business@tribunemedia.net
MONDAY, SEPTEMBER 11, 2017
$4.25 BAHAMAS SUPPLY CHAIN ‘VERY FORTUNATE’ ON IRMA By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian economy’s supply chain was yesterday said to have been “very fortunate”, as Hurricane Irma’s more westward track will likely lead to an earlier cargo shipping resumption. Michael Maura, Nassau Container Port’s (NCP) chief executive, told Tribune Business that Irma’s shift away from Florida’s east coast will likely mean less damage to the four ports responsible for supplying New Providence with 75 per cent of its commercial freight. As a result, he predicted that vessels belonging to
West Florida track aids US ports NCP chief expects earlier freight re-start But still concerned on building materials Mediterranean Shipping Company (MSC), Tropical Shipping and other US carriers that service Nassau will be able to return to their Florida ports come Tuesday. See PG B3
GOVT URGED: USE INSURANCE TAXES FOR DISASTER RELIEF By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Insurance Association’s (BIA) chairman yesterday suggested that the 3 per cent ‘premium tax’ levied on the industry be used to finance a National Disaster Recovery Fund. Emmanuel Komolafe told Tribune Business that the increased frequency, and severity, of storms such as Hurricane Irma meant the Bahamas needed to have “a serious conversation on the development of a robust national disaster risk plan”. He suggested that if the Government decided not to make insurance more affordable by eliminating taxes paid by the consumer, then these funds should be segregated from the Consolidated Fund and used to “build up on an annual basis” a Disaster Recovery Fund. The insurance industry is arguing that by eliminating See PG B3
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Bahamas ‘dodges a bullet’ from Irma By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister yesterday predicted the Bahamas had “dodged a bullet”, with Hurricane Irma unlikely to force the Government into emergency borrowing. K P Turnquest told Tribune Business that while damage assessments have yet to be conducted, there was every indication storm repairs can be financed from contingencies and the repurposing of alreadyallocated Budget funds.
Extra Govt borrowing for repairs unlikely DPM: ‘Major economic, fiscal loss held off’ Predecessor urges Budget storm contingency “It is about what we would have expected,” he said of Irma’s financial impact. “I don’t know
if there’s anything terribly significant except for Inagua, where we understand Morton Salt suffered some significant damage. “I think, all in all, we’ve staved off any major losses and we hope for the best.” Irma continued to pound Grand Bahama and Bimini with tropical storm force winds yesterday as it made its way up the Florida peninsula, sparking a series of tornados on the former island and flooding on the latter. However, the now-Category Three storm failed to score a direct hit on the See PG B4
DPM PETER TURNQUEST
Chamber: Morton Salt damage ‘great concern’ By NEIL HARTNELL Tribune Business Editor and NATARIO MCKENZIE Tribune Business Reporter
Bahamas needs ‘Disaster Recovery Fund’ BIA in talks on ‘microinsurance’ for poor, SMEs Urging Govt to make cover more affordable
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RODERICK SIMMS II
THE hurricane damage inflicted on Morton Salt’s plant is “of great concern”, a Chamber of Commerce executive said yesterday, because it is Inagua’s “main economic driver”. Roderick Simms, chair of the Chamber’s Family
Island division, expressed hope that the company would be able to retain most, if not all, of its 100-plus workforce while repairs were carried out. Otherwise he fears “a ripple effect” for Inagua’s economy, as workers may then be unable to afford to repair their own homes damaged by Hurricane Irma. See PG B4
Fears of ‘ripple effect’ on Inagua Company confirms plant damage Hopes for ‘quick rebound’ in Out Islands
EMMANUEL KOMOLAFE
ALIV AWAITS ‘BIG TEST’ IN BIMINI By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ALIV was yesterday awaiting the outcome of its “big test” in Bimini, having experienced “no issues at all” with its network infrastructure during Hurricane Irma to-date. Damian Blackburn, the mobile operator’s top executive, told Tribune Business the company was eagerly waiting to see how its network held up amid the flooding impacting Bimini. “It’s obviously still going through Bimini and Grand Bahama,” he said of Hurricane Irma, but so far the network’s held up really well; no issues at all. “We’re waiting for it to go through Bimini, which is the big test. It’s bad there with flooding. But we’ve been working through the storm,
‘No issues’ with Irma network performance Damage may delay southern roll-out Cable chief: ‘We’ve dodged missile, not bullet’ and thank God it wasn’t as bad as forecast. The network’s performed as it does every day. There was no challenge in performance during the storm or after.” Mr Blackburn said that while “isolated” Aliv mobile tower sites had lost commercial power, its subscribers would have experienced no service interruptions See PG B4
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PAGE 2, Monday, September 11, 2017
THE TRIBUNE
PI resorts reopening after minimal damage By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net RESORTS on Paradise Island yesterday said they were fortunate not to have not sustained any damage from Hurricane Irma, and are either open or preparing to re-open. Howard Karawan, Atlantis’s president and managing director, said yesterday: “The storm has passed us by and our prayers are with those who are affected by - and still in the path of -Hurricane Irma. “We are extremely fortunate that everybody – our guests, associates and marine life - made it through the storm safely, and Atlantis has sustained no damage. Once all advisories were lifted, the team began the process of putting furniture back out and removing the sandbags that were filled prior to the storm. The resort is now fully operational.” He added: “It is during times like these that we see it as our moral responsibility to support the community as best as we can, not close our doors on them. Everyone is safe. Everyone had a place here at the property, and together we navigated the storm.
ATLANTIS RESORT “We were able to host hundreds of local residents who stayed with us, dined with us and participated in resort-curated activities. Our hearts break over the catastrophic loss from both Hurricane Harvey and Hurricane Irma.”
