10272023 BUSINESS

business@tribunemedia.net

FRIDAY, OCTOBER 27, 2023

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Bahamian developer in deal at Goodman’s Bay

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A WELL-KNOWN Bahamian developer behind projects such as Balmoral, ONE Cable Beach and Aqualina is eyeing the imminent acquisition of a prominent Goodman’s Bay property.

Jason Kinsale, who is currently awaiting the outcome of a Planning Appeals Board decision on his Passion Point development at Love Beach, declined to comment yesterday when asked by Tribune Business whether he is in the process of purchasing the ‘Fairview’ property on the Goodman’s Bay strip opposite the Prime Minister’s Office.

“I can’t comment right now,” Mr Kinsale replied to this newspaper, although he did not deny his involvement. It is understood that

t ,JOTBMF FZFJOH 'BJSWJFX acquisition t #FJOH TPME CZ CBOL T BENJOJTUSBUPS t 8ZOO ACBDL UP ESBXJOH CPBSE PGUFO Mr Kinsale may be seeking to acquire Fairview in partnership with others, but that his company, Aristo Development, is not involved in the transaction.

Multiple sources, speaking on condition of anonymity, told Tribune Business they had first heard of Mr Kinsale’s interest earlier this summer. Others said a “boutique hotel” is being planned for the site, along with a residential component, but this newspaper understands that

JASON KINSALE the deal - if it closes as anticipated - will only involve the latter and no resort element is planned.

Fairview, which is located next to La Playa, the westernmost property on that West Bay Street strip, is being sold by Igal Wizman, the EY (Ernst & Young) accountant and partner, in his capacity as statutory administrator for its owner, Lucayas Bank,

which was the former Private Investment Bank (PIB).

Tribune Business previously revealed that Fairview lay at the heart of the Central Bank’s October 2021 decision to appoint Mr Wizman to take over Lucayas Bank’s affairs. This newspaper was told then that it carried up to a $15m valuation, more than double the existing price, based on plans to redevelop the near two-acre site into a tourism-driven property or condo hotel such as the GoldWynn project next door.

Lucayas Bank’s now-former owners, via a separate company, had also sealed an agreement with the former Minnis administration to purchase La Playa from the National Insurance Board (NIB) but that sale was never consummated. Putting La Playa together with Fairview, this newspaper was told two years ago, would result in a

SEE PAGE B4

‘We’ll go to highest court’ to block Wendy’s from PI

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MAJOR developers and resorts last night told Tribune Business they are willing to take their campaign to block Wendy’s Paradise Island restaurant “to the highest level of the judicial system”.

Glen Haddad, executive vice-president of the Paradise

Island Tourism Development Association (PITDA), which represents the likes of Atlantis, Paradise Landing (Sterling Global’s former Hurricane Hole project), the Ocean Club and Comfort Suites, confirmed in writing that they will bring their opposition to the Londonbased Privy Council if that is what it takes.

Asked by this newspaper how far the Association and its members are prepared to go in challenging the site plan approval granted for the Wendy’s and Marco’s Pizza restaurant, Mr Haddad replied: “Yes, we are prepared to take this to the highest level of the judicial system.”

This signals that the Association and its deep-pocketed

members may try to grind Aetos Holdings, the local Wendy’s and Marco’s Pizza franchisee, and its Psomi Holdings subsidiary into submission through costly and time-consuming legal action. Besides planning process appeals, another legal avenue that may be explored is a Judicial Review action to challenge the rationale for the

SEE PAGE B5

Attorney loses appeal on ‘forged’ bank drafts

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN attorney yesterday failed to overturn the rejection of his “gross negligence” claim against Scotiabank (Bahamas) after two “fraudulent” bank drafts left his account overdrawn by $165,000.

Glendon Rolle, who trades as Lord Ellor & Company (Ellor is Rolle spelled backwards), represented himself in trying to persuade the Court of Appeal to alter the original verdict by thenJustice Indra Charles which also dismissed his “breach of fiduciary duty” claim against the

Canadian-owned commercial bank.

But appeal justice Milton Evans, in a unanimous verdict, said that - while the Supreme Court’s “conclusion seems unfair” - Mr Rolle was bound by the terms of the small business financial services agreement (SBFSA) contract that he had signed with Scotiabank. This both gave the bank “full immunity” because a fraudulent instrument was involved and the right to recover the overdrawn funds.

“The relationship between the parties was expressly stated to be governed by the bank’s standard terms and

SEE PAGE B3

Contracted home sales ‘biggest market change’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN realtor says “one of the biggest and most consistent market changes” in the 2023 third quarter was an increase in contracted sales for both homes and land in the five major islands.

Morley Realty, in its just published assessment of the three months to endSeptember, said: “In the Abaco, Eleuthera and New Providence markets, the contracted sales volume for home and land increased quarter-over-quarter and year-over-year.

“In the Exuma market, the volume of contracted home sales increased quarter-over-quarter and year-over-year, while the volume of contracted land sales increased year-overyear but decreased from the 2023 second quarter.

Year-over-year, the Grand Bahama market showed an increase in the volume of both contracted sales of homes and land but also a decrease in volume in both quarter-over-quarter.”

The analysis employs data obtained from the Bahamas Real Estate Association’s (BREA) Multiple Listing System (MLS).

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SBF to testify Bahamas looked after FTX clients ‘best interests’

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SAM BankmanFried is set to tell a New York judge that Bahamian regulators, and not US bankruptcy attorneys, “were acting in the best interests of customers” immediately after FTX imploded.

SAM Attorneys representBANKMAN-FRIED ing the embattled FTX founder, in legal papers filed late on Wednesday night, said their client would give evidence in a bid to rebut testimony from his former partner, Gary Wang, that he transferred digital assets to the Securities Commission of The Bahamas’ custody “in an effort to retain control” of the crypto currency exchange.

Mr Bankman-Fried began giving testimony before Judge Lewis Kaplan in the jury’s absence yesterday so that the latter could determine which portions are admissible. However, Mark Cohen, the former FTX chief’s lead attorney, set out the topics that they want to cover in an October 25, 2023, letter.

“We intend to elicit testimony regarding Mr Bankman-Fried’s intentions and beliefs on November 12, 2022, to rebut the inferences from Gary Wang’s testimony that Mr Bankman-Fried directed the transfer of assets to Bahamian regulators on that date, over the objections of FTX’s in-house and outside legal counsel, in an effort to retain control of FTX,” Mr Cohen wrote.

