11072024 BUSINESS

THURSDAY, NOVEMBER 7, 2024

Marinas need ‘quick changes to save our business’ on 20% fall

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas must

“make some changes and quickly if we’re going to save our business” based on “sobering” boating industry feedback, its marina association chief warned yesterday.

Peter Maury, the Association of Bahamas Marinas

(ABM) president, told Tribune Business the message delivered by yacht brokers and management companies at the recent Fort Lauderdale Boat Show was that the growing bureaucracy and red tape involved in entering this nation is combining with higher costs/taxes to undermine its competitive advantage.

Estimating that Bahamian marina occupancies have declined by an average 20 percent in 2024, with some in the southern Family Islands experiencing

an even greater drop-off, he warned that this contrasted with increased business volumes for many Caribbean rivals with the Turks & Caicos purportedly up by some 83 percent.

Voicing optimism that recent meetings with Ministry of Tourism officials will generate momentum for the required reforms, Mr Maury told this newspaper that the most important is to create an online ‘one-stop shop’ where visiting boats and charters can obtain all the necessary permits and pay associated fees in a simple, convenient manner.

And he warned that The Bahamas must shake the mentality that “there is nowhere better” for the boating/yachting sector to go with competition intensifying and “so many other countries looking to grab what we gave up”. In particular, the ABM chief said the likes of Saudi

Arabia

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas must “take some tough decisions and break the norm” to solve its affordable housing crisis, a prominent developer is warning, with rents in some communities now higher than the mortgage payments.

Franon Wilson, Arawak Homes’ president, told Tribune Business in a recent interview that relaxing zoning restrictions - and breaking the longheld mentality that Bahamians are entitled to ‘own a piece of the rock’ by building vertically - are just two reforms that could ease the “12,000plus” housing unit shortage recently identified by a Cabinet minister.

He said the consequences of the housing shortage were brought home to him personally when he was unable to find suitable rental accommodation for a contact able to pay $800 per month. A friend, who worked in the rental market, subsequently informed Mr Wilson he had just leased a two-bed home in Nassau Village for $1,100 a month

and inquired of his contact: “Does he want a bullet proof vest or is it optional?”

The Arawak Homes president also told this newspaper that the phenomenon he noticed when he started working, with rental rates around half or 50 percent of what mortgage payments would have been, has now reversed in some Nassau communities with tenants paying more per month than homeowners. This, he added, was a sign of “where things

have gone crazy” in the housing market.

Mr Wilson was backed by Leonard Sands, the Bahamian Contractors Association’s (BCA) president, who said the 12,000-plus affordable housing unit shortage identified by Keith Bell, minister of housing and urban renewal, did not appear inaccurate or exaggerated. To ease the problem, he suggested that the Government partner with private sector developers in the construction of low-cost housing and subdivisions. Mr Sands argued that the Government should identify

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Prime Minister yesterday asserted there is “no alarm” over the near ten-fold increase in the Government’s fiscal deficit through August as he hit back at the Opposition’s “rudderless ship” claims. Philip Davis KC, responding in the House of Assembly to suggestions by Michael Pintard that the Government lacks a credible fiscal policy and anchors for this, argued that the Opposition leader and entire country should focus on the full-year deficit outcome rather than the

2024-2025 Budget year’s first two months.

He argued that it was impossible to predict the full 12-month performance based solely on July

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Prime Minister yesterday warned that implementing the 15 percent corporate income tax on major multinationals will be “a steep departure” for The Bahamas given that it has no history of such levies.

Philip Davis, addressing the House of Assembly on legislation for the socalled Domestic Minimum Top-Up Tax, said “significant capacity building” will be require within both the Government and private sector given that the new levy will require

“unprecedented monitoring and tax administration capabilities”. Nevertheless, he asserted that the tax’s implementation on Bahamian companies that are part of multinational groups with an annual turnover exceeding $800m will bring this nation into compliance with the global standards set by the G-20/Organisation for Economic Co-Operation and Development (OECD). And, given that 140 countries have committed to the initiative, Mr Davis argued that compliance has preserved the competitiveness of The Bahamas’ financial

FRANON WILSON LEONARD SANDS

PHILIP DAVIS KC

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Minnis: Ex-CCA chief’s special envoy status is ‘very troubling’

By FAY SIMMONS Tribune Business Reporter

AN ex- Prime Minister yesterday argued it was “very troubling” that a China Construction America (CCA) executive who played a key role in the Baha Mar dispute has been made a “special envoy” for The Bahamas.

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Dr Hubert Minnis, speaking in the House of Assembly, questioned the appointment of Daniel Liu, CCA’s former senior vicepresident, who featured prominently in a New York State Supreme Court ruling which found the Chinese state-owned contractor “actively worked to curry favour with the Bahamian government”.

“Why are the details of his hiring being kept secret? We need fuller information and details. Who exactly is this gentleman? Why is he a special envoy for The Bahamas? Who requested that he be made a special envoy?”

“I wish to raise a very troubling revelation that is being exposed by the press. It concerns the hiring by the Davis administration of a Mr Daniel Liu as a special envoy working for the

Mr Liu disclosed in his biography, buried at the back of a 16-page brochure for an entity named SilverStar Management Group Company, for which he is named as the president and managing director, that he was officially approved as The Bahamas “special envoy to China” in 2023.

Fred Mitchell, minister of foreign affairs, corrected this by saying that while Mr Liu was made a “special envoy” it was not specifically to China.

Still, Dr Minnis probed Mr Liu’s relationship with, and connections to, officials within the Davis administration and former Christie administration, and his role in the Baha Mar debacle.

“So, what exactly is Daniel Liu’s special relationship to the PLP”, he questioned.

“What key PLP figures did he, or does he, have relationships with in the Christie administration and the Davis Administration, including current and former Cabinet ministers? What role did Mr Liu play in the Baha Mar-related issues now swirling around the PLP after a court ruling in the US in favour of the original developer of the mega resort?”

Dionisio D’Aguilar, a key ally of Sarkis Izmirlian, Baha Mar’s original

developer, said Mr Liu’s biography details and appointment raise questions over whether he has been rewarded by the Government for his role in the dispute despite the recent New York court ruling which found CCA committed multiple frauds and breaches of contracts.

Dr Minnis said such questions should be “thoroughly investigated and answered”, as well as queries surrounding his Immigration status and appointment as special envoy. “There are a number of other urgent questions that need to be answered by the Prime Minister and his government,” he added.

“Is Mr Liu a Bahamian citizen? Is he also a citizen of any other countries? If so, when was he granted citizenship and under what circumstances? if he was granted citizenship, did he receive it in 2023 around the time that he was also made an envoy.

“Why was he given special status as a special envoy, and does he have a diplomatic passport? Has he been vetted by the Security and Intelligence Branch in order to serve as a special envoy? Is he ordinarily resident in The Bahamas?

“Would the prime minister please note his involvement in the ‘special envoy’ status and contract for Mr Liu, especially as diplomatic appointments at this level require the direct involvement of the Prime Minister?”

Mr Minnis also questioned Mr Liu’s business dealings with the Government, including SilverStar Management Group Company. “What are the nature

and details of his contracts with the Bahamas Government? How much is he being paid? Why has information on him and his work for The Bahamas been kept secret?” he continued.

“Is he an agent for any other governments, and do any of his domestic or foreign contracts place him in any conflicts of interest? What is the nature of his SilverStar business, and where is this business registered and where does it pay taxes? What kind of business is it?”

Dr Minnis again called for a full investigation into the matter, and maintained the Davis administration must take the matter “more seriously” so it does not affect investor confidence.

“These questions need to be answered,” he said “Once again, I repeat the call made by many for a full investigation into certain matters related to Baha Mar under the Christie administration. The current PLP government must take this matter more seriously, including the potential negative fall-out in investor confidence in The Bahamas.”

BAHAMIAN GROUP TEAMS FOR INSOLVENCY SEMINAR

A SPECIALIST insolvency body is teaming with a Bahamian group to stage a December 10 seminar for corporate restructuring and bankruptcy specialists at Baha Mar.

INSOL, the UK-based professional body that deals with insolvency, restructuring and bankruptcy, has partnered with Restructuring and Insolvency Specialist Association (RISA) Bahamas and professionals from the Caribbean to hold an event modelled on the last Nassau seminar that was held in 2019. That conference attracted 130 delegates from 11 countries, and this year’s event will feature an opening address from Ryan Pinder KC, the attorney general. The event’s organizing committee, comprising professionals from The Bahamas, Turks & Caicos, Barbados and other states, has created an educational programme that will delve into international hot topics. Panels

will examine subjects such as jurisdictional changes and environmental, social and governance (ESG) principles.

