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MONDAY, APRIL 25, 2022
Gov’ts $40m property tax arrears in ‘22 goal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE GOVERNMENT is on track to collect $40m in real property tax arrears in 2022, a top official has revealed, while pledging that there have been “lessons learned” from the recent New Providencewide revaluation. Simon Wilson, the Ministry of Finance’s financial secretary, told Tribune Business that some $10m in delinquent, or past due, property taxes had been collected during the 2022 calendar year’s first as he revealed that revenue authorities were “working through some anomalies discovered” with the algorithm used to value all the island’s commercial and residential properties. Suggesting that the Government could quadruple
• Collects $10m from delinquents in Q1 • Pledges ‘lessons learned’ on revaluation • ‘Flexible’ zoning tweaks for commercial SIMON WILSON the first quarter arrears recovery for the full year if that trend holds, he explained that the discrepancies were largely connected to how the algorithm, or mathematical formula, had treated commercial properties. Mr Wilson said the formula had been set in the belief that tight zoning restrictions, and curbs on how properties could be used, were in play when
the reality is that The Bahamas is “a little more flexible” when it comes to enforcement. And landlords, or property owners, were being penalised via higher tax bills by the actions of their tenants, who may as an example have turned a staid warehouse into a nightclub and be conducting activities that raise property values. “We think it’s gone quite well,” the financial
secretary said of the recent New Providence revaluation, which has been combined with enhanced administration and enforcement. “Over the first three months we’ve collected $10m in property tax arrears. That’s pretty significant when you look at the full year. We’d be close to $40m in property
SEE PAGE 12
Sarkis: CCA made ‘secret payments’ to Gov’t officials By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SARKIS Izmirlian is alleging that Baha Mar’s contractor make secret payments to unnamed “government officials, their family and associates” as part of a scheme to force him out from the multi-billion dollar development. The mega resort’s original developer said the allegation, made in an April 22, 2022, legal filing came as a result of new evidence uncovered during the legal “discovery” process as both he and China Construction
SARKIS IZMIRLIAN America (CCA) exchange documents in preparation for full trial before the New York State Supreme Court.
SEE PAGE 6
Data breach hits Sebas’ ‘Amazon’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SEBAS Bastian’s regional e-commerce platform yesterday revealed it has been hit by a data breach that “compromised” the credit card information of Bahamians and other nationalities across the Caribbean and Latin America. Aeropost, in a message released to customers early yesterday morning, gave no indication of what caused the breach and whether it had been hacked, or how many cardholders had been impacted. It advised all to check their
SEBAS BASTIAN financial statements for “fraudulent transactions” and to request replacement cards from their bank and financial provider. Thus a hack appears likely.
SEE PAGE 10
Tourism chief urges ‘all hands on deck’ to combat crime By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR hotelier is calling for an “all hands on deck” approach to combating crime given that it poses “a major risk” to The Bahamas’ continued post-COVID tourism and economic recovery if not controlled. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business that the warning released by the US embassy last week must serve as “a wake-up call” for this nation to finally address the crime and security crisis that has plagued it for decades. Arguing that “any incident is one too many”, he added that he was equally concerned about crime’s impact on residential communities and Bahamian citizens as well as tourism. Based on meetings with the Government, and recent initiatives taken by the Royal Bahamas
ROBERT SANDS Police Force (RBPF) and wider authorities, Mr Sands said he and the BHTA were “satisfied it’s being given the priority it deserves”. However, calling for an “aggressive” effort by all elements of Bahamian society, he added that in recent weeks crime “has now shown its ugly head again” and warned: “It’s a matter we have to get under control.” Speaking after the US embassy, in its alert, revealed that four armed robberies of tourists have
SEE PAGE 9
PAGE 2, Monday, April 25, 2022
THE TRIBUNE
AERIAL VIEW OF ATLANTIS
BILLIONAIRE SUES ON $100K ATLANTIS COVID ‘WINDFALL’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BILLIONAIRE US property developer is suing Atlantis, its owner and American Express over “an improper windfall” totalling $100,000 after he was forced to leave his yacht in the resort’s marina due to the COVID-19 lockdown. Russian-born Igor Olenicoff, and his Olen Properties company, initiated legal action against the Paradise Island mega resort and its Brookfield Hospitality Properties owner earlier this month over what they alleged are “unauthorised” credit card charges. They claim that this sum relates to “room charges” that were never incurred because no one was staying at Atlantis, and the MY Rusalka had been forced into an “involuntary” stay with no marina services provided, when The Bahamas locked down in March 2020 due to the COVID-19 pandemic. “This is a civil action primarily seeking from defendants American Express, Island Hotel Company [the Atlantis operator] and Brookfield restitution and disgorgement of profits gained as a result of charging Olen for services neither authorised or nor rendered,” the lawsuit, filed in the central California federal court, is alleging. “Plaintiffs are the owners of a corporate yacht, MY Rusalka. On or about March 14, 2020, Olen chief executive, Igor Olenicoff arrived at the Atlantis resort and marina with a reservation to dock the corporate yacht, MY Rusalka, and enjoy the resort for a period of three months. Unfortunately, almost immediately upon arrival, plaintiffs learned of the onset of the COVID-19 pandemic and were told to immediately evacuate from The Bahamas. “The entire Atlantis resort and marina were shut down and guests were taken to the airport to leave out of Nassau, as the Port authorities were also shut down. There was no other option than to leave MY Rusalka tied at the Atlantis marina without any services offered by defendants until a time the marina and Nassau Port control [the Port Department] reopened, travel from the US was allowed and the crew permitted to return.” Mr Olenicoff and his company alleged that the emergency shutdown meant no one was able to discuss mooring charges and other marina-related fees with them, and no talks took place. “Moreover, no one was available for plaintiffs to discuss the emergency protocol, and as a result plaintiffs did not authorise the Atlantis marina to charge the American Express, and neither plaintiffs nor any authorised representative signed any mooring contract with the Atlantis marina or authorise anyone to sign a mooring or other contract with the Atlantis marina,” they alleged.
However, such a document is in Atlantis’ possession and bears the signature of William Steely. However, Mr Olenicoff and Olen Properties are alleging that he was a deckhand with no authority to enter them into a binding contractual agreement with the Paradise Island mega resort. “Neither the decision to abandon the vessel at the Atlantis marina nor the length of time it remained there were in plaintiffs’ control, as the vessel was restricted by the Port authority (department),” they claimed. “Additionally, due to the emergency situation, no terms were negotiated. The vessel was legally not authorised to leave the marina and, as such, one crew member remained aboard to secure and care for MY Rusalka during plaintiffs’ absence. On or about July 17, 2020, plaintiffs were permitted to return to The Bahamas and remove the vessel from the Atlantis marina. “Despite the unprecedented circumstances of the sudden evacuation and COVID-19 pandemic situation, defendants charged plaintiffs’ Express card with the regular daily ‘room charge’ during the entire time its vessel was involuntarily abandoned at the Atlantis marina due to port restrictions. The full rate was charged daily despite the fact that neither plaintiffs nor any related parties received any of the value of those charges in return,” Mr Olenicoff and Olen complained. “The ‘room charge’ assessed by defendants was clearly a misnomer, as there was no one occupying the hotel at any time, and neither the Atlantis marina nor the resort were staffed and open to provide any services. As such, plaintiffs did not receive any of the usual benefits or services from Atlantis marina that would normally be included in exchange for the charges. The substantial, non-authorised charges totaling approximately $100,000 to plaintiffs’ American Express are unwarranted and amount to an improper windfall to the Atlantis defendants. Mr Olenicoff and his company alleged that their efforts to resolve the dispute without resorting to litigation had proven fruitless because Atlantis and American Express had insisted on payment. Atlantis has not responded to requests for comment, but the form signed by Mr Steely stipulates that The Bahamas - and not the central California district court - is to be the jurisdiction and venue for hearing legal disputes. Mr Olenicoff has prior unhappy memories of The Bahamas. He had to pay $52m in back taxes after pleading guilty in 2007 to tax evasion, having kept secret bank accounts in The Bahamas and elsewhere that had never been disclosed to the US Internal Revenue Service (IRS).
