07282022 BUSINESS

business@tribunemedia.net

THURSDAY, JULY 28, 2022

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Nygard’s ‘fraudulent’ asset seize exposed

COVID gives Doctors $58m top-line boost

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

• Hospital’s net income soars 130% to $28.67m • And total revenues rise by 61% to over $128m • Net profit margin on testing pegged at 39.5%

ACCUSATIONS that Peter Nygard “fraudulently” sought to seize assets he does not own have been exposed by a legal claim against a Bahamian financial services provider involving a once$40m yacht. The fallen fashion mogul, who is next week due to stand trial in Canada on multiple sexual assault charges, is alleging that IPG Family Office and its president and chief executive, Andrew Law, created a trust structure that was ultimately used to “wrongfully” remove him as the Mirage’s owner. The rambling complaint, filed in Florida’s Broward County Circuit court on July 19, and which appears

• By fashion mogul targeting Bahamas financial provider • Claims ‘trickery’ cost him once-$40m yacht ownership • $10m Nygard Cay ‘credit’ bid branded as non-starter to have either been written by Mr Nygard himself or at least dictated by him, provides no real evidence or cause of action to backup his demand that the yacht be returned to his possession although it frequently employs lurid language. Potentially far more revealing, though, is a letter from the attorney representing the trusts at

Tourism ‘market mix’ can beat Fed’s interest hike By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Hotel and Tourism Association’s (BHTA) president yesterday voiced optimism that “pent-up” travel demand and a high-end “market mix” can sustain the postCOVID rebound despite the the Federal Reserve’s latest tightening. Speaking after the US central bank unveiled its latest 75 basis point hike in short-term interest rates, Robert Sands told Tribune Business that the industry has yet to see any negative impact on visitor bookings and spending due to the increased cost of credit in its major source market. Around 90 percent of The Bahamas’ tourist base comes from the US, and credit plays a major part in financing vacations and related spending for many, but he added that the desire to travel

ROBERT SANDS following COVID lockdowns and restrictions remains albeit not as strong as previous. “I would say that the market mix principally for The Bahamas should not be impacted from a tourism perspective by this,” Mr Sands told this newspaper. “Pent-up demand still exists, although it perhaps is not at the same level it was. “The reality is, too, that in addition to pentup demand for travel, the normalisation and

SEE PAGE B7

the centre of the dispute with Mr Law and IPG. Filed with Mr Nygard’s complaint, it asserts the fashion mogul has been attempting to seize or lay claim to assets he does not own in a bid to “deceive” the New York federal courts - where he still faces sex trafficking and racketeering charges - that he has sufficient means to support a bail application.

PETER NYGARD The letter alleges that the Canadian sought to raise a $10m credit line secured against his Nygard Cay property at New Providence’s northwestern tip, even though this was a non-starter due to the multiple liens and Bahamian court enforcement

DOCTORS Hospital has enjoyed a $58m revenue boost from COVID-19, it was revealed yesterday, helping to send net income soaring by 130 percent year-over-year for the 12 months to end-January 2022. The BISX-listed healthcare provider, in

SEE PAGE B9

SEE PAGE B4

Bank chief pushes back on non-profits By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BANK of The Bahamas’ managing director yesterday asserted it is “absolutely not” correct to accuse the commercial banking industry of seeking to “exclude” non-profit groups and charities from the financial system. Kenrick Brathwaite pushed back against allegations by Human Rights Bahamas that Bahamian

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

commercial banks are forcing non-governmental organisations (NGOs) to “jump through unending bureaucratic hoops and climb mountains of red tape” to open bank accounts and, in some cases, close existing facilities without warning. “Absolutely not,” he told Tribune Business in response to the accusations. “Why would the banks do that?” Mr

SEE PAGE B9

LARRY GIBSON

Bahamas ‘riding the bet’ over tourism demand By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas is “riding the bet” that pent-up tourism demand will offset a slowing US and global economy, a financial provider said yesterday, while warning: “That may not last for long.” Kenwood Kerr, Providence Advisors’ principal, told Tribune Business it was unclear whether current tourism business volumes - elevated by the

post-COVID desire to resume travelling - can be sustained against the backdrop of consistent Federal Reserve rate hikes that some fear will tip the US into recession. Speaking before the US central bank’s rate rise, which he correctly predicted would be between 50 and 75 basis points, he said the Federal Reserve was “damned if you do, damned if you don’t” as it effectively seeks to ‘thread

SEE PAGE B6

PAGE 2, Thursday, July 28, 2022

THE TRIBUNE

CROWDFUNDING PLATFORM IN PUBLIC COMPANY AMBITIONS A Bahamian crowdfunding platform yesterday unveiled ambitions to ultimately become a public company itself through offering shares to local investors. D’Arcy Rahming Snr, ArawakX’s co-founder, and

chairman and chief executive, said in a statement that the closely-held private company wants more Bahamians to earn wealth by eventually participating in its ownership structure. “The company was founded on the principle

of financial inclusion. That means that barriers of access should be bought down as much as is possible. We use technology so that everyone can participate at their level; whether you have only $50 or if you have $50,000, you

can participate,” he added. “One of the biggest lessons learned from crowdfunding thus far is how it impacts so many people at all levels of society.” The ArawakX statement said it presently has more than 7,000 registered investors on its platform, and added that it was in talks with more than 300 companies - both Bahamian and international - that are potentially seeking to raise capital through crowdfunding. “The founding executive team knows that the desire to change Bahamians from consumers to owners is not the typical objective of a financial institution. In fact, financial inclusion is rarely a consideration,” Mr Rahming said. “When we as a country talk about the financial services industry, we talk about the amount of jobs created and how we can

attract various institutions to The Bahamas. We rarely talk about ownership of an institution itself, as it is very expensive to own a financial services firm.” Mr Rahming said he believes Bahamians should own their own stock exchange and, without public ownership, private companies will naturally do what is in their shareholders’ best interest whereas publicly-held firms are more sensitive to the needs of all stakeholders including the community. “It is a shame that the innovative sector has largely languished due to a lack of funding. The Inter-American Development Bank (IDB) claims 85 percent of Bahamian commercial loans are rejected and, according to the Bahamas Development Bank, there is a funding gap of $748m,” he added.

“Yet most banks and alternative institutions have not stepped up to the plate to close this funding gap and, while desirous of helping, no Bahamian government has the resources to do so. So, it’s up to the private sector financial institutions, like ArawakX, to work with policymakers to make a real world difference in the lives of our community. “We are not just focused on earning profits, although we have an obligation to be profitable. Properly functioning exchanges have proven to be great investments themselves because they provide a marketplace for selling and buying companies, derivatives, or the need to raise funds. Regardless of the economy, companies and investors always need money for various reasons. We live here, we work here, and we should own here.”

WATER CORP SELLING 44% MORE THANKS TO HUGE LOSS REDUCTION By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Water and Sewerage Corporation’s general manager yesterday said the utility is selling 44 percent more water than a decade ago despite a 12 percent production fall-off over the same period. Robert Deal explained that this had become possible through the 10-year non-revenue water reduction project undertaken by MIYA Bahamas, which has slashed water being lost from the Water & Sewerage Corporation’s pipe network before it even reaches consumers’ homes and businesses. As a result, while less water is being produced, more is finding its way to the end-user. Mr Deal said: “During 2012, the Water & Sewerage Corporation’s New Providence water supply system was in a serious crisis mode,

with many areas without water for several hours each day as water demand exceeded our production capacity.” Plans had been drawn up for a new reverse osmosis plant in eastern New Providence, and/or to expand the existing Windsor desalination site as a way to expand water production capacity on New Providence. “However, due to the success of the project, the Corporation is now presently supplying less water,” Mr Deal added. “In 2012, we were supplying approximately 12m gallons per day. We are now supplying about 10.5m gallons of water per day. But we are selling more water than in 2012. We were selling about 5m gallons of water per day then, and we are now selling a little over 7.2m gallons of water a day.” As of June 2022, Mr Deal said the Water & Sewerage Corporation has been able to save approximately

BAMSI IN PARTNERSHIP WITH DUKE UNIVERSITY THE Bahamas Agriculture & Marine Science Institute (BAMSI)

has partnered with USbased Duke University to boost its research capacity and expose students and staff to global best practices. Senator Dr Erecia Hepburn, BAMSI’s president, said in a statement that the tie-up had resulted from links with the leadership team of the DukeEngage Programme. “Through a combined effort, the BAMSI/Duke partnership will look to tackle food insecurity, climate change and environmental impacts. Working with director Harris and site co-ordinator Jackie Terrell is already proving to be beneficial and we look forward to their continued support,” she said. Angel Harris, director of the DukeEngage Programme, said: “The Bahamas is arguably the best place in the world to learn about how countries with a very small environmental footprint cope with experiencing the disproportionate costs of global warming and climate change. “Collaborating with BAMSI allows students from Duke University to be

13.5bn imperial gallons of water “at an average purchase price of $7.50, and the average pumping and chlorination cost of 23 cents per 1,000 gallons”. Mr Deal added: “This is equivalent to a savings of approximately $105bn. In addition, MIYA has also completed capital works to the tune of approximately $14m during the project. The Corporation has eliminated our Arawak Cay, Fort Fincastle and Winton booster pumping stations, streamlining our efficiency to only now our Windsor and Blue Hills pumping stations. Alfred Sears, minister for works and utilities, said the project has modernised the Water & Sewerage Corporation. He added: “In this area of industrial activity, that is the production and distribution of potable water, it has demonstrated that the Bahamas is the place of global best practice.” on the front lines in dealing with food insecurity, which is one of the ‘downstream’ effects of increasingly intense storms due to climate change.” The group, featuring ten students along with staff members, met BAMSI’s executive team, visited the Senate and also worked with staff at the Institute’s distribution centre. They assisted staff when a new shipment of produce was received. “We chose BAMSI,” Ms Terrell said, “through our food stability work with former minister Arnold Forbes, who directed us to Senator Hepburn. We had visited the food distribution centre on an earlier trip and wanted to connect again in any way we could help.” DukeEngage provides a platform through which students and faculty collaborate with communities – locally and globally – to address critical social issues through a summer of community engagement. The breadth of DukeEngage’s US-based and international immersion programmes, which place students in communities for a minimum of eight weeks, is a cornerstone of the experience. Throughout the summer, students work with Duke faculty and local partners to address social issues while learning how communities develop solutions and create change.

