business@tribunemedia.net
THURSDAY, OCTOBER 26, 2023
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blasts Realtors cite shortage but Wendy’s Atlantis as it wins listings rise ‘up to 1,492%’ PI approvals By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
t .-4 EBUB TIPXT AUVSOJOH UP CVZFS T NBSLFU MAJOR realtors yesterday contradicted data showing new home listings rose “up to 1,492 percent” in t %FNBOE TMPXT GSPN AGSBOUJD the 2023 third quarter by arguing that QBDF QPTU $07*% inventory shortages mean The Bahamas remains “a seller’s market”. t "WBJMBCMF QSPQFSUJFT BCPWF George Damianos, Damianos L AEPXO Sotheby’s International Realty’s president, estimated to Tribune Business that the number of properties available for sale at $800,000 and over was “down a minimum of 20 percent compared to what it would have been pre-COVID” due to the surge in demand experienced when pandemic-related lockdowns were eased. While he, Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, and John Christie, HG Christie’s president and managing broker, all agreed that buyer demand has moderated from those 2021 and 2022 “hey days”, the trio also asserted that the reduction in properties available for sale will help
maintain price levels and ensure this nation stays a seller’s market. This, though, is contradicted somewhat by Morley Realty’s 2023 third quarter market report, which found there was “a significant increase in the volume of new listings” for both existing homes and land across the five main island markets of New Providence, Grand Bahama, Exuma, Eleuthera and Abaco. The report, covering the three months to end-September 2023, agreed there were “continued signs of a market slowdown” given that “the abnormally strong market and related frantic pace” of market
activity in the two years immediately following the COVID pandemic were unsustainable. However, while closed real estate sales “appear to have returned to pre-pandemic levels”, new listings continue to increase - possibly as sellers try to catch the boom’s tail-end. The Morley Realty report said data for the six-month period covering the 2023 second and third quarters “shows signs of supporting the theory when supply exceeds demand - turning from a seller’s market into a buyer’s market”.
SEE PAGE B4
Objection to Bahamas KC testifying for SBF By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net US prosecutors yesterday raised objections to a Bahamian KC testifying in defence of embattled FTX founder, Sam BankmanFried, over his meetings with local regulators as the crypto exchange imploded. The US attorney’s office for southern New York, which is prosecuting Mr Bankman-Fried, told the judge overseeing the former FTX chief’s trial that his lawyers had failed to comply with federal court procedures over plans to call Krystal Rolle KC as a witness.
SAM BANKMAN-FRIED Mr Bankman-Fried’s attorneys, according to court documents obtained by Tribune Business, said Mrs Rolle, who was among those defending the FTX founder in previous Bahamian court proceedings.
SEE PAGE B4
Chamber seeks ILO liveable wage advice By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS Chamber of Commerce and Employers Confederation (BCCEC) was yesterday said to have sought the International Labour Organisation’s (ILO) help to define what a livable wage is. Peter Goudie, the Chamber’s labour division head, told Tribune Business he had reached out to the global body to better understand the concept’s costs and how it can be implemented in The
PETER GOUDIE Bahamas after the Prime Minister yesterday reiterated the Government will look to further increase the minimum wage “at the appropriate time”.
SEE PAGE B6
t 4MBNT SFTPSU GPS PSHBOJTJOH ANFSJUMFTT DBNQBJHO t 3FTPSUT TBZ HP BIFBE AQSFNBUVSF QMBO BQQFBM t #VU SFRVFTU GPS XFFL EFMBZ XBT AVOSFBTPOBCMF By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net WENDY’S yesterday blasted Atlantis for masterminding a “meritless, aggressive and self-serving campaign” that failed to prevent the fast-food brand gaining planning approval for its Paradise Island restaurant. Psomi Holdings, an affiliate of Aetos Holdings, the Wendy’s and Marco’s Pizza franchisee, said in a statement that it now “intends to get on with the business of what it does best” by investing $3m to convert
the former Scotiabank branch into a location for both brands after the Town Planning Committee granted the project site plan approval subject to several modest conditions. However, the Association that represents Atlantis and other major Paradise Island resorts and developers, yesterday warned that the battle is far from over. Pledging to appeal the Town Planning Committee’s decision “as soon as possible”, the Paradise Island Tourism Development Association (PITDA) slammed the approval as
SEE PAGE B7
PAGE 2, Thursday, October 26, 2023
THE TRIBUNE
DIGITAL TRANSFORMATION IN REACH OF SMES TOO I n today’s fast-paced business landscape, “digital transformation” is not just a buzzword but a necessity for staying competitive. While large corporations often have deep pockets to fund complex digital initiatives, small and medium-sized enterprises (SMEs) can also thrive in this digital age by crafting strategies that are
tailored to their unique needs and capabilities. The first step in this journey involves setting clear objectives. What do you want to achieve with digital transformation? Is it about streamlining your operations, enhancing the customer experience or expanding your market presence? Having welldefined goals will act as
your guiding star throughout the process. Embracing cloud technology is another cornerstone of digital transformation for SMEs. Cloud computing provides cost-effective, scalable solutions that empower you to compete with larger counterparts. Moreover, it facilitates remote work - a vital feature
in today’s evolving work environment. Data-driven decisionmaking is at the core of successful digital transformation. Investing in data analytics tools can provide invaluable insights from your data, helping you make informed decisions, optimise processes, predict market trends and spot new business opportunities.
In the digital realm, it is not just about the technology; it is about putting your customers at the centre. Use digital tools to engage with your customers, gather feedback and tailor your products or services to their needs. Customer-centricity should be a guiding principle. Ensuring the security and compliance of your digital initiatives is paramount. Data breaches can be devastating, both in terms of finances and reputation. SMEs must prioritise data security and compliance with relevant regulations. To navigate the digital landscape, you will need to equip your team with the necessary skills and knowledge. Offering training and support will enable them to adapt to new technologies and tools effectively. Collaboration and networking can be key drivers of success in the digital space for SMEs. Partnering with other businesses and industry peers to share insights and resources can lead to collective growth. A flexible, iterative approach is essential. Digital transformation is an ongoing process, so regularly assess your strategy and adapt to changing market conditions. Be willing to pivot when necessary to stay aligned with your goals. While embracing digital technologies is essential, wise investment decisions are equally critical. Evaluate the return on investment for every digital tool or solution you implement to ensure your resources are used effectively. Last but not least, foster a cultural shift within your organisation. A culture of innovation, adaptability and openness to change is crucial for a successful digital transformation.
