01042021 BUSINESS

business@tribunemedia.net

TUESDAY, JANUARY 4, 2022

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CDC warning on cruise ships will have ‘minimal’ impact

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A LOCAL senator remains confident the impact from a Centres for Disease Control’s (CDC) warning advising against travel on cruise ships will have a “minimal” impact in The Bahamas although some tour operators are concerned.

Adoni Lisgaris, the Bahamas Excursion Operators Association’s president, told Tribune Business the CDC warnings over cruise ships will “definitely” hurt the boat charter group providers of the BEOA and not so much the ones that offer private charters.

The reason being is that the private charters have a chance to select clients more easily from the resorts and the cruise ships, whereas group providers depend on mass fares on a more regular basis.

Mr Lisgaris, who also owns and operates Reel Dreams Charters, added: “Interestingly enough for my business I got a

CRUISE SHIPS DOCKED AT NASSAU PORT

RANDY ROLLE

call from a customer coming in on a cruise ship last week, and he didn’t seem too concerned.

“At this rate I think a lot of people who were interested in cruise ships are probably still going to be interested in them.”

The CDC last Thursday advised people against going on cruises regardless of their vaccination status after a recent surge in positive Covid cases onboard ships as the highly

contagious omicron variant sweeps the world.

Already, The Bahamas has denied entry of the cruise ship MSC Seashore to Ocean Cay because a number of COVID19 cases were reported to be on board.

Randy Rolle, senator and consultant in the ministry of tourism, investments and aviation, said: “The CDC’s travel

SEE PAGE 3

Local bank dealing with COVID outbreak

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SCOTIABANK has advised customers to use digital banking services amid COVID-19 outbreak at two of its local branches.

In a release to the media, Scotiabank Bahamas said: “They can continue to access a wide variety of banking services using the Bank’s digital service channels even as the Bank faces operational challenges at two locations due rising local positive cases of COVID-19.

“On Thursday (December 30) the Bank advised that branches located at Palmdale Avenue and in Freeport would

ROGER ARCHER be temporarily closed until January 4 following COVID-19 exposures among staff at both branches.

The release continued, “Roger Archer, Managing Director, Scotiabank Bahamas shared that the Bank continues to urge all customers to make use of its digital channels. “‘Retails banking customers are able to visit our website to sign up online banking or down which gives access funds transfers, loan and bill payments, wire transfers, account information and much more at their convenience,’ Archer noted.

Scotiabank Business Banking customers can register for Scotia Online for Business to access online payments so that they can maintain operations regardless of any disruptions. “‘We continue to invest significantly in our digital

channels so that all our customers can complete transactions in a safe and convenient manner,” Archer added.

“In the meantime, the senior banker says the Bank is providing all the requisite support for staff members and customers attached to the affected branches who may have specific concerns due to the closures. “‘Despite challenges, we remain resolute on our commitment to delivering best-in-class banking services for all our customers. At this time, I want to specially thank our team members for their unwavering commitment and urge all customers to continue to observe the necessary health and safety precautions at this time.”

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PHILIP DAVIS

DR HUBERT MINNIS

PM should thank previous administration, says local businessman

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A LOCAL businessman believes Prime Minister Philip Davis has the luxury of when or if to pull the trigger on tougher COVID-19 responses mainly thanks to the work done by the previous administration.

James Wallace, owner/operator of Janaees Uniform Centre was responding to Mr Davis’ comments that Bahamians should not expect economic shutdowns amid the current spike in COVID-19 cases in the country.

Mr Wallace said: “You’ve got to remember now that a large percentage of the Bahamian population is vaccinated so they can they can take the risk,” when speaking about Mr Davis opting not to take the country into another economic shutdown like his predecessor.

“Particularly when the initial lockdown started, there were no vaccinations taking place, Mr Davis is enjoying the benefit of Dr Minnis’ demise when he locked the country down and had no vaccines.”

Dr Hubert Minnis implemented Emergency Powers and administered COVID-19 policy by decree for most of 2020 and into 2021, causing nationwide economic shutdowns, curfews and closed borders. The Davis administration has now rescinded those Emergency Orders for a lighter version of COVID-19 control policies. However with the COVID-19 cases increasing in the country with over 320 over the Christmas weekend alone, some people believe a return to harsher measures should be implemented to ensure the safety of citizens.

