09062017 business

business@tribunemedia.net

WEDNESDAY, SEPTEMBER 6, 2017

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BISX-listed Fund eyeing downtown parking move

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MICHAEL ANDERSON

Trying to find ‘best site’ for facility

THE BISX-listed Bahamas Property Fund yesterday revealed it is mulling the development of a car park that would solve one of downtown Nassau’s major “limitations”.

Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business that much depended on finding the right potential site for such a facility.

Also the Fund’s administrator, Mr Anderson said there were numerous companies

Would ease Bay Street ‘limitations’ Still exploring Financial Centre retail and properties in the downtown Nassau area who lacked parking and were constantly searching for such facilities.

With this strong pre-existing demand, the RoyalFidelity

chief expressed optimism that the Property Fund would be able to rent spaces before construction was completed, giving it predictable income from a strong client base.

Suggesting that the plan could make downtown Nassau a “more attractive location” for companies, Mr Anderson said parking options would become more limited with the new US Embassy’s construction, which will eliminate the existing area opposite CIBC FirstCaribbean International Bank’s headquarters on Shirley Street.

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CENTRAL BANK WARNS: Tourism ‘constrained’: Stopovers down 6% OUR $285M FIGURE ‘UNDERSTATES’ DEFICIT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank has effectively placed a ‘health warning’ on the Government’s $285.3 million deficit for the period to end-May, saying this “understates the magnitude” of the full-year outturn.

The regulator, in its July economic development report, took the unusual and unprecedented step of warning readers not to make “crude projections for the full fiscal year” based on the data it had presented for the first 11 months.

In what appears to be an attempt to explain the vast, multi-million dollar difference between its figures and the Minnis administration’s $500 million deficit estimate for 2016-2017, the Central Bank explained that its data was still based on the Government’s antiquated cash-based accounting methods.

This method does not include spending commitments made by the Government for which money has yet to be released, and the Central

Warns against ‘crude projections’ from its figures Aims to ‘reconcile’ differences with Govt estimate Bank: We don’t include future commitments Bank said this inevitably resulted in “a lag” before they were reflected in the Treasury’s figures.

Once this happened, the Central Bank said its numbers would “reconcile to the same deficit” figures as recorded by the Public Treasury and, by implication, the Minnis administration’s $500 million deficit projection which incorporates its predecessor’s pre-election spending commitments.

“The reader is cautioned against crude projections of the full fiscal year on the basis on the analysis presented,” the Central Bank See PG B3

Five companies call Bahamian airline for Irma evacuations

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN airline yesterday said it had received calls from five companies to evacuate their foreign workers from the Family Islands before Hurricane Irma’s arrival.

Captain Randy Butler, Sky Bahamas’ chief executive, told Tribune Business it had even received a request to evacuate workers from Bimini, even though the island is not projected to be in the storm’s direct path.

Describing Irma’s Category Five strength and 185 mile per hour winds as “unprecedented”, Captain Butler said Sky Bahamas would send its larger 30-plus seater planes to help evacuate Bahamian residents in addition to the foreign employees.

“This is an unprecedented storm,” he added.

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Sky chief even gets Bimini request And making planes available for Bahamians Storm hits 6,000 stopovers, 5 cruise ships

CAPTAIN RANDY BUTLER

THE Central Bank has again sounded the alarm over “constrained” tourism performance, with total stopover visitors down 6 per cent for the 2017 first half due to Freeport’s woes.

The regulator, in its monthly economic developments report for July, said the industry that accounts for around 60 per cent of Bahamian GDP continued to show “ongoing softness” regardless of Grand Bahama.

“The latest data from the Nassau Airport Development Company (NAD) also underscored constrained air visitor trends, as July’s departing visitor traffic through the main airport grew by a mere 0.6 per cent compared to a stronger 1.8 per cent uptick in the same period last year,” the Central Bank said.

LPIA data shows weakness not just GB-related

GB air arrivals decline 44.3% compared to 2016 External reserves also down on 2016 figures “A breakdown of the components showed that passenger departures to non-US markets decreased by 5.7 per cent, reversing the 2.3 per cent gain in 2016, while the growth in the larger US component slowed to 1.4 per cent from 1.7 per cent last year.”

However, there was little disguising the impact that the Grand Lucayan’s 11-month closure, and loss of 59 per cent of Grand See PG B4

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CHAMBER CHAIR ‘VERY CONCERNED’ ON ABILITY TO WITHSTAND IRMA Matthew-type hit ‘devastating’ to economy, Treasury Warns of impact to most Bahamian islands Calls for insurance availability to improve

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chairman yesterday said he was “extremely concerned” over the economy and Public Treasury’s ability to withstand another Category Three-plus hurricane.

Speaking as Hurricane Irma grow into a Category Five ‘super storm’, Michael Maura told Tribune Business that a Matthew-type hit could “be devastating” to the Bahamas’ prospects of avoiding a further sovereign credit downgrade.

With Moody’s having imposed a ‘negative’ outlook on the Bahamas, and made clear it wants to see this nation execute on its fiscal consolidation and economic growth plans within MICHAEL MAURA the next 12-18 months, Irma is already threatening to throw the Minnis administration off course just 11 days later.

While Nassau and the Bahamas’ other major economic centres will seemingly be spared the worst, based on Irma’s projected path at press time, just a slight change in course could see it emulate Matthew by passing through the entire island chain.

“I’m extremely concerned,” Mr Maura told Tribune Business. “I do not believe that as businesses, as well as the Public Treasury, that we can handle another significant impact like a major hurricane - a hurricane of Category Three or above.”

Matthew, which was a Category Three storm when it passed New Providence, inflicted an estimated $600 million worth of damages on the Bahamas in early October 2016.

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PAGE 2, Wednesday, September 6, 2017

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THE TRIBUNE

Long Island fears setback from Irma

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net LONG Island residents were yesterday “taking every precaution’” in preparation for Hurricane Irma, the island’s Chamber of Commerce president telling Tribune Business that any major impact would “just put us back again”.

Cheryl de Goicoechea told Tribune Business that given the island’s experience with Hurricane Joaquin in 2015, residents were “really anxious”. Joaquin, a Category Four hurricane with maximum sustained winds around 130 miles per hour, battered the southern and central Bahamas for several days, leaving massive devastation in its wake.

“Every one is getting prepared. Boats are being taken out of the water and others are being taken to the marina in Stella Maris,” she said. “People are battening up, putting things away and getting prepared.

Businesses have been revived and the ones that couldn’t have closed.

“There are still some people who haven’t gotten their homes fully back to normal, and there are probably still a few with tarps on their roofs. People right now are just really anxious. The island for the most part has come back together, and things started to look good rebuilding wise.

“The economy is still poor, but that had nothing to do with the hurricane.

There are people who left the island since the

storm because they lost a lot. There were some who had their homes restored

by NEMA.” said Mrs Goicoechea.

