04182024 BUSINESS

A GRAND Bahama medical school says its imminent $25m expansion will create 200 construction jobs as it dismissed a legal battle with its co-founder as “a distraction”.

William Colgan, chair of Western Atlantic University School of Medicine’s board of directors, told Tribune Business it hopes building work will start “in the next three months” once all necessary Grand Bahama Port Authority (GBPA) approvals are received given that everincreasing student enrollment will soon leave the existing campus “at breaking point”.

With the second phase expansion targeted for completion by September 2025, he added that the school’s presence is already having a significant impact on Freeport’s economy with average annual per capita

BAHAMIAN taxpayers incurred an extra $7m bill to cover cost overruns for two much-hyped sporting events that were hosted last summer, the Government’s financial watchdog has revealed.

The Auditor General’s Office, in reports tabled in the House of Assembly, revealed that the Government overshot its upgraded $4.9m spending allocation for the 50th CARIFTA track and field championships and Bahamas Jubilee Games through a near-total $12m outlay on the two events.

This $7m overrun occurred despite the Government, in its 2002-2023 supplementary Budget, more than doubling spending on the Bahamas Jubilee Games from the original $1.5m to $3.5m - an increase of $2m. CARIFTA expenditure was also increased, albeit by a more modest $400,000, to take it from an initial $1m to $1.4m in the same 2022-2023 fiscal year.

However, even these increases proved woefully insufficient to cover the Government’s ultimate outlays, which came to $5.559m for the Bahamas Jubilee Games and $6.43m for hosting the regional CARIFTA championships.

When the figures are combined, the total $11.989m total exceeds the $4.9m supplementary Budget allocation by more than $7m or 145 percent - meaning the spend is more than double what was predicted. And the Auditor

MARKETING AND TECHNOLOGY IS A WINNING PROMOTIONAL TEAM

In the digital age, the fusion of marketing and technology, known as Martech, is not just a passing trend but a seismic shift in how businesses approach their promotional strategies. As we delve deeper into the digital era, the automation of marketing processes through Martech solutions is becoming an essential element for companies striving to maintain a competitive edge and enhance their relevance.

Martech’s core advantage lies in its ability to automate routine and labour-intensive tasks. This automation spans various facets of marketing, from executing e-mail campaigns to managing social media activities and analysing customer data. By automating these

KEITH

ROYE II

processes, businesses can achieve consistency in their marketing efforts, minimise errors and allow their marketing teams to concentrate on strategic and creative initiatives.

Data is the lifeblood of Martech, empowering businesses with the capability to make decisions anchored in real-time insights. Using advanced tools such as CRM platforms, analytics software and Artificial Intelligence (AI) driven predictive analysis, companies can now tailor their marketing strategies with a high degree of precision. This data-centric approach not only enhances the targeting of marketing campaigns but also personalises the customer experience, leading to a more efficient allocation of marketing resources and an increased return on investment.

At its essence, marketing aims to build and sustain engagement with customers. Martech provides innovative tools to enhance

this engagement, offering personalised experiences through technologies such as chatbots, personalised content and interactive platforms. These tools allow businesses to customise their interactions with customers, fostering deeper relationships and enhancing brand loyalty.

Despite its benefits, integrating Martech solutions into existing marketing strategies poses significant challenges. The transition requires substantial investment, not only financially but also in terms of time and skill acquisition. Companies must be prepared to navigate the complexities of these technologies to fully capitalise on their potential.

As we look forward, the influence of Martech on marketing strategies is

set to expand, with technologies such as artificial intelligence, machine learning and blockchain poised to redefine the marketing landscape. Companies that are early adopters, and adept at integrating these technologies into their marketing practices, will be well-placed to meet the evolving demands of the marketplace and their customers. The integration of Martech solutions into marketing strategies signifies a critical evolution in the field of marketing. It heralds a new era of efficiency, effectiveness and personalisation in marketing campaigns. As businesses navigate the complexities of the digital world, embracing Martech will be key to shaping the future of marketing and

Bahamas agriculture chief recognised as ‘rural leader’

THE Bahamas’ director of agriculture has been recognised by the InterAmerican Institute for Cooperation on Agriculture (IICA) as a leader of rurality.

Deon Gibson is among more than 40 persons granted this status who, selected from various regions and countries in the Western Hemisphere, gathered in San Jose, Costa Rica, this week from April 16-20. Agricultural leaders from around the world will also attend the event.

The Ministry of Agriculture and Marine Resources, in a statement, said leaders of rurality are men and women who produce, plant, harvest, create, innovate and unite. Their influence is seen in the food persons eat, in each plot of agricultural land, and in the communities where they live.

They are attending lectures by Álvaro Lario, president of the International Fund for Agricultural Development (IFAD); Rattan Lal, director of the Centre for Carbon Management and Sequestration

(C-MASC) at Ohio State University; and Roberto Rodrigues, former minister of agriculture of Brazil and a major figure in co-operative movements. Topics such as sustainability, organisation and funding are being discussed.

Mr Gibson and his colleagues are also participating in meetings with IICA specialists in different areas - from digital agriculture and the bio economy to family farming and commercialisation.

The Leaders of Rurality of the Americas will talk among themselves, and with specialists, about sustainable development, crop science, challenges for rural development, the opportunities afforded by connectivity, financial matters and associative undertakings. The event will include exhibits and conversations with specialists from other international agencies, such as CAF-Development Bank of Latin America and representatives of private sector companies dedicated to food and agriculture, such as Bayer Crop Science. The IICA created the Leaders of Rurality initiative in 2021 to recognise those who are performing a dual role in their daily

work as guarantors of food and nutritional security and custodians of the planet’s biodiversity.

The agricultural development agency of the Americas confers the ‘Soul of Rurality’ award on men and women who are leaving a mark, and making a difference in rural areas, by contributing to the production of healthy, accessible food; the well-being and retention of rural populations; and environmental conservation.

The IICA-led initiative has enabled numerous Leaders of Rurality to increase their influence and economic, productive and social leadership. It has also led to other awards and invitations, and enabled them to expand their networks and the scope and impact of their work.

This first meeting of Leaders of Rurality is bringing together family farmers, medium-scale farmers, smallholder farmers, members of indigenous communities, teachers, promoters of co-operatives, students, community leaders, promoters of innovation and technology in the countryside, and activists working to strengthen the role of women and youth in agriculture.

DIRECTOR of IICA Dr. Manuel Otero with Director of Agriculture Deon Gibson.

UNIONS ‘STANDING TOGETHER’ IN TALKS WITH BTC ON DEALS

INDUSTRIAL agreements are being negotiated with BTC, with both the Bahamas Communications and Public Managers Union (BCPMU) and the Bahamas Communications and Public Officers Union (BCPOU), which represent the company’s middle managers and line staff respectively, “standing together firm” to ensure the company resolves their issues.

Sherry Benjamin, the BCPOU’s president, said her union has filed three trade disputes with the Department of Labour for the year and is prepared to file additional reports on the company.

