05102017 business

business@tribunemedia.net

WEDNESDAY, MAY 10, 2017

$4.20 Next Govt’s term ‘pivotal’ to revive economic growth

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The next administration’s five-year term is “pivotal” for reviving the Bahamian economy, the Chamber of Commerce’s chief executive yesterday expressing hope it will pick up talks on revising the National Investment Policy.

Edison Sumner told Tribune Business that the private sector representative would seek to engage with the new administration “very early on”, in a bid to address key concerns impeding economic growth.

He disclosed that among these issues was the resumption of talks to amend the National Investment Policy in a bid to improve its efficiency and transparency, but also making it more “equitable” and geared to Bahamian investors.

“We started this process with the Bahamas Investment Authority in the Office of the Prime Minister See pg b5

Chamber hopes Investment Policy talks continue Targets business ease, energy, Business fees reform Aiming to raise key concerns ‘very early on’

FNM politicians, including former prime minister Hubert Ingraham, yesterday warned that the next government will have to “immediately” decide how to resolve the crisis at Bank of the Bahamas (BOB).

Dionisio D’Aguilar, the FNM’s Freetown candidate and a shareholder of the troubled BISX-listed institution, told Tribune Business it represented “the single biggest drain on the Treasury for the foreseeable future”.

Suggesting that a “monumental” further $300 million ‘bail out’ was required at Bank of the Bahamas,

The Central Bank is pursuing reforms to legislation governing dormant bank accounts, which grew in volume by 10.2 per cent in 2016 to $95.3 million by year-end.

The banking sector regulator, in its newly-released annual report, said: “An analysis of the dormant account data showed that the cumulative number of facilities transferred to the [Central] Bank increased by 3,985 (10.2 per cent) to approximately 42,985.

“The corresponding dormant account balances totalled $95.3 million, denominated in eight cur-

$4.28

Govt revenues off $110m despite VAT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government’s deficit for the year to end-June 2016 was 123 per cent higher than projected because revenues, despite Value-Added Tax’s (VAT) arrival, came in $110.2 million below the Christie administration’s projections.

The Central Bank, in what the Opposition will likely view as a timely reminder of fiscal weakness on the general election’s eve, confirmed that the Government’s deficit for the 2015-2016 fiscal year totalled $310.4 million, compared to the initial $139.1 million forecast.

The Central Bank’s annual report, re-

Warns: ‘No sustainable future without it’ Rolle tells next administration to let Plan proceed Edison Sumner

Ingraham’s regret at failing to sale to Colina D’Aguilar: $300m more needed for ‘bail out’ Bank now ‘single biggest drain on Treasury’ Mr D’Aguilar said the Government needed to sell its 79 per cent majority stake to a new owner who understood the local market.

He spoke out before Mr Ingraham told a Guardian See pg b6

Central Bank eyes reform as dormant accounts hit $95m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.35

leased yesterday, blamed the deficit overshooting on a combination of revenue under-performance and spending coming in $61.1 million higher than forecast.

While VAT revenues exceeded expectations at $627.9 million, the Central Bank said trade taxes, Business License fees and real property taxes came in some 21.7 per cent, 25.9 per cent and 31.4 per cent, respectively, below the Christie administration’s forecasts.

Acknowledging that the deficit was down $71 million compared to the prior year, the Central Bank said: “In the fiscal outturn for 2015-2016, the overall deficit narrowed by 18.8 per cent to $310.4 million, as the growth in total revenue See pg b4

Trade, property taxes, Business fees down 2231% Govt spending $61m over-budget in 20152016 Deficit 123% above forecast; debt service up $42m Governor cites subsidies, NHI spending

Minister: ‘Do not mess’ with National Development Plan

Next Govt warned: ‘Immediate’ decision required over BOB

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.30

rencies. In the context of reinvested earnings, total investments of the Dormant Account Fund totalled $81.2 million. Most liabilities were denominated in US dollars (65.5 per cent) and Bahamian dollars (21.8 per cent).”

Dormant accounts are those that have been inactive for seven years, whereupon they have to be transferred by financial institutions to the Central Bank.

The regulator added that it has submitted revisions to the Banks and Trust Companies Regulation Act 2000, and the Central Bank of the Bahamas Act 2000, dealing with the dormant accounts regime to the See pg b6

NDP Bill ready; should be ‘top agenda item’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Investments minister has urged the next government not to interfere with the National Development Plan’s (NDP) crafting, warning: “There’s no sustainable future without it.”

Khaalis Rolle told Tribune Business that legislation to give the NDP statutory force would be “one of

the top agenda items” for the next Parliament, given its importance to the Bahamas’ growth over the next two-and-a-half decades.

Emphasising the importance of the NDP Secretariat’s work and its non-partisan nature, Mr Rolle called on the next administration to “let it continue” the project unmolested and without political interference.

“There’s no future See pg b5

Khaalis Rolle

THE TRIBUNE

Wednesday, May 10, 2017, PAGE 3

Calling All High

SCHOOL STUDENTS

Every year in August THE TRIBUNE publishes a popular Back to School supplement as a guide to the following academic year.