“This would include testimony regarding Mr Bankman-Fried’s belief that the Bahamian authorities, and not FTX’s in-house counsel

SEE PAGE B4

PAGE 2, Friday, October 27, 2023

THE TRIBUNE

LARGE FIRMS MUST JOIN GOV’T TO BACK MSMES I

t is no secret that micro, small and medium-sized enterprises (MSMEs) play a major role in stimulating economic development in The Bahamas. Both governments and large private enterprises should begin to ask themselves what they can do to encourage the growth of MSMEs, thus enabling them to contribute more significantly to the national economy.

The concessions given to large (often foreignowned) businesses in the name of increased employment opportunities often far eclipses the investments made in promoting and building MSME capacity.

The immediate gratification of quick jobs without significant thought to the long-term impact does not lend itself to the narrative of economic empowerment.

This week’s column explores ways that

governments and large enterprises can provide ongoing assistance to MSME growth and development in The Bahamas.

Removing some of the unnecessary access to capital challenges The challenges most frequently experienced when establishing and developing MSMEs are the financial ones. It is very difficult for them to receive loans due to the high risk involved.

Governments could assist in numerous ways, including providing collateral and guarantees, plus creating and supporting specific loans and grants to MSMEs that achieve specific goals, such as improving productivity or hiring additional personnel.

Governments should be encouraged to do more business with MSMEs

As simple as this sounds, this alone could have a significant impact on MSME development. When governments intentionally source the goods and services supplied by MSMEs across agencies, it sends the right message to other participants in the economy.

Governments should subsidise essential capacity building services One of the great challenges that micro, small and medium-sized enterprises face constantly is sourcing and growing top talent.

It is often difficult to find and train the right people, and this is problem is exacerbated for MSMEs. The Government can subsidise training for MSME employees in a bid to increase their productivity, and ease the investment required by MSMEs after hiring new staff. Other support mechanisms such as deploying

state workers to registered MSMEs could also go a long way.

Government can support marketing Initiatives Market exposure is yet another very important aspect that helps businesses to succeed. The Government can help organise and subsidise networking, conferences and other collaborative events, as well as trade shows where MSMEs can participate at a much lower cost than a regular commercial event. Such government-sponsored platforms, whether industry-specific or general, are very effective in helping MSMEs attract customers and business partners.

Governments should support export and transportation initiatives Another area that MSMEs tend to be excluded from is exports. More and more governments around

the world are taking steps to help MSMEs enter export markets in order to expand and diversify.

Offering assistance, particularly to MSMEs that have export potential, is vital for real growth to occur. This includes offering opportunities for international exposure, enabling the businesses to enter other markets and expand their activity. MSMEs may be invited to join ministers and other government delegations when travelling abroad in order to participate in events that attract media and partnership opportunities.

When businesses move up the value chain, it creates higher salaries, which leads to higher economic output per capita and a higher standard of living.

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UK wines launched to Bahamas trade buyers UK wines were introduced to Bahamian buyers and a wider consumer audience at a series of tasting events and this year’s International Cultural Wine and Food Festival.

The British High Commission hosted the Great British Wine Bar at the festival after a week of tasting events with the Bahamian hospitality industry, including representatives from Atlantis, Baha Mar, Graycliff, the Ocean Club, the Lyford Cay Club, Albany, Caribbean Wine and Spirits, Jimmy’s Wine and Spirits and Commonwealth Brewery.

Organised by the British High Commission’s wine and spirits advisor, Bahamian Steven Boon (Wine & Spirits Guys), the festival presence and trade tasting event placed multiple buyers into the same room.

“What a successful week.

I have had the most amazing response from all who we invited to taste English wine. I really feel that this event was the moment the food and beverage trade was introduced to English sparkling wine,” Mr Boon said. “In ten years’ time, when English wine is on every menu in every hotel, we will all remember this moment.”

Thomas Hartley, the UK high commissioner, added: “Hot on the heels of the first Bahamian rum being sold in London, I am very excited we’re seeing the first English sparkling wines in Nassau. The response from some of the Caribbean’s biggest and best buyers was overwhelming – none could believe how good the English wines are.

“It won’t be long until we see these wines in every hotel, every bar and every home. I am glad so many people have been surprised and now see things differently about English wine.”

THE BRITISH High Commission’s first wine tasting event with executives from Rosewood, Atlantis, Grand Hyatt, Lyford Cay Club, Caribbean Wine & Spirits, the British High Commission, and Wine and Spirits Guys (Bahamas).

Bahamas launches tie-up with University of Miami THE Bahamas officially launched its destination sponsorship of the University of Miami’s athletic programme during the latter’s recent football game against the Clemson Tigers.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, led the Bahamian delegation at the event that included Senator Randy Rolle, the ministry’s global relations consultant, and other ministry executives.

Mr Cooper presented a special gift on-field to Dan Radakovich, the University of Miami’s director of athletics, and met with Julio Frenk, the university’s president, and Josh Friedman, president of the university’s alumni association. The deputy prime minister also hosted industry partners, Bahamian students, athletes and professors studying and working at the university.

“We are very enthusiastic about the reach of this partnership and the

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Mountain Invest SA (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of Mountain Invest SA is complete.

Kim D Thompson Sole Liquidator Address: Equity Trust House Caves Village West Bay Street P O Box N-10697 Nassau, Bahamas

opportunity to work with such an admired brand as the ‘U’,” said Mr Cooper.

“With the close proximity to our shores and deep roots that our island nation holds with Florida, I believe there are countless ways we can maximise this partnership to advance our sports and education sectors and more.”

Mr Cooper said the University of Miami tie-up is part of his ministry’s drive to increase tourist numbers and forward bookings for 2023 and beyond. “This is part of that broad-based strategic effort to position our national ‘Sports in Paradise’ initiative and ensure that the message is out there that The Bahamas is open for business, with more exciting partnerships in the pipeline,” he added.

The agreement between The Bahamas and University of Miami includes game presenting sponsorships, Bahamian-themed promotions and on-site activations across University of Miami’s football and basketball programmes. It aims to help position The Bahamas as a destination for sports-related meetings/ conferences, tournaments and events and more.

The partnership was facilitated by Legends, which has managed corporate sponsorships and multimedia rights for University of Miami Athletics since April 2021.

DEPUTY Prime Minister & Minister of Tourism, Investments & Aviation Hon. I Chester Cooper presented a special gift on-field to Athletic Director Dan Radakovich

DISNEY PARTNERING FOR SCHOOL GARDEN PROJECT DISNEY Cruise Line has teamed with the Agricultural Development Organisation (ADO) in a multi-year project to build gardens in Abaco and Eleuthera schools.

