10122023 BUSINESS

business@tribunemedia.net

THURSDAY, OCTOBER 12, 2023

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No ‘Passion’ over Love Beach condo

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER two-time Bahamas Real Estate Association (BREA) president yesterday said it was “too bad” a developer and Love Beach residents “cannot meet half-way” as both sides await a planning appeal’s outcome.

William Wong, also The Bahamas’ ambassador to Morocco, joked to Tribune Business that “we need King Solomon” to intervene amid continued opposition to the “high rise” Passion Point development proposed by Jason Kinsale, the Aristo Development chief behind projects such as Balmoral on Sandford Drive, ONE Cable Beach and Aqualina.

PASSION POINT DEVELOPEMENT The Subdivision and Development Appeal Board was yesterday said to be “deliberating” over its decision after Love Beach residents united in a bid to overturn the “preliminary approval” granted by the

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

VAUGHN ROBERTS agencies as potential aerodrome licence options.

Speaking after Tuesday night’s Town Hall meeting, where attendees unanimously rejected Montagu Bay given its already-extensive use by

SEE PAGE B7

Deltec chair to SBF: ‘Why in the world?’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DELTEC Bank & Trust’s chairman yesterday said his response to Sam BankmanFried would be “why in the world” if the embattled FTX founder were to ever contact him.

Jean Chalopin, speaking at the D3 digital assets conference staged by the Government and Securities Commission, told attendees that FTX’s collapse in November 2022 was similar to the “pain and adjustment” that all infant, emerging industries must

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Bahamas ‘leading from front’ on digital assets t /BUJPO PWFSDPNFT '59 ANBUFSJBM FGGFDU

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Atlantis: We preferred other seaplane sites ATLANTIS yesterday said it will swiftly ask the authorities to “reconsider” alternative seaplane landing sites that it prefers to the Montagu Bay option rejected by residents and the boating community alike.

Vaughn Roberts, Atlantis senior vice-president of government affairs and special projects, told Tribune Business that locations in Nassau harbour near the former Chalk’s site as well as “just to the west of The Pointe” had also previously been submitted to the Port Department and other

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go through as part of their natural evolution.

The creator of the Inspector Gadget cartoons, and his Lyford Cay-based financial institution, have vehemently denied allegations levied in multiple US-based class action lawsuits that they knowingly aided and abetted the multi-billion dollar FTX fraud prior to the crypto exchange’s failure.

Asked about the FTX situation, and its impact on the wider digital assets industry, Mr Chalopin responded: “I think in anything new you have times

SEE PAGE B10

THE ATTORNEY General yesterday argued The Bahamas is “leading from the front” on digital assets regulation as he sought to portray the jurisdiction as the ideal domicile for industry providers.

Ryan Pinder KC, addressing the D3 conference staged by the Government and Securities Commission, called on sector attendees to “judge us” by the Bahamas’ achievements and upcoming reforms that will see an enhanced Digital Assets and Registered Exchanges Act tabled in, and debated and passed by Parliament, before yearend 2023.

Conceding that the FTX crypto exchange’s implosion in November 2022 “had a material effect on

RYAN PINDER KC the industry in The Bahamas”, he argued that this nation’s ambitions to become a major digital assets hub had survived the fall-out as “businesses continue to licence themselves to operate from The Bahamas in this space”.

Mr Pinder also pointed out that the Financial Action Task Force (FATF), the global standard-setter in the fight against money laundering and terror

SEE PAGE B6

PAGE 2, Thursday, October 12, 2023

THE TRIBUNE

HOW TECHNOLOGY CAN BOOST FOOD SECURITY T

HE Bahamas, a beautiful archipelago known for its stunning beaches and crystal-clear waters, is facing a pressing issue: Ensuring a sustainable food supply for its population. As an island nation heavily dependent on imports for food, The Bahamas faces numerous challenges related to food security and sustainability.

One potential solution lies in the integration of agricultural technology, or agri-tech, which can revolutionise the way food is produced and distributed in the country. Agri-tech offers a plethora of benefits, including enhanced

productivity, resource optimisation and environmental sustainability, making it a crucial tool in ensuring a sustainable food production system for The Bahamas.

Agri-tech tools and techniques can significantly boost agricultural productivity in The Bahamas. By using precision agriculture technologies such as drones, sensors and GPS-guided machinery, farmers can optimise planting patterns, irrigation and fertilization.

This optimisation leads to increased crop yields and more efficient land use, addressing the challenges of limited arable land in the country.

In a nation where resources such as water and energy are not as limited, but expensive to procure, agri-tech can play a pivotal role in resource efficiency.

Smart irrigation systems, for example, can reduce water wastage by delivering the precise amount of water needed for crops, based on real-time data and weather forecasts. Similarly, renewable energy solutions can power farms, reducing dependency on costly fossil fuels and minimising the carbon footprint associated with agriculture.

The Bahamas is particularly vulnerable to climate change and its adverse

effects on agriculture, including extreme weather events and rising sea levels.

Agri-tech can help mitigate these challenges by providing climate-smart farming solutions. Controlled environment agriculture, for instance, allows farmers to grow crops in a controlled indoor environment, protecting them from extreme weather conditions and ensuring a consistent food supply.

Agri-tech can empower farmers to diversify their crops and venture into new markets. Vertical farming, hydroponics and aquaponics are excellent examples of technologies that allow for

the year-round production of a wide variety of crops, including fruits, vegetables and herbs, even in limited spaces. This diversification can reduce dependency on food imports and bolster the country’s food security.

The integration of data analytics and artificial intelligence in agriculture can revolutionise decision-making processes for farmers in The Bahamas. By analysing vast amounts of data related to weather, soil conditions, crop health and market demand, farmers can make informed decisions to optimise production, reduce waste and meet consumer needs effectively.

Leveraging agri-tech is not just a matter of modernising the agricultural sector in The Bahamas; it is a necessity for ensuring the sustainability of food production. With its potential to enhance productivity, optimise resource use, adapt to climate challenges, diversify production and enable data-driven decisions, agri-tech offers a promising pathway toward a more secure and sustainable food future for The Bahamas. It is imperative for the Government, stakeholders and farmers to embrace and invest in agri-tech to transform the

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ROYE II agricultural landscape and safeguard the nation’s food security.

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THE TRIBUNE

Thursday, October 12, 2023, PAGE 3

INTERNATIONAL LINK SEES UB JOIN FORCES WITH CAMBRIDGE “We are a responsive and nimble financial services jurisdiction and, as promised when DARE was implemented, we remain committed to consistently updating and evolving our regime to meet the latest threats and risks as they emerge.

“The changes to the DARE Act will include, among other things, measures to clarify the regulation of stablecoins, and the introduction of more robust investor and consumer protection mechanisms, including new provisions for a single framework for the registration and oversight of digital assets custodians and the provision of custodial wallet services and requirements for the segregation of assets. We are also introducing a disclosure framework for the staking of clients’ digital assets and the operation or management of a staking pool as a business.

“We expect the amendments to be tabled in Parliament shortly and passed through both

chambers by the end of the year.”

He added that the success of the digital asset sector will depend on a robust regulatory framework that can adapt to changes and meet international best practice standards.

He said: “Web3 and Fintech will transform global financial systems in unprecedented ways, and the Bahamian people are positioned to be at the vanguard of this rapidly expanding frontier.

