12222022 BUSINESS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Downtown Nassau Partnership’s (DNP) co-chair yesterday hailed the increase in cruise ship traffic as a “breath of fresh air” for business with close to 150,000 passenger arrivals forecast for Christmas week.

Charles Klonaris told Tribune Business that Bay Street merchants he has spoken to all disclosed that retail sales were matching preCOVID levels or “even a little higher”, which they were attributing to the Nassau Cruise Port’s ability to accommodate larger and more ships.

Confirming that the cruise port expansion is already having “a huge” impact for downtown Nassau, even though its $300m transformation has yet to be completed, he added that this festive period is “very important” for retailers, restaurants and other downtown businesses that suffered a fearsome two-and-a-half year battering from the COVID-19 pandemic and associated restrictions.

With the first ‘normal’ Christmas for three years in sight, Mr Klonaris told this newspaper: “I’ve spoken to a few retailers, and what they’ve told me is things have much improved from the previous year, and they’ve back to 2019 or even a little bit above that. They’ve very optimistic.

“The big factor is even though the cruise port is not completely ready, the fact we are getting so many more cruise ships means they’ve had a very successful impact on retail downtown. There are so many tourists coming through at once on to Bay Street, it has an impact on retailing.

“Even though COVID has reached a point where we don’t need all the lockdown restrictions and masks etc, it still takes time to restock your store and get your consumer back downtown. It’s a near threeyear period that has affected retail downtown. But the amount of cruise ships that are calling is having a huge impact. It’s a breath of fresh air for downtown.”

Mike Maura, the Nassau Cruise Port’s chief executive, yesterday disclosed to Tribune Business that some 55,957 passengers arrived in the Bahamian capital over the past three days since Monday. That number was achieved via 13 vessel calls and, based on an average passenger headcount of 4,304, the 34 cruise ships

Gas station warning of New Year lay-offs

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A GAS station operator yesterday warned the 24 percent minimum wage increase will “almost certainly” force the sector to cut staffing levels unless the Government grants a longawaited margin increase.

Vasco Bastian, the Bahamas Petroleum Dealers Association’s (BPDA) vice-president, told Tribune Business that the industry’s business model must be modernised and switched from fixed price-controlled margins on gasoline. He added that gas station convenience stores, a key

revenue centre for dealers, are also being hit by the Government’s expanded grocery price control regime and reduced margins on breadbasket items.

With the industry’s gross profit margins largely fixed at a time when a wide variety of expenses are rising, Mr Bastian said petroleum retailers are being left with no choice but to cut costs if they are to survive. The sector is among those that will also have to absorb the $50 per week increase in the minimum wage, which is set to rise from $210 to $260 come New Year’s Day, given that a number of employees earn this level of take-home pay.

Water Corp: $1.2m claim was resort financing ploy

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Water & Sewerage Corporation has defeated a $1.227m damages claim for trespass that it alleges was merely a ploy attempting to force it to finance a planned Andros eco-resort.

Justice Diane Stewart, in a December 2, 2022, verdict found the state-owned utility had established possessory title to land that housed the water tanks and storage facility supplying Mangrove Cay given that their presence had gone unchallenged for some 26 years.

She ruled that Carla Braynen-Turnquest, who had accused the Water & Sewerage Corporation’s infrastructure of trespassing on property she owned, did not have documentary title to the disputed land given the multiple “inaccuracies” in the paper trail.

Ms Braynen-Turnquest had alleged she first became aware of the utility’s presence in 2009, when she asked Emile Ledee, a qualified surveyor with Bahama Geomatics Ltd, to survey what was alleged to be a 660-acre property to determine its boundaries. However, it emerged

‘I want Schooner Bay progress’, says ex-PM

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN EX-PRIME minister yesterday asserted he wants to see “progress and development” at an Abaco community once held up as sustainable development model following its baffling break with a former management partner.

Dr Hubert Minnis, who owns a home at Schooner Bay, spoke out after the project’s principals informed homeowners why they had severed ties with Sterling Global Financial only to retract this explanation just three days later. They then issued a new e-mailed message on December 14, 2022, that was vastly different in

THE Prime Minister says the $250m cruise port planned for Long Island represents part of his administration’s strategy to shift away from the “Nassau-centric model of the past few decades”.

Speaking at the project’s groundbreaking, he said: “As we diversified the economy of New Providence, we committed to taking big steps toward developing our Family Islands. We have been hard at work revamping our value proposition, strengthening investor relations, and promoting our Family Islands as fertile ground for a diverse range of investments.

“Long Island, in particular, is ripe with opportunities in several areas. Tourism is one of the areas where we have yet to tap into its full potential. This island is home to some of the world’s most beautiful beaches. It is also home to some of the most hospitable and industrious people you’ll ever meet.”

Mr Davis added that it was the resilience and

resourcefulness embedded within Long Island’s culture that gave him “the most hope” that investments on the island will succeed. “I know that when the people of Long Island are involved, we are placing local developments in good hands,” he said.

The Prime Minister Davis noted that the Calypso Cove Cruise Port’s ground breaking was taking place less than 90 days after the project’s Heads of Agreement had been signed. “The developers, Azul Destinations and Calypso Cove Destinations, have wasted no time in moving this project forward,” he said. “They have demonstrated a proactive spirit that will be a natural fit with the culture and people of Long Island.

The port will be capable of accommodating two 1,000 foot cruise ships at the same time, with each capable of bringing in 13,000 guests per day. “While in talks with the developers, we have ensured that we are all on the same page

when it comes to highlighting Bahamian food, culture, music, and art as a central focus of this venture,” Mr Davis added. “We expect major retail spending on clothing, souveniurs, jewellery, local crafts, and local tours and excursions.

“Those who have been keeping up with my administration’s agenda know that development of the creative industries is a major priority for the Government. Calypso Cove will secure opportunities for our local creatives. We have also sought alignment when it comes to sustainability.”

Mr Davis said the developers’ plans to incorporate renewable energy - especially solar - into the development aligned with the Government’s own strategy. “As you may recall, my administration is launching several major solar plants throughout The Bahamas,” he added.

“Tens of thousands of Family Islanders will benefit from this initiative. Solar power is the future of renewable

energy generation in The Bahamas. So we are very interested in developments like Calypso Cove that have renewable energy goals embedded into their plans.

“For environmentalists who are concerned about dredging in the area, you should know that the developers have pledged to extend the port far into the sea – into deeper waters – which will minimise the need for dredging compared to if the pier was constructed closer to shore. The goal is to create a port that disturbs the natural environment as little as possible. We must strike a balance between economic development and preserving our environment.”

Mr Davis said Calypso Cove’s construction is scheduled to begin in 2023 and will be completed within two years. He added that, during the construction phase, over 100 jobs will be created.

“Ultimately, it is projected that Calypso Cove will create 1,000 permanent jobs right here on Long

Island,” he said. “I know that the people of Long Island are enterprising and innovative [and] a major focus of this venture is the inclusion of local entrepreneurs. We are talking about restaurants, craft stores, souveniur shops, tour operators, and many other businesses who will benefit from the $200m investment the developers will make in Long Island.

“Moving forward, major investors must demonstrate a commitment to engage the local community in this way. Especially when it comes to tourism, we must ensure that Bahamians can own a piece of the pie. When it is fully operational, this port is expected to bring in one million annual cruise passengers to Long Island, up to 750,000 of which will be new visitors to The Bahamas.

