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MONDAY, AUGUST 30, 2021

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Reserves bolstered by $247m from IMF By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE International Monetary Fund (IMF) has given the central bank $247m from special drawing rights (SDR) to bolster external reserves. A release from the bank revealed: “The Bahamas received an allocation of SDR174.8m, which add approximately US$247m to the international reserves of the central bank.” SDRs are supplementary foreign exchange reserve assets defined and maintained by the IMF. SDRs are units of account for the IMF and not a currency per se. They represent a claim to currency held by IMF member countries for which they may be exchanged. So the bank has not borrowed money from the IMF, however it has access to this $247m. “The SDR allocations count as official international reserves of IMF member countries. If there is no further need for their use, they can be retained with the IMF in their allocated composition. Alternatively, they can be converted into other

• Funds allocated from SDRs • Foreign reserves stand at $2.26 billion • COVID-19’s lingering impact on tourism precipitated this decision

SEE PAGE 4

CENTRAL BANK OF THE BAHAMAS

SCB ISSUES WARNING ABOUT ‘SCAM’ COMPANY By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Securities Commission of The Bahamas has issued a warning about an unlicensed “scam” company that it says is part of a “noticeable increase” in the number of such firms seen operating since the onset of the COVID-19 pandemic. The Securities Commission of the Bahamas (SCB), in notice to the media, said: “It has come to the attention of the Commission that the entity referred to as FX Primary Ltd or FXPrimary LLC, may be conducting activities that are either registrable/licensable or illegal under one or more of the Acts.” Christina Rolle, executive director of the SCB, told Tribune Business consumers should remain vigilant when dealing with companies online. She said: “These scammers know that people are hurting for money and when people are hurting for

CHRISTINA ROLLE money, they are more susceptible to being drawn in by get rich quick schemes. It seems counterintuitive, but that’s how it is. “Regulators worldwide are reporting a marked uptick in financial schemes and frauds since the start of the pandemic.” The SCB’s notice also said: “The Commission hereby advises the public that this entity and its agents/representatives are not registered with/

SEE PAGE 4

“These scammers know that people are hurting for money and when people are hurting for money, they are more susceptible to being drawn in by get rich quick schemes. It seems counterintuitive, but that’s how it is.” Christina Rolle

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SBDC awards $735,000 to local shipping company By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN Andros business has received $735,000 from the Small Business Development Centre (SBDC), the largest amount of funding for any business through the agency. In a release to the media, the SBDC said that Central Andros Shipping (CAS) won $735,000 from Fidelity Bank (Fidelity) and the Bahamas Entrepreneurial Venture Fund (BEVF) through the SBDC. Nicholas Higgs, deputy director at the SBDC, said: “Having a client approved for funding is always exciting for us at the Access Accelerator. We understand the difficulty in accessing capital for Bahamian small businesses so, an approval for funding proves that the Access Accelerator is working to bridge the gap and provide real results for small businesses.”

VALENTINO MUNROE He continued: “Valentino has put in a lot of work and remained committed to the process. That dedication and willingness to work is ultimately how we are here at the funding stage. We simply provided the support he needed and we are very proud of Central Andros Shipping.” The release continued, “CAS, located on Andros,

SEE PAGE 5

THE TRIBUNE

Monday, August 30, 2021, PAGE 3

WHY BITCOIN PROFITS FROM CHINA’S MINING BAN By Chris Illing

HE cryptocurrency Bitcoin has gained around 70 percent in value within five weeks – although China is regulating the cyber currency ever more closely. In the long term, the ban from Beijing could even stabilize the crypto market. It’s a rapid comeback. In mid-July, the world’s most important cryptocurrency, Bitcoin, temporarily fell below the $30,000 mark and its value had more than halved since the record high in mid-April. Reports that China would tighten regulation of the crypto market and ban Bitcoin mining accelerated the price slide at the time. Bitcoin disrupts the economic order and makes money laundering easier, the Chinese authorities said. As early as the end of June, Beijing pulled the plug on many server farms in the country and hit the centre of Bitcoin mining hard: almost 70 percent of all Bitcoin miners worldwide have been in China to date, but now almost all Bitcoin mining pools in China are closed. But Bitcoin has recovered surprisingly quickly from this blow. Since midJuly, the cryptocurrency has increased in value by around 70 percent and passed $50,000 at the end of August. The ever-tighter regulation of various economic sectors has brought the Chinese stock market to its knees – China’s tech giants such as Alibaba, Tencent or Didi have lost billions in market value due to tough control from Beijing. But the valuations on the crypto market have risen significantly since mid-July. How can that be? There are three arguments why the Beijing ban should be viewed as positive overall for Bitcoin and the crypto market: more security through

decentralization, less volatility in the long term and, in the foreseeable future, probably less use of climate-damaging energies when mining Bitcoin. “Many had feared that Bitcoin would fail if the Chinese miners closed,” said crypto entrepreneur and known Bitcoin fan Marc Friedrich: “Now we’ve seen the opposite.” Decentralization: Bitcoin miners are currently increasingly migrating to Kazakhstan or the USA. Texas, Wyoming and the Miami region are currently creating incentives for the immigration of Bitcoin miners. “In the future, the mining locations will be distributed much more globally than before,” says CoinIX CEO Fromm. Decentralization is one of the core ideas of blockchain technology. If the influence of a single country decreases significantly, the security of the Bitcoin network increases too. Background: The computers represented in the network must confirm the transactions in the Bitcoin network and ensure that, for example, Bitcoin amounts cannot be spent twice. Decentralization plays an important role here: Whoever controls the majority of the network could theoretically also influence the security of Bitcoin. The dwindling mining concentration in China has a positive effect on the security of the cryptocurrency. Take volatility, for example: The recent strong fluctuations in the price of Bitcoin could decrease with the dwindling influence of China – and investor confidence in the cryptocurrency could increase. In the past, regulatory interventions by China had regularly led to extreme price fluctuations for Bitcoin and Co: When the Chinese central bank

