04142022 BUSINESS

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THURSDAY, APRIL 14, 2022

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‘Shocked’ at 106% spend jump for universal health

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS may never achieve universal health care (UHC) if it “kicks the can down the road another five years”, an ex-Cabinet minister warned yesterday, while voicing “shock” at estimates it needs to increase investment by 106 percent.

Dr Duane Sands, former minister of health during the Minnis administration’s first three years in office, told Tribune Business he was surprised that an InterAmerican Development Bank (IDB) report had called on The Bahamas to more than double existing healthcare spend to make UHC a reality given that it already invests significant sums in the industry via both the public and private sectors.

The IDB report, Future Health Spending in Latin

• Ex-minister queries IDB’s investment doubling • But ‘can’t kick can down road’ on care access • ‘Unreachable’ with 500-strong nurse shortage America, projected that The Bahamas needed to increase current healthcare spending by 106 percent between now and 2030 to achieve ‘90’ on the UHC index. This would mark the greatest increase in the Western Hemisphere, but the IDB provided no empirical basis or calculations to show how it had reached this percentage figure.

Dr Sands, suggesting that the IDB’s projections were calling for a near

$1bn increase in The Bahamas’ healthcare spending, told this newspaper: “The total spend that we make is almost $800m to $1bn a year. I would be shocked if the recommendation is that The Bahamas go from $2,500 per capita, per year, to $5,000 per capita. We spend more per capita than almost every other country in the hemisphere except the US and Canada.”

Nevertheless, the nowFNM chairman conceded that significant obstacles

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‘Give gas dealers reward for no Easter shut down’ • Nassau residents told: ‘Fill up at station of choice’ • Sir Franklyn: Society owes them ‘debt of gratitude’ • Calls for small margin rise ‘in right circumstances’

DR DUANE SANDS must be overcome to achieve UHC, which would mean the Bahamian people have access to all the healthcare services they need when and where they want them without enduring financial hardship as a result.

These barriers have only increased as a result of the COVID-19 pandemic, and the deepening of The Bahamas’ twin debt and fiscal crises, which

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE GOVERNMENT was yesterday urged to give gas station operators some reward for letting “common sense prevail”, as the industry pledged “there’ll be no shut down on this island” over the Easter weekend.

Vasco Bastian, the Bahamas Petroleum Dealers Association’s vicepresident, told Tribune

SEE PAGE 5

SIR FRANKLYN WILSON

Law compliance fear ‘Incredibly prohibitive’: Retail tariff cuts push over BPL fuel costs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN retailers were yesterday said to be seeking a meeting with the Government to press for tax cuts on multiple hightariff items and remove an “incredibly prohibitive”

barrier to increased local commerce.

Tara Morley, the Bahamas Federation of Retailers’ co-chair, told Tribune Business she possesses “a whole spreadsheet” of tariff codes that have remained at 45 percent ever since VAT’s

SEE PAGE 3

• Sector targets 45% items not reduced ‘since VAT’ • Co-chair: We have to fix ease of doing business

• Argues move would SEE PAGE 4 stimulate economy, taxes

Bahamians must pay for benefits they want

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT financial analyst says Bahamians cannot expect to remain “a low tax jurisdiction” while expecting to enjoy the same social security benefits as developed nations.

Larry Gibson, chief operating officer of CG Atlantic Pensions, told Tribune Business that this country can no longer provide what many Bahamians demand without the tax system and rates necessary to support the safety net provided

by the National Insurance Board (NIB).

“We cannot continue to be a low-tax jurisdiction if we want the same benefits and what have you that the developed countries have,” he explained. “Your tax rate just has to be higher to support that. You cannot have New York city on an island with a tax system that cannot support it.”

Mr Gibson spoke before the Prime Minister yesterday backed away from implementing an NIB contribution rate in the

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CONCERNS were voiced yesterday that Bahamas Power & Light (BPL) could potentially be violating the law by failing to fully pass its fuel costs on to residential and business consumers.

The fears were raised after Pedro Rolle, BPL’s chairman, suggested that the state-owned utility was absorbing rising global oil

prices itself rather than passing the cost on 100 percent to its customers as required by the Electricity Act and accompanying regulations.

Multiple Tribune Business sources, speaking on condition of anonymity, revealed that BPL received a “warning letter” from sector regulator, the Utilities Regulation and Competition Authority (URCA), in 2018 after it failed to pass on the

SEE PAGE 6

PAGE 2, Thursday, April 14, 2022

THE TRIBUNE

BTC launches ‘seasonal’ hiring to aid fibre roll-out THE BAHAMAS Telecommunications Company (BTC) yesterday said it is launching a hiring drive to fill what it termed “new seasonal roles” as it moves to complete its nationwide fibre-to-the home network roll-out by end-2023.

The carrier, in a statement, said it is seeking experienced workers to fill the roles of sales account executives for small and medium-sized businesses; residential sales agents;fibretechnicians;customer

service representatives; and service delivery back office support. Job descriptions will be advertised this week in the newspapers, as well as BTC’s social media platforms.

Shortlisted applicants will be invited to attend an inperson interview later this month at a job fair. “We’re excited about where we are on our transformation journey. We’ve made some really big strides advancing our people agenda, and we are so happy to reach

out and offer some great opportunities for interested persons to join our team,” said BTC’s director of people, Darron Turnquest.

“We’re looking for ambitious and energetic persons who are either experienced in the telecoms industry, or are eager to learn more about what this industry has to offer, and how it can benefit them. We are seeking to fill these roles in the next four weeks as we push to fulfill our commitment to

fully fiberise The Bahamas by the end of 2023.

“We know that many persons are still unemployed, having lost their jobs during the height of the pandemic, and many that have recently entered the workforce, so we encourage these persons to also apply if they have experience in any of the positions that are being advertised. The roles offer flexibility to carve out your own hours.”

K. DARRON TURNQUEST BTC’s fibre rollout started in Bimini and eastern New Providence.

The new network has so far been installed in Exuma, Grand Bahama, Abaco, San Salvador, Rum Cay, parts of Long Island, Crooked Island and New Providence.

During the 2022 first quarter, BTC said it

had completed massive upgrades, providing access to fibre to an additional 10,000 homes. Fibre-to-thehome will ultimately replace BTC’s copper network and allow users to experience a more robust service with faster Internet speeds of up to 600mbps (megabits per second).

Investment advisory firm gets Bahamas go-ahead AN investment adviser yesterday announced it has received all the necessary regulatory approvals from the Securities Commission to operate from The Bahamas.

Gryphon Investment Advisory Bahamas, in a statement, said the approvals will allow it to offer

its Bahamian platform to wealth managers, family and multi-family offices globally. As it grows its assets under management, it plans to tap local talent and outsource non-core activities to Bahamian firms.

Zev Crystal, Gryphon’s managing director and principal, will be running

the operation from Albany Financial Centre in New Providence. He said: “We offer a platform for wealth managers and multi-family offices to operate independently of traditional financial institutions, and allow them to service their clients in a seamless manner.”

Andre Lajeunesse, Gryphon’s director, having spent the past 30 years working as a banker in Asia, will be responsible for bringing that continent’s client base on to the company’s platform. He said: “Asian clients are well versed in the external asset manager concept, yet no

one has developed a platform like Gryphon.”

As part of Gryphon’s international strategic alliances and partnerships, Generation Three Family Partners (www.g3fp.com) will be responsible for providing family office servicing from its European platform. Gryphon also

has a strategic alliance with Investment and Portfolio Consultants (IPC), run

by David Crystal and Len Watson, to provide investment advisory services from London.

Gryphon said it anticipates opening regional offices in Asia and the Middle East within the year.

THE TRIBUNE

Thursday, April 14, 2022, PAGE 3

AGRICULTURE MINISTER TO LEAD ELEUTHERA OUTLOOK A CABINET minister will give the keynote address at the upcoming Eleuthera Business Outlook conference, which will be held on April 28 under the theme, Beyond Recovery into Growth.

Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, will lead the way at an event that will be staged online via Zoom and through on-site attendance at The Hub, Rock Sound, observing the necessary COVID protocols.

Joan Albury, the TCL Group’s president and founder of the Bahamas Business Outlook series, said in a statement: “As with all of the eight-island Business Outlooks, TCL Group is doing our part to assist Bahamian communities to abandon doldrum thinking and talking focused on the negatives of storm, pandemic and economic downturn.

“Our programmes are being organised to encourage forward movement by promoting daring leaps into new territory. To our delight, this is exactly what is being driven throughout the major islands of the archipelago by their local communities.

“In fact, Thomas Sands, president, Eleuthera Chamber of Commerce, is doing just that. He will lead off the day with The role of the Eleuthera Chamber of Commerce in the Renaissance of Eleuthera, followed by his introduction of our keynote speaker, Clay Sweeting. We are looking forward to minister Sweeting sharing the Government’s plans and achievements to-date in this regard,” Mrs Albury said.

