02012024 BUSINESS

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THURSDAY, FEBRUARY 1, 2024

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‘Resounding no’ to Business Insurer: ‘No significant’ storm Licence filing extension call cover increases

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government was yesterday said to have rejected calls to extend the Business Licence filing deadline despite multiple companies complaining they were unable to access its online tax payment portal.

Pretino P. Albury, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that the body’s calls for an extension to yesterday’s deadline were met with “a resounding ‘no’” from government officials on the basis that “some people are getting through” with their returns.

Confirming that BICA had earlier this week informed the Davis administration of the ongoing difficulties users are encountering with the Department of Inland Revenue’s recently-upgraded portal, which include an inability to access it, being knocked out or “constant buffering”, he added that the “story continues to

SEE PAGE B6

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ONLINE TAX ADMINISTRATION WEBSITE OFFLINE

Gov’t concern as hotel union on ‘work-to-rule’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE hotel union’s president last night said he told the Government “to talk” to industry employers as workers went into “full work-to-rule mode” over the impasse in industrial agreement talks.

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s president, told Tribune Business that the estimated 5,000-strong bargaining unit “will work our way up” through various forms of industrial action if no amicable resolution is reached with the Bahamas Hotel and Restaurant Employers

DARRIN WOODS Association over pay increases.

Asserting that Tuesday’s meeting between the two sides at the Department of Labour achieved nothing, and alleging that the Association further sought

SEE PAGE B7

Tourism to grow 14% despite crime fears

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE deputy prime minister yesterday voiced optimism that The Bahamas will overcome media coverage of its crime woes by revealing first quarter bookings are expected to outpace 2023 by 14 percent.

Chester Cooper, also minister of tourism, investments and aviation, told the House of Assembly that forward visitor bookings “remain robust” and he expects another record year for the country’s largest industry despite the focus

CHESTER COOPER

by US and other media on the destination’s safety following the recent spike in murders.

He added that a recent report by the Forward Keys consultancy revealed

SEE PAGE B10

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A MAJOR Bahamian insurer yesterday pledged that its regular homeowner clients will not suffer “any significant increases” in catastrophe premium rates for policy renewals from April 1 onwards.

Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that the property and casualty underwriter is “going to hold the rates” for its Bahamian portfolio to give households “some relief” following the significant hikes experienced during the 2023 renewal cycle that closes on March 31 this year.

But, while RoyalStar will seek other cost savings to avoid passing on the slight increase it received in reinsurance treaty costs, he warned that it will likely be at least two years - and provided there are no major hurricane losses before reinsurance market

pressures on Bahamian insurers and their customers eases.

Confirming that the underwriter has secured the necessary reinsurance treaties for its next 12-month cycle, Mr Saunders told this newspaper: “We are in six territories, and in some of those territories rates will increase, but with respect to The Bahamas we are going to hold the rates as they were in 2023.”

The only exception to this strategy, he explained, are large or unusual risks (mainly companies) that have to be placed with the “facultative market” where premium prices and rates are dictated by open market terms and conditions.

“But for the homeowners business there’s not going to be any significant increase in The Bahamas from RoyalStar,” Mr Saunders reassured. “We will find other ways to cost save for the company instead of passing on the slight

SEE PAGE B11

PAGE 2, Thursday, February 1, 2024

THE TRIBUNE

AI embrace can bring competitive advantage I n an era dominated by rapid technological advances, one term has become increasingly synonymous with innovation and efficiency – Artificial Intelligence (AI).

This cutting-edge technology is not just a buzzword; it is a catalyst reshaping the landscape of business across industries. Today, we delve into the transformative power of AI and its pivotal role in shaping the future of business.

Artificial Intelligence, often referred to as the cornerstone of the fourth Industrial Revolution, is not a standalone entity but a collective term for a range of technologies designed to mimic human intelligence.

Machine learning, natural language processing and deep learning are some of the components that make AI a powerful force in business transformation.

One of the primary impacts of AI in business is the optimisation of processes. From automating routine tasks to analysing vast datasets with lightning speed, AI allows companies to streamline operations,

KEITH

ROYE II reduce costs and enhance productivity.

Mundane and repetitive tasks that once consumed valuable human resources can now be handled efficiently by machines, freeing up skilled employees to focus on higher-value tasks that require creativity and critical thinking.

Customer experience is another realm where AI is making significant inroads.

With the ability to analyse customer behaviour, preferences and feedback in real-time, businesses can tailor their products and services to meet individual needs. AI-driven chatbots and virtual assistants are becoming integral to customer service, providing instant responses and personalised interactions. This not only improves customer satisfaction but also fosters brand loyalty in an increasingly competitive market.

AI is also a game-changer in data analytics. The ability to process vast amounts of information enables companies to make datadriven decisions. Predictive analytics, powered by AI algorithms, helps businesses forecast trends, identify opportunities and mitigate risks. This foresight is invaluable in an ever-changing global business environment, allowing companies to stay ahead of the curve.

However, the integration of AI comes with its

set of challenges. Concerns about job displacement, and ethical considerations surrounding data privacy and bias, have sparked debates on the responsible use of AI. Striking a balance between technological advances and ethical standards is imperative for the sustainable adoption of AI in business.

Despite these challenges, the transformative potential of AI in business is undeniable.

Companies that embrace AI not only gain a competitive edge but also contribute to a paradigm shift in how industries operate. The key lies in a strategic and ethical approach to implementation.

The role of Artificial Intelligence in business transformation is nothing short of revolutionary.

From automating processes to enhancing customer experiences and driving data-driven decision-making, AI is a force that cannot be ignored. As businesses navigate the future, those harnessing the power of AI will undoubtedly lead the way in shaping a more efficient, innovative and sustainable business landscape. The future is now, and Artificial Intelligence is at the forefront of the business transformation journey.

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THE ‘FISH FRY’ AT ARAWAK CAY

Arawak Cay chief hits out over $130k sewer upgrade

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Arawak Cay vendors association’s president yesterday warned that failing to consult impacted parties over the area’s proposed $130,000 sewerage system upgrade could cause problems.

Rodney Russell told Tribune Business that neither himself, nor the Association, were invited to this week’s contract signing or consulted on the matter.

“I was not informed about their press conference and so when other media houses contacted me for comment, I had nothing to say to them because I didn’t know about it and could not make comment,” he added.

The Association president said the relationship between vendors and the Ministry of Agriculture and Marine Resources was already strained as they have “rubbed horns” in the past, and “it doesn’t matter which minister of agriculture comes; the Arawak Cay vendors are left out of the loop”.

“I was informed by the facilities manager that the minister was coming to Arawak Cay and what it was about, I don’t know, but I told the facilities manager that he could not invite me to a meeting that he, too, was being invited to,” Mr Russell said.

He added that vendors have no clear understanding of how they will be impacted by the new sewerage system’s construction and if they will have to close their stalls for a time.

