WHEN Leslie Gibson accepted a position on Royal Caribbean Interna tional’s Perfect Day at Coco Cay during the height of the COVID pandemic, he didn’t imagine the opportu nity would lead him to his dream“Thejob.craziest thing is that what I’m living now, I dreamt about,” said Gibson, who is now based in Miami. “I studied engi neering, but I prayed for a job where I would be travel ling and working outside of where I’m from. I love The Bahamas and I’m always ready to go back home, but I’ve always wanted to get more exposure, see the world and all it has to offer. And Royal has been able to provide me that.” Gibson said he found his footing in human resources after friends and family saw his natural affinity for working with people and problemGibsonsolving.began his jour ney with Royal Caribbean as a human resources spe cialist on Coco Cay in June 2020, where he worked for 11 months before he was selected to move to corporate and take on a Cruise line provides route to Leslie’s dream
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SEE PAGE B3 PAGE B3
THE SBDC/Access Accelerator’s Summer Entrepreneurial Training & Mentorship (SET) series kicked off its first of three pitch nights in grand style awarding $25,000 in cash prizes to local small business owners. Modelled after the television show Shark Tank, the Innovative Business Pitch Competi tion featured six Bahamian entrepreneurs of Micro, Small and Medium-Sized Enterprises (MSMEs) presenting their innovative con cepts to a panel of judges and a room full of business leaders, mentors and spectators. The competitors were given five minutes to demonstrate how their small business relies on unique products, services, processes, platforms
A CABINET minister says the government doesn’t want to stifle “revenge tourism,” as it is leading the economic rebound from the COVID-19 economic shutdown. Senator Michael Halkitis, Minister for Economic Affairs, speaking at the Bahamas Chamber of Commerce and Employers Confederation’s “Power Breakfast” yesterday said this “revenge tourism” is driven by people who were locked down during the pan demic and now want to travel the world as lockdowns have been lifted in our major source markets around the world. Mr Halkitis said: “A lot of it has to do with Cabin Fever, pent up demand and people now finally being able to move about and so, as we crafted the budget, it was important for us not to do anything that would interrupt this growth or to stifle this emerging growth.” For the first five months of the year tourism arrivals were estimated at 2.43m visitors, meaning that it is on pace to record near 6m tourists for 2022. The record year for tour ism was 2019 with 7.249 million arrivals.Promoting the government’s intention not to introduce any new taxes for the current ‘Revenge tourism’ is driving big return
business@tribunemedia.net THURSDAY, AUGUST 11, 2022 Trade stats show reboundcontinuing
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Sharks that don’t bite
NEW trade data suggests a rebound for the Bahamian economy as imports and exports are up year-on-year . The Department of Statistics in its latest Foreign Trade Quarterly report said that the value of commodities imported into The Baha mas totalled $925m resulting in a increase of 43 percent when compared with the same period last year. “The major groups of merchandise, were ‘Mineral Fuels Lubricants And Related Materials’ which totalled $200m, ‘Food And Live Animals’ at $161m and ‘Machinery And Transport Equipment’ which totalled $139m. The combined value of these categories repre sented 54 percent of total imports,” the report noted.“Other categories that contributed to total imports were ‘Miscellaneous Manufac tured Articles’ which accounted for $121m, ‘Manufactured Goods Classified Chiefly By Materials’ valued at $119m and ‘Chemicals’,
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE Grand Bahama Chamber of Commerce presi dent says he is not surprised fires continually happen at the International Bazaar because vagrants have moved in and no one wants to take full ownership of the “der elict”Jamesproperty.Carey, told Tribune Business yesterday that the site where the International Bazaar sits is essentially “empty and derelict” in addi tion to it being a haunt for vagrants who live in the aban donedTuesday’sbuildings.fire, he said, could have started from any one of those vagrants light ing a fire to cook food or for lighting because there is no electricity running into the Bazaar.MrCarey said: “It is unfor tunate that the Bazaar, which used to be the pivotal shop ping area and particularly touristic, was allowed to fall into the state of disrepair that it has Thebecome.”Bazaar used to be owned by the Grand Bahama Port Authority, but they have sold off a lot of the individ ual buildings and there is no clear-cut owner or landlord for the Bazaar’s properties. What has also led to the Bazaar’s demise is that when the GBPA divested itself of the property, they moved to the Port Lucaya area and have continued to develop that portion of Freeport as a “go-to Mecca,” leaving the Bazaar and its businesses to their own devices. “This has been made incredibly more dire since the failure of the Princess Hotel and the closure of the Princess Casino, sounded a deathknell for the Bazaar area and a lot of the stores closed down and the properties were shut tered,” Mr Carey added. “Over time the homeless people started gaining access and taking up residence. I don’t know why or how the fires started, but there’s no power to the area, so one has to suspect that persons inside have access to something and they are either cooking or they’re doing other things that are perhaps causing these fires. future’ for Freeport’s bazaar which nobody
SEE PAGE B3
wants By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SEE PAGE B2 SEE PAGE B4 MICHAEL HALKITIS FIREFIGHTERS tackling the blaze that struck the International Bazaar in Grand Bahama again on Tuesday. Photo:Vandyke Hepburn $6.92 $6.97 $6.66 $6.89
‘No
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
In order to have the economy growing at a strong clip the government must reform the way it has done business and remove some of the bottlenecks and inefficient bureaucratic red-tape that stifles invest ment to which Mr Halkitis noted that the government has reformed the way the National Economic Coun cil operates and it now has “weekly scheduled meet ings” to ensure that foreign direct investment projects are dealt with in a timely manner.The government also wants to continue the sup port for local entrepreneurs to develop other sectors of the economy, but under stands that tourism is our main economic driver and will be for the foreseeable future. He added: “Now there are opportunities to diversify and even diversify within the industry, but for the foreseeable future that will be our main driver. It’s not to say we do not pursue diversification because we do. But it’s unrealistic to think that we can displace tourism as our main driver anytime soon and tourism is bouncing back around the world and The Bahamas is among the leaders in this recovery.”Global international arrivals for The Bahamas were at 61 percent below 2019 levels in Q1 of this year, with arrivals in the Americas at -46 and in the Caribbean -26. So, the Bahamas is trending higher than its counterparts in the region.
interestingmanythatlaneous,silvercoinsandsistsMaravillas.subsequentforExplorationofconsideringticularlyinMaritimeitemsthealsotheBahamianmentBahamasthatthesebeinginthatSenoraofthatnessworld,sunkengovernmentrepresentedtonwithJamesprofit-making.Goold,anattorneyUSlawfirm,Coving&Burling,whohastheSpanishonseveralofitsgalleonsaroundthetoldTribuneBusithatitis“goodnews”theremainingpiecestreasureoftheNuestradelaMaravillassunknearWalker’sCay1656arenotonlystillretrievedafterallofyears,butartefactsweretakenoutofThewithoutgovernpermissionofthegovernmentoverpastseveraldecadesarebeingbroughtbacktocountry.However,hesaidtheinthenewBahamasMuseum(BMM)GrandBahamaareparunderwhelmingtheamountpublicitythatAllenhasgeneratedthetreasurehuntandsalvageoftheTheentiredisplayconofafewgoldchainsabout20goldandsilveralongwithtwosolidbarsandothermiscelnon-descriptitemsonewouldfindonvessesloftheperiod.MrGooldsaid:“Thatisbecausethey were doing a lot to hype this up for publicity’s sake.” Whether or not the Span ish government would be interested in what Allen Exploration has stored at the BMM remains to be seen and if Allen Explo ration will be charging exorbitant tickets to see the artefacts may be of interest to the Spanish government. Mr Goold also noted: “Allen Exploration is doing their best to attract atten tion, which is unusual. I would very much like to know what the terms are of the relationship with the museum is for these things. “Sometimes people put things up for display in a museum in order to prop up the sale price. This is common. With a museum they can persuade larger museums to display it and the pieces become more valuable.”Thereare pieces at the BMM that are still not avail able for public viewing, but the BMM has engaged jew elers from around the world to help with valuing some of the precious gems they have found, Dr Michael Pateman, the BMM’s cura tor has revealed. Mr Goold said: “If all of this is as public spir ited as the people behind it are saying it is, it would be very good for them to provide more information on the relationship and the terms under which these artefacts are being given to the museum and whether or not other artefacts are being sold as curios or souvenirs as part of a profitmaking enterprise because the lawyer that represents Allen Exploration seems to have suggested this is a profit-making enterprise and not a charity.”
THE lawyer for the Spanish government acting on its international treasure recovery efforts says the artefacts of a 17th century Spanish galleon found off the coast of Grand Bahama should be in a museum and not for
PAGE 2, Thursday, August 11, 2022 THE TRIBUNE What’s the explorers’ end game?
