Customers warned on rising costs on construction projects
Cooper: We’re going the right way with agriculture
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
NOT only are the price of construction materials “through the roof” but con tractors have to tell their customers there are “esca lating costs” that must be recovered on all projects.
Dr Bend noted that all branch employees were offered positions at other branches but also have the option to take severance as per labour guidelines. She said letters have been sent to clients informing of the closure and alternate arrangements put in place. She noted that all checking, SEE
THE Deputy Prime Min ister said the country is “moving in the right direc tion” on sustainable and climate smart agriculture.
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
CIBC FirstCaribbean has announced that its Palmdale branch will close permanently on August 31, 2022.CIBC FirstCaribbean’s managing director, Dr Jacqui Bend, in making the announcement, said: “We regret this develop ment; however, our bank recognises that our clients’ needs are changing, and we remain committed to meeting these evolving needs. We are even more focused within the climate of evolving technology advancements on creating product options that focus on security, convenience, and ease of doing business.”
Quentin Knowles, the Bahamas Society of Engi neers (BSE) president, told Tribune Business that deal ing with the economic fall out of the COVID-19 pan demic is still taking a toll on the construction industry, but oddly enough projects have not stopped at all. In fact, “projects have ramped up in the last two years, to my surprise,” he said. Mr Knowles noted, how ever: “The cost of goods, especially for what we do for things like con duits, pipes and fittings, all of those things are now through the roof and out of control. Now that the pan demic is ‘over’ we thought that things would stabilise, but for me as a contractor I cannot give my custom ers prices that are valid for more than 30 days, because some of my suppliers in Miami will give me a quote that is only valid for three days because they cannot guarantee the price.”
Mr Cooper led a delega tion to the Expo inclusive of HE Winston Pinnock, Bahamas Ambassador to the UN Food and Agricul ture Organization (FAO), to the two-day conference
A CONTROVERSIAL potential Lyford Cay developer hits back at the objections to their 72 unit quartet of nine-storey condominiums in the heart of the gated enclave. Principals of Eastmor Proper ties Ltd (EPL) say their plans are an extension of the masterplan and execution of the vision that the com munity’s founder, EP Taylor, had for theCEOspace.David Dingman said: “What we are proposing is an implemen tation of EP Taylor’s government approved masterplan for Condomin ium Site #2. What we are using was always intended to be a condo lot. “This project is not just a reac tion to demand in Lyford Cay, but rather an execution of what has already been set in place. EP Taylor always wanted to expand Lyford Cay to include more people from all sorts of economic backgrounds and more Bahamians as well, which I think is important to note in this conversation.”Dingmansaid about 40 people have expressed interest in purchas ing units. He said: “I don’t want them to be priced out of the market. I also don’t want them to have properties that they are unable to maintain. So, in many ways, having something that is apartment living makes a lot of sense for the younger and the older. This is something that we are excited about. My family has owned that land for around 15 to 20 years and I believe that now is a very good time to develop it. We want to do it to the standard, including a Bahamian sense of place, that we believe we’ve always done our projects, some of which involved Jackson Burnside as architect. The timing is great and we want to continue the growth on this side of the Acknowledgingisland.” concerns, he said he he is currently focusing on Town Planning Committee approval in principle. However, following that approval in principle, more definitive plans will be made. He said: “The intention was always to have a constructive conversa tion and build something that was generally acceptable to the entire community and give up some of our economic benefit for the overall communal vibe. I do think that we will get to that point. We’ve always done projects that were both aes thetically pleasing and enjoyable to the community. Once the approval in principle is in place, we will be
SEE PAGE B2 SEE PAGE B4 SEE PAGE B2 CHESTER COOPER $6.63 $6.97 $6.66 $6.30
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
Lyford Cay developer says project fits with community’s vision
business@tribunemedia.net MONDAY, AUGUST 22, 2022
The volatility in the price of construction materials has caused many contrac tors to tell their customers that “there are escalating costs that must be recov ered”. Mr Knowles added: “Of course they don’t like it but it is what it is. This pan demic was a force majeure. Those were very unusual circumstances and it does cause prices to escalate.” As a result of the confu sion in the market over the supply chain challenges coupled with pandemic related work shortages, some manufacturers have also taken advantage of the situation and raised prices when they didn’t need to. “A combination of all of that has caused prices to go through the roof.” Mr Knowles also said: “There are provisions in contracts that allow for con tractors to claim on force majeure, which is like a CIBC Palmdaleclosingbranch
Chester Cooper, also Minister for Tourism, Avia tion and Investments, in a statement to the media, said at the Agri-Investment Forum and Expo that took place in Port-of-Spain, Trinidad: “We are moving in the direction of for ward-looking greenhouse technologies and climate smart agriculture, with the built-in advantage of being sustainable and carbon negative.”
PAGE B3
Cooper: We’re going the right way with agriculture
able to craft something that makes sense for everyone.”
“The developers are prepared to act on condi tions imposed by the Town Planning Committee so that they may mobilise as soon as soon as the project receives the green light. They have already fielded dozens of inquiries from Bahamian and non-Baha mian potential purchasers, and real estate agents. This is indicative of the strong demand for more residen tial offerings, particularly in the western district of New Providence.”TheTown Planning Committee has not made a decision yet, but con cerns have been noted over the committee’s chair, Keenan Johnson, having a pre-submission meeting with the developer. He dis missed those concerns as a common practice with the board and said it amounted to nothing more than a procedural practice of due diligence.Therelease also said: “The condominium development presents an attractive proposition for persons seeking to downsize from their current resi dence, young professionals, as well as foreign residents relocating to The Bahamas for work purposes.
AMANDA FREEDMAN, communications manager (left) and Yeshantai Thompson, health, safety, and environment nanager (right), present Jaheim Rahming with Baha Bay passes. Jaheim earned the passes by participating in the Nassau Cruise Port “It’s in Our Hands” environmental aware ness photo contest in July. The contest is one of several initiatives that helped NCP earn a spot as a finalist in the Sustainability Initiative of the Year category of the Seatrade Cruise 2022 awards.
“The developers have assured that the project will be undertaken with the highest degree of envi ronmental stewardship and noted that concerns over increased traffic in the area persisted for sev eral years, due in large part to the Property Owners Association’s (POA) inabil ity to decide on a second entry point into the gated community.” under the theme, “Trans forming Agriculture through Innovation and Investment”.Headded: “Our particu lar focus is on our islands of Andros, Grand Bahama, Abaco and Eleuthera where the bulk of arable land is available for agricul tural development.” In underscoring the gov ernment’s intent to bolster food security, he added that one of the goals is to develop a chemical-free $430m AGRIHAVEN in Grand Bahama with cut ting-edge technology and infrastructure to become a major wholesale food pro ducer for the region. Currently, The Bahamas imports over 90 percent of its food, which translates into approximately $1bn in spending.CARICOM Agri-Invest ment Forum and Expo was established as hub for Caribbean member states to network with stake holders and investors. The inaugural expo took place in Guyana in May of this year. This second install ment is focused on food and nutrition, agriculture, finance and marketing, trade and investment and innovation and technology. The forum is strategically designed to facilitate CAR ICOM member states in achieving the 25 percent by 2025 vision of reducing regional food imports by increasing targeted invest ments in the agricultural sector regionally.