In the supplement we feature the profiles of high school students across the Bahamas and Family Islands.

We want profiles from as many schools and students as possible to make this guide essential and informative.

Profiles must include 1. Name 2. Age 3. School 4. Grade 5. Parent name or names 6. Goals and aspirations, prizes won and honours awarded

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By post to Back To School, The Tribune, Shirley Street & Deveaux Streets, PO Box N-3207, Nassau.

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Reservations ‘exceed’ early Baha Mar hopes

By NATARIO McKENZIE

nmckenzie@tribunemedia.net

Top executives: ‘It’s showtime’

Baha Mar’s top executive yesterday said reservations at its Grand Hyatt property have “exceeded our expectations” to-date, with overall demand for summer travel “extremely strong”.

Graeme Davis, Baha Mar’s president, said: “Live reservations have exceeded our expectations, and the overall demand is extremely strong for summer travel. We are thrilled to welcome guests and international visitors to the Bahamas to experience Baha Mar and all of the guest offerings and amenities.”

Late last month, Baha Mar said reservation availability for the Grand Hyatt had been moved up to May 8, some 21 days earlier than originally advertised.

An official ribbon cutting ceremony to mark the opening of the 1,800 room Grand Hyatt was held on April 21, with this past Monday bringing an end to the preview period.

“We are overwhelmed by the positive responses that we have have received,” said Mr Davis, adding: “We’re taking live reservations now; it’s showtime.” He told this newspaper that Baha Mar currently has close to 1,700 employees.

Under its original developer Sarkis Izmirlian, the $4.2 billion project was scheduled to open in December 2014. After repeatedly missing construction completion deadlines, Mr Izmirlian filed for Chapter

Tribune Business Reporter

11 bankruptcy protection in the US in June 2015.

The Government vigorously opposed this process, saying it threatened the Bahamas’ sovereignty, and instead petitioned the Supreme Court to place Baha Mar into liquidation.

Mr Izmirlian ultimately lost control of the mega resort after being defeated in the US and Bahamian courts, and Chow Tai Took Enterprises (CTFE), the conglomerate formed by the late billionaire, Cheng Yu Tung, was revealed as the new owner last year.

CTFE is pushing for a full opening by April 2018.

Baha Mar also includes a 300-room SLS resort, a 200-room Rosewood Baha Mar property, and the 694room Melia Nassau Beach, which has been open for three years and operates as an adults-only, allinclusive.

Growth, fiscal ‘reality’ will strike on May 11

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

“Immediate focus” must be given to economic growth and development by the incoming administration, the Chamber of Commerce’s chairman said yesterday, adding that there must be clear communication of its fiscal and economic strategy.

Gowon Bowe told Tribune Business that while the “rally euphoria” ended yesterday, the economic reality will hit on May 11.

“The realities that exist today will be those that confront any administration,”he said.

“We have a fiscal situation that needs very serious attention. The current administration set out on a fiscal consolidation plan.

There needs to be significant focus on expenditure reform. There must be a focus on what programmes, initiatives and projects are being funded, with very clear allocations.

“Immediate attention needs to be given to the growth and development of our economy. We have had anemic growth for an extended period, largely in line with the global economy, but we have to focus on what is going to make the Bahamas great again.”

Mr Bowe argued that

there must be a clear communications strategy by the incoming administration as to how it will better advise the public on its fiscal and economic strategy.

“A lot of the misinformation, paranoia and fear is as a result of any old statement being made, without statistical empirical data being made to refute it. There needs to be improved financial reporting and better communication,” he added.

The Chamber chairman said that from a business perspective, energy reform remains high on the agenda. “We know that energy costs and reliability have impacted businesses significanlty in the past five to seven years,” said Mr Bowe.

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PAGE 4, Wednesday, May 10, 2017

THE TRIBUNE

Powerboats boost Bimini’s economy The inaugural Bimini Offshore Powerboat Competition on April 28-29 attracted thousands of guests to the island, resulting in 100 per cent hotel occupancies for both nights.

Donna Mackey, the Ministry of Tourism’s senior sales manager, said the competition had a significant impact for Bimini.

“There are several impacts of this grand Prix,” she said. “We have the immediate effect of the hotel being 100 per cent occupied both nights. We have golf cart rentals, restaurants, an increased volume of fuel being sold for the weekend, so the community was impacted in a very wonderful economic way this week.”

With the competition featured on NBC Sports, Ms Mackey hopes the publicity will have an immediate impact for the Bahamas.

“The long-term exposure through our NBC episode will also help us to raise the awareness, and inspire visitors to want to come to the Bahamas from areas like Atlanta, New York, Wash-

ington, Los Angeles and Dallas,” she said.

“Those areas are the areas where this show will be screened, and so we hope to get the immediate effects of the monies in the economy and the secondary effect of visitors being inspired to come to the islands of the Bahamas.”

Vince Angelo, general manager of Resorts World Bimini, said that while it was hard to estimate per person spending, the hotel was sold out through the weekend.

