11142024 BUSINESS

THURSDAY, NOVEMBER 14, 2024

Sarkis wants CCA’s Nassau resorts as $1.642bn security

By NEIL HARTNELL

Editor

BAHA Mar’s original developer last night argued that the two Nassau hotels owned by the project’s contractor should be pledged as security for its New York appeal against his $1.642bn damages verdict.

Sarkis Izmirlian, arguing that it was “speculative” for China Construction America (CCA) to assert that enforcing his award would harm its two Nassau hotels and their employees, said downtown Nassau’s British Colonial and Margaritaville Beach Resort - the latter part of The Pointe complex - were sufficiently valuable to at least cover part of his damages.

Calling on the New York State Supreme Court’s appeals division to dismiss the bid by CCA to obtain an injunction preventing him from collecting on his comprehensive legal win, Baha Mar’s original developer asserted that he and his BML Properties vehicle would be the ones to suffer

“significant and irreparable harm” if the Chinese stateowned contractor succeeds. “CCA has not established its entitlement to any discretionary stay of enforcement. If the court is nonetheless inclined to grant some stay, it should exercise its discretion to impose conditions on that stay,” Mr Izmirlian argued in legal filings. “At a minimum, the court should condition any stay on CCA posting a meaningful form and amount of securityeven if not a bond - and submitting proof to this

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN Eleuthera project’s Bahamian co-founder yesterday moved to reassure that the developer did not use its own study to obtain the necessary environmental approvals from the Government.

Carlos Palacious told Tribune Business that while his company, BRON Ltd, conducted its own investigation for the Sunset Marina and Marina Village development in Governor’s Harbour, it was a separate Environmental Impact Assessment (EIA) by another firm, JSS Consulting, that was submitted to the authorities to obtain the project’s certificate of environmental clearance (CEC).

He spoke out after concerns were raised that “the fox was watching the hen house” because BRON’s involvement meant the developer conducted its own EIA rather than an independent third-party. This newspaper’s own records confirm that BRON produced the initial EIA for a project that will feature 49 single family lots on a near-31 acre

site plus develop a 32-slip marina and two 10,000 gallon fuel storage tanks.

And, while the official groundbreaking for the Sunset Marina project took place last week attended by two Cabinet ministers, several residents of Governor’s Harbour are continuing to voice concerns over the location’s suitability for a marina given its exposure to winds from the north-west in the winter that “smash” large boats into the rocks

Insurers: Time running out for Road Traffic Act clarity

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN insurers yesterday warned they and the Government are rapidly running out of time to resolve the “confusion” and uncertainty surrounding implementation of the new Road Traffic Act reforms.

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Ministry of Finance’s top official yesterday revealed he expects next year’s Business Licence fee revenues to be “extraordinary” following a 10 percent increase in collections this year.

Describing some of the reforms as “a heavy burden”, as they effectively make Bahamian property and casualty insurers responsible for policing uninsured drivers, they explained that among the unresolved issues is how to align clients with the Act’s new requirement that they renew coverage during their birth month.

This, from the Government’s perspective, is designed to ensure insurance policy renewals occur in the same month as persons licence their vehicle. This will act as another check by, in theory, forcing

Industry executives told Tribune Business there are “some administrative headaches” over how the legislative changes passed by Parliament earlier this year will be enacted in practice. They asserted that these issues must be addressed before the amendments take effect on January 1, 2025 - a deadline that is just six to seven weeks away.

Simon Wilson, the financial secretary, addressing the Bahamas Institute of Chartered Accountants (BICA) accountants’ week conference, gave the optimistic forecast when asked by an attendee to compare the revenue generated since the introduction of the new Business Licence Act and the administration’s enhanced enforcement and compliance efforts. He added that while not a “fair comparison”, as the majority of Business

SIMON WILSON

SARKIS IZMIRLIAN

Reignite your passion to fix failing companies

Imagine starting a business that you built into a ‘million dollar company’ through sheer hard work but, after a few years, you notice it is failing. You begin to encounter multiple problems such as decreasing revenue, customers shifting towards competitors, and investors not providing funding any more. Why would this be happening even though you have done everything right? Why is your business not making money? Are prices set too high? Too low? Are you targeting the wrong customers? Lots of questions and so few answers.

We have seen many wellknown businesses or brands slip, and go under, due to ignoring signs of business failure. Can you fix something if you do not know it is broken? How do you know when a business is not profitable? Simply put, profitability is the amount of money that a business earns. And, likewise, if a business is not profitable it is obviously losing money. Analyzing your cash flow statement, balance sheet and profit and loss accounts will tell you a great deal about your financial position and why you are not turning a profit. If a business is poorly managed, it will struggle to make a profit, which can lead to careless spending, mismanagement of resources and other difficulties.

How do you know your business is failing?

If you find your company’s funds are low (or non-existent), there may be a huge problem. New companies may be entering the market to offer a similar product or service, or perhaps sales are low due to influences outside your control. To determine

By

DEIDRE BASTIAN

your own company’s profitability, you will need to gather all financial information, including receipts for expenses, together and total them.

Along with pinpointing your problem areas, you can also create a business budget that offers the ability to cut down on unnecessary expenses, and regularly track your cash flow. To help stay on top of your cash flow, consider investing in an accountant to keep you abreast of your company’s overall financial position.

What will happen if you do not make a profit?

Without sufficient capital or financial resources to sustain and run your business, failure is imminent. No business can survive for a significant amount of time without making a profit.

Let us face it, sales fluctuate up and down and, as a business owner, you will likely have peak seasons and slow seasons. But experiencing a year-round “slow season” is a whole different event, which could be a sign that your business is failing.

Plummeting sales and disappearing customers are situations that no business wants to see or admit to having. If you find these issues becoming a pattern, make every effort to make some changes … and fast. Think back to when you started your small business. Remember how passionate you were about starting your company? Remember all the blood, sweat and tears you put into making your dream a reality? Do you feel the same way today?

Passion drives your business to success. And if you are no longer motivated, your business will suffer the consequences. If you see signs of lost passion, take a step back and think about your company’s past and future. Think back to why you started your business in the first place. Additionally, if your passion is not fuelling your business, you might need to make a change for the sake of its success. Ultimately, creating a profitable business is a gradual process. On average, a business takes roughly two to three years to become profitable. Many factors determine profitability and, while some small businesses fail within the first year, others with low start-up costs can be profitable within that time. Until we meet again, live life for memories as opposed to regrets. Enjoy life and stay on top of your game.

welcomes feedback at deedee21bastian@gmail.coma brand marketing analyst/ skilled graphic designer, international award-winning author and certified life coach.

CIBC UNVEILS FINANCING DEAL WITH ELECTRIC VEHICLE DEALER

CIBC Caribbean (Bahamas) says it has teamed with EV Motors to offer auto buyers a financing solution designed to drive faster adoption of electric vehicles (EVs) in The Bahamas.

Inger Johnson, CIBC Caribbean’s district manager, said: “As the demand for sustainable solutions grows, our collaboration with EV Motors signifies a pivotal shift in how we think about transportation and financing. By providing tailored financing options, we are enabling more individuals to make environmentally responsible choices that align with their lifestyles and brand preferences.”

During a recent visit to EV Motors’ Tonique Williams-Darling Highway location, CIBC Caribbean team members assessed Mercedes, BMW, Toyota

and BYD models, as well as other brands.

Jayme Pinder, EV Motors’ director of marketing, said: “Aligning with CIBC Caribbean allows us to expand our reach and empower more Bahamians to drive the future of transportation. This collaboration is not just about selling cars; it’s about driving change and fostering a sustainable legacy.”

CIBC Caribbean and EV Motors, in a statement, said their partnership will lower the barriers to Bahamian consumers being able to acquire electric vehicles. This, they added, will help to reduce the carbon footprint in The Bahamas. EV Motors added that it has a team of certified electric vehicle technicians for maintenance and warranty on all its vehicles.

Gov’t optimistic on target for deficit below $100m

By FAY SIMMONS Tribune Business

THE Ministry of Finance’s top official yesterday asserted that the Government is still on target to meet its 20242025 fiscal targets despite the near ten-fold rise in the deficit during the year’s first two months.

Simon Wilson, the financial secretary, told the Bahamas Institute of Chartered Accountants’ (BICA) accountants week conference that the early increase in the deficit will “moderate” over the full 12 months and the Government “fully expects” it will come in below $100m.

“On the fiscal front, the Government is still operating within the bounds of its fiscal plan, as presented in the 2024-2025 Budget,” said Mr Wilson. “Due to the cyclical nature of revenues and the improved programme execution, there has been an increasing yearover-year deficit in the first quarter but this will moderate over the course of the fiscal year.

“As for the debt strategy, there’s been no significant change. Again, the timing of debt instruments [in] the fiscal cycle is not driven solely by immediate cash needs and also future needs. We fully expect a net increase of debt of less than $100m in line with the Budget projections.”

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.

However, 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 poweroften 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.

Mr Wilson, meanwhile, said the Ministry of Finance has seen “excellent results” from the new audit requirement for companies with turnover in excess of $5m.

While the business community has complained about the enhanced Business Licence reporting regime unveiled by the Prime Minister in the 2023-2024 Budget debate, Mr Wilson said those full audited financial statements have benefited many businesses by assisting them in opening credit lines to expand their firms.

He added that due to the Government’s increased attention to tax compliance, the goal of achieving a 25 percent revenue-to-GDP ratio is “very likely” in the medium term.

“In terms of tax administration, we’ve seen excellent results from the new audit requirements for Business Licence holders. The overall impact on the economy has also been positive, as many businesses have been able to use these audits for other purposes, such as getting credit, which is necessary for the expansion of business,” said Mr Wilson.

“The Ministry of Finance believes that it is seeing a structural adjustment in tax compliance in The Bahamas, thus makes achieving 25 percent revenue-to-GDP very likely in the medium term.” He added that the new 15 percent corporate income “heralds a new era for fiscal reform” in the country.

Mr Wilson said although there are less than 10 multinational entities making 750 million or more euros that will be required to pay the 15 percent tax, its impact will be “far reaching” as the Government is now considering new tax incentives for all businesses.

“The passage of the domestic minimum top-up tax (DMTT) legislation heralds a new era for fiscal reform for the Government.

