Issuu

business@tribunemedia.net

MONDAY, MAY 9, 2022

$6.30

$6.35

$6.33

$100m Exuma eco-resort to create 70 jobs By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A NEW $100m resort in Exuma is set to create 70 permanent jobs in the world’s first eco-friendly resort. Victor Barrett, chief executive officer of Silent Resorts, the company behind Club Ki’ama Bahamas in Exuma, told Tribune Business he is “super excited” for the launch of this new $100m resort, which he says will be “a first” in the world in many respects. Club Ki’ama will be the world’s first equity club to offer ultra-sustainable solar residences and carbon neutral solar yachts along with a fully solar marina. “Obviously it’s an incredible, pristine location and that’s what we want. We want a very light touch on an island that has no concrete, no structures and we don’t want any diesel generators. So it was fantastic to find this island. The waters around there with the environment for snorkeling and diving is fantastic. Of course, we love getting people out on the water. So the fact that it’s a big sailing

THE CENTRAL BANK OF THE BAHAMAS

Tourism arrivals rise by a sixth By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

ARTIST RENDERING OF CLUB KI’AMA destination is exciting to us, too,” Mr Barrett said. Club Ki’ama is located within the new Ki’ama Bahamas enclave on Elizabeth Island, minutes from Great Exuma, so getting to and from the island will be a challenge. But Mr Barrett said: “We just purchased, and it’s sitting in our marina right now, the world’s very first electric boat. It’s a 28ft boat and its called the Xshore

and it is all electric. We have the very first one in the Caribbean, so we’ll be taking people to the island back and forth all electric.” Mr Barrett also said: “This is about a $100m project because we have eight yachts and 16 villas, a beach club. Plus, we have four or five more luxury, six bedroom villas, which will

SEE PAGE 6

Eleuthera businesses: Disney jobs welcome but worry over wages By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Disney Lighthouse project would put Bahamians back in “slavery” if they keep wages low, a South Eleuthera business owner has claimed. Felita Adderley, owner of Adderley’s Landscaping and Plant Nursery, said: “As I see it, this will only profit the foreigners and it won’t profit the Bahamian people and the Eluetherans, because it is just like you’re back in slavery and they don’t want to pay you what you’re worth. If they are going to be doing anything up here they need to

look out for the Bahamian people and not just themselves because as it stands that’s how it’s always been.” Ms Addereley said “a lot of people quit” the construction phase of Disney’s Lighthouse Point project citing unfair work conditions and low wages and reckons it won’t be near the 300 jobs that Disney is promising post-construction for Bahamians and that the company would probably opt to bring in their own people to work. However, Christopher Cates, the Lumber Shed’s owner, struck a more positive note and told Tribune Business the additional jobs Disney will be bringing on

SEE PAGE 5

CIBC signs up to global credit bureau By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CIBC FirstCaribbean is now a member of the CRIF credit bureau in The Bahamas, a move it says will mean more accurate credit assessment. CRIF Information Services Bahamas (the Credit Bureau) was licensed in 2019 and started operations a year later. It is supervised by the Bahamas Central Bank and is an affiliate of CRIF, a global company specialising in credit bureau and business information,

JACQUI BEND outsourcing and processing services, and credit solutions, operating in Europe, America, Africa and Asia.

SEE PAGE 3

THE Central Bank of The Bahamas said tourist arrivals grew by 17 percent in 2021, but are still a way off 2019 numbers. The bank in its Annual Report & Statement of Accounts, 2021 released last week, said tourism output began to recover once COVID-19 vaccination rates improved in key source markets - coupled with the lifting of

travel restrictions in those markets. The report also said: “According to data from the Ministry of Tourism, total tourist arrivals grew by 17.1 percent to 2.1m in 2021, following a sharp reduction by 75.2 percent in 2020. While, this represented just 29.0 percent of 2019 levels, air arrivals, indicative of high-yielding stopover tourism, increased more than two-fold to 886,629 arrivals, compared to 418,329 visitors a year earlier.

SEE PAGE 6

PAGE 2, Monday, May 9, 2022

Sand Dollar circulation trebles

THE TRIBUNE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas’s digital currency, the Sand Dollar, nearly trebled in circulation in 2020. The Central Bank of The Bahamas in its Annual Report & Statement of Accounts, 2021 released last week, said about the Sand Dollar: “During 2021, COVID-19 continued to impact the bank’s ability to launch any major form of in person promotions or marketing efforts of Sand Dollar. With adoption efforts still moderated, at end-2021, Sand Dollars in circulation increased to $0.3m from $0.08m in 2020.” The bank added: “Progress continued on technology infrastructure development and engagement with financial institutions. The bank completed direct integration into the Real Time Gross Settlement (RTGS) system, and progressed the integration of the infrastructure with the Bahamas Automated Clearing House (ACH) for transfers to and from commercial banks. This process paralleled residual efforts by commercial banks to transition to a modernised, customer initiated entries (CIE) format for electronic funds transfer through the ACH platform.” Since the launch of the Sand Dollar in October 2020, the bank has been on a concerted public education

SAND DOLLAR campaign on the benefits of using the digital currency and how its usage would help in receiving traditional commercial banking services. The report continued: “The Bahamian Dollar Digital Currency Regulations, 2021 were gazetted into effect in November, 2021. An initial six authorized financial institutions (AFIs) were approved to issue central bank digital currency wallets and connect with the Sand Dollar platform. “The bank continued its collaboration with the government to use Sand Dollar as a method for collec- tions and disbursement of payments. This focused on enabling digital currency receipting on the government’s DigiPay platform, and planning around phased acceptance of payments at various public facing services outlets. “The bank also mobilised public relations support, but engaged a local public relations agency to strategise

and coordinate on initiatives to encourage Sand Dollar adoption. Early efforts have concentrated on additional market research; inclusive of focus groups and online surveys to further affirm the approach of the public education campaign slated to intensify in 2022.” The bank added: “Due to restrictions emanating from the COVID-19 pandemic, the customer base among MTBs and PSPs grew significantly during the year, as well as the usage of digital wallets, electronic transfers and bill payments, among others. “The moratorium placed on the consideration of new licence applications for MTBs and PSPs remained in effect during the year. It is expected to be extended through to September, 2022 to assist with facilitating the stable, orderly adjustment of the expanded list of participants within the payments space."