Bahamian members of the organising committee include co-chair Tara Cooper Burnside KC, an INSOL fellow and Higgs & Johnson attorney and partner; fellow co-chair Igal Wizman, EY Bahamas accountant; John Bain, an INSOL fellow and accountant at HLB Bahamas; and Sophia Rolle-Kapousousoglou, an INSOL fellow and attorney with Lennox Paton.

INSOL International is a worldwide federation of national accountants and lawyers specialising in turnaround and insolvency, with 44 member associations and over 12,000 professionals participating as members. The organisation influences global restructuring and insolvency practice and policy, facilitating discussion between specialist groups and across jurisdictions.

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

DR HUBERT MINNIS

DPM BLASTS ‘FOOL’S ERRAND’ OF VIDEO’S CRIME WARNING

By FAY SIMMONS

THE Deputy Prime Minister yesterday accused the producers of a widely-circulated video warning tourists not to visit The Bahamas due to high crime levels of “biting the hand that feeds you”.

Chester Cooper, also minister of tourism, investments and aviation, sought to discredit a video that he said has been sent to him 35 times while also suggesting that Bahamians may have been involved in its production and circulation.

The impact, he warned, was to undermine the country’s economy and largest industry at a time when winter season bookings are

on pace to break previous records.

Blasting those involved as “unpatriotic and un-Bahamian”, the deputy prime minister also revealed that the Government earlier this year spent around $10m to counter the global fall-out from the US and Canadian travel and crime alerts on this nation

Speaking in the House of Assembly, Mr Cooper said the video appeared to have been crafted by Bahamians for “political purposes” and was not carried by any local or international news network. “This video is a disturbing and misleading mishmash of earlier coverage, and is not being carried by any legitimate US news station,” said Mr Cooper. “It is evident this was crafted for political purposes; not to inform, but

to discredit our nation’s reputation and mislead prospective visitors. What is most troubling about this is that our intelligence suggests that this was done by Bahamians. What kind of Bahamian, for political or whatever reasons, is willing to hurt their own economy and the livelihoods of their very families for cheap political points?”

The video made several strong and unproven statements such as :“Bahamas quickly becoming most violent nation per capita in the hemisphere under the Davis administration” and “under Davis’s administration, murder and horrific killings are at tip of the iceberg as well as a record number of police charged with unjustifiable homicides”.

Mr Cooper said the Ministry of Tourism, Investments

and Aviation spent almost $10m to combat the impact of negative publicity earlier this year, and it was “reckless and irresponsible” to jeopardise The Bahamas’ leading economic activity and job creator for political gains.

“We spent considerable resources, almost $10m in fact, managing the impact of that bad press earlier this year,” said Mr Cooper.

“We are at the start of what promises to be a record-breaking winter season, with bookings on pace to exceed our previous years. To anyone who had a hand in creating or promoting or circulating this video, let me be clear: This is a fool’s errand. Jeopardising our number one industry for political gain is as reckless as it is irresponsible. It is, in effect, biting the hands that feed you.”

“Tourism is the economic lifeblood of The Bahamas.

And notwithstanding our best efforts to diversify, will continue to be so in all of our lifetimes,” he added.

Mr Cooper said those behind the video were “unpatriotic and unBahamian” by spreading falsehoods that could impact the lives of thousands that depend on the industry’s success.

“It supports thousands of families, fuels our businesses and sustains entire communities. For any political actor to attempt to shame the Government of the day by undermining the single most important sector in our economy shows disregard for the welfare of Bahamian families and is, frankly, unpatriotic and un-Bahamian. When we take aim at the tourism industry, we hurt our entire nation.”

CHESTER COOPER

DPM slams ‘cynical’ tourism assertions

By FAY SIMMONS Tribune Business

THE Deputy Prime Minister yesterday hit out at the “troubling wave of dismissive and cynical comments” about new tourism projects and concerns that stopover visitors are declining.

Chester Cooper, also minister of tourism, investments and aviation, told the House of Assembly that visitor arrivals are “on the rise” contrary and stopover visitor growth is olny constrained by a lack

of available hotel room inventory. “Some of these critics are quick to dismiss every new development as unnecessary or unlikely to benefit Bahamians, and some even claim – wrongly – that our stopover visitors are in decline. This is simply not true,” said Mr Cooper. “The truth is that visitor arrivals are on the rise, including stopover arrivals, and interest in The Bahamas as a world class destination remains stronger than ever. Whilst stopover growth is constrained by lack of room

inventory, in 2023 it was the best year ever in the history of The Bahamas and 2024 is up over 2023.

“So, I wish that wouldbe responsible people would cease and desist from spreading this falsehood. To be blunt, some of these complaints are simply delusional. Every hotel, every new attraction and every visitor brings vital revenue to our country, creates jobs and allows countless Bahamians to support their families,” he added.

“We all have the right to discuss issues such as crime or economic growth, but

there is a responsible way to do this. I call on those spreading misinformation and negativity to stop this nonsense and to consider the real harm they’re causing.”

During his contribution, Opposition Leader, Michael Pintard, said a recent Central Bank of the Bahamas report indicated that the economic growth for 2024 would come in below initial projections while indicators reflect slower tourism growth due to constrained stopover visitor capacity.

“The esteemed governor of the Central Bank of the Bahamas updated the public on the trajectory of the Bahamian economy. He, too, agreed with the IMF assessment that economic growth for 2024 will be below the originally projected growth estimates,” said Mr Pintard.

“The Bahamian economy continued to expand in the first three quarters of 2024. However, the available indicators of growth slowed in comparison to 2023. The Governor went on to say the indicators reflect slower growth in tourism earnings due to the constrained

By BILL BARROW Associated Press

DONALD Trump has promised sweeping action in a second administration.

The former president and now president-elect often skipped over details but through more than a year of policy pronouncements and written statements outlined a wide-ranging agenda that blends traditional conservative approaches to taxes, regulation and cultural issues with a more populist bent on trade and a shift in America's international role.

Trump's agenda also would scale back federal government efforts on civil rights and expand presidential powers. "Build the wall!" from his 2016 campaign has become creating "the largest mass deportation program in history." Trump has called for using the National Guard and empowering domestic police forces in

capacity in the stopover visitor segment, and also moderation in the otherwise healthy cruise trends.

Mr Cooper then called for a point of order but Mr Pintard continued, accusing the deputy prime minister of being “overly sensitive”. He added: “He [Mr Cooper] continues to interrupt because he’s overly sensitive about the fact that an industry met on autopilot, he wishes to take credit for and it’s not working.”

Mr Cooper reiterated that stopover growth is constrained by the lack of room inventory and, as such, it has plateaued. “I said today that the growth of stopovers is constrained by the lack of inventory, and that is precisely what the governor of the Central Bank said,” said Mr Cooper.

“And he also confuses growth, speed and acceleration. I also indicated that the growth was better this year than it was last year and, for his edification, I said the growth of stopovers had plateaued as a result of lack of inventory. I want to thank him for quoting the honourable governor of

the effort. Still, Trump has been scant on details of what the program would look like and how he would ensure that it targeted only people in the U.S. illegally. He's pitched "ideological screening" for would-be entrants, ending birth-right citizenship (which almost certainly would require a constitutional change), and said he'd reinstitute first-term policies such as "Remain in Mexico," limiting migrants on public health grounds and severely limiting or banning entrants from certain majority-Muslim nations. Altogether, the approach would not just crack down on illegal migration, but curtail immigration overall.

Trump played down abortion as a second-term priority, even as he took credit for the Supreme Court ending a woman's federal right to terminate a pregnancy and returning abortion regulation to state governments. At Trump's insistence, the GOP platform, for the first time in decades, did not call for a national ban on abortion. Trump maintains that overturning Roe v. Wade is enough on the federal level. Trump said last month on his social media platform Truth Social that he would veto a federal abortion ban if legislation reached his desk — a statement

the Central Bank who con-

firmed what I said before..” Mr Pintard questioned if local businesses in the tourism sector, such as taxi drivers and straw vendors, are feeling the effects of the growth.

“Madam Speaker, I only appeal to you that the member has time to debate. So what he is doing is not clearing up some false information. What he is doing is seeking, in his usual arrogance, to lecture the Bahamian people because I clearly see through what he is doing,” said Mr Pintard

“The beating of the chest about ten million [visitors]. People are now saying: Can we feel it? Can the taxi drivers feel it? Are the straw vendors feeling it? Are they feeling it in Grand Bahama, in the straw market?

