01032024 BUSINESS

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WEDNESDAY, JANUARY 3, 2024

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Ex-environment chief ‘grasping at straws’

By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters THE Bahamas’ former top environmental regulator was “grasping at straws” with his last-ditch bid to prevent the $4.85m seizure of his Shirley Street gas station by the Bank of The Bahamas’ bail-out vehicle.

Justice Loren Klein, in a December 28, 2023, verdict, rejected efforts by Dr Donald Cooper, the ex-Bahamas Environment, Science and Technology (BEST) Commission chief, to obtain permission to appeal a prior Supreme Court order granting Bahamas Resolve “vacant possession” of the property which had been pledged as security for a delinquent loan.

The judge found the evidence presented before him showed “minimal efforts” were made

by Dr Cooper and his DLC Investments company “to service what were on any account significant and multiple loans”, as he upheld the original order

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The gas station in question, formerly branded by Rubis and located just west of the Mackey Street and Shirley Street junction, was being fenced in and secured by workmen just prior to the Christmas holidays. The loan to Dr Cooper and DLC Investments was among the 13 ‘bad borrowers’ transferred to Bahamas Resolve as part of the first $100m taxpayer-funded

‘Absolutely horrible’ boat registration hikes kick-in

By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters FISHERMEN and tour operators yesterday hit out at the “absolutely horrible” ten-fold and greater increase in boat registration and renewal fees that Bahamian businesses must pay with the New Year’s arrival.

Paul Maillis, the National Fisheries Association’s (NFA) secretary, told Tribune Business it is “insane” that boat registration fees are as high as insurance costs for smaller craft as the hikes implemented in the 2023-2024 Budget kick-in following the year-end expiration of commercial vessel licences.

Warning that many “subsistence” and smaller fishermen may be unable to afford the increases, and/or choose not to pay, he added that this would lead to “less people registering their boats and more illegal vessels out there.

Mr Maillis also accused the Government of treating much of the Bahamian maritime industry with “disdain” over the fee hikes, and suggested that the scale of the increases exposed its “lack of knowledge” on the sector. He added that it seemed to view all boats as “a luxury, which is far from the truth”, and had failed to recognise that the registration fee rises will negatively impact “blue collar and marginal jobs”.

Meanwhile, Andoni Lisgaris, the Bahamas Excursion Operators Association’s (BEOA) president, branded the increase in boat registration fees as “absolutely horrible” following what he described as a slow 2023 fourth quarter for the industry.

He added that some operators are paying due taxes and fees in installments because “they can’t afford” one large lump sum payment given that the registration fee hike has coincided with Business Licence, VAT and National Insurance Board (NIB) contributions all becoming due. One excursion provider has endured a ten-fold increase in registration fees from $260 to $2,600.

Mr Maillis yesterday said cynics are now using the word BOAT as an acronym for ‘Bring Out Another Thousand’. He added that hopes the Government might adjust the boat registration fee increases to ease the burden imposed on Bahamian fishermen have yet to materialise.

“There’s been no change in what the Government has implemented. To-date, it’s as is,” Mr Maillis said. “The fishermen

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Bank of The Bahamas bail-out in 2014.

Justice Klein, in his ruling, noted that the BISX-listed institution had advanced some $4.85m to DLC Investments via series of mortgages, debentures and agreements over an eightyear period between 2005 and 2012. The first $1.1m mortgage was secured on the gas station on July 26, 2005, and a further $350,000 and $152,000 were added via supplemental debentures and charges in 2006.

A December 23, 2011, “commitment letter” increased Bank of The Bahamas’ credit facility to $3.9m, while a further up-stamping worth $958,000 took place on November 21, 2012. Mr Cooper, meanwhile, had already guaranteed DLC Investments’ debts and liabilities up to $3.9m when the first mortgage was advanced on July 29, 2005.

Justice Klein said the December 23, 2011, agreement restructured DLC Investments’ credit facilities via the granting of a $3.9m, ten-year demand loan carrying a 7.75 percent interest rate. The first six months mandated interestonly payments of $32,017, with blended principal and interest payments of a monthly $43,494 thereafter until full repayment at year-end 2011.

Mr Cooper and DLC Investments defaulted on the loan terms and repayments and, on October 30, 2014, Bank of The Bahamas transferred their facilities to Bahamas Resolve

AN OPPOSITION MP yesterday blasted that the Bahamas continues to “fumble the ball” on the ease of doing business after spending a frustrating day unable to access the Department of Inland Revenue’s portal.

Adrian White, the St Anne’s MP, told Tribune Business it seemed as if the New Year had begun with “the ghosts of 2023 in the back of our minds” after being unable to access the necessary accounts for VAT and Business Licence purposes on the tax authority’s online platform.

Suggesting that the difficulties follow a systems upgrade by the Department of Inland Revenue in December, the attorney said its online portal was down yesterday morning on the first full business day of 2024, leaving the private sector and associated service providers

unable to conduct essential inquiries, file tax returns and make applications.

While the portal came back up yesterday afternoon, Mr White said he and his firm were unable to access their accounts.

While a response, featuring a link so that a new password can be entered, was eventually received the new password was “not processed” and access proved impossible before the working day ended.

“I recall seeing something at the beginning of December that they were having a systems upgrade,” he told this newspaper of the Department of Inland Revenue, “which, in my mind, after experiencing everything over the past year, was foreboding of new problems to come.

“It’s very unfortunate.

Simple processes, which do not require the oversight of offshore jurisdictions, are still hindering us. We’re tripping up, fumbling the ball on what are the basics

RYAN PINDER KC SAM BANKMAN-

FRIED

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

of our economy’s efficient operations.

“I don’t know who can give me assurance or confidence things are going to improve any time soon. This is up and down through many different types of business in The Bahamas. To start the New Year with the ghosts of 2023 in the back of our minds it’s a poor beginning to the New Year.”

A Department of Inland Revenue spokesman, in response to Tribune Business inquiries, sent this newspaper a flyer saying its online tax administration website has been “successfully upgraded” and calling on businesses to check for an e-mail enabling them to reset their passwords and access the site.

THE Attorney General yesterday branded the US explanation for not proceeding with Sam Bankman-Fried’s second trial as “rather misleading” since prosecutors knew the FTX chief’s Bahamas action is still live.

Ryan Pinder KC, in response to Tribune Business inquiries, confirmed that The Bahamas cannot give permission to bring extra charges against the now-convicted crypto exchange’s founder until the outcome of his Judicial Review challenge is determined by this nation’s legal system.

He spoke out after Damian Williams, the US attorney for the southern New York federal district, and whose team successfully prosecuted Mr Bankman-Fried in his first trial, told the presiding judge that The Bahamas had neither agreed nor disagreed to giving its consent for the additional charges to be laid.

Mr Williams, in a December 29, 2023, letter to Judge Lewis Kaplan, also wrote that the US federal government and prosecutors do “not have a timeline for when The Bahamas may respond” with a definitive answer” on the issue.

As a result, rather than wait for this and the outcome of a second trial, the US attorney said “the public’s interest” is better served by dropping the extra charges and proceeding directly to sentencing Mr Bankman-Fried (SBF) on the first guilty verdict in March 2024.

Mr Williams also reminded the judge that his prosecutors were unable to bring charges of “unlawful campaign finance contributions” against Mr Bankman-Fried in the first trial because they were not included among those for which the FTX chief was extradited from The Bahamas in December 2022. He added that this nation “did not consent” to their inclusion.

However, Mr Pinder yesterday said the US knew well that the “unlawful campaign contributions” charge was not included in the original warrant of surrender for Mr Bankman-Fried and that this nation has no similar offence in its own laws.

He added that prosecutors were also fully aware that The Bahamas could not give permission for the additional charges - and, by extension, a second trial - until the FTX founder’s legal proceedings in this jurisdiction are concluded.