“We don’t have any information,” Mr Russell said.

“I do not have any information because I was not invited to the table to sit and ask the questions to give to the members of what the Government’s plans are, so that is the dilemma we find ourselves in.”

Mr Russell admitted that the sewerage and drainage system at Arawak Cay has been a “vexing problem” for many years, but added that no party has a monopoly on how to improve Arawak Cay. “I’m in the jungle and it’s like me telling my superiors what kind of weapon I need and, instead, they are telling me what kind of weapons I should have, so we will never get things done,” he added.

“Nothing is going to change because we did not have any input. We have not had anyone from the Ministry of Agriculture and Marine Resources or the Water and Sewerage Corporation ask us what we’re doing out here and how things are done, and then ask to come together to work out a solution.”

Vendors have spent upwards of six figures on building their stalls and fitting them out, and do not want their investments uprooted unnecessarily.

THE TRIBUNE

Thursday, February 1, 2024, PAGE 3

GOV’T ‘SHACKLED BY HANDS’ ON TAX FILING PORTAL’S WOES

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Government’s digitisation chief yesterday said it had been “shackled by the hands” in dealing with the Department of Inland Revenue’s tax portal woes due to the procurement solution selected.

Wayde Watson, parliamentary secretary in the Ministry of Economic Affairs, sought to shift blame to the Minnis administration as he disclosed that the issues surrounding the system upgrade were caused by “challenges” involving “network infrastructure resources”.

He spoke out after Adrian White, the Opposition MP for St Anne’s, described the tax filing and payment portal as “broke” ever since it was implemented during his contribution to the House of Assembly debate on the Bail Act amendments.

He added that it is creating challenges for businesses seeking to file their VAT returns and renew Business Licences, and said: “The issues of the Department of Inland Revenue are extremely important and relevant, not just to persons that find themselves in the business of having to pay sureties, but the individuals

WAYDE WATSON that have to go through the process of renewing their annual Business Licence, file their VAT returns and pay their VAT on time or have their business shut down.

“The public doesn’t know why we had to switch over during the holiday period.. to a new system. The last system wasn’t broke. This system has come in, it’s broke. It’s been broke on January 1, and it’s still broke on January 31.”

Mr Watson said the update performed by the vendor was completed on time, but there were resource challenges due to the procurement system they met in place. He added: “There was an upgrade by the vendor. The vendor proceeded to complete the upgrade in a timely fashion.

However, the resources on the network infrastructure were required.

“Those resources, again, by some challenges as it relates to the procurement system that was implemented before we had an opportunity to take office, and before we were shackled by the hands, to abide by this procurement solution.”

Mr Watson explained that the resources needed by the vendor would take between six to eight weeks to arrive to New Providence, so they attempted to revert to a previous system but that was met by other challenges.

He said: “It would take the vendor approximately six to eight weeks for those resources to be on island and for the vendor to have the application upgraded and installed on this particular infrastructure.

“What the vendor attempted to do was to revert back to a prior release so that the resources necessary for the application to run appropriately would run effectively on the network. That presented a challenge.”

Mr Watson said the Department of Inland Revenue is currently working with the vendor to solve the problem, and is removing resources used by other applications in an attempt to have the system run smoothly.He maintained that after the upgrades users will see an improvement in the system.

“We are now in the process of speaking directly with the vendor to see how quickly we can mitigate some challenges. We have also sought to relinquish some of the resources used by other applications on the network; that is being done as we speak,” Mr Watson said.

“And we are hoping that, as a result of that, we will be able to free up some of the resources and make those resources available to the Department of Inland Revenue’s application so that that application can run a little bit more smoothly.

“I do want to apologise to the Bahamian people, and to all of the businesses who are trying to interact with the Department of Inland Revenue. And we ask them to bear with us as we continue to improve the network and as we continue to improve the application, but as soon as those resources are made available we should see an improvement in performance on the Department of Inland Revenue’s network.”

Mr White said the explanation given by Mr Watson still did not speak to extensions for businesses that were not able to file on time due to system issues, and he questioned if the upcoming system upgrades will further delay the renewal process.

The MP said business owners can face “extreme fines” or closure if their VAT filings and Business Licence renewals are not submitted on time. “It doesn’t, however, calm those persons that have not received the notice from the Government advising them that the issues with the Department of Internal Revenue’s system will allow them to have an extension on the filing time,” Mr White said.

“I mean, what was just described to me sounds like in two weeks or so we’ll have the technology here. And we’re going to go through the process we went through in Christmas, which is we’re going to do some more changes and we’re gonna hope that it works out.

“I’m not an expert in the area, and I acknowledge that the member for Bain and Grants Town is the expert. But people’s businesses can be closed down because they don’t have their Business Licence renewed. People can face extreme fines for not having the VAT submissions filed and paid by the deadline.”

Mr White questioned how much revenue the Department of Inland Revenue has been unable to collect due to the system issues, and noted that the loss of revenue must be “putting

a tremendous strain” on the Government. He added that business owners and accounting providers depend on the system to be functioning effectively Mr White said: “It would be interesting to find out how much money has been collected so far since the beginning of the year for the renewal of Business Licences, and the VAT returns due at this period at this point in 2024 compared to the same point last year in 2023. I estimate it’s in the millions, and I don’t know who leaves millions of dollars lying around off the table.

“It must be putting a tremendous strain on our government and we’re finding it extremely difficult for households.

“You have persons whose businesses depend on a functioning system at the Department of Inland Revenue not only for them to operate their shops… but you have persons that are engaged - whether the accountants or law firms or others - with assisting clients to get these online steps completed.

“Businesses, livelihoods, homes, school fees are all being jeopardised by the dysfunctioning state we find ourselves in at the Department of Inland Revenue.”

GB ‘CANNOT AFFORD ANY MORE LOSSES’ ON CRUISE TICKET HALT

By NEIL HARTNELL and Fay Simmons Tribune Business Reporters AN MP yesterday warned the Grand Bahama “cannot afford any more losses” as the Government pledged to “reverse” a cruise ship’s move to stop selling tickets originating on the island.

Kwasi Thompson, the east Grand Bahama MP and Opposition finance spokesman, told Tribune Business that the decision

by Margaritaville of the

Sea is “a loss from Grand Bahama’s point of view and “any loss we cannot afford” given how heavily businesses and residents relied upon it to ship freight purchased in the US. The Ministry of Tourism, Investments and Aviation, yesterday said in a short statement that it “is actively engaged with Margaritaville of the Sea to reverse its recent policy change that does not allow originating a trip from Freeport, Grand Bahama, to Florida.

“We have emphasised to Margaritaville of the Sea that this is an essential service to the way of life of the residents of Grand Bahama Island. We will apprise the public of the outcome of these discussions,” the ministry said.

