10232023 BUSINESS

business@tribunemedia.net

MONDAY, OCTOBER 23, 2023

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union chief ‘By no stretch’ is web shop’s Hotel warns: ‘The gloves Gaming Board battle ended are off now’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN gaming house says “by no stretch of the imagination is this over” as it pledged to pursue further action over how the industry regulator is using its funds.

Raymond Culmer, principal of Chances Games, told Tribune Business the web shop will take the advice of Justice Andrew Forbes and seek alternative “remedy” if the Gaming Board fails to adequately address concerns it is not using the company’s funds in accordance with laws and regulations governing the industry.

Disclosing that Chances and its parent, Jarol Investments, are seeking a hearing “with the Board itself” in a bid to redress their grievances “at an administrative level”, he added that it will initiate

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Speaking after Justice Forbes last week dismissed Chances’ Judicial Review action on the basis it was “woefully out of time”, Mr Culmer argued that the Gaming Board was taking monies from the web shop operator’s investigative deposit accounts and using them for purposes not intended, or allowed, by the Gaming Act 2014 and

its multiple accompanying regulations.

He explained that the investigative deposit accounts are funded by monies provided by the gaming house operators.

These accounts, which are under the Gaming Board’s control, are then used to finance the regulator’s conducting of background checks into the integrity of all operators, locations and industry employees to ensure they are

fit-and-proper to be operating in the sector.

Chances, which Mr Culmer said should have around $2.5m in its investigative deposit account, is arguing that the Gaming Act’s section 29 limits the regulator to only using funds for these purposes.

However, in its Judicial Review action, it alleged that the Gaming Board has taken close to $1m from this account to help cover the costs associated with executing an industry-wide central electronic monitoring system.

“For each licence, there’s an investigative recovery reserve that you have to deposit to cover those investigation fees,” the Chances principal explained. “The money we deposited for our account, after we applied for all our licences, should be in the neighbourhood of $2.5m.

SEE PAGE B9

Goodman’s Bay hostilities erupt on 14-storey project

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HOSTILITIES erupted between Goodman’s Bay neighbours over allegations voiced at a public hearing regarding the motives for opposing the Wynn Group’s 14-storey penthouse project.

Keenan Johnson, the Town Planning Committee’s chairman, brought Wednesday night’s consultation to a swift halt after the development’s main opponent was forced to vehemently deny claims that he informed fellow residents he was “in full support” of the project if

he received a multi-million dollar payment for his home.

Edward Hoffer accused Tony Skandaliaris, a Goodman’s Bay neighbour, of stooping “very low” with such an allegation that he asserted was “not true”.

The exchange saw the two men trade words towards the end of a sometimesheated hearing on Wynn Group’s bid for site plan approval, especially when Mr Hoffer was challenging the developer.

Intervening towards the end of the meeting, and identifying himself by name, Mr Skandaliaris

SEE PAGE B7

Lyford Cay condo faces fresh regulatory hurdles

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE developer behind a controversial Lyford Cay condominium complex yesterday pledged to “move forward” with the project despite several more regulatory hurdles being imposed.

Eastmor Properties, headed by Michael Dingman’s son, David, must now also obtain a Town Planning Committee order “discharging the restrictive covenants” that prevent the development of such complexes at that site plus obtain the necessary International Persons Landholding Act permits.

These conditions were added by the Subdivision and Development Appeals Board in a Friday, October 20, ruling, which elected not to “quash” the original preliminary site plan approval in favour of imposing extra regulatory obstacles.

These are in addition to the previous Town Planning Committee stipulations which, apart from reducing the project’s height by onethird from nine storeys to six storeys, and the number of units from 72 to 50, also required a Traffic Impact Analysis that investigated “the viability of a second entrance from Western Road” and a Certificate of

SEE PAGE B6

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE HOTEL union’s president is warning Kentucky Fried Chicken (KFC) that it could face worker unrest if no industrial deal is concluded “within three weeks”, as he warned: “The gloves are off now.”

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) chief, told Tribune Business that he and the union’s members have become increasingly frustrated over what he branded as the fast-food franchise’s “feet dragging” over efforts to conclude a new industrial agreement to replace the last one that expired in 2015.

Asserting that himself and the union’s estimated 350 KFC line staff members have “exercised the

DARRIN WOODS patience of Job” in negotiations with the company, which operates as Restaurant (Bahamas), he added on Friday that the BHCAWU will not let talks go past month’s end without concluding a deal.

Restaurants (Bahamas) could not be reached for comment before press time last night, despite Tribune Business attempts to do so from before the weekend. However, Mr Woods,

SEE PAGE B8

PAGE 2, Monday, October 23, 2023

THE TRIBUNE

DEVELOPER TO INVEST UP TO $75M IN ECO-RESORT

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A DEVELOPER is planning to invest up to $75m in developing a sustainable eco-resort in the Exuma Cays that will create some 60 jobs during a two-three year construction phase.

Robert Coughlin, the Turtlegrass Resort and Island Club’s principal, on Friday unveiled his plans

for the project that will be located on Sampson Cay, just north of Staniel Cay. The development’s first phase, which will continue over the next 15 months, will see the installation of necessary infrastructure at a cost of about $15m. The second phase will involve construction of cottages and a clubhouse costing a combined $40m, and Mr Coughlin said he is expecting to incur another $15m in added costs.

He said: “Our budget right now for the first phase, just the next year, is about $15m. The second year is in the $30m-$40m range. I’d say safely $60m to $75m is a good estimate of getting us to the point of what you’ve seen on paper. My guess is it’s going to continue to go beyond that.

“Over the next 15 months, we expect to add the infrastructure and some initial cottages. And then phase two goes into

more general buildings, our clubhouse and additional cottages and, if things go well, two to three years is what it will take to develop it…to be operational, where you have significant guests. But, in 15 months, we have some cottages and [will] start to develop more of the general areas.

“We’ve already started so this isn’t about what we’re going to do; it’s what we’re in the process of already doing. We have architectural drawings being developed and, of course, they have to get approved but, at the end of the day, I feel like we have a good team.”

Mr Coughlin said he anticipates the project will create about 60 jobs in the construction phase, while the resort will operate with about 20 full-time employees. He added that all staff, contractors, engineers and architects are Bahamian.

“We have full-time Bahamian employees here. We also have a number of contractors who are Bahamian, our engineers and other types of contractors that we have, the contractor building the dock…,” Mr Coughlin said.

“Our estimate is that we’re going to have at full construction about 60 workers on the island. And

we’ll be building facilities for them to live on the island. The majority of them are on an operational basis. I think we’re thinking about full-time and the nature in the neighbourhood of 20-plus employees, then filled in with part-time depending on the demand that we have.”

Mr Coughlin said sustainability is a “guiding principle” for the Turtlegrass brand, which only plans to develop 10 to 15 acres of the 121-acre property.

