12142023 BUSINESS

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THURSDAY, DECEMBER 14, 2023

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warns on Ex-minister blasts ‘outrageous’ Minnis increased New Year Business Licence audit fines air import costs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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A FORMER net minister yesterday slammed the “outrageous” fines for Business Licence audit non-compliance even as government officials questioned why there was so much private sector anxiety.

Dionisio D’Aguilar, Superwash’s principal, and ex-minister of tourism and aviation, branded penalties equivalent to 1-2 percent of a company’s annual revenue as “just crazy” should they miss the deadlines for filing their audited financial statements or commit some other infraction.

Speaking after attending yesterday’s meeting between the Bahamas Institute of Chartered Accountants (BICA) and Department of Inland Revenue officials, which was called to resolve concerns over the enhanced Business Licence verification requirements, he told

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters

t 4BZT mSNT TFU VQ UP GBJM UISPVHI MBDL PG UJNF t 0UIFST BSHVF UIFZ ADBO U IBWF JU CPUI XBZT Tribune Business he left “getting more afraid” his business will be found noncompliant come end-April or June next year.

Asserting that this would result from his, and other companies with annual turnover exceeding $5m, having been given insufficient time to ready their financial records for the full audit the Government is now demanding, Mr D’Aguilar queried how verifying his salary bill and utility expenses will generate more revenue via the

turnover-based Business Licence fee.

Simon Wilson, the Ministry of Finance’s financial secretary, “made it quite clear” to attendees at the BICA meeting that the Government will not agree to a year’s delay in implementing the audit requirement for firms with turnover of $5m or more - as requested by both the accounting profession and Bahamas Chamber of Commerce and Employers Confederation (BCCEC).

DIONISIO D’AGUILAR As a result, the position remains that audited financial statements for Business Licence purposes must be filed by April 30, 2024. While an extension may be granted until end-June 2024, companies must provide sound justification for this when they apply, and Mr D’Aguilar said whether they gain the extra two months is left to the Department of Inland Revenue’s discretion.

Mr Wilson yesterday argued the Bahamian private sector has been

SEE PAGE B6

Air freight terminal ‘disgrace’ set for $25m transformation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official yesterday assured there will be “a very minimal” cost impact to Bahamian imports from a $25m deal to overhaul “a disgrace” of an air freight terminal.

Simon Wilson, the financial secretary, defended the planned agreement with JDL, which he described as a Bahamian company, as a solution to decadeold security and revenue leakage woes stemming from the “compromised” facility at Lynden Pindling

SIMON WILSON International Airport (LPIA) (see other article on Page 1B).

Speaking after former prime minister, Dr Hubert Minnis, challenged in the House of Assembly

SEE PAGE B11

Business Licence audits to impact ‘less than 1%’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official yesterday challenged why Business Licence audits for firms with turnover over $5m is “posing a great difficulty” given that less than 1 percent of all companies are impacted.

Simon Wilson, the financial secretary, told Tribune Business that both the private sector and accounting profession had been given more than ample notice of the enhanced Business Licence verification reforms since discussions with both occurred prior to the 20232024 Budget’s unveiling in May.

And, using the Bahamas Institute of Chartered Accountants (BICA) estimates for how many companies will be affected by the requirement to produce audited financial statements, he added that this amounted to “0.003 percent” of the 45,000 annual Business Licence applicants.

Mr Wilson also told this newspaper that if the enhanced turnover reporting produces “a 5 percent increase in revenue yield” from the Business Licence then the Government will have made its case and justified the reforms.

Speaking amid ongoing calls by both BICA and the Bahamas Chamber of

SEE PAGE B6

AN ex-prime minister yesterday warned Bahamians will have to pay increased costs to import goods via air freight from New Year’s Day due to a $25m outsourcing deal struck by the Government.

Dr Hubert Minnis told Tribune Business that JDL’s $25m agreement to transform the Government’s air freight terminal, the final terms for which are still being worked out, has also sparked fears among Bahamian courier companies that they will either have to close or lay-off staff.

This, he argued, is because JDL is charging 40 cents per pound to scan imported air cargo for contraband before it is released to the relevant broker or client. Besides increasing air freight-related costs for Bahamian consumers at a time when they are still grappling with the cost of living crisis, Dr Minnis said the plan will also impose extra strain on couriers

DR HUBERT MINNIS because they must pay JDL’s handling fee upfront.

The industry will thus be faced with having to reclaim this outlay from its clients, some of whom will likely decline to pay, thus leaving couriers exposed financially. Dr Minnis, who tabled several questions on the JDL arrangement in Parliament yesterday, also argued that it violates the Customs Management Act because Customs is the only entity lawfully able to clear and inspect incoming cargo.

Simon Wilson, the Ministry of Finance’s financial secretary, told Tribune Business that JDL’s fees were

SEE PAGE B10

PAGE 2, Thursday, December 14, 2023

THE TRIBUNE

WORKPLACE CONFIDENTIALITY KEY TO CORPORATE SUCCESS W orkplace confidentiality is important as it helps manage disputes, ensures the security of delicate information, promotes loyalty, protects clients and prevents crime and discrimination. Confidentiality is often assured under a company’s policies, and therefore anyone who

breaches the agreement is liable to face legal action.

In order for a company to inspire confidence among both its employees and clients, it must have a way of protecting everyone’s privacy. This goal is normally aided by including a confidentiality agreement in the firm’s policies. One of the reasons why this is important is that some

clients or employees may disclose information that may be incriminating, or causes people to view them in a discriminatory manner.

Another reason why confidentiality is important in the workplace is that it helps keep employees united by protecting delicate information. If all employees knew every single detail about their

colleagues, it would be difficult for them to work as a team. This is especially true in workplaces where employees may have varied beliefs, opinions, sexuality or cultural inclinations.

Confidentiality also prevents criminal activity by guarding information that, in the wrong hands, enables malicious persons to take advantage of

an individual or situation.

Likewise, data that reveals an individual’s personal information, such as finances, can easily be used for fraudulent activities, which is why keeping it confidential is important.

A confidentiality agreement is a legal agreement that prohibits employees from disclosing certain information about a company and its clients. It is a permanent agreement, which means a signed confidentiality agreement remains valid after employment has ended. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

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THE TRIBUNE

Thursday, December 14, 2023, PAGE 3

Non-profit reveals 36% fall in distributed meals it has had to alternate the monthly donations it provides to its partners.

She said: “We’re still getting donations, but they’re not at the level to sustain what we need. Considering that we literally eat our donations, it doesn’t roll over. So we constantly need the money coming in and we’re really looking for some donors.

“We really want to get 80 companies or businesses or individuals to give us $1,000 every month, so that we can at least get back to where we were last year of providing our 100-plus ministries with parcels every month. This year, we had to alternate and do with them every other month.”

Bahamas Feeding Network estimates that one in eight Bahamians live below the poverty line, which was last estimated in 2013 to be $11.64 per day.

Felix Stubbs, its chairman, said that because of the economy more individuals are finding themselves

living below the poverty line and in need of food assistance. He added that due to the decrease in donations the non-profit has seen a 36 percent reduction in their monthly distributed meal parcels, moving from 100,000 to 64,000.

He said: “The level of hunger has increased.

Because of the nature of the economy we’ve seen more people below the poverty line who require these kinds of services. At one point in time we were feeding 100,000 meals a month.

Right now, it’s a little over half of that, about 64,000, so it doesn’t mean that need has gone away it just means that our ability to address that need has diminished.”

Royal Caribbean International yesterday donated 25,000 pounds of turkey to the Bahamas Feeding Network. The cruise giant is the food distribution programme’s largest corporate donor contributing over $500,000 in donations since 2019.

Gov’t urged to move on bus fare increase

passenger loads of 50 percent once services emerged form lockdown. The sector was then hit with inflation and the cost of living crisis, including the increase in gasoline and diesel prices.

Mr Moxey added: “We have something tentatively planned for December 18, but I am waiting on them to confirm with me if whether or not this is the time. We’re waiting to see what’s going to happen after December 18, and we’re trying to get that sorted before the end of the year, but we’re definitely not into first quarter talks.”

The bus industry’s unification programme is also being pushed into the New Year. “We have a plan now that we’re going to try to push through some things for next year, but it’s still alive and well and we are still very enthusiastic about it,” Mr Moxey added.

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Bahamas Feeding Network (BFN) yesterday said corporate donations have dropped-off noticeably since the COVID pandemic even though one in every eight Bahamians is thought to be living in poverty.

Nicolette Archer, the BFN’s office manager and executive assistant, called for at least 80 businesses to donate $1,000 monthly to enable the non-profit to continue its work. It provides food to 121 soup kitchens, feeding centres and church feeding programmes, and has provided over 1,122,336 meals to 129,492 individuals in the last year.

