03142022 BUSINESS

business@tribunemedia.net

MONDAY, MARCH 14, 2022

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Bahamas provider slams $20m crypto ‘fraud’ claim

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN financial institution and its affiliate yesterday slammed a $20m damages claim against them as “baseless”, denying they participated in a “conspiracy to sabotage” a virtual token issue.

Deltec Bank & Trust, in response to Tribune Business inquiries, asserted that Bahamas-incorporated Dreamr Labs was seeking to blame itself and others for its own failings after the value of its virtual tokens crashed by 93 percent within 90 days of being listed on the Bittrex Global crypto currency exchange.

Responding to the lawsuit filed against it last week in the eastern New York federal court, the New Providence-based

• Deltec brands ‘sabotage conspiracy’ lawsuit ‘baseless • Says Bahamas-based token offerer should blame itself • Digital assets plummeted 93% within 90 days of listing institution branded the allegations against it as both “unfounded and unsubstantiated”, and “frivolous and vexatious” given that it is not directly involved in the digital assets/crypto currency space.

However, the Dreamr complaint also names Deltec’s Bahamian blockchain and digital assets affiliate, Delchain, as a defendant together with the latter’s Florida-based

chief executive, Bruno Macchialli. It claims they worked with two other defendants, Suisse Finance Holdings and Richard Iamunno, to undermine its digital token offering and cause $20m worth of losses.

Making allegations including breach of contract, fraudulent inducement and fraud, Dreamr claimed: “Defendants, individually and collectively, caused

Dreamr to lose more than $20m. Dreamr retained and paid each defendant to provide certain advisory services concerning Dreamr’s attempt to launch and list Dreamr’s DMR crypto-tokens on a recognised crypto currency exchange, namely among others Bittrex Global.

“Rather than support Dreamr’s endeavour, each defendant instead conspired against Dreamr and sabotaged Dreamr’s crypto token launch by, among other things, causing a delay of the release of Dreamr’s tokens; preventing and stalling the transfer of Dreamr’s tokens out of its own bank accounts; and coercing Dreamr into an unjustified settlement agreement in exchange for additional compensation.”

Accusing Deltec, Delchain and the others of

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Bahamas ‘on cutting edge’ with hotel mask relaxation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE GOVERNMENT’S decision to partially lift the COVID mask mandate for resorts was yesterday hailed by a top hotelier as placing The Bahamas “on the cutting edge” of post-pandemic recovery.

Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA)

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ROBERT SANDS

Stay ‘neutral’ on Russia sanctions, says provider

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN financial services provider yesterday argued this nation should take a “neutral” position by not imposing sanctions levied against Russian oligarchs and business entities.

Paul Moss, president of Dominion Financial Management, told Tribune Business that The Bahamas could be penalising individuals opposed to their country’s invasion of Ukraine after this nation’s financial services regulators ordered all licensed providers to halt any transactions with sanctioned persons, companies and state-owned entities in Russia and Belarus.

“As a nation we should be able to condemn what Russia has done,” he asserted, “and object, but

we cannot be putting sanctions on people who may be opposed to actions of Russia as a state. It’s predictable.

I always knew we were going to act in that way.

The Bahamas has put itself in a position where we’ll be obliged to act because of how we’ve conducted ourselves in the past.”

Mr Moss, head of one of the few Bahamian-owned firms in the international financial services sector, spoke out after the financial services regulators - in a joint statement - said that given “due consideration to [the] interests of this jurisdiction and the financial services sector operating within it” they had to ban all dealings with those sanctioned by the US, UK, Canada and European Union (EU).

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Concern on swimming pigs ‘cease and desist’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net OPPONENTS of an Adelaide-based swimming pigs attraction are challenging why Town Planning is “entertaining” its application when it has already issued a “cease and desist” order for it to close.

Sam Duncombe, president of the reEarth environmental group, whose property sits immediately next door to Beyond Da Village Pig Experience, told Tribune Business that it “still boggles my mind” how this and a similar attraction nearby - Da Pig Beach were still operating despite both lacking the necessary Town Planning approvals.

Speaking after a virtual Town Planning meeting on Thursday night, which discussed the application by Beyond Da Village and its operator, Charles Johnson, to construct and operate a bar and grill at the site, Mrs Duncombe blasted: “Why is Town Planning even entertaining him right now......

“I’m really just struggling to understand how they’ve been operating without the proper permits to do so. They’ve not even been

given a slap on the wrist. It’s like we’ll overlook that and go forward. I get that the regulatory bodies are overworked, they have a lot on their plate, but these particular facilities, they have a lot of documentation in terms of what’s been going on.

“I’ve been in touch with Town Planning since June last year. Nobody can say, not one, what is happening.

It boggles my mind. I know they’ve issued the cease and desist order, but who’s going to enforce it? Who’s calling the police?”

Tribune Business has seen a copy of Town Planning’s cease and desist order, which was issued to Mr Johnson on Friday, January 21, 2022 at 11.05am.

The order, which states that the business was supposed to “cease and desist” from 2pm that day, was signed by inspector/enforcement officer Clinton Forbes.

It was issued on the basis that Mr Johnson had “commenced operation of a business activity without approval” from the Ministry of Works, Building Control, Department of Environmental Health and

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PAGE 2, Monday, March 14, 2022

THE TRIBUNE

SANCTIONS REGIMES THAT MATTER FOR US A

ccording to the International Monetary Fund (IMF), Vladimir Putin’s war with Ukraine - and the sanctions that followed - will have a serious impact on the global economy. Despite the highly fluid conditions, and extraordinary uncertainty, surrounding the outlook, the economic impact is already

being felt throughout the world with the affect on supply chains causing rippling economic shock waves.

The IMF explained: “This crisis will create complex policy trade-offs, further complicating the policy landscape as the world economy recovers from the pandemic crisis.”

At the centre of this ‘sanctions war’ is the compliance professional. At the international level, the Financial Action Task Force (FATF), which was established by the G-7 nations in July 1989 to develop policies to combat money laundering, in its ‘recommendation six’ requires countries to use targeted financial sanctions regimes

to comply with United Nations Security Council Resolutions. These typically focus on the prevention and suppression of terrorism and terrorist financing.

Locally, whether supervised by the Central Bank of The Bahamas, Securities Commission, Compliance Commission, Insurance Commission or Gaming

Board, all financial institutions are required under the Financial Transactions Reporting Act 2018 to designate a compliance officer at a senior management level “to be responsible for the implementation of, and ongoing maintenance of, the identified risk, internal procedures and controls of the financial institution”.

In addition, section 3A(1) of The Bahamas’ International Obligations (Economic Ancillary Measures) Amendment Act 2019 provides for UN Security Council resolutions to take effect in Bahamian law from the date of adoption by the United Nations Security Council.

Against this backdrop, and considering that a compliance professional has the responsibility to provide training that will enhance behavioural skills and technical knowledge for all employees, I write to provide insight pertaining to these Russian sanctions.

What are economic sanctions and why are they used Sanctions are penalties levied either as punishments or to deter certain policies and behaviours. This is regardless of whether they are aimed at punishing a country, its officials or its citizens. Sanctions may be imposed for reasons such as, but not limited to, political, military or social matters.

When a country or regime violates human rights, supports terrorist activities or threatens international peace and security, sanctions are used in an attempt to alter its behaviour.

Types of sanctions A single country can impose economic sanctions unilaterally, or a group of countries or an international body can introduce them on a multilateral basis. In The Bahamas, our primary trigger for effecting sanctions are United Nations Security Council resolutions. In some cases, sanctions can be in the form of an embargo that prohibits trade with a country, though

By

Derek

Smith it can also include permit the humanitarian supply of food and medicines. In other cases, they can take the form of export controls or capital controls. Specific export restrictions bar the supply of products, services and intellectual property to targeted countries, while capital controls can restrict investment in certain industries or nations. Other sanctions may include asset freezes or seizures, travel restrictions, visa restrictions and other forms of trade restrictions.