She said negotiations with BTC for her union’s

industrial agreement are “not going well at all”. “Things are not going well at all. We’re having some major issues and I don’t know how long we are going to be quiet with those issues,” said Ms Benjamin. “We have filed three trade disputes already, we’re about to file some more. We have filed three changes to try and get some of the issues resolved.”

She said that both unions have met and are prepared to send a “strong message” to BTC that they will not tolerate unsafe working conditions or the termination of staff just “willy nilly”.

The BCPOU said unions are not out to damage the company or its brand but expects it to abide by the terms set out in the industrial agreement.

She said: “Both units are standing together the management union and line staff union we’ve had

a meeting and we’re stand together firm and strong and we’re going to send a strong message to BTC that we’re fed up and we’re not going to take it.

“We’re not looking to break this company, we’re not looking to damage the brand but we expect that they treat the staff fairly and the conditions that the staff work under are safe conditions. We don’t expect to just be just willy nilly firing people. “We have an industrial agreement in place and that industrial agreement speaks to how discipline and discharge is supposed to be done and we expect them to abide by that industrial agreement as they expect us to abide by the industrial agreement.” Kendrick Knowles, the managers union’s president, meanwhile said his union has just started negotiating their industrial agreement and is focusing on resolving

their workplace health concerns, salary numeration, manager’s compensation for extra work and issues surrounding discipline and discharge.

He said: “With the management, we just started some investment agreement negotiations yesterday. We’re done our first day of it and we have some days scheduled later to continue with it. We’re hoping to have addressed in the negotiation some of our concerns and the strengthening of our document including amendments that we saw fit to have our proposal put forward.

“Particularly issues as it relates to discipline and discharge as it relates to how matters are handled when there is an infraction. There are some other things relative to managers being paid for extra work done, salary numeration and also from a policy perspective there are some health concerns in

terms of workspace health. The workspace health environment is a major concern, and we will ensure that the company does what it should do to ensure that our employees are working in a healthy environment.”

He said that his union plans to see how the negotiations play out and it’s a “positive sign” if the discussions continue to move ahead but warned if a “roadblock” that parties cannot get around emerges “there’ll be a different response”.

He said: “The concerns that we have, some of them still exist so we’re going to wait and see how the negotiations go. As long as the negotiations continue to move ahead that’s a positive sign. “But if we come across a roadblock where we’re not able to go ahead then there’ll be a different response.”

Last month, the unions protested the dismissal of two managers one of whom was on sick leave receiving cancer treatments “with no reason”.

Mr Knowles said the matter is still outstanding as the managers have not been reinstated and that concerns about how the company went about dismissing those employees will be discussed during the negotiations.

He said: “The two managers are still fired, they haven’t been reinstated, they’ve been separated from the company. Our concerns relative to how it was done is a part of our negotiations, so that is something that we’re going to be fortifying and discussing further in our negotiations, but those two members have not been reinstated, that’s still an outstanding matter.”

FOX UNIVERSITY LINK-UP TO HELP STUDENTS FACE CLIMATE CHANGE

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A COMPANY led by former NBA star Rick Fox has teamed up with the University of The Bahamas (UB) and a Saudi Arabiabased university to help students tackle climate challenges.

Partanna Global has launced an artificial intelligence training initiative with UB and the King Abdullah University of Science and Technology (KAUST).

The programme will kick off in Spring 2024 with a ten-day course at UB for 50 students, orchestrated by KAUST’s faculty.

RICK FOX

cutting edge technology that can help to “grow our economy and build new policy solution”.

He said: “Artificial Intelligence is already rapidly changing our world – and I want young Bahamians to participate in and contribute to the leading-edge innovations that will have a major impact in the years to come. This international collaboration is an opportunity for our talented young people to invest in their own careers and to master powerful new technological tools that can help us grow our economy and build new policy solutions.”

He said: “By combining the energy of our youth with our academic institutions, and pairing them with the latest technologies, we underscore our collective commitment to leading and providing solutions for society’s urgent problems.

“This programme is about more than just tech education. It’s about arming the next generation with the tools they need to come up with new solutions, adapt to changes, and lead the charge in solving some of the toughest problems facing the world today.

leading thinkers from the kingdom to show what’s possible.”

Janyne Hodder, acting president of UB, said the knowledge gained in the programme will aid in “mitigating external threats while driving national development”.

She said: “As The Bahamas continues to address challenges such as climate change, which threatens our unique archipelagic structure, we embrace this exchange of knowledge between KAUST and UB, which is pivotal to mitigating external threats while driving national development within our small island developing state.”

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Prime Minister Philip “Brave” Davis said the programme presents an opportunity for Bahamian students to learn about

The top five students from the course will be selected for an eight-week summer school at KAUST. The initiative is being partially funded by Partanna, which wil cover all programme travel costs. Meanwhile, KAUST will pay for accommodations.

Rick Fox, co-founder and CEO of Partanna, said the programme will empower the students to solve some of the world’s most “urgent” problems and show that “local solutions can have a global impact”.

By promoting a culture of innovation that reaches beyond our shores to the world, we’re aiming to show that local solutions can have a global impact. This effort is not just a gateway to new discoveries – it’s a partnership that connects the brightest young minds in The Bahamas with the

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

“Unfortunately, we are in the dark about the things that you talk about, because the discussions didn’t involve us and any of the other stakeholders we are aware of. Would you be willing to lay the study and the invoices so that we can all see it and assess?”

Mr Munroe replied that Mr Pintard should get legal advice from “a good FNM lawyer” to understand the “folly” of that request. He did not explain this assertion, although it likely relates to the Government’s desire to keep the details of PwC’s work confidential given that arbitration proceedings with the GBPA appear imminent.

He said: “Marco City should get some legal advice on the process and dispute resolution processes. I know there are many good FNM lawyers. There are many good FNM lawyers who would be able to advise him as to the folly of his request.”

Mr Pintard questioned whether that was a “yes or no” to the Opposition’s request. He asked: “Is that a yes or no? All of that stuff is too complex. Is it a yes or is it a no? Are you willing to lay the documents?” Mr Munroe did not reply and the debate moved on.

Mr Pintard, meanwhile, argued that the Davis administration is making a “bad decision” engaging in a public row with the GBPA.

Nominations forms are available at our Nassau and Freeport offces or by emailing sthompson@pwccu.org.

Completed Nomination forms, along with a cover letter and resume must be submitted by 4 pm on Monday, May 6th, 2024, either by delivering to any of our offces or via the email listed.

No nominations will be allowed from the foor

While giving his contribution on the Anti-Gang Bill in Parliament, Mr Pintard argued the Davis administration should have spoken with Freeport’s municipal government and its licensees privately instead of engaging in a public exchange that can make investors question doing business in Grand Bahama.

He said: “One of the challenges we’re having right now is not a new challenge. We have a challenge where you have a sitting government engaged in a public row with the municipal government, Grand Bahama Port Authority. “We have said from the beginning we believe that this is a bad decision by the Government, that they are creating uncertainty not just in Freeport, but they are creating uncertainty among present and potential investors who are not certain it makes sense pumping their money into an environment where the Government appears to have the capacity that it could then wrestle away assets or make any number of threats. “They could have certainly had a private conversation, not just with GBPA because this is not just about them, but with licensees, with the Chamber of Commerce, with members of the Opposition who know some things about the Grand Bahama we’re living in every day and we never

left despite many, many hurricanes.”

