09132017 business

business@tribunemedia.net

WEDNESDAY, SEPTEMBER 13, 2017

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‘Realities so grim’ if no action on Moody’s

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is “almost compelled” to improve the Bahamas’ fiscal and economic performance, a top insurer said yesterday, because “the realities are so grim” if it fails.

Patrick Ward, Bahamas First’s president and chief executive, told Tribune Business that the Minnis administration needed to “bring everything to bear” to avoid a further sovereign credit rating downgrade by Moody’s in 12-18 months’ time.

He said the insurer, and all other ‘rated’ companies in the Bahamas, had “breathed a sigh of relief” when Moody’s last month elected to give the

Top insurer: Govt ‘almost compelled to do right thing’ Urges: ‘Bring everything to bear’ to avoid downgrade Bahamas-rated firms in ‘sigh of relief’ on hold-off Government ‘breathing space’ and time to execute on its fiscal consolidation and GDP growth plans.

With the Bahamas’ sovereign rating a factor that can influence individual

companies’ ratings, Mr Ward said he was “hopeful” the Government could maintain its ‘investment grade’ rating with Moody’s simply because the alternative was too awful to contemplate.

“All the rated companies did breath a sigh of relief in relation to that,” he said of Moody’s not downgrading the Bahamas to ‘junk’, “and we’d encourage the Government to bring everything to bear to ensure we avoid any downgrade in the future and, at some point, get the ‘negative’ outlook changed to a ‘positive’ outlook.”

Mr Ward’s comments serve as a reminder that, as the Bahamas begins post-Irma reconstruction and gives thanks that the main islands

were largely spared, it must also get back to the business of implementing serious and urgent economic reforms.

Despite maintaining the Bahamas’ ‘Baa3’ rating, Moody’s placed a ‘negative’ outlook on the Bahamas due to doubts about the Government’s ability to deliver on its fiscal consolidation and economic growth plans.

The Bahamas’ “exposure to climate-related shocks in the form of hurricanes” was cited as another factor behind Moody’s ‘negative’ outlook, although Hurricane Irma largely spared this nation’s major islands and economic activity centres.

Mr Ward said Moody’s ‘negative’ outlook “speaks See PG B4

BAMSI ‘OPENS NEW MARKET’ Bahamas gets $234k from THROUGH IRMA PREPARATIONS Caribbean disaster facility

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAMSI yesterday said it had minimised Hurricane Irma’s potential impact through early harvesting, revealing the storm had cost it just 8-10 per cent of its banana and papaya crops.

Alassis Braynen, the Bahamas Agricultural and Marine Science Institute’s (BAMSI) chief executive, said its entire papaya offering and other crops would “have been gone” had Andros taken Irma’s full force.

Fearing the worst, he explained that the Institute harvested its green papayas early and sent them to Nassau ahead of the storm, with the effect of “opening a new market”.

“We had some damage,” Mr Braynen said of Irma, “specifically towards the bananas and papayas, but I would say it is minimal.

“We lost about 8 per cent of the banana crop, and about 10 per cent of the papaya trees. Normally we ship just the fresh papayas into Nassau for sale, but what we did a few days before the hurricane in relation to the papayas was

Harvests green papayas early to escape storm Lost just 8% of bananas, 10% of papayas Top executive calls for farmer insurance

to expand the harvest into green papayas.”

Mr Braynen explained that green papayas were used for processing and as a “base” product for sauces.

These were sold to distribution centres, and he added: “We harvested some of the green papayas because we knew that if we took the full brunt of the storm, the papayas will be gone.

See PG B3

INSURANCE RATE RISE ‘MAY COME INTO PLAY IN ‘18’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS were yesterday warned that increased catastrophe insurance rates “may come into play in 2018” as a result of hurricane-related devastation in the US. Patrick Ward, Bahamas First’s president and chief executive, told Tribune Business that businesses and homeowners needed to “be aware” of the potential implications for this nation even though it was largely spared by Hurricane Irma.

While Mr Ward said it was too early to determine whether Bahamian property and casualty rates will increase, and by what percentage, insurance risk modelling firms were yesterday pegging the combined insured losses from Irma and Hurricane Harvey at between $50-$75 billion.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Sum less than 1% of total CCRIF payouts

THE Bahamas will receive a $234,000 Irma payout from the Caribbean disaster insurance facility that the Christie administration previously withdrew from, it was revealed yesterday.

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) confirmed that the Bahamas will receive the payment on its tropical cyclone (TC) insurance policy within the next two weeks.

The Bahamas’ payment is less than 1 per cent of the total $29.646 million promised to Caribbean islands by CCRIF to-date, and likely represents a fraction of the multi-million dollar sum required to repair damage in Ragged Island, Inagua and Acklins.

Unlikely to end debate on annual premium Central Bank: No ‘blanket’ lending relaxation And while the Bahamas is receiving more than Haiti, CCRIF said the damage in these two nations did not meet the threshold that would trigger payments.

