11242023 BUSINESS

business@tribunemedia.net

FRIDAY, NOVEMBER 24, 2023

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Bahamas broker’s clients: ‘We’ll be left with nothing’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DELOITTE & Touche liquidators and their attorneys have been awarded over $1m in costs despite clients of a collapsed Bahamas broker/ dealer voicing fears this payment leaves nothing for them to recover.

Chief Justice Ian Winder, while acknowledging that he “shared concern” over the fees levied by the accounting firm and Callenders & Co, in a November 20, 2023, verdict ruled that this cannot override “the need for the job to be done properly” in the Supreme Court-supervised winding-up of Pacifico Global Advisors.

He added that such costs were almost inevitable given “the messy nature of a company whose life is brought to an end involuntarily”, and found that Deloitte & Touche could not “be bound” by estimates from Pacifico Global’s first liquidator, Ed Rahming,

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Sir Ian thus awarded Deloitte & Touche’s application to be paid $958,000 for work done over the 11 months between end-July 2021 and end-May 2022, with Callenders granted some $218,000 to cover its legal costs. That brought the total payment to $1.176m.

However, the chief justice “deferred” his decision on whether Mr Rahming and his agent should be paid their final $93,265 on the basis that

he had “caused losses to the liquidation estate” via an alleged unnecessary currency conversion of fund holdings.

Deloitte & Touche’s application for Supreme Court “sanction” to recover fees and expenses incurred in working on Pacifico Global’s liquidation was opposed by the broker/dealer’s creditors committee, which was also previously at odds with Mr Rahming over his claimed costs.

Sir Ian said Gail LockhartCharles KC, the Committee’s attorney, “captured the crux” of its complaints when she asserted in the case of Deloitte & Touche: “If the

court approves these fees, what will happen is that there will be no funds to pay any creditors.

“The liquidators would have, between Mr Rahming and the new joint official liquidators [Deloitte], spent all of the assets to pay creditors.

Creditors would not get a single penny, and the liquidators would have come in and spent all of the money on their fees.”

This highlights just how the fees charged by liquidators and their attorneys have increasingly become a bone of contention in Supreme Courtsupervised winding-ups. This has especially been the case when liquidators have sought to obtain approval for a portion of their costs to be paid from client assets, which are held in trust/escrow and in a fiduciary capacity, and do not belong to the company being liquidated.

Such a scenario has frequently incurred in the case

SEE PAGE B4

Marinas: ‘Nothing’ heard on new online fee portal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MARINA operators yesterday disclosed they have heard “nothing” about the online charter fee portal that was supposed to be created via a controversial $3.355m contract award.

Peter Maury, a past Association of Bahamas Marinas

(ABM) president, told Tribune Business that industry operators had asked how their clients could pay the 4 percent Port Department charter fee prior to the winter boating season but received no answers from either that agency or the portal’s selected developer, DigieSoft Technologies.

The DigieSoft portal was to replace the SeaZ Pass

solution developed for the ABM, which the Government ordered shut down in October 2022 amid allegations - vehemently denied - that not all charter fees collected and due to the Public Treasury had been paid over.

But with no information forthcoming on the nature and timing of DigieSoft’s solution, Mr Maury said foreign yacht charters have not only

been deprived for over a year of a convenient mechanism through which to pay the 4 percent Port Department fee, but taxpayers are now carrying the burden of financing a “non-existent” portal that the private sector previously funded at no cost to the Bahamian people.

With the DigieSoft contract award engulfed in fresh

SEE PAGE B5

FNM wants Auditor General to probe maritime contracts

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition will urge the Auditor General to “intervene” and probe allegations by a top civil servant that two maritimerelated contracts were executed irregularly, its leader revealed yesterday.

Michael Pintard told Tribune Business that the Free National Movement (FNM) will also “without question” use its control of Parliament’s government spending watchdog, the Public Accounts Committee (PAC), to launch its own investigation into how DigieSoft Technologies and Adolpha Maritime Group were awarded multi-million

MICHAEL PINTARD dollar contracts by the Davis administration.

Coming off Wednesday’s by-election defeat, Mr Pintard signalled he plans to turn up the heat on the Government after Antoniette Thompson, the top civil servant in the then-Ministry

SEE PAGE B4

Cable ‘well beyond half-way’ on fibre roll-out next month

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas’ top executive says it will likely be “well beyond the halfway point by December” in rolling-out its new fibreto-the-home network infrastructure across New Providence.

Franklyn Butler, the BISX-listed communications provider’s executive vice-chairman, president and chief executive, told Tribune Business that more than 40,000 homes on the island have already been passed with AlivFibr as the company now moves to focus on service quality and customer responsiveness.

Earlier, writing in Cable Bahamas’ just-released 2023 annual report, Mr Butler wrote: “We continue to be steadfast in our rollout of our fibre-to-the home (FTTH) network having successfully passed and certified over 40,000 homes in our ALIVFibr roll-out on New Providence.

“ALIVFibr services are now available in several communities throughout New Providence, including Adelaide, Coral Harbour, Stapleton Gardens, Golden Gates, Gladstone Road, Lyford Cay and Sandyport.

Our continued expansion of FTTH represents a significant leap forward

SEE PAGE B5

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official yesterday said he is targeting summer 2024 for the launch of an up to $200m fund that will finance renewable energy’s build-out across The Bahamas.

Simon Wilson, the financial secretary, told Tribune Business that initial market soundings suggested there is “high interest” from foreign funds and investment managers in the proposed Bahamas Renewable Energy Fund, which will serve as a vehicle to mobilise private capital, grant and multilateral development capital in financing the roll-out of utility-scale solar and other sustainable forms.

Speaking after the Government launched an expression of interest (EOI), a process designed to explore just how much genuine interest there is in both investing in and managing the Bahamas Renewable Energy Fund, he described its structuring and creation as “a very important priority” towards delivering more affordable, cleaner energy as well as a lower national carbon footprint.

“I’m thinking before summer of next year,” Mr Wilson told this newspaper, when asked when the Government is seeking to launch the Bahamas Renewable Energy Fund. “When we did the formal soundings of the market, there was high interest and support, really I can say from foreign-based funds and foreign-based investment managers. We had strong support, good interest.”

While much remains to be determined on how the Bahamas Renewable Energy Fund will be structured, as that will depend on the ideas and interest generated during the EOI as well as the private fund manager selected to operate it, the financial secretary signalled

SEE PAGE B6

PAGE 2, Friday, November 24, 2023

THE TRIBUNE

The benefits from offering staff meals Y

IAN FERGUSON

esterday was perhaps the beginning of the holiday food season. No one underestimates the importance of food in the corporate environment. Employees come to work with food on their mind. They are either walking in with breakfast or stepping out to get it.

By 11am they are ordering lunch, and by 3pm planning dinner.

With all the food circulating this week, and for this

entire season, I began to consider what advantages a business might experience if they provided a new layer of benefit in feeding their entire staff meals on a daily basis.

As an employer, you would want to go the extra mile to build a productive working environment for everyone. Free meals are more than just an employee perk that is worthwhile to your staff. You, as an employer, as well as your

business, can also reap positive results by including subsidised or free lunch in your employee benefits policy.

Here are a few benefits that come to mind: 1. Creates better work culture.