KEITH
ROYE II Challenges may arise along the way, but these should be seen as opportunities to learn and improve. By creating a road map for digital transformation that aligns with your unique business needs, SMEs can achieve sustainable growth, remain competitive and future-proof their businesses. Digital transformation is not exclusive to large enterprises with substantial budgets. Small and medium-sized enterprises can embark on this journey successfully by adopting tailored strategies and embracing a culture of innovation. The digital era offers boundless opportunities for SMEs to thrive and, with the right approach, success is well within reach. UÊ \Ê L ÕÌÊ i Ì Ê, Þi i Ì Ê, ÞiÊ Ê ÃÊÌ iÊV ivÊ «iÀ>Ì ÃÊ vwViÀÊ vÊ * >Ì Ê « >Ê ià } ]Ê >Ê Lië iÊ Ã vÌÜ>ÀiÊ `iÛi « i ÌÊ V «> ÞÊ Ì >ÌÊ Ã«iV > ÃiÃÊ Ê LÕà iÃÃÊ ivwV i VÞÊ > `Ê «À wÌ>L ÌÞ°Ê / À Õ} ÕÌÊ ÃÊ V>ÀiiÀÊ Ê Ã vÌÜ>ÀiÊ `iÛi « i Ì]Ê ÀÊ , ÞiÊ >ÃÊ ÃiÀÛi`Ê >ÃÊ V ivÊ Ã vÌÜ>ÀiÊ i } iiÀÊ v ÀÊ V «> iÃÊ Ê / iÊ > > >ÃÊ > `Ê Ì iÊ 1-°Ê ÃÊÜ À Ê >ÃÊ i`Ê ÀÊ>Ãà ÃÌi`Ê V «> iÃÊ Ê }i iÀ>Ì }Ê ÃÊ vÊ ` >ÀÃÊ Ê «>Ãà ÛiÊ ÀiÛi Õi]Ê Ü iÊ Ã>Û }Ê ÃÊ Ì À Õ} Ê VÕÃÌ Ê Ã vÌÜ>ÀiÊ`ià } °
HALLOWEEN FLY-IN SET TO BOOST AVIATION TOURISM THE Ministry of Tourism is continuing its series of private pilot fly-ins with a five-day event to mark Halloween that begins tomorrow. The ministry, in a statement, said the five-day Halloween Fly-in excursion to Marsh Harbour and Abaco is being staged in conjunction with the Bahamas Flying Ambassadors. The Halloween Fly-in, which ends on October 31, is named in honour of The Bahamas’ first flying ambassador, Terry Spurlock, who passed away last year. “We are thrilled to welcome pilots to the Abacos for the highly-anticipated annual Terry Spurlock Halloween Fly-In,” said John H.W. Pinder, parliamentary secretary in the Ministry of Tourism, Investments and Aviation. “This extraordinary event combines the breathtaking beauty of The Bahamas with the exhilaration of flying over the shimmering turquoise waters. Get ready for an unmatched experience as the enchantment of aviation harmonises with the spirited atmosphere of Halloween. Brace yourself for a truly magical journey where adventure and celebration create harmonious synergy in the sky.” The Halloween Fly-in is sponsored by Abaco-based
JOHN PINDER resort, the Bluff House. More than 20 pilots and flight enthusiasts with extensive experience flying to and around The Bahamas are expected to participate in the event. Participants will gain a glimpse into Abaco life, and will also have a chance to taste local cuisine and tour attractions such as the Albert Lowe Museum, Hope Town Light House & Memorial Sculpture Garden, and be the invited guests at a Halloween party. Through the Abaco flyin, the Ministry of Tourism, Investments and Aviation said it hopes to showcase the growing private pilot sector and boost the island’s economy while aiming to treat visitors to an exceptional experience.
Sun Oil names top service employees SUN Oil, a Shell licensee, has named Kevin Lockhart, Sherelle King and Lionel Wilson as the Shell Smiling Stars of the Year from The Bahamas for their highquality customer service. “Customer service is at the heart of our business, and we are proud to recognise Kevin, Sherelle and Lionel for their unwavering commitment to our customers,” said Fabian Fernander, Sun Oil’s marketing manager. “Their exceptional work ethic, dedication and positive attitude have made a significant impact on our customers and our business.”
The Shell Smiling Stars programme recognises employees who demonstrate outstanding customer service skills and provide exceptional experiences for clients. It is designed to encourage and reward employees who go above and beyond in their daily interactions with customers. Damon Meck, Shell Caribbean and Latin America regional representative, recently presented the medals of recognition to the three Sun Oil employees. He said: “These individuals
SEE PAGE B5
THE TRIBUNE
Thursday, October 26, 2023, PAGE 3
WEEK ‘A CHANCE FOR Aviation authority is ‘audit ready’ AVIATION 4,000 STAFF TO COLLABORATE’ - but some deficiencies expected By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net DESPITE “some deficiencies”, Director of Aviation and Deputy Director General of Tourism Dr Kenneth Romer said he is confident the Civil Aviation Authority (CAA) is “audit ready”. Speaking to The Tribune at the opening ceremony for Aviation Week, Mr Romer said there are usually deficiencies found across the region during the Federal Aviation Authority’s (FAA) audits and that the CAA and Minister of Tourism, Investments and Aviation Chester Cooper will meet to discuss the initial findings next week. He said: “When it comes to the audit, the audit is very fierce. So we are actually going to be meeting next week, with the Deputy Prime Minister and Civil Aviation and discussing the initial findings of those audits. “The Bahamas again has a very good history of remedying any actions that needs to be corrected in the aftermath of any audit.
DR KENNETH ROMER But all of our practices have made us audit ready. “There will be some deficiencies. There are normally deficiencies across the entire region whenever their audits been done.” He added that CAA has appointed an audit committee and is “proactive” in ensuring relevant stakeholders comply with best practices. He said: “We try to be very proactive in our approach. So we did have in place an audit-ready committee and we’re very comfortable that the outcome of the audit, will speak to the preparation civil aviation and our
stakeholders have been putting in place to ensure that we are complying with best practices.” Earlier this month, Flamingo Air was grounded when the boarding ladder on an aircraft deployed mid-flight. The Civil Aviation Authority suspended their operations and launched investigations after a video of the aircraft’s opened door hovering over Bahamian waters went viral on social media. The airline was given clearance to resume services last week. Dr Romer said millions of passengers travel through our air space annually and incidents “are going to happen”. He insisted the CAA has adopted a culture of aviation safety and gives these incidents the “highest attention”. He said: “We have millions of passengers who traverse our air space. We have thousands of air traffic movements to The Bahamas and through The Bahamas. Incidences as it relates to aircraft concerns are going to happen but we have a culture that speaks again to aviation safety. “Air traffic controllers are doing a wonderful job,
Civil Aviation Authority. Whenever incidences arise, I want the traveling public to be assured that it will be given the highest attention. Our Civil Aviation Authority, all of our agencies have been armed and equipped.” He added that the CAA is meeting with airline operators to discuss how they can make their aircrafts “more air worthy” and maintained the CAA is “fully committed” to ensuring the safety of travellers. He said: “We don’t want to be reactive in nature, we are proactive, so we are meeting again with our airline operators. We’re addressing concerns about how to ensure that they make their crafts more air worthy and how can we update elements of their customer service. “We don’t want to respond when something happens, we want to be able to partner with them to prevent incidents from happening. But I think our traveling public can be assured that we are fully committed to the safety and security when it comes to them traversing our air spaces.”
Pintard: Govt broke promises - and repeatedly breaking law By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net OPPOSITION leader Michael Pintard accused the Davis administration of not keeping many of the “promises” made to the Bahamian people – and of engaging in practices that “broke the law”. Speaking at the House of Assembly yesterday, Mr Pintard said the government has not started or fulfilled many of the commitments they made then they took office. He said: “By our count, this PLP government made around 87 specific policy pledges in its first speech from the throne. Being as generous as we could in our assessment, there are still some 60 promises that they haven’t even touched. “First, with close to 70 percent of their stated commitments still left to carry out, why did the government see the need to refresh its mandate. This underwhelming PLP government clearly had only begun to scratch the surfaces on the things that they promised to do.
Mr Pintard went on to accuse the Davis administration of breaking the law by allowing Ministers to sign loan contracts and by its $232.3m IMF special drawing rights borrowing. He said: “They broke the law in the unauthorised signing of the $70m loan with the Saudi Government. They broke the law with the Minister of Housing signing a $20m loan with a Jamaican lender. “They broke the law with the illegal advance of $232m from the Central Bank SDR foreign reserves and refuse to acknowledge that it is a loan.” He also accused the government of breaking the law by not disclosing awarded contracts, the $110m loan advanced to Bahamas Power and Light to pay off its fuel arrears and not publishing reports from the Fiscal Responsibility Council. He said: “They broke the law with the refusal to publish the annual report on all contracts by the government from September 2021 to August 2022. A partially released report with only some details will not silence
the public demand for transparency. “They broke the law with the refusal to publish now six reports from the Fiscal Responsibility Council. They broke the law with illegal loan to BPL of $110m - the terms still not known. “They broke the law with an illegal tax break for owners of expensive yachts and pleasure craft done outside the budget process.” The Marco City MP also said the Davis administration has “failed to deliver anything of note” to Grand Bahama residents and accused them of stalling infrastructure projects, including the Grand Bahama International Airport and choosing to fight with the Grand Bahama Port Authority (GBPA) instead of working with them to benefit Grand Bahama residents. He said: “Two years in, they have yet to complete infrastructure projects they found under development. They have chosen a public fight with the GBPA instead of engaging in productive dialogue to the benefit of the people of Grand Bahama. “After spending millions and causing millions to be
MICHAEL PINTARD spent in preparation for the development of a world class airport the project has without explanation stopped with no communication with the companies which were gearing up to execute the project.”