Warwick International’s special assistant to its president, G. Paul LeBlanc, said of the chain’s Paradise Island property: “We did very well with no damage from the winds, with the exception of certain trees in the Paradise Garden in front. With no rain, we were all very, very
lucky. We are very glad that LPIA is back in operation.” Baha Mar also reported that it had sustained no damage as a result of Hurricane Irma. The resort said in a statement that is is ready to resume full hotel, casino and retail operations tomorrow.
BAHAMASAIR TO RESTART ‘FULL SCHEDULE’ TODAY By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMASAIR expects to return to a “full schedule” today following the passage of Hurricane Irma, its chairman told Tribune Business yesterday. Tommy Turnquest said in a statement that its normal operations will resume today based on weather and airport conditions. However, he noted that its ability to resume services to Florida will depend on the opening of airports in Miami, Fort Lauderdale, West Palm Beach and Orlando. Mr Turnquest told Tribune Business: “We expect to have a full schedule tomorrow. We would have hoped to go to Grand Bahama at 4pm, but that is not possible as they still do not have the all clear. “We took the fleet down to Jamaica, and the problem over the weekend was that Jamaica ‘s radar got hit by lightning and all flights were cancelled as a result. All is well and we’re on our way back. “Bahamasair is prepared to help in the repatriation of persons with regards to NEMA and anything else required of us. I was very pleased see the level of professionalism and efficiency of Bahamasair management and staff in terms of helping to evacuate persons. I think they did an excellent job. In fact, I spoke to the Prime Minister on Friday and he said to commend them.”
THE TRIBUNE
Monday, September 11, 2017, PAGE 3
Chamber to assist storm-hit companies By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is aiming to help Irma-hit businesses in the southern Bahamas “get back on their feet as soon as possible”, its chief executive said yesterday. “The fact that there was not a direct hit, and Nassau was completely spared, was a very good thing and we should be thankful for that,” said Edison Sumner.
“We are thankful that Grand Bahama, which is still recovering from Matthew, did not take another hit either. When the centre of government goes it impacts the entire country, and makes it difficult to assist other islands impacted by these kinds of events.” Mr Sumner added: “We have been following the news out of the southeast islands. Based on the information that we have received so far we know that there has been some structural damage in Inagua, Crooked Island and those.
Bahamas supply chain ‘very fortunate’ on Irma From pg B1 This, in turn, will likely result in the Arawak Cay port receiving its first freight shipments on Thursday, as opposed to “late next [this] week” as previously predicted by Mr Maura. “From a Bahamian supply chain and trade standpoint, we have been very fortunate,” Mr Maura said of Irma’s current path. “Obviously our thoughts and prayers are with people on the west coast of Florida, but we have been very fortunate that the ports themselves, and the airports, have not been
significantly impacted by Hurricane Irma.” With Port of Palm Beach, which supplies 50 per cent of NCP’s freight, and the ports of Miami, Everglades and Jacksonville that supply a further collective 25 per cent, all outside the hurricane-force winds, Mr Maura predicted they would suffer less damage. This will lessen the chance that debris will block their harbours, channels and berths, thus enabling the four ports to be cleared for opening - and shipping vessels to return - much more quickly.
Govt urged: Use insurance taxes for disaster relief From pg B1 VAT and the 3 per cent ‘premium tax’, property and casualty insurance will become more affordable for Bahamian businesses and homeowners, thus making them less reliant on government financial assistance in the aftermath of a hurricane. And Mr Komolafe also revealed that the BIA was in initial talks with unnamed “multilateral and regulatory agencies on the introduction of microinsurance” - a product “designed to increase insurance penetration and serve the low income as well as small and medium-sized enterprise sector of our society. Suggesting that both society and the Public Treasury would benefit from “less reliance on government in natural disasters”, Mr Komolafe said: “The Government can reduce its costs by reducing taxation on insurance, making it more affordable to people. “Insurance should be the beneficiary of tax policy to enable people to cover their properties and provide for
themselves in the aftermath of storms.” Mr Komolafe said the BIA had already spoken to Deputy Prime Minister K P Turnquest on the issue, especially given that the sector was being subjected to ‘double taxation’ - with VAT being levied upon the 3 per cent ‘premium tax’. “We will always be in the hurricane zone, so it makes sense to do strategic planning,” the BIA chairman added, suggesting that the National Development Plan and Government’s finances will “not be sustainable” without financial reserves to cover the cost of hurricanes and other disasters. Pointing out that the Standard & Poor’s (S&P) ‘junk’ downgrade of the Bahamas had been prompted in part by Hurricane Matthew’s impact, Mr Komolafe backed the Government’s decision to renew coverage from the Caribbean Catastrophe Risk Insurance Facility (CCRIF). He added, though, that this needed to be supplemented with private
“Hopefully, restoration will be done quickly, but it may take so time to get utilities and businesses fully restored. We want to see how we can put some resources and measures in place to assist those businesses in getting back on their feet as soon as possible. Commerce is what drives the economy.” Mr Sumner said a “close eye” was being kept on Florida, which was impacted by Hurricane Irma over the weekend. “We are also keeping an eye on Florida. It is the main hub, logistically, for the country,” he explained.
“Most of the products that come into the country either come through or are from Florida. If the ports in Florida are affected, that could create some challenges for us.” Mr Sumner added that while many Bahamian retailers had enjoyed a spike in sales ahead of Irma, the reduction in their inventory - coupled with potential logistical issues in Florida - would prove challenging. Michael Maura, the Nassau Container Port’s (NCP) chief executive, last week warned Bahamian businesses to brace for “significant supply chain
disruption”, with no freight vessels arriving at Nassau until possibly “late next week”. The ports at Palm Beach, Miami, Port Everglades and Jacksonville supply 75 per cent of freight destined for New Providence, and the NCP chief acknowledged that the likely damage to Florida’s port infrastructure will be a “major concern” for Bahamian companies in the short-term at least. However, he yesterday said Irma’s more westerly track would spare Florida’s ports the worst of the wind and storm surge, reducing the supply chain impact.
