business@tribunemedia.net
THURSDAY, SEPTEMBER 2, 2021
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Tourism: 14% gap ‘very impressive’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TOURISM is “in the best possible position it could be” given COVID19 uncertainties with July’s stopover visitors just 14 percent down on prepandemic comparisons, a Cabinet minister revealed yesterday. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the industry had continued to deliver “a very impressive” rebound by attracting some 151,000 land-based visitors for July based on health travel visa data. While this represented just a 6,000 month-over-month increase compared to June’s 145,000 stopovers, Mr D’Aguilar added that the July figures were just 25,000 or 14 percent below their last pre-COVID comparison of 176,000 air arrivals during the same month in 2019.
• Minister hails July arrivals at 86% pre-COVID • Says key industry ‘in best position it could be’ • Has ‘no doubt’ 1m stopover target will be met With the gap between pre and post-COVID arrivals decreasing progressively every month, having been 30 percent in June, the minister said he had “no doubt” that The Bahamas will achieve his target of 1m stopover visitors for the 2021 calendar year.
DIONISIO D’Aguilar.
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THE National Tripartite Council (NTC) will meet today to develop a common position on whether employees should be made to pay for COVID testing amid fears the issue will explode into heated legal battles. Robert Farquharson, vice-chairman and chief
operations officer for the body created to resolve all workplace-related issues, told Tribune Business there has been “a significant increase” in inquiries from Bahamian workers as to whether their employers can require them to pay for weekly tests. Confirming that some of the largest Bahamian employers are the subject of these concerns, Mr Farquharson said he expected the issue to boil over into
CONCEPT DESIGN FOR ROYAL CARIBBEAN PI PROJECT.
Royal Caribbean pushes back PI Club completion By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ROYAL Caribbean has pushed back the construction completion date for its $50m Paradise Island project to May 2023 even though no phasing is involved, its Environmental Impact Assessment (EIA) reveals. The document, published ahead of the September 8
virtual public consultation on the cruise giant’s plans, says it hopes to start construction next month - a timeline that may now be regarded as optimistic given the permits and approvals that are still required. “Royal Caribbean proposes to commence construction in relation to the proposed project in October 2021. It
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FNM pledges BOB sell-off By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Free National Movement (FNM) yesterday pledged to sell-off the Government’s majority stake in Bank of The Bahamas if re-elected to office on September 16.
Unveiling its manifesto, the party promised to “divest the Government of its shareholdings in Bank of The Bahamas to a qualifying entity through an open and transparent process” although no further details were provided.
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litigation “in the very near future” after the likes of Atlantis warned that unvaccinated staff will have to pay for a weekly rapid antigen test to confirm they are infection free with effect from yesterday. However, Tribune Business previously reported that the Health and Safety at Work Act forbids employers from imposing any financial “levy” on staff
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THE PARADISE ISLAND LIGHTHOUSE.
Top cruise giant ‘running roughshod’ over PI fight • Entrepreneur taking ‘legal steps’ on RCCL move • Says his permission not needed on disputed acres • Competing Crown Land leases led to Gov’t turmoil
Council to seek consensus over COVID testing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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ROBERT FARQUHARSON
DARRIN WOODS
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN entrepreneur yesterday said he is taking legal advice over fears Royal Caribbean will “run roughshod” over the disputed Paradise Islandbased Crown Land that is subject to a legal dispute.
Toby Smith, the Paradise Island Lighthouse and Beach Club principal, told Tribune Business he plans to consult Wayne Munroe QC, also the PLP’s general election candidate for Freetown, on the “appropriate legal steps” he can take after the global cruise giant asserted in an e-mail that it did not need his permission
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Put your advertising into graphic motion
MOTION graphics can be used in pretty much any business. They can simplify storytelling, help guide users to better understand products and services, and can help pack massive amounts of information into bite-size, comprehensive videos. Motion design can assist web designers in producing enjoyable, easy to navigate and intuitive layouts for users through the implementation of grids, dynamic backgrounds, transitions and graphic cues. Motion graphics can also help web and app designers create a seamless transition from one screen to another. A user will not notice a screen shifting, and buttons moving, if the transition is animated. If you are in need of motion graphics for your business, here are a few types you should know about. Explainer Videos Explainer videos are short and digestible pieces of video content that tell viewers how your product works. These are used in most companies’ feeds because it explains services
might be selling a brand of seasoning. An instructional video will tell your audience (how) to incorporate it into a recipe. A motion graphics version of this video would be much more eye-catching, and full of personality.
The Art of
Graphix BY DEIDRE M BASTIAN
or product needs. If you are selling a product or service that is not simple, an explainer video is ideal. Some products are in need of a little more instruction. Instructional Videos Similar to explainer videos, an instructional video walks viewers through how to use your product. For example, you
User Interface (UI) Animation If you have created an app or digital platform, it is a smart idea to display it in action using motion graphics. This way, what your audience sees will be what they get. This display has the opportunity to show the best features of your platform. Logos What makes your brand even more memorable than its logo? A moving one. Icons This is the same concept as your logo. Find a way to manipulate them into action, as motion graphics is all about giving life to what is already there. Think of it as video CPR. Titles Titles do not have as many dynamics when
they are stock-still on the screen. Movement will draw attention, highlighting the importance and improving your communication. This is especially important if your motion graphics video does not have a voiceover to help the communication along. Infographics Let us face it. Even when an infographic is presenting really interesting data, sometimes we are tempted to speed-read over it because it is boring. Nevertheless, making your infographic move will ensure your audience’s eyes stay on the right information as intended. These types of motion graphics are most suited to platforms such as LinkedIn, where thought leadership prevails. Presentations You may be the best public speaker, but if you are presenting something on a screen that is completely flat this can really hurt the presenter’s message. Create movement to engage the audience, similar to infographics, to ensure that if you animate
significant parts of a presentation, a viewer response is guaranteed. Broadcast Graphics Broadcast graphics add more visual appeal to programmes where the scene rarely changes, such as a football pitch. An exciting motion graphic builds interest in the game as it progresses. GIFs A GIF (Graphical Interchange Format) is an image format that plays in short loops. GIF motion graphics are effective on social media. Motion graphic design has evolved from additional elements in videos, films and television productions to one of the most common types of advertising design and UX elements. If you are still undecided on whether to invest in this feature, the answer is ‘yes, you should’. This feature is a resourceful investment and can enhance your branding in a competitive way. The graphic world is clearly moving away from “paper” or “still life” advertising towards
motion software technologies. If commercial advertisements are not on top of their game, they will not be able to compete professionally on social media or any other platforms. Whatever your goal, motion graphics are the real deal, as they appeal to the young and the old while offering endless possibilities every time. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of A.Sc., B.Sc. and M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
TOP REALTOR DEPARTS DOWNTOWN FOR WESTERN NEW PROVIDENCE A MAJOR Bahamian realtor has moved its headquarters to western New Providence after outgrowing its seven-decade old base in downtown Nassau. George Damianos, Damianos Sotheby’s International Realty’s chief executive, and Lana Rademaker, its chief brokerage officer, announced that the realtor has relocated to its new home just west of the Lynden Pindling International Airport (LPIA) in Windsor Business Park. The team of 20 brokers and agents operating out
of Damianos Sotheby’s International Realty’s new flagship office will be led by Ms Rademaker, its co-owner, following the departure from a premises that the company has operated from since the 1940s. “Our Shirley Street office served us well for over seven decades, and we are proud to have been a part of the downtown business corridor for so long,” said Ms Rademaker. “But our sales and marketing team has grown so significantly over the past few years that
DAMIANOS SOTHEBY’S INTERNATIONAL REALTY HEAD OFFICE. we found we were outgrowing that space. “Creating an inviting and collaborative environment that comfortably accommodates our team, yet allows for future growth, guided our design strategy. We are excited for our office to once again become a hub for business activity that draws in our clients and encourages them to engage with our sales agents.”