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE launch of Aviation Week yesterday will give members of the Bahamian aviation industry the chance to collaborate and share knowledge, said Director of Aviation and Deputy Director General of Tourism Dr Kenneth Romer yesterday. Speaking to the Tribune at yesterday’s opening ceremony, Mr Romer said this first Aviation Week will give the 4,000 employees across eight agencies in The Bahamas to come together. He said: “So you will find that we have both international and domestic aviation stakeholders coming together. This is the first time this has been done in our 104-year history, since we had the first charter airline landing. “This to us will represent a time to collaborate we have eight aviation agencies, over 4,000 employees that’s in The Bahamas, that excludes our regional and our global partners. So we come together we share best practices, knowledge sharing, we look at innovators in the aviation industry.” He said that during the week, key industry contributors will be celebrated and discussions will be held about the Bahamas Aeronautical Academy and Aviation Cadets. He said: “You’re going to find during the Aviation Week, we’re going to be highlighting some key persons, including for the first time Women in Aviation. We’re going to be celebrating those who have been retiring or those who are making significant contributions, those emerging aviators. “During this week, we’re going to be having discussions about launching our first ever Bahamas Aeronautical Academy and our Aviation Cadets. We’re looking at the past, the present and the future of aviation. We’re going to celebrate all things aviation.” He added that the Ministry will also commemorate
persons that contributed to the Bahamas Aviation Industry over the past 104 years. He said: “We’re going to collaborate with government to commemorate. Over the past 104 years, there are so many persons who have contributed towards aviation who are now forgotten - those legend Bahamasair pilots, retiring air traffic controllers, those who are working behind the scenes and at the forefront of driving our aviation industry.” Dr Romer explained that in addition to launching the Aeronautical Academy and Aviation Cadets the ministry is working with current employees to develop their skills to address shortages in human capital. He said the ministry held an aviation job fair in collaboration with Nassau Airport Development (NAD) last month. He said: “One of the areas for our strategic plans speaks about human capital development. So for the first time we had an aviation industry job fair, held in September, by NAD. “We went inside of our aviation industry and asked them great, so do you have the tools to make it successful? Are you the right fit? Are you in the right position? And we actually looked at giving them ways to explore personal and professional development. “Universities came to The Bahamas organised by NAD, but beyond that, we have at least six other universities who are partnering with the Department of Aviation, not just for attracting new talent, but how do we now rescale existing talent.” He added that with more than 4,000 employees, they need to develop the skills of existing employees instead of hiring more people. He said: “That is one way we can systematically deal with the skills gap and with the talent gap. Over 4000 folks are employed, we don’t want to bring in more persons. We want to bring in the right individuals with the right skills to ensure that they’re doing the right tasks.”
PAGE 4, Thursday, October 26, 2023
THE TRIBUNE
REALTORS CITE SHORTAGE BUT LISTINGS RISE ‘UP TO 1,492%’ moderating to pre-COVID levels, he replied: “I think it’s still better than that.” And, informed of data showing a growing trend towards a seller’s market, the Coldwell Banker chief replied: “I’m disagreeing with that. There’s a shortage of inventory, generally speaking.” This was echoed by Mr Christie, who said: “I think the market is still solid. I think it’s slowed down somewhat from the hey day, but there’s still solid interest and the market is still strong.” Describing the moderating of demand as “something like”a return to pre-pandemic levels, he added: “The inventory is way down, but that has everything pushed up in terms of price. If you want to buy something, there’s not a lot out there, so you’re naturally more motivated to buy. If you wait you’re going to lose it, so we’re still in a seller’s market. Regular things coming on to the market are selling quickly if priced right.” Morley Realty’s report showed that the number of new home listings in New Providence increased “tremendously” by 1,492 percent year-over-year
during the 2023 third quarter, and by 33 percent quarter-over-quarter, to stand at 191 for the three months to end-September. New vacant land listings also increased by 1,050 percent year-over-year, and by 32 percent compared to the 2023 second quarter, to hit 115. Abaco, meanwhile, saw new home listings increase by 725 percent year-overyear for the 2023 third quarter to reach 33. New vacant land listings on the island also rose 293 percent year-over-year, and by 16 percent compared to the 2023 second quarter, to hit 59. Similar trends were experienced on Eleuthera and Exuma, where new home listings for the 2023 third quarter jumped by 550 percent and 600 percent, respectively, year-overyear. Vacant land sales on Eleuthera were also up 1,267 percent compared to the 2022 third quarter at 82, which also represented a 116 percent quarter-overquarter rise. Exuma vacant land sales were ahead by 311 percent year-on-year.
Objection to Bahamas KC testifying for SBF
powers, the Commission requested and obtained a court order to safeguard the digital assets owned by or under the custody or control of FTX Digital Markets or its principals by transferring them to secure digital wallets under the exclusive control of the Commission.” The regulator added: “Accordingly, on November 12, 2022, the Commission, in the exercise of its powers as regulator acting under the authority of an order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of under the custody or control of FTX Digital Markets or its principals, valued at more than US $3.5bn, based on market pricing at the time of transfer, to digital wallets controlled by the Commission, for safekeeping. “While certain token protocols may require the burning of old tokens and the simultaneous minting of new replacement tokens to effect transfer, in no case did the process involve the creation of any additional tokens.”
