09042017 business

business@tribunemedia.net

MONDAY, SEPTEMBER 4, 2017

$4.00 IRMA: GOVT FEARING ‘MAJOR FINANCIAL BLOW’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was last night fearing Hurricane Irma will inflict “another dramatic financial blow” to the Bahamian economy, matching Matthew’s $600 million damage from a year ago.

K P Turnquest, the deputy prime minister, told Tribune Business that this nation could “ill-afford” another Matthew-type hit given the economic and fiscal constraints under which it is currently labouring.

“We’re obviously very concerned,” he said, as Irma starts to bear down upon the Bahamas with what forecasters believe will be Category 4 winds by the time it hits this nation.

See PG B4

DPM: Bahamas ‘can ill-afford’ Matthew-type hit ‘Very concerned’ about multimillion damage

DPM KP TURNQUEST

BAHAMIANS WARNED: ‘TERRIFIC RETURNS EQUAL TERRIFIC RISKS’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS must realise that “terrific returns equal terrific risk” to protect themselves against fraudulent investment schemes, the Central Bank’s governor has warned.

John Rolle told Tribune Business that the promises made by the likes of Pineapple Express Asue Holders, and other unregulated ‘get rich quick’ schemes, “almost required” Bahamians to report them to the authorities before going any further.

Acknowledging that the recent Pineapple Express debacle had given the Central Bank’s consumer financial literacy push more impetus, Mr Rolle reiterated that typical ‘asues’ only paid out what persons put into it.

Unregulated schemes boost Central Bank effort Governor says term ‘asue’ being misused ‘Monitoring’ critical in fraud detection “The basic point that we want the public to understand is that whenever you start seeing promises of terrific rates of return, there’s terrific risk associated with it,” he told Tribune Business.

“If someone is promising you these returns, and you’re receiving these sales pitches about them, you almost need to report that to the authorities before See PG B4

Fyre Fest bankruptcy: Bahamian creditors ‘unlikely to benefit’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN creditors are unlikely to benefit from the Fyre Festival being ordered into bankruptcy, Exuma’s Chamber of Commerce chief believes.

Pedro Rolle told Tribune Business that “the amazing mentality” of Exumians, and Family Island residents in general, meant that most businesses and contractors owed money had simply written-off their losses and moved on.

He was speaking after a New York bankruptcy court judge placed Fyre Festival LLC, the company that organised the disastrous Exuma-based music festival, into involuntary Chapter 7 bankruptcy.

New York-based attorney, Gregory Messer, has been appointed as trustee over the company following the

Court appoints trustee for illfated organiser Most Exumians ‘accepted and moved on’ successful court petition by three ‘investors’ in the festival promoted by hip hop artist, Ja Rule, and his partner, William McFarland.

John Nemeth, Raul Jimenez and Andrew Newman claim to have invested $530,000 in the debacle.

While conceding that they are unlikely to recover their investment, at least in full, the trio believe the Chapter 7 route will uncover how their funds and all Fyre Festival’s other monies were spent, and how it burned See PG B5

$4.29

$4.30

$4.29

Minister slams ‘reprehensible’ cruise line threat to operators

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Tourism has slammed as “reprehensible” the threat by a major cruise line to terminate Bahamian tour operators’ contracts if they direct-sell to passengers without its permission.

Dionisio D’Aguilar hit out after Tribune Business obtained a copy of Norwegian Cruise Line’s (NCL) August 30 warning letter demanding that Bahamian shore excursion providers “discontinue this practice immediately”.

Pledging to confront the cruise lines on the issue, Mr D’Aguilar said he

Norwegian demands ‘direct selling’ end Dionisio: ‘Restraint of trade’, anticompetitive Letter reveals how cruise lines dictate prices DIONISIO D’AGUILAR “completely agrees” that NCL’s letter amounts to ‘restraint of trade’ and anticompetitive practices that have left Bahamian companies earning mere “crumbs” for years.

NCL’s August 30 letter, signed by Steve Moeller, its vice-president of commercial development, warns the cruise line’s ‘partner’ Bahamian tour operators that selling their product direct to its passengers violates

their ‘Shore Excursion Agreement’.

“It has come to our attention that some of our tour operators are selling ours directly to our independent guests,” Mr Moeller wrote.

“As a reminder, NCL shore excursion operators are not permitted to sell directly to NCL guests without the prior consent of Norwegian Cruise Line Holdings. This is considered a breach of the Shore Excursion Agreement, and can result in the termination of the Agreement as per Section 5 (b).”

Mr Moeller then warned: “If you have taken part in unauthorised direct tour sales, we ask that you See PG B3

Banks to be ‘more hands on’ over $1bn bad loans

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank’s governor is expecting commercial banks to make a “more hands on” effort to tackle their $1 billion nonperforming loan pile.

John Rolle told Tribune Business he expected to see more sales of bad loans, suggesting that Scotiabank’s disposal of a portion of its

Governor: Scotiabank sale possible model ‘Recognition’ clean-up can’t rely on economy toxic portfolio to Gateway Financial, the Sunshine Holdings affiliate, could act as a model for the sector.

Emphasising that the banks cannot rely on an improving economy alone to clear up their ‘bad’ prerecession loans, he added that the Central Bank expected to have “more conversations” on the issue with its licensees.

