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THURSDAY, SEPTEMBER 16, 2021
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Secret austerity deal denied By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
MARLON JOHNSON
A SENIOR Ministry of Finance official yesterday branded as “absolutely incorrect” assertions that the Government cut a secret austerity deal with its lenders in return for last year’s $825m foreign currency bonds. Marlon Johnson, the acting financial secretary, told Tribune Business that “no such undertakings were given” to international investors that the Minnis administration would raise taxes, cut back on spending and reduce the civil service payroll in return for their money.
• Gov’t: No tax rise, civil service cut promises to lenders • Brave, Sir Franklyn allege this why election called early • Latter argues ‘most consequential’ vote since 1972 He spoke out after Sir Franklyn Wilson, the Arawak Homes and Sunshine Finance chairman, alleged he had been informed by both local and international financiers that such assurances were given when The Bahamas placed its
SIGNIFICANT “pentup demand” should fuel an increase in Bahamian capital market investment activity heading into 2022 with over $400m in transactions at various stages of readiness, a top banker said yesterday. Michael Anderson, RF Bank & Trust’s president,
told Tribune Business that investment activity had largely been on hold for the past eight to nine months once talk of an early general election started to surface coupled with the protracted wait for government-connected entities to finalise their capital raising plans. With just three months left post-election before year-end 2021, he projected that many of the
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
MICHAEL ANDERSON transactions originally expected to occur this year will likely roll over into 2022. These include
SEE PAGE 3
Minister: We stopped developer ‘free for all’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister says the Minnis administration stopped a development “free for all” by introducing new laws and regulations similar to what foreign investors must comply with in their home nations.
Romauld Ferreira, minister of the environment and housing, pushed back against assertions from real estate developers that the introduction of the Department of Environmental Planning and Protection (DEPP) had merely created another layer of bureaucracy and added to the costs
SEE PAGE 2
SEE PAGE 4
SIR FRANKLYN WILSON
Honeymoon cancelled
‘Pent-up’ demand to invest post-election By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
two foreign currency bonds - worth $600m and $225m respectively - on the global markets late last year. Sir Franklyn asserted this was why Dr Hubert Minnis had chosen to call an early,
THE Bahamas’ next administration will not have the luxury of a “honeymoon” upon taking office, a prominent banker warning yesterday: “It’s going to be right about the business because there’s a lot we must right.” Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that the victorious party in today’s general election will have little time to celebrate if they are to change The Bahamas’ direction and set it back on “the correct path”. He added that “institutional strengthening” across all government ministries, agencies and departments post-election by ensuring
• Top banker: ‘Right about business’ for election victor • Warns Bahamas ‘on wrong path’, course must alter • Gov’t ‘institutional they have the necessary skill-sets will be critical to executing the incoming administration’s plans, he added, while asserting: “You are only as strong as the public sector you employ.” Reiterating previous calls for The Bahamas to revive the National Development Plan (NDP) as the road map for its revival
SEE PAGE 4
GOWON BOWE
PAGE 2, Thursday, September 16, 2021
THE TRIBUNE
Businesses urge new Gov’t: Get COVID-19 under control By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BUSINESS owners yesterday said they want the incoming administration to focus on controlling the COVID-19 pandemic so that The Bahamas can return to something resembling normality. Bernard Winder, owner/ operator of the Perfume
Paradise, told Tribune Business that September is “always traditionally slow” due to it coinciding with a lull in tourism and students returning to school. He added that blaming the current slowdown in the economy on Dr Hubert Minnis’ decision to call a snap general election would be “unfair”. “Regardless of who wins I would want to see more attention paid to COVID-19. I’m really more
concerned about COVID19 and us transitioning out of it so we can get back to some kind of regular life. That’s really my concern now,” he added. “I just keep seeing people putting on their statuses that they lost a loved one and it is upsetting to me. I have not lost anyone close to me yet, but there is always a cousin of a cousin and clearly it is getting close to home.”
Ron Frazier, owner/ operator of Ron’s Auto Bahamas, added: “I expect the incoming administration to get this country together. I don’t know what to expect with COVID19, but I am just looking for better come this Friday morning and next week. I just want it to be a better day. I want to be able to travel, I want to be able to go places. I really want this curfew lifted and let’s beat this COVID-19.”
Urging Bahamians to get vaccinated against the virus, Mr Frazier cried: “I want everybody to get vaccinated and get serious. That’s what I want, and that’s where we have to start because COVID-19 is a priority for me. Even though it may be here for the next few years, let’s cover ourselves. At least then we will be alright.” Delores Thompson, assistant manager at Sarah’s Drugs, said
that business has generally remained unaffected since the general election was called. She hopes the incoming administration will investigate “to see what contracts are in the system and try to make amends”. She added: “They need to check on what they said was there because nobody really knows. So we need to find out where all of these contracts are going.”
Forum aiming to ‘demystify’ COVID By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TCL Group will this Monday host a virtual roundtable featuring multiple medical professionals in a bid to “demystify” the issues and concerns surrounding COVID-19. Headlined Demystifying COVID-19, the event aims to present reliable health information on the nature, transmission and impact of COVID-19, as well as discuss the religious implications of the virus and available vaccines. “As a responsible corporate citizen in the communications space, TCL Group is committed to rallying around the tough discussions in our community,” said Joan
Albury, its president. “As we’ve observed the misinformation and confusion regarding COVID-19 in The Bahamas, we know that it is important to provide the public with the opportunity to gain enough clarity in order to make informed decisions about how they will navigate this virus.” The virtual forum will feature Dr Juana Rodgers, clinical director of ambulatory services at Doctors Hospital Health System (DHHS); Dr Dave Burrows, senior pastor, Bahamas Faith Ministries International; and Dr Beverton Moxey, gastroenterologist and internal medicine physician. They will take prepared questions followed by
questions from community leaders: Dion Miller, chairman, Junkanoo Corporation Bahamas (JCNP); Stafford Armbrister, Bahamas Boat Owners Sailors Association (BBOSA); Rodney Russell, president, Arawak Cay Conch Fish Food Vendors Association; and Renaldo Dorsett, editor-in-chief, 10th year senior (sports and pop culture). The event will be moderated by Alexis Burrows, brand manager, Doctors Hospital. Demystifying COVID19 will run from 7pm to 8.30pm on September 20. Registration is free at https://bit.ly/3jUGTrg. For more information, contact TCL Group at 322.1000.
MINISTER: WE STOPPED DEVELOPER ‘FREE FOR ALL’ FROM PAGE ONE of doing business in The Bahamas. “I would disagree with that,” he told Tribune Business. “A lot of these developers come from countries that have environmental laws and regulations. We never had any before. All we’re asking you to do is comply with the rules. We didn’t have them before. It was a free for all. “Now they have to comply. I’ve made every single developer comply with the law and associated regulations. I made them say ‘Uncle’.” He responded after Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that furthering improving the ease - and lowering the cost - of doing business in The Bahamas needed to be a priority for the next administration. “We have to go and make it easier for locals and foreign investors,” the ORG chief argued earlier this month. “At the moment, it’s incredibly difficult do to that and this year we’ve added another layer of complexity with the Department of Environmental Planning and Protection (DEPP). “We didn’t make it easier to develop; we made it more difficult. I’m not saying it’s [the DEPP] not necessary, but it’s added another layer to the cost and bureaucracy of doing business. Add
ROMAULD FERREIRA more taxes, and people will be flying over The Bahamas to Barbados and Jamaica. Government has to recognise we need to be competitive. “I was just talking to an investor the other day who is going to Panama. They’re going to Panama because it’s too expensive to operate in the Bahamas. Power is too expensive, bureaucracy is too expensive and there is too much corruption with too many hand-outs.” Mr Myers added that it was critical for the next administration to “work harder and work smarter” if The Bahamas’ ease and cost of doing business concerns are to be satisfactorily addressed, and growth and
job creation increased, to enable the economy to start repaying the debt incurred as a result of COVID-19 and Hurricane Dorian. Mr Ferreira, though, praised the appointment of Rochelle Newbold as the DEPP’s director, adding: “She won’t let the standard drop.” He added that he was “proud of the work done” during his time in ministerial office, when numerous environmentrelated laws and regulations were passed by Parliament, and said: “I’ll stand by my track record. “Whoever comes after me, PLP or FNM, won’t have the skill sets I have, but we’re in a good place.”
