07202022 BUSINESS

business@tribunemedia.net

WEDNESDAY, JULY 20, 2022

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Realtors optimistic ‘hottest market in 40 years’ survives

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REALTORS are closely scrutinising whether “the hottest market The Bahamas has seen in 40-plus years” can survive rising global headwinds as they seek to maintain revenue increases of up to 79 percent.

Tim Rodland, managing partner and broker at Better Homes and Gardens Real Estate MCR Group Bahamas, yesterday told Tribune Business he was hoping the 2022 second half will produce a repeat of the 79 percent and 49 percent yearover-year revenue increases seen during the first and second quarters, respectively, despite growing uncertainty and fears for the US economy’s health and that of the world.

Acknowledging that “every day there’s something new”, with the US and other major economies hiking interest rates to dampen inflation now at 40-year highs, in addition to the post-COVID supply chain bottlenecks and Russia’s ongoing invasion of Ukraine, he added that he was “monitoring the

CHUB CAY

TIM RODLAND

• And revenue rises of up to 79% endure • Rising US rates, uncertainty pose threat • ‘We’ll ride wave for as long as we can’

GAVIN CHRISTIE

JOHN CHRISTIE

situation” closely for any signs that could produce a slowdown in Bahamian real estate demand.

Meanwhile Gavin Christie, Corcoran CA Christie’s managing partner, told Tribune Business he was confident the market will sustain its postCOVID surge “over the next six to 12 months” with his firm having enjoyed sales volume increases of greater than 50 percent for 2021 and this year to-date.

Predicting that The Bahamas will “weather the storm very, very well” if a crisis emerges from rising recession concerns,

he said this nation will be aided by the past 24 months’ sales surge that had reduced real estate inventory available for sale by 20-30 percent compared to pre-COVID levels.

Noting that it remains a “seller’s market”, Gavin Christie added that this supply shortage will help keep prices stable and high.

He was backed by his namesake John Christie, HG Christie’s president and managing broker, who said the Bahamian real estate market has “a lot of counterweight”

SEE PAGE B5

COVID restrictions help ex-airline chief avoid jail

Tourism hopeful major strike damage avoided

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamian tourism industry was yesterday hopeful that widespread, long-lasting damage from the Airport Authority strike may have been avoided even though most of the agency’s employees still failed to show for work.

Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business that if “normal business” resumes today at Lynden Pindling International Airport (LPIA) then the sector will start to believe that the worst-case scenario has been averted in terms of reputational fall-out for the country’s standing as a prime travel destination.

However, Peter Rutherford, the Airport Authority’s acting general manager, confirmed the majority of workers at both LPIA and in the Family Islands seemingly defied a

COVID restrictions literally provided a get-out-of-jail route for a former airline principal who successfully overturned a one-month prison sentence for contempt of court.

Justice Indra Charles, in a June 8, 2021, verdict committed Albert Rolle, who headed the now-defunct Cat Island Air Company, to the Bahamas Department of Corrections after he failed to pay a $135,000 judgment debt.

However, the Court of Appeal ruled that Mr Rolle was saved by the former Minnis administration’s COVID travel restrictions which prevented him from travelling to Nassau from Cat Island to attend the hearing - which was held on the same day the verdict was rendered.

Noting that the Supreme Court’s rules for contempt hearings require the matter to be heard in “open court”, and that those subject to such proceedings are allowed to give evidence on their behalf, the Court of Appeal said no evidence was presented to show Mr Rolle could attend by other means such as a virtual hearing - even though this was being commonly used in the Bahamian judicial system.

With the Emergency Powers (COVID-19 Pandemic)(Management and Recovery)(North Andros, Central Andros, and Cat Island Lockdown)(Amendment )(No. 3) Order 2021 extended to June 14, 2021, just two days before the contempt hearing, the Court of Appeal found: “The effect of this order was to prohibit travel into and out of Cat Island during that period except for specified emergencies.....

“The judge ought to have known of the restrictions on travel from Cat Island as Parliament passed and gazetted the regulations. The respondent cannot show that alternative arrangements were in place at the hearing to allow for the participation of [Mr Rolle] and that the court communicated this to [him]. In these circumstances, the judge went on and dealt with the motion for contempt, denying the first appellant an opportunity to take part in the hearing of his contempt matter.”

As a result, Mr Rolle’s one-month sentence at the Bahamas Department of Corrections was set aside. The contempt hearing arose after Elma Bain sued him and Cat Island Air in a bid to recover $135,000. They failed to file a defence to the action, resulting in Ms Bain obtaining

SEE PAGE B5

Verdict threatens resort’s $100k private club model • Chub Cay challenges ‘free access’ ruling • ‘Substantial implications’ for property law • And winning homeowners want even more

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROBERT SANDS

KEITH BELL

Supreme Court ruling that ordered them to return to work and imposed an injunction on all forms of industrial action on the basis it was illegal.

“Just 60 percent of the employees on the Family Islands returned to work, and in Nassau some 80 percent didn’t show up for work yesterday. The contingency is holding up and is doing a lot better than it was on Monday,” he added of arrangements that have seen police and Defence Force officers replace

Airport Authority personnel on tasks such as body and baggage screening.

“Most employees have not returned. They remain out despite the injunction.

However the contingencies in place are sufficient and handling the volumes.”

Mr Sands, meanwhile, said social media monitoring by the BHTA and its members “indicates there wasn’t much chatter” over the past two days from passengers complaining about

A BAHAMIAN resort developer yesterday moved to overturn a Supreme Court ruling that threatens to undermine the $100,000 “entry fee” business model for its private club by giving nearby homeowners free access to multiple amenities.

Chub Cay Realty, in papers filed with the Court of Appeal, is asserting that the June 8, 2022, ruling by Justice Indra Charles that effectively grants nonmember homeowners and their guests - including potential vacation rental clients - “free use of the private club facilities” without paying a cent in membership fees or towards their upkeep.

The developer, which is owned by Texan billionaire George Bishop, is alleging that the verdict “is an abuse of the judge’s power to act judiciously” by giving the three Chub Cay homeowners who brought the claim “the benefit of the free use of the facilities of the exclusive club without any financial burden”.

Justice Charles described her ruling as “no doubt a ground-breaking judgment” for The Bahamas, as the action initiated by three homeowners - all non-members of the Chub Cay Club - raised “a novel question” as to whether a 2004 Grant of Easement gave them the right to access and use facilities regardless.

She ultimately found in favour of the trio - Richard and Pamela Escobar, Charles Vose and a corporate entity, Msairnsea LLC - by granting the declaration they desired, namely that they have the same access as that enjoyed by club members and hotel guests to the

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SEE PAGE B3

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters

Union leader: ‘Hot spots’ will not become eruption

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TRADE union leader yesterday pledged that workplace “hot spots” will not erupt into full-blow strikes or industrial action, adding: “We are working around the clock to find a happy medium.”

Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business his goal is to avoid “taking to the streets” as much as possible by finding “common ground” between the umbrella union, its affiliates and employers via negotiation.

While unable to speak directly to the Airport Authority strike action, as the Bahamas Public Services Union (BPSU) is not a TUC

OBIE FERGUSON affiliate, he added that this was unlikely to be a summer of union/labour discontent provided all sides negotiate in good faith and focus on issues rather than personalities.

“There are a number of industrial agreements that are outstanding, and we are working assiduously to ensure the affiliates of the TUC, the unions that fall into that category, that they are working with the Government to get those matters resolved,” Mr Ferguson told this newspaper.

“There may be some hot spots, but in my humble opinion I will try to ensure we keep them focused on issues and not personalities. When negotiations become issues of personality, they tend not to get resolved.”

Besides an industrial agreement for the Bahamas Nurses Union, Mr Ferguson said other outstanding matters involving TUC affiliates include both the Bahamas Doctors Union (BDU), which represents

the junior doctors, and the Consultant Physicians Staff Association (CPSA) that looks after their more senior counterparts.

The Public Managers Union (PMU) has also yet to conclude an industrial deal for the National Insurance Board’s (NIB) middle management staff, while the Bahamas Educators Managerial Union (BEMU) is also in negotiations trying to resolve concerns arising from the implementation of its registered agreement’s terms.

“What we are trying to do, as opposed to taking to the street, and I’m not saying we wouldn’t do that if it became necessary, but the objective is to find common ground between the

SEE PAGE B5

PAGE 2, Wednesday, July 20, 2022

THE TRIBUNE

GLENYS HANNA-MARTIN, minister of education and training and technical and vocational training, speaks at the briefing for the Cat Island Biosphere Reserve project.

DEIDRE BEVANS, secretary-general to UNESCO for The Bahamas, introduces the Man and the Biosphere project for Cat Island.

Award kickstarts Bahamas’ first biosphere development A $26,000 award from a United Nations (UN) agency has kick-started a Biosphere Reserve’s development on Cat Island.

The Bahamas National Commission for UNESCO (the United Nations’ Education, Science and Cultural Organisation) unveiled plans for the joint project with Young Marine Explorers (YME) last Thursday at the Ministry of Education and Technical & Vocational Training.

Deidre Bevans, the Commission’s secretary-general, said: “Our vision is that the entirety of Cat Island will become a Biosphere Reserve that will serve as a national model for sustainable development, and inspire national action for developing climate resilient

islands throughout the country.”