EDISON SUMNER
“I would anticipate by Tuesday at the latest that we will see vessels making their way back into port,” Mr Maura told Tribune Business. “If that happens, we’ll hope in a best case scenario to see our first ships around Thursday.’ The NCP chief executive had last week warned that Irma, which was then predicted to travel up Florida’s eastern coast, could cause “significant supply chain disruption” with no freight vessels arriving at Nassau until possibly the end of this week. “It will have a pretty significant impact on our supply chain,” Mr Maura said then. “I do not believe it will put us out of business for any extended period of time, but I expect we
will experience significant supply chain disruption next week.” While that forecast has been subject to revision, he yesterday predicted that reconstruction demand in Florida and Texas post-Irma and Harvey could result in reduced building materials supply being available to the Bahamas, which would push up prices. “I think we’re still challenged by that demand,” Mr Maura said, “because there is damage being caused in the States by Irma. The demand for rebuilding and reconstruction supplies is something that will cause the price of those supplies to increase into next year - for as long as it takes for the US to rebuild. That is a concern.”
Tribune Business reported on these fears last week, which were backed my major building supplies retailers and wholesalers. Meanwhile, speaking as the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, Mr Maura said Inagua, Ragged Island and Acklins’ Salina Point settlement appeared to be the locations hardest hit by Irma so far. “Wherever Irma made landfall as it made its way through the Bahamas there was extensive damage,” he said. “Wherever we have coastal roads that are close to or at sea level, those roads were severely damaged by sea water and the surge.
“As we look to address or repair infrastructure, we need to try our best to stay away from the coast and take roads inland where possible. Storms eat up those coastal roads.” Mr Maura suggested that the Bahamas also needed to look at designing coastal buildings “that allow the water to go under the buildings, rather than through them”. He added: “As Irma moves north we must monitor Hurricane Jose. In 2004, Hurricane Jeanne came up through the Leeward Islands and moved out into the Atlantic, where it did a u-turn and came back and hit Abaco, Grand Bahama and made landfall in West Palm Beach.”
insurance coverage of key infrastructure assets, and suggested that the maximum $35 million payout by CCRIF amounted to “a drop in the bucket” alongside Matthew-type damage of $600-$700 million. CCRIF is making a collective $15.619 million preliminary payment to Antigua & Barbuda, Anguilla and St Kitts and Nevis due to Hurricane Irma, with the former two set to receive over $6 million apiece - welcome funds, but just a very small portion of the total damage. Mr Komolafe, meanwhile, said the Bahamian property and casualty industry was “watching very closely” how Irma impacts Florida, as this “will definitely affect rates” in this nation. Anton Saunders, RoyalStar Assurance’s managing director, last week told Tribune Business that property and casualty premiums in this nation could increase by as much as 20-25 per cent depending on the severity of Irma-related damage in Florida. He explained that the knock-on impact for the Bahamas would come from sharing the same reinsurers as those that cover Florida.
Bahamian underwriters buy huge quantities of reinsurance to enable them to cover risks in this nation, meaning that property and casualty premiums in this nation are dictated by reinsurers. “We have the same reinsurers, so we have to watch and see what happens to Florida to determine what happens with the rates,” Mr Komolafe reiterated. “We’re in the middle of hurricane season, and still have a long way to go. The
frequency of these storms is not something we’re used to. We’ve dodged a bullet with Irma because it did not hit New Providence like Matthew, but we cannot let our guard down. We have Jose around the corner and the tropics are active. AccuWeather yesterday predicted that the combined economic cost of Hurricanes Harvey and Irma will be $290 billion, although some financial analysts placed the latter alone at $300 billion.
Of that latter sum, they said between $100-$150 billion represented insured losses. AIR, the worldwide catastrophe modelling firm, yesterday estimated combined Caribbean and US insured losses from Irma to be between $20 billion to $65 billion. Of that, the US accounted for between $15 billion to $50 billion, with property losses from Hurricane Harvey’s losses in Texas pegged at $65-$75 billion.
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PAGE 4, Monday, September 11, 2017
Chamber: Morton Salt damage ‘great concern’ From pg B1 The then-Category Five storm scored a near direct hit on the Bahamas’ southern-most island, and Mr Simms said the Chamber will be “reaching out” to Morton Salt to gain an understanding of the storm’s impact and how it can assist the company’s recovery. “It is a concern,” Mr Simms told Tribune Business of Morton Salt and Inagua’s economy. “Morton Salt is a member of the Chamber, and we’ll reach out to them and gain an understanding [of their situation]. “They are the largest employer on the island, and will reach out to them once they have done an
assessment and see how to move forward from there getting an understanding of the transition time to better understand the impact on their workers.” Mr Simms added: “They might be able to operate and retain the workers while repairing the facilities, but that may have to be done first. “It is of great concern because Morton is the biggest single employer on the island, and driver of the economy on the island. It is of concern to the Chamber that any prolonged disruption will have a ripple effect on the economy, in addition to businesses and residents, because if you’re not working you may be unable to repair your own place.”
Bahamas ‘dodges a bullet’ from Irma From pg B1 Bahamas’ major economic and population centres of New Providence and Freeport, unlike Hurricane Matthew in October 2016. This means Irma is unlikely to force the Government into unplanned, emergency borrowing similar to the $150 million that its Christie administration predecessor was forced to raise in Matthew’s aftermath to finance relief efforts and repairs to public infrastructure and buildings.