Irma, now a Category Five hurricane, is expected to remain a “dangerous major hurricane” through the week. Prime Minister Dr Hubert Minnis last night announced plans to evacuate residents living in the south-eastern Bahamas, which are directly in the storm’s path.

Mrs de Goicoechea said: “I think that if we suffer serious damage from this storm it would put us back again. We will just have to deal with it. People are taking every precaution to secure their property. We can’t control what happens with the storm; all we can do is prepare and hope for the best.”

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THE TRIBUNE

BAKERIES SEE ‘CRAZY’ DEMAND BEFORE IRMA

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

NASSAU bakeries yesterday said they were inundated with consumers stocking up on freshlybaked bread ahead of Hurricane Irma, with one telling Tribune Business: “It was crazy in here.”

Denise Rolle, a supervisor at 3S Bakery, told Tribune Business: “We have seen a lot of customers come in today to purchase bread. It’s been extremely busy. We did extra to try and accommodate all of the customers that were coming in. It was crazy in here.”

Another well-known bakery, Purity Bakery, gave a similar report yesterday,

Chamber chair ‘very concerned’ on ability to withstand Irma From pg B1 Irma, with its 185 mile per hour winds, is an even more powerful storm that is expected to maintain Category Four/Five intensity when it enters the southern Bahamas.

Should it deviate from its projected track and take a similar course to Matthew, many doubt whether the Bahamas’ weak economy and strained fiscal position will be able to handle a recovery effort that would cost hundreds of millions of dollars.

Acknowledging the potential implications for the Bahamas’ sovereign credit rating, Mr Maura said: “If we got another hit, which puts us to where we have several hundred million dollars in hurricane rebuilding damages, and funding is required to get us back on our feet, that will be devastating.”

The south-eastern Bahamas, chiefly Inagua, Mayaguana, Acklins, Crooked Island and Ragged Island, is expected to bear the brunt of Irma’s wrath. While the area’s small populations and

limited economies would minimise the financial damage, Mr Maura said other islands - including New Providence - would feel the hurricane’s impact.

Mr Maura, who is also the Nassau Container Port’s (NCP) chief executive, said local and international meteorologists monitoring Irma had informed the shipping facility that tropical storm force winds could ultimately extend 250-300 miles from the hurricane’s eye when it passes between Andros and Cuba.

Hurricane force winds could extend 150-200 miles from Irma’s eye, and Mr Maura said numerous islands would feel the hurricane’s eastern side, which is traditionally where the worst weather in a storm is located.

Warning that Nassau could still experience “hurricane strength gusts” from Friday into Saturday, the Chamber chairman emphasised: “The Bahamas is going to be impacted by Hurricane Irma.

“The southern Bahamas is going to be severely impacted, and there’s potential for parts of south

BISX-listed Fund eyeing downtown parking move From pg B1 “There is a need for parking downtown, so we are looking at the possibility of trying to find a decent site for it,” Mr Anderson told Tribune Business.

“What we know is there are a number of properties downtown that don’t have parking, and are continually looking for parking. I think we could rent parking spaces to buildings as opposed to individual tenants. I’m not trying to get into the speculative market.

“I’m more trying to get into something we comfortable we can rent, and rent before we complete construction, just like real estate.”

The construction and development of its own wholly-owned, purpose built parking facility would mark something of a departure from the Bahamas Property Fund’s traditional business model.

It has evolved from acquiring existing highend properties targeted at a specific niche, such as the Bahamas Financial Centre (Charlotte Street in downtown Nassau); One Marina Drive (Paradise Island’s only office building); and Providence House (PricewaterhouseCoopers headquarters) on East Hill Street.

The potential parking facility would mark the first time it has constructed and developed its own property, yet financially it remains well-equipped with net equity of $32.813 million at end-June 2017, some $20.778 million of which is retained earnings.

“It’s just a matter of looking at where the best spots might be,” Mr Anderson added. “It might even make downtown more attractive to companies, as it takes away some of the parking limitations.

“That’s what we’re focusing on. There’s not a huge number of transactions that take place in property in this town, so we have to find opportunities where we can.”

The Property Fund’s project, if it comes to fruition, would also address a vital component to downtown Nassau and Bay Street’s potential revitalisation, namely the provision of

adequate, sufficient parking spaces.

Inadequate parking has long been viewed as a key factor influencing Bahamians and residents from coming to downtown Nassau to shop, resulting in the area largely catering to cruise ship passengers and other visitors.

The proposed parking lot will also enable the Property Fund to diversify away from its core business, where relatively low occupancy rates - 70 per cent at the Bahamas Financial Centre, and 60 per cent at One Marina Drive - have frustrated its efforts to deliver profitability and shareholder value in recent years.

It produced a 33.8 per cent year-over-year net income increase for the 2017 first half, jumping from $507,214 to $678,654.

The rise was driven by a $170,000, or near-25 per cent drop in the Property Fund’s share of common area maintenance (CAM) costs from $684,064 to $514,625.

Mr Anderson, though, told Tribune Business that the improved profitability was due more to an

with one employee telling this newspaper it had been extremely busy since it opened its doors at 7am.

“We were busy since we opened this morning, that’s for sure. We have been extremely busy with people coming in to buy bread all day,” Tribune Business was told, with the bakery said to still be buzzing with activity just ahead of its 6pm closing.

The Bahamas and Cuba will see Irma arrive as a dangerous major hurricane later this week, according to the National Hurricane Centre, who said it could fluctuate between Four and Five strength. According to weather.com, Irma is moving west-southwest at 14 miles an hour, with the southern Bahamian islands currently on track to be seriously impacted.

Andros to be severely impacted. The current track means Nassau could be spared serious damage, but it does not mean that people shouldn’t take it seriously.”

Mr Maura recalled the flooding along New Providence’s southern coast in Matthew’s wake, and said Irma’s threat again highlighted the need for proper insurance coverage among both the private sector and the Government.

Urging the Government to ensure catastrophic coverage was accessible to all who need it, Mr Maura said: “There’s very little that can be done in a couple of days but, looking ahead, what are we going to do from an insurance perspective to ensure we have adequate insurance.

“We have to help those businesses throughout the Family Islands, and those businesses in New Providence and Grand Bahama, that struggle to get insurance. We need to at least get catastrophic insurance made available to them.”

Uninsured, or underinsured, businesses often struggle to re-open in the aftermath of natural disasters. A key factor explaining why so many Family Island businesses have found it difficult to revive from Hurricane

Joaquin in 2015 is the lack of insurance.

“We’re not even halfway through the hurricane season,” Mr Maura told Tribune Business. “There’s more to follow, so the Government is encouraged to look very carefully at the insurance opportunities to cover our country, because we need the help.”

