THE MINISTRY of Finance’s top official last night warned that Dorianrelated tax breaks “cannot go on indefinitely” in their pre sent form as they are costing the Public Treasury “prob ably $40m-$50m per annum or higher”.
Simon Wilson, speak ing prior to tomorrow’s expiration of the
THE “MAKE or break”
Christmas shopping season will this year be vital for Bahamian merchants to “build a financial cushion” against forecast economic headwinds in 2023, a wellknown retailer warned yesterday.
Tara Morley, the Bahamas Federation of Retailers’ co-chair, told Tribune Business it was
existing Special Economic Recovery Zone (SERZ) order for Abaco and Grand Bahama, told Tribune Busi ness a “rebalancing” more than three years after the Category Five storm struck is now necessary because New Providence taxpayers and those on other islands cannot “cross-subsidise” these con cessions for ever.
Asserting that the tax rev enue foregone, in a bid to speed up both islands’ recov ery, is “significant” and “not
inexpensive”, he added that the Government was also concerned about the SERZ Orders being abused for tax evasion, fraud and other illicit purposes at a time when the Public Treasury needs every cent it can get due to the pre carious fiscal position.
The Government indicated more than two months ago that it was seeking to move away from the “blanket” tax exemptions, granted in Sep tember 2019 in Dorian’s immediate aftermath, to a
process where concessions will have to be applied for and approved on a case-bycase basis. Mr Wilson last night gave no details on the mechanism that will be used, or how it will operate, while reiterating that this remains the Davis administration’s objective.
However, Roscoe Thomp son, head of the Marsh Harbour/Spring City Town ship, yesterday voiced
critical that the industry enjoy a sufficiently buoyant festive period that rebuilds the financial reserves lost to COVID-19 ahead of fur ther pressures anticipated in the New Year.
Besides grim predictions of a recession in the US and other major markets, she explained that retail ers - as well as the wider Bahamian economy - will have to grapple with a vari ety of local cost pressures that include up to 163 per cent increases in Bahamas
Power & Light’s (BPL) fuel charge; increased costs associated with clearing goods through Customs; and the “ripple effect” of the minimum wage increase on other salary earners.
Pointing out that these cost increases will impact simultaneously, and simply add to global supply chain and inflationary pres sures, Ms Morley told this newspaper it was the aggregate impact - rather than any one factor - that
was causing the industry concern and likely to result in merchants raising their prices to consumers to compensate.
“People are expecting a pretty solid holiday season. There’s just a better over all outlook in terms of we seem to be over the COVID hump,” she said. “In terms of anything recessionary, it’s look ing like that may not hit us until next year but that
led by the Delaware Bank ruptcy Court.
FTX’s Bahamian real estate purchases - which could be worth a collec tive $300m - were made through a company cur rently covered by US Chapter 11 bankruptcy proceedings rather than the Bahamian provisional liquidators.
Documents filed yes terday with the Delaware Bankruptcy Court list FTX Property Holdings, the vehicle used by the failed crypto exchange for its Bahamian real estate acquisitions, as being among the 134 entities placed into Chapter 11 on November 11, 2022.
This potentially sets the stage for a further battle
between the Supreme Court-appointed joint provisional liquidators for FTX Digital Markets, the Bahamian subsidiary, and John Ray, the newlyappointed chief executive for FTX Trading and the other companies cov ered by the Chapter 11 proceedings.
However, they said a “jurisdictional battle” between The Bahamas and Delaware for control of FTX Property Hold ings and its assets may not be the smartest option in the current environment where a global media spot light remains focused on this nation. They added that the US would likely seek to exert “might is right”, and take control, especially with the Repub licans having taken control of the House of Repre sentatives and looking to probe FTX’s donations to Democrats.
The FTX Property Holdings situation further highlights the complex cross-border and multijurisdictional issues facing the Bahamian joint provi sional liquidators, Brian Simms KC, the Lennox Paton senior partner, and PricewaterhouseCoop ers (PwC) accounting duo
BANK of The Baha mas more than tripled the value of recovered loan collateral to $3.5m during its 2022 financial year as a result of intensified focus on reclaiming distressed assets.
