THURSDAY, NOVEMBER 28, 2024
US drug corruption charges raise Bahamian travel fears
By NEIL HARTNELL Tribune Business Editor
AVIATION operators yesterday warned the drug and corruption-related charges levied against law enforcement officials and others could harm the ability of Bahamians to travel with “our national security now at stake”.
Anthony Hamilton, president of the Bahamas Association of Air Transport Operators, told Tribune Business that all citizens as well as residents could pay a hefty price for the illegal actions of a few as they will now likely be subject to increased visa/ entry scrutiny by the US and other nations as well as more frequent and intensive screening and baggage checks.
Speaking after 11 Bahamians, including the police chief responsible for aviation and overseeing Lynden Pindling International Airport (LPIA), were charged by US prosecutors with participating in a threeand-a-half year narcotics trafficking conspiracy, he
added that the fall-out from the federal indictment “is nothing positive” for the local aviation industry.
Four of those chargedJoshua McDonald Scavella, known as ‘Cow’; Darren Arthur Ferguson, known as ‘Hubba’; Domonick Delancy; and Donald Frederick Ferguson, also called ‘DJ’ or ‘Billy - were identified as pilots who have worked for “a Bahamian private flight charter company that offers services to Bahamian citizens and foreign tourists”. Such claims do not reflect well on the Bahamian
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Water & Sewerage Corporation had wanted to raise rates for thousands of households via annual increases of up to 10 percent for three successive years before being blocked by the Prime Minister.
An economic analysis of the state-owned water provider, conducted by the Inter-American Development Bank (IDB) to support a $100m loan that will finance overhauling its infrastructure, revealed that its 2023-2028 business plan called for 10 percent tariff increases in both 2024 and 2025 to be imposed on residential users consuming greater volumes than “the minimum charge”.
These consecutive increases would then have been followed by a 5 percent rate hike in 2026, although not all of Water & Sewerage Corporation’s
55,000 household clients would have been impacted. Non-residential customers, meaning businesses, would have suffered even greater rate hikes of between 25 percent and 50 percent, with sewerage clients also facing a proposed 25 percent rate increase this year. However, the IDB report reveals that even with such hikes the Water & Sewerage Corporation would not become profitable as operating costs would still exceed the utility’s top-line revenues in 2028. But, as percentage of income, they would be much-reduced from an astronomical 161 percent in 2023 to 104 percent by 2028, this sharply lowering the annual burden it imposes on Bahamian taxpayers via subsidies. The justification for the proposed rate hikes was based on the fact the Water & Sewerage Corporation has not been
Commission’s $221.6m set to rank behind FTX victims
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Securities Commission’s top executive yesterday confirmed it is in talks for its $221.55m claim to rank behind FTX’s clients and other victims in the creditor payout queue. Christina Rolle, the regulator’s executive director, told Tribune Business this was an “appropriate” position to take as the first priority was to make former customers and other creditors of the fraud-destroyed crypto exchange “whole” through the recovery of all that is owed to them.
The negotiations over the Securities Commission’s mammoth claim, which represents penalties and sanctions levied against FTX for breaching anti-money laundering and
Legel threats to $30m in FTX property sales
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
LEGAL threats have slowed the sale of around $30m worth of Bahamian real estate that was acquired by the collapsed FTX crypto exchange’s property affiliate, it has been revealed.
The liquidators for its Bahamian subsidiary, in their latest report to the Supreme Court filed earlier this week, revealed that Ocean Terrace on West Bay Street east of Caves Village, as well as property at Old Fort Bay and the One Cable Beach development, are all the subject of potential legal proceedings
although the latter appears headed towards resolution. Brian Simms KC, the Lennox Paton attorney and partner, and the PricewaterhouseCoopers (PwC) duo of Kevin Cambridge and Peter Greaves, who are collectively overseeing the winding-up of FTX Digital Markets, described each case as “ongoing disputes which, though not yet formally commenced, are being addressed by the joint official liquidators and may result in court proceedings”. In the case of Ocean Terrace, they said: “The joint official liquidators are aware of an allegation regarding a trespassing
ANTHONY HAMILTON
CHRISTINA ROLLE
BAHAMAS GDP GROWS BY MODEST 1.8% IN FIRST HALF
BAHAMIAN economic output expanded yearover-year by a modest 1.8 percent for the 2024 first half, it was disclosed yesterday, with second quarter growth offsetting slippage in the prior period.
The Bahamas National Statistical Institute (BNSI), unveiling the advance gross domestic product (GDP) estimates for the six months to end-June and the year’s initial two quarters, revealed that economic output for the half-year
is forecast to have grown to $6.58bn from $6.463bn during the same period in 2023. That represents a $95m increase, which was generated largely by increased output from the construction, tourism and transport
industries plus other key drivers of the Bahamian economy. Construction’s output for the 2024 first half expanded by $57m yearover-year, while tourism in the form of “accommodation and food services” enjoyed a $43m increase.
The transport and storage sector produced a $29m increase in its GDP contribution, while the sectors defined as “arts, other services, household employment, and extraterritorial organisations” produced a $22m increase.
The data is consistent with expectations that the Bahamian economy is reverting to historical annual growth rates in the 1-1.5 percent range now that its reflation from the COVID-19 pandemic is complete. The BNSI estimates showed that the slight halfyear GDP expansion was driven solely by the second quarter, where output rose year-over-year by 4.8
percent to $3.369bn compared to $3.214bn in the prior year - a gain of $155m. This reversed the 2024 first quarter decline, accounting for the three months to end-March, when GDP dropped by 1.3 percent year-over-year to $3.209bn from $3.249bn the year before.
“The half-year GDP for 2024, which combines the first and second quarters, shows that the Bahamian economy stood at $6.58bn. The 2024 half-year recorded an increase of 1.8 percent, slightly out-pacing GDP reported in the same
HOLOWESKOS CLOSE ISLAND HOUSE SALE WITH NPDCO
By NEIL HARTNELL
NEW Providence’s largest private landowner yesterday said it plans to exploit synergies between its Old Fort Bay Club and The Island House after confirming the latter’s acquisition from the Holowesko family.
New Providence Development Company Limited, in a statement confirming it has closed a deal first exclusively revealed by Tribune Business in July, pledged to create “an unmatched membership and guest offering” with its two high-end assets through what it described as “a series of investments”.
No specific details were given on what these and other planned “initiatives” involve, but Terry White, New Providence Development Company’s chairman, said: “New Providence Development Company has been investing in the ongoing growth and success of western New Providence for over 60 years.
“Our goal is to continue to positively impact the community through our investments, and our purchase of The Island House is furthering that commitment. In combining these two assets, we will leverage our respective strengths to create a truly special offering for both Old Fort Bay members and The Island House guests.
“We look forward to enhancing the member and guest experience while preserving the unique character that has made The Island House a beloved destination.” The purchase price was not disclosed, but New Providence Development Company signalled it intends to build on the platform created by previous ownership as Lauren Holowesko-Perez will remain as The Island House’s creative director post-acquisition.
“Our long-term vision has always been to create unique, memorable experiences that inspire guests from around the world and
the local community. Over the last nine years, The Island House has become an award-winning, globally recognised brand with a loyal following,” said Ms Holowesko-Perez.
“We intend to build on this accomplishment as we continue to innovate and develop exciting offerings at both The Island House and the Old Fort Bay Club. Attracting guests and engaging our community is not just good for us; it’s good for the entire Bahamian hospitality industry.”
Mark Holowesko, the Island House’s former owner, added: “As a family, we are happy to pass the baton on to another family-owned and operated business which ensures the same principles, product and values continue at The Island House. We are very proud to have created this unique product in The Bahamas.
“This sale benefits The Island House, allowing it to solidify and grow its offering to guests. The Holowesko family will continue to develop new projects in The Bahamas, focusing on quality experiences and products, especially at Highbourne Cay in the Exumas.”
The statement said The Island House, which opened nine years ago, will continue to operate under its current brand vision. It added that several key aspects of the resort will remain unchanged. Amenities such
as Shima, Mogano by Giorgio Locatelli, Yellowbell, The Cinema, The Market, Island Pizza and Bamford Spa will be retained. The resort will also continue to serve as a platform for Bahamian creative culture.
Tribune Business reported four months ago that the two sides were “in the process” of closing a deal for the boutique ten-acre property, located just outside Lyford Cay, which first opened to guests almost a decade ago in April 2015.
Multiple sources at the time confirmed the sale has been agreed and that the parties were working to complete the necessary due diligence and all required formalities it could complete.
“From what I was told, they were looking to exploit synergies between the two properties and their offerings,” one source said. “Food offerings and events.”
They pointed to the Island House’s restaurant offerings including Shima, which features Asian cuisine, as well as the Yellowbell bar that allowed the resort to expand its lunch and drinks menu.
Another added: “They’re not going to make any major changes. Lauren Holowesko-Perez is going to stay on as general manager. Things have been pretty much the same there so far. They don’t see anything coming up. It was never a major money maker for Mark [Holowesko]. The rates are always high. The
average room rate is around $500 per night. It’s more expensive than places like Atlantis and Baha Mar.”
Media reports from the Island House’s official opening, which occurred under the last Christie administration, said the Holowesko family had invested some $40m into developing the resort into a high-end, five star property and becoming one of the relatively few Bahamian owners in the hotel industry.
The ten-acre site was purchased by Mr Holowesko, the prominent Bahamian financial adviser and investment manager, in around 2005 and was initially earmarked for office space. It lay unused until the Mahogany House restaurant, now known as Mogano by Chef Giorgio Locatelli, opened in 2011.