The aforementioned sanctions can be further grouped into three categories comprehensive sanctions, sectoral sanctions and targeted sanctions.

Conclusion In short, this article has provided some backdrop into the world of sanctions.

It highlights another active area that is managed by the compliance practitioner while illustrating what sanctions are, why they are used and provide examples of types of sanctions NB: About Derek Smith Jr Derek Smith Jr. has been a governance, risk and compliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfsburg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certified anti-money laundering specialist (CAMS), and the compliance officer and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group) for The Bahamas and Turks & Caicos.

CLOUD PROVIDER WINS FIFTH ‘PARTNER’ AWARD A BAHAMIAN managed cloud services provider says it has won its fifth Partner of the Year honour since 2016 as it celebrates its tenth anniversary.

Cloud Carib, in a statement, said it has been named CyberArk’s 2021 Partner of the Year for the Latin American region. “CyberArk is pleased to recognise Cloud Carib as our 2021 LATAM MSP Partner of the Year,” said channel director for Latin America and the Caribbean, Alvaro Fehr.

“As a new reseller and MSP (Managed Service Provider) partner in the region, Cloud Carib quickly became an active partner in the Caribbean and parts of South America, closing their first deal in five months and an MSP deal in December.”

Cloud Carib teamed up with CyberArk, an identity access management (IAM) security company, in May 2021. Less than a year later, the Nassau-based company says it has been recognised for its tremendous regional growth and innovation.

“This is another feather in the cap for Cloud Carib,” said chief executive, Scott MacKenzie. “In partnership with CyberArk, we’ve been able to offer our clients customised and fully managed security solutions which incorporate Privilege Access Management (PAM) protocols designed to help them get ahead of cyber threats as opposed to simply being

able to respond to them. It feels good to be recognised for that work.”

In 2021, CyberArk was recognised as the Gartner Magic Quadrant leader in privilege access management for a third successive year – positioned both for its ability to execute and for its completeness of vision.

“CyberArk has perfected the use of this technology as an information security mechanism,” said Cloud Carib founder and chief technology officer, Stelios Xeroudakis. “It safeguards identities with exclusive access or capabilities beyond regular users. This is critical when considering how we go about protecting our clients’ sensitive information.”

The CyberArk award is the most recent in a series for Cloud Carib. The company also recently achieved the coveted SOC 2 Compliance – a designation reserved for organisations meeting the highest international standards for information security.

“Our mission for the last ten years has really been to meet and exceed the expectations of our clients by giving them access to cutting edge technology and security solutions,” said Mr Xeroudakis. “This has pushed our team to stay one step ahead, to seek out partnerships which benefit our clients and, so far, we have been able to do exactly that.”

THE TRIBUNE

Monday, March 14, 2022, PAGE 3

‘NOTHING SINISTER’ OVER $206M GOLDMAN REPO

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government must ensure it has “the expertise to manage the legal and financial risk” arising from its “innovative” $206.5m repurchase deal with Goldman Sachs, a prominent banker says.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business the transaction was “creative” and employed methods/techniques not often used in this nation to raise financing for the Government by monetising assets it owns.

However, while suggesting that The Bahamas was “probably 20 years’ behind the times” in employing such financings, he added that the Goldman Sachs deal created yet another obligation the Government must repay since it has committed to reacquiring these assets when the transaction matures in two years’ time.

“What it demonstrates is that they’re looking at more creative ways of monetising some of the assets they have,” Mr Bowe told this newspaper. “It’s creative and not often used in The Bahamas...

“It has not changed the overall balance sheet, but has increased the debt obligation by monetising assets the Government owns. What I want to be clearly articulated is that the Government is creating the in-house expertise to manage the legal risk, because it is a legal risk, and secondly, the financial risk, because ultimately this contract has created the obligation to buy the securities back.”

Mr Bowe spoke before Free National Movement (FNM) leader, Michael Pintard, issued a statement

last week challenging why the Government needed to pledge almost $236m worth of assets - which were intended to repay future bond issues when they mature - as collateral to obtain a smaller cash sum.

“It is distressing to learn that the Government has had to enter into a transaction that heavily discounts these assets that belong to the Bahamian people and encumbers them as part of the deal,” Mr Pintard argued.

“Previous administrations have been able to secure short-term and longterm loans and financing without having to put up collateral. Do the creditors not have the confidence in the Davis administration to provide this relatively short-term two year financing with just the customary sovereign guarantee? Why the need for collateral?

What does this say about the credibility of this government and its fiscal plans?”

However, Michael Halkitis, minister of economic affairs, immediately hit back by asserting: “There’s nothing sinister going on here.” Arguing that the Government had been “totally transparent” over the Goldman Sachs transaction, he said it was having no issues meeting its borrowing or debt financing needs.

“The very first point I want to make is the Government of The Bahamas is having absolutely no difficulty in raising money,” Mr Halkitis told the weekly media briefing by the Prime Minister’s Office. “Unfortunately, this is a narrative being pushed by the Opposition and opposition forces, but there’s absolutely no truth to that.”

He added that the Goldman Sachs repurchase was part of the Government’s efforts to lower its borrowing costs (interest payments), and spread out when its debt issues mature and become due for repayment, so as to ease the burden on Bahamian taxpayers.

Refuting the Opposition’s implication that the repurchase move, commonly known as a “repo”, was a “convoluted, exotic” deal, the minister said thousands of such transactions are conducted every day in the global financial markets.

“The repo transaction allows the Government to leverage the assets in the ‘sinking funds’, while continuing to receive income on those assets and to grow and invest in the sinking funds,” Mr Halkitis said.

“No payments will become due from the sinking funds during the term of the repo, so there is no question of assets not being available for debt repayment.

“In addition, and this is very important, the rate of interest on the repo is 2.4 percent. You will recall that the bond issue done by the former administration, the rate was 8.95 percent. We went out for $600m at 8.95 percent, and went out for an additional $225m at 8.95 percent.”

Mr Halkitis repeated the two interest rates, 2.4 percent on the Goldman Sachs “repo” and 8.95 percent on the Minnis administration’s last international bond, to drive home the point that the Davis administration got far better value for Bahamian taxpayers via lower debt servicing costs.

“We are managing our profile to reduce the cost of the debt. We’ll be using a number of different instruments to do that,” he added. However, Tribune

Business research shows that the second $225m tranche referred to by Mr Halkitis was, according to Ministry of Finance statements issued at the time, carried an 8 percent interest coupon rather than 8.95 percent.

And the comparison with the Minnis administration’s bond issue is not a direct like-for-like, as the $895m involved no collateral and was placed at the height of the COVID-19 pandemic when global capital markets were in turmoil. The bond was issued then because The Bahamas needed to replace lost tourism foreign currency inflows and support the one:one exchange rate peg.

Collateral, in the form of the ‘sinking fund’ assets, will have been required to obtain the relatively low interest rate from Goldman Sachs. Simon Wilson, the Ministry of Finance’s financial secretary, described it to Tribune Business as the “cheapest form of financing” available to the Government at this time.

In effect, the Davis administration has monetised the Government’s ‘sinking fund’ assets to secure what it believes is the lowest-cost deal for Bahamian taxpayers at this time. It has done so without giving up ownership of the assets given the obligation to buy them back in 24 months time, and it will still receive interest on these securities, which are mainly US Treasury bills and bonds.

However, the “repo” is still a form of collateralised borrowing and has created an additional obligation for the Government. The transaction provides the Davis administration with short-term breathing room, and the foreign currency liquidity/cash necessary, to

Barbers, beauty salons call for mask mandate easing

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BARBERS and beauty salons yesterday called for the Government to relax its COVID mask mandate with the sector “coming back” slowly from the economic devastation caused by the pandemic.

Anton Minnis, vicepresident of the Bahamian Cosmetologists and Barbers Association (BCBA), told Tribune Business that the Government’s decision to ease COVID restrictions by now allowing providers to operate at 50 percent customer capacity was “good news”.