“At the moment, the bottom line is the Bahamian people are not feeling it, and so all of his boasting, all of his bluster is not translating into the transformation of the lives of Bahamians, and we know that their polls are telling them that as well.”

he made only after avoiding a firm position in his September debate against Democratic nominee Kamala Harris. But it's unclear if his administration would aggressively defend against legal challenges seeking to restrict access to abortion pills, including mifepristone, as the Biden administration has. Anti-abortion advocates continue to wage legal battles over the Food and Drug Administration's approval of the drug as well as the agency's relaxed prescribing restrictions. Trump is also unlikely to enforce Biden's guidance that hospitals must provide abortions for women who are in medical emergencies, even in states with bans. Trump's tax policies broadly tilt toward corporations and wealthier Americans. That's mostly due to his promise to extend his 2017 tax overhaul, with a few notable changes that include lowering the corporate income tax rate to 15% from the current 21%. That also involves rolling back Democratic President Joe Biden's income tax hikes on the wealthiest Americans and scrapping Inflation Reduction Act levies that finance energy measures intended to combat climate change.

PM: SECOND HOMEOWNERS

OWE 70% OF UNPAID PROPERTY TAXES

By NEIL HARTNELL Tribune Business Editor

THE Prime Minister yesterday accused wealthy foreign second homeowners of being responsible for 70 percent of all unpaid real property taxes as he hit out at ‘enforcement’ being portrayed as “a scary word”.

Philip Davis KC, addressing the House of Assembly on the proposed 15 percent corporate income tax targeted only at companies that are part of multinational groups with an annual turnover exceeding $800m, asserted that the Government’s tax compliance and enforcement drive was simply designed to ensure equity and that all taxpayers pay their fair share.

While not naming who he was referring to, he accused unidentified persons and groups of trying “to sow seeds of confusion and spread fake news” surrounding the Government’s

taxation policies. “We have targeted strategic areas for increases and we enhanced enforcement,” Mr Davis said.

“For example, owners of yachts are paying a bit more in fees to cruise around in our beautiful waters. And local businesses that were avoiding paying Customs duties or real property taxes now have to pay up. Our main method to generate increased revenues has been improved enforcement and collection.

“Now, I know when we use the word ‘enforcement’ there are some who try to portray it as a scary word. But enforcement simply means that we’re ensuring everyone follows the law.

Most Bahamians don’t mind because they actually follow the law when it comes to taxes. It is a fact that everyday people do not have the means to avoid paying taxes,” he added.

“The single mother living Over-the-Hill doesn’t get to

go to the grocery store and say, ‘I don’t think I’ll pay VAT today’. The father who took his family on vacation to Miami doesn’t get to just skip paying Customs duties. He knows his bag will be searched as he passes through Customs and he better not get caught falsifying the numbers.”

Focusing on real property taxes to hammer home his point, Mr Davis said: “About 70 percent of the hundreds of millions of dollars owed in real property taxes is owed by second homeowners. These are non-Bahamians who often own a vacation home or winter home here in The Bahamas.

“For some, we function as their ‘home away from home’ when they want to escape to paradise. Others use their second homes as income generators, renting out their properties to locals and visitors alike. Why is it that, for decades, we allowed many of these

second homeowners to not pay their taxes?

“I don’t know if it makes sense to y’all, but it doesn’t make sense to me. There is a patent unfairness in enforcing tax policies on the poor and middle class but allowing the wealthy to pay when they feel like it. From day one, we resolved to make it clear that no one is above the law and everyone must pay their fair share. The people who are afraid of the word ‘enforcement’ are people who want the status quo to remain in place.”

Mr Davis taunted the Opposition over what he argued was the Minnis administration’s prompt climbdown over real property tax reforms after it received push back from the Lyford Cay Property Owners Association. “Now, fast forward a few years to when this administration announced enhanced real property tax enforcement measures, as well as a nationwide revaluation,” he said.

“We faced the same kinds of threats. But we did not back down. That’s not our style. Not when we are creating a fairer system for everyone. We implemented the changes like we said we would, and you know what?

Those homeowners are still here today. They didn’t leave.

“And the real estate market didn’t crash either. It is booming. Most importantly, everyone now understands that they must pay their fair share. The truth is, the average person doesn’t mind paying taxes as long as they feel empowered, the tax regime is fair and there are clear results indicating where their tax dollars are going,” Mr Davis continued.

“People want to see improvements in areas like education and national security. They want to see new programmes that help people like the National School Breakfast Programme. They want to see improved fiscal responsibility like we’ve seen in the past three years when the debt-to-GDP ratio dropped from over 100 percent to 82 percent.

“They want to see progress toward a balanced Budget, which we are still on target to deliver... People don’t mind paying taxes to an effective and responsible government. Because everyone knows the Government needs revenues to run. We just want our money managed properly.”

MARINAS NEED ‘QUICK CHANGES TO SAVE OUR BUSINESS’ ON 20% FALL

and United Arab Emirates are increasingly eager to build their market share in this industry.

“We need to make some changes and quickly if we’re going to save our business,”

Mr Maury told Tribune Business of the Boat Show’s main message. “The marinas to the south of us have enjoyed an increase in occupancy and many of the marinas in the Out Islands and Nassau have seen declines in occupancy.”

Blaming this on the cumulative impact from several challenges based

on the feedback, he added: “The long and short of it is the cost of coming here, the confusion of getting in and filing taxes, and signing-up and getting cruising permits and this thing of the Immigration extension, and there’s no real sense we are a welcoming place to visit. That’s not what we want in tourism.”

The Government recently implemented a $200 processing fee for tourists seeking to extend their stay in this nation. This appears to require all applicants to now “book an appointment” via the Immigration Department’s

website and physically attend in person to obtain the extension of stay. This also has to be accompanied by the cruising permit, proof of payment and contact details. While the fee itself is hardly onerous, and the measure was foreshadowed when the 2024-2025 Budget was unveiled, Bahamian marinas have argued they were unaware of it and left blindsided by its implementation. They are also arguing that it has added another layer of inconvenience for boaters and their crews.

Mr Maury said the Immigration Department extension needs to be placed online and linked to all the other permit applications and fee payments visiting boaters must make. “I would go back to the system that worked; the online clearance,” he said, referring to the ABM’s SeaZPass portal that the Government requested be closed with no replacement yet to emerge.

“We need something,” the ABM president said. “It has to go back to where you go online, pay your fees, get the permits and move on to get to the resort, get to the Out Islands. That’s what people want to do. They don’t want to be bogged down; to have to run to this office and that office. It’s too much.

“As Bahamians we don’t like doing it but we live here and don’t have a choice. For a visitor, we cannot hold them hostage; they go where they want. In the Mediterranean they have a system that makes it very simple, doing it online and moving through the process. If fees are to be paid, they’ll pay them, but wasting time with visits to offices and things like that, it’s not in their scope of how they want to spend a vacation.

“People came here to see multiple islands. They don’t want to be dragged around to multiple offices. I think the Port [Department] indicated they were a year away from launching their system for fee payment. The

Government’s objective should be to collect revenue not make everybody’s life difficult. If we do that, and not put tax on a tax, it will make sense again.”

Mr Maury said the Boat Show’s seminars and other sessions showed The Bahamas is facing ever-fiercer competition as there are “so many places to visit coming online”, with the likes of Saudi Arabia and Dubai investing heavily in boating-related infrastructure.

“We Bahamians like to think The Bahamas is better, but if others are more welcoming to the visitors it’s not going to help us any,” he added. “I met several marina owners on the Pacific Coast of South America all the way down to Peru, and they are building super yachtsize marinas. There’s a lot of new cruising grounds coming on stream.

“We can’t just sit here and expect everybody to pay these higher taxes and fees. It’s a consumer-based business. Once the boats are in country, they’re spending millions every year. I think the estimates for this sector of the hospitality industry is hundreds of millions. It all adds up; food, dockage, gas and restaurants and everything else.

“We’re not seeing the growth right now, which is alarming. Most of the marinas are down 20 percent for the year. Some of these Out Island marinas are reporting higher declines in occupancy. It’s not good. It cuts down on

food purchases, electricity purchases, those kinds of things.”

Mr Maury, who pointed out that fewer boating purchases translates to reduced VAT revenues, said of the Boat Show feedback:

“It was very sobering. We always considered ourselves competitive with the Caribbean, but when we hear the British Virgin Islands (BVI), the US Virgin Islands, Antigua and Barbuda, their occupancies have increased, and particularly Turks & Caicos.

“They are right next to us. Their occupancies for their operators are up 83 percent and we’re down.” Mr Maury said he spoke to one Turks & Caicos marina, Blue Haven, which is doubling the size of its facility to cater to the increased business.