“The key to our success in the digital assets space is our commitment to developing an effective and stable regulatory framework within the context of a rapidly changing environment.

“While we want to attract investors and consumers of digital assets and related services, we must first ensure that everything is being done according to the highest global standards.

We understand the need to constantly adapt our regulatory framework as we anticipate long-term sectoral growth.”

DARE act has learned lessons from FTX fall

question of a lack of a legal definition. And so what we set out to do with the DARE act is we recognise that the scope of our regulatory perimeter did not allow us to regulate in an area that is not defined

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net AN INTERNATIONAL link-up has seen the University of The Bahamas (UB) partner with the University of Cambridge and the Securities Commission of The Bahamas to provide a Fintech and Innovation programme.

Prime Minister Philip “Brave” Davis, speaking at the D3 Bahamas Web3 and FinTech Conference yesterday, said ‘The Bahamas will continue to be a pioneer in the digital asset space’ and introduced the new Fintech and Innovation programme.

He said: “My government is focused on providing educational opportunities to spur the growth of the domestic FinTech industry through empowering our people.

“The University of The Bahamas has entered into a licensing agreement with the Cambridge Centre for Alternative Finance

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE DARE act will have to adjust to the inherent risks associated with crypto currency after the collapse of FTX, including dealing with staking and separation of assets, said Christina Rolle, executive director of the Securities Commission of the Bahamas, yesterday.

She said: “What we’ve seen since…FTX, what we saw leading up to that was a crypto winter that really informed a lot of what we saw as risks in the in the industry. And so as regulators, we saw that this is now beginning to look like some other things we understand, and so we know how to deal with it.

for exclusive rights to its FinTech and Innovation academic programme for qualifying full-time and continuing education students.

“This partnership between the University of The Bahamas, the Securities Commission of The Bahamas and the University of Cambridge will include Bahamas-specific case studies and Bahamas-specific references.

Education will play a key role in preparing our people for the future.”

He said The Bahamas already serves as a digital asset “operational hub for the Americas” and that innovation and adaptation are key components of maintaining a competitive financial sector.

He said: “This is critical. While there is not yet a large domestic market within the region for digital assets, we are already serving as a strategic operational hub for the Americas.

“As a small island developing state, to remain competitive, innovation must be at the heart of

“And so what you would see is the evolution of the regulation, we’re now dealing with things like staking, we’re now dealing with things like segregation of assets. You know, we’re looking at how a digital asset firm may be vertically integrated and the inherent risk that may be there. And so these are some of the

PHIIP “BRAVE” DAVIS our approach. The very survival of our financial services industry hinges on our ability to innovate and adapt to emerging trends.

Our embrace of Fintech and DeFi advancements is a natural next step in the evolution of our financial services sector.”

Mr Davis maintained the digital asset industry “is here to stay” and provides opportunities for the next generation in the financial sector.

He said: “The Bahamas will continue to be a pioneer in the digital asset space.

things that we’re beginning to look at.”

Ms Rolle maintained that as The Bahamas is an international financial centre it must have proper legislative framework in place to ensure companies formed in the country can be properly regulated.

She said: “We are an international financial centre, and as such, if we

“Digital assets represent a remarkable opportunity for our country – an opportunity to leverage and build on our world-class financial services expertise and engage a whole new generation of Bahamians with new opportunities as we continue to lead the way as world-class innovators.

“Despite the nay-sayers, the digital assets industry is here to stay.”

He said the Digital Assets and Registered Exchanges (DARE) Act will be tabled before the end of the year to include a disclosure framework for the staking on clients digital assets, more robust consumer and investor protection, and more clear guidelines to the regulation of stablecoins.

He said: “Since the initial introduction of the DARE Act, the cryptocurrency world has gone through a number of changes, and in the spring of last year, we began responding to those changes with a slate of amendments that will reinforce our standing among the best-regulated jurisdictions in the world.

don’t have a framework in place, the danger is that a company can come to The Bahamas, they can set up shop and we’ll not have the

tools to address issues, to supervise and to enforce.

“Another problems that is posed by crypto specifically in digital assets specifically, which is the

SEE PAGE B10

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PAGE 4, Thursday, October 12, 2023

THE TRIBUNE

No ‘Passion’ over Love Beach condo FROM PAGE B1 Town Planning Committee to Mr Kinsale for two seven-storey condo buildings, which will feature 61 three-bedroom units in total.

The appeal was heard on September 27, with the plans attracting objections from prominent neighbours including Sir Baltron Bethel, former senior policy adviser to then-prime minister Perry Christie, plus developers Scott Godet and Peter Whitehead. Concerns include Passion Point’s size being totally out of character with everything else that exists at Love Beach, and alleged violations of the area’s “single family zoning” regulations But Mr Wong, who himself will become one of Passion Point’s next-door neighbours in Garden of Eden if the former receives all the necessary approvals to proceed, told this newspaper he was disappointed that Mr Kinsale had not been able to reach a compromise with Love Beach residents that was satisfactory to both sides.

“I can sympathise with the neighbours, I really could,” he said, “because it will really disturb their piece of paradise with the construction and buildings going up.

I believe it will cause some headaches. But my main income comes from being a real estate man, and one way I look at it is it’s going to increase the value of our properties.

“I sympathise with my neighbours and wish we could keep that part of New Providence quiet and that there be not so much traffic. I can see both sides of the coin. This [project] will bring more investment into the country, more foreign exchange earnings. Construction is probably the best indicator of money trickling down to everybody.

“I would love Love Beach to stay the way I met it 30 years ago, but progress goes on. The way I look at it is that it will enhance my

property’s value,” Mr Wong continued, although he agreed that Passion Point as proposed is both too tall and not in character with other buildings and structures in the area.

“I don’t really agree with the seven or eight storeys,” he added. “I thought he could do it a bit more lower scale, such as two storeys.

Seven storeys is a bit much, and will probably end up blocking the views of my neighbours. It’s too bad the developer can’t meet them half-way, but they are working with a limited amount of property and trying to maximise their bottom line by having more people live there.

“I think we need King Solomon in on this one. I’m not a big lover of high-rise buildings, but I can understand that because of the amount of land they have they are trying to maximise their bottom line. I think they’re trying to squeeze in every piece of construction they can get in.”

Mr Wong’s assertion that Passion Point’s development will boost Love Beach real estate values was not universally shared by his fellow neighbours. However, he suggested that the developer could seek higher prices from buyers by doing a smaller, lower-scale project than the two condo buildings.

Mr Kinsale declined to comment yesterday on the grounds that he wanted to respect the appeal process integrity. “I can’t comment right now with the appeal going on,” he explained.

“I just can’t comment right now. Once the appeal decision comes out, hopefully in the next couple of weeks, I can comment then.”

Sir Baltron, meanwhile, told Tribune Business he was not against development provided it did not “denigrate” the Love Beach area, was in keeping with its character, and complied with all zoning and other applicable laws and regulations.

“My concerns are the height and the density,” he

explained of his opposition.

“It’s out of character with the entire area. It’s remained zoned one-storey residential for over 50 years, and then there’s the traffic. It’s being built on a curve in a narrow space near the ocean.

There are also times when there are high winds and storm surge, and that area floods. Those are the main concerns.

“I’m not against the development as long as it’s done with proper density and in character with what the zoning regulations have been. I’m not against development; I’m all for it, as long as it’s done within established zoning conditions which are not going to denigrate the area... I would hope that an appeal will quash what has been an approval in principle.”

