THE ATTORNEY General last night denied that he or any government official gave permission for FTX’s now-arrested founder to violate a freeze order by returning $100m in assets to 1,500 purported “Bahamian” clients.
Ryan Pinder KC, in response to Tribune Business inquiries, said “no authorisation was given by any party” after an e-mail
A MAJOR legal battle was brewing last night for control of $256.3m worth of Bahamian real estate assets as FTX’s local liquidators sought to extract them from Chapter 11 bankruptcy proceedings in the US.
Brian Simms KC, the Lennox Paton senior partner, and the PricewaterhouseCoopers (PwC) accounting duo of Kevin Cambridge and Peter Greaves, are arguing that the proper forum for winding-up “hundreds of millions of dollars worth of Bahamian real estate” is this country’s Supreme Court rather than the Delaware federal bankruptcy court.
FTX Property Holdings, the entity holding 35 high-end properties purchased in developments such as Albany and GoldWynn, was
exchange between himself and Sam Bankman-Fried revealed the latter sought his go-ahead to “open up withdrawals for all Bahamian customers” just hours before the Supreme Court ordered FTX’s local operations be placed in provisional liquidation.
The documents, which emerged in the Delaware bankruptcy court around the same time that Mr Pinder and the Government were last night announcing Mr
FTX Property Holdings has no connection to the US as all its assets and creditors are located in this nation. And, as the company has only done business in The Bahamas, it should naturally be wound-up here as such a process will be “extremely difficult, if not impossible, to administer” from Delaware.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.netamong those placed into Chapter 11 bankruptcy protection in Delaware by the crypto currency exchange’s founder, Sam Bankman-Fried, who was last night arrested pending his extradition to the US to face criminal charges over its implosion.
However, the Bahamian provisional liquidators are arguing that
The trio are also asserting that FTX Property Holdings’ placement into Chapter 11 protection violated Bahamian law. They allege that the consent of its second director, FTX Digital Markets chief Ryan Salame, was also required for this but there is “no evidence” it was forthcoming.
The eventual sale of FTX’s Bahamian real estate assets, all of which are concentrated in western New Providence, represent a major source of recovery for the collapsed crypto exchange’s investors and creditors
DR HUBERT Minnis yesterday sought to blame the last Christie administration’s failure to conduct “proper due diligence” for the $5.5bn Oban oil refinery debacle, while admitting that his government “took the hit”.
Challenged over the controversy by government MPs in the House of Assembly during debate on the National Investment Funds Bill, which will repeal and replace the Sovereign Wealth Fund Act, the former prime minister argued that his assumption of responsibility for the lack of scrutiny applied to Oban’s principals was “what leadership is about”.
Tribune Business revealed multiple concerns about the background of several Oban executives, including one who was accused of misappropriating multi-million dollar sums in two separate lawsuits, immediately after the group signed a Heads of Agreement with the
then-administration for its Grand Bahama-based project.
Taunted by government MPs on the matter, Dr Minnis argued that Oban was inherited from the former Christie administration which should have performed the necessary due diligence. He added that his government “assumed” this had been done, but it was not, as he sought to shift blame to his predecessor.
“Unfortunately what we did not know was they did not do proper due diligence, and we got caught with that,” Dr Minnis said of the predecessor administration.
Incentives that sparked almost $202m of local investor demand for The Bahamas’ US dollar bonds has been “very, very significant” in driving an international debt turnaround, a senior official said yesterday.
Simon Wilson, the Ministry of Finance’s financial secretary, told Tribune Business that the Central Bank’s temporary elimination of the 5 percent Investment Currency Market (ICM) premium for Bahamians and residents wishing to purchase the Government’s international foreign currency bonds had been “very successful” in expanding the pool of available investors.
This, in turn, appears to have helped restore international capital market con fidence in The Bahamas’ sovereign debt. And, with listed bond issues now trad ing close to ‘par’ or face value, and yields having dropped by close to 50 percent in percentage terms, the recovery will help to lower the country’s borrowing costs when it taps global investors again - although the Government is aiming to avoid this for the entire 2022-2023 fiscal year.
“Based on the information we have, it has been very significant,” Mr Wilson told this newspaper of the impact of the Central
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.nettime of arrival) of
Bank Digital Currency, the Sand Dollar. This will unlock interoperability with all other local payments service providers. All busses will also be equipped with free Wi-Fi”.
Mr Moxey said the partnership will allow the UPTC to “control the business”, and enable it to unify the industry and provide better quality service to the Bahamian public. He added that the “dispatch centre” located on University Drive will be unveiled by next week.
“Things were delayed this year with one or two items coming into place, but in the first quarter of next year we are going to start to get the ball rolling. We expect things to happen rapidly for the first quarter for next year,” he added.
John Bridgewater, Bluestone Labs chief executive, told Tribune Business: “Things are progressing very well. We begin the pilot phase in the early part of the New Year, and we will be launching the first dispatch centre on University Boulevard between this and next week.
“It is going to be modernised and more intuitive than what is available now. So persons will be able to access a mobile app, or they’ll be able to view it on the web, no matter where you are or where you want to go. It gives you a rideshare like Uber and Lyft’s interface.”
The biggest obstacle to jitney industry unification is the fragmentation of the franchise operators and their lack of cohesion around a single corporate entity.
Mr Bridgewater dismissed those fears by asserting that the UPTC is already
an organised body, and “they own 70 percent of the actual busses in the system” with considerable market share.
Mr Bridgewater added: “We are going to have multiple means of payment for the average individual. Forty-three percent of the bus passengers are actually school students. The young demographic of Bahamians have a very large appetite for digitisation.” He said the use of a digital identity for public transportation has several benefits, including improved efficiency and security.
“The UPTC Jitney Pass is a great example of how digital identity can improve public transportation systems. Using the Sand Dollar, we expect to drastically increase the volume of Sand Dollars in current circulation from $300,000 to roughly $18m yearly. This is currently on-par with the Chinese digital e-CNY retail roll out. We are proud to be a part of this important project, and we look forward to seeing the benefits it brings to The Bahamas,” Mr Bridgewater added.
Mr Moxey said: “We are excited to partner with
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Bankman-Fried’s arrest pending extradition to the US, disclose the Attorney General’s demands of the latter for information on FTX’s financial health and solvency so that he could properly brief Prime Minister Philip Davis as the crypto currency exchange was imploding.
The FTX founder, in an early morning e-mail at 2.27am on Thursday, November 10, gave a now-typical apology for “this mess” and promised the crypto exchange was “deeply committed” to The Bahamas. He then revealed that the crypto exchange had separated all Bahamian client assets from those of other customers, and said it was “the very least of our duty to the country” to give them preferential treatment by returning their funds.
“We are deeply grateful for what The Bahamas has done for us, and deeply committed to it. We are also deeply sorry about this mess,” Mr Bankman-Fried told Mr Pinder. “As part of this we have segregated funds for all Bahamian customers on FTX.
“And we would be more than happy to open up withdrawals for all Bahamian customers on FTX, so that they can, tomorrow, fully withdraw all of their assets, making them fully whole. It’s your call whether you want us to do this, but we are more than happy to and would consider it the very least of our duty to the country, and could open it up immediately if you reply saying you want us to. If we don’t hear back from you, we are going to go ahead and do it tomorrow.”
There was NO EVIDENCE presented that Mr Pinder, or any Cabinet minister or government official, gave Mr BankmanFried permission to act and the FTX founder duly proceeded to do as he pleased - as the e-mail warned. The early morning message was also copied to Allyson Maynard-Gibson KC, the former attorney general and minister of financial services and investments, who is FTX’s Bahamian attorney.
The e-mail exchange between Mr Pinder and Mr Bankman-Fried was revealed by John Ray, the latter’s replacement as chief executive for the 134 FTX entities currently in Chapter 12 bankruptcy protection in Delaware, as part of legal filings responding to demands by the joint provisional liquidators for FTX Digital Markets, the Bahamian entity, that their access to the company’s cloudstored books and records be restored (see other article on Page 1B).
It also reveals for the first time the amount of funds withdrawn from FTX, and number of clients who benefited, with asset returns occurring for more than an entire day in defiance of the Supreme Court’s November 10, 2022, freeze order and appointment of the joint provisional liquidators.