However, he added: “Once they can relax the mask mandate it would be even better.” Mr Minnis explained that many customers found wearing masks awkward when providers are doing facial skin care.

“The new distancing rules, and allowing people to come back into the stores, is bringing back the whole feel of going to a barber shop.

This is the last place men can come and be men. The camaraderie and the kinship that happens in the barber shops and salons, you can get nowhere else,” he said.

“It’s coming back, it’s coming back. But this shutdown helped a lot, too, because a lot of us became a lot more organised on how we deal with our clientele.

This has made it easier for the clients as well.”

Mr Minnis spoke out after the Prime Minister confirmed during his midyear Budget address on Wednesday that barber shops and beauty salons can go to a 50 percent customer seating capacity.

Despite the relaxation, he added that this alone will not mean an uptick in business for barbers and beauty salons. “I don’t think it’s going to translate into a huge uptick. Because how people learned other skills, people have learned how to take care of themselves,” Mr Minnis said.

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“Then there are still people who have the fear of infections. Until we get an international announcement that COVID-19 is not a threat any more, then you will find that people will probably be a little more relaxed or wouldn’t mind coming in.”

Mr Minnis still sees Bahamians as being “apprehensive” in terms of large crowds. Based on feedback from his customers, he feels the industry has some distance to go in overcoming COVID-19’s trauma.

“We don’t know what would come after the Omicron variant,” he added.

“We understand that most viruses mutate themselves

out of infectiveness, so once this has run its course, we got to see if another variant is going to do something else.

“It is not a matter of the regulations relaxing to any extent, but about us staying cognisant of our sanitary practices and how we strengthen our immune systems.”

The BCBA is planning an active year that includes training trips to the US for some of its members as a way to strengthen the talent pool in The Bahamas.

“We want our members to become as educated as possible in cosmetology,” Mr Minnis added.

meet its short term operational expenses. It is bridge financing to fill the gap until bond market conditions become more favourable.

Capital market sources, speaking on condition of anonymity, told Tribune Business that the Government had been exploring whether to do a similar Bahamian dollar-denominated “repo” in the local capital markets but ultimately went with Goldman Sachs because it offered the cheapest deal and lowest interest rate.

Suggesting that the “repo” may just be the start of a broader relationship between the Government and Goldman Sachs, one contact said: “They were talking about the BPL [rate reduction bond] issue. They were talking about deferring going to market until this year. Goldman said: ‘Don’t rush it’.”

However, one non-political source, speaking on condition of anonymity, yesterday said questions about the Goldman Sachs transaction remain. Calling on the Government to disclose the upfront fees paid to the multinational investment bank for the “repo”, they suggested that the 2.4 percent rate was high compared to that normally charged on such deals.

They also queried the two-year duration, asserting that most “repos” lasted for durations no longer than two to three months, with many concluded in days or weeks. However, the 2.4 percent rate likely reflects the longer two-years on the Government’s deal and therefore the increased risk.

A 2.4 percent interest rate on $206.5m equates to $4.956m, meaning that Goldman Sachs stands to

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PAGE 4, Monday, March 14, 2022

THE TRIBUNE

CRYPTO EXCHANGE: HOTEL TO ‘IMMERSE’ VISITORS AT ITS HQ

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE world’s second largest crypto currency exchange has included a boutique hotel in plans for its $60m Bahamas headquarters so it can better host visiting clients and business partners.

Valdez Russell, vice president of communications for FTX Digital Markets, indicated that the company’s presence will attract a significant number of corporate travellers to The Bahamas who it wishes to become “immersed” in its planned West Bay Street campus.

Asked during a Town Planning meeting why the exchange wishes to develop a boutique hotel alongside its office complex, Mr Russell replied: “One of the things that we have begun to do here at FTX is host a number of our international partners and colleagues, who come to visit our campus and stay at our space.

“We’ve established incredible partnerships with existing hotels, and we believe that as we have more partners visit, announced and unannounced, a boutique, small hotel that has the charm and hospitality of The Bahamas, just in our own backyard, will be ideal

to welcome and host our varied guests.

“We will continue to support partners who are nearby throughout the island and on other islands.

But we would like the opportunity to be able to afford our guests, ones that come from near and far, an opportunity to be immersed on our campus. And we look forward to that experience being in our boutique space.”

FTX is developing its headquarters building on a 4.95-acre tract of land located at Bayside Executive Park. It intends to construct three separate buildings. These include a “seven-storey hotel with 38 rooms, retail, roof-top lounge spaces, staff day care, a gym and cafes”. Also in the mix is a “seven-storey office tower” featuring a cafe, lecture halls, meeting rooms, co-working and athletic spaces.

The final of the three FTX properties is a four-storey “commercial building” with cafes, retail lounge spaces, auditorium, conference and meeting spaces, and offices, classrooms and a library/computer rooms.

The site will also have room for 1,010 vehicle parking spaces, in line with FTX’s plans to create 1,000 jobs.

The crypto currency exchange unveiled its headquarters plans just as the Prime Minister unveiled the Government’s plans to target the digital assets

SITE plans provided to The Department of Physical Planning for the Proposed Office Tower, Commercial Building and Boutique Hotel for FTX Holdings. space as a potential growth driver for the Bahamian economy.

“The Bahamas has a unique opportunity to be a leader in the area of digital assets. To-date, the

Government has been successful in attracting one of the major players in this area, FTX, the crypto currency exchange. They have already demonstrated a long-term commitment to The Bahamas by investing substantially in real estate,” Mr Davis said.

“We cannot allow this opportunity to grow this economy to slip by. In this respect, in the near future, the Government will be promulgating a policy on digital assets.

This policy will establish a framework to guide regulations in the sector, and facilitate the granting of

approvals and licences by the Central Bank, Securities Commission and Insurance Commission in a fair and transparent manner.”

FTX’s existing campus near Lyford Cay is expected to be phased out once the new and larger campus comes on stream. As other companies in the cryptocurrency space show interest in doing business in The Bahamas, they will be located at the exchange’s former premises.

The office space will be developed in the first phase, followed by the “assembly line” in the second and the hotel will be the final stage.

Construction will be completed within a three-year period, meaning that by 2025 the Bayside Executive Park complex will be finished.

“The applicant is seeking planning approval to develop a 4.95 acre parcel of land on the southern side of West Bay Street, approximately 3,500 feet west of Blake Road,” the Department of Physical Planning said. “The applicant proposes to develop the site for FTX’s office headquarters, a boutique hotel and a building for various commercial uses.”

Mr Russell pledged that Bahamians will have a key role in FTX’s future plans. “We believe in the empowerment of Bahamians. It’s not just lip service.

But we look forward to making future announcements that will highlight our commitment to Bahamian entrepreneurs and existing enterprises, so that they can elevate their businesses,” he said.

“In addition to that, as we continue to build our space once approved, we look forward to receiving ideas from Bahamian businesses who want to have access to our space, and who want to grow their enterprises as well. Those kinds of have thoughts are consistent with both myself and my colleagues, so that Bahamians own more and are a part of incredible opportunities.

“We look forward to making those opportunities publicly advised, so that everyone has access to be able to submit and be afforded the opportunity to own a piece of whatever it is that their hopes and dreams are for a better Bahamas. Bahamians will have the opportunity to be in our space in meaningful ways.”

‘Nothing sinister’ over $206m Goldman repo FROM PAGE THREE earn almost $5m per year or close to $10m over two if the “repo” lasts for two years. Still, the need for the transaction was further exposed by the price and yields at which existing Government foreign currency bond issues are trading at on international markets.

Trading information from the Frankfurt stock exchange indicates that the 8.95 percent bond referred to by Mr Halkitis was trading at almost a 15 percent

discount to its face value at the end of last week, with a yield of 11.647 percent.

And the $650m bond placed immediately before that is trading at a 16 percent discount and yield of 10.32 percent.