The move is aimed at ensuring students gain firsthand experience in growing their own fruits and vegetables. “Disney is proud to invest in youth programmes in our port communities that provide students with tools and hands-on experiences to learn new skills,” said Joey Gaskins, Disney

NOTICE

EBB TIDE INVESTMENTS LIMITED Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 25th day of October, 2023. The Liquidator is Windermere Corporate Management Limited, 200 Sterling Commons, East Building, Harbour Drive, Paradise Island, Bahamas, P.O. Box N-7797, Suite A-084, Nassau, Bahamas.

WINDERMERE CORPORATE MANAGEMENT LIMITED

Liquidator

Cruise Line’s public affairs director for The Bahamas and Caribbean.

“Supporting this initiative is an extension of our long-standing conservation work in The Bahamas and helps us educate students about building sustainable communities and inspires them to explore careers in farming.”

Earlier this week, the ADO, Disney Cruise Line VoluntEARS and dozens of students met at Preston Albury High School in Eleuthera to launch

the programme, planting a variety of seedlings and building irrigation systems to start the new garden.

Besides Preston Albury, the ADO and Disney Cruise Line will partner to plant gardens at Central Eleuthera High, North Eleuthera High and Harbour Island All-Age School, all in Eleuthera, plus Patrick J. Bethel High School in Abaco.

Students will maintain their gardens with help

SEE PAGE B3

NOTICE

DANGO SQUID ASSOCIATES LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 207608 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 25th day of October, A.D. 2023.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Thompson Chan Hsien Lin, whose address is Rua Bartolomeu De Gusmao 53, Vila, CEP 04111-020, Sao Paulo, Brazil. Persons having a Claim against the above-named Company are required on or before the 24th day of November, A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 27th day of October, A.D. 2023.

THOMPSON CHAN HSIEN LIN Liquidator

THE TRIBUNE

Friday, October 27, 2023, PAGE 3

Investment Policy revamp planned

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Government is aiming to revamp the National Investment Policy (NIP) and is holding consultations with industry in a bid to eliminate approval process red-tape, a senior official said yesterday.

Phylicia Hanna-Woods, the director of investments and Bahamas Investment Authority (BIA) head, told the Office of the Prime Minister’s weekly media briefing

that her office is currently undertaking “stakeholder consultations” with various sectors and professional bodies to ensure the approvals process becomes more efficient and turnaround time is reduced.

“We are currently, as we speak, having our first consultation with the financial services industry to see how we can cut down on the turnaround time for financial service-related applications,” she said.

The Government is also looking at expanding the list of sectors reserved for Bahamian ownership only,

too. “We’re looking at the local capacity. We’re trying to get an assessment of what local capacity exists within the country so that we can review the sectors that are under the National Investment Policy reserved for Bahamians,” Mrs HannaWoods said.

The long-promised transformation of the BIA into Bahamas Invest, an investment promotions agency similar to Jamaica’s JAMPRO, will be part of these stakeholder consultations. “We do not want to risk The Bahamas introducing a new entity with

no changes in the efficiency of the way we do business in The Bahamas,” Mrs Hanna-Woods said.

“We are also looking to develop the promotional arm of the BIA. The National Investment Policy that establishes the BIA speaks to the BIA being a one-stop shop, but really and truly we need to make sure that functions as that. The transition to Bahamas Invest is to do that.

“However, we must make sure that the necessary policy and legislative reforms take place so that

we don’t risk a rebrand without the general public and the global stage seeing a change in the way The Bahamas does business.”

The consultations are due to conclude by the 2024 first quarter’s close. The purpose of the consultations is so that there can be a “balance” between the public sector and private sector, and the new National Investment Policy can take into account multiple recommendations when it is formed.

The BIA will also be digitising its processes as part of this revamp. “We hope

ATTORNEY LOSES APPEAL ON ‘FORGED’ BANK DRAFTS FROM PAGE B3 conditions for business accounts, namely the ‘Small Business Financial Services Agreement’ (the SBFSA),” appeal justice Evans wrote.

“The appellant [Mr Rolle] was the holder of a US dollar checking account with the respondent and, on July 20, 2017, he deposited a bank draft said to be drawn on CIBC, Toronto, Canada, to his US dollar checking account in the sum of $196,920.

“It was accepted by the parties that the bank’s internal policy (which was known to the appellant) required that funds deposited by way of cheques / drafts were held at least 14 days to ensure clearance before allowing any withdrawals from those funds deposited. There is no dispute that in this instance the bank did not adhere to their policy and allowed the transfers to take place.”

Neither the Court of Appeal nor the Supreme Court verdicts give any indication as to who was responsible for the “fraudulent” CIBC FirstCaribbean bank drafts, worth a combined $428,000, that were deposited by Mr Rolle and became central to his

dispute with Scotiabank (Bahamas).

The first CIBC bank draft, for $196,920, was credited to Mr Rolle’s account on or before end-July 2017 He then instructed Scotiabank (Bahamas) to wire transfer some $143,774 from the same account to the Mizuho Bank in Tokyo, Japan, for the benefit of his client, Verhenz Japan Company Ltd, on July 31, 2017.

The wire transfer was made the same day, leaving a $55,269 balance. Mr Rolle subsequently withdrew a further $33,025 in a series of transactions up until August 15, 2017. And, on August 8, he had deposited the second CIBC bank draft to the account for the sum of $231,811.

Mr Rolle, on August 16, 2017, then instructed Scotiabank (Bahamas) to make a second wire transfer worth $164,019 to the same bank and client in Japan.

This, too, was carried out the same day, but this coincided with when Scotiabank discovered that the first bank draft was a counterfeit or forgery. This was never recovered, but the second wire transfer for $164,019 was reversed.

The net result of the “fraudulent” bank drafts,

and first $143,774 wire transfer that could not be recovered, was that Mr Rolle’s business account with Scotiabank was overdrawn by some $173,794 as at September 14, 2017. The bank demanded repayment, advising that same day that the second CIBC bank draft was “rejected”. An incoming $9,164 wire transfer in early 2018 was applied to the overdrawn sum, which Mr Rolle refused to pay.

He accused Scotiabank of “failing to exercise reasonable skill and care” in carrying out his instructions and not ensuring the first CIBC bank draft had properly cleared before he withdrew the additional $33,000-plus. He claimed on several grounds, including loss of prospective earnings and reputation damage.

