11132023 BUSINESS

business@tribunemedia.net

MONDAY, NOVEMBER 13, 2023

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Up to $100m targeted in Abaco ports investment

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is eyeing a combined $100m investment to transform Abaco’s two commercial shipping ports into facilities that meet global best practices and standards.

The public-private partnership (PPP) tender documents for both the Marsh Harbour and Cooper’s Town ports, which have been seen by Tribune Business, reveal that bidders on the former must show they have combined equal capital and access to debt financing of “at least $60m”. For Cooper’s Town, the figure is slightly less at $40m in collective equity and debt funding.

Several sources, speaking to Tribune Business on condition of anonymity, have described both figures as being on the high side.

The sum sought for Cooper’s Town almost matches the $41m investment in its initial construction, which was completed by China Harbour Engineering Company (CHEC).

The tender documents, known as Requests for Proposal (RFPs), reveal

t 1VCMJD UP HFU JO .BSTI )BSCPVS $PPQFS T 5PXO t /PSUI "CBDP QPSU IBT TMJQ NBSJOB QPTTJCJMJUJFT t 111T UP MBTU ZFBST XJUI WBSJFUZ PG GFFT NVMMFE that the Government wants the ownership structure for both Abaco port PPPs to mirror that which was put in place for BISX-listed Arawak Port Development Company (APD), operator of the Nassau Container Port. APD revealed to Tribune Business it has submitted a bid to take over management and operations at the Marsh Harbour port only.

For both the Marsh Harbour and Cooper’s Town ports, the RFPs stipulate that a combined 20 percent

equity ownership will be “offered for sale to the general public” although it does not specify whether this will be via an initial public offering (IPO) or other method.

The remaining 80 percent ownership interest will be split evenly between the Government and winning PPP bidder, with each holding 40 percent. This split matches APD’s structure, where the Government and shipping industry each hold a 40 percent stake.

Meanwhile, among the expansion opportunities identified at the Cooper’s Town port is a 120-slip marina together with international and domestic warehouses, although no such opportunities were identified at Marsh Harbour, which remains the island’s prime commercial shipping port and cargo point-of-entry despite the devastation inflicted by Hurricane Dorian.

Both RFP documents state that each port will be leased to the winning bidder for a 25-year period, in an attempt to ensure they get a return on their upfront capital investment,

SEE PAGE B8

Gov’t eyes purchase of Freeport’s Bazaar

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is exploring the potential acquisition of Freeport’s derelict International Bazaar site as the location for its proposed African-Caribbean products marketplace.

Ginger Moxey, minister for Grand Bahama, who touted the Marketplace’s creation earlier this year after she headed a trade and investment mission to West Africa, did not respond to Tribune Business messages and phone calls seeking comment but well-placed sources confirmed the Davis administration has

expressed initial interest in purchasing the site.

Chris Paine, president of the International Bazaar Owners Association, when contacted by this newspaper confirmed there had been preliminary contact and meetings with the Government but no agreement was imminent.

He explained that the initial talks had sought to “familiarise the Government with the somewhat complicated ownership of the Bazaar” with no less than 13 separate entities involved, including the likes of the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU),

SEE PAGE B8

ArawakX ‘good undeniable’ yet KC confident on full winding-up

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ARAWAKX’S president says “nobody can deny the good” it achieved as Securities Commission attorneys hailed the appointment of provisional liquidators as vital to “protecting the capital markets”.

D’Arcy Rahming senior, head of The Bahamas’ first-ever crowd-funding platform, told Tribune Business that he and and his colleagues had shown themselves to be “pioneers in this field” and “innovators” despite the Chief Justice last week ordering that they - for the moment

D’ARCY RAHMING SNR at least - surrender control of the company.

That, though, is not how Michael Scott KC, who represented the Securities Commission in its successful bid to have a provisional liquidator take charge of ArawakX, sees things.

SEE PAGE B10

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BTC cell tower sale to help finance 5G t 4FMM BOE MFBTFCBDL EFBM GPS TJUFT UP GVOE ACFUUFS DVTUPNFS TFSWJDF

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government wants “part of the proceeds” from the sale and leaseback of all the Bahamas Telecommunications Company’s (BTC) 345 cell tower sites to be reinvested in improving services and 5G technology.

Valentine Grimes, BTC’s vice-chairman, told Tribune Business last night this was “the intent” of the Davis administration after BTC’s ultimate parent on Friday unveiled a $355m deal to sell, then rent back, some 1,300 cell tower sites spread across six jurisdictions including The Bahamas.

The deal, which will see Florida-based Phoenix Tower International take over the towers’ ownership while assuming responsibility for their upkeep and maintenance, blindsided BTC’s management

and line staff unions who described the arrangement with Liberty Latin America, their carrier’s parent, as “very troubling” (see article on Page 3B).

However, Mr Grimes told this newspaper there was nothing sinister about the deal, which he described as a growing trend in the international telecommunications industry. Besides monetising the value of key infrastructure assets, he added that it will also enable BTC and other Liberty Latin America affiliates to focus on improving the quality of mobile services they deliver to consumers.

Mr Grimes, who together with three other directors represents the Government’s 49 percent equity interest in BTC, confirmed that Board members have signalled “their approval” of the Phoenix sale and leaseback, and then final

SEE PAGE B6

THE TRIBUNE

Monday, November 13, 2023, PAGE 3

FTX BAHAMAS PUT INTO FULL LIQUIDATION

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Supreme Court has approved FTX’s Bahamian subsidiary being placed into full judicial-supervised liquidation on the basis that it is just and equitable to do so.

Justice Loren Klein ruled on Friday that FTX Digital Markets should remain under the care of the provisional liquidators, whose status is now being elevated to official liquidators. No objections to the move were raised at the hearing.

Krystal Rolle KC, the Bahamian attorney for jailed FTX founder, Sam Bankman-Fried did not file a notice of intention or appear at the hearing as she did not receive instructions to appear on his behalf.

FTX’s founder had previously said he “wishes to be heard” at the Supreme Court hearing on the winding-up petition despite

inhabiting a New York jail cell after a jury found him guilty on all seven fraud and other criminal counts.

But Krystal Rolle, in her letter to Robert Adams KC, the Delaney Partners attorney representing the Securities Commission, said: “We hereby give notice that Mr Bankman-Fried wishes to be heard on the winding-up petition. However, as you can well imagine, our ability to obtain instructions from Mr Bankman-Fried has its challenges by reason of his incarceration.

“As such we are unable to confirm that we will be sufficiently instructed to make such representations on November 10, 2023. We must therefore foreshadow that we may require additional time for this purpose.

In any event, we are endeavouring to obtain Mr Bankman-Fried’s further instructions and shall provide further confirmation as soon as our instructions in this regard are solidified.”

Mr Adams KC, representing the Securities Commission, noted that Christina Rolle, the regulator’s executive director, in an affidavit filed the previous day included a resolution that removed Mr Bankman-Fried and Ryan Salame as directors of FTX Digital Markets.

They have now been replaced with the former Bahamian provisional liquidators for FTX Digital Markets, who are Brian Simms KC, the Lennox Paton senior partner, and the PricewaterhouseCoopers (PwC) accounting duo of Kevin Cambridge and Peter Greaves. All three are now the official liquidators.

Christina Rolle previously backed the trio’s appointment as full liquidators on the basis that each has “gained knowledge” of FTX Digital Markets’ operations over the past year.

“In addition, on behalf of FTX Digital Markets, the joint provisional liquidators are engaged in

legal proceedings before the Bankruptcy Court in Delaware, US, and time sensitive negotiations to fully resolve such proceedings and promote the harmonious administration of the insolvent estate of FTX Digital Markets and other entities in the FTX group of companies,” she said.