THE TRIBUNE
Thursday, September 16, 2021, PAGE 3
Shipper forecasts further hikes in containers, rates By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A SHIPPING executive yesterday forecast that container prices and freight rates could increase by 200 percent over current market highs as the world continues to rebound from the COVID-19 pandemic. Michael Hall, managing director of Bahamas Maritime Logistics Service (BMLS), told Tribune Business consumers should expect increased shipping costs for the next two to three years as the world economy revives and re-opens. He said: “The issue is the demand is greater because
of the delay in shipping during this pandemic, and then with the re-opening due to a surge in service requests throughout the world. Most containers are coming from China. “So what’s happening is the majority of containers, they’re on a shipping vessel sitting at the port. Those MVs (motor vessels) can’t get back to the origin port so they can be repackaged and sent back again.” These shipping delays are having a “domino affect” on sectors such as food wholesalers and retailers, and construction materials. “Now they can’t even keep up with the supply and demand of creating new containers,” added Mr Hall. As the global economy begins to stabilise,
demand for products and services will increase. “Containers are being made right now. They are made with a special type of steel and have to be made to a safety standard, so it will take a while,” Mr Hall said. He predicted shipping container prices will continually rise, adding that such costs can easily increase by 100 percent by yearend. Mr Hall said the price of containers has jumped from an average of $4,000 in 2019 to now $20,000 in some instances, and within the next year there could be an even bigger increase in freight rates. ““You are looking at a 100 percent to 200 percent increase on ocean freight rates from the highs we have right now, and we can
Court dismisses bid to thwart tax disclosures By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMAS-domiciled company has been ordered to supply tax information to the Mexican authorities by October 15, 2021, after its legal challenge was dismissed by the Court of Appeal. TGO Ltd, previously known as Texas Gas & Oil, had sought to exploit a legal loophole in challenging the Ministry of Finance’s Notice that it must hand over “bills of sale” and other documents relating to the sale of gas and other fuel/energy-related products to a Mexican firm. It argued that the notice issued by the Ministry of Finance stipulated that Mexico had met “all the necessary requirements” for tax information to be exchanged under the International Tax Co-operation (Amendment) Act 2013. However, the “all the necessary requirements” reference is included in the main International Tax Cooperation Act 2010, and not the 2013 amendment. As a result, TGO Ltd and its attorney, Metta MacMillan-Hughes of Lennox Paton, asserted at the Supreme Court level that this rendered the Ministry of Finance’s notice “an error of law”, and meant then-deputy prime minister and minister of finance, K Peter Turnquest, had engaged in an “unlawful” use of his powers. Justice Indra Charles, though, rejected TGO Ltd’s position as “unmeritorious” by finding that Mr Turnquest had complied with the 2010 Act and “did not misuse his discretion” in finding that all requirements under the 2010 Act had been met. She described the notice’s reference to the 2013 amendment as “a simple procedural inadvertence” by the Ministry of Finance, and said this did not mean the minister failed to comply. Dissatisfied with the outcome, TGO Ltd appealed Justice Charles verdict to the Court of Appeal. The latter’s September 14, 2021, ruling disclosed that TGO had applied for - and been granted - two extensions to the deadline for responding to the tax information request. The initial notice, issued on July 15, 2019, by acting financial secretary, Marlon Johnson, directed TGO to produce the documents requested by Mexico within 28 days, effectively setting
an August 16, 2019, deadline. TGO first sought an extension until September 30 that year, which was granted by the Ministry of Finance. A second extension was requested on September 23, 2019, seeking that the deadline be moved back to December 15, 2019. “The reasons given were that TGO Ltd’s office premises was damaged during Hurricane Dorian, as well as family and staff members were also affected by the same,” the Court of Appeal said. The Ministry of Finance granted the extension, but only until November 5, 2019, as the Mexican authorities wanted the requested documents within 90 days. That same day, TGO launched its bid for a Judicial Review of the Government’s document production request under its international tax information exchange obligations. TGO Ltd, whose registered office is listed as the third floor of the Bahamas Financial Centre on Charlotte Street, downtown Nassau, appears to be in the business of trading gas and other fuel and energyrelated products. Given the reference to Dorian-related damage, it is likely to have been based in Freeport, although this newspaper was unable to track down an address. Among its grounds of appeal was why the bills of sale and other details sought by the Mexican authorities could not have been obtained from Zeta Gas Del Pacifico, the Mexican taxpayer, given that it possessed these as a result of purchasing TGO Ltd’s products. The latter suggested the failure by the Ministry of Finance to address this indicated the Mexicans had not fulfilled their obligation “to pursue all means available... in its own territory to obtain the information requested”. The Court of Appeal, though, found that TGO Ltd’s delay in filing an appeal was “inordinate and the reasons unacceptable”. It added that the request for an extension of time was filed on September 14, 2020, well after the Court of Appeal’s registry re-opened on May 1, 2020, and excuses relating to attorney workloads were unacceptable. As for TGO Ltd’s prospects of success, the Court of Appeal noted that Justice Charles had urged the Ministry of Finance to be more careful in the
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language it used despite finding that the reference to the 2013 amendment - instead of the 2010 Act - was “a simple procedural inadvertence”. “Having found in favour of the minister, I hope that in future the Competent Authority will strive to be perfect so as to reduce challenges of this nature, and so that precious judicial time could be better spent,” Justice Charles said. “The minister, being the successful party, will be entitled to costs but I will make no such award because if the minister had done things properly from the inception this unfortunate situation would not have arisen.” However, the Court of Appeal backed Justice Charles’ ruling and found that TGO Ltd had little chance of success. It found that the delay in providing the documents was “substantially prejudicial” to the Government, and ordered that they be handed over by October 15.
easily see a 100 percent increase in freight costs,” he added. “There are various ports around the world right now that are assessing their local beats in order to take on the delays in the international shipping community. So as the shipping lines increase their costs, the port increases their costs and all of that is pushed on to the consumer.” As a result, a 40-foot container may cost up to $80,000 “depending on where it is coming from.” Mr Hall said: “If you have a shipping demand that is time sensitive, and you want your commodity within a month or a few weeks, there are express rates that are added on to that just to get your container there.
“Nothing is guaranteed because anything can happen in one of the transhipment ports, and those delays also cost me because if you can’t deliver your shipment to your client then you have the possibility of losing that contract locally.” These shipping constraints will continue for another two to three years, Mr Hall said, adding: “Think about it. The effects of the pandemic are not just in shipping but it’s everywhere with all marine and airline sectors. “There have been planes, due to the lack of people flying, that are just sitting on the ground and those planes need to be paid for. Some of those planes have been turned into other
‘PENT-UP’ DEMAND TO INVEST POST-ELECTION FROM PAGE ONE potentially $60m to assist the Grand Bahama Shipyard with preparation for its new dry dock, and the $150m that RF Bank & Trust is raising for the Family Island airport upgrades. Nassau Cruise Port’s $25m initial public offering (IPO) equity raise from Bahamian investors, as well as its remaining $50m-$60m debt financing requirements, will also likely be completed this year. More uncertain, though, is the fate of Bahamas Power & Light’s (BPL) $535m rate reduction bond offering, some $80m of which was to be raised in The Bahamas, and the $70m for Shell North America’s liquefied natural gas (LNG) terminal at Clifton Pier. Both those projects, and capital raisings, are likely to be put on hold temporarily at least if a new administration is elected, together with a fresh BPL Board and advisers. They will certainly want to review the transactions and ensure they are in both BPL’s and the Bahamian people’s interests before proceeding, which would push both likely into
2022. Collectively, all these transactions are worth around $445m. Mr Anderson, though, was still bullish on the investment market’s prospects following today’s general election. “Companies looking to raise capital or investments in the market are all going to be circumspect about that given who knows what will happen to any investment if the Government changes or does not change. At the end of the day, everything gets put on hold for eight to nine months until after the election,” he said. While the anticipated BPL bond issue failed to materialise in time before today’s vote, the RF Bank & Trust chief told this newspaper: “The investment side of the market has been on hold for the last nine months, and when the election is over hopefully that will be a catalyst to get some of these transactions to market. “There’s a lot of pent-up demand for investments. With the low interest rates at the bank there are a lot of people struggling to find alternatives. Once the election is over, we’ll see more
types of aircraft in order to get back into the market, but it’s all over in all sectors straight across. This is going to be felt for years to come.” Advising consumers to “shop around” for the best shipping company to work with, Mr Hall said: “Always check with different suppliers. There are other countries that are opening up their markets more than others. You may have to stop using one supplier in one country. Also, check with your local Customs offices to find out what exemptions you may have on certain items. This always helps if you are trying to cut costs.” activity. I’m almost sure of it. There’s a huge opportunity for investment. There’s a certain amount of money sitting there, and people would be crazy not to take advantage of the opportunity once the election is out the way.” The election’s mid-September timing means that the Bahamian capital markets will enjoy just two further months of potential activity before year-end, given that little traditionally happens in the December run-up to Christmas. Mr Anderson, though, said he “expects 2022 to be a big year”. With The Bahamas well-positioned to benefit from the US tourism revival, he added: “There’s a lot more investment needed in The Bahamas to take advantage of these opportunities, whether it’s businesses raising capital to live off after COVID-19 or setting up new businesses. “It’s what will drive the economy of this country forward. If we don’t do it, we will be languishing. We need to get money to work.” Mr Anderson said RF Bank & Trust clients currently have a collective $120m capital pool they are looking to invest, with the investment bank having attracted average $12m monthly inflows of investor capital since the start of 2021.
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HONEYMOON CANCELLED FROM PAGE ONE over the next 20-30 years, Mr Bowe said improved foreign currency debt and balance of payments management will also be critical for the new Cabinet to start addressing the country’s multi-billion national debt and fiscal deficit concerns. Warning that the likes of the International Monetary Fund (IMF) and other multilateral institutions, as well as the likes of Moody’s, Standard & Poor’s (S&P), lenders and creditors will all be scrutinising the new administration’s actions closely, the Fidelity Bank (Bahamas) chief said they will be looking “to see who is courageous enough to start doing things in the best interest of country and not political party”. Giving a sober assessment of The Bahamas’ realities post-Dorian and COVID-19, Mr Bowe told this newspaper: “Every time we go into an election we’re often talking about being at a crossroads. The best way to describe it is that we’ve gone down the wrong path.
“We need an administration that will identify we’re on the wrong path, turn us around and chart a path that we should be following but, more importantly, articulate that path to the wider public so that they understand where we’re going. “We’re long past the crossroads. We’ve already gone down the wrong path, and we have to decide how far down the wrong road we’re prepared to go before we turn around, get back to the crossroads and find the right path.” The Bahamas had failed to achieve annual gross domestic product (GDP) growth of higher than 2 percent in the decade prior to COVID-19, with the pandemic’s fall-out further widening social inequalities and worsening long-standing systemic weaknesses in areas such as education and governance. Unemployment and under-employment, together with major income loss, remain serious problems as businesses and the wider economy struggle to regain a stable footing following pandemic-related
restrictions. On the fiscal side, the national debt stood at $10.356bn at mid-2021 with a projected annual deficit of some $951m for the current fiscal year, while the debt-to-GDP ratio hovers at close to 100 percent. “The reality is that we don’t have much wiggle room left. There are consequences for the actions taken over decades,” Mr Bowe told Tribune Business. “There won’t be a honeymoon for a new administration. It’s going to be right about the business because there’s a lot we have to right. “They [the new administration] don’t have a choice as to whether they listen. Regardless of who the next administration is there are realities that come to bear stronger than they have before. Heavy is the head that wears the crown, so I hope they have strong shoulders and a stiff neck..... “Regardless of who wins, that’s our government. We can only hope the citizenry are discerning and make the best choice, and that is choosing the best among
the bunch. We simply have to make the best choice.” While there has been significant focus on economic growth, the possibility of new and/or increased taxes, and government spending cutbacks, Mr Bowe said a more significant issue is having “the right people with the right skill sets” in the correct government positions if the next administration is to properly effect much-needed reforms. “We’ve not done enough as a country to address that skills gap,” Mr Bowe asserted. “How am I to realise social, economic, health and environmental decisions without appropriate skill sets, and make sure public bodies are filled with appropriate skill sets and not just bodies. We don’t want people who got there because of political patronage. That’s what we need to do to change the country. “No matter who is in government, you are only as strong as the public sector we employ. If we have the right financial people dealing with debt management, tax reform and economic growth, they’re going to be
the persons we need. If you have independent medical professionals not afraid to challenge the political directorate in what they do, they’ll help us with the health initiatives we need.” Mr Bowe added that it was vital the next administration make use of The Bahamas’ entire “braintrust” and not just rely on its own supporters for advice. “The victor tendencies need to be addressed,” he explained. “We have to recognise that governments have run the country by using half its brain. We remain polarised, and use only political party supporters. “We’re now going to use the full brain trust of the country and the private sector - people knowledgeable in their field - to bring their full expertise to the Government, which is something we have not done enough. Is this what I’d call a Majority Rule monumental election tomorrow [today]? No, but we need to send a very clear message that we’re looking at the quality of the policymakers put forward, and will hopefully pick the best.