“Specifically, the Eleuthera Outlook covers such essential sectors of our tourism and hospitality industries such as transportation, accommodations and, most important, new quality investment and financial services.

Of

CLAY SWEETING necessity, we are again emphasising entrepreneurship and those key elements of modernisation and sustainability such as 21st century technology, increasing food sufficiency and more. Along with a full slate of individual presentations, forum attendees can look forward to three dynamic panel discussions.

“The moderators for those sessions will be Diallo Ingraham, managing partner of Family

Affairs Service Station & Home Goods Store; Dr Kenneth Romer, deputy director-general of tourism and acting director of aviation at the Ministry of Tourism, Investments and Aviation; and Anya L. Ferguson, senior business advisor for Access Accelerator in Eleuthera.”

The Eleuthera Business Outlook agenda will feature the following additional topics and their presenters: Disney project update – Joseph Gaskins, regional public affairs director, The Bahamas and Caribbean, Disney; Plans for Lighthouse Point – Alex Hailey, project manager, American Bridge; Using technology to grow your business – Charnette Thompson, vice-president, BahamasB2B; Doing business in the islands: Practical considerations – Christel Sands-Feaste, partner, Higgs & Johnson.

Also on the slate are Rental properties and

experiences – Iain Rodgers, owner, BahamasBNBs; Post Pandemic Outlook – Randol Dorsett, chief legal officer, Doctors Hospital Health System; and One Eleuthera - Keyron Smith, chief operating officer (acting), One Eleuthera Foundation, with Dr Kim Williams-Pulfer, board director, One Eleuthera Foundation.

Further presentations include the National parks impact on growth in Tourism – Eric Carey, executive director, Bahamas National Trust; Digital payments and the Benefits for SMEs – Jeffrey Beckles, managing director, Island Pay; and The hub and the way forward” – Peter Mitchell, executive director, Eleuthera Chamber of Commerce.

The panel discussions will feature the following: Transportation plans to grow Eleuthera – Tracy Cooper, general manager, Bahamasair; Lindsey Hanbidge, networking

planning, American Airlines; Esmond Johnson, manager, Bahamian operations, Silver Airways Accommodations, products, services and features impacting the future of tourism – Omari Headley, general manager, The Dunmore; Carlton Russell, managing director, The Cove; and Ben Simmons, owner, The Other Side Eleuthera.

Third in the series is Fostering entrepreneurship, presented by Samantha Rolle, director of external relations, Access Accelerator Bahamas, Small Business Development Centre; Dorlan Curtis, FoodPost Farms; and Pedro Bethell, Royalty’s Custom’s Brokerage.

Registration for the 2022 Eleuthera Business Outlook is open online at www. tclevents.com or on site at The Counsellors Ltd, First Terrace, Centreville.

‘SHOCKED’ AT 106% SPEND JUMP FOR UNIVERSAL HEALTH FROM PAGE ONE is forcing government to prioritise where it dedicates increasingly scarce resources. With healthcare outcomes failing to match The Bahamas’ investment, Dr Sands also warned that the current “massive 400-500 nurses’ shortage” threatened to make UHC “an unreachable goal”.

“There needs to be significant investment or redistribution of healthcare spend to accomplish UHC, and we’re certainly not there yet,” he affirmed.

“There’s been significant discussion about the expansion of National Health Insurance (NHI) and the benefits of including catastrophic care.

“Against the backdrop of discussions about the cost of living, increases in National Insurance Board (NIB) contributions and the like, we now find this conversation to be increasingly more challenging, increasingly more difficult, but still a very important conversation, particularly since as a country we are lagging behind on our journey to accomplish real, comprehensive UHC. “It’s a very important conversation.

It’s how you direct the spend, and particularly the spend of central government, to accomplish the greatest bang for the buck. That conversation is extremely topical right now: ‘Where do we put all of these dollars particularly when you’re having difficulty capturing all the dollars you need for education, healthcare, the Defence Force, national security?” Dr Sands asked.

“It’s going to determine not only the position but the agenda of this government; how they will apply tax dollars? It’s going to be very challenging to see whether they can accomplish the progressive type of social development and still spend in the way they seem to want to be spending.”

Turning to UHC directly, Dr Sands said that while there are multiple definitions, “in terms of access to the necessary care with limited to no expenses out-of-pocket at the time of care, we are a very long way away”. He added: “Let me put it to you this way: It depends on whether or not NHI and catastrophic care/ the expansion of primary care services is a priority item on the radar.

“If it is, the spending and timelines required are not that great. If it isn’t, and we kick this can down the road another four to five years, we may never get there.

We’ve been having this conversation since 1978. There have been fits and starts, but we’re not quite there yet.”

This, Dr Sands told Tribune Business, is despite the significant sums invested in healthcare by The Bahamas annually. “We are certainly, in terms of healthcare expenditure per capita, among the biggest spenders in the world,” he added. “I would venture to say definitely in the top third, absolutely in the top half, but our healthcare outcomes are certainly nowhere consistent with the amount of spend we have.”

Pointing to The Bahamas’ challenges with non-communicable diseases such as diabetes, hypertension and cancer, the former minister said The Bahamas’ multiisland nature “makes it very challenging to have the type of healthcare system that serves the needs of all the people across all the islands of The Bahamas.

“There have been efforts to bridge this gap, but it requires considerable ongoing effort,” Dr Sands told Tribune Business. “It also requires nurses, and we have a massive shortage of nurses in-country. I would venture to say it’s [UHC] an unreachable goal unless

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we solve the problem of the massive nurses shortage in The Bahamas.

“If you include the private and public healthcare systems, you have a massive shortage of 400-500 nurses right now. When

you think of critical care, emergency room, operating room, dialysis, and consider the healthcare realities and talk about universal access to care, the problems that plague Bahamians, one of the greatest challenges is

providing these services.

They are the most labourintensive services.”

As a result, Dr Sands said that to achieve UHC in The Bahamas is “going to require tremendous effort”.

PAGE 4, Thursday, April 14, 2022

THE TRIBUNE

‘INCREDIBLY PROHIBITIVE’: RETAIL TARIFF CUTS PUSH FROM PAGE ONE

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imposition more than seven years ago in 2015.

Asserting that none of these duty lines are intended to protect Bahamian manufacturers, she added that reductions would boost the retail industry’s cash flow, help it remain competitive with Florida and online rivals, encourage more spending in the local economy and relieve some of the burden on consumers from the recent surge in imported inflation.

Ms Morley argued that increased transaction volumes, and more money circulating in the Bahamian economy, would also enable the Government to makeup for reduced tax rates via the greater volume of economic activity.

“There are a number of goods that have remained at 45 percent import duty and never received a reduction since the implementation of VAT,” she told this newspaper. “It would be beneficial at this point to re-evaluate some of those higher duty rates to counter some of the inflationary pressures for local consumers, especially where duties have not received a reduction since VAT came in.

“There’s quite a number of codes where that’s the case. There’s quite a lot that are not protective measures, they are not goods manufactured in The Bahamas, and which are quite high and never received a reduction.” Consumers, Ms Morley added, were now being hit with inflation on top of 10 percent VAT and

tariff rates of 30-45 percent on such products.

“I have a whole spread sheet of them,” she added.

“We reached out to a bunch of member businesses, and there is a list of them which we think should be considered for a duty reduction.

If more people spend at home, that has the beneficial impact of generating more income in the Bahamian economy, generating more jobs, stimulating more demand locally and more money circulating locally as opposed to always looking abroad for goods.

“The more internal demand we can stimulate, the better it is overall for the economy. Duties are an incredibly prohibitive tax because it requires businesses to bear the burden of tax prior to selling a single item. Not only is it a hindrance on cash flow for existing businesses, it’s a large hurdle for entrepreneurs and anyone looking to start a business.”

Tribune Business revealed earlier this year that the Government has asked the private sector to provide a list of potential tariff cuts it could implement in the upcoming 2022-2023 Budget as a means to offset some of the inflation pressures being felt by Bahamians, although it will have to balance this against its revenue needs amid the ongoing debt and fiscal crisis.

Ms Morley, though, said the retail sector wanted to meet directly with the Government itself. “They need to make a decision on what is best overall for the economy,” she told Tribune Business. “We strongly

believe a part of that solution is facilitating the ease of doing business, which includes alleviating the burden of high duties in the country.

“Currently we have a ton of people bringing items in in suitcases, they’re smuggled in on boats etc, so there would be more revenue to be captured at home.

Why wouldn’t you at least consider that as an option.

Given that VAT is considered to be an extremely effective tax for the Government, this [tariff cuts] could be a way to stimulate additional retail sales overall.

“It’s just at this point that we really need to start trying to fix the ease of doing business in the country, and this is such a major overhead for so many businesses to have this stress on cash flow with high import duties.

