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MONDAY, AUGUST 8, 2022

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Tripartite to provide aquaponics training on Abaco

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A Tripartite agricultural partnership led by the Volcani International Partnership (VIP) is providing training in aquaponics on Abaco for food sustainability for the entire country says its programme director.

David Chapot, programme director for VIP,

said that the tripartite partnership is between, Blue Atlas, which has been on the ground in Abaco since 2019 in the aftermath of Hurricane Dorian and the American Jewish Joint Distribution Committee (JDC) along with VIP, will bring training in aquaponics for Abaco. They have already started the training initiatives with a view to taking it virtual in the near future in order to serve more people

What’s it all worth?

We still don’t know

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE CURATOR of the new Bahamas Maritime Museum says the government - through the Antiquities Monuments & Museums Corporation (AMMC) - have their portion of Spanish treasure found off the coast of Grand Bahama.

Dr Michael Pateman, who is also a former

senior archaeologist at the AMMC, told Tribune Business - outside of the ribbon cutting ceremony and opening of the BMM in Grand Bahama on Saurday - that the government supervises every dive undertaken for the sunken Spanish Galleon, the Nuestra Señora de las Maravillas, inclusive of work by divers from the Royal Bahama Defence Force and representatives from the AMMC working in the BMM laboratory. “The

Non-profit ‘tired of the run around’ from local commercial banks

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Governor of the Central Bank said there is a “minimum standard” for financial institutions for issuing bank accounts for non-profit organisations.

Raquel Thurston, programme manager for Abaco Strong, told Tribune Business she is “tired of the run around” her non-profit is getting from the commercial banks in their attempt to open a bank account.

“There needs to be more

RAQUEL THURSTON regulation in place for nonprofits,” she said.

“It’s definitely been a challenge getting the

SEE PAGE B4

BCCEC Business breakfasts are back AFTER a two-year hiatus, Bahamas Chamber of Commerce & Employers Confederation will relaunch the ‘Power Breakfast’ series.

For more than five years, the event has attracted high-level speakers from the local and international spheres and is widely regarded as one of the country’s premier networking events. Each year, as many as 100 attendees including high-ranking

officials in government, business professionals, and entrepreneurs from the private sector have collaborated with the Chamber to provide a platform to discuss the issues deemed most important to the wider business community.

Slated for this Wednesday at Margaritaville Beach Resort in downtown Nassau, this year’s breakfast event will return as a

SEE PAGE B4

around the archipelago and wider Caribbean.

“There were a total of 50 people that came to our initial training workshop,” Mr Chapot said.

“This specific project is focused on basically sharing some of Israel’s expertise and knowledge when it comes to aquaponics specifically, with a focus on Abaco. The course is open to be attended by anyone, anywhere, regardless of government’s share is in Nassau,” he added.

The value of the government’s share or what was in the BMM is still apparently undetermined because the team at the BMM has had a chance to make full dollar value assessments of their find.

But thus far, in the BMM they have gold rope chains, pendants with precious stones in them, gold coins, silver coins, solid silver bars, silver plates and jars and other miscellaneous items including a solid gold necklace with a pendant of Jesus Christ on the Cross and other non-precious items.

“There are other items not on display because we didn’t

SEE PAGE B3

location. But our focus in this instance is really on Abaco.”

The VIP recently engaged the government of The Bahamas in July with a $3m tie-up on innovative food production. Being an Israeli firm, they have the technical expertise in developing agriculture under trying and difficult agricultural conditions.

Mr Chapot said: “The focus of this project is to

bridge the need on the ground with some of the innovations and knowledge Israel has.

“So basically this project involves a few different things. The first is basically an assessment and advisory and teaching programme, actually happening physically on the ground in Abaco and that’s actually happened already.

We are now entering into the second phase of this

programme, which is the online course that we’re delivering over the course of seven weeks freely accessible and no one has to pay.”

Through the second, online phase, VIP intends to share the solutions and “best practices” they have and are bringing to Abaco with the wider Bahamas and Caribbean in mind.

SEE PAGE B2

THE BAHAMAS Maritime Museum was officially opened on Saturday, August 6 with a Ribbon Cutting Ceremony held at Port Lucaya Marketplace. Keynote speaker for the event was Prime Minister and Minister of Finance, the Hon. Philip Davis, and giving remarks on behalf of the Minister for Grand Bahama was Minister of Health and Wellness, the Hon. Dr. Michael Darville. Shown from left are: Minister Darville; Prime Minister Davis and Gigi and Carl Allen, owners of Allen Exploration.

Photo:Andrew Miller/BIS

PAGE 2, Monday, August 8, 2022

TOURISM DEPUTY: TOURISM ‘TURNING IN THE RIGHT DIRECTION’

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By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net TOURISM is “turning in the right direction” with air arrivals at 85 percent of pre-pandemic levels.

Dr Kenneth Romer, the Ministry of Tourism’s deputy director-general and acting director of aviation, said at the Aviation Safety Forum that the “strategic focus” of the ministry is to restore airlift to the country to “stimulate much needed economic growth”.

He said: “We are turning in the right direction. Seat capacity by the end of the year is expected to match pre-pandemic levles and it is our expectation that overall air arrival traffic will be at least 85 percent of where we were at the end of 2019, which was a banner year for tourism.”

The year 2019 was a record breaking year for tourism with total arrivals at 7.2m, with air arrivals at 1.6m of that figure. In 2020, however, COVID-19 had forced the country into lockdown and all ports were closed to incoming tourists.

For the first six months of this year, arrivals have already surpassed 155,000 passengers Dr Romer said, indicating that air arrivals are rebounding steadily from the COVID19 impact.

Dr Romer added: “We are all in this together and even though COVID-19 remains a looming threat to airports, airlines, FBOs,

DR KENNETH ROMER our commercial partners and the world continues to adjust to what has relatively been now considered the new normal.

“In this new normal however, it cannot be returned to business as normal.

This new operational climate brings new excitement, new opportunities but also brings with it new challenges.”

Asking participants of the forum to “embrace” these challenges, Dr Romer said that the aviation industry needs to “stand ready” to maximize the benefits of the industry and make safety a “key focus” along with exceptional service.

“This symposium therefore presents an opportunity to build on that foundation. It’s an opportunity to bring together our incredible industry stakeholders to collectively share and address safety matters, to discuss lessons learned and to strategize on an integrated approach to risk management.”

TRIPARTITE TO PROVIDE AQUAPONICS TRAINING ON ABACO FROM PAGE B1

This engagement is just for “advisory and training in aquaponics” and not a dollar investment in agriculture or into any entity in Abaco.

Aquaponics “stands out” for The Bahamas and presents a different challenge to food sustainability than does traditional agriculture where, “it presents several advantages” Mr Chapot said. He continued, “Aquaponics for the Caribbean is an efficient way of producing food. You’re not just producing a single crop, but you are symbiotically producing crops on the one hand and fish or crustaceans or seafood on the other hand.”