The DMTT is the first tax on income in The Bahamas, and while the tax base will be relatively small, perhaps less than 10 companies, it will have far reaching implications,” said Mr Wilson.

“We are now considering a new framework of tax incentives, which will benefit the DMTT taxpayers, as well as Business Licence holders.”

Central Bank fights off new cyber attack

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

THE Central Bank yesterday said it is preparing for all possibilities after successfully fighting off a cyber attack last week.

Luther Smith, the regulator’s chief information security officer, told the CyberTek Bahamas Cybersecurity Summit that while the distributed denial of service (DDoS) attack was unsuccessful “we tend to want to be proactive as opposed to reactive”.

He added: “I think it was about a week ago we were the subject of a DDoS attack. But, of course, luckily they were not successful in their attempts. A DDoS attack is a denial of service attack - distributed denial of service attack.

“So, at the end of the day, the objective is to render a website unavailable.Typically it affects availability. It’s not one of those attacks where they look to compromise data and information, but it typically focuses on availability of the resource.

“Any time we see instances of that, we would obviously have a heightened posture with respect to what we may be facing. So, naturally, we would have mobilised all of our resources to ensure that there isn’t a more imminent threat that is pending,” Mr Smith said.

“So we tend to want to be proactive as opposed to reactive. So, again, in this instance we were able to avert what the threat actor was attempting to do. But, at the same time, we don’t necessarily look at that as a one off. We’re going to prepare ourselves for anything

else that they may potentially throw at us.”

Mr Smith added that “user awareness training” should be increased, and it should be taught in Bahamian schools given that technology is now such a large part of daily life.

“I think where we need to go further now is to increase our user awareness training,” he said. “As a corporation, we’re doing it, but I think at the same time that needs to be incorporated into our curriculums in the schools. Students need to understand now what the risks are with cyber security. They’re growing up in an age where a computer is their tool.”

Mr Smith added that “information sharing” is vital to help increase protection among everyone. “User awareness, training, information sharing, I think those are big,”

he said. “And information sharing from the standpoint that in this age of cyber, I don’t need to be the victim of the same attack that you were the victim of.

“I think I can learn from what you would have went through. If we’re willing to share that information, then we can do what we need to do on our end to protect ourselves against that same threat actor.” Another important factor to consider is reputation. The reputational impact a cyber attack on a business can be great. However, according to Mr Smith, transparency may actually save a company’s reputation.

“We’re always concerned about reputational impact,” Mr Smith said. “That is something that is paramount. But, at the end of the day, we take confidence

Doctors Hospital opens PI facility

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

DOCTORS Hospital opened the doors of its Paradise Island Medical Centre (PIMC) yesterday, providing services to residents, employees and visitors.

Dennis Deveaux, the BISX-listed healthcare provider’s chief financial officer, told reporters the facility could see 20 to 30 patients daily taking advantage of a wide range of services including urgent care, x-ray and ultrasound imaging, as well as prescription filling and laboratory work.

“The driving force behind the opening of the PIMC really starts with the vision of our president and CEO, and that translates into Doctors Hospital’s, commitment to provide high quality but affordable care to communities within The Bahamas. We need to be in the communities where people live and serve those communities,” said Mr Deveaux.

“Traditionally, a clinic like this would see anywhere from 20 to 30 patients per day, and that count could range services, you know, people coming in with an urgent medical need that requires the immediate intervention of a doctor. We really are intending that this is a full-service medical centre, urgent care, the annual physical, the imaging sub studies if you need those, prescriptions and laboratory services.”

While declining to say how much was allocated for the facility, Mr Deveaux said he prefers patients to consider the health centre

in terms of “access and affordability”.

Acknowledging many patients have apprehensions due to the cost of hospital services, he maintained that all of Doctor’s Hospital’s clinics provide affordable services for its outpatient services.

“It’s not a question of the amount of money that has been spent. And clearly, working with our board of directors, we try to make good business decisions that would cause our shareholders to see increased value. But really in the space of finances, we want folks to really think about the issue of access and affordability,” said Mr Deveaux.

“Traditionally, folks know that hospital based care is expensive, and they

carry that feeling or perception into now what we call the outpatient space, or the clinic space, and we really want folks to be disabused at that notion that Paradise Island Medical Centre, all of our clinics really around the Commonwealth of the Bahamas, whether it’s Exuma, whether it’s the two clinics that we have in Grand Bahama all of the clinics around New Providence that you can walk in and they’re accessible and certainly affordable.”

Mr Deveaux said their Loyalty Advantage Membership Programme (LAMP) designed to provide healthcare solutions for both uninsured and underinsured Bahamians, as well as businesses in the

region has attracted almost 10,000 users.

“LAMP has been amazing and we look forward to the future of LAMP, where we start to take on additional risk, and that at some point LAMP really is a more comprehensive way for Bahamians to pay for health care,” said Mr Deveaux.

“But LAMP is amazing, we now have a membership approaching 10,000 people that are using a subscription-based programme to pay for their health care services. That means when you show up, you don’t have a very large bill, and that’s how we just put a real dent into this issue of access and affordability for Bahamians.”

Developer: Our own EIA not used to get approvals

between the 1648 restaurant and Bahama Handprints corner.

Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF) chief and environmental activist who lives in Governor’s Harbour, told Tribune Business that Sunset’s site was “a dangerous place to build a marina” while also voicing concerns that the public consultation process for the project was “inadequate” and appeared rushed.

However, Mr Palacious, a coastal engineer by profession, said he and his co-founder partner, Scott Blacquiere, were fully aware of the threat presented to boats docked in their planned marina by bad weather. Besides raising the height of the docks, he added that all boats a Sunset Marina would be kept out of the water on lifts and rejected suggestions this will be an impossibly expensive solution.

As for the project’s EIA, Mr Palacious confirmed that while BRON had conducted its own study it was that produced by JSS Consulting that was ultimately submitted to

the Department of Environmental Planning and Protection (DEPP) and used as the basis for obtaining the CEC that was issued on March 11, 2024.

Asserting that BRON simply made use of its own in-house “expertise to understand and evaluate the project”, he added: “We’ve been in this whole approval process for the last year. BRON produced one initially, and then JSS came in and produced their own EIA.

“They have no connection to us. They are a third party. Only one went through the process, which was JSS. JSS did the official EIA, and that was what was published and went through the entire process and received the CEC. That’s the one done by them.”

A Tribune Business report on September 4, 2023, stated that the EIA publicly disclosed at that time had been produced by BRON. And the issue of who compiled the Sunset EIA was raised following last November’s public consultation in written questions submitted to the developers by BREEF’s Mrs McKinney-Lambert.

She asked: “I would like to know who is on the

record for preparing the EIA? The October JSS version looks like a copy and paste of the July BRON EIA.” This drew a signed response from Janeen Bullard, JSS’ principal, who said: “JSS Consulting is the environmental consultant on record for preparing the EIA and the Environmental Management Plan (EMP) for the Sunset Estates and Marina development.

“Please note that all impacts to present flora and fauna will be addressed in the Environmental Management Plan and the on-site monitoring prior to and during construction. A full-time monitor will be onsite to conduct pre-assessments and continuous monitoring to ensure impacts are limited.”

Others, too, were unconvinced. One source, speaking on condition of anonymity, asserted: “The developer and the consultant are one and the same. BRON, they are the developer. How could the fox be watching the hen house?”

Despite last week’s ground breaking, which was attended by Glenys Hanna Martin, minister of education and technical training, and Clay Sweeting, minister of works and Family Island

affairs also in his capacity as local MP, the source said there remain “a lot of objections” to the project.

This was echoed by Mrs McKinney-Lambert, who told Tribune Business: “There are major concerns in the community of Governor’s Harbour about the proposed construction on the seaside and the construction of the marina within the bay. It’s a dangerous place to build a marina, and the consultation was not adequate for a development of this magnitude.

“A lot of people in Governor’s Harbour felt disenfranchised. It’s a small community and it would not have been difficult for people to be involved in the process.” The written account and report of the Sunset Marina public consultation, which was held in November 2023, was only publicly disclosed a week before last Friday’s ground-breaking and Mrs McKinney said much of what occurred was not included.

“It’s not a complete report,” she added. “I think they just need to listen to the people of Governor’s Harbour who have a vested interest in the history and attractiveness of this community. We’re not opposed to development but this is a drastic change for the community of Governor’s Harbour. It’s a drastic change and we don’t want people being pitted against development. It’s not that we don’t want development; we do.”

Paul Peatty, who used to run the dive boat operation for the former Club Med resort in Governor’s Harbour, backed Mrs McKinney-Lambert’s concerns over the marina location. “That whole area is a graveyard. Unless you put a breakwater in there it’s not going to work. I’ve been boating in that area

for 40 years and when the wind comes out of the west at 40-50 miles per hour, I’ve rescued quite a few boats at the French Leave dock.” He added that he had voiced such misgivings to the Sunset developers, who had told him they were “going to do it differently”.

And Doon McKinney, Mrs McKinney-Lambert’s mother, in her reply to the public consultation, wrote: “I agree that it would be wonderful to have a marina in Governors Harbour.

“However, in my opinion, having seen a number of large boats smashing into the rocks between 1648 and the corner where Bahama Handprints is, it is an unsuitable location for a marina, even if raised above the sea level. There is no protection from the relentless heavy winter north-west winds and storms as well as hurricanes which, as we know, are becoming more and more severe.”

Mr Palacious, though, told Tribune Business that the developers were well aware of such concerns and have taken steps to protect their future marina clients.

He added that “95 percent of the time weather is amazing” at that location, and it was only the “seasonal conditions” with storms and winds that created problems during the other “5 percent”.

Apart from raising all the docks, the Sunset marina will “keep boats on lifts”. Asserting that such lifts cost around $50,000 to install, Mr Palacious said it was not as expensive a solution as some may think. Noting that the marina is not targeted at mega yachts, but instead boats between 25 to 45 feet, he added that boat lifts are a common feature around The Bahamas and taking vessels out of the water lowers maintenance costs.

And not all Governor’s Harbour residents are opposed to the project. Matthew Pinder, owner of Matty Pinder’s Carwash and Matty and Tanya Takeaway, in feedback to the public consultation asserted:

“People love to complain.”