The Minnis administration has already reversed one of its predecessor’s policies by renewing the Bahamas’ policy with the Caribbean Catastrophe Risk Insurance Facility (CCRIF), giving it access to a maximum $35 million payout for damage to infrastructure and other public assets.

“That’s our challenge, legacy,” Mr Maura added.

“We are in the hurricane alley, and we need to take steps, both as a government and individuals, to ensure that we can protect ourselves when these storms to arise, and they will.

“This government has been taking its fiscal management very seriously, and have no doubt as to what needs to be done. It’s unfortunate so soon into their term that there is a major hurricane on our doorstep, but we’re counting on government to do what they need to do to mitigate this major storm.”

overall reduction in CAM costs than an increase in vacancy rates.

“Overall, we still have relatively high vacancy rates across our properties with the exception of Providence House,” he explained. “We haven’t really seen any huge demand.

“We’ve seen some interest from the Government from time to time. We’ve had some discussions with ministries about potential relocations, but we’ve not finished anything.”

Mr Anderson added: “It’s just a tough market to sell into. We’ve had high vacancies for some time. Those people who needed to rent have gone out west.

“There’s not a huge interest for companies to rent in town. Maybe that’s part of a bigger trend of companies getting out of town. From the recession in the late 2000s it’s taken hold and they’ve not come back.”

Mr Anderson confirmed that RoyalFidelity was assessing the potential acquisition of a property located on the outskirts of west Nassau, although he declined to identify it.

“The company is doing fine,” he added of the Property Fund, “but it’s not been able to reach its full potential because of these higher vacancy rates. We’re doing

reasonably well off the back of relatively low occupancy rates.”

The Property Fund owns 150,000 square feet of corporate rental space, although two-thirds or 100,000 square feet is concentrated at the Bahamas Financial Centre, making it the most important to its performance.

Mr Anderson said it had commissioned several studies on the potential of converting the Financial Centre’s ground floor spaces to retail use, especially after FINCO closed its branch location.

“We’ve had retailers potentially expressing interest, but have not been successful in tying down anybody,” he told Tribune Business. “We’ve looked at opening up entrances from the road side as opposed to going through the lobby, so retail customers do not have to go into the building.

“We’ve had various studies done, and we’re waiting for one at the moment in terms of the potential uses might be. We’ve not determined what space might be suitable.”

Wednesday, September 6, 2017, PAGE 3

Central Bank warns: Our $285m figure ‘understates’ deficit From pg B1 said of the data contained in its July report. “As the Bahamas’ fiscal accounting is on a cash basis, the published data does not yet capture expenditure commitments (whether by approved purchase orders or invoices) that have not yet been settled.

“Such transactions will be reflected, with a lag, in the closing accounts for the fiscal year. As such, the Central Bank expects that the relative magnitude of the increase in the deficit for the full fiscal year is still understated from the 11-months’ data.

“Once final estimates are available, both the Central Bank and the Public Treasury’s estimates of the public debt will reconcile to the same figures and point to the same deficit, in accordance with the compilation methodology (GFS) prescribed by the IMF.” The Central Bank report is likely to reignite the political row sparked when Moody’s revealed that the Government’s $500 million deficit estimate for the prior year stemmed from its switch an an accrual-based accounting method.

Unlike cash-based accounting, this records the Government’s future spending commitments when they were made - not at the point when money is released. As a result, the Christie administration’s pre-election spending splurge and some Hurricane Matthew expenditure was incurred when it was made - in 2016-2017.

The Deputy Prime Minister and minister of finance previously defended this accounting switch to Tribune Business, saying: “The best policy is to be up front and honest.”

K P Turnquest said Moody’s decision to leave the Bahamas’ with an investment grade credit rating was vindication of the Government’s decision, as it provided far greater transparency on this nation’s true deficit and fiscal position.

However, Moody’s report, and likely the Central Bank’s July data, will be used by the Opposition to defend the former Christie administration. They will argue that the latter’s figures confirm the previous government was on target to achieve the $350 million, cash-based deficit it had projected post-Matthew.

The Opposition, and websites that support it, have already hinted darkly that the Government is interfering with the Central Bank’s independence in relation to the fiscal figures, and they are likely to seize on the latter’s report ‘footnote’

as confirmation of their allegations.

Sir Franklyn Wilson, the Sunshine Holdings chairman, referred to this in a recent Tribune Business interview when he warned the Government: “A terribly important point is: Don’t undermine the Central Bank.

“It’s not in the interests of central government to cast doubt on the figures put out by the Central Bank.”

For the first 11 months of the Government’s 20162017 fiscal year, the Central Bank said the deficit had increased by 13 per cent or $32.9 million year-over-year, due largely to public spending outpacing revenues.

“Data on the Government’s budgetary operations for the eleven months of fiscal year 20162017 revealed a rise in the deficit by $32.9 million (13 per cent) to $285.3 million, due to a $98.2 million (4.9 per cent) expansion in total expenditure to $2.105 billion, which outpaced the $65.3 million (3.7 per cent) rise in aggregate revenue to $1.819 billion,” the Central Bank said.

“Nevertheless, given the cash basis of Government accounting, the recorded fiscal shortfall understates the expected final outcome that includes spending commitments that were still unpaid at the end of the review period.”

The Central Bank said the increased spending was driven by a $93.7 million, or 56.9 per cent, rise in capital expenditure related largely to Hurricane Matthew recovery, which boosted capital formation by $70.2 million.

Yet recurrent spending, which represents the Government’s fixed costs such as wages and rents, also grew by $42.1 million or 2.3 per cent. This came primarily from a $65.4 million, or 7.3 per cent, increase in consumption spending, as goods and services purchases and wages rose by $35.9 million and $29.5 million, respectively.

“Revenue gains were anchored by the $59.2 million (3.7 per cent) expansion in tax receipts,” the Central Bank said.

“Specifically, other ‘miscellaneous’ taxes strengthened by $33.3 million (9.7 per cent), owing largely to a $16.9 million (16.7 per cent) rise in property taxes and a $9 million (13.7 per cent) gain in Stamp taxes related to financial transactions.”

Value-Added Tax (VAT) receipts, though, decreased by $4.3 million or 0.7 per cent.

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PAGE 4, Wednesday, September 6, 2017

Five companies call Bahamian airline for Irma evacuations From pg B1 “Tomorrow morning [today] I know we have a number of flights we’ve scheduled for private companies to get their workers out of the Family Islands.

“There’s a number of private companies in the Family Islands that are calling us, contracting us to take their employees out.

We had a request to get them out of Bimini, and had a request from Ragged Island.”

Declining to name the companies involved, Captain Butler told Tribune Business: “About five

companies called me to move their people people out. We’ve put our normal schedule on hold, and are just going to do what we need to do.”