Scotiabank, though, held fast to the Small Business Financial Services Agreement that Mr Rolle signed when opening the bank account. Leif Farquharson QC, a Graham, Thompson & Company attorney and partner acting for the bank, argued that his client could not be held liable for “any indirect, special, consequential, exemplary or punitive damages or losses in connection with the

account” due to the contract’s terms.

The Court of Appeal, in its verdict, noted that Lauryn Cartwright, Scotiabank’s assistant manager of service and support, admitted that the two bank drafts were credited to Mr Rolle’s account within seven days “contrary to the bank’s policy” of 15 working days and that holds should still have been in effect when the wire transfers were made.

It added that the key issue for it to determine was whether the SBFSA agreement gave Scotiabank a “shelter” from Mr Rolle’s negligence claim and provided it with “immunity”.

Noting the agreement was 84 pages, the appeal court said: “There is no doubt that the appellant had full capacity to contract and, as a counsel and attorneyat-law would have been fully aware of the danger of signing a document which he did not have the opportunity to review. He makes no allegation that he was acting under duress.”

Also pointing out that Mr Rolle did not challenge the agreement’s fairness, the Court of Appeal found that it was a legal and binding contract. However, it took note of then-justice

Charles’ finding that “the bank took a risk by making the funds available before conclusively determining the validity of the bank drafts” as “significant”.

“To my mind this is tantamount to saying that the bank’s conduct was undertaken with actual appreciation of the risks involved, but with serious disregard of or indifference to an obvious risk,” appeal justice Evans wrote. “In my view the bank was operating on the basis that any loss which resulted from the risk which they took would fall on the appellant [Mr Rolle].

“This was unacceptable in circumstances where the appellant was not aware of the risk, and the instructions which he gave were based on a misrepresentation made by the bank. I therefore conclude that this was gross negligence and willful misconduct.

“We were not assisted with any information so as to determine whether the conduct was inconsistent with any applicable law or an industry code to which the bank has publicly committed. What we do know, however, is that the handling of the transactions was inconsistent even with

that as of December 2023 we can stop the hard copies of the International Persons Landholding Act applications,” Mrs Hanna-Woods said, adding that this will help to cut the processing time for applications from one month to no more than two weeks.

The BIA has also opened up US and Bahamian dollar accounts. It is now able to accept payments, and applicants will no longer have to make these at the Department of Inland Revenue and then present a receipt of payment to the BIA. the bank’s own internal policy.”

However, while finding that Mr Rolle was “penalised for something over which he had no control”, appeal justice Evans said that he nevertheless had agreed to such a position by signing the SBFSA. This specifically states that neither Scotiabank, nor its directors, officers and employees, can be held liable for “a forged, unauthorised or fraudulent use of services, cheque or instruction”.

“In the final analysis the conclusion seems unfair but I cannot say that it is not consistent with the terms of the agreement. The appellant being of sound mind and meeting all the requirements of capacity signed the agreement of his own free will. He has not shown that the agreement breached any law or was inconsistent with any regulatory or industry requirements,” appeal justice Evans wrote.

“It is clear that her [Justice Charles] finding was, firstly, that the respondent had full immunity under the SBFSA specifically because a fraudulent item was involved, and secondly, the SBFSA specifically gave the respondent the right to recover the funds claimed in the counterclaim. In these circumstances I am constrained to the view that his appeal must fail.”

DISNEY PARTNERING FOR SCHOOL GARDEN PROJECT FROM PAGE B2 from their assigned ADO field officer, who will visit regularly to provide guidance and mentorship. ADO provides each school with planting exercises, supplies, soil, irrigation materials and a shade house.

“When we began providing backyard farming kits, and as we expanded to school farms, we knew that it was one thing to give a person supplies and wish them luck, but another thing to help them succeed,” said Philip Smith, the ADO’s executive chairman.

“That is why with each garden kit we provide comes the assignment of a field officer who will be present for the soil preparation and initial planting, and visit every property with a monthly follow-up.”

The ADO’s micro gardens and school farming project provides schools with tools to teach students how to grow sustainable, healthy foods and manage their own garden. Disney Cruise Line contributed nearly $100,000 in support of the programme, which will help provide tools and equipment

to build new gardens at each school.

Kenneth Roberts, Preston Albury High School’s principal, said he was “elated beyond words” to have Disney Cruise Line and ADO partner with the school in its agricultural programme.

“Once upon a time, Eleutherans used to export agricultural goods to the US and Europe. We’d like to see agriculture restored on the island to allow our students to see they can have a viable, financially stable future in various fields in agriculture,” he added.

Perez Armaly, the school’s agriculture science teacher, who has spent the last three years developing the farming programme at Preston Albury High, said: “For the past three years, our agriculture programme has been progressing slowly.

“With financial contributions from Disney Cruise Line and the Agricultural Development Organisation, we’ve been able to purchase equipment, soil, seedlings, etc., and will now introduce elements of vertical hydroponic farming.

“Now students will plant sweet peppers, onions,

lettuce, beets, cabbages, coconuts and mango trees and, once harvested, they will develop business skills on how to trade their goods in the local market. They will learn that discipline and hard work pay off while helping The Bahamas achieve its goal of food security.”

Earlier this year, ADO worked with Disney Cruise Line VoluntEARS to build a backyard garden at the Ranfurly Home for Children in Nassau, a local non-profit foster care organisation.

Since the Micro Gardens and School Farming project’s launch in January 2022, the ADO has distributed more than 2,500 backyard farming kits in New Providence, Grand Bahama, Abaco and Eleuthera, and has supplied 21 schools with starter farms.

“The school initiative is so important because we have the chance to impact the minds and hearts of young people, watching as they discover the joy and satisfaction of growing what they eat and eating what they grow,” said the ADO’s Mr Smith. “If we continue to grow and harvest in this way, we will reap a healthier and more food secure Bahamas.”

NOTICE IN THE ESTATE OF JACQUELYN GLENDINA DEAN late of #44 Knowles Drive South, Faith Gardens in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, 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 12th day of December, A.D. 2023, after which date the Executrix will proceed to distribute the assets having regard only to the claims to which she 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 Executrix Chambers, P.O. Box N-168, East Bay Shopping Center, East Bay Street, Nassau, Bahamas.

alsbury hambers is see ing a

Legal Secretary ive

with the following experience: years litigation commercial robate e erience licant must be able to wor on their own initiative

Please send resumes to carolyn.adderley@halsburylawchambers.com

PAGE 4, Friday, October 27, 2023

THE TRIBUNE

Bahamian developer in deal at Goodman’s Bay FROM PAGE B1 development parcel worth $80m “net of value”.