“The Hilton was sold out on Friday and Saturday night,” he said. “The food and beverage sales were solid, as you would expect all weekend long based on the number of people.

“It’s hard to estimate spend per person, but our F&B sales were in line with what we would expect with this many people on the island at the Hilton.”

Roger Berkon, of Bahamas Ocean Sports Authority, said the event would return to Bimini next year.

“Best of my knowledge, it’s been a tremendously

successful event,” he said.

“It’s been a lot of fun. We’ve had no complaints. Everyone can’t wait until the second annual.

“Bimini needs activity and we can’t rely on our history in Bimini; we have to move forward, and this event I think is moving the whole island of Bimini forward and I’m very proud of the work that everybody put in.

“It was a huge team, a very large team of Resorts World Bimini, the village people in Bimini and everyone that had anything to do with the event, so I’m very happy,” Mr Berkon added.

“We had 16 boats come, and the reason we had only 16 boats was a logistical situation where all of us had a very steep learning curve on this event. This was the first annual. The corporate people, the people who make the decisions, have decided there will be a second annual. We’re going to expand it up to 40 boats for next year and we’re all very excited.”

Govt revenues off $110m despite VAT From pg B1 outpaced gains in aggregate expenditure.

“This still contrasted with the deficit of $139.1 million that was anticipated, as non-VAT revenue fell short of projections, and some expenditure rose faster than budgeted.”

Prime Minister Perry Christie, in his recent midyear Budget presentation, largely ignored the 20152016 fiscal year’s performance, concentrating solely on Hurricane Matthew’s impact on the six months to end-December 2016.

Tribune Business, though, used the data provided by the Government to calculate the 2015-2016 deficit at $310 million, a figure now confirmed by the Central Bank.

The regulator, breaking down a 2015-2016 performance that resulted in a deficit “more than double” Budget forecasts, said: “Supported by VAT receipts, aggregate revenue grew by 13.4 per cent ($228.1 million) to $1.93 billion; some $110.2 million (5.4 per cent) less than expected.

“Similarly, total expenditure rose by 7.5 per cent ($156.4 million) to $2.24 billion, also exceeding the provisioned value by $61.1 million (2.8 per cent).”

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The Central Bank’s figures show that the Christie administration has made progress in narrowing the fiscal deficit, but painfully slowly, especially in comparison to its initial projections a year after taking office.

The deficit fell from $480 million, or 5.6 per cent of GDP, in 2013-2014 to $382 million a year later and $310.4 million in 2015-2016, a figure equivalent to 3.5 per cent of GDP (total Bahamian economic output).

The damage and economic disruption inflicted by Matthew has already blown the 2016-2017 forecast, with the half-year deficit already at $277 million or 3 per cent of GDP - figures that are almost triple the initial $97.6 million projection.

The Government is now projecting a $350 million deficit, for the 2016-2017 full-year, but the prior year’s performance - as detailed by the Central Bank - suggests its revenue forecasts are still far too aggressive and optimistic, while controlling spending remains an ongoing problem.

VAT revenues that “paced ahead of budgeted projections” ensured that tax revenue, at 86.9 per cent of the Government’s total income, grew by $175.8 million or 11.7 per cent to $1.676 billion during the 12 months to end-June 2016.

Adjustments to other taxes to ease VAT’s arrival, particularly the shift towards the 7.5 per cent levy on real estate sales, saw Stamp Duties in this sector

fall by $90.8 million or 47.6 per cent to $100 million.

“Partly reflecting the decrease in several tariff rates on goods following the introduction of the new regime, taxes on international trade and transactions contracted by $71.2 million (12.3 per cent) to $506.4 million, as both import and excise taxes fell by 13.8 per cent and 12.3 per cent, respectively,” the Central Bank added.

“In addition, business and professional license fee receipts declined by $33.8 million (18.8 per cent) to $146.2 million. Selective taxes on services also decreased by $23.4 million (46.4 per cent) to $27 million, reflecting mainly the shift in hotel occupancy taxes to the VAT.” Elsewhere, the Government’s fixed cost spending increased by $293.1 million or 17.1 per cent in 20152016 to $2 billion - a figure 3.5 per cent higher than Budget estimates.

The Central Bank blamed the increased outlays on a 43 per cent jump in subsidies to loss-making public corporations, together with rising interest payments on the $7 billion-plus national debt and a $25 million expansion in the civil service wage bill.

“Subsidies and other transfers expanded by $216.8 million (42.8 per cent) to $723.4 million, with transfers to public corporations placed at $116.3 million, as opposed to $6.5 million, exceeding budgeted estimates for these entities by $42.9 million,” the Central Bank said of the 20152016 fiscal year.

“Further, amid the rising stock of outstanding debt, interest payments firmed

by $41.6 million (17.8 per cent) to $275 million, due to growth in both the internal and external components by $37.7 million and $3.9 million, respectively.”

The Christie administration has blamed its inability to hit its fiscal targets on hurricanes Joaquin and Matthew, a factor acknowledged by many, including Central Bank governor, John Rolle, in his annual report message.