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
‘Revenge tourism’ is driving big return budget year and also tax reductions on various areas, Mr Halkitis said: “So, the economy is beginning to rebound because the pan demic is receding, we can open up... the world is opening up.” But more is needed, he said, because the COVID19 only “ripped” the covers off of the issues that have plagued a flagging Baha mian economy for the past 30 years. Now is time to “break the cycle” and start on a new pathway forward forHegrowth.said you begin to break this cycle by focus ing on “four elements: economic growth improved revenue administration, cost containment and identifying new sources of revenue,” with economic growth being the pri mary goal for the current government.Headded: “In terms of economic growth, of course, it is being led by tourism, and we have strong growth expected in our economy in 2022 and the forecast is that this growth will moderate as we go into 2023/2024. We are actively working to dis prove those predictions of a moderation and to keep the economy growing at a strong clip.”
FROM PAGE B1
FROM PAGE B1 larger scale of recruiting for private island experi ences around the world, a role that has expanded to include shipboard recruiting.Gibson’s promotion reflects a corporate culture of promoting from within. Michael Bayley, president and CEO of Royal Carib bean International, started as a purser onboard the company’s ships before rising through the ranks to head the cruise line that now has 26 ships and more than 77,000 employees. In just two years, Gibson has helped to recruit more than 300 people to work in The Bahamas, along with another 100 for Labadee in Haiti and more than 1,000 to work on Royal Carib bean’s ships. “I think that’s why I love being a recruiter, because of the fact that I’m able to help people find their dreams,” Gibson said. “Some people who don’t even know they’re good at certain things, I’m able to help them navigate through that by giving them the opportunity to work with us.”Gibson recently trave led to Dominica and St. Vincent as part of Royal Caribbean’s recruiting efforts, and he was on the ground for the job fair in Nassau recently when Royal Caribbean made offers to dozens of people in the hopes of filling sev eral different positions on CocoTheCay.exercise was part of a larger regional hiring effort to attract more Baha mian and Caribbean talent for Royal Caribbean’s pri vate destinations and its ships. Royal Caribbean’s Director of Talent Acquisi tion Cindy Williams, said the company is coming back “better than ever.” “We have a strong employer brand, and we are committed to making our return to service better than ever by bringing new crew members to Royal Carib bean,” she said.
Cruise line provides route to Leslie’s dream
THE TRIBUNE Thursday, August 11, 2022, PAGE 3 at $89m (these groups together represented 36 percent of total Imports). “As it relates to total exports, for Q4 2021, data shows that the value of commodities exported (Domestic and Re-Export) from The Bahamas totalled $171m resulting in a increase of 37 percent when compared with the same period last year. “The categories that contributed the largest proportion to the exports were ‘Food And Live Ani mals’ which totalled $62m, ‘Mineral Fuels, Lubricants And Related Materials’ at $34m and respectively.”percentdeclinedport‘Machineryages‘Chemicals’,periodcompareddecreasedcentmillionManufactured‘MiscellaneousArticles’$25representing71peroftotalexports.“Thegroupsthatinvaluewhentothesamelastyearwere‘BeverAndTobacco’andAndTransEquipment’whichby71percent,38and26percent, or channels to gain a com petitive advantage, create multiple revenue streams and ensure financial viabil ity. Entrepreneurs stepped up to the task and wowed the audience by presenting live at the Access Accel erator Headquarters with pitches complimented by product samples, props and live demos. Participants then had to defend their concepts during a question period by the judges. First place winner, Jenson Rolle, Owner of Stay Chill 242 won a $5,000 cash prize and business gift set donated by J.S. Johnson Insurance Agents & Bro kers (JSJ). Second prize winner, Charles Richardson of CEE-MAR Telecoms earned a three-night stay at Fountain Bay Resort in Cat Island donated by the resort and a JSJ travel gift set. The third prize winner, Antonio Miller of Raw Build earned a gift bag from JSJ. Also putting up a good fight in the pitch arena was The New Duff, Chick charney Chirren and Ami Da“J.SOne.Johnson has always been a keen supporter of organizations that address the growing needs of soci ety. In a time of economic recovery, we found this partnership a great match for our financial support as the small business commu nity continues to evolve,” said Stephanie Hanna, Public Relations & Admin istration Vice President of JSJ. “We are proud to sup port the efforts of Access Accelerator and look forward to our continu ous impact together,” she continued.Inspired by the enthu siasm of the competitors, entrepreneur and angel investor, Henry Dean, pledged an additional $20,000 in a surprise turn of events to be evenly split between first through fourth place winners. As a community leader, success ful businessman, counselor and visionary, Dean saw this as an opportunity to advocate for small business owners through his support. The judges had the important task of scor ing the participants on the feasibility of their innova tions. The panel consisted of Financial Institution representatives: Crestwell Gardiner, Vice President of Banking, Fidelity Bank (Bahamas) Ltd; Robert Pantry, Chief Executive Officer, Simplified Lend ing Ltd; Ellistina Knowles, Business Banking Manager, Scotiabank (Bahamas) Ltd.; Darvin Russell, Project Manager, DevelopmentInter-AmericanBank;and industry experts: Petra Haven, Chameleon Man agement Group; Charles Sealy, Founder, Centris Dis tributors Ltd.; and Anthone Deveaux founder, Orca Construction Ltd. As Access Accelerator prepares for the continua tion of the series, Interim Executive Director, Saman tha L. Rolle reflected on the programme’s impact. “It’s not just about the Pitch Competitions and access to funding, but the entire educational series and how, through our programming, we (at the SBDC) instill the impor tance of entrepreneurial training and mentorship and prepare our MSME community for how they present themselves, the confidence they show and a wholistic approach to busi ness ownership,” said Ms Rolle.Pitch judge and top sponsor representa tive, Gardiner of Fidelity also chimed in, “Fidelity has and will continue to partner with the Access Accelerator, Small Busi ness Development Centre to provide opportunities to those entrepreneurs that demonstrate prepar edness, as this develops a vibrant ecosystem for business development and in turn supports national development.”Sponsors and partici pants look forward to future events as the organization will host its Global Busi ness Pitch Competition on August 30, wanting to attract growth-minded Bahamian entrepreneurs for a cash prize of $7,500 sponsored by Simplified Lending. The grand finale will take place in Septem ber with a top prize of $10,000 donated by Fidelity. The pitch competition is open to startup and exist ing business owners, as long as the business does not generate more than $5m in annual sales and/or does not employ more than fifty people. Competitions are In-person only events to protect the confidential ity of our clients’ business ideas.
And although Dorian made history as one of the most powerful Atlan tic storms ever recorded, Royal Caribbean’s response — rushing in to provide food, water, shelter and medical supplies for those impacted — was not par ticularly unusual for the company.“When I say this, I mean throughout any disaster,” Gibson said. “In 2020, there was a typhoon in the Philippines,” he added. “We assisted so many of our team members with helping their fami lies back home. And this happens all the time. Our company is always about putting its employees first.”
Trade stats show continuing rebound FROM PAGE B1
Caribbean Presi dent Michael Bayley earlier this year announced the company’s intention to hire moreGibsonBahamians.said that goal is just a microcosm of the company itself, which main tains diversity and inclusion as key priorities. “I have co-workers from all around the world,” he said.Recalling Royal Carib bean’s swift response to Hurricane Dorian in 2019, Gibson said the company’s passion for its employees was a considerable factor in his decision to accept his first job with the cruise line. “I chose Royal because of some of the things they have done,” he said. “When Hurricane Dorian hit those islands, Royal Car ibbean were some of the first people on the ground. I wouldn’t even talk about the people who were employed by Royal Carib bean — they spent millions of dollars helping employ ees get back on their feet.”
Gibson said the magni tude of the post-pandemic boom is evident in Coco Cay’s guest numbers. “We went from seeing as little as 2,000 to 3,000 guests a day at Coco Cay to now up to 10,000 guests and two ships a day,” Gibson said. “So, that went from our head count being 350 to 450 employees to now almost 600 who are needed for a callRoyalday.”