Mr Munroe argued that it is “deceptive” to imply the Government is not following the “rule of law” and contractual rights by pursuing the $357m that it claims is owed by the GBPA for public services provided in Freeport over and above the tax revenues generated by the city.

He said: “Mr Deputy Speaker, for anybody to suggest that the Bahamas government is making an assertion that this is our contractual right, if you do not agree with us, it goes to be determined by a third party in dispute resolution process. “If the Bahamas government is wrong, the Port will succeed. If the Bahamas government is right, as my friend from Fox Hill would say, they should pay us what they owe us.”

Mr Pintard fired back that the FNM has been “absolutely clear” that more Bahamians should be shareholders in the GBPA, licensees should have greater involvement in the function of the municipal government and that central government should not be in charge of regulatory functions or infrastructure maintenance in Freeport.

He said: “We believe that the present status quo in Freeport cannot remain. We would like to see an expanded shareholder

base with far more Bahamians being shareholders in GBPA. There has to be greater involvement of the licensees in making decisions relative to the functioning of GBPA, including how service charges are applied.

“We do not believe that central government should be in charge of the regulatory functions in Freeport so that they can politicise it in the way they are seeking to do in the rest of the country. Nor do we believe that they should be in charge of the infrastructure maintenance and upgrade.”

Mr Pintard said previous FNM and PLP administrations and the GBPA are “culpable” for Freeport’s current state and, as such, the Davis administration should have sought to settle the dispute “behind the scenes” prior to threatening arbitration as he accused the Government of trying to score “political points”.

He added: “We believe that both GBPA and central government, central government which at one point was a Free National Movement central government which right now is run by the PLP, all of us are culpable in terms of the state in which our Grand Bahama is, Freeport in particular.

“And so we should have had the wisdom to have far more conversations behind the scenes to find a resolution. We believe this

government is attempting to score political points to give the impression that they are more nationalistic than the rest of us; that they love Bahamians, and Grand Bahamians, and people in Freeport, more than us.

“They have no more love for our people than we do. We are here, we ride out storms with our people. We help them in the aftermath of catastrophes that hit them. What we do not want is a politicised environment. We want investors with deep pockets, clear vision and a willingness to help create a shareholding society. That’s why we want to expand it [the GBPA] and transform the leadership.”

Mr Munroe again interrupted and maintained that the Davis administration is “abiding by the rule of law” and that all investors within The Bahamas should be aware they are subject to its laws.

He said: “I cannot permit it to remain on the record any assertion that the Government is doing anything other than abiding by the rule of law. Every investor in every island should know that they are subject to the laws of the Commonwealth of the Bahamas. They are subject to the agreement that they make and that the Government will hold them to it. Nothing more. Nothing less.”

By JOSH FUNK AP Business Writer

CSX dealt with weather challenges and the closure of the Baltimore port as the railroad saw its first-quarter profit slip 10%, but it still managed to keep most of its customers happy with reliable service. The Jacksonville, Florida-based railroad said Wednesday that it earned $893 million, or 46

cents per share, in the first three months of the year as it handled 3% more freight. That's down from $987 million, or 48 cents per share, a year ago. The results were slightly better than Wall Street predicted. The analysts surveyed by FactSet Research expected CSX to report earnings per share of 45 cents. CEO Joe Hinrichs said he was reminded again of one of the key lessons he's learned in his first 18 months on the railroad: "There never really is an easy quarter." Hinrichs said he was pleased the railroad was able to deliver consistent customer service that helped it attract more business. He said many of the markets CSX serves are seeing "favorable trends" and more customers are willing to give the railroad more of their business because CSX has delivered better service consistently.

Hinrichs said CSX is getting some of the highest marks ever in its surveys of customers, so he's optimistic about the rest of the year. The railroad reiterated that it expects revenue and shipping volume to grow at low- to mid-single-digit rates this year. Even in a quarter when the average speed of CSX's trains got a bit slower overall, Edward Jones analyst Jeff Windau said the railroad "continued to execute well and had a pretty solid quarter." CSX

CARIFTA TV payment cut in half on contract breach

“Execution and thorough examination of company registration ought to be performed by a competent professional,” its report said.

“Should any errors arise during the registration process, it is imperative that another individual with the necessary expertise be capable of scrutinising and rectifying discrepancies prior to the initiation of operations.” The Auditor General’s Office also found that the events organisation agreement, designed to assist with CARIFTA’s execution and planning, had not been signed.

The report detailed what has now become almost-standard findings for government ministries, departments and agencies, namely weak controls and non-compliance with

established policies, procedures and protocols. While the Auditor General’s Office’s report named none of the companies it referred to, instead using letters, a review of this newspaper’s files show controversy arose over the broadcasting rights contract. It said an agreement for a $50,000 “initial cash injection” with ‘Company C’ was executed on December 2, 2022. This have that company a licence to broadcast CARIFTA with “technical support for the transmissions” to be provided by ‘Company F’. “Company G shall possess non-exclusive national television rights for The Bahamas territory specifically for the events televised to subscribers not associated with companies C and F,” the report added. Tribune coverage at the time confirmed that Aliv

was granted the broadcasting rights, while ZNS received “a direct line feed in terms of being able to broadcast the games free of charge”. Thus it appears likely that Company C is Aliv and Company G is ZNS.

However, the Auditor General’s Office found: “As a consequence of engaging in negotiations between LOC and Company G [ZNS], without duly acknowledging the previously established clauses with Company C (Aliv), it has been determined that the LOC (local organising committee) has violated the agreement. This non-compliance had led to a $25,000 cash penalty” that cut the original $50,000 payment by Aliv in half.

Elsewhere, the report said $30,000 remained “outstanding” and unpaid from a sponsor that had

Biden administration set to provide $6.1 billion to Micron Technology for chip plants in NY, Idaho

By JOSH BOAK Associated Press

THE Biden administration has reached an agreement to provide $6.1 billion in government support for Micron Technology to produce advanced memory computer chips in New York and Idaho.

Senate Majority Leader Chuck Schumer, D-N.Y., personally courted Micron to build what would ultimately be a set of four chip factories in Syracuse — and noted in a Wednesday interview that the announcement was a sign to voters about how Democrats were reviving the manufacturing sector.

"It will be the biggest memory chip plant in America," said Schumer. "For the Syracuse area, this is the best thing that's happened probably since the Erie Canal."

The comparison to the 1825 infrastructure project that connected the Great Lakes to the Atlantic Ocean gets at the magnitude of the economic impact as well as the national security stakes.

Including the government support, Micron plans to invest $100 billion

in upstate New York over the next two decades. The investment would lead to an estimated 9,000 direct jobs and 40,000 construction jobs. Micron has also announced plans for a $15 billion memory chip plant in its hometown of Boise, Idaho. The funding comes from the 2022 CHIPS and Science Act, which is set to provide government support for new and expanded facilities being developed by Intel, TSMC, Samsung and Global Foundries, among other chip companies.