The Sky Bahamas chief was speaking just ahead of Dr Hubert Minnis’s national address, during which the Prime Minister revealed “the largest evacuation” in Bahamian history after the Government decided to remove residents in the MICAL constituency and Ragged Island from Irma’s path.

Sky Bahamas, together with Bahamasair and other privately-owned Bahamian

Tourism ‘constrained’: Stopovers down 6% From pg B1 Bahama’s room inventory, is having on the Bahamas’ year-over-year tourism performance.

“Total visitor arrivals fell by 2 per cent to 3.3 million during the first half of 2017, vis-à-vis a 1.8 per cent gain in the comparable period of last year,” the Central Bank added.

“Underlying this outcome, the high value-added air component declined by 6 per cent, a reversal from a 2.8 per cent gain

in 2016, while sea passengers decreased marginally by 0.7 per cent vis-a-vis the prior period’s 1.5 per cent growth.”

Focusing on Grand Bahama specifically, the Central Bank said total visitors to the island fell by 25 per cent during the 2017 first half, following a 5.5 per cent fall the previous year.

“Constrained by reduced room-capacity, air arrivals fell by 44.3 per cent after a 15 per cent fall in the prior year, when the appreciation of the US Dollar negatively

THE TRIBUNE airlines, will provide planes and flights to assist the evacuations from Inagua, Mayaguana, Crooked Island and Acklins.

Captain Butler had earlier told Tribune Business that Sky Bahamas would use its largest 30-pus seater planes to enable Bahamians wishing to leave to join the company workers it is evacuating.

“You have a sense of panic within the Family Islands,” he said. “I don’t know how prepared NEMA (the National Emergency Management Agency) and the Government are with respect to what’s going on.

“They plan to get into action tomorrow [today].

How do you wait all this time to do that [evacuation], when you saw the storm for days, the track it was taking to go over

Inagua, and every model showed it was a dangerous storm that is going to intensify. What’s taking us so long to do what we’ve got to do?”

While Irma’s arrival has coincided with the slowest part of the tourism season, the Ministry of Tourism last night said it was working with the hotels and other private sector to ensure the well-being of some 6,000 visitors presently in the Bahamas.

The majority, some 4,000 or two-thirds, are in Nassau/Paradise Island, with the remaining 2,000 spread throughout the Family Islands. The Ministry said most are expected to leave by Thursday ahead of Irma’s arrival, and none are located on the southern Bahamas islands expected to take the brunt

of the Category Five ‘super storm’.

Joy Jibrilu, the Ministry of Tourism’s director-general, said in a statement: “Our main objectives are to ensure the safety and security of the guests throughout the islands of the Bahamas, protect the Bahamas’ reputation and secure the Ministry’s physical assets.

“We have many visitors right now, but unfortunately we may have to encourage them to leave in a timely manner depending on the trajectory of the storm and the islands that it will hit.

Of course, all visitors do not necessarily leave and some wish to ride out the storm.

“The hotels have a very well-established protocol to look after those visitors should they wish to stay. We are satisfied that the visitors

will be well looked after and we remain in constant contact with all hotels on all islands during the storm.”

Apart from the loss of stopover business, Irma has also cost the Bahamas five regular cruise ship calls, with Allure of the Seas and four Carnival vessels adjusting their schedules and dropping calls on Nassau and the Half Moon Cay private island.

Silver Airways has cancelled all flights into the Bahamas from tomorrow through to Sunday, September 10. However, the Lynden Pindling International Airport’s (LPIA) operator said last night that based on Irma’s current projected path the airport may only remain closed for 24 hours - from Friday evening until Saturday evening.

impacted several markets,” the Central Bank said of Grand Bahama. “Similarly, sea visitors decreased by 21.5 per cent, extending the 3.6 per cent loss noted a year ago.

“In addition, visitors to the Family Islands declined further by 6.7 per cent compared to a 0.6 per cent softening last year, as the decline in sea passengers deepened to 10.2 per cent from 2 per cent. In contrast, the higher-yielding air component strengthened by 15.2 per cent.

“Led by an accelerated gain in sea arrivals of 12.8 per cent, the growth in total visitors to New Providence firmed to

6.8 per cent from 5.3 per cent. However, the key air component fell by 6.5 per cent, a turnaround from a 4 per cent increase in 2016.”

The Central Bank also highlighted a reduction in the Bahamas’ external reserves, which stood at $881.9 million at end-July 2017 compared to $1.058 billion at the same point last year. The foreign currency reserves decreased by $79.05 million in July, and $20.17 for the first seven months of 2017, compared to a $249.36 million increase for the same period in 2016.

“External reserves moved lower by $79.1 million to $881.9 million, vis-a-vis a slight $4.5 million

gain in 2016, in line with the seasonal increase in foreign currency demand during the latter half of the year,” the Central Bank said of the July figures.

“Underpinning this outcome, the Central Bank sold a net of $38.5 million to commercial banks, a turnaround from the prior year’s $20.2 million net purchase, in order to meet the shortfall in their $56.4 million net sales to their customers, vis-à-vis 2016’s $8 million net receipt.

“In addition, the Bank’s net sale to the public sector more than doubled to $43.4 million, from $16.7 million in the prior year, amid increased sales to meet

external debt obligations and fuel purchases.”

The Central Bank added: “The outlook for external reserves over the remainder of the year will continue to hinge on the balance between the seasonal increase in foreign currency demand for current payments and the performance of the real sector.

“The Government’s foreign currency borrowings are nevertheless anticipated to provide a boost in the near-term. Reserve adequacy indicators should therefore stay in line with international benchmarks.”

US factory orders tumbled 3.3 percent in July

By MATT OTT Associated Press WASHINGTON (AP) — Orders at U.S. factories tumbled in July, dragged down by a sharp fall in orders for civilian aircraft.

The Commerce Department said Tuesday that factory orders declined 3.3 percent in July, after a 3.2 percent gain last month. July’s decline was mostly because of a 19.2 percent drop in orders in the volatile transportation equipment category. Orders for civilian aircraft — which can vary wildly from month to month — tumbled 70.8 percent in July after a 129.3 percent gain last month.

Excluding the transportation sector that includes aircraft, factory orders rose 0.5 percent in July after a tiny 0.1 percent uptick last month.

A category that serves as a proxy for business investment posted a solid 1 percent gain after a small 0.1 percent decline in June.

In recent months, U.S. manufacturing has been benefiting from a stronger dollar and an improving global economy. Growth has been picking up in Europe, Japan and parts of the developing world.

Despite the sharp fall in overall orders, the increase in the business investment category suggests companies are more optimistic about future demand from customers. A private survey last week showed that U.S. factories expanded at a brisk pace in August, another bright sign for the overall economy.

Orders for computers and electronic products rose 2.1 percent, and orders for electrical equipment, appliances and components rose 2.6 percent. Orders for autos and auto parts fell 0.9 percent.