He said: “There’s a couple parcels, but we own the majority of it, which is 121 acres. The amount that’s being developed is in the 10 to 15-acre range, so a relatively small amount.

The infrastructure is about a third of that. We’re going to keep the natural landscape as much as possible around it and try to minimise the amount of development “I’m a resident of The Bahamas. This is a passion project for me. I care about its viability, and that we bring tourism to The Bahamas, but I equally care about this being an experience where people walk away that they have a great appreciation for the environment and for the culture, and that’s what our

ROBERT COUGHLIN Turtlegrass brand is going to be about.”

He added that the resort will run primarily on solar energy, build with ecofriendly materials, ensure boaters respect the seagrass and grow produce in garden areas.

He said: “From growing food on the island to our building practices and how we handle, how we treat the waters, no anchors in the seagrass… of course, it’ll be 100 percent solar on normal days.

“We’re capturing water and getting some from wells, and we want to do a lot of planting of gardens, both fruit and vegetable gardens, to make sure that when people come they can experience locally grown

SEE PAGE B6

THE TRIBUNE

Monday, October 23, 2023, PAGE 3

40-JOB JUNKANOO MUSEUM AT ‘ROOT’ OF WENDY’S PROTEST

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Roots Junkanoo group has joined those opposing the Wendy’s/ Marco’s Pizza restaurants proposed for Paradise Island because of the competition it presents to an investment billed as creating 40 jobs.

Wendell “Gutts” Francis, Roots’ chairman emeritus, told Keenan Johnson, the Town Planning Committee

chief, in an October 19, 2023, letter that plans to install the two fast-food brands in the former Scotiabank branch will disrupt its own ambitions to develop a Junkanoo Museum in the same building as the Paradise Island straw market.

Noting that the proposed Junkanoo Museum would incorporate a Bahamian restaurant component located just across the street, Mr Francis wrote: “Roots Junkanoo Group, in an effort to become

financially self-sufficient and provide employment to its members, has embarked on developing a Junkanoo Museum that will have as a part of its business a Bahamian food restaurant component.

“This museum will also enhance revenue for the straw market vendors that are located in the same building as us. Therefore, Roots Junkanoo Group strongly opposes Wendy’s

WEDNY’S PI RENDERING

SEE PAGE B10

Balmoral residents threaten exit if $25m hotel go-ahead

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SEVERAL residents are threatening to sell their properties if the Balmoral Club’s proposed $25m condo hotel expansion receives the go-ahead from the planning authorities.

Homeowners in the Sanford Drive gated community voiced their disapproval with the 50-unit, eight-storey project at Thursday night’s Town Planning Committee public consultation, but the Balmoral Club’s president argued that the community’s master plan declaration made clear that the club existed for commercial activity.

Dwayne Mortimer told attendees that the $25m condo hotel expansion will have a positive impact on the community by adding value to properties and the surrounding area. “In short, the club property is not subject to any restrictions that are imposed on the Balmoral community and their master plan declaration,” he added.

“Fact two, Balmoral Club proposes to develop a four-and-a-half to a fivestar hotel featuring 50 hotel rooms, a one-bedroom

penthouse and three twobedroom penthouses. In addition to this, a roof-top restaurant and bar for the exclusive use of our hotel guests and members. We anticipate a daily rental rate of $400 a night or north thereof.”

Balmoral residents, though, said the Club should have brought its plans to the community first before seeking Town Planning Committee approval.

One homeowner even said the first time they heard about the proposed development was when they read about it in the newspaper.

Mr Mortimer responded by pointing out there was a chairman’s meeting called for residents to discuss the proposed development in May 2022, but only 13 out of a possible 200 attendees appeared. “If I invite you to talk and you do not come, then how can I talk?” he asked.

Another resident said the condo hotel project would require that the area be rezoned because Balmoral Island is a “private club” and, to facilitate such a condominium complex, the zoning will have to be changed and brought back to the public because the restrictive covenants for the homeowners will be breached.

Keenan Johnson, the Town Planning Committee’s chairman, said: “Let’s say that the zoning needs to be changed in order to accommodate this particular development. So what happens is, once that application is made, the Town Planning Committee does have the authority to decide whether that zoning is warranted to change based on what the development is. That is essentially why we engage the residents to determine whether a change is warranted.”

Other residents asserted that they want to sell their properties, and that they do not wish to be a part of a community that has a hotel within it. One said “this is not” what he had in mind for his retirement. Mr Mortimer responded: “Have I sold it to you? What I would also say to you is, when you purchased it, the master plan declaration that exists, existed. And in that declaration it is clear.

“It is clear that the club is there for commercial activity. Now, if you feel that you were sold something different from what you purchased, or what you thought you had purchased, then my suggestion - and my only suggestion - is that your attorney who represented or the person that’s sold to you, then maybe you

ought to have a conversation with them. But I’m sorry, I cannot address that for you.”

The Balmoral Club is currently seeking a “deviation” to the original approval in principle, and site plan approval, that was previously granted by the Town Planning Committee for the condo hotel on February 22, 2022.

Michael Diggiss, principal of Michael Diggiss & Associates, indicated in a May 30, 2023, letter to Charles Zonicle, director of physical planning, that the deviation is being sought because of a change in the condo hotel’s location.

No details were provided on the likely construction costs or investment involved, or the number of building and full-time jobs that may be created by the development.

“The proposed Balmoral condo hotel is to now be located at the north-east portion of the existing clubhouse building, with associated parking to be located at the southern portion of the existing Balmoral Club property off Sanford Drive,” he said.

“The proposed condominium hotel building is to comprise of the following: A lower level consisting of housekeeping, storage and parking for the penthouse

units.” The “roof-top terrace” and penthouse units will be located on the eighth and seventh floors, respectively, with condor units on the third to sixth floors and a ground floor “hotel lobby entrance”.

Mr Diggiss added: “The total number of residential units in the proposed Balmoral condo hotel will be 50.” The earlier Town Planning Committee approval, revealing that the condo hotel application was first submitted more than two years ago on August 24, 2021, granted site plan approval subject to the project meeting several other conditions.

These included obtaining a Certificate of Environmental Clearance (CEC) from the Department of Environmental Planning and Protection (DEPP) prior to work beginning.

“On-site drainage and internal roadways must meet the requirements of the civil design section of the Ministry of Works,” the earlier Town Planning Committee approval stipulated.

“Provisions for site infrastructure (electricity, water supply and treatment and waste management) must be reviewed and meet the requirements of the relevant utility corporations.

Any excavation on the property must adhere to the provisions of the Conservation and Protection of the Physical Landscape of The Bahamas Act.” Balmoral’s planned eightstorey, 50-unit condo hotel is part of an increasing trend for New Providence developers to go vertical with their high-end projects given the availability of land and costs involved.

PAGE 4, Monday, October 23, 2023

THE TRIBUNE

BISX adds new NO EASY TASK TO REFORM fund listing THE Bahamas International Securities Exchange (BISX) has confirmed that another investment fund has been added to its listed entities.