Mr Turnquest confirmed that the Minnis administration will “probably not” be forced into borrowing beyond the $522 million planned for the 2017-2018 fiscal year, although a final determination will be made following damage assessments due to be conducted today. “I expect it will be a combination of just redeploying some funds, and the contingency funds, and hopefully that covers it,” the Deputy Prime Minister said of the
THE TRIBUNE Persons who rode-out Irma on Inagua suggested that Morton Salt’s facilities had suffered multi-million dollar damages. But the company, while confirming that its plant had been impacted, did not place a dollar figure on the repair costs because it has yet to conduct a proper assessment. Morton Salt, Inagua’s primary employer confirmed that Hurricane Irma had damaged some of its buildings and structures, although a full assessment will have to be undertaken to determine the impact on operations. The company, a subsidiary of German group, K + S, told Tribune Business in a statement: “We have sustained some damage to buildings and structures on the property as a result of the hurricane.
“A full assessment will be conducted when weather conditions stabilise, so we can safely and properly analyse the damage and its impact on our operations. Until that time, the continued well-being of our Inagua team remains our top priority.” Morton Salt stressed that the safety and security of its employees was of the utmost importance. “That’s why we closely monitored Hurricane Irma, and activated our emergency response plans and protocols in preparation for the storm,” it said. “This included closing our Inagua site on Wednesday to enable our employees and their families to prepare for Hurricane Irma while ensuring our facility was secured.” The Bahamas Industrial Manufacturers & Allied Workers Union
(BIMAWU), which represents Morton Salt’s line staff, told Tribune Business: “It sounds like there was a good bit of damage. The roof of the mechanic shop is completely gone. The conveyor belt that they use to run the salt on to the stock piles has been damaged, so there is a lot of work that needs to be done.” Inagua, together with Ragged Island and Acklins’ Salina Point settlement, appear to have been the islands and locations that received the brunt of Irma. Still, Mr Simms expressed optimism that “for the most part the Family Islands can rebound very quickly considering the damage”. “The country will have to pull together to help those in need considering that we’ve not had the best economic times in the past few years,” he told Tribune
Business. “We all have to pitch in to help our brothers and sisters. “But considering what Hurricane Irma was supposed to be, we fared pretty well. We avoided much of the damage she left in her path, and should be able to rebuild very quickly. Look at Barbuda, Turks & Caicos and the impact Irma left in her wake. We can say we dodged a bullet.” Mr Simms quickly acknowledged that this was of little consolation to those who had suffered loss and damage from Irma, and said the Chamber and its island affiliates would be working closely with the Government agencies in a relief effort. He also praised the Government for making “the right call” in evacuating Bahamians from those southern islands directly in Irma’s path.
Government’s repair and recovery bill. “This could have been a whole lot worse. We saw what happened in the Caribbean, we saw what happened in Cuba, and are now seeing what’s happening in Florida. We have to be thankful we were spared the brunt of the storm and, overall, came out not too bad from what I can see so far.” Many private sector executives and politicians last week expressed fears that the Bahamas would not have been able to absorb a Matthew-type hit from Irma, given its alreadystruggling economy and precarious fiscal position. Matthew is estimated to have caused $600-$700 million worth of damage when it travelled north through the Bahamian archipelago, adding to the $100 million bill that Hurricane Joaquin left in its wake in 2015. Had Irma followed a similar path, it would have had potentially serious implications for the Bahamas’ sovereign credit rating. Moody’s has given the Minnis administration 12-18 months to demonstrate it can execute effectively on its fiscal consolidation plan, and referred specifically to the Bahamas’ exposure to major hurricanes in placing
a ‘negative’ outlook on this nation. “The negative outlook reflects potential downside risks to the fiscal consolidation process posed by weaker-than-expected growth, exposure to climate-related shocks in the form of hurricanes, and implementation risks associated with measures to rein in expenditure growth and enhance revenues,” said Moody’s. “Absent successful fiscal consolidation, the Bahamas’ fiscal and credit profile would likely weaken.” Mr Turnquest yesterday acknowledged the Government’s relief at avoiding Irma’s worst, saying: “Obviously this is a very sensitive time for us, as we try to retain our [financial] strength and credit rating, and control our debt situation. Thank God we’ve dodged a bullet. “With Nassau airport (LPIA) reopening, hopefully the tourism product will pick up immediately, business will pick up and we’ll recover quickly.” The $4.2 billion Baha Mar project will resume full operations tomorrow (Tuesday), having evacuated all pre-Irma guests from New Providence. Moody’s is predicting that the Bahamas’ national debt, which already exceeds $7 billion, will peak at a ratio
equivalent to 80 per cent of gross domestic product (GDP) in 2017-2018 - provided the Government’s fiscal consolidation plan is executed effectively. Irma would likely have blown a hole in this and other fiscal projections had the Bahamas felt its full wrath, but the Government’s finances will nevertheless feel some impact. James Smith, one of Mr Turnquest’s predecessors as minister of finance, told Tribune Business that the Bahamian economy’s twoday shutdown to ready for Irma, plus reduced tourism arrivals, would cost the Public Treasury revenue. “We didn’t really get much of a hit, so don’t have to replace a lot of infrastructure, except perhaps in the badly hit southern islands,” he projected. “I expect the Morton plant in Inagua is covered by insurance to replace their production facilities. “The greatest impact will be on the lost business. Florida is where we source most of our materials and goods from, and let’s go all the way to Houston. The impact of these hurricanes, Harvey and Irma, is going to put a dent in our visitor arrivals.” Florida, together with New York and the northeast US, is the Bahamas’
largest source tourist market. With Floridians likely to be more focused on recovery and repairs in the short-term, Mr Smith said this was likely to show up in cancelled Bahamian vacation bookings. “Over the next several months, we will probably see it in terms of a reduced number of visitors coming from the US,” he added. “Because New Providence, where we have most economic activity, is pretty much unaffected the direct impact on the fiscal position is not as severe [as Matthew] but we will feel it.” Mr Smith argued that “the time has come” for the Government to calculate an ‘average’ for what hurricanes have cost it in recent years, and then include this figure as a contingency ‘line item’ in the Budget as some kind of ‘relief’ fund. “You can no longer ignore it,” he told Tribune Business of the hurricane threat. “It’s a perennial event.” Mr Smith also warned the Bahamas against selfcongratulation at having avoided Irma’s worst, given that hurricane season had only just reached its ‘peak’ and there were several months left. “This is a chapter in the book of hurricane season,” he added.