SEE PAGE 3

Love Beach developer: Town Planning approved project

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE developer for the controversial The View Love Beach project claims to have “duly stamped” documents showing the Town Planning Committee approved his project, but residents are saying that is impossible and

are preparing to get lawyers to stop the project cold in its tracks.

Dr Wolfgang Groeger, speaking on behalf of the Kovats Family Office in Vienna Austria, the developer behind the controversial project, in an emailed statement to Tribune Business, said: “The Town Planning Appeals Board approved the project, as has been confirmed by the Ministry of Works. Our lawyer has

this approval in writing, all plans have been duly stamped by Town Planning. No further explanation or justification foreseen from our side. Law is law.

Despite not furnishing this newspaper with a copy of these documents, he added: “As repeatedly mentioned, all restrictive covenants have been lifted by a court judgement of 1980. This is the reason why the existing

building has been approved. The new buildings will be of similar height or few feet less. The project has less density than the prevailing multifamily zoning regulations would allow.”

Dominique Strachan, a resident of Palms of Love Beach next to the proposed development, told Tribune Business that the existing building Dr Groeger is referring to is a building that never received

an occupancy certificate and in fact is just standing there. She also said that the building is not even in the general Love Beach proper, but further down from the general allotment for Love Beach.

She added: “You cannot build 100 units in this area and say you will not increase congestion and traffic. It is impossible if you see where they are planning to

SEE PAGE 2

PAGE 2, Tuesday, January 4, 2022

THE TRIBUNE

ISLAND INSIGHTS CLIMATE CHANGE: ARE WE READY? Overview In this segment, we will explore the issues Small Island Developing States (SIDS) such as The Bahamas face regarding climate change. The Bahamas, among other countries within the region, are extremely vulnerable and sensitive to the direct and indirect impact of climate change. It is a topic of concern that some countries have taken seriously while others are moving at a slower pace to address such pertinent issues.

But regardless of the pace of efforts by governments, climate change is real, and it is happening around us, whether we choose to address it or not. According to the Inter-American Development Bank’s (IDB) Office of Oversight and Evaluation (OVE) for SIDS, The Bahamas has one of the lowest efforts towards climate change adaption and mitigation on a GDP in purchasing power parity (PPP) per capita basis as of 2013. This assessment was made by considering mitigation investments, mitigation policy and institutional strengthening, adaption investments, adaption policy and institutional strengthening.

Evidence such as this all share a common narrative and that is that change is needed now.

The reality of no change

SIMMS RODERICK A.

AN ADVOCATE FOR SUSTAINABLE FAMILY ISLANDS

The discussion of climate change has been around for many decades but in most recent years, scientific research and developments have provided us with more alarming data on sea level rises, deforestation and extreme weather changes as a result. Given the geography and size of SIDS, these islands are very susceptible to the effects of climate change. However, to date SIDS have contributed less than one percent of global carbon emissions; yet, from 1990 to 2019, the total warming effect from greenhouse gases added to the Earth’s atmosphere increased by 45 percent.

In a published study by the Inter-American Development Bank (IDB) titled ‘A Blue Urban Agenda’ (2017), it was highlighted that more than 80 percent of the population in The

Bahamas live in low elevation coastal zones (LECZs), making it one of the “most extreme” cases among SIDS. Further, The Bahamas is one of the top three SIDS that has a significant percentage of land area located less than 10 metres above sea level along with Kiribati and the Republic of the Marshall Islands.

If we take these facts into consideration, SIDS are likely to see an increase in costal erosions from sea level rises, extreme weather conditions, reduced/increased precipitation, warmer temperatures and soil changes. The Bahamas in particular, will be impacted given its high dependence on international tourism and climate sensitive ecosystems.

According to the country’s proposed National Development Plan (NDP), “The Bahamas is highly vulnerable to the impacts of climate change given its geographical vulnerabilities (limited land masses, low-relief and dispersion of islands) and environmental vulnerabilities (high temperatures, storm surges, sea level rise, flooding, increased tropical storm activity, and rising water tables).” The threat of climate change could eat out a significant stake of The Bahamas’ economy if policies are not adopted to mitigate risks. The IDB reported the cost of inaction to respond to climate

change for Caribbean countries is “high”.

While the cost of inaction is one consideration, the other equally important one is time. This variable has different ranges such as 10 to 20 to 30 years. It is within this time frame that experts believe climate change will dramatically impact SIDS, leading to a devastating reality for residents across the region.

