05122022 BUSINESS

business@tribunemedia.net

THURSDAY, MAY 12, 2022

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‘Expect to pay 7% more on breadbasket items’

By YOURI KEMP Tribune BUSINESS REPORTER ykemp@tribunemedia.net

MICHAEL HALKITIS

SUPER Value’s top executive said consumers should expect up to a seven percent increase in breadbasket items in the oncoming months.

Debra Symonette, Super Value’s president, told Tribune Business she expects to see an increase in some breadbasket items by between “three to seven percent,” as it is becoming difficult for the company to make a profit on them when the prices are going up internationally but the Price Control Commission forbids them from

raising the price on breadbasket items.

Ms Symonette said: “The thing is the government is looking at the cost of the items to places like us who have to sell items and the prices are constantly increasing for us and if price control restricts us from raising the price to a certain amount then eventually we’re going to incur a loss, or we may not be able to carry the item anymore.”

She added: “We’re hoping that by the end of the year everything starts to settle down and things can be smoothed out, but we can’t say for certain when that will be.”

SEE PAGE 4

Treasure Cay sale to Kovats to proceed

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net TREASURE Cay Resort president Robert Meister has confirmed that the sale of the resort will continue with Dr Mirko Kovats.

The rescinding of a $20m bond from the purchaser never took place as stated by Kirk Cornish, Member of Parliament for North Abaco and reported earlier.

Robert Meister, president of Treasure Cay Limited, responding by text messages to requests made by Tribune Business, said: “Treasure Cay Limited has never required

SEE PAGE 4

TREASURE CAY MARINA

Joint working space for crypto-curious

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CRYPTO Isle has opened a co-working space, and launched a masterclass series for those curious about crypto as well as seasoned professionals.

Tevin Bannister, a consultant in the Office of the Prime Minister, will teach the fundamentals of cryptocurrency and blockchain technology in the first session of Crypto

SEE PAGE 3

TEVIN BANNISTER, Series 7 license holder and consultant in the Office of the Prime Minister, will teach the fundamentals of cryptocurrency and blockchain technology in the first session of Crypto Isle's masterclass series.

HUBERT EDWARDS

‘Be ready for international attacks over digital role’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FINANCIAL analyst warns that international “attacks” on the financial services sector should be expected as the country’s involvement in the digital assets and cryptocurrencies business develops.

Hubert Edwards, principal of Next Level Solutions, said in a statement sent to the media: “Many are still uncertain about this new paradigm of digital/virtual assets, nonfungible assets and currencies. Our position at NextLevelSolutions is that while underdeveloped at this stage the use cases of the technology in many instances are encouraging with the ability to successfully create value. The emergence of stablecoins; the disappearance of some levels of regulatory fuzziness; and the roll back from total anonymity, suggest that these very much have the ability to integrate into traditional financial systems and are therefore here to stay. This document provides brief recap and commentary on the white paper, undergirded by contemplations of how do we capitalise on the new evolving technologies and how to strategise for the creation of real national long-term value.

“Next Level Solutions generally supports the propositions in the white paper and the framework. The insights and intentions are clear. The country’s proposed ‘differentiated’ approach, designed to create competitive

SEE PAGE 4

PAGE 2, Thursday, May 12, 2022

THE TRIBUNE

Are you a good boss?

I

t's often said that people quit bosses, not jobs. A bad boss can make a good job miserable and a bad job unbearable.

Beyond the negative impact on individual employees, ineffective managers can also cost companies tons of money in turnover and lost productivity.

While bosses may be "bad" for different reasons, there are a few traits that many of them have in common. From micromanagement to a lack of empathy, here are a few red flags to watch out for in a manager, according to research.

Micromanagement Micromanagement may be effective sometimes, but what if micromanagement exists across all functions of a business? And if employees are desirous to excel, shouldn’t they have the freedom to plan and execute on their own, based on the objectives set by their

bosses? In my humble opinion, micromanaging not only limits an employee's ability to deliver success, but also causes the boss to stretch themselves too thin and not lead the company well.

Micromanagement leads to distrust and only serves to slow a business

Bahamian Physician Earns MBA at Emory University

Dr. Jennifer Butler-Lewin MD MBA Emory University Goizueta Business School announced on May 6, 2022 the graduation of Jennifer Butler-Lewin with a Master of Business Administration. The Goizueta MBA is the only top ranked MBA program in Georgia, offering World -class academics delivered in a dynamic global city.

Dr. Butler-Lewin is a twelve year plus veteran of the healthcare industry with subspecialty and clinical expertise in pulmonary, critical care, and sleep medicine.

She attended Tuskegee University and graduated summa cum laude and four years later, graduated from Wayne State University School of Medicine, Detroit, Michigan.

She completed residency in Internal Medicine at State University of New York. She also completed fellowship in Pulmonary and Critical Care at Henry Ford Hospital in Detroit and fellowship in Sleep Medicine at University of

Chicago Medical Center.

For the past five years, she served as an attending Pulmonary and Critical Care physician and Director of Sleep Medicine program with one of the major hospitals in the metropolitan Atlanta area.

Dr. Butler-Lewin served as Deputy Head Girl and Valedictorian of the 2002 graduating class at Kingsway Academy High School. She is married to L’Wade Lewin an aerospace engineer from the state of Connecticut.

Her parents, Abraham and Edith Butler and brother Dr. Abraham “Reno” Butler and his fiancée Alexis Combs, and family extend congratulations on her dedication, perseverance, and graduation.

down long term, so it may be best to avoid it.

A One-Size-Fits-All Approach to Management There is no objectively bad style of managing. The job of a manager is to make sure that a team is aligned on its mission and has the support and resources it needs to achieve that mission. But every employee is different, so the only way to accomplish that is to tailor your managing, and communication to best fit that individual. Bad bosses don't show an appetite to learn, and instead offer a one-sizefits-all approach ("this is my style of being a boss").

They are impatient when an employee doesn't "get it" and hardly invest the time in learning the right way to manage each individual.

Doesn't Lead By Example In my experience, the best leaders are those who are in the trenches and execute. The worst have always been those who think they are superior to getting their hands dirty or hardly comprehend the vision of the business. True leaders lead by example, which includes rolling up your sleeves, and assisting to if need be. It's a great way to identify needs, inefficiencies and strengths.

Lack of Empathy What inspires a team of employees is working for a leader they feel understands them. There will always be challenges in a workplace, and one of the most important things a leader can do is empathize with their employees. If an employee makes a mistake, take the time to understand what went wrong before passing judgment.

Having empathy ensures low employee turnover and high productivity.

Focused On Blame, Rather Than Solutions And Support My own pet peeves about bad bosses are duplicity, being weak and lack of consistency. By and large good leaders minimize damages by exploring solutions such as training, developing strategies, never using another’s mistakes as a way to prop up their position, or casting blame so as to deflect from any blame that is their responsibility. This is a bad boss. For example: a worker blames the machinery, the supervisor blames the worker, the manager blames the supervisor, and the head of the company blames the manager. Altogether, somewhere along this chain of denial, what's wrong with saying, "Let us all focus on “solutions” to ensure that this doesn't happen again"?