The exchange, in a statement, said the Multihedge Idea Strategy Fund has successfully completed its listing process and been added to its mutual funds roster. The fund is incorporated as a Bahamian-domiciled International Business Company (IBC) and is licensed under the Investment Funds Act 2019.

Keith Davies, BISX’s chief executive, said: “BISX is pleased to add the Multihedge Idea Strategy Fund to the roster of investment funds listed on the exchange. We as always appreciate our partnership with Winterbotham that allows them to offer this service to their clients.

“Over the remainder of this year, BISX will be

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PENSIONS, WARNS EXPERT

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

KEITH DAVIES meeting with stakeholders to remind them of the value proposition of our mutual fund listing facility. We have found it to be a value-added feature that companies in The Bahamas can use for their clients, and so we want to ensure that this value is communicated to the Bahamian financial services industry.”

The Winterbotham Trust Company served as the BISX sponsor member that brought the funds to the exchange. The Winterbotham Trust Company has been appointed to serve as the administrator of this fund.

THE scale of pension reform has been described as “no small feat” by Dr Stephen Brien, chairman of the UK Social Security Advisory Committee, who said policy decisions will affect current and future pensioners.

Speaking at CFAL’s Pension and Economic conference, Dr Brien said pension system reforms should take long-term impacts of the scheme into consideration and require technical innovation and political support.

He said: “Tackling pension reform is no small feat.

It demands a blend of technical progress, and political standing to do so. Pension systems have a rich history, contributions are made long before the benefits are paid out, entitlements grow.

Then following the next few decades, benefits pay out based often on antiquated

rules that not many people understand.

“So hence, when thinking about reform, it’s crucial to keep a sharp focus both on the overall goals of the pension system, and the specific aims and long-term impacts of any planned reforms because they can affect both today’s pensioners and future pensioners.”

Dr Brien noted the NIB pension scheme relying mainly on contributions from workers could “pose challenges” to future pension policy reforms although it helps to “maintain transparency and accountability”.

He said: “Here in the Bahamas, the contributory pension funded through National Insurance Board relies on insurance contributions.

The non-contributory pension is the only part that’s financed by government revenue. And this approach maintains transparency and accountability, it may pose challenges when contemplating bigger picture reforms.

“Because when confronted with complex public policy challenges, it’s often inappropriate, insufficient to examine narrow issues in isolation. Sometimes we need a much broader perspective to be able to make trade-offs that are viable, and the solutions that can deal with these intricate problems.”

He also highlighted the important of maintain a

pension system that has a contribution level that is adequate and sustainable over the long-term.

He said: “Within the contributory system, I think it’s worth exploring avenues for stabilization. So for example, given the actuarial recommendations, you’ve heard about needing higher contribution rates, could one contemplate a gradual phase increase in contribution levels over time?

Perhaps a percent or two every few years?

“I think we must ponder the long-term viability of maintaining a self-sustaining system with adequate contribution levels so that it can weather economic and demographic fluctuations.”

He explained that although the UK has higher contribution levels the government has to lend support every time there is a financial shock and suggested that the Bahamas increase private pension provision to reduce reliance on NIB. He said: “So we saw in the UK even though it had higher contributions, and every time there was a serious financial shock, it needed extra state support. And I could imagine that there will come times within the Bahamas system, those pressures are going to be there as well. And if that happens, I think the state is to intervene is gonna be likely to want to scrutinize issues of equity to a far greater extent than it has to date.

“Its obviously less relevant if the pension system functions as a pure insurance scheme, as it’s done today. But I just wonder is that really going to be sustainable in the long long term. But also, I think it’s worth looking at introducing a variation …that you increase private provision throughout the economic spectrum to reduce the reliance on the non-contributory system.”

Dr Brien added that the current pension system is “regressive” as higher earners often receive bigger pensions and live longer and questioned if the upper cap on contributions should be raised or eliminated so that they can pay more.

He said: “Is it possible to increase the upper cap on contributions or even eliminate it altogether so that higher earners pay more and consider the possibility of raising the pension age with plenty of notice over the coming decades? Is it viable to implement a lower cap on pension values or prevent their escalation?

“So the current system is quite regressive in that high earners get bigger pensions but also live longer so get a much better value equation out of the system and lower earners do.”

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THE TRIBUNE

Monday, October 23, 2023, PAGE 5

Snob effect

By CHRIS ILLING CCo @ ActivTrades Corp

W

hether it is fine whisky or trendy Warhol painting, many things are becoming more expensive, even for the ultra-wealthy.

This leads to a bull market in luxury properties because many rich people are eager to demonstrate to their community how bulging their wallets are.

The Mercedes Gullwing 300 SLR Uhlenhaut Coupé, the Hermès handbag “Himalaya Crocodile Kelly”, and the 81-year-old single-malt “The Macallan The Reach” all have in common that they are quite expensive. They also owe their sky-high prices to the snob effect.

Last year, the Mercedes Coupé 300 SLR Uhlenhaut

from 1955 sold for 135 million euros at a confidential auction at the MercedesBenz Museum.

The effect of the price is reversed compared to the classic market effect.

The demand in such cases increases when the price increases. And once a market is running hot, it gives true treasure hunters a truly childlike joy when they can snatch something rare from others thanks to their financial strength. The higher the price, the cooler the item.

This effect has recently been seen in many luxury goods. Whether it is classic cars, art, watches, coins or even whisky, the prices for everything dear to aficionados have been rising and rising for a decade.

What applies to paintings, furniture and cars also applies in a weaker form to the dwellings in which the precious objects are to be displayed and exhibited after the purchase.

Here, in The Bahamas, the luxury real estate market has risen by approximately 15 percent. In Dubai, prices

have risen by more than 40 percent in just one year.

In second place is the US luxury ski resort of Aspen, with an increase of almost 30 percent.

If you are still pondering whether you should buy another place to stay in Miami, London or Dubai, you would also do well to study the price per square foot in these cities. The comparison reveals how many square feet of luxury domicile a buyer gets for $1m. The world leader is Monaco with 183 square feet. For a modest threebedroom condo with 915 square feet, $5m is needed in the small principality on the Mediterranean. Compared to those prices, a house on the beach in The Bahamas is a clear bargain.

GRAYCLIFF EXPANDING PRIVATE DINING OPTIONS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A PROMINENT Nassau resort is expanding its wine cellar to add more private dining options.

Roberta Garzaroli, Graycliff’s general manager, told Tribune Business the property will be adding an annex to its wine cellar that will allow for more private dining for patrons.

The room that is being converted, known as the Hibiscus room, is regularly frequented by prominent Bahamians and visitors alike.

“We decided to keep the name, but all we are doing is just adding it on to the wine cellar to provide more options for private dining,” she said. Graycliff already has a private dining area in its wine cellar, but due to the “increased demand” for more space it has decided to convert the Hibiscus room into an annex to the wine cellar.

