‘Shoulder’ than5-10%occupancieshotelptshighernorm
THE US family battling the Grand Bahama Port Authority (GBPA) has cause for further Bahamian frustration - the Govern ment’s failure to process three separate permanent residency applications despite their $41m invest ment in this nation. The Del Zotto family, which is closing down its Gold Rock concrete man ufacturing operation and all other Freeport-based business interests with the loss of 130 jobs, made its last application to the Immigration Department for such status almost three years ago under the former Minnis isedtheyofspeakingWell-placedadministration.sources,onconditionanonymitybecausewerenotauthortospeakpublicly, told Tribune Business the submission had not even merited a response from Immigration. With the Davis administration keen to keep the Del Zottos in Freeport despite the impasse with the GBPA and its subsidiaries, they suggested significant goodwill could be created if the Government were to finally move on the perma nent residency application. “They never had a response in three years,” one source said of the Del Zottos’ last application. “And this was at least their second, and probably third, application. That’s par for the course. They treat everybody that way - both governments. It shows you how the Government treats the applications and the“Theinvestors.Prime Minister is all up in arms, but the
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Port row owners in residency woe
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Photo:Facebook $6.63 $6.63 $6.66 $6.30
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Govern ment’s approach to corporate income tax has been branded “misguided” by a prominent banker because the focus is largely on ensuring compliance with international demands. Gowon Bowe, Fidel ity Bank (Bahamas) chief executive, told Tribune Business this nation should instead view corporate income tax possibilities as part of a wider reform pack age designed to make the Bahamian tax system more progressive where the burden falls most heavily on those who can afford to pay“Themore.position on the corporate tax is to me ‘Misguided’ focus over corporate income tax
Johnson, the Town Planning Committee’s chairman, told Tribune Business that “after extensive delib erations” on Tuesday it had decided to allow the development proposed by Eastmor Properties, headed by Michael Dingman’s son, to proceed to the next stage of the approvals process provided the number of units is reduced by 22. He added, via What’s App message, that the Lyford Cay condo has to slash units by 30%
THE DEL Zotto family
A Freeport-based ciga rette manufacturer’s claim that it was “unlawfully compelled” to pay mil lions of dollars in Excise Tax to Bahamas Customs was yesterday dismissed in its entirety by a Supreme Court judge. Caribbean Tobacco Enterprises, producer of the Palms cigarette brand, had alleged it was exempt from these tax payments under both the Excise Tax Act 2013 and Excise Stamp (Tobacco Products Control Act) 2013 despite paying some $11m to Customs between 2014 and 2019. It also asserted that the tax exemptions conferred by the Hawksbill Creek Agreement, Freeport’s founding treaty, meant no such payments should have been incurred but Jus tice Diane Stewart found the company’s case to be entirely without merit. She ruled that because Caribbean Tobacco Enterprises’ prod ucts are “consumables”, meaning they are sold to individual consumers rather than fellow busi nesses, the manufacturer was “not entitled to a gen eral exemption from the Excise Tax for its tobacco products manufactured and processed in the Port area”. And, as a result, Customs was lawfully able to levy Excise Tax at 15 cents per cigarette produced.
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business@tribunemedia.net THURSDAY, AUGUST 25, 2022
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
PLANNING authorities have given the go-ahead for a controversial Lyford Cay condo project provided its height is reduced by onethird - and the number of units slashed by 30 percent - to address “overdevelop ment”Keenanconcerns.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net last one in 2019 Gov’t presses GBPA to get Del Zottos back continues its campaign against the GBPA with a sign mounted outside Gold Rock’s Freeport premises.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SEE
Cigarette supplier loses multi-million tax battle
GOWON BOWE ROBERT SANDSSEE PAGE B6 SEE PAGE B8 SEE PAGE B5 • Stronger performance expected for slowest months • ‘Nudging closer’: Tourism just 10-15% off pre-COVID • Inflation hits food and drink costs with 10-25% rises • Gold Rock principals get no Immigration reply • Three applications made;
BAHAMIAN hotels are eyeing occupancies between five to ten per centage points higher than the norm for the indus try’s slowest months, it was revealed yesterday, as it “nudges closer every day” to pre-COVID levels. Robert Sands, the Baha mas Hotel and Tourism
I hope that Rothschild & Co, the Government’s newly-appointed debt advisers, will be successful in this regard. It is impera tive that this happens quickly or we accept that the market has gotten it right, we accept things for what they are, and adjust accordingly.
Choose a plan format that works best for you and meets your needs. Most business plans fall into one of two common categories: Traditional or lean start-up. Traditional plans require more work upfront, while lean start-up business plans are more common as they focus on summarising only the most important points that are typically outlined on one page. The purpose of a business plan is three-fold. It summa rises the company’s strategy so that it can execute longterm, secures financing from investors, and helps forecast future business demands. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.
The Future of Debt
* Where do I see my busi ness in one, three or five years? What should your Busi ness Plan aim to do? At its most basic, your business plan outline should explain what you intend to do and how you are going to do it. It should outline your strategies, including finan cial projections, marketing and operational plans. An overview of the business
The outcome of the most recent debt issue, underwritten by a $200m Inter-American Devel opment Bank (IDB) guarantee, shows the Min istry of Finance is working hard work to employ bor rowing creativity. The most recent transaction was ben eficial but, unfortunately, it cannot be replicated; at least not to the tune of the country’s current borrowing needs of $1.8bn, subject to any carry over from fiscal 2021-2022. Everything about The Bahamas’ debt at this point turns on the market’s perception of its creditworthiness. Whether we feel it is real or not, the market is asking for dis tressed debt premiums on our borrowings. Nothing changes until that percep tion or reality is fixed. And borrowing at these levels will be both imprudent and untenable. Herein lies the potential value of Rothschild. If, working with government, they can get the credit markets to view The Bahamas in a dif ferent light then the upside could be significant. Is the credit market wrong, or have we with held critical information that would put the country in a better light? The recent listing of The Bahamas as a distressed sovereign by Bloomberg puts us together with some countries which, when assessed on non-credit basis, we do not seem to fit. That is a natural defensive urge where we are think ing about the best interests of the country. However, to seek to rationalise the situation outside what the credit market is taking into consideration could prove detrimental. I am convinced that if the Government tomorrow announces certain fiscal measures that increase the potential revenue intake we would almost immediately fall off the Bloomberg listing. It is not that The Baha mas has no resources but, rather, there is limited space created by its current fiscal policies. The current debt burden and performance is not weighing positively enough on creditworthi ness for us to see the shift we desire. There are valu able insights to be gained by deconstructing the latest debt transaction. First, the Davis administration worked with Goldman Sachs to demonstrate its ability to access the market via a previous repurchase or repo agreement where the Government received cash in return for pledging the US dollar denominated assets in the sinking funds, formed to repay debt prin cipal maturing in the future, as collateral. The outcome was successful. Then there was the IDB underwriting.
PAGE 2, Thursday, August 25, 2022 THE TRIBUNE
Most banks and lenders will require a detailed busi ness plan for loans.
Helps to reach business milestones
• NB: Columnist wel comes feedback at deebastian21@ deedee21bastiangmail.com, @gmail.
* What are my targets and how will I meet them? Knowing your long-term goals will help establish the day-to-day steps for the run ning of your business. Look at the competition in your industry, and think about why your business will suc ceed where others might fail. You might want to carry out a competition analy sis, which will build on the assessment of your own company’s strengths, weak nesses, opportunities and threats (SWOT).
Focusing on these com parisons does not make for sound analysis. While these measures hold importance, it is the perceived ability of the country to repay its debt that is most important, based on the current fiscal policies in play and eco nomic outturn. The extent of a country’s creditworthi ness is not simply a function of the size of the economy but, rather, how much the Government takes in via its fiscal space. The Bahamas currently has very limited fiscal space and reasonable capacity to change that. We are mindful, however, of the important tensions at play. The amount of borrow ing that took place over a short period following Hur ricane Dorian, but before the COVID-19 pandemic, had an adverse effect on the economy. The Baha mas’ performance was weak with limited for eign exchange earnings coming in. There was an acute need to support the one:one currency peg with the US dollar. This multibillion dollar borrowing, close to $3bn, has not been followed by any real fiscal adjustments to-date but, understandably, we were in the midst of the pandemic. The most recent Budget made some adjustments, but with more focus on tax enforcement and collec tions. Effectively, therefore, the additional borrowings in recent years tipped the total debt stock into the stratosphere of $12bn-plus, generating annual inter est payments of more than $500m from a Budget with $2.5bn in total rev enue and no new and/or increased taxes. We now find ourselves in circumstances where there are very high yields on our existing foreign cur rency bonds, and a domestic market that appears not to have a vigorous appetite for sovereign debt. The main issue here is that the countries we often com pare ourselves to may have made adjustments, or have situations that render them better able to demonstrate their ability to pay. The Bahamas’ current position is focused on fiscal consoli dation, and the extent to which we can get back to or close to pre-pandemic gross domestic product (GDP) growth levels. The question is whether this is enough to change market sentiment, plus the extent to which it can be sustained. The debt discussion has many twists and turns, but I believe that proper analysis should force us to look at it through the eyes of the creditor with a view to con vincing the market that it has reached the wrong con clusion on The Bahamas’ economic fundamentals.
* How will I make my business more profitable, gain more resources or increase my assets?
The need for optimistic realism No one can fault any policymaker for being opti mistic. However, there is also a place for positive realism. In this regard, I believe that if the tables are going to turn The Baha mas must shift its gaze from what was to what is, and what needs to be. The coun try recently had two of the best marketmakers run a loan campaign. It becomes difficult to accept that, in that process, the market was not given the best quality information about the country. We have to stop and accept that when the market asks for a high premium it is seeing some things that it does not like, but enough that it likes to take the risk. I believe we should accept what the market is saying and move to resolve the issues that are adverse to our position. The 10 percent-plus premium on the US Treasury refer ence rate for Bahamian debt landed us on one dis tressed listing by a market maker, Bloomberg.
Not as hard as it may seem Think of it as a living pro ject for your business, and not a one-time document. Break it down into miniplans - one for sales and marketing, one for pricing, one for operations and so on.
SEE PAGE B4
Hubert edwards by DEIDRE bastiaN
com
ABOUT COLUMN IST: Deidre M. Bastian is a graphicprofessionally-traineddesigner/brand Marketing Analyst, Author and Certified Life Coach. She has trained at institu tions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
Attracting talent
Abusiness plan is a written document that provides a description and overview of your company’s future. All businesses should have a plan that explains the strat egy and future key goals. Anyone who is planning to set up a new company should have a business plan outlining these questions:
A well thought-out busi ness plan helps you to step back and think objectively about the key business ele ments, and shapes your decisions as you move forward. It is essential, regardless of whether you need to secure a business loan or not. Keep in mind that the plan does not have to be an encyclopedia and does not require all the answers. No wrong way to write a business plan
* How will I make money and what do I need to do to achieve my goals?
As your business expands, there might be a need for added employees, resources, business partners and distributors.*Whatis my company’s vision?*What is my mission statement?*Why would someone want to work with me? These are all important questions. However, here are a few reasons why it is important to have a business plan: Steer your business as you start and grow Think of a business plan as a GPS (global positioning system). A good business plan guides you through each stage of starting and managing your business. It is a way to think through and detail all the key ele ments of the operation of your business.
Funding requirements
The task ahead is largely an uphill climb and requires us to accept some harsh truths along the way. Why are The Bahamas and the global credit markets seemingly not on the same page? There appear to be many countries, includ ing The Bahamas’ peers, who have debt-to-GDP ratios that are much worse than this country, lower per capita income, and less stable socio-economic reali ties, but are paying much less for their debt financing.
Planning critical to business execution By
* What are my plans for growth in my target market?
By YOURI KEMP ReporterBusiness ykemp@tribunemedia.net
Crowdfunding restaurant exceeds minimum target CHEF KEVIN CULMER
“I am blessed to be associated which such credentialled individu als who are going to help me to take Tropical Gyro to the next level,” said Chef Culmer. “The additional advisors help to fill in any gaps we may have in business devel opment, operations, marketing and financing. Also, by adding people like Tonya Adderley, another talented female, to the advi sory team we are able to get differentTropicalinsights.”Gyros’ current advisory team consists of Darius Ferguson, its chief financial officer and a 20-year veteran in finance and banking, plus Pamela Culmer who has 30 years of legal, office administra tion and human resources experience.MsAdderley’s career has included informa tion technology, sales and relationship manage ment; customer service and call centre management; management consulting and project management. She has served, advised and consulted on numerous Boards, associations and civicOtherorganisations.additions to the advisory Board include Vaughn Culmer, an insur ance executive and Chef Culmer’s brother; former athlete James Clarke, an IT professional; Robert Cox, a banking and finance executive; Kevin Hudson, a business development specialist; Jonathon Mitch ell, principal of Symphony Financial; and Ranardo Jules, a businessman. “This is a proven board that we are delighted to move forward with as we enter this phase of growth. I have already seen sales raise by 40 percent at this single location, so I am quite excited at the idea of this team guiding the com pany,” said Chef Culmer.
