03152024 BUSINESS

ELEUTHERA is to have $100m spent on it in roadworks, Minister of Works and Family Island Affairs Clay Sweeting announced yesterday.

Speaking at the Office of the Prime Minister’s weekly press briefing, Mr Sweeting said a public private partnership with the Bahamas Striping Group of Companies and its subsidiary Caribbean Pavement Solutions will be signed today in Rock Sound Eleuthera.

He said 163 miles of road will be paved with asphalt and contractors will take on the “monumental task” of rebuilding, paving and striping the roads as well as placing cat eyes.

He said: “This is a public private partnership initiative with Bahamas Striping Group

of Companies and subsidiary company Caribbean Pavement Solutions. This venture is very significant. It will be a major investment for Eleuthera and the Family Islands.

“It will also play a critical role in effectively and efficiently providing the necessary materials needed as contractors will take on the monumental task of restructuring, rebuilding, paving, striping and placing cat eyes on the roads across Eleuthera.”

Mr Sweeting said contracts will also be signed with two local companies, Quick Fix Construction and Nu View construction, for road paving and asphalt is expected to be laid in April.

from the

of Eleuthera that will be engaged throughout the entire process.

Central Bank releases bank fees comparison

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

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BAMSI

THE Bahamas Agriculture and Marine Science Institute (BAMSI) has ventured into strawberry cultivation, eyeing not only a good market but also the opportunity to train Bahamians in harvesting and grading techniques of the berries, BAMSI Farm Manager Ayrett Lightbourne said.

Mr Lightbourne also said there are plans for a possible expansion next year in acreage. He said: “Strawberries were grown here some 25 years ago, but it’s not commonly known. There’s a vast array of crops that Bahamians aren’t familiar with that we are

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By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

ERIC Gibson Jr, developer and owner of Bahama Grill on West Bay Street, is seeking approval from the Department of Physical Planning to construct a seven-storey, 102-room hotel complete with a “reimagined” Bahama Grill on the 1.39-acre plot.

The construction of the the King’s Court Hotel will run over 18 to 24 months and will see the demolition of existing buildings to facilitate the hotel and 114 parking spaces.

Speaking to reporters at last night’s public hearing for the development, Mr Gibson said the project will provide 80 to 100 construction jobs and 150 full-time jobs.

He said that the project will catalyse development in the area and will be an energy efficient building that the community can enjoy.

“One of the significant things is its going to serve as a catalyst for development in that area. It’s going to restore it, said Mr Gibson.

“It’s going to be a place for local immediate local community that they can be proud of, they can work and it’s also going to be community-minded, it’s going to be a high energy efficient building.”

He said many existing resorts such as Baha Mar and Atlantis cater to high-end consumers, creating a void in the market for mid-tier consumers.

The King’s Court Hotel plans to capitalise on this market and accommodate visitors Mr

Sharing is caring for new businesses

This past week, the Tourism Development Corporation launched its first ever Tourism Incubation Centre providing government subsidised retail storefront space to micro business owners. This move was an economic empowerment one, focused on creating economies of scale for Bahamian entrepreneurs.

It is hoped that private sector entities will also see great value in creating shared work space for budding entrepreneurs across sectors and industries in our country.

Shared office space provides freelancers and entrepreneurs opportunities where different teams and companies can come together under one roof and conduct business. With the option to book a desk,

FERGUSON IAN

or book out meeting rooms, a shared office or building can be used by all and have a degree of temporary ownership of that space. This week’s column focuses some attention

BAMSI EYES STRAWBERRY MARKET

FROM PAGE B1

able to grow in The Bahamas, and we’re exploring these opportunities.”

Addressing the challenges inherent in strawberry farming, Mr Lightbourne emphasised the need to be vigilant against root diseases, urging careful treatment before planting. He stressed the importance of a robust spray programme to combat fungal diseases, acknowledging the intricacies involved in successful strawberry cultivation.

