08252017 business

business@tribunemedia.net

FRIDAY, AUGUST 25, 2017

$4.00 EX-MINISTER SAYS GRAND BAHAMA ‘NEEDS HELP’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEE PAGE 3B

$4.29

GRAND LUCAYAN ‘KNEE JERK’ KILLS $350M PLAN

* Obie backs Gov’t on Grand Lucayan takeover * ‘Deeply concerned’ on Wynn deal fall through * Thought ‘tremendous strides’ had been made

A FORMER minister of tourism yesterday backed the Government’s proposed Grand Lucayan takeover as a ‘last resort’ option, saying simply: “Grand Bahama needs help.”

Obie Wilchcombe, the ex-West End MP, told Tribune Business he was “deeply concerned” that the potential purchase left behind by the former Christie administration appeared to have fallen through.

He said “tremendous strides” had been made in assisting the Torontobased Wynn Group to

$4.31

$4.29

AN ARTIST’S impression of what the Lucayan proposal could look like.

THE Government was yesterday warned that any “knee jerk” Grand Lucayan solution could “kill” a $350 million proposal designed to transform Freeport into an Atlantis-style tourism destination.

Peter Hunt, the Port Lucaya Marketplace’s proprietor, told Tribune Business that the Minnis administration could sacrifice “fantastic long-term gain” if it secured the wrong operator/owner for the city’s ‘anchor resort’ property.

Acknowledging Grand Bahama’s dire economic condition, and the desperate need to get hundreds of Bahamians re-employed immediately, Mr Hunt agreed that the Government faced a major predicament.

Yet he said his plans to convert the Lucaya area to an

* Port Lucaya owner’s concern for proposal * Fears rushed solution

by Minnis Gov’t * Acknowledges dilemma for ‘long-term gain’

adventure-themed destination would be “a dead duck” if the Government signed a long-term lease with an all-inclusive brand for the Grand Lucayan.

“It’s a fantastic opportunity for Grand Bahama to finally come out of its terrible state,” Mr Hunt said of his proposed project. “But how the deal is going to shake out, I really don’t know.

“The Government is holding all the cards. I’m just hoping they don’t pull the wrong card out of the SEE PAGE 3B

THREE-WAY BATTLE HEATS UP AT WEST BAY RESORT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A NASSAU resort owner yesterday pledged to defend its $25 million investment to “the nth degree”, as a three-way battle with its operator and former lender heated up.

Valentine Grimes, attorney for Sunset Equities, owner of West Bay Street’s Courtyard by Marriott

* ‘I’ll defend $25m investment to nth degree’ * Marriott Courtyard owner hits at operator, lender * Claims traded on licenses and financing hotel, sought to turn the tables on its operator by disclosing that its management agreement had been terminated in February 2017.

Responding to Donald J Urgo and Associates’ allegations of contractual breaches by his client, Mr

Grimes claimed that the management company had failed to obtain a hotel operator’s license - and other essential permits and approvals - to enable it to operate in the Bahamas.

“They did not have a license to operate in the SEE PAGE 4B

THE Courtyard by Marriott hotel on West Bay Street.

PHOTO: Terrel W. Carey/Tribune staff

‘NATIONAL DISASTER’ IF NO GRAND LUCAYAN COMPULSORY PURCHASE * Attorney demands ‘forceful’ Gov’t action * Says Freeport/GB economy ‘close to brink’ * Suggests Container Port expansion unlikely

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday warned that it “will have a national disaster on their hands” unless it immediately acts to take over the Grand Lucayan resort via compulsory acquisition.

Carey Leonard, the former Grand Bahama Port Authority (GBPA) in-house counsel, told Tribune Business that the Minnis administration needed to “act very forcefully” with the resort’s Hong Kong-based owner to rescue an economy that is “on the brink”.

He suggested that failing to move could lead to a further downgrade of the Bahamas’ sovereign credit rating, and SEE PAGE 4B

URCA TARGETS ‘WORLD CLASS SERVICE’ FOR BPL * Consumer plan aims to boost ‘quality of life’ * No URCA price regulation for five years * BPL described as ‘natural monopoly’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net INITIATIVES such as Bahamas Power & Light’s (BPL) proposed consumer protection plan are designed to drive it to “world class service levels”, regulators have revealed.

Shevonn Cambridge, the Utilities Regulation and Competition Authority’s (URCA) head of energy regulation, said the plan and associated public consultation had the ultimate objective of improving

Bahamians’ “quality of life” by making BPL a better service provider.

The utility monopoly has been much-derided in recent years for its relatively high prices and inability to keep the lights on, and Mr Cambridge indicated the consumer protection plan was an effort to redress the balance more in favour of consumers.

“We’re trying to get the utility to the position where it provides a world-class level of service, something SEE PAGE 2B

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PAGE 2, Friday, August 25, 2017

THE TRIBUNE

CREATING A LEARNING WORKPLACE CULTURE L EARNING is a life-long journey that requires persons to remain engaged. Employers are finding many ways to ensure employees acquire the skills needed to efficiently complete all the tasks and assignments entrusted to them.

Mentorship programmes, book clubs, lunch and learns, crosstraining, immersion training, formal and informal training programmes, workshops and seminars, webinars, college tuition reimbursement programmes and many more allow employees to equip themselves while still gainfully employed.

The formula is simple.

The more your employees know, the more they share and the more proficient they are in performing

IAN FERGUSON the tasks and assignments within their purview.

Critical to employee learning is worker attitudes.

The individual must see the need, and value, of pursuing growth and

development through learning opportunities.

For most adults this process begins with determining how best we learn.

Educational research has long taught us that we all have different means of processing information.

Visual, tactile, kinesthetic and auditory learners all converge in the workplace and are expected to produce.

They sit in the same boardroom, the same training room, the same line-up or staff meeting, and process the same information differently.

How, then, do employers encourage team members to stay mentally and intellectually alert, and not slip into the mundane cycle of performing ritualistic work tasks.

Here are just a few suggestions that might help your company.

1. Use various forms of communication for those employees who process information differently.

Video demonstrations, pictures, models in the staff lobby, and print material allow you to reach more the wider employee population more efficiently. This increases the probability of retention.

2. Put your money where your mouth is and invest in talent development. Enough talk about the value of developing team members; create more action with funding dollars. Training and staff development should be enshrined in policy and budget of your company.

It sends a clear message

that you are concerned about employee advancement and development as professionals.

3. Allow employees to put to good use the skills they acquire in training and other learning environments. Too often we allow the talents of team members to be wasted or underused. Get some returns on your investment. Hold employees accountable for using and sharing what they have learnt, but never deny employees opportunities to grow and increase their knowledge.