Ms Garzaroli added: “It’s amazing that post-COVID people have been loving the private spaces and don’t mind paying.” The existing private room typically costs $1,000 to book, excluding food, drink and gratuities.

“We had a group in last

week that spent $15,000 for the evening,” she recalled.

Meanwhile, the Graycliff “Experiences” are going smoothly with demand for the series tracking solidly.

“We have the chocolate factory and the cigar factory, and tours are offered daily.

The chocolate factory does three interactive classes a day, and one chocolate and spirits activity similar to the experiences tour, where you pair different spirits with different chocolates,” Ms Garzaroli said.

“For the Experiences, it kind of ebbs and flows.

We have the majority right now as tourists doing the activities, but then we do

have some locals coming to do the activities. This is the first lull we have had post-COVID. Granted, it was slow coming, because The Bahamas was just now reopening, but it was steady going. Some of our staff weren’t able to take vacations where we were so busy.

“It was a good problem to have but we know they needed their break. We hired some new people and we are looking to hire a few more people.”\

Water Corp chief clarifies billings for Treasure Cay

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Water and Sewerage’s (WSC) general manager says Treasure Cay customers are only being billed for the period after Dorian reconstruction began as he acknowledged their “frustration”.

Robert Deal told Tribune Business that Treasure Cay residents are receiving an “accumulation of quarterly billing” in their current bills as he responded to complaints of exorbitant charges running into fourfigure sums. Several accused the state-owned utility of billing them for services never provided after Dorian devastated the community’s water and sewerage systems.

“We understand the frustration some customers are experiencing with their billing statements, and we would like to provide clarification on the matter,” Mr Deal said in an e-mailed response.

“Following the devastating impact of Hurricane Dorian in 2019, the Corporation suspended billing for two years to allow residents to rebuild. In early 2023, we resumed billing accounts accordingly as part of our efforts to restore services in the area. Each e-mail sent to a customer represents a billing quarter, and it is important to note that each customer has a different billing cycle occurring four times per year.”

Mr Deal added: “The reason some customers may have received billing statements from September 2019 to May 2023 is due to the accumulation of quarterly billing cycles over time.

While this may seem like an extended period, it reflects the billing history since the beginning of our restoration efforts after the hurricane.

“Additionally, our system is not designed with the capability to skip cycles.

However, in most cases, bills have been prorated for a period. In instances where homes were destroyed, we have written off those balances.

“We empathise with our customers’ concerns and apologise for any confusion or inconvenience caused by the length of these billing periods. Moving forward, we are actively working to streamline our billing processes and improve communication to ensure a more transparent experience for all customers,” Mr Deal continued.

“If any customers require further assistance or have specific questions about their billing statements, we encourage them to reach out to our team. We are committed to addressing any individual concerns promptly and finding satisfactory solutions. We value our customers’ feedback and will continue to work towards providing the best possible service to the residents of Abaco.”

GRAYCLIFF RESTAURANT

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PAGE 6, Monday, October 23, 2023

THE TRIBUNE

Lyford Cay condo faces fresh regulatory hurdles FROM PAGE B1 Environmental Clearance (CEC) from the environmental regulator, the DEPP. However, Eastmor Properties, in a statement issued to Tribune Business, said it still plans to proceed with the development despite the likely extra cost and time incurred in meeting all these conditions to obtain full site plan approval.

“Eastmor Properties, the developer of a condominium site at Lyford Cay, thanks the Subdivision Development and Appeal Board for its deliberations and decision to defeat the appeal by the Lyford Cay Property Owners Association (1971) Limited and others,” the developer said.

“The Board agreed with Eastmor that the approval of the Town Planning Committee should be upheld and added two conditions to the Town Planning Committee approval.

Eastmor Properties, working with the

community and regulators, will continue its move forward to developing and building a condominium complex that highlights Bahamian design and construction, promotes island-style living, and includes climate friendly, state-of-the-art features.”

Meanwhile, the Subdivision and Development Appeal Board, also backed calls by attorneys representing the Lyford Cay Property Owners Association that “promulgation” of the longpromised Land Use Plan for each Bahamian island “would be beneficial for all development applications”.

These plans were required by the Planning and Subdivisions Act 2010 but have yet to emerge some 13 years later.

The Appeal Board, in its ruling, dismissed arguments that public consultation on the Eastmor Properties project was “fatally and/ or fundamentally flawed”.

While agreeing that more

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relevant documents could have been made available, the Board said that while the process “could have been improved upon, the imperfections fell just short of justifying interference”.

It also rejected the contention by the Lyford Cay association and others that there was “a lack of reasons” contained in the Town Planning Committee’s original decision, or that pre-application consultation had taken place only with Keenan Johnson, the Town Planning Committee’s chairman, rather than the Department of Physical Planning.

The Board added that the latter would have been “incorrect” if it had occurred, but found this was “not in and of itself to warrant interference” because there was subsequently full public consultation and the decision was reached by the Town Planning Committee’s full membership.

“Notwithstanding the foregoing, where the Board sees strength in the appellants’ arguments is the application for approval appears to wrongly indicate that there are no restrictive covenants in respect of the lots prohibiting the intended development,” the Board added.

NOTICE IN THE ESTATE OF JOHN ERNEST PRATT late of 111 IIer Avenue in the Town of Essex in the Province of Ontario in the Dominion of Canada, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 20th day of November, A.D. 2023, after which date the Co-Executors will proceed to distribute the assets having regard only to the claims to which they shall then have had notice.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

MERIDIAN LAW CHAMBERS Attorneys for the Co-Executors Chambers, P.O. Box N-168, East Bay Shopping Center, East Bay Street, Nassau, Bahamas.

“The Board accepts the appellants’ arguments that the approval under appeal appears to be contrary to the restrictive covenants presently prevailing and there is no evidence that same have been discharged or the permitted use of land has been changed.”

The Appeal Board also found that “weighing against the Town Planning Committee’s decision is the inconsistency with the land use permitted under the International Persons Landholding Act, which presently provides on each conveyance that the lots are for use ‘to construct a single family dwelling’” and not a condo complex.

As a result, it ruled that Eastmor Properties cannot receive final site plan approval until the restrictive covenants and International Persons Landholding Act limitations are resolved.

“The Board is not satisfied that the appropriate course of action is to quash the approval. However, same cannot stand absent variation,” it ruled.

As a result, the extra conditions were added to those imposed by the Town Planning Committee in its original site plan approval of August 23, 2022. There was widespread speculation,

none of which could be proven or confirmed, during last summer’s Town Planning hearings that the project was targeted at providing accommodation for FTX’s expatriate workforce.

Allyson Maynard-Gibson KC, Eastmor Properties attorney, and Jimmy Mosko, its contractor, also held the same roles with FTX - the latter for construction of its now-abandoned West Bay Street headquarters.

It is possible too much was being read into these similarities, although Eastmor Properties had seemingly made no previous effort to develop a property it first acquired on March 5, 1997 - some 25 years before last summer’s Town Planning hearings.