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Monday, April 25, 2022, PAGE 3
BAHAMAS BOND PRICES ‘DON’T REFLECT INVESTOR CONFIDENCE’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE MINISTRY of Finance’s top official is asserting that this nation’s bond prices “don’t reflect the confidence investors have in The Bahamas” and “a benchmark issue” may be needed to help address this. Simon Wilson, the Ministry of Finance’s top official, told Tribune Business that, rather than issue new sovereign debt, the Government could seek to consolidate existing bond issues via a collective $1bn-plus refinancing that would help establish “a benchmark yield” for all Bahamas issues traded on the international capital markets. Speaking as the discounts and yields sought by investors in selling/acquiring pieces of The Bahamas’ last two sovereign bond issues continue to lag, and show no immediate signs of recovery, he added that this nation also needs to expand the investor pool trading its debt. All recommendations and policy suggestions would go through the newly-established Debt Advisory Committee, chaired by former minister of state for finance, James Smith. Data from the Frankfurt stock exchange shows that the $600m bond, placed by the Minnis administration at the height of the COVID-19 pandemic in 2020 at an 8.95 percent interest rate is presently trading at a 22 percent discount to its face value. A month earlier, on March 16,
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it was trading at just a 14.5 percent discount. And the yield on the same issue, whose principal is due to mature for repayment in 2032, has also increased from 11.648 percent just over a month ago top 13.23 percent. Meanwhile, the $650m bond placed in 2018 at 6.95 percent, and which represented the last major foreign currency issue before the COVID-19 pandemic, is trading at a near 22.5 percent discount and yield of 11.78 percent. This compares to a 16 percent discount, and 10.22 percent yield, just over one month ago on March 15 for an issue whose principal is set to mature in 2029. While some observers might argue this shows confidence in The Bahamas’ economic and fiscal turnaround continues to fall, Mr Wilson told Tribune Business: “I wouldn’t be so concerned. “Our bonds are held closely by a small group of investors. One of the challenges we have is that we are not on an index, such as the JP Morgan Index. If our bonds were indexed, placed on an index, the potential amount of persons willing to purchase our bonds will increase. “That will have some downward pressure on pricing. What we have to do is find ways to find new investors. For us it means it’s an education process, talking to investors, talking to banks and having strategy.” Besides increasing the number of investors in The Bahamas’ foreign currency debt, Mr Wilson added: “One of the things we need to do is have a benchmark yield. Our offerings are
relatively small; $100m, $500m, $600m. Investors like bigger offerings. “We need to think about having a benchmark issue, $1bn or so. That does not mean new debt. It’s sweeping up smaller debt investors are holding and taking them up. We have to think about that. It enhances liquidity. Our bond pricing doesn’t reflect the confidence investors have in The Bahamas and certainty. That’s something for the Debt Advisory Committee to look at. They’ll be looking at this strategy, and coming back to government with their recommendations.” It was previously suggested that the collapse in the value of The Bahamas’ sovereign bonds - which occurred simultaneously across both issues just prior to the start of October, and from which they have yet to recover - seemed to coincide with the Prime Minister’s September 27 comments that the Government would “seek to renegotiate” and restructure existing debt issues if necessary. Since then, the Government has struck the “repo” deal with Goldman Sachs which effectively saw it receive $206.5m in foreign currency bridge financing at a relatively low rate in return for pledging $235m worth of US treasuries held in “sinking funds” to finance the repayment of maturing bond issues - as collateral. However, it has held-off on placing any long-term foreign currency bond issues since taking office citing unfavourable global
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market conditions. The former Minnis administration was working on a $700m issue, some $200m of which would be guaranteed by the Inter-American Development Bank (IDB) via its ‘Blue Economy’ initiative, in a bid to secure a lower interest rate for the Government. Meanwhile, Mr Wilson reiterated that the Davis administration has “no concern” about its ability to refinance $1.9bn in Bahamian dollar-denominated
debt coming due this year. “What we’ve seen in recent offerings is that the last four have been oversubscribed,” he told this newspaper. “We’re going to continue our education campaign, talking to investors, talking to banks. “Interest is growing, and we’re tweaking our strategy, but I think we’re OK. With the domestic side, there’s no reason to be concerned. There are no issues whatsoever. I think we’re comfortable there.
All of our borrowings have been inside the yield curve, which has been good for us. It’s been well-received by the market. There’s a lot of work to be done, though. We can’t celebrate yet.” In February 2022, a near-$48m domestic bond issue saw only around $12m or 25 percent placed, although a subsequent $40m offering was fully subscribed.
PAGE 4, Monday, April 25, 2022
TAMAREN DELANCY
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GEORGETTE GRAY
BRITTANY WILSON
BAMSI ATTRACTS 200 TO FOOD SAFETY WORKSHOP THE BAHAMAS Agriculture & Marine Science Institute (BAMSI) recently hosted a two-day workshop that attracted almost 200 attendees from across The Bahamas to learn about
food preservation and safety methods. Alaasis Braynen, BAMSI’s general manager, said its inaugural Food Preservation and Food Safety virtual workshop - initially
meant for staff only - was proposed to add value to production. The goal, he said, was to penetrate markets and improve food security for products such as sauces, paste and jams.
It was also to add value to fruits and vegetables that were below commercial grade, or redirect the excess produce the fresh market was unable to absorb.
With the expansion of the workshop to members of the Farmers Voice group, which BAMSI created in partnership with the Ministry of Agriculture, Marine Resources and Family Island Affairs, agriculturalists, backyard farmers, educators, agriculture students and food vendors were able to learn how to properly store and preserve produce for home use and entrepreneurial ventures. Dr Patricia Johnson, director of food safety and quality with the Bahamas Agricultural Health and Food Safety Authority (BAHFSA), discussed general food safety practices and hygiene practices. She was joined by her colleague, Kimberly Trowers, inspection co-ordinator, and BAMSI lecturer, Diane Brown, who walked participants through Preservation by dehydration. BAMSI president, Senator Dr Erecia Hepburn, was also available to answer questions.
The workshop’s second day took place at the Gladstone Road Agricultural Complex (GRAC), where BAMSI staff were able to take part in a tomato processing class lead by Keith Daley, senior food technologist with the Department of Agriculture (DOA), and Bernard Clarke, food technologist, Department of Agriculture. Other participants were able to access this session via zoom. Mr Daley, who explained the technical aspects of food preservation, showed the class five methods of preserving tomatoes, including paste, whole peeled tomatoes, crushed, diced and puréed. Based on the level of interest in the Food Preservation & Food Safety virtual workshop, BAMSI said it is looking at hosting a regular series of free seminars covering various aspects of the agriculture industry and farming.
BTC RESUMES REGATTA SPONSORSHIP CAMPAIGN THE BAHAMAS Telecommunications Company (BTC) yesterday said its sponsorship of the National Family Island Regatta series, the first of which began in Exuma yesterday, is continuing following a two-year COVID-induced break. “BTC has been one of our longest and most outstanding sponsors over the years,” said Danny Strachan, chairman and commodore of the National Family Island Regatta. “We are extremely delighted and grateful that BTC is partnering with us at this first event after the pandemic “BTC has always been involved in community affairs, and through their corporate contribution over the years, BTC has been able to help communities grow and develop. The Ministry of Health has relaxed a lot of the restrictions, so we are looking forward to many persons coming to the island, but we are also admonishing them to be responsible and to keep themselves safe.” Andre Foster, BTC’s chief executive, said the sponsorship will solidify the strong bond the carrier has with both Exuma residents and visitors. “BTC has always been a premier sponsor of culture and all things Bahamian. This is the first regatta out of the gate since 2019. Our team is fired up; we’re here for the entire experience,” he added.
“We’re not just on the island for an event; we’ve been here for years, and we’re embedded in the community. BTC is the number one service provider throughout the country, and this week we’re canvassing communities that have recently been upgraded with fibre services on the island. While we’re conducting upgrades, we’re also getting valuable feedback from our customers on how to further improve and enhance our service.” Mr Foster added: “This is my first Family Island regatta as chief executive of BTC, and I’m happy to be on the ground with the team delivering bestin-class service to Exuma.” For the regatta, BTC has forged partnerships with ZNS TV & Radio, Exuma Blaze Radio and 700 Wines and Spirits. Mr Foster will also present the BTC trophy at the regatta’s closing ceremony tomorrow. The following areas are presently open to Exuma residents and businesses interested in upgrading to fibre-to the-home: Bahama Sound 11, 14 & 18; George Town; Forest; Farmer’s Hill; Staniel Cay; and Black Point. Fibre-tothe-home will ultimately replace BTC’s copper network and allow users to experience a more robust service with faster Internet speeds and more reliable service.