Positive work culture is a must for any company to thrive. And providing your employees with nutritious free lunches at work contributes to a better company culture. It also shows your appreciation of their contribution to the business, which results in higher motivation among your team.

2. Employees remain focused on work. When you provide free food to your employees, they can focus better on their work tasks at hand. You also eliminate their worry about what to prepare for lunch every day or where to go out and eat during meal breaks.

3. Enhances Productivity. Showing that you value your team and their work contribution by offering free snacks, lunch or beverages often makes them more motivated to excel in their performance. Your employees’ higher productivity, increased energy and uplifted morale will surely have positive results on

the overall development of your business.

4. Promotes Healthy Eating Habits. Companies are increasingly outsourcing their food services and providing staff with nutritious food options catering to various dietary needs.

Be it a gluten-free, vegan or vegetarian lunch, you can promote or maintain healthy eating habits in your workforce. This way, they will no longer rely on unhealthy fast food from the nearest takeaway. This in itself will positively impact your bottom line with fewer sick days and call-ins.

SEE PAGE B7

THE TRIBUNE

Friday, November 24, 2023, PAGE 3

SKY DIVE PROMOTION HIT BY INSURANCE CONCERNS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A NEW sky diving excursion yesterday revealed the Ministry of Tourism is reluctant to promote the venture over concerns that it lacks adequate insurance.

Vans Johnson, Sky Dive Bahamas chief executive, told Tribune Business that despite the ministry refusing to list the company and its offering on the Bahamas.com website it still

plans to stage its first jump in December. He added that the ministry’s insurance demands are simply unattainable.

“They want us to buy insurance that does not exist. No one has that type of insurance,” Mr Johnson said. He indicated that the Ministry of Tourism wants Sky Dive Bahamas to have liability coverage in the event that divers suffer serious injuries or even the ultimate tragedy.

However, Mr Johnson said his plane is already

insured and that is all any sky dive operation in the world operates under. “This is what the United States Parachute Association (USPA) told the Government here: That as long as the plane is insured the company is automatically insured.

“The Ministry of Tourism is saying that we need insurance in case someone jumps [sic, falls] out of the plane, but you are signing a waiver. So if you jump out of the plane I’m not responsible for you any more.

Seaplane private charter targeting Harbour Island

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A US aviation operator is planning to launch private charter seaplane flights from south Florida to Harbour Island in early 2024 to meet growing demand for the latter location.

Katherine Meservier, Tropic Ocean Airways’ director of marketing and communications, yesterday told Tribune Business the company is working with all Harbour Island hotels to ensure there is sustained demand for the services it plans to offer.

“Most likely our first flight will be for early 2024 just because we’ve been working with the Government to expand our services,” she said. “And once we do officially set

the date and go to market it, we want to make sure that we have enough time for people to book it and ensure that they know about the services before we decide that we’re going to officially start the scheduled flights.

“We don’t want to launch the flights and have nobody on board. We’re still working with everybody out on the island as everything opens up. From what we’ve gathered from the resorts that are currently on Harbour Island is that there’s a demand to go out there, and they don’t want to go in a water taxi they and want to make everything as efficient as possible.

“Currently, with this launching of our services, we’re just trying to get the word out at the moment.”

Airlift to the Family Islands has been vital to developing their connectivity to major

tourism source markets.

Private charters such as Tropic Ocean Airways are a vital component in this effort.

Ms Meservier added: “The flight to Harbour Island is important because anyone who is travelling out to that particular area, historically, it’s been a little bit more difficult. With direct flights from West Palm Beach, or you can go from Fort Lauderdale and Miami, it just creates an easier time for you to get to the island.

“Time is money as we all know, and being able to allow those direct flights allows everybody to maximise the capability of their vacation.” Once Tropic Ocean Airways gets the official go-ahead from the Government it will formally set a date to launch services to Harbour Island.

You are responsible for yourself.”

None of the “higher ups” are listening to Mr Johnson’s arguments, so he has decided to just go and “open up”, plan his first jump and “let the popularity” of the new excursion sell itself and leave Bahamas.com to one side for the time being.

Sky Dive Bahamas wanted to have its first jump on Thanksgiving Day, but is now targeting an early December launch to take advantage of the upcoming

Christmas season. Its plane is out being cleaned and properly serviced, and will be back in The Bahamas by the end of the weekend.

Mr Johnson will then take on divers in the hope of staging his first jump by December. All sky divers will have to sign waivers so that he indemnified against any injuries they may suffer.

“Our waivers were written up by one of the top liability lawyers in the US and it is air-tight,” he said.

“Just to clarify, we are a fully certified, fully insured

company to world standards. Meaning that the planes that we lease are fully insured. In fact, we will be the only drop zone on this side of the world that sells you insurance.

“The other drop zones, they don’t sell you insurance because only The Bahamas is asking you to buy insurance. The other drop zones don’t ask you to buy insurance, but because of what happened at Blue Lagoon, that’s what the ministry is dealing with.”

NASSAU AND PI RESORTS ENJOYING THANKSGIVING ‘RECORD OCCUPANCY’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Nassau/Paradise Island Promotion Board’s (NPIPB) chief executive yesterday said its resort members are reporting “record occupancy” for the Thanksgiving holiday period.

Joy Jibrilu told Tribune Business she is “delighted that the destination is experiencing robust arrival numbers and exceptional hotel bookings for Thanksgiving week”.

She continued: “NAD (Nassau Airport Development Company) is expecting between 25,000 and 35,000 [passengers] over the Thanksgiving weekend, which translates into significant bookings for our hotel properties.

Our member properties are reporting record occupancy across the board for the Thanksgiving week.

“This success reflects not only the allure of Nassau and Paradise Island, but also the hard work and dedication of our team and all our industry partners.

It is a testament to effective marketing strategies, collaborative partnerships and Bahamians providing unforgettable experiences.

“I extend my gratitude to everyone involved in attracting visitors to our destination during this key travel period, contributing not only to economic growth but also to the enrichment of the overall visitor experience,” Mrs Jibrilu added.

“Nassau Paradise Island Promotion Board remains committed to sustaining this momentum by continuing to evolve our

JOY JIBRILU marketing strategies, attract new airlift, maintain a strong presence in the global travel industry and foster our partnerships with the Ministry of Tourism, Investments and Aviation, our 18 member hotels, and all those who work in the tourism industry.”

PAGE 4, Friday, November 24, 2023

THE TRIBUNE

Bahamas broker’s clients: ‘We’ll be left with nothing’ FROM PAGE B1 of small broker/dealers such as Pacifico Global, which are insolvent and hold very few assets in the company’s name, thus resulting in little to no funding being available to meet liquidation costs.

Liquidators thus seek to recover a portion of their fees from client assets held in trust or escrow, arguing that they incur costs in securing, marshalling and returning them to their beneficial owners. However, some observers believe trust assets should not have to bear any fees, and that the work involved in reconciling client accounts and paying them out to the owners is relatively minimal.

Sir Ian, in his ruling on the Committee and Mrs Lockhart-Charles’ complaints, found: “Respectfully, the concern for the level of fees is shared by the court and

all stakeholders in a liquidation but cannot obviate the need for the job to be done properly.....