Ms Archer said that although BFN is still receiving donations they are not enough to sustain this level of activity and, as a result,

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BUS drivers yesterday said the Ministry of Transport (MOT) needs to just get on with increasing jitney fares rather than delay any decision until the New Year.

Harrison Moxey, the United Public Transportation Company’s (UPTC) president, told Tribune Business that his members want the new fares to be determined and implemented before Christmas.

The increase has reportedly been agreed already at 25 cents for adults, taking the total bus fare to $1.50, but the Ministry of

Transport wants to stage a Town Hall meeting to discuss the move with the public and understand how it will impact them.

Mr Moxey said: “I guess they want to butter both sides of the coin, which right now is upsetting to us.

We’re not playing politics, we’re not politicians. We just want what is due to us.

It’s the politicians who have to go about pleasing the public and making grand announcements, but in the meantime we’re feeling the pinch.”

Bus drivers were among the industries that felt the brunt of the COVID-19 pandemic’s financial impact, as they were required to operate with reduced

Baker’s Bay Golf & Ocean Club, Great Guana Cay, Abaco is looking for:

Human Resources Coordinator Overview: Through the direction of the Human Resources leadership, the Coordinator will be responsible for employee compensation and benefits program, including but not limited to the administration of the Company’s group health plan, wellness initiatives, supplies management, goodwill communications, and employee personnel actions (transfers, promotions, increases, special increases).

The Human Resources Coordinator will be responsible for the administrative and clerical functions of the Department such as maintaining personnel records and assisting with the new team member onboarding program.

The Human Resources Coordinator will also be responsible for championing and promoting good employee relations; on behalf of the Club as one that cares for its team members by developing a culture of professionalism, respect for others, team building, and adherence to the Company’s code of conduct and core values.

The Coordinator is required to have an extensive knowledge of human resources policies and procedures and local Bahamian employment law.

Responsibilities UÊ 1 `iÀÊÌ iÊ i>`iÀà «Ê vÊÌ iÊ Ãà ÃÌ> ÌÊ ÀiVÌ ÀÊ> `ÊÌ iÊ i>`iÀà «Ê vÊ the Department Coordinate the club’s group health plans (Colina Ê > `Ê1 Ìi`Ê i> Ì V>Ài®Ê V Õ` }ÊLÕÌÊ ÌÊ Ìi`ÊÌ ÊÌ i ÞÊi À i ÌÊÊ of employees and dependents, overseeing plan changes (life volume, terminations) and reconciliation of the monthly invoices.

UÊ À` >ÌiÊ> `Êv>V Ì>ÌiÊÌ iÊ >Ê"À i Ì>Ì ÉÊ v À >Ì Ê-iÃà ° UÊ i>`ÊÌ iÊ>` ÃÌÀ>Ì Ê vÊÌ iÊV «> Þ½ÃÊ « ÞiiÊ7i iÃà Program including but not limited to: o Programs to reduce areas experiencing large claims. o Programs to educate staff on common health conditions. Ê Ê ÃÌ>L à }Ê* Þà V> Ê> `Ê7i iÃÃÊ*À }À> ð UÊ ` ÃÌiÀÊ> `ÊV À` >ÌiÊÌ iÊi « ÞiiÊ «i Ã>Ì Ê> `Ê i iwÌÃÊ portfolio.

Requirements UÊ >V i À½ÃÊ i}ÀiiÊ Ê Õ > Ê,ià ÕÀViÃÊ > >}i i Ì]Ê Õà iÃÃÊÊ Ê > >}i i Ì]Ê ÀÊ>ÊÀi >Ìi`Êwi `° UÊ *ÀiÛ ÕÃÊiÝ«iÀ i ViÊ Ê Õ > Ê,ià ÕÀViÃÊ Ê Õ ÊÎÊÞi>ÀÃÊ vÊÊ Ê experience in a private club or hospitality industry.

UÊ *À Ûi ÊiÝ«iÀ i ViÊÜ À }Ê Ê>Ê À` >Ì À½ÃÊV>«>V ÌÞÊ Ê Õ Ê Ê Ó ÎÊÞi>ÀÃÊ UÊ *À Ûi ÊiÝ«iÀ i ViÊÜ À }Ê Ê>Ê Õ Ì « i ÕÌ iÌÊ «iÀ>Ì UÊ - Õ `Ê Ü i`}iÊ vÊÌ iÊ > > > Ê « Þ i ÌÊ >Ü° UÊ *,É ]Ê ÀÃÌÊ `Ê iÀÌ wi`° Interested applicants may apply on or before December 31, 2023: www.careers@Bakersbayclub.com

ROYAL BEACH CLUB

Royal Caribbean says PI project is ‘near finish line’

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net ROYAL Caribbean’s senior Bahamas executive yesterday said its Paradise Island project is “near the finish line” on obtaining the necessary approvals with a Heads of Agreement now being finalised.

Philip Simon, also the Royal Beach Club’s president, added that the $110m project is “progressing” with the first phase of construction scheduled to begin in the 2024 first quarter.

He said: “We’re continuing to progress. I think it’s advancing in terms of the timelines that we have outlined for the project. We still are hopeful and deliberate in our attempt to get to an opening in summer of 2025. We have achieved environmental approvals from the Department of Environmental Planning and Protection. We are near the finish line, I think,

for our Heads of Agreement with government.

“Next steps, we’ve been involved from a development perspective, in the site preparation and the demolition, which is kind of like the phase one of getting ready for construction. We hope to commence that in the first quarter of 2024.”

Mr Simon added that the Royal Beach Club’s construction will last a full 18 months once demolition is complete, and Bahamian vendors that wish to get involved “at any level” can still reach out via the cruise line’s project website.

He said: “We continue to encourage persons who are interested in the project to reach out to us, and this is at every level, in preparation for the completion of the construction which, after the site prep and demo works, we hope to go more than 18 months in total in order to meet that timeline.

“So, persons again, you can reach out to us at the website to get on that list.

We monitor it very closely,

we respond to everything.

RFPs will go out for each individual phase.”

Mr Simon has said that Royal Caribbean’s Paradise Island project targets “100 percent Bahamian participation, not just in terms of the employees but also in the vendors and the third parties that we partner with”, and has held workshops to gauge the interest of potential Bahamian food and beverage, retail and artisan partners this summer.

He added that they are still communicating with those vendors and will send out bid documents to them once construction is completed.

He said: “As it relates to the workshops we would have held over the summer, we continue to communicate with persons in that regard depending on their interests and their activity. We will send out RFPs for the operations closer to opening when we would have completed the construction.”

PAGE 4, Thursday, December 14, 2023

THE TRIBUNE

Milo Butler completes second $12m Freeport project phase MILO B. Butler & Sons Investment Company yesterday officially completed phase two of a $12m project in downtown Freeport.

Company Board members joined government officials and Grand Bahama business leaders at a soft opening and building renaming ceremony to mark the occasion. Among those present were Kingsley Smith, MP for West End and Bimini, and Ian Rolle, Grand Bahama Port Authority (GBPA) president.

The project’s final phase, valued at $6.9m, included extensive renovations to the 22,000 square foot Grand Union building located adjacent to The Winn property in downtown Freeport.

Work began in May 2023. under lead contractor, Patrick McDonald Construction Company, with the property set to house the Disaster Reconstruction Authority’s (DRA) main office and warehouse space.

As part of phase two, Select Design & Construction, headed by its principal, Craig Kemp, oversaw the build-out of an additional 12,000 square feet of office space attached to The Winn building. Grand Bahama’s Parliamentary Department and the Public Service’s training department will relocate to the space.

Damian Butler, chairman and managing director of Milo Butler Investments, said: “As a company, we

MILO Butler Investments partners at the Grand Union Building renaming ceremony. are pleased to mark the completion of this major redevelopment project in downtown Freeport. We have received tremendous support from the local community and our partners here in Grand Bahama, and we are confident in the direction that the local economy is headed.

“In addition to our construction partners, Patrick McDonald and his team, Milo Butler Investments would especially like to thank Ginger Moxey and the Ministry for Grand Bahama; the team at Grand Bahama Port Authority; our financiers, RBC Royal Bank; our partners

Photo:REMOR Media/Windward Public Relations

KINGSLEY SMITH, MP for West End and Bimini at the Grand Union Building renaming ceremony.

IAN ROLLE, president of Grand Bahama Port Authority at the Grand.

PUBLIC NOTICE THE BAHAMAS CYCLE CO. Will be holding it’s ANNUAL GENERAL MEETING On Friday 15th December At the PHOENIX RESTAURANT On Bay St & Elizabeth Ave. At 6pm All Shareholders are welcome to attend.

DAMIAN BUTLER, chairman and managing director of Milo Butler Investments.

at Veritas Consultants and TDG Architects,and all others who have contributed to the success of this project.”