“The international community is watching. The stark reality is I don’t think there’s a preference or comfort zone with one major political party over the other. I think what they’re all looking for is to see who will be courageous enough to start doing things in the best interest of the country, not in the best interest of politics,” Mr Bowe added. “I’m going to be a little mischievous and say this much. Policymakers do not have all the answers. Being elected does not take you from naivety to super intelligence. We want these policymakers to realise that they will elevate themselves if they have smarter people in the room as they make decisions.” The Fidelity Bank (Bahamas) chief said another priority for the new administration will be “more strategic management of the balance of payments”, and building sufficient foreign currency inflows such that it begins to repay elevated foreign currency debt obligations.
SECRET AUSTERITY DEAL DENIED FROM PAGE ONE snap general election so that Bahamians would decide on the new government before such painful austerity measures were implemented. This theme has also been picked up by Philip Davis, the Opposition’s leader, who told a party rally on Tuesday: “We have been told by credible sources that the Government called a snap election because their back is against the wall with the country’s creditors;
they’re ready to raise your taxes, but they ain’t planning to tell you that until after you vote. “And they are going to raise your taxes because they are too afraid of their wealthy donors to raise theirs, and because they have no new ideas and no clue how to create economic growth.” Dr Hubert Minnis, though, has always denied that the Free National Movement (FNM) has plans for new and/or
increased taxes if re-elected to office. And Mr Johnson also refuted the allegations from Mr Davis and Sir Franklyn yesterday. “That’s absolutely incorrect. No such undertakings were given,” he told this newspaper in denying a secret ‘austerity deal’ with The Bahamas’ creditors and lenders. “In any sort of formal public offering or capital raising, whether it’s a deal with a multilateral institution or a bond offering, all
covenants, terms and conditions are put in the offering document,” Mr Johnson added. “There will be no circumstances where a written undertaking would transpire and not be in the formal document.” The acting financial secretary thus asserted that it would be impossible to keep any secret austerity deal, as alleged by Mr Davis and Sir Franklyn, secret. However, the latter yesterday said he had received credible reports from local and international bankers that such assurances had been given, although he did not name his sources. “I believe whoever wins will make a ton of difference,” Sir Franklyn told Tribune Business of today’s general election. “If the FNM wins I believe the biggest problem would be the continuation of keeping from the public information that would have serious consequences. “I have been asked why the Prime Minister would call an early election at this time. My premise is, assuming the Prime Minister loves The Bahamas, and as a medical doctor he had to anticipate calling the election now would have an increased possibility - if not probability - of causing increased challenges to the healthcare system, the pressure on him to call the election had to be strong. “It was strong because I have been told by local and international bankers that the Government of The Bahamas has entered agreements with certain clauses that, if they became known to the public before a general election, would seriously and adversely affect their prospects of success,” Sir Franklyn continued. “My understanding is that the Government of The Bahamas has given
certain assurances that the deficit will come down at a pretty rapid pace through a combination of increased taxes and reduced operating expenses, including a reduction in the Government’s principal expense, which is payroll. “The fact of the matter is that, if this is true, and from what I am being advised has been committed to, that would have very serious implications for the re-election of the Government of the day, and that’s the main driver of why the election has been called now.” Whoever wins today’s election will likely have to consider such measures at some point given the extent of the debt and deficit blowout produced by Hurricane Dorian and COVID-19, which has driven the national debt to $10.356bn and resulted in a projected $951m deficit for this fiscal year. However, the Government’s Fiscal Strategy Report also sets out a glide path for reducing the fiscal deficit in coming years. Sir Franklyn, though, argued it was “poppycock” to assert that the general election was called early because the Prime Minister needs a fresh political mandate to set The Bahamas back on a sustainable path post-COVID. “The people who have conveyed to me this information, it’s not obvious to me why they would seek to mislead me. The standing of these people in global finance, it’s not apparent why they would mislead,” Sir Franklyn said. “Every election that comes up, people say it’s the most consequential, but this particular one I believe to be the most consequential election since 1972 when the issue on the ballot was whether the country became independent or not.”
Sir Franklyn, who said he was not allowing “my personal political preferences” to taint his analysis, argued that the election of a Progressive Liberal Party (PLP) government would “at least open the door for a conversation” with The Bahamas’ lenders and creditors if such austerityrelated assurances have been given. He also asserted that the present general election has parallels with the one in 1992, when the 25-year Pindling administration was voted out of office and replaced by the Hubert Ingraham-led FNM. Acknowledging that the five-year period between 1992 and 1997 generated significant economic growth and jobs for The Bahamas, Sir Franklyn admitted this may not have happened had the PLP been re-elected. “The country in a lot of ways is where we were in 1992,” he told Tribune Business. “The change of government in 1992 was a pre-condition for what happened in the first Ingraham administration, which most people concede was a period of significant economic growth. “There is a lot to suggest that if the PLP were elected in 1992, the same level of economic growth may not have happened. The question for the Bahamian public today is whether the reality of today bears some comparability with what existed in 1992, where the change in government played a role in the economic growth the country enjoyed during the first Ingraham term in office. “What I’’m saying to you is a change in government offered a fresh perspective, and that’s the parallel with 1992. People saw change, they saw difference. Staggeringly enough, they saw a new day.”
ASIAN SHARES MOSTLY LOWER ON LACKLUSTER CHINA, JAPAN DATA By ELAINE KURTENBACH AP Business Writer STOCKS were mostly lower in Asia on Thursday after Japan and China released data that were weaker than expected. Shares fell in Tokyo, Shanghai, Hong Kong and Seoul but rose in Sydney. Japan reported that its exports rose 26.2% in August from a year earlier, but that was well below forecasts for a rise of about 34.0%, Marcel Thieliant of Capital Economics said in a commentary. Relative weakness in vehicle exports might reflect
shortages of semiconductors and other components that have prompted some manufacturers to cut output, he noted. China reported its retail sales grew an anemic 2.5% in August, down from 8.5% in July, while factory output slowed to 5.3% from 6.4% the month before. It was the slowest growth in output since May 2020. "Yesterday's China data were a real shock," RaboResearch Global Economics & Markets said in a report. "This is hardly what one calls a robust consumer recovery," it said. Tokyo's Nikkei 225 index dropped 0.6% to 30,332.64
while the Hang Seng in Hong Kong declined 0.8% to 24,825.58. The Shanghai Composite index gave up 0.2% to 3,649.88 and the Kospi in Seoul lost 0.5% to 3,136.27. Australia's S&P/ASX 200 gained 0.7% to 7,468.20. Shares fell in Taiwan but rose in Singapore and Jakarta. On Wednesday, energy and technology companies helped lift stocks on Wall Street broadly higher, reversing the market's pullback from a day earlier. The S&P 500 rose 0.8% to 4,480.70 after another day of choppy trading.
THE TRIBUNE
Thursday, September 16, 2021, PAGE 5
DOORDASH SUES NEW YORK CITY OVER RIGHTS TO CUSTOMER DATA By DEE-ANN DURBIN AP Business Writer DOORDASH is suing New York City over a new law that requires delivery companies to share customer data with restaurants. The lawsuit filed Wednesday is the latest in a string of legal tussles between delivery companies and local governments, reflecting unease over the phenomenal growth of delivery and its impact on restaurants. Last week, DoorDash, Grubhub and Uber Eats sued New York over a separate bill that caps fees delivery companies can charge to restaurants. DoorDash and Grubhub are also suing San Francisco over fee caps adopted there. In its new lawsuit, DoorDash says an ordinance passed by the New York City Council in late July is unconstitutional and violates customer privacy. Under the law, delivery companies must share data collected on customers — including names, addresses, phone numbers and order contents — with any restaurant that requests that information. Customers can opt out and keep their information private, but only on an order-by-order basis. “In an era of heightened concerns about data privacy and identity theft, this compelled disclosure is a shocking and invasive intrusion of consumers’ privacy,” the San Francisco company said in its court filing. The company noted that in-person diners would never be asked to share
the same information with restaurants. But many restaurants — fed up with delivery fees and lack of transparency — supported the bill. The NYC Hospitality Alliance, which represents 25,000 bars and restaurants in New York, says the bill ensures that restaurants can market directly to their customers. The law also makes it easier for restaurants to leave delivery platforms without losing access to their customers. “DoorDash spends millions of dollars to take restaurants’ customers and withhold their information so they can control the market and extract more fees from small businesses,” said Andrew Rigie, the executive director of the alliance. Delivery companies saw big sales gains over the last year as pandemic lockdowns closed restaurant dining rooms and more people ate at home. DoorDash booked a record 345 million orders in its mostrecent quarter, and its sales jumped 83% from the prior year to $1.24 billion. Delivery companies say they help restaurants by connecting them to diners and handling tricky logistics. But their commission fees, which can be as high as 30% per order, have cut into the already thin margins of restaurant owners in an unprecedented era. The National Restaurant Association estimates 90,000 U.S. restaurants have closed permanently or long-term because of the pandemic.