“Litigation is expensive and understandably creditors are uneasy with any fee which is levied, but this is the messy nature of a company whose life is brought to an end involuntarily, having to be wound-up by external forces.....

“The fees of the joint liquidators [Deloitte] have been rendered at a discount. I am not satisfied that the liquidation committee has shown how the remuneration of the joint official liquidators was not reasonably incurred.

Having considered the fees myself, I cannot say that they have not been reasonably incurred and I sanction those fees in relation to the joint official liquidators and Callenders & Co.” Sir Ian’s judgment revealed that, with the

approval of the $1.176m in fees to Deloitte & Touche and their attorneys, a combined $2.376m has been paid out in fees and expenses when the $1.2m due to Mr Rahming is factored into the calculation. The latter’s award represents a $900,000 reduction on his initial $2.13m claim.

Luca Lanciano, Pacifico Global’s ex-chief operating officer, and now a member of the liquidation committee, alleged in an affidavit that Mr Rahming had estimated it would cost just $528,000 to complete Pacifico Global’s wind-up after July 16, 2021, which is slightly less than half the sum now approved for pay-out by Sir Ian. “The liquidation committee is gravely concerned that, notwithstanding the knowledge of the serious cost issues in this liquidation, the joint official liquidators have apparently run-up costs

far in excess of the estimate provided to the court by the outgoing official liquidator,” Mr Lanciano asserted, while stating he was not challenging Deloitte & Touche’s hourly rates or expertise.

He added that the liquidators had failed to provide a breakdown of their costs, showing how and why they were incurred, and said: “It is further noted that should the approval of the joint official liquidators’ costs be given in the amounts claimed all of the company’s assets will be depleted....

“The liquidation committee is also very concerned that numerous investors have still not received their funds and losses appear to have been suffered due to the outgoing official liquidator [Mr Rahming] improperly converting assets to US dollars from the foreign currency in which they

FNM wants Auditor General to probe maritime contracts FROM PAGE B1 of Transport and Housing, made “very grave” assertions regarding both contracts when launching legal action over her apparent “sidelining” by the Davis administration.

The ministry’s permanent secretary, prior to being placed on “unrecorded leave” in April 2023, she alleged in legal documents that both “large contracts”

were signed and executed by junior officials “without the knowledge or authority” of herself even though - as permanent secretary she was the one required by law and civil service rules to sign-off.

And she claimed that the DigieSoft Technologies contract, which committed the Government to pay $3.355m for an online portal to collect the 4 percent Port Department fee levied on foreign yacht

charters, was signed by Gaynell Rolle, the Ministry of Transport and Housing’s under-secretary, prior to all the necessary documents arriving at the ministry’s offices.

That contract, as well as the annual $3.57m award to Adolpha Maritime Group for the maintenance of navigational aids in Nassau and other harbours across The Bahamas, were both cited for procedural irregularities in Ms Thompson’s October 27, 2023, action naming both Prime Minister Philip Davis KC and her then-minister, Jobeth Coleby-Davis, as defendants.

Mr Pintard told Tribune Business yesterday that he aims to mobilise both main government spending watchdogs to probe the DigieSoft and Adolpha Maritime Group contracts after the emergence of Ms Thompson’s claims exposed both awards to fresh scrutiny.

He replied “without question” and “yes” when asked by this newspaper if the Opposition-controlled Public Accounts Committee planned to investigate the two contracts and Ms Thompson’s allegations.

The Committee had sought to do this prior to Parliament’s proroguing, and the new legislative session, and Mr Pintard indicated the latest claims had renewed momentum for an inquiry.

“We will formally ask the Auditor General to intervene,” the Opposition leader said. “We will write

asking that the Auditor General’s Office, in their usual due diligence, do examine matters surrounding this particular issue.”

Confirming that he was referring to the two contract awards, Mr Pintard said of the DigieSoft deal in particular: “On the surface of it, this appears to be a contract that has been provided to persons known to this administration.....

You would recall I raised it formally in the Budget communication and we raised it in the question and answer period. We have already raised it multiple times in the House of Assembly.”

Tribune Business on Wednesday reported Ms Thompson’s fixed claim as stating she only became aware of the two contracts when the Port Department requested the release of funds so that both winning bidders could “mobilise” to perform their obligations.

However, her attorney, Roshar Brown, yesterday clarified that his client was aware of the two processes as she “prepared the contracts for procurement and authored the Cabinet Paper” concerning them.

He added that Ms Thompson’s claim is instead centred on the allegation they were signed and dated

by Ms Rolle without her knowledge or consent even before the contracts were received by the ministry.

Mr Pintard, though, said Ms Thompson’s allegations raised multiple concerns over both contracts especially since internal Ministry

NOTICE

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

NOTICE

TheoMac Property Inc. Registration Number: 205283 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that TheoMac Property Inc., has been dissolved and has been struck off the Register of Companies with effect from the 20th day of March, 2023. ______________________________

GSO Corporate Services Ltd. Liquidator

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Pondrock Ltd. is in dissolution and the date of commencement of the dissolution is the 22nd day of November 2023.

Alexandre Sampedro and Juliana Glinton LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre 3rd Floor, West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas LEGAL NOTICE

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Dreaming Tree Limited is in dissolution and the date of commencement of the dissolution is the 22nd November, 2023.

Geminorum Ltd. LIQUIDATOR c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre 3rd Floor, West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas

were held at the commencement of the liquidation.”

Mark Munnings, the Deloitte & Touche accountant and partner, countered by asserting that it was impossible for Mr Rahming to give an accurate cost estimate for completing Pacifico Global’s winding-up as he had no idea what lay ahead for his replacements.

Pointing out that he and his agents subsequently had to address some 29 separate issues associated with the liquidation, Mr Munnings added: “The joint official liquidators informed the liquidation committee that we could not serve as joint official liquidators for the approximately $50,000 which was suggested by the Committee’s counsel when the joint official liquidators were first approached to consider taking on this file.”

Mrs Lockhart-Charles, in her submissions on the

Committee’s behalf, argued: “The entire process begs the question - does this liquidation exist for the benefit of the liquidators alone? It certainly seems that, at this rate, the creditors will not receive a single dime of the assets of the liquidation because all of this money will have been paid to the liquidators.

“As if this were not bad enough, after the liquidators have taken all of the assets of the company, they will be seeking to dip into trust assets to benefit themselves even further..... In the present case, the entire liquidation will have been of no benefit to the creditors unless the court imposes some semblance of reasonableness and proportionality on the liquidators’ charges.”

Sir Ian did not agree.

of Transport and Housing documents suggested there was no budgetary funding provided to cover either award. “We are concerned about what other projects in the country have been cancelled or postponed as a result of these unbudgeted items being given priority,” he told this newspaper.

In an earlier statement, he added: “Is it accurate as alleged that a subordinate officer within the ministry signed on to multimillion dollar contracts while permanent secretary Thompson, as principal accounting officer, was in office? If so, how was this impropriety addressed?

What action was taken against the offending parties?

“Is it accurate as alleged that there was no funding available for the multi-million dollar contracts that were reportedly inappropriately signed off by a subordinate officer?

What other parliamentary approved and funded projects had to be cancelled or postponed to accommodate these unfunded obligations for which there was no funding?