In addition to providing more space for team members, the newly built-out 5,000 square foot headquarters provides Damianos Sotheby’s International Realty agents with the opportunity to better serve their clients as well as the thriving communities around New Providence. “When we set out to identify our new location,
we did so very mindfully,” Ms Rademaker said. “Our goal was not only to build a modern new head office, but to create a second home for our team members that would encourage gathering, professional development and the cultivation of relationships both internally and externally. “Investing in an environment that inspires career
advancement and peak performance is what defines our corporate culture. This is the legacy upon which this company was built, and it’s what sets us apart from our competitors.” Founded in 1945, Damianos Sotheby’s International Realty now has eight offices throughout The Bahamas.
GLOBAL FRANCHISE TEAMS WITH BAHAMIAN REALTOR A GLOBAL real estate franchise boasting more than $138bn in sales volumes last year has expanded to The Bahamas via a tie-up with LX Bahamas Luxury Realty Group. The latter, headed by James Bernard, its president, broker and senior appraiser, is joining the Berkshire Hathaway HomeServices brokerage network and will operate as Berkshire Hathaway HomeServices Bahamas Real Estate. It has one office and 19 agents, and will service the islands of New Providence, Paradise Island, Eleuthera and Exuma. Hinting at the rationale for its move into The Bahamas, Berkshire Hathaway HomeServices said in a statement that this nation’s real estate market is experiencing “a massive surge
in sales” with almost $400m worth of property sold or placed under contract during the 2021 first quarter. Transactions nearly doubled compared to preCOVID activities, it added. “We have assembled an elite team of experienced, top tier real estate agents and support staff to ensure unparalleled service and world-class results that represent the Berkshire Hathaway HomeServices brand,” said Mr Bernard, now president of Berkshire Hathaway HomeServices Bahamas Real Estate. “It’s an honour to be a part of such a great network, and we are excited about what the future holds as we take our brokerage to the next level.” Berkshire Hathaway HomeServices said its Bahamas-based real estate agents will gain access to
the franchise’s active referral and relocation networks, and its ‘FOREVER Cloud’ technology suite for lead generation, marketing support, social media and video production/distribution. “Bernard and his team have built an incredible reputation in their market. To have a team that shares our brand’s values of integrity, trust, stability and longevity gives me great pleasure in welcoming them to our global network,” said Christy Budnick, chief executive of Berkshire Hathaway HomeServices. “Their client-first approach to real estate, coupled with loyalty and fiduciary responsibility to the client, creates the long-term success we are looking for.” Gino Blefari, chairman of Berkshire Hathaway HomeServices, said: “Berkshire Hathaway
HomeServices Bahamas Real Estate is an important addition to our network. We are looking forward to assisting them on their mission of expanding throughout all the major islands in the Bahamas.” Berkshire Hathaway HomeServices described itself as a global residential real estate brokerage franchise network with more than 50,000 real estate professionals and nearly 1,500 offices throughout the US, Canada, Mexico, Europe, the Middle East and India. The network is among the few organisations able to use the world-renowned Berkshire Hathaway name, which is associated with billionaire investor Warren Buffett, the so-called ‘Sage of Omaha’.
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Thursday, September 2, 2021, PAGE 3
PLP TO ‘ENCOURAGE’ BANK LICENCES FOR BAHAMIANS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Progressive Liberal Party’s (PLP) deputy leader is promising to “encourage the Central Bank” to grant commercial bank licences to three Bahamian groups if elected to office on September 16. Chester Cooper, also its finance spokesman, told the PLP’s virtual economic summit that this would be a key element in the party’s plans to grow the economy and “Bahamianise” ownership of a commercial banking sector has been viewed by some as not sufficiently responsive to Bahamian needs. “Stimulating the economy will include encouraging the Central Bank to grant commercial bank licences to at least three separate Bahamians or groups of Bahamians,” Mr Cooper said. “We are committed to Bahamianising the sector with a view to empowerment. We are also committed to finding solutions for the unbanked Family Islands.” However, the Government cannot force or mandate the Central Bank to do this, hence Mr
Cooper’s use of the term “encourage”. The banking sector regulator has significant autonomy and independence from the Government, which is guaranteed by law. And it is very selective in who banking licences are granted to, applying rigorous due diligence and scrutiny to applicants, as well as enforcing all the laws and regulations relating to capital requirements, probity and other relevant standards. A recent Supreme Court ruling revealed that the Central Bank has adopted a policy of ensuring that its payment services/money transmission operators have no owners with links or involvement in the web shop gaming industry. Much of what was discussed and unveiled at the PLP’s economic summit was similar to initiatives that have been implemented, or tried, by the party’s last Christie government or the current Minnis administration. While much emphasis was placed on The Bahamas growing its way out of its present economic and fiscal crisis, there was little sign of the transformational ‘game changer’ Philip Davis said the country needs.
CHESTER COOPER Mr Cooper said: “By getting the pandemic under control, we can place our absolute immediate focus on stimulating economic growth. Without economic growth, any attempt to increase government revenue would fail, businesses would suffer and unemployment would increase.” Energy reform, and lowering costs by reducing reliance on fossil fuels while simultaneously investing in renewable sources, was cited as one element of the PLP’s plan yet successive administrations have talked about doing this for over
15 years yet have failed to make meaningful advances. Mr Cooper added: “Encouraging and facilitating domestic investment, inspiring trust and confidence by investors and the business community, are priorities for the Progressive Liberal Party. To that effect, we plan to revamp and streamline processes to become one of the most business-friendly countries for local and foreign investors. “We’re going to reestablish the Domestic Investment Unit, and fast-track domestic investment projects that have
been lingering in the pipeline. We’re going to engage embassies, consulates and the diaspora to assist in promoting The Bahamas and its open investment climate.” Many observers argued that the Domestic Investment Unit merely created another layer of bureaucracy when it was created under the first Christie administration, but Mr Cooper said: “We’re going to implement a competitive, robust ‘residence by investment’ programme, and we’re going to create a model for international infrastructure funds with private sector participation through public-private partnerships for infrastructure facilities, and air and sea ports. “In addition to providing $250m over five years by creating private sector funds, we will create a one-stop-shop of all of the relevant government agencies to increase efficiency from advisory, to business license to funding to get business moving faster. Michael Halkitis, former minister of state for finance and a PLP candidate in the upcoming general election, added: “The PLP will put $50m for small and medium-sized businesses
(SME’s) for the first year with a total investment of $250m over five years.” Speaking to the Bahamas Invest model in the party’s platform, Mr Halkitis added: “The key to getting us back on a growth track, and creating employment and creating economic growth, and more revenue for the Government, is to grow the economy. “Key to growing the economy is making sure that those local Bahamian investors, as well as foreign investors, have their applications fast tracked and they’re not held up by bureaucracy. The purpose of Bahamas Invest would be to fast track investments by both locals and foreign investors, so that we can have those investments up and going, creating employment, creating revenue.” Mr Cooper said: “We’ll incentivise joint ventures between foreign and local investors to increase fair competition and encourage Bahamian empowerment. We’re also going to go back to the National Development Plan to kick-start much needed reforms. This will include comprehensive tax reforms to make our systems more equitable, fairer and more progressive.”
destroyed much critical infrastructure on Grand Bahama, especially its international airport. Mr Bridgewater said: “We still don’t have a fully functional airport, so that’s affecting us. “The cruise port has not been as affected, but with the COVID-19 pandemic things are still moving slow. We had Hurricane Dorian, and now we’re dealing with the COVID19, which has further slowed the recovery efforts
from Dorian. Because of the pandemic, you really can’t blame it on someone. “You have people’s houses that have not been repaired. A part of that is some of the people’s fault. A lot of the older people don’t know what the process is, and they have to go through a lot just to find out, but the system right now is overloaded. I have a couple of aunts that wanted assistance and were unable to get it because they came too late.”