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PAGE 2, Monday, August 22, 2022 THE TRIBUNE
LYFORD CAY DEVELOPER SAYS PROJECT FITS WITH COMMUNITY’S VISION
Allyson Maynard-Gib son QC, legal counsel for EPL, said each building “captures the beauty of The Bahamas” through its architecture. She said she sees “tremendous upside” to the project, boosting the economy and providing jobs, business opportunities and enhancing residential choices. The developers project the government is expected to receive over $30m in stamp tax as well as millions in real property tax revenue annually. “I think change is always challenging. Change is scary. But sometimes, wise leaders need to provide people with the ability to go along with change and then have the community be uplifted by that change. I think that there is a real chance with this project to do some really positive things”, said Mr Dingman. EPL has presented their development at a Town Hall meeting hosted by the Town Planning Committee and heard from residents of Lyford Cay who have predominantly said no to the development and have vowed to put a stop to it at allThecosts.vacant land in ques tion is in the heart of Lyford Cay and is proposing to build four, nine-storey condominium complexes that will yield 72 units in total. However, the land is not zoned for multi-fam ily dwelling or structures beyond one storey high and conveyances to EPL say thisTheunequivocally.LyfordCay Prop erty Owners Association have also formally writ ten to the Town Planning Committee on their strong objections to EPL’s designs and advised the commit tee on the conveyances and other matters of concerns raised by residents about the project causing disrup tion to the community, most of which is increasing traffic andIncongestion.anearlierrelease, EPL said: : “That site, accord ing to the developers, was always intended to be uti lized for the development of condominiums for local and foreign residents - as part of an inclusive rather than exclusive community, as was originally envisaged by renowned industrial ist and financier EP Taylor when he founded the com munity back in 1959.
NASSAU Cruise Port has been named as a finalist in a sustainability award. Seatrade Cruise announced the port was a finalist in the Sustainability Initiative of the Year cat egory for the Nassau Cruise Port Redevelopment Project. The $350m scheme includes a number of ecofriendly elements, including 1MW of solar power, LED lighting, low water usage plans, recycling and green spaces.Theport also purchased a 25-foot boat to remove gar bage from the harbour and to support environmental monitoring efforts. NCP is one of three final ists for the award. The winner will be announced on September 14 at Seat rade Cruise Med in Malaga, Spain.
Board appointed to Freeport airport
Nassau Cruise Port named in sustainability award final
“The high-rise project is expected to provide a tremendous economic stim ulus for the local economy both in the immediate and long term, creating hun dreds of construction jobs, other spin-off employment opportunities as well as $15-$18m to the govern ment in stamp duty.
THE new board of Freeport Airport Develop ment Company has been announced by Deputy Prime Minister Chester Cooper.MrCooper, who is also Minister of Tourism, Invest ments and Aviation, said: “Last year, the Government of The Bahamas purchased the Grand Bahama Inter national Airport (GBIA) through the Airport Authority.FADwill function much like Nassau Airport Devel opment Company (NAD), and is charged with over seeing the management and redevelopment of the air port that was significantly damaged by Hurricane Dorian.”Thechairman of FAD will be Terah Rahming, a certified public accountant with significant experience in business and finance. The directors will include: Peter Rutherford, manag ing director of the Airport Authority; Cassietta McI ntosh, an attorney; Elbert Hepburn, a businessman; Forrester Carrol, a busi nessman; Julian Sawyer, an engineer; Harold Wil liams, an airline executive; and a representative from the Tourism Development Company.MrCooper said: “The appointment of FAD’s board is a major step toward the development of a worldclass airport. In addition to management oversight, the board will serve as the evaluation committee of proposals that have been short-listed for a Public Private Partnership (PPP) for the redevelopment of the GBIA as a world-class airport.“Itwas a major pledge of our administration to restore the economic vital ity of Grand Bahama, and a new state-of-the-art air port is a critical part of that restoration.“Theboard will also pro vide oversight of all aspects of the airport’s redevelop ment which we aim to have completed sometime in 2025.“The goal will be to build a sustainable, resilient, modern facility that will facilitate the return of US pre-clearance and smoothly handle the increased air traffic that is continuing to come on stream for Grand Bahama.”
used by FirstCaribbean International
THE TRIBUNE Monday, August 22, 2022, PAGE 3 disaster or a strike or politi cal unrest and things of that nature, which caused esca lation in Leonardcosts.”Sands, Baha mian Contractors’ Association president, told the media he estimates there is an overall 60 per cent rise in construction related materials since the start of the COVID-19 pandemic.Regardless of these esca lating cost of materials, the construction sector has not slowed down at all. “It’s kind of hard to stop a pro ject when it is 50 percent complete, because how do you stop that project? You have no choice but to finish because it will probably cost you more money to sit on an asset that is incom plete,” said Mr Knowles. He added: “You may also run into contractual issues when you delay a project so there is the liability to exposure as well. But inter estingly, I thought during the pandemic that all of the work would have slowed down, but we just contin ued like it was before. The bottom didn’t drop out. The increase in prices presented a risk, but we have to deal with it.”
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Tough Times for Britain LONDON
Customers warned on rising costs on construction projects FROM PAGE B1
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under license. A note to ourPalmdaleclientsBranchClosure To Our Valued Clients: We wish to advise that effective 31 August, 2022, our Palmdale branch will close Allpermanently.transactions associated with this branch will now be facilitated at any of our other branch locations in Nassau. We thank you for making CIBC FirstCaribbean your bank of choice and look forward to serving you at our other locations. You may also continue to bank with confidence, safety, and security through our convenient suite of digital services, such as Online Banking and the Mobile App. Should you
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During the second quarter of 2022, the United King dom’s GDP dropped by 0.1%, confirming the gloomy expectations of analysts, with the pace of the contraction expected to accelerate in the runup to the end of the year. Meanwhile, June’s inflation exceeded 10% for the first time since February 1982, while wage growth was lim ited to 5.1%. A significant drop in buying power for British families, driving an increase in poverty. To a large extent, the rise in inflation has been caused by a dramatic increase in the energy price cap. By early 2023 the average annual UK domestic energy bill is predicted to exceed 4200 pounds (5000 US dol lars) – double of the current amount. With the cost of natural gas rising in the global markets, OFGEN (the government regula tor in charge of energy prices) has been forced to lift the cap on what utility companies are allowed to charge. A measure nec essary to avoid further casualties in a sector that saw 32 domestic electricity providers entering bank ruptcy in the recent past. A study by the Univer sity of York published last week forecasts that by Jan uary 66% of UK families will struggle to pay their energy bills. This corre sponds to 45 million British citizens who will find it dif ficult to make ends meet, in an extraordinary illus tration of the dimension of the crisis facing the nation. Meanwhile, labour protest has taken over the news headlines, as a wave of transport, mail and ports strikes threatens to further exacerbate the ongoing crisis.The weather, the favourite British topic of conversation, is also a cause for concern. In July, London experienced a temperature of 40.2C, the highest ever recorded in the country, and earlier this month a new heatwave saw the thermometers approach 40C for the second time in 2 weeks. A drought has been declared in large areas of the country, lead ing to generalised hosepipe bans. Fields that used to be green turned yellow. With fires erupting in both urban and rural settings, the fire service is having its busiest days since the second world war.If these afflictions were not enough, the UK is also facing the headwinds cre ated by Brexit. Exiting the European Union is proving to be an expensive deci sion. In June, the Office for National Responsibility, an official body, declared that the country’s GDP is 4% less than what it would be if Britain had remained part of the EU. The Financial Times estimates this loss to represent approximately 100 billion pounds, reduc ing revenue to the treasury by 40 billion pounds. Faced with such chal lenging scenarios, the government is on hold, pending the election of a new Conservative leader who will become the next Prime Minister. Many observers pointed out that the timing is not ideal, with important decisions, including urgently needed mitigation for the rise in the cost of living, delayed until after the new leader takes over, in September. The UK will eventually recover from this crisis and remain one of the most important and influential western nations. However, in the short to medium term, conditions will be tough for businesses and families, with the worst probably still to come. sweltering in the heat.