No explanation has been given for the move, but Tribune Business sources have suggested that Margaritaville of the Seas may have run afoul of the US authorities because it was effectively operating a

ferry service when it is only licensed to be a cruise ship.

Grand Bahama travel agents, meanwhile, described the Magaritaville at Sea as a “good seller” that provided more flexibility to business owners.

One explained that it would depart from Grand Bahama every other day while the Balearia only sails on Wednesday and Saturday. She added that customers also preferred

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PAGE 4, Thursday, February 1, 2024

THE TRIBUNE

BTC RESTORES GB CLIENTS HIT BY ‘NETWORK SABOTAGE’ THE Bahamas Telecommunications Company (BTC) yesterday said Grand Bahama customers who lost service due to “network sabotage” through copper theft have been fully restored.

The carrier, in a statement, said it had made complaints to the Royal Bahamas Police Force during December and

January comcerning copper theft and network sabotage in residential areas including Lucaya, Fortune Bay, Fortune Hill, Chesapeake, Heritage Hunters and Regency.

This resulted in a loss of landline, Internet and television services for multiple customers, and also delayed BTC’s completion of the new residential

fibre-to-the-home network on Grand Bahama as teams and resources had to be diverted to repairs and service restoration.

“We had multiple areas that were impacted by the cutting of copper and a number of customers were impacted. We have managed to get the services of all of these customers up and running since last week,

so from that standpoint everything has been sorted out,” said Dominic Petty, BTC’s executive senior manager for the Northern Bahamas.

Grand Bahama customers who are still experiencing issues can reach out to BTC’s contact centre at 225-8252 or visit the Pioneer’s Way retail store for assistance. BTC said it is working with the police as they continue to investigate persistent copper thefts from its network. The police last year apprehended several suspects who were charged

with copper theft and network sabotage.

Mr Petty said BTC plans to accelerate the migration of its remaining copper customers over to the high-speed fibre network.

“We are now focused on fiberising businesses in the downtown area, Port Lucaya Marketplace, Freeport Harbour and Queen’s Highway corridor,” he added.

“In the coming weeks, technicians will also move into the residential areas of Bahamia, Greening Glade and the ‘Over the Bridge’ community.”

DOMINIC PETTY ICON of the Seas sailed into Nassau Cruise Port for its inaugural visit on January 18, 2024.

Photo:Nassau Cruise Port

CRUISE PORT HAILS ARRIVAL OF WORLD'S LARGEST VESSEL NASSAU Cruise Port (NCP) has hailed the firstever visit by the world's largest cruise ship, Royal Caribbean's Icon of The Seas, to the Bahamian capital on Thursday, January 18.

Mike Maura, the Prince George Wharf operator's chief executive and director, joined Chester Cooper, deputy prime minister and minister of tourism, investments and aviation; Michael Bayley, Royal Caribbean's president and chief executive, and numerous local dignitaries and industry executives to welcome the ship.

“Icon of the Seas is truly in a class of its own, and the Royal Caribbean team should be immensely proud of the result of this incredible seven-year endeavour,” said Mr Maura. “We appreciate the confidence that Royal Caribbean continues to show in Nassau Cruise Port and in The Bahamas to deliver a superior tourism product, and we look forward to continuing to work with the Royal Caribbean team in ensuring that its guests enjoy fun, memorable experiences in Nassau.”

“This is magnificent for the Bahamas,” Mr Cooper

exclaimed. “It is a great day for Royal Caribbean but a magnificent day for Nassau Cruise Port and The Bahamas.... [We are] on the verge of greatness for 2024.

The numbers are expected to be significant coming from Royal Caribbean but also from the entire industry. We are looking forward to another banner year.”

Mr Cooper expressed his gratitude to the Royal Caribbean team, declaring that “The Bahamas' culture, [and] the advancement of youth and creative industries" will benefit immensely from the collaboration between Royal Caribbean, Nassau Cruise Port and the wider Bahamas.

THE TRIBUNE

Thursday, February 1, 2024, PAGE 5

DOCTOR’S HOSPITAL’S CAYMAN TIE-UP TO REDUCE COMPLEX TREATMENT COSTS DOCTORS Hospital yesterday unveiled a partnership with Health City Cayman that aims to provide Bahamians with more affordable access to better treatment outcomes for complex illnesses.

The two parties, in a statement, explained that their tie-up will establish the Cayman provider as the “preferred referral option for Doctors Hospital Bahamas and Bahamian patients broadly” when it comes to “highly complex off-island medical cases. The deal aims to “create sructured access to world-class outcomes at a price point that will significantly lower the cost of complex medical episodes for Bahamians”.

Dr Charles Diggiss, president and chief executive of BISX-listed Doctors Hospital Bahamas, said: “Not only are we achieving immediate access to specialist services not traditionally available in The Bahamas; we will present an option for superior outcomes which Bahamians seek.

“Doctors Hospital and Health City share similar values, which are based on a shared commitment to high-quality patient care outcomes. We look forward to expanding our relationship further.”

Dr Binoy Chattuparambil, Health City’s clinical director, added: “We have had the privilege to help many children from The Bahamas with surgical interventions and are even more excited to deepen our relationships with our colleague clinicians at Doctors Hospital.

“This partnership will increase our ability to work with Doctors Hospital to serve more Bahamians of all ages, providing them with additional modalities of world-class healthcare.”

Both sides said their partnership will place patients at “the centre of care”. For services not available in The Bahamas, patients will have access to Health City’s specialist capacity in a nearby tertiary care institution.

Care continuity will be co-ordinated through Doctors Hospital Bahamas.

Following their discharge from Health City Cayman facilities, patients will return to The Bahamas and continue to receive ongoing care from their original physicians, who will be in constant contact with their Cayman counterparts.

The two sides will also coordinate emergency care, especially when urgent medical evacuation is required.

Both Doctors Hospital and Health City Cayman said they will work to provide

TEAMS from Doctors Hospital Bahamas and Health City.

end-to-end medical evacuation services to ensure the best care for patients and a solid experience for travelling companions.

“The relationship is likely to significantly reduce the high cost of complex medical services typically not available in The Bahamas,” Doctors Hospital and Health City Cayman said. “Patients paying out of pocket and insurance companies will benefit from cost savings, potentially leading to reductions in the fiscal burden borne by Bahamian families and healthcare premiums.

“The relationship presents a clear alternative to US-based medical care, which often presents as financially out of reach.”

Health City’s chief business officer, Shomari Scott, said: “Together, we can show that Caribbean entities can co-operate and find solutions for our region, holding hands for the betterment of our Caribbean brothers and sisters.

“We are pleased to work with Doctors Hospital Bahamas, who share Health City’s vision of advancing healthcare in the Caribbean by positively impacting people’s health journeys. Through partnerships like this, we can continue to bolster the Caribbean as a global hub for healthcare excellence.”