GB STILL STRUGGLING WITH DORIAN FALL-OUT By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A GRAND Bahama businessman yesterday said that while large companies have their “heads above the water” many persons are still not receiving the assistance needed to rebound from Hurricane Dorian. James Rolle, Dolly Madison’s general manager,
told Tribune Business that “nothing much” has happened on the island since Hurricane Dorian’s devastating storm surge and category four/five winds swept through the island two years ago in early September 2019. “A lot of people are still trying to put their homes back together and, by extension, trying to put their lives back together. The support they have had from the NGO’s (non-governmental organisations)
and the Government has been somewhat helpful to some people, but I think a lot of people have still been left out of the loop,” he said. “A lot of things have become politicised now and that makes things worse. The business community is pretty much surviving. The larger businesses on the island have their head above water. But you really can’t boost the economy good until people start to go back to
work and have disposable income. So we’re just doing the best we have with what we’ve got.” Alfredo Bridgewater, owner/operator of Coco Nutz, added: “Things have not picked up here as fast as I thought it would have recovered. Things are just chugging along. It’s still slower than I thought it would have been.” That may also be due to the blow inflicted by the COVID-19 pandemic. Hurricane Dorian
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Council to seek consensus over COVID testing FROM PAGE ONE to ensure they comply with this law’s stipulations. The Act’s section nine effectively bars companies from requiring non-vaccinated staff to pay for COVID19 tests out of their own salaries. The section states that “no employer shall levy or permit to be levied on any employee of his any charge in respect of anything done or provided in pursuance of any of the provisions of this Act”. While employers can still require non-vaccinated worker to take regular tests, the law seemingly requires the company - and not the employee - to cover the costs associated with this. Concerns have also been raised that requiring workers to pay for their own weekly tests amounts to unilaterally varying the terms and conditions of
a worker’s employment, which is forbidden by law, while Mr Farquharson said the $22.50 cost of a rapid antigen test could push minimum wage workers below the statutory minimum for $210 weekly take home pay if they - not the company have to cover the cost. “We have received an increase in inquiries from employees who are concerned that their employer is enacting new policies requiring employees to pay for COVID-19 tests,” he told this newspaper. “The number of companies, those we have identified, are in the double digits. “The National Tripartite Council is poised to develop a position on this as early as tomorrow [today] and we hope to make a public statement on this in the very near future. The National Tripartite Council
will be trying to come up with a formal position on this as early as tomorrow.” Sticking to the position that the Health and Safety at Work Act’s section forbids employers to require that their staff must pay for COVID-19 tests if they remain unvaccinated beyond a certain date, Mr Farquharson said of the National Tripartite Council’s efforts: “We hope that persuades employers to rethink their position. “We know there will be possible litigation on this matter in the very near future. We expect that litigation is coming in the very near future. The National Tripartite Council has a 24-hour hot line, a What’s App number, where we field questions from the public. We have had a significant increase in inquiries.”
Mr Farquharson said The Bahamas’ biggest employers had been the subject of these concerns, naming Atlantis, Baha Mar, Super Value, Baker’s Bay in Abaco, Aquapure and the Teachers and Salaried Workers Cooperative Credit Union as being involved along with restaurants and hotels in the Family Islands. Super Value yesterday said it had set an end-September target for its staff to become vaccinated otherwise they would have to take the weekly rapid antigen test to confirm they were COVID-free. Mr Farquharson added: “Ironically we have had a number of businesses that have reached out to the National Tripartite Council. “We’ve had discussions with them, and they’ve decided not to force employees to pay for testing. They’ve got to pay for the testing themselves. This is a major issue. If you have somebody making the minimum wage of $210 per week, and they are mandated to pay $22.50 for a test, it means they’re taking home well below the minimum wage. “This could be very disruptive because the trade unions, particularly the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU), the National Congress of Trade Unions of The Bahamas, and the Trades Union Congress, have taken a very keen interest in this and I expect
PETER GOUDIE. them to make some strong public statements on this very soon.” It is unclear, though, whether the National Tripartite Council will achieve a consensus today. Peter Goudie, the private sector’s representative on the body, told Tribune Business yesterday it was “not taking a position” on the mandatory COVID-19 testing issue and was waiting for the outcome of litigation already before the courts. “Let the courts decide what’s the right thing,” he argued. “We’re not going to take a position if something is before the court. Let the courts decide.” Other observers may argue that mandating unvaccinated employees to take a weekly test is the only way employers can protect themselves, their businesses, other staff and customers given
the considerable hesitancy that remains to become inoculated. Darrin Woods, the BHCAWU’s president, told Tribune Business that “the Government cannot sit idly by and let employers willy nilly” make testing mandatory for unvaccinated staff when it was its responsibility to enforce the Health and Safety at Work Act. “There’s no requirement in law for someone to take a COVID test for employment,” he said. “If I am already employed with you, you cannot change my terms and conditions of employment without me agreeing to do so....They cannot use your job as leverage. That’s not somewhere for me to work, and you are causing me to work under duress.”
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Thursday, September 2, 2021, PAGE 5 PICTURED during the induction ceremony, from L to R, are: Marco Gobbi, general manager of Viva Wyndham Fortuna Resort; Steven Johnson, general manager, Grand Bahama Tourist Office; Michelle Brittan; Greg Rolle, senior director, Ministry of Tourism and Aviation; Captain Valerie Talbot; Captain Eric Larson; Lino Piserchia, resident manager, Viva Wyndham Fortuna Hotel; Elaine Smith, Grand Bahama Tourist Office; and Nuvolari Chootosingh, Grand Bahama Tourist Office.
Bahamas targets women pilots move with latest ‘ambassadors’ THE BAHAMAS has officially inducted captains Valerie Talbot and Eric Larson of Delray Beach, Florida, as the country’s latest official flying ambassadors. The induction ceremony, complete with an airplane water salute, issuance of certificates, credentials and Bahamas-branded gift items, was conducted on August 25 by executives from the Ministry of Tourism and Aviation and Viva Wyndham Fortuna Beach Resort at Grand Bahama International Airport. The husband and wife team, who are major aviation and social media influencers, have been flying to The Bahamas as often at three times per week for years. These trips have been made as vacationers, fly-out leaders and, at other times, to offer hurricane and disaster relief aid to Bahamians in Abaco, Grand Bahama and Bimini. The duo will now work alongside the Ministry of Tourism to further grow general aviation business to The Bahamas. In their new role, they will also promote the islands to their social media networks, in the marketplace and at trade shows. Captain Valerie, whose aviation videos on YouTube total almost three million viewers, becomes the second female pilot to be named a Flying Ambassador for The Bahamas. Captain Terry Carbonell was the first.
Greg Rolle, the Ministry of Tourism’s senior director of vertical markets, said that with Captain Valerie’s induction it will now look at launching a Women’s Bahamas Pilots programme. “The Bahamas is the leader for general aviation in the Caribbean region, and the induction of Captains Valerie and Eric was also critical to the success of our destination and longevity of our Flying Ambassador programme, particularly at this juncture when several of our current senior ambassadors are getting older,” he said.
“We are humbled and incredibly grateful for this prestigious recognition, and to be a part of this elite group. The people in The Bahamas are absolutely wonderful and truly make us feel like we are family,” Captain Valerie said. “The pristine nature, clear water and wildlife, separate The Bahamas from other destinations, and the opportunity for my husband and me to continue to promote the beautiful islands of The Bahamas with this title makes it even more special.”
