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THURSDAY, FEBRUARY 8, 2024

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Tour providers suffer 50% crime alert drop ROYAL CARIBBEAN’S COCO CAY

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters

t 0QFSBUPST 5PVSJTUT AEPO U XBOU UP MFBWF UIF IPUFM PS TIJQ BAHAMIAN tour and excursion providers yesterday revealed a 50 percent across-the-board business t 1JSBUFT $PWF 7JEFPT ADPOnJDU decline because tourists “don’t want to leave the hotel or ship” due to XJUI TFYVBM BTTBVMU DMBJNT crime fears.

Adoni Lisgaris, the Bahamas Excursion Operators Association t PG DSVJTF WJTJUPST TUBZFE (BEOA) president, told Tribune PO TIJQ JO /BTTBV QSF BMFSU Business that recent saturation media coverage of US and Canadian crime alerts on The Bahamas - branded as a “misinterpretation” by the Government and tourism industry - have caused a significant fall-off in business over the past two weeks.

Attributing this to tourists “not wanting to get off of the cruise ship or leave their hotel”, he added: “People are cancelling, people are not booking and don’t want to leave the comfort and safety of the hotel.

I’ve spoken to everybody and they told me that they are about 50 percent down since the travel advisory.

They are not doing anything because of the travel advisory, saying it is not safe.”

Mr Lisgaris’ comments provide further insight into the impact global media coverage is having on The Bahamas’ largest industry as it heads into the peak winter tourism season, with this newspaper reporting yesterday on Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, revealing that crime-related concerns have

produced a “drag on the booking pace”.

And Michael Maura, Nassau Cruise Port’s chief executive, recently revealed to Tribune Business that around one in five cruise passengers do not exit the ship when docked in Nassau given that many have already visited on previous voyages and believe there is nothing new or exciting to do.

SEE PAGE B7

Hotel worker ‘lump sum’ as industrial deal agreed

By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters HOTEL union members will receive the “first of two lump sum payments” early next week after a new industrial deal for the sector was agreed last night following days of intense negotiations.

Russell Miller, president of the Bahamas Hotel and Restaurant Employers Association (BHREA), which represents Atlantis, the Ocean Club and Lyford Cay Club, last night said via messaged reply that “I can confirm an agreement has been reached” in response to Tribune Business inquiries.

RUSSELL MILLER Atlantis, in a letter issued to employees in the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) bargaining unit, said the new industrial agreement remains

SEE PAGE B5

Boat owners: Let us know reduced fees

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FISHERMEN yesterday urged the Government to promptly disclose the new “reduced” boat registration fees prior to their March 1 introduction and ensure all Bahamian-owned vessels are “protected’.

Keith Carroll, the National Fisheries Association’s (NFA) president, told Tribune Business the Ministry of Transport and Energy needed to go further than simply unveiling the implementation date so that the sector and other boat owners can budget

financially following the anxiety created by up to ten-fold and greater fee hikes that are now being rescinded.

The ministry, in a statement issued yesterday, confirmed: “The Ministry of Energy and Transport wishes to advise members of the public that the Government of The Bahamas intends to implement a reduction in boat registration fees with effect from March 1, 2024.

“Following the implementation of the new reduced fees, the Ministry of Finance will provide guidance on an exercise to

SEE PAGE B6

Port chief: ‘Too tight’ over private cruise island VAT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU Cruise Port’s top executive yesterday warned that giving the cruise industry just 60 days to implement VAT on its Bahamian private islands “seems unreasonable” and is “just not enough time”.

Michael Maura, the Prince George Wharf operator’s chief executive, told Tribune Busi ness the planned March 1 deadline to begin levying 10 percent VAT on all private

island goods and services purchases by passengers is simply “too tight” given that the sector has seemingly received two months’ notice of the tax treatment change.

Besides adjusting computer systems to begin charging and collecting VAT from their passengers, he added that the Bahamas needed to consider the cruise industry’s long lead times as the lines typically book port berths for their vessels two years’ out

SEE PAGE B4

PAGE 2, Thursday, February 8, 2024

Accept ‘the customer is sometimes wrong’

THE TRIBUNE

T

he expression that the “customer is always right” is central to customer service, but is it always applicable to every situation? While it is essential to prioritise the customer’s satisfaction, it is also important to not waste resources through becoming sidetracked by this goal.

One prominent business owner voiced a strong opinion on this topic, saying:

“We often talk about bad customer service, but sometimes we overlook how bad some customers are. Customers often use the excuse that their money is what keeps businesses open, but spending money is not an entitlement to be rude or degrading.”

It is important to respect employees, including waiters, cashiers and others.

Moreover, it is not the employee’s responsibility to tolerate rude behavior with a “smile”. Surely this businessman’s view is something to think about. The customer is always right?

What does it mean and why does it matter?

While “always right” typically translates to “never being wrong”, know that customers are not going to be right in every situation.

Simply stating “the customer is always right” does not make it factual or accurate just because someone said it. It is also important to note that a customer service representative taking ownership of a mistake that the business is not responsible for is a slippery slope.

Nonetheless, this should not deprive customers of receiving the appropriate service they are entitled to.

It has always been my view that customer service interactions should never revolve around who is right or wrong. Rather, the discussion should be guided towards a path that yields the best results. In practice, this may look like: * Redirecting the conversation towards a more achievable solution. * Acknowledging frustrations if any exist.

For example: “I understand your frustration.

However, I think we should consider ‘X’ as an alternative solution.” Even if

a customer is technically not correct, maintaining a customer-centric culture is crucial to achieve a balance.

Realigning the customer’s unrealistic expectations can sometimes provide an indepth insight.

Nevertheless, a customer’s haughty behaviour is still not acceptable despite years of patronising a business. Respect should be shown on both ends. Appreciate that while all customer experiences vary, it is my view that this customercentric ideology phrase is very much outdated and no longer relevant. In fact, there are good reasons to ditch this century-old business mantra.

Employees support Having a “customer is always right” attitude can negatively impact the morale of your customer support team. These unreasonable customers not only display this behaviour at your business but others as well. They are hard to manage and, despite your team’s best efforts, a positive outcome is not always possible.

Bad-mannered customers impact your valuable employees. Should they suffer such abuse with zero support from management?

It is apparent that, if certain groups of customers feel this cliché works in their favour, they will regard it as a limp card to override your policies. Not good.

All customers are not worth keeping Identify what makes good business sense to ensure the success of your company, This means it sometimes it may be in the best interest of your business to cut your losses and let rude customers go.

Accept

By

DEIDRE

BASTIAN that all customers are not good customers. When is it time to let them go? You will know by applying the Pareto principle, known as the 80/20 rule: Customers that are instigating the most headaches.

Satisfying every customer If a business is working under the assumption that they can satisfy every customer 24/7, it will soon be revealed that this is a fool’s errand. The answer to this is ‘no’ and, to combat this belief, businesses should shift this customer service mantra to “the customer is sometimes wrong”. Bottom line: Offer rude customers the option to play the “customer is always right” card elsewhere.

Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

UÊ \Ê Õ ÃÌÊ welcomes feedback at deedee21bastian@gmail.com Ê i `ÀiÊ °Ê >ÃÌ > Ê ÃÊ a professionally-trained graphic designer/brand marketing analyst, international award-winning author and certified life coach.

CHESTER COOPER, deputy prime minister and minister of tourism, investments and aviation, travelled to North Andros along with BAMSI’s executive chairman Tyrel Young; president, Dr Raveenia Roberts-Hanna, and members of the Board for the official opening of the piggery unit and the historic graduation ceremony for participants in the national certifications in flats fishing and nature tour guide programmes.

BAMSI PIG UNIT TARGETS $11M US PORK IMPORTS THE Bahamas Agriculture and Marine Science Institute (BAMSI) says its newly-opened piggery

unit will boost the drive to improve food security and help reduce pork imports.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said the facility will help students understand swine management and livestock operations.

He was present at BAMSI to serve as the keynote speaker at the first-ever graduation ceremony for participants in the national certification programme in flats fishing and nature tour guides.

Senator Tyrel Young, BAMSI’s executive chairman, said the piggery unit will provide additional academic training for BAMSI students and a foundation for agri-prenuers interested in swine management. He said the piggery’s opening was “not just about building infrastructure; we’re cultivating educational opportunities for aspiring agriculturalists and providing practical firsthand experience for our students”.