This indicates that The Bahamas would have to pay double-digit interest rates to place any foreign currency bond issues in the current environment, which would further increase the burden on local taxpayers. Several contacts have criticised the former administration for electing to proceed at 8.95

percent, suggesting it has set the interest bar too high for future bond raises.

The Davis administration placed the $700m bond issue left by its predecessor on the backburner when it took office. Mr Halkitis denied the Opposition’s accusations that it was being “inconsistent and contradictory” with its fiscal messages, saying the Government was merely doing all the preparatory work to ensure it is “ready to go” when the time comes to tap the international capital markets.

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Interested persons should submit their curriculum vitae and supporting documents, by email to: Email: employerbahamas9@gmail.com Deadline: March 21, 2022

THE TRIBUNE

Monday, March 14, 2022, PAGE 5

Stagflation fears

By CHRIS ILLING

F

IRST came the military, then the energy shock. In 1973, it was the Yom Kippur War between Israel and the Arab states that caused oil prices to quadruple within weeks. Now it is Russia’s attack on Ukraine. And this time, in addition to oil, it is drastically more expensive gas, whose wholesale prices have soared to seven times the level of mid-2021 since the Russian army invaded.

There is a risk of unbelievable cost shocks. More and more medium-sized industrial companies can no longer afford to produce at these prices.

The chemical industry referred to its large consumption of oil and gas. About 95 percent of all industrial products require

chemical products, ranging from cars, computer chips and insulating materials to televisions, medicines and detergents.

With each day of war, it is becoming more and more likely that a toxic mix which tormented people for years in the 1970s will become reality again after such a long time. This is the coincidence of rising prices and a stagnating economy with increasing unemployment. The scary word for it? Stagflation.

Stagflation happens when the economy is experiencing both economic stagnation – stalling or falling output – and high inflation. Additionally, a struggling economy will drive up unemployment. In other words, all three macroeconomic indicators are going in the wrong direction at the same time.

The question is whether the correct answer that helped stop inflation in the 1970s and early 1980s is the same one today, whether it was rising central bank

GB maritime expansion could create 100 jobs A GRAND Bahama maritime enterprise may create up to 100 new jobs through its expansion, Cabinet ministers have said.

Speaking at the ElNet Maritime Centre’s Thursday opening, Jobeth Coleby-Davis, minister of housing and transport, recalled how its principal, Elbert “Ellie” Hepburn, had overcome challenges in obtaining the necessary financing to realise his dream.

Mrs Coleby-Davis said more than 125 jobs were created during the ElNet Maritime Centre’s construction and, now it has begun operations, there is an opportunity for 50 to 100 new posts. “It is no secret that Grand Bahama has endured many challenges over the last few years. However, the opening of this centre is a step in the right direction for the island,” she added.

The Prime Minister, meanwhile, said he hoped the Government will be able to partner with ElNet in future initiatives related to the Government’s plans

to grow the so-called ‘blue economy’, which focuses on how The Bahamas can better exploit its sea-based resources - of which the maritime industry is part - in a more sustainable manner.

Praising Mr Hepburn, Philip Davis QC said: “Apart from the more usual financial challenges and obstacles that ambitious projects encounter, not many ventures have had to overcome the challenges presented by a Category 5 hurricane, a global pandemic and a general surge of inflation.

“In this context, your success is all the more remarkable, and I congratulate you on this exceptional achievement. In fact, your vision, ambition and progress to-date have already singled you out as among the best of us.”

The Prime Minister hailed ElNet’s growth over the past 14 years, and added: “When my administration came into office just under six months ago, a significant section of our

FOLLOWING the ribbon cutting of the ElNet Maritime Center, Prime Minister the Hon. Philip Davis is seen with Elbert Hepburn and his wife Regina. Also seen with his children and family are Ginger Moxey, minister for Grand Bahama; Jobeth Coleby- Davis, minister of transport and housing; Michael Pintard, Opposition leader; and Senator Kirkland Russell.

Photo:Andrew Miller/BIS campaign promises related to the Blue Economy.

“We placed a strong focus on how we would manage, promote and develop resources on the sea, in which we include shipping; resources in the sea itself (such as fisheries); and resources on the seabed itself, such as our coral reefs, mangroves and sea grasses.”

Also in attendance were Ginger Moxey, minister for Grand Bahama; Michael Pintard, leader of the official Opposition; senior government officials; family and friends.

interest rates that dampened people’s consumption tendencies, and higher wage demands, towards rising prices.

One monetary authority (the European Central Bank) decided against higher interest rates on Thursday. There is some evidence that this stagflation can be counteracted much better than false 1970s romanticism, and that the central banks stay out of it completely.

The banks’ fear is that higher interest rates would further weaken the already weakened economy, and that both wage and price leeway disappear.

Even the most recent gas and oil markets shocks could be enough to cause worldwide inflation to rise to 6 percent this year. At the same time, high costs,

war-related supply bottlenecks and a state of shock are likely to result in the economy producing less in the coming weeks - which would be exacerbated by the recently-discussed import ban on Russian gas and oil.

Oil prices spiked to their highest levels since 2008 last Monday after US secretary of state, Antony Blinken, said Washington and its European allies were considering banning Russian oil imports. If prices are rising during stagflation, while economic output is shrinking, measures are needed to slow down this development

- and ideally help to support the economy.

Examples of anti-Stagflation methods are: * Decrease Value-AddedTax (VAT) with special consideration to the energy industry and consumer. * Price controls for energy and gas rate hikes. * Price and trading limits for certain commodities (wheat, oil, gas) where markets are being closed to prevent hoarding and panic buys.

But when, if not now, would be the moment to think about the next pandemic, crises and wars, and prepare ourselves even better?

PAGE 6, Monday, March 14, 2022

THE TRIBUNE

PM and DPM assess Norman’s Cay project THE Prime Minister and deputy prime minister on Friday both toured the site of the multi-million dollar Six-Star residential development on Norman’s Cay. Philip Davis QC and Chester Cooper, also minister of tourism, investments and aviation, were

accompanied by Ryan Pinder, attorney general and minister of legal affairs; Clay Sweeting, minister of agriculture, marine resources and Family Island affairs; Myles Laroda, minister of state in the Office of the Prime Minister; John Pinder, parliamentary

secretary Ministry of Tourism, Investments and Aviation; Kevin Simmons, senior advisor, Office of The Prime Minister; Jerome Fitzgerald, senior policy advisor, Office of The Prime Minister; Reginald Saunders, permanent secretary, Ministry of Tourism,

Investments and Aviation; Cristian Palacious, island administrator, Exuma; Steffan Christie; and other government officials.

The group was received

by Nadia Ashi, chief executive, Six-Star Norman’s Cay, Exuma Resort Developers (ERDL); Richard McCombe, director of island operations; Keith Space, Fort Hospitality’s president; and other executives of Six-Star.

Efforts to develop a highend, boutique resort on Norman’s Cay, once infamous as the headquarters of Colombian narcotics trafficker, Carlos ‘Joe’ Lehder, have lasted for more than two decades.

The initial Heads of Agreement, signed in 2002, called for the development of a five-star Aman resort and capital investment of $25m, together with other amenities that included 40 luxury villas.

Exuma Resort Developers’ initial principals were Aman’s Adrian Zecha; his friend and business partner, Steven Manolis; and Jonathan J. Breene and John P. Conroy of the Setai Group.

However, the project did not proceed as planned and little was heard from it until after the third Ingraham administration was elected to office in 2007.

The “supplemental” Heads of Agreement was

Photo:Kemuel Stubbs/BIS then signed in 2008, after Aman and Setai decided to acquire 100 percent ownership by buying out a Bahamian investor group that had initially been their equity partners.

That group comprised attorney R James Cole; Martin Solomon; accountant Greg Cleare; and top investment adviser, Mark Holowesko. However, soon after the agreement was signed, the global financial crisis and subsequent 20082009 recession hit and the project once again did not proceed.

However, the Heads of Agreement was again amended around the time the last Christie administration was elected to office.

