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WEDNESDAY, DECEMBER 29, 2021
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$5.34
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$5.26
CIBC walkout in bid to force bank to address staff issues By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
CIBC First Caribbean is now “looking to talk” after employees walked off the job to protest not having a collective agreement in place. Theresa Mortimer, Bahamas Financial Services Union (BFSU) president, told Tribune Business that amid the industrial action taken by employees of
the CIBC First Caribbean Bank yesterday the bank is now “looking to talk” about the employees’ longstanding issues and concerns. Ms Mortimer said she was going to talk to First Caribbean yesterday to “see what we can get accomplished”. “They have a collective agreement that has been outstanding for far too long now and it was like no one was hearing the employees and the union could only do so much. So it comes a time when the staff have to
THERESA MORTIMER
take matters into their own hand,” she said. Taking matters into their own hands yesterday was what the staff members at CIBC First Caribbean did when they took industrial action against the bank, with the bank initially saying that they intend to “abide by the tenets of partnership” between them and the employees and union. Ms Mortimer said: “I can tell these employees that they have gotten some attention, and so I’m waiting for the bank to
call me back and talk like they promised. Hopefully, depending on how they do business we’ll know where to go from there.” The collective agreement has been outstanding for over a year and staff at the bank “want it resolved immediately,” Ms Mortimer said. “Throughout the entire 2021 they have been going to work without their agreement. I’ve been trying to get the bank to sit and talk, but they have time to go on vacation and be absent
Cheques to be eliminated in three years
Reserves slide continues trend with four percent fall By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net EXTERNAL reserves slid by four percent in November, continuing a trend, according to the Central Bank of The Bahamas. The bank’s Monthly Economic and Financial Developments (MEFD) for November, said: “External reserves contracted by $113.0m to $2,475.4bn during November, extending the $100.4m decline a year earlier. Reflective of this outturn, the Central Bank’s net sale to the public sector deepened to $50.8m from $32.6m in the preceding year. “Meanwhile, the Central Bank’s net sale to commercial banks moderated to $61.2m from $73.1m. Further, commercial banks net outflows to their customers tapered to $53.8m from $100.7m in the prior year.” The bank has prided itself on keeping a robust external reserve portfolio during the bulk of the COVID-19 pandemic and even going as far as restricting external capital flows from commercial banks in 2020 as a way to protect it. This modest slide in external reserves may be reflective of investors looking to repatriate profits to their home jurisdiction as the bank also said: “Provisional data on foreign currency sales for current account transactions showed a $166.5m growth in outflows, to $647.6m in November, relative to the same period of 2020, attributed to increases across almost all categories. The outturn reflected higher payments for “other” current items ($56.1m)—mainly credit and debit card financed imports—non-oil imports ($48.2m) and factor income payments ($42.9m). Similarly, a rise in foreign currency sales were noted for oil imports ($28.3m) and travel related transactions
SEE PAGE 4
LIGHTHOUSE POINT
Smith open to investors for his PI project By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN entrepreneur said he has the funding to complete his $2m Paradise Island Lighthouse project despite just last week seeking investors. Toby Smith, principal of Paradise Island Lighthouse & Beach Club Company (PILBC), told Tribune Business yesterday that financing was never the issue with his project and he can secure the money needed to finance his project. The problem has always been ease of doing business, he claimed.
Mr Smith said: “I spent 15 years in financial services. I used to manage $750m. Me trying to raise $2m to $3m in the first phase of this investment isn’t a challenge. However, in a release to the media on Christmas Eve, Mr Smith was apparently cap in hand looking for investors to fund his PILBC He said in that release: “We strongly believe the timing of a recovering tourism market and high demand are all great signs to support organic growth and sustainability of a sound business. While our initial investment may seem modest to some, we wish to pursue prudent growth modelled around demand and profitability.
at the end of the year,” she added. Ms Mortimer said the bank said they would call her yesterday evening, “so after that I will be able to tell my members what’s going on. We’re waiting and watching.” CIBC First Caribbean was supposed to respond to the industrial action after they had spoken to Ms Mortimer but they have not returned calls to this newspaper up to press time.