“Many had feared that Bitcoin would fail if the Chinese miners closed. Now we’ve seen the opposite.” Marc Friedrich from China to subside. A more stable and less volatile Bitcoin course could be the result. Take energy consumption, for example: Bitcoin’s high energy consumption, which in China is still mainly fed from fossil fuels such as coal, could possibly be reduced by the departure of Bitcoin miners from China. When mining Bitcoin, large computer systems must solve extremely complicated arithmetic tasks by merging their performance. Bitcoin miners provide enormous computing power to generate the next block on the blockchain. In this process, new Bitcoin coins are created – but this process also devours vast amounts of energy. Bitcoin mining has

grown into a significant industry that requires a lot of energy, electronic equipment and space, and creates many jobs. The latest price rally in recent weeks has shown that the end of the mining farms in China did not inflict a fatal blow on Bitcoin, on the contrary, it made the digital currency more attractive to investors. They expect more stability, both in terms of the security of the Bitcoin network and the volatility of the Bitcoin exchange rate. Bitcoin’s carbon footprint is of course still too big but at least the miner exodus from China has strengthened the trend towards a more sustainable electricity mix.

BITCOIN banned Bitcoin transfers to banks at the end of 2013, the price plummeted by 50 percent within three weeks. When Beijing closed local crypto exchanges in autumn 2017, prices fell by around 30 percent within a few days. The hope of many crypto investors: if China hardly

plays a role in Bitcoin mining any more and as long as Beijing’s central bank tolerates the unpopular Bitcoin currency at least as an “investment alternative” (as the deputy governor of the Chinese central bank, Li Bo recently put it), then one could expect the disruptive fire

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HELP WANTED COOKS WANTED FOR AN ASIAN RESTAURANT MUST HAVE 5 YRS EXPERIENCE IN INDIAN COOKINGWITH KNOWLEDGE OF INDIAN LANGUAGE AND SPICESOF NORTH & SOUTH INDIA.

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PAGE 4, Monday, August 30, 2021

THE TRIBUNE

RESERVES BOLSTERED BY $247M FROM IMF FROM PAGE ONE

currencies that make up the composition of the respective countries’ international reserves and used directly to meet economic needs. In particular, countries can decide whether policy buffers would be used to increase the flexibility of fiscal and monetary policies, including for pandemicrelated deficit financing, debt management operations, promoting external debt sustainability, financial stability or balance of payments needs,” the release added. John Rolle, governor of the central bank said earlier in the year that foreign reserves stood at $2.26 billion at the end of March. He added at a press conference on the bank’s Q2 briefing earlier in August that the restrictions on bank capital imposed last year had provided at least a $200m cushion for the external reserves. However, the bank further explained in the release that the lingering impact of COVID-19 on the tourism industry is what precipitated this move on IMF SDR funds. “In terms of The Bahamas, the spread

THE INTERNATIONAL MONETARY FUND HEADQUARTERS. of COVID-19 adversely impacted tourism, which provides the bulk of foreign currency earnings. With the sector remaining largely offline for approximately one year, the Central Bank introduced foreign

exchange conservation measures to maintain external stability and protect the external reserves, and by extension, the exchange rate peg. “These measures included the suspended

dividend approvals for all foreign-owned commercial banks, and suspension of access to foreign exchange for investment currency purchases and financing of Bahamas Depository Receipts (BDRs), both

being categories of external portfolio investments. For balance of payments sustainability, the Central Bank also endorsed a strategy that increased the Government’s reliance on foreign currency borrowing

to finance the larger deficits.” The bank also said: “The Central Bank intends to use the SDR allocations for foreign reserve management operations, in particular holding them available for any increase in foreign exchange needs expressed through the private and public sectors. Any amounts converted to US dollars would attract costs to the Central Bank at the prevailing interest rate on SDRs, which is currently 0.05 percent. This is a weighted average of the short-term interest rates on Government debt of the countries and regions represented in the basket of currencies that make up the SDR. This SDR is “not earmarked” for government lending and in no way adds to the government’s overall debt or the bank’s liability to the central government. The bank also said, “These allocations improve space for the Central Bank to relax the remaining foreign currency conservation measures, which suspended access to foreign exchange for external investments by Bahamian residents.”

SCB issues warning about ‘scam’ company FROM PAGE ONE licensed by the Commission. Additionally, this entity has not made the requisite applications to be registered/licensed by the Commission. Therefore, any registrable/licensable activity conducted, in or from The Bahamas, by this entity and its agents/representatives is in violation of one or more of the Acts. “If this entity or its agents/representatives claims to be legally authorized or licensed to engage in any aspect of the securities industry in or from The Bahamas, they have committed an offence and are liable for criminal prosecution and/or regulatory sanctions under the relevant laws of The Bahamas.

