grand Bahama’s Immigration Department due to a variety of challenges, including the Government purportedly “not living up to the MoU” that the Progressive Liberal Party (PLP) signed with the two major umbrella union bodies prior to the 2021 general election.
Deron Brooks, president of the Bahamas Customs, Immigration & Allied Workers Union (BCIAWU), told the ‘Enough is Enough’ rally that “the strike poll is because of a trade dispute filed as a result of outstanding payments for hours of extra attendance (overtime) in the Customs department - the majority were only
recently paid for the month of January.”
The BICAWU is set to hold a strike poll on October 30, and Mr Brooks added that his members have also have not been compensated for transportation in a timely manner.
“The next major issue, you have Bahamas Customs officers and cashiers who would work overtime hours, who would use their personal vehicles to go out and do the Government’s work,” Mr Brooks said.
“So, for instance, a food store, Kelly’s or any big company that has a trailer coming in, and you request the services of a Customs officer when the goods are being unloaded or offloaded, a Customs officer would use their own vehicle and drive to this location.
“So the fee that was levied against the vendor that requested the Customs officer would also include the fees for the Customs officer to get their gasoline. But for some reason, these Customs officers, some of them can’t get their money as far back as last year,” he continued.
“Now you know how the roads are. There’s a lot of wear and tear on your vehicle, months and months, the escalating costs of fuel. These officers use their own vehicles. So when you see these things on the shelf, the Customs officer cleared those things. Customs officer came out there and used their own vehicle.
“And they are waiting, and there’s no real good reason why they still have to wait to get this money. They work extra hours, weekends, holidays, and they’re owed as far back as
they just got paid for January of this year, about what, a month ago?”
Mr Brooks told the rally that the union tried to meet with the “relevant authorities” but to no avail. It was then encouraged by TUC president, Mr Ferguson, to file a trade dispute.
“But we have to stand on issues because if we don’t say anything, the next administration coming in and, if they do the same thing, they’re going to say, ‘well, why didn’t you say anything under the previous administration’,” Mr Brooks said.
“Then they’re going to say you’re favouring one administration over them. So we have to say something. So we’re not being personal or political at all. It is what it is. Stand on what’s right and that’s it.”
Mr Brooks also said the Government amended General Orders, which govern public service conduct, and affected vacation for employees, leaving them with less time each year.
“They have varied the terms and conditions of our employment by changing some provisions in General Orders,” Mr Brooks said.
“So picture this. You have six weeks’ vacation; let’s just say six. What they did was they determined that they’re going to go back a few years and take one week’s vacation from a lot of us.
“So you would think you have a certain amount of vacation accumulated, only to find out that because of this amendment to General Orders that directly affected the persons in the bargaining unit without
consultation, it has now made it difficult for a lot of persons.
“You think, or you knew or you had a certain amount of vacation accumulated. So now they went back a few years and they take one week for every year. So now your six weeks is now one week. And some persons are crying and say they have no vacations, no nothing. So, again, our employer has done some more things that they should not do without consultation. It seems as though that word consultation has been very elusive.” Mr Brooks added that newly-recruited staff are no longer allowed to add their dependents on their insurance coverage, but “the union never agreed to any varying conditions or exclusions”.
“And the last point, police, Customs, Immigration, Defence Force, prison officers, and I think the marine resources department, all of us have the same insurance coverage,” Mr Brooks added. “The employer made the decision that every person that joined, I think as of last year, would not be able to add their family members to the insurance policy.
“So people like me, her, him and those in the back, that would not affect us, but it would affect anybody that joined after that cut-off date. Now, in our industrial agreement, we never agreed to that but yet persons are being denied the opportunity to add their dependents on their insurance policy.
“Now I get where they say, ‘oh, this is expensive’.
OBIE FERGUSON
Protected affordable luxury
By CHRIS ILLING CCO @ ActivTrades Corp
The purchase of Capri Holding by the Tapestry Group was supposed to be a billion dollar deal in the luxury fashion industry. Tapestry had hoped to sell some popular luxury labels under its name in the future. Capri controls Michael Kors, Versace and Jimmy Choo, among others. Tapestry already includes Coach, Kate Spade and Stuart Weitzman.
Tapestry had offered $8.5bn. The deal was announced as early as August 2023. But now it has been put on hold for the time being. A judge in New York blocked the project with an injunction on Thursday afternoon. Her reasoning says a lot about the expensive fashion market: She said a merger
AVIATION WEEK ‘A BIG DEAL’ AS 400 ATTEND CONFERENCE
FROM PAGE B2
October 31, followed by the first-ever National Aviation Honours Ceremony set for that same evening under the patronage of GovernorGeneral, Dame Cynthia A. Pratt, at Government House.
“Over the past 51 years, many persons and organisations have made invaluable contributions to aviation development, both at the agencies and national levels. As a priority, we will pause to celebrate and recognise our people who exemplify aviation excellence,” said Dr Romer. Other initiatives for the week include:
* A national period of ‘Prayers across The Bahamas’ for the aviation ecosystem in conjunction with the Bahamas Christian Council and religious communities
* The formal commissioning of the ‘Aviation Cadets’ high school programme
* Training and certification for a large cohort of professionals as part of the industry-wide, ‘Aviation Service Excellence’ training initiative
* ‘Paint the skies pink and health screenings’ co-ordinated through the Aviation Cares initiative in support of cancer awareness, and improving overall aviation health and wellness
* The ‘I AM AVIATION’ campaign, which seeks to connect aviation
professionals throughout The Bahamas across various social media platforms with incentives in the form of prizes and giveaways Dr Romer said the week’s activities aim to strengthen strategic partnerships, improve knowledge exchange; and share best practices.
Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said in a statement: “Enhancing strategic partnerships and engagement, while recognising the significant contributions of all who contribute to the success of the aviation ecosystem, are key components of the Bahamas Government’s National Aviation Strategic Plan that was implemented on July 1, 2023.”
He also encouraged active participation by all stakeholders to collectively demonstrate that, ‘we are aviation’, and as a further recognition that “aviation is truly the oxygen that fuels our country’s number one industry”.
Also present during the press conference were Peter Rutherford, Airport Authority general manager; Esmond Johnson, vicechair, Airline Operators Committee; Milo Butler III, deputy director of aviation; Jamal Evans, deputy manager, In-flight Services; and Debbie Lightbourne, manager, In-flight Services.
would lead to less competition in the market for “affordable luxury bags”.