One key aspect highlighted is the seasonal nature of strawberry growth. “They can only grow in the winter, requiring cold temperatures to thrive. By the end of March or early April, they stop producing flowers and instead put out suckers,

which we utilise for the next season,” he explained. Despite recent setbacks due to heavy rains in December, which led to the loss of a part of the field, Mr Lightbourne remained optimistic about the venture.

“We started harvesting last week, and despite the challenges, the quality of our strawberries remains high. It’s a learning process, and we’re adapting as we go.”

He added: “When strawberries are imported, you don’t know the conditions they’ve been subjected to or how long they’ve been in containers. In The Bahamas, we harvest just days before shipment, ensuring freshness.”

The focus for this growing season extends beyond strawberries, encompassing crops like romaine lettuce, iceberg lettuce, bok choy, and celery.

on the benefits of shared spaces in retail, business, technology and other fields where the growth boom is taking place. Here is a short list of some benefits:

Improved Networking

There is a natural collaborative nature to a shared office space. While you should always respect a businesses privacy, a conversation with a stranger may spark while making a coffee in the open kitchen or eating breakfast at the breakfast bar. This could lead to further opportunities as you network with like-minded professionals around you.

Lower Operational Costs

A large benefit to a shared office space, especially for individuals or start-ups, is the lower costs.

You might be at an early stage of business, or freelancer, so some larger costs may be out of reach. Many coworking spaces offer free Wi-Fi, printing and more as part of your session or membership fee. This may be enough for small businesses on a tight budget to sway them into avoiding service charges and cut out many of the usual overheads associated with a long-term office lease.

Amenities and Services

To expand on the above, many valuable services are included already as part of the session or membership package. It’s not just costeffective, it can also help keep your mind clear and focused on work rather than the large overheads. Some of these services might include: video conferencing

facilities, high speed internet and Wi-Fi, IT support, printing facilities, parking, shared kitchen and cafeteria services, and CCTV for extra security

Flexibility

Most coworking spaces

don’t require you to sign up to long-term contracts. This way freelancers and startups have are able to keep it affordable for when they’re starting out and don’t need an office just yet. You can start with as a little as one desk or one small 10x10 store and have the flexibility to expand as needed. This gives you the opportunity to grow your team at your own pace.

Increased Productivity

When working from home it’s easy to slip out of structure and routine

Central Bank releases bank fees comparison

FROM PAGE B1

and First Caribbean all placed highest as it relates to late credit card payment fees,” said the Central Bank’s report.

“RBC and RBC FINCO follows, with the costliest fees in terms of mortgages. Further, CBL ranks the highest in arrears or late penalties on personal loans once the principal and interest payments exceed a specific threshold.”

For deposit service costs, the Central Bank’s report considered four groups of consumers, students, retirees, adults with chequing accounts with an average balance of $500 and adults with savings accounts with an average balance of just above $1,200.

The regulator found that Commonwealth has the lowest fees for student

accounts, however, the bank does not provide ATM cards for student accounts to encourage savings and eliminating the associated fees.

“By and large, simulated student account transactions continued to be the least expensive at Commonwealth Bank Limited (CBL). This was followed by First Caribbean International Bank (Bahamas) Limited (FCIB), Royal Bank of Canada (RBC), and Scotiabank Bahamas Limited, delivering the second-lowest-cost alternative, provided that customers relied optimally on digital service channels. However, because CBL does not provide ATM cards to student account users, the cost was lower vis-à-vis the other financial institutions,” said the Central Bank. First Caribbean was found to have the lowest fees for retiree accounts and

Bank of The Bahamas had the lowest fees for chequing accounts when using digital banking and RBC FINCO had the lowest for chequing accounts when using physical banking services. First Caribbean had the lowest rates on adult savings accounts when using digital banking channels and Fidelity had the lowest when using physical banking services. Scotiabank had the highest fees for adult chequing and savings accounts using digital channels, as well as for student and adults with savings accounts that use physical banking services. The Central Bank said: “FCIB’s cumulative fees were lowest for supposed retiree accounts. When the same customer profile relied most heavily on physical channels for transactions, FCIB’s costs were again the least expensive. They were also lowest in

$100M ROADWORKS FOR ELEUTHERA REVEALED

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asphalt and these initiatives will be well over the investment of $100m in Eleuthera alone.”