Mr Ray, noting that withdrawals from the crypto currency exchange’s platform had been suspended from November 8 as a result of its multi-billion dollar liquidity crunch, said Mr Bankman-Fried and fellow FTX co-founder, Gary Wang, “were in close and frequent contact with the [Securities] Commission and attorney general
throughout the week” leading up to the collapse.
Referring to the November 10 e-mail about preferential treatment for Bahamian clients, Mr Ray alleged: “Debtors’ investigation to date shows that Mr Bankman-Fried did open withdrawals on the FTX.com exchange for certain customers for a period of approximately 25.5 hours, from 10.30 am on November 10, 2022, to noon on November 11, 2022, during which time nearly $100m in crypto currency was withdrawn by approximately 1,500 individuals and entities purporting to be Bahamian customers for Know Your Customer (KYC) purposes.
“No other customers of FTX entities were given such an opportunity for preferential treatment. Notably, the opening of this window took place after the commencement of the provisional liquidation proceedings in The Bahamas and after US counsel was engaged to begin contingency planning for Chapter 11.
“The debtors continue to investigate the identities of those who received these withdrawals, including whether they actually satisfied applicable KYC and other legal requirements. The debtors reserve all rights with respect to such withdrawals, including without limitation, the right to claw back any payments.”
The identities of the 1,500 FTX clients who recovered their assets, in what are likely to be “fraudulent preferences” and subject to recovery by the Bahamian provisional liquidators, were not revealed. It is unclear whether prominent Bahamians, including
politically exposed persons (PEPs) and those with the right family ‘connections’, are among the 1,500 although Mr Ray did not hide his scepticism that all were locals.
The documents were disclosed just as the Government trumpeted Mr Bankman-Fried’s arrest by the Royal Bahamas Police Force in response to a formal US Department of Justice notice that it has filed criminal charges against the FTX founder and will likely seek his extradition. The move has been anticipated for weeks, with the US attorney’s office for southern New York revealing that the indictment and charges will be unsealed this morning.
The Attorney General’s Office, in a statement, said Mr Bankman-Fried was being held under the Extradition Act and, once the US submits a formal request that he be handed over, it will be processed “promptly pursuant to Bahamian law and its treaty obligations with the US”.
Prime Minister Davis, in an accompanying statement, said the US extradition requests would not halt local probes into FTX’s collapse by the Securities Commission and Royal Bahamas Police Force (RBPF). “The Bahamas and the US have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law,” he said.
“While the United States is pursuing criminal charges against Sam BankmanFried individually, The Bahamas will continue its own regulatory and criminal investigations into the
collapse of FTX, with the continued co-operation of its law enforcement and regulatory partners in the US and elsewhere.”
Mr Bankman-Fried’s arrest by the Bahamian authorities blows up a central thrust of Mr Ray’s legal arguments - that Mr Bankman-Fried and Mr Wang are colluding with the Government and joint provisional liquidators. He used this to explain why he should not give Brian Simms KC, the Lennox Paton senior partner, and PricewaterhouseCoopers (Pwc) accountants Kevin Cambridge and Peter Greaves, to FTX Digital Market’s cloud-stored records.
“It is a request for live, dynamic access that would be provided immediately to the Government of The Bahamas and to Messrs Samuel Bankman-Fried and Gary Wang, who are located in The Bahamas and working closely with Bahamian officials. The debtors simply cannot allow this to occur,” Mr Ray asserted.
“The joint provisional liquidators’ access to the debtors’ cloud-based environments was limited on November 12, 2022, following substantial and unauthorised access, at a minimum, by Messrs Bankman-Fried and Wang at the direction of the joint provisional liquidators and the Securities Commission of the Bahamas.”
The joint provisional liquidators could not be reached for comment before press time last night, although this newspaper was told they will respond to Mr Ray’s latest filings imminently. Sources close to the trio, speaking on condition of anonymity as they were not authorised to talk publicly, said much of the FTX Trading chief’s arguments were “clearly misguided on the facts” and branded him “a loose cannon”.
For the Securities Commission’s actions, in transferring FTX Digital Markets’ assets to a secure electronic wallet under its control, were approved by the Supreme Court on November 12, 2022, amid fears that the crypto exchange was exposed to hackers and they could be stolen/lost.
And the regulator, one day previously, had shut down the withdrawal of FTX Digital Markets client assets while warning that such payouts were “voidable preferences” that the joint provisional liquidators will seek to recover. Mr Bankman-Fried previously identified the Securities Commission, FTX’s Bahamian regulator, as the party he approached to “open up withdrawals” for Bahamian clients rather than Mr Pinder.
He added that the regulator did not respond either way, and he went ahead as planned in returning funds and assets to the crypto exchange’s local and resident clients in a bid to ensure no angry customers were pounding on his door.
The e-mail exchange between Mr Pinder and Mr Bankman-Fried covered a three-day period leading up to FTX’s implosion, and the provisional liquidation of its Bahamian subsidiary. The Attorney General, on Tuesday, November 8, conceded that it was “a hectic time” as he requested that the crypto exchange’s founder provide more information on the soon-to-be-aborted acquisition by rival Binance.
Bluestone Labs to launch the UPTC Jitney Pass. The digital bus system will greatly improve the public transportation experience, decongesting traffic and eventually lead to more local adoption amongst our school children, parents, and visitors, and we look forward to the positive impact it will have on our community.”
The initiative will initially focus on registering students who catch the bus, and provide them with physical UPTC jitney pass student IDs. A second pilot project, running in parallel, will focus on the western district of Nassau which was branded as “the most travelled route” in the capital.
Mr Pinder followed up the next morning with a detailed series of questions to FTX executives, Dan Friedberg and Can Sun. “As I understand the structure, FTX.com (the entity subject of the Letter of Intent with Binance) is the trading platform and exchange operations, and in a corporate structure separate from FTX Digital Markets, the Bahamian-licensed entity,” the Attorney General wrote.
“FTX Digital Markets, however, is in a corporate structure with Alameda Research, who is an upstream shareholder of FTX Digital Markets. We are mindful of the balance sheet exposure that is reported for Alameda to FTT [FTX’s own digital token] whose value has collapsed in the open market.
“As such, the Government of The Bahamas would like to ask some questions, and get an update on the current situation. I will be briefing the Prime Minister later today. Can you please assist with a briefing update as well as addressing the following questions.” These included whether a “decision” had been made on FTX Digital Markets’ operations in The Bahamas, and if the Securities Commission had been fully briefed on the situation.
He also asked if Alameda Research, Mr BankmanFried’s trading arm, can “survive the current market turmoil” and if any entity in FTX Digital Markets’ corporate structure - including Alameda - had “leveraged or exposed client assets in any way and for any purpose”. Mr Pinder also sought details on FTX’s “ongoing commitment to The Bahamas”. Mr Bankman-Fried responded on the afternoon of Wednesday, November 9, via a general statement that provided no answers.
“Things moving quickly. I can’t give as confident answers as I’d like to all of those,” he replied. “My currently only priority is doing right by customers, and doing whatever I can for that. Right now that means prioritising, above everything else, getting funding to fill the liquidity gap so that all customers can be made liquid.”
Mr Pinder responded inside two hours, reiterating his demand for answers “so I can provide the Prime Minister an update”. They were finally provided by Mr Bankman-Fried on Thursday, November 10, just hours before the Securities Commission petitioned the Supreme Court to place FTX Digital Markets in provisional liquidation.
Assuring that he was “deeply sorry for ending up in this position in the first place”, the FTX founder said: “Right now we are focused on one thing: Making customers whole. We are focusing exclusively on doing that this week. We are ceasing all non-essential operations beyond that. I am doing everything I can to try to do right by our customers.
“I have not briefed the Securities Commission. I would be more than happy to have a phone call with you, the Prime Minister and the Securities Commission in the next few days to give a thorough overview of the situation. I am cautiously optimistic that we will be able to survive the turmoil and have enough liquidity for all customer withdrawals, and that is my sole focus this week. I will keep you guys updated.” That optimism proved to be seriously mistaken.