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Monday, April 25, 2022, PAGE 5
Crypto Thieves By CHRIS ILLING Business Developer ActivTrades FTX and SALT will jointly present a new event, Crypto Bahamas, that will debut this week from April 26-29 at the Baha Mar resort in Nassau. The invitation-only event will feature collaboration and networking among leading investors and builders in the digital assets industry. The passage of the Digital Assets and Registered Exchanges (DARE) Act 2020 has put in place the legal framework for a vital, well-regulated and compliant industry in The Bahamas for those interested in entering the digital asset space. The Act’s introduction has already provided a positive stimulus for our Bahamian job market and high-end real estate sector. It seems there is a new influx of FinTech (financial technology) companies heading to our shores, and the new digital asset world might be exactly what The Bahamas needs to compensate for the decline of private banking institutions. But there are some concerns in recent news. Once again, a crypto exchange has been hit. The path the thieves took is very unusual. The operation took only 13 seconds. Thefts have long been part of the daily routine in the world of Bitcoin and its counterparts. Anonymous currencies that promise enormous price increases, and lead to gigantic nominal values, obviously arouse great desire. They attract many fortune hunters who hope to jump on the bandwagon in time and forget to secure their newly-won fortunes. The young fintechs that run the crypto accounts are often just as poorly secured. This creates a playground for talented hackers. Now the young crypto exchange Beanstalk, which has only been around for a few months, has become the
victim. The operators have publicly admitted the theft. One of the founders said to the Vice platform: “We are screwed.” The newly-formed crypto exchange operated with its own digital currency, a so-called stable coin called ‘Bean’. Its value should be kept stable at $1 by user deposits. However, as is usual with decentralised blockchains, these same users can decide on changes to the code, which in turn is the technical basis of the digital currency. You get as many shares as you own units of the digital currency. Anyone who holds about 1 percent of all ‘Beans’ also has 1 percent of the voting rights. This is exactly what the hackers took advantage of. In the first step, they borrowed almost $1bn in various digital currencies via a kind of ‘Flash loan’. A ‘flash loan’ allows users to borrow large amounts of cryptocurrency for very short periods of time (minutes or even seconds). Flash loans are meant to provide liquidity or take advantage of price arbitrage opportunities, but can also be used for more criminal purposes. With that money, they immediately acquired a two-thirds majority in Bean and, with it, 67 percent of the voting rights. After that, they decreed that
all deposits of $182m be transferred to themselves. According to the technology portal The Verge, what sounds like a complex operation took only 13 seconds. After repaying the lightning loan and fees, the hackers still had $80m left. The Beanstalk team has no choice but to appeal to the thieves. If they pay back 90 percent of the $80m, they could keep the other 10 percent as a kind of finder’s fee for uncovering the vulnerability. There are always cases like this in the crypto world. The most well-known case recently was a gigantic $650m theft. Players of the Axie Infinity game, which is popular in Asia, were particularly affected. The thieves targeted so-called bridge software. This is used to exchange crypto money in the game for other digital currencies. The hack stole 173,600 units of the digital currency Ethereum. The attackers managed to withdraw the digital currencies with hacked crypto keys. Such bridges, which exchange digital currencies for other digital currencies or, as in this case, are used for purchases, have recently become the target of hackers again and again. As an investor who is looking for alternative instruments to strengthen
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CRYPTO THIEVES his/her portfolio, you should use an established broker or exchange and pay attention to the fine print
regarding the security of your assets. Bahamian regulators had the great foresight to be front-runners with the
introduction of the DARE Act. But it is still a long road ahead to give the investors the security we are looking for.
PAGE 6, Monday, April 25, 2022
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WINNING LUCAYAN BIDDER DISCLOSED BY EARLY MAY A CABINET minister says an announcement on the Grand Lucayan’s preferred bidder will be made early next month as she touted a $5,000 grant funding initiative to boost entrepreneurs in the tourism and creative economies. Ginger Moxey, speaking at the Grand Bahama relaunch of Bahamas First’s full-owned agency subsidiary, NUA Insurance Agents and Brokers, said the selection of a buyer for the resort will be made before April ends with the process now in its final stages. The Government will then enter exclusive negotiations with the selected bidder in an
effort to close the Grand Lucayan’s sale. The minister for Grand Bahama added that her ministry is also preparing to roll out the Empower Grand Bahama micro grant initiative, featuring a $5,000 grant to encourage tourism product enhancement and support creative entrepreneurs in the socalled ‘orange economy’. The announcement came from Minister for Grand Bahama, Hon. Ginger Moxey on Thursday, April 21, during a reception for the re-launch of NUA Insurance Agents and Brokers Ltd. at Pelican Bay Resort. The event was also supported by the
Grand Bahama Chamber of Commerce. Mrs Moxey said the programme is among many her ministry will implement in the coming months in a bid to revitalise Grand Bahama. These projects, she added, will supplement already-existing programmes put in place by the Davis administration since it took office seven months ago. Turning to the Grand Bahama International Airport, and the Government’s search for a private sector partner to finance and manage the facility’s redevelopment and operation, Mrs Moxey said “the launch of phase one” - the
bidding process - had been unveiled by Chester Cooper, deputy prime minister, earlier this month. In the meantime, generators have been ordered for the existing airport facilities, along with an elevator for the control tower. Mrs Moxey told attendees from Grand Bahama’s business community that she has always believed public-private partnerships (PPPs) are key to the island’s development, but these have been underused in recent years. “For this reason my ministry has launched the Collab Partnerships for Development Unit to partner with businesses and
GINGER MOXEY, minister for Grand Bahama, was keynote speaker at a reception for the re-launch of NUA Insurance Agents and Brokers. Photo:Andrew Miller/BIS civic organisations - like yours - to unite and mobilise our resources, and execute projects that will transform our environment, improve Grand Bahama’s tourism product by creating new experiences for visitors, provide shelters for those who are vulnerable, provide opportunities for employment, education and training and overall relief for the people of Grand Bahama, especially those who are still reeling from the effects of past hurricanes and the pandemic,” she said.
“My ministry recently distributed emergency relief grants in the amount of $500 to the straw vendors in the Port Lucaya Marketplace and other tourism-associated vendors operating on Grand Bahama to assist with the restocking of inventory.” Mrs Moxey said the much-anticipated groundbreaking for the Carnival’s cruise port in East Lucaya will take place next month, affirming the company’s commitment to Grand Bahama.
SARKIS: CCA MADE ‘SECRET PAYMENTS’ TO GOV’T OFFICIALS FROM PAGE ONE Mr Izmirlian’s BML Properties vehicle made the “clandestine payments” assertion as part of a new “unjust enrichment” claim it is adding to its original $2.25bn fraud and breach of contract lawsuit against the Chinese state-owned contractor. Its legal filing adds that the additional “cause of action” is being added with the New York State Supreme Court’s permission. “Based on the allegations in the complaint, and in addition to facts revealed during the course of discovery, defendants [CCA and its parent] engineered a scheme to remove plaintiff from the Baha Mar project to further enrich themselves at plaintiff’s expense,” Mr Izmirlian and BML Properties alleged. “This includes, among other things, work stoppages, holding the project hostage, failures to disclose conflicts of interest, clandestine payments and discussions with governmental officials, their family and associates, and collaboration with other entities controlled by the Chinese state, all at plaintiff’s expense. Based on these actions, defendants were unjustly enriched in an amount well in excess of $100m.” Mr Izmirlian and his corporate vehicle are alleging that, as a result, CCA enjoyed “a substantial windfall” at their expense and “equity and good conscience” require the New York court order these “illegal proceeds” be given up and instead returned to them. The nature of the “clandestine payments”, and the identities of the “government officials, family and associates”, are not revealed in the brief legal filing. However, those referred to are almost certainly Bahamian, and the claims add a further twist to a now seven-year legal battle between Mr Izmirlian and his former Chinese partner that was sparked when the former placed the Baha Mar development in Chapter 11 bankruptcy protection in late April 2015. CCA executives joined senior Baha Mar and government officials late last week in celebrating the $4.2bn mega resort’s fifth anniversary since it opened in April 2017 under present owner, Chow Tai Fook Enterprises (CTFE), who acquired the project from its secured lender, China Export-Import Bank, and the latter’s Deloitte & Touche receivers. It is unclear whether the timing of Mr Izmirlian’s latest legal filing is coincidental, but it will likely take the shine off the fifth year anniversary celebration for some. And it also means that the last Christie administration’s controversial handling of the Baha Mar dispute, in particular siding so openly with CCA and opposing Mr Izmirlian
over the Chapter 11 filing, refuses to go away. It now remains to be seen whether any specifics emerge around the corruption allegations. Ex-prime minister, Perry Christie, indicated at the time he felt Mr Izmirlian had betrayed him by planning to put Baha Mar into Chapter 11 while he, at the same time, was seeking to mediate a resolution to the developer’s dispute with CCA over its failure to complete the mega resort on time and on budget. The then-administration appeared to side with CCA in the belief that it was better positioned to complete Baha Mar, and get it open, by May 2017 having realised that the project’s economic impact and employment of thousands of Bahamians was critical to its chances in that year’s general election. Tribune Business understands that key players in the Baha Mar drama have had to provide, or are in the process of giving, sworn depositions and testimony as part of the legal process. Those thought to be providing depositions include Mr Izmirlian, former Baha Mar president, Tom Dunlap, and Tiger Wu, CCA’s executive vice-president. Court documents show that depositions and “thirdparty discovery” must be completed by May 13 this year, with all questions or “interrogatories” served on either party by that same date and responded to by June 17, 2022. So-called “expert disclosures” must be completed by July 18, 2022, and all legal discovery is to end by August 5, 2022, as ordered by the New York State Supreme Court. Mr Izmirlian has previously defeated attempts by CCA to either stall his lawsuit or force it into arbitration. CCA, which owns downtown Nassau’s British Colonial Hilton and the adjacent Pointe project, has been anxious to put the dispute behind it and have it removed from public coverage. The Chinese contractor, though, has countered with its own “shareholder oppression” claim which alleges that Mr Izmirlian’s decision to seek Chapter 11 bankruptcy protection for the $4.2bn project was a key factor that cost them their $150m preference share investment in the mega resort development. As a result, the Chinese state-owned construction company claimed it should be “compensated for the loss of benefits” associated with its investment in accordance with The Bahamas’ Companies Act. Mr Izmirlian and his BML Properties vehicle held 100 percent of Baha Mar’s equity, and controlled four of five Baha Mar Board seats compared to CCA’s one, leading the Chinese contractor and its affiliates to allege that the resort’s original developer exploited this to his advantage and its detriment.