National Development Plan In the NDP, Goal 11 outlines a plan for the Natural Environment for The Bahamas. This goal considers researching and implementing climate change adaptation and mitigation measures. The goal was also created to address serious concerns coming out of climate change, some of which include: • Land development practices which fail to balance between development and environmental management and protection of ecosystems and coastal areas; • Fragmented environmental legislation and management coupled with institutional capacity deficiencies within environmental management agencies; • Fishing policy which faces challenges with illegal, unreported, and unregulated (IUU) fishing, lack of logistical capability and personnel and funding;

• Inadequate solid waste management system and limited recycling practices and; • Impaired air quality as a result of burning at dumps and landfills and vehicle exhaust emissions.

The concerns listed above are challenges currently faced by The Bahamas.

These challenges can become worse as the earth continues to get warmer and the environment responds to global climate changes. However, efforts are underway and have been made by past and present government bodies to address small and big risks regarding climate change.

Efforts to mitigate Over the years, various efforts have been made to manage the risks associated with climate change for The Bahamas. In 2015, The Bahamas committed to reducing Greenhouse Gas emissions, by increasing the amount of energy generated from renewable sources. The government has also committed to reduced and/or eliminated tariffs on solar systems and energy efficient appliances.

In addition, The Bahamas has joined international organizations that focus on increasing the use of renewable energy, including the International Renewable Energy Agency and the Carbon War Room. While these efforts show commitment to resolving climate change, there is a need for

a plan with measurable outcomes and action goals.

To achieve this, the following steps from the IDB’s Indicators to Assess the Effectiveness of Climate Change Projects (April,2012) could be adopted as a guideline: 1. Collect data required to perform vulnerability assessments (to relevant disasters/risks) 2. Build national and local technical capacity to generate vulnerability assessments 3. Build institutional framework and mechanisms to support adaptation and adaptive capacity 4. Invest in projects that directly support adaptation and improve adaptive capacity Conclusion To some, the effects of climate change may not reach its peak of devastation within their lifetime.

But we cannot afford to take this growing challenge lightly. Years from now, the earth’s response to our constant use of fossil fuels, poor waste management and consumerism will eventually force us to make hard choices. There are residual effects for such decisions, and someone has to pay.

Those choices will be left in the hands of our children and future generations.

If we do not act now, will the Bahamaland we know and love, be there for our children to do the same?

LOVE BEACH DEVELOPER: TOWN PLANNING APPROVED PROJECT

FROM PAGE ONE

build. How could he put up a four storey building and not restrict the view of the people living across the street?”

Maria Ageeb, a resident of Love Beach, added: “I thought we had quite satisfactorily dealt with the

reason why they can’t build beyond a certain height and it is one of those things that needed a court to determine, not just continue to build like it wasn’t an issue.

We never received a notice that they were going to continue with the project. We were never told or given any information on the state

of any appeal. I don’t even know what the project has been approved for?”

She added: “The reason why the building in the 1980 court agreement never got a certificate of occupancy was because of the fact that it was against the height restrictions, but I think they

may have recently gotten it within the past year or so.”

The View Love Beach project was approved in August, 2021, mere weeks before the last general election after having gone through the past three years with rejections from the Town Planning Committee on behalf of the residents of Love Beach.

Dr Groeger, however, is confident that The View Love Beach will commence shortly and said: “We ordered construction plans to be executed by our Bahamian architect beginning of 2022 for submission for building permits based on the approved project.

Construction works will commence then after, in

2022, and neighbors will be informed on time.”

Ms Strachan and Ms Ageeb have both vowed to take the next steps and organize legal representation for the neighbours of Love Beach. Ms Strachan said: “How could they get approval from the Town Planning Subdivision and Development Appeal Board (TPSDAB) when the Board didn’t even have a chairman and half of the board didn’t know about the project? How could this blatantly happen?”

She continued, “There was a lawyer involved in this, Erica Ferreira, who has more information about this than anyone I know.” With construction threatening to start in a few short weeks,

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

Ms Strachan also said, “We are not looking forward to it. We hope that between Ms Ageeb, Jamie Liddell and Chris Jenkins they can help to do something. I know Jamie Liddell used to be at Lennox Paton, so we will see what they have to say about all of this.”

Ms Ageeb added: “I tried calling Ms Martinborough and Mr Charles Zonicle at the Town Planning Committee but they were always unavailable. I was trying to find out what exactly they were approved for. I left messages but never heard back from them.