Documents filed for the subsequent appeal also revealed that the Town Planning Committee last August appeared to have either rejected, or ignored, advice from Jehan Wallace, the Department of Physical Planning’s chief physical planner, which called for the condo development’s height to be reduced even further to just three storeys - a 50 percent reduction on what was ultimately approved.

Ms Wallace, in an August 23, 2022, paper submitted to the Town Planning

Committee noted that some 182 of the 190 written comments received by the Department as part of public consultation “outlined various reasons of opposition to the project and request that the Committee refuse the application”.

Noting that the Department of Physical Planning had visited the project site at Hibiscus Drive West, she added: “Based on all the information provided, the Department does not recommend approval for the proposed nine-storey, 72-unit multi-family development. It is an overdevelopment of the site and is out of scale and character for the proposed neighbourhood....

“The Department recommends a density of 30 persons per acre or 50 units in total contained in buildings no more than three storeys in height. In addition to the submission of a revised plan that adheres to the above recommendations, a Traffic Impact Assessment and Certificate of Environmental Clearance (CEC) is required for the project.” The latter recommendations, though, were taken up.

Developer to invest up to $75m in eco-resort FROM PAGE B2 food, and that’ll be part of the experience.”

The developer said the resort will appeal to the eco-tourist and feature activities such as snorkeling, bird watching, hiking and art classes with local artists.

Mr Coughlin said: “I think it’s going to be the eco-tourist fan. The people who want to go on an adventure with learning as part of it. To me, eco-tourism is about learning and about immersing yourself in the culture.

“We’re going to build an artist studio here. We want to have Bahamian artists here so when guests come, they want to take a paint class and paint something with one of the artists… We want to have paintings in our cottages that are done

by Bahamian artists.

“The nature hikes, the birding…the snorkeling and learning about all the things we have here in these beautiful waters are part of the experience.”

Mr Coughlin also anticipates partnering with Bahamian businesses to

accommodate guests and hosting locals that want to learn more about our environment.

He said: “My goal here is to build something longterm that’s viable and successful. I know we’ll be able to command a decent price for it. But I think we’ll also be at times sharing it with the community, and working with our partners like Staniel Cay and others when a bigger event comes, and we need to help each other as much as you can.”

THE TRIBUNE

Monday, October 23, 2023, PAGE 7

Goodman’s Bay hostilities erupt on 14-storey project FROM PAGE B1 admitted he had an interest in the outcome - and whether Wynn gets the necessary approvals to proceed - as he owns the land upon which the 14-storey complex is to be constructed.

“I respect everyone’s opinions and their concerns,” Mr Skandaliaris said, “but for Ed Hoffer, when we first approached to discuss this property, he was in full support of the property, in full support of the development, providing he got a [multi-million dollar] pay-off for his home or he would [ruin] the project. I think there’s a small detail you forgot to share.”

This sparked unease among other attendees, and Mr Hoffer could be heard threatening to sue Mr Skandaliaris for defaming his reputation. Mr Johnson, the Town Planning chair, quickly said he was “not going to get into a back and forth with respect to that”, but several of those attending demanded that Mr Hoffer be given a right to reply.

Mr Hoffer duly responded to his neighbour’s accusations, saying: “That’s not true. OK? I was not in full [favour] with anything from block one.

Even in 2010, I wrote a letter to the zoning department saying I was against changing the zoning to commercial, so take that.

“As far as the other thing, too, my house is also listed under the Antiquities, Monuments and Museums Corporation (AMMC).

It’s an antique house. I just think that’s terrible, Tony. I respect you, Tony, because I’ve known you since you were a little boy, but you

WYNN PENTHOUSE shouldn’t throw accusations. That’s very low.”

Mr Skandaliaris, though, stuck to his claim, responding: “We had a conversation, Ed.” To which Mr Hoffer replied: “We did not have a conversation.” It was then that Mr Johnson intervened to bring the public hearing to a close following the lastminute effort to seemingly discredit Mr Hoffer and his objections.

No decision was taken at the meeting on whether to grant Wynn’s soughtafter site plan approval.

The Department of Physical Planning, in a message posted on its Facebook page, stated the Town Planning Committee “is gearing up for a comprehensive review that will shape the future of this project” although no details were given.

Earlier at Wednesday night’s public consultation, Mr Hoffer said he would “rather talk from the heart” than read a prepared text detailing his arguments as to why Wynn’s 14-storey penthouse - branded a “monstrosity” by one other attendee - should

not receive the necessary approvals to proceed.

The 65 year-old, who would be the project’s immediate neighbour to the east, asserted that Wynn’s first Goodman’s Bay development - the Residences at GoldWynn - had “really shook me to pieces” with “cracks” appearing everywhere in his foundation and property due to previous construction work.

Now bracing to be “rattled to pieces again” by Wynn’s latest proposal, he also accused the developer of being against Bahamians by denying them access to Goodman’s Bay and its beach - an allegation the developer vehemently rejected.

“I’ve had dust and dirt and cement in my house, and I’ve had to change all the duct work,” Mr Hoffer told the Town Planning meeting. “There’s also an easement that runs along the side of my house, between lots eight and nine, which they did not take into consideration.

“They’re [Wynn] sucking up the easement, and that’s supposed to be a public easement for a pedestrian

walkway” for Bahamians to access Goodman’s Bay and the beach. Meanwhile, revealing that his grandchildren now live in a home he has occupied for five decades, having inherited the property from his father, Mr Hoffer added: “This is a big problem for me...

“The first development really shook me to pieces, shook all of my infrastructure, shook all of my foundations. I’ve got cracks everywhere. I have so much damage, and no attempt.... I actually went and spoke to Mr Hart [Randy Hart, the Wynn Group’s vice-president] over here in reference to that, and he told me it was above his pay grade.

“So, having said that, I’m going for phase two that is going to rattle me to pieces again. You know what? I’m 65 years-old, and I don’t want to move. I like my house. You know what?

You don’t allow access to the beach for Bahamians because I know for a fact you guys tell people to move on when they come on the beach. You’re supposed to be for the Bahamian people, and I don’t think you are.”

This provoked an immediate riposte from Mr Hart, who was interrupted several times by Mr Hoffer

as he spoke. “Let me just respond to the various points,” Mr Hart replied.

“I strenuously object to the insinuation.....” Mr Hoffer then interjected to confirm his statement was made “without prejudice”.

Mr Hart, though, continued: “I never obstructed, inhibited or deterred anyone from using the public beach. We know the beach is sacrosanct. It’s sacrosanct to us just as it is to you. It’s really a very misguided statement.” This prompted Mr Hoffer to say: “It’s in the newspapers, Randy”, sparking a further denial from Mr Hart.

“Every day I’m in my office I look out the window and people are walking by, they jog by, they play by, they swim. They enjoy the beach. We encourage that.