The US supervisory authority, the Federal Trade Commission (FTC), had gone to court after the deal was announced. The reasoning was that the sale could drive up prices, especially for handbags and accessories.
The court ruling resulted in the worst trading day ever for Capri Holdings, which saw its share price plummet 48 percent during Friday’s trading session. On the other side, shareholders of Tapestry were delighted that the deal was halted and rewarded this news with an increase of approximately 14 percent in the share price.
Both Coach at Tapestry and Michael Kors at Capri are known for hip, but comparatively affordable, luxury products. Bags
are already available for a few hundred dollars, unlike brands such as Prada or Chanel, whose prices are in the thousands.
The bags are even cheaper if they are bought second hand. ‘Vintage Coach Bags’ experienced a real hype among ‘Generation Z’ in the summer, triggered by stars such as Olivia Rodrigo or Dove Cameron.
The company is increasingly adapting its brand strategy to its young clientele; for example, by setting
up a separate section for recycled products. If you return an old Coach bag to a store in the UK, you can also receive a voucher for a new one.
With the acquisition of Capri, Tapestry could have increased access to this young target group. Nevertheless, the two companies want to continue to push ahead with the deal. They announced they would appeal the court’s decision. The savvy investor will continue to follow the fashion saga.
AVIATION
DR. KENNETH ROMER, Director of Aviation and Deputy Director-General of Tourism.
$26m Ginn project owners bid to halt tax arrears sale
a result, the amount of unpaid real property tax said to be owed.
Due to this challenge, and potential discrepancy with what the Department of Inland Revenue is demanding, both sides - the current owners and the tax authority - are understood to have each hired their own appraisers in a bid to assess the former Ginn property’s true market value and, ultimately, reach an agreement on the amount of tax arrears that needs to be paid dating back a decade until 2014.
John Williams, the Department of Inland Revenue’s spokesman, was unable to confirm if the West End property listed for auction on its website is the former Ginn project.
However, sources familiar with developments confirmed that it is, with the EY (Ernst & Young) accounting firm understood to be one of two appraisers - the other being a Bahamian who was not identified - to assess the development’s real estate value.
“That’s not going to happen,” one source said of the Department of Inland Revenue auction process.. “There was a breakdown in communications. The Lubert Adler people have been in touch with the Government on that. It involves valuations and disputes over valuations, and it’s being sorted out. A sale and auction is not going to happen.
“How do you even begin to dispose of that kind of a property? That’s a serious amount of acreage. It’s not like flipping a lot in Lyford Cay. You have to be qualified financially. Even if it were to be sold it could only be sold to someone qualified as a developer.
“There’s a dispute, as with all these things, as to value. That’s what the discussion is about. It’s going to be reduced. The owners can back up their contentions. It should be assessed at a lower value with appraisals. These people [Lubert Adler] are very big hitters in the real estate market. An auction is not going to happen.”
Tribune Business understands that the Department of Inland Revenue advertisement has drawn developer interest amid investor hopes they could acquire a prime development property relatively cheaply. “It’s going to be interesting to see how the Government handles this,” one contact said. “This property has always been one you are not going to sell to a flipper.
“This is not a project; this is a mini-city. It would have to be a qualified developer who has the financing and ability to build it, and the expertise and track record. Regardless of who wins the bid, that person is going to have to satisfy the Government that they are a capable developer.” Permits and approvals will also be required to consummate any purchase.
Resolving West End’s fate has previously had the added complication of dealing with two vendors. What would have been the core project is owned by Lubert Adler, which holds 280 acres that were earmarked as the site for the hotels and casino as well as much of Old Bahama Bay. Its landholdings also include key amenities such as the airport, marina and utilities.
Meanwhile, a lending syndicate took possession of the remaining 1,476 acres after Ginn Development Company defaulted on its $276m loan. It effectively inherited the real estate component of the Ginn sur mer project.
Another contact, speaking on condition of anonymity, said Lubert Adler and the existing owners have been working with the Department of Inland Revenue, and especially its chief valuation officer and head of auctions, for at least six months in a bid to resolve the unpaid real property tax arrears.
It is understood the two appraisals commissioned by Ginn sur mer’s present owners have been submitted to the Bahamian tax authority, which has also hired its own appraiser to assess the value of West End’s real estate. That work is set to be conducted imminently.
The same real estate that was advertised for auction at a $26m price tag is thought to have been valued by the Department
Union chief warns: ‘We’re ready to strike very soon’
But guess what? When a politician does two terms, they get insurance coverage for them and their family for life. But these law enforcement officers who put themselves out there, and nurses and doctors, when you leave and retire, that’s it for you,” Mr Brooks added.
“But the politicians only have to do ten years. You do 30 and 40 years and, on the last day, that’s it for you. Because of the nature of some of our jobs, there
are things that happen to you that don’t take effect until later on in life when you really need insurance coverage.
“Nobody’s trying to be extravagant or ask for something that they don’t really deserve. This is just a benefit that you have now that we think should be extended past that retirement age. That’s a conversation that’s going to be heard.”
In response to the BCIAWU heading to the polls, Mrs Glover-Rolle
NOTICE
NOTICE is hereby given that REMY PREVAL , of Pineyard Road, Nassau, 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 21st day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
of Montell Heights, 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
within twenty-eight days from the 28th day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
of Inland Revenue and its predecessor agencies at around $56m in 2018 - a significant difference that creates the basis for a valuation and real property tax dispute.
“They have committed to working with them [the Department of Inland Revenue] to resolve all the taxes subject to a fair valuation and reassessment,” the source said. “They’ll sort out the taxes. They’re going to be working with the Government’s appraiser to do a reassessment, revaluation and, based on that, they will be able to give them their rightful revenue that’s fair market value based.
“The property is nowhere near to what it was when Resorts Holdings Bahamas [the lending syndicate] took it in 2011.... The owners’ goal was to provide an independent, objective and fair market value assessment. They got two done, not one, just to make sure the Government has all the information they need to accurately reassess the property. They’re going to give them a shot to achieve resolution.”