“Considerable time and expense would be required for new individuals to acquire such knowledge and understanding to effectively act in place of Messrs Simms, Cambridge and Greaves to the detriment of the creditors and customers of FTX Digital Markets. Such likely time and expense would be contrary to the interest of the creditors and customers of FTX Digital Markets and the public.”

Christina Rolle was present during the proceedings and took the stand to verify the contents of her affidavits submitted in relation to the case.

Peter Maynard & Company, the Bahamian attorneys for John Ray, the FTX US chief who has control of some 134 FTX entities in Chapter 11 bankruptcy protection in the US, supported the winding-up petition.

Justice Klein ruled that FTX should be wound up for violation of section 24 of the Digital Assets and Registered Exchanges (DARE) Act, which speaks to a duty of digital asset providers to maintain professional conduct.

FTX Bahamas’ now-former provisional liquidators and their US adversary last week suspended all scheduled legal filings as they bid to resolve their dispute outside the courtroom.

Documents filed with the Delaware Bankruptcy Court reiterated that the FTX Digital Markets trio and Mr Ray “are making progress” in efforts to reach a co-operation agreement and avoid further timeconsuming and costly legal

battles that only disadvantage the crypto exchange’s creditors.

“The parties are making progress on resolving this adversary proceeding and believe it is in their best interests to focus their attention on promptly concluding discussions and documenting any such resolution,” their joint legal filing confirmed.

As a result, both sides “agree to an abeyance of all deadlines” relating to upcoming legal filings so that they can have time and space to settle their differences away from the courts. The “adversary proceeding” is the legal action initiated by Mr Ray in Delaware in a bid to cut-off FTX Digital Markets and the Bahamian liquidators from securing any of the crypto exchange’s assets for their respective winding-up estate.

Unions: BTC owner ‘exporting all value’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company’s (BTC) two trade unions yesterday voiced fears the carrier will become “a shell company” as they accused its majority owners of “exporting” all its value.

Kenny Knowles, the Bahamas Communications and Public Managers Union’s (BCPMU) president, told Tribune Business he and his members are “somewhat troubled” after learning that all BTC’s 345 mobile tower sites are to be sold to a third-party, then leased back, via a deal concluded by its ultimate parent.

Liberty Latin America on Friday unveiled a deal with Phoenix Tower International, a Florida-based company, that will see the latter acquire 1,300 cell tower sites across six jurisdictions - including The Bahamas - in a $355m agreement. The two parties said the value could rise to $407m as Phoenix is to develop a further 500 cell tower sites, although the locations were not divulged.

Mr Knowles, though, questioned “what is the value of this relationship” with Liberty Latin America and its subsidiary and immediate BTC parent, Cable & Wireless Communications (CWC), for the Bahamian people given that so many functions and job/ entrepreneurial opportunities have been outsourced outside this nation.

While Balan Nair, Liberty Latin America’s chief executive and president, denied that there were plans to sell and leaseback other telecommunications infrastructure, the BTC management union leader questioned if it would do similar with BTC’s valuable underwater cable network

that connects to both the US and Haiti.

Mr Knowles’ concerns were echoed by Sherry Benjamin, the Bahamas Communications and Public Officers Union’s (BCPOU) president, who queried whether the terms of the Liberty/BTC deal also involve Phoenix acquiring the land on which the cell towers sit as well as the above-ground infrastructure itself.

While selling, then renting back, the towers was one thing, she argued that including the land was a step too far because The Bahamas is “giving too much of our assets away to foreign entities”. (see article on Page 1B).

Mr Knowles, meanwhile, urging the Government to state its position on the Phoenix deal, given that it holds a 49 percent ownership interest in BTC and four of the nine Board seats, told Tribune Business: “We’re very concerned.

We’re actually somewhat troubled that this has been

allowed to happen. We were not consulted on this.

This was something just brought to our attention on Friday.

“This is very troubling, and really raising some questions as to what is the value of this relationship with CWC and Liberty Latin America as a result of the terms of this sale. It appears that they’re taking everything from the company and exporting it.

“It appears that all the value of this company, built

by Bahamians for Bahamians, and which has 49 percent ownership by the Government and Bahamians, it appears Liberty Latin America has offered to sell the value of this company to foreign entities”.

Questioning which BTC assets and functions will be next, Mr Knowles added that if the trend continues the carrier, at the end of this, will look like a shell company”. Liberty Latin America, in announcing the Phoenix deal on Friday, said it was part of a bid “to

monetise approximately 1,300 mobile tower sites across” Panama, Jamaica, Puerto Rico, Barbados and the British Virgin Islands (BVI) as well as The Bahamas.

Given its archipelagic nature, The Bahamas’ 345 sites account for 26.5 percent - more than onequarter, or one out of every four sites - included in the deal. “The transaction also provides advantageous arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and PTI (Phoenix) over the next five years,” the former said.

“Inclusive of these commitments the total proceeds increase to $407m. Net proceeds are expected to be used to reduce debt and further invest in the company’s businesses.” It is unclear how many of the extra 500 mobile tower sites will be built in The Bahamas.

Liberty Latin America, in unveiling the Phoenix transaction to financial analysts alongside its 2023 third quarter results, confirmed its affiliates will lease the towers back via 15-20 year agreements. It added that the transaction will take between three to six months to close.

Balan Nair, Liberty Latin America’s president and chief executive, said the carrier is not seeking to “monetise any other infrastructure” beyond the cell towers at this point. “We know, of course, we will be very opportunistic but no, that’s not what we’re looking at,” he added, also disclosing that no other cell site towers will be included.

“We are very pleased to have announced an agreement with a high quality partner in Phoenix Towers that crystallises the value of approximately 1,300 of our mobile towers

SEE PAGE B7

JOB VACANCY An established Bahamian local company is seeking applications from suitably qualified persons to fill the position of

BMW TECHNICIAN

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This is to inform the public that B.K.B Enterprises Machine Shop located on #96 Miami Street will be closing permenantly on Friday, November 24th, 2023 Signed BKB Enterprises Management

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Interested persons should send resumes and supporting documents to: P. O. Box N-9240 Nassau, Bahamas OR Or email address: bahamasmedia@gmail.com All applications must be submitted on or before November 20th, 2023.

PAGE 4, Monday, November 13, 2023

THE TRIBUNE

LONG ISLAND’S CRUISE PORT DEVELOPER IN FINANCE TALKS THE developers behind the $250m Long Island cruise port are in talks with investors to arrange “secondary financing” for the project, their attorney has disclosed.

Thomas Dean, a partner in the Dupuch and Turnquest law firm, and a principal of Azul Destinations, the Calypso Cove developer, said a public consultation on the project’s Environmental Impact Assessment (EIA) will be held on November 14 as a key step in the process to obtain all necessary government approvals.

He was speaking ahead of the ninth annual Long Island Business Outlook conference, which will be held this Thursday at the Clarence Town Community Centre, where he will provide an update on the multi-million dollar development that is expected to have a significant impact on the island’s economy.

Mr Dean said: “I would like to express our sincere

THOMAS DEAN

NINA PESAVENTO

GEOFF FULTON

gratitude for the unwavering support of the Government of The Bahamas.

Various officials, including Phylicia Hanna from the Bahamas Investment Authority and Dr Rhianna Neely-Murphy at the Department of Environmental Planning & Protection (DEPP), have been instrumental in ensuring that our project receives the attention it deserves to maintain its momentum.

“Notably, the DEPP recently reviewed our Environmental Impact Assessment (EIA) and

other environmental documentation, with no objections raised. This clearance has allowed us to schedule a public consultation on Long Island for November 14, the next step toward securing the Certificate of Environmental Compliance (CEC).

“The CEC will, in turn, enable us to obtain the necessary permits for project construction. We want to express our heartfelt appreciation for your government’s support in this critical environmental aspect of the project, which

is unparalleled in the cruise industry, even on a global scale.”