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
“The investment opportunities for private and institutional investors are limited to mainly traditional equity and debt instruments, as a consequence there is a lot of cash sitting on the sidelines and we are looking to tap into that resource. Our transparency of data, modelling and substantiated market research will help to understand and mitigate risk. The release continued, “Investors seeking diversity and robust cash flows will have the rather unique opportunity to add this to their portfolios. One significant advantage we possess is that investors can see the bricks and mortar
THE Central Bank of The Bahamas is looking to eliminate cheques by the end of 2024 In a release yesterday the bank said: “The Central Bank of the Bahamas (COB) has begun consultations with banks, credit unions and other payment services providers on a strategy to eliminate all use of domestic cheques by the end of 2024. Wider public consultation is also being initiated to ensure that the strategy delivers on outcomes that are efficient, financially inclusive and supportive of further development of the domestic financial system and economy. “Renewed focus on cheques follows discussions with the Ministry of Finance and Clearing Banks during 2020, to set five-year targets to achieve a significant reduction in the use of both cheques and cash in The Bahamas. “In The Bahamas, electronic fund transfers and other non-cash transactions are increasingly substituting for cheque payments. It reflects both payer preferences and deliberate decisions by recipients (individuals, business and the government) to discontinue acceptance of cheques. In addition, the fee structure for electronic settlements has favoured
SEE PAGE 3
SEE PAGE 4
How the bounce-back was working before the fourth wave
THE CENTRAL BANK OF THE BAHAMAS
THE Central Bank of The Bahamas’ (CBOB) Monthly Economic and Financial Developments (MEFD) report for November, said tourist arrivals increased by nearly 3,400 percent from 2020. “Preliminary data from the Ministry of Tourism (MOT) showed that total visitor arrivals by first port of entry recovered to 260,942 in October, from 7,666 in the corresponding
period of 2020, when international borders reopened with year to date restrictions,” the bank record. “Contributing to this development, air arrivals rose to 56,875 from a mere 5,502 in the previous year— representing 75.8 percent of the arrivals in 2019. In addition, sea traffic rebounded to 204,067, compared with 2,164 in the prior year. “Disaggregated by major market, total arrivals to
New Providence grew to 140,581 from just 2,359 a year earlier. Underlying this development, the air and sea segments measured 44,083 and 96,498, respectively. Foreign arrivals to Grand Bahama increased to 13,996, compared with only 476 in the preceding year, as air and sea arrivals amounted to 1,407 and
SEE PAGE 3
PAGE 2, Wednesday, December 29, 2021
THE TRIBUNE
DOCTORS HOSPITAL BAHAMAS
DOCTORS HOSPITAL BAHAMAS LIMITED (DHBL) SIGNS MOU WITH BTVI By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net DOCTORS Hospital Bahamas has signed an agreement with the Bahamas Technical and Vocational Institute on “upskilling” and “continuing education”. In a release to the media, Doctors Hospital (DHBL) said it has signed a Memorandum of Understanding (MOU) with the Bahamas Technical and Vocational Institute (BTVI) to explore opportunities for collaboration to their mutual benefit. The release said: “The MOU, valid for a period of five years initially, outlines a number of potential collaborations between the two organizations. “‘At DHHS, we believe in the concept of upskilling,
certification and continuing education,” said DHHS President and CEO, Dr. Charles Diggiss. “We look at this opportunity to partner and collaborate with BTVI as a way to both improve and upskill our Associates and to provide internship opportunities for BTVI students and Attachment and ‘Observership’ opportunities to BTVI instructors. We see this as a mutually beneficial arrangement with the potential for a lasting impact on both parties.’” “‘We are excited to partner with DHHS in this endeavour,” said BTVI president Dr. Robert Robertson. “Doctors Hospital has a goal of being the best place to work in The Bahamas and we believe we can assist by providing opportunities for upskilling. Likewise we see great value in our students and faculty having the ability to intern
in a fast paced and ever evolving institution such as DHHS.” Some of the collaborations outlined in the MOU include upskilling and training for DHBL Associates, development of a Facilities Management programme and other allied health certification programmes, a rebranded Technical Cadet programme for Grand Bahama, internship and job placement opportunities for BTVI students and alumni and Attachments and ‘Observerships’ for BTVI instructors and staff. “As DHHS expands its educational offerings through the launch of Doctors Hospital The Institute of Learning, we are looking for every opportunity to bolster the qualifications of our team of Associates,” said Sr. VP of Human Resources and IOL Aubynette Rolle.”
CDB COMMITS TO SUPPORTING PRIORITY AREAS OF REFORM IN THE BAHAMAS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Caribbean Development Bank (CDB) has committed to advancing “holistic development” in The Bahamas. In a release to the media, the CDB said: “President of the CDB, Dr Hyginus ‘Gene’ Leon has pledged to continue supporting priority reforms to advance holistic development in The Bahamas with infrastructure, education and digital transformation among the areas for immediate attention. “Dr Leon recently made his first official trip to The Bahamas, where he discussed several high priority policy issues with Prime Minister Philip Davis and Financial Secretary, Mr. Simon Wilson. “Areas identified for support and collaboration
include infrastructure, renewable energy, education, health, water, digitalisation, and transportation. President Leon also utilised the opportunity to discuss ways to boost private sector involvement in key development initiatives in The Bahamian archipelago. “Dr Leon noted, ‘This timely visit of our delegation to The Bahamas provides the opportunity to solidify our longstanding relationship and determine how the CDB can best support the Government’s ongoing reform efforts to enhance the economic, social and environmental resilience of The Bahamas. We also got a first-hand account from senior officials of the solid progress and impact that ongoing CDBfinanced projects are having in various communities.’” The release also said: “The CDB delegation included Vice-President of
Operations, Mr Isaac Solomon and Director of the Projects Department, Mr Daniel Best. The team also held meetings with Minister of Education and Technical and Vocational Training, Glenys Hanna-Martin and with senior officials and technocrats of the Ministry for the Environment and Natural Resources and the Ministry of Public Works, respectively. “CDB officials also met with the chairman of the Bahamas Development Bank, Senator Lightbourne, to discuss ways to strengthen collaboration to help advance the Government’s reform priorities. “A CDB technical team is planning a follow-up mission early in 2022 to update the country engagement strategy and discuss, in further detail, proposals identified as priority projects during the visit.”