“Why has the Davis administration still not explained how these multimillion dollar projects were awarded to recently-formed businesses with little or no experience, with none of the contracted vendors seeming to have gone through the tender process?”

Demanding that the Prime Minister initiate a “full investigation” into Ms Thompson’s claims, Mr Pintard said permanent secretaries and department heads are by law the “principal accounting officers” for ministries and agencies under their stewardship, and only they - not ministers nor any other public servants - have “legal responsibility to approve

expenditure, sign public contracts”.

Ms Thompson, in her legal action, said she received a request for mobilisation funding for both contracts from Lieutenant Commander Berne Wright, the acting port controller, in February 2023.

It requested that Adolpha Maritime Group be paid $1.192m - a sum equivalent to a four-month payment on its annual $3.576m contract - to kickstart “the maintenance and upkeep of aids to navigation throughout..The Bahamas”.

As for Digiesoft, the sum requested was $1.678m or 50 percent “of the total cost for the Port Department Software Development Project”. The Port Department added: “This payment is required to ensure the necessary resources, materials and equipment for the initiation of this project.

Grateful for your assistance in seeking release of funds to expedite these requests.”

A notation to the Port Department’s memorandum, dated February 9 and seemingly written by Ms Thompson, passed the financing request on to another Ministry of Transport and Housing official “for your attention and further necessary action”.

Pamela Rutherford, a financial officer and account supervisor, replied to Ms Thompson the same day, and said: “I am acknowledging receipt of documents for Adolpha Maritime Group and Digiesoft. After review of capital budget, and consultation with budget analyst (Hall), it was concluded that no funding is available in budget for these projects.”

THE TRIBUNE

Friday, November 24, 2023, PAGE 5

Cable ‘well beyond half-way’ on fibre roll-out next month FROM PAGE B1 in fibre-optic broadband technology, offering exceptionally high speeds, efficiency and scalability.

“Furthermore, this rollout of the fastest fibre network in our region, boasting a maximum speed of 10 gigabytes per second for both upload and download, not only demonstrates our capability to deliver superior services but also creates a distinct advantage over our competitors.”

Mr Butler, meanwhile, said Cable Bahamas is targeting a 5 percent improvement in its cost margin over the next three years as it bids to counter multiple operational expenses increases. “A primary focus and ongoing

challenge for us has been the annual increases in operational costs across various categories such as electricity, insurance, fuel and more,” he conceded.

“In response to this, we have committed to a thorough re-engineering of our processes. Our aim is to achieve greater streamlining and efficiency, thereby reducing waste and avoidable costs. This strategic approach is not just about cost-cutting; it’s about smart cost management that aligns with our broader business objectives.

“By targeting a 5 percent increase in our cost margin over the next three years, we are setting a clear, measurable goal. This target reflects our dedication to

continuously improving our operational efficiency, which is crucial for maintaining a competitive advantage and ensuring sustainable growth,” Mr Butler continued.

“Our efforts in transforming our cost base and boosting productivity are integral to our long-term financial health and our ability to deliver value to our customers and shareholders alike.” Mr Butler acknowledged that adjusted free cash flow for the year to end-June 2023 was slightly lower when set against 2022 comparatives, but added that this was due to the ongoing investment in the FTTH roll-out.

“Our adjusted free cash flow (FCF) for financial year 2023 was $22m, slightly

lower compared to $25.8m in financial year 2022,” Mr Butler said. “However, the decline in free cash flows this year is primarily due to our strategic decision to invest heavily in ALIVFibr in New Providence.

“This significant investment, though impacting our short-term, is a vital part of our long-term strategy to enhance our infrastructure and service offerings..... Our fixed network now supports over 135,000 connections, nearly half of which are for our high-speed broadband service, indicating a strong demand for reliable and fast Internet.

“In the realm of fixed residential services, we’ve successfully defended our customer base despite a

MARINAS: ‘NOTHING’ HEARD ON NEW ONLINE FEE PORTAL FROM PAGE B1 controversy this week, after a top civil servant alleged it was executed irregularly and failed to follow public service rules (see other article on Page 1B), Mr Maury said himself and the rest of the marina industry have heard “nothing” over progress on the replacement online portal.

“We’ve asked,” he added.

“We even asked before the season started. We said: ‘Where do we pay? How do the boats register so that we can pass it on to our guests?’

There’s not even a portal.”

The former ABM president also voiced surprise that a software company such as DigieSoft Technologies has no website or social/ electronic media presence, something that this newspaper confirmed via online searches.

The Government and Ministry of Finance ordered that the ABM’s SeaZ Pass portal, which Mr Maury said had collected $4.5m in charter fees by that point, close in October 2022 amid a dispute over whether its digital payments provider, Omni Financial Services, had passed on all funds due to the Public Treasury. This was vehemently denied and disputed by Omni.

However, Kwasi Thompson, the Opposition’s finance spokesman, argued that if the Government had concerns over whether it was receiving the fees due, it could simply have ordered the ABM to drop Omni and switch to another digital payments provider to perform the same function.

Mr Maury, who was ABM president in October 2022, recalled how he was summoned to a meeting with Simon Wilson, the Ministry of Finance’s financial secretary, and Lieutenant Commander Berne Wright, acting Port Department controller, where he was told to “take down” the SeaZ Pass portal.

“I said: ‘What are you talking about? We have a 10-year contract to collect and submit to the Government’,” Mr Maury recalled.

It was then that the non-payment of due charter fees to the Government was raised, but he added that every Friday, for SeaZ Pass’s entire 16-month existence, some 35 persons - including in the Port Department, Ministry of Finance and Ministry of Tourism - received financial updates on the portal.

“It said this is the amount deposited or wired to the Public Treasury,” Mr Maury added. “For 16 months no one bothered to look and see if $4.5m was there? I cannot reconcile the Government’s accounts. The ABM made nothing from it. Our hope and request was that the Government would use some of the monies collected to fix the navigation lights in our country.

“Now the portal doesn’t exist. There’s no way to pay this fee other than walk into a government office at the port and pay at the desk.

There’s no online portal.....

They want to run everything through the portal and and the portal has not existed since October 2022 when they shut us down.

“The boats were flowing, money was going into the Government, fuel was being bought, groceries were being bought and yet, today, the marinas are at a standstill. I hear the Caribbean is doing well. We’ve managed to ship all our business to them once again. The worst part is that no portal exists.”

Besides payment of the 4 percent Port Department fee on yacht charters, Mr Maury said SeaZ Pass was also used to submit and receive charter certificates online.

“There’s Bahamians stacked up waiting for charter certificates,” he added, attributing this to the absence of any online portal. He added that the ABM had paid $50,000 to have SeaZ Pass added to its site in comparison to DigieSoft’s $3.355m.

The DigieSoft contract came back into the spotlight this week after Antoinette Thompson, the top civil servant in the then-Ministry of Transport and Housing until she was placed on “unrecorded leave” in April 2023, claimed this and another deal were signed and executed by junior officials “without the knowledge or authority” of herself even though - as permanent secretary - she was the one required to sign-off.

She is alleging negligence, including “failing to follow civil service procedure” in the presentation of the DigieSoft Technologies and Adolpha Maritime Group contracts, and effectively cutting her out of the process and “usurping [her] authority”.