Orders for durable goods — items meant to last at least three years — fell 6.8 percent after a 6.4 surge in June.

AN EMPLOYEE works on a factory floor at a Stihl Inc. production plant in Virginia Beach, Va. Yesterday, the Commerce Department reports on U.S. factory orders for July. (AP Photo/John Minchillo, File)

UK BREXIT CHIEF FACES JEERING LAWMAKERS DURING TALKS UPDATE

By DANICA KIRKA Associated Press LONDON (AP) — Britain’s chief Brexit negotiator faced a jeering House of Commons on Tuesday, as lawmakers returning from summer recess challenged government plans to “intensify” talks with the European Union.

David Davis ticked off what he described as accomplishments thus far in the negotiations and described Britain’s position as “flexible and pragmatic.”

As the heckles rose, a languid Davis leaned against the dispatch box and said his message to the European Commission had

always been to “put people above process.”

“Ultimately, businesses and citizens on both sides want us to move swiftly on to discussing the future partnership and we want that to happen after the European Council in October, if possible,” he said.

JOB OPPORTUNITY AVAILABLE TOWER MANAGER AND BUY-OUT TOWER MANAGER HOUSEKEEPING DEPARTMENT •

Job Summary: Ensures overall maintenance and cleanliness of villas and all public areas of Harborside Resort.

Britain wants to persuade the 27 other EU nations to start negotiating a future relationship that would include a free trade deal between Britain and the EU by the fall.

The EU says those negotiations can’t start until sufficient progress has been made on three initial issues: how much money the U.K. will have to pay to leave the bloc; whether security checks and customs duties will be instituted on the Irish border; and the status of EU nationals living in Britain.

Brussels has expressed frustration on the course of the talks.

As Davis argued progress had been made on citizens’ rights, financial settlements, Ireland and Northern Ireland, the chamber erupted into laughter and still more jeers.

Unfazed, Davis pressed on.

“Nobody has ever pretended this would be simple or easy,” he said.

The opposition Brexit spokesman, Keir Starmer, argued that “too many promises” had been made about Brexit which “can’t be kept.”

“It is a fantasy to think that you can have a deep and comprehensive trade deal without shared

institution and the sooner we face up to that the better,” Starmer said.

Prime Minister Theresa May is bracing for the first test of the government’s new term of office. Lawmakers this week will begin debating the Brexit Repeal Bill, which will effectively transfer EU law to U.K. statute books on the day Britain leaves the bloc.

Opposition Labour Party members have said they will vote against the bill, arguing it would allow ministers to “grab power from Parliament.”

Some members of May’s Conservative Party are suggesting they may vote against the bill in the later stages of the legislative process.

Main Duties and Responsibilities: • Inspects and evaluates guest’s rooms, also public areas such as restrooms, lounges,

reception center, sales offices and outdoor areas.

• Ensures guest rooms are cleaned and maintained according to the resort standards.

• Monitors supply of all cleaning materials, amenities and linen.

• Ensure monthly linen inventory and control for respective tower.

• Maintains good working knowledge of cleaning supplies and the proper usage, also

mechanical equipment maintenance.

• Inspects all Out-of-Order rooms daily.

• Ensures the cleanliness and maintenance of guests’ rooms, building hallways, stairwells,

elevators and linen rooms to the resort standard.

• Monitors key control procedures.

• Monitors maintenance requests and ensures timely attention.

• Supervises section staff ensuring that departmental policies and procedures are followed.

• Checks e-mail daily and follow through on requests and concerns.

• Reviews and actions daily concerns in log books and HotSOS. • Completes daily discrepancy report.

• Follow-up on all calls from Resort Services to ensure closed in the prescribed time.

• Prints all maid assignment sheets and room status reports.

• Liaison with Front Office on reported late check-out villas.

• Plans, organizes, coordinates and assigns work load.

• Trains, counsel, coaches develops, disciplines and rewards subordinates.

Requirements: • Minimum of three (3) years management experience in the field or experience in

a similar capacity.

• Associate Degree in relevant field.

• Excellent oral and written communication skills.

• Ability to work on own initiative.

• Excellent interpersonal skills.

• Computer skills including, Microsoft Word, Outlook, PowerPoint and Excel.

For consideration please email resumes to:Jacquelyn.gardiner@harborsideresort.com to apply for the position.

A PRO-remain supporter of Britain staying in the EU, wears an EU flag mask whilst taking part in a protest to coincide with politicians returning to work after the summer recess, outside the Houses of Parliament in London, yesterday. Britain’s chief Brexit negotiator will face questions from lawmakers returning from summer recess Tuesday as the government plans to “intensify” talks with the European Union. (AP Photo/Matt Dunham)

THE TRIBUNE

Wednesday, September 6, 2017, PAGE 5

BANKS, TECHNOLOGY COMPANIES LEAD US STOCKS LOWER

By ALEX VEIGA Associated Press ESCALATING tensions on the Korean peninsula rattled nerves on Wall Street Tuesday, leading to the stock market’s worst day in almost three weeks.

Bank stocks led the slide as bond yields slumped.

Technology stocks, the biggest gainers this year, also pulled the market lower.

Energy companies climbed the most as the price of crude oil rose.

Traders also bid up shares in traditional safehaven investments such as utilities and gold, which climbed to the highest level in more than a year.

“Today the risk-off trade really is North Korea front and center,” said Jeff Zipper, managing director of investments at U.S. Bank Private Wealth Management. “Also you have the hurricane last week and the upcoming hurricane, so there’s a lot on the plate for the market to digest.”

The Standard & Poor’s 500 index slid 18.70 points, or 0.8 percent, to 2,457.85.

The Dow Jones industrial average slumped 234.25 points, or 1.1 percent, to 21,753.31. The average had been down more than 277 points. The Nasdaq composite lost 59.76 points, or 0.9 percent, to 6,375.57.

GENEVA (AP) — China has tried to intimidate, blacklist and squelch the voices of rights advocates who operate within the U.N. system, Human Rights Watch said in a report Tuesday, calling on Beijing to stop such pressure and urging U.N. agencies to resist.

Presenting the report , HRW Executive Director

storm, the most powerful seen in the Atlantic in over a decade, was on a path that could eventually take it to the United States.

Royal Caribbean Cruises slid $5.20, or 4.2 percent, at $119.04, while Carnival declined $2.16, or 3.1 percent, to $66.97. Norwegian Cruise Line shed $1.85, or 3.2 percent, to $56.69.

The dollar declined to 108.66 yen from Monday’s 110.24 yen. The euro rose to $1.1918 from $1.1869.

In other energy trading, wholesale gasoline dipped 5 cents to $1.70 a gallon.

Heating oil was little changed at $1.75 a gallon.

Natural gas slid 10 cents, or 3.2 percent, to $2.97 per 1,000 cubic feet.

Among metals, silver rose 13 cents to $17.94 an ounce, while copper gained 1 cent to $3.13 a pound.