The law included $52 billion to support the domestic semiconductor industry, reducing the risk that the chip shortages experienced amid the pandemic could hurt the U.S. economy and national security.

The Democratic administration has set a goal for 20% of the world's advanced chips to be made in the United States and has restricted the flow of chips into China.

A senior Biden administration official, insisting on anonymity to discuss the deal before its official announcement, confirmed the agreement with Micron.

President Joe Biden discussed in Pittsburgh on Wednesday the importance of computer chips that power everything from weapons to artificial intelligence to household appliances such as refrigerators.

Biden noted that Republican Donald Trump, the former president and his election-year rival, had not been as aggressive in boosting the sector and curbing China's access to chips.

"For all this tough talk on China, it never occurred to my predecessor to do any of that," Biden told a group of steelworkers.

Trump has told his supporters that China was "afraid" of him because he levied tariffs on the nation with the goal of supporting U.S. factory jobs. Biden has kept the tariffs and on Wednesday suggested plans to expand them on steel and aluminum.

"I took on communist China like no administration in history," Trump told supporters at a Saturday rally in Pennsylvania.

JOB OPPORTUNITY

Project Manager

As project manager you are responsible for a dredging project by organising and supervising the execution of the works. You ensure that they are executed as described in the contract.

Tasks & responsibilities:

• Together with the engineering team you are responsible for choosing the most economical, safe, and successful method to carry out the project.

• You preside over meetings with clients, authorities, and other contractors on site.

• You are responsible for the site administration, cost controlling and budgeting.

• You coordinate the project team. In this, you also coach the employees, and you are responsible for their development and evaluation.

• You communicate with clients and third parties on a daily basis.

•

• legal regulations regarding safety, environment, and quality on site.

• You plan the deployment of personnel, vessels, auxiliary equipment, and subcontractors.

Profle:

• You have an engineering degree and at least 10 years’ experience in the sector.

• You are a born leader and very persuasive.

• You’re great at planning and organising, always bearing in mind the client’s wishes and needs.

• Good command of English is essential. Dutch is preferably for programs and the daily reporting to the headquarter.

• Driver’s licence is required.

Resume can be emailed to: recruit@freeportshipservices.com.

Absolutely no phone calls

committed $300,000 to CARIFTA. And another sponsor’s “main proprietor” was reimbursed for providing $522,610 in “in-kind” goods and services even though this did not comply with CARIFTA’s spending and procurement control manual and violated the Public Finance Management Act 2021.

“As a consequence, the entire procurement process was bypassed, disregarding relevant sections,” the Auditor General’s Office found. Its report also found that weekly salaries rose by 38 percent as a result of temporary workers hired for CARIFTA performing tasks not associated with the event.

“There was an augmentation in weekly remunerations for the temporary workers,” the Auditor General’s Office said. “The stadium

experienced a surge in its workforce, employing a total of 100 temporary staff, who were assigned tasks unrelated to the Games.

“In December 2022, all temporary personnel were released from their duties with only approximately 60 percent of them being reinstated. Expenditure escalated from $400,000 to $1.069m during September 2022 through April 2023.”

Meanwhile, the LOC also hosted a Gospel concert “unrelated to CARIFTA” that incurred a loss equal to 35 percent of expenditure.

“A thorough examination of the allocated budget revealed an absence of any allocation for a Gospel concert, which bore no relevance for the CARIFTA games,” the Auditor General’s Office wrote. “An estimated sum of $140,000 was used for hotel arrangements,

transportation, band and production. At the end of the concert, the LOC recognised a mere profit of $4,000, signifying a substantial loss amounting to $136,000 or 35 percent of the total expenditure.”

The Auditor General’s Office also noted that the LOC incurred a $50,641 net loss on CARIFTA merchandise acquired for $104,699 after sales. Some $17,000 in merchandise still remained in inventory.

“The LOC is advised to adjust future merchandise procurement estimates in light of the net loss incurred from this event,” the report added.

“Budgetary allocation for merchandise sales should mitigate potential losses for similar events.”

JOB OPPORTUNITY

Engineer for Vessel Maintenance

As an Engineer for Vessel Maintenance, you help to make sure that the dredging vessels and equipment are always technically operational.

Tasks & responsibilities:

• Coordinating multiple technical maintenance and repair works.

• Verifying reports, repair lists and request forms.

• Keep an overview on the works that are executed and those still to be executed, problem reports and requests for new pieces.

• Preparing repair and renovation projects.

• Responsible for the technical realisation of a mobilisation or demobilisation.

• Keep an eye on stock management.

• Reserving dry docks and contacting local subcontractors.

• Ensure respect for safety, quality, and environment.

• Motivating vessel and yard technical personnel.

Profle:

• You own a master’s degree in engineering sciences or industrial sciences in Mechanics / Electromechanics.

• You are an organisational talent with a high degree of autonomy.

• You have a good technical knowledge and a passion for engineering.

• You have strong communication skills and can express for programs and the daily reporting to the headquarter.

Salary commensurate with experience

recruit@freeportshipservices.com.

Absolutely no phone calls

General’s Office, in its CARIFTA report, reveals that the net loss, or deficit, incurred by The Bahamas from hosting the event was almost 20 times’ what was forecast.

The CARIFTA Games Company Ltd, which was incorporated to oversee the event’s planning and hosting, had predicted a modest $42,060 loss but this, in reality, turned out to be 1,972.9 percent greater at $829,821. This resulted in the deficit being some $787,761 higher than expected.

The report shows that the Government, which had already provided some $5.279m in funding through the Ministry of Finance and Ministry of Youth, Sports and Culture, was forced

to further dip into the taxpayer well and come up with another $1.151m to cover “outstanding bills” due to Bahamian vendors and event staff. This brought its total CARIFTA spend to $6.43m.

“Based on the financial statements of the CARIFTA Games Company, an unfavourable net income (deficit) of $829,821 was reported,” the Auditor General’s Office said. “Upon analysing these statements, it is evident that total income amounted to $6.615m.”

“To ascertain the net income (deficit), the total cost of goods sold ($104,698), the total expense ($4.379m) and total operational expense ($2.961m) was deducted, which resulted in a total of $7.445m. The net income (deficit) is calculated by subtracting $7.445m from $6.615m.”

Due to the $829,821 loss recorded before the Government’s intervention, the Auditor General’s Office urged: “The Local Organising Committee is strongly advised to ensure that its total expenses do not surpass its total income. It is imperative for the organisation to have established effective control measures in place to ensure that any budget deficits remain within pre-determined limits.”

The 50th CARIFTA’s government funding was drawn down in six tranches between November 2022 and April 2023, ranging in size from $500,000 to a high of $1.5m. Even this $5.278m proved insufficient to ensure that the event minimised its loss, the Auditor General’s Office revealed, as more money was needed.