The BISX-listed com mercial lender, in its just-released 2022 annual report, acknowledged its success was up against relatively low recovery comparatives from the prior year. “BOB’s delin quency management unit contributed significantly to the Bank’s $11.8m net profit this year as new strategies and automated delinquency management processes helped the unit achieve year-over-year increases of 221.22 per cent in loan recoveries and special activities,” the bank said.
“Net credit loss expense consists of total credit loss expense of $6.4m reduced by $5.1m in recoveries. This credit loss expense was $5.3m or 45.28 per cent lower than the prior fiscal year primarily due to efforts on remediation and improvement of loan status and recoverable values.
“Total recoveries during the year were $3.5m or 221.22 percent higher than prior year, mainly
because of property sales on charged/written-off facilities and restructures.
The bank allotted signifi cant resources on its credit risk management and loan collection efforts resulting in improved overall delin quency management.”
Brea Braynen, corporate manager with responsi bility for the delinquency management unit, told shareholders via the annual report: “We ensure
Non-performing com mercial loans, which were subsequently trans ferred to the Bahamas
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.netBUSINESSES at Vil lage Road’s northern end yesterday said they are “hoping and praying Santa can deliver” an end to their frustration by New Year with ongoing roadworks having caused sales to plunge by 30-40 percent.
Brent Fox, Montague Motors’ principal, told Trib une Business he was still “catching hell” given that his auto dealership remains frequently cut-off from con sumer access via the Shirley Street junction due to the continued road improve ment project.
Estimating that his sales would be up 20-30 percent compared to 2021 with out the inconvenience, he added that it was extremely difficult to give a figure for his losses given that the prior year’s performance would have been below average as the economy was still grappling with COVID-relates restrictions.
Mr Fox’s northern neigh bour, Branville McCartney,
Alfred
that a strategy is developed prior to an account going non-accrual loans. Assess ments are conducted on customers to determine if there is opportunity to reg ulate accounts, and where this is not possible, the customers are pursued via legal action.”
A CABINET min ster praised the Customs Department’s “hard work and dedication” in increas ing government revenues and protecting Bahamian borders during a promotion ceremony for 62 officers.
Senator Michael Halki tis, minister of economic affairs, presented the pro motional letters during the Grand Bahama event “on behalf of the Govern ment, and on behalf of the
Ministry of Finance and the Prime Minister”.
He added: “When we think about Customs, most of the time we think about revenue and the importance of revenue. Mr (Ralph) Munroe spoke to the increase in revenue, and we are grateful for your hard work and dedication you have displayed to enable us to achieve that.
“But Customs has a very important function when it comes to protecting our borders from smuggling and illegal activity; guns, drugs etc. That role is equally important because, as you know, we have our
A CABINET minister says the Government is seeking to highlight “the ingenuity, talent and vision” of Baha mian entrepreneurs as part of small business month.
Senator Michael Halkitis, minister of economic affairs, speaking at the first ‘Emerge Grand Bahama’ small busi ness symposium held at the Pelican Bay Resort, reiter ated that November has been declared National Micro, Small and MediumSized Enterprise Month.
“This month” he said, “we brought particular focus to the ingenuity, talent and the vision of local entre preneurs. It is through partnerships, particularly partnerships that reach across the public and private sectors, that we can bring our collective resources – intel lectual as well as financial resources - to bear as we seek ways to promote and support the development of the small business sector that contributes so much to the economy collectively.
“The Government is a very willing partner in these sorts of collaborations because we recognise the important role that small businesses play in the overall economic health of the country, and the criti cal importance of hearing the voices of those in the trenches and on the front lines of either starting a busi ness, operating a business and seeking to grow a busi ness, and all the challenges that that entails.”
The Grand Bahama event was held in partnership with the Grand Bahama Port Authority (GBPA), the Small Business Development Centre, the Grand Bahama Chamber of Commerce and Bahamas Development Bank.
Mr Halkitis added that through agencies such as the Small Business Develop ment Centre, the Bahamas Development Bank, the Bahamas Entrepreneurial Venture Fund, the Bahamas Agricultural and Industrial Corporation (BAIC) and Bahamas Agricultural and Marine Science Institute (BAMSI), the Government is seeking ways to support
the creation and growth of businesses by providing not only capital but technical assistance and advice.