Kingwood and its principal, Farbod ‘Fred’ Zohouri, were said by several sources yesterday to still be pursuing government approval of their proposed Ginn purchase, and plans to transform the property into Reunion Cay centred on a 28-storey “iconic tower”, modelled on Alexandria’s ancient lighthouse, despite the Government’s investments chief revealing they
certificate is an exercise of the union’s constitutional rights, allowing them the option to strike if their issues remain unresolved.”
said: “In accordance with section 76 of the Industrial Relations Act (IRA), the minister of labour plays a critical role in the process of authorising a strike poll vote. This vote is conducted to assess the level of support within a union for a potential strike action. Based on the poll results, the minister may issue a strike certificate, which legally authorises the union to exercise its right to strike, if necessary. It is important to note that obtaining a strike
Some unions that have obtained strike certificates have not had to take industrial action as their matters were amicably resolved before escalation became necessary. “Which is why, to be as proactive as we can, we’re consistently working with all unions to resolve issues/concerns as best and as quickly as we can,” Mrs Glover-Rolle said. “Sometimes, some matters take longer to resolve than others.”
NOTICE
NOTICE is hereby given that MADISON MEGAN CEELEN, #25 Kingfsher Island, Sandyport, New Providence, The 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 28th 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 LUCY WENDY GEORGES COOPER, of P.O. Box N9742 Venice Bay, Nassau, 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 21st day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
had been rejected as “not fit to do business in The Bahamas”. Phylicia Hanna-Woods, the Bahamas Investment Authority’s (BIA) director, said of Kingwood on September 10 this year, just prior to the Ginn project being put up for sale: “They do not, as it stands today, have an approval from the Government for that property.
“The basis for not obtaining the approval is the BIA changed its due diligence process and, based on that, they were unable to satisfy the Government of their fitness to do business in The Bahamas.” This came after Kingwood and its principals were, in late August 2024, found liable for $21m in “punitive damages” by a Georgia court following a dispute with homeowners at a development it took over.
This followed Kingwood’s early 2023 agreement to pay $325,000 in sanctions to settle COVID fraud allegations brought by the US Justice Department over claims of knowingly providing false information” to secure pandemic-related financial assistance via a scheme involving “ghost” employees that was designed to “personally benefit” its principals.
The Georgia verdict is said to be under appeal, with one source saying: “If you’re in the business of taking over distressed properties, people are going to sue you. That’s just the way it is.” They
added that, despite Kingwood’s US legal woes and inability thus far to satisfy the Bahamian government, both it, Lubert Adler and the lending syndicate are continuing to pursue the necessary approvals.
“All three partiesLubert Adler, Kingwood and Resorts Holdings Bahamas - are waiting at the starting gate for the Government to approve it,” the source said. “They have done everything the Government has asked them to do in terms of providing documentation.”
Kingwood had planned to construct a 28-storey “iconic tower”, modelled on Alexandria’s ancient lighthouse, as its focal point if its project was approved. Its plans for the renamed Reunion Cay, which is still listed on its website, call for the construction of a “a new wonder-of-the-world” in Grand Bahama’s West End. The tower, to be called The Lighthouse, would have stood almost 400 feet high and featured “a fivestar luxury hotel” with 102 rooms; 40 two-bedroom condominiums and penthouse suites on the top four floors. “It will take a long time. It’s not going to be easy. It’s going to take a generation for the project to get to maturity,” one contact added. “Projects like Baker’s Bay and Albany don’t happen overnight” either.
NOTICE
NOTICE is hereby given that MARCDONALD GEORGES of Fox Hill Road, Sandilands Village Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 28th 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 ALESSA KENYAKAYE LISCOMBE, of #8 Canary & Australia Avenue, Freeport, Grand Bahama, 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 21st day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Voting groups that got a boost from Harris’ candidacy are still working to persuade voters of color
BY AYANNA ALEXANDER Associated Press
LEFT-LEANING voter engagement groups that saw a surge in support and energy after Vice President Kamala Harris replaced President Joe Biden as the Democrats' White House nominee are aligning with a key pillar of her campaign in the final stretch before Election Day — trying to turn out uncommitted voters of color. But many of those groups are finding they still have much work to do to introduce Harris and her policies. The challenges reflect Harris' late campaign start, as well as attempts to overcome the earlier lack of enthusiasm for a rematch between Biden and former President Donald Trump. They also reflect inroads that Republicans have been trying to make in particular with Black and Latino voters.
Activists with Siembra NC, a grassroots organization that focuses on Latino communities in North Carolina, found many potential voters are willing to vote in
downballot races for state and local offices while leaving the top of the ticket blank. Their feeling is that the closer-to-home races affect their daily lives, while neither Trump nor Harris addresses all their desires in a presidential candidate. "What we've had to do is a lot of conversations around trust-building, and that takes time," said Kelly Morales, the group's codirector. "It's really about helping folks see that not casting a vote is also a political decision."
The organization hosted a get-out-the vote event followed by a block party in late September in Greensboro. Labor policies, Harris' position on the border and Trump's rhetoric about the Latino community were top issues, Morales said.
The group, which endorsed Harris, ended up knocking on nearly 1,000 doors during the event and had attendees from multiple counties.
Persuading voters of color, particularly Black and Latino men, has become a priority for the Harris and Trump campaigns with early voting underway across the country, with increased outreach to both groups in a recognition that the race is likely to come down to seven swing states.
Like Siembra NC, many voter engagement groups saw a renewed sense of enthusiasm after Harris became the Democratic nominee. At 59, she is more than two decades younger than Biden, who's 81. If she wins, Harris would be the first Black woman, the first Asian American and the first South Asian American elected president.
But as the Nov. 5 election nears, motivating undecided voters in the battleground states is a challenge.
"We have to be mindful that exuberance and excitement does not lead to us not doing the work. You still have to get people out," said Michael A. Blake, founder and CEO of KAIROS Democracy Project, a nonpartisan group that is focusing on engaging young voters and people of color.
Activists say the biggest obstacles are restrictive voting laws passed in several Republican-controlled states after the 2020 election, attempts by rightleaning groups to purge voter rolls and conflict in the Middle East.
That's been evident for groups such as Asian Americans Advancing Justice in Atlanta, despite the initial excitement over South Asian representation on both sides of the presidential ticket: Usha Vance, wife of Ohio Sen. JD Vance, Trump's running mate, would be America's first South Asian second lady if Trump wins.