THE TRIBUNE
Wednesday, December 29, 2021, PAGE 3
LOVE BEACH RESIDENTS ‘IN THE DARK’ OVER CONTROVERSIAL PROJECT APPROVAL By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
in the neighborhood. I’m extremely concerned.” Maria Ageeb, a resident of Love Beach, also told Tribune Business that while she was made aware that the project had been approved in October she too is not aware of exactly what has been approved. She said: “This is very disheartening. I’m not entirely sure what their final approval was for, so I don’t know if there’s anything that we were really against that did get approved or not. Most of what we truly were against the Town Planning Committee supported that, so hopefully what they finally got approved was a little more reasonable.” Ms Ageeb hopes that they “didn’t get the hotel
approved,” as it was one of the major issues about the project. “As far as I’m concerned it is only supposed to be unit condos. A whole lot of condos and it will be right behind my house. They call this development but now there will be a tonne of people in my neighbourhood, but hey call that progress,” she added. Ms Ageeb also said: “They should also shorten the building because it was something we were very much against, which was them going outside of the restrictive boundaries and the height was a big thing. “Everything I heard about he developer has been negative, he seems like he’s a piece of work, but
HOW THE BOUNCE-BACK WAS WORKING BEFORE THE FOURTH WAVE
higher by 11.1 percent to $181.76 and for entire place listings, by 8.8 percent to $490.95. “On a year-to-date basis, total room nights sold firmed by 56.0 percent, reflecting respective gains in bookings for entire place and hotel comparable listings, by 58.3 percent and by 38.9 percent, respectively. “
RESIDENTS of Love Beach are in the dark over the approval of the controversial “The View at Love Beach” project and don’t know what exactly the government has approved. Erica Pople-Ferreira, managing partner at Ferreira and Company, who represents one of the Love Beach residents, told Tribune Business yesterday that she was “not aware” that “The View at Love Beach Residences development,” was approved and ready to commence construction within the next two weeks.
FROM PAGE ONE 12,589, respectively. Further, total traffic to the Family Islands strengthened to 106,365, vis-à- vis 4,831 in the prior year, owing to gains in the air and sea components to 11,385 and 94,980, respectively. “2020 was a dead year on almost all accounts as the country was in the grips of lockdown, only having been allowed to accept tourists in the later half of the year. Tourism activity at the end of 2020 was less than modest and didn’t build itself until the second quarter of 2021. The report also said: “As cruise segment recovery only commenced in the second half of 2021, the year-to-date
Ms Pople-Ferreira said: “My earlier comments on the project still stand. Based on my previous comments, there was grave concern about the disruption to the peaceful neighbourhood, the possibility of rodents, etc... increasing and nothing would have changed. My previous comments stand. “My client vehemently opposed the project and I made note of that. I wrote to the government to the Ministry of Works.” The project’s controversial developer, Dr Mirko Kovats, said that he was given approval in September to commence all works regarding the Love Beach project, which he also said will begin in the ending part of January.
outcome for total arrivals was still decreased by 30.9 percent - albeit significantly lower than the 70.5 percent reduction registered in 2020. Notably, air arrivals grew by 79.8 percent, a reversal from the 73.4 percent contraction recorded in the previous year, as all major markets registered positive movements during the review period. However, the cruise segment influenced a 61.4 percent falloff in sea traffic, after 2020’s decline of 69.6 percent. “The most recent data provided by the Nassau Airport Development Company Limited (NAD) revealed that total departure - net of domestic passengers - advanced to 79,055 in November, from
The project had several concerns raised by residents at several town hall meetings over the last three years. The first concern was with regard to the height of the building, blocking the view of the beach for other residents of the Love Beach area and also the height not being within the Ministry of Works height guidelines. The second major concern was that the project would bring increased traffic to the peaceful and somewhat secluded area of Love Beach, which would increase the likelihood of more crime and other pestilences that come with increased human activity. The third concern was that residents didn’t want a hotel developed in their
9,777 in the corresponding month of 2020. Specifically, US departures increased to 68,425 from 7,800 in the preceding year; while non-US departures rose to 10,630 from 1,977 in 2020. On a year- to-date basis, outward bound traffic grew by 64.9 percent, contrasting with a 73.1 percent reduction last year. Underpinning this outcome, US departures moved higher by 83.8 percent, after a 74.1 percent falloff in the previous year. In contrast, the decline in non-US departures moderated to 30.0 percent, relative to 66.9 percent in the prior period.” The report continued: “As it relates to the vacation rental market, data provided by AirDNA for the month of
SMITH OPEN TO INVESTORS FOR HIS PI PROJECT FROM PAGE ONE
going in and we look to couple this tangibility with profitable success and delivering exceptional service in hospitality.” Yesterday Mr Smith told Tribune Business: “I’ve spent 10 years trying to get this project off the ground and the problem is ease of doing business. It isn’t the financing. I made one phone call on Monday and someone said ‘yes’. One phone call on Monday, and that investor said ‘yes’.” Along with investors who are “poised to invest” Mr Smith says he has his own money to finance the project, however, “getting somebody to commit to something that’s before the courts is difficult. They want to see it cut and dry. I don’t have long to wait
for the court date to come around or if this administration wants to choose to settle it out of court, then we could be off to the races sooner or later,” he added. Mr Smith says he has worked for several investment banks in The Bahamas from Pasche Fund Management and GEM Global Equities Management where he said he has built up a network of several investors looking to work with him to bring the PILBH to fruition. “I ran Pasche Fund Management, which was a company owned by Pasche Bank and Trust. I was hired as their managing director. I was also managing director and head trader at GEM Global Equities Management,” he said. Mr Smith refused to disclose the businesses he has