Mr Sweeting said road work is being undertaken in New Providence and on several Family Islands. South Andros residents voiced their frustrations

about the deplorable state of their roads and the Ministry of Works cancelled the $8m roadworks contract assigned to KW Paving in summer 2021 prior to that year’s general election amid concerns over how the project was handled.

Mr Sweeting said they are finalising a new roadworks contract for South Andros

SAND DOLLAR OPTION FOR PAYROLL AT KAMALAME CAY

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SunCash that we have a grasp on. As a young Bahamian, I would like to promote things that are Bahamian, and the Sand Dollar is our thing.”

Mr Bain added: “I can still use the banks where I have my payroll system set up and make the transfers just by adding the Sand Dollar wallet account number – it looks no different from a regular bank account number. It’s a seamless process. The fees still exist, but it makes it easier for my employees

to receive their funds here in Andros, where we don’t have a commercial bank at all. SunCash provides us with a ‘bank in a box,’ so to speak, which is basically whatever we can think of when it comes to a bank. Everything except for loans, we can use SunCash and Sand Dollar for. “I want to push the uptake of it even more and get most of the vendors on the island utilising it. Once they see and understand how quick and easy the transfers can be, we will see even more usage.”

with no one watching over you or peers by your side. Sharing a workspace with a bunch of driven and focused coworkers is a surefire way to boost your own productivity. Research also bears that traveling to a space dedicated to working helps with a more productive mindset going into your day.

Impress Clients and Stakeholders

Coworking spaces are a great way to impress clients and stakeholders, especially if your current office is a little outdated. Shared office spaces have been made to be modern, trendy, comfortable, and with hightech equipment in mind. This all adds to a creative, inspiring atmosphere that that reflects well on your business.

terms of charges for retiree accounts.

“Furthermore, when non-preferential adults utilized digital channels, Bank of The Bahamas (BOB) was ranked as the least expensive in terms of adult chequing facilities, while FCIB was positioned as the least expensive for profiled adult savings. When clients used physical channels, RBC FINCO ranked lowest in cost for adult chequing accounts, while Fidelity placed as the least expensive for adult savings facilities.

“Scotiabank ranked as the priciest option for adult chequing and savings accounts using digital channels, as well as or student and adults with savings facilities utilising mainly physical channels. Meanwhile, RBC FINCO and RBC share the spot for the highest cost for profiled students and retirees utilising digital services. BOB and FCIB ranked on the higher end in terms of fees levied for simulated retiree and adult chequing accounts, where physical delivery was the predominant channel used.”

that will see the scope of the project expanded and upgraded from sand and seal to asphalt roads.

He said: “We’re finalising the assessment. Previously, it was sand and seal. South Andros will now be receiving asphalt roads instead of what the previous contractor had. So, we’re finalising where we’re going to expand the scope to include in the new budget.

“So, you’ll see shortly some work will start there but we want to provide more roads in the contract than what was previously allocated.”

Bain said salary payments for those who have opted to receive Sand Dollar are received in two to three hours as opposed to the following day for those who do not use that option.

Owen Rahming, a Kamalame Cay employee, said: “Since before the COVID pandemic, I signed up for it because that was a tough time and made it a lot easier to get funds. Now that COVID is over and we are back to somewhat normal, getting paid that way is still easier and better for me. More and more of the vendors are accepting Sand Dollar, so that is good for us as we don’t have a bank set up. If we want to pay our bills, BPL or BTC, it’s a lot easier.”

‘REIMAGINED’ BAHAMA GRILL TO FEATURE 102-ROOM HOTEL

FROM PAGE B1

Gibson expects will explore the restaurants and activities in the surrounding areas. He said: “The significance of this project also, I don’t know if you notice that we have a lot of top end coming in to The Bahamas. So we have Baha Mar going up to the top end, Atlantis top end, Four Seasons top end. “Most of our tourism product is going after that top end. It leaves a very huge void in that mid market and this is what we intend to capture and the advantage of this project is

its going to spur more dollars in the community.