“Individuals currently (or perhaps contemplating) conducting business with the aforementioned entity or its agents/representatives, should be cognizant that they are doing so with an entity and/or agents who are not authorized or regulated by the Commission. An SCB notice in July warned of another scam company, RAY-E Securities Investment Company for doing essentially the same thing as FX Primary Ltd with the addition of RAY-E promoting a false certificate claiming to be from the SCB when the SCB never gave them one. The SCB said about RAY-E at that time: “The websites display a Certificate of Registration,

#SIA-F256, purportedly issued by the commission. It is not a legitimate or legal certificate and it was NOT issued by the commission. It is a false and fraudulent document.” Listings of the Commission’s registrants and licensees who are authorized to engage in securities, investment funds or the financial and corporate service businesses, in or from The Bahamas, are located on the Commission’s website. If a company or an individual does not appear on those listings, one can reasonably presume that that company or individual is not registered with or licensed by the Commission.

THE TRIBUNE

SBDC awards $735,000 to local shipping company FROM PAGE ONE will begin providing mail boat and cargo shipment services between Nassau and Andros and Florida and Andros by the end of 2021.” Valentino Munroe, owner of CAS, faced many delays since starting his business in 2017. However, leaning on passion and lessons taught to him from a child, the Andros native now has the necessary capital to officially operate. Mr Munroe was born in the community of Staniard Creek, Andros, where he attended Staniard Creek Primary School and Central Andros High School, finishing his secondary education at Queen’s College in New Providence. It was on Andros that a love for learning and business was instilled in him by his family. Carrying on a legacy near to his heart Mr

Munroe is excited to build an entity that will last for future generations. “We started Central Andros Shipping in 2017,” he said. “My father, the late Captain Prince Munroe, provided mail boat services to the island of Andros for more than 40 years. He and his uncle built their first vessel in the early ‘60s. Unfortunately, he lost his vessel several years ago due to an unfortunate incident. When he passed away in late 2020s, my family and I committed to honouring his legacy. I am pleased to have the opportunity to build on the foundation that he and my mom, the late Branhilda Munroe, have laid. I hope to be a great example on building and expanding family business legacies that last for generations,” Mr Munroe said. He continued, “My mother instilled in me

early a love for learning. So, I pursued my education because it always made my mom smile when I did well. I had the privilege to work with my dad for many years too. Working with my father is where I learned the mail boat business and how to serve people. He believed in the importance of treating people with respect. I’m a systems engineer by profession, but my first professional training is in maritime shipping. The discipline required during this experience taught me leadership and how to overcome challenges; principles that still guide me today.” The release also said: “Now a funded client of the Access Accelerator, Munroe can finally bring the vision for CAS to fruition. “Mr Munroe said, ‘Our vision is to transform shipping in The Bahamas using our knowledge

of technology to develop logistical customer centric systems to reduce cost and improve efficiency. CAS is in the market to purchase a 180ft vessel. The funding will primarily be used for that purpose and to develop our shipping infrastructure so that we can service our routes effectively. I look forward to having the opportunity once again to serve the Andros community, from north to south building on the legacy of service that was the foundation of my dad’s success over the many years. Andros is home and we are ready to help support Androsian families and expand Andros’ economy.’ “Grateful for the assistance from the Access Accelerator, Mr Munroe shared that the organization directed his focus and supported him through the process.

Monday, August 30, 2021, PAGE 5

“The Access Accelerator has been a tremendous help. The training offered as part of the application process is useful in helping to direct your focus on critical business issues that sometimes may be overlooked in our pursuits,” Mr Munroe said. “The staff are courteous, and passionate about your success. The team really goes overboard to ensure that you advance through the process as an applicant. The Access Accelerator team really becomes a part of your team and provides you with the support to complete the process successfully. Honestly, with their support, and your commitment as an applicant, you cannot not be approved for funding. The process may take a while, but it will happen.” Hoping that his work was not in vain after having overcome a few obstacles, Mr Munroe said, “The

business journey has been tough and heartbreaking, and sometimes discouraging. It is a long road, but once you get going it is a rewarding experience. The opportunity to build something that creates employment and to be able to provide for your family in such a way is all worth it.” The release also said: “The Access Accelerator is the product of a tripartite arrangement between the Government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Centre works to guide the development, funding, growth, and evolution of Micro, Small and Medium-sized Enterprises (“MSMEs”) in The Bahamas.”

ASIAN TOURISM SEES UPS, DOWNS IN 2ND YEAR OF PANDEMIC By The Associated Press

FROM the Great Wall to the picturesque Kashmir valley, Asia’s tourist destinations are looking to domestic visitors to get them through the COVID19 pandemic’s second year. With international travel heavily restricted, foreign tourists can’t enter many countries and locals can’t get out. In the metropolis of Hong Kong, glamping and staycations have replaced trips abroad for at least some of its 7.4 million residents. Across the Asia-Pacific region, international tourist arrivals were down 95% in the first five months of the year, compared to the same

period before the pandemic in 2019, according to the U.N. World Tourism Organization. New variants of the virus loom — a constant threat to any recovery in even domestic tourism. Warnings of a possible third wave in India worry Imraan Ali, whose houseboat on Kashmir’s Dal Lake is his only source of income. “Since we are expecting a good influx of tourists, we don’t want that to be affected,” he said. Tourists are returning to the valleys and mountains in Indian-controlled Kashmir, as infections in the Himalayan region and nationwide come down after a deadly second wave earlier this year.