started and has invested in, citing that: “They are still in operation and I don’t want to bring any of those into this.” He also said in his earlier release, “We possess technical financial experience, the very fortunate components of having access to the last remaining Crown Land on Paradise Island, full visibility to all vessels entering the harbour, significant branding and attraction of the fully restored Lighthouse, beach access for Bahamians and welcoming our guests on a non-exclusive basis.”
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community. However, there has been no indication that the hotel development has been scrapped from the project’s plans. Calls to the Ministry of Works and the Department of Physical Planning have come up fruitless as most people are out of office due to the Christmas holidays. Ms Pople-Ferreira also said: “I attended the town meeting, along with my client. Most persons in the room were opposed to the project at that time. I don’t know what they could have done differently that would take the government on the route to approving the project. “The project would have also been against the building restrictions
November, compared with the same period last year, revealed that total room nights sold more than doubled to 95,440 from 39,917. Underlying this outturn, occupancy rates for both entire place and hotel comparable listings firmed to
50.7 percent and 47.9 percent, from 31.3 percent and 31.6 percent in the corresponding 2020 period. It added: “Pricing indicators showed that year-over-year the average daily rate (ADR) for hotel comparable listings moved
PAGE 4, Wednesday, December 29, 2021
THE TRIBUNE
CHINA PURSUES TECH ‘SELF-RELIANCE,’ FUELING GLOBAL UNEASE By JOE MCDONALD AP Business Writer
VISITORS wearing masks look at the ARM-structure server processor Yitian 710, developed by Alibaba’s in-house semiconductor unit T-Head, at the Apsara Conference, an annual cloud service technology forum hosted by Alibaba Group, in Hangzhou in east China’s Zhejiang province on Oct. 19, 2021. To help make China a self-reliant “technology superpower,” the ruling Communist Party is pushing the world’s biggest e-commerce company to take on the tricky, expensive business of designing its own processor chips, a business unlike anything Alibaba Group has done before. Photo:Chinatopix/AP
BEIJING (AP) — To help make China a self-reliant “technology superpower,” the ruling Communist Party is pushing the world’s biggest e-commerce company to take on the tricky, expensive business of designing its own processor chips — a business unlike anything Alibaba Group has done before. Its 3-year-old chip unit, T-Head, unveiled its third processor in October, the Yitian 710 for Alibaba’s cloud computing business. Alibaba says for now, it has no plans to sell the chip to outsiders. Other rookie chip developers including Tencent, a games and social media giant, and smartphone brand Xiaomi are pledging billions of dollars in line with official plans to create computing, clean energy and other technology that can build China’s wealth and global influence. Processor chips play an increasingly critical role in products from smartphones and cars to medical devices and home appliances. Shortages due to the coronavirus pandemic are disrupting global manufacturing and adding to worries about supplies. Chips are a top priority in the ruling Communist Party’s marathon campaign to end China’s reliance on technology from the United States, Japan and other suppliers Beijing sees as potential economic and strategic rivals. If it succeeds, business and political leaders warn that might slow down innovation, disrupt
global trade and make the world poorer. “Self-reliance is the foundation for the Chinese nation,” President Xi Jinping said in a speech released in March. He called for China to become a “technology superpower” to safeguard “national economic security.” “We must strive to become the world’s main center of science and the high ground of innovation,” Xi said. Beijing might be chasing a costly disappointment. Even with huge official investments, businesspeople and analysts say chipmakers and other companies will struggle to compete if they detach from global suppliers of advanced components and technology — a goal no other country is pursuing. “It’s hard to imagine any one country rebuilding all of that and having the best technology,” said Peter Hanbury, who follows the industry for Bain & Co. Beijing’s campaign is adding to tension with Washington and Europe, which see China as a strategic competitor and complain it steals technology. They limit access to tools needed to improve its industries. If the world were to decouple, or split into markets with incompatible standards and products, U.S.- or European-made parts might not work in Chinese computers or cars. Smartphone makers who have a single dominant global operating system and two network standards might need to make unique versions for different
markets. That could slow down development. Washington and Beijing need to “avoid that the world becomes separated,” U.N. Secretary-General Antonio Guterres told The Associated Press in September. China’s factories assemble the world’s smartphones and tablet computers but need components from the United States, Europe, Japan, Taiwan and South Korea. Chips are China’s biggest import, ahead of crude oil, at more than $300 billion last year. Official urgency over that grew after Huawei Technologies Ltd., China’s first global tech brand, lost access to U.S. chips and other technology in 2018 under sanctions imposed by the White House. That crippled the telecom equipment maker’s ambition to be a leader in next-generation smartphones. American officials say Huawei is a security risk and might aid Chinese spying, an accusation the company denies. Huawei and some Chinese rivals are close to matching Intel Corp., Qualcomm Inc., South Korea’s Samsung Electronics and Britain’s Arm Ltd. at being able to design “bleeding edge” logic chips for smartphones, according to industry analysts. But when it comes to making them, foundries such as state-owned SMIC in Shanghai are up to a decade behind industry leaders including TSMC, or Taiwan Semiconductor Manufacturing Corp., which produces chips for Apple Inc. and other global brands.
