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THURSDAY, DECEMBER 2, 2021
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Gov’ts financial watchdog slams officials’ obstruction
Sebas raises $19m for e-commerce purchase
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government’s top financial watchdog has renewed complaints that some civil servants are breaking the law by obstructing his office’s efforts to uncover misuse of taxpayer monies. Terrance Bastian, the auditor general, in giving his “perspective” on the audit of the Government’s 2018-2019 financial accounts, warned that his staff’s work “continues to be impeded” by officials in several ministries and departments. While the guilty parties, both individuals and institutions, were not identified by Mr Bastian, he reiterated that such obstruction in failing to hand over necessary files and documents violates the Financial
• Auditor General’s scrutiny ‘continues to be impeded’ • Civil servants still escape on taxpayer funds misuse • Warns ‘deep state’ can derail new finance system
TERRANCE BASTIAN
Administration and Audit Act 2010. And these barriers are also helping some public officials evade accountability for the waste and mismanagement of increasingly scarce Bahamian taxpayer funds, the auditor general wrote, at a time when the Government needs to achieve value for money with every dollar due to the twin fiscal and economic crises that have been worsened by COVID-19 and Hurricane Dorian. While both this and under-staffing at the Auditor General’s Office “remain a concern”, Mr Bastian voiced some optimism that implementation of an Integrated Financial Management Information System (IFMIS) is
SEE PAGE 8
‘Clean up mess in construction’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian Contractors Association’s (BCA) president yesterday said the industry is optimistic that the Davis administration will take the final steps to “help clean up the mess” in construction. Michael Pratt told Tribune Business that the sector hopes the Government will act “quickly” to ratify the long-awaited Construction Contractors Board that will finally bring self-regulation to Bahamian construction after a 30-35 year effort.
While the required law was passed under the former Christie administration, with now-prime minister Philip Davis QC leading that effort, the licensing and certification regime for Bahamian contractors has yet to be given effect because the Board - which will oversee this process and its enforcement - has yet to be appointed some five years later. Given Mr Davis’ previous involvement, Mr Pratt said contractors were hopeful efforts to appoint the Board and implement the legislation will now gather some
SEE PAGE 6
‘I’ve never seen prices this high’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR Sysco Bahamas executive yesterday said they had “never seen prices this high” as the global supply chain crisis continues to impact the country’s post-COVID recovery. Tiffani Evans, director of merchandising at the former Bahamas Food Services, one of the country’s largest food distributors/ wholesalers, told a webinar organised by TCL Group that the pandemic had shown that “if one of
the wheels breaks down in countries like the US” then the impact can rapidly spread to the entire world. With the globe “fighting for container space”, due to the backlog at multiple US ports and especially on the west coast, she added that Sysco Bahamas had taken steps to “make sure we build enough inventory for things we cannot get easily in the US”. Ms Evans said the wholesaler had “been working tirelessly” to go outside established supply channels to source product globally from locations outside
SEE PAGE 8
SEBAS Bastian raised nearly $19m from investors to finance the acquisition of an e-commerce platform that he yesterday said will become an “Amazon like” presence in The Bahamas and region. The Island Luck cofounder, unveiling the arrival of his Aeropost purchase in this nation, pledged that it will offer the “lowest bar entry” for businesses looking to sell their products and services to Bahamian consumers via the online portal it offers. Documents seen by Tribune Business reveal that Mr Bastian acquired Aeropost in October 2021 via Click Partners LP, a British Virgin Islands (BVI) domiciled limited partnership described in promotional material as a “digital, e-commerce, logistics and operations expert”. And filings with the Securities & Exchange Commission (SEC), the US
SEBAS BASTIAN capital markets regulator, disclose that Click Partners raised some $18.737m from 20 unidentified investors in late September 2021 to finance the purchase. The ‘Form D’ filing, which gives notice of an “exempt” securities offering, said Click Partners had sold equity ownership interests in “a pooled investment fund” to raise the necessary capital. The BVI partnership had initially sought to raise $24.273m,
SEE PAGE 7
PAGE 2, Thursday, December 2, 2021
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DOMESTIC EXPANSION ‘CAN’T INJURE RESERVES’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ COVID and supply chain crisis response must “first solve” how much it can expand the domestic economy “without injuring the external reserves”, an economist said yesterday. Dr Gilbert Morris, speaking at a TCL Group-organised webinar addressing how The Bahamas should respond to global supply chain woes, warned that the country’s one:one currency peg with the US dollar could be endangered if tourism earnings were unable to sufficiently cover uncontrolled domestic demand for foreign exchange. Amid suggestions that The Bahamas should increase domestic production and manufacturing capacity, he said: “One of the scale problems The Bahamas has, if you go out right now and say we need to restructure the Bahamian economy and get people involved in various works, is the structure and financial architecture of The Bahamas.” Pointing out that increased domestic demand, and economic activity, typically stimulates demand for imports and corresponding sums of foreign exchange to acquire
them, Dr Morris said this would lead to a drawdown and depletion of external reserves that support the US dollar peg unless there were matching tourismrelated inflows. “If we don’t have tourist dollars coming in, the expansion of the domestic economy will have more people drawing down on the reserves without replenishment,” he explained, adding that this would not merely just result in devaluation but “the peg will break” and Bahamian dollar settle at a new, lower value. “The danger we have, everything you’re talking about doing in the domestic economy means a purchase against the reserves, and if we don’t have a replenishment rate - meaning you bring in US dollars at scale - we have a problem,” Dr Morris continued. “If you push too hard domestically and expand domestic demand.... the first thing we have to figure out, if tourism is our only horse, is how do we maximise that horse to ensure US dollars come in and build the reserves.” Dr Morris argued that The Bahamas only received a small portion of tourist dollars spent in this nation because most of these transactions were closed offshore rather than being settled in The Bahamas.
“The first thing we have to solve is what is the scale by which we can expand the domestic economy without injuring the reserves?” he reiterated. “In the economics of replenishment, how do we replenish the reserves so they support domestic demand from the drawdown we have. “You never fix the crisis; you fix the future. The crisis is time based. You have to fix the future. You have to solve the immediate problem of the replenishment rate. You cannot do anything if you don’t generate US dollar reserves so when the domestic demand hits those reserves you have the capacity to meet that demand.” Dr Morris featured prominently in Bahamian economic debates in the early 2000s, first as an executive with the Nassau Institute think-tank, before setting up his own entity, The Landfall Centre. However, he subsequently departed Nassau for the Turks & Caicos Islands in a move that was never explained, but has increasingly resurfaced in The Bahamas in recent years. The economist yesterday said the post-COVID supply chain crisis had created problems for The Bahamas and other small island developing states (SIDS) because they
SEE PAGE 6
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Thursday, December 2, 2021, PAGE 3
ISLAND LUCK CHIEF HAILS GOV’T AS ‘PRO GAMING’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ISLAND Luck’s cofounder yesterday hailed the Davis administration as “pro gaming” and said it was more likely to “sit at the table” with the web shop industry to address mutual concerns. Sebas Bastian, in comments some might view as a swipe at the Minnis administration, said “a lot of commitments were made” for a better partnership between the domestic gaming sector and the Gaming Board
when he met the latter’s chairman, ex-Cabinet minister Dr Danny Johnson. The two sides, he added, spoke about having “a lot more dialogue and inclusion in decision-making”. “I think the current administration is pro gaming, obviously, and I think as long as we continue to execute on the true intent of the regularisation of the industry, which is to extract tax dollars to go towards bettering our country and provide thousands of jobs, as it has been throughout the years, we’re were pretty much in good shape,” Mr Bastian added.