Stressing the importance of government’s support for small businesses, the minister added that in the upcoming debate on the Government’s Public Pro curement Act reforms “there will be a level of preference of public procurement that will allow micro, small and medium-sized enterprises, women-owned businesses, and Family Island-owned businesses to receive preferential treatment in government procure ment. And that is to give businesses a better opportu nity to succeed in bidding for those contracts”.
Also giving brief remarks were Ian Rolle, the Grand Bahama Port Author ity’s (GBPA); James Carey, Grand Bahama Chamber of Commerce president; Brent Deveaux, branch manager of the Bahamas Development Bank; and the Small Busi ness Development Centre’s interim executive director, Samantha Rolle.
issues with criminal activity. You serve a dual role, so as we are collecting revenue, we are also mindful of the security aspect of the job that you do.”
Mr Halkitis had partici pated in a similar Customs promotions event in Nassau last Thursday “as an expres sion of thanks and gratitude to those who were receiving the promotions”. Accom panying the minister were Ralph Munroe, Customs acting deputy controller;
Whitney Kenny, assistant controller; and Kenneth Flowers, acting deputy con troller in charge of Grand Bahama and Walker’s Cay.
“The fact that you are moving to another level demonstrates you have demonstrated competency, discipline in the work you have done, that has enabled you to advance. And the fact that you are advancing means now that even more is expected of you,” the minister said.
THE Ministry of Eco nomic Affairs has used its presence at a major Asian financial services conference to promote Bahamian-made prod ucts to an international audience.
As a bronze sponsor of the Society of Trust and Estate Practitioners (STEP) Asia conference, as well as a sponsor of its annual gala event, the Ministry gave attendees a “taste” of The Bahamas with a variety of teas from local manufac turer, Tasty Teas; chocolates from Graycliff Chocolatier; and a sponsorship draw for a luxury handbag from Bahamian-owned designer brand, Haus of Assembly. Michael Halkitis, min ister of economic affairs, said: “While our primary purpose at the conference was to promote The Baha mas as a financial services jurisdiction, we also wanted to ensure that local busi nesses were showcased, and conference attendees could have insight into Bahamian excellence. We want them to know that The Baha mas is not just a great place to invest your money and secure your wealth; it is also an amazing place to visit and live.”
STEP Asia is the premier conference for trust and estate practitioners work ing in Asia, as well as for those who are attempting to
tap into the Asian market. The Bahamas is seeking to make inroads into provid ing financial services for Asian clients, so STEP Asia represented an opportunity to promote this jurisdic tion and educate attendees about local service offerings and regulations.
The 2022 conference was the first in-person STEP Asia event since the start of the COVID-19 pandemic.
Brandace Duncanson, director of financial ser vices, said the inclusion of Bahamian-made goods was a promotional tactic pre viously used at the STEP Latin American conference in Panama to great effect.
“The sponsorship draw for the Haus of Assembly handbag was very popular with attendees. The even tual winner told us that his wife instructed him not to return home without
that bag. Many attendees approached us for extra Graycliff chocolates and teas from Tasty Teas,” she said.
“There were a lot of inquiries about all three businesses and whether their products were avail able internationally. It was a great showcase of Bahamian talent and an awesome opportunity for the local businesses.”
Ms Duncanson indicated that the inclusion of Baha mian-made products will be a permanent fixture for future international con ferences and events. She encouraged businesses and entrepreneurs interested in being featured in future events to apply for their government Vendor ID and contact the Ministry of Eco nomic Affairs to express interest.
PICTURED below (L – R): Ms. Anastacia John son – Executive Administrator, AIBT, Mrs. Dominique McCartney-Rus sell - Director of Education, Ministry of Education, Dr. Tanya McCartney –CEO and Executive Director BFSB, Mr. Justin Saunders – Sales Representa tive, DC Technology.
THE BAHAMIAN financial services indus try has moved to meet the technology needs of all Abaco District schools by presenting the Department of Education with 90 lap tops and other electronic products.