The “shikaras,” or traditional Kashmiri houseboats, are back on the calm waters of Dal Lake as Indians travel at home. India is reporting about 30,000 new coronavirus cases a day, down from a peak of 400,000 in May but still enough for many countries to restrict travelers from India. Nihaarika Rishabh said she and her husband were relieved to finally get away from their home in the city of Agra for their honeymoon, after their wedding was postponed during the second wave. The vacation in Kashmir has helped calm their nerves after months of the pandemic, she said.

MANAGER - MARKETING INFORMATION SYSTEM (M.I.S.) DEPARTMENT GENERAL FUNCTION The person operating in the capacity of the Manager of the M.I.S. Department is responsible for creating the strategic direction, mission and vision which will initially accomplish the objectives of the Marketing Information Systems Department as stipulated by the existing project documents and execution plan. This is a management position with responsibilities that align the project’s technical development and output with international industry potential. This person will be able to professionally communicate, implement and evaluate this project and lead and direct a team of Data collectors in New Providence as well as in the Family Islands. The Manager of the M.I.S. Department will work to develop the department’s sustainability within the Corporation while considering a formal business continuity plan in a COVID-19 environment. This person should be a professional committed to the development of a secure and sustainable marketing information system and national communications infrastructure. GENERAL DUTIES

1. 2. 3. 4. 5.

Intimately review and understand all documentation related to project Assist project committee in execution of project goals from point of hire Scheduling and attendance of mandatory project based training Supervise and develop Data Collectors work processes Work with Family Island Domestic Investment Offices to develop reporting goals, guidelines and skills for temporary data collectors 6. Direct involvement in the testing phase of the project 7. Develop strategic plan for M.I.S. Department based on project goals 8. Randomly participate in data collection activities to ensure that Collectors are following recommended safety guidelines and are operating professionally 9. Create security strategy to protect the integrity and confidentiality of system users 10. Monitor all data collectors and develop a weekly rotational in house schedule 11. Professional reports to the Corporation’s Board or Executive Management as requested 12. Responsible for tracking department vehicle status, approval of gas vouchers and checking function of department tablets 13. Supervise and guide department team

QUALIFICATIONS

1. Bachelors Degree in Business Administration, Project Management or related field, with a minimum of 3 years of progressive experience administration and management or 2. Minimum of 5 years of progressive experience and responsibilities in administration, communications or project management.

SKILLS

1. Advanced reporting, analytical and administrative skills 2. Understanding & experience in data collection, analysis, work scheduling and people management 3. Advanced computer literacy skills. 4. Communication and presentation skills 5. Project management skills 6. Strategic planning and customer relationship skills

Application with full particulars of personal history and experience should be sent to: 242jobsbahamas@gmail.com

CHUB CAY RESORT AND MARINA Is seeking full-time worker for the following position:

Duties:

HUMAN RESOURCE MANAGER

Recruitment and selection – • Procure, shortlist and vet applicants through various techniques • creating job descriptions, • contract preparation and negotiations, • arranging for employee relocation by providing packing checklists, arranging air and ground transportation etc. Compensation and benefits – • Preparation of bi-weekly payroll • Preparation and distribution of pay slips • Completion of pertinent NIB forms such as sickness or industrial accident claims. Discipline – • Preparation, distribution and recording of disciplinary actions (written warnings, suspensions, terminations) • conducting periodic follow-up meetings with staff and superior to ensure changes were made • collaborating with legal department regarding employment matters such as pending grievances with former employees Employee relations – • Implementing and organizing social events within the community to promote work/ life balance • Organizing staff incentive and awards (employee of the month, annual awards, birthday incentives etc.) • Completion of applications for short-term and long-term work permits for non- nationals • One-on-one counselling and mentoring for employees experiencing issues on/off the job Qualifications: • Minimum 7 years proven working experience as HR Manager or other HR Leader • Mid-level supervisory experience and experience working independently spearheading a department • Bachelor’s degree and/or HR certification is an asset Position include competitive salary, complimentary housing and daily meals. Candidate must be willing to relocate to a small island for work (other family members are not able to join in relocation). Only shortlisted candidates will be contacted. Please email resume, government ID (passport and NIB card), current police record and copies of pertinent certificates to: careers@chubcay.com

PAGE 6, Monday, August 30, 2021

THE TRIBUNE

Anxious tenants await assistance as evictions resume By MICHAEL CASEY AND MICHELLE LIU Associated Press COLUMBIA, S.C. (AP) — Six months after Congress approved spending tens of billions of dollars to bail out renters facing eviction, South Carolina was just reaching its first tenants. All nine of them. Like most states, it had plenty of money to distribute — $272 million. But it had handed out just over $36,000 by June. The pace has since intensified, but South Carolina still has only distributed $15.5 million in rent and utility payments as of Aug. 20, or about 6% of its funds. “People are strangling on the red tape,” said Sandy Gillis, executive director of the Hilton Head Deep Well Project, which stopped

referring tenants to the program and started paying overdue rent through its own private funds instead. The struggles in South Carolina are emblematic of a program launched at the beginning of the year with the promise of solving the pandemic eviction crisis, only to fall victim in many states to bureaucratic hurdles, political inertia and unclear guidance at the federal level. The concerns about the slow pace intensified Thursday, after the Supreme Court blocked the Biden administration from enforcing a temporary ban that was put in place because of the coronavirus pandemic. Some 3.5 million people in the U.S. as of Aug. 16 said they face eviction in the next two months, according

to the U.S. Census Bureau’s Household Pulse Survey. “The Supreme Court decision undermines historic efforts by Congress and the White House to ensure housing stability during the pandemic,” Diane Yentel, CEO of the National Low Income Housing Coalition, said in a statement. “State and local governments are working to improve programs to distribute emergency rental assistance to those in need, but they need more time; the Supreme Court’s decision will lead to many renters, predominantly people of color, losing their homes before the assistance can reach them.” The Treasury Department said this week that just over $5.1 billion of the estimated $46.5 billion in