“So someone staying at a hotel like this will travel to the beach and travel to restaurants they would travel to shop they will they will move around they will not be confined to the resort. So that’s an advantage that property like this will do.”

Mr Gibson said the tourism industry is mainly foreign owned but this “all Bahamian” project will inspire other locals to seek ownership in the country’s largest industry. He said: “We don’t really own our tourism industry, it’s owned by foreigners. So

this is a way to show other persons and basically get them excited about owning our product and basically being in charge of our destiny.

“Right now, we rely on the foreigners to come in and invest the big dollars and they come in they bring the dollars they bring the idea they call the shots, they do whatever, they take the funds out.

“In an instance like this, you have a Bahamian developing from the ground up, including the architects, everything is Bahamian. This project will have all Bahamian lead.”

FORMER TREASURY SECRETARY STEVE MNUCHIN SAYS HE'S PUTTING TOGETHER INVESTOR GROUP TO BUY TIKTOK

By HALELUYA HADERO and MICHELLE CHAPMAN Associated Press

FORMER Treasury Secretary Steven Mnuchin said Thursday that he will put together an investor group to buy TikTok after the House passed a bill that would ban the popular video app in the U.S. if its China-based owner does not sell its stake.

During an interview on CNBC's "Squawk Box," Mnuchin, who served under President Donald Trump, said he had spoken "to a bunch of people" about creating an investor group that would purchase the popular social media company. He offered no details about who may be in the group or about TikTok's possible valuation.

"This should be owned by U.S. businesses," Mnuchin said. "There's no way that the Chinese would ever let a U.S. company own something like this in China."

TikTok did not respond to a request for comment.

The House bill, passed by a vote of 352-65, now goes to the Senate, where its prospects are unclear. Lawmakers in the Senate have indicated that the measure will undergo a thorough review. If it passes in the Senate, President Joe Biden has said he will sign it. House lawmakers acted on concern that TikTok's current ownership structure is a national security threat.

Lawmakers from both parties and administration officials have voiced concerns that TikTok's parent company, ByteDance, could be compelled by Chinese authorities to hand over data on American users, spread pro-Beijing propaganda or suppress topics unfavorable to the Chinese government.

TikTok, for its part, has long denied that it could be used as a tool of Chinese authorities. The company insists it has never shared U.S. user data with the Chinese government and will not do so if asked. To date, the U.S. government also has not provided evidence that shows TikTok shared

such information with authorities in China. Asked whether the Mnuchin consortium could assuage national security concerns about TikTok, White House national security spokesman John Kirby said the administration was focused on providing "context and information" to the Senate.

The fight over the platform takes place as U.S.-China relations have shifted into strategic rivalry, especially in areas such as advanced technology and data security, seen as essential to each country's economic prowess and national security.

If passed and signed into law, the House bill would give ByteDance 180 days to sell the platform to a buyer that satisfies the U.S. government. It would also bar ByteDance from controlling TikTok's algorithm, which feeds users videos based off their preferences.

In addition to Mnuchin, some other investors, including "Shark Tank" star Kevin O'Leary, have voiced interest in buying TikTok's U.S. business. But experts have said it could be challenging for ByteDance to sell the platform to a buyer who could afford it in a few months.

Big tech companies are best positioned to make such a purchase, but they would likely face intense scrutiny from antitrust regulators, which Mnuchin emphasized.

"I don't think this should be controlled by any of the big U.S. tech companies. I think there could be antitrust issues on that," he said during the interview. "This should be something that's independent so we have a real competitor. And users love it, so it shouldn't be shut down."

He also said the app would need to be rebuilt in the U.S. with new technology.

In many ways, social media companies have become battlegrounds for partisan disagreements about how to control disinformation while protecting free speech. Mnuchin's

effort to buy TikTok comes as Trump and his allies have long complained about what they see as social media muzzling conservative voices.