THIS Feb. 27, 2020 shows the DoorDash app on a smartphone in New York. DoorDash is suing New York City over a new law that requires delivery companies to share customer data with restaurants. The lawsuit, filed Wednesday, Sept. 15, 2021 is the latest in a string of legal tussles between the delivery companies and local governments, reflecting unease over the phenomenal growth of delivery and its impact on restaurants. Photo:File/AP
NOTICE This is to notify the public and business community that Sean Burrows & Wilson Seymour are no longer employed at Discount Distributors & Discount Liquors. And as such, they are not authorized to transact any business, cash or otherwise, for the above companies or entities. Management
Old Fort Bay Property Owners Association
SECRETARY REQUIRED
The Old Fort Bay Property Owners Association is looking for a critical and organized thinker to join our team. Duties will include the support of the Homeowners Architectural Review Committee by keeping the committee organized, reviewing and logging homeowners plans, and also offering administrative support to the POA office. Applicants must be highly organized; proficient in Microsoft Office suite of products; competent in writing and speaking English to a high standard; and in reading architectural drawings. Associates degree or Degree preferred. Email resume to: info@oldfortbaypoa.com
MOTORISTS wait for a signal to change as pump jacks extract oil at the Inglewood Oil Field, Thursday, June 10, 2021, in Los Angeles. Photo:Jae C. Hong/AP
Los Angeles County votes to phase out oil and gas drilling By DREW COSTLEY AP Science Writer LOS Angeles County supervisors voted unanimously Wednesday to phase out oil and gas drilling and ban new drill sites in the unincorporated areas of the nation’s most populous county. Over 1,600 active and idle oil and gas wells in the county could be shuttered after the 5-0 vote by the board of supervisors. A timetable for the phaseout will be decided after the county determines the fastest way to legally shut down the wells. Among the sites is the Inglewood Oil Field, one of the largest U.S. urban oil fields. The sprawling, 1,000-acre (405-hectare) site, owned and operated by Sentinel Peak Resources, contains over half the oil and gas wells in the county’s unincorporated areas. The field produced 2.5 million to 3.1 million barrels of oil a year over the past decade, according to the company. “The goal is to provide direction to county departments to begin addressing the variety of issues, environmental and climate
impacts created by these active and inactive oil and gas wells,” said Supervisor Holly J. Mitchell, who represents the district where most of the Inglewood Oil Field is located. Mitchell, along with Supervisor Sheila Kuehl, made the motion to phase out drilling in the county’s unincorporated areas. The California Independent Petroleum Association, representing nearly 400 oil and gas industry entities, opposed the measure. In a letter to the board, CEO Rock Zierman said a phaseout of oil and gas production would threaten hundreds of jobs, raise gas prices and make California more dependent on oil from foreign countries. Sentinel Peak Resources, owner of Inglewood Oil Field, did not respond to calls and emails for comment on the motion. Inglewood Oil Field is adjacent to several Black communities, including Baldwin Hills, Ladera Heights and View Park, where residents have worried about the field’s impact on their health and the local environment for at least a decade. Residents have
complained of foul odors from the wells and say they have seen oil bubbling through sidewalk cracks in their neighborhoods. “There are tens of thousands of people who live in very close proximity to oil wells, 73% of whom are people of color,” Mitchell said in an interview before the vote. “So, for me, it really is an equity issue.” Inglewood Oil Field was the site of a spill in April when a pipeline leaked more than 1,600 gallons (6,000 liters) of oil, according to the California Governor’s Office Emergency Services. Supporters of the phaseout have said that shutting down drilling will move the region closer to environmental equity. Companies have been drilling for oil in Los Angeles since the late-1890s, and the area quickly became a hub for oil production in California. Oil was found in Baldwin Hills in 1924, long before Black Americans gravitated there and to other communities with oil facilities because of housing discrimination and the affordable real estate. Sonya Vasquez of the Los Angeles-based non profit
Community Health Councils has been working with Baldwin Hills residents for years on issues related to the oil field. “I ... think the writing is on the wall and hopefully there is this sense that something good has to be done with this land,” she said. “And we’re in this era where we shouldn’t be relying so much on fossil fuel.” Residents, activists and politicians supporting the ban and phaseout want the Inglewood Field to be turned into an expansion of neighboring Kenneth Hahn State Recreation Area. The measure that passed also called for residents, the oil companies and other stakeholders in the community to explore what else can be done with the privately owned land. “My goal is complete, comprehensive (cleanup of the site), with the oil companies paying for it, not taxpayers,” Supervisor Mitchell said. The petroleum industry’s Zierman said companies should be compensated if their operations are condemned without justification.
PAGE 6, Thursday, September 16, 2021
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TESLA BUILDS 1ST STORE ON TRIBAL LAND, DODGES STATE CAR LAWS By CEDAR ATTANASIO Associated Press/ Report for America NAMBÉ, N.M. (AP) — Carmaker Tesla has opened a store and repair shop on Native American land for the first time, marking a new approach to its yearslong fight to sell cars directly to consumers and cut car dealerships out of the process. The white-walled, silverlettered Tesla store, which opened last week, sits in Nambé Pueblo, north of Santa Fe, on tribal land that’s not subject to state laws. The electric car company can only sell and service its vehicles freely in about a dozen states, while it faces restrictions in others. Some, like New Mexico, ban Tesla from offering sales or repairs without going through a dealership. In January, the company struck a deal with Michigan to resolve a 2016 lawsuit, a symbolic victory that allowed it to sell in the backyard of the nation’s largest carmakers. Supporters of Tesla say the shop in New Mexico marks the first time the company has partnered with a tribe to get around state laws, though the idea has been in the works for
years. From Oklahoma to Connecticut and other states, consumers can’t buy Teslas because the company won’t partner with dealerships and hasn’t been successful in winning over the courts or lawmakers to allow its direct sales model. “These states have lots of sovereign Native American nations in them that could be interested in Tesla,” said Brian Dear, president of the Tesla Owners Club of New Mexico. “I don’t believe at all that this will be the last.” Supporters say dealership laws protect middle-class jobs and force dealerships to compete, lowering prices. Critics say people can get information online and direct sales would lower costs. New Mexico, Alabama, and Louisiana have the strictest bans, barring Tesla from both operating dealerships and repair shops. That makes repairing a Tesla more expensive and more of a hassle. Owners have to get their cars serviced in neighboring states or through traveling Tesla technicians who fix problems with what they have in a van. The New Mexico Tesla shop, built on the site of a former casino, is nestled between two gas stations along a highway about an hour and a half north of
TESLA owners, Tesla employees and local political leaders gather at the service bay doors during an event on Sept. 9, 2021, to celebrate a partnership between Tesla and the Nambé Pueblo after the electric car company repurposed a defunct casino into a sales, service and delivery center near Santa Fe, N.M. Tesla has opened a store on tribal land in New Mexico, sidestepping car dealership laws that prohibit car companies from selling directly to customers. Photo:Jim Weber/AP Albuquerque, where most of the state’s Tesla owners live, Dear said. While sales are prohibited in neighboring Texas — where the company plans to make its pickup trucks next year — repair shops are allowed. New Mexico Tesla owners have been traveling to El Paso, Texas, or other out-of-state cities to get repairs.
To buy a Tesla, they have to drive hours to pick them up or pay thousands of dollars to have them shipped. “We drove a gas car — Volvo station wagon — to Denver and then I was the ‘lucky one’ who got to drive the gas-powered car back,” said Howard Coe, a filmmaker who works for a laboratory in Los Alamos, New Mexico, about 30
minutes from Nambé and about five hours from the nearest Colorado Tesla store. Coe drove his wife’s Tesla sedan to the new store in Nambé on Tuesday to ask if an SUV he ordered can be delivered there. The store told him it’s not accepting deliveries for the foreseeable future and won’t do repairs until later this
month. Tribal officials who brokered the deal over a two-year period say it lines up with business interests and cultural values like caring for the environment. The tribe “has the responsibility to the land where we have resided for over 1,000 years,” said Carlos Vigil, president of the Nambé Pueblo Development Corporation, calling Tesla’s service center “a renewable business that lines up with our belief system.” Car dealership advocates say they respect the tribe’s decision but that they hope customers will buy electric cars from companies that follow state rules, arguing dealerships compete to lower prices and can service vehicles in more parts of the state. “We have competition, we have the expertise, we’re in your local communities,” said Ken Ortiz, president of the New Mexico Automotive Dealers Association. “We contribute to the taxes.” New Mexico has tax treaties with the tribe for sales, gambling and gasoline taxes. But tribal and state officials say it’s unclear if Tesla will have to pay vehicle sales taxes or how the revenue would be split between them.