THE TRIBUNE

Monday, May 9, 2022, PAGE 3

Compliance pitfalls to avoid R

EMOTE-first digital communication is expected to continue growing at an astounding rate year. In addition, due to the pandemic, society is increasingly reliant on connected infrastructure and digital services for the day-to-day functioning of its daily operations, which means that using digital services to interact has now become the norm. As a result of this shift, the question arises - Are compliance professionals making Know Your Customer (KYC) compliance more challenging than it needs to be? Also, have compliance professionals adjusted their

regulatory monitoring frequencies? Understanding that achieving compliance is not easy, and when teams need to manage multiple work streams while remaining productive, compliance is a delicate balancing act. This article explores three pitfalls this writer encourages other compliance professionals to be acutely mindful of. Pitfall #1: Complying as a “tick-box exercise” Compliance with KYC/ AML procedures is frequently viewed as merely a “tick-box exercise” and completed to what is perceived as the prescriptive demands of applicable laws. Compliance, however, must

Derek

Smith represent more than a mere ticking of boxes in improving security, reducing risk,

and protecting assets and reputations. There must be a shift from meeting regulatory requirements to understanding and identifying who your customer is. This approach helps compliance be viewed as a partner that adds value and helps reduce risk while simultaneously ensuring the organisation is compliant with rules and regulations. Pitfall #2: Incomplete and insufficient information The presence of gaps in internal data can pose a significant threat to compliance efforts and insight into customer behaviour, leaving you more at risk of financial crime. Further,

incomplete and missing data allows criminals to exploit any weakness in KYC and AML processes to perpetrate fraudulent activities. Consequently, incomplete data used to identify and verify beneficial ownership could result in a shareholder being overlooked or a risk assessment being incorrect because of neglecting red flags. Pitfall #3: Underestimation of digital communication transformation Digital transformation is not a task for IT teams alone—organisations that make it a priority will reap the benefits. Change management is at the heart

of digital transformation. However, it requires a strong leadership commitment to be successful. This leadership must include the voice of the compliance professional who will ensure steps taken by an organisation are within the landscape of the law. Observation can provide insight into an organisation’s leadership consideration. Conclusion In short, invest in people, technology, and reliable data to prevent these mistakes. This will increase your chances of catching criminals and protecting your brand. Don’t risk losing customers, fines, and reputation.

CIBC signs up to global credit bureau FROM PAGE ONE Jacqui Bend, managing director of CIBC FirstCaribbean said: “CIBC FirstCaribbean is delighted to be a part of the credit bureau as this will undoubtedly be a key enabler to

support our lending infrastructure. It will facilitate a more overall accurate credit assessment of customers ultimately leading to a more balanced access to credit.” Membership in the credit bureau will also reduce

BIDEN PLUGS MANUFACTURING INITIATIVE AT OHIO METAL COMPANY By AAMER MADHANI Associated Press HAMILTON, Ohio (AP) — President Joe Biden pledged Friday that 3D printing technology would help return factory jobs to the U.S. and reduce inflationary pressures as he traveled to an industrial Midwestern state with a Senate seat in play to make his case for the future of manufacturing. Inflation at a 40-year high and Russian President Vladimir Putin's invasion of Ukraine have caused growing uneasiness about the economy among voters. Biden is staking his presidency in part on the promise that his policies on matters ranging from infrastructure to computer chips can create a more resilient economy. "The pandemic and the economic crisis that we inherited and Putin's war in Ukraine have all shown the vulnerability when we become too reliant on things made overseas," Biden said. "We learned the hard way that we can't fight inflation if supply chains buckle and send prices through the roof every time there's a disruption."

Biden went to United Performance Metals in Hamilton to highlight commitments by five leading U.S. manufacturers to boost their reliance on small and medium American firms for 3D printing. GE Aviation, Honeywell, Lockheed Martin, Raytheon and Siemens Energy have agreed to take part in the program. The president toured the factory with executives. The promise of 3D printing is that it could reverse the outsourcing of factory jobs and industrial

the need for guarantees or pledges, while lowering the chances of over-indebtedness. It will also allow the bank to shape credit offerings uniquely to the borrower’s situation, she said.

While stressing credit information is protected by law and will be held in the strictest confidence, Ms Bend noted a credit report was extremely important in ensuring “a complete, accurate and certified view of your debt situation and can

even lead to access to even more credit than would have been available in the absence of a report”. Ms Bend said the credit history of a borrower was integral to enabling the bank and other lenders to truly know the customer

and so offer them the financial solution that best suits their overall situation and ensures that customers do not over-extend themselves by obtaining credit that they cannot afford.

production, allowing for more components to be manufactured in the U.S. An analysis by the consulting firm Kearney estimated that the technology could produce $600 billion to $900 billion in economic value by enabling more production domestically. The president also pressed Congress to approve a stalled competition and innovation bill that the Democratic president says is critical to bolstering domestic manufacturing and helping solve a semiconductor shortage that has delayed production of life-saving medical devices, smartphones, video game consoles, laptops and other modern conveniences. "Pass the damn bill and send it to me," Biden said Friday in his remarks.

Biden was in Ohio — where an open Senate seat is up for grabs with the retirement of Republican Rob Portman — shortly after its primary elections.

Rep. Tim Ryan easily won the Democratic nomination Tuesday and will face Republican JD Vance, author of the memoir "Hillbilly Elegy." Ohio would be

a difficult pickup for Demo-

LOT FOR SALE VENICE BAY Lot #9 in Block #10 GATED COMMUNITY 10,000 SQ FT WITH FOUNDATION

$135,000.00

If you are serious call 424-3955.

crats, as the state backed former President Donald Trump in the 2020 election by 8 points.

PAGE 4, Monday, May 9, 2022

THE TRIBUNE

BANK GIVES HELPING HAND TO HUMANE SOCIETY THE Bahamas Humane Society has good news to celebrate after marking "Be Kind To Animals" week last week. CIBC First Caribbean has donated funds to the society, a non-profit organisation that has sheltered thousands of animals in need of care for nearly 100 years. As BHS daily accepts an overwhelming number of animals dumped on its doorsteps daily, it urges pet owners to spay and neuter their animals to avoid an overpopulation of stray dogs and cats. CIBC FirstCaribbean's marketing manager Nikia Christie, a pet-lover and animal rescuer herself, applauded BHS for its great work.