A BAHAMIAN retailer says this Christmas has proved more challenging than in previous years because product orders had to be placed months in advance to overcome supply chain and shipping challenges.
Martha Wallace, owner/ operator of Janaees Uniform Centre, told Tribune Business all Christmas inventory had to be shipped by the end of August
because she could not rely on receiving timely product if orders were placed in November as occurred pre-COVID.
And, despite placing orders some four months in advance of the festive season, not all items have arrived. A shipment of bicycles will be received by week’s end, but children’s tricycles will now arrive after Christmas.
“The challenge that we had this year was that our shipment and supplies were coming in late,” Ms Wallace explained. “We just have to order earlier and trust
that the persons will stay healthy, because in the Far East when they have one person with COVID-19 the whole place shuts down.
“That is a big challenge. But we have our bicycle containers coming on Monday. So I understand that they are having some delays with container shipping in the Far East, and they will slow down on the process like how they would have had it, because that’s what our shipping agent told us. We’re trying to just get to things earlier.”
China’s ‘zero COVID’ policy has caused havoc
for global supply chains as it has resulted in multiple factory closures, halting and disrupting production schedules as well as the shipping and logistics sectors. Ms Wallace said: “We started ordering in April because they had to prepare for if I wanted specialty items. They had to prepare those items.
“Every time you would talk with the shippers, they keep saying this is closed down, that has closed down, and so many items never left until September. We have a container that will be here even after Christmas,
which is so very sad because in that container is our tricycles. We’re a uniform store dealing with the children, and you want to put a smile on their faces, so it’s challenging.”
Janaees has increased staff numbers to 30 persons for Christmas this year, a 50 percent increase from the regular 20 workers. “I want to commend our staff, they’re doing an awesome job,” Ms Wallace said. “I know that they are tired, but they’re not saying, and they’re still trying to assist customers and finding the items
A BAHAMIAN insurance group has begun construction of its new $3m Freeport office building that is scheduled for completion in July 2023.
“This new investment represents a continuing expression of confidence by the CG Group in the long-term future of The Bahamas and Freeport in particular. The resilience of the Bahamian people is proven time and time again, and we are happy to embark upon this new venture,” said Larry Gibson, chief operating officer, CG Atlantic Pensions (the former Atlantic Medical).
The Coralisle Group has had a presence in Grand Bahama for some 24 years, and is aiming to complete construction over a 13-month period. All its Bahamian companies, including CG Atlantic Medical and Life, CG Atlantic Pensions, CG Atlantic General, and CG Atlantic Agents and Brokers, will
be housed in the East Mall Drive property which will also offer rental space for other firms.
“After being here for so many years, we believe that the economy will rebound, and we had the desire to expand our footprint in Grand Bahama,” said Lynda Gibson, executive vice-president and general manager of CG Atlantic Medical and Life.
“The construction teams we’ve chosen to assist us in expanding our footprint on the island consist of ABC Construction, The Architects Incorporated and Veritas Consultants.”
“We are using materials that could enhance the energy efficiency of the building, like styrofoam blocks instead of concrete blocks. This particular material could result in a saving of 50 percent on energy bills. We are also using Low-E glazing, which also helps to drive down energy consumption,
and spray installation in the ceiling to encapsulate the building and keep it cool,” said Donald Dean, principal, The Architects Incorporated. “We are excited about this project.”
Speaking to Hurricane Dorian’s 2019 impact on
Grand
“In
of flooding in the area,” said John Michael Clarke, project manager and quantity surveyor, Veritas Consultants.
“We’ve
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Bank’s waiver. “Not so much for the transactions executed, but for the perception and confidence. The competitive pressure those Bahamians brought to the market has been very, very significant.
“It’s produced competitive pressure in the market that didn’t exist. It’s been very successful. It provides competitive pressure where none existed.” Waiving the 5 percent premium, which effectively acts as a tax on overseas investments, for Bahamian government foreign currency bond purchases only has expanded the pool of potential purchasers, brought greater liquidity to the market and increased demand for government debt.
This has resulted in improved pricing and yields on listed Bahamian government debt. The foreign currency bond due to mature in 2024, and carrying a 5.75 percent interest coupon, has recovered from a 52-week low of 72.84 struck in August 2022 to close yesterday at 95.05 - just barely down on its high for the past year and only slightly off its face value. And the yield demanded by investors has dropped from the 20 percent range to 10.9 percent.
It was a similar story with other Bahamas listed debt. Data from the Frankfurt Stock Exchange showed that the $300m bond, placed at 6.95 percent and due to mature in 2029, has recovered from a 52-week low of a more than 50 percent discount to face value (49.76) set in August 2022 to last night close at 73.77. The yield sought by investors has also eased from around 19 percent to 13.1667 percent.
As for the $825m bond placed at 8.95 percent at COVID’s peak, and due to mature in 2032, the price has recovered from August’s 52-week low at 55.01 percent of face value to close last night at 79.9. The yield had also fallen, this time to 12.9559 percent.
Still, Mr Wilson said the Government will continue avoiding the international bond market for the foreseeable future. “We don’t want to go out to the market this fiscal period,” he affirmed. “We’re looking at going to market perhaps a year from now.”
The Central Bank yesterday confirmed it has
approved $201.6m worth of potential investments in Bahamian government international foreign currency bonds under the waiver, although Mr Wilson said there was a difference between approvals and the sum that has actually been purchased by Bahamian and resident investors.
Those who remain interested in accessing the concession have only a limited window in which to do so as the regulator announced that the waiver, which was introduced in early October, will now expire at year-end after almost two months in existence.
“Since the waiver, the Central Bank approved a number of transactions valued at $201.6m. Approved applicants must complete transactions on or before January 31, 2023,” the Central Bank said.
“The bank wishes to advise that application for the said waiver will cease to be accepted after 31 December, 2022. Further, any ICM application received by the bank on January 1, 2023, or thereafter, will incur the ICM premium of 5 percent....
“The waiver of the ICM premium on outflows would preclude any approved transactions from the partial ICM premium rebate on the capital upon the liquidation of the investment and repatriation of proceeds to The Bahamas.” Applications to participate must be made through resident trust companies or a broker/dealer.
Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings chairman, told Tribune Business that the waiver was one factor that had contributed to the turnaround in the Government’s internationally-held foreign currency bond. “The decision appears to be bearing some fruit. I am further advised that another contributing factor had to do with two things,” he said.
“My suspicion, or my intelligence, is that the Government of The Bahamas seems to have been doing a better job of talking to the international capital markets. Two, I’ve been told that Rothschild & Co, their advisors, have played a role in organising more of these opportunities when the technical people can speak to the Government’s financial situation have been made available to capital markets
participants. I’m told the combination of these two things has made a big difference.”
necessary first step” in estab-
and getting everything that they’re looking.
“I say hats off to the staff. We normally bring in additional persons so we have about 30 people on duty now. We’re looking a lot better for this Christmas than what we did last Christmas. God has really richly blessed us coming out of the pandemic. We had some challenges, but the objective was to keep all of the staff employed, and we’ve had staff that had been with us for 20 years plus. So we’re just making it happen and diversifying with the seasons.”
Form (ICF) system and we will, of course, have Impact Low-e windows. The floor is about four feet above the existing road, which is relatively high, and historically, there hasn’t been much flooding in this area. So, with flooding being the primary concern, we’ve taken every precaution to raise the building as high as possible.”
“There will be room for other businesses to rent office space. We have had several inquiries because these prospects are looking for Class A buildings, and our building is a Class A building and an energysaving building. The only one of its kind in Freeport, Grand Bahama,” said Lynda Gibson. The project’s budget for the structure is just over $2m, and the investment will be close to $3m once the building is fully furnished.
“It’s a very good first step,” he said of the recovery, “and we’ll see what comes next. We recognise, and others recognise, that we’ve done a hell of a lot. We’re at a different place to where we were just four months ago.”
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- including those based locally. Among FTX Property Holdings’ creditors is the Albany development in south-western New Providence, which was said to be owed some $1.163m
Mr Simms, describing FTX Property Holdings as an International Business Company (IBC), last night said its sole purpose had been to “purchase and hold properties on the island of New Providence in The Bahamas as offices for the benefit of FTX Digital Markets and dwellings for employees of FTX Digital Markets”.