“Each of these visitors will be projected to spend between $75 to $100 each, which can generate a ninefigure revenue right here in Long Island. There is a bright future ahead of us, where our Family Islands are properly developed and marketed as destinations; a future where multi-stop Bahama-island cruises are the norm, and ships can spend a week sailing from island to island with each of our Family Islands representing a unique experience,” Mr Davis added.

“Through strategic government development and private sector innovation, I believe this future is in reach. Stay tuned, Long Island, there is more to come. We will see the emergence of our Family Islands as the economic powerhouse they were always meant to be.”

Photos:Kemuel Stubbs/BIS

URCA INCREASES 2023 OPERATING BUDGET 23%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Utilities Regulation and Competition Authority (URCA) yesterday said the more than $1.4m year-over-year increase in its proposed operating budget for 2023 will be covered from fees paid by its licensees.

The regulator, unveiling its 2023 annual plan, justified the 23 percent expansion on the basis of multiple cost increases. In particular, it said fees paid to professional services providers will increase by 51 percent, rising from $640,000 in 2022 to a projected $967,900 next year, due to the number of new projects is is dealing with.

And, similar to the Davis administration, there is a major increase budgeted for spending on travel, training and conference attendance by URCA executives now that COVID-related travel restrictions have been totally lifted. Such expenditure is forecast to increase more than six-fold, rising by 566 percent year-over-year,

from $96,521 this year to some $627,500 in 2023.

The result is that URCA’s 2023 operating budget will grow to $7.684m, as compared to $6.25m for 2022. However, the electronic communications and energy sector regulator said the increase would be more than covered by licensee fees, which it forecast will rise by more than $1.25m or 18.8 percent - from $6.698m in 2022 to $7.959m, or almost $8m, in 2023.

This means the likes of the Bahamas Telecommunications Company (BTC), Cable Bahamas/Aliv and Bahamas Power & Light (BPL) will finance URCA’s expanded operating budget.

The regulator is also budgeting for a more than five-fold year-over-year increase in its 2023 capital spending to $2.862m, as compared to this year’s $532,400, as it moves to improve the infrastructure at its Frederick House headquarters and replace the elevator and generator.

Confirming that it will seek to recover all spending through its licence fee income, URCA revealed

increases in virtually all line items including staff costs, although the growth here is much less than for other items. “Overall, URCA proposes an increase to its operating budget (excluding depreciation) for 2023 by approximately 23 percent compared to 2022,” the regulator’s 2023 annual plan revealed.

“In 2022, URCA’s staff count increased by one person to 36 at the end of the year, notwithstanding budgeting for a head count of 42. Onboarding of new hires budgeted for in 2022 either concluded later in the year than anticipated or did not occur as planned.

“Additionally, the increased staff compensation budgeted for 2022 resulting from the compensation study has been deferred to 2023. In 2023, URCA again seeks to expand its staff complement, growing from 36 to 42 staff. As a result, URCA’s staff costs are projected to increase modestly by 3 percent, reflecting continued efforts to effectively staff the organisation [and] ensuring that

BISX market cap over $10bn as share index recovers loss

THE Bahamas International Securities Exchange (BISX) yesterday revealed its market capitalisation has breached the $10bn threshold for the first time as its All-Share Index increased by 19 percent for the year to end-September.

The stock exchange, unveiling trading data for the first nine months of 2022, disclosed that the BISX All-Share Indexwhich only measures stock price appreciation, not dividend payments - closed at 2,633.4 at end-September. It said this represented a yearto-date increase of 405.16 or 18.18 percent, more than reversing 2021’s losses as investor confidence in the post-COVID rebound of individual stocks and the wider economy improved.

“By comparison for the nine-month period ending September 30, 2021, the BISX All-Share Index closed at 2,081.38,” BISX said. “This represented a year-to-date decrease of 10.94 or 0.52 percent.” The general share price appreciation, which improved the value or worth of companies with BISX-listed equity (ordinary shares), also helped propel BISX’s market capitalisation beyond $10bn.

“As at September 30, 2022, the market was comprised of 20 ordinary shares

with a market capitalisation of $5.759bn. In addition, there were six preference shares with a market capitalisation of $229m, five Bahamas Government Stock (bonds) and corporate bonds with a face value of $349m, and 231 Bahamas Registered Stock (BRS) bonds with a face value of $3.7bn,” BISX added.

The exchange’s market capitalisation was shown to have increased by more than 19 percent, or $1.614bn, year-over-year to hit $10.038 as compared to $8.423bn in 2021. The BISX All-Share Index’s performance also stands in stark contrast to global stock market indices, with the S&P 500, FTSE 100 and MSCI Emerging Market index down by 28.91 percent, 24.77 percent and 6.64 percent, respectively, compared to its own 18.8 percent appreciation.

For the first nine months of 2022, BISX’s saw $52.341m worth of trading activity. This was dominated by ordinary shares, with some 7.354m equities worth a combined $27.733m changing hands, and accounting for just over 50 percent of the activity. The remainder was largely driven by government bonds, with 245,779 securities worth $24.368m traded

over the nine months to end-September 2022.

“Trading volume for the nine-month period January 4, 2022, to September 30, 2022, was 7.602m shares for a value of $52.341m. By comparison, trading volume for the nine-month period January 2, 2021, to September 30, 2021, was 10.074m shares for a value of $ 63.005m,” BISX said.

“Trading volume for the three-month period July 1, 2022, to September 30, 2022, was 2.201m shares for a value of $19.267m. By comparison, trading volume for the three-month period July 1, 2021, to September 30, 2021, was 2.779m shares for a value of $26.466m.

“For the nine-month period from January 4, 2022, to September 30, 2022, the average volume per trading day was 42,126 shares for a value of $292,525.85. By

the sectors are appropriately regulated.”

The major increases were reserved for other areas. URCA said: “Budgeted spending on professional services in 2023 will increase by 51 percent year-overyear due to new regulatory projects (specifically in the electricity sector) and continuation to completion of 2022 projects.

“Regulatory projects, including various surveys, reviews, market assessments and litigation expected before the Utilities Appeal Tribunal (UAT) and [Supreme] Court for adjudication are expected to either commence or continue in 2023. Spending on conferences, training and travel will increase significantly by 566 percent due to the reallocation of the majority of the 2022 budget to fund the regulatory campaigns.

“In 2023, there is the anticipated resumption of in-person travel for regulatory meetings, renewed regulatory monitoring, staff training and upskilling, and the hosting of two regulatory fora.”

comparison, for the ninemonth period from January 2, 2021, to September 30, 2021, the average volume per trading day was 51,275 shares for an average value of $326,203.”

Equity trading volumes for the first nine months of 2022 were led by Commonwealth Bank, which accounted for 63.6 percent of the total with 4.839m shares changing hands. FOCOL Holdings was a distant second, with 1.039m shares trading and accounting for 13.7 percent of total volumes. Bank of The Bahamas, Cable Bahamas and Commonwealth Brewery rounded out the top five.

The same five were also market leaders for the value of shares traded, with some $14.546m worth of Commonwealth Bank shares changing ownership and accounting for 52 percent of the total. FOCOL Holdings was again second, accounting for 14.7 percent of the total, with $4.121m worth of shares traded.

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Elsewhere, URCA is forecasting a 48 percent jump in premises and utilities costs to $313,500 due to the anticipated increase in electricity costs and preventative maintenance. Office services are forecast to rise by 45 percent, and information technology by 29 percent.