APPLICANTS at a rental assistance fair for Jackson residents at the Mississippi Trademart, line up to be assigned the proper station in the state Fairgrounds, Saturday, July 24, 2021, in Jackson, Miss. States have begun to ramp up the amount of rental assistance reaching tenants but there are still millions of families facing eviction who haven’t gotten help. The Treasury Department says just $5.1 billion of the estimated $46.5 billion in federal rental assistance, or only 11%, has been distributed by states and localities through July. Photo:Rogelio V. Solis/AP federal rental assistance — only 11% — has been distributed by states and localities through July. This includes some $3 billion handed out by the end of June and another $1.5 billion by May 31. Nearly a million households have been served and 70 places have gotten at least half their money out, including several states, among them Virginia and Texas, according to Treasury. New York, which hadn’t distributed anything through May, has now distributed more than $156 million. But there are 16 states, according to the latest data, that had distributed less than 5% and nine that spent less than 3%. Most, according to the National Low Income Housing Coalition, are red states, often with tough-to-reach rural populations. Besides South Carolina, they include Alabama, Arizona, Arkansas, Iowa, Indiana, Florida, Nebraska, North and South Dakota, Mississippi and New Mexico. There are myriad reasons for the slow distribution, according to the group. Among them is the historic amount of money — more than the Department of Housing and Urban Development’s annual budget — which required some 450 localities to create programs from scratch. Getting the money out is also complicated by the fact that checks aren’t sent directly to beneficiaries like, for example, the child tax credit.

“A lot of states are lagging behind. The fact that this many states still have distributed so little is worrisome.” National Low Income Housing Coalition research analyst States and localities have also struggled with technology and staffing, as well as reaching tenants without access to the internet, or small landlords unaware of the help. Some have applications so complicated they scare off prospective applicants or have income documentation and pandemic impact requirements that can be time-consuming. Efforts to use coronavirus relief money for rental assistance last year faced similar challenges. “A lot of states are lagging behind,” said Emma Foley, a research analyst with the National Low Income Housing Coalition. “The fact that this many states still have distributed so little is worrisome.” In South Carolina, lawmakers were slow to roll out the state’s program, waiting until April to charge the state housing authority with distributing the money. It took weeks to set up its program, with the first help not going out until June. Housing advocates have also criticized the reams of documentation required and the months of waiting for tenants to find out whether they qualify. Shaquarryah Fraiser applied in May and is still waiting to hear whether she will get help paying months of back rent for the mobile home she rented with her mother for $550 a month in Sumter, South Carolina. Fraiser’s mother died of

COVID-19 last year, and the 29-year-old fell behind after getting sick herself with pneumonia and losing her phone survey job. “It’ll take a lot of stress off of me. I won’t be so anxious about this situation,” said Fraiser of the prospect of getting the help. In Arizona, delays have led to plenty of finger-pointing. Arizona’s House Democrats this month blamed the state for the delays in getting the money out — less than $7 million of its $900 million through July. Arizona’s Department of Economic Security points out the federal money has been allocated to 13 different jurisdictions, not just the state, and blames cities and counties for the slow rollout. “We have offered to assist overwhelmed jurisdictions with their workloads,” the department’s director Michael Wisehart wrote in a response to lawmakers. “Regrettably, no jurisdiction has chosen to partner in this way.” Meanwhile, Arizona landlords and housing nonprofits blamed much of the problem on regulatory requirements tied to the money. Mississippi, which has given out $18.6 million of its $200 million through Aug. 23, has struggled to reach smaller landlords and renters, many of whom live in rural areas without internet access.

NOTICE NOTICE is hereby given that BIANCA CHRISTINA GEORGES of Armbrister Street, Francis Avenue, P.O Box SS-5120 Nassau, The Bahamas 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 23rd day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JEAN PAUL CHARLES of #9 Sandilands, Village Road, P.O Box SB50610 Nassau, The Bahamas 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 23rd day of August, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, August 30, 2021, PAGE 7

A SIGN displays the price for shirts as a shopper peruses the offerings at a Costco warehouse in this photograph taken Thursday, June 17, 2021, in Lone Tree, Colo. Growth in U.S. consumer spending slowed in July to a modest increase of 0.3% while inflation over the past 12 months rose to the fastest pace in three decades. Photo:David Zalubowski/AP