Mr Chapot also said: “This is so efficient, not just in terms of the food you produce, but it provides for more space efficiency and you can produce a fair amount of food with a limited amount of land.”

Finding arable land in a significant quantity has always been a challenge, and while large islands like Andros, Abaco and Grand Bahama have acres of unused land, getting the land to become farmable has always been the challenge with Bahamian agriculture. The second

challenge has been with regard to water use. “Aquaponics is also very efficient in terms of water use as there is very little water that’s wasted in an aquaponic system. As we all know, water is a precious scarce resource and increasingly becoming more scarce,” added Mr Chapot.

Aquaponics has the capacity to deliver produce all year round regardless of the season and paradoxically it reduces water usage and it “reutilizes” some of the waste produced from the fish as a natural fertilizer for the crops. “This also can be done profitably and it is not just about increasing local food production, but it can also be about offering budding agri-entrepreneurs and farmers who want to diversify their activities and develop an extra income stream they can explore,” said Mr Chapot.

There are “only certain types of crops that are suitable” for an aquaponic system, “Basically they are leafy greens, vegetables that are water dense like cucumbers and different types of herbs. So this isn’t a silver bullet and we won’t be able to grow everything through aquaponics, but we will be able to add something really interesting and valuable,” he noted.

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Monday, August 8, 2022, PAGE 3

Crisis - what crisis?

By Chris Illing Business developer @ ActivTrades Corp.

W

ho is talking about a crisis and recession?

In the US, inflation was last at 9.1 percent, economic output shrank in the first half of the year - but the labour market is booming.

Even experts are surprised.

The US labour market developed strongly in July and thus gave no indication of a feared recession.

Employment rose more than twice as fast as expected, unemployment reached pre-COVID levels and wages rose again.

Non-farm payrolls (NFP) rose by 528,000 jobs in July, according to the US Department of Labour.

That’s more than double the 250,000 new jobs analysts were expecting. In addition, the job numbers for the two previous months were subsequently corrected upwards.

Meanwhile, the unemployment rate fell from 3.6 to 3.5 percent. According

to the ministry, about 5.7 million people were unemployed. Both values would correspond to the pre-pandemic level of February 2020, the authority said.

The news was initially received negatively on the stock exchange on Friday.

Stock index futures gave way. Apparently, the news of the surprisingly strong labour market reinforces the expectation that the

US central bank could also tighten monetary policy by increasing interest rates.

Economists had recently clarified their view that inflation would come at the price of a moderate economic crisis brought about by tight monetary policy.

In January and February 2020, the unemployment rate in the US had already reached 3.5 percent, the lowest level in around 50 years before millions of people lost their jobs due to the pandemic. The unemployment rate in was April 14.7 percent, the highest level since the global economic crisis of the 1930s

According to the latest figures, wage growth is accelerating again. Average hourly wages rose 0.5 percent, after 0.4 percent in June. As in June, hourly wages increased by 5.2 percent over the year.

Many US companies have been complaining about a labor shortage for a long time, which is why wages are increasing significantly.

However, they lag the even higher inflation rate of 9.1 percent.

After the US economy shrank in the first half of the year, it was debated whether one could speak of a real recession given the robust condition of the

labour market. The current data seem to deny that. The labour market report was very strong and speaks for further significant interest rate hikes by the US Federal Reserve.

The situation is becoming increasingly difficult for the American government and the governing Democrats. Instead of taking the credit for the full employment achieved in the classic political tradition, they see approval for their policy dwindling because of high inflation, which affects almost all product groups and the majority of Americans.

What’s it all worth?

We still don’t know FROM PAGE B1 want to show too much,” Dr Pateman added.

This newspaper has repeatedly reached out to the current chairperson and immediate past chairpersons of the AMMC and none have been able to give a definite answer on what the AMMC has in their possession from this treasure hunting exercise undertaken

by Allen Exploration.

Dr Pateman said: “So, every year we do an evaluation of what was found and we don’t assign dollar values to it, we assign what’s called measured points. So, objects get points and it’s a sort of valuation system and then the government gets 25 percent and Allen Exploration gets 75 percent.”

A key point of contention with this 75/25 split for Allen Exploration - the firm conducting the salvage of the Maravillas - is that a number of government ministers has indicated that they want more from the arrangement and in fact want the majority of the split. This is something Allen Exploration is vehemently against because of the hundreds of thousands of dollars it spends in equipment and manpower to salvage the wreck of the Maravillas that the government puts little to nothing into.

The government of The Bahamas granted the licence to Allen Exploration in 2020 under the Dr Hubert Minnis Free National Movement administration and the license was renewed by the incoming Philip Davis administration and both men were on hand at Saturday’s

ribbon cutting ceremony and opening of the BMM. The team at the BMM says it is doing more than just salvaging the wreckage of the Maravillas, but they are also finding stolen and missing pieces taken from the wreckage from the 1970s and bringing them back to The Bahamas for display.

Dr Pateman said: “I want to mention that one of the key things about the Allens is they’ve actually purchased collections that were owned by people who did this kind of work in the 1970s and they brought them back and all of those kinds of stuff are on display in the museum.

“One of our key plans is to actually develop a museum in Nassau. So, to make this sort of work more accessible to the Bahamian people and to the tourists who come here.”

Gigi Allen, wife of Allen Exploration’s principal, Carl Allen, who was unavailable for comment after the ceremony, added: “The museum has done a phenomenal job of displaying what has come about. It’s a beautiful display that Dr Pateman has worked very diligently on.

“It’s important for all ages to understand just what’s involved with this cultural heritage. It’s amazing and for the children to learn and see what’s possible and the young people are learning the science behind all of this.

It is truly amazing.”

The BMM is not just a showcase for the sunken Spanish treasure or any particular treasure find, it is a museum, laboratory and library, stocked with books about the maritime industry in addition to relative

computer software and equipment for students studying maritime archaeology or other maritime related work.

But nothing is more pressing and up to the moment as finding the artefacts of the the Nuestra Señora de las Maravillas, which, due to time, may be scattered miles away from the allotted salvage site of Allen Exploration. This has not deterred the Allens or Dr Pateman from searching for the artefacts or other valuable wreckage in their immediate area.

Dr Pateman said: “So, there are 18 other shipwrecks we have found. Now one of the key things is that not all shipwrecks are treasure wrecks and so forth.

“In The Bahamas, we have reefs everywhere.

Since Europeans have started coming through here, they’ve wrecked on the reefs. So we have found other ships. Some of them we’re working on identifying still. We have something we call composite wreck, which means it’s probably mid18th to 19th Century. We have another ship wreck that we’ve tentatively dated to late 1500’s. But it’s just from the artefacts we’ve seen, so this is a long-term project.”

Along with Spanish galleons shipping plundered wealth from the Western Hemisphere, there is reason to believe there are French, British, Dutch ships of similar vintage in Bahamian waters in addition to American Civil War era ships.

“This can become a rich training ground for Bahamians,” Dr Pateman noted.