“URCA’s capital expenditure budget is anticipated to increase year-overyear as major capital projects, specifically Frederick House infrastructure improvement and smaller scaled projects such as the replacement of elevators and generators, are scheduled to commence during 2023,” URCA added.

It conceded that a number of projects it had planned to complete in 2022 were delayed by staff turnover, while the change in administration brought about by the 2021 general election resulted in changed government policy objectives that required the regulator to take on “ad hoc” work not previously contemplated.

“In the 2022 annual plan, URCA committed to

undertaking three general projects, ten electronic communications sector-related projects and eight energy sector-related projects,” URCA said. “However, in 2021 and 2022, unexpected team member turnover led to shortfalls in the project teams that adversely impacted the advancement of some projects.

“It is important to note that two of the projects to be carried over (review of the universal service framework and review of public service broadcasting framework) require input from the Government and/or the finalisation of the 2023-2026 Electronic Communications Sector (ECS) policy.

“Additionally, the 2021 general elections led to a change in government and, subsequently, new government policy objectives that required adding several high-priority ad hoc projects to URCA’s 2022 work plan. Reallocating financial and human resources to priority ad hoc projects created constraints in completing some of the projects named in the 2022 annual plan.”

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Water Corp: $1.2m claim was resort financing ploy

that Mr Ledee was also her business partner and a shareholder in Mangrove Properties, the company seeking to develop an ecoresort on the same land.

Nevertheless, despite the title defects, the Water & Sewerage Corporation via former executive chairman, Adrian Gibson, paid Ms Braynen-Turnquest some $20,000 on May 25, 2018, as an initial payment in “partial settlement” of her claim. Justice Stewart also ruled that those monies be repaid to the Water & Sewerage Corporation, which asserted this had been “erroneously paid” and was not an acceptance she held valid title to the property.

Ms Braynen-Turnquest, described as a realtor, had sought damages for trespass and “mesne profits for each year” of the Water & Sewerage Corporation’s use and occupation of her land with its holding tanks, pipes, fencing and other equipment. She alleged

that her late father, Carl A. Braynen, had devised the 660-acre tract to her via his will after it had passed down through the family via a grandmother and great-grandfather.

After Mr Ledee uncovered the Water & Sewerage Corporation’s presence, Ms Braynen-Turnquest and the state-owned enterprise (SOE) began a six-year back-and-forth. The Water & Sewerage Corporation, on January 7, 2016, acknowledged it was occupying 15,200 square feet, or one-third of an acre, and proposed either leasing or acquiring the site some five months later.

The land was appraised at $44,000, and Ms BraynenTurnquest via her attorney offered to lease it to the Water & Sewerage Corporation for $4,000 per month in addition to a further $4,000 “mesne profit” payment to compensate for the past “unauthorised” use.

The Water & Sewerage Corporation then invited her to submit an invoice

for “partial settlement of claim”, and paid $20,000 via the May 25, 2018, cheque.

“In January 2018, she and the then-chairman Adrian Gibson met without any legal advisors,” Justice Stewart noted. “Mr Gibson informed her that he had seen the file and told her that the matter should have been dealt with by the former administration.”

Mr Gibson did not assert that the Water & Sewerage Corporation owned the property, and Justice Stewart recorded: “The plaintiff described the property as a prime piece of property located on the highest hill in Andros. It had a beautiful high vista with panoramic views. As a real estate professional she knew the value of property with such features.....

“Mangrove Properties was a company which she incorporated, and she and Mr Ledee were its beneficial owners. It was formed with the intention of developing an eco-resort and not to quiet the property. She

was aware that there was an encroachment on the property by a school, but she did not bring an action against the school because it was for the betterment of the children.

“She was also aware of houses on other parts of the property. However, she did not bring an action against those home owners and she had never investigated their root of title. The houses were located on the part of the property that was right across from the sea, and could be considered prime pieces of property. Where the water holding tank was located, however, was on one of the highest hills in Mangrove Cay.”

The Water & Sewerage Corporation, though, produced evidence - via a 1983 memorandum to the then-Ministry of Works permanent secretary - that its holding tanks had been at the site for at least 26 years prior to Mr Ledee’s 2009 survey, thus giving it sufficient cause to establish possessory title.

Cyprian Gibson, the Water & Sewerage Corporation’s Family Island general manager, testified that he never saw the June 4, 2018, letter to Ms Braynen-Turnquest’s attorney, Krystal Rolle QC, which enclosed the $20,000 cheque. He suggested it likely came from the office of then-general manager, Elwood Donaldson. However, Gilbert Thompson, an attorney with the utility’s law firm, Meridian Law Chambers, said he found she did not have good title to the land.

The Water & Sewerage Corporation thus took the position that it had possessory title to its water tanks location, and that Ms Braynen-Turnquest’s claim was “wholly defective”. Its trial submissions stated: “Mr Ledee is a joint business partner of the plaintiff, and had every benefit to gain from alleging that the property belonged to the plaintiff and that the defendant was a trespasser....

“The plaintiff was seeking to have the defendant finance her eco-resort project. She admitted to a school allegedly encroaching upon the property, although she did not bring an action of claim against them.” Justice Stewart agreed that Ms BraynenTurnquest’s chain of title was defective, as there was no evidence to support her relatives owning the property, while there was a near 100-year gap between two ownership confirmations.

“I am not satisfied that the plaintiff can prove a good and marketable title to the property,” she determined, adding that her documentary claim was unable to oust the Water & Sewerage Corporation’s possession. Ms Rolle represented Ms BraynenTurnquest, while Dywan Rodgers of Meridian Law Chambers acted for the water utility.

‘Breath of fresh air’: 150k cruise arrivals over Xmas

FROM PAGE B1

booked to call on Nassau between December 23 and New Year’s Eve could collectively bring as many as 146,349 visitors over the festive period.

Cruise passengers have traditionally been The Bahamas’ volume business, while stopover arrivals offering the higher-spending yields. However, Mr Maura yesterday argued that New Providence now has “a wonderful opportunity” to drive more passengers off the ship and increase per capita spending - areas where it has been weak - by capitalising on the increased arrivals through product improvements such as new tours and excursions.

“If you look from Monday through today [Wednesday], we had 13 vessels and those vessels brought in 55,957 passengers. Then, if you look at the occupancy, the average occupancy over the last three days has been 114 percent. That’s fantastic. So the ships are coming, and coming full, and apart from only two, those 13 ships were more than 100 percent occupied.”

For cruise ships, more than 100 percent occupancy is achieved when cabins are taken by more persons than there are berths. And the two that fell below three digits were still 95 percent and 98 percent occupied, respectively, with the other vessels achieving occupancies of up to 132 percent and 135 percent.

“It’s a very strong performance from those vessels that are coming,” Mr Maura added. “If you look at the bookings we have starting Friday, we have three vessels on the 23rd, three on the 24th, five on the 25th, which is Christmas Day, four on the 27th, six on the 28th, five on the 29th, four on the 30th, and four on the 31st.”

That adds up to 34 vessels over a nine-day period, which the Nassau Cruise Port chief described as “huge”. Multiplying that number by the average 4,304 passengers brought to Nassau by the 13 vessels over the past three days gives the 146,349 total arrivals estimate for Christmas week.