Kingsley Smith, MP for West End and Bimini, spoke on Mrs Moxey’s behalf. “Your investment has significantly contributed to Grand Bahama’s economy, and this project has breathed new life into our commerce centre,” he said of Milo B. Butler & Sons Investment Company.

“Over the past year, we have witnessed the resurgence of activity in downtown and the surrounding areas that resulted from phase one of the redevelopment project.

Now, here we are to celebrate the completion of phase two, which included an extensive renovation and construction of the old Grand Union Food store. I am delighted that

this beautifully renovated Grand Union building is the future home of the various government agencies.”

In November 2022, Milo Butler Investments completed phase one of its Downtown Freeport project with the construction of The Winn, a 32,000 square foot facility - which houses anchor tenant, Solomon’s Freeport, in just ten months. Phase two construction of the Grand Union building was completed on schedule in seven months.

Other commercial and residential real estate developments in Milo Butler Investments’ portfolio include the Lucayan Shopping Plaza in Grand Bahama; the Shops At Carmichael; and Tuscan Shores subdivision in New Providence. The company also manages a portfolio of investment securities.

Baker’s Bay Golf & Ocean Club, Great Guana Cay, Abaco is looking for:

Certified PADI Dive Instructor Overview: The role of the Dive instructor is to train and instruct recreational or commercial open-water divers in diving techniques, safety, and the correct use of diving equipment. The Instructor will ensure that the highest level of service is offered to the members of Baker’s Bay Golf & Ocean Club by providing the member with personal, gracious, and professional service throughout the Beach Club, Excursions, and activities hosted by the Outdoor Pursuits Department of Bakers Bay Club (BBC).

This is a very hands-on role which should be highly visible to the guests.

The role encompasses the organization of activities, instructing, and encouraging as much participation as possible in all activities on the property.

Other key elements of this role are to lead boating and marine excursions and promote activation of water activities and games with members and their guests.

GENERAL ROLES AND RESPONSIBILITIES UÊ ÜÊÌ iÊ"ÕÌ` ÀÊ*ÕÀÃÕ ÌÃÊ-Ì> `>À`Ê"«iÀ>Ì }Ê*À Vi`ÕÀiÊ>ÌÊ> ÊÌ ið UÊ /À> Ê> `Ê ÃÌÀÕVÌÊÀiVÀi>Ì > Ê> `ÊV iÀV > Ê «i Ü>ÌiÀÊ` Û }Ê lessons.

UÊ iÊ ÊÃ>viÌÞÊV ÛiÀÊ> `Ê vi}Õ>À`Ê`ÕÌ iÃÊv ÀÊ Ü>ÌiÀÊ>VÌ Û Ì iÃ°Ê UÊ *iÀv À Ê`ÕÌ iÃÊ> `ÊÌ>à ÃÊÌ À Õ} ÕÌÊÌ iÊ ÕLÊ>ÃÊ>Ãà } i`Ê V Õ` }ÊLÕÌÊ not limited to stocking, cleaning, and preparing for members’ excursions and activities as well as beach cleaning and presentation.

UÊ >ÀÀÞÊ ÕÌÊÜii ÞÊÃ>viÌÞÊV iV ÃÊ ÊÌ iÊ* ÜiÀL >ÌÊyiiÌÊi ÃÕÀ }ÊÌ >ÌÊ> Ê Ê L >ÌÃÊ iiÌÊ-"*Ê}Õ `i ið JOB REQUIREMENTS UÊ * Ê >ÃÌiÀÊ-VÕL>Ê ÛiÀÊ/À> iÀÊ­ - /®Ê ÃÊ>Ê 1-/ UÊ ÕÃÌÊLiÊV>«>L iÊ ÀiiÊ ÛiÀÊ> `Ê-«i>ÀÊwà iÀÊ­ÎävÌ®Ê UÊ *ÀiÛ ÕÃÊiÝ«iÀ i ViÊ ÊÌ iÊ}ÕiÃÌÊÃiÀÛ ViÊ `ÕÃÌÀÞ UÊ *,É ]Ê ÀÃÌÊ `Ê iÀÌ wi`Ê ÃÊ>Ê ÕÃÌ UÊ >ÌÊV>«Ì> Ê Vi ÃiÊ iViÃà ÌÞ UÊ 7>ÌiÀÊë ÀÌÃÊViÀÌ wV>ÌiÃɵÕ> wV>Ì ÃÊ«ÀiviÀÀi`°Ê UÊ Ý«iÀ i ViÊ Ê Ã }Ê ÃÊ>Ê ÕÃÌ°Ê Interested applicants may apply on or before December 31, 2023: www.careers@Bakersbayclub.com

THE TRIBUNE

Thursday, December 14, 2023, PAGE 5

Hurricane Hole developer takes on Briland project

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HURRICANE Hole’s developer has been hired to manage a $200m resort and marina project on Harbour Island with effect from January 2024.

4M Harbour Island, in a statement, confirmed it has engaged Sterling Global Advisors as development manager for its Briland Club Residences and Marina project. Sterling Global Advisors is a subsidiary of Sterling Global Financial, which has redeveloped the Hurricane Hole property on Paradise

Island, and is undertaking another resort project on Montage Cay in Abaco.

Michael Wiener, speaking on behalf of 4M Harbour Island, the Briland Club owner, said: “We believe that this relationship will be extremely beneficial to our project and look forward to its continued success with Sterling Global Advisors’ assistance.”

Khaalis Rolle, Sterling Global Advisors president, added: “We are pleased to have been chosen to continue the successful development of one of the best development projects in The Bahamas.

“Briland Club has invested over $3m in

generators and electrical service equipment, with a capacity of 3 Mega Watts (MW) of power. Moreover, it is capable of being selfsufficient for potable water with its own reverse osmosis water system.”

Briland Club Residences and Marina was said to be capable of providing 100 percent of the electricity and water services required for the development, while enjoying a marina and frontage on the Pink Sand Beach. Sterling Global Advisors’ official engagement will begin in January 2024, aligning with the strategic timeline for the Briland Club Residences and Marina.

THE MARINA AT BRILAND CLUB RESIDENCES AND MARINA

VILLA AT BRILAND CLUB RESIDENCES AND MARINA

Berkshire can’t use bribery allegations against Haslam in Pilot truck stop chain accounting dispute

By RANDALL CHASE AP Business Writer WARREN Buffett's Berkshire Hathaway will not be allowed to use allegations that billionaire Jimmy Haslam tried to bribe employees at the Pilot truck stop chain to inflate the company's value as Berkshire defends itself in a dispute over the company's accounting practices, a Delaware judge said Wednesday.

The ruling came in a lawsuit in which Pilot Corp. claims that Berkshire Hathaway, which holds 80% of Pilot Travel Centers, has used accounting changes to try to artificially depress the price Berkshire would have to pay for the Haslam family's remaining 20% stake in the truck-stop chain.

Berkshire responded to the lawsuit by claiming that Jimmy Haslam, the owner of the Cleveland Browns, tried to bribe more than

two dozen Pilot employees to get them to inflate the company's profits this year. Berkshire alleges that Haslam wanted to artificially inflate profits so Berkshire would have to pay more for the remaining stake in Pilot held by the Haslam family, which also includes former Tennessee Gov. Bill Haslam.

Following a hearing Wednesday, Vice Chancellor Morgan Zurn ruled that Berkshire could not use the

bribery allegations as part of an "unclean hands" defense at an expedited trial next month. She also said any related depositions would not be allowed, noting that the bribery allegations do not have an "immediate and proper nexus" to Pilot's underlying claims.

While granting Pilot's motions to restrict Berkshire's defenses, Zurn also indicated that she may deny Berkshire's request to amend its answers and

defenses. Among the new information Berkshire wants to use are allegations that Pilot's controller, David Clothier, used his spouse's cell phone to secretly communicate with Haslam, was offered an illicit payment

by Haslam, and tried to retroactively alter financial statements to change or delete references to the accounting changes.

Meanwhile, an attorney for Pilot told Zurn that federal prosecutors have begun an investigation based on Berkshire's bribery allegations.

"We have no reason to believe that that investigation is going to impede the

progress of this case," said attorney Bradley Wilson.

Wilson noted, however, that Pilot was asked to postpone some depositions in the case in order to allow people to hire lawyers.

Pilot alleges that, after taking control of the company, Berkshire adopted "pushdown accounting," which forced Pilot to take on higher depreciation and amortization costs and resulted in lower net income. Pilot claims that a 2017 LLC agreement prevents Berkshire from making such an accounting change without Pilot's consent.

PAGE 6, Thursday, December 14, 2023

THE TRIBUNE

EX-MINISTER BLASTS ‘OUTRAGEOUS’ BUSINESS LICENCE AUDIT FINES FROM PAGE B1 given more than sufficient time to ready itself for the enhanced Business Licence verification requirements, as discussions with the Chamber and BICA had begun as early as March this year prior to the necessary legal reforms being enacted on July 1 with the Budget. And auditor numbers were more than adequate (see other article on Page 1B).