FROM left are Angel Harris, director of the DukeEngage programme; Jackie Terrell, DukeEngage site co-ordinator; Alfred Sears, minister of works and utilities; and Dr Erecia Hepburn, president of BAMSI.

THE TRIBUNE

Thursday, July 28, 2022, PAGE 3

REALTOR: OUT ISLAND STIMULUS PROPOSAL WILL ‘RUFFLE FEATHERS’ AN OUTSPOKEN realtor says Family Island development could be kick-started by imposing taxation on “vast areas of land” whose ownership is typically concentrated in a few wealthy families or individuals. Mario Carey, principal of Better Homes and Gardens Real Estate MCR Group, called for a national discussion over his proposal to stimulate economic activity by imposing carrying costs - in this case taxation - on large Family Island landholdings that have sat idle for decades. Bahamian-owned real estate in the Family Islands is currently exempt from real property tax payments, which many have viewed as a major carve-out or tax break, and Mr Carey acknowledged his suggestion could “stir up emotions

but unleash a welcome flood of activity”. Levying taxation, he argues, could incentivise landowners to transform unproductive real estate which they presently have no intention of developing due to the absence of such carrying costs - into productive assets that will spark job creation and expansion in Family Islands desperately in need of economic growth. Mr Carey summed his idea up by saying it could ‘ruffle feathers’ but stir economies. “How do you get the economies of many of the Family Islands to open up and move forward? How do you make them dynamic so they are not dependent upon a few small hotels or Airbnbs, but offer real opportunities enticing kids who grow up there to want to live there as adults?” Mr Carey asks.

“You have to create communities, not just settlements, and creating communities means opening up vast sums of land that are generally owned by a few families.” These land tracts, Mr Carey added, have often been handed down through the generations and, in many places, are in the hands of those who have little incentive to create activity. Yet island residents want airports and infrastructure that is expensive to build, upgrade and maintain. “So how do you help government find ways to fund what residents want or need when you have vast sums of land sitting idle with no economic activity?” asked Mr Carey. “Is it time to consider incentives, a level of taxation on large parcels of land owned by Bahamians who are not using the land

in a sustainable, productive way, whether farming or solar fields or resorts, even light industry, but some sort of beneficial use - plus green space – that builds communities and allows government to upgrade the airport and maintain the roads.” Mr Carey emphasised he was not calling for any taxation on small Bahamian-owned land parcels, such as a lot owned by a Bahamian who wants to build a retirement cottage. He said his focus was on large parcels that have remained idle for long periods of time, and called for an open and transparent discussion on the proposal with the Government holding Town Hall meetings throughout the islands. “In some cases, the land was given or deeded to a single individual 100 years ago or more,” said

Mr Carey, who has turned over executive management of his real estate firm to devote more time to national development and social causes. “Land was cheap then, and hundreds of acres could have been given as a gift of appreciation for service rendered or purchased for a song. We know of one story where a parcel was exchanged for a can of corned beef but, for the most part, these were grants that were made to members of the ruling party at the time.” Real estate companies, he said, also took advantage of cheap prices and purchased huge parcels - even those often falling prey to family inertia or disputes. As ownership grows with more generations involved, agreement on what to do becomes more of a challenge.

PM confirms Rothschild but no debt restruturing By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Prime Minister yesterday said Rothschild and Co will focus on “creating more [fiscal] headroom” for The Bahamas but emphasised this does not involve a restructuring of the country’s $11.8bn national debt. Philip Davis QC confirmed that the financial advisory group, which has some 3,800 employees spread across 40 countries, has been hired to help create fiscal breathing space for the Government by reducing the cost of its debt and smoothing out any bunching of principal repayments. Tribune Business exclusively revealed this week that Rothschild and Co had been engaged by the Government to advise on how to handle the country’s

$11.8bn debt, in the wake of the blow-out produced by COVID-19 and Hurricane Dorian, but Mr Davis said debt restructuring was not part of the strategy. He said: “They’re not restructuring the Government’s debt. They were engaged to assist us in looking at the profile of our debts, with a view of seeing how best we can not just meet our obligations, but see how best we could respond to dealing with creating more headroom for the country to be able to move ahead.” This newspaper was told that Rothschild & Co, in its capacity as the Government’s independent debt adviser, will have multiple tasks and responsibilities. These include “figuring out how to manage” The Bahamas’ international foreign currency debt exposure, both reducing the cost (interest payments) on outstanding bonds

and minimising the rates demanded by investors on future issues. Its executives will also be charged with selling The Bahamas’ post-COVID recovery progress to the international markets amid the belief that this will be more credible coming from Rothschild & Co, which knows the investors and players as a participant itself, than the Government. “They speak to each other and speak the same language,” one contact said of Rothschild and the global markets. Another added: “I think they’ve retained Rothschild & Co to help them figure out how to manage their international debt exposure. At the moment, it’s about advising how to potentially reduce the cost of future debt if they have to go to market to raise more as well as help them manage the existing debt in terms of the credit rating

so they improve the cost of funds and value of bonds on the international market. “They are supposed to help the Government figure out how to minimise the cost, and the best way for how to structure it, with regard to the existing debt and maturities. I do think the Government is positioning itself so they can approach the international markets, whether the multilaterals or anyone else, so that they have more substance to go and negotiate. Another source added that Rothschild & Co will also be “advising on the messaging” that The Bahamas delivers to the global capital markets and investors about the pace of its COVID recovery. “There’s also a perception that The Bahamas’ position is seemingly not

fully understood in the international community, the capital markets,” they added. “The rate of a recovery of a tourist destination 40 minutes from Miami is a lot quicker than Barbados, which relies more heavily on UK visitors, and other parts of the Caribbean. The Bahamas is closer to the US and well-known. “What we take for granted in terms of knowledge of the place, that is not necessarily known by some hedge fund or pension fund. They want to know how you are going to pay me back or my clients. They want to know the chances of recovery for foreign currency inflows. “They speak to each other; they speak the same language,” the source said of Rothschild and the global capital markets. “We felt

“So for the most part, the land just sat there, unless the family decided to farm it or lease it for farming,” said Mr Carey. “In many cases, squatters moved in and when the right to pursue ownership was reduced from 20 years to 12 years for squatters, and the value of land in The Bahamas - anywhere in The Bahamas - was increasing, I think that spurred some activity.” But this activity reached nowhere near its potential. “You fly over The Bahamas and you see this mass density crowded along the northern coast and central corridors of New Providence, and then you see open vast lands in Andros, the Berry Islands, Long Island, Exuma, all through the southern islands,” Mr Carey added.

SEE PAGE B5 they can carry the message with a little more credibility. There is the old Bahamian saying: ‘A fisherman never says his fish are stink’.” Tribune Business reported that Rothschild & Co’s hiring could ultimately lead to a major “refinancing” of the Government’s debt, but this is different from a “restructuring” which Mr Davis ruled out. For example, rather than issue new sovereign debt, the Government could seek to consolidate existing bond issues via a collective multi-billion refinancing that would help establish “a benchmark yield” for all Bahamas issues traded on the international capital markets. Mr Davis did not go into any detail on how Rothschild will be creating more fiscal space, but increasing revenue will be one component of reining in - then eliminating - the annual fiscal deficit.

NOTICE

The Public is advised that the Environmental Impact Assessment and Environmental Management Plan for Great Stirrup, Bahamas was filed with the Department of Environmental Planning and Protection (DEPP) by Norwegian Cruise Line Holdings Limited (NCLH). A public meeting will be held on August 9th, 2022 at 6p.m at the Great Harbour Cay, Berry Islands, Community Center. Persons may also attend virtually by accessing the meeting ID https://us06web.zoom.us/j/85051250647. Information about the project and a downloadable version of the document is available online until September 7th, 2022 at https://ccshort.com/NCL-GSC-EIA and the hardcopies may be accessed at the local Administrators Office. All inquiries can be submitted to the Director of the Department of Environmental Planning and Protection at Inquiries@depp.gov.bs and submitted to Norwegian Cruise Line Holdings Limited (NCLH) at gscpubliccomments@ nclcorp.com

PAGE 4, Thursday, July 28, 2022

THE TRIBUNE

COVID gives Doctors $58m top-line boost FROM PAGE B1 its just-released annual report, disclosed that profits increased by more than $16m compared to its 2021 financial year due largely to revenues surging by some 61 percent. This was driven by COVID testing and care, as well as a partial rebound in its core emergency room and outpatient services. With net income more than quadrupling in less than two years, growing from just over $6m in the 2020 financial year to $28.67m, Doctors Hospital saw its highest-ever return on sales (ROS) of 22.3 percent during its past financial year. However, very much aware that “the significant one-time revenue and earnings drivers related to COVID-19” is a one-off

that is unlikely to repeat, the provider is eyeing several expansions to position itself to meet post-pandemic needs. Besides the 30-bed Grand Bahama hospital, and clinics in Eight Mile Rock and Exuma, Doctors Hospital said it is creating a new specialist internal medicine group at premises on Dowdeswell Street on New Providence as well as adding two operating theatres at a new outpatient surgical centre in Centreville. COVID testing sites at Carmichael and Meldon/ Palmdale, now that US and Bahamian entry restrictions have been relaxed, will be converted into medical access centres. These developments come after Doctors Hospital earned a further $42.553m in

NOTICE To all Coral Breeze Estates Property Owners, Coral Harbour, N.P.