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Bahamas ‘fumbling ball’ on doing business ease

By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters

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ADRIAN WHITE

Central Bank mortgage ease may not have instant impact

By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters A REALTOR yesterday hailed the Central Bank’s bid to help more persons “accomplish the Bahamian dream” although he warned the impact may not be felt instantly.

Matt Sweeting, chief executive at 1oak Bahamas, told Tribune Business that the effects of the banking regulator’s abolition of the mortgage indemnity insurance requirement may not produce any results until the 2024 second quarter at earliest as both banks and borrowers will require time to adjust.

“I think this is a great sign for 2024. It’s a good start to the year for a number of homeowners,” he said. “I think what’s

MATT SWEETING notable about what I read, and the implications, is this really - while they have made this adjustment - it does not directly correlate or relate to the banks’ application.

“The bank can still require the same percentage as it did

before the Central Bank’s adjustment. That’s what leads me to conclude we won’t see any results of this until maybe the second quarter. The banks have to digest this as well. My conversation with a leading clearing bank manager suggests they are just seeing this as well.

They are now figuring out how they are going to move forward and apply it.”

Without mortgage indemnity insurance, residential home buyers had to come up with 15 percent or more of the total purchase price from their own pocket. The Central Bank’s elimination of this stipulation those potentially paves the way for more Bahamians to enter the residential housing market, as the down payment requirements may be less and access to mortgages improved

The regulator also gave the Bahamian commercial banking industry the go-ahead to assess the risk posed by individual mortgage borrowers on a caseby-case basis, thus providing more flexibility on the down payment demanded from home buyers.

Mr Sweeting also suggested that the Central Bank easing may create a more competitive mortgage market, which would also work to the benefit of Bahamian home buyers.

Noting that Bahamian-owned institutions have been offering down payments as low as 5 percent, he added that the change may force the Canadian institutions to relax their 15-20 percent demand.

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Air freight operators fret as new cargo fee yet to arrive

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net COURIERS and air freight providers yesterday warned that the proposed new cargo scanning fee will “definitely hurt business” despite it not being implemented on New Year’s Day as originally planned.

Eryn Bain, general manager of Airborne Freight and Cargo Services, told Tribune Business that her company and the wider industry are awaiting further information from the Customs Department on when JDL, a private company, will start levying the 40 cents per pound fee on imported goods.

“It hasn’t started yet and they haven’t told us when,” she said. “I don’t like it. This will definitely hurt business. I’m not sure when it will start. I’ve not been told anything about it. What they are doing

now is repairing the current terminal.”

Another air freight cargo operator, speaking on condition of anonymity, added: “They have not started yet. This is something they are proposing to do once they build out the new air freight facility. I think this is a bunch of nonsense and it will inflate the price of freight, and then relay down so heavy on the island that I don’t think the Government will go along with it.

“This isn’t in place yet, and I don’t see how they will enforce it. They don’t even have scales out there because all of the scales are privately owned. The incoming company is supposed to be bringing in their own scales. I don’t know how Pete Deveaux got into the freight business.

“This is ridiculous, and we as a collective are already having conversations about it. We plan on raising hell if they come at us with it because it will just raise the price of freight to

over $3 a pound. The cost per pound for freight averages between $2 and $2.25.”

The proposed fee is part of a $25m private-public partnership (PPP) type agreement that will see the Government outsource Lynden Pindling International Airport’s (LPIA) air freight terminal to JDL, a company linked to Peter Deveaux, head of The Island Game gaming chain.

Simon Wilson, the Ministry of Finance’s financial secretary, previously told Tribune Business that JDL’s fees were still being negotiated and the Government is hoping the final figure will be less than 40 cents per pound. However, he confirmed that the Davis administration hoped the arrangement will take effect early in the New Year if not from January 1, 2024.

Disclosing that the Government has been seeking a solution for the “compromised” LPIA air freight terminal, which he branded “a disgrace”, for some ten

years, Mr Wilson said the JDL deal was designed to develop the property into a modern building while addressing the present security and revenue leakage woes. He described fears over the fees as “disingenuous”.

Tribune Business revealed on June 6 last year how the Government was seeking to solve the air freight terminal’s issues via a potential PPP outsourcing arrangement with JDL. Documents accompanying the 2023-2024 Budget, in an annex detailing privatepublic partnerships, set out the “justification to design, finance, build and operate a new air freight terminal”.

“The purpose of this proposal is for the Government to transfer the property consisting of the air freight terminal to a special purpose vehicle (SPV) owned by the Government, and then to lease that property to JDL in order to design, finance, build and operate a new air freight terminal,”

the Budget documents stated.

Describing the Government’s negotiations with JDL as “long and arduous”, Mr Wilson added: “We are still fine tuning the agreement. The negotiations are still going on with the company. We have not reached a final fee cost. We hope it will be less than 40 cents a pound.

“We still have to settle some things. We want it to start early in the New Year.

If it’s not New Year’s Day it will probably be the first week in January. They’ve started the renovation of the bathrooms, which were unusable. They’ve started some early activity. They’re trying to fix the rear door to make it operable after an attempted robbery several years ago, and improve efficiency. They’re trying to make the place more habitable.”

Mr Wilson argued that JDL’s fees, even if they turned out to be 40 cents per pound, paled when

compared to what he said was the $25 minimum charge levied by courier companies for air freight imported into The Bahamas. He added that JDL’s charge was “less than 2 percent” of the latter sum, and “no one can say that’s unreasonable”.

“Those couriers are being disingenuous,” the financial secretary charged.

“They charge their customers $2-$3 per pound. That’s outside the air transportation or air freight fees. Ours is a very minimal cost.

“The second thing is if you look at the amount of contraband interdicted at the air freight terminal drugs, guns, bullets. If you look at what the Commissioner of Police put out, a gun can be purchased in Florida on Monday and used in a murder in Nassau on Wednesday. We have a security concern, and this is us trying to make sure we have a facility fit for purpose.”

ROBERT SANDS HOTELS TARGET OCCUPANCY AND YIELD GROWTH IN 2024

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Hotel and Tourism Association’s (BHTA) president yesterday predicted that resorts will enjoy increases in occupancy and yield during 2024 after a “very strong” Christmas and New Year season.

Robert Sands told Tribune Business: “This year

was similar to last year because Christmas is Christmas, and New Year’s is the strongest time of the year. What would have been different would have been the rates that they would have achieved, with maybe higher room rates and maybe a slight increase in the length of stay. But the occupancy levels would have remained high because it is the premium time of the year.”

Total visitor arrivals for the first nine months of 2023 equalled preCOVID’s 2019 full-year record of 7.2m, with hotel room rates almost 60 percent higher. The Bahamas passed its eight million visitor target for the 2023 full-year in October, and Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, says this nation received “well in excess” of nine million tourists.

AG: SBF prosecutors ‘rather misleading’ over second trial FROM PAGE B1 “We view the letter from the US attorney [Mr Williams] as being rather misleading,” Mr Pinder told Tribune Business via messaged reply. “The US knew that count eight (unlawful campaign contributions) was not included at the time the warrant of surrender was issued.

“They saw a copy of the warrant of surrender. At that time we would have indicated to the US that we didn’t have the corresponding charge. The US acknowledged this and requested a waiver. With respect to the determination for the request of waiver, as you point out, SBF has this process before the courts for determination on the procedure for evaluation of a waiver.

“At no time did the US not know the process, were not advised along the way and were not aware that a waiver could not be forthcoming without the conclusion of the Judicial Review.” Justice Loren Klein, in a June 13, 2023, verdict blocked the Government - at least temporarily - from giving the US permission to bring multiple fraud, bribery and corruption-related charges against the embattled Mr Bankman-Fried.

He also gave the imploded crypto exchange’s chief the go-ahead to launch a Judicial Review challenge against Mr Pinder and Fred Mitchell, minister of foreign affairs, over assertions he has “a right to be heard” before The Bahamas decided whether to allow US federal prosecutors to proceed with new counts and charges added after the extradition to New York just prior to Christmas 2022.

