business@tribunemedia.net
WEDNESDAY, SEPTEMBER 27, 2017
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‘Catching hell’: 100-unit slump in new auto sales By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Industry suffers especially slow summer
NEW car dealers were yesterday said to be “catching hell”, with the industry’s third quarter sales likely down by 100 vehicles year-over-year following an especially slow summer. Rick Lowe, the Bahamas Motor Dealers Association’s (BMDA) secretary, told Tribune Business that the industry would “be significantly short” of 2016’s full-year figures if trends for the three months to endSeptember persist. He added that the 2017 third quarter performance would
Fears first half uptick wiped out, reversed BMDA chief urges hybrid, electric ‘target date’ wipe out the modest first half improvement, which saw new auto sales rise year-over-year by 52 units or 6.7 per cent compared to 2016.
Fred Albury, the BMDA’s president, confirmed to this newspaper that the Association’s data showed many dealers were “having a rough time” over the summer. He added that unless they had product catering to a specific niche, companies were “going to catch hell” in a market where sales have remained almost twothirds below their 2007-2008 peak for nearly a decade. “Things do slow down seasonally in the summer time, with people vacationing and getting ready for back-to-school,” Mr Albury said. “Our group [Auto Mall] has not seen too much of a slowdown out there, but some
of the other companies are down considerably looking at the sales numbers we share, one in particular. “It’s a bit rough out there. Unless you have a niche of particular product that people are after, you will have a rough time.” The BMDA president said his Auto Mall business had been assisted by its focus on providing buses for the public transportation sector, while other dealers had focused on meeting the demand for smaller, more efficient SUVs and cars. “The market has shifted to smaller vehicles. Sedans have started to slow down See PG B6
Govt ‘still assessing’ IDB: Tourism off up to 10-year web shop bar 20% if major storm hits By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is “still assessing how to address” the 10-year bar on new web shop entrants, a Cabinet Minister yesterday saying his regulatory approach would have been different. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the moratorium imposed by the former Christie administration was anti-competitive and had effectively “locked in” a monopoly among the eight existing players. Rather than limit the number of operators, Mr D’Aguilar said he would have instead restricted the number of web shop locations per licensee and controlled where they located. He added that the previous government’s decisions had left the Gaming Board “betwixt and between” in its regulation of the newlylegalised industry, having to contend with the moratorium on one hand and a perception that the Bahamas has too many web shop locations.
Minister: Former Govt ‘locked in’ monopoly Says he would have focused on locations Gaming Board left ‘betwixt and between’
DIONISIO D’AGUILAR The industry is continuing to expand, with Island Luck close to completing a new ‘casino-type’ outlet on the Charles W. Saunders Highway, just around the See PG B5
CELEBRATION LOSS ‘GIVES IMPRESSION FREEPORT IS DEAD’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Celebration’s three-month departure will “create the perception Grand Bahama is dead”, an ex-minister of tourism yesterday lamenting the “impact player’s” loss. Obie Wilchcombe told Tribune Business he was “deeply concerned” about the cruise ship’s loss until December 23, warning that it would further harm a Freeport tourism economy already-depressed from the Grand Lucayan’s continued closure. Backing the Minnis administration’s plan to take partial ownership of Grand Bahama’s ‘anchor property’, Mr Wilchcombe said the island was “anxiously awaiting” action over the Grand Lucayan’s opening and other developments to revive the tourism sector. He added that the Grand Celebration’s departure, on a three-month mission to assist hurricane relief operations in the southern Caribbean, would deprive
Ex-minister laments ‘impact player’s’ departure Questions: What else happening in GB? Island ‘anxiously awaiting’ Govt’s plan
OBIE WILCHCOMBE Grand Bahama of the very service “that has been carrrying the island for a while”. “Grand Bahama is in a dire situation as we speak,” See PG B4
By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net COASTAL erosion could be “catastrophic” for the Bahamas if left unchecked, an Inter-American Development Bank (IDB) executive yesterday saying innovative solutions were required. Therese Turner-Jones, the IDB’s Bahamas country manager, said hurricanes could result in up to 20 per cent declines in visitor arrivals for tourism dependent countries such as this one. Mrs Turner-Jones, a presenter at the IDB’s Caribbean Coastal Resilience Forum, which opened yesterday, told Tribune Business that its main focus is to bring the Caribbean region together with IDB experts to talk about coastal resilience and coastal management. “Just about every single country in this region is coastal, which