Sharks that don’t bite
FROM PAGE B1
LIU Qian, job-hunting with a new master's degree, said two employers inter viewed her and then said the positions had been elim inated. Others asked her to take lower pay. She is one of 11 million new graduates desperate for work in a bleak job market as anti-virus controls force factories, restaurants and other employers to close. The survivors are cutting jobs and wages. "Am I not worth it?" Liu asked. "From the moment I started looking for a job, I felt as if my future were smashed by a machine, and I don't know if I can piece it together."Liu,26, said some employers balked when she asked for a monthly salary of 8,000 yuan ($1,200). The average graduate last year was paid the equivalent of 9,800 yuan ($1,500) per month, according to Liepin, a job-hunting platform. There were almost two graduates competing for every job opening in the three months ending in June, up from 1.4 the pre vious quarter, according to the China Institute for Employment Research and Zhaopin.com, another jobhuntingChina'swebsite.job drought echoes the struggles of young people worldwide to find work in depressed economies but is especially sensitive politically in a year when President Xi Jinping is expected to try to extend his time in Graduatespower.often come from urban families who are the biggest winners from China's economic growth, an important source of political support. The ruling party needs them, especially those with tech nical training, to start their careers to propel industry development.Luckily,a publishing house hired Liu in late July, two months after her graduation.Theofficial unemploy ment rate in June for people aged 16 to 24 was almost 20%, compared with 5.5% for all ages. That is expected to rise once the latest gradu ates are taken into account. Premier Li Keqiang, the top economic official and No. 2 in the ruling party, said in March the govern ment hoped to generate 13 million new jobs this year but did not say how many might be lost to companies closing. Li said 16 million people were expected to be looking for work. Li promised "pro-job policies" including tax and fee cuts totaling 2.5 tril lion yuan ($400 billion) for employers.One-third of compa nies surveyed between last March and this April said they plan to hire fewer fresh graduates, according to Liepin. It said 27%, most of them state-owned, would hire more and 18% had no plans to change course. China's unusually severe approach towards COVID19 has kept case numbers low, but the cost is soaring. The economy shrank in the three months ending in June from with the previous quarter as factory activ ity and consumer spending plunged. The ruling party has stopped talking about being able to hit this year's official 5.5% growth target. Repeated lockdowns that shut down factories and offices in Shanghai and other industrial cent ers for weeks at a time have disrupted the traditional labor market, said Zhang Chenggang of the Capital University of Economics andCompaniesBusiness. are "slashing hiring needs" due to a "lifesaving mindset," Zhang said."In the future, we will face the challenges of technology," he said. "Uncertainty in the labor market may even increase. So for university students, the most important thing is the ability to adapt."
AssociatedBEIJING Press
CHINA'S YOUTH FACE BLEAK JOB MARKET AS COVID SLOWS ECONOMY bazaar which nobody wants
PAGE 4, Thursday, August 11, 2022 THE TRIBUNE “A number of the build ings in the Bazaar are owned by individuals and individual companies and in some instances I believe some store owners have purchased some of the buildings themselves, but the most profitable part of Freeport is in the Port Lucaya area now. The Port Lucaya “con tributed” to the demise of the International Bazaar in Freeport and it will take significant investment to bring the iconic brand back to proper standard. “The GBPA had essentially sold the Bazaar to different parties and then they built the Port Lucaya which was their flagship and now the Port Lucaya has been sold in its entirety as well and it’s no longer owned by the GBPA,” said Mr Carey. It’s “hard to see” the International Bazaar ever coming back to being a premier property in the Freeport area because the properties are owned now by several different entities and will become a “legal tangle” trying to get them all on one page for one direction for the property. Mr Carey added: “But if different individuals own different buildings and dif ferent footprints, where those buildings are, it’s going to take some fancy legal footwork to sort that all out. It is a wonderful site and a great location, but it will probably take some very interesting legal footwork to get it sorted because there are so many different owners to deal with.”Added to this, with the old Princess Hotel being in a state of disrepair in a location that is not on the beachfront, attract ing an investor to take on that large property within itself will be a task because most of the store owners in the Bazaar depended on the Princess Hotel to drive some of their customers. “No one wants a hotel in The Bahamas that is not near to a beach, who would want to buy a luxury hotel that is not built on a beach these days,” Mr Carey quipped.
RECENT college graduate Liu Qian works on her laptop computer in the room she rents in an apartment in Beijing, Thursday, July 7, 2022. Liu is one of 11 million new graduates desperate for work in a bleak job market as anti-virus controls force factories, restaurants and other employers to close. The survivors are cut ting jobs and wages. Photo:Olivia Zhang/AP
‘No future’ for Freeport’s
FROM PAGE B1 FIREFIGHTERS battle the flames that struck the In ternational Bazaar in Grand Bahama.
LOWER PRICES OFFER AMERICANS SLIGHT REPRIEVE FROM INFLATION
Last month’s modest slowdown in inflation might enable the Fed to slow the pace of its increases in short-term rates when it meets in late September — a possibility that sent stock prices jumping. How quickly and how far the Fed raises borrowing costs has significant effects on the economy: Sharper hikes tend to reduce consumer and business borrowing and spending and make a reces sion more likely. If the Fed doesn’t have to raise rates as high to restrain prices, it has a better chance of engi neering an elusive “soft landing,” whereby growth slows enough to curb high inflation but not so much as to cause a recession.
Last month’s declines in travel-related prices helped lower core inflation, a measure that excludes the volatile food and energy categories and provides a clearer picture of under lying price trends. Core prices rose just 0.3% from June, the smallest monthto-month increase since March. Compared with a year ago, core inflation amounted to 5.9% in July, the same year-over-year increase as in June. All told, the July figures raised hope that inflation may have peaked after more than a year of relentless increases that have strained household finances, soured Americans on the economy, led the Federal Reserve to raise borrowing rates aggressively and diminished President Joe Biden’s public approvalAmericansratings. are still absorbing bigger price increases than they have in decades. Grocery prices jumped 1.1% in July and are 13% higher than a year ago, the largest year-overyear increase since 1979. Bread prices leaped 2.8% last month, the most in more than two years. Rental and medical care costs rose, though slightly less than in previous months. A strong job market and healthy wage increases have encouraged more Ameri cans to move out on their own, reducing the number of available apartments and pushing up rental costs. Wall Street purchases of homes and trailer parks have also lifted monthly payments.Average paychecks are rising faster than they have in decades, but not fast enough to keep up with inflation. As a result, some retirees have felt the need in recent months to return to the Amongworkforce.them is Charla Bulich, who lives in San Leandro, California. For the past six months Bulich, 73, has worked a few hours a week caring for an elderly woman because her Social Security and food stamps don’t cover her rising costs. “I go over my budget all the time — that’s why I had to go get a job,” Bulich said. “I wouldn’t even think about buying hamburger meat or a steak or some thing like that.” Now she worries that she will lose her food stamps in the coming months because of her extra income. Michael Altfest, director of community engagement at the Alameda County Community Food Bank in Oakland, said his organi zation now provides about 4.5 million pounds of food a month, up from below 4 million in January. The group has also budgeted for a 66% increase in fuel costs. That’s mostly because of higher gas prices but also because it’s now using more trucks to keep up with the demand for food. Altfest’s own rent recently jumped 14%, he said, forcing him to recali brate his budget. “All these costs are going up, all at once,” he said. “The people here were stretched already.”
MONEY is exchanged at a food stand while workers wear face masks inside Grand Central Market on Wednesday, July 13, 2022, in Los Angeles. Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-dec ade high it reached in June. And even as gas prices fall, inflation in services such as health care, rents and restaurant meals is accelerating.
Photo:Marcio Jose Sanchez/AP PUBLIC NOTICE
THE TRIBUNE Thursday, August 11, 2022, PAGE 5 By APRUGABERCHRISTOPHEREconomicsWriter FALLING prices for gas, airline tickets and clothes gave Americans a little bit of relief last month, though overall inflation is still run ning at close to its highest level in four asdowncheaperpricesaccordingjustendmid-June$5a30%AirfareseasedyearsteepThosepricesnearlyfromHotelmonthorkeepReservesuggestedcurrenttoslowlostFargo.liese,tothinkannuallongtinueevensubsequentpasttionstaycertaintyshrinkingawithBiden’sstruggleAmericansgroceryKevinhigh.pricespaignmadeJuly.”inflationeconomyreceivedreporters.number:figure.theelections.headingandgressionalwelcomeofhappenedJuly,unchangedmonthlyyearfrommenta8.5%Consumerdecades.pricesjumpedinJulycomparedwithyearearlier,thegovernsaidWednesday,downa9.1%year-over-increaseinJune.Onabasis,priceswerefromJunetothefirsttimethathasafter25monthsincreases.ThereportofferednewsforconDemocratsPresidentJoeBidenintothemidtermBidenhighlightedflatmonthlyinflation“Ijustwanttosayazero,”hetold“TodaywenewsthatourhadzeropercentinthemonthofRepublicans,whohaveinflationatopcamissue,stressedthatarestillpainfullyTexasGOPRep.Bradyhighlightedcostsandsaid“continuetounderPresidentcrueleconomy,shrinkingpaychecks,shrinkingeconomyandaworkforce.”Thereprieveofferednothatpriceswouldonthedecline.Inflahasslowedintherecentonlytore-accelerateinmonths.Andifpriceincreasescontoweaken,theyareawayfromtheFed’s2%target.“There’sgoodreasontoinflationwillcontinueslow,”saidMichaelPuganeconomistatWells“WhatIthinkgetsinthatdiscussionis,byhowmuch?”Evenifitweretofall4%—lessthanhalfitslevel—PugliesethattheFederalwouldneedtoraisinginterestratesatleastkeepthemhigh.Muchoftherelieflastwasfeltbytravelers:roomcostsfell2.7%JunetoJuly,airfares8%andrentalcarawhopping9.5%.pricedropsfollowedincreasesinthepastafterCOVID-19casesandtravelrebounded.arestillnearlyhigherthantheywereyearago.Gaspricesdroppedfromagallon,onaverage,into$4.20bytheoflastmonth,andwere$4.01onWednesday,toAAA.Oilhavealsofallen,andgaswilllikelypullinflationthismonthwell,economistssaid.