He added: “FTX Property Holdings conducted no business other than the purchase and ownership of real property. Immediately following our appointment, the joint provisional liquidators began investigating all aspects of FTX Digital Markets’ business, including its business dealings with FTX Property Holdings. As part of this investigation, we have identified 35 properties owned
by FTX Property Holdings, all located on the island of New Providence in The Bahamas.”
These included no less than 16 properties at Albany, 15 of which were condominiums, valued between $4.75m and $30m. A further seven units were acquired in the GoldWynn project at Goodman’s Bay, which is scheduled to open in early 2023, valued between $563,520 and $1.449m.
Another four units, varying in value from $975,000 to $1.54m, were purchased in the One Cable Beach project developed by Jason Kinsale’s Aristo Development. Some $26.34m was spent on acquiring multiple units at the Veridian Corporate Centre developed by Sebas Bastian, with further outlays of $17.435m, $9m and $1.8m on property at Ocean Terrace, Old Fort Bay and Pineapple House respectively.
“FTX Property Holdings did not have a bank account and did not pay for any of the properties that it owns,” Mr Simms asserted. “It did
not pay for the maintenance of these properties. Based on the information available to the joint provisional liquidators, the purchase price for each of these properties was paid to attorneys for the vendors on the closing of the purchases by FTX Digital Markets, as was the ongoing fees and costs for the maintenance of the properties.
“For 32 of the 35 properties identified above, the joint provisional liquidators’ investigation has been able to trace the funds used for each purchase from a FTX Digital Markets bank account. There are only three properties where we could not trace the flow of funds.
“The purchase price for those three properties totalled approximately $11.8m. Our investigation has identified approximately $14.3m of payments by FTX Digital Markets on behalf of FTX Property Holdings that we could not trace to a particular property. We believe those payments represent the purchase
price and related fees for the purchase of the three remaining properties,” the Lennox Paton senior partner continued.
“The payments by FTX Digital Markets for FTX Property Holdings’ properties were accounted for as loans from FTX Digital to FTX Property Holdings. According to the financial records I have reviewed, the total amount recorded as owed by FTX Property Holdings to FTX Digital was, as of October 5, 2022, at least $256.3m.
“FTX Digital Markets is the largest creditor, by far, of FTX Property Holdings. FTX Property Holdings’ only known creditors are FTX Digital Markets and much smaller creditors in The Bahamas. We are not aware of FTX Property Holdings having any assets or creditors in the US.”
Having set out the case for FTX Property Holdings’ liquidation to be transferred from Delaware to The Bahamas, the joint provisional liquidators called for the Chapter 11 proceedings against it to
“We took the hit, but government should be continuous. When documents are ready for signing, Memorandums of Understanding, you must assume the former government had done due diligence.
“It was not done, and I took responsibility. That’s what leadership is about. We took responsibility even though we knew others had not done the work.”
The revelations ultimately proved fatal for the Oban project. The Minnis Cabinet appointed a ministerial committee to renegotiate the deal, but talks appeared to make little to no progress and the refinery proposal appeared to fall off the radar - perhaps as the thenadministration had wanted.
It is unclear whether Dr Minnis’ explanation, and attempt to shift the blame to his predecessor, will cut it with Bahamian voters.
His government had been in place for more than eight months prior to the Oban Heads of Agreement signing in February 2018, and would have sufficient time to conduct its own due diligence especially given the tendency of administrations to stop, review and cancel much of what their opponents left in place.
The Government’s normal practice is for the Bahamas Investment Authority (BIA) and National Economic Council to use Interpol and other established sources to conduct background checks on the principals involved in foreign direct investment (FDI) projects, ensuring
they have clean records and no criminal past.
This newspaper revealed how Oban’s chief promoter confirmed his involvement in two lawsuits alleging misuse of investor monies.
Peter Krieger, its nonexecutive chairman, told The Tribune he was one of three defendants who were accused of misappropriating more than $3.7m of investor monies by US government regulators.
That lawsuit, which was filed by the Securities & Exchange Commission (SEC) in 2005, was settled without going to trial some three years later. Mr Krieger, who challenged the allegations against him, paid a $110,000 civil penalty “without admitting or denying” the claims, and agreed to be bound from
committing future securities law violations.
And, following further research by The Tribune, Mr Krieger confirmed he was also named as a defendant in a legal action filed in 2013 by the Bahamas-based judicial manager for a sister company of the insolvent insurer, CLICO (Bahamas).
John Lopez, the KPMG (Bahamas) accountant who took over British American Insurance Company (BAICO) in the wake of its collapse, and that of its CL Financial parent, alleged that Mr Krieger misappropriated $8.7m of the company’s funds for his own personal use. The case against Mr Krieger, though, was dismissed on a technicality, as it was “time barred” according to the “statute of limitations” that applies in the US.
be dismissed. “Abstention in favour of a provisional liquidation proceeding that the joint provisional liquidators of FTX Digital (the creditor that holds the overwhelming majority of FTX Property Holdings’ debt) will commence in The Bahamas is appropriate,” the trio argued.
“FTX Property Holdings is a Bahamian corporation that does only one thing, own real property located in The Bahamas. All of its known assets and creditors are located in The Bahamas. It has no connection whatsoever to the US. It has no assets here, no creditors here, and it never has done business here. Respectfully, this court [Delaware] is not the best forum to resolve the issues this case would present.
“This case is essentially the liquidation of hundreds of millions of dollars’ worth of Bahamian real estate. It will be extremely difficult, if not impossible, to administer that liquidation in this court. The Bahamian courts that have jurisdiction
The Oban Energies principal said the claim against him had subsequently been defeated in the appeals courts, and added: “They really have no grounds to stand on.” Mr Krieger argued that he was the injured party, given that BAICO had failed to fully pay him the purchase price for 14,000 acres of land he sold to the insurer prior to its failure.
He alleged that he had obtained a $70m judgment against the company, and that the judge had “scolded them for perjury and making these outrageous claims against me, and dragging my wife into it”. However, The Tribune could find no record of the case or judgment, which Mr Krieger said he had filed in the middle district Florida court, despite an extensive search of that court’s case database.
over the real estate cannot recognise this court’s orders because Bahamian law does not allow recognition of a foreign insolvency proceeding for a Bahamian company. Dismissal is therefore appropriate.”
Mr Simms also asserted that placing FTX Property Holdings into Chapter 11 proceedings violated both Bahamian law and the company’s Articles of Association, as they required Mr Salame as well as Mr Bankman-Fried to agree to this.
“A review of the documents filed by the US debtors in support of the Chapter 11 filing provides no indication that Mr Salame authorised the Chapter 11 petition for FTX Property Holdings,” he added. “The joint provisional liquidators are not aware of any evidence that Mr Salame approved, or was even informed of, the FTX Property Holdings’ Chapter 11 filing. An action of one director is a nullity under Bahamian law when the consent of two directors is required.”`
Questions were also raised about the backgrounds and experience of other Oban executives, including its its president, Satpal Dhunna; senior vicepresident, Russell Erickson; and finance chief, Mark Michel. Mr Krieger admitted at the time there were “clearly mistakes which need to be clarified” on Oban’s website.
“We did state Mark Michel was managing director, which is not correct,” he conceded. As regards Russell Erickson’s background, he said : “I believe once we have established he has extensive construction experience it will clarify any confusion we may have caused.
“We have disclosed everything to both governments (PLP and FNM) in order to get their approval. We have been upfront. We have hid nothing from anyone.”