“We are still top of the transit destination list, and we have this wonderful opportunity to improve our destination’s product, our customer service, and improve our retail, shore excursions and food and beverage,” Mr Maura told Tribune Business

“We have these people coming, downtown has started to see a good bump in business, a boost in business, and for us to see that spread throughout New Providence we need to see innovation in shore excursions throughout the island and the islands that surround us. The more we give people to do, the more they will come. It’s all about getting people off the ship and keeping them off the ship for as long as possible, spending money with local businesses.”

Prince George Wharf’s transformation was intended to enable Nassau to accommodate six cruise ships, including two of the largest Oasis class vessels, at any one time. This, in turn, will increase by around 50 percent the number of cruise ship passengers disembarking in the Bahamian capital daily - from 20,000 to 30,000.

Mr Klonaris, meanwhile, said “one more slow period” would have made it difficult for some downtown Nassau merchants to survive given that most were still recovering from COVID-19 restrictions. “They’ve been carrying themselves for the past three years,” he said, “whether it’s break even, even slightly below that or slightly above.”

Voicing optimism that the cruise port’s own attractions, including an amphitheatre, Junkanoo museum, retail and food and beverage options will not distract tourists from venturing on to Bay Street and elsewhere, Mr Klonaris said Woodes Rogers Walk “will play an important role in the future, and how that reinvents itself with all the tourists on that particular street is something to see going forward.

With other investments, such as the US Embassy and proposed new Central Bank and Supreme Court buildings, set to further revive downtown Nassau, the DNP said it was now up to individual property and business owners to play their part in the area’s transformation.

“We’ve done I would say a substantial amount of what we need to do,” Mr Klonaris said. “The individual stores and property owners, it’s up to them now. The DNP can only go so far. It can lay the foundation; it’s up to the individual stores.... We’re [the DNP] probably going to meet in the New Year and lay down a framework for going forward in 2023.”

The Government is also taking a keen interest in downtown Nassau’s revival, having demolished five derelict properties to-date. It also has plans to establish a business incubator in the area, focused on small startups and entrepreneurs, as well as using murals painted by local artists to improve its appearance.

Asked about how the area ‘east of East Street’ will be improved, Mr Klonaris conceded: “That’s a difficult one, although if you look carefully you will see more tourist traffic going that way. I’ve spoken to one retailer down there, and he’s happy. His sales are far greater than last year, or for a number of years, so he’s very happy east of East Street.”

ENTREPRENEUR TARGETS FAMILY ISLAND GROWTH

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A SMALL Business Development Centre (SBDC) grant recipient yesterday said she will expand into the Family Islands in 2023 as revenue was “beyond expected” following her company’s launch this year.

Tishka Moss, owner/ operator of Traveling Tots Rentals, told Tribune Business that the $15,000 grant provided by the SBDC, together with knowledge gained from Royal Caribbean Cruise Line’s (RCCL) Kickstarter programme, had enabled her business

to “take off faster than I thought it would”.

Traveling Tots Rentals provides key equipment that parents with young children need when they reach their final destination, ranging from cribs and strollers to baby bathtubs and high chairs.

Taking advantage of tourism’s post-COVID revival, Ms Moss said business has taken off to the point where she has to tell persons “no” if they book too close to their arrival date. “Especially if it’s a last minute request. I have to tell people I’m sorry, I’m fully booked. So it’s best to get your reservations in as early as possible,” she said.

“I plan to continue building, so I’m hoping to have

GAS STATION WARNING OF NEW YEAR LAY-OFFS

FROM

Mr Bastian said: “We are looking to promote our self-service and trying to stay afloat without cutting staff, but it is almost a certainty we will reduce staff complements for 2023. We are now at the end of the year, and petroleum dealers are bracing for even higher costs with the minimum wage increase slated for January 1.

“Minimum wage will increase by approximately 24 percent for all employers. However, petroleum retailers are not able to react to this as they have a fixed margin per gallon.” As a result, Mr Bastian said staff reductions of up to 25 percent were being mulled to enable gas station operators to make ends meet, along with the possibility that Bahamians may have to become used to self-service at the pumps. Many gas station employees are paid minimum wage.

Petroleum dealers earlier this year called for a 50 percent increase in their gasoline retail margin which, if granted, would have raised it by 27 cents per gallon from 54 cents to 81 cents. However, despite a series of meetings with the Prime Minister, Cabinet ministers and government officials, no change in the margins was granted with the Davis administration concerned about imposing further inflationary costs on families and businesses

amid the spiralling cost of living crisis.

The talks eventually seemed to peter out after oil prices began to ease on global markets. Oil prices, as Tribune Business went to press, stood at $78.42 per barrel on the West Texas Intermediate Index and at $82.20 for Brent Crude. However, while the petroleum industry’s concerns may have abated for now, the problems driving them have not gone away and are set to be exacerbated by multiple cost increases that will hit in 2023.

Mr Bastian said: “This is not about political parties; this is about the petroleum industry. The industry model has to be changed in order to reflect an adjustment to the times because the times have changed.

“Margins were relevant 40 years ago, but [fixed] margins don’t make any sense in 2022-2023. The price of crude oil, when margins were first implemented, was $15 per barrel, but it has gone up through the course of 2022 to $146 a barrel and now it’s back down to $80 a barrel. It can go up as much as it can go back down again. When we do get this right and let this make sense for all and sundry?”

Margins for petroleum dealers have not been increased since 2011, when the last Hubert Ingraham-led Free National Movement administration was in office. “Grinch never left the gas station

more in my portfolio for the Easter holiday because I have people that reserve as far out as Easter. I have people on the books now for April, and when I say books I mean they’ve already paid because they pay online.

“If they have to cancel, then I refund them depending on how far ahead they cancel, but you have to reserve in time. So I’m hoping that, by Easter, I’m able to serve more people, but the real goal is to be able to expand to other islands because I have people messaging me about service into Grand Bahama and Exuma. I have tell them ‘no, I’m sorry, I don’t’. But eventually I’d like to

industry. The Grinch didn’t only hit us in December, the Grinch has been here for 12 months and beyond, and prior to the 12 months of the year. We’ve been dealing with the Grinch for every month in 2022,” Mr Bastian exclaimed.

It has now been more than three months since the Government last met with the Association’s representatives. “I speak to the minister (Michael Halkitis, minister for economic affairs) casually but nothing concrete has come out of it. We haven’t met with them around the table, but we’ve had some informal meetings with Simon Wilson (financial secretary), who has always been a very good supporter of the of the petroleum dealers,” Mr Bastian said.

He added that the “buck stops with the Prime Minister”.

expand to other popular tourist destinations.”

Traveling Tots also provides concierge services for passengers. “So you come to Nassau, you’re staying at an Airbnb, you know you’re going to need groceries because children always want snacks, and you don’t want to stop to the grocery store,” Ms Moss said. “So I buy groceries. I

do grocery delivery. I also do airport transfer services if you don’t want to travel with the car seat.”

The education provided by the SBDC and Royal Caribbean proved critical to Ms Moss’s entrepreneurial launch. She said: “When I found out about the Royal Caribbean Kickstarter programme, I was really interested in getting more

of the business education, although I have an MBA.

“So when I found out about it I said: ‘This could be interesting and I can learn some stuff and meet new people, make some new contacts and win some money in the process’. I really enjoyed the course and I enjoyed my cohort. I’m pleased, but it was intense.”

‘I want Schooner Bay progress’, says ex-PM

tone and content from the original.