means that we are highly vulnerable to climate change with sea level rises. The idea behind the forum is to get policymakers, private sector and civil society to talk about our vulnerabilities, and what we can do to stem disasters in the future,” said Mrs Turner-Jones. “The Bahamas did a great job evacuating people from the southeast ahead of Irma, but if you look at what happened with Dominica, Turks and Caicos, Puerto Rico and Barbuda, we basically got lucky, and I think we can’t rely on luck preventing something like this happening in the future. You want to have a plan. If you think about tourism in the Caribbean and the Bahamas, in particular, a lot of our tourism infrastructure is on the coast.” Mrs Turner-Jones added: “In an average hurricane season, when a hurricane hits we have found that you could have as much as a 20 per cent decline in tourism arrivals. See PG B3
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IDB EXECUTIVE SAYS HURRICANE INSURANCE ‘PRUDENT’ FOR BAHAMAS ‘Fill the gap’ on damage/ payout ‘shortfall’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net AN Inter-American Development Bank (IDB) executive yesterday said it was “prudent” for the Bahamas Government to insure against natural disasters, while agreeing there was a need to “fill the gap” on payouts. Therese Turner-Jones, the IDB’s Bahamas country manager, told Tribune Business: “I’m not going to get into a political debate about what’s good and what’s not good. I just think it’s prudent to take out insurance against future negative events. “That’s just a sensible way to approach financial management. You have to insure your assets. You may not be able to have 100 per cent coverage, but you want to be able to insure the most important assets that you have.” Ms Turner-Jones continued: “I think there is a lot more to be done with insurance in the region. We are talking billions of dollars in damages, but the payouts are in the millions. There is a huge shortfall. There is, probably and possibly, another way to fill that gap, and we need to find out what those conditions would be, how much it would cost and how we can structure it.” The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has confirmed that the Bahamas will receive a $397,598 payout in relation to damage caused by Hurricane Irma, but the relatively limited payout in comparison to the $2.6 million premium paid by the Government has stoked political controversy over whether the latter outlay was prudent. The Bahamas’ payment was less than 1 per cent of the total $31.201 million paid 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. CCRIF also said the Bahamas’ payment was based on the Aggregate Deductible See PG B8
PAGE 2, Wednesday, September 27, 2017
NASSAU CONFERENCE TAKES AIM AT ‘BUSINESS UNUSUAL’ THE 12th Nassau Conference will be held next Wednesday at the Baha Mar Arts & Entertainment Centre, under the theme ‘Business Unusual’. The Minister of Financial Services, Trade and Industry, and Immigration, Brent Symonette, will deliver the keynote address at a conference that will be preceded by the Financial Services Bootcamp on October 3. The Nassau Conference’s morning sessions will explore the future of international financial services, assessing recent developments and then predicting how it will evolve. Panellists will include Simon Beck, of Baker & McKenzie LLP; Francine Bryce, of Higgs & Johnson (Cayman); Cecilia (Ceci) Hassan, of Baker & McKenzie LLP; and Antoinette Russell of Credit Suisse Trust (Bahamas).
As financial institutions navigate increasingly more complex regulations, and heightened expectations for compliance, attendees will hear about ‘Global Regulation of Financial Services’ from the Central Bank’s newly-appointed inspector of banks and trust companies, Charles Littrell. This will be followed by a panel discussion on ‘Planning in Uncertain Times’, featuring Abel Francisco Mejia Consenza of Sanchez Devanny (Mexico) and Stephen Solomon of De Grandpré Chait (Canada). Afternoon sessions will begin with the ‘Business Unusual’ panel discussion, which that will explore strategies for accessing new opportunities by market, business segment and geography. Panellists will include Kelly Banks, a senior technology and operations See PG B8
THE TRIBUNE
Govt targets ‘low lying fruit’ for financial services boost THE Government has identified “quick fixes or low lying fruits” that will allow the financial services industry to operate more efficiently once addressed, a Cabinet Minister has disclosed. Brent Symonette, minister of financial services, trade and industry and Immigration, said more has to be done to bolster the Bahamas ‘second economic pillar’. Delivering the keynote address at the Bahamas Financial Services Board’s (BFSB) annual general meeting (AGM) last week, Mr Symonette outlined some of the Government’s objectives. “Over the past few months as the new minister of financial services, I have recognised that there is a critical need to enable the
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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.