“The payments that are due to both countries are based on the Aggregate Deductible Cover (ADC),” CCRIF said. “At the See PG B5

MINISTER: TOURISM ‘DODGED A MAJOR BULLET’ WITH IRMA Hopes for ‘very quick’ rebound; airlift key Bahamas ‘ramps up marketing machine’ Baha Mar ‘must address’ closure design flaw

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Tourism yesterday said the Bahamas’ main industry had “dodged a big bullet” from Hurricane Irma, and should be able to rebound “very quickly”.

Dionisio D’Aguilar told Tribune Business that virtually all the Bahamas’ major resorts and tourism assets had escaped the ‘super storm’ unscathed, although their Florida market and south-east US airlift may take slightly longer to rebound.

He added that the Ministry had “ramped up its marketing machine” to dispel the suggestion by some international media that the entire Bahamas had been devastated by Irma, rather than just a few sparsely-populated islands.

“We were very lucky,” Mr D’Aguilar told this newspaper. We dodged a big bullet from a tourism standpoint, and should be able to get up and running very quickly.

“We should be able to return to business very quickly, but we have to do a marketing campaign to let people know the majority See PG B4

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Bahamas First chief tells consumers: ‘Be aware’ ‘Too early’ to determine if increase, or extent Insurers ‘not celebrating’ low Irma claims The Bahamian insurance industry is likely to receive minimal claims from Irma, especially compared to the estimated $400 millionplus in Hurricane Matthew insured losses, but Mr Ward said is “not celebrating” that outcome.

He added that the storm impacted many on the sparsely-populated Family Islands “in a very real way”, See PG B6

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PAGE 2, Wednesday, September 13, 2017

STERLING REASSURES INVESTORS OVER ITS BAHAMAS PROJECTS EXCITING AND CHALLENGING OPPORTUNITY FOR YOUNG BAHAMIANS

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The Bahamas Maritime Authority is once again offering a scholarship to a young Bahamian, who is keen to train for an exciting and challenging career in the Maritime Industry.

The scholarship is inclusive of tuition, course materials, accommodation and travel. Commencing September 2018, the successful candidate will follow a 4-year degree programme at the State University New York Maritime College, New York, USA. Upon completion of the degree, the qualified officer will be expected to serve on board a Bahamian flagged vessel for at least 2 years.

THE TRIBUNE STERLING Global Financial yesterday said it had reassured its 1,500-plus investors that all the group’s Bahamas-based properties and investments came through Hurricane Irma unscathed.

“We realised that as soon as the hurricane began bearing down on the Bahamas our investors would be concerned about the company’s assets here, so we wanted to put their minds at ease and reassure them that our properties and their investments are 100 per cent intact with no damage,” said David Kosoy, Sterling’s chairman and chief executive.

Steve Tiller, president and chief operating officer, added that Sterling Global

Financial had moved part of its operations to its Cayman office as a precaution that would enable the firm to provide uninterrupted service in case of catastrophic damage.

“As it turned out, most of the Bahamas was spared, though our hearts go out to those everywhere who were so hard hit, especially in Bimini and the southern Bahamas where many of our staff have family,” said Mr Tiller. “We are also advising our clients that we will continue to monitor Hurricane Jose, which has a relatively low chance of hitting the Bahamas.”

Sterling which specialises in large-scale real estate debt and equity financing, also reassured clients that

BTC MOVES TO AID IRMA RELIEF EFFORTS THE Bahamas Telecommunications Company (BTC) is providing Grand Bahama residents with charging stations for their electronic devices, and launched a monthlong donation campaign for Hurricane Irma relief efforts.

The communications provider has also joined forces with civic group, Our Grand Bahama (OGB); Facebook charity group, HeadKnowles; and the Red Cross to bring

much relief to residents in need.

“The partnership between BTC and these civic organisations is something that materialised overnight” said Eldri Ferguson-Mackey, BTC’s customer experience vicepresident for Nassau and the Family Islands.

“It was a very natural partnership for us. We not only service the communities affected by Irma, but our team members live in these communities, which

Further information and application forms can be obtained from: Mrs. Katie Clarke, Assistant Director, Bahamas Maritime Authority, Shirlaw House, #226 Shirley Street, P. O. Box N-4679, Nassau, Bahamas; Website: www.bahamasmaritime.com OR Email: scholarship@bahamasmaritime.com Tel: +1-(242)-356-5772 Fax: +1-(242)-356-5889 Completed applications must be submitted in person or by post, with copies of academic certificates/transcripts and proof of Bahamian citizenship, no later than Friday, 29th September 2017. Qualified applicants will be contacted for interviews.

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Among the projects financed by Sterling in the Bahamas are ONE Cable Beach; THIRTY SIX on Paradise Island; Beach House Villas, Paradise Island; Courtyard by Marriott, downtown Nassau; Ocean Terraces, West Bay Street; Matt Lowe’s Cay, Abaco; and Sky Beach Estates, Eleuthera.

The firm has won numerous awards for its performance and continues to have an excellent Sharp ratio, which measures risk/ reward. It administers or manages $9 billion in assets, and in 2016 opened Sterling Bank & Trust (Bahamas).