Before they’ve sold a single good they are paying 50 percent on top of the cost of the good in duty and fees,” Ms Morley continued.

“It isn’t fair to the business community, it isn’t fair to the consumers, and turns a lot of business away from being spent locally. If we are able to grow business at home, stimulate the economy in that way, in many spaces it will stimulate future entrepreneurs to expand into that space, reduce the hurdles of opening a business with high upfront costs, help NIB contributions, get more people employed by reducing the cost of managing and operating a business in The Bahamas. It all ties together.”

BAHAMIANS MUST PAY FOR BENEFITS THEY WANT FROM PAGE ONE near-term despite projections that its $1.6bn reserve fund will be exhausted by 2028. While acknowledging that NIB’s sustainability had reached a tipping point, Philip Davis QC said in virtually the same breath that the Government will again “kick the can down the road” given the further strain it will impose on already-stressed businesses and workers.

“Let me say, I know what the Bahamian people are experiencing,” Mr Davis said in a video released yesterday. “These are difficult times and it would be a last resort for me to put any more burden on their backs. The actuaries over the last 10, 15 years have been predicting that the fund is jeopardised because

PHILIP DAVIS QC

LARRY GIBSON

of us not having raised the contributions to NIB. “Recommendations were being made from 2003, 2004 to raise the contributions.

Yes, we are at that watershed moment, but I am not going to at this time put any further burden on the Bahamian people. We’ll see how we could be innovative and creative to ensure that we do not do or embrace such an initiative until we have brought the relief that is necessary to allow that to happen.”

Mr Davis did not give any details on this innovation or creativity, but added: “The minister of state in my office was just speaking the facts as what was said in the actuary report. They are recommending, and they are urging, that we do so and as was his duty he is bringing that report to Cabinet for us to look at and discuss.

“We will consider it but as insofar as what my views are on it, it’s not going to happen, not now, not until we have brought the relief to the Bahamian people and we have put to bed some of the issues that can’t make them sleep when they go to bed.”

Several private sector sources likened this to “kicking the can down the road”. One, speaking on condition of anonymity, said: “I’m really fearful that the Prime Minister doesn’t seem to want to take any political hits. Any issues that come up where people have to pay more, he punts the ball. He will not get away with that, even for 12 more months.

“The question is: What is the solution and when will it be implemented? If you

are aware something has to be done, what are you going to do and when? The longer you take to implement the solution, the more expensive it becomes. What is the game plan?”

NIB’s present reality was predicted more than two decades by its seventh actuarial review, completed in 2001, which forecast that “reserves are projected to become exhausted” by 2029 if comprehensive reforms are not implemented to address the fundamental problem of benefit payouts exceeding contribution income. The recipient of that review, which was only one year out, on September 11, 2002, was then-NIB chairman and now-Prime Minister, Philip Davis QC. Now, with just six years left to the NIB Fund’s total depletion, the magnitude of the correction will be that much more severe for businesses and workers already grappling with surging inflation, COVID recovery, rising gas prices and a potential minimum wage increase. Private sector executives described the prospect of NIB contribution hikes as a “double” or even “quadruple whammy” for a business community still fighting for “survival.

Yet there was also an acknowledgement that NIB cannot be allowed to fail, given that for thousands of Bahamians it represents a key source of retirement savings (pensions) while also ensuring that others remain above the poverty line through the provision of unemployment, sickness, industrial accident, maternity and death/funeral benefits.

THE TRIBUNE

Thursday, April 14, 2022, PAGE 5

‘GIVE GAS DEALERS REWARD FOR NO EASTER SHUT DOWN’

FROM PAGE ONE

Business that New Providence residents and businesses will be able to “fill up their vehicles at the station of their choice” as normal following yesterday’s meeting with the Government that was called to discuss the increasing hardship faced by some operators.

Declining to comment on the discussions, or the meeting’s outcome, Mr Bastian would only say: “There’ll be absolutely no shut down on this island.

Everything is normal. Everything is normal. People can go ahead and fill up their vehicles at the station of their choice. There’ll be absolutely no shut down.

You can put it on the front page. There’ll be absolutely no shut down. People can go on with their lives.”

Senator Michael Halkitis, minister of economic affairs, could not be reached for comment on the meeting before press time last night. However, the prospect of an island-wide gas station shut down had begun to look increasingly unlikely, not least because it would negatively impact the dealers themselves, as well as the country, with the minister on Tuesday affirming that the sector’s letter to the Government made no mention of any type of industry-wide action.

Still, Sir Franklyn Wilson, the FOCOL Holdings chairman, yesterday argued that the Government should reward gas station operators for their “prudent judgment” by giving them a small increase on their present 54 cent per gallon fixed margin “as soon as circumstances allow”. This means that the timing of any increase should occur when oil market volatility has ended, and lower fuel prices prevail, as well as the economy being more advanced in post-COVID recovery.

“Common sense prevailed,” Sir Franklyn said, when informed of Mr

Bastian’s comments. “The fact that the dealers exercised good judgment is something that I think the whole country should celebrate and thank them for.

I don’t mean that the price is not heavy for them, or that the cause was not reasonable, but at the end of the day they made a prudent judgment in their own interests and that of the country.

“For others who have grievances from time to time, it’s great to say my interests, my industry’s interests, my private interests, and say they will raise hell, break things up and do whatever it is, but sometimes you have to take another look and, to the extent the dealers took another look, society owes them a debt of gratitude.”

The head of the BISXlisted Shell distributor, though, conceded that the underlying issues behind the threatened shut down have not gone away. The root cause is the industry’s price-controlled, fixed margin structure for both retailers and wholesalers that makes the sector a volume-driven business unable to respond appropriately to spiking global oil prices and market-driven volatility outside its control.

“They have not gone away,” Sir Franklyn admitted of the Bahamian petroleum industry’s woes.

“This is not the first time.

They have not gone away.

Because of the way things are structured, they are likely to reoccur. That’s the way they are. It’s the nature of our economy and how our political leaders manage that economy.

That’s the way it is.”

Pointing out that the grievances raised by gas station dealers were not normally heard when fuel prices were low, and oil markets stable, he added that it was “inevitable” they will resurface in the future when conditions resemble those in play today. “The way the industry is managed by the Government,

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that’s the issue,” Sir Franklyn said. “When fuel prices spike, these are the consequences. That’s inevitable.”

A 50 percent margin increase, which would have raised the per gallon markup for retailers from 54 cents presently to 81 cents, as well as switching the basis for its calculation to a percentage from a fixed amount, were among the key demands from gas station operators. However, Mr Halkitis effectively shut this down before the meeting when he branded a margin increase as “a nonstarter” given the increased burden it would impose on consumers amid rising living costs.

Sir Franklyn, though, said dealers should be rewarded for their actions when market conditions and the economy allow.

“Policymakers will hopefully acknowledge that the dealers showed restraint at a time when that is appropriate for the country, and it would not be unreasonable when economic

circumstances improve somewhat for the policymakers to review that position and do a little something to help give the dealers an opportunity to recover what is lost,” he said.

“You can never do this thing where you say it’s never the right time to give people a bump. As soon as circumstances allow, it’s fair for policymakers to give the dealers a little bump recognising they have to recover from this period of loss.”

Confirming that he was talking about a small margin increase from the present 54 cents per gasoline gallon, Sir Franklyn added of the Government’s stance: “While that is a proper and justifiable position today, the point I’m making is the policymakers have to recognise that when things improve they should revisit the matter as soon as circumstances allow.

“It would be appropriate for them to provide some degree of concession to the dealers. They don’t

have to say when that is, but when circumstances allow, take another look.”

Asked whether FOCOL and the other distributors, Rubis and Esso (Sol Petroleum), were seeking an increase to their 33 cent per gallon margin, Sir Franklyn replied: “It’s the same issue. When circumstances allow.”

Mr Halkitis on Tuesday said the petroleum industry’s structure, and the fees levied on independent gas station operators by FOCOL, Rubis and Esso, were among the concerns voiced by the Association in its letter to the Government requesting today’s meeting.

“They wrote us a letter requesting a meeting in which they laid-out some of the difficulties that they are facing,” the minister said.

“They particularly mentioned increases in bank fees, fees for cash deposits, credit card fees, increased mortgage rates, increased liability and property insurance and some others. They

are requesting that we look at the regime that they operate under....

“I know, just from my research in advance of the meeting, that some of the issues that have been plaguing them are the very high cost of renting their premises, the fact that the company that controls the premises also takes off a sum of the convenience sales, the see-saw sales, off the top, and some of them have to pay what is known as franchise fees, so they have a very, very high cost structure.”

It is difficult to see exactly how the Government can assist the gas station operators with these issues as all are governed by contractual relationships, and it would be intervening and interfering with private commerce if it moved as such. The only thing within the Government’s power to change is the industry’s pricecontrolled, fixed margin structure and the amount of tax it earns on every gallon of gasoline and diesel sold.