15.990.00 0.7220.72022.14.50%
NOTICE is hereby given that LINOUSE CASIMIR of Okra Hill, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that JEAN CLAUDE JOSEPH of #70 Spring Field Road, Fox Hill, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
2.573.15%3.89% 4.873.30 4.843.60%5.49% 2.251.68 2.252.43%2.92% 205.22164.74 190.45-6.40%-6.95% 212.41116.70 169.68-20.12%-15.15% 1.761.71 1.762.49%2.79% 1.941.78 1.935.71%7.96% 1.881.79 1.863.39%3.91% 1.030.93 0.93-8.94%-9.55% 9.376.41 10.107.82%9.00% 11.837.62 13.4413.58%15.81% 7.545.66 7.712.57%2.83% 16.648.65 13.25-20.10%-19.25% 12.8410.54 12.03-4.50%-4.64% 10.779.57 10.59-0.55%-1.61% 10.009.88 N/AN/AN/A 10.438.45 10.433.00%25.60% 14.8911.20 14.897.90%48.70%
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GUSTAVIA INVESTMENT CO. LTD. is in dissolution as of December 9, 2022
Caterina Van Der Westhuizen- Contini with address at 22, rue de Millo, 98000 Monaco is the Liquidator.
By ALESHA CADET Tribune Features Writer acadet@tribunemedia.net
The Christmas season is the ultimate challenge for those on diets, new nutrition plans and just those trying to eat healthier.
After all, the festive season is one where the food options are endless.
From office party to mom’s house and grandma’s kitchen –there isn’t a gathering that doesn’t involve food.
Tribune Health asked a number of readers to share their thoughts on healthy eating options while still managing to enjoy the Yuletide goodies.
“I changed my diet not too long ago. And I don’t think it’ll be hard to keep up with it, but I will also not fool myself into thinking I am not going to dive into my mom’s pot when I travel home for the holidays,” said Charleice Roberts. “That’s already on my to-do list, but I have no plans of neglecting my workouts, my water intake, my greens, vitamins and so forth.”
Keeya Lockhart said: “I believe some healthy eating habits to consider over the holidays would be to eat in small portions, and to be mindful of the amount of food you are eating. The way I achieve eating in small portions is by using a small plate instead of a big plate to control the amount of food I’m placing onto the plate. Another thing I would say is adding more veggies to your plate to try and create a healthy balance. And lastly, drink lots of water.”
For Christine Brown, it’s so hard to even think about eating healthy during the holidays.
“Let’s face it, everywhere you look there is something yummy. But what I try to do is just control the amount of food I eat. If I know that I have a Christmas party that night, during the day I will try to eat a lighter breakfast and lunch so that I can eat whatever I want at the party. But honestly, I also don’t let myself feel that guilty if I do go overboard, because it’s Christmas and life is way too short to stress out about a few calories here and there. I will worry about it in January,” she said.
Like Christine, Vanessa Brown said it’s difficult to be really disciplined during this bountiful season.
“Who eats healthy during the holidays? This ain’t for me.
Honestly, the only thing I could say is, drink plenty water. The Christmas season is all about pigging out and eating to your heart’s content. I guess you can add fruits and portion-size foods,” she said.
In addition to eating smaller portions and limiting yourself to one big meal a day, Angela Taylor advises people to be aware of the high-calorie alcoholic beverages.
“Limit alcohol intake during the holiday as it can be high in sugar and sugar breaks down into carbohydrates. And find time to work out in the mornings or evenings before part taking in holiday socials,” she said.
Among liquors and cocktails high in calories are margaritas, Long Island iced tea, pina colada, mai tai, mojito, gin/vodka and tonic, and unfortunately, the beloved eggnog. So, choose your poison wisely.
The Cleveland Clinic shard some tips on its website on ways to enjoy the holidays without packing on the pounds:
The first tip is to get moving, as this is one of the most effective ways to maintain or lose body weight.
“To burn extra calories, turn up your exercise routine throughout the holiday season. If you exercise for 30 minutes a day, increase it to 35 or 40 minutes. If you exercise three times a week, move it up to four to five times a week,
People in the Bain Town community took full advantage of a mini health fair and free HIV testing initiative that was recently staged in the neighbourhood.
The initiative was aimed at getting people to know their status and educating them on the quality of life that can be achieved and maintained even with a HIV/ AIDS diagnosis.
Bain Town’s male registered nurse Christon V Deveaux collaborated with the Bahamas HIV and AIDS Programme and the Health 2000 Canada Inc (H2K) pharmaceutical company to host a “Show Love” mini health fair for the community.
Additionally, H2K distributed many medications for the cold and flu, and handed out vitamin supplement samples.
Also participating in the mini health fair were registered nurses Brittany Brown and Kocheena McPhee, who performed blood pressure checks, blood sugar checks, height and weight checks and spoke on nursing education, on the topic ‘Living with comorbidities’.
Nurse Deveaux’s efforts are also directly aligned with the Ministry of Health and Wellness’ goal to decrease the spread of HIV/ AIDS through education, protection and early detection.
He said it is important for people to know that a HIV diagnosis is not a death sentence, however, it needs proper medical management and treatment.
“I thought it was very important for the health fair to be hosted because it brings awareness to HIV/AIDS,” he told Tribune Health.
“We want people to be more proactive about it. Know your status and be educated that it is not a death sentence. All you have to do is get adequate medical management and treatment.”
Nurse Deveaux said with Bain Town being a community with a
high number of people infected with the disease, he felt it was paramount for health professionals to meet face-to-face with people and educate them on the issue.
“I know based on rotating through many government clinics, working close with the HIV/ AIDS Centre, that Bain Town is one of the areas that has a high number of the persons infected with HIV/AIDS. Because it may be considered a lesser fortunate
community, persons are not as highly educated about it. They don’t have that supply or means to protect themselves against risky sexual behaviour,” he said.
Back in September, Health and Wellness Minister Dr Michael Darville said the Bahamas has reached the moment where “tremendous progress is being made” and that the “end of the AIDS epidemic is in sight.”
A report from the Ministry revealed that 95 percent of individuals in the Bahamas living with HIV now know their status. Moreover, 73 percent who know their status are on treatment plans while 81 percent of those are virally suppressed, which he said is the “gold standard” for HIV care.
The Minister highlighted the joint United Nations programme on HIV/AIDS which seeks to lead and motivate the world to achieve the shared vision of zero new HIV infections, zero discrimination, and zero AIDS-related deaths.
While the Bahamas has made tremendous strides in this regard, Nurse Deveaux said one of the challenges that remains is people being uncomfortable collecting their medication.
“One of the downfalls of persons with HIV and it progressing to the advanced stage of AIDS is that they are not adhering to their medication therapy, or they are not picking it up. When they present themselves to the agency to pick up the medication, they are embarrassed. They are concerned about who is going to see them going in and coming out. They don’t trust the level of confidentiality, which I cannot speak to 100 percent as a fact. But through
and increase the intensity of your workouts.”
The second tip is to know that it is OK to cheat, but just a little. You should allow yourself one small serving of a sweet or savoury holiday treat or beverage every couple of days during the season.
“But remember, you may have to compensate for it later in the day by reducing your total caloric intake or by burning a few extra calories while exercising. You can still enjoy your grandma’s famous holiday pie – but it will take some moderation and planning.”
Controlling the risk of temptation, focusing on eating fruits and veggies, and saying ‘no’ politely are also ways to stay on track.
“Controlling even the slightest chance of coming in contact with tempting food is one way to effectively reduce your calorie intake. While you won’t be able to control all situations, focus on the many you can. For example, do you keep candy or cookies at your workspace or on the counter? Are your holiday goodies stored in well-trafficked spots like the dining room or pantry? Make a mental note to keep goodies in places that are less accessible. If you bake, keep a small amount for you and your family, then give the rest away. And if you get food as a gift, either regift it, donate it or share it with others.
“Eating seven or more servings of fruits and vegetables each day is a great way to help fill your stomach without exceeding your calorie count. Compared gramme for gramme with other snack foods (like chips, crackers and cookies), fruits and vegetables contain fewer calories and more nutrients. What’s more, the fibre in fruits and vegetables will fill you up faster than traditional snack foods.”
The Cleveland Clinic noted that people often feel forced to eat foods because others keep putting it in front of them. However, learn to say no politely or ask to take a small portion home and drop it off to a neighbour, friend or family member in need.
dialogue I know that is one of the concerns they have. That is their battle,” he said.
Nurse Deveaux said implementing more discretion for those coming to pick up medication can help.
“If we can do something to limit the number of persons seen by others and interacting…maybe having a more private gateway to the pharmacy may help with as well very much,” he said.