Trump himself has voiced opposition to the House bill, saying that a ban on TikTok would help its rival, Facebook, which he continues to lambast over his 2020 election loss. Some other Republicans who oppose the bill say the U.S. should simply tell Americans about the security concerns with TikTok, but let them decide if they want to use the platform.

Meanwhile, some Democrats have expressed concern about singling out one company when other social media platforms also collect vast amounts of data on users. Opponents of the bill also say it would disrupt the lives of content creators who rely on the platform for income and run afoul of the First Amendment, which protects free speech.

This isn't the first time a TikTok sale has been in play.

When Mnuchin was Treasury secretary, the Trump administration brokered a deal in 2020 that would have had U.S. corporations Oracle and Walmart take a large stake in TikTok on national security grounds.

The deal would have also made Oracle responsible for hosting all TikTok's U.S. user data and securing computer systems to ensure national security requirements are satisfied. Microsoft also made a failed bid for TikTok that its CEO, Satya Nadella, later described as the "strangest thing" he had ever worked on.

Instead of congressional action, the 2020 arrangement was in response to a series of executive actions by Trump targeting TikTok.

But the sale never went through for a number of reasons. Trump's executive orders got held up in court as the 2020 presidential election loomed. China also imposed stricter export controls on its technology providers.

Number of Americans filing for jobless benefits remains low in a thriving labor market

By MATT OTT

Associated Press

THE number of Americans applying for jobless benefits last week inched up but largely stayed at historically low levels as the labor market continues to thrive despite elevated interest rates.

The Labor Department reported Thursday that filings for unemployment claims for the week ending March 9 ticked down by 1,000 to 209,000 from the previous week's 208,000.

The four-week average of claims, which evens out some of the weekly volatility, came in at 208,000, a decrease of 500 from the previous week.

In total, 1.81 million Americans were collecting jobless benefits during the week that ended March 2, an increase of 17,000 from the previous week.

Last week's number, which had been the most since November, was revised down by 112,000.

Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week. They have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020.

The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an effort to bring down the four-decade high inflation that took hold after the economy roared back from the COVID-19 recession

of 2020. Part of the Fed's goal was to loosen the labor market and cool wage growth, which it believes contributed to persistently high inflation. Many economists thought the rapid rate hikes could potentially tip the country into recession, but that hasn't happened. Jobs have remained plentiful and the economy has held up better than expected thanks to strong consumer spending.

In February, U.S. employers added a surprising 275,000 jobs, again showcasing the U.S. economy's

resilience in the face of high interest rates.

At the same time, the unemployment rate ticked up two-tenths of a point in February to 3.9%. Though that was the highest rate in two years, it is still low by historic standards. And it marked the 25th straight month in which joblessness has remained below 4% — the longest such streak since the 1960s.

The unemployment rate is 3.9%, and has been below 4% for 25 straight months, the longest such streak since the 1960s.

DEVOTEES of TikTok gather at the Capitol in Washington, as the House passed a bill that would lead to a nationwide ban of the popular video app if its China-based owner doesn’t sell, Wednesday, March 13, 2024. Lawmakers contend the app’s owner, ByteDance, is beholden to the Chinese government, which could demand access to the data of TikTok’s consumers in the U.S.

Photo:J. Scott Applewhite/AP

MINISTER of the Environment &and Natural Resources Vaughn Miller pointed to proper research and documented statistics as major tools in the fight to mitigate the effects of climate change, protecting Bahamians and their country.

“Relevant statistical data," he said, “is critical for assisting the government in its duty to prepare citizens for the potential negative impacts that climate change may present.”

Minister Miller was speaking at the Capacity Building Workshop for Environment and Climate Change Statistics and Indicators on Tuesday. The three-day event was organised by the CARICOM Secretariat in conjunction with the Bahamas National Statistical Institute, which also hosted the participants.