Its headquarters are located on East Bay Street. made it even more important for us to get involved on the ground level.”

BTC team members and volunteers from OGB began manning the company’s Pioneers Way and Pyfrom Manor locations from noon yesterday, accepting donations of clothing, non-perishable food items, toiletries and other relief supplies.

While immediate recovery efforts will focus on assisting Grand Bahama residents displaced by tornadoes, the project has since expanded to include communities such as Bimini and the southeastern Bahamas as well.

“BTC covers every island, rock and cay in the Bahamas, and so it was extremely heart-warming to see our country managers and leads in other Family Islands step up to become a part of this initiative and volunteer to use their locations as assistance hubs as well,” said Ms Ferguson-Mackey.

“While this is obviously a time of distress for many Bahamians, it is also an opportunity for us to demonstrate our spirit of brotherly love and togetherness as we work to rebuild and restore post Hurricane Irma.”

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SUPER VALUE CHIEF: ‘NO NEED TO PANIC’ OVER FOOD SUPPLIES

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

SUPER Value’s owner yesterday reiterated that there was “no need to panic” over concerns that Hurricane Irma’s impact on Florida could affect food shipments to the Bahamas.

Rupert Roberts told Tribune Business he had experienced no issues with US-based food suppliers.

“During the hurricane I was talking to our suppliers, and they said our warehouse was full and they were ready to ship again,” he said.

“Only a small amount of our inventory comes out of Florida. If there is anything that we get out of the US that is in short supply, we just move to another world market. For example, we bring in chicken from Brazil anyway. I don’t really see a cause for concern for any one item.”

Mr Roberts added that Super Value’s warehouse contained three months’

worth of inventory valued at “at least $10 million”.

“We have $10 million worth of inventory in the warehouse,”he confirmed. “If there is any delay there we can handle it. The orders are rolling in. There is no need to panic. If something does go wrong we would notify the public.

“Florida is just one market; even America is only one market. It’s a big world. Most of the produce that comes in from America is not grown there. They import a lot out of Mexico and Peru. I don’t see any problems.”

Michael Maura, Nassau Container Port’s (NCP) chief executive, told Tribune Business earlier this week that Hurricane 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 Mediterranean Shipping

BAMSI ‘opens new market’ through Irma preparations From pg B1 “It really opened a new market, which is what BAMSI is all about.”

While BAMSI’s sheep and goat herds also escaped Irma, the hurricane’s passage through the Caribbean - and the devastating impact that Hurricanes Joaquin and Matthew had on many Bahamian farmers - highlight the difficulties in developing agriculture as a sustainable industry in this nation.

Mr Braynen acknowledged that the increased frequency and severity of hurricanes was “a big risk in agriculture”, and joined calls for the creation of “some type of agriculture insurance” through which Bahamian farmers could recover their losses.

“Otherwise you have to factor it into your losses for the long-term,” he added.

“It’s not getting any easier.

We’ve got to put in some type of insurance, whether each business puts aside a certain amount or co-operative puts aside a certain amount. There has to be something.”

Mr Braynen said diversity, whether by crop type, location or farming technique, was key to developing a more sustainable Bahamian agricultural industry.

“Diversity is strength,” he told Tribune Business.

RUPERT ROBERTS Company (MSC), Tropical Shipping and other US carriers that service Nassau would be able to return to their Florida ports come yesterday.

“It’s something we have to look at, and there are so many levels; increasingly so.

“Each island has different conditions. The temperatures in Grand Bahama and Abaco are cooler, allowing for different types of crops to be grown.

“We have to try to promote the diversity of the conditions to survive this.

It’s not going to be one silver bullet but a myriad of things.”

Mr Braynen suggested that the Bahamas needed to look at alternative farming techniques, such as containerisation and aquaponics.

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Liaise with Original Equipment Manufacturers (OEMs) on any updates to manuals and/or upgrades to the equipment within the zones thereby ensuring all information is current and upgrades effectively implemented.

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B.Sc. Degree in Electrical and or Electronic Engineering or equivalent A minimum of five years relevant work experience in an intense or high speed production environment Supervisory experience of at least three years

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Interested persons must submit resume to the front desk or electronically no later than September 22, 2017

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Wednesday, September 13, 2017, PAGE 3

Minister sees tourism opportunity from Irma

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Minister of Tourism yesterday said the devastation inflicted by Hurricane Irma on Caribbean rivals could create an opportunity for the Bahamas to increase business.

Speaking prior to yesterday’s Cabinet meeting, Dionisio D’Aguilar said: “Tourism is a mercenary business. Whereas some of the tourist destinations were wiped out, it seems it creates opportunity for us.

“Mexico put out a message this morning across their booking engines saying that they are open for business. It is important for us and our marketing engines to say we are open for business.”

Mr D’Aguilar continued: “The most important message the Bahamas needs to get out is that its major population centres were not damaged. The Ministry of Tourism needs to get the

word out that we are open for business, ready for business, and that we had very little damage to our major tourist destinations such as New Providence, Freeport, Abaco and Eleuthera.