“We continue to believe that in addition to all the support that the economy will provide, there will still have to be some level of hands on effort by the See PG B2

JOHN ROLLE

PAGE 2, Monday, September 4, 2017

THE TRIBUNE

DPM to headline Eleuthera Outlook THE fifth Eleuthera Business Outlook conference is scheduled for September 21 at the Cape Eleuthera Resort & Marina, featuring the Deputy Prime Minister as keynote speaker.

K P Turnquest will focus on the conference theme, ‘Breaking Barriers: Promoting Success’.

Attendees will also hear from Thomas A Sands, Jr, president of the Eleuthera Chamber and chief executive/director, Rock Sound Properties (1976) Ltd, as well as the following: * Scott Gorsline, vicepresident of operations, Cape Eleuthera Resort & Marina (’Millions invested and more plans for expansion’) * Michael Cortina, Centre for Sustainable Development, The Island School & The Cape Eleuthera Institute

(’Renewables Integration into Family Island Businesses & Homes’); * Shaun D Ingraham, co-founder and chief executive, One Eleuthera Foundation (’One Eleuthera Foundation: A Model For Socioeconomic Development’) * David LeNoir, Silver Airways * Senator Clay Sweeting, owner of Tees R Us Bahamas, Spanish Wells (Building a Business in the Family Islands to service the entire Bahamas) * Stephen Thompson, chief operations officer, Bahamas Ferries (’Evolution, New direction and Expansion - Shipping a lifeline for Family Island Economies’) * Katie Bauer, director of education, Cape Eleuthera, Island School, principal Deep Creek Middle School (’Foundation’s Business

Banks to be ‘more hands on’ over $1bn bad loans From pg B1

institutions to address those exposures,” Mr Rolle told Tribune Business.

“That’s one of the areas where we expect to have even more conversations with the institutions. To be fair, for the last few years there’s been a recognition that the economy alone should not be relied upon to whittle away these exposures.”

The Bahamian commercial banking sector’s ‘bad’ loan pile peaked at a collective $1.2 billion, and little significant progress was made in reducing it until Scotiabank’s arrangement with Gateway Financial.

The latter is understood to have purchased the problem loans at a substantial discount, possibly as low as 25-28 cents on the dollar.

This brought delinquent and ‘past due’ loans to $1.007 billion at end-June 2017, and Mr Rolle said the Central Bank was “looking at cases” where banks had been able to offload some of their non-performing portfolio to the likes of Gateway.

“That’s a good sign, and provides something of a model to other institutions in dealing with their arrangements,” the Governor said of the Scotiabank transaction.

“I would expect to see more hands on involvement, and the possibility of more sales of bad loans is still there.”

Sir Franklyn Wilson, Sunshine Holdings’ chairman, confirmed to Tribune Business last August that Gateway had acquired a portfolio of “several hundred” delinquent home loans, all more than 90 days past due, from a thenunnamed commercial bank.

He added that Gateway’s efforts to subsequently restructure these loans had already proven “very effective”, and would allow many borrowers to remain

Model, Impact On The Socio Economy’).

Joan Albury, president of the TCL Group, and chief organiser of the sevenisland Business Outlook series, said the Eleuthera event would include a Social Media Workshop.

“TCL Group is especially pleased to announce an innovation for the Family Island Outlooks, which will offer a progressive learning opportunity to those who participate,” she said. “With the generous partnership of the Bahama Out Islands Promotion Board, we will host an hour-long Social Media Workshop, free of charge, at the Eleuthera Business Outlook, and at each one of the remaining 2017 events, including the Outlooks in Abaco (September 28), Exuma (October 19), Andros

(October 26) and Long Island (November 9).

“Conducted by The Tambourine, these workshops are open to all who attend; Promotion Board members and nonmembers. We are most grateful to the Promotion Board for enabling a programme addition that we are certain will increase the marketing productivity of local businesses and organizations that avail themselves of this wonderful opportunity. A further treat for attendees will be a tour of the extraordinary Island School, whose work in the environmental sciences is recognized and respected internationally.”

Mrs Albury said the Cape Eleuthera Resort & Marina had just invested more than $10 million in the property, and were looking to do more.

in their homes on terms better aligned with their financial circumstances.

Entities such as Gateway have been viewed as part of the solution to the Bahamas’ entrenched mortgage/ housing market crisis, as they can reduce the pile of ‘bad loans’ weighing down commercial bank balance sheets.

Selling such distressed loans enables commercial banks to recover some of their previous provisioning, and releases capital for lending to better-qualified home purchasers.

The consequences of the Bahamas’ failure to deal more rapidly with the commercial banking industry’s ‘bad’ loan pile were spelled out by Moody’s, which said it had resulted in a “subdued” residential housing market.

With construction, real estate and attorneys all relying heavily on the housing market, together with furniture supply stores and other businesses, the non-performing mortgage overhang has dragged down much of the Bahamian economy.

“Credit to the private sector remains depressed, as banks are increasing holdings of attractivelypriced government paper while they clean up their loan books,” Moody’s said.

“Non-performing loans (NPLs) continue to be elevated, amid weak economic performance and high unemployment levels.