I’d like to take this opportunity to kind of debunk this myth that there’s some kind of evil developer that’s trying to appropriate the beach from Bahamians,” he added.

“Actually, I think it’s the opposite. From what I’ve observed, it’s actually a testament to how well and harmonious it can actually be. When we were building the project, we knew people would be coming in, jumping in the pool. It’s

been perfect. It’s worked like a charm. Bahamians are respectful of the guests, the guests are respectful of Bahamians’ right to use the beach.

“It’s actually in my opinion a perfect example of how things ought to be, and so in no way will we do anything we do with this project - phase two - to interfere with anybody’s right to use the public beach.”

As for the easement issue, Mr Hart said Wynn had been advised by its attorneys that the access route had been “terminated” some time ago and was therefore no longer a potential obstacle for what he indicated is a $125m investment.

“You raise a legal issue,” he added of Mr Hoffer.

“We have a legal opinion that the easement was terminated many, many years ago. Obviously we would not put forward a project of this magnitude if we have a legal impediment such as that.

“We’re not trying to hide anything, we’re not trying to cover up anything. We have obviously done our homework, and there is no legal impediment or easement. People have access to that beach from either side of that property.”

PAGE 8, Monday, October 23, 2023

THE TRIBUNE

HOTEL UNION CHIEF WARNS: ‘THE GLOVES ARE OFF NOW’ FROM PAGE B1 pledging a “no holds barred” strategy, said the union planned to adopt similar tactics to bring all other industrial agreements negotiations to a conclusion, including the talks with the Bahamas Hotel and Restaurant Employers Association.

Those discussions primarily involve a new industrial deal for Atlantis line staff, given the closures of

multiple previously-unionised properties in recent years. The BHCAWU is also currently involved in talks on deals for workers at Best Western, Graycliff and Harbourside.

Declining to specify what action the union and its members may take, Mr Woods would only say that “definitely you’re going to hear it” and “whatever we do will catch their attention”

meaning the employers.

He alleged that the companies are “taking workers for granted” and seem to be mistaking the union’s efforts to foster workplace “harmony” for “weakness”.

“I’m trying to wrap all these things up,” the hotel union president told this newspaper of all outstanding industrial agreement negotiations.

“I think they’re taking us for granted

now.” Confirming that the BHCAWU met with Restaurant (Bahamas) officials last week, he added: “I told them that our patience has run out. We have no more.

“We have exercised the patience of Job, and the only person who has more patience is the Lord himself.

The last contract expired in 2015.... They’ve come to the table but they’re dragging their feet. This is one of five employers. We’re going to be dealing with them one by one. We’re sending a message to all the employers: ‘Our patience has run out now. You’re taking too long.

The people are suffering’.”

Mr Woods said all five negotiations appeared “seem to be stuck in this place” of trying to agree financial terms, namely worker compensation and benefits. In KFC’s case, he alleged that the fast-food franchise had offered union members $800 or $100 for every one of the eight years without an industrial agreement.

This could not be confirmed, while the BHCAWU president asserted that over this period the union had given KFC “millions of dollars in concessions” to help the company. These, he added, included health and welfare; a suspension of the long service award; allowing the brand to pay bonuses over time; and a new provision for illness and holiday that made adjustments for when persons are off.

Dismissing the purported $800 offer to his members, Mr Woods told Tribune Business: “I said to them I am insulted, I am offended, I am humiliated by your offer to my members. We are launching industrial

action across the industry where we have industrial agreements outstanding.

“KFC is the first. It’s been too long. The company has been successful over the years, in addition to the concessions we gave back, so we believe they should get a fair portion back; a fair and equitable portion. You cannot tell me $100 per year is fair and equitable for what staff have done.

“The people have been working long and enduring long. Their patience has run out because, as far as they’re concerned, it’s not moving fast enough. It’s all because the union is trying to foster a new approach to negotiations. We’re trying to facilitate dialogue, we’re trying to foster harmony in the workplace. They seem to be mistaking that for weakness.

“We can’t go past the next month without concluding on an industrial agreement with each one of the properties, property by property, so that by the end of the year each of the industrial agreements has been concluded.

It’s been too long. No one in the Commonwealth of The Bahamas can say the hotel union has not been lenient, has not been patient with them.... Our people are suffering.”

Asked by this newspaper what action the union and its members plan to take, and when this might occur, Mr Woods said of Restaurants (Bahamas): “We started today [Friday]. As of today. We intend to conclude industrial negotiations within three weeks.

“Subsequently, we want to be meeting with the other employers, and those are the positions we are going

to take. All of them are at the same place. We have run through the issues that are outstanding, and believe it has taken long enough. You cannot tell me the union is being unreasonable.”

As for specific actions, Mr Woods added: “All I will say to you is: Stay tuned. Definitely, you’re going to hear it. Definitely, you’re going to hear it. The members across the industry work hard, but particularly in Restaurant Bahamas. You’re talking about people who have to be on their feet for eight hours, working in very hot, humid conditions and putting up with a lot.

“To be treated in this fashion, it’s very depressing...

We really don’t disclose our strategy. We creep before we can walk. I can tell you that whatever we do in the initial stages will get their attention because we are tired. Our actions are going to mirror our words.”

The hotel union and its members have been without an industrial agreement with the Bahamas Hotel and Restaurant Employers Association since the last one expired in January 2013, more than one decade ago. A former union administration failed to supply its proposal for a new agreement within the time stipulated before the last deal ended.

As a result, Atlantis and other resorts in the Association have operated as if the previous agreement’s terms and conditions are still in effect and, as a result, BHCAWU union members have not enjoyed any wage or benefit improvements for the past ten years other than those provided at their employer’s goodwill.

Mr Woods, though, arguing that the union always provided employers with “raw” numbers to support its position, while also taking into account the cost of living, added: “The gloved are off now.

No holds barred. That’s of now. I really believe they are taking advantage of the workers at this time.

“We put everyone on notice. Don’t call us, call them. Everyone’s going to fall into the same categories.

We’re not going past next month. It’s a clear indication of where we’re going. That’s it.”

THE TRIBUNE

Monday, October 23, 2023, PAGE 9

‘BY NO STRETCH’ IS WEB SHOP’S GAMING BOARD BATTLE ENDED FROM PAGE B1 But they haven’t been using it for that. They’ve been using it for other things.

“This is money that the Act says the Gaming Board is supposed to put into an interest-bearing account on our behalf and they’re supposed to regularly advise us and send some statements as to the position of the account. One, what’s been happening is that it’s not an interest bearing account and, two, unlike an escrow account we have no control over that account. The Board has complete control of that account.”

Dr Daniel Johnson, the Gaming Board’s chairman, could not be reached by phone for comment yesterday, and did not reply to Tribune Business messages seeking comment. Ian Tynes, the Gaming Board’s secretary, was said to be off-island until today and needed to run this newspaper’s inquiries past legal counsel.