THE BAHAMAS Maritime Museum was officially opened on Saturday, August 6 in the Port Lucaya Marketplace with a Ribbon Cutting Ceremony. Following the ceremony, guests were taken on a tour of the facility, among them being Prime Minister and Minister of Finance, the Hon. Philip Davis, the Minister of Health and Wellness, the Hon. Dr. Michael Darville and former Prime Minister, the Most Hon. Dr. Hubert Minnis, along with other parliamentarians.

Photos:Andrew Miller/BIS MANY guests gathered in the Port Lucaya Marketplace for the Ribbon Cutting Ceremony of the Bahamas Maritime Museum on Saturday, August 6. Prime Minister and Minister of Finance, the Hon. Philip Davis was the keynote speaker and Minister of Health and Wellness, the Hon. Dr. Michael Darville, brought remarks on behalf of the Minister for Grand Bahama.

PAGE 4, Monday, August 8, 2022

BCCEC BUSINESS BREAKFASTS ARE BACK FROM PAGE B1

hybrid event giving attendees the option of in-person or virtual participation and as usual, will be open to - members as well as nonmembers.

Non-member rates for in-person and virtual participation will be $110 and $82.50 dollars

while members in turn will enjoy a rate of $82.50 and $55 dollars.

“These events provide a valuable opportunity for community networking and with updates of policies, trends, and insights that can impact business,” explained BCCEC

Chairperson, Khrystle Rutherford-Ferguson.

“The BCCEC is working with government and thought leaders to reestablish the BCCEC Power Breakfast signature events.

BCCEC membership benefits include special rates for Chamber events.”

In addition to providing the opportunity for its attendees to network, the organization’s first postcovid event will feature a keynote address from the Minister of Economic Affairs, Michael Halkitis who will provide insights on the Business Benefits tied

to the Government’s current budget strategy.

BCCEC has future plans in the works for more networking event opportunities.

“Facilitating conversations about the needs of the business community is an important part of our

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mandate” noted Rutherford-Ferguson, “We’re excited about the return of the Power Breakfast series and we’re looking forward to the full participation of our membership and of course the wider business community over the next several weeks and months.”

NON-PROFIT ‘TIRED OF THE RUN AROUND’ FROM LOCAL COMMERCIAL BANKS FROM PAGE B1 account opened, but bearin mind Abaco is just getting its wheels turning again and most of the banks here on the island are fairly new.

But the biggest challenge is that every bank has their own guidelines and set of documents that they need and it has been like a wild goose chase just getting all the documents they are asking for.

“There is no set standard and I think the Central Bank needs to step in and make a decision on what the guidelines are and what the standard should be.”

John Rolle, governor of the Central Bank, told Tribune Business that each bank can set their own guidelines. He added, however, the Central Bank does set “minimum requirements,” but it is still up to the individual bank to do “due diligence” on the board members of the non-profit.

Mr Rolle also said: “The minimum standard for financial institutions is that they need to understand what the entity is doing. They need to also understand the individuals because with all relationships banks have a duty to understand the people who are behind it beyond just the legal entity.

“So I know that banks will often undertake inquires to understand who may be the sponsors or the officers who are involved with an organization, similar to what would happen if somebody is opening up a relationship for a company as opposed to a proprietorship.”

These items “aren’t usually difficult for people to satisfy,” he added. Also in the case of non-profit organisations, commercial banks ask for proof of registration as a non-profit, and non-profits need to first be registered with the Registrar General’s Department

and obtain a “certificate of registration” in order to be in compliance with the Non-profit Organizations Act, 2019.

Ms Thurston admitted the first time she approached RBC in Abaco last year her non-profit was not registered, but now they are registered and tried again with RBC and also now with FirstCaribbean.

FirstCaribbean is asking them for business licence in addition to National Insurance Board cards and passport as proof of identity for all of the board members, which Ms Thurston says, “Most of the members of our organization are expats and they don’t have Bahamian IDs, so there is no way they are completiing that requirement.”

A representative of FirstCaribbean spoke to Tribune Business and said this matter is one for the Central Bank and that FirstCaribbean does not make the rules. A representative

from RBC responded to questions on the same and said that their position on non-profits remains the same and they “support non-profit organisations in general”.

Along with being a registered Bahamian non-profit, Abaco Strong is also a US 501c3, which it was operating in The Bahamas under prior to becoming fully registered in January.

Ms Thurston also said: “I’ve been a banker for 16 years so I kind of get it that persons in the bank are trying their best to follow regulations because there are regulations in place and I know one of the banks told us that we needed to be registered in The Bahamas. That took a while but I think it took a while because the government was changing over, but once it got picked up again it went through pretty quickly. So we have the registration.

“So all of the documents that were needed to be registered in the US we have, so we basically have everything that they would have asked for.

“So after we registered as a company we went back again to our bank to say this is what we have and RBC and Commonwealth Bank was so overwhelmed with customers that they could not give us an appointment.”

The banks also could not provide her with an adequate list of what was

required of her ahead of time so she could get it prepared for an actual appointment date and instead kept “running us around” after months of waiting and anticipation.

She said: “This is bank and it is also regulatory.

That’s how I feel and it’s not clearly regulated by the Central Bank. It seems like every bank is making their own decisions and have their own standards.”

For example, Ms Thurston started dealing with FirstCaribbean and they have asked them for a business licence along with the proof to registration. “We got the business licence and after being run around by RBC we went to FirstCaribbean and we tried to work with them, but now they are asking for passports and NIB cards, but most of our members are second home owners, so they don’t have Bahamian identification.

The registered company has an NIB number, but that is insufficient as the bank wants each individual board member to have one, plus the NGO (non-governmental organization) itself has to apply as if they are applying for an account. So that’s a lot of paperwork we’re working on for that,” she said.

Operating without a bank account for Abaco Strong is problematic to say the least as they have to have money wired in to members in order to pay contractors out of a petty cash facility,

which they have to continually update whereas a bank account keeps an accurate record of what the organization is doing on a weekly basis.

The Non-profit Organizations Act, 2019 has come under scrutiny for being too stringent in its approach and essentially handicapping non-profits from getting bank accounts.

However, the Act is clear in non-profits needing to be registered to open a bank account. In this case with Abaco Strong has been registered as of January.

Martha Fleury, president of Abaco Strong, added: “We are just trying to pursue a couple of banks to see where we can have success, the fastest we can provide information they then ask us for more information. So we’re just trying to comply in hopes one of them will come through.”

Abaco Strong was founded after Hurricane Dorian, 2019 by several “community leaders,” and they have been working towards rebuilding Abaco and providing humanitarian assistance for residents on the island if they need supplies of food items. “We’re also in the process of building a community aquaponic garden. So we’ve all worked in many different communities and Abaco just really tried to facilitate long term rebuilding,” Ms Fleury added.

Storms ground US air travelers as airlines cancel flights NEW YORK Associated Press TENS of thousands of flyers had their travel plans upended Friday after airlines canceled about 1,400 U.S. flights as thunderstorms hit the East Coast.