The of Commerce, Bank have
MORNING light lights the landfall facility of the Nord Stream 1 Baltic Sea pipeline and the transfer station of the OPAL gas pipeline, the Baltic Sea Pipeline Link, in Lubmin, Germany, Thursday, July 21, 2022. Germans are facing a new tax on natural gas use that could cost the average household several hundred euros a year and is aimed at rescuing importers slammed by Russian cutbacks tied to the war in Ukraine. An association of gas pipeline operators set the level at 2.4 euro cents per kilowatt hour under legislation passed by the German parliament.
AssociatedMOSCOW
Press A KEY Russian natural gas pipeline will shut down for three days of mainte nance at the end of this month, the state-owned energy company Gazprom announced Friday, raising economic pressure on Ger many and other European countries that depend on the fuel to power industry, generate electricity and heatThehomes.latest shutdown will come a month after Gazprom restored natu ral gas supply through the pipeline to only a fifth of its capacity after a previous shutoff for maintenance. Russia has blamed the reductions through the pipeline on technical prob lems but Germany has called the shutoffs a politi cal move by the Kremlin to sow uncertainty and push up prices amid the conflict in NaturalUkraine. gas prices rose on Friday after the announcement, and are now more than twice as high as a year ago. In a statement posted online, Gazprom said the planned shutdown from Aug. 31 to Sept. 2 is for “routine maintenance” at a key compressor station along the Nord Stream 1 pipeline, which links west ern Russia and Germany. Natural gas prices have surged as Russia has reduced or cut off natural gas flows to a dozen Euro pean Union countries, fueling inflation and raising the risk that Europe could plunge into throughministryregulatesNetworkerationsituationtimeGazprom’sthattoMinistryGermany’srecession.EconomysaidinanemailTheAssociatedPressithadtakennoteofplanneddownforNordStream1.“WearemonitoringtheinclosecoopwiththeFederalAgency”thatgasmarkets,thesaid.“GasflowsNordStream1 are currently unchanged at 20%.”The newly announced maintenance shutoff raises additional fears that Russia could completely cut off the gas to try to gain politi cal leverage over Europe as it tries to boost its storage levels for Germanywinter. recently announced that its gas stor age facilities had reached 75% capacity, two weeks before the target date of Sept. 1. Germans have been urged to cut gas use now so the country will have enough for the winter ahead.Gazprom said once the work is completed, the flow of gas through Nord Stream 1 will resume at its prior level of 33 million cubic meters, or just 20% of the pipeline’s capacity. The routine maintenance will be carried out jointly with Siemens specialists, Gazprom said, in a refer ence to its German partner, Siemens Energy.
PAGE 4, Monday, August 22, 2022 THE TRIBUNE
“We understand that the closure of Palmdale may be inconvenient to our some of our clients, but we hope that this will be tempered by the knowledge that they have many more avenues available to conduct their banking that are also con venient, safe and practical, using our mobile or online banking platforms or our other branch locations,” Dr BendSheadded.observed, “Addi tionally, the closure of the Palmdale branch represents a continuation of the work previously started to repur pose our branch network to serve our clients more effi ciently across the region.”
CIBC closing Palmdale branch FROM PAGE B1 CALL 502-2394 TO ADVERTISE TODAY!
RUSSIA’S GAZPROM TO SHUT GAS PIPELINE TO EUROPE FOR 3 DAYS
savings and term (fixed) deposit account holders and business banking cli ents will be accommodated at the Harbour Bay branch. All retail loan clients can now do their banking at the Shirley Street branch.
Photo:Markus Schreiber/AP
WALMART, the nation’s largest employer, is expand ing its abortion coverage for employees after staying largely mum on the issue following the Supreme Court ruling that scrapped a nationwide right to abortion.Ina memo sent to employees on Friday, the company said its health care plans will now cover abortion for employees “when there is a health risk to the mother, rape or incest, ectopic pregnancy, miscarriage or lack of fetal viability.”Previously, the com pany’s benefits plan had covered abortion only in cases “when the health of the mother would be in danger if the fetus were carried to term, the fetus could not survive the birth ing process, or death would be imminent after birth,” according to a copy of the policy viewed by The Associated Press but not confirmed by Walmart.
THE TRIBUNE Monday, August 22, 2022, PAGE 5
Donna Morris, the retail er’s chief people officer, said in the memo to staff that the new policy will also offer “travel support” for workers seeking abortions covered under its health care plans — as well as their dependents — so they can access services that are not available within 100 miles of their Walmartlocations.employs nearly 1.6 million people in the U.S. In Arkansas, where the company is based, abor tion is banned under all circumstances unless the procedure is needed to pro tect the life of the mother in a medical emergency. There are no exceptions for rape or incest. That means under the revised policy, Walmart employees can travel out of the state — or any other state that bans abortion for rape and incest — to obtain the procedure through the retailer’s health plans. Several companies — including Meta, American Express and Bank of Amer ica — have said they will cover travel costs for their employees in the aftermath of the high court ruling that tossed out Roe v. Wade, including elective abortions. But a Walmart spokesper son did not immediately reply for a request for com ment on whether any of the company’s revised policy will cover elective abortions as “It’swell. a step in the right direction, but it’s simply not far enough for a company that employs that many women,” said Bianca Agus tin, director of corporate accountability program for United for Respect, a group that advocates for Walmart workers. She said the organization will be incor porating “safe abortions” for employees in their list of demands pressing the company for better pay and benefits.Meanwhile, many other corporations, and organiza tions that represent some of the nation’s most powerful companies, have continued to stay quiet on the issue. The careful expansion of Walmart’s abortion policy shows it is attempting to balance different pressures and opinions from employ ees, investors and other stakeholders, said Vanessa Burbano, a professor at Columbia University’s busi ness school who researchers how companies take social stances.“It’smuch trickier than a lot of people initially think it is,” Burbano said. “It’s not like all of their stake holders are of the same opinion on any of these issues, which is what makes it so challenging. They’re trying to figure out how to thread that needle.”
PUBLIC NOTICE
By HALELUYA HADERO AP Business Writer
Photo:Charles Krupa/AP
In June, Walmart said it would expand its offering of doulas — or people who assist women during preg nancies — to address racial disparities in maternal care.
WALMART EXPANDS ABORTION COVERAGE FOR EMPLOYEES
In the memo sent Friday, the company said it will also launch a center that provides fertility services to employees, such as in vitro fertilization. Additionally, it vowed to add surrogacy support and increase its financial aid for adoptions from $5,000 to $20,000.
A WOMAN wheels a cart with her purchases out of a Walmart, on Nov. 18, 2020, in Derry, N.H. Walmart, the nation’s largest employer, is expanding its abortion coverage for employees, ac cording to a memo sent to employees Friday, Aug. 19, 2022, af ter staying mum on the topic for months following the Supreme Court ruling that scrapped a nationwide right to abortion.
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housing benefits lag as rents explode
The Department of Defense did not comment on whether housing issues have become a retention concern. But defense offi cials said military housing offices monitor markets and offer tools to assist families, including referral services to help find “suit able, affordable housing, whether on or off-base.”
“I was waking up and the first thing I was doing was looking at properties,” Martin said. “I was looking at it midday, before I went to bed. I had alerts set. It became a full-time job.” More than 30 rental appli cations later and hundreds of dollars in application fees down the drain, the Martins finally found a home. But there were caveats. They’d have to start paying rent a month before they actually moved. And, at $4,200 per month, their rent was nearly $700 more than the monthly basic allow ance for housing, known as the BAH, that her husband, a lieutenant, receives. “We’ll probably be here two or three years, so that could be $20,000 that we’re paying out of pocket above BAH just for rent,” Martin said after completing her family’s fourth move in 15 years last month.