“Everyone is hearing destruction in the Caribbean. The hurricane went through the Bahamas and they are thinking that the entire nation was affected.

They don’t realise that we are an island nation and some islands are not affected.”

Mr D’Aguilar said September is a relatively slow month in the tourism sector, adding that visitors whose travel plans were affected by the hurricane may opt to push their vacations back to later in the year.

“We may not get the money now, but I think it’s just going to be shifted further down, which is fine because September is a relatively slow month in tourism anyway, and so hopefully those people will shift their holidays down the calendar,” he added.

PAGE 4, Wednesday, September 13, 2017

‘Realities so grim’ if no action on Moody’s From pg B1 for itself”, although he and Bahamas First were “more concerned” about the actual rating.

“At best it gives you an opportunity to take corrective action,” he added of the outlook. “It’s also a warning indicator that says if you do ‘x’, ‘y’ and ‘z’, you have an opportunity to make things better and improve.”

The Bahamas First chief agreed that Moody’s had given the Government

‘breathing space’ to see if it can deliver on its promises, and added: “The execution is something we have to give the new administration time to prove itself on.

“I’m hopeful because the stark realities are so grim in terms of not fulfilling their obligations. It almost compels them to do the right thing and get us back on track, going in a positive direction.”

Mr Ward had previously warned that sovereign downgrades threatened to have a negative impact

Minister: Tourism ‘dodged a major bullet’ with Irma From pg B1 of islands were not hit by a Category Five hurricane.”

Several of the more excitable UK newspaper have already reported how Irma ruined honeymoons and vacations for British visitors to the Bahamas, going as far as to suggest these tourists had to endure 150 mile per hour winds - even though they were staying in Nassau resorts, some 200plus miles from the storm’s eye.

Mr D’Aguilar acknowledged the need to counter such inaccuracies, and the perception created by some that the entire Bahamas had suffered a catastrophic hit on the same scale as the British Virgin Islands

(BVI), St Maarten and the Turks & Caicos Islands.

“Unfortunately, when it’s reported that a hurricane is moving through the Bahamas, many many people don’t understand that we are a country of islands,” he said. “Some islands are affected and some are not.

“The Ministry of Tourism has ramped up its marketing machine into action to get the message out that the hurricane did not hit the major population centres, and did not hit the vast majority of the tourism plant.”

Atlantis; Sandals Royal Bahamian and Sandals Emerald Bay; Baha Mar; SuperClubs Breezes; and the Warwick Paradise Island are all reported to

THE TRIBUNE on private sector credit ratings, as the agencies assessing Bahamas-based companies would have to account for increased ‘country risk’ stemming from this nation’s reduced creditworthiness.

Reiterating that Moody’s move to defer a downgrade was “extremely important”, the Bahamas First chief said yesterday: “It definitely has an impact in terms of the perception of the country, and the risk associated with doing business in the country from A. M. Best’s perspective.

“Avoiding a downgrade gives us an opportunity to have one less issue to worry

about when we think about the business environment.”

Bahamas First and several competitors, including RoyalStar Assurance, Summit Insurance Company and Security & General, are also all rated annually by A. M. Best, the insurance industry rating agency, for their financial strength and creditworthiness.

Apart from focusing on each company, A. M. Best’s analyses also factors in country risks such as the Government’s fiscal position, state of the economy and condition of the insurance market.

Thus another Moody’s downgrade, which would

match Standard & Poor’s (S&P) in taking the Bahamas to ‘junk’ status, could impact the cost of capital for these insurers and their ability to raise it in the debt/equity markets.

The negative consequences for Bahamas-based companies as a result of this nation’s eight-year sovereign downgrade trend were also highlighted by the Nassau Airport Development Company’s (NAD) downgrade.

The move by the Fitch rating agency was directly linked to the Government’s deteriorating creditworthiness, with Dionisio D’Aguilar, minister of tourism, saying it had a

direct impact on NAD’s debt servicing costs.

“Their [NAD’s] debt got downgraded because Fitch said there’s additional sovereign risk,” the Minister previously confirmed to Tribune Business. “They went to downgrade NAD one rating below investment grade, and one effect of that was they needed to increase the bond reserve fund from $19 million to $38 million.”

This, Mr D’Aguilar added, had forced NAD to increase passenger and other user fees at Lynden Pindling International Airport (LPIA) in a bid to meet the increased debt costs.

be open, with the Melia Nassau Beach set to join them today.

Resorts World Bimini, in preparing for Irma’s approach, said it would remain closed until today.

Nothing further has been heard, although it also said that the ferry service and Elite Airways flights have been cancelled for the week. Silver Airways and Tropic Ocean are only doing outbound flights from Bimini.

The Bahamas was also fortunate that Irma struck at the slowest point in its tourism season, when many properties are often closed for renovations (RIU Paradise Island) and/or staff are on reduced work weeks due to low visitor numbers.

Mr D’Aguilar expressed hope that the storm’s economic impact on the tourism industry had “not been significant”, with the

number of visitors forced to extend their stay offsetting those who could not fly in.