“The brokers told us flat out in meetings, seminars and everywhere else that it’s too hard to come to The Bahamas; the yacht management companies said it’s very difficult with the paperwork and bureaucracy we keep adding, and driving people away,” the ABM president added.

“It wasn’t unexpected. We knew we would lose business. Now it’s really affecting us because so many countries are looking to grab what we gave up, and not just our Caribbean neighbours. Once they go through the Suez Canal to the Red Sea and the Panama Canal to the Pacific it will be very hard to get them back. I’m hoping we get something changed quickly because the Fort Lauderdale Boat Show kicks off the 2025 season.

“We cannot rely on there being nowhere better to go. We have to reinvigorate The Bahamas. We cannot rely on it being the only place for people to go. I had a meeting with [the Ministry of] Tourism and they seemed to understand we need to make changes. We’ll see how that goes through the bureaucracy.”

HOUSING CRISIS SOLUTION MUST ‘BREAK THE NORM’

where the housing demand is, then convey a suitable Crown Land tract to a developer at a reduced or knock-down price.

In so doing, it would “take the land cost out of it” and considerably reduce the developer’s expenses.

This would, in turn, lower the price of construction to levels that are affordable by lower and middle income Bahamians, enabling them to obtain any necessary mortgage financing, while still ensuring the developer and his contractors can generate a profit on the project.

Mr Wilson, who pointed out that the growing popularity of Airbnb and vacation rental investments has further exacerbated

The Bahamas’ challenges by shifting significant inventory from long-term rentals to the short-term market, told Tribune Business: “There is definitely a challenge with home ownership development in The Bahamas. There’s a home shortage; absolutely no question about it......

“To that end, there are policies, there are ways we can try to address it, but it’s going to take some tough decisions and maybe break the norm now. For example, when looking at the number of communities which are zoned single family and you cannot have two meters.”

The Arawak Homes president said easing those zoning restrictions for certain areas would allow home owners to “add on to their home” with one or two-bed properties that could accommodate family members or be leased to others. “As it stands, you can have several generations staying in one home with one meter,” Mr Wilson explained of the current zoning consequences.

“Now you can give people options to add on to their home and rent it out for people who previously could not find a place. It’s definitely a challenge, but the good news is there is

hope in so far as there are things that could be done.

“It will take some tough decisions because there are long-established communities in Nassau zoned single family, and anyone trying to build anything other than single family is met with a harsh reaction because it has always been done a certain way. It will be a harsh reality for some, but God’s not giving us any more land.”

Mr Wilson said high living costs, and the shortage of affordable rental housing, was brought home to him in a personal way. “I can tell you a story,” he told Tribune Business. “Someone came to see me and said they really need to move from the particular situation they are in, and could afford to pay $800 a month.

“He said he couldn’t find anything, and I said: ‘Leave it to me. I’ll find something.’ I went around that night and couldn’t find anything for $800. I called a friend of mine in that particular part of the rental market, and said: ‘I have someone who wants to get somewhere for $800 per month. What are his options?’

“He’s just literally rented a unit in Nassau Village, a two-bed, one-bath, for $1,100. He said to me: ‘Does he want a bullet proof vest or is is it optional if you’re looking for something at $800 a month?’”

This implied that $800 per month would only cover a unit in a crime-ridden area, and Mr Wilson said rising accommodation costs were a major factor in The Bahamas’ cost of living crisis.

“When I first started working, rent was roughly half of what the mortgage payment would have been. Today, rent is more than the mortgage depending on where you live,” he told Tribune Business. “I can given you several communities where the rent is more than the mortgage. That’s an example of where things have gone crazy.

“People need to start to save towards a mortgage. To be paying more in rent than

the mortgage, that’s a sign of where the mortgage market is and why, in terms of home ownership, it makes more sense to own a home now as you are paying less in rent.”

Mr Wilson added that, with available land in New Providence rapidly running out, Bahamians will have to get used to vertical development and condo living to maximise space and keep prices keen. “One of the things we will also have to come to grips with, at least in Nassau for now, is the greater density of population,” he explained.

“You’re starting to see it with the establishment of condo living, whereas in the past everyone would want a part of the rock... Now, with condo living, we are starting

to maximise the property by putting in more people and using less footprint. That’s something that’s going to have to happen for sure. Whatever heights we have now that’s going to keep going up and up and increasing. People need places to live.” While there was also likely to be resistance to condo developments that keep increasing in height and scale, the Arawak Homes chief added: “These are the kinds of conversations we’re going to have. The reality we have is the situation the honourable minister mentioned is only going to go from bad to worse. People need places to live.

“It’s a very serious and complicated issue, but the great thing for Nassau at least is even though it’s an uncomfortable conversation we have options. As uncomfortable as those conversations may be, there are options to help. It won’t be overnight, but at least we can move in that direction.”

Mr Wilson said failing to resolve the housing shortfall will likely cause growing frustration as Bahamians are unable to achieve their home ownership aspirations, which could spill over into other social problems and further encourage Bahamian university and college graduates to remain abroad after completing their studies.

Mr Sands, meanwhile, said he did not believe the 12,000-plus shortage described by Mr Bell was “fabricated”, adding: “I believe it’s probably representative of what’s our there.” To stimulate housing development, and ease the supply shortage, he said: “Why doesn’t the Government take the land cost out of it, and give it to the developer for the sole purpose of constructing homes at the lower end of the spectrum. “Allow the land cost not to be passed on to the consumer, and the developer will make their profit solely from the construction. The Government and the private sector are partners, and everyone makes money.”

PM: 15% corporate tax will be ‘steep departure’

services industry because all rivals will be doing likewise to establish a ‘level playing field’ environment.

The Prime Minister also said that failing to implement the 15 percent corporate income tax would result in The Bahamas losing out on the projected $140m in extra revenue that it is projected to generate as the profits/revenues generated by locally domiciled multinationals would then be taxed in either their home jurisdiction or regional head office territory.

However, Mr Davis did not disclose the net revenue impact from the new tax’s introduction. He confirmed that companies subject to the 15 percent corporate income tax will now be exempted from Business Licence fees, so as to prevent ‘double taxation’, but did not mention how much the Government will now forego from that levy and the extent to which it may offset the projected $140m.

And, while the Prime Minister went to great lengths to reiterate that the 15 percent corporate income tax will not impact Bahamian-owned businesses, as they are not part of multinational enterprises with turnovers exceeding $800m, he made no mention of the options laid out in the Government’s May

17, 2023, ‘green paper’ on tax reform.

This set out three potential choices, and structures, for extending corporate income tax to the wider Bahamian economy and largely doing away with Business Licence fees, but none of this was discussed by the Government during yesterday’s House of Assembly debate.

Still, Mr Davis voiced optimism that the relatively long consultation and warning had given companies affected by the corporate income tax sufficient time to prepare. He said: “This process necessitates changes to company accounting and tax management processes that may require resource

and manpower additions that companies will need time to accommodate.

“Being proactive in our approach has give them the time they need, and will also give the Government time to prepare for this major change. This is a significant legislative and regulatory reform that will require unprecedented monitoring and tax administration capabilities. There are a number of changes that must be made systemically.

“We don’t have a history of an income tax of this kind. It is a steep departure from the Business Licence fees we typically charge. And it requires taking into account a wide

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array of information like specific expense types that we do not currently apply our tax administration and monitoring efforts toward. Needless to say, significant capacity building is taking place within the Government as we move forward.”

Mr Davis, though, voiced confidence that the Government’s compliance with the G-20/OECD minimum global corporate tax drive has preserved the financial services industry’s competitiveness. “We must also ensure that The Bahamas, as a leading financial services jurisdiction, remains fully compliant with global standards. This is critical because investors want to do business in compliant jurisdictions,” he said.

“This Bill was developed to bring us into full compliance with this requirement. We have demonstrated time and time again the seriousness with which we pursue compliance. It will never be said that The Bahamas does not make every effort possible to remain fully compliant.

“Earlier this year, we were removed from the EU’s blacklist of non-cooperative tax havens... We must now be proactive in ensuring that we remain off of any additional blacklists. Compliance is a key cornerstone of our financial services industry that we are keen to maintain.”

Mr Davis said the private sector shared the Government’s position that “introduction of this tax will not have a negative impact on our financial services industry, especially given the fact that it is a uniform global standard. We shall remain competitive”.

As for the revenue implications, Mr Davis said many of the Bahamas-based companies set to be impacted by the corporate income tax levy “have indicated their preference for paying the tax here rather than in their home-based jurisdiction”.