PAGE 6, Monday, August 22, 2022 THE TRIBUNE Military families’
WHEN Kristin Martin found out her husband was being transferred to Naval Base San Diego, securing housing for their family of five quickly took over her life. On-base housing wasn’t an option — the waitlist for a four-bedroom home in the neighborhoods they qualified for was 14 to 16 months.Neither were the militaryonly hotels near base where new arrivals can pay low rates as they get their bear ings — those were full, too.
“We have families coming to us that are on exorbi tantly lengthy waiting lists and sitting in homes that they can’t afford, like an Airbnb rental, or they’re at a hotel or camping in tents or living in RVs,” said Kate Needham, a veteran who co-founded the nonprofit Armed Forces Housing Advocates in May 2021. “I don’t think civilians really understand — they might think we’re living in free housing and just having a great time, making lots of money. And that’s not the case at Needham’sall.” group sup plies microgrants to military families in need, some of whom have resorted to food banks because their salaries do not cover such basics. Reports of the hous ing squeeze military families face has alarmed members of Congress, who
“The Department of Defense is committed to ensuring that service mem bers and their families have access to affordable, quality housing within a reasonable commute of their assigned duty station,” it said. At MacDill Air Force Base in Tampa, Florida, housing allowances used to be in line with the local market. In January 2020, a senior airman without dependents received a monthly housing stipend of $1,560, compared to the typical Tampa-area rent price of $1,457, according to Zillow. But since then rent prices have exploded to $2,118 per month in July, while a senior airman’s housing allowance is cur rentlyWith$1,647.such a discrepancy and those living off-base facing notoriously long commutes, it’s no wonder that nearly all of MacDill’s 572 homes are full. As of last week, the base was at 95% capacity with a waitlist of 548 families, according to 2nd Lt. Kristin Nielsen, a MacDill public affairs officer.“We are woefully under housed,” said Stephanie Poynor, a Tampa prop erty manager and wife of a retired serviceman. “The DoD needs to recognize how much our soldiers, sail ors, airmen, Marines and Coasties are really suffering in this Tampamarket.”realestate agent Renee Thompson, a relo cation specialist, said it’s common for service mem bers to rent homes that are an hour’s drive away from base.“No homes in today’s market will even come close to the service member’s BAH,” said Thompson, who served in the Army. “It’s really disheartening.”
Nielsen said the annual housing allowance cal culation takes six to nine months, making it a “lag ging indicator of the current dynamic housing market.” Officials are looking into adding on-base and off-base housing for MacDill, which has about 18,500 activeduty service members, she said.But because of the need for congressional budgetary approval, such long-term solutions are years away.
“If you can’t afford your job, why the hell would you stay in the job?” Needham said. “People are feeling abused by the military in so many different areas — the sexual assault issues, the lack of attention to medical care, the lack of attention to mental health. This is just another tick in the box that’s like, ‘Why would I join the military?’ And if you don’t have enough numbers, that’s a long-term national security problem.”
By R.J. AssociatedRICOPress
“It’s affecting us person ally but then I think about how we were a junior enlisted family at one point. I cannot imagine the struggles (they) are going through.”Housing has long been a major benefit for service members, a subsidy to sala ries that trail the private sector. But, amid recordbreaking spikes in rent, the Department of Defense has neglected its commitment to help military families find affordable places to live, service members and hous ing activists say. That’s forced many to settle for substandard homes, deal with extremely long commutes or pay thou sands out of pocket they hadn’t budgeted for.
So Martin cast a wide net across San Diego and started applying for rental homes, all sight unseen.
are pushing legislation that would force the Depart ment of Defense to rethink how it handles housing. A common complaint is that with rents soaring nationwide, the housing allowances, which vary by rank and are recalculated annually, haven’t kept pace with rental markets, even though they’re supposed to cover 95% of rental costs for the approximately two-thirds of active-duty personnel who, like the Martins, have to live off base.According to a data analysis by The Associ ated Press of five of the most populous military bases in the U.S., housing allowances across all ranks have risen an average of 18.7% since January 2018. In that span, according to real estate company Zillow, rents have skyrocketed 43.9% in those markets: Carlsbad, California; Colo rado Springs, Colorado; El Paso, Texas; Killeen, Texas, and Tacoma, Washington. And because of how tough off-base markets are, on-base housing has become a hot commodity, with many bases having longNeedhamwaitlists.argues that the discrepancy between mili tary housing allowances and the current market should alarm officials who are already struggling to recruit the next generation.
THE TRIBUNE Monday, August 22, 2022, PAGE 7 TOURISTS othersphotographstakeandsitinfront
By NICHOLAS PAPHITIS Associated Press WITH more of a whisper than a resounding clang, Greece has shed another restriction dating to its painful financial bailout years.Saturday’s formal end of “enhanced surveillance” by European Union creditors means the country will no longer face quarterly scru tiny of its public finances to win debt relief payments. That gives Prime Min ister Kyriakos Mitsotakis’ center-right government greater freedom over the budget at a time when Greece, like all of Europe, is struggling with a postpandemic cost-of-living and energy crisis triggered by Russia’s war in Ukraine. As Moscow has cut back natural gas to Europe, energy prices have surged, fueling galloping inflation and threatening to plunge Europe into Nevertheless,recession.Greece — like fellow bailed-out EU members Spain, Portugal, Cyprus and Ireland — will still be monitored by its creditors while paying back its debts. In Greece’s case, that will take another two generations, with the last loans due for repayment in 2070.Wolfango Piccoli, a copresident and director of research at Teneo con sultancy who has covered Greece’s financial crisis for years, said the end of enhanced surveillance is not likely to have meaning ful“Itimpact.ismainly a technical matter that most investors are expected to ignore,” he said.While Mitsotakis’ gov ernment may try to score domestic political points with the exit from enhanced surveillance, “this will be a futile exercise,” Piccoli said. “The vast majority of the public is focused on the cost-of-living crisis,” he said.That is true for Efthymia Paidi, a 23-year-old central Athens florist who grew up during Greece’s financial crisis and doesn’t feel much has changed since. “I think the crisis is essen tially continuing, it never ended,” she said. “What I see is a constant repetition.
The downturn and COVID-19 relief measures pushed Greece’s public debt to a dizzying 206% of economic output in 2020, but it dipped in 2021 and is expected to reach 185% thisInyear.atweet hailing the end of enhanced eco nomic surveillance, European Commission President Ursula von der Leyen praised the “deter mination and resilience of Greece and its people” on Saturday.
NOTICE
of Athens Academy in Athens, Greece, Fri day Aug. 19, 2022. Greece’s close financial oversight by European Union creditors ends Saturday, closing an unwelcome chapter dating to the painful bailoutPhoto:years.StavrakisThanassis /AP
... Unemployment is still high and salaries are low, while the cost of living is high.”Saturday’s milestone marks exactly four years from the end of the inter national loan program that left Greeks beaten down but still members of the European Union and its common currency, the euro. The Greek crisis roiled global markets and pushed EU unity to its limits. Investors stopped lending Greece money in 2010 after Athens acknowledged mis reporting key budget data. To keep the country afloat, its European partners and the International Monetary Fund approved three rescue loan programs lasting from 2010 through 2018 worth a total 290 billion euros ($293 billion).Inexchange, creditors exacted what many Greeks still see as a pound of flesh: deep state spending and salary cuts, tax hikes, privatizations and other sweeping reforms aimed at righting public finances. The economy contracted by more than a quarter, unemployment spiked to almost 28% and skilled professionals emigrated in droves.The programs led to balanced budgets and a successful return to gov ernment borrowing from international markets. Last year, the economy recouped most of 2020’s pandemic-induced 9% con traction and is forecast to grow 3.5% this year amid an expected bumper tourist season.