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JUDGE: WALGREENS CONTRIBUTED TO SAN FRANCISCO OPIOID CRISIS
PAGE 6, Thursday, August 11, 2022 THE TRIBUNE By JULIET AssociatedWILLIAMSPress
A FEDERAL judge ruled Wednesday that Walgreens can be held responsible for contributing to San Francisco’s opioid crisis for over-dispensing highly addictive drugs for years without proper over sight and failing to identify and report suspicious orders as required by law. San Francisco City Attor ney David Chiu said the pharmacy chain “continu ally violated what they were required to do under the federal Controlled Sub stances Act,” failing to track opioid prescriptions, pre venting pharmacists from vetting prescriptions and “nor did they see the many red flags of physicians and others who were dramati cally outopioidofciscopharmacies2006hisCharlesopioids.”greenssaid,sured“Pharmacistsover-prescribing.”wereprestofill,fill,fill,”he“andasaresult,WalfilledourstreetswithU.S.DistrictJudgeBreyerwroteindecisionthatfromto2020,“WalgreensinSanFrandispensedhundredsthousandsofredflagprescriptionswithperformingadequate
due diligence. Tens of thou sands of these prescriptions were written by doctors with suspect prescribing patterns. The evidence showed that Walgreens did not provide its pharmacists with sufficient time, staff ing, or resources to perform due diligence on these prescriptions.”Hesaidthe large volume of illegitimate opioid pre scriptions contributed to the city’s hospitals being overwhelmed with opioid patients, libraries being forced to close because of syringe-clogged toi lets, and syringes littering children’s playgrounds in San Francisco. A Walgreens spokes man said the chain is disappointed in the out come, which he said is not supported by the facts and the“Aslaw. we have said throughout this process, we never manufactured or mar keted opioids, nor did we distribute them to the ‘pill mills’ and internet pharma cies that fueled this crisis,” spokesman Fraser Enger man said in a statement. “The plaintiff’s attempt to resolve the opioid crisis with an unprecedented expan sion of public nuisance law is misguided and unsustain able. We look forward to the opportunity to address these issues on appeal.” San Francisco in 2018 sued Walgreens and drug manufacturers and dis tributors over the city’s worsening opioid epi demic, saying they created a “public nuisance” by flooding the city with pre scription opioids. All the other defendants previously settled with the city for a total of $114 million, includ ing $54 million that opioid makers Allergan and Teva agreed to pay on the eve of closing arguments in the trial, leaving Walgreens as the sole Wednesday’sdefendant.ruling did not include a ruling on mon etary damages, which will be determined in a future trial.The opioid epidemic has been linked to more than 500,000 deaths in the U.S. over the past two decades, counting those from pre scription painkillers such as OxyContin and generic oxycodone as well as illicit drugs such as heroin and illegally produced fentanyl.
The surge in deaths has led to more than 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and other entities in state and federal courts over the toll of opioids. In San Francisco, Mayor London Breed declared a state of emergency last year in the Tenderloin neighbor hood, saying something had to be done about the high concentration of drug deal ers and people consuming drugs in public. The city attorney’s office says San Francisco saw a nearly 500% increase in opioid-related overdose deaths between 2015 and 2020 and that on a typical day, roughly a quarter of visits at the Zuckerberg San Francisco General Hospital Emergency Department are opioid-related.
WINDOW shoppers look at a Walgreens storefront in San Francisco on June 26, 2006. A federal judge ruled Wednesday, Aug. 10, 2022, that the pharmacy chain Walgreens can be held responsi ble for contributing to San Francisco’s opioid crisis for over-dispensing opioids for years without proper oversight and failing to identify and report suspicious orders as required by Photo:law. Ben Margot/AP
SHOPPERS buy items on sale in an H&M shop in the shopping mall Aviapark in Mos cow, Russia, Tuesday, Aug. 9, 2022. Rus sians are snapping up Western fashion and furniture this week as H&M and IKEA sell off the last of their inventory in Russia, moving forward with their exit from the country after it sent troops into Photo:Ukraine. ZemlianichenkoAlexander /AP
AND NOTICE is hereby given to all persons indebted to the said Estate that they are requested to make full settlement on or before the date hereinbefore mentioned.
BOSTWICK AND BOSTWICK Attorneys for the Estate Chambers 50 George Street P. O. Box N-1605 Nassau, N.P., The Bahamas
NOTICE is hereby given that all persons having any claim or demand against the abovenamed Estate are required to send the same duly certified in writing to the undersigned on or before 31st day of August, A.D., 2022, after which date, the Estate will proceed to administer the assets of the deceased having regard only to the claims of which they shall then have had notice.
THE TRIBUNE Thursday, August 11, 2022, PAGE 7
NOTICE In the Estate AULICE THOMPSON of No.11 Fox Drive, For Dale Subdivision off Bernard Road in the Eastern District on the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.
AssociatedMOSCOW Press RUSSIANS are snapping up Western fashion and fur niture this week as H&M and IKEA sell off the last of their inventory in Russia, moving forward with their exit from the country after it sent troops into Ukraine. Sweden-based H&M and Netherlands-based IKEA had paused sales in Russia after the military operation began and are now look ing to unload their stocks of clothing and furnish ings as they wind down operations there, saying the future is unpredictable. IKEA's sales are online only, while the H&M store at the Moscow shopping mall Aviapark saw a steady stream of young shoppers Tuesday.Theracks and shelves were well stocked in the clothing retailer. Nearby shops were closed, includ ing Zara, Oysho, Bershka, Pull&Bear and Uniqlo, while New Yorker, Finn Flare, Marks & Spencer and Mango were open. "I will start looking at Russian brands," one H&M shopper, who gave only her first name Anya, said after emerging from the store. Another shopper, who only gave his name as Leonid, said he was "very hurt" that H&M is closing down: "A good store is leaving." Both companies are laying off staffers as they scale down business in Russia. H&M said Tues day that 6,000 workers will be affected and that it was working on details of offer ing continued support in the coming months. IKEA said in June that many workers will lose their jobs and it has guaranteed six months of pay for them, as well as core benefits. It said this week that it has 15,000 workers in Russia and Belarus, but it did not immediately confirm how many would be laid off. "We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedica tion," H&M Group CEO Helena Helmersson said lastManymonth.Western compa nies promised to leave Russia after it sent troops into Ukraine, taking months to wind down operations and often sell ing holdings to Russian firms. McDonald's sold its 850 restaurants to a Rus sian franchisee owner, who is moving to reopen them under the name Vkusnoi Tochka. British energy giants Shell and BP are taking billions of dollars in charges to exit investments and holdings in Russia. Meanwhile, some West ern companies have remained in Russia or are partially operating. Frenchowned home improvement retailer Leroy Merlin has kept open its 112 stores in Russia, for example, while PepsiCo, Nestle and drug maker Johnson & Johnson are supplying essentials like medications and baby formula while halting non essential sales. H&M said it expects costs from leaving Russia to reach about 2 billion Swedish kronor ($197 million), which will be included as one-time costs in its third-quarter earnings thisIKEAyear. said in June that it will start looking for new owners for its four facto ries in Russia and will close its purchase and logistics offices in Moscow and Minsk, Belarus, a key Rus sian ally.