For the initial note, issued by Tina Gascoigne, Schooner Bay Ventures general counsel, on behalf of principal developer, David Huber, on December 6 appeared to blame Sterling for the two sides’ parting ways just seven months after their tie-up was first unveiled. Then, five days after this was retracted on December 9, Ms Gascoigne issued another message in Mr Huber’s name praising the developer of Paradise Island’s Hurricane Hole venue for the work it had done.

The initial December 6 e-mail stated: “As some of you may have heard, Schooner Bay Ventures is no longer engaged with Sterling Global at this time. Schooner Bay requires a number of factors and partners in place throughout its life span to take the project to completion.

“Schooner Bay Ventures retained the services of Sterling Global for specific purposes for a specified time period. Certain items were not in place at the end of such period in order for us to move to the next phase of the project. We are working with the parties necessary to execute on the overall plan for Schooner Bay, and will re-engage with certain parties, as we see fit, once all items are in place and according to the needs of the project.”

Tribune Business understands this missive left many Schooner Bay homeowners confused as to why the two sides had split. The e-mail, though, continued:

“We have begun construction of a community pool at Schooner Bay located near the marina area. We are working to have that completed by Spring 2023. As the plans for accompanying amenities are completed we will advise as to the next phase of plans to be executed.”

However, this was followed just three days later by another e-mail from Ms Gascoigne labelled ‘Retraction’, which read: “I recently sent an e-mail noting the conclusion of Schooner Bay’s engagement with Sterling. I am retracting that notice. I will send a new notice shortly.”

That new notice, markedly different in content and tone, appeared on December 14. Sent once more in Mr Huber’s name, it read: “Sterling Global was engaged on a short-term basis. The management contract came to term at the end of October and was not renewed.

“During Sterling’s time there it completed its mandate, started a number of initiatives and created a road map for success in the longer term. Several near-term initiatives are underway, including construction of a community pool. Sterling wishes homeowners and Schooner Bay all future success.”

The drastic revisions, which occurred in the space of just over a week, suggest that Sterling Global, which is headed by David Kosoy and is also developing Montage Cay (the former Matt Lowe’s Cay) near Marsh Harbour, was less than pleased to have been identified as the cause of the

parties’ split. It is understood that Sterling feels that Schooner Bay Ventures was responsible by not following through on its commitments and obligations.

Tribune Business sources familiar with developments, speaking on condition of anonymity, told this newspaper that both existing homeowners and potential purchasers of property in the south Abaco community had been discouraged by Sterling’s departure given that Schooner Bay has effectively stagnated over the past eight years under its current ownership.

Contacted yesterday, Dr Minnis told this newspaper: “I think the community wants to see progress and development there. It’s a nice development, and nice quiet space, and all those who live there love the community. I would like to see the development expand and progress but, at the same time, I like the safety and tranquility. I’m not one who is against progress and development; I’d love to see progress.”

Schooner Bay was initially held up as a model for sustainable, resilient development that The Bahamas is increasingly seeking to cope with the realities of climate change. However, its rate of build-out has slowed dramatically for much of the past decade. Schooner Bay’s abrupt change in direction appears to have coincided with its decision in 2013-2014 to part ways with Bahamas-based developer, Orjan Lindroth, and his Lindroth Development Company.

The latter had acted as the 220-acre project’s master

planner and development partner since inception, handling all real estate sales and promotions. They were replaced by a succession of foreign sales companies who met with seemingly limited success.

While Mr Lindroth and his company were Schooner Bay’s public face, the project’s financing was provided by Dr David Huber. Dubbed “America’s richest Mormon”, Dr Huber made a multi-billion dollar fortune from patenting fibre-optic technology and then taking the companies that owned it public on the US stock market. He is understood to have invested around $100m in the project, although real estate sources said it is now likely worth only $50m.

“He knows he’s upside down. He knows it’s worth less than he invested,” one source said of Dr Huber. “He doesn’t have any amenities, he doesn’t have any community, he doesn’t have any people. Schooner missed out on the preDorian real estate boom as well as the pre-COVID one when things were flying around; a double whammy. They’ve missed the boat twice, and now the market is starting to mellow.”

Tribune Business wrote a series of articles in late 2017 questioning the project’s management and other practices, with many of the issues raised not being directly addressed by Schooner Bay Ventures. The project is one of the few developments outside Nassau to attract Bahamian buyers.

Sterling had unveiled plans to develop a boutique resort at Schooner Bay

when it was introduce to homeowners as the project’s management/operating partner at an April 2, 2022, meeting. It was viewed at the time as having the combination of local on-ground knowledge and international contacts that could make the development finally work.

A note of the meeting said it was attended by Mr Kosoy and Bill Green, Sterling’s president, as well as Michel Neutelings, who was described as the “main operations guy for Schooner”.

Mr Neutelings, a partner in the Milo Group, was also lead project manager for the $200m Children’s Bay development in Exuma, although construction work has yet to start there.

Also present were Dr Huber and Ms Gascoigne, together with representatives of existing amenities at the community such as the Sandpiper Inn and Captain’s House. “Dr Huber started the meeting explaining that, to-date, he has invested $100m in Schooner,” the meeting summary said. “He has been working with Sterling Global for a while now to get an agreement for development of Schooner.

“There were several key messages during the session, the main one being they are looking to develop Schooner as a resort not a community (ie; not like Hope Town on Elbow Cay). As a resort, Schooner needs people to want to come and stay. Therefore we need to add some amenities and up the rental turnover, number of visits and length of visit stay. To that end, the first development will probably be a boutique hotel with

SUIT CHALLENGES REVIEW UNDERLYING ALASKA OIL LEASE SALE

By BECKY BOHRER Associated Press

ENVIRONMENTAL groups on Wednesday sued

the Biden administration over next week's planned lease sale in Alaska's Cook Inlet, saying the sale, mandated by Congress, is based

on a faulty environmental review.

The groups aren't asking a judge to prevent the sale from being held as

scheduled Dec. 30. But they want to put "bidders on notice that we're challenging the lawfulness of the sale, so ... if they bid, they'll be bidding with that knowledge," said Erik Grafe, an attorney with Earthjustice who is representing several of the groups. The lawsuit asks that a judge strike down the environmental review underlying the lease sale and vacate or enjoin any leases that are issued as part of the sale, among other things. The lawsuit, filed in federal court, lists as defendants the U.S. Interior Department, Bureau of Ocean Energy Management and agency officials. The plaintiffs are Cook Inletkeeper, Kachemak

Bay Conservation Society, Alaska Community Action on Toxics, the Center for Biological Diversity and the Natural Resources Defense Council.

Tyler Cherry, an Interior spokesperson, said the agency had no comment.

The U.S. Interior Department in May said it would not move forward with the proposed Cook Inlet sale due to a "lack of industry interest," according to the Bureau of Ocean Energy Management. But over the summer, Congress passed legislation that called for a lease sale in Cook Inlet by year's end and two lease sales in the Gulf of Mexico next year. The provisions were part of a sprawling package that also included

a restaurant that is always open.

“Once revenues have increased, other amenities like a pool etc will be added in a phased approach; increased revenues equals increased amenities. Their [Sterling’s] model is to develop specific areas. Once that area is successful, they will go on to the next, hence the phased approach. Their model has been very successful to-date.”

No figures were provided in relation to the boutique hotel. “In the short term, they will be looking at the operational costs for running Schooner (geothermal, water/waste management, landscaping, security, etc) versus the revenue from things like HOA (Homeowners Association) fees,” the meeting summary said.