Nikita Shiel-Rolle, the YME’s founder and chief executive, said The Bahamas is celebrating its “first step, making our mark in history and establishing the first ‘Man and Biosphere Reserve’ in The Bahamas that will enable Bahamians from all walks of life to be active participants in the co-creation of a more prosperous future.

“In order for us to build resilient communities we need resilient beings, and that requires learning islands, meeting communities exactly where they are with love and compassion, understanding that we have lots of wounds from our complex history and that’s okay, and we get to heal together,” she added.

NIKITA SHIEL-ROLLE, founder and chief executive, Young Marine Explorers, speaks about the Man and the Biosphere project set to launch this month.

Photos:Mark Ford/BIS “That is what I when I think about Cat Island Man and sphere Reserve, not

see the Bioonly

as a model for our island and islands all around the world, but also how do we ensure that those of us who

are living on the front lines of climate change.... we’re empowered, equipped, prepared and we can move, whether it means bouncing between different islands, moving out into the ocean exploring our exclusive economic zone and beyond ,and having the skills to do that.”

The first phase of the project is from July to September 2022. Ms Bevans said UNESCO’s partnership with YME to create the first biosphere reserve in The Bahamas is in keeping “with the vision for the new global framework for biodiversity, which aims to halt the loss of biodiversity by 2030, expand area-based conservation to reach at least 30 percent of the planet by 2030, and achieve

recovery and ecosystem restoration by 2050”.

“The intention is to cultivate a learning site for sustainable development that employs interdisciplinary approaches to understanding and managing the interactions between the social and ecological system in our island community,” she added.

Glenys Hanna-Martin, minister of education and technical and vocational training; Hope Strachan, ambassador and permanent delegate to UNESCO; Deidre Bevans, newly-appointed National Commission secretary-general; Lorraine Armbrister, the ministry’s permanent secretary; and Dr Marcellus Taylor, director of education, were present for the briefing.

Tourism hopeful major strike damage avoided FROM PAGE B1 missed flights and delays at LPIA. “Based on the information we have received we are quite satisfied with the flow,” the BHTA president told this newspaper of LPIA passenger movements. “There are no lines.

It appeared to be a normal operation. We’ll monitor the situation again tomorrow [today].”

Asked how confident he and the industry were that The Bahamas’ has largely managed to escape any strike damage to its tourism business and reputation, Mr Sands replied: “Let’s see what happens tomorrow [today]. We hope that is the

case, but let’s see. If there is a normal regularity of business today and tomorrow, the answer to that question will be yes.

“I think the parties are working towards some common ground and, if we have a sense of normality returning to the airport, that will augur well for our industry as we continue to rebound. Airports are the first and last impressions for our tourists, our first and last gateways to impressions of the destination, so the experience is extremely important to what they receive.

Kimsley Ferguson, the Bahamas Public Services Union’s (BPSU) president, and whose

Airport Authority members engaged in industrial action, declined to comment when contacted by Tribune Business last night. This newspaper understands that progress has been made in resolving the dispute via negotiations with the Government and Airport Authority, with the union now seeking to pin the latter down to a date when its members will be paid what is purportedly due to them.

Keith Bell, minister for labour and immigration, speaking ahead of yesterday’s Cabinet meeting said several Airport Authority workers returned for the 4.30am shift and LPIA was

operating under the shortstaffed conditions.

He hinted that there may be penalties for those who stayed away in breach of the Supreme Court Order, which places them in contempt of court. Mr Bell said Cabinet will have to look at each individual case to ensure persons who were absent had a legitimate reason for doing so.

“We don’t want to necessarily pass judgment on anyone who may very well have a legitimate reason for not necessarily coming to work,” he said. Justice Denise Lewis-Johnson, late on Monday night, ordered that the airport workers return to work, and Mr Bell said: “I would think that there is full compliance. There has to be full compliance with the court order,and I don’t think the union would want to be held in contempt of that Order.”

LPIA was not the only airport that was impacted, but Mr Bell said he had not received an official update on the Family Islands. Joel Friese, manager of the fixed base operation (FBO) in Long Island, told Tribune Business that security personnel were at work Monday and “one of them was at work yesterday [Monday]morning.”

He added: “There are no long lines and there’s no security screening for flights in Long Island. People just get on the plane.”

Steven Hamilton, assistant general manager for South Bimini Airport, said Airport Authority workers returned yesterday and there were no disruptions or problems. He added: “We were good with staff on Monday too.”

Mr Bell said: “I’m getting information piecemeal, but from all indications there is a high degree of normalcy on the Family Islands as well.”

Clint Watson, press secretary in the Office of the Prime Minister, said Philip Davis QC met with Mr Ferguson yesterday morning to negotiate an “amicable” resolution and that staff members have committed to returning to work.

“We’ve heard that there’s been no disruption to the airport yesterday morning and so that there’s good news for us,” he said.

THE TRIBUNE

Wednesday, July 20, 2022, PAGE 3

DPM: ‘No winners’ from airport strike

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE DEPUTY Prime Minister yesterday said “there are no winners” from Monday’s Airport Authority strike as he voiced concern over the damage inflicted on The Bahamas’ tourism reputation from missed flights and delays.

Chester Cooper, also minister for tourism, investments and aviation, speaking ahead of the weekly Cabinet meeting, branded the nationwide industrial action by more than 150 union members an “issue of significance to the economy and to the tourism industry, our reputation as a country, our reputation as a tourist destination. The actions were not only illegal, but most unfortunate”.

While the Government and its Airport Authority had moved to put contingency plans in place, having received advance warning of impending industrial actions, lengthy passenger queues and congestion still resulted at Lynden Pindling International Airport (LPIA) due to the absence of regular security screening personnel.

And, while not confirmed, it appears that the strike was timed to cause maximum damage since it coincided with a US Transportation Security Administration (TSA) audit of LPIA’s security systems. The TSA overseas facilities such as the US pre-clearance section at

LYNDEN PINDLING INTERNATIONAL AIRPORT (LPIA) LPIA, the major aviation gateway to The Bahamas for stopover visitors and locals/residents alike.

Mr Cooper said: “The TSA, from the US, has been doing an audit that was intended to last for several days. They are aware of the industrial action. They have been providing some assistance and guidance, as the case might be, especially during peak time.

“They understand that these things happen. We have to see at the end of the day what the impact of that assessment will be - what impact the actions had on that assessment. We anticipate that that’s not going to be a significant issue.

They [the TSA] understand what’s been happening, and they sympathise and they understand the reality that we had to work with on Monday, in particular.

“The opportunity, though, was for us to demonstrate that we have a contingency plan and that the contingency plan

CHESTER COOPER worked. We were able to satisfy them that, notwithstanding the union actions, we’ve been able to manage properly in line with regulations and the expectation of the industry.”

Mr Cooper said the number of Airport Authority workers who had yesterday returned to work was “significant” after

the Government-owned agency, on Monday evening, obtained an emergency Supreme Court ruling ordering that industrial action by the Bahamas Public Services Union (BPSU) and its members be halted.

Justice Denise LewisJohnson, upon an urgent application by the Airport

Authority and its attorneys, also issued an injunction preventing further strike action on the basis that the BPSU and its members were in violation of the Industrial Relations Act. In doing so, she backed the position taken by Keith Bell, minister of labour, who accused the workers involved and the BPSU of engaging in “illegal” industrial action.

This was because his ministerial predecessor, Dion Foulkes, had referred the dispute with the Airport Authority to the Industrial Tribunal on February 27, 2021, thus acting as a bar to any strike or other action.

Mr Cooper, meanwhile, said yesterday: “I think the economic impact as a result of yesterday was significant to some of our stakeholders, who may have had to stand in the gap to facilitate some of the passengers who may have been stranded as a result of missing their flights etc…

“We have been working along with the major hotels to ensure that we smooth-in the process for all of the people impacted.

We’ve been talking with the airlines to ensure that the persons who missed their flights yesterday are properly facilitated today [Tuesday]. The Airport Authority has identified the people who missed their flights and promised them expedited processing through security today.”

The deputy prime minister continued: “The Ministry of Tourism did all we could to help to communicate and to help to

facilitate a few passengers who remained at the end of the night, and we did so because it was the right thing to do.

“There are many of the passengers from Delta aAirlines who missed their flight during peak periods.

They have been able to be rebooked so that process is being managed, and Bahamasair yesterday ran mostly on time, only with a small number of persons missing flights, and therefore the matter was delayed but genuinely systematic.

“The wait time perhaps increased by an hour during the peak period as you saw the long lines. But we were able to work through those lines systematically. During the morning period, it flowed but during the peak time between 10 (am) and about 2(pm), it did become unacceptable.”

While the total damage to The Bahamas’ tourism product has not yet been determined, “many” people missed their flights while inbound tourists may have been discouraged from coming. “We do know that we are committed to a resolution. We want to move forward in harmony with workers,” Mr Cooper said.

“We are a government administration that’s labour friendly. We consistently say that the reality is that my mission as the minister responsible for aviation is to ensure a state of normalcy, and to say to the workers that we will guarantee that they will receive whatever they are legitimately entitled to receive.”

Verdict threatens resort’s $100k private club model FROM PAGE B1 bar, restaurant, club, hotel, beach and common areas and pathways.

Chub Cay Realty, recognising that the ruling upends its business model by granting non-members free access to the private club’s facility, argued in its appeal filings: “This case has substantial implications for the Law of Easements and the Law of Property and Conveyance in The Bahamas, and raises important issues of public interest and policy....