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FNM pledges BOB sell-off FROM PAGE ONE The BISX-listed institution, in which the Government holds a collective 82 percent stake via the Public Treasury and National Insurance Board (NIB), cost taxpayers more than $300m via two bailouts, a rights issue and other measures that were take to rescue it and prop it up during the Christie and Minnis administrations. Previous efforts to find a buyer for Bank of The Bahamas have proven fruitless, the last Christie administration having attempted to interest Trinidad & Tobago’s Republic Bank, but its cash-strapped finances and ongoing multimillion dollar losses turned off potential suitors. Prior to COVID-19 it had shown signs of returning to consistent, albeit minimal, profitability but has a long way to go to claw back a nine-figure accumulated deficit and fully repair its balance sheet. Minority shareholders have long called for the Government to find an exit route, but any sale would be unlikely to get anywhere near recovering what was invested to bail it out. Elsewhere, the FNM also promised to introduce an electronic Know Your Customer (KYC) platform
to make it easier for businesses and residents to open bank accounts. The party pledged to “further streamline banking regulations including the introduction of an electronic KYC platform that will make it easier for residents and businesses to open bank accounts and change banking relationships”. Fred Smith QC, the Callenders & Co attorney and partner, has long campaigned for such a system. He told this newspaper earlier this year that the Government needed to pass a “KYC Once” Act, which would permit the issuance of a certificate confirming the holder is a legitimate client and has passed all required checks, as a means to slash the due diligence bureaucracy. “I repeat my encouragement to the Government to legislate a ‘KYC Once’ Act, which will greatly facilitate ordinary people who are, as we all should be, innocent until proven guilty, and facilitate business. But, under the current regime, domestic and international, we must all squeeze the camel through the eye of the KYC needle, and business and personal affairs come to a grinding halt,” Mr Smith said. “I don’t know if it’s the same in other jurisdictions;
I don’t hear that it is. Bermuda, Cayman, the Channel Islands and Panama.... many of the other financials services jurisdictions don’t seem to have the same KYC constipation as The Bahamas has. KYC is repeatedly constipated.” Mr Smith had previously urged that the certificate issued under a “KYC Once” Act be accepted by all Bahamasbased financial institutions as validating the holder’s credentials, thus eliminating the need to “reinvent the wheel” and undergo the same scrutiny at every bank that a company or individual conducted business with. He argued that this would eliminate “a huge unnecessary expense” that has plagued dealings with the Bahamian banking industry for the past two decades, thereby lowering costs and resulting in a much-needed improvement in the ease of doing business. On the labour front, the FNM promised to “review an increase in the minimum wage” and “continue to ensure that all Heads of Agreement recognise workers’ rights” while ensuring the National Insurance Board (NIB) is “properly funded” to carry out its mandate.
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Thursday, September 2, 2021, PAGE 7
Tourism: 14% gap ‘very impressive’ FROM PAGE ONE With total arrivals through July standing at around 550,000, Mr D’Aguilar said The Bahamas was more than half-way towards this goal and needed to attract only another 450,000 prior to year-end - something he was confident will be achieved due to predictions of “robust” Thanksgiving and Christmas holiday seasons. With August numbers still to come in, and The Bahamas having now entered the September to October period that is traditionally the slowest part of the tourism season, the minister acknowledged that the multiple “twists and turns” produced by the COVID-19 virus made it impossible to predict when the industry and wider Bahamian economy will return to full pre-pandemic performance. But, with the September 16 general election to be held in just two weeks’ time, Mr D’Aguilar argued that The Bahamas’ major economic driver was in the best possible shape for the next administration to take over given the challenges presented by COVID-19. Comparing July’s numbers to those of two years ago, he told Tribune Business: “That’s very impressive, 86 percent of where we once were. We have received over half-amillion visitors, 550,000, for the first seven months of the year. Eighty-six percent of where we were in 2019, that’s rebounding quite nicely. “It’s very encouraging. We have a great product, we have a great location and a great entry system that works because people are using it and coming here. If you think of The Bahamas as a plane, we’ve found
first class is filling up before economy class. Our highend product has bounced back quite resoundingly.” The data disclosed by Mr D’Aguilar indicates that the gap between current and 2019 performance is narrowing progressively with every month. The 14 percent difference with July 2019 compares to the 30 percent gap for June and the 37 percent differential for May. However, data produced by Tourism Analytics.com, using Ministry of Tourism data, suggests this nation may have a slightly wider gap to close. It pegs July 2019’s stopover arrivals at 198,394, a higher number than that given by Mr D’Aguilar, which translates into 2021 figures that are 76 percent of that pre-pandemic number rather than 86 percent. While declining to address the continuing COVID-19 case surge’s potential impact on tourism’s recovery, Mr D’Aguilar said he had “no doubt” that his 1m annual stopover visitor projection for 2021 will be achieved. “We’ve got roughly 450,000 to go through August, September, October, November and December,” he added. “We’re on track. That’s five months, so I’m very confident we’ll get there. Tourism’s rebound is crucial and essential, and is probably why the Ministry of Finance reported they were running ahead of Budget on revenues. We’re about to go into our slow period, but are projecting a very robust Thanksgiving and Christmas.” Mr D’Aguilar said it was impossible to forecast when Bahamian tourism will return to pre-COVID business levels, adding: “COVID-19 has so many twists and turns, we don’t
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This notice is to inform the public that Renaldo Hanna is NO LONGER an employee at Nassau Propane LTD. and has no authority to conduct business on its behalf.
know where it will take us, so that makes it very hard to predict. In May, who thought we would be where we are now? People adjust their travel plans based on what’s happening in the world with COVID, so it’s very hard to make a prediction. “We’d love it to be better, but are very happy with performing at 86 percent of where we were given all the headwinds we are facing.” Asked what condition the new administration will find tourism in, he said: “I think tourism will be in the best possible position it could be
given the circumstances on the ground, given the fact we’re trying to operate in a COVID-19 environment. “It’s been well-managed and has rebounded as good as one could have expected given that we’re dealing with COVID-19. It’s grown percentage-wise, and if it’s back up to 86 percent that’s very impressive. The hotels did very well over the summer.” Mr D’Aguilar again defended the health travel visa against Progressive Liberal Party (PLP) pledged to abolish it should they be elected to office,
asserting that there “a million reasons why they should not get rid of it”. Besides helping to verify that valid COVID test results were obtained from an accredited laboratory within the right timeframe, he added that it also provided an efficient mechanism to change pandemic-related health entry protocols should the need arise. “If you don’t have the health visa, you have to send out notices to the airlines and they have to inform all their employees,” Mr D’Aguilar said of
changed entry protocols. “If you have the health visa, you can change it based on the requirements on the ground. It’s a very simple and efficient way to do it. It makes it very easy.” The minister added that The Bahamas was also perfectly poised to benefit from the cruise industry’s restart, as the country’s multiple island destinations and proximity to Florida’s ports meant it was ideal for passengers who wanted to voyage close to home on trips lasting less than seven days.
PAGE 8, Thursday, September 2, 2021
ROYAL CARIBBEAN PUSHES BACK PI CLUB COMPLETION FROM PAGE ONE is anticipated that the construction will be completed by May 2023,” the EIA, prepared by Bahamian firm, Islands By Design, states. Royal Caribbean had previously hoped to begin construction on the Royal Beach Club, which will be located on Paradise Island’s western end near the Colonial Beach area, in July 2021 so that it would be able to receive guests by January 2023 and catch what is anticipated to be the peak of the post-COVID rebound. Those dates have now seemingly been adjusted.