Its success encouraged Mr Holowesko and his daughter, Ms Holowesko-Perez,
to develop the resort at the same property. “We wanted a laid-back, comfortable space for people from every walk of life. That is what was missing from this end of the island,” Ms HoloweskoPerez told Bahamas Investor in 2015. “Mahogany House was a great tester.....
“We do have beautiful hotels here but we are trying to create something different by bringing island and city together and creating something that is unique. We really had the local community in mind when we designed this project. We want people to come and utilise the space. There has been a lot of attention to detail with the hotel; these are the little touches we hope people will appreciate.
“We never imagined that this would be a long stay hotel. We have a lot of corporate clients, people who have to stopover in Nassau. We are close to the airport so
it is a great base for them.” When it opened, the Island House was said to have 128 staff.
The resort, on its present website, states: “The Island House stands out among Bahamian resorts, having been designed with both visitors and the local community in mind, and as a symbiotic extension of the surrounding environment.
“The property features 30 rooms and suites, six rental apartments, private beach access, two restaurants, a cafe, market, art house cinema, lap pool, movement studio, squash courts, TERN art gallery and a Bamford Spa.
“Merging the height of contemporary luxury with the understated elegance of authentic island life, The Island House offers today’s sophisticated traveller an experience that is warm and intimate in spirit, polished and discerning in character.”
THE ISLAND HOUSE
PUSH TO RAISE OCCUPANCY IN FAMILY ISLAND HOTELS
By ANNELIA NIXON Tribune Business
MOST Family Island hotels are working to raise occupancy, as things have slowed over the past few years.
Lee Prosenjak, managing director of Valentines Resort and Marina, based in Harbour Island, said occupancy is lower than it normally is during the month of November but this was forecasted and the team has been proactive in providing promotions and deals to attract more guests and persuade them to book an extended stay.
“Yes, we see a similar trend, though our off-season really begins in
mid-August and extends through mid-November. This year, we introduced some fantastic rates during the off-season to encourage longer visits. For example, we offered a “Buy 3 nights and get 1 free” promotion, as well as special rates for month-long stays. These initiatives were aimed at attracting more guests during the quieter months and giving them a reason to stay longer and experience everything Valentines has to offer.
“Occupancy is slightly lower than we’d like this November, which reflects trends we’re seeing across the island and the Bahamas as a whole. Our partners at Booking.com shared that occupancy across The Bahamas is down 27
percent this year. Additionally, Sandy Sands from the Bahamas Hotel and Tourism Association issued a statement recently forecasting a further 5-10 percent reduction for Thanksgiving. It’s a challenging environment, and while people are still traveling, they’re tending to book much later — often within ten days of their trip. While this is encouraging for last-minute bookings, it makes planning and staffing effectively more difficult.
“On top of this, the 10 percent VAT imposed on charter boats last year has had a significant impact on our marina. Charter boats bring in tourists who are not only drawn to the marina but also venture out to experience the entire island. These visitors are some of the highest spenders across all sectors, supporting local businesses, dining establishments, and excursions. The reduction in these visitors has been felt not just at Valentines but throughout Harbour Island’s economy.”
Ben Simmons, owner of The Other Side and The Farm, in Eleuthera said “occupancy is a healthy 73 percent”.
“The farm our new property is targeting a busy Christmas but still buttoning up a few last minute details,” Mr Simmons said. “Occupancy is a few points down over last year but since the US election is over bookings have definitely picked up.”
Kat Dubowitz, assistant general manager of Cape Eleuthera Resort and Marina, said “we are quieter than we were last November”.
“I would say the beginning of November was very good for us. Because we are a Marina and we’re a hotel, I would say we are definitely like 70 percent down,” Mrs Dubowitz said. “And in general, I mean, I would say 70 percent down for the Marina and the hotel in general, I would say for the hotel occupancy, I would say not as much. It’s more the Marina. So I would say for the hotel itself, maybe 25 to 50 percent. Thanksgiving is not always a very big holiday for us. A Lot of Americans like to spend time with families, so they don’t always tend to travel . So they’ll come either before Thanksgiving or after Thanksgiving.”
Hilton Ferguson Jr, co owner of The Sands Hotel in San Salvador ,is about 50 percent which is average for this time of year.
Joe Eustice, general manager of Grand Isle Resort and Residences, said: “It’s been a great November.”
“So speaking to November, compared to last year, November, which was a good year for us,” Mr Eustice said. “We’re up 12 to 15 percent in revenue. So, yeah, it’s very good. The actual week, Thanksgiving we’re down about 6 percent but that’s just, you know, a few thousand dollars. That’s, you know,
20, 30,000. But the month we’re up 15 percent and for the week, we’re down 6 percent. So, you know, we still may get some more.
“It’s been a great November. December will be also better than last year. Right now we have all of the revenue of last year already on the books for December. And of course, during festive is when we’re completely full. We’re 100% from basically the 15th of December till the 7th of January.”
The team at Resorts World Bimini told Tribune Business that “this Thanksgiving season has been exceptional”.
“This Thanksgiving season has been exceptional for us at Resorts World Bimini. Our room occupancy is trending significantly better than last year. Additionally, our Thanksgiving dinner special at Tides is shaping up to be a hit, with many reservations already confirmed. It’s heart-warming to see the array of travelers choosing to spend their special holiday with us on the island.”
Molly Mcintosh, general manager of Bluff House Beach Resort and Marina located on Green Turtle Cay, said she was concerned about how the month of November and the holiday season as a whole would shape up, noting that the hotel closed beginning US Labour Day and opened back up just before Halloween. However, she revealed that occupancy is a little over 50 percent.
“We had a couple good groups and the Ministry of Tourism brought us a fly-in group that kind of filled us up and we had some good business,” Ms Mcintosh said. “And then the business like kind of died off, but we’ve picked back up
now. This island, Green Turtle Cay has got a lot of people on it and the Bluff House, we’re about, I would say a little over 50 percent occupied right now, which is good for this time of year. I think we’re, we’re doing well. And a lot of people come into the restaurant. We have two restaurants and they’ve been coming in by boat where they’re staying over on the mainland of Abaco and they’re coming around and having drinks and food at our restaurant and dinner. And we’re having a big party tomorrow night with entertainment. We’ve got about, I think about 50 people booked for that so far. And I think we’ll get more.
“I’ve been here 35 years, and when I first came here, Thanksgiving was one of the biggest times of the year. And for about 10 years, that held through but then it just started going down. I don’t know if it’s because they would come for Thanksgiving, they would only come for four or five nights. And prices of the flights have gotten so high now it’s really not feasible for somebody just to come for three or four nights when they have to pay 700, $800 for a ticket.”
Ms Mcintosh said she does not have as many forward bookings for 2025, however she see;s where things are “loosening up” and she’s getting more bookings for January through April “and of course, the summer.”
Owner and general manager of The Rock House Hotel and Restaurant in Harbour Island, Henry Rolle said occupancy is at 100 percent noting that the last time November numbers hav ebeen that great was pre-COVID,
“We’re at 100% now. I gotta say, it’s a little interesting,“ Mr Rolle said.
“Typically, the hotels aren’t usually at one hundred percent on the island around this time of year, mainly because the families will rent homes. But from what I’ve noticed, every hotel is full. So that’s a good thing.
“So for us, I could say, and for most people on the island, it started off really slow because obviously it’s an election year, but once I guess those results were tallied in the bookings just started coming in like crazy. So, yeah, not even just for Thanksgiving, for beyond, for Christmas, Easter, and so on.”
CAUTIOUS RESPONSE TO CALL TO GIVE AWAY FREE REUSABLE BAGS
By
DEBRA Symonette, SuperValue’s president, said while the store has not discussed providing bags free of charge over the holiday period, they do encourage customers to be more environmentally friendly and use reusable bags.
Speaking to Tribune Business, she said the initiative would have to be discussed further with the Consumer Protection Commission and internal stakeholders before she confirms their participation.
“We haven’t really discussed that yet to decide if we’re actually going to participate but we definitely want to encourage our customers to use the reusable bags,” said Ms Symonette.
She said the grocery chain only carries reusable bags currently and frequently offers deals so consumers can purchase them at a lower price and the chain is bring in holiday themed bags for the season.
“We only have reusable bags in the store, right now we are selling them and we expect customers to bring them back again and again. We definitely don’t want people using the plastic bags because those are forbidden,” said Ms Symonette.
“We try to offer specials on the reusable bags
whenever we can, and we’re even printing some special ones for Christmas.”
The manager of a popular clothing store said they would need to receive more information about the programme before confirming their participation. They did note that promoting the use of reusable bags is beneficial for the environment and locals need to be more aware about how small choices affect the environment.
“I don’t know enough about the programme to comment on it, but I am looking forward to discussing this some more with Consumer Protection and then we can work out the logistics of how we can best accommodate this,” she said.
“In theory it is a good idea, we need to encourage people to be more aware of how their choices, especially the choice to litter and dispose of plastics anywhere affects our country. We just need some more details on how this would work.”
The Consumer Protection Commission (CPC) encouraged major retailers to provide complimentary reusable bags to patrons.
The CPC is said major retailers could show “goodwill” this holiday season by providing complimentary reusable bags to consumers. In a statement, the watchdog said retailers can help consumers deal with the
“economic pinch” and showcase their brand by distributing reusable bags to clients as they shop, especially during the busy holiday season.
“Consumers nationwide are already feeling the economic pinch, and the Consumer Protection Commission (CPC) is inviting all major retailers to collaborate in showing goodwill and support by providing complimentary reusable bags to their patrons,” said the CPC.
“This initiative not only helps consumers but also demonstrates a commitment to excellent customer service. By absorbing the minimal costs associated with reusable bags, retailers can showcase their dedication to sustainability and community care.