“If for no other reason, the importance of this decision should be ventilated at the Court of Appeal as it sets new precedent by expanding and introducing a new species of recreational easements into Bahamian law.”

David Renaud, Chub Cay’s general manager, did not respond to Tribune Business voice and text messages seeking comment last night. However, the developer is far from alone in wanting to overturn the original verdict impacting the resort island located in the Berry Islands chain.

For the three homeowner themselves are also appealing Justice Charles’ decision, namely her refusal to include the club’s recreational and sporting facilities among the amenities they can access for free. She found that such access was “not contemplated” by the 2004 Grant of Easement, and excluded the swimming pool, golf course, tennis and squash courts from the

facilities they can use for free.

And, in a sign the trio want all or nothing, their July 15, 2022, appeal is also bidding to overturn the Supreme Court’s finding that it “is not an unreasonable requirement” that they pay fees in return for using these facilities. They are arguing that the Grant of Easement gave them “a single comprehensive right to use a complex of facilities” including the sports and recreational amenities, and not just the bar, restaurant and others where they were given free access.

The homeowners are also arguing that Justice Charles failed to take into account that Chub Cay and its real estate “have long been marketed by its developer from time to time in promotional material as being a recreational resort, or that the developer agreed that its facilities would be available for public use in exchange for the Hotel Encouragement Act’s tax breaks and other incentives.

“Successively, for nearly 30 years and continuing, Chub Cay benefited under the statutory framework of the Hotels Encouragement Act intended to promote the development of hotels and resorts within The Bahamas by means of conferring tax concessions,” the homeowners’ appeal asserted.

CALL 502-2394 TO ADVERTISE IN THE TRIBUNE TODAY!

NOTICE To all Coral Breeze Estates Property Owners, Coral Harbour, N.P.

In order to facilitate the necessary advice/correspondence to shareholders with respect to a proposed September 2022 Annual General Meeting of Coral Breeze Homeowners and Management Limited via Zoom, this is to request all Lot owners in Coral Breeze Estates, Coral Harbour, to advise soonest their appropiate.

E-mail address to: coralbreezehomeownersmanagementltd@gmail.com Telephone No. 325-0994/5

“Further in exchange for duty-free concessions, the developer expressly agreed that the developer’s facilities and amenities would be ‘available to members of the general public’.

Moreover, the fact of such facilities being open to the public renders them within the scope of facilities under the Grant of Easement which may be accessed and used by the plaintiffs as grantees.”

Chub Cay Realty, meanwhile, recognising the implications for itself and other Bahamas-based private members’ clubs with similar circumstances, is arguing that Justice Charles interpretation of the Grant of Easement “as too wide and vague”.

“The facilities of the private club are available for the exclusive use of members and their guests,” the developer said. “The judge’s interpretation allows nonmembers of the private club

and their guests the free use of private club facilities...

“Furthermore, the judge, by expanding the use of recreational facilities to non-members under the guise of the facilities being a utility and benefit to the dominant tenement in their enjoyment of the land did not give any concern to the eligibility of persons who deliberately choose not to become a member of the club, bypassing the procedure and vetting requirements.”

Chub Cay Realty and Mr Bishop are thus urging the Court of Appeal to overturn Justice Charles’ verdict, and declare that the Grant of Easement does not give the homeowner to access and free use of its private members’ club facility. They are also seeking an injunction to stop them from “future interference and trespassing” on the private members’ club’s land.

The Grant of Easement was designed to pave the way for Chub Cay’s sale to Kaye Pearson’s investor group in 2005. It allowed the homeowner trio and other lot owners “to use that portion of the club and other facilities.. which are open to non-members of the club and to guests of the club (including without limiting the generality of the foregoing, the bar, restaurant, club, hotel, beach and common areas and pathways) in the manner in which the club is intended to be used”.

The Pearson group’s acquisition failed, and Mr Bishop acquired the Chub Cay resort development and club on July 25, 2014, purchasing it from Scotiabank (Bahamas) and removing it from receivership. The developer then executed a new declaration of covenants, easements and restrictions on June 30, 2019, but the three

homeowners declined to sign-up to this.

In response, the developer wrote a July 5, 2019, letter saying access to the private members’ club would be limited to paying members and resort guests only. And it denied the trio use of the club and its facilities on the basis that agreeing to the 2019 declaration was mandatory.

This triggered the homeowners’ legal action seeking to determine whether the Grant of Easement gave them a right of free access to the facilities, and Justice Charles ruled that they cannot be forced to signup to the 2019 declaration.

Carlson Shurland QC, of Shurland & Co, is representing the developer, while former attorney general, John Delaney QC, of Delaney Partners, is acting for the homeowners.

PAGE 4, Wednesday, July 20, 2022

Asian markets climb, tracking profit-driven gains on Wall St

By ELAINE KURTENBACH AP Business Writer ASIAN shares advanced Wednesday after Wall Street rallied to its best day in more than three weeks as companies reported strong profits for the past quarter.

Tokyo's Nikkei 225 jumped 2.5% to 27,631.50 while the Hang Seng in Hong Kong gained 2%

to 21,068.85. In Seoul, the Kospi added 1% to 2,395.19. Australia's S&P/ ASX 200 climbed 1.7% to 6,765.00, while the Shanghai Composite index rose 0.7% to 3,301.25.

Shares also rose in India and Taiwan.

China's central bank kept its loan prime rate steady despite the latest data showing a significant slowdown in growth in the past

quarter, when pandemicrelated shutdowns in many cities idled businesses and other activity.

"This comes as economic reopening continues to take place albeit at a slower pace, potentially leading to some near-term wait-andsee on economic progress before delivering further cuts ahead," Jun Rong Yeap of IG said in a commentary.

COMMONWEALTH OF THE BAHAMAS

CLE/QUI/

Common Law and Equity Division IN THE MATTER OF all that parcel of land containing 2.708 Acres of Lot 7 situate in the area known as Jimmy Hill and located eastern side of the Queen’s Highway on the north costs and eastward of Ramsey Settlement and approximately one (1) mile north-eastwardly of the Moss Town International Airport and bounded NORTH EASTWARDLY by the High-Water mark of the Sea measuring 132 feet, SOUTHWESTWARDLY by a Public Road measuring 140.33, SOUTHEASTWARDLY by Crown Land designated Lot No. 8 measuring 933.02, NORTHWESTWARDLY by the remaining portion of Lot no. 7 measuring 980.53 feet (hereinafter referred to as the “subject property”) on the Island of Great Exuma, one of the Islands of The Commonwealth of The Bahamas AND IN THE MATTER OF the Quieting Titles Act (the Act).

AND IN THE MATTER OF the Petition of the Executor of the Estate of the Late Albert Livingston Clarke, Sr; Albert Clarke Jr., Margaret Clarke Melvin, Sharon Clarke Moosa, Mavis Clarke Seymour, Kenneth Clarke and Fernon Clarke.

PETITION The Honourable Judge of the Supreme Court of The Commonwealth of The Bahamas: The Humble Petition of the Executor of the Estate of the Late Albert Livingston Clarke, Sr; Albert Clarke Jr., Margaret Clarke Melvin, Sharon Clarke Moosa, Mavis Clarke Seymour, Kenneth Clarke and Fernon Clarke.

SHEWETH: That the Petitioners are the owners in fee simply absolute by virtue of their possessory title of the property namely: “All that parcel of land containing 2.708 Acres of Lot 7 situate in the area known as Jimmy Hill and located eastern side of the Queen’s Highway on the north costs and eastward of Ramsey Settlement and approximately one (1) mile north-eastwardly of the Moss Town International Airport and bounded NORTH EASTWARDLY by the HighWater mark of the Sea measuring 132 feet, SOUTHWESTWARDLY by a Public Road measuring 140.33, SOUTHEASTWARDLY by Crown Land designated Lot No. 8 measuring 933.02, NORTHWESTWARDLY by the remaining portion of Lot no. 7 measuring 980.53 feet (hereinafter referred to as the “subject property”) on the Island of Great Exuma, one of the Islands of The Commonwealth of The Bahamas That there are no charges, encumbrances dower or right to dower affecting the Petitioners’ Title to the said property.

The Petitioners pray that their title to the said parcel of land may be investigated, determined, and declared under the Quieting Titles Act, 1959 (Chapter 393).

DATED the 23rd day of September A.D., 2021 ___________________________ RBO ADVISORS No. 10, One West

Windsor Field Road

New Providence, The Bahamas Attorneys for the Petitioners This Petition was issued by RBO ADVISORS whose address for service is No. 10 One West, Windsor Field Road New Providence, The Bahamas, Attorneys for the Petitioners.

after-hours trading after the company reported betterthan expected results and a smaller subscriber loss than analysts had feared.

Twitter rose 2.8% after a court in Delaware agreed to quickly schedule a lawsuit that could force billionaire Elon Musk to make good on his agreement to buy the company.

Expectations for economic growth and profits have darkened according to a Bank of America monthly survey of global fund managers. That has them sitting on their highest cash levels since 2001 and their lowest allocations to stocks since 2008.

On Thursday, the European Central Bank is expected to raise interest rates for the first time in 11 years in hopes of knocking down high inflation.

The Federal Reserve has already raised rates three times this year, and by increasing amounts each time. It will announce its next increase next week, and the only question among investors is whether it will go with another increase of 0.75 percentage points or a colossal hike of a full point.