The mini health fair was hosted to commemorate World AIDS Day, which is recognised globally on December 1.
This year’s theme, “Worlds ‘Equalize’”, implies that everyone should try to end the injustices that, according to UNAIDS, are impeding the efforts to eradicate AIDS.
The World Health Organisation (WHO) is calling on global leaders and citizens to “boldly recognise and address the inequalities which are holding back progress in ending AIDS; and equalise access to essential HIV services particularly for children and key populations and their partners – men who have sex with men, transgender people, people who use drugs, sex workers, and people in prisons.”
Nurse Deveaux, who grew up in the Bain Town community, said the “Show Love” health fair was the first, but will certainly not be the last of its kind, especially as –based on the results of a random sampling of individuals – Bain Town residents have a high rate or comorbidities such as diabetes and high blood pressure.
“There will be more events like this,” said Nurse Deveaux, who is passionate about giving back to the neighbourhood that raised him.
“One of the causes of crime in the Bain and Grants Town community is the lack of love and social well-being in the area. Being a healthcare professional, I thought that it was a great opportunity to bring people together while checking for their health,” he said.
An early Christmas gift of scientifically based facts for Bahamian men:
Frequent sex, more specifically ejaculating more than 21 times a month, has been shown in several studies including a Harvard study, to reduce prostate cancer risk.
In a landmark Harvard study that commenced in 1992 and continued for 18 years that was presented at the annual American Urology Association conference, data was taken from nearly 32,000 men from the prospective Health Professionals Follow-up Study. The study was performed by researchers at Harvard Medical School, Harvard T H Chan School of Public Health and Boston University School of Public Health. Participating men were asked to report in 1992 the average number of ejaculations per month from the ages of 20 to 29 years old and from 40 to 49 years old and for the previous year. The average age of the participants was 59 years old.The lifetime ejaculation average for each participant was then calculated.
During the 18-year study, 3,839 of the participants were diagnosed with prostate cancer and for 384 of these men, the prostate cancer was fatal.
The risk for prostate cancer was determined to be approximately 20 percent lower in men who ejaculated at least 21 times a month when compared to men who ejaculated four to seven times a month.
This study had many strengths, as it was a prospective study whereas many similar studies have been retrospective. The study involved nearly 32,000 participants which is a large cohort group; the study lasted an impressive 18 years and finally the study included high quality data with specific information on ejaculation.
A similar Australian study found the prostate cancer risk was reduced by 36 percent when men ejaculated seven times a week. The Australian study involved 2,338 men all younger than 70 years old. Results showed that men who had 18.4 to 28 ejaculations per month, reduced the risk for prostate cancer by 36 percent, when compared with Australian men who ejaculated on average 9.2 times per month.
How ejaculation reduces prostate cancer risk
The exact mechanisms by which frequent ejaculations reduces prostate cancer risk, are not completely understood. It is hypothesised that frequent ejaculations flush out harmful chemicals that build up in semen
A study published in the scientific journal European Urology provided evidence that more frequent ejaculations affects the expression of 409 genes and six biological processes in men. The study supports the prostate stagnate hypothesis whereby carcinogens accumulate within the prostate between ejaculations and affects cell’s genome and metabolic processes.
Scientists are still unsure whether ejaculation via sex versus masturbation has the same benefits of reducing prostate cancer risk. Research has shown that the makeup of semen produced during sex versus ejaculation is different. The semen ejaculated from sex with a partner has higher levels of sperm and some chemicals which could be more impactful in reducing the odds of a man developing prostate cancer.
Ejaculation potentially can change prostate tissue and thus lower prostate cancer risk. Ejaculation may suppress the sympathetic nervous system by relieving tension and thus reduce the stimulation of prostate epithelial cell division.
It should be noted that men with more frequent ejaculations having a lower prostate cancer risk, may be related to men who ejaculate more often, having a healthier lifestyle and generally better health which decreases the likelihood of a prostate cancer diagnosis.
The Harvard study does not prove that ejaculation prevents prostate cancer but that frequent ejaculation potentially reduces the risk of developing prostate cancer.
Always practice protected sexual intercourse or faithful monogamy. Frequent ejaculations can reduce your prostate cancer
risk but getting a sexually transmitted disease (STD) can increase your risk of getting a more aggressive form of prostate cancer.
Men who have had a previous infection from the sexually transmitted germ Trichomonas vaginalis are at higher risk of developing a more dangerous and aggressive form of prostate cancer, compared to men who have never had a STD.
Trichomonas is a germ, type of parasite that can infect the
prostate gland and cause inflammation within it that could potentially promote the prostate cancer at a later stage in life
A urologist prescription for men for more frequent sex to present to their wives and partners; so that they may play an active role in reducing prostate cancer. Good news indeed.
The risk factors for developing prostate cancer include advancing age, being of African ancestry and having the BRCA breast cancer gene mutation, which can also be found in men. Obesity and high alcohol intake can lead to a more aggressive form of prostate cancer. Unfortunately, many Bahamian men have several of the risk factors for getting prostate cancer in their lifetime. The medication Proscar can reduce the incidence of low-risk prostate cancer by 25 percent. It also combats male pattern baldness and reduces the size of a man’s prostate; lessening the urinary symptoms that men may experience as they advance in age. Eat healthy and limit red meat intake, exercise regularly, do not smoke cigarettes or cigars and attempt to maintain a healthy weight. Prostate cancer annual screening should start at the age of 40 years old with a prostate specific antigen blood test.
Prostate cancer has a nearly 100 percent survival rate if diagnosed early. Detection is the key to survival for prostate cancer.
• Dr Greggory Pinto is a board-certified Bahamian urologist and laparoscopic surgeon. He can be contacted at OakTree Medical Center #2 Fifth Terrace and Mount Royal Avenue, Nassau, Bahamas; Telephone – (242) 322-1145-7; email: welcome@urologycarebahamas.com or visit the website:www.urologycarebahamas.com
(THE CONVERSATION) –
Compared to men, we know much less about how women experience disease.
Biomedical research helps us understand the timeline of diseases and how we can treat them. In the past, most of it has been conducted on male cells and experimental animals, such as mice. It has been assumed the results from such “pre-clinical” research on males apply to females too.
Yet men and women experience disease differently. That includes how diseases develop, the length and severity of symptoms, and the effectiveness of treatment options.
Although these differences are now widely acknowledged, they are not fully understood. And women are often worse off as a result.
This is the case for prescription drugs. Women experience around 50-75 percent more adverse reactions than men. This results in many drugs being pulled from the market due to concerns over health risks for women.
Drug reactions in women have been argued to be due to sex differences in body weight rather than differences in how the drug works in the body.
Therefore, it’s thought that if drug doses are adjusted according to body weight, women will often receive lower doses than they do now – which may alleviate adverse reactions.
But that may not be the case.
In new research published today in Nature Communications, we show this basic assumption
in biomedicine – that females are “smaller versions” of males – is not supported for most preclinical traits (things like glucose levels, for example).
So, drug reactions in women are unlikely to be alleviated simply by adjusting the dose to one’s body weight.
Basing women’s healthcare decisions based on research conducted on men – and vice versa – has potentially profound consequences. In the case of adverse drug reactions, the impacts are significant from both a clinical and economic perspective.
A recent study estimated that 250,000 hospital admissions in Australia each year are medication related, costing the healthcare system around $1.4 billion annually.
Drug reactions have also been shown to lengthen hospital stays. In a large UK study, patients admitted to hospital with an adverse drug reaction stayed for a median of eight days.
Women often cite adverse reactions as the reason for discontinuing medications. If weight-adjusted dosing of drugs could reduce adverse drug reactions, we would see women receive greater potential benefit from the healthcare system.
But what evidence do we have that weight adjustment will work? The US Food and Drug Administration (FDA) has already recommended dosage changes for women for some drugs (such as the sleep drug zolpidem). Additionally, weight-adjusted dosing for some antifungal drugs and antihypertensive drugs appears to work.
On the other hand, drug reactions are strongly linked to what the drug does in the body in women , and less so in men. There are also many documented differences in physiology between men
and women that relate to how drugs are absorbed and cleared by the body, and not to body weight.