financial services industry to operate more efficiently,” said the Minister. He said this would be achieved if the Government implemented several measures, including resourcing and restructuring the public sector agencies that support the sector. Mr Symonette said that by focusing on customer service, and allowing for a more “competitive” environment through legislative reform, and the development of new products and services, the Bahamas would be able to match or surpass rival jurisdictions. He also pointed to the easing of the Immigration process, so it is more business-friendly, timely and efficient in order to facilitate financial services and the sector’s clients. Mr Symonette said this would allow investors to not only choose the Bahamas for business, but as a place to live. “It is clear that what we are doing is not enough,” said Mr Symonette. “We cannot continue to do things the same way and expect different results. We have to open our minds, and the Bahamas must find ways to open its doors to a global economy that allows professional exchanges that foster growth. “And by this, I mean the exchange of legal expertise
BRENT Symonette delivering the keynote address at a meeting held by the Bahamas Financial Services Board (BFSB) on September 20, 2017, at the British Colonial Hilton. BIS Photos/RAYMOND A. BETHEL, SR. in certain areas like trust, arbitration, maritime and other financial services aspects. We must be forward thinking to open our economy so that we can advance ourselves. We must do this to survive.” Mr Symonette said there were many untapped opportunities, and the Ministry of Financial Services “is open” to listening to both private and public sectors in order to devise solutions that grow the economy. “My Ministry has met with numerous entities over the past several months, and I can say that the universal challenge facing
the industry has been centred heavily around the increased pressure from global regulatory bodies such as the OECD; the need to focus on the ease of doing business in the Bahamas; and the enhancement and integration of government departments through advanced technology,” said Mr Symonette. “We are listening very carefully, and have identified areas deemed to be quick fixes or low lying fruits to which we have already begun to make improvements. It is time now to bring forth solutions instead of continuing to focus on the challenges.”
THE TRIBUNE
Wednesday, September 27, 2017, PAGE 3
Morton Salt ‘committed to presence on Inagua’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
AN UNFORGIVEN category five hurricane Irma made her way passing the bahamas over the weekend, leaving some islands with minimal damages. But for Ragged Island Irma left alot of Bahamians without homes.
IDB: Tourism off up to 20% if major storm hits From pg B1 Some hotels have to close for a while and some actually get damaged. “In the case of Barbuda and Turks and Caicos, there are going to be huge losses in the billions of US dollars. That recovery is not going to be short. You can’t build all of that infrastructure in a a short space of time.” Mrs Turner-Jones stressed that coastal erosion cannot go unchecked. “We have seen coastal erosion over the past several decades. We have to come up with innovative solutions to address this problem,” she added. “Sea level rises will not only affect our tourism infrastructure but also housing and agriculture. It is going to be catastrophic if we don’t do something about it.” She said the IDB has decided to double the volume of its climaterelated financing in the region by 2020. This doubling, Mrs Turner-Jones said, will lead to a level of climate lending averaging between 25 and 30 per cent
of the IDB’s total approvals by 2020. “This move can be seen as a reflection of our understanding of the impact of climate variability on the region, and the urgency to not only recover from natural hazards but, more importantly, to adapt and build resilience,” she added. Mrs Turner-Jones said the IDB was working with the Government to develop a ‘roadmap’ on how to deal with coastal management issues. ““We already have a programme with the Bahamas. We are just waiting to negotiate the details of that loan to help the Bahamas do a better job maintaining its coastal environment,” she added. “I think that the Government is committed to doing it before the end of the year. We would like to do it whenever the Government is available to do it. This will really help the Government to develop the road map on how to deal with coastal management issues and building resilience in the future.”
MORTON Salt yesterday said it could give no date for when its operations on Inagua will fully resume, but pledged to do so “as soon as safely possible”. The company, in a statement, said: “At Morton Salt, the safety and security of our employees are
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. Once we confirmed the area was secure and all of our employees were safe, our specialised team arrived to Inagua to conduct a full assessment of our operations.” It added: “Given that this process is still underway, we cannot provide specific
details on the extent of the damage or provide a specific timeline on when operations will resume. Our assessment was also put on hold for several days due to the potential threat of Hurricane Maria last week. “Morton Salt is committed to its presence on Inagua, and we intend to resume operations there as soon as safely possible.” Jennifer Brown, head of the Bahamas Industrial Manufacturers and
Allied Workers Union (BIMAWU), told Tribune Business earlier this week that staff have been reengaged by the company on a three-day work week. “Right now, everyone is trying to get the plant back up and running. The company is trying to provide work for them, so a lot of persons are not working in areas where they normally work; they may be doing maintenance or repair work right now,” she said.
Bimini Big Game to re-open Friday By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bimini Big Game Club Resort and Marina expects to resume full operations this Friday, its executives telling Tribune Business they expect business to start picking up by November. “While our thoughts continue to be with those affected by Hurricane Irma, we feel fortunate to have weathered the storm,” said Beth Watson, the property’s director. “We’re grateful to our dedicated team who have been working hard to get us reopened, and look forward to welcoming our guests back soon.” The resort suffered a small amount of damage BIMINI BIG GAME CLUB RESORT AND MARINA from Hurricane Irma that forced it to temporarily close its doors. Executives said minor repairs as well as a cleaning before the beginning of the island’s busy dive season were needed. As to the cost of the damage sustained from Irma, Ms Watson said: “We are still in the process of
working with our insurance.” Responding to Tribune Business queries on projected occupancies, she added: “With it now being slow season we will be picking up, starting in November.” The resort said that its signature restaurant, Bimini
Big Game Club Bar & Grill, will open with a limited menu on September 21, 2017. The property’s onsite dive partner, Neal Watson’s Bimini Scuba Center, is already open for business. Resort’s World Bimini which also closed as a result of Hurricane Irma recently stated it will re-open today.