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DESANTIS TESTS LIMITS OF HIS COMBATIVE STYLE IN DISNEY FEUD By STEVE PEOPLES AND BRENDAN FARRINGTON Associated Press TALLAHASSEE, Fla. (AP) — Florida Gov. Ron DeSantis ‘ deepening feud with Walt Disney World is testing the limits of his combative leadership style while sending an unmistakable message to his rivals that virtually nothing is off limits as he plots his political future. The 43-yearold Republican has repeatedly demonstrated an acute willingness to fight over the course of his decadelong political career. He has turned against former aides and rejected the GOP Legislature’s rewrite of congressional maps, forcing lawmakers to accept a version more to his liking and prompting voting rights groups to sue. He’s also leaned into simmering tensions with Donald Trump, which is notable for someone seeking to lead a party where loyalty to the former president is a requirement. But DeSantis’ decision to punish Disney World, one of the world’s most popular
tourist destinations and one of Florida’s biggest private employers, took his fighter mentality to a new level. In retribution for Disney’s criticism of a new state law condemned by critics as “Don’t Say Gay,” DeSantis signed legislation on Friday stripping the theme park of a decades-old special agreement that allowed it to govern itself. To critics, including some in his own party, such a raw exercise of power suggests DeSantis is operating with a sense of invincibility that could come back to haunt him. Others see an ambitious politician emboldened by strong support in his state and a mountain of campaign cash grabbing an opportunity to further stoke the nation’s culture wars, turning himself into a hero among Republican voters in the process. “When you listen to Ron DeSantis, it’s righteous indignation: ‘Here’s why you’re wrong and here’s why I’m right,’’” said Florida Rep. Blaise Ingoglia, a former state GOP chairman. “And it is that righteous
Monday, April 25, 2022, PAGE 7 indignation and that willingness to fight back that endears people to Ron DeSantis’ message. As long as he keeps on showing that he’s willing to fight, people are going to continue to keep flocking to him.” DeSantis is up for reelection in November. But in the wake of his scrap with Disney, he will introduce himself to a key group of presidential primary voters this week when he campaigns for Nevada Senate candidate Adam Laxalt. The appearance marks his first of the year in a state featured prominently on the presidential calendar, although DeSantis aides insist it is simply a trip to help out a longtime friend. Disney drew DeSantis’ wrath for opposing a new state law that bars instruction on sexual orientation and gender identity in kindergarten through third grade. The DeSantis-backed bill has been condemned by LGBTQ activists nationwide as homophobic, although the measure, like others dealing with transgender athletes and racial history in schools, has emerged as a core piece of the GOP’s political strategy. The Disney legislation, which does not take effect until June 2023, could cause massive economic fallout for the company, the surrounding communities and the millions who visit the Orlando amusement park every year. There are risks to DeSantis’ embrace of the legislation, particularly if his antagonism towards Disney threatens the GOP’s standing with independents and women, who could
play crucial roles in the fall campaign. Jenna Ellis, a former Trump administration attorney, called the DeSantis-backed legislation “vengeful.” Democrats who are facing a tough election year are
eager to highlight DeSantis’ moves as a way to portray the GOP as a party of extremists. In an interview, Democratic National Committee Chairman Jaime Harrison described
DeSantis’ attack on Disney as a continuation of a “divisive agenda” geared toward booking interviews on conservative media at the expense of his constituents.
PAGE 8, Monday, April 25, 2022
THE TRIBUNE
SANCTIONS HIT RUSSIAN ECONOMY, ALTHOUGH PUTIN SAYS OTHERWISE By KEN SWEET AND FATIMA HUSSEIN Associated Press NEW YORK (AP) — Nearly two months into the Russian-Ukraine war, the Kremlin has taken extraordinary steps to blunt an economic counteroffensive from the West. While Russia can claim some symbolic victories, the full impact of Western sanctions
is starting to be felt in very real ways. As the West moved to cut off Russia’s access to its foreign reserves, limit imports of key technologies and take other restrictive actions, the Kremlin launched some drastic measures to protect the economy. Those included hiking interest rates to as high as 20%, instituting capital controls
and forcing Russian business to convert their profits into rubles. As a result, the value of the ruble has recovered after an initial plunge, and last week the central bank reversed part of its interest rate increase. Russian President Vladimir Putin felt emboldened and proclaimed — evoking World War II imagery — that the
country had withstood the West’s “blitz” of sanctions. “The government wants to paint a picture that things are not as bad as they actually are,” said Michael Alexeev, an economics professor at Indiana University who has studied Russia’s economy in its transition after the collapse of the Soviet Union. A closer look, however, shows that the sanctions are taking a bite out of Russia’s economy: — The country is enduring its worst bout of inflation in two decades. Rosstat, the state’s economic statistics agency, said inflation last month hit 17.3%, the highest level since 2002. By comparison,
the International Monetary Fund expects consumer prices in developing countries to rise 8.7% this year, up from 5.9% last year. — Some Russian companies have been forced to shut down. Several reports say a tank manufacturer had to stop production due to a lack of parts. U.S. officials point to the closing of Lada auto plants — a brand made by the Russian company Avtovaz and majority-owned by French automaker Renault — as a sign of sanctions having an effect. — Moscow’s mayor says the city is looking at 200,000 job losses from foreign companies shutting down operations. More than 300
companies have pulled out, and international supply chains have largely shut down after container company Maersk, UPS, DHL and other transportation firms exited Russia. — Russia is facing a historic default on its bonds, which will likely freeze the country out of the debt markets for years. Meanwhile, Treasury officials and most economists urge patience, saying that sanctions take months to have their full effect. If Russia can’t get appropriate amounts of capital, parts or supplies over time, that will cause even more factories and businesses to shut down, leading to higher unemployment.