Mr Dean added that obtaining the CEC will play a pivotal role in finalising Calypso Cove’s financing structure. He said: “We are currently engaged in investor meetings to conclude the secondary level of financing. We are greatly encouraged by these discussions, which highlight a strong interest in The Bahamas and the infrastructure

Caribbean body trains Bahamian arbitrators A CARIBBEAN group last week held a two-day

training workshop on international arbitration

advocacy at the Bahamas Bar Association’s offices.

The session, held by the Caribbean ADR Initiative (CADRIn), was sponsored by the Bahamas Bar Association; the British Virgin Islands International Arbitration Centre; Burford Capital; the Chartered Institute of Arbitrators – Bahamas Branch; international law firm Debevoise & Plimpton; Bahamian law firm, Higgs & Johnson; and the Ministry of Economic Affairs.

Participants were given an insight into key aspects of arbitral proceedings, including drafting arbitration clauses; the appointment of the arbitral tribunal; and advocacy in international arbitration.

The training was led by the co-founders of CADRIn, Shan Greer (chief executive and registrar of the British Virgin Islands International Arbitration Centre) and Baria Ahmed (barrister, international consultant and ADR trainer.

The event also featured chats with arbitration practitioners based in the US and Europe. Ms Ahmed and Ms Greer said in a joint

statement: “It is an honour to play a role in building arbitration capacity in the region.

“We are gratified by the opportunity to lead this programme in The Bahamas, facilitated to a large extent by our domestic, regional and international partners and sponsors, without whom CADRIn could not deliver the standard and quality of training on which we pride ourselves.

“Witnessing the dedication and growth of our participants, their engagement and co-sharing of knowledge and experience, which in turn enhances the learning environment for all, is always very gratifying as course faculty. We look forward to working with this new cadre of international arbitration attorneys as they continue on their journeys in the field.”

The training took place following The Bahamas’ enactment of the International Commercial Arbitration Act 2023, which incorporates the global best practice UNCITRAL Model Law on International Commercial Arbitration. It is designed

to support the growing tourism sector.”

Mr Dean explained that with the strong credit and environmental clearances received so far, the development remains on track for a summer 2026 opening, although there is still substantial work ahead, including an outreach programme to foster Bahamian interest in the project, with the aim of creating job opportunities during and after construction.

The Long Island Business Outlook will be hosted both in person and online via Zoom under the theme ‘Forward, Upward, Onward, Together,’ discussing ‘A bold vision for Long Island’. Delivering the keynote address is Chester Cooper, deputy prime minister and minister of tourism, investments and aviation.

Additional speakers include Rory Major, general manager, mobility sales and loyalty, ALIV Business; Toni Seymour, Bahamas

Power & Light’s (BPL) chief operations officer; Ayla Isaacs, project manager project management unit, Water and Sewerage Corporation; Dennis Deveaux, chief financial officer, Doctors Hospital Health Systems; Nina Pesavento, president, Diamond Crystal Properties; Geoff Fulton, chairman, Maritek Bahamas; Sarah Swainson, private charters and business development, Makers Air; Brett Lashley, deputy manager (customer experience) currency department, Central Bank of The Bahamas; Jevon Butler, chief sales officer, Kanoo; Kerry Fountain, executive director, Bahamas Out Islands Promotion Board; and Ian Knowles, chief councillor, Long Island.

To register for the Long Island Business Outlook, visit tclevents.com or contact Margaret Albury at 322.1000 and malbury@ tclbahamas.com or Tuesday White at 814-8795 or tuesdaywhite@gmail.com

to provide the foundation for The Bahamas to establish itself as a preferred arbitral seat in the Americas.

Michael Halkitis, minister of economic affairs, said: “Recognising the value of the work that the Caribbean ADR Initiative has done regionally, we thought it important to be one of the ‘gold sponsors’ for its training in The Bahamas.

“As the Ministry responsible for the promotion and development of international commercial arbitration, we understand that we must ensure that Bahamians are adequately equipped to conduct arbitrations and the like as we anticipate that The Bahamas’ popularity as an ADR jurisdiction will grow over the next few years.”

Besides being one of the lead sponsors for the training, the ministry also sponsored two students from the Council of Legal Education’s Eugene Dupuch Law School (EDLS). Sashae Duncan, one of the Year two EDLS students that participated, said: “The CADRIn held an informative and proactive training session on advocacy in arbitration proceedings.

“The practical experience I garnered in a short time will act as a catalyst in my law journey. I am grateful to the Ministry of Economic Affairs and the many sponsors for extending this opportunity to invest in promoting ADR initiatives throughout The Bahamas.”

Another second Yea EDLS student, Kaelan McCartney, said: “In

addition to being educational, the arbitration advocacy training opened my eyes to other aspects of the law that involve a more flexible approach, which ultimately benefits the parties involved in arbitration, rather than viewing it through the lens of litigation.”

The training was wellattended with registration near capacity. Participants were legal professionals from all levels, ranging from EDLS students to a retired justice of the Supreme Court. One of the participants, Ambrosine Huyler-Higgs, The Bahamas’ first financial services ombudsman, also took part in the training.

Mrs Higgs said: “I found the workshop exceedingly rewarding. It was comprehensive and focused on the relevancy of information disseminated. If there is any interest in arbitration, I highly recommend such immersion with wellexperienced and equipped facilitators like those involved in the training this week.”

Founded in 2019, the CADRIn is an independent, non-profit entity that promotes and works to enhance the use of alternative dispute resolution across the Caribbean region in partnership with regional ADR centres and practitioners, governments and public sector bodies, private corporations, educational institutions and other key stakeholders.

Further information about future training in the region can be accessed via the CADRIn website – www.cadrin.org.

THE TRIBUNE

Monday, November 13, 2023, PAGE 5

Deflation in the East

By CHRIS ILLING CCO @ ActivTrades Corp

E

veryone in The Bahamas is feeling the rising cost of goods, energy and transportation. No matter if you visit the food store, turn on your AC or fuel up your car, you are paying more for these necessities than compared to the previous year.

But the inflation rate in the islands is decreasing, and went down from 3.1 percent to 2.3 percent when compared to last year.

In 1974, we had a record inflation of 14.24 percent year-over-year, and in March 2016, The Bahamas had a record low inflation

rate of -1.42 percent. High inflation is occurring worldwide, and central banks are working diligently to bring it back down to around 2 percent.

On Thursday last week, China’s statistics office announced in Beijing that the prices of goods and services fell by 0.2 percent compared to the same month last year. The Chinese economy has slipped into deflation again. After July, October was the second month this year in which consumer prices fell.

They stagnated in September, after rising slightly by 0.1 percent in August.

Deflation is the opposite of inflation, and refers to a decline in the general price level. A general fall in prices occurs when consumers hold back on purchases in anticipation of prices falling further. At first glance, consumers benefit because they pay less for goods and services. However, deflation usually puts pressure on the profits of companies and therefore carries the risk of wage cuts or lay-offs.

Unlike in the West, the Chinese have not had to contend with such high inflation in recent years.

While prices worldwide

rose by an average of 8.8 percent in 2022, it was only about 2 percent in the People’s Republic. Global inflation is expected to fall to 6.6 percent in 2023 and 4.3 percent in 2024.

The fact that the Chinese economy is now slipping into deflation is a sign of ongoing economic

weakness. There are several reasons why the Chinese are reluctant to consume.

One reason is the ailing real estate market. Because the value of their homes is falling, many people are retaining their savings because of the uncertain real estate market. On the other hand, the rents do not

RBC donation marks opening of new branch

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net RBC Royal Bank (Bahamas) says it marked the official opening of its

relocated Prince Charles branch with a $25,000 donation to the Great Commission Ministries Children’s Club.