Pointing to many changes and developments that have taken place despite encountering initial push back and resistance, he wrote: “I have seen so many people leave this beautiful island because everything remains the same.

“Change isn’t inevitable to them, but when we are able to give our young people meaningful reasons to move back home, to build up the community’s confidence, that’s positive growth. We must learn to evolve as a community. I see no environmental concerns regarding this project and I am here to support it 100 percent.”

Mr Palacious, speaking at last week’s ground breaking, said: ““Governor’s Harbour, known for its historical charm and strategic central location, has long been a cultural and tourism hub on Eleuthera. Sunset Marina and Marina Village builds on this legacy by blending modern amenities with architectural styles that reflect the island’s Bahamian character, creating a destination that appeals to both locals and international visitors.”

“We are thrilled to be part of Eleuthera’s growth story,” added Mr Blacquiere, co-founder of Barefoot Luxury Bahamas. “Sunset Marina and Marina Village represents our commitment to creating developments that honour Bahamian culture, support local entrepreneurship and integrate sustainable practices.”

Central Bank eyes faster payments

By ANNELIA NIXON Tribune Business Reporter

THE Central Bank of The Bahamas revealed yesterday at BICA’s Accountants Week it is in the process of implementing a new initiative referred to as the Fast Payments System which Deputy Governor Derek Rolle said will come into action in the next few years.

While emphasising the point that Fast Payments does not equate instant payment, Mr Rolle, said work has already begun on the project.

“We’ve started some preliminary work already on the fast payments project, but we anticipate that we

will probably accelerate this process considerably in 2025 and beyond,” Mr Rolle said. “But we anticipate that within the next three years the country will have a fully functioning Fast Payments infrastructure.”

Me Rolle said the Fast Payments system isn’t technically new but “the thought behind the process is new”. He said the infrastructure has existed for over a decade.

“For those of you who are very familiar with the Real Time Growth Settlement system, the RTGS, it’s a system that is used by the banking industry along with the Central Bank to really settle payments on a gross base - one by one payments on an interminable basis.

“What many people have may not have noticed if

we did our jobs well at the Central Bank already is that we’ve already started to ready the infrastructure behind the scenes to accommodate this. We have increased the daily clearing sessions with the ACH. What used to be seven sessions a day is now ten sessions a day. We’ve expanded the ‘open to business’ window of the RTGS to start to accommodate this.

“By the middle of next year, RTGS will be running 24/7 because you need a 24/7 payments now network to be able to settle fast payments.”

Denise Turnquest, president of Commonwealth Bank Ltd, said the cost of accommodating the Fast Payment system is hefty.

“We don’t have the parent with the big deep pockets and with the technological resources that our counterparts in the industry have,” Ms Turnquest said. “It is very challenging and expensive. Certainly in the last year we have spent a tremendous amount of money in, I would say getting our foundation in order to facilitate these changes that are coming down the pipe. And you know, these are things that you don’t see and feel that you can’t say, ‘okay, I spent this amount of money and see it right there.’ But it is essential for the safety and soundness of the bank and for the ability to continue to compete and to continue to provide the services that our customers are demanding that we expend these amounts. So

similarly, as we move forward to the fast payment system - the Central Bank has already engaged us, our technical teams - I think the meetings are starting this month to talk about what is going to be required. So I don’t quite know yet the dollar impact, but I do know that in the interest of moving the banking system forward, it is something that we must do and we must do together and we must move ahead.”

Mr Rolle added that Fast Payments will make that move to the retail space.

“What people very often call the movement of money across these networks is not really the movement of money as it is a messaging system between the counterparties,” he said.

“Saying that I’m doing this

Insurers: Time running out for Road Traffic Act clarity

all drivers to ensure they have coverage otherwise their autos will not be licensed by the Road Traffic Department.

However, at present auto insurance policies are “all over the place” when it comes to being aligned with a driver’s birth month. And, while some clients may only require a two-three month extension to take coverage to the relevant month, insurance executives yesterday said this would potentially breach the Road Traffic (Amendment) Act 2024’s stipulation that policies must remain in force for a minimum six months.

This was identified as just one of the issues that needs to be resolved in the Government’s bid to crack down on the estimated 30-40 percent of Bahamian drivers who either lack, or possess inadequate, auto insurance coverage with the Royal Bahamas Police Force (RBPF) asserting that 50 percent of all traffic accidents involve uninsured vehicles.

Bruce Ferguson, president of Professional Insurance Consultants (PIC), told Tribune Business that brokers and agents such as himself are all waiting for “mandates” from the underwriters on whose behalf they issue policiesthe likes of Bahamas First, RoyalStar Assurance and Security & General - over how to implement the Road Traffic Act reforms.

“It’s all rather unclear. It’s so confusing,” he disclosed.

“We’re really awaiting confirmation from the insurers

as to how we should handle the various changes. One of the biggest changes is people having to insure in the month of their birthday.

“We’ve only got another six weeks before it comes into force. The biggest concern for clients is that many like to stagger their payments throughout the year; they don’t like all their bills to fall into one month. They will now have to licence their vehicle in the month of their birthday, and insure it as well.

“It puts a big burden on people. A big concern is a lot of people will not have the money and will go uninsured. The Road Traffic Act is now saying there should be no insurance policy unless it’s intact for at least six months, but that begs the question who’s issuing six-month policies as that’s not the done thing in The Bahamas. We don’t issue any six-month policies; that’s only done in certain US states.”

Mr Ferguson said PIC has several clients who have already sought to renew their policies for just a few months to align with their birthday so as to get ahead of the reforms taking effect.

“We’ve had clients already coming in and chopping and changing regarding renewal dates, and they’re only going to renew this to that month as that’s their birthday,” he added.

“That’s fair enough, but you may be jumping the gun because we don’t know how this is going to work in

practice... The problem is that there hasn’t been a lot of dialogue and agreement between the industry and the Road Traffic Department. There’s been a couple of meetings, but I don’t think anything’s been decided. Suddenly the Act’s in place. What’s the position with all of that?

“It has been suggested that there may be some alterations, but that hasn’t happened yet. One can imagine there will be no differences come January 1. We have to meet that and assume it will be the law. We’re still waiting for insurers to to direct us on how we should handle certain aspects. That’s where we stand on the broker side.”

A senior insurance industry executive, speaking on condition of anonymity, said they understood that the Bahamas Insurance Association (BIA), the industry body, was in talks with the relevant government agencies such as the Ministry of Energy and Transport and Road Traffic Department to determine how implementation of the reforms will be handled.

“There are some quite complex issues in administering the legislation,” they said. “They’re in discussions to go through all the details. It’s going to create some administrative headaches that need to be addressed.”

The source identified the minimum six-month coverage requirement, and stipulation that policies be renewed in a person’s birth

month, as especially challenging given that renewal dates are currently “all over the place” and not aligned with birthdays and vehicle licensing.

“All those policies fall due at different times,” the source said. “They’re going to have to extend the policies but they’re making you have a minimum six months of coverage. Some people extending their policies to their birthday won’t comply with the minimum six months’ coverage. They may only have to extend for three to four months. There are administrative issues involved with it.

“It’s quite a heavy burden on the insurance industry.

They are putting the onus on the insurance industry to administer it. It’s quite tight, and the penalties are very onerous. There’s a lot of administrative issues, and the cancellation and collection of certificates and making sure Road Traffic is advised.

“It puts a lot more burden on the industry to comply with the legislation. We’ll go along with it, but it needs to be practical. It’s very tight.” The reforms mandate that an auto insurance policy can only be cancelled “within six months” of being issued if the subject vehicle is no longer roadworthy or has been sold to another person.

transaction on this side, I need you to reflect this in this way on the other side. The real time gross settlement system that we’ve owned and operated since 2004 does this instantaneously now at the wholesale level for the commercial banks.

“Really what Fast Payments will do is advance this into the retail space. So we’ll be able to now, through the Fast Payments network, both from the deposit accounts at the commercial banks as well as in digital wallets, settle payments almost instantaneously in a very fast way- two to three seconds across a very elaborate digital network.

“A policy of insurance shall be renewable annually within the birth month of the insured person,” the Road Traffic (Amendment) Act 2024 stipulates. The “policy of insurance” definition includes a 90-day cover note, but this cannot be extended and no other ‘cover note’ can be obtained for the same vehicle for six months.

Persons cancelling their insurance must surrender the certificate to the insurer, with the latter having just 48 hours to inform the Road Traffic Controller of this and provide all relevant details on the client involved as well as the reasons for the cancellations. Failure to do so could result in the insurer being fined up to $5,000.

‘Extraordinary’ Business Licence fees predicted

Licence fees are collected between January and April, the tax authorities have seen a 10 percent increase when compared to the same period in 2023 and he expects collections to be “extraordinary” based on current indicators.

“Business Licence, as you know, is a calendar tax, so it’s not a fair comparison because the bulk of Business Licence is collected in the period January to April, but we are tracking roughly 10 percent above last year same time,” said Mr Wilson.

“We feel a structural change in compliance is taking place. We look forward to the tax period between January through April, and believe it will be extraordinary based on what we’ve seen so far.” The Government is forecasting that Business

Licence fee revenue will increase by 44.4 percent or more than $62.5m for the 2024-2025 fiscal year, growing from $141m in 2023-2024 to $203.555m. Another accountant, meanwhile, questioned what is being done to enforce tax compliance on unregulated businesses that operate in the informal economy. She adderd that many registered businesses have received compliance checks, and have to submit audits, while those in the informal sector are selling products that directly compete with them and could possibly be making above the $100,000 VAT registration threshold. Mr Wilson, in reply, said compliance officers have “touched” most businesses several times. One challenge is that 90 percent of businesses declare they make less than

$100,000, keeping them below the VAT registration threshold, but audits can reveal information about the businesses they engage with.

“Let me assure you, I also drive around this country, and I also talk to my compliance people almost on a daily basis. If a business is out there, chances are they have been touched by our compliance people several times, so we do have a high level of compliance,” said Mr Wilson.

“The challenge that we have is that 90 percent of businesses who register say they make less than $100,000, so that’s a challenge, and that’s why we do the audits and so forth. And we use the audits not only to gather information about the business we audited but the other businesses who are related through business transactions.”