RUSSIANS BUY LAST GOODS FROM H&M, IKEA AS STORES WIND DOWN
WHAT MEDICARE PART A'S BELLY-UP DATE MEANS FOR YOU
PAGE 10, Thursday, August 11, 2022 THE TRIBUNE
Associated Press AT its current pace, Medicare's Hospital Insur ance trust fund will run out of money in 2028, according to the June 2022 Medicare trustees report. That's a two-year extension on the previous estimate, but experts say it's still not good news, and the government needs to stop twiddling its thumbs. Here's what you should know. If the Medicare Hospi tal Insurance trust fund is depleted, it doesn't mean Medicare Part A will implode. But the program won't have enough rev enues to cover all operating costs, by a shortfall of about 10% starting in 2029. "This part of the Medi care program won't be able to make payments to health care providers and health insurers that are due, and those payments will become increasingly delayed over time," says Matthew Fie dler, a senior fellow with the USC-Brookings Schaef fer Initiative for Health Policy.This backlog could result in a big financial shock to hospitals that rely on Medi care revenues to operate. Ultimately, Fiedler says , "hospitals might rethink the extent to which they want to participate in the Medi careIt'sprogram."important to under stand that Medicare's Hospital Insurance trust fund doesn't finance all of Medicare — it funds Medi care Part A, or hospital insurance. Medicare Part B, which covers doctor's appointments and outpa tient care, and Medicare Part D, which covers pre scription drugs, are funded mainly out of patient premi ums and the government's generalThererevenues.areseveral ways the government could handle the situation, from tweaking service coverage to redirecting revenues. Here are a few options: Move some Medicare Part A services to Part B Some experts have sug gested that the government could shift some post-acute services — such as physical therapy or nursing manage ment after a hospital stay — from Part A to Part B. "That makes the Part A trust fund look better, because you've taken some of the expenses off the books," says Dr. Mark McClellan , the Robert J. Margolis professor of busi ness, medicine and policy at Duke University, who holds a doctorate in eco nomics. "But that's not really changing the overall cost or sustainability of the program."ForMedicare benefi ciaries, this change could mean that some post-acute services that are covered 100% under Part A could be subject to the Part B deductible and 20% coinsurance, unless the ben eficiary has a Medigap or Medicare Advantage plan that covers some costs. Modernize the Medicare drugWhenbenefitMedicare Part D was introduced in 2006, there weren't as many expensive specialty drugs on the market. Today, the government foots the majority of the bill for high-cost drugs. Lowering drug costs and applying those savings to the Part A trust fund is an option. Current legislation in Con gress would help Medicare beneficiaries spend less on prescription drugs and decrease costs for specific high-cost drugs over time. "The Senate bill includes an important moderniza tion of Medicare's drug benefit, to provide more comprehensive coverage for Medicare beneficiaries with high drug costs and to get Medicare's drug plans to negotiate more aggressively with drug manufacturers," McClellan says. Cut payments to providersInthe short term, the government could reduce Medicare payments to some or all Part A provid ers, said Joseph Antos, senior fellow and Wilson H. Taylor scholar in health care and retirement policy with the American Enter prise"CongressInstitute. has done this before and can do it again, particularly if this is accompanied by some other adjustment that takes effect in year nine or 10 to give the money back," said Antos in an email. (The Congres sional Budget Office does 10-year cost estimates, so a nine- or 10-year adjustment schedule "maximizes scora ble savings but signals to providers that the cut would be temporary," Antos said.) For beneficiaries, the impact from this approach would be minimal, although it may reduce access to some providers or lead to some providers adding ser vices that aren't covered by Medicare to increase rev enues, Antos explained.
However, Simone Tag liapietra, an energy expert at the Bruegel think tank in Brussels, said Russia has weaponized natural gas heading to Europe by claiming technical issues, and "this opens questions on whether it might now do the same with oil." Russia has blamed equip ment repairs for its decision to slash flows through the Nord Stream 1 pipeline to Germany, whose govern ment has called it a political move to sow uncertainty and push up prices amid the war in Ukraine. EU leaders agreed in May to embargo most Rus sian oil imports by the end of the year as part of the bloc's sanctions over Mos cow's invasion of Ukraine. The embargo covers Russian oil brought in by sea, but allowed tem porary Druzhba pipeline shipments to Hungary and certain other landlocked countries in central Europe, such as Slovakia and the Czech"TheseRepublic.countries are very dependent on Russian oil and as such they might face shortages in the short term should the interruption be lasting," Tagliapietra said. Some drivers in Hun gary were anticipating that on Wednesday, prompt ing MOL to appeal to the public asking customers to reduce their petrol purchases."Fornow, I keep trying to keep my car's tank topped up, so I don't run out of fuel. And then we'll see," said Erzsebet Kovacs.
OIL shipments from Russia through a critical pipeline to several Euro pean countries resumed after a problem over pay ments for transit was resolved, Slovakia's Econ omy Minister Richard Sulik said on Wednesday. "Oil is already on Slova kia territory," Sulik said on Facebook. He gave no fur therButdetails.nooil has reached the neighboring Czech Republic yet, the country's Mero pipeline operator said, and Hungary also was still to receive deliveries by Wednesday evening. Russian state pipeline operator Transneft said Tuesday it halted ship ments through the southern branch of the Druzhba, or Friendship, pipeline, which runs through Ukraine to the Czech Republic, Slovakia and Hungary. The northern leg of the Druzhba pipeline, which runs through Belarus to Poland and Germany, was unaffected, Transneft said.Transneft cited compli cations due to European Union sanctions for its action on Aug. 4, saying its payment to the company's Ukrainian counterpart was refused.Earlier Wednesday, Sulik said the payments would be made by Slovak refiner Slovnaft after both the Rus sian and Ukrainian sides agreed to the solution. Slovnaft is owned by Hun gary's MOL energy group. MOL confirmed the money has been trans ferred. But Slovnaft spokesman Anton Molnar said the deal covered only shipments to Slovakia and Hungary and not to the CzechCzechRepublic.Industry and Trade Minister Jozef Sikela said his country has joined forces with Polish authori ties to look for options to resume oil shipments to the Czech Republic. Two Czech oil refiners, includ ing the one in Litvinov that processes Russian oil, are owned by Poland's oil and energy giant PKN Orlen. Sikela didn't provide moreSlovakiadetails.receives practi cally all its oil through the Druzhba pipeline. Sulik said the payment is worth some 9–10 million euros (up to $10.2 million). He said his country would work on a long-term solu tion to the problem which he said was caused by the refusal of an unnamed bank in Western Europe to trans fer the money due to the sanctions imposed by the EU on Russia for its war against Ukraine. "I wouldn't look for a political context behind it, there's none," Sulik said.
9.376.41