LaSonya Missick, RBC’s managing director and

vice-president for personal banking said: “Contributing to the community and your future is what we are about.

This programme provides a positive environment for children to develop

CHEQUE presentation featuring RBC’s Managing Director LaSonya Missick (centre right) and Bishop Walter Hanchell, President of Great Commission Ministries (centre left). Also pictured from left to right are Dwight Burrows, Regional Vice President, RBC Private Banking; Liacarla Adderley, Area Vice President, RBC Business Banking; Nikita Sturrup, Branch Manager – RBC Prince Charles at One East Plaza; Dwayne Kemp, Senior Sales Manager, RBC FINCO.

Aliv unveils Out Island upgrades ALIV says it has introduced a new product to improve streaming, browsing and download speeds for Family Island customers and also improve service reliability.

The Bahamian mobile operator, in a statement,

said Aliv Wireless will offer connectivity even during adverse weather conditions as it launches the product in Abaco.

John Gomez, Aliv’s chief officer, said: “Our mission with Aliv Wireless extends beyond just

facilitating connectivity. We are crafting an empowering digital journey intricately, designed with the needs and aspirations of the Bahamian populace at its core.

“Aliv stands firmly on its pledge to foster innovation and ensure customer satisfaction, striving relentlessly to deliver an Internet experience characterised by reliability and seamless access.”

CAREER OPPORTUNITY Vice President – Information Technology Bahamas First Holdings Limited, the publicly traded company that carries out general, health and group life insurance through its wholly owned subsidiaries in The Bahamas and the Cayman Islands, is seeking qualified candidates to fill the role of Vice President - Information Technology.

POSITION SUMMARY The Vice President of IT is a key executive responsible for leading and managing the Group’s Information Technology department and providing the business with contemporary and innovative technology platforms.

This role encompasses strategic planning, technology implementation, infrastructure management, cybersecurity, team leadership, and budget management.

The position also provides direction and overall quality assurance of the project management and governance disciplines throughout the Bahamas First Group. The VP has the overall responsibility for planning, directing & coordinating the activities pertaining to projects on an enterprise level using Agile methodologies.

Scan to view core responsibilities and eligibility requirements. Interested persons should apply in writing to The Manager of Human Resources & Administration at careers@bahamasfirst.com by 22 November 2023.

BAHAMAS FIRST HOLDINGS LIMITED 32 Collins Avenue, Nassau, NP, Bahamas www.bahamasfirst.com

skills, discipline and morals through recreational, spiritual and cultural activities.”

Bishop Walter Hanchell, president of Great Commission Ministries, said: “I wish to thank the management and staff for this donation and for your kindness, not just to Great Commission Ministries but to the community. You are

an excellent corporate citizen. We appreciate what you do, and we ask you to continue to do it.”

RBC this month celebrates its 115-year presence in The Bahamas. The new branch opening, attended by clients and community stakeholders, featured a tour of the One East Plaza facility.

rise as much or even fall, which also contributes to deflation.

Another point for deflation is that numerous electric car manufacturers are engaged in a fierce battle for customers. This has led to high discounts, which leads to falling prices for new electric vehicles.

A special factor in China’s inflation statistics has always been the price of pork, which accounts for a relatively large share in the calculation of consumer prices. Due to an oversupply of pigs, prices have fallen significantly recently.

Most economists consider deflation to be more dangerous for the development of an economy than slightly rising prices. So be careful what you wish for.

Prince Charles at One East Plaza will retain the same services and solutions for clients, including two automated teller machines (ATMs)

and

non-stop

depository services, while integrating innovation in terms of digital and mobile capabilities.

The

branch

also features a dedicated private banking office.

PAGE 6, Monday, November 13, 2023

THE TRIBUNE

BTC cell tower sale to help finance 5G FROM PAGE ONE go-ahead is now in the process of being finalised.

He added that Liberty Latin America’s agreement with Phoenix remains “subject” to obtaining all the necessary regulatory approvals in The Bahamas, including those from the central government - National Economic Council, Investments Board and Central Bank (exchange control) plus the Utilities Regulation

and Competition Authority (URCA) and the Grand Bahama Port Authority (GBPA) for Freeport.

Should all these permissions be forthcoming, Mr Grimes said the Bahamian share of the $355m sales proceeds would be split between Cable and Wireless Communications (CWC), BTC’s immediate parent which is owned by Liberty Latin America, and the Bahamian carrier and the Government.

NOTICE IN THE ESTATE OF MARIA REGINA WILLIAMS, late of Sequoia Street, Pinewood Gardens Subdivision in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are requested to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before “6th January, A.D., 2024”, and if required, to prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall have had Notice AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

Dated the 6th day of November, A.D., 2023.

NATHANIEL DEAN & Co. CHAMBERS Attorneys for the Administrator 55 Rosetta Street, Palmdale Nassau, The Bahamas (N. 6, 13, 20)

“It’s all in an effort to upgrade the facilities of BTC so that BTC could better service its customers, and part of the proceeds will be used from both sides, CWC and BTC and the Government of The Bahamas to invest in 5G (fifth generation) technology,” he told Tribune Business of the Phoenix deal. “That’s the intent.

“The Government has indicated part of the proceeds have to be set aside for upgrading BTC’s facilities, including 5G technology. That is part of the intent. There are approvals that have to come up, but that’s part of the intent of the Government of The Bahamas.”

Mr Grimes confirmed that all of BTC’s cell tower sites, both those owned and leased, are included in the Phoenix transaction.

Asked if these total 345, spread across the length and breadth of The Bahamas, he replied: “That sounds like a good figure.”

As to the status of the necessary approvals, the BTC vice-chairman said: “The Board of BTC has indicated its approval of the transaction and, as is usual, the transaction is subject to the usual approvals from the NEC, Investments Board, Central Bank, the GBPA in the case of Freeport, and URCA. We are finalising the final Board approval.”

Mr Grimes confirmed that the sale to Phoenix includes

www.ub.edu.bs

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“the towers themselves, and the land around the base of the towers.... It’s the land surrounding the footing of the towers”. BTC, and the other Liberty Latin America affiliates, will then lease back the towers via 15-20 rental agreements, enabling them to continue using the sites to deliver mobile and other services to consumers.

“This is a trend in the industry,” Mr Grimes added, explaining that it will allow BTC to focus on the quality and consistency of the communications services it provides to Bahamian businesses and households inclusive of 5G implementation.

“I think we’re moving in the right direction, and I think over the next two to three years we should see significant improvement in the service provided by BTC,” he said. “We are providing new technology to better assist us in providing service to Family Island consumers and will introduce that before the end of the year going into next.”

Liberty Latin America, in announcing the Phoenix deal on Friday, said it was part of a bid “to monetise approximately 1,300 mobile tower sites across” Panama, Jamaica, Puerto Rico, Barbados and the British Virgin Islands (BVI) as we as The Bahamas.

Given its archipelagic nature, The Bahamas’ 345 sites account for 26.5 percent - more than onequarter, or one out of every four sites - included in the deal. “The transaction also provides advantageous arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and PTI

(Phoenix) over the next five years,” the former said.

“Inclusive of these commitments the total proceeds increase to $407m. Net proceeds are expected to be used to reduce debt and further invest in the company’s businesses.” It is unclear how many of the extra 500 mobile tower sites will be built in The Bahamas.

The deal is also likely to reduce the impact of depreciation on BTC’s annual results, given that the cell tower sites will no longer be included on its balance sheets. It remains unclear, though, whether the Phoenix transaction will impact Aliv, which has facilities co-sharing agreements on multiple BTC towers.

Franklyn Butler, president of Cable Bahamas, which has the controlling interest in Aliv, could not be reached for comment.