Sir Baltron said another concern is that, should Passion Point’s existing design and plans be approved, it will establish a precedent that will effectively pave the way for other developers to propose similar high-rise structures at Love Beach.

He also questioned whether Mr Kinsale had met all the conditions set by the Town Planning Committee as part of its decision to give “preliminary approval”.

These conditions, according to Town Planning Committee meeting minutes, include obtaining approval for the project’s height from the Civil Aviation Authority, given its proximity to Lynden Pindling International Airport (LPIA) and planes takingoff and landing, plus a satisfactory traffic impact assessment and meeting the requirements of the Ministry of Works’ civil design section.

Meka McWeeney, an 18-year Love Beach resident, yesterday said no one - apart from Mr Kinsale and his attorney, Ramonne Gardner of Lennox Paton - spoke in favour of the existing Passion Point design at the Appeals Board hearing. “Everyone at the meeting opposed it, nobody

at the meeting was in support of it other than Mr Kinsale and his lawyer,” she told Tribune Business.

“Their argument in the appeal meeting was that there are no restrictions on the height on his conveyance. But everyone knows the zoning of residential is not going to be high rise. Everyone knows in The Bahamas that if it is zoned residential there are restrictions on height.

And the area is not even multi-family.

“The community feels like, OK, we would accept low-rise if it was re-zoned multi-family, something in keeping with the community. Instead, you’re going from residential to multifamily to high density. It will completely change the character of Love Beach.”

In contrast with Mr Wong, Ms McWeeney voiced fears that allowing Passion Point to proceed “will devalue our property. We think it will change our quality of life.

We are afraid of the domino effect that will come from it. If this is allowed, other developers in close proximity who have applied for high-rise buildings, this will give them the green light.

“That is or greatest fear in addition to the fact we don’t think we should have a Miami-style development in a small community,” she added. “We’re not opposed to development. We’re not opposed to him getting multi-family, low-rise, something that will complement the community or Nassau.

We’re not opposed to that.

We have an issue with high-rise buildings being approved in a small low-rise community.”

Ms McWeeney also contrasted Passion Point’s height, density and scale with that of a proposed development for the site immediately next door.

Syven Beach and its developer, Leo Godet, received preliminary subdivision

approval from the Ministry of Works earlier this year provided all the lots were zone for single-family residential use and the necessary building setbacks were complied with.

Two Bahamian developers, and Love Beach residents, have also voiced their opposition to Passion Point. Scott Godet, in a written statement to the Appeals Board, said: “The developer seems to feel that The Bahamas is competing with other island nations for rapid large-scale development to attract more foreign winter residents as he referred to Barbados, Turks and Caicos and a few others.

“Is that really the game we are in? He indicated that his clientele generally come to the island about two months out of the year.

Are we prepared to build concrete jungles all along the north coast of Nassau to become a tax shelter version of Miami Beach and ruin the last remaining green areas of little Nassau? Is that what it’s all about?”

Questioning the project’s proposed population density, Mr Godet added: “A developer takes his chances when he purchases a property outside of the zoning of the area. If his view is that we should consider his investment and return on his investment, he is mistaken.

We all made an investment in the Love Beach area, and we were made to abide by the established zoning and restrictive covenants of the area.

“A deep-pocketed developer should be no exception. Based on the developer’s comments and response to questions at the Town Hall [Appeal Board], low rise projects and Bahamians are not his target demographic. His demographic is high rise, high density, luxury, foreign, waterfront, concrete and glass, high carbon footprint,

multi-million dollar price tags... We don’t want that in our backyard. Sorry.”

Meanwhile, Peter Whitehead argued that a project whose height would be equivalent to that of Paradise Island Bridge “does everything to destroy” the incentive to invest in Love Beach real estate. “The building of a structure as tall as the Nassau bridge, directly next to a collection of 9 foot wall bungalow homes, simply tells everyone: ‘There are no rules here’,” he told Appeal Board chair, Dawson Malone, in a July 28, 2023, letter. “‘Don’t bother investing, because we will destroy your neighbourhood with no notice. And the fact that this has not been done in 100 years does not matter.

That is not precedent enough’. The Government can do that, but the town, and all real estate values, will pay the price.

“There are many residential dead zones where government has allowed huge commercial-like edifices to be built. People do not invest in houses next to skyscrapers. They abandon those neighbourhoods, and take their investment elsewhere,” Mr Whitehead continued. “If you wanted to create high real estate values, you would learn from Kauai, in Hawaii, that does not allow the building of houses higher than their famous coconut trees.

“Or you would look to the highest real estate values in the world, in places like Martha’s Vineyard, where a building like this would not even stand a chance of being allowed. Those places, with the highest real estate values, would never allow this.”

THE TRIBUNE

Thursday, October 12, 2023, PAGE 5

CROSS-BORDER PAYMENTS WITH DIGITAL CURRENCY ‘NEXT STEP’ He said: “While the Central Bank in The Bahamas is obviously the chief innovator and regulator for the CBDC, we remain agile in our process our way we look forward and the change that needs to be made to ensure that we maintain a product that is that is demanded by the population, that is useful for the population, as well as… including more persons within the financial system.

“We have many islands and cays that are spread across and where physical banking is sometimes challenging for individuals. And

that’s one of the main reasons why the Sand Dollar was launched by the central bank digital currency to gain access to these persons who are far flung across the archipelago.

“The CBDC remains the main purview of the Central Bank of the Bahamas but we’re cognizant of the fact that we have to be changing and agile in relation to the needs of consumers within the economy and as well as the larger diaspora.”

Fintech can ‘help reach those without banking’

He said: “In 2020, as we finalised the DARE Act, we also launched the Sand Dollar, the world’s first Central Bank Digital Currency.

As an early innovator, we are among a handful of countries in the world that are actively developing effective strategies for the rollout and integration of digital fiat currencies.

“It is our intention to set the pace and develop the model that others will look to when they decide to follow suit in launching their own CBDCs. Of course, as we develop these solutions, we must also put the necessary infrastructure in place to support growth and advancement.”

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net USING digital currency to settle cross-border payments is a “natural progression”, according to Dr Allan Wright, manager at the Central Bank of The Bahamas.

Dr Wright said digital currencies can be used to achieve “payment efficiency” by facilitating cross-border transfers across the region.

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net FINTECH can help “promote greater financial inclusion” and provide a banking solution for those without accounts in the region, said Prime Minister Philip “Brave” Davis yesterday.

Speaking at the D3 Bahamas Web3 and FinTech Conference, Mr Davis said The Bahamas entering the digital asset space provides a solution to the banking challenges many Family Islanders face due commercial banks closing branches.

Speaking at the D3 Bahamas Web3 and FinTech Conference yesterday, Dr Wright said: “I think the new interest in how central bank digital currency can be used to settle cross-border payments is what in my view, a natural progression to achieving in payment efficiency.

“After all, trade accounts for a good portion of the overall economy.

And it’s not just related to the import and export of goods and services, but also remittances which is very for this this region, and other transfers.”

He said: “The global financial landscape is constantly evolving. Across the Caribbean and Latin America, there is a growing population of unbanked people.

The Bahamas has faced its own share of challenges, as traditional financial institutions have closed branches in an effort to streamline and consolidate operations.

