07212022 BUSINESS

business@tribunemedia.net

THURSDAY, JULY 21, 2022

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FOCOL: ‘All resources we have’ to oil spill fight FOCOL Holdings’ chairman yesterday pledged it was “deploying every resource we have” to clean-up the 30,000 gallon Exuma oil spill, and said: “We’ll do whatever’s necessary to stop it happening again.”

• ‘Ruptured hose’ causes 30,000 gallon loss • Firm ‘investigating’ insurance with shipper • ‘We’ll do whatever it takes’ so no repeat

Sir Franklyn Wilson, the BISX-listed petroleum products supplier’s head, told Tribune Business the spill was caused by “a ruptured hose” that was transferring diesel fuel from a vessel, the MT Arabian, to Bahamas Power & Light’s (BPL) storage facility on the island.

SEE PAGE B7

Realtor: One-third of deals fetch asking price or higher

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN realtor yesterday disclosed his average property sales price has “tripled” compared to pre-COVID levels with one-third of all transactions realising either what the seller is seeking or higher.

Ryan Knowles, of Maison Bahamas Real

Estate, told Tribune Business he was confident high-end Bahamian real estate will continue to enjoy a boom market for another two years despite rising US interest rates, inflation and fears of a recession - as developers prepare to respond to demand for more inventory.

Asseerting that highend waterfront properties in The Bahamas are still

priced significantly lower per square foot compared to rivals in Miami and the Hamptons, he added that another sign the strong demand will sustain is that Jet Nassau, the fixed base operator at Lynden Pindling International Airport (LPIA), also enjoyed a “record year” for 2021.

Bahamian realtors across-the-board continue to feel the benefits, with Damianos

Sotheby’s International Realty yesterday releasing an e-mail in which it revealed property sales for the 2022 second quarter increased by 34 percent compared to the year’s first quarter. And the sales value of properties sold soared by 73 percent quarter-over-quarter.

Meanwhile, the average sales and list prices for

SEE PAGE B4

Activists urge oil spill contingency overhaul

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ENVIRONMENTAL activists yesterday urged the Government to upgrade the country’s oil spill contingency plan following the 30,000-gallon Exuma leak, adding that The Bahamas must move from “a panicked” to a controlled response.

Rashema Ingraham, Waterkeepers Bahamas executive director, told Tribune Business the last time she could recall revisions being made to the

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Carbon credit earnings are ‘many years’ away

EXUMA oil spill.

Photo:Reno Curling

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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plan was 2011 - more than a decade ago - despite the movement of petroleumbased products through the country’s shipping lanes on an almost daily basis.

While a “ruptured hose” was being blamed for diesel fuel leaking into waters off Georgetown, she added that issues of liability and who is responsible for environmental clean-up and the associated costs need to be better defined in Bahamian laws and regulations.

Multiple Cabinet ministers and government officials raced to Exuma

SEE PAGE B7

• Trust chief: ‘It’s a long process’ to certify assets • Backs calls for more direct Bahamian ownership • And agrees: ‘We can’t afford to get this wrong’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR Bahamas National Trust (BNT) executive has warned this nation “won’t get a dollar from carbon credits for many years” as he backed calls for more direct local ownership in the fledgling industry.

Eric Carey, the BNT’s executive director, told

SEE PAGE B6

ERIC CAREY

LPIA: 75% of Airport Authority staff return

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters SOME 75 percent of Airport Authority staff were yesterday said to have returned to work at the Lynden Pindling International Airport (LPIA) following Monday’s strike action that the Supreme Court deemed illegal.

Peter Rutherford, the agency’s acting general manager, also told Tribune Business that “92 percent of the workers on the Family

Islands” have also resumed regular work schedules.

This is near full staffing on regular days, and LPIA was said to be “running smoothly” now with no long passenger queues to get through security and baggage screening. This represents an improvement on the 60 percent of Family Island staff who reported for work on Tuesday, while the figure for Nassau was just 20 percent.

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PAGE 2, Thursday, July 21, 2022

THE TRIBUNE

$8m Berry Islands resort offers ‘complete package’ A BAHAMIAN realtor yesterday said an $8m Berry Islands resort project is offering the total package to potential buyers.

Colin Lightbourn, of Engel & Volkers Bahamas, who is the listing broker for Great Harbour Cay, said a 65-slip marina with fuel station, 18-hole golf course and hotel-zoned beachfront site are all being offered for sale by the vendor.

“The real estate model and market has changed so much from the original concept, and this portfolio offers the complete resort development product from marina to golf course and beachfront. The new airport terminal is scheduled to open in a month or so, attracting more airlift and private planes. Infrastructure is in place for most of the real estate, and nine of the golf holes are cleared, two of which run right along

the sandy beach,” Mr Lightbourn said in a statement.

“When you consider what homes and condos are selling for in the current market, $8m for all this real estate and the chance to build a legacy on a Bahamas island is an opportunity that doesn’t come around that often. Of all the smaller populated islands like Harbour Island, the Abaco cays, Chub Cay and Windermere, Great Harbour Cay is the only one with the complete combination of golf, marina, beach and an international airport.”

The initial development officially opened around March 1969 with a celebrity golf tournament that featured the likes of Jack Nicklaus, Gary Player, Lee Trevino and Sam Snead.

The project was the dream of Canadian Lou Chester, who purchased it in 1966 with ambitions to create a

winter haven for celebrities and international second home owners.

Bahamian golfing professional, Roy Bowe, also participated in the inaugural tournament, leading his team to a 63 and tie for first place. Golf course designer, Joe Lee, fashioned the 18-hole championship golf course on rises of land that overlooked the sea.

Some eight years ago, Jack Nicklaus designed a new layout that has not been developed.

The original business model has struggled to keep all the assets operating profitably, with the original ‘Tamboo Club’ reverting to management by the homeowner’s association. The association was permitted to maintain the front nine of the golf course. The marina is currently fully operational, along with a beach club restaurant.

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THE TRIBUNE

Thursday, July 21, 2022, PAGE 3

FISHERMEN PUSH ‘CLOSED SEASON’ CRAWFISH PERMIT

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN fishermen yesterday called for restaurants and other vendors who sell lobster out-ofseason to prove the source of their catch as a means to crackdown on illegal catches and landings.

Paul Maillis, the National Fisheries Association’s (NFA) secretary, told Tribune Business there are few mechanisms available to the Department of Marine Resources (DMR) to

monitor lobster fishing outof-season and take action against the perpetrators.

“We have discussed policing off-season harvesting at our last fisheries advisory meeting regarding the regulations. The biggest concern we have is what to do once the season is closed?” he added.

The crawfish season closes at end-March before re-opening again on August 1. Among the few techniques available to the Department of Marine Resources is to visit restaurants and seafood distributors and get a count

EXUMA BUSINESSES SEE MINIMAL OIL SPILL IMPACT

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

EXUMA businesses yesterday said the 30,000gallon oil spill appeared to have quickly been contained despite the strong stench of diesel fuel in the immediate area of Georgetown’s old Navy Base.

Frankie Cartwright, the Exuma Beach Resort’s general manager, told Tribune Business that the pungent odor from the spill was making her feel sick but there had been no guest complaints when she spoke to this newspaper.

“We’re actually three miles away, and the only thing we can smell is fuel, but we can’t see any fuel.

We haven’t had any complaints from our guests yet, but the smell is giving me a headache,” she added.

Christine Palacious, Exuma’s island administrator, said: “We have managed to contain the spill in the area where it was. We also have a team including Environmental Health that will help to make assessments on the effects to public health.”

The spill resulted when a vessel contracted by BISXlisted FOCOL Holdings was offloading diesel fuel supplies to Bahamas Power & Light (BPL) for the operation of its electrical generation facilities.

The pollution spread, though, appeared to have been relatively wellcontained through the deployment of booms and other anti-spill equipment as businesses on the Exuma coastline said they did not see any evidence it was spreading along the island’s coastline.

Dallas Knowles, co-owner of the Exuma Sailing Club, said that by 3pm the spill was contained to the Old Navy Base cove and cleanup crews were diligently sucking up the diesel back

into tankers. He said: “This was diesel fuel mostly, and it is on top of the water now and going back into a tanker.

I don’t know how big it was before, but from what I’m seeing it’s an area no bigger than 50 square feet. There is not a lot left; it is confined to a pretty small cove now.”

Valiant Marine Salvage, along with a team from FOCOL’s subsidiary, Sun Oil, were leading the cleanup effort. “There is still a strong diesel smell in the area, but the oil itself is contained to one small little cove. But they have the area blocked off with some booms for when the tide changes, and no one can go swimming in the area now, so hopefully they can keep it contained in that one little area,” Mr Knowles added.

Tamara Knowles, coowner of the Exuma Sailing Club, said: “I’m a couple of miles away from it, but I’ve seen drone photos. Some friends of ours stopped by our sailing site and they said it looks like on our little cove it’s fine now. From the drone photos it’s just a little bit above our sailing club. I don’t know how long this is going to last.”

Monica Minns, general manager of Minns Cottages, added: “The little bay is filled with diesel oil and they have a pollution pool to hold the oil in to ensure that it doesn’t spill any further, so they have done some prevention. Luckily the wind is blowing in the right direction, so it blew most of it into an area closer to the rocks, so that’s why it’s confined and it doesn’t smell as badly as it’s supposed to be.”

Robert Symonette, general manager of AID, said: “Personally, I have not been affected because we’re not on the coastline. I have heard about the oil spill but I don’t know too much about it. The area is blocked off now so no one can get in there.”

of how much lobster they have in stock. “If they have a mysterious addition of lobster out of season, they will know that this person got this lobster improperly,” Mr Maillis said.

“For example, if a restaurant declares a certain amount of lobster at the end of the season and they’ve been selling lobster throughout the entire season, and then all of a sudden at the end of the season, the Department of Marine Resources goes back to check the stock and they have the exact same quantity in their

storage that they had at the beginning of the season, that would mean that somebody’s lying or they didn’t sell any lobsters, which is hard to believe.”

Calling for a new approach, Mr Maillis said: “There can always be better systems to try to have better diligence about how they approach these restaurants. The onus is on the fisherman to not be unethical and not catch lobsters out of season, because it jeopardises the entire industry, and the onus is on the restaurateurs and seafood middlemen to do

their due diligence and ask hard questions about where the fishermen are getting their lobsters from out of season.”

There is no law prohibiting the sale of crawfish out-of-season, just their harvesting. Mr Maillis said: “One thing we discussed at the fisheries advisory committee was the idea of a permit for vendors if they want to sell lobster out-of-season.

With that permit would come greater accountability in terms of showing their receipts, showing their purchase orders, where they

got this food from, and the Department of Marine Resources can do investigations if they feel something fishy is going on.

“Right now, there is no such permit. We were thinking of it akin to a liquor license, and that in order to get a liquor license in The Bahamas you have to go through certain due diligence. Seafood is no less valuable than liquor in this country, and has a much greater cost of illegality to our entire country. We are deeply investigating the idea of a permit for closed season vendors.”

Recruitment boss backs Gov’t over disabled workers hiring THE HEAD of a Caribbean recruitment company says government jobs are not the only option for disabled workers while praising the Davis administration’s ambition to hire more.

Joseph Boll, head of Caribbean Employment Services, an online talent acquisition service headquartered in Barbados but operating throughout the Caribbean, said in a statement: “We think it’s fantastic that the Government has turned its attention to the plight of workers with disabilities. These individuals have long faced challenges with being hired and finding workplaces that will suitably accommodate their needs, like making sure the physical building is accessible.

“As such, we are thrilled to see the Government moving to offer them paid training and secured full-time positions through its PS-PEP initiative. But Bahamians with disabilities don’t have to sit around waiting for the Government to give them a position: There are millions of remote jobs available online that are open to workers from anywhere, and they can take advantage of these opportunities.”

With remote work having rapidly expanded due to the COVID-19 pandemic, workers with disabilities around the world have found it easier to find gainful employment. Without the limitations they often encountered with physical jobs, such as discrimination and lack of accessibility, many persons with disabilities were able to finally land work through remote positions.

In the UK, a trade union reported that workers

with disabilities had better work-life balance and an improved overall wellbeing thanks to remote work. Mr Boll said workers with disabilities in The Bahamas likewise stand to benefit by taking advantage of such opportunities, even while praising the Government for efforts to ensure this group is suitably employed.

Pia Glover-Rolle, minister of state for the public service, recently revealed the Government’s plans to “include more persons with disabilities in its recruitment and staffing efforts” as part of a “wider revamping of the public service being driven by the ministry’s agenda for public service reform”.

Mrs Glover-Rolle said one of the key initiatives that will be used to spearhead the hiring of persons with disabilities is the recently announced Public Service Professional Engagement Programme (PS-PEP), which will “provide paid on-the-job training opportunities that will eventually lead to entry-level job placements and designated career paths for those who successfully matriculate through the programme”.

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PAGE 4, Thursday, July 21, 2022

THE TRIBUNE

Realtor: One-third of deals fetch asking price or higher FROM PAGE B1 properties handled by the realtor, which specialises in the high-end luxury market, jumped by 30 percent and 8 percent, respectively, for the June quarter compared to the first three months of 2022.

And Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, told this newspaper that sales in destinations such as Long Island - not a traditional magnet for international real estate buyers - were “going like a house on fire” despite ongoing concerns over the global economy’s health amid stock market volatility and the crash in digital asset valuations.

Mr Knowles, though, echoed his counterparts by saying he was “pretty confident we’ll be OK” amid the turmoil with the relatively low supply of real estate inventory available for sale set to support prices. “In the past couple of months I’ve seen properties sell above ask or at the full asking price,” he revealed.

“I would say we’re seeing that in about one-third of the cases where we’re selling properties for full ask or above ask. Our challenge going forward is going to be inventory. The above $5m$10 market is incredibly strong, and the above $20m market is also strong. We’re seeing a ton of demand and not many properties available. A lot of them would

have sold in the last 18 months and we’ve not seen a supply replacement.”

However, Mr Knowles added that property developers appear ready to fill the void. “They are beginning to see that,” he said of the inventory shortage.

“There is a lot of discussion about developments that may be about to happen.

That is a good sign of confidence in the market when developers are prepared to take a risk and put shovels in the ground.

“That’s a good indication we’re going to have a strong market for another two years. I think The Bahamas is going to continue to emerge as the luxury Caribbean destination even more so than it has been in the

past. There’s a very exciting project that’s going to hit the market soon, towards the end of the year, and be a game changer although I cannot say anything about it.”

Describing 2021 as “a record year” for himself and likely many other Bahamian realtors, Mr Knowles said 2022 has been “even stronger”. He added: “My average sales price has tripled, and our firm’s average sales price is also well up. We we were doing average deals around $750,000 to $1m [pre-COVID], and that’s gone up to a $3m average sales price.

“We’re seeing strong demand from the luxury sector. People come here wanting to spend $3m, $4m,

$5m and up, and wanting to be in gated communities. We’ve done a couple of transactions in Old Fort Bay, but also the Ocean Club as well.”

Arguing that high-end buyers are deriving “value for money” by selecting The Bahamas, Mr Knowles added that a $5m or $10m waterfront property outlay “still goes a longer way than it would in Miami and the Hamptons. You get a lot more bang for your buck in The Bahamas still. You can buy a beachfront property in The Bahamas for $10m, whereas in Miami it’s $25m-$30m and, in the Hamptons, it goes up to $40m. The price per square foot is way lower”.

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.

LPIA: 75% of Airport Authority staff return FROM PAGE B1 Mr Rutherford added: “This is near to 100 percent.

We have said that the staff are going to come back to work in accordance with the injunction that deemed it to be an illegal strike. We continue to watch and analyse the staff complements

several times throughout the day during peak times so that we can be ahead of any action that can work against us and the airport’s operation.”

Meanwhile, Kimsley Ferguson, the Bahamas Public Services Union (BPSU) president, whose members initiated the industrial

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action, told Tribune Business he was due to meet Prime Minister Philip Davis QC this coming weekend to address all the union’s concerns - not just those with the Airport Authority, which appear to be moving towards resolution.

“The Prime Minister committed to paying the outstanding monies, the retroactive monies, to the Family Island officers. He would have called me yesterday [Tuesday] morning.

He and I spoke, and he committed verbally to getting it done. We received a communication in that regard, and are very grateful for that,” Mr Ferguson disclosed of the Airport Authority, adding that Mr Davis is set “to meet with me over the course of this weekend to address the additional concerns we have”.

Besides the Airport Authority, this includes issues the BPSU has relating to its members in both the civil service and at the Public Hospitals Authority. “We’re going to seek to get a resolution on those,” Mr Ferguson said. “The BPSU has issues that have been very, very long-standing in nature.

“It is our desire to work along with the Government of The Bahamas, but when the union has exhausted every protocol there is, knocked on every door there is, and nobody seems to be hearing the squeak on the door, with a view to purring oil on it to stop the squeak......”

The Supreme Court on Monday night ordered the Airport Authority workers to return to work, and issued an injunction barring further action on the basis it was illegal as the dispute has already been referred to the Industrial Tribunal.

Mr Ferguson, though, said neither himself, the union nor its attorney have been served with the relevant papers.

“The union has not been served with anything of that nature,” he said. ‘I’m not aware of that. Nothing. I haven’t received anything and neither has the union’s attorney.”

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) on Monday 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 preclearance section at LPIA, the major aviation gateway to The Bahamas for stopover visitors and locals/ residents alike.

Chester Cooper, deputy prime minister, said on Tuesday of the economic and tourism fall-out: “I think the economic impact 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.”

THE TRIBUNE

Thursday, July 21, 2022, PAGE 5

CROWDFUND PLATFORM EYES THREE MEDICAL FIRM RAISES A BAHAMIAN crowdfunding platform yesterday said it aims to bring “three innovative medical companies” to market in the next several months with its latest offering needing just $40,000 to hit the minimum raise target.

D’Arcy Rahming Jr, ArawakX’s chief technology officer, confirmed that one of these medical companies will be made available for Bahamian investors to buy into on August 3. He declined to reveal the firm’s name or details on its business, citing regulations that forbid this being divulged prior to the offering’s launch.

“This company is at the forefront of one of the most important health issues facing the region. It is one of three innovative medical companies that will be featured in the next few months. We are seeing increased interest

in medical technology that will position the Bahamas as a medical hub for alternative treatment methods,” Mr Rahming said.

The three medical companies eyeing capital raises via the ArawakX platform are both local and foreign-owned.

They are in the process of being fully vetted by the platform, and are said to be exploring expansion possibilities outside The Bahamas.

“The Bahamas has a unique opportunity for medical innovation as it is right next to the US and recognises European and Asian certifications, in addition to the FDA (Food and Drug Administration),” Mr Rahming added.

Crowdfunding involves financing a project or business venture by raising small amounts of money from a large number of people, typically via the Internet. Through The Bahamas’

crowdfunding rules, individuals or small retail investors can now participate in financing start-ups and entrepreneurs - something that was previously restricted largely to institutions and high net worth investors - via a regulated market.

“The Internet changed the information deficit between all classes of people regardless of personal wealth. By allowing all investors to have access to all public information at the same time, the Internet has created the opportunity for all people to have access to ownership in the new economy,” said Mr Rahming.

ArawakX said its present offering, Tropical Gyros, a restaurant business, has raised 87.5 percent of its minimum capital target. “In 41 days we have seen over $280,000 in pledges come in from over 504 investors,” Mr Rahming added. “Once these

pledges are converted to payments the company will be very close to its $320,000 success.

“Through the marketing data we have collected, investors come from all walks of life and from many islands.

And the amounts vary from the minimum $36 to over $50,000. The hunger for investment across the land is very real.”

ArawakX’ said its digital technology, combined with the Securities Commission’s crowdfunding rules, lower costs for both the capital-raiser and the investor. “At a time when there is controversy with the fees of financial institutions, ArawakX is able to offer investment with no account opening or administrative fees. This provides relief to many, and allows for individuals to stretch their investment dollars further,” Mr Rahming added.

DARCY RAHMING JR

PM urges support for nation’s ITU nominee THE Prime Minister yesterday urged the Caribbean and its communications industry to back The Bahamas’ candidate to head the International Telecommunication Union’s (ITU) development unit in elections set for September 2022.

Philip Davis QC, addressing the sector’s CANTO Annual Conference and Trade Exhibition, said this nation was nominating Stephen Bereaux, ex-Utilities Regulation and Competition Authority (URCA) chief executive, for the post.

He is currently the deputy to the ITU Telecommunication Development Bureau’s (BDT) current director.

The BDT functions as the ITU unit responsible for assisting developing nations with their communications development, and Mr Davis argued that it was “well past time that the Caribbean and small island developing states takes [their] place in ITU and BDT’s leadership”.

Seeking to establish itself as a regional leader, The Bahamas is already seeking re-election to the ITU’s council. Seeking to further build on this, the Prime Minister added: “I am pleased to announce that the Government of The Bahamas will be putting forward a candidate for election as the director of the ITU’s Telecommunication Development Bureau (BDT).

“Stephen Bereaux, a Bahamian, former chief executive of our telecommunications regulator, URCA, and currently the deputy to the director of

the BDT, is undoubtedly the most qualified person to take on the mantle of BDT director, having been the close partner of the current director, Doreen Bogdan Martin, in achieving arguably the most successful term of leadership for the Bureau ever.

“Stephen has supported the director and team in delivering an impactful, effective and relevant BDT, responsive to member state needs and achieving levels of success that we have missed in this critical organisation for some time. I hope the entire Caribbean will join The Bahamas in promoting and ensuring the success of our Caribbean candidate, Mr Bereaux, to succeed in the election at ITU’s plenipotentiary conference, which will take place in Bucharest, Romania, this September.”

Elsewhere, the Prime Minister touted the import tariff eliminations and reductions for communications equipment in the 2022-2023 Budget. These appear designed to stimulate further investment by communications operators, especially in 5G (fifth generation) technology, while also incentivising the expanded roll-out of broadband Internet and other technologies in a bid to better prepare the Bahamian workforce for the digital economy.

He also called on Caribbean communications operators to resist the “slavish” pursuit of profit, arguing that economies are more stable if they are “fairer”. He pointed out that one of the COVID-19

PRIME Minister Philip Davis gives his keynote remarks at the CANTO Annual Conference and Trade Exhibition, in Miami, Florida. pandemic’s consequences has been to worsen economic inequality, with 97m more people now living on less than $1.90 per day while the wealth of the world’s ten richest men has doubled to $1.5trn.

“As a matter of principle, our view is that an economy will be more successful if it is fairer,” Mr Davis said. “It is a view which has moved beyond economists and academics into the wider sphere of public policy and business.

“I raise it in order to encourage you to join us in this approach when planning your individual roles in the digital revolution. The ruthless, relentless pursuit of profit may bring shortterm gain, but greater, more stable, more enduring profitability is likely to come when corporate social responsibilities are factored in.

“Together, let’s create a different and better future

for the Caribbean. Slavish attention to the maximisation of profits for shareholders will detract from that better future for the Caribbean.” Mr Davis called on the communications industry to work with governments to make broadband Internet “universal, affordable and reliable”, and increase the Caribbean’s penetration rate beyond the existing 50 percent.

“This will assist in true diversification of our economies as many thousands

of new, good paying jobs could be created with the deployment of affordable, reliable broadband,” the Prime Minister added. “If the mission of CANTO is to ‘enable a digital revolution’, then where is the plan to make it happen?

“Where is the knowledge and ingenuity and investment that we are willing to apply today? And if we are to achieve something that is truly revolutionary, rather than merely evolutionary, then what is the commitment? Where is the action?” Mr Davis said that, in the Caribbean, it appeared as if the necessary digital infrastructure was “a long time coming” while the accompanying investment was not sufficient for what is required.

“At the moment, I see signs of aging infrastructures, some of which are poorly maintained and certainly suffer from underinvestment,” he added.

“Some major corporate actors seem very focused on withdrawing early profits, rather than maximising long-term investment for long-term rewards.

“The relatively small size of our individual markets is one of the factors that has,

historically, given rise to a number of protectionist practices in various jurisdictions. Are we now at the moment when we need to make adjustments; to encourage more competition into the space? Will greater market forces lead to better services and better products for our people?”

Voicing concern over digital inclusion, Mr Davis added: “I think of the case of a young man barely literate in The Bahamas who, a few years ago, could go into a hotel lobby looking for a job and then be directed to the human resources department. He might need help in filling in a form before being given a starter job, for example, as a dish washer. Having secured a position, that young man is now in a position to grow and develop, and fashion a career for himself.

“Now, however, because hotels and other large employers have put their entire recruitment process online, that young man will struggle to get his foot in the door. He will struggle to access a computer, and struggle to confidently complete the forms.”

PAGE 6, Thursday, July 21, 2022

THE TRIBUNE

Carbon credit earnings are ‘many years’ away FROM PAGE B1 Tribune Business in a recent interview that the process of identifying, verifying and certifying this nation’s various “carbon sinks” - chiefly its seagrass and mangrove assets - to determine their monetary value could take an unknown number of years to accomplish.

Estimates that this could require a $50m-$60m investment were not unrealistic, he added, revealing that the BNT is seeking to work with the Government to determine the potential value of The Bahamas’ national parks and Marine Protected Areas (MPAs) when it comes to sequestering carbon dioxide from the earth’s atmosphere.

And Mr Carey said he “absolutely” backs more direct Bahamian ownership in the entities being formed to fulfill the Davis administration’s carbon credit ambitions, given that the still-evolving sector is being “touted as a very lucrative” opportunity from both a career and investment perspective.

Pointing out that significant on-the-ground field work must be done before The Bahamas’ carbon trapping assets can be valued,

and converted into a commodity, the BNT chief nevertheless told this newspaper that Bahamians should be “excited” that the Government is moving quickly to develop the regulatory framework for a potential new multi-million dollar industry.

Echoing Rochelle Newbold, the Government’s climate change adviser in the Prime Minister’s Office, Mr Carey said: “We cannot afford to get this wrong.

We have to get this right.”

Yet he cautioned that The Bahamas may have to be patient when it comes to realising the financial benefits from carbon credits.