Another participant said accountants are aware of the challenges involved in governing The Bahamas, but argued that if the Government would make more effort to explain how tax revenue are used Bahamians would not have the “overall perception that the economy is bad in the country”.

He pushed for the Government to be more transparent with its challenges and keep the public informed of its fiscal state to prevent negative outlooks. Mr Wilson said persons, who he did not name, are painting the the Bahamian economy in a negative light for their own purposes.

“Persons who have the bully pulpit and so forth have to use it responsibly because when they talk down the economy, they impact everybody,” he

argued.”They are not just impacting the Government, they’re impacting everybody because, eventually, somebody in Toronto who’s in charge of risk at one of the Canadian banks can say, you know what, the economy in The Bahamas isn’t doing so good. We’ll reduce the credit levels.

“This will affect our ability to borrow. So we have to be responsible in terms of how we interpret information. I do not think it’s my responsibility to dictate how someone should feel the economy, but I am saying the information is available. It’s all there. People should utilise the information responsibly.”

Mr Wilson said a new economic impact study is being undertaken that could show the cruise industry makes a greater contribution than previously thought. He added that The Bahamas

Central Bank fights off new cyber attack

FROM PAGE B3

in the fact that the attack was not successful and thereby our brand strength is maintained. But, again, going beyond that, you may have an instance when an attack is successful.

“But, again, how you respond to that also gives an indication and also can help to protect your brand and its reputation. Because what you don’t want to do is you don’t want to put your head in the sand. What you want to do is you want to engage, you want to do the public consultation when needed, so that persons understand and are aware of what the fall-out is, if any. And I think that transparency, that accountability is also what helps to drive confidence from your constituents or consumers, if you’re a business.”

Ken Won, founder and chief executive of

DragonTek International, a cyber security and managed services provider, ranked The Bahamas among the leaders in the Caribbean on cyber security but, compared to the rest of the world, it does not rank so high. “In the Caribbean, The Bahamas is up there,” he said. “If I was to compare across the Caribbean between The Bahamas, St Maarten and Jamaica, Bahamas is there, but compared to the world it’s not. And that’s the concern because the world is growing so fast on cyber security standards that the whole world has to stay in law. If we don’t, the hackers are always going to go to the lower common denominator and affect our businesses here on the island.”

During a panel discussion at the summit, Matt Woegens, DragonTek’s director

has seen a 20 percent yearover-year increase in cruise arrivals that is the envy of Caribbean competitors.

“We’ve seen a 20 percent year-over-year increase in cruise business. That’s a very powerful number,” said Mr Wilson. “When you talk to our competitors in the Caribbean, they will tell you The Bahamas is like a vacuum. They all see the impact of the resurgence of The Bahamas’ tourism industry on their numbers. All through the Caribbean, we talk to them, and they’ll tell you that.

“But yet, still in this economy, we who are benefiting directly and indirectly from this resurgence, it’s viewed as a negative, it’s viewed as it’s not good enough, or so forth. There has to be a balance, that’s all I’m saying.”

of IT, spoke on the need to be careful when using public Wi-Fi networks, noting that sometimes they come with security and privacy dangers.

“If you’re on free Wi-fi, expect that there’s no privacy,” Mr Woegens said. “Do not enter passwords that are relevant to your life, even at Baha Mar. I can log in on the guest WI-Fi and I don’t know anything about the network because I don’t operate in the back end.

“But you can enter any e-mail you want; you’re going to get on the guest WI-Fi. It’s not tied to anything. So never should you have an expectation of privacy, no matter where you are, and only do general web browsing. If you’re entering any information that’s private, disconnect that Wi-fi. Don’t even entertain that phone because that’s where things go wrong.”

DOCTOR’S HOSPITAL PLANS 25-BED FACILITY IN GB

By FAY SIMMONS Tribune Business

DOCTOR’S Hospital is “aggressively” working on a 25-bed Grand Bahama hospital, according to its chief financial officer.

Dennis Deveaux told reporters the BISX-listed health service provider’s expansion plans include establishing a medical centre in Rock Sound, Eleuthera, and completing the hospital in Grand Bahama in 2025.

“We clearly have foreshadowed additional expansion for Doctors Hospital, initially in the island of Eleuthera, starting

with a medical centre in Rock Sound. And we’re really happy to be bringing the same type of model, urgent care, primary care, pharmacy lab, to that community, again, going to the community and offering services that they clearly need,” said Mr Deveaux.

“Beyond that, we continue to be working aggressively on the build out of a new hospital in Grand Bahama, a 25-bed facility that we’re foreshadowing will be opening in the summer to fall of 2025.”

Mr Deveaux spoke at the opening of the Paradise Island Medical Centre (PIMC) which will serve residents and visitors.

He said the facility’s location is strategic as the

healthcare provider aims to “step into the gap” and provide medical services in visitor hot spots.

Highlighting that many visitors have concerns about accessing quality healthcare while on vacation, Mr Deveaux said the facility will aid in increasing visitor confidence.

“We remain in close conversation with certainly, the government of The Bahamas, the Ministry of Tourism to identify deficits in health care, and we try to step into the gap and provide those essential services,” said Mr Deveaux.

“One of the questions that guests often ask is, if something should happen to me, where is the nearest source of urgent medical

attention that could save my life, or certainly could result in a more positive outcome for me while I’m on vacation in The Bahamas, and we think by opening here at the Paradise Island Medical Centre, we increase visitor confidence, certainly for the island and for the destination at large. Because they know that there’s a high-quality private operator operating nearby major resort destinations here on Paradise Island.”

Ian Ferguson, the Tourism Development Corporation’s executive director, said the tourism industry in The Bahamas was founded on health and wellness and encouraging partners working to provide

Sarkis wants CCA’s Nassau resorts

FROM PAGE B1

court of the amount it can pay.

“That way, BML Properties is at least somewhat protected when the judgment is affirmed on appeal.

As explained above, this court and others frequently make stays conditional on posting some security, even if in a lesser amount than the total judgment.

“CCA undoubtedly has assets that can be used to secure satisfaction of the judgment, at least in part, such as its two hotels in The Bahamas, even though it has chosen to withhold documentary evidence of its assets and liabilities in support of its motion.

The court has discretion to order CCA to impose appropriate conditions, such as executing a deed of conveyance to its real property to be held by the court pending appeal.”

And Mr Izmirlian later reiterated: “At a minimum, CCA should be required to secure the judgment to the fullest extent possible, such as through a smaller cash bond and alternative forms of security including, for example, its two hotels in The Bahamas. And CCA should be held to its promise of perfecting its appeal promptly by December 30, 2024.

“At this point, however, CCA has yet to come clean

about its financial condition, which would only be further obscured by a stay that would both pause postjudgment discovery and provide a window of opportunity for CCA to dissipate its assets. Because CCA has neither offered to extend these protections nor provided a record on which the court can fashion them itself, the court should deny the motion.”

CCA had previously argued that it may be forced to liquidate its two Bahamian resort assets, the British Colonial and Margaritaville Beach Resort, if Mr Izmirlian was able to enforce his award in the face of its own inability to obtain the $1.96bn surety bond required to prosecute its appeal. However, Baha Mar’s original developer argued that it had supplied no evidence to prove this would be the outcome.

“CCA also claims that bankruptcy or insolvency would harm ‘non-parties’ like the employees of CCA Bahamas’ hotels or affiliates of CCA in ‘ongoing construction projects’, but cites nothing to support that assertion—not even a conclusory affirmation,” Mr Izmirlian argued in legal filings yesterday.

“That speculative harm, based on a tenuous chain of causation from enforcing the judgment to insolvency, to liquidation, to jobs and

construction projects being terminated, is insufficient to justify a stay.” Mr Izmirlian argued that granting CCA the relief it is seeking, and making the temporary stay permanent until the appeal court’s final verdict, would harm him by giving the contractor time to dissipate and conceal assets.

“BML Properties will suffer significant and irreparable harm if CCA is granted an unsecured stay of enforcement pending appeal. CCA does not seriously argue otherwise. CCA claims that an unbonded stay of enforcement ‘would merely maintain the status quo’. Wrong,” Baha Mar’s original developer asserted.

“BML Properties ‘is entitled to have [its] victory secured’ during the stay by CCA posting a bond, so that when the stay lifts, ‘a ready fund with which to satisfy the judgment shall be available’. But CCA refuses to post a bond or any other form of security, asking this court to impose a completely unsecured, discretionary stay.

“Such a stay would defeat the very purpose of the bond requirement and destroy any protection BML Properties may have during CCA’s meritless appeal. First, the trial court’s findings establish a strong likelihood that there will be further dissipation and diversion of

The global luxury goods market is forecast to shrink in 2025. Trump’s tariffs could make it worse

By COLLEEN BARRY Associated Press

GLOBAL sales of personal luxury goods are forecast to shrink in 2025 for the first time since the Great Recession, according to a Bain consultancy study released Wednesday. The outlook could worsen if the sector is hit by tariffs promised by Donald Trump. "This could be a nightmare if implemented,'' Claudia D'Arpizio, coauthor of the study for Italy's Altagamma association of luxury producers, told The Associated Press. "European brands could end up being super expensive in an already expensive environment.'' Trump has pledged tariffs of up to 20% on imports, saying it would create factory jobs, shrink the federal deficit and lower food prices. While the study did not address the possible impact of tariffs, D'Arpizio said the impact on European luxury producers would depend on how the tariffs are implemented on the category, if at all. She noted that a dearth of American luxury substitutes may lead to an exemption. Any negative impact could also be offset by moving production to the

United States, or by higher sales to U.S. tourists in Europe. The United States is the second-largest luxury market, following Europe, worth about 100 billion euros ($106 billion), or nearly one-third of all global high-end sales of apparel, leather goods and footwear. Sales of luxury goods are forecast to drop by 2% to 363 billion euros ($385 billion) next year, from an expected 369 billion euros in 2024, due to steep price increases imposed by brands and global turmoil, Bain said. The sector made a speedy rebound from the COVID-19 pandemic, surpassing 2019 sales by 2022, largely thanks to pent-up spending that was delayed by lockdowns. Even next year's modest dip would leave the market 28% higher than it was in 2019, and two-and-a-half times larger than the Great Recession lows in 2008.