Greece rid of budget watch but inflation, energy woes bite
NOTICE is hereby given that LAUROSE DERILUS-OSNE of P. O. Box N-98320, Marigold Lane, South Beach, 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 22nd day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
By PAUL WISEMAN AND DAVID MCHUGH AP Business Writers
RUSSIA’S WAR AT 6 MONTHS: A GLOBAL ECONOMY IN GROWING DANGER
Outside Uganda’s capital of Kampala, Rachel Gami sha said Russia’s war in faraway Ukraine has hurt her grocery business. She has felt it in surging prices for necessities like gasoline, selling for $6.90 a gallon. Something that’s 2,000 shil lings (about $16.70) this week may cost 3,000 shil lings ($25) next week. “You have to limit your self,’’ she said. “You have to buy a few things that move fast.’’Gamisha has noticed something else, too — a phenomenon called “shrinkflation”: A price may not change, but a doughnut that used to weigh 45 grams may now be only 35 grams. Bread that weighed 1 kilogram is now 850Russia’sgrams. war led the Inter national Monetary Fund last month to downgrade its outlook for the global econ omy for the fourth time in under a year. The lend ing agency expects 3.2% growth this year, down from the 4.9% it forecast in July 2021 and well below a vig orous 6.1% last year.
economictecttheydemicstillmanyeconomy.world’sseverelylockdownsCOVIDsteerharderfore,growthwent“Thetionaleconomistsaiddifferentspikingeconomicinterestcentralhigheringandwhelmedpandemicrecoverystronger-than-expectedfromtherecessionoverfactories,portsfreightyards,causdelays,shortagesandprices.Inresponse,banksbeganraisingratestotrytocoolgrowthandtameprices.“We’veallgotallthesethingsgoingon,’’RobinBrooks,chiefattheInternaInstituteofFinance.volatilityofinflationup.Thevolatilityofwentup.Andthereit’sbecomeinfinitelyforcentralbankstotheship.’’China,pursuingazero-policy,imposedthathaveweakenedthesecond-biggestAtthetime,developingcountriesgrappledwiththepanandtheheavydebtshadtakenontoprotheirpopulationsfromdisaster.
NOTICE is hereby given that FENES OSNE of P. O. Box N-98320, Marigold Lane, South Beach, 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 22nd day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
Inflation had skyrocketed as a
MARTIN Kopf needs natural gas to run his fam ily’s company, Zinkpower GmbH, which rustproofs steel components in west ernZinkpower’sGermany. facility out side Bonn uses gas to keep 600 tons of zinc worth 2.5 million euros ($2.5 mil lion) in a molten state every day. The metal will harden otherwise, wrecking the tank where steel parts are dipped before they end up in car suspensions, build ings, solar panels and wind turbines.Sixmonths after Russia invaded Ukraine, the con sequences are posing a devastating threat to the global economy, including companies like Zinkpower, which employs 2,800 people. Gas is not only much more costly, it might not be available at all if Russia completely cuts off supplies to Europe to avenge Western sanctions, or if utilities can’t store enough for Germanywinter.may have to impose gas rationing that could cripple indus tries from steelmaking to pharmaceuticals to com mercial laundries. “If they say, we’re cutting you off, all my equipment will be destroyed,” said Kopf, who’ also chairs Germany’s asso ciation of zinc galvanizing firms.Governments, businesses and families worldwide are feeling the war’s eco nomic effects just two years after the coronavirus pan demic ravaged global trade. Inflation is soaring, and rocketing energy costs have raised the prospect of a cold, dark winter. Europe stands at the brink of recession.Highfood prices and shortages, worsened by the cutoff of fertilizer and grain shipments from Ukraine and Russia that are slowly resuming, could produce widespread hunger and unrest in the developing world.
PAGE 8, Monday, August 22, 2022 THE TRIBUNE
MALIAN women sift wheat in a field near Segou, central Mali, Jan. 22, 2013. It’s been six months since Russia invaded Ukraine, and the consequences are posing a devastating threat to the global economy. Governments, businesses and families worldwide are feeling the effects just two years after the coronavirus pandemic ravaged global trade.
Photo:Jerome Delay/AP
“I don’t know how long I can keep my lunch price affordable,’’ she said. “Coming out from COVID lockdowns and having to face this is tough. Worse is, I don’t see the end of it.’’ Even before Russian President Vladimir Putin ordered the invasion of Ukraine, the global econ omy was under pressure.
“The world may soon be teetering on the edge of a global recession, only two years after the last one,” Pierre-Olivier Gourinchas, the IMF’s chief economist, said.The U.N. Development Program said rising food and energy prices threw 71 million people worldwide into poverty in the first three months of the war. Countries in the Balkans and sub-Saharan Africa were hit hardest. Up to 181 million people in 41 countries could suffer a hunger crisis this year, the U.N. Food and Agriculture Organization has projected. In Bangkok, rising costs for pork, vegetables and oil have forced Warunee Deejai, a street-food vendor, to raise prices, cut staff and work longer hours.
By JEFF AssociatedMARTINPress
Failure of any such person to file and serve a Statement of his Claim on or before the Thirtieth (30th) day following final publication of this notice will operate as a bar to such claim.
COMMONWEALTH OF THE BAHAMAS 2022 IN THE SUPREME COURT CLE/QUI/00732 Common Law and Equity Division IN THE MATTER OF the Quieting Titles Act Chapter 393 Statute Law of the Commonwealth of The Bahamas AND IN THE MATTER OF ALL THAT piece parcel or lot of land containing 24,708 square feet situate on the Western side of Baillou Hill Road about 50 feet North of John Road in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas which said piece parcel or lot of land is bounded on the NORTH partly by a Ten (10) feet wide access road and running thereon Ninety four and Thirty six Hundredths (94.36) feet on the SOUTHEAST by land owned by an unknown owner and running thereon Forty three and Twenty two Hundredths (43.22) feet on the NORTH by land owned by an unknown owner and running thereon Seventy two and Fifty Hundredths (72.50) feet on the EAST by Baillou Hill Road and running thereon One Hundred Thirty eight and Twenty seven Hundredths (138.27) feet on the SOUTH partly by land running thereon Ninety two and Sixty eight Hundredths (92.68) feet WEST by land now or formerly the property of Merle C. Wilkinson and running thereon Forty four and Sixty three Hundredths (44.63) feet on the SOUTH by land now or formerly the property of Merle C. Wilkinson and running thereon One Hundred Eight and Thirty seven Hundredths (108.37) feet and on the WEST by vacant land and running thereon One Hundred Twenty three and Eighty three Hundredths (123.83) feet.
A plan of the said land may be inspected during normal office hours in the following places:
AND IN THE MATTER OF THE PETITION OF THE ESTATE OF IRWIN GEORGE STUBBS, DECEASEDNOTICEOF
“While our sympathies go out to the Hill family, we do not believe the verdict is supported by the evidence, and we plan to appeal,” Ford said in a statement to The Associated Press on Sunday. Butler said he was stunned by evidence in the case.“I used to buy Ford trucks,” Butler said on Sunday. “I thought nobody would sell a truck with a roof this weak. The damn thing is useless in a wreck. You might as well drive a convertible.”Inclosing arguments, lawyers hired by the com pany defended the actions of Ford and its engineers. The Michigan-based automaker sought to defend the company against accusations “that Ford and its engineers acted willfully and wantonly, with a con scious indifference for the safety of the people who ride in their cars when they made these decisions about roof strength,” defense lawyer William Withrow Jr. said in his closing argu ments, according to a court transcript. The allegation that Ford was irrespon sible and willfully made decisions that put custom ers at risk is “simply not the case,” another defense lawyer, Paul Malek, said in the same closing argument.