THE TRIBUNE
Monday, April 25, 2022, PAGE 9
TOURISM CHIEF URGES ‘ALL HANDS ON DECK’ TO COMBAT CRIME FROM PAGE ONE been reported to it within the past month, Mr Sands said: “I think the reality is that the BHTA is very much concerned about the safety of its visitors to the destination, and I certainly support all the initiatives that the Government of The Bahamas or its related agencies and community groups are putting forward in terms of crime-fighting. “This [the US embassy warning] is a wake-up call. Certainly, this is a major risk factor to our tourism sector if this matter is not addressed quickly, and we are satisfied it is being given the priority it deserves and even additional focus at this point in time.” Acknowledging that crime’s costs to the economy and wider Bahamian society extend beyond the tourism industry, Mr Sands added: “There’s no question that we need no incidents. Whenever we speak about crime, while we are uniquely concerned about the tourism sector, we’re just as concerned about the entire Bahamas because the perception is everyone is affected by it. “If unaddressed, it can be a major risk to our continued positive upward trend and, based on conversations we’ve had with the authorities even before this matter started, initiatives are being put in place and also a visible presence of Royal Bahamas Police Force officers not only in tourism communities but residential communities. “There are always opportunities to do better, but certainly the conversations have been had, the initiatives have been taken and we’ll continue to monitor them and give our input as time goes on.” The US embassy, in its alert issued last Wednesday, made the warning specific to New Providence. It called for Americans, who presently make up around 90 percent of The Bahamas’ tourist base, to “exercise vigilance” in the capital due to the recent crime spike. Besides the recent surge in murders, which police and others have linked to a gang ‘turf war’ in inner-city Nassau, the US embassy said: “Over the past month, tourists have reported to the embassy four armed robberies. These armed robberies occurred both in areas frequented by tourists, as well as on-site or in the vicinity of short-term vacation
rental properties without private security.” That aspect is especially alarming for the Bahamian hotel and tourism industry, particularly given that the term “on-site” indicates at least one of those incidents may have occurred on a resort campus. And, given the vacation rental market’s increasing importance to The Bahamas, any robberies affecting this segment could also be really damaging. None of the armed robberies referred to by the US embassy appear to have been disclosed in police crime reports. While the US embassy alert will have had little immediate impact on visitor desire to travel to The Bahamas, the time lag between its issuance and when travellers pick it up means that any effect it has in deterring travel to this nation will take time to measure. “Any incident is one too many,” Mr Sands reiterated, “not only for the tourism sector - and I continue to stress this - but residential communities. One is too many, and it’s a matter we have to get under control. It’s all hands on deck to deal with this particular situation, and it has its genesis in many causes that are deeprooted. We have to address them all. “The police by themselves are not the only agency involved in this fight, but we as a community and business houses have to be involved as well doing our part. It’s a most unfortunate issue to deal with, but we have to deal with it. It has now shown its ugly head again, and we just have to be aggressive in doing our part in combating it. This is one of the risk factors to retard growth and dampen the success we’re having in tourism at this point in time if it goes unattended.” One Family Island resort owner/operator yesterday said the New Providencespecific nature of the US embassy’s alert meant it was unlikely to impact tourism outside the capital, although he added that it was “not a
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good look for the country as a whole”. Benjamin Simmons, proprietor of The Other Side and Ocean View properties in Harbour Island and north Eleuthera, said: “I don’t foresee it having any impact because the clientele we’re attracting are usually repeat and know what they’re getting. While we have the occasional break-in now and again, it’s not that bad. I don’t see it having any impact on us, but it’s not a good look for the country for sure; it’s not a good look at all.” While some may view The Bahamas as one, rather than a collection of islands, and fear the US advisory applies to all, Mr Simmons said any such inquiries will be “educated” on the country’s archipelago nature as happened during COVID19 and with Hurricane Dorian. They will be reassured that what occurs on one island does not impact all.
MARKET REPORT www.bisxbahamas.com
FRIDAY, 22 APRIL 2022
BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 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 6.96 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%
2276.58
-0.30
-0.01
48.34
2.17
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 2.25 6.05 9.25 3.25 7.60 2.66 7.16 14.00 2.23 10.13 12.52 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 2.25 6.05 9.25 3.25 7.60 2.66 7.16 14.00 2.23 10.13 12.30 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 0.00 0.00 (0.22) 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 -7.4 54.3 14.5 15.9 19.4 21.9 21.7 19.0 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% 19.46% 0.59% 2.67% 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
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
PAGE 10, Monday, April 25, 2022
THE TRIBUNE
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division
2022/CLE/QUI/00002
IN THE MATTER OF ALL THOSE pieces parcels or tracts of land containing by admeasurements:Ninety and Two Hundred and Thirteen Thousandths (90.213) Acres situate in the Eastern District of the Island of Rum Cay one of the Islands of the Commonwealth of the Bahamas being property granted to Moses N. Deveaux as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 72 RC bounded on the North by land now or formerly owned by David Strachan on the East by land now or formerly owned by John Storr Grant on the South by Port Nelson Lake and on the West by reserved land around the Salt Pond. Seven Hundred and Forty-Five and Two Hundred and Two Thousandths (745.202) Acres situate in the North-Western District of the Island of Rum Cay aforesaid being property initially granted to Thomas Fraser as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 71 RC bounded on the North by the Sea on the East by lands now or formerly owned by Catherine Rucker, Andrew Deveaux and Charles Stewart on the South by vacant Crown land and land now or formerly owned by Samuel Nesbitt on the West by a tract now or formerly owned by Thomas Fraser. One Hundred and Fifty-Seven and Six Hundred and Twenty-Two Thousandths (157.622) Acres situate in the Southern District of the Island of Rum Cay aforesaid being property initially granted to Nathaniel Young as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 71 RC bounded on the North by vacant Crown land on the East by land now or formerly owned by William Smith on the South by the Sea and on the West by land now or formerly owned by John Hendrick. One Hundred and Eighty-Four and Five Hundred and Seventeen Thousandths (184.517) Acres situate in the Southern District of the Island of Rum Cay aforesaid being property initially granted to William Smith as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 71 RC bounded on the North by land now or formerly owned by Samuel Nesbitt on the East by land now or formerly owned by Joshua N. Strachan on the South by the Sea and on the West by land now or formerly owned by Nathaniel Young. Ninety Four and Nine Hundred and Twenty-One Thousandths (94.921) Acres situate in the Central District of the Island of Rum Cay aforesaid being property initially granted to Joseph Dorsett and Benjamin Tynes as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 71 RC bounded on the North by land now or formerly owned by Joseph Dorsett and Benjamin Tynes on the East by land now or formerly owned by Sahara Carmichael on the South by land now or formerly owned by Joshua N. Strachan and on the West by land now or formerly owned by Samuel Nesbitt. Two Hundred and Three and Nineteen Hundredths (203.19) Acres situate in the Central District of the Island of Rum Cay aforesaid being property initially granted to Charles Stewart as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 70 RC bounded on the North by land now or formerly owned by Andrew Deveaux on the East by land now or formerly owned by Robert Butler on the South by lands now or formerly owned by Samuel Nesbitt and Joseph Dorsett and Benjamin Tynes and on the West by land now or formerly owned by Thomas Fraser. Two Hundred and Six and Seventy-One Hundredths (206.71) Acres situate in the Central District of the Island of Rum Cay aforesaid being property initially granted to Thomas Knowles as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 69 RC bounded on the North by lands now or formerly owned by J. Charlow and Benjamin Russell, on the East by land now or formerly owned by B. Russell and James Strachan on the South by lands now or formerly owned by Josiah Tattnall and J. J. Burnside and on the West by land now or formerly owned by Joseph L. Dorsett and Benjamin Tynes. One Thousand One Hundred and Eighty-Five and Forty-One Hundredths (1,185.41) Acres situate in the Northern District of the Island of Rum Cay aforesaid being property initially granted to Robert Rumer as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 69 RC bounded on the North by the Sea on the East by land now or formerly owned by J. Crosskill and Henry Glinton on the South by land now or formerly owned by B. Russell and on the West by lands now or formerly owned by Hector McAllister and Robert Rumer. Seven Hundred and Ninety and Seventy-Four Hundredths (790.74) Acres situate in the Central District of the Island of Rum Cay aforesaid being property initially granted to Robert Butler as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 70 RC bounded on the North by lands now or formerly owned by Benjamin Lord Sr., Benjamin Lord Jr., Andrew Deveaux, and William Slator Adderley on the East by lands now or formerly owned by R. Rumer and Jas. Charlow on the South by land now or formerly owned by Jos. L. Dorsett and Benjamin Tynes and on the West by land now or formerly owned by Charles Stewart. Sixteen (16) Acres situate in the Northern District of the Island of Rum Cay aforesaid being a portion of property initially granted to Catherine Rucker as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 71 RC bounded on the North by the Sea on the East by land now or formerly owned by Catherine Rucker on the South by land now or formerly owned by Catherine Rucker and on the West by land now or formerly owned by Thomas Fraser. Two Hundred and Seventy-Six and Seventeen Hundredths (276.17) Acres situate in the Central District of the Island of Rum Cay aforesaid being property initially granted to Benj. Russell as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 69 RC bounded on the North by land now or formerly owned by Robert Rumer on the East by lands now or formerly owned by Henry Glinton and Archibald Taylor, on the South by lands now or formerly owned by Thomas Knowles and James Strachan and on the West by lands now or formerly owned by Jos. Charlow and Thomas Knowles. AND IN THE MATTER of the Quieting Titles Act, 1959 AND IN THE MATTER of the Petition of Mondevco Limited.