“Additionally, for farmers, this unit represents a pathway to enhanced productivity and profitability, demonstrating BAMSI’s unwavering commitment to empowering local communities through sustainable agriculture,” he added.

The facility currently houses 16 pigs, carefully selected to represent various stages of development.

BAMSI aims to use the diverse group to instruct and demonstrate the process of swine production.

Dr Raveenia RobertsHanna, BAMSI’s president, who oversees operations at the Institute’s college, said: “We are excited to add swine to our training and research portfolio. The Bahamas currently imports over $11m in pork products from the US alone.

“This training facility, therefore, can provide the educational components and research engine to improve variety within our local droves and assist farmers in best practices, which ultimately reduces the swine importation.”

Mr Young praised the farm team, led by farm manager Ayrett Lightbourne and veterinarian, Dr Mark Butler, for helping the piggery unit come to fruition.

“This piggery will take students through the various production stages in swine husbandry - from breeding to the grow-out stage to produce ‘market pigs’. It will provide students with practical knowledge and experience in swine production and husbandry, especially in a commercial setting,” Dr Butler added.

“We designed and constructed the new facility to accommodate pigs going through the various stages of production, allocating areas for sows (adult females), piglets (bay pigs), weaners (non-suckling piglets) and boars (adult male pigs). The new piggery is a complete pig operation that will allow the staff and students to participate in the rearing of pigs in a commercial setting.”

Mr. Lightbourne added that the piggery aligns with BAMSI’s commitment to practical and direct learning through demonstration.

“We needed a teaching facility to train students how to raise pigs,” he added.

“The piggery will function similarly to the breeding programme for the sheep and goats, where we bring in purebred animals to improve the genetic quality of the local animals.

Right now, the average pig in The Bahamas is not purebred”.

BAMSI intends to expand the herd to include purebred varieties, including Yorkshire, Hampshire, Duroc and Landrace to enhance the quality of the nation’s swine population.

THE TRIBUNE

Thursday, February 8, 2024, PAGE 3

Pintard: ‘Why did leading finance officials contradict each other?’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s leader yesterday challenged the Prime Minister to explain why The Bahamas’ two top finance officials “would openly contradict each other” over the Government’s recent $500m borrowing.

Michael Pintard, among a series of questions tabled in the House of Assembly on the ten-year loan, asked Philip Davis KC why John Rolle, the Central Bank’s governor, would signal the proceeds were used to refinance existing debt and repay short-term

overdraft facilities when Simon Wilson, the Ministry of Finance’s financial secretary, had said the monies cannot be used for these purposes.

The Free National Movement (FNM) leader, in the tenth of his 11 written questions, queried: “Would the honourable prime minister and minister of finance explain why the nation’s two top public sector officials in the field of public finance would openly contradict each other?

“Would the honourable prime minister and minister of finance indicate why the Governor of the Central Bank on January 29, 2024, stated that in January 2024

the Government undertook significant US dollar financing operations (borrowing), which were used to pay off bank overdrafts and to help ‘rollover significant US debt’ while, on the other hand, the financial secretary has insisted that the only significant US dollar financing operation by the Government during the month of January was not used to rollover any US debt?”

Tribune Business previously reported on the contradiction now seized upon by the Opposition after Mr Rolle, during the Central Bank’s latest quarterly economic briefing at end-January,

Entrepreneur eyes product, manufacturing expansion materials has not proven to be difficult, with the main obstacle facing the entrepreneur involving the need to “scale up” production to meet demand.

Ms Taylor said: “I’m going to need extra equipment, extra bottling.

Everything would have to scale up.” She is exploring financing options, but has yet to make a decision, adding: “I’m looking at the Bahamas Development Bank for sure.”

Caribbean Cheer’s dishwashing liquid sales have been strong, and Ms Taylor said: “Prior to the collaboration with Milo Butler Wholesale, I already had a very good client and I try my best to do promotions and fliers.

“When I first started I did not start by selling

Caribbean Cheer. I actually started giving them away and, if you give away something and it’s good, they don’t mind paying for it. So that’s how I started.”

Ms Taylor’s established clients have gone from buying retail bottles to cases in the space of a year, and mass production is now required to meet demand. “I’m looking at bigger bottles other than the one litre bottles. So there is always room for improvement,” she said.

Caribbean Cheer entered into a partnership for the distribution of its dish washing liquid with Milo Butler and Sons through the assistance of the Bahamas Agricultural Industrial Corporation (BAIC).

BUSINESSES BLAME COVID, KYC IN BANK ACCOUNT DELAY

online portals to submit their applications.

She added: “I don’t know if they have changed anything since the pandemic came to an end or if it has gotten worse, but I tried several banks and all of them had delayed times.

There was one where I filled in the application online and I left because I had somewhere else to go, and I wasn’t getting any feedback from them because no one came out to tell me where they were in the process. So I just

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN manufacturer yesterday confirmed it is aiming to “scale up” and expand after exhausting existing inventory due to high consumer demand.

Cyntiche Taylor, Caribbean Cheer’s executive director, told Tribune Business it has “sold out” of its dish washing liquid and is now working to restock in addition to launching a new industrial cleaner.

“I decided to introduce two new products as I go along, and so I’m working on a toilet bowl cleaner and a floor cleaner,” she said. Sourcing production

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN businesses are blaming stringent Know Your Customer (KYC) due diligence rules and the post-COVID hangover for why it takes an average two months to open a corporate bank account.

Varnett Cornish, principal consultant at VSC Business Services, told Tribune Business she can “relate” to having to wait an inordinate amount of time to open both business and personal bank accounts. This is something she believes has been worsened by COVID-related restrictions, where businesses have had to use

SEE PAGE B6

said the Government had undertaken “refinancing operations” early in the New Year to “rollover significant US dollar debt”.

Referring to a slight improvement in the country’s foreign currency reserves during the first weeks of 2024, Mr Rolle said: “Through the end of 2024, the most recent period, the external reserve balances showed a modest rebound from the end of 2023 to close at about $2.75bn.

“This was mainly due to the timing in the Government’s recent US dollar refinancing operations since December, which paid off some overdraft balances

with local lenders and which helped to rollover significant US dollar debt.”

Mr Rolle did not identify the nature of the “US dollar refinancing” he was referring to but the only such “operation” that has been made public was the $500m, ten-year loan that is 40 percent backed by the InterAmerican Development Bank’s (IDB) policy-based loan guarantee.

However, Mr Wilson told this newspaper he “can say without fear of contradiction” that proceeds from the $500m facility were not employed to refinance a $300m US dollar bond due to mature just days later on January 16, 2024.

MICHAEL PINTARD This confidence, he explained, came from the fact that the $300m bond’s investors were repaid prior to the Government receiving the monies from the half-a-billion dollar loan, which meant the latter could not have been employed for refinancing this existing debt. The $500m loan was announced on January 12, 2024.

SEE PAGE B5

PAGE 4, Thursday, February 8, 2024

THE TRIBUNE

PORT CHIEF: ‘TOO TIGHT’ OVER PRIVATE CRUISE ISLAND VAT FROM PAGE B1 and with cruise itineraries often sold 12-18 months in advance.

As a result, Mr Maura said the two-month window makes it impossible for the cruise lines to adjust their pricing and add VAT to passengers’ bills, with the result that they will “end up having to eat” the tax themselves. He added that, based on past experience, Bahamian businesses would be given longer than the cruise lines are receiving to make the necessary changes to systems and models.

Suggesting that the private island VAT levy be “delayed or deferred” to allow for greater consultation with the cruise lines, and that an economic impact analysis be conducted to determine the effect not just on the likes of Royal Caribbean’s Coco Cay but Nassau and Freeport, Mr Maura also voiced concern about the reform coming “on the heels” of the recent departure tax rise and environmental/ development levies.

The Nassau Cruise Port chief spoke out amid signs of a growing cruise industry backlash to the VAT reform proposed by the Ministry

MICHAEL MAURA of Finance/Department of Inland Revenue. An article in Seatrade Cruise News described the industry as “shell shocked” and taken completely by surprise at Tribune Business’ revelations of the policy change.

The article reported that no cruise industry executives wanted to comment on the record, but those speaking on condition of anonymity asked whether The Bahamas was trying to drive the industry away given the lack of warning and potential impact on the destination’s price competitiveness.

There were also suggestions that cruise calls on Nassau and Freeport may be reduced in response.