“As has been said by everyone, there’s a process that takes a long time,” he told Tribune Business. “We have to identify our stocks.

We have to go through verification and certification. We won’t get a dollar from carbon credits for many years. It’s a long process that requires sustained investment....

“It depends how quickly we proceed for the first 18-24 months. I don’t think that, until we’ve gone through that immediate period of a year-and-a-half to two years, we will be able to say whether it’s a three,

four or five-year period.

It will be determined by how difficult it is to map, find good sinks and get international verification.

That’s the big question. It will take us the first year to two years to make that determination.”

Philip Davis QC, in unveiling legislation designed to regulate the trading of Bahamian carbon credits, indicated that the Government is hoping to move slightly quicker than the timeline outlined by Mr Carey as research has already been completed on “what is now considered to be the largest seagrass meadow in the world in Bahamian waters”.

The findings on that 5,000 square kilometre seagrass plot are due to be submitted to Vera, the environmental verification group, for certification of its potential blue carbon credit value.

This process will ultimately convert such environmental assets into a commodity by monetising them.

The research on this plot was conducted by Beneath The Waves, which was founded in 2013 as a nonprofit focused on Marine Protected Areas, threatened species, deep sea conservation and blue carbon, during

a shark study in Bahamian waters. It has subsequently been awarded the management contract for Carbon Management Ltd, together with a 49 percent equity stake in the latter business that will oversee The Bahamas’ carbon market participation.

The Government and unspecified non-governmental organisations will hold the remaining 49 percent and 2 percent equity stakes, respectively, in Carbon Management Ltd, but Opposition MPs have argued that there should be more direct Bahamian ownership in this entity along the lines of the collective 20 percent stake that local retail investors have in Arawak Port Development Company (APD).

Backing such calls, Mr Carey said: “I would say there should be broad Bahamian ownership. The Government is saying that the Bahamian benefit is going to come through the investment in the sovereign wealth fund [which will initially own the carbon credits].

“That is admirable, but I would hope that either for this company or other companies that come along there may be opportunities

for Bahamian ownership. If this business is financially rewarding and viable, as we are being advised, there’s no reason why more Bahamians shouldn’t be involved...

“If you ask me if I think there should be opportunities for Bahamians, I think absolutely, yes. These are our resources. There’s no reason why either in this company [Carbon Management] or, hopefully, there will be other companies where Bahamians could participate in ownership in what is touted to be a very lucrative industry.”

The Trust chief, adding that The Bahamas has “fairly robust” ecosystems that act as carbon sinks, said: “What the BNT is going to be exploring is opportunities for getting carbon sequestered in these areas that we’ve done a phenomenal job of protecting.

“We’re working with the Government to establish methodologies to get the carbon sinks in our national parks and Marine Protected Areas assessed and valued, and becoming part of the carbon stocks we trade.

We’re still looking at working with a partner.”

Mr Carey said “you’re looking at a $50m investment over a multi-year

period” to identify, verify and assess carbon credit potential in the areas managed and overseen by the Bahamas National Trust - a figure that is in line with the sum that Mr Davis asserted Carbon Management will have to raise to finance its own mapping exercise.

Carbon credits are viewed as a “bridge to a net-zero future”, and the reduction - if not elimination - of greenhouse gas emissions to levels agreed by countries in international treaties. High carbon-emitting countries and companies will buy The Bahamas’ carbon credits to enable them to temporarily exceed present emissions restrictions while compensating this nation for its role in cleaning up the earth’s garbage by removing carbon dioxide from the atmosphere.

The revenues generated would be used to enhance The Bahamas’ environmental assets, and shore up their protection, while any surplus income could be used for other means such as paying down the $11.8bn national debt or eliminating the fiscal deficit.

Asia shares slip on inflation, China fears despite US rally

By YURI KAGEYAMA AP Business Writer ASIAN shares mostly slipped Thursday as optimism over earnings was tempered by persistent concerns about inflation and the Chinese economy, despite an overnight rally on Wall Street.

Eyes are on the Bank of Japan, set to wrap up a two-day policy meeting, although analysts expect no major changes.

The BOJ has not indicated it will follow the lead of other central banks, including the U.S. Federal Reserve, in raising interest

rates to curb inflation. Japan has suffered years of stagnation, when deflation or falling prices was a major problem.

"After the strong showing in Wall Street over the past two days, particularly so for tech stocks, markets may take somewhat of a breather. Lingering caution persists for Chinese equities amid both virus and property sector risks," Yeap Jun Rong, market strategist at IG in Singapore, said in a commentary.

Tokyo's benchmark Nikkei 225 lost 0.1% to 27,657.53 in morning trading. Australia's S&P/ASX

200 edged down 0.1% to 6,751.00. South Korea's Kospi gained 0.4% to 2,397.33.

Hong Kong's Hang Seng slipped 1.3% to 20,612.10, while the Shanghai Composite fell 0.5% to 3,286.83.

A mid-week rally driven by strong corporate earnings appeared to be losing steam, laden by worries over energy supplies in Europe and slowing growth in China.

"Geopolitical concerns around the Russia/Ukraine conflict continue to weigh on markets as the crisis shows no signs of slowing down.

Also weighing on sentiment

were reports that Google was pausing new hires for two weeks. This is part of an emerging trend where tech giants are hitting the brakes on hiring," said Anderson Alves at ActivTrades.

"Inflation concerns, ongoing geopolitical uncertainty and lingering caution over the pandemic are adding fuel to recession fears and weighing on the outlook for companies," he said in a report.

Wall Street ended Wednesday with gains as investors welcomed another batch of encouraging profit reports from U.S. companies.

The S&P 500 rose 0.6% to 3,959.90. The Dow Jones Industrial Average added 0.2% to 31,874.84, while the Nasdaq gained 1.6% to 11,897.65. Smaller company stocks also gained ground.

The Russell 2000 climbed 1.6% to 1,827.95.

"It's not exactly the most robust day, but it's nice to follow up on a day like yesterday," said Ross Mayfield, investment strategist at Baird. "It feels like over the past couple of months good days have given it all back the very next day."

Profit reporting season is ramping up, with more types of industries offering details about how high inflation and worries about a possible recession are affecting their customers.

CURRENCY traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, July 21, 2022. Asian shares mostly slipped Thursday, as optimism was tempered by persistent concerns about inflation and the Chinese economy, despite the rally on Wall Street.

Photo:Ahn Young-joon/AP For now, traders appear to be encouraged by what they're hearing. Companies so far have been mostly topping profit expectations. Nasdaq, the company behind its tech-heavy namesake trading exchange, jumped 6.1% after delivering stronger profit and revenue than Wall Street expected.

Netflix climbed 7.4% higher after it said it lost fewer subscribers during the spring than expected. It's the worst performing stock in the S&P 500 for the year, though, down by nearly two thirds.

Other tech-oriented companies also made strong gains. Amazon climbed 3.9%, and Nvidia jumped 4.8%.

On the losing end was Baker Hughes, which tumbled 8.3% after it reported weaker results for the spring than analysts expected.

Northern Trust fell 4% after its profit fell short of forecasts.

To counter inflation at four-decade highs, the U.S. Federal Reserve has already hiked rates three times this year, by increasing margins each time.

THE TRIBUNE

Thursday, July 21, 2022, PAGE 7

Activists urge oil spill contingency overhaul FROM PAGE B1 yesterday to assess the oil spill and its impact, but Ms Ingraham argued that a better response would be to ensure the necessary equipment to contain then remediate the incident was already in The Bahamas with trained personnel able to use it effectively.

“The last oil spill contingency plan revision was in 2011. That’s been some time now, and that really needs to be given some attention sooner rather than later because we have so many petroleum products moving through our waterways on a regular basis,” Ms Ingraham told this newspaper.

“Just think about everything that has happened

between that timeframe and now.

“This really brings to the forefront for the Prime Minister and his Cabinet to again look at oil industry reform, and not only because we have experience with oil drilling and marine and terrestrial spills in The Bahamas.” Those spills include the loss of 558,000 barrels of oil when the tank roofs at Equinor’s South Riding Point storage terminal in Grand Bahama were compromised when Hurricane Dorian struck the island in early September 2019.

“It definitely needs upgrading,” Ms Ingraham said of The Bahamas’ plan for dealing with major oil spills, “and it also needs

to point who should be responsible for paying for the spill. It definitely should not be the Government of The Bahamas. The Government should look at putting a levy in place on those moving oil through the country to make them more responsible for their transhipment.”

Besides identifying who is liable for clean-up, remediation and the associated cost, she added that The Bahamas needs to completely overhaul how it reacts to oil spills. “We need to move away from the panicked response to these situations to one where we have a more controlled response,” Ms Ingraham told Tribune Business.

“This is so we know, based on the spill and the response, what type of resources need to be executed right away. Having men in suits rush over to look at a spill is not the right response. The right response is to have the equipment in place to contain the spill initially, and that equipment needs to be in country.”

Other environmental activists yesterday argued that the Exuma spill strengthens the case for banning oil exploration and drilling in Bahamian waters, although there is no link at all between the latter activity and what happened in Georgetown.

Joe Darville, Save the Bays’ chairman, said the

leak of diesel fuel destined for Bahamas Power & Light (BPL) was “another warning” given the potential consequences for Exuma’s “pristine” waters and environment - the very assets that attract the tourists and homeowners which drive the island’s economy.

“It’s a catastrophic disaster because, similar to Equinor, there is no contingency plan available,” he argued. “As far as I know, does Exuma have a plan to deal with a spillage like this? I would say no. It will be up to Mother Nature to deal with this catastrophic event.

“It’s another event to show we have no business thinking about drilling for oil in our waters. It would

be a total disaster.” However, photos and reports from Exuma yesterday suggested that the oil spill appears to have been reasonably well contained with both the authorities and private sector moving quickly to remediate the impact.

Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF) head, added: “This is certainly a reminder that there are serious risks involved with fossil fuel use and transportation and, certainly, exploration, because there’s so many unknowns when it come to the latter. The message here is that we have so many better options.”

FOCOL: ‘All resources we have’ to oil spill fight FROM PAGE B1 Revealing that FOCOL’s Sun Oil subsidiary had contracted with the Arabian’s owner for the fuel delivery, he added that it was now “investigating” whether that company, Gladstone Road-headquartered D&T Shipping, has the necessary insurance in place to cover the costs associated with oil spill containment and remediation.

But, regardless of the outcome, Sir Franklyn promised the BISX-listed firm will “not allow the problem to linger” while all parties involved determine who is liable and responsible for covering the costs associated with a clean-up operation that appeared to be making solid progress yesterday.

He disclosed that Sun Oil, which is contracted to ship fuel supplies to BPL’s Family Island operations, was forced to outsource the Exuma delivery to D&T Shipping due to the loss of its gas tanker, the M/T Tropic Breeze, when it sank on Christmas Eve 2021 after being struck by a 207-foot super yacht.

Dexter Adderley, FOCOL’s president and chief executive, in confirming to the company’s directors that 30,000 gallons of diesel fuel had been lost into the sea, said in a briefing note: “The spill resulted from a ruptured hose during the discharge from the vessel, MT Arabian. The MT Arabian is a third party vessel owned by a company, D&T Shipping.”

Gregory Stuart, D&T Shipping’s president, did not return a Tribune Business call seeking comment despite a detailed message being left for him. However, Sir Franklyn added: “Mr Stuart has assured us that his company will do all it can to assist with the remediation effort. We, in turn, have assured him that Sun Oil will support the effort in every way we can.

“Mr Stuart has given us his assurance, and we are sure he will do the best he can and we are supporting it in every possible way. The owner of the Arabian recognises the challenge, and will give it their best. Every resource we have,all the resources we have available within our group, we are deploying. This, for us, is a significant thing.

“We are very concerned, very, very concerned. Environmental protection in the world of business today, responsible companies operate under the ESG mantra of environment, social and governance. The first one is environment.

Given what FOCOL and Sun Oil see ourselves as being, we take this very seriously. Very, very seriously, being responsible and committed to the environment.”

Alfred Sears, minister of works, told the House of Assembly that D&T Shipping was organising the transportation of booms and other oil spill response/ remediation equipment from Grand Bahama to Exuma yesterday, as he reassured that the Government’s environmental and regulatory agencies were

addressing the situation and “every reasonable resource” was being deployed.

He spoke after Adrian White, the St Ann’s MP and leader of Opposition business in the House of Assembly, called for an “all hands on deck” approach to protect Exuma’s ocean and environment as “a matter or urgency”. Subsequent photos of the spill yesterday suggested it has been relatively well contained, with Chester Cooper, deputy prime minister and Exuma’s MP, saying it was largely restricted to the bay area around the Exuma Sailing Club.

When asked whether either FOCOL/Sun Oil or D&T Shipping possessed insurance to cover the costs associated with oil spill remediation, Sir Franklyn replied: “We are investigating this matter with the company with whom we contracted. We can assure all concerned we will not allow the problem to linger while we determine who pays.

“We’ll do whatever we can to get the problem solved and the question of compensation [liability] will be left to another day.... I don’t have a sense of the figures now. What I’m saying is that Sun Oil is committed to dealing with the matter, and we will deal with the issue of insurance and compensation at a later date.