“As a matter of fairness, given the high levels of revenue generated by these multinationals, it seems appropriate that the Bahamian people would benefit. The $140m in projected government revenues will go a long way toward further strengthening the Government’s fiscal situation and funding key programmes to empower and support Bahamians,” he added.

“In fact, if we refuse to implement a Domestic Minimum Top-Up Tax, the annual turnover of these multinational entities in The Bahamas would eventually be taxed by other Jurisdictions. This would rob us of the opportunity for our people to benefit from the presence of these corporations. This Bill ensures that we capture this important source of revenue.”

Mr Davis clashed with Michael Pintard, the Opposition’s leader, over whether the Government has a mechanism to claw back revenues generated before the Bill becomes law as the G-20/OECD initiative was supposed to take effect from January 1, 2024. The Prime Minister said the Bill states when it comes into effect.

“This is the beginning of a new approach to revenue generation in The Bahamas,” Mr Davis said.”We have successfully maintained our competitive advantages as a financial services jurisdiction while prioritising global compliance and bringing in significant revenues....

“It should be noted that this law applies to the entire Bahamas, including the city of Freeport. That is the intention. And all relevant changes will be made to ensure that we live up to our obligations and bring about the changes that are necessary for progress.

“Looking ahead, we are considering exempting certain structures, like investment funds and insurance companies, which may operate within a different business reality. The business community can rest assured that we will continue to be 100 percent transparent and involve them every step of the way.”

PHILIP DAVIS KC

PM: ‘No alarm’ over ten-fold deficit rise

and August because of the traditional “ebbs and flows” in the Budget cycle - especially since the year’s first-half deficit is usually offset, or cancelled out to some extent, by the revenue-rich January to April period when the Public Treasury usually generates monthly surpluses.

Asserting that international observers are “astounded” by the progress

The Bahamas has made in slashing its post-COVID annual fiscal deficits, which peaked at over $1bn, Mr Davis said: “You’re looking at the deficit in two months. Wait and see what it is in May next year. That’s what you should look at.

“The fact is that the member [Mr Pintard] speaks to the deficit for the first two months of this fiscal quarter, this fiscal year, July and August. When we came into office it was 13 percent [of gross domestic product], and you’ll find we’ve got it down to under 1.5 percent. That’s an astounding achievement. The international community is astounded. He’ll be reading the IMF [report] soon.”

The combined $129.3m deficit incurred for the two months through August

2024 is 85.3 percent, or $59.5m, higher than the $69.8m that the Government is targeting for the full 12-month fiscal year that closes at end-June 2025. And it is also means that the Government has incurred more ‘red ink’ during the initial two months of the 2024-2025 fiscal year than it did during the first four in the prior year. The deficit, which grew almost ten-fold from the $13.2m incurred during the first two months of the prior 2023-2024 fiscal year when the Government actually ran an $18.3m surplus for July, was entirely driven by a surge in total spending which hit $614.6m compared to $481.2m for the previous 12 months. And the Government’s debt also rose by $323.4m during the first two months of the 2024-2025 fiscal year.

Still, Mr Davis reiterated: “You cannot take two months out of the fiscal year and say those two months [mean] a deficit of ‘A’. Wait till the end of the year. See what happens. You can point it out, but it’s the cycle. It ebbs and flows. We know what our commitments are. We know what our commitments are each month. There’s no alarm

about what they’re talking about.”

Mr Pintard, though, argued that the Government had “blown the numbers you projected” for the 20242025 fiscal year. “They can tell stories all they want,” he retorted. “We say they have broken their projections. We want to understand where this money has gone. On what did they spend it?”

Kwasi Thompson, the Opposition’s finance minister, on Wednesday told Tribune Business that “the Government must come clean” over the $133.4m spending jump that drove a near ten-fold deficit surge for the two months to August 2024.

He argued that “the right question to ask” is whether the 27.7 percent year-overyear spending increase and hugely-expanded deficit have resulted from the Government delaying payment of debts owed to its vendors so it could meet the prior year’s targets.

The expanded deficit, which measures by how much the Government’s spending exceeds its revenue income, was generated despite a modest 3.7 percent increase in revenue for the first two months of the 2024-2025 fiscal year. Total

revenue rose by $17.4m year-over-year, rising from $467.9m in 2023-2024 to $485.3m this time around.

The expenditure increase, especially the 89.8 percent rise or near-doubling of the Government’s July 2024 payments for goods and services to $69.3m from $36.5m, is likely to fuel Opposition charges that it deferred paying bills due to private sector vendors until after the 2023-2024 fiscal year closed on June 30 to enable it to meet its deficit projections.

And Mr Thompson returned to the attack in the House of Assembly yesterday, arguing: ““The Bahamian people deserve to know why is it that you spent $130m more this year than you did last year during the same period?

“What crisis happened that caused you to spend $130m more this year than you spent last year? That is something that the Bahamian people deserve an explanation to. We must understand what happened or is it that these payments are not new payments?

“Is it that these payments were payments that ought to have been made last Budget period. You must explain to the Bahamian public why is

it that you have spent $130m more this year in July and August.” Glenys Hanna-Martin, minister of education and technical vocation, then interrupted to reiterate Mr Davis’ argument that the Government’s fiscal performance should be assessed over a 12-month period rather than the first two months. She argued that the Opposition was being “misleading” in its commentary and urged them to hold judgement until more data and context is revealed.

“This is the second speaker from the Opposition side who has raised this point about the first two months. And I think, you know, they were in government before. I think they are aware that budgets are 12 months, and the assessment of spending is judged on the Budget and the spending at the end of that budget period,” Mrs HannaMartin said.

“So I’m trying to understand what point is being made when it is making a point that has no context. And it’s seeking to make, to create misleading commentary which is not scientific. It’s not based on the Budget, which is a 12 month assessment and how spending is

done. The Bahamian people are fairly experienced and very intelligent.

“I’m just wondering: What point are the members seeking? And I’m understanding this point was made last year, too, around the same time. You can go on and on with it, but the reality is the Budget amount and spending is assessed in that context, not pulling out two months and making conclusions which do not relate to factual data.”

The Government’s fiscal performance for July and August is not necessarily an indicator of how the full 2024-2025 fiscal year will pan out. Due to the cyclical nature of the Budget cycle, the first half of the year - from July 1 to end-December - has traditionally always been weaker and a period when the Government - regardless of which party was in power - often incurs heavy deficits. These are then slashed by the revenue-rich first four months of the calendar year, which coincides with the winter tourism season high and peak economic activity as well as the payment of Business Licence fees, the bulk of real property taxes, and commercial vehicle licensing in March. Thus it is too early to write-off the Government’s chances of hitting its $69.8m full-year deficit target.

AP VoteCast: Voters who focused on the economy broke hard for Trump

By JOSH BOAK and AMELIA THOMSONDEVEAUX Associated Press

PRESIDENT-ELECT

Donald Trump tapped into deep anxieties about an economy that seemed unable despite its recent growth to meet the needs of the middle class, according to AP VoteCast, a sweeping survey of more than 120,000 voters nationwide.

Worries about everyday expenses helped Trump return to the White House. In key states, Trump's voters saw illegal immigration as imposing new costs on their communities.

Many believed that their own financial well-being was at risk after the burst of post-pandemic inflation.

More voters said they were falling behind this year than they did in 2020.

Trump made inroads among lower-income voters, middle-income voters and voters without college degrees, AP VoteCast found. All those groups appeared to put as high a priority — if not somewhat more so — on their family budgets than the worries about the future of democracy that motivated much of Vice President Kamala Harris' coalition.

And Harris' bet on rallying voters around abortion rights didn't pan out as planned. She had relative strengths with college graduates and higher-income voters, but Trump held onto his base and also made marginal gains with some of Democrats' core constituencies.

Voters who felt economically vulnerable were more likely to back Trump Voters who felt more anxious about their economic circumstances supported Trump. The sliver of voters who felt more comfortable about their circumstances largely went with Harris.

Trump decisively won among voters who said their family finances were "falling behind" — a group that grew from about 2 in 10 voters in 2020 to about 3 in

10 this year. He also carried more than half of voters who were "very concerned" about the cost of food, the cost of housing, and their own health care costs.

Voters who were focused on the economy ended up breaking hard for Trump.

Those who said inflation was the most important factor for their vote were almost twice as likely to support Trump over Harris, and about 6 in 10 voters who said the economy and jobs were the most important issue facing the country were in his camp.

The political divide between higher-income and lower-income Americans was stark, with Trump gaining slightly among voters whose household income is less than $100,000 per year, while Harris held steady with voters who make more than that.