Another 6,300 flights had been delayed by early evening, according to tracking service FlightAware.

It was the second straight day of major disruptions and the worst day for cancellations since mid-June.

The three major airports in the New York City area

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and Reagan National Airport outside Washington, D.C., recorded the most cancellations.

American Airlines scrubbed about 250 flights, or 7% of its schedule.

Republic Airways, which operates smaller planes for American Eagle, Delta Connection and United Express, canceled a similar number, about 25% of its flights.

Thunderstorms were stopping or delaying earlyevening flights in New York, Boston, the Washington, D.C., area, Philadelphia, Baltimore and Denver, according to the Federal Aviation Administration.

About 1,200 U.S. flights were canceled Thursday, 4.6% of all those scheduled.

Travelers have been hit with widespread cancellations and delays this summer. Travel bounced back faster than expected — to about 88% of prepandemic levels in July — and airlines weren't able to increase staffing fast enough.

They have been cutting back on schedules in an attempt to make remaining flights more reliable.

Airlines flying in the U.S. had a bad June, canceling more than 21,000 flights or 2.7%, up from 1.8% in June 2019, before airlines pushed workers to quit during the pandemic. The airlines did better in July, however, canceling about 14,000 flights, or 1.8%.

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DEMS CHANGE SOME TAX PROVISIONS AS THEY READY ECONOMIC BILL

By ALAN FRAM Associated Press DEMOCRATS pared part of their proposed minimum tax on huge corporations and made other changes in their giant economic bill, Senate Majority Leader Chuck Schumer said Friday, as they drove toward delivering a campaign-season victory to President Joe Biden on his domestic agenda.

In an unusual peek at closed-door bargaining, Schumer, D-N.Y., said Democrats dropped a proposed tax boost on hedge fund executives after pivotal centrist Sen. Kyrsten Sinema, D-Ariz., said she would otherwise vote “no.”

Schumer said that in its place, the measure now has a new tax — which others said will be 1% — on the shares companies buy back of their own stock, netting the government far more revenue.

“Sen. Sinema said she would not vote for the bill” or even vote to let debate begin unless private equity tax was removed from the legislation, Schumer told reporters. “So we had no choice.”

He spoke a day after he and Sinema announced compromise revisions to the environment, health care and tax package. With final numbers still to be calculated, the overall measure raises over $700 billion in revenue — including more robust IRS tax collections — using most of it for energy, climate and health initiatives and reducing federal deficits by $300 billion.

The accord puts Democrats on the verge of a more modest yet striking resurrection of many of Biden domestic aspirations that appeal strongly to party voters. Those include taxing big business, restraining prescription drug prices, slowing climate change, helping families afford private insurance and trimming federal deficits.

In another change, Schumer said a proposed 15% minimum tax on mammoth corporations had been trimmed and would now raise $258 billion over the coming decade, down from $313 billion. That provision, which has been the legislation’s biggest revenue raiser, will now let those companies depreciate their equipment costs more quickly, lowering the government’s tax take and helping manufacturers who buy expensive machinery.

The new tax is expected to apply to around 150 companies with income exceeding $1 billion.

Democrats plan for the Senate to begin considering the bill Saturday, and the House will return next Friday for votes. The measure is sure to face unanimous Republican opposition in the 50-50 Senate, where the backing of Sinema and all other Democrats will be needed for passage, along with Vice President Kamala Harris’ tie-breaking vote.

“This bill is a game changer for working families and our economy,” Biden said at the White House.

Still other revisions are possible. But the package passed one hurdle when the Senate parliamentarian, Elizabeth MacDonough, said a provision could remain requiring unionscale wages be paid if energy efficiency projects are to qualify for tax credits.

She upheld another section limiting electric vehicle tax credits to those assembled in the U.S. and containing batteries with minerals from countries with whom the U.S. has free trade agreements.

“I’m especially pleased that our prevailing wage provisions were approved.

These provisions guarantee wage rates for clean energy projects,” Senate Finance Committee Chairman Ron Wyden, D-Ore., said early Saturday.

Democrats were awaiting the parliamentarian’s decision on other issues including requirements that pharmaceutical makers pay penalties if they raise prices above inflation for drugs patients get from private insurers.

Democrats are using special rules that let them overcome GOP opposition and pass the package without needing the 60 votes most bills require. Under those procedures, the parliamentarian can force provisions to be dropped that break rules requiring them to be chiefly aimed at changing the federal budget, not making new policy.

Republicans say the measure will worsen inflation — a premier concern of voters — discourage companies from hiring workers and raise already high energy costs with its taxes.

“The pain at the pump is going to get worse, and it’s not just on the cost of energy to drive your car,” said Sen. John Barrasso of Wyoming, the Senate’s No. 3 GOP leader. “It’s also the energy to heat your home, energy that powers our country, energy for electricity.”

Nonpartisan analysts have said the legislation will have a modest impact on inflation and the economy.

“We’re feeling pretty good,” Schumer said about the legislation. “It’s what the country so desperately needs. And it’s what Democrats will deliver on in the coming days.”

The measure will also include $4 billion sought by Western senators to help their states cope with ruinous drought conditions, according to Sens. Mark Kelly, D-Ariz., Catherine Cortez Masto, D-Nev., and Michael Bennet, D-Colo.

The group had sought $5 billion.

The bill faces a long weekend, including a “votea-rama” of unlimited, non-stop votes on amendments, which will mostly

Monday, August 8, 2022, PAGE 5

SEN. JOE MANCHIN, D-W.Va., jogs up the steps on Capitol Hill in Washington, Thursday, Aug. 4, 2022.

Photo:Manuel Balce Ceneta/ AP come from Republicans.

Most are destined to lose, though the GOP hopes some will box Democrats into votes that would create campaign-ad fodder.

Taxing executives of private equity firms, such as hedge funds, has long been a goal of progressives.

Under current law, those executives can pay significantly less than the top 37% individual tax rate on their income, which is called “carried interest.”

That measure was also a favorite of conservative Sen. Joe Manchin, D-W.Va., a long-time holdout against larger versions of Biden’s domestic plans who helped write the compromise legislation with Schumer.

But progressives also support taxing publicly traded companies that buy back their own stocks, a move that critics say artificially drives up stock prices and diverts money from investing. The buyback tax will net $74 billion over 10 years, much more than the $13 billion the “carried interest” plan would have raised.

PAGE 6, Monday, August 8, 2022

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UKRAINE GRAIN SHIPMENTS OFFER HOPE, NOT FIX TO FOOD CRISIS

By KAREEM CHEHAYEB, AYA BATRAWY AND CARA ANNA Associated Press A SHIP bringing corn to Lebanon’s northern port of Tripoli normally would not cause a stir. But it’s getting attention because of where it came from: Ukraine’s Black Sea port of Odesa.