In order to facilitate the necessary advice/correspondence to shareholders with respect to a proposed September 2022 Annual General Meeting of Coral Breeze Homeowners and Management Limited via Zoom, this is to request all Lot owners in Coral Breeze Estates, Coral Harbour, to advise soonest their appropiate. E-mail address to: coralbreezehomeowners@gmail.com Telephone No. 325-0994/5

COVID-related revenues during the 12 months to end-January 2022. These were split between $22.499m from COVID testing, both PCR and rapid antigen testing combined, and $20.054m in income related to the treatment of those hospitalised with the virus. Total COVID-related revenues jumped almost three-fold year-over-year, rising from $15.479m the prior year to give Doctors Hospital just over $58m in top-line income over the two-year period since the pandemic hit in March 2020. By end-January 2022, more than 988,000 tests had been conducted over that timespan, while 6,398 patient days had been devoted to caring for the sick. Year-over-year, COVID tests and associated revenue jumped by 780,943 and $14.752m, respectively, compared to financial year 2021’s 103,732 tests and $7.747m in revenue. For patient days, those by 1,752 and $12.322m year-overyear compared to 2,323 and $7.732m for the prior 12 months. “At its peak, COVID19 testing output reached 100,000 tests per month and involved the employment of over 275-plus associates. The group performed 884,675 COVID-19 tests in financial year 2022 associated with revenues of $22.5m,” Doctors Hospital said in its annual report. “For the same period in the prior year, tests performed were 103,732 with $7.7m in attributable revenues. In addition to establishing price and quality leadership for both

rapid antigen and RT-PCR testing, net profit margins for the service line were 39.5 percent, demonstrating the group’s efficiency in scaling to meet national demand.” Doctors Hospital West on Blake Road was expanded to a 31-bed facility to cope with peak COVID infection levels, and the BISX-listed healthcare provider added: “Patients moved from the public healthcare system into Doctors Hospital based on acuity and capacity balancing, with the Government of The Bahamas as a guarantor for COVID-19 related care nationally for all uninsured Bahamians. “Inpatient admissions and patient days at Doctors Hospital West for COVID-19 care grew by 76.1 percent to 4,075 in financial year 2022 compared to 2,323 in financial year 2021, corresponding with the uptick in activity [and] surging in the fall 2021 when bed occupancy approached 100 percent. Revenue associated with COVID-19 hospitalisation was $24m for financial year 2022 compared to $7.7m during the same period in the prior year. “Total inpatient days across all facilities including non-COVID care were 13,644 in financial year 2022 compared to 15,716 in the prior year.” Doctors Hospital said demand for its traditional tertiary care services was still down compared to pre-COVID although this had recovered somewhat against levels recorded during its 2021 financial year. “As COVID-19 related revenues grew exponentially, tied to higher rates of infection and

Share your news SECURITIES COMMISSION OF THE BAHAMAS PUBLIC NOTICE No. 6 of 2022

22 July 2022

RE: CASH FOREX GROUP aka CASH FX GROUP aka CASH FX GROUP S.A. aka CFX or CFX GROUP Further to Public Notice No. 13 of 2020 dated 2 December 2020, this NOTICE is issued by the Securities Commission of The Bahamas (the Commission) pursuant to its authority under the Securities Industry Act, 2011, the Investment Funds Act, 2019, the Financial and Corporate Service Providers Act, 2020, and the Digital Assets and Registered Exchanges Act, 2020 (the Acts). The Commission is aware that an entity referred to by various designations, namely CASH FOREX GROUP, CASH FX GROUP, CASH FX GROUP S.A., CFX, CFX GROUP (collectively hereafter, Cash Forex Group), may still be conducting activities that are registrable under one or more of the Acts. The Commission hereby advises the public that neither Cash Forex Group, nor its agents and/or its consultants, are registrants of the Commission and they have not made application for registration with the Commission. Therefore, any conduct of registrable activity by this organization, its agents or consultants in or from this jurisdiction is a violation of one or more of the Acts. If this organization, its agents or consultants in any way hold themselves out as fully compliant and bona fide operating securities, or financial services business in or from this jurisdiction, they are committing an offence and are liable for criminal prosecution and/or regulatory sanctions under the relevant laws of The Bahamas. BACKGROUND The Commission has determined that Cash Forex Group is a Multi-Level Marketing (MLM) entity using the website https://cashfxgroup.com. There are several levels by which individuals may join the plan, the lowest being $300.00. Each level has a different percentile payout with the larger pay-ins paying a greater percentile of any purported profit earned. Cash Forex Group, operating under the various above-listed names, is targeting citizens of The Bahamas via numerous Zoom meetings claiming the following: 2

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That its members or participants here in The Bahamas do not have to conduct trades themselves, as there are teams of professionals at Cash Forex Group who trade on their behalf, despite the fact that Cash Forex Group and its agents are not registered with the Commission to trade for others.

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That Cash Forex Group’s Bahamian clientele would earn 1% interest per day for five days of the week on money invested with Cash Forex Group.

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That Cash Forex Group’s members and guests do not have to recruit anyone on behalf of the company. However, current Bahamian participants continue to be encouraged, via Zoom meetings, to facilitate the signing up of new participants and their subsequent depositing of cash with Cash Forex Group, an act for which the facilitators are promised financial rewards.

REGULATORY WARNINGS The Commission further advises the public that in addition to the Commission’s warnings, 19 overseas regulators have issued warning notices concerning Cash Forex Group. This complete Notice including the links to the aforementioned warnings can be found on the Commission’s website. https://www.scb.gov.bs/investor-centre/investor-alerts-and-notices/ The Commission here advises that anyone desirous of conducting securities or financial services business with this organization, its agents or consultants, should be cognizant that they are doing so with an entity and or individuals that are not registered with the Commission to operate within or from The Bahamas. Therefore, the Commission urges the public to exercise extraordinary precautionary measures before engaging in any business activities with any of the subject entities. If, subsequent to this Public Notice, it is discovered that any members of the public (whether personally or through others) persist in promoting and operating Cash Forex Group, then those persons are liable to be prosecuted under the relevant provisions of any of the Acts. NOTE THAT listings of the Commission’s registrants and licensees who are authorized to engage in activities regulated by any of the Acts, in or from The Bahamas, are located on the Commission’s website at https://www.scb.gov.bs/registrant-licensee-search/ . Further, anyone who has a complaint and or information concerning the above named entity should contact: Mr. Gawaine Ward, Senior Manager, Enforcement Department, Securities Commission of The Bahamas E-mail: info@scb.gov.bs or enfdept@scb.gov.bs.

hospitalisation nationally, the group noted an anticipated fall off in its non-COVID lines,” the annual report added. “Illustratively, emergency room visits rebounded marginally to 9,154 in financial year 2022 versus 8,066 in the previous year, but were still significantly off the pace [against] financial year 2020, which were 13,615. “Similarly, outpatient imaging studies grew to 8,956 in financial year 2022 compared with 7,060 in the previous year, against a pre-COVID backdrop of 9,537.” When the dust had settled, total revenues had increased by more than $48.5m, jumping from $79.816m during the 12 months to end-January 2021 to $128.362m, while net income more than doubled from the prior year’s $12.439m to $28.671m. Total expenses, meanwhile, rose by by 48 percent year-over-year from $67.377m to $99.691m. The biggest drivers of the $31mplus increase were staff salaries and benefits, which jumped from $30.67m to $43.37m; medical supplies costs which almost doubled from $11.134m to $21.854m; and medical services which rose from $7.103m to $10.461m. Part of the increase in salaries and benefits resulted from Doctors Hospital allowing its staff, which peaked at 935 during the period, to share in its financial success. “Profit sharing for associates involved an accrual of $2.9m in financial year 2022, which translated to 338.6 hours per eligible full-time associate compared with $1.3m in financial year 2021 or 195.1 hours per eligible full-time

associate. Profit sharing was paid in cash in April 2022,” the annual report said. “In addition to profit sharing, the group continued per hour ‘hazard premiums’ into fiscal year 2022 for associates directly involved with COVID-19 care. These costs were associated with an expense of $1.9m, an increase of $0.6m versus financial year 2021. “Given the surge in COVID-19 testing demand, related personnel costs were $3.4m in financial year 2022, an increase of $2.8m compared to the prior fiscal period. Personnel costs for associates working at Doctors Hospital West on Blake Road were $1.9m in financial year 2022, modestly higher compared to financial year 2021. Spending for incentives and associate award programmes grew to $0.4m in financial year 2022, a four-fold increase compared to 2021.” Doctors Hospital also received a boost after endJanuary 2022 when “a third party payor”, which was not named, paid off the entire accounts receivable balance it owed and made a major dent in the collective $43.304m owed by insurers and others at the financial year close. “Subsequent to the reporting date, a major third-party payor effectively liquidated a significant accounts receivable balance associated with an $18.8m conversion of accounts receivable to cash,” the annual report said.