/AP FRIDAY, 19 AUGUST 2022 CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2609.2918.420.71381.0517.10 BISX LISTED & TRADED SECURITIES 52WK HI52WK LOWSECURITY SYMBOLLAST CLOSECLOSECHANGE VOLUMEEPS$DIV$P/E YIELD 6.985.30 AML Foods Limited AML 6.98 6.980.00 0.2390.17029.22.44% 53.0033.80 APD Limited APD 39.95 39.950.00 0.9321.26042.93.15% 2.761.60Benchmark BBL 2.76 2.760.00 0.0000.020N/M0.72% 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 3.31 3.450.1460,0000.1840.12018.83.48% 8.255.95Colina Holdings CHL 8.16 8.160.00 0.4490.22018.22.70% 17.509.80CIBC FirstCaribbean Bank CIB 16.00 16.000.00 0.7220.72022.24.50% 3.131.99Consolidated Water BDRs CWCB 3.16 3.180.02 4210.1020.43431.213.65% 11.288.25Doctor's Hospital DHS 10.26 10.260.00 0.4670.06022.00.58% 11.6711.25Emera Incorporated EMAB 11.81 11.830.02 2740.6460.32818.32.77% 10.8510.00Famguard FAM 10.85 10.850.00 0.7280.24014.92.21% 18.3014.05Fidelity 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 BSBGR1242282101.55101.550.00 100.2299.98BGRS FL BGRS99032 BSBGRS990326100.50100.500.00 100.4399.96BGRS 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 0.97-5.25%-6.07% 9.376.41 9.37-0.02%10.36% 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 52wk-Hi - 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 5.60% 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 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 6.25%4.50% 15-Oct-204913-Jul-202821-Apr-205025-Mar-202215-Oct-202226-Jun-204526-Jun-202230-Jul-204515-Dec-204430-Jul-202215-Dec-202131-May-202231-May-202231-Jan-202231-Jan-202231-Jan-202231-Jan-202231-May-202231-Jan-202231-Jan-202231-Mar-2021 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 5.55%4.33%4.31%4.30%4.66%5.69%5.65% 15-Apr-204926-Jul-202817-Apr-203323-Sep-20324.87%4.43% 26-Jul-20377-Sep-2022 (242)323 2330 (242) 323 2320 www.bisxbahamas.com
TAKE NOTICE that any person having dower or right of dower or any adverse claim or a claim not recognized in the Petition must on or before the expiry of Thirty (30) days following final publication of this notice file in the Supreme Court and serve on the Petitioner and the undersigned a Statement of his Claim in the prescribed form, verified by an Affidavit to be filed therewith together with a plan of the area claimed and an abstract of title to the said area claimed by him.
Photo:Carlos Osorio
Dated this 2nd day of August A.D. 2022 Whiteleaf Law Chambers 83 Dowdeswell Street Nassau, The Bahamas Attorneys for the Petitioner (A. 2, 12, 22)
TAKE NOTICE that by Petition filed in the Supreme Court of The Bahamas on the 13th day of May A.D. 2022 Marion Antoinette Russell Administratrix of the Estate of Irwin George Stubbs late of the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas (hereinafter called “the Petitioner”) claimed the late Irwin George Stubbs to be the owner in fee simple in possession of the above captioned piece parcel or lot of land and have made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of The Quieting Titles Act, 1959 to have his title to the said piece parcel or lot of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act.
Ford to appeal $1.7 billion verdict in Georgia truck crash
1. The Registry of The Supreme Court in the City of Nassau, The Bahamas; and 2. Whiteleaf Law Chambers, 83 Dowdeswell Street in the City of Nassau, The Bahama s, Attorneys for the Petitioner.
IN this Oct. 26, 2009 photo, the Ford logo is seen on the au tomaker’s headquarters in Dearborn, Mich. A Georgia jury has returned a $1.7 billion verdict against Ford Motor Co. involving a pickup truck crash that claimed the lives of a Georgia couple. Lawyers for the couple confirmed the verdict. Jurors in Gwinnett County returned the verdict late last week in the civil case involv ing what the plaintiffs’ lawyers called dangerously defective roofs on Ford pickup trucks.
THE TRIBUNE Monday, August 22, 2022, PAGE 9
PETITION
FORD Motor Co. plans to appeal a $1.7 billion ver dict against the automaker after a pickup truck crash that claimed the lives of a Georgia couple, a company representative said Sunday. Jurors in Gwinnett County, just northeast of Atlanta, returned the ver dict late last week in the yearslong civil case involv ing what the plaintiffs’ lawyers called dangerously defective roofs on Ford pickup trucks, lawyer James Butler Jr. said Sunday. Melvin and Voncile Hill were killed in April 2014 in the rollover wreck of their 2002 Ford F-250. Their chil dren Kim and Adam Hill were the plaintiffs in the wrongful death case.
“It is adverse and antagonistic to the public interest and to the inter ests of the Plaintiffs and their members to allow the Rent-Control Ordinance to be placed on the ballot or enforced by Orange County where the Ordinance is unlawful and invalid,” the associations said in court papers.Earlier this month, Orange County’s Board of County Commission ers narrowly approved the rent control ordinance, which now goes to voters for approval in Novem ber. The ordinance limits rent increases in multiu nit buildings to the annual increase in the Consumer Price Index. The ordinance doesn’t apply to luxury units, single family homes or vacation rentals. Violators of the ordi nance could face fines of up to $1,000 per day for a first violation, with fines not exceeding $15,000 per offense. Landlords would be able to request an excep tion to the limits under certainAccordingconditions.tothe measure passed by commissioners, the asking-rent-per-unit in Orange County has grown from $1,357 in 2020 to $1,697 in 2021, the highest increase since 2006, and the county has a shortage of as many as 26,500 housing units.“For years, renters have been asking this commis sion to do something about the upcoming emergency we are in right now,” Steph anie Porta, a cofounder of the social justice group Florida Rising, said last month during a commission meeting. “Corporate land lords, real estate investors and developers are raising prices and making record profits while hardworking Orange County residents are priced out of their communities.”ThecityofMiami Beach in the 1960s and 1970s imposed rent control meas ures before the Florida law limiting them was passed. The Orange County ordi nance would be the first such measure in the state in decades. Rent control measures have passed in California and Oregon, as well as in metro areas like St. Paul, Minnesota, and Portland, Oregon.
NOTICE is hereby given that FELANDA OSNE of P. O. Box N-98320, Marigold Lane, South Beach, 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 22nd 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, Tianna Anecia Adderley of Rocky Pine Road, New Providence, Bahamas intend to change my child’s name from OSBORNE ADDERLEY to DORAN OSBORNE CARTWRIGHT. 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. TO CHANGE NAME BY DEED POLL PUBLIC NOTICE
NOTICE
LANDLORDS TRY TO STOP RENT CONTROL INITIATIVE IN FLORIDA
NOTICE Are you positivepreschoolDopositivepersonablearticulate,energetic,andarolemodel?youworkwellwithandprimaryagedchildren?Particularsare:40hourworkweek,workingenvironment,9weekspaidvacationperyear.Annualsalarycommensuratewitheducationandexperience.Entrylevel$14,300.00+ Classroom hrbahamas2014@gmail.comActivityAssistantsTeachingAndCoordinatorsNeededPleaseemailresume,referencesandcoverletterto:
BALLOTS haven’t even been printed yet, but already a group of land lords, apartment managers and real estate agents in Florida want to stop voters from deciding on a meas ure that would implement rent control for a year in the theme park hub that has been one of the fastestgrowing metro areas in the U.S.The Florida Apartment Association and the Florida Association of Realtors last week sued Orange County, Florida, in an attempt to invalidate a ballot initiative aimed at limiting how much landlords can increase rents. If passed by voters in the fall, it would be the first such measure in decades in the Sunshine State. The associations say that Florida law prohib its rent control ordinances except in an emergency, and the current situation in the county that is home to Orlando doesn’t rise to that standard. They also say that the ordinance could have the unintended con sequence of making the situation worse by discour aging the construction of new apartment buildings and other housing.