“As Royal Caribbean Group is keen to improve the overall experience of cruise passengers, the proposed project will transform underutilised parcels of land into a productive economic and social hub for cruise passengers and Bahamians,” the EIA added. “The proposed project is an opportunity for Royal Caribbean and the Government of The Bahamas to foster a mutually beneficial long-term public-private partnership in Nassau. The proposed project will include the development of Paradise Beach and Colonial Beach to create an arrivals area, family zone, water sports centre, food and beverage
services, and swimming pool and back of house areas in support of a world class beach experience.” “It is anticipated that with the payment of an entrance fee, the experience will include access to the Royal Beach Club, lunch and the rental of a beach chair. For an additional fee, guests will be able to purchase alcohol and sodas, a cabana, day bed, clamshell, and participate in watersports and local tours,” it continued. “There will be an array of activities available to guests, including but not limited to snorkeling, scuba diving, kayaking, jet skiing, floating mat rentals,
inflatable water slides, parasailing, nature hikes, volleyball and other sand and water-related activities. “While the location is inherently beautiful, Royal Caribbean will also ensure that additional landscaping is planted throughout the site. As Paradise Island is close to the Nassau Port, guests will have direct and quick access to the harbour via water taxis. The construction of the water taxi harbour and dock may include dredging, seawalls, wave attenuators, docks and fixtures.” The EIA said Royal Beach Club’s “available occupancy” could accommodate 8,719 guests, although maximum capacity is being set at 3,500 together with 250 workers. The project will install its own wastewater treatment plant capable of handling 11,000 gallons per day, along with a 150,000 gallon reverse osmosis plant and two 500 kilowatt transformers from Bahamas Power & Light (BPL). Concerns have been voiced previously that the Royal Beach Club will merely suck thousands of passengers and their spending away from Bahamian merchants and other vendors on Bay Street and in downtown Nassau, further fuelling the area’s decline and deterioration of locallyowned businesses. However, Russell Benford, Royal Caribbean’s vice-president of government relations for the Americas, previously told Tribune Business that the Royal Beach Club will be the key “stimulus” that drives the tripling of
passengers brought to The Bahamas by Royal Caribbean over the next decade to 2030. “It’s incredibly important. It’s the stimulus for the growth; to go from 2m passengers a year to 6m a year is because of that Royal Beach Club,” he said. “It’s incredibly important to us to provide a magnet or anchor for development. People, when they see this experience, will want to book cruises.... It attracts more and more people to The Bahamas because we will have a signature, iconic experience that enhances The Bahamas’ experience. We will market that to our database. “The feeling was that, when we look at the guest projections, we were bringing so many more people over one time, we had to make sure there were additional options for them to do. I see it as all complementary to each other. This is an investment in The Bahamas, it’s an investment in Nassau. It’s an investment in downtown.” Mr Benford argued that the Royal Beach Club would only be able to accommodate just over one-third of the up to 15,000 passengers it can bring to Nassau on any one day because its capacity is being capped at 3,500 persons. “The capacity of our smaller ships is larger than that,” he said. “We bring in two to three ships, with 15,000 guests a day. Our research has shown us that on average a guest will spend four hours per day at the Beach Club, but the ship will be there in port for
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eight to nine hours a day. So a guest will only spend a portion of their day at the Beach Club. “Not as many guests disembark the ship as we’d like, and the Royal Beach Club will be a good catalyst for them to disembark the ship.” And, with passengers being ferried to the project from Prince George Wharf, Mr Benford said there was an opportunity to develop a water taxi system that could later transport them to the Arawak Cay Fish Fry or back to downtown Nassau. “This is what the project has the ability to do: Maximise the opportunity,” he told Tribune Business. “Royal Beach Club is the nexus point of increased customer spend; that $1bn increase in spending and economic impact. Bahamians have the opportunity to take advantage of this massive economic impact to come, and it has the ability to be transformational. “The Paradise Island project will double the number of Royal Caribbean visitors to Nassau, and we would be thrilled to partner with downtown business operators, merchants, restaurants, tours to sit around the table and figure out ways to create opportunities. “Bringing millions of people to the business owner’s doorstep is not a bad thing. We need to figure out how to connect those businesses. If we can remove barriers and market those businesses directly to our guests, let’s sit down and figure out multiple ways to do that.”
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THE TRIBUNE
Thursday, September 2, 2021, PAGE 9
TOP CRUISE GIANT ‘RUNNING ROUGHSHOD’ OVER PI FIGHT
FROM PAGE ONE to enter land that is involved in his court battle with the Government. Jay Schneider, a Royal Caribbean executive, told Mr Smith on August 31: “Please note that Royal Caribbean possesses a valid Crown Land Lease in respect to the demised premises contained therein, which premises are subject to ongoing due diligence work. “Royal Caribbean was not involved in your dealings with the Government and will continue to abide by the terms and conditions of its lease of the demised premises. Royal Caribbean does not require your consent to access the demised premises.” He was responding after Mr Smith, in an August 25, 2021, e-mail voiced concerns that Royal Caribbean had hired Target Surveying and Engineering to conduct work on Paradise Island’s western end in the Colonial Beach area. Their work will likely incorporate several Crown Land acres that are the subject of Mr Smith’s Supreme Court battle with the Bahamian government, where he is seeking a declaration that he already has a valid and binding lease agreement for some of the same seven to 10-acre parcel sought by Royal Caribbean. The Paradise Island Lighthouse Club principal slammed Target’s surveying work as “a flagrant disregard for our Crown Land Lease and the litigation before the courts of The Bahamas”, and told Tribune Business yesterday: “They have provoked a fight.” “They are running roughshod over me and trying to stampede over my boundaries, but time is longer than rope and if you don’t listen you will learn,” Mr Smith told this newspaper of Royal Caribbean proceeding with its $50m Royal Beach Club project. “Royal Caribbean might think they’re royalty, and high and mighty, but ignoring what this Bahamian has achieved over the past 10 years smacks of arrogance and disregard for locals. They’ve met their match. It’s game on.” Mr Smith has initiated a Supreme Court action against the Government
alleging he was granted a valid Crown Land lease over two-acre and threeacre parcels, including the lighthouse and the area at Colonial Beach for his “beach break” destination, which is now legally binding. A January 7, 2020, letter from Richard Hardy, acting director of Lands and Surveys, was headlined “approval for crown land lease” over the two tracts. Mr Smith previously told this newspaper he returned the lease, bearing his signature and other formalities, to the Government on January 9, 2020. However, the Government has to-date failed to apply its signature and execute the lease. And, in its defence to Mr Smith’s claim, it describes the document issued by Mr Hardy as “a draft lease” despite the fact that the senior government official issued specific instructions on how the document should be signed, sealed, dated, witnessed and notarised. Suggesting that the January 7 document was sent to enable Mr Smith “to sign and formalise his offer”, the Government’s defence alleged: “At no time did the minister responsible for lands [the Prime Minister] make an offer to the plaintiff for the lease of Crown Land. At no time was there an executed lease or an accepted lease agreement between the parties.... “The draft lease represented the ongoing negotiated position of the parties on the proposals put forward by the plaintiff for a lease, and was an invitation to treat and for the formal offer to be made by the plaintiff to the minister responsible for land. The plaintiff’s signed offer for a lease was subsequently not accepted by the minister responsible for land.” Just five days before Mr Hardy wrote his letter, Candia Ferguson, the Bahamas Investment Authority’s (BIA) director, wrote to
Royal Caribbean’s attorney, Campbell Cleare at McKinney, Bancroft & Hughes, confirming that the Government had approved granting it Crown Land “in the vicinity of Colonial Beach”. The January 2, 2020, letter said the exact area to be leased was to be determined and “subject to availability”. New documents obtained by Tribune Business show frenetic February 2020 activity involving three government agencies - the Prime Minister’s Office, Attorney General’s Office and Department of Lands and Surveys - after it was seemingly discovered that the same Crown Land desired by Royal Caribbean was also involved in Mr Smith’s lease and may have effectively been ‘double dealt’. A February 14, 2020, memorandum from Mr Hardy to David Davis, permanent secretary in the Prime Minister’s Office, in response to the latter’s request confirmed that 11.55 acres of Crown Land remained available on the western tip of Paradise Island. The total Crown Land acreage in the area was 16.66 acres, but Mr Hardy said five acres were involved in the Paradise Island Lighthouse and Beach Club project lease that had been sent to the Prime Minister’s Office on January 13, 2020. And another 0.11 acres was subject to an annual renewable Crown Land licence held by Nassau Water Ferries Services, a company owned by ex-investments minister, Khaalis Rolle. A subsequent memorandum from Mr Davis, dated February 25, 2020, referred to a conversation between Joshua Sears, Dr Hubert Minnis’ senior policy adviser, and then-acting surveyor general, Thomas Ferguson. Seemingly addressed to Mr Hardy, it said the National Economic Council (NEC) - meaning the Cabinet - had agreed
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that Royal Caribbean should have ten Crown Land acres to facilitate its project. He also called for “the boundaries of land allocated to Khaalis Rolle and Paradise Island Lighthouse and Beach Club Company be adjusted to enable them to maintain the allocated three acres and the licence and beach access respectively”. Mr Davis added: “Please address this matter extremely urgently.” One day later, Mr Sears, the Prime Minister’s senior policy advisor, told Royal Caribbean via Mr Cleare on February 26, 2020, that the NEC had approved the grant of ten acres of Crown Land to it subject to the results of a survey to confirm its availability given the competing interests of Mr Rolle and Mr Smith. And, at the same time, an e-mail from Danya Wallace,
deputy director of legal affairs, confirmed in a late February e-mail that the Attorney General’s Office had been asked to provide a legal opinion on Mr Smith’s Crown Land lease. She asked for a copy of the lease, whether Mr Smith had yet paid any money towards it, and if he had spent any money on his $2m project. A February 28, 2020, reply from Martha Taylor, at the Department of Lands and Surveys, asserted that Mr Smith had paid no money yet towards either the lease or the project. She added that Mr Rolle’s last licence payment had been $600 to cover the period from February 11, 2019, to October 1, 2019, with the annual fee set at $75. In the midst of all this, on February 27, 2020, Mr Smith met Carl Bethel QC, the attorney general,
at the Bahamas Investment Authority (BIA), for a meeting during which he was asked to move his project to accommodate Royal Caribbean. He refused on the basis that it would shift his development to an inferior spot on the beach and make it unworkable. These events also took place against the Government’s negotiations with Royal Caribbean over the Grand Lucayan deal, which has yet to close with a general election just two weeks away. Mr Smith yesterday said Dr Minnis “continues to ignore me” despite his offer to negotiate a “reconciliation” outside court. “With an election around the corner, I will do my best endeavour that my message gets out as to how Dr Minnis treats Bahamians,” he added. “Take your foot off of our necks.”