WEDNESDAY, 10 AUGUST 2022 CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2586.25-31.45-1.20358.0116.07 BISX LISTED & TRADED SECURITIES 52WK HI52WK LOWSECURITY SYMBOLLAST CLOSECLOSECHANGE VOLUMEEPS$DIV$P/E YIELD 6.755.30 AML Foods Limited AML 6.70 6.700.00 0.2390.17028.02.54% 53.0033.80 APD Limited APD 39.95 39.950.00 1150.9321.26042.93.15% 2.471.60Benchmark BBL 2.44 2.440.00 0.0000.020N/M0.82% 2.612.20Bahamas First Holdings Limited BFH 2.46 2.460.00 0.1400.08017.63.25% 2.601.30Bank of Bahamas BOB 2.51 2.510.00 0.0700.000N/M0.00% 6.205.75Bahamas Property Fund BPF 6.20 6.200.00 1.7600.000N/M0.00% 10.057.50Bahamas Waste BWL 9.75 9.750.00 0.3690.26026.42.67% 4.152.82Cable Bahamas CAB 3.91 3.910.00 -0.4380.000-8.9 0.00% 10.655.40Commonwealth Brewery CBB 10.15 10.150.00 0.1400.00072.50.00% 3.652.27Commonwealth Bank CBL 3.54 3.30 (0.24) 5,5000.1840.12017.93.64% 8.255.95Colina Holdings CHL 8.06 8.060.00 0.4490.22018.02.73% 17.509.80CIBC FirstCaribbean Bank CIB 16.00 16.000.00 0.7220.72022.24.50% 2.651.99Consolidated Water BDRs CWCB 3.04 2.98 (0.06) 0.1020.43429.214.56% 11.288.25Doctor's Hospital DHS 10.26 10.260.00 0.4670.06022.00.58% 11.2510.02Emera Incorporated EMAB 11.58 11.730.15 0.6460.32818.22.80% 10.8510.00Famguard FAM 10.85 10.850.00 0.7280.24014.92.21% 18.3013.10Fidelity Bank (Bahamas) Limited FBB 18.30 18.300.00 0.8160.54022.42.95% 4.003.50Focol FCL 3.90 3.900.00 0.2030.12019.23.08% 11.008.20Finco FIN 11.00 11.000.00 0.9390.20011.71.82% 16.5015.50J. S. Johnson JSJ 15.50 15.500.00 0.6310.61024.63.94% PREFERENCE SHARES 1.001.00Bahamas First Holdings PreferenceBFHP 1.00 1.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 6 CAB6 1000.001000.000.00 0.0000.0000.0000.00% 1000.001000.00 Cable Bahamas Series 9 CAB9 1000.001000.000.00 0.0000.0000.0000.00% 1.001.00Colina Holdings Class A CHLA 1.00 1.000.00 0.0000.0000.0006.25% 10.0010.00Fidelity Bank Bahamas Class A FBBA 10.0010.000.00 0.0000.0000.0007.00% 1.001.00Focol Class B FCLB 1.00 1.000.00 0.0000.0000.0006.50% CORPORATE DEBT - (percentage pricing) 52WK HI52WK LOWSECURITY SYMBOLLAST SALECLOSECHANGEVOLUME 100.00100.00Fidelity Bank (Note 22 Series B+)FBB22 100.00100.000.00 100.00100.00Bahamas First Holdings LimitedBFHB 100.00100.000.00 BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92104.79Bahamas Note 6.95 (2029) BAH29 107.31107.310.00 100.00100.00BGS: 2014-12-7Y BG0107 100.00100.000.00 100.00100.00BGS: 2015-1-7Y BG0207 100.00100.000.00 100.00100.00BGS: 2014-12-30Y BG0130 100.00100.000.00 100.00100.00BGS: 2015-1-30Y BG0230 100.00100.000.00 100.00100.00BGS: 2015-6-7Y BG0307 100.00100.000.00 100.00100.00BGS: 2015-6-30Y BG0330 100.00100.000.00 100.00100.00BGS: 2015-10-7Y BG0407 100.00100.000.00 101.5599.72BGRS FX BGR124228 BSBGR1242282101.55101.550.00 150 100.2299.98BGRS FL BGRS99032 BSBGRS990326100.50100.500.00 48 100.4399.96BGRS FL BGRS97033 BSBGRS970336100.09100.090.00 100.43100.43BGRS FL BGRS75022 BSBGRS750225100.54100.540.00 100.34100.04BGRS FL BGRS81037 BSBGRS810375100.34100.340.00 100.23100.00BGRS FL BGRS88028 BSBGRS880287100.00100.000.00 100.0089.62BGRS FX BGR129249 BSBGR129249389.6289.620.00 100.0089.00BGRS FX BGR131249 BSBGR1312499100.00100.000.00 100.9890.24BGRS FX BGR132249 BSBGR1322498100.00100.000.00 100.0090.73BGRS FX BGR136150 BSBGR1361504100.00100.000.00 MUTUAL FUNDS 52WK HI52WK LOW NAV YTD%12 MTH% 2.522.11 2.520.99%4.22% 4.693.30 4.690.36%5.78% 2.221.68 2.210.67%2.74% 207.86164.74 197.44-2.97%-2.35% 212.41116.70 202.39-4.72%6.04% 1.741.69 1.741.37%3.03% 1.841.75 1.841.19%5.23% 1.831.76 1.831.62%4.13% 1.030.97
11.837.62 11.79-0.33%18.23% 7.545.66 7.540.22%3.05% 16.648.65 15.94-3.89%14.76% 12.8410.54 12.47-1.04%-2.57% 10.779.57 10.740.81%4.20% 10.009.88 N/AN/AN/A 10.438.45 10.433.00%25.60% 14.8911.20 14.897.90%48.70% MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths Daily Vol. - Number of total shares traded today NAV - Net Asset Value DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333 5.55%4.33%4.31%4.30% 15-Apr-204926-Jul-202817-Apr-203323-Sep-20324.87%4.43% 26-Jul-20377-Sep-2022 6.25% 31-Mar-202230-Sep-2025FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund 4.25%6.25%4.50%6.25% NAV Date 4.66%5.69%5.65% 31-May-202231-May-202231-Jan-202231-Jan-202231-Jan-202231-Jan-202231-May-202231-Jan-202231-Jan-202231-Mar-202115-Oct-204913-Jul-202821-Apr-205025-Mar-202215-Oct-202226-Jun-204526-Jun-202230-Jul-204515-Dec-204430-Jul-202215-Dec-2021 INTEREST Prime + 1.75% MARKET REPORT 31-Mar-202131-Mar-2021 MATURITY 31-Mar-202231-Mar-202220-Nov-202919-Oct-20224.50%6.95% 31-May-202231-Mar-2022 5.60%6.25%4.50% 15-Jul-2049 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F 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 (242)323 2330 (242) 323 2320 www.bisxbahamas.com NOTICE is hereby given
INTENT TO CHANGE NAME BY DEED POLL PUBLIC NOTICE
NOTICE 0.97-5.25%-6.07% 9.37-0.02%10.36% that ADLINE CALIXTE of Pinedale Road off Wulff Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. The Public is hereby advised that I, Josephine Ashley Thurston of Johnson Road, Fox Hill, Nassau, Bahamas, the parent of JENERIO TRAVIS INGRAHAM JR. intend to change my child name to KEANU CHRISTIAN JOSHUA THURSTON If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.
The Public is hereby advised that I, LATROY ALEXANDER BODIE of Marshall Road, New Providence, Bahamas, intend to change my name to LATROY ALEXANDER BODIE SCOTT If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.
THE TRIBUNE Thursday, August 11, 2022, PAGE 11
NOTICE is hereby given that DIANNA LERISSA STLUC of Central Pines, Abaco The 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 4th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
By KAREL AssociatedJANICEKPress
INTENT TO CHANGE NAME BY DEED POLL PUBLIC NOTICE
HALTED SHIPMENTS OF RUSSIAN OIL RESUME TO SLOVAKIATOADVERTISETODAYINTHETRIBUNECALL@502-2394
The objectives of Fidelity Bank (Bahamas) Limited (the Bank) when managing capital, which comprises total equity on the face of the consolidated statement of financial position, are: To comply with the capital requirements set by the Central Bank of The Bahamas (the Central Bank). To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; and To maintain a strong capital base to support the development of its business.
Press THE European Union’s budget watchdog announced Wednesday that it is winding up years of surveillance of Greek government spending. The move marks a formal end to a major crisis that threatened to see Greece ejected from the euro single currency group, imposed severe hardship on its citizens and roiled global financial markets. The European Com mission, which supervises the budgets of the 27 EU member countries, said it will end its “enhanced sur veillance” program on Aug. 20, noting that “Greece has delivered on the bulk of the policy commitments” made to its partners in the 19-country euro area. Greece was granted bil lions of euros in three successive bailouts after 2010, when Athens lost access to international bond markets after admitting it had misreported key finan cial data. Greece’s debt ballooned to about 180% of Gross Domestic Product. Two of the financial bail outs ultimately failed to improve things enough, although creditors in the euro group demanded — and received — deep economic reforms that hammered citizens with austerity policies, including repeated tax hikes and pension cuts. Poverty and unemployment skyrock eted, and at one point about a quarter of the workforce wasInjobless.2015,the leftist prime minister at the time, Alexis Tsipras, put his country’s membership of the euro area and, ultimately, the EU on the line by calling a referendum on whether Athens should accept the terms imposed on it by creditors, led by Germany. Voters rejected the terms, but the government then proceeded to impose dra conian EUconditionscreditor-demandedanyway.ButonWednesday,thecommissionsaidthat now “as a result of Greece’s efforts, the resilience of the Greek economy has substantially improved and the risks of spill-over effects on the Euro area economy have diminished significantly.”“Maintaining Greece under enhanced surveil lance is no longer justified,” it said. The Greek financial crisis was a major test for the EU and provided proof, if any were needed, that bailing out a bigger econ omy, like debt-ridden Italy, would probably exceed the means that even a united Europe can muster. “With this develop ment, along with the premature repayment of the International Monetary Fund loans and the lifting of capital restrictions, a dif ficult chapter for our nation ends after 12 years,” Greek Finance Minister Christos Staikouras said in response to a Commission letter confirming the enhanced surveillance would end. “Greece is returning to European normality and stops being an exception in the eurozone,” Staikouras said. “This achievement is the fruit and the recogni tion of the great sacrifices of Greek society, of the gov ernment’s fiscal policies but also of its broader reforms,” heStaikourasadded. said that ending the enhanced surveillance the econ omy was under reinforces Greece’s position in inter national markets, boosts the country’s development and ability to attract invest ments and grants greater freedom in the management of fiscal policy, within the regulations applying to all EU“Untilmembers.today, despite unprecedented, multilevel crises and the new — Europe-wide and inter national — challenges, we have proven, both citizens and the state, that we can do it,” Staikouras said. “We set targets and with a plan, unity, determination, trust in hard work, achieve them.” to stop Greek budget watch in formal end to major crisis the consolidated statement of financial position and related notes are as of 31 December 2021 Capital Management
our abilities and
PAGE 12, Thursday, August 11, 2022 THE TRIBUNE
EU
Subsequent Events Subsequent to 30 June 2022, the Directors declared and settled a dividend on ordinary shares in the amount of $0.2 6 per share.