The FTX founder and his legal advisers were fighting to ensure charges of “conspiracy to commit bank fraud”; “conspiracy to violate the Foreign Corrupt Practices Act’; “conspiracy to operate an unlicensed money transmission business”; commodities fraud; securities fraud; and US campaign finance law violations were all dismissed on the basis they were not

included in the offences for which he was extradited.

They argued that many of the charges brought against Mr Bankman-Fried subsequent to his departure from this nation run afoul of The Bahamas-US extradition treaty, and specifically its Article 14. Known as the “rule of specialty”, this stipulates that someone being extradited from The Bahamas “may only be detained, tried or punished” in the US “for the offence for which extradition was granted”, while setting out other criteria.

The alleged breach occurred because of the charges added following Mr Bankman-Fried’s extradition, and the US moved to correct this by seeking The Bahamas’ permission to proceed with the new grounds. It formally requested The Bahamas’ consent on May 22, 2023, via a “diplomatic note”.

But, based on Mr Williams’ December 29 letter, the FTX founder’s Judicial Review challenge appears to have succeeded in ensuring he will not face the additional charges or prospect of a second trial due to the further delay Bahamian legal proceedings - at least in US eyes - will cause.

“Count eight of the original indictment charged the defendant with conspiracy to make unlawful campaign contributions,” the southern New York attorney recalled.

“The defendant was extradited by The Bahamas in December 2022, but in July 2023 The Bahamas informed the US that it had not included count eight in the counts for which it had extradited the defendant and that The Bahamas did not consent to trial on count eight. Thus, the [US] government was prevented from proceeding to trial on count eight due to its binding treaty obligations with The Bahamas.”

Mr Williams, though, suggested that sufficient evidence was presented to Mr Bankman-Fried’s first trial to “prove that the defendant engaged in a scheme to make unlawful campaign contributions” - something that he urged Judge Kaplan

to take into account in the FTX chief’s upcoming sentencing.

As for the additional charges, Mr Williams added: “After obtaining the superseding indictment, the US sent a request to The Bahamas for a waiver of the rule of specialty to permit trial on the additional counts. However, the defendant moved to intervene in the extradition process in The Bahamas, delaying the process.

“Accordingly, the [US] government consented to the court’s severance of the additional counts and proceeded to trial on the seven counts for which the defendant was originally extradited. To date, The Bahamas has not agreed to waive the rule of specialty, and the government does not have a timeline for when The Bahamas may respond to its request.....

“Accordingly, the government does not intend to proceed to trial on the additional counts. Proceeding with sentencing in March 2024 without the delay that would be caused by a second trial would advance the public’s interest in a timely and just resolution of the case, as ‘delay in sentencing may leave the defendant, as well as the victim, in limbo concerning the consequences of conviction’,” Mr Williams added.

“The interest in avoiding delay weighs particularly heavily here, where the judgment will likely include orders of forfeiture and restitution for the victims of the defendant’s crimes. The government has concluded that the public interest in a prompt resolution of this matter outweighs the interest in holding a separate trial.”

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Mr Sands said: “I think we are going to continue to see improvements both in occupancy and in yields for 2024 for a multiplicity of reasons. The Bahamas brand is gaining strength and it continues to become strong. We have very high profile brands.

“Also, within the islands of The Bahamas, you have additional capacity coming online slowly. We are close in terms of flying times and distance from our major

market, which is the US. Tourism growth worldwide continues to grow, and we will continue to be the beneficiary of that arrangement.”

Despite the possibility of a slowdown in the US economy, and the uncertainty that the 2024 presidential election may produce, Mr Sands said The Bahamas and its tourism product should withstand any resulting fall-out.

EX-ENVIRONMENT CHIEF ‘GRASPING AT STRAWS’ FROM PAGE B1 as part of the bail-out that saw it shed a portion of its toxic commercial credit portfolio.

Bahamas Resolve demanded repayment of $4.965 from DLC Investments, and $3.9m from Dr Cooper as guarantor for these debts, on October 3, 2019. It subsequently initiated legal action in the Supreme Court on February 3, 2021, demanding these sums and “vacant possession” of all collateral/ security for the loans.

Besides the gas station, this security also included a residential property in the eastern Port New Providence subdivision.

Bahamas Resolve obtained a Supreme Court order, granting all that it was seeking, on May 11, 2021, which Mr Cooper and DLC Investments sought permission to appeal on the basis that it was an “interlocutory” or interim - and not a final - order.

Justice Klein, though, found that the order was a final one and that, as a result, the appeal to the Supreme Court is “not necessary and misplaced” as it should have gone to the Court of Appeal. He also ruled that Bahamas Resolve was within its rights not to seek vacant possession of the Port New Providence property - only the gas station - as CIBC FirstCaribbean held a first mortgage charge on the home.

Noting that persons seeking permission to appeal must either show “a realistic prospect of success”, or that a public interest issue is at stake, the judge added that this threshold is set higher for mortgage-related disputes. He added that the main ground of appeal appeared to be an alreadyexisting legal battle between DLC Investments and Bank

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of The Bahamas over the loan dating from 2015.

“This was a claim for ‘breach’ of agreement and negligence, which it says resulted from Bank of The Bahamas’ failure to honour certain promises which it alleges were made to DLC Investments during 2013,” Justice Klein said of the borrower’s case.

“The main promise was said to be an agreement to reorganise and ‘write-off 50 percent of the outstanding mortgage balance on the loan’ and to pay weekly installments of $3,800 on the loan.” Bank of The Bahamas denied the existence of any such agreement to write-off half of the $4m owed and “compromise” at $2.3m, and said there were no deeds or documents to prove DLC Investments’ case.

Justice Klein found Bank of The Bahamas was entitled to transfer the loan to DLC Investments without its approval, even though the latter’s late former attorney, Stephanie Wells, argued that it could not.

And he ruled that the 2015 action was irrelevant, especially given that the claim was not prosecuted with “greater urgency”.

Janet Johnson, DLC Investments’ manager, had alleged in an April 19, 2021, affidavit that Rubis had offered $1.35m to acquire the debt but this was never communicated to the company, which was told Bahamas Resolve was seeking $4.4m.

However, Charles Barnett, Bahamas Resolve’s manager, explained that Rubis, rather than buy out DLC Investments’ bad debts, had made an offer to acquire the Shirley Street gas station from the Bank of The Bahamas bail-out vehicle for $1.125m.

“According to the evidence of the plaintiff

ROBERT SANDS [Bahamas Resolve], when the debt was held by Bank of The Bahamas, the defendants only paid the first interest-only payment on the loan and then a lump sum of $20,000 which was apparently sent through Mrs Wells’ chambers and nothing else since,” Justice Klein ruled.

“Also, it is not in dispute that no payments whatsoever were made after the debts were transferred to Bahamas Resolve. As conceded by Mrs Wells, there were no payments since the matter was transferred to Resolve ‘because that was something that they were always waiting to have the mortgage adjusted as the bank promised. And I think that is why nothing happened since the account went to the other place’....

“In the instant case, the evidence placed before the court (which was not controverted) shows that at best the defendants made a few payments of interest at the commencement of the loan and, from 2014 onwards, concede that they made no payments.

Indeed, it might be said that the defendants took a rather cavalier attitude to the obligations which they undertook under the loan,” he added.

“It might also be observed that the original lender and the transferee were extremely lenient in not calling in their security sooner. The long and short of it is that, whatever discussions the defendants might have been involved in with the bank in 2013, it does not excuse the almost complete failure to service the loan over the period of nearly 15 years.”

DLC Investments also exhibited an offer from its new accountant, Kingman Ingraham, dated April 15, 2021, offering to Bahamas Resolve to pay off the debt owed for $1.75m spread over 12 years. And it claimed to be owed $2.08m

by Rubis, but neither matter was placed into evidence before the Supreme Court at the original hearing.