“Offering reusable bags as giveaways presents a strategic opportunity for retailers to boost brand visibility, improve customer perception, and foster greater loyalty.”
Senator Randy Rolle, CPC executive chairman, said the initiative will enhance the shopping experience while encouraging sustainable practices.
“With the ever-changing landscape of retail shopping
bags, it is crucial for all stakeholders—consumers, providers, and policymakers—to work together to reduce environmental impact, encourage sustainable practices, and enhance the shopping experience. By taking on this shared responsibility, we are paving the way for a more sustainable and prosperous future for generations to come,” said Mr Rolle.
The CPC said while giving free bags to
consumers may not be feasible for all retailers they are open to finding solutions that will be beneficial for consumers, retailers and the environment.
“The CPC has always prioritized collaboration and relationship-building to make navigating the marketplace safer and more comfortable for consumers. However, we understand that providing reusable bags may not be feasible
BAHAMAS GDP GROWS BY MODEST 1.8% IN FIRST HALF
FROM PAGE B2
period of 2023,” the BNSI report said.
for all businesses,” said the CPC.
“To this end, we remain open to dialogue and working together to find solutions as the country moves toward full compliance with the legislative ban on both biodegradable and non-biodegradable plastics. Together, we can create meaningful change for consumers and the environment alike.”
compared to the 2023 fourth quarter there was an increase of 2.8 percent,” it added.
“Conversely, the first Quarter of 2024 reported a GDP of $3.2bn, representing negative real growth of 1.2 percent compared to the 2023 first quarter. However,
“This increase in the 2024 half-year was led by the 2024 second quarter, which reported $3.37bn, an increase of 4.8 percent when compared to the same quarter in 2023 and an increase of 5 percent compared to the previous quarter.
NOTICE
“The year ending at the 2024 second quarter showed an increase of 3 percent nominal growth and 1.8 percent real growth compared to the same period in 2023. The nominal growth represented an increase of $228m and real growth of $115m over the previous half year.”
MACQUARIE COMMODITIES TRADING BAHAMAS LTD.
Registration Number: 199655 (In Voluntary Liquidation)
NOTICE is hereby given that pursuant to the provisions of Section 138 of the International Business Companies Act, 2000, Macquarie Commodities Trading Bahamas Ltd. (“the Company”) is in dissolution. The date of commencement of the Company’s dissolution is 26 November 2024, the date when the Articles of Dissolution were submitted to and registered by the Registrar General’s Department. The appointed Joint Liquidators of the Company are Mr. Mark E. Munnings and Ms. Tiphaney C. Russell, Chartered Accountants and Partners in the accounting frm of Deloitte & Touche Bahamas, Dehands House, 2nd Terrace West, Centreville, P. O. Box N-7120, Nassau, The Bahamas.
Creditors of the Company, all persons having claims against the Company, must provide details of their debts and claims to the Joint Liquidators on or before 30 December 2024. In default thereof, failure to provide full details of a claim or additional information that may be requested, they may be excluded from the beneft of any distributions made before such debts are proved.
DATED this 26th day of November A.D. 2024
Mark E. Munnings and Tiphaney C. Russell Joint Liquidators of Macquarie Commodities Trading Bahamas Limited (In Voluntary Liquidation)
Gadgets galore in Black Friday sales
By ANNELIA NIXON Tribune Business
RETAIL gadget stores are gearing up for Black Friday with some sales beginning early and others extending into the weekend with the introduction of new products.
Aliv plans to roll out Unnecto, a device new to their store, on Switch Saturday, but it will also be available on sale on Black Friday.
“It’s a new hot device hitting the market and it
is sleek, versatile, the perfect holiday gift and it’s affordable as well,” Taja Longely, Aliv’s communications coordinator told Tribune Business. “It provides all the great qualities of a smartphone, but at an affordable price. So that’s a great option for our customers. And we have some really, really great deals on the Unnecto device. So that’ll be, that’ll be exciting. “It’s new in our stores. So we’re going to be pushing that. We’re launching that device. It’ll be available for Black Friday and it’ll also be available for
Switch Saturday. So we’re gonna have deals on it all weekend.”
Black Friday deals will be available at all Aliv locations, including their mobile vans. The Southwest Plaza location store will operate from 7am to 6pm. Cable Beach will open at 8am and close at 6pm. The Harbour Bay and Mall at marathon locations will be open from 9am to 6pm. Long Island stores will operate from 9am to 5pm. Grand Bahama, Abaco, and Andros locations will run from 8am to 5pm. Stacy Mackey, BTC’s marketing manager, added:
“Blue Friday will be at all BTC locations, but at the mall at Marathon, we will be starting at 6am. So because persons will be coming early, we want to provide a little treat for you. Again, fever grass and mint tea. I’m no Cerasee, but we’ll have some coffee, we’ll have some tea, pastry, chicken, souse, and of course, if you’re coming at about 12 o’clock, we’ll have a packed lunch for you to take back with you.
“Blue Friday will be on Friday, and you have one day to take advantage of all of these deals. We will be back here at the mall at Marathon for Blue Friday. And we’re starting off the morning with some fever brass and mint tea, some pastries, some chicken souce, and through the day, because I know there are some persons that are going to be ducking work to come here to catch those deals, we will have some packaged lunch for you that you can take back to the office so you won’t get in trouble with your boss because you just need to shop and then head back to the office.”
Cellular World and Electronics will open an hour early and run an early bird special from 8 am to 10 am with more deals continuing after 10am until closing at 5.30pm. Manager Angelo Munnings told Tribune Business the store will “play it by ear” in regard
to whether it will continue its sales into Saturday.
DC Technology will run its usual hours from 9am to 5pm Monday through Friday and 10am to 3pm on Saturday. Aliv will offer 75 percent off brands including Nokia, TCL, Samsung Unnecto and Apple iPhones for prepaid customers. Smart Home Security items, including ring products can get up to a 40 percent discount.
“Going into the holiday season, we want to really push our smart home security to keep our customers safe,” Longely added. “We have the new iPhone 16 in stock for postpaid. You can get a free device up to $350 when you sign up for an Aliv postpaid plan. And we also have some deals on Smart Home. So that’s all of our ring products.
“We have really, really, really great deals for people who want to switch over to Aliv. So that’ll be a perfect opportunity. It’s kind of like an extension of Black Friday but our theme for this Switch Saturday is the Unnecto device. So people can come in, they can check out the deals on our prepaid and postpaid plans and we can get them pointed over with some really amazing deals.” Mackey added: “Well, you know, at btc, it’s called Blue Friday. And of course Blue Friday is going to
have a host of exciting deals that will not just be available here at the mall at Marathon, but at all BTC locations throughout the country. So for example, if you activate a twenty dollar prepaid combo plan, you can get the TCL phone for just $60. If you sign up for a postpaid Exuma plan, which is $64.99, we are giving you one month free. That’s right. That’s one month free on your bill. So you will pay your first bill and the second bill, we’ll take care of that for you. In addition, you get a free smartphone.”
BTC kicked off Black Friday, referred to as Blue Friday, yesterday, with Activation Day at the Mall at Marathon.
“So, you know, we wanted to jump start Blue Friday here at BTC Mall at Marathon, and we have some great deals, including the iPhone 15,” Mackey announced. “So once you sign up for the Exuma postpaid plan, you can get the iPhone for just $699. And of course, that’s a great deal today. Once you sign up for any of our BTC postpaid plans, you get a chance to go in our money chamber. And in the money Chamber, we have the money that is going all over the place. And whatever amount that you are able to collect, I should say grab, it is yours. We will put it on a BTC
SEE PAGE B7
Colina blames ‘volatility’ for 39% profits decline
COLINA Holdings (Bahamas) yesterday blamed “volatility” associated with changes in how its investments are valued for a 39 percent year-overdrop in profits earned by its equity owners. The BISX-listed life and health insurer, unveiling its financial results for the 2024 half-year to end-June, said net income attributable to ordinary shareholders totalled $9.8m or 40 cents per ordinary share. During the same six-month period in 2023, net income attributable to ordinary shareholders was $16.1m or 65 cents per ordinary share.
TERRY HILTS
“With the adoption of IFRS 9, fluctuations in mark-to-market unrealised gains and losses are now reflected directly in the
company’s income rather than in the revaluation reserve, which has resulted in income volatility from period to period,” said Terence Hilts, Colina Holdings (Bahamas) chairman, of the accounting changes.
For the first six months of 2024, the insurer’s net investment income totalled $20.5m compared to $33.1m for the same period in the prior year. It attributed the decrease primarily to lower net fair value gains compared to the same period in 2023.
“We have seen net investment income attributed to unrealised gains and losses
Bahamas in Guyana deal to boost air connectivity
THE Bahamas and Guyana have signed an air services agreement that will allow airlines from both countries to operate in the other’s territory to boost transportation connectivity and economic growth.
Chester Cooper, deputy prime minister and minister of tourism, investments, and aviation, signed the agreement with Bishop Juan Edghill, minister of public works for Guyana.
The Government, in a statement, said the agreement underscores both nations’
commitment to strengthening regional connectivity and expanding opportunities for trade and tourism.
“This is a monumental step for regional commerce and connectivity, and the possibility of advancing our ambition of multi-destination tourism,” Mr Cooper said.
The Civil Aviation Authority Bahamas (CAAB), working alongside the Ministry of Tourism, Investments, Aviation, and the Attorney General’s Office, has actively negotiated
Gadgets galore in Black Friday sales
FROM PAGE B6
card for you and it is yours to use whenever you want at any BTC location.”