FROM PAGE B1 David Morley, Morley Realty’s principal, was yesterday said to be travelling and off-island, and could not be reached for comment. However, the firm’s analysis employs data obtained from the Bahamas Real Estate Association’s (BREA) Multiple Listing System (MLS). While the MLS does not cover all real estate sales and market activity, since BREA has not made membership mandatory, all the large and major firms along with all their agents - are both members and participants. As a result, it is felt sufficient data is captured by the system to make it a more than reasonable gauge of Bahamian real estate market activity and trends. “The Bahamas real estate market data from the 2023 third quarter showed continued signs of a market slowdown primarily because of the year-on-year decline in the number of closed home sales in each of the five island markets,” Morley Realty wrote in its analysis. “This slowdown continues from the 2023 second
FROM PAGE B1 She is to testify “about conversations the defendant had with regulators in The Bahamas in November 2022”. That was the month when FTX collapsed into provisional liquidation and Chapter 11 bankruptcy protection in The Bahamas and Delaware, respectively. The “conversations” referred to would likely have been with the Securities Commission, the crypto exchange’s primary Bahamian regulator, as well as with the joint provisional liquidators of FTX Digital Markets following their
quarter and was expected, knowing full well that the abnormally strong market and related frantic pace seen in 2021 and the first half of 2022 could not be sustained. Even though the volume of year-on-year closed sales may be down, the volume in each of the first three quarters of 2023 appears to have returned to pre-pandemic levels.” Turning to the trends revealed by the figures, Morley Realty added: “Another consistent market change noted in the 2023 third quarter data was the significant increase in the volume of new listings in all the island markets in both homes and land year-over-year. “New listings of homes across the island markets in the 2023 third quarter increased quarter-over-quarter up to 87 percent, and increased in volume year-over-year up to 1,492 percent. New listings of land across almost all the island markets in the 2023 third quarter increased quarter-over-quarter up to 168 percent, and increased in volume year-over-year up to 3,250 percent.” Morley Realty agreed that market demand will
Supreme Court-approved appointment. International media yesterday also reported that Mark Cohen, Mr Bankman-Fried’s lead defence attorney, told a telephone hearing that Christina Rolle, the Securities Commission’s executive director, is also among the witnesses they plan to call. That could not be confirmed before press time last night, and Christina Rolle did not respond to this newspaper’s message seeking comment. This raises the possibility that multiple Bahamian and Bahamasbased witnesses may be summoned to appear at
remain strong through year-end 2023, with the Bahamian economy poised “to continue to ramp up” as tourism returns to preCOVID strength. However, it added that the increase in properties available for sale - as based on the MLS data - could impose downward pressure on prices and increase the time taken to find purchasers. “The increase in the inventory of properties provides buyers with more selection and soon may result in an increase in days on the market, a decrease in the listing-to-sale price ratio and a shift towards lower median prices despite the apparent strong purchasing demand,” the real estate firm said. “The data from the 2023 second quarter and 2023 third quarter show signs of supporting the theory when supply exceeds demand, turning from a seller’s market into a buyer’s market.” However, the top realtors at other major real estate firms all cited a shortage of available-for-sale inventory that they say will sustain both existing prices and a “seller’s market”. “It has slowed a bit, there’s no secret about
Mr Bankman-Fried’s trial. However, US federal prosecutors yesterday objected to Krystal Rolle testifying unless the defence produced her witness statement to them - as purportedly required by court rules - to them by 5pm yesterday. It is unclear if this deadline was met. “Yesterday, for the first time, defence counsel disclosed as a witness Krystal Rolle, who appears to have been a defence attorney for the defendant in The Bahamas,” US prosecutors asserted. “While the defence has not provided any written disclosure, exhibits or Rule 26.2 material for this witness, last night and this morning, defence counsel indicated that they intend to call Mrs Rolle to testify about conversations the
that,” Mr Damianos told Tribune Business of market activity and buyer demand. “I think it’s also because inventory has sort of shrunk. That’s all having an effect. It’s just normal, nothing to worry about, but maybe this time next year we’ll have a different read. “I think from the seller’s point of view they’re saying there’s not much out there, so therefore we will ask a higher price for the property we want to sell. If it doesn’t move, time will tell you have over-priced it, but if it does move it shows you have balanced supply and demand. If you get too aggressive, the property will sit on the market for longer than usual. “I would say inventory is down a minimum of 20 percent compared to what it would have been pre-COVID. Definitely in my space, $800,000 and above.” His two colleagues gave similar assessments of Bahamian real estate market conditions. “It still looks good,” Mr Lightbourn told this newspaper of market activity. “It’s not what it was but it’s still going well. That’s the best way to put it.” Asked whether buyer demand was
defendant had with regulators in The Bahamas in November 2022.” Noting that such material was supposed to have been produced by September 18, 2023, prosecutors added that they would seek to exclude Krystal Rolle’s testimony unless it was provided to them yesterday. “So as to permit the government sufficient time to prepare for cross-examination, and to ensure the trial moves efficiently, the government respectfully requests that all Rule 26.2 materials be produced to the government by 5 pm today. Failure to produce Rule 26.2 material would be a basis for excluding their testimony,” prosecutors added. Besides investigating FTX’s implosion, the Securities Commission has
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previously argued it had little choice but to engage with Mr Bankman-Fried, and his close associates, to safeguard some $456m in digital assets from potential hacking and losses in the aftermath of the exchange’s collapse because they were the only ones who possessed the keys to the digital wallets where they are stored. Confirming that it obtained a Supreme Court order approving its actions, the Securities Commission said: “Based on information provided by Sam Bankman-Fried to the Commission concerning the cyber attacks that took place on the systems of FTX Digital Markets, the restricted access by the employees of FTX Digital Markets to its AWS system, and other available information, the Commission determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of FTX Digital Markets to the prejudice of its customers and creditors. “As a result, in the exercise of its regulatory
THE TRIBUNE
Thursday, October 26, 2023, PAGE 5
BAHAMIAN DISTILLERY IN US EXPANSION TIE-UP A BAHAMIAN distillery has partnered with an American distributor to start exporting its rum products to the US market. John Watling’s Distillery, in a statement, said it has signed a strategic distribution agreement with Total Wines & More, a US wine and spirits retailer. This will, starting this fall, enable it to sell its Pale, Amber and Paradise rums to American consumers. Total Wines & More, a family-owned and privatelyheld American alcohol retailer headquartered in Maryland, has amassed more than 3,000 types of spirits wherever legal regulations permit. It operates 257 superstores across 28 states and continues to grow. Jose Portuondo, John Watling’s Distillery’s
managing partner, said: “It’s an honour to bring our Bahamian heritage and exceptional rums to the United States. Each bottle of John Watling’s rum embodies our dedication to tradition and innovation. We believe that American consumers will appreciate the craftsmanship that goes into every drop.” Handcrafted in The Bahamas, John Watling’s Pale and Amber brands, a two-year-old and three-year-old rum, respectively, undergo blending after aging, resulting in the creation of distinct flavour profile. The Paradise rum is a blend of four and sixyear-old rums which, once combined, are placed in Sherry barrels to marry for several months, ultimately delivering an exotic and tropical allure. FABIAN FERNANDER, Sun Oil sales and marketing manager; Lionel Wilson, forecourt champion of the year; Sherelle King, convenience store attendant of the year; and Eddie Thompson, Sun Oil sales representative.
8 8 8 8 -/0 8 8 8
CLINTON ROLLE, Sun Oil managing director and general manager; Fabian Fernander, Sun Oil sales and marketing manager; Edwin Thompson junior, Sun Oil sales representative; Kevin Lockhart, retail manager of the year; Chato Outten, convenience retail general manager; and Dexter Adderley, president and chief executive, FOCOL Holdings.
Sun Oil names top service employees FROM PAGE B2 from The Bahamas are truly the cream of the crop within our vast network. Their dedication, performance and exceptional customer service set them apart, making them worthy
recipients of this esteemed recognition.” The trio will be rewarded with prizes and attend the Shell global event in Budapest, Hungary, in June 2023. They joined other outstanding Shell employees who have been recognised for
their customer service and dedication to the company. “We are thrilled to reward and recognise our employees,” said Mr Fernander. “Their hard work and dedication to our customers have not gone unnoticed, and we are proud to see them recognised on a global scale as exemplary team members from The Bahamas.”
alsbury Chambers is seeking a
Legal Secretary • ive
with the following experience: years litigation commercial probate experience.
• Applicant must be able to work on their own initiative. Please send resumes to carolyn.adderley@halsburylawchambers.com
Full service medium law firm requires a LEGAL SECRETARY • Experience in Conveyancing and Mortgages, Probate and Asset Recovery. • Shorthand will be helpful, good written and oral communication and multitasking skills required. • Must be able to work unsupervised, interface professionally with clients and manage client files. • Competence with Microsoft Office and ability to work with legal client management software are necessary. Salary and benefits commensurate with experience.
Please submit resumes to
lawfirmhelp00@gmail.com.
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PAGE 6, Thursday, October 26, 2023
CHAMBER SEEKS ILO LIVEABLE WAGE ADVICE FROM PAGE B1 Philip Davis KC, speaking in the House of Assembly on the Speech from the Throne debate, confirmed that the minimum wage “is not yet where we would all like it to be” following the $50 per week, or 24 percent, increase implemented on New Year’s Day this year that took it from $210 to $260. “We increased the national minimum wage which, admittedly, is not yet where we would all like it to be, but the 24 percent increase represented progress. It is a step closer to our eventual goal,” Mr Davis told Parliament. “We took action to ensure that Bahamians had more money in their pockets – a step in the right direction that will be revisited at an appropriate time.” Mr Goudie, though, said both the Government and trade unions were so frequently going beyond the minimum wage concept to talk of introducing a so-called
“livable wage” that there needs to be greater understanding of what the latter involves and its implications. The “livable wage” was most recently mentioned by Pia Glover-Rolle, minister of labour and the public service, who earlier this month pledged that the Government is “actively working towards” its phasing-un. “Yes, I hear them,” Mr Goudie told this newspaper. “They’re [the Government] always talking about increasing wages and so are the unions. The Chamber has asked the ILO to help us with what information they have in what is a livable wage, where is all this coming from and what studies have been done on it. “I’m waiting to hear from them. Everybody talks about this livable wage but no one has defined it, nobody has said how we will pay for and whether it is a benefit people should have. It’s easy to talk about a livable wage and hear it, and that it will be
THE TRIBUNE wonderful and perfect, but how do you get there?” He added: “I’m waiting for the ILO to get back. We need some concrete information to understand what’s involved instead of talking about the perfect sun in the sky. I’m not running down a road where I do not know where I am going. I want to know what it all means. It’s as simple as that. “We have to understand what we’re working for before we work for it. I don’t talk about something I don’t know anything about. If you ask the Government and the unions what a livable wage is, they don’t know. We’re waiting to hear from the experts what this is, how we get there, who’s supposed to have it and how do you qualify for it. “I’m struggling. Don’t come yelling to me about wanting a livable wage but you can’t tell me what it is. You want more money, I do too, and so do you. It’s easy to say you want more money but on what basis? That’s the problem. I’m hearing this discussion. If he [the Prime Minister] wants to talk about a livable wage, maybe he needs to tell us how we’re going to pay for it.”