Liberty Latin America, in unveiling the Phoenix transaction to financial analysts alongside its 2023 third quarter results, confirmed its affiliates will lease the towers back via 15-20 year agreements. It added that the transaction will take between three to six months to close.

Balan Nair, Liberty Latin America’s president and chief executive, said the carrier is not seeking to “monetise any other infrastructure” beyond the cell towers at this point. “We know, of course, we will be very opportunistic but no, that’s not what we’re looking at,” he added, also disclosing that no other cell site towers will be included.

“We are very pleased to have announced an agreement with a high quality partner in Phoenix Towers

that crystallises the value of approximately 1,300 of our mobile towers and infrastructure assets at a very attractive cash flow multiple,” Mr Nair continued.

“We will enter into a longterm lease agreement with Phoenix upon closing which will enable us to continue to deliver leading mobile services to our customers and our support network expansion, including further 5G deployment plans across the Caribbean and Latin America. We anticipate using the transaction proceeds to reduce third party debt and buy back shares.”

Dagan Kasavana, Phoenix Tower International’s (PTI) chief executive, said: “Phoenix is excited to partner with Liberty Latin America and expand its presence in the Caribbean and Panama. This transaction strengthens PTI’s presence in existing markets while representing new market expansion for PTI in the markets of The Bahamas, BVI and Barbados.

“As the largest independent owner of wireless towers in the Americas, we look forward to enhancing wireless access in these markets by serving all our wireless customers and the populations of the region with better connectivity and solutions to help our business partners achieve their goals. We appreciate greatly the hard work of both teams to consummate this fantastic transaction.”

Phoenix, a privatelyowned company, was formed one decade ago in 2013 and is backed by investors which include The Blackstone Group. Its goal is to own and operate wireless (cellular) infrastructure around the world.

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THE TRIBUNE

Monday, November 13, 2023, PAGE 7

BTC HEADQUARTERS

Unions: BTC owner ‘exporting all value’ FROM PAGE B3 and infrastructure assets at a very attractive cash flow multiple,” Mr Nair continued.

“We will enter into a long-term lease agreement with Phoenix upon closing which will enable us to continue to deliver leading mobile services to our customers and our support network expansion, including further 5G deployment plans across the Caribbean and Latin America. We anticipate using the transaction proceeds to reduce

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third party debt and buy back shares.”

Dagan Kasavana, Phoenix Tower International’s (PTI) chief executive, said: “Phoenix is excited to partner with Liberty Latin America and expand its presence in the Caribbean and Panama. This transaction strengthens PTI’s presence in existing markets while representing new market expansion for PTI in the markets of The Bahamas, BVI and Barbados.

“As the largest independent owner of wireless towers in the Americas, we look forward to enhancing

wireless access in these markets by serving all our wireless customers and the populations of the region with better connectivity and solutions to help our business partners achieve their goals. We appreciate greatly the hard work of both teams to consummate this fantastic transaction.”

Phoenix, a privatelyowned company, was formed one decade ago in 2013 and is backed by investors which include The Blackstone Group. Its goal is to own and operate wireless (cellular) infrastructure around the world.

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.

PAGE 8, Monday, November 13, 2023

THE TRIBUNE

Up to $100m targeted in Abaco ports investment particular, be brought back into compliance with international security and other standards after being devastated by Hurricane Dorian.

However, she agreed that it was “a catch 22” because the introduction of new and/or increased fees to pay for the redevelopment, and give the winning bidder a return on its investment, threatens to further burden Abaco households and businesses already struggling with inflation and the cost of living crisis.

Mrs DeGregory Miaoulis acknowledged that the Marsh Harbour port had been “at risk” prior to Dorian, most notably in summer 2019 just prior to the Category Five storm, when it failed its International Ship and Port Security (ISPS) “mock” inspection and was found in non-compliance with International Maritime Organisation (IMO) policies.

Such defects, if discovered during a formal inspection, could have resulted in the port being closed down. Ships transporting cargo between Florida and Marsh Harbour

would have had to discontinue their services, with cargo freight having to be sent first to Nassau before being transferred to smaller vessels such as mail boats for onward shipping to Abaco - an exercise imposing increased costs and time.

With Dorian’s impact on the Marsh Harbour port still lingering, Mrs DeGregory Miaoulis said: “It’s just a mess. It’s horrible to deal with that. Everybody tries to do their best but they are working in really sloppy conditions. Everything is on the open. It’s dusty, dirty, it’s an absolute mess when you have to go down there.

Security, efficiency, all of these things are at risk with the conditions at the port as it is now.

“You cannot hold anybody individually responsible. The companies are trying to do their best.

Customs are trying to do the best they can, but they have to go to work in an environment that’s a mess on a daily basis. When you think about people having to deal with that as a means of employment, it’s dispiriting. Then you want them to

have a good attitude. How are they supposed to have a good attitude whee=n they deal with a mess.”

The Abaco Chamber president praised Tropical Shipping for investing in a Marsh Harbour warehouse where Customs and other services are all contained “in-house”. However, she said “absolutely there would be” push back to the port PPP if it resulted in the imposition of significant fees on businesses and consumers.

“We cannot afford any more increases,” Mrs DeGregory Miaoulis told Tribune Business.

“If they’re significant it’s really going to hurt our economy but, by the same token, we cannot go without having it [the port] rebuilt. We need it, but can we afford to have another cost involved in it?

“It is a ‘catch 22’. There’s no right answer. You’ve got to pay to play. Percentage wise how much more are we going to be going up?

But we need our port, and whatever it takes to rebuild our port.... We need a first class port to ensure the island continues to develop and we need to pay for it.”

Gov’t eyes purchase of Freeport’s Bazaar

when heading the trade and investment mission to Nigeria and Ghana. The visit also resulted in the signing of a Memorandum of Understanding (MoU) between the Government and Africa Export-Import Bank, which could potentially provide the project financing.

No specific location was identified for the Marketplace, but the International Bazaar site would provide a central spot in Freeport and offer a history compatible with the Government’s objectives. “The purpose of the MoU is to provide a broad framework for collaboration to harmonise efforts in Africa and The Bahamas, but specifically in Grand Bahama,” Mrs Moxey said.

She added that the MoU partnership will begin with the African-Caribbean Marketplace, or ‘International Marketplace’, to be located on Grand Bahama. “Not only will the marketplace promote and distribute African and Caribbean products, but it will also offer a taste of Africa and the Caribbean, making it an appealing tourist attraction,” Mrs Moxey added.

“In the marketplace, we envision seamless connectivity for trade between Africa and the Caribbean through the African

Continental Free Trade Area (AfCFTA), with the Caribbean as the sixth region, and the added advantage of a 230-squaremile free-trade zone offering tax concessions on Grand Bahama.”

Using Grand Bahama’s proximity to the US, the marketplace is expected to provide strategic opportunities for value-added manufacturing, transshipment, distribution and logistics. “This vision, however, goes beyond mere trade,” Mrs Moxey said.

“It represents the culmination of a world-class experience, showcasing the rich cultures of Africa and the Caribbean. The African-Caribbean Marketplace will become the home of ‘All things African and Caribbean’. It will feature a ‘Bahamas Bazaar’ representing each inhabited island of The Bahamas.

“With its conceptual design, including an amphitheatre, featuring a performance arts theatre, African and Caribbeanflavoured concessions and unique architecture reflecting the authenticity of our cultures, we aim to create a space that resonates with the spirit of Africa and the Caribbean.”

FROM PAGE B1 with the Government wanting them to employ a workforce that is 80 percent Bahamian at a minimum.

“The Government recognises the importance of the transport sector, particularly the transshipment of goods internationally and domestically towards the further development of The Bahamas,” the Marsh Harbour port RFP said.