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THE TRIBUNE

Thursday, July 28, 2022, PAGE 5

BAHAMAS BIDS FOR RETURN TO GLOBAL TELECOMS BODY The Bahamas has officially launched its bid for re-election to the International Telecommunications Union’s (ITU) Council for the period 2023-2026. The move was revealed at a reception hosted by The Bahamas’ delegation to the ITU’s World Telecommunications Development Conference (WTDC), which was recently held in Kigali, Rwanda. The Bahamas’ role in advocating for the interests of small island

developing states (SIDS) on critical communications industry issues, including access to emerging technologies that allow countries to thrive in the digital age, was highlighted to support the country’s candidacy. Jamahl Strachan, parliamentary secretary in the Ministry of Foreign Affairs, reaffirmed The Bahamas’ commitment to the ITU’s goals and objectives. “If re-elected The Bahamas will implement ICT (information

and communications technology) solutions to help prevent the large-scale devastation caused by severe weather systems impacting small island developing states,” he said. “Moreover, as an executive member of CITEL (the Inter-American Telecommunication Commission), and with established memberships in other key regional telecom organisations, The Bahamas will continue using its influence to continue to champion

the causes of other nations with similar geographic and socio-economic challenges.” Mr Strachan sought to highlight The Bahamas’ achievements during its first term as an ITU council member from 2018-2022. These included contributing to a policy paper providing greater access for CARICOM citizens to participate in ITU fellowships. The Bahamas has been an ITU member since 1974 and, during that time, has

been a strong advocate for the organisation. It has hosted several ITU events over the years including, ITU Green Standards Week in 2015 and the Global Symposium for Regulators in 2017. The Bahamas is seeking re-election during the upcoming ITU Plenipotentiary Conference that will be held in September 2022 in Bucharest, Romania. The ITU is the United Nations (UN) agency for information and communication technologies.. It

brings 193 member states and the industry together to facilitate international connectivity in communications networks and promote efficient, reliable and affordable telecommunication networks and services. The ITU council, its decision-making body, is made up of 48 elected member states with nine council seats specifically allocated to The Americas. The Bahamas hopes to hold one of these again.

Agriculture minister vows to combat food insecurity BAHAMIAN agriculture officials met with Jamaica’s minister of agriculture and fisheries, Pernel Charles (centre right), in Kingston, on Tuesday this week. Among those present was Clay Sweeting, minister of agriculture, marine resources

and Family Island affairs (centre left); Leonardo Lightbourne (right), the ministry’s parliamentary secretary; Winston Pinnock (left), The Bahamas ambassador to the Food and Agriculture Organisation (FAO); and Bahamas Agriculture and Marine

Realtor: Out Island stimulus proposal will ‘ruffle feathers’ FROM PAGE B3 “And you ask yourself: Why? Why are these beautiful, green places that are in many ways far more desirable than Nassau, just lying fallow with nothing happening and young populations moving out?” With demand for Bahamian real estate continuing

to climb, the supply of available land for sale is declining. “The clock is ticking on vast, unused Family Island land. It’s time for a national conversation to light a fire under those sitting on the precious commodity that holds the secret to the future of many of our family of islands,” Mr Carey said.

Science Institute (BAMSI) and Bahamas Agricultural and Industrial Corporation (BAIC) officials. During the meeting, both ministers vowed to work together to combat food insecurity. (Photo/Stephen Hanna) “I don’t know where that conversation will take us, maybe even to real property tax on Bahamian-owned large parcels, but I do know this – we either have to find an incentive to move the building of Family Island communities forward or we are going to face a future when these magic islands will be the gold we gave away while our younger generation moves on and leaves its heritage behind.”

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PAGE 6, Thursday, July 28, 2022

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Bahamas ‘riding the bet’ over tourism demand FROM PAGE B1 the eye of the needle’ between dampening down 40-year high inflation while avoiding sending the economy into recession. As for the implications for The Bahamas, Mr Kerr told this newspaper: “The general scenario still persists. You have inflation, you have high oil prices. You have the prospect of increasing interest rates.... Either way the cost of travel, transportation is working its way through to the cost or airline tickets, hotel rooms and energy prices, and people are starting to rebalance their balance sheets in the US. “Where the majority of our tourists are coming from, they see the trend of having less disposable income and cash, and we are still an expensive destination. The bet is, and what everybody is riding, is the level of pent-up demand - people who were locked down for a long period of time and want to travel

- that continues to come through positively in the tourism numbers.” Tourism industry executives (see other article on Page 1B) yesterday said they have no signs of any slowdown in visitor bookings and spending from previous US rate hikes, and do not anticipate any significant impact from the latest hike which is equivalent to the largest one-off increase since 1994. However, Mr Kerr warned that The Bahamas cannot rely on pent-up post-COVID travel demand lasting indefinitely given the multiple negative global economic headwinds in play. “That is not going to last too long if you have a slowing US economy and higher interest rates,” he told Tribune Business. “The argument, the fundamental argument, comes back to how do we grow our tourism sector, deepen and widen it, so that we earn more foreign currency income flows. We are not a hard currency economy;

KENWOOD KERR we are a soft currency economy.” The Bahamas’ fixed one:one exchange rate peg with the US dollar, and the fact its own currency is not convertible, means this nation is reliant on tourism and other services exporters such as financial services to generate the bulk of foreign currency inflows that support the external

reserves and prop up the peg. Any drop-off in tourism, as was highlighted by the COVID-19 shutdown, puts The Bahamas in a perilous situation. “We have to be aware of our high debt levels,” Mr Kerr told this newspaper. “We earn hard currency through tourism, and if it slows down we could be in a problem. We are a soft currency economy and need hard currency to pay our foreign debt in foreign currency. To the extent that tourism is hit by high prices and inflation, we could find ourselves in a bit of difficulty.” The Bahamas’ postCOVID economic revival is almost entirely dependent on the strength and pace of tourism’s recovery, but there are multiple external global forces that can derail that including still-high oil, energy and gasoline prices; high food prices and shortages; global inflation; supply chain bottlenecks; Russia’s ongoing invasion of Ukraine; and

the possibility that the US and other major economies may slip into recession via interest rate hikes. The US Federal Reserve is attempting the finest of balancing acts - bringing 40-year high inflation under control, and then lowering it to acceptable levels, without plunging the economy into a recession that contracts it. It is aggressively raising rates at levels unseen since the mid1990s as it struggles to tamp down soaring prices, which rose by an annual rate of 9.1 percent in June, the fastest inflation rate since 1981. The increase raises the Federal Reserve’s cost of borrowing to between 2.25 percent and 2.5 percent, and is its fourth rate increase in 2022. It comes as central banks worldwide seek to calm price rises with higher rates. Hubert Edwards, principal of Next Level Solutions, a Bahamas-based risk management consultancy, yesterday said The Government’s fiscal woes meant it can only offer

limited help to the most vulnerable Bahamians grappling with high oil and gas prices. “The truth is that I think the Government has the lowest potential at the moment to provide a cushion for the vulnerable population,” he told Tribune Business. “The headroom is so narrow as to be non-existent. We’re basically grappling with 1980’s type challenges. It’s still a bit schizophrenic; we don’t know where we’re going to land. The Federal Reserve’s move today was a big one, taking rates into the 2.252.5 percent range.”

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Thursday, July 28, 2022, PAGE 7

Tourism ‘market mix’ can beat Fed’s interest hike FROM PAGE B1 reduction of impediments to travel will help continue to increase awareness of The Bahamas as a destination and increase the level of bookings which is manifesting itself not only in the return of stopover visitors but in the return of cruise ship passengers.” The BHTA chief added that the Federal Reserve’s rate hike was “not unexpected”, with the financial markets having largely anticipated and priced in an increase ranging from 0.5-1 percentage point. Yesterday’s action fell in the middle of that range, and Mr Sands said: “We must be aware of the real reason why it was done, which is the greater threat to the tourism industry - inflation. “The increased cost of goods and services means there’s a reduced amount of money available for spending by certain segments of the market. We don’t see that at the moment, though, and let’s not worry about ‘what if’s’. Let’s take it [US interest rate increases] one at a time. If this particular strategy works, and inflation begins to correct itself to levels that are manageable in the US, that’s a major win-win for the major market for The Bahamas.” The Bahamas’ postCOVID economic revival is almost entirely dependent on the strength and pace of tourism’s recovery, but there are multiple external global forces that can derail that including still-high oil, energy and gasoline prices; high food prices and shortages; global inflation; supply chain bottlenecks; Russia’s ongoing invasion of Ukraine; and the possibility that the US and other major economies may slip into recession via interest rate hikes. The US Federal Reserve is attempting the finest of balancing acts - bringing 40-year high inflation under

control, and then lowering it to acceptable levels, without plunging the economy into a recession that contracts it. It is aggressively raising rates at levels unseen since the mid-1990s as it struggles to tamp down soaring prices, which rose by an annual rate of 9.1 percent in June, the fastest inflation rate since 1981. The increase raises the Federal Reserve’s cost of borrowing to between 2.25 percent and 2.5 percent, and is its fourth rate increase in 2022. It comes as central banks worldwide seek to calm price rises with higher rates. However, Larry Gibson, chief operating officer of CG Atlantic Pensions, backed Mr Sands’ assertion that tourism has thus far seemed relatively immune to global economic headwinds. “There seems to be pentup demand that hasn’t worked itself out, so the impact may be less,” he told Tribune Business. “You couldn’t travel, and had to spend disposable income on domestic things like cars, so that pent-up demand may stay strong which will be a positive for us. “We need to be careful that are pricing in the tourism sector is not exorbitant and is still perceived to be competitive. I think the big thing is that once we get stability in energy prices, and they come down, you’ll see a trickle down effect for all manufactured goods.” However, Mr Gibson agreed that slower global economic growth, headwinds and a cautious outlook are the immediate reality for all countries including The Bahamas. “The best case is we’ll work out the supply chain issues, oil prices will come down, gas prices will come down and we will have more flowing trade. There are so many co-dependents,” he added.