“We have identified that the Local Organising Committee (LOC) acquired additional funding subsequent to the conclusion of the balance sheet reporting period on April 30, 2023, amounting to $1.152m,” the report said. “Consequently, a total sum of $6.43m was receive from the Government by

the end of August 31, 2023. Funds from the subsequent receipt were used to pay the LOC’s outstanding bills to vendors and outstanding salary payments.” The Bahamian taxpayer’s total CARIFTA outlay was thus more than six times’ greater than the $1m originally budgeted, and over four times’ higher than the $1.4m allocation contained in the 2022-2023 supplementary Budget. And the Auditor General’s report revealed that some funds were “allocated to expenses unrelated to the Games”, with internal financial controls branded “weak”. “The Government initially budgeted an amount of $1m for the CARIFTA Games,” the report affirmed. “The sum of $1m was allocated to the initial expenses of the CARIFTA Games. The procedure for acquiring funding involved submitting a drawn-down schedule to the Ministry of Youth, Sports and Culture for authorisation, [which] was not consistently adhered to. “Funds received had already been allocated to expenses unrelated to the Games. There were weak internal controls in purchasing and procurement procedures established by the chief financial officer.”

The Auditor General’s Office added: “Prior to the disbursement of funds, it is imperative to allocate the budgetary line items and their respective funds. “Any expenses that deviate from the mutually agreed upon budget should obtain the approval of the chief financial officer prior to the release of funds.”

And, while the LOC was found to have “made a substantial contribution” to the Thomas A. Robinson National Stadium through the Legend Walk project, the $248,000 spent on it was not designated for that purpose.

“In addition, the LOC incurred a total expenditure of $2.856m for capital works, with a budget allocation of $1.122m for the respective line item. This resulted in an over-expenditure amounting to $1.735m, which is 255 percent of the allocated budget,” the Auditor General’s Office report said. Lynden Maycock, the LOC’s chief executive, said in January 2023 that it was aiming to raise $3m from corporate sponsorship of CARIFTA and, at that time, was half-way there at $1.5m. “There are persons in corporate Bahamas who are calling just about every day, and so we expect to meet our goal in respect to

JOB VACANCIES

KITCHEN COOK POSITION

• Prior experience in prepping, cooking and expediting

• Knowledge in food costing

• Able to work holidays, weekends and shifts

Email: cyberwize32@yahoo.com

ASSISTANT MANAGER POSITION

• Experienced Knowledge of costing

• Computer literate, Quick Books

Email: cyberwize@yahoo.com

the $3m that we targeted in sponsorship for the operations of these games,” he said. “The $3m will be achieved through sponsorship as well as ticket sales, merchandising, and so we look forward to those funds being accumulated in our $3m target.”

However, it appears based on the Auditor General’s Office report that they fell some way short of this target. It revealed that some $1.336m in income was generated, representing 49.5 percent or less than half the $2.7m goal.

As for the Bahamas Jubilee Games, the Auditor General’s Office in a separate report disclosed that the Government provided $4.531m in funding prior to and during the event. This was some 29.5 percent, or $1m, higher than the budgeted $3.5m, but the taxpayer’s exposure did not end there.

“The Auditor General’s Office have identified that the secretariat acquired additional funding subsequent to the completion of the games amounting to $1.028m,” the report added. “A total sum of $5.559m was received as at August 31, 2023.” The latter figure is $2m, or 58.8 percent, higher than projected in the 20222023 supplementary Budget.

The reason for the cost overruns was never explained, and it is unclear whether this was partially due to inaccurate forecasting or under-budgeting. It is also uncertain how the Government funded the cost overruns, although it likely repurposed monies already budgeted.

However, the findings show that behind the scenes of these major sporting events, and the medal-winning performances of Bahamian track and field athletes, there are major questions over whether taxpayers are receiving value for money from these events.

The Government will likely retort that no price can be placed on investing in Bahamian youth and their achievements, with sport seen as instilling values such as teamwork, discipline and respect that can help steer persons away from a life of crime.

JOB OPPORTUNITY

Finance Manager

As a Finance Manager you will be responsible for supervising, managing and coordinating the administration on site: local bookkeeping, secretariat, HR department, import & export and insurances.

Tasks & responsibilities:

Tasks & responsibilities:

• Drawing up of project fles relating to environmental monitoring and management (e.g. waste, oil,...), and their monitoring during the execution of the project.

• Follow up the execution of the project and hereby implement and follow up the proposed procedures in order to perform the environmental monitoring effciently and in accordance with the budget.

• Correctly implement the necessary monitoring and sampling campaigns in order to meet the established method statements.

• Process the data obtained by means of monitoring and sampling campaigns followed by an interpretation and evaluation of these data in order to establish a clear report of the results obtained.

• Responsible for monitoring equipment in several areas: verifcation of the assigned equipment and recording it on a regular basis, maintenance of monitoring equipment, keeping up to date the inventory of the equipment. All of this in order to obtain a proper and accurate operation of the monitoring equipment.

Profle:

• You have a master’s in industrial sciences, Bioscience Engineering, Geology or Geography.

• Good command of English is essential. Dutch is preferably for programs and the daily reporting to the headquarter.

• Driver’s licence is required.

Salary commensurate with experience and qualifcations. Resume can be emailed to: recruit@freeportshipservices.com.

Absolutely no phone calls

• Setting up, following up and checking the local bookkeeping and fscal rules.

• erifcation of invoices and follow up of payments in view of a correct data processing.

• Controlling the budget by following up the expenses and by performing cash audits (cost statements advance payments).

• Submit fnancial reports and cash ow reports to the head offce and maintain external relationships with local partners (a o banks, consultants etc.).

• Coordinate all site related administrative matters to set up and maintain an adequate administrative organisation of the project.

• rganise local R matters by following up the payroll, arranging transports for crew staff to and from the airport and by acquiring all required permits (a o passports, work permits, plane tickets, etc.).

• Cover all on site activities against relevant risks in consultation

with the insurance department.

• Perform the administrative formalities for local establishments and for importing equipment goods.

Profle:

• You hold a Master Economic Sciences Business Engineer or Commercial Sciences.

• You have at least years’ experience in the sector.

• Good command of English is essential. Dutch is preferably for programs and the daily reporting to the headquarter.

• Driver’s licence is required.

Salary commensurate with experience and qualifcations. Resume can be emailed to: recruit@freeportshipservices.com.

Absolutely no phone calls

by soliciting them to buy into RJG, which itself owned stakes in the development and operating companies, without their knowledge. As a result, they do not know how many shareholders the medical school may actually have because they did not deal with the investing employees directly,

Thus Western Atlantic’s development and operating entities are alleging that their co-founder’s actions have endangered the relationship with employees vital to its “continuing growth and success”, forcing them to take action to “prevent further harm to their businesses, reputation” and key staff. They claim they have suffered “direct financial damage... of no less than $3m”.

Mr Goetz declined to comment when contacted by Tribune Business, responding to its inquiries via What’s App message: “As per our policy, RJG Global Education does not comment on any potential or ongoing legal proceedings.”