Trump's hardline policies on illegal immigration found their mark

Voters' appetite for tough approaches to illegal immigration was higher this year – more than 4 in 10 said immigrants who are in the country illegally should be deported back to their home countries, up from around 3 in 10 in 2020.

That trend was visible even among groups that are generally more supportive of more expansive immigration policies. About 6 in 10 voters under the age of 45 said immigrants in the country illegally should be allowed to apply for legal status, down from about three-quarters in 2020.

Voters who said they personally immigrated to the U.S. were more likely to support Harris over Trump – but even among this group, about 4 in 10 said that immigrants in the country without documentation should be deported. And concern about the impact of illegal immigration on individual communities was palpable. In Ohio, a state where Trump elevated the threat of immigrants by falsely accusing immigrants of eating pets, about threequarters of voters said that

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NOTICE is hereby given that ROSENA ALEXIS, Kemp 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 7th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE is hereby given that ANA MIRIAN DIAZ GIBSON, of Meadow Drive #4, 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 31st day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NORFOLK SOUTHERN RULE THAT RAILCARS BE INSPECTED IN LESS THAN A MINUTE SPARKS SAFETY CONCERNS

By JOSH FUNK AP Business Writer

NORFOLK Southern sparked renewed concerns about flaws being missed during railcar inspections when it told employees this week they should spend no more than a minute looking at each car. But the railroad said the rule simply reflects the current industry standard, and there are no plans for disciplining employees for missing that one-minute target. Rail unions have been raising the alarm for several years now about inspections being rushed across the industry in the wake of the railroads eliminating onethird of all the jobs as they adopted the current lean operating model that has become the standard.

The Federal Railroad Administration's Chief Safety Officer Karl Alexy said the agency was already tracking inspection times closely across the industry before the new announcement from Norfolk Southern, and the agency

will be watching how the railroad implements it.

"If they really are going to be held to that, I'm very concerned about defects not being found, I think that is pretty quick," Alexy said.

Railroad safety concerns became widespread last year after a Norfolk Southern train derailed, spilled hazardous chemicals and caught fire in East Palestine, Ohio, in February.

The railroad — and the entire industry — promised reforms after that disastrous wreck. But Alexy said there hasn't been much significant improvement in railroads' overall safety record in recent years.

The concerns about rushed railcar inspections are part of rail labor's broader concerns about whether the lean Precision Scheduled Railroading (PSR) model railroads are using is more dangerous.

Alexy said that one of the key challenges for the industry right now is that so many experienced workers were lost because of all the job cuts in recent years

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NOTICE is hereby given that ANDREW BAILEY, of #13 Dart View Close, off Mckinney Drive Carmichael 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 31st day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE is hereby given that LEVASSEUR PAUL , East Street South, 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 7th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

— both because of the new operating model and the sharp downturn in business during the pandemic — that the railroads are relying on a large number of newer employees who are still learning all the risks of the job.

"There are implications from PSR where they they cut too deep their personnel. And Covid happened and they lost more people, and then they had a hard time bringing them back," Alexy said. "So I think that there have been some longterm negative impacts of PSR and of course Covid as well."

Norfolk Southern executives said last year that the railroad would back away from rushing inspections because of safety concerns. But the new directive about minute-long inspections issued not long after Mark George was promoted to be the railroad's new CEO this fall appears to reverse that stance.

Norfolk Southern is not alone in pushing for inspections to be done quickly to

keep trains moving. The Federal Railroad Administration found earlier this year that at all the major freight railroads, carmen spent an average of 1 minute and 38 seconds looking over each car while a federal inspector was watching. But documents showed that when an inspector isn't there, inspections were being done in about 44 seconds per car.

The Transportation Communications Union that represents the carmen tasked with inspecting railcars maintains it simply isn't possible to check the more than 90 points per side they are supposed to check on each railcar within such a short period of time, so clearly things are being missed.

The union's National Legislative Director David Arouca said carmen on Norfolk Southern went "absolutely ballistic" when they saw the new one-minute rule after they have been raising concerns about the perils of rushed inspections for years.

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NOTICE is hereby given that BECLERSON LAVANO EDOUARD, 7th Street, Coconut Grove, 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 7th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE is hereby given that ROSEMOND CHERY, P.O. Box EE16348, #3 Rosetta Street, Nassau, 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 31st day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE is hereby given that TRECIKA SHANTOYA RILEY, #108 Podoleo Street, Nassau, 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 31st day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

REPUBLICAN presidential nominee former President Donald Trump serves french fries as an employee looks on during a visit to McDonald's in Feasterville-Trevose, Pa., Sunday, Oct. 20, 2024.

Photo:Doug Mills/AP

Four years make a big difference for Donald Trump — and for Fox News

By DAVID BAUDER AP Media Writer

FOUR years ago, Fox News precipitated an internal crisis with a bold election night call that President Joe Biden would beat Donald Trump in the crucial state of Arizona. This year illustrated the difference that four years can make.

Fox News wasn't the first network early on Wednesday to declare Trump had sealed his victory over Kamala Harris — upstart NewsNation, conservative rival Newsmax and Scripps Networks led the way — but its ultimate call came nearly four hours before ABC, CBS, CNN, NBC and The Associated Press made theirs.

Judging by the cheers that erupted when Fox's call was shown to the Trump faithful gathered at his West Palm Beach victory party, it was a decision that surely was received much better by its viewers than the 2020 call was.

"When you don't like how the cake tastes, you're not going to like the recipe," said Chris Stirewalt, politics editor at NewsNation. "When you like the cake, you'll love the recipe."

Trump, Fox can both claim comebacks on election night

Fox's Bret Baier called Trump's victory "the biggest political phoenix from

the ashes story that we have ever seen," and Fox can claim a comeback of its own.

Fox's Arizona call in 2020 infuriated Trump and many of the network's viewers. While it ultimately proved correct, it set in motion furious internal secondguessing and led some Fox personalities to embrace conspiracy theories, which ultimately cost the network a staggering $787 million to settle a defamation lawsuit by Dominion Voting Systems.

NewsNation, which used information from the elections forecasting company Decision Desk HQ, made its call at 1:22 a.m. on Wednesday. Scripps and Newsmax, which also use DDHQ, were within a minute of making the same declaration.

At about that time, Baier said that "we're not there yet," but noted there was no path to victory for Harris. Fox made its call at 1:47 a.m.

The AP called the election for Trump at 5:34 a.m. ABC, CBS, NBC, CNN and the AP all made their calls within a few moments of each other. The AP explained that its declaration that Trump had won came after awarding Wisconsin to the former president by determining that remaining uncounted votes from around the Milwaukee area would not be enough for Harris to

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Semper Family Ofce Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 211134 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 6th day of November A.D. 2024.

PEDRO CAVALHEIRO SOBRAL LIQUIDATOR

NOTICE ESTRELA HOLDING INVESTMENTS LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 201374 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 6th day of November A.D. 2024.

GILDA MARIA SANTOS MACEDO LIQUIDATOR

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ROBOREUS CORPORATION LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 203169 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 6th day of November A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Daniel SA Carvalho, whose address is Estrada Da Cachoeira 300 LT 56 Itaipava, CEP: 25745-180, Rio De Janeiro, RJ, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 6th day of December A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneft of any di tribution made before uch claim is proved.

Dated this 6th day of November A.D. 2024.

DANIEL SA CARVALHO LIQUIDATOR

overcome Trump's lead there. For NewsNation's Stirewalt, his network's early call on Wednesday provided a rich irony. He was politics editor at Fox News in 2020 and he and a fellow executive, Bill Sammon, were essentially fired following the outcry over the Arizona call — even though they were proven right.

"It would be easy to overstate the results and I want to be careful not to do that," he said. "I will say this, it is a victory for the way things used to be done and a personal vindication."

Letting the numbers do the talking

He said Decision Desk HQ and NewsNation let the numbers do the talking with their calls. He would not criticize rivals for waiting longer, saying it was a natural reaction to be careful in making race calls following what happened in 2020. The happiness of some viewers at Fox's call was evident in some social media posts. Fox rejects any suggestion that its calls are politically motivated and its decision desk, led by veteran Arnon Mishkin, is widely respected in the industry. Stirewalt called Mishkin "superb" and said "it is to Fox's credit that they kept him when they

didn't keep Bill Sammon and me." A vigorous conservative media ecosystem has built up in recent years to compete with Fox. But the network remains king of the hill, illustrated again Wednesday by the Nielsen company's preliminary ratings of television election night coverage. Fox averaged 9.7 million viewers for its coverage in the prime-time hours, well above second-place ABC News, which had 5.7 million. Newsmax, Fox's chief rival for conservative viewers, had 947,000 viewers and NewsNation had 237,000, Nielsen said.