She said: "CIBC FirstCaribbean understands that whether someone is a pet owner or not, everyone has a role to play in ensuring all animals are treated with kindness. We are happy to donate to an organisation that is intentional about animal welfare and publicising how we all, as responsible pet owners especially, can do our part in keeping animals healthy and safe." In attendance for the presentation was Ann Marie Davis, the wife of Prime Minister Philip "Brave" Davis, who has served on the BHS board for the past 10 years. She stressed a way to be kind to animals is to report and speak out against animal cruelty, neglect, and abuse.

"It costs about $1.2 million dollars a year to run the shelter. We have several expenses including vets and other staff to pay, shelter maintenance and the building of more shelters because we keep getting more animals in. Donations like CIBC FirstCaribbean's are quite welcome,” she said. To donate to the BHS, you can make a direct deposit to Acct #: 1086176 at CIBC First Caribbean International Bank, Palmdale Branch, complete a credit card donation by emailing b_humane@htomail.com or call 323-5138 to speak with a representative. For more information, visit https://www.bahamashumane.org.

PICTURED from left to right with two four-legged friends are Bahamas Humane Society long-time Board Member, First Lady Ann Marie Davis; Bahamas Humane Society President, Kim Aranha; CIBC FirstCaribbean Marketing Manager, Nikia Christie and Bahamian Humane Society Adoption Coordinator, Fiona Moodie. Words/ photo: Serena Williams Media & PR.

CIBC wins best renewable energy financing award WHEN the Caribbean Renewable Energy Forum (CREF) gathered for its 14th session in Miami, Florida, recently, CIBC FirstCaribbean was named recipient of the award for Best Renewable Energy Financing in the 2022 CREF Industry Awards.

CIBC FirstCaribbean has been named the winner of the Best Renewable Energy Financing prize in the 2022 Caribbean Renewable Energy Forum Industry Awards. The forum returned to its first in-person gathering in Miami, Florida, from April

26-28, with more than 25 countries represented. CIBC FirstCaribbean was recognised for its innovation and leadership in corporate financing of key initiatives in the renewable energy sector. Between 2020-21, the bank spearheaded the refinancing of project portfolios of

L-R: ROBERT BLENKER, CEO, WRB Energy; Adam Carter, Managing Director Investment Banking, CIBC FirstCaribbean; Valmore Stewart, Associate Director, Investment Banking, CIBC FirstCaribbean, holding the award; Andrew Rovito, Senior Vice President, BMR Energy and Bruce Levy, President & CEO, BMR Energy.

Effective Immediately Mr. Bjorn Munroe is no longer employed by Purity Bakery Ltd. Therefore, he is NOT authorized to conduct any business on behalf of Purity Bakery Ltd.

two major renewable energy players in the Caribbean: BMR Energy, a developer of wind and solar photo-voltaic (PV) assets in multiple territories of the region and Central America; and WRB Energy, an investor in the largest utility-scale solar PV plant in Jamaica. Chief executive officer Colette Delaney observed that the bank’s commitment over the period for which the award was adjudicated, “represents a departure from the historical construct where extra-regional development banks have been the main financiers of renewable energy projects within our region. Renewable energy developers now understand that our support for projects in the sector means that there is more than a single pathway to financing their projects in the region.” “Our bank will continue to focus on the types of investments that can be a catalyst to our region’s recovery, such as renewable energy investments. Infrastructure investment, in general, is important to stimulate the economy, put people back to work, create new jobs and encourage increased cash flow circulation to resuscitate our economies and ensure our future success,” said Ms Delaney.

THE TRIBUNE

Monday, May 9, 2022, PAGE 5

Defence on the attack By CHRIS ILLING Business Developer @ActivTrades

his week was a dramatic rollercoaster ride on Wall Street. On Wednesday, after the US Federal Reserve (Fed) meeting, the stock markets celebrated their best day since 2020. Panic sales then spread on Thursday. The Dow Jones index of standard values fell 3.2 percent to 32,982 points on Thursday. The broader S&P 500 fell 3.6 percent to 4,146 points. The Nasdaq technology exchange index lost 5.1 percent to 12,319 points by the close of trading in New York. It was the worst day this year. Cryptocurrencies were also affected by the bad mood. Bitcoin, the largest and oldest digital currency, lost eleven percent on Thursday and was priced at $35,600. It was the biggest price slump since January, although just a few months ago, Bitcoin was touted by some investors as a good protection against rising inflation. And the downward trend continued Friday even though the Job Market report in the US was very positive. But where there are losers, there are also winners. Defence stocks have out-performed the global market this year on expectations of higher military spending by western governments and as ethically minded investors re-evaluate the sector. Amid the Ukraine war, the arms manufacturers have reported rising profits. Rheinmetall (RHM. DE) announced on Friday in Düsseldorf that the company raised their operating results by 8 million euros to 92 million euros compared to the same period last year, Net profit increased by 3 to 61 million euros. Sales, on the other hand, remained roughly the same at around 1.3 billion euros. The company’s share price is up 142% year-to-date. The armaments company Heckler & Koch (MLHK.

DE), which, in contrast to the tank and artillery manufacturer Rheinmetall, only produces handguns, also made more profit at the beginning of the year. Share price for H&K.DE is up 42% year-to-date. Despite the stagnation in sales, Rheinmetall CEO Armin Papperger still expects a strong growth spurt of 10 to 15 percent for the year. The prerequisite for this is that Germany, as planned, provides an investment package of a good 100 billion euros to bring the German military into shape by purchasing weapons and other armaments. These purchases would take several years. Rheinmetall’s order books are filling up. In the artillery and ammunition division, for example, incoming orders increased fivefold in the first quarter to 1.1 billion euros. A major ammunition order from Hungary, worth several hundred million euros, played a central role here. Shortly after the Russian attack on Ukraine, Rheinmetall presented a list of military products that were relatively quickly available, including tanks, trucks, and ammunition. The Düsseldorf arms manufacturer hopes that the federal government will access at least part of the product list. In addition, given the threat posed by Russia, Rheinmetall is likely to receive more orders from other countries. The armaments group wants to deliver armored personnel carriers and battle tanks to the. Company boss Papperger rated the quarterly figures on Friday as proof that Rheinmetall is continuing its successful course. Both companies are recruiting staff. Heckler & Koch had 1086 employees at the end of March, 58 more than a year earlier. In the Rheinmetall Group, the number of full-time employees rose by 1,038 to 20,700 within a year. The US-based arms manufactures are experiencing the same war effect. Lockheed Martin (LMT. US) had a very solid last