Aliv awaits ‘big test’ in Bimini
Mr Blackburn, though, said Aliv’s plans to launch services in the southern Family Islands before Christmas 2017 could be impacted by Irma-related damage on those islands. Inagua, Ragged Island and Acklins appear to have suffered most, although damage was also reported on Mayaguana and Crooked Island. With regulators mandating that Aliv and its Bahamas Telecommunications Company (BTC) rival co-locate, or share the same mobile sites, where possible, Mr Blackburn said damage
to its competitor’s facilities might delay its plans. “These plans might change a bit depending on how much recovery efforts are required by BTC, but we’ll know in the next week,” he explained, adding that Aliv and BTC were to co-locate at 60 per cent of sites. Aliv also requires transmission from BTC, and Mr Blackburn reiterated: “If they are necessarily distracted by hurricane recovery, it might affect our own rollout plans. We’ve started our preparations, and have given forms out to a lot of the evacuees.” Meanwhile Anthony Butler, president and chief executive of Cable Bahamas, Aliv’s 47.25 per cent controlling shareholder, said its own network infrastructure had largely held up well in the Bahamas. “I don’t think we’ve dodged a bullet; I think we’ve dodged a missile here in the Bahamas,” Mr Butler told Tribune Business of Hurricane Irma. However, Cable Bahamas’ $100 million worth of Florida acquisitions, now consolidated under the Summit Broadband name, have not been so lucky since their services are concentrated in the state’s south-west and central regions - directly in Irma’s path. “The Bahamas for the most part has been spared, and we will be looking to assist our colleagues in Florida as they did for us last year after Matthew,” Mr Butler said. “They came for Grand Bahama, and that will be reciprocated.” Mr Butler said Cable Bahamas’ Bahamian restoration plan had begun on Saturday, with repair crews expected to be finished dealing with “isolated outages” yesterday. The company is planning to send teams to Andros, Exuma and Inagua once Lynden Pindling International Airport (LPIA) re-opens, with a satellite dish needing to be placed “back on station’ in the latter island.
From pg B1 because back-up generators and/or batteries would have kicked-in immediately. The Aliv chief said the lessons learnt from Hurricane Matthew had proven invaluable, as the mobile operator had this year ensured that all its 146 locations were equipped with both eight-hour batteries and generators with five days’ fuel supply. Many, but not all, of Aliv’s mobile sites were
equipped with such redundancy when Matthew hit, meaning several went down when Bahamas Power & Light (BPL) power was lost. “All the work we did on generators and batteries made the difference,” Mr Blackburn said. “Last year we planned, but we didn’t have back-up power at every site, whereas we did this year. “We had a plan, but did not have to use it because commercial power stayed up. It’s all good.”
THE TRIBUNE
Monday, September 11, 2017, PAGE 5
US STOCKS WAVER AGAIN AS ENERGY COMPANIES FALL By MARLEY JAY Associated Press
NEW YORK (AP) — Technology and energy companies skidded Friday while banks and insurers recovered some of their recent losses, leaving major U.S. indexes little changed on the day and moderately lower for the week. Credit monitoring company Equifax plunged after it disclosed a data breach that affects 143 million Americans. Competitors TransUnion and Experian also fell, while data security companies like Symantec jumped as investors expected they will get more business. Grocery stores and food companies slumped as Kroger said stiff competition forced it to cut prices. Target also said it is lowering prices. Technology companies including Apple, Facebook, Intel and chipmakers weakened. Hurricane Irma continued to devastate islands in the Caribbean. The enormous storm killed at least 21 people, a total that is expected to rise as rescuers continue to search. It also left thousands of people homeless, and more than a million people in Florida and Georgia have been ordered to evacuate. Irma is expected to hit Florida over the weekend with winds surpassing 130 miles per hour. Experts think the storms will slow down U.S. economic growth in the third quarter. While that’s likely to be temporary, David Chalupnik, head of equities at Nuveen Asset Management, said the effect on the stock market could linger because it will be hard for investors to tell how much of any individual company’s problems are caused by the weather. “The next couple of months are going to be pretty cloudy,” Chalupnik said. He said insurance companies, cruise lines, and oil refiners based in the Gulf Coast or Southeast could take losses and bad debt at credit card companies will increase, and since the storm will push the Federal Reserve to keep interest rates lower for a bit longer, that will hurt banks by keeping interest rates low on loans.