"While there's an excitement, there's also this desire to hold whichever party is at the top of the ticket accountable to what our communities need," said Murtaza Khwaja, the group's executive director.
In Texas, which has a closely watched Senate race, officials said they had removed more than 1 million voters from the rolls since 2021. This raised concern among voter outreach groups such as Asian Texans for Justice over whether eligible voters might have been purged but would run out of time to correct it before the election.
Language barriers add to the already complex process, said executive director Lily Trieu. Texas has seen a roughly 63% growth in its Asian population since 2012 and has nearly 1.1 million eligible Asian American and Pacific Islander voters as of this year, according to APIA Vote, a nonpartisan advocacy group that focuses on Asian and Pacific Islander voters.
"These are new hurdles that we're seeing in response to this rise and enthusiasm," Trieu said.
Biden's decision to drop out of the race this summer meant a late start for the Harris campaign but led
to a wave of voter registrations, significant increases in volunteers and a jump in donations to left-leaning voting groups.
Voto Latino said it registered more than 50,000 people in the 10 days after Biden withdrew on July 21. By comparison, the nonprofit advocacy group registered 2,250 people in July 2016 and 25,150 in July 2020.
More than half of this year's new registrations were for voters age 18 to 29. Most of the increase has come in Arizona and North Carolina, important swing states, and Florida, Trump's adopted home state. The group registered over 11,000 Latino voters in Arizona alone, more than half after Biden's announcement.
"With Kamala Harris on top of the ticket, with enthusiasm that is organically coming out of young people, the charge among donors and folks who care about a robust democracy should be where can we close the voter registration gap," said Maria Teresa Kumar, the group's president and CEO.
Black fraternities and sororities, known collectively as "The Divine Nine," have been a source of strength for Harris. She was a member of the Alpha Kappa Alpha sorority while attending Howard University, one of the nation's most prominent historically Black universities.
On a recent afternoon, dozens of students at Spelman College in Atlanta lined up at a voter registration drive organized by the campus chapter of Alpha Kappa Alpha and its brother chapter, Alpha Phi Alpha, at nearby Morehouse College.
The chapter president, Taylor Kerr, a psychology major at Spelman, said the organizations held the event because it was important for students to be civically engaged and have the opportunity to ask questions about registering and voting. The organizations were not allowed to endorse candidates.
Caleb Cage, a 21-year-old religion major at Morehouse, said he was there because of the excitement of having the chance to vote for a historic candidate.
"With Harris at the top of the ticket, there's just a lot more energy," he said. "People are more ecstatic and a lot more involved," he said.
After Biden's decision to leave the race, Delta Sigma Theta, a historically Black sorority, released a paid advertisement — the first of its kind — that centered on Black people and issues such as bodily autonomy and the right to learn about Black history, which has recently been under attack by some conservative school boards and state legislatures.
The ad was broadcast across various networks and streaming platforms, focusing on battleground states such as Georgia and Pennsylvania. The sorority already had a public service announcement running before the switch on the Democratic ticket, but changed it to focus on what it sees as being at stake for Black Americans.
Kerry-Ann Hamilton, the executive producer of the ad, said the campaign reached more than 200,000 potential voters. It was also intended in part to reach men and those who vote infrequently, said Elsie Cooke-Holmes, Delta Sigma Theta's international president.
"It's about making sure that we get to our community, get to lower-propensity voters, those who might feel like there's no reason for me to go to vote," she said. "All of that is important, on all counts. It's about all of us."
Super Value’s ‘special effort’ on expired goods crackdown
date can occur but is not deliberate on the part of Bahamian merchants given its potential to harm consumer trust and confidence in their businesses.
“That can happen. I don’t think it’s intentional, but unless you have somebody checking, checking, checking, that can occur,” he told this newspaper. “The sell-by date is to protect the consumer, and to protect the manufacturer and merchant as well. We can’t be selling out-of-date merchandise....
“I noticed inspectors were in some of our stores and gave them a clean bill of health. It does happen sometimes, and the customer points it out to us that it has already expired. Ever item that goes into our warehouse the computer reads the expiry date. Of course we watch that and try to stay at least three months ahead of expiry dates.
“It’s something we have to live with for a couple of reasons. We don’t want a bad reputation on that and, of course, sometimes an item gets left behind in the store that we don’t know of, and the public buys it and brings it to our attention,” Mr Roberts continued.
“Recently we’ve made a special effort over checking for expiry dates. We want to
be ahead of the inspectors. I know last week, on one of our chats, one of the stores was saying they had inspectors checking for expiry dates and certified that the store was clean. We don’t mind that. We don’t mind their help. We’re grateful for their help in keeping expired products out of the public’s hands where they cannot get them.”
Philip Beneby, president of the Retail Grocers Association, the trade body that represents Bahamian food merchants, told Tribune Business he did not believe leaving produce on shelves past its expiry date was “a widespread problem” in the industry.
“I know for a fact that, most of the food store operators, they are aware that outdated products, outdated items, outdated products on the shelves, they are not to be there for sale, for public consumption,” he said. “We are all aware of that. It is an issue that I know is taken seriously. Sometimes there may be oversight, but once those items are found or brought to our attention they are always removed.”
Revealing that he was unaware of Mr Rolle’s comments, and that the Commission’s expired product concerns “haven’t come across my radar, my ears”, Mr Beneby said it was
simply good business sense for merchants to ensure they do not sell items past their expiration date - especially those where there were health implications for consumers.
“Depending on the item and what it is, the item is sometimes taken by the distributors [wholesalers] and you receive a credit for that item. You receive a credit or replacement from them under some circumstances. There’s no need to pass expired product on to the consumer,” Mr Beneby added.
“It depends on the employees; having responsible employees who would make sure that you don’t wait until items have expired. You try to catch those items well before they expire so that you can have an opportunity to mark them down even a month before they expire to rid yourself of them.
“That’s where we mostly try to catch those items once they are seen or they are known to be expiring at a certain time. You want to catch those items a month and, in some cases, two months before they expire and have an opportunity to mark them down before expiration.”
Asked to estimate the extent to which goods are left on food store shelves past their expiration date,
Mr Beneby added: “That’s not a widespread issue. Not that I’m aware of. I’m not aware of it being a widespread issue. In many cases it’s a one-off, here and there. Merchants don’t intentionally sell those expired items.