Social and political turbulence, including wars and a slate of national elections, have eroded consumer confidence, D'Arpizio said. In addition, brands' strategy to increase prices while focusing on more "subtle luxury" often lacking novelty has "brought a strong negative impact on the willingness to

medical services to visitors is important to the industry. “I believe everyone certainly recognises the value the importance of tourism to our country for the past seven decades. In fact, this has been our mainstay, we call it bread and butter. And so obviously, everything that we do as it relates to servicing and providing services for our visitors takes precedence for us as a nation,” said Mr Ferguson.

“I think it is so important that we get to celebrate this wonderful occasion today, because in truth, when we even view the origin of tourism in The Bahamas… it really rests and resides in the business of health and wellness all the way back in the 1700s, that’s why visitors

as $1.642bn

CCA’s assets,” Mr Izmirlian continued.

“CCA committed numerous acts of fraud, diversion and misuse of assets, financial transfers and commingling between unrelated entities, and lied repeatedly while doing it. During a stay of enforcement, CCA would likely transfer its remaining assets to other non-defendant entities and outside the ordinary course of business, just like it did during the project. That would substantially harm BML Properties.

“CCA claims it ‘would not and could not dispose of or transfer their assets while this appeal is pending’, but tellingly does not explain this or cite any supporting authority. To the contrary, a stay would prevent BML Properties from serving restraining notices to prevent dissipation; from serving subpoenas to identify dissipation; and from commencing turnover proceedings to recover dissipated assets.”

The Chinese state-owned contractor had previously moved rapidly to secure this relief because it was unable to obtain the near-$2bn bond required by New York State Supreme Court rules to gain an “automatic stay” of any judgment it issues.

security

Branding the sum awarded against it as “breathtaking”, CCA alleged that the damages handed to Mr Izmirlian are “several times’ the combined value” of itself and its affiliates. Their most valuable assets were described as “two hotels in Nassau, Bahamas” which, although not specifically named in CCA’s November 1, 2024, legal filings are clearly downtown’s British Colonial property as well as the Margaritaville Beach Resort that sits at the heart of the adjacent Pointe complex. However, as “illiquid” real estate assets, neither could be pledged as collateral to secure the required bond. The Chinese contractor warned that, unless it obtained a stay, any bid by Mr Izmirlian to enforce the fraud and breach of contract damages awarded to him over his ousting from Baha Mar would drive it into insolvency and, subsequently, either bankruptcy in the US or “liquidation proceedings” in The Bahamas - the latter of which would inevitably hurt the two resorts.

A surety bond broker, used by CCA as an expert witness, besides asserting that there is “no ability” to

NOTICE

buy,'' even among wealthy consumers, she said.

The creativity crisis is also alienating Gen-Z shoppers, many now in their 20s, the study found.

The result is the luxury market has shrunk by 50 million customers, to an estimated 250 million to 360 million, as the luxury base shrinks for the first time.

"We have 50 million fewer customers either because they can't afford to shop, or they don't want to because they don't feel there is enough juice,''

D'Arpizio said.

came to The Bahamas. They came for the healing properties of seclusion of the waters of The Bahamas, the sun of The Bahamas, and, of course, the bush.

“As we advance, we just so grateful, so pleased to have wonderful partners that have helped us to continue the rich tradition of welcoming people to The Bahamas for the healing, just as we continuously work on the product that is entertainment, the product that is sharing our culture and heritage, the product that is the amazing infrastructure keeping to pace with the technology.”

use the resorts as collateral for the security demanded by the New York court also argued that financiers will shy away from Bahamas-based assets due to perceived challenges with enforcing agreements and potentially having to deal with this nation’s court system.

However, Mr Izmirlian blasted back: “CCA now asks this court to do something unprecedented: To grant CCA a completely unsecured stay of enforcement of the $845m-plus interest judgment pending appeal, because CCA purportedly cannot currently obtain a bond.

“In other words, CCA says to this court: ‘Trust us. We can’t pay the judgment now, but don’t require us to make any showing that we will do so later’. But CCA deserves no benefit of the doubt. The trial court’s findings make clear that CCA cannot be trusted to tell the truth or to act properly regarding financial matters.

“CCA cites no case where a court has granted a stay under such circumstances without requiring any security, let alone a case involving a judgment of this size, in which the defendants have been found liable for repeated acts of fraud and diversion of funds. The court should exercise its discretion to deny CCA’s extraordinary request.”

IN THE ESTATE OF ADAM MUNROE late of #139 Oakridge Road, South West Ridge, in the Western District of the Island of New Providence, one of the Islands of the Commonwealth of Te Bahamas, deceased.

Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certifed in writing to the undersigned on or before the 16th December, A. D. 2024, afer which date the Executrix will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date herein before mentioned.

EDWARD B. TURNER & CO.

#24 Leonie Place

Flax Terrace of Malcolm Road Nassau, Bahamas

Attorneys for the Executrix of the Estate of the late Adam Munroe

ITALY’S PRESIDENT SHARPLY REBUKES ELON MUSK OVER COMMENTS ON X ABOUT MIGRATION COURT RULINGS

By NICOLE WINFIELD Associated Press

ITALIAN President

Sergio Mattarella sharply rebuked Elon Musk on Wednesday for weighing in on Italian court rulings that have stymied the government's plans to process some asylum-seekers in Albania.

Musk, who is expected to have a top advisory role in Donald Trump's new administration, wrote Tuesday on X that "these judges need to go." He was referring to the latest Italian court ruling against right-wing Premier Giorgia Meloni's much-touted Albania immigration deal.

"This is unacceptable. Do the people of Italy live in a democracy or does an unelected autocracy make the decisions?" he wrote in a subsequent post Wednesday.

The posts concerned a Rome court's refusal to rule on a formal request to detain seven migrants rescued at sea and transferred to Albania for processing. Monday's ruling resulted in the men being brought to Italy for processing.

Mattarella didn't cite Musk by name but — in an unusually piqued statement — made clear on Wednesday that he was referring to him. Italy's head of state demanded respect for the country's sovereignty, especially from other soon-to-be public officials.

"Italy is a great democratic country and … knows how to take care of itself while respecting its Constitution," Mattarella said in a statement issued by his spokesman.

"Anyone, particularly if as announced is about to assume an important role of government in a friendly and allied country, must respect its sovereignty and cannot attribute to himself the task of imparting prescriptions," the statement said.

Trump announced Tuesday that Musk, one of the most influential people around the U.S. presidentelect, would help lead a Department of Government Efficiency, essentially an independent advisory panel to eliminate waste and fraud.

Musk is a supporter of Meloni and has met with her in Rome on a few occasions, and in September joined her at an awards ceremony on the sidelines of the U.N. General Assembly. Photos of them together made such news

Federal

that Musk seemingly felt the need to tamp down speculation by posting "We are not dating."

Musk has a history of making provocative statements and sparring with leaders on X. Earlier this year, he posted messages insulting U.K. Prime Minister Keir Starmer and saying the United Kingdom was headed for civil war. He has also clashed with a Brazilian supreme court justice over free speech, far-right accounts and purported misinformation on X, and also accused Venezuela's socialist president, Nicolás Maduro, of "major election fraud" after that country's disputed election.

Later Wednesday, an Italian representative of X, Andrea Stroppa, tweeted what appeared to be a statement from Musk that said he had spoken during the day with Meloni. According to Stroppa's tweet, Musk "expresses his respect" for Mattarella and the Italian Constitution but insists on his right to freedom of expression.

The courts' rulings have raised the ire of Meloni's far-right-led government, which has been seeking strategies to ease the strain on Italy of the arrival of migrants seeking a better life in Europe. The government had held up the opening of the Albanian centers as a centerpiece of its immigration crackdown, also as a means of deterrence, and said they could be a model for Europe.

In both cases, Italian courts referred the cases to the EU court of justice in Luxembourg to rule if the countries of origin for the migrants are considered safe for repatriation. There is no word on when the European court might rule.

But as a result of the Rome court decisions, no migrant has yet been processed in the Albanian centers, which are budgeted to cost Italy 670 million euros ($730 million) over five years to build and operate.

Italy's opposition says the money could be much better spent on reinforcing Italian-operated migrant processing centers, while human rights groups say the outsourcing of asylum processing contravenes international law.

The centers opened in October after a monthslong delay, because crumbling soil at one of the facilities needed to be repaired.

judge orders Oakland airport to stop using 'San Francisco' in name amid lawsuit

SAN FRANCISCO

Assocaited Press

A FEDERAL judge ordered the Port of Oakland to stop using San Francisco Bay Oakland International Airport as its airport's new name while a lawsuit by the city of San Francisco is ongoing.

San Francisco sued in April over what it says is a trademark violation and asked a federal judge to issue a preliminary injunction, arguing that the airport's new name is confusing people who want to fly to the San Francisco International Airport and violates copyright infringement.

U.S. Magistrate Judge Thomas Hixson on Tuesday issued an order agreeing with the copyright violation argument, saying San Francisco spent millions to develop its brand. The judge also ordered Oakland's airport to remove any signs with the new name. Port of Oakland spokesperson Robert Bernardo said officials were reviewing the ruling and considering their options, including

appealing it. The Board of Commissioners for the Port of Oakland in May finalized the approval to change the Oakland International Airport's name over the objections of San Francisco officials who said the name would cause confusion and affect SFO financially.

Oakland airport officials have said travelers unfamiliar with the region fly into San Francisco's airport even if their destination is closer to the Oakland airport across the San Francisco Bay. Modifying the name to San Francisco Bay Oakland International Airport will change that, they say. The airport's threeletter code OAK would not change. "We are standing up for Oakland and the East Bay," Port Commission President Barbara Leslie said in a statement after the vote. "This name will make it clear that OAK is the closest major airport, for 4.1 million people, three national laboratories, the top public university in the country, and California's Wine Country.

Infowars

Wall Street drifts to a mixed finish after an inflation update

By STAN CHOE AP Business Writer

U.S. stocks drifted to a mixed finish Wednesday after the latest inflation update boosted hopes that more help for the economy will arrive next month through a cut to interest rates.

The S&P 500 was nearly unchanged and edged up by less than 0.1%, coming off its first loss since a big rally erupted after Election Day last week. The Dow Jones Industrial Average added 47 points, or 0.1%, and the Nasdaq composite slipped 0.3%.