“Chronically high nonperforming loans are partly explained by the domestic banks’ aggressive lending practices prior to the 200809 recession. However, debt restructuring operations and the government’s Mortgage Relief Programme (MRP) are finally beginning to positively impact the asset quality of domestic banks.

“Asset quality is further bolstered by non-performing sales, complimenting the MRP-supported loan restructuring in the mortgage segment,” Moody’s

added. “After a decade of non-performing overhang from the mortgage/financial crisis, non-performing loans are finally beginning to decrease.

“At end-2016, non-performing loans stood at 12.3 per cent of total private loans, compared to 15.1 per cent as of April 2016. As non-performing loans are concentrated in the mortgage sector, delinquencies have translated into tighter underwriting standards and subdued residential construction activity.”

Moody’s said commercial bank profitability had further strengthened in 2016, having further recovered from the previous year following a major drop in earnings in 2014.

“In 2016, domestic banks’ profitability again strengthened, primarily due to a rise in fee-based income and decreased provisioning for bad debts,” Moody’s said.

“Net income to average monthly assets (ROA) rose to 2 per cent and equity (ROE) to 8 per cent in 2016, from 1.9 per cent and 7.4 per cent in 2015.

“Given the banks’ adequate capitalisation, low level of interconnectedness, mildly improving asset quality indicators – including falling non-performing loans – we believe that the risk of a banking crisis remains low and manageable.”

Moody’s added that the three Canadian-owned banks - Scotiabank, Royal Bank of Canada and CIBC FirstCaribbean controlled around two-thirds of the banking sector’s total assets, and added: “The system also remains well-capitalised.

“Capitalisation ratios are well in excess of statutory requirements, 28.6 Regulatory Capital/ RWA (risk weighted asset ratio as of December 2016 versus 14 per cent regulatory trigger, and liquid.

“Banks are depositfunded and have limited exposure to wholesale and interbank funding. Foreign currency lending by onshore banks is restricted to domestic borrowers who generate foreign currency, such as hotels.”

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THE TRIBUNE

Monday, September 4, 2017, PAGE 3

Minister slams ‘reprehensible’ cruise line threat to operators From pg B1 discontinue this practice immediately. Otherwise, we will be required to terminate our agreement.

“In any instance, where a direct tour sale is made to a Norwegian, Oceania or Regent passenger by a shore excursion operator, the operator needs to advise the vessel’s shore excursion destination manager of all direct sales.”

The NCL letter then reproduces Section 5 (b) of the standard Shore Excursion Agreement, which reveals that operators not only have to obtain the cruise line’s permission to direct sell, but its approval of the price they will charge passengers.

“In the instance that the operator is authorised to to directly market any tours to Norwegian passengers,” Section 5 (b) reads, “operator shall sell those tours at the price agreed upon in writing with Norwegian, and will report all Norwegian passenger direct tour sales to Norwegian.”

This clause allows NCL to dictate the margins, markups and profits a Bahamian tour operator will make from ‘direct selling’ to its passengers, effectively controlling their ability to survive.

NCL’s letter thus provides the first written evidence of the ‘trade restrictive’ practices employed by the cruise lines, and which Bahamian tour and shore excursion providers have constantly complained about - under the cover of anonymity - for years.

“My position as Minister of Tourism is I find these practices by the cruise companies to be reprehensible,” Mr D’Aguilar told Tribune Business, when informed by this newspaper of NCL’s letter and its contents.

“They should cease and desist from saying that right now.

“They have every opportunity to sell these excursions on the boat, and if a passenger comes off and seeks out a Bahamian

company to provide them with services, this is free enterprise.

“This is what I have been talking about,” Mr D’Aguilar added. “The cruise companies are not permitting enough of the tourism spend to fall into the hands of Bahamians.

“It’s very important that when cruise passengers come to the Bahamas, more of the spend filters down into the hands of Bahamians and communities where it is not going. Too much of the spend is being retained by the cruise companies to the detriment of the Bahamas.”

With the cruise lines supplying the customer base that ensures their existence, no provider has been willing to speak out publicly for fear they will automatically lose their contracts with the industry.

Many operators feel they have little choice but to sign restrictive agreements such as the one outlined in NCL’s letter otherwise their tours will not be sold ‘on ship’ by the cruise lines to their passengers, thus costing them their livelihood.

Mr D’Aguilar said senior Ministry of Tourism officials had informed him that top cruise line executives always denied the existence of such practices when the issue was raised.

“The problem is that when you talk to senior cruise line executives they say this does not go on,” he told Tribune Business, “but people on the front lines say this goes on all the time.

“The people on Bay Street, the vendors, the operators say that the cruise ships only let us get the crumbs. We’ve got to get some of the fat. We’ve got to survive, too.”

The Florida-Caribbean Cruise Association’s (FCCA) last tri-annual survey of the sector’s impact revealed that per capita passenger spending in the Bahamas had actually increased, from $64.81 in 2012 to $82.83 in 2015.

But combined passenger expenditure in Nassau and

Freeport remained bornly flat.

stub-

While acknowledging that the cruise lines had a right to maximise their profits, Mr D’Aguilar argued that this objective should not be achieved at the expense of the Bahamas and its private sector - which acted as a major passenger draw in the first place.

“They must understand that this government wants more of the tourism spend to fall into the hands of the average Bahamian,” Mr D’Aguilar added of the cruise lines. “They make a lot of money; it’s time to share it.