The Bahamian web shop industry had a sometimestense relationship with the Minnis administration, especially over tax reforms that the then-government introduced. These were ultimately adjusted following significant push back by the sector, which included both actual and threatened litigation against the Government. Mr Bastian, meanwhile, said fears that a legalised, regulated web shop gaming industry would prove “the big elephant in the room”, and undermine the financial services industry, have thus far proven unfounded. “The Gaming Act, it’s been about eight years now,
since 2014; since we’ve passed this law, and the big elephant in the room that everybody thought was going to happen to the financial sector never happened,” he argued. “It’s one of the most organised and well-run industries that we have, and we’re excited to continue to advance and modernise some of the laws to make them consistent with best practice and just the evolution of gaming in general.” Mr Bastian did not directly say the web shops are pushing for reforms to the Gaming Act, adding that he would leave the policymakers to deal
with that. He reiterated that the first step towards a better relationship with the Gaming Board had been established, with both sides agreeing to “sit to the table” together. As to the COVID-19 pandemic’s impact on the gaming industry, the Island Luck chief said: “In terms of the way we operate, all of our games were always available online for the last 12 years. We had to do some aggressive expansion to our payment options to make both deposits and payouts a lot more convenient.” “I think like every other company we had the ‘come to Jesus moment’ that you
have to really prioritise the digital aspect of your business. We were well positioned to just execute on things that we already had planned, and so it didn’t affect us as much. “Obviously there was a decline in sales, like every other business, just because of the closures and people were out of work. But we’re seeing a slow recovery of that, and signs that the economy is on its way back up. We’re very optimistic that if we can fade this potential fourth wave, I think we’re on the right track and we’re on our way back.”
BAHAMIAN DEVELOPS STORM FORECAST MODEL By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN researcher says he has developed a model that can forecast the strength of hurricanes - especially their storm surge impact - before they make landfall. Brandon Bethel, who is finishing his doctoral degree in Marine Meteorology at the Nanjing University of Information Science and Technology (NUIST) in China, told Tribune Business that he has pioneered a “windwave model” - called the Caribbean Sea Empirical Wind-Wave Model - with the help of his instructors. “The model takes inputs of hurricane surface wind fields, and predicts the corresponding ocean wave field. Predictions using the Caribbean Sea WindWave model are far more accurate than those made with the South China Sea
Wind-Wave model, but also at significantly reduced errors and computational cost as compared to traditional numerical models,” he added. Mr Bethel said he had been working on developing this mathematical model ever since Hurricane Dorian devastated Grand Bahama and Abaco in September 2019. Despite being in China at the time, he understood the pain and suffering of Bahamians who had to endure the storm’s wrath. He added: “This was the impetus to rigorously derive a mathematical equation that could be used with minimal computational cost, and be better than the current state-of-the-art at converting easily accessible satellite measurements or numerical model-generated wind fields into corresponding wave fields. “These wave fields can then be communicated to the public through organisations responsible for protecting us from nature’s worst, such as
SCENES FROM HURRICANE DORIAN. the Bahamas Department of Meteorology and the National Emergency Management Agency. “Having an understanding of the wave field, for the average citizen or resident, would provide a deeper understanding of the intensity of a given hurricane and its potential impact on their survival,” Mr Bethel continued. “The model has been tested on just under a dozen hurricanes that occurred within the Caribbean Sea from 2010 to 2019. Specifically, wind and wave information from
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Hurricane Dorian after its September 1, 2019, landfall in The Bahamas was used to develop the model. The empirical model should roughly be applicable in any tropical cyclone basin around the world, though there are some meteorological and oceanic caveats for its usage.” To ensure his efforts are applicable to agencies involved in storm watches, Mr Bethel said: “Crucially, predictions of hurricaneforced wave fields can be made rapidly, and at extremely minor costs, in required computing power
or expertise. That is, the model will work quite happily in Microsoft Excel. “This would be essential in categorising the risk that coastal areas face from hurricanes. Future Dorian-type catastrophes can be mitigated, if not avoided. Often, the most people see and, of course, notice from a hurricane are the violent winds that tear through and dislodge roofs from their homes. “However, the massive walls of water that are triggered from those violent winds are even more deadly. These walls of water wash away roads, mangle the thick and robust electrical poles, and wipe a significant portion of Bahamian civilization away,” he continued. “When winds, waves and storm surge act in concert, as they did during Hurricane Dorian, the only thing that could result is catastrophe. These events repeat on national and regional scales, amounting to lives and billions lost due to infrastructural damage and economic productivity lost.
The changing climate will intensify hurricanes and make them more frequent. The model will make hurricane-forced wave predictions more accurate, and can thus give individuals and communities more time to prepare as opposed to being reactive. Mr Bethel said: “The work was directly completed under the supervision of Professor Changming Dong and Dr Jin Wang of the NUIST in Nanjing, China. However, the opportunity to study abroad in China was granted initially through the Confucius Institute at the then-College of The Bahamas. “Thus a long line of individuals, starting from NUIST’s Dr Hui Gao in 2011 to Dr Abdul Knowles at the University of The Bahamas in 2021, should all be given credit for both works currently completed and that yet to come.”
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PRIVATE SCHOOL GROUP TARGETS THE BAHAMAS A PRIVATE school developer, which is educating more than 50,000 students across five continents, yesterday unveiled plans to open on New Providence in August 2022. Inspired Education Group, which owns and operates more than 70 schools worldwide, said in a statement that it plans to construct and open King’s College School in western New Providence. While a dollar figure for the investment involved was not disclosed, construction is due to finish by August 2023. Students from prereception to Year 13 will be accommodated at a proposed 10-acre campus, although the precise location was not revealed in the release. It is also unclear how far Inspired Education Group has progressed with obtaining the necessary approvals and permits required from the Government. Nicholas Wergan, Inspired Education Group’s director, said: “King’s College Schools are renowned for their academic excellence around the world,
and their ability to immerse students in environments where they can develop global competencies. “Our aim is to encourage innovation, build confidence and help young minds learn and grow, so they can thrive in the world today and in the future.” Students aged from reception (age 4) to Year 7 (age 12) will be enrolled for the first academic year, beginning in 2022, with a new grade added every year thereafter up to Year 13. Pre-reception (age 3) will also be available from August 2023. Inspired Education Group was founded in 2013 by a British-Lebanese businessman, Nadim Nsouli, and has grown to span a global operation with offices in London, Milan, Auckland, Johannesburg, Dubai and Bogota. It currently has schools in Costa Rica, Peru and Colombia in the Latin American region, as well as Spain, Italy, Kenya, Portugal, New Zealand, Australia and South Africa. The group said its courses, beginning with the Cambridge International
THE King’s College School campus is to be completed in western New Providence by August 2023. School opens in August 2022. primary and secondary curriculum and iGCSEs, and advancing to the International Baccalaureate Diploma Programme, have resulted in 33 percent of its students being admitted into Ivy League and Russell Group universities. Some 90 percent of students were said to have achieved their first-choice university placement. Inspired said it has already appointed Matteo
Rossetti as its founding head teacher in The Bahamas. He joins King’s College School from the top-ranked Haberdashers’ Aske’s Boys’ Prep School in London, where he has been head teacher since 2018. “We will offer a state-ofthe-art, world class campus once completed in 2023. We will have football pitches, a 25 metre swimming pool, tennis courts, padel courts, an adventure park
playground, dance, drama and art studios, a multi-purpose hall, modern science labs equipped with the latest technology, and an abundance of green spaces and shaded play areas,” said Mr Wergan. “Students at King’s College School, The Bahamas will be guaranteed admission to any Inspired secondary boarding school globally should they wish to continue their education
Gov’t housing projects target New Year start By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A CABINET minister yesterday vowed that government housing projects will begin on Abaco and Eleuthera in 2022.