Tribune
By YOURI KEMP Tribune ReporterBusiness ykemp@tribunemedia.net
A BAHAMIAN restau rant entrepreneur says he has moved to strengthen his advisory Board after exceeding his crowdfunding capital raise target by some $75,000 to-date. Chef Kevin Culmer, founder of Tropical Gyro, said in a statement that the move is to ensure the necessary corporate gov ernance protections are in place for the 750 minority shareholders who have so far invested $395,100 via the ArawakX crowdfund ing platform. The minimum target was $320,000, so this has now been exceeded by 23.4 percent.
THE Bahamas Bridal Association’s president yesterday said the desti nation wedding business is picking up with “solid bookings” from November through to March 2023. Cindy Coakley-Knowles told Tribune Business that destination weddings help spread tourism earnings because they are not Nas sau-centric but are held throughout the country. She added that the Associa tion’s members will shortly have a chance to expand their business by making connections with North American travel agents at a private trade show being organised for September 3. Ms CoakleyKnowles said: “The Ministry of Tourism is very supportive, especially with the BBA putting on an event of this size. They are bringing in travel agents from throughout North America to attend this conference.”Some15travel agents are already booked to attend the trade show, and she added that more are being added daily. The event is designed to showcase The Bahamas’ multiple tourism attractions to companies and individuals responsible for booking weddings. “It just takes one travel agent to make a huge dif ference, because once they are here we will take them on a familiarisation trip to some of the local venues in Nassau. Half of them will be taken to Harbour Island on a day trip to see that island and all that it has to offer,” Ms Coakley-Knowles said. The September 3 will be hosted by the Margari taville resort at The Pointe. Agents will also visit Blue Lagoon, Comfort Suites, Atlantis, and Baha Mar, as well as the John Watlings Distillery. The Warwick Hotel on Paradise Island will also host a Rake N’ Scrape night for all the show’s attendees. Ms Coakley-Knowles added: “On Sunday when we have the private trade show for them, it will cul minate with a Junkanoo evening at the Balmoral club on Sunday night.” Sun day’s event will also be live-streamed, and she said: “We have interna tional presenters coming in to talk about the destina tion romance business and what that means to this particular destination, and what it means to the BBA.” Destination wedding bookings from Thanks giving through to March next year were described as “solid” with “no off weekends”. Ms CoakleyKnowles added: “I’m personally booked through to February, but really February, March and April is our season. Things are looking good from Novem ber. The beaches will be busy.”
DESTINATION WEDDINGS ENJOY ‘SOLID BOOKINGS’
A BAHAMIAN manufac turer yesterday said demand for hand sanitisers has dried up due to the ever-increasing relaxation of COVID-19 restrictions and protocols. Roman Knowles, Blanco Bleach’s sales manager, said that the company’s hand sanitiser sales had fallen it still believes there will be a “long-standing market” for the product. “I think our hand sanitiser is definitely a new market for us. There are going to be ebbs and flows in anything, and we see it with all of our other prod ucts as well,” he added. “But it’s something that we are going to continue to bring in, and something our sales department will be continuing.“Ithink it is still a muchneeded product. I still think that people are going to want to have hand sanitiser. There may have been some slow down because people have just stocked up on it, and they have seen it used a little bit less while they still have a lot of stock. So the market is still there, but I do think that during COVID people ordered and they have a lot of stock out there.” Blanco Bleach started manufacturing hand sani tizer in April 2020 as a direct response to the global pan demic, when lockdowns and associated restrictions were at their peak and both local wholesalers and retailers were finding it dif ficult to source sufficient supplies of the product. Now, with COVID-19 seem ingly waning, demand for hand sanitizer has fallen compared to the extent it was needed in 2020. Mr Knowles said: “I think it was something that defi nitely was a tool to combat COVID-19, which is still going on. Whether it’s made basically a habit or not, or whether people will still keep up the hygiene, I’m not sure.“It could have been that people have found a dif ferent provider, and it just might be our business that is down. They may have found someone who does it cheaper or a different type of sanitiser, something that has a alcohol base, so it could be a variation of things for why sales in our sanitiser are down.”
Blanco sees hand sanitiser sales fall as COVID wanes
THE TRIBUNE Thursday, August 25, 2022, PAGE 3
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The urgency of now The evidence is clear. Global output is declin ing. The US economy has shrunk over the past two quarters. Inflation continues unabated at his torical highs, and interest rates globally are increas ing to the highest levels in decades. The implications create a complex layer of uncertainties with serious implications for tourism and the economy’s perfor mance. It means that The Bahamas will continue to be very challenged in borrowing and, without fundamental changes, have to pay a significant pre mium for its debt financing. The sovereign rating will continue to be a drag on the ability to borrow. It is critical that the country focuses on how to create sustained traction with its current debt challenges. The fundamental ques tion is what can we do to reverse this situation? Well, here are some important things already done. The Government projected an 8 percent deficit for 2022, but this is likely to come in at a narrower 6 percent. For 2023, the deficit is pro jected lower at 4 percent of GDP, with more declines in subsequent years until a surplus is secured in 20252026. Having done that, we had the credit rating agency Moody’s opining that such is a credit posi tive, but not sufficient for them to change their rating because of three main risks. These are dependency on collection and enforcement rather than new tax meas ures; projections for the cost of debt that may be under stated and could broaden the deficit; and spending restrictions that may stifle economic growth. The net take away is that the market is saying that, while it loves the direction The Bahamas is heading, it does not believe its credit worthiness has improved. This is something we must accept. The work in “creat ing more headroom for the country to be able to move ahead” must see this as its epicentre, the source of greatest damage, and the solutions must be focused accordingly. There is an unrelenting urgency for action now. Action with the potency to create and convey a new messaging, action that will shift the credit market sentiment in favour of The Bahamas. There is a clear need to cause there to be significant changes that will positively influence the future; the long-term future of debt.
• NB: This article was written before a senior Rothschild executive indi cated that The Bahamas is in no immediate danger of a debtHubertdefaultEdwards is the principal of Next Level Solutions (NLS), a man agement consultancy firm. He can be reached at info@nlsolustionsbaha mas.com. He specialises in governance, risk and com pliance (GRC), accounting and finance. NLS pro vides services in the areas of enterprise risk management, internal audit and policy and pro cedures development, regulatory consulting, anti-money laundering, accounting and strategic planning. He also chairs the Organisation for Respon sible Governance’s (ORG) Economic Development Committee. This and other articles are available at com.www.nlsolutionsbahamas.
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FROM PAGE B1 TO TRIBUNETODAYADVERTISEINTHECALL@502-2394
accordingly. This provides us with a window into what the market believes and is thinking. Clearly, going forward any changes creat ing a similar credit value will have a positive impact on market sentiment. One cannot reasonably expect that the IDB will guar antee all borrowings for the next fiscal period, and therefore if the country’s creditworthiness does not improve significantly there will be continued pressure to secure debt at reasonable cost.To secure real solutions we cannot simply secondguess the evidence but, rather, we must ask what actions are needed to engender such a response on a sustainable basis. Pro tecting the trajectory of deficit reduction is criti cal to The Bahamas but, ultimately, will not be sufficient. Growth in gov ernment revenue is needed. I believe that to change the market’s perception of its creditworthiness, The Bahamas at this point has one main problem to solve - Demonstrate improved quality revenue and a deeper commitment to reforms. Rothschild working together with the Government and its Debt Management Commit tee is likely to conclude similar, and this will form a central part of the new messaging.
FROM
The Palms manufacturer “was forced to bear the cost of the Inland Revenue Department’s posting of its employee at the prem ises... The Inland Revenue Department thereby threat ened to use its statutory authority to prevent Carib bean Tobacco Enterprises from operating its busi ness as a manufacturer of tobacco products”. And Customs superin tendent Larry Bodie, in evidence given before the Supreme Court, indicated the existence of “a back tax payment plan” that indi cated Caribbean Tobacco Enterprises “may have fallen behind in their pay ments and was essentially on a payment plan... The reflected amounts were due much earlier as opposed to being current. He knew that, to-date, the plaintiff still had an outstanding amount of tax to pay”. Stunce Williams, Carib bean Tobacco Enterprises’ president, also told the Supreme Court that two current Cabinet minis ters were involved with events. Besides then-prime minister Perry Christie, he also consulted Obie Wilchcombe, then tourism minister but now minister of social services and com munity development, on the tax breaks and investment incentives the proposed business could access. It was Mr Wilchcombe who directed him to Free port, and Mr Williams said he subsequently com plained to Dr Michael Darville, then minister of Grand Bahama but now minister of health and well ness, about “the unlawful imposition of Excise taxes. The only response he received from Dr Darville was that he would speak to the Prime Minister and minister of finance and revert to Caribbeanhim”. Tobacco Enterprises, which was rep resented during the trial by Damian Gomez QC, former minister of state for legal affairs, said the 15 cents per manufactured cigarette levy had been imposed from April 2016 to January 2019. Annual tax payments rose from $127,592 in 2014 to $1.672m in 2017; $2.674m in 2018; and $6.076m in 2019. Mr Williams argued that the business, which produced two to three mil lion cigarettes per month, should be exempt from the 15 cents levy as the Excise Tax Act 2013 and following amendments “gave a gen eral exemption” from the tax for goods manufactured or processed in the Port area. As a result, he argued that there was no legal basis for the levy even though the company was governed by the Excise Tobacco Act and sold its products through Bahamian retail outlets. “Caribbean Tobacco Enterprises felt as if it was being oppressed,” Justice Stewart wrote of Mr Wil liams’ evidence. “On every pack of cigarettes sold it earned $2 which he would not call a profit. Carib bean Tobacco Enterprises paid for the stamps which are held in the custody of Customs until they were in production. Cigarettes cannot be sold without the stamp affixed to the packaging.”Thecompany was informed that it could not manufacture unless the 15 cents per cigarette levy was paid. Under cross-exami nation, Mr Williams said it did not make a profit from selling cigarettes. And the devastation inflicted by Hurricane Dorian in early September 2019 forced Car ibbean Tobacco Enterprises to sub-contract production to a firm in Canada as its Freeport plant was under four feet of water. Justice Stewart ruled that the company’s bid for dam ages prior to January 22, 2018, was statute-barred by the Limitation Act which restricts such claims to the immediate 12-month period before the relevant action is filed. And while Caribbean Tobacco Enterprises was exempt from taxes on its equipment and raw materi als, no such break was due on Excise Tax paid on the cigarettes it manufactured. Noting that “consum able stores” are not exempt from taxation under the Hawksbill Creek Agree ment, Justice Stewart wrote: “The nature of the plaintiff’s product and their movement by the plain tiff disqualified the same from tax exemption in its final state of production, notwithstanding that the materials and machinery imported and used in the manufacturing process may avoid such tax liability....
Cigarette supplier loses multi-million tax battle
“The excise tax of 15 cents per cigarette was law fully and correctly imposed on the plaintiff in accord ance with the applicable legislative regime.”
The Future of Debt
Let us assume that the IDB’s guarantee is replaced by a policy change, which creates the same or similar effect on market sentiment. If we assume a similar gain, taking into account the then-indicative pricing of 13.5 percent and com pare it to the final pricing of the debt, immediately the country’s premium drops below that 10 per cent benchmark to around 6 percent. With the guaran tee, the rate normalised to around 9 percent, still high but a significant change nonetheless.Froma purely credit perspective the IDB’s guar antee did one thing and one thing only it signalled to the market that the ability to repay was near certain, and the market responded
Justice Stewart’s judg ment revealed that Caribbean Tobacco Enterprises and the Gov ernment’s main revenue agencies, the Department of Inland Revenue and Cus toms, appear to have had a strained relationship from the very moment the com pany received its licence from the Grand Bahama Port Authority (GBPA) to begin importing and manu facturing on April 1, 2013. Caribbean Tobacco Enterprises gave away 500,000 cigarettes in a sales promotion to announce its launch, which sparked Department of Inland Rev enue accusations it had failed to comply with rel evant tax laws. As a result, the agency “stationed one of its employees at the premises of Caribbean Tobacco Enterprises for the purpose of verifying the number of cigarettes manu factured in order for the Excise Tax imposed to be accurately monitored and enforced better”.