“On some of our islands, people are forced to travel by boat or plane just to perform basic financial transactions. Our adoption of Fintech isn’t just about responding to external changes or attracting investors, it is also about

Mr Rolle said the sand dollar has robust infrastructure in place that takes consumer needs into consideration and that it will maintain its competitive edge over time.

He said: “We have an infrastructure that is robust… Sand dollar is a retail central bank digital currency but it really takes into consideration the needs of the consumer.

“The circulation like China’s is relatively low, but it is increasing. There are some aspects that we need to improve on. But all of the major issues of privacy,

providing solutions to domestic challenges. We see Fintech and DeFi as opportunities to promote greater financial inclusion throughout our archipelago and across the region.”

He said FinTech and digital currencies can provide an opportunity to address inequality by providing an accessible alternative in a technologically advanced landscape and acknowledged that many persons that can benefit from the use of digital assets do not have access to it.

ensuring privacy of data between the clients who are sending and receiving money, ensuring the robustness of the infrastructure are already in place.

“And if we continue to move on the path that we’re on, I believe that Sand dollar will continue maintain its edge in the world economy.”

He added that the sand dollar was created to provide a solution to the banking woes of many Family Island residents that do not have access to banking facilities.

He said: “Despite the widespread use of the internet and technology in day-to-day life, there are still many people in our societies who lack access and knowledge. They are now in danger of being left behind. This digital divide, in many ways, reflects preexisting income and social challenges. Those who would benefit most from inclusion in digital and financial systems are often the ones who have the least access.

“Web3, DeFi, and Fintech, in general, represent

such great opportunities for growth – it would be a shame for the world to move forward without using these technologies to address inequity and injustice. We cannot allow this new economic reality to mature while preserving inequality.”

He added that the Central Bank’s Digital Currency (CBDC) the Sand Dollar was the first in the world and its framework can provide a model for other countries interested in implementing a digital currency.

NOTICE NOTICE is hereby given that KENNY CHEN JOSEPH, Wilson Track, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Market Notice Introduction of Competitive Bidding for Bahamas Registered Stock As the Bahamas Government and the Central Bank of The Bahamas continue to work together to modernise the domestic market for Government securities to align with internationally recognised best practices, the Central Bank has, throughout 2023, issued a series of rules and policy documents to govern market operations for Government securities.

Underpinning these market reforms was the introduction of the Central Bank-owned and operated Bahamas Government Securities Depository (BGSD) and the associated rules and guidelines to promote its transparent and orderly functioning. Following launch of the BGSD, the Government shifted the competitive bidding for Treasury bill initial public offerings (IPOs) to the platform, and started to carve out a component for investors wishing to purchase these securities on a non-competitive basis.

NOTICE: The Public is hereby advised that Mr. Nathaniel Butler d.b.a “Drewber Solutions is NOT AUTHORISED to Act on behalf of Bridgette Francis Ingraham Planning and Consulting Firm”

The next stage of this development is the introduction of competitive bidding for Bahamas Registered Stock (BRS) IPOs, which would also allow non-competitive participation. In July 2023, the Central Bank released Guidelines for the Issuance of Government Securities, aiming to launch the new bidding process for BRS in October 2023. Since then, it has worked with the investor community and the Government to refine the approach, and has now targeted 2nd January 2024 for the official start of these auctions.

With the pending launch, prospective and existing BRS investors should note the following changes to the BRS issue/auction activities: 1.Effective 2nd January 2024, the Central Bank will introduce competitive bidding for BRS auctions. Investors will be able to purchase bonds during IPOs through both competitive and non- competitive offers.

2.Market participants (institutional investors and broker dealers) will be required to submit competitive bids with the BGSD. Those bids (if accepted) will begin the process of building a “true” yield curve in The Bahamas. Market participants can also “take the market price” as given, making non-competitive offers or bids for the securities. Limitations apply to both bidding channels, as will be outlined on future prospectuses. However, non-competitive bids, would amount to investors agreeing to pay the average price obtained over all competitive bids accepted by the Government as issuer.

The Guidelines for the Issuance of Government Securities can be found in the highlighted link on the Central Bank’s website. Further details will be released over time.

For assistance, please contact us at fmi@centralbankbahamas.com (242) 302-2620 (main) or (242) 302-2623 (direct) or (242) 357-4881 (WhatsApp text only) To escalate customer service issues, please contact dg@centralbankbahamas.com 11 October 2023

PAGE 6, Thursday, October 12, 2023

THE TRIBUNE

Bahamas ‘leading from front’ on digital assets FROM PAGE B1 financing, had found The Bahamas compliant with its measures for digital assets services providers “after, not before” FTX’s collapse - thereby showing that the crypto exchange’s failure did not reflect, or result from, any regulatory weaknesses in this nation.

Setting out The Bahamas’ pitch to attract more digital assets services providers to these shores, and asserting that this nation is leading in striking the correct balance between regulation (consumer protection) and

fostering innovation, the attorney general said: “We do not, in The Bahamas, believe regulation should stymie innovation.

“In fact, it’s quite the opposite. We believe that because of quick development and evolution of different components of fintech (financial technology) that proper, measured and nimble regulation is required for innovation and for development of the sector. Regulation, if done correctly and is measured, will cause for fintech developments to be respected internationally, giving them

an adequate market and a viable environment in which to sustain and grow.”

Mr Pinder argued that The Bahamas’ ability to “switch and be nimble, and create policies and regulations” that enable this country to keep pace with innovation in digital assets should give it a competitive advantage over larger, more “bureaucratic” countries in the developed world.

“Regulation in fintech always seems to be late to the game, and always seems to be trying to catch up to the latest innovations and developments,”

he added. “In particular, large countries with bloated bureaucracies and slow governance seem to take the longest to keep up with regulation and innovation in fintech.”

Citing the US and Europe as examples of the latter, Mr Pinder said digital assets firms that have invested heavily in operations in such locations were now frequently finding themselves non-compliant once regulations caught up, thus exposing themselves to “an enormous regulatory burden”.

“Alternatively, although some might say still not keeping pace with industry developments as they should be, smaller jurisdictions like The Bahamas are able to establish policy and a regulatory framework to quickly assist evolving fintech industries with a framework in which they operate.

“So our ability to switch and be nimble, and create policies and regulations to try and keep pace with innovation in what smaller financial centres like The Bahamas thrive on. That, we believe, is the greatest asset to innovators like yourselves,” Mr Pinder continued.

“This provides certainty, mitigates regulatory and political risk, and establishes a friendly, wellregulated jurisdiction for your companies to innovate. Because that’s what it’s all about. Safe innovation. Dependable and transparent innovation.”

Mr Pinder warned that operating in unregulated jurisdictions, and engaging in unauthorised activity

in the digital assets world, is “now taboo and, some would say, criminal” as international regulatory bodies extend their standards and monitoring beyond traditional financial services. “Gone are the days of anonymous transfers of crypto currency,” he added.

“I would put forward that large economies are not where fintech firms will be given the flexibility and predictability to innovate. It is the smaller international financial centres that meet internationally-recognised regulatory standards, and have the natural human resources capacity from within and infrastructure from within for fintech operations to depend on which will give the fintech industry a suitable platform from which to grow, innovate and be successful.

“Naturally, I would propose that The Bahamas is just this place, but I’m biased. I tell you: Don’t judge us by what we say, but by the accomplishments that we have achieved and the policy and regulatory framework we propose to put in place going forward.”