The biggest priority is first things first. The ship owner is doing all they can, we are providing all the support we can. It obviously has the attention of government.”

Sir Franklyn added that FOCOL/Sun Oil, in common with the Government, will also be requesting an incident report from D&T Shipping to determine how the “hose rupture” leading to the oil spill occurred and what lessons can be learned to prevent a repeat.

Pointing out that such spills are “very, very rare”, he revealed: “We have asked the ship owner to provide us with a full and comprehensive report as to what happened. The Government has asked for the same, and we’ll have a chance to get into the details.

“That’s the next step in the process. Right now it’s about remediation, getting problems solved, and the ship owner providing a report to the Government.

We’ll then take whatever steps are necessary to ensure this doesn’t happen again.”

Asked whether the necessary oil spill response equipment is present in The Bahamas, Sir Franklyn replied: “Let me put it this way. We believe we have sufficient to do so, but to the extent there’s any shortfall we have relationships that will allow us to get additional resources on very short notice.

“We are taking responsibility in that we are the people BPL contracted with. We are pleased that the company we sub-contracted to because of the December incident are shoulder to shoulder with us in seeking the best possible outcome.”

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The FOCOL Holdings chairman said tackling the oil spill, which was spotted at 4am yesterday morning but could have happened at any time from 5pm Tuesday afternoon, was the top priority for Clinton Rolle, Sun Oil’s managing director, who had adjusted his schedule to focus on it.

Explaining what he meant by “December incident”, Sir Franklyn told this newspaper: “The use of a third-party vessel became necessary on a short-term basis because of the incident with the tanker that sank in

December 2021. A yacht ran into one of our tankers and it sank. It is because of that we have had to make interim arrangements to meet these needs.”

This involved the loss of the M/T Tropic Breeze, when it sank on Christmas Eve 2021 after being struck by a 207-foot super yacht, the M/Y Utopia IV, around 15 miles north north-west of New Providence. Mr Cooper, meanwhile, described the oil spill near the Old Navy Base in Georgetown as “significant”.

SIR FRANKLYN WILSON

PAGE 8, Thursday, July 21, 2022

THE TRIBUNE

US home sales fell in June as prices reach new heights

By ALEX VEIGA AP Business Writer SALES of previously occupied U.S. homes slowed for the fifth consecutive month in June as higher mortgage rates and rising prices kept many home hunters on the sidelines.

Existing home sales fell 5.4% last month from May to a seasonally adjusted annual rate of 5.12 million, the National Association of Realtors said Wednesday.

That’s lower than the 5.37 million home sales pace economists were expecting, according to FactSet. Sales fell 14.2% from June last year.

After climbing to a 6.49 million annual rate in January, sales have fallen to the slowest pace since June 2020, near the start of the pandemic, when they were running at an annualized rate of 4.77 million homes.

Excluding the pandemicrelated slowdown, sales in June were running at the slowest pace since January 2019.

Even as home sales slowed, home prices kept climbing in June. The national median home price jumped 13.4% in June from a year earlier to $416,000.

That’s an all-time high according to data going back to 1999, NAR said.

Despite the increase, home prices are not climbing as much as they were earlier this year.

“With each passing month it appears price appreciation is less strong than earlier months,” said Lawrence Yun, NAR’s chief economist.

The June’s sales report is the late evidence that the housing market, a key driver of economic growth, is slowing as homebuyers grapple with sharply higher mortgage rates than a year ago.

“A combination of higher prices and higher mortgage rates clearly has shifted the dynamics in the housing market,” Yun said. “Home sales will only begin to stabilize once mortgage rates begin to stabilize.”

The average rate on a 30-year fixed-rate home loan climbed to 5.51% last week, according to mortgage buyer Freddie Mac. A year ago it averaged 2.88%.

Mortgage rates have been climbing in response to a sharp increase in 10-year Treasury yields, reflecting expectations of higher interest rates overall as the Federal Reserve raises its benchmark rate in a bid to quell the highest inflation in decades.

Even with higher mortgage rates straining affordability, homes that sold didn’t stay on the market for long. On average, homes sold in just 14 days of hitting the market last month, the fastest sales pace tracked by the NAR. It was 16 days in May. Before

the pandemic, homes typically sold more than 30 days after being listed for sale.

House hunters able to navigate the impact of higher mortgage rates had a wider selection of homes to choose from last month, at least. The number of properties for sale jumped 9.6% from May to 1.26 million, and rose 2.4% from June last year — the first annual increase in three years, Yun said.

Still, at the current sales pace, the level of for-sale properties amounts to a 3-month supply, the NAR said. That’s up from 2.6 months in May, and 2.5 months a year ago. That’s still short of the 5- to 6-month supply that reflects a more balanced market between buyers and sellers.

Despite the still-tight supply of homes for sale, rising mortgage rates and prices, first-time buyers accounted for 30% of sales last month, NAR said.

That’s up from 27% in May, but still low by historical standards, when first-time buyers made up as much as 40% or more of transactions.

Real estate investors and other buyers able to buy a home with just cash, sidestepping the need to rely on financing, accounted for 25% of all sales last month, NAR said.

PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT DEPUTY DIRECTOR HUMAN RESOURCES PRINCESS MARGARET HOSPITAL (PMH) The Public Hospitals Authority invites applications from suitably qualified persons for the post of Deputy Director Human Resources (PMH).

POSITION SUMMARY: The Deputy Director Human Resources (PMH) is expected to provide leadership and oversight for the day-to-day management of the Human Resources department; the development and implementation of policies and best practices in human resource management.

The Deputy Director HR is expected to assist the Director of Human Resources with a wide variety of professional human resources activities, which include but are not limited to, recruitment & selection, performance evaluation reviews, compensation & benefits, discipline, employee & labor relations and health & safety at the institutional level.

KEY ACCOUNTABILITIES FOR THIS ROLE INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING: • Provides management oversight for the day-to-day operations; • Coordinates the recruitment and selection processes; • Provides oversight for the appointments, performance evaluations, compensation & benefits and discipline process for employees; • Assists with implementation of strategies for improving accountability, monitoring, evaluation, retention strategies and management reporting within the Human Resources Department; • Assists with the review, interpretation and recommendation for policy, process or program improvements; • Supports the development and implementation of HR initiatives and systems;

• Partners with the various Bargaining Units to improve employee and labor relations; • Ensures adherence to HR policies and procedures; • Conducts periodic audits to ensure that standards and outcomes are congruent with PHA’s policies, procedures and objectives, relevant law and industrial agreements; • Prepares monthly reports on Human Resources activities; • Assists with training initiatives for employees; • Participates at Executive Management Committee level.

EDUCATION/ EXPERIENCE: • Master’s Degree in Human Resource Management or Business Administration (MBA) or Public Administration or related field; • Human Resource Certification (a plus); • Minimum of ten (10) years’ managerial experience at a senior level.

COMPETENCIES: • Strong leadership and management skills; • Strong analytical, communication, negotiation, interpersonal, and organizational skills; • High degree of professional ethics and integrity; • Working knowledge of J D Edwards system; • Strong knowledge of the Employment and Labor laws of The Bahamas; • Proficient in Microsoft Office software; • Demonstrated ability to work independently with limited supervision.

Letter of application and curriculum vitae should be forwarded to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or jobs@phabahamas.org, Nassau, Bahamas no later than July 29th, 2022.

A “SOLD” is posted outside a single family home in a residential neighborhood, in Glenside, Pa., Wednesday, Aug. 4, 2021. Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June 2022 as higher mortgage rates and rising prices kept many home hunters on the sidelines. The National Association of Realtors said Wednesday, July 20, that existing home sales fell 5.4% last month from May to a seasonally adjusted annual rate of 5.12 million.

Photo:Matt Rourke/AP

Fidelity Charitable sets $4.8B record in grants for 6 months

By GLENN GAMBOA AP Business Writer DONATIONS from Fidelity Charitable climbed 11% to a record $4.8 billion for the first half of 2022, the nation’s largest grantmaker announced Wednesday.

The growth in payouts from Fidelity’s donor-advised funds — which let donors enjoy tax deductions and investment gains on their donations before they give the money away — paints a far sunnier picture about philanthropy than other recent reports.

The Giving USA report released last month found 2021 donations were down 0.7% when adjusted for inflation. That was a sign that the sector is generally struggling to keep pace with increased needs caused by higher prices and global crises like the pandemic and the war in Ukraine.

“Individual donors are thoughtful when they contribute to their donoradvised funds, letting the growth of those funds impact their giving,” Fidelity Charitable President Jacob Pruitt told The Associated Press. “They can give more at the end of the day and not only are they giving more, but they’re giving to a variety of different causes.”

Fidelity Charitable donors earmarked more than $128 million in grants to Ukraine aid efforts in the first half of 2022, Pruitt said. Emergency relief

organization International Medical Corps saw the number of Fidelity Charitable donors provide them a grant jump more than 1000% compared to the first half of 2021, while chef Jose Andres’ food security nonprofit World Central Kitchen grew more than 500%.

Similarly, Schwab Charitable announced Tuesday that its grants through its donor-advised funds were up 27% to over $4.7 billion in its 2022 fiscal year, which ended on June 30.

Pruitt said Fidelity Charitable has seen some slowing in donations in recent months, but that it’s hard to tell whether that will continue. He said data on the amount of money invested into donor-advised funds in 2022 so far would not be available until the end of the year.

“When the market is down and there is volatility, our donors step up,” he said. “Generosity will continue.”

However, “ Gilded Giving 2022,” a new report on donations released Tuesday by the Institute for Policy Studies, says the increasing popularity of donor-advised funds is distorting philanthropy and the kind of charities that receive money.

Chuck Collins, co-author of the report and the Institute’s director of the Program on Inequality and the Common Good, said we have entered an era of

“top-heavy philanthropy,” where wealthy people dominate charities because the majority of people are struggling economically and are less able to afford to give. He said wealthy people tend to focus on donations to foundations that they control or legacy gifts — large donations to universities and museums that result in buildings being named after them to add to their reputations for generations.

According to the report, donations over $1 million in 2021 went mainly to foundations that the donors controlled, donor-advised funds and colleges and universities. It notes that less than half of American households now donate to charity, down from 68% just 20 years ago.

“The more that wealthy people shape the priorities of philanthropy, the less we see people giving directly to those helping in their communities,” Collins said. “We could see that change with the increase of oversight. We should fix the design flaw.” Legislation requiring those who use donor-advised funds to finish giving away the money within 15 years in order to maintain their income tax deduction was introduced in the Senate last year by Republican Sen. Chuck Grassley of Iowa and Independent Sen. Angus King of Maine, who caucuses with the Democrats.

THE TRIBUNE

Thursday, July 21, 2022, PAGE 9

CAN GREEN HYDROGEN SAVE A COAL TOWN AND SLOW CLIMATE CHANGE?

By SAM METZ Associated Press THE coal plant is closing.

In this tiny Utah town surrounded by cattle, alfalfa fields and scrub-lined desert highways, hundreds of workers over the next few years will be laid off — casualties of environmental regulations and competition from cheaper energy sources.

Yet across the street from the coal piles and furnace, beneath dusty fields, another transformation is underway that could play a pivotal role in providing clean energy and replace some of those jobs.

Here in the rural Utah desert, developers plan to create caverns in ancient salt dome formations underground where they hope to store hydrogen fuel at an unprecedented scale. The undertaking is one of several projects that could help determine how big a role hydrogen will play globally in providing reliable, around-the-clock, carbon-free energy in the future.

What sets the project apart from other renewable energy ventures is it’s about seasonal storage more than it’s about producing energy.

The salt caves will function like gigantic underground

batteries, where energy in the form of hydrogen gas can be stored for when it’s needed.

“The world is watching this project,” said Rob Webster, a co-founder of Magnum Development, one of the companies spearheading the effort. “These technologies haven’t been scaled up to the degree that they will be for this.”

In June, the U.S. Department of Energy announced a $504 million loan guarantee to help finance the “Advanced Clean Energy Storage” project — one of its first loans since President Joe Biden revived the Obama-era program known for making loans to Tesla and Solyndra. The support is intended to help convert the site of a 40-year-old coal plant to a facility that burns cleanly-made hydrogen by 2045.

Amid polarizing energy policy debates, the proposal is unique for winning support from a broad coalition that includes the Biden administration, Sen. Mitt Romney and the five other Republicans who make up Utah’s congressional delegation, rural county commissioners and power providers. Biden was set to announce new actions on climate change Wednesday during an event in

Massachusetts at a former coal-fired power plant that is shifting to a renewable energy hub.

Renewable energy advocates see the Utah project as a potential way to ensure reliability as more of the electrical grid becomes powered by intermittent renewable energy in the years ahead.

In 2025, the initial fuel for the plant will be a mix of hydrogen and natural gas. It will thereafter transition to running entirely on hydrogen by 2045. Skeptics worry that could be a ploy to prolong the use of fossil fuels for two decades.

Others say they support investing in clean, carbonfree hydrogen projects, but worry doing so may actually create demand for “blue” or “gray” hydrogen. Those are names given to hydrogen produced using natural gas.