Jobeth Coleby-Davis, minister of transport and housing, told the House of Assembly that the Government has also approved housing developments to
start in Grand Bahama and Carmichael Road. And she added: “After our recent site visit to Abaco and Eleuthera, we expect works to begin as early as possible for those islands in 2022. “Our visual assessment is evidence of the fact that there are many lots in subdivisions toured where they all have infrastructure in place. The people of these communities will soon benefit from the fruits of our labour.” Besides increased housing for Abaco, Mrs Coleby-Davis said teams were also sent to that island to deal with what she
termed the “disorganisation and the dysfunction” of the postal system. She promised to bring further information to Parliament concerninf a permanent home for the post office on Abaco. Ms Coleby-Davis said: “We have also recently reviewed potential building designs and renderings for a new Road Traffic building, which will include a bus terminal and inspection passage way for small motor vehicles, and a separate inspection passage way and inspection area for heavy trucks. “More detailed information is to follow once we can
abroad, or for exchange programmes and enriching summer camps with other Inspired schools. “The three Inspired pillars – academic, sports and the performing arts – will be on full display at King’s College School, The Bahamas. Also, with community engagement as an important part of our ethos, we hope to share our depth of resources and global best practices.” complete a review by the Cabinet. In the New Year, we will be advising of new protocols, which will include a commercial driver’s license. Operators of heavy trucks will be required to become certified after a manual testing programme. “They will be provided with a certificate and a new license that will indicate on the back which vehicles they are licensed to operate. We will make provisions to grandfather some drivers with extensive experience into the new system, and will provide an appropriate grace period to allow companies to bring their heavy truck drivers into compliance with the new policy.”
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Thursday, December 2, 2021, PAGE 5
CRYPTO INCUBATOR TO HOST FUTURE OF MONEY SUMMIT A BAHAMIAN blockchain and cryptocurrency incubator will next week host a Future of Caribbean Money conference featuring the Prime Minister as one of the main speakers. Crypto Isle, which offers co-working space, knowledge and community membership to participants in the digital asset space, will host SiliconCaribe’s first annual conference at its head office in the former Luciano’s of Chicago restaurant on East Bay Street. Besides a presentation by Philip Davis, the event will also feature Senator Michael Halkitis, minister of economic affairs, as a speaker. It will explore trends that are shaping the future regarding how money is made, managed and invested. The Bahamas has positioned itself as the regional forerunner in the digital economy, launching Sand Dollar, introducing the revolutionary Digital Assets and Registered Exchanges Act, and attracting significant
players like Tether, Bitfinex, and FTX. Crypto Isle, in a statement describing itself as the “the nation’s first crypto hub”, said it was seeking to build on the momentum created by the Central Bank-backed digital currency, the Sand Dollar, as well as the Digital Assets and Registered Exchanges (DARE) Act becoming law. That legislation has helped to attract FTX Trading, billed as the world’s third largest cryptocurrency exchange, to the jurisdiction. Crypto Isle said it aims to educate Bahamians on digital assets, as well as provide a community where industry professionals can network. “It’s time we amplify the knowledge, and broaden the discussion, around blockchain and crypto as an engine for Caribbean economic development,” said Dr P. Jillian Bethel, Crypto Isle’s chief executive. “We’re proud to sponsor the Future of Caribbean Money conference to demonstrate our commitment,
CRYPTO Isle is an ocean-front hub for cryptocurrency and blockchain enthusiasts. Through its location in Nassau, and virtual community, Crypto Isle provides a knowledge base for the crypto enthusiast and a community in which industry leaders can connect.
DR. P. Jillian Bethel is launching Crypto Isle, a partnership marrying her passion for entrepreneurship and blockchain.
ahead of our official launch, to demystify blockchain and digital currencies for beginners and help seasoned pros stay sharp.” “We’re happy to have just over 30 Caribbean and global speakers representing businesses and organisations already reimagining and reshaping how Caribbean people make, manage and invest their money,” said Ingrid Riley,
the future of Caribbean money. As the venue sponsor, Crypto Isle joins other sponsors, including Microsoft and First Atlantic Commerce. Crypto Isle’s oceanfront co-working space will consist of private offices and communal spaces, including an on-site restaurant, conference room and members-only lounge for
founder of SiliconCaribe, the digital media and events company organising the conference. Ahead of its official launch, Crypto Isle will welcome hundreds of virtual digital asset enthusiasts as FOCMNY amplifies the people and businesses using technology, collaboration, community, and daring policy to reimagine
meetings and special events for all industries. The company will also provide in-person and virtual educational resources, as well as a membership community to provide an avenue for networking, job opportunities, and fine-tuning skills. Dr Bethel transitioned from a medical career as an obstetrician-gynecologist to dive into the blockchain industry in 2017. She holds a cryptocurrency and disruption designation from the London School of Economics and Political Science, and has served as a 2019 Blockchain Business School mentor, leading her team to victory. In 2019, Dr Bethel cofounded the blockchain technology company, HODL, with a team of three colleagues and was awarded Deltec International Group’s Young Entrepreneurs Award at its annual conference. Then, in 2020, Dr Bethel co-founded IslandBit, a start-up pioneer in digital assets in The Bahamas.
Hardware Centre adds 30-year veteran as its general manager THE FREEPORT-headquartered Hardware Centre has named 30-year retail and construction industry veteran, Lincoln Ritchie, as its general manager of operations. Explaining the move, Mr Ritchie said: “I’m excited about the opportunity to work with a diverse and energetic team of professionals who are already making such a positive impact in the industry and community.” Besides overseeing day-to-day operations at the two-store Hardware Centre, the company said Mr Ritchie is working to enhance product offerings and the customer experience while developing staff. “We are growing and developing at The Hardware Centre, expanding our product lines and service offerings. We would like to invite our clients to come along for the journey. Let’s build together,” he added. The Hardware Centre was established in Grand Bahama in 2020, and is a subsidiary of FowlCo Ltd. It currently operates two locations after opening its Abaco site in February 2021. Glennett Fowler, FowlCo’s president and chief
executive, said: “The idea for The Hardware Center was born out of the devastation of Hurricane Matthew, and came to fruition after Dorian, as we sought to support the rebuilding of our communities by providing construction supplies at a competitive price. “We remain committed to our original mission and stand alongside Bahamians as we rebuild, strong and better, for the future. We believe that the strength of our team is vital to our ability to meet the current
LINCOLN RITCHIE
SBDC IN DEAL TO AID FOOD SECURITY By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Small Business Development Centre (SBDC) has signed an agreement with a Caribbean institution to promote food and nutrition security in The Bahamas. The Caribbean Agricultural Research and Development Institute (CARDI), in a statement sent to the media, said: “CARDI, in collaboration with the SBDC, has entered into a Memorandum of Understanding (MoU) to transform the agricultural sector and promote food and nutrition security in The Bahamas. “To achieve this, both institutions will undertake joint research and development projects, capacity building initiatives and the sharing of experiences, knowledgeand technological advances.” CARDI’s Bahamas country representative, Dr Michele Singh, said Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, and the Government were keen to significantly reduce this nation’s annual $1 bn food import bill. Through training and the sharing of knowledge, the Institute aims to work with farmers and small and medium-sized agriculture entrepreneurs to improve their production, quality
and standard of their final products. CARDI said: “The COVID-19 pandemic has highlighted the fragility of global supply chains and local food systems. Rebuilding efforts must be focused on countries becoming more self-sufficient, resilient and productive. In The Bahamas, the pandemic has impacted the access and availability of fruits and vegetables to large hoteliers, with many now seeking alternative sources of produce. “This collaboration between CARDI and SBDC aims to strengthen the local farm systems, commercialise crop production and also raise awareness of the importance of food security and sustainability in the Caribbean. “The institutions have already begun discussions on activities supporting the developmental initiatives towards a sustainable agriculture sector. This agreement challenges parties to find new and innovative ways to rebuild the agricultural sector and sustain productive food systems,” it said. “This partnership reiterates the Institute’s commitment to building alliances aimed at transforming Bahamian food systems, which support farmers and the agri-business sector to maximise their production potential in a profitable and environmentally-sustainable manner.”