However, the Central Bank governor effectively said the hurricanes were only part of the story, with increased subsidies and social programme spending also behind the continued $300 million-plus deficits.

“The fiscal performance was also constrained by increased subsidies for public enterprises and continued preparations for the introduction of National Health Insurance,” Mr Rolle wrote.

As a result of all this, the Bahamas’ national debt stood at $7.042 billion at year-end 2016, with the debt-to-GDP ratio at 77.9 per cent - a level well above the so-called ‘danger threshold’ cited by the International Monetary Fund (IMF) and others.

“At end-December, the direct charge (debt) on the Government stood at $6.313 billion, a rise of $399.2 million (6.8 per cent) over the prior year,” the Central Bank said.

“Similarly, the national debt - inclusive of Government guaranteed loans rose by $373.1 million (5.6 per cent) to $7.042 billion at year-end, amounting to an estimated 77.9 per cent of GDP, up from 75.3 per cent at end-December, 2015.”

THE TRIBUNE

Wednesday, May 10, 2017, PAGE 5

Minister: ‘Do not mess’ with National Development Plan

Next Govt’s term ‘pivotal’ to revive economic growth

From pg B1

two years ago,” Mr Sumner told Tribune Business.

“We were looking at our investment policy, the climate in the country, and looking at ways to improve the Policy; make it more equitable with investors getting faster response times, and a structured due diligence process, but with the same level of attention given to domestic investors so that everyone wanting to participate has the right and opportunity to do so.”

The Chamber chief executive added that the initiative was intended to “encourage” increased local and foreign investment in the Bahamas, with the private sector and the Government still working on the potential revisions.

“This is something we determined will not happen overnight,” Mr Sumner said. “It will be an exercise that will take several years to go through, as there are so many moving parts to consider.”

Emphasising that the Chamber “expected to continue” these discussions with the new government following today’s general election, he added: “This is going to be extremely important.

“Although the Government will have its own agenda, discussing and moving ahead with a review of the Investment Policy is going to be absolutely essential.

We saw the value of beginning these discussions two years ago, and want to pick that up with the new administration.”

The National Investment Policy, and its associated structures and approval processes, are also under

without it, my friend,” Mr Rolle told Tribune Business of the NDP. “There’s no sustainable future without it.”

Describing the NDP’s development as “very advanced”, he advised the next government: “Just continue on with the work. It’s a good body of work and don’t interfere with it.

“The NDP is a living, breathing document that will transcend the political movements. The team is still working, still in place.

The final draft is out there, and they’re still getting feedback on it.

“We’re completing the final round of consultation,and making good, very good, progress on it.”

The NDP represents the first ever co-ordinated effort to plan the Bahamas’ development in a systematic manner using empirical data and analyses, while also obtaining input from private sector and civil society organisations.

Labelled ‘Vision 2040’, the Plan aims to break with the Bahamas’ past ad hoc approach to national growth by setting a clear path towards a more sustainable future.

It also sets out a ‘road map’, containing measurable goals and objectives for the Bahamas to attain, so that this nation’s progress towards achieving its development targets can be judged according to set timelines.

Vision 2040 focuses on four main policy pillars the economy, governance,

social policy and the environment, both natural and built - in its first 400-page draft, which has already been publicly disclosed.

Mr Rolle told Tribune Business that the Christie administration had been moving to give the Plan full legal effect, drafting a National Development Plan Bill that is in good enough condition to be brought to Parliament.

“The legislation is ready, and will be tabled with the first set of Parliamentary procedures,” the Minister said. “That’ll be one of the top agenda items for the new Parliament.”

Whether a Dr Hubert Minnis-led administration, should the Free National Movement (FNM) prevail in today’s general election, will give the NDP and its associated legislation the same priority remains to be seen.

Mr Rolle, though, reiterated that the NDP’s structure had been created to keep it free from political contamination regardless of whether administrations changed.

“That is why the steering committee is made up of the private sector, civil society, the Chamber of Commerce and University of the Bahamas, institutions that are not transient in nature and have a measure of stability,” he told Tribune Business.

“They will continue their work, continue their analysis, whether it’s us being returned to office or others. The work will continue, and the Plan will be implemented.”

From pg B1

pressure from the Bahamas’ entry into rules-based trading regimes such as the Economic Partnership Agreement (EPA) with the European Union (EU), plus the now 16-year process to attain full World Trade Organisation (WTO) membership.

Liberalised, rules-based trading regimes prefer that investment regimes be set in statute law, rather than policy, as the former gives predictability and certainty. An investment regime based on policy, such as the Bahamas, is viewed as one where the rules are subject to political whim.

Mr Sumner, meanwhile, told Tribune Business that “when the dust settles after the election, we will continue pushing the agenda of the private sector with the Government”.

He acknowledged that the

“dynamics” of the Chamber’s relationship with the new administration would change regardless of who wins, as there could be new leadership or different persons occupying the various Cabinet and ministerial positions.