To get to the bottom of this, a broad scale approach is needed. We borrowed a method routinely used in evolutionary biology, known as “allometry”, where a relationship between a trait of interest and body size is examined on a log scale.
We applied allometry analyses to 363 pre-clinical traits in males and females, comprising over
two million data points from the International Mouse Phenotyping Consortium.
We focused on one of the most common disease model animals: mice. We asked whether sex differences in pre-clinical traits – such as fat mass, glucose, LDL cholesterol - could be explained by body weight alone.
Our analyses recovered sex differences in many traits that cannot be explained by body weight differences. Some examples are
physiology traits, such as iron levels and body temperature, morphology traits such as lean mass and fat mass, and heart traits such as heart rate variability.
We found the relationship between a trait and body weight varied considerably across all the traits we examined, meaning that the differences between males and females could not be generalised: females weren’t simply smaller versions of males.
Ignoring these differences in some cases, such as measures of blood cells, bone and organs, could result in missing a lot of the population variation for a particular trait: up to 32 percent for females and 46 percent for males.
This complexity means we need to consider sex differences for drug dosing on a case-by-case basis.
In an era where personalised medicine interventions are within reach, and patient-specific solutions are on the horizon, we now know that sex-based data are much needed to advance care in an equitable and effective manner.
Our study uncovers the ways in which males and females can vary across many preclinical traits, indicating that biomedical research needs to focus more closely on measuring how and in what ways the sexes differ.
Particularly, when a relationship between sex and drug dose is uncovered, our data suggest doseresponse is likely to be different for males and females.
The methods in our study could help clarify the nature of these differences and provide a path forward to reducing drug reactions.
• This article is republished from The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Read the original article here: https://theconversation.com
50–75 percent more likely
Christmas time is the perfect time to spruce up your home.
As one Tribune reader joked, “I know it’s Christmas when I smell paint.”
There is something about the holidays that just inspires the soul to want to refresh your environment and enter the new year clean and fresh.
“It’s also the time of year when people are always popping in to see you,” said Nicole.
“I like to make sure that they have a nice environment. I like my house to feel like the holidays with scented candles and music playing. I hate the idea of someone one popping by and my house is not fixed and so I clean more around this time of year than ever.”
Kelly agreed: “I clean more at Christmas than say Spring cleaning, because to me Spring comes right before summer when the kids will be home from school. So, I feel like summer they are at home and the house will need cleaning after they go back and then really once September hits, Christmas is right here.
“Cleaning for Christmas just makes more sense because then
STOCKHOLM (AP) — French author Annie Ernaux who won this year’s Nobel Prize for literature, said men need to change their attitudes now, before women attain full equality with them.
“Because if men do not become aware of their body, their way of life, their way of behaving and what motivates them, no real liberation for women will happen,” she told a press conference ahead of the Nobel Prizes award ceremony last Saturday.
Women have “for long accepted situations that I found absolutely unacceptable and intolerable,” the 82-year-old Ernaux said.
Ernaux won the award for blending fiction and autobiography in books that delve into her own experiences as a workingclass woman exploring life in France since the 1940s. She said she was “old enough to have been an activist in the 1970s for freedom
in France, contraception and abortion.”
The Swedish Academy which hands out the award, cited her for “the courage and clinical acuity with which she uncovers the roots, estrangements and collective restraints of personal memory.”
In her books, Ernaux has probed deeply personal experiences and feelings – love, sex, abortion, shame – within a society split by gender and class divisions. She has written more than 20 books, most of them very short, chronicling events in her life and the lives of those around her. Her work paints uncompromising portraits of sexual encounters, abortion, illness and the deaths of her parents.
More than a dozen French writers have captured the literature prize, though Ernaux is the first French woman to win, and just the 17th woman among the 119 Nobel literature laureates.
“I am actually the first woman in France to receive the Nobel” literature prize, she said. “There is a kind of distrust toward a woman who gets the Nobel but also a woman who writes.”
“In a certain way, that has been against me within a certain conservative intelligentsia,” Ernaux
you get rid of all the junk from the year. It is really easy to keep your new year’s resolutions when your house is organised and clean and shiny. It makes things easier to maintain.”
Lynette said her Christmas cleaning routine includes taking down all her curtains and taking them to the laundry, shampooing her rugs and buying a new comforter set for her bed.
“I grew up with my mom doing that and now that I have my own home, I do it too. Isn’t it funny how you just do things from your childhood without giving it that much thought. But I like the idea of having a set time of year to do certain things around the year,” she said.
Maria said that she loves to entertain and cook, especially around Christmas, and so her cleaning routine focuses more on those areas.
“I have a formal dining room that we only use for Christmas, to be honest, so I clean it from top to bottom, and I have really nice silver and China pieces that my grandmother left me when she passed. So, I polish all of them and wash them before and after the holidays. She loved to entertain too and cleaning her pieces helps me feel close to her,” she said.
NEW YORK (AP) — Dorothy Pitman Hughes, a pioneering Black feminist, child welfare advocate and lifelong community activist who toured the country speaking with Gloria Steinem in the 1970s and appears with her in one of the most iconic photos of the second-wave feminist movement, has died. She was 84.
Hughes died December 1 in Tampa, Florida, at the home of her daughter and son-in-law, said Maurice Sconiers of the Sconiers Funeral Home in Columbus, Georgia. Her daughter, Delethia Ridley Malmsten, said the cause was old age.
Though they came to their feminist activism from different vantage points — Hughes from her community-based work and Steinem from journalism — the two forged a powerful speaking partnership in the early 1970s, touring the country at a time when feminism was seen as predominantly white and middle class, a divide dating back to the origins of the American women’s movement. Steinem credited Hughes with helping her become comfortable speaking in public.
In one of the most famous images of the era, taken in October 1971, the two raised their right arms in the Black Power salute. The photo is now in the National Portrait Gallery.
Hughes, her work always rooted in community activism, organized the first shelter for battered women in New York City and co-founded the New York City Agency for Child Development to broaden childcare services in the city. But she was perhaps best known for her work helping countless families through the community center she established on Manhattan’s West Side,
offering day care, job training, advocacy training and more.
“She took families off the street and gave them jobs,” Malmsten, her daughter, told The Associated Press on Sunday, reflecting on what she felt was her mother’s most important work.
Steinem, too, paid tribute to Hughes’ community work. “My friend Dorothy Pitman Hughes ran a pioneering neighbourhood childcare center on the west side of Manhattan,” Steinem said in an email. “We met in the seventies when I wrote about that childcare center, and we became speaking partners and lifetime friends. She will be missed, but if we keep telling her story, she will keep inspiring us all.”
Laura L Lovett, whose biography of Hughes, “With Her Fist Raised,” came out last year, said in Ms Magazine that Hughes “defined herself as a feminist, but
rooted her feminism in her experience and in more fundamental needs for safety, food, shelter and child care.”
Born Dorothy Jean Ridley on October 2, 1938, in Lumpkin, Georgia, Hughes committed herself to activism at an early age, according to an obituary written by her family. When she was 10, it said, her father was nearly beaten to death and left on the family’s doorstep. The family believed he was attacked by the Ku Klux Klan, and Hughes decided to dedicate herself to helping others through activism.
She moved to New York City in the late 1950s when she was nearly 20 and worked as a salesperson, nightclub singer and house cleaner. By the 1960s she had become involved in the civil rights movement and other causes, working with Martin Luther King Jr, Malcolm X and others.
In the late 1960s, she set up her West 80th Street Childcare Centre providing daycare and also support for parents.
“She realised that childcare challenges were deeply entangled with issues of racial discrimination, poverty, drug use, substandard housing, welfare hotels, job training and even the Vietnam War,” Lovett wrote last year.
It was at the centre that Hughes met Steinem, then a journalist writing a story for New York Magazine. They became friends and, from 1969 to 1973, spoke across the country at college campuses, community centers and other venues on gender and race issues.“Dorothy’s style was to call out the racism she saw in the white women’s movement,” Lovett said in Ms Magazine. “She frequently took to the stage to articulate the
way in which white women’s privilege oppressed Black women but also offered her friendship with Gloria as proof this obstacle could be overcome.”