Chances is alleging that, of the $947,919 allegedly withdrawn by the Gaming Board to finance its monitoring system, some $780,452 was paid to Infrasoft Technologies, an Indian-based software and technology provider, which was awarded the contract to develop it. A further $145,785 was spent on “agent fees”, and $21,692 went to a Bahamian technology provider, MicroNet. The web shop operator, in its action, alleged that the central electronic monitoring system was on “indefinite hold” and has never been implemented or executed. It is thus claiming that, not only are its funds not being used in compliance with the law, but they are also funding something that both the gaming industry and regulator have received no benefit from.

Carlson Shurland KC, Chances’ attorney, told Tribune Business that the Gaming Act’s section 29 was “very specific and very clear” that monies deposited into the investigative deposit account can only be used to fund background vetting. And he argued that

the accompanying regulations, in section 26, were just as precise in listing the costs that Chances was responsible for paying.

Yet Mr Tynes, according to Justice Forbes’ ruling, cited the Act’s same section 29, as well as sections 18 (1) and 34, as giving the Gaming Board legal authority to access the funds and use them to cover the central electronic monitoring system costs. This system is supposed to give the Gaming Board the ability to monitor transactions in realtime so that it can check operators’ games are performing as advertised.

Section 34 requires operators to install surveillance systems mandated by the Gaming Board, while 18 (1) defines the regulator’s funding as any monies lawfully paid to it. The Gaming Act’s section 29, though, appears to limit the Gaming Board’s cost recovery powers “only to such costs” incurred during a background check.

It “does not extend to such costs as may be incurred by the Board” in hearing other matters.

“Our main contention was that this is an asset, and we shouldn’t be purchasing assets for the Gaming Board,” Mr Culmer said of the monitoring system. “It’s not our responsibility. It’s spelt out in the Act what they can and can’t use that money for....

“My concern, and this is not political at all, is I only want them to be compliant with the Act, set up the funds we provided to them properly according to the Act and not withdraw from it willy nilly. I want them to replace the funds they took from us.” Otherwise Chances will have to inject more money itself to replace the near-$1m taken, hence its warning about downsizing and reduced charitable donations.

Asked how the operator plans to move forward, after Justice Forbes dismissed the Judicial Review, Mr Shurland confirmed it was already exploring the other “remedies” hinted at by the judge. Mr Shurland said he has already been instructed to send the Gaming Board

a “letter before action” to “once again give them an opportunity to be transparent” and resolve the matter without going to court.

Mr Culmer added: “We’re requesting a hearing with the Board itself to hear our concerns, our grievances.

Out of that meeting should come a decision from the Board as to whether they’ll replace the funds or if they still feel justified in removing the funds.

“Once we get that decision, and we’re not satisfied with it, we’ll file an action in

the Supreme Court. By no stretch of the imagination is this over. What disappoints me is that the Gaming Board is using these funds for their own purpose; whatever they perceive to be important to them. That’s not what the fund is set up for. Their explanation does not settle with me.”

Mr Shurland said of the Gaming Board that “the ball is in their court”, especially since it has yet to deliver on the update and accounting it promised within 14 days some five

months ago on May 8, 2023.

He added that the Act’s section 29, restricting the use of monies in the investigative deposit account, was “so clear you don’t need any judicial interpretation”.

“Once Mr Culmer is satisfied they are not prepared to give him the answers he needs to give him a comfort level, I’m sure with his attorney’s advice - whether it’s me or anyone else - he is going to move forward with a lot of motivation for all that is necessary,” Mr Shurland said.

However, other contacts familiar with the gaming industry and its regulation, said Chances might struggle to win its case on the grounds that there are no restrictions on the investigative deposit accounts and how monies in them can be used. They argued that these are general, not restricted, trust accounts which means there are no mandates or protocols as to what funds can be applied to.

PAGE 10, Monday, October 23, 2023

THE TRIBUNE

40-JOB JUNKANOO MUSEUM AT ‘ROOT’ OF WENDY’S PROTEST FROM PAGE B3 and Marco’s Pizza opening a restaurant that will be located right across from the Junkanoo Museum.

“The traffic congestion that will be created, along with the lack of sufficient parking and the health issues that will be created from the increase in rodents, will severely impact the success of the museum and the employment of some 40 Bahamians.”

By comparison, Aetos Holdings, the Bahamian franchisee for the Wendy’s and Marco’s Pizza brands, has previously said its project - if it receives the necessary Town Planning Committee and other approvals - will create between 70 to 100 construction and full-time jobs, and involve an investment of up to $4m.

Mr Francis’ letter was written some three days after the Town Planning

Committee’s public hearing on the Paradise Island restaurant project, and on the same day that the Paradise Island Tourism Development Association (PITDA) urged the regulator to delay their decision on any approvals by four weeks so that the restaurant’s impact on traffic flows can be studied.

The Association represents some of Aetos Holdings’ major opponents, including the Ocean Club, Comfort Suites and Atlantis, the latter of whom has been a big sponsor of Roots for many years. “It is our belief that together we all can add to the success in building a better Bahamas,” Mr Francis told the Town Planning Committee.

“By not allowing these fast-food franchises at this site, you will aid our venture to offer authentic Bahamian dishes to our country’s visitors and guests. We have every faith that this letter will be received kindly

Spirit Airlines cancels

dozens of flights to inspect some of its planes.

Disruptions will last days

and help to with our cause to render employment to our members through our venture of the Junkanoo museum.....

“Our group, since establishment in 1991, has contributed significantly to community building and uplifting persons, young and matured, through our form of Junkanoo art, music and dance. In fact, we have engendered a culture that has inspired our members to become craftsmen and musicians, resulting in the sale of their products for a livelihood.”

Glen Haddad, PITDA’s executive vice-president, argued in a letter released to the media last week that Aetos Holdings had produced no evidence to support its assertions that the presence of the fastfood brands will not cause traffic problems.

Noting that Caribbean Civil Group’s traffic impact study will take three weeks to complete, and another

to publish the results, the Association and its hotel members - who include leading opponents of the Wendy’s/Marco Pizza proposal - are pleading with the Town Planning Committee to delay any decision on the bid for site plan approval by four weeks.

Describing this as “a reasonable request”, Mr Haddad wrote that following Monday’s public consultation the Association “still has serious concerns about the increased traffic the restaurants could cause and how this would affect PITDA’s member hotels and partners”.

He added: “Despite the claims from the developer that his restaurants would not cause any additional traffic issues, he did not provide the Town Planning Committee or the public any documents or studies in support of that claim.

“Given our direct longstanding experience of

maintaining all the roads, traffic lights and directional signage, other infrastructure and traffic security across Paradise Island, PITDA strongly believes that this development will indeed have a very negative traffic impact on the visitors, residents and employees of Paradise Island.

“Due to this major concern, PITDA has retained traffic experts, Caribbean Civil Group, to immediately conduct a traffic impact study around these proposed fast-food restaurants on Paradise Island.”