FIGHTER

ELEUTHERA BUSINESSES: DISNEY JOBS WELCOME BUT WORRY OVER WAGES FROM PAGE ONE to the Lighthouse Point project are “wonderful” and that South Eleuthera needs them. Mr Cates also said: “I think what’s really necessary is for our young men and women to see the opportunity to work on their skill set, if they don’t have it yet, but really step up and make sure they put their best foot forward. “I think a lot is going to be expected of them and I’m hopeful that a lot of them will seize the day. This is, for many of them, a once-in-alifetime opportunity. This is their opportunity to jump on the wheel and make themselves a living.” He added: “I’ve been in Rock Sound for 20 plus years and the opportunities for our young people have been few and far between. I think they need to see them for what they are, jump on them and get as much experience as they can. “An opportunity is an opportunity. It may not be the ideal salary that they’re hoping for, or the ideal job that they’re looking for, but I’d like to think that many of them were sitting on the blocks or finding themselves at home unemployed would see this as an opportunity to develop some life skills; things like discipline and getting up early in the morning and going and putting in a good eight hours.

“So I’m very hopeful. I really am hopeful. I don’t know what the job opportunities are that they’re going to present. But I can only hope that especially for so many of our young people who have not worked in so long. This will be an avenue and opportunity to get out and start something for themselves.” Renaldo Pinder, manager of the One Stop Shop, said he is looking forward to the jobs Disney would be brining to South Eleuthera. He said once more people had jobs it would be better for his businesses and the pay range does not play a factor in his estimation. He said: “Some people just don’t like changes, if you ask me. Sometimes a change is needed. I think this is going to be a good boost for the South Eleuthera economy if the person from South Eleuthera gets a job with Disney. I can’t say about anybody from outside of South Eleuthera, but if their preference is the people in South Eleuthera then this will help our economy significantly.”

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

six months and their share price rose by more than a third year-to-date. Raytheon Technologies (RTX.US), the US defence giant and maker of the Stinger ground-toair missile that Germany has pledged to supply to Ukrainian forces, has seen its shares price increase more than 10% year-to-date. Defence contractor Northrop Grumman beat earnings estimates for the first quarter of 2022 and predicts faster growth later in the year. The company is optimistic about the future impact of the B-21 Raider programme which is a next-generation, nuclear-capable, long-range strategic bomber being developed by Northrop for the US Air Force. The

companies share price is up over 20% year-to-date. This market sector might be a good hedging opportunity for the savvy investor.

PAGE 6, Monday, May 9, 2022

$100M EXUMA ECO-RESORT TO CREATE 70 JOBS FROM PAGE ONE

be part of the project as well. So it’s a big project.” The Club Ki’ama will only cover 18 percent of the Elizabeth island because Mr Barrett wants to keep it “low density” for the time being but is hoping that within the next three years

it can be completely built out. The architecture and construction will be carried out by Bahamians, Mr Barrett said, and 70 permanent jobs will be created when it is completed. Mr Barrett also said: “We get our very first silent yacht by the end of the year and the villa construction

will start in about three months. So we’re hoping that by the end of the year or the first part of 2023, we will have two residences, the beach club and our first silent yacht.” The silent yacht is also a “world first” as it is the world’s only solar powered yacht and it will be starting

its sailing from Club Ki’ama by the end of the year. The single-storey club residences will be constructed using linear designs that complement the natural topography of the island. They feature 10- to 12ft ceilings for enhanced ventilation and light, “living roof” landscape systems, solar panels, and structural

timber frames designed to withstand a Category 4 hurricane. The pre-engineered building system allows for the bulk of construction to take place off-island, minimising disruption to the natural landscape and reducing construction delays and costs. The eco-conscious island sanctuary will feature the

TOURISM ARRIVALS RISE BY A SIXTH FROM PAGE ONE

“This outcome capitalised on an earlier second quarter resumption in visitor flows, in contrast to the delay for cruise activity, under voluntarily constrained occupancy, until the third quarter of the year. Consequently, the sea component, reflected an 11.8 percent reduction to 1.2m passengers in 2021, which was still a notable

slowdown from the 75.4 percent falloff in 2020.” Overall arrivals to New Providence rose by 22.2 percent to 1.1m and air arrivals rebounded to 651,571 from 322,377 in 2020. The report also said: “Meanwhile, a moderated 21.5 percent decrease in sea arrivals registered to 463,713 passengers, considerably lower than the 79.6 percent contraction in the preceding year. Likewise,

visitors to the Family Islands grew by 17.1 percent to 900,014, primarily driven by air arrivals, which advanced to 215,307 from 84,242 in 2020; while the sea segment stabilised at 684,707 visitors, following a 69.6 percent retrenchment in the previous year. In Grand Bahama, visitor arrivals reduced by 24.4 percent to 85,320, easing from the 78.5 percent retrenchment in the prior

year, as air arrivals resumed by 68.7 percent, and the reduction in the sea segment moderated to 35.2 percent.” The vacation rental market also saw an uptick in business as total room nights sold increased by 62.8 percent in 2021, in contrast to the 46.9 percent reduction in 2020. Construction on the other hand continued to remain solid, backed by ongoing foreign investment projects. While domestic construction showed “modest” improvement, however the long-term look is not as promising.