THE TRIBUNE Thursday, August 25, 2022, PAGE 5
be vital in determining the appropriate corporate tax policy for The Bahamas. “At this stage, the Gov ernment is seeking to understand the potential risks and impacts rather than the approach to imple mentation of a corporate tax in The Bahamas. To this end, for each defined policy option, the study will provide only the headline points to con sider in respect of possible implementation.”Outliningthe objectives of Deloitte & Touche’s work, the Ministry of Finance said it involved examining the policy options and “the most important design features” for a corporate income tax. It also involves an eco nomic impact analysis “to understand the potential revenues that could be gen erated from a change in tax policy, the potential fiscal cost to local and interna tional businesses, and the potential economic impact employment, investment, output”.Thefinal element listed by the Ministry of Finance includes “a clear exami nation of the potential positive and negative out comes across sectors of the economy, and for interna tional companies operating in The Bahamas. “In particular, the riskassessment will consider the response of international organisations (the OECD, G-7) to the various policy options. This exercise will be vital in supporting the Government in determining the appropriate tax policy for The Bahamas due to the implications for direct investment into the coun try,” the ministry added.
misguided because it’s sug gesting that we will only implement that to be part of the global level playing field as opposed to looking at the total tax structure,” he argued, “to increase pro gressivity, to increase the equitable distribution, and increasingly target those who can most afford to pay as opposed to maintaining the regressive tax system and increasing the burden on those who have the least among us.”
Mr Bowe conceded that efforts to make the Baha mian tax system more progressive, where the sums people paid were linked to their income and wealth, and those who have the most pay the most, will “be very challenging as long as we have this consumptionbased system” that relies heavily on VAT and import duties.Hespoke out after the Ministry of Finance paper, setting out the likely road map for increasing gov ernment revenues to the equivalent of 25 percent of Bahamian gross domestic product (GDP), said the net impact from introducing a corporate income tax will “likely be moderate” since it would have to replace the existing Business Licence fee that is levied on gross income.Simon Wilson, the Min istry of Finance’s financial secretary, confirmed to this newspaper that the Deloitte & Touche accounting firm is continuing its study of the potential consequences from implementing a cor porate income tax, as this would have implications for the financial services indus try, investments, taxation and government revenues, and the entire private sector andTheeconomy.Bahamas is among the 133 nations that have agreed to implement a min imum global corporate tax rate of 15 percent, although its introduction has been pushed back by at least a year until 2024. “The goal is to ensure that the profits of multinational enterprises (MNEs) with global turno ver exceeding 750m euros are subject to the minimum effective tax rate,” the Ministry of Finance paper confirmed.“Suchameasure could be a significant source of rev enue for The Bahamas and could avoid corporate prof its of MNEs in the country being taxed elsewhere. As well, not imposing a corpo rate income tax could pose reputational risks on the country that could jeopard ise the buoyancy of future prospects for the economy... “Needless to say, the imposition of a corporate income tax would neces sitate a significant reform of Business Licence fees, very likely including the elimination of the turnoverbased annual fee for the vast majority of Bahamian businesses. As such, the net annual revenue gain from a new corporate income
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tax would most certainly be significantly reduced.” The Ministry of Finance paper added: “As a cor porate income tax would be a complex undertaking with important economic and fiscal ramifications, the Government has engaged Deloitte to conduct an indepth study of the impact of imposing the proposed global minimum corporate income tax in The Baha mas. A key element of the work will be developing a comprehensive under standing of the associated risks and potential impacts of various corporate tax policies.“Itis proposed that the work develop a risk assess ment framework with a focus on the most vulner able parts of the economy, and an explicit commentary on the potential risks and benefits. This exercise will
PAGE 6, Thursday, August 25, 2022 THE TRIBUNE Port row owners in residency woe
NOTICECordonNOTICEBleuCompanyLimitedISHEREBYGIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Cordon Bleu Company Limited has been completed and the company has been struck from the Register on the 10th day of August 2022.
Baird One LiquidatorLimited Legal Notice
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NOTICEEXCELSIORNOTICEHOLDINGCOMPANYLIMITEDISHEREBYGIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of EXCELSIOR HOLDING COMPANY LIMITED has been completed and the company has been struck from the Register on the 1st day of July 2022.
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aggregatetorsRock’ssciencecouldsubdivision.aggregategavecreteexpiredgotiatetheseeminglyandonRockdomentgetisdidupcomingDeltheythatcometheysayZottosSarahmeetinglastconditionatakestheTheisRock.ingaffiliatementGrandemployedfromabackconcernsaddressingitsconciliatoryregulatorquasi-governmentaltoissuetherecentstatementthat“doorremainsopen”totheDelZottos’andbringingthemtoGrandBahama.ThestatementmarkedmajorchangeintonetheharshrhetoricbytheGBPA’sBahamaDevelopCompany(DevCO)intheirescalatverbalbattlewithGold“TheGovernmenttryingtogetthemback.GovernmenthastoldPorttodowhateverittogetthemback,”sourcesaid,speakingonofanonymity.“ThePortAuthorityweekofferedthemawithHenryandStGeorge.TheDelhaverespondedtothey’llmeetanytimewant,buttheyhavetouptoFloridatohavemeeting.That’swhereare.Idon’tthinktheZottosareinterestedinback.They’vemadetheirminds.Butiftheycomeback,andsaythiswhattheywant,they’llitbecausetheGovernwillforcethePorttoit.”ThebattlebetweenGoldandtheDelZottosoneside,andtheGBPADevCOontheother,eruptedafterlattersoughttorenethetermsofandealwiththeconmanufacturerthatitamonopolyovertheinitsDevonshireDevCOarguedthatitnotingoodconexcludeGoldrivalsandcompetifromaccesstothesamesource,especially
NOTICEDaybreakNOTICEManagementLimitedISHEREBYGIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Daybreak Management Limited has been completed and the company has been struck from the Register on the 10th day of August 2022.
NOTICECordonNOTICEBleuCompanyLimitedISHEREBYGIVEN
Government has not been treating people well either. How could the Govern ment say [to the GBPA] how you treat these poor people so badly and they didn’t even take care of them themselves. I would have thought that if Brave wanted to bring them back he’d just send them a letter approving it, and then they could start having a conversation.”Thefamily’s last perma nent residency application, seeking such status for Laura Del Zotto and her six adult children, was sub mitted to the Immigration Department by the Dupuch & Turnquest law firm on September 24, 2019, with copies also addressed to then-prime minister, Dr Hubert Minnis, and former minister with responsibility for Immigration, Elsworth Johnson.Describing the family as “significant investors” in The Bahamas, and all currently possessing work permits, the application said the Del Zottos had col lectively invested $41m in commercial ventures and residential real estate in the Freeport area. Besides Gold Rock, the concrete block and ready-mix con crete producer, they also owned and operated the Home Design Centre and Do It Centre, furniture and home and hardware businesses, respectively. “The value of the afore mentioned commercial investment exceeds $35m,” Dupuch & Turnquest wrote. “We also confirm that the applicants are also investors in residential real estate whose value exceeds $6m.... The applicants have created significant employ ment for persons residing in Grand Bahama and, by extension, other citizens and/or residents within The Bahamas.”Thisamounted to more than 100 direct jobs, the Bahamian law firm wrote, adding that Gold Rock pro vided specific skills training for its staff in construction materials management and pre-cast concrete technol ogy. “These individuals are cross-trained at the appli cant’s US headquarters, where a significant amount of time is spent in real time application/experience and the Bahamian trainees are returned to The Bahamas to implement the training received,” the application said.“The applicants have been instrumental in pro viding concrete solutions for the Government of The Bahamas during the New Providence Road Improve ment Project and airport development project at Lynden Pindling Interna tional Airport (LPIA) and Baha Mar, together with all large resort residential projects throughout The Bahamas.“GoldRock Corporation has produced and sold in The Bahamas hundreds of millions of dollars of prod ucts with the Government of The Bahamas being a major client. It would be useful to note that Gold Rock produces and sells the vast majority of con crete blocks and products (greater than 60 percent of the market) as the founda tion of all worthwhile and code compliant structures in the hurricane-prone Bahamas.”Dupuch& Turnquest said its clients “will be instru mental in the rebuilding of the Abacos and Grand Bahama” following Hur ricane Dorian, given the pre-cast concrete structures that Gold Rock manufac tures for major road and infrastructure projects such as storm drains and culverts. The application added that the Del Zottos “remain committed to The Bahamas” and would ini tiate efforts to drive the post-Dorian reconstruction, although it is unclear if this actually happened. No reasons were given for why the Del Zotto’s application has yet to receive any action by the Immigration Department, and this newspaper was told that a May 21, 2020, followup letter from Dupuch & Turnquest - which it has also seen - also elicited no response. Tribune Busi ness was told that it reflects the frustration and delay endured by many major investors in seeking to obtain permanent residency and other Immigrationrelated approvals. The Government, mean while, is understood to be using the Gold Rock situa tion as leverage to further increase the pressure on the GBPA, its manage ment and owners, namely the Hayward and St George families. It was suggested that this prompted Free port’s since it had failed to take the minimum amount stipu lated under the previous deal. However, Gold Rock countered that there was insufficient demand for its product as a result of the GBPA’s failure to revive Freeport’s economy, and it thus made no commercial sense to take the minimum amount.“The Del Zottos said they could only take what they could use. The econ omy was dead: How much can you take?” a source added. They suggested that the family felt “they were no longer the golden boys” and had been “cut out of the Carnival cruise port”, with competition on the island increasing signifi cantly through the arrival of Bahamas Hot Mix’s readymix concrete business and Freeport Aggregate set to resumeLeonardoperations.Sands, the Bahamian Contractors Association’s (BCA) presi dent, recently told this newspaper that only major infrastructure projects will feel the impact from Gold Rock’s closure, and that this was likely to be short-term because competitors would soon move to full the lucra tive void given the major development projects in the investment pipeline. Another contact, also speaking on condition of anonymity, said of the Del Zottos: “I think they’ve had enough. They see no future in Freeport. They can afford to go. They’re doing the country a favour by being there. Capital must be welcome where it wants to go, and be treated well when it’s here. Why would any investor come here? What’s the point? This is a bigThesignal.”Del Zottos have extensive business inter ests in the US, including in Florida, Michigan and Cali fornia, as well as in Europe.
that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Cordon Bleu Company Limited has been completed and the company has been struck from the Register on the 10th day of August 2022.
THE TRIBUNE Thursday, August 25, 2022, PAGE 7
Association’s (BHTA) president, told Tribune Business the sector expects “an even better year in 2023” with business vol umes presently just 10-15 percent behind those enjoyed immediately prior to the pandemic in 2019a record-breaking year for tourism.He added that the different,destinationEveryseenoff,time.panciestraditionalback-to-school,demandofcontinuingdecision-making,forthweather,theperiod.theBHTAslowslightlybetterispercentincreasesonbuttorsarea,inglobalheadwindssectorthisenjoyedparedby“increaseindustry,forasberoccupancieshigher-than-traditionalforSeptemandOctober,regardedthe“shoulderperiod”theBahamiantourismwillalsohelptothedaysworked”hotelemployeescomtowhattheytypicallypriortoCOVID-19However,MrSandstoldnewspaperthatthecontinuestofacegeneratedbyinflation,especiallythefoodandbeveragewhereresortoperahavehadlittlechoicetopasssomepricerisestoguestsduetocostrangingfrom10to25percent.“Whatweareseeingbusinessthatisslightlythaninthepast;slowerbutnotasasinthepast,”thechiefdisclosedofupcomingfall2022“Wethinkthatabsenceofinclementhurricanesandsothusfarhashelpedandwe’retoseesometheimpactofpent-uppost-COVID.“Recognisingthatit’sthereisafall-offinoccuatthispointinWeareseeingafall-butit’snotatthelevelinpreviousyears.particularislandandpropertyisbutIwouldsay
we’re anywhere from five to ten percentage points of occupancy better off than what is was in the past.” Bahamian hotels tradi tionally earn the bulk of their profits during the first half of the calendar year, which includes Easter and the peak winter season, and rely on this to carry them financially through the leaner summer and fall period until receiving further boosts from the Thanksgiving and Christ mas/New Year periods.
Asked how close the hotel and tourism sector were to pre-COVID busi ness volumes, he replied: “Every month we’re
nudging closer and closer. There are a number of fac tors that will play into the industry achieving that. There’s the re-opening of hotels that have been closed, and rooms that have been offline coming online. Once those conditions are in place, and the airlift continues to grow, we’re nudging closer and closer every day.” Mr Sands said the hotel and tourism indus try remains “about 10-15 percent” away from returning to pre-COVID business levels, adding that it felt The Bahamas is being served with sufficient airlift capacity to meet present visitorHowever,demand.the sector is not immune from the infla tionary pressures besieging the wider Bahamian econ omy and the world. “That is something we have to continue to monitor and address,” the BHTA presi dent told this newspaper.