Dennis Deveaux, Doctors Hospital’s chief financial officer, said: “Bahamians ought to expect world class healthcare outcomes at Health City, co-ordinated through Doctors Hospital, but at a price point that will be significantly more accessible than other US-based off-island choices.

“This has direct implications for cash paying patients immediately, and will also curb the rate of growth of insurance premiums given the high cost environment which is typical in off-island care today.”

Both entities are Joint Commission International (JCI) accredited hospitals,

which they said makes their partnership the first of its kind between two fully accredited, private medical facilities in the Caribbean.

They added that this was “a first step in a deepening relationship” between Doctors Hospital Bahamas and Health City Cayman.

PAGE 6, Thursday, February 1, 2024

THE TRIBUNE

‘RESOUNDING NO’ TO BUSINESS LICENCE FILING EXTENSION CALL FROM PAGE B1 be a frustration” amid the “frenzy” of yesterday’s Business Licence rush.

BICA’s call for a Business Licence filing extension, given the portal’s woes, was yesterday backed by Timothy Ingraham, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, who said the private sector group is now awaiting the Government’s response.

“The Bahamas Chamber of Commerce and Employers Confederation notes the ongoing challenges some members of the business community continue to have with the online tax system and have reached out to the Department of Inland Revenue to recommend that the deadline for reporting be extended for those entities which are being impacted.

We are awaiting their response,” Mr Ingraham told Tribune Business.

Neither Simon Wilson, the Ministry of Finance’s financial secretary, nor Dexter Fernander, the Department of Inland Revenue’s operations manager, could be contacted for comment on the latest tax portal controversy before press time despite multiple calls being placed to their respective phones.

One accountant, though, speaking on condition of anonymity, told this newspaper he had been informed that the Government will not levy fines on companies who missed yesterday’s Business Licence filing deadline

provided they can show they made legitimate, bona fide efforts to comply only to be thwarted by the technology.

“I have been tipped that there will be no penalties with late filings; reasonable late filings,” the source added. “I have been informed there will be no penalties for reasonable lateness. It’s reasonable lateness, not very, very late. We’ll see how it pans out. We’ll see what tomorrow brings. It’s become normal. The roads have pot holes, the Road Traffic Department doesn’t work etc, etc.”

Mr Albury, though, said that to his knowledge there has been no official confirmation from the Government that it will waive financial sanctions and penalties for companies who are late on their filings and payments as a result of the tax portal problems.

“They have not informed us that there have been any extensions to the deadline, but I can tell you we made them aware two days ago - definitely earlier this week - of all the issues we’re facing. Everyone over and over again,” he told Tribune Business.

“Their position is that some people are getting through. Really? We have asked them to extend the deadline, and they just came back with a resounding ‘no’, we’re not going to do that, because some people are getting through.”

Asked whether the Government has signalled that it will be lenient, and flexible, when it comes to levying

fines on late filers and payers, Mr Albury replied: “They may have some leniency with fines, but that has not been made official. That’s as far as they went with us, and they have not made that official.”

Speaking to the obstacles facing the estimated 50,000 Business Licence filers, the BICA president added: “It’s very unfortunate, very unfortunate the position for a lot of people. Everyone’s trying to get in. It’s a mad rush right now, and the queue is clogged up with a lot of people trying to get in. They should have anticipated it.

Ill-preparation. It’s very unfortunate.”

Besides an inability to access the online tax payment portal, and/or eventually being kicked out of the system, Mr Albury said other difficulties encountered by users include “the system just sitting there and nothing happening. You wait there and you wait..... The story continues to be a frustration. It’s still an issue, still a frenzy.”

The BICA president, who confirmed he was working to provide last-minute assistance to clients as yesterday’s Business Licence filing deadline loomed, added that he was also working through outstanding technical issues.

“We’ve also had people who did not know what to report,” Mr Albury added.

“There’s an estimate [of turnover] that you have to fill out, and an actual you have to fill out. I’ve been explaining to a lot of clients how to fill that out. That’s the first time they’ve seen it this year.

They have some videos out there on it, but it has not been made clear. That’s still an issue.”

Adrian White, the Opposition MP for St Anne’s, who raised the tax filing and reporting woes in the House of Assembly yesterday, said the effect was to create “a complete loss on multiple levels”. Not only are businesses losing confidence and productivity from obstacles to the ease of doing business, and the time taken to file declarations, but taxes are not flowing properly into the cash-strapped Government’s Treasury.

“We have clients that have written to us,” the attorney said. “They issue they are currently experiencing is getting into the system. Instead of completing the process they are getting a notice that the system doesn’t seem to be working properly.” He added that his law firm also worked with accountants who had been unable to file for both January’s VAT returns and the Business Licence.

Wayde Watson, the Bain and Grants Town MP, who as parliamentary secretary in the Ministry of Economic Affairs heads the Government’s digitisation drive, yesterday told the House of Assembly that the online tax portal’s provider was obtaining the necessary “resources” to upgrade the sits and these should arrive on New Providence shortly (see article on Page 3B).

However, Mr White yesterday accused the Government of failing to provide the private sector with any help or information despite being aware of the tax portal’s woes, and argued that it had left “people to fight it out on their own”.

“It takes time for people to get submissions through

the system instead of being able to generate income,” the St Anne’s MP said of business owners. “It’s a complete loss on multiple levels.

A loss of confidence, a loss of revenue for businesses themselves, a loss of productivity in the business and a loss of income. It also leads to a loss for the Government’s consolidated fund without these declarations being completed.”

Apart from the likely disruption to the Government’s cash flow from companies being unable to make the due tax and fee payments, Mr White added: “Keeping a business open where it’s not operating in the red is a real concern, and that includes many business owners. Most business owners are only providing an income for themselves and their staff, and there isn’t a pot of gold at the end of the year.”

He added that, in the case of the tax portal, “the system is up against you, the bureaucracy is clogging it up” with the end result that the ease of doing business is almost totally eliminated. “There doesn’t seem to be any concern from the Government,” Mr White said, arguing that fines for missed filing deadlines should be waived for companies “booted out from the system again and again” and unable to pay through no fault of their own.

“It’s a huge problem, and there are a lot of people that are under extreme pressure trying to resolve this and sort this out,” Mr White said. “The frustration is at its highest level, and something needs to be done. There needs to be a communication from the Government on what’s going to happen.”

Peter Maury, the former Association of Bahamas Marinas (ABM) president,

told Tribune Business that he “gave up” trying to complete two Business Licence submissions on Tuesday after the difficulties encountered in accessing the Department of Inland Revenue’s portal.

Describing January 2024 as a candidate for “the worst month in history”, given saturation global media coverage of The Bahamas’ crime problems, combined with the fact that “Road Traffic doesn’t work, Inland Revenue doesn’t work”, he added: “I couldn’t get on the portal yesterday, and then I got on and did some of it.