The bond market was also mixed after a report said the inflation that U.S. consumers felt last month was exactly as economists expected. It accelerated to 2.6% from 2.4%, but an underlying measure called "core inflation" did not accelerate. Such core inflation can be a better predictor of future trends, economists say, and the asexpected number boosted expectations for help coming from the Federal Reserve.

"Bang in-line core inflation leaves the Fed on track to cut rates in December," according to Lindsay Rosner, head of multi sector fixed income investing at Goldman Sachs Asset Management.

The Fed began cutting interest rates from their two-decade high in September to offer support for the job market, hoping to keep it humming after bringing inflation nearly all the way down to its target of 2%. It cut again earlier this month, and traders now see an improved probability of roughly 80% for a third cut at its meeting next month, according to data from CME Group.

Those expectations sent the yield for the two-year Treasury down to 4.27% from 4.34% late Tuesday. The yield on the 10-year Treasury, which also takes future economic growth more into account, fell initially after the inflation report. But it pared its loss and eventually rose to 4.45%, up from 4.43% late Tuesday.

The question is what will happen with rates in 2025. Prior forecasts published by the Fed implied it could keep cutting rates through next year. But Donald Trump's victory in the presidential election may have scrambled such plans. Economists say his preferences for lower tax

rates, higher tariffs and less regulation could ultimately lead to higher U.S. government debt and inflation, along with faster economic growth.

While lower interest rates can give a boost to the economy and to prices for investments, they can also give inflation more fuel.

Still, Wednesday's data was reassuring for the market following a run of stronger-than-expected data on the economy, which could have signaled upward pressures on inflation.

"The market may be concerned that we are at an inflection point, with inflation potentially returning to an upward trajectory," said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. "We see inflation modestly higher next year. We don't think today's CPI data will do much to the market."

On Wall Street, Rivian Automotive jumped 13.7% after the electric-vehicle company gave more details about a joint venture it's entering with Volkswagen Group that they had previously announced. The deal's total size could be worth up to $5.8 billion, which is more than the $5 billion the companies had previously said.

Spirit Airlines' stock lost 59.3%. The airline said in a regulatory filing that it's still trying to work out a deal to renegotiate the repayment of its debt. If it can reach an agreement, the airline said it could wipe out the company's stockholders, but it could also protect employees and customers.

All told, the S&P 500 rose 1.39 to 5,985.38. The

Dow added 47.21 points to 43,958.19, and the Nasdaq composite slipped 50.66 to 19,230.74.

In stock markets abroad, Japan's Nikkei 225 fell 1.7% after its wholesale inflation rate reached its highest level since July of last year. South Korea's Kospi sank 2.6% after Samsung Electronics shares fell to their lowest level in over four years. Indexes were modestly lower across much of the rest of Asia and Europe. In the crypto market, bitcoin crossed above $93,000

as cryptocurrencies generally soared, before pulling back below $90,000 in afternoon trading. Trump has embraced cryptocurrencies and pledged to make his country the crypto capital of the world.

Dogecoin, a cryptocurrency that's been a favorite of Tesla's Elon Musk, also gave up some of its gain from earlier in the day. Trump named Musk as one of the heads of a "Department of Government Efficiency," or DOGE for short.

NOTICE

IN THE ESTATE of SCOTT NEIL THOMPSON, late of Marsh Harbour in the Island of Abaco, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certifed in writing to the undersigned on or before the 25th day of November A.D., 2024, and if required, 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 Executors

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Executors

Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

By DAVE COLLINS Associated Press

CONSPIRACY theory

purveyor Infowars and most of its assets went on the auction block Wednesday, with Alex Jones waiting to see if he will be allowed to stay or if he will get kicked off its online platforms.

The private auction was being held as part of Jones' personal bankruptcy, which resulted from the nearly $1.5 billion in defamation lawsuit judgments a judge and jurors ordered the bombastic internet show and radio host to pay to families of victims of the 2012 Sandy Hook Elementary School shooting for repeatedly telling his audience that the Connecticut massacre of 20 children and six adults was a hoax staged by crisis actors. Jones, who has since acknowledged that the shooting did happen, is appealing the defamation verdicts.

The bankruptcy trustee was scheduled to open sealed bids at 10:30 a.m. CST and choose the winning bidder or bidders. There was no immediate announcement of the results.

Jones appeared to be getting impatient on his show as hours passed without any word on the auction.

"I just want to know: Is this our last day here or not?" he said.

Both Jones' supporters and detractors expressed interest in submitting bids. They included Roger Stone, an ally of Jones and President-elect Donald Trump, and progressive media groups that have been critical of Jones. He said he could be allowed to stay and keep using Infowars'

platforms if allies won the bidding but that he could be kicked out and Infowars shut down if opponents bought it.

Jones, based in Austin, Texas, said he set up a new studio, websites and social media accounts just in case. His personal social media in his name — including his account on X, with more than 3 million followers — were not up for sale. Court proceedings on whether they should be auctioned are pending.

Jones revealed Wednesday that he worked with a group that put in a bid, but did not provide any details.

"The folks I'm working with, who put in (a) substantive bid to try to save Infowars and continue it in the future, have been given no information on the other bidders. That's all secret," he said in a video posted on X.

Everything from Jones' studio desk to Infowars' name, video archive, social media accounts, and product trademarks and inventory were up for sale. Buyers could even purchase an armored truck and video cameras. . Any unsold items will be auctioned off next month.

Many of Jones' personal assets, including real estate as well as guns and other personal belongings, also are being sold as part of the bankruptcy.

Prospective buyers submitted sealed bids and confidentiality agreements by last Friday. The bankruptcy trustee, attorney Christopher Murray, appointed by the Justice Department, could have held new rounds of bidding Wednesday to boost prices above the sealed bids.

NOTICE

IN THE ESTATE of VERLETA DAVIS late of Dundas Town Abaco, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certifed in writing to the undersigned on or before the 25th day of November A.D., 2024, and if required, 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 Executor shall then have

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Executors

Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

A SIGN marking the intersection of Broadway and Wall Street is shown in New York’s Financial District on Oct. 30, 2024.

Photo:Peter Morgan/AP

ELON MUSK SAYS HE AND TRUMP HAVE ‘MANDATE TO DELETE’ REGULATIONS. ETHICS LAWS COULD LIMIT MUSK ROLE

By MATT O'BRIEN and TOM KRISHER AP Business Writers

In picking billionaire Elon Musk to be "our cost cutter" for the U.S. government, President-elect Donald Trump won't be the first American president to empower a business tycoon to look for ways to dramatically cut federal regulations.

President Ronald Reagan tapped J. Peter Grace to lead a bureaucratic costcutting commission in 1982. Still, the chemical business magnate had fewer conflicts of interest than the world's richest man does today.

Musk's SpaceX holds billions of dollars in NASA contracts. He's CEO of Tesla, an electric car business that benefits from government tax incentives and is subject to auto safety rules. His social media platform X, artificial intelligence startup xAI, brain implant maker Neuralink and tunnel-building Boring company all intersect with the federal government in various ways.

"There's direct conflicts between his businesses and government's interest," said Ann Skeet, director of leadership ethics at Santa Clara University's Markkula Center. "He's now in a position to try and curry favor for those enterprises."

Musk is also more influential, having pumped an estimated $200 million through his political action committee to help elect Trump, made himself a fixture at Mar-a-Lago since the presidential election and is on regular speaking terms with like-minded political world leaders, from Argentina's President Javier Milei to Italy's Prime Minister Giorgia Meloni.

Trump has said Musk and former GOP presidential candidate Vivek Ramaswamy will lead a new "Department of Government Efficiency," or DOGE, — a joke name that references the cryptocurrency Dogecoin and appeals to Musk's sense of humor.

"We finally have a mandate to delete the mountain of choking regulations that do not serve the greater good," Musk said Wednesday on X.

Trump has said that Musk and Ramaswamy will work from outside the government to offer the White House "advice and guidance" and will partner with the Office of Management and Budget to drive structural reform — some of which could only be done through Congress.

"If it's a commission, it's outside the government" and Musk could not have

NOTICE HOKIE VALLEY LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) HOKIE VALLEY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 13th November, 2024 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 14th day of November, A. D. 2024

Bukit Merah Limited Liquidator

N O T I C E IS HEREBY GIVEN as follows:

(a) LOLA MANAGEMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 13th November, 2024 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 14th day of November, A. D. 2024 Bukit Merah Limited Liquidator

a White House office or official government title, said Richard Painter, a White House ethics lawyer during the George W. Bush administration. "Then, the president takes the advice or doesn't."

If it were a true government agency, however, Musk would run afoul of federal conflict of interest laws unless he divested from his businesses or recused from government matters involving them, Painter said.

Trump could grant a rare waiver exempting Musk from those laws, a move that has been politically unpopular in the past, Painter said.

Tesla, SpaceX and X didn't immediately respond to requests for comment Wednesday about whether Musk would recuse himself. The Trump transition team also didn't immediately respond to a request for comment.

However it is structured, Musk's ideas are expected to have an influence.

Regulating auto safety Tesla, the electric vehicle company that made Musk the world's wealthiest person, has had repeated skirmishes with the National Highway Traffic Safety Administration, which regulates vehicle safety. So any cuts to

NHTSA funding or staffing could help Tesla.

The agency has forced Tesla to do recalls it didn't want, and it has opened investigations of Tesla vehicles, some of which raised questions about Musk's claims that Tesla is close to deploying autonomous vehicles without human drivers. The agency also is working on regulations that cover vehicle automation.

Auto safety advocates are worried that a Department of Government Efficiency co-chaired by Musk could propose draconian cuts at NHTSA.

"That could be incredibly problematic because that would impact every rule-making from all of the agencies that currently oversee companies that Musk owns," said Michael Brooks, executive director of the nonprofit Center for Auto Safety, a watchdog group.

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

The dissolution of the said Company commenced on November 11, 2024, when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.

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

Kim D Thompson Sole Liquidator

NOTICE MAGNOUX LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) MAGNOUX LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 13th November, 2024 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands VG1110.