Uses Their Team As Pawns For Their Own Success The trait common to all the bad bosses I have observed is the belief that their team exists only

By

DEIDRE

BastiaN to facilitate their own advancement. Mistakes are only mistakes if they make the boss look bad. Actions are only praised if they make the boss look good.

The quality of the work and the morale of the team are largely irrelevant. Good managers are the opposite as their goal is to always make their team look good.

This type of management yields the best outcomes over the long term. If bad bosses can make their way up the hierarchy, you might want to consider employment elsewhere.

Lack of Focus I've worked on jobs where bosses who were both good and bad and what I have observed is that good bosses always had a clear vision of what they wanted to accomplish and planned each day to arrive closer to that goal, whether, improving customer satisfaction or designing new products; overall the common thread was focus. On the other hand, bad bosses tended to be inconsistent with their goals, clueless but always seemed nice, intelligent, but lacked focus.

Takes Credit for Others' Work Taking credit for employee’s success is never a good idea and it’s even worse when a boss is the perpetrator. Taking credit for the work of subordinates makes for ineffective leaders as it dampens employee’s motivation. A limelight seeking boss is not just unfair to employees, but also detrimental to the employee’s career.

Disrespectful to employees Bosses who are ineffective typically don't have mutual respect with their employees however never feel it’s necessary to listen nor respect their opinions, thus employees will have a difficult time respecting or having a great relationship with their managers.

Employee’s desire is to feel that their opinions matter and that their leaders value their input.

SEE PAGE 3

Property For Sale

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THE TRIBUNE

Thursday, May 12, 2022, PAGE 3

JOINT WORKING SPACE FOR CRYPTO-CURIOUS FROM PAGE ONE Isle’s masterclass series on Saturday.

The location will offer a range of co-working spaces, from hot desks to private offices, complete with amenities.

The community is also offering a three-month membership package that includes access to hot desks, preferred access to inperson classes, discounted event rates, and access to happy hours & networking events for a limited time.

The first class in the series, Intro to Crypto, will be held from 10am-2pm on Saturday, at Crypto Isle’s headquarters at the former Lucianos of Chicago venue on East Bay Street. It will cost $200 per person and virtually at $100 per person.

“Cryptocurrency will be a transformative force in our society in the coming years,” said Mr Bannister.

“I am delighted to partner with Crypto Isle to

CRYPTO ISLE SHARED WORKINGSPACE

RUAIRÍ KENNEDY introduce people to the world of crypto and help decentralise information concerning digital assets to make it more easily accessible to the public.”

Crypto Isle’s second masterclass, ‘Find the Right Crypto Investments’, led by quantitative execution analyst Ruairí Kennedy will be held on Tuesday, May 24, from 6.30pm - 8.30pm.

The course will cover the risks and pitfalls of crypto, exploring the crypto

investment landscape, centralized exchanges, DeFi & NFTs. “There are a lot of misconceptions as it relates to investing in cryptocurrency,” said Mr Kennedy.

“While there are risks associated with it, it’s easier to learn how to identify potential pitfalls and then take the necessary steps to limit them than to avoid trading altogether.”

For more details, visit cryptoisle.com.

Are you a good boss?

FROM PAGE TWO A Sense Of Entitlement Rather Than A Sense Of Duty An organization works better when its members work together. An unethical boss expects to be served, and the vision they share with their staff is their own rather than the company’s. That kind of leadership often results in a toxic work environment, which typically stifles a business’s growth. People naturally imitate the ones they look up to nonetheless; great leaders inspire their colleagues to become better employees.

Expects All Employees to Be akin to them

The bad boss measures employees by the same criteria that made them successful, which is insanely ineffective. Meanwhile, good bosses identify employee’s strengths and place them in a position where it can be utilized. To this end, great bosses aim should always be to elevate their employees to achieve maximum potential. If a boss plays an armchair role of dictating and criticizing work that they have not attempted themselves, the effects are corrosive not only to the employee but also to the core values of the company or service.

Until we meet again, fill your life with memories rather than regrets. Enjoy

life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of A.Sc. B.Sc. M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

PAGE 4, Thursday, May 12, 2022

‘Be ready for international attacks over digital role’

THE TRIBUNE FROM PAGE ONE advantage, especially as it relates to proportionality in regulations, appears sound, responsive and respectful of the developing environment.

“The paper does have a number of broad statements for which general refinements will be required for better communication of national benefit. While the focus is on digital assets this represents, in a significant way, an economic policy position. To underline this, we note from the IMF document cited above ‘The authorities would like to establish The Bahamas as a leader in digital assets and crypto currencies. They are pleased to have put in place a designated legal framework for the digital asset space (the 2020 Bahamas’ Digital Assets and Registered Exchanges Bill, DARE) and are working to facilitate the granting of approvals and licenses in a fair and transparent manner’.”

The statement also said: “The most direct observation is that digital assets and the underlying technologies has the ability to revolutionise payment systems, intermediation and the provision of financial service across the board.

Decentralised financing

(DeFi) is taking hold in the global space with the use of smart contracts. The FATF’s most recent look at virtual assets and virtual assets service providers (VA/VASP), contemplating the risk to the financial system, gives a clear appreciation of the future value of the technologies. The accepted position is that virtual assets are making major incursions into the traditional system and there are concerns for financial stability.

It added: “We believe that the focus should be on the technology while seeking to benefit from what is currently evolving. The technology in the interim will be disruptive in different ways to financial services and must therefore be carefully managed.

The financial values that are being observed today may very well fall away but we must be mindful that it could take a system with it. Regulations, risk management, compliance and strategic thinking become paramount as this evolves.”

It continued: “Following pioneering moves with the DARE (Digital Assets and Registered Exchanges) Act, the current developments hold great significance for the continued vibrancy of the local financial services

sector (offshore) with high spillover value and effect for domestic segments of the economy. We consider this a very progressive and useful policy position. The stated intention of The Bahamas becoming a center of excellence in the region and world is, in our opinion, very fascinating and highly strategic. The position is, however, not without important challenges which should not be ignored if the country is to maximise its potential in this arena.

“It should be anticipated, consistent with past attacks on financial services sector, that international efforts to control the crypto space will emerge. It is inevitable, should be anticipated and strategized for. AML/CFT represents the most likely pressure point. It should be accepted that they are coming, especially the EU. Their modus operandi is well known and consistent and they will be looking for cracks to exploit as might be manifested by weak AML regimes, light touch regulatory regimes, lack of enforcement, and of course we anticipate that claims of taxation abuse will feature and these arguments around given on going debates about when taxable events with cryptocurrencies crystalizes and where.”

Treasure Cay sale to Kovats to proceed FROM PAGE ONE hopeful that this sale can be concluded as quickly as possible.”

Dr Wolfgang Groeger, speaking on behalf of the Kovats Family Office in Vienna, Austria, said: “There hasn’t been any request of a $20m bond so no reason to even discuss such.

“Dr. Kovats has a binding purchase agreement and will execute this. The deal has been on since February, 2021, and has never been off.