“I have a real simple Business Licence to do for one or two companies. They’re holding companies. It doesn’t take very long usually, yet I gave up. It should take about 20 minutes, but just to go from one page to the next was taking 20 minutes. I had something else to do yesterday [Tuesday] and gave up, but today was just as bad.

It’s not moving. It’s insane. It just keeps circling around.”

Suggesting that The Bahamas appears to be “going backwards” in its digitisation efforts, Mr Maury questioned why the Department of Inland Revenue had waited until the 2023 fourth quarter - the busiest period of the year for most companies - and the hectic VAT and Business Licence filings in January to upgrade the online tax portal.

“How can I pay it if I cannot get on?” he asked.

“I want to pay. They picked a terrible time to try out a new system..... It’s definitely not easier, it’s definitely not efficient or anything else. I’m just going to give up for now and try later. It’s on Facebook and social media. ‘Are you able to get on’ and ‘are you able to file?’. Nobody is getting on.”

THE TRIBUNE

Thursday, February 1, 2024, PAGE 7

JITNEY OWNERS RESTLESS OVER PROMISED FARE RISE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net JITNEY franchise owners yesterday signalled they are getting restless over the Ministry of Transport’s seeming lack of movement on implementing the long-awaited bus fare increase.

Harrison Moxey, the United Public Transportation Company’s (UPTC) president, told Tribune Business that the proposed 25 cents rise, which would

take the bus fare to $1.50 for adults and $1.25 for junior and high school students in uniform during school hours, and $1.50 for the latter during school breaks and weekends, has been hanging over the industry for months without progress.

JoBeth Coleby-Davis, minister of transport and energy, in November 2023 unveiled her ministry’s plans to conduct a series of Town Hall meetings on the proposed increase, but Mr Moxey said: “We haven’t heard anything from the

Government, but just as soon as we get past this business licensing issue we plan to call a general meeting to address this bus fare increase.

“I don’t need to say how bad it is and we haven’t heard anything - no date for a Town Hall meeting or anything like that, or an increase being forthcoming.” Mr Moxey said this was a “big problem” for franchise owners and jitney drivers alike, and some have resorted to raising their fares on their own without regulatory approval.

“I’m getting some feedback from some of my members. It’s not a lot, but I want to deal with it before it comes to a head,” Mr Moxey said. “We figured that all the way from last year, and this is now January and we have no end in sight, so either we do something or drivers will start adding charges themselves.

“They have already raised their fares on January 1, and I told them the new rate has not been enforced and don’t put it on the people, but this is where we’re at now. So, with or

without the minister, people are prepared to go up, so they will have to catch us up. That’s how some of them feel about it.”

Meanwhile, Mr Moxey said work continues on long-standing plans to unify the jitney system. “One we get past the business licensing, we are back at the table on Monday for a final plan for bus unification. So this is not dead in the water,” he added.

“There is some discussion on the bus stop amendment for downtown in front of the Hoffer’s store

to go with the Bay Street revitalisation committee, but it is only helping us to see how unification can be done so beautifully if it’s properly implemented for us as a country. So we’re never giving up on it but that’s where we are with bus unification.

“We’ll continue to push it. This is the year for it, and for us to see some real tangible steps and people are ready to put their money where their mouth is to get something going.”

Gov’t concern as hotel union on ‘work-to-rule’ FROM PAGE B1 to alter wage-related terms the union thought had been agreed, he added of his membership’s position: “We ain’t giving back nothing.”

This would be the worst possible time for hotel industry to be hit by industrial action given that The Bahamas is already grappling with the fall-out from frenzied US and international media coverage of this nation’s crime woes - a development that could potentially some tourists from visiting.

Mr Woods disclosed to this newspaper that he has already been contacted by Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, over the state of hotel industry industrial relations and the potential for further disruptive action.

However, the union president accused hotel employers of “playing games” over talks aimed at securing the industry’s first industrial agreement for over a decade, and added: “We have to get their attention.” He also warned that he can “guarantee” escalating forms of industrial action “unless something changes” and the two sides’ reach an acceptable solution.

Russell Miller, the senior Atlantis executive and Bahamas Hotel and Restaurant Employers Association president, declined to comment when contacted by Tribune Business ahead of a further Department

of Labour meeting that is scheduled for today.

However, Mr Woods retorted that “ain’t nothing happened” when asked by this newspaper about the outcome of Tuesday’s meeting between the two sides that was facilitated by the same government agency.

“We’re on to the next stage.

The industry is on full work-to-rule, and industrial action will start soon,” he said. “We will work our way up to it. We have to get their attention because they’re playing games right now.”

The union president said the Association stuck to its previously stated position, which is that tipped workers and other minimum wage staff will not necessarily receive the 8 percent “across-the-board” salary increase the BHCAWU wants for all members.

Its stance is that such workers, who mainly gain the bulk of their income from guest tips, should receive “whichever is greater” - last year’s minimum wage increase or an 8 percent pay rise, but not both - when it comes to their base salary.

This would mean that if a hotel worker’s base pay increased by more than 8 percent due to the Government raising the minimum wage last year, they would not be entitled to a further rise under the new industrial agreement.

“The 8 percent increase is less than the minimum wage,” Mr Woods said.

“They’re saying the tipped category, they’re not going

to give them greater than last year.” And he alleged that the Association had also revised its position such that its members want to deduct the 3 percent pay increase they gave voluntarily to non-tipped staff last year from that 8 percent, thus cutting their pay rise to 5 percent.

“That’s what they gave, and they’ve now said they want to take it from 8 percent and give them 5 percent,” Mr Woods said.

“We said ‘no, no, we didn’t agree to that’. We got 8 percent across-the-board for everyone, and we said we negotiated for all; we didn’t negotiate for some. To say they will come and take monies back from another group of people, we can’t do it. We’re going to see where it goes.

“I got a call from the deputy prime minister last [Tuesday] night. They’re very concerned with this, and they want to see this come to a speedy and amicable resolution, but I said to talk to them [the Association] because we ain’t giving back nothing no more. That’s the information my members gave me: They’re not prepared to give up anything else.”

Mr Woods said the fact the Association came to Tuesday’s Department of Labour meeting with a “position”, rather than “a proposal”, suggested it did not intend to negotiate with the union. Work-to-rule means that its members will stick rigidly to the confines of their job descriptions, refusing to perform extra

duties and functions, with the four properties impacted being Atlantis, the Ocean Club, Lyford Cay Club and Town Hotel.

“Nobody wants to see this. We don’t want to see this, and but we ain’t going to allow anyone to take anything from our members,” the union president added. “We’re not going to sit and let them take from us. It’s time for the members to stand up, and that’s what we intend to do.”

Asked whether this was not the time to take industrial action, given the present crime-related pressures facing the tourism industry, Mr Woods replied: “I cannot really say it is.