“Is this called partnership? Is The Bahamas trying to get the cruise industry to reduce calls?” one executive was quoted as saying by Seatrade Cruise News.

“To spring this on short notice without any way to short-term mitigate, this is not right,” another was said to have reacted. “Nobody questions government’s ability to charge VAT, but in discussions with investors you make certain concessions and this exemption has always been in place for cruise lines that invested to build [private islands] dating back to when the VAT was introduced.”.

The reaction signals that the cruise industry is most troubled by the alleged lack of warning, consultation and tight timeline in which to make the adjustments rather than a resistance to charging and collecting it from passengers, who ultimately will be the ones that pay the VAT. “It makes the product you’re trying to sell less competitive with other destinations,” Seatrade quoted another executive as saying. “It’s a consumer tax. If you’re a tourist looking at a 10 percent cost increase, you may not make

the purchase and this may trickle down to impact Bahamian jobs.

“If the cruise lines had the ability to float a 10 percent increase in the cost of tours without repercussions, they would, but there are limits. Sadly, it’s giving the industry an excuse to reassess The Bahamas.”

There were then suggestions that the Government’s move could impact cruise industry calls on Nassau and Freeport - the two locations where Bahamian businesses stand to benefit the most.

Mr Maura told Tribune Business he only became aware of the planned tax treatment change yesterday following the fall-out from this newspaper’s reporting. He contrasted this with the consultation that took place with the cruise industry over the departure tax increase, environmental and tourism development levies that were introduced in the 2023-2024 Budget and took effect from January 1, 2024.

“I was not aware it was the Government’s intent to change the tax policy specific to VAT and private islands,” he said. “I think a challenge for all of us, including the cruise lines as well as Nassau and Freeport and The Bahamas, is that prior to the Government introducing the increase in the departure tax, the environmental levy and the tourism development levy there were extensive conversations with the cruise lines.”

These were led by Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, and started in early summer 2023. They would have resulted in the passenger departure tax increase’s implementation being pushed back by six months from the fiscal year 2023-2024’s July 1 start date.

“No one wants to see their costs increase but, as I understand it, there was general agreement on the timing of the introduction of the departure head tax, environmental levy and tourism development levy,” Mr Maura added. “There was great consultation there.

“In this particular case, given that it seems - and I’m

not privy to the discussions - but it seems to have been kind of suddenly introduced to the industry. I think that’s very different. I think there’s obviously reasons, and justifiable reasons, for why the Government feels it needs to change any tax.

“I think the Government, and I say this respectfully, I think the Government should look at the cruise industry as it looks at Bahamian businesses.....

To introduce a new tax regime, and give them a couple of months, seems unreasonable because I don’t know of too many businesses that can meet that expectation.”

Simon Wilson, the Ministry of Finance’s financial secretary, told Tribune Business that the proposed private island VAT changes were “highlighted to the cruise industry a couple of months ago” and there was “no reaction” then. The Department of Inland Revenue’s fifth version of the reforms is dated January 15, 2024, and the sector has been given until February 16, 2024, to provide consultation and feedback.

Mr Maura, meanwhile, called for an economic analysis to be conducted on “what the consequences of introducing VAT on private island economic activity” would be. Acknowledging that such a study may have been performed by the Government that the private sector is unaware of, he added that it should assess not just the direct private island impact but also the effect on other Bahamas destinations in the same itineraries.

“In this particular case, I would hope and respectfully ask the Government to consider and to help all affected parties understand the need for the urgency,” the Nassau Cruise Port chief said of the March 1 deadline. “Perhaps there’s an opportunity for delay, deferment over a period of time. Are there other areas that can be looked at to reduce some of the tax burden for the private islands?

“There’s a lot of people I think would be willing to work with the Government to achieve what it needs to achieve, but I believe and agree that two months is just not enough time. It’s not enough time

for Bahamian businesses in Nassau, it’s not enough time for banks in Nassau. It’s just not enough time.”

Asserting that the cruise industry’s long booking window should be accounted for, Mr Maura said vessel berths were usually secured two years in advance with the lines often seeking to sell passengers on future cruises as they return from existing ones.

“They do that based on the cost to deliver that cruise and the revenues needed to make that cruise viable,” he explained.

“With 60 days, it’s literally taking the money right from the shareholders’ of the cruise line because it has not been given the opportunity to build this new fee into the cost of the cruise.

“The cruise line ends up having to eat it [the VAT]. We need to give all of our corporate partners an opportunity to help us, and I think 60 days, it’s too tight” especially following so closely “on the heels” of the departure tax and new levies.

Among the private islands that stand to be impacted by such a move are Royal Caribbean’s Perfect Day destination at Coco Cay in the Berry Islands, its global showpiece attraction; plus Mediterranean Shipping Company’s Ocean Cay location; Disney Cruise Line’s Castaway Cay and Lighthouse Point; and Holland America’s Half Moon Cay. The cruise lines’ private islands have been especially valuable to the sector, and have assumed even greater importance post-COVID given the switch by consumers towards shorter-haul three to four-night voyages that mandate calls in The Bahamas. Expansion and investment is ongoing in multiple locations, and they are unlikely to reduce these locations due to the value to their business models.

MSC is investing further in Ocean Cay; Disney’s Lighthouse Point project is due to open next year; Carnival is developing its Grand Bahama-based Celebration Key port; and Royal Caribbean is moving ahead with its Paradise Island beach club as well as Freeport Harbour and the potential Xanadu hotel purchase.

THE TRIBUNE

Thursday, February 8, 2024, PAGE 5

Hotel worker ‘lump sum’ as industrial deal agreed tonight we may be able to get some middle ground.”

Mr Woods said achieving “quality” base pay for tipped employees, so they are better able to access bank credit and improve their living standards, was a key union goal in the talks.

“It’s that medium where you feel you have struck a balance,” he added of the objective. “We still believe the pendulum is swinging in the wrong direction and we’re trying to get it to come more into the centre.

“I think we’re almost there. Tonight will tip the scale. Based on what they say to me the pendulum will swing to where it needs to be. The objective of my time and I is to improve the standard of living for our people.”

Cabinet ministers had earlier voiced hope that the two sides will reach an industrial agreement “in short order” and their faith appears to have been rewarded. Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said a deal will be in the “best interests” of tourism and The Bahamas.

He added: “There are ongoing discussions between the hotel union and the management and they are working to address the

issues. I believe an agreement will be reached in short order. I have spoken with both sides. And I’ve urged them to really get it done in the best interests of tourism and the best interests of our country.

“We have issues that confront us that’s beyond our control. I think rightthinking management and the right-thinking union are coming together. It will do the right thing for our country and the industry.”

Mr Cooper said it is an “incredibly bad time” for a labour dispute but was confident both sides understand the “big picture” given that international media scrutiny on The Bahamas due to the recent murder spike and reporting on incidents of crime.

He added: “There’s no right time for labour disputes. This is an incredibly bad time, but there is no good time for it. I think we have been in this business for 50 years, and really calm and deliberate heads will prevail; should prevail.

“They should discuss the issues ultimately. A win will come when there is agreement, and the win is for all of us, the employees, management, the businesses involved and the country.

Again, I’ve spoken with both sides and I’m confident

that notwithstanding the current tension, they understand the big picture.”

Pia Glover-Rolle, minister of labour and the public service, said there was only one outstanding matter that Mr Woods had taken to his members for their consideration. She explained that if the members do not agree to the terms the negotiations will continue, but was hopeful they would accept the offer.

“Well, we had a five-hour negotiation last night that I think went pretty well. We made good progress. We are now just one point away from conciliation,” the minister said “The matter that is the one point that’s left on the table, the Hotel, Catering and Allied Workers Union president has agreed to take to his members today.

If they agree, we will be at a point of resolution. If they don’t agree, we keep talking.

“That’s what negotiations are about, communication.

Once we stop communicating, then we are at a stalemate. We have to keep communicating. But I am hopeful today that the members will agree and then we will be at a place of an agreement.”

Mrs Glover-Rolle said that as the hotel industry’s last industrial agreement

expired in early 2013, the “ultimate goal” is to have an agreement signed.

She said: “The Hotel, Catering and Allied Workers Union and Atlantis have been out of agreement since 2013. So the Department of Labour’s role is in a mediator in this process, and as a minister of labour it is important to me that we get to a place where we have an industrial agreement signed.

That is the ultimate goal.”