Promising “to bring outstanding matters” to the new administration’s attention, once key Cabinet and other appointments had been made, Mr Sumner said the “priority items” were improving the ‘ease of doing business’; energy sector reform; overhauling the Business Licence regime; growing the small business sector; and diversifying and developing the economy.

Acknowledging that the Chamber may have to adjust its own agenda according to the national interest and government priorities, Mr Sumner said: “We’re sitting back with a great degree of anxiety to see how this [election] plays out.

“We see the next five years as very pivotal, and a lot of structured measures

and planning will be necessary, because the economy need to be built.

“We need to do everything we can to get us out of the situation we’re in with the downgrades, bring in the right foreign investors and be sure we’re creating opportunities for local entrepreneurs and businesses to participate in this economy,” Mr Sumner added.

“We’re going to do everything we can to ensure that happens. The private sector is absolutely essential to the growth of this economy, but that also depends on the government policies we have. We’ve got to be sure they improve the outcomes for the private sector and growth of the country.”

Mr Sumner added that the Bahamian private sector needed to look to export-led growth in the goods and services sectors “over the next several years”, and seek out new markets outside this nation instead of continually seeking organic growth at home.

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

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PAGE 6, Wednesday, May 10, 2017

Central Bank eyes reform as dormant accounts hit $95m From pg B1 Attorney General’s Office for review.

“The proposed reforms will broaden dormant account protection from deposits to securities, and define the minimum period before which unclaimed assets would be handed over to the Government for liquidation,” the Central Bank said.

Outlining its strategy for the period to 2010, the regulator said it planned to deepen exchange control liberalisation as a tool to boost investment and economic growth, as well as improve associated administrative policies.

“In its advisory role to the Minister of Finance, and

in its internal operations where delegated authority is already established, the bank will undertake a deepening of exchange control liberalisation initiatives, targeting both operational processes and policies,” the Central Bank said.

“An important goal is to considerably reduce the administrative drag of policies affecting current account transactions (trade and transfer payments). In addition, economic benefits from carefully sequenced and targeted liberalisation of capital or investment-related transactions will also be achieved.”

The Central Bank added that it was also focusing on regulatory reforms that tackled “emerging threats”

to the Bahamian financial services industry, such as the global correspondent ‘de-risking’ trend.

It plans to “promote greater financial inclusion and consumer protection”, and place “emphasis on accelerated development and modernisation of the domestic payments system”.

“Such initiatives will continue to promote transparent oversight mechanisms that build confidence in the system, and reduce transaction costs,” the Central Bank said.

“The fledgling mobile payments sector has shown significant potential globally as a rapidly-growing component of electronic retail payments. The use of smart phones and near field communication (NFC) technology feature prominently on this platform.

“Domestic marketing is

Next Govt warned: ‘Immediate’ decision required over BOB From pg B1 Radio programme, hosted by his former minister of state for finance, Zhivargo Laing, that the next administration - whoever it is - will be required to make immediate, critical decisions over BOB’s fate.

“It is critical for the election to be over and decisions be made about Bank of the Bahamas immediately,” Mr Ingraham said, while also calling for the identities of politically exposed (PEPs) loan defaulters to be made public.

The former prime minister also expressed regret that he had not accepted an offer from A. F. Holdings (the former Colina Financial Group), and its principals, Emanuel Alexiou and Anthony Ferguson, to acquire Bank of the Bahamas while he was in office during 2007-2012.

Had he agreed to such a transaction, Bank of the Bahamas would have been removed from the Government’s hands, and not become the massive taxpayer liability it is today.

Tribune Business understands that A. F. Holdings/ Colina made an offer to the Christie administration to acquire BOB, but were rebuffed because the Government considered the price too low.

BOB’s woes have intensified in recent months, with Tribune Business revealing this week that the BISX-

listed institution is now embroiled in a court battle with its main regulator.

Bank of the Bahamas is seeking the Supreme Court’s protection from the Central Bank, which is demanding an “immediate” $50 million increase in loan loss provisions and legal action against “politically exposed” bad borrowers.

The Central Bank also wants BOB to convert its $10 million in contingent convertible bonds to common equity Tier 1 capital, with “all future capital injections.... paid in cash and constituting common equity Tier 1 capital”.

Bank of the Bahamas is resisting the $50 million provisioning, and $10 million convertible bonds, demands, which resulted in the Central Bank levying a $100,000 fine for non-compliance with its supervisory requirements.

This prompted the BISXlisted institution to initiate legal action in the Supreme Court on April 7, 2017, challenging the Central Bank’s demands and seeking an injunction to prevent it enforcing these impositions.

It is almost unheard of for a bank to resist the supervisory stipulations of its main regulator, given that the consequences are almost always the revocation of its license and placement into the care of a receiver/provisional liquidator.

Given that the Government, via the Public Treas-

Hubert Ingraham ury and National Insurance Board (NIB), is BOB’s majority 79 per cent shareholder, the court action effectively pits it against the Central Bank.