But based on yesterday’s meeting, the Superwash chief said those firms that miss the audit filing deadlines are exposed to penalties and fines “equivalent to 1-2 percent of their revenue”.

For companies with a $5m turnover, this equates to sanctions worth between $50,000 and $100,000, while those enjoying a $10m top-line could face between $100,000 to $200,000 in exposure.

“The Department of Inland Revenue seems to be of the view that there are many, many businesses

that are non-compliant with VAT, Business Licence and real property tax,” Mr D’Aguilar said. “Their view is, yes, there are honest ones, but we are going to build our response around dishonest ones in the market. Yes, the innocent will suffer for the guilty, but the number is insignificant for us to worry about.

“If a company is law abiding, doing what it’s supposed to be doing, compliant with the law, their position is to get an audit done in the next four months or you pay 1-2 percent of your revenues as fines. It’s just outrageous, just crazy. You’re just penalising all the business community because you believe the vast majority of them are non-compliant.”

The ex-Cabinet minister argued that some $5m-plus turnover firms, especially those that are privately owned and have never needed to previously undergo a full audit, are effectively being driven into non-compliance because

they have not been allowed sufficient time to get their financial records, processes and resources in position for the enhanced level of scrutiny.

While many will believe that multi-million turnover companies will have no difficulty absorbing these fines, Mr D’Aguilar said low margin businesses already struggling with the high cost of doing business will be further squeezed.

“I’m sure there are companies that have $5m, $10m, $20m worth of bills that don’t make any money,” he added. “I was once on the Board of AML Foods when we had $100m in sales and did not make any money.

“On top of that, now the accounting profession has basically been put on notice by the Department of Inland Revenue that some have been certifying documents they shouldn’t have been certifying or have been certifying inaccurately.

“The accounting profession is afraid to take on

clients that might pose a risk to them because they are on the hook as accountants.

If they certify a document inaccurately, the Department of Inland Revenue will come for them. I heard one accountant yesterday say they will not do this; it’s not worth the risk.”

Mr D’Aguilar added that he was further concerned by the fact that the Government’s definition of turnover, for Business Licence purposes, is different than that employed by International Financial Reporting Standards (IFRS). Based on the conversations he heard between BICA members yesterday, the ex-minister said some of them were confused as to what is turnover.

“As a businessman I was sitting in that room getting more afraid,” the Superwash chief added. “I thought I was compliant, but now I don’t know. The [accounting] industry is saying we’re not ready, we don’t have the capacity and the Department of Inland Revenue is

Business Licence audits to impact ‘less than 1%’ FROM PAGE B1 have made its case and justified the reforms.

Speaking amid ongoing calls by both BICA and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) to give $5m-plus turnover firms an extra 12 months to

“get their house in order” before being subjected to a full audit, he said: “I think we made it quite clear that they had over one year’s notice.

“When we first broached this topic with them, it was March or April, and then we came back before final approval in May. We told

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them the Government had made the decision to move forward in this direction.

The legislation [the Business Licence Act 2023] was tabled in May. We worked with BICA for three months on the guidance notes. There was ample notice.

“When we asked them to say what percentage of businesses could be impacted, based on their own numbers, it was 113 somewhere around there.

We have 45,000 businesses that apply for a Business Licence. That is less than 0.003 percent. We don’t see why this is posing a great difficulty.”

All companies need accurate financial numbers so they can properly

assess their performance and determine whether structural or operational changes are needed, so verifying these via an external auditor is seen as good business practice. It is also part of sound governance, and many firms have to produce audited financials for their industry regulators and lenders/creditors.

“Most businesses at some time in their lives require some type of bank financing and have to prepare financial information approved by an external auditor,” Mr Wilson added. “Some banks for risk management purposes, if you are a heavily cash business, will say: ‘Let’s see your financial statements. We need to understand the volume

saying: ‘Figure it out, and if you don’t get it done by then will impose a fine.

“You are thinking you are tax compliant. You are thinking you are a law abiding citizen but, come April, if you don’t have the statements you will be looked at as a criminal and will be fined. I don’t quite understand how the audit of my salaries and wages, the audit of my utility bills, the audit of my expenses is going to generate any more revenue for the Government.

“The Business Licence fee is based on sales. Me spending $50,000, $60,000 or $70,000 to go out and get an audit, it’s automatically more expensive. What’s that got to do with my revenue?

I’m getting my revenue certified now by my accountant.

How’s this going to impact the yield they get from revenue? Focus on revenue. If they have to audit revenue, shift to that, rather than go to full financials.”

Mr D’Aguilar said the “takeaway” from yesterday’s

meeting is that the Government is moving ahead with the Business Licence audit roll-out, and there will be no delays, even as he challenged: “What’s the rush?”

He added: “I left that meeting so discombobulated. We are so afraid now of being accused of trying to defraud the Government when our intentions are good.”

However, some attendees yesterday backed the stance taken by Mr Wilson and the Government. One, speaking on condition of anonymity, said: “Simon was very firm in his position. I am not sure I am opposed to Simon.

“Simon gave a very good example. How come companies are reporting to their creditors, they are providing financial information, yet when the Government of The Bahamas asks for the same information they are fighting about it? You cannot have it both ways.

For a country to survive, it has to have a good tax structure.”

of trade and activity’, and it has to be certified.

“The one thing we said is that the Government and BICA have a common interest in seeing an increased level of financial transparency in the business community, and we should be working towards a common goal. BICA should be on the Government’s side with this initiative. To say BICA can’t handle an additional 50-60 audits, I don’t see why it’s an issue.

“We’re moving ahead.

We’ve made that clear. I think the benefit of moving ahead outweighs the costs of implementation by far. If we see a 5 percent increase in revenue yield because of this initiative that makes the argument very, very strong that we should move ahead.”

The Chamber, justifying its call for a 12-month delay to an audit timeline it branded “too aggressive”, said that “many Bahamian companies have not traditionally maintained this detailed level of financial records” the process requires.

“To force some businesses into an audit at this time could lead to a failed audit,” the Chamber added, reiterating that it was now renewing a call that it first made to the Government in the 2023-2024 Budget run-up to hold-off. It also pointed to the “significant expense” involved, with audits costing $20,000 and upwards and this likely to be passed on to consumers

when living costs are already high.

“Many questions remain which must be properly discussed and addressed prior to full implementation,” the Chamber added. Micro, small and medium-sized enterprises (MSMEs) with annual turnovers below $250,000 will be exempt from having to maintain electronic records and have an independent accountant certify their turnover for Business Licence renewals.

This threshold was raised from $100,000 to ease the burden on more such firms, who will submit management accounts as verification of their turnover sums.

However: * Businesses with annual revenue between $250,000 and $499,000 will require accounting certification by an independent accountant * Businesses with turnover between $500,000 and $2.499m will require a compilation report by an independent accountant * Businesses with revenue between $2.5m and $4.999m will require a review statement by an independent accountant * And large taxpayers, namely businesses with turnover above $5m, will require audited financial statements produced by an independent accountant Business Licence filings are due by end-January 2024, with payment of the correct fee required by end-March.

PAGE 10, Thursday, December 14, 2023

THE TRIBUNE

Minnis warns on increased New Year air import costs FROM PAGE B1 still being negotiated and the Government is hoping the final figure will be less than 40 cents per pound.

However, he confirmed that

the Davis administration hopes the arrangement will take effect early in the New Year if not from January 1, 2024 (see other article on Page 1B).

Disclosing that the Government has been seeking a solution for the “compromised” Lynden Pindling International Airport (LPIA) air freight terminal, which he branded “a

disgrace”, for some ten years, Mr Wilson said the JDL deal was designed to develop the property into a modern building while addressing the present security and revenue leakage woes. He described fears over the fees as “disingenuous”.

Troy Strachan, JDL’s chief operating officer, was yesterday said to be out of office and did not respond to a Tribune Business message seeking comment before press time. However, a JDL presentation, which has been obtained by this newspaper, and was given to Customs and the private sector earlier this month, reveals that it plans to invest $25m “over the course of the project” to transform the terminal.

It pledged that 100 jobs would be created for the scanning and sorting of air cargo, while a “multi-million dollar investment” will be made in x-ray scanning equipment and security upgrades. The air freight terminal’s construction overhaul will take between 12-18 months to complete, with some remedial work having already started.

To finance and pay for the $25m redevelopment, the JDL presentation speaks to the introduction of a “new security facility fee for January 1, 2024”, although the size of this fee is not specified. Detailing how the new scanning and cargo system will work, JDL said freight forwarders will “barcode and scan” packages for upload into its system, containing details on the weight and owner.