The Razoni, loaded with more than 26,000 tons of corn for chicken feed, is emerging from the edges of a Russian war that has threatened food supplies in countries like Lebanon, which has the world’s highest rate of food inflation — a staggering 122% — and depends on the Black Sea region for nearly all of its wheat.

The fighting has trapped 20 million tons of grains inside Ukraine, and the Razoni’s departure Monday marked a first major step toward extracting those food supplies and getting them to farms and bakeries to feed millions of impoverished people who are going hungry in Africa, the Middle East and parts of Asia.

“Actually seeing the shipment move is a big deal,” said Jonathan Haines, senior analyst at data and analytics firm Gro Intelligence. “This 26,000 tons in the scale of the 20 million tons that are locked up is nothing, absolutely nothing ... but if we start seeing this, every shipment that goes is going to increase confidence.”

The small scale means the initial shipments leaving the world’s breadbasket will not draw down food prices or ease a global food crisis anytime soon. Plus, most of the trapped grain is for animal feed, not for people to eat, experts say.

That will extend the war’s ripple effects for the world’s most vulnerable people thousands of miles away in countries like Somalia and Afghanistan, where hunger could soon turn to famine and where inflation has pushed the cost of food and energy out of reach for many. To farmers in Lebanon, the shipment expected this weekend is a sign that grains might become more available again, even if at a higher price, said Ibrahim

Tarchichi, head of the Bekaa Farmers Association.

But he said it won’t make a dent in his country, where years of endemic corruption and political divides have upended life. Since 2019, the economy has contracted by at least 58%, with the currency depreciating so severely that nearly threequarters of the population now lives in poverty.

“I think the crisis will continue as long as operating costs continue to soar and purchasing power falls,” Tarchichi said.

The strife was on sharp display this week when a section of Beirut’s massive port grain silos collapsed in a huge cloud of dust, two years after an explosion killed more than 200 people and wounded thousands more. While symbolic, the shipments have done little to ease market concerns.

Drought and high fertilizer costs have kept grain prices more than 50% higher than early 2020, before the COVID-19 pandemic.

And while Ukraine is a top supplier of wheat, barley, corn and sunflower oil to developing countries, it

A MAN carries a sack of wheat flour imported from Turkey in the Hamar-Weyne market in the capital Mogadishu, Somalia Thursday, May 26, 2022. Russia’s war in Ukraine has affected millions of impoverished people who are going hungry in Africa, the Middle East and parts of Asia. The Razoni, loaded up with 26,000 tons of corn, is the first cargo ship to leave Ukraine since the Russian invasion, and set sail from Odesa Monday, August 1, 2022. Its final destination is Lebanon, with estimated arrival date on Saturday, Aug. 6, 2022.

Photo:Farah Abdi Warsameh/AP represents just 10% of the international wheat trade.

There’s also little to suggest that the world’s poorest who rely on Ukrainian wheat distributed through U.N. agencies like the World Food Program will be able to access them anytime soon. Before the war, half of the grain the WFP purchased for distribution came from Ukraine.

The Razoni’s safe passage was guaranteed by a fourmonth-long deal that the U.N. and Turkey brokered with Ukraine and Russia two weeks ago. The grain corridor through the Black Sea is 111 nautical miles

long and 3 nautical miles wide, with waters strewn with drifting explosive mines, slowing the work.

Three more ships departed Friday, heading to Turkey, Ireland and the United Kingdom. All the ships that have departed so far had been stuck there since the war began nearly six months ago.

Under the deal, some — not all — of the food exported will go to countries experiencing food insecurity. That means it could take weeks for people in Africa to see grain from the new shipments and even longer to see the effects on

high food prices, said Shaun Ferris, a Kenya-based adviser on agriculture and markets for Catholic Relief Services, a partner in World Food Program distributions.

In East Africa, thousands of people have died as Somalia and neighboring Ethiopia and Kenya face the worst drought in four decades. Survivors have described burying their children as they fled to camps where little assistance could be found.

After Russia invaded Ukraine, Somalia and other African countries turned to non-traditional grain partners like India, Turkey and Brazil, but at higher prices.

Prices of critical foods could start to go down in two or three months as markets for imported food adjust and local harvests progress, Ferris said.

Who is first in line for the grain from Ukraine could be affected by humanitarian needs but also comes down to existing business arrangements and commercial interests, including who is willing to pay the most, Ferris said.

“Ukraine is not a charity,” he said. “It will be looking to get the best deals on the market” to maintain its own fragile economy.

The WFP said this week that it’s planning to buy, load and ship 30,000 tons of wheat out of Ukraine on a U.N.-chartered vessel. It did not say where the vessel would go or when that voyage might happen.

THE TRIBUNE

Monday, August 8, 2022, PAGE 7

Demand for grocery delivery cools as food costs rise

By DEE-ANN DURBIN AP Business Writer KAREN Raschke, a retired attorney in New York, started getting her groceries delivered early in the pandemic. Each delivery cost $30 in fees and tips, but it was worth it to avoid the store.

Then earlier this spring, Raschke learned her rent was increasing by $617 per month. Delivery was one of the first things she cut from her budget. Now, the 75-year-old walks four blocks to the grocery several times a week. She only uses delivery on rare occasions, like a recent heat wave.

“To do it every week is not sustainable,” she said.

Raschke isn’t alone. U.S. demand for grocery delivery is cooling as prices for food and other necessities rise. Some are shifting to pickup — a less expensive alternative where shoppers pull up curbside or go into the store to collect their already-bagged groceries — while others say they’re comfortable doing the shopping themselves.

Grocery delivery saw tremendous growth during the first year of the pandemic.

In August 2019 — a typical pre-pandemic month — Americans spent $500 million on grocery delivery. By June 2020, it had ballooned to a $3.4 billion business, according to

fees. If the consumer adds a $10 tip, that totals $62.08.

Both DoorDash and Target offer free delivery through subscriptions, but those come with a monthly or yearly fee.

The premiums are tough to swallow on top of skyrocketing food prices. In June, U.S. grocery food prices were up 12.2% over the last 12 months, the largest increase since April 1979, according to government data.

Cynthia Carrasco White, an attorney for a nonprofit in Los Angeles, got accustomed to grocery delivery during the pandemic. She still prefers it, since her youngest child isn’t fully vaccinated and it saves time.

But earlier this summer, as gas prices approached $7 and a box of strawberries neared $9, she got serious about cutting costs.

White now toggles between Instacart, Uber Eats, Walmart and others, using whichever has the best offers and coupons.

She will sometimes spend two hours filling a delivery cart and then wait to see if more promotions are posted before she finishes her order. And she has cut back on the amount she tips drivers.

“The economy has definitely taken the wind out of our sails,” she said. “It’s just this endless pressure.”

Retailers are responding

“The economy has definitely taken the wind out of our sails.

It’s just this endless pressure.”

Cynthia Carrasco White Brick Meets Click, a market research company.

Companies rushed to fill that demand. DoorDash and Uber Eats began offering grocery delivery.