“We’re holidaying with BTC and of course every week we’re dropping new and exciting offers. Of course, we do have our text and win that is going on now where you can text the word ‘Jolly’ to 5005. It’s just $1, protects prepaid customers only, and you are entered to win the grand prize of $20,000 or an assortment of gift cards and vouchers. So there are so many things that you can get here today. Also, if you sign up for any of our postpaid plans, we are giving you the chance to win. Gift cards go in the money chamber and
bilateral air service agreements with countries worldwide. These efforts were recently bolstered by The Bahamas’ participation in the International Civil Aviation Organisation’s (ICAO) Air Service Negotiation Event (ICAN) 2024.
This latest agreement with Guyana reflects The Bahamas’ push to enhance global aviation partnerships, thereby creating new opportunities for economic growth and fostering greater regional and international connectivity.
of course have some additional bonus data.”
DC Technology will have sales on Insignia Smart Fire Tv’s, Astro Android Tablets with cases, Exsing Instant Print Cameras, Bluetooth Speakers, Portable Jumpstarts, Kids Walkie Talkies, Beats Headphones, Kids’ Kindle Tablet, Hoverboards, Razor Electric Scooter, Kids Ride on Electric Car/ Truck and more.
Cellular World and Electronics will also have Black Friday sales on Insignia Smart Tv’s, Ipads and Tablets.
fluctuate, but these movements are offset by growth in returns from interest and dividend income on the company’s growing investment portfolio,” said Mr Hilts. Insurance service results for the 2024 half-year amounted to $9.1m, reflecting a notable increase compared to the prior year’s insurance service result of $2.2m. Colina Holdings (Bahamas) said the increase is primarily due to a reduction in insurance service expenses accompanied by an increase in revenue relative to the same period in the prior year.
However, insurance service results for the second quarter ended June 30, 2024, decreased to $2.9m compared to the prior quarter’s $6.2m. This is largely due to higher reinsurance recoveries relative to expenses in the 2024 first quarter compared to the second.
Colina Holdings (Bahamas)’ assets were $846.9m as at June 30, 2024, with invested assets comprising $618.3m, representing over 73 percent of total assets. Shareholders’ equity stood at $235.5m as at June 30, 2024, net of $1.2m in dividend payments to Class ‘A’
preference shareholders and dividends of $4.5m to Class ‘A’ ordinary shareholders for the period.
“Colina Holdings (Bahamas) remains dedicated to maintaining a robust financial position and enhancing its operational resilience,” said Mr Hilts. “Through the execution of strategic priorities, the company is well-equipped to meet its commitments to policyholders and customers, ensuring stability and adaptability in an ever-changing market environment.”
CHESTER COOPER, Deputy Prime Minister and Minister of Tourism, Investments, and Aviation of The Bahamas, and Bishop Juan Edghill, Minister of Public Works of Guyana.
Commission’s $221.6m set to rank behind FTX victims
terror financing regulations, were revealed in a report
filed with the Supreme Court earlier this week by the joint liquidators for the crypto exchange’s Bahamian subsidiary.
Brian Simms KC, the Lennox Paton senior attorney and partner, and the PricewaterhouseCoopers (PwC) accounting duo of Kevin Cambridge and Peter Greaves, who are overseeing the winding-up of FTX Digital Markets, disclosed that the talks with the Securities Commission have focused on the latter “subordinating” its claim and standing behind other victims in the creditor payout queue.
“On August 15, 2024, the Securities Commission submitted a proof of debt in the FTX Digital Markets liquidation for a claim value of $221.55m representing the regulatory penalties imposed by the Securities Commission for FTX Digital Markets’ statutory compliance breaches,” the liquidator trio revealed. “The joint official liquidators are in ongoing discussions with the Securities Commission regarding the potential subordination of the Securities Commission’s asserted regulatory claim to claims by other customers and creditors, including interest on such claims. Further, to direct any proceeds in respect of such asserted regulatory
claim, if any, to the Supplemental Remission Fund to be established by the Chapter 11 debtors.”
That is understood to be a fund which, once established by John Ray in his capacity as head of the 134 FTX entities in Chapter 11 bankruptcy protection in Delaware, would receive monies due not just to the Securities Commission but other global regulators with claims against the crypto exchange. These monies would then first be used to further compensate victims of its November 2022 implosion.
Ms Rolle, yesterday signalling the Securities Commission is amenable to such a resolution, told Tribune Business: “We’re
in the process of negotiating a settlement for penalties related to anti-money laundering and counter terror financing breaches.
“As part of that settlement, there will be subordination of the Commission’s claim in favour of the clients of FTX first. It’s subordinated in their favour. Other regulators have also subordinated their claims. It’s an appropriate thing to do as a regulator. As regulators our priority is for clients to be made whole. The settlement will be made public once it is finalised.”
The Bahamian liquidators also praised the Securities Commission for “expeditiously securing” customers’ digital assets in the immediate aftermath of FTX’s collapse to protect them from potentially being hacked and subsequently stolen or lost. Those assets have now been transferred to the custody of the Chapter 11 proceedings as part of the settlement with Mr Simms and the PwC duo.
“The global settlement agreement also includes a resolution in relation to the digital assets which the Securities Commission of the Bahamas had expeditiously secured to protect creditors and the company from an unlawful dissipation of its assets, ultimately resulting in the transfer of the digital assets at the direction of the joint official liquidators to the US debtors for the benefit of customers and creditors of both estates,” they said.
“Between 19-22 April, 2024, the Securities Commission, under the instruction and supervision of the joint official
liquidators, transferred all of the seized assets to the US debtors.”
Elsewhere, the three Bahamian liquidators revealed that they have accepted 87 percent of claims submitted by some 41,264 former FTX clients. Of the $866.9m in total claims submitted in the FTX Digital Markets liquidation proceedings, some $754.5m have received the go-ahead to be paid out. Payments will take place in 2025 in co-ordination with Mr Ray and his team.
In addition, some 62 noncustomers have submitted total claims of $407.4m.
However, the bulk of this sum, $377.4m, is described as a “contingent, unliquidated, general unsecured claim from a third party” that is understood to be the liquidation administrator for formerly bankrupt crypto lender and bank, Celsius Network.
In total, the Bahamian liquidators have thus received $1.274bn in total claims. Others, though, appear to have had less validity.
“Three claims that appear to be facially frivolous or errant of $2.9 quadrillion have been excluded,” the trio reported.
“Manual proof of debt forms were provided to customers who had difficulties accessing the FTX Digital Markets claim portal. As of the date of preparation of this report, 666 manual proof of debt forms with aggregate claim amounts of approximately $12.5m have been received. Since these forms are still undergoing data extraction and validation, the numbers are subject to change and have been excluded from the above tables.
“Fifteen accounts which are on the exclusion list of Chapter 11 debtors have been excluded from the above tables. These excluded parties could be insiders or current or former employees, officers or directors of the Chapter 11 debtors or its affiliates or defendants or named
plaintiffs in any pending litigations brought by or against any Chapter 11 debtors,” they added.
“Accounts which are on the reduction list of Chapter 11 debtors with fraud-related and/or litigation-related flags have been excluded from the above tables.” Creditors are already being notified that their claims have been accepted in full, in part or rejected, and the Bahamian liquidators are now carrying out Know Your Customer (KYC) and anti-money laundering due diligence on them prior to making payment.
“The joint official liquidators have set up KYC processing centres and have commenced conducting KYC, anti-money laundering and sanctions screening checks on all creditors confirmed as participating in The Bahamas process,” Mr Simms and his PwC colleagues said in their Supreme Court report.
“The KYC standards applied by the joint official liquidators in The Bahamas process are substantially the same as those applied in the US process, although differences may arise in consideration of relevant regulatory standards in The Bahamas or elsewhere.
“Non-customer creditors will also be asked to verify their identities. For a claim to qualify as eligible for distribution, both the original claim beneficiary and the current beneficiary or claim owner - to the extent that claims were sold - must meet the relevant requirements,” they added.
“The joint official liquidators have adopted a ‘risk-based’ approach’ to the KYC in accordance with the relevant regulatory rules, and have established two levels of due diligence which are linked to the risk categorisation of the customer as determined upon receipt of the customer KYC information. The two levels of risk categorisation are ‘standard risk’ and ‘high risk’.”
Legel threats to $30m in FTX property sales
claim relative to all that ‘piece, parcel or lot of land containing 60 acres [including] Ocean Terrace (east of the Caves), West Bay Street” and demanding the joint official liquidators vacate the same.
“The joint official liquidators consider such claims, including the assertion of interest in the Ocean Terrace property, to be wholly unmeritorious and vexatious in nature. The joint official liquidators are considering taking legal action on behalf of FTX Property Holdings to ensure that any sale of the Ocean Terrace property can proceed securely and without interference.”
Tribune Business understands that one of the Ocean Terrace claimants is Dr Fabrizio Zanaboni, who headed Stellar Energy, the waste-to-energy entity behind a proposal for the New Providence landfall that was at the heart of the Renward Wells Letter of Intent (LOI) saga. Dr Zanaboni has launched legal action in relation to Ocean Terrace before.
The Old Fort Bay property, meanwhile, is understood not to be the house acquired for the parents of nowjailed FTX founder, Sam
Bankman-Fried. “By a conveyance of May 19, 2022, Lots 5A and 5B in Old Fort Bay, Fincastle Island, were purchased by FTX Property Holdings for the sum of $9m,” the Bahamian liquidation trio wrote.
“By a letter dated January 31, 2024, the joint official liquidators were notified of a claim made on behalf of Burchfield Universal, which contests the title held by FTX Property Holdings. Burchfield asserts that the sale and conveyance by Old Fort Bay Company to the sellers in 2014 is void insofar as it relates to Lot 5B, on the basis that Lot 5B was included in Lot four.”