When you create an environment where employees learn, and are allowed to think critically,

it opens the doors for benefits such as problem solving, enhanced service delivery and sound judgment in decision making.

Renew your commitment today and invest in the development of your team members.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

URCA TARGETS ‘WORLD CLASS SERVICE’ FOR BPL FROM PAGE 1B

that’s not only competitive on a regional level,” he told a Bahamas Society of Engineers (BSE) luncheon meeting.

“It’s all about making the licensee a better provider, so consumers enjoy a better quality of service and better quality of life.”

BPL’s draft consumer protection plan was challenged by engineers, including Debbie Deal, head of the Chamber of Commerce’s energy and environment division, who suggested that its title was a misnomer and that it should be renamed given the restrictions on consumer compensation for damaged electronic equipment.

However, Mr Cambridge told Tribune Business that the plan was “a good first step”, given that this was the first attempt at such a document by a Bahamian utility provider. He added that consumers also needed to become familiar with the concept.

However, he acknowledged that URCA has no power to regulate BPL’s tariff prices for the first five years of

the Electricity Act, due to the Government’s management agreement with PowerSecure.

While that arrangement may be on shaky ground, URCA has no influence until 2020. “URCA does not have any involvement in rate setting aspects for the first five years with the current agreement the Government has with its management company,” Mr Cambridge confirmed.

“We won’t be doing any major review of it for the next five years.”

Mr Cambridge added that, as a ‘natural monopoly’, BPL needed to be regulated to ensure it constantly strives to improve its efficiency, services, and charges the most competitive prices.

“I often get the question why regulate a monopoly or sector without any competition, unlike the communications sector,” he added. ‘What we have with electricity is what’s called a natural monopoly.

“In the absence of competition, something has to spur this organisation to want to do better, rather than any intrinsic desire to do so. Through regulation, that’s what we hope to achieve.”

THE TRIBUNE

Friday, August 25, 2017, PAGE 3

GRAND LUCAYAN ‘KNEE JERK’ KILLS $350M PLAN

FROM PAGE 1B

pack. What I mean by that is if they put an all-inclusive operator in there to keep people happy, I do believe it will be an error on their part.”

Mr Hunt disclosed that when he and his partners acquired the Port Lucaya Marketplace they made it clear to the then-government that it was the first step in a much grander mid to long-term development strategy for Lucaya.

“I made it quite clear to the previous government at the time, Prime Minister Christie and Sir Baltron Bethel, that we were buying Port Lucaya Marketplace with a mid and long-term vision to turn it into an Atlantis-style destination, where people could have fun and spent money,” he told Tribune Business.

Yet Hutchison Whampoa had been reluctant to sell the Grand Lucayan prior to Hurricane Matthew’s intervention, and the property’s near 11-month closure that has thrown Freeport and Grand Bahama’s economy into a tailspin.

Mr Hunt said he had delivered the same message to Deputy Prime Minister, K P Turnquest, and Vincent Vanderpool-Wallace, the former minister and director-general of tourism, who is assisting the Government’s efforts to resolve Freeport’s tourism product woes.

“I’ve made it quite clear that we’ve spent a lot of time and money putting this project together, and we’re working with experts in their chosen field,” he added.

“I’m talking to some partners in the UK who would be very keen to get involved. The whole thing is a $350 million deal. We’ve already got one or two interested FROM PAGE 1B agree the Grand Lucayan’s acquisition with its current owner, Cheung Kong (CK) Property Holdings, one of two companies into which Hutchison Whampoa has split.

Mr Wilchcombe disclosed that he had expected the Grand Lucayan to be repaired and opened by now, but several sources close to developments yesterday expressed little surprise that the Canadian-based real estate developer’s proposal had not proceeded.

They suggested that the Minnis administration had little confidence in Wynn’s ability to conclude a deal with CK Property Holdings from the get-go and, while giving it a chance, indicated in the Prime Minister’s national address that it had decided to move on and seek other solutions.

“The Government took his hype very, very carefully,” one source, speaking on condition of anonymity, told Tribune Business. “They realised Wynn couldn’t do it, and didn’t want them as a player. They’ve been out for several weeks.”

Tribune Business revealed earlier this year that the Wynn Group had emerged as the front-runner to purchase the Grand Lucayan under the former Christie administration, with a $110 million purchase price being discussed, and talk of Memories and Hard Rock being involved as resort brand operators.

However, the deal never seemed to progress, despite a Letter of Intent (LoI) being signed for the purchase between Wynn and CK Property Holdings.

The former paid a deposit, as is customary in real estate transactions, but Wynn’s suggestion that it is seeking to recover this sum suggests it was unable to close the purchase.

“I am deeply concerned,” Mr Wilchcombe said yesterday, both in relation to Wynn’s pull-out and the Grand Lucayan’s unresolved fate.

“I am aware of the dire circumstances in Grand Bahama that we were left with following Hurricane Matthew, and the fact we were trying to get Wynn to complete a deal with Hutchison (CK Property Holdings).

“We were hoping by now that the property would be under repair and being prepared for the winter season coming. I’m deeply concerned, but I hold on to what the Prime Minister said in his national address: that the Government will be stepping up to the plate to assist.”

Mr Wilchcombe said the former Christie administration, of which he was part, had also considered that

AN ARTIST’S impression of what the Lucayan proposal could look like. partners; London-type finance companies.”

Declining to name any potential partners, or financing sources, Mr Hunt added: “We’re not going to rush into it; we’re going to make sure the partners are the right ones and that they can pull it off.

“The biggest concern I have is the Government goes knee jerk, and puts an operator into that resort long-term that makes this deal fall through. This adventure park can only work if we have the entirety of it, and have an operator in there [the Grand Lucayan] that’s part of the village.

“If they put an all-inclusive operator in there for five to 10 years, it will kill the deal. I’m very, very nervous that the Government will have a knee jerk reaction because they want to open that resort quickly. That will kill the deal. It won’t work. It will be a dead duck.”

Tribune Business revealed on Wednesday that Mr Hunt and his Port Lucaya Marketplace partners were “part of the conversation” as the Government grapples for a Grand Lucayan ‘solution’ that avoids a repeat of the losses that have plagued the

resort - and Freeport’s tourism product - for years.

Multiple contacts suggested that Mr Hunt and his partners were being lined up to take an equity stake in the Government proposal, announced by Prime Minister Dr Hubert Minnis, that would see it take part ownership of the Grand Lucayan to ensure its rapid opening.