“Certainly, in our food and beverage areas, there’s no question that the cost of food has been impacted and I think hotels are doing their best to mitigate against making impactful price“It’schanges.hardto say, but I can say the cost for some items has increased anywhere from 10 percent to 25 per cent. It’s not sustainable to continue to absorb those types of increases. It’s a reality, but many companies are doing their best to with stand and hold on to price levels as long as they pos siblyMrcan.”Sands said tourism has suffered no negative fall-out despite the US fed eral health watchdog, the Centres for Disease Con trol and Prevention (CDC), keeping The Bahamas at a ‘Level 3’ which reflects a “high” number of COVID infections in the country. Yet on Friday, this nation recorded no new COVID cases, with just 13 detected the day before. The Baha mas has just 187 active COVID cases, and just 25 persons in hospital, one of whom is in intensive care.
‘Shoulder’ hotel occupancies 5-10% pts higher than norm FROM PAGE B1 CALL 502-2394 TO ADVERTISE TODAY!
“Over 97 percent of the guests who are coming are currently fully vaccinated,” Mr Sands said. “I think that most countries are at ‘Level 3’. Nothing has really changed from that position. We would always love to be at ‘Level 2’ or ‘Level 1’, but we are also aware that until we can continue to increase the number of persons who are vaccinated as a country, and continue to hold our COVID-19 positive cases at very low levels as they have been... That’s the desirable position.“I’mnot sure our posi tion [with the CDC] is impacting leisure travel. It may or may not have an impact on group bookings, but we’ve not received that that type of information. The health and safety of the destination, and removal of impediments to travel, are intertwined.“Ithinkthe post-COVID rebound is evident. Cer tainly I think tourism has demonstrated that the removal of a lot of these impediments have assisted in the level of rebound this year. I think it’s evident by our occupancies, air arriv als and return of our cruise business. All are trend ing positively in the right direction.”MrSands said the hotel industry was also set to “imminently” set out its formal position on increas ing the minimum wage, which was due to have been discussed by the Davis Cab inet on Tuesday. “I can tell you for the avoidance of doubt that the industry sup ports a reasonable increase in the minimum wage for its associates. The question is what is that minimum wage, and how it should be imple mented,” he explained.
Mr Sands indicated that an improved September/ October showing will help smooth this process for the industry in 2022. “Any improvement is important at this time of year,” he explained. “This is the time we have to manage our properties very carefully because it’s easy to lose any gains that may have been made in the first seven months of the year.” The BHTA president said the benefits will not just be confined to employers. “I think that higher occu pancy levels throughout the industry have assisted in not only the retention of staff but have increased the days being worked and, in many cases, the hiring of additional staff,” he told Tribune Business Mr Sands said there was nothing to indicate the bet ter-than-normal September and October tourism per formance “will change in the short to medium-term”. He added: “The interest in the destination of The Bahamas continues to grow and, certainly, from our source markets all indica tions are that 2023 should be an even better year.”
The deadline for applications is Friday 2nd September 2022.
• The Secretary shall ensure that all documentation provided to members of the Board is concise and its content is accurate and appropriate.
• The University Secretary will be required to form effective working relationships with the Chair and Vice Chair of the Board and the President/Chief Executive Officer of the University.
• Oversees the distribution of the background information for agenda to be discussed;
• A cover letter of interest highlighting work experience and accomplishments relevant to the position;
• Assures that an agenda has been prepared by the Board, President and/or CEO and that the agenda is distributed in advance of the meeting;
• The University Secretary is required to consult with the President/ Chief Executive Officer and keep him fully informed on any matter relating to the business of the Board of Trustees (other than in relation to the Board’s consideration of the President/Chief Executive Officer’s emoluments).
Lyford Cay condo has to slash units by 30% FROM PAGE B1 www.ub.edu.bs
• Completes any other duties as may be assigned by the Board Chair.
• The University Secretary shall be responsible for the custody of the University Seal and for its proper use.
• Current Curriculum Vitae or Resume;
• Prepares the official minutes of the meeting and records motions, discussions, votes and decisions;
The Association argued that the project site is sub ject to restrictive covenants that prevent multi-family development such as a condo project, but this was disputed by Eastmor, whose attorney is Allyson Maynard-Gibson QC, the former attorney general. Eastmor said in a state ment: “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. “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 [Mrs MaynardGibson said $30m] to the Government in stamp duty.”Mr Dingman added: “What we are proposing is an implementation of EP Taylor’s government approved masterplan for condominium site number two. What we are using was always intended to be a condo“Thislot.project is not just a reaction 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 thisMrconversation.”Dingmansaid about 40 people have expressed interest in purchasing 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 Baha mian 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 con tinue the growth on this side of the island.”
“The Committee agrees that the proposed use by the appli cant for condominiums is compatible with the land [use],” Mr Johnson wrote. “The Committee consid ers the proposal of nine storeys and 72 units to be an overdevelopment of the site. However, the Commit tee is prepared to accept a proposal of a maximum six storeys and 50 units. The above is subject to the applicant obtaining a Traffic Impact Analysis and a Cer tificate of Environmental Clearance.”TheTown Planning Committee’s decision now places the onus on David Dingman, Eastmor’s chief executive, to determine if he can accept a reduc tion in the project’s size and whether it can work financially with a reduced number of units for sale. A reduced size could also help lower construction costs. Some may also view the decision as an effort to keep both sides happy - giving Eastmor a way to proceed while addressing some of its opponents’ concerns. The development has generated significant con cerns and objections from the Lyford Cay Property Owners Association and individual residents and homeowners. The Asso ciation, in submissions crafted by its attorneys, Higgs & Johnson, alleged that the Eastmor pro ject “could sound the death knell” for the way of life developed in the high-end, exclusive gated western New Providence community over the past 50-60 years. It had warned: “The proposed development, if implemented, would result in an extraordinary 15 percent increase in the number of household units in Lyford Cay on less than 0.5 percent of the land in Lyford Cay. This is com pletely disproportionate and out of keeping with the density of developments typical in Lyford Cay. “The proposed devel opment is intended to comprise 72 units but there are only 467 exist ing households presently in Lyford Cay (370 singlefamily household units and 97 multi-family house hold units). Whilst there are other condominium developments in the com munity, it is nowhere near the same scale as the pro posed development, and it is much less objection able to residents due to the topography.“Theoccupancy den sity of the proposed development is at a mini mum 80 percent higher than current multi-family densities.... It has been noted that the proposed development would add an additional 216 bedrooms and 360 to 432 possible resi dents living in Lyford Cay,” the Association continued. “The proposed develop ment would appear likely to lead to over 100 additional cars moving around Lyford Cay on a daily or near-daily basis, without even account ing for the ordinary ingress and egress of non-residents in connection with the pro posed development.”
• At least three (3) written, professional references.
Qualifications include a Bachelor’s degree in law, accounting, management, communications, or any other relevant field; and relevant practical/ professional experience of no less than five (5) years. Certification as a Board Secretary is preferred. The comprehensive position announcement is available via: https://www.ub.edu.bs/about-us/career-opportunities/.
• Copies of Qualifications and Certificates;
Suitably qualified candidates are invited to apply for the position of: University Secretary appointed by the Board of Trustees in accordance with Statute V of the University of The Bahamas Act, 2016. Required duties and responsibilities include, but are not limited to, the following:
Interested applicants should submit the following electronically to the attention of the Chairman, Human Resources Committee via boardsecretaryapply@ub.edu.bs (noting the position in the subject field of the email):
Committee also wants the height to be lowered by three storeys although it had deemed the devel opment compatible with the relevant land use and zoning requirements.
Board Secretary
Board Administration
• The University Secretary has sole responsibility for advising the Board on all matters of Board procedure.
CAREER OPPORTUNITY
PAGE 8, Thursday, August 25, 2022 THE TRIBUNE
• Schedules and notifies board members of upcoming meetings;
A SIGN outside the Internal Revenue Service building in Washington, on May 4, 2021. The Internal Revenue Service says it is conducting a com prehensive review of safety at its facilities. The action comes in response to an increas ing number of threats borne of conspiracy theories that agents were going to aggres sively target middle-income taxpayers.Photo:Patrick Semansky/AP Contact Mr. Sean McCarroll 327-1575
Caves Village Premium Office Space for Lease 1,056 sq.ft. 4 offices, reception, conference room, kitchen $2,640.00 pm. plus CAM and VAT
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.
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. 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
“IRS employees are cer tainly very hard working and honest, they do the business of funding the gov ernment. They’re saying they don’t deserve to be treated as the enemy of the government,” he said. He added that members who are of retirement age have expressed a greater desire to retire due to the increased attention on their jobs. More than half of the IRS’ enforcement work force of 80,000 is retirement eligible.Reardon said several workers have talked about being reminded of the 2010 Austin, Texas sui cide attack, where Andrew Joseph Stack III deliber ately crashed his single engine plane into the Ech elon office building, killing himself and Internal Rev enue Service manager Vernon Hunter.
Sen. Rick Scott, R-Fla., sent an August 16 open letter to Americans, call ing on them not to take any new IRS positions, reinforc ing false information about open roles at the agency and their access to firearms. “The IRS is making it very clear that you not only need to be ready to audit and investigate your fellow hardworking Americans, your neighbors and friends, you need to be ready and, to use the IRS’s words, will ing, to kill them,” he said in theTonyletter. Reardon, presi dent of the National Treasury Employees Union, said members have been vocal about their fears and worries about their safety.
IRS safetyinitiatesprobe after threats to workers
RESPONDING to an increasing number of threats born of conspiracy theories that agents were going to aggressively target middle income taxpayers, the Internal Revenue Ser vice announced Tuesday that it was conducting a comprehensive review of safety at its facilities. The climate, healthcare and tax legislation signed into law by President Joe Biden last week included $80 billion in funding for tax collection efforts. Although Treasury Secretary Janet Yellen specifically directed the agency to not focus its attention on taxpayers with middle class incomes, mis information spread rapidly online that agents were going to crack down on tax payers of all earnings levels. The baseless assertions also said the IRS would distribute firearms to employees authorized to used deadly force, prompt ing threats to the IRS employees.Nowagency leadership has launched an examina tion of agency safety. “We are conducting a comprehensive review of existing safety and secu rity measures,” said Chuck Rettig, IRS commissioner about the agency’s 600 office locations nationwide. “This includes conducting risk assessments,” he said, by monitoring perimeter security, designations of restricted areas, exterior lighting, security around entrances of facilities and other“Formeasures.methis is personal. I’ll continue to make every effort to dispel any linger ing misperceptions about our work,” Rettig said in a Tuesday letter to employ ees. “And I will continue to advocate for your safety in every venue where I have anRettig,audience.”whose term at the IRS ends in November, is tasked with developing a plan on how to spend the new infusion of funds included in the Inflation Reduction Act. Along with anonymous online forums, high-ranking Republican politicians have spread falsehoods about the IRS workforce and how the newly allocated funds would be spent.
or sean@mccarrollrealestate.comEmail:359-2957
By FATIMA HUSSEIN Associated Press
THE TRIBUNE Thursday, August 25, 2022, PAGE 9
By MARI AssociatedYAMAGUCHIPress
JAPANESE Prime Min ister Fumio Kishida on Wednesday instructed his government to consider developing safer, smaller nuclear reactors, signal ing a renewed emphasis on nuclear energy years after many of the country’s plants were shut down. Kishida made the comment at a “green trans formation” conference on bolstering the country’s efforts to curb emissions of greenhouse gases. Japan has pledged to reach carbon neutrality by Russia’spowerenergyforernmentplant2011sharplyandAnti-nuclear2050.sentimentsafetyconcernsroseinJapanaftertheFukushimanucleardisaster,butthegovhasbeenpushingareturntonuclearamidworriesofshortagesfollowinginvasionofUkraine
Japan nucleardevelopmentconsideringofnewreactors
“It is extremely impor tant to secure all options to redesign a stable energy supply for our country,” Economy and Industry Min ister Yasutoshi Nishimura told reporters. “From that perspective, we will also consider all options regard ing nuclear power.”
JAPANESE Prime Minister Fumio Kishida speaks during a press conference at the prime minister’s official residence in Tokyo on Aug. 10, 2022. Kishida said Wednesday, Aug. 24, 2022 he has instructed his government to consider developing safer, smaller nuclear reactors, signaling a renewed emphasis on nuclear energy years after many of the country’s plants were shutPhoto:down.
RodrigoMarinReyes /AP
PAGE 12, Thursday, August 25, 2022 THE TRIBUNE
and a global push to reduce greenhouse gases. The government, how ever, previously insisted it was not considering build ing new plants or replacing aged reactors, apparently to avoid stoking criticism from a wary public. Kishida’s comment on Wednesday represents a sharp change from that stance. He said the panel pre sented proposals for the development and construc tion of “new innovative reactors designed with new safety mechanisms.” He called on the government to speed up its examination of “every possible measure” and reach a decision by the end of the year.