Mrs Glover- Rolle said governments cannot prevent industrial disputes from happening but can step in to mediate. She said: “The Government can’t ensure that this happens. The hotel is a private entity, the Bahamas Hotel, Catering and Allied Workers Union has an agreement with them.

“We are stepping in simply as mediators because we see that no resolution is being made. We’re doing our part as the Department of Labour to come in and see how we can assist the process and I would say that it’s working. So, we’re making progress towards this resolution and I’m hopeful that it will be today.”

Pintard: ‘Why did leading finance officials contradict each other?’

how we can borrow at this level and the deficit still be $131m.

“One thing it is not going to be used for is to refinance existing debt. The Public Debt Management Act gives the minister of finance the ability to borrow to meet short-term cash needs.

Our revenue is cyclical in nature. We have very strong months of revenue when we have a surplus, and we have months when we run a deficit,.

“Between July and December the deficit expands, and between January and April the deficit shrinks. The borrowing resolution gives us the authority to borrow a net amount at the end of the fiscal period. During that period, borrowing goes up and down depending on how the deficit performs.

That’s what gives us the authority to borrow this amount.”

And, while there have been calls for greater transparency surrounding the

$500m loan, especially on its undisclosed interest rate and other terms, Mr Wilson said these have not been revealed because the transaction has not reached full maturity.

“I cannot speak to what the interest rate is because of non-disclosure agreements,” the financial secretary said. “The release had to be approved by both the bank [Santander, as lead arranger and placement agent] as well as the IDB. That was the information they felt which could have been disclosed at this time.

As the transaction matures we will be able to release that information, but right now the transaction is not mature.”

That, and a subsequent explanation for the nondisclosure along similar lines by Michael Halkitis, the minister of economic affairs, has failed to satisfy the opposition. Kwasi Thompson, the Opposition’s finance spokesman, said of Mr Halkitis’

comments: “The minister’s posture is that the Government will get around to tell us the details months and months after the transaction is completed.

“He wants us to wait for the third quarter public debt report when, as of February 1, the second quarter debt report was due and is now late.... That is wholly unacceptable, and it is the complete opposite of the transparency and accountability this government campaigned on, but regarding which has so far actually moved the country backward.

“We do not accept the Government’s explanation as to why they cannot reveal the interest rates and terms as their first obligation is to the Bahamian people.” Mr Thompson also argued that there was nothing to stop the Government unveiling the policy commitments it has made to the IDB in return for the guarantee.

FROM PAGE B1 subject to “ratification” by the Association’s member hotels and also “lender approval from ownership” and one property that was not named.

However, the letter revealed that union members will receive two lump sum payments as part of the industrial agreement, with the first-year salary increase set to be processed as soon as both the hotels and unnamed lender approve.

“We are pleased to inform you that the Bahamas Hotel and Restaurant Employers Association and Bahamas Hotel, Catering and Allied Workers Union have successfully concluded negotiations on a new fiveyear industrial agreement,” Atlantis told staff.

“The union will share with you details of the agreement, which are subject to member ratification and lender approval from ownership of one of the BHREA hotels. Early next week you will receive the first of two lump sum payments called for in the agreement. Once the agreement is ratified by membership and lender approval is granted, year one wage increases will be processed.

“We are delighted to be able to provide this

FROM PAGE B3 However, several financial sources suggested that part of the $500m loan proceeds may indeed have been used to pay-out the $300m bond’s investors.

Based on Mr Rolle’s explanation, they suggested the Davis administration has likely been financing its 2023-2024 fiscal deficit, which stood at near-$120m at end-October 2023, with short-term bank overdraft facilities.

They added that the Governor’s comments on the “rollover of significant US dollar debt” signalled that the same overdraft facilities may have been employed to repay the $300m bond, with this short-term financing then replaced by long-term borrowing through the $500m loan proceeds.

well-deserved financial support to you and your family.

We appreciate your patience and all you do to make Atlantis the most welcoming and remarkable destination in the world. Many thanks to the BHREA and union negotiating teams for a job well done.”

The industrial agreement which, if ratified by both sides would be the hotel industry’s first for more than a decade after the last one expired in 2013, was affirmed after BHCAWU executives met with their members last night to gain their support for “one final point”. The deal seemingly breaks a ten-day stalemate, or deadlock, between the two sides that triggered ministerial and government intervention.

Darrin Woods, the hotel union’s president, could not be contacted for comment last night but earlier in the afternoon confirmed he was due to meet with shop stewards at 6.30pm followed by the full membership at 7pm.

“It seems to be headed in a positive direction, but I need to speak to my membership,” he said then.

“Their position is that they are digging their heels in on this one and are not prepared to give up anything else. I’m hopeful, but based on what they say to me

Mr Pintard, meanwhile, through his other questions also asked how the Government intended to refinance the rollover of $872.6m in maturing foreign currency debt, which according to its annual borrowing plan is due to mature during the 12 months to end-June 2024, if the proceeds from the $500m loan cannot be used for such purposes.

“With less than six months left in the fiscal year, would the honourable prime minister and minister of finance indicate which loan facilities and financing arrangements will be used to cover the nearly $1bn in external financing requirements before end of June 2024,” the Opposition leader stated.

Besides confirming how the loan proceeds will

be used, Mr Pintard also urged the Prime Minister to “provide the full terms and conditions of the loan facility, inclusive of interest rates, fees charges”.

And he also called on the Government to divulge the policy pledges it has made to the IDB to obtain the policy-based guarantee said to have helped it secure below-market interest rates.

“It cannot be used for refinancing,” Mr Wilson previously told Tribune Business of the ten-year credit facility. “The release speaks to what the proceeds can be used for. It cannot be used for refinancing. When you read the Public Debt Management Act in conjunction with the borrowing resolution for $131m, that helps people to understand

PAGE 6, Thursday, February 8, 2024

THE TRIBUNE

Businesses blame COVID, KYC in bank account delay FROM PAGE B3 collected my documents and left and never went back.”

Aldera Russell, principal consultant at Guanahani Business Consultants, told Tribune Business she never bothered to open a business account because of the hassle. “I just didn’t bother with the hassle, but I can tell you that I know of others that have had a very long delay in getting situated,” she added.

“Sometimes it really is that you just can’t furnish what the bank is requesting so there is a strain there, but banks are surely taking a good bit of time to execute new business accounts”.

The Central Bank, unveiling the results of a survey of 402 companies and entrepreneurs, said that based on the responses just one-third of business bank accounts were opened within two weeks or less of the application being made.

It added that just 11 percent of accounts were opened on the same day with another 12 percent occurring within one week, meaning that fewer than one in four applications were processed within seven days. Around 40 percent “took more than one month in absolute time” to be opened, with 33 percent of applications taking longer than one month but less than six to be approved.

Ms Russell added: “I don’t know if the pandemic

played a part in this but the Government is trying to reduce its attraction to these blacklists and what not, so KYC has become a very big requirement.

“So if you, as a small business owner, want to open a small business after you have started to bloom in the informal sector, the bank is going to ask you for financial reports from previous operations, which you probably never did because you were working from home.

“But expansion happened faster than you anticipated, so you just didn’t keep financial records, so the bank isn’t able to move swiftly with you because you don’t have what they need.”

Failure to obtain a Business Licence could also hold your bank account application up, and some banks “require business plans. Some people don’t think spending $1,000 for a business plan is worth the hassle of getting the bank

Boat owners: Let us know reduced fees FROM PAGE B1 ensure that boaters who registered prior to the reduction also receive the benefit.”

This likely means that those that paid up to four-digit fee increases for new or renewed registrations will likely receive a credit towards these costs in future years.

The ministry also reminded all boat owners that the lawful registration deadline is March 31, 2024, and added: “The Davis administration is committed to addressing the concerns raised by boaters and will give priority to supporting the blue economy and commercial fishermen throughout The Bahamas.”

“It’s good. At least the fishermen know what’s going on,” Mr Carroll said of the ministry’s announcement.

“Everybody was ‘you say, I

say’. We didn’t know what was going on. That’s why the fishermen were making a lot of noise.”

However, he added that the industry and all boat owners still “have no idea” of what the new fee structure will look like or how much they will have to pay. “It would be good to know what they are,” the NFA president said of the new fees. “If they are going to put it out on March 1, that’s three to four weeks away. They probably know what it is.

“They should have put the fees out one time. Why should we have to be waiting, wondering what it is?