However, his attorneys have entered a ‘notice of appearance’ in the Delaware federal court case, thereby indicating that he and his RJG Global Education company dispute and reject the allegations made against them and intend to defend the action. Mr Goetz has also initiated separate legal action against Western Atlantic in Delaware’s chancery court over legal fees related to their battle.

Mr Colgan, though, told Tribune Business that the medical school’s development and operating companies had been left with no choice but to launch the federal court action in a bid to protect the interests of staff and faculty who had invested through Mr Goetz and RJG. He added that Western Atlantic is seeking a court order to ensure those persons “obtain the same benefit [as] all other investors”.

“It has zero effect,” Mr Colgan said of the legal dispute. “He’s [Mr Goetz] been gone from the school since the end of last year. It truly has no impact on the school.” Describing the courtroom fight as a sideshow, he signalled that plans are well advanced for the second phase expansion of the Freeport campus. Confirming that 165 students are presently on campus, Mr Colgan said Western Atlantic had targeted higher enrollment. “We had anticipated more students,” he conceded. “There are a number of contributing factors but, by and large, for a new medical school that’s had two

years of operations, that 165 students truly, by anybody’s standards, would be viewed as a success. “It was always contemplated that we would have three phases to build the medical school. The first phase has the ability to accommodate 250 students on campus.... We have designed building phase two, including the architectural and engineering plans. They are complete. They are in at the Port [Authority]. “We anticipate the school will need to expand its growth by September 2025. We’ll be at our breaking point, and will need to expand our capacity. We have the capacity to educate 250 students in the current structure,” Mr Colgan confirmed.

“Our plans are fully developed, they’re in at the Port Authority for permitting, and we’re getting ready to build the second phase of the medical school. We’re hoping in the next three months to begin construction. Phase two of the medical school is approximately a $20m-$25m construction project, and we anticipate similar numbers to phase one, creating about 200 construction jobs.” Asked how much of an economic impact the school is making, Mr Colgan replied: “We actually have some scientific data, and the average student contributes $25,000 to $28,000 a year to the local economy and the average faculty member contributes $35,000-$40,000 in economic benefits to the community.

“For a new medical school, the goal is typically between 50-75 students a year, which would put us between 100 and 150. We were 165 students in the first year of operation. We were a bit more optimistic in what we could accomplish.”

The Western Atlantic Board chair, in an earlier statement issued in response to Tribune Business inquiries on the legal battle with Mr Goetz, said: “Western Atlantic University School of Medicine (WAUSM) is committed to full transparency and the obligation to protect every individual investor that has placed their confidence in the medical school.

“In November 2023, the governing Board requested and received Peter Goetz’s resignation and he is no longer affiliated with WAUSM. The legal proceedings against Peter Goetz and his company, RJG Global Education, was initiated by WAUSM in an effort to safeguard a small number of investors that do not have the benefit of the oversight and protection of the governing board of the medical school.

“It is WAUSM’s objective to seek a court order to have those individuals with an indirect investment obtain the same benefit of all other investors. We are fully committed to our core values and the preservation of our good name and reputation.”

Speaking to this newspaper in a subsequent interview, Mr Colgan branded the legal fight as “kind of a distraction”. He added: “I want to say it’s part of the evolution of any new start-up entity. Everything is not right from day one. We want to really focus on what we do well, and we have a stellar faculty educating students to become future doctors.

“Our focus has not changed. The Peter Goetz situation, it’s kind of a distraction. It’s not costing anyone time. It’s where Mr Goetz put individual investors into an entity he controls, and we determined it could potentially damage the medical school. It’s something we need to control sooner rather than later, and we have filed a lawsuit to address it and I’m sure we’ll get the right outcome.

“We have a good, harmonious relationship with faculty.... This is where the medical school felt the obligation to make things right for a small number of individual investors who invested through Peter Goetz and felt they were investing in the medical school,” Mr Colgan continued.

“Our feeling is those individuals deserve the same level of integration. We have 50 investors in the medical school, and we feel we have an obligation to protect investors who invested in it so they can be part of a transparent process.

“We are very concerned that individuals who felt they were investing in the medical school were investing in Peter Goetz’s vehicle and not directly. It’s literally us trying to protect people who believe in the medical school, have invested in the medical school and will make it a success for The Bahamas.”

Western Atlantic’s lawsuit alleges that Mr Goetz’s actions and activities violated both US federal and Delaware state securities laws. The legal actions have been filed in Delaware because that is where the medical school’s development and operating entities are domiciled.

Among those Mr Goetz allegedly offered ownership interests in RJG to were Dr Laura Welke, who at the time served as a dean and professor at Western Atlantic. At least 11 key employees were said to have been solicited for investments.

“Goetz fraudulently offered and sold investment interests in and through RJG, his solely-owned company, to numerous individuals, including certain key, high level employees of the medical school, claiming those interests would entitle those investors to a financial interest in the school as well as generous, risk-free returns, without ever documenting such arrangements into formal written agreements,” the lawsuit claims. “In addition, via a purported ‘Rescission Offer’ that he sent to certain investors, Goetz effectively admitted that he fraudulently offered and sold investment interests in RJG

“By offering these interests in RJG directly to some of the most important professionals at the medical school, without any notice to the other members of the organisation, Goetz improperly inserted himself and his company in-between these critical employees and the school itself.” Western Atlantic is alleging that Mr Goetz has failed to disclose the identities of all he solicited and, as a result,

JOB OPPORTUNITY

Engineer for Dredging & Reclamation Works

We are currently looking for an experienced engineer who can organise, coordinate and supervise the execution of the works according to the preset planning, budgeting and the applied methods.

Tasks & responsibilities:

• Scheduling the deployment of personnel, dredging vessels, auxiliary equipment and (sub)contractors.

• Ensuring that all legal and contractual requirements are complied with as far as the execution of the works is concerned.

• Ensuring that the works assigned to you are executed safety and without risks for the health, quality and environment, both according to the customer’s requirements and those of the company.

• Selecting the most suited staff for executing the dredging works, in consultation with the HR Department.

• Reporting of defects to vessels or their auxiliary equipment to the Technical Department, the Project Management and the headquarter.

• Daily reporting to and consultation with the Project Manager, the Project Team and the headquarter on the operational activities, more in particular on the progress of the works for which you are responsible.

• Responsible for the planning of the production of different Superintendents that are working on site.

Profle:

• You have a master’s degree in civil/mechanical engineering.

• You have a hands-on mentality and are a problem-solver by nature.

• Good command of English is essential. Dutch is preferably for programs and the daily reporting to the headquarter.

• Driver’s licence is required.

Salary commensurate with experience

recruit@freeportshipservices.com.

Absolutely no phone calls

US reimposes oil sanctions on Venezuela as hopes for a fair presidential election fades

By JOSHUA GOODMAN and REGINA GARCIA CANO Associated Press

THE Biden administration on Wednesday reimposed crushing oil sanctions on Venezuela, admonishing President Nicolás Maduro's attempts to consolidate his rule just six months after the U.S. eased restrictions in a bid to support now fading hopes for a democratic opening in the OPEC nation.