Mr Hunt’s comments, though, suggest he has his eyes on a much bigger potential prize - if he can find the partners and financing, and is given the space, to pull it off. He added that the renderings on his website, published in Tribune Business on Wednesday, were professionally produced to show his vision for the Lucaya area.

The Government’s efforts to attract back Sunwing and its Memories resort affiliate are unlikely to be his ideal, given that the latter is just the type of allinclusive operator he wants it to avoid.

And the pressures on the Minnis administration to get the Grand Lucayan open as rapidly as possible, and by whatever means necessary, are increasing by the day (see other article on Page 1B).

EX-MINISTER SAYS ‘GRAND BAHAMA NEEDS HELP’ it might have to intervene through the Hotel Corporation of the Bahamas.

“We had given thought to it as well,” he said. “We realised we might not be able to wait for someone, and the Government might have to do it.

Renovations “We also suggested to Hutchison, Sunwing/Memories, and were also saying to Paul Wynn that the Government would be prepared to assist in the renovations, and to help the process, through the Hotel Corporation. We intended to do so.”

Acknowledging Grand Bahama’s continuing economic plight, Mr Wilchcombe added: “What do you do? The property is there, and the longer it goes on, you have to be concerned about the airlines falling back.

“The little airlift we currently do have, if they pull back going into the slow

part of the year, what do you do? I think the Government will have to step in, but I support the Government stepping in.

“You have to provide job opportunities, otherwise you will see people leave Freeport in search of jobs and come to Nassau, and look to get in at the Rosewood and SLS. Grand Bahama needs help.”

Dr Minnis’s national address effectively indicated that the Government could no longer wait for the Wynn Group or other potential purchasers, and had decided to move on with its own solution that potentially involves taking an equity stake itself.

Memories/Sunwing, Hard Rock and the Port Lucaya Marketplace’s owners have all been mentioned “as part of the conversation”, as the Minnis administration seeks a sustainable solution that will enable it to exit ownership quickly and avoid past pitfalls by creating a destination product.

The property’s closure has deprived Grand Bahama of 59 per cent of its room inventory, some 1,000 keys, and cost the island around 1,000 direct jobs, with many persons heading to Nassau in search of work.

Mr Hunt agreed that the Government was in an extremely difficult position, and added that it had been supportive of his proposal “as much as they can” in the circumstances.

“But we feel the process is being rushed because they have to do something, and that could restrict long-term gain,” he added.

“I feel sorry for them [the Government]. They’re saying ‘Peter, we’d like to work with you, but people are saying we need something to happen today’.

“I sympathise with them.

They’re in a tough spot. All we’re saying is be very careful what you sign, because it could come back and bite you. I know they’ve got to get that place open, but shortterm pain is long-term gain.”

The Grand Lucayan is a critical ‘piece of the puzzle’ if Mr Hunt and his partners are to realise their vision of transforming the Lucaya strip into a destination to rival the likes of Atlantis and Baha Mar. Numerous other assets and land parcels, such as the Port Lucaya Marina and former Port Lucaya Resort, will also be required and need to be integrated into a comprehensive masterplan, Mr Hunt said yesterday he was talking to the necessary owners, but conceded that his plans would not materialise “overnight” and needed “a bit of time” to come to fruition - time that Freeport and Grand Bahama may not have.

“I can’t stress enough that it’s the whole package that makes money,” he told Tribune

Mr Wilchcombe, though, said the Christie administration felt it had left the Wynn Group well-placed to conclude a purchase agreement with CK Property Holdings.

“They had paid a deposit,” he added of Wynn, “and the Government had agreed at the Cabinet level in principle that it would support them in the process, as it was a step they needed in their negotiations.’

Business. “It doesn’t work when it’s piecemeal.

“This [project] will transform the island for the rest of its life.

Secondary businesses will be spun off, and local Bahamians will be working.

This would transform the island into a worldwide destination that people would want to come to, themed and branded, which would be on the world map. It will be operated by a recognised group, and we’ll be partners with that group.”

Mr Hunt said his plans called for a new, multi-storey building to be constructed next to the Port Lucaya Marketplace. Doctors and dentists’ surgeries would be on the ground floor, together with a pharmacy, while the second floor will contain a car park.

Arcade-style entertainment would be located on the third floor, with a medical centre above that and, on the top floor, condominiums.

Further proposed amenities include a nearby cruise pier; mega and fishing marinas; adventure and water-based theme parks; and canals with man-made reefs for snorkelling.

Mr Hunt said the Port Lucaya Marketplace would remain as the cafe, restaurant, bar and shopping experience, while he also hoped to attract local dolphin attractions to “be part of the village’, too.

He added that his plans called for three theme-based resorts, and pledged that the property would be open to Bahamians at lower prices than visitors.

Suggesting that employment would be created for “thousands” of Bahamians, Mr Hunt said “the critical key” to his proposal were the entrepreneurial and business opportunities that his project will create.

The former minister said the then-administration had worked with Wynn to refine its plans, with himself heading up a delegation - including the Ministry of Tourism’s permanent secretary and representatives from the Prime Minister’s Office - that flew to Toronto to meet the developer during the election campaign.

“They had negotiated with Hutchison, paid a

deposit, agreed in principle, and we thought they’d agreed a price,” Mr Wilchcombe said. “We thought we had made tremendous strides, and thought the deal would be complete by now and the property open, but things happen.”

He backed the potential involvement of brands such as Memories and Hard Rock, adding that both would be good for Grand Bahama.

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PAGE 4, Friday, August 25, 2017 FROM PAGE 1B Bahamas,” Mr Grimes told Tribune Business of Urgo’s Bahamian subsidiary, UH Nassau Ltd. “They didn’t have a Business License, and were unable to show us any approvals that they were obligated to have.”

He added that this prompted Sunset Equities to terminate UH Nassau’s management contract on February 24, but Urgo yesterday hit back at the claims via its own attorney, Michael Scott.

Mr Scott alleged to Tribune Business that Sunset Equities’ “interference” had delayed UH Nassau’s efforts to obtain the necessary licenses and permits from the former Christie administration.

And, pointing out that Urgo’s management agreement obligations only kicked-in once it possessed the necessary licenses, Mr Scott questioned why Sunset Equities had allowed the operator to continue providing accounting and other services at the Courtyard by Marriott after it had supposedly been ‘terminated’.

“Why was Sunset accepting performance by my clients of accounting obligations and the rest of it?” Mr Scott asked. “The hotel could not function without my clients doing the accounting and running the place.

“How could you terminate the agreement and be accepting accounting services? It makes no sense. It’s bizarre. It’s unreal.”