PAGE 6, Thursday, April 14, 2022

THE TRIBUNE

LAW COMPLIANCE FEAR OVER BPL FUEL COSTS FROM PAGE ONE equivalent of just 0.2 cents per kilowatt hour (KwH) to consumers via its fuel charge. The utility had

sought to hold the fuel charge at 19 cents per KwH, but was ultimately made to pass the extra 0.2 on by URCA.

NOTICE TO THE

PUBLIC

The private road of St. Augustine’s College and Monastery from St. Augustine’s Cemetery Road to Prince Charles Drive and all other premises (grounds) belonging to the school and monastery

WILL BE CLOSED TO THE PUBLIC

from Monday, April 18th, 2022 at 11:59 p.m. until Tuesday, April 19th, 2022 at 11:59 p.m.

With BPL and the Government thus prohibited from directly subsidising the fuel charge for all the former’s customers, questions were raised in light of Mr Rolle’s comments as to how and why this was seemingly being done now.

Besides the likely cost to the Bahamian taxpayer of subsidising BPL’s fuel purchases, several sources queried whether URCA was likely to investigate and take action given the speed with which it responded in 2018.

And they also suggested that BPL bills, and especially the fuel charge component, could see a major hike from July 1 onwards because of the recent surge in global oil prices, which last night left per barrel costs at $103.7 per barrel and $108.4 per barrel respectively. That date is when BPL’s latest hedge comes to an end, and a “reconciliation adjustment” is due to be made to the fuel charge that will be

spread over the following year.

“Are they operating consistent with the law?

Do they have the finances to afford it, and what are the legal provisions that allow them to do this?” one source said of the announcement that BPL was presently absorbing increased fuel costs. “The Board has to be bound by the law as well as the Government? What is the legal mechanism allowing them to do this, and can the company afford this without government support?”

Neither Mr Rolle nor Alfred Sears, minister of works and utilities, who has responsibility for BPL, responded to Tribune Business calls and messages seeking comment last night. Mr Sears on Tuesday, though, reassured that BPL’s fuel hedging strategy remained in place as a mechanism to provide price stability and certainty to customers.

However, Tribune Business previously reported that rather than focus on whether the hedging initiative had been cancelled or not, the key question was whether BPL and the Government executed the necessary trades to secure the hedge in September and December 2021 as the structure had to be maintained on a quarterly basis.

Shevonn Cambridge, URCA’s head of electricity regulation, did not return Tribune Business messages seeking comment. One source told this newspaper that the regulator, which can demand to see BPL’s fuel price calculations, needed to focus on whether the utility was compliant with a mechanism called the “over and under account” that is set out in the Bahamas Electricity Corporation (Amendment) Regulations 2020.

These reforms established BPL’s fuel hedging mechanism and the way it operates. BPL’s hedging strategy sets a target price that is based on the costs and quantities of the various fuels it expects to use. If it runs its more efficient engines for longer than anticipated, and burns lower volumes of cheaper fuel, then the utility enjoys savings that “accumulated” as reserves in what was known as an “over and under account”.

The 2020 regulations stipulated that the “over and under account” be created to monitor fuel price movements over the hedge’s year-long period.

The “over and under account” is allowed to fluctuate by 5 percent either side of the fixed price at which BPL purchases fuel, and if it exceeds those limits then the fuel charge - presently standing at 10.5 cents perKwH - has to be adjusted.

One source explained that if BPL’s fuel costs were more than 5 percent below the price it paid for fuel, then the excess savings had to be passed on to the customer. But if fuel costs exceeded that purchase price by more than 5 percent, then BPL has to also pass these extra costs on to consumers - something the source said it may now be in non-compliance with if it (or taxpayers via the government) are absorbing millions of dollars in increased fuel costs.

BPL’s aborted release in early March 2022 had sought to raise the fuel charge by 30 percent or 3.2 cents per kWh to 13.7 cents - an increase that would have far exceeded the 5 percent +/- threshold. It was previously suggested that BPL had sought such an increase because the failure to execute the September and December hedges had forced BPL to buy more of its fuel on the ‘spot’ market at higher prices than if it had hedged.

As a result, it had been forced to use the reserves in its “over and under account” to cover the difference, and these monies were likely depleted. One source yesterday suggested that the necessary “over and under account” adjustment, as well as the sharp increase in global oil prices since last September, means that BPL customers will see a significant increase in the fuel charge and overall bill come July 1.

BAHAMAS POWER & LIGHT (BPL)

THE TRIBUNE

Thursday, April 14, 2022, PAGE 7

Asian shares mostly rise on interest rate, inflation hopes

By YURI KAGEYAMA AP Business Writer TOKYO (AP) — Asian shares were mostly higher Wednesday on hopes that the curbs on U.S. interest rates may moderate after new data showed signs of slowing inflation.

Benchmarks rose in early trading in Japan, South Korea and Australia, while slipping in China. Regional optimism was lifted by the easing of a COVID19 lockdown in Shanghai.

That kind of development is a big plus for the region’s major drive of growth.

“The good news is that China will begin to come out of lockdowns at some point, and there will be an injection of stimulus of some form by the authorities to reboot communities and the economy. The light at the end of the tunnel is reasonably bright for China,” said Clifford Bennett, chief economist at ACY Securities.

But Bennett quickly added: “Do not expect a return to rampant growth however.”

Japan’s benchmark Nikkei 225 jumped 1.4% in morning trading to 26,703.18. Australia’s S&P/ AS 200 added 0.2% to 7,465.30. South Korea’s Kospi surged 0.7% to 2,686.14. Hong Kong’s Hang Seng lost 0.2% to 21,276.10, while the Shanghai Composite shed 0.6% to 3,194.69.

In Tokyo trading, shares of Shionogi dropped 15% after the Japanese pharmaceutical company reported that animal tests for its experimental oral drug to treat COVID-19 showed it may risk fetal development.

Japanese media reported the drug won’t be prescribed to pregnant people or those who may be pregnant.

Stocks ended slightly lower on Wall Street after investors weighed the inflation data for March, although overall it remained at its highest level in 40 years. Some analysts urged caution. “”The fact remains that pricing pressures are still elevated at its highest level in 40 years and the near-term outlook for an aggressive tightening of policies to cool demand stays unaltered. Comments from Fed Governor Lael Brainard overnight, who has been a well-known dovish voice in the Fed, continued to reveal a firm stance in getting inflation down,” said Yeap Jun Rong, market strategist at IG in Singapore.

The S&P 500 fell 0.3% after having been up 1.3% earlier in the day. The pullback extends the benchmark index’s losing streak to a third day, reflecting investors’ worries about the potential economic collateral damage as the Federal Reserve tackles high inflation more aggressively.

The Dow Jones Industrial Average and the Nasdaq composite each fell 0.3% after shedding early gains.

The indexes initially rallied following the release of the report, which showed inflation last month was again at its highest level in generations, driven by soaring gasoline prices in particular. Still, the reading was relatively close to economists’ expectations.

Another faint silver lining was that inflation

PEOPLE stand by an electronic stock board of a securities firm in Tokyo, Wednesday, April 13, 2022. Asian shares were mostly higher Wednesday on hopes that the curbs on U.S. interest rates may moderate after new data showed signs of slowing inflation.

Benchmarks rose in early trading in Japan, South Korea and Australia, while slipping in China.

Photo:Koji Sasahara/AP

wasn’t as bad as economists expected, when ignoring the costs of food and fuel.

Known as “core inflation,” this is the reading that the Federal Reserve pays more attention to when setting policy because it’s less volatile. And core inflation on a month-over-month basis moderated to its slowest level since September.

“Hopefully this is as bad as it gets,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments.

“The risk is that a red hot labor market grows cold under the force of those higher food, fuel, and financing costs. This is a time when economic resilience will be tested.”

The S&P 500 fell 15.08 points to 4,397.45. The Dow fell 87.72 points to 34,220.36, and the Nasdaq lost 40.38 points to 13,371.57.

Smaller company stocks held up better than the broader market. The Russell 2000 rose 6.61 points, or 0.3%, to 1,986.94.

Stocks in recent days have been trading in the opposite direction of Treasury yields, which have climbed to their highest levels since well before the

pandemic. Yields jumped as investors brace for the Federal Reserve to hike short-term rates at a faster pace than typical and to aggressively pare its trove of bonds, whose buildup helped keep longer-term rates low.

But Treasury yields pulled back on Tuesday following the inflation report.

The 10-year yield slid to 2.72% from 2.77% late Monday. It was as high as 2.83% overnight, before the inflation report’s release.

The 10-year yield nevertheless remains well above the 1.51% level where it began the year.

Unease continues to hang over global markets about the war in Ukraine.

In energy trading, benchmark U.S. crude added 43 cents to $101.03 a barrel.