AssociatedBRUSSELS
Fidelity Bank (Bahamas) Limited (Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Statement of Financial Position (Unaudited) As of 30 June 2022 (Expressed in Bahamian dollars) 2022 2021 $ $ ASSETS Cash on hand and at banks 268,873,740 378,754,192 Investment securities 107,772,914 105,409,865 Loans and advances to customers 390,189,642 401,585,362 Other assets 5,705,210 1,937,147 Investments in joint ventures 183,218 195,695 Property, plant and equipment 11,102,270 11,219,518 Total assets 783,826,994 899,101,779 LIABILITIES Deposits from customers 664,482,317 769,754,950 Accrued expenses and other liabilities 5,034,188 4,851,294 Debt securities 20,068,330 Total liabilities 669,516,505 794,674,574 EQUITY Capital ordinary shares 20,449,512 20,449,512 Capital preference shares 15,000,000 15,000,000 Revaluation reserve 1,154,052 1,176,670 Retained earnings 77,706,925 67,801,023 Total equity 114,310,489 104,427,205 Total liabilities and equity 783,826,994 899,101,779 Consolidated Statement of Comprehensive Income (Unaudited) For the Six (6) Months Ended 30 June 2022 (Expressed in Bahamian dollars) 3 Months Ended 6 Months Ended 30 June 30 June 30 June 2022 2022 2021 $ $ $ INCOME Interest income Bank deposits, loans and advances 15,125,231 29,758,351 30,456,330 Investment securities 945,275 1,960,886 1,925,822 16,070,506 31,719,237 32,382,152 Interest expense (2,851,944 ) (5,904,497 ) (5,976,247 ) Net interest income 13,218,562 25,814,740 26,405,905 Fees and commissions 1,536,799 2,839,327 1,663,535 Other income 83,773 136,570 137,080 Total income 14,839,134 28,790,637 28,206,520 EXPENSES General and administrative 4,628,406 8,459,139 6,465,229 Salaries and employee benefits 3,899,947 6,874,378 5,893,412 Provision for loan losses 1,400,778 2,557,715 4,780,195 Depreciation and amortisation 256,129 520,151 738,453 Total expenses 10,185,260 18,411,383 17,877,289 Operating profit 4,653,874 10,379,254 10,329,231 Share of profits of joint ventures (12,477 ) 3,057 Net income and total comprehensive income 4,653,874 10,366,777 10,332,288 Weighted average number of ordinary shares outstanding 28,830,129 28,830,129 28,815,779 Earnings per share 0.15 0.34 0.34 Consolidated Statement of Changes in Equity (Unaudited) For the Six (6) Months Ended 30 June 2022 (Expressed in Bahamian dollars) Capital Capital Ordinary Preference Revaluation Retained Shares Shares Reserve Earnings Total $ $ $ $ $ As of 1 January 2022 20,449,512 15,000,000 1,176,670 67,801,023 104,427,205 Comprehensive income Net income 10 366 777 10 366 777 Total comprehensive income 10 366 777 10 366 777 Transfers Depreciation transfer (22 618 ) 22 618 Total transfers (22 618 ) 22 618 Transactions with owners Issuance of ordinary shares Dividends preference shares (483,493 ) (483,493 ) Dividends ordinary shares Total transactions with owners (483,493 ) (483,493 ) As of 31 June 2022 20,449,512 15,000,000 1,154 052 77 706 925 114 310 489 Dividends per share 0.32 Consolidated Statement of Changes in Equity (Unaudited) For the Year Ended 31 December 2021 (Expressed in Bahamian dollars) Capital Capital Ordinary Preference Revaluation Retained Shares Shares Reserve Earnings Total $ $ $ $ $ As of 1 January 2021 20,410,050 15,000,000 971,225 61,429,700 97,810,975 Comprehensive income Net income 22,169,732 22,169,732 Total comprehensive income 22,169,732 22,169,732 Transfers Depreciation transfer 205 445 (205 445 ) Total transfers 205 445 (205 445 ) Transactions with owners Issuance of ordinary shares 39,462 104,038 143,500 Dividends preference shares (975,000 ) (975,000 ) Dividends ordinary shares (14,722,002 ) (14,722,002 ) Total transactions with owners (15,592,964 ) (15,553,502 ) As of 31 December 2021 20,449,512 15,000,000 1,176,670 67 801 023 104,427,205 Dividends per share 0.51 0.65 Notes to the Consolidated Financial Statements (Unaudited) For the Six (6) Months Ended 30 June 2022 (Expressed in Bahamian dollars) Corresponding Figures Where necessary, corresponding figures are adjusted to conform with changes in pr esentation in the current year. Further, corresponding figures presented in
Capital adequacy and the use of regulatory capital are monitored by the Bank’s management, employing techniques designed to ensure compliance with guidelines established by the Central Bank, including quantitative and qualitative measures The required information is filed with the Central Bank on a quarterly basis.
The Central Bank, the Bank’s principal regulator, requires that the Bank maintains a ratio of total regulatory capital to risk weighted assets at or above a minimum of 14.00%. For the six (6) months ended 30 June 2022 and the year ended 31 December 2021, the Bank complied with all of the externally imposed capital requirements to which it is subject.
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By STAN CHOE AND DAMIAN J. TROISE AP Business Writer STOCKS rallied to threemonth highs on Wall Street Wednesday as investors welcomed a government report showing that infla tion cooled more than expected last month. The encouraging inflation update sparked speculation that the Federal Reserve may not have to remain as aggressive about hiking interest rates as feared. The central bank has been rais ing rates in an effort to slow the economy in the hopes of stamping out inflation, but that risks bringing on a recession if the Fed moves tooTheaggressively.S&P500 rose 87.77 points, or 2.1%, to 4,210.24. The gains broke a four-day losing streak and pushed the benchmark index to its highest levels since early May. It is now nearly 15% above its mid-June low. The Nasdaq composite, whose many high-growth and expensive-looking stocks have been particu larly vulnerable to interest rates, jumped 360.88 points, or 2.9%, to 12,854.80. It’s up more than 20% from June. The Dow Jones Industrial Average rose 535.10 points, or 1.6%, to Technology33,309.51.stocks, cryp tocurrencies and other of the year’s hardest-hit investments were some of the day’s biggest winners. Bitcoin rose 2.2% to just underLower$24,000.prices for gasoline and oil was responsible for much of last month’s infla tion surprise. But even after ignoring that and volatile food prices, so-called “core inflation” held steady last month instead of acceler ating as economists had forecast.The data encouraged traders to scale back bets for how much the Fed will raise interest rates at its next meeting. They now see a hike of a half percentage point as the most likely out come, according to CME Group. A day earlier, they were betting on a more aggressive hike of 0.75 per centage points, the same as the last two increases. Such differences may not sound like much, but inter est rates help set where prices go across financial markets. And higher rates tend to pull down prices for everything from stocks to commodities to crypto. Prices for bonds soared immediately after the infla tion report’s release, pulling their yields lower. The yield on the two-year Treasury, which tends to track expec tations for the Fed, fell to 3.19% from 3.27% late Tuesday.The10-year yield initially fell, though stabilized later in trading. It edged higher to 2.79% from 2.78% late Tuesday. It remains below the two-year yield and many investors see such a gap as a fairly reliable signal of a coming Recessionrecession.worries have built as the highest inflation in 40 years squeezes house holds and corporations around the world. Wall Street is closely watching to see if the Fed can succeed in hitting the brakes on the economy and cooling infla tion without veering into a recession.“It’sa very knife edge type of path that they are trying to tread here,” said Brian Nick, chief invest ment strategist at Nuveen. To be sure, inflation is still painfully high, and the expectation is for it to stay so for a while. But Wednes day’s data nevertheless rejuvenated Wall Street, which staggered following a stronger-than-expected jobs report on Friday that raised expectations for a more aggressive Fed. It bol stered hopes that a peak in inflation — and thus in the Federal Reserve’s most aggressive rate hikes — may be on the horizon. “This is a step in the right direction but keep in mind we have many miles ahead of us before infla tion normalizes,” said Mike Loewengart, manag ing director, investments strategy, at E-Trade from Morgan Stanley.
More immediately, reports this week will show how inflation is doing at the wholesale level and whether U.S. households are still ratcheting down their expectations for coming inflation, an influ ential data point for Fed officials.Wednesday’s inflation data nevertheless helped stocks across Europe climb to modest gains, while mar kets that closed earlier in Asia were mostly down. Germany’s DAX returned 1.2%, Japan’s Nikkei 225 fell 0.6% and Hong Kong’s Hang Seng lost 2%. On Wall Street, compa nies in the housing industry were strong on hopes that a less aggressive Fed could mean less pressure on mort gage rates. Homebuilder D.R. Horton gained 4.7%, PulteGroup rose 4.6% and Lennar was 3.6% higher. Cruise lines and other travel-related companies also made big gains. Carni val rose 9.2% and American Airlines rose 3.1%.
Netflix, a formerly highflying and high-growth stock that has plunged to be this year’s worst in the S&P 500, was up 6.2% though it remains down by nearly 60% for 2022.