CANADIAN PACIFIC’S ACQUISITION OF KCS RAILROAD BACK ON TRACK By JOSH FUNK AP Business Writer OMAHA, Neb. (AP) — After initially getting derailed this spring, Canadian Pacific’s $31 billion acquisition of Kansas City Southern is back on track after Canadian National dropped out of the bidding war Wednesday. The deal could still face tough scrutiny from regulators at the federal Surface Transportation Board, which hasn’t approved any major railroad mergers since the 1990s. But KCS shareholders will be set to get paid once shareholders of both companies and Mexican regulators approve it regardless of what the STB ultimately decides. The $31 billion deal includes 2.884 CP shares and $90 in cash for each shareholder and the assumption of roughly $3.8 billion in debt. “We’re elated. We’re tickled to death,” CP President and Chief Executive Keith Creel said. “It has
been a long journey. No dull moments obviously, but it came to a conclusion where we intended it to in the beginning and believed it ultimately would end up.” Canadian Pacific triumphed in the bidding war even though it offered less than Canadian National’s $33.6 billion bid. That’s because federal regulators wouldn’t let CN set up a voting trust to acquire and hold Kansas City Southern during their prolonged review. Canadian National will receive $1.4 billion in breakup fees for its trouble in the deal that has gone back and forth since CP and KCS first announced their merger agreement in March. CP will reimburse KCS for those breakup fees under the terms of their deal. Canadian National CEO JJ Ruest said his railroad will focus on “profitable growth and opportunities for excellence.” CN had faced pressure in recent weeks from a major investor to abandon the deal
IN this Nov. 27, 2020 file photo, a Canadian National rail worker stands on an idle locomotive as protesters opposed to the Trans Mountain pipeline expansion block rail lines in Burnaby, British Columbia,. The path is now clear for Canadian Pacific’s $31 billion acquisition of Kansas City Southern railroad to move forward after Canadian National dropped out of the bidding war Wednesday, Sept. 15, 2021. Photo:Darryl Dyck/AP and work on its own performance. The London-based TCI fund, which owns about 5% of CN’s stock and
more than 8% of CP’s stock, has already announced plans to call a special meeting to nominate four new directors who would help choose a new CEO for CN. TCI said it will still push for leadership changes. “Without much needed change on the board and in management, TCI believes
the company’s operational and financial performance will continue to suffer to the detriment of CN shareholders,” the firm said. Independent railroad analyst Tony Hatch said Canadian National is going to have to find ways to address its shareholders’ concerns quickly and
articulate its plan to satisfy TCI and other investors. “They’re going to have to tell them why they’re going to be fine without this,” Hatch said. “They now need to communicate clearly to a lot of different stakeholders about their future.” But Hatch said all three of the railroads involved in this deal had good prospects before all the merger talk, so CN should be fine. Shares of all three railroads rose after Wednesday’s announcements with CN jumping as much as 4% early in the day on Wall Street before falling back to a more modest 2% gain by the end of trading. For more than two decades the railroad industry has been stable, with two railroads in the Western United States — BNSF and Union Pacific — two in the Eastern United States — CSX and Norfolk Southern — Kansas City Southern in the Midwest and the two Canadian railroads that serve part of the United States. Regulators have said that any merger involving two of the largest railroads generally needs to enhance competition and serve the public interest to get approved.
THE TRIBUNE
Thursday, September 16, 2021, PAGE 7
STOCKS POST BROAD GAINS, LED BY ENERGY COMPANIES AND TECH
By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers ENERGY and technology companies helped lift stocks on Wall Street broadly higher Wednesday, reversing the market’s pullback from a day earlier. The S&P 500 rose 0.8% after another day of choppy trading. It was the biggest daily gain for the benchmark index since late August and it put the S&P 500 on pace to close the week higher. About 80% of stocks in the index rose. Energy companies did particularly well as prices for crude oil and natural gas climbed,
and Microsoft helped pull the tech sector higher after announcing a dividend increase and a new stock buyback program. Health care and financial stocks also made solid gains. Utilities, which investors tend to shun when they’re more willing to take on risk, were the only sector to fall. The rally marked the latest reversal for the market this month, which has been characterized by choppy trading and small moves, usually ending with stocks finishing lower, but still near their recent all-time highs. Stocks fell Friday, rose Monday and then fell again on Tuesday.
“We’ve just retraced some of the weakness that we’ve seen the past few days,” said Willie Delwiche, investment strategist at All Star Charts. “In aggregate, the median stock hasn’t really gone anywhere in six months.” The S&P 500 rose 37.65 points to 4,480.70. The index is within 1.3% of its all-time high set Sept. 2. The Dow Jones Industrial Average gained 236.82 points, or 0.7%, to 34,814.39. The Nasdaq composite added 123.77 points, or 0.8%, to 15,161.53. Small-company stocks did even better with the Russell 2000 index gaining 24.46 points, or 1.1%, to 2,234.45.
TRADER FRED DEMARCO, left, and specialist Meric Greenbaum work on the floor of the New York Stock Exchange, Wednesday, Sept. 15, 2021. Stocks were modestly higher in morning trading Wednesday, helped by higher energy prices which in turn pushed energy companies higher. Photo:Richard Drew/AP U.S. government bond yields rose. The yield on the 10-year Treasury rose to 1.30% from 1.27% late Tuesday. Banks benefitted from the higher yields, which allow them to charge more lucrative interest rates on loans. Citigroup rose 2.4% and Capital One Financial gained 2.9%. Oil prices rose 3.1% and natural gas prices rose 3.8% as the oil and gas industry continues to sort through the damage caused by hurricane season in the Gulf. Disruptions have been more pronounced than originally expected, and
there’s been some oil spills from some refineries. ExxonMobil gained 3.4%, while Occidental Petroleum climbed 6.1% and Marathon Oil finished 7.7% higher. Casino stocks slumped following reports of a possible crackdown on the industry by Chinese officials in Macau, the former Portuguese colony and gambling center. Wynn Resorts fell 6.3% for the biggest drop in the S&P 500, while MGM Resorts fell 2.5% and Las Vegas Sands slid 1.7%. Investors have been navigating a choppy market as
they try to determine how rising cases of COVID-19 because of the highly contagious delta variant will impact economic growth. The employment market has been slow to recover and consumer spending has been tempered in recent months. Wall Street will get get more information on jobs and consumer spending on Thursday when the Labor Department releases its weekly report on unemployment benefits and the Commerce Department releases retail sales data for August.
NUTRITION AID SURGES, FOOD BANKS BRACE FOR UNCERTAIN FUTURE By MORGAN LEE Associated Press SANTA FE, N.M. (AP) — Food banks in New Mexico with high rates of childhood poverty and hunger are watching with apprehension as the federal government boosts standard food stamp benefits in October and extends generous emergency allotments temporarily. President Joe Biden’s administration has approved a permanent 25% increase in food aid over pre-pandemic levels, available to all 42 million SNAP beneficiaries across the country. The increase on Oct. 1 coincides with the expiration of a smaller, 15% boost in food-aid benefits that was ordered as a pandemic protection measure. At the same time, emergency allotments in food
aid are continuing in most states, including New Mexico, but will phase out as public health emergency designations eventually come to an end. The allotment often doubles standard monthly benefit payments and the eventual expiration threatens to send shock waves through personal and family finances in New Mexico, where more than one-infour residents depends on the federal government’s Supplemental Nutrition Assistance Program to help put food on the table. “We enjoy seeing families — low-income families — being able to access their own food. It’s certainly a more dignified and respectful way to get the food that their families need,” said Sherry Hooper, executive director of The Food Depot that acts as a food bank of
last resort for 40,000 people across a sparsely populated area the size of West Virginia. “The Food Depot is here to help if any of those benefits end or if they need additional help,” she said. She said the pandemic has increased the number of people seeking help with food essentials by about 30% in her territory in northern and eastern New Mexico. The federal government fully funds the Supplemental Nutrition Assistance Program, without state matching funds. New Mexico lawmakers nonetheless funneled $10 million toward emergency food aid during legislative sessions in early 2021 and November 2020, and the administration of Gov. Michelle Lujan Grisham is
lobbying for a more robust emergency nutrition package for the coming fiscal year that starts on July 1, 2022. The pandemic has been accompanied by an unprecedented outpouring of federal assistance designed to limit disruptions in housing, food security and the broader economy. But some direct emergency aid to low-income households is already winding down. The federal government in early September ended
its supplemental unemployment benefit of $300 a week that went out to roughly 50,000 residents. State finance authorities are sprinting to provide rental assistance to people who have fallen behind on payments to landlords, while a statewide eviction moratorium remains in effect for people who can’t afford to pay rent. On the food-aid front, about 540,000 people were enrolled in the Supplemental Nutrition Assistance
Program as of August, across a state with 2.1 million residents, according to the Human Services Department that administers federal nutritional benefits. Agency spokeswoman Jodi McGinnis-Port says the average household SNAP benefit of $237 in July 2019 increased to $477 in July 2021 — and will nudge higher in October.
BAHAMAS AGRICULTURAL & INDUSTRIAL CORPORATION Request for Consultant:
Sustainable Development Goals aligned to Silver Palm use and management on Red Bays & Central Andros
Definition of Position
The Bahamas Agricultural and Industrial Corporation is seeking the services of a Consultant to work in partnership with the Pine Island Project Coordinator to:
Scope of Work
AGRICULTURE Secretary Tom Vilsack speaks during the daily briefing at the White House in Washington, Wednesday, Sept. 8, 2021. Photo:Susan Walsh/AP
Service Provider will facilitate an assessment of the socioeconomic resources of the population of Red Bays Andros & Central Andros: 1. To determine the baseline socio-economic conditions on the island with a focus on gender, age, economic status and the resource use. 2. Create and administer a survey instrument to collect the economic, social and cultural information from households in Red Bays & Central Andros. 3. Interviews/Focus groups conducted with key informants and stakeholders including government, business, civil society and other interests. 4. Data Analysis. 5. Report Preparation.
Qualifications 1. Bachelor of Science in a discipline that is relevant to agriculture economic, forest or natural resources management; 2. Knowledge, understanding and practical implementation of survey methodology that demonstrates clear cognizance of technical, social and economic points associated with natural resources management; 3. Minimum of 3 years work experience in the related field; 4. Experience in providing quality technical reports; 5. Demonstrate ability to engage stakeholders and expertise.
How to Apply Interested consultants may obtain further information at the address below during office hours 9:00 am – 5:00 pm Local Time. Proposals must be delivered via direct mail or email at the address indicated below. Submissions must be received by October 1st, 2021. Only Shortlisted candidates will be contacted.