NOTICE
Notice is hereby given of the loss of Bahamas Government Registered Stock Certificate as follows: Stock
Interest Rate
Certificate No.
Maturity Date
Amount
2021 0.5625%Apr 62-150 2021 3,000.00 I intend to request The Registrar to issue a replacement certificate. If this certificate is found, please write to P.O. Box N-848, Nassau, Bahamas.
PAGE 4, Wednesday, September 27, 2017
Celebration loss ‘gives impression Freeport is dead’ From pg B1 Mr Wilchcombe said, pointing out that the Grand Celebration’s loss coincided with the tourism season’s ‘slow period’ when many remaining resorts, such as Club Fortuna, often closed temporarily. “We’re not seeing any movement at the Grand Lucayan,” the ex-minister added. “We’re in a depressed situation in Grand Bahama, and something has to happen. People are anxiously awaiting a plan from the Government as to how we’re going to get the hotel sector up and going. “The Government will have to step in with partners to make that [the Grand
Lucayan’s re-opening] happen. Through the Hotel Corporation, the Government has to find a way to get that hotel open. “The Carnival [cruise port] project, the Government has to make that happen because that is job opportunities, that is businesses opening up. It’s a new avenue for the people of Grand Bahama.” Virtually nothing has been heard from the Minnis administration about the Carnival cruise port project, apart from suggestions that it wants the development relocated closer to Freeport or to Williams Town. The Prime Minister’s press conference in Freeport last Friday offered nothing new
THE TRIBUNE on the Grand Lucayan situation, other than to say the Government was still working and in negotiations with the relevant parties. Kwasi Thompson, minister of state for Grand Bahama, would only tell Tribune Business that talks were “progressing well”. Many in Freeport, though, believe the island has “hit rock bottom” with the Grand Celebration’s withdrawal, some even describing it as ‘another nail in the coffin’ of the city’s tourism sector. Dionisio D’Aguilar, Mr Wilchcombe’s successor as minister of tourism, last week told Tribune Business that he was relatively unconcerned about the Grand Celebration situation, pointing out that its departure was temporary and Freeport was already gaining extra cruise ship business as a result of the hurricane-related
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devastation in the southern Caribbean. Mr Wilchcombe, though, begged to differ. “We are concerned about the track we’re on because it doesn’t seem progressive,” he told this newspaper. “That’s [the Grand Celebration] an impact player we’re going to lose for a while. They bring in overnight visitors. That’s the magic with it; two for the price of one. You have cruise passengers becoming overnight visitors. It’s been carrying the island for a while.” The Grand Celebration brought around 1,700 passengers to Grand Bahama every two days, and the entire spectrum of tourism operators - from taxi drivers and retail/restaurant vendors to tour and excursion providers - will feel the loss of business.
David Wallace, one of the investors in the Pirate’s Cove attraction, estimated to Tribune Business that the Grand Celebration generated between 15-20 per cent of its daily visitors when it was in port. Mr Wilchcombe, meanwhile, said the Grand Celebration had been “one of the strategies we deployed” in reviving Freeport’s tourism economy following the damage inflicted by Hurricane Matthew in October 2016. While the hotels had complained about room rates and other issues, the ex-minister said overnighting passengers had generated essential business for the Grand Lucayan and its casino, plus Port Lucaya Marketplace vendors. Mr Wilchcombe said the Grand Celebration’s loss could impact the 200 rooms
that remain open at the Grand Lucayan’s Lighthouse Pointe complex, given that its passengers accounted for a significant percentage of that business. “It puts it almost to a stop. What else do we have going on in Grand Bahama?” he told Tribune Business of the tourism industry’s condition following the Grand Celebration’s departure. “Pelican Bay has been a staple, thank God for that, but I foresee some difficulties in Grand Bahama; how it impacts jobs, how it impacts the economy, because it’s giving the perception the island is dead.”