Mr Pinder continued: “The Bahamas is a jurisdiction that takes pride in leading from the front and advancing regulatory innovation and compliance in the global marketplace.

This isn’t new to us. We are an established financial centre, one that has seen the ups and downs, the valleys and the peaks, of what it means to be in the financial services business.

“One that has human infrastructure to support any kind of financial

NOTICE NOTICE is hereby given that EDWARDSON JEAN GUSTAVE, Carmichael Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

services business globally.

We’ve seen it change over time, and we lead from the front when we regulate. Judge us for our accomplishments.”

Mr Pinder said digital assets remain “a viable industry” despite FTX’s implosion, given that the sector in The Bahamas continues to expand and grow via the addition of new licensees. “The innovation demonstrated by The Bahamas drew the attention of many businesses in the crypto currency industry, known to be a highly volatile industry at its juvenile stage in development,” he added. “That’s OK. We’ve done this before.

“Our innovation in this area resulted in almost immediate growth and success. Of course, we all know what happened. A major insolvency had a material effect on the industry in The Bahamas, although we should recognise that clearly we have a significant amount of well-respected licensees that continue in The Bahamas.”

The attorney general argued that the soundness of The Bahamas’ digital assets regulatory regime had been affirmed shortly afterwards by the FATF finding this nation was in compliance with anti-financial crime standards for providers.

“We became compliant with Recommendation 15, which addresses antimoney laundering, after, after the collapse of FTX, not before,” Mr Pinder said, “which shows that international regulatory institutions respect and agree on what we’re doing and regulating an infant, developing industry that may have a failure which is not indicative of the environment they’re operating in. That’s important to note....

“You’ll see one country is leading from the front in compliance. That’s The Bahamas.

Again, you don’t have to believe what I say but recognise the accomplishments we have achieved.” Mr Pinder said blockchain and crypto currency are two key components of the digital assets industry, but do not represent its only niches.

THE TRIBUNE

Thursday, October 12, 2023, PAGE 7

Atlantis: We preferred other seaplane sites FROM PAGE B1 boaters and those engaged in water-based activities, he said the message that came back was that seaplane excursions are “a great idea” - but just not at that site.

Mr Roberts told this newspaper that boating/ sailing community members had also suggested Athol Island and eastern Paradise Island as potential seaplane landing sites that could be licensed, although the northern side of Paradise Island is ruled out because the weather conditions there are “definitely not often suitable” for embarking and disembarking a plane.

“We presented a couple of different options initially, and were kind of directed to Montagu Bay,” Mr Roberts explained. “Based on the feedback from the public meeting, our approach now is to ask the authorities to reconsider the options we had submitted initially.

“It was interesting that, in the public meeting, persons in their comments offered up other locations. There was a sense that seaplanes were a great idea for excursions, just not in Montagu Bay. There are other locations to think about. We think we’ll press for a quick reconsideration of other options we had on the table and see where it goes.”

Asked where these “options” were located, Mr Roberts replied that Atlantis had preferred them to Montagu Bay. “One was to land in the harbour where Chalks used to land,” he revealed. “The Port thought there was a lot of traffic in the harbour, but one of the persons at the meeting said there was a bit of land alongside the Atlantis property which was not in the main corridor that could be used.

“The other is in the area just to the west of The Pointe, just west of Margaritaville. There was a test landing by Jimmy Buffett a few years ago. The thought was that the plane could land there and ferry on to the Chalk’s site or land there. There were a couple of ideas, solutions that folks put in there - Athol Island, eastern end of Paradise Island....

“We’ve already done the technical analysis associated with the other options. It’s just a matter of the authorities thinking through and having a closer look at what makes sense. To be quite candid, the other options were preferred by us from an operational perspective and a guest experience perspective, and see where it ends up. We’re hopeful we can very quickly turn to one of those options.”

Mr Roberts said Atlantis had been encouraged by comments from Chester

Cooper, deputy prime minister and minister of tourism, investments and aviation, that the speedy review it is seeking will be forthcoming.

Describing the seaplane proposal as “very important” to Atlantis, he added: “There’s a whole segment of our folks, the travelling public, coming into the destination that are really looking for bespoke experiences.

“This is a very effective way to see the Family Islands. I think it’s very important. We think it’s a great point of differentiation for us, and opens up opportunities for entrepreneurs to start thinking about creating certain types of experiences.”

Atlantis, in an earlier statement, said: “Our technical experts developed a few location options, and those were presented to Civil Aviation and the Port Department as part of the application process. We will be asking the authorities to reconsider these options.

We were also pleased that members of the sailing community offered possible locations during the recent public meeting.”

Atlantis has teamed with Coco Bahamas Seaplanes, a Bahamian-owned airline based out of Odyssey Aviation on New Providence.

The seaplanes aim to add Family Island excursions from Nassau, with operations out of Montagu Bay

intended to increase connectivity, expand the tourism market and create jobs through flights to Spanish Wells and Kamalame Cay. However, Adrian White, the St Annes MP, questioned the choice of Montagu Bay given that the area is already used for multiple water activities including sloop sailing, which is taught to local youths by nearby sailing clubs.

He strongly objected to the licence application, although he acknowledged the financial opportunities it presented, but said Atlantis would be “putting a landing strip on top of a school”.

He told the Town Hall meeting: “From a commercial perspective I understand that would be a good opportunity for excursions, but you have a big resort over on Paradise

Island and you have plenty of land…

“If you put that on Montagu Bay you will basically be putting a landing strip on top of a school, and that is not something that I will accept as member of Parliament and I know so many people here are not accepting that. Why would Atlantis ever think it prudent to put a landing strip in Montagu Bay?” Senior Commander Berne Wright, the Port Department’s acting port controller, maintained that a decision on approving the seaplane project and associated licence has not been finalised and the consultation process will influence the outcome.

He added that placing the landing site at Montagu was “only a suggestion”, and that due to increased traffic the previous location at the former Chalks operations base on Paradise Island “is

not suitable for continued operations”.

Commander Wright added: “It was the Port Department’s recommendation to have what we are having now. At the Port Department we don’t make decisions in a silo, and we value what you bring to the table. Hence your input, your feelings matter in the decision we make.

“Since Chalks ceased operations there would have been considerable growth.

There’s more [boating] traffic and that is not suitable for continued operations. Montagu was only a suggestion; this deal is not done. We at the Port Department, we hold no brief for Atlantis. We are the regulators and it is the decisions that we make along with the airside. No decision has been made.

Your input will influence the decision and that’s why we are here today.”

PAGE 10, Thursday, October 12, 2023

THE TRIBUNE

DARE act has learned lessons from FTX fall principle. I don’t know that that’s true in effect, when you look at what would you actually see, but the principle is the intermediaries will be gone.

“And so for a regulator the issue now is how do we deal with this? Who is providing a service to whom and how do we now make sure that the market is operating under good principles and that consumers are being protected?”

She added that many in the crypto space are realising they must be regulated to enter the global financial space and that over

time firms that offer DeFi services will end up being regulated.

She said: “The truth is, there are some intermediaries…and when you look at the way some digital asset businesses are forming themselves, they are acting as intermediaries within this so called DeFi framework, and they want to continue to call themselves DeFi, but they’re really acting as intermediaries.

“I think that that crypto in particular is coming to terms with the fact that they will have to be regulated.