NOTICE OF PETITION The Petition of Mondevco Limited, a company incorporated under the Laws of the Commonwealth of the Bahamas, is in respect of:ALL THOSE pieces parcels or tracts of land containing by admeasurements:Ninety and Two Hundred and Thirteen Thousandths (90.213) Acres situate in the Eastern District of the Island of Rum Cay one of the Islands of the Commonwealth of the Bahamas being property granted to Moses N. Deveaux as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 72 RC bounded on the North by land now or formerly owned by David Strachan on the East by land now or formerly owned by John Storr Grant on the South by Port Nelson Lake and on the West by reserved land around the Salt Pond. Seven Hundred and Forty-Five and Two Hundred and Two Thousandths (745.202) Acres situate in the North-Western District of the Island of Rum Cay aforesaid being property initially granted to Thomas Fraser as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 71 RC bounded on the North by the Sea on the East by lands now or formerly owned by Catherine Rucker, Andrew Deveaux and Charles Stewart on the South by vacant Crown land and land now or formerly owned by Samuel Nesbitt on the West by a tract now or formerly owned by Thomas Fraser. One Hundred and Fifty-Seven and Six Hundred and Twenty-Two Thousandths (157.622) Acres situate in the Southern District of the Island of Rum Cay aforesaid being property initially granted to Nathaniel Young as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 71 RC bounded on the North by vacant Crown land on the East by land now or formerly owned by William Smith on the South by the Sea and on the West by land now or formerly owned by John Hendrick. One Hundred and Eighty-Four and Five Hundred and Seventeen Thousandths (184.517) Acres situate in the Southern District of the Island of Rum Cay aforesaid being property initially granted to William Smith as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 71 RC bounded on the North by land now or formerly owned by Samuel Nesbitt on the East by land now or formerly owned by Joshua N. Strachan on the South by the Sea and on the West by land now or formerly owned by Nathaniel Young. Ninety Four and Nine Hundred and Twenty-One Thousandths (94.921) Acres situate in the Central District of the Island of Rum Cay aforesaid being property initially granted to Joseph Dorsett and Benjamin Tynes as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 71 RC bounded on the North by land now or formerly owned by Joseph Dorsett and Benjamin Tynes on the East by land now or formerly owned by Sahara Carmichael on the South by land now or formerly owned by Joshua N. Strachan and on the West by land now or formerly owned by Samuel Nesbitt. Two Hundred and Three and Nineteen Hundredths (203.19) Acres situate in the Central District of the Island of Rum Cay aforesaid being property initially granted to Charles Stewart as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 70 RC bounded on the North by land now or formerly owned by Andrew Deveaux on the East by land now or formerly owned by Robert Butler on the South by lands now or formerly owned by Samuel Nesbitt and Joseph Dorsett and Benjamin Tynes and on the West by land now or formerly owned by Thomas Fraser. Two Hundred and Six and Seventy-One Hundredths (206.71) Acres situate in the Central District of the Island of Rum Cay aforesaid being property initially granted to Thomas Knowles as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 69 RC bounded on the North by lands now or formerly owned by J. Charlow and Benjamin Russell, on the East by land now or formerly owned by B. Russell and James Strachan on the South by lands now or formerly owned by Josiah Tattnall and J. J. Burnside and on the West by land now or formerly owned by Joseph L. Dorsett and Benjamin Tynes. One Thousand One Hundred and Eighty-Five and Forty-One Hundredths (1,185.41) Acres situate in the Northern District of the Island of Rum Cay aforesaid being property initially granted to Robert Rumer as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 69 RC bounded on the North by the Sea on the East by land now or formerly owned by J. Crosskill and Henry Glinton on the South by land now or formerly owned by B. Russell and on the West by lands now or formerly owned by Hector McAllister and Robert Rumer. Seven Hundred and Ninety and Seventy-Four Hundredths (790.74) Acres situate in the Central District of the Island of Rum Cay aforesaid being property initially granted to Robert Butler as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 70 RC bounded on the North by lands now or formerly owned by Benjamin Lord Sr., Benjamin Lord Jr., Andrew Deveaux, and William Slator Adderley on the East by lands now or formerly owned by R. Rumer and Jas. Charlow on the South by land now or formerly owned by Jos. L. Dorsett and Benjamin Tynes and on the West by land now or formerly owned by Charles Stewart. Sixteen (16) Acres situate in the Northern District of the Island of Rum Cay aforesaid being a portion of property initially granted to Catherine Rucker as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 71 RC bounded on the North by the Sea on the East by land now or formerly owned by Catherine Rucker on the South by land now or formerly owned by Catherine Rucker and on the West by land now or formerly owned by Thomas Fraser. Two Hundred and Seventy-Six and Seventeen Hundredths (276.17) Acres situate in the Central District of the Island of Rum Cay aforesaid being property initially granted to Benj. Russell as shown on the plan recorded in the Department of Lands & Surveys as Plan Number 69 RC bounded on the North by land now or formerly owned by Robert Rumer on the East by lands now or formerly owned by Henry Glinton and Archibald Taylor, on the South by lands now or formerly owned by Thomas Knowles and James Strachan and on the West by lands now or formerly owned by Jos. Charlow and Thomas Knowles. which are the subject of the Petition filed herein. Mondevco Limited claims to be the equitable and beneficial owner in fee simple possession of the parcels of land hereinbefore described and such ownership as aforesaid arises by virtue of a possessory and documentary title to the said land. The Petitioner has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have its title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the filed Petition and Plans may be inspected during normal office hours at:The Registry of the Supreme Court, The Ansbacher Building, Bank Lane, Nassau, Bahamas. The Chambers of Meridian Law Chambers, Suite B6 East Bay Shopping Center, East Bay Street, Nassau, Bahamas. Notice is given that any person having dower or right of dower or an adverse claim or a claim not recognized in the petition must on or before the expiry of thirty (30) days following final publication of this Notice of Petition file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form, verified by an affidavit to be filed therewith. Failure by any person to file and serve a statement of such claim within thirty (30) days following final publication of this Notice of Petition will operate as a bar to such claim. MERIDIAN LAW CHAMBERS SUITE B6 EAST BAY SHOPPING CENTER EAST BAY STREET, NASSAU, THE BAHAMAS ATTORNEYS FOR MONDEVCO LIMITED
DATA BREACH HITS SEBAS’ ‘AMAZON’ FROM PAGE ONE
In an alert entitled Your credit card may have been compromised, Aeropost warned clients: “We regret to inform you that the credit card we have on file may have been compromised in a recent data breach. Although our systems safely store your card information encrypted, it may be possible that enforcers [hackers or fraudsters] attempt to run transactions. “To prevent further damage from being done, we recommend the following. Check your credit card statement for fraudulent transactions and report them to the credit card issuer [and] request a replacement card. As a preventative measure, we have reset your Aeropost account credentials and deleted your credit cards stored in our system. Aeropost will never ask you for personal information in e-mails related to this incident. We apologise for any inconvenience this incident may cause.” Bahamians yesterday, though, were already reporting having become the victim of fraudulent transactions as a result of the Aeropost data breach. “Has anyone else received an e-mail regarding a data breach and possible compromised card from Aeropost?” one wrote on Facebook yesterday. “Follow up: As I am on hold attempting to block my card, a fraudulent charge came through. I suggest everyone checks their card.:” Another wrote: “I received an e-mail from them early this morning about that as well.” Given the sensitivity of the situation, with personal financial data involved, Tribune Business is withholding the identities of those involved in the exchange although it knows who they are. Jayme Pinder, Aeropost Bahamas marketing manager, confirmed both the data breach and consumer warning were genuine. “We did have an issue with that. We sent out a warning to customers at 5am this morning,” she said. However, she declined to comment further. Both Ms Pinder and Gershan Major, Aeropost Bahamas’ senior executive, referred this newspaper to Jose Carlos Acuna, the company’s regional PR chief, who did not respond to Tribune Business and the detailed list of questions sent to him before press time. This newspaper had asked for details on the nature of the data breach, how long it had existed before it was uncovered. Details on how many customers’ personal financial data has been compromised were also requested, along with how many countries and markets were affected. Information was also sought on what Aeropost has done to remedy the breach, and how it plans to regain the trust and confidence of clients. It is understood that the data breach affects many more countries and nationalities than The Bahamas. It is thought Aeropost will likely release a statement on the matter today. Hacks/data breaches are the main achilles heel or weak point for companies involved in the digital economy, including e-commerce platforms such as Aeropost. The theft of personal financial data exposes customers to both identity theft and financial loss, with their bank accounts pillaged and credit histories compromised. For the companies it involved, it can completely undermine a business model
that relies on electronic security to build trust and confidence. Mr Bastian, the Island Luck co-founder, unveiled ambitions for Aeropost to become an “Amazonlike” presence among 60m consumers across the Caribbean, Latin American and Central American region when he confirmed his acquisition of the e-commerce platform in early December 2021. At the time, he said Aeropost will be a vehicle that allows small businesses to sell their products online through its portal while offering “the lowest bar” to market. Describing what differentiates it from its competitors, Mr Bastian said it will direct sell as well as acting as a middleman between other vendors and consumers. The Bahamas has become the latest addition to the 38 territories it already services. “We have our own catalogue where we have direct seller relationships,” he added. “We also have an integration with some of the major retailers; one is Amazon. And if you can’t find what you’re looking for on our catalogue and our search bar, you can copy and paste the link from any website. “So if you’re browsing on Google or Amazon, when you see a product you can just copy the product link, paste it in Aeropost’s search bar, hit the search button, and in seconds you will be presented with a fully landed price of that actual item. So, in that short space of time, it is actually calculating the shipping costs, the duty costs and the delivery costs into those regions.” Aeropost allows merchants to post their items on the platform’s catalogue, and arrange for their shipping and delivery to purchasers. Consumers will be able to pick up their goods from its main fulfilment centre, or any Esso service station. Mr Bastian raised nearly $19m from investors to finance the Aeropost acquisition via Click Partners LP, a British Virgin Islands (BVI) domiciled limited partnership described in promotional material as a “digital, e-commerce, logistics and operations expert”. A release announcing the Aeropost purchase identified a Canadian, Toronto-based entrepreneur called Adam Arviv as Mr Bastian’s partner in Click Bahamas. Research by this newspaper indicated that the two men come from similar backgrounds, with Mr Arviv named in Internet reports as one of the founders of Bragg Gaming, a gaming technology and content provider. He was said to have left that company last year. Meanwhile, Mr Bastian was said to have been advised on the Aeropost deal by Simon Legge, who was identified on the SEC filing as a “director of the general partner”. A person of the same name is identified as Bragg Gaming’s head of mergers and acquisitions on their LinkedIn page. Aeropost was billed as having payment methods that allow consumers to buy US-sourced merchandise, with the acquisition combining its logistics and shipping operations with Click Partners’ smart locker technology. It was also said to be handling $400m worth of cross-border commerce annually. Click Partners bought Aeropost from Nasdaq-listed PriceSmart.