In other trading, U.S. benchmark crude oil lost 56 cents to $100.18 per barrel in electronic trading on the New York Mercantile Exchange. It gained $1.32 to $100.74 per barrel on Tuesday. Brent crude, the international standard for pricing, lost 41 cents to $106.94 per barrel.

The U.S. dollar was trading at 138.08 Japanese yen, down from 138.18 yen late Tuesday. The euro rose to $1.0245 from $1.0231.

2021

IN THE SUPREME COURT

TO:

On Tuesday, the S&P 500 climbed 2.8% to 3,936.69.

The Dow jumped 2.4% to 31,827.05. The Nasdaq roared 3.1% to 11,713.15.

The Russell 2000 surged 3.5% to 1,799.32.

Stocks have dropped roughly 20% this year on worries about rising interest rates and high inflation.

That puts a brighter spotlight than usual on how much profit companies are making. Strong earnings would provide a major support for markets. But if CEOs warn about troubles ahead, another tumble may be on the way.

Toy company Hasbro rose 0.7% after it reported stronger profit than analysts expected. Oilfield services provider Halliburton added 2.1% after its profit and revenue topped forecasts.

Netflix jumped 8% in

THE TRIBUNE

A CURRENCY trader walks near the screens showing foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Wednesday, July 20, 2022. Asian shares advanced Wednesday after Wall Street rallied to its best day in more than three weeks as companies reported strong profits for the past quarter.

Photo:Lee Jin-man/AP

THE TRIBUNE

Wednesday, July 20, 2022, PAGE 5

Realtors optimistic ‘hottest market in 40 years’ survives FROM PAGE B1 to any negative global forces through strong international demand and its proximity to the US. He added that properly-priced properties were being acquired as soon as they hit the market, adding that the climate for buyers remains one of “you snooze, you lose”.

Nevertheless, despite his agency’s strong 2022 first half performance, Mr Rodland sounded a note of caution in a video message to clients and other market participants with the Federal Reserve’s recent 75 basis point in short-term US interest rates the largest increase for 28 years as it seeks to combat surging price inflation.

The financial markets are bracing for further US interest rate rise of up to 100 basis points, or a full percentage point, before month’s end, and Mr Rodland said: “In our experience, with the uncertainty in the global markets, it’s causing some clients and prospective buyers to adopt a wait and see approach, and we’re closely monitoring its impact on the real estate market.”

High global oil prices, recent stock market volatility and the plunge in digital asset/crypto currency values have all conspired to potentially dent investor confidence and wealth in recent weeks - something that traditionally hits demand for Bahamian real estate by international buyers.

However, in unveiling an upbeat 2022 first half, Mr Rodland said: “We have seen tremendous growth in our business, and revenues are up 79 percent and 49 percent year-over-year for the first and last quarters, respectively.

“The first half of the year, we experienced lower inventory than usual, which resulted in our agents having to work extra hard to find properties for our buyers, and their hard work has paid off. Sales revenues are up, office morale is through the roof and I couldn’t be more proud of our agency staff and all they we have accomplished.”

Mr Rodland subsequently confirmed to Tribune Business that the revenue increases he was referring to represented greater commission-based earnings from sales, rentals and appraisal activity.

While unable to quantify how many potential buyers are becoming more tentative due to increased uncertainty over a possible US recession and wider global slowdown, he added that some were clearly seeing such developments as influences to “think about holding off”.

“It’s been an interesting few months, and we’re monitoring the situation to see how it affects us,” Mr Rodland told this newspaper. “When things happen in the US, it takes a while before it affects us..... Consumer spending is back to pre-COVID levels, but where do we go from here and where do we end up?

That’s what we’re looking at.”

While confident The Bahamas has enough in its favour to “continue with that momentum” postCOVID, even in the face of a global downturn, he conceded that everything turns on developments in the US and its fight against inflation. And rising uncertainty makes accurate forecasts virtually impossible.

“I’d like to see those numbers again,” Mr Rodland said of Better Homes and Gardens’ 2022 first half, “but I can’t predict things at this point because there’s too much uncertainty. Normally I would have a better handle on that, but every day there’s something new, and it’s too hard to predict given the level of uncertainty.”

Gavin Christie, though, voiced optimism that demand for Bahamian real estate remains strong and that the country “will fare very well” despite global concerns. “The market has been extremely strong for the past 24 months, and it’s been the hottest market that The Bahamas has seen in 40-plus years, certainly in my time and in my 17 years in the real estate space,” he told Tribune Business.

“I believe the trend is going to continue. We are seeing global trends that are pointing towards slower markets. However, in The Bahamas, I still believe we, in the event there is any global crisis, will still weather the storm very, very well. We don’t have the inventory issues any other places have around

the world. The inventory in The Bahamas is limited, and that allows our prices to stay consistent. I believe our market remains really strong and consistent.”

While acknowledging the “domino effect” that adverse global economic developments can have on The Bahamas, Gavin Christie said the limited supply of real estate available for sale will underpin both sellers and the wider market by keeping prices stable and preventing any major decrease.

“It’s a seller’s market, so if you’re looking to list your property now’s a great time.

I think that whatever happens globally, The Bahamas will still fare very well,” he added. “We’re still seeing the demand for unique properties and island properties in The Bahamas.

Demand is still strong, tourism is up, people are still coming and the numbers in the hotels are still strong.

There’s still global demand for The Bahamas, and that will translate into more sales in our market.

“Demand for The Bahamas is so high and so strong, I believe our market will remain consistent over the next six to 12 months.”

Gavin Christie said that, compared to pre-COVID, real estate inventory available for sale was down about 20-30 percent due to the buying spree over the past two years, with different price points and products impacted differently.

Beachfront, waterfront and canal-front properties are in especially short supply. “When you have

a good listing in the right area, and it’s priced right, it doesn’t stay for long,” he added. “We’re coming off 2021, which was our best sales year ever in real estate, and 2022 is shaping up to be just as good if not better, fingers-crossed.

“Our sales volumes are up past 50 percent for the past two years. It’s been the hottest market we’ve ever had in 40 years. We’ve seen more properties sell. We’ve seen higher prices per square foot, and the volume has just been insane. We’ll ride the wave for as long as we can.”

HG Christie’s John Christie said The Bahamas and its real estate market will not be able to escape the fall-out if US interest rates continue to rise over an extended period, but said his agency remains busy and was “optimistic it will remain” that way for some months to come.

“There are a lot of pluses for The Bahamas, people coming here for tax reasons and things like that,” he explained. “We’re in a much better place than most countries. I think we’ll be fine. We don’t know what six months, a year from now, will bring but from our standpoint it’s pretty positive. It’s been a very good year this year so far.

“Naturally sales will slow down because of lack of inventory. Two years ago there was probably three times’ the inventory on New Providence that there is now. There’s been a lot of sales over the past two years, and that naturally

forces prices up. If people perceive the world is going to a recession, they tend to hold off on spending, but we’re still looking good.

“If you snooze, you lose.

Things are coming on and getting snapped up right away. People that have been around the block see around the corner, and see things might become a little difficult, but I think The Bahamas will be in good shape as opposed to the rest of the world,” John Christie continued.

“We have people coming from all over the world for estate planning, or moving their companies to The Bahamas. We’ve got a lot of counter weight to anything bad happening in the world.

That’s counter-balanced by people coming in, and will keep the real estate market very solid.”

Real estate’s importance to the post-COVID economy was recently highlighted by Shunda Strachan, the Department of Inland Revenue’s (DIR) acting controller, who said it had helped fill the void in the Government’s income created by tourism’s pandemic shutdown.

She disclosed that almost 31 percent of VAT revenues collected by her agency between July 1 last year and end-May 2022, or some $220m of $712m, originated from property deals.

This translates into more than $2bn in real estate sales being brought forward for stamping and the payment of taxes during the first 11 months of the 20212022 fiscal year.

Union leader: ‘Hot spots’ will not become eruption

COVID restrictions help ex-airline chief avoid jail

FROM PAGE B1

FROM PAGE B1

parties sitting at the table intelligently, bearing in mind the interests of our members,” Mr Ferguson told Tribune Business. “But we have a duty to look at the state of the country, and make sure that’s sound so that workers continue to receive a pay cheque.

“It’s a partnership relationship. We have to find ways of dealing with that as opposed to personalities.

Most of these impasses are as a result of name calling and personalities, and you never get anything done with that. Everyone tries standing their ground and seeing how strong they are, especially if it gets into the public domain.

“We are working around the clock to ensure where there are issues involving the worker, unions and employers we can find a happy medium. As long as I can hear you and you an hear me, and The Bahamas remains a competitive destination and we consider the worker as part of everything we do, you may not get everything you are

looking for but you may get pretty close.”

The BPSU is no longer part of the two union umbrella bodies, the TUC and National Congress of Trade Unions of The Bahamas (NCTUB), which signed the Memorandum of Understanding (MoU) with the then-opposition Progressive Liberal Party (PLP), but Mr Ferguson said its terms and spirit have not been breached and still stand - despite the Airport Authority industrial action.

“We have an MoU they are honouring,” the TUC chief said of the Government. “We are meeting with them very shortly, and will go through a whole series of things we intend to embrace. We have a number of things there that we are working on. It may not be as quick as we’d like things to be but there’s a lot of respect between us and them, and that’s going to take us a long way in reaching an agreement.