RESERVES SLIDE CONTINUES TREND WITH FOUR PERCENT FALL FROM PAGE ONE
Public Notice
($4.5m). In contrast, foreign currency sales for transfer payments decreased by $13.4m.” The bank also said: “The reduction in domestic foreign currency credit continued at $3.6m vis-à-vis $4.0m in the previous year.
Specifically, private sector credit decreased by $2.8m, a moderation from a $3.8m falloff last year. The decline in commercial credit slowed to $1.2m from $11.1m in 2020, while mortgages fell by $1.5m, a turnaround from the $7.4m increase in the prior year.
“Meanwhile, net claims on the Government reduced by $0.8m, following a $1m gain in 2020. Further, credit to public corporations registered a flat outturn, after a $1.3m reduction in the preceding year.”
CHEQUES TO BE ELIMINATED IN THREE YEARS FROM PAGE ONE
Please be advised that all persons or entities holding valid contracts with
Bahamas Public Parks and Public Beaches Authority are asked to present themselves at the National Sports Authority on Wednesday and Thursday, December 29th & 30th respectively between the hours of 9am and 5pm, to provide documents necessary to ensure payment of any arrears owed on the contracts.
The following documents are required: • Copy of contract • Government issued id or if a corporate entity evidence that you can act on behalf of the corporate entity (Power of Attorney) along with the government issued ID. • Tax Compliance Certificate • NIB Company Registration Certificate • A copy of a Valid Business License • VAT Certificate, if the annual valule of the contracts with the authority was in excess of $80,000.00 • Bank accout information as no termination payment would be made to third party accounts on behalf of terminated contractors.
non-cheques, with the Bahamas Automated Clearing House (BACH) charging more for cheque
settlements than for other fund transfers. “The COVID-19 pandemic also fuelled increased demand for non-cash and
contactless payments, setting the stage for faster change. In the meantime, mobile wallet payments are poised for greater adoption, providing more financially inclusive and interoperable substitutes, enabled by the Central Bank’s digital currency, the Sand Dollar. “ Pointing to the increasing growth in digital payment options, the bank continued, “Digital payment alternatives have completely replaced cheques in many countries, and concurrently supported reduced cash transactions. Many other countries are in the process of completing this transition. The alternatives to cheques underscore more secure, efficient and faster (even instant) means of making payments. However, such transformations emphasise the importance of deliberate policy interventions and stakeholder engagement to embrace change. “A Bahamian reduction and elimination strategy will proactively address financial inclusion and promote legitimate access to alternatives, for both individuals and businesses. The elimination strategy also proposes to provide adequate public education around the use of digital alternatives, and consider positive and consistent pricing incentive structures across the financial sector. “Also to be tackled are residual issues around the legal clarity of settlements that are projected increasingly to be instant or faster in nature; around the finality of the process; and the recourse of payers and payees in the event of errors or fraud.”