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Wednesday, January 3, 2024, PAGE 3

BAHAMAS SAW ‘IN EXCESS’ OF 9M TOURISTS DURING 2023

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE deputy prime minister says The Bahamas likely received “well in excess” of nine million visitors in 2023 due to a “phenomenal” year for tourism.

Chester Cooper, also minister of tourism, investments and aviation, said The Bahamas had comfortably beaten its eight million visitor arrivals target for the year. The nine million figure, once confirmed, will be some one million above projections and 12.5 percent ahead of the original forecast.

The minister reiterated that the arrivals increase, which is projected to generate more than $6bn in visitor spending, has had a positive impact on the Bahamian economy.

“It’s been a phenomenal year for tourism in the Bahamas in 2023. It’s been a record setting year,” Mr Cooper said. “This year, we achieved our targets.

We exceeded our arrivals by 40 percent, and we have done extremely well in terms of overall numbers. More important than the numbers, though, is the economic impact that these arrivals had on tourism, on the economy and on the people of The Bahamas.”

He explained that as tourism is the largest industry in the Bahamas. “everyone is in the tourism business”, and that various industry operators including hoteliers, vendors and taxi drivers have benefited “significantly” from the increase in arrivals.

“We are in the hospitality business and therefore, as a result of this business, everyone is in the tourism business. As we say: ‘Tourism is everybody’s business’,” Mr Cooper added. “So the taxi drivers, the vendors, the hair braiders, the restaurant owners and workers, the hotel owners, operators and workers, the tour guides, everyone has benefited

DEPUTY Prime Minister and Minister of Tourism, Investments & Aviation Hon. I. Chester Cooper presents Visions of The Bahamas book to owner of the Dallas Cowboys Jerry Jones.

significantly as a result of these tourism arrivals.

“We are in the process of developing even more entrepreneurial opportunities through the Tourism Development Corporation to ensure the expansive linkages with tourism, and to ensure that the economic benefits continue to flow to all of the population and all segments of the population of The Bahamas.”

Mr Cooper said he expects the final visitor arrival numbers for 2023 to be “well in excess” of nine million - the majority again being cruise ship passengers.

He added = that a major goal for 2024 is to convert more

cruise passengers to higher spending, greater-yielding stopovers.

“I think at the end of this year we will end significantly higher than forecasted. We recently celebrated our eighth million arrival; that was at the end of October,” he added.

“As the at the end of 2023, we expect that that number will be significantly higher.

We want to wait until the final numbers are in, but it will be well in excess of nine million.

“We’re very happy about this. We’re going to continue to push towards achieving the 2024 goals, which will include not just arrivals but more conversion of cruise passengers to

stopovers. We are going to continue to work to expand airlift. We have done a significant job in 2023 attracting new, direct nonstop flights from the West Coast.

“Jet Blue, Alaska Airlines and other airlines have added additional routes and additional seats. We’re going to continue this effort; it has worked extremely well for us in 2023. We’re going to continue in 2024.

We are receiving a large number of our guests by cruise, and therefore we are going to have a deliberate and intentional effort to see how we might convert more of those cruise arrivals to stopover arrivals.”

DEPUTY Prime Minister and Minister of Tourism, Investments & Aviation Hon. I. Chester Cooper, Director General Latia Duncombe, and Permanent Secretary Reginald Saunders at the Dallas Cowboy's game.

Bahamas unveils three-year Dallas Cowboys partnership THE Ministry of Tourism has unveiled a three-year partnership with the Dallas Cowboys to help promote The Bahamas to its extensive fan base.

Chester Cooper, deputy prime minister, said the partnership is a part of the Sports in Paradise initiative and will facilitate interaction with over 20m Dallas Cowboys fans and allow the ministry to network with the team's corporate partners.

He added: “This is important for Bahamas tourism, and Bahamas sports. You know, sports and tourism intersect very well. We have over the years launched our Sports in Paradise initiative; this is a part of that ongoing programme.

“The Dallas Cowboys is one of the favourite teams in The Bahamas. But, more importantly, it's one of the

most winning teams in the NFL. With five Super Bowls under its belt, a large fan base, they boast of more than 20m. Of course, we get to interact and network with all of the corporate partners of the Dallas Cowboys.”

Mr Cooper, also minister of tourism, investments and aviation, said Texas, which is the second largest US state and one of the most populated, is an important market for the Bahamas and the partnership with the Cowboys will aid in growing the tourism industry.

He said: “Texas is an important source market for tourists to The Bahamas. We hope to be able to leverage this partnership even more for the ongoing growth and development of tourism in The Bahamas.

“Dallas is an important hub for American Airlines;

DEPUTY Prime Minister and Minister of Tourism, Investments & Aviation Hon. I. Chester Cooper at Dallas Cowboy's Headquarters in Frisco, Texas.

it's a significant market for us. Texas is one of the most populated states in the US, so we thought it a magnificent opportunity to bring the two strong brands together - the islands of The Bahamas and the Dallas Cowboys, and hopefully we can work some significant magic as a result of this combination.”

Mr Cooper said the partnership with the Dallas Cowboys will include marketing opportunities within the stadium, and on television and radio, allowing The Bahamas to stay "front and centre" with their fan base.

He added: “As a result of this partnership, we will be able to access networking with the fans, networking

POLLUX PARTNERS LTD. __________________________

FANATO LTD. __________________________

Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 20th day of November, 2023

Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 7th day of June, 2023

AMICORP BAHAMAS MANAGEMENT LIMITED

AMICORP BAHAMAS MANAGEMENT LIMITED

LIQUIDATOR Of Pollux Partners Ltd.

LIQUIDATOR Of FANATO LTD.

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

BLUE ALPS FUND LIMITED (IN VOLUNTARY LIQUIDATION)

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

The dissolution of the said Company commenced on December 21, 2023 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.

The Sole Liquidator of the said Company is L. Michael Dean of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

L. Michael Dean Sole Liquidator

with the corporate partners, but also have strategic marketing opportunities within the stadium, television and radio, as well as having various promotions for the fans and the attendees for the various games.

“So, this is going to be an important marketing tool to keep the islands of The Bahamas front and centre in the minds of the fans of the Dallas Cowboys.” Mr Cooper added that he is "very confident" that the relationship will allow The Bahamas to attract corporate and family visitors, and assist in increasing the amount of air arrivals and stopover visitors.

He said: “I think there is a long-standing friendship

between the Dallas Cowboys and The Bahamas. We are now leveraging the connection. American Airlines is one of our biggest partners, the largest airline in the world. Dallas is one of the largest airport hubs in the world as well.

“Our business is tourism, and we are hoping to expand our number of arrivals by air, the number of stopovers, and we are very confident that this is going to be an important partnership for us in terms of leveraging the relationships and really attracting not just family travellers but also corporate travellers to our country."

PAGE 4, Wednesday, January 3, 2024

THE TRIBUNE

Central Bank mortgage ease may not have instant impact FROM PAGE B1 “I think it speaks to the Government’s interest in assisting people in getting real estate,” Mr Sweeting said. “It speaks well to what the objective is. The result of this is it should mean more mortgage interest in The Bahamas. It’s a good way to start the year.

“The market as it goes into 2024 is still a super seller’s market where there is minimal inventory and a lot of buyers. Anything we can do to make it easier to buy a property is good. All the indications are that we will have a busy market like we have done postCOVID where people are clamouring for real estate opportunities to suit their needs, whether single or multi-family, to accomplish the Bahamian dream.”

The Central Bank, in unveiling the mortgage easing, warned, though, that the 50 percent debtto-income lending ceiling limit still applies for borrowers. “The Central Bank of The Bahamas is relaxing the guidelines for domestic banks and credit unions on the minimum equity injection requirement for residential mortgages,” it said.