and future needs of our customers and, to this end, we are committed to building a robust team of industry professionals.” Looking towards the future, Mr Ritchie said: “I
am most looking forward to seeing The Hardware Center continue to support the rebuilding of the community; My vision is to see the brand grow and expand throughout The Bahamas,
and become the number one building solutions provider in the country.” Mrs Fowler added: “We are excited to welcome Lincoln Ritchie to The Hardware Center. We are
confident that his strong leadership and experiences will add significant value to our organisation. We are committed to positively impacting the economy and the communities we serve.”
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‘CLEAN UP MESS IN CONSTRUCTION’ FROM PAGE ONE
momentum post-election. He added that the BCA would likely seek to meet relevant Cabinet ministers and officials early in 2022 once the election of its own new slate of officers and directors was completed. “We anticipate having a discussion shortly on moving that forward,” the BCA chief said of the Act and the Board. “We are optimistic we will have more traction on that. This same administration were the ones that got the original Bill enacted. It was done by then-deputy prime minister Davis, now prime minister. He pushed that and got it through. “The only thing we have to do is put the Board in place. It was never put
in place by the Christie administration at the time because an election was right around the corner, and it was never put in place by the Minnis administration. There was just a constant promise it would be done shortly, but it was never done. “We’re hoping they put it in place quickly. It will go a long way to helping clean up the mess we have now. Some of the things in the Act deal with what is consumer protection. The Board would be able to licence the contractor, and they’d not be able to work under just a Business Licence. They’d have to be licensed” for construction. Under the Act, Bahamian contractors are to be licensed and certified according to their ability
and qualifications, as well as the scale and scope of work they are capable of undertaking based on past jobs they have performed. They were, under the legislation, to be placed in a tier system, from one to four. The ranking was to be decided by an accreditation committee and, through this, builders will gain experience via training seminars and trade exhibitions. They will, for the first time, be recognised locally and internationally as licensed building contractors. This is designed to place them on a “level playing field” with foreign contractors, enabling them to better compete for foreign multi-million dollar contracts on foreign direct investment (FDI) projects that come to The Bahamas
because their capabilities are certified. And the Act was also designed to give Bahamian consumers, especially homeowners, greater protection against shoddy workmanship that - for many - negatively impacted their greatest investment, while also providing a mechanism to hold guilty contractors to account. Mr Pratt yesterday said the Act mandates that all contractors possess the appropriate level of liability insurance. This would be used to finance the costs incurred in remedying poor workmanship, with the Construction Contractors Board able to appoint another contractor to complete the job, he added. The BCA chief said the legislation’s
implementation, and use of such enforcement powers, would help “begin to eradicate the image that contractors abandon homes before they are finished. These are the things the Bills allows for”. Construction is thought to be the Bahamian economy’s last remaining professional industry without self-regulation, with Mr Pratt comparing its plight to the medical and legal professions that both have their own governing/supervisory bodies. “If you look at the legal fraternity and the medical fraternity, imagine if the legal profession had people popping in and out doing bad work, and doctors doing surgery all over the place with no protections. Imagine the same thing
DOMESTIC EXPANSION ‘CAN’T INJURE RESERVES’ FROM PAGE TWO “import 98 percent of what is consumed” due to small domestic manufacturing/ production bases, leaving them especially vulnerable to the delayed deliveries and price increases that are occurring. “This is a global systemic and structural problem. It’s not a problem The Bahamas can solve, but The Bahamas must strategise in the circumstances because the global forces that drive these problems we don’t have the power to control,” Dr Morris said. “In the foreign direct investment driven economy of the last 40 years, we signed development deals and expected construction to take place in a certain timeframe and that would provide jobs. That’s not going to happen. Those that are ordering anything that is custom, you’re dead.”
Describing The Bahamas as merely “a cog in the giant wheel of the global supply chain”, Dr Morris added that the Government needed to work with the private sector “and collectively put their heads together” to determine the country’s strategic reach and financial capacity to appropriately respond. Arguing that the Government needed to “lean on the expertise of industry”, and the private sector “lean on the reach of government”, so that The Bahamas can “find the resources to keep this economy going”. Dr Morris, calling for the most collaborative and cooperative relationship ever between the private sector and the Government, said: “It will take the most innovative and co-operative strategy in the history of The Bahamas to push through this in the most effective way and that’s what we’ve got to do.” Besides external reserves replenishment, other proposals suggested at the
webinar included striking a labour deal with the US and others similar to “The Contract”, which saw an estimated 30,000 Bahamians work in the US on short-term deals between 1943 and 1965. Remittance flows from these workers would boost foreign exchange earnings, and Dr Morris suggested that The Bahamas also establish itself as a regional nursing training centre for the Caribbean. This would enable it to ‘export’ the likes of Dominican and Haitian nurses, rather than Bahamians, to meet the US healthcare industry’s labour needs. He also suggested that The Bahamas renew its focus on financial services as a relatively COVID-proof industry, and work on clients and “those companies seeking a home”. Dr Morris then went further, advocating: “For financial services, do a joint venture deal with the US on national security in exchange for Delaware status for The Bahamas.”
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THE TRIBUNE with the construction industry,” he added. “We build homes. For a lot of people that’s the biggest investment for the rest of their lives. It’s important we get this industry regulated. It will go a long way to educating the consumer and the customer. It will produce a better product, and although it will take a while to get it worked up I believe it will take out many things that exist with no regulation,” Mr Pratt said. “We’re trying to recover from Dorian and COVID19, and right now our construction industry needs to be better regulated so it benefits the economy. The Association has been in place for 60 years. We’re trying to improve the industry. The legislation has been discussed for 30-35 years. We’re still working at it and have not given up.” Recalling advice he had given to an unnamed Caribbean government minister, he also suggested placing 10,000 acres of Crown Land in the central and southern Bahamas into a national sovereign wealth fund and tie this to the sale of a “limited” number of passports to foreigners. Quick to state he was not calling for The Bahamas to follow other Caribbean territories in the mass sale of citizenships, Dr Morris said this would be targeted at wealthy real estate purchasers willing to pay a figure he gave as $3m each for 300,000 passports. This, he argued, would generate $9bn for The Bahamas in its hour of need, although it is unclear how many would meet that price tag. The economist, meanwhile, argued that placing the Crown Land into a sovereign wealth fund would prevent Bahamians being priced out by foreign buyers. “You cannot leave the south open like a fish market,” Dr Morris said, asserting that this mechanism would protect the interests of both investors and locals. Investment by these passport/land purchasers would lead to major infrastructure and healthcare services development in these islands, he added, while calling on The Bahamas to leverage the relationships that homeowners in communities such as Lyford Cay and Albany have with their home country governments. “If we’re not doing these five, six, seven things, we’re in survival mode and hoping the US returns to pre-2019 normal, and we return to plantation mode,” Dr Morris said.