THE TRIBUNE
Wednesday, December 29, 2021, PAGE 5
ASIAN SHARES MIXED AS OMICRON WORRIES CRIMP MARKET OPTIMISM By YURI KAGEYAMA AP Business Writer TOKYO (AP) — Asian shares were mixed Tuesday, as optimism set off by a rally on Wall Street was dampened by concerns over the potential impact of the omicron variant of coronavirus. Japan’s benchmark Nikkei 225 jumped nearly 1.0% to 28,960.31 in morning trading. South Korea’s Kospi gained 0.1% to 3,002.72. Hong Kong’s Hang Seng fell 0.1% to 23,201.42, while the Shanghai Composite dipped 0.2% to 3,610.32. Trading was closed in Australia for Boxing Day. Much of Asia has yet to see surges in infections of the omicron variant already playing out in other parts of the world, but experts are warning the region likely won’t be spared. Japan has yet to see such a wave of new cases. Many areas are bustling with yearend shoppers, and many events are being held with spectators, although most people are wearing masks. New daily cases in Japan have totaled about 200 lately. There have been relatively few COVID-related deaths so far with some recent days having none. Still, analysts warned uncertainties lie ahead. “Record rallies are a tad too optimistic,” said Vishnu Varathan of Mizuho Bank, pointing to huge numbers of omicron cases in Europe and the U.S. Technology companies led U.S. stocks broadly higher on Monday, extending the market’s recent rally and nudging the S&P 500 to another all-time high. Wall Street kicked off the final week in a banner year for the stock market with mostly muted trading as investors returned from the Christmas holiday and several overseas markets remained closed. The S&P 500 rose 1.4% to 4,791.19, its fourth straight gain. The benchmark index, which capped a holiday-shortened week Thursday with a record high, is on pace to close out the year with a 27.6% gain.
It has notched 69 all-time highs so far this year. The Dow Jones Industrial Average rose 1% to 36,302.38 and the technology-heavy Nasdaq rose 1.4% to 15,871.26. The major indexes posted weekly gains last week as fears ebbed about the potential impact of the COVID-19 omicron variant. However, much is still uncertain about omicron, which is spreading quickly and prompting a return to pandemic restrictions in some places. Small company stocks also rose. The Russell 2000 index gained 0.9%, to 2,261.46. Trading is expected to be quiet but potentially volatile this week as the omicron coronavirus variant continues to spread quickly throughout the U.S. and overseas. However most big investors have closed out their positions for 2021, and are like to hold their ground until next week. Airline stocks closed lower on the news of pandemic-related cancellations. Delta Air Lines fell 0.8% and United Airlines slipped 0.6%. Shares in cruise line operators also fell. Norwegian Cruise Line slid 2.6% for one of the biggest declines in the S&P 500. Carnival dropped 1.2% and Royal Caribbean fell 1.3%. Authorities in many countries have doubled down on vaccination efforts as omicron outbreaks complicate efforts stave off fresh lockdowns while hospitals are still under strain from delta variant infections. In energy trading, benchmark U.S. crude added 27 cents to $75.84 from $75.57 a barrel in electronic trading on the New York Mercantile Exchange. It gained $1.78 on Monday to $75.57. Brent crude, the international standard, rose 27 cents to $78.87 a barrel. In currency trading, the U.S. dollar slipped to $114.86 from $114.87. The euro cost $1.1325, inching down from $1.1327.
PEOPLE walk past a bank’s electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, Dec. 28, 2021. Asian shares were mixed Tuesday, as optimism set off by the rally on Wall Street was dampened by concerns over the potential impact of the omicron variant of coronavirus. Photo:Vincent Yu/AP
MILLENNIAL MONEY: WOULD YOU RELOCATE FOR $10K? SHOULD YOU? By KELSEY SHEEHY CITIES and states are shelling out serious cash to lure remote workers. Tulsa, Oklahoma, will pay you $10,000 to move there and telework. West Virginia is offering $12,000 and two years of free outdoor gear rental. Move to Maine, and the state will help you pay off your student loans. These incentives are appealing, especially for newly minted remote workers who want to capitalize on their newfound flexibility. But a snap decision could cost more than the money you're chasing.
Read the program fine print, talk to your employer and assess your own deal breakers before you pack your bags and head to Topeka, Kansas, where remote workers can get up to $10,000. Most remote relocation programs have an application process with several rounds of interviews to screen prospective residents. Only a fraction of applicants are accepted. Tulsa Remote accepted just 3% of its 30,000 applicants in 2021, according to Justin Harlan, managing director of Tulsa Remote. The Opportunity Maine Tax Credit doesn't cap
participation, but it does have a host of other stipulations. Whether the tax credit is refundable, for example, depends on the year you graduated and your field of study. And the Ascend West Virginia program only accepts applicants for certain cities, at certain times of the year. Relocation incentives are designed to boost the local tax base, so most programs pay the benefit over a year or two. And many encourage you to put down roots. Tulsa Remote will pay the $10,000 in a lump sum if you buy a home (the cash is otherwise spread out over
the first year). In Topeka, remote work applicants need to buy a home to get the full $10,000. And don't forget, any bonus may be taxed as income, so you need to set some money aside for the IRS. Remote work still has some limits. Understand your employers' expectations before applying or moving, as certain things can impact your quality of life in your new locale. If your company and colleagues are all on the West Coast, for example, you may be expected to keep those hours, even if you relocate to Maine. That can make for some late nights.