“Once this assessment is complete, there is a strong possibility that HOA (homeowners association fees) will increase. As well, they will be looking at consolidating other services like property management, marketing and new home sales/ resales to achieve economies of scale (lower overall costs) and consistency in services. This approach should increase revenues for Schooner and increase rental income and home values for homeowners.

“The message was we are all part of the same team and need to pull together to make Schooner a success. Dr Huber and Sterling will assess their success on an ongoing basis. No exact length of term was discussed, but it will certainly be over a longer term, not six to 12 months.”

major investments in efforts to fight climate change. The Cook Inlet basin is Alaska's oldest producing oil and gas basin, dating to the 1950s, according to the U.S. Bureau of Land Management. Production in the basin peaked in the early 1970s, the agency said. Grafe said the Interior Department has discretion when it comes to such things as the size of a lease sale, and the objection is that the Biden administration has decided to hold "pretty much ... a maximalist lease sale." The upcoming sale includes more than 950,000 acres (385,000 hectares).

The lawsuit argues that environmental review failed to adequately evaluate the impacts of a sale, including on whales, and that an analysis on greenhouse gas emissions was based on flawed modeling.

WYOMING BULLISHLY COURTS CRYPTO, EVEN AFTER COLLAPSE OF FTX

By MEAD GRUVER Associated Press

SOFTWARE

engineer

Jae Yang got a lot of questions from friends when he moved from Silicon Valley with plans to launch his cryptocurrency exchange not in the up-and-coming urban crypto hubs of Miami or Austin, Texas, but the windswept plains of southeastern Wyoming.

While the collapse of the massive FTX exchange and recent arrest of its founder, Sam Bankman-Fried, have compounded concerns about crypto, Wyoming remains full-steam ahead in wooing the industry. It has enacted a suite of new laws — with possibly more to come — seeking to make the industry more regulated and reputable to attract businesses like Yang’s.

“FTX would not have happened if it was a Wyoming company,” said Steven Lupien, director of the 2-year-old Center for Blockchain and Digital Innovation at the University of Wyoming. “Wyoming got it right. We knew five years ago when we started down this path that appropriate regulation was the way to go.”

While Lupien contends the state’s agencies would have picked up on the “shenanigans” going on with the exchange, others aren’t so sure.

“There wouldn’t be anybody in Wyoming who’s sophisticated enough to audit something on the scale of FTX,” said Cheyenne attorney Larry Wolfe. “If you’re a true believer, of course you’ll say it could never happen here. But

of course it could happen here.”

Cheyenne, Wyoming’s capital city of 65,000 people, is home to a U.S. Air Force nuclear missile base, an historic Union Pacific rail yard, abundant old diners and country bars, and sprawling cattle ranches in every direction.

So far, there’s little sign of the crypto industry that Wyoming has courted for the past five years. But Yang says fledgling exchanges like the one he’s hoping will open for business in 2023 could be the start of an influx in the state.

His Tacen Inc. business already has about a dozen employees, about one-third of the company’s global workforce, working in a downtown office building.

“We said, OK, what is the right place to locate out of? And Wyoming is the right place,” Yang said. “Basically they’ve passed a whole set of laws that makes it easier for me to do business.”

Even after the FTX collapse that wiped out potentially thousands of investors, Yang says he feels good about casting his lot with the least-populated state and its many new laws seeking to attract crypto and blockchain businesses.

Some of those new laws seek to discourage speculating with crypto bank customers’ digital assets, a suspected cause of FTX’s fall.

“Keeping customers safe is really what we’re doing,” Yang said. “You should have full access to your money. And if something goes wrong in the exchange, the default should be you get your money back

— not having to worry about what the bankruptcy court is doing and all this nonsense.”

Wyoming officials remain bullish on crypto, the digital currencies such as Bitcoin and Etherium based on decentralized, encrypted ledgers called blockchain.

Much of crypto’s appeal is there’s no middleman: Money can move freely between people without the involvement of government or traditional banks. Transactions are instantaneous, although scant legal and regulatory oversight appeals to drug dealers and other criminals who need to move money discreetly.

All the while, the value of crypto — which skeptics say is rooted in nothing more than the say-so of its users — is by now famously unstable, with Bitcoin alone down in value by almost two-thirds in the past year.

Wyoming’s strategy amid all of this to attract the crypto industry with the respectability of regulation. Though many traditional banks help customers invest in crypto, Wyoming is among very few states, including Nebraska, allowing crypto banks called specific purpose depository institutions (SPDI’s or “speedies”).

Wyoming “speedies” can’t issue loans, can’t reuse customers’ funds without their approval and must back up 100% of customer deposits with liquid funds.

But while Wyoming has issued four state licenses for crypto banks since 2020, none has fully opened for business, if at all. That’s largely contingent on a federal lawsuit filed by one of the banks, Custodia,

TACEN CEO Jae Yang, left, and company attorney John Bugnacki are seen Monday, Nov. 28, 2022, inside the Cheyenne, Wyo. headquarters of the cryptocurrency exchange planned to launch in 2023. Wyoming has sought with several new laws to attract crypto-related businesses to the state and plans to keep doing so despite the industry's recent troubles.

seeking access to Federal Reserve services, including its electronic payments system. Should it win authorization, Custodia and other banks would provide a massive financial boost to Wyoming because they would be required to pay the state 0.02% of their assets each year, CEO Caitlin Long said. “When you start to get billions and billions of

assets coming into Wyoming, that starts to add up,” Long said. “Traditional banks do not pay that.”

Wyoming has even set aside $4 million to help University of Wyoming students experiment with crypto staking, or establishing ownership in cryptocurrency.

“They have developed a comprehensive scheme of regulation that is much

more advanced than any other state in the country is doing. They are encouraging companies to think about Wyoming,” said Mary Beth Buchanan, Americas president and global chief legal officer at corporate and government crypto consultant Merkle Science.

But Wolfe, the attorney, calls it a “crypto plague on the Wyoming Legislature.”

NOTICE is hereby given that RAYMONDE VIXAMAR of #22 Church Hill, New Providence, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that WESLEY

applying to

6.30 6.300.00 1.7600.000N/M0.00% 9.808.78Bahamas

9.75 9.750.00 0.3690.26026.42.67% 4.502.82Cable Bahamas CAB 4.45 4.500.05 1,000-0.4380.000-10.3 0.00% 10.657.50Commonwealth Brewery CBB 10.25 10.250.00 0.1400.00073.20.00% 3.652.54Commonwealth Bank CBL 3.58 3.580.0010,0000.1840.12019.53.35% 8.547.00Colina

9.380.07 0.6460.32814.53.50% 11.5010.06Famguard

11.220.00

NOTICE

26-Jul-2035

31-Dec-2021 31-Dec-2021

Photo:Mead Gruver/AP

PIERRE of Bacardi Road, Nassau, The Bahamas is

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 15th day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

is hereby given that BENJAMIN JOSEPH CATO of Blue Hill Road, South, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

CONSUMER CONFIDENCE BOUNCES BACK, ENDING YEAR ON HIGH NOTE

By MATT OTT AP Business Writer

THE confidence of American consumers rebounded this month to end the year on a high note despite high inflation, rising interest rates that have made credit cards and mortgages more expensive, and growing anxiety about a possible recession.