THE TRIBUNE
Thursday, December 2, 2021, PAGE 7
SEBAS RAISES $19M FOR E-COMMERCE PURCHASE FROM PAGE ONE but ultimately settled for a sum some $5.526m below this target - a development that did not affect its plans. The offering’s proceeds were to be passed on to a Click Partners subsidiary, and employed “to acquire a business” - namely Aeropost. Click Partners LP’s address is listed as No.1 University Drive, Nassau, Bahamas, and the partnership’s contact number is Mr Bastian’s personal cell phone. The Island Luck co-founder, speaking at Aeropost’s official launch, said the “Amazon like” e-commerce marketplace will focus on the Caribbean and Central American region, and be a vehicle that allows small businesses to sell their products online through its portal. Describing what differentiates Aeropost from its competitors, Mr Bastian said it will direct sell as well as acting as a middleman between other vendors and consumers. The Bahamas has become the latest addition to the 38 territories it already services. “We have our own catalogue where we have direct seller relationships,” he added. “We also have an integration with some of the major retailers; one is Amazon. And if you can’t find what you’re looking for on our catalogue and our search bar, you can copy
and paste the link from any website. “So if you’re browsing on Google or Amazon, when you see a product you can just copy the product link, paste it in Aeropost’s search bar, hit the search button, and in seconds you will be presented with a fully landed price of that actual item. So, in that short space of time, it is actually calculating the shipping costs, the duty costs and the delivery costs into those regions.” Aeropost will allow merchants to post their items on the platform’s catalogue, and arrange for their shipping and delivery to purchasers. Consumers will be able to pick up their goods from Aeorpost’s main fulfilment centre, or any Esso service station. Asked if he intends to use Click Partners to acquire further businesses in the digital and technology space, Mr Bastian said his “eyes remain open” but did not confirm any upcoming deals. He added that Click Partners was incorporated in the BVI, and not The Bahamas, because it is a “global company and not a Caribbean-centric company”. Mr Bastian added: “We operate in 38 countries, and for the ease of doing business across all those regions, we picked the jurisdiction for our parent company accordingly. Currently, Aeropost employs 700 employees throughout our entire company, and
in The Bahamas, we have about 20-plus currently, and that’s going to continue to grow as we expand.” The global supply chain crisis has also hit Aeropost’s business, with Mr Bastian lamenting: “As you can imagine, operating in 38 countries, we are experiencing delays in certain regions. The Bahamas isn’t one of them. “Fortunately for us we are 183 miles from our headquarter logistics hub, which is in Miami, Florida, and there has been no reported supply chain delay or shipping in the supply chain into this region.” A release announcing the Aeropost purchase identified a Canadian, Toronto-based entrepreneur called Adam Arviv as Mr Bastian’s partner in Click Bahamas. Research by this newspaper indicated that the two men come from similar backgrounds, with Mr Arviv named in Internet reports as one of the founders of Bragg Gaming, a gaming technology and content provider. He was said to have left that company last year. Meanwhile, Mr Bastian was said to have been advised on the Aeropost deal by Simon Legge, who was identified on the SEC filing as a “director of the general partner”. A person of the same name is identified as Bragg Gaming’s head of mergers and acquisitions on their LinkedIn page.
The release said: “Click LP’s mission is to revolutionise the online shopping experience for retailers and consumers in Central America and Caribbean, building one of the largest e-commerce marketplace and smart-locker networks in the region and optimising last-mile delivery and service. “Click was co-founded by Bahamian entrepreneur, Sebastian Bastian, and Toronto dealmaker, Adam Arviv, with Simon Legge acting as lead advisor to Bastian and Arviv, and stepping into the chief financial officer role at Click. This all-star team is in place to launch a massive smartlocker platform that will service 60m customers desperately in need of last mile e-commerce solutions.” Aeropost was billed as having payment methods that allow consumers to buy US-sourced merchandise, with the acquisition combining its logistics and shipping operations with Click Partners’ smart locker
technology. It was also said to be handling $400m worth of cross-border commerce annually. Click Partners bought Aeropost from Nasdaqlisted PriceSmart. “In discussions with the Aeropost team, we quickly saw the great strategic fit with our business and the fantastic opportunity to build shareholder value that the combination represented,” said Mr Arviv, Click Partners’ founder. “Putting Aeropost’s cross-border logistics and e-commerce capabilities together with Click’s marketplace technology and smart-locker network creates a comprehensive solution that will transform the market.” “Our vision is to provide Caribbean and Central American vendors and consumers with an end-to-end solution, allowing them to access millions of products from around the world at affordable prices,” said Mr Bastian, named as Click Partners’ executive chair.
The deal also involved the purchase of 100 percent of Click to Collect West Indies, a smart-locker and marketplace technology provider, from Wyyse Technologies Group in a related party deal. Mr Bastian is Wyyse’s founder and co-chair, with Philip Simon, ex-Chamber of Commerce executive director, listed as one of its directors. The Aeropost purchase is likely a further example of how Mr Bastian is using Island Luck’s web shop gaming profits, and market-leading status, to help finance expansion of his business empire. He has previously launched Brickell Management Group and Vandoff Construction, entering real estate and construction, as well as launching into financial services and insurance via Investar Securities and BMG Insurance Agents & Brokers. The Click Partners move, together with Wyyse Technologies, takes Mr Bastian back into the digital economy, with the former likely to be employed as a private equity/venture capital style investment vehicle.
PAGE 8, Thursday, December 2, 2021
THE TRIBUNE
GOV’TS FINANCIAL WATCHDOG SLAMS OFFICIALS’ OBSTRUCTION FROM PAGE ONE
now “underway” across the Government. However, he warned that potential governance improvements - which should result from the system’s provision of “realtime financial information” - could yet be derailed by the so-called ‘deep state’ of “bureaucracies” and the absence of critical decisionmaking by “top level civil servants”. The auditor general’s issues were set out in a November 10, 2021, report by Mr Bastian and his staff that was tabled in the House of Assembly earlier this week. “A matter of concern exists in regards to obtaining access to audit information/documentations within some government departments/ ministries,” he wrote. “Some public officials still appear to be unaware of the provision of Section 41 (1) (a) of the Financial Administration and Audit
Act 2010, which entitles the Office of the Auditor General to have access to all books, records, returns and reports related to government accounts. “As a result, the work of the Auditor General’s Office continues to be impeded in some cases due to the lack of co-operation by officials of various ministries and departments.” The culprits were not identified and, although this is not the first time Mr Bastian has raised such concerns, the fact he has repeated them indicates there has been little improvement in some officials’ approach. “Some public officers are not being held accountable for their actions, which results in loss or wastage of government funds,” the auditor general added, in a conclusion that will likely come as little surprise to informed observers. “The belief of public accountability is generally construed as the obligation to answer for the
discharge of responsibilities entrusted to government officials/workers. When accountability is present, an organisation operates more efficiently, effectively and economically. In addition, the environment is more conducive to positive growth.” Mr Bastian then placed great emphasis on efforts to implement an Integrated Financial Management Information (IFMIS) across all government departments and agencies, describing it as an efforts to fully computerise “public financial management processes”. Noting that execution will “provide a complete audit trail” for his office to follow, he said: “The implementation of IFMIS is underway, and hopefully can be completed in a timely manner..... A fully functioning IMFS can improve governance by providing real-time financial information that financial and other managers can use
‘I’VE NEVER SEEN PRICES THIS HIGH’ FROM PAGE ONE
the US such as Brazil and Europe, although the greater distances involved meant delays and longer delivery times. “We’ve become a lot more flexible in the brands that come in,” she added. The Bahamian subsidiary has been able to draw on its US parent’s own brands “to fill the gap” in its product range caused by the supply chain crisis, which has “helped to save consumers a little bit of money because
these products are made for us”. Summing it up, Ms Evans said: “I have never in all my years in this industry seen prices this high, and a lot of it is due to inflation.... There are a lot of challenges. I am hoping it will be over in six months but there are a lot of challenges.” Her comments give an indication of the food price hikes that may await Bahamian consumers in early 2022. Rupert Roberts, Super Value’s president, said earlier this week that
while the supermarket chain has been able to “hold the line” on prices through Christmas they may increase by between 10-15 percent in the New Year. With the entire Bahamian economy impacted by the global breakdown, Michael Pratt, the Bahamian Contractors Association’s (BCA) president, told the webinar that construction is “facing the perfect storm” as a result of the COVID-19 pandemic’s fall-out.