Why can’t they put it out right now? If it’s March 1, we shouldn’t have to be waiting to learn what the new fees are.”

Chester Cooper, then-acting prime minister, confirmed last month that the boat registration fee hikes unveiled in the 2023-2024 Budget had been suspended pending further review and consultation. He signalled that the changes will likely be made in the mid-year Budget at end-February, which is why the March 1 implementation date has likely been selected.

Mr Carroll, though, said he was unaware of anyone from the NFA or wider fishing industry being consulted over the new fee structure. “No one, no one,” he replied. “It just shows you the respect they have for the fishermen. It’s take it or leave it. Whatever they give.

They’re just doing what they want us to do. We just wait and see.”

The NFA president reiterated his previous position that the boat registration fees were too low, and needed to increase, but suggested a 100-150 percent rise would have been acceptable rather than increases of a few thousand percent. He added that it was still possible that the fees may be reduced by only a few hundred dollars - not nearly enough compared to what the industry wants to see.

And Mr Carroll suggested that the Port Department also switch to a per foot levy based on each boat’s length, arguing that someone with a 20-foot boat should not be charged the same levy as the owner of a 30-foot or 40-foot vessel.

Meanwhile Paul Maillis, the NFA’s secretary, praised the Government for

implementing the fee reductions ahead of the March 31 registration deadline and for seemingly offering credits to those who have already paid the higher fees. However, he echoed Mr Carroll in calling for the new fee schedule to be published immediately so that boat owners have “ample time to prepare themselves financially”.

And Mr Maillis also questioned if all Bahamianowned vessels will receive the same treatment given the initial confusion that surrounded Mr Cooper’s suspension announcement and the Port Department position that it did not apply to all types of boats and vessels.

While the fees were indeed suspended for privatelyowned vessels, including fishing boats, the Government agency was informing boat owners that the hiked fees still apply to commercial craft such as charter boats and passenger-carrying vessels. This meant that tour and excursion operators still potentially faced up to fourdigit percentage increases in their first-time and annual registration fees.

“If this is about protecting Bahamian businesses, we need to make sure all businesses and their boats are protected,” Mr Maillis said, noting the Government’s assertions that its intent had been to target high-end yachts and foreign-owned vessels.

“It’s an undeniable reality that in the fishing industry many of the small fishermen engage in charter fishing and commercial fishing,” he added. “This may lead to concerns that if a vessel is used for charter and commercial fishing, under which designation does that vessel fall? To avoid that problem, we need a definition that encompasses all Bahamian boats in general.

“Fees may be being reduced for private vessels used for commercial fishing, but they could be used for other purposes. They need to

account. So there are a couple of issues that need to be tweaked out for sure,” Ms Russell noted.

A representative from Thompson & Associates Registered Consulting added: “I got my business bank account when we were in Grand Bahama and things move a lot more quicker there because there isn’t a backlog there.” make that much more clear, the definition much more distinct and give Bahamianowned boats a much more affordable rate no matter what business they are in.

“When it comes to privately-owned vessels, whether used for commercial fishing, charter fishing or running charters in general, these should be given a reasonable rate. I hope this review is comprehensive and deals with some of these issues.”

Excursion operators, meanwhile, are in “wait and see” mode to see if the boat registration fee reductions also extend to their industry.

Adoni Lisgaris, the Bahamas Excursion Operators Association (BEOA) president, told Tribune Business: “I will believe it when it happens, but I don’t want to get excited too early like last time. When I get there and they give me some money back then I would believe that.

“The excursion business is important to The Bahamas because we contribute to the foreign reserves. The Bahamas doesn’t have any money so all of our sales are in US dollars, so we supplement the bank with US dollars. So everything we charge in US dollars goes to the Central Bank and then they give me Bahamian dollars. So, without tourism, The Bahamas is nothing because it’s the only way we get US dollars here.”

High boat registration fees have a “trickle down” effect on all tour and excursion operators because they pass the increases on in consumer prices. There are fears this could give a competitive advantage to illegal operators who are ducking paying taxes.

Mr Lisgaris said: “We have to pay taxes, but the illegal operators have to pay nothing and often-times the tourist will go to the cheaper option. We try to explain to them that those excursion operators with the lower fees are operating illegally, but all people see is the fact that we have to charge VAT and higher fees because we have to pay taxes.”

THE TRIBUNE

Thursday, February 8, 2024, PAGE 7

Tour providers suffer 50% crime alert drop having been arrested over the allegations.

However, Pirates Cove in a statement late last night said that while it had terminated the two staff alleged to have been involved its surveillance video recordings “conflict” with the claims made by the two American women.

“At Pirates Cove, the safety of our guests and team members is always paramount,” the company said. “We regret that our guests experienced this incident, and we remain steadfast in our commitment to aid police in the collection of evidence in response to these allegations, including providing police access to video from the 16 cameras around the beach facility where the assault of the two guests allegedly occurred.

“Accusations of any kind are always thoroughly investigated by Pirates Cove management and, when warranted, the organisation calls in local authorities.

When the assault was reported to staff, Pirates Cove employees and management took

swift action to assist the women and ensure their safety.

“Local authorities and paramedics were called to the scene and Pirates Cove management assisted in identifying and locating the two alleged suspects.

In addition, after the police concluded their initial investigation, we assisted in transporting the women back to their cruise ship after guests refused transportation to the hospital.”

However, Pirates Cove then added: “Upon further review of the surveillance videos, the allegations made on-site and in subsequent social media posts and news stories conflict with what the time-stamped surveillance videos contain.

As such, the lengthy videos of all concerned have been handed over to the local police and will be shared with our industry partners as needed.

“We take great pride in ensuring our guests have a safe and enjoyable experience when visiting Pirates Cove. In addition to having safety personnel and CCTV surveillance throughout

the resort, employees and vendors of Pirates Cove must follow strict guidelines when interacting with guests. We have a zero-tolerance policy for fraternising with guests or behaving in a manner that is unsafe.

“While there is an active police investigation into these serious allegations, we have terminated the employment of the two accused, as the behaviour seen on tape by management indicates that, at a minimum, they violated our zero-tolerance policy. We strongly encourage all concerned parties to make sure all facts are considered before reaching a conclusion,” the operator continued.

“Having regard for the code of conduct expected of all staff at Pirates Cove and the thousands of guests who have visited our facility since 2016, we are very concerned about the allegations made and will continue to co-operate with authorities to faithfully resolve the issue.”

James Carey, the Grand Bahama Chamber of

Commerce president, also told Tribune Business that while the allegations were “exceedingly concerning it may not be completely as reported in the press”.

Nevertheless, he described US and international media coverage as “very unfortunate and, regardless of what the facts are, the damage is already done.

“The fact The Bahamas is already in the spotlight because of the number of murders, any blip on the radar will get attention and this is yet another one of those,” Mr Carey said. “We are already in the spotlight for other reasons.

“I can’t though, see it being particularly damaging. It’s an isolated incident and we have had no reports of anything happening to people moving around Grand Bahama. I’m hoping the impact will be softened because we are essentially crime free for tourists. It’s interesting the US embassy had nothing to say on the matter because they weigh in fairly quickly when these things happen.”

MEXICO OVERTAKES CHINA AS THE LEADING SOURCE OF GOODS IMPORTED BY US

on Chinese imports in 2018, arguing that Beijing's trade practices violated global trade rules. President Joe Biden retained those tariffs after taking office in 2021, making clear that antagonism toward China would be a rare area of common ground for Democrats and Republicans.

As an alternative to offshoring production to China, which U.S. corporations had long engaged in, the Biden administration has urged companies to seek suppliers in allied countries

("friend-shoring'') or to return manufacturing to the United States ("reshoring'').

Supply-chain disruptions related to the COVID19 pandemic also led U.S. companies to seek supplies closer to the United States ("near-shoring'').

Mexico has been among the beneficiaries of the growing shift away from reliance on Chinese factories. But the picture is more complicated than it might seem. Some Chinese manufacturers have established factories in Mexico

to exploit the benefits of the 3-year-old U.S.-MexicoCanada Trade Agreement, which allows for duty-free trade in North America for many products.

Mexican President Andrés Manuel López Obrador said this week that the trade status gives Mexico new leverage, saying it would make it hard for the U.S. to close the two countries' border to limit immigration, as suggested in negotiations on a border bill in the U.S. Senate.