July US consumer spending ekes up 0.3% as delta threatens By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — Growth in U.S. consumer spending slowed in July to a modest increase of 0.3% as infections from the delta variant spread, while inflation over the past 12 months hit its fastest pace in three decades. Last month’s spending was not even a third of the 1.1% rise in June, the Commerce Department reported Friday. It was the clearest signal yet that the surge in the delta variant of the coronavirus has had an impact on consumer spending, the driving force in the economy. Consumer prices over the past 12 months have risen 4.2%, the biggest 12-month gain since a 4.5% increase for the 12 months ending in January 1991. This price index tied to consumer spending is the inflation gauge preferred by the Federal Reserve. The 4.2% increase over the past year is well above the Fed’s annual inflation target of 2% but so far Fed

officials view the jump in inflation as transitory and have not changed their easy-money policies in the belief that rising infections could become a threat to future growth. In a speech Friday, Fed Chairman Jerome Powell continued to express optimism that the jump in inflation is temporary and will not require the Fed to raise interest rates to tamp down inflation. “The spike in inflation is so far largely the product of a relatively narrow group of goods and services that have been directly affected by the pandemic and the reopening of the economy,” Powell said, effects that “should wash out over time.” Powell did say the Fed could begin trimming its $120 billion in monthly bond purchases later this year, a maneuver used to lower long-term interest rates, as long as the labor market continues to improve. Rising inflation and infections are taking a toll on consumer confidence. The University of Michigan’s consumer sentiment

index, released Friday, fell sharply in August to a reading of 70.3, down from 81.2 in July. But economists said they are looking for a rebound in confidence once the inflation spike and COVID-19 cases begin to recede. Incomes, which provide the fuel for future spending, rose a solid 1.1% in July reflecting in part the strong job gains that month. The government reported Thursday that the overall economy as measured by the gross domestic product, rose by a solid 6.6% in the April-June quarter. While economists have trimmed their forecasts for growth in the current quarter based on the virus resurgence, analysts still believe if COVID-19 cases recede in the final four months of 2021, the country will experience its strongest growth since the mid-1980s this year. “We believe cooler consumer spending growth is more likely than consumers retrenching and the economy going into reverse,” said Lydia Boussour, lead U.S. economist at Oxford Economics.

PAGE 8, Monday, August 30, 2021

THE TRIBUNE

STOCKS RALLY TO RECORDS AMID RELIEF RATES WILL REMAIN LOW By STAN CHOE AP Business Writer NEW YORK (AP) — Wall Street rallied to records on Friday after the head of the Federal Reserve said it’s still far from pulling interest rates off the record low that’s helped markets soar, even if it does begin dialing back its support for the economy later this year. The S&P 500 rose 39.37, or 0.9%, to 4,509.37 to top its prior all-time high set on Wednesday, part of a

widespread rally that swept up everything from bonds to gold. The Dow Jones Industrial Average climbed 242.68 points, or 0.7%, to 34,455.80, and the Nasdaq composite gained 183.69, or 1.2%, to 15,129.50. Stocks have set record after record this year thanks in large part to the Federal Reserve’s massive efforts to prop up the economy and financial markets. But the gains had grown more tentative as the beginning of the end of the Fed’s

assistance came into sight, now that the unemployment rate has dropped and inflation has picked up. In a speech that investors have had circled for weeks, Fed Chair Jerome Powell said that the economy has met one big milestone the central bank had set to slow the $120 billion in bond purchases it’s making each month. That could mean a paring back by the end of the year of the purchases, which are meant to keep longer-term interest

rates low and to juice the economy. But Powell also cited past mistakes where policy makers made premature moves in the face of seemingly high inflation, stressing again that today’s high inflation looks to be only temporary. He also made clear that a slowing of the Fed’s bond purchases doesn’t mean a rise in shortterm rates is imminent. That would require the job market and inflation to hurdle “substantially more stringent” tests. “We have much ground to cover to reach maximum employment,” Powell said. At the end of Powell’s speech, many investors took it as a sign the Fed will keep supporting the market with low interest rates, which can act like steroids for stocks. In the lingo of Wall Street, it was “dovish” in tone rather than “hawkish,” which would have advocated for a quicker rise in rates. “He not as much spoke it as he cooed it,” said Ernesto Ramos, U.S. chief investment officer at BMO Global Asset Management. “He was super dovish.”

Stocks of companies whose profits are most closely tied to the economy made the biggest gains following the speech. Smaller companies were particularly strong, with the small-cap Russell 2000 index up 2.9%, more than triple the gain for the big stocks in the S&P 500. They often do best when investors feel more optimistic about lower rates and a stronger economy. “Markets are loving it,” Ramos said. But he also cautioned that the longer ultralow interest-rate policy helps to prop up the markets, the withdrawal may be worse once it’s finally exhausted. “It strengthens our view that markets will continue to do well this year,” he said. But “when the accommodation is fully removed, how bad of a hangover will it be? Just like a party, the hangover is less bad if you leave earlier.” Treasury yields were lower, but only after some swings. After sitting at 1.35% shortly before Powell’s speech, the yield on the 10-year Treasury sank as Powell cited past instances

where policy makers prematurely raised interest rates on worries about short-term bursts in inflation, saying “such a mistake could be particularly harmful” now. Yields later recovered a bit of their drops after Powell said “substantial further progress” has been made on its inflation goals, one of the two milestones needed for the Fed to slow its bond purchases. The other, which focuses on employment, has shown progress, but Powell did not say it had been fulfilled. The yield on the 10-year Treasury was at 1.30% late Friday, down from 1.34% late Thursday. Of course, Powell also said that the delta variant of the coronavirus is complicating things, though he still expects improvements to continue. The faster-spreading delta variant has already slowed some economic activity. A report on Friday showed that consumer spending in the country rose 0.3% in July from June, a sharp slowdown from the prior month’s 1.1% jump.