“Additionally, with regard to the projected annual growth of maritime transport by 3 percent, as well as the importance of enhancing the country’s capacity to transship the requisite goods between international and domestic ports, the Government of The Bahamas seeks the efficient and effective management and operations of the Marsh Harbour Port via a public-private-partnership arrangement.

“In particular, the Government seeks to lower the cost of living for Bahamians by reducing the cost of imported and exported goods; expand Bahamian ownership in the economy by creating new investment opportunities; broaden

FROM PAGE B1 John Bull and the Chee-ATow family.

Declining to provide specifics, likely because talks with the Government are at an early stage, Mr Paine said of the initial meetings: “We have worked through some figures as it relates to square footage and common areas. Essentially, with 90 percent of the buildings vandalised or destroyed by fire, the only real value is in the land...

“Obviously, the redevelopment of this entire area would be an enormous benefit to the very heart of Freeport, bringing life and activity to what has been such a depressed area for so long. The Port Authority has been doing an excellent

the ownership base in the transport (shipping) sector in The Bahamas; and facilitate public and private sector collaboration in The Bahamas.”

The RFP continued: “To achieve the aforementioned objectives, the Government has determined that the Marsh Harbour port occupying 16 acres of property in Marsh Harbour shall be jointly managed by the Government [and] a consortium of private sector business entities operating in The Bahamas.

“The Government is satisfied that public-private partnership management of the port is in the best interest of The Bahamas in general and, in particular, the community of Marsh Harbour. Moreover, the Government acknowledges that the development, operation and maintenance of modern port facilities is vital to the economic sector of The Bahamas.

“Therefore, interested bidders will be expected to further develop, manage, operate and maintain the port as a modern cargo port terminal facility offering International, domestic,

job in demolishing a number of the buildings which are considered a danger to the public, which I understand will continue in the coming months.

“I think any potential investor would want to start with a clean slate. We anticipate there will be more talks in the weeks ahead.”

The International Bazaar, which has steadily deteriorated ever since the Royal Oasis resort that supplied a significant proportion of its customer base closed in 2004, suffered further recent blows as a result of two fires that further devastated what remained of many buildings.

Darrin Woods, the hotel union’s president, told Tribune Business he had been made aware of the Government’s potential interest by

and warehousing services for receiving and berthing ships, and transferring cargo and persons thereto with due diligence, care and skill.”

The winning bidder will have the right to appoint a majority four, out of the seven, directors who will sit on both the Marsh Harbour and Cooper’s Town Boards.

While the private sector will have the right to select the chairman, he/she will have to be approved by the Government.

The Board will also be able to propose a variety of tariffs and fees, including security; gate; landing; and utility charges, plus demurrage levies on equipment that is landed by the shipping carriers and charges for the storage and detention of cargo, containers and vessels. No indication was given, though, as to the likely amount of each charge or fee, and whether any maximum limits will be imposed.

Daphne DeGregory Miaoulis, the Abaco Chamber of Commerce president, told Tribune Business it was “massively important” that Marsh Harbour’s port, in

Mr Paine and said it would “be a blessing for us” to exit the BHCAWU’s ownership interest given the losses it has incurred over the years.

“I know there’s been some discussions involving Chris Paine, the Association’s president,” Mr Woods confirmed. “He and I are supposed to have a meeting when I go back to Grand Bahama. I was tied up in industrial agreement negotiations. I was calling him to arrange a meeting and find out where he was. Definitely we need to check into it. I’ll have to try and get some more information.”

Readily acknowledging the Bazaar’s derelict condition, the hotel union chief said of selling the property: “I’ll tell you one thing: It will be a blessing for us. It’s

just sitting there, and has been for so many years. For us to get it off our hands and to have someone develop it....

“Because there are multiple owners they couldn’t agree on what the value of their property was. Everyone was talking about sentimental value, not actual value. Now it’s in a really bad way. It’s just sitting there. If someone develops it and does something with it, we’d be more than happy to be out to be honest. It wouldn’t compensate us for losses over the years, but something would be better than nothing.”

Mrs Moxey told the House of Assembly in June that the African-Caribbean Marketplace was among the projects she discussed

THE TRIBUNE

Monday, November 13, 2023, PAGE 9

A fragile global economy is at stake as US and China seek to cool tensions at APEC summit

By PAUL WISEMAN AP Economics Writer THE United States and China are the two global economic heavyweights.

Combined, they produce more than 40% of the world's goods and services.

So when Washington and Beijing do economic battle, as they have for five years running, the rest of the world suffers, too. And when they hold a rare highlevel summit, as Presidents Joe Biden and Xi Jinping will this week, it can have global consequences.

The world's economy could surely benefit from a U.S.-China détente. Since 2020, it has suffered one crisis after another — the COVID-19 pandemic, soaring inflation, surging interest rates, violent conflicts in Ukraine and now Gaza. The global economy is expected to grow a lackluster 3% this year and 2.9% in 2024, according to the International Monetary Fund.

"Having the world's two largest economies at loggerheads at such a fraught moment," said Eswar Prasad, senior professor of trade policy at Cornell University, "exacerbates the negative impact of various geopolitical shocks that have hit the world economy."

Hopes have risen that Washington and Beijing can at least cool some of their economic tensions at the Asia-Pacific Economic Cooperation summit, which

starts Sunday in San Francisco. The meeting will bring together 21 Pacific Rim countries, which collectively represent 40% of the world's people and nearly half of global trade.

The marquee event will be the Biden-Xi meeting Wednesday on the sidelines of the summit, the first time the two leaders will have spoken in a year, during which time frictions between the two nations have worsened. The White House has sought to tamp down expectations, saying to expect no breakthroughs.

At the same time, Prasad suggested that the threshold for declaring a successful outcome is relatively low. "Preventing any further deterioration in the bilateral economic relationship," he said, "would already be a victory for both sides.''

The U.S.-China economic relationship had been deteriorating for years before it erupted in 2018, at the instigation of President Donald Trump, into an all-out trade war. The Trump administration charged that China had violated the commitments it made, in joining the World Trade Organization in 2001, to open its vast market to U.S. and other foreign companies that wanted to sell their goods and services there.

In 2018, the Trump administration began imposing tariffs on Chinese imports to punish Beijing for its actions in trying to supplant U.S. technological

NOTICE NOTICE is hereby given that DIEULA JACQUES, P.O Box AP-59247, Soldier Road, 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 13th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JOSEPH DIT BIENCHE PETIT, Marsh Harbour, Abaco 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 13th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that MYCHEL GENDGI AVILMA, Lifebuoy 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 13th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that DIEULA FRANCOIS PROPHETE, P.O. Box NP-7060, 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 6th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

U.S. President Joe Biden, right, stands with Chinese President Xi Jinping before a meeting on the sidelines of the G20 summit on Nov. 14, 2022, in Bali, Indonesia. When Washington and Beijing do economic battle – as they have for five years now – the rest of the world suffers, too. And when they hold a top-level summit – as Biden and Xi will this week – the rest of the world pays attention.

Photo:Alex Brandon/AP

supremacy. Many experts agreed with the administration that Beijing had engaged in cyberespionage and had improperly demanded that foreign companies turn over trade secrets as the price of gaining access to the Chinese market. Beijing punched back against Trump's sanctions with its own retaliatory tariffs, making U.S. goods more expensive for Chinese buyers.

Sen. Mark Warner, chairman of the Senate Intelligence Committee, said the U.S. must keep pressuring on China over the theft of intellectual property and enlist the support of allies in the region.

"National security now is not simply who's got the most tanks and guns and ships and planes. It's who's going to win the battle for artificial intelligence, quantum computing, advanced telecommunications, 5G and beyond," Warner, D-Va., said on "Fox News Sunday."