“In order to overcome our imminent crisis of a power supply crunch, we must take our utmost steps to mobilize all possible policies in the coming years and prepare for any emer gency,” Kishida said.
Most of Japan’s nuclear power plants were taken off line following the Fuku shima accident for safety checks under tightened standards.Amagnitude 9.0 earth quake and tsunami destroyed key cooling functions at the Fukush ima Daiichi nuclear plant in March 2011, causing three reactors to melt and contaminating the region with massive radiation that still keeps some areas uninhabitable.Japaneseutilities have since set more than 20 reac tors for decommissioning, largely because of the high cost of safety measures. Of the 33 workable reac tors, 25 have been screened for safety checks by the Nuclear Safety Author ity. Seventeen have been approved so far, but only 10 have restarted after gaining consent from local com munities, including three currently off line for regular safety inspections.
The government has already announced plans to speed up restarts and have up to nine reactors restarted by winter to cope with the energy crunch. It aims to restart seven other reactors after next summer and to further prolong the opera tional life of aging reactors to beyond 60 years from the initial 40 years. Some energy experts say so-called next-generation reactors, such as small modular reactors, could be costly and add a financial burden to plant operators.
INTENT TO CHANGE NAME BY DEED POLL PUBLIC NOTICE
Jigsaw CEO Yasmin Green said the work on prebunking is intended to complement Google’s other efforts to reduce the spread of misinformation: “As the scourge of misinformation grows, there’s a lot more we can do to provide people with prompts and features that help them stay safe and informed online.”
NOTICE is hereby given that SOVIANE CHARLES of #14 Raspberry Court, Fox Hill, 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 18th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
WEDNESDAY,
Photo:Thibault Camus/AP 24 2022
The Public is hereby advised that I, DEARLYN CINDYARGO DARVILLE-COLLIE of the Southern District, New Providence, The Bahamas, intend to change my name to CINDYARGO DEARLYN DARVILLE-COLLIE. 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, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.
By DAVID AssociatedKLEPPERPress
NOTICE is hereby given that WADNY TILME of P. O. Box SB-52580, Smith-Ville, Clayton Close, Fo Hill 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 18th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
BudaNOTICEManagement Ltd. Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Buda Management Ltd. is in dissolution and the date of commencement of the dissolution is 19th August 2022.
Researchers then gave people a series of claims and found that those who watched the videos were significantly better at distin guishing false information from accurate information. It’s an approach called “pre-bunking” and it builds on years of research into an idea known as inocula tion theory that suggests exposing people to how misinformation works, using harmless, fictional examples, can boost their defenses to false claims. With the findings in hand, Google plans to roll out a series of pre-bunking videos soon in Eastern Europe focused on scapegoating, which can be seen in much of the misinformation about Ukrainian refugees. That focus was chosen by Jigsaw, a division of Google that works to find new ways to address misinformation and“Weextremism.havespent quite a bit of time and energy studying the problem,” said Beth Goldberg, Jigsaw’s head of research and one of the authors of the paper. “We started thinking: How can we make the users, the people online, more resil ient to misinformation?” The two-minute clips then demonstrate how these tactics can show up in headlines, or social media posts, to make a person believe something that isn’t true.They’re surprisingly effective. Subjects who viewed the videos were found to be significantly better at distinguishing false claims from accurate information when tested by the researchers. The same positive results occurred when the experiment was replicated on YouTube, where nearly 1 million people viewed the videos. Researchers are now investigating how long the effects last, and whether “booster” videos can help sustain the benefits. Earlier findings have sug gested that online games or tutorials that teach criti cal thinking skills can also improve resiliency to mis information. But videos, which could be played alongside online advertise ments, are likely to reach many more people, said Jon Roozenbeek, a Cambridge University professor and one of the authors of the study.Other authors included researchers at the Univer sity of Bristol in the U.K. and the University of West ernGoogle’sAustralia.effort will be one of the largest realworld tests of pre-bunking so far. The videos will be released on YouTube, Facebook and TikTok, in Poland, the Czech Repub lic and Slovakia. All three countries have accepted large numbers of Ukrainian refugees and their citizens could be vulnerable to mis information about refugees.
NOTICE is hereby given that OSHANE ORANE PHIPPS of P.O. Box N-7970, Hudsons Place, Soldier 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 25th day of August, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Lorna Kemp and Tachaka Mullings LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple House #4 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas
AUGUST
NOTICE
SOON after the Rus sian invasion, the hoaxes began. Ukrainian refugees were taking jobs, commit ting crimes and abusing handouts. The misinforma tion spread rapidly online throughout Eastern Europe, sometimes pushed by Moscow in an effort to destabilize its neighbors. It’s the kind of swift spread of falsehoods that has been blamed in many countries for increased polarization and an ero sion of trust in democratic institutions, journalism and science.Butcountering or stop ping misinformation has proven elusive. New findings from uni versity researchers and Google, however, reveal that one of the most promising responses to mis information may also be one of the simplest. In a paper published Wednesday in the jour nal Science Advances, the researchers detail how short online videos that teach basic critical thinking skills can make people better able to resist misinformation. The researchers cre ated a series of videos similar to a public service announcement that focused on specific misinformation techniques — characteris tics seen in many common false claims that include emotionally charged lan guage, personal attacks or false comparisons between two unrelated items.
While journalistic fact checks can be effective in debunking a particular piece of misinformation, they’re time and labor intensive. By focus ing on characteristics of misinformation in general instead of specific claims, pre-bunking videos can help a person spot false claims on a wider variety of topics.Another method, con tent moderation by social media companies, can often be inconsistent. While plat forms like Facebook and Twitter often remove mis information that violates their rules, they’re also criticized for failing to do more. Other platforms like Telegram or Gab boast a largely hands-off approach to Socialmisinformation.media content moderation and journalis tic fact checks can also run the risk of alienating those who believe the misinfor mation. They might also be ignored by people who already distrust legitimate news“Theoutlets.word fact checking itself has become politi cized,” Roozenbeek said. IN FIGHT AGAINST MISINFORMATION
THE TRIBUNE Thursday, August 25, 2022, PAGE 13
THE GOOGLE logo is seen at the Vivatech show in Paris, France, June 15, 2022. Google and a team of university researchers have hit on what they say could be an effective way to make people more impervious to the harmful impact of online misinformation.
CLOSECHANGE%CHANGEYTDYTD% BISX ALL SHARE INDEX: 2067.40-0.060.00379.1617.02 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 5000.0700.000N/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 3.45 3.450.00 0.1840.12018.83.48% 8.255.29Colina Holdings CHL 8.23 8.230.00 0.4490.22018.32.67% 17.509.80CIBC FirstCaribbean Bank CIB 16.00 16.000.00 0.7220.72022.24.50% 3.131.99Consolidated Water BDRs CWCB 3.25 3.250.00 0.1020.43431.913.35% 11.288.25Doctor's Hospital DHS 10.26 10.260.00 0.4670.06022.00.58% 11.6711.25Emera Incorporated EMAB 11.69 11.62 (0.07) 0.6460.32818.02.82% 10.8510.00Famguard FAM 10.85 10.850.00 0.7280.24014.92.21% 18.3014.05Fidelity Bank (Bahamas) Limited FBB 18.10 18.100.00 0.8160.54022.22.98% 4.003.50Focol FCL 3.90 3.900.00 0.2030.12019.23.08% 11.008.20Finco FIN 11.00 11.000.00 2,0000.9390.20011.71.82% 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 - 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
‘PRE-BUNKING’ SHOWS PROMISE
NOTICE
NOTICE
Swiss gov’t warns about possible lag in fighter jet
In a statement on Wednesday, the Swiss gov ernment noted that other Western countries including Canada, Finland and Ger many had also opted for the F-35.The Swiss government announced its choice of the F-35 in June last year after a "comprehensive techni cal evaluation" based on a cost-benefit analysis, and pointed to technology, effectiveness, and broad scope of information provided to pilots in the cockpit of the aircraft. Other contenders were Boeing's F/A-18 Super Hornet, France's Rafale — produced by Das sault Aviation — and the Eurofighter from an Air bus-led consortium.
Study: Pfizer COVID
By MATTHEW PERRONE AP Health Writer
PFIZER’S COVID-19 pill appears to provide little or no benefit for younger adults, while still reducing the risk of hospitalization and death for high-risk sen iors, according to a large study published Wednesday. The results from a 109,000-patient Israeli study are likely to renew questions about the U.S. government’s use of Pax lovid, which has become the go-to treatment for COVID-19 due to its athome convenience. The Biden administration has spent more than $10 bil lion purchasing the drug and making it available at thousands of pharmacies through its test-and-treat initiative.Theresearchers found that Paxlovid reduced hos pitalizations among people 65 and older by roughly 75% when given shortly after infection. That’s con sistent with earlier results used to authorize the drug in the U.S. and other nations.But people between the ages of 40 and 65 saw no measurable benefit, according to the analysis of medical records. The study has limitations due to its design, which compiled data from a large Israeli health system rather than enrolling patients in a randomized study with a control group — the gold-standard for medical research.Thefindings reflect the changing nature of the pandemic, in which the vast majority of people already have some protec tion against the virus due to vaccination or prior infec tion. For younger adults, in particular, that greatly reduces their risks of severe COVID-19 complications. The Centers for Disease Control and Prevention recently estimated that 95% of Americans 16 and older have acquired some level of immunity against the virus. “Paxlovid will remain important for people at the highest risk of severe COVID-19, such as seniors and those with compro mised immune systems,” said Dr. David Boulware, a University of Minnesota researcher and physician, who was not involved in the study. “But for the vast majority of Americans who are now eligible, this really doesn’t have a lot of benefit.”Aspokesman for Pfizer declined to comment on the results, which were pub lished in the New England Journal of Medicine. The U.S. Food and Drug Administration authorized Paxlovid late last year for adults and children 12 and older who are considered high risk due to conditions like obesity, diabetes and heart disease. More than 42% of U.S. adults are con sidered obese, representing 138 million Americans, according to the CDC. At the time of the FDA decision there were no options for treating COVID-19 at home, and Paxlovid was considered critical to curbing hos pitalizations and deaths during the pandemic’s second winter surge. The drug’s results were also far stronger than a competing pill from Merck. The FDA made its deci sion based on a Pfizer study in high-risk patients who hadn’t been vaccinated or treated for prior COVID19“Thoseinfection.people do exist but they’re relatively rare because most people now have either gotten vac cinated or they’ve gotten infected,” Boulware said. Pfizer reported earlier this summer that a separate study of Paxlovid in healthy adults — vaccinated and unvaccinated — failed to show a significant benefit. Those results have not yet been published in a medical journal.More than 3.9 mil lion prescriptions for Paxlovid have been filled since the drug was author ized, according to federal records. A treatment course is three pills twice a day for fiveAdays.White House spokes man on Wednesday pointed to several recent papers suggesting Paxlovid helps reduce hospitalizations among people 50 and older. The studies have not been published in peer-reviewed journals.
AN F-35 fighter jet arrives at the Vermont Air National Guard base in South Burlington, Vt, Sept. 19, 2019. Switzerland’s de fense department says any delay to a planned multibillion-dollar acquisition of U.S.-made F-35 fighter jets would have “grave consequences” for Swiss security. On Tuesday, Aug. 23, 2022 the Swiss government announced that campaigners had cleared the bar of more than 100,000 signatures of a petition by citizens calling for a referendum on the planned purchase of 36 of the Lockheed Martin-built jets.
purchase“PaxlovidwillremainimportantforpeopleatthehighestriskofsevereCOVID-19,suchasseniorsandthosewithcompromisedimmunesystems.”
The Swiss defense department, addressing a meeting of the Swiss execu tive branch on Wednesday, argued that the timetable is simply too Opponentstight.say the planes — at a purchase cost of about $6 billion — are too expensive, would tie Swiss security too closely to the United States, and are ill-suited for the needs of Switzerland. The Swiss air force mostly uses such fighters for air patrols in its European skies and not in conflicts abroad. The Swiss constitution holds that Swit zerland is a neutral country, curtailing its ability to take part in foreign conflicts.
DOSES of the anti-viral drug Paxlovid are displayed in New York, on Monday, Aug. 1, 2022. Pfizer’s COVID-19 pill may provide little benefit for younger adults, while still reducing the risk of hospitalization and death for higher-risk seniors, according to an Israeli study published Wednesday, Aug 24, Photo:2022.