The legal battle between owner and operator of the resort, which is located opposite Junkanoo Beach, intensified yesterday after Tribune Business revealed that Urgo launched legal action on August 21,

FROM PAGE 1B added that the Government should not wait for the long-promised ‘trade off’ of the $300 million Phase V expansion at the Freeport Container Port.

THREE-WAY BATTLE HEATS UP AT WEST BAY RESORT

2017, demanding $556,000 in unpaid management fees it claims to be owed.

Urgo made a series of damaging allegations, citing 10 purported management agreement breaches

by Sunset Equities, and claiming that it had failed to make due payments to Marriott and its mortgage financier.

Mr Grimes, though, argued that Urgo’s action “portrays an inaccurate picture” of its fractured relationship with Sunset. He said the Courtyard by Marriott owner was the first to initiate legal action, having filed a writ against Donald J.Urgo & Associates on March 15, 2017.

This document, obtained by Tribune Business, seeks damages against the resort operator for “breach of contracts” and “fraudulent misrepresentation” over the December 17, 2015, management agreement.

It also alleges that Urgo interfered with Sunset Equities’ negotiations to secure a new management company for the Courtyard by Marriott, and demanded an injunction to prevent this. The hotel owner also wanted a declaration that its manager “did not legally perform its duties” under their agreement.

Mr Scott, on Urgo’s behalf, retorted that Sunset Equities only served that writ on himself and Urgo on August 22 - just after being served with the operator’s action.

Questioning why service had taken more than five months, he suggested Sunset Equities’ action had only been prompted by his client’s legal moves.

‘NATIONAL DISASTER’ Mr Leonard suggested this was unlikely to occur, and argued that the Bahamas could not afford to keep hanging on for ‘a red herring’

Urgo’s termination as the Courtyard by Marriott’s manager, which supposedly took effect on March 27, 2017, was issued on February 24.

The notice, seen by Tribune Business, states: “Please be advised that Sunset views your failure to obtain the requisite hotel operator’s license pursuant to Bahamian law as a fundamental breach of the agreement.

“As you are fully aware, Clause 4.01C of the agreement mandates you to obtain and maintain the required permits and licenses necessary to operate the hotel in the Bahamas.

“In September 2016, you were requested to produce the relevant licenses and, as of the date of this letter, you have refused and failed to produce the same for our inspection and satisfaction.”

Ron Hershco, the New York, Brooklyn-based real estate developer who is Sunset Equities’ principal, told Tribune Business yesterday that Urgo’s involvement was not required for the West Bay Street resort to be flagged by Marriott.

He added that Courtyard by Marriott was performing “very well”, and said the legal dispute with Urgo would not impact its operations and profitability, nor the 174-room property’s 100-plus staff.

Praising his client’s development efforts, Mr Grimes urged Bahamians to remember how he had upgraded the property from its past life as the Nassau Palm Resort.

“He completely gutted the entire hotel,” the attorney told Tribune Business. “Every inch, every wire, every cable was replaced, and

and tread softly over the Grand Lucayan.

“They have to act very forcefully,” Mr Leonard told Tribune Business. “First of all, Grand Bahama desperately needs it, and if Grand Bahama fails - and it’s pretty close to the brink of doing

every room refurbished. He’s put an enormous amount of time and money into the project, and wants to ensure it’s success.

“Anyone who knows this property prior to him taking over knows a lot of work needed to be done to it. He’s made it a first class property in Nassau, and filled a lovely niche in demand.”

Mr Grimes revealed that Sunset Equities had also initiated separate legal action against David Kosoy’s Sterling Financial Group, which provided the initial mortgage financing for the resort’s 2013 purchase.

Documents obtained by Tribune Business show a ‘claim and counterclaim’ back-and-forth occurred between the two sides late last year, after Sunset Equities gave Sterling a 90-day notice on February 22, 2016, that it would pay-off its mortgage in full.

The Courtyard by Marriott owner alleged that it had secured $20 million from a new lender, Bixby Bridge Capital, to pay-off Sterling’s original mortgage only for the latter to suggest it could offer more favourable terms.

Sunset alleged in legal papers that when the two sides failed to agree satisfactory terms, Sterling claimed that the resort owner had defaulted on the original loan. The latter then offered a new lending facility on July 5,2016, with $6.03 million in credit divided into two tranches - one for $4.2 million, and the other for $1.83 million.

A September 23, 2016, letter from Sterling’s attorneys, Lennox Paton, gave Sunset Equities seven

that - we will probably get a downgrade from the credit rating agencies.

“The Government needs to let them [Cheung Kong Property Holdings, the Grand Lucayan owner created by Hutchison Whampoa’s split] know that they cannot just shut down a major property and get away with it. The Government needs to be extremely firm.”

Mr Leonard said the Container Port expansion, awaited since 2014-2015, was “unlikely to occur”. He also noted the $450 million investment into freight services at Cuba’s Mariel port, which is being managed by PSA International - the Singapore firm that holds a 20 per cent equity stake in Hutchison

THE TRIBUNE days to accept the terms, otherwise their client’s existing mortgage security “will become immediately enforceable”.

Confirming that Sterling is a minority equity shareholder in Sunset Equities, the letter added: “Our client is concerned that Sunset is being negligent in not expediting construction financing when prompt completion of the hotel is critical to shareholder return, and to honouring brand and operator obligations.”

Mr Kosoy, Sterling’s principal, complained to Tribune Business on Thursday of being “frozen out” by Sunset and Mr Hershco in relation to his equity stake.

The legal documents obtained

by Tribune Business show Sterling initiated legal action against the Courtyard by Marriott owner over the alleged default, forcing the latter to obtain an emergency Supreme Court injunction on October 11, 2016, to prevent it appointing a receiver.

The two sides eventually agreed to settle Sunset Equities’ action by paying off the $13.684 million mortgage owed to Sterling, together with Stamp Duty and interest.

“We’re not looking to fight with Urgo, not looking to fight with Sterling; they’re looking to fight with us,” Mr Hershco told Tribune Business.

“I came here to make a tremendous investment and run it quietly, and these things started coming up.

I don’t know why. We’re not looking for problems.”

He and Mr Grimes vehemently denied the allegations by both Urgo and Sterling, and pledged that the ongoing legal actions will be fully defended.

Port Holdings, according to media reports.’

“The expansion of the Container Port, I feel, is highly unlikely to occur,” he told Tribune Business.

“They’re not going to do an expansion unless they get a guarantee they’ll get ‘y’ extra amount of freight going through it and, if they don’t, why invest $250-$300 million?