Dated this 14th day of November, A. D. 2024

Leeward Nominees Limited Liquidator

If implemented, Musk's plan for efficiency at NHTSA could mirror what he did when he took over Twitter — draconian staff cuts, said Missy Cummings, director of the autonomy and robotics center at George Mason University and a former safety adviser to NHTSA.

While Cummings concedes there is room for much of the federal government to become more efficient, she said that NHTSA is already understaffed and she predicted that Musk would try to slow or stop NHTSA investigations or handicap the agency so it would have trouble enforcing regulations.

"It would just leave it as a shell of the agency that it was," she said. "Their whole job would be to put out commercials reminding people to just wear their seat belts."

Space exploration

Launching test flights out of South Texas, SpaceX's mega rocket Starship is how NASA intends to land astronauts on the moon for the first time in more than a half-century. NASA has awarded more than $4 billion to SpaceX for the first two human moon landings coming up later this decade under the Artemis program. Musk has been at odds with the Federal Aviation Administration for slowing Starship over what he contends is excessive bureaucracy.

SpaceX also has racked up multiple contracts with NASA over the past decade for launching supplies and astronauts to the International Space Station. The contracts for crew flights alone from 2020 through 2030 total $5 billion.

More recently, in June, NASA awarded an $843 million contract to SpaceX

to provide the vehicle for deorbiting the International Space Station at the end of its lifetime in early 2031, directing it to a fiery reentry over the Pacific.

SpaceX also has multiple contracts with the Defense Department, some classified and said to be worth billions. In addition, the Pentagon has purchased internet services in Ukraine from SpaceX's Starlink constellation. The militarized version of Starlink is called Starshield.

Social media and AI

The social media platform X is another Musk company that has drawn scrutiny from federal regulators. The Federal Trade Commission has probed Musk's handling of sensitive consumer data after he took control of the company in 2022 but has not brought enforcement action. The SEC has an ongoing investigation of Musk's purchase of the social media company. Musk has been forceful with his political views on the platform, changing its rules, content moderation systems and algorithms to conform with his world view. After Musk endorsed Trump following an attempt on the former president's life last summer, the platform has transformed into a megaphone for Trump's campaign, offering an unprecedented level of free advertising that is all but impossible to calculate the value of.

Musk's strong interest in AI is also likely to play a role. He's in the process of building an AI supercomputer in Memphis, Tennessee, for his AI startup xAI.

But environmental groups have raised concerns about pollution generated by the facility's gas turbines and its strain on the local power grid, prompting attention from the Environmental Protection Agency. The facility is located near predominantly Black neighborhoods that have long dealt with pollution and health risks from factories and other industrial sites.

NOTICE is hereby given that LINAS CASSEUS, Keywest 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 14th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

TESLA and SpaceX CEO Elon Musk, left, and Republican presidential nominee former President Donald Trump attend a campaign event at the Butler Farm Show on Oct. 5, 2024, in Butler, Pa. Photo:Alex Brandon/AP

Infowars auction could determine whether Alex Jones is kicked off its platforms

By DAVE COLLINS Associated Press

CONSPIRACY theory

purveyor Infowars and most of its assets went on the auction block Wednesday, with Alex Jones waiting to see if he will be allowed to stay or if he will get kicked off its online platforms.

The private auction was being held as part of Jones' personal bankruptcy, which resulted from the nearly $1.5 billion in defamation lawsuit judgments a judge and jurors ordered the bombastic internet show and radio host to pay to families of victims of the 2012 Sandy Hook Elementary School shooting for repeatedly telling his audience that the Connecticut massacre of 20 children and six

Just

By WYATTE GRANTHAM-PHILIPS AP Business Writer

EUROPEAN food delivery giant Just Eat Takeaway. com is selling Grubhub for $650 million, a fraction of the billions it spent to buy the U.S. platform just three years ago.

Wonder Group, a New York-based food ordering company that touts "fast fine" dining, is set to be Grubhub's new owner. Under terms of the deal, announced Wednesday, Wonder will acquire Grubhub from Just Eat Takeaway.com for $150 million in cash and $500 million in senior notes.

That's far less than than the price tag on Grubhub's

adults was a hoax staged by crisis actors. Jones, who has since acknowledged that the shooting did happen, is appealing the defamation verdicts.

The bankruptcy trustee was scheduled to open sealed bids at 10:30 a.m. CST and choose the winning bidder or bidders. There was no immediate announcement of the results.

Jones appeared to be getting impatient on his show as hours passed without any word on the auction.

"I just want to know: Is this our last day here or not?" he said.

Both Jones' supporters and detractors expressed interest in submitting bids. They included Roger Stone,

an ally of Jones and President-elect Donald Trump, and progressive media groups that have been critical of Jones. He said he could be allowed to stay and keep using Infowars' platforms if allies won the bidding but that he could be kicked out and Infowars shut down if opponents bought it.

Jones, based in Austin, Texas, said he set up a new studio, websites and social media accounts just in case. His personal social media in his name — including his account on X, with more than 3 million followers — were not up for sale. Court proceedings on whether they should be auctioned are pending.

Jones revealed Wednesday that he worked with a group that put in a bid, but did not provide any details.

"The folks I'm working with, who put in (a) substantive bid to try to save Infowars and continue it in the future, have been given no information on the other bidders. That's all secret," he said in a video posted on X.

Everything from Jones' studio desk to Infowars' name, video archive, social media accounts, and product trademarks and inventory were up for sale. Buyers could even purchase an armored truck and video cameras. . Any unsold items will be auctioned off next month.

Many of Jones' personal assets, including real estate as well as guns and other personal belongings, also are being sold as part of the bankruptcy.

Prospective buyers submitted sealed bids and confidentiality agreements by last Friday. The bankruptcy trustee, attorney Christopher Murray, appointed by the Justice Department, could have held new rounds of bidding Wednesday to boost prices above the sealed bids.

Jones said Murray decided to choose from among the sealed bids.

Jones said he was frustrated with that decision and learned about changes to the auction process only on Monday. A judge's order in

September gave the trustee wide authority and said new bidding rounds on Wednesday were optional. Murray also could reject bids, even the highest ones, if he deemed them "contrary to the best interests of the Debtor's estate, FSS (Infowars parent company Free Speech Systems) and their creditors."

Families sued Jones and his company for defamation and emotional distress for repeatedly saying on his show that the shooting in Newtown, Connecticut, was a hoax staged by crisis actors to spur more gun control. Parents and children of many of the victims testified that they were traumatized by Jones' conspiracies and threats by his followers.

last sale. Back in 2020, during the early days of the COVID-19 pandemic and a surge in demand for takeout meals, Just Eat agreed to buy Grubhub for $7.3 billion — reportedly beating Uber to a merger — in a transaction that was later finalized in 2021.

Amsterdam-based Just Eat Takeaway.com acknowledged Wednesday that it had been "actively exploring" the partial or full sale of Grubhub for some time, citing prior announcements from the company. Just Eat Takeaway.com added that selling Grubhub to Wonder would increase growth, cash generation and support investment in countries where it "has the

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, REUBEN CARL MARCUS BETHELL, of 19 Spanish Main Drive, P.O. Box F40827, Freeport, Grand Bahama, Bahamas, intend to change my name to MARCUS CARL REUBEN BETHEL If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

greatest competitive advantage." Beyond the U.S. the company currently operates in 18 other countries.

The transaction is expected to close during the first quarter of 2025, subject to regulatory approval and other customary conditions. When completed, Just Eat Takeaway.com says it will

retain no material liabilities related to Grubhub.

"This deal delivers the right home for Grubhub and its employees," Just Eat Takeaway.com CEO Jitse Groen said in a statement. Shares of the company were up over 15% by midday Wednesday.

The CEOs of Wonder and Grubhub, Marc Lore

NOTICE

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.

and Howard Migdal, also sounded positive notes Wednesday — with both noting that the deal would aid Wonder's mission to "make great food more accessible" and enhance customer experiences.

Wonder, founded by Lore, bills itself as a "new kind of food hall" and delivers made-to-order meals from well-known chefs and restaurants. The New York startup was once known for its fleet of delivery trucks, but later transitioned to a more of brick-and-mortar

approach. Its online offerings have also grown. Last year, Wonder purchased meal kit company Blue Apron for $103 million.

Grubhub, headquartered in Chicago, operates in more than 4,000 U.S. cities — with over 375,000 merchants and 200,000 delivery partners across the country to date. According to Just Eat Takeaway.com, the platform generated 237 million orders with a gross transaction value of 8.06 billion euros (about $8.53 billion) last year.

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.

Bull doge! Dogecoin soars as Trump announces a

By STAN CHOE AP Business Writer

WOW, much bull market.

Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like "much wow," has been racing higher in value since Donald Trump won the presidential election last week. It got another bump after Trump named Tesla's Elon Musk as one of the heads of a new "Department of Government Efficiency," which is not a government agency but does have the acronym DOGE.

All this makes sense and is maybe humorous for anyone who's chronically online. For others, here's some explanation about what's going on: What is dogecoin?

It's a cryptocurrency, whose value rises and falls against the U.S. dollar based on however much people will pay for it.

At first, it was seen as a joke. But over time, dogecoin has amassed a group of fans who have periodically sent its price soaring. Like other cryptocurrencies, supporters say it could be used to buy and sell

things on the internet without having to worry about a central bank or government affecting how many are in circulation.

How much has dogecoin climbed?

One dogecoin — which is pronounced dohj-coin — was worth less than 16 cents just before Election Day. It's since more than doubled to nearly 38 cents, as of Wednesday afternoon, according to CoinDesk. It briefly got above 43 cents earlier Wednesday. Why is it climbing so much?

Cryptocurrencies have generally been shooting higher since Trump's election. Bitcoin, which is the most famous digital currency, has set an all-time high above $93,000 after starting the year below $43,000.

Excitement is racing because Trump has embraced crypto and said he wants the United States to be the "crypto capital of the planet" and create a bitcoin "strategic reserve."

What does Elon Musk have to do with any of this?

This all sounds weird.

Dogecoin's history is interesting.

In 2021, on April 20, dogecoin fans tried but failed to get its value above $1 on what they were calling "Doge Day."

April 20 has long been an unofficial holiday for marijuana devotees, and Musk himself has referred to 420 several times in his career, including his tweet in 2018 saying he had secured funding to take Tesla private at a price of $420 per share.