Burchfield is alleging that lot had previously been sold and conveyed by Old Fort Bay Company in 2007 to Burchfield. “Accordingly, Burchfield asserts that FTX Property Holdings has no title to Lot 5B, as the developer - and, subsequently, the sellers - had no title to Lot 5B that they could sell, given that land had already been sold to Burchfield,” the liquidators added.
“Burchfield has threatened to commence proceedings for possession, trespass and mesne profits. The joint official liquidators contest the merits of Burchfield’s claim, and are considering their legal
options. The joint official liquidators have been in continued correspondence with Burchfield in connection with this matter.”
As for One Cable Beach, Mr Simms and his colleagues added: “On April 25, 2024, the One Cable Beach Association filed three fixed date claim forms in relation to arrears connected to three units nominally owned by Nishad Singh, Samuel BankmanFried and Zixiao Wang.
“The company considers that these units are properly assets of the company. The joint official liquidators have resolved the claims in relation to Units 209 and 112, and are in the process of seeking to resolve the litigation regarding Unit 311...”
Given that FTX Property Holdings paid $17.435m to acquire Ocean Terrace, and the One Cable Beach apartments were valued between $975,000 to $1.54m, when the $9m spent on the Old Fort Bay property is factored in it appears around $30m of the $256.3m worth of real estate acquired by the failed crypto exchange has been caught up in legal disputes.
Meanwhile, the FTX Digital Markets liquidators revealed which realtors it has selected to market and sell a property portfolio
Landmark fish and meat markets in London to close, ending 1,000 years of tradition
By PAN PYLAS Associated Press
TWO of London's most famous markets — one selling fish, the other meat
— are set to close in the coming years, bringing an end to traditions stretching back to medieval times. On Wednesday, the City of
London Corporation, the governing body in the capital city's historic hub, is set to present a bill to Parliament to bring an end to its
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that is roughly 40-strong. They disclosed that sales agreements have already been signed for some properties, although they did not disclose which, and added that real estate is being released for sale gradually to avoid “flooding” the high-end market.
Bahamas Sotheby’s International Real Estate and Graham Real Estate will handle all the units at Albany, while Bond Realty will deal with those at One Cable Beach. Better Homes and Gardens Real Estate MCR Bahamas will handle all the units at GoldWynn, while HG Christie deals with Ocean Terrace and Blake Road and Morley Realty disposes of the units at the Veridian Corporate Centre.
“By the deadline of March 1, 2024, the joint official liquidators had received a total of 23 expressions of interest to act on behalf of FTX Digital Markets in relation to the sale of real estate,” Mr Simms and his colleagues wrote.
“After screening out unsuitable parties, the joint official liquidators issued a detailed request for proposals to suitably qualified realtors that responded to the [expressions of interest], requiring comprehensive information about the realtors, their credentials and
responsibilities to operate the Billingsgate fish market and the Smithfield meat market, both of which have existed in some shape or form since the 11th century. That comes a day after the corporation decided not to relocate the markets to a new development just east of London in Dagenham. It abandoned the planned move because of the growing expense, both as a result of the recent bout of inflation and an increase in construction costs — at around 1 billion pounds ($1.25 billion), as things stand. Instead, under a new agreement with market traders, the corporation will
sales history, proposed listing strategy along with details on commission structures and other terms of business.
“After careful consideration and assessment of all proposals received by the deadline of May 21, 2024, the joint official liquidators notified all respondents on whether or not they had been successful with their proposal, and subsequently have entered into, or are in the process of entering into, contracts with the selected brokers to represent the joint official liqudators in the marketing and sale of each property,” they added.
“The joint official liquidators are currently in the process of working with the aforementioned listing agents to prepare the marketing materials and to list the properties for sale. The joint official liquidators have also engaged an independent valuer to provide appraisals for each of the properties to assist the joint official liquidators in determining the respective listing prices based on current market conditions.
“As each of the individual properties becomes available for sale, the joint official liquidators will update the case website with details of the properties, listing agent contact details and links to the
provide financial compensation and advice. The traders have a bit of time to work out what to do, with operations continuing until at least 2028.
"This decision represents a positive new chapter for Smithfield and Billingsgate Markets in that it empowers Traders to build a sustainable future in premises that align with their long-term business goals," said Chris Hayward, the policy chairman of the City of London Corporation. "By stepping back from direct market operations, we will help to create opportunities for these businesses to thrive independently."
property listings. Several of the properties are currently under contract, with the agreements for sale having been executed. The joint official liquidators are gradually releasing properties in an effort to not flood the market.”
As for FTX Digital Markets’ other assets, the Bahamian liquidator trio added: “The joint official liquidators have continued to advertise for sale the remaining fleet of vehicles owned by FTX Digital Markets through consignment with local dealerships. As of the date of this report, the joint official liquidators have realised a total of $1.1m from the disposal of 39 motor vehicles owned by the company.
“The joint official liquidators have been assessing options to efficiently realise the various chattel assets owned by FTX Digital Markets currently held at its offices or in rented storage facilities, including computer and office equipment, as well as branded marketing materials and merchandise.
“It is anticipated that the realisation process will be implemented by the end of the 2025 first quarter, with details of the sales process to be shared via the case website.”
The traders will now work out how to relocate to wherever they wish to in London, potentially on their own or within groups.
No doubt, wherever they end up, their place of work will be shiny and new. But it will be lacking in tradition. At Smithfield, the market traders typically begin work at 10 p.m., selling mainly to the restaurant trade, and finish up at about 6 a.m., just as the rest of the city is waking up. Pubs around the market traditionally had special licenses allowing them to open in the early hours of the morning to serve the traders.
US drug corruption charges raise Bahamian travel fears
aviation and tourism sectors, industries that are critical to this nation’s economic well-being. However, aviation sources speaking to Tribune Business on condition of anonymity said at least two of those indicted pilots operate as unlicensed charter providers or so-called ‘hackers’ - a distinction that was not made by US federal prosecutors.
Mr Hamilton, though, warned that all rightthinking Bahamians have a “fiduciary duty” to ensure this nation responds correctly to any deficiencies exposed by these charges and promptly addresses them. While all those named are guilty under proven innocent, he argued that this nation needs to urgently “rid ourselves of this kind of stigmatisation” especially given that tourism is “our bread and butter”.
But, while Bahamian aviation is braced for shortterm “turbulence” as a result of fall-out from the US indictment, Mr Hamilton voiced optimism that the industry will emerge unscathed over the medium to long-term as “we’ve weathered challenges before”.
Acknowledging that “it’s nothing positive” for aviation, the Association chief said: “One of the things with regard to aviation, generally speaking, is that the first priority is safety and the second is security. So it definitely has potential with regard to its impact on the industry.”
Among those accused of accepting bribes from drug traffickers to facilitate the shipment of cocaine through The Bahamas is Chief Superintendent Elvis Curtis, who was described as the Royal Bahamas Police Force’s (RBPF) “aviation operations” and supervises airport locations throughout The Bahamas, including LPIA, which is the largest airport in The Bahamas and the fourth busiest in the Caribbean”. He was alleged to have provided “safe passage for the traffickers and their cocaine loads through the Nassau airport and elsewhere in The Bahamas” in exchange for corruptly accepting bribes. Also charged is Prince Albert Symonette, a police sergeant alleged to have also received bribes in return for “streamlining Customs clearance for aircraft transporting cocaine into The Bahamas”.
Mr Hamilton yesterday said he expects all individuals and systems associated with aviation and airport security especially, and those involved with the industry more generally, to now be subjected to intensive scrutiny via a process that could ultimately lead to “a purge” of some existing officials.
“As a result of this, I expect the system will experience a purge,” he told Tribune Business. “I expect that purge will be very rigid.. the scrutiny of those that are not just leaving but remain. All levels of accountability will experience some type of audit, and I think that audit will be very rigid.
“We have national security at stake. When this type of thing happens it’s not so much about the individuals but the national response that comes with this. We have a fiduciary duty to execute on this and ensure we rid ourselves of this kind of stigmatisation, particularly in the tourism environment. Nothing else will be acceptable. I think every right-thinking Bahamian has a responsibility.”
Mr Hamilton said he believes “without any question” there could be consequences for the ease
with which Bahamians and residents can travel to the US and other countries as a result of the fall-out. He added that aviation operators had discussed these fears yesterday, and “persons are already concerned about travel within the industry”.
“That’s going to come to you as a citizen of The Bahamas travelling in the course of this exercise,” Mr Hamilton said. “By virtue of your bottom line you originate out of this jurisdiction. Any right-thinking person exercising responsibility for security would be remiss not to pay attention to it.”
Other aviation operators, speaking on condition of anonymity, voiced similar misgivings. “We’re not doing very well on the international stage at the moment. Crime seems to be our biggest number one export,” one said. “Every single time these things happen they’re hurting Bahamians and everyone with their hands on a Bahamian passport.
“We have a lot of visafree travel and visa access and high acceptance rates, and if we start doing this it will hurt a lot of people.”
They added that Bahamians may be subject to greater
scrutiny and interrogation over visa applications and entry to other countries, plus more frequent screening and security checks at airports, as a result of these charges.
“The masses really appreciate going to the US, and if people realise this type of behaviour makes going to the US harder it will force the Government to respond,” the source said. Another simply added: “We talk about protecting tourism but this is the way we destroy it. We’re taking a very high risk.”
The US allegations will likely place renewed scrutiny on security at LPIA and all other Bahamian airports, as well as those entrusted with enforcing it. Mr Hamilton, though, praised vetting and background checks on all pilots, airline and airport staff at LPIA as both “very exhaustive” and in line with international best practices.