“Let the Bahamas enjoy in these passengers coming here. It’s very important that we get cruise ship passengers to spend more money in this destination.

“When the cruise companies involve themselves in these restrictive, anti-trade practices, we’re not happy.

They’ll be hearing from us.”

NCL, in a response to Tribune Business, defended the Shore Excursion Agreement as a standard document that all its worldwide tour operators were required to sign.

“All tour operators who offer excursions to our guests around the world,

in the more than 500 ports we call on each year, are required to sign and abide by our agreement,” the cruise line said.

“Any operator who has questions about the terms included in the agreement can certainly reach out to our Destination Services team for further clarification.”

One tour operator, speaking on condition of anonymity, said his firm had taken down its website to avoid “any hassle” from the cruise lines over passengers using it to book directly with them.

“This is a practice that’s been going on for a while, but it’s the first time I’ve ever seen it in writing,” they added of the NCL letter and ‘direct selling’. “Most of the cruise lines have that in their agreements.”

Agreeing that it represented ‘trade restrictive’ practices, the tour operator said it seemed as if the cruise lines had more rights in the Bahamas than Bahamians.

He added that all contracts between the cruise companies and Bahamian tour operators were governed by Florida law, “so if anything goes down you have to go to a Florida court”.

“How can you operate a business in the Bahamas under Florida law?” they asked. “They make you sign your rights away. If you don’t sign it, they won’t do business with you. We just want more protection.”

When it came to pricing, the tour operator added: “The cruise lines tell you it’s fair play, but they control the pricing. They dictate to you what you can charge and cannot charge.

“If your costs go up, you either eat the loss or beg for an increase. You sell to them [the cruise lines] net for $20, and they’re charging their passengers $40-$45 for the same tour. They make more money than you, but you’re the one covering all the overhead and expenses.

“The Florida-Caribbean Cruise Association (FCCA) dictate to you what you can and cannot do. It’s become a dog eat dog world, really.

They’ve got more rights than we as Bahamians,” the operator continued.

“It’s sad. Here we are as Bahamians, investing in our country, and foreigners come here and get more rights and incentives than we do. The cruise lines have taken advantage of the Bahamas for so long.”

The tour operator pointed, in particular, to the cruise lines’ private islands scattered across the Bahamas. They said tours there were priced lower than similar products in Nassau or Grand Bahama, thereby ensuring the cruise lines retained more passenger spend.

“The cruise lines say they want us to provide new tours, but every tour we provide for them in Nassau and Grand Bahama they do on their private islands,” the operator said, either themselves or through local contractors.

A former tour operator executive, also speaking on condition of anonymity, said the threats and practices detailed in the NCL letter had been an issue for years.

They added that the sector formed BASE, the Bahamas Association of Shore Excursion Providers, to present a united front to counter the issue. But with companies ceasing business, and the cruise lines picking off members’ one by one, the Association has ceased to exist. Jacharic Holdings, which operated numerous tours, was among the more notable casualties.

The former operator added that the situation had created “a vicious circle”, with the cruise companies complaining about the appearance of downtown Nassau and demanding new on-shore activities, yet effectively denying Bahamian companies the revenues and profitability needed to upgrade their products.

“It’s unfair practices.

They’d never do that kind of thing in the US,” the former operator said of the cruise lines, “but these are small countries that don’t have access to legal advice.

It’s kind of a shake down.

“It’s almost as if they own someone on their ship. But it’s a free market. Dionisio should take it on. We need him to speak out against things like that, and allow operators to operate in a free market.”

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PAGE 4, Monday, September 4, 2017

Bahamians warned: ‘Terrific returns equal terrific risks’ From pg B1 you go even further. It’s impossible.”

In Pineapple Express’s case, it was promising to pay $1,050 and $540 to Bahamians who invested just $200 and $100, respectively, while also charging $25 fees for ‘processing’ and ‘membership’. Payouts were supposed to occur after 14 days.

Chaos erupted a week ago Friday when hundreds of Bahamians stormed the company’s offices in

a bid to reclaim their money, after the Securities Commission deemed the scheme “unsafe and very high risk” because it had the characteristics of a typical pyramid or Ponzitype fraud.

Christina Rolle, the Securities Commission’s executive director, told Tribune Business that her regulator was “very concerned” by the frequency with which Pineapple Express-type schemes were emerging.

Irma: Govt fearing ‘major financial blow’ From pg B1 “This seems to be a monster storm, maybe even surpassing Matthew, which we know brought significant destruction to our country and the lives of so many Bahamians.”

Matthew, which struck the Bahamas with Category three/four winds, left an estimated $600 million worth of damage in its wake (and at least $400 million in insurance claims) after it battered New Providence

and Grand Bahama - the two major population centres.

Moody’s estimated it cost the Government revenues equivalent to 2.4 per cent of GDP (around $214 million) as a result of depressed economic activity, which added to the $100 million worth of damage inflicted upon the southern Family Islands by Hurricane Joaquin in 2015.

Referring solely to Matthew, Mr Turnquest said: “We know the cost of that

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THE TRIBUNE While no complaints about Pineapple Express had been received, Ms Rolle said via e-mail: “We can confirm that representatives from the Commission met with the principal of Pineapple Express Asue on August 22, and expressed concerns with respect to its operations.