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THE TRIBUNE
Wednesday, September 27, 2017, PAGE 5
Govt ‘still assessing’ 10-year web shop bar From pg B1 corner from Sadie Curtis Primary School. Under the sector’s zoning regulations, web shops are not supposed to be located in close proximity to churches and schools. Island Luck is also thought to have acquired the former Success Training College site on Bernard Road for conversion into another gaming location, but Mr D’Aguilar said yesterday: “Island Luck indicated they had received approval for those locations prior to implementation of the moratorium, and they are now rolling-out those sites as opposed to building them right away.” The Minister continued: “The Gaming Board is somewhat betwixt and between. In the first instance, by putting in a moratorium you guarantee a monopoly for the existing players. “You should really allow other players to enter the market and create competition. Generally, there’s a perception there’s a perception that there are enough numbers houses out there, and we don’t need any more. That’s where the regulators of the gaming industry are conflicted.” Mr D’Aguilar told Tribune Business that the Minnis administration needed to develop “a clear policy” to address these concerns, acknowledging that there were many issues still to be addressed in relation to web shop industry regulation. “By putting in a moratorium you’re locked in with the current players, and the general perception is we don’t need more numbers
houses; we need less,” he said. “We’re looking at how feasible it is to implement a policy that eliminates gaming houses close to churches and schools. Do they have minimum distance requirements? “We definitely need a clear policy on how many locations are through the length and breadth of the country. There’s a lot that has not been addressed that we need to address: How they’re located; where they are located; how close to schools. These things need to be codified.” The 10-year moratorium introduced by the previous administration restricts the number of operator licenses to a maximum of eight until 2027. This was sold as a measure that would prevent the market from becoming over-saturated, while also allowing Island Luck, FML, Nassau Games, Percy’s Island Games, A Sure Win, Chances and Paradise Games the opportunity to recover from the increased regulation and taxation imposed by legalisation. However, no obstacles were placed in the way of web shop bosses investing their profits - both pre and post-legalisation - into establishing themselves
into other sectors of the Bahamian economy. Obie Wilchcombe, Mr D’Aguilar’s predecessor, argued prior to May 10 that the number of web shop locations had fallen from 635 pre-regularisation to 372 sites at June 2016, with 31 applications pending. “This will result in a total of approximately 403 licensed locations in the country, which equates to a 36.5 per cent reduction in the number of locations that were active at the commencement of the regularisation process,” Mr Wilchcombe said. However, given that the Bahamas has an estimated 377,374 population based on 2013 data, the 403 web shops still amount to a ratio of one location for every 936 Bahamians and residents. Many observers argued at the time that the moratorium should have been placed on locations, rather than operators, a position with which Mr D’Aguilar agreed yesterday. “What I would have done is limit the number of locations per gaming house, and I would have allocated the number of locations each gaming house was entitled to roll-out,” he told Tribune Business. “Obviously, in hindsight, the proliferation of gaming houses was uncontrolled.
There’s a social cost to gaming, and we’ve been facilitating access to gaming. We’ve been encouraging people to do it, and this is where the Government needs to regulate.” Mr D’Aguilar’s regulatory plan mirrors that previously suggested by FML principal, Craig Flowers, who also argued that the focus should have been on the number of web shops per operator, and their location. Turning to the current model, the Minister
reiterated: “In essence no other players can come in, and that goes against the principles of free enterprise. We have to figure out how to address that. “You’re basically locking the business into the eight players that are left, and as we can see it’s a very lucrative business.” Mr D’Aguilar suggested that the Gaming Board would have to implement “a 21st century approach to regulating this industry”, given that web shop gaming
was moving from physical locations to the online realm. “Before people went to numbers houses, now they stay at home and do it on their laptop,” he said. “It’s in transition from bricks and mortar to where it is done online. “The Gaming Board is going to have to adjust to that environment. In my opinion, we’re going to have to hire some technologically savvy Bahamians that can assist us in monitoring this industry.”
NOTICE
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PAGE 6, Wednesday, September 27, 2017
‘Catching hell’: 100-unit slump in new auto sales From pg B1 considerably,” Mr Albury said. “Having that niche in the marketplace helps. If you don’t have a product in heavy demand with a price point that’s successful, you’re going to catch hell.” Mr Lowe suggested that an active September for powerful hurricanes, coupled with ongoing concerns over the Bahamian
economy’s health, had aided the especially poor third quarter performance. “This quarter hasn’t been very good at all,” he told Tribune Business. “I think there’s been a lot of contributing factors, like people worried about hurricanes and the economy.” Mr Lowe, who is also operations manager/a director for Nassau Motor Company (NMC), expressed
THE TRIBUNE concern that depressed sales for the three months to endSeptember 2017 would wipe out the first half gains. “Overall, the year is on track to about equal with last year,” he explained. “But if the trend continues the way it was going for the last three to four months, we will be significantly short of last year overall. “If we equal an average of July and August, we will be down by about 100 units [for the third quarter]. The first two quarters of the year we were up by 52 units. After
this quarter, we might be down.” The new car industry is significant because, as a ‘luxury good’, its products - and their sales volumes - provide a good insight into the overall Bahamian economy’s health and performance, especially consumer incomes and confidence. The depressed economy, with high unemployment and reduced incomes, coupled with low consumer confidence, has been the main factor impacting new auto sales over the past decade.