Once cargo arrives in The Bahamas, it will be transported by ground handlers such as Nassau Flight Services (NFS) to JDL at the new air freight terminal, where it will be broken down and x-rayed (scanned) for contraband such as firearms and narcotics. Any illegal discoveries will be handed to Customs.

Once cleared, couriers/ brokers will be notified that their imported shipments are in a holding area. JDL will release them once paid its handling fee, and the goods will then undergo a second inspection by Bahamas Customs.

Dr Minnis, though, raised multiple questions about the agreement before the House of Assembly yesterday broke for Christmas.

“Can the Prime Minister [Philip Davis KC] please confirm for this honourable House that he has given a company a contract when he gave them permission to operate the private package

consolidation and scanning system to the detriment of Bahamian people, under the name JDL, in breach of the Customs Management Act,” the Killarney MP asked.

“And will he also confirm, one, the names of the true beneficial owners of JDL, since the Bahamian people need to know who is that the Government is permitting to bill them. Two, that the contract with this private company, JDL, was never put out to tender.

“That as a result of this contract, Bahamians will now have to pay an extra mandatory fee which, depending on the weight of the package, could amount to hundreds, if not thousands, of dollars for every shipment that they import into the country,” Dr Minnis added.

“And that, in order to import goods into the country, beginning next month on January 1, Bahamians will now have to pay this exorbitant fee plus VAT on top of the charge in addition to shipping costs, VAT on the shipping, VAT on the overall cost of the item as well as other fees, Customs duty and Customs processing fees for every package that they import.”

While none of his questions were answered, Dr Minnis subsequently told Tribune Business: “A number of couriers came and spoke to me. They are very concerned because the costs will go up 40 cents per pound, and add hundreds of dollars on the consumer or customer.

“And because it becomes cost prohibitive a lot of the couriers will have to close or lay-off people.

The extra cost they will incur must be passed to the consumer.” Whether JDL’s fee adds “hundreds of dollars” to Bahamian import bills will depend on the size and weight of what is being imported, although Mr Wilson yesterday downplayed the charge and resulting extra cost as minimal.

Dr Minnis, though, reiterated: “Quite a number of couriers have called me.

They are concerned this is coming into effect in January and, to their knowledge, it has not gone out to consumers.

“Customs is also the legal port of entry. Customs is now giving this legal port of entry to a private company.

That’s the job of Customs.

They are the official legal entity in the Government, not this private entity [JDL]. Under the Customs Management Ac, Customs

is responsible. They’re the first legal entity to deal with cargo coming into the country, not a private entity.

“It’s going to be an additional 40 cents per pound on the cost that will be passed on to consumers, which is at a time when the cost of living has increased drastically. There are a lot of couriers who feel they will have to close as they will not be able to pay it upfront and then hope they get reimbursed by the consumer. The couriers are very upset.”

Dr Minnis also asserted that the JDL deal will “cost the Bahamian taxpayer dearly” while also adding to still-high inflation by raising import costs. One courier company, speaking on condition of anonymity, backed the ex-prime minister’s assertions and said a ‘40 cent per pound’ charge will $280 to the costs of importing a pallet of goods that typically averages 700 pounds in weight.

Confirming that they had attended JDL’s presentation, they said of the company: “They are scanning goods before it even gets to Customs. They screen and scan it, and then they hand it over to Customs, but at the same time they are charging 40 cents per pound to scan and screen.”

They added that most couriers bring in an average of seven pallets of goods per day, with the average weight being 700 pounds.

That is an additional $280 per pallet, which equates to $1,960 for seven pallets.

“Obviously the courier is going to pass this on to the customer, and this is what they are making noise about,” the source said.

The courier said there were also concerns that, via this process, goods will bypass Customs, resulting in revenue leakages and security concerns. And they questioned whether the JDL scanning and inspection was even necessary given that exactly the same process and scrutiny was applied before goods were placed on the plane.

“All the freight is going to this company first, and they will do the scanning and then charge the importer, and then they had it over to Customs. But the thing about it is that airlines like British Airways, Air Canada and Delta and other international carriers, they scan their stuff before it gets here,” they said.

“What’s going to happen is that you are going to charge people for screening and scanning goods that have already been done.”

The courier also voiced concerns that JDL will raise rental costs at the air freight terminal to help generate a return on its investment, thus pricing some firms out of the building.

“The building was controlled by the Bahamas government, and each company had a lease with them and the rent was quite reasonable,” they said, “but these guys claim they are going to be putting $25m into the renovation and refurbishment of this building, so obviously they have to recoup that and that means that the rent will have to skyrocket. This is one of the concerns of persons who rent offices in the building.”

Ralph Munroe, Customs comptroller, seemed uneasy and reluctant to comment on the JDL deal when contacted by Tribune Business.

He said “you can go with that” when informed this newspaper had JDL’s presentation, and directed it to speak with Mr Wilson.

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THE TRIBUNE

Thursday, December 14, 2023, PAGE 11

Air freight terminal ‘disgrace’ set for $25m transformation FROM PAGE B1 Assembly whether the public-private partnership (PPP) arrangement had been put out to competitive bidding, he told Tribune Business that the air freight terminal and its problems had “not just sprung up”.

Mr Wilson also pointed out that the Government had been totally transparent about its intentions, having disclosed the proposed JDL agreement on page 280 of its 2023-2024 Budget back in May. And he branded suggestions that JDL, and its proposed ‘40 cent per pound of cargo’ fee, would significantly raise import costs as “disingenuous”, arguing that it paled against charges levied by the courier companies.

“Let me be clear: If you look in the Budget you will see it,” the financial secretary told this newspaper.

“Our air freight building is in poor, poor shape. That’s the key element here.

We have to upgrade our air freight building. It is

not fit. We have Customs officers working in a building which, in the modern Bahamas, is a disgrace. A disgrace.

“Going to our air freight building, you’d be astounded at how we have our employees working there. We were seeking a solution for the last ten years. The roof is compromised, half the building is not fit for operations. All the activities are squeezed on the eastern side of the building; the western side is not fit for occupation.”

Tribune Business revealed on June 6 this year how the Government was seeking to solve the air freight terminal’s issues via a potential PPP outsourcing arrangement with JDL. Documents accompanying the 2023-2024 Budget, in an annex detailing privatepublic partnerships, set out the “justification to design, finance, build and operate a new air freight terminal”.

“The purpose of this proposal is for the Government to transfer the property

consisting of the air freight terminal to a special purpose vehicle (SPV) owned by the Government, and then to lease that property to JDL in order to design, finance, build and operate a new air freight terminal,” the Budget documents stated.

Mr Wilson affirmed yesterday: “We were looking for a solution and a Bahamian company came in and was willing to take on the risk for redeveloping the building for Customs purposes. We made no secret of it in the Budget. This is nothing new......

“It will make a massive investment, and the company is willing to do it. A review of the file will show that we have attempted to do this for at least the last seven years. We went far and wide, approached many persons to say: ‘Are you interested?’ There was no interest.

“This started seven to eight years ago when we thought we could use part of that building as an office

for Nassau Flight Services (NFS). This is not just something that sprung up.

We found one person willing to take the risk upfront.

They’re taking the complete risk. If the volume of traffic is not there, they lose their money. Hopefully, this goes well for us. If it does, it will be a precursor for other things where the private sector takes on the risk.”

Mr Wilson said the need to overhaul the air freight terminal is beyond urgent, while adding that JDL’s fees have yet to be finalised.

“The facility in its current state cannot assist us in securing revenue,” he told Tribune Business. “Because it is so limited we cannot do proper cargo inspections.

Cargo just leaves, and that creates a security and revenue risk.

“The facility cannot be used for the export of cargo. There’s no technology for scanning; that’s a major issue for us. Because the space is so limited, businesses that want to be in the facility, there’s no way

to accommodate them. The barrier to entry in the Customs broker and air freight market is very high.”

Describing the Government’s negotiations with JDL as “long and arduous”, Mr Wilson added: “We are still fine tuning the agreement. The negotiations are still going on with the company. We have not reached a final fee cost. We hope it will be less than 40 cents a pound.

“We still have to settle some things. We want it to start early in the New Year.

If it’s not New Year’s Day it will probably be the first week in January. They’ve started the renovation of the bathrooms, which were unusable. They’ve started some early activity. They’re trying to fix the rear door to make it operable after an attempted robbery several years ago, and improve efficiency. They’re trying to make the place more habitable.”

Mr Wilson argued that JDL’s fees, even if they turned out to be 40 cents

per pound, paled when compared to what he said was the $25 minimum charge levied by courier companies for air freight imported into The Bahamas. He added that JDLs charge was “less than 2 percent” of the latter sum, and “no one can say that’s unreasonable”.

“Those couriers are being disingenuous,” the financial secretary charged.

“They charge their customers $2-$3 per pound. That’s outside the air transportation or air freight fees. Ours is a very minimal cost.