“This is a purely private transaction between private sellers and private buyer and has to be approved within 60 days by the New Day investor-friendly government.”

Dr Kovats has been waiting since August, 2021, but also said that he is “not prepared to wait forever”.

Dr Groeger added: “No Crown land requiring government to approve any development plan, the Treasure Cay development is 50 plus years old, since 20 years for sale, sold since February, 2021, and simply needs quick reconstruction

of marina, restaurants, commercial center which has been confirmed to the prime minister on the occasion of several meetings.”

The resort is an economic anchor for Abaco and provides jobs and economic stimulus.

Some residents are not in favour of Dr Kovats purchasing the resort and have made their feelings known about the sale. However, residents do understand that the resort needs to change hands in order for Treasure Cay to move forward.

‘Expect to pay 7% more on breadbasket items’ FROM PAGE ONE The war between Russia and the Ukraine is adding additional pressure on prices as well as creating an atmosphere of uncertainty within the business community on stabilizing prices.

A government notice was in the newspaper earlier this week notifying the public that the government approved price increases for cooking oil, corned beef, evaporated milk, flour and margarine.

Michael Halkitis, Minister for Economic Affairs, explaining the matter in the Senate yesterday, said: “There’s food inflation and it is an issue that is vexing that is affecting us and that is affecting other countries around the region and it is something that we are studying and we are seeking ways in which we can assist.”

There was a story circulating around social media that made its way to a local daily on the government approving the rise in the

price of breadbasket items, which Mr Halkitis dismissed as incorrect as there was no widespread increase in the price of breadbasket items but rather only an increase in some namebrand products within the breadbasket items list.

Mr Halkitis also said: “There is no general authorisation in the increase of the breadbasket items. The situation works like this: You have items that are in the breadbasket that are price controlled.

For example, in the stories it mentioned corned beef, you have various brands and what happens is when an importer imports an item, if his price has gone up and in and nutshell, he applies to the prices commission for the margin to be a higher cost for that particular item.

“So, when it is said that government authorised an increase in the price of corned beef, it is not every single brand or corned beef across the board. It is a particular brand.”

THE TRIBUNE

Thursday, May 12, 2022, PAGE 5

Tech sector leads stocks lower as inflation remains high

By STAN CHOE, DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers NEW YORK (AP) — Stocks fell on Wall Street Wednesday, led by more drops in technology companies, after a report on inflation came in worse than feared.

An early rally faded, leaving the S&P 500 1.6% lower after waffling between gains and losses in morning trading. The slide wiped out gains from a day before, when the benchmark index snapped a three-day losing streak.

The Dow Jones Industrial Average dropped 1% and the Nasdaq fell 3.2% as tech stocks weighed down the broader market. The three major indexes are each on pace for another sharp weekly loss.

Wall Street has been transfixed on the nation's high inflation, and where it's heading, because it's causing the Federal Reserve to yank the supports it propped under markets for most of the pandemic. The Fed has flipped aggressively toward raising interest rates after seeing high inflation last longer than it expected.

Wednesday's report from the U.S. Labor Department showed inflation slowed a touch in April, down to 8.3% from 8.5% in March.

Investors also found some glass-half-full signals in the data that inflation may be peaking and set to ease further.

Nevertheless, the numbers were still higher than economists forecast.

They also showed a bigger increase than expected in prices outside food and gasoline, something economists call "core inflation" and which can be more predictive of future trends.

"Core inflation came in hot, and that's what really matters to the Fed at this point," said Brian Jacobsen, senior investment strategist at Allspring Global Investments.

Economists said the inflation report will keep the Fed on track for rapid and potentially sharp increases in interest rates in upcoming months, though the data led to erratic trading on Wall Street.

“Core inflation came in hot, and that’s what really matters to the Fed at this point.”

Brian Jacobsen Treasury yields initially jumped but pared their gains as the morning progressed. The 10-year Treasury yield climbed as high as 3.08% but fell back to 2.92% in later trading, below its late-Tuesday level of 2.99%. The two-year yield, which moves more on expectations for Fed action, rose to 2.64% from 2.62% late Tuesday. It had climbed as high as 2.75% shortly after the report's release.

As yields briefly regressed, most stocks reversed their early losses, but the gains didn't hold.

"In the past week, any kind of gains have really struggled to stick," said Ross Mayfield, investment strategy analyst at Baird.

"It's just a seller's market right now."

The S&P 500 fell 65.87 points to 3,935.18, while the Nasdaq slid 373.44 points to 11,364.24. Both indexes posted five straight weekly losses heading into this week.

The Dow dropped 326.63 points to 31,834.11. The blue-chip index has racked up six straight weekly losses.

Smaller company stocks also lost ground. The Russell 2000 fell 43.65 points, or 2.5%, to 1,718.14.

To corral high inflation, the Fed has already pulled its key short-term interest rate off its record low near zero, where it spent most of the pandemic. It also said it may continue to hike rates by double the usual amount at upcoming meetings. Such moves by design would slow the economy, in hopes of quashing inflation.

The Fed risks causing a recession if it raises rates too high or too quickly.

Even if it's deft enough to avoid a downturn, higher rates push down on prices for stocks and all kinds of investments in the

meantime. That's because higher-yielding, safe Treasury bonds suddenly become a stronger competitor for investors' dollars.

"The market's main concern at this point is inflation and how the Fed reacts to it," said David Lefkowitz, head of equities for the Americas at UBS Global Wealth Management. "In order for markets to get more comfortable with a soft landing, they are going to be focused on any of the inflation data and also any clues about how the Fed thinks about that inflation data."

Higher rates are most hurting the investments that were the biggest winners of the ultra-low rates of the pandemic. That includes big technology companies, other high-growth stocks and even cryptocurrencies.

The Nasdaq's loss of more than 27% so far this year is considerably worse than the roughly 17% drop for the S&P 500, for example.

Coinbase, a crypto trading platform, tumbled 26.4% after it reported much weaker results for the latest quarter than analysts expected. Drops in crypto prices dragged on trading volumes through the quarter.

Several other companies made big moves following the release of their latest earnings results. Hamburger chain Wendy's fell 10.8% after reporting disappointing profits. Callaway Golf jumped 10.2% and H&R Block surged 19.5% after reporting encouraging financial results.

It's not just interest rates that are pushing markets lower. In China, shutdowns meant to stem COVID are raising the risk of more supply chain disruptions for global companies and a slowdown in the world's second-largest economy.

BEYOND Meat products are seen in a refrigerated case inside a grocery store in Mount Prospect, Ill., Saturday, Feb. 19, 2022. On Wednesday, May 11, 2022, the plant-based meat company reported lower-than-expected sales in the first quarter as it slashed prices and demand from restaurants fell.

Photo:Nam Y. Huh/AP

Beyond Meat shares tumble on lower-than-expected Q1 sales

By DEE-ANN DURBIN AP Business Writer PLANT-BASED meat company Beyond Meat reported lower-thanexpected sales in the first quarter as it slashed prices and demand from restaurants fell.