I think they’re coming to

terms with that kicking and screaming, but they’re coming to terms with the fact that they will have to be regulated in order to interact in the financial markets, “And so, I think what you’re going to see happen is that these so-called firms that are saying they’re providing DeFi services, they will find themselves regulated in ways that traditional financial services are regulated or traditional digital assets businesses are regulated.”

DELTEC CHAIR TO SBF: ‘WHY IN THE WORLD?’

staff should be “surrounded by innovation”, Mr Chalopin added: “I would love to see Deltec be the most successful international bank of innovation. First and foremost, I believe this is the world we live in.”

The Deltec chair drew cheers and applause from the audience when he responded “roads”, after the moderator asked him what he wanted to see improved most in The Bahamas. When asked what he loved most about The Bahamas, Mr Chalopin replied “everything”, which resulted in the moderator saying: “I knew it. He’s a patriotic guy.”

Meanwhile, Ryan Pinder KC, the attorney general, yesterday told the same conference that when it came to regulation of the digital assets industry The Bahamas “cannot sit on our hands; we need to keep pace with industry developments”.

Pointing to the upcoming reform of the Digital Assets and Registered Exchanges (DARE) Act, he added: “The revisions are designed to minimise systemic and contagion risks. The amendments strengthen the protection mechanisms such as new disclosure and reporting requirements, specific registration obligations and enhance the legal framework to allow for more activities in the space under regulation.

“Examples include providing advice on, or the management of, digital assets; providing digital

assets derivative services; providing DLT network node services; and providing staking services, which will be a first-of-its-kind disclosure regime for staking in the world. Again, leading from the front.

“The new DARE Bill focuses on consumer protection and provides a robust approach to protecting client interests and custody or wallet service providers’ ability to return client assets, maintain procedures to ensure continued safekeeping and accessibility of digital assets, and make the required client disclosures,” Mr Pinder continued.

“It establishes a new cutting edge regime for stable coins, providing a clear definition of what a stable coin is, providing for registration and causing for adequate reserve assets to be in place.” The attorney general also questioned whether The Bahamas will have to “go further”, and develop initiatives such as a regulatory framework for artificial intelligence (AI) in finance.

Pointing to planned cyber security legislation and an overhaul of the Public Disclosures Act, Mr Pinder said plans to enhance The Bahamas’ data protection and security regime might lead to the “most modern data protection regime, where it applies to fintech and the digital space, in the world”.

FROM PAGE B3 anywhere. And so we set out with DARE first to give digital assets a legal definition, and then to frame the legislation around it.”

She explained that from the DARE act was introduced in 2019, the crypto space has undergone many changes and legislation must adapt to ensure that it is properly regulated.

She said: “I don’t know that I agree that the technology itself should be an underpinning for the regulation. I think that as regulators we look at this

FROM PAGE B1 of pain and adjustment. Pain happened. Remember the dot.com [bubble that burst at the turn of the 21st century]?

I’m sure that the people who are 150 years-old, although there are not too many of them today, remember the first car, the first plane.”

Citing the latter as examples of innovation that took some time to perfect, and become what they are now,

from a principles-based approach, and we say that look, we know why we regulate in the capital markets, we know why we regulate in financial markets and there are certain principles, that inform our regulation across the board.

“And when an activity looks a certain way, then those principles should apply to that activity. I think that what we saw in the crypto space since 2018, to now is an evolution of how the technology is being used.”

Ms Rolle explained that regulating DeFi poses an

the Deltec chief added: “Anything new goes through a period of pain and adjustment, and if it’s not good it gets discarded very quickly and if it’s good, it’s going through a period of adjustment..... What happened is part of the process.”

Deltec Bank & Trust has consistently asserted that neither itself nor Mr Chalopin had any knowledge of wrongdoing by Sam Bankman-Fried and his inner FTX circle as they pledged

issue to regulators manage intermediaries and an underlying principle of DeFi is that there are no intermediaries.

She said: “The issue for regulators with DeFi is really a problem of how we regulate in the first place.

So the issue for regulators is that we don’t we’re not used to regulating individuals and we’re not used to regulating activities directly.

“What we’re used to doing is we’re used to regulating intermediaries and the principle of DeFi says that the intermediaries will be gone. That’s the

to “vigorously defend... the unfounded allegations” in the latest class action lawsuit filed against them by the crypto exchange’s aggrieved investors and clients.

“Deltec Bank and Jean Chalopin had no knowledge of wrongdoing by FTX or its executives until the numerous public revelations in late 2022,” the Bahamian institution said in a previous statement responding to Tribune Business inquiries. “Deltec Bank and Jean plan to continue to vigorously defend against the unfounded allegations..... and look forward to their forthcoming motions to dismiss this case.”

Mr Chalopin yesterday also sought to put an end

to suggestions that Deltec is a so-called “crypto bank”.

He added: “One of the misconceptions is that we’re a crypto bank. What that means is that we’re a bank engaged in crypto. We don’t.

We’re a financial institution like any bank in the world.

“We are engaged in supporting innovation. That means in the crypto field, blockchain, everything around that we support....

Are we perfect today? We come from a history of private banking, which is different from what we have today. Today, we are a corporate bank and a private bank working within a new paradigm.”

Describing Deltec as “an innovation hub”, and where

Legal Notice NOTICE

SEA MUSTANG INVESTMENTS LIMITED NOTICE IS HEREBY GIVEN as follows: (a)

Sea Mustang Investments Limited is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 11th day of day of October 2023.

(c)

The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 12th day of October A.D. 2023 Baird One Limited Liquidator

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, Theophilus Cunningham of the Western District of New Providence and Monique Turner née Armbrister of the Southern District of Andros parents of ANDREW MOSES ARMBRISTER a minor, intend to change our child’s name to ANDREW MOSES CUNNINGHAM. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

Legal Notice NOTICE

HIPPO SHIPPING LTD. NOTICE IS HEREBY GIVEN as follows: (a)

Hippo Shipping Ltd. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 11th day of October 2023.

(c)

The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 12th day of October A.D. 2023 Baird One Limited Liquidator

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Gorda Cay Ventures Inc. (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, Gorda Cay Ventures Inc. is in dissolution.

The dissolution of the said Company commenced on October 6, 2023 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.

Kim D Thompson Sole Liquidator

THE TRIBUNE

Thursday, October 12, 2023, PAGE 11

BANKER SAYS TRUMP'S FINANCIAL STATEMENTS WERE KEY TO LOAN APPROVALS, BUT THERE WERE 'SANITY CHECKS'

By MICHAEL R. SISAK AND JENNIFER PELTZ Associated Press DONALD Trump obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent, a retired bank official testified Wednesday at the former president's New York civil fraud trial.

Trump's "statements of financial condition" were key to his approval for a $125 million loan in 2011 for his golf resort in Doral, Florida, and a $107 million loan in 2012 for his Chicago hotel and condo skyscraper, former Deutsche Bank risk management officer Nicholas Haigh testified.

But although the bank didn't conduct its own full appraisals of Trump's properties, it sometimes gave sizable "haircuts" to the values he'd placed on such holdings as Trump Tower

and his golf courses, Haigh said.

"I think the phrase we used might have been 'sanity checks' on the numbers," he said.

Those numbers helped Trump secure bigger loans and lower interest rates, said Haigh, who headed the risk group for the bank's private wealth management unit from 2008 to 2018.