When Biden took office in 2021, he kept much of

Trump's confrontational trade policy, including the China tariffs. The U.S. tax rate on Chinese imports now exceeds 19%, versus 3% at the start of 2018, before Trump imposed his tariffs. Likewise, Chinese import taxes on U.S. goods are up to 21%, from 8% before the trade war began, according to calculations by Chad Bown of the Peterson Institute for International Economics.

One of the tenets of Biden's economic policy has been to reduce America's economic reliance on Chinese factories, which came under strain when COVID19 disrupted global supply chains, and to solidify partnerships with other Asian nations. As part of that policy, the Biden administration last year forged the Indo-Pacific Economic Framework for Prosperity with 14 countries.

In some ways, U.S.-China trade tensions are even higher under Biden than they were under Trump.

Beijing is seething over the Biden administration's

decision to impose — and then broaden — export controls that are designed to prevent China from acquiring advanced computer chips and the equipment to produce them. In August, Beijing countered with its own trade curbs: It began requiring that Chinese exporters of gallium and germanium, metals used in computer chips and solar cells, obtain government licenses to send those metals overseas.

Beijing has also taken aggressive actions against foreign companies in China.

Orchestrating what appears to be a counterespionage campaign, its authorities this year raided the Chinese offices of the U.S. consulting firms Capvision and the Mintz Group, questioned Shanghai employees of the Bain & Co. consultancy and announced a security review of the chipmaker Micron.

Some analysts speak of a "decoupling'' of the world's two biggest economies after decades in which they relied deeply on each other for trade. Indeed, imports of Chinese goods to the United States were down 24% through September compared with the same period of 2022.

The rift between Beijing and Washington has forced many other countries into

a delicate predicament: deciding which side they're on when they actually want to do business with both countries.

The IMF says such economic "fragmentation'' is damaging to the world. The 190-country lending agency estimates that higher trade barriers will subtract $7.4 trillion from global economic output after the world has adjusted to the higher trade barriers.

And those barriers are rising. Last year, the IMF said, countries imposed nearly 3,000 new restrictions on trade, up from fewer than 1,000 in 2019.

The agency foresees international trade growing just 0.9% this year and 3.5% in 2024 — down sharply from the 2000-2019 annual average of 4.9%.

The Biden administration insists it isn't trying to undermine China's economy. On Friday, Treasury Secretary Janet Yellen met with her Chinese counterpart, Vice Premier He Lifeng, in San Francisco and sought to set the stage for Biden-Xi summit.

"Our mutual desire — both China and the United States — is to create a level playing field and ongoing, meaningful and mutually beneficial economic relations," Yellen said.

PAGE 10, Monday, November 13, 2023

THE TRIBUNE

ArawakX ‘good undeniable’ yet KC confident on full winding-up FROM PAGE B1 Besides the capital markets regulator’s case being “self-evident”, he argued that Sir Ian Winder’s decision was critical to preventing “threatened reputational damage” to both the financial services industry and crowd-funding as a concept.

Both men spoke out after the Supreme Court on Friday agreed to the appointment of Ed Rahming, founder and managing director of Intelisys (Bahamas), and Cheryl Simms, the Kikivarakis & Co accountant, as co-provisional liquidators for ArawakX. They will now take control of the company’s operations and corporate records from management, which must surrender both.

The petition for the full winding-up of the crowdfunding platform will be heard on March 11 and 12, 2024. It will give Mr Rahming, his son and their attorneys another opportunity to contest the move, and the Securities Commission’s application, in the hope they can regain control despite the Chief Justice finding the regulator has made “a prima facie case” for the winding-up.

Mr Rahming told this newspaper he had yet to decide whether to appeal Sir Ian’s initial verdict. “I have to discuss that with my attorney,” he said. “What we’re doing right now is taking stock of where everything is, reviewing everything and then we will make a decision. We just need some time to digest, to review and discuss our options.

Reiterating that he has “every confidence in the legal system” when it comes to the outcome of ArawakX’s battle with the Securities Commission, Mr Rahming added: “Of course I would have liked the ruling to go our way but it didn’t go that way. I live in a land of laws and obey them.”

The ArawakX president said the “substantive case”, in the form of the full winding-up petition, has yet to be heard and argued that once it happens “people will understand what it takes to operate in this market and the adjustments needed on the regulatory side to make this possible”.

Implying that the Securities Commission’s approach to regulation is too prescriptive and rigid, Mr Rahming added: “Crowd-funding is needed in The Bahamas, and needs specialist skillsets and a specialist mindset

to operate an exchange in this environment.”

He argued that it was difficult to do so given the regulatory framework in which ArawakX operated, and said: “A lot of adjustments we had to take on the chin. We’ve been pioneers, innovators in this field and that will be very clear to anybody following up on this.... Hopefully adjustments will be made, but it’s kind of tough being the first one in.”

Pointing to the four issuers, out of six total offerings, that met their minimum crowd-fund raise via ArawakX, Mr Rahming added: “Nobody can deny the good things we have been doing. That’s undeniable. We have created jobs, we have provided capital to market participants. We had a pipeline. People are still calling me daily.

“There’s no one in the region that had a successful launch of this and we did. I have every confidence it will survive, because it’s good for the people and good for the country. Here am I, bloodied but unbowed.”

Mr Scott, though, countered that Sir Ian’s judgment shows precisely why the Securities Commission’s regulatory action was “selfevidently not only in the

interests of the financial services industry but in the public interest as well as having regard to the reputational damage or threatened reputational damage to the industry and this new technology of crowd-funding”.

Acknowledging that crowd-funding, in and of itself, provides a mechanism to link entrepreneurs requiring financing with potential investors if done correctly, Mr Scott added: “The reputational fall-out from the activities of MDollaz, trading as ArawakX, threatened the growth of that industry and reputation in general of financial services in The Bahamas.

“I think it was the right decision and, as he said in his judgment, there were more than sufficient grounds for bringing a winding-up petition. I have no doubt that in the events which will follow next year, a windingup Order will be made.

“It is important and vital to the industry that we shut down market abuse by rogue operators. Last week was an important step in the protection of the local capital markets and to protect the burgeoning growth, which is still very embryonic, of the crowd-funding prototype.”

Sir Ian on Thursday ruled there is more than sufficient evidence” of ArawakX’s $2.4m insolvency to justify appointing a provisional liquidator to take control of its affairs and protect assets.

Deciding in favour of the Securities Commission, he was satisfied the regulator had made “a prima facie case” to oust directors and management of The Bahamas’ first-ever crowd-funding platform on the basis of its solvency deficiency, alleged legal and regulatory breaches that include the “commingling” of client and company monies, and corporate governance deficiencies.

In particular, Sir Ian found ArawakX and its principals provided “no real evidence.... to counter” the capital markets regulator’s assertions that it was insolvent since draft audited financial statements showed negative equity of $2.3m at end-July 2022.

“I accept, on the evidence, that the Commission is satisfied that the company’s insolvency issues, governance irregularities, regulatory breaches and possible criminal infractions have together become insurmountable, resulting in there being more than sufficient cause to have the company wound-up,” the Chief Justice wrote in yesterday’s 19-page verdict.

“I am satisfied that the Commission has made out a case that there is a necessity to appoint provisional liquidators to prevent mismanagement or misconduct on the part of the company’s directors and that it is in the public interest.”

While appointing a provisional liquidator is “a serious step”, he added that it did not necessarily mean ArawakX will go into full liquidation. To secure the former, the Securities Commission only needed to establish “a prima facie case”, which “is not a very high bar at all”, and Sir Ian found that the crowd-funding platform’s matter “easily qualifies”.

“There is more than sufficient evidence to find that the company is insolvent, if only to a prima facie standard,” Sir Ian ruled. He cited ArawakX’s draft financial statements, including the $2.3m negative equity that had risen “substantially” from a negative $551,000 in 2021, and the “major net loss” of $1.75m for that year.