The Central Bank has expressed concern that BOB’s filings, especially its demand for an injunction, would impede its ability to regulate the bank, and also threaten public confidence in the integrity of the wider banking system given its systemic importance.

The demands being resisted by BOB would almost certainly require the Government to inject more capital into BOB, beyond the $170 million directly committed and over $300 million in deposits.

Given the Treasury’s cashstrapped position, this is unlikely to be desired by the Christie administration.

The $10 million bond issue referred to by the Central Bank was the first of three equal tranches, set to ultimately total $30 million, all of which are being 100 per cent financed by the Government.

THE TRIBUNE

already taking hold in these areas. Interest in such solutions, as well as the [Central] Bank’s overall strategy to promote the use of less cash over the mediumterm, are motivating the Central Bank’s intensified efforts to put a comprehensive regulatory framework in place for non-bank electronic payments solution providers. The [Cental] Bank intends to conclude this initiative during 2017.”

Elsewhere, the Central Bank noted that Bahamian electronic banking and Internet users increased by 13.2 per cent to 75,819 accounts, compared to 66,970 users the prior year.

Issued credit cards also increased by 18.2 per cent to 225,403 in 2016, a growth rate slightly behind the 19.8 per cent upturn the prior year.

“This gain corresponded with a 2.8 per cent increase

in the value of the unpaid balances to $256.2 million, compared to a gain of 1.6 per cent in the prior year,” the Central Bank said.

“Growth was mainly associated with the $5,000 and under limit cards, which advanced by 20.5 per cent, while the value of credit outstanding for this category fell by 4.1 per cent to $111.6 million.

“Further, the number of cards with a limit of $5,000$10,000 increased by 4.1 per cent. However, the corresponding value fell marginally by 0.9 per cent to $70.4 million. For cards with caps over $10,000, the number of cards grew by 13.2 per cent, and the relevant value rose by 20.2 per cent to $74.2 million.”

The Central Bank added that debit card transactions rose by 9.6 per cent yearover-year to 9.1 million, with the total value growing

by 14.5 per cent to $1.4 billion.

“The reduction in the use of cheques noted over the last decade was sustained in 2016,” it said. “Processed instruments fell by 4.8 per cent to 2,611,102, following a 2.3 per cent fall-off to 2,743,184 in the prior year.

“Similarly, the associated value of these payments declined by 1.3 per cent to $7 billion, in contrast to an increase of 2.8 per cent to $7.1 billion in 2015.”

The number of Automated Teller Machines (ATMs) in operation in the Bahamas rose by 13.9 per cent to 393 last year.

“However, the volume of transactions decreased by 6.3 per cent to 10.6 million, while the corresponding value contracted by 30.3 per cent to approximately $2 billion,” the Central Bank said.

This commitment comes on top of the $100 million ‘promissory note’ injected into BOB as part of the bail-out deal that left taxpayers ‘on the hook’ for Bahamas Resolve’s bad loans, plus the $40 million used to take up the bank’s entire rights issue last September.

“When the FNM takes over, it’s going to be an incredibly complex and tough nut to crack,” Mr D’Aguilar told Tribune Business.

“The cost of what needs to be done to that bank is probably going to cost the taxpayer another $300 million. It’s a function of when and how we afford it. The Government will have to prop it up and sustain the losses we have.”

He added: “This will be the single biggest drain on the Treasury for the foreseeable future; the one single financial disaster that will be a drain on the Treasury.

What needs to be done to bail out that bank is so monumental that if they did what had to be done, the Bahamian people would demand to know what went wrong and who got those loans; all the politicians they loaned money to.”

Mr D’Aguilar reiterated that BOB’s corporate and ownership structure was “flawed”, adding: “You cannot have a Government running a commercial bank because the desire to make loans that are not financially viable to your supporters is huge. That is why we’re in the position we’re in.”

He added that the ultimate solution was for the

Government to “extricate itself from the bank and put it into the hands of people who understand banking in the Bahamas”.

Mr D’Aguilar suggested that BOB could be sold for as little as $1, with a buyer agreeing to take over its debts and liabilities, and inject the necessary financing to recapitalise it and achieve regulatory compliance.

“You need to sell the bad loans to a third party and get back what you can, pay the depositors and cover any shortfall,” he added.

“Trying to make this bank whole is just costing the taxpayer more and more money. The Bank of the Bahamas is just a huge albatross around the neck of the Government.”

Bank of the Bahamas’ financials for the year to endJune 2016, as first revealed

by Tribune Business, disclosed that 46.07 per cent, or $234.886 million of its total $510 million loan portfolio, was non-performing - meaning 90 days or more past due - at that date.

Meanwhile, the bank’s balance sheet at end-December 2016 shows that without the $100 million in promissory notes (bonds) issued to Bank of the Bahamas in October 2014 in exchange for the $45.2 million net ‘bad’ loans transferred to Bahamas Resolve, the institution would be insolvent with assets exceeding liabilities.

Bank of the Bahamas’ accumulated deficit now stands at almost $100 million, having totally wiped out the $54.622 million in ‘special retained earnings’ written back into its balance sheet via the Bahamas Resolve transaction.