“Risk for severe out comes from COVID is along a gradient, and the growing body of evidence is showing that individu als between the ages of 50 and 64 can also ben efit from Paxlovid,” Kevin Munoz said in an emailed statement.Administration offi cials have been working for months to increase use of Paxlovid, opening thousands of sites where patients who test positive can fill a prescription. Last month, U.S. officials further expanded access by allow ing pharmacists to prescribe the drug. pill showed no benefit in younger adults
Photo:Wilson Ring/AP
GENEVA (AP) — Switzerland's defense department said Wednes day that any delay to the planned clearedthatgovernmentchasecampaignopponentsforhaveF-35acquisitionmultibillion-dollarofU.S.-madefighterjetswould"graveconsequences"Swisssecurity,aftersucceededinatoputthepurtoareferendum.OnTuesday,theSwissannouncedcampaignershadthebarof100,000 signatures on a petition calling for a referendum on the planned purchase of 36 of the Lockheed Martinbuilt planes as part of a vast refurbishment of capabil ity of the Swiss air force by 2030.The activists want the referendum to be held in March — the same month that the U.S. offer would expire.
PAGE 14, Thursday, August 25, 2022 THE TRIBUNE
Stephanie Nano/AP
Dr. David Boulware
THE TWITTER icon is displayed on a mobile phone in Philadel phia on April 26, 2017. U.S. securities regulators are question ing Twitter about how it calculates the number of fake accounts on its platform.The Securities and Exchange Commission in June 2022 asked the company about the methodology for calcu lating the false or spam accounts “and the underlying judgments and assumptions used by management.”
SEC questions Twitter
THE TRIBUNE Thursday, August 25, 2022, PAGE 15
Photo:Matt Rourke/AP
By TOM KRISHER AP Business Writer U.S. securities regula tors are questioning Twitter about the way it determines how many fake accounts are on its platform. The Securities and Exchange Commission in June asked the company about its methodology for calculating false or spam accounts and “the under lying judgments and assumptions used by management.”Twittersays it has 238 million active monthly users, and that about 5% of the accounts it sells ads against are fake, either spam or bots. The SEC would be interested in both figures because Twitter uses them to attract advertisers, whose payments make up a little more than 90% of the company’s revenue. The SEC’s Division of Corporation Finance asked the questions in a June 15 letter, shortly before Tesla CEO Elon Musk raised the issue as grounds to back out of a deal to buy Twit ter for $44 billion. Musk has claimed that Twitter is undercounting the number of fake accounts, which inflates the number of real users.Such questions can be routine, and it wasn’t clear whether the SEC has opened a formal investi gation into Twitter’s fake accounts. Neither the SEC nor Twitter would comment Wednesday.Thelawfirm Wilson Son sini of Palo Alto, California, replied to the SEC in a June 22 letter saying the com pany believes it adequately disclosed the methodology in its annual report filed for 2021.The letter says that Twit ter makes its estimates of false accounts with an internal review of sample accounts. The number of fake accounts “represent the average false or spam accounts in the samples during each monthly analy sis period during a quarter,” the letter said. It added that fewer than 5% of Twitter’s “mon etizable” daily active users were fake accounts in the fourth quarter of last year, the period that the SEC had questioned.Theletter was disclosed in a filing posted by the SEC on Wednesday, a day after Twitter’s former head of security alleged that the company misled regulators about its poor cybersecurity defenses and its negligence in attempting to root out fake accounts that spread disinformation.PeiterZatko, who served as Twitter’s security chief until he was fired early this year, filed the whistle blower complaints last month with the SEC, the Federal Trade Commis sion and the Department of Justice. The legal nonprofit Whistleblower Aid, which is working with Zatko, said he exhausted all attempts to get his concerns resolved inside the company before his firing in January. Among Zatko’s most serious accusations is that Twitter violated the terms of a 2011 FTC settlement by falsely claiming that it had put stronger meas ures in place to protect the security and privacy of its users. Zatko also accuses the company of deceptions involving its handling of “spam” or fake accounts. As lawmakers stepped up calls for investigations into Zatko’s allegations, the Senate Judiciary Commit tee announced Wednesday that Zatko will testify at a hearing on Sept. 13 — the same day Twitter’s share holders are scheduled to vote on the company’s pending buyout by Musk. on how it counts fake accounts
Investors received one share of APE for every AMC share they owned at the end of Friday. Analysts said it was similar to a twofor-one stock split, a deal that often sees a company’s share price drop by roughly half. Analysts said the new APE shares offer AMC a way to raise cash in the future, which it could use to reduce its debt. The company last year tapped the stock market to raise cash, taking advantage of a huge run-up in its share price when it got caught up the frenzy surrounding socalled meme stocks. Its shares rose sixfold in January 2021 and then more than doubled that May and again in June. The gains were driven by hordes of amateur investors, with some referring to them selves as “apes” willing to hold the stock regardless of whether professional Wall Street called it a bad buy.
AMC Entertain ment has also called the upcoming film schedule relatively weak, though it’s optimistic about the end of the year and about 2023. This year, about a third less wide-release films have been put into theaters as before the pandemic. Some of that has to do with resid ual delays in Hollywood’s production pipeline caused by earlier COVID-19 shut downs and postponements. But it’s also because a lot of movies go straight to streaming.Oneof the summer’s most-watched movies, the Ryan Gosling-Chris Evans action thriller “The Gray Man,” played on Netflix.
"By 2030, the whole province will ban sales of fueled vehicles," accord ing to the plan, which was released Monday. A deputy Chinese industry minister said in September 2017 that Bei jing was working on a plan to stop making and selling gasoline- and die sel-powered cars, but the government has yet to releaseHainandetails.aims to have electric vehicles account for 45% of its vehicles by 2030, the plan said. It said cities would develop "zeroemissions zones" where fossil fuel-powered vehicles would be banned. The ruling Communist Party is promoting elec tric cars to help clean up China's smog-choked cities and gain an early lead in a growing industry. China accounted for more than half of last year's global electric car sales.
TO
/AP
TRIBUNETODAYADVERTISEINTHECALL@502-2394
CINEWORLD CONSIDERS BANKRUPTCY AS CINEMA STRUGGLES CONTINUE
The announcement comes as China struggles through its hottest, driest summer in decades, which has wilted crops and shrunk rivers and reservoirs used for generating hydropower.
Photo:Mark Schiefelbein
AssociatedLONDON Press CONDITIONS are dimming at many movie theaters around the world. Cineworld Group PLC, one of the industry’s big gest theater operators, confirmed Monday that it’s considering filing for Chapter 11 bankruptcy protection in the U.S., as it contends with billions of dollars in debt and more empty seats in front of its screens than expected. The British company, which owns Regal Cinemas in the United States and operates in 10 countries, said its theaters remain “open for business as usual” as it considers options for relief from its debt load. Cineworld said it expects to continue operating even after any potential filing, though its stock investors could face steep or total losses on their holdings. Cineworld faces chal lenges specific to itself after building up $4.8 billion in net debt, not including lease liabilities. But the entire industry is navigat ing a tenuous recovery after the pandemic shut theaters worldwide.Tobesure, moviegoers have streamed back into theaters this year to see blockbusters like “SpiderMan: No Way Home,” “Top Gun: Maverick,” and “Jurassic World: Domin ion.” Industry giant Warner Discovery has said it’s dou bling down on theaters and moving away from debut ing films on its HBO Max streaming service. But this summer’s $3.3 billion in ticket sales is still running nearly 20% behind the summer of 2019, before the pandemic, as of Sunday, according to data firm Comscore. And there don’t seem to be any big hits on the immediate horizon to make those numbers much better.Cineworld said its admis sions levels have recently been below expectations. And with a “limited film slate,” it expects the lower levels to continue until November. That would mean an additional crunch to its Cineworldfinances. said it’s holding talks with lend ers and other major stakeholders as it reviews its financial options. It also said it expects “ultimately to continue its business over the longer term with no significant impact upon its employees.” It has about 28,000 workers, according to the company’s website. Even if employees could make it through intact, shareholders may not. The company warned again Monday that a transac tion to ease the debt on its balance sheet could hurt its stockTheinvestors.company’s stock in London tumbled 21.4% to the equivalent of roughly 3.8 U.S. cents. That fol lowed a 58.3% plunge on Friday after The Wall Street Journal reported the company was preparing to file for bankruptcy protec tion within weeks. Shares of other theater chains also stumbled Monday, but nowhere near as much as Cineworld. Cin emark Holdings fell 5.8% to $15.33, for example. Its executives said earlier in August that the next two months will be challenged by a dip in new releases. But they also said they’re hopeful for a strong close of theRivalyear.
Chinese province plans ban on sale of gasoline cars
RUSH hour traffic backs up along a highway in Beijing, China, on April 23, 2020. Hainan island in the South China Sea said Monday, Aug. 22, 2022 that it will become China’s first region to ban sales of gasoline- and diesel-powered cars to curb climatechanging carbon emissions.
PAGE 16, Thursday, August 25, 2022 THE TRIBUNE
A MAN walks past a Cineworld cinema in Leicester Square, London, on Oct. 5, 2020. Cineworld Group PLC, the world’s second-largest chain of movie theaters, said Mon day Aug. 22, 2022 that it is considering filing for Chapter 11 bankruptcy protection in the U.S. and similar actions elsewhere.Photo:Alastair Grant/AP
AssociatedBEIJING Press HAINAN island in the South China Sea says it will become China's first region to ban sales of gasoline- and diesel-powered cars to curb climate-changing carbon emissions.Salesof fossil fuel-pow ered cars will be banned by 2030 and electric vehicles promoted with tax breaks and by expanding a charg ing network, the Hainan provincial government said in a "Carbon Peak Imple mentation Plan."
Unless films like Sony Pictures’ “Woman King,” with Viola Davis, or the buzzy Warner Bros. release “Don’t Worry Darling,” with Harry Styles and Flor ence Pugh, overperform expectations, the next month or two in theat ers lack sure-things before “Halloween Ends” and “Black Adam” arrive in late October. Farther on the horizon, though, are a few sequels that could set box-office records: “Black Panther: Wakanda Forever” (Nov. 11) and “Avatar: The Way of Water” (Dec. 16). AMC’s stock fell to $10.46 from $18.02 on Friday, though it had other factors impacting the shares. Monday marked the first day of trading for the company’s new preferred equity units, which have the ticker symbol “APE.”
THE TRIBUNE Thursday, August 25, 2022, PAGE 17
4 Daily Express Thursday, July 14, 2022 CRUSADER PRIZE CROSSWORD
PAGE 18, Thursday, August 25, 2022 THE TRIBUNE KakuroYesterday’sAnswer JUDGE PARKER CARPE DIEM BLONDIE MARVIN TIGER HAGAR THE HORRIBLE CALVIN & HOBBES DENNIS THE MENACE CRYPTIC PUZZLE PUZZLEEASY Yesterday’s Cryptic Solution Yesterday’s Easy Solution 1234 56 7 8 910 11 12 13 14 15 16 17 18 19 20 21 22 23 SudokuYesterday’sAnswer Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday Best described as a number crossword, the task in Kakuro is to fill all of the empty squares, using numbers 1 to 9, so the sum of each horizontal block equals the number to its left, and the sum of each vertical block equals the number on its top. No number may be used in the same block more than once. The difficulty level of the Conceptis Kakuro increases from Monday to Sunday. Across1Pay attention (4,4) 5 Male singing voice (4) 9 Hearten (5) 10 enmityDeep-seated(7) 11 Without warning (3,2,1,6) 13 Send into exile (6) 14 To grant appropriateas (6) 17 Ardent (12) 20 Wanderer (7) 21 Homer’s Trojan War poem (5) 22 actCeremonial(4) 23 Munitions (8) Down1Diplomacy (4) 2 The governmentRussian (7) 3 Close call (6,6) 4 A Muslim headdressmale(6) 6 Shun (5) 7 A song to a ladylove (8) 8 One anotherafter(2,10) 12 spectatorInterested (8) 15 View held as probable (7) 16 Galling (6) 18 Closely fitting (5) 19 Indolent (4) Across1Writer about drink (8) 5 She’s crazy about the youth centre (4) 9 Father looks embarrassed when cut (5) 10 Silver in one place of goldjust fancy (7) 11 Aim to sign evangelists (12) 13 Look into new liquid preparation (6) 14 Church worker with grave responsibilities (6) 17 It travels fast say the attendants (7,5) 20 One source of a writer’s material (7) 21 To arrange unit on left (5) 22 She may have all sorts of jobs to do this Friday (4) 23 Incline to wither in general (8) Down1Soundly told off but delighted (4) 2 Press it rudely? (7) 3 Communist is hidden but is found again (12) 4 As a journalist he has to ride all over the place (6) 6 I break bail in order to prove I was elsewhere (5) 7 Sauce required for a formal dinner? (8) 8 A drilling site (6,6) 12 Editing strange tale on the fight game (8) 15 A plant from the list (7) 16 Good man in a new role looking after horses (6) 18 Card game appears to be all right throughout (5) 19 Ground for conspiracy (4)
cAn you crack the Alphabeater? Each grid number way of walking (8) 2 Following rear with hesitation (5) 3 Hood’s haunt generated those forewords (8,6) 4 In the morning, tongs are forced between (7) 5 Intended to acquire new money (7) 7 Never-ending crisis, European arrival (9) 8 Points, for example, to small treatises (6) 9 Pointers facing out, found on the wall (6,8) 15 Two men – a state (9) 16 Monarch-made – that’s a surprise (2,6) 18 Eccentric socialist began dismissal (3,4) 19 Cheerful, goes out with renovated versions (7) 20 Procedure upset them too much (6) 23 Result – radical hid extremist (5)
Across: 1 Spare time, 8 Flora, 9 Day trip, 10 Deform, 11 Shriek, 12 Integral, 15 Stranger, 18 Morose, 20 Retort, 21 Ineptly, 22 Binge, 23 Seasoning. Down: 2 Peach, 3 Retail, 4 Thinking, 5 Effete, 6 Colours, 7 Marmalade, 11 Subscribe, 13 Terminus, 14 Orating, 16 Nurses, 17 Trepan, 19 Salon.