The members have been taken advantage of for too long.

“The industry has had a tremendous boom on the backs of my people, and it’s time for them to get their fair share. The industry seems to want to take advantage of them, when they know it’s the workers that are vital to their industry. We have to do what we have to do.”

While pledging that hotel union members will “stay within the confines of the law”, Mr Woods added: “I want to send a strong message to anyone on the other side who attempts to prevent my members from exercising their rights.. If one of my members, just one, is impeded from exercising their rights it’s no holds barred and the gloves are off.

“We’ve suffered long, and during the whole period

they worked. Now it’s time for them to receive something, and they want to take back from them. Like I said in the other place, it will be a cold day in hell.”

Mr Miller, in a statement last week, said the Association was “surprised and disappointed” by the union’s stance given that both sides had “agreed to all financial and nonfinancial terms” for a first industrial agreement in more than a decade.

“Given that we were in the final stages of completing these negotiations with the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU), we are surprised and disappointed by the statements made

by BHCAWU’s president, Darrin Woods,” Mr Miller said.

“Both sides had already agreed to all financial and non-financial terms

and conditions in the new agreement, and we were in the process of vetting and binding documents for signature. This unexpected, 11th-hour impasse is incredibly unfair to our bargaining unit team members who have worked without an agreement since 2013 due to the union’s failure to put a new contract forward.

“We have continued to honour and operate under the terms of the expired agreement without fail.

We will not allow today to derail our commitment to finalising a new agreement as soon as possible.” The reference to the “union’s failure” refers to the fact it did not submit an offer for a new industrial deal 90 days or more before the last agreement’s expiry in 2013 as the contract mandated it must do.

PAGE 10, Thursday, February 1, 2024

THE TRIBUNE

Tourism to grow 14% despite crime fears FROM PAGE B1 that arrivals for the three months to end-March 22024 are expected to exceed the comparative period for 2023 by 14 percent with mid-year bookings ahead of the first six months for last year by 12 percent.

“Fortunately, forward bookings for The Bahamas remain robust, and we anticipate another banner year for our tourism industry,” Mr Cooper said.

“Forward Keys, an agency that tracks actual international bookings, issued a report only yesterday [Tuesday] that noted that the “outlook for arrivals in the first quarter of 2024 is positive with an expected 14 percent growth versus 2023 from all international markets; with overall growth of 22 percent in current air tickets issued, and

12 percent growth in 2024 over 2023 at the half-year mark.”

Mr Cooper said earlier this month that 2024 tourism numbers were ahead of last year’s comparatives in the initial weeks as he reiterated that The Bahamas expects to exceed nine million visitor arrivals for 2023.

He said: “We are anticipating more than nine million. We are still counting... this is an important record setting year for our country.

“By the end of January, we’ll have a good grasp of where we are in terms of overall arrivals. Suffice to say that this continues to be the best year we’ve seen and 2024 is on a magnificent trajectory to March. It’s looking better than 2023 so far.”

However, Mr Cooper also warned that The Bahamas cannot allow the spike in crime to “cast a shadow” over the entire country while maintaining that the tourism brand remains strong. He added that most murders and violent incidents in early 2024 took place in inner-city areas that are hardly visited by tourists, and no visitors have been targeted or injured.

He said: “The recent attacks are largely concentrated in inner-city areas, seldom frequented by tourists. The crime situation in Nassau must be addressed but must not be allowed to cast a shadow over our 16-island destinations, where tranquility, warm hospitable people and natural beauty abound.

“I want to emphasise that no tourists have been

targeted, hurt or injured in any of these recent attacks.

Our brand is strong, our islands are diverse, and our people are resilient, peaceful and friendly.”

Mr Cooper said the most recent US travel advisory was “routine” and “misinterpreted”, and maintained that visitors know The Bahamas is a “safe place to live, work and play”.

He said: “With regard to the ongoing crime wave that has produced these heinous incidents, it is imperative to address misconceptions about the impact of these incidents on our tourism sector. The world knows our allure, and this is why we have been able to attract more than nine million tourists in 2023, posting the best results in the history of The Bahamas.

“Our visitors know that The Bahamas is a safe place to live, work and play. Our arrivals exceeded 2019 by more than 30 percent and 2022 by more than 40 percent.” Mr Cooper said that while he is confident recent reports in the international media “will not cause lasting damage”, The Bahamas cannot be passive about a narrative that “misrepresents” The Bahamas.

He said: “I acknowledge the concerns raised by recent international media reports, notwithstanding our view that many of the reports sensationalised or mischaracterised the issue.

While we are confident that these reports will not cause lasting damage, we cannot be passive observers to a narrative that misrepresents our beloved Bahamas.

“We must be proactive in sharing the accurate picture – that The Bahamas remains a safe and welcoming destination for visitors from around the world.”

Mr Cooper said the Government is committed to fighting crime wave and conceded that a safer country is important for residents and guests. He added: “As you know, the Prime Minister, the minister of national security, and the police commissioner have outlined comprehensive measures to tackle this issue head-on.

“Our commitment is unwavering. We will utilise the full weight of the Government to quell this sickening wave of violent crime. An even safer Bahamas is not only a necessity for residents but also a vital component of maintaining a secure environment for our guests.”

The deputy prime minister said the Ministry of Tourism is ensuring that Bahamian embassies and tourism partners are aware of the Davis administration’s plans to combat crime, and it will try to “transform” the negative narrative into a positive one.

“We are ensuring that this message is received directly by our embassies and consulates, travel partners, booking agents, Bahamas specialists, travel advisors

as well as influencers and media houses and news anchors,” Mr Cooper said.

“Our objective is to transform a negative narrative into a resounding positive for our nation.

“The recent concerns and reports have prompted us to recalibrate our approach, focusing on engagement with the international media. We recognise the need for them to have a better understanding of our geography and a contextualised awareness of the events occurring within our borders.

“By fostering open communication and providing accurate information, we aim to facilitate fair and balanced reporting. We are working hand-in-hand with the media to ensure they are better informed about the realities on the ground, dispelling misconceptions and nurturing a more positive portrayal of The Bahamas.”

Mr Cooper said his ministry is assessing the impact of negative reports and countering with targeted media coverage that shows the positive aspects of The Bahamas.

He added: “To counteract any potential brand damage, our strategy is meticulous.

We are, on a daily basis, monitoring mainstream media and social media through traditional means as well as using Artificial Intelligence (AI).

“We are assessing daily the extent of the impact and focusing our efforts on specific demographics and geographics that may have reservations about visiting our beautiful shores. We will provide reassurance through targeted outreach, showcasing the warmth and hospitality that define the Bahamian spirit.”