A May 4, 2012, transaction

saw Exuma Resort Developers pay the Government some $1m for real estate on Norman’s Cay. Tribune Business’s files show the project’s ownership appeared to change hands around this time, as it reported on November 27, 2012, that Fort Capital Management was now the lead investor and trying to negotiate the purchase of real estate owned by the four-strong Bahamian investor group that had previously been minority partners in the project.

Representatives from Exuma Resort Developers and Fort were among those who met with the Prime Minster on Friday.

THE TRIBUNE

Monday, March 14, 2022, PAGE 7

BAHAMAS ‘ON CUTTING EDGE’ WITH HOTEL MASK RELAXATION FROM PAGE ONE president, told Tribune Business that the destination was “well poised to exceed our recovery expectations” after the Davis administration lifted the requirement to wear masks in hotel lobbies, corridors and casinos, or in the outside grounds, where there was at least three feet distance separating non-family members.

Suggesting that COVID19 will become “a lifestyle going forward and we’ll have to live with it”, he conceded that some measures may have to remain in place to protect Bahamians, residents and visitors from the virus.

“The furtherance of relaxation of COVID restrictions amply

illustrates the Government’s commitment to continuing to enable the full and substantial recovery of our tourism sector; our tourism economy,” Mr Sands told this newspaper of the mask relaxation.

“As competing destinations and key source markets shed their respective COVID restrictions as the number of COVID infections continues to decline or fall, we fully appreciate the Government’s efforts to ensure we remain on the cutting edge by removing impediments to travel while maintaining the safety of residents, citizens and tourists.

“I believe we are on solid footing, given the trajectory we are on so far, and if we continue on this path we will be well poised to

exceed our expectations for recovery of our number one industry, tourism.”

Mr Sands spoke out after the Ministry of Health and Wellness, in a statement, confirmed the mask mandate easing for resort properties and their guests.

“A person is not required to wear a face mask while in a lobby, corridor, or casino of a hotel or while in an outdoor setting where there is at least three feet of space between persons who are not of the same household,” it said.

The BHTA president had previously said the COVID mask mandate was receiving significant push back from visitors who are no longer subject to such requirements at home, and of whom around 90 percent are fully vaccinated.

The mask easing does not go as far as the Bahamian hotel and tourism industry would like, the sector hoping it would be eased in restaurants and across all amenities, but Mr Sands said of guest reaction: “It is fair to say that the direction we have moved in will meet almost 100 percent with their approval.

“I think that the protocols which have been removed will go a long way.

I think it’s only a matter of time when there will be further enhancements, and we and the general public are demonstrating that we are taking COVID seriously and the numbers remain at very low levels or continue to fall.

“I’ve always said any improvement is positive.... There are still issues

that remain in place, but COVID will become a lifestyle going forward. We’ll have to live with it, and some protocols will be necessary for the protection of the general population of The Bahamas and tourists,” he continued.

“It’s a perfect storm, and all these relaxations will help to ensure The Bahamas retains its number one position as the premier tourism destination of the Caribbean.”

The Ministry of Health and Wellness, meanwhile, also cut social distancing requirements inside businesses by 50 percent - from six feet to three feet.

“Business establishments shall ensure that all customers and staff maintain physical distancing between themselves and others of

STAY ‘NEUTRAL’ ON RUSSIA SANCTIONS, SAYS PROVIDER FROM PAGE ONE “The agencies comprising the group of financial services regulators (GFSR) hereby direct regulated entities that are licensed or authorised to operate from or within The Bahamas not to engage in transactions with sanctioned persons, entities or businesses linked to Russia and Belarus,” said the statement.

“Regulated entities should apply the highest level of risk management controls to deter the potential for any misuse of the Bahamian financial system in the current global environment and, indeed, every circumstance.” The statement was issued on behalf of the Central Bank, Securities Commission, Insurance Commission, Gaming Board and Compliance Commission.

The Central Bank, in a further statement, said this action was designed to “prohibit business activities with parties sanctioned by the US and other identified western countries in response to the war in Ukraine.

“The Attorney General has also published directions for the financial services regulators to report information from supervised financial institutions on any exposures to a list of parties named in sanctions.” It is unclear whether the prohibition includes a freeze on assets already in The Bahamas, but the nature of the release’s wording suggests it does.

The Attorney General’s Office, in a separate

statement, listed 22 individuals - including Roman Abramovich, owner of the UK’s Chelsea football club - as well as 99 private and public Russian and Belarus entities now subject to sanctions.

It has instructed all regulators to “request their licensees and registrants to perform a search of their database and register of beneficial owners for any of the individuals or entities named”, with such findings to be referred to the Attorney General’s Office.

Mr Moss said the database search will have little impact for Bahamian financial services provider as they do similar “just about every day” to ensure no names of individuals sanctioned by the United Nations Security Council, such as persons affiliated with al Qaida or ISIS, appear in their client database.

“I don’t think it will impact us at all,” he added.

“You’ll find The Bahamas is not that big a place to have Russian clients, although we do have them. I’m not

sure it will be impactful as such. Blanket across the country, I don’t think we’re going to find too many people from Russia who are on that list.”

The Bahamas, as a major international financial centre (IFC), has come

under growing pressure from the US, its major trading partner, to act in imposing sanctions over the Ukraine invasion. The Davis administration had been hoping to act in concert with other CARICOM members, but has now

not less than three feet while inside or awaiting entry outside the business,” it said.

“Businesses shall determine the number of persons permitted entry into the business at any one time based on one person for every 30 square feet of floor space which is unoccupied by furnishings, fixtures or machinery and is accessible to the public.

“Businesses must have distance markers three feet apart, indicating where each customer is to stand on a line awaiting entry or check out...... All restaurants shall ensure that seating is arranged so that there is the spacing of at least three feet between each dining party.” moved on its own after a common position failed to develop yet.

The Ministry of Foreign Affairs, in a statement last night, said the matter was “an evolving story and remains under active review”. It added that discussions with other CARICOM members continued.

PAGE 8, Monday, March 14, 2022

THE TRIBUNE

BAHAMAS PROVIDER SLAMS $20M CRYPTO ‘FRAUD’ CLAIM FROM PAGE ONE breaching their fiduciary duty to provide advisory and consulting services for the offering, Dreamr asserted that all knew “there was no legitimate reason to delay the release” of the tokens but did so in order to extract more fee income.

“Unbeknownst to Dreamr, defendants had pre-existing, complex, interlocking relationships, which defendants failed to disclose. As a direct result of defendants’ actions, Dreamr’s tokens crashed 93 percent in the first 90 days,” the lawsuit alleged.

In response, Deltec hit back by arguing was Dreamr was misplacing the blame for this valuation crash. “The launch of the Dreamr token on the Bittrex crypto exchange crashed 93 percent in 90 days, and they have chosen to blame others for the failure in their complaint,” the Bahamian financial institution said.

“It is important to note that Deltec does not directly engage in crypto-related services or deal directly with digital assets as part of its service offering. Therefore, the allegations against Deltec are not only unfounded and unsubstantiated, but they are also frivolous and vexatious.

“At no time did Deltec enter into an advisory

agreement with the plaintiff in relation to the launch or issuance of any crypto tokens. We will vigorously defend Deltec in this matter, including as to the proper forum for any such claims to be heard, and will assert any and all legal rights and remedies afforded to us under the law.”

While incorporated as a Bahamian company, Dreamr’s offices are based in Brooklyn, New York, which likely explains why the lawsuit was filed there.

Deltec’s reply, though, indicates it will likely seek to have the action thrown out on jurisdictional grounds.

It is understood that the agreements between the parties require any dispute to first go to arbitration under Bahamian law.

Deltec only seems to have been named as a defendant based largely on its connection to Delchain. The only actual involvement it had, according to the lawsuit, was opening a bank account for Dreamr and providing it with e-banking “and electronic channel services”.

However, Dreamr alleged that its relationship with Delchain began when the two sides entered into a financial advisory agreement on January 12, 2021.