“As an indicator of domestic activity, total mortgage disbursements for new construction and repairs—as reported by commercial banks, insurance companies and the Bahamas Mortgage Corporation—rose by $11.7m (14.5 percent) to $92.6m, following the $32.5m (28.6 percent) decline in 2020. Residential disbursements—which accounted for 98.0 percent of the total—increased by $12.1m (15.4%) to $90.7m, relative to the 25.7 percent falloff in the prior year. In contrast, the commercial component decreased by $0.4m (17.5 percent),

THE TRIBUNE

oceanfront Club Ki’ama Beach Club, Spa and Restaurant. As the centerpiece, the beach club will be constructed in “tent & timber”, utilising natural fabrics, bamboo and timber with a goal of very little impact to the environment. although lower than the $5.3m (70.0 percent) reduction a year earlier,” it said. The report added: “Forward-looking indicators of domestic activity were still subdued. Total mortgage commitments for new construction and repairsreduced in number by 73 (18.3 percent) to 325, with the associated value contracting by $19.9m (23.9 percent) to $63.2m. A breakdown by loan category revealed that residential approvals fell in number by 63 (16.8 percent) to 312, while the corresponding value declined by $8.7m (13.1 percent) to $57.5m. In addition, commercial commitments decreased in number by 10 to 13, with the associated value lower by $11.2m (66.2 percent) at $5.7m.”

Share your news 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.

THE TRIBUNE

Monday, May 9, 2022, PAGE 7

STOCKS END ROCKY WEEK WITH THEIR 5TH STRAIGHT WEEKLY DECLINE

By STAN CHOE AND ALEX VEIGA AP Business Writers NEW YORK (AP) — A turbulent week on Wall Street ended Friday with more losses and the stock market’s fifth straight weekly decline. The latest pullback came as investors balanced a strong U.S. jobs report against worries the Federal Reserve may cause a recession in its drive to halt inflation. The S&P 500 ended with a loss of 0.6%, having come back partway from a bigger loss of 1.9%. Roughly 70% of the companies in the benchmark index fell. Technology stocks weighed down the index the most.

The Dow Jones Industrial Average fell 0.3%, while the Nasdaq slid 1.4%. Both indexes also pared some of their losses from earlier in the day. Investors focused on new data Friday showing U.S. employers continue to hire rapidly, and workers are getting relatively big raises, though short of inflation. The market’s reaction reflects concerns among investors that the strong numbers would keep the Fed on track for sharp and steady increases in interest rates to corral inflation, analysts said. The S&P 500 fell 23.53 points to 4,123.34. The Dow dropped 98.60 points to 32,899.37. The Nasdaq fell 173.03 points to 12,144.66.

Smaller companies fell more than the broader market. The Russel 2000 slid 31.58 points, or 1.7%, to 1,839.56. Friday’s choppy trading followed even wilder gyrations earlier this week, as all kinds of markets, from bonds to cryptocurrencies, grapple with a new market order where the Federal Reserve is aggressively moving to yank supports for the economy put in place through the pandemic. The Fed is hoping to raise rates and slow the economy enough to snuff out the highest inflation in four decades, but it risks choking off growth if it goes too far or too quickly. The Fed raised its key short-term interest rate this week by a half a percentage point,

PEDESTRIANS pass the New York Stock Exchange, Thursday, May 5, 2022, in the Manhattan borough of New York. Stocks are opening lower and bond yields are rising as yet another report of robust hiring suggests the Federal Reserve will need to keep pressing the fight against inflation and cool off the economy with higher interest rates. Photo:John Minchillo/AP

the largest such increase since 2000. It also said more increases that size are likely on the way. Not only do higher interest rates tap the brakes on the economy by making it more expensive to borrow, they also put downward pressure on prices of all kinds of investments. Beyond interest rates and inflation, the war in Ukraine and the continuing COVID-19 pandemic are also weighing on markets. Stocks nevertheless zoomed higher Wednesday afternoon, after latching onto a sliver of hope from

Federal Reserve Chair Jerome Powell’s comments following the latest rate increase. He said the Fed was not “actively considering” an even bigger jump of 0.75 percentage points at its next meeting, something markets had seen as a near certainty. Jubilance was the market’s instant reaction, with the S&P 500 soaring 3% for its best day in nearly two years. It sobered up the next day, though, amid recognition that the Fed is still set to raise rates aggressively in its battle against inflation. The S&P 500 on

Thursday lost all its prior day’s gains, plus a bit more, in one of its worst days since the early 2020 slump caused by the coronavirus pandemic. That may be why stocks faltered Friday, after data showed hiring is still strong and pressure remains high on companies to raise pay for workers. “These data do not change the outlook for Fed policy; the rates trajectory remains upward in the near term,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a note.

PAGE 8, Monday, May 9, 2022

THE TRIBUNE

Workers grapple with new stresses as they return to office By ANNE D’INNOCENZIO AP Business Writer

THIS undated photo provided by Ajinomoto Health & Nutrition shows the lobby at Ajinomoto Health & Nutrition in Itasca, Ill. Francine Yoon, a 24-year-old food scientist at Ajinomoto Health and Nutrition NA has been working mostly in person since the pandemic, including at her current job that she started last fall. But moving in last year with her older parents, both in their early 60s, has led to some heightened level of anxiety because she’s worried about passing on the virus to them. Photo:Ajinomoto Health & Nutrition/AP

NEW YORK (AP) — Last summer, Julio Carmona started the process of weaning himself off a fully remote work schedule by showing up to the office once a week. The new hybrid schedule at his job at a state agency in Stratford, Connecticut, still enabled him to spend time cooking dinner for his family and taking his teenage daughter to basketball. But in the next few months, he’s facing the

likelihood of more mandatory days in the office. And that’s creating stress for the father of three. Carmona, 37, whose father died from COVD19 last year, worries about contracting the virus but he also ticks off a list of other anxieties: increased costs for lunch and gas, day care costs for his newborn baby, and his struggle to maintain a healthy work-life balance. “Working from home has been a lot less stressful when it comes to work-life balance,” said Carmona, who works in finance at Connecticut’s Department of Children and Families. “You are more productive because there are a lot less distractions.” As more companies mandate a return to the office, workers must readjust to pre-pandemic rituals like long commutes, juggling child care and physically interacting with colleagues. But such routines have become more difficult two years later. Spending more time with your colleagues could increase exposure to the coronavirus, for example, while inflation has increased costs for lunch and commuting. Among workers who were remote and have gone back at least one day a week in-person, more say things in general have gotten better than worse and that they’ve been more productive rather than less, an April poll from The Associated Press-NORC Center for Public Affairs Research shows. But the level of stress for these workers is elevated. Overall, among employed adults, the April AP-NORC poll shows 16% say they work remotely, 13% work both remotely and in-person and 72% say they work only in-person. Thirty-nine percent of employees who had worked at home but have returned to the office say the way things are going generally has gotten better since returning in-person at the workplace, while 23% say things have gotten worse; 38% say things have stayed the same. Forty-five percent say the amount of work getting done has improved, while 18% say it’s worsened. But 41% of returned workers say the amount of stress they experience has worsened; 22% say it’s gotten better and 37% say it hasn’t changed. Even workers who have been in person throughout