NOTICE is hereby given that MAKENLA JAMES VILCIUS of Cocoa Plum Lane, 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 sendshouldregistration/naturalizationnotbegranted,shouldawrittenandsigned statement of the facts within twenty-eight days from the 15th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
INTENT
PAGE 10, Monday, August 22, 2022 THE TRIBUNE By MIKE AssociatedSCHNEIDERPress
THE TRIBUNE Monday, August 22, 2022, PAGE 15
Britons are facing the worst cost of living crisis in decades as wages fail to keep pace with infla tion and grocery costs and utility bills increase. The latest statistics put the inflation rate at 10.1%, a 40-year high. The conditions have sparked summer strikes by train and subway workers following the breakdown of wage talks in June. Only one in five U.K trains ran Saturday during the third railway strike in as many days. On Friday, most of London’s underground subway lines did not run due to a separate strike. Postal workers, lawyers, British Telecom staff and garbage collec tors have all announced walkouts for later this month. UK
2.9 5:47
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GENERAL view of the Port of Felixstowe in Suffolk, Sunday Aug. 21, 2022. Almost 2,000 workers at the U.K.’s biggest container port are launching an eight-day strike this Sunday over a pay dispute, the latest industrial action to hit the U.K. economy.
marine Forecast WINDS WAVES VISIBILITY WATER TEMPS. ABACO Today: E at 7 14 Knots 2 4 Feet 10 Miles 86° F Tuesday: E at 6 12 Knots 1 3 Feet 10 Miles 86° F ANDROS Today: E at 7 14 Knots 0 1 Feet 10 Miles 87° F Tuesday: ESE at 6 12 Knots 0 1 Feet 5 Miles 87° F CAT ISLAND Today: E at 7 14 Knots 2 4 Feet 5 Miles 85° F Tuesday: ESE at 6 12 Knots 1 3 Feet 10 Miles 85° F CROOKED ISLAND Today: E at 8 16 Knots 2 4 Feet 10 Miles 85° F Tuesday: ESE at 7 14 Knots 1 3 Feet 10 Miles 86° F ELEUTHERA Today: E at 7 14 Knots 2 4 Feet 10 Miles 86° F Tuesday: ESE at 6 12 Knots 1 3 Feet 10 Miles 86° F FREEPORT Today: E at 6 12 Knots 1 2 Feet 10 Miles 87° F Tuesday: E at 6 12 Knots 1 2 Feet 10 Miles 87° F GREAT EXUMA Today: NE at 8 16 Knots 1 2 Feet 10 Miles 86° F Tuesday: ESE at 6 12 Knots 0 1 Feet 10 Miles 87° F GREAT INAGUA Today: NE at 8 16 Knots 2 4 Feet 10 Miles 85° F Tuesday: ESE at 6 12 Knots 1 3 Feet 10 Miles 85° F LONG ISLAND Today: E at 8 16 Knots 2 4 Feet 10 Miles 86° F Tuesday: ESE at 7 14 Knots 1 3 Feet 10 Miles 86° F MAYAGUANA Today: E at 8 16 Knots 3 5 Feet 7 Miles 85° F Tuesday: ESE at 8 16 Knots 2 4 Feet 10 Miles 85° F NASSAU Today: E at 7 14 Knots 1 2 Feet 10 Miles 87° F Tuesday: ESE at 6 12 Knots 1 2 Feet 7 Miles 86° F RAGGED ISLAND Today: E at 8 16 Knots 1 3 Feet 10 Miles 86° F Tuesday: ESE at 7 14 Knots 1 2 Feet 10 Miles 86° F SAN SALVADOR Today: NE at 7 14 Knots 2 4 Feet 10 Miles 86° F Tuesday: ESE at 6 12 Knots 2 3 Feet 6 Miles 86° F uV inDex toDay The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection. Forecasts and graphics provided by AccuWeather, Inc. ©2022 tracking map Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. NS EW S 6 12 knots NSW E 7 14 knots NS EW S 6 12 knots NSW S E 7 14 knots NSW S E 8 16 knots NSW S E 8 16 knots NSW E 8 16 knots NSW E 7 14 knots | Go to AccuWeather.com
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INDUSTRIAL CHAOS
THE first day of a planned strike at Britain’s biggest con tainer port started Sunday, joining a series of walkouts by transporta tion workers that have disrupted economic activity across the country. Almost 2,000 workers at the Port of Felixstowe, located about 150 kilometers (93 miles) northeast of London, walked off the jobs over pay, raising fears of severe supply chain problems. The port handles around 4 mil lion containers a year from 2,000 ships – almost half of the country’s incoming shipping freight.
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Sharon Graham, general sec retary of Unite, the labor union that called for the strike, alleged the company that operates the “enormously profitable” dock and its parent company, C.K Hutch ison Holding Ltd, prioritized shareholder profits over worker welfare.“They can give Felixstowe workers a decent pay raise. It’s clear both companies have prioritized delivering multimil lion-pound profits and dividends rather than paying their workers a decent wage,” she said. The Port of Felixstowe said in a statement that it regretted the impact the strikes would have on U.K supply chains. It said workers were offered a pay raise “worth over 8% on average in the current year.”