“I’m just going to have to get all of the neighbours together to see who is willing. I know Jamie Liddell and a couple of other neighbours were trying to get their legal reports together when we were fighting over the restrictive covenants, so I think I will reach out to them first to see what they think about this.

“Dr Kovats actually wanted to build in the ocean and all. He wanted overwater bungalows. I just don’t trust them to do what they’re supposed to do.”

Dr Groeger ended with, “We do not think it is relevant to discuss this further.

Urgently needed employment of Bahamians will commence in 2022.”

THE TRIBUNE

Tuesday, January 4, 2022, PAGE 3

CDC WARNING ON CRUISE SHIPS WILL HAVE ‘MINIMAL’ IMPACT FROM PAGE ONE warning for cruise ships is something we are of course paying close attention to, just as we are monitoring all aspects of this ongoing pandemic.

“The cruise industry has made tremendous strides since the shut down and have implemented stringent protocols to keep their guests and crew as safe as possible, including, in large part, vaccination requirements. Cruising is a critical component to Bahamas tourism and we remain optimistic that any impact will be minimal.”

Royal Caribbean Cruise Line, on the other hand, sent out a release to the media, acknowledging the impact of the COVID-19 Omicron variant, reminding the public that not only are cruise ships “one of the few places one can vacation knowing that

almost everyone you meet is fully vaccinated,” but that despite the concerns over the more virulent COVID19 strain that the cruise line has, since June 2021, carried over 1.1m guests with only 1,745 people testing positive, just a .02 percent positivity rate.

This positivity rate may be too much for some, however, says Wesley Ferguson, the Bahamas Taxi Cab Union’s (BTCU) president, who also told Tribune Business: “This CDC warning is expected to have a negative effect on people travelling on cruise ships because this is a very sticky situation.”

He further explained: “Cruise ships, like airplanes, have people crammed together in an enclosed area for an extended period of time.

Despite you getting off and getting off of a cruise ship when it docks, everyone is

basically living on that one ship and you are interacting with people all over.”

Because of this fact, Mr Ferguson said the people who he is talking to are “very concerned” about the Omicron variant and their travel plans while it is still surging. “There are extremely long wait times for testing for COVID-19, sometimes you can wait weeks for a testing centre from the USA and when you do get there, the lines can be extremely long and you have to dedicate the entire day just to get a COVID-19 test to travel.

This will certainly put people off from travelling,” he said.

He added that people don’t want to waste so much time to get a COVID19 test to take the risk of being stuck on a cruise ship if it isn’t allowed to enter port at its destination.

CENTERS FOR DISEASE CONTROL (CDC) CAMPUS

PM SHOULD THANK PREVIOUS ADMINISTRATION, SAYS LOCAL BUSINESSMAN FROM PAGE ONE Melissa Darville, coowner of Shiver, is one of those business persons wanting stricter lockdown measures if the COVID19 cases continue to spiral out of control. She said: “I think lockdowns are good, while having one would affect me wit the kids not being able to go to school.

But I think with the kids not being in school a lot of them are being left behind and if stricter measures would help us to go back to in-school learning for the next school year then I feel we should do it.

“I think it is in the best interest that we get this fourth wave under control so the kids can get back to

school. Sure, we’re worried about the economic stuff today but we have to think about the kids for the future, they are missing out and the longer they stay out the harder it is to get them to refocus on their education.”

Ms Darville, also a former school teacher, understands how difficult it is to get children to pay attention in a normal school setting, much less trying to get them to focus with athome learning.

“This at home learning is not good for them, when was the last time the ones that are supposed to be in Grade 12 were in an actual classroom setting?

They are going to be in the

workplace very soon. How can they help this country if they are under-skilled,” she asked?

The Minister of Education has already announced that this up-coming Spring Semester will be at home learning until further notice.

Ms Darville also said: “For those kids that have to catch up it is going to be a mighty feat, especially for those younger ones that started off with COVID-19 while they were in preschool because somethings with education you need hands on, so it is both the higher grades that are affected and the younger grade levels who are in their developmental stages.”

Public Notice

RELOCATION NOTICE

Please be advised that all persons or entities holding valid contracts with

Bahamas Public Parks and Public Beaches Authority are asked to present themselves at the National Sports Authority on Wednesday and Thursday, January 12th & 13th, 2022 respectively between the hours of 9am and 5pm, to provide documents necessary to ensure payment of any arrears owed on the contracts.