PAGE 10, Thursday, September 2, 2021
THE TRIBUNE
BISX index decline bucks global trend THE Bahamas International Securities Exchange’s (BISX) All-Share Index continues to underperform many major market indices with a 5.72 percent decline for the first six months of 2021.
The All-Share Index, which only measures movements in share prices and does not account for dividend yields, was the only one to suffer a decline for the period to end-June when compared to the
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indices BISX typically uses for benchmarking purposes. In contrast, the S&P 500 Index was up 16.13 percent year-over-year for the first six months of 2021, while the FTSE 100 Index and MSCI Emerging Market Index were head by 7.22 percent and 5.95 percent, respectively. “For the six-month period ending June 30, 2021, the BISX All-Share Index closed at 1,972.76. This represents a year-todate decrease of 119.7 or 5.72 percent,” the exchange said in its 2021 second quarter report.
“By comparison, for the six-month period ending June 30, 2020, the BISX All-Share Index closed at 2,124.69. This represented a year-to-date decrease of 106.91 or 4.79 percent.” Meanwhile, BISX’s total $8.3bn market capitalisation at end-June showed the benefits of last July’s Government bonds listing. The exchange’s market capitalisation increased by over $3bn year-over-year as a result. “As at June 30, 2021, the market was comprised of 20 ordinary shares with a market capitalisation of $4.273bn,” BISX said. “In addition, there were eight preference shares with a market capitalisation of $249m, 11 Bahamas Government Stock bonds as well as corporate bonds
with a face value of $470m, and approximately 200 tranches of Bahamas Registered Stock (BRS) with a face value of $3.3bn. “As at December 31, 2020, BISX had 74 mutual funds with total assets under management of approximately $5.4bn. This total includes 20 Bahamian mutual funds with total assets under management of $771m, and 54 offshore mutual funds with total assets under management of $4.6bn.” Some 7.295m securities with a total worth of $36.539m were traded over BISX in the 2021 second quarter, or three months to end-June. Ordinary shares in BISX-listed equities led the way, accounting for almost 7m securities with a collective value of
$27.753m. Government bonds worth just over $7m were the next most-traded item. “Trading volume for the six-month period January 2, 2021, to June 30, 2021, was 7.295m shares for a value of $36.539m. Trading volume for the six-month period January 2, 2020, to June 30, 2020, was 2.624m shares for a value of $11.622m,” BISX said. “For the six-month period from January 2, 2021, to June 30, 2021, the average volume per trading day was 55,331 shares for a value of $281,908. By comparison, for the six-month period from January 2, 2020, to June 30, 2020, the average volume per trading day was 21,200 shares for a value of $93,128.”
GN-2601
THE TRIBUNE
Thursday, September 2, 2021, PAGE 11
US ASKS TESLA HOW AUTOPILOT RESPONDS TO EMERGENCY VEHICLES By TOM KRISHER AP Auto Writer DETROIT (AP) — The U.S. government’s highway safety agency wants detailed information on how Tesla’s Autopilot system detects and responds to emergency vehicles parked on highways. The National Highway Traffic Safety Administration made the detailed request in an 11-page letter sent to the electric car maker that was dated Tuesday. The letter is part of a wide-ranging investigation into how the company’s partially automated driving system behaves when first responder vehicles are parked while crews deal with crashes or other hazards. The agency wants to know how Teslas detect a crash scene, including flashing lights, road flares, reflective vests worn by responders and vehicles parked on the road. NHTSA also wants to know how the system responds to low light conditions, what actions it takes if emergency vehicles are present, and how it warns drivers. The agency also added a 12th crash to its probe in which a Tesla on Autopilot hit a parked Florida Highway Patrol cruiser Saturday on an interstate highway near downtown Orlando. In the crashes under investigation, at least 17 people were injured and one was killed. NHTSA announced the investigation into Tesla’s driver assist systems including Autopilot and or Traffic Aware Cruise Control after a series of collisions with emergency vehicles since 2018. The probe covers 765,000 vehicles from the 2014 through 2021 model years. Autopilot, which can keep vehicles in their lanes and stop for obstacles in front of them, has frequently been misused by Tesla drivers. They have been caught driving drunk or even riding in the back seat while a car rolled down a California highway.
The agency also is asking Tesla for details on how it ensures that drivers are paying attention, including instrument panel and aural warnings. NHTSA also wants all consumer complaints, lawsuits and arbitration cases involving Autopilot, and it wants to know where the system can operate. The agency also wants to know Tesla’s policies and procedures for testing Autopilot and updates before they are released to the owners. The request includes “the extent of field testing or vehicle validation miles required prior to the release of such a system or feature.” Tesla “beta” tests its systems using its customers to gather data while they’re driving in traffic. It was unclear how Tesla and CEO Elon Musk, which have clashed with federal regulators in the past, would respond to NHTSA’s request. Messages were left Wednesday seeking comment from the company. In January, Tesla refused a request from NHTSA to recall about 135,000 vehicles because their touch screens could go dark. The agency said the screens were a safety defect because backup cameras and windshield defroster controls could be disabled. A month later, after NHTSA started the process of holding a public hearing and taking Tesla to court, the company agreed to the recall. Tesla said it would replace computer processors for the screens, even though it disagreed they posed a safety threat. Musk has fought with the Securities and Exchange Commission over a 2018 tweet that he had financing to take Tesla private, when the funding wasn’t secured. He and the company agreed to pay $20 million each to settle allegations that he misled investors. Later the SEC sought to hold him in contempt of court for tweeting a misleading projection of how many cars Tesla would manufacture. Musk branded the SEC the “shortseller enrichment
IN this Feb. 21, 2021 file photo, a Tesla electric vehicle emblem is affixed to a passenger vehicle in Boston. The U.S. government’s highway safety agency wants detailed information on how Tesla’s Autopilot system detects and responds to emergency vehicles that are handling traffic crashes. The National Highway Traffic Safety Administration made the request in an 11-page letter to the electric car maker that was dated Tuesday, Aug. 31. Photo:Steven Senne/AP
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KIA REMILDA EDITHMAE ROLLE of Bernard Road, Fox Hill, General Delivery, Nassau, Bahamas, intend to change my name to KEYA REMILDA EDITHMAE MARCHE. 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.
commission,” distorting the meaning of its acronym. Short sellers bet that a stock price will fall. The Autopilot probe is another sign that NHTSA under President Joe Biden is taking a tougher stance on automated vehicle safety than under previous administrations. Previously the agency was reluctant to
regulate the new technology for fear of hampering adoption of the potentially life-saving systems. The National Transportation Safety Board, which also has investigated some of the Tesla crashes dating to 2016, has recommended that NHTSA and Tesla limit Autopilot’s use to areas where it can safely
operate. The NTSB also recommended that NHTSA require Tesla to have a better system to make sure drivers are paying attention. NHTSA has not taken action on any of the recommendations. The NTSB has no enforcement powers and can only make recommendations to other federal agencies.