Stock markets overseas were mixed Tuesday.

In Europe, Germany’s DAX rose 0.2 percent, while the CAC 40 in France declined 0.3 percent. London’s FTSE 100 lost 0.5 percent after a survey of business activity showed a slowdown.

Earlier in Asia, Tokyo’s Nikkei 225 fell 0.6 percent and Seoul’s Kospi slid 0.1 percent. Hong Kong’s Hang Seng added 1.1 percent.

cause in an unbiased and objective way, and stop its groundless accusations against China,” Geng told reporters at a regular briefing.

The report said some U.N. officials have pushed back at “improper Chinese pressure” at times, while they “have capitulated” at others. It pointed to detention, travel restrictions and reprisals faced by Chinese activists, as well as efforts to hinder supporters of the Dalai Lama when he travels even within the vicinity of U.N. venues.

In one instance, the group said, U.N. officials sent home some of the 3,000 staffers at the U.N.’s Geneva campus during a

visit by Chinese President Xi Jinping to Switzerland in January, and barred NGOs from attending his speech there.

The U.N. office in Geneva, in a statement, said it “takes very seriously” the report’s comments, insisting that it works to allow U.N. human rights bodies “to carry out their work in a conducive environment free from interference of any kind.”

As for the Xi visit on Jan. 18, the U.N. building in Geneva “was indeed closed to visitors for security reasons, in accordance with security rules applicable to high-level visits.” It said “staff had been invited to work from home in order to

facilitate security arrangements for such a high-level event.”

The report, in essence, pieces together individual incidents into a broader whole to suggest that China is systematically thwarting efforts to monitor and protect human rights — not just in China but abroad, too.

It cites examples of China failing to ratify language on protection of individuals, working to slash funding for human rights officers in U.N. peacekeeping missions and refusing to affirm civil society’s role in a 2015 resolution at the U.N. Human Rights Council on public health.

THE NEW York Stock Exchange. U.S. stocks declined in early trading yesterday, as investors returned from the Labor Day holiday weekend. Banks and technology companies were down more than the rest of the market. Energy companies led the gainers as the price of crude oil headed higher. (AP Photo/Mark Lennihan, File) The Russell 2000 index of smaller-company stocks gave up 13.92 points, or 1 percent, to 1,399.66.

Stocks were coming off back-to-back weekly gains as investors returned from the Labor Day holiday weekend to heightened tensions between the U.S. and North Korea, which conducted its most powerful nuclear test to date

on Sunday, triggering U.S. warnings of a “massive military response.”

On Tuesday, South Korean warships conducted live-fire exercises at sea.

The U.N. Security Council held an emergency meeting and American Ambassador Nikki Haley said North Korean leader Kim Jong Un is “begging for war.”

The latest developments fueled anxiety in the

RIGHTS GROUP: CHINA MUST STOP PRESSURING ADVOCATES AT UN

By JAMEY KEATEN Associated Press

markets. The VIX, a measure of how much volatility investors expect in stocks, jumped 20.7 percent to 12.23.

Gold rose $14.10, or 1.1 percent, to $1,344.50 an ounce. That’s the highest price since gold hit $1,348.40 an ounce on Sept.

27.

Bond prices also rose.

The yield on the 10-year Treasury note fell to 2.06

percent from 2.17 percent late Friday.

The slide in bond yields weighed on shares in banks and other financial companies. Lower bond yields push interest rates on loans lower, hurting banks’ profits. XL Group slid $2.35, or 5.8 percent, to $38.27, while Brighthouse Financial lost $3.41, or 5.9 percent, to $54.08. All told, the financial sector fell 2.2 percent Tuesday, the biggest decliner in the S&P 500.

Technology companies also fell sharply. Qualcomm lost $2.02, or 3.9 percent, to $50.03. Nvidia gave up $4.55, or 2.7 percent, to $165.91.

Gains in crude prices helped lift shares in oil producers and other energy industry companies. Helmerich & Payne rose 75 cents, or 1.7 percent, to $43.77. Halliburton added 93 cents, or 2.4 percent, to $39.83.

Benchmark U.S. crude gained $1.37, or 2.9 percent, to settle at $48.66 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose $1.04, or 2 percent, to close at $53.38 a barrel in London.

Shares in cruise line operators fell as Hurricane Irma roared toward islands in the northeast Caribbean Tuesday. The Category 5

Kenneth Roth said that China’s influence and crackdown on civil society at home “make it a model of bad faith that challenges the integrity of the U.N. rights system.”

The New York-based group’s report is based on interviews with 55 people including U.N. officials, diplomats and civil society representatives between May 2016 and March, and takes aim at a powerful, rising country with a

NOTICE

NOTICE is hereby given that JONAS CYRIL of Bahama

Avenue, Second Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 30th day of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE TURINVEST COMPANY LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TURINVEST COMPANY LIMITED is in dissolution as of September 4th, 2017.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ NOTICE

KAMELLIA INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) KAMELLIA INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 30th August, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

permanent seat on the U.N. Security Council.

In Beijing, Foreign Ministry spokesman Geng Shuang said the Chinese government is committed to promoting and protecting human rights, and accused Human Rights Watch of being prejudiced against China.

“We urge the relevant organization to remove its tinted lenses and view China’s human rights development and its contribution to the international rights

MARKET REPORT TUESDAY, 5 SEPTEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 1,862.21 | CHG 1.27 | %CHG 0.07 | YTD -76.00 | YTD% -3.92 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

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 10.44 10.01 2.41 1.55 6.00 9.75 7.08 10.25 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 100.00 100.00 100.00 109.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.70 1.39 0.13 3.92 8.60 6.10 10.47 10.01 2.40 1.55 6.00 9.75 7.08 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 0.03 0.00 -0.01 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

108.99 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.09 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 200 230 1,500

5,540

VOLUME

22 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 19.4 17.9 23.5 3.4 5.0 12.7 12.3 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

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

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

Dated this 6th day of September, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

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%

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% 3.44% 5.69% 2.50% 3.87% 4.83% 4.62% 0.00% 3.32% 2.00% 4.96% 0.00%

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 TRIBUNE

Wednesday, September 6, 2017, PAGE 7

Tax overhaul faces resistance from fans of some deductions

By MARCY GORDON AP Business Writer WASHINGTON (AP) — President Donald Trump and congressional Republicans have pledged to overhaul the nation’s complex tax code. To slash taxes, they say they’ll curb a web of expensive deductions and credits to allow more revenue to flow to the government.

Problem is, they’re likely to run into a wall of resistance from people and groups drawn together by a singular warning: Don’t touch my deduction.