“Convincing everyone to fill these same pipes and plants with hydrogen instead (of fossil fuels) is a brilliant move for the gas industry,” said Justin Mikula, a fellow focused on energy transition at New Consensus, a think tank.

Unlike carbon capture or gray hydrogen, the project will transition to ultimately not requiring fossil fuels.

Chevron in June reversed

A TRACTOR drives along Main Street during the Fourth of July parade Monday, July 4, 2022, in Delta, Utah. In this tiny Utah town surrounded by cattle, alfalfa fields and scrub-lined desert highways, hundreds of workers over the next few years will be laid off as the coal power plant closes— casualties of environmental regulations and competition from cheaper energy sources.

Photo:Rick Bowmer/AP its plans to invest in the project. Creighton Welch, a company spokesman, said in a statement that it didn’t reach the standards by which the oil and gas giant evaluates its investments in “lower carbon businesses.”

As utilities transition and increasingly rely on intermittent wind and solar, grid operators are confronting new problems, producing excess power in winter and spring and less than needed in summer. The supplydemand imbalance has given rise to fears about potential blackouts and sparked trepidation about weaning further off fossil fuel sources.

This project converts excess wind and solar power to a form that can be stored. Proponents of clean hydrogen hope they can bank energy during seasons when supply outpaces

demand and use it when it’s needed in later seasons.

Here’s how it will work: solar and wind will power electrolyzers that split water molecules to create hydrogen. Energy experts call it “green hydrogen” because producing it emits no carbon. Initially, the plant will run on 30% hydrogen and 70% natural gas. It plans to transition to 100% hydrogen by 2045.

When consumers require more power than they can get from renewables, the hydrogen will be piped across the street to the site of the Intermountain Power Plant and burned to power turbines, similar to how coal is used today. That, in theory, makes it a reliable complement to renewables.

Many in rural Delta hope turning the town into a hydrogen epicenter will allow it to avoid the decline

afflicting many towns near shuttered coal plants, including the Navajo Generating Station in Arizona.

But some worry using energy to convert energy — rather than sending it directly to consumers — is costlier than using renewables themselves or fossil fuels like coal.

Though Michael Ducker, Mitsubishi Power’s head of hydrogen infrastructure, acknowledges green hydrogen is costlier than wind, solar, coal or natural gas, he said hydrogen’s price tag shouldn’t be compared to other fuels, but instead to storage technologies like lithium-ion batteries.

For Intermountain Power Agency, the hydrogen plans are the culmination of years of discussions over how to adapt to efforts from the coal plant’s top client — liberal Los Angeles and

SKY-HIGH DIESEL PRICES SQUEEZE TRUCKERS, FARMERS, CONSUMERS

By CATHY BUSSEWITZ AP Energy Writer WHEN long-haul trucker Deb LaBree sets out on the road to deliver pharmaceuticals, she has strategies to hold down costs. She avoids the West Coast and the Northeast, where diesel prices are highest. She organizes her delivery route to minimize "deadheading" — driving an empty truck in between deliveries.

And if a customer's load is too far away or they can't pay more for fuel? She turns the job down.

"It breaks my heart because I either have to say, 'No, I can't afford to,' or 'I can, but you're going to have to pay some of my fuel to get me there,' " LaBree said. "I hate doing both of those things because it's not the customer's fault. It's not our fault."

The price of diesel fuel has skyrocketed in recent

months — much more even than regular gasoline — especially after Russia invaded Ukraine in February. Moscow's attack led numerous nations to spurn Russian fuel, removing from the market a major source of oil, the main component of diesel fuel, and driving prices drastically up.

For months, motorists have felt the pain of high gasoline prices. Many may not know that they're also absorbing the impact of much costlier diesel fuel.

That's because the goods consumers buy — from cereal and orange juice to Amazon deliveries of diapers — are delivered by trucks, trains or ships that run on diesel. Those inflated prices are then passed on from company to company until they reach consumers in the form of costlier goods.

"People pay less attention to diesel prices because people aren't going to the

pump and using it," said Matt Smith, lead oil analyst at Kpler, a research firm. "But diesel has a more far-reaching impact and is already having a real big impact across the economy."

Diesel fuel is averaging $5.50 a gallon nationally — up a scorching 68% from a year ago, when it was selling for just $3.27. By comparison, a gallon of regular gasoline is averaging $4.47, up 41% from a year ago.

High gasoline prices have eased somewhat in recent weeks. But diesel has remained chronically high, with American refineries operating near capacity. Unless prices ease, the ripple effects of high diesel fuel could worsen because the costs are deterring some truck companies from accepting jobs unless they can persuade their customers to pay more for fuel.

"There will be more logistical shortages," said Phil

Verleger, a longtime energy economist. "Americans will find more empty shelves and higher prices."

If they're not rejecting jobs, many truckers are choosing lighter loads or working longer hours to make up for money lost on fuel, according to interviews with truckers and industry executives. Farmers harvesting hay and planting corn with diesel-fired tractors are absorbing a financial hit. Delivery companies are installing their own fueling pumps to cut costs. Ultimately, consumers are left bearing the burden.

"If you're a farmer, then your energy costs are higher, and therefore it's costing more to produce grain, and that's pushing the price of

grain up, and that's pushing the price of food up," said Smith, the analyst at Kpler.

Even more than gasoline, high diesel prices are magnifying the costs of goods because the delivery cost has risen so much. Consumer prices soared 9.1% in June compared with 12 months earlier, the government reported last week.

The fuel oil portion of the consumer price index nearly doubled from the same time last year.

"Those energy costs are working their way into products, all manner of different consumer products," Smith noted.

One reason why diesel prices haven't yet declined as gasoline has is that OPEC nations have slowed their

supply of oil, and Middle East oil typically produces more diesel fuel than, say, parts of Texas do. Another factor is that China has reduced its diesel exports, presumably to help achieve its net-zero greenhouse gas emissions goals.

And within the United States, refineries that produce diesel from crude oil are essentially maxed out.

The nation has 11 fewer refineries operating today than before the pandemic, according to the American Petroleum Institute. One refinery that had served the East Coast closed after an explosion in 2019 and never re-opened. And some refineries in California are closed for retrofitting to process renewable fuel.

PAGE 12, Thursday, July 21, 2022

THE TRIBUNE

EU draws up energy plan in case of Russian gas cutoff

By RAF CASERT Associated Press THE European Union’s head office on Wednesday proposed that member states cut their gas use by 15% over the coming months as the bloc braced for a possible full Russian cutoff of natural gas supplies that could add a big chill to the upcoming winter.

While the initial cuts would be voluntary, the Commission also asked for the power to impose mandatory reductions across the bloc in the event of an EU-wide emergency caused by what Commission President Ursula von der Leyen saw as a deliberate attempt

by President Vladimir Putin to weaponize gas exports.

“Russia is blackmailing us. Russia is using energy as a weapon. And therefore, in any event, whether it’s a partial major cutoff of Russian gas or total cutoff of Russian gas, Europe needs to be ready,” von der Leyen said.

EU member states will discuss the measures at an emergency meeting of energy ministers next Tuesday. For them to be approved, national capitals would have to consider

yielding some of their powers over energy policy to Brussels.

“We have to be proactive.

We have to prepare for a potential full disruption of Russian gas. And this is a likely scenario. That’s what we’ve seen in the past,” von der Leyen said, adding that Kremlin-controlled Gazprom showed scant interest in market forces and instead played a political game to choke off the EU. Saving 15% on gas use between August and next March will not come all that easy. The European Commission signaled its proposed target would require EU countries as a whole to triple the rationing achieved to date since the Russian invasion of Ukraine started Feb. 24.

“EU-level savings so far have been equal to 5%,” EU Energy Commissioner Kadri Simson said. “This is clearly not enough.”

Wednesday’s proposal comes at a time when a blog post from the International Monetary Fund has warned about the weaknesses of the 27-nation bloc.

“The partial shutoff of gas deliveries is already affecting European growth, and a full shutdown could be

NOTICE

NOTICE is hereby given that DONISHA BORNEUS of Pine Dale, Eight Mile Rock, Grand Bahama, 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 14th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

EUROPEAN Commission President Ursula von der Leyen, left, and European Commissioner for European Green Deal Frans Timmermans address a media conference at EU headquarters in Brussels on Wednesday, July 20, 2022. The European Union’s head office on Wednesday proposed that member states cut their gas use by 15% over the coming months that any full Russian cutoff of natural gas supplies to the bloc will not fundamentally disrupt industries and send an additional chill through homes next winter.

Photo:Virginia Mayo/AP substantially more severe,” the IMFBlog warned. It added that gross domestic product in member nations like Hungary, Slovakia and the Czech Republic could shrink by up to 6%.

Italy, a country already facing serious economic problems, “would also face significant impacts.”

EU economic forecasts last week showed that Russia’s war in Ukraine is expected to wreak havoc

with economic recovery for the foreseeable future, with lower annual growth and record-high inflation.

The disruptions in Russian energy trade threaten to trigger a recession in the bloc just as it is recovering from a pandemic-induced slump Since Russia invaded Ukraine, the EU has approved bans on Russian coal and most oil to take effect later this year, but

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHEILA MILLER a.k.a SHEILA STUART of #47 A Laird Street, Bain Town, New Providence, Bahamas, intend to change my name to SHEILA MILER-STUART. 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.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 20 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 18.10 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%

2610.92

4.24

0.16

382.68

17.17

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 6.70 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 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 2.84 10.27 11.25 10.85 18.10 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

244 100

1,000 50

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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.08) 0.00 (0.19) 0.00 0.35 0.00 0.00 0.00

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

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 27.8 22.0 17.4 14.9 22.2 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% 15.28% 0.58% 2.92% 2.21% 2.98% 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

it did not include natural gas because the 27-nation bloc depends on gas to power factories, generate electricity and heat homes.

Now, von der Leyen is convinced Putin will cut off gas anyway to try to wreak economic and political havoc in Europe this winter.

“Putin is trying to push us around this winter and this he will dramatically fail if we stick together,” said von der Leyen.

There are fears that the energy crisis will get worse if Moscow does not restart the key Nord Stream pipeline to Germany after scheduled maintenance ends Thursday. And Putin left everyone second-guessing on Wednesday.

The Russian leader questioned the quality of the repair work done on the Nord Stream 1 turbine. “They say that they will return these machines — one, in any case — but in what capacity they will return, what are the technical parameters after leaving this scheduled repair? Maybe they will

take it and turn it off at some point, and Nord Stream 1 will stop,” he said.

The aim of von der Leyen’s plans is to ensure essential industries and services like hospitals can function, while others would have to cut back.

That could include lowering heat in public buildings and enticing families to use less energy at home.

EU nations and the Commission have gone on a buying spree to diversify its natural gas sources away from Russia, but they are still expected to fall far short of providing businesses and homes with enough energy in the cold months.

Russia has cut off or reduced gas to a dozen EU countries, and there are fears that the energy crisis will get worse if Moscow does not restart a key pipeline to Germany after scheduled maintenance ends Thursday.

The energy squeeze is also reviving decades-old political challenges for Europe. While the EU has gained centralized authority over monetary, trade, antitrust and farm policies, national capitals have jealously guarded their powers over energy matters.

The European Commission has spent decades chipping away at this bastion of national sovereignty, using previous supply disruptions to secure gradual gains in EU clout. The fivemonth-old Russian invasion of Ukraine is now the starkest test of whether member countries are willing to cede more of their energy powers.

During the COVID-19 pandemic, member states did join in common action to help develop and buy vaccines in massive quantities in an unprecedented show of common resolve in the health sector.

“We have learned our lesson from the pandemic.

We know that in such kind of a crisis, our worst enemy is fragmentation,” said von der Leyen.

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THE TRIBUNE

Thursday, July 21, 2022, PAGE 13

US DEMANDS TALKS ON MEXICAN ENERGY POLICIES IT CALLS UNFAIR

By PAUL WISEMAN AND MARÍA VERZA The Associated Press

THE United States is putting pressure on Mexico over energy policies that Washington says unfairly favor Mexico’s state-owned electricity and oil companies over American competitors and clean-energy suppliers.

The U.S. is demanding talks to resolve the dispute, starting a process Wednesday that could end in trade sanctions against Mexico.

“We have repeatedly expressed serious concerns about a series of changes in Mexico’s energy policies and their consistency with Mexico’s commitments,’’ U.S. Trade Representative Katherine Tai said in a statement. She said “U.S. companies continue to face unfair treatment in Mexico.’’

Among the specific issues in dispute is an amendment to Mexican law last year that the United States says gives an unfair edge to electricity produced by Mexico’s state-owned utility Federal Electricity Commission over energy from private companies and over cleaner sources such as wind and solar.

The United States also protests a 2019 regulation that gives only state oil and gas company Petroleos Mexicanos extra time to comply with tougher environmental standards limiting the sulfur allowed in automotive diesel fuel.

The U.S. also accused Mexico of delaying, rejecting or failing to act on private companies’ applications for permits to operate in the energy business and of revoking or suspending existing permits.

“Mexico’s policies have largely cut off U.S. and other investment in the country’s clean energy infrastructure, including significant steps to roll back reforms Mexico previously made to meet its climate

goals under the Paris Agreement,’’ Tai’s office said in a statement.