It climbed 6.7% to settle at $100.60 on Tuesday, keeping the pressure on high inflation. Brent crude, the international standard, rose 45 cents to $105.09.

Higher interest rates from the U.S. Federal Reserve would slow the economy, which would hopefully knock down high inflation. Consumer prices were 8.5% higher in March than a year earlier, accelerating from February’s 7.9% inflation rate and the highest since 1981.

To bring it down, the Fed revealed in the minutes from its latest meeting that it’s prepared to hike short-term rates by half a percentage point, double the usual amount, at some upcoming meetings, something it hasn’t done since 2000.

PAGE 8, Thursday, April 14, 2022

THE TRIBUNE

US AGENCIES: INDUSTRIAL CONTROL SYSTEM MALWARE DISCOVERED

By FRANK BAJAK AP Technology Writer BOSTON (AP) — Multiple U.S. government agencies issued a joint alert Wednesday warning of the discovery of a suite of malicious cyber tools created by unnamed advanced threat actors that are capable of sabotaging the energy sector and other critical industries.

The public alert from the Energy and Homeland Security Departments, the FBI and National Security Agency did not name the actors or offer details on the find. But their private sector cybersecurity partners said the evidence suggests Russia is behind the industrial control system-disrupting tools — and that they were configured to initially target North American energy concerns.

One of the cybersecurity firms involved, Mandiant, called the tools “exceptionally rare and dangerous.”

In a report, it called the tools’ functionality was

“consistent with the malware used in Russia’s prior physical attacks” though it acknowledged that the evidence linking it to Moscow is “largely circumstantial.”

The CEO of another government partner, Robert M. Lee of Dragos, agreed that a state actor almost certainly crafted the malware, which he said was configured to initially target liquified natural gas and electric power sites in North America.

Lee referred questions on the state actor’s identity to the U.S. government and would not explain how the malware was discovered other than to say it was caught “before an attack was attempted.”

“We’re actually one step ahead of the adversary.

None of us want them to understand where they screwed up,” said Lee. “Big win.”

The Cybersecurity and Infrastructure Security Agency, which published the alert, declined to identify the threat actor.

The U.S. government has warned critical infrastructure industries the gird for possible cyberattacks from Russia as retaliation for severe economic sanctions imposed on Moscow in response to its Feb. 24 invasion of Ukraine.

Officials have said that Russian hacker interest in the U.S. energy sector is particularly high, and CISA urged it in a statement Wednesday to be especially mindful of the mitigation measures recommended in the alert. Last month, the FBI issued an alert saying Russian hackers have scanned at least five unnamed energy companies for vulnerabilities.

Lee said the malware was “designed to be a framework to go after lots of different types of industries and be leveraged multiple times. Based on the configuration of it, the initial targets would be LNG and electric in North America.”

Mandiant said the tools pose the greatest threat to Ukraine, NATO members

A JOINT cybersecurity advisory released by the Department of Energy, the Cybersecurity and Infrastructure Security Agency, the National Security Agency and the FBI is photographed in Washington, Wednesday, April 13, 2022. The agencies issued the joint alert Wednesday announcing the discovery of malicious cyber tools capable of gaining “full system access” to multiple industrial control systems.

Photo:Jon Elswick/AP and other states assisting Kyiv in its defense against Russian military aggression.

It said the malware could be used to shut down critical machinery, sabotage industrial processes and disable safety controllers, leading to the physical destruction of machinery that could lead to the loss of human lives. It compared the tools to Triton, malware traced to a Russian government research institute that targeted critical safety

systems and twice forced the emergency shutdown of a Saudi oil refinery in 2017 and to Industroyer, the malware that Russian military hackers used the previous year to trigger a power outage in Ukraine.

Lee said the newly discovered malware, dubbed Pipedream, is only the seventh such malicious software to be identified that is designed to attack industrial control systems.

Lee said Dragos, which specializes in industrial control system protection, identified and analyzed its capability in early 2022 as part of its normal business research and in collaboration with partners.

He would offer no more specifics. In addition to Dragos and Mandiant, the U.S. government alert offers thanks to Microsoft, Palo Alto Networks and Schneider Electric for their contributions.

THE TRIBUNE

Thursday, April 14, 2022, PAGE 9

LOTS OF BROADBAND MONEY, BUT US EXPANSION FINDS SPEED BUMPS

By WILSON RING AND MARK GILLISPIE Associated Press VICTORY, Vt. (AP) — In the remote Vermont community of Victory, Town Clerk Tracey Martel says she’s regularly frustrated watching a spinning circle on her computer while she tries to complete even the most basic municipal chores online.

“Fast internet would be really good,” said Martel, whose community of about 70 was one of the last in Vermont to receive electricity almost 60 years ago. The DSL service she has now works for basic internet, but it can be spotty and it doesn’t allow users to access all the benefits of the interconnected world.

About 5 miles (8 kilometers) away as the bird flies in the neighboring community along Miles Pond in the town of Concord, a new fiber optic line is beginning to bring truly high-speed internet to residents of the remote area known as the Northeast Kingdom.

“I’m looking forward to high-speed internet, streaming TV,” said Concord resident John Gilchrist, as a crew ran fiber optic cable to his home earlier this year.

The fiber optic cable that is beginning to serve the remote part of Concord and will one day serve Victory is being provided through NEK Broadband, a utility of nearly 50 Vermont towns working to bring high speed internet service to the most remote parts of the state.

NEK Broadband Executive Director Christa Shute said the group’s business plan calls for offering services to all potential customers within five years, but given current supply constraints and the shortage of trained technicians, she’s beginning to think that goal isn’t achievable.

“I think our build will take seven to 10 years,” she said.

Congress has appropriated tens of billions of dollars for a variety of programs to help fill the digital gap exposed by the pandemic when millions of people were locked down in their homes with no way to study, work or get online medical care.

The first of those funds are reaching municipalities, businesses and other groups involved in the effort, but some say supply chain issues, labor shortages and geographic constraints will slow the rollout.

TREVOR HASKINS, of Waitsfield and Champlain Valley Telecom, works to run fiber fiber optic cable to a home in Concord, Vt., Thursday Feb. 10, 2022. The nationwide need to connect homes and businesses to high-speed broadband services was highlighted by the COVID-19 pandemic and officials say that while there is lots of money available, supply and labor shortages are making the expansion a challenge.

Photo:Wilson Ring/AP

The demand for fiber optic cable goes beyond wired broadband to homes and businesses. The cable will help provide the 5G technology now being rolled out by wireless communications providers.

But there’s a bottleneck in the supply. Michael Bell, of Corning Optical Communications based in Charlotte, North Carolina, said the issue lies with supply of the protective jacket that surrounds the hair-thin strands of glass that carry information on beams of light.

Currently, some working to expand broadband say delays in getting the fiber optic cable they need can exceed a year.

“Based on the capacity we’re adding, and the capacity we see our competitors

adding, wait times will start going down dramatically as the year progresses and into next year,” Bell said. “And I think as we get into next year, the lead time for most customers is going to be well under a year.”

Meanwhile, there’s a labor shortage for installing the cable. Many in the industry are setting up educational programs to train people to work with the fiber, said Jim Hayes, of the Santa Monica, California-based Fiber Optic Association.

“It needs to be done now,” Hayes said. “We’re going to need to train probably ten techs for every tech that we’ve got who’s competent to lead them.”

The Infrastructure Investment and Jobs Act, the $1.5 trillion infrastructure bill passed last fall, says areas that receive broadband speeds of less than 25 megabit downloads and 3 megabit uploads are considered unserved. To qualify for different federal grants through the infrastructure bill and other programs, most finished projects must offer speeds of at least 100 megabits per second for downloads. Upload speeds differ, but most federal grants have a minimum of 20 megabit uploads.

For comparison, it takes 80 seconds to download a 1 gigabyte video at the speed of 100 megabits per second. It takes four times as long — 320 seconds, or more than 5 minutes — at 25 megabits per second.

The National Telecommunications and Information Administration — a part of the Agency of Commerce, which is funding broadband projects across the country through the infrastructure law — is neutral about about how internet service providers reach the speed requirements. Many providers say the key to bringing true high-speed internet service to the entire country is to install fiber optic cable to every nook and cranny.

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PAGE 12, Thursday, April 14, 2022

THE TRIBUNE

DELTA LOSES $940 MILLION IN Q1, BUT BOOKINGS, REVENUE, SURGE

By DAVID KOENIG AP Airlines Writer DELTA Air Lines lost $940 million in the first quarter, hurt by a rise in fuel prices, but bookings surged in recent weeks, setting up a breakout summer as Americans try to put the pandemic behind them.

Wall Street had expected the loss in a quarter marred by the omicron variant

of COVID-19. Investors focused Wednesday on Delta’s upbeat outlook for the rest of the year.