LEGAL NOTICE
LEGAL NOTICE
NOTICE OF DISSOLUTION
NOTICE
ARES CAPITAL FUND LIMITED
OF
TRANS – PACIFIC INVESTMENT CORPORATION LIMITED
International Business Companies Act (No. 45 of 2000)
HOLNAP MANAGEMENT HOLDINGS LIMITED
In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TRANS – PACIFIC INVESTMENT CORPORATION LIMITED is in dissolution as of December 24, 2021. International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________ LEGAL NOTICE
NOTICE
MIKKRONOS LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MIKKRONOS LTD. is in dissolution as of December 29, 2021. International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
LIQUIDATOR ______________________
In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), that ARES CAPITAL FUND LIMITED. Registration No. 165771 B is in dissolution. The date of commencement of the dissolution is the 24th day of December, 2021. The Liquidator of the Fund is Eduardo Duarte Prado and can be contacted at Rua Felix Pacheo 132, Leblon, Rio de Janeiro, Brazil. All persons having claims against the abovenamed company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 24th day of January, 2021. Signed: ______________________________ Eduardo Duarte Prado Liquidator
PUBLIC NOTICE THIS IS TO INFORM THE GENERAL PUBLIC THAT THE PRIVATE ROADWAYS AND PARKING AREAS SITUATED IN THE HARBOUR BAY SHOPPING PLAZA BETWEEN EAST BAY STREET AND SHIRLEY STREET WILL BE CLOSED ON SATURDAY 1ST JANUARY 2022 IN ORDER TO PRESERVE THE RIGHT OF WAY OWNERSHIP THEREOF. THE OWNERS
Notice is hereby given that pursuant to Part IX, Section 138(4) liquidation of the above company commenced on the 24th day of December, 2021. Octagon Management Limited of The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company.
_____________________________________ Octagon Management Limited Liquidator
NOTICE OF DISSOLUTION OF
TAPESTRY LIMITED Notice is hereby given that pursuant to Part IX, Section 138(4) liquidation of the above company commenced on the 24th day of December, 2021. Octagon Management Limited of The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company.
_____________________________________ Octagon Management Limited Liquidator
PAGE 6, Wednesday, December 29, 2021
THE TRIBUNE
STOCKS END MIXED, BREAKING 4-DAY WINNING STREAK FOR S&P 500 By ALEX VEIGA AP Business Writer A WOBBLY day of trading on Wall Street left stock indexes mixed Tuesday, pulling the S&P 500 just below its latest record high. The benchmark index slipped 0.1% after wavering between modest gains and losses. The slight loss snapped a four-day winning streak for the index, which set an all-time high on Monday. The Dow Jones Industrial Average rose 0.3% and the Nasdaq fell 0.6%. Roughly 60% of the companies in the S&P 500 rose, but a slide in technology, health care and communication stocks outweighed gains in industrial firms, household goods makers and elsewhere in the market. Small company stocks also fell, pulling the Russell 2000 index 0.7% lower. “We did have four straight days of upward movement,” said Sam Stovall, chief investment strategist at CFRA. “Investors are keeping their
fingers tightly crossed that we will end up with a positive ‘Santa Claus’ rally.” That’s what Wall Street calls a rally in the final five days in December and the first two trading days in January. Since 1950, the S&P 500 index has risen an average of 1.3% during those seven days. If the “Santa rally” doesn’t arrive, some traders see it as an omen that stocks may fall in the upcoming year. The S&P 500 slipped 4.84 points to 4,786.35. The Dow rose 95.83 points to 36,398.21. The tech-heavy Nasdaq dropped 89.54 points to 15,781.72. The Russell 2000 gave up 14.95 points to 2,246.51. The major U.S. stock indexes are on pace to close out 2021 with strong gains. The S&P 500 is up 27.4% with three trading days to go this year. Technology companies, which did well on Monday, led the decliners in the S&P 500. Graphics chip maker Nvidia fell 2%. Health care and communication services stocks also weighed on the market.
THE NEW York Stock Exchange operates during normal business hours in the Financial District, Wednesday, Oct. 13, 2021, in New York. Photo:John Minchillo/AP Pfizer fell 2% and Moderna dropped 2.2%. Twitter fell 2%. Industrial companies and household goods makers were among the better performers. Boeing added 1.5% and Campbell Soup
omicron, which is spreading extremely quickly and leading to a return to pandemic restrictions in some places. The variant is quickly becoming the dominant strain throughout the world. While virus-related lockdowns and travel restrictions remain a big concern, most big investors have closed out their positions for 2021 and are likely to hold their ground until next week. The market got some encouraging news Monday when the Centers for Disease Control reduced the amount of time an infected person would need to isolate if they tested positive. Oil prices continued to climb Tuesday, adding to their gains from the day before. U.S. crude rose 0.5%. Bond yields mostly edged lower. The yield on the 10-year Treasury was unchanged at 1.48%.