NEW CEO AT CVS BEGINS TO BUILD HIS TEAM WITH A GOAL OF REVIVING THE STRUGGLING HEALTH CARE

TOM MURPHY AP Health Writer

CVS Health fell short on third-quarter profit, but it posted strong sales and the health care giant shook up leadership under new CEO David Joyner after a rough year that has sent shares plunging.

Shares jumped Wednesday along with markets as a whole surged on an election that will send Donald Trump back to the White House.

Joyner named UnitedHealth executive Steve Nelson as the leader of the company's troubled health insurance wing, Aetna. That appointment is effective immediately.

Prem Shah, who joined the company in 2013, will lead CVS Caremark, CVS Pharmacy, and the company's Health Care Delivery businesses.

CVS Health runs one of the nation's largest drugstore chains and a huge pharmacy benefit management business that operates

NOTICE MARCO MONTE INVEST LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 208956 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 5th day of November A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Marco Antonio Camara Firjam Do Monte, whose address is Rua Jundiai 640, Natal, Rio Grande Do Norte, CEP: 59020120, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 5th of December A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneft of any distribution made before such claim is proved.

Dated this 5th day of November A.D. 2024.

Marco Antonio Camara Firjam Do Monte LIQUIDATOR

GIANT

prescription drug coverage for employers, insurers and other big clients. It also covers nearly 27 million people through its Aetna insurance arm.

CVS' insurance business has dragged on the company's performance and many see in Nelson an industry veteran who can provide a needed jolt.

"The new leadership announcement gives us hope that CVS is moving quickly to improve its business execution," said John Boylan at Edward Jones.

"I am extremely proud of our team's commitment to delivering the top reporting and analysis to the largest and most politically diverse audience in news," Fox News Media CEO Suzanne Scott said of Tuesday night's ratings, according to the network. Trump's complicated relationship with the network also attests to its continued influence. The Republican candidate was a regular guest on its shows during the campaign, particularly the morning "Fox & Friends," yet also complains bitterly on social media if he doesn't like something that is said there.

"However, we also believe that these are the first steps in CVS improving its operations, which may take time. Having said that, we will be watching closely what changes management will make and how those changes may translate into sustainable sales and earnings growth rates."

The company earned $87 million in the three months ended in September, down 96% from a year ago. Results were weighed down by hefty restructuring charges. On an adjusted basis, earnings per share totaled $1.09, falling short of the average Street forecast of $1.44 per share.

NOTICE MPME LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 209405 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 6th day of November A.D. 2024. MARCELO KAIRIS ANTONIO LIQUIDATOR

BEYOND MEAT REVERSES REVENUE SLIDE BY RAISING PRICES ON ITS PLANT-BASED PRODUCTS

By DEE-ANN DURBIN AP Business Writer

BEYOND Meat reversed

a sales slide in the third quarter, growing revenue for the first time since 2022 as it charged higher prices for its plant-based meat.

The El Segundo, California-based company said Wednesday its revenue rose 7.6% to $81 million in the July-September period. That was higher than the

$80.1 million Wall Street was expecting, according to analysts polled by FactSet. Still, Beyond Meat's shares fell nearly 6% in after-hours trading after it said it expects full-year net revenue in the range of $320 million to $330 million. That's at the low end of its previous forecast.

Beyond Meat said it saw a 7% decrease in the volume of products sold but a 15.8% increase in net revenue per

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 207288 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

pound. The company has been trying to rely less on discounting and position its newer, lower-fat burgers, sausages and grounds as premium products.

Among those new products is Beyond Sun Sausage, which is filled with bell peppers, spinach, lentils and other vegetables. Unlike previous products, Beyond Meat said the new sausage isn't intended to replicate meat but to be a healthier

protein option. Beyond Meat President and CEO Ethan Brown said prices are rising on some products with premium ingredients such as avocado oil. But the company hasn't given up on its goal to make plant-based meat that costs the same as animal meat, he said. It's already meeting that target with some large food-service customers. Beyond Meat is also selling older product

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 205664 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 6th day of November A.D.

formulations at lower prices, he said, and intends to keep doing that as it introduces updated products.

"I don't think this is a case of Beyond Me just decided to become a niche brand going after affluent customers," Brown said on a conference call with investors. "It's much more diverse than that, much more nuanced than that in our pricing."

Beyond Meat said its U.S. retail volume in terms of pounds sold fell 6.6% in the third quarter but food service sales were up nearly 8%. Food service sales benefited from an expansion of Beyond Meat sales at Panda Express during the quarter. Outside the U.S., that pattern reversed; Beyond Meat's international retail sales were up 6% but its food service sales dropped 22%.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 207131 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 6th day of November A.D. 2024.

MARINE FORECAST

STOCKS AND BITCOIN JUMP AFTER TRUMP’S VICTORY. SO DO WORRIES ABOUT INFLATION AS DOW SURGES 1,500

By STAN CHOE AP Business Writer

THE U.S. stock market, Elon Musk's Tesla, banks and bitcoin all stormed higher Wednesday as investors made bets on what Donald Trump's return to the White House will mean for the economy and the world. Among the losers the market sees: the renewable-energy industry and potentially anyone worried about higher inflation.

The S&P 500 rallied 2.5% for its best day in nearly two years. The Dow Jones Industrial Average surged 1,508 points, or 3.6%, while the Nasdaq composite jumped 3%. All three indexes topped records they had set in recent weeks.

The U.S. stock market has historically tended to rise regardless of which party wins the White House, with Democrats scoring bigger average gains since 1945. But Republican control could mean big shifts in the winning and losing industries underneath the surface, and investors are adding to bets built earlier on what the higher tariffs, lower tax rates and lighter regulation that Trump favors will mean.

"The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook," Peter Esho of Esho Capital said.

Of course, how much change Trump effects in his second term will likely depend on whether his fellow Republicans win control of Congress, and that's still to be determined. That could leave room

for snaps back in some of Wednesday's big knee-jerk movements. Nevertheless, the market is cleaving between rather clear winners and losers following Trump's dramatic win. Among them:

Bank stocks, UP Bank stocks led the market higher, in part on hopes that a stronger economy would mean more customers getting loans and paying them back with interest. They also rallied on hopes for lighter regulation from a Republican White House. JPMorgan Chase soared 11.5%, and financial stocks had the biggest gain by far among the 11 sectors that make up the S&P 500. Capital One Financial climbed 15%, and Discover Financial jumped 20.2% for some of the market's biggest gains on speculation their pending merger will more easily get federal clearance under Trump.

Crypto, UP Trump has pledged to make the country "the crypto capital of the planet" and create a "strategic reserve" of bitcoin. The price of bitcoin hit an alltime high above $76,480, according to CoinDesk, and was recently just under $76,100. Companies in the crypto industry also jumped, including trading platform Coinbase's 31.1% leap.

Tesla, UP Musk has become a close ally of Trump, exhorting the former president's run. While Trump may end up hurting the electric-vehicle industry broadly by limiting

government subsidies, analysts say Tesla could gain somewhat of an advantage by already being such a big player in the industry. Tesla revved 14.8% higher, while rival Rivian Automotive fell 8.3%.

Trump Media & Technology Group, UP

The company behind Trump's Truth Social platform rose 5.9% after jumping nearly 35% earlier in the day. It regularly trades more on Trump's popularity than on prospects for its profits. Its rise came even after it filed unaudited financial documents with regulators on Tuesday saying it lost $19.2 million during the latest quarter and that its sales weakened from a year earlier.

Private-prison operators, UP

A Trump-led Washington could push for tougher enforcement of the nation's borders, which could mean more business for companies that work with U.S. Immigration and Customs Enforcement, or ICE. GEO Group, which runs ICE processing centers, surged 42.1%.

Stocks of smaller companies, UP

Trump's America-First policies could help companies that focus on customers within the United States, rather than big multinationals that could be hurt by increased tariffs and protectionism. The Russell 2000 index of smaller stocks, which are seen as more domestically focused than the big stocks in the S&P 500, jumped 5.8%. That

was more than double the S&P 500's gain.

Treasury bond prices, DOWN

Investors see Trump's policies potentially leading to stronger economic growth, which helps push prices down for Treasurys and their yields up. Tax cuts under Trump could also further swell the U.S. government's deficit, which would increase its borrowing needs and force yields even higher. The yield on the 10-year Treasury jumped to 4.43% from 4.29% late Tuesday, which is a major move for the bond market. It's up substantially from August, when it was below 4%.