“No, no. That’s not the case. We have educated consumers who go into the stores and, when they pick up the items,one of the first things they look at is the expiry date. They want to know how long they can keep it in their fridge, how much time they have before the expiry date.”
Debra Symonette, Super Value’s president, added that the food store chain has a staff member in all its stores specifically checking and monitoring for expired products. “All I can say is we do our best to ensure all of them are off the shelf on a timely basis,” she added of items that go past their ‘sell-by’ date.
“We have somebody monitoring that. Every store has somebody that monitors the aisles and looks specifically for things like that. They check prices and check the expiration date. We take it very seriously because we wouldn’t want a customer to come in and then something happens and they say ‘you sold me this and now it’s
expired’. We are careful to avoid incidents like that.”
Ms Symonette described Mr Rolle’s comments on the Commission’s findings as “surprising”, adding: “We are usually on our ‘P’s’ and ‘Q’s’ on that. The customer relies on us to only sell them goods that are good. If they start finding stuff like that in the shelf they’ll lose faith in us so we’ve very careful with that stuff.”
Suggesting that it was “very rare” to find expired goods on store shelves past the expiration date, the Super Value president said the Consumer Protection Commission’s sweep had created an opportunity to “reinforce” to staff the importance of checking for such produce and “try not to miss anything”.
Disclosing that she understood “heavy fines” may soon be levied on food stores selling expired goods, Ms Symonette added: “It’s a mammoth task, but it has to be done. We just try to have a method that they stick with so they’ll pick up on these things.
“I think most of the stores, all of the food stores in Nassau, would try to be on their ‘P’s’ and ‘Q’s’ with people customer wise and for consumer protection. We don’t want any of them coming across stuff like that.”
VOTE TO CONTINUE STRIKE EXPOSES BOEING WORKERS’ ANGER OVER LOST PENSIONS
By DAVID KOENIG and CATHY BUSSEWITZ Associated Press
SINCE going on strike last month, Boeing factory workers have repeated one theme from their picket lines: They want their pensions back.
Boeing froze its traditional pension plan as part of concessions that union members narrowly voted to make a decade ago in exchange for keeping production of the company's
airline planes in the Seattle area.
Like other large employers, the aerospace giant argued back then that ballooning pension payments threatened Boeing's long-term financial stability. But the decision nonetheless has come back to have fiscal repercussions for the company. The International Association of Machinists and Aerospace Workers announced Wednesday night that 64% of its Boeing members
voted to reject the company's latest contract offer and remain on strike. The offer included a 35% increase in wage rates over four years for 33,000 striking machinists but no restoration of pension benefits.
The extension of the sixweek-old strike plunges Boeing — which is already deeply in debt and lost another $6.2 billion in the third quarter — into more financial danger. The walkout has stopped production
of the company's 737, 767 and 777 jetliners, cutting off a key source of cash that Boeing receives when it delivers new planes.
The company indicated Thursday, however, that bringing pensions back remained a non-starter in future negotiations. Union members were just as adamant.
"I feel sorry for the young people," Charles Fromong, a tool-repair technician who has spent 38 years at Boeing, said at a Seattle
union hall after the vote.
"I've spent my life here, and I'm getting ready to go, but they deserve a pension, and I deserve an increase." What are traditional pensions? Pensions are plans in which retirees get a set amount of money each month for the rest of their lives. The payments are typically based on a worker's years of service and former salary. Over the past several decades, however,
Mr Rolle last week said findings from store visits by Commission staff uncovered that several products were either past or nearing their sell-by dates. He added that food store operators, who were not identified, said their staff are supposed to check the shelves on a daily basis for goods nearing expiration, but some were overlooked.
“It actually was mind blowing, because we’re finding out that the concerns and consumer complaints are legitimate,” said Mr Rolle. “We had an opportunity to speak with some of the providers, and most of them have shelf staff that are supposed to - on a daily basis - check products that are outdated and remove them from the shelves, but some of them caught in between products.”
Mr Rolle explained that the Commission is concerned about stores selling expired goods as this poses a potential health risk to the Bahamian public and violates the Food Safety and Quality Act. He added that several pensioners have mistakenly purchased expired goods when doing their monthly grocery shopping, thus creating a food safety hazard for a vulnerable population segment and eating into their fixed budget.
traditional pensions have been replaced in most workplaces by retirementsavings accounts such as 401(k) plans. Rather than a guaranteed monthly income stream in retirement, workers invest money that they and the company contribute. In theory, investments such as stocks and bonds will grow in value over the workers' careers and give them enough savings for retirement. However, the value of the accounts can vary based on the performance of financial markets and each employee's investments.
Minister urges negotiation on nurse and doctor grievances
still shortages and the shortages are global. So it’s not only The Bahamas where we are dealing with these challenges. This is a global issue.”
Muriel Lightbourn, the BNU’s president, told last week’s rally: “If my nurses, my Bahamian nurses, can’t get confirmation, then foreign nurses who coming into this country will not get immigration status.”
According to Ms Lightbourn, getting confirmation has been one of the challenges facing Bahamian nurses. She added that promotions are also hard to come by, even after the Prime Minister promised a “wide promotion exercise”.
The BNU president said out of 100 applications, she received about 25 promotions with a few “trickling down” here and there.
“We’re constantly doing promotions by way of the Public Service Commission, which is out of the control of the Ministry of Health,” Dr Darville said. “But we are constantly in contact with them and we are addressing them.
“Many have already been promoted, but we didn’t want to release partial numbers and we were waiting for the entire process to be
completed. That is presently under the control of the Public Service Commission. I would like to see them go faster because it helps with morale. But I assure the president of the nurses union that we are working diligently to try to bring this to a closure.”
While Ms Lightbourn focused more on promotions, Ms Lockhart touched on higher wages given that being a doctor is not an “hourly job”. She added:
“My work is not done when I walk out of the Princess Margaret Hospital. I’m getting calls all night. I’m getting calls from the Family Islands.
“And guess what? I don’t have any issues answering those calls. But I want to be acknowledged for the fact that my work does not stop when I leave the Princess Margaret Hospital. So guess what? I’m not clocking in because I’m not an hourly worker.