Bahamian consumers have responded by keeping existing vehicles on the road longer, and have switched purchasing tastes towards less expensive ‘used’ cars. Apart from these trends, other contributing factors working against new car dealers are a combination of buyer difficulties in obtaining bank loans; VAT’s introduction; alreadyhigh Excise tax rates; price controls; Business License fees; and real property tax increases. All these forces have worked to push new auto prices beyond many Bahamians, and Mr Albury confirmed yesterday: “New car revenues are down considerably compared to 2008. “We’ve been going through this for almost 10 years with no relief. It just keeps getting worse. In 20072008, the market moved around 5,000 units. Now, we’re lucky to be moving 1,500-1,600 combined.” The BMDA president added that the market was being swamped by ‘used car’ imports, and reiterated his call for those selling vehicles by the road-side to be placed on a taxation and regulatory ‘level playing field’ with established dealers. “The used cars are flooding in here like the rain that came down today,” Mr Albury said. “They’re just pouring in and nothing is being done about them. One only has to go down to the dock at Arawak Cay and look at the wrecked cars coming into the country, pouring over the borders. “They need to look at the uncontrolled proliferation of used car agents selling on the side of the road and social media, as they are only contributing a few dollars to the economy and the
Government is not getting its fair share of taxation.” “I don’t know what it’s going to take; maybe 300,000 derelict vehicles at the side of the roads that will cost the Government to get rid of them. Maybe that will send out a message.” Mr Albury said roadside/social media vendors avoid the taxes established dealers have to pay, and added: “We have to level the playing field as much as possible to make this sector of the economy work efficiently, and make sure it is contributing its fair share to the local economy.” The BMDA president also suggested that the Government set “target dates” for the phasing out of regular, gasoline-fuelled combustion engines and the switch to hybrid/electric vehicles. “I think they need to look at the industry, and what first world countries are doing, and put some target dates in for hybrid and electric cars, and think about phasing out regular combustion engines,” he told Tribune Business. Mr Albury added that the Government had previously cut or eliminated import tariffs “to encourage the market to move in that direction”, but more needed to be done. And while the annual Car Show is scheduled for the Mall at Marathon next month, the BMDA president was sceptical that it would produce a one-off sales boost. “That might to help boost up the numbers,” Mr Albury added, “but based on the last couple of years there will not be a major impact. It keeps your name in the marketplace, and hopefully we will get a few sales out of it. We’re hoping for the best, but preparing for the worst.”
NOTICE LAVENDER GARDEN LTD. N O T I C E IS HEREBY GIVEN as follows: (a) LAVENDER GARDEN LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 25th September, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 27th day of September, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator NOTICE SUNTORY TIME LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SUNTORY TIME LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 25th September, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 27th day of September, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator NOTICE TRIPLE A ASSETS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) TRIPLE A ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 25th September, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 27th day of September, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator
PAGE 8, Wednesday, September 27, 2017
THE TRIBUNE
IDB executive says hurricane insurance ‘prudent’ for Bahamas From pg B1 Cover (ADC), because the damage did not meet the ‘benchmark’ that would
trigger payment. It added: “The ADC represents a means by which CCRIF can help its members when modelled losses fall below
JOB OPENING Needed immediately experienced Nurses to work in Operation Theatre. Must have a good employment background, must possess a Bachelors Degree in Nursing, must have Operating Theatre experience and must be licensed in the Commonwealth of the Bahamas. For immediate consideration, please send your resume to: PHYSICIANS ALLIANCE LTD. P.O. BOX EE-17022 #31 COLLINS AVE. NASSAU, BAHAMAS FAX: (242) 326-8874
the attachment point, but where there are observed losses on the ground.” Seemingly aware of the ongoing political fall-out in the Bahamas, CCRIF took out a three-page newspaper advertisement earlier this week seeking to justify why this nation and other Caribbean countries should insure themselves through it. It explained that the former Christie administration paid just a $1.08 million premium in 2015-2016, its last year of CCRIF membership, because it was able to then-offer all nations a 50 per cent premium rebate. This compared to the 10 per cent rebate offered to the Minnis administration for 2017-2018, when it paid a $2.8 million premium, and CCRIF also absorbed “additional premium costs” for the Christie government when it changed the payout trigger point. CCRIF added that the Government had purchased four ‘excess rainfall’ subpolicies to cover different areas of the Bahamas this year, something that was done for the first time. It said it would continue to explore ‘policy splitting’ options with
INVITATION TO PURCHASE THE LIGHTHOUSE YACHT CLUB & MARINA AT FRESH CREEK ANDROS ISLAND, BAHAMAS
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.