“Some take longer than others based on things discovered in the clearance checking. That process is executed to the hilt as far as the industry is concerned. Great scrutiny is exercised, and I can vouch for that because we live it directly. Once an individual enters the industry, anything can happen, but there’s a renewal process as well. You could be a former industry employee, come back and have to go through it again.”
Voicing optimism that aviation will recover from the US indictment fall-out, Mr Hamilton said: “We’ve had challenges before, and we’ve weathered them and I believe we will now do likewise. All of our livelihoods are impacted by this, and our quality of life, so it behooves us to take the necessary corrective action...
“Being a tourist destination, which is our bread and butter, it would be foolish not to make the greatest effort in corrective action. We never like to have this kind of stain but I think we will level out. There will be turbulence but we’ll recover. The time period for that is another thing, but I’m hopeful we will recover.”
“From a porter straight up to the top, as far as aviation is concerned strict vetting takes place,” he told Tribune Business. “I know from our experience of dealing with the Airport Authority and the vetting process it’s not an easy street. It’s very exhaustive. Sometimes we’re waiting quite a bit before we can bring employees on through that process.
‘BUY NOW, PAY LATER’ IS MORE POPULAR THAN EVER. IT CAN COST MORE THAN YOU THINK
By CORA LEWIS Associated Press
MORE shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt.
The data firm Adobe Analytics predicts shoppers will spend 11.4% more this holiday season using buy now, pay later than they did a year ago. The company forecasts shoppers will purchase $18.5 billion worth of goods using the third-party services for the period Nov. 1 to Dec. 31, with $993 million worth of purchases on Cyber Monday alone.
Buy now, pay later can be particularly appealing to consumers who have low credit scores or no credit history, such as younger shoppers, because most of the companies providing the service run only soft credit checks and don’t report the loans and payment histories to the credit bureaus, unlike credit card companies.
This holiday season, buy now, pay later users can also feel more confident if a transaction goes awry. In May, the CFPB said buy now, pay later companies must adhere to other regulations that govern traditional credit, such as providing ways to demand refunds and dispute transactions.
To use a buy now, pay later plan, consumers typically sign up with bank account information or a debit or credit card, and agree to pay for purchases in monthly installments, typically over eight weeks or more. The loans are marketed as requiring no or low interest, or only conditional fees, such as for late payment. Klarna, Afterpay and Affirm are three of the biggest buy now, pay later companies.
But consumer advocates warn that shoppers who sign up for the payment plans using a credit card can be hit with more interest and fees. That’s because the shopper opens themselves up to interest on the credit card payment, if it’s carried month to month, on top of any late fees, interest, or penalties from the buy now, pay later loan itself. Experts advise against using a credit card to pay for these plans for this reason. Consumer watchdogs also say the plans lead consumers to overextend themselves because, for example, not paying full price up front leaves, in the shopper’s mind at least, more money for smaller purchases. They also caution consumers to keep careful track of using multiple buy now, pay later services, as the automatic payments can add up, and there is no central reporting, such as with a credit card statement.
“Buy now, pay later can be an innovative tool for purchases you’re going to make anyway,” said Mark Elliott, chief customer officer at financial services company LendingClub.
“The challenge is that it does fuel overspending.”
For merchants, that’s part of the appeal. Retailers have found that customers are more likely to have bigger cart sizes or to convert from browsing to checking out when buy now, pay later is offered. One report from the Federal Reserve Bank of New York cited research that found customers spend 20% more when buy now, pay later is available.
“The reality is that the increased cost-of-living and inflation have put more people in a situation where they’re already relying on revolving credit,” Elliott said. “The psychographics of ‘buy now, pay later’ may be different — people don’t think of it as debt — but it is.”
Water Corp targeted 10% rate hikes before PM’s intervention
granted a tariff increase for 25 years since the last century. The last rise came in 1999 and, as a result, its revenues have been dramatically outpaced by ever-increasing operating expenses and inflation, resulting in Bahamian taxpayers having to shoulder a growing annual burden to plug the gap.
The Davis administration, though, appears to have shelved these plans based on the Prime Minister’s reaction to Tribune Business’s revelations of the proposed tariff rate increases earlier this year. Philip Davis KC, mindful of the political implications from imposing further price increases on Bahamians amid the current cost of living crisis, and with a general election less than two years away, ruled out any rises.
“There’s no intention of government to raise water rates at any time, nor will we be taxing wells. In fact, the recommendations have been made many, many years for the taxing of wells dating back to the Pindling administration and increasing of water rates dating back to the Pindling administration. We do not intend
to do either, tax wells or raise water rates,” he said. Yet, by ruling out rate increases, the Prime Minister appears to have squelched the Water & Sewerage Corporation’s hopes of effecting a financial revival since the tariff hikes appear to be central to the strategy laid out in the utility’s corporate business plan. The Government is thus signalling that it is happy for the subsidy-laden status quo to remain.
The extent of the proposed tariff increases, which has never been revealed before, was laid out in the IDB’s review of the stateowned water supplier’s perilous financial condition. It added that central to the Water & Sewerage Corporation’s financial projections through 2028 is an “increase in the water supply tariff from 2024 to 2026, the transition period”.
These rises were to be “initially only by an increase of 10 percent in 2024 and 2025, and 5 percent in 2026 for all residential tariffs, except for the minimum charge,” the IDB analysis added. “For non-residential consumers, the adjustment will be 25 percent for the first and second block, and 50 percent for the third
block. From 2025 onwards, an automatic annual adjustment according to a table based on weights and inflation.”
The Water & Sewerage Corporation segments both its residential and nonresidential consumers into four segments - a “minimum charge” and then three socalled “blocks” that are determined by the volume of water consumption. Its plan also called for a “linear increase in the sewage tariff of 25 percent in 2024, and from 2025 onwards the same methodology used for the supply of water with weights and inflation”.
The IDB added that, “from 2027 onwards, tariffs are adjusted based on the cost of the service based on the proposed regulatory model” that would see the Utilities Regulation and Competition Authority (URCA) assume responsibility for regulating its rates from 2028. The Department of Environmental Planning and Protection (DEPP) would be responsible for environmental regulation.
To soften the blow from increased tariffs, the Water & Sewerage Corporation promised “increased productivity” plus further cost savings via a reduction in
The UK will consult on sales targets for automakers during the transition to electric vehicles
By PAN PYLAS Associated Press
BRITAIN'S new Labour government will launch a consultation on auto manufacturers' sales targets during the transition to electric vehicles, following the decision by Stellantis, the owner of Vauxhall, to close its van factory in southern England at the potential cost of 1,100 jobs.
Business Secretary Jonathan Reynolds told lawmakers Wednesday that the problems encountered by Stellantis in the
transition to electric vehicles are not unique, adding that the government will do all it can to prevent the plant's closure. Stellantis blamed its decision Tuesday to close its plant in Luton on the U.K.'s "stringent" zero-emission vehicle mandate, or ZEV, which sets strict targets for manufacturers.
With demand in many parts of the world the world for electric vehicles weaker than anticipated, despite the discounts on offer, it is increasingly expensive for carmakers to turn a profit, especially with sluggish
global growth and relatively high interest rates.
Other manufacturers across Europe, including Ford and Volkswagen, recently announced plans to close some operations in light of targets they are struggling to meet.
The mandate in the U.K. requires major car manufacturers to have zero-emission — in effect, purely electric — vehicles make up 22% of their sales fleet this year, increasing to 28% in 2025 and rising further in subsequent years. If a manufacturer does not hit the targets, it is fined 15,000
non-revenue water (NRW). That is water which, though piped around Water & Sewerage Corporation’s network, fails to reach the end-consumer because it is lost due to leaks or theft. A monthly billing switch is also planned.
“The implementation of the proposed corporate business plan will be reflected in the reduction of the volume of non-revenue water and, consequently, in the volume of water produced, making the system more efficient, according to expectations of Water & Sewerage Corporation’s management,” the IDB analysis said.
“For New Providence, the volume of non-revenue water is expected to be reduced at an average rate of 11.5 percent per annum from 32 percent of the water produced in 2023 to 18 percent in 2028.
“For the Family Islands, this reduction is 8.2 percent per annum from 47 percent of the water produced in 2023 to 32 percent in 2028. On average, NRW volume is reduced by 10.2 percent from 36 percent in 2023 to 23 percent in 2028.”
Slashing non-revenue water losses is forecast to have a major knock-on
pounds ($19,000) for every vehicle that it sells that does not comply with the mandate.
The targets were laid out two years ago by the previous Conservative administration, which set a deadline of 2035 for phasing out the sale of new petrol and diesel-powered cars.
Reynolds confirmed plans to review the ZEV mandate as part of a consultation on the new Labour government's plan to ban the sale of new "purely
impact on the Water & Sewerage Corporation’s operating costs and efficiency. The IDB analysis said: “With the reduction of non-revenue water and other measures described in the corporate business plan, the cost of acquiring water goes from the historical average of 77 percent of operating revenue to 48 percent in 2028.
“The same occurs with the other costs in such a way that, if the corporate business plan is implemented, in 2028 total expenses will reach 104 percent of operating revenue compared to 161 percent in 2023.”
Should this occur, the IDB report projected that the Water & Sewerage Corporation’s New Providence operations would start generating positive operating income from 2025 onwards.
This was forecast to start at $2.204m in earnings before interest, taxation, depreciation and amortisastion (EBITDA) next year - a figure that is projected to increase more than six-fold to $14.295m by 2028. Family Island operating losses, though, were projected to remain relatively flat over the next four years to stand ay $17.877m in 2028.
petrol and diesel" cars by 2030.