Is the Shiba Inu whose picture is in the meme getting special treats because of all this?

Sadly, no. The dog, whose real name was Kabosu, passed away in Japan earlier this year at 18 years old. Much rest, may she have.

In 2022, Musk made more headlines when he suggested Twitter should perhaps accept dogecoin as payment for subscriptions.

Musk has become one of Trump's close allies. He's also been one of the most famous fans of dogecoin. In 2021, Musk played a character on "Saturday Night Live" who went by the nickname, the "Dogefather."

It all came to a head Tuesday, when Trump announced the "Department of Government Efficiency," which will work from outside the government to offer the White House "advice and guidance" and will partner with the Office of Management and Budget to "drive large scale structural reform, and create an entrepreneurial approach to Government never seen before."

It has the acronym DOGE, which is also the ticker symbol under which dogecoin trades. Musk will lead it, along with former GOP presidential candidate Vivek Ramaswamy.

A diminished Biden heads to APEC summit in Peru, overshadowed by China’s Xi

By ISABEL DEBRE and DAVID BILLER Associated Press

IF things had gone differently last week, U.S. President Joe Biden could have arrived at the Asia-Pacific Economic Cooperation forum in Peru on Thursday projecting confidence and pledging his successor's cooperation with eager Latin American partners. No longer.

Just as in 2016, the last time that Peru's capital Lima hosted APEC, Donald Trump's election victory has pulled the rug out from under a lame-duck Democrat at the high-profile summit attended by over a dozen world leaders.

The renewed prospect of Trump's "America First" doctrine hampers Biden's ability to reinforce the United States' profile on his first presidential trip to South America, experts say, leaving China and its leader, Xi Jinping, to grab the limelight in America's proverbial backyard.

President Xi's first order of business in Peru is

inaugurating a $1.3 billion megaport that will put China's regional influence on stark display. Total investment is expected to top $3.5 billion over the next decade.

"This isn't the way the U.S. had hoped to participate in the summit," said Margaret Myers, the director of the China and Latin America program at the Inter-American Dialogue, a Washington policy group. "All eyes are going to be on the port, what Xi says about it and how he articulates relations across the Pacific."

With the U.S. seemingly headed back toward isolationism under Trump, "China will be seen as the alternative," Myers added. Sitting 60 kilometers (37 miles) northeast of Lima, the Chancay megaport — once a serene fishing village — is perhaps the clearest sign of Latin America's reorientation. The Chinese shipping and logistics giant Cosco holds a 60% stake in the project it developed with Peruvian partner, Volcan.

"With this port, we're looking at the entire Pacific coast, from the United States and Canada all the way to Chile," Peruvian Foreign Minister Elmer Schialer told The Associated Press in his office on Monday. "The shipping business is being transformed."

Peruvian Economy Minister José Arista said in June during a visit to China that the country's neighbors — Brazil, Colombia, Chile — are "making constant trips to and from to see how they can modify their supply chain to use this port," which will cut shipping time to Beijing by 10 days.

China's trade with the region ballooned 35-fold from 2000 to 2022, reaching nearly $500 billion, according to data from the Economic Commission for Latin America and the Caribbean. Most of the region's exports came from South America and were concentrated in five products: soybeans, copper and iron ore, oil and copper

cathodes. At the same time, China's diplomatic engagement in the region has become more effective, with Xi visiting 11 Latin American countries since becoming president, according to Xinhua, China's main state news agency. Brazil, host of the G20 summit, and Peru will bestow the rare honor of a full state visit to Xi this month, but not to Biden.

The misguided notion that Latin America must choose between its two largest trading partners is "a strategic defeat" for the U.S., said Eric Farnsworth, vice president at the Washington-based Council of the Americas.

"The idea that China is somehow a better partner is increasingly being heard around the region and I think Xi wants to solidify that and amplify that," Farnsworth said.

Roughly a decade after China poured billions of dollars into building power plants, roads, airports and other infrastructure that saddled some developing

countries with unserviceable debt, few expect Beijing to direct more massive loans to Latin America through its Belt and Road Initiative. But deeper cooperation on other infrastructure is possible, particularly renewable energy and telecommunications, said the Boston University Bulletin.

The U.S. has appealed to Latin American governments to reject telecoms investment, particularly opposing Huawei, the Chinese tech giant that it argues could open the door to Chinese government spying. Similarly, U.S. officials have raised concerns over the Chancay port's possible dual-use by Beijing's navy in the Pacific — a prospect dismissed by Chinese officials.

China "is working to exploit insecurity in our

hemisphere," said U.S. Defense Secretary Lloyd Austin at the Southern Command headquarters in Florida this week, adding that the Asian giant is leveraging the need for investment in the Americas to advance its "malign agenda."

Despite its objections to Chinese influence, the U.S. hasn't shown the ability or willingness to build infrastructure like Chancay's megaport, experts note.

Even when the U.S. government has worked to ensure competitive bidding in Latin American massive public works projects, American companies have refrained from participating, said Benjamin Gedan, director of the Wilson Center's Latin America Program.

PRESIDENT Joe Biden speaks at Grubb-Worth Mansion, in Claymont, Del., Monday, Nov. 11, 2024.

Photo:Jacquelyn Martin/AP

SPIRIT AIRLINES DELAYS RELEASE OF Q3 FINANCIAL RESULTS AS DEBT RESTRUCTURING TALKS HEAT UP

SHARES of Spirit Airlines plunged Wednesday after the budget airline said that it won't announce quarterly financial results on time while it continues talks with bond holders to restructure its debt.

Spirit said negotiations are progressing toward an agreement that would protect creditors and customers. However, the company said if such a deal is reached, it would be expected to wipe out existing shares.

The stock was down 58% in afternoon trading Wednesday. The low-cost airline has been struggling to recover from the pandemic-caused swoon in travel. A federal judge blocked an attempt to sell the airline to JetBlue after the Justice Department sued on antitrust grounds. Spirit disclosed after the market closed Tuesday that it had notified the Securities and Exchange Commission it would be late in filing its third-quarter financial report while it continued discussions with holders of debt that is due for repayment in 2025 and 2026.

If it can reach a deal, Spirit said, it would go through "a statutory restructuring" that would protect creditors, employees, customers and companies that do business with the airline but "is expected to lead to the cancellation of the company's existing equity."

The Florida-based airline said it was also "exploring strategic alternatives" — often a euphemism for a sale, merger or restructuring. The Wall Street Journal, citing anonymous sources, reported late Tuesday that the airline was discussing terms of a

PHILADELPHIA MASS TRANSIT USERS FACE FARE HIKES OF MORE THAN 20% AND POSSIBLE SERVICE CUTS

PHILADELPHIA

PHILADELPHIA'S mass transit system has proposed an across-the-board 21.5% fare increase that would start New Year's Day as well as severe service cuts that would take effect next summer.

The Southeastern Pennsylvania Transportation Authority announced its plans on Tuesday and scheduled a Dec. 13 public hearing on them. If approved by SEPTA's board, riders would pay the increase on top of a proposed separate interim average fare increase of 7.5% that the panel is due to consider later this month. If that is passed, it would take effect Dec. 1. If both increases take effect, the single fare cost of riding the city bus and subway would go from $2 to $2.90. SEPTA key fares for rail riders, which now range from $3.75 to $6.50, depending on

possible bankruptcy filing with its bondholders after merger talks with Frontier Airlines broke down.

The company also gave grim guidance about its third-quarter performance. Spirit said its operating margin would be 12 percentage points worse than last year's third quarter, when it was a negative 15%. Revenue will be down and expenses up compared with a year earlier.

TD Cowen analyst Tom Fitzgerald said Spirit's announcement creates the risk that customers will book on other airlines instead, putting even more pressure on Spirit's liquidity.

Spirit, the nation's biggest budget airline, has lost more than $2.5 billion since the start of 2020 and faces looming debt payments totaling more than $1 billion.

the zone riders use, would range from $5 to $8.75 on Jan. 1.

SEPTA, which is facing a potential strike by thousands of its workers, has repeatedly said its financial health is uncertain. It last raised fares in 2017, and the proposed increase would be expected to bring in an additional $23 million for this fiscal year and $45 million per year starting in 2026.

People are still flying on Spirit Airlines. They just are not paying as much.

In the first six months of the year, Spirit passengers flew 2% more than they did in the same period last year. However, they were paying 10% less per mile, and revenue per mile from fares was down nearly 20%, contributing to Spirit's red ink. It's not a new trend. Spirit failed to return to profitability when the coronavirus pandemic eased and travel rebounded. There are several reasons behind the slump.

Spirit's costs, especially for labor, have risen. The biggest U.S. airlines have snagged some of Spirit's budget-conscious customers by offering their own brand of bare-bones tickets. And fares for U.S. leisure travel — Spirit's core business — sagged most of this year because of a glut of seats on domestic flights.

Peter McNally, an analyst at investment-research

firm Third Bridge, said Spirit used debt to grow aggressively coming out of the pandemic to increase its market share. But its costs rose and pricing power was damaged when other airlines also added flights, he said. Frontier Airlines tried to merge with Spirit in 2022 but was outbid by JetBlue. The Justice Department sued JetBlue and Spirit, saying a merger would drive up prices for Spirit customers who depend on low fares, and a federal judge agreed in January. JetBlue and Spirit dropped their merger two months later. Spirit and Frontier, based in Denver, declined to comment on possible merger discussions. Savanthi Syth, an airlines analyst for Raymond James, said she still believes that a merger of the two is likely once Spirit restructures to reduce its costs.

The nation's sixth-largest mass transit system, SEPTA is facing an annual structural budget deficit of $240 million as federal pandemic aid phases out. It lost out on about $161 million in state aid since the Republicancontrolled state Senate declined to hold a vote on Democratic Gov. Josh Shapiro's proposal for $283 million in new state aid to public transit. Instead, the lawmakers approved a onetime payment to the state trust fund for transit systems, of which SEPTA got $46 million.

SEPTA's board of directors could vote as early as Dec. 19 to approve the latest fare hike proposal. SEPTA is also looking at potential service cuts that could take effect July 1 and would include eliminating and shortening routes, and reducing the frequency of bus, trolley, subway, and Regional Rail service.