The annual $3.57m award to Adolpha Maritime Group is for the maintenance of navigational aids in Nassau and other harbours across

The Bahamas. However, Mr Maury alleged: “Absolutely nothing has been done with the navigational aids. There’s no navigational lights to our harbour, which is one of the busiest this side of the Caribbean.”

Tribune Business previously reported that the Prime Minister, in concluding the 2023-2024 Budget debate, asserted that proper

processes were followed in awarding the $3.355m contract to DigieSoft Technologies even though the Government’s own procurement site listed another company as the winner.

The Government’s procurement portal lists Infrasoft Technologies as the bid winner but, when the ‘view award’ link is clicked, the pop-up states: “The

global shift in consumer preferences, evidenced by a 4 percent decrease in TV connections as more people move towards streaming services. Nevertheless, the average revenue from each fixed business customer has remained stable, showcasing our resilience in a changing market,” the Cable chief added.

“On the mobile front, our customer base has grown by 5 percent, with a 3 percent increase in average revenue per mobile customer compared to last year. This growth not only demonstrates our strong market presence but also our ability to adapt to customer needs. Overall, we now hold a 55 percent share of the consumer market, with 66

percent in fixed services like broadband and 52 percent in mobile services.”

Looking to the future, Cable Bahamas said it was aware of the competitive threat posed Elon Musk’s Starlink satellite Internet services.

“Our residential Internet service and wireless broadband offering face competition from our main competitor in the Bahamas, being BTC (Bahamas Telecommunications Company) as they continue to roll out their own fibre network, as well as the introduction of the Starlink Satellite services which can have an impact, especially in the Family Islands,” Cable Bahamas added.

Ministry of Transport and Housing has awarded the contract for the creation of the online portal for the Port Department to DigieSoft Technologies.”

Mr Davis, though, added that the Infrasoft bid was never approved by Cabinet and, instead, DigieSoft went through the necessary vetting and approval by his Cabinet.

“We are happy and proud of the young Bahamian men behind DigieSoft who are creative, talented and extremely bright. It is high

time young Bahamians were given equal opportunity to compete for Government contracts,” he said, without identifying DigieSoft’s principals.

“These young men have educated themselves, returned home and are making a positive contribution to The Bahamas.

They have earned whatever reward they receive, and deserve our support and respect.”

PAGE 6, Friday, November 24, 2023

THE TRIBUNE

$200m renewable fund eyes summer ‘24 launch FROM PAGE B1 that it will be established under the umbrella of the proposed National Investment Fund that replaced the previous sovereign wealth fund.

When asked if the Bahamas Renewable Energy Fund will be structured as a segregated accounts company (SAC) or have multiple sub-funds, so that investors can select which projects to participate in, Mr Wilson said this was unlikely and that all investments would be pooled together.

“It’s too early to say, but some projects will have a higher return on investment than others,” Mr Wilson said. “Obviously a project in New Providence will have a higher return on investment than, say, a project in the southern Bahamas. What we don’t want is the funds to go to New Providence projects and not to Family Island projects. We want to be able to allocate the funds evenly.

“The EOI is a very important step.

We’ve been pushing more and more renewable energy, so it’s a very important priority.” The Bahamas has “an investment pipeline of more than $200m” in renewable energy projects, the EOI tender document said, with some 100 Mega Watts (MW) of projects set to be installed throughout the country over the next five years.

The Government is seeking expressions of interest from investors willing to invest between $30m-$50m in equity “over the life” of the Bahamas Renewable

SIMON WILSON Energy Fund rather than all at once. The Government is proposing that the Bahamas Renewable Energy Fund be created in two phases, with itself contributing the startup capital via a $20m equity injection using Inter-American Development Bank (IDB) loan proceeds.

Once this is accomplished, private investors will be given the chance to acquire minority or controlling ownership positions via their own equity investments. The Bahamas Renewable Energy Fund is aiming to mobilise between $150m to $200m in private capital to finance these projects, and Mr Wilson confirmed that, “longterm”, an initial public offering (IPO) of the fund’s shares to Bahamian retail investors will occur.

“As part of its private capital mobilisation strategy into sustainable infrastructure, the Bahamas is developing a Renewable Energy Fund to help meet its renewable energy targets of generating 30 percent of

its electricity from renewable sources by 2030 to 2035,” the EOI tender said, signalling that the initial ‘hard’ 2030 target has been adjusted.

“With about 1 percent of the 438 MW installed generation capacity currently coming from renewable resources, the investment potential for renewable energy projects in The Bahamas is sizeable. Further, the economic motivation to reduce dependence on imported, volatile and expensive fossil fuel requires an accelerated energy transition to enhance energy security and climate resilience.

“In the next five years, more than 100 MW of generation capacity is foreseen to be installed, which requires supporting investments in generation, transmission, and storage and distribution to improve energy reliability, to replace aging infrastructure, and to rebuild back better grid infrastructure in areas which were previously

affected by Hurricane Dorian,” the document added.

“This translates to an investment pipeline of more than $200m and the private sector is expected to play a critical role in developing and investing in renewable energy projects.”

These projects included utility-scale solar photovoltaic (PV) generation; commercial and industrial generation; decentralised generation and mini-grids, particularly in the Family Islands, and other cleaner energy and efficiency initiatives.

Introducing renewable energy on a much wider scale was described by the EOI report as being “of paramount importance for the country to accelerate its sustainable development”.

The document added: “These investments shall be commercially sound, considering that The Bahamas has one of the highest electricity rates in the Caribbean....

“Where space is available and technically feasible, utility-scale PV solar farms (or other feasible technology) can be developed. In New Providence, rooftop solar and other space-efficient measures are expected to be of interest with public buildings expected to lead by example.

“The tourism sector, such as hotels and resorts, will benefit from stable and reliable clean energy projects as well as energy efficiency projects to improve affordability of electricity tariffs.

Efforts to hybridise existing mini-grids will be of interest in the Family Islands.

NOTICE

NOTICE

NOTICE is hereby given that LOUIBERT JOSUE of P. O. Box N-3308, Kool Acres, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 24th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that SHAQUIEL ONEAL MORINDA of Johnson Terrace, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 24th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

NOTICE

NOTICE is hereby given that JOSE ALBERTO POLONIA HERNANDEZ, South Beach, Nassau, The applying NOTICEBahamas is hereby given tothat the Minister responsible MILTON MORNLES VASQUEZ, for South Nationality and for to Beach, Nassau, The Citizenship, Bahamas applying Registration Naturalization as the Minister responsible for Nationality and a citizen of The Bahamas, and Citizenship, for Registration Naturalization that any person who knows as a citizen The Bahamas, and that any reasonof why registration/ any person who knows reason naturalization shouldanynot bewhy registration/naturalization not be granted, should send should a written signed statement thefacts granted, should send aand written and signed statement of of the facts within twenty-eight days from the 9th 2023 day to of November within twenty-eight days from the 9th day of 2023 for tonationality the Minister responsible the November Minister responsible and Citizenship, P.O. Box for nationality and Citizenship, P.O. Box N-7147, N-7147, Nassau, New Providence, The Bahamas.

Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MILTON MORNLES VASQUEZ, South Beach, Nassau, The Bahamas NOTICE is to hereby given that applying the Minister responsible for NationalityPOLONIA and JOSE ALBERTO Citizenship, HERNANDEZ, for SouthRegistration/ Beach, Nassau, Naturalization as a citizen of The Bahamas applying to the Minister The Bahamas, and that any responsible for Nationality and Citizenship, person who knows any reason for Registration Naturalization as a citizen why registration/naturalization of The Bahamas, and that any person should not be granted, should who knows any reasonand why registration/ send a written signed naturalization should not be granted, should send statement of the factsa written withinand signed statement of the factsthe within twenty-eight days from the 9th twenty-eight days from 17th day of November 2023 to the Minister responsible for nationality day of November 2023 to the Minister responsible for nationality and Citizenship, Box N-7147, Nassau, NewThe and Citizenship, P.O. P.O. Box N-7147, Nassau, New Providence, Providence, The Bahamas.

Bahamas.

Private sector innovation and enterprise will be sought in initiating and developing the pipeline of projects.”

As for the Bahamas Renewable Energy Fund’s structure, the EOI report said the plan is for it to be capitalised “by a blend of concessional and commercial capital in a layered capital structure, as needed, to ensure affordability for the Bahamian government and public as well as meet the required riskadjusted returns for private investors”.

Describing a two-stage process, the report said: “In its initial phase it is envisioned that the Renewable Energy Fund will be capitalised via an equity injection from the Government of Bahamas of approximately $20m funded via an IDB sovereign loan. In addition, it is expected that donors and development financial institutions (catering to the private sector) will also participate in the equity structure for the core capital.

“In this second phase, immediately after the core capital structure is subscribed, private investors will be offered equity participation in the Renewable Energy Fund - varying from a minority position to controlling ownership - to the international public bidding conditions and other requirements in Bahamian legislation.”

The second phase could occur alongside the first, and a private sector manager will be selected to

manage the Bahamas Renewable Energy Fund and take an equity stake in it. It would have the option to divest those shares after a certain period of time.”

“As the fund matures, and demonstrates a financially attractive track record, the Renewable Energy Fund will also seek to engage Bahamian investors via an IPO in accordance with Bahamas capital markets legislation,” the EOI document said.

“Learning from the experience of the Arawak Port Development Company (APD) IPO in 2012, engaging Bahamians citizens in the Renewable Energy Fund ownership will increase local impact and mitigate political risk in the future.

“The Renewable Energy Fund expects to mobilise $150m to $200m of capital in its initial two phases and will seek commitments from private investors to capitalise the fund to support this mobilisation strategy,” the EOI report added.

“It is expected, based on similar experiences in developing countries, that the Renewable Energy Fund could additionally leverage private capital mobilisation in ratios of four to one via smart use of blended finance structures at the project level.

“While capital-raising will be staged to match the development maturity of the Renewable Energy Fund, interest from investors seeking to commit $30m to $50m over the life of the fund is sought.”

CALL 502-2394 TO ADVERTISE TODAY! PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JAMAL ANDY BETHEL of P.O Box N-8223 Wilson Track, Englerstone, New Providence, Bahamas intend to change my name to PARIS GIANNA BETHEL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that YCHENAYDER ALEXANDRE of P. O. Box SS-19716, Wulff Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 17th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

NOTICE

NOTICE is hereby given that DREWYANA LOUIS, Abaco, The Bahamas, 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 24th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that SHANIA GARCON, P.O Box FH14406 Yamacraw Hill Road, Nassau, The Bahamas, 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 24th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE

NOTICE is hereby given that SMITH BRANCHEDOR of Kemp Road, New Providence, 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 24th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that JONEL JOSEPH, Central Pines, Abaco, 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 24th day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that NANITHE BIEN-AIME EMILE of Golden Isles Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 17th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that NATASHA TELUSNORD of P. O. Box SS-19716, Highbury Park, New Providence, 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 17th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, November 24, 2023, PAGE 7

TO SAVE THE CLIMATE, THE OIL AND GAS SECTOR MUST The benefits SLASH PLANET-WARMING OPERATIONS, REPORT SAYS

By SIBI ARASU Associated Press THE oil and gas sector, one of the major emitters of planet-warming gases, will need a rapid and substantial overhaul for the world to avoid even worse extreme weather events fueled by human-caused climate change, according to a report released Thursday.

The current investment of $800 billion a year in the oil and gas sector will need to be cut in half and greenhouse emissions, which result from the burning of fossil fuels like oil, will need to fall by 60% to give the world a fighting chance to meet its climate goals, the International Energy Agency said. Greenhouse gases go up into the atmosphere and heat the planet, leading to several impacts, including extreme weather events.

The IEA's report comes just ahead of the United Nations climate conference, or COP28, which begins next week. Oil and gas companies, as well as other people and organizations connected to fossil fuels, often attend the meeting, drawing criticism from environmentalists and climate experts. But others say the sector needs to be at the table to discuss how to transition to cleaner energy.

CAPUAVA oil refinery owned by Petrobras sits in Maui, on the outskirts of Sao Paulo, Brazil, Monday, Nov. 6, 2023. The oil and gas sector, one of the major emitters of planet-warming gases, will need a rapid and substantial overhaul for the world to avoid even worse extremes fueled by human-caused climate change, a report Thursday Nov. 23, said.

Photo:Andre Penner/AP "The oil and gas industry is facing a moment of truth at COP28 in Dubai," said Fatih Birol, executive director of the IEA in a press statement on the report's release. "Oil and gas producers need to make profound decisions about their future place in the global energy sector."

Last year's climate conference in Egypt saw 400 people connected with fossil fuel industries attending the event, according to an analysis by The Associated Press. The upcoming meeting has also come under fire for appointing the chief of the Abu Dhabi National

Oil Company as the talks' president.

The energy sector is responsible for over two-thirds of all human activity-related greenhouse gas emissions, and oil and gas is responsible for about half of those, according to the IEA. Oil and gas companies are also responsible for over 60% of methane emissions — a gas that traps about 87 times more heat than carbon dioxide on a 20-year timescale.

Oil and gas companies can find alternative revenue from the clean energy economy, including hydrogen and hydrogen-based fuels

What's open and closed on Thanksgiving 2023? See Walmart, Target, Dollar General hours

IN this Nov. 18, 2020 file photo, a woman wheels a cart with her purchases out of a Walmart store, in Derry, N.H. The holiday season is here, which means spending time with family on Thanksgiving and hunting for the best deals on Black Friday.

The term “Black Friday” was linked to a financial crash in the late 1800s and became associated with shopping the day after Thanksgiving in the mid-1900s. A number of stores will be closed on Thanksgiving, including Walmart and Target.

Photo:Charles Krupa/AP

By FRANCISCO GUZMAN Associated Press THE holiday season is here, which means spending time with family on Thanksgiving and also, for millions of people, hunting for the best deals on Black Friday.

Thanksgiving is celebrated on the fourth Thursday in November each year, which takes place this week.

A lot of national retailers are keeping the doors closed on Thursday to give employees time with families and to recharge for the holidays ahead. That includes some of the biggest chains like Walmart and Target, which plan to reopen stores on Friday.

Here's a rundown of store hours and what's open and closed on Thanksgiving: Is Walmart open on Thanksgiving?

Walmart will be closed on Thanksgiving.

Is Target open on Thanksgiving?

Target will be closed on Thanksgiving.