represents a letter – or black square. As in Alphapuzzle, every letter of the alphabet is used. But you have to complete the grid too! use the given letters and black squares below the grid to start. the grid is ‘rotationally symmetrical’ – in other words, it looks the same if you turn the page upside down. Solution tomorrow Extra 0907 each(Deductextra 0907 *Callsyourcostnetwork ● Alternatively, for six Extra Letter clues to your text DXBEAT to 64343. Texts cost £1 plus your usual Puzzles FIND where the fleet of ships shown is hidden in the grid. The numbers to the right of and below the grid indicate how many of the squares in that row are filled in with ships or parts of ships. The ships do not touch each other, even diagonally. Some squares have been filled in to start you off. Solution tomorrow A 1 B C D E F G H I J 2 3 4 5 6 7 8 9 10 2 3 1 4 1 2 1 2 3 2 2 1 3 1 3 1 2 1 4 1 1 x Battleship 4 x submarine 3 x Destroyer 2 x cruiser D A M l u t i E t HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals. Verb forms ending in s permitted’. TODAY’S TARGET Good 16; very good 24; excellent 32 (or more). Solution tomorrow ● wordsusesTargetThe in the edition)(1999DictionaryCentury21stChambersbodymainof call 0907 181 2585 for today’s target solution *Calls cost 80p per minute plus your telephone company’s network access charge.BTARGETATTLESHIPS 1 2 3 4 10 11 12 14 15 17 18 20 21 24 26 27 1 2 3 3 4 4 1 3 4 1 2 4 1 2 2 3 appearPlace KEIJO 1 2 3 G 4 5 6 7 8 9 10 11 12 ■ 13 21 22 23 24 ■ 25 26 P 27 28 29 30 31 32 33 14 15 F 34 35 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 21229243126305223473624 3914344093410837144165 3329203312122419393037 83034163922916111221430 10258172838241040531228 373919232292413317201832 40627292015932483431 37122638312928162323035 39332133612218223827427 13825161518216929143718 across1Pole joins weary personnel (9) 6 This writer repeated humorous image (4) 10 Offbeat during devout recording (5) 11 He admits not so much being not possessed (9) 12 Swine accepts wire about legal attire (7) 13 Bouquet goes astray during responsenegative(7) 14 Old London venue was the subject of gossip (4,2,3,4) 17 Tuneful notary performed in a sad way (13) 21 Made certain positive conclusion goes round (7) 22 Study true development in artificial food processor (7) 24 Chiefs, sharp, have the advantage (4,5) 25 Bury in hinterlands (5) 26 Heard contest was twofold (4) 27 Class is negated in a different way (9) Down1Terribly fat, photo shows
THE ALPHABEATER
YESTERda wordSEarch targEt thE alphapuzzl across: Shrapnel, Visual, Beckons, Due, Wide, Froth, Gurgle, Distract. down: Research.Deflect,Playlet,Quilting,Deed,Monocle harpooNEd adore adorn aeon anode aped apron daphne dare darn dean dear drape earn hadron hand hard harden hare hared harp harped harpoon HARPOONED head heap hear heard hoar hoard nape nard neap near oared opah opera operand orphan orphaned padre pander pane pardon pare pared pear radon rand rape raped read reap rhea road roan acQuickroSSwordcross:1 Smug; 8 Experiment; 9 Encroach; 10 Hope; 12 Heaven; 14 Resign; 15 Rancid; 17 Mislay; 18 Akin; 19 Splendid; 21 Gluttonous; 22 Task. down: 2 Mountebank; 3 Gear; 4 Sprain; 5 Archer; 6 Emphasis; 7 Stye; 11 Pugnacious; 13 Vicinity; 16 Despot; 17 Mellow; 18 Alga; 20 Nest. U C P K Q A L N O B B W H B K N L R P W E U Q A L N A U H T N R E E H T Y A I O C F N G I N R N S Q A O E U L M T O E T H J G B E T U L F P K S E R H Z C I O H L U V Y Z G T X P M V L M K B O A P T U E F L I N E Y P Z I V G S T Q Y N F R E wordSEarch G R I D S E D N E M M Q U K N Y K M G J O J Z H P M V A L U Q U G J T D N Q N J Y S A L Z R D R O S E T N P I P A R N A B I N M Z J L S N S V N A K S A J B E M E B H F Z G A A S M K I I E B N N C M E A E R C D P O U D H R B N I A T P A K N D E T U T S I G A L J R L K N A D T V Y U M I K E P O S N E blank squares in the direction indicated Find all the terms listed below Solution tomorrow ADELE ● CALUM SCOTT ● CHAINSMOKERS CLEAN BANDIT ● DJ SNAKE HALSEY ● JAMES ARTHUR ● KUNGS ● LITTLE MIX ● MAJOR MIKE POSNER ● RIHANNA ● SHAWN MENDES ● SIGALA
Across: 1 Checkmate, 8 Nudge, 9 Granary, 10 Pierce, 11 Bereft, 12 Hypnosis, 15 By chance, 18 Amends, 20 Ornate, 21 Obviate, 22 Lemon, 23 Go berserk. Down: 2 Horde, 3 Convey, 4 Marathon, 5 Ensign, 6 Address, 7 Seven seas, 11 Bamboozle, 13 Preamble, 14 Economy, 16 Acting, 17 Remiss, 19 Deter.
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“We want to meet consum ers where they are, and they are shopping on Amazon,” Kevin Cornils, Peloton’s chief commer cial officer, said in a statement Wednesday.Thecollaboration is Pelo ton’s first with another retailer. Before, its products were sold only through its website, physical showrooms and other channels.
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PELOTON TO SELL ITS
NEW AssociatedYORK Press PELOTON’S high-end exer cise bikes and other gear will now be able to be bought on Amazon in the U.S., a part nership aimed at boosting the fitness company’s sales that have languished since the easing of pandemic lockdowns.
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And it comes after the com pany earlier this month said it was shedding jobs, shifting its delivery work to third-party ven dors and significantly reducing the number of stores it has in North America. The news of the Amazon deal sent shares of New York-based Peloton Interactive Inc. soaring 20% Wednesday. They are still down about 88% in the last 12 months.Products available at the launch on Amazon will include Peloton’s original bike — listed at $1,445 — its strength-training “Guide” device, as well as its workout mat, dumbbells and glass water bottle.
AMAZON IN BID
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A PELOTON logo is seen on the company's stationary bicycle on Nov. 19, 2019, in San Francisco. In a statement on Wednesday, Aug. 24, 2022, Peloton announced that their high-end exercise bikes and other gear will now be available for purchase on Amazon in the U.S., a partnership aimed at boosting the fitness company's sales that have languished since the easing of pandemic lockdowns.Photo:Jeff Chiu/AP p.m. 7:57 a.m. 2:07 a.m. 8:19 p.m. 3.3 2:01 p.m. 8:35 a.m. 2:42 a.m. 8:55 p.m. 3.3 2:41 p.m. 9:13 a.m. 3.0 3:16 a.m. 9:31 p.m. 3.3 3:21 p.m. 0.6 9:51 a.m. 3.1 3:50 a.m. 0.6 10:07 p.m. 3.2 4:01 p.m. 0.6 10:30 a.m. 3.2 4:24 a.m. 0.5 10:44 p.m. 3.1 4:43 p.m. 0.7 11:12 a.m. 3.2 5:00 a.m. 0.5 11:25 p.m. 3.0 5:29 p.m. 0.8
marine Forecast WINDS WAVES VISIBILITY WATER TEMPS. ABACO Today: SE at 6 12 Knots 1 3 Feet 10 Miles 87° F Friday: ESE at 6 12 Knots 2 4 Feet 10 Miles 87° F ANDROS Today: SE at 7 14 Knots 0 1 Feet 8 Miles 88° F Friday: ESE at 6 12 Knots 0 1 Feet 5 Miles 88° F CAT ISLAND Today: ESE at 6 12 Knots 1 3 Feet 10 Miles 86° F Friday: E at 6 12 Knots 2 4 Feet 6 Miles 86° F CROOKED ISLAND Today: E at 8 16 Knots 2 4 Feet 6 Miles 86° F Friday: E at 8 16 Knots 2 4 Feet 10 Miles 85° F ELEUTHERA Today: E at 6 12 Knots 1 3 Feet 10 Miles 87° F Friday: ESE at 6 12 Knots 1 3 Feet 7 Miles 87° F FREEPORT Today: ESE at 6 12 Knots 0 1 Feet 7 Miles 88° F Friday: ESE at 4 8 Knots 1 2 Feet 10 Miles 88° F GREAT EXUMA Today: E at 7 14 Knots 0 1 Feet 10 Miles 88° F Friday: E at 7 14 Knots 1 2 Feet 5 Miles 88° F GREAT INAGUA Today: E at 8 16 Knots 2 4 Feet 7 Miles 85° F Friday: ENE at 8 16 Knots 2 4 Feet 10 Miles 85° F LONG ISLAND Today: ESE at 8 16 Knots 1 3 Feet 10 Miles 86° F Friday: E at 8 16 Knots 1 3 Feet 6 Miles 86° F MAYAGUANA Today: ESE at 8 16 Knots 3 5 Feet 8 Miles 86° F Friday: E at 7 14 Knots 3 5 Feet 10 Miles 86° F NASSAU Today: ESE at 6 12 Knots 1 2 Feet 10 Miles 88° F Friday: ESE at 6 12 Knots 1 2 Feet 8 Miles 87° F RAGGED ISLAND Today: E at 7 14 Knots 1 3 Feet 10 Miles 86° F Friday: E at 8 16 Knots 2 4 Feet 10 Miles 86° F SAN SALVADOR Today: E at 6 12 Knots 1 2 Feet 6 Miles 87° F Friday: ESE at 6 12 Knots 1 2 Feet 6 Miles 87° 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 NS EW S 6 12 knots NS EW S 7 14 knots NSW E 6 12 knots NSW E 7 14 knots NSW E 8 16 knots NSW E 7 14 knots NS EW S 7 14 knots | Go to AccuWeather.com
REVERSE SLUMP
The company best known for its interactive stationary bikes saw its sales boom during the pandemic, but it has strug gled to maintain high demand as COVID-19 vaccines became more widely available and homebound consumers started to go back to the gym. Amid those challenges, it sought to cut costs and reduce its operating footprint while ramping up prices on some of its popular products. Last month, it said it would outsource manu facturing for its stationary bikes andThetreadmills.company says bike deliv ery will be available to most of the U.S. As part of the partner ship, customers can get an expert to assemble their bikes, the com pany said. BIKES ON TO
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THE TRIBUNE Thursday, August 25, 2022, PAGE 19
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. Low:ORLANDO77°F/25° C High: 93° F/34° C Low:TAMPA79°F/26° C High: 91° F/33° C WEST PALM BEACH Low: 80° F/27° C High: 92° F/33° C FT.High:Low:LAUDERDALE82°F/28°C91°F/33°C KEY WEST Low: 84° F/29° C High: 89° F/32° C Low: 80° F/27° C High: 92° F/33° C Low:ABACO80°F/27° C High: 90° F/32° C High:Low:ELEUTHERA78°F/26°C90°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: 79° F/26° C High: 89° F/32° C SANHigh:Low:SALVADOR79°F/26°C89°F/32°C CROOKED ISLAND / ACKLINS Low: 79° F/26° C High: 88° F/31° C LONG ISLAND Low: 79° F/26° C High: 86° F/30° C MAYAGUANALow:81°F/27°CHigh:88°F/31°C GREAT INAGUA Low: 79° F/26° C High: 89° F/32° C Low:ANDROS81°F/27° C High: 91° F/33° C Low: 78° F/26° C High: 91° F/33° C FREEPORT NASSAULow: 82° F/28° C High: 92° F/33° C MIAMI THE WEATHER REPORT 5-Day Forecast More clouds than sun High: 92° AccuWeather RealFeel 102° 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 thunderstorm in spots late Low: 80° AccuWeather RealFeel 89° F Showers around in the a.m.; cloudy High: 90° AccuWeather RealFeel Low: 78° 100°-88° F A passing morning shower or two High: 91° AccuWeather RealFeel Low: 79° 102°-87° F Clouds and sun with a shower High: 90° AccuWeather RealFeel Low: 78° 99°-84° F A stray t‑storm; breezy in the a.m. High: 91° AccuWeather101°-88°RealFeelF Low: 80° TODAY TONIGHT FRIDAY SATURDAY SUNDAY MONDAY almanac High 91° F/33° C Low 78° F/26° C Normal high 89° F/32° C Normal low 76° F/24° C Last year’s high 95° F/35° C Last year’s low 77° F/25° C As of 2 p.m. yesterday 0.00” Year to date 39.04” Normal year to date 23.91” 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 6:48 a.m. Sunset 7:36 p.m. Moonrise 5:06 a.m. Moonset 6:57 p.m. SundaySaturdayFridayToday High Ht.(ft.) Low Ht.(ft.) 7:17 a.m. 2.6 1:29 a.m. 0.9 7:42 p.m. 3.2 1:20
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CALIFORNIA Attorney General Rob Bonta talks at a news confer ence in Sacramento, Calif., June 28, 2022. California has settled a lawsuit against one of the world's largest cosmetics retailers that it accused of selling customer information without proper notice in violation of the state's landmark consumer privacy law, Bonta said Wednesday, Aug. 24, 2022.