Bahamas Agricultural & Industrial Corporation Attn: Project Coordinator P.O. Box N-4940 Nassau, Bahamas Email: publicrelations@baic.gov.bs
PAGE 8, Thursday, September 16, 2021
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House panel rejects drug pricing plan in setback to Biden By ALAN FRAM AND RICARDO ALONSOZALDIVAR Associated Press WASHINGTON (AP) — A House committee dealt an ominous if symbolic blow Wednesday to President Joe Biden’s huge social and environment package, derailing a money-saving plan to let Medicare negotiate the price it pays for prescription drugs. The House Energy and Commerce Committee vote to drop the proposal from its piece of Biden’s signature 10-year, $3.5 trillion spending plan was not a fatal blow. The separate House Ways and Means Committee kept it alive by approving nearly identical drug-pricing language. Even so, the provision’s rejection by one committee underscores the clout that moderates looking to curb new spending — or any small group of Democrats — have as Biden and party leaders try pushing the entire package through the narrowly divided Congress. Facing unanimous Republican opposition, Democrats will be able to lose just three House votes and none in the 50-50 Senate to send the overall
measure to Biden. That’s a precarious margin for what will be an enormous bill laced with numerous politically sensitive initiatives and spending and taxes. The committees’ votes on pharmaceutical drugs came as Biden was holding face-to-face meetings with two moderate Democratic senators who have said the overall size of the $3.5 trillion proposal is too big. The sessions with Sens. Kyrsten Sinema of Arizona and Joe Manchin of West Virginia underscored a stepped-up White House drive to avoid Democratic defections. The Energy and Commerce vote on the drug-pricing language was 29-29, with three moderate Democrats joining Republicans to oppose it: Reps. Scott Peters of California, Kathleen Rice of New York and Kurt Schrader of Oregon. Tie votes in Congress are usually insufficient to keep legislative provisions alive. Henry Connelly, a spokesman for House Speaker Nancy Pelosi, D-Calif., said lowering drug costs “will remain a cornerstone” of the party’s push for the overall bill, Biden’s top domestic priority.
NOTICE NOTICE is hereby given that JACKSON ROC of Rock Crusher, Farrington Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of September, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
HOUSE Energy and Commerce members, seated from left, Rep. Brett Guthrie, R-Ky., Rep. David McKinley, R-W.Va., and Rep. Morgan Griffith, R-Va., listen during votes on amendments during work on the “Build Back Better” package, cornerstone of President Joe Biden’s domestic agenda, at the Capitol in Washington, Wednesday, Sept. 15, 2021. Photo:J. Scott Applewhite/AP Democrats are counting on the drug-pricing provisions to pay for a modest but significant part of their $3.5 trillion plan to bolster the safety net, address climate change and fund other programs. Proponents say it could save $600 billion over the coming decade. The legislation would authorize Medicare to negotiate with pharmaceutical companies, using lower prices paid in other economically advanced countries as a yardstick. The savings produced would be
used to expand Medicare coverage by adding dental, vision and hearing benefits. The Energy and Commerce vote showed “real concerns with Speaker Pelosi’s extreme drug pricing plan,” Debra DeShong, top spokesperson for the Pharmaceutical Research and Manufacturers of America, said in a statement. The industry says the drug negotiation plan would lead to price controls that reduce investment in research into promising new cures and treatments.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LATOYA PETERSON POITIER of P.O. Box SS-5886, Eleuthera, Bahamas, intend to change my name to LATOYA SIDNEY RANKINE. 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.
Biden met with Sinema Wednesday morning on the overall bill and planned a later session with Manchin. Centrists’ unrest over the legislation’s cost has prompted a delicate hunt by party leaders for a topline figure that moderate and progressive lawmakers can endorse. Sinema spokesman John Labombard had a positive assessment of the senator’s White House session, a good sign in a process that has seen the party’s progressives and moderates stake out conflicting demands. “Today’s meeting was productive, and Kyrsten is continuing to work in good faith with her colleagues and President Biden as this legislation develops,” Labombard said. Biden and congressional Democratic leaders endorsed the $3.5 trillion figure, but in recent days have been more tentative about its ultimate size. The
enormous package faces unanimous opposition from Republicans, who say its proposals are wasteful and would wound the economy. The measure would push utilities to produce cleaner energy, expand Medicare coverage, create new child care and family leave programs and provide free pre-kindergarten and community college. There would be a slew of tax breaks to help families cope with the costs of health care and raising children. Much of it would be paid for by boosting taxes on the wealthy and corporations. By Wednesday evening, all 13 House committees with pieces of the overall social and environment bill had completed their work, meeting a goal set by Democratic leaders. House Budget Committee Chairman John Yarmuth, D-Ky., said in an interview Tuesday that his panel would be ready next week to combine all 13 sections and send the overall bill to the full House. That might be delayed as lawmakers wait for the nonpartisan Congressional Budget Office to produce a cost estimate for the legislation, Yarmuth said. The Senate has yet to produce its own legislation, but Senate leaders and other lawmakers have been in talks with the House. Differences remain over taxes, health programs and other issues. Democratic leaders would love to send completed legislation to Biden for his signature in the coming weeks, but many think resolving the policy and political complications the party faces will take much longer. White House press secretary Jen Psaki told reporters Wednesday that they expect Congress to move the legislation before an international climate conference in November.
NOTICE NOTICE is hereby given that JAIME REYNALDO PEREZ of Alexander Boulevard and Taylor Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of September, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that EMMANUEL I-LEE SMITH of East Street South, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of September, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000 Saffron Invest Ltd. (IN VOLUNTARY LIQUIDATION)
NOTICE IS HEREBY GIVEN THAT, in accordance with Section 138 (4) of The International Business Companies Act 2000, as amended, Saffron Invest Ltd. is in dissolution. The dissolution of the said Company commenced on September 13, 2021, when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas. The sole liquidator of the said Company is Kim D Thompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.
THE TRIBUNE
ARReARS Thursday, September 16, 2021, PAGE 9 ARTISAN GeRmANe The Sunshine Puzzle has been a firm favourite with readers of the Express for many FOR YOUR CHANCe TO WIN £10 ISOTOpe years. All you need to do is find the correct home for the listed words. We have ACROSS lOCkJAW helped you by placing two. Here are the words that go into the grid: 1 Differ in opinion, making new meANING rage (8) AORTA mUFFINS 5 Endeavouring to be annoyin CARGO 10 Graft Lara rearranged with o mUSTANG DX1ST FRUIT fashioned person from an ar NeWNeSS London (9,6) JUICe Ufor motorcycle I C EpassenD F RASHeRS R U I T 11 JPlace mINCe SeRpeNT cocktail (7) OlIve 12 Ring first pocketed by blokes SUCCeSS SCUFF wet (7) CARPE DIEM eCONOmIST 13 Exclamation of surprise at SUSHI GeNeRATOR The Sunshine Puzzle has been a firm favourite with readers of the Express for many FOR YOUR CHANCe TO WIN £100 CASH read(8) down the letters in the h virtue years. All you need to doSWIFT is find the correct home GIGABYTeS for the listed words. We For have today’s 1181 2 3 ACROSS solution call: 0907 2584 15 Drive out former partner pa SWIpe helped you by placing two. Here are the words that go into the grid: *Calls cost 80p 1per minute Differ in opinion, making company’s new side network with theaccess Spanish (5) plus your telephone charge. INFUSIBle rage (8) 18 Cancel woman, extremely ARReARS AORTA INTeRvIeW SATURDAY’S SOlUTION 5 lAST Endeavouring to be annoying (6) unconventional (5) ARTISAN 10 Added, CARGO ReSeRvOIR ACROSS10Obstinate, Screw, Gentleman, Bacon, Graft Lara rearranged with old- 20 Distressed Tory paid for GeRmANe FRUIT Snookered, Sneak, Antenatal, Grievance, Diver, Bagatelle, SAlACIOUS fashioned person from an area in chiropody (8)Value, ISOTOpe LondonPersonnel. (9,6) Bilge, Negotiate, Beard, DOWN Breed, page, 23 ForTitle mother withNoel, blemish, a JUICe SINGleTON F lOCkJAW R U I T 11 Place for Exonerate, motorcycle passenger’s cosmetic (7) 11 Training college, Chase, Foxed, Narrative, Animation, mINCe STReNGTHS cocktail (7)Anger, Untie, Boss. 25 Diplomatic type originally se Carer, meANING OlIve SUNFlOWeR 12 Ring first pocketed by blokes, before performance, almost mUFFINS SCUFF wet (7) packed (7) 13 mUSTANG Exclamation of surprise at CHAlleNGe 26 Quiet royal at home with mo SUSHI THe DAIlY eXpReSS1330-SeCOND virtue (8) unusually vile to shy person NeWNeSS TODAY’S ANSWeRS: BEGINNEr = 44; INTErMEdIATE = 304; AdVANCEd 17 = 576. SWIFT 15 Drive out former partner parking 27 Insignificant person making MARVIN RASHeRS SWIpe Jwith U I C(5) E the Spanish nod18unexpectedly (6)19 SeRpeNT 18 Cancel woman, extremely ARReARS 28 Give ours out when it’s unconventional (5) SUCCeSS serious (8) ARTISAN 20 Distressed Tory paid for eCONOmIST GeRmANe DOWN23 24 chiropody (8) GeNeRATOR 1 2 3 4 5 6 7 8 9 10 23 For mother with blemish, a ISOTOpe 1 Hate journalist turning up be 1 x Battleship GIGABYTeS (7) trial (6) lOCkJAW 1 cosmetic A *Calls cost 80p per minute plus your telephone company’s 25 Diplomatic typecharge. originally seen 2 Withdraw network access bear, unhappy (5,4 INFUSIBle meANING 26 2 x Cruiser 5 before performance, almost 3 Awful cad, Glen, looked B INTeRvIeW lAST SATURDAY’S SOlUTION mUFFINS packed (7) briefly (7) ReSeRvOIR ACROSS Obstinate, Screw, Gentleman, mUSTANG 26 Quiet royal at home with monarch 4 In here a gerbil is keen (5) 3Added, x destroyer 0 Bacon, C Snookered, Sneak, Antenatal, Grievance, Diver,unusually Bagatelle, SAlACIOUS 27 about 25 sheets (7) vile Value, to shy person (9,6) 6 Need NeWNeSS Bilge, Negotiate, Beard, Personnel. DOWN Breed, Title page, Noel, 1 27 Insignificant person making boy7 Popular, a part that’s not D SINGleTON RASHeRS 4 x Submarine JChase, U Exonerate, I C EFoxed, Narrative, nod unexpectedly (6) suitable (5)Call 0904 161 37 Training college, Animation, TO ENTER: STReNGTHS SeRpeNT 5 E 28 Give ours out when it’s 8 DXCRUS Insect making conservationi lAST SATURDAY’S Carer, Anger, Untie, Boss. followed by a spac SUNFlOWeR SUCCeSS serious SOlUTION (8) run away (8) cost £1.50 plu 84915. Calls 1 F 9 charge. Some drip accidentally Texts cost £1.50swor plu eCONOmIST DOWN HAGAR THE HORRIBLE CHAlleNGe HOW manytonight. words of Orinitially send yo 14 midnight European politician THe DAIlY eXpReSS 30-SeCOND GeNeRATOR 0 G by posting it to:stress Crusa 1 Hate journalist foursquares letters or more helping a sibling with TODAY’S ANSWeRS: BEGINNEr = 44; INTErMEdIATE = 304; AdVANCEd = 576. turning up before GIGABYTeS B73tofrom 9BT. m 16 Coldfield Drink given fool Entries I the confuse can you make 3 trial (6) H SP: – 0333 3390. *Calls cost 80p per minute plus your telephone company’s network access charge. 