However, as revealed by this newspaper previously, the Central Bank was unhappy with the inclusion of Fairview among Lucayas Bank’s assets and regulatory capital. It mandated that the new owners sell the property within a tight seven to ten-day deadline that they felt was impossible to comply with.

Another source, confirming these events, told Tribune Business the Central Bank effectively demanded that the new owners “take the real estate assets out of the bank after they had approved the valuation of the bank based on the real estate assets. Then they turned around and said the bank cannot be in the business of real estate.

What bank on planet Earth doesn’t have a book backed up by real estate?”

Fairview had been acquired by previous owners to serve as Private Investment Bank’s (PIB) office prior to the latter’s acquisition by the Lucayas Bank team. The Central Bank, in requiring that the real estate be removed from the bank’s assets, effectively demanded that Lucayas’ owners recapitalise the bank. When this failed to happen, the regulator appointed Mr Wizman.

Goodman’s Bay has become a major development and redevelopment location. Besides Wynn Group seeking all necessary government approvals for the 14-storey penthouse complex that represents GoldWynn’s second phase, the former Gaming Board and Bahamas Development Bank properties - both now vacated - also represent prime redevelopment candidates.

Randy Hart, the Wynn Group’s vice-president, told

last week’s public hearing on the 14-storey penthouse proposal that development on the Goodman’s Bay strip is now governed by the Planning and Subdivision Zoning (Golf Course Estates) (La Playa) Order 2018. This sets out the specific types of development that will be permitted in that area of West Bay Street.

Mr Hart, meanwhile, recalled how Wynn Group had been forced “back to the drawing board” by the Government’s rejections of its initial Goodman’s Bay plans until they were finally accepted. He added that the 2018 Order was not designed solely to benefit GoldWynn but to assist other developers too.

Recalling how Wynn Group started by acquiring one home that covered five lots, Mr Hart said of the first phase Residences at GoldWynn: “We went through quite a long process to get

it approved and we want to do things right. At the end of the day, we don’t want to put up a $125m building only to find out we missed a step or overlooked something. We’re really trying to be quite diligent.

“We went to government and told them our plans and, to be honest, the first few times it wasn’t accepted and we went back to the drawing board. We came back again and again and again, and eventually the Government decided it was in the best interests of the economy, and in the best interests of the Bahamian people as determined by the Government, to pass this ordinance.”

That “ordinance” is the La Playa Order 2018. A copy of the Order, which has been seen by Tribune Business, stipulates that it repeals and replaces an earlier version that was executed in 2010. The current one mandates

that “dwelling houses, apartment dwellings, conference facilities, offices and boutique hotels and for purposes incidental to these uses” are the only forms of development allowed.

Mr Hart said the Order “contemplated the future development” of the area, “which of course tied into the the whole opening of Baha Mar and other developments in this area”.

Describing it as a “zoning ordinance”, he added: “It basically set the path out for future commercial development in this area and so we were the first kids on the block.

“Over time there will be others. It won’t just be the Wynn Group standing there. The point I was trying to make to the room tonight is that to some degree we’ve proven ourselves. We have a proven track record, and got the job done during difficult times. We’re proud of the

building we did, and want to build on that success.”

Dr Hubert Minnis, who was prime minister when the La Playa Order 2018 was gazzetted under his administration, told Tribune Business he was unable to recall the ordinance.

Desmond Bannister, former minister of works, who had ministerial responsibility for the Department of Physical Planning, said he could only recall that the 2018 version was introduced to facilitate certain types of development and Bahamian developer groups.

“My recollection was that there was a small group of Bahamians; there were two groups of Bahamians as I recall who wanted to develop that area for specific purposes.

And the Government had certain specific types of development in mind,” Mr Bannister added.

SBF TO TESTIFY BAHAMAS LOOKED AFTER FTX CLIENTS ‘BEST INTERESTS’ FROM PAGE B1 or US bankruptcy counsel, were acting in the best interests of FTX customers.”

The date referenced was some two days after FTX collapsed, and its Bahamian subsidiary, FTX Digital Markets, placed into provisional liquidation by the Supreme Court. Brian Simms KC, the Lennox Paton attorney and senior partner, was named as provisional liquidator on November 10 last year, and he would soon be joined

by PricewaterhouseCoopers (PwC) accountants, Kevin Cambridge and Peter Greaves.

Events on November 12 saw the Securities Commission obtain the services of Mr Bankman-Fried and Mr Wang to transfer digital assets held by FTX Digital Markets to the Bahamian regulator’s control. This was effected to prevent client/investor assets from being lost, hacked or stolen,

thus reducing creditor recoveries.

The Securities Commission felt it had no choice but to enlist the FTX duo’s help as they were the only ones who controlled access to the assets via the keys to the electronic wallets in which they were held. The regulator also obtained an emergency Supreme Court Order approving the transfer amid fears that the assets could forever be lost unless swift action was taken.

As a result, the Securities Commission was subsequently said to have custody of $426m in digital assets.

However, Mr BankmanFried’s US attorneys argued he needs to give evidence to rebut Mr Wang’s previous assertions about his “state of mind” when dealing with the Bahamian regulator and assets transfer.

“We anticipate eliciting testimony from Mr Bankman-Fried regarding his good faith intentions on November 12, 2022,

with respect to compliance with orders by Bahamian authorities to transfer assets from FTX to the Securities Commission of The Bahamas over the objections of FTX’s in-house counsel and US bankruptcy counsel,” Mr Cohen wrote on his client’s behalf.

“Such testimony would require Mr Bankman-Fried to discuss his belief that the Bahamian authorities were acting in the best interests of FTX customers, whereas FTX’s in-house counsel and outside bankruptcy counsel in the US had conflicts of interest.

“This testimony is necessary to rebut the inferences from Mr Wang’s testimony concerning the events of November 12, 2022, and his assertions as to Mr Bankman-Fried’s state of mind.”

The alleged conflicts of interest were not specified, and nor were the identities of the attorneys referred to. However, the mention of a “bankruptcy counsel” likely means Sullivan

& Cromwell, the law firm acting for FTX US chief, John Ray. “Mr Wang testified about meetings that Mr Bankman-Fried had with Bahamian liquidators and the Bahamian Securities Commission on November 12, after which Mr Wang transferred assets to Bahamian authorities,” Mr Cohen wrote. “Mr Wang testified that he was told to do this by ‘government officials’ and ‘Sam’.