“The tourist is our business. We have to make sure we give them a safe environment, the best hospitality and better vacation than

they experience anywhere in the world. That requires a lot of work and collaboration between employer, worker and union.

“If we are all interested in The Bahamas we will find a formula and come to a decision that’s in the best interests of the employer, the worker and the union.

We can do that if we put personal agendas aside and do what’s best for The Bahamas and working people.”

a default judgment against them.

“The appellants having failed to settle the resulting judgment debt, the respondent sought to have them examined on their means to satisfy the debt,” the Court of Appeal recorded. “The examination took place before the deputy registrar on February 13, 2014, when the first appellant requested an adjournment on his

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promise to pay the respondent $500 monthly beginning February 18, 2014. Having agreed to the proposal, the judge made the required order.

“The first appellant failed to pay the amounts as agreed and, on January 19, 2021, the respondent applied to the Supreme Court for leave to get an order to commit the first appellant to the Bahamas Department of Corrections.

The court granted leave on May 3, 2021.”

Despite the proceedings being served on Mr Rolle, he failed to appear in court for the June 8 hearing, prompting Justice Charles to issue the committal order.

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

PAGE 6, Wednesday, July 20, 2022

THE TRIBUNE

TWITTER-MUSK TAKEOVER DISPUTE HEADING FOR AN OCTOBER TRIAL

By MATT O’BRIEN AP Technology Reporter TESLA CEO Elon Musk lost his fight to delay Twitter’s lawsuit against him as a Delaware judge on Tuesday set an October trial, citing the “cloud of uncertainty” over the social media company after the billionaire backed out of a deal to buy it.

“Delay threatens irreparable harm,” said Chancellor Kathaleen St. Jude McCormick, the head judge of Delaware’s Court of Chancery, which handles many high-profile business disputes. “The longer the delay, the greater the risk.”

Twitter had asked for an expedited trial in September, while Musk’s team called for waiting until early next year because of the complexity of the case.

McCormick said Musk’s team underestimated the Delaware court’s ability to “quickly process complex litigation.”

Twitter is trying to force the billionaire to make good on his April promise to buy the social media giant for $44 billion — and the company wants it to happen quickly because it says the ongoing dispute is harming its business.

“It’s a very favorable ruling for Twitter in terms of moving things along,” said Carl Tobias, a law professor at the University of Richmond. “She seemed very concerned about the argument that delay would seriously harm the company, and I think that’s true.”

Musk, the world’s richest man, pledged to pay $54.20 a share for Twitter, but informed the company in July that he wants to back out of the agreement.

“It’s attempted sabotage. He’s doing his best to run Twitter down,” said attorney William Savitt, representing Twitter before McCormick on Tuesday.

The hearing was held virtually after McCormick

said she tested positive for COVID-19.

Musk has claimed the company has failed to provide adequate information about the number of fake, or “spam bot,” Twitter accounts, and that it has breached its obligations under the deal by firing top managers and laying off a significant number of employees. Musk’s team expects more information about the bot numbers to be revealed in the trial court discovery process, when both sides must hand over evidence.

Twitter argues that Musk’s reasons for backing out are just a cover for buyer’s remorse after agreeing to pay 38% above Twitter’s stock price shortly before the stock market stumbled and shares of the electriccar maker Tesla, where most of Musk’s personal wealth resides, lost more than $100 billion of their value.

Savitt said the contested merger agreement and

Musk’s tweets disparaging the company were inflicting harm on the business and questioned Musk’s request for a delayed trial, asking “whether the real plan is to run out the clock.”

“He’s banking on wriggling out of the deal he signed,” Savitt said.

But the idea the Tesla CEO is trying to damage Twitter is “preposterous.

He has no interest in damaging the company,” said Musk attorney Andrew Rossman, noting he is Twitter’s second largest shareholder with a “far larger stake” than the company’s entire board of directors.

Savitt emphasized the importance of an expedited trial starting in September for Twitter to be able to make important business decisions affecting everything from employee retention to relationships with suppliers and customers.

Rossman said more time is needed because it is “one

THE TWITTER splash page is displayed on a digital device in San Diego on April 25, 2022. An epic legal fight between Elon Musk and Twitter began in earnest in a Delaware court on Tuesday, July 19, 2022, as lawyers for both sides fought over when to start the trial.

Photo:Gregory Bull/AP of the largest take-private deals in history” involving a “company that has a massive amount of data that has to be analyzed. Billions of actions on their platform have to be analyzed.”

Tobias said it’s still possible that Musk and Twitter will settle the case before it goes to trial, since both might find a drawn-out fight or the judge’s final decisions costly to their businesses and reputations.

One option is that Musk

could pay the $1 billion breakup fee both he and Twitter agreed to if either was deemed responsible for the deal falling through. Or Twitter could push for him to pay more to make up for damages – just not the full $44 billion acquisition.

“Does Musk really want to run that company? Do they really want Musk to run that company?”

Tobias said. “They could always settle somewhere in between.”

Amazon sues admins of 10K Facebook groups over fake reviews

By HALELUYA HADERO AP Business Writer AMAZON has filed a lawsuit against administrators of more than 10,000 Facebook groups it accuses of coordinating fake reviews in exchange for money or free products.

The Seattle-based e-commerce giant said in a statement posted on its website Tuesday the Facebook groups were set up to recruit people “willing to post incentivized and misleading reviews” across its stores in the U.S. the UK, Germany, France, Italy, Spain and Japan.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Rachael Dean of #74 Collins Drive, P.O. Box CR-54438, Nassau, Bahamas, the parent of STEPHEN GORDON DEAN intend to change my child name to STEPHEN GORDON DEAN II. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

The problem over phony reviews is not new for Amazon, or e-commerce as a whole. Amazon itself has previously sued people it said were offering fake testimonials, though lawmakers and regulators have questioned whether the company was doing enough to combat the issue. Last year, U.K. competition regulators launched a probe into whether the online retailer and Google were taking adequate actions to protect shoppers.

In the statement, Amazon said one of the Facebook groups it’s targeting, called “Amazon Product Review,” had more than 43,000 members. The company said Facebook removed the group this year, but it was able to dodge the platform’s

detection by “changing letters in phrases that might set off Facebook’s alarms.”

Amazon noted since 2020, it has reported more than 10,000 fake review groups to Meta, the parent company of Facebook.

Meta has removed half of these groups and is investigating the others, Amazon said.

The retailer’s announcement comes as another side of the company’s operations is facing more scrutiny. On Tuesday, federal labor officials confirmed to the AP the Occupational Safety and Health Administration has opened inspections at Amazon facilities in New York, Illinois, and Florida after receiving referrals alleging safety and health violations from the U.S.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 19 JULY 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.47 2.61 2.60 6.10 10.05 4.15 9.90 3.65 8.25 17.50 2.65 10.75 11.25 10.85 17.75 4.00 11.00 16.50

52WK LOW 5.30 33.80 1.60 2.20 1.30 5.75 6.96 2.82 5.40 2.27 5.95 9.80 1.99 7.75 10.02 10.00 13.10 3.50 8.20 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

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 9 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%

2606.68

4.39

0.17

378.44

16.98

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.57 100.43 100.43 100.34 100.23 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.34 99.96 100.43 100.04 100.00 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.52 4.69 2.22 207.86 212.41 1.74 1.84 1.83 1.03 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 1.69 1.75 1.76 0.97 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS76026 BGRS FL BGRS95032 BGRS FL BGRS97033 BGRS FL BGRS75022 BGRS FL BGRS81037 BGRS FL BGRS88028 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS760265 BSBGRS950320 BSBGRS970336 BSBGRS750225 BSBGRS810375 BSBGRS880287 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 6.48 39.95 2.44 2.35 2.51 6.10 9.75 3.95 9.33 3.64 8.00 16.00 2.80 10.27 11.40 10.85 17.75 3.96 10.15 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.45 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

CLOSE 6.70 39.95 2.44 2.35 2.51 6.10 9.75 3.88 9.78 3.64 8.00 16.00 2.92 10.27 11.44 10.85 17.75 3.90 10.25 15.50 1.00 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 1,000

5,000 1,000 1,300 300

1,950 1,000

0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.45 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

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

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

MARKET TERMS

CHANGE 0.22 0.00 0.00 0.00 0.00 0.00 0.00 (0.07) 0.45 0.00 0.00 0.00 0.12 0.00 0.04 0.00 0.00 (0.06) 0.10 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

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

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.56% 4.31% 4.31% 4.43% 4.87% 4.33% 5.55% 5.60% 5.65% 5.69%

NAV 2.52 4.69 2.21 197.44 202.39 1.74 1.84 1.83 0.97 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% 1.37% 3.03% 1.19% 5.23% 1.62% 4.13% -5.25% -6.07% -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 28.0 42.9 N/M 16.8 N/M N/M 26.4 -8.9 69.9 19.8 17.8 22.2 28.6 22.0 17.7 14.9 21.8 19.2 10.9 24.6 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 2.54% 3.15% 0.82% 3.40% 0.00% 0.00% 2.67% 0.00% 0.00% 3.30% 2.75% 4.50% 14.86% 0.58% 2.87% 2.21% 3.04% 3.08% 1.95% 3.94% 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 18-Jan-2026 25-Sep-2032 17-Apr-2033 7-Sep-2022 26-Jul-2037 26-Jul-2028 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-May-2022 31-May-2022 31-May-2022 31-May-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

Attorney’s Office for the Southern District of New York.