The Mexican government tried to downplay the controversy, presenting it as an ordinary process between countries. President Andrés Manuel López Obrador said Wednesday relations with the U.S. government were good and that the dispute was driven by Mexican companies opposed to his administration and who lobby on the issue.

If the two countries cannot reach an agreement after 75 days of talks, the U.S. can request intervention by a dispute resolution panel under the US-Mexico-Canada Agreement or USMCA, that could result in sanctions against Mexico if the United States prevails. The pact, negotiated by President Donald Trump, replaced the 1994 North American Free Trade Agreement.

“The government of Mexico expresses its willingness to reach a mutually satisfactory solution during the consultation phase,” the Economy Ministry said in a statement.

That ministry, which will lead the negotiations, pointed out that this is the fourth time that this mechanism has been used since the free-trade agreement went into effect two years ago. It was first employed by the U.S. against Canada over milk quotas, then by Canada against the U.S. over tariffs on Canadian solar panels. Mexico and Canada used it to challenge the U.S. interpretation of a provision about where auto parts have to originate to qualify for duty-free status under the deal.

López Obrador said there was “no complaint” on the subject during his meeting with U.S. and Mexican businessmen in Washington earlier this month and that he told Biden that Mexico is investing in the update of hydroelectric plants and will create new solar plants in the northern border.

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

ENIC INTERNATIONAL LTD. Registration Number: 117549 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that ENIC INTERNATIONAL LTD., has been dissolved and has been struck off the Register of Companies with effect from the 28th day of June, 2022.

GSO Corporate Services Ltd. Liquidator LEGAL NOTICE

NOTICE MARTOS INVESTMENT INC. (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that MARTOS INVESTMENT INC. is in voluntary liquidation. The voluntary liquidation commenced on 14th July 2022 and Markus Ducrey of Hofstrasse 12, 5073 Gipf-Oberfrick, Switzerland been appointed as the Sole Liquidator.

Dated this 15th day of July 2022 Sgd. Markus Ducrey Voluntary Liquidator

A NEWLY built power generation plant that is part of a mega-energy project is seen with the Popocatepetl Volcano in the background near Huexca, Morelos state, Mexico, on Feb. 22, 2020. The United States is putting pressure on Mexico over energy policies that Washington says unfairly favor Mexico’s state-owned electricity and oil companies over American competitors and clean-energy suppliers. The U.S. is demanding talks to resolve the dispute, starting a process Wednesday, July 20, 2022, that could end in trade sanctions against Mexico.

Photo:Eduardo/AP

Biogen chops expenses in Q2, raises 2022 profit forecast

By TOM MURPHY AP Health Writer COST cutting helped Biogen beat second-quarter expectations soundly even as revenue slid and sales of the drugmaker's controversial Alzheimer's treatment collapsed.

Aduhelm, a drug once expected to generate billions in annual sales, brought in only $100,000 in the quarter. That's down from the $1.6 million in quarterly sales it recorded after hitting the market last year.

Aduhelm debuted last summer as the first new treatment in nearly two decades for Alzheimer's, a progressive neurological disease with no known cure. But it was immediately met by reluctance from some doctors to prescribe it due partly to an initial, annual price of around $56,000.

The government's Medicare program eventually imposed strict limits on who could take Aduhelm, which wiped out most of its potential U.S. market. Biogen said earlier this year it would slash most of its spending on the drug as part of a broader costcutting plan.

It has since turned its focus to other drugs under development. That includes lecanemab, another potential treatment for early Alzheimer's.

THE BIOGEN INC., headquarters is shown in March 11, 2020, in Cambridge, Mass. Cost cutting helped Biogen beat second-quarter expectations soundly, Wednesday, July 20, 2022, even as revenue slid and sales of the drugmaker’s controversial Alzheimer’s treatment collapsed. Aduhelm, a drug once expected to generate billions in annual sales, brought in only $100,000 in the quarter.

Photo:Steven Senne/AP

The Food and Drug Administration is reviewing that drug. A decision is expected by early next year, and the company plans to release late-stage study data on the drug's effectiveness this fall.

Biogen wound up cutting total costs and expenses by 40% to $1.32 billion in the second quarter. The company also booked a gain of roughly $1.5 billion in the quarter from a sale of the company's equity stake in a joint venture.

Total revenue fell nearly 7% to $2.59 billion as competition hit key products like the specialty drug Spinraza, which is used to treat a rare spinal disorder in children. That

still topped industry analysts projections for $2.47 billion, according to FactSet. Net income more than doubled to $1.06 billion, and adjusted earnings totaled $5.25 per share, far exceeding the $4.06 that Wall Street was looking for.

Biogen also raised its 2022 forecast Wednesday. It now expects adjusted earnings of $15.25 to $16.75 per share, up from a previous forecast of $14.25 to $16 per share that it had reaffirmed in the spring.

Analysts are forecasting earnings of $15.43 per share.

The company offered no updates Wednesday on its search for a new leader to replace CEO Michel Vounatsos, who said in May that he would step down once a successor is found.

PAGE 14, Thursday, July 21, 2022

THE TRIBUNE

Can Europe live without Russian natural gas?

PIPES of the gas storage plant Reckrod are pictured near Eiterfeld, central Germany, Thursday, July 14, 2022, after the Nord Stream 1 pipeline was shut down due to maintenance.

Photo:Michael Probst/AP

BERLIN (AP) — Europe faced an energy crisis even before the Nord Stream 1 pipeline from Russia to Germany went offline for regular maintenance.

While there were signals that at least some gas was likely to flow Thursday, it was still uncertain and government officials braced for the possibility that the key pipeline won’t restart as scheduled. They say Russian President Vladimir Putin is using energy for political leverage in his confrontation with the European Union over Ukraine.

Russia has already slashed Europe’s flows of natural gas used to power factories, generate electricity and heat homes in the winter, and Putin warns they could keep dwindling.

The deliveries through Nord Stream 1 were cut by 60% before repairs began.

Even if the pipeline restarts at reduced levels, Europe will struggle to keep homes warm and industry humming this winter.

Here are key things to know about the energy crisis: Did Russia Cut Off Gas To Europe?

It has reduced supplies significantly. Even before the invasion of Ukraine, Russia was not selling gas on the shortterm spot market. After the EU imposed drastic sanctions on Russia’s banks and companies and started sending weapons to Ukraine, Russian cut off gas to six member countries and reduced supplies to six more.

Flows into Germany, the EU’s biggest economy, through Nord Stream 1 were dialed back by two-thirds, with Russia blaming a part that was sent to Canada for maintenance and not returned due to sanctions. European leaders rejected that claim, saying it was a political gambit in retaliation for sanctions.

It has left the 27-member EU scrambling to fill gas storage ahead of winter, when demand rises and utility companies draw down their reserves to keep homes warm and power plants running.

The EU’s goal is to use less gas now to build storage for winter. Europe’s gas reserves are only 65% full, compared with a goal of 80% by Nov. 1.

Why Is Russian Natural Gas So Important?

Russia supplied some 40% of Europe’s natural gas before the war. That has

dropped to around 15%, sending prices through the roof and straining energyintensive industries.

Gas is used across a range of processes that most people never see — to forge steel to make cars, make glass bottles and pasteurize milk and cheese.

Companies warn that they often can’t switch overnight to other energy sources such as fuel oil or electricity to produce heat.

In some cases, equipment that holds molten metal or glass is ruined if the heat is turned off.

High energy prices are already threatening to cause a recession in Europe through record inflation, with consumers having less to spend as costs rise for food, fuel and utilities. A complete cutoff could deal an even heavier blow to an already troubled economy.

What is the nord stream 1 pipeline?

It is the major European natural gas pipeline that runs under the Baltic Sea from Russia to Germany and is Germany’s main source of Russian gas.

The head of Germany’s network regulator, Klaus Mueller, tweeted that Russian state-owned Gazprom had notified plans to deliver some 530 gigawatt hours’ worth of gas through Nord Stream 1 on Thursday — about 30% of the pipeline’s capacity, and down from roughly 800 gigawatt hours it had notified hours earlier. He noted that “further changes are possible.”

In the days leading up to the closure for maintenance, gas supplies ran at about 700 gigawatt hours per day.

Analysts at Rystad Energy said that if Nord Stream 1 does stay dormant, Europe would reach only about 65% of its storage capacity, creating a real risk that gas would run out during the heating season.

Three other pipelines bring Russian gas to Europe, but one through Poland and Belarus has been shut down. Another, through Ukraine and Slovakia, is still bringing reduced amounts of gas despite the fighting, as is one through Turkey into Bulgaria.

What’s Putin’s Game?

Although Russia’s oil and gas exporters are selling less energy, spiking prices mean Putin’s earnings have actually increased, according to the International Energy Agency. Since the invasion, Russia’s revenue from exporting oil and gas to Europe has doubled over the average from recent years, to $95 billion, the Paris-based IEA said.

The increase in Russia’s energy revenue in just the last five months is three times what it typically makes by exporting gas to Europe over an entire winter.

So Putin has cash in hand and may calculate that painful utility bills and an energy recession could undermine public support for Ukraine in Europe and increase sentiment for a negotiated settlement in his favor.

“Based on what we have seen over the past year, it would be unwise to exclude the possibility that Russia could decide to forgo the revenue it gets from exporting gas to Europe in order to gain political leverage,” IEA Executive Director Fatih Birol said.

Indeed, Putin said the amount of gas pumped through Nord Stream 1 will fall further from 60 million to 30 million cubic meters a day, or about one-fifth of its capacity, if the turbine that was sent to Canada

for repairs isn’t quickly replaced. Canada has said it has sent back the part, but Germany has declined to say where it is.

“Our partners are trying to shift the blame for the mistakes they made to Russia and Gazprom, but it’s absolutely unfounded,” Putin told Russian reporters Tuesday during talks in Tehran with the leaders of Iran and Turkey.

What Can Europe Do? The EU has turned to more-expensive liquefied natural gas, or LNG, which comes by ship from places like the U.S. and Qatar. Germany is fasttracking construction of LNG import terminals on its North Sea coast, but that will take years. The first of four floating reception terminals is to come online later this year.

But LNG alone can’t make up the gap. The world’s LNG export facilities are running at full capacity amid tight energy markets, and there’s no more gas to be had. An explosion at a U.S. terminal in Freeport, Texas, that sent most of its gas to Europe took 2.5% of Europe’s supply offline overnight.

Conservation and other energy sources are key.

For example, Germany is running coal plants longer, creating a gas auction system intended to encourage conservation, and resetting thermostats in public buildings.

The European Union on Wednesday proposed that member states voluntarily cut their gas use by 15% over the coming months.

The European Commission, the EU’s executive arm, is seeking the power to impose mandatory reductions across the bloc if there’s a risk of a severe gas shortage or an exceptionally high demand.

EU member states will discuss the measures at an emergency meeting of energy ministers next Tuesday.

Countries have been scrambling to secure alternative energy supplies, with leaders of Italy, France and the European Union sealing deals with their counterparts in Algeria, Azerbaijan and the United Arab Emirates this week.

Could People Freeze This Winter?

It’s unlikely homes, schools and hospitals will lose heat because governments are required to impose rationing first on businesses. The German government also could allow gas suppliers to immediately pass on increases to customers.

The choices could include torpedoing industry and/ or socking consumers with even higher bills.

If Nord Stream 1 resumes at reduced levels, Europe would need to save 12 billion cubic meters of gas, the equivalent of 120 LNG tankers, to fill its storage levels by winter. The IEA recommends European countries step up campaigns people to conserve at home and plan to share gas in an emergency.

A total cutoff would mean even more need to conserve. And time is getting short.

“European leaders need to be preparing for this possibility now to avoid the potential damage that would result from a disjointed and destabilizing response,” Birol said. “This winter could become a historic test of European solidarity — one it cannot afford to fail — with implications far beyond the energy sector.”

RUSSIAN President Vladimir Putin attends a joint press conference with President of Turkmenistan Serdar Berdimuhamedow following their meeting in Moscow, Russia, Friday, June 10, 2022.

Photo:Yuri Kochetkov/AP

THE TRIBUNE

Thursday, July 21, 2022, PAGE 15

WALL STREET CLOSES HIGHER, ADDING TO GAINS AFTER BIG RALLY

By STAN CHOE AND ALEX VEIGA AP Business Writers A CHOPPY day on Wall Street ended with more gains for stocks Wednesday, as investors welcomed another batch of encouraging profit reports from U.S. companies.

The S&P 500 rose 0.6%, tacking more onto its big gains from a day earlier, when the benchmark index soared 2.8%, its best day in weeks.

The Dow Jones Industrial Average managed a modest 0.2% gain after recovering from a midafternoon pullback. The Nasdaq composite climbed 1.6%.

With the latest move higher the major indexes are on pace for a solid weekly gains.

“It’s not exactly the most robust day, but it’s nice to follow up on a day like yesterday,” said Ross Mayfield, investment strategist at Baird. “It feels like over the

past couple of months good days have given it all back the very next day.”

Profit reporting season is ramping up, with more types of industries offering details about how high inflation and worries about a possible recession are affecting their customers.

A lot is riding on whether they can continue to deliver healthy earnings.