While air service from New York and the Bahamas’ key US northeast market is largely unaffected, the Minister acknowledged that the pace of tourism recovery will be “as quick as the airlift gets back on stream” from Florida.

The state remains the major gateway to the Bahamas, and Mr D’Aguilar said Miami and Fort Lauderdale airports were open from yesterday, with Orlando joining them at 12pm. Only Atlanta, the Delta Airlines hub, was still being impacted by Irma.

With the likes of American Airlines, Jet Blue and Delta having to reposition aircraft to resume normal

schedules, Mr D’Aguilar said: “There is no reason why people cannot come to the Bahamas if they have booked a vacation. The hotel inventory is fine, and the airlift is in place to bring them here.”

The Minister, though, conceded that the devastation Irma inflicted on south Florida marinas - and yachts that remained in its path - could impact the Bahamas’ all-important boating market, which is largely driven from that state.

“There’s no doubt that’s going to have an effect,” Mr D’Aguilar said, “but I’m sure the boating trade realises our marinas are up and operational.”

He also told Baha Mar that it “must address” the design flaw or oversight

that prompted the $4.2 billion project to close during Irma, rather than remain open to guests and residents who may have wanted to stay there.

Mr D’Aguilar said Baha Mar had explained to him that it closed because its convention centre “is not connected to the hotel”.

Had guests needed to take shelter in the former, they would have had to venture outside and been exposed to potential injury from flying debris.

“They need to come up with a solution to get their guests from the hotel to the convention centre in the future,” he told Tribune Business. “They cannot allow that to be an excuse to close that hotel, so they need to address that issue as quickly as possible.”

Mr D’Aguilar said Baha Mar had been fortunate in that it had relatively few guests as Irma approached, implying that the design flaw needed to be corrected for when occupancy levels are much higher.

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Bahamas gets $234k from Caribbean disaster facility From pg B1 start of this policy year, CCRIF introduced the ADC as a new policy feature for its members.

“The ADC represents a means by which CCRIF can help its members when modelled losses fall below the attachment point, but where there are observed losses on the ground.”

The Bahamas’ Irma payout is unlikely to halt the political debate over whether the Government should maintain an annual premium with CCRIF, or instead invest such monies in its own self-insurance disaster fund.

Controversy over the former administration’s decision to exit the CCRIF facility was stoked during the Budget debate, when Prime Minister Dr Hubert Minnis read out a letter from its chief executive suggesting the Bahamas had missed out on a $32 million Matthew payout.

Dr Minnis told Parliament: “He (the CEO) wrote: ‘We are pleased that the Bahamas has been a member of CCRIF since its inception in 2007. We are pleased that the Government purchased tropical cyclone (hurricane) policies every year between 2007 and 2014, and also purchased policies for both tropical cyclones and excess rainfall for the 2015-2016 policy year.

“However, we deeply regret that the Government decided not to renew its CCRIF policies for the 2016-2017 year, resulting in the Bahamas missing out on two CCRIF payouts from Tropical Cyclone Matthew.’”

Dr Minnis added: “I note that the annual policy for this insurance facility was approximately $900,000. I was shocked by what the CEO of the Caribbean Catastrophe Risk Insurance Facility went on to say in his letter.

“He stated: ‘Based on the registered losses, it means that had the Government of the Bahamas renewed its tropical cyclone policy for 2016-2017, using the previous year’s policy conditions, the policy would have triggered, resulting in a payout of approximately $31.8 million, equal to the coverage limit’.”

This would have been the single biggest payout, according to the Prime Minister, ever made by CCRIF to any country.

The Bahamas’ excess rainfall policy would also have been triggered, resulting in a payout of $855,874.

Those payouts would have been larger depending on the coverage purchased, Dr Minnis said.

The Government subsequently renewed the CCRIF policy, and talked about a maximum $35 million payment that could have been triggered had Irma made a direct hit on this nation.

However, Philip Davis, the Opposition leader, said the Christie administration only withdrew from CCRIF on the advice of several government agencies.

And Tribune Business sources said it ceased paying the annual $900,000 premium after it was advised that the likelihood of ever receiving a payout was “almost zero”.

Following Hurricane Matthew’s passage, Michael

Halkitis, then-minister of state for finance, said the Government had ceased the annual premium payments because the Bahamas would only have received compensation in the event of a Category Five hurricane.

Hurricane Matthew came through the Bahamas as a Category Three/Four storm, and Mr Halkitis said the Christie administration had decided to drop CCRIF participation and establish its own disaster fund as “the threshold was just too high”.

And a source familiar with the matter told Tribune Business: “We have been a part of this thing for 20 years, and could never get a claim. Our information was that the likelihood of us getting a claim was almost zero.

“A committee had been put together comprised of persons from the Met Office, Ministry of Finance and other agencies. They submitted a report suggesting that the Government drop it.

“After Hurricane Matthew, the guys from the CCRIF commented on what would have happened if the Bahamas had kept it.

That was taken with a grain of salt. It was almost impossible for us to have gotten anything.”