“While this is not anticipated to have a significant impact on personal lending, it should reduce the cost burden for suitably qualified borrowers and allow some additional individuals

CENTRAL BANK OF THE BAHAMAS to qualify for credit. With immediate effect, the mortgage indemnity insurance is removed from the Central Bank’s stipulation for borrowers to qualify for a reduced equity or down payment amount on residential mortgages.

“In the absence of the insurance, the minimum down payment for such mortgages was 15 percent.

Moreover, in line with the Central Bank’s relaxed rules for other personal lending, issued in August 2022, financial institutions may also vary or set lower down payment requirements for residential mortgages, in line with

their internal frameworks for assessing and managing individual borrower risks.

“However, lending institutions are directed to observe that personal lending is still subject to the borrower’s total debt service ratio remaining within a prudent limit of 50 percent,” the Central Bank added.

“The exceptions are debt restructurings and/or consolidations for borrowers who are already indebted beyond this threshold, and for whom outstanding obligations are not increased as a result of the restructuring and/ or consolidations.

“Lending institutions are also directed to exercise continued prudence around the amount of credit extended as a percentage of the appraised valuation of the real estate, or the resulting loan-tovalue (LTV) ratio. The LTV ratio also determines the risk-weighted treatment for mortgages when estimating banks’ capital adequacy.

“In particular, in accordance with The Bahamas capital regulations 2022, residential real estate exposures are weighted at either 25 percent, 50 percent or 100 percent, respectively, according to whether the LTV is less than or equal to

Questions on artificial intelligence and a budget deficit await returning California lawmakers

By TRÂN NGUYN and ADAM BEAM Associated Press CALIFORNIA lawmakers return to work on Wednesday for the start of an election-year legislative session dominated by decisions on artificial intelligence and the state's struggling budget.

The budget is a big issue every year in California, which is the nation's most populous state and has an economy larger than that of all but four countries.

But this year, lawmakers and Democratic Gov. Gavin Newsom will have to figure out how to cover an estimated $68 billion deficit — a shortfall that is larger

than the entire operating budgets of many states.

And with California companies at the forefront of the artificial intelligence boom, a number of state lawmakers are eyeing new rules to govern the use of the technology before it can dominate daily life — much like social media has.

The California Legislature is scheduled to convene Wednesday afternoon, giving lawmakers a week to settle in before Newsom sends over his first budget plan. Cutting the budget is never easy, but it's especially difficult in an election year when many legislators must then ask

60 percent, between 60 and 80 percent, or exceeds 80 percent.”

The Central Bank adjustments also come after mortgage loan approvals have slumped to their lowest level in four-and-ahalf years, with almost one in four applications rejected because borrowers have a 50 percent debt service ratio.

Its full Lending Conditions Survey for the 2023 first half revealed that less than one third - or fewer than one of every three - out of a total 1,104 applicants were approved for a mortgage loan during the six months to end-June.

And survey data showed that the 32.2 percent approval ratio is the lowest since the 2019 first half, which represented a period prior to both Hurricane Dorian and the COVID-19 pandemic. The 52.6 percent and 52.7 percent mortgage approvals ratio for the 2019 first and second half, respectively, represent the high points of the past fourand-a-half years.

The approval rate slumped in the 2021 calendar second half, dropping from 51.5 percent for the first six months to 39.4 percent and continuing a steady downward slide ever since. While the economic fall-out from COVID is likely to be held at least partially responsible, the Central Bank has since

relaxed its lending guidelines by allowing its bank licensees to extend credit worth up to 50 percent of a borrower’s income.

Previous guidelines have set this limit at 40-45 percent, but the regulator’s lending survey reveals that the reason more than onethird - or one in every three - of mortgage loan applications was rejected during the 2023 first half was because potential borrowers were still breaching the more generous 50 percent debt service ratio.

Using the Central Bank’s statistics, just 356 of the total 1,104 mortgage applications submitted during the 2023 first half were approved by its commercial bank licensees. This means that two-thirds, or 748, were rejected. Of that 748, some 33.6 percent or 251 were declined because the applicants’ debt service ratios would breach the 50 percent benchmark.

This would mean more than half their income would be going to servicing debt, placing their finances under stress especially if something went wrong.

That 251 is equivalent to 22.7 percent of all 1,104 mortgage applications, which means close to one in every four submissions was dismissed because the potential borrowers/homeowners are already too heavily indebted.

voters in November to reelect them.

Plus, lawmakers will be following a pair of new leaders as they navigate their first budget negotiations, an arduous process that happens mostly behind closed doors and requires gaining consensus among the Democrats who control a majority of seats in the Legislature. Assembly Speaker Robert Rivas took over last summer, and incoming Senate President Pro Tempore Mike

McGuire is scheduled to take over next month.

They will also guide debates on the use of generative artificial intelligence tools and attempts to rein in the fast-growing industry.

Multiple lawmakers are preparing a host of bills to regulate the use of generative artificial intelligence tools — bills aimed at the potential impacts on privacy, discrimination, job protections and misinformation during an election year.

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V I S I T C A R E E R S . B A H A M A R . C O M A N D G E T STA R T E D TO D AY

THE TRIBUNE

Wednesday, January 3, 2024, PAGE 5

BAHAMAS ‘FUMBLING BALL’ ON DOING BUSINESS EASE FROM PAGE B1 However, Mr White, in a letter e-mailed to the media yesterday, wrote: “Not even 24 hours into 2024 and all hope to improve the ease of doing business in the country has been shot. The Department of Inland Revenue ends 2023 announcing

system upgrades but, on the first day of business this year, thousands were blocked from accessing their account and applying to renew their licences online.

“What happened to ‘if it ain’t broke don’t fix it?’

Surely keeping what you have is better than blowing

everything. Grandma may have kept her money under the mattress but at least she could always access it. As thousands of businesses are left wondering when the e-mail will come, the Department issues the update that ‘a definite time cannot be given at this time’.”

The St Anne’s MP added: “Where has the ease of doing business gone? Did someone buy it a firstclass one-way ticket out of The Bahamas? Last year new Business Licence applications could take up to nine months (especially in Eleuthera), some executive tier immigration

work permit applications were not even approved due to a backlog of 2022 applications the Immigration Department was still processing.

“This year, top gross revenue companies must submit to an in-depth government audit or face massive fines. It is pure

madness. To say the present state of doing business here was laughable would be a compliment.

Businesses must now be wondering if they can survive this latest blow. It’s not the economic feet of others that are hindering our progress; it’s our decision-makers who are fumbling and failing to act.”

‘Absolutely horrible’ boat registration hikes kick-in FROM PAGE B1 have to pay it, and it’s brought on a lot of extra financial stress for everyone. It’s not just fishermen; it’s everyone involved in the maritime industry, whether it’s tug boat owners, salvage vessels, charter fishing vessels. Everyone is impacted.

“It’s having a very harmful impact. I know there’s a number of fishing vessels not yet registered for the year just trying to get their funds together to pay it and that’s not to mention the new vessels which have to pay a first time registration fee. It’s having a very discouraging impact on the industry at the worst possible time.”

The NFA secretary said small fishermen with “dinghies” around 20 feet in length, and who typically accompany larger vessels on dive operations, have seen their annual registration renewal fees increase 35-fold - from $20 to $700.

Describing this as “a significant challenge”, he added that large fishing vessels with 12 such dinghies would have seen the combined registration fee for the latter jump from $240 per year to $8,400. “The math speaks for itself,” Mr Maillis told Tribune Business. “That’s a significant increase no matter what way you look at it. That money is coming straight out of the boat owner’s profit margin.

“It’s mostly the fishermen who can afford it, and need to be out there because they have a business, who are going to have to swallow it and pay it. The fishermen already on the verge, the off-the-record type of fisherman, they’re not going to pay it. People are just eating it up or not paying it. As I predicted, it’s going to lead to less people registering their boats and more illegal vessels out there.