“I am not going to clock in because when my phone rings at 3am from somebody in Inagua to say ‘what should I do with this kid?’, I am quite happy to answer that. So if you are not prepared to pay me for that work, that’s fine, but I’m not going to clock in.”
In response, the PHA said: “In accordance with
PHA policy, all employees are required to clock in and out, including the managing director, who adheres to this policy without exception.”
Pia Glover-Rolle, minister of labour, added: “The CPSA is an ongoing discussion between Ministry of Finance and the doctors association that continues to meet obstacles of a fiscal nature, but we are hopeful that a resolution will soon be achieved.”
Ms Lockhart, meanwhile, again cited concerns with the working conditions at the PHA as she listed faulty air conditioning and rooms with no windows, which often result in patients not being seen.
“We have physicians and nurses and ancillary staff working in rooms with no air conditioning and no windows that can open so you could get fresh air,” Ms Lockhart said. “So yes, patients are not being seen because we don’t have anywhere to see them that is safe for our medical staff, our nurses, our physicians.”
The PHA added: “While we acknowledge infrastructure issues, including air conditioning challenges, these are being addressed and many have already been resolved. As we work toward establishing
a tertiary institution, we are prioritising projects to ensure the existing Princess Margaret Hospital can provide safe, adequate space for both patients and staff during construction of the new facility.”
Ms Lightbourne, meanwhile, criticised what she said was a lack of security, especially on the Family Islands. “In the family of islands they have to go on call in the middle of the night,” she said. “Imagine my nurse being called out at 12 midnight, 1am in the morning and having to go to a clinic by herself where there is no security and doctors are not out there.
“Imagine that. Imagine persons coming into the clinic and hijacking, I call it hijacking, the nurses because the nurses gotta lock themselves up in a clinic. Do something to make sure that our nurses are protected, especially in those Family Islands.”
Dr Darville said the Government is in the process of putting together security teams for healthcare workers and staff. “We got approval from Cabinet to bring on security officers in the Department of Public Health because the majority of our nursing and administrative staff are women, and sometimes
they are brought to the clinic on call,” he agreed. “And we are very concerned about that because one or two instances happened in Eleuthera that raised the red flag. And so I have Cabinet approval for security officers. But the process of bringing on security officers in the Ministry of Health is much more complicated than other areas because the vetting process is more intense. But we have gotten approval to bring them on.
“And we are now reviewing some candidates for deployment, and we would like those candidates to be domiciled in the various islands because we don’t want to send security guards from Nassau to, let’s say, Eleuthera or North Eleuthera for two reasons,”
Dr Darville continued.
“One, we’ll have to pay for accommodation. We like locals to take these positions. And we are out there trying to recruit for security officers and it has been a challenge in the various islands. So we are also exploring the possibility to go into private sector contractual arrangements with security officers as well.
“But we do acknowledge the fact that security officers are absolutely necessary at our clinics throughout
the archipelago. And cabinets approved us to bring them on, and we are now starting that process. But the vetting is a little bit more complicated than just having individuals apply for the job.
“What we’re doing is we have a recruitment exercise on the various islands because our intention is to have a security guard present at every clinic that is operational because of the complaints that we are getting with difficult patients, and the risk for our staff coming to the clinic at night in the event of emergencies,” Dr Darville added.
“So I had a conclave with my administrators from all the clinics in New Providence about a monthand-a-half ago. And a lot of this was brought to the table, and we’re working out the dynamics of it by way of our administrative staff. The bulk of the clinics have administrators and so we brought them in to address all of the concerns, and one of the concerns is security presence at the clinic. And we have Cabinet approval to start the process of hiring after they are vetted.”
FTX ‘greedy, chaotic’ on arrival in Bahamas
FROM PAGE B1
last-ditch, futile bid to cut costs in late 2022.
“Around the time FTX employees relocated to The Bahamas, Nishad recognised a distinct shift in the company’s culture. It had devolved from an idealistic and altruistically oriented startup to a chaotic, sprawling and greedy organisation,” Mr Singh’s sentencing submissions asserted, although none of this appeared to have been picked up then by regulators and government agencies.
His girlfriend’s mother, in her character reference, described how Mr Singh “talked earnestly about how embarrassed and alone he felt over the amount and kind of spending at the company” as it made more than $256m, or close to a quarter-of-a-billion dollars, in Bahamian real estate purchases in just over one year.
Mr Singh’s assertions have to be viewed in the context of his seeking to avoid a prison sentence
being imposed by Judge Lewis Kaplan, who has thus far taken a hard line as shown by the twoyear term handed down to Mr Bankman-Fried’s former girlfriend, Caroline Ellison, despite her providing evidence and cooperating with US federal prosecutors. However, just as revealing are assertions by several of Mr Singh’s colleagues about how Bahamian staff were purportedly treated at FTX. Christian Drappi, who also worked at Mr Bankman-Fried’s private trading and investment company, Alameda Research, praised the former engineering chief for adopting a different attitude than his colleagues over how Bahamian workers were treated.
“Nishad’s eagerness to please extended far beyond committing financial crimes with his superiors. He was generally eager to please. The best of this is when he would go out of his way to welcome new people into his world, either socially or
professionally,” Mr Drappi told Judge Kaplan. “He was warm to everyone he came across, no matter who they were. This was particularly true when it came to FTX’s local employees in The Bahamas. Unfortunately, it was all too common for higher-ranking FTX employees to treat The Bahamas staff with much less than the respect they deserved. I’m proud to say that Nishad was the opposite. This is part of why he was so beloved by everyone at the company.”
Ceri Howells, CLX Logistics Bahamas’ chief operations officer, added that he worked with Mr Singh at the crypto exchange’s local subsidiary, FTX Digital Markets, for more than one year. “One of the most admirable qualities Nishad demonstrated was his deep concern for people. He was particularly passionate about ensuring that everyone was treated fairly and with respect,” Mr Howells said.
“I recall how he advocated for higher salaries for the Bahamian staff when he
realised the discrepancies that existed. He didn’t just talk about making changes; he took action to ensure that everyone, regardless of their background, was compensated fairly.
“Furthermore, he took the time to help some of our local logistics staff learn coding, offering them skills that would open up new opportunities. These actions clearly showed that Nishad wasn’t in it for wealth, power or fame - he was motivated by a genuine desire to make a difference in the lives of those around him.”