Kroger — the nation’s largest grocer — opened automated warehouses to fulfill delivery orders.

Amazon opened a handful of Amazon Fresh groceries, which provide free delivery to Prime members.

Hyper-fast grocery delivery companies like Jokr and Buyk expanded into U.S. cities.

But as the pandemic eased, demand softened.

In June 2022, Americans spent $2.5 billion on grocery delivery — down 26% from 2020. For comparison, they spent $3.4 billion on grocery pickup, which saw demand drop 10.5% from its pandemic highs.

That’s causing some turmoil in the industry. Buyk filed for bankruptcy in March; Jokr pulled out of the U.S. in June. Instacart — the U.S. market leader in grocery delivery — slashed its own valuation by 40% to $24 billion in March ahead of a potential IPO. Kroger said its digital sales — which include pickup and delivery — dropped 6% in the first quarter of this year.

Some think delivery demand could drop further.

Chase Design, a consulting firm, says its surveys show the number of U.S. shoppers who plan to use grocery delivery “all the time” has fallen by half since 2021.

Cost is the biggest reason.

Peter Cloutier, the growth and commercial strategy lead at Chase Design, said it’s difficult to get groceries to a customer’s door for less than a $10 premium, which covers labor and transportation. Often, that cost is higher.

Consider a basket of eight staples from Target, including a gallon of milk, a dozen eggs and a pound of ground beef. In store, the order would ring up at $35.12. Target offers curbside pickup for free.

Delivery costs $9.99, not including a tip.

DoorDash also offers delivery from Target, but it charges more for each item on its website. The cart rings up at $39.90 from DoorDash, which then adds $12.18 in taxes and delivery

by varying delivery prices by time of day. On a recent morning, Walmart offered to deliver a $35 order within two hours for $17.95; that dropped to $7.95 if the order could be delivered between 3 p.m. and 4 p.m.

But cost isn’t the only reason some consumers are moving away from delivery. Cloutier says many customers are wary of the quality of items selected by workers.

“There’s a trust gap between what the shopper wants to get and what the retailer fulfills,” Cloutier said.

Delivery companies are trying to improve that.

Last month, Uber Eats announced upgrades to its online grocery offering, including the ability for consumers to see the products as workers scan them.

But even that may not entice some shoppers.

Diane Kovacs, a college lecturer in Brunswick, Ohio, has been using curbside pickup for nearly a decade. It saves her money, she says, because she doesn’t get sucked into impulse buys inside the grocery.

She got her groceries delivered briefly during the pandemic and she didn’t mind paying $10 or $15 a week for the service. But she still prefers pickup. She likes driving her dogs to the store and chatting with the employees.

“I think that people are not using delivery because they want to get the heck out of the house,” she said.

True demand for grocery delivery is tough to calculate. Usage can swing wildly when COVID cases rise or companies offer discounts, said David Bishop, a partner at Brick Meets Click.

But he sees some patterns emerging. Households with young children and people with mobility issues are sticking with delivery.

People over 60 have generally gone back to shopping in person.

Bishop says delivery saw five years of growth in the first three months of the pandemic, and demand is probably still elevated.

Eventually, he expects delivery sales to settle into more regular growth of about 10% per year. But delivery won’t go away, he said.

SHOPPERS shop at a grocery store in Glenview, Ill., Monday, July 4, 2022. U.S. demand for grocery delivery is cooling as food prices rise. Some shoppers are shifting to less expensive grocery pickup, while others are returning to the store.

Photo:Nam Y. Huh/AP

PAGE 8, Monday, August 8, 2022

THE TRIBUNE WARREN BUFFETT, chairman and CEO of Berkshire Hathaway, smiles as he plays bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb., on May 5, 2019.

Photo:Nati Harnik/AP

BUFFETT’S FIRM REPORTS $44B LOSS BUT ITS BUSINESSES THRIVE

By JOSH FUNK AP Business Writer WARREN Buffett’s company reported a $43.76 billion loss in the second quarter as the paper value of its investments plummeted, but Berkshire Hathaway’s many operating companies generally performed well suggesting the overall economy is weathering the pressure from inflation and rising interest rates.

Berkshire said Saturday that a largely unrealized $53 billion decline in the value of its investments forced it to report a loss of nearly $44 billion, or $29,754 per Class A share.

That is down from $28.1 billion, or $18,488 per Class A share, a year ago.

The stock prices of three of Berkshire’s biggest investments — Apple, American Express and Bank of America — all fell significantly during the second quarter. But those stocks have all rebounded during the third quarter, meaning Berkshire’s portfolio is already worth more than it was at the end of the quarter.

Buffett has long said he believes Berkshire’s operating earnings are a better measure of the company’s performance because

MARKET REPORT

BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.47 2.61 2.60 6.20 10.05 4.15 10.65 3.65 8.25 17.50 2.65 11.28 11.25 10.85 18.30 4.00 11.00 16.50

52WK LOW 5.30 33.80 1.60 2.20 1.30 5.75 7.50 2.82 5.40 2.27 5.95 9.80 1.99 8.25 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

www.bisxbahamas.com

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%

2616.74

-0.29

-0.01

388.50

17.44

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 97.35 100.66 100.43 100.43 100.34 100.23 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.69 99.98 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 FX BGR107036 BGRS FL BGRS71023 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 BSBGR1070360 BSBGRS710237 BSBGRS970336 BSBGRS750225 BSBGRS810375 BSBGRS880287 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 6.70 39.95 2.44 2.46 2.51 6.20 9.75 3.91 10.30 3.54 8.06 16.00 3.04 10.26 11.43 10.85 18.10 3.90 11.00 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 96.69 99.98 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

CLOSE 6.70 39.95 2.44 2.46 2.51 6.20 9.75 3.91 10.10 3.54 8.06 16.00 3.02 10.26 11.24 10.85 18.30 3.90 11.00 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

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.20) 0.00 0.00 0.00 (0.02) 0.00 (0.19) 0.00 0.20 0.00 0.00 0.00

VOLUME 2,900

24,000

2,000 500

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 96.69 99.98 100.09 100.54 100.34 100.00 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

its eclectic collection of manufacturing, retail, insurance, utility and service businesses touches so many different industries, and Berkshire’s profits tend to follow whatever the economy is doing. Edward Jones analyst Jim Shanahan said Berkshire’s strong operating results suggest that many businesses have been able to raise prices enough to offset surging inflation, and even though higher interest rates are hurting Berkshire’s network of car dealers and its manufactured home division, other parts of the company are benefitting from higher rates on investments.

“This is a business that has its tentacles in all different parts of the economy.

To show such broad revenue and earnings strength throughout the franchise, it gives me a lot of confidence that the broader economy is performing pretty well,” Shanahan said.

Berkshire said its revenue grew more than 10% to $76.2 billion in the quarter as many of its businesses increased prices.

Berkshire said it was sitting on $105.4 billion cash at the end of the quarter, which was little changed from the $106 billion it reported at the end of the first quarter.