This had “grown by two times” compared to 2021’s $909,000 loss.

ArawakX’s $200,000 income was only sufficient to pay its rent, and no other operating expenses, while the raising of $1.9m from investors had not been approved by the Securities Commission. Accounts payables had risen by 1,032 percent; additional debts of $500,000 were identified; there were insufficient assets to meet all debts; and some investors and staff had been unable to receive refunds and salaries, respectively.

THE TRIBUNE

Monday, November 13, 2023, PAGE 13

NONPROFITS MAKING PROGRESS IN TACKLING HOMELESSNESS AMONG VETERANS, BUT CHALLENGES REMAIN

By R.J. RICO Associated Press ALONG a busy Atlanta residential road, a 68-yearold Vietnam War-era Army veteran has found what he calls a "match made in heaven."

Harold Tilson Jr. found himself homeless earlier this year but for the past few months has been living in transitional housing run by the nonprofit Veterans Empowerment Organization, or VEO. It provides emergency and permanent housing for dozens of previously homeless military veterans.

"If you're homeless and you need help, you couldn't ask for a better place to go because they take care of just about everything," Tilson said.

It's part of a years-long effort by government agencies and nonprofits around the country to address homelessness among veterans. Since January 2020, the numbers of homeless veterans have fallen 11% and have gone down 55% over the past 13 years, according to a government count.

That's in sharp contrast with the general homeless population.

Authorities credit the Obama administration's work to make housing veterans a top priority and more recently the $1.9 trillion coronavirus relief package that boosted the Department of Veteran Affairs' homeless programs and expanded rental aid. Advocates also point to partnerships between government agencies, nonprofits and corporate foundations.

Last month, the VA gave $1 billion in grants to community nonprofits for the upcoming year to tackle the issue, the most ever, said Jill Albanese, director of clinical operations

at the Veterans Health Administration's Homeless Programs Office.

"This isn't something that we're doing on our own: This is really something that we're doing through partnerships," Albanese said. "They're the experts on homelessness in their communities."

Still, the number of veterans living on the streets is significant. There are more than 33,000 homeless veterans, according to the 2022 Point-in-Time count conducted by the VA and Department of Housing and Urban Development, as well as the U.S. Interagency Council on Homelessness.

And much still needs to be done, said Kathryn Monet, CEO of the National Coalition for Homeless Veterans, calling it a "moving target" — just as people are moving out of homelessness, others become unhoused every day. Affordable housing is key, she said, though communities nationwide have struggled with that.

Along with housing, the VEO offers classes about financial literacy, securing VA benefits and how to get on a path toward employment and housing independence. There's also a common area for reading and a gym for working out.

"We are proud to say that we are not a shelter. This is a program center, meaning the veteran has to put some skin in the game," said Tony Kimbrough, a former military intelligence officer and CEO of the nonprofit, which started in 2008 with a single two-bedroom house.

"We're going to put a ton of it in there, but we expect a little bit of back-and-forth."

Tilson became homeless in February when he was forced out of the triplex he was renting south of Atlanta.

PAGE 14, Monday, November 13, 2023

THE TRIBUNE

OBESITY DRUG WEGOVY CUT RISK OF SERIOUS HEART PROBLEMS BY 20%, STUDY FINDS THIS image provided

by Novo Nordisk in January 2023, shows packaging for the company’s Wegovy medication. According to a study published Saturday, Nov. 11, 2023, in the New England Journal of Medicine, the popular weightloss drug reduced the risk of serious heart problems by 20%, and could change the way doctors treat certain heart patients.

Photo:Novo Nordisk/ AP

By JONEL ALECCIA AP Health Writer THE popular weight-loss drug Wegovy reduced the risk of serious heart problems by 20% in a large, international study that experts say could change the way doctors treat certain heart patients.

The research is the first to document that an obesity medication can not only pare pounds, but also safely prevent a heart attack, stroke or a heartrelated death in people who already have heart disease — but not diabetes.

The findings could shift perceptions that the new class of obesity drugs are cosmetic treatments and put pressure on health insurers to cover them.

"It moves from a kind of therapy that reduces body weight to a therapy that reduces cardiovascular events," said Dr. Michael Lincoff, the study's lead author and a heart expert at the Cleveland Clinic.

Wegovy is a high-dose version of the diabetes treatment Ozempic, which already has been shown to reduce the risk of serious heart problems in people who have diabetes. The new study looked to see if the same was true in those who don't have that disease.

Experts have known for years that losing weight can improve heart health, but there hasn't been a safe and effective obesity medication proven to reduce specific risks, said Dr. Francisco Lopez-Jimenez, a heart expert at the Mayo Clinic.

He expects the new findings to change treatment guidelines and "dominate the conversation" for years to come.

"This is the population who needs the medicine the most," said Lopez-Jimenez, who had no role in the study.

In the U.S., there are about 6.6 million people like those tested in the study, experts said.

The results were published Saturday in the New England Journal of Medicine and presented at a medical conference in Philadelphia. Novo Nordisk, the maker of Wegovy and Ozempic, has asked the U.S. Food and Drug Administration to include the heart benefits on Wegovy's label, like on Ozempic's.

The new study, paid for by the company, included more than 17,500 people in 41 countries. Participants were age 45 and older, had a body mass index of 27 or higher and were tracked for more than three years on average. They took typical drugs for their heart conditions, but they were also randomly assigned to receive weekly injections of Wegovy or a dummy shot.

The study found that 569, or 6.5%, of those who got the drug versus 701, or 8%, of those who received the dummy shot had a heart attack or stroke or died from a heart-related cause.

That's an overall reduction of 20% in the risk of those outcomes, the researchers reported.

The drop appeared to be fueled primarily by the difference in heart attacks, but the number of serious health complications reported were too small to tell whether the individual outcomes were caused by the drug or by chance.

Study volunteers who took Wegovy lost about 9% of their weight while the placebo group lost less than 1%.

The Wegovy group also saw drops in key markers of heart disease, including inflammation, cholesterol, blood sugars, blood pressure and waist circumference, noted Dr. Martha Gulati, a heart expert at Cedars-Sinai Medical Center in Los Angeles. Changes in those markers began early in the study, before participants lost much weight.

"It means to me that it's more than just weight loss, how this drug works," said Gulati, who had no role in what she called a landmark study.

Still, "it remains unclear" how much of the results were a benefit of losing weight or the drug itself, an editorial accompanying the study noted.

About a third of all study volunteers reported serious side effects. About 17% in the Wegovy group and about 8% in the comparison group left the study, mostly because of nausea, vomiting, diarrhea and other stomach-related problems.

Nearly three-quarters of participants were men and nearly 84% were white.

Gulati and others said future research needs to include more women and racial and ethnic minorities.

Wegovy is part of a new class of injectable medications for obesity. On Wednesday, the U.S. Food and Drug Administration approved Eli Lilly's Zepbound, a version of the diabetes drug Mounjaro, for weight control.

Both carry high price tags — monthly costs are about $1,300 for Wegovy and about $1,000 for Zepbound. And both have been in shortage for months, with manufacturers promising to boost supplies.

The medications are often not covered by private health insurance or subject to strict preauthorization requirements.

Medicare, the government health plan for older Americans, is prohibited from covering drugs for weight loss alone. But drugmakers and obesity treatment advocates have been pushing for broader coverage, including asking Congress to pass legislation to mandate that Medicare pay for the drugs.

Results from the latest study and others that show the obesity drugs have a direct effect on costly health problems could be a factor in shifting the calculus of coverage, said Dr. Mark McClellan, former chief of the Centers for Medicare and Medicaid Services and the FDA. In 2006, Medicare was allowed to cover weight-loss surgery to treat the complications of severe obesity, if not obesity itself, he noted.

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