IN this March 23, 2021 file photo, pedestrians walk past the New York Stock Exchange in New York’s Financial District. Stocks are opening higher on Wall Street Friday, Aug. 27, as traders wait to hear what Federal Reserve Chair Jerome Powell says in a speech at the Fed’s annual conference. Photo:Mary Altaffer/AP

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Monday, August 30, 2021, PAGE 9

HOUSE PANEL SEEKS RECORDS FROM TECH COMPANIES IN RIOT PROBE By MICHAEL BALSAMO Associated Press WASHINGTON (AP) — The House panel investigating the riot at the U.S. Capitol issued sweeping document requests on Friday to social media companies, expanding the scope of its investigation as it seeks to examine the events leading to the Jan. 6 insurrection. The requests were issued to technology giants, including Google, Twitter, Facebook, YouTube and

TikTok, and also to Reddit, Parler, Telegram, 4chan, 8kun and other platforms. The committee asked 15 companies to provide copies of any reviews, studies, reports or analysis about misinformation related to the 2020 election, foreign influence in the election, efforts to stop the election certification and “domestic violent extremists” associated with efforts to overturn the 2020 election, including the attack on the Capitol.

“We have received the request and look forward to continuing to work with the committee,” Facebook said in an emailed statement. Google, which owns YouTube, also confirmed receipt of the letter and said it would work with Congress. “The events of January 6 were unprecedented and tragic, and Google and YouTube strongly condemn them. We’re committed to protecting our platforms from abuse, including by rigorously enforcing our policies

IN this Jan. 6, 2021, file photo insurrections loyal to President Donald Trump confront U.S. Capitol Police officers outside the Capitol in Washington. The House panel investigation of the riot at the U.S. Capitol issued sweeping document requests on Friday, Aug. 27, to social media companies, expanding the committee’s investigation as it seeks to examine the events leading to January’s insurrection. Photo:Manuel Balce Ceneta/AP

4 Line 3 protesters arrested at Minnesota Capitol ST. PAUL, MINN. Associated Press MINNESOTA troopers on Friday arrested four people protesting Enbridge Energy's Line 3 replacement pipeline project at the state Capitol. Videos posted on social media showed law enforcement officers surrounding about a dozen protesters. About 1,000 demonstrators gathered earlier in the week for a major rally calling on Democratic Gov. Tim Walz and President Joe Biden to pull permits and shut down the replacement pipeline project.

Department of Public Safety spokesman Bruce Gordon told the Minneapolis Star Tribune that the arrests happened after a teepee remained on the Capitol grounds Friday after the event permit expired Thursday evening. The State Patrol, which is responsible for Capitol security, met with tribal liaisons, owners of the tepee and other group leaders "to come to an agreement for the group to voluntarily take the tepee down," he said in an email. "The tepee was removed by its owners while troopers provided security today. Personal property that

remained at the site was also removed by members of the group," Gordon said. "Some individuals were uncooperative with creating space for the tepee to come down." He said four people were arrested for misdemeanor trespass and two more were cited and released for obstruction. Indigenous and environmental activists who oppose the pipeline argue the project violates Native American treaty rights and will aggravate climate change and risk spills that would contaminate areas where Indigenous people hunt, fish and gather wild rice.

for content related to the events of January 6,” the company said. Twitter declined comment about the document request. The requested documents are being sought in what is expected to be a lengthy, partisan and rancorous investigation into how the mob was able to infiltrate the Capitol and disrupt the certification of Democrat

Joe Biden’s presidential victory, inflicting the most serious assault on Congress in two centuries. Earlier this week, the committee sent out another request for documents from intelligence, law enforcement and other government agencies. The largest request so far was made to the National Archives for information on former President Donald

Trump and his former team. Trump accused the committee of violating “long-standing legal principles of privilege.” Committee members are also considering asking telecommunications companies to preserve phone records of several people, including members of Congress, to try to determine who knew what about the unfolding riot and when they knew it.

PAGE 10, Monday, August 30, 2021

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THIS Feb. 9, 2019, file photo shows a sign bearing the company logo outside a Tesla store in Cherry Creek Mall in Denver. A Tesla using its partially automated driving system slammed into a Florida Highway Patrol cruiser Saturday, Aug. 28, 2021 on an interstate near downtown Orlando and narrowly missed its driver, who had pulled over to assist a disabled vehicle. Photo:David Zalubowski/AP

TESLA ON PARTAUTOMATED DRIVE SYSTEM SLAMS INTO POLICE CAR ORLANDO, FLORIDA Associated Press

A TESLA using its partially automated driving system slammed into a Florida Highway Patrol cruiser Saturday on an interstate near downtown Orlando and narrowly missed its driver, who had pulled over to assist a disabled vehicle. Earlier this month, the U.S. government opened a formal investigation into Tesla’s Autopilot driving system after a series of similar collisions with parked emergency vehicles. The trooper whose cruiser was hit shortly before 5 a.m. Saturday had activated his emergency lights and was on the way to the disabled vehicle when the Tesla hit the cruiser’s left side and then collided with the other vehicle, highway patrol spokeswoman

Lt. Kim Montes told The Orlando Sentinel. The report said the 27-year-old man in the Tesla and the driver of the disabled vehicle suffered minor injuries and the trooper was unhurt. Tesla did not immediately respond to an email sent to its press address. Autopilot has frequently been misused by Tesla drivers, who have been caught driving drunk or even riding in the back seat while a car rolled down a California highway. The electric vehicle maker uses a camera-based system, a lot of computing power, and sometimes radar to spot obstacles, determine what they are, and then decide what the vehicles should do. But researchers say it has had trouble with parked emergency vehicles and perpendicular trucks in its path.