The El Segundo, California, company said its revenue rose 1.2% to $109.5 million in the JanuaryMarch period. Wall Street had forecast revenue of $112 million, according to analysts polled by FactSet. Beyond Meat's shares __ already down 60% from the

start of this year __ tumbled 24% in after-hours trading.

Beyond Meat said its U.S. retail sales jumped 6.9% in the quarter, but that was mostly due to the introduction of Beyond Meat Jerky, a meatless jerky developed as part of a snack food partnership with PepsiCo. Beyond Meat said U.S. retail sales of its other products, including burgers and sausages, were lower than the prior year. U.S. food service sales also fell 7.5%.

Beyond Meat's results came amid signs of plateauing demand for plant-based meat. U.S. sales of meat

alternatives were flat in the 52 weeks ending April 30, according to NielsenIQ, a market research firm. In the same period in 2021, they jumped 25%.

Beyond Meat said investments to support new products like the jerky also cut into profits. Beyond Meat reported a net loss of $100.5 million for the quarter, up from a loss of $27.3 million in the same period last year.

The loss, of $1.58 per share, was also far higher than the 97 cent loss analysts forecast.

IN this photo provided by the New York Stock Exchange, trader Edward Curran, left, and specialist Meric Greenbaum work on the floor, Wednesday, May 11, 2022. Stocks fell on Wall Street Wednesday after inflation slowed last month but still came in worse than feared.

Photo:Courtney Crow/AP

PAGE 6, Thursday, May 12, 2022

VEGAS STRIP RESORT SURPRISES 5,400 WORKERS WITH $5K BONUSES

THE TRIBUNE LAS VEGAS Associated Press JOYOUS bedlam erupted Wednesday at an employee appreciation and awards buffet at The Cosmopolitan of Las Vegas when the resort chief executive announced that all 5,400 people who work there will receive a $5,000 bonus.

"It's amazing!" said Edgar Rives, a cook for nine years in the employee cafeteria, after a round of high-five hand slaps and hugs with dancing co-workers at The Chelsea theater at the Las Vegas Strip property. "It's a big surprise."

The 55-year-old El Salvador immigrant and U.S. citizen said he'll leave it to his wife to decide how to spend the money.

Perhaps half of the resort's workers attended the noontime midweek event, where executives from Blackstone Real Estate Americas and the Cosmopolitan, including resort President and CEO Bill McBeath, credited them with maintaining "a youthful, exuberant brand" while working through the coronavirus pandemic.

"It's you, every single day, that makes a difference," said Daniel Espino, Cosmopolitan chief people officer. "Whether you clean the rooms, cook the food, are dealing cards, serving drinks, at the front desk."

McBeath noted the resort had donated more than $9 million to charities during the last seven years, and he awarded vacation trips to

San Diego and Hawaii to two company employees: Staci Stafford, a housekeeping worker trainer, and Samira Harbali, a server at the resort.

Company representatives said the all-employee bonus announced Wednesday will cost the resort more than $27 million.

Blackstone, the New York-based private equity firm, owns the approximately 3,000-room, two-tower property.

It plans in coming weeks to complete a $1.6 billion sale of property operations to casino giant MGM Resorts International.

The Cosmopolitan sits between two other MGMowed Strip properties: Bellagio and the multiresort City Center complex.

EMPLOYEES of The Cosmopolitan of Las Vegas celebrate at an event announcing cash bonuses for employees, Wednesday, May 11, 2022, in Las Vegas. Blackstone, the corporate owner of The Cosmopolitan of Las Vegas, surprised employees at an appreciation event.

Photo:John Locher/AP

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THE TRIBUNE

Thursday, May 12, 2022, PAGE 7

US INFLATION DIPS FROM 4-DECADE HIGH BUT STILL CAUSING PAIN WASHINGTON Associated Press INFLATION eased slightly in April after months of relentless increases but remained near a four-decade high, making it hard for millions of American households to keep up with surging prices.

Consumer prices jumped 8.3% last month from a year ago, the government said Wednesday. That was below the 8.5% year-overyear surge in March, which was the highest since 1981.

On a monthly basis, prices rose 0.3% from March to April, the smallest rise in eight months.

Still, Wednesday's report contained some cautionary signs that inflation may be becoming more entrenched.

Excluding the volatile food and energy categories, socalled core prices jumped twice as much from March to April as they did the previous month. The increases were fueled by spiking prices for airline tickets, hotel rooms and new cars.

Apartment rental costs also kept rising.

Those price jumps "make clear that there is still a long way to go before inflation returns to more acceptable levels," said Eric Winograd, U.S. economist at asset manager AB.

Even if it moderates, inflation will likely remain high well into 2023, economists say, leaving many Americans burdened by price increases that have outpaced pay raises. Especially hurt are lower-income and Black and Hispanic families, who on average spend a greater proportion of their incomes on gas, food and rent.

Wednesday's report also underscored the challenges for the Federal Reserve and White House in their struggles to tame inflation.

In April, a fallback in gas prices helped slow overall inflation. Nationally, average prices for a gallon of gas fell to as low as $4.10 in April, according to AAA, after having spiked to $4.32 in March. But since then, gas prices have surged to a record $4.40 a gallon.

Grocery prices, too, are still soaring, in part because Russia's invasion of Ukraine has heightened the cost of wheat and other grains. Food prices rose 1% from March to April and nearly 11% from a year ago. That year-over-year increase is the biggest since 1980.

Such rapid inflation has led many Americans to cut back on spending. Among them is Patty Blackmon, who said she's been driving to fewer

A CUSTOMER pumps gas at an Exxon gas station, Tuesday, May 10, 2022, in Miami. U.S consumers have so far defied higher prices for gas, food, and rent and have been spending more in 2022, providing crucial support to the economy. How long that can continue will be one of the key factors affecting the economy and inflation this year.

Photo:Marta Lavandier/AP of her grandchildren's sports events since gas spiked to $5.89 in Las Vegas, where she lives.

To save money, Blackmon, 68, also hasn't visited her hairdresser in 18 months. And she's reconsidering her plan to drive this summer to visit relatives in Arkansas. She was shocked recently, she said, to see a half-gallon of organic milk reach $6.

"Holy cow!" she thought.

"How do parents give their kids milk?"

Blackmon has cut back on meat, and "a steak is almost out of the question,"

she said. Instead, she is eating more salads and canned soups.

Likewise, David Irby of Halifax, Virginia, said he's been cutting back on food and other highercost expenses. A veteran who retired on disability in 2015, Irby, 57, said he has switched to chicken from beef and quit buying bacon or junk food, like his favorite treat, Cheetos.

Irby's biggest worry?

Replacing his 22-year-old Ford truck, which is no

longer reliable on long trips.

A new one costs $50,000.

Even a 5-year old used version is about $40,000.

"I don't know how people on a fixed income can buy a vehicle now," he said. "It takes me almost two years to make $40,000."

Turmoil overseas could potentially accelerate inflation in the coming months.

If the European Union, for example, decides to bar imports of Russian oil, world oil prices could rise.

So could U.S. gas prices.

And China's COVID lockdowns could worsen supply chain snarls.

In April, airfares soared a record 18.6%, the largest monthly increase since record-keeping began in 1963. And hotel prices jumped 1.7% from March to April.