The latter was to advise on a virtual token offering that would raise $5m and be listed on a crypto currency exchange.

It entered into similar agreements with Suisse Finance Holdings and Atlantic International Capital, where Mr Iamunno was based, to also assist the offering. Delchain was alleged to have earned $80,000 for its role in just over a year.

“Pursuant to recent telephonic recordings, to which Macchialli consented, Macchialli agrees that Dreamr bears no responsibility for the botched launching and listing of the Dreamr tokens,” the lawsuit alleged of the Delchain chief.

“The clunky and unsuccessful launch and listing of the Dreamr tokens falls squarely on all defendants.”

Dreamr alleged that the tokens were scheduled to launch on August 31, 2021, but that this was delayed until September 7. It claimed that, after paying Bittrex a 130,000 Swiss francs listing fee, Delchain’s Macchialli halted the launch “with press releases ready to go” because of “additional due diligence concerns, which had already been addressed and resolved during the nine months prior”.

“Macchialli decided the Dreamr token launch had to be delayed, even though Bittrex had already approved a market open date for the Dreamr tokens,” Dreamr claimed.

“Macchialli wanted to funnel certain assets through Delchain before

listing on the Bittrex exchange. It was not necessary to funnel certain assets through Delchain in order to launch and list the Dreamr Tokens.

“Macchialli’s unilateral decision to halt the launch and listing process caused Dreamr and the Dreamr token to lose momentum, interest and, ultimately, value.... The delay in listing the Dreamr token cost Dreamr approximately $10m. All defendants had confirmed that a proper and well-publicised launch of the Dreamr tokens would push the Dreamr tokens to $1 per token – well over $100m in total.”

Further complications then arose on November 17, 2021, when Dreamr asked Delchain to release the tokens held in “lockup” via accounts at Delchain. Deltec was said to be the custodian. These are tokens held by a company’s founder, which are normally released between 90-120 days after a listing has taken place.

“According to Tradingview.com, in or around November 17, the Dreamr tokens held in Dreamr’s account at Delchain and Deltec were valued at $0.12 cents per token or roughly $21.793m in total,” Dreamr alleged.

“For more than seven days, however, Delchain, Deltec and Macchialli refused to release the Dreamr tokens under

various false pretenses.

Macchialli first claimed that Delchain and Deltec needed to schedule a video conference before the Dreamr tokens could be released and listed. Macchialli had never advised that such a video conference would be necessary.”

It is understood that Delchain asked for a video conference because it was concerned that all the tokens held in lock-up were being released at one time.

The situation was then further muddied by allegations of fraud made against Dreamr.

“Macchialli, Delchain and Deltec next claimed that they had received a letter from a third-party alleging fraud on Dreamr’s part and certain other irregularities,” Dreamr alleged. “Based exclusively on the third-party letter, Delchain, Deltec and Macchialli refused to release the Dreamr tokens.

“Dreamr demanded that Delchain, Deltec and Macchialli forward the third-party letter to Dreamr. Delchain, Deltec and Macchialli refused to forward the third-party letter. Dreamr demanded that Delchain, Deltec and Macchialli reveal the identity of the third-party making the allegation(s) of fraud.”

That, too, was refused. It is understood Delchain hit the pause button until its compliance department had

fully investigated the fraud allegations, with the probe completed on November 26 last year.

“On or about November 26, 2021, when Delchain and Deltec agreed to release the Dreamr tokens, the value of the Dreamr tokens had dropped from $0.12 cents per Token to $0.06 cents per Token – representing a loss of more than $10m,” Dreamr alleged.

“While Delchain, Deltec and Macchialli refused to release the Dreamr tokens, they were aware that certain other parties, including all defendants, were selling certain Dreamr tokens that were already on the market. Certain parties, including all defendants, profited from the sale of certain Dreamr tokens, while other Dreamr tokens remained ‘hostage’.”

Dreamr alleged that Suisse Finance Holdings was revealed as the entity that made the fraud allegations after it demanded compensation for its losses.

While the nature of the claims was not specified, Dreamr claimed that the Bahamian institutions acted “in cahoots” with it to damage its interests and profit from the sale of its tokens at a higher price.

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

THE TRIBUNE

Monday, March 14, 2022, PAGE 9

CONCERN ON SWIMMING PIGS ‘CEASE AND DESIST’ FROM PAGE ONE Department of Physical Planning.

Mr Johnson, when contacted by Tribune Business on the cease and desist order, confirmed one had been issued but said Town Planning had subsequently admitted to him it had erred in doing so.

He pointed to the fact that it was issued in the name of Beyond Da Village Tours, a jitney and busbased transportation firm that he operates, but not the name of the company that was applying for the bar and grill approval.

“The particular business that was applying was not operating when they came,” Mr Johnson argued. “I was not supposed to be issued with a cease and desist order. I have these relevant approvals from the particular agencies they asked for, which I presented to them.”

He cited a “police letter”, as well as other permits from the Department of Environmental Health and other agencies. “I didn’t have the Town Planning approval, which I was clearly working on, which was pending, and which is why the person indicated the cease and desist was not really supposed to be issued.

“I’m allowing access to the beach, not operating a bar and grill. I’m not operating the business they said should cease and desist.

This particular ‘stop’ order should not have been issued for Beyond Da Village Tours. The bar is under a different company’s name, which has applied for permission.”

Mr Johnson argued that it was difficult to make Adelaide Village, which he described as “an historical site”, fully residential when the area needed “more tourists”. He added, though, that he was “committed to working with the residents”, and especially those living on Beach Drive where his and the other swimming pigs attraction is located, on “whatever restrictions they want”.

“I’m very open to keeping that area’s off-the-path type feel, and prevent any commercialisation of that area,” Mr Johnson said, “getting away from the hustle and bustle of Nassau.

Anything I can do to preserve the peace and quiet for residents, I’m very open to that.”

Mrs Duncombe, meanwhile, said Town Planning had also informed her that it had issued a cease and desist order to the other swimming pigs attraction, Da Pig Beach, located four lots east of Mr Johnson, on the same day - January 21, 2022.

“They wouldn’t show it to me,” she said. “Charles Zonicle [head of physical planning] told me they’d issued it. Mr Forbes told me it was signed by Ms Smith for Da Pig Beach.

However, Paul Neely, Da Pig Beach’s landlord, told Tribune Business he was unaware of any such order being issued. “Not as far as I know,” he said. “Leslie Vanderpool told me that, but I don’t know anything about that.”

Besides Town Planning approvals, or the lack thereof, the other major issue surrounding the Adelaide swimming pigs attractions is that they are located in an area that is zoned as ‘Low Density Residential 1’. This means commercial activity is not supposed to be happening here, and Mr Johnson conceded: “It’s all about determining how the area is to be zoned going forward.”

Mrs Duncombe, though, added: “It still boggles my mind how both these operations have been in business, one since April last year and the other since June, without proper approvals and are still operating without being shut down. Are we a country of laws, or is it a free for all?

“Why do some of us obey the law and, for others that don’t, there’s no consequences for them. I’m trying to understand that.

There were a number of people at the meeting who had concerns with the fact he has been served a cease and desist order and continues to operate.”

The controversy is also threatening to divide the community, and pit the mostly Bahamian homeowners of Beach Drive against other Adelaide residents who are supportive of the tourists, economic opportunities and jobs they have brought to the area.

Dexter Rahming, Adelaide’s crime watch president, told the Town Planning meeting: “I’m in favour of the pig beach. In front of me I have a petition of the residents in Adelaide, and this is 175 persons.

NOTICE NOTICE is hereby given that TARESHA GELIN of Pine Dale, Eight Mile Rock, Freeport, 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 14th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

“I’m also a resident of Beach Drive, and a lot of the information that my neighbour stated was not true. I have taken the opportunity to come here and sit and eat, and there is absolutely no noise. The noise is actually coming from my neighbour who has all of those ten dogs.”