FROM PAGE B1 “The fact is one-third of our visitors have purchased some form of pre-booked tour,” he said. “I would say there’s maybe 40 percent who choose to be what’s described as independent visitors, meaning someone who has not pre-purchased a tour or experience, and then you have the remaining 20 percent-odd who do not get off the ship because they’ve been to Nassau already.

“Approximately one out of every two passengers are repeat cruisers so we’re working on getting more of those 20 percent off the ship.” Based on the fact Nassau Cruise Port is projected to receive a total 5.5m passengers in 2024, that 20 percent would potentially translate to 1.1m who remain on board the vessel in port and not inject monies into the Bahamian economy while here.

Seatrade Cruise News, in an article published this week, while crediting the $300m-plus investment in Nassau Cruise Port for helping to increase passenger

By PAUL WISEMAN AP Economics Writer FOR the first time in more than two decades, Mexico last year surpassed China as the leading source of goods imported by the United States. The shift reflects the growing tensions between Washington and Beijing as well as U.S. efforts to import from countries that

numbers, said “multiple sources” had described the Bahamian capital as having failed to deploy new product offerings and attractions that raise its “appeal to cruisers, guest satisfaction or tour sales”.

“Outside of Baha Mar and Atlantis, there is nothing to do,” one unnamed cruise executive was quoted as saying. “Most people have cruised to Nassau and cruise passengers don’t want to get off the ship in Nassau.”

Meanwhile, tourismrelated crime concerns expanded to Grand Bahama as US and international media after two Kentucky natives claimed they were sexually assaulted at a beach at Pirates Cove which features the zip-line and other attractions popular with visitors and locals alike.

The duo were said to have been visiting on a Carnival cruise ship, and two men - one a 54-yearold from Eight Mile Rock, the other a 40-year-old from South Bahamia - were reported by police as

are friendlier and closer to home.

Figures released Wednesday by the U.S. Commerce Department show that the value of goods imported by the United States from Mexico rose nearly 5% from 2022 to 2023, to more than $475 billion. At the same time, the value of Chinese imports imports tumbled 20% to $427 billion.

The last time that Mexican goods imported by the United States exceeded the value of China's imports was in 2002. Economic relations between the United States and China have severely deteriorated in recent years as Beijing has fought aggressively on trade and made ominous military gestures in the Far East.

The Trump administration began imposing tariffs

PAGE 8, Thursday, February 8, 2024

THE TRIBUNE

STOCK MARKET TODAY

Wall Street climbs to the edge of another milestone as S&P 500 nears 5,000

By STAN CHOE AP Business Writer WALL Street rose to the edge of another record-breaking milestone Wednesday as Ford Motor, Chipotle Mexican Grill and other big stocks climbed following their latest earnings reports.

The S&P 500 got within a fraction of a point of the 5,000 level before ending the day at 4,995.06. The index rose 40.83 points, or 0.8%, to set another alltime closing high.

The Dow Jones Industrial Average added 156.00 points, or 0.4%, to 38,677.36, and the Nasdaq composite gained 147.65, or 0.9%, to 15,756.64.

A relatively calm day in the bond market helped keep things smooth for the stock market, despite some concerns about investors' ability to digest a $42 billion auction of 10-year Treasurys by the U.S. government.

Underneath the surface, though, were still some very sharp moves. New York Community Bancorp went from an initial gain to a steep loss of 14% and back to a gain of 6.7%. It's the latest dizzying swing for the

bank, which is still down by more than half since rattling investors across the industry last week with a surprise loss.

The bank is struggling with challenges related to its acquisition of Signature Bank, which was one of the banks that collapsed in last year's mini-crisis for the industry. But New York Community Bancorp is also feeling pain from a problem dogging all kinds of banks worldwide: weakness in commercial real estate.

Moody's downgraded the bank's credit rating to "junk" status from the lowest tier of investmentgrade. Analysts also said they were concerned about the recent departures of key risk and audit executives.

In response, the bank said it had increased its deposits and gave details about how much cash it has on hand.

Stocks of other regional banks have been caught up in the drama, to a lesser degree, which has brought back uncomfortable memories of last year's banking crisis. The KBW Nasdaq Regional Banking index swung between losses and gains through the day before ending 0.1% lower.

SPECIALIST Anthony Matesic works at his post on the floor of the New York Stock Exchange, this week.

Photo:Richard Drew/AP UBS analyst Brody Preston said New York Community Bancorp's latest quarterly loss and dividend cut are due to problems related specifically to it and "are not necessarily a proverbial canary in the coal mine for other banks in the space."

But attention is likely to remain on potential bank losses tied to commercial real estate, particularly after Treasury Secretary Janet Yellen highlighted them as a concern recently.

Elsewhere on Wall Street, Chipotle Mexican Grill rose 7.2% after reporting stronger profit and revenue for the latest quarter than analysts expected. Its restaurants sold more meals to customers than they did a year earlier.

CVS Health gained 3.1% after it likewise topped expectations for both profit and revenue in the final three months of 2023. The drugstore chain and pharmacy benefits manager, though, also trimmed its forecast for full-year results.

Ford Motor climbed 6% following its better-thanexpected results, while Enphase Energy soared 16.9% despite falling just shy of forecasts. Investors are hopeful that weakness in demand for the supplier of solar and battery systems is nearing a bottom.

They helped offset a 9.7% drop for VF Corp., the company behind Vans, The North Face and other brands. It reported weaker results than analysts expected.

Snap tumbled 34.6% after its fourth-quarter revenue fell short of analysts' expectations. The company behind Snapchat also gave a tepid forecast for 2024 after saying on Monday that it was laying off 10% of its workforce.

Wall Street was also trying to game out the impacts from an announcement that ESPN, Fox and Warner Bros. Discovery are planning to launch a streaming platform for sports. Many details are still to be worked out, as is how the deal will impact prices for broadcasting rights with sports leagues. But fuboTV, a streaming service that offers sports, fell 22.7%.

In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury edged up to 4.11% from 4.09% late Tuesday following its latest auction. Bonds have been on a jagged run recently as signals of a remarkably resilient economy force traders to push back forecasts for when the Federal Reserve may cut interest rates.

While a delay in rate cuts hurts the stock market, strong economic data also carry an upside for investors. They should mean stronger profits for companies. Such hopes have helped stocks build on their breakneck rally, which began in October, supplanting earlier hopes that a cooldown in inflation could mean imminent cuts to rates.

In stock markets abroad, indexes were modestly lower in Europe and mixed in Asia.

Stocks rose 1.4% in Shanghai but slipped 0.3% in Hong Kong following moves this week by authorities to prop up what have been some of the world's worst-performing markets this year.

THE TRIBUNE

Thursday, February 8, 2024, PAGE 9

FOSSIL FUEL-DEPENDENT PUERTO RICO CAN FULLY SHIFT TO CLEAN ENERGY BY 2050, A FEDERAL STUDY SAYS

By DÁNICA COTO Associated Press AS Puerto Rico struggles with chronic power outages and a decaying electric grid, federal officials believe the U.S. territory can fully shift from fossil fuels to clean energy by 2050, according to a report Wednesday that has been two years in the making.

The report by the U.S. Department of Energy and the Federal Emergency Management Agency surprised those who thought that a recent law requiring Puerto Rico to reach 40% of clean energy by next year and 100% by 2050 was unrealistic.

"This transition will be a substantial effort and won't happen overnight, but 100% clean energy is 100% possible," said Agustín Carbó, Puerto Rico's grid modernization director within the U.S. Department of Energy.

The department's secretary, Jennifer Granholm, who traveled to Puerto Rico to help present the study, echoed Carbó's comments, saying it was a "big, hairy audacious goal" that she believes can be accomplished.

Power plants that rely on coal, petroleum and natural gas currently generate about 97% of Puerto Rico's electricity, with renewables accounting for only 3%, according to the U.S. Energy Information Administration.

The U.S. Department of Energy and the Federal Emergency Management Agency aim to change that.

As part of the push, officials on Wednesday announced a new federally funded program that will subsidize residential rooftop solar and battery storage systems for up to 30,000 low-income households on the island.

Homeowners who qualify can start applying by Feb. 22.

Currently, some 110,000 individual solar systems are connected to Puerto Rico's electric system, which serves around 1.2 million customers, and an average of 4,000 new solar systems are joining each month, said Gov. Pedro Pierluisi.