The following documents are required: • Copy of contract • Government issued ID or if a corporate entity evidence that you can act on behalf of the corporate entity (Power of Attorney) along with the

government issued ID. • Tax Compliance Certificate • NIB Company Registration Certificate • A copy of a Valid Business License • VAT Certificate, if the annual valule of the contracts with the authority was in excess of $80,000.00 • Bank accout information as no termination payment would be made to third party accounts on behalf of terminated contractors.

Wells Legal & Corporate Services Church Street Plaza | Suite 1 Second Floor 138 Shirley Street Nassau, Bahamas Tel: 242 325-4618 | 242 325 4619 242 325 4177

OFFICE HOURS Monday Tuesday Wednesday Thursday Friday

9:00 to 5:00 9:00 to 5:00 9:00 to 5:00 9:00 to 5:00 9:00 to 3:00

PAGE 4, Tuesday, January 4, 2022

THE TRIBUNE

GERMANY SHUTS DOWN HALF OF ITS 6 REMAINING NUCLEAR PLANTS

By FRANK JORDANS Associated Press BERLIN (AP) — Germany on Friday shut down half of the six nuclear plants it still has in operation, a year before the country draws the final curtain on its decades-long use of atomic power.

The decision to phase out nuclear power and shift from fossil fuels to renewable energy was first taken by the center-left government of Gerhard Schroeder in 2002. His successor, Angela Merkel, reversed

her decision to extend the lifetime of Germany’s nuclear plants in the wake of the 2011 Fukushima disaster in Japan and set 2022 as the final deadline for shutting them down.

The three reactors now being shuttered were first powered up in the mid-1980s. Together they provided electricity to millions of German households for almost four decades.

One of the plants — Brokdorf, located 40 kilometers (25 miles) northwest of Hamburg on the Elbe River — became a particular

focus of anti-nuclear protests that were fueled by the 1986 Chernobyl catastrophe in the Soviet Union.

The other two plants are Grohnde, 40 kilometers south of Hannover, and Gundremmingen, 80 kilometers (50 miles) west of Munich.

Some in Germany have called for the decision on ending the use of nuclear power to be reconsidered because the power plants already in operation produce relatively little carbon dioxide.

Advocates of atomic energy argue that it

can help Germany meet its climate targets for reducing greenhouse gas emissions.

But the German government said this week that decommissioning all nuclear plants next year and then phasing out the use of coal by 2030 won’t affect the country’s energy security or its goal of making Europe’s biggest economy “climate neutral” by 2045.

“By massively increasing renewable energy and accelerating the expansion of the electricity grid we can show that this is possible in Germany,” Economy and Climate Minister Robert Habeck said.

Renewable energy sources delivered almost 46% of the electricity generated in Germany in 2021.

Coal, natural gas and other fossil fuels accounted for nearly 41%, while nuclear power provided over 13%, according to the Fraunhofer Institute.

Several of Germany’s neighbors have already ended nuclear power or announced plans to do so, but others are sticking with the technology. This has prompted concerns of a nuclear rift in Europe, with France planning to build new reactors and Germany opting for natural gas as a “bridge” until enough renewable power is available, and both sides arguing their preferred source of energy be classed as sustainable.

Germany’s remaining three nuclear plants

— Emsland, Isar and Neckarwestheim — will be powered down by the end of 2022.

While some jobs will be lost, utility company RWE said more than two-thirds of the 600 workers at its Gundremmingen nuclear power station will continue to be involved in post-shutdown operations through to the 2030s. Germany’s nuclear power companies will receive almost $3 billion for the early shutdown of their plants.

Environment Minister Steffi Lemke has dismissed suggestions that a new generation of nuclear power plants might prompt Germany to change course yet again.

STEAM rises from the cooling tower of the nuclear power plant of Gundremmingen, Bavaria, Germany, Friday, Dec. 31, 2021. Draft European Union plans that would allow nuclear and gas energy to remain part of the bloc’s path to a climate-friendly future came under immediate criticism over the weekend from both environmentalists and some governing political parties in EU member nations. Germany shut three plants, including this one, at the end of last year.