to administer programmes effectively, formulate budgets and manage resources. “A sound IFMIS can help the Government gain effective control over its finances, and also enhance transparency and accountability, reducing political discretion and acting as a deterrent to corruption and fraud.” However, Mr Bastian warned that this effort could run into internal opposition within the Government. He wrote: “Implementing a successful IFMIS is paved with difficulties, such as resistance from the bureaucracies involved and lack of decision-making from the top-level civil servants.” Besides providing a better, and more true, audit trail, the auditor general said the system’s introduction will provide “timely, accurate and consistent data for management and budget decision-making”, while providing for “greater financial control” and
better support for policy decisions. Finally, Mr Bastian also voiced concerns about manpower needs at his agency. “The Office of the Auditor General continues to operate with minimal staff,” he said. “However, the Government of The Bahamas with the assistance of the Ministry of Finance has allowed the Office of the Auditor General to hire staff on contract and to outsource to private accounting firms. “We are expecting to continue to the process of hiring by way of contracts in order to increase numbers and upgrade the quality of staff.” Elsewhere, the Auditor General’s Office report also voiced concerns about governance at state-owned enterprises (SOEs) that consumed a collective $421.68m in taxpayer subsidies, or 17 percent of the $2.46bn recurrent spending, in the 2018-2019 fiscal year.
The Public Hospitals Authority (PHA), which accounted for $230.23m or 55 percent of this sum, went over budget for that year by $14.23m. Others who burst their subsidy allocations were the Water & Sewerage Corporation, which at $31.01m went over its $25m Budget allocation by $6m, and the University of The Bahamas (UoB), which was $6.98m over-budget at $38.55m. Pointing out that SOEs were required to table their annual reports and audited financial statements in Parliament annually, although in practice none meet these stipulations, the report said: “The SOEs’ efficiency, effectiveness, transparency and good governance are supreme. “Accordingly the independent audited financial reporting is integral for all stakeholders. Advancing timely issuance of the same is fundamental.”
“There are delays in steel, lumber and other metals. Some items are backed up for as long as six months,” he added, revealing that while contractors had been able to previously take three-four days to recover imported containers and get them to the job site, shipping companies were now coming for them the same day “to get them back into the supply chain”. Mr Pratt said delayed and backlogged raw material deliveries also meant “there is no way to guarantee” pricing or when construction would be finished, which was causing havoc for persons relying on mortgage financing due to doubts on whether there was enough money to complete. This, he added, was causing losses for both contractors and consumers. Daynan Tynes, an Abaco Chamber of Commerce director, said the island’s post-Dorian reconstruction continued to be impacted
by materials price hikes of 35-40 percent compared to one year ago. “Our supply chain has been really hampered by being unable to get large shipments in from suppliers,” he said. “Right now we have a labour shortage in Abaco. We have a labour shortage because we don’t have anywhere for people to stay and live. People are not coming home because they have no homes, and if they have homes they have no school. “Demand has increased but supply has decreased. Containers for trailers are more expensive than before. There are not enough trailers, and that creates a bottleneck for the supply chain coming in. We are now at a point where most of Abaco is ready to start in the Marsh Harbour area, where we have a lot of development supposed to be coming. “That has basically been on hold because we don’t
have the materials,” Mr Tynes added. “We can’t get the materials, and whatever the price of those materials were a year or two ago, they have increased by 35-40 percent. “If you have a loan or insurance to build your home, you don’t have enough money to build it. This has definitely affected Freeport, Abaco and Grand Bahama in the supply chain, getting both materials and labour.” Mr Tynes said persons were starting to switch from using ‘grade A’ wood to that of a lower standard for construction, while obtaining air conditioning units and parts had become extremely difficult. “We cannot get all the materials for these things,” he added. “The raw materials are not there. We have shortages in copper, plastics, metals and graphites. You have a shortage of all these things.”
Reputable and Growing Gaming Company, accepting resumes for
Senior C#/.net Developer
Essential Duties & Functions: (Includes but not limited to) • To work alongside the Technical Product Manager to develop new lottery betting products for the B2B market, translate user stories and use cases into functional applications. • Lead the technical delivery of new products from concept and discovery through to launch, working with existing external teams to maximize code re-use where appropriate. • Work with internal and external development resources to ensure you deliver engaging experiences for our customers. • To work alongside the Technical Product Manager team to set the roadmap, aligning all programming resources behind a common goal. • Work with external technical partners to ensure best practice is being followed and provide support while internalizing much that legacy knowledge to provide redundancy. • Work with UI/UX resources to ensure the technical feasibility of designs. • Develop API for new lottery games to enable them to do integrated into 3rd party RGS. • Create all API documentation.
Interested candidates are required to possess the following managerial skills and qualifications: • Must have experience in building and leading technical teams within a lean/agile development environment within the Gaming industry ideally with exposure to the B2B world. • Strong knowledge of the .NET framework, C#, OOP and SQL a must • Also Java, HTML5, ASP.NET, Web API, MVC / MVVM, JSON • Familiarity with various design and architectural patterns • Ability to work with turn basic requirements and user stories into meaningful, reliable tasks. • A background in Sports betting and/or Lottery industry with the ability to output technical design documents suitable for use by 3rd parties. • Ability to maintain a good balance between short-term delivery and longer term planning. • An analytical and inquisitive mind-set with the ability to translate business cases and analysis into tangible outcomes. • High levels of commitment and enthusiasm. • Interest in and knowledge of the latest technology and media trends • Highly organized and self-motivated, with a desire to see a job through to conclusion. • Excellent communication skills, both verbal and written and comfortable operating at all levels. • High proficiency in use of MS Excel and Office suite in general. • Ability to be proactive and work with minimal supervision. • Degree in Computer Science.
Interested qualified candidates may submit their resume via email to info@242careers.com. Deadline for submissions – December 10th, 2021 Only successful candidates will be contacted.
THE TRIBUNE
FED SURVEY FINDS SUPPLY-CHAIN SHORTAGES BOOSTING INFLATION By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — Many parts of the country were hit by supply chain disruptions and labor shortages in November, the Federal Reserve reported Wednesday. In a survey of business conditions around the country, the Fed’s 12 regional banks found that the economy continued to grow at a modest-to-moderate pace, and the outlook for future growth remains positive. But some of the Fed’s some business contacts expressed uncertainty about when the problems presented by supply chain bottlenecks and labor shortages might begin to ease. In part because of the supply chain problems,
price increases were reported to be widespread across the economy. “There were wide-ranging input cost increases stemming from strong demand for raw materials, logistical challenges and labor market tightness,” the Fed’s report, known as the beige book, said. The Fed survey, which is based on interviews with business contacts last month in all 12 of the Fed’s regional bank districts, will form the basis for discussions when central bank officials hold their final meeting of the year on Dec. 14-15. In congressional testimony this week, Federal Reserve Chairman Jerome Powell said the central bank is prepared to speed up the pace of the pullback of the easy-money policies
it has been using to support the economy for the past 20 months. The Fed had been buying $120 billion in Treasury bonds and mortgage-backed securities since the spring of 2020. At its meeting last month, the central bank announced that it would start to trim those purchases, which serve to keep long-term interest rates low, by $15 billion in November and another $15 billion in December. Powell’s comments this week indicated the Fed may announce at its December meeting that it will make larger monthly reductions in the future so that the bond purchases can be totally ended earlier than the June end-date which had been expected.