University of The Bahamas (UoB) researchers, in a study produced in 2021, pegged Nassau’s monthly living wage at $2,625 while the equivalent for Grand Bahama was $3,550 per month. The authors, Lesvie Archer, Olivia Saunders, Bridget Hogg, Vijaya Permual and Brittney Johnson, wrote: “Our gross living wage estimate for New Providence is 26 percent lower than the Grand Bahama living wage estimate, nearly 200 percent higher than the national minimum wage, 127 percent higher than 2013 poverty line and nearly 75 percent higher than the minimum wage hike proposed by a local union. “Our living wage estimate for Grand Bahama is nearly 300 percent higher than the living wage, 200 percent higher than the 2013 poverty line and 140 percent higher than the minimum wage hike proposed by a local union.” The Bahamas’ private sector minimum wage, last increased following VAT’s introduction in 2015, is currently $210 a week.” The minimum wage, though, is defined differently from the “livable wage” measure employed by the UoB study. It based its work
on a model employed by Richard Anker, the International Labour Organisation’s (ILO) living wage specialist, who defined a livable wage as one that can sustain a person’s “physical, emotional, social and cultural needs and that of their family beyond mere subsistence”. Food and housing costs, based on a “nutritious diet” and “decent housing”, were factored into the calculations together with other daily living costs, while the research also drew on data from sources such as the 2019 Labour Market Information Newsletter; 2017 Labour Force Report; and 2016 Government of the Bahamas salary book. Meanwhile, the Prime Minister yesterday signalled that the goal of his - and every - government should be to target full employment. “Employment remains our primary focus as we continue to drive unemployment numbers down,” he said. “We will not be satisfied until every Bahamian who wants a job has a job. Full employment is an ambitious goal that all governments must strive for. The closer we come to realising that goal, the more of our citizens will have experienced elevated personal security. “The same goes for our entrepreneurs. Every Bahamian who wants to start a business, should be able to start a business. Every impediment in their way represents the failures of successive governments to empower more Bahamians to be owners in our economy.” Mr Davis then promised his administration will take the “biggest step taken to protect Bahamian workers since the introduction of Bahamianisation policies” through the launch of the Department of Labour’s Notice of Vacancy unit. It will have responsibility for ensuring Bahamians are appointed to understudy expatriate workers so that they can be trained, and are ready to replace them, when work permits expire. “It’s not just about the number of opportunities we create for Bahamians either, but about the quality of those
opportunities. No qualified Bahamian is interested in remaining at the entry level for their entire career. No Bahamian professional who has invested time and money into self-development and education wants to hit an impenetrable glass ceiling that sees them stuck in the middle of the corporate structure,” he said. “Our people deserve pathways to unimpeded career growth based on their qualifications, experience and performance. If you have conversations with employees at various companies, like I have, you will hear the stories of head bartender, club manager and housekeeping manager posts that have been monopolised by foreign hires. “We’re not talking about rare or unique skill sets here. There are Bahamians who are currently qualified for these posts and preparations should be made for them to step into these roles,” he added. “But even in the case of specialised and high skills roles, with few exceptions, there should be Bahamians identified and trained to fill those roles, too,” Mr Davis continued. “This is not up to the discretion of the employer; this is a matter of policy – it is not optional. Unfortunately, for many years, this has not been the case. Not only has enforcement not been prioritised, there were no personnel assigned to enforce our laws. “This is why we are now launching a new Notice of Vacancy Unit at the Department of Labour, which will ensure that the law is enforced. Our people rely on their government to protect them, and this Unit will step in to ensure that in instances when an employer hires a non-Bahamian, a Bahamian understudy is identified and is actively being trained. “Eventually, in accordance with that training plan, the Bahamian will be elevated to that role, eliminating the need to fill the role with a non-Bahamian.”
THE TRIBUNE
Thursday, October 26, 2023, PAGE 7
WENDY’S BLASTS ATLANTIS AS IT WINS PI APPROVALS FROM PAGE B1 “premature” and said it will continue with its traffic impact study. The Association had last week urged the Town Planning Committee to delay any decision on the Wendy’s/ Marco’s Pizza restaurant application by four weeks to allow time for its contractor, Caribbean Civil Group, to conduct an assessment of the impact the project will likely have on traffic flows, congestion and parking in that area of Paradise Island. However, Keenan Johnson, the Town Planning Committee’s chairman, told Tribune Business it would have been “unreasonable” to grant the Association’s request given that interested parties had previously been given a month’s notice that the application was coming up for a public hearing. As a result, he argued that it - and all other opponents - had already been given sufficient time to conduct any studies deemed relevant. Atlantis declined to comment when contacted by Tribune Business last night, but Wendy’s left observers in little doubt as to who it viewed as the primary source of opposition to its project. Gail Lockhart-Charles KC, Psomi’s attorney, said in a statement to Tribune Business: “Strong support for this project in the community has never wavered despite the meritless, aggressive and self-serving campaign orchestrated by Atlantis and its agents. “Now that the project has been approved, Psomi intends to get on with the business of what it does best - providing jobs for Bahamians and high-quality, affordable food for its customers.” She added: “Our client expects to spend more than $3m to completely renovate and outfit the old Scotiabank space, and it is anticipated that, at a minimum, they will create 75 full-time construction jobs and between 100 to 125 permanent full-time jobs once the project is completed and commences operations. “Our client, a 100 percent Bahamian-owned business, is setting a positive example by investing without requesting a single dollar in taxpayer concessions and its profits are reinvested right here at home....... “We believe that the Town Planning Committee was completely correct to find that ‘based on a view of the surrounding area, the Town Planning Committee determined that the proposed restaurants are a compatible land use on the subject site’.” The project’s opponents, not surprisingly, disagree. Glen Haddad, the Paradise
Island Tourism Development Association’s (PITDA) executive vice-president, said: “The Paradise Island Tourism Development Association (PITDA) and its member hotels and properties are extremely disappointed in the Town Planning Committee’s decision today to approve the Wendy’s and Marco’s Pizza site plan for Paradise Island. “PITDA will file an appeal as soon as possible, and will also continue with our traffic impact study over the next few weeks. We believe it was premature of the Committee to make its decision without the benefit of objective evidence on the impact that this proposal is likely to have on the businesses and residents in the immediate surrounding area.” Besides Atlantis, the other resorts and PITDA members said to oppose the Wendy’s restaurant project include Bay View Suites Paradise Island; Comfort Suites Paradise Island; Paradise Island Beach Club; The Ocean Club, A Four Seasons Resort; Paradise Landing (the former Hurricane Hole); and Ocean Club Estates. However, Mr Johnson told Tribune Business that the Town Planning Committee had assessed the traffic-related raised and determined there was “sufficient” parking for the Wendy’s/Marco’s Pizza restaurant “given the circumstances of the area”. He added that there were also no restrictive covenants or other legal obstacles preventing use of that location for a fast-food restaurant. “The Committee reviewed the application itself. We looked at the conveyance. We were satisfied there are no restrictive covenants that prevent that kind of development on that piece of property,” Mr Johnson said. “We debated over the public hearing, and we were satisfied as a result that what we were looking to do was compatible with the surrounding area. One of the things we focused on was the surrounding area and we were satisfied that project is compatible with the surrounding area.” Asked how strong a case Wendy’s opponents made over the alleged parking and traffic flow issues, Mr Johnson said he did not want to attach a particular weight or emphasis to this because they are “key things” that the Town Planning Committee must always assess. “We thought those were things we needed to understand and appreciate,” he added. “We looked into it, and made a decision given the circumstances in the area that parking was sufficient