“The second thing is if you look at the amount of contraband interdicted at the air freight terminal drugs, guns, bullets. If you look at what the Commissioner of Police put out, a gun can be purchased in Florida on Monday and used in a murder in Nassau on Wednesday. We have a security concern, and this is us trying to make sure we have a facility fit for purpose.”

After recalls and infections, experts say safer eyedrops will require new FDA powers

By MATTHEW PERRONE AP Health Writer WHEN you buy eyedrops at a U.S. store, you might assume you're getting a product made in a clean, well-maintained factory that's passed muster with health regulators.

But repeated recalls involving over-the-counter drops are drawing new attention to just how little U.S. officials know about the conditions at some manufacturing plants on the other side of the world — and the limited tools they have to intervene when there's a problem.

The Food and Drug Administration is asking Congress for new powers, including the ability to mandate drug recalls and require eyedrop makers to undergo inspections before shipping products to the U.S. But experts say those capabilities will do little without more staff and resources for foreign inspections, which were a challenge even before the COVID-19 pandemic forced regulators to skip thousands of visits.

"The FDA is not getting its job done in terms of drug quality assurance inspections abroad," said David Ridley of Duke University and co-author of a recent paper tracking the downturn in inspections. "Very few foreign drugmakers have been inspected in the past four years."

In 2022, FDA foreign inspections were down 79% from 2019, according to agency records collected by Ridley's group. Inspections increased this year but are still far below pre-pandemic levels.

FDA spokesman Jeremy Kahn said: "The FDA works to inspect as many facilities possible, but ultimately industry is responsible for the quality of their products."

An October recall of two dozen eyedrop brands came after FDA staff found cracked floors, barefoot workers and other unsanitary conditions at a Mumbai plant that supplied products to CVS, Walmart and other major retailers. It was the first time FDA staff had visited the site.

That inspection was prompted by an earlier recall of tainted eyedrops from a different Indian plant that's been linked to four deaths and more than a dozen cases of vision loss.

That plant had also never been previously inspected.

"These are very rare instances, but what we've seen is that these products can cause real harm," said Dr. Timothy Janetos, an ophthalmologist at Northwestern University. "Something needs to change."

Prescription medicines are highly regulated. Before a drugmaker can sell one in the U.S., it must undergo FDA review to establish

A SELECTION of eye drops line a shelf at a pharmacy in Los Angeles on Tuesday, Dec. 12, 2023. A series of recalls involving over-the-counter drops is drawing new attention to just how little U.S. officials know about the conditions at manufacturing plants on the other side of the world and the limited tools they have to force products off the market when there’s a problem.

Photo:Richard Vogel/AP

its safety and effectiveness.

As part of the process, the FDA typically inspects the factory where the drug will be made.

But eyedrops and other over-the-counter products don't undergo preliminary review or inspections. Instead, they are governed by a different system called a monograph, essentially a generic recipe for all medicines in a particular class. So long as drugmakers attest that

they are using the standard recipe, they can launch a product within days of filing with the FDA. "It's nothing more than electronic paperwork," said Dr. Sandra Brown of the Dry Eye Foundation, a nonprofit advocating for increased regulation.

"There's no requirement for the facility to be inspected prior to shipping for sale."

The FDA says it has flexibility to adjust its review process "to ensure safety."

But the agency is asking Congress for the power to require manufacturers of eyedrops and other sterile products to give at least six months notice before shipping products from a new factory. That would give inspectors time to visit facilities that aren't on their radar.

The proposal could face pushback from some overthe-counter drugmakers, who aren't accustomed to preapproval inspections.

But Brown says the unique risks of tainted eyedrops require a different approach from pills and tablets.

"Anything you swallow is going to meet up with your stomach acid, which

is going to kill most bacteria," Brown said. "It's much more dangerous to put a product in your eye."

The FDA warned consumers in late October not to use the eyedrops sold at CVS, Rite-Aid and other stores. But the products weren't officially recalled until Nov. 15, almost three weeks later.

That's because Indian manufacturer, Kilitch Healthcare, initially declined to cooperate. The FDA can force recalls of food, medical devices and many other products, but it lacks the same authority for drugs and instead must ask companies to voluntarily take action.

The FDA recently asked Congress for mandatory recall authority over drugs.

PAGE 12, Thursday, December 14, 2023

THE TRIBUNE

NTSB says a JetBlue captain took off quickly to avoid an incoming plane in Colorado last year

By DAVID KOENIG AP Airlines Writer FEDERAL investigators say the tail of a JetBlue plane struck a Colorado runway during takeoff last year when the captain quickly pointed the jet's nose upward to get airborne and avoid a head-on crash with a plane preparing to land on the same runway.

The National Transportation Safety Board said Wednesday that the JetBlue captain pointed the nose of his jet up more quickly than normal "due to his surprise about encountering head on landing traffic."

The crew of the other plane, a Beechcraft King Air 350, was startled when the JetBlue plane announced that it was beginning to taxi on to the runway. The King Air was still more than 5 miles (9

kilometers) from the airport, but closing fast.

"I hope you don't hit us," the King Air crew said to the JetBlue pilots.

The JetBlue captain and co-pilot said they never saw the other plane, but they veered to the right after takeoff to avoid traffic that was detected by the collision-avoidance system on their jet.

The NTSB said flight data indicates that the planes were about 2.6 miles (4.2 kilometers) apart when the JetBlue Airbus A320 began its climbing right turn away from the airport.

The NTSB said "nonstandard" radio communication by the crew of the King Air contributed to the Jan. 22, 2022, incident at Yampa Valley Regional Airport, about 25 miles (40 kilometers) west of the ski town of Steamboat Springs, Colorado.

N O T I C E EXXONMOBIL NORTHEAST SAKHALIN REGION COMPANY LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 28th day of November, 2023.

Dated the 14th day of December A.D., 2023.

D. A. Bates Liquidator of EXXONMOBIL NORTHEAST SAKHALIN REGION COMPANY LIMITED

IN this Jan. 20, 2011, file photo, a JetBlue logo is displayed on the side of a jet as it taxis at Boston’s Logan International Airport.

Federal investigators are describing a close call between planes at a Colorado airport last year. The National Transportation Safety Board said Wednesday, Dec. 13, 2023 that a JetBlue plane struck its tail on the ground because the captain took off quickly to avoid a plane that was preparing to land on the same runway.

Photo:Stephan Savoia/ AP

The NTSB's final report comes as investigators look into several other recent close calls between planes.

It also highlights conflicts that can arise when big airline jets and private planes mix at smaller airports where there are no air traffic controllers. Airline pilots are often less familiar with those airports because flights may be only seasonal.

John Cox, a former airline pilot and now a safety consultant, said the actions of both crews can be questioned.

Cox wondered why the JetBlue pilots started

their takeoff roll down the runway without knowing exactly how far away the other plane was, and why the King Air crew didn't change course once JetBlue announced its intent to take off.

The King Air crew "didn't do anything egregiously wrong up to the point that they knew they had an A320 coming faceto-face with them and they didn't abort the landing and get out of its way," Cox said.

The Associated Press left phone and online messages with the registered owner of the King Air.

Doug Moss, a safety consultant who spent 21 years as a pilot at United Airlines, said the JetBlue pilots were likely in a hurry to get airborne while running down their checklists and toggling between radio frequencies.

"The JetBlue pilots thought they had more time," Moss said. "Once the captain realized the situation, I think he did the right thing" by turning the plane's nose up early to get airborne quickly.

The JetBlue crew — a 45-year-old captain with more than 11,000 hours of flying experience and a 40-year-old first officer

— cut short the planned flight to Florida and landed at Denver International Airport. No one was injured, but the NTSB classified the tail strike as an accident and said damage to the JetBlue plane was "substantial."

New York-based JetBlue did not immediately comment on the report. The NTSB said that after the incident, JetBlue began developing training for pilots on flying at non-towered airports.

"If this had been a towercontrolled airport, this would not have happened," Moss said.

Somalia secures $4.5 billion debt relief deal with international creditors

By FATIMA HUSSEIN & OMAR FARUK Associated Press SOMALIA on Wednesday secured a $4.5 billion debt relief deal from its international creditors, the International Monetary Fund and World Bank said, which will allow the nation to develop economically and take on new projects.

The deal comes as part of a debt forgiveness program —called the Heavily Indebted Poor Countries initiative— overseen by both organizations. As a result of its participation in the program, Somalia's external debt will fall from 64 percent of GDP in 2018 to less than 6 percent of GDP by the end of 2023, the IMF and World Bank say in a joint news release.

Somalia's national debt currently exceeds $5 billion, according to official figures.

"Somalia's debt relief process has been nearly a

decade of cross governmental efforts spanning three political administrations.

This is a testament to our national commitment and prioritization of this crucial and enabling agenda," said Somalia's President, H.E. Hassan Sheikh Mohamud in a statement.