A CONTAINER ship is docked at the Port of Long Beach in Long Beach in Calif., Oct. 1, 2021. Many parts of the country were hit by supply chain disruptions and labor shortages in November, the Federal Reserve reported Wednesday, Dec. 1, 2021. In a survey of business conditions around the country, the Fed’s 12 regional banks found that the economy continued to grow at a modest-tomoderate pace, and the outlook for future growth remains positive. Photo:Jae C. Hong/AP
THIS photo shows a sign bearing the company logo outside a Tesla store Feb. 9, 2019 in Cherry Creek Mall in Denver. Tesla says it has officially moved its corporate headquarters from Silicon Valley to a large factory under construction outside of Austin, Texas. The company made the announcement late Wednesday, Dec. 1, 2021 in a filing with U.S. securities regulators. PHOTO:David Zalubowski/AP
TESLA OFFICIALLY MOVES HEADQUARTERS FROM CALIFORNIA TO TEXAS AUSTIN, TEXAS Associated Press TESLA says it has officially moved its corporate headquarters from Silicon Valley to a large factory under construction outside of Austin, Texas. The company made the announcement late Wednesday in a filing with U.S. securities regulators. CEO Elon Musk had said at the company’s annual meeting in October that the move was coming. The filing said the relocation from Palo Alto, California, to what Tesla calls a “Gigafactory” on Harold Green Road near Austin was done on Wednesday. In U.S. regulatory filings at the end of last year, Tesla said it had about 71,000 employees worldwide. Company news releases in 2020 said about 10,000 work at the Palo Alto headquarters and 10,000 are employed at its factory in Fremont, California. It wasn’t clear if all of the headquarters employees would be required to move. A message was left Wednesday seeking comment from Tesla, which has
disbanded its media relations department. Wedbush analyst Daniel Ives said in October that he expects some of the 10,000 employees in Palo Alto won’t want to leave the Bay Area, but says a large number will, due to Austin’s lower cost of living. He said he thinks Tesla will give many the option of staying, but expects 40% to 50% to make the move. “The tax incentives down the road, we believe, will be massive when you compare taxes versus California,” Ives said. “Getting employees is much cheaper and easier in Texas.” CEO Elon Musk hinted at making a move ever since a spat with Alameda County, California, health officials over reopening the factory in Fremont last year at the start of the coronavirus pandemic. Musk has said that he has moved his residence from California to Texas, where there is no state personal income tax.
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That would clear the way for the Fed to begin raising its benchmark interest rate, which was reduced to a record low of 0% to 0.25% in early 2020. Both the ending of the bond purchases and the start of interest rate hikes would be expected to raise borrowing costs for
Thursday, December 2, 2021, PAGE 9
consumers and businesses as a way to slow the economy and fight inflationary pressures. Powell made his comments as inflation has surged to a three-decade high, largely because the pandemic has limited supplies at a time when the re-opening of the economy has led to high demand. The Fed report said that companies were complaining about “persistent difficulty in hiring and retaining employees” with many leisure and hospitality firms still limiting operating hours due to a lack of workers.
The report said businesses had heard a variety of reasons for the labor shortages. Those included the lack of childcare, retirements, and continued safety concerns revolving around the persistence of COVID cases. The survey was conducted before the emergence of the new omicron variant. “Nearly all districts reported robust wage growth,” the Fed said. “Hiring struggles and elevated turnover rates led businesses to raise wages and offer other incentives, such as bonuses and more flexible working arrangements.”
Reputable and Growing Gaming Company, accepting resumes for
Vice President of Marketing
Essential Duties & Functions: (Includes but not limited to) • Manage the day to day activities of the department including but not limited to: performance management, goal setting, career development. • Manage and align the development roadmap with the high level strategy, working with internal and external stakeholders, including Directors, Product Manager levels, Marketing and Operations. • Lead customer-centric thinking and craft programs to meet those target markets. • Lead analysis cross all platforms and channels to measure overall performance drivers, including calendar optimization, steering decisions and conversion. • Developing and executing the strategic commercial marketing planning support of the overall strategy, optimizing the development of product and services. • Work with internal stakeholders to plan, create and launch creative campaigns and compelling stories around ACME’s key differentiators. • Analyze existing brand and continue to strengthen the brand’s unique and compelling image, personality and voice to build relevance and equity among target consumer audiences, and maintains and improves the reputation of the company and its stakeholders.
Interested candidates are required to possess the following managerial skills and qualifications:
• Proven experience as a VP of Marketing, preferably in related industry. • Proven leadership experience carrying out marketing efforts, including planning, prioritizing and implementing strategy. • Demonstrable understanding of marketing strategy development, execution for new and existing brands and ability to plan effective promotions. • Innovative and able to take risks and implement creative ideas for the business profits. • Strategic mindset with ability to make difficult decisions. • Excellent communication and people skills. • Strong analytical and project management skills. • Preferred BSc/BA in Marketing, Communications or relevant discipline. Interested qualified candidates may submit their resume via email to info@242careers.com. Deadline for submissions – December 10th, 2021 Only successful candidates will be contacted.
PAGE 10, Thursday, December 2, 2021
FACEBOOK: FAKE SCIENTIST USED TO SPREAD ANTI-US PROPAGANDA By DAVID KLEPPER AND AMANDA SEITZ Associated Press A DISINFORMATION network with ties to China used hundreds of fake social media accounts — including one belonging to a fictitious Swiss biologist — to spread an unfounded claim that the U.S. pressured scientists to blame China for the coronavirus, Facebook said Wednesday. The company based in Menlo Park, California, did not directly attribute the network to the Chinese government. But it noted employees of Chinese staterun companies, and the country’s state-run media, worked to amplify the misleading claims, which were soon the subject of news headlines in China. “In effect it worked like an online hall of mirrors, endlessly reflecting the original fake persona and its anti-US disinformation,” according to Ben Nimmo, who leads investigations into disinformation at Meta, the parent company of Facebook and Instagram. The operation began in July, when a Facebook account was created in the name of Wilson Edwards, a self-professed Swiss biologist. That same day, the account user claimed, without evidence, that U.S. officials were using “enormous pressure and even intimidation” to get scientists to back calls for renewed investigations into the origin of the virus. Within hours, hundreds of other accounts — some of which were created only that day — began liking, posting or linking to the post. Many of the accounts were later found to be fake, with some of
THE TRIBUNE the users posing as westerners and others using likely fabricated profile photos. Facebook said it found links between the accounts and a tech firm based in Chengdu, China, as well as to overseas employees of Chinese infrastructure companies. Within a week of the initial post, large media outlets in China were reporting on the claims of U.S. intimidation as if they had been made by a real scientist. The operation was exposed when Swiss authorities announced in August that they had no record of any biologist with Edwards’ name. “If you exist, we would like to meet you!” the Swiss embassy in Beijing tweeted. China’s Ministry of Foreign Affairs has said in the past that the country’s government does not employ trickery on social media. Efforts to contact the companies cited in the report weren’t immediately successful on Wednesday. In all, Meta removed about 600 accounts on Facebook and Instagram that were linked to the network, Nimmo told reporters on a call Wednesday that touched on the company’s response to several disinformation networks around the world. Facebook uncovered fake accounts affiliated with the network that had also waded into U.S. politics last year, with some posting memes that both attacked and supported ex-President Donald Trump. One post on Instagram called him “the worst president ever!” The group behind the effort also created accounts on Twitter, which has since suspended the account supposedly created by Edwards. Nimmo said the network was easily spotted by its clumsy tactics. Several of the fake accounts sent out identical posts at similar times — a clear indication of coordination. Another person apparently working for the network posted instructions for reposting the claim in what Facebook determined was likely a sloppy mistake.