NOTICE
NOTICE is hereby given that IKENNA DELVIN NWANKWO of #3 Setton Street, Chippingham, P.O. Box N3353, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PAGE 12, Monday, April 25, 2022
GOV’TS $40M PROPERTY TAX ARREARS IN ‘22 GOAL
FROM PAGE ONE tax arrears collected. We’ve got to keep the taxpayer education campaign going and there’s more work to be done.” Some may argue that, in the context of $600m in outstanding real property tax arrears identified by the Auditor General in 20172018, $40m is a relatively small amount to collect. Yet the figure, if attained, would compare well with the $37.5m collected during the real property tax amnesty initiated by the former Minnis administration, which saw some $62m in outstanding taxes writtenoff to entice delinquents to pay-up the former sum. And the Treasury needs every cent it can get. The Government is also pressuring the banks and other financial lenders to ensure their mortgage clients and up-to-date, and have no outstanding real property tax arrears. Institutions have responded by urging borrowers to become current, given that outstanding taxes would supplant
their security as a first lien over the subject property, and warning that the situation could impact their mortgage loans and whether they remain current. Mr Wilson, meanwhile, said the Ministry of Finance and Department of Inland Revenue (DIR) were making adjustments to the algorithm-led revaluation exercise that was spearheaded on their behalf by US-based Tyler Technologies. “I think it’s been a good exercise. Obviously we’re working through some anomalies discovered. It’s an algorithm and sometimes has to be tweaked in some cases,” he told Tribune Business. “There’s lessons learned going forward, things we have to adjust, especially with commercial properties. There’s some things we can to do make it fairer and more equitable with commercial properties. In many cases we’re finding the use of the property is not the landlord’s doing; it’s the tenant. “The algorithm is based on the use of the property,”
Mr Wilson continued. “You can build a shell, and someone valuing it using the algorithm, it might not be fair. Instead of using it as a warehouse the tenant is using it as a nightclub, so that causes the value to go up. There are some tweaks we can do, and we had some very good discussions with the realtors, David Morley, and so forth. They brought some things to our attention on the commercial side. “We are moving forward, lessons learned, so we are making adjustments based on those lessons. That was the primary one. The algorithm is based on the belief that there are very tight zoning restrictions and use of property and, in The Bahamas, that tends to be a little more flexible. That’s a lesson learned, and we have to make some adjustments for that.” Mr Wilson said real property taxpayers can still submit queries and challenges to future valuations of their property in upcoming years, although the March 31 deadline for this year has now passed. As
to the results of the New Providence revaluation, he reiterated: “We’re not celebrating anything; there’s a lot of work to be done.” The Government contracted Tyler Technologies to conduct an island-wide mapping exercise of New Providence that ensured all properties are captured on the real property tax roll. This, and the subsequent revaluations, are a first step in what the Government views as a wide-ranging exercise that will lead to all taxable property owners paying their fair share. The valuation process employed by Tyler and the Department of Inland Revenue was a “bulk” assessment that used algorithms to calculate the worth of properties in a particular neighborhood or subdivision based on their dimensions/ size and which category owner-occupied, residential, commercial, undeveloped land etc - they fell into. This has resulted in triple-digit increases for some taxpayers, with the Bahamas Chamber of Commerce and Employers Confederation
THE TRIBUNE (BCCEC) saying its members had reported increases of between 100 percent to 435 percent compared to 2021 billings. However, many of the objections will likely come from high-end residential and commercial property owners, given that real property tax and its rates are structured such that the burden is heavier for more expensive real estate. A significant portion of complaints will also stem from owners whose properties have not been valued for years, sometimes for decades, meaning that the Tyler Technologies revaluation will have resulted in a seemingly-huge tax hike even though it may have only brought the bill to the correct level. The Act calls for a revaluation to be conducted every five years, which has not been done. The Ministry of Finance, meanwhile, has served notice on all financial services regulators and their mortgage-lending licensees that it plans to finally use powers it has long-possessed under the Real Property Tax Act to require the latter to pay tax on behalf of their borrowers who are in arrears.
“The provisions of Section 19 deem the mortgagee to be the owner of the property and make remedies under the Real Property Tax Act available to the ministry and its agencies to recover monies owed to the Government of The Bahamas,” a Securities Commission notice said. The section states the mortgagee shall pay or cause to be paid the amount of tax or surcharge that is due and payable.... As part of the Government’s ongoing effort to enhance revenue and improve compliance across all taxes, we expect you will take measures and implement internal processes to ensure your client’s real property tax obligations are up-to-date. “Lastly, you can expect revenue collectors engaged by the Ministry of Finance shall exercise the full authority granted to them to recover real property tax amounts owing to the Government of The Bahamas pursuant to the legislation.” The enhanced enforcement and compliance efforts will apply to both current taxes and those in arrears.
THE TRIBUNE
Monday, April 25, 2022, PAGE 15
EU LAW TARGETS BIG TECH OVER HATE SPEECH, DISINFORMATION By KELVIN CHAN AND RAF CASERT Associated Press
BRUSSELS (AP) — Big tech companies like Google and Facebook parent Meta will have to police their platforms more strictly to better protect European users from hate speech, disinformation and other harmful online content under landmark EU legislation approved early Saturday. European Union officials clinched the agreement in principle on the Digital Services Act after lengthy final negotiations that began Friday. The law will
also force tech companies to make it easier for users to flag problems, ban online ads aimed at kids and empower regulators to punish noncompliance with billions in fines. The Digital Services Act, one half of an overhaul for the 27-nation bloc’s digital rulebook, helps cement Europe’s reputation as the global leader in efforts to rein in the power of social media companies and other digital platforms. “With the DSA, the time of big online platforms behaving like they are ‘too big to care’ is coming to an end,” said EU Internal
Market Commissioner Thierry Breton. EU Commission Vice President Margrethe Vestager added that “with today’s agreement we ensure that platforms are held accountable for the risks their services can pose to society and citizens.” The act is the EU’s third significant law targeting the tech industry, a notable contrast with the U.S., where lobbyists representing Silicon Valley’s interests have largely succeeded in keeping federal lawmakers at bay. While the Justice Department and Federal Trade Commission have filed major antitrust actions
against Google and Facebook, Congress remains politically divided on efforts to address competition, online privacy, disinformation and more. The EU’s new rules should make tech companies more accountable for content created by users and amplified by their platforms’ algorithms. The biggest online platforms and search engines, defined as having more than 45 million users, will face extra scrutiny. Breton said they will have plenty of stick to back up their laws, including “effective and dissuasive” fines of up to 6% of a company’s
annual global revenue, which for big tech companies would amount to billions of dollars. Repeat offenders could be banned from the EU, he said. The tentative agreement was reached between the EU parliament and the bloc’s member states. It still needs to be officially rubber-stamped by those institutions, which is expected after summer but should pose no political problem. The rules then won’t start applying until 15 months after that approval, or Jan. 1, 2024, whichever is later. “The DSA is nothing short of a paradigm shift in
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 87° F/31° C Low: 66° F/19° C
TAMPA
uV inDex toDay
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
A morning shower in spots; breezy
Breezy early; mainly clear
Breezy in the morning; partly sunny
Nice with sunshine and a few clouds
Mostly sunny
Some sun returning, a thunderstorm
High: 81°
Low: 72°
High: 82° Low: 71°
High: 81° Low: 70°
High: 81° Low: 69°
High: 80° Low: 72°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
86° F
72° F
86°-71° F
89°-71° F
91°-70° F
88°-71° F
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
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almanac
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High: 80° F/27° C Low: 73° F/23° C
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High: 84° F/29° C Low: 73° F/23° C
8-16 knots
FT. LAUDERDALE
FREEPORT
High: 83° F/28° C Low: 74° F/23° C
N E S
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WEST PALM BEACH
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| Go to AccuWeather.com
TONIGHT
High: 91° F/33° C Low: 71° F/22° C
High: 82° F/28° C Low: 70° F/21° C
MIAMI
High: 84° F/29° C Low: 73° F/23° C
8-16 knots
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 72° F/22° C Normal high ....................................... 82° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 71° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 8.28” Normal year to date ..................................... 5.97”
ELEUTHERA
NASSAU
High: 81° F/27° C Low: 72° F/22° C
Forecasts and graphics provided by AccuWeather, Inc. ©2022
High: 81° F/27° C Low: 73° F/23° C
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High: 82° F/28° C Low: 74° F/23° C
tiDes For nassau High
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Low
Ht.(ft.)