the pandemic are more negative than positive about the way the pandemic has impacted their work lives. Thirty-five percent say the way things are going in general has gotten worse, while 20% say it’s gotten better. Fifty percent say their stress has worsened, while just 11% say it’s gotten better; 39% say there’s no difference. At least half of in-person workers say balancing responsibilities, potential COVID exposure at work, their commute and social interaction are sources of stress. But fewer than a third call these “major” sources of stress. People with children were more likely to report their return was having an adverse effect, some of it stemming from concerns about keeping their families safe from COVID and maintaining a better worklife balance. Most said it could help alleviate stress if their employer provided more flexible work options and workplace safety precautions from the virus. But for some workers, a physical return — in any form — will be hard to navigate. “A lot of people have gotten accustomed to working from home. It’s been two years,” said Jessica Edwards, national director of strategic alliances and development at the National Alliance on Mental Illness, a U.S.based advocacy group. “For companies, it’s all about prioritizing mental health and being communicative about it. They should not be afraid of asking their employees how are they really doing.” Companies like Vanguard are now expanding virtual wellness workshops that started in the early days of the pandemic or before. They’re also expanding benefits to include meditation apps and virtual therapy. Meanwhile, Target, which hasn’t set a mandatory return, is giving teams the flexibility of adjusting meeting times to earlier or later in the day to accommodate employees’ schedules. A lot is at stake. Estimates show that untreated mental illness may cost companies up to $300 billion annually, largely due to impacts on productivity, absenteeism, and increases in medical and disability expenses, according to the National Alliance on Mental Illness.

NOTICE

NOTICE is hereby given that ARISTIDES MARTINEZ MARTINEZ of South Beach, Nassau, 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 9th day of May, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, May 9, 2022, PAGE 9

Labor agency: Amazon union’s meeting complaints have merit By HALELUYA HADERO AP Business Writer NEW YORK (AP) — The National Labor Relations Board has found merit in a union charge that Amazon violated labor law in New York City’s Staten Island by holding mandatory worker meetings to persuade its employees not to unionize. The labor board has in the past allowed employees to mandate such meetings, which are routinely held at companies like Amazon and Starbucks during union drives. But in a memo sent to the agency’s field offices last month, NLRB General Counsel Jennifer Abruzzo said she believes the meetings, often called “captive audience meetings,” are at odds with labor law, and would seek to get them outlawed. The agency’s determination was shared Friday with an attorney representing the Amazon Labor Union, which filed the charge in the lead-up to the first successful

U.S. organizing effort in the retail giant’s history. The attorney, Seth Goldstein, called it “a big victory.” “These meetings have been legal for over 70 years,” an Amazon spokesperson said. “Like many other companies, we hold these meetings with our employees because it’s important that everyone understands the facts about joining a union and the election process itself.” An NLRB spokesperson said the agency will issue a complaint against Amazon unless the retailer agrees to a settlement. If the company doesn’t settle, the complaint would trigger an administrative court process where both parties can litigate the case. Bloomberg News first reported on the agency’s determination. The agency also found merit in an accusation from the union that the company indicated to workers they could be fired if they voted to unionize, and threatened

NOTICE

NOTICE is hereby given that DAVIDSONE DAVILMAR of Podoleo Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 9th day of May, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

to withhold benefits should they chose to do so, according to an email from Matt Jackson, an attorney with the NLRB’s field office in Brooklyn. “These allegations are false and we look forward to showing that through the process,” Amazon spokesperson Kelly Nantel said in a statement. The Retail, Wholesale and Department Store Union, a union that ran a separate organizing effort in Alabama, has also filed a complaint over the mandatory meetings. The e-commerce giant has filed objections over the union election that led to a labor win, claiming organizers and the agency’s regional office in Brooklyn acted in a way that tainted the vote.

NOTICE

IN THE ESTATE OF PETER HATCH BEMBERG late of Les Arcades du Lac, Chemin de la Falaise 29, 1196 Gland, Switzerland, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 7th day of June, A.D. 2022 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

IN THE ESTATE OF MARILYN GILL CHAMBERLAIN, of Leo Pinder Main Street, in the Settlement of Spanish Wells of St. George’s Cay one of the Islands in the Commonwealth of The Bahamas Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 7th day of June, A.D. 2022 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 9th day of May, A.D. 2022

CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas

Attorneys for the Personal Representative

NOTICE

NOTICE is hereby given that NATHALIE PAULIN-JOSEPH of P.O. Box SB-50753, #17 Zenaida Drive, St. Andrews Beach Estates, Nassau, 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 9th day of May, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE International Business Companies Act (No. 45 of 2000)

Hippo Hut Ltd. Registration No. IBC 199672 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Hippo Hut Ltd. has been dissolved and struck off the Register of Companies with effect from the 31st day of January, 2022. Galnom Ltd. Liquidator

LEGAL NOTICE

NOTICE

FRB Business Investment Ltd. (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FRB Business Investment Ltd. is in dissolution as of May.5.2022. GUSTAVO DOS SANTOS VAZ situated at Av. Gral Leite de Castro 200 AP 71 BL B Jardim Santa Cruz Sacoma 04182020, Sao Paulo, Brazil is the Liquidator.