It was stated that the availability of data would result in sound management of the environment and natural resources, and would lessen the challenges associated with the adverse effects of climate change, loss of biodiversity, drought, land degradation, waste management and other threats to the environment.

"Relevant statistical data is integral to be able to protect and prepare citizens for climate change without creating a panic," Mr Miller told workshop participants.

"We need baselines and firm indicators to measure change and to measure progress. We are living in a 1.2 degree Celsius world. The numbers indicate that once we move beyond the 1.5 degrees - and the planet is estimated to do this within the next ten years on the current trajectory - that we

ANJALI KISOENSINGH, General Bureau of Statistics, Focal Point for Environment and Climate Change Statistics and Member of the Expert Group on Environment and Statistics, Suriname; Brendalee D. Adderley, Bahamas National Statistical Institute; Hon. Vaughn P. Miller, Minister of the Environment and Natural

of the Expert

Pursuant to the provisions of Section 138

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 1st day of February, 2024.

Dated the 15th day of March A.D., 2024

Matteo Pedercini

Liquidator of EXXONMOBIL SAUDI ARABIA (RED SEA) LIMITED

Legal

Seam-Teck

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 Certifcate of Dissolution issued by the Registrar General on the 1st day of March 2024

David Butler Liquidator of Seam-Teck Limited

N

Legal Notice

Mere Corp

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 Certifcate of Dissolution issued by the Registrar General on the 12th day of February 2024

Marijke Taylor Liquidator of Mere Corp

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 1st day of February, 2024.

Dated the 15th day of March A.D., 2024

Matteo Pedercini Liquidator of EXXONMOBIL SAUDI ARABIA (SOUTHERN GHAWAR) LIMITED

ANJALI KISOENSINGH, General Bureau of Statistics, Focal Point for Environment and Climate Change Statistics and Member

Group on Environment and Statistics presents Hon. Vaughn P. Miller, Minister of the Environment and Natural Resources with Books.

By HOLLY RAMER Associated Press

THE League of Women Voters filed a lawsuit Thursday seeking to prevent those who sent robocalls mimicking President Joe Biden' s voice to New Hampshire voters from using artificial intelligence for future deceptions.

The lawsuit was filed in federal court in New Hampshire against Steve Kramer, the political consultant behind the call, and two Texas companies authorities believe were involved in transmitting it: Lingo Telecom and Life Corporation. Citing violations of both state law and federal law, it asks a judge to impose fines and bar the defendants from producing and distributing AI-generated robocalls without permission from those being impersonated.

At issue is a message sent to thousands of New Hampshire voters on Jan. 21 featured a voice similar to Biden's falsely suggesting that voting in the state's first-in-the-nation presidential primary two days later would preclude them from casting ballots in November. Kramer, who paid a magician and self-described "digital nomad" who does technology consulting $150 to create the recording, has said he orchestrated the call to publicize the potential dangers of artificial intelligence and spur action from lawmakers.

Attorneys representing the plaintiffs in the lawsuit said Thursday they will challenge that "self-serving" explanation.

"Regardless of the motivation, the intent here was to suppress the vote and to threaten and coerce voters into not voting out of fear that they might lose their right to vote. That's why we're bringing this case," said Mark Herring, a former attorney general in Virginia.

A spokesperson for Kramer declined to comment on the lawsuit, saying his attorneys had not yet received it. Lingo Telecom and Life Corporation did not immediately respond to messages requesting comment.

Sophisticated generative AI tools, such as voice-cloning software and image generators, already are in use in elections in the U.S. and around the world, leading to concerns about the rapid spread of misinformation.

Bipartisan efforts in Congress have sought to regulate AI in political campaigns, but no federal legislation has passed.

Since the New Hampshire robocalls, however, the FCC has outlawed robocalls that contain voices generated by artificial intelligence, and major tech companies have signed a pact to adopt precautions voluntarily to prevent AI tools from being used to disrupt elections.

The potential for such disruption means the League of Women Voters and other civic organizations must change course, said Courtney Hostetler of Free Speech for People, which is serving as co-lead counsel for the plaintiffs.