Southwest Airlines said last month that it foresees much higher revenue and profits this year as Americans flood airports after having postponed travel for two years. Southwest said its average fare soared 32% in the first three months of the year from the same period last year.

There are, though, signs that supply chains are improving for some goods.

Wednesday's report showed

that prices for appliances and clothing both fell 0.8%, while the cost of used cars dropped 0.4%, the third straight decline. Used cars and other goods drove much of the initial inflation spike last year as Americans stepped up spending after vaccines became widespread.

Inflation is also posing a serious political problem for President Joe Biden and congressional Democrats in the midterm election season, with Republicans arguing that Biden's $1.9 trillion financial support package last March overheated the economy by flooding it with stimulus checks, enhanced unemployment aid and child tax credit payments.

On Tuesday, Biden sought to take the initiative and declared inflation "the No. 1 problem facing families today" and "my top domestic priority."

Previous signs that U.S. inflation might be peaking didn't last. Price increases decelerated last August and September, suggesting at the time that higher inflation might be temporary, as many economists — and officials at the Fed — had suggested.

PAGE 8, Thursday, May 12, 2022

THE TRIBUNE

HIGH INFLATION LEAVES FOOD BANKS STRUGGLING TO MEET NEEDS KENDALL Nunamaker and her family of five in Kennewick, Washington, faced impossible math this month: How to pay for gas, groceries and the mortgage

with inflation driving up prices?

Like many other working families, the Nunamakers are grappling with the 8.3% inflation in the consumer price index in April

announced Wednesday — slowing slightly from the March figure which was the largest year-overyear increase since 1981, according to the Labor Department. The national

average gas price reached a record high Wednesday of $4.40 a gallon. And global food prices are climbing after shortages caused

by Russia's war against

Ukraine and other supply chain problems.

Food banks across America say those economic conditions are intensifying demand for their support at a time when their labor and distribution costs are climbing and donations are slowing. The problem has grown to the point where last week President Joe Biden called for a Conference on Hunger, Nutrition and Health in September, the first since 1969.

For many families like the Nunamakers, food insecurity became a painful surprise.

"There's no reason us as a couple and a family should be struggling so hard," Nunamaker said.

"We make decent money."

She works three days a week at a home décor store for $15.25 an hour; her husband, Nick, works a full-time union job as a paratransit driver at $27 an hour. Though they receive some money from a state nutrition program for young children that their two youngest qualify for, they still spent $360 on groceries last week.

Because of inflated prices, those groceries didn't go far enough to feed everyone. And the family still lacked money to pay other household bills, leaving Nunamaker wondering how she would stretch their next paychecks to cover those bills and their mortgage this month.

In the past, to bridge the gap, the family sold off possessions like VR headsets and firearms.

"At some point," Nunamaker said, "we're not going to have anything because we would have sold everything."

So Nunamaker and her husband visited two local food banks for the first time last week.

The pandemic forced roughly 60 million Americans to seek help for food insecurity, according to Feeding America.

At the end of 2021, as hiring boomed, demand for food banks returned to regular levels. But the relief was short-lived.

"In the last few months, with this increase in inflationary pressures, we're

seeing 95% of our 200 member food banks saying that they have seen either leveling or an increase in need," said Claire Babineaux-Fontenot, CEO of Feeding America.

In the area along the Columbia River where Nunamaker lives, the number of clients seeking food aid at a church pantry jumped 40% between December and March, according to Eric Williams, director of community partnerships at Second Harvest, an organization that works to supply local pantries with food.

He said his organization must make more happen with less because its suppliers are subject to the same cost increases. The price that Second Harvest pays for obtaining donated produce has risen from about 6 cents a pound a year ago to about 10 or 11 cents a pound now, Williams said.

Some of Feeding America's food pantry partners have closed because of dwindling donations and higher costs for receiving and delivering food. Others have less food on their shelves even though they have higher demand.

"Our network emphasizes access and equity," Babineaux-Fontenot said.

"So we are working extra hard to reach people who have the deepest food insecurity rates. Well, how far out can we go when gas prices are high? We have data that shows that race and place are significant indicators of whether or not you will be food insecure and how deeply you will be food insecure."

Because of inflation and a reduction in aid, a food bank that serves three counties in Ohio — also called Second Harvest — is facing a drop in the amount of food it's able to provide.

"Compared to last year at this time, we're about 50% down in what we have received in the past in federal food donations and then about 20% down from food drives in our collection of food at the grocery stores," Executive Director Tyra Jackson said. "All of that combined is truly having an impact on our budget because we're needing to purchase more food outright."

The struggles of families are heightened by the fact that government benefits that were increased during the pandemic like food stamps or unemployment insurance have stopped or will end shortly.

SGT. Kevin Fowler organizes food at a food bank distribution by the Greater Cleveland Food Bank, Thursday, Jan. 7, 2021, in Cleveland. Food banks across America say these economic conditions are pushing demand for their support higher, at a time when their labor and delivery costs are climbing and donations are decreasing. The problem has grown to the point that President Joe Biden called for a Conference on Hunger, Nutrition and Health in September, the first since 1969.

Photo:Tony Dejak/AP

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 SHENGHUA INVESTMENT FUND (BAHAMAS) CORP. (In Voluntary Liquidation) Pursuant to the provisions of section 138 (4) of the International Business Companies Act, 2000, notice is hereby given that: a. SHENGHUA INVESTMENT FUND (BAHAMAS) CORP. is in dissolution in accordance with the provisions of the International Business Companies Act, 2000. b. The dissolution of the said Company commenced on the 6th day of May 2022, when its Articles of Dissolution were submitted to and registered by the Registrar General. c. The Liquidator of the said Company is GLC Corporate Services Ltd., of Units 10-12, Second Floor, Building Four, Old Fort Bay Towne Center, Windsor Field Road, Old Fort Bay, New Providence, The Bahamas.

Dated the 12th day of May, 2022 GLC Corporate Services Ltd. Voluntary Liquidator

THE TRIBUNE

Thursday, May 12, 2022, PAGE 9

IN this May 28, 2020, file photo, a passenger wears personal protective equipment on a Delta Airlines flight after landing in Minneapolis, United States of America. The European Union Aviation Safety Agency said Wednesday that from next week onward it is no longer recommending the use of medical masks at airports and on planes due to the coronavirus.

Photo:John Minchillo/AP

EU LIFTS MASK RECOMMENDATION FOR AIR TRAVEL AS PANDEMIC EBBS

By FRANK JORDANS Associated Press BERLIN (AP) — The European Union will no longer recommend medical masks be worn at airports and on planes starting next week amid the easing of coronavirus restrictions across the bloc, though member states can still require them, officials said Wednesday.

The European Union Aviation Safety Agency said it hoped the joint decision, made with the European Centre for Disease Prevention and Control, would mark "a big step forward in the normalization of air travel" for passengers and crews.

The new guideline "takes account of the latest developments in the pandemic, in particular the levels of vaccination and naturally acquired immunity, and the accompanying lifting of restrictions in a growing number of European countries," the two agencies said in a joint statement.