TEMPLE CHRISTIAN SCHOOL

STAFF VACANCIES 2022 – 2023

Temple Christian School invites applications from qualified Christian persons for the following positions for the 2022-2023 school year: • Elementary Teacher’s Aide • Social Studies Teacher, Grades 7 - 9 Applicants must: A) Be a practicing born again Christian who is willing to subscribe to the Statement of Faith of Temple Christian School. B) In the case of the teacher’s aide, have a Bachelor’s Degree and Teacher’s Certificate. Persons with an Associate of Arts Degree in Elementary Education and relevant work experience will be considered. A valid teachers’ certificate is encouraged. Have a minimum of two (2) years of teaching experience in the relevant subject area and be willing to participate in the school’s extra-curricular programs. C) In the case of a high school teacher, have a Bachelor’s Degree or higher in the relevant field and/or a Teacher’s Certificate/Diploma from an accredited/recognized college or university. Also have the ability to prepare students for the BJC and BGCSE examinations respectively. Have a minimum of two (2) years of teaching experience in the relevant subject area and be willing to participate in the school’s extra-curricular programs. Applications are available on the school’s website www.templechristianbahamas.com and at the Administrator’s Office, 4th Terrace East Collins Avenue (directly behind the New Evangelistic Temple). A detailed job description is also available at the Office of the Administrator. Applications are to be submitted to: Dr. Samuel L. Rutherford Administrator Temple Christian School 4th Terrace East, Collins Avenue P.O. Box N-1566 Nassau, Bahamas Ph: 325-1095 / 322-5157 Applications should be delivered to Temple Christian Elementary School, 4th Terrace West, Collins Avenue. The deadline is Friday, July 29, 2022 at 3:00 p.m.

Hubert Edwards, principal of Next Level Solutions, a Bahamas-based risk management consultancy, also agreed that tourism may be relatively insulated from the latest Federal Reserve rate hike. “It may not have a huge, drastic impact, but it will have some,” he added. “We know persons usually fund their trips by credit card or borrowing. “To the extent the Federal Reserve has done that, that will put a dent in the funds available. If the US economy starts to slow down, there could be a reduction in disposable income and we could see some impact on tourism. I don’t, though, anticipate any immediate impact from this change where we see any drastic shift or push back on tourism. In terms of reservations, we have things going out three, four, five months. A lot of things have been secured.”

PAGE 8, Thursday, July 28, 2022

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Bank chief pushes back on non-profits FROM PAGE B1 Brathwaite said problems may arise if non-profits do not have their certificate of registration issued by the Registrar General’s Department, which is required before a bank account can be opened in their name.

“This goes back a couple of years ago,” the Bank of The Bahamas chief added. “The position was that all non-profits ought to have a certificate of registration, and if they didn’t have that certificate of registration, the Government gave the banks instructions to close

the account. They rescinded that, withdrew the instructions to close the account, but insisted that if it was a new non-profit it needs to be registered. “You cannot just operate a non-profit. We had a lot of discussions at the banking level when this was first

introduced. A lot of instructions from government were adjusted and revisited, and that made it a lot easier to do business, especially for those already in the bank.” Mr Brathwaite responded after Human Rights Bahamas issued a statement blasting the commercial banking sector for constantly placing roadblocks and obstacles in the way of non-profits, although it did not cite any names or specific cases. “It has come to the attention of Human Rights Bahamas (HRB) that several non-profit organisations and charities operating in The Bahamas have been severely handicapped by an inability to open bank accounts. They report being obstructed and impeded for months and sometimes years, made to jump through unending bureaucratic hoops and climb mountains of red tape,” the statement asserted. “In fact, all banks in The Bahamas seem to have taken an unofficial decision to hinder and exclude nonprofits across the board.” The advocacy group added that “in some cases [they are] actually closing the

accounts of charities without explanation”, labelling the three Canadian-owned banks - Royal Bank of Canada (RBC), CIBC FirstCaribbean and Scotiabank - as the worst offenders. When asked to provide names and specific examples of non-profits that have suffered bank account closures and denials, a Human Rights Bahamas spokesperson said they had been asked to issue the statement on behalf of two or three groups that wished to remain anonymous. Suggesting that some were involved in helping victims of sexual crimes, they added that the commercial banks were “going way over and above” what is required under the law and by Know Your Customer (KYC) due diligence requirements. “They want to ignore this sector, don’t want to deal with it and are making people jump through ridiculous hoops,” they added. “One of them had their bank account closed, another couldn’t get one opened.” Human Rights Bahamas’ statement added: “The victims of this policy are hard-working, caring Bahamians who strive every day to improve the lives of

others, care for children and the elderly, help the victims of sexual assault, protect the environment and secure a fairer and more transparent political and social system to the benefit of all Bahamians. They are being systematically disenfranchised - unable to do their work, raise funds or pay staff. “Most NGOs are funded by generous supporters of their particular cause, and the vast majority of donors require the recipient organisation to have a working bank account. Because of the obstruction by banks, many groups are now being threatened with closure, and other much-needed, socially important efforts are unable to even get off the ground. Worst of all, young Bahamian students abroad who wish to work in this field are being discouraged from returning home. “Some of the NGOs in question stand in the gap in areas where government does not have the capacity to address fundamental needs of the public. The attitude of the banks is therefore putting more pressure on social services and other public institutions,” the statement continued. “Of course, as private commercial entities, the banks can choose to do business with whomever they like. However, when an entire sector of the population is unfairly targeted and disadvantaged because of who they are and what they do, it amounts to discrimination, pure and simple. “We call upon the Government of The Bahamas to urgently look into the treatment of local nonprofits and charities by the commercial banking sector. Human Rights Bahamas would be happy to put investigators in touch with the victims of this unspoken exclusionary policy.”

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Thursday, July 28, 2022, PAGE 9

Nygard’s ‘fraudulent’ asset seize exposed FROM PAGE B1 actions against it. It added that Mr Nygard’s claims to own property in Marina Del Ray, California, were “directly contradicted by years’ worth of his claiming Bahamian residency for beneficial tax purposes”. Jason Masimore, an attorney with Kobre & Kim (UK), also set out in great detail why the former fashion mogul, who claimed he gave $5m to the Progressive Liberal Party’s (PLP) 2012 election campaign, had “no legal, beneficial [ownership] or other interests whatsoever” in three disputed trusts - the Elsinore Trust, Nygard Foundation and Hilkka Discretionary Settlement. While all three had been “settled” by Mr Nygard, meaning he contributed the assets they contain, his role and status had changed sharply since this occurred. The Elsinore Trust, which was settled as an irrevocable discretionary trust on June 5, 2017, “expressly excluded” the fashion mogul from being a beneficiary or “obtaining any benefit directly or indirectly from it”. The Nygard Foundation, declared on March 17, 2015, was an irrevocable charitable purpose trust where Mr Nygard resigned from the Board on April 1, 2020, amid mounting legal woes. The final of the three trusts, named after Mr Nygard’s late mother, had “excluded” him as a beneficiary on March 22, 2020. He had also resigned his directorship with the trustee, and status as a council member with the trust’s protector, both on December 22, 2019.

Kobre & Kim’s letter to Mr Nygard’s attorneys explained that trustees for the three trusts had declined to provide financial and other information on their status because the fashion mogul had no direct connection to them. “However, because of some of Mr Nygard’s recent actions about which you might be unaware, we also wanted to provide you some additional information,” Mr Masimore wrote. “Recently, through various surrogates, Mr Nygard has been attempting to obtain assets to which he is not entitled.” These included the Californiabased Marina Del Ray property known as 1 Yawl Street, which the US federal authorities had deemed unfit for use as bail security since it had been identified as an asset for seizure if Mr Nygard is convicted. “Mr Nygard falsely claimed in these communications that 1 Yawl Street is ‘where I have lived for the last 35 years of my life’. Not only is this false as a factual matter, but we understand it to be directly contradicted by years’ worth of his claiming Bahamian residency for beneficial tax purposes,” Kobre & Kim’s Mr Masimore added.

The letter detailed alleged efforts by Mr Nygard to claim, or take possession of, other assets to aid his legal battle including a $10m fund that did not exist. Then it added: “Mr Nygard has proposed a line of credit of $10m to be issued to him against Nygard Cay. Obviously there is no basis to issue a line of credit, as this property is subject to local enforcement proceedings..... “We have no choice but to understand Mr Nygard’s confusing and untruthful communications as part of a fraudulent scheme to create the appearance of availability of various assets in support of a bail application to the US court similar to the misrepresentations he and his prior representatives made during his Canadian bail proceedings.” That hearing saw the Canadian court find that Mr Nygard had paid-off a witness to provide false deposition evidence, and that he had threatened another “that if she was not on his side she was ‘going down’”. Mr Masimore concluded: “Mr Nygard should understand in no uncertain terms that the trusts and the individuals affiliated with the trusts are committed to