Photo:Stefan Puchner/AP LEGAL NOTICE

NOTICE

STRETAWAH INVESTMENT S.A. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, STRETAWAH INVESTMENT S.A. is in dissolution as of December 30, 2021 International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LEGAL NOTICE

NOTICE

SIERRA GROUP S.A. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SIERRA GROUP S.A. is in dissolution as of December 30, 2021 International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LEGAL NOTICE

NOTICE

FOREMAST FINANCE LTD. Company No. 1379034

(In Voluntary Liquidation)

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NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that FOREMAST FINANCE LTD. is in voluntary liquidation. The voluntary liquidation commenced on 23rd December 2021 and Dr. Christa Burschowsky of Landstrasse 284, 9495 Triesen, Principality of Liechtenstein been appointed as the Sole Liquidator.

Dated this 24th day of December 2021 Sgd. Dr. Christa Burschowsky Voluntary Liquidator

THE TRIBUNE

TECH BUBBLE OR OPPORTUNITY?

By CHRIS ILLING

N

umerous stocks from the technology sector have recently been hit hard. Is the Opportunity there now to buy or leave it alone?

Many tech stocks have only had one direction for the past year and a half: up, up and beyond. But in the last few weeks the environment has become much rougher. For former corona profiteers, the recently exorbitant growth rates are normalizing, and the forecasts are also becoming more cautious again.

In addition, the intermittent rise in US bond yields has triggered a rotation away from expensive tech stocks and towards standard stocks. The result: some stocks are now 30, 40 or even 50 percent lower than their highs.

But courageous investors can get one or two bargains after the selloff or at least place a stop limit.

One of the strongest reasons for buying technology stocks was its high growth potential. In addition, there were prospects of extremely high profits, if those market leaders lead with high margins and their expansion in a wide variety of directions.

Technology stocks like Zoom Technologies (ZOOM.US) , Amazon (AMZN.US) or Tesla (TSLA.us) have are just a few examples that show the potential that technology stocks can have. 2021 was a record year for initial public offerings for tech stocks.

Looking to take advantage of hot markets, companies raised more money than ever before. Dating app

Bumble (BMBL.US) rallied 64% in its debut trading session. Traders bet on firms becoming the next Amazon (AMZN), which warned of “substantial operating losses for the foreseeable future” when it went public in 1997.

The internet giant now posts billions of dollars in profit each quarter.

The purchase of such assets, even if they are still producing high losses today, is justified. Recently, however, more and more investors and analysts have doubted the real price the retail investor should be willing to pay.

In some cases, evaluation standards have developed that appear anything but realistic. For example, sales multipliers between 20 and 100 were paid - and that for non-market leaders with high losses.

The fear of a tech bubble, like the Dot.com bubble in 2000, is there. In the recent past we have consistently seen high volatility among technology stocks. However, every decrease was used to replenish stocks. So further record ratings were achieved.

This time, too, the US tech stocks are on the sell-off (as of 20 December 2021). This is a large-scale sale and not individual shares.

The background this time could be the spread of the highly contagious virus variant Omnikron in

LEGAL NOTICE

NOTICE

R+N COMPANY LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, R+N COMPANY LIMITED is in dissolution as of December 29, 2021 International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LEGAL NOTICE

NOTICE

ALEXANDRIA ASSETS LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ALEXANDRIA ASSETS LIMITED is in dissolution as of December 30, 2021 International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LEGAL NOTICE

NOTICE

HILLALI LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, HILLALI LTD. is in dissolution as of December 30, 2021 International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

combination with a burgeoning risk of inflation.

Inflation is poison for highly valued and risky stocks. The background is that venture capital is becoming more expensive.

The question of the current positioning now arises.

If you own technology stocks that you continue to believe in, you should probably keep them.

After all, you bought the shares to take advantage of the potential for the next ten or twenty years. If nothing has changed in terms of the quality and potential of the company, there is objectively no reason for a panic sale.

Despite the recent selloff - some technology stocks have already lost half their value - prices are still high.

The good thing, however, is that you may soon reach a level where you can get fair prices for well-growing companies. Of course, then it is worth taking a closer look at the true market leaders of tomorrow.

CALL 502-2394 TO ADVERTISE IN THE TRIBUNE TODAY!

Tuesday, January 4, 2022, PAGE 5

PAGE 6, Tuesday, January 4, 2022

THE TRIBUNE

THOUSANDS OF FLIGHTS CANCELLED, DELAYED AT START OF WORKWEEK A WINTER storm hitting the mid-Atlantic combined with the pandemic to further frustrate air travelers whose return flights home from the holidays were canceled or delayed in the first few days of the new year.