NEMRAN BUSINESS CORP. Company No. 536653 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that NEMRAN BUSINESS CORP. is in voluntary liquidation. The voluntary liquidation commenced on 5th May, 2017 and Robert Rohner of Bahnhofstrasse 17, 7323 Wangs, Switzerland, has been appointed as the Sole Liquidator.

Dated this 8th day of May, 2017 Sgd. Robert Rohner Voluntary Liquidator NOTICE HEART BUSINESS INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, HEART BUSINESS INC. is in dissolution as of May 5, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

NOTICE

ABNERVILLE LIMITED In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ABNERVILLE LIMITED is in dissolution as of May 5, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

THE TRIBUNE

Wednesday, May 10, 2017, PAGE 7

Senate GOP discussing health overhaul's Medicaid provisions WASHINGTON (AP) — Senate Republicans trying to craft a health care overhaul discussed Tuesday how to ease provisions in the House-passed bill phasing out President Barack Obama’s expansion of Medicaid.

On television talk shows and congressional town hall meetings, meanwhile, attention on the GOP drive to repeal Obama’s law showed no signs of fading.

Members of a working group appointed by Senate Majority Leader Mitch McConnell, R-Ky., met privately and said their discussions centered on Medicaid, the health care program for

poor and disabled people.

The House bill would end extra federal payments in 2020 that Obama’s law provides to states that have expanded their Medicaid programs to cover more lower-income people. Senators from some of the 31 states that enlarged their programs want to prevent an abrupt cutoff of that money.

“Our own strategy, rather than relying on what the House did, is to look at this with fresh eyes and think, ‘How do you ensure these people can continue to get coverage,’” said Sen. Rob Portman, R-Ohio.

NOTICE

NOTICE is hereby given that JAMES GABRIEL of Market 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 10th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

Participants

said

the

group’s work had a long way to go. Portman suggested ways to ease the impact of the House’s Medicaid cuts, including using a multibillion fund the House provided to help states provide financial assistance for insurance and gearing the bill’s tax credits more toward lower-income people.

Portman and Sen. Pat Toomey, R-Pa., are among senators on McConnell’s 13-member working group from states that expanded Medicaid. The group includes no women, which has drawn criticism from Democrats and others.

Republican senators must resolve differences over the House bill’s Medicaid cuts, federal subsidies to help consumers buy insurance and waivers so states can allow higher premiums for some people with preexisting medical conditions and ease other Obama consumer protections.

Jimmy Kimmel re-entered the debate Monday night, along with a GOP senator who named a test for weighing the merits of health legislation after the

86 Minnie St., Balfour Ave.,New Providence, Bahamas

NOTICE

NOTICE is hereby given that JOSIANE ROSE MIDGE SALOMON of Domingo Height off East Street ,New Providence, Bahamas is applying to the Minister

NOTICE is hereby given that DEBORAH ESTIMABLE of #8 Wrexham Drive, Freeport, Grand Bahama, 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 10th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CHRISTIE ANDREA HALL of Dart View Road, Off Carmichael Road, 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 3rd day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

vision allowing insurers to charge older customers five times or more than they charge younger consumers, which has drawn the ire of AARP and other critics.

Obama’s law limits that ratio to 3-1, part of its effort to help older people afford coverage

BLUEPEACH FINANCIAL CORP. Company No. 1710425 (In Voluntary Liquidation)

Pursuant to the provisions of Section 138 (8) of The International Business Companies Act, 2000, notice is hereby given that Puma Africa Holding Limited has been dissolved and struck from the Register of Companies according to the Certificate of Dissolution issued by the Acting Assistant Registrar General on the 30th day of March, 2017.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that BLUEPEACH FINANCIAL CORP. is in voluntary liquidation. The voluntary liquidation commenced on 5th May, 2017 and Roland Wadvogel of Schützenweg 47, 8604 Volketswil, Switzerland, has been appointed as the Sole Liquidator.

Christophe Guido Zyde (Liquidator)

Dated this 9th day of May, 2017 Sgd. Roland Wadvogel Voluntary Liquidator

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 3rd day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

health care debate and to tell Republicans to back legislation lowering premiums and providing adequate coverage.

“You’re on the right track,” Cassidy told Kimmel. Cassidy added, “Now, we’ve got to be able to pay for it, and that’s the challenge.”

House Speaker Paul Ryan, R-Wis., called the GOP bill “a better system” that would lower premiums Tuesday.

On Fox News Channel’s “Fox and Friends,” Ryan also defended a House pro-

LEGAL NOTICE

NOTICE is hereby given that SONTONAX POLYNICE of 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 3rd day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

ABC late night talk show host.

Last week, Kimmel delivered an emotional monologue describing his newborn son’s recent lifesaving surgery and saying Congress must pass legislation helping people afford health care. Monday night, he mockingly apologized for saying children should have health care, saying, “It was insensitive, it was offensive.”