"Passengers should however behave responsibly and respect the choices of others around them," EASA Executive Director Patrick Ky said. "And a passenger who is coughing and sneezing should strongly consider wearing a face mask, for the reassurance of those seated nearby."

While the new recommendations take effect on May 16, rules for masks may still vary by airline beyond that date if they fly to or from destinations where the rules are different.

Germany's Health Ministry said it will continue to require all passengers over the age of 6 to wear medical masks on flights to, from or within the country, though they can be removed during meals.

Last week, German carrier Lufthansa denied a large group of Jewish travelers board a plane because some had refused to wear masks. The airline has since apologized for the incident.

European Centre for Disease Prevention and Control director Andrea Ammon said washing hands

and social distancing should still be practiced, but airport operators are advised not to impose distancing requirements if these are likely to lead to a bottleneck.

The agencies also recommended that airlines keep systems for collecting passenger locator information on standby in case they are needed in future, for example if a new dangerous variant emerges.

Airlines welcomed the change in guidance and called for a consistent approach to mask mandates.

"We believe that mask requirements on board aircraft should end when masks are no longer mandated in other parts of daily life, for example theaters, offices or on public transport," said Willie Walsh, director-general of the International Air Transport Association.

The decline in reported COVID-19 cases over the past weeks has prompted countries across Europe to roll back pandemic-related restrictions.

Germany said Wednesday that it was disbanding a crisis task force appointed to lead the official response.

And the French government announced separately Wednesday that people will no longer have to wear facemasks in any forms of public transport starting from Monday.

Health Minister Olivier Veran, speaking after a Cabinet meeting, said that the decision is part of policies to lift most restrictions as the pandemic is slowing down in the country.

French authorities reported this week about 39,000 confirmed cases of COVID-19 each day on average, down by 30% compared to last week.

The numbers of patients in hospitals have also been steadily decreasing in recent weeks.

Wearing facemasks will no longer be needed in metros, bus, trains and domestic flights. It is still be requested in hospitals and nursing homes, Veran said.

France lifted most coronavirus restrictions in March.

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

FASTBOAT CORP.

(In Voluntary Liquidation) Pursuant to the provisions of section 138 (4) of the International Business Companies Act, 2000, notice is hereby given that: a. FASTBOAT CORP. is in dissolution in accordance with the provisions of the International Business Companies Act, 2000. b. The dissolution of the said Company commenced on the 6th day of May 2022, when its Articles of Dissolution were submitted to and registered by the Registrar General. c. The Liquidator of the said Company is GLC Corporate Services Ltd., of Units 10-12, Second Floor, Building Four, Old Fort Bay Towne Center, Windsor Field Road, Old Fort Bay, New Providence, The Bahamas.

Dated the 12th day of May, 2022 GLC Corporate Services Ltd. Voluntary Liquidator

PAGE 12, Thursday, May 12, 2022

BIDEN SEES BIGGER ROLE FOR US FARMS DUE TO UKRAINE WAR

By ZEKE MILLER AND JOSH BOAK Associated Press

KANKAKEE, Ill. (AP) — President Joe Biden vowed to help American farmers try to ease a global spike in food prices following Russia's invasion of Ukraine as he visited a family farm Wednesday and unrolled policies meant to increase harvests in ways that the administration believes could also help to reduce grocery bills at home.

"I stand here today to thank American farmers who are the breadbasket of democracy," Biden said.

"We can make sure that American agricultural exports will make up for the gap in Ukrainian supplies."

His administration announced three policy shifts to help U.S. farmers

amid the global challenges.

These include doubling funding for domestic fertilizer production to $500 million, greater access to farm management tools for plant and soil needs, and efforts to increase the number of counties eligible for "double cropping" insurance so that farmers can reuse their land for planting in the same year.

Biden noted that Ukraine has 20 million metric tons of wheat and corn in storage that the U.S. and its allies are trying to help ship out of the country. This would help to address some supply issues, though challenges could persist.

The war in Ukraine has disrupted the supply of that country's wheat to global markets, while also triggering higher costs for oil, natural gas and fertilizer. The U.N. Food and

Agriculture Organization said its food price index in April jumped nearly 30% from a year ago, though the index did decline slightly on a monthly basis. Americans are also bearing some pain as food prices are up 9.4% from a year ago, the largest increase in 41 years.

Biden toured the 800-acre O'Connor Farms in Illinois with its owners, Jeff and Gina O'Connor. They're growing wheat to be harvested in July and will later use the same land for soybeans. Biden asked to drive one of their tractors, only to be told it drives itself.

Surveying the wheat, the president observed, "It looks healthy to me."

Wednesday's trip was an opportunity for Biden to tackle two distinct challenges that are shaping his presidency. First, his slumping approval rating

THE TRIBUNE

PRESIDENT Joe Biden walks with O’Connor Farms owners Jeff O’Connor and Gina O’Connor, left, at the farm Wednesday, May 11, 2022, in Kankakee, Ill. Agriculture Secretary Tom Vilsack walks at right. Biden visited the farm to discuss food supply and prices as a result of Putin’s invasion of Ukraine.

Photo:Andrew Harnik/AP has been dogged by high inflation and his visit coincided with the release of the April consumer price index. Consumer prices rose 8.3% from a year ago, a slight decline from the 8.5% annual increase in March.

The drop-off reflected in part a cooling in gasoline prices last month after the jump caused by the start of the war in Ukraine. Still, volatility remains with energy costs as gas prices have climbed in May to an average of $4.40 a gallon on Wednesday, according to AAA. Much more broadly, Biden's visit offered a chance to reinforce America's distinct role in helping to alleviate the challenges caused by the war in Ukraine. The trip follows a similar pattern as Biden's recent visit to an Alabama weapons factory highlighted the anti-tank

Javelin missiles provided by the U.S. to Ukraine.

Several House Democrats, including Speaker Nancy Pelosi, met with Biden on Tuesday after having visited Ukraine.

They warned that the food shortage meant the consequences of the war started by Russian President Vladimir Putin would extend well beyond Ukrainian borders to some of the world's poorest nations.

"It's going to result in a hunger crisis, much worse than anybody anticipated," Massachusetts Rep. Jim McGovern following the White House meeting.

An analysis this month for the center-right American Enterprise Institute

by Joseph Glauber and David Laborde noted that countries in the Middle East and North Africa are mostly likely to suffer from the higher prices caused by grain shortages.

There are limits to how much wheat the U.S. can produce to offset any shortages.

The Agriculture Department estimated in March that 47.4 million acres of wheat were planted this year, an increase of just 1% from 2021. This would be the fifth lowest amount of acres dedicated to wheat in records that go back to 1919.

Biden later went to Chicago to address a supportive crowd at the convention for the International Brotherhood of Electrical Workers, a group that was an early and pivotal backer when his 2020 presidential bid was struggling.

"You're the reason I'm standing here today as president," Biden said. "I've never forgotten, not only what you've done for me, but what you've done for America."