The Chamber of Commerce subsequently criticised the Christie administration for leaving CCRIF. But Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, while backing the CCRIF renewal earlier this week suggested that the $35 million maximum would have been “a drop in the bucket” compared to Matthew’s $600-$700 million damage.

The Central Bank of the Bahamas, meanwhile, yesterday said it is not permitting a ‘blanket’ relaxation of lending guidelines as was allowed in Hurricane Matthew’s aftermath.

Commercial banks then were allowed to relax the 45 per cent debt service ratio upper limit ‘across the board’ for storm-hit clients, but the Central Bank

Wednesday, September 13, 2017, PAGE 5

is restricting this to specific Family Island clients directly hit by Irma.

Anticipating no “material” impact to bank and credit union loan portfolios as a result of Irma, the Central Bank said: “The Central Bank advises that in the aftermath of Hurricane Irma no general

relaxation is being made to existing guidelines on lending to the private sector.

“However, supervised financial institutions (SFIs) may use their discretion to temporarily loosen credit terms in Family Islands where clients have been directly harmed by the storm.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

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ensure that they are clearly written, comprehensive, provide sufficient

controls, and are in compliance with applicable regulations.

• Identify key compliance weaknesses; develop recommendations for improving weaknesses and improving operations • Develop and execute periodic comprehensive monitoring, testing and risk assessment protocols • Manage and coordinate examination and audit process with regulators and external examiners • Address test/risk assessment findings to assure implementation of agreed remediation measures.

• Develop and present summaries and status reports of quarterly

activities to senior management, the Compliance Committee and of the Board of Directors • Perform special projects, reviews and other duties as assigned by Senior Management and the Board of Directors Anti-Money Laundering • Drafting and implementing internal policies and procedures to combat money laundering and terrorist financing • Advising Senior Management on the design and implementation of

comprehensive AML Programs (i.e., organizational structure, policies

and procedures, risk assessment, technology resources, management

information systems, etc.).

• Conducting anti-money laundering investigation and filing suspicious

transaction reports with the Local Financial Intelligence Unit (FIU) • Organizing/conducting structured training for all staff (in particular

those with client related activities) in understanding the issues which

concern client based activities, identifying & reporting suspicious transactions - ensuring all staff are well informed of Bank policies and

the procedures which affect them, • Reviewing all alerts and ensuring appropriate follow up through internal investigation when necessary.

• Participate in various internal and external committees/organizations

as may be required.

Interested persons should submit their curriculum vitae along with a cover letter by 20th September, 2017 addressed to:

Private & Confidential Human Resources re: Compliance Officer/MLRO c/o The Tribune Box DA #121289 P.O.Box N-3207 Nassau, Bahamas

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2016 CLE/GEN/00049

IN THE MATTER of an Indenture of Mortgage made the 1st day of August, A.D., 2003 between Dave Ward and Diana Ward and Finance Corporation of Bahamas Limited.

AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND DAVE WARD AND DIANA WARD To:

Plaintiff

First Defendant Second Defendant

Dave Ward and Diana Ward

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons as renewed filed in this action on the 18th day of January, A.D., 2016 seeking an Order to direct you to deliver up possession of the Mortgaged Property situated Sea Beach Addition Phase II, situated south of South Beach and being Lot Numbered Thirty Four (34) of the said Subdivision situated in the Western District of the Island of New Providence one of the Island of the Commonwealth of The Bahamas to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 1st day of August, A.D., 2003.

And that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 18th day of January, A.D., 2016 as renewed, Affidavit in support of application filed on the 11th day of January, A.D., 2017, ex parte Summons filed on the 14th day of February, A.D., 2017, Affidavit in support of ex parte Summons filed on the 9th day of March, A.D., 2017 and Order dated on the 8th day of May, A.D., 2017 in the Nassau Guardian Newspaper and The Tribune Newspaper shall be deemed to be good and sufficient service of the said document upon you.

The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton of the Supreme Court at The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Wednesday, the 20th day of September, A.D., 2017 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just.

A copy of the said Originating Summons, Notice of Appointment to hear the Originating Summons ex parte Summons, Affidavit in support of ex parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned.

AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice.

Dated the 7th day of September, A.D., 2017

HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

PAGE 6, Wednesday, September 13, 2017

THE TRIBUNE

Insurance rate rise ‘may come into play in ‘18’ From pg B1 while potential claims from Grand Bahama and Bimini may not have been submitted yet.

Other Bahamian insurers had forecast that Irma-related damage in Florida could increase Bahamian catastrophe insurance premiums by 20-25 per cent, due to loss of reinsurance capacity, but Mr Ward was more cautious yesterday.

“I think that, in isolation, both of the storms may not be of themselves sufficient to raise rates from the reinsurance market as a whole,” he said.

“But there is a possibility that the combined impact

of Irma and Harvey may culminate in a loss that is sufficiently large to put a hole in the market.”

Assessing the potential impact for Bahamian businesses and homeowners, Mr Ward added: “Rates are not likely to be reduced at the same rate as in the past, and it’s possible - if the losses are large enough on a combined basis - that there may be some increases coming into play in 2018.