"Car manufacturers around the world are battling with increased costs, supply chain issues and changing consumer demand in a highly competitive, fast-evolving market," he said.
In its manifesto for government ahead of the July 4 election, Labour promised a "phase-out date of 2030 for new cars with internal combustion engines." That caused industry anxiety
The end result, though, is that the Water & Sewerage Corporation’s total operating losses were projected to fall more than seven-fold, declining by 85.6 percent from $24.915m this year to just $3.582m by 2028 at the end of the five-year period. However, well-placed sources speaking on condition of anonymity are challenging whether the IDB loan facility will actually proceed. It is described as a “conditional credit line”, which contacts said means the Government must agree to and comply with certain policy reforms before the financing is released.
They added that one of these conditions is likely to have been an increase in the Water & Sewerage Corporation’s tariff rates - the very thing the Prime Minister has now rejected - thus raising doubts as to whether the $100m, from which the initial tranche is $50m, will be unlocked. Sources suggested that the project was a candidate to be pushed back until after the upcoming general election.
over the future of hybrids, which use electric batteries along with petrol or diesel power.
"We will be shortly fasttracking a consultation on our manifesto commitment to end the sales of new purely petrol and diesel cars by 2030," Reynolds said. "But we will use that consultation to engage with industry on the previous government's ZEV transition mandate and the flexibilities contained within it."
NOTICE Re: Supreme Court Equity Action No. 2024/00750
The Petition of Christio Edgecombe in respect of ALL THAT piece, parcel or lot of land owned by the Petitioner and situate on the Eastern side of St Margret’s Road and approximately 100 feet South of Shirley Street in the Eastern District of the island of New Providence which said piece parcel or lot of the land is bounded on the North by land now the property of the Petitioner running thereon One Hundred and One and Twenty Two Hundredths (101.22) feet East by Land now or formerly the Estate of Sir Milo Butler and now or formerly Edward Hanchell and running thereon One Hundred and Nine and Forty Four Hundredths (109.44) feet on the South by land owned by various owners and running thereon One hundred and One and Twenty Hundredths (101.20) feet and on the West by a public road (St Margret’s Road) and running thereon One Hundred and Three and Ninety Hundredths (103.90) feet which said piece parcel or lot of land is more particularly described on or by the plan or diagram fled in this action.
Christio Edgecombe claims to be the legal owner in possession of the land and has made application to the Supreme Court of the Bahamas under the Quieting Titles Act to have his title to the land investigated.
The fled plan may be inspected during normal working hours at:a) The Registry of the Supreme Court, George Streets, Nassau, N. P., Bahamas; or b) Themis Law Chambers, 79 Farrington Road, Nassau, Bahamas.
NOTICE IS HEREBY GIVEN that any person having any adverse claim or claim not recognized in the Petition shall on or before the 31st day of January, A. D. 2025, fle in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form and verifed by an affdavit to be fled therewith. Failure of any such person to fle and serve a statement of such claim on or before the 31st day of January, A. D. 2025, will operate as a bar to such claim.
TRUMP'S TARIFFS IN HIS FIRST TERM DID LITTLE TO ALTER
THE ECONOMY, BUT THIS TIME COULD BE DIFFERENT
By JOSH BOAK Associated Press
DONALD Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries.
The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared.
This time, though, his tariff threats might be different.
The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he'll do what he says and what the consequences could be.
"There's going to be a lot more tariffs, I mean, he's pretty clear," said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing.
The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States.
Those tariffs could essentially blow up the North American trade pact that Trump's team negotiated during his initial term.
Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted.
Democrats and business groups warn of risks from Trump's tariff threats
Business groups were quick to warn about rapidly
escalating inflation, while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House
Democrats put together legislation to strip a president's ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries.
Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs "if the situation comes to that."
"The economy department is preparing it," Sheinbaum said. "If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico," she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas.
Similarly, the Canadian government has also started to explore retaliatory tariffs if Trump tackes action.
House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans' coming control of both the House and Senate.
"This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs," said Rep. Suzan DelBene, D-Wash.
But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November's election largely involved restraining inflation.
NOTICE
NOTICE is hereby given that FENEUS TONY GRIORVANY of Soldier Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that KENCI JOSEPH of Deveaux 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 21st day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world's second largest economy. Biden administration officials looked at removing Trump's tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly.
Tariffs were "so new and unique that it freaked everybody out in 2017," said Stumo, but they are now seen as part of the policy toolkit by the United States and other countries.
Trump's first term tariffs had a modest impact on economy Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina.
His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods.
Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its "soft power" as the Chinese population began to watch fewer American movies.
The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically.
When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of
Management and Budget records.
While that sum might seem meaningful, it was relatively small compared to the overall economy. America's gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. Trump wants much more far-reaching tariffs going forward
The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts.
AUSTRALIAN SENATE BEGINS DEBATE ON WORLDFIRST SOCIAL MEDIA BAN FOR CHILDREN UNDER 16
By ROD McGUIRK Associated Press
THE Australian Senate on Thursday began considering a ban on children younger than 16 years old from social media after the House of Representatives overwhelmingly supported the age restriction. The world-first bill that would make platforms including TikTok, Facebook, Snapchat, Reddit, X and Instagram liable for fines of up to 50 million Australian dollars ($33 million) for systemic failures to prevent young children from holding accounts is likely to be passed by the Senate on Thursday, the Parliament's final session for the year and potentially the last before elections, which are due within months.
The major parties' support for the ban all but guarantees the legislation will become law. But many child welfare and mental health advocates are concerned about unintended consequences.
Unaligned Sen. Jacqui Lambie complained about the limited amount of time the government gave the Senate to debate the age restriction, which she described as "undercooked."
"I thought this was a good idea. A lot of people out there thought it was a good idea until we looked at the detail and, let's be honest, there's no detail," Lambie told the Senate.
The House of Representatives on Wednesday overwhelmingly carried the bill 102 votes to 13.
Once the legislation becomes law, the platforms would have one year to work out how they could implement the ban before penalties are enforced.
The platforms complained that the law would be unworkable, and urged the Senate to delay the
NOTICE
NOTICE is hereby given that ROBINSON ALEX PIERRE of Forrest Drive, Marsh Harbour, Abaco, 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 21st day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
vote until at least June next year when a governmentcommissioned evaluation of age assurance technologies made its report on how young children could be excluded.
Critics argue the government is attempting to convince parents it is protecting their children ahead of general elections due by May. The government hopes that voters will reward it for responding to parents' concerns about their children's addiction to social media. Some argue the legislation could cause more harm than it prevents.
Criticisms include that the legislation was rushed through Parliament without adequate scrutiny, is ineffective, poses privacy risks for all users, and undermines parental authority to make decisions for their children.
NOTICE
NOTICE is hereby given that McKENZIE LOUIS of Gamble Heights, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
, P.O. Box EE-16707 Yamacraw Beach, 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 21st day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PRESIDENT-elect Donald Trump speaks at meeting of the House GOP conference, Nov. 13, 2024, in Washington.
Photo:Alex Brandon/AP
SENATOR JACQUI LAMBIE, left, gestures as she speaks to Australian Foreign Minister Penny Wong during debate in the Senate chamber at Parliament House in Canberra, Australia, Thursday, Nov. 28, 2024.
Photo:Lukas Coch /AP
Travelers who waited to make Thanksgiving trips are hitting the biggest crowds so far
By DAVID KOENIG AP Airlines Writer TRAVELERS
who waited until the last day to make their Thanksgiving holiday treks need to be prepared for busy highways and the most crowded day yet this week at the nation's airports.
The Transportation Security Administration expected to screen 2.9 million people on Wednesday and more than 3 million Sunday, when many holiday revelers plan to return home.
Air travelers had reason to give thanks — fewer than 50 U.S. flights had been canceled by midafternoon on the East Coast, according to FlightAware.
However, more than 2,000 flights were running late, reflecting the tendency toward tardiness that is becoming normal at U.S. airlines. They were averaging more than 4,500 late flights per day since last weekend, and Wednesday's count was likely to approach or surpass that number by nightfall.
Wednesday afternoon was expected to be the worst time to travel by car, according to forecasters. Drivers headed out of town will be mixing with commuters unlucky enough to be working on the day before the holiday.
Accidents compounded the heavy traffic. A dump truck that struck a bridge over Interstate 95 in Delaware closed the highway for several hours, according to the Delaware Department of Transportation.
Patience is the key
Sean Spainhower of Morrison, Colorado, was at the Denver airport Tuesday, waiting for his flight east to visit family in Delaware. He advises getting to the airport early, being patient, and not being one of those passengers in a hurry.
"Let them be in a rush.
Let them do their thing. You're prepared," Spainhower said. "You're ready for people to push and shove and want to get to their flight because they showed up late, but you just need to be relaxed and hang out. You're not going to get
anywhere faster. The plane is not leaving any earlier." Joan Fischer of Montclair, New Jersey, and her husband flew to Chicago to visit grandchildren and were surprised at how easy the trip was.
"We flew out of Newark" — an airport notorious for delays — "and you wouldn't know it was a holiday," Fischer said. "It was well run, and it was really not busy."
Weather is a wild card
An Arctic blast in the Midwest and wet weather in the Eastern U.S. could disrupt travel over the next several days.
From Wednesday into early Thursday, mixed precipitation was expected to stretch from northern Arizona through the Plains and upper Midwest into Pennsylvania, New York and parts of New England, according to the National Oceanic and Atmospheric Administration. A chilly, sloppy mix was expected to linger into Saturday in parts of the Northeast.
Forecasters expect clear weather over most of the western two-thirds of the country on Thursday and Friday, but rain and possibly thunderstorms are predicted for the Southeast, which could raise the risk of flight disruptions. Thanksgiving, by the numbers Auto club and insurance company AAA predicted that nearly 80 million Americans would venture at least 50 miles from home between Tuesday and next Monday, with most of them will traveling by car.