U.S. Treasury said it intends to cancel 100 percent of Somalia's remaining claims and "urges Somalia's other bilateral creditors to be equally generous and to move expeditiously."

The deal is "a significant milestone in Somalia's path to continued recovery and meaningful reform to promote greater stability and economic opportunities for the Somali people," U.S. Treasury Secretary Janet Yellen said.

Ali Yasin Sheikh, deputy governor of Somalia's central bank, told The Associated Press Wednesday that debt relief under the Heavily Indebted Poor Countries initiative comes as a relief for his country, which is eager to secure new funding for public projects.

In addition, he said, now it will be easier for Somalia to attract new investors.

"Debt forgiveness will lead to a change in the world's perception of the country's economic stability, he said. "Somalia will be able to access global funds and investments from all over the world, as it is open to international financial markets."

He warned, however, that "it is crucial to ensure that measures are put in place to prevent Somalia from slipping back" into high debt again.

Somalia remains one of the world's poorest countries, beset mostly by security challenges stemming from years of unrest.

The Horn of Africa country is trying to achieve political stability with transitions such as the one that ushered in Hassan Sheikh Mohamud in 2022, despite setbacks including an ongoing insurgency by al-Shabab. The extremist group, which opposes the federal government, still controls large parts of rural Somalia. Al-Shabab regularly carries out deadly attacks in Mogadishu, the

capital, and elsewhere in the country.

Somalia also is vulnerable to climate-related shocks, with some parts of the country nearing famine conditions, according to the World Bank. At the same time, heavy rains in parts of Somalia recently have triggered destructive flooding.

Debt relief will free up revenue, including from meager but expanding domestic sources, to invest in key public infrastructure, said Mohamed Mohamud Adde, an independent political analyst and academic based in Mogadishu.

"It is crucial for the Somali government to have its debts cleared, since the government is not able to raise taxes from the public and cannot borrow money from international institutions due to these debts," he said. "The old infrastructure of Somalia has been eroded by time and civil war. Thus, building new roads is essential for the country's development.

This would create jobs and facilitate people's ability to trade with each other. "

THE TRIBUNE

Thursday, December 14, 2023, PAGE 13

TESLA RECALLS NEARLY ALL VEHICLES SOLD IN US TO FIX SYSTEM THAT MONITORS DRIVERS USING AUTOPILOT

By TOM KRISHER AP Auto Writer TESLA is recalling nearly all vehicles sold in the U.S., more than 2 million, to update software and fix a defective system that's supposed to ensure drivers are paying attention when using Autopilot.

Documents posted Wednesday by U.S. safety regulators say the update will increase warnings and alerts to drivers and even limit the areas where basic versions of Autopilot can operate.

The recall comes after a two-year investigation by the National Highway Traffic Safety Administration into a series of crashes that happened while the Autopilot partially automated driving system was in use.

Some were deadly.

The agency says its investigation found Autopilot's method of making sure that drivers are paying attention can be inadequate and can lead to "foreseeable misuse of the system."

The added controls and alerts will "further encourage the driver to adhere to their continuous driving responsibility," the documents said.

But safety experts said that, while the recall is a good step, it still makes the driver responsible and doesn't fix the underlying problem that Tesla's automated systems have with spotting and stopping for obstacles in their path.

The recall covers models Y, S, 3 and X produced between Oct. 5, 2012, and Dec. 7 of this year. The update was to be sent to certain affected vehicles on Tuesday, with the rest getting it later.

Shares of Tesla slid more than 3% in earlier trading Wednesday but recovered amid a broad stock market rally to end the day up 1%.

The attempt to address the flaws in Autopilot seemed like a case of too little, too late to Dillon Angulo, who was seriously injured in 2019 crash involving a Tesla that was using the technology along a rural stretch of Florida highway where the software isn't supposed to be deployed.

"This technology is not safe, we have to get it off the road," said Angulo, who is suing Tesla as he recovers from injuries that included brain trauma and broken bones. "The government has to do something about it. We can't be experimenting like this."

Autopilot includes features called Autosteer and Traffic Aware Cruise Control, with Autosteer intended for use on limited access freeways when it's not operating with a more sophisticated feature called Autosteer on City Streets.

The software update will limit where Autosteer can be used. "If the driver attempts to engage Autosteer when conditions are not met for engagement, the feature will alert the driver it is unavailable through visual and audible alerts, and Autosteer will not engage," the recall documents said.

Depending on a Tesla's hardware, the added controls include "increasing prominence" of visual alerts, simplifying how Autosteer is turned on and off, and additional checks on whether Autosteer is being used outside of controlled access roads and when approaching traffic

AN UNSOLD 2023 Model X sports-utility vehicle sits outside a Tesla dealership June 18, 2023, in Littleton, Colo. Tesla is recalling more than 2 million vehicles across its model lineup to fix a defective system that’s supposed to ensure drivers are paying attention when they use Autopilot.

Photo:David Zalubowski/AP

control devices. A driver could be suspended from using Autosteer if they repeatedly fail "to demonstrate continuous and sustained driving responsibility," the documents say.

According to recall documents, agency investigators met with Tesla starting in October to explain "tentative conclusions" about the fixing the monitoring system. Tesla did not concur with NHTSA's analysis but agreed to the recall on Dec. 5 in an effort to resolve the investigation.

Auto safety advocates for years have been calling for stronger regulation of the driver monitoring system, which mainly detects whether a driver's hands are on the steering wheel.

They have called for cameras to make sure a driver is paying attention, which are used by other automakers with similar systems.

Philip Koopman, a professor of electrical and computer engineering at Carnegie Mellon University who studies autonomous vehicle safety, called the software update a compromise that doesn't address a lack of night vision cameras to watch drivers' eyes, as well as Teslas failing to spot and stop for obstacles.

"The compromise is disappointing because it does not fix the problem that the older cars do not have adequate hardware for driver monitoring," Koopman said.

Koopman and Michael Brooks, executive director of the nonprofit Center for Auto Safety, contend that crashing into emergency vehicles is a safety defect that isn't addressed. "It's not digging at the root of what the investigation is looking at," Brooks said.

"It's not answering the question of why are Teslas on Autopilot not detecting and responding to emergency activity?"

Koopman said NHTSA apparently decided that the software change was the most it could get from the company, "and the benefits of doing this now outweigh the costs of spending another year wrangling with Tesla."

In its statement Wednesday, NHTSA said the investigation remains open "as we monitor the efficacy of Tesla's remedies and continue to work with the automaker to ensure the highest level of safety."

Autopilot can steer, accelerate and brake automatically in its lane, but is a driver-assist system and cannot drive itself, despite its name. Independent tests have found that the monitoring system is easy to fool, so much that drivers have been caught while driving drunk or even sitting in the back seat.

In its defect report filed with the safety agency, Tesla said Autopilot's controls "may not be sufficient to prevent driver misuse."

NOTICE NOTICE is hereby given that ANJULIA KALIX, McKinney Drive off Carmichael Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of December 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE

FINO INVESTMENTS LIMITED

SMART SCHEME LIMITED

TESCO INVESTMENTS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) FINO INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SMART SCHEME LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 12th December, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 12th December, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(a) TESCO INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

(d) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 14th day of December, A. D. 2023.

Dated this 14th day of December, A. D. 2023.

________________________ Bukit Merah Limited Liquidator

________________________ Bukit Merah Limited Liquidator

(b) The dissolution of the said company commenced on the 12th December, 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 14th day of December, A. D. 2023. ________________________ Bukit Merah Limited Liquidator

PAGE 14, Thursday, December 14, 2023

THE TRIBUNE

FEDERAL RESERVE KEEPS KEY INTEREST RATE UNCHANGED AND FORESEES 3 RATE CUTS NEXT YEAR

By CHRISTOPHER RUGABER AP Economics Writer THE FEDERAL Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year.

The Fed's message Wednesday strongly suggested that it is finished with rate hikes — after the fastest increases in four decades — and is edging closer to cutting rates as early as next summer.

Speaking at a news conference, Chair Jerome Powell said that Fed officials are likely done raising rates because of how steadily inflation has cooled.

"Inflation keeps coming down, the labor market keeps getting back into balance and, it's so far, so good," Powell said after the Fed's 19-member policy committee ended its latest meeting.

On Wall Street, traders celebrated the prospect of lower rates ahead.

Stock prices soared and bond yields sank after the Fed issued its statement and Powell held his news conference.

Wednesday marked a major shift in the central

bank's outlook on interest rates and the economy.

Just two weeks ago, Powell had said it was "premature" to conclude that the Fed has finished raising its key benchmark rate or to "speculate" about cuts in that rate.

But on Wednesday, he signaled that the Fed is almost certainly done raising rates.

And he acknowledged that the officials had discussed the prospect of rate reductions in their meeting.