“It’s still a bit premature to say definitively, but the buying public needs to be aware that rates in the Bahamas for catastropherelated business could be impacted, primarily by

Irma and Harvey and the damage in the US.” Mr Ward said Bahamian property and casualty underwriters would better understand any impact, and “what the percentage increase may be, if there’s any increase at all, in the couple of weeks” once the extent of US insured losses becomes clearer.

Bronek Masojada, chief executive of Hiscox, a Lloyds of London insurer, yesterday told The Guardian newspaper in London that AIR Worldwide, a risk modelling firm, was projecting combined Harvey and Irma insured losses at $50$70 billion. Another firm, RMS, set its maximum at $75 billion.

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.

Mr Ward yesterday confirmed the reinsurance link, and said the 2017 hurricane season would “influence how we approach the renewal of our reinsurance programmes in 2018”.

Most Bahamian underwriters renew for January

1 each year, and he added: “Most companies will be making judgments as to what the prices might be, as well as their cost basis for 2018.

“We have sufficient time to make proper evaluations, provided the data comes out in a reasonable period of time.”

Mr Ward, meanwhile, said Bahamian insurers were unlikely to see many claims from Irma because the storm had largely spared the major population centres of New Providence, Freeport and Abaco.

“We have received a few claims, but it’s very small compared to what happened in Matthew,” he added, suggesting they numbered in the ‘two digits’ at this stage.

Mr Ward acknowledged that the number, and value of claims, could rise in Bimini and Grand Bahama, which were impacted by flooding and tornadoes from Irma. Among the properties impacted in Grand Bahama were those belonging to Colina Insurance Company and Star General Insurance.

Claims expectations are relatively low because the islands most impacted

by Irma are sparsely populated, with minimal insurance penetration.

Yet Mr Ward added: “We’ve very mindful that these kinds of events impact people in a very real way beyond insurance contracts.

“We’re not celebrating.

The impact is felt in a very real way by a number of people that are part of the Family Islands.”

Senate GOP struggles with deficit in work on budget, taxes

TREASURY Secretary Steven Mnuchin arrives at the Capitol for a closed-door meeting with Senate Majority Leader Mitch McConnell, R-Ky, as they struggle to get a tax code overhaul, in Washington, yesterday. The as-yet-undrafted bill to overhaul the tax code is the top priority for Trump and Republicans after the collapse of their effort to dismantle Barack Obama’s health care law. (AP Photo/J. Scott Applewhite)

By MARCY GORDON AND ANDREW TAYLOR Associated Press

NOTICE

NOTICE

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Topazblue Ltd. is in dissolution and the date of commencement of the dissolution is the 23rd day of February, 2017.

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Sailaway Investments Inc. is in dissolution and the date of commencement of the dissolution is the 31st day of August, 2017.

Beecham D. Braynen and Lynn Kelly LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre 3rd Floor West Bay Street and Sea View Drive P.O. Box CB-10956 Nassau, Bahamas

Beecham D. Braynen and Lynn Kelly LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre 3rd Floor West Bay Street and Sea View Drive P.O. Box CB-10956 Nassau, Bahamas

WASHINGTON (AP) — Senate Republicans are struggling with how many billions of dollars President Donald Trump’s tax code overhaul will add to the deficit as they work on a GOP budget plan that’s a prerequisite to any far-reaching change in the nation’s tax system.

Senate Majority Leader Mitch McConnell and GOP members of the Budget Committee met Tuesday with two top Trump administration officials to make progress on forging the budget plan, which is required to stave off potential Democratic blocking tactics and pass the subsequent tax bill only with GOP votes.

The as-yet-undrafted bill to overhaul the tax code is the top priority for Trump and Republicans after the collapse of their effort to dismantle Barack Obama’s health care law. Trump’s top economic adviser, Gary Cohn, and Treasury Secretary Steven Mnuchin met with McConnell, R-Ky., and budget panel members.

“From my standpoint, let’s set ourselves up for success on tax reform,” Sen. Ron Johnson, R-Wis., a member of the committee, said before the meeting.

The meeting ended in late afternoon without specific proposed numbers for the size of the budget coming forward. Not wanting to show disappointment, participants stressed that it was intended to be preliminary.

Finance Committee Chairman Sen. Orrin Hatch said afterward that the group, which discussed the broad outlines of the deficit tradeoff for a new tax bill, had not reached an agreement.

Hatch, R-Utah, said he expected more information to come soon.

Mnuchin signaled ahead of the meeting that the administration would be open to changes sought by lawmakers to improve the chances for passage of a tax overhaul this year. In an interview with CNBC, Mnuchin also said the administration would “absolutely” consider making tax cuts retroactive to the start of this year if overhaul legislation didn’t pass until 2018.