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PUBLIC HOSPITALS AUTHORITY PUBLICADVERTISEMENT HOSPITALS AUTHORITY PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY ADVERTISEMENT VACANCY FINANCIAL CONTROLLER VACANCY FINANCIAL CONTROLLER PRINCESS MARGARET HOSPITAL FINANCIAL CONTROLLER PRINCESS MARGARET HOSPITAL PRINCESS The Public Hospitals Authority (PHA)MARGARET invites applicationsHOSPITAL from suitably qualified persons for

the post of Financial Princess Margaret Hospital. The Public HospitalsController, Authority (PHA) invites applications from suitably qualified persons for The Public HospitalsController, Authority (PHA) invites applications from suitably qualified persons for the post of Financial Princess Margaret Hospital. POSITION SUMMARY: the post of Financial Controller, Princess Margaret Hospital. POSITION SUMMARY: The Financial Controller is responsible for managing and supervising the Accounting POSITION SUMMARY: Department; implementing and systems to safeguard of revenue and PHA The Financial Controller controls is responsible for managing andcollection supervising the Accounting assets; provides monthly expenditure and revenue reports at the end of each month; prepares The Financial Controller is responsible for managing and supervising the Accounting Department; implementing controls and systems to safeguard collection of revenue and PHA monthly analysis of expenditure revenue; prepares annual The Financial Department; implementing controls and and safeguard collection of revenue and PHA assets; provides monthly expenditure andsystems revenuetoreports at the end ofbudget. each month; prepares Controller will assist driving theand fiscal strategy reports of the organization. assets; provides monthly expenditure andrevenue; revenue at the end ofbudget. each month; prepares monthly analysis ofwith expenditure prepares annual The Financial monthly expenditure prepares annual budget. The Financial Controlleranalysis will assistofwith driving theand fiscalrevenue; strategy of the organization. Controller will assist with driving the fiscal strategy of the organization. THE RESPONSIBILITIES OF THE FINANCIAL CONTROLLER INCLUDE, BUT ARE NOT LIMITED TO THE FOLLOWING: THE RESPONSIBILITIES OF THE FINANCIAL CONTROLLER INCLUDE, BUT ARE NOT THE RESPONSIBILITIES OF THE FINANCIAL CONTROLLER INCLUDE, BUT ARE NOT LIMITED TO THE FOLLOWING: • Participates fully in the management and governance of Princess Margaret Hospital LIMITED TO THE FOLLOWING: and support fully Senior Management, and thegovernance Board withoffinancial other business • Participates in the management and Princessand Margaret Hospital advice to permit discharge of responsibilities for public accountability, operation of • Participates fully in the management and Princessand Margaret Hospital and support Senior Management, and thegovernance Board withoffinancial other business effective systems of financial control, corporate governance and ensures that financial and support Senior Management, and the Board with financial and other business advice to permit discharge of responsibilities for public accountability, operation of targets to forsystems the year met inofcontrol, aresponsibilities manner that maintains financial advice permit discharge for public accountability, operation of effective ofare financial corporate governance and stability; ensures that financial • Leads management thecorporate Audit work and for delivery of effective financial governance andplan ensures that financial targetsPMH forsystems the yearofare metrole incontrol, afor manner thatCommittee’s maintains financial stability; PMH’s five (5) year financial plan and in-year revenue budget; ensuring sound systems targets for the year are met in a manner that maintains financial stability; • Leads PMH management role for the Audit Committee’s work plan and for delivery of of internal good financial management inwork place. • PMH’s Leads PMH management role forand thein-year Audit Committee’s plan andsound for delivery of fivecontrols (5) year and financial plan revenueare budget; ensuring systems • PMH’s The post holder will provide high level financial advice and support to sound the Director of five (5) year financial plan and in-year revenue budget; ensuring systems of internal controls and good financial management are in place. Administrator, other Directors, andare departmental of internal controls and good high financial in place. • Finance, The post Hospital holder will provide levelmanagement financial advice and supportbudget to the holders; Director of •• Plans, controls and monitors the flow of PMH’s ensure is The post holder will provide high level financial advice andtosupport to expenditure the holders; Director of Finance, Hospital Administrator, other Directors, andfunds departmental budget contained within budget. Ensures accountability by all persons charged with the use of Finance, Hospital Administrator, other Directors, and departmental budget holders; • Plans, controls and monitors the flow of PMH’s funds to ensure expenditure is • funds; Plans, controls and monitors the flow of PMH’s to charged ensure expenditure is contained within budget. Ensures accountability by allfunds persons with the use of • Ensures effective coordination across all elements of the finance of the contained within budget. Ensures accountability by all persons chargedfunctions with the use of funds; the Margaret Hospital; funds; the • Princess Ensures effective coordination across all elements of the finance functions of the • Princess Liaises with audit, both internal and across externalalltoelements ensure systems of control are adequate Ensures the effective coordination of the finance functions of the Margaret Hospital; and secure; promotes optimum standards of professionalism within theadequate finance Princess Margaret Hospital; • Liaises with audit, both internal and external to ensure systems of control are to audit, ensure compliance withstandards externaltostandards and best practices. • functions Liaises with both internal and external ensure systems of control and secure; promotes optimum of professionalism withinare theadequate finance and secure; promotes optimum standards of professionalism within the finance functions to ensure compliance with external standards and best practices. EDUCATION/EXPERIENCE: functions to ensure compliance with external standards and best practices. •

• •

Professional qualification from a recognized accounting body, namely, American Institute of Certified Public Accountants (AICPA), designation CPA, or Association of Chartered Certified Accounts (ACCA), designation CA or Canadian Institute of Chartered Accountants (CICA), designation CA or Certified General Accountants Association of Canada (CGA), or equivalent; Minimum of five (5) years’ experience as a Financial Controller in a similar sized institution, OR Professional Qualification CPA, CA or CGA and five (5) years’ experience as a Manager with a public accounting firm;

COMPETENCIES: • • • • • • •

Excellent leadership and organizational skills; Excellent interpersonal and communication skills (oral and written); Excellent technical and analytical skills; Current professional registration; Demonstrated experience in business analysis, and implementing financial systems reforms and capacity building; and extensive experience in policy related work, planning and management; In-depth understanding of the organization and management of Public and Private organizations with a focus on Financial Service Management; Proven ability to work with team members and stakeholders from different backgrounds.

The Financial Controller will report to the Director of Finance, Public Hospitals Authority. Letter of application and curriculum vitae should be submitted to the Director of Human Resources, Corporate Office, Public Hospitals Authority, at jobs@phabahamas.org no later than 12th August , 2022

ensuring that neither he, nor anyone acting on his behalf, obtain or use the trusts’ assets.” Meanwhile, IPG’s Mr Law, a former managing director of Credit Suisse Trust (Bahamas), and also an ex-Association of International Banks and Trusts (AIBT) chair, declined to comment on the Nygard lawsuit when contacted by Tribune Business yesterday. He explained via e-mail that neither himself nor IPG (International Protector Group) had seen or been served with the complaint. That is supported by the Broward County court docket, which shows that only Derecktor Florida, the boat yard where the Mirage is presently located, has been served with the necessary papers. It is unclear whether the Broward County court has jurisdiction over Mr Law and IPG, whose Bahamas office is based in eastern New Providence at the Montague Sterling Centre. It specialises in estate and inheritance

planning, helping to assist financial intermediaries in structuring their clients’ affairs, and provides socalled “protector services” to help watch over trustees and ensure settlors that trust assets are being properly managed. Mr Nygard, meanwhile, is alleging that the Mirage - which he claims now has “a fair market value of less than $1m” after being valued at $40m just five years ago in 2017 - was snatched from his ownership “by means of trickery” via the trust structure created by Mr Law and IPG. Asserting that he had “considerable wealth at the time”, the fallen fashion mogul and his attorneys are alleging that events leading up to the loss of the yacht’s ownership are “shocking” although this contention is not supported by evidence. The lawsuit goes on to make colourful allegations such as “the slippery and opaque rules of trust management”; that the trusts had “become nothing but a playground for

the trustee and his agents”; and that the case provides “a small glimpse into the Kafkaesque world of trust management”. However, the only evidence Mr Nygard provides to assert his ownership claim are the yacht designs produced under his instructions and money, and the fact that the Florida repair yard took orders from himself. The yacht is now said to be “in a state of disrepair/ disassembly”. Whether the fashion mogul is again trying to claim an asset he has no ownership interest in, or rights to, is something the Broward Court will have to determine. However, he seemingly does not understand that, once a trust is settled, the settlor typically gives up control of the underlying assets as the price for obtaining the tax advantages. And Kobre & Kim’s letter makes clear he has already relinquished all roles and relationships with the three trusts.

PAGE 12, Thursday, July 28, 2022

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AR-15 style guns sold as a sign of manhood as shootings rise By LINDSAY WHITEHURST Associated Press GUN makers have taken in more than $1 billion from selling AR-15-style guns over the past decade, at times marketing them as a way for young men to prove their masculinity, even as the number of mass shootings increases, according to a House investigation unveiled Wednesday. The weapons have been used in massacres that have horrified the nation, including one that left 10 people dead at a grocery store in Buffalo and another where 19 children and two teachers were shot to death in Uvalde, Texas. The Committee on Oversight and Reform said some ads mimic popular first-person shooter video games or tout the weapons’ military pedigree while others claim the guns will put buyers “at the top of the testosterone food chain.” Those sales tactics are “deeply disturbing, exploitative and reckless,” said Democratic Rep. Carolyn Maloney of New York. “In short, the gun industry is profiting off the blood of innocent Americans.” Gun makers, on the other hand, said AR-15-style rifles are responsible for a small portion of gun homicides and the blame must go

to the shooters rather than their weapons. “What we saw in Uvalde, Buffalo and Highland Park was pure evil,” said Marty Daniels, the CEO of Daniel Defense, the company that made the weapon used in Texas. “The cruelty of the murderers who committed these acts is unfathomable and deeply disturbs me, my family, my employees and millions of Americans across this country.” However, he added later in testimony before the committee, “I believe that these murders are local problems that have to be solved locally.” Gun violence overall spiked in 2020, but recent statistics indicate it is coming down this year in many cities. The House panel’s investigation focused on five major gunmakers, and found they took in a combined total of more than $1 billion in revenue over the past 10 years from the sale of AR-15-style firearms. The revenue numbers were released for the committee hearing focused on the marketing and sales of the firearms that have gained notoriety because of their use in the mass killings. Two of the companies approximately tripled their revenue from the weapons over the past three years, the committee found. Daniel Defense, based near Savannah, Georgia, raised that revenue from $40 million in 2019 to more than $120 million last year. The company sells weapons like the one used in Uvalde on credit and advertises that financing can be approved “in seconds.”