The two-year study found that Puerto Rico has more than tenfold the renewable energy resources required to meet the island's demands through 2050, but that new infrastructure capable of generating hundreds of megawatts is needed.

Officials warned that such an investment could lead to additional rate increases on an island that already has a much higher electric rate compared with the U.S. mainland. Residential rates are 24 cents

per kilowatt-hour, compared with an average of 16 cents in the U.S. mainland.

Meanwhile, industrial rates are 25 cents per kWh, compared with 8 cents in the mainland.

"A strategic plan to control rate impacts while achieving better reliability over the near term is needed," the report stated.

Rate increases are particularly concerning in Puerto Rico, which has the highest poverty rate compared with any U.S. state at more than 40% and has struggled to attract new investors as it emerges from the biggest U.S. municipal bankruptcy in history.

The report studying the shift to clean energy comes at a critical time.

"Puerto Rico's current electricity system is complex, isolated, reliant on imported fuels, and vulnerable to extreme weather events and other natural hazards," according to the report.

While ongoing power outages are partly blamed on Hurricane Maria razing the grid as a powerful Category 4 storm in September 2017, the problems began much earlier.

"Decades of operational, maintenance, and financial challenges have resulted in a system that lags far behind accepted reliability levels," the report found.

The frequency and duration of power outages in Puerto Rico has worsened in recent years, with clients spending an average of 22 hours without power last year, according to a report submitted to the island's Energy Bureau in late January.

The generational capacity of Puerto Rico's power plants also has dropped from 52% to 42%, which officials with Genera PR, the company that operates and maintains such units, said was a result of temporarily taking them offline for maintenance.

The company said it expects ongoing projects to boost capacity to up to 60% sometime in the future.

Puerto Rico's fragile power grid already depends on temporary generators installed last year to lessen the number of outages and allow crews to do maintenance. In a deal reached earlier this month with FEMA, the island's government will operate the generators through the end of 2025.

The grid also will soon be backed by a battery energy storage system as part of a recently approved $648 million project funded with federal money.

TRAFFIC lights are out of service during a blackout in San Juan, Puerto Rico, early April 7, 2022. As Puerto Rico struggles with chronic power outages and a decaying electric grid, officials believe the U.S. territory that is heavily dependent on fossil fuels can fully shift to clean energy by 2050, according to a new study by FEMA and the US Dept. of Energy published on Feb. 7, 2024.

Photo:Carlos Giusti/ AP

PAGE 10, Thursday, February 8, 2024

THE TRIBUNE

NEW YORK COMMUNITY BANCORP TRIES TO REASSURE INVESTORS AS STOCK CONTINUES TO WOBBLE

By KEN SWEET AP Business Writer

THE LOGO for New York Community Bancorp is displayed above a trading post on the floor of the New York Stock Exchange, Wednesday, Jan. 31, 2024. New York Community Bancorp Inc. on Wednesday reported a loss of $252 million in its fourth quarter.

Photo:Richard Drew/AP

NEW York Community Bancorp tried to reassure investors Wednesday that it is financially sound, a day after the bank's credit rating got downgraded to "junk."

Shares of NYCB recovered from steep losses earlier in the day to close with a gain of 6.7%, but are still down nearly 57% over the past week, Last Wednesday, the bank reported significant losses on some commercial real estate loans and indicated it

was struggling to digest last year's purchase of Signature Bank.

"We have obviously been dealing with a very serious situation since our fourth quarter earnings release," said Alessandro DiNello, the newly appointed executive chairman of NYCB, in a call with investors.

DiNello told investors that the bank had more than enough liquidity to cover deposits and would work quickly to sell off assets or refinance its balance sheet to meet market demands.

"The challenge today is not easy, but this company has a strong foundation, strong liquidity and a strong deposit base which gives me confidence for our path forward," he said.

Once a relatively low profile regional lender, NYCB became a much bigger bank in 2023 when it bought most of the assets of Signature Bank. Signature was one of two banks that failed in one weekend in mid-March.

The purchase of Signature pushed NYCB above $100 billion in assets, which by law puts it under more pressure from regulators. The bank had to cut its dividend

and increase its capital and liquidity ratios to meet regulators' requirements.

Coupled with the regulatory demands, investors have also had concerns about NYCB's commercial real estate portfolio. The bank reported a surprise loss of $252 million for the fourth quarter, including a provision for credit losses of $552 million, much of it tied to real estate.

Despite the market's concerns, the bank says it has seen virtually no outflow of deposits. The withdrawal of deposits was what doomed Silicon Valley Bank last year, when skittish wealthy depositors pulled their money out in the modernday equivalent of a bank run.

The ratings agency Moody's downgraded NYCB's credit rating to junk status on Tuesday, citing concerns about the bank's concentration in commercial real estate as well its high amount of uninsured deposits.

"Today's rating action reflects multi-faceted financial, risk-management and governance challenges facing NYCB," Moody's said at the time.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TINEILYAH PRESCIOUSS MARTIN of Freeport, Grand Bahama, intend to change my name to TINEILYAH PRESCIOUSS VICTORIA. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that RODELYN DENIZE of Peardale Road off Wulff Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that MAUDLINE MICHEL MIRTHIL of Bacardi Road, 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 8th day of February 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE 10374 10922

9728

8710 REG NO. 10465 6475 10833 11356 11244 10364

Freeport Grand Bahama Smith, Joewell Whylly, General Errol delivery General Nassau, Delivery Bahamas Eleuthera Bahamas

B

A

GN-3015

Stuart, Laron A General Delivery Nassau, Bahamas THE BOAT REGISTRATION ACT RENEWAL MASTER'S LICENSE-NEW PROVIDENCE – 2024 Sweeting, Stephen A NAME CLASS P.O.Box N-1110 Nassau, Bahamas Adderely, Abraham Turnquest, Peter P.O.Box CB-13287 Nassau, P.o.Box Bahamas EE-16187 Nassau, Bahamas Adderley, Daniqueo Mervyn Drive Tynes, Christopher Jr. Nassau, Bahamas General Delivery Amader, Alfredo Nassau, Bahamas General delivery

A A

Varga, Randolph P.O.Box SS-5219 Nassau, Bahamas

A

A

B

P a g e | 29

Varga, Travis P.O.Box SS-5219 Nassau, Bahamas

NAME

7528

Walkine, Dion P.O.Boc GT-2444 Nassau, Bahamas

B

11374

Williams, Marcion General Delivery Nassau, Bahamas

B

11573

Williams, Marva M. Skimmer Street Nassau, Bahmas

B

7873

Williamson, Leslie P.O.Box SB-51733 Nassau, Bahamas

A

11420

Woodside, Michael General delvery Nassau, Bahamas

B

Wood, Ken James Jr. Golden Gates #2 Nassau, Bahamas

A

Young, George P.O. Box N 1947 Nassau, Bahamas

A

Signed Berne Wright Senior Commander, RBDF Port Controller (Acting)

CLASS A

US Homeland chief joins officials in Vegas declaring Super Bowl a ‘no drone zone’

By KEN RITTER Associated Press

B

REG 8634 NO.

8594

Thursday, February 8, 2024, PAGE 21

WHILE police were pursuing and apprehending a man who climbed a Las Vegas Strip landmark, local, federal and NFL officials met with the media on Wednesday to outline hardened security measures and declare the Super Bowl a "no drone zone."

League, FBI and Secret Service officials and Homeland Security Secretary Alejandro Mayorkas said there have not been any "specific or credible" threats to Sunday's championship game at Allegiant Stadium. But they said they were looking for them.

Mayorkas, in his first public appearance since the U.S. House of Representatives failed in a vote on Tuesday to impeach him, cut short a question about that and dismissed as "baseless" the allegations that led Republicans in Congress to try to force him from the Biden Administration cabinet. They include claims that Mayorkas hasn't properly enforced immigration laws to secure the U.S. border with Mexico and accusations that he lied in telling Congress that the border is secure.

"I'm focused on the work," Mayorkas said, "that's what brings me to Las Vegas today."

The Homeland secretary shared the reason for a seven-minute timeout that paused the AFC championship game between the Baltimore Ravens and Kansas City Chiefs on Jan 28. He said an unmanned drone aircraft had been detected over Baltimore's M&T Bank Stadium.

Authorities later reported they followed the aircraft

HOMELAND Security Secretary Alejandro Mayorkas arrives to a news conference about security for NFL’s Super Bowl 58 football game, in Las Vegas, Wednesday, Feb. 7, 2024.