LEGAL NOTICE

FRIDAY, 05 AUGUST 2022

BISX ALL SHARE INDEX:

they exclude investment gains and losses, which can vary widely quarter to quarter. By that measure, Berkshire’s earnings were up significantly to $9.28 billion, or $6,312.49 per Class A share from last year’s $6.69 billion, or $4,399.92 per Class A share.

The four analysts surveyed by FactSet expected Berkshire to report operating earnings per Class A share of $4,741.64.

Besides investments, Berkshire owns more than 90 companies outright.

Berkshire said operating profits were up at all of its major units including its insurance companies, major utilities and BNSF railroad.

The strong results at most of its companies offset a $487 million pretax underwriting loss at Geico, which reported bigger auto claims losses because of the soaring value of vehicles and ongoing shortages of car parts.

CFRA Research analyst Cathy Seifert said Geico’s results suggest the auto insurer is having more trouble raising rates to offset those higher costs than its peers at Progressive and Allstate, so “I definitely think that merits watching.”

Berkshire is often seen as a microcosm of the broader economy because

(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

98 20

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

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% 5.40% 4.53% 4.31% 4.43% 4.87% 4.33% 5.55% 5.60% 5.65% 5.69% 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 17.6 N/M N/M 26.4 -8.9 72.1 19.2 18.0 22.2 29.6 22.0 17.4 14.9 22.4 19.2 11.7 24.6 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 2.54% 3.15% 0.82% 3.25% 0.00% 0.00% 2.67% 0.00% 0.00% 3.39% 2.73% 4.50% 14.37% 0.58% 2.92% 2.21% 2.95% 3.08% 1.82% 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 26-Aug-2036 22-Oct-2023 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

ARAWAK INVESTMENT COMPANY, LIMITED (In Voluntary Liquidation)

Registration number: 18744 C Notice is hereby given that at a general meeting of the above company, duly convened, and held at Gail Lockhart Charles & Co., Old Fort Bay Town Centre, Units 10-12, Floor 2, Building 4, Windsor Field Road, Old Fort Bay, New Providence, The Bahamas, on 26th July, 2022, the following Resolution was duly passed: “That the company be wound up voluntarily; that GLC Corporate Services Ltd. of Gail Lockhart Charles & Co., Old Fort Bay Town Centre, Units 10-12, Floor 2, Building 4, Windsor Field Road, Old Fort Bay, New Providence, The Bahamas, be and is hereby appointed liquidator for the purpose of such winding up”.

Dated this 26th day of July A.D., 2022 GLC Corporate Services Ltd. Liquidator

PAGE 18, Monday, August 8, 2022

THE TRIBUNE

DEMS’ CLIMATE, ENERGY, TAX BILL CLEARS INITIAL SENATE HURDLE

By ALAN FRAM AND FARNOUSH AMIRI Associated Press

SEN. RON WYDEN, D-Ore., speaks with reporters on Capitol Hill in Washington, Saturday, Aug. 6, 2022.

Photo:Patrick Semansky/AP

DEMOCRATS pushed their election-year economic bill toward Senate approval early Sunday, starting the sprawling collection of President Joe Biden’s priorities on climate, energy, health and taxes on a pathway that the party hopes will end in final congressional passage by the end of this week.

The evenly divided Senate voted Saturday to begin debating the legislation 51-50, with Vice President Kamala Harris breaking the tie and overcoming unanimous Republican opposition. A dwindled version of earlier multitrillion-dollar measures that Democrats failed to advance, the package has become a partisan battleground over inflation, gasoline prices and other issues that polls show are driving voters.

The House, where Democrats have a slender majority, could give the legislation final approval next Friday.

“The time is now to move forward with a big, bold package for the American people,” said Senate Majority Leader Chuck Schumer, D-N.Y. “This historic bill will reduce inflation, lower costs, fight climate change.

It’s time to move this nation forward.”

Republicans said the measure would damage the economy and make it harder for people to cope with sky-high inflation. They said the bill’s business taxes would hurt job creation and force prices upward and urged voters to remember that in November.

“The best way to stop this tax and spend inflationary madness is to fire some of the 50 so they can’t keep doing this to your family,” said South Carolina Sen. Lindsey Graham, top Republican on the Senate Budget Committee.

Nonpartisan analysts have said the legislation, which Democrats have named the Inflation Reduction Act, would have a minor impact on the nation’s worst inflation bout in four decades. Even so, it would take aim at issues the party has longed to address for years including global warming, pharmaceutical costs and taxing immense corporations.

Before reaching final passage, senators plodded through a nonstop pile of amendments called a “vote-a-rama” that seemed certain to last hours.

In early votes, the chamber rejected an effort by progressive Sen. Bernie Sanders, I-Vt., to require Medicare to pay the same lower prescription drug prices paid by the Department of Veterans Affairs.

Another, by Graham, was defeated; it would have erased a fee Democrats want to renew on barrels of oil that raises money for hazardous waste cleanups.

Republicans said Democrats’ proposal would boost gasoline prices, a sore point for voters after this summer’s record pump prices.

Earlier, the Senate parliamentarian gave a thumbs-up to most of Democrats’ revised 755-page bill. But Elizabeth MacDonough, the chamber’s nonpartisan rules arbiter, said Democrats had to drop a significant part of its plan for curbing drug prices.

MacDonough said Democrats violated Senate budget rules with language imposing hefty penalties on pharmaceutical companies that boost prices beyond inflation for drugs sold in the private insurance market. Those were the bill’s chief drug pricing protections for the roughly 180 million people whose health coverage comes from private insurance, either through work or bought on their own.

Other pharmaceutical provisions were left intact, including giving Medicare the power to negotiate what it pays for drugs for its 64 million elderly recipients, a longtime Democratic aspiration. Penalties on manufacturers for exceeding inflation would apply to drugs sold to Medicare, and there is a $2,000 annual outof-pocket cap on drug costs and free vaccines for Medicare beneficiaries.

Democrats are using special procedures that would let them pass the measure without having to reach the 60-vote majority that legislation often needs in the Senate. To do that, they must abide by rules that include a requirement that provisions be chiefly aimed at affecting the federal budget, not imposing new policy.

The weekend debate capped a startling 10-day turnabout that saw Democrats resurrect top components of Biden’s agenda that had seemed dead. In rapid-fire deals with Democrats’ two most unpredictable senators — first conservative Joe Manchin of West Virginia, then Arizona centrist Kyrsten Sinema — Schumer pieced together a package that would give the party an achievement against the backdrop of this fall’s congressional elections.

The measure is a shadow of Biden’s initial 10-year, $3.5 trillion proposal, which funded a rainbow of progressive dreams including paid family leave, universal preschool, child care and bigger tax breaks for families with children. The current bill, barely over one-tenth that size, became much narrower as Democratic leaders sought to win the votes of the centrists Manchin and Sinema, yet it has unified a party eager to declare victory and show voters they are addressing their problems.