This petition was compared to the 30-strong one signed in opposition to the swimming pigs attractions, but Keenan Johnson, the Town Planning Committee chair, asked for proof of how many of the 175 signatories actually live in Adelaide.

Other residents of Beach Drive, which sits on the Adelaide Village shoreline, have bitterly complained that the surge in touristrelated traffic congestion as well as noise and other irritants was “really out of hand” due to the presence of the two “swimming with the pigs” operations.

These include Ms Vanderpool, head of the Bahamas International Film Festival, as well as Dr Merceline Dahl-Regis, who has headed the Government’s COVID-19 response.

Describing Mr Johnson’s presentations as containing “inconsistencies”, she said: “I can show you pictures of numerous GT style buses on-premises.

“This activity started with a pig pen adjacent to my property, and I spoke with my neighbour and asked them to please move the animals because I was getting the odors into my bedroom and flowers.”

Mr Johnson, in response, said he “always” keeps his animals in safe, and argued that stray and unleashed dogs are responsible for more mess than his pigs. “My animals are vet checked by Dr Basil Sands and Happy Pets in Old Fort Bay, which they don’t roam. They are trained and they are wormed out every month,” he added.

Town Planning is due to discuss the Beyond Da Village application and the situation in Adelaide at its meeting tomorrow.

ASSOCIATE ATTORNEY NEEDED

MARKET REPORT www.bisxbahamas.com

FRIDAY, 11 MARCH 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.15 2.05 2.90 2.60 6.05 10.05 2.56 9.02 3.10 7.20 13.00 2.71 10.10 11.06 10.75 15.00 4.00 10.00 16.50

52WK LOW 4.55 32.12 1.46 2.20 1.30 5.50 6.00 2.82 4.25 2.27 5.50 9.75 1.99 6.50 9.50 8.40 13.10 3.42 8.00 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2226.16

-23.41

-1.04

-2.08

-0.09

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.71 93.97 94.12 91.00 90.95 89.02 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.50 4.67 2.20 207.86 207.68 1.72 1.83 1.81 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR106036 BGRS FX BGR117037 BGRS FX BGR118037 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1060361 BSBGR1170376 BSBGR1180375 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.50 3.30 7.99 2.82 7.16 13.00 2.16 10.06 11.58 10.75 15.00 3.99 9.85 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00

CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.50 3.30 7.99 2.64 7.16 13.00 2.17 10.06 11.73 10.75 15.00 3.99 9.85 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME

7,098 2,520

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.18) 0.00 0.00 0.01 0.00 0.15 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.40% 5.20% 5.22% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

NAV 2.50 4.67 2.20 204.67 199.97 1.72 1.83 1.81 1.01 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.34% 4.30% -0.06% 5.21% 0.21% 2.72% 1.37% 3.18% 8.18% 14.94% 0.26% 2.76% 0.36% 2.37% 0.28% 2.51% -1.31% -3.43% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 22.2 42.9 N/M 16.5 N/M N/M 25.7 -7.5 57.1 14.3 15.9 18.0 21.3 21.5 18.2 14.8 18.4 19.7 10.5 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 3.46% 0.00% 0.00% 2.74% 0.00% 0.00% 4.55% 3.07% 5.54% 20.00% 0.60% 2.80% 2.23% 3.60% 3.01% 2.03% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 4-Aug-2036 14-Jul-2037 13-Oct-2037 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Jan-2022 31-Jan-2022 28-Jan-2022 30-Sep-2021 30-Sep-2021 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

PAGE 10, Monday, March 14, 2022

NOTICE

NOTICE is hereby given that NAKIA GELIN of Pine Dale, Eight Mile Rock, Freeport, 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 14th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that VERLINE PARIS of Lincoln Boulevard, 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 7nd day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ELROY ALEXANDER DANIEL of P.O. Box EE-17962, Spencer Close, Winton Meadows, 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 7th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that LUIS MANUEL MATA HERNANDEZ of Simms, Long Island, 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 twentyeight days from the 7th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

NOTICE KYLYN INTERNATIONAL LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

KYLYN INTERNATIONAL LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 10th March, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 11th day of March, A. D. 2022 ________________________________ Bukit Merah Limited Liquidator

NOTICE J&H INTERNATIONAL LTD. N O T I C E IS HEREBY GIVEN as follows: (a)

J&H INTERNATIONAL LTD. in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 10th March, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 11th day of March, A. D. 2022 ________________________________ Bukit Merah Limited Liquidator

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THE TRIBUNE

Monday, March 14, 2022, PAGE 17

AVERAGE US GAS PRICE RISES 22% IN TWO WEEKS TO RECORD $4.43 CAMARILLO, Calif.

(AP) — The average U.S. price of regular-grade gasoline shot up a whopping 79 cents over the past two weeks to a record-setting $4.43 per gallon (3.8 liters) as Russia’s invasion of Ukraine is contributing to already-high prices at the pump.

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the new price exceeds by 32 cents the prior all-time high of $4.11 set in July 2008.

But that’s still quite a ways from the inflation-adjusted record high of about $5.24 per gallon.

The price at the pump is $1.54 higher than it was a year ago.

Lundberg said gas prices are likely to remain high in the short term as crude oil costs soar amid global supply concerns following Russia’s invasion of Ukraine.

Prices at the pump were rising long before Russia invaded Ukraine as postlockdown demand has pushed prices higher. Crude prices plummeted in early 2020 as economies around the world shut down because of COVID-19 — the price of futures even turned negative, meaning

A CALIFORNIA street sign is shown next to the price board at a gas station in San Francisco, on March 7, 2022. The average U.S. price of regulargrade gasoline shot up a whopping 79 cents over the past two weeks to $4.43 per gallon. Industry analyst Trilby Lundberg of the Lundberg Survey says Sunday, March 13, the new price exceeds by 32 cents the prior record high of $4.11 set in July 2008.

Photo:Jeff Chiu/AP

some sellers were paying buyers to take oil. Prices rebounded, however, as demand recovered faster than producers pulled oil out of the ground and inventories dried up.

Then, the price increase accelerated after war began.

Energy prices are also contributing to the worst inflation that Americans have seen in 40 years, far outpacing higher wages.

Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $5.79 per gallon. The lowest average is in Tulsa, Oklahoma, at $3.80 per gallon.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 75° F/24° C Low: 61° F/16° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Strong winds gradu‑ ally subsiding

Breezy early; partly cloudy

Some sun returning, a stray t‑storm

Partly sunny, breezy and pleasant

Pleasant with clouds and sunshine

Mostly sunny and nice

High: 79°

Low: 72°

High: 82° Low: 72°

High: 81° Low: 74°

High: 83° Low: 71°

High: 82° Low: 72°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

78° F

74° F

90°-75° F

88°-76° F

89°-78° F

90°-77° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 75° F/24° C Low: 71° F/22° C

10‑20 knots

S

High: 77° F/25° C Low: 71° F/22° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 77° F/25° C Low: 72° F/22° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 79° F/26° C Low: 65° F/18° C

N

| Go to AccuWeather.com

High: 76° F/24° C Low: 69° F/21° C

MIAMI

High: 78° F/26° C Low: 72° F/22° C

8‑16 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 75° F/24° C Low .................................................... 68° F/20° C Normal high ....................................... 79° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 80° F/27° C Last year’s low ................................... 69° F/20° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 4.37” Normal year to date ..................................... 3.60”

ELEUTHERA

NASSAU

High: 79° F/26° C Low: 72° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 79° F/26° C Low: 75° F/24° C

N

KEY WEST

High: 79° F/26° C Low: 74° F/23° C

High

E

W

10‑20 knots

S

8‑16 knots

Low

Ht.(ft.)

5:57 a.m.

6:15 p.m.

2.5 2.1

12:26 p.m. 0.4 ‑‑‑‑‑ ‑‑‑‑‑

Tuesday

6:42 a.m.

7:00 p.m.