Is Dollar General open on Thanksgiving?

Dollar General is open on Thanksgiving.

Is Costco open on Thanksgiving?

Costco will be closed on Thanksgiving.

Is CVS open on Thanksgiving?

CVS Pharmacy will be closing all non-24 hour locations early on Thanksgiving.

You can call your local store or check store and pharmacy hours on the CVS Pharmacy website.

Is Walgreens open on Thanksgiving?

Most Walgreens locations will be closed on Thanksgiving for the first time.

However, nearly all 700 Walgreens 24-hour locations will remain open.

Starbucks hours on Thanksgiving Starbucks store hours vary by location. You can check your local store's hours here.

Is Kroger open on Thanksgiving?

Most Kroger stores will close in the early evening on Thanksgiving. You can check your local store's hours here.

Is Publix open on Thanksgiving?

All Publix stores and pharmacies will be closed on Thanksgiving.

Is Sam's Club open on Thanksgiving?

Sam's Club will be closed on Thanksgiving.

Grocery stores open on Thanksgiving Here's a rundown of some of the country's biggest grocery store chains and if they are open on Thanksgiving: 1. ACME: Most stores will have adjusted hours.

2. Albertsons: Most stores will have adjusted hours.

3. Jewel-Osco: Most stores will have adjusted hours.

4. Meijer: Open 6 a.m. to 5 p.m. 5. Ralphs: All stores will be open on Thanksgiving, though most will close at 10 p.m. Pharmacies will be closed on Thanksgiving. 6. Safeway: Most stores will have adjusted hours. 7.

Sprouts Farmers Market: Open 7 a.m. to 2 p.m. 8.

Tom Thumb: Most stores will have adjusted hours. 9.

Vons: Most stores will have adjusted hours. 10. Whole Foods: Most stores will be open with adjusted hours.

and carbon capture technologies, the report said. Both clean hydrogen — made from renewable electricity — and carbon capture — which takes carbon dioxide out of the atmosphere — are currently untested at scale.

The report looked at climate promises made by countries as well as a scenario where the world had reached net zero emissions by 2050. It found that if countries deliver on all climate pledges, demand for oil and gas will be 45% lower than today's level by 2050. If the world reaches net zero by then, demand would be down 75%, it said.

Earlier this year, another IEA report found that the world's oil, gas and coal demand will likely peak by the end of this decade.

Vibhuti Garg, a New Delhi-based energy analyst with the Institute for Energy Economics and Financial Analysis, said that the need for oil and gas is "bound to decline."

"There are cheaper alternatives that are cleaner, so countries will start using those options and reduce their reliance on these expensive fuels," she said.

from offering staff meals FROM PAGE B2 5. Helps Attract New Talents. Although free meals, as a perk, may not be on a job candidate’s list of priorities when it comes to their decision to join a company, it is still an attractive incentive for them if in doubt. It can give you an edge over a competitor in the industry that offers similar job conditions.

6. Establishes Strong Social Bonds. Establishing strong social bonds is one of the main benefits of providing free meals to employees. When everyone leaves their work desk, they can enjoy lunch together, socialise and get to know each other better. This also results in better teamwork, which can have a positive impact on your company’s success as well.

7. You provide a business opportunity for an MSME catering or food service.

Every company needs to have a strong focus on community development and corporate social responsibility. There is no better way to give back than empowering another professional in starting or strengthening their business by offering catering contracts to micro, small and medium-sized firms (MSMEs).

UÊ \Ê > Ê ,Ê iÀ}ÕÃ Ê ÃÊ a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

PAGE 8, Friday, November 24, 2023

THE TRIBUNE

US ELECTRIC VEHICLE SALES TO HIT RECORD THIS YEAR, BUT STILL LAG BEHIND CHINA AND GERMANY

By ALEXA ST. JOHN Associated Press ELECTRIC vehicle sales are expected to hit a record 9% of all passenger vehicles in the U.S. this year, according to Atlas Public Policy.

That will be up from 7.3% of new car sales in 2022.

It will be the first time more than 1 million EVs are sold in the U.S. in one calendar year, probably reaching between 1.3 million and 1.4 million cars, the research firm predicts.

Although the numbers show significant progress for electrification, the nation is lagging behind countries like China, Germany and Norway.

EVs reached 33% of sales in China, 35% in Germany, and 90% in Norway for the first six months of 2023, according to a BloombergNEF EV outlook published in June. These figures include both battery electric vehicles and plug-in hybrid EVs. In those countries, ambitious government zero-emissions targets, vehicle tax incentives and subsidies, and affordable

options play a role in a consumer’s decision to adopt a plug-in vehicle.

Several factors helped boost U.S. EV adoption this year, but in a word, prices have gone down.

Tesla, the current EV market leader, dropped the prices for its popular vehicles multiple times throughout the year. This forced other automakers to try to keep up. Car companies are also now offering greater incentives on their electric models, and dealers are discounting more deeply as EV supply builds up at dealerships.

The Inflation Reduction Act, which increased tax credits for qualifying new and used EV purchases, also helped bring EV costs down for buyers, by $3,750 or $7,500, depending on certain requirements.

Electric car battery costs are also falling as critical battery materials like lithium get less expensive, making the vehicles increasingly affordable, too.

But even as U.S. EV market share grows steadily, hurdles still stand in the way for some car buyers

A TESLA electric vehicle is charged on May 10, 2023, in Westlake, Calif. EV sales are expected to hit a record 9% of all passenger vehicles in the U.S. this year, according to Atlas Public Policy.

Photo:Mark J. Terrill/AP considering electric. Early EV buyers were largely higher-income, willing to try unfamiliar technology, and more likely to be able to charge their electric vehicles at home. The auto industry needs to address

disparities with these factors as it targets the next wave of EV shoppers.

For many consumers, unreliable and inaccessible public charging infrastructure, as well as the increased upfront cost of going

electric, remain barriers, according to BloombergNEF. Last month, new EVs still cost on average $3,826 more than the average new car, going for $51,762 versus $47,936, Kelley Blue Book estimates.

To combat some infrastructure challenges, several major automakers have signed on to Tesla’s charging technology. Tesla has long used the North American Charging Standard for its EV plugs, and it has also had the strongest public charging network.

The rest of the industry has largely operated on one called CCS, or the Combined Charging System.

Incorporating Tesla’s tech will give non-Tesla EV drivers more opportunity to charge elsewhere, and alleviate charging concerns.

But those changes won’t start to kick in until next year and 2025.

The industry is also grappling with concerns over an EV market slowdown.

Some automakers, including Ford Motor Co. and General Motors, are scaling back on their electrification targets.

But at the same time, many non-domestic car companies are amping up their plans. Consumers can expect Chinese EV-makers such as BYD to find their way to the U.S. market in the coming years.

RETAILERS ARE READY TO KICK OFF BLACK FRIDAY JUST AS SHOPPERS PULL BACK ON SPENDING

By ANNE D'INNOCENZIO AP Retail Writer

RETAILERS are kicking off the unofficial start of the holiday shopping season on Friday with a bevy of discounts and other enticements. But executives are growing concerned with a spending slowdown that could temper sales on the day after Thanksgiving as well as throughout the holidays.