“He further testified that Mr Bankman-Fried told him to do this because the Bahamian liquidators ‘seemed friendly and seemed willing to let him stay in control of the company’, and that the Bahamian Securities Commissioner [Christina Rolle] ‘believed the things [Mr Bankman-Fried] told her’ and was going to ‘order us to transfer . . . the remaining assets to The Bahamas’.

“Mr Wang also testified that Mr Bankman-Fried directed him to effectuate

the asset transfer over objections by FTX’s inhouse counsel and US bankruptcy counsel because the Bahamian authorities ‘seemed more friendly to him, and they seemed more likely to let him stay in control of the company, compared to the US’,” he added.

“Mr Bankman-Fried should therefore be permitted to rebut the inferences from Mr Wang’s testimony by testifying as to why, in good faith, he wanted to comply with the orders of the Bahamian authorities over the objections of FTX’s in-house counsel and US bankruptcy counsel.”

Meanwhile, Krystal Rolle KC, who was one of the Bahamian attorneys defending Mr Bankman-Fried in legal court proceedings prior to his extradition to the US, was one of two witnesses who testified on the FTX founder’s behalf before Judge Kaplan yesterday.

Contracted home sales ‘biggest market change’ FROM PAGE B1 While the MLS does not cover all real estate sales and market activity, since BREA has not made membership mandatory, all the large and major firms

- along with all their agents - are both members and participants.

As a result, it is felt sufficient data is captured by the system to make it a more than reasonable gauge

of Bahamian real estate market activity and trends.

For New Providence, contracted home sales were up 239 percent yearover year for the 2023 third quarter, standing at 78, which was also 32 percent ahead of this year’s second quarter. Contracted land sales were up 107 percent year-over-year for the same period and 15 percent ahead of the three months to end-June.

On Abaco, contracted home sales were ahead year-over-year by 300 percent, and some 233 percent up on 2023’s second quarter. Contracted vacant land sales were ahead of prior year comparatives by 138 percent.

“Days on the market for home sales during the 2023 third quarter decreased in the Exuma and Grand Bahama markets from the 2023 second quarter and

NOTICE NOTICE is hereby given that OMANE AGYEKUM NOMAFO, #6 Bellot Road, West Apartment #2, 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 27th day of October 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

year-over-year,” Morley Realty said. “Days on the market for home sales in the Abaco market increased quarter-over-quarter and year-over-year, while days on the market in the Eleuthera and New Providence markets increased quarter-over-quarter.

“Days on the market for land sales during the 2023 third quarter increased in the Abaco, Eleuthera and Exuma markets both quarter-over-quarter and year-over-year, while days on the market for land sales in both the Grand Bahama and New Providence markets decreased quarter-over-quarter and year-over-year.”

As for other market indicators based on MLS data, Morley Realty said: “The listing-to-sale price ratio has remained consistent across all island markets quarter-on-quarter and year-on-year. The median

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

CNN reported she told the New York federal court that Mr Bankman-Fried co-operated with the Securities Commission when he was requested to transfer digital assets held by FTX Digital Markets to the regulator’s safekeeping. After a meeting with the Securities Commission, Mrs Rolle, Mr Bankman-Fried and Mr Wang immediately begin the “very, very long” process of transferring the assets, she said.

Previous international media reports incorrectly said it would be Christina Rolle, the Securities Commission’s executive director, rather than Krystal Rolle KC, giving evidence on Mr Bankman-Fried’s behalf.

Those reports confused the two Rolles, and Christina Rolle confirmed this had occurred in a note to Tribune Business. She and the Securities Commission were yesterday seeking corrections to this. price of home sales in the Abaco and Grand Bahama markets decreased both quarter-on-quarter and year-over-year, whereas the Eleuthera and Exuma markets showed an increase in both quarter-on-quarter and year-over-year.

“The median price of home sales in the New Providence market showed an increase year-over-year, but a decrease from the 2023 second quarter. The median price of land sales in both the Abaco and Grand Bahama markets showed a decrease in both quarter-on-quarter and year-over-year, while in the Exuma, Eleuthera and New Providence markets there was an increase both in the quarter-on-quarter and year-over-year.

“When comparing prices (average and median), the median price is usually the preferred gauge over the average price as it measures the middle of the market and is not usually influenced or impacted by any one-off high-end and lowend sales during the period in comparison to the impact that such one-off sales have on determining the average price.”

THE TRIBUNE

Friday, October 27, 2023, PAGE 5

‘We’ll go to highest court’ to block Wendy’s from PI FROM PAGE B1 Town Planning Committee’s decision.

Meanwhile, the Association and its members yesterday turned their fire on the planning authorities over what they branded a “baffling” decision by the Committee to grant Wendy’s site plan approval for the former Scotiabank branch location with only a few minor conditions attached.

It also hit out at the Department of Physical Planning for failing to fulfill its lawful obligation to develop a Land Use Plan for Paradise Island some 13 years after the Planning and Subdivision Act was passed, arguing that this had resulted in “yet another uninformed planning decision”.

Mr Haddad told Tribune Business that the requirement for the Department “to prepare a Land Use Plan for all islands of The Bahamas” is laid out in the Act’s section 16. The Association, in its earlier statement, said it was “extremely disappointed” in the Town Planning Committee’s decision and refusal to grant an extension for further submissions following the Monday, October 16, public hearing.

“The Committee refused to grant the extension and instead advised PITDA that it would be meeting in one week to make a decision and indicated that any submission should be submitted for consideration before the meeting,” the Association added.

“In a rushed but comprehensive correspondence, PITDA reminded the Committee of its various concerns, including parking and traffic concerns, [and] questioned the Committee’s refusal to require a traffic impact assessment despite the concerns it raised when this developer made its first application before the same Committee, which was approved and later successfully appealed against.”

The Association also “advised that it had commissioned a traffic impact study from a local expert, and offered to assist the Committee with identifying the development policy for Paradise Island - since the Department of Physical Planning had failed to create one despite its statutory requirement to do so - to avoid the Committee making yet another uninformed planning decision.”

The Association said that, in the same letter, it

had also asked the Town Planning Committee to “call a special hearing after the submission of the traffic impact study and the policy document to permit it and others to have a fair hearing before the Committee on all of the issues arising.

“The purpose of this request was to allow PITDA, other stakeholders (including residents and businesses on Paradise Island), the developer and other interested persons adequate time to carefully prepare submissions to be heard before the Committee and to permit such persons to put reasonable questions to the Committee regarding their material considerations and the use of their power,” the Association added.