Shares of the Atlantabased airline jumped more than 6%, and American, United and Southwest all gained between 5% and 11%.

Delta still faces stiff headwinds, including the rise in fuel and labor costs.

And it is not clear whether spiking inflation will cause consumers to pull back on travel spending.

On Tuesday, the U.S. reported that in the past year inflation rose at its fastest pace since 1981, led by soaring energy prices.

Jet fuel is Delta’s secondlargest cost after labor.

Delta’s jet fuel costs rose 33% from just the

last quarter. Total adjusted operating expense reached $9 billion in the first three months of the year, up 11% sequentially due to fuel prices and the cost of ramping up operations from the pandemic.

So far, though, neither inflation, the ongoing pandemic nor Russia’s war against Ukraine seem to be having any impact on ticket sales. Delta officials say that bookings started to rise in late February and have kept going.

“The last five weeks have been the highest bookings in our history,” CEO Ed Bastian said in an interview.

“I think that’s an indication that people are through with the virus. They feel they have all the tools and the technology to manage it.”

Bastian said he expects travel demand to remain strong for two to three months — about as far into the future as airlines care to venture.

“Then, when we get to the fall, that will be the next inflection point as to consumer health, what impact

inflation has had on them, higher fuel prices, what impact there is from the virus,” he said.

Delta forecast secondquarter revenue of about 95% of pre-pandemic levels, up from 89% in the first quarter. The trend will be driven by more spending on premium seats and more charging with Deltabranded credit cards.

At the same time, Delta is bracing for much higher costs. It forecast that spending on labor and everything else other than fuel will rise about 17% on a per-seat basis, compared with the same quarter in 2019.

And jet fuel, which cost Delta an average of $2.79 a gallon in the first quarter, is expected to jump to between $3.20 and $3.35. If Delta had paid the higher price in the first quarter, it would have spent an extra $364 million fueling up.

Bastian said travel demand is strong enough to let Delta cover higher fuel costs.

From under 90,000 on some days in April 2020, now more than 2 million

people a day on average board planes in the United States. So far in April, airport crowds are down only 9% from April 2019, according to government figures.

Business travel, and in particular international corporate travel, have not recovered yet, however.

Airlines are lobbying the Biden administration to drop a requirement that flyers test negative for COVID-19 before boarding a flight to the U.S., which they think is holding back people — particularly business travelers — who are afraid of being stranded far from home if they contract the virus.

“We are getting a strong indication that the predeparture testing will be phased out in the near future, which of course is quite encouraging,” said Peter Carter, Delta’s chief legal officer. He based that view on discussions between airline representatives and officials “throughout the administration,” whom he did not name.

A DELTA Airlines aircraft taxi’s, Thursday, Dec. 2, 2021, at Hartsfield-Jackson Atlanta International Airport, in Atlanta. Delta Air Lines lost $940 million in the first quarter, Wednesday, April 13, 2022, yet bookings surged in recent weeks, setting up a breakout summer as Americans try to put the pandemic behind them. While Delta’s revenue is recovering, the Atlanta airline faces stiff headwinds from higher spending on fuel and labor.

Photo:Mike Stewart/AP

THE TRIBUNE

Thursday, April 14, 2022, PAGE 13

AMAZON ADDS 5% 'FUEL AND INFLATION SURCHARGE' TO SELLER FEES

By HALELUYA HADERO AP Business Writer

AMAZON is taking a step to offset its rising costs, announcing Wednesday it will add a 5% "fuel and inflation surcharge" to fees it charges third-party sellers who use the e-commerce giant's fulfillment services.

The Seattle-based company said on its website that the added fees, which take effect April 28, are "subject to change" and will apply to both apparel and nonapparel items.

The latest fee hike follows one announced in November and went into effect in January. Amazon didn't immediately respond to a request for further details on the recent move.

But in a notice sent to sellers Wednesday, the company said its costs had gone up since the beginning of the COVID-19 pandemic due to increases in hourly wages, the hiring

of workers and construction of more warehouses. It said it had absorbed costs whenever possible, and only increased fees to address permanent costs and to be competitive with other providers. Amazon competitors FedEx and UPS both have fuel surcharges.

"In 2022, we expected a return to normalcy as COVID-19 restrictions around the world eased, but fuel and inflation have presented further challenges," the company said in the notice.

Federal data released Tuesday showed inflation jumped 8.5% in March, its fastest pace in more than 40 years. Gasoline prices have rocketed 48% in the past 12 months.

Though the company is blaming inflation and rising fuel costs for the surcharge, Stacy Mitchell, co-director for the anti-monopoly group Institute for Local Self-Reliance, criticized

Wednesday's announcement, saying Amazon was taking advantage of the moment.

"Amazon keeps increasing its fees on the sellers that have to depend on its platform," Mitchell said, adding the new fees are a way "to take more money out of the pockets of independent businesses and put it into Amazon's coffers."

Amazon's third-party marketplace, where independent merchants list millions of their products, is a huge part of its business.

It has about 2 million sellers, and more than half the goods sold on Amazon.com come from these sellers.

Last year, sellers paid Amazon about $103 billion in fees, which made up about 22% of the company's revenue. The online retailer said the new fees will apply to products ordered before April 28 but shipped and delivered after that date.

PAGE 14, Thursday, April 14, 2022

THE TRIBUNE

CALIFORNIA STATE LAWYER SUING ACTIVISION BLIZZARD IS FIRED SACRAMENTO, Calif.

(AP) — A top civil rights lawyer for California was fired while working on a discrimination case against video game giant Activision Blizzard and her colleague quit in protest Wednesday, a whistleblower attorney said.

Janette Wipper was fired on March 29 in “the midst of her success” in pursuing the case as chief counsel for the state Department of Fair Employment and Housing, said her lawyer, Alexis Ronickher.

Melanie Proctor, an assistant chief counsel also involved in the Activision case, resigned Wednesday on what was Proctor’s official last day, the attorney said.

Ronickher didn’t specify why Wipper was terminated. However, she said Wipper is considering filing a claim under California’s whistleblower protection law. The lawyer noted that Gov. Gavin Newsom had reappointed Wipper to her position just four months before she was being terminated.

Bloomberg was first to report the shakeup Wednesday, citing an email from Proctor to department staff accusing Newsom and his office of interfering with the Activision lawsuit.

“For there to be justice, those with political influence must be forced to play by the same set of laws and rules,” Ronickher said in a statement.

“Claims of interference by our office are categorically false,” Newsom spokesperson Erin Mellon said in a statement Wednesday.

The administration supports the fair employment department’s efforts “to fight all forms of discrimination and protect Californians,” Mellon said.

The agency sued the Santa Monica-based video game company in July, alleging a “frat boy” culture that had become a “breeding ground for harassment and discrimination against women.”

It was one of several legal problems affecting the maker of Call of Duty and Candy Crush, dragging down its stock price last year and paving the way for

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THE ACTIVISION Blizzard Booth is shown on June 13, 2013, during the Electronic Entertainment Expo in Los Angeles. A top California state civil rights lawyer who was pursuing a discrimination case against the video game giant has been fired, and her colleague has quit in protest. Janette Wipper was chief counsel for the state Department of Fair Employment and Housing but Wednesday, April 13, 2022, was her last day. Her attorney says another department attorney involved in the case, Melanie Proctor, quit Wednesday.

Photo:Jae C. Hong/AP Xbox-maker Microsoft to make a takeover bid.

The $68.7 billion all-cash deal was announced in January. If approved by U.S. and overseas regulators, it could be one of the biggest tech acquisitions in history.

In announcing the agreement, Microsoft CEO Satya

Nadella noted the allegations about Activision and said it will be “critical” for the company to drive forward on longtime CEO Bobby Kotick’s commitments to improve its workplace culture.

Neither Microsoft nor Activision responded to

a request for comment Wednesday.

Activision has come under fire from the government and even some shareholders over allegations that management ignored sexual harassment and discrimination against female employees.

THE TRIBUNE

Thursday, April 14, 2022, PAGE 15

CALIFORNIA PLAN AIMS TO TRIPLE SALE OF ELECTRIC CARS BY 2026

By KATHLEEN RONAYNE Associated Press SACRAMENTO, Calif.

(AP) — California wants electric vehicle sales to triple in the next four years to 35% of all new car purchases, an aggressive target set as part of the goal to phase out the sale of gaspowered cars by the middle of next decade.

The California Air Resources Board's proposal would slowly raise the sale of new cars that are electric, hydrogen-powered or plugin hybrids to 100% by 2035.

About 11% of all new passenger car sales nationally happen in California, giving the state significant influence over the auto market.

Californians would still be allowed to drive gas-powered cars and sell used ones, meaning planet-warming emissions will still spew from the state's roadways.