“For some people, it’s an unpayable one-time

fee, especially if they have a small semi-subsistence fishing vessel. This is something they have not been accustomed to paying for their entire life, and suddenly their whole outlook is changed,” he added. “They are all suffering as a result of it.

“The registration fees should not be higher than insurance for your vessel.

It’s insane. Insurance for a small boat is now comparable to what you are paying to register it every year.

You’re getting a double hit. I don’t know where they think it is going to go, what they were hoping to achieve, but all it’s going to do is diminish the amount of people out on the water and that’s not a good thing.”

Mr Maillis said the Government will also likely lose out on fee income from Bahamians whose vessels are either docked or on land for repairs. Rather than licence the vessels so they are “ready to go” when operational, he forecast that the extent of the increases will likely prompt many persons to hold off.

Voicing disquiet over the relative silence from the Ministry of Transport and the Ministry of Finance over the fee increases, he argued that there were multiple other maritime industry sectors that the Government could have tapped instead for increased fee income.

The NFA secretary, in particular, pointed to the $55 and $220 permit fees for a one-time and annual sports fishing permit, respectively, as two that merit an increase rather than impose a major burden on Bahamian operators.

“It’s very draconian taking these 1,000 percent increase in fees on the chin,” Mr Maillis told Tribune Business. “We are planning to do everything we can to convince the Government this is the wrong way to go. They have

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ROY ANTHONY BAIN aka ANTHONY NOTTAGE of P. O. Box CB-12108, #45 Lilac Street, Garden Hills Estate, New Providence, Bahamas intend to change my name to ROY ANTHONY NOTTAGE. 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, The Bahamas no later than Thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that CARMELITA CAMPBELL ALBURY, P.O. Box CB-11220, Colony Village, 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 3rd day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that BASELAIS CAMEUS of Cowpen Road, New Providence, 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 twentyeight days from the 27th day of December, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

clearly demonstrated to us that the maritime Bahamians are not as important as keeping the foreign guests happy.

“They are not impacted by these annual registration fees at all. The thought there’s all this commerce going on that is barely taxed is very frustrating.

The reality is we don’t need additional foreign charter fishing trips in the country.

“The fact it’s been protected while they say: ‘Ok, we ring it up so high for every Bahamian’ is quite disturbing and it is quite telling of the disdain or lack of knowledge they have of Bahamians in the maritime sector. They only think people have boats for luxury, which is far from the truth in the maritime sector.

For the majority it isn’t.

These are blue collar jobs, marginal jobs that are being treated as if a luxury.”

Tavares LaRoda, the New Providence Port Authority’s chairman, previously told this newspaper that the increases to fees that have not been adjusted for two decades were designed to try and catch up with, but not exceed, inflation that has occurred over that period as the Government seeks to incentivise more boat owners to register their vessels in The Bahamas.

Outlining the Davis administration’s strategy, amid the outcry over both the first-time and annual registration fee increases, he argued that the hike in the former category was more than offset by the

elimination of an effective 20 percent tax rate on boat owners importing their craft to The Bahamas for the first time via the removal of VAT and Customs duty.

But one maritime source, speaking on condition of anonymity, said eliminating the vessel importation-related taxes was unlikely to incentivise mega yacht owners to register their boats in The Bahamas - and build up a yacht registry - if this was the Government’s strategy.

They said such owners were unlikely to give up their existing US registration given that it affords too many benefits, especially when it comes to ease of access to the US for cheaper provisioning, picking up charter guests and accessing a full range of yacht-related services.

Noting that the registration fee for their 40-50 foot vessel has increased from $150 to $1,650 per year, they added: “It really bites into your revenue and return on investment. In fact, given the poor tourism picture here where we are with mostly cruise ship tourists, it’s quite a dent in your business and its viability.

“According to someone at the Port Department, Cabinet is supposed to be adjusting or amending the fees, so I’m not in a rush to pay them any money. I may well not licence it; I may well shut it down. It’s no skin off my back. But it’s going to kill the local Bahamian fisherman. How’s he going to make $700 back on

an annual registration with a 20-foot conch boat?”

Mr Lisgaris, too, said of the tour and excursion operators: “It’s affecting us big time. It’s absolutely horrible. Some people have to make multiple installments to be able to pay their taxes and their Port fees because they can’t afford it.

“It’s affecting everybody because, despite what they are saying on the news, we haven’t had a real successful November and December season. The summer has been okay, but the fourth quarter has not been good so it’s just like bills on top of bills and its pretty rough.”

“For example, one of the vessel’s fees went from literally $260 to $2,600. That is a dramatic difference. And then you have VAT is due, Business Licence is soon due, NIB, so you have all of this stuff. It’s not good.”

Mr Lisgaris acknowledged that the Government must raise revenue to finance public services but said that the large increase in boat registration fees is “unheard of”. He added that there is no monitoring for unlicenced operators, so with the increase in fees registered operators feel as though they are being punished.

He said: “I understand operating expenses are going to go up. The more you expect from the Government, the more money they need to make, but you’re talking an over 1,000 percent increase. It’s unheard of.

“And the thing is, there’s a lot of illegitimate

businesses out there who are still taking advantage.

They’re not paying anything. And it just, you know, the compliant companies are the ones who’ve been punished.”

Mr Lisgaris said he has had to increase his charter rates by 20 percent in response to the new fees - a decision that has made obtaining bookings harder.

He added that unlicenced operators can charge less for services, making competing with them even more difficult and it seems as though no government agency cares about their business.

Mr Lisgaris said: “In response we have to obviously increase, at least I did, I had to increase my charter rates. I’ve increased the rates by at least by 20 percent. And it’s already difficult to get a booking and it makes it even more difficult because, you know, money has to come from somewhere “If I’m charging $100 to break even, they can do it for $50 and make money.

It’s really hurtful, like you’re being punished for doing the right thing, and it’s like no government and no government entity - even cares about us being in business.

“I mean, we are in tourism. We bring in the tourist dollar. Tourists come to The Bahamas for the sun, sand and beach, but then if you want to get into this business you’re going to be penalised for it. It’s really heartbreaking.“

THE TRIBUNE

Wednesday, January 3, 2024, PAGE 7

STATES AND CONGRESS WRESTLE WITH CYBERSECURITY AFTER IRAN ATTACKS SMALL TOWN WATER UTILITIES

By MARC LEVY Associated Press THE tiny Aliquippa water authority in western Pennsylvania was perhaps the least-suspecting victim of an international cyberattack.

It had never had outside help in protecting its systems from a cyberattack, either at its existing plant that dates to the 1930s or the new $18.5 million one it is building.

Then it — along with several other water utilities — was struck by what federal authorities say are Iranian-backed hackers targeting a piece of equipment specifically because it was Israeli-made.

"If you told me to list 10 things that would go wrong with our water authority, this would not be on the list," said Matthew Mottes, the chairman of the authority that handles water and wastewater for about 22,000 people in the woodsy exurbs around a one-time steel town outside Pittsburgh.

The hacking of the Municipal Water Authority

THIS photo provided by the Municipal Water Authority of Aliquippa shows the screen of a Unitronics device that was hacked in Aliquippa, Pa., Saturday, Nov. 25, 2023. The hacked device was in a pumping booster station owned by the Municipal Water Authority of Aliquippa. An electronic calling card left by the hackers suggests they picked their target because it uses components made by an Israeli company.

Photo:Municipal Water Authority of Aliquippa/AP

of Aliquippa is prompting new warnings from U.S. security officials at a time when states and the federal government are wrestling with how to harden water utilities against cyberattacks.

The danger, officials say, is hackers gaining control of automated equipment to shut down pumps that supply drinking water or contaminate drinking water by reprogramming automated chemical treatments.

Besides Iran, other potentially hostile geopolitical rivals, including China, are viewed by U.S. officials as a threat.