The bill offers spending and tax incentives favored by progressives for buying electric vehicles and making buildings more energy efficient. But in a bow to Manchin, whose state is a leading fossil fuel producer, there is also money to reduce coal plant carbon emissions and language requiring the government to open more federal land and waters to oil drilling.

Expiring subsidies that help millions of people afford private insurance premiums would be extended for three years, and there is $4 billion to help Western states combat drought. A new provision would create a $35 monthly cap for insulin, the expensive diabetes medication, for Medicare and private insurance patients starting next year. It seemed possible that language could be weakened or removed during debate.

Reflecting Democrats’ calls for tax equity, there would be a new 15% minimum tax on some corporations with annual profits exceeding $1 billion but that pay well below the 21% corporate tax. Companies buying back their own stock would be taxed 1% for those transactions, swapped in after Sinema refused to support higher taxes on hedge fund managers. The IRS budget would be pumped up to strengthen its tax collections.

While the bill’s final costs were still being determined, it would spend close to $400 billion over 10 years to slow climate change, which analysts say would be the country’s largest investment in that effort, and billions more on health care. It would raise more than $700 billion in taxes and from government drug cost savings, leaving about $300 billion for deficit reduction over the coming decade — a blip compared to that period’s projected $16 trillion in budget shortfalls.

PAGE 20, Monday, August 8, 2022

THE TRIBUNE

MUSK SAYS TWITTER DEAL COULD MOVE AHEAD WITH ‘BOT’ INFO Associated Press

ELON Musk said Saturday his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people.

The billionaire and Tesla CEO has been trying to back out of his April agreement to buy the social media company, leading Twitter to sue him last month to complete the acquisition. Musk countersued, accusing Twitter of misleading his team about the true size of its user base and other problems he said amounted to fraud and breach of contract.

Both sides are headed toward an October trial in a Delaware court.

“If Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms,” Musk tweeted early Saturday. “However, if it turns out that their SEC filings are materially false, then it should not.”

Musk, who has more than 100 million Twitter followers, went on to challenge Twitter CEO Parag Agrawal to a “public debate about the Twitter bot percentage.”

Twitter declined comment Saturday. The company has repeatedly disclosed to the Securities and Exchange Commission an estimate that fewer than 5% of user accounts are fake or spam, with a disclaimer

that it could be higher. Musk waived his right to further due diligence when he signed the April merger agreement.

Twitter has argued in court that Musk is deliberately trying to tank the deal and using the bot question as an excuse because market conditions have deteriorated and the acquisition no longer serves his interests. In a court filing Thursday, it describes his counterclaims as an imagined story “contradicted by the evidence and common sense.”

“Musk invents representations Twitter never made and then tries to wield, selectively, the extensive confidential data Twitter provided him to conjure a breach of those purported representations,” company attorneys wrote.

TESLA and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington on March 9, 2020. Musk said Saturday, Aug. 6, 2022, his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people.

Photo:Susan Walsh/AP

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 91° F/33° C Low: 76° F/24° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Some sun, a stray t‑storm; breezy

Mainly clear, warm; a shower late

Clouds, some sun; a stray t‑storm

Mostly sunny and breezy

Mostly sunny

A blend of sun and clouds

High: 90°

Low: 80°

High: 89° Low: 80°

High: 90° Low: 79°

High: 91° Low: 78°

High: 90° Low: 77°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

99° F

86° F

99°-87° F

100°-86° F

101°-86° F

101°-87° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

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almanac

E

W

ABACO

S

N

High: 89° F/32° C Low: 80° F/27° C

8‑16 knots

S

High: 91° F/33° C Low: 81° F/27° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 81° F/27° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 92° F/33° C Low: 78° F/26° C

N

| Go to AccuWeather.com

High: 91° F/33° C Low: 80° F/27° C

MIAMI

High: 90° F/32° C Low: 80° F/27° C

8‑16 knots

KEY WEST

High: 89° F/32° C Low: 82° F/28° C

ELEUTHERA

NASSAU

High: 90° F/32° C Low: 80° F/27° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 90° F/32° C Low: 79° F/26° C

N

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

4:35 a.m.

5:22 p.m.

2.5 3.4

10:46 a.m. 0.2 11:55 p.m. 0.6

Tuesday

5:40 a.m.

6:22 p.m.

2.7 3.6

11:49 a.m. 0.0 ‑‑‑‑‑ ‑‑‑‑‑

Wednesday 6:41 a.m.

7:19 p.m.

2.8 3.8

12:54 a.m. 0.4 12:50 p.m. ‑0.1

Thursday

7:39 a.m.

8:12 p.m.

3.0 3.8

1:48 a.m. 0.2 1:48 p.m. ‑0.2

Friday

8:34 a.m.

9:03 p.m.

3.2 3.8

2:40 a.m. 0.0 2:43 p.m. ‑0.2

Saturday

9:27 a.m.

9:52 p.m.

3.3 3.7

3:29 a.m. 0.0 3:37 p.m. ‑0.1

Sunday

10:18 a.m.

10:41 p.m.

3.3 3.5

4:16 a.m.

4:30 p.m.

0.0 0.0

sun anD moon Sunrise Sunset

6:41 a.m. Moonrise 7:50 p.m. Moonset

5:01 p.m.

2:35 a.m.

Full

Last

New

First

Aug. 11

Aug. 19

Aug. 27

Sep. 3

CAT ISLAND

E

W

High: 89° F/32° C Low: 79° F/26° C

N

S

E

W

10‑20 knots

S

12‑25 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 81° F/27° C Normal high ....................................... 89° F/32° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 93° F/34° C Last year’s low ................................... 77° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.39” Year to date ............................................... 38.24” Normal year to date ................................... 20.96”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 89° F/32° C Low: 79° F/26° C

High: 89° F/32° C Low: 81° F/27° C

N

High: 89° F/32° C Low: 78° F/26° C

S

LONG ISLAND

tracking map

High: 88° F/31° C Low: 78° F/26° C

H

E

W

10‑20 knots

MAYAGUANA High: 88° F/31° C Low: 80° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 87° F/31° C Low: 80° F/27° C

High: 88° F/31° C Low: 79° F/26° C

GREAT INAGUA High: 88° F/31° C Low: 80° F/27° C

N

E

W

E

W

N

S

S

15‑25 knots

15‑25 knots

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

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

WINDS SE at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots ESE at 12‑25 Knots ESE at 10‑20 Knots E at 10‑20 Knots E at 12‑25 Knots E at 12‑25 Knots ESE at 10‑20 Knots ESE at 10‑20 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots E at 12‑25 Knots ESE at 12‑25 Knots E at 15‑25 Knots E at 12‑25 Knots E at 12‑25 Knots E at 12‑25 Knots E at 12‑25 Knots E at 10‑20 Knots ESE at 10‑20 Knots ESE at 12‑25 Knots E at 15‑25 Knots E at 12‑25 Knots SE at 10‑20 Knots E at 12‑25 Knots

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

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

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