for the area. We look at it on a case-by-case basis, and decided it was sufficient.” As to why the Town Planning Committee did not grant the four-week delay requested by the Association, Mr Johnson replied: “It was a bit unreasonable. We published the notice for a public hearing well over a month ago. “We thought that all parties involved and interested would not only have an opportunity to review the file and raise questions prior to the hearing, but would have the opportunity to conduct studies and come prepared with any objections they want to raise. “The request they made was in writing a day before the hearing and they made it verbally at the public hearing. Had they made their inquiries and looked into it [earlier], they would have been able to have sufficient time to conduct whatever studies were necessary to support their objections.” Mr Johnson said the Committee had followed the public consultation process required by law, as set out in the Planning and Subdivision Act 2010, and provided all sides “with more than sufficient time to review the files so they could speak to it with a level of competence”. All voices, those in support of the project and those dissenting, had been heard. The site plan approval issued yesterday for the Paradise Island restaurant project was conditioned on Aetos Holdings providing “proper screening” for the Wendy’s and Marco’s Pizza garbage area and generator. And the Town Planning Committee also drew its attention that it would effectively need Atlantis’ permission to place signs and billboard hoardings at the former Scotiabank branch property. “This is to inform that the Committee, in their meeting held October 24, 2023, has resolved to grant site plan application approval for the proposed restaurants submitted on behalf of Psomi Holdings relative to the subject matter,” the Town Planning Committee said. “Kindly note that the site plan application approval is subject to the provision of proper screening for garbage receptacle and generator. “The applicant is to take note of the restrictive covenant set out in conveyances between Paradise Island Ltd and the Bank of Nova Scotia, dated November 9, 1970, and December 21, 1984, clauses seven and two of the second schedule, respectively, which states that no sign, billboard hoarding, or other advertising device of any kind shall be erected or displayed on the
said hereditaments without prior written approval of the vendor.” That vendor, Paradise Island Ltd, is understood to be one of Atlantis’ predecessor companies. PITDA, and the resorts it represents, had said out its case opposing the fast-food brands arrival on Paradise Island in an October 13, 2023, letter from Mr Haddad. He wrote: “Paradise Island represents carefree days, relaxing white sand beaches, warm turquoise-blue water, natural attractions, one-ofa-kind amenities, world-class resorts and hotels, and celebrity chef restaurants. Ours
is an extremely successful formula that employs many thousands of Bahamians. “Paradise Island is not about fast-food restaurants and cheap menu offerings, and these two brands do not convey what our island truly is... Paradise. If the development of these two restaurants is allowed, then it will open the floodgates to other fast-food restaurants opening on Paradise Island, thus damaging the overall Paradise Island brand, future tourism growth and local food vendors.” Mr Haddad continued: “In addition, when visitors arrive on to Paradise Island,
one of the first things they’ll see is these fast-food locations with windows draped in advertisements for cheap hamburgers and pizza. Not exactly what someone who’s paid thousands of dollars for a vacation in paradise would want to see as they arrive on to the island. “This is not to mention the likely impact on the already overwhelming ongoing traffic issues and parking shortages, which will no doubt end up further backing up traffic at the exit bridge at peak hours. Any development that damages the Paradise Island brand ultimately harms the thousands of families that are supported by our members. Again, PITDA strongly opposes these, or any, fastfood restaurant chains opening on Paradise Island.”
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PAGE 10, Thursday, October 26, 2023
THE TRIBUNE
HUNDREDS OF MINERS LEAVE SOUTH AFRICA GOLD MINE AFTER BEING UNDERGROUND FOR 3 DAYS IN UNION DISPUTE By GERALD IMRAY AND NQOBILE NTSHANGASE Associated Press HUNDREDS of miners who spent three days underground because of a union dispute left a gold mine in South Africa on Wednesday, mine officials and the union at the center of the standoff said. More than 100 miners who police and mine officials said were held against their will by fellow employees of the mine near
Johannesburg had escaped earlier, according to a mine official. More than 550 mine workers had been in the mine since they went down late Sunday. An unknown number of them prevented the others from leaving as they demanded formal recognition of their unregistered labor union, the mine official said. The company that runs the mine said it had rough estimates indicating that around 110-120 of the
miners were likely supporters of the unregistered union and had kept their co-workers from departing, although the exact numbers were unclear. “While this ordeal has been a traumatic experience, we are relieved to confirm that all employees are now out of harm’s way,” Gold One International, which owns the mine, said in a statement. The union - The Association of Mineworkers and Construction Union
- gave another version of the events and said the miners had stayed underground willingly as a protest in support of the union. The AMCU union denied anyone was held against their will despite police and mine officials calling it a “hostage” situation. Miners carrying sticks and poles were seen emerging from the Modder East mine in Springs, east of Johannesburg. The trouble at Modder East began early Monday after 562 miners and other workers remained underground at the end of their night shift. Mine officials say approximately 15 were injured in scuffles. When mine officials sent a paramedic and a security officer to evacuate one injured man from the mine on Monday, they were also taken hostage, according to the head of the mine. Gold One International said the injured were receiving medical attention and that all mine workers were accounted for. Early Wednesday, 109 miners had forced their way
out, said Ziyaad Hassam, the head of the legal department at Gold One International. “This morning, they banded together and overpowered those controlling them and blocking the exits,” Hassam said. “They are tired, exhausted and dehydrated.” They had given statements to police and been examined at a clinic, but none appeared to have any serious injuries, Hassam said. The AMCU union says it represents the majority of miners at Modder East and they want the union to be recognized. The mine currently has a closed-shop agreement for its miners to be represented by another union, the National Union of Mineworkers, or NUM. “Look, the dispute is simple, and we have been saying this for the past few days,” AMCU regional secretary Tladi Mokwena said. “Workers are saying they do not wish, or no longer want, to belong to NUM. They want to be represented by
AMCU as the trade union of their choice.” “(Mine) management and NUM are refusing by all means to grant AMCU access into the operation in terms of recognition,” he said. Mokwena said AMCU officials had not been in contact with the mine workers underground and were not allowed near the mine during the standoff, but Hassam said underground telephones were used to call an AMCU leader. Police sent to the mine had taken a cautious approach over the three days and did not launch an operation to go underground and confront miners who might be holding others. The rivalry between the AMCU and NUM unions is well known in South African mining circles and was partly behind one of the country’s most horrific mining episodes, when 34 striking miners were shot dead by police at a platinum mine in North West province in 2012.
MINEWORKERS at the entrance of a goldmine in Springs, near Johannesburg, South Africa, Wednesday, Oct. 25, 2025. A company official says more than 100 miners have escaped from the mine after being held underground for three days by fellow employees in a union dispute. Photo:AP " ; ; ; ;
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THE TRIBUNE
Thursday, October 26, 2023, PAGE 11
Some companies using lots of water want to be more sustainable. Few are close to their targets By SUMAN NAISHADHAM AND BRITTANY PETERSON Associated Press MAJOR corporations in water-guzzling industries such as clothing, food, beverage and technology want to be better stewards of the freshwater they use — especially as drought, floods and other extreme weather intensified by climate change threaten their supply chains. But of 72 companies ranked by a sustainability nonprofit over the past year, few are close to achieving their 2030 targets. Last year, Ceres launched an effort to press companies with large water footprints to protect those resources and address related financial risks. On Wednesday, the group released an analysis that found most of the assessed companies — including such powerhouses as Coca-Cola, General Mills and Amazon — have set targets but aren't close to meeting them. "There's no doubt that companies need to do better," said Kirsten James, senior program director for water at Ceres. Ceres said the companies were chosen from the four sectors based on factors including size and their impact on water. They were ranked based on a variety of factors, including commitments to protect the quantity and quality of the water they use, as well as the ecosystems that supply it. They were also assessed on whether they helped improve access to water and sanitation in communities where they do business. Ceres drew on publicly available information, including the companies' filings and other voluntary disclosures through March.