Salvador Ramos, accused in the Uvalde shootings, began purchasing firearms and ammunition when he turned 18, eventually spending more than $5,000 on two AR-style rifles, ammunition and other gear in the days before the massacre, authorities have said. Sturm, Ruger & Co.’s gross revenue, meanwhile, has nearly tripled from $39 million to $103 million since 2019, and Smith and Wesson reported that its revenues from all long guns doubled from 2019 to 2021. Gun manufacturers, the committee said, don’t gather or analyze safety data related to firearms. The increases are against a backdrop of a recordsetting overall increase in gun sales that began around the start of the coronavirus pandemic. About 8.5 million people bought guns for the first time in 2020, said Republican Rep. Jody Hice of Georgia. He added that, “American people have a right to own guns.” The hearing comes amid a push by House Democrats to get legislation passed that would ban certain semiautomatic weapons. It’s the lawmakers’ most far-reaching response yet to this summer’s mass shootings. While AR-15-style firearms aren’t necessarily the main drivers of U.S. gun violence overall, their design allows shooters to harm more people from a greater distance, said Kelly Sampson, senior counsel and director of racial justice with Brady, a group pressing to end gun violence that generally supports restrictions.

THE TRIBUNE

Thursday, July 28, 2022, PAGE 13

FED UNLEASHES ANOTHER BIG RATE HIKE IN BID TO CURB INFLATION By CHRISTOPHER RUGABER AP Economics Writer The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in more than three decades to tame high inflation. The Fed’s move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018. Speaking at a news conference after the Fed’s latest policy meeting, Chair Jerome Powell offered

mixed signals about the central bank’s likely next moves. He stressed that the Fed remains committed to defeating chronically high inflation, while holding out the possibility that it may soon downshift to smaller rate hikes. And even as worries grow that the Fed’s efforts could eventually cause a recession, Powell passed up several opportunities to say the central bank would slow its hikes if a recession occurred while inflation was still high. Roberto Perli, an economist at Piper Sandler, an investment bank, said the Fed chair emphasized that “even if it caused a

recession, bringing down inflation is important.” But Powell’s suggestion that rate hikes could slow now that its key rate is roughly at a level that is believed to neither support nor restrict growth helped ignite a powerful rally on Wall Street, with the S&P 500 stock market index surging 2.6%. The prospect of lower interest rates generally fuel stock market gains. At the same time, Powell was careful during his news conference not to rule out another three-quarterpoint hike when the Fed’s policymakers next meet in September. He said that rate decision will depend

AS traders work and watch, a news conference held by Federal Reserve Chair Jerome Powell is displayed at the New York Stock Exchange in New York, Wednesday, July 27, 2022. Stocks on Wall Street are solidly higher in afternoon trading Wednesday after the Federal Reserve raised its key interest rate by a widely expected three-quarters of a point as the central bank ratchets up its campaign to quell surging inflation. Photo:Seth Wenig/AP

upon what emerges from the many economic reports that will be released between now and then. “I do not think the U.S. is currently in a recession,” Powell said at his news conference in which he suggested that the Fed’s rate hikes have already had some success in slowing the economy and possibly easing inflationary pressures. The central bank’s decision follows a jump in inflation to 9.1%, the fastest

annual rate in 41 years, and reflects its strenuous efforts to slow price gains across the economy. By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. Consumers and businesses then presumably borrow and spend less, cooling the economy and slowing inflation. The surge in inflation and fear of a recession have eroded consumer confidence and stirred public anxiety about the economy,

which is sending frustratingly mixed signals. And with the November midterm elections nearing, Americans’ discontent has diminished President Joe Biden’s public approval ratings and increased the likelihood that the Democrats will lose control of the House and Senate. The Fed’s moves to sharply tighten credit have torpedoed the housing market, which is especially sensitive to interest rate changes.

PAGE 16, Thursday, July 28, 2022

THE TRIBUNE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHARLES ALPHONSO NEWBOLD of #20B Saunders Road off Lightbourn Avenue, Nassau, Bahamas, intend to change my name to CHARLES ALPHONSO NEWBOLDWILLIAMS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

Baygrove Limited Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 105,446 B (Dissolved) Notice is hereby given that the above-named Company was dissolved and was struck from the Register of Companies on the 21st day of March, 2022. Dated this 28th day of July, 2022.

__________________________ Richard L. Broughton Liquidator

NOTICE

GOOD BILLION LIMITED Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 151803 B (Dissolved) Notice is hereby given that the above-named Company was dissolved and was struck from the Register of Companies on the 20th day of April, 2022. Dated this 28th day of July, 2022.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 27 JULY 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.47 2.61 2.60 6.10 10.05 4.15 10.00 3.65 8.25 17.50 2.65 10.75 11.25 10.85 18.10 4.00 11.00 16.50

52WK LOW 5.30 33.80 1.60 2.20 1.30 5.75 6.96 2.82 5.40 2.27 5.95 9.80 1.99 7.75 10.02 10.00 13.10 3.50 8.20 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00

1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 9 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CLOSE

CHANGE

2617.03

0.04

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB9 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.57 100.43 100.43 100.34 100.23 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.34 99.96 100.43 100.04 100.00 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.52 4.69 2.22 207.86 212.41 1.74 1.84 1.83 1.03 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.69 1.75 1.76 0.97 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS76026 BGRS FL BGRS95032 BGRS FL BGRS97033 BGRS FL BGRS75022 BGRS FL BGRS81037 BGRS FL BGRS88028 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS760265 BSBGRS950320 BSBGRS970336 BSBGRS750225 BSBGRS810375 BSBGRS880287 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 6.70 39.95 2.44 2.35 2.51 6.10 9.75 3.88 9.98 3.59 8.06 16.00 3.02 10.26 11.60 10.85 18.10 3.90 11.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.45 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

%CHANGE

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YTD%

0.00 388.79

17.45

CLOSE 6.70 39.95 2.44 2.35 2.51 6.10 9.75 3.88 9.98 3.59 8.06 16.00 3.00 10.26 11.67 10.85 18.10 3.90 11.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.02) 0.00 0.07 0.00 0.00 0.00 0.00 0.00

VOLUME

0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.45 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

YTD

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.56% 4.31% 4.31% 4.43% 4.87% 4.33% 5.55% 5.60% 5.65% 5.69%

NAV 2.52 4.69 2.21 197.44 202.39 1.74 1.84 1.83 0.97 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.99% 4.22% 0.36% 5.78% 0.67% 2.74% -2.97% -2.35% -4.72% 6.04% 1.37% 3.03% 1.19% 5.23% 1.62% 4.13% -5.25% -6.07% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 28.0 42.9 N/M 16.8 N/M N/M 26.4 -8.9 71.3 19.5 18.0 22.2 29.4 22.0 18.1 14.9 22.2 19.2 11.7 24.6 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 2.54% 3.15% 0.82% 3.40% 0.00% 0.00% 2.67% 0.00% 0.00% 3.34% 2.73% 4.50% 14.47% 0.58% 2.81% 2.21% 2.98% 3.08% 1.82% 3.94% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 18-Jan-2026 25-Sep-2032 17-Apr-2033 7-Sep-2022 26-Jul-2037 26-Jul-2028 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Mar-2022 31-Mar-2022 25-Mar-2022 31-Mar-2022 31-Mar-2022 31-May-2022 31-May-2022 31-May-2022 31-May-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

__________________________ Richard L. Broughton Liquidator

NOTICE

Izangi Global GmbH Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 201183 B (Dissolved) Notice is hereby given that the above-named Company was dissolved and was struck from the Register of Companies on the 30th day of December, 2021. Dated this 28th day of July, 2022.

__________________________ Richard L. Broughton Liquidator

PAGE 18, Thursday, July 28, 2022

THE TRIBUNE

FORD 2Q PROFIT UP 19%, SEES STRONGER YEAR DESPITE INFLATION By TOM KRISHER AP Auto Writer FORD Motor Co.’s net income rose 19% in the second quarter as the company pulled together enough computer chips to boost factory output and sales. The Dearborn, Michigan, automaker said Wednesday it made $667 million from April through June, compared with $561 million a year earlier. The company stuck with its full-year outlook for pretax earnings of $11.5 billion to $12.5 billion and it still expects 10% to 15% growth in vehicle sales to dealers for the full year. It

also boosted its dividend from 10 cents per share to 15 cents per share starting in the third quarter, the level it was before the pandemic. But Chief Financial Officer John Lawler said the automaker is modeling several scenarios in case the economy slips into a recession. He says Ford is better prepared for a downturn than in the past thanks to lower expenses and a stronger model lineup. It’s also in the midst of a major transformation of the business that will include white-collar job cuts. CEO Jim Farley told analysts Wednesday that the company is too complex and its

costs aren’t competitive. It also has too many employees in some areas. “We have skills that don’t work anymore,” he said. “We have jobs that need to change.” The company, he said has too many versions of its internal-combustion vehicles. It plans to create more models off the same electric vehicle underpinnings, spending capital on areas that affect customers such as software, digital displays and automated driving systems, Farley said. Areas that will see cuts will be decided by examinations of work flows, Farley said. Ford has realigned

itself into three business units, one for electric vehicles, another for commercial vehicles and another for internal-combustion vehicles. Lawler said the company’s factories are still slowed by the global shortage of computer chips, which he expects to improve in the fourth quarter. “Given the constraints that we have, demand is still higher than we can supply,” he said. Ford also is experiencing higher raw materials costs and general inflation, which Lawler expects to ease in the second half. The company is planning for macroeconomic

problems, with the next issue being energy shortages in Europe due to Russia limiting natural gas supplies. Ford, he said, has 550 partssupply companies in high risk areas of Europe, with 130 sending parts to North America. “I think we’re well prepared for the things we can predict, but it’s always a new day,” he said. Ford’s stock jumped 6.3% in after-market trading following the earnings report. From April through June, adjusted earnings per share were 68 cents, beating Wall Street estimates of 45 cents, according to FactSet. Revenue was $40.19 billion, also