A senior U.S. official, discussing the decision with reporters, said any U.S. company investing in Venezuela would have 45 days to wind down operations to avoid adding uncertainty to global energy markets. The official spoke on the condition of anonymity to discuss U.S. policy deliberations.

In October, the U.S. granted Maduro's government relief from sanctions on its state-run oil, gas and mining sectors after it agreed to work with members of the opposition to hold a free and competitive presidential election this year.

While Maduro went on to schedule an election for July and invite international observers to monitor voting, his inner circle has used the ruling party's total control over Venezuela's institutions to undermine the agreement. Actions include blocking his main rival, ex lawmaker Maria Corina Machado, from registering her candidacy or that of a designated alternative. Numerous government critics have also been jailed over the past six months, including several of Machado's aides. Wednesday's actions essentially return U.S. policy to what it was prior to the agreement hammered out in the Caribbean island of Barbados, making it illegal for U.S. companies to do business with staterun oil producer Petróleos de Venezuela S.A., better known as PDVSA, without a specific license from the U.S. Treasury Department. "We again call on Maduro to allow all candidates and parties to participate in the electoral process and release all political prisoners without restrictions or

PUBLIC NOTICE

The Public is hereby advised that I, DAVID & ALEXIS KNOWLES BARR of P.O. Box FH-14030 Armbri’s Close Nassau,The Bahamas. Parent of ALEXANDER KNOWLES A minor intend to change my child’s name to ALEXANDER BARR If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Offcer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice. INTENT TO CHANGE NAME BY DEED POLL

delay," State Department spokesman Matthew Miller said. "We will continue to support Venezuelans' aspirations for a more democratic, stable, and prosperous Venezuela."

Venezuelan authorities angrily dismissed the diplomatic rebuke, saying it fulfilled its commitments made in Barbados and accusing Washington of betraying a promise to lift all sanctions it said was made during secret negotiations between the two countries.

"The gringos think they can threaten Venezuela," said Maduro in a televised event. "There's no sanction, no threat, that today can damage our efforts to build a new productive economic model because we no longer depend on anyone in the world, just our own work."

It's unclear what impact the snapback would have on Venezuela's long floundering oil and gas industry — or whether it will pressure Maduro to offer a more level electoral playing field.

The initial reprieve was issued for only six months. Experts say that's not nearly enough time to attract the major capital investments required to revive long stagnant production in Venezuela, which sits atop the world's largest proven oil reserves.

However, by allowing Venezuela to send oil directly, instead of going through shady middlemen who charge a hefty fee, Maduro's government was

Additionally, the stiffening of sanctions doesn't directly impact Chevron, the last major U.S. oil driller in Venezuela, which was allowed to boost shipments thanks to a license it was issued in 2022 amid concerns that Russia's invasion of Ukraine would disrupt global energy supplies.

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While signaling its growing frustration with Maduro, the Biden administration is unlikely to return to the failed "maximum pressure" campaign tried during the Trump administration, which only strengthened the leftist leader's hand, experts said.

"It became impossible for the White House to pretend that the Maduro government in any way was complying — or even intended to comply — with

"The true test of the administration's seriousness about Venezuela is Chevron," said Elliott Abrams, who served as the Trump administration's special envoy to the crisis in Venezuela. "Leaving that license in place suggests the administration cares more about keeping oil prices down until the election, and about Chevron's profits, than about U.S. national security interests and freedom in Venezuela."

the implicit deal in the partial lifting of sanctions," said Christopher Sabatini, a research fellow at the Chatham House in London. "To have ignored that would have made the U.S. look weak and undermined the its credibility in leveraging sanctions not just on Venezuela but elsewhere." Opinion polls show most Venezuelans would eagerly boot Maduro from office if given half a chance. Numerous regional leaders, including the leftist presidents of Colombia and Brazil, have joined the U.S. in criticizing the Maduro government's failure to abide by its commitments and allow a competitive election.

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

SUPPORTERS of opposition leader María Corina Machado sing their national anthem during a protest demanding free and fair elections in Venezuela’s upcoming election, in Bolivar Square in Bogota, Colombia, Saturday, April 6, 2024. Photo:Fernando Vergara/AP able to boost oil revenues and raise badly needed cash during the six months of U.S. sanctions relief.

WHO OWNS BUSINESSES IN CALIFORNIA? A LAWMAKER WANTS THE PUBLIC TO KNOW

By TRÂN NGUYỄN

The Associated Press

A CALIFORNIA lawmaker wants to require business owners and landlords to disclose their identities under legislation aimed at cracking down on opaque ownership structures that have enabled some companies to skirt state laws without facing consequences.

Limited liability companies and similar corporations in the United States are often formed to protect a business owner's personal assets. In California, the world's fifth largest economy, such businesses are already required to register with the Secretary of State and share information including the name of the business, its address and the names of its executives or representatives.

"Some owners can abuse LLC to shield not only their assets but also their identities," Durazo said at a hearing Wednesday. "This is a good governance bill."

With support from labor, housing and environmental groups, her bill passed a key legislative committee Wednesday. There was no debate. It needs a second committee vote before reaching the Senate floor.

A similar proposal last year did not survive the Legislature's suspense file, a mysterious process where lawmakers decide — with no explanation — whether bills should move forward or not.

The legislation faces fierce opposition from a number of business groups including those that represent landlords. They argue that LLCs must already share lots of information with the government and note that they will be required to disclose ownership to a branch of the U.S. Treasury Department by 2025.

They also point to costs.

Last year, the Secretary of State estimated the new disclosure requirement would cost $9 million to implement and an additional $3.4 million annually in subsequent years to employ 28 support workers.

"It really doesn't make any sense to us." said Debra Carlton, an executive of California Apartment Association. "Why add these costs onto the state," she asked, "when we're

But Democratic state Sen. Maria Elana Durazo said that that's not enough. She also wants the public to know who actually owns the company. Her bill would require these companies to list anyone who owns at least 25% of the company's assets on its registration with the state. It would apply to all LLCs and similar corporations regardless of the size. Durazo said the lack of that crucial information has allowed people to set up business structures where one company is owned in the name of another, all to shield their identities from the public, government officials and even law enforcement agencies. In many cases, local and state officials must spend significant time and resources to track down the owners before they can charge or sue the business for violating state laws, if they can find them at all.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, ANGELICA MILLER of P. O. Box FH-14175, Cocoplum Lane, Seabreeze, New Providence, Bahamas, intend to change my child’s name from TARIQUE ADRIEN MILLER to TARIQUE ADRIEN BUTLER If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

already having financial challenges?"

The practice of operating business anonymously is prevalent in many California industries, proponents of the bill said. In Oakland, after city officials condemned a dilapidated building rented out to lowincome immigrant families, the city attorney's office spent more than a year investigating and combing through hundreds of city code enforcement records to find the owners of the building, said Suzie Dershowitz, who worked on the case at the time. The city eventually found and successfully sued the landlords, who owned more than 130 properties in the city through a network of LLCs and corporations. The investigation would have had taken half a day of work if Durazo's bill was law at the time, she added. "As a government agency, I had access to a lot of information," said Dershowitz, who now works for Public Advocates, an advocacy group sponsoring the bill. "But the lack of transparency in corporate ownership really hampered our investigation."