“My understanding is they have no guarantee. Treating them nicely at the hotel and waiting for the potential expansion is not realistic.”

Mr Leonard said the sheer scale and importance of CK Property Holdings/Hutchison’s economic assets, in comparison to the overall Grand Bahama economy’s

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size, meant it was essential they succeeded for the island’s well-being.

“The size of the economy is such that we cannot afford for companies like that not to perform,” he told Tribune Business. “If they can’t perform, we have to get somebody else to do it.

“What this means is that the Bahamas government should have no qualms about Compulsory Acquisition of the hotel properties at a price that is lower than the one Hutchison is looking for.

“The Government must act now or be seen, whether justified or not, as being responsible for the collapse of Grand Bahama.... It would also put Hutchison on notice that they should consider the size of the Bahamian economy into which they have invested and the consequences. Quite simply put, unless the Government acts now they will have a national disaster on their hands.”

The Prime Minister indicated in his national address that the Government was prepared to take a partequity stake in a new Grand Lucayan ownership group to get the property open again, and Bahamians employed, likening such a move to the US/UK auto and banking industry bail-outs in 2008-2009.

A compulsory acquisition, as suggested by Mr Leonard, would have potentially negative ramifications for the Bahamas’ international investment reputation, but some observers would argue it is necessary to prevent Freeport’s economic collapse.

The Grand Lucayan’s prolonged 11 month closure has cost the island 59 per cent of its hotel room inventory, and other resort operators have warned the island’s tourism product will not recover if the property does not open in time for the winter 2018 season.

THE TRIBUNE

Friday, August 25, 2017, PAGE 5

UP, DOWN, BACK AGAIN: STOCKS DIP AFTER MEANDERING AGAIN Food companies struggle, but retailers are big winners

By STAN CHOE, AP Business Writer NEW YORK (AP) — U.S. stock indexes ticked lower on Thursday, but only after a circuitous ride that saw them flip multiple times between small gains and losses. It’s the latest meandering course for a market that’s been pushed in many directions the last few weeks.

Food companies struggled after the makers of Spam and Folgers coffee reported weaker-thanexpected results, and grocers fell after Amazon said it plans to cut prices for avocados, eggs and other products when it takes control of Whole Foods next week. Retailers, meanwhile, were big winners after a wide variety said they earned fatter profits last quarter than Wall Street forecast.

The Standard & Poor’s 500 index fell 5.07 points, or 0.2 percent, to 2,438.97.

Through the day, it flipped between gains of up to 0.3 percent and losses of up to 0.3 percent.

The Dow Jones industrial average fell 28.69 points, or 0.1 percent, to 21,783.40, the Nasdaq composite fell 7.08 points, or 0.1 percent, to 6,271.33 and the Russell 2000 index of small-cap stocks rose 4.14 points, or 0.3 percent, to 1,373.88.

Stocks The market has drifted up and down since the S&P 500 set a record high earlier this month. Helping stocks has been strong growth in profits, and most S&P 500 companies have reported higher earnings for the spring quarter than analysts forecast, along with healthier revenue.

Hurting stocks have been worries about politics both in Washington and abroad. Doubts are rising about how much help the Republican-led White House and Congress can provide for businesses.

Several crucial deadlines are coming up that could damage the economy, including a vote to avoid a default on the national debt, though most investors expect calamity to be averted.

This week has also featured lighter trading than usual, with few marketmoving events on the calendar. That may be exacerbating moves for the market. For all the noise, though, the S&P 500 is still within 1.7 percent of its record.

Symposium One event that could capture the market’s attention is a symposium of central bankers in Jackson Hole, Wyoming. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both expected to speak at the meeting on Friday. Few analysts expect to hear major surprises.

“I can’t imagine anything significant outside of what we already know, which is that over time global rates will move up,” said Tom Stringfellow, chief investment officer of Frost Investment Advisors. “Maybe we’ll get some commentary on how they’ll manage it to keep debt markets calm.”

With rates on the way up, Stringfellow said he

FEDERAL Hall’s George Washington statue stands near the flag-covered pillars of the New York Stock Exchange. (AP Photo/Bebeto Matthews, File)

expects the market to become increasingly split between winners and losers. That would be a change from prior years, when markets often rose and fell in unison.

On Thursday, the New York Stock Exchange was nearly evenly split between stocks that rose and fell.

On the losing side was J.M. Smucker, which had the biggest loss in the S&P 500 after reporting weaker profit for the latest quarter than Wall Street expected.

It cited weaker-thanexpected sales for Folgers coffee, and it also lowered the range for its forecast of full-year profit. The stock dropped $11.34, or 9.5 percent, to $107.51.

Hormel Foods fell after it cut its forecast for full-year earnings due to higher costs for pork bellies and other ingredients.

Its stock lost $1.83, or 5.4 percent, to $32.09.

Bracelets On the winning side were retailers, led by Signet Jewelers, which jumped $8.65, or 16.7 percent, to $60.54. Strong sales of bracelets, rings and necklaces helped it report bigger revenue and profit for the latest quarter than analysts expected. Signet also said it was acquiring R2Net, an online jewelry retailer, for $328 million in cash.

Dollar Tree, whose stores sell $1 towels and $1 Champagne flutes, surged after it reported stronger earnings than Wall Street forecast. Customers bought more at each store visit than they did a year ago, and the company raised its forecast for profit this year. Dollar Tree’s stock rose $4.18, or 5.6 percent, to $78.50.

In overseas markets, France’s CAC 40 was close to flat, the FTSE 100 in London climbed 0.3

IN MONDAY’S TRIBUNE

INSIGHT FOR THE STORIES THAT MATTER

percent and Germany’s DAX index gained 0.1 percent. Japan’s Nikkei 225 index fell 0.4 percent, the Hang Seng in Hong Kong rose 0.4 percent and South Korea’s Kospi index gained 0.4 percent.

The yield on the 10-year Treasury rose to 2.20 percent from 2.17 percent late Wednesday. The two-year yield held steady at 1.31 percent, and the 30-year

yield climbed to 2.77 percent from 2.75 percent.

The dollar rose to 109.51 to Japanese yen from 109.01 yen late Wednesday.

The euro fell to $1.1806 from $1.1821, and the British pound slipped to $1.2802 from $1.2804.

Shares of refiners rose along with the price of gasoline as Hurricane Harvey approached the

Texas coast of the Gulf of Mexico, which is home to many refineries. Valero Energy rose $1.73, or 2.6 percent, to $67.44, and Marathon Petroleum gained 96 cents, or 1.9 percent, to $51.13. Wholesale gasoline futures rose 5 cents, or 2.8 percent, to $1.66 per gallon.