THE TRIBUNE

Thursday, May 12, 2022, PAGE 13

US CASINOS HAD BEST MONTH EVER IN MARCH, WINNING $5.3B

By WAYNE PARRY Associated Press ATLANTIC CITY, N.J. (AP) — Inflation may be soaring, supply chains remain snarled and the coronavirus just won’t go away, but America’s casinos are humming right along, recording the best month in their history in March.

The American Gaming Association, the gambling industry’s national trade group, said Wednesday that U.S. commercial casinos won more than $5.3 billion from gamblers in March, the best single-month total ever. The previous record month was July 2021 at $4.92 billion.

The casinos collectively also had their best first quarter ever, falling just short of the $14.35 billion they won from gamblers in the fourth quarter of last year, which was the highest three-month period in history.

Three states set quarterly revenue records to start this year: Arkansas ($147.4 million); Florida ($182 million), and New York ($996.6 million).

The numbers do not include tribal casinos, which report their income separately and are expected to report similarly positive results.

But while the national casino economy is doing well, there are pockets of sluggishness such as Atlantic City, where in-person casino revenue has not yet rebounded to pre-pandemic levels.

“Consumers continue to seek out gaming’s

entertainment options in record numbers,” said Bill Miller, the association’s president and CEO. He said the strong performance to start 2022 came “despite continued headwinds from supply chain constraints, labor shortages and the impact of soaring inflation.”

The trade group also released its annual State of the States report on Wednesday, examining gambling’s performance across the country.

As previously reported, nationwide casino revenue set an all-time high in 2021 at $53.03 billion, up 21% from the previous best year, 2019, before the coronavirus pandemic hit.

But the report includes new details, including that commercial casinos paid a record $11.69 billion in direct gambling tax revenue to state and local governments in 2021. That’s an increase of 75% from 2020 and 15 percent from 2019. This does not include the billions more paid in income, sales and other taxes, the association said.

It also ranked the largest casino markets in the U.S. in terms of revenue for 2021: The Las Vegas Strip is first at $7.05 billion, followed by: Atlantic City ($2.57 billion); the Chicago area ($2.01 billion); Baltimore-Washington D.C. ($2 billion); the Gulf Coast ($1.61 billion); New York City ($1.46 billion); Philadelphia ($1.40 billion); Detroit ($1.29 billion); St. Louis ($1.03 billion); and the Boulder Strip in Nevada ($967 million).

NOTICE

NOTICE is hereby given that NADIA PETER of St Morgan Road off St Vincent Road, 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 12th 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, 2000 EXTRA MILE INVESTMENT MANAGEMENT CORP. (In Voluntary Liquidation) Pursuant to the provisions of section 138 (4) of the International Business Companies Act, 2000, notice is hereby given that: a. EXTRA MILE INVESTMENT MANAGEMENT CORP. is in dissolution in accordance with the provisions of the International Business Companies Act, 2000. b. The dissolution of the said Company commenced on the 6th day of May 2022, when its Articles of Dissolution were submitted to and registered by the Registrar General. c. The Liquidator of the said Company is GLC Corporate Services Ltd., of Units 10-12, Second Floor, Building Four, Old Fort Bay Towne Center, Windsor Field Road, Old Fort Bay, New Providence, The Bahamas.

Dated the 12th day of May, 2022 GLC Corporate Services Ltd. Voluntary Liquidator

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.

The association divides most of Pennsylvania’s casinos into three separate markets: Philadelphia, the Poconos and Pittsburgh.

Their combined revenue of

nearly $2.88 billion would make them the second largest market in the country if judged as a single entity. It also counts downtown Las Vegas, and its $731 million

in revenue, as a separate market.

Seven additional states legalized sports betting and two more added internet gambling in 2021.

The group reported many states saw gamblers spending more in casinos while visiting them in lower numbers compared to prepandemic 2019.

PAGE 14, Thursday, May 12, 2022

THE TRIBUNE

COINBASE LOSES HALF ITS VALUE IN A WEEK AS CRYPTO SLUMPS

THE MOBILE phone icon for the Coinbase app is shown in this photo, in New York, Tuesday, April 13, 2021. Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop ever on Wednesday, May 11, 2022, as the famously volatile crypto market weathers yet another slump.

Photo:Richard Drew/AP

By MATT OTT AP Business Writer SILVER SPRING, Md. (AP) — Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop 5o date on Wednesday as the famously volatile crypto market weathers yet another slump.

Coinbase reported a $430 million net loss in the first quarter, or $1.98 per share, on declining sales and

MARKET REPORT www.bisxbahamas.com

TUESDAY, 10 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

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%

2297.16

-8.30

-0.36

68.92

3.09

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.54 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 2.82 8.00 14.00 2.17 10.25 11.84 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 3.30 7.52 2.75 8.00 14.00 2.11 10.25 11.85 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

5,000 53,500

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 0.05 0.00 (0.07) 0.00 0.00 (0.06) 0.00 0.01 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 -7.5 53.7 14.9 17.8 19.4 20.7 21.9 18.3 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% 20.57% 0.59% 2.77% 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

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

active users. Analysts were expecting profit of 8 cents per share. Revenue was down as trading volumes fell, and active monthly users declined 19% from the fourth quarter.

It’s unlikely those results surprised investors — shares Coinbase Global Inc. declined 43% in the four days leading up to their earnings release Tuesday. On Wednesday, shares fell 26%, to $53.72 per share. On the day of its initial public offering just 13 months ago, prices hit $429 per share.

Patrick O’Shaughnessy, an analyst who covers Coinbase for Raymond James, acknowledged in a note to clients that there was an ongoing debate over whether the crypto market was in one of its typical funks or if this was the postpandemic bubble deflating.

“While management strongly believes the former will prove to be true, we suspect there is more than a bit of truth to the latter, particularly with crypto failing to serve as an inflation hedge thus far in 2022,” O’Shaughnessy wrote.

Like much of Wall Street, O’Shaughnessy said his firm expects Coinbase to continue to lose money in the coming quarters, and that the “cons of increased crypto regulation down the road will decidedly outweigh the pros.”

Government officials have made it clear that regulation is coming. Treasury Secretary Janet Yellen said in April that more government oversight is needed in the fledgling industry and that over the next six months, Treasury would work with the White House and other agencies to develop reports and recommendations on digital currencies.

“Our regulatory frameworks should be designed to support responsible innovation while managing risks – especially those that could disrupt the financial system and economy,” Yellen said.

On Tuesday, Yellen testified to the Senate Banking Committee, warning legislators about stablecoins, which are digital currencies usually pegged to the dollar or a commodity such as gold. In theory, stablecoins are better-suited to commercial transactions than other cryptocurrencies that can fluctuate in value. Stablecoins essentially promise investors that they can be redeemed for a dollar.

However, a recent run on the TerraUSD stablecoin dropped its value to as low as 30 cents, sowing doubt among investors about the safety of stablecoins.

Terra recovered somewhat, to about 68 cents on Wednesday.

THE TRIBUNE

Thursday, May 12, 2022, PAGE 21

JUDGE: TRUMP MUST PAY $110K, MEET CONDITIONS TO END CONTEMPT

By MICHAEL R. SISAK Associated Press NEW YORK (AP) — A New York judge said Wednesday he will lift Donald Trump's contempt of court order if the former president meets conditions including paying $110,000 in fines he's racked up for being slow to respond to a civil subpoena issued by the state's attorney general.