None of the companies scored above 70% of the points available. Almost a dozen scored well enough to be rated "On Track" to meeting the goals, with at least 50% scores. That included CocaCola, which said its water use in 2022 was 10% more efficient compared to 2015. The company said it aspires to have 100% circular water use — where every bit of water is used and eventually returned to the watersheds it has drawn from — at 175 locations by 2030. But the company didn't say how likely it was to reach that target, nor how much progress it has made. Coca-Cola also said manufacturing its product isn't where most of its water footprint lies; rather, it's in growing what goes into it. "The agricultural ingredients that we use use vastly more water to produce than the actual manufacturing process," said Michael Goltzman, vice president of Coca Cola and a sustainability head. "And it doesn't really matter where you are in the world." The index was produced with funding that included a grant from the Coca-Cola Foundation, a separate entity from The Coca-Cola Company. Ceres said the index wasn't funded directly by any of the companies evaluated, and said its work isn't influenced by funders. Tech companies like Amazon and Apple, meanwhile, need large amounts of water to cool the computers in their sprawling data centers. Both companies checked in below 20% progress toward their goals. An Amazon spokesperson on Tuesday said the company had not been given the opportunity to review the report or its main findings. Apple didn't
COCA-Cola cans move down a conveyer belt in the Swire Coca-Cola bottling plant Oct. 20, 2023, in Denver. Major corporations in water-guzzling industries such as apparel, food and beverage, and tech want to be better stewards of the freshwater resources they use. Coca-Cola said its water use in 2022 was about 10% more efficient compared to 2015. Photo:Brittany Peterson/AP immediately respond to a message. Food company General Mills was among the companies furthest along in meeting its water-related targets by 2030, at 65%. Mary Jane Melendez, the company's chief sustainability global impact officer, said 85% of the company's water use is in agriculture. And extreme weather in the U.S. has affected the company in recent years. "We are seeing that there are challenges in getting ingredients out of the ground when these extreme weather events are hitting our key sourcing regions," said Melendez. She cited freezing and thawing that has hurt the company's sourcing of sugar beets and drought that has hit its oats supply. Michael Kiparsky, director of the Wheeler Water
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Institute at the University of California, Berkeley, said having companies report water-related sustainability targets and mapping their use across supply chains is an important step to using it better. "The big question is: Is anyone going to pay attention?" Kiparsky said. Kiparsky said that corporations' self-interest in protecting their operations from water vulnerability could motivate them to take bigger steps to protecting freshwater resources. "Is there any official legal accountability to Ceres' metrics and reporting? Absolutely not. Does money talk when it talks? It can talk pretty loud," Kiparsky said. James, of Ceres, said the nonprofit hopes to update its findings every two years.
PAGE 12, Thursday, October 26, 2023
THE TRIBUNE
STOCK MARKET TODAY
Another sharp drop dumps Wall Street back to where it was in May By STAN CHOE AP Business Writer WALL Street fell sharply Wednesday, dropping back to where it was in May, after rising bond yields tightened their chokehold and some of the market's most influential
companies turned in mixed profit reports. The S&P 500 tumbled 1.4% for its eighth drop in the last 10 days. Some of the heaviest losses hit Big Tech stocks, which dragged the Nasdaq composite to its second-worst drop of the year
NOTICE NOTICE is hereby given that CEDNA SAINT-LUC, Rainbow Bay, Eleuthera, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
so far, at 2.4%. The Dow Jones Industrial Average fell 105 points, or 0.3%. Microsoft was an outlier and rose 3.1% after reporting stronger profit and revenue for the summer than analysts expected. Its movements carry extra weight on the market because it's the second-largest company by market value. But Alphabet was tugging the market lower even though the parent company of Google and YouTube also reported stronger profit than expected. Its stock fell 9.5% on worries about a slowdown in growth for its cloud-computing business. Alphabet is another one of Wall Street's biggest companies and, like Microsoft, a member of the "Magnificent Seven" group of Big Tech stocks that's accounted for a disproportionate amount of the S&P 500's gain this year. Also putting heavy pressure on the stock market was a rise in Treasury yields.
The 10-year yield climbed to 4.94% from 4.82% late Tuesday, which helped to send the large majority of stocks on Wall Street lower. Rapidly rising yields have been knocking the stock market lower since the summer. The 10-year yield has been catching up to the Federal Reserve's main interest rate, which is above 5.25% and at its highest level since 2001 as the central bank tries to get inflation under control. The 10-year yield earlier this week hit its highest level above 5% since 2007, and high yields knock down prices for stocks and other investments while slowing the overall economy and adding pressure to the financial system. High yields tend to most hurt stocks seen as very expensive or those requiring their investors to wait the longest for big growth. That puts the spotlight on internet-related, technology and other high-growth stocks.
Besides Alphabet, sharp drops of 5.6% for Amazon, 4.3% for Nvidia and 1.3% for Apple were the heaviest weights on the S&P 500. All told, the S&P 500 fell 60.91 points to 4,186.77. The Dow dropped 105.45 to 33,035.93, and the Nasdaq sank 318.65 to 12,821.22. The Dow held up better than other indexes because it includes Microsoft but not Alphabet. Many investors have been hoping the Fed will soon cut rates to allow the system more oxygen. But they've had to consistently push out such predictions after repeated reports showing the job market remains remarkably solid. Such strength has kept the economy out of a recession but could also be adding upward pressure on inflation. Investors banking on rate cuts may be depending on a playbook that's become obsolete, said Bryant VanCronkhite, senior portfolio manager at Allspring Global
Investments. He said that may be pushing them to not take seriously enough the possibility of a global recession, which would be the result of rates left high for too long. For decades, the Fed has come to the rescue of markets and the economy whenever trouble arose by quickly cutting interest rates. That's because high inflation was not a problem. But now, with the trend of globalization retreating and other long-term swings pushing upward on inflation, VanCronkhite said the Fed has to worry about more than just propping up the job market. "I think the market is still believing the U.S. Fed are a series of magicians with crystal balls that will see the problem beforehand and solve it before it becomes too serious," he said. "I believe the Fed is under a new paradigm and will be slower to react."