N O T I C E
The Hotel Corporation of The Bahamas (“The Corporation”) invites bids for the purchase of the Lighthouse Yacht Club & Marina (“The Property”) at Fresh Creek Andros Island, Bahamas. The Property which includes 20 guestrooms, 30 slip marina, pool and tennis court is situated on approximately 11 acres of land including a beachfront. The Property was extensively damaged by Hurricane Matthew in October 2016, and the above invitation is to purchase the property “as is”. Prospective bidders are invited to contact the Corporate Secretary of The Hotel Corporation at the undersigned address to arrange an inspection of the property and to obtain pertinent information as deemed necessary in making a proposal to purchase. Bids must be submitted in sealed envelopes marked “BID FOR OF THE LIGHTHOUSE YACHT CLUB & MARINA” and addressed to the undersigned to arrive between the hours of 9:00 a.m. and 5:00 p.m., Monday to Friday, and no later than 10:00 a.m. Tuesday October 31, 2017, when all bids would be opened in the presence of all bidders wishing to attend.
The Board reserves the right to reject any or all bids.
Cascadia Investments Limited
____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 6th day of September, 2017. Delano Aranha Liquidator of CASCADIA INVESTMENTS LIMITED
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SARAH MAE HAMILTON of #64 Jobson Avenue, Freeport, Grand Bahama, Bahamas intend to change my name to SARAH MAE GRANT. 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.
Corporate Secretary The Hotel Corporation of The Bahamas 3rd Floor British American House (formerly Euro Canadian Centre) Marlborough Street Nassau, Bahamas
NOTICE GARDEN SQUARE LTD In Voluntary Liquidation
MARKET REPORT FRIDAY, 22 SEPTEMBER 2017
the Government, and added that Hurricane Matthew would have triggered CCRIF payouts of $32.7 million total to the Bahamas had the Christie government maintained the insurance policy. These estimates, CCRIF said, were independently verified. Controversy over the former administration’s decision to exit the CCRIF facility first arose 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
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,864.54 | CHG 1.36 | %CHG 0.07 | YTD -73.67 | YTD% -3.80 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.15 6.47 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 3.45 7.25 12.51 11.00
52WK LOW 4.05 17.43 8.19 3.50 1.26 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 3.35 6.60 11.93 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00
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 2.08 3.96 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 3.65 1.39 0.14 3.92 8.60 6.10 10.48 10.01 2.49 1.55 6.00 9.75 7.08 3.35 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 1.00 LAST SALE 100.00 100.00 100.00 109.64 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.28 17.43 9.09 3.65 1.39 0.14 3.92 8.60 6.10 10.48 10.01 2.52 1.55 6.00 9.75 7.08 3.45 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 0.10 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 1.00
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
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
109.66 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.02 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 115
1,000
2,000
VOLUME
NAV 2.08 3.96 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
P/E 9.2 18.7 N/M 6.8 N/M N/M -4.6 15.0 9.0 19.4 17.9 24.7 3.4 5.0 12.7 12.3 3.7 -11.6 17.9 0.0
YIELD 1.87% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 3.44% 5.69% 2.38% 3.87% 4.83% 4.62% 0.00% 9.86% 2.00% 4.96% 0.00%
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
0.0 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% 2.55% 4.51% 1.07% 1.53% 1.38% 2.48% 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 31-Jul-2017 31-Jul-2017 28-Jul-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
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GARDEN SQUARE LTD is in dissolution as of September 25th, 2017. GESTAM ADMINISTRATION LTD. situated at Suite no. 102 Saffrey Square, Bay Street & Bank Lane, Nassau, Bahamas, is the Liquidator.
LI Q U I DATO R ______________________ NOTICE MAJUCAL LIMITED In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MAJUCAL LIMITED is in dissolution as of September 25th, 2017. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
LI Q U I DATO R ______________________
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.”