In the early 1970s Hughes also helped found, with Steinem, the Women’s Action Alliance, a broad network of feminist activists aiming to coordinate resources and push for equality on a national level. Though Hughes was often said to have also co-founded Ms Magazine with Steinem in the same era and biographer Lovett says she helped inspire the idea, she did not have a formal role with the magazine.
“It was our difference in experience that made us good lecture partners,” Steinem noted. She recalled also collaborating with Hughes on protesting so-called “welfare hotels” in New York for poor families In the 1970s. “Dorothy was key to exposing living conditions there,” Steinem said. “She truly was a great community activist.”
By the 1980s, Hughes had moved to Harlem and opened an office supply business, Harlem Office Supply, the rare stationery store at the time that was run by a Black woman. But she was forced to sell the store when a Staples opened nearby, part of President Bill Clinton’s Upper Manhattan Empowerment Zone programme.
She would remember some of her experiences in the 2000 book, “Wake Up and Smell the Dollars! Whose Inner-City Is This Anyway!: One Woman’s Struggle Against Sexism, Classism, Racism, Gentrification, and the
Hughes was portrayed in “The Glorias,” the 2020 film about Steinem,
actor Janelle Monaé.
She is survived by three daughters: Malmsten, Patrice Quinn and Angela Hughes.
If there is ever a time to “get fix up”, like Bahamians say, the Christmas season is it.
Women throughout the islands have booked their hair and nail appointments and have bought or ordered their festive wardrobe.
But why is it so important for women to spruce themselves up during the Yuletide season in particular?
Speaking with Tribune Woman, several readers explained why they are so passionate about looking good for the holidays.
“Well, I’m a ‘keep my appointment in the roster’ kind of girl all year around, but oh baby, when that holiday season comes around, I take to up a notch,” said Monique Evans.
“It’s the one time I’d pay hundreds of dollars on a wig, and extra bling on the nails.”
She also does not judge or liked to be judged for the additional beauty steps she takes during this time of year.
“I live for the extra that women get into during Christmas. One thing I am not and that is a hater. I love offering compliments because if you look nice, you look nice. There so many reasons to be angry and bitter about the stresses of life, so when you see someone spending all that money on hair and nails, I think you should mind your business. You have no idea what that woman may be going through and how what you deem simple, means the world to her. I wish the feeling of the holidays could last all year-round, but I’d say enjoy for what it is and always take the extra route no matter what anyone thinks,” said Monique.
Ellie Dorsett is also ready for the bling, even if it’s more comfortable bling.
“I am planning to sparkle this Christmas. So, I will be wearing a black shirt with sequined sleeves, sequined tennis and jeans.
By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
AFTER winning a local competition and placing in the top three of the regional contest stage, local Starbucks barista Shanyhah Bowe has returned home from Costa Rica enriched with an even greater appreciation for coffee.
As the Bahamas’ champion, Shanyhah competed against Starbucks baristas across Latin America and the Caribbean at the final LAC Barista Championship, with the hope of being crowned the top barista in the region. Out of 21 competitors, she placed in the top three.
The LAC Barista Championship Final took place last month at the Hacienda Alsacia Starbucks coffee farm and global agronomy headquarters, located on the slopes of Poás Volcano, less than one hour away from Costa Rica’s capital of San Jose.
After three days of competition, where baristas displayed their skills and artistry through multiple rounds of exciting coffee challenges – including espresso shot pulling, milk steaming, latte art and beverage innovation – an Argentinian barista earned the prestigious title of Starbuck LAC Barista Champion.
Although Shanyhah did not snag the victory, she left Costa Rica feeling nothing short of accomplished and enriched.
“Costa Rica was an amazing experience for me. I met amazing barista champions from all around the Latin American region. Costa Rica opened my eyes to have a better appreciation for coffee. It was not just about the competition; it was more so about expanding my coffee knowledge,” she said.
“Competing in Costa Rica made me aware of the steps to how we get the coffee beans that we serve in Starbucks today. My favourite portion of the entire competition was being able to plant a coffee tree at the Starbucks farm Hacienda Alsacia. This tree will begin to harvest
within the next two to three years, so I am definitely looking forward to visiting Costa Rica again to witness my tree bearing fruit.”
In preparation for the competition, Shanyhah said she watched YouTube videos trying to grasp the concept of doing latte art.
“I got advice from my fellow baristas who listened to my action plan and made suggestions or applauded me based on what I intended to do on competition day,” she said.
“For the competition, latte art was the deciding factor for the finals. Latte art is my area of (weakness), so I already knew that I might’ve lost points due to this. For the competition rounds I decided to attempt a heart. That went better than I expected. The
remaining part of the competition was geared towards storytelling.”
Shanyhah said she felt proud of herself for the way she represented Starbucks Bahamas at the competition.
“I displayed my personality, kept the crowd involved, and told my story. The main aspect of the competition was centered around storytelling,” she said.
“This competition has brought out a side of me that I didn’t even know existed. It has increased my love for public speaking, more specifically giving impromptu speeches. Throughout my performance in the competition many persons came to me stating how I flawlessly executed my presentations effortlessly.”
Shanyhah said she is now looking forward to educating fellow
baristas and customers about what she has learned.
“Everything that I learned in Costa Rica I intend to share with my baristas here in the Bahamas. I want to bring positive change to our stores to ensure that we are upholding the Starbucks mission and vision statement, which is to ‘to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.’ I want to be the best barista champion that Starbucks Bahamas has ever had,” she said.
“I want to implement a few initiatives into our stores to increase latte art capabilities and coffee tastings. Additionally, I want to ensure that coffee knowledge is taken place in all of our stores so that we can give our customers a better experience by ensuring
Because I am hosting Christmas at my new house want to be comfortable, but I still want to be really glam,” she said.
“I always buy a new outfit for Christmas Day and I always get my hair done because it is just something about Christmas Day. You just want to look your best. You are seeing family and friends and you want your look to reflect the season.”
Patrice Gibson said she is actually still in the planning stages, figuring out which of the three hairstyles she likes to go with as her holiday look.
“I haven’t picked a winner yet with the hair, but I already know how I want my nails to look. I am going for a neutral nail look for Christmas, which is new for Christmas because people normally go for red. But I will take things up a notch with my outfits because it is indeed the holidays,” she said.
“I have already started my holiday inspired looks in my outfits at work, so for corporate wear I have been choosing to wear plaids and traditional holiday colours like the reds and greens, and even mustard,” said Patrice.
She said it is something about the holidays that makes women want to get into the spirit with fashion and style.
“Christmas is one of the best times of the year and for the most part people are in a good mood and want to feel the festive season. One of the main ways that people do that is by reflecting the season in what they wear and how they look. Not to mention, there are more events happening around this time of year that people would want to participate in and attend. By being all dolled up, you are ready for the road,” said Patrice.
For Caroline Rolle, “getting fixed up” is a must.
“I am changing my regular black hair look to blonde. And my outfits to red, because nobody knows the hour or the time of this life; it’s too short. Look how you want look and dress how you want to dress. My advice is to do what you want to do. Get your lashes done, get everything done. It’s your money, spend it how you want to spend it,” she said.
that we are able to tell them more details about coffee. I believe that if you’re selling something you must be able to talk about what you’re selling. I want to continue to expand my knowledge and be a good representative for Starbucks Bahamas,” she said.
Based at the Palmdale Starbucks store, Shanyhah was declared the national champion in September after smashing through the regional stages.
She first started working at Starbucks Bahamas in 2019 and her favourite beverage is a tall oat milk four pumps white mocha with one pump of mocha, no whip cream.
“I think the Barista Championship is important because partners from all around the market can look forward to showcasing their talent and become eager to one day hold this title. Persons who are not in the company may perhaps want to join the company once they see how many opportunities Starbucks has to offer,” she said.
“It was an honour to share my story in front of family, friends, and partners. Sharing my story also allowed me to share my coffee knowledge with others, so that in itself was my favourite portion.”
SHANYHAH Bowe plants her own coffee tree in Costa Rica. BARISTA Shanyhah Bowe is stationed at the Palmdale Starbucks location in Nassau.