Stocks tumbled roughly 20% from their highs this year because of rising interest rates, and proof that profits can remain strong would provide a big support for markets. On the other hand, warnings about upcoming weakness could kick off another leg downward.

For now, traders appear to be encouraged by what they’re hearing from companies, especially big banks, as the reporting season gets going.

“It wasn’t universal, but the broad takeaway from the big banks earlier is the

consumer is doing alright, the data has confirmed that,” Mayfield said.

Companies so far have been mostly topping profit expectations this reporting season, as is usually the case, though the most recent reports were mixed.

Nasdaq, the company behind its namesake trading exchange, jumped 6.1% after delivering stronger profit and revenue than Wall Street expected.

Omnicon Group, the advertising and public-relations company, rose 3.9% following better-than-expected earnings. Comerica, the Dallas-based financial services company, added 1.6% after it also reported stronger-than-expected results.

Netflix climbed 7.4% higher after it said it lost fewer subscribers during the spring than expected. It, though, remains the worst stock in the S&P 500 for the year, down by nearly two thirds.

TRADERS work on the floor at the New York Stock Exchange in New York, Friday, July 1, 2022.

Stocks are off to a mixed start on Wall Street, Wednesday, July 20, a day after the market logged its biggest gain in more than three weeks.

Photo:Seth Wenig/AP Beyond Netflix, several other tech-oriented companies made strong gains.

Amazon climbed 3.9%, and Nvidia jumped 4.8%, which helped boost the tech-heavy Nasdaq composite index.

On the losing end was Baker Hughes, which tumbled 8.3% after it reported weaker results for the spring than analysts expected. Northern Trust fell 4% after its profit fell short of forecasts.

All told, the S&P 500 rose 23.21 points to 3,959.90. The

Dow added 47.79 points to 31,874.84. The Nasdaq rose 184.50 points to 11,897.65.

Smaller company stocks also gained ground. The Russell 2000 rose 28.62 points, or 1.6%, at 1,827.95.

In Europe, stocks slipped amid worries about whether Russia would restrict supplies of natural gas headed for the region after some maintenance on a key pipeline is scheduled to end Thursday. Germany’s DAX fell 0.2%, and French stocks dipped 0.3%.

The continent is also preparing for the first increase in interest rates by the European Central Bank in 11 years on Thursday, as it tries to beat back inflation.

The U.S. Federal Reserve has already hiked rates three times this year, by increasing margins each time. When it meets next week, investors say the only question is if it raises its key rate by another 0.75 percentage points or opts for a mega-hike of a full percentage point.

JAPANESE FIRM SHIFTS COPPER FOIL PLANS FROM SC TO GEORGIA AUGUSTA, Ga. (AP) — A Japanese company announced plans Wednesday for a $150 million plant to make copper foil for electric vehicle batteries in Augusta, Georgia, instead of at its previously announced location near an existing Camden, South Carolina, facility.

Nippon Denkai’s American subsidiary said it would hire more than 100 people and could eventually triple production at the Georgia site from an initial 9,500

metric tons (10,500 tons) to 28,500 metric tons (31,500 tons). That would raise investment to $430 million and create 250 jobs over the next five years.

“Our goal is to triple the capacity in Augusta; market conditions will determine timeline,” said Denkai America spokesperson Michael Coll.

The company said it would raise its initial investment by $10 million from what it had announced in December. It told Japanese

investors that the 115-acre (47-hectare) Augusta site is better than the South Carolina location because there is room for expansion, because it can host an “advanced” equipment layout and because of a “key cost competitive edge in electricity price.”

State and local officials will give the company what could be more than $76 million in tax breaks and incentives.

Nippon Denkai said it will start construction in

September and hopes to be shipping samples to manufacturers by the summer of 2024.

The company said it sees a big opportunity to make copper foil for electric vehicle battery makers, saying many battery plants are being built in the United States, but few copper foil plants are. Nippon Denkai said that companies will want domestic sources to avoid supply chain problems including risks of politically driven supply

disruptions. The company projects an annual 21.4% growth in copper foil demand through 2035.

Nippon Denkai said the ability to triple production in Augusta will allow it to pursue that growth. Combined with the 30-year-old Camden plant, the company would have an American production capacity of more than 35,000 metric tons.

In June, Denkai announced a smaller $14 million expansion at the

80-worker Camden plant, also related to expansion in the electric battery and vehicle market.

Augusta-Richmond County will give property tax breaks valued at a projected $68.7 million over 25 years, although the company will pay $30 million in taxes, according to the Augusta Economic Development Authority. The company gets free land valued at $2.25 million, said Cal Wray, the authority’s president.

PAGE 16, Thursday, July 21, 2022

Tesla 2Q profit falls from 1Q, but is stronger than expected

By TOM KRISHER AP Auto Writer

A TESLA Supercharger station in Buford, Ga., is pictured on April 22, 2022. Tesla’s 2022 secondquarter profit fell 32% from record levels in the first quarter as supply chain issues and pandemic lockdowns in China slowed production of its electric vehicles.

Photo:Chris Carlson/AP

TESLA’S second-quarter profit fell 32% from record levels in the first quarter as supply chain issues and pandemic lockdowns in China slowed production of its electric vehicles.

But the Austin, Texas, company still surprised analysts Wednesday with a better-than-expected $2.26 billion net profit for the quarter. Tesla stuck with a prediction of 50% annual vehicle sales growth over the next few years, but said that depends on the supply chain, equipment capacity and other issues.

The company made a record $3.32 billion in this year’s first quarter.

Tesla’s sales from April through June fell to 254,000 vehicles, their lowest quarterly level since last fall.

But the company predicted record-breaking production in the second half and said that in June it had the highest production month in its history.

Industry analysts had been expecting lower earnings after the lower sales figures and tweets by CEO Elon Musk about laying off 10% of the company’s work force due to fears of a recession. In an interview, Musk described new factories in Austin and Berlin as “money furnaces” that were losing billions of dollars because supply chain breakdowns were limiting

the number of cars they can produce.

But Tesla exceeded Wall Street expectations from April through June with adjusted earnings of $2.27 per share. Analysts polled

by FactSet expected $1.81.

Revenue was $16.93 billion, beating estimates of $16.54 billion.

Edward Jones analyst Jeff Windau said the earnings were better than expected. He noted that the decrease in automobile revenues from the first quarter was offset by stronger energy storage, solar and services performance.

Musk reiterated the 50% annual vehicle sales growth forecast but said it depends a lot on circumstances that the company might not be able to control.

Windau said the forecast “shows the confidence they have in their ability to grow the electric vehicle market.”

Tesla shares rose 1.5% to $753.40 in extended trading Wednesday.

The company said it converted 75% of its bitcoin investment to government currency during the quarter, adding $936 million in cash to its balance sheet. It spent $1.5 billion on the investment last year. Overall, it booked a $106 million cost for bitcoin, plus added costs for employee reductions.

CEO Elon Musk said the bitcoin holdings were sold to raise cash because of uncertainty over how long

THE TRIBUNE

pandemic lockdowns would last in China. He said Tesla is open to increasing bitcoin holdings in the future.

The price of bitcoin has fallen about 50% so far this year.

Musk also said Tesla is seeing indications that inflation may be declining as prices for most commodities drop. He cautioned against making economic predictions but said commodity prices, such as steel and aluminum, are trending down.

Musk said Tesla’s “Full Self-Driving” beta test software is on track to be released before the end of this year to all North American customers who want to buy it. And with regulatory approval, it will be released in Europe and other parts of the world, he said. Despite its name, “Full Self-Driving” cannot drive itself, and Tesla warns that drivers have to pay attention all the time.

Chief Financial Officer Zachary Kirkhorn said the company is seeing “maybe a little” impact on demand due to macroeconomic issues. Musk reiterated that Tesla has a vehicle supply problem, not a demand problem, and said it now takes six months to a year to get a new vehicle. He said the company has increased prices to “embarrassing levels” due to inflation, but he hopes to reduce prices a bit.

Biden: Military say a Pelosi Taiwan trip ‘not a good idea’

By SEUNG MIN KIM Associated Press PRESIDENT Joe Biden said on Wednesday that U.S. military officials believe it's "not a good idea" for House Speaker Nancy Pelosi to visit Taiwan at the moment.

Biden's comments in an exchange with reporters came a day after the Chinese Foreign Ministry said it would take "resolute

and strong measures" should Pelosi proceed with reported plans to visit Taiwan in the coming weeks.

"Well, I think that the military thinks it's not a good idea right now," Biden said in response to a question about Pelosi's reported trip. "But I don't know what the status of it is."

The president stopped short of suggesting that Pelosi not travel to Taiwan.

Pelosi was originally scheduled to visit in April but had to postpone after she tested positive for COVID-19. She would be the highest-ranking American lawmaker to visit the close U.S. ally since Newt Gingrich, a Republican, traveled there 25 years ago when he was House speaker.

The Financial Times reported on Tuesday that Pelosi planned to move forward with her postponed visit to Taipei in the next month. Her office declined to comment, saying the office does not confirm or deny the speaker's international travel in advance, due to longstanding security protocols.

Chinese Foreign Ministry spokesperson Zhao Lijiang said such a visit would "severely undermine China's sovereignty and territorial integrity, gravely impact the foundation of China-U.S. relations and send a seriously wrong signal to Taiwan independence forces."

The U.S. has a longstanding commitment to the "One China" policy that recognizes Beijing as the government of China but allows informal relations and defense ties with Taipei. China has stepped up its military provocations against democratic, self-ruled Taiwan in recent years as it looks look to intimidate it into accepting Beijing's demands to unify with the communist mainland.

Biden also said that he expected to speak with Chinse President Xi Jinping sometime in the 10 next days.

Biden's national security and economic aides are in the process of completing a review of the U.S. tariff policy and making recommendations to the president.

The tariffs imposed under President Donald Trump applied a 25% duty on billions of dollars of Chinese products. The penalties were intended to reduce the U.S. trade deficit and force China to adopt fairer practices.

Treasury Secretary Janet Yellen has called for eliminating some of those tariffs as a way to help fight inflation in the United States.

Others in the Biden administration, including U.S. Trade Representative Katherine Tai, have raised concerns about easing tariffs when China has not upheld its agreements on purchasing U.S. products.

HOUSE Speaker Nancy Pelosi of Calif., speaks before Olena Zelenska, the first lady of Ukraine, addresses members of Congress on Capitol Hill in Washington, Wednesday, July 20, 2022.

Photo:Michael Reynolds/AP

THE TRIBUNE

Thursday, July 21, 2022, PAGE 17

CSX rail profit grows 5% even with ongoing delivery delays

By JOSH FUNK AP Business Writer CSX on Wednesday delivered slightly better profit in the second quarter even though volume was flat and the railroad still struggled to handle all the goods companies wanted to ship because it is having a hard time hiring.

The Jacksonville, Florida-based railroad said its profits grew 5% to $1.18 billion, or 54 cents per share.

That’s up from $1.17 billion, or 52 cents per share, a year ago. Without a one-time gain on a real estate sale, the railroad earned 50 cents per share.

CEO Jim Foote said CSX hasn’t been able to keep up with all the demand for shipments because it needs more employees, but hiring is difficult and attrition has been high. He said prospective employees are being more selective now about jobs based on quality of life factors, and the 24/7 nature of railroad jobs may seem less appealing even though the jobs pay well.

“Our ability to to hire and retain new workers, which is vital to improving our service and growing the business,

remains challenged,” Foote said. “We are not alone in facing this problem. The labor market is tight.”

But the results topped Wall Street expectations.

The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.

The freight railroad’s revenue jumped 28% to $3.82 billion in the period as CSX increased shipping rates and charged customers more fuel surcharges in response to soaring diesel prices. That topped the $3.64 billion that six analysts surveyed by Zacks predicted.

Foote said he still expects double-digit growth in revenue and operating income this year because demand remains strong, and the economy does not appear to be faltering even in the face of high inflation and rising interest rates.

CSX and the other major freight railroads have been struggling to handle all the shipments companies hired them to deliver this year, and those shipment delays have forced companies in a variety of industries to slow production or turn to shipping by truck, if possible,

A CSX freight train pulls through McKeesport, Pa., on June 2, 2020. On Wednesday, July 20, 2022, the Jacksonville, Fla.-based railroad said it delivered slightly better profit in the second quarter even though volume was flat and it still struggled to handle all the goods companies wanted to ship because it is having a hard time hiring.

Photo:Gene J. Puskar/AP while they are waiting for trains.

Railroads are trying to address the problems, but they have had a hard time hiring all the additional workers they need amid nationwide worker

shortages. Rail customers and regulators say the railroads cut their workforces too deeply as they overhauled their operations and eliminated nearly one-third of the jobs across the industry. Railroads counter that

they had enough workers to handle all the freight before the pandemic, but they are still slowly recovering from the job cuts they made when many businesses shut down in 2020.

CSX said it now has about 6,667 of the 7,000 train crewmembers it needs, and it continues to hire aggressively. The railroad is also trying to reduce the number of new employees who quit after they complete training. Foote said he expects CSX will hit its hiring target by the end of the third quarter.