Benchmark U.S. crude fell 98 cents, or 2 percent, to settle at $47.43 per

barrel. Brent crude, the international standard, fell 53 cents, or 1 percent, to settle at $52.04 a barrel.

Natural gas rose 2 cents to settle at $2.95 per 1,000 cubic feet, heating oil was close to flat at $1.62 per gallon. Gold lost $2.70 to settle at $1,292.00 per ounce, silver fell 8 cents to $16.96 per ounce and copper added 5 cents to $3.03 per pound.

PAGE 6, Friday, August 25, 2017

THE TRIBUNE

SEARS TO CLOSE MORE STORES, SALES CONTINUE FALL IN 2Q

By ANNE D’INNOCENZIO AND DAMIAN TROISE, AP Business Writers

NEW YORK (AP) — Sears continued to struggle in its second quarter with declining sales amid heightened competition from the likes of Walmart to Amazon. It now says it will close even more stores.

The Hoffman Estates, Illinois retailer, which operates Sears and Kmart stores, has been trying to cut costs by closing stores, including 180 this year and already had plans to cut another 150 stores. It now plans to shutter an additional 28 Kmart stores.

“The retail environment remained challenging,” Sears Holdings Corp. said in a statement.

The company reported Thursday that its secondquarter loss narrowed to $251 million, or $2.34 per share.

Losses, adjusted for onetime gains and costs, came to $1.16 per share.

Revenue fell 23 percent to $4.37 billion in the period. Sales at stores open

at least a year, a key measure of a retailer’s health, dropped 11.5 percent.

At Kmart, the measure dropped 9.4 percent, while at Sears stores, that figure was down 13.2 percent.

Chairman and CEO Edward Lampert, whose hedge fund has forwarded millions in funding to keep Sears afloat, has long pledged to turn the company’s fortunes around and that the retailer would find ways capitalise on its best-known brands like Kenmore appliances and DieHard car batteries, as well as its vast holdings of land.

Last month, it began selling its appliances on Amazon.com, including Kenmore smart appliances that can be synced with Amazon’s voice assistant, Alexa. The announcement that day sent shares of Sears soaring.

But Sears is battling challenges on all fronts.

Like many department stores, Sears is feeling pain as shoppers change their preferences and behavior.

They’re spending more

SHOPPERS walk by the sign at a Sears store in Pittsburgh. (AP Photo/Gene J. Puskar) online and spending less on clothing and more on experiences like spas.

But analysts say Sears has much to blame for its woes.

While Sears has ramped up online services, it’s having a hard time disguising its age. Stores are in need of a major redo.

And old rivals have made it tougher as they aim to compete with online leader Amzon.com, which is

pushing ahead with innovative services as part of its juggernaut Amazon Prime membership.

A number of chains like Walmart and Target have been sprucing up their stores. J.C. Penney has brought back to its floors major appliances more than 30 years after abandoning the sale of refrigerators and stoves. And Walmart announced earlier this

NOTICE

RUSHBROOK INVESTMENTS COMPANY LTD. Pursuant to the provision of Section 138(7) of the International Business Companies Act 2000 (Chapter 309). Notice is hereby given that the above named company has been dissolved and struck off the Register of Companies and a Certificate of Dissolution has been issued by the Registrar General on 21st. July 2017.

week that it was joining forces with Google to offer hundreds of thousands of items for voice shopping through Google Assistant as it tries to challenge Amazon’s Alexa-powered Echo devices.

While Sears said in a prerecorded transcript that it was seeing “significant progress” in its transformation, analysts see a different picture.

“As much as Sears deserves credit for the various actions it has been taking to shore up the company, there is no denying that this is a miserable set of numbers,” wrote Neil Saunders, managing director of GlobalData Retail in a report published Thursday.

“Indeed, the precipitous drop in comparable sales

and the continued lack of progress on profit suggests the company isn’t moving far or fast enough to ensure its long-term survival.”

In March, Sears said there is “substantial doubt” it could continue as a viable concern, with intense pressure coming from companies like Wal-Mart, Target and Amazon.com. It has insisted that its actions to turn around its business should help reduce that risk.

The company said Thursday that it has used about $605 million of its $1.5 billion revolving credit facility due in 2020. Its cash balances were $442 million as of July 29.

Shares added 62 cents to $9.19 in premarket trading.

Brittany Investment Company Limited Liquidator

MARKET REPORT THURSDAY, 24 AUGUST 2017

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

BISX ALL SHARE INDEX: CLOSE 1,834.33 | CHG 0.00 | %CHG 0.00 | YTD -103.88 | YTD% -5.36 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 2.41 0.13 6.47 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.10 7.25 12.51 11.00

52WK LOW 4.05 17.43 8.19 3.50 1.39 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 8.10 6.60 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.07 3.95 1.96 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.28 17.43 9.09 3.70 1.47 0.12 3.92 8.60 6.10 9.98 10.01 2.47 1.55 6.00 9.75 7.01 9.75 7.01 12.50 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 100.00 100.00 100.00 108.44 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.70 1.47 0.12 3.92 8.60 6.10 9.98 10.01 2.47 1.55 6.00 9.75 7.01 9.75 7.01 12.50 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 0.00 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

108.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

1,480 2,265 200

VOLUME

NAV 2.07 3.95 1.96 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.467 0.932 -0.230 0.540 -0.340 0.000 -0.857 0.574 0.681 0.540 0.559 0.102 0.455 1.212 0.768 0.575 0.929 -0.602 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 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 9.2 18.7 N/M 6.9 N/M N/M -4.6 15.0 9.0 18.5 17.9 24.2 3.4 5.0 12.7 12.2 10.5 -11.6 17.9 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% 2.34% 4.55% 0.90% 1.64% 1.21% 2.55% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017

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 1.87% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 3.61% 5.69% 2.43% 3.87% 4.83% 4.62% 0.00% 3.49% 2.00% 4.96% 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

NOTICE

NOTICE is hereby given that SIMABON GEORGES of #10 Nassau Village, 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 twentyeight days from the 25th day of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SIDNEY FRANCOIS of #54 Nassau Village, 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 25th day of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JOSE NEIL ETIENNE of

Lewis St., Bain and Grants Town, 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 25th day of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, ERICA CHIPMAN-BALL of intend to change my name to JAHMILLA SAFIA BARAKA. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

THE TRIBUNE

Friday, August 25, 2017, PAGE 7

ABERCROMBIE

REPORTS NARROWER LOSS, HELPED BY HOLLISTER BRAND

By ANNE D’INNOCENZIO, AP Retail Writer NEW YORK (AP) — Abercrombie & Fitch Co. reported a narrower second-quarter loss Thursday than analysts had expected, powered by its surf-inspired Hollister brand. Total revenue also topped Wall Street’s estimates, and the company’s shares soared nearly 16 percent.