“Based on information provided to the Commission, including explanations from the principal, Pineapple Express Asue appears to have the typologies of a ‘Pyramid’ scheme.

The Commission is very concerned about the frequency of these schemes in our local market.”

The Securities Commission subsequently issued a ‘warning notice’ about Pineapple Express Asue Holders, and referred the matter to the police for further investigation It is unclear whether all Pineapple Express investors have been refunded.

And The Tribune has also reported on the concerns of persons who had invested in a similar scheme, Golden Chess Asue Holders, which had allegedly closed down without making payments or refunds.

Mr Rolle, meanwhile, said early investors in such ‘pyramid’ schemes were

receiving the equivalent of an interest-free loan.

He suggested that the term ‘asue’ was being misused, possibly as a ‘hook’ to suck Bahamians into ‘get rich quick schemes’, as it did not refer to returns on principal invested.

“We want people to understand that the way asues work is that you are saving incremental amounts and, at the end of the period, you get back what you save,” the Central Bank governor said.

“Asues don’t typically rely on generating returns from some unknown means.”

Mr Rolle expressed hope that the Central Bank’s

financial literacy campaign, which is expected to fully hit its stride within nine months, would “put consumers in a better positions to make decisions” on unregulated investment schemes.

And he emphasised that it was important for regulators “to monitor what is going on in the community” to ensure that such offerings were detected early.

“Monitoring what is going on in the community is important as well, so we can detect early on when this kind of scheme is being floated,” Mr Rolle told Tribune Business.

event was significant in terms of restoration and loss of revenue, which had a significant impact on the Budget.

“We are very concerned about the nature of this storm, but hope Bahamians have taken note of the experience of last year and protected themselves by insuring their property and taken precautions to protect their property in the particularly storm.”

The Government was also forced into an emergency $150 million borrowing post-Matthew to finance essential infrastructure and public building repairs, and bring relief to storm-ravaged Bahamians.

This ultimately expanded the 2016-2017 fiscal deficit from a projected $100 million to $350 million (according to the Christie administration),or $500 million and even $636

million (according to the current government and Moody’s, respectively).

With the Bahamas still “paying” for Matthew and Joaquin, Mr Turnquest agreed that any impact from Irma was especially ill-timed.

“With the economic and financial constraints we have, we can ill-afford another storm of the magnitude of Matthew,” Mr Turnquest told Tribune Business.

“We hope at the end of the day resources will be better managed, but in the best case scenario this represents a dramatic financial blow, particularly in Grand Bahama where we have not recovered from Matthew yet and many residents have significant damage to their homes and the Grand Lucayan is still not open.

“Any further damage will be a great setback which we can ill-afford here.”

James Smith, a former finance minister, agreed with Mr Turnquest that a direct strike by Hurricane Irma on the Bahamas’ major economic

centres (New Providence and Grand Bahama) will be something this nation can “ill afford”.

“It depends how we get hit,” the CFAL chairman told Tribune Business, “but you can judge it by what happened with Matthew. It was estimated at $400 million out of our GDP, and if it’s anything like that we will be looking at the same thing. For us, we could be looking at a small disaster.

“It would be a setback we can’t really afford. Let’s hope we don’t see it. You simply can’t plan for these things. We’ll have to pay for it from the Budget, and simply go to additional borrowing. It’s more of the same.”

Irma’s approach, and potential impact, are likely to revive debate around the need for the Bahamas to establish some type of catastrophe or hurricane relief fund to finance post-storm recovery and restoration.

John Rolle, the Central Bank’s governor, told Tribune Business last week that while foreign exchange

demand indicated a “small uptick” in consumer spending, the economy was still suffering lingering effects from Matthew.

“There is growth, but we are still feeling the effects of the hurricane, unfortunately,” he told Tribune Business, pointing to Grand Bahama and other hotel inventory that was being taken off-line for repairs.

The Government, already preparing for Irma’s potential arrival, last night warned retail merchants such as food stores, pharmaceutical suppliers and building materials merchants against exploiting pre-storm demand by ‘price gouging’.

Warning that this, as well as the ‘hoarding’ of supplies for so-called speculation and profiteering, were criminal offences, the Prime Minister instructed the Prices Commission to monitor the situation and inform the Attorney General’s Office should any infractions be found.

THE TRIBUNE

Monday, September 4, 2017, PAGE 5

Fyre Fest bankruptcy: Bahamian creditors ‘unlikely to benefit’ From pg B1

THE AMERICAN flag flies above the Wall Street entrance to the New York Stock Exchange. Stocks are rising, Friday, Sept. 1, 2017, in spite of an August jobs report that was a bit weaker than Wall Street anticipated. Automakers Ford and General Motors are rising as the companies report their monthly sales. The S&P 500 is on pace for its sixth gain in a row. (AP Photo/Richard Drew, File)

US stocks rise as investors cheer August jobs report

By MARLEY JAY Associated Press

NEW YORK (AP) — The more things change, the more they stay the same: U.S. stocks rose Friday as investors viewed a relatively weak jobs report for August as likely to help keep interest rates low. Banks, energy companies and automakers led the way.

The Labor Department said U.S. employers added 156,000 jobs in August.