2 Withdraw bear, unhappy (5,4) letters withSpoke collection of202 papers (9) INFUSIBle shown here? An extra day is given pos 33 Awful cad, Glen, looked Average goingfor round I INTeRvIeW In17making ablokes word, lAST SATURDAY’S SOlUTION ●South The winner will each be the firs briefly (7) Africa supplying chee letter may bethe used once ReSeRvOIR after closing date ACROSS Obstinate, Screw, 4 19 routes Head of languages deserved 1 In here a gerbil is keen (5) only. J Gentleman, Bacon, Added, mustCall contain NeeD Help? 0904 16 Snookered, Sneak, Antenatal, Grievance, Diver, Bagatelle, Value, SAlACIOUS 6 Need about 25 sheets (7) beEach knowledgeable (7) 2 3 Beard, 4 5 Personnel. 6 7 8 2DOWN 9 3 102Breed, cost £1.50I plus your te the centre letter and 1 1 1 Noel, 2 1 4 7 Popular, a part that’s not Bilge,1Negotiate, Title 21 Calls During search, verify collec SINGleTON 1 x3page, Battleship there must be at least NAME suitable (5) of records (7) Training college, Chase, Exonerate, Foxed, Narrative, Animation, 1 of ships shown is hidden in the grid. The numbers to STReNGTHS A FINdUntie, whereBoss. the fleet nine-letter word. 8 Insect making conservationist one 22 AddrESS Dishes of mixed petals (6) Carer, Anger, 2 x Cruiser SUNFlOWeR the right of and below the grid indicate how many of run the away squares (8) in that row 24 plurals. Some outlandish rubber plan No Verb forms 5 B are filled in with ships or parts of ships. The ships9doSome not touch each other, swore (8) drip accidentally 25 It upset German feline (5) ending in “s” permitted. even diagonally. Some squares have been filled in14 to European start you politician off. initially 3 x destroyer THe DAIlY eXpReSS 30-SeCOND CHAlleNGe 0 C
THe SUNSHINe pUZZle
JUDGE PARKER
THe SUNSHINe pUZZle
CRUSADe
CRUSADeR CROSSW
BATTleSHIpS
BLONDIE
TARGeT
AdP rKN I PE
For today’s solution call: 0907 181 2584
TIGER
For today’s solution call: 0907 181 2584
BATTleSHIpS
TARGeT
AdP rKN SmAll CROSSWORD SmAll CROSSWORD I PE TARGeT TH AdP rKN I PE THe AlpHAB
Crusader
TODAY’S ANSWeRS: BEGINNEr = 44; INTErMEdIATE = 304; AdVANCEd = 576.
D
CALVIN & HOBBES
1
BATTleSHIpS F
1
4
6
E
1
2
3
5
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7 G8
9 10
1 x Battleship
A
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I
5
2 x Cruiser
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3 x destroyer
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1 4 x3Submarine 1 2
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lAST SATURDAY’S SOlUTION
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1 154
FINd where the 5fleet of ships shown to lAST SATURDAY’S 16 is hidden in the grid. The 17numbers 18 the right of and below the SOlUTION grid indicate how many of the squares in that row are filled in with1ships or parts of ships. The ships do not touch each other, 19 in even diagonally. Some squares have been filled to start you words off. HOW many of
F
DENNIS THE MENACE G
0
four letters or more 21 from the can you make letters shown here? with several given numbers. The object is to place the 22 3 squares so the each row, I InACROSS making a word, each numbers 1 to 9 in the empty each column may be used once 1 and each 23x3 box contains 3 the same4 number 5 letter 1 Sweet-smelling flower (8) 1 of the only once. The difficulty level Conceptis Sudoku J ● The Express Bookshop stocks a wide selection puzzle books only. Each must 6 Ventilates (4) ofcontain increases from Monday to Sunday across all crossword puzzle genres. To obtain our up to date 8 centre More recent (5) and list the letter 8 9 please visit 10www.expressbookshop.com 2 3 2 1 1 3 1 6 2 71 4 or call 01872 562310. 11 Adjacent (4,2) there must be at least 12 Annoyance (4) FINd where the fleet of ships shown is hidden in the grid. The numbers to one nine-letter word. 11 14 Orienteering aid (3) the right of and below the grid indicate how many of the squares in that row lAST SATURDAY’S SOlUTION No plurals. Verb 15 Tear into strips forms (5) are filled in with ships or parts of ships. The ships do not touch each other, 1 Mnemonic, 6 Earn, ACROSS 8(3) Norse, 11 Virtue, ending in “s” permitted. 16 ‘No’ vote 12 been filled in to 13 start you off. 1412 Conk, 14 Flu, 15 Teeth, 16 Nap, even diagonally. Some squares have 17 Sits, 19 Or
SmAll CROSSWORD CROSSWORD SmAll
20 3 Sudoku is a number-placing puzzle based on a 9x9 grid
H
17 21 Regulation else, 20 rowan, Also, 22 (4) Bludgeon. 192 Contusion DOWN 1 Mercenary, Erin, 3 TARGeT On (6) the mend, 4 Ire, TODAY’S 20 Postage sticker 5 revulsion, 7 Avocado, 9 Ousts, 10(5) Salutes, Good 20; very good 30; 13 Keira, Isle,Girl, 19 Owl. 21 18 Spice _ Horner (4)
SmAll CROSSWORD CROSSWORD SmAll 15
excellent (or more). 22 Skill of 40 using language 17 18 effectively ACROSS Solution next(8)Saturday. 1 2 3 4 5 1 Sweet-smelling flower (8) 19 6 Ventilates (4) DOWN lAST SATURDAY’S 1 Delight (9) 8 More recent (5) 6 7 8 9 10 SOlUTION 2 Greek god of war (4) 11 Adjacent (4,2) 20 21 evil evilly glen 3 Turn tripegill (anag.) (9) 12 Annoyance (4) 11 4 Lowest evenlevy number (3) 14 Orienteering aid (3) glove legion 22 5 Predictive 15 Tear into strips (5) levying lien (9) lily line 7 Imprecise (7) 16 ‘No’ vote (3) 12 13 14 ling lingo lino lion 9 Old anaesthetic (5) live 17 Regulation (4) ● The Express Bookshop stocks a wide selection of puzzle books livelong lively liven 10 Person who makes 19 Contusion (6) across all crossword puzzle genres. To obtain our up to date list 15 possible (7) loin something lone lonely long 20 Postageorsticker (5)562310. please visit www.expressbookshop.com call 01872 13 Unit of heat (5) 21 Spice Girl, _ Horner (4) love lovely loving 18 One on a computer 22 Skill of using language 16 17 18 lovingly lying novel(4) 19 Expression of effectively (8) lAST SATURDAY’S SOlUTION oglecontempt oily olive (3) only ACROSS 1 Mnemonic, 6 Earn, 8 Norse, 11 Virtue, veil vile vilely vinyl 19 DOWN 12 Conk, 14 Flu, 15 Teeth, 16 Nap, 17 Sits, 19 Or For today’s solution 1 Delight viol voile vole volley else, 20 rowan, 21 Also,(9) 22 Bludgeon. call: 0907 181 2583 DOWN 1 Mercenary, 2Greek Erin, god 3 Onofthe mend, 4 Ire, VOLLEYING 2 war (4) 20 21 *Calls cost 80p per minuteyell plus your telephone 5 revulsion, 7 Avocado, 9 Ousts, 10 Salutes, 3 Turn 1tripe (anag.) (9) 2 3 4 5 network access 6 charge. company’s yelling 13 Keira, 18 Isle, even 19 Owl. 4 Lowest number (3) 22 5 Predictive (9) 7 7 Imprecise (7) Down Across 9 Old anaesthetic (5) 8 9 ● The Expresson Bookshop 2 stocks a wide of puzzle books Carry onselection business - with a 1 He hopes to find insects 10 Person who makes across all crossword puzzle genres. To obtain our up to date list something possible (7) please visit www.expressbookshop.com or call 01872 562310. knife? (7) tap (10) 13 Unit of heat (5) 18 One on a computer (4) 3 Outmoded description of 8 Fish looks right in the light 10 11 19 Expression of lAST SATURDAY’S SOlUTION Call 0907 181 2586 for St Peter’s for example (5) (5) contempt (3) ACROSS 1 Mnemonic, 6 Earn, 8 Norse, 11 Virtue, today’s Target solution 12 Conk,the 14 Flu, 154 Teeth, Nap, Sits, Falling16off Big17Ben (6)19 Or 9 Develop a way through For today’s solution *Calls cost 80p per minute plus your else, 20 rowan, 21 Also, 22 Bludgeon. network 12 13 14telephone company’s 15 Scottish mountain (7) 1 Mercenary, 5 2There’s harsh critic at4 the DOWN Erin, 3 aOn the mend, Ire, call: 0907 181 2583 access charge. All puzzles use *Calls cost 80p per minute plus your telephone 5 revulsion, 7 Avocado, 9 Ousts, 10 Salutes, The Chambers Dictionary company’s network access charge. 16 (7) 19 Owl. 10 Performing with 13 Keira, door 18 Isle, an academic chap 6 Lariats and cowboys may 17 18 19 20 16
CRYPTIC PUZZLE
changed to Tokyo (5) 12 Opening quarrel? (6) 14 Payday for a servant? (6) 17 Book for a boy about five (5) 19 Venetian merchant who was in debt for a pound (7) 21 Say! That’s quick! (7) 22 Confirms, though almost opposed to it (5) 23 Wasted no time collecting the loot? (10)
Yesterday’s Cryptic Solution
be thrown at it (5)
7 Profane lines create 21
pandemonium (6,4) (10)
23
13 One cell prepared for an Irish girl (7) 15 Inferior cell for old offenders (7) 16 Una upset with sea sickness (6) 18 It creeps through after six (5) 20 Pursue a certain line (5)
Yesterday’s Easy Solution
Across: 1 Godiva, 4 Maiden, 9 Tapster,
Across: 1 Botany, 4 Rattle, 9 Bravura,
10 Based, 11 Utter, 12 Present,
10 Tosca, 11 Later, 12 Pervade,
13 Trench coats, 18 Idyllic, 20 Tidal, 22 Split, 23 Station, 24 Dry rot, 25 Statue. Down: 1 Get out, 2 Depot, 3 Veteran,
22
8 A publisher’s cover man
EASY PUZZLE
continuously (2,3,2)
11 Old capital of Japan
13 Small-minded, 18 Outward, 20 Refer, 22 Glory, 23 Usually, 24 Rotate, 25 Veneer. Down: 1 Bubbly, 2 Trait, 3 Neutral, 5 Alter, 6 To spare, 7 Elated, 8 Happy