Nicholas Biase, a spokesperson for the U.S. Attorney’s Office in New York, said federal labor officials entered the Amazon warehouses on Monday morning after their office made referrals about “potential workplace hazards,” including “Amazon’s required pace of work for its warehouse employees.”

Labor and safety advocates have long criticized Amazon’s injury rates and its “time off task” tool, which dings workers for taking too many breaks.

Biase said the civil division of the U.S. attorney’s office is investigating safety hazards at the company’s warehouses across the country, as well as “fraudulent conduct designed to hide injuries from OSHA and others.”

Amazon CEO Andy Jassy acknowledged in a shareholder letter this April the company’s warehouse injury rates “were a little higher than the average” compared to other warehouses. But Jassy said the “courier and delivery” side of their operations saw lower injury rates, making the company “about average” compared to its peers.

“We’ll of course cooperate with OSHA in their investigation, and we believe it will ultimately show that these concerns are unfounded,” Amazon spokesperson Kelly Nantel said in a statement.

The U.S. Attorney’s Office is encouraging current and former Amazon warehouse workers to report workplace safety issues directly to them.

NOTICE

NOTICE is hereby given that NEISHA NICHOLAS of Cowpen Road, New Providence, 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 13th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ELIZABETH MORRISON of P. O. Box SS-19445, Serenity Subdivision, New Providence, 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 13th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ANGELINE EMILE of #69 Rum Cay Place, Hawksbill, Freeport, Grand Bahama, 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 20th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, July 20, 2022, PAGE 7

CDC ENDORSES MORE TRADITIONAL NOVAVAX COVID SHOT FOR ADULTS

By LAURAN NEERGAARD AP Medical Writer U.S. adults who haven’t gotten any COVID-19 shots yet should consider a new option from Novavax -- a more traditional kind of vaccine, health officials said Tuesday.

Regulators authorized the nation’s first so-called protein vaccine against COVID-19 last week, but the final hurdle was a recommendation from the Centers for Disease Control and Prevention.

“If you have been waiting for a COVID-19 vaccine built on a different technology than those previously available, now is the time to join the millions of Americans who have been vaccinated,” Dr. Rochelle Walensky, CDC’s director, said in a statement, endorsing an earlier decision from an influential advisory panel.

Most Americans have gotten at least their primary COVID-19 vaccinations by now, but CDC officials said between 26 million and 37 million adults haven’t had a single dose -- the population that Novavax, for now, will be targeting.

“We really need to focus on that population,” said CDC adviser Dr. Oliver Brooks, past president of the National Medical Association. Hopefully, the vaccine “will change them over from being unvaccinated to vaccinated.”

While it’s unclear how many will be persuaded by a more conventional option, “I’m really positive about this vaccine,” agreed fellow adviser Dr. Pablo Sanchez of Ohio State University.

THE NOVAVAX DIFFERENCE All of the vaccines used in the U.S. train the body to fight the coronavirus by recognizing its outer coating, the spike protein -- and the first three options essentially turn people’s cells into a temporary vaccine factory. The Pfizer and Moderna vaccines deliver genetic instructions for the body to make copies of the spike protein. The lesserused Johnson & Johnson option uses a cold virus to deliver those instructions.

In contrast, the Novavax vaccine injects copies of the spike protein that are grown in a lab and packaged into nanoparticles that to the immune system

resemble a virus. Another difference: An ingredient called an adjuvant, that’s made from the bark of a South American tree, is added to help rev up that immune response.

Protein vaccines have been used for years to prevent other diseases including hepatitis B and shingles.

HOW WELL IT WORKS Large studies in the U.S., Mexico and Britain found two doses of the Novavax vaccine were safe and about 90% effective at preventing symptomatic COVID-19. When the delta variant emerged last summer, Novavax reported a booster dose revved up virus-fighting antibodies that could tackle that mutant.

Typical vaccine reactions were mild, including arm pain and fatigue, but regulators did warn about the possibility of a rare risk, heart inflammation, that also has been seen with the Pfizer and Moderna vaccines, mostly in teen boys or young men.

But early on, manufacturing problems delayed the Novavax vaccine — meaning the shots were studied

A KIDNEY dish with syringes containing the Novavax COVID-19 vaccine sits in a refrigerator ready for use at a vaccination center in Prisdorf, Germany, Saturday, Feb. 26, 2022. On Tuesday, July 19, 2022, a U.S. Centers for Disease Control and Prevention advisory panel recommended the shots and final action will come from the agency’s director.

Photo:Georg Wendt/AP long before the omicron variant hit, so it’s not clear how well they hold up against the immune-evading mutant.

Still, Novavax points to lab testing that shows the first two shots do spur production of virus-fighting antibodies that are crossprotective against omicron, including the BA.5 subtype that’s currently the nation’s top threat. A booster dose further revved up crossprotective antibodies.

HOW TO USE NOVAVAX SHOTS The CDC’s advisers unanimously endorsed the two-shot primary series.

But several noted that it was important for regulators to

clear a booster by the time, five or so months after their last dose, that Novavax recipients will need one.

Also, the two doses typically are given three weeks apart. But CDC officials said that like with other COVID-19 vaccines, it’s possible to wait up to eight weeks for the second dose — except for people at the highest risk, who need protection quickly.

WHAT HAPPENS NEXT Walensky signed off on recommendations for adults to get the first two Novavax doses. In its first purchase, the U.S. government bought 3.2 million doses and vaccinations are

expected to begin in the next few weeks.

The Novavax vaccine also is used in Europe, Canada, Australia, South Korea and other countries. Many allow booster doses, and European regulators recently cleared the shots to given as young as age 12.

The Maryland-based company likewise expects U.S. authorization of a booster dose and teen vaccinations to follow fairly soon.

And like other vaccine makers, Novavax is testing shots updated to better match the newest omicron subtypes -- in anticipation of another round of boosters this fall and winter.

US HEALTH INSURERS RAISE RATES TO MATCH INCREASE IN USAGE

By ADAM BEAM Associated Press AFTER putting off routine health care for much of the pandemic, Americans are now returning to doctors’ offices in big numbers — a trend that’s starting to show up in higher insurance rates across the country.

Health insurers in individual marketplaces across 13 states and Washington D.C. will raise rates an average of 10% next year, according to a review of rate filings by the Kaiser Family Foundation.

That’s a big increase after premiums remained virtually flat for several years during the pandemic as insurers seek to recoup costs for more people using their policies, combined with record-high inflation that is driving up prices for virtually everything, including health care.

The rates review included Georgia, Indiana, Iowa, Kentucky, Maryland, Michigan, Minnesota, New York, Oregon, Rhode Island, Texas, Vermont and Washington.

“We’re at a point in the pandemic where people are using health care that they may have put off before,” said Larry Levitt, executive vice president for health policy with the Kaiser Family Foundation. “We have a double whammy right now of people using more care and inflation throughout the economy.”

In California, state officials announced Tuesday

“We’re at a point in the pandemic where people are using health care that they may have put off before.

We have a double whammy right now of people using more care and inflation throughout the economy.”

Larry Levitt that rates would increase an average of 6% next year for the 1.7 million people who purchase coverage through Covered California, the state-operated health insurance marketplace. That’s a big jump after years of record low increases, when rate increases averaged about 1% in the past three years.

Increased use of health plans was the biggest reason for the increase, accounting for four percentage points, according to Jessica Altman, executive director of Covered California.

“That is really the consistent message that other states are seeing as well, and even more so than California,” she said.

About 14.5 million people purchased individual health coverage through state marketplaces this year, according to the Kaiser Family Foundation.

That’s a small portion of the total number of insured Americans, as about 155 million people get their insurance through their employer-sponsored coverage. But Kaiser said the filings for the individual

plans are more detailed and publicly available.

The annual open enrollment period for when customers can shop for and buy 2023 coverage starts this fall. That’s the main window each year when people on the individual market can buy coverage or change plans.

How much people will pay for coverage depends on a variety of factors, including where they live and what type of plans they choose.

The rate increases come as Congress debates whether to extend financial help for consumers through the American Rescue Plan — the $1.9 trillion economic aid package Congress passed last year to combat the economic impacts of the pandemic.

The American Rescue Plan included significant funding to keep health insurance premiums low for people who purchase coverage through state marketplaces.

California receives about $1.7 billion annually from that funding to make sure no one paid more than 8.5%

AN INDIVIDUAL receives a COVID-19 vaccine shot from a health care worker at a vaccination site in San Francisco, Monday, Feb. 8, 2021. After putting off routine health care for much of the pandemic, Americans are now returning to the doctor’s offices in big numbers, a trend that’s starting to show up in higher insurance rates across the country. Health insurers in individual marketplaces across 13 states and Washington D.C. will raise rates an average of 10% next year. California officials, on Tuesday, July 19, 2022 announced health insurance rates would increase an average of 6% for the 1.7 million people who purchase coverage through the state run health insurance marketplace, Covered California.

Photo:Haven Daley/AP

of their household income on monthly premiums.

If that assistance expires at the end of this year, about 3 million Americans — including 220,000 Californians — would likely drop coverage because they will no longer be able to afford it, according to an analysis by Covered California.

Without guidance on whether Congress will extend the assistance next year, some insurers have reacted by proactively raising rates in anticipation of people dropping coverage.

The uncertainty accounted

for half a percentage point of California’s 6% increase, Altman said.