A judge last month ruled that the former president and his company, the Trump Organization, committed years of fraud by exaggerating the value of Trump's assets and net worth on the financial statements he gave to banks, insurers and others to make deals and secure loans.

Trump's longtime finance chief, Allen Weisselberg, acknowledged in testimony Tuesday that information in the financial statements wasn't always accurate.

Trump denies any wrongdoing, emphasizing

disclaimers on the documents that he says alerted lenders to do their own homework. The disclaimers say, among other things, that the financial statements aren't audited and that others "might reach different conclusions" about Trump's financial position if they had more information.

"It's like a 'buyer beware' clause," he told reporters in the courthouse hallway last week. Trump has claimed that banks he did business with weren't harmed, made lots of money in his deals and "to this day have no complaints."

Haigh is testifying in a trial in New York Attorney General Letitia James' fraud lawsuit against Trump, his company and top executives. It's the first time a bank official has testified in court about the impact Trump's financial statements had on his ability to obtain loans.

Deutsche Bank's rules required Trump to act as a guarantor for the Doral and Chicago loans, in addition to putting up the Miami-area resort and Wabash Avenue skyscraper as collateral.

Deutsche Bank's private wealth management unit, which handled the loans, wouldn't have approved them without a "strong financial guarantee" from Trump, Haigh said.

Haigh said he reviewed Trump's financial statements before approving the

loans and, at the time, had no reason to doubt their validity.

The documents portrayed Trump as a wealthy businessman, heavily invested in golf courses and other real estate with strong cash flow and little debt, Haigh said.

Deutsche Bank representatives also met with Trump Organization executives to go over the information, and the bankers looked at bank account and brokerage statements to verify his cash holdings, he said.

"I assumed that the representations of the assets and liabilities were broadly accurate," Haigh said of Trump's financial statements.

Trump's 2011 financial statement listed his net worth as $4.3 billion, though Deutsche Bank pegged it around $2.4 billion in an internal credit report as he sought the Doral loan.

The bank knocked 75% off the worth he'd given for planned developments, with the internal document citing "the uncertainty in valuing undeveloped land," for example. The bankers halved the value he'd listed for his golf courses and had a $94 million difference of opinion over how to account for golf membership deposits among his liquid assets.

EMPLOYMENT OPPORTUNITY SECURITIES COMMISSION OF THE BAHAMAS The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision and regulation of the securities and capital markets, investment funds, financial and corporate service provides and digital assets and exchanges, invites applications from qualified individuals for the following position: HUMAN RESOURCE MANAGER We seek to hire a full-time Human Resource (HR) Manager to provide executive level leadership and guidance to the organization’s HR operations. The HR manager is responsible for setting, enforcing and evaluating legally compliant human resource policies, procedures and best practices, and identifying and implementing long-range strategic talent management goals. Compensation packages are competitive with the financial services industry and other regulatory bodies.

Supervisory Responsibilities: • Development of recruitment, retention and talent management strategies • Development and evaluation of performance review criteria • Recommendation on compensation packages for approval by the Board of the Commission • Overseeing the daily workflow of the HR Department • Administration of disciplinary process and termination of employees, when necessary Duties/Responsibilities: • Collaborate with executive leadership to define the organization’s long-term mission and goals, and identify ways to support this mission through talent management • Review and draft policies, procedures, and practices, and amend/update where necessary • Oversee all aspects of the organization’s recruitment and hiring process • Lead in the development and implementation of the annual training plan • Ensure payments and benefits to staff are processed in a correct and timely manner • Create and review programs and initiatives aimed at improving employees’ quality of work-life and morale • Oversee employee development initiatives and coaching to assist employees in growing in their current roles or advancing to new ones within the organization • Oversee the performance management and bonus system • Plan and conduct employee engagement surveys at least annually and ensure actions are taken to improve results • Oversee employee relations and address issues such as harassment, discrimination, intimidation, exploitation, and workplace health and safety • Oversee the development and implementation of staff wellness (i.e. CPR, health monitors etc.), including mentoring and counselling • Lead in the development and implementation of the organization’s succession plan • Develop programs to foster a culture of teamwork, employee empowerment and commitment to organizational goals • Ensure grievance and disciplinary procedures are handled fairly and consistently • Participate in professional development and networking conferences and events • Keep current with trends, best practice, regulatory changes and technologies in HR with the aim of adoption where they would lend to improvements and efficiencies in HR services Knowledge/Skills: • Excellent oral and written communication skills • Well organized with the ability to work in a fast paced environment • Knowledge of laws, regulations, and best practices in employment law, HR and talent management • Experience with the development of HR policies, processes and procedures • Mediation training • Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint, etc.)

Qualifications/Experience: • Master’s degree in HR management, psychology or related area with a minimum of 10 years’ experience as an HR Manager • Bachelor’s degree in HR management, psychology or related area with a minimum of 15 years’ experience as an HR Manager • Senior level SHRM and/or HRCI certifications Contact Information: Senior Manager, Human Resource Department Securities Commission of The Bahamas Tel: (242) 397-4100 E-mail: hrm@scb.gov.bs Deadline for applications: Friday 20 October 2023

PAGE 12, Thursday, October 12, 2023

THE TRIBUNE

‘Addictive’ social media feeds that keep children online targeted by New York lawmakers NEW York Gov. Kathy Hochul speaks during a news conference in New York, Wednesday, Oct. 11, 2023. New York is bidding to put new controls on social media platforms that state leaders say will protect the mental health of younger users.

Photo:Seth Wenig/AP

By CAROLYN THOMPSON AND HALELUYA HADERO Associated Press NEW York would restrict the way online platforms like Instagram and YouTube can collect and share children's personal information and let parents keep their kids from being bombarded by "addictive" feeds from accounts they don't follow, under legislation proposed Wednesday.

The bills offered by state leaders are aimed at protecting young people from features designed to keep them endlessly scrolling, endangering their mental health and development, Attorney General Letitia James said.

"Young New Yorkers are struggling with record levels of anxiety and depression, and social media companies that use addictive features to keep minors on their platforms longer are largely to blame," James said. "This legislation will help tackle the risks of social media affecting our children and protect their privacy."

The regulations sought

by James and Gov. Kathy Hochul, both Democrats, are similar to rules already in place in Europe, where violations could incur fines worth a percentage of revenue, which could run into the billions of dollars for wealthy tech companies.

One of the bills, the Stop Addictive Feeds Exploitation (SAFE) for Kids Act, would would allow parents to opt their kids out of getting feeds curated by an algorithm. Instead it would have them get a chronological feed of content from users they already follow.

Algorithms are the automated systems that social media platforms use to

keep users engaged by suggesting content based on the groups, friends, topics and headlines a user has clicked on in the past.

Middle school teacher Kathleen Spence said some of her students come to class half asleep after spending nights immersed in the social media content teed up by their smartphones.

But it's her own daughter's eating disorder and near suicide that pushed her to speak in support of the legislation.

Spence attributes her now-21-year-old daughter's past mental health struggles to the thousands of inappropriate posts and images that peppered her social media feed after she made her first account at age 11 with an interest in Webkinz plush toys.

"I don't want even one more family to experience what my daughter and our family had gone through," Spence said.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, GIOVANTE RUSSELL of P.O Box CB 11897 #5 Joe Farrington Road, Nassau, The Bahamas, Parents of L’ATREL DONTE KENTOR HINZEY A minor intend to change my child’s name to LIAM GRAYSON JERMELL SWEETING If there are any objections to this change of name

by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

The legislation also would let users block access to social media platforms from midnight to 6 a.m. and limit the hours a child spends on a site.