That was a bit less than analysts expected, but investors were pleased that the economy kept growing at a steady pace while inflation remains weak. They bet that will keep the Federal Reserve from raising interest rates too quickly.

Car companies rose as they reported their August sales.

Wall Street expects them to get a boost as Gulf Coast residents replace the hundreds of thousands of cars that have been damaged by rains and flooding this week. Banks rose as bond prices dropped, which sent yields and interest rates higher.

The pattern of slow but steady job gains and weak inflation has helped push stocks higher for years.

Investors have worried at times that the Federal Reserve would raise rates too fast and that the economy would stumble.

“The market is looking at economic news that is below expectations as a sign that the Federal Reserve is not going to do much in terms of interest rate hikes,” said Scott

Wren, senior global equity strategist for Wells Fargo Investment Institute. He said Friday’s report was “like almost every other jobs report we’ve seen over the last four years.”

The Standard & Poor’s 500 index rose 4.90 points, or 0.2 percent, to 2,475.55.

The Dow Jones industrial average gained 39.46 points, or 0.2 percent, to 21,987.56.

The blue chip index had its first change in more than two years on Friday, as longtime Dow component DuPont combined with former rival Dow Chemical to form DowDuPont.

The Nasdaq composite added 6.67 points, or 0.1 percent, to 6,435.33. It was the best week this year for the Nasdaq as technology and health care companies surged. The index is at record highs.

The Russell 2000 index of smaller-company stocks advanced 8.29 points, or 0.6 percent, to 1,413.57.

Six months ago, stocks made their biggest gain of the year: the S&P 500 jumped 1.4 percent on March 1. The index has gained just 3.3 percent since then.

While businesses continue to hire workers at a steady pace, inflation is well still below the Federal Reserve’s target of 2 percent. The Fed has raised interest rates three times in the last year and says it plans to raise rates once more this year, and three times in 2018. But based on reports like Friday’s, investors don’t think that will happen.

Long-term government bond prices moved lower.

The yield on the 10-year Treasury note rose to 2.16 percent from 2.12 percent, but the yield on the twoyear note remained at 1.33 percent. Still, the increase in bond yields and interest rates gave banks a boost.

JPMorgan Chase rose 81 cents, or 0.9 percent, to $91.70.

General Motors said its sales improved in August, and it gained 82 cents, or 2.2 percent, to $37.36.

Car sales declined overall, partly because Hurricane Harvey slowed car buying in Houston, one of the largest U.S. markets. But investors expect that will help sales in the months to come. Ford picked up 32 cents, or 2.9 percent, to $11.35. Fiat Chrysler gained 73 cents, or 7.2 percent, to $61.68.

Benchmark U.S. crude added 6 cents to $47.29 a barrel in New York. Brent crude, which is used to price international oils, fell 11 cents to $52.75 a barrel in London. Wholesale gasoline prices, which have surged this week, declined 3 cents to $1.75 a gallon.

Wholesale gasoline prices have climbed because of rains and flooding in the Gulf Coast. At least two major pipelines have been slowed or stopped, and oil drilling and refining have also been curtailed.

It’s not clear how much damage Hurricane Harvey, which is now a tropical depression, will cause to the region or to the U.S. economy.

through its cash pile so quickly.

Bankruptcy Court judge, Martin Glenn, has now given McFarland two weeks to hand over all Fyre Festival LLC’s financial records and documents.

He must “file all schedules, statements, lists and other documents that are required under the Federal and Local Rules of Bankruptcy Procedure”, which includes a list of all creditors and the money they’re owed, as well as “an affidavit and proposed case conference order”.

Mr Rolle told Tribune Business that it would “be wonderful if some funds are left over” for the benefit of

Fyre Festival’s creditors, especially those in the Bahamas and on Exuma.

However, he agreed with the Chapter 7 petitioners that there was likely to be little, if anything, left to recover as all funding had been used up.

“I don’t think there’s going to be any monies left to distribute at the end of it all,” Mr Rolle told Tribune Business. “I don’t think there’s going to be a significant amount of expenditure that was made in the Bahamas.

“I don’t think they invested much of that money in the Bahamas, except where it went to individuals.”

Mr Rolle added that Exuma businesses and residents left out-of-pocket by

McFarland, with many owed five and six-figure sums, had largely accepted they will not see that money.

“I don’t think there’s any expectation at this point that anything’s going to happen,” he added.

“They’ve accepted it and moved on.

“It’s amazing. That’s the kind of mentality the folks in the Family Islands have.

They’re very resilient, and just move on. It’s par for the course.”

The Fyre Festival disintegrated into chaos and confusion in late April, causing potential reputational fall-out for the Bahamas and damage to its tourism brand.

Festival-goers, some of whom had paid $12,000 per head, found that none of the promised infrastructure, accommodations and attractions were in place, while many of the advertised bands had pulled out.

PAGE 6, Monday, September 4, 2017

THE TRIBUNE

US AUTO SALES DOWN IN AUGUST AS HARVEY HURTS DEMAND

By DEE-ANN DURBIN Associated Press DETROIT (AP) — Hurricane Harvey took a toll on U.S. auto sales in August, but the storm could boost sales this fall as people replace flooded vehicles.