California officials have lobbied hard for Congress to extend the financial assistance through the American Rescue Plan. In general, the price of health insurance premiums depends on who is buying coverage. If its mostly sick people, the premiums are more expensive.

If more healthy people buy them, the premiums cost less.

Altman said California has managed to keep its rate increases below the national average in part

because more healthy people are buying coverage through Covered California than most other states.

She said that’s in part because of a California law that taxes people who refuse to purchase health coverage. But she said it’s also because of subsidies that keep premiums low so more people can afford them.

Altman said not extending the federal financial assistance would price some people out of coverage and “is the core outcome to be concerned about here.”

PAGE 8, Wednesday, July 20, 2022

THE TRIBUNE

Stocks sweep higher on Wall Street as profit reports roll in

By STAN CHOE AND ALEX VEIGA AP Business Writers THE stock market had its best day in more than three weeks Tuesday as more companies reported how much profit they made during the spring.

The S&P 500 climbed 2.8% after a powerful tide carried 99% of the stocks in the index higher. The Dow Jones Industrial Average rose 2.4% and the Nasdaq composite roared 3.1% higher.

Smaller company stocks rose even more, sending the Russell 2000 index 3.5% higher.

Stocks had dropped roughly 20% this year on worries about rising interest rates and high inflation, which puts an even brighter spotlight than usual on how much profit companies are making. If earnings hold up, it would provide a major support for markets. But if CEOs warn about troubles ahead, another tumble may be on the way.

“What we’re all enjoying today is a bit of a relief rally,” said Keith Buchanan, portfolio manager at Globalt Investments. “The

tone with the latest earnings from the large banks has not been increasingly negative and investor sentiment is at record lows, so it doesn’t take very much to have an exciting, upside day.”

More types of companies are reporting how much they earned during the spring, broadening out from the banks that dominated the earliest part of the reporting season.

Toy company Hasbro rose 0.7% after it reported stronger profit than analysts expected. Oilfield services provider Halliburton added 2.1% after its profit and revenue topped forecasts.

Netflix jumped 8% in afterhours trading after the company reported betterthan expected results and a smaller subscriber loss than analysts had feared.

Twitter rose 2.8% after a court in Delaware agreed to quickly schedule a lawsuit that could force billionaire Elon Musk to make good on his agreement to buy the company.

IBM, though, fell 5.2% despite reporting stronger revenue and earnings than expected. The company’s profit margins fell short of

AN AMERICAN flag adorns the facade of the New York Stock Exchange on June 29, 2022, in New York. Stocks are opening broadly higher on Wall Street Tuesday, July 19, 2022, as more earnings reports roll in from U.S. companies.

Photo:Julia Nikhinson/AP some analysts’ expectations, and concerns are rising about the effect of the dollar’s recent strength against other currencies. While a stronger dollar helps limit inflation at home, it can also undercut the value of

sales made abroad by U.S. companies.

The dollar’s value eased a bit against other currencies Tuesday, which allayed some fears for the market.

So too, counterintuitively, may have a report that

showed an extreme level of pessimism among investors.

Expectations for economic growth and profits have plunged, according to the latest results from Bank of America’s monthly survey of global fund managers. That has them sitting

PUTIN WARNS EU THAT GAS SUPPLIES COULD KEEP DWINDLING

By VLADIMIR ISACHENKOV Associated Press MOSCOW (AP) — Russian President Vladimir Putin said Tuesday it is the West's own fault that the flow of Russian natural gas to European customers has dwindled and warned that it could continue ebbing.

Putin's statement further cranked up pressure on the European Union, which

fears Russia could cut off gas to wreak economic and political havoc in Europe in the winter.

Speaking to Russian reporters in Tehran, where he attended the talks with the leaders of Iran and Turkey, Putin said the amount of gas pumped through the Nord Stream pipeline to Germany will fall further from 60 million to 30 million cubic meters a day, or about one fifth of

its capacity, if a turbine isn't quickly replaced.

He added that Russia could launch the recently completed Nord Stream 2 pipeline that has never entered service, but noted that it would only have half of its designated capacity because the rest has been used for domestic needs.

The Russian leader also warned the West that its plan to cap the prices of Russian oil as part of its

sanctions over Ukraine will destabilize the global oil market and make prices soar.

"We are hearing some crazy ideas about restricting the volumes of Russian oil and capping the Russian oil price," he said. "The result will be the same — a rise in prices. Prices will skyrocket."

Since Russian troops rolled into Ukraine in February, the EU has approved

bans on Russian coal and most oil to take effect later this year but did not include natural gas because the 27-nation bloc depends on it to power factories, generate electricity and heat homes.

However, Russia's Gazprom state-controlled natural gas giant reduced gas deliveries through the Nord Stream 1 pipeline to Germany by 60% last month, citing technical

on their highest cash levels since 2001 and their lowest allocations to stocks since 2008.

“Full capitulation” is how Michael Hartnett, chief investment strategist, called it in a a BofA Global Research report. Contrarian investors see such dire levels of pessimism as an encouraging signal, which could presage better times ahead if everyone who was going to sell has already.

Given all those fears, though, big swings have become routine on Wall Street recently. The S&P 500 has been flip-flopping between weekly gains and losses over the last month, after a rough run where it dropped in 10 of 11 weeks.

The swings have even hit hour to hour, with early morning gains quickly evaporating by the afternoon. On Monday, an early 1% gain gave way to a 0.8% loss.

On Tuesday, the S&P 500 ended 105.84 points higher at 3,936.69. The Dow jumped 754.44 points to 31,827.05, and the Nasdaq rose 353.10 points to 11,713.15. The Russell 2000 picked up 60.91 points to 1,799.32. problems after a turbine that Siemens sent to Canada for overhaul couldn't be returned because of sanctions. Canada and Germany made a deal to return the turbine, but Putin said Tuesday that Gazprom still hasn't received the relevant documents.

The Russian leader said that Gazprom was to shut another turbine for repairs in late July, and if the one that was sent to Canada isn't returned by that time the flow of gas will ebb even more.

THE TRIBUNE

Wednesday, July 20, 2022, PAGE 9

NETFLIX Q2 SUBSCRIBER LOSS WIDENS, BUT NOT AS MUCH AS FEARED

By MICHAEL LIEDTKE AP Technology Writer

NETFLIX shed almost 1 million subscribers during the spring amid tougher competition and soaring inflation that’s squeezing household budgets, heightening the urgency behind the video streaming service’s effort to launch a cheaper option with commercial interruptions.

The April-June contraction of 970,000 accounts, announced Tuesday as part of Netflix’s secondquarter earnings report, is by far the largest quarterly subscriber loss in the company’s 25-year history. It could have been far worse, though, considering Netflix management released an April forecast calling for a loss of 2 million subscribers during the second quarter.

Netflix was probably spared from deeper losses by the ongoing popularity of “Stranger Things,” its science fiction/horror series that debuted in 2016. Following the release of the series’ fourth season in late May, Netflix said, viewers watched a total of 1.3 billion hours of it over the next four weeks — more than any other English-language series in the service’s history.

The less severe loss in subscribers, combined with an outlook calling for a return to growth in the JulySeptember period. helped lift Netflix’s battered stock by 7% in extended trading after the numbers came out.

Netflix co-CEO Reed Hastings didn’t try to sugarcoat things during a Tuesday conference call about the results. “It’s tough losing a million subscribers and calling it a success,” he said.

The company’s AprilJune regression follows a loss of 200,000 subscribers during the first three months of the year, marking the first time Netflix’s subscriber totals have shrunk in consecutive quarters since its transition from offering

DVD-by-mail rentals to video streaming began 15 years ago.

The loss of nearly 1.2 million subscribers during first half of this year also provides a start contrast to the pandemic-driven growth that Netflix enjoyed during the first half of 2020 when its streaming service picked up nearly 26 million subscribers.

Despite the downturn, Netflix still earned $1.4 billion, or $3.20 per share during the quarter, a 6% increase from the same time last year. Revenue rose 9% from the same time last year to nearly $8 billion.

Netflix ended June with 220.7 million worldwide subscribers. far more than any of its new competitors such as Walt Disney Co. and Apple. And in a hopeful sign, Netflix management predicted its service will add about 1 million subscribers during the July-September period, signaling the worst of its slump may be over.

Although Netflix’s springtime subscriber losses weren’t as bad as investors and management feared, the downturn served as a grim reminder of the challenges now facing the Los Gatos, California, company after a decade of unbridled growth.

Netflix’s stock price has plunged by nearly 70% so far this year, wiping out about $180 billion in shareholder wealth. Since then, other video streaming services have made big strides in attracting viewers, with Apple winning accolades for its award-winning lineup of TV series and films while Disney’s popular lineup of family-friendly titles continues to gain traction.

At the same time, Netflix has been raising its prices to help pay for its own original programming, just as the highest inflation rates in 40 years have led consumers to curb spending on discretionary items such as entertainment.

NOTICE EVERLITE INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EVERLITE INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 18th July, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 20th day of July, 2022 ___________________________________ Bukit Merah Limited Liquidator

THIS photo shows the company logo and view of Netflix headquarters in Los Gatos, Calif., Jan. 29, 2010. Netflix shed almost 1 million subscribers during the spring amid tougher competition and soaring inflation that’s squeezing household budgets, heightening the urgency behind the video streaming service’s effort to launch a cheaper option with commercial interruptions. The April-June contraction of 970,000 accounts, announced Tuesday, July 19, 2022, as part of Netflix’s second-quarter earnings report, is by far the largest quarterly subscriber loss in the company’s 25-year history.