The second bill, the New York Child Data Protection Act, would prohibit all online sites from collecting, using, sharing, or selling personal data of anyone under 18 years old, unless they receive informed consent or it's otherwise necessary.

California-based Meta, which owns Facebook and Instagram, said parental supervision tools and other measures already are in place to ensure teens have age-appropriate experiences online, adding that algorithms also are used to filter out harmful content.

"We refer to research, feedback from parents, teens, experts, and academics to inform our approach," Antigone Davis, Meta's head of global safety, said in

a statement, "and we'll continue evaluating proposed legislation and working with policymakers on developing simple, easy solutions for parents on these important industrywide issues."

Companies could be fined $5,000 per violation of either law.

Under new digital rules that came into force this year across the 27-nation European Union, platforms have to give users an alternative to automated systems that recommend videos and posts based on their profiles. Thus Meta, for example, now also allows European users to see chronological Facebook and Instagram posts only from people they follow.

The rules, known as the Digital Services Act, also prohibit platforms from using children's data and online activity to target them with personalized ads.

Another set of rules, the General Data Protection

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, Theophilus Cunningham of the Western District of New Providence and Monique Turner née Armbrister of the Southern District of Andros parents of THOR JOSHUA ARMBRISTER a minor, intend to change our child’s name to THOR JOSHUA CUNNINGHAM. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

Regulation, or GDPR, provide beefed-up data safeguards and rights for EU residents. Regulators slapped TikTok with a $366 million fine last month for breaching GDPR by failing to protect children's privacy.

The legislation in New York also follows actions taken by other U.S. states this year to curb social media use among children.

In March, Utah became the first state to pass laws that require minors to get parental consent before using social media. The laws also compel companies to verify the ages of all their Utah users, impose a digital curfew for people under 18 and ban ads from being promoted to minors. But experts have noted the new rules, which are set to take effect next year, could be difficult to enforce.

Meanwhile, another state law in Arkansas that would have also required parental consent for children to create social media accounts was put on hold by a federal judge in August.

The New York proposals drew swift opposition from a tech industry trade group, which urged the state to consider an alternative approach to what it termed an "unconstitutional, wasteful effort."

"It's unfortunate for New Yorkers that the state is stripping parents of their right to raise their children as they deem appropriate, all while ignoring the simple steps of working with schools and community leaders to educate students

and adults how to use social media in a safe and responsible manner," said Carl Szabo, vice president and general counsel for NetChoice, whose members include Meta and TikTok. TikTok, in a statement, did not address the legislation directly but pointed to an increase in safety features announced earlier this year, including a requirement for teens to enter a passcode if they want to keep watching after 60 minutes on the site.

James said she believes that the New York legislation's narrow focus on "the addictive features that keep kids online longer" would allow it to withstand any potential legal challenges.

Aside from issuing new laws, some states also have been taking social media companies to court over a host of issues, including their algorithms and data collection practices. This week, Utah filed a lawsuit against TikTok, alleging the app's addictive algorithm is damaging minors. Arkansas is also suing TikTok and Meta, which owns Facebook and Instagram.

Indiana sued TikTok last year claiming the Chineseowned app misleads users about the level of inappropriate content on the app and the security of their information, but the challenge doesn't appear to be going in the state's favor.

The U.S. Supreme Court is preparing to decide whether state attempts to regulate social media platforms violate the Constitution.

NOTICE NOTICE is hereby given that ADDLY CADET of Pinedale, 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 twentyeight days from the 12th day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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Thursday, October 12, 2023, PAGE 13

NOTICE

NOTICE

NOTICE is hereby given that MANUCHA SEYMOUR, Nassau Village, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that RAFAEL MONEGRO BRITO, Nassau Village, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that LEON LAROSE, Faith Avenue, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LOUNISE JEAN of P. O. Box N-3331, Anthol Road, New Providence, 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 5th day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 14, Thursday, October 12, 2023

THE TRIBUNE

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Thursday, October 12, 2023, PAGE 15

THE UAW SAYS IT IS EXPANDING ITS STRIKE TO INCLUDE A FORD TRUCK PLANT IN KENTUCKY

By TOM KRISHER AP Auto Writer THE United Auto Workers union significantly escalated its strikes against Detroit Three automakers Wednesday by going on strike against a major Ford truck plant in Louisville, Kentucky.

In a surprise move, the 8,700 members left their jobs at about 6:30 p.m. at the plant, which makes profitable heavy-duty F-Series pickup trucks and large SUVs. UAW President Shawn Fain said in a statement that the union has waited long enough “but Ford hasn’t gotten the message” to bargain for a fair contract.

Ford called the strike expansion “grossly irresponsible” but said it wasn’t surprising given the UAW leadership’s statements that it wanted to keep Detroit automakers hobbled with “industrial chaos.”

The UAW began striking against General Motors, Ford and Stellantis on Sept. 15, with one assembly plant from each company.

The next week, the union expanded the strike to 38 GM and Stellantis parts warehouses.

Assembly

plants from Ford and GM were added the week after that. All told, about 25,000 workers have walked off their jobs at the three automakers.

Thus far, the union has decided to target a small number of plants from each company rather than have all 146,000 UAW members at the automakers go on strike at the same time.

Last week, the union reported progress in the talks and decided not to add any more plants. This came after GM agreed to bring joint-venture electric vehicle battery factories into the national master contract, almost assuring that the plants will be unionized.

Battery plants are a major point of contention in the negotiations. The UAW wants those plants to be unionized to assure jobs and top wages for workers who will be displaced by the industry’s ongoing transition to electric vehicles.

Since the start of the strike, the three Detroit automakers have laid off roughly 4,800 workers at factories that are not among the plants that have been hit by the UAW strikes.

The companies say the strikes have forced them to

STRIKING UAW workers picket at the Jeep Assembly Plant on Oct. 9, 2023 in Toledo, Ohio. The UAW contends that the furloughs by Detroit’s three automakers were not necessary and are being done in an effort to push members to accept less in contract negotiations.

Photo:Jonathan Aguilar/AP

impose those layoffs. They note that the job cuts have occurred mainly at factories that make parts for assembly plants that were closed by strikes. In one case, layoffs have been imposed at a factory that uses supplies from a parts factory on strike.

The UAW rejects that argument. It contends that the layoffs are unjustified and were imposed as part of the companies’ pressure campaign to persuade UAW members to accept less favorable terms in negotiations with automakers. The factories that have been

affected by layoffs are in six states: Michigan, Ohio, Illinois, Kansas, Indiana and New York.

Sam Fiorani, an analyst with AutoForecast Solutions, a consulting firm, said he thinks the layoffs reflect a simple reality: The automakers are losing money because of the strikes. By slowing or idling factories that are running below their capacities because of strike-related parts shortages, Fiorani said, the companies can mitigate further losses.

“It doesn’t make sense to keep running at 30% or 40% of capacity when it normally runs at 100%,” he said. “We’re not looking at huge numbers of workers relative to the ones actually being struck. But there is fallout.”

In a statement, Bryce Currie, vice president of Americas manufacturing at Ford, said: “While we are doing what we can to avoid layoffs, we have no choice but to reduce production of parts that would be destined for a plant that is on strike.”