NASSAU CONFERENCE TAKES AIM AT ‘BUSINESS UNUSUAL’ From pg B2
leader; Michael Paton, of Lennox Paton; Nicholas Pell of Rhone Group (Switzerland); Bernard Sechaud of UBS Trustees (Bahamas); and Joseph Ziolkowski of Long Cay Captive Management (Bahamas). The Nassau Conference will close with an panel discussion entitled ‘An Actionable Framework for Success in the Bahamas. This will feature Brian Jones, of Deltec Fund Services; Paul Lewis of Scotia Wealth Management (Canada); Tanya McCartney from the Bahamas Financial Services Board (BFSB); Michelle Neville-Clarke of Lennox Paton; Cristel Sands-Feaste of Higgs & Johnso; and Andre Souza of Arbitral Securities (Bahamas). Scheduled for the day before the Nassau Conference, the ‘Financial Services – the Fundamentals’ bootcamp is a half-day workshop for persons working in financial services who require a refresher on the products and services offered. It will also introduce the sector to prospective new entrants, and those considering a career in financial services, including university students. The Bootcamp will explore key product offerings, the related legislative and regulatory environment, and the latest trends in the financial services sector. The Financial Services Bootcamp is a collaboration between the Association of International Banks and Trust Companies (AIBT), the BFSB and the Bahamas Institute of Financial Services (BIFS). The Ministry of Financial Services is again the ‘platinum sponsor’ for this year’s Nassau Conference. Corporate sponsors include Andbank (Bahamas); Ansbacher (Bahamas); BTC; CFA Society of the Bahamas; Central Bank of the Bahamas; Cornèr Bank (Overseas); Credit Suisse AG (Nassau); Ernst & Young; Graham Thompson Attorneys; Higgs & Johnson; Intertrust (Bahamas); Julius Baer Bank & Trust (Bahamas); Klonaris & Company; KPMG; Lyford International Bank & Trust; Pacifico Global Advisors; Pictet Bank & Trust; PricewaterhouseCoopers (PwC); Securities Commission of the Bahamas; SYZ Wealth Management; The Private Trust Corporation; The Winterbotham Trust Company; and UBS (Bahamas).
THE TRIBUNE
Wednesday, September 27, 2017, PAGE 9
YELLEN: FED IS PERPLEXED BY CHRONICALLY LOW INFLATION By MARTIN CRUTSINGER AND DAKE KANG Associated Press
CLEVELAND (AP) — Federal Reserve Chair Janet Yellen acknowledged Tuesday that the Fed is puzzled by the persistence of unusually low inflation and that it might have to adjust the timing of its interest rate policies accordingly. Speaking to a conference of economists, Yellen touched upon key questions the Fed is confronting as it tries to determine why inflation has remained chronically below its target of 2 percent annually. The Fed chair said officials still expect the forces keeping inflation low to fade eventually. But she conceded that the Fed may need to adjust its assumptions. In noting the persistence of low inflation, Yellen suggested that the Fed will take care not to raise rates too quickly. But she also said the central bank should avoid raising rates too slowly. Moving too gradually, she suggested, might eventually force the Fed to have to accelerate rate hikes and thereby elevate the risk of a recession. Most analysts expect the central bank to raise rates
in December, for a third time this year, in a reflection of economic improvement. But the Fed has said its rate hikes will depend on incoming data. In her speech in Cleveland to the annual conference of the National Association for Business Economics, Yellen went further than she has before in suggesting that the Fed could be mistaken in the assumptions it is making about inflation. “My colleagues and I may have misjudged the strength of the labor market, the degree to which longer-run inflation expectations are consistent with our inflation objective or even the fundamental forces driving inflation,” Yellen said. The Fed seeks to control interest rates to promote maximum employment and stable prices, which it defines as annual price increases of 2 percent. While the Fed has met its goal on employment, with the jobless rate at 4.4 percent, near a 16-year low, it has continued to miss its inflation target. Chronically low inflation can depress economic growth because consumers typically delay purchases when they think prices will stay the same or even decline.
Inflation, which was nearing the 2 percent goal at the start of the year, has since then fallen further behind and is now rising at an annual rate of just 1.4 percent. Yellen has previously attributed the miss on inflation this year to temporary
factors, including a price war among mobile phone companies. She and other Fed officials have predicted inflation would soon begin rising toward the Fed’s target, helped by tight labor markets that will drive up wage gains.
In her remarks Tuesday, Yellen said this outcome of a rebound in inflation is still likely. But she said the central bank needed to remain alert to the possibility that other forces not clearly understood might continue to keep inflation lower than the Fed’s 2 percent goal.
The Fed chair cautioned that if the central bank moved too slowly in raising rates, it could inadvertently allow the economy to become overheated and thus have to raise rates so quickly in the future that it could push the country into a recession.
FEDERAL Reserve Chair Janet Yellen speaks at an economics conference, yesterday, in Cleveland. Yellen has acknowledged that the Fed is puzzled by the persistence of unusually low inflation and that it might have to adjust the timing of its interest rate policies accordingly. (AP Photo/Dake Kang)
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