By STAN CHOE AP Business Writer
Meanwhile, the German Cabinet approved a series of measures Wednesday designed to reduce energy consumption, including restrictions on heating private pools and a cap of 19 C (66 F) in public offices. Shops will also have to close their doors in winter to conserve heat, while illumination on advertising and public buildings has to be switched off at night.
By COLLIN BINKLEY, SEUNG MIN KIM AND CHRIS AssociatedMEGERIANPress
GERMANY will keep exporting elec tricity to neighboring France despite calling on people to help fend off winter shortages by saving energy at home, offi cials said ProblemsWednesday.atFrench nuclear plants have driven up electricity prices there in recent months, prompting power compa nies in neighboring countries to sell excess energy to France. “Only half of France’s nuclear power plants are operating,” said Patrick Grai chen, Germany’s deputy economy and energy minister. “That’s why we, as well as the Italians and others, are all basically exporting to France. That’s the way the electricity market is in Europe.” It’s another sign of the energy crisis gripping Europe. Both natural gas and electricity prices have hit record highs, with power costs ballooning as Russia reduces gas flows to Germany and other countries and renewables and nuclear contributing less to the power mix lately, analysts at Rystad Energy said. High energy prices are driving inflation and fueling the prospect of a recession in Europe.Even precious natural gas, which Ger many is trying to conserve for the winter heating season in case Russia cuts of sup plies entirely, is being burned in large volumes to produce electricity for export to “WeFrance.can’t say that our gas power plants in Germany won’t export to France any more unless we want to bring their entire European electricity market to a stand still,” Graichen said. Government spokesman Steffen Hebe streit said there were no plans to stop this practice, citing the need for European solidarity.“That’s the way the European electric ity market is set up and it could equally be the case, if we look to autumn and winter, that we might be grateful if others can help us out,” he said.
“I don’t think he wants to come across as hawkish or dovish, maybe he wants to come across as chicken,” Jacobsen said, citing the many variables that could change the Fed’s thinking before its next meeting on rate policy in September. Jacobsen warned the speech may be a “nothing burger” with little to chew on, though the market could take that as a positive given some expectations for Powell to sound hawkish. Higher interest rates slow the economy in hopes of undercutting inflation. But they also risk choking off the economy if done too aggressively, and they pull down prices on all kinds of investments.Treasury yields have been rising recently, partly in anticipation of the Fed continuing to lean toward raising rates aggressively to quash the worst inflation in decades. The two-year yield, which tends to track expectations for the Fed, rose to 3.40% from 3.30% lateTheTuesday.10-year yield, which helps set rates for mort gages and many kinds of loans, rose to 3.11% from 3.05% after a report showed that U.S. orders for long-lasting goods were flat in July. Excluding transpor tation, though, growth was stronger than economists expected. In the stock market, Intuit rallied 3.6% for one of the larger gains in the S&P 500. The owner of Tur boTax delivered stronger results for the latest quarter than expected and forecast revenue for the upcoming fiscal year that topped some analysts’ expectations. On the losing end were several retailers, which are among the last companies to report how much profit they made during the spring.Nordstrom tumbled 20% after it cut its financial fore cast for the year, though it reported stronger profit for the latest quarter than expected. It’s the latest major retailer to say it’s struggling to keep up with its customers’ changing shoppingShopperspatterns.are shifting their spending away from stores and toward travel and other experiences. The ones still coming through the doors are seeing their buying power undercut by high inflation, with pres sure hitting lower-income customers in particu lar. That has the industry facing mountains of unsold inventory.Advance Auto Parts slumped 9.6% after its quarterly results fell short of expectations. The car parts chain said its do-ityourself customers are getting squeezed by high inflation and gasoline prices well above where they were a yearMarketsago. overseas were mixed, with stocks in Shanghai sinking 1.9% but South Korean stocks up 0.5%.
COSMETICS GIANT SEPHORA SETTLES CUSTOMER DATA PRIVACY SUIT
PAGE 20, Thursday, August 25, 2022 THE TRIBUNE
Sephora said it is already complying with the state law after cooperating with Bonta’s office.“Data is power, and these days everyone wants it,” Bonta said.“Some of the most intimate details about your life are being harvested,” he said. “The more data a company has on you, the more power they have over you, the more they can target you to buy their goods and services.”Butthe state law gives con sumers a way to block that collection and sale. The act was passed by state lawmakers in 2018 and expanded by voters in 2020. It gives California, home to Sili con Valley, what is viewed as the strongest U.S. data privacy law, providing consumers with the right to know what infor mation companies collect about them online, to get that data deleted and to opt out of the sale of their personal informa tion. Bonta’s office has warned more than 100 companies that they were out of compliance and sent more than a dozen new notices on Wednesday. The “vast majority” complied, he said, but not Sephora, which sells cosmetics, perfumes, beauty and skincare products in 2,700 stores in 35 countries. “Their actions compared to others was egregious,” he said, saying the settlement should be a warning to other companies that don’t comply. The company did not admit any liability or wrongdoing under terms of the settlement. The company was founded in France and has its U.S. head quarters in San Francisco. In its settlement, Sephora agreed to clarify its website disclosures and privacy policy to tell customers it sells their data, and allow them to opt out of that sale —steps it said it has already taken.
For Braxton Simpson, Biden’s plan is a great first step, but it’s not enough. The 23-year-old MBA student at North Carolina Central Uni versity has more than $40,000 in student loans. As an under graduate student she took jobs to minimize her debt, but at $10,000 a semester, the costs piled up. As a Black woman, she felt higher education was a require ment to obtain a more stable financial future, even if that meant taking on large amounts of debt, she said. “In order for us to get out of a lot of the situations that have been systemically a part of our lives, we have to go to school,” Simpson said. “And so we end up in Thedebt.”plan doesn’t apply to future college students, but Biden is proposing a separate rule that would reduce monthly payments on federal student debt.
Germany supplying electricity to neigh boring countries is part of a “stress test” study due to be published next week that could determine whether the government decides to extend the operating licenses for Germany’s three remaining nuclear power plants. This would defer the coun try’s long-standing plans to end the use of nuclear power this year.
Student loan forgiveness could help more than 40 million
SEPHORA Inc., one of the world’s largest cosmetics retailers, has settled a lawsuit claiming that the company sold customer information with out proper notice in violation of the California’s landmark consumer privacy law, state Attorney General Rob Bonta saidSephoraWednesday.failed to tell cus tomers that it was selling their personal information, failed to allow customers to opt out of that sale, and didn’t fix the problem within 30 days as required by the law, even after it was notified of the violation, state officials said. The company agreed to pay $1.2 million and immediately correct the problem under the settlement, the state’s first such enforcement action under the California Consumer Privacy Act, according to Bonta.
STOCKS ticked higher Wednesday as Wall Street waits for a highly antici pated speech about interest rates at the end of the week. The S&P 500 edged up 12.04 points, or 0.3%, to 4,140.77, as traders overall again held off on making big moves. The Dow Jones Industrial Average added 59.64, or 0.2%, to 32,969.23, and the Nasdaq compos ite rose 50.23, or 0.4%, to 12,431.53.It’sthe second straight day of modest moves for the market, but they follow some severe swings up and down over the prior weeks. Stocks drove higher through the summer on hopes that inflation was near its peak and that the Federal Reserve may hike interest rates less aggres sively than earlier feared. But recent comments by Fed officials have cooled such expectations, send ing Wall Street on Monday to its worst day in months. Discouraging reports on the economy have meanwhile highlighted the risk of a recession.Wall Street’s focus remains centered on Friday, when Fed Chair Jerome Powell gives a speech at an annual economic con ference in Jackson Hole, Wyoming. It’s been the setting for market-moving speeches in the past, which has investors hoping Powell will offer clarity on further rate hikes. Will he be hawk ish, which is what traders call a bias toward aggressive rate increases? Or dovish, which is Wall Street-speak for easier conditions? Brian Jacobsen, senior investment strategist at All spring Global Investments, doesn’t expect Powell to be clearly one or the other.
“In principle, the nuclear power plants could suck a bit more out of their fuel rods, so to speak, in January, February and March,” Graichen said. “But after that there won’t be much more left.”
By DON AssociatedTHOMPSONPress
MORE than 40 million Americans could see their student loan debt reduced — and in many cases eliminated — under the long-awaited for giveness plan President Joe Biden announced Wednesday, a historic but politically divisive move in the run-up to the mid termFulfillingelections.acampaign prom ise, Biden is erasing $10,000 in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000. He’s canceling an additional $10,000 for those who received federal Pell Grants to attend college.It’sseen as an unprecedented attempt to stem the tide of America’s rapidly rising stu dent debt, but it doesn’t address the broader issue — the high cost of Republicanscollege. quickly denounced the plan as an insult to Americans who have repaid their debt and to those who didn’t attend college. Critics across the political spectrum also questioned whether Biden has authority for the move, and legal challenges are virtually certain.Biden also extended a pause on federal student loan pay ments for what he called the “final time.” The pause is now set to run through the end of the year, with repayments to restart in January. “Both of these targeted actions are for families who need it the most: working and middle class people hit especially hard during the pan demic,” Biden said at the White House Wednesday afternoon. The cancellation applies to federal student loans used to attend undergraduate and graduate school, along with Parent Plus loans. Current col lege students qualify if their loans were issued before July 1. For dependent students, their parents’ household income must be below $250,000. Most people will need to apply for the relief. The Edu cation Department has income data for a small share of bor rowers, but the vast majority will need to prove their incomes through an application process. Officials said applica tions will be available before the end of the year. Biden’s plan makes 43 mil lion borrowers eligible for some debt forgiveness, with 20 million who could get their debt erased entirely, according to the administration. About 60% of borrowers are recipients of federal Pell Grants, which are reserved for undergraduates with the most significant finan cial need, meaning more than half can get $20,000 in relief.
Photo:Evan Vucci/AP
Photo:John Minchillo/AP PRESIDENT Joe Biden speaks about student loan debt forgiveness in the Roosevelt Room of the White House, Wednesday, Aug. 24, 2022, in Washington. Education Secretary Miguel Cardona listens at right.
France, Spain, the Netherlands and other countries also have passed similar measures to conserve natural gas.
When she checked the balance Wednesday, it was $9,940. Cartan used the loans to attend Tufts University, and with Biden’s plan she will be able to help her parents repay the additional thousands they borrowed for her education. As a first-generation college student, she called it a “leveling moment.”“Iknow there are people who feel that this isn’t enough, and that is true for a lot of people,” said Cartan, who already has repaid about $10,000 of her loans. “I can say for me person ally and for a lot of people, that is a lot of money.”
Stocks edge higher as Wall Street waits for Fed speech
SAVINGSTOEXPORTSGERMANYPOWERFRANCE,URGESATHOME
Sabrina Cartan, a 29-year-old media strategist in New York City, is expecting her federal debt to get wiped out entirely.
PEDESTRIANS walk past the New York Stock Exchange, on July 8, 2022, in New York. Stocks are opening lower on Wall Street Wednesday, Aug. 17, as traders absorb some discouraging news about how much Americans are spending.
By FRANK AssociatedJORDANSPress
Photo:Rich Pedroncelli/AP