Tesla has to respond by Oct. 22 or seek an extension. The agency says it can fine Tesla more than $114 million if it fails to comply. Tesla has said its partially automated systems are not fully autonomous, and that drivers must be ready to intervene at any time. But they have been marketed
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Get married in secret (5) 21 Propose, 22 Letter, 3 x destroyer possibly (5) 6 7 10 5 C Each must contain So, for example if there is SOlUTION 11 Fugitive (6) theAcentre letter a corresponding six-letter w 4 0 4 1 1 4 1 2 2 1 12 playing card withand three acid active addict 1 D GeT THe eXpReSS pUZZleS spotsmust (4) 4 x Submarine11 there beBRIllIANT at least Every blackadditive square has aA AddICTIVe 14 Friend (3) FINd where the fleet of ships shown is hidden in the grid. The numbers to one nine-letter word. number. This can help identi 3 E advice aide aided avid SATURdAY’S 15 Cache (5) the right of and belowlAST the SOlUTION grid indicate how many in that row NoWork plurals. corresponding ‘twin’. Solutio 12 13of the squares14 caddie cite cited civet 16 (3) Verb forms are filled in with ships or parts of ships. The ships do not touch each other, 1 F ending “s”(4)permitted. dative davit dice diced 17 Eatingin plan even diagonally. Some squares have been filled in to start you off. A 9a tough 16our17 18 17 twist 19 Singer, Grande (6)alphabeater? It’s CaN you _crack the po 15 HOW many words of diedB diet diva diveon DENNIS THE MENACE 2 G 20 Weighed down (5) four letters or more your mental muscles to the limit. Each grid number below re TOdAY’S TARGeT dived divide edict edit 21 Astound (4) 20 40tide37 14 can you make from the in alphapuzzle, letter theCalphabet is used. But now Good 24; region very every good 36; ofevict 3 H 22 Chinese that was 16 17 18 iced 16 idea D tidied Sudoku is a number-placing puzzle based on a 9x9 grid letters shown here? theonce given letters and the giventided black squarestied below the mai a British colony (4,4) excellent 47 (or more). vice with several given numbers. 2The object is to place the I In making a word, each 21 To add to the fiendish fun, alphabeater 31 28 sy 29 1is ‘rotationally ACROSS Solution next Saturday. DOWN videE vied numbers 11 to 9 in the 2empty squares 3 so the each 4 row, 19 5 letter 1 Take away (8) 1same Geographical point F may be used once if you turn thein page upside down. each column and each 3x3 box contains the same number 1 of the Conceptis Sudoku J 6 Leer at (4) Antarctica (5,4) if there is a six-letter only once. The difficulty level G 12 word only. Each contain So, for example which lAST SATURdAY’S 29 19 7 2 across 8 Get married in secret (5) 21must 2 Primary colour (4) increases from to Sunday 8 6 Monday 7 9 20 10 the centre letter and a corresponding which ends in the bo H 0 4 1 1 4 1 2 2 1 4 11 Fugitive (6) 3SOlUTION Setting free (9) six-letter word across 12 A playing cardat with three there must be least Every black square hasasaasymmetrical but the ‘twin active addict 4acid Bovine animal (3) 23 24 13the 20 35 ‘twin’ Best described numberI crossword, task in Kakuro spots (4) 11 FINd where the fleet of ships shown is hidden in the grid. The numbers 22 to 5AddICTIVe Gentle This dip (anag.) (9) one nine-letter word. number. black cours additive iscan to fillhelp all ofidentify the emptyother squares, usingsquares. numbers 1 Of to 9, so J 14 Friend (3) 7 Large ape (7) the right of and below the grid indicate how many of the squares in that row theaided sum of Solution each horizontal equals the number to its No corresponding ‘twin’. nextKblock Saturday. aide 22the 10 4 equals 38block 15 plurals. Cache (5)Verb forms 9advice Scottish landowner (5)avid are filled in with ships or parts of ships. The ships do left, and the sum of each vertical number6 ● The Express Bookshop stocks a wide selection of puzzle books 12 13 not touch each 14 other, ending in “s” permitted. caddie citeoncited Work (3) our up to date list 10 Flat highland (7) L used in the same block more its top. civet No number may be genres. To obtain even diagonally. Some squares have been filled in to start you off.across all crossword puzzle16 A 12 29 14 14 29 20 17 16 18 17than 9 Simon 17 Eatingorplan (4) 562310. 13 Carly hit, _once. So diced please visit www.expressbookshop.com call 01872 The difficulty M level Kakuro14 dative davit dice 29 39 8 Conceptis 15of the 19 Singer, _TARGeT Grande (6) Vain (5) B increases from Monday to Sunday. 15 TOdAY’S died diet diva dive N 20 Weighed down (5) 18 CInterested by 16 18 22 8 40 37edit20 10O 6 16(4) edict 14divide Good 24;SOlUTION very dived 21 Astound (4) good 36; (informal) 40 38 16 21 lAST SATURdAY’S Call 0907 181 2586 for 31 DBother, 226 Tape, Chinese region was 16 17 18 excellent (or11that more). evict iced ideaYesterday’s tide 19 commotion (3) ACROSS 1 Stupidly, 8 47 Geese, rounds, P Yesterday’s today’s Target solution once a British colony (4,4) Etoday’s 2 22 29plus39 40Qcost1880p per 28 21 *Calls 31 vice 1 solution 29tidied ACROSS Solution 12 rind, 14 Ewe, 15 Warts, next 16 Ion, Saturday. 17 Hour, tided tied For your 35 19 16 28minute 3 1 2 3 4 5 19 Lemons, 20 Haiku, Sudoku Answer telephone DOWN21 Cute, 22 Persists. F vied company’s Answer network vide 19 1 Take away (8) dOWN Kakuro call: 0907 181 2583 R charge. All puzzles use 1 Starlight,12 Upon, 3 Ignoramus, Les, 6 Leer at (4) Geographical point4 in access G 80p lAST SATURdAY’S 38 6 1 38 37 Dictionary 19 29 32 2 plus7your telephone 12per minute *Calls cost 5 revelries, 7 arizona, 9 Edith, 10 Sawdust, 8 Get married in secret (5) The Antarctica (5,4) S 2Chambers 34 21 13 4 6 7 8 9 10 company’s network access charge. 13 dalek, 18 Onus, 19 Lie. H SOlUTION 11 Fugitive (6) 20 21 2 Primary colour (4) T 12 A playing card with three acid active 3 Setting freeaddict (9) I 35 13 20 24 23 16 14 29 3 28 36 U 19 28 15 29 33 spots (4) 11 4 Bovine animal (3) AddICTIVe additive J 22 14 Friend (3) 5 Gentle dip (anag.) (9) V advice aide aided avid K 38 4 10 22 8 32 18 1 22 10 6 15 Cache (5) 7 Large ape (7) W 14 31 10 12 8 12 13 14 caddie cite cited civet 16 Work (3) 9 Scottish landowner (5) L ● The Express Bookshop stocks a wide selection of puzzle books X 17 genres. Eating 10 Flat davit highlanddice (7) diced dative across all crossword puzzle To plan obtain(4) our up to date list M 15 8 11 40 28 14 26 29 39 14 2 19 Singer, _orGrande (6) 13 Carly Simon hit,dive _ So please visit www.expressbookshop.com call 01872 562310. Y 26 13 27 28 33 15 died diet diva N 20 Weighed down (5) Vain (5) dived dividebyedict edit 21 Astound (4) 18 Interested O 16 21 40 38 31 13Z 34 35 24 18 2 22 Chinese region that was 16 17 18 evict iced idea tide (informal) (4) lAST SATURdAY’S SOlUTION P 0907 181 2586 for Call once a British colony (4,4) 19 Bother, commotion (3) tided tidied tied vice ACROSS 1 Stupidly, 6 Tape, 8 Geese, 11 rounds, 8 Q 16 35 331 22 3 364 85 6 1 7 35 28 19 3 Target today’s solution 12 rind, 14 Ewe, 15 Warts, 16 Ion, 17 Hour, DOWN vide vied solution 19 For today’s *Calls cost 80p per minute plus your R 19 Lemons, 201 Haiku, 21 Cute, 22 Persists. Geographical point in telephone company’s network 21 22 23 24 25 26 27 28 call: 0907 181 2583 dOWN 1 Starlight, 2Antarctica Upon, 3 Ignoramus, 4 Les, (5,4) puzzles4use 34 37 Saccess 16 22 2 22 4 21 All13 2 charge. *Calls cost 80p per minute plus your telephone
C eXpReSS
BATTleSHIpS
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TARGeT SmAll CROSSWORd SmAll B ECROSSWORd O
LME d I r
THe AlpHAB
SmAll CROSSWORd CROSSWORd SmAll
SmAll CROSSWORd CROSSWORd SmAll
20
21
CRYPTIC PUZZLE 22
5 revelries, 7 2 arizona, 9 Edith, 10 Sawdust, Primary colour (4) 13 dalek, 18 Onus, 3 Setting free (9) 3 1 219 Lie.