A number of states have sought to step up scrutiny, although water authority advocates say the money and the expertise are what is really lacking for a sector of more than 50,000 water utilities, most of which are local authorities that, like Aliquippa's, serve corners of the country where residents are of modest means and cybersecurity professionals are scarce.

Besides, utilities say, it's difficult to invest in cybersecurity when upkeep

of pipes and other water infrastructure is already underfunded, and some cybersecurity measures have been pushed by private water companies, sparking pushback from public authorities that it is being used as a back door to privatization.

Efforts took on new urgency in 2021 when the federal government's leading cybersecurity agency reported five attacks on water authorities over two years, four of them ransomware and a fifth by a former employee.

2021, Indiana and Missouri had passed similar laws. A 2021 California law commissioned state security agencies to develop outreach and funding plans to improve cybersecurity in the agriculture and water sectors.

Legislation died in several states, including Pennsylvania and Maryland, where public water authorities fought bills backed by private water companies to force them to upgrade various aspects of their infrastructure, including pipes and cybersecurity measures.

Private water companies say the bills would force their public counterparts to abide by the stricter regulatory standards that private companies face from utility commissions and, as a result, boost public

At the Aliquippa authority, Iranian hackers shut down a remotely controlled device that monitors and regulates water pressure at a pumping station. Customers weren't affected because crews alerted by an alarm quickly switched to manual operation — but not every water authority has a built-in manual backup system.

With inaction in Congress, a handful of states passed legislation to step up scrutiny of cybersecurity, including New Jersey and Tennessee. Before

THE WEATHER REPORT

5-DAY FORECAST

ORLANDO

High: 69° F/21° C Low: 58° F/14° C

TAMPA

TODAY

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THURSDAY

FRIDAY

SATURDAY

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UV INDEX TODAY

Partly sunny and comfortable

Clearing with a stray shower late

A shower in the afternoon; breezy

Partly sunny and comfortable

Breezy and nice with clouds and sun

Mostly cloudy and humid

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

High: 76°

Low: 66°

High: 79° Low: 67°

High: 78° Low: 67°

High: 80° Low: 71°

High: 80° Low: 69°

AccuWeather RealFeel

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74° F

63° F

81°-65° F

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High: 69° F/21° C Low: 61° F/16° C

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High: 72° F/22° C Low: 69° F/21° C

8-16 knots

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WEST PALM BEACH High: 73° F/23° C Low: 61° F/16° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 73° F/23° C Low: 63° F/17° C

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High: 72° F/22° C Low: 63° F/17° C

MIAMI

High: 73° F/23° C Low: 62° F/17° C

8-16 knots

Ht.(ft.)

Low

Ht.(ft.)

Today

12:32 a.m.

12:38 p.m.

2.1 2.1

6:39 a.m.

7:04 p.m.

0.6 0.3

ALMANAC

Thursday

1:23 a.m.

1:27 p.m.

2.2 2.0

7:36 a.m.

7:48 p.m.

0.7 0.3

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 75° F/24° C Low .................................................... 50° F/10° C Normal high ....................................... 78° F/25° C Normal low ........................................ 66° F/19° C Last year’s high .................................. 83° F/28° C Last year’s low ................................... 69° F/20° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date .................................................. 0.00” Normal year to date ..................................... 0.12”

Friday

2:15 a.m.

2:20 p.m.

2.3 1.9

8:35 a.m.

8:36 p.m.

0.7 0.2

Saturday

3:08 a.m.

3:15 p.m.

2.4 1.9

9:35 a.m.

9:26 p.m.

0.6 0.0

Sunday

4:01 a.m.

4:10 p.m.

2.5 1.9

10:32 a.m. 0.4 10:17 p.m. -0.1

Monday

4:53 a.m.

5:04 p.m.

2.7 2.0

11:25 a.m. 0.2 11:09 p.m. -0.3

Tuesday

5:43 a.m.

5:56 p.m.

2.9 2.1

12:16 p.m. 0.0 ---------

ELEUTHERA

NASSAU

High: 76° F/24° C Low: 66° F/19° C

Forecasts and graphics provided by AccuWeather, Inc. ©2024

High: 74° F/23° C Low: 71° F/22° C

N

KEY WEST

High: 74° F/23° C Low: 68° F/20° C

High: 77° F/25° C Low: 67° F/19° C

N

S

E

W

7-14 knots

S

8-16 knots

ANDROS

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

SUN AND MOON Sunrise Sunset

none 11:45 a.m.

Last

New

First

Full

Jan. 3

Jan. 11

Jan. 17

Jan. 25

SAN SALVADOR

GREAT EXUMA

High: 76° F/24° C Low: 67° F/19° C

High: 76° F/24° C Low: 74° F/23° C

N

High: 76° F/24° C Low: 69° F/21° C

E

W S

LONG ISLAND

TRACKING MAP

High: 77° F/25° C Low: 73° F/23° C

H

6:55 a.m. Moonrise 5:33 p.m. Moonset

CAT ISLAND

E

W

TIDES FOR NASSAU High

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.

N

N

confidence in the safety of tap water.

"It's protecting the nation's tap water," said Jennifer Kocher, a spokesperson for the National Association of Water Companies. "It is the most economical choice for most families, but it also has a lack of confidence from a lot of people who think they can drink it and every time there's one of these issues it undercuts the confidence in water and it undercuts people's willingness and trust in drinking it."

Opponents said the legislation is designed to foist burdensome costs onto public authorities and encourage their boards and ratepayers to sell out to private companies that can persuade state utility commissions to raise rates to cover the costs.

8-16 knots

MAYAGUANA High: 78° F/26° C Low: 73° F/23° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 78° F/26° C Low: 75° F/24° C

L

High: 77° F/25° C Low: 74° F/23° C

GREAT INAGUA High: 81° F/27° C Low: 75° F/24° C

N

E

W

E

W

N

S

S

8-16 knots

8-16 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SE at 7-14 Knots SW at 10-20 Knots E at 7-14 Knots W at 8-16 Knots ENE at 8-16 Knots S at 8-16 Knots ENE at 10-20 Knots SSE at 6-12 Knots E at 7-14 Knots SSW at 8-16 Knots SE at 7-14 Knots SW at 10-20 Knots NE at 8-16 Knots WSW at 8-16 Knots NE at 8-16 Knots S at 6-12 Knots ENE at 10-20 Knots SSW at 7-14 Knots NE at 8-16 Knots SE at 6-12 Knots E at 7-14 Knots WSW at 8-16 Knots E at 8-16 Knots SW at 6-12 Knots NE at 8-16 Knots SSW at 8-16 Knots

WAVES 3-6 Feet 3-6 Feet 1-2 Feet 0-1 Feet 3-6 Feet 3-5 Feet 2-4 Feet 3-5 Feet 3-6 Feet 3-5 Feet 1-3 Feet 2-4 Feet 1-2 Feet 0-1 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-3 Feet 4-7 Feet 4-7 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 76° F 76° F 74° F 73° F 79° F 79° F 79° F 79° F 78° F 78° F 75° F 73° F 77° F 77° F 80° F 80° F 79° F 79° F 78° F 78° F 77° F 77° F 78° F 78° F 78° F 78° F

PAGE 8, Wednesday, January 3, 2024

THE TRIBUNE

STOCK MARKET TODAY

Wall Street slumps to start 2024 and gives back some of last year's big gains

By STAN CHOE AP Business Writer

We believe in building a better tomorrow by empowering today’s youth.

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You can help Learning is for life. So is the need for love, support and nurturing. That’s why we created The Step - a dynamic community that fosters growth in a safe, secure and supportive environment. More than a home, this haven provides young Bahamians with the tools, resources and support they need to continue to thrive as they transition into independent living and learn to become productive members of society.

With your help, we can put them on the right path for a successful and productive life.

A WEAK start to 2024 had Wall Street on Tuesday giving back a bit of its powerful gains from the year before.