THE TRIBUNE Thursday, August 11, 2022, PAGE 15
A PASSENGER passes by a sign for the Transportation Security Administration’s TSA PreCheck line in Terminal A at Logan Air port in Boston, Monday, June 27, 2016. Air travelers are finally getting a break on fares. The government said Wednesday, Aug. 10, 2022, that the average airfare dropped nearly 8% in July compared with June, to $311. Photo:Charles Krupa/AP
Photo:Seth Wenig/AP
The Federal Reserve will get a few more highly anticipated reports before its next announcement on interest rates Sept. 21, which could also alter its stance. Those include reports showing hiring trends across the economy due Sept. 2 and the next update on consumer infla tion coming on Sept. 13.
WALL STREET HITS 3-MONTH HIGH AS INFLATION COOLS
TRADERS work on the floor at the New York Stock Exchange in New York, Wednesday, Aug. 10, 2022.
By DAVID KOENIG AP Airlines Writer TRAVELERS got some welcome news in Wednes day's inflation report from the government: Airfares are coming down, and at a fasterTheclip.price of the average airline ticket dropped 7.8% in July, to $311, after a 1.8% dip in June, the government saidLowerWednesday.pricesfor gasoline and travel were big reasons that overall inflation slowed a bit in July, although con sumer prices were still up 8.5% from a year ago. But before celebrating by splurging on a fancy trip, travelers should be aware that July's average ticket was still 27.7% higher than in July of last year. Airlines have been able to push fares higher because demand — at least among leisure travelers — is matching or beating pre-pandemic levels at a time when airlines are oper ating fewer flights. The airlines also cite fuel prices, which have roughly dou bled since 2019. Fares peaked in May, when sales for summer vacations were in full swing. Prices usually fall in late summer and early autumn as vacations end and kids return to school. The drop is expected to be more dramatic than usual this year, however. That is partly because summer prices were so high, and also the cost of jet fuel has dropped about one-fourth since late Travel-dataApril. researcher Hopper expects domestic U.S. fares to average $286 in August and remain at or below $300 until October, when many people book Thanksgiving and Christ mas travel, and demand begins to push prices back up.It's unclear whether inflation and a possible recession will have any effect on people's willing ness to Matthewtravel.Klein, the chief commercial officer of Spirit Airlines, said Wednes day that bookings remain strong, and any decline in fares will follow the normal seasonal pattern, which he called good news for airline revenue.Klein said Spirit execu tives wondered whether demand "would just fall off a cliff after we hit Labor Day and beyond, and we are not seeing that right now. We are continu ing to be pretty impressed with the volumes that are coming through." That echoed similar recent comments by offi cials at other carriers.
TRAVELERS ARE STARTING TO GET A BREAK FROM HIGHER AIRFARES
“This is way above any thing we’ve seen since the high inflation of the early 1980s,” said Peter Hooper, head of economic research at Deutsche Bank Securi ties, referring to labor costs. “The danger here is that you’re entering into a wageprice spiral, that increasing wage costs are pushing up prices further and making it that much more difficult to actually bring down infla tion to a more desirable level.”
A MOTORIST fills up the tank on a sedan, on July 22, 2022, in Saratoga, Wyo. Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in over all prices slowed only modestly from the four-decade high it reached inPhoto:June.David Zalubowski/AP
WHAT’S CAUSED THE SPIKE IN INFLATION? Good news — mostly. When the pandemic para lyzed the economy in the spring of 2020 and lock downs kicked in, businesses closed or cut hours and con sumers stayed home as a health precaution, employ ers slashed a breathtaking 22 million Everyonejobs.braced for more misery. Companies cut investment and post poned restocking. A severe recession ensued. But instead of sinking into a prolonged downturn, the economy staged an unexpectedly rousing recovery, fueled by vast infusions of government aid and emergency inter vention by the Fed, which slashed short-term interest rates.Suddenly, businesses had to scramble to meet demand. They couldn’t hire fast enough to fill job open ings or buy enough supplies to meet customer orders. As business roared back, ports and freight yards couldn’t handle the traffic. Global supply chains seized up.With demand up and sup plies down, costs jumped. And companies found that they could pass along those higher costs in the form of higher prices to consum ers, many of whom had managed to pile up savings during the pandemic. Critics blamed, in part, President Joe Biden’s $1.9 trillion coronavirus relief package, with its $1,400 checks to most households, for overheating an economy that was already sizzling on its own. Many others assigned a greater blame to supply shortages. And some argued that the Fed kept rates near zero far too long, lending fuel to runaway spending and inflated prices in stocks, homes and other assets.
HOW ARE HIGHER PRICES CONSUMERS?AFFECTING It’s hitting most people pretty hard, even if they have received pay raises. On average, weekly pay checks, adjusted for inflation, fell 3.6% in July compared with a year ago. For lower-income fami lies, economic research shows that the hit is typically harder. Poorer Americans are more likely to spend a greater propor tion of their incomes on items that have increased the most in price in the past 18 months: Food, gas and rent.There are also subtler differences that can make inflation harder for those earning less. Many people can’t afford the kind of bulk purchases of groceries that can help higher-income households economize. Paola Becerra, 40, who lives in Stamford, Con necticut, has started to miss doctor’s appointments to use the money instead for groceries or gas. “My groceries for just one week are now never below $100,” she said. “And I can’t buy in bulk because I don’t have a big fridge.” WHERE ARE PRICES GOING?
CONSUMERS strug gling with skyrocketing prices for food, gas, autos and rent got a tantalizing hint of relief last month, when prices didn’t budge at all from June after 25 straight months of increases. With gas prices continuing to fall, inflation is probably slowing further thisSomonth.hasthe worst bout of inflation in four decades possibly peaked? Econo mists say it’s too soon to know for sure. Even if inflation has peaked, it will likely remain high well into nextSinceyear. inflation ignited early last year, it has tem porarily slowed before, only to re-accelerate in later months. When that happened last fall, Fed eral Reserve Chair Jerome Powell was forced to jet tison his description of higher prices as being merely “transitory” and to acknowledge that high inflation was proving to be chronic.Even if some prices should keep declining, others — housing costs, for example — are almost sure to remain painfully high. And that means there’s likely still a long way to go before inflation will get anywhere close to the 2% annual pace that the Fed has targeted and that Americans were long accus tomed to. On Wednesday, the government reported that consumer inflation jumped 8.5% in July from 12 months earlier. That was an unexpectedly sharp slowdown from the 9.1% year-over-year inflation rate in June, which was the larg est in four decades. But it was still quite high. So-called core prices, which exclude the volatile food and energy categories to produce a better picture of underlying inflation, also rose more slowly: They increased 0.3% from June to July, less than the 0.7% rise from May to June. Over the past 12 months, core prices rose 5.9%, the same as in June. Here are some questions and answers about inflation: WHERE IS INFLA TION HEADED? That’s hard to say, because there are multi ple signs pointing in both directions.Inaddition to the ongo ing decline in gas prices, the cost of groceries — a huge driver of inflation for the past year — could soon rise much more slowly. Futures prices for dairy, chicken and eggs have been falling in recent weeks, according to Capital Economics, a forecasting firm. And costs for such farm commodities as wheat, corn and soy beans are also well off their springtime peaks. Many supply chain snarls are loosening, with fewer ships moored off Southern California ports and ship ping costs declining. That should help reduce the cost of furniture, cars and other goods. Prices for appliances are already falling. In addition, Americans’ expectations for future inflation fell last month, according to a survey by the Federal Reserve Bank of New York, likely reflect ing the drop in gas prices that is highly visible to most consumers.Inflation expectations can be self-fulfilling: If people believe inflation will stay high or worsen, they’re likely to take steps — such as demanding higher pay — that can send prices higher in a self-perpetuating cycle. But the New York Fed survey found that Ameri cans’ foresee lower inflation in future years than they did a month ago.
ARE THERE SIGNS INFLATION COULD STAY HIGH? Plenty. Inflation is a byproduct of broad eco nomic trends — too much money chasing too few goods, in the clas sic economic view — not merely whether individual industries are struck by supply shortages or other problems.Onetrend that may be keeping Fed officials up at night is that companies are still hiring workers at a voracious pace — and are willing to pay more to find the people they need. In the April-June quarter, employees’ wages and sala ries, excluding government workers, jumped 1.6%, matching a two-decade high that was reached last fall. Businesses typically pass on at least some of their higher labor costs to their customers in the form of higher prices. But if workers become more pro ductive — if they use more technology, say, or a com pany streamlines operations — a business can pay more and make up for the higher costs through greater effi ciency rather than through higher prices for customers. Unfortunately, for the first half of this year, the opposite has happened: Productivity has tumbled and wages, adjusted for declining efficiency, have been growing at doubledigit levels. Economists say that means further pay increases would have to be passed on to consum ers through higher prices. And those price increases would fuel continued high inflation.
EXPLAINER: MIXED US INFLATION SIGNS.
PAGE 16, Thursday, August 11, 2022 THE TRIBUNE
By APPAULRUGABERCHRISTOPHERANDWISEMANEconomicsWriters