“We believe that the Committee acted unfairly and unreasonably in refusing to grant PITDA’s reasonable request for an extension of time, and refusing its request for a special hearing by approving the application without the courtesy of a response to PITDA’s requests, despite the unanswered questions regarding traffic concerns, and without providing any feedback on the matters which were material and immaterial to its decision-making process.”

Keenan Johnson, the Town Planning Committee’s chairman, told Tribune Business earlier this week that it rejected as “unreasonable” the request that it delay its decision by four weeks to allow time for Caribbean Civil Group, the Association’s contractor, to complete a traffic impact study.

He added that sufficient time for such work had already been given by the month-long advance notice of the public hearing on the Wendy’s proposal. Asked

by Tribune Business why a traffic study was not commissioned much earlier in the process, Mr Haddad said the Psomi Holdings and Aetos Holdings should have been required to produce one.

“According to Psomi’s application form and the responses at the hearing, the director, during the presubmission consultation with Psomi, expressly indicated that a traffic impact study was necessary,” Mr Haddad wrote. “After PITDA became aware of this, PITDA took steps to engage a professional to conduct a traffic assessment and did this in advance of the hearing.

NOTICE

Oitoili Consulting Limited

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Oitoili Consulting Limited has been completed and the company has been struck from the Register on the 14th day of March 2023.

Baird One Limited Liquidator

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Hippo Shipping Ltd. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Hippo Shipping Ltd. has been completed and the company has been struck from the Register on the 12th day of October 2023.

Baird One Limited Liquidator

“In any event, the Committee refused to take the results of a traffic assessment into consideration. It should have required Psomi to produce one in support of its application.... The traffic study has been made ‘late’ by the Committee’s refusal to allow an extension for the assessment to be completed.

“The Committee insisted on making a decision within one week of the hearing and refused to consider the content of an objective traffic assessment. PITDA’s recourse is to challenge the Committee’s decision to grant the approval despite the various issues raised

by PITDA and other interested persons.”

The Association, in its earlier release, said: “Our members find it baffling that the Committee would move forward with this approval. “As we have pointed out before, PITDA is the entity that maintains all the roads, traffic lights and directional signage, other infrastructure, and traffic security across Paradise Island.

“Given its remit, PITDA strongly believes that this development will have a very negative traffic impact on the visitors, residents and employees of Paradise

Island. Our members – Atlantis, Bay View Suites, Comfort Suites, Paradise Island Beach Club, The Ocean Club, Paradise Landing, and Ocean Club Estates – all agree. As do more than 200 homeowners on Paradise Island.”

Pledging to appeal “against this erroneous decision immediately”, the Association added: “We believe that this site is one of the many prime locations on the island - it being near the roundabout by the exit bridge - and contributes to first and last impressions and experiences of the otherwise luxurious Paradise Island.....

“We feel it was wrong for the Committee to disregard the objections of the businesses and residents of Paradise Island, who overwhelmingly reject this development. The introduction of the proposed fast food restaurants is unnecessary and unwanted.

“PITDA, the businesses and residents of Paradise Island believe that permitting the branding and operation of these fast food brands on Paradise Island will have an immediate negative impact on the Paradise Island brand upon which thousands of jobs and the overall branding of

the islands of The Bahamas depend.”

Setting out its concerns over planning procedures, the Association added: “This entire process has caused us to repeatedly ask these questions which, unfortunately, we believe will remain unanswered: What weight does the Committee apply to the desires and concerns of residents and stakeholders? What considerations were material to the Committee’s decision?

“Why is a traffic impact study irrelevant to the

Committee’s approval, especially when the developer was unable to confirm the number of available parking spaces, anticipated number of patrons etc.?

Where is the desire for these fast-food restaurants on Paradise Island coming from?

“What is the Department’s understanding of the development policy for Paradise Island? What policy considerations did the Committee have to apply its mind to? Are we as a country taking planning issues seriously?”

NOTICE

NOTICE

FIRWOOD HOLDINGS LTD.

Sea Mustang Investments Limited

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of FIRWOOD HOLDINGS LTD. has been completed and the company has been struck from the Register on the 27th day of September 2023.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Sea Mustang Investment Limited Ltd. has been completed and the company has been struck from the Register on the 12th day of October 2023.

DELCO INVESTMENTS LIMITED Liquidator

Baird One Limited Liquidator

PAGE 8, Friday, October 27, 2023

THE TRIBUNE

GENERAL MOTORS AND STELLANTIS IN TALKS WITH UNITED AUTO WORKERS TO REACH DEALS THAT MIRROR FORD’S

By TOM KRISHER AP Auto Writer GENERAL Motors and Jeep maker Stellantis are meeting with United Auto Workers bargainers Thursday to see if they can reach a contract agreement that mirrors a deal signed with crosstown rival Ford.

Nearly 17,000 striking workers at Ford left the picket lines when the agreement was announced Wednesday night and will return to work shortly.

About 57,000 Ford workers still have to vote on the tentative pact.

GM and Stellantis will have to follow the pattern set by Ford or it’s likely that UAW President Shawn Fain will add factories to its partial strikes that began on Sept. 15, said Art Wheaton, director of labor studies at Cornell University.

“Fain does not strike me as someone who is going to be willing to concede anything to the other two automakers to break the pattern,” Wheaton said.

Additional strikes would be painful to the companies, especially at GM,

which has profitable pickup truck plants in Fort Wayne, Indiana, and Flint, Michigan, that the union could shut down, Wheaton said.

GM and Stellantis are losing money due to the strikes and they may be eager to bring them to a close, even though it’s not certain whether Ford workers will ratify the contract, Wheaton said. GM said Tuesday that it’s losing about $200 million per week due to the strike, which this week hit the highly profitable factory in Arlington, Texas, that makes large truck-based SUVs such as the Chevrolet Tahoe.

The Ford deal, if approved by local union leaders and ratified by members, would give top-scale assembly plant workers a 25% raise over the life of the contract.

Including cost of living raises, workers would get over 30% in pay increases to over $40 per hour by the time the contract expires on April 30 of 2028. They also won pay raises and a quicker path to full-time for temporary workers, the end of some wage tiers, pension

has said it would be hard to unionize employees who haven’t been hired yet at plants that haven’t been built. Ford had announced plans to build two battery factories in Kentucky, one in Tennessee and another in Michigan, but the Michigan plant is now on hold.

All three companies have said they don’t want to absorb labor costs that are so high that they would force price increases and make their vehicles more expensive than those made by nonunion companies such as Tesla and Toyota.