The S&P 500 slipped 27.00 points, or 0.6%, to 4,742.83 after coming into the year at the brink of its all-time high. The Dow Jones Industrial Average edged up 25.50, or 0.1%, to 37,715.04, and the Nasdaq composite led the market lower with a drop of 245.41, or 1.6%, to 14,765.94.

Some of the market's sharper drops came from stocks that were last year's biggest winners. Apple lost 3.6% for its worst day in nearly five months, and Nvidia and Meta Platforms both fell more than 2%.

Tesla, another member of the "Magnificent 7" Big Tech stocks that drove well over half of Wall Street's returns last year, swung between losses and gains after reporting its deliveries and production for the end of 2024. It ended the day down by less than 0.1%.

Netherlands-based ASML sank after the Dutch government partially revoked a license to ship some products to customers in China. The United States has been pushing for restrictions on exports of chip technology to China.

ASML's U.S.-listed shares fell 5.3%, and U.S. chip stocks also weakened.

Health care stocks held up better after Wall Street analysts upgraded ratings on a few, including a 13.1% jump for Moderna.

Amgen's 3.3% gain and UnitedHealth Group's 2.4% climb were two of the strongest forces lifting the Dow. Much of Wall Street had been preparing for at least

a pause in the big rally that carried the S&P 500 to nine straight winning weeks and within 0.6% of its record set almost exactly two years ago. That big surge came on hopes the Federal Reserve may have engineered a perfect escape from high inflation: one where high interest rates slow the economy enough to cool inflation but not so much that they cause a painful recession.

Now, the hope is that the Fed will shift sharply in 2024 and cut interest rates several times. Cuts can relax the pressure on the economy and boost prices for investments. But even though such hopes are high, it's still not assured. And prices for stocks and bonds have already rallied hard on expectations for them.

At Deutsche Bank, the main expectation among economists is for the Federal Reserve to cut its main interest rate by 1.75 percentage points this year, from its current range of 5.25% to 5.50%. That's a shade more than the majority of traders on Wall Street are betting.

But the Deutsche Bank economists led by Matthew Luzzetti also expect a mild recession to weaken the job market more than the Federal Reserve and much of Wall Street expect.

That's partially because the Deutsche Bank economists expect the Fed to "be adamant to not repeat the mistakes of the 1970s, namely avoiding cutting rates prematurely."

That would give more time for the rate hikes already instituted by the Fed to fully work their way through the system and grind down the economy.

The Fed's main interest rate is at its highest level in

decades, up from virtually zero two years ago.

A report on Tuesday showed that the U.S. manufacturing industry may be weaker than thought.

It contracted by more last month than an earlier, preliminary reading indicated, according to S&P Global, as new sales dropped because of weakness both abroad and at home. Business confidence, though, did pick up to a three-month high.

A separate report showed that growth in construction spending slowed by a touch more in November than economists expected.

Like stocks, Treasury yields in the bond market also regressed a bit on Tuesday following their big moves since autumn. The yield on the 10-year Treasury rose to 3.94% from 3.87% late Friday.

More high-profile reports on the economy will arrive later this week. On Wednesday, the Federal Reserve will release the minutes from its last policy meeting, one that sparked hopes for a series of rate cuts coming this year.

Another report on Wednesday will show how many job openings U.S. employers were advertising at the end of November, data that the Federal Reserve follows closely. Friday will bring the U.S. government's monthly tally of job growth across the country.

In stock markets abroad, indexes fell 1.5% in Hong Kong and 0.4% in Shanghai amid worries about the Chinese manufacturing and property sectors.

South Korea's Kospi gained 0.5%, and indexes were mixed across much of Europe. Japan's markets were closed for a holiday.

MILLENNIAL MONEY: I SAVED $800 IN 5 MONTHS BY EATING MORE PLANTS

By ALANA BENSON Associated Press

The Step Pods, currently Phase Two is under construction at The Ranfurly Homes for Children

“Being given the opportunity to live in the transitional home was a blessing.

Firstly, it has provided me with a sense of security. Knowing I had a place to stay while I saved for my future took away the headache. Secondly, I had some privacy! Being in multiple children’s homes from the tender age of two (2), I was always surrounded by a lot of other kids, and having my own space where it was just me finally meant a lot. Lastly, I received immense support from the Board of Directors and Staff of The Ranfurly Home for Children mentally, emotionally, and spiritually. I am truly grateful.”

- Symone Mackey, Resident at The STEP Program

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I TRIED going vegetarian once when I was in high school. My best friend was a vegetarian, and I was curious. I lasted only about four days. My downfall: a buffalo chicken sandwich. Since that ill-fated attempt, I've never tried to curb my meat consumption. It's just too dang tasty. But in 2022, a family member was diagnosed with a life-threatening disease.

In addition to taking new medications, they adopted a strict whole-food, plantbased diet in the hopes that it would improve their health. If diet could potentially help a serious disease, I figured maybe it could help my far less serious health issues. Why not try it?

And it worked.

What's more, in addition to making me feel better, switching from a meat-heavy diet (eating meat nearly twice a day) to a plant-heavy diet (eating meat one to three times a week) saved me more than $800 over the course of five months.

At first I wasn't thrilled about eating salad over steak, but I loved how much money I was saving. And it turns out my case isn't unique.

A 2021 study from Oxford University found that vegan diets reduced food costs by as much as one-third.

When you think about it, it makes sense: The average cost of a pound of ground beef was $5.23 in October 2023. If you replace that meat with chickpeas, you can expect to pay around a dollar for a 15.5-ounce can.

Toni Okamoto, founder of the blog Plant-Based on a Budget in Sacramento,

California, says that many of her clients spend $40 to $50 a week per person on groceries while following her plant-based meal plans.

"I was living paycheck to paycheck working a job that led me to live a life below the poverty line," says Okamoto. "And through meal planning and being thoughtful about my plant-based eating, I was able to climb out of debt and start saving money."

Eating more plants has also been shown to potentially improve long-term health.

Reducing your health risks could mean fewer doctors' visits, prescriptions and other health-related expenses in the long run.

Katie Cummings, a vegan certified financial planner with Vision Capital Management in Portland, Oregon, notes how diet as potential disease prevention can help cut costs.

"One thing that really derails a financial plan is a long-term care event," says Cummings.

When I started eating more plants I tried to focus on adding rather than subtracting. For me, that looked like eating one new vegetable a week. That's how I discovered I liked romanesco and was not a fan of kohlrabi. Instead of focusing on cutting out meat, I thought about how many vegetables I could add to my diet. Eventually my tastes changed and I even started craving vegetables.

If you're looking to eat more plants, there are a lot of ways to approach it, but Okamoto suggests keeping it simple.

"Try not to get overwhelmed with thinking

about it as a whole new lifestyle change, but simply think about the things that you eat and how you can make swaps," says Okamoto. "For example, if you like pasta, you can still eat pasta with marinara sauce and a can of cannellini beans with some frozen veggies thrown in there, or if you like beef tacos, try using lentils instead. They're heart-healthier and much cheaper."

If you search "make money fast," you'll find a lot of suggestions, such as delivery driving or teaching an online class. But few of these can actually put money in your pocket today.

If you're looking to make money, reducing your grocery bill can help you save money instantly.

Cummings suggests that people looking to start eating a plant-based or vegan diet can benefit from tracking their spending.

"Just be really clear and honest with yourself when you're looking at your budget. Be nice to yourself when you're starting out on it, and set the limits for your categories kind of high," says Cummings. "And then you can slowly crank them down, and modify it, checking in often. I always tell my clients once a week if you can, if you can dedicate just 15 minutes once a week."

If you're saving a significant amount of money, checking your budget may even start to feel fun. If you cut your grocery bill by a third, you may suddenly have some extra money to work with. You could pad your emergency fund, save for retirement or put money toward a vacation.