percent, to 1,399.43. More stocks fell than rose on the New York Stock Exchange. Equifax, which hit alltime highs last month, took its biggest one-day loss since 1999 after it said a cyber intrusion exposed Social Security numbers and other information from 143 million Americans between mid-May and late July. Equifax tumbled $19.49, or 13.7 percent, to $123.23. TransUnion fell $1.89, or 3.8 percent, to $47.50 and Experian fell 0.7 percent in London. Security software company Symantec jumped $1.03, or 3.4 percent, to $31.63 and competitor FireEye rose 24 cents, or 1.5 percent, to $16.01. Insurer Chubb rose $5.97, or 4.4 percent, to $140.85 and XL Group regained $2.13, or 5.8 percent, to $38.61. Still, investors expect the industry to take steep losses from Irma and Hurricane Harvey. Reinsurance companies, which sell policies that cover
projection doesn’t account for the hurricanes, which may hurt its sales. Kroger dropped $1.71, or 7.5 percent, to $21.06. Supervalu fell $1.43, or 6.8 percent, to $19.66. Target shed $1.15, or 2 percent, to $57.27 and Wal-Mart gave up $1.25, or 1.5 percent, to $78.88. Energy companies fell as benchmark U.S. crude skidded $1.61, or 3.3 percent, to $47.48 a barrel in New York. Brent crude, used to price international oils, lost 71 cents, or 1.3 percent, to $53.78 a barrel in London. Wholesale gasoline declined 1 cent to $1.65 a gallon. Heating oil fell 2 cents to $1.77 a gallon. Natural gas sank 9 cents, or 3.1 percent, to $2.89 per 1,000 cubic feet. Bond prices dipped. The yield on the 10-year Treasury rose to 2.06 percent from 2.05 percent. Banks traded a bit higher. They had taken sharp losses on Thursday as bond yields and interest rates dropped.
THE NEW York Stock Exchange at sunset, in lower Manhattan. U.S. stock indexes were wavering between tiny gains and losses in early trading Friday, Sept. 8, 2017. Losses among technology and consumer-focused companies offset gains by financial and health care stocks. (AP Photo/Mary Altaffer, File)
“The next couple of months are going to be pretty cloudy” catastrophic losses like those caused by storms and floods, are down about 10 percent since early August. Property and casualty insurers have also stumbled. Grocery store chain Kroger said intense competition with Target and Wal-Mart forced it to cut prices in the second quarter, which hurt its profits. Making matters worse, after the quarter ended Amazon. com completed its purchase of Whole Foods and immediately cut prices on many items. Kroger didn’t change its annual forecast, but that
Gold rose 90 cents to $1,351.20 an ounce. Silver added 1 cent to $18.12 an ounce. Copper retreated 10 cents, or 3.2 percent, to $3.04 a pound. The dollar fell to 107.79 yen from 108.65 yen on Thursday. The euro strengthened to $1.2028 from $1.2003. Natural disasters affected markets outside the U.S. as well. Mexico’s Bolsa stock index fell 0.7 percent after a powerful earthquake hit near the southern coast. Authorities said least 58 people were killed.
Gains and losses The Standard & Poor’s 500 index lost 3.67 points, or 0.1 percent, to 2,461.43. The Dow Jones industrial average gained 13.01 points, or 0.1 percent, to 21,797.79. The Nasdaq composite dropped 37.68 points, or 0.6 percent, to 6,360.19. The Russell 2000 index of smaller-company stocks rose 0.76 points, or 0.1
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COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Side BETWEEN IN THE MATTER OF QUIETING TITLE ACT 1959 AND IN THE MATTER of the Petition of STEPHANIE MORLEY of the Eastern District of the Island of New Providence, The Bahamas AND IN THE MATTER of All THAT piece parcel or lot of land being of Admeasurements 5,845 square feet and situated on the Eastern side of Pine Sea Wind Drive Street District of the Island of New Providence one Of the Islands of the Commonwealth of the Bahamas NOTICE TAKE NOTICE that Stephanie Morley claims to be the owner in fee simple in possession of the said land and has made application os the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. A Plan of the said land may be inspected during normal working hours at: (a) The Registry of the Supreme Court, New Providence in the Commonwealth of The Bahamas and the Chambers of V. Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Street, New Providence; NOTICE IS HEREBY GIVEN that any person or persons having dower or rights of dower or an Adverse Claim of Claim not recognized in the Petition shall on or before the 10th day of October A.D, 2017 file in the Supreme Court in New Providence aforesaid and serve on the Petitioner or the undersigned a Statement of their claim aforesaid on or before the 10th day of October A.D., 2017 or it will operate as a bar to such claim. Dated this 23rd day of August A.D., 2017 V.ALFRED GRAY & CO., Chambers Dowdeswell House Dowdeswell & Armstrong Street Nassau, Bahamas Attorneys for the Petitioner
PAGE 6, Monday, September 11, 2017
THE TRIBUNE
TOURISM, AGRICULTURE BUSINESSES BRACE FOR IRMA’S IMPACT By DAVID KOENIG Associated Press AFTER knocking down parts of the vital tourism industry in the Caribbean, Hurricane Irma is spinning toward Florida, another vacation haven. Tourism accounts for 1.4 million jobs in the Sunshine State, where more than 112 million people visited last year and spent $109 billion. Resorts and hotels there could suffer instant destruction from Irma’s winds or lingering damage if vacationers stay away. “We will still have our beaches after Irma, but some people who were planning to come to Florida will change those plans,” said Sean Snaith, an economics professor at the University of Central Florida. “They may postpone, or change destinations.” In the Caribbean, at least 21 people were killed when Irma slammed into the islands as one of the strongest Atlantic hurricanes ever. Heavy damage was reported on St. Martin, St. Barts and other famous beach destinations. Roads and airports will need to be repaired or even rebuilt, and it’s uncertain whether that can be done in time for the winter high season on the hardest-hit islands. Wealthier islands with more private
insurance will fare better, said Gabriel Torres, an analyst for Moody’s Investors Service who has studied the effect of storms in the Caribbean. “It has an impact on tourism because some hotels will decide not to rebuild or take a long time to rebuild, and that’s lost revenue,” Torres said. “That can take years to recover.” Torres said St. Martin, which is divided into Dutch Sint Maarten and French Saint-Martin, will benefit as their European patrons provide aid for rebuilding. If there is any consolation, it may be that “the damage to tourism is going to be less than feared because a great many popular islands have been spared,” including Aruba, Bonaire and Curacao, said Arthur Frommer, the founder of Frommer’s travel guides. Here is a snapshot of Irma’s likely effects on other key industries: — AIRLINES: More than 4,600 flights in the storm’s path have been canceled, including flights this weekend in Florida, and the number is expected to soar, according to tracking service FlightAware. com. That means more lost revenue for the airlines, which canceled about 11,000 flights when flooding
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ERICA BALL aka ERICA BALL-CHIPMAN aka ERICA CHIPMAN-BALL of Turtle Drive, P.O.Box SS-19197, intend to change my name to JAHMILLA SAFIA BARAKA. 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.