AN AMAZON Prime truck passes by a sign outside an Amazon fulfillment center March 19, 2020 in Staten Island, N.Y. The National Labor Relations Board has found merit to a complaint that Amazon violated labor law in New York City’s Staten Island by holding mandatory worker meetings to persuade its employees not to unionize. The agency’s determination was shared Friday, May 6, 2022 with an attorney representing the Amazon Labor Union, which filed the charge in the lead-up to the first successful U.S. organizing effort in the retail giant’s history. Photo:Kathy Willens/AP

MARKET REPORT www.bisxbahamas.com

FRIDAY, 6 MAY 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 3.50 9.02 3.10 8.00 14.00 2.71 10.25 11.25 10.75 15.00 4.10 11.00 16.50

52WK LOW 4.75 32.12 1.46 2.20 1.30 5.50 6.96 2.82 4.25 2.27 5.90 9.75 1.99 6.50 10.02 9.01 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

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

CHANGE

%CHANGE

YTD

YTD%

2296.23

0.09

0.00

67.99

3.05

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.54 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 90.76 100.00 99.98 91.00 90.95 89.02 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.52 4.69 2.22 207.86 212.41 1.73 1.83 1.82 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 0.99 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR134150 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 BSBGR1341506 BSBGRS790262 BSBGRS780248 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.35 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.52 2.75 8.00 14.00 2.18 10.25 11.63 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 90.79 100.54 99.98 100.00 100.00 89.08 89.62 100.00 100.00 100.00

CLOSE 5.35 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.52 2.75 8.00 14.00 2.14 10.25 11.78 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 90.79 100.54 99.98 100.00 100.00 89.08 89.62 100.00 100.00 100.00

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

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

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.04) 0.00 0.15 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.00% 4.53% 4.50% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

NAV 2.52 4.69 2.21 197.44 202.39 1.73 1.82 1.82 0.99 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.99% 4.22% 0.36% 5.78% 0.67% 2.74% -2.97% -2.35% -4.72% 6.04% 0.83% 2.82% -0.18% 3.72% 0.76% 3.55% -3.55% -3.85% -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 22.4 42.9 N/M 16.5 N/M N/M 25.1 -7.4 53.7 14.9 17.8 19.4 21.0 21.9 18.2 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 3.18% 3.15% 0.98% 3.46% 0.00% 0.00% 2.81% 0.00% 0.00% 4.36% 2.75% 5.14% 20.28% 0.59% 2.78% 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 15-Oct-2038 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-Mar-2022 31-Mar-2022 25-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-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

LIQUIDATOR ______________________ 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, May 9, 2022

THE TRIBUNE

G-7 LEADERS MARK VE DAY STRESSING UNITY, SUPPORT FOR UKRAINE By SYLVIA HUI AND AAMER MADHANI Associated Press LONDON (AP) — Leaders from the Group of Seven developed democracies pledged Sunday to phasing out or banning the import of Russian oil, as they met with Ukraine’s president, Volodymyr Zelenskyy, for online talks to stress their support and to display unity among Western allies on Victory in Europe Day, which marks Nazi Germany’s surrender in 1945. Cutting out Russian oil supplies “will hit hard at the main artery of (President Vladimir) Putin’s economy and deny him the revenue he needs to fund his war,” the G-7 countries, which include the U.S., Britain, Canada, Germany, France and Italy and Japan, said in a statement. “We will ensure that we do so in a timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies,” they added.

Casting a look back at World War II, the leaders stressed unity in their resolve that Putin must not win. “We owe it to the memory of all those who fought for freedom in the Second World War, to continue fighting for it today, for the people of Ukraine, Europe and the global community,” they said. U.S. President Joe Biden’s call with the G-7 leaders and Zelenskyy lasted about an hour. Italy Prime Minister Mario Draghi’s office said in a statement that the G-7 leaders “reiterated the commitment to diversify energy sources, reducing. dependence on Russian supplies.” Italy, heavily dependent on Russian natural gas when the war began, has since secured several agreements for alternative gas supplies from other countries. Draghi is scheduled to meet with Biden in Washington on Tuesday. The U.S. also announced new sanctions against Russia for its invasion of Ukraine. They include

IN this photo provided by the Ukrainian Parliament Press Office, Chairman of the Verkhovna Rada (Ukrainian parliament) Ruslan Stefanchuk, center right, and Barbel Bas, President of Bundestag, German parliament lay flowers at the monument of the Unknown Soldier at a memorial to World War II veterans in a memorial park in Kyiv, Ukraine, Sunday, May 8, 2022. Photo:Ukrainian Parliament Press Office/AP cutting off Western advertising from Russia’s three biggest television stations, banning U.S. accounting and consulting firms from providing services to any Russian, and piling additional restrictions on Russia’s industrial sector, including cutting off Moscow from wood products, industrial engines,

boilers, bulldozers and more. The White House announced the new sanctions ahead of the May 9 Victory Day, when Russia traditionally celebrates Nazi Germany’s defeat in 1945 with huge military parades. Putin is expected to talk about what Russia calls its

special military operation in Ukraine and address troops on Red Square on Monday. The U.S. and European allies were seeking to offer counter-messaging that Putin is further isolating Russia from the rest of the world and doing enormous harm to the Russian economy. The new round of U.S. sanctions will hit three of Russia’s most popular television stations in Russia – Channel One Russia, Russia-1, and NTV — that the U.S. has said have been at the forefront of spreading misinformation about Russia’s prosecution of the invasion. The Biden administration said the new sanctions prohibiting U.S. accounting and consulting firms from doing business in Russia will help thwart Russian companies and elites from getting help to obscure their wealth and evade an avalanche of sanctions that have already been enacted. The U.S. also said it imposed some 2,600 visa restrictions on Russian and Belarusian officials and

issued a new visa restriction policy that applies to Russian military officials and authorities. The U.S. sanctioned 27 executives from Gazprombank, a bank that facilitates sales by Russia’s Gazprom, one of the largest natural gas exporters in the world, with Europe. The sanctions are the first time that the U.S. has hit the bank that plays a critical role Russia’s considerable gas exports, but the move stops well short of the full blocking sanctions that the U.S. has hit other big Russian banks. Ahead of the call, U.K. officials said Britain will provide an extra 1.3 billion pounds ($1.6 billion) in military support to Ukraine to help the nation defend itself against Russian forces. The funding, which comes from British government reserves, includes 300 million pounds of military kit promised by Prime Minister Boris Johnson earlier this week, such as radar systems to target Russian artillery, GPS jamming equipment and night vision devices.