STRIKE AT BIGGEST SHIPPING PORT ADDS TO
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. Low:ORLANDO76°F/24° C High: 93° F/34° C Low:TAMPA80°F/27° C High: 93° F/34° C WEST PALM BEACH Low: 81° F/27° C High: 92° F/33° C FT.High:Low:LAUDERDALE81°F/27°C91°F/33°C KEY WEST Low: 83° F/28° C High: 90° F/32° C Low: 80° F/27° C High: 90° F/32° C Low:ABACO80°F/27° C High: 90° F/32° C High:Low:ELEUTHERA77°F/25°C89°F/32°C RAGGED ISLAND Low: 79° F/26° C High: 88° F/31° C GREAT EXUMA Low: 80° F/27° C High: 88° F/31° C CAT ISLAND Low: 78° F/26° C High: 89° F/32° C SANHigh:Low:SALVADOR78°F/26°C88°F/31°C CROOKED ISLAND / ACKLINS Low: 79° F/26° C High: 88° F/31° C LONG ISLAND Low: 78° F/26° C High: 88° F/31° C MAYAGUANALow:80°F/27°CHigh:88°F/31°C GREAT INAGUA Low: 79° F/26° C High: 89° F/32° C Low:ANDROS80°F/27° C High: 90° F/32° C Low: 78° F/26° C High: 90° F/32° C FREEPORT NASSAULow: 80° F/27° C High: 92° F/33° C MIAMI THE WEATHER REPORT 5-Day Forecast Clouds and sun with a stray t‑storm High: 90° AccuWeather RealFeel 101° 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. A t‑storm around in the evening Low: 80° AccuWeather RealFeel 88° F Periods of sun with a thunderstorm High: 90° AccuWeather RealFeel Low: 79° 100°-88° F Partly sunny with a stray t‑storm High: 91° AccuWeather RealFeel Low: 78° 103°-87° F A passingshowermorning High: 92° AccuWeather RealFeel Low: 79° 101°-87° F A shower in the morning High: 90° AccuWeather102°-86°RealFeelF Low: 78° TODAY TONIGHT TUESDAY WEDNESDAY THURSDAY FRIDAY almanac High 90° F/32° C Low 79° F/26° C Normal high 89° F/32° C Normal low 76° F/24° C Last year’s high 91° F/33° C Last year’s low 74° F/23° C As of 2 p.m. yesterday 0.04” Year to date 39.01” Normal year to date 23.29” Statistics are for Nassau through 2 p.m. yesterday PrecipitationTemperature sun anD moon tiDes For nassau Aug.New27 Sep.First3 Sep.Full10 Sep.Last17 Sunrise 6:47 a.m. Sunset 7:38 p.m. Moonrise 2:26 a.m. Moonset 4:45 p.m. ThursdayWednesdayTuesdayToday High Ht.(ft.) Low Ht.(ft.) 4:54 a.m. 2.3 10:59
spending. Department store owner Macy’s will report its results next week. A report on retail sales this week showed that spending remains resilient as gasoline prices fall and help ease some pressure fromWallinflation.Street is trying to determine how stubbornly hot inflation is affecting businesses and consumers and whether the economy can remain resilient and avoid a recession. The data from gov ernment and corporate reports is also being closely watched as investors try to determine how the Federal Reserve will con tinue with its plan to fight inflation by raising inter est rates. The goal is to raise rates and slow down economic growth to cool inflation. But, the central bank is threading a fine line between taming inflation in an already slowing econ omy and hitting the brakes too hard and veering the economy into a recession. Minutes of the Fed’s July meeting released this week said inflation is still is too high and made clear the central bank will keep raising interest rates. The central bank has raised interest rates twice this year by 0.75 percentage points, triple its usual margin. Forecasters currently expect a hike of a half-per centage point at the board’s nextWallmeeting.Street will be keenly watching next week’s speech by Federal Reserve Chair Jerome Powell at an annual conference in Jack son Hole, Wyoming.
Photo:Frank Augstein/AP
“The question is does he engage the market with his assessment of the direction of inflation, the progress the Fed is making and offer any suggestion of the direction of rate hikes?” Krosby said.
By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers
STAFF IN STRIKES AS PRICES SOAR
STREET LOWER, BREAKING WINNING STREAK
WALL Street capped a choppy week of trad ing Friday with a broad slide for stocks that left the major indexes in the red for theTheweek.S&P 500 closed 1.3% lower, breaking a four-week winning streak. Shares in more than 80% of the com panies in the benchmark index fell, with technology stocks driving much of the pullback.Thetech-heavy Nasdaq composite fell 2% and also ended four weeks of gains. The Dow Jones Indus trial Average dropped 0.9%, ending slightly in the red for the week. Small company stocks also lost ground, pulling the Russell 2000 index 2.2% lower. Friday marked the heavi est selling for the market, including the S&P 500’s big gest decline in more than seven weeks, after a solid run of weekly gains. The strong market rally in July and early August
footdoesacontinuescontendtheongistKrosby,ratejustnotsignalFedandpolicytralingmainhikes,stageing,thatpanybetter-than-expectedfollowedcomearningsandsignstheeconomyisslowpossiblysettingtheforlessaggressiveratetheFederalReserve’stoolfortamingsurginflation.Minutesfromthecenbank’sinterestratemeetinglastmonthrecentstatementsbyofficialsappearedtothattheFedmaybepreparedtorelentyetfromitspaceofincreases,saidQuincychiefequitystrateforLPLFinancial.“ThatputthemarketnoticethatperhapsmarketmayhavetowithaFedthattoraiseratesatsteadypaceandperhapsnotpauseandtakeitsoffthepedal,”shesaid.
The Unite union alleges that Felixstowe port's parent company, CK Hutchison Holding Ltd., prioritized profits instead of paying workers a decent wage.Port authorities, for their part, said they were "disap pointed" that Unite did not "come to the table for con structive discussions to find a resolution."Felixstowe handles almost half of the container freight entering the country. The strike could mean ves sels have to be diverted to ports elsewhere in the U.K. orAEurope.growing number of unions are planning strikes as Britain faces its worst cost-of-living crisis in dec ades. Latest figures put inflation at 10.1% — a 40-year-high — and increas ing numbers of Britons are struggling to cope with steeply rising energy and food bills as wages fail to catch up with the cost of living.Postal workers, lawyers, British Telecom staff and garbage collectors have all announced walkouts for later this month.
That gave traders “the perfect excuse to finally begin to burn off” some of the market’s recent gains. The S&P 500 fell 55.26 points to 4,227.48. It ended with a 1.2% loss for the week and is now down 11.3% so far this year. The Dow dropped 292.30 points to 33,706.74, while the Nasdaq slid 260.13 points to 12,705.22. The Russell 2000 gave up 43.38 points to Technology1,957.35.stocks had some of the biggest losses and the sector’s dip weighed heavily on the broader market. Microsoft fell 1.4%.Retailers, banks and communications companies also fell sharply amid the broadMemeslide.stock Bed Bath & Beyond sank 40.5% after the high-profile activist investor Ryan Cohen con firmed that he’s sold his stake in the Cryptocurrenciescompany. fell broadly as Bitcoin slumped 8.5% to $21,370, according to BrightCoinDesk.spots included General Motors, which rose 2.5% after reinstating its dividend. Foot Locker soared 20% after replac ing its CEO and reporting earnings that beat Wall Street’s estimates. Bond yields gained ground, reflecting expec tations of further interest rate hikes. The yield on the 10-year Treasury rose to 2.97% from 2.89% late Thursday.Traders had no shortage of company and economic data to review this week, including the latest batch of earnings from retailers and updates on spending, home sales and the employment market.Big retailers including Walmart and Target have warned investors that infla tion is crimping consumer
LONDON busses are parked at Ealing Broadway as some bus routes are on strike in London, Friday, Aug. 19, 2022. A strike by London Underground workers brought the British capital’s transit network to a grinding halt on Friday, a day after a nation wide walkout by railway staff. Another rail strike is scheduled for Saturday as the U.K. endures a summer of action by workers demanding pay increases to offset soaring food and energy price hikes.
STATUES adorn the facade of the New York Stock Exchange, July 14, 2022, in New York. Stocks are opening lower on Wall Street, putting the S&P 500 index on track to break a four-week winning streak. The benchmark index was off 0.9% in the early going Friday, Aug. Photo:19.John Minchillo/AP By SYLVIA AssociatedHUIPress
PAGE 16, Monday, August 22, 2022 THE TRIBUNE
ALMOST 2,000 work ers at the U.K.'s biggest container port will launch an eight-day strike Sunday over a pay dispute, the latest industrial action to hit the U.K. Workerseconomy.including crane drivers and machine opera tors will walk off their jobs at Felixstowe port on Eng land's east coast, which handles around 4 million containers a year from 2,000Theships.strike comes as people across the U.K. faced travel disruptions Saturday for the third day this week as thousands of rail workers continued a summer of strikes to seek better pay and job secu rity amid soaring food and energy price hikes. Only around one in five U.K. trains were expected to run on Saturday, with some areas having no ser vices all day. Soccer and cricket fans attending sports games, as well as tourists, were among those affected. The disruptions will continue into Sunday, and union leaders say more strikes are likely. On Friday, most of Lon don's underground subway lines did not run due to a separate strike.
TECH STOCKS LEAD WALL
UK PORT WORKERS JOIN RAIL