rose 2.8% for the biggest gain in the S&P 500. Airline stocks recovered some of their losses from this month. American Airlines rose 2%, United Airlines gained 1.5% and
Delta Air Lines closed 1.6% higher. The major indexes posted gains last week as fears ebbed about the potential impact of the COVID-19 omicron variant. However, much is still uncertain about
harassment in silence — change is possible.” “League of Legends” is the world’s most popular esport, and Riot Games operates its 12 professional international leagues. The publisher said in November
COMPETITORS play in a “League of Legends” championship series video game competition at the Penny Arcade Expo, a fancentric celebration of gaming, in Seattle on Aug. 29, 2014. On Tuesday, Dec. 28, 2021, Riot Games, the publisher behind the esports game, agreed to pay $100 million to settle a class-action lawsuit alleging pay disparity, gender discrimination and sexual harassment. Photo:Ted S. Warren/AP
ESPORTS GIANT RIOT SETTLES DISCRIMINATION CASE FOR $100M LOS ANGELES Associated Press RIOT Games, the publisher behind esports giant “League of Legends,” agreed Monday night to pay $100 million to settle a class-action lawsuit alleging pay disparity, gender discrimination and sexual harassment. The lawsuit was filed in November 2018 after gaming website Kotaku published a story detailing a sexist culture at Los
Angeles-based Riot Games that included women being passed over for promotions, unwanted sexual advances and men questioning women about the legitimacy of their video game fandom. Other former employees later came forward with similar claims. The California Department of Fair Employment said the suit will remedy violations against more than 1,000 female employees and 1,300 female contract workers. Riot has
also agreed to improve conditions and provide a more equitable workplace for female employees and applicants. “I am so glad we achieved this first step toward justice for the women of Riot Games,” former employee and plaintiff Jes Negron said in a statement. “I hope this case serves as an example for other studios and an inspiration for women in the industry at large. Women in gaming do not have to suffer inequity and
the player base for games in the “League of Legends” universe had surpassed 180 million players per month. The lawsuit filed in November 2018 alleged equal pay violations, gender discrimination, sexual harassment and retaliation toward female employees. A settlement of $10 million was reached in December 2019, but two California agencies — the departments of Fair Employment and Housing and Labor Standards Enforcement — opposed it based on the belief it was rushed. New counsel was hired, and just over two years
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later, Monday’s agreement was announced by Riot and the plaintiffs’ new lawyers. Riot has agreed to hire a third-party expert to conduct an equity analysis of its employment practices, granted pay transparency, and created a $6 million cash reserve to fund diversity, equity and inclusion programs each of the next three years, among other changes. In a statement, Riot said the company “was at the heart of what became a reckoning in our industry” and it “hadn’t always lived up to our values.” “While we’re proud of how far we’ve come since 2018, we must also take responsibility for the past,” it said. “We hope that this settlement properly acknowledges those who had negative experiences at Riot and demonstrates our desire to lead by example in bringing more accountability and equality to the games industry.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JENNIFER ROLLE of Pinewood Garden, New Providence, Bahamas, parent of DESTINEY ALAVANIQUE ROLLE a minor, intends to change my child’s name to DESTINEY ALVANIQUE DEAL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas, no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that SHAVINSKI DEVILMA of P. O. Box N-815, Market Street, New Providence, 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 29th day of December, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PAGE 8, Wednesday, December 29, 2021
THE TRIBUNE
LEBANESE PREMIER EXPECTS DRAFT DEAL WITH IMF WITHIN WEEKS
By BASSEM MROUE Associated Press BEIRUT (AP) — Lebanon's prime minister said Tuesday that his government's talks with the International Monetary Fund are inching closer to a "final formula" for a draft on an agreement before the end of February. Najib Mikati said the Cabinet — which has not met since Oct. 12 — was doing "its homework" ahead of talks with the IMF in mid-January. An IMF delegation will visit Lebanon again in late January or early February
to lay out "the final formula for the agreement with them and then we will announce to the Lebanese where we stand," Mikati said. Lebanon is in the throes of an economic crisis described as one of the worst in the world in the last 150 years. International financial institutions call it a deliberate depression, blaming Lebanon's political elite, in power for decades, of mismanaging the country's resources. Speaking at a press conference in Beirut on Monday, Mikati said that Lebanon's central bank Gov. Riad Salameh, who
is being investigated in at least four countries including Switzerland and France for potential money laundering and embezzlement, would stay in office for the time being. "During wars you don't change officers," said Mikati, who took office in September. He has often described the efforts to resolve Lebanon's economic crisis — the worst in its modern history — as a war. Salameh, 71, once praised as the guardian of Lebanon's financial stability, has drawn scrutiny and much criticism since the small country's economic
meltdown began two years ago. But the country's ruling class has largely rallied around him. An agreement with the IMF will have to be approved by the government. Deep disagreements had divided the Lebanese delegation during last year's negotiations with the IMF, with the government on one side and the central bank and local lenders on the other. Mitaki spoke hours after President Michel Aoun called for an end to the 11-week government deadlock that has undermined state institutions.
IN this photo released by Lebanon’s official government photographer Dalati Nohra, Lebanese Prime Minister Najib Mikati listens to a journalist question during a press conference, at the government palace, in Beirut, Lebanon, Tuesday, Dec. 28, 2021. Photo: Dalati Nohra/AP