4:10 a.m. 4:47 p.m.
2.8 2.4
10:42 a.m. 0.1 10:58 p.m. 0.2
Tuesday
5:11 a.m. 5:45 p.m.
2.7 2.6
11:37 a.m. 0.0 11:59 p.m. 0.1
Wednesday 6:05 a.m. 6:36 p.m.
2.7 2.8
12:25 p.m. -0.1 ---------
Thursday
6:53 a.m. 7:22 p.m.
2.7 2.9
12:53 a.m. 0.0 1:08 p.m. -0.2
Friday
7:37 a.m. 8:03 p.m.
2.6 3.0
1:41 a.m. -0.1 1:48 p.m. -0.3
Saturday
8:18 a.m. 8:43 p.m.
2.5 3.0
2:25 a.m. -0.1 2:26 p.m. -0.3
Sunday
8:58 a.m. 9:21 p.m.
2.4 3.0
3:07 a.m. -0.1 3:02 p.m. -0.2
sun anD moon Sunrise Sunset
6:39 a.m. Moonrise 7:37 p.m. Moonset
3:40 a.m. 3:02 p.m.
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Apr. 30
May 8
May 16
May 22
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 81° F/27° C Low: 72° F/22° C
High: 81° F/27° C Low: 74° F/23° C
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High: 78° F/26° C Low: 72° F/22° C
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LONG ISLAND
tracking map
High: 82° F/28° C Low: 73° F/23° C
12-25 knots
MAYAGUANA High: 83° F/28° C Low: 77° F/25° C
Shown is today’s weather. Temperatures
H
Ht.(ft.)
Today
High: 81° F/27° C Low: 73° F/23° C
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Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
CAT ISLAND
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tech regulation. It’s the first major attempt to set rules and standards for algorithmic systems in digital media markets,” said Ben Scott, a former tech policy advisor to Hillary Clinton who’s now executive director of advocacy group Reset. The need to regulate Big Tech more effectively came into sharper focus after the 2016 U.S. presidential election, when Russia used social media platforms to try to influence voters. Tech companies like Facebook and Twitter promised to crack down on disinformation, but the problems have only worsened.
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 82° F/28° C Low: 75° F/24° C
High: 82° F/28° C Low: 74° F/23° C
GREAT INAGUA High: 84° F/29° C Low: 75° F/24° C
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marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:
WINDS E at 8-16 Knots E at 7-14 Knots E at 10-20 Knots E at 8-16 Knots ENE at 12-25 Knots E at 10-20 Knots E at 10-20 Knots ENE at 12-25 Knots E at 10-20 Knots E at 10-20 Knots E at 8-16 Knots ESE at 8-16 Knots E at 12-25 Knots E at 10-20 Knots E at 10-20 Knots ENE at 12-25 Knots E at 10-20 Knots E at 12-25 Knots E at 10-20 Knots ENE at 10-20 Knots E at 10-20 Knots E at 10-20 Knots E at 10-20 Knots E at 12-25 Knots NE at 12-25 Knots E at 10-20 Knots
WAVES 3-6 Feet 3-5 Feet 1-2 Feet 1-2 Feet 4-7 Feet 3-6 Feet 3-6 Feet 3-6 Feet 3-6 Feet 3-6 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 3-5 Feet 3-5 Feet 3-5 Feet 3-5 Feet 4-8 Feet 4-8 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-6 Feet 1-3 Feet 1-3 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 77° F 77° F 76° F 76° F 79° F 79° F 80° F 80° F 78° F 78° F 78° F 78° F 79° F 79° F 81° F 81° F 80° F 80° F 79° F 79° F 78° F 78° F 80° F 80° F 78° F 78° F
PAGE 16, Monday, April 25, 2022
THE TRIBUNE
CHINA PROMOTES COAL IN SETBACK FOR EFFORTS TO CUT EMISSIONS By JOE MCDONALD AP Business Writer BEIJING (AP) — China is promoting coal-fired power as the ruling Communist Party tries to revive a sluggish economy, prompting warnings Beijing is setting back efforts to cut climate-changing carbon emissions from the biggest global source. Official plans call for boosting coal production capacity by 300 million tons this year, according to news reports. That is equal to 7% of last year’s output of 4.1 billion tons, which was an increase of 5.7% over 2020. China is one of the biggest investors in wind and solar, but jittery leaders called for more coal-fired power after economic growth plunged last year and shortages caused blackouts and factory shutdowns. Russia’s attack on Ukraine added to anxiety that foreign oil and coal supplies might be disrupted. “This mentality of ensuring energy security has become dominant, trumping carbon neutrality,” said Li Shuo, a senior global policy adviser for Greenpeace. “We are moving into a relatively unfavorable time period for climate action in China.” Officials face political pressure to ensure stability as President Xi Jinping prepares to try to break with tradition and award himself a third five-year term as ruling party leader in the autumn. Coal is important for “energy security,” Cabinet officials said at an April 20 meeting that approved plans to expand production capacity, according to Caixin, a business news magazine. The ruling party also is building power plants to inject money into the economy and revive growth that sank to 4% over a year earlier in the final quarter of 2021, down from the full year’s 8.1% expansion.
SMOKE and steam rise from towers at the coal-fired Urumqi Thermal Power Plant as seen from a plane in Urumqi in western China’s Xinjiang Uyghur Autonomous Region on April 21, 2021. China is promoting coal-fired power as the ruling Communist Party tries to revive a sluggish economy, prompting warnings that Beijing is setting back efforts to cut climate-changing carbon emissions from the biggest global source. Photo:Mark Schiefelbein/AP Governments have pledged to try to limit warming of the atmosphere to 2 degrees Celsius (3.6 degrees Fahrenheit) above the level of pre-industrial times. Leaders say what they really want is a limit of 1.5 degrees Celsius (2.7 degrees Fahrenheit). Scientists say even if the world hits the 2-degree goal in the 2015 Paris climate pact and the 2021 Glasgow follow-up agreement, that still will lead to higher seas, stronger storms, extinctions of plants and animals and more people dying from heat, smog and infectious diseases. China is the top producer and consumer of coal. Global trends hinge on what Beijing does. The Communist Party has rejected binding emissions commitments, citing its economic development needs. Beijing has avoided joining governments that promised to phase out use of coalfired power. In a 2020 speech to the United Nations, Xi said carbon emissions will peak by 2030, but he announced no target for the amount. Xi said China aims for carbon neutrality, or removing as
much from the atmosphere by planting trees and other tactics as is emitted by industry and households, by 2060. China accounts for 26.1% of global emissions, more than double the U.S. share of 12.8%, according to the World Resources Institute. Rhodium Group, a research firm, says China emits more than all developed economies combined. Per person, China’s 1.4 billion people on average emit the equivalent of 8.4 tons of carbon dioxide annually, according to WRI. That is less than half the U.S. average of 17.7 tons but more than the European Union’s 7.5 tons. China has abundant supplies of coal and produced more than 90% of the 4.4 billion tons it burned last year. More than half of its oil and gas is imported and leaders see that as a strategic risk. China’s goal of carbon neutrality by 2060 appears to be on track, but using more coal “could jeopardize this, or at least slow it down and make it more costly,” Clare Perry of the Environmental Investigations Agency said in an email.