THE TRIBUNE

Monday, May 9, 2022, PAGE 13

Feds accuse Starbucks of unfair labor practices in Buffalo Associated Press BUFFALO, N.Y. (AP) — Federal labor officials filed a sweeping complaint Friday accusing Starbucks of unfair labor practices at its stores in Buffalo, New York, including retaliation against pro-union employees. The National Labor Relations Board's Buffalo regional director outlined a host of labor law violations

in a filing seeking reinstatement and backpay for the employees. There's been a wave of unionization drives at Starbucks stores nationwide, with the first union votes coming in December at three stores in Buffalo. The coffee chain called the allegations "false" and vowed to fight them at an upcoming hearing. "Starbucks does not agree that the claims

have merit, and the complaint's issuance does not constitute a finding by the NLRB," spokesman Reggie Borges wrote in an email. "It is the beginning of a litigation process that permits both sides to be heard and to present evidence." Starbucks Workers United, the group behind the unionization effort, said the complaint "confirms the extent and depravity

of Starbucks' conduct in Western New York for the better part of a year." "Starbucks is finally being held accountable for the union-busting rampage they went on," Danny Rojas, a fired shift supervisor, said in a statement. "Starbucks needs to understand that it is morally corrupt to retaliate against union leaders, and I am looking forward to the

NLRB forcing Starbucks to make this moment right." Last month, federal labor officials asked a judge to force Starbucks to reinstate three union activists at its Phoenix location, alleging the coffee giant engaged in unfair labor practices. As of this week, workers at more than 250 U.S. stores have filed petitions with the labor board to hold union elections, labor organizers say. At least 50

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 85° F/29° C Low: 64° F/18° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Mostly sunny and nice

Partly cloudy

Mostly sunny and pleasant

Partly sunny with a stray t‑storm

A morning t‑storm; partly sunny

Variable clouds with heavy showers

High: 84°

Low: 70°

High: 82° Low: 70°

High: 81° Low: 71°

High: 82° Low: 72°

High: 83° Low: 74°

AccuWeather RealFeel

95° F

70° F

85°-72° F

88°-70° F

90°-72° F

90°-74° 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.

almanac

ABACO

High: 79° F/26° C Low: 71° F/22° C

10‑20 knots

High: 84° F/29° C Low: 71° F/22° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 72° F/22° C

E S

WEST PALM BEACH

uV inDex toDay

TUESDAY

| Go to AccuWeather.com

TONIGHT

High: 89° F/32° C Low: 66° F/19° C

High: 82° F/28° C Low: 66° F/19° C

MIAMI

High: 87° F/31° C Low: 72° F/22° C

7‑14 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 71° F/22° C Normal high ....................................... 83° F/29° C Normal low ........................................ 71° F/21° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 73° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.15” Year to date ................................................. 9.88” Normal year to date ..................................... 6.78”

ELEUTHERA

NASSAU

High: 84° F/29° C Low: 70° F/22° C

High: 83° F/28° C Low: 72° F/22° C

KEY WEST

High: 86° F/30° C Low: 77° F/25° C

tiDes For nassau High

7‑14 knots

6‑12 knots

Low

Ht.(ft.)

2.4 2.0

9:10 a.m. 9:12 p.m.

0.6 0.7

3:29 a.m. 4:05 p.m.

2.4 2.2

10:00 a.m. 0.5 10:13 p.m. 0.6

Wednesday 4:22 a.m. 4:58 p.m.

2.5 2.4

10:48 a.m. 0.3 11:11 p.m. 0.4

Thursday

5:13 a.m. 5:47 p.m.

2.5 2.7

11:33 a.m. 0.0 ‑‑‑‑‑ ‑‑‑‑‑

Friday

6:03 a.m. 6:35 p.m.

2.6 3.0

12:05 a.m. 0.1 12:17 p.m. ‑0.2

Saturday

6:51 a.m. 7:22 p.m.

2.6 3.2

12:57 a.m. ‑0.1 1:02 p.m. ‑0.5

Sunday

7:40 a.m. 8:10 p.m.

2.6 3.4

1:48 a.m. ‑0.3 1:48 p.m. ‑0.7

2:34 a.m. 3:09 p.m.

Tuesday

sun anD moon Sunrise Sunset

6:29 a.m. Moonrise 7:44 p.m. Moonset

1:32 p.m. 2:22 a.m.

Full

Last

New

First

May 16

May 22

May 30

Jun. 7

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 84° F/29° C Low: 74° F/23° C

High: 86° F/30° C Low: 74° F/23° C

W S

LONG ISLAND

tracking map

High: 85° F/29° C Low: 75° F/24° C

6‑12 knots

MAYAGUANA High: 84° F/29° C Low: 77° F/25° C

Shown is today’s weather. Temperatures

Ht.(ft.)

Today

High: 84° F/29° C Low: 73° F/23° C

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

of those stores have voted to unionize with Workers United, a branch of the Service Employees International Union. Starbucks reported Tuesday that its sales climbed to record levels in its fiscal second quarter but noted it faced higher employment costs, which set to grow even higher in the coming months as the company introduces new pay raises and other benefits.

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 83° F/28° C Low: 76° F/24° C

High: 84° F/29° C Low: 76° F/24° C

GREAT INAGUA High: 86° F/30° C Low: 77° F/25° C

6‑12 knots

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

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

WINDS N at 10‑20 Knots N at 10‑20 Knots NW at 7‑14 Knots NNE at 10‑20 Knots WSW at 7‑14 Knots N at 8‑16 Knots SSW at 6‑12 Knots NW at 7‑14 Knots W at 6‑12 Knots NNW at 8‑16 Knots NNE at 10‑20 Knots N at 10‑20 Knots SW at 6‑12 Knots N at 8‑16 Knots SW at 6‑12 Knots WNW at 6‑12 Knots SW at 6‑12 Knots NNW at 8‑16 Knots SW at 6‑12 Knots WNW at 6‑12 Knots NNW at 8‑16 Knots N at 8‑16 Knots SW at 6‑12 Knots N at 8‑16 Knots SW at 6‑12 Knots N at 8‑16 Knots

WAVES 3‑5 Feet 8‑12 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 4‑7 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 5‑9 Feet 2‑4 Feet 3‑6 Feet 0‑1 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 4 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 4 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 78° F 77° F 83° F 84° F 80° F 81° F 83° F 83° F 80° F 80° F 80° F 80° F 82° F 83° F 83° F 83° F 82° F 82° F 81° F 82° F 80° F 80° F 83° F 84° F 80° F 80° F