Judge Arthur Engoron said he will end his contempt finding if Trump submits additional paperwork by May 20 detailing efforts to search for the subpoenaed records and explaining his and his

company's document retention policies.

Engoron declared Trump in contempt on April 25 and fined him $10,000 per day for not complying with a subpoena in New York Attorney General Letitia James' long-running investigation into Trump's business practices.

James, a Democrat, has said her three-year investigation uncovered evidence that Trump's company, the Trump Organization, misstated the value of assets like skyscrapers and golf courses on financial statements for over a decade.

Trump, a Republican, denies the allegations. He

has calling James' investigation "racist" and a politically motivated "witch hunt." James is Black.

Trump's lawyers have accused her of selective prosecution.

Trump's lawyers contend James is using her civil investigation to gain access to information that could then be used against him in a parallel criminal investigation being conducted by the Manhattan District Attorney, Alvin Bragg, also a Democrat.

Engoron ordered Trump to pay $110,000 because that is the total amount of fines he accrued through May 6, when Trump's

lawyers submitted 66 pages of court documents detailing the efforts by him and his lawyers to locate the subpoenaed records.

The judge required a company hired by Trump to aid in the search, HaystackID, finish going through 17 boxes kept at an off-site storage facility, and for that company to report its findings and turn over any relevant documents.

Engoron said he could reinstate the fine, retroactive to May 7, if his conditions aren't met. He told Trump to pay the money directly to James' office and for the attorney general to hold the money

in an escrow account while Trump's legal team appeals the original contempt finding.

In a statement Wednesday, James praised Engoron's handling of the contempt allegation.

"For years, Mr. Trump and the Trump Organization have tried to thwart our lawful investigation, but today's decision makes clear that no one can evade accountability," James said in a statement.

A message seeking comment was left with Trump's lawyer.

The legal battle between James and Trump also played out Wednesday in

THE WEATHER REPORT

5-Day Forecast

TODAY

SATURDAY

SUNDAY

MONDAY

Partly sunny

Partly cloudy with a passing shower

Mostly sunny, a t‑storm in the p.m.

Cloudy with a shower and t‑storm

A couple of showers and a t‑storm

Partly sunny

High: 81°

Low: 74°

High: 83° Low: 74°

High: 84° Low: 75°

High: 83° Low: 74°

High: 84° Low: 73°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

91° F

76° F

92°-73° F

92°-75° F

93°-79° F

96°-79° F

High: 84° F/29° C Low: 68° F/20° C

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

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

E

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ABACO

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N

High: 78° F/26° C Low: 74° F/23° C

4‑8 knots

S

High: 80° F/27° C Low: 69° F/21° C

4‑8 knots

FT. LAUDERDALE

FREEPORT

High: 81° F/27° C Low: 71° F/22° C

N E S

E

W

WEST PALM BEACH

W

uV inDex toDay

FRIDAY

ORLANDO

TAMPA

| Go to AccuWeather.com

TONIGHT

High: 83° F/28° C Low: 65° F/18° C

High: 79° F/26° C Low: 71° F/22° C

MIAMI

High: 83° F/28° C Low: 71° F/22° C

6‑12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 72° F/22° C Normal high ....................................... 84° F/29° C Normal low ........................................ 71° F/21° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ............................................... 10.77” Normal year to date ..................................... 6.95”

ELEUTHERA

NASSAU

High: 81° F/27° C Low: 74° F/23° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 81° F/27° C Low: 74° F/23° C

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KEY WEST

High: 81° F/27° C Low: 73° F/23° C

High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Monday

8:29 a.m.

8:59 p.m.

2.6 3.5

2:39 a.m. ‑0.5 2:35 p.m. ‑0.8

Tuesday

9:19 a.m.

9:50 p.m.

2.6 3.5

3:30 a.m. ‑0.5 3:24 p.m. ‑0.8

Wednesday 10:11 a.m.

10:44 p.m.

2.5 3.4

4:22 a.m. ‑0.5 4:16 p.m. ‑0.7

sun anD moon Sunrise Sunset

High: 83° F/28° C Low: 75° F/24° C

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S

E

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3‑6 knots

S

4‑8 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau

6:27 a.m. Moonrise 7:46 p.m. Moonset

4:22 p.m.

4:06 a.m.

Full

Last

New

First

May 16

May 22

May 30

Jun. 7

CAT ISLAND

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a midlevel state appeals court, which heard arguments in a related matter: Trump and his two eldest children's appeal of Engoron's Feb. 17 ruling requiring them to answer questions under oath in the civil investigation.

Trump lawyer Alan Futerfas said James was engaging in a trick to get around a state law that requires immunity for people testifying before a criminal grand jury. He also criticized Engoron for not holding a hearing to explore the nature of coordination between James' office and the district attorney's office.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 76° F/24° C

High: 83° F/28° C Low: 77° F/25° C

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High: 80° F/27° C Low: 74° F/23° C

S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 77° F/25° C

6‑12 knots

MAYAGUANA High: 84° F/29° C Low: 78° F/26° C

Shown is today’s weather. Temperatures

H

E

W

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 82° F/28° C Low: 77° F/25° C

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GREAT INAGUA High: 85° F/29° C Low: 79° F/26° C

N

H

High: 83° F/28° C Low: 78° F/26° C

E

W

E

W

N

S

S

4‑8 knots

4‑8 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 4‑8 Knots SE at 8‑16 Knots NW at 3‑6 Knots SSE at 6‑12 Knots S at 4‑8 Knots ESE at 8‑16 Knots ESE at 4‑8 Knots ESE at 10‑20 Knots SSW at 6‑12 Knots SE at 8‑16 Knots N at 4‑8 Knots S at 6‑12 Knots S at 4‑8 Knots ESE at 7‑14 Knots E at 4‑8 Knots ESE at 8‑16 Knots SE at 4‑8 Knots SE at 8‑16 Knots ESE at 6‑12 Knots ESE at 10‑20 Knots ESE at 3‑6 Knots SE at 7‑14 Knots SE at 4‑8 Knots ESE at 7‑14 Knots S at 6‑12 Knots ESE at 8‑16 Knots

WAVES 5‑9 Feet 3‑6 Feet 0‑1 Feet 0‑1 Feet 4‑7 Feet 3‑6 Feet 3‑5 Feet 3‑6 Feet 5‑9 Feet 4‑7 Feet 3‑5 Feet 1‑3 Feet 0‑1 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 1‑2 Feet 1‑3 Feet 4‑7 Feet 5‑9 Feet 1‑2 Feet 1‑2 Feet 0‑1 Feet 1‑3 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 5 Miles 10 Miles 6 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 77° F 79° F 81° F 81° F 80° F 80° F 84° F 82° F 80° F 80° F 74° F 75° F 81° F 82° F 83° F 83° F 82° F 82° F 83° F 81° F 80° F 82° F 83° F 82° F 80° F 81° F