Photo:Alex Brandon/AP and arrested a Pennsylvania man on felony charges.

"Please leave your drones, umbrellas, selfie sticks and weapons of any kind at home," NFL Chief Security Officer Cathy Lanier told the media on Wednesday. "Super Bowl is a no-drone zone."

Karon Ransom, U.S. Secret Service agent in charge in Las Vegas, put the number of federal law enforcement agents in Las Vegas for the Super Bowl and related events at 750.

She termed the effort a "whole of government approach."

Spencer Evans, special agent in charge of the FBI Las Vegas office, said his agency was "monitoring and sharing" with other agencies "and appropriate private-sector partners" what he called "every scrap of information that indicates a potential threat" from "criminal actors or a hostile nation-state."

"This includes threat intelligence gleaned from social media or open source materials, our own databases and our U.S. intelligence community," Evans said.

Clark County Sheriff Kevin McMahill issued a familiar call for people who see something to say something and noted that Las Vegas has hosted a series of recent headline-grabbing events: the Formula One Las Vegas Grand Prix in November; a University of Nevada, Las Vegas shooting in December; New Year's Eve fireworks that drew hundreds of thousands of revelers to the Las Vegas Strip.

McMahill, head of the Las Vegas Metropolitan Police Department, also somberly referred to lessons learned from the deadliest mass shooting in modern U.S. history, when a gunman opened fire in October 2017 from windows of a high-rise casino hotel and killed 58 people at an outdoor concert crowd of 20,000 on the Strip. Several other deaths have since been attributed to wounds received that night.

At least 65,000 people are expected at Allegiant Stadium for the Super Bowl, and Las Vegas tourism officials estimate the number of hotel guests and visitors in the area will top 330,000.

"Anything suspicious, report it," McMahill said. "Let us do the leg work to determine if the threat is real." The sheriff added that while he was at Wednesday's media event, he was notified that officers were pursuing a man who had climbed to the top of the Las Vegas Sphere.

"We know that people are going to test us," McMahill said from the podium. "We know people are going to try things. We know these things are going to happen. We're going to deal with them as they come up and make sure we have the safest Super Bowl we've ever had."

The media briefing followed another security-themed event Monday when federal, state and local officials at Harry Reid International Airport said they were taking steps to crimp counterfeiting, ground drones and curb human trafficking during Super Bowl week.

NOTICE Take Notice that a Petition has been filed in the Supreme Court of The Commonwealth of The Bahamas Action No. 2023/FAM/div/00360 concerning Danielle Cleopatra Fleuridor (nee Gibson), as the Petitioner, and Jean Louis Fleuridor, as the Respondent. Should the Respondent Jean Louis Fleuridor wish to be heard or participate in these proceedings, he must contact Laroda Francis & Co., Counsel & Attorney-at-Law, Nassau, The Bahamas, (242)- 356-5325 within 14 days of this Notice.

Failing which, this court action will proceed in his absence.

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.

THE TRIBUNE

Thursday, February 8, 2024, PAGE 23

Disney posts solid Q1 results thanks to its theme parks and cost cuts

By BARBARA ORTUTAY AP Technology Writer THE Walt Disney Co. on Wednesday posted stronger-than-expected earnings for the final three months of 2023, boosted by cost cuts and growing revenue from its theme parks business.

CEO Bob Iger said the company is on track to make its streaming services profitable. Helping on this front could be upcoming programming such as Taylor Swift's "The Eras Tour (Taylor's Version)" making its streaming debut on Disney+ in March.

Disney also announced a sequel to "Moana" coming to theaters this November. And it plans to launch a stand-alone ESPN streaming service in 2025 — different from the sports streaming platform it plans to launch this fall in a joint venture with Fox and Warner Bros. Discovery.

Disney earned $1.91 billion, or $1.04 per share, in its fiscal first quarter. That's up 49% from $1.28 billion, or 70 cents per share, in the same period a year earlier. Excluding one-time accounting items, the company earned $1.22 per share in the latest quarter.

Revenue was $23.55 billion, roughly the same as last year's $23.51 billion.

Analysts, on average, were expecting earnings of 99 cents per share on revenue of $23.7 billion, according to a poll

by FactSet. Disney said it is making "significant cost reductions" and reduced its selling, general and other operations expenses by $500 million in the latest quarter. The company cut thousands of jobs in 2023.

The quarter's results will strengthen Iger's hand as he tries to guide the company to streaming profitability, said Insider Intelligence analyst Paul Verna. He added that Disney's goal of making its streaming business profitable by the end of the year "bodes well for Disney's stock to break out of a years-long slump, and for Iger's ability to fend off pressure from activist investors who are looking to reshuffle the board and influence succession planning."

Disney said it lost 1.3 million core subscribers to its Disney+ streaming service during the quarter, but it made more money from each subscriber due to price hikes for the service. It expects to add up to 6 million subscribers in the current quarter.

The company based in Burbank, California, said its theme parks business saw record revenue and operating income during the quarter.

"Our strong performance this past quarter demonstrates we have turned the corner and entered a new era for our company, focused on fortifying ESPN for the future, building streaming into a profitable growth business, reinvigorating our film studios, and turbocharging growth in our parks and experiences," Iger said in a statement.

Disney also announced it is paying $1.5 billion for a stake in "Fortnite" maker Epic Games, working with the game developer to create a "games and entertainment universe" that will feature games, shows and characters from Disney, Pixar, Marvel, Star Wars, Avatar and more.

PAGE 24, Thursday, February 8, 2024

THE TRIBUNE

California recommends changes to leasing properties under freeways after major fire

By CHRISTOPHER WEBER Associated Press THREE months after an arson fire at a state-leased storage space shut down a major Los Angeles freeway, California transportation officials are recommending changes to the leasing program that would explicitly ban storage of hazardous materials like wood pallets and gasoline and provide more scrutiny of people who want to rent out the properties.

The state should require any individual who wants to lease one of the 600 available state-owned properties under roadways to attest they haven't entered into bankruptcy in the past 10 years and are not embroiled in legal actions related to other properties, the head of the California Department of Transportation, or Caltrans, said Tuesday in recommendations to Gov. Gavin Newsom.

The man who leased the property under Interstate 10 that caught fire had filed for bankruptcy twice since 2016 and was the target of several legal filings related to other sites he managed, Associated Press reporting found. The state is fighting to evict Ahmad Anthony Nowaid and scores of tenants subleasing through him in violation of his contracts with Caltrans, according to court records.

Nowaid and his attorney haven't responded to multiple calls and emails seeking comment.

The Nov. 11 blaze quickly spread, fueled by wooden pallets, supplies of hand sanitizer and other flammable materials stored there in violation of the lease contract.

Officials said it was a case

IN this aerial view, Interstate 10 is empty due to a closure in the aftermath of a fire, Monday, Nov. 13, 2023, in Los Angeles.

Three months after an arson fire at a state-leased storage space shut down a major Los Angeles freeway, California transportation officials are recommending changes to the leasing program.

Photo:Jae C. Hong/AP of arson. No one has been arrested.

Caltrans director Tony Tavares wrote in a memo Tuesday that his agency had completed a review of all 600 properties around and under roadways that the state leases to firms and individuals. The agency recommended the state explicitly prohibit any storage of flammable or hazardous items and define more clearly what constitutes dangerous materials, he said. The overhauls are meant to "ensure the lease agreements governing each property are up-to-date and reflective of potential risks, streamline enforcement of lease terms and allow Caltrans to more quickly address risks," Tavares wrote.

The governor's office didn't immediately respond to an email Wednesday seeking comment on the changes Caltrans is proposing.

Since the fire, Caltrans has inspected 47 sites, most

of which were identified as potentially high-risk and some that have more than one parcel. Of these parcels, more than three quarters failed their inspections. The reasons for failure ranged from the presence of combustible materials to faulty wiring and more.

Some inspections found "several issues presenting fire or safety risks" and other potential lease violations, Tuesday's memo said.

One tenant was keeping propane tanks, others were storing vehicles and several more had improperly stored lumber or wooden pallets, inspectors found.

Among materials that should be prohibited: "Oil, gasoline, lumber, pallets, wood, wood chips, landscaping materials, non-operable vehicles, plastic piping/tubing, tires, paper/paper products, fabrics, batteries, and chemicals/cleaning supplies in industrial quantity," Caltrans said.