He also conceded that his warning, in a highprofile speech last year, that the "pain" of higher unemployment would accompany a sharp decline in inflation, was overly pessimistic. Instead, inflation has slowed significantly toward the Fed's 2% target, even while unemployment, at 3.7%, and the pace of layoffs, have remained low.

In response to a question, Powell said the Fed recognizes that keeping rates high for too long, and waiting too long to cut them, could endanger the economy.

"We're aware of the risk that we would hang on too long" before reducing borrowing rates, the Fed chair said. "We know that's a risk, and we're very focused on not making that mistake."

Diane Swonk, chief economist at KPMG, said she thought the Fed's message Wednesday was: "We're done."

The Fed, she said, has the "luxury" of leaving rates elevated, for now, in case the economy and inflation reaccelerate, "while declaring that they're done hiking, and that cuts are in the making."

Wall Street investors are betting that rate cuts could begin as soon as March, while economists generally foresee them beginning in May or June.

Throughout his news conference, Powell expressed optimism that inflation, which has bedeviled American consumers and businesses for more than two years, is edging down toward the Fed's 2% target.

He noted, by example, that inflation has eased in goods, housing and services — three categories the Fed has been closely monitoring.

The Fed chair downplayed one concern that some economists have expressed — that the final step down to 2% inflation, from its current level of about 3%, could be harder than the previous slowdowns in price increases.

"We kind of assume that that it will get harder from

FEDERAL Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve’s monetary policy at the Federal Reserve, Wednesday, Dec. 13, 2023, in Washington.

Photo:Alex Brandon/AP here," he said. "But so far it hasn't."

The Fed kept its benchmark rate at about 5.4%, its highest level in 22 years, a rate that has led to much higher costs for mortgages, auto loans, business borrowing and many other forms of credit. Higher mortgage rates have sharply reduced home sales.

Spending on appliances and other expensive goods that people often buy on credit has also declined.

NOTICE

NOTICE

NOTICE is hereby given that KALEB KALIX, McKinney Drive off Carmichael Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of December 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that BRIZAN SHAMELIA GATHERIE, Pih Street, Habour Island, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of December 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Conversely, interest rate cuts by the Fed, whenever they happen, would reduce borrowing costs across the economy. Stock prices could rise, too, though share prices have already rallied in expectation of rate cuts, potentially limiting any further increases.

So far, the Fed has achieved what few observers had thought possible a year ago: Inflation has tumbled without an accompanying surge in unemployment or a recession, which typically coincide with a central bank's efforts to cool the economy and curb inflation.

Though inflation remains above the Fed's 2% target, it has declined faster than Fed officials had expected, allowing them to keep rates unchanged and wait to see if price increases continue to ease.

On Wednesday, the Fed's quarterly economic projections showed that its officials envision a "soft landing" for the economy, in which inflation would continue its decline toward the central bank's 2% target without causing a steep downturn. The forecasts showed that the policymakers expect to cut their benchmark rate to 4.6% by the end of 2024 — three quarter-point reductions from its current level.

A sharp economic slowdown could prompt even faster rate reductions. So far, though, there is no sign that a downturn is imminent.

In its quarterly projections, the Fed's policymakers now expect "core" inflation, according to its preferred measure, to fall to just 2.4% by the end of 2024, down from a 2.6% forecast in September. Core inflation, which excludes volatile food and energy costs, is considered a better gauge to inflation's future path.

The policymakers foresee unemployment rising to 4.1% next year, from its current 3.7%, which would still be a low level historically. They project that the economy will expand at a modest 1.4% next year and 1.8% in 2025.

One reason the Fed could be able to cut rates next year, even if the economy plows ahead, would be if inflation kept falling, as expected. A steady slowdown in price increases would have the effect of raising inflation-adjusted interest rates, thereby making borrowing costs higher than the Fed intends.

Reducing rates, in this scenario, would simply keep inflation-adjusted borrowing costs from rising.

NOTICE NOTICE is hereby given that NIXON PIERRE JEAN of Katto Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of December, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that ROSE DJINA ETIENNE, Ross Corner Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of December 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that MAYA CAMILLE PARKER of P.O.Box N-1953, Lakeview Drive, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of December, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, December 14, 2023, PAGE 15

STOCK MARKET TODAY

Dow hits a record as Wall Street rallies after the Fed signals rate cuts in 2024

By STAN CHOE AP Business Writer A POWERFUL rally across Wall Street sent the Dow Jones Industrial Average to a record on Wednesday after the Federal Reserve indicated that the cuts to interest rates investors crave so much may be coming next year.

The Dow jumped 512 points, or 1.4%, to top 37,000 and surpass its prior peak of 36,799.65 set at the start of last year.

Other, more widely followed indexes of U.S. stocks also leaped. The S&P 500 rose 1.4% and is within 2% of its own record.

The Nasdaq composite also gained 1.4%.

Wall Street loves lower interest rates because they can relax the pressure on the economy and goose prices for all kinds of investments. Markets have been rallying since October amid rising hopes that cuts may be on the way.

Rate cuts particularly help investments seen as expensive, lower quality or that force their investors to wait the longest for big growth. Some of Wednesday's bigger winners were bitcoin, which rose nearly 4%, and the Russell 2000 index of small U.S. stocks, which jumped 3.5%.

Apple was the strongest force pushing upward on the S&P 500, rising 1.7% to its own record close. It and other Big Tech stocks have been among the biggest reasons for the S&P 500's 22.6% rally this year.

All the excitement came as the Federal Reserve held its main interest rate steady at a range of 5.25% to 5.50%, as was widely expected. It's hiked that rate up from virtually zero early last year in hopes of slowing the economy and hurting investment prices by exactly the right amount: enough to snuff out high inflation but not so much that it causes a painful recession.

With inflation down sharply from its peak two summers ago and the economy still solid despite high interest rates, hopes have been rising that the Fed can pull off that perfect landing.

And in a press conference Wednesday, Fed Chair Jerome Powell said its main interest rate is likely already at or near its peak.

While acknowledging that inflation is still too high and the battle against it is not over, Powell said Fed officials don't want to wait too long before cutting the federal funds rate, which is at its highest level since 2001.

"We're aware of the risk that we would hang on too long" before cutting rates, he said. "We know that's a risk, and we're very focused on not making that mistake."

That's why Wall Street's focus was squarely on the projections that the Fed released showing where policy makers see the federal funds rate ending 2024.

They showed the median official expects it to be at roughly 4.6%.

While that implies a less steep cut than many traders on Wall Street are expecting, it's more than the median Fed official was predicting three months ago.

Following the release of the projections, traders on Wall Street upped their bets for rate cuts in 2024. A majority of bets now expect the federal funds rate to end next year at a range of 3.75% to 4% or lower, according to data from CME Group.

Treasury yields tumbled in the bond market on such bets. The yield on the 10-year Treasury dropped to 4.01% from 4.21% late Tuesday. It was above 5% in October, at its highest level since 2007. The two-year yield, which moves more on expectations for the Fed, sank to 4.43% from 4.73%.

They both had already been down earlier in the morning, after a report showed prices at the wholesale level were just 0.9% higher in November than a year earlier. That was softer than economists expected.

Such drops in yields and rallies for stocks, though, may be threatening to undo the very future investors are banking on, according to more cautious investors.

Lower yields in the bond market make it easier for U.S. households to get a cheaper mortgage and for U.S. businesses to borrow money to expand. Rising stock prices, meanwhile, give stock-owning households more wealth. All that could put upward pressure on inflation, which could eventually force the Fed to

actually hike rates again, warned Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.

He also said it's unlikely the Fed will cut rates as many times as traders are expecting in 2024 unless there's a recession. He is expecting the U.S. economy to fall into a moderate recession early next year.

"We think it's going to take a recession to cure that last leg of inflation" and ensure it falls all the way down to the Fed's 2% target, Samana said.

On Wall Street, Vertex Pharmaceuticals jumped 13.2% for the biggest gain in the S&P 500 after it reported encouraging data from a study for a potential pain treatment for patients with diabetic peripheral neuropathy.

That helped offset a 6.7% loss for Pfizer, which gave a revenue forecast for 2024 that was weaker than analysts expected. Much of the shortfall was due to expectations for its COVID-19 vaccine and treatment.

Southwest Airlines lost 3.8% after it raised its forecast for how much it will spend on fuel costs during the end of 2023.

All told, the S&P 500 rose 63.39 points to 4,707.09.

The Dow added 512.30 to 37,090.24, and the Nasdaq gained 200.57 to 14,733.96.

A CHRISTMAS tree stands in front of the New York Stock Exchange, Monday, Dec. 11, 2023, in New York. Wall Street is inching up modestly Wednesday ahead of a decision by the U.S. Federal Reserve on interest rates.

Photo:Yuki Iwamura/AP