2.7 2.3

12:20 a.m. 0.2 1:07 p.m. 0.2

Wednesday 7:23 a.m.

7:41 p.m.

2.8 2.5

1:07 a.m.

1:45 p.m.

Thursday

8:02 a.m.

8:22 p.m.

2.9 2.7

1:51 a.m. ‑0.1 2:22 p.m. ‑0.2

Friday

8:41 a.m.

9:03 p.m.

2.9 2.9

2:34 a.m. ‑0.3 2:58 p.m. ‑0.3

Saturday

9:21 a.m.

9:44 p.m.

2.8 3.0

3:18 a.m. ‑0.3 3:35 p.m. ‑0.4

Sunday

10:02 a.m.

10:28 p.m.

2.8 3.1

4:02 a.m. ‑0.4 4:14 p.m. ‑0.5

0.0 0.0

sun anD moon Sunrise Sunset

7:20 a.m. Moonrise 7:18 p.m. Moonset

4:05 p.m.

5:11 a.m.

Full

Last

New

First

Mar. 18

Mar. 25

Apr. 1

Apr. 9

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 74° F/23° C

High: 81° F/27° C Low: 75° F/24° C

N

High: 79° F/26° C Low: 73° F/23° C

E

W S

LONG ISLAND

tracking map

High: 82° F/28° C Low: 75° F/24° C

H

Ht.(ft.)

Today

High: 80° F/27° C Low: 75° F/24° C

N

S

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

tiDes For nassau

CAT ISLAND

E

W

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

8‑16 knots

MAYAGUANA High: 83° F/28° C Low: 77° F/25° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 81° F/27° C Low: 76° F/24° C

High: 82° F/28° C Low: 75° F/24° C

GREAT INAGUA High: 84° F/29° C Low: 75° F/24° C

N

E

W

E

W

N

S

S

8‑16 knots

10‑20 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS NE at 10‑20 Knots ESE at 8‑16 Knots NE at 10‑20 Knots ESE at 8‑16 Knots E at 8‑16 Knots ESE at 10‑20 Knots E at 8‑16 Knots E at 12‑25 Knots ENE at 10‑20 Knots ESE at 8‑16 Knots ENE at 10‑20 Knots ESE at 8‑16 Knots NE at 8‑16 Knots ESE at 10‑20 Knots E at 10‑20 Knots ENE at 10‑20 Knots E at 8‑16 Knots ESE at 10‑20 Knots E at 8‑16 Knots E at 8‑16 Knots NE at 10‑20 Knots ESE at 8‑16 Knots NE at 8‑16 Knots ESE at 10‑20 Knots NE at 8‑16 Knots ESE at 10‑20 Knots

WAVES 6‑10 Feet 4‑8 Feet 1‑2 Feet 1‑2 Feet 5‑9 Feet 4‑7 Feet 3‑6 Feet 4‑7 Feet 6‑10 Feet 4‑7 Feet 3‑5 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 5‑9 Feet 5‑9 Feet 2‑4 Feet 1‑3 Feet 3‑5 Feet 3‑6 Feet 2‑4 Feet 1‑3 Feet

VISIBILITY 5 Miles 7 Miles 10 Miles 10 Miles 9 Miles 10 Miles 10 Miles 10 Miles 8 Miles 6 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles

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

PAGE 18, Monday, March 14, 2022

THE TRIBUNE

STOCKS FALL AGAIN AS UNCERTAINTY OVER UKRAINE WAR PERSISTS

IN this photo provided by the New York Stock Exchange, specialist James Denaro works at his post on the trading floor, Friday, March 11, 2022. Stocks are wavering between gains and losses on Wall Street Friday, as uncertainty about the war in Ukraine and inflation continues to knock markets around.

Photo:Allie Joseph/AP

By STAN CHOE AND ALEX VEIGA AP Business Writers NEW YORK (AP) — Stocks gave up early gains and closed broadly lower Friday, capping a turbulent week of trading on Wall Street as uncertainty about the war in Ukraine and surging inflation continue to roil markets.

The S&P 500 fell 1.3% after having been up 0.7% in the early going. The benchmark index marked its fourth losing week in the last five, even though it surged in the middle of the week and had its best day since the summer of 2020.

The Dow Jones Industrial Average dropped 0.7% and Nasdaq composite slid 2.2%. Both also posted a weekly loss.

European stocks fared better, closing solidly higher. Oil prices ended 3.1% higher after flip-flopping earlier.

The moves are the latest swings for global markets, which have been rocked by dramatic hour-to-hour reversals in prior weeks as investors struggle to guess how high Russia's invasion of Ukraine will send prices of oil, wheat and other commodities produced in the region. That's raising the risk the economy may struggle under a toxic combination of persistently high inflation and stagnating growth. The Federal Reserve is expected to raise interest rates at its meeting next week.

Despite some positive moves by stocks early Friday, uncertainty about the next developments in the conflict in Ukraine and what the Fed will do likely kept investors in a

selling mood heading into the weekend, said Willie Delwiche, investment strategist at All Star Charts.

"This remains a headlinedriven market," Delwiche said. "We're in this environment where you get these exaggerated day to day swings, but you don't make any progress."

Early Friday, before Wall Street opened, the pendulum was swinging toward optimism. European stocks and U.S. stock futures rose abruptly after comments from Russian President Vladimir Putin that some analysts saw as surprisingly optimistic. Putin cited "certain positive developments" in negotiations with Ukraine, though he didn't offer any details.

The S&P 500 opened with a 0.7% gain, but it quickly flipped to a loss after a reading on sentiment among U.S. consumers sank more than economists expected.

Household expectations are rising for high inflation to remain in the near term, causing unease. The S&P ended down 55.21 points at 4,204.31.

The Dow fell 229.88 points to 32,944.19, while the Nasdaq fell 286.15 points to 12,843.81 after losing an early gain of 0.8%.

The Russell 2000 index of smaller companies fell 32 points, or 1.6%, to 1,979.67.

More swings are likely ahead for markets because so much uncertainty remains about the war in Ukraine and inflation. President Joe Biden announced Friday that along with the European Union and the Group of Seven countries, the U.S. will revoke "most favored nation" trade status for Russia. The move allows for tariffs on Russian imports.

Amid all the uncertainty, U.S. stocks remain about 10% below their peak from earlier this year, while crude oil prices remain more than 40% higher for 2022 so far.

A barrel of U.S. crude oil rose 3.1% to settle at $109.33. It briefly topped $130 earlier this week.

Prices have sloshed around as worries about disrupted supplies joust with hopes for peace and the possibility that countries outside

Russia could boost their production. Brent crude, the international standard, rose 3.1% to settle at $112.67 per barrel.

Markets were already on edge before Russia's invasion, as central banks are set to raise interest rates and remove support for the economy put in place after the pandemic. The Federal Reserve and other central banks hope to stamp out the highest inflation in generations, though they also risk causing a recession if they raise rates too high or too quickly.

The wide expectation is for the Federal Reserve to raise its key short-term interest rate by a quarter of a percentage point next week, which would be the first increase since 2018.

The yield on the 10-year Treasury has climbed back to around 2% to return to where it was in February, before worries about the war in Ukraine sent it tumbling below 1.70%.

Inflation has surged high enough that politicians around the world know they may be in trouble because of it.

Brazil's state-run oil company Petrobras on Friday increased its prices of fuels sold to its distributors by as much as 25%, citing the war between Russia and Ukraine, as official data showed inflation accelerated in February.

The company said in a statement announcing the increase the prior day that for weeks it refrained from passing on costs, but consistently high oil prices forced the adjustment to ensure supply to the Brazilian market.

In the U.S., a report on Thursday showed prices at the consumer level leaped 7.9% last month from the prior year, the hottest inflation rate since 1982. It's likely to get worse in the near term due to oil's surge following the war and all the financial penalties the U.S. and allies imposed on Russia.

Biden has said he wants to limit the economic pain for U.S. households but acknowledged that "defending freedom" incurs costs.