Appearing as Kimmel’s guest, Sen. Bill Cassidy, R-La., urged viewers to call Democratic senators and tell them to engage in the

Senate Minority Leader Charles Schumer of N.Y. speaks with reporters at the Capitol in Washington.

Senate Democrats asked Republicans yesterday, to drop their bid to repeal President Barack Obama’s health care law, offering to help improve the nation’s health care system if they did. (AP Photo/J. Scott Applewhite, File)

MARKET REPORT TUESDAY, 9 MAY 2017

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,889.58 | CHG -0.04 | %CHG 0.00 | YTD -48.63 | YTD% -2.51 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.13 6.76 8.60 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.01 11.00

52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.20 5.69 8.50 11.00 2.18 1.31 5.80 7.50 8.56 7.15 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.05 3.92 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.38 1.55 6.00 9.75 9.00 9.95 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.80 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.33 1.55 6.00 9.75 9.00 9.95 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

VOLUME

NAV 2.05 3.92 1.95 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 151.0 15.8 N/M 20.8 N/M N/M -135.0 14.2 14.0 23.4 104.5 22.8 19.4 20.0 18.8 9.4 12.1 23.5 19.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 28-Feb-2017 28-Feb-2017 24-Feb-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 4.26% 2.58% 3.87% 4.00% 4.10% 0.00% 3.32% 2.03% 5.33% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

PAGE 12, Wednesday, May 10, 2017

THE TRIBUNE

Nasdaq sets another record; energy stocks hold back S&P 500 NEW YORK (AP) — The Nasdaq composite index ticked higher to another record Tuesday, but a drop by energy stocks held other indexes back.

It was the third straight day that the Nasdaq notched an all-time high, but each of those has been by only a marginal amount.

Stocks have been stuck in a largely listless trading pattern in recent weeks, as investors see few reasons to make big moves in either direction.

The Nasdaq rose 17.93 points, or 0.3 percent, to 6,120.59. The Standard & Poor’s 500 index bobbed around its own record through the day, before losing momentum in the last half hour. It slipped 2.46 points, or 0.1 percent, to

2,396.92.

The Dow Jones industrial average fell 36.50 points, or 0.2 percent, to 20,975.78, and the Russell 2000 index of smaller stocks ticked up by 0.22 points, or less than 0.1 percent, to 1,391.86.

Markets have been placid the last two weeks, and the biggest one-day move for the S&P 500 during that span has been 0.6 percent, as investors keep crossing off reasons to fear. Last week’s solid jobs report gave reassurance that the U.S. economy is improving despite a weak showing at the start of the year.

Companies have been turning in a series of stronger-than-expected profit reports, which has tempered concerns that stocks have grown too expensive rela-

tive to earnings. And the recent presidential election in France raised confidence that voters may be turning their back on a nationalistic brand of politics that could hurt global trade.

“This is almost like the post-celebration letdown,” said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management.

“Everyone is just relaxing, trying to figure out what direction to go next.”

It could stay that way for a few days, unless something unexpected happens to knock the market out of its lazy drift, with few events on the calendar with market-moving potential.

“We’re in a little bit of a lull here, and I think traders are thinking it’s like a Seinfeld episode where it’s

all about nothing,” Jacobsen said.

The day’s biggest excitement involved energy stocks, which deepened their losses for the year.

Energy stocks in the S&P 500 lost 0.9 percent, tied for most among the 11 sectors that make up the index. They’re now down 10.8 percent for 2017, when the S&P 500 is up 7.1 percent.

The sector followed the price of oil lower. Benchmark U.S. crude fell 55 cents to settle at $45.88 per barrel. Brent crude, the international standard, fell 61 cents to $48.73 per barrel.

High-dividend stocks were also weak. Utilities in the S&P 500 lost 0.9 percent, while telecoms fell 0.6 percent.

Demand has dulled for high income-paying stocks as bonds have begun to pay more in interest. The yield on the 10-year Treasury note held steady at 2.39 percent Tuesday, but it’s up from a low of 2.17 percent three weeks ago.

Marriott International jumped $6.13, or 6.4 percent, to $102.50 after reporting stronger-thanexpected earnings for the latest quarter. The hotel operator cited improving trends around the world, from North America to Europe to Asia.

Hertz Global Holdings sank $2.11, or 14.2 percent, to $12.80 after reporting a larger loss for the last quarter than analysts expected.

European stock markets were mostly higher, and

the German DAX rose 0.4 percent. The CAC 40 in France gained 0.3 percent, and the FTSE 100 in London rose 0.6 percent.

Japan’s Nikkei 225 index dipped 0.3 percent, while the Hang Seng in Hong Kong jumped 1.3 percent.

The South Korean market was closed as voters elected a new president.

The euro fell to $1.0869 from $1.0930 late Monday.

The dollar rose to 114.28 Japanese yen from 113.07 yen, and the British pound slipped to $1.2927 from $1.2943.

In the commodities market, natural gas rose 6 cents to $3.23 per 1,000 cubic feet, heating oil fell 1 cent to $1.44 per gallon and wholesale gasoline slipped 3 cents to $1.49 per gallon.