But customer groups say railroad service continues to be lacking. And the improvements are likely to be slow because it takes so long to train new railroad workers.

“We continue to see the same kind of problems,” said Jeff Sloan with the American Chemistry Council trade group. “I don’t think even the railroads are predicting a turnaround in the near future.”

Edward Jones analyst Jeff Windau said CSX appears focused on hiring, and the company is making some progress. But he said the improvements are likely to come slowly because of all the hiring challenges.

The railroads are also in the midst of difficult contract talks with their 12 major unions. The talks deadlocked after more than two years, and President

UNITED AIRLINES 2Q PROFIT OF $329M MISSES WALL STREET TARGET

hiring returns to the levels

By DAVID KOENIG AP Airlines Writer

operation,” Cowen airlines

UNITED Airlines said Wednesday that it earned $329 million in the second quarter as summer vacationers packed planes, but the results fell far short of Wall Street expectations due largely to soaring fuel prices.

United said it will keep flying at current levels instead of growing about 10% in the second half of the year, as it had originally planned.

CEO Scott Kirby blamed the pullback on understaffing at airports — he called out London’s Heathrow, which has been a scene of frequent chaos this summer, and Newark in New Jersey — and the Federal Aviation Administration, which handles air-traffic control.

“We told Heathrow how many customers we were going to have ... they didn’t staff for it” because they didn’t believe United, Kirby told CNBC. “We are being forced to cancel flights because Heathrow can’t accommodate the flights.”

United recently announced that it will cut about 50 flights a day at the Newark airport near New York City, about 12% of its schedule there, after seeing weeks of high cancellations and delays.

Kirby said travelers may find fewer seats available for the holidays than they had expected. He said it could take until next summer before the aviation system is fully staffed and able to handle the number of people who want to travel.

Shares of United Airlines Holdings Inc. fell about 7% in late trading after the results were released.

The quarter marked United’s first profit without federal pandemic aid in the COVID-19 age. Kirby highlighted that in a prepared statement and also warned about risks over the next

six to 18 months from problems in the aviation system that can cause delays and cancellations, the recent record high fuel prices, and “the increasing possibility of a global recession.”

The profit reversed a $434 million loss a year earlier but fell far short of the $1.05 billion that United earned in the second quarter of 2019.

Excluding non-repeating items, Chicago-based United said it earned $1.43 per share. Analysts expected $1.85 per share, according to a survey by FactSet. Revenue was $12.11 billion, United’s best ever in a second quarter and in line with analysts’ forecasts. It was 6% higher than in 2019, even though United did nearly 15% less flying.

Revenue for each seat flown one mile, a closely watched figure among airlines, rose 24% compared with the same quarter in 2019 — the result of higher average fares.

United predicted that the per-seat figure will rise by 24% to 26% over 2019 in the third quarter. Total revenue will beat 2019 by 11%, the airline said.

Clearly many people are eager to travel after two years of pandemic lockdown, and they don’t care if the planes are crowded.

The average United flight was 87% full in the AprilJune quarter, and for trips within the United States, it was just under 90%.

United’s costs are also rising. Expenses other than fuel rose 17% on a per-seat basis, at the upper end of United’s last forecast before the quarter ended June 30.

The airline paid an average of $4.18 per gallon for fuel, higher than the $4.02 it had predicted. Since the quarter ended, however, spot prices have dropped about 35 cents a gallon or 10%, according to Energy Department figures.

A PASSENGER is silhouetted as a United Airlines plane takes off at O’Hare International Airport in Chicago on July 1, 2021. United Airlines said Wednesday, July 20, 2022, that it earned $329 million in the second quarter as summer vacationers packed planes, but the results fell far short of Wall Street expectations due largely to soaring fuel prices.

Photo:Shafkat Anowar/AP

One area where United is still saving money is labor — it spent about 7% less than it spent on wages and

benefits in 2019 because its workforce is not back to pre-pandemic levels.

“We expect these costs to rise as the company negotiates new contracts with its employees, and as

needed to run an efficient analyst Helane Becker said in a note to clients.

THE TRIBUNE

Thursday, July 21, 2022, PAGE 19

BIDEN ANNOUNCES MODEST CLIMATE ACTIONS; PLEDGES MORE TO COME

By SEUNG MIN KIM AND MATTHEW DALY Associated Press PRESIDENT Joe Biden on Wednesday announced modest new steps to combat climate change and promised more robust action to come, saying, “This is an emergency and I will look at it that way.”

The president stopped short, though, of declaring a formal climate emergency, which Democrats and environmental groups have been seeking after an influential Democratic senator quashed hopes for sweeping legislation to address global warming. Biden

hinted such a step could be coming.

“Let me be clear: Climate change is an emergency,’’ Biden said. He pledged to use his power as president “to turn these words into formal, official government actions through the appropriate proclamations, executive orders and regulatory power that a president possesses.”

When it comes to climate change, he added, “I will not take no for an answer.’’

Biden delivered his pledge at a former coalfired power plant in Massachusetts. The former Brayton Point power plant in Somerset, Massachusetts,

is shifting to offshore wind power manufacturing, and Biden chose it as the embodiment of the transition to clean energy that he is seeking but has struggled to realize in the first 18 months of his presidency.

Executive actions announced Wednesday will bolster the domestic offshore wind industry in the Gulf of Mexico and Southeast, as well as spend $2.3 billion to help communities cope with soaring temperatures through programs administered by the Federal Emergency Management Agency, Department of Health and

Human Services and other agencies.

The trip comes as historic temperatures bake Europe and the United States. Wildfires raged in Spain and France, and Britain on Tuesday shattered its record for highest temperature ever registered.

At least 100 million Americans face heat advisories in the next few days as cities around the U.S. sweat through more intense and longer-lasting heat waves that scientists blame on global warming.

Calls for a national emergency declaration to address the climate crisis have been rising among

activists and Democratic lawmakers after Sen. Joe Manchin, D-W.Va., last week scuttled talks on a long-delayed legislative package.

Biden said Wednesday the option remains under consideration. “I’m running the traps on the totality of the authority I have,” he told reporters after returning to Washington. “Unless Congress acts in the meantime, I can do more’’ on climate, he said. “Because not enough is being done now.’’

Biden said he’s been told that some of his legislative proposal on climate remains “in play,’’ but he

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 96° F/36° C Low: 75° F/24° C

TAMPA

SATURDAY

SUNDAY

MONDAY

Variable clouds with a few showers

Mainly clear

Breezy with a thun‑ derstorm in spots

A t‑storm in spots in the morning

An afternoon thunder‑ storm; breezy

Mainly cloudy, a t‑storm; breezy

High: 87°

Low: 79°

High: 89° Low: 79°

High: 88° Low: 78°

High: 86° Low: 77°

High: 88° Low: 79°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

87° F

98°-87° F

97°-84° F

96°-82° F

96°-85° 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

E

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ABACO

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High: 88° F/31° C Low: 79° F/26° C

6‑12 knots

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High: 93° F/34° C Low: 79° F/26° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 91° F/33° C Low: 81° F/27° C

E S

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WEST PALM BEACH

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FRIDAY

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| Go to AccuWeather.com

TONIGHT

High: 95° F/35° C Low: 80° F/27° C

High: 89° F/32° C Low: 80° F/27° C

MIAMI

High: 91° F/33° C Low: 80° F/27° C

6‑12 knots

KEY WEST

High: 90° F/32° C Low: 83° F/28° C

ELEUTHERA

NASSAU

High: 87° F/31° C Low: 79° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

N

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

tiDes For nassau Low

Ht.(ft.)

Today

2:39 a.m.

3:25 p.m.

High

Ht.(ft.)

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

Wednesday 7:43 a.m.

8:10 p.m.

2.3 3.1

2:00 a.m.

1:43 p.m.

0.7 0.4

sun anD moon Sunrise Sunset

6:32 a.m. Moonrise 8:00 p.m. Moonset

1:06 a.m.

2:21 p.m.

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First

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Jul. 28

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CAT ISLAND

E

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High: 89° F/32° C Low: 78° F/26° C

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7‑14 knots

S

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 .................................................... 80° F/27° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 82° F/28° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 36.38” Normal year to date ................................... 17.61”

High: 89° F/32° C Low: 78° F/26° C

acknowledged he has not spoken to Manchin.

Gina McCarthy, Biden’s climate adviser, said Biden is not “shying away” from treating climate as an emergency. “The president wants to make sure that we’re doing it right, that we’re laying it out, and that we have the time we need to get this worked out,’’ she told reporters on Air Force One. Sen. Ed Markey, D-Mass., who attended Wednesday’s event, said he was “confident that the president is ultimately ready to do whatever it takes in order to deal with this crisis.”

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 89° F/32° C Low: 78° F/26° C

High: 88° F/31° C Low: 80° F/27° C

N

High: 86° F/30° C Low: 78° F/26° C

E

W S

LONG ISLAND

tracking map

High: 89° F/32° C Low: 79° F/26° C

8‑16 knots

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: 88° F/31° C Low: 79° F/26° C

GREAT INAGUA High: 89° F/32° C Low: 80° F/27° C

N

H

High: 88° F/31° C Low: 78° F/26° C

E

W

E

W

N

S

S

10‑20 knots

12‑25 knots

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

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

WINDS SE at 7‑14 Knots SE at 7‑14 Knots SE at 7‑14 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots SE at 6‑12 Knots SE at 6‑12 Knots SE at 8‑16 Knots E at 8‑16 Knots E at 12‑25 Knots E at 12‑25 Knots ESE at 10‑20 Knots E at 10‑20 Knots ESE at 10‑20 Knots E at 10‑20 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots E at 10‑20 Knots E at 12‑25 Knots SE at 8‑16 Knots E at 8‑16 Knots

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

VISIBILITY 6 Miles 9 Miles 8 Miles 7 Miles 7 Miles 9 Miles 10 Miles 7 Miles 7 Miles 9 Miles 8 Miles 6 Miles 6 Miles 10 Miles 10 Miles 9 Miles 10 Miles 7 Miles 9 Miles 6 Miles 7 Miles 7 Miles 10 Miles 6 Miles 6 Miles 7 Miles

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

PAGE 20, Thursday, July 21, 2022

THE TRIBUNE

US POSTAL SERVICE TO BOOST PURCHASES OF ELECTRIC VEHICLES

By DAVID SHARP Associated Press THE U.S. Postal Service said it will substantially increase the number of electric-powered vehicles it’s buying to replace its fleet of aging delivery trucks, after the Biden administration and environmental groups said the agency’s initial plan had too few electric vehicles and fell short of the administration’s climate change goals.

The Postal Service now wants 50% of its initial purchase of 50,000 nextgeneration vehicles to be electric, up from the previous plan for 20% being electric. The first of those should be rolling onto delivery routes next year. It also proposes buying an additional 34,500 commercially available vehicles over two years, officials said. The Postal Service’s fleet currently includes 190,000 local delivery vehicles.

A plan announced in February would have made just 10% of the agency’s next-generation fleet electric. The Environmental Protection Agency said the initial plan by the Postal Service, an independent agency, “underestimates greenhouse gas emissions, fails to consider more environmentally protective feasible alternatives

and inadequately considers impacts on communities with environmental justice concerns.”

The new environmental proposal effectively pauses the purchases at 84,500 total vehicles — 40% electric — even as the Postal Service seeks to buy up to 165,000 next-generation vehicles over a decade to replace delivery trucks that went into service between 1987 and 1994. More than 141,000 vehicles in service are the boxy, recognizable Grumman LLV model, which lack safety features like air bags, anti-lock brakes or backup cameras.

Environmentalists have been fighting to reduce the number of gasolinepowered next-generation vehicles the Postal Service will buy. Those will get 14.7 miles per gallon (23.7 kilometers per gallon) without air conditioning, compared to 8.4 mpg (13.5 kpg) for the older vehicles, the Postal Service said.

Sen. Gary Peters, chairman of the Homeland Security and Governmental Affairs Committee, said Wednesday he was happy to see the Postal Service committing to more electric vehicles, which he said will reduce operating costs for its fleet over the long run.

“Electric vehicles are the future of the automotive

A USPS logo adorns the back doors of United States Postal Service delivery vehicles as they proceed westbound along 20th Street from Stout Street and the main post office in downtown Denver, Wednesday, June 1, 2022. USPS plans to substantially increase the number of electric-powered vehicles it’s buying to replace its fleet of aging delivery trucks, officials said Wednesday, July 20, 2022.

Photo:David Zalubowski/AP

industry and that is why I have been pressing the Postal Service to purchase more of them,” said Peters, D-Mich.

The proposal, to be posted in the Federal Register on Thursday, came after 16 states, environmental groups and a labor union

sued to halt purchases of next-generation delivery vehicles under the initial plan that was skewed heavily toward gas-powered trucks.

Future purchases would focus on smaller amounts of vehicles in shorter intervals than the original 10-year

environmental analysis, officials said. The goal is to be more responsive to the Postal Service’s evolving operational strategy, technology improvements and changing market conditions, the Postal Service said in a statement. A public hearing

on the new proposal will be held next month.

The Postal Service was cleared to place the initial order with the manufacturer, Wisconsin-based Oshkosh Defense, in late February after announcing it cleared a final administrative hurdle.