But Chris Tsavoussis, who along with his brother, Terry, heads Aetos Holdings, at Monday night’s hearing said he does not “understand what all this fuss is about” as they sought to argue why their Paradise Island restaurant project should receive planning permission.

He questioned why there was so much opposition to

the proposal to convert the former Scotiabank branch when the adjacent shopping plaza hosts a Dunkin Donuts franchise, web shops and a liquor store.

Concerns over increased traffic congestion that would result from the restaurants’ presence, and an alleged lack of parking spaces, were raised frequently during the meeting.

Mr Tsavoussis said Aetos Holdings will provide transportation for their employees similar to the scheme that they use for staff at their Lynden Pindling International Airport (LPIA) location. He added that traffic existed in the area when Scotiabank occupied the site, and he anticipates Wendy’s generating “less traffic” than the bank.

By DAVID KOENIG AP Airlines Writer

further information, but the Federal Aviation Administration said it involved inspection of brackets on the planes' airframes.

By late Friday afternoon, Spirit had canceled 11% of its schedule for the day, easily the highest percentage of scrubbed flights among leading U.S. carriers, according to tracking service FlightAware.

"We've cancelled a portion of our scheduled flights to perform a necessary inspection of a small section of 25 of our aircraft," Spirit said in a statement. "The impact to our network is expected to last several days as we complete the inspections and work to return to normal operations."

The FAA said it was aware of Spirit's decision to pull the planes from service for a "mandatory maintenance inspection." The inspections are required to look for signs of cracking around fasteners that attach pressure panels to beams on the planes' airframes, according to an FAA document.

If undetected, the cracks could lead to reduced structural integrity "and possible rapid decompression of the airplane," according to the document.

Fatigue cracks in the frames of planes are a longknown risk. The inspections that Spirit is conducting have been required by European and U.S. regulators for many years and

were last updated by the FAA in 2018.

The FAA said that for the Spirit planes, it "will ensure that the matter is addressed before the airplanes are returned to service."

Spirit had 198 planes as of June 30, all of them variants of the Airbus A320 family, according to a company regulatory filing.

The airline told customers to check the status of their flight before going to the airport.

About half of the Spirit cancellations were at Florida's Orlando International Airport, where Spirit is the second-largest carrier.

Spirit, which is based in Miramar, Florida, has canceled more than 3,600 flights this year, or 1.5% of its schedule. That is lower than the 2% cancellation rate at Frontier Airlines, a similar budget carrier, and rates for JetBlue Airways and United Airlines.

SPIRIT Airlines canceled about 100 flights on Friday after pulling some planes out of service for inspections, and the airline expects the disruptions to last several days.

Spirit did not describe the nature of the inspections and did not respond when asked for

NOTICE NOTICE is hereby given that JEAN ROBERT JOSEPH of P. O. Box SS-5159, Canaan Lane off Shirely Street, 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 23rd day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE IN THE ESTATE OF OCTAVIO PENALOZA SANDOVAL late of Calle Sur 136 116, Las Aamericas, Alvaro Obregon, Mexico City.

Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 21st day of November A. D., 2023 to send their names and addresses and particulars of their debts or claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned.

AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late OCTAVIO PENALOZA SANDOVAL will be distributed among the persons entitled thereto having regard only to the claims of which the Executors shall then have had notice in writing.

Dated this 23rd day of October, A. D. 2023 Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, 400 West Bay Street, Nassau, Bahamas.

LEGAL SECRETARY

WANTED stablished law firm see s Legal Secretary with a minimum years ex erience com anies con eyancin robate nly ualified a licants need a ly ubmit resumes with references to lawfirmnp2023@gmail.com by 27th October, 2023

PAGE 12, Monday, October 23, 2023

THE TRIBUNE

STOCK MARKET TODAY

Wall Street’s worst week in a month closes out with more losses

By STAN CHOE AP Business Writer WALL Street racked up more losses Friday to close out its worst week in a month.

The S&P 500 fell 1.3% for a fourth straight drop.

The Dow Jones Industrial Average sank 286 points, or 0.9%, and the Nasdaq composite tumbled 1.5%.

The stock market has been struggling under the weight of the bond market, where the yield on the 10-year Treasury briefly topped 5% late Thursday for the first time since 2007, according to Tradeweb. High yields make borrowing more expensive for everyone, and they slow the economy while dragging on prices for stocks and other investments.

The yield on the 10-year Treasury was hanging within a hair of 5% early Friday morning, before later easing back to 4.91%.

It’s been generally catching up to the Federal Reserve’s main interest rate, which is already above 5.25% and at its highest level since 2001.

Yields swung a day earlier after investors took comments from Federal Reserve Chair Jerome Powell to indicate the central bank won’t raise its main interest rate at its next meeting Nov. 1. But financial markets are less sure about what the Fed will do after that, and the central bank has said its upcoming moves will depend entirely on how inflation and the job market behave.

The Fed has raised its overnight interest rate at a furious pace in hopes of suffocating high inflation, which has come down from its peak last summer. But a rise in oil prices is threatening to add more upward pressure.

Crude prices remained volatile amid worries about war in the Middle East.

A barrel of benchmark U.S. oil fell 62 cents to settle at $88.75. It’s been bouncing around since the latest Hamas-Israel war began, after leaping from $70 to more than $93 during the summer. Brent crude, the international standard, slipped 22 cents to $92.16 per barrel.

Gold’s price climbed as investors herded into investments considered safer ahead of a weekend of uncertainty with the war.

It rose $13.90 to settle at $1,994.40 per ounce. Last week, it jumped more than 3% heading into the weekend.

Investors are pulling so many dollars out of riskier investments, such as junk bonds and global stock funds, and holding so much cash to protect themselves that a market-sentiment reading by Bank of America is signaling “extreme bearish.” Such a reading has historically been a signal for contrarians to buy, with stock prices typically improving in the ensuing three months, strategist Michael Hartnett wrote in a BofA Global Research report.

But he also noted it hasn’t been a reliable signal when very big shocks occur, such as the period around Lehman Brothers’ collapse in 2008 or the Russia-Ukraine war early last year. Maybe a jump for oil prices above $100 or the 10-year Treasury yield shooting above 5% could act as similar very big shocks this time around.

On Wall Street, SolarEdge tumbled 27.3% after the solar technology company slashed its sales and profit expectations for the current quarter. The company blamed order cancellations in Europe due in part to slower-than-expected installation rates.

Other solar stocks also fell, including a 14.7% drop for Enphase Energy.

Regions Financial sank 12.4% after it reported weaker profit than expected for the latest quarter. Focus has been on the banking industry outside its biggest titans. It was under heavy pressure earlier this year after high interest rates helped cause three high-profile collapses of U.S. banks.

Other regional banks were also weaker. Comerica fell 8.5% despite reporting better profit for the summer than expected. Huntington Bancshares sank 3.9% after likewise topping earnings forecasts.