5 Amble, 6 Dessert, 7 Nudity, 8 Drop the
medium, 14 Mete out, 15 Nurture,
case, 14 Royalty, 15 Outcast, 16 Biased,
16 Forger, 17 Prayer, 19 As yet,
17 Glance, 19 Lotto, 21 Drift.
21 False.
Across 1 Venomous spider (5,5) 8 Natural aptitude (5) 9 Scapegoat (4,3) 10 Coagulate (7) 11 Open to bribery (5)
Down 2 Pupil (7) 3 Imprecation (5) 4 Talk garrulous nonsense (6) 5 Hand over (7)
12 String of invective (6)
6 Four-wheel goods
14 For the time being (3,3)
7 Yes, of course
17 Concentrate (5)
8 Confronting each
19 Small seedless raisin (7) 21 Style of cooking (7) 22 Bout of depression (5) 23 Highly successful book (10)
vehicle (5) (2,3,5) other (4,2,4) 13 Send away (7) 15 Speak ill of (7) 16 Evaluate (6) 18 Ascend (5) 20 Designate (5)
helping a sibling with stress (8) may 10: J McCabe, Tyldesley, TODAY’S TARGeT 16 Drink given to fool I confused GeT THe BRIllIANT Kent; 12: B Rookley, 20;may very good 30; Stra with collection of papers (9) GoodFulbourn, Cambs; may 14: M excellent 40 (or more). 17 Average blokes going round Banbridge, Co Down; m ACROSS next Saturday. South Africa supplying cheese Solution (8) Please allow 1 Sweet-smelling flower (8) 19 Head of languages deserved to 6 Ventilates (4) HOW many words (7) of CAN you crack the Alphabea be knowledgeable lAST SATURDAY’S lAST S 8 During More recent (5)more 21 search, I verify collection four letters or your mental muscles l SOlUTION ACROSS 1 Raincoat,to5 the Eclair 11 Adjacent (4,2) ofyou records (7) from the can make in Alphapuzzle, every letter o 13 Screamed, 15 Reins, 18 Atla evil evilly gill glen 12 Annoyance (4) 22 of mixed petals (6) thelegion town red, 27and Nature, B letters shown here? the given letters the 28 give 14 Dishes Orienteering aid (3) glove levy Ankle, 6fiendish Cheaper, fun, 7 Ar 24 Some outlandish (5) To add4 to 15 making Tear into (5)rubber In astrips word, each plant levying lien the lily line 19 S 16 Interpret, 17 Saucepan, 25 upset feline (5) 16 It‘No’ voteGerman (3) letter may be used once same if you turn the page ling lingo lino lion live up p 17 Regulation (4) only. Each must contain So, forlively example if there is livelong liven 19 Contusion (6) the centre letter and a corresponding six-letter loin lone lonely long wo 20GeT Postage sticker (5) THe BRIllIANT eXpReSS pUZZleS A 21 Spice Girl, be _ Horner (4) there must at least black square has a s loveEvery lovely loving 22 Skill of using language one nine-letter word. number. This help identif lovingly lyingcan novel effectivelyVerb (8) forms No plurals.
corresponding ogle oily olive‘twin’. onlySolutio veil vile vilely vinyl A 32 36 40 20our10 CAN you crack the Alphabeater? It’s a tough twist on po 1 Delight (9) violEach vole volley B voile your mental muscles to the limit. grid number below re 2 Greek god of war (4) TODAY’S TARGeT 33 31isyell 28 3But now 6 in Alphapuzzle, every letter of VOLLEYING theCalphabet used. 3 Turn tripe (anag.) (9) Good 20; very good 30; yelling D squares below the main 4 Lowest even number (3) given black the given letters the excellent 40(9)(orand more). 5 ToPredictive E 11 10 add to the fiendish fun, Alphabeater is ‘rotationally 6 13 sym 15 Solution next 7 Imprecise (7) Saturday. same if you turn the page upside down. F 9 Old anaesthetic (5) for example if there is a six-letter G 18 word 21 Across 19 7which 12s 10So, Person who makes lAST SATURDAY’S a corresponding six-letter word Across which ends in the bot something possible (7) H SOlUTION 13Every Unit ofblack heatBest (5) described square hasasa asymmetrical ‘twin’ but ‘twin’ number the11 taskthe in10 Kakuro I crossword, 20 using 10numbers 26 evil evilly gill 18 One on a computer is to glen fill all(4) ofidentify the empty squares, 1Of to course 9, so number. This can help other black squares. J glove legion levy the sum of each horizontal block equals the number to its 19 Expression of Call 0907 181 2586 for corresponding ‘twin’. Solution next left, andline the sum of each vertical the33 number contempt K Saturday. levying lien(3) lily 31 block 7theequals 38 21 on40 its top.20 No number may be4usedTarget in38 same block more today’s solution A 32 36 10 17 2 14 40 ling lingo lino lion live Llevel For today’s solution *Calls cost 80p per Conceptis minute plusKakuro your than once. The difficulty of the B 0907 company’s network increases from Monday totelephone Sunday. livelong lively liven M 21 13 31 25 10 call: 181 2583 charge. All puzzles use Ccost33 *Calls 80p per 31 minute plus telephone 28yourlong 3 6 35access 5 Dictionary 25 31 19 loin lone lonely NThe38Chambers company’s network access charge. D lovely loving love O 4 38 26 16 20 Yesterday’s Yesterday’s lovingly E 11 lying 10 6novel 13 15 31 P 20 30 40 36 28 ogle only Answer Q F oily oliveSudoku Kakuro Answer 30 9 34 31 28 veil vile 21 vilely19vinyl G 18 7 12 5 R 30 3 33 16 12 viol H voile vole volley S 20 31 37 10 35 VOLLEYING I 20 10 yell 11 10 26 7 T 10 25 34 10 3 yelling J U 17 40 22 20 8 K 31 7 38 33 21 12V 26 15 40 24 16 L W 3 30 18 10 19 M 21 13 31 25 10 22X 9 17 11 28 40 N Y 11 38 36 36 10 O 4 38 26 16 20 4 Z 38 39 10 35 1 P 0907 181 2586 for Call Q 30 Target 9 34solution 31 28 18 16 3 2 40 40 today’s 8 1 2 3 4 5 6 7 R cost 80p per minute plus your *Calls ■ ■ telephone company’s network Saccess 20 charge. 31 All37 5 21 14 22 239 24 36 25 261927 34 28 puzzles10 use 35 T The Chambers Dictionary G U 17 40 22 20 8 12 31 2 10 5 1 V W 3 30 18 10 19 33 30 22 38 13 25 X Y 11 38 36 36 10 29 20 7 27 2 31 Z
ending DOWN in “s” permitted.
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PAGE 10, Thursday, September 16, 2021
THE TRIBUNE
After humble beginnings, Oregon’s Dutch Bros launches IPO By ANDREW SELSKY Associated Press SALEM, Ore. (AP) — After humble beginnings as a pushcart operation in an Oregon town and growing into a company with hundreds of drive-thru coffee shops, Dutch Bros Coffee launched an initial public offering Wednesday on the New York Stock Exchange. The offering drew an enthusiastic response from investors, who sent shares
of the company up by more than 50% within hours. Dutch Bros Coffee Executive Chairman Travis Boersma rang the ceremonial first trade bell on the floor of the NYSE on Wednesday. The company had an initial public offering price of $23. By the close of the day’s trading, the share price had jumped to about $37. The IPO was the biggest in state history and made the coffee company the state’s fifth-most-valuable company,
with a stock market value approaching that of Portland-based Columbia Sportswear, according to The Oregonian/OregonLive. The Pacific Northwest is known for its love of coffee. Starbucks started in 1971 in Seattle’s historic Pike Place Market. Unlike that chain, which is now ubiquitous in the United States and beyond, Dutch Bros is 100% drive-thru. The shops with windmill emblems have sprouted up
across the West and are now located as far east as Texas and Oklahoma. Wearing a baseball cap turned backwards and a T-shirt saying Rage Against the Machine — the name of a hard rock band — Boersma exuberantly banged a gavel while presiding over the closing bell at the NYSE while flanked by executives and guests of Dutch Bros Coffee. “It’s a mindblow, man,” he told KDRV, an Oregon TV station. “Who would
have thought that you could take a coffee cart in a small little town like Grants Pass — really do what you hear about as you grow up as a kid, you know, the American dream — and actually go out and pull it off.” “It’s surreal,” he added. Company President and CEO Joth Ricci told IPO Edge, a news outlet focusing on new company share offerings, that the company decision to go public doesn’t
mean its growth will be overly aggressive. “We are not accelerating growth because of the IPO but staying disciplined,” Ricci told IPO Edge. Boersma and his brother Dane started off in business in 1992 selling espressobased beverages from their pushcart near the railroad tracks in the southern Oregon town of Grants Pass, which now has a population of about 37,000.