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 95° F/35° C Low: 74° F/23° C

TAMPA

SATURDAY

SUNDAY

MONDAY

A stray afternoon t‑storm; breezy

A thunderstorm around late

A brief morning shower; breezy

Sunny, breezy and pleasant

Mostly sunny, breezy and pleasant

A t‑storm in spots in the afternoon

High: 88°

Low: 79°

High: 87° Low: 79°

High: 88° Low: 78°

High: 89° Low: 80°

High: 88° Low: 78°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

97° F

81° F

96°-84° F

96°-84° F

98°-87° F

99°-86° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

E

W

ABACO

S

N

High: 90° F/32° C Low: 79° F/26° C

7‑14 knots

S

High: 93° F/34° C Low: 80° F/27° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 81° F/27° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

FRIDAY

N

N

| Go to AccuWeather.com

TONIGHT

High: 94° F/34° C Low: 80° F/27° C

High: 91° F/33° C Low: 79° F/26° C

MIAMI

High: 91° F/33° C Low: 80° F/27° C

6‑12 knots

KEY WEST

High: 89° F/32° C Low: 81° F/27° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 89° F/32° C Low .................................................... 80° F/27° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 95° F/35° C Last year’s low ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.34” Year to date ............................................... 37.68” Normal year to date ................................... 19.08”

ELEUTHERA

NASSAU

High: 88° F/31° C Low: 79° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 88° F/31° C Low: 77° F/25° C

N

High: 87° F/31° C Low: 77° F/25° C

N

S

E

W

8‑16 knots

S

8‑16 knots

ANDROS

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

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

2.4 3.2

2:39 a.m. 2:24 p.m.

0.6 0.4

9:03 a.m. 9:24 p.m.

2.5 3.2

3:16 a.m. 3:03 p.m.

0.6 0.4

Saturday

9:41 a.m. 10:00 p.m.

2.6 3.2

3:52 a.m. 3:42 p.m.

0.5 0.5

Sunday

10:20 a.m. 10:36 p.m.

2.7 3.1

4:27 a.m. 4:22 p.m.

0.5 0.6

Monday

10:59 a.m. 11:13 p.m.

2.7 3.0

5:01 a.m. 5:03 p.m.

0.5 0.7

Tuesday

11:41 a.m. 11:52 p.m.

2.8 2.9

5:37 a.m. 5:48 p.m.

0.5 0.8

Wednesday 12:26 p.m. ‑‑‑‑‑

2.8 ‑‑‑‑‑

6:15 a.m. 6:38 p.m.

0.5 0.8

Today

8:23 a.m. 8:48 p.m.

Friday

sun anD moon Sunrise Sunset

6:36 a.m. Moonrise 7:57 p.m. Moonset

6:18 a.m. 8:19 p.m.

New

First

Full

Last

Jul. 28

Aug. 5

Aug. 11

Aug. 19

CAT ISLAND

E

W

beating analyst estimates of $36.87 billion. Sales in the U.S., Ford’s most profitable market, rose just under 2% for the quarter. That boosted profits when coupled with strong demand and high prices for trucks and SUVs. Lawler said Ford’s sale prices rose about 6% last quarter from the prior year, and the company is not seeing any falloff in consumer demand. With average U.S. vehicle selling prices around $45,000, Lawler said there could be some moderation in prices during the second half of the year.

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 77° F/25° C

High: 86° F/30° C Low: 80° F/27° C

N

High: 88° F/31° C Low: 78° F/26° C

E

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 77° F/25° C

8‑16 knots

MAYAGUANA High: 88° F/31° C Low: 80° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 86° F/30° C Low: 76° F/24° C

H

High: 87° F/31° C Low: 76° F/24° C

GREAT INAGUA High: 87° F/31° C Low: 78° F/26° C

N

E

W

E

W

N

S

S

10‑20 knots

12‑25 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS E at 7‑14 Knots ESE at 8‑16 Knots NE at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots ENE at 8‑16 Knots ESE at 8‑16 Knots E at 7‑14 Knots ESE at 8‑16 Knots NE at 8‑16 Knots E at 10‑20 Knots NE at 12‑25 Knots E at 12‑25 Knots E at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots E at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots E at 8‑16 Knots E at 10‑20 Knots

WAVES 3‑5 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 3‑6 Feet 3‑5 Feet 3‑6 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 4‑7 Feet 4‑7 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet

VISIBILITY 10 Miles 10 Miles 7 Miles 7 Miles 6 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 6 Miles 10 Miles 9 Miles 8 Miles 7 Miles 8 Miles 7 Miles 6 Miles 8 Miles 7 Miles 9 Miles 10 Miles

WATER TEMPS. 85° F 85° F 85° F 85° F 83° F 83° F 83° F 83° F 84° F 84° F 86° F 87° F 84° F 84° F 83° F 83° F 84° F 83° F 82° F 82° F 84° F 84° F 84° F 84° F 84° F 84° F

THE TRIBUNE

Thursday, July 28, 2022, PAGE 19

FACEBOOK PARENT META POSTS FIRST REVENUE DECLINE IN HISTORY By BARBARA ORTUTAY AP Technology Writer

META, the parent company of Facebook and Instagram, posted its first revenue decline in history Thursday, dragged down by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies. The results largely followed a broader decline in the digital advertising market that is dinging Meta rivals such as Google, Twitter — which also posted a revenue decline — and Snap. Google’s parent company Alphabet reported its slowest quarterly growth in two years on Tuesday. CEO Mark Zuckerberg said Meta is slowing its pace of investments and plans to “steadily reduce” employee growth after a hiring blitz earlier this year. “This is a period that demands more intensity,” he said in a conference call with analysts. “Expect us to get more done with fewer resources.” Beyond the economic downturn, Meta faces some unique challenges, including the looming departure

of its chief operating officer Sheryl Sandberg, the chief architect of the company’s massive advertising business. In addition to TikTok, the decline in ad spending among the downturn and Apple’s privacy changes, “questions about Meta’s leadership” — including Sandberg’s exit and negative sentiment about the company as a whole — also contributed to the decline, said Raj Shah, a managing partner at digital consultancy Publicis Sapient. Meta earned profits of $6.69 billion, or $2.46 per share, in the April-June period. That’s down 36% from $10.39 billion, or $3.61 per share, in the same period a year ago. Revenue was $28.82 billion, down 1% from $29.08 billion a year earlier. Analysts, on average, were expecting earnings of $2.54 per share on revenue of $28.91 billion, according to a poll by FactSet. “The year-over-year drop in quarterly revenue signifies just how quickly Meta’s business has deteriorated,” said Insider Intelligence analyst

Debra Aho Williamson in an email. “Prior to these results, we had forecasted that Meta’s worldwide ad revenue would increase 12.4% this year, to nearly $130 billion. Now, it’s unlikely to reach that figure.” She added that the good news — if it could be called that — is that Meta’s competitors are also experiencing slowdowns. Meta is in the midst of a corporate transformation that it says will take years to complete. It wants to evolve from a provider of social platforms to a dominant power in a nascent virtual reality construct it calls the “metaverse” — sort of like the internet brought to life, or at least rendered in 3D. CEO Mark Zuckerberg has described it as an immersive virtual environment, a place people can virtually “enter” rather than just staring at a screen. The company is investing billions in its metaverse plans that will likely take years to pay off — and as part of its plan renamed itself Meta last fall. “Expect Meta’s decline to continue until Meta can

A META Portal Go is displayed during a preview of the Meta Store in Burlingame, Calif., Wednesday, May 4, 2022. Facebook and Instagram’s parent company Meta posted its first revenue decline in history on Thursday, July 27, 2022 dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies. Photo:Eric Risberg/AP

monetize the metaverse, and begin another Metareverse,” Shah said. Meta forecasts revenue of $26 billion to $28.5 billion for the current quarter, which is below Wall Street’s expectations. “This outlook reflects a continuation of the weak

advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty,” finance chief David Wehner said in a statement. Meta said Wehner is being promoted to chief strategy

officer, where he will oversee the company’s strategy and corporate development. Susan Li, currently vice president of finance, will replace him as CFO. Shares of Meta Platforms Inc. fell $6.88, or 4.1%. to $162.70 in after-hours trading.

PAGE 20, Thursday, July 28, 2022

THE TRIBUNE

Best Buy cuts sales forecast as inflation tempers spending By ANNE D'INNOCENZIO AP Retail Writer BEST Buy, the nation's largest consumer electronics chain, cut its annual sales and profit forecast Wednesday, citing surging inflation that has dampened consumer spending on gadgets. The Minneapolis-based company echoed Walmart, which earlier this week said higher prices on basic necessities are forcing shoppers to cut back on discretionary items. Shares of Best Buy fell more than 2% in after-market trading Wednesday. Best Buy said it now expects this year's sales at stores opened at least a year to be down 11%, much steeper than the 3% to 6% drop it originally forecast in May. For the company's fiscal second quarter, it expects comparable sales to be down 13%. Still, revenue for the quarter should be roughly 7.5% higher than the second quarter of 2020, it said.

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In a statement, Best Buy's CEO Corie Barry said the company entered the year expecting its financial results would be weaker than last year, when consumer spending was fueled by government stimulus support. But high inflation has eroded consumer sentiment, weakening demand for consumer electronics even further. Matt Bilunas, chief financial officer at Best Buy, noted that given the economic uncertainty, it's difficult to assess the duration of the weaker sales environment and the impact of its business. Best Buy's announcement comes as the Federal Reserve on Wednesday raised its benchmark interest rate by three-quarters of a point for a second straight time in its most aggressive drive in three decades to temper inflation. The Fed's move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018.