The Conference Board reported Wednesday that its consumer confidence index rose to 108.3 in December, up from 101.4 in November. It’s a sharp rebound, pushing the index to its highest level since April. Last month’s figure was the lowest since July.

The business research group’s present situation index — which measures

Legal Notice NOTICE

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Chandalar Holdings Ltd. is in dissolution and the date of commencement of the dissolution is 5 December 2022.

Mounissa Chodieva LIQUIDATOR

c/o Clairmont Trust Company Limited Pineapple House #4 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

consumers’ assessment of current business and labor market conditions — also rose, to 147.2 this month from 138.3 in November.

The board’s expectations index — a measure of consumers’ six-month outlook for income, business and labor conditions -- rose to 82.4 from 76.7. Readings near or below 80 are associated with recession.

Lynn Franco, senior director of economic indicators at the Conference Board, noted that inflation expectations retreated in December to their lowest level since September of last year, mostly due to recent declines in gas prices. The number of people saying they planned to go on vacations rose, but the number of those intending

Legal Notice NOTICE

Goksor Fund Limited (the “Company”)

NOTICE IS HEREBY GIVEN as follows:

(a) Goksor Fund Limited is in dissolution under the provisions of the International Business Companies Act, 2000.

(b) The dissolution of the said Fund commenced on the 13th day of December, 2022 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Shareece Scott of Deltec Bank & Trust Ltd, Deltec House, Lyford Cay, P. O. Box N-3229, Nassau, Bahamas.

Shareece Scott Liquidator

to purchase homes and bigticket appliances declined.

“This shift in consumers’ preference from big-ticket items to services will continue in 2023, as will headwinds from inflation and interest rate hikes,” Franco said.

Getting a clear read on recent consumer behavior has been tricky.

The government reported last week that Americans cut back sharply on retail spending in November as the holiday shopping season began. High prices and rising interest rates are forcing families, particularly lower income households, to make harder decisions about what they buy. Retail sales fell 0.6% from October to November after a sharp 1.3% rise the

previous month. However, Americans opened their wallets on Black Friday and over the post-Thanksgiving weekend. Spending on Black Friday jumped 12% compared with a year ago, according to MasterCard Spending Pulse, though that figure is not adjusted for inflation.

And on so-called “Cyber Monday” earlier this week Americans boosted their online spending by 5.8% from a year earlier, Adobe Analytics said.

Americans have been resilient in their spending since inflation first began to spike almost 18 months ago, but the capacity to maintain that pace during a period of high inflation may have begun to ebb.

Legal Notice

NOTICE

Kaducaio Global Fund Icon (the “Company”)

NOTICE IS HEREBY GIVEN as follows:

(a) Kaducaio Global Fund Icon is in dissolution under the provisions of the International Business Companies Act, 2000.

(b) The dissolution of the said Fund commenced on the 20th day of December, 2022 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Shareece Scott of Deltec Bank & Trust Ltd, Deltec House, Lyford Cay, P. O. Box N-3229, Nassau, Bahamas.

Shareece Scott Liquidator

NOTICE ACTARUS LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 201538 B.

(In Voluntary Liquidation)

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

Dated this 21st day of December A.D. 2022

Altino Pavan Liquidato

NOTICE Temperantia Capital Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 208118 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 20th day of December A.D. 2022.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Frederico Tardin Vita, whose address is Rua Pais de Araujo 89, Sao Paulo, CEP: 04531-942, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 31st day of December A.D. 2022 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 21st day of December A.D. 2022.

Frederico Tardin Vita Liquidator

NOTICE MISTER JONES LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 209840 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 20th day of December A.D. 2022.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Bertrand Marc Gourgue, whose address is R Ouren 61, Apto 603 BL 5, San Martin, CEP: 50761-340, RecifePE, Brazil. Persons having a Claim against the above-named Company are required on or before the 31st day of December A.D. 2022 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 21st day of December A.D. 2022.

Bertrand Marc Gourgue Liquidator

US home sales fell in November, the 10th consecutive month

By ALEX VEIGA AP Business Writer

THE housing market slump deepened in November as sales of previously occupied U.S. homes slowed for the tenth consecutive month — the longest such stretch on records going back to 1999.

Existing home sales fell 7.7% last month from October to a seasonally adjusted annual rate of 4.09 million, the National Association of Realtors said Wednesday. That’s a slower sales pace than what economists had expected, according to FactSet.

Sales plunged 35.4% from November last year. Excluding the steep sales downturn that occurred in May 2020 at the start of the pandemic, sales are now at the slowest annual pace since November 2010, when the housing market was mired in the aftermath of the foreclosure crisis of the late 2000s.

Still, home prices continued to rise last month, though at a far smaller rate

than just a few months ago. The national median home sales price rose 3.5% in November from a year earlier, to $370,700.

Nearly a quarter of homes that sold last month fetched more than their asking price, said Lawrence Yun, the NAR’s chief economist.

“We have this strange market where there are fewer buyers and fewer transactions, yet due to the limited supply some multiple offers are still happening and homes are still selling reasonably fast,” Yun said.

November’s housing snapshot is the latest evidence of a deepening rut from what was a blistering sales pace at the start of the year, when mortgage rates hovered near historic lows.

The average rate on a 30-year mortgage was slightly above 3% in early January. Last week, it was at 6.31%, more than double the 3.12% average rate a year earlier, according to mortgage buyer Freddie Mac.

That increase can add hundreds of dollars to monthly mortgage payments and also can discourage homeowners who locked in a far lower rate the last couple of years from buying a new home.

Though they’ve declined in recent weeks, mortgage rates averaged 7.08% as recently as early November.

Photo:Ted Shaffrey/AP

Mortgage rates are likely to remain a significant hurdle for some time as the Federal Reserve has consistently signaled its intent to keep raising short-term rates in a bid to squash the hottest inflation in decades.

The federal funds rate now stands at a range of 4.25% to 4.5%, the highest level in 15 years. Fed

policymakers have forecast that the central bank’s rate will reach a range of 5% to 5.25% by the end of 2023.

While mortgage rates don’t necessarily mirror the Fed’s rate increases, they tend to track the yield on the 10-year Treasury note. The yield is influenced by a variety of factors, including expectations for future inflation and global demand for U.S. Treasurys.

Yun is forecasting that the average rate on a 30-year mortgage may fall to around 5.5% by next spring or summer. His rationale: Increased apartment building construction should lead to a pullback in rents, which will help lower a key inflation barometer. That could pave the way for the Fed to ease up on its campaign to hike rates, which “should moderate mortgage rates.”

“And if that’s the case, I think the housing market will see some steady rebound in terms of sales activity,” Yun said.

On average, homes sold in just 24 days of hitting the

market last month, up from 21 days in October, the NAR said. That’s still a relatively quick turnaround, as before the pandemic homes typically sold more than 30 days after being listed for sale.

The inventory of homes on the market declined for the fourth consecutive month. Some 1.14 million homes were on the market by the end of November. That amounts to a 3.3 months’ supply at the current sales pace. In a more balanced market between buyers and sellers, there is a 5- to 6-month supply.

The combination of higher mortgage rates and rising prices continue to keep many first-time buyers on the sidelines. They represented 28% of sales last month, unchanged from October, the NAR said. By historical standards, firsttime buyers typically made up as much as 40% or more of transactions.

| Go to AccuWeather.com

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tracking map Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

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A “FOR SALE” sign stands in front of a house in Rochester, New York, on Monday, January 17, 2022. On Wednesday the National Association of Realtors reports on sales of existing homes in November.