"The League of Women Voters is now shifting their scant resources to deal with this new threat, and it comes at the cost of all the other people they would otherwise be encouraging to vote, educating, helping them register, helping them learn their rights," she said.

Celina Stewart, chief counsel at the League of Women Voters, was in New Hampshire for the primary and said the calls created unnecessary chaos.

"Should the league or should election workers who already work often 12- to 16-hour shifts to implement the election have the burden of overcoming the obstacle of a robo call?" she said. "The answer to that has to be a hard no."

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By ANNE D'INNOCENZIO AP Retail Writer

AMERICANS picked up their spending a bit in February after pulling back the previous month. But last month's gain was weaker than expected, and January's decline was revised even lower, suggesting that many are growing more cautious with their money.

Retail sales rose 0.6% last month after falling a revised 1.1% in January, dragged down in part by inclement weather, according to the Commerce Department's report on Thursday.

February's number was also lifted in part by higher gas prices as well as higher auto sales and a rebound in building materials, which were depressed by severe weather in January. Excluding sales from gas stations and auto dealers, sales rose 0.3%.

The national average gas price Thursday was $3.41 per gallon, per AAA, up from$3.39 a week ago, and $3.26 last month.

Government retail data isn't adjusted for inflation, which ticked up 0.4% from January to February, higher than the previous month's figure of 0.3%, according to the latest government report. So retailers only eked out a slight increase accounting for inflation.

"February retail sales provide further proof that spending on discretionary goods in 2024 is likely to be soft following several years of strong growth and as consumer health – albeit still relatively strong – is somewhat weighed down by inflation and reduced savings," said David Silverman, senior director at Fitch Ratings.

The report also reflects an ongoing spending shift away from goods toward services. The snapshot offers only a partial look at consumer spending and doesn't include many services, including travel and hotel lodges. But the lone services category - restaurants - registered an uptick of 0.4%.

"Elevated interest rates, an uptick in energy costs, and persistent discomfort with price levels continue to push consumers to make trade-offs with budgeting, with goods categories increasingly overlooked in favor of services spending," said Kayla Bruun, senior economist at Morning Consult, a data intelligence firm.

Business at department stores fell 0.2%, while clothing and accessory stores posted a 0.5% drop. Furniture and home furnishings stores had a 1.1% decline. Online sales showed a

rare decline of 0.1%. Electronics and appliance stores had a solid 1.5% increase. A strong jobs market and rising wages have fueled household spending, which also has become choppy in the face of rising credit costs and higher prices.

America's employers continued to hire in February, adding a surprising 275,000 jobs, underscoring the U.S. economy's resilience despite efforts of the U.S. Federal Reserve to knock down inflation by slowing spending.

While costs for many goods appear to have plateaued, consumer prices in the United States picked up last month. That again revealed the complexity of the Fed's task in slowing the economy to keep prices in check, and also a potential headache for President Joe Biden in his bid for re-election.

The most recent quarterly financial reports from big retailers like Walmart,Target and Macy's show that their customers are looking for deals and in many

EMPLOYEES

cases sticking to the necessities when they shop.

"They continue to shop but they are more constrained, " Target CEO Brian Cornell told The Associated Press in an interview last week. "People are using credit cards to get through the month. Rent costs across the country are up, and gas has been volatile."

Chris Riccobono, founder of New York clothing chain Untuckit. said his experience indicates that customers are waiting for items to go on sale before making purchases. Riccobono nonetheless hopes to cut back on the company's reliance on discounts to drive sales. Before the coronavirus pandemic, Untuckit only held sales three times a year.

"I want to start to train our customers to get back into the pre-COVID days," he said. Yet even with some customers hesitant to spend, Untuckit, which began as an online retailer, plans to add 14 more stores this year, bringing its total to close to 100.

Wall Street slips after another report on inflation that was worse than expected

By STAN CHOE AP Business Writer

U.S. stocks slipped Thursday after a mixed batch of economic data seemed to drive the final nail into hopes that easier interest rates may arrive very soon.