The report was an encouraging sign of where the company stood as it headed into the critical stretch of the back-to-school shopping season, and comes more than a month after A&F announced that it had terminated talks with potential buyers.

Like many teen retailers, A&F has struggled

to bring back shoppers since the Great Recession. Younger shoppers are spending more online and less at malls, and they have been gravitating more toward fast fashion retailers like H&M. In the last year or so, Aeropostale Inc., American Apparel Inc. and Wet Seal have filed for bankruptcy.

American Eagle Outfitters had an advantage over A&F heading into the back-to-school period.

It’s posted a string of quarterly sales increases as its retooled denim choices have pulled in teens. Its second-quarter profits and sales beat Wall Street expectations, and revenue at established stores rose 2 percent, helped by explosive growth from its Aerie lingerie brand.

Abercrombie has tried to tweak its brand to

MEXICO’S OIL OUTPUT FALLS BELOW 2 MILLION BARRELS PER DAY MEXICO CITY (AP) — Mexico’s crude oil output has fallen below 2 million barrels per day for the first time since comparable records were kept starting in 1990.

State-owned oil company Petroleos Mexicanos reports on its website that average daily output in July was about 14,300 barrels short of the 2 million mark.

Production has fallen steadily after peaking at as much as 3.4 million barrels per day between 2003 and 2005.

The drop is largely due to the company’s inability to find new reserves to replace aging, shallowwater fields.

The company was unable Thursday to

provide figures from before 1990, when crude output ran at about 2.5 million barrels per day.

NASSAU PAWN & GB TRADING POST September Layaway

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AN Abercrombie & Fitch store on New York’s Fifth Avenue. (AP Photo/Bebeto Matthews, File)

attract new shoppers. It dumped sexy ads and updated its fashions. It’s closed almost 400 stores since 2010 and plans to close 60 this year. And it promoted Fran Horowitz from president and chief merchandising officer to CEO earlier this year.

Horowitz told The Associated Press on Thursday that shoppers are still looking for discounts, but

she says she’s pleased with the performance at Hollister. Overall, she noted that A&F has taken bigger bets on certain denim styles and off-the shoulder blouses that were key trends and helped the business.

Revenue at stores open at least a year were overall down 1 percent for the quarter; at Hollister, they rose 5 percent but fell 7

percent at the its flagship brand. For the current fiscal year, A&F expects revenue at established stores to be flat.

Abercrombie & Fitch reported a loss of $15.5 million, or 23 cents per share, in its fiscal second quarter. Losses adjusted for non-recurring costs came to 16 cents per share. The average of analysts surveyed by Zacks

Investment Research had been for a loss of 34 cents per share.

Revenue for the period came to $779.3 million, higher than the $761.6 million average expected by analysts.

Abercrombie shares had dropped 20 percent since the beginning of the year, but were up nearly 16 percent to $11.12 in afternoon trading Thursday.

THE CENTENARIO deep-water drilling platform stands off the coast of Veracruz, Mexico in the Gulf of Mexico. Mexico’s crude oil output has fallen below 2 million barrels per day for the first time since comparable records were kept starting in 1990. Stateowned oil company Petroleos Mexicanos reports on its website that average daily output in July 2017, was about 14,300 barrels short of the 2 million mark. (AP Photo/Dario Lopez-Mills, File)

PAGE 8, Friday, August 25, 2017

THE TRIBUNE

AMAZON TO CUT PRICES ON WHOLE FOODS STAPLES LIKE EGGS, BEEF

By BERNARD CONDON, AP Business Writer NEW YORK (AP) — Amazon plans to use its deep pockets to make big changes at Whole Foods, saying it will cut prices on bananas, eggs, salmon, beef and more when it completes its $13.7 billion takeover next week.

Helping Whole Foods win back customers who found “good enough” organic and natural products elsewhere — possibly at a lower cost — fits Amazon’s track record of keeping prices low to lock in customer loyalty. Looking ahead, Amazon hopes to give members of its Prime programme special savings and other in-store benefits.

It’s an “opening salvo” in the grocery wars, said Neil Saunders, managing director of GlobalData Retail, and shares of other supermarkets fell sharply on the news.

“Rivals should be under no illusion that they are now dealing with a competitor that is not afraid to damage profits and margins if it creates long-term

gains,” Saunders said in an analyst note.

Among other Whole Foods items getting discounts Monday: avocados, tilapia, baby kale, apples and rotisserie chicken — all organic, Amazon said. The company also said certain Whole Foods products will be available through Amazon.com, AmazonFresh, Prime Pantry and Prime Now.

Approval Amazon’s announcement comes a day after Whole Foods shareholders gave their approval and the Federal Trade Commission said it would not block the purchase.

Amazon will pay $42 per Whole Foods share, an 18 percent premium from its price the day before the tie-up was announced June 16. The stock edged up to $41.98 on Thursday.

By buying Whole Foods, Amazon is taking a bold step into brick-andmortar, with its more than 460 stores and potentially very lucrative data about how shoppers behave offline. The grocery chain,

A WHOLE Foods Market in Indianapolis. Amazon is moving swiftly to make big changes at Whole Foods, saying it plans to cut prices on bananas, eggs, salmon, beef and more as soon as it completes its $13.7 billion takeover. (AP Photo/Michael Conroy, File)

which has fought the “Whole Paycheck” reputation, had been under shareholder pressure to improve results as customers moved on and discount chains like Lidl and Aldi expanded in the U.S. Whether Amazon will succeed in the fiercely competitive grocery segment is unclear, but customers are going to benefit from the attempt, said Charlie O’Shea, lead retail analyst at Moody’s Investors Service.

“Amazon can come in and price items very low,” he said. “Its shareholders are agnostic about profit, and seem more interested revenue and market share.

That’s a competitive advantage.”

Rivals have been scrambling to catch up with the e-commerce giant. Walmart, which

has the largest share of the U.S. grocery market, is expanding its grocery delivery service with ridehailing service Uber and announced Wednesday that it will join forces with Google to let shoppers order goods by voice on Google devices.

Shares But Walmart’s shares were off 2 percent, and shares of other big grocery businesses fell more.

The Kroger Co. dropped nearly 8 percent, and Supervalu Inc. fell more than 6 percent. Costco lost 5 percent and Target fell 4 percent.