NOTICE NOTICE is hereby given that TYLEN BRITNEY DORT of Hamster Road, Faith Avenue, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that DOUBY EXANTUS of P. O. Box EL-29939, Palmetto Point, Eleuthera, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that CLINTON LAGUERRE, Murray Street, Golden Gates, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE In the Estate of WILBERT SOLOMON DEAL late of the Settlement of Palmetto Point in the Island of Eleuthera one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE IS HEREBY GIVEN that all persons having any claim against the above named Estate are required on or before the 3rd day of November, 2023 to send their names and addresses and particulars of their debts or claims to the undersigned and if so required by notice in writing from the undersigned to come in and prove such debts and claims or in default thereof they will be excluded from the benefits of any distributions made before such debts are proved AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned. HAILSHAMS LEGAL ASSOCIATES Counsel and Attorneys at Law RENALDO HOUSE 10 Queen’s Highway Palmetto Point, Eleuthera, Bahamas P. O. Box SS 5062, Nassau, Bahamas Attorneys for the Administratrix of the above Estate Tel: 242-332-0470 email: hailshams@1stcounsel.com
THE TRIBUNE
Thursday, October 26, 2023, PAGE 13
WHITE HOUSE WANTS $56 BILLION FROM CONGRESS FOR DISASTER RELIEF, CHILD CARE AND HIGH-SPEED INTERNET By SEUNG MIN KIM Associated Press THE White House is asking lawmakers for nearly $56 billion in emergency spending to help the government respond to natural disasters, shore up funding for child care centers and keep high-speed internet running for low-income families — outlining President Joe Biden's domestic priorities as Congress simultaneously weighs sending billions for conflicts abroad. The largest portion of the supplemental funding request, sent to Capitol Hill on Wednesday, includes more than $23 billion for disaster relief, as the Biden administration continues to aid communities across the U.S. devastated by wildfires, floods, hurricanes and tornadoes. The package also includes $16 billion to help scores of child care centers operate for another year, as well as $6 billion to extend free and discounted internet through December 2024, according to the White House. Other asks included in the $56 billion request are
international food aid, energy assistance for lowincome households and pay for federal wildland fighters. Wednesday's package is on top of the separate, nearly $106 billion request the Biden administration made last week for aid to Ukraine and Israel, as well as other national security priorities. The White House says the request for additional disaster relief – parsed out among the Federal Emergency Management Agency and other federal agencies that cover housing, transportation and agriculture needs – is based on estimates from communities that have been hit by disasters this year, such as the August wildfires in Hawaii, hurricanes in Florida and flooding in California and Vermont, among other extreme weather events. President Joe Biden has repeatedly traveled to disaster-ravaged zones this year to comfort victims and to pledge that the federal government would not only help with recovery efforts but in rebuilding communities.
PRESIDENT Joe Biden speaks during an event on the economy, from the South Court Auditorium of the Eisenhower Executive Office Building on the White House complex, Monday, Oct. 23, 2023. Photo:Jacquelyn Martin/AP "As I told your governor: If there is anything your state needs, I’m ready to mobilize that support — anything they need related to these storms,” Biden said as he visited Live Oak, Fla., in September, where Hurricane Idalia tore through the community. “Your nation has your back, and we’ll be with you until the job is done.”
The biggest portion of the $23.5 billion in Biden’s disaster request is $9 billion to beef up FEMA’s disaster relief fund, which the agency taps for immediate response and recovery efforts once a natural disaster hits. That fund currently has $33.7 billion available, according to FEMA. About $2.8 billion is set aside for the Department of Housing and Urban
Development to deal with housing needs arising from natural disasters, while another $2.8 billion is allocated for aid funneled through the Department of Agriculture to farmers and ranchers who have suffered from crop losses. The White House is also asking for money to repair damaged roads, help schools in disaster-hit areas and bolster loans for small businesses in such communities. On child care, the White House said the $16 billion it's requesting would help prevent child care centers from closing and help bolster wages for workers who saw their pay get cut during the COVID-19 pandemic. Ensuring sufficient child care is key to the administration's goal of helping more women participate in the workforce. In particular, Washington Sen. Patty Murray and Connecticut Rep. Rosa DeLauro, the two top Democrats in Congress overseeing government spending, have been aggressively pushing senior administration officials behind the scenes on
shoring up federal funding for child care, according to people familiar with the conversations. Murray, who pressed Biden on child care when he called to congratulate her on her reelection last November, has spoken repeatedly with Office of Budget and Management Director Shalanda Young on the issue. DeLauro, meanwhile, has also talked with Young, Domestic Policy Council director Neera Tanden and Jen Klein, the director of the White House’s Gender Policy Council, to strategize how best to secure more money for child care and other domestic priorities through emergency spending. The two lawmakers, along with many other Democrats in Congress, are worried about the impact of the so-called “child care cliff,” referring to the billions in federal aid that was approved through the massive pandemic relief package signed into law in the early months of Biden’s presidency but expired last month.
THE TRIBUNE
Thursday, October 26, 2023, PAGE 15
FACEBOOK’s Meta logo sign is seen at the company headquarters in Menlo Park, Calif., Oct. 28, 2021. Meta reports earnings on Wednesday, Oct. 25, 2023. Photo:Tony Avelar/AP
FACEBOOK PARENT META POSTS SHARPLY HIGHER PROFIT IN 3Q THANKS TO INCREASE IN AD REVENUE By BARBARA ORTUTAY AP Technology Writer FACEBOOK parent Meta on Wednesday posted sharply higher earnings for the third quarter, boosted by an increase in advertising revenue and lower expenses after it laid off thousands of workers. The stronger-thankexpected results followed Google parent Alphabet’s report Tuesday showing a rebound in earnings and revenue growth — a sign the online-advertising market is picking up after a slump in the past couple of years. Meta, based in Menlo Park, California, said that it earned $11.58 billion, or $4.39 per share, in the JulySeptember quarter. That’s up from $4.4 billion, or $1.64 per share, a year earlier. Revenue rose 23% to $34.15 billion from $27.71 billion. Analysts, on average, were expecting earnings of $3.64 per share on revenue of $33.58 billion, according to a poll by FactSet. “Despite broader tech market fluctuations, Meta continues to meet expectations.,” said Insider
Intelligence analyst Jeremy Goldman. “With its sustained upward trajectory, robust user engagement, and strategic cost optimizations, Meta is not only navigating choppy waters but also setting the course for uncharted territories of growth.” Meta, which on Tuesday was sued by 41 states plus the the District of Columbia for harming young people’s mental health, said the number of active users on Facebook was 3.05 billion as of Sept. 30, an increase of 3% from a year earlier. “This landmark lawsuit could herald a seismic shift in how social media platforms approach product features and user engagement,” Goldman said. “That said, even as tech stocks face uncertainty, Meta’s consistent performance cements its leadership in the digital realm.” The number of monthly active users on its “family of apps” that include Facebook, Instagram, WhatsApp and Messenger, was 3.96 billion as of the end of the quarter, up 7% from a year earlier. Meta
does not break out its user figures for apps other than Facebook on a quarterly basis. CEO Mark Zuckerberg said in a conference call with analysts that Meta’s Twitter-like Threads app, which launched in July, has 100 million monthly active users. “I thought for a long time there should be a billionperson public conversation app that is a bit more positive,” he said, adding that if “we keep this up for a few years” Threads has a good chance of being that app. Total costs and expenses were $20.4 billion, down 7% year-over-year. Meta said it had 66,185 employees as of Sept. 30, a decrease of 24% from a year earlier. For the current quarter, Meta is forecasting revenue of $36.5 billion to $40 billion. Analysts are expecting $38.84 billion. Shares in Meta Platforms Inc. fell about 3% in afterhours trading after the results came out. The stock had closed down $13.02, or 4.2%, at $299.53.
PAGE 16, Thursday, October 26, 2023
THE TRIBUNE
Autoworkers reach a deal with Ford, a breakthrough toward ending strikes against Detroit automakers By TOM KRISHER AP Auto Writer THE United Auto Workers union said Wednesday it has reached a tentative contract agreement with Ford that could be a breakthrough toward ending the nearly 6-week-old strikes against Detroit automakers. The four-year deal, which still has to be approved by 57,000 union members at the company, could bring a close to the union's series of strikes at targeted factories run by Ford, General Motors and Jeep maker Stellantis. The Ford deal could set the pattern for agreements with the other two automakers, although no other agreements were announced. The union called on all workers at Ford to return to their jobs and said that will put pressure on GM and Stellantis to bargain. "We told Ford to pony up, and they did," President
Shawn Fain said in a video address to members. "We won things no one thought possible." He added that Ford put 50% more money on the table than it did before the strike started on Sept. 15. Vice President Chuck Browning, the chief negotiator with Ford, said workers will get a 25% general wage increase, plus cost of living raises that will put the pay increase over 30%, to above $40 per hour. The Ford deal could set the pattern for agreements with the other two automakers. Previously Ford, Stellantis and General Motors had all offered 23% pay increases. Typically, during past auto strikes, a UAW deal with one automaker has led the other companies to match it with their own settlements.
STRIKERS picket during the ongoing United Auto Workers strike at the Stellantis Toledo Assembly Complex on Wednesday, Oct. 25, 2023, in Toledo, Ohio. Photo:Kurt Steiss/AP