The hoped-for boost in electric vehicle sales will also require a major increase in charging stations. California has set

a goal of 250,000 charging stations by 2025, and right now there are fewer than 80,000 stations in public spaces or in parking lots at office buildings, apartment buildings and other shared spaces. The California Energy Commission last year approved spending $314 million over three years for passenger car charging stations and Newsom added more in his proposed state budget.

The release kicks off a months-long state review process and the plan requires approval from the U.S. Environmental Protection Agency. The state is unlikely to face resistance from a Democratic White House. The Biden administration recently restored California's power to set its own vehicle emissions standards under the Clean Air Act and the president has committed $5 billion to build more charging stations around the country.

A group representing the auto industry said meeting the requirements will be "extremely challenging."

ELECTRIC cars are parked at a charging station in Sacramento, Calif., Wednesday, April 13, 2022. California wants electric vehicle sales to triple in the next four years to 35% of all new car purchases. Regulations passed Tuesday, April 12, 23022, by the California Air Resources Board set a roadmap for the state to achieve California Gov. Gavin Newsom’s ambitious goal of phasing out the sale of new gas powered cars. The draft must go through a months-long state regulatory process and get approval from the U.S. EPA. Photo:Rich Pedroncelli/AP Passenger vehicles contribute about a quarter of the state's total greenhouse gas emissions — more than any other single source, according to the air board.

The program is one part of California's efforts to drastically reduce carbon emissions. Between 2026 and 2040, state experts estimate the program would

lower emissions by nearly 384 million metric tons of carbon dioxide equivalent annually. That's a little less than all emissions across California's economy in a single year.

Elsewhere, Washington Gov. Jay Inslee signed a law last month setting a goal of requiring all new vehicles in the state to be electric by 2030, but regulators have until the end of 2023 to say how the state will get there.

California's rules would require 35% of new car sales for model year 2026 to be zero-emission vehicles, including battery or hydrogen powered, or plugin electric hybrids. That's a sharp increase from 2021, when about 12% of all cars sold in the state were zeroemission, according to the air board. About 1 million of the 26 million cars currently on California roads are zero-emission.

That requirement ramps up to 100% of all new sales by 2035. Up to 20% of sales by 2035 could be plug-in hybrids that run on a combination of battery and gas

power, though the regulations boost how far such cars must be able to travel on battery power alone.

Automakers including Ford and Toyota deferred to the Alliance for Automotive Innovation for a statement on the proposal.

The group says the industry is "committed to electrification and a net-zero carbon transportation future" but raised questions about the drastic ramp up in the required zero-emission vehicle sales.

"Automakers will certainly work to meet whatever standards are eventually adopted, but these draft requirements will be extremely challenging even in California and may not be achievable in all the states that currently follow California's program," the group said.

Nine states follow California's current zeroemission vehicle rules, which set rules through model year 2025, and five states plan to join in future years.

ITAÚ UNIBANCO HOLDING S.A. Consolidated Balance Sheet (In millions of Reais) Liabilities and stockholders' equity Current and Non-current liabilities Deposits Demand deposits Savings deposits Interbank deposits Time deposits Other deposits Deposits received under securities repurchase agreements Own portfolio Third-party portfolio Free portfolio Funds from acceptances and issuance of securities Real estate, mortgage, credit and similar notes Foreign loans through securities Funding from structured operations certificates Interbank accounts Pending settlement Correspondents Interbranch accounts Third-party funds in transit Internal transfer of funds Borrowing and onlending Borrowing Onlending Derivative financial instruments Technical provision for insurance, pension plan and premium bonds Allowance for financial guarantees provided and loan commitments Provisions Other liabilities Current tax liabilities Deferred tax liabilities Subordinated debt Sundry Deferred income Total stockholders' equity of controlling shareholders Capital Capital reserves Revenue reserves Other comprehensive income (Treasury shares) Non-controlling interests Total stockholders' equity Total liabilities and stockholders' equity The accompanying notes are an integral part of these financial statements.

Note 3b and 7b

3b and 7c

3b and 7d

3b and 7e 3d and 5f 3m and 8a 6c 9b 3n, 3p and 11c 11b II 7f 10d 3q 15 3c and 3d 15e

Note

Current and Non-current assets Cash Interbank investments Money market Money market and Interbank deposits – assets guaranteeing technical provisions Interbank deposits Voluntary investments with the Central Bank of Brazil Securities and derivative financial instruments Own portfolio Subject to repurchase commitments Pledged in guarantee Securities under resale agreements with free movement Deposited with the Central Bank of Brazil Derivative financial instruments Assets guaranteeing technical provisions Interbank accounts Pending settlement Central Bank of Brazil deposits National Housing System (SFH) Correspondents Interbranch accounts Loan, lease and other credit operations Operations with credit granting characteristics (Provision for Loan Losses) Other receivables Current tax assets Deferred tax assets Sundry Other assets Assets held for sale (Valuation allowance) Unearned reinsurance premiums Prepaid expenses Permanent assets Investments Investments in associates and joint ventures Other investments (Allowance for losses) Real estate Fixed assets Other fixed assets (Accumulated depreciation) Goodwill and Intangible assets Goodwill Intangible assets (Accumulated amortization) Total assets The accompanying notes are an integral part of these financial statements.

12/31/2020

2,007,337 850,372 158,116 190,601 3,776 497,051 828 271,051 102,666 115,511 52,874 143,138 79,421 62,960 757 64,307 64,011 296 8,992 8,991 1 97,005 86,229 10,776 63,969 217,558 4,784 16,240 269,921 10,206 2,904 75,036 181,775 3,106 144,554 90,729 2,247 57,058 (4,952) (528) 11,022 155,576 2,166,019

1,965,213 809,010 134,805 179,470 3,430 491,234 71 280,541 48,470 156,602 75,469 136,638 73,108 62,571 959 51,202 50,862 340 7,945 7,896 49 83,200 71,744 11,456 79,599 223,469 4,250 16,250 273,109 9,357 3,845 74,916 184,991 3,163 136,593 97,148 2,323 40,734 (2,705) (907) 11,113 147,706 2,116,082

ITAÚ UNIBANCO HOLDING S.A. Consolidated Statement of Income (In millions of Reais, except for number of shares and earnings per share information)

ITAÚ UNIBANCO HOLDING S.A. Consolidated Balance Sheet (In millions of Reais) ItaúAssets Unibanco Holding S.A.

12/31/2021

Note 0 3b and 4 0 8b 0 3c, 3d and 5 0 0 0 0 0 0 8b 0 0 0 0 0 0 6 3e 3f

11b I 10a 3g 0 0 3g and 10c 0 3h 0 0 0 3i and 13 0 0 0 3j, 3k and 14 0 0 0

12/31/2021 2,136,498 44,512 243,916 166,931 1,524 69,661 5,800 706,306 247,666 104,941 29,102 39,941 5 68,856 215,795 160,354 55,727 104,592 21 14 369 774,927 819,074 (44,147) 202,661 8,513 58,307 135,841 3,453 728 (356) 10 3,071 29,521 6,676 6,346 538 (208) 6,417 4,587 16,239 (14,409) 16,428 793 35,204 (19,569) 2,166,019

12/31/2020 2,079,608 46,224 294,486 237,859 1,074 55,553 712,070 302,624 49,270 14,287 40,378 6,016 76,124 223,371 134,260 44,171 90,059 13 17 381 662,645 710,553 (47,908) 226,606 10,103 64,080 152,423 2,936 870 (539) 7 2,598 36,474 16,202 15,891 520 (209) 6,493 4,360 15,323 (13,190) 13,779 989 29,692 (16,902) 2,116,082

37Income related to financial operations

Loan, lease and other credit operations Securities and derivative financial instruments Financial income related to insurance, pension plan and premium bonds operations Foreign exchange operations Compulsory deposits Expenses related to financial operations Money market Financial expenses on technical provisions for insurance, pension plan and premium bonds Borrowing and onlending Income related to financial operations before loan losses Result of provision for loan losses Expenses for provision for loan losses Income related to recovery of credits written off as loss Itaú Unibanco S.A. – Complete Financial Statements – December 31, 2021 Gross income Holding related to financial operations Other operating revenues / (expenses) Commissions and banking fees Result from insurance, pension plan and premium bonds operations Personnel expenses Other administrative expenses Provision expenses Provision for lawsuits civil Provision for labor claims Provision for tax and social security obligations Other risks Tax expenses Equity in earnings of associates, joint ventures and other investments Other operating revenues Other operating expenses Operating income Non-operating income Income before taxes on income and profit sharing Income tax and social contribution Due on operations for the period Related to temporary differences Profit sharing – Management Members - Statutory Non-controlling interests Net income Earnings per share - Basic Common Preferred Earnings per share - Diluted Common Preferred Weighted average number of outstanding shares - Basic Common Preferred Weighted average number of outstanding shares - Diluted Common Preferred

The accompanying notes are an integral part of these financial statements.