Inflation worries, UP

Investors also see Trump's policies likely adding to future inflation, particularly tariffs, which can add costs to U.S. households' bills.

"Trump keeps openly telling people that he will increase tariffs not just on

China but with every trade partner," said Andrzej Skiba, head of BlueBay U.S. Fixed Income at RBC Global Asset Management. "We're talking 10% tariffs across all global partners. This is a big deal because this could add 1% to inflation. If you add 1% to next year's inflation numbers, we should say bye to rate cuts."

A drop-off in immigration could also mean a crunch of available workers for employers, which could force companies to raise wages for workers faster and put more upward pressure on inflation.

Expectations for interest rate cuts, MUDDLED

Much of Wall Street's run to records this year was built on expectations for coming cuts to interest rates by the Federal Reserve, now that inflation seems to be heading back down to its 2% target. Easier interest rates help boost the economy, but they can also give inflation more fuel.

The Fed will announce its latest decision on interest rates Thursday, where the expectation is still for a cut, according to data from CME Group. But traders are already paring back forecasts for how many cuts the Fed will provide through the middle of next year.

Foreign currencies, DOWN against the dollar Trump has vowed to sharply hike tariffs on imports from China, Mexico and other countries, raising worries about trade wars and disruptions to the global economy. A measure of the U.S. dollar's value against several major currencies climbed 1.6%, which means that those other currencies fell.

The euro sank 1.5%, and the South Korean won fell 1.2% The Mexican peso, which has been falling against the dollar since the summer, in part on worries about a possible Trump reelection, fell early in the day but then pared its loss.

A TELEVISION screen on the floor of the New York Stock Exchange displays results of the Presidential election, Wednesday, Nov. 6, 2024. Photo:Richard Drew/AP

CHINA IS BRACING FOR FRESH TENSIONS WITH TRUMP OVER TRADE, TECH AND TAIWAN

By SIMINA MISTREANU Associated Press

THE

first time China faced Donald Trump in the White House, there was a trade war, a breach of protocol involving Taiwan's former leader, and a president-to-president bromance that turned sour.

As President-elect Trump prepares to start his second term in office, China is bracing for unpredictability in its ties with the United States and renewed tensions over trade, technology and Taiwan.

A new tariff war looms

Perhaps the biggest consequence for China — if Trump stays true to his campaign promises — is his threat to slap blanket 60% tariffs on all Chinese exports to the U.S.

Tariffs like that would be a blow to China's already unstable economy, which is suffering from high youth unemployment, a lengthy property slump and government debt. A 60% duty on Chinese imports could shave off 2.5 percentage points, or about half, of China's projected economic growth, according to an

analysis published earlier this year by UBS.

During Trump's previous term in office, the U.S. imposed tariffs on more than $360 billion of Chinese products. That brought Beijing to the negotiating table, and in 2020 the two sides signed a trade deal in which China committed to improve intellectual property rights and buy an extra $200 billion of American goods. A research group a couple of years later showed China had bought essentially none of the goods it had promised.

President Joe Biden retained most of those tariffs and added fresh duties this year on imports including steel, solar cells and electric vehicles.

Like last time, tariffs could serve as a tool to force Beijing back to the negotiating table, said Henry Gao, a law professor at Singapore Management University who focuses on international trade.

"Given the weak economic position of China this time, I think there will be more willingness to talk," he said. "Thus, while the tariff might have some short-term effects on the

Chinese economy, the situation might improve once they reach a deal."

Factoring into the trade talks could be Trump's appeals to Chinese President Xi Jinping to help negotiate a resolution to the Ukraine war, which Trump has boasted he'll be able to do quickly, without saying how.

Trump previously sought Xi's help in dealing with North Korea's rogue leader Kim Jong Un. That dynamic could repeat itself, with Trump weighing trade grievances against seeking China's support in global crises, according to Wang Huiyao, founder of the Beijing-based think tank Center for China and Globalization.

"China is the largest trading partner of both Russia and Ukraine," Wang wrote in a recent commentary.

"These close economic ties give China a unique opportunity to play a greater role in peace-making efforts."

Willing to go 'crazy' over Taiwan

There is one scenario in which Trump has threatened to impose even higher tariffs — 150% to 200% — on Chinese goods: if China

In this Florida school district, some parents are pushing back against a cell phone ban

By KATE PAYNE Associated Press

IT'S no surprise that students are pushing back on cell phone bans in classrooms. But school administrators in one South Florida county working to pull students' eyes away from their screens are facing some resistance from another group as well – parents.

Since the beginning of the 2024 school year in August, students in Broward County Public Schools, the country's sixth largest district, have been barred from using cell phones during the school day, including during lunch and breaks, unless given special permission.

The schools are some of the many across the country wrestling with how to crack down on cell phones, at a time when experts say social media use among young people is nearly universal – and that screen time is linked to higher rates of anxiety and depression among kids.

But a survey sent out by the South Florida school district earlier this fall found that of the more than 70,000 students, teachers and parents surveyed, nearly one in five parents believe the cell phone ban is having a negative impact on their student's wellbeing.

Among the top concerns for the students and parents surveyed is not being able to communicate with their family members, especially in an emergency — an anxiety that cuts deep in the district that's home to

Marjory Stoneman Douglas High School, where a 2018 shooting killed 17 people. District officials have said students can use their phones during an emergency and that teachers have the flexibility to grant kids access for other reasons too.

"I don't think any of us thinks kids should be on their phones during class," said Erin Gohl, a parent and advocate in the district.

"We're really talking about giving kids tools during those times when they need it," she added, including letting students use their phones for "positive mental health purposes".

Officials in the Fort Lauderdale-area district have acknowledged that implementation of the policy has been inconsistent. Some teachers have struggled to monitor students' phone use, and are facing the reality that for some kids, phones can be a needed tool to access online lessons and turn in assignments, especially for those who don't have a school-issued laptop. And parents have argued their students are better off with their phones, helping them coordinate afternoon pickup times or text their parents for advice about a school bully.

"I don't expect students to say — or parents of high schoolers to say — right, that, they don't want their kids to have cell phones," said Howard Hepburn, Broward superintendent of schools. "The expectation

invades Taiwan, a self-ruled democracy that Beijing claims as its own.

The U.S. does not recognize Taiwan as a country, but is its strongest backer and biggest arms provider.

Trump angered Beijing in December 2016 by taking a congratulatory call from Taiwan's then-president Tsai Ing-wen in a breach of diplomatic protocol. No U.S. president had spoken directly to a Taiwanese leader since Washington and Beijing established ties in 1979.

Trump's move created anxiety in China-watching circles, but ultimately, he stuck to supporting the status quo in relations between Taipei and Beijing. China expects him to continue to do so, said Zhu Feng, dean of the School of International Relations at Nanjing University.

"Will (he) want to turn to support Taiwan independence? It is unlikely," he said.

As for China's repeated threats to annex Taiwan, Trump told The Wall Street Journal last month that he would not have to use military force to prevent a blockade of Taiwan because Xi "respects me and he knows I'm (expletive) crazy."

On the campaign trail, Trump sometimes talked up his personal connection with Xi, which started exuberantly during his first term but soured over disputes about trade and the origins of the COVID-19 pandemic.

But Trump has also said that Taiwan should pay the U.S. for defending it against China, likening the relationship to insurance.

Taiwan spends about 2.5% of its GDP on defense, and

purchased hundreds of millions of dollars' worth of U.S. weapons this year.

Trump has purposely maintained a sense of uncertainty in his relationship with China, said Da Wei, director of the Center for International Security and Strategy at Tsinghua University in Beijing.

"We are clear about the challenges," he said. "As for opportunities, we are yet to see them clearly."

Disputes over chips During his first term, Trump began targeting Chinese technology firms over security concerns, focusing on large companies like the telecoms giant Huawei. Biden continued in that direction by placing curbs on China's access to advanced semiconductors, which are needed to develop strategic industries such as artificial intelligence.

that we're going to just have a hard stop is not reality. It takes time."

Landyn Spellberg, a student advisor to the Broward school board, said there are a lot of benefits to phones — and that the district's blanket ban isn't helping students with something many adults still struggle with: learning how to use technology in a healthy way.

"I think it's important that we teach students about the negatives," he said. "We don't inform students of those things."

IN this Saturday, June 29, 2019, file photo, U.S. President Donald Trump, left, meets with Chinese

President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan. Four decades after the U.S. established diplomatic ties with communist China, the relationship between the two is at a turning point. Photo:Susan Walsh/AP