THIS July 16, 2013 file photo shows a sign at Facebook headquarters in Menlo Park, Calif. Beginning Thursday, Aug. 13, 2020. A disinformation network with ties to China used hundreds of fake social media accounts — including one belonging to a fictitious Swiss biologist — to spread an unfounded claim that the U.S. pressured scientists to blame China for the coronavirus, Facebook said Wednesday, Dec. 1, 2021. Photo:Ben Margot/AP
POLICE: FEDEX PACKAGES FOUND IN WOODS AT SECOND ALABAMA SITE JEMISON, Ala. (AP) — Nearly two dozen FedEx packages have been found dumped in woods along a rural road in an Alabama town about 75 miles from a ravine where hundreds of undelivered FedEx parcels previously were discovered, police said Wednesday. Police in the town of Jemison said in a statement on social media that about 20 packages destined for locations on nine different roads were discovered. "We are in the process of contacting officials with Fed Ex so that they can investigate this situation and contact their customers," police said. It wasn't clear how long the items had been on the roadside or whether there was any link to an earlier discovery in Blount County near Hayden, where Sheriff Mark Moon said a FedEx Ground driver dumped packages into a ravine in the woods at least six times. Moon said Tuesday that there are about 450 victims after hundreds of packages were discovered dumped last month. "This will not be an easy or fast case to close," Moon said. "Again I am asking for patience from our citizens
as our investigators work through this case." The driver, whose name hasn't been released, has been identified and questioned, Moon said. Memphis, Tennesseebased FedEx said in a statement that the person involved was no longer providing service for FedEx Ground and added it was cooperating with law enforcement on its investigation. "The security of our customers' shipments is a top priority and we are committed to treating our customers' packages with the utmost care," FedEx said, adding that it would deliver recovered packages wherever possible and seek resolution for any damaged shipments. The ravine is about 30 miles (50 kilometers) north of Birmingham. The discovery was made on private property near the small town of Hayden, Moon said. Following the discovery, deputies guarded the site, and FedEx sent multiple trucks and drivers from across the South to take away the packages, according to the sheriff.
THE TRIBUNE
Thursday, December 2, 2021, PAGE 11
TRADERS DAVID O’DAY, left, and Colby Nelson work on the floor of the New York Stock Exchange, Wednesday, Dec. 1, 2021. The latest move in Wall Street’s jolting roller-coaster ride is back up, as stocks, oil and bond yields climb in early Wednesday trading to recover some of their sharp losses from the day before. Photo:Richard Drew/AP
MARKETS TURN CAUTIOUS, REVERSING AN EARLY GAIN TO END LOWER By STAN CHOE, DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers ANOTHER rollercoaster ride on Wall Street whipsawed investors Wednesday as an early market rally reversed course by midafternoon, piling up more losses for stocks. The S&P 500 had been up 1.9% in the early going following some betterthan-expected readings on the U.S. economy, but the gains gradually gave way to a 1.2% skid. The afternoon reversal is the latest dizzying move for Wall Street’s benchmark, which sank 2.3% on Friday for its worst loss since February, only to then rise 1.3% on Monday and then fall 1.9% on Tuesday. The Dow Jones Industrial Average ended with a 1.3% loss, while the Nasdaq composite fell 1.8%. Both indexes had been solidly higher until the market’s afternoon swoon. The wild movements are partly the result of investors struggling to handicap how much damage the newest coronavirus variant will do to the economy. Markets were already headed lower Wednesday afternoon when the White House announced that the first case of the omicron variant had been found in the U.S., in a person who recently had returned from South Africa. “Investors are going to have to get used to the idea that this is not going to be the last variant,” said Liz Young, chief investment strategist at SoFi. “This is likely something that is with us for a while and we have to learn to live with it and manage growth from an investment standpoint.” Another weight dropped on Wall Street Tuesday when the head of the Federal Reserve said that it may halt its immense support for financial markets sooner than expected amid persistently high inflation sweeping the world. But since climbing out of its early 2020 collapse caused by the first wave of COVID-19, one hallmark of the stock market’s powerful run has been the continued willingness by bargain-hunting investors to buy following any dip in prices. That lasting habit has helped the S&P 500 set 66 all-time highs so far in 2021, the second-most on record for a year, according to S&P Dow Jones Indices. It also helped the Dow initially climb 520 points Wednesday. The blue chip index ended up dropping 461.68 points to 34,022.04. The Nasdaq slid 283.64 points to 15,254.05, while the S&P 500 fell 53.96 points to 4,513.04. Smaller company stocks fared worse than the broader market. The Russell 2000 index fell 51.49 points, or 2.3%, to 2,147.42.
It had been up as much as 2.5% earlier. Longer-term Treasury yields initially recovered some of their sharp drops from the day before, triggered by worries about slowing economic growth. But the rebound didn’t last. The yield on the 10-year Treasury slid to 1.41% from 1.44% late Tuesday, when it fell from 1.52%. Some better-thanexpected data on the economy failed to avert the late-day wave of selling. A report from the Institute for Supply Management showed that growth in the U.S. manufacturing sector accelerated a touch faster last month than economists expected. A separate report from payroll processor ADP said that non-government employers hired more people in November than economists expected. That could raise expectations for Friday’s more comprehensive jobs report from the U.S. government, though the ADP report doesn’t have a perfect track record predicting it. A stronger economy would burn more fuel, and crude oil prices initially rose, briefly sending Benchmark U.S. crude 2.1% higher. But it shed those gains, closing down 0.9% at $65.57 per barrel. It momentarily dropped below $65 the day before. Vertex Pharmaceuticals rallied 9.7% for the biggest individual gain in the S&P 500 after it reported encouraging data from a study of its investigational treatment for kidney disease. More than 80% of stocks in the S&P 500 fell. Travel stocks had some of the biggest swings Wednesday. Norwegian Cruise Line climbed 4.6% in morning trading, but ended with an 8.8% loss. American Airlines flipped from a 3.1% gain to an 8% loss. A measure of fear on Wall Street jumped 14.5%. The VIX, which shows how worried investors are about upcoming drops for the S&P 500, is still well above where it was before omicron walloped markets worldwide after Thanksgiving. “The biggest driver of the near-term volatility has been omicron,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “It clouds near-term visibility, and it’s just simply too early to tell the extent to which it will evade existing vaccines and how severe it will be relative to other mutations. It’s the big unknown.” The possibility of less help for markets from the Fed continues to hang over Wall Street. Chair Jerome Powell said Tuesday the central bank will consider an earlier halt to its monthly purchases of bonds, which are meant to goose the economy by keeping rates low for mortgages and other long-term loans.
PAGE 12, Thursday, December 2, 2021
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, HANDSOM BRICE COLLIE of #368 Explores Way, Huson Estate, Freeport, Grand Bahama, intend to change my name to HANSEL COLLIE. 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 JOHN TONY PETION of South Beach, P.O. Box CB-12676 Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2th day of December, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that YAMILKA CORREOSO TOLEDO #30 Tahiti Drive, Freeport, Grand 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 25th day of November, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
THE TRIBUNE
Thursday, December 2, 2021, PAGE 13