Mr Howells’ evidence about Bahamian FTX staff being underpaid relative to their expatriate counterparts was also echoed by Mr Singh’s fiancee, Claire Watanabe, who said: “As a truly shining exception, he was the one to always remember the names of co-workers’ kids and ask how their families were doing; the one to advocate for giving the entirely Bahamian operations team a raise when he discovered they were underpaid
‘Prove you’re serious’ on airport for Lucayan sale
unveiled the proposed $200m upgrade for Grand Bahama International Airport via a consortium featuring Bahamian investors, the Manchester Airport Group and funding from UK Export Finance, the British government’s trade funding and credit guarantees arm. Since then, apart from demolition activity, progress has been somewhat slow with Mr Cooper’s last announcement being that tear-down activities had paused amid interest in the airport from unnamed air cargo operators. However, progress on the airport remains critical to the Grand Lucayan’s sale and other Grand Bahama investment projects that are just as reliant on air connectivity to the outside world.
“At the moment, the airport is actually OK for the airlift and number of hotel rooms we have on the island,” Mr Alnebeck told Tribune Business. “But, obviously, the airport is not OK should Grand Lucayan fire up. Then there is no way we can handle it. If the Grand Lucayan gets reopened, then we must have more airlift and handle more aircraft.
“The two go hand in glove. If I would be a purchaser of the Grand Lucayan, I would ask to see proof from the Government they are actually serious about the airport.” While the present international terminal is “workable but no more”, the Pelican Bay chief added: “If you would add on 1,300 operating hotel rooms then it’s not workable.
“Yes, of course, seeing that the Government is leading the way with investing in the airport in Grand Bahama would definitely
make current and future investors feel more comfortable. I would presume that would be covered in a Heads of Agreement with a new owner of Grand Lucayan. That, I would presume, they would do.
“Nobody would buy the Grand Lucayan without seeking commitments from the Government that the airport is actually going to happen,” Mr Alnebeck added. “It’s a three-legged stool. It takes hotel rooms, it takes and airport and airlift. We need the airport to accommodate the airlift, but it’s not the airport that’s going to generate the airlift.
“It’s the tourism product that is going to generate that. Just because you have a nice airport doesn’t mean you are going to get the airlift. We need a product that drives demand. Look at Exuma, and the airport and the airlift they had when Sandals was open. It’s mind-boggling to compare that airlift to Grand Bahama.”
Several sources in Grand Bahama, speaking on condition of anonymity, told this newspaper that doubts are growing over whether the Grand Bahama International Airport overhaul and Grand Lucayan sale will actually happen. “There’s a lot of irritation,” they said. “They seem to be stalling big time on any accurate announcements. We feel it’s more of nothing happening, empty promises.”
Mr Alnebeck added: “I would think it would be a lot easier to facilitate the sell of the Grand Lucayan if you can actually show you are doing the airport. It’s been stop, start and little things. Having said that, I don’t think the Grand Lucayan is an easy hotel to sell. Much of the hotel has been closed for seven years.
“It’s been seven years since the hotel was fully open, and it is based in what is now a non-functioning destination. I think both governments have realised this is not an easy hotel to sell. If you took that site and put it in Nassau you would have 100 bidders overnight....Very few people will buy a hotel that has been closed for seven years because it’s full of surprises.”
Tribune Business reported in late August how the Grand Lucayan’s potential buyer plans to demolish all its existing properties to make way for three new hotel towers and two casinos as part of an investment that could hit $2bn.
Multiple sources, speaking on condition of anonymity, told this newspaper the prospective purchaser is a US-based investor/developer with strong and already-existing casino industry links. While none have been willing to identify the group, it is understood that the deal may be announced imminently and possibly as early as this week.
“It’s a little vague, but it’s a US-based company with casino connections,” one contact said. “They’re apparently going to knock all the hotels down and put up three towers and two casinos. If it’s true, it’s encouraging.
“It’s this big company, and they have big plans with the three towers. I don’t know why they would knock down the big hotel in the middle, which is the only one that has value.”
Another source said of the buyer: “These aren’t people looking to try and find a demand. They have that demand. They are building a supply for that demand. These are real investors,
relative to the rest of the staff; the one who was constantly seen walking around the parking lot with engineers, as he made it a point to always say ‘yes’ when anyone on his team asked for a ‘walk and talk’.”
Mr Singh’s mother, Anu, described her son’s deterioration over a series of visits to him in The Bahamas from late 2021 onwards. “In December 2021, I visited Nishu a few weeks after he moved to The Bahamas. Nishu tried to get us to meet outside the apartment, but we visited early by surprise.
“Entering the luxury apartment, my reaction was amazement and pride at the accomplishments it reflected, but Nishu was having none of it, and was actively ashamed of its splendour. After unloading groceries, we sat down and he said that he didn’t know how long he’d stay at FTX. When I asked why, he explained that the company culture was changing.
“Back in Hong Kong, people spent long hours in the office, but were
real developers and people who have real money.”
Only one of the Grand Lucayan’s three resort properties, Lighthouse Point, is presently open to guests. Both Breaker’s Cay and the former Memories property have been closed for numerous years - the latter ever since Hurricane Matthew struck the island in October 2016.
Subsequent checks by this newspaper confirmed that its contacts have not been misinformed, with other well-placed sources also confirming the purchaser’s plans. It is also understood that Australian golfer, Greg Norman’s, companies will be hired to design and manage the new resort complex’s golf
courses which are likely to number more than one as part of ambitions to again make Freeport a tourism destination.
Many Grand Bahama residents and other observers, sceptical after both the Royal Caribbean/ITM Group and Electra America purchase offers foundered, will likely only believe a Grand Lucayan deal has been achieved when they see it. However, Tribune Business understands a sales agreement has been signed and, most important in any real estate-based transaction, a deposit has been paid.
The buyer and the Government, as the seller, are now involved in the due diligence process and more detailed negotiations necessary to close a sale and Heads of Agreement. The purchaser is represented
collectively energised by what they were building. Now, Nishu felt people were taking it easy, caught in a ‘luxury and status trap’. Nishu was worried about the company’s values drifting away from the charitable goals they declared,” she continued.