from Hurricane Harvey shut down both main Houston airports for several days. Harvey landed as a Category 4 hurricane on Aug. 25 near Corpus Christi, Texas. It weakened to a tropical storm but lingered in Southeast Texas for days, dumping torrential rainfall in the Houston area that flooded homes and highways. United Airlines and Southwest Airlines were hit hardest by Harvey. Savanthi Syth, an airline analyst for Raymond James, said JetBlue Airways, Allegiant Air and Spirit Airlines were most vulnerable to Irma because of their higher concentration of flights that touch Florida and the Caribbean. Among the larger carriers, American Airlines has the most exposure to Irma, Syth said. — AUTOS: Irma won’t damage as many cars and trucks as Harvey did, but the toll is still expected to be extensive, according to analysts from Cox Automotive, which publishes Kelley Blue Book and Autotrader. Cox said 130,000 to 200,000 vehicles will be lost in Miami, West Palm Beach and Fort MyersNaples in south Florida. By comparison, 300,000 to
A WORKER carries a ladder to dismantle attractions at an amusement park along the boardwalk ahead of Hurricane Irma in Daytona Beach, Fla., Thursday, Sept. 7, 2017. South Florida officials are expanding evacuation orders as Hurricane Irma approaches, telling more than a half-million people to seek safety inland. (AP Photo/David Goldman) 500,000 vehicles were damaged in the Houston area. In Florida, “People are driving their cars away. Look at I-95 — they’re leaving,” said Brian Meredith, an insurance analyst with UBS. “Houston was different because people hadn’t left.” — INSURANCE: The industry is in good financial shape because insurers haven’t had to pay out for mammoth losses like back-to-back hurricanes in over a decade, analysts say. But they are wary of Irma’s predicted path, which would mean landfall in the densely populated area from Miami to Fort Lauderdale. “This is the sort of path that could constitute the elusive 1-in-100 year event” that insurers use to judge catastrophes, Matthew Carletti, an analyst for JMP Securities, wrote in a note to clients.
By SARAH DILORENZO Associated Press SAO PAULO (AP) — The former chairman of the world’s largest meatpacker, whose testimony implicated Brazil’s president in corruption, turned
THURSDAY, 7 SEPTEMBER 2017
himself into police Sunday after the country’s Supreme Court ordered his arrest. Joesley Batista has avoided prosecution under a plea bargain deal in which he described how meatpacking giant JBS had
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,862.22 | CHG -0.02 | %CHG 0.00 | YTD -75.99 | YTD% -3.92 BISX LISTED & TRADED SECURITIES 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 10.47 10.01 2.40 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 100.00 100.00 100.00 108.99 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
rip oranges and grapefruit from their branches or even uproot trees, said Lisa Lochridge, spokeswoman for the Florida Fruit and Vegetable Association. “This has the potential to be devastating,” Lochridge said. — OIL AND GAS: One-third or more of service stations were out of gas in several Florida cities including Miami, West Palm Beach, Fort Myers and Tampa, according to GasBuddy. Compared with Hurricane Harvey, which knocked out refineries and caused the nationwide average price of gasoline to jump about 30 cents a gallon, Irma is less likely to have such a quick and obvious effect on Americans beyond the storm’s path.