Shoppers, powered by a solid job market and steady wage growth, had demonstrated a resilience that confounded economists and ran counter to sour sentiments expressed in opinion

polls. Such spending, while cautious, came despite higher prices in the grocery aisle and higher borrowing costs.

But consumers are now coming under more pressure from dwindling savings, increased credit card debt and still stubborn inflation. In fact, shoppers cut their buying in October, ending six straight months of gains. Shoppers have gotten some relief from easing inflation, but many goods and services like meat and rent are still far higher than they were just three years ago.

The latest quarterly results from a string of retailers from Walmart to Best Buy have reported a weakening consumer.

Walmart said it noticed shoppers cutting back in October and offered a muted annual sales outlook.

Best Buy, the nation's largest retailer, said shoppers are trading down to cheaper TVs. And Target said shoppers are waiting longer to buy items. For example, instead of buying sweatshirts or denim back in August or September, they held out until the weather turned cold.

"It's clear that consumers have been remarkably

resilient," Target's CEO Brian Cornell told analysts last week. "Yet in our research, things like uncertainty, caution and managing a budget are top of mind."

Even luxury retailers are noting their shoppers are feeling pinched.

"We're taking a measured approach. There's been some softening," said Marc Metrick, CEO of Saks Fifth Avenue's standalone online business, Saks. "I don't think (the holiday season) is going to be some horrible business nor is it going to be some kind of explosive holiday season."

The National Retail Federation, the nation's largest retail trade group, expects shoppers will spend more this year than last year, but their pace will slow given all the economic uncertainty.

The group has forecast that U.S. holiday sales will rise 3% to 4% for November through December, compared with a 5.4% growth of a year ago. The pace is consistent with the average annual holiday increase of 3.6% from 2010 to pre-pandemic 2019.

Americans ramped up spending during the pandemic, with more money in their pockets from federal

relief checks and nowhere to go during lockdowns. For the holiday 2021 season, sales for the two-month period surged 12.7%.

Many retailers had already ordered fewer goods for this holiday season and have pushed holiday sales earlier in October than last year to help shoppers spread out their spending. An early shopping push appears to be a trend that only got more pronounced during the pandemic when clogs in the supply network in 2021 made people buy early for fear of not getting what they wanted.

Amazon and NFL hoping to establish a tradition with the first Black Friday game

By JOE REEDY AP Sports Writer IT IS not a stretch to say the Black Friday game between the Miami Dolphins and New York Jets is Amazon's Super Bowl.

Not only does it mean an additional game on Prime Video that Amazon hopes to make into a yearly tradition, but it comes on the busiest shopping day of the year.

"When we talked with the NFL, this is a perfect marriage. Black Friday is a huge event for us every year.

We're really putting everything behind this," Prime Video Vice President Jay Marine said.

Hans Schroeder, the executive vice president of NFL Media, said the league had been exploring the possibility of adding a game on Black Friday for a while.

The Thanksgiving Day tripleheader has been among the most-watched games during the regular season for the past two years.

Adding a Black Friday game gives the NFL another day to take over. Combine it with it airing on Amazon, and it was a match made in football and commerce heaven.

"It's an opportunity for us to continue to innovate with Amazon. I think some of what they've done this year on Prime Vision is exciting with seeing that intersection of data and AI predictability and taking fans deeper inside of X's and O's," Schroeder said. "I think the viewing experience will feel a little bit different and unique for that day and appropriately. We're excited about that."

Even though Amazon will highlight some deals and promotions throughout the day, it will not feel like Home Shopping Network meets a football game.

Marine said some of the Black Friday deals will be highlighted during commercials, and there will be a QR code to scan and shop during the game.

There will be one major promotion per quarter and other deals during the pregame, postgame and halftime shows.

The game will be available for all fans to stream for free. According to Nielsen, the most-viewed Amazon game came in Week 2 this season when the Philadelphia Eagles hosted the Minnesota Vikings.

NFL games are averaging 17.1 million viewers through 11 weeks, which is a 6% increase over last season.

The league remains on track for its highest viewership since 2015.

Amazon also will air a concert by Garth Brooks following the game.

"I'm fascinated to see how it plays out in terms of the Amazon component because they've taken it out from behind the paywall.

So you can watch the game, and if you want to do additional Christmas shopping alongside the game, you will be able to do that. So this is kind of a brand new frontier," said Al Michaels, who will call the game with Kirk Herbstreit and Kaylee Hartung. "I'm curious to find out how this works. I mean, there's a chance in my mind that this could be spectacular."

With three games on Thanksgiving, a Black Friday matchup, three windows on Sunday and a Monday night game, half of the week's 16 matchups need national appeal.

During Christmas last year, the league showed it can schedule games on four days and spread the wealth with matchups across all of its media partners.

THE TRIBUNE

Friday, November 24, 2023, PAGE 9

SUNAK IS UNDER PRESSURE TO ACT AS THE UK’S NET MIGRATION FIGURES FOR 2022 HIT A RECORD HIGH

By SYLVIA HUI Associated Press U.K. Prime Minister Rishi Sunak faced heavy pressure from his own Conservatives to take swift action to bring down migration, as new data published Thursday showed net migration numbers were higher than previously thought.

The Office for National Statistics revised its estimates for net migration to the U.K. — meaning the number of people arriving minus those leaving — in the year to December 2022

to 745,000. That is a new record and significantly higher than the previous estimate of 606,000 for the same period.

The more hard-line wing of the Tories urged Sunak to "act now" as a general election looms next year.

"The word 'existential' has been used a lot in recent days but this really is 'do or die' for our party," said a statement by a group of lawmakers known as the "New Conservatives."

"Each of us made a promise to the electorate. We don't believe that such promises can be ignored."

Suella Braverman, the hard-line, anti-immigration former home secretary who was fired by Sunak this month, joined in the criticism.

"Today's record numbers are a slap in the face to the British public who have voted to control and reduce migration at every opportunity," she said.

The Conservatives were reelected in 2019 on the back of a manifesto to "take back our borders" and break away from the constraints of the European Union. Britain completed

its divorce with the trade bloc in 2020.

Migration continues to be a political hot potato, although Sunak's government has focused less on legal migration than the issue of unauthorized asylum-seekers arriving on small boats across the English Channel.

The latest figures do show that net migration in the 12 months up to June 2023 decreased to 672,000. The Office for National Statistics said that it was too early to tell if that's the start of a new downward trend.

Sunak's office at Downing Street said that net migration remained "far too high" and indicated that further measures could be introduced to bring down the figures. Authorities said in May that foreign postgraduate students can no longer bring family members to the U.K. from next year as part of efforts to curb immigration.

Officials said they revised the 2022 figures upwards because patterns and behaviors have been shifting and less predictable than before the COVID-19 pandemic struck.

Jay Lindop, director of the international migration department at the statistics office, said the main drivers of the increase were people arriving from non-EU countries for study and work, particularly in Britain's health and social care sectors.

Britain also took in hundreds of thousands of people who fled Russia's war in Ukraine and the Chinese government's crackdown on civil liberties in Hong Kong, though those numbers have slowed in recent months.

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NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Gerbera Company Limited has been completed and the company has been struck from the Register on the 3rd day of November 2023.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of GLOBAL MINERAL HOLDINGS LIMITED has been completed and the company has been struck from the Register on the 3rd day of November 2023.

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