Photo:Marcio Jose Sanchez/AP

Strong Q2 at J&J, but outlook cut again due to dollar’s rise

By TOM MURPHY AP Health Writer JOHNSON & Johnson rode sales of the cancer treatment Darzalex and other key drugs to a better-than-expected second quarter, but exchange rates again pinched the health care giant’s 2022 forecast.

After trimming its forecast in April citing exchange rates, the company did so again Tuesday to a range below analyst expectations. Johnson & Johnson, which brings in nearly half of its sales from outside the United States, said foreign exchange rates delivered a $1.5 billion hit to sales in quarter.

The strong U.S. dollar is nearing parity with the euro for the first time in decades, and that can affect sales for companies that do a lot of international business.

They have to convert those sales into dollars when they report earnings.

A stronger dollar decreases the value of those sales. It also gives foreign

THE JOHNSON & Johnson logo appears above a trading post on the floor of the New York Stock Exchange, Monday, July 12, 2021. Johnson & Johnson rode growing sales of the cancer treatment Darzalex and other key drugs to a better-than-expected second quarter, but foreign exchange rates again cut into the health care giant’s 2022 forecast. The company on Tuesday, July 19, 2022, dropped its forecast to a range below analyst expectations after also trimming it in April due to exchange rates.

Photo:Richard Drew/AP products a price edge in the United States.

J&J said Tuesday that it now expects adjusted earnings of $10 to $10.10 per share this year, down from the $10.15 to $10.35 it forecast in the spring.

Wall Street had been expecting earnings of $10.19 per share, according to FactSet. In the second quarter for J&J, sales of the blood cancer treatment Darzalex jumped 39% to nearly $2

billion. Sales of J&J’s oneshot COVID-19 vaccine, which debuted last year, totaled $544 million, with only $45 million coming from the United States.

U.S. regulators in May strictly limited who can receive Johnson & Johnson’s COVID-19 vaccine due to the ongoing risk of rare but serious blood clots.

That came a month after J&J said it was suspending sales projections for the vaccine, from which it doesn’t intend to profit.

Outside pharmaceuticals, which make up J&J’s biggest business, sales slipped for the company’s medical device and consumer health segments but grew slightly when not counting exchange rates.

J&J said last fall it will split off its consumer health business, which sells Band Aids and beauty products, into a separate, publicly traded company. That will allow the world’s largest maker of health care products to focus on pharmaceuticals and medical devices.

THE TRIBUNE

Wednesday, July 20, 2022, PAGE 11

Automakers targeting average households with new crop of EVs

By TOM KRISHER AP Auto Writer IN their first rollouts of electric vehicles, America's automakers targeted people who value shortrange economy cars. Then came EVs for luxury buyers and drivers of pickups and delivery vans.

Now, the companies are zeroing in at the heart of the U.S. auto market: The compact SUV. In their drive to have EVs dominate vehicle sales in coming years, the automakers are promoting their new models as having the range, price and features to rival their gaspowered competitors.

Some are so far proving quite popular. Ford's $45,000-plus Mustang Mach E is sold out for the model year. On Monday night, General Motors' Chevrolet brand introduced an electric version of its Blazer, also starting around $45,000, when it goes on sale next summer.

Also coming next year: An electric Chevy Equinox, with a base price of about $30,000, whose price could give it particular appeal with modest-income households. There's also the Hyundai Ioniq 5 and Volkswagen's ID.4 in the $40,000s and Nissan's upcoming Ariya around

$47,000 with a lower-priced version coming.

All start off considerably less expensive than Tesla's Model Y small SUV, the current top EV seller, with a starting price well into the $60,000s.

The new models, which can get about 300 miles per electric charge, are aimed at the largest segment of the U.S. market: Modestsize SUVs, representing about 20% of new-vehicle sales. Industry experts say entering the smaller SUV segment, with its reach into a broader demographic of buyers, is sure to boost electric vehicle sales nationally.

"Going to the smaller utility segment gives you

the opportunity to access the most customers in one (market) segment," said Stephanie Brinley, principal analyst for S&P Global Mobility. "To make a transition from (internal combustion engines) to electric, you have to be in more space. You have to be in more price points. You have to be in more sizes."

Brinley noted that the small and midsize SUV segments meet many people's needs, something that previous electric vehicles did not.

"If it's a price you can reach but it's a product that you can't put your kids and your dog in, you're not going to buy it," she said.

Chevrolet says the Blazer will get a minimum of 247 miles (398 kilometers) per charge. Pricier high-end versions could go up to 320 miles (515 kilometers).

The Blazer will be available with Chevrolet's SS performance package with a zero-to-60 mph (97 kilometers per hour) time of under four seconds. There will be a police version, too.

"Early on, the demographic composition of an EV buyer was certainly someone that perhaps had higher education, higher household income," said Steve Majoros, Chevrolet's marketing director. "That's very indicative of early adopters. But as we move

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 96° F/36° C Low: 76° F/24° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

A shower in the a.m.; partly sunny

Mainly clear

Partly sunny with a shower or two

Breezy with a thun‑ derstorm in spots

A t‑storm in spots in the morning

An afternoon thunder‑ storm; breezy

High: 88°

Low: 79°

High: 88° Low: 78°

High: 89° Low: 79°

High: 88° Low: 78°

High: 86° Low: 77°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

86° F

99°-86° F

99°-87° F

97°-81° F

96°-83° 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

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High: 89° F/32° C Low: 79° F/26° C

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High: 93° F/34° C Low: 79° F/26° C

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High: 91° F/33° C Low: 82° F/28° C

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| Go to AccuWeather.com

TONIGHT

High: 93° F/34° C Low: 81° F/27° C

High: 90° F/32° C Low: 80° F/27° C

MIAMI

High: 92° F/33° C Low: 81° F/27° C

6‑12 knots

KEY WEST

High: 90° F/32° C Low: 82° F/28° C

ELEUTHERA

NASSAU

High: 88° F/31° C Low: 79° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

1:43 a.m.

2:28 p.m.

2.8 2.9

8:06 a.m.

8:46 p.m.

0.3 0.8

Thursday

2:39 a.m.

3:25 p.m.

2.5 2.8

8:58 a.m.

9:49 p.m.

0.4 0.9

Friday

3:36 a.m.

4:21 p.m.

2.3 2.8

9:50 a.m. 0.5 10:50 p.m. 0.9

Saturday

4:32 a.m.

5:14 p.m.

2.2 2.8

10:42 a.m. 0.5 11:45 p.m. 0.9

Sunday

5:25 a.m.

6:03 p.m.

2.2 2.9

11:31 a.m. 0.5 ‑‑‑‑‑ ‑‑‑‑‑

Monday

6:15 a.m.

6:48 p.m.

2.2 3.0

12:34 a.m. 0.8 12:17 p.m. 0.5

Tuesday

7:00 a.m.

7:30 p.m.

2.3 3.0

1:19 a.m.

1:01 p.m.

0.7 0.5

sun anD moon Sunrise Sunset

6:32 a.m. Moonrise 8:01 p.m. Moonset

12:34 a.m.

1:26 p.m.

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CAT ISLAND

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8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 81° F/27° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 89° F/32° C Last year’s low ................................... 76° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 36.38” Normal year to date ................................... 17.40”

High: 89° F/32° C Low: 78° F/26° C

up that curve, the intention and where we're pricing this product is to certainly make it more available for more mainstream buyers."

To attract buyers of modest means, EVs need to be priced even lower, in the $30,000-to-$35,000 range, GM CEO Mary Barra said in an interview this week with The Associated Press.

Electric vehicles, she said, also have to have the range and charging network so they can be the sole vehicle that some people own.

"Most electric vehicle owners today own multiple vehicles, so they have an internal combustion vehicle to jump into depending on their needs," Barra said.

ANDROS

SAN SALVADOR

GREAT EXUMA

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tracking map

High: 88° F/31° C Low: 78° F/26° C

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MAYAGUANA High: 89° F/32° C Low: 80° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 87° F/31° C Low: 78° F/26° C

GREAT INAGUA High: 89° F/32° C Low: 79° F/26° C

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SE at 6‑12 Knots SE at 7‑14 Knots E at 7‑14 Knots ESE at 7‑14 Knots E at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots E at 7‑14 Knots ESE at 7‑14 Knots ESE at 6‑12 Knots SE at 6‑12 Knots E at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots E at 8‑16 Knots E at 10‑20 Knots E at 7‑14 Knots ESE at 7‑14 Knots E at 10‑20 Knots E at 10‑20 Knots E at 8‑16 Knots ESE at 8‑16 Knots

WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 3‑5 Feet 0‑1 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 3‑6 Feet 4‑7 Feet 1‑2 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet

VISIBILITY 10 Miles 10 Miles 8 Miles 8 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 8 Miles 10 Miles 5 Miles 6 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 8 Miles 8 Miles 10 Miles 10 Miles 10 Miles 5 Miles

WATER TEMPS. 84° F 84° F 85° F 86° F 83° F 83° F 83° F 83° F 83° F 84° F 86° F 87° F 84° F 84° F 83° F 83° F 83° F 83° F 83° F 83° F 84° F 84° F 83° F 83° F 83° F 83° F