The S&P 500 fell 14.83 points, or 0.3%, to 5,150.48, though it's still close to its all-time high set Tuesday.

The Dow Jones Industrial Average sank 137.66, or 0.4%, to 38,905.66, and the Nasdaq composite lost 49.24, or 0.3%, to 16,128.53.

The moves were more decisive in the bond market, where Treasury yields rose after a report showed inflation was a touch hotter at the wholesale level last month than economists expected. It's the latest in a string of data on inflation that's been worse than forecast, which has kept the door closed on earlier hopes that the Federal Reserve could start cutting interest rates at its meeting next week.

But other reports released Thursday also showed some softening in the economy, which kept alive hopes that the longterm trend for inflation remains downward.

Traders still see largely expect the Fed to begin cutting rates in June, according to data from CME Group.

The Fed's main rate is at its highest level since 2001 in hopes of grinding down inflation, and cuts would relieve pressure on the economy and financial system.

The question hanging over Wall Street is how much the latest signals of potentially stubborn inflation will ultimately delay rate cuts. That in turn could

damage the huge run U.S. stocks have been on since late October, rising in 16 of the last 19 weeks.

Traders on Thursday pushed some bets for the first cut to interest rates into July from June.

The day's mix of data could push the Federal Reserve to signal it foresees only two cuts to rates this year, down from three, according to Brian Jacobsen, chief economist at Annex Wealth Management.

Fed officials will give their latest forecasts for where they see interest rates heading this year on Wednesday, following their latest policy meeting. Among the data they'll mull is a report from Thursday that said shoppers spent less at U.S. retailers last month than economists expected. Such data drags on the overall economy but could also remove upward pressure on inflation.

The government also said retail sales were weaker in January than earlier thought. Strong spending by U.S. households has been one of the linchpins keeping the economy out of a recession despite high interest rates.

A separate report said fewer U.S. workers applied for unemployment benefits last week than expected. That's good news for workers generally. But too much strength in the job market, which has remained remarkably resilient, could add upward pressure on inflation.

The mix of data sent the yield on the 10-year Treasury up to 4.28% from 4.19% late Wednesday. The two-year yield, which more closely tracks expectations

for the Fed, rose to 4.69% from 4.63%.

On Wall Street, Dollar General swung sharply despite reporting stronger profit and revenue for the latest quarter than expected. Its stock fell 5.1% after being up more than 6% earlier.

Dollar General executives said inflation is pushing customers to make trade-offs in the aisles, away from non-essentials and name brands. It's also removing self-checkout from more than 300 of its stores that are experiencing high losses of inventories.

A day earlier, rival Dollar Tree tumbled after reporting weaker-than-expected results and saying it would close hundreds of its Family Dollar stores.

Dick's Sporting Goods jumped 15.5% after it reported stronger profit for the latest quarter than expected and increased its dividend.

Robinhood Markets gained 5.2% as near-record stock and crypto prices drove strong growth in trading activity among its customers last month.

U.S. Steel sank 6.4% after President Joe Biden

came out in opposition of the planned sale of the company to Nippon Steel of Japan.

Nippon Steel announced in December that it planned to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security.

Shares of AnheuserBusch InBev trading in the United States slumped 5.5% after Altria said it was

selling a portion of its stake in the maker of Budweiser.

Homebuilder Lennar sank 7.6% despite reporting stronger growth in profit than expected, as its revenue fell short of analysts' forecasts.

In stock markets abroad, indexes were mixed across Europe and Asia.

Japan's Nikkei 225 rose 0.3%, as speculation rose that the Bank of Japan may soon end its policy to keep interest rates below zero.

A STREET sign is seen in front of the New York Stock Exchange in New York, Tuesday, June 14, 2022. Wall Street headed lower early Tuesday, Dec. 5, 2023, after Moody’s Investor Service downgraded China’s sovereign debt rating as the country’s real estate crisis seeps into its local government and private financing.

Photo:Seth Wenig/AP