While Whole Foods accounts for less than 3 percent of U.S. grocery and supermarket sales, the purchase gives Amazon a

foothold in a fragile industry that can ill-afford more price cutting.

“Lower prices could be catastrophic for some operators,” said Madeline Hurley, a senior analyst at market research firm IBISWorld. “It could drive them out of the industry.”

On average, she said, supermarkets only squeeze about $1 of profit out of every $100 in revenue.

Hurley said she is not sure how big competitors like Walmart will fare, but that Amazon is showing a determination to shake things up, and fast.

“There was a lot of speculation that Whole Foods might be left as more of an independent entity, at least in the beginning phases of the acquisition,” she said. “This shows that

Amazon is taking a very hands-on approach.”

Financial analysts say one challenge for Amazon is how to cut prices and broaden Whole Foods’ appeal without hurting the chain’s image for quality food.

It’s a tricky balance that Amazon itself seemed to acknowledge in its statement.

“Everybody should be able to eat Whole Foods Market quality — we will lower prices without compromising Whole Foods Market’s long-held commitment to the highest standards,” said Jeff Wilke, CEO of AmazonWorldwide Consumer.

Earlier this month, Amazon sold $16 billion of bonds in order to pay for the purchase. Its shares were down 0.6 percent to $952.45 on Thursday.

PRESIDENT TRUMP ATTACKS REPUBLICAN LEADERS OVER DEBT CEILING ‘MESS’

By KEN THOMAS and CATHERINE LUCEY, Associated Press WASHINGTON (AP) — Fanning the flames of GOP discord, President Donald Trump accused Republican congressional leaders Thursday of botching efforts to avoid an unprecedented default on the national debt. “Could have been so easy-now a mess!”

Trump tweeted.

The president’s sharp words underscored the perilous state of play as Congress heads into the fall without a clear plan to take care of its most important piece of business: If it does not increase the nation’s $19.9 trillion borrowing limit, the government could be unable to pay its bills, jarring financial markets and leading to other harsh consequences.

Tweets Trump unleashed his latest criticism of the GOP’s congressional leadership in a series of morning tweets that also included a rebuke of Majority Leader Mitch McConnell for his inability to get the Senate to repeal the Obama health care law. The harsh posts were fresh evidence of the president’s fraying relations with fellow Republicans just when the White House and Capitol Hill most need to be working in sync.

Critiquing GOP legislative strategy, Trump tweeted that he had asked McConnell and House Speaker Paul Ryan to attach the legislation increasing the borrowing limit — a toxic vote for many Republicans — to popular military veterans’ legislation that he recently signed. The idea was floated in July but never gained steam in Congress.

Trump said that because legislators didn’t follow that strategy, “now we have a big deal with Dems holding them up (as usual) on Debt Ceiling approval.”

Republicans control both Congress and the White House, placing the burden on them to ensure the government doesn’t default. In the past, Democrats

largely provided the votes for debt limit increases.

The Treasury Department has said the debt ceiling needs to be raised by Sept. 29 to avoid potential default on government obligations including Social Security and interest payments.

House Speaker Paul Ryan, playing down Trump’s notion of a debt limit “mess,” said flatly that Congress would “pass legislation to make sure that we pay our debts.”

“For me it’s really important the president succeeds, because if he succeeds then the country succeeds.”

House Speaker Paul Ryan “I’m not worried that’s not going to get done because it’s going to get done,” he said during an appearance in Washington state.

McConnell likewise said earlier in the week that there was “zero chance, no chance, we won’t raise the debt ceiling.”

The president’s latest broadsides against members of his own party came one day after the White House and McConnell issued statements pledging to work together.

After Trump’s latest incendiary tweets, both sides tried again Thursday to tamp down talk of escalating tensions Ryan, speaking to Boeing employees in suburban Seattle, said he and Trump have “different speaking styles,” but they are in “constant contact” on the policy agenda.

“For me it’s really important the president succeeds, because if he succeeds then the country succeeds,” Ryan said.

White House press secretary Sarah Huckabee Sanders insisted the president’s relationships with GOP leaders “are fine.”

For all of that conciliatory talk, the evidence of mounting friction between the president and the Republican party is growing.

Arizona Sen. Jeff Flake said in an interview with Georgia Public Broadcasting on Wednesday that the president was “inviting” a 2020 presidential primary challenge because he was only cultivating the GOP base of voters. Trump has labeled Flake as “weak” and “toxic” on Twitter.

Maine Sen. Susan Collins, a Republican who has been critical of the president, told MSNBC this week it was “too difficult to say” if Trump would be the party’s presidential nominee in 2020.

The growing rift between congressional Republicans and Trump could make it more difficult for the White House to advance its agenda.

The White House and congressional Republicans have yet to engage in serious negotiations to address the debt ceiling or stopgap legislation needed to avert a government shutdown when the fiscal year ends on Sept. 30.

Trump is expected to hold meetings with congressional leaders after the Labor Day holiday.

Asked about the debt ceiling, Sanders put the onus on Congress to resolve the matter: “It’s our job to inform Congress of the debt ceiling and it’s their job to raise it.”

She added that the White House was looking for a “clean” debt ceiling bill — without any legislative add-ons. But tea party Republicans and outside conservative groups are demanding spending cuts as the price for increasing the borrowing limit.

Raising the debt ceiling has often confounded Congress.

A 2011 standoff between Republicans and the Obama administration over raising borrowing authority led to tighter controls on spending. That standoff was not resolved until the 11th hour and prompted Standard & Poor’s to impose the first-ever downgrade to the country’s credit rating.

Sen. Lindsey Graham, R-S.C., said raising the debt ceiling and securing the U.S. border

US President Donald Trump.

HOUSE Speaker Paul Ryan.

was a “good combination” and suggested Republicans force Democrats into difficult votes over the borrowing limit.

“Let’s put them in a box when it comes to the debt ceiling. The president is not crazy to attack the Congress. He’s not crazy to think of ways to put Democrats in a bad spot regarding the debt ceiling. They do this all the time to us,” Graham said in an interview with conservative radio host Hugh Hewitt.

Beyond the challenge of the debt limit, the effort to avoid a government shutdown could be complicated by Trump’s

long-promised plan to build a wall along the U.S.-Mexico border. The president threatened Tuesday to force a federal shutdown unless Congress provides money for the project. Sanders told reporters the administration would “continue to push forward and make sure the wall gets built.”

Appearing at a Louisville breakfast event, McConnell tried to brush aside the tensions with Trump, quipping that running the Senate was “a little bit like being the groundskeeper at a cemetery. Everybody’s under you, but nobody’s listening.”