Mr Cooper said the response must not be panicked and that all stakeholders must be involved to ensure the tourism product remains strong He added: “The challenges we face require a robust and united response, but not a panicked one. We must be intentional, deliberate and calm. It will involve not just our government but all stakeholders who share a vested interest in the prosperity of our tourism sector.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, PRINCESS JUNE BARRIFFE of #34 Shirley Street East, Gardenwell Corner, Nassau, The Bahamas, Mother of RAMON JAVON JEANTY ASTWOOD A minor intend to change my child’s name to RAMON JAVON JEANTY If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE TRIBUNE

Thursday, February 1, 2024, PAGE 11

Insurer: ‘No significant’ storm cover increases FROM PAGE B1 ncrease we got for The Bahamas with the contract..

“In some of my other territories there will be an increase in rates. The highest rises are going to be in the Cayman Islands and Turks & Caicos to a lesser extent. But, for all of our Bahamas portfolio, at least they can plan accordingly and the significant rate increase they got last year, at least they have some relief this year in that it is not increasing.”

Bahamian property and casualty underwriters must acquire huge amounts of reinsurance annually because their relatively thin capital bases mean they cannot cover the multibillion dollar assets at risk in this nation, thus making them dependent on the cost and availability of such global support.

The large, and more frequent, payouts associated with hurricanes in the Caribbean means some reinsurers now either have a reduced appetite for

underwriting risks in this region or have withdrawn from it altogether. Hence the reduction of capacity and increase in pricing, the latter of which was passed on to Bahamian consumers in 2023.

Asked about reinsurance rates facing RoyalStar, Mr Saunders replied: “Unfortunately they are not decreasing because we still have that constraint in capacity in the market, and we were still unable to increase the capacity we got from the market.

“Let’s put it this way. We believe, based on everything we have read, what we have been told and everything in the market, there’s probably another two years before [rates] relax subject to there being no big losses in the meantime. Last year was the worst I have ever seen. This year it was more organised from a capacity standpoint, but there were still the same constraints.”

Bahamian carriers and their reinsurance partners incurred around $2bn worth of claims payouts as a

result of Hurricane Dorian, which Mr Saunders said was a sum four times’ greater than the estimated $500m worth of annual gross written premiums generated for catastrophe coverage across the entire Bahamas.

“All over the Caribbean, and for The Bahamas, we have had an increased frequency and severity of storms,” the RoyalStar chief pointed out. “But this year, for The Bahamas, we decided we were not going to increase the insurance for homeowners. There are some persons with below the book rates that have to be adjusted, but the overall market will not see an increase from RoyalStar.

“At the end of the day, the market is the market right now, and we believe in two years - if nothing major happens - the market will decline. It always goes in cycles, and we have to ride out the cycle as best we can.”

Mr Saunders also revealed that the Government is working on a solution to address concerns

surrounding the affordability of catastrophe coverage amid fears that more Bahamian homeowners and companies are increasingly being priced out of obtaining such security.

“The Government, I know, is looking at a scheme,” he disclosed. “It’s in the initial stages, and some of us in the insurance market are working along with them. Hopefully we’ll see something come to fruition on the home end of the market by the end of next year.”

Timothy Ingraham, chief executive of Summit Insurance Company, the carrier through which Insurance Management places much of its property and casualty business, echoed Mr Saunders’ assessment of market conditions.

“The reinsurance market continues to be very challenging for insurers who must purchase reinsurance protection, which includes all regional property and casualty insurance companies,” he told Tribune Business.

“The January 1 renewals were much more orderly than they were a year ago, though reinsurance rates continue to rise and capacity continues in short supply. For 2023, the trend of reinsurers paying catastrophe claims above the $100bn mark continued, hence the drive to continue price increases in catastrophe prone areas.

“This means that some property owners may see an increase in their premiums dependent on what level they are at currently. Local insurers are doing all they can to contain these increases, with some absorbing at least part of the reinsurance rate increase where this is possible.”

NOTICE NOTICE is hereby given that MARJORIE CULMER of #28 Skylark Crescent, New Providence, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 12, Thursday, February 1, 2024

THE TRIBUNE

GB ‘cannot afford any more losses’ on cruise ticket halt FROM PAGE B3 traveling on the Margaritaville at Sea as they would spend the night in onboard cabins, eliminating the need to purchase a hotel room.

“Customers were very disappointed; it was really a good seller. You have a lot of Bahamians who were interested in that so we used to still a lot of it,” they said. “People prefer Margaritaville over Balearia because they don’t have to get a hotel for the night.

With Margaritaville they have cabins and when you

leave in the night you’re arriving tomorrow.”

She said Margaritaville at Sea did not give travel agents any warning before making the decision, and agents would tell her the dates were booked when trying to arrange trips in 2024.

She said: “I was trying to call for a December booking and they wanted to return on January 8. They say no, it’s full, they have no availability. The last one they have is January 2.

“So I went back to the client and, by the time I called back, they said that

was gone. They ended up returning earlier, like the end of December. But they never gave any concrete information to say this is why we cannot take bookings.”

Mrs Carroll, general manager of Gateway Travel Services, said the decision has mostly impacted her handicapped clients who cannot be accommodated on the Balearia and enjoy the accessible amenities onboard the Margaritaville at Sea. She said: “People are just finding alternative ways to travel. Some have

just gone back to using the Balearia. Some persons were inconvenienced.

You have handicapped passengers that cannot be accommodated on Balearia and Margaritaville was perfect for them.

She added that she received no official notification from Margaritaville at Sea before they discontinued the trip, but was informed by an agent while trying to book 2024 trips.

Ms Carroll said: “I’ve never received an official e-mail from them.

Their agents actually told us when we would call

about particular dates.

We’ve known it for a while because the agent said, you know, they’re not going to be selling one way as of January 1… and that was it.”

Margaritaville at Sea still operates the two-night round trip from West Palm Beach. Passengers sailing to Grand Bahama must return to Palm Beach the same day when the ship leaves in the evening. If a passenger decides to get off and not return with the ship to Palm Beach they are blacklisted and will not be allowed to travel on the ship.

Margaritaville at Sea, formerly Grand Celebration, was initially founded by Bahamas Paradise Cruise Line in 2014. It began operations in February 2015.

However, in May 2022, the company was rebranded to Margaritaville at Sea following a partnership between Bahamas Paradise Cruise Line and Jimmy Buffet’s Margaritaville brand.

The sole ship, the Grand Classica, was refurbished and renamed Margaritaville at Sea Paradise.

HOUSE PASSES BILL TO ENHANCE CHILD TAX CREDIT, REVIVE KEY TAX BREAKS FOR BUSINESSES

By KEVIN FREKING Associated Press THE House accomplished something unusual Wednesday in passing with broad, bipartisan support a roughly $79 billion tax cut package that would enhance the child tax credit for millions of lower-income families and boost three tax breaks for business, a combination that gives lawmakers on both sides of the political aisle coveted policy wins.