Brazil businessman turns himself into police in graft probe
MARKET REPORT 52WK HI 4.38 19.17 9.09 3.70 2.41 0.14 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
RMS, a company that advises insurers, estimates Irma could cause wind damage of up to $70 billion in the U.S., almost all of it in Florida. Meredith, the UBS analyst, said some insurers and re-insurers might need to issue debt or equity to raise more capital after getting hit with Harvey and Irma claims. Homeowner policies could become more costly but not by a great deal, he said, because premium increases require approval from regulators. — AGRICULTURE: Irma could be a devastating blow to a Florida citrus industry that is already reeling from a decade-long infestation of citrus greening disease, which leads to fewer and bitter-tasting fruit. If the storm’s path takes it through the center of the state — the citrusgrowing region — it could
CLOSE 4.28 17.43 9.09 3.70 1.39 0.14 3.92 8.60 6.10 10.47 10.01 2.38 1.55 6.00 9.75 7.08 10.25 7.01 12.50 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
109.13 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME 6,065
3,000
2,220
VOLUME
NAV 2.07 3.95 1.96 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01
EPS$ 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 19.4 17.9 23.3 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
YIELD 1.87% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 3.44% 5.69% 2.52% 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%
bribed dozens of politicians, including President Michel Temer. Earlier this year, Temer was charged with corruption for allegedly orchestrating a scheme in which he would get payouts totaling millions of dollars for helping JBS resolve a business issue. Temer denies wrongdoing, and Congress voted in August that he would not stand trial on the charge while in office. But Brazil’s sprawling probe into the massive trade in bribes and kickbacks for favors between companies and politicians, known as Operation Car Wash, continues to churn out new allegations on almost a daily basis. Just this week the country’s chief prosecutor, Rodrigo Janot, filed charges against three former presidents and several other powerful politicians, accusing them of forming criminal organizations to pilfer from public coffers, and authorities detained a former Cabinet minister and close ally of Temer after $16 million in cash was found in an apartment linked to him. Janot also has said he plans to file more charges against Temer. To do so, he’ll need to act in the coming days since his terms ends on Sept. 18. But the specter that Batista and others withheld information could cast a pall over the Car Wash investigation, which has relied heavily on plea bargain deals, a fairly new innovation here. Many in Brazil are uneasy with the agreements, in general, and
the deals JBS executives got provoked specific outrage from those who thought they were too lenient. Janot said last week that he is investigating whether Batista and other cooperating witnesses omitted some information from their testimony and he has threatened to revoke the deals if they didn’t tell the whole truth. The revelation came after Janot’s office received audio of a conversation between Batista and Ricardo Saud, an executive at J&F Investimentos, the holding company that controls JBS. The men apparently did not know they were being recorded, and Janot said it contained vague references to potentially illicit activity not previously disclosed, including the possibility of wrongdoing in his own office and at the Supreme Court. He was careful to add that any information they have given — like the allegations against Temer — was still valid. In his decision, Justice Edson Fachin said there was sufficient indication that Batista and Saud had withheld information from prosecutors when formalizing their plea bargains. Fachin ordered both men be detained. The decision was made Friday but was only made public by the court on Sunday. Guilherme Barros of the public relations firm GBR that represents J&F said Batista and Saud have turned themselves into Federal Police in the city. He did not comment on the accusations against Batista and Saud.
NAV Date 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - 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
FORMER JBS chairman Joesley Batista, left, is driven away from his father’s house to turn himself in to authorities, in Sao Paulo, Brazil, yesterday. A Brazilian Supreme Court justice has ordered the arrest of the former chairman of the world’s largest meatpacker JBS, whose testimony implicated Brazil’s President Michel Temer in corruption. (AP Photo/Nelson Antoine)
PAGE 8, Monday, September 11, 2017
THE TRIBUNE
China’s ever-tighter web controls jolt companies, scientists BEIJING (AP) — China’s campaign to stamp out use technology that allows web surfers to evade its internet filters is disrupting work and study for entrepreneurs, scientists and students. The crackdown comes as the ruling Communist Party tightens political control ahead of a congress at which
President Xi Jinping is due to be appointed to a second 5-year term as leader. After Beijing began clamping down on use of VPNs in January, dozens of activists and lawyers have been detained and a cybersecurity law tightened control on online data.
How many people might be affected is unclear, but consumer research firm GlobalWebIndex says a survey of Chinese web surfers this year found 14 percent use a VPN daily. For China’s online population of 731 million, it means 100 million regular users.
VISITORS use a laptop computer at a display booth as a security guard stands nearby at the Global Mobile Internet Conference in Beijing. China’s campaign to stamp out use technology that allows web surfers to evade its internet filters is disrupting work and study for entrepreneurs, scientists and students. The crackdown comes as the ruling Communist Party tightens political control ahead of a congress at which President Xi Jinping is due to be appointed to a second 5-year term as leader. (AP Photo/Mark Schiefelbein, File)
Trump signs aid and debt bill over some GOP objections By ANDREW TAYLOR Associated Press WASHINGTON (AP) — Disaster aid is getting a $15.3 billion boost under a bill passed by Congress and signed into law by President Donald Trump. But dozens of conservative House Republicans are fuming over the measure because it increases the
debt ceiling and funds the government for the next few months without offsetting cuts to spending. When the House passed the bill 319-90 on Friday, all 90 opposing votes came from the president’s own party. In a closed-door meeting before the House vote, more than a dozen Republicans stood up and
complained about Trump cutting a deal with Democratic leaders Sen. Chuck Schumer and congresswoman Nancy Pelosi. Trump had accepted their approach over that of GOP leaders. Trump administration officials sent to ask for support from House Republicans were hissed and booed. BUDGET Director Mick Mulvaney speaks to reporters following a closeddoor Republican strategy session that included Treasury Secretary Steven Mnuchin and Speaker of the House Paul Ryan, R-Wis., at the Capitol in Washington, Friday, Sept. 8, 2017. Republican conservatives are grumbling, but the House voted overwhelmingly to send a $15.3 billion disaster aid package to President Donald Trump, overcoming conservative objections to linking the emergency legislation to a temporary increase in America’s borrowing authority. (AP Photo/J. Scott Applewhite)
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LONDON (AP) — Former British Prime Minister Tony Blair is proposing tough new immigration rules as part of a plan to keep Britain from leaving the European Union. The longtime Brexit opponent said Sunday that controlling immigration from other EU countries would satisfy the British public’s demands without having to take Britain out of the 28-nation bloc.
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Former UK leader advises immigration curbs instead of Brexit Blair concedes that the open borders that were in place during his tenure are no longer appropriate. He called instead for a system that would restrict the free movement of people enshrined in EU law and require newcomers to register with UK authorities. He said in a Sunday Times article that the mandate British voters gave in the 2016 referendum that approved leaving the EU can be respected without the upheaval of Brexit.
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FORMER British Prime Minister Tony Blair is interviewed by Maria Bartiromo during her “Mornings with Maria” program on the Fox Business Network, in New York. The longtime Brexit opponent said yesterday, that controlling immigration from other EU countries would satisfy the British public’s demands without having to take Britain out of the 28-nation bloc. (AP Photo/Richard Drew, File)