More than 2,600 U.S. flights and more than 4,100 worldwide were grounded as of midday Monday, according to tracking service FlightAware. Another 8,500 flights were delayed, including 3,100 in the U.S. Travelers could take hope from an improving weather forecast. Airlines canceled

fewer than 300 U.S. flights scheduled for Tuesday.

First, however, they had to contend with a winter storm was expected to bring as much as 10 inches (25 centimeters) of snow for the District of Columbia, northern Virginia and central Maryland through Monday afternoon.

The cancellations and delays just added to the despair felt over the weekend by holidays travelers trying to get home.

“It was absolute mayhem,” said Natasha Enos, who spent a sleepless Saturday night and Sunday

morning at Denver International Airport during what was supposed to be a short layover on a cross-country trip from Washington to San Francisco.

Enos, who was booked on Frontier Airlines, didn’t learn that her connecting flight home to California was canceled until she had already landed in Denver.

She rushed to find alternative flights and navigate through a baggage-claim area that was choked with other stranded and confused travelers at the height of new wave of COVID-19 infections.

“It was a lot of people in a very small space and not everybody was masking,” said the 28-year-old financial analyst. “There were a lot of exhausted kids and some families were so stressed out.”

With the spread of the highly transmissible omicron variant, the seven-day rolling average for daily new cases of COVID-19 in the U.S. has tripled over the past two weeks and topped 400,000 on Sunday, according to figures from Johns Hopkins University.

The toll of grounded flights in the U.S. was in

the few hundreds per day the week before Christmas, then soared past 1,000 a day, as airlines blamed crew shortages caused by the virus.

For several days, airlines and their passengers lucked out with mostly favorable weather, but a winter storm that hit the Midwest on Saturday caused cancellations to spike again to new highs.

Over the weekend, about 5,400 U.S. flights were canceled — nearly 12% of all scheduled flights — and more than 9,000 worldwide, according to FlightAware.

Many of the cancellations

were made hours or even a day in advance. Airline believe they have a better chance to keep lighter schedules on track when there are disruptions such as snow or thunderstorms.

Southwest Airlines had canceled about 575 flights, or 15% of Monday’s schedule, by midday. Spokesman Brad Hawkins said storms over the weekend and on Monday affected operations at some of its biggest airports, including Chicago, Denver and Baltimore, and left planes and crews out of position.

MORE RECORD HIGHS FOR S&P 500, DOW ON FIRST DAY OF 2022

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers WALL Street got 2022 off to a solid start with more record highs for the S&P 500 and the Dow Jones Industrial Average.

The S&P 500 rose 0.6%, a day after closing out 2021 with big gains for the third year in a row. The Dow rose 0.7% and the Nasdaq rose 1.2%. Apple rose 2.5%, closing just below a market capitalization of $3 trillion.

Technology companies and banks were among the biggest winners. Electric car maker Tesla rose sharply after reporting strong delivery numbers for 2021. The yield on the 10-year Treasury note rose to 1.64% THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Stocks rose on Wall Street in afternoon trading Monday, marking a solid start to the new year after closing out 2021 with big gains for the third year in a row.

The S&P 500 was up 0.6% as of 3:22 p.m. Eastern, within striking distance of eclipsing its all-time high set last Wednesday.

The Dow Jones Industrial Average rose 198 points, or 0.5%, to 36,535 and the Nasdaq rose 1.1%.

Technology stocks and a mix of retailers and other companies that rely on consumer spending gained ground.

Tesla jumped 13.3% for the biggest gain in the S&P 500 after after reporting strong delivery numbers for 2021.

Bond yields rose significantly. The yield on the 10-year Treasury rose to 1.63% from 1.51% Friday.

Banks, which rely on higher yields to charge more lucrative interest on loans, gained ground. Bank of America rose 3.7%.

Smaller company stocks also notched gains, a signal that investors felt confident about economic growth.

The Russell 2000 rose 0.9%.

Health care companies fell broadly and kept gains elsewhere in the market in check. Pfizer shed 3.6% despite news that the U.S. expanded use its COVID19 booster shots for children as young as 12.

Industrial stocks also fell.

Union Pacific, a railroad operator, slid 1.9%.

Apple was up 2.5%, nudging the iPhone maker closer to becoming the first company to hit a market capitalization of $3 trillion.

The major challenges to the economy and corporate profits that investors navigated in 2021 remain potential headwinds in the

new year, including the viral pandemic. Wall Street has been busy since December monitoring the latest wave of cases with the omicron variant.