MARKET REPORT TUESDAY, 12 SEPTEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 1,867.82 | CHG 0.03 | %CHG 0.00 | YTD -70.39 | YTD% -3.63 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 2.41 0.15 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 0.14 3.92 8.60 6.10 10.60 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 100.00 100.00 100.00 109.40 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.70 1.39 0.14 3.92 8.60 6.10 10.60 10.01 2.43 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 0.00 0.00 0.03 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

109.34 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.06 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

500

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 19.6 17.9 23.8 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

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

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

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

YTD% 12 MTH% 2.34% 4.55% 0.90% 1.64% 1.21% 2.55% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

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

YIELD 1.87% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 3.40% 5.69% 2.47% 3.87% 4.83% 4.62% 0.00% 3.32% 2.00% 4.96% 0.00%

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

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

NOTICE IN THE ESTATE OF VANCE MAJOR a.k.a VANCE WADSWORTH HUNT MAJOR late of Sky End Road, Eastern Estates in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 27th day of October, A.D. 2017, after which date the Executrix will proceed to distribute the assets having regard only to the claims to which she shall then have had notice.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

MERIDIAN LAW CHAMBERS Attorneys for the Executrix Chambers, P.O. Box N-168, East Bay Shopping Center, East Bay Street, Nassau, Bahamas. www.meridianlawchambers.com

THE TRIBUNE

Wednesday, September 13, 2017, PAGE 7

GAINS FOR BANKS AND RETAILERS TAKE STOCKS TO RECORD HIGHS

By MARLEY JAY Associated Press NEW YORK (AP) — U.S. stocks rose to record highs Tuesday as banks kept rising and retailers climbed after some encouraging job data.

It was the second straight day for big gains in bank stocks as bond yields pushed higher, which allows banks to charge higher rates on loans. Retailers rose after the Labor Department said job openings and hiring both grew in July, and more people quit their jobs to take new ones. That left investors hopeful people will shop and spend more.

Chemicals company DowDuPont climbed after making changes to its breakup plans, something activist investors had pushed for. Apple’s newest iPhones didn’t generate much excitement on Wall Street.

The bond market is “moving back to a comfort zone,” said Matt Toms, the chief investment officer for Voya Investment Management’s fixed income business. “Just enough growth, just enough inflation, but not too much of either.”

The Standard & Poor’s 500 index rose 8.37 points, or 0.3 percent, to 2,496.48.

The Dow Jones industrial average gained 61.49 points, or 0.3 percent, to 22,118.86.

The Nasdaq composite picked up 22.02 points, or 0.3 percent, to 6,454.28.

The S&P 500 finished at a record Monday and the Dow finished a fraction of a point above the record it set in early August. The Nasdaq surpassed the record it set on Sept. 1.

The Russell 2000 index of smaller companies got a bigger boost from the job openings report and jumped 8.64 points, or 0.6 percent, to 1,423.46.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.16 percent after it jumped to 2.13 percent Monday.

That helped banks. Bank of America added 59 cents, or 2.5 percent, to $23.95 while Citizens Financial Group gained $1.02, or 3 percent, to $34.48. Companies that pay big dividends like utilities and real estate investment trusts didn’t do as well as the rest of the market, as income-seeking investors were drawn to bonds.

Stock Rise Stocks were coming off their best day since late April. They rose Monday as Hurricane Irma weakened without doing as much damage as some forecasts had predicted last week.

Investors were also relieved that tensions between the U.S. and North Korea didn’t get any worse following a national holiday there.

DowDuPont, which was formed when two of the world’s largest chemical companies combined in August, made some changes to its breakup plan after pressure from activist investors. DowDuPont will ultimately break up into three public companies. One will focus on agriculture, one on material science and one on specialty products. Tuesday’s changes concern the latter two companies.

DowDuPont gained $1.67, or 2.5 percent, to $68.52.

Job openings posted by U.S. employers rose 0.9 percent to 6.2 million in July, the Labor Department said.

That’s highest on records dating to 2000. Hiring also increased and more people

A SIGN for Wall Street carved into the side of a building in New York. U.S. stocks continue to rise early yesterday, as banks move higher along with bond yields and interest rates. (AP Photo/Mark Lennihan, File)

quit their jobs, which often means they are leaving for jobs that pay better. That helped smaller, domestically-focused companies and retailers. Gap jumped $1.67, or 6.4 percent, to $27.61 and Victoria’s Secret parent L Brands advanced $1.46, or 3.9 percent, to $39.36.

Apple’s stock gyrated as the company announced its newest iPhones and updates to other products. The new iPhone 8 will be able to shoot pictures with better

colors and less distortion, particularly in low-light settings, and it will be out Sept. 22. The iPhone X has an edge-to-edge screen and can be unlocked with facial recognition, but won’t go on sale until Nov. 3.

The iPhone is the source of most of Apple’s revenue, and some investors have been worried that supply constraints will slow down its sales. Apple was down early in the day, climbed as much as 1.5 percent as it made its announcements,

and then wound up with a loss of 64 cents to $160.86.

Energy companies traded higher as benchmark U.S. crude added 16 cents to $48.23 a barrel in New York. Brent crude, the standard for international oil prices, gained 43 cents to $54.27 a barrel in London.

Wholesale gasoline rose 2 cents to $1.66 a gallon.

Heating oil remained at $1.74 a gallon. Natural gas climbed 5 cents to $3 per 1,000 cubic feet.