Prospects for the measure becoming law are uncertain with the Senate still having to take it up, but for a House that has struggled to get bills of consequence over the finish line, the tax

legislation could represent a rare breakthrough. The bill passed by a vote of 357-70.

Speaker Mike Johnson, R-La., threw his support behind the bill on Wednesday morning. He spent part of the previous day meeting with GOP lawmakers who were concerned about particular features of the bill, namely the expanded child tax credit. Some were also unhappy that it failed to address the $10,000 cap on the total amount of property taxes or state or local taxes that consumers can deduct on their federal returns.

Raising the cap is a top priority of lawmakers from the Republican members of the New York congressional

delegation, whose victories in 2022 helped the GOP take the majority.

Johnson committed to moving a bill that addresses the cap, but there is no bill text yet and legislation would have to move through the House Rules Committee, which leaves the timing very much in flux.

Athina Lawson, a spokeswoman for Johnson, said the speaker and the chairman of the House Ways and Means Committee, Rep. Jason Smith, R-Mo., agreed to work with lawmakers to "find a path forward."

Johnson called the tax cut bill on the House floor important, bipartisan legislation that would revive

"conservative pro-growth tax reform." He also said it would bring an early end to a "wasteful COVID-era program" that has been plagued with fraud. Moving up the deadline for claiming the employee retention tax credit is expected to largely offset the cost of the tax cuts in the legislation.

Johnson also emphasized the importance of the bill moving through the House Ways and Means Committee before coming to the full House for a vote, saying it was a good example of how Congress is supposed to work.

House Republicans were anxious to restore full, immediate deductions that

businesses can take for the purchase of new equipment and machinery, and for domestic research and development expenses.

They argue such investments grow the economy and incentivize American companies to keep their manufacturing facilities and operations in the United States. The bill also provides businesses more flexibility in determining how much borrowing can be deducted.

"Each of these policies will help American businesses grow, create jobs and sharpen their competitive advantage against China," Smith said as debate began on the House floor.

Democrats focused on boosting the child tax credit.

The tax credit is $2,000 per child, but not all of that is refundable. The bill would incrementally raise the amount of the credit available as a refund, increasing it to $1,800 for 2023 tax returns, $1,900 for the following year and $2,000 for 2025 tax returns. The bill also adjusts the topline credit amount to temporarily grow at the rate of inflation.

Households benefitting as a result of the changes in the child tax credit would see an average tax cut of $680 in the first year, according to estimates from the nonpartisan Tax Policy Center.

NOTICE

NOTICE

NOTICE

NOTICE is hereby given that SYLVIA FILSAIME ROLLE of Nassau Street, 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 25th day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that TELSON FRANCOIS of Alice Town, Bimini, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that JAHIEM KHAMANI GRANT of P.O Box CR-55215 Sea View Drive, West Bay Street, 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 25th 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 MILAN OYLVIA AZJADA MELVIN of 26 Plover Drive, Freeport, Grand Bahama, 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 25th 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 AGNES BREVIL of South Beach, P.O. Box AP-59247, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

TRIESTE INVESTMENT LTD. (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, Trieste Investment Ltd. is in dissolution.

The dissolution of the said Company commenced on January 23rd 2024 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 Kim D Thompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D Thompson Sole Liquidator

THE TRIBUNE

Thursday, February 1, 2024, PAGE 13

STOCK MARKET TODAY

Wall Street falls as Big Tech slumps and hope for a March rate cut fades TRADER Edward Curran works on the floor of the New York Stock Exchange, Wednesday, Jan. 31, 2024. Technology stocks are slumping Wednesday as several of Wall Street’s most influential stocks feel the downside of ultrahigh expectations.

Photo:Richard Drew/AP

By STAN CHOE AP Business Writer BIG Tech stocks burned by the downside of high expectations triggered a sharp slide for Wall Street Wednesday. The market's losses worsened after the Federal Reserve indicated it likely won't cut interest rates in March, as many traders had hoped.

The S&P 500 dropped 1.6% for its worst day since September. It veered between more modest and sharper losses through a shaky afternoon as traders delayed bets for when the Fed would begin easing its main interest rate from its highest level since 2001.

The slide for Big Tech stocks dragged the Nasdaq composite to a marketleading loss of 2.2%. The Dow Jones Industrial Average, which has less of an emphasis on tech, fell a more modest 0.8%, or 317 points.

Alphabet was one of the heaviest weights on the

market, and it fell 7.5% despite reporting stronger profit and revenue for the latest quarter than analysts expected. Underneath the surface, analysts pointed to some concerning trends in how much Google's parent company is earning from advertising.

The bigger challenge, though, may have been the high expectations the company faces after how much its stock soared last year.

Other Big Tech stocks that also accounted for a disproportionate chunk of the S&P 500's rally to a record likewise struggled Wednesday in the face of high expectations.

Microsoft fell 2.7% even though it delivered stronger profit and revenue than expected. One analyst, Dan Ives of Wedbush Securities, even called its quarterly report "a masterpiece that

should be hung in the Louvre."

Tesla, another member of the group of stocks nicknamed the "Magnificent Seven," fell 2.2%. A judge in Delaware ruled a day earlier that its CEO, Elon Musk, is not entitled to the landmark compensation package earlier awarded to him. The Magnificent Seven were responsible for the majority of the S&P 500's return last year, and three more members are scheduled to report their latest quarter results on Thursday: Amazon, Apple and Meta Platforms, the parent company of Facebook and Instagram.

Expectations are high for them, too.

Besides the Magnificent Seven, stocks have rallied to records because of hopes that a cooldown in inflation will convince the Federal

Reserve to cut interest rates several times this year. Such cuts would relax the pressure on the economy and encourage investors to pay higher prices for stocks.

But the Fed on Wednesday left its main interest rate steady and made clear it "does not expect it will be appropriate" to cut rates "until it has gained greater confidence that inflation is moving sustainably toward" its goal of 2%.

"We're not declaring victory at all," Fed Chair Jerome Powell said. He said it's unlikely the Fed will get to that level of comfort by its next meeting in March.

"It's probably not the most likely case," he said, which sent stocks skidding late in trading.

But Powell also said Fed officials already have some confidence that day will

arrive. They just need to see more months of data confirming that inflation is heading sustainably lower.

"We have confidence," he said. "It has been increasing, but we want to get greater confidence."

Powell acknowledged the difficult position the Fed is in, with dangers arising from both acting too quickly and too late, even though "overall it's a good picture" for the economy at the moment. Cutting rates too soon could ignite inflationary pressures, while acting too late would mean unnecessary pain for the economy and job market.

"Given how strong the economy has been, the Fed probably figures it can err on the side of cutting later and slower than what the market is pricing," said Brian Jacobsen, chief economist at Annex Wealth Management.

Treasury yields in the bond market swung up and down following the Fed's announcement.