U.S. sales of new cars and trucks fell 2 percent in August, according to Autodata Corp. Harvey hurt demand in the Houston area — the ninth-largest vehicle market in the nation — cutting U.S. sales of new cars and trucks by an estimated 20,000 vehicles, forecasting firm LMC Automotive said.

Not everyone reported bad news Friday. General Motors said its sales rose 7.5 percent compared with last August. Toyota’s were up 7 percent and Volkswagen’s rose 9 percent. All three automakers reported strong sales of SUVs.

But Hyundai’s sales plummeted 25 percent.

Nissan’s sales dropped 13 percent and Fiat Chrysler’s sales were down 11 percent. Ford and Honda both saw sales drop 2 percent.

U.S. auto sales were initially expected to increase slightly in August compared with a year ago, breaking a seven-month streak of sales declines. U.S. sales are plateauing after reaching a historic high last year, but August had one more business day than last year, and buyers were getting good deals on popular outgoing models like the Toyota Camry as new models hit dealerships.

Sales will likely pick up soon because people with damaged cars will need to replace them quickly.

In the month following Superstorm Sandy in 2012, vehicle sales in the New York area jumped 49 percent, said Jonathan Smoke,

the chief economist for Cox Automotive, the parent company of Kelley Blue Book.

Smoke estimates that 300,000 to 500,000 vehicles will need to be replaced as a result of Harvey. That demand will help automakers, who can move their excess inventory to Houston. But lower inventory in the rest of the country will mean consumers will be less likely to find good deals, Smoke said.

Until last Saturday, August was shaping up to be a strong month at the eight Bayway Auto Group dealerships that Darryl Wischnewsky owns in the Houston metro area. Then came Harvey. None of Wischnewsky’s dealerships suffered flooding or other damage in the storm, but he says he’s seen other dealers up and down the freeways lose all of their inventory

CHEVROLET trucks are lined up in lot at a Chevrolet dealership in Richmond, Va. On Friday, Sept.

1, 2017, automakers release vehicle sales for August. (AP Photo/Steve Helber) and their buildings have been damaged.

His group, which includes Lincoln, Chevrolet, Fiat Chrysler, Volkswagen and Volvo dealers, shut down last Saturday as the storm approached and just started reopening on Thursday.

Losing the Saturday alone probably cost 60 to 70 sales, Wischnewski said.

GOP ability to dismantle health law expires at month’s end WASHINGTON (AP) — Senate Republicans will soon run out of time to rely on their slim majority to dismantle the Obama health law.

The Senate parliamentarian has determined that rules governing the effort will expire when the fiscal year ends Sept. 30, according to independent Sen. Bernie Sanders of Vermont, the ranking member of the Senate Budget

Committee. The rules allow Republicans to dismantle President Barack Obama’s health care law with just 51 votes, avoiding a filibuster.

“Today’s determination by the Senate parliamentarian is a major victory for the American people and everyone who fought against President Trump’s attempt to take away health care from up to 32 million people,” Sanders said in a statement. Sanders

NOTICE

NOTICE is hereby given that EDELINE CHERISME of Dolphin Road, Blair, P.O. Box SS-6242, Nassau, 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.

heads up Democrats on the budget panel and took the lead in the arcane arguments before the parliamentarian, who acts as the Senate’s nonpartisan referee.

Republicans control the Senate 52-48 and were using the special filibusterproof process in the face of unified Democratic opposition. Now, if Republicans can’t revive the repeal measure in the next four weeks, they will be forced to work with Democrats to change it.

Senate Republicans pulled the plug on their Obamacare repeal effort in July, after falling short in a key vote. It has languished since, despite President Donald Trump’s call for senators to keep trying.

The ruling by Parliamentarian Elizabeth MacDonough is likely the final nail in the coffin, since it means Republicans

would have to revive the effort and wrap it up in just a few weeks. Congress returns to Washington next week to face a packed agenda including Harvey aid, a temporary government-wide funding bill, and the need to raise the government’s borrowing authority to prevent a default on U.S. payments and obligations.

The bitter battle — and the struggle among Republicans — over health care consumed the early months of Trump’s presidency. It wasn’t immediately clear whether Friday’s announcement might prompt Republicans to make one final push on health care.

The focus may instead shift to a bipartisan effort

by Sen. Lamar Alexander, R-Tenn., and Patty Murray, D-Wash., to shore up the insurance market. That effort faces major obstacles, too.

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

BISX ALL SHARE INDEX: CLOSE 1,842.13 | CHG 7.80 | %CHG 0.43 | YTD -96.08 | YTD% -4.96 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 8.17 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 1.39 0.13 3.92 8.60 6.10 9.98 10.01 2.39 1.55 6.00 9.75 7.01 9.79 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 100.00 100.00 100.00 108.93 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.70 1.39 0.13 3.92 8.60 6.10 10.00 10.01 2.41 1.55 6.00 9.75 7.01 10.25 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 0.02 0.00 0.02 0.00 0.00 0.00 0.00 0.46 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

109.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.15 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 4,830

5,000 15,923

1,000

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 23.6 3.4 5.0 12.7 12.2 11.0 -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

YIELD 1.87% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 3.60% 5.69% 2.49% 3.87% 4.83% 4.62% 0.00% 3.32% 2.00% 4.96% 0.00% 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

is Britain’s biggest trading partner.