Down
● The Express Bookshop stocks a wide selection of puzzle books 2 genres. Dad’s To brother receives 1 Dostoyevsky’s partner in across all crossword puzzle obtain our up to date list
crime (10)
please visit www.expressbookshop.com or call 01872 562310.
article that’s dirty (7)
3 She’s in dire need (5)
8 A trimming of lace one gathers (5)
lAST SATURdAY’S SOlUTION
4 It’s a success with a
ACROSS 1 Stupidly, 6 Tape, 8 Geese, 11 rounds, 12 rind, 14 Ewe, woman 15 Warts,over 16 Ion, 17 (6) Hour, here 9 How to sing a piece written 19 Lemons, 20 Haiku, 21 Cute, 22 Persists. in quavers? (7) 5 2Improved and repaired dOWN 1 Starlight, Upon, 3 Ignoramus, 4 Les, 5 revelries, 7 arizona, 9 Edith, 10 Sawdust, under direction (7) 10 Have everybody behind 13 dalek, 18 Onus, 19 Lie.
you (7) 11 Mouthful of water (5) 12 Underground shelter for trapped clubmen (6) 14 He takes part in a spirited war dance (6) 17 See, I go round a house up north (5) 19 Big man catapulted to fame (7) 21 Assign work to a writer (7) 22 Desire no part of this temptress (5) 23 Natural outbursts that may upset caravanners (10)
6 Monster controlling the middle (5)
18
5
6
9
19
*Calls cost 80p per minute plus your telephone company’s network 14 15 access charge. All puzzles use The Chambers Dictionary 20
7 Occasionally in the past and present (3,3,4) 8 He’s against having
21
22
royalties (10) 23
13 Perhaps one is turned up on wearing away of the soil (7) 15 A new way of composing letters (7) 16 Birds, for example, disturb rest (6) 18 They’re used to fasten one’s hair (5) 20 Catch a girl with a ring (5)
Yesterday’s Cryptic Solution
Yesterday’s Easy Solution
Across: 1 Sturdy, 4 Crooks,
Across: 1 Become, 4 Tripod,
9 Trounce, 10 Purse, 11 Octet,
9 Dead Sea, 10 Green, 11 Glean,
12 Islamic, 13 Pension fund,
12 Entwine, 13 Play for time,
18 Corsair, 20 Lasso, 22 Ombre,
18 Assuage, 20 Rebel, 22 Scoop,
23 Crowing, 24 Ladled, 25 Stakes.
23 Riotous, 24 Nettle, 25 Flimsy.
Down: 1 Sits on, 2 U-boat,
Down: 1 Bad egg, 2 Crave,
3 Donates, 5 Repel, 6 Oarsmen,
3 Masonry, 5 Right, 6 Premium,
7 Sketch, 8 Meritocracy, 14 Enrobed,
7 Danger, 8 Take to heart, 14 Lash
15 Fall out, 16 Scroll, 17 Roughs,
out, 15 Turmoil, 16 Damson,
19 Anele, 21 Slick.
17 Flashy, 19 Appal, 21 Bloom.
T The Chambers Dictionary U 19 28 15 29 V W 14 31 10 12 X Y 26 13 27 28 Z
33
28
10
3
34
39
6
8
25
23
31
5
28
39
33
7
16
32
23
30
31
11
Call 0907 181 2586 for today’s Target solution
*Calls cost 80p per minute plus your telephone company’s network access charge. 16 17
company’s network access charge.
7
For today’s solution 13 call:120907 181 2583
EASY PUZZLE
Across
4 Bovine animal (3) 5 Gentle dip (anag.) (9) 7 Large ape (7) 9 8 Scottish landowner (5) 10 Flat highland (7) 13 Carly Simon hit, _ So Vain (5) 18 Interested by 10(informal) (4) 19 Bother, commotion (3)
4
Across 1 Renewed energy (6,4) 8 Relinquish voluntarily (5) 9 Venetian canal boat (7) 10 Champion of a cause (7) 11 Commonplace (5) 12 Twist violently (6) 14 Highly exciting (3-3) 17 Passage of time (5) 19 Depart to avoid arrest (7) 21 Difficult to catch (7) 22 Mixture of metals (5) 23 Late (6,4)
Down 2 Embodiment (7) 3 Done openly (5) 4 Stage in a process (6) 5 Dishonourable (7) 6 Suffocate by submersion (5) 7 Leave off doing something (4,2,1,3) 8 Irresolute (4-6) 13 Hold dear (7) 15 Gangster (7) 16 Inn (6) 18 Vertical (5) 20 Quick-witted (5)
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■ 3
THE TRIBUNE
Thursday, September 2, 2021, PAGE 13
PAGE 14, Thursday, September 2, 2021
THE TRIBUNE
Stocks end with tiny gains, enough to nudge Nasdaq to record By DAMIAN J. TROISE AP Business Writer
TRADERS work on the floor of the New York Stock Exchange, Monday, July 19, 2021. Stocks are inching higher in the early going on Wall Street Wednesday, Sept. 1, with gains from tech giants leading the way. Photo:Richard Drew/AP
STOCKS inched mostly higher on Wednesday, enough to nudge the Nasdaq composite index to an all-time high. Markets continue to remain quiet ahead of Friday’s jobs report and the Labor Day holiday in the U.S. on Monday. The S&P 500 index rose 1.41 points, less than 0.1%, to close at 4,524.09. The Dow Jones Industrial Average fell 48.20 points, or 0.1%, to 35,312.53 and the Nasdaq climbed 50.15 points, or 0.3%, to 15,309.38. Small-company stocks did better than the rest of the market. The Russell 2000 index rose 0.6%.
Technology and communications stocks made solid gains that helped lift an otherwise choppy market. Consumer staples also rose more than other sectors. Investors had a weak survey to work through from payroll processor ADP, which showed U.S. companies added jobs at a much slower pace in August than economists had anticipated. The weak report follows a disappointing consumer confidence survey Tuesday and comes ahead of the Labor Department’s release of its August jobs report on Friday. “Friday’s (jobs) numbers are going to be very carefully looked at on all levels,” said Tom Martin, senior portfolio manager with Globalt Investments. Economists expect that U.S. employers created 750,000 jobs in August, according to FactSet, pushing the unemployment rate down to 5.2%. The report should provide more clues about the strength of the job market and might give investors a clearer sense of whether the Federal Reserve will decide at its upcoming September meeting on a timeline for paring back the $120 billion in bond purchases it’s making each month. Fed Chair Jerome Powell has signaled that the central bank will continue to keep interest rates low for the foreseeable future, even when it tapers the bond buying. Trading is likely to pick up next week, once Wall Street is through the Labor Day holiday. September is
historically a more volatile month for the stock market. Meanwhile, The Institute for Supply Management, a trade group of purchasing managers, reported that growth in U.S. manufacturing accelerated in August despite the fact that companies were still struggling with supply chain problems. The supply chain issues, along with improvements in employment, are key factors in how investors are gauging the direction and potential impact of inflation, Martin said. The broader market has been pushing higher all year, with the S&P 500 closing out August with its seventh straight monthly gain, marking its longest such winning streak since early 2018. Much of the momentum has been sustained by low interest rates favoring stock investments and a steady economic recovery, but investors are growing more cautious. COVID-19’s more contagious delta variant has raised concerns that consumers could pull back on spending and a much needed recovery in the jobs market could stall. The focus on broader economic data comes as the market quiets down following a solid corporate earnings season. Copper prices slipped 2.2% and pushed some key copper mining companies lower. PVH, which owns the Calvin Klein and Tommy Hilfiger brands, jumped 15.1% after raising its profit forecast for the year.
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