Major cherished tax breaks — from deductions for mortgage interest and charitable donations to incentives for 401(k) contributions — have deep-pocketed supporters and lobbyists who are sure to fight to preserve those benefits. They add up to hundreds of billions of dollars in lost potential revenue that could otherwise go to rebuilding roads and

bridges or social programs or even to help finance broader tax cuts for people and companies.

“On every single item, there’s a group out there ready to battle,” says Thomas Cooke, a professor and tax expert at Georgetown University.

This makes the outlook thorny for a tax rewrite effort this fall, a Trump priority that Republicans consider a political imperative looking ahead to next year’s midterm elections.

The collapse of GOP health care legislation raises the stakes for taxes, with Trump’s team offering an ambitious timetable.

“We’re on track to get this done by the end of the year,” Treasury Secretary Steve Mnuchin said Thursday in an interview with CNBC. The president and the GOP agree on the broad goals: Simplifying the tax code, lowering the rate for corporations from the current 15-35 percent range,

and bringing relief for the middle class. But details have to be filled in.

“We’ve already agreed on the outlines and now we’re refining the micro-details,” Speaker Paul Ryan, R-Wis., said Thursday during a visit to a knife-manufacturer in suburban Milwaukee.

Among the seemingly unassailable benefits, the most cherished may well be the deduction of interest

on up to $1 million in mortgage debt on a primary (and a secondary) residence. It is fiercely defended by the National Association of Realtors, which spent $64.8 million on lobbying on various issues last year including the mortgage deduction, according to the Center for Responsive Politics.

Roughly 28 million Americans deduct mort-

House Republicans say they’ve got a more efficient way to encourage home buying. Under their plan, the standard deduction would be increased from the current $12,600 for married couples filing jointly, for example, to $24,000.

They argue that a majority of homeowners would no longer choose to itemize deductions and claim the mortgage-interest benefit. They’d be better off using the bigger standard deduction.

Another possibility is halving the mortgage deduction to $500,000.

That would surely set up a pitched battle.

Other highly popular benefits: —Employees’ earnings from defined-contribution retirement plans such as 401(k)s are not taxed until retirement; pay-ins by both employers and employees also receive tax-preferred status. That cost $82.7 billion in the most recent budget year.

“We’ve already agreed on the outlines and now we’re refining the micro-details” paid on mortgages. Touted as a pillar in the promotion of homeownership, the benefit cost the government an estimated $77 billion in the budget year that ended last Sept. 30, according to Congress’ Joint Committee on Taxation.

The benefit allows homeowners to deduct interest

gage interest from their income taxes, with the biggest concentrations in the high housing-cost states of California, New York, New Jersey, Virginia and Maryland, according to the Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 74° F/23° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Clouds and sun, a t‑storm in spots

Partly cloudy with a shower

Partly sunny

Some wind and rain from Irma

Hurricane conditions possible

Lingering rain and wind from Irma

High: 92°

Low: 79°

High: 93° Low: 80°

High: 93° Low: 81°

High: 91° Low: 79°

High: 92° Low: 80°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

113° F

93° F

114°-94° F

97°-83° F

94°-81° F

98°-84° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 88° F/31° C Low: 83° F/28° C

4‑8 knots

S

High: 91° F/33° C Low: 78° F/26° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 91° F/33° C Low: 79° F/26° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 89° F/32° C Low: 77° F/25° C

High: 90° F/32° C Low: 78° F/26° C

MIAMI

High: 92° F/33° C Low: 80° F/27° C

4‑8 knots

KEY WEST

High: 89° F/32° C Low: 83° F/28° C

ELEUTHERA

NASSAU

High: 92° F/33° C Low: 79° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2017

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The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau Low

Ht.(ft.)

Today

8:28 a.m.

8:48 p.m.

High

Ht.(ft.)

3.2 3.5

2:28 a.m.

2:39 p.m.

0.5 0.4

Thursday

9:09 a.m.

9:29 p.m.

3.3 3.4

3:06 a.m.

3:22 p.m.

0.3 0.3

Friday

9:52 a.m.

10:11 p.m.

3.4 3.4

3:46 a.m.

4:07 p.m.

0.3 0.3

Saturday

10:37 a.m.

10:55 p.m.

3.5 3.3

4:26 a.m.

4:55 p.m.

0.2 0.4

Sunday

11:25 a.m.

11:44 p.m.

3.5 3.1

5:10 a.m.

5:46 p.m.

0.3 0.5

Monday

12:18 p.m. ‑‑‑‑‑

3.5 ‑‑‑‑‑

5:58 a.m.

6:42 p.m.

0.3 0.7

Tuesday

12:38 a.m.

1:17 p.m.

3.0 3.4

6:52 a.m.

7:44 p.m.

0.4 0.8

sun anD moon Sunrise Sunset

6:53 a.m.

7:23 p.m.

Moonrise Moonset

7:53 p.m.

7:04 a.m.

Full

Last

New

First

Sep. 6

Sep. 13

Sep. 20

Sep. 27

CAT ISLAND

E

W

High: 88° F/31° C Low: 82° F/28° C

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S

E

W

4‑8 knots

S

6‑12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 80° F/27° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 92° F/33° C Last year’s low ................................... 78° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.20” Year to date ............................................... 24.85” Normal year to date ................................... 25.63”

High: 88° F/31° C Low: 83° F/28° C

Among the ideas circulating among some Republicans is reversing that by taxing investment earnings upfront, not upon retirement; or reducing the limits on pre-tax contributions.

With about 55 million U.S. workers holding some $5 trillion in their 401(k) accounts, the plans have become a touchstone of retirement security for the middle class.

A coalition of groups representing employers, consumers and the financial industry recently expressed concern to the powerful chairman of the Senate Finance Committee. With lawmakers looking for revenue sources to offset prospective tax cuts, “Any changes to the retirement system made solely for short-term budgetary gains, and not for policy reasons, could hurt Americans’ longterm retirement security,” the Save Our Savings coalition said in a letter to Sen. Orrin Hatch, R-Utah.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 88° F/31° C Low: 82° F/28° C

High: 87° F/31° C Low: 82° F/28° C

N

High: 90° F/32° C Low: 83° F/28° C

E

W S

LONG ISLAND

insurance management tracking map

High: 88° F/31° C Low: 83° F/28° C

7‑14 knots

MAYAGUANA High: 88° F/31° C Low: 83° F/28° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 86° F/30° C Low: 82° F/28° C

High: 88° F/31° C Low: 82° F/28° C

GREAT INAGUA High: 90° F/32° C Low: 83° F/28° C

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E

W

E

W

N

S

S

7‑14 knots

8‑16 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS S at 6‑12 Knots E at 10‑20 Knots SE at 4‑8 Knots E at 6‑12 Knots SE at 6‑12 Knots NE at 10‑20 Knots E at 7‑14 Knots N at 20‑35 Knots SE at 6‑12 Knots ENE at 10‑20 Knots SE at 6‑12 Knots E at 7‑14 Knots SE at 6‑12 Knots NE at 10‑20 Knots E at 8‑16 Knots N at 20‑35 Knots ESE at 7‑14 Knots NNE at 10‑20 Knots E at 8‑16 Knots NNE at 20‑40 Knots SE at 4‑8 Knots ENE at 10‑20 Knots SE at 7‑14 Knots NNE at 8‑16 Knots SE at 7‑14 Knots NE at 10‑20 Knots