The National Highway Traffic Safety Administration opened the Tesla probe after tallying 11 crashes since 2018 in which Teslas on autopilot or cruise control have hit vehicles where first responders have used flashing lights, flares, an illuminated arrow board or cones warning of hazards. In those crashes, 17 people were injured and one was killed, the NHTSA said. An investigation could lead to a recall or other enforcement action. The National Transportation Safety Board, which also has investigated Tesla crashes, has recommended that NHTSA and Tesla limit the autopilot’s use to areas where it can safely operate. It also recommended that Tesla be required to improve its system to ensure drivers pay attention.

Amazon teams with Affirm to offer buy-now-pay-later option SAN FRANCISCO Associated Press AMAZON is teaming with payments company Affirm to offer online shoppers a buy-now-pay-later option that does not involve credit cards. San Francisco-based Affirm Holdings Inc. announced Friday that its flexible payment service will soon be available on Amazon.com.

The news sent Affirm's stock up more than 35% in after-hours trading. With the service, Amazon customers can split the total cost of purchases of $50 or more into monthly payments, and are told the total cost of the transaction up front. Affirm said there are no late fees. Affirm said the two companies are testing the service with a group of customers and that it will be more broadly available in coming months.

Earlier this month, digital payments company Square Inc. acquired Afterpay, which provides a buy-now-pay-later option for merchants. Installment plans are popular with retailers because they encourage customers to spend more money. And they enable customers with insufficient funds or credit at the time of purchase to walk out of a store — or check out online — with the item they want.

THE TRIBUNE

Monday, August 30, 2021, PAGE 11

Microsoft fixes cloud platform vulnerability after warning REDMOND, WASH. Associated Press MICROSOFT says it has fixed a flaw in its cloud computing platform that cybersecurity researchers warned could have enabled hackers to take over a cloud-based database product used by many big companies. The company said Friday there’s no evidence the potential opening was exploited by malicious actors or that any customer data was exposed. The cybersecurity firm Wiz, led by former Microsoft employees, said it discovered what it called an “unprecedented critical vulnerability” in Microsoft’s Azure cloud platform and notified the tech giant earlier in August. Microsoft paid the firm a bounty for the discovery and said it immediately fixed the problem. If exploited, the flaw could have affected “thousands of organizations, including numerous Fortune 500 companies,” according to a blog post from Wiz, which is based

in Israel and California. Microsoft said Friday it affected only a subset of customers using the product. Microsoft has already been in the hot seat over the hack of its Exchange email servers disclosed in March and blamed on Chinese spies. Its code was also abused to rifle through the emails of U.S. officials in an earlier hack pinned on Russian intelligence agents and more commonly associated with the software company SolarWinds. The cloud platform vulnerability disclosed this week, while apparently causing no harm, raised concerns about the security of cloud services provided by the tech industry, which businesses and governments increasingly rely on. After a White House cybersecurity summit Thursday, Microsoft pledged it would invest $20 billion in cybersecurity over the next five years and make available $150 million in technical services to help local governments upgrade their defenses.

IN this Wednesday, Feb. 3, 2021 file photo, the Microsoft company logo is displayed at their offices in Sydney. Microsoft says it has fixed a flaw in its cloud computing platform that cybersecurity researchers warned could have enabled hackers to take over a cloud-based database product used by many big companies. The company said Friday, Aug. 27, 2021 there’s no evidence the potential opening was exploited by malicious actors or that any customer data was exposed. Photo:Rick Rycroft/AP

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHARELLE SAUNDERS of Hartswell, Exuma, Bahamas and DION TAYLOR of Nassau, Bahamas, Parent of TONY EMMERSON NEWBOLD JR III, A minor intend to change my child’s name to TARELLE DIONTAE TAYLOR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

GN-2584

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Monday, August 30, 2021, PAGE 13

Sugar growers sue US over Florida reservoir water levels

WEST PALM BEACH, FLA. Associated Press SUGAR growers in Florida are suing the U.S, Army Corps of Engineers over proposed reservoir water levels they say will be far too low. The federal lawsuits filed this week by Florida Crystals’ Okeelanta Corp., U.S. Sugar and the Sugar Cane

Growers Cooperative say the current Corps plan won’t supply enough water for their fields. “Farmers need a secure supply of water, and all farmers need certainty as we plan and manage our planting schedules and crop rotation,” said Jaime Vega, vice president of agriculture at Florida Crystals. Jacksonville Commander Col. Andrew Kelly

defended the Corps’ work, saying the agency will balance water supply for both the environment and farmers. “We go through a very, very deliberate process, not only with our (environmental) analysis, but with all of the analysis it takes to figure out the best infrastructure to be put in the ground in the right place,” he said.

“So we’re pretty confident that the infrastructure plan that we have going forward is a good one.” The project in question is the Everglades Agricultural Area reservoir intended to cleanse tainted water so more can flow south as crucially needed toward Everglades National Park and Florida Bay.

In the lawsuits, Sugar Growers say the still-underconstruction reservoir should be kept at higher water levels than what is currently envisioned in a Corps of Engineers plan. Everglades restoration advocates say the growers are simply putting their priorities ahead of others. “They have always been at the front of the line and

now they are not happy with how the lake and the reservoir will be operated in a more equitable way,” said Eric Eikenberg, chief executive officer at the Everglades Foundation. The lawsuits are pending in West Palm Beach federal court. They ask a judge to order the Corps to return to a reservoir plan guaranteeing a greater water supply.