On its third-quarter earnings conference call Thursday, Ford Chief Financial Officer John Lawler said the strike reduced pretax earnings by $100 million during the quarter. The six-week strike cost the company production of 80,000 vehicles, which will reduce full-year pretax earnings by $1.3 billion, he said. The UAW agreement will add $850 to $900 in labor costs per vehicle, he said. The company plans cuts and efficiency efforts, so it’s unclear how

PICKETERS strike outside of the General Motors assembly plant, Tuesday, Oct. 24, 2023, in Arlington, Texas. General Motors and Jeep maker Stellantis will meet with United Auto Workers bargainers Thursday to see if they can reach a tentative contract agreement that mirrors a deal reached with crosstown rival Ford on Wednesday.

Photo:Julio Cortez/AP as the jobs of the future in the auto industry as the nation and world transition from internal combustion engines to battery power.

Workers making gasoline engines and transmissions will need a place to work when their plants are phased out.

It wasn’t clear what Ford agreed to in terms of battery factories. The company

increases, and increased 401(k) contributions for those without them. Members could begin voting next week on the pact.

GM is likely to be the next company to settle because it has agreed to pull new electric vehicle battery factories into the UAW’s national contract, which essentially unionizes them.

The UAW sees the plants

THE WEATHER REPORT

5-DAY FORECAST

ORLANDO

High: 86° F/30° C Low: 69° F/21° C

TAMPA

TODAY

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

UV INDEX TODAY

A morning shower; sunshine, windy

Mainly clear

Windy; a few afternoon showers

Breezy with sun and some clouds

Humid with a couple of t-storms

A morning thunderstorm in the area

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

High: 85°

Low: 75°

High: 85° Low: 77°

High: 85° Low: 76°

High: 85° Low: 76°

High: 85° Low: 77°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

88° F

76° F

88°-77° F

92°-81° F

94°-83° F

95°-82° F

High: 87° F/31° C Low: 70° F/21° C

N E

W

ABACO

S

N

High: 81° F/27° C Low: 77° F/25° C

12-25 knots

S

WEST PALM BEACH High: 86° F/30° C Low: 76° F/24° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 77° F/25° C

E

W S

E

W

High: 85° F/29° C Low: 71° F/22° C

MIAMI

High: 86° F/30° C Low: 77° F/25° C

8-16 knots

Ht.(ft.)

Today

7:04 a.m.

7:23 p.m.

3.6 3.2

12:49 a.m. 0.0 1:25 p.m. 0.0

ALMANAC

Saturday

7:53 a.m.

8:11 p.m.

3.7 3.1

1:36 a.m. -0.2 2:17 p.m. -0.1

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 73° F/23° C Normal high ....................................... 84° F/29° C Normal low ........................................ 72° F/22° C Last year’s high .................................. 83° F/28° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.36” Year to date ................................................ 47.71” Normal year to date ................................... 34.57”

Sunday

8:40 a.m.

8:59 p.m.

3.7 3.0

2:21 a.m. -0.3 3:07 p.m. -0.1

Monday

9:26 a.m.

9:45 p.m.

3.7 2.8

3:05 a.m. -0.2 3:55 p.m. 0.0

Tuesday

10:13 a.m.

10:33 p.m.

3.5 2.7

3:50 a.m.

4:44 p.m.

0.0 0.2

Wednesday 11:00 a.m.

11:21 p.m.

3.3 2.5

4:35 a.m.

5:33 p.m.

0.1 0.4

Thursday

3.1 -----

5:23 a.m.

6:25 p.m.

0.4 0.6

ELEUTHERA

NASSAU

High: 85° F/29° C Low: 75° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2023

High: 83° F/28° C Low: 78° F/26° C

N

KEY WEST

High: 86° F/30° C Low: 76° F/24° C

E

W S

12-25 knots

7:14 a.m. Moonrise 6:33 p.m. Moonset

5:51 p.m.

5:49 a.m.

Full

Last

New

First

Oct. 28

Nov. 5

Nov. 13

Nov. 20

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 84° F/29° C Low: 74° F/23° C

High: 83° F/28° C Low: 78° F/26° C

N

High: 83° F/28° C Low: 78° F/26° C

E

W S

LONG ISLAND

TRACKING MAP

High: 84° F/29° C Low: 77° F/25° C

H

Ht.(ft.)

SUN AND MOON Sunrise Sunset

High: 85° F/29° C Low: 75° F/24° C

N

S

10-20 knots

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

11:49 a.m.

-----

Low

CAT ISLAND

E

W

TIDES FOR NASSAU High

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

much of that cost would be passed on to consumers.

Ford withdrew its previous guidance for 2023 until the union votes on the contract, saying that the strikes have caused uncertainty among parts suppliers and over ramping up production at Ford factories that were closed.

CFRA analyst Garrett Nelson said the costs of the contract will be significant for the company “and they will weigh on (profit) margins and affect its competitiveness relative to Tesla and other non-union automakers.”

A study this month by Moody’s Investor Service found that annual labor costs could rise by $1.1 billion for Stellantis, $1.2 billion for GM and $1.4 billion for Ford in the final year of the contract.

The study assumed a 20% increase in hourly labor costs.

Wheaton said the companies are making billions and now can afford the higher labor costs, which he estimated are 6% to 8% of the cost of a vehicle.

12-25 knots

MAYAGUANA High: 85° F/29° C Low: 76° F/24° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 84° F/29° C Low: 78° F/26° C

High: 84° F/29° C Low: 79° F/26° C

GREAT INAGUA High: 87° F/31° C Low: 78° F/26° C

N

E

W

E

W

N

S

S

12-25 knots

10-20 knots

MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS NE at 12-25 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 10-20 Knots ENE at 10-20 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 8-16 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 10-20 Knots NE at 8-16 Knots NE at 10-20 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 12-25 Knots

WAVES 6-10 Feet 8-12 Feet 1-2 Feet 1-2 Feet 6-10 Feet 8-12 Feet 5-9 Feet 5-9 Feet 6-10 Feet 8-12 Feet 2-4 Feet 3-5 Feet 1-2 Feet 1-3 Feet 4-7 Feet 3-6 Feet 4-7 Feet 4-7 Feet 8-12 Feet 8-12 Feet 2-4 Feet 2-4 Feet 3-6 Feet 3-6 Feet 2-4 Feet 3-5 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 81° F 80° F 82° F 82° F 82° F 82° F 83° F 83° F 82° F 81° F 81° F 81° F 82° F 82° F 83° F 83° F 83° F 83° F 83° F 83° F 82° F 81° F 83° F 83° F 82° F 82° F