Businesses and consumers are also still dealing with supply chain problems and persistently rising inflation that has made a wide range of goods more expensive. The rising costs could threaten to crimp consumer spending and weaken economic growth.

The long list of concerns made for a choppy end to 2021, but didn’t stop the broader market from notching another year of strong gains. The S&P 500 finished with a gain of 26.9% in 2021, or a total return of 28.7%, including dividends.

That’s nearly as much as the benchmark index gained in 2019.

Investors have several key pieces of economic data to look forward to during the first week of the new year. The Institute for Supply Management will give investors an update on the manufacturing sector on Tuesday and the services sector on Thursday.

The big event on the economic calendar this week is the Labor Department’s jobs report on Friday.

THIS Nov. 23, 2020 file photo shows the New York Stock Exchange in New York. Stocks are getting the new year off to a solid start, posting solid gains on the first day of trading after closing out 2021 with big gains for the third year in a row. The S&P 500 rose 0.5% in early trading Monday, Jan. 3, 2022.

Photo:Seth Wenig/AP

FDA EXPANDS PFIZER BOOSTERS FOR MORE TEENS AS OMICRON SURGES

By LAURAN NEERGAARD AP Medical Writer THE U.S. is expanding COVID-19 boosters as it confronts the omicron surge, with the Food and Drug Administration allowing extra Pfizer shots for children as young as 12.

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Monday, January 3, 2022 Happy New Year

Boosters already are recommended for everyone 16 and older, and federal regulators on Monday decided they’re also warranted for 12- to 15-year-olds once enough time has passed since their last dose.

But the move, coming as classes restart after the holidays, isn’t the final step. A panel to the Centers for Disease Control and Prevention is expected to decide later this week whether to recommend boosters for the younger teens with a final decision

by Dr. Rochelle Walensky, the CDC’s director.

The FDA also said everyone 12 and older who’s eligible for a Pfizer booster can get one as early as five months after their last dose rather than six months.

FDA vaccine chief Dr. Peter Marks said even though serious illness is uncommon in younger teens, a booster will help them avoid that risk — while also helping reduce the spread of omicron or any other coronavirus mutant.

“Hopefully this will be not just a call for people to go get their booster shot,” but for the tens of millions of unvaccinated Americans to rethink that choice, Marks said. “It’s not too late to start to get vaccinated.”

The FDA based its latest booster decision largely on real-world data from Israel that found no new safety concerns when 6,300 12- to 15-year-olds got a Pfizer booster five months after their second dose.

Likewise, the FDA said even more data from Israel showed no problems with giving anyone eligible for

a Pfizer booster that extra dose a month sooner than the six months that until now has been U.S. policy.

The chief safety question for younger teens is a rare side effect called myocarditis, a type of heart inflammation seen mostly in younger men and teen boys who get either the Pfizer or Moderna vaccines. The vast majority of cases are mild — far milder than the heart inflammation caused

by COVID-19 — and they seem to peak in older teens, the 16- and 17-year-olds.

Marks said the side effect occurs in about 1 in 10,000 men and boys ages 16 to 30 after their second shot — but that a third dose appears less risky, by about a third. That’s probably because more time has passed before the booster than between the first two shots, he said.

While the FDA didn’t consult its independent scientific advisers before making that decision, the CDC’s own advisory panel is sure to closely weigh how much benefit this age group is likely to get before backing the extra shot.

Vaccines still offer strong protection against serious illness from any type of COVID-19. But health authorities are urging everyone who’s eligible to get a booster dose for their best chance at avoiding milder breakthrough infections from the highly contagious omicron mutant.

Children tend to suffer less serious illness from COVID-19 than adults.

But child hospitalizations are rising during the omicron wave -- most of them unvaccinated.

LUCAS KITTIKAMRON-MORA, 13, holds a sign in support of COVID-19 vaccinations as he receives his first Pfizer vaccination at the Cook County Public Health Department, May 13, 2021 in Des Plaines, Ill. The U.S. is expanding COVID-19 boosters as it confronts the omicron surge, with the Food and Drug Administration allowing extra Pfizer shots for children as young as 12.

Boosters already are recommended for everyone 16 and older, and federal regulators on Monday, Jan. 3, 2022 decided they’re also warranted for 12- to 15-year-olds once enough time has passed since their last dose.

Photo:Shafkat Anowar/AP