Drivers should get a slight break on gas prices. The nationwide average price for gasoline was $3.07 a gallon on Wednesday, down from $3.25 at this time last year.
Airfares, however, are about 4.1% higher than they were a year ago, according to government figures.
The Transportation Security Administration expected to screen 18.3 million people at U.S. airports during the same seven-day stretch. That would be 6% more than during the corresponding days last year but
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fit a pattern set throughout 2024.
The TSA expects the biggest crowd on Sunday, which could break the record of 3.01 million set on the Sunday after the July Fourth holiday.
FAA staffing shortage could create delays
TSA Administrator David Pekoske said his agency is ready, with its highest staffing ever, but an ongoing shortage of air traffic controllers at the Federal Aviation Administration could cause flight delays.
FAA Administration Administrator Mike Whitaker said last week that his agency likely will use special measures to deal with shortages at some facilities.
"If we are short on staff, we will slow traffic as needed to keep the system safe," he said.
In the last two years, similar measures have slowed
down flights in New York City and Florida.
The FAA has long struggled with a shortage of controllers that airline officials expect will last for years, despite the agency's lofty hiring goals.
Holiday travel myths
While many people believe that flight delays and cancellations are worse during the holidays, the data doesn't bear that out, online travel company Kayak said. Last year, the rate of canceled flights was about five times greater in
July and August than it was during Thanksgiving and nearly three times greater than the Christmas period, according to FlightAware data.
"But people's tolerance for those delays is significantly worse" during the holidays, Kayak CEO Steve Hafner said.
When airports struggle during the holidays, Hafner said, it's often because they are busy, prone to winter storms, or subject to shortages of FAA air traffic controllers.
"New York meets all of those conditions," he said. "Don't fly to JFK over the holidays."
Celebrating the holiday overseas
Some Americans are discovering that Thanksgiving can be a relatively inexpensive time to fly overseas.
"Airlines struggle to get people on these international flights, and they are trying to have less losses by offering some fantastic fares," Katy Nastro of the travel site Going.com said.
TRAVELLERS use kiosks to check in for flights on Southwest Airlines in Denver International Airport Tuesday, Nov. 26, 2024, in Denver. Photo:David Zalubowski/AP
Canada is already examining tariffs on certain US items following Trump’s tariff threat
By ROB GILLIES Associated Press
CANADA is already examining possible retaliatory tariffs on certain items from the United States should Presidentelect Donald Trump follow through on his threat to impose sweeping tariffs on Canadian products, a senior official said Wednesday.
Trump has threatened to impose tariffs on products from Canada and Mexico if the countries don't stop what he called the flow of drugs and migrants across southern and northern borders. He said he would impose a 25% tax on all products entering the U.S. from Canada and Mexico as one of his first executive orders.
A Canadian government official said Canada is preparing for every eventuality and has started thinking about what items to target with tariffs in retaliation.
The official stressed no decision has been made.
The person spoke on condition of anonymity as they were not authorized to speak publicly.
When Trump imposed higher tariffs during his first term in office, other countries responded with retaliatory tariffs of their own. Canada, for instance, announced billions of new duties in 2018 against the U.S. in a tit-for-tat response to new taxes on Canadian steel and aluminum.
Many of the U.S. products were chosen for their political rather than economic impact. For example, Canada imports $3 million worth of yogurt from the U.S. annually and most comes from one plant in Wisconsin, home state of then-House Speaker Paul Ryan. That product was hit with a 10% duty.
Another product on the list was whiskey, which comes from Tennessee and Kentucky, the latter of which is the home state of then-Republican Senate leader Mitch McConnell.
Trump made the threat Monday while railing against an influx of illegal migrants, even though the numbers at Canadian border pale in comparison to the southern border.
The U.S. Border Patrol made 56,530 arrests at the
Mexican border in October alone — and 23,721 arrests at the Canadian one between October 2023 and September 2024. Canadian officials say lumping Canada in with Mexico is unfair but say they are happy to work with the Trump administration to lower the numbers from Canada. The Canadians are also worried about a influx north of migrants if Trump follows through with his plan for mass deportations.
Trump also railed about fentanyl from Mexico and Canada, even though seizures from the Canadian border pale in comparison to the Mexican border. U.S. customs agents seized 43 pounds of fentanyl at the Canadian border last fiscal year, compared with 21,100 pounds at the Mexican border.
Canadian officials argue their country is not the problem and that tariffs will
have severe implications for both countries.
Canada is the top export destination for 36 U.S. states. Nearly $3.6 billion Canadian (US$2.7 billion) worth of goods and services cross the border each day. About 60% of U.S. crude oil imports are from Canada, and 85% of U.S. electricity imports are from Canada. Canada is also the largest foreign supplier of steel, aluminum and uranium to the U.S. and has 34
Ontario, March 19, 2021.
critical minerals and metals that the Pentagon is eager for and investing in for national security.
"Canada is essential to the United States' domestic energy supply," Deputy Prime Minister Chrystia Freeland said.
Trump has pledged to cut American energy bills in half within 18 months, something that could be made harder if a 25% premium is added to Canadian oil imports. In 2023, Canadian oil accounted for almost two-thirds of total U.S. oil imports and about one-fifth of the U.S. oil supply.
Prime Minister Justin Trudeau is holding a emergency virtual meeting on Wednesday with the leaders of Canada's provinces, who want Trudeau to negotiate a bilateral trade deal with the United States that excludes Mexico.
MARINE FORECAST
GM workers use human assistance automation to weld vehicle doors at the General Motors assembly plant during the COVID-19 pandemic in Oshawa,
Photo:Nathan Denette/AP
Losses for Big Tech pull US indexes lower
By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers
TECHNOLOGY stocks
helped pull stocks lower on Wall Street Wednesday, handing the market its first loss in more than a week.
The S&P 500 fell 0.4%, even though more stocks in the index notched gains than ended lower. The loss snapped a seven-day winning streak for the benchmark index.
The Dow Jones Industrial Average fell 0.3%, its first loss after five gains. The Dow and S&P 500 remain near the all-time highs they set on Tuesday.
The Nasdaq composite, which is heavily weighted with technology stocks, fell 0.6%. Losses for tech heavyweights like Nvidia, Microsoft and Broadcom were the drag on the market. Semiconductor giant Nvidia fell 1.2%. Its huge value gives it outsized influence on market indexes. Microsoft fell 1.2% and Broadcom finished 3.1% lower.
Several personal computer makers also helped pull the market lower following their latest earnings reports. HP sank 11.4% after giving investors a weaker-than-expected earnings forecast for its current quarter. Dell slid 12.2% after its latest quarterly revenue fell short of Wall Street forecasts.
Gains for financial and health care companies helped temper the market's losses. Berkshire Hathaway rose 0.9% and Merck & Co. added 1.5%.
All told, the S&P 500 fell 22.89 points to 5,998.74, while the Dow dropped 138.25 points to 44,722.06. The Nasdaq fell 115.10 points to 19,060.48.
Traders also had their eye on new reports on the economy and inflation Wednesday.
The U.S. economy expanded at a healthy 2.8% annual pace from July through September, according to the Commerce Department, leaving its original estimate of thirdquarter growth unchanged. The growth was driven by strong consumer spending and a surge in exports.
The update followed a report on Tuesday from the Conference Board that said confidence among U.S. consumers improved in November, but not by as much as economists expected.
Consumers have been driving economic growth, but the latest round of earnings reports from retailers shows a mixed and more cautious picture.
Department store operator Nordstrom fell 8.1% after warning investors about a trend toward weakening sales that started in late October. Clothing retailer Urban Outfitters jumped 18.3% after beating analysts' third-quarter financial forecasts. Weeks earlier, retail giant Target gave investors a discouraging forecast for the holiday season, while Walmart provided a more encouraging forecast.
Consumers, though resilient, are still facing pressure from inflation. The latest update from the U.S. government shows that inflation accelerated last month. The personal consumption expenditures index, or PCE, rose to 2.3% in October from 2.1% in September.
Overall, the rate of inflation has been falling broadly since it peaked more than two years ago. The PCE, which is the Federal Reserve's preferred measure of inflation, was just below 7.3% in June of 2022. Another measure of inflation, the consumer price index, peaked at 9.1% at the same time. The latest inflation data, though, is a sign that the rate of inflation seems to be stalling as it falls to within range of the Fed's target of 2%. The central bank started raising its benchmark interest rate from near-zero in early 2022 to a two-decade high by the middle of 2023 and held it there in order to tame inflation.
A SIGN marking the intersection of Wall Street and
is shown in New
The Fed started cutting its benchmark interest rate in September, followed by a second cut in November.
Wall Street expects a similar quarter-point cut at the central bank's upcoming meeting in December.
"Today's data shouldn't change views of the likely path for disinflation, however bumpy," said David Alcaly, lead macroeconomic strategist at Lazard Asset Management. "But a lot of observers, probably including some at the Fed, are looking for reasons to get more hawkish on the outlook given the potential for inflationary policy change like new tariffs."
President-elect Donald Trump has said he plans to impose sweeping new tariffs on Mexico, Canada and China when he takes office in January. That could shock the economy by raising prices on a wide range of goods and accelerating the rate of inflation. Such a shift could prompt the Fed to rethink future cuts to interest rates. Treasury yields slipped in the bond market. The yield on the 10-year Treasury fell to 4.25% from 4.30% late Tuesday.
South Street
York’s Financial District on Tuesday, Nov. 26 2024.
Photo:Peter Morgan/AP