“The following February, I felt a pull to visit him again; something like a mother’s sixth sense. I returned to The Bahamas. The moment I saw him, I knew he was doing much worse. He had gained a lot of weight and was exhausted in a way that was not just explained by the long hours. My 26-year-old boy walked like a middleaged man.
“We went on a walk just the two of us, and he confided in me that he felt like the company was losing what made it special. People were focused on compensation instead of work, and Sam kept agreeing to more that stretched the team thinner.”
by Thomas Dean, of the Dupuch & Turnquest law firm.
Attorney Donna Harding-Lee is acting for Lucayan Renewal Holdings, the Governmentowned special purpose vehicle (SPV) that was used to acquire the resort in September 2018 from Cheung Kong Property Holdings, the real estate arm of Hong Kong conglomerate, Hutchison Whampoa. Resolving the Grand Lucayan’s fate, and securing a buyer who could do for Freeport what the late Sir Sol Kerzner achieved for Nassau and the wider Bahamian tourism product, is viewed as vital to reviving both the second city and wider Grand Bahama economy through providing the necessary room inventory to attract greater airlift to the island.
Wall Street closes mostly lower and ends a 6-week winning streak
By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers
U.S. stock indexes gave up an early gain and drifted to a mixed finish Friday, helping give the market its first losing week since early September.
The S&P 500 closed little changed after having been up 0.9% earlier in the day. The benchmark index ended the week 1% lower, ending a six-week winning streak.
The Dow Jones Industrial Average fell 0.6% and also posted its first weekly loss after six straight gains. The Nasdaq composite eked out a 0.6% gain thanks to gains for several Big Tech stocks. It extended its winning streak to seven weeks.
Both the S&P 500 and the Dow have been generally falling back from record highs set late last week. The market has been more cautious amid worries that stocks have become too expensive. Higher Treasury yields, which make stocks less appealing to investors, also added more pressure.
"There's a degree of exhaustion following a very steady move higher," said Mark Hackett, chief of investment research at Nationwide. "It's just natural after that kind of move
to have a period of sideways movement."
Company earnings reports, which have been mostly solid, continued to be a key focus for investors. The latest round of corporate profit reports could give Wall Street a better sense of whether the high stock prices are justified. Capital One Financial rose 5.2% after beating Wall Street's third-quarter financial forecasts. Ugg footwear maker Deckers Outdoor climbed 10.6%
after raising its financial forecast for the year.
Strong earnings drove gains for several other companies. Technology companies L3Harris Technologies rose 3.5% and Western Digital rose 4.7%.
More than a third of the companies in the S&P 500 index have reported their latest quarterly financial results. Most of the results have beat analysts' forecasts.
Outside of earnings, Spirit Airlines jumped 15.3% after the struggling
Delta sues cybersecurity firm CrowdStrike over tech outage that canceled flights
ATLANTA Associated Press
DELTA Air Lines sued CrowdStrike on Friday, claiming the cybersecurity company had cut corners and caused a worldwide technology outage that led to thousands of canceled flight in July.
The airline is asking for compensation and punitive damages from the outage, which started with a faulty update sent to several million Microsoft computers. Delta said the outage crippled its operations for several days, costing more than $500 million in lost revenue and extra expenses.
CrowdStrike said Delta is giving "misinformation," does not understand cybersecurity and is trying to shift blame for its slow recovery from the outage.
The U.S. Department of Transportation is investigating why Delta took longer to recover than other carriers. Transportation Secretary Pete Buttigieg said the department also would look into complaints about Delta customer service during the outage, including long waits for help and reports that unaccompanied minors were stranded at airports.
In its lawsuit, Delta claims that the outage occurred because CrowdStrike failed to test the update before rolling it out worldwide.
Delta canceled about 7,000 flights over a fiveday period during the peak summer vacation season. The outage also affected banks, hospitals and other businesses.
"CrowdStrike caused a global catastrophe because
it cut corners, took shortcuts, and circumvented the very testing and certification processes it advertised, for its own benefit and profit," Delta said in the lawsuit, which was filed in Fulton County Superior Court in Georgia, near the company's headquarters.
A CrowdStrike spokesperson said the company tried to resolve the dispute — one of its lawyers said in August that CrowdStrike's liability to Delta was less than $10 million.
The spokesperson said Delta's claims are based on "misinformation, demonstrate a lack of understanding of how modern cybersecurity works, and reflect a desperate attempt to shift blame for its slow recovery away from its failure to modernize its antiquated IT infrastructure."
budget airline said it will cut jobs and sell airplanes. Capri Holdings, owner of the Versace, Jimmy Choo and Michael Kors luxury brands, lost almost half its value, 48.9%, after a judge halted a purchase of the company by Tapestry, which makes Coach handbags. Tapestry rose 13.5%.
The ruling came six months after the FTC sued to block Tapestry's $8.5 billion acquisition of Capri. McDonald's lost another 3% as the deadly outbreak of E. coli poisoning tied to its Quarter Pounders expanded. The stock lost 7.6% this week as it posted its worst weekly loss in more than four years. Treasury yields were broadly higher. The yield on the 10-year Treasury rose to 4.24% from 4.21% late Thursday. It's well above its 4.08% level from late last week. The twoyear Treasury yield rose to 4.10% from 4.09% late Thursday.
Yields have generally climbed following reports showing the U.S. economy remains stronger than expected. Wall Street will have more updates next week on consumer confidence, jobs and inflation.
Economists expect a key report on consumer spending late next week, called the PCE, to show that the rate of inflation has eased to 2%. The central bank started cutting interest rates in September and economists expect another cut at its meeting in November.
Russia's central bank on Friday raised its key interest rate by two percentage points to a record-high 21%. Moscow is trying to combat growing inflation sparked by military spending after its invasion of Ukraine.
In Europe Germany's DAX rose 0.1% and France's CAC 40 lost 0.1%. Britain's FTSE 100 edged 0.2% lower. Stocks were mixed in Asia.
The Fed raised its benchmark interest rate to its highest level in two decades in an effort to tame inflation back to 2%, without sinking the economy into a recession. The economy has so far managed to escape severe damage from hot inflation and high interest rates.
COMMUTERS leave a Wall St. subway station in New York’s Financial District on Oct. 23, 2024. Photo:Peter Morgan/AP
A man waits for a Delta Airlines flight at Hartsfield-Jackson International Airport in Atlanta, Jan. 7, 2022.