WAVES 3‑5 Feet 4‑8 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 5‑9 Feet 3‑5 Feet 6‑12 Feet 4‑8 Feet 5‑9 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 4‑8 Feet 3‑5 Feet 10‑14 Feet 2‑4 Feet 3‑5 Feet 5‑10 Feet 15‑20 Feet 1‑2 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 4‑8 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 5 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 87° F 87° F 87° F 87° F 85° F 85° F 85° F 85° F 85° F 85° F 87° F 87° F 87° F 86° F 86° F 86° F 86° F 86° F 83° F 83° F 86° F 86° F 85° F 85° F 86° F 86° F

PAGE 8, Wednesday, September 6, 2017

THE TRIBUNE

CONGRESS TO SPEED UP HARVEY AID, TACKLE DEBT LIMIT

By ERICA WERNER Associated Press WASHINGTON (AP) — Lawmakers returned to Washington Tuesday facing a daunting to-do list and three months left in the year to show that Republicans can actually get things done.

President Donald Trump immediately added a huge complication by rescinding immigration protections for younger immigrants and ordering Congress to come up with a fix.

The immigration issue has defeated Congress’ best efforts in the past and proven enormously divisive for the GOP. But for now there’s not even room for it on the front burner as lawmakers, just back from a five-week summer recess, face a series of more immediate tasks.

First up: Speeding relief aid to Texas and Louisiana in the wake of the Harvey storm. A first $7.9 billion installment was set for House passage on Wednesday, with leaders hoping for a big bipartisan vote to demonstrate Congress’ support for Harvey’s victims.

That will be the easy part.

GOP leaders are also wrestling with how to raise the government’s $19.9 trillion debt limit, something that must happen by month’s end, at the latest, to avoid a first-ever default on U.S. payments. The administration and GOP leaders were making plans to add the debt limit increase to the Harvey relief bill in the Senate and send it back to the House, a plan that quickly provoked conservative ire and a familiar intramural GOP dispute.

“We are grateful that in Texas the flood waters continue to recede. But here in the swamp, they continue to rise,” fumed GOP Rep. Mark Walker of North Carolina, chairman of the Republican Study Committee, referring to Washington, D.C. He made the comments in an interview Tuesday on Fox News Channel.

Despite the conservative outrage, leaders were

THE CAPITOL is seen during a heavy rain in Washington. Harvey has scrambled the equation for Congress as lawmakers return to Washington Tuesday. Having accomplished little in the first six months of the year they now face a daunting workload, but the immediate need to send aid to help Texas and Louisiana recover from the massive storm damage takes center stage, and pushes other disputes to the side. (AP Photo/J. Scott Applewhite) pressing forward with the plan as a way to sweeten the perennially unpopular debt limit vote. As usual they planned to rely on Democratic votes to get it over the finish line without conservative support.

And, Congress must also approve new spending by Sept. 30 to stave off a government shutdown. The plan for dispensing with that issue was a short-term extension of existing spending levels, which would kick the funding fight into December. At that point lawmakers could add more money for Texas and Louisiana and fight it out over Trump’s call for money for a wall along on the U.S.-Mexico border.

“We have three critically important things before us right now that we need to do quickly,” Majority Leader Mitch McConnell, R-Ky., said as he opened the Senate session. “Pass disaster relief. Prevent a default so that those emergency resources can actually get to Americans who need them.

And keep the government funded.”

There is no time to waste.

Federal disaster funds run out on Friday, the Federal Emergency Management Agency is warning lawmakers. FEMA has just $1 billion remaining in its disaster accounts.

In addition to the tasks Congress must do, McConnell also made a pitch for the big issue GOP lawmakers want to do in the remainder of the year: overhaul the U.S. tax code to lower rates for businesses and individuals. After failing to make good on promises to repeal and replace Barack Obama’s health care law, Republicans feel a real sense of urgency to accomplish a tax rewrite so that they can have something to show to voters ahead of midterm elections next year where the House majority is at stake.

Top GOP House and Senate leaders met with Trump and key administration officials on the issue

earlier praised Trump as “very engaged on this issue.”

The White House meeting on taxes drew sniping from Minority Leader Chuck Schumer, D-N.Y., who complained about the GOP’s plans to try to write a tax bill on a partisan basis and leave Democrats out.

And then there’s the consequential decision announced Tuesday by Attorney General Jeff Sessions to phase out former President Barack Obama’s program that protected some 800,000 immigrants brought illegally to the country as kids. The phase-out will happen in six months’ time, a period meant to give Congress a chance to come up with a solution.

White House Press Secretary Sarah Huckabee Sanders made clear the administration is not looking for a fix just for the young immigrants, known

“If we’re going to keep momentum going and allow the economy to truly take off as it should, it is vital that we reduce crushing tax burden on our companies and on our workers”

SENATE Majority Leader Mitch McConnell of Ky., accompanied by House Speaker Paul Ryan of Wis., speaks to reporters outside the White House in Washington, following their meeting with President Donald Trump inside. Harvey has scrambled the equation for Congress as lawmakers return to Washington Tuesday. Having accomplished little in the first six months of the year they now face a daunting workload, but the immediate need to send aid to help Texas and Louisiana recover from the massive storm damage takes center stage, and pushes other disputes to the side. (AP Photo/Pablo Martinez Monsivais)

Tuesday afternoon at the White House.

“If we’re going to keep momentum going and allow the economy to truly take off as it should, it is vital that we reduce crushing tax burden on our companies and on our workers,” Trump said as McConnell, House Speaker Paul Ryan and others gathered with him for the meeting.

“This is more than just tax reform. This is tax cutting,” said Trump “We’re going to cut taxes, we’re going to reduce taxes, for people, for individuals, for middle income families. We’re going to reduce taxes for companies.”

Despite feuding with Trump over the summer as the president attacked him for the Senate’s failure on health care, McConnell

as Dreamers to advocates, but also for other aspects of the immigration system including visa programs and Trump’s border wall.

“Really big fixes and big reform,” Sanders said.

“That’s their job,” she said of Congress. “And if they can’t do it, then they need to get out of the way and let somebody else who can take on a heavy lift and get things accomplished.”

Lawmakers were already calling for presidential guidance on the issue, although leaders and aides said that, given the six-month time frame, they did not expect to turn to it immediately.

“It is important that the White House clearly outline what kind of legislation the president is willing to sign,” said Sen. Marco Rubio, R-Fla.