-

6 10e 10f 10g 9b

3p and 11a II

10h 2d 3p and 11a I 16b 15e 18

2nd Half of 2021

01/01 to 12/31/2021

01/01 to 12/31/2020

93,359 54,241 33,436 2,015 1,120 2,547 (57,058) (35,468) (1,810) (19,780) 36,301 (10,458) (12,170) 1,712 25,843 (7,190) 22,695 2,369 (12,799) (11,512) (1,198) (432) (812) 77 (31) (4,152) 339 2,079 (5,011) 18,653 380 19,033 (6,501) (2,710) (3,791) (109) (409) 12,014

152,239 93,739 46,950 5,399 2,538 3,613 (81,184) (51,245) (5,344) (24,595) 71,055 (15,284) (18,484) 3,200 55,771 (17,038) 43,273 3,843 (24,836) (21,657) (3,492) (820) (2,652) 65 (85) (8,238) 1,345 3,412 (10,688) 38,733 1,090 39,823 (13,394) (7,502) (5,892) (208) (1,233) 24,988

137,164 79,701 46,020 8,535 666 2,242 (90,010) (54,882) (8,121) (27,007) 47,154 (26,760) (30,140) 3,380 55 20,394 (18,410) 39,574 3,334 (22,415) (22,162) (3,575) (889) (2,110) (29) (547) (6,190) 1,530 2,082 (10,588) 1,984 4,999 6,983 9,798 (9,670) 19,468 (112) 2,240 18,909

1.23 1.23

2.56 2.56

1.94 1.94

1.22 1.22

2.54 2.54

1.93 1.93

4,958,290,359 4,818,741,579

4,958,290,359 4,818,741,579

4,958,290,359 4,801,324,161

4,958,290,359 4,883,534,958

4,958,290,359 4,873,042,114

4,958,290,359 4,843,233,835

18

18

18

PAGE 18, Thursday, April 14, 2022

NOTICE

CROSSWORD PUZZLE

THE TRIBUNE

NOTICE is hereby given that EMERIO JOSE ACOSTA RICARDO of Storrs Ct., Yellow Elder, 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 14th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Friday, April 15, 2022 Happy Easter

NOTICE

NOTICE is hereby given that NICOLAS PETER HAAN of P. O. Box N-7776, Windsor Field Road, Venetian West, 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 twentyeight days from the 14th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE IN THE ESTATE OF NORA HELEN DuPLESSIS late of Harmony Hill, Village Road in the Eastern District of The Island of New Providence one of the Islands of The Commonwealth of The Bahamas.

Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 7th day of May A. D., 2022 to send their names and addresses and particulars of their debts or claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned.

AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late NORA HELEN DuPLESSIS will be distributed among the persons entitled thereto having regard only to the claims of which the Executor shall then have had notice in writing.

Dated this 6th day of April, A. D. 2022 Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, 400 West Bay Street, Nassau, Bahamas.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 13 APRIL 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.50 2.05 2.90 2.60 6.05 10.05 3.55 9.02 3.10 7.20 14.00 2.71 10.25 11.25 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 10.02 9.00 13.10 3.50 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%

2279.47

0.04

0.00

51.23

2.30

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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.36 100.00 99.98 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 FL BGRS69023 BGRS FL BGRS79026 BGRS FL BGRS78024 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 BSBGRS690231 BSBGRS790262 BSBGRS780248 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.25 3.30 7.60 2.66 7.16 14.00 2.29 10.13 12.51 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00

CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.25 3.30 7.60 2.66 7.16 14.00 2.25 10.13 12.60 10.75 15.00 3.99 10.00 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

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

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 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 0.00 0.00 0.00 (0.04) 0.00 0.09 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% 4.59% 4.53% 4.50% 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 25.1 -7.5 54.3 14.5 15.9 19.4 22.1 21.7 19.5 14.8 18.4 19.7 10.6 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% 2.81% 0.00% 0.00% 4.51% 3.07% 5.14% 19.29% 0.59% 2.60% 2.23% 3.60% 3.01% 2.00% 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 9-Feb-2023 28-Mar-2026 22-Sep-2024 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

NOTICE IN THE ESTATE OF ELIZABETH DOREEN CLARIDGE late of Russell Island off Eleuthera one of the Islands of The Commonwealth of The Bahamas.

Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 7th day of May A. D., 2022 to send their names and addresses and particulars of their claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned.

AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late ELIZABETH DOREEN CLARIDGE will be distributed among the persons entitled thereto having regard only to the claims of which the Executor shall then have had notice in writing.

Dated this 6th day of April, A. D. 2022.

Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, 400 West Bay Street, Nassau, Bahamas.

NOTICE Pursuant to the provision of Section 138 (4) of the International Business Companies Act, (2000) NOTICE is hereby given that: a) C. P. INTERNATIONAL INVESTMENTS LIMITED is in dissolution. b) The date of dissolution is April 8, 2022 c) The name of the Liquidator is Lorraine D. Burrows of No. 2 Honesty and Amity Streets, P.O. Box SS 5880, Nassau, Bahamas LORRAINE D. BURROWS Liquidator

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

THE TRIBUNE

Thursday, April 14, 2022, PAGE 19

Wall Street ends higher, breaking a 3-day losing streak

By DAMIAN J. TROISE AP Business Writer NEW YORK (AP) — Stocks closed broadly higher on Wall Street Wednesday, ending a threeday losing streak as an upbeat report from Delta Air Lines sparked a rally for companies in the travel industry.

Investors brushed off yet another report showing that inflation remains widespread in the U.S. economy, and the broad gains helped trim weekly losses for most of the major indexes. The stock and bond markets face a shortened week and will be closed on Friday for the Good Friday holiday.

The S&P 500 index rose 49.14 points, or 1.1%, to 4,446.59. The benchmark index is coming off three straight losses brought on by persistent worries about inflation and the tough medicine the Federal Reserve is planning to use against it, higher interest rates.

The Dow Jones Industrial Average rose 344.23 points, or 1%, to 34,564.59 and the Nasdaq rose 272.02 points, or 2%, to 13,643.59.

Smaller company stocks outpaced the broader market in a sign that investors were confident about economic growth. The Russell 2000 index rose 38.17 points, or 1.9%, to 2,025.10 and is on track for a weekly gain.

Travel-related companies were among the biggest gainers after Delta reported strong revenue during its first quarter and solid bookings. The update is encouraging for the broader travel sector as airlines, cruise lines and hotels prepare for the summer vacation season.

Delta rose 6.2% and rival American Airlines jumped 10.6%. Rivals Southwest and United Airlines also gained ground. Cruise line operators Carnival and Royal Caribbean had solid gains, along with Expedia Group.

Technology stocks did a lot of heavy lifting. Pricey valuations for many of the bigger technology companies lend more weight to directing the broader market higher or lower.

Banks slipped following a disappointing earnings report from JPMorgan, which fell 3.2% after revealing a sharp drop in profits as it wrote down nearly $1.5 billion in assets due to higher inflation and the Russian-Ukrainian War. Bond yields fell. The yield on the 10-year Treasury fell to 2.69% from 2.72%.

The Labor Department reported that the surging cost of energy pushed wholesale prices up a record 11.2% last month from a year earlier — another sign that inflationary pressure is widespread in the U.S. economy. That report comes a day after the department reported that consumer prices remain at their highest levels in generations.

“In the near term there’s a lot of focus on what the inflection point looks like and there’s confidence now that we’re seeing a peak,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management.

Inflation, while seemingly peaking, will likely stick around for awhile as cost pressures filter their way through the markets over the next few quarters, he said.

IN this photo provided by the New York Stock Exchange, traders gather at a post on the floor, Wednesday, April 13, 2022. Stocks rose in afternoon trading on Wall Street Wednesday as investors reviewed the latest round of corporate earnings and an upbeat report from Delta Air Lines that bodes well for the broader travel industry.

Photo:Courtney Crow/AP

The persistently rising inflation has prompted the Federal Reserve to tighten its monetary policy in order to temper the impact of inflation on businesses and consumers. The central bank has already announced a quarter-percentage point rate hike and is expected to continue raising rates through the year.

The Fed revealed in the minutes from its latest meeting that it’s prepared to hike short-term rates by half a percentage point, double the usual amount, at some upcoming meetings, something it hasn’t done since 2000.

“The Fed wants to get to neutral or something close to it as quickly as possible,” Ma said. “The Fed is still in

a bit of shell-shock reaction mode.”

Lingering concerns about inflation and rising interest rates have been worsened

by Russia’s invasion of Ukraine. The conflict has made for volatile energy prices as oil supplies already remain tight amid rising demand. U.S. crude oil prices rose 3.6% and are up roughly 40% for the

year. That has driven up gasoline prices and added to inflation’s hit on people’s wallets.

Companies in various industries have been raising prices to offset rising costs and maintain or increase their margins, but the constant pressure from inflation has managed to dent some operations.