MUSK SAYS TWITTER IN PRECARIOUS POSITION, DEFENDS COST CUTS

SAN FRANCISCO Associated Press

ELON Musk is defending his massive cost-cutting at Twitter as necessary for the social media platform to survive next year, due in part to debt payments tied to his $44 billion takeover of the company.

“This company is like, basically, you’re in a plane that is headed towards the ground at high speed with the engines on fire and the controls don’t work,” Musk told a late-night audience on a Twitter Spaces call Tuesday.

That’s after Elon Musk said earlier on Tuesday that he plans on remaining as Twitter’s CEO until he can find someone willing to replace him in the job.

Musk’s announcement came after millions of Twitter users asked him to step down in an online poll the billionaire himself created and promised to abide by.

“I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk tweeted. “After that, I will just run the software & servers teams.”

Since taking over the San Francisco social media platform in late October, Musk’s run as CEO has been marked by quickly issued rules and policies that have often been withdrawn or changed soon after being made public.

Musk said Tuesday night that he “spent the last five weeks cutting costs like crazy” and trying to build a stronger paid subscription service because otherwise Twitter might be operating

with $3 billion in negative cash flow next year. He in part blamed the $12.5 billion in debt tied to his April agreement to buy the company, as well as the Federal Reserve’s recent interest rate hikes.

Some of Musk’s actions have unnerved Twitter advertisers and turned off users. He has laid off more than half of Twitter’s workforce, released contract content moderators and disbanded a council of trust and safety advisors that the company formed in 2016 to address hate speech and other problems on the platform.

The Tesla CEO has also alienated investors at his electric vehicle company over concerns that Twitter is taking too much of his attention, and possibly offending loyal customers.

Even more unnerving for investors, Tesla shares are plummeting.

Shares of Tesla are down 35% since Musk took over Twitter on Oct. 27, costing investors billions. Tesla’s market value was over $1.1 trillion on April 1, the last trading day before Musk disclosed he was buying up Twitter shares. The company has since lost 58% of its value, at a time when rival auto makers are cutting in on Tesla’s dominant share of electric vehicle sales.

Shares fell Wednesday, as they have every day this week.

A single share of Tesla that cost about $400 to start the year, can now be had for less than $140.

TESLA and SpaceX CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin on Dec. 1, 2020. Musk says he plays on remaining as Twitter’s CEO until he can find someone willing to replace him in the job. Musk’s announcement came after millions of Twitter users asked him to step down in an unscientific poll the billionaire himself created and promised to abide by.

Photo:Hannibal Hanschke/AP

Wall Street gains ground, turning higher for the week

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers

STOCKS closed broadly higher on Wall Street Wednesday and pushed major indexes into the green for the week, as investors welcomed a report showing consumer confidence is holding up better than expected.

The S&P 500 and Nasdaq composite each rose 1.5%. The Dow Jones Industrial Average gained 1.6% with a lot of help from Nike, which soared after reporting better-than-expected results.

The market got a boost from a report showing consumer confidence is surprisingly strong, despite inflation squeezing wallets. The Conference Board’s consumer confidence index rose to 108.3 in December, up from 101.4 in November. The sharp rebound pushed the index to its highest level since April. Last month’s figure was the lowest since July.

“The news has delivered a kind of a sweet spot for the Federal Reserve,” said Megan Horneman, chief investment officer at Verdence Capital Management. “The consumer is staying relatively resilient.”

Consumer spending, along with the employment market, has been another strong area of the economy that has helped protect it from slipping into

a recession. Wall Street has been hoping that the Fed can win its fight against inflation and avoid a recession, what economists call a “soft landing.” The latest consumer confidence report raises hopes for that outcome in 2023, analysts said.

“If the consumer continues to feel good, behave in a rational way and remain employed, the window for a soft landing expands,” said Keith Buchanan, portfolio manager at Globalt Investments.

The Fed’s key lending rate, the federal funds rate, stands at a range of 4.25% to 4.5%, the highest level in 15 years. Fed policymakers forecast that the rate will reach a range of 5% to 5.25% by the end of 2023.

Their forecast doesn’t call for a rate cut before 2024.

Investors are worried that the Fed will go too far in raising interest rates and ultimately slow the economy so much that it slips into a recession. That has left investors closely focused on economic updates to get a better idea of how businesses and consumers are dealing with inflation.

New data released Wednesday showed the nation’s housing market continued to slow last month, as sales of previously occupied homes fell for the tenth month in a row. The housing market has been a strong area of

the economy, but has been tempered by rising mortgage rates. That has made an already tight housing market even more difficult for prospective homebuyers.

The government will release a closely watched monthly snapshot of consumer spending on Friday, the personal consumption expenditure price index for November. The report is monitored by the Fed as a barometer of inflation, which has been easing, but at a relatively slow pace. Economists expect the report to show that inflation continued cooling in November.

Technology companies powered a big share of the rally Wednesday. Apple rose 2.4%.

Health care and financial company stocks also helped lift the market. Eli Lilly rose 2.3% and Bank of America added 1.5%.

Nike surged 12.2% for the biggest gain among S&P 500 stocks after reporting results that trounced analysts’ estimates. FedEx rose 3.4% after reporting strong earnings. Energy stocks gained ground as U.S. crude oil prices settled 2.9% higher. Hess gained 3.1%

All told, the S&P 500 rose 56.82 points to 3,878.44. The Dow gained 526.74 points to 33,376.48. The Nasdaq rose 162.26 points to 10,709.37.

Netflix plans $900M facility at former New Jersey Army base

By WAYNE PARRY Associated Press

NETFLIX said Wednesday it plans to build a state-of-the-art production facility at a former Army base at the Jersey Shore that will cost more than $900 million, and create thousands of jobs.

The subscription video streaming company will pay $55 million for a 292acre site on the former Fort Monmouth military base in Eatontown and Oceanport.

The California-based company plans an additional $848 million worth of investments in 12 sound stages and for other uses related to the film industry.

"We're thrilled to continue and expand our significant investment in New Jersey and North America," said Ted Sarandos, the company's co-CEO and chief content officer. "We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output, while sparking a vibrant production ecosystem in New Jersey."

The announcement was made Wednesday evening, following a vote by the Fort Monmouth Economic Revitalization Authority to accept Netflix's bid over three competing offers.

"This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth," said New Jersey Gov. Phil Murphy, a Democrat. "As a result of nearly a billion dollars in film production spending, New Jersey will further solidify its status as an emerging national leader in the television and film industries."

He also said the project will create new housing, hotel and film-related businesses in the area, which has suffered economically

since the Army closed the base in 2011.

The project is due to be completed in two phases over the course of several years.

The first will include the construction of a dozen sound stages, each ranging in size from 15,000 to 40,000 square feet (around 1,400 to 3,700 square meters).

Additional work may include office space, production services buildings and related studio space with the potential for consumer-focused components including retail uses.

THE NEW York Stock Exchange in New York. The Federal Reserve raised interest rates by half a point on Wednesday.

Photo:Julia Nikhinson/AP

THE NETFLIX logo is pictured on a remote control in Portland, Ore., Aug. 13, 2020. Netflix said Wednesday, Dec. 21, 2022, that it plans to build a state-of-the-art production facility at a former Army base at the Jersey Shore that will cost more than $900 million, and create thousands of jobs.

Photo:Jenny Kane/AP