Oettinger told German weekly Welt am Sonntag that Britain agreed in 2013 to contribute to the EU budget until the end of 2020. In an interview published Saturday, he was quoted as saying that London is due to make further payments until 2023.

Britain’s government said this week that it wouldn’t pay into the EU’s budget after Brexit, slated for March 2019.

EUROPEAN Union chief Brexit negotiator Michel Barnier, right, participates in a media conference with British Secretary of State for Exiting the European Union David Davis at EU headquarters in Brussels on Thursday, Aug. 31, 2017. The EU and Britain concluded a third round of Brexit negotiations on Thursday. (AP Photo/Virginia Mayo)

INTENT TO CHANGE NAME BY DEED POLL

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 10.25 7.25 12.51 11.00

BERLIN (AP) — The European Union’s budget chief says there can be no negotiations with Britain about a post-Brexit trade deal unless the two sides make progress on “fundamental questions” including future payments to Brussels.

Guenther Oettinger says the future rights of EU citizens in Britain and the status of the U.K. border with Ireland also need to advance before trade talks can begin. The bloc

PUBLIC NOTICE

MARKET REPORT FRIDAY, 1 SEPTEMBER 2017

Brexit: EU says no UK trade talks without progress on budget

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

The Public is hereby advised that I, KEILEEN ROLLE of Elizabeth Estates, New Providence, Bahamas, intend to change my name to KAREEM DONOVAN ROLLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE STABLE HOLDINGS LTD. NOTICE IS HEREBY GIVEN as follows: (a) STABLE HOLDINGS LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 30th day of August, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas Dated the 30th day of August A.D., 2017.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

Auro Global Limited Company No. 1694760 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that Auro Global Limited is in voluntary liquidation. The voluntary liquidation commenced on 23rd August, 2017 and Dr. Peter Marxer Jun. of Kirchstrasse 1, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

Dated this 23rd day of August, 2017 Sgd. Dr. Peter Marxer Jun. Voluntary Liquidator

PAGE 8, Monday, September 4, 2017

THE TRIBUNE

FRUSTRATION MOUNTS OVER PREMIUMS FOR INDIVIDUAL HEALTH PLANS

By RICARDO ALONSOZALDIVAR Associated Press

WASHINGTON (AP) — Millions of people who buy individual health insurance policies and get no financial help from the Affordable Care Act are bracing for another year of double-digit

premium increases, and their frustration is boiling over.

Some are expecting premiums for 2018 to rival a mortgage payment.

What they pay is tied to the price of coverage on the health insurance markets created by the Obama-era law, but these consumers get no protection from the

law’s tax credits, which cushion against rising premiums.

Instead they pay full freight and bear the brunt of market problems such as high costs and diminished competition.

On Capitol Hill, there’s a chance that upcoming bipartisan hearings by Sens.

Lamar Alexander, R-Tenn., and Patty Murray, D-Wash.,

can produce legislation offering some relief. But it depends on Republicans and Democrats working together despite a seven-year health care battle that has left raw feelings on both sides.

The most exposed consumers tend to be middle-class people who don’t qualify for the law’s

income-based subsidies.

They include early retirees, skilled tradespeople, musicians, self-employed professionals, business owners, and people such as Sharon Thornton, whose small employer doesn’t provide health insurance.

“We’re caught in the middle-class loophole of no help,” said Thornton, a hairdresser from Newark, Delaware. She said she’s currently paying about $740 a month in premiums, and expects her monthly bill next year to be around $1,000, a 35 percent increase.

“It’s like buying two new iPads a month and throwing them in the trash,” said Thornton, whose policy carries a deductible of $6,000.

“To me, $1,000 a month is my beach house that I wanted to have.”

A suggestion that she could qualify for financial assistance by earning less only irritates her more.

“My whole beef is that the government is telling me: ‘If you work less, we’ll give you more,’” said Thornton, who’s in her 50s.

If people such as Thornton drop out, they not only gamble with their own health. Their departure also means the group left behind gets costlier to cover as healthier customers bail out.

That’s counter to the whole idea of insurance, which involves pooling risk.

It wasn’t supposed to be this way.

Buying health insurance has always been a challenge for people getting their own policies outside the workplace. Before “Obamacare,” insurers could turn away those with health problems or charge them more.

Former President Barack Obama sold his plan as the long-awaited fix.

It would guarantee coverage regardless of health problems, provide tax credits and other subsidies for people of modest means, and generate competition among insurers to keep premiums in check for all. The overhaul sought to create one big insurance pool for individual coverage in each state, no matter whether consumers bought plans through HealthCare.gov or traditional middlemen such as insurance brokers.

But an influx of sickerthan-expected customers drove up costs for insurers, while many younger, healthier people stayed on the sidelines.

Political opposition from Republicans complicated matters by gumming up the law’s internal financial stabilizers for insurers.

SENATE HEALTH, Education, Labor, and Pensions Committee Chairman Sen. Lamar Alexander, R-Tenn., accompanied by the committee’s ranking member Sen. Patty Murray, D-Wash. speaks on Capitol Hill in Washington. Millions of people who buy individual health insurance policies and get no government help for premiums are facing another year of double-digit premium increases and frustration is boiling over. (AP Photo/ Alex Brandon, File)