Some employers also rely on the practice to dodge labor violations and cheat workers out of their pay, labor attorney Ruth SilverTaube said. She pointed to a case in San Jose where a hotel worker was fired from his job for filing a wage theft claim with the state.

here almost 20 years I was looking at putting a small saving into the bank and I now have to go out and buy a generator.”

Disclosing that outages initially lasted for only half and hour, or an hour at most, she added that they have now become more frequent and are occurring now “a couple of times a week”. Besides Internet service, Ms Bastian, an ex-Out Island Promotion Board president, said the loss of electricity also results in a loss of system pressure that forces the water system to be cut off. This means her guests, who have spent most of their day out fishing, lack both air conditioning and water for a shower, which makes for an uncomfortable night, undermines the guest experience and can result in unfavourable reviews for both The Bahamas as a destination and individual properties.

“These guys are of a good nature,” Ms Bastian said

of her guests, “but they’re uncomfortable. You come in hot, and might not come back again. You want to come in from fishing and shower. Who wants to be sweaty because the light is down and the water is off.

It’s inconvenient. “I was fortunate. The owner of Orvis Fly Fishing, the biggest fly fishing organisation in the world, he and his wife, they left this morning on a jet” after having to endure their last night at Swain’s Cay Lodge without air conditioning.

“That breaks my heart.

You’re putting out the red carpet and showing your place,” Ms Bastian told Tribune Business, adding that a positive review and recommendation from Orvis can drive significant visitor traffic to fly and bonefish lodges. She voiced optimism, though, that the “great time” Orvis’ principals enjoyed prior to the outage would offset any fall-out as they “got a feel and flavour for the island”. “We’ve got to keep our utility game. We have to,”

Ms Bastian said. “Someone really has to put their foot on BPL. We’re paying our bills. This is 2024. Why do we have to suffer so? They have to do better on utilities. We need to do better, much better. I’ve devoted my life to tourism in Mangrove Cay.”

BPL, in a statement responding to Tribune Business inquiries, confirmed that power was “fully restored” to South Andros and Mangrove Cay at 4pm yesterday and apologised for the impact to residents and the area’s business community.

“Issues started about 24 hours earlier when two of the larger units, an 890 KW (kilowatt) and a 1.2 MW (mega watt) genset, developed problems. BPL’s local team worked on both units throughout the evening but could not return them to service,” the state-owned utility affirmed. “At 9pm, due to increasing load demands and reliance on a single unit, customers in Mangrove Cay and most in South Andros

experienced rotating outages in four-hour intervals. Due to the system’s configuration, customers north of Congo Town were without supply between 9pm Tuesday and 4pm on Wednesday. “BPL’s team was able to get one of the units online at about 4pm and the supply was fully restored to all customers. A necessary part was also flown in from New Providence on Wednesday afternoon, and the team completed repairs on the other troubled unit, making additional generation available to customers.”

Norman Trabulsy, a Mangove Cay resident, told Tribune Business: “They said they have to kind of alternate current between Mangrove Cay and South Andros until they get all generators repaired. They just want to get power up and that’s the best way.

“It’s been going downhill. We do deserve better and that’s all I’m asking for. The situation on the ground is I cannot be quiet. After you hit rock bottom where else

do you go?” Mr Trabulsy said history showed speaking about was better than continuing to suffer in silence and only let problems get worse. “I was minded to leave the place better than I found it. Period,” he added. “I’m no stranger to hearing the words and not seeing any action. So be it. This

“They have to install these big storage

with injection pumps and

locks. It’s not big deal, it’s a few thousand dollars, but it’s a tax. You pay for these services that are highpriced. Why can’t we have expectations of reliable and consistent service because we’re paying for it.”

Wall Street dips to send S&P 500 to its longest losing streak since January

By STAN CHOE AP Business Writer

SINKING

technology

stocks sent Wall Street lower again on Wednesday, and the S&P 500 fell to its fourth straight loss.

The index dipped 29.20 points, or 0.6%, to 5,022.21 for its longest losing streak since early January. It's down 4.4% since setting a record late last month.

The Dow Jones Industrial Average slipped 45.66 points, or 0.1%, to 37,753.31, and the Nasdaq composite sank 181.88, or 1.1%, to 15,683.37.

Tech stocks slumped after ASML, a Dutch company that's a major supplier to the semiconductor industry, reported weaker orders for the start of 2024 than analysts expected. Its stock trading in the United States slumped 7.1%.

Nvidia dropped 3.9%, and Broadcom sank 3.5% to serve as the two heaviest weights on the S&P 500.

The weakness for tech overshadowed strongerthan-expected profit reports from some big companies, including United Airlines. It soared 17.4% after reporting stronger results for the start of the year than analysts expected, lifted by strong demand from business fliers. The losses also came despite easing pressure from the bond market, which has been dictating much of Wall Street's action lately. Sharp tumbles for oil prices lessened investors' worries about inflation, which in turn helped Treasury yields ease. The 10-year Treasury yield sank to 4.58% from 4.67% late Tuesday. The two-year yield, which moves more closely with expectations for the Fed, fell to 4.92% from 4.99%.

They gave back some of their big recent gains driven by traders giving up on hopes for imminent cuts to interest rates by the Federal Reserve.

Yields on Tuesday had returned to where they were in November after top officials at the Federal Reserve suggested the central bank may hold its main interest steady for a while. It wants to get more confidence that inflation is sustainably heading toward its target of 2%. Its main interest rate has

been sitting at its highest level since 2001. High interest rates hurt prices for investments and increase the risk of a recession, but Fed officials are concerned after a string of reports this year has shown inflation remaining hotter than forecast.

Traders are now mostly expecting just one or two cuts to interest rates from the Federal Reserve this year, according to data from CME Group. That's down from forecasts for six or more at the start of the year. With little near-term help expected from an easing of interest rates, companies will need to deliver fatter profits to justify their big runs in stock price since autumn.

"I think markets are waiting on corporate news to decide where they'll head next," said JJ Kinahan, CEO of IG North America. Travelers slumped 7.4% after the insurer's quarterly results fell short of forecasts. It had to contend with more losses from catastrophes.

J.B. Hunt Transport Services fell 8.1% after reporting weaker revenue and results than expected. It was hurt in part by competition in the eastern part of the country and by higher wages for workers and other costs.

On the winning side of Wall Street was Omnicom Group. It rose 1.6% after reporting stronger profit for the latest quarter than analysts expected. The marketing and communications company highlighted growth trends in most markets around the world, outside the Middle East and Africa.

The stock of Donald Trump's social media company also continued to swing sharply, this time jumping 15.6%. That followed two straight losses of more than 14%. Experts say the stock is caught up in frenzied trading driven more by public sentiment around the former president than by the business prospects of the company.

In stock markets abroad, London's FTSE 100 added 0.4% after a report showed U.K. inflation fell to its lowest level in two and a half years in March. That could further pave the way for a cut in interest rates there.

Photo:Peter Morgan/AP