The donation was made through the Financial Ser vices Cares initiative, which was established in 2015 by members of the Bahamas Financial Services Board (BFSB) and the Associa tion of International Banks and Trusts Companies (AIBT) to support disaster recovery projects that ben efit youth and education in particular.
Following Hurricane Dorian, the BFSB and AIBT - with the support of their members - both com mitted to raising funds to assist with the relief and recovery efforts, and bring aid to those negatively impacted by the hurricane in the northern Bahamas.
The two organisations on November 17 presented the Director of Education, Dominique McCartneyRussell, with computers and electronic items to meet the technology needs of all schools in Abaco. The equipment included 90
laptops, seven printers and 101 document cameras to support immediate learn ing needs and to make the transition back to face-toface learning easier for both teachers and students.
The Financial Services Cares initiative has also secured playground equip ment for all schools in Abaco. Dr Tanya McCa rtney, the BFSB’s chief executive and executive director, said: “Hurricane Dorian severely impacted the education system in the northern Bahamas.
“The Financial Services Cares initiative strongly supports youth develop ment efforts and enhancing the educational experience of our children. We wanted to ensure that students and teachers are supported as they recover from Hur ricane Dorian and the COVID-19 pandemic.
“We look forward to touring the schools in Abaco once the play ground equipment has been installed. We will continue to partner with the Minis try of Education to support recovery efforts in Grand Bahama and the affected areas in need of resources.”
Anastacia Johnson, rep resenting the AIBT, said:
“AIBT, through its Code of Conduct, maintains a strong commitment to social issues with a particular focus on training local Bahamian staff and the promotion of Bahamas financial ser vices. This means that we must start with our young bright minds as we seek to ensure the sustainability of the sector. Education is a critical social factor that we believe it is important to invest in.”
Mrs McCartney-Rus sell added: “The children in Abaco and the north ern Bahamas have been severely impacted by Hur ricane Dorian and the COVID-19 pandemic. Our team on the ground is eager to utilise the equipment to enhance learning.
“With respect to the donation of the playground equipment, she said: “In the wake of Hurricane Dorian and the pandemic, the chil dren need an outlet, and the playground equipment will do well for develop ment and pyscho-social support systems. It will provide a place for them to be children. The Abaco community at large thanks BFSB and AIBT for their generosity.”
FOOD retailers yesterday warned that veg etable prices will continue to increase with the cost for a case of lettuce soaring by 119 percent compared to normal times.
Philip Beneby, the Retail Grocers Association’s
(RGA) president, told Tribune Business that the lettuce price spike has resulted from a combina tion of weather-related issues that have impacted growers and supply chain challenges. These woes, he added, are also impact ing the costs of other vegetables.
“The price of a case of lettuce is over $125 now, up from $57 in normal times. But we have it good; our
prices are even cheaper than in the US. In Canada, iceberg lettuce was as high as $11.99 per head, and Romaine lettuce was as high as $15,” Mr Beneby said.
The average price for a head of lettuce in New Providence grocery stores is between $6 and $10 for Ice berg lettuce, and $13 for Romaine lettuce on some Family Islands.
Mr Beneby added: “All of this has to do with the supply chain challenges, but also the weather they are having in California. I also expect other veg etables to increase as well. They have been higher than they would usually be, but I don’t know how high they expect to go around this time of the year.”
Eggs are “extremely” high as well. “If eggs aren’t $12 a dozen it isn’t far,” Mr
Beneby said. “Every year egg prices go up. Limes are also going to begin to increase by the end of the year going into Easter. With seasonal items, it happens every year.”
Lettuce prices on the Family Islands hit a record $15 per head ear lier this year, prompting more calls for investment in Bahamian agriculture to eventually help stem
A Cabinet minister yes terday said the Government has ordered two one-mil lion gallon water storage tanks for central Eleuthera to ease ongoing supply shortages and disruption.
Alfred Sears, minister of public works and utili ties, speaking ahead of the weekly Cabinet meeting said: “I want to really com mend the chairman and staff of the Water and Sew erage Corporation, which as a result of the disrup tion have had to go into
the wellfields and work, in many instances, overnight, trying to restore the supply of water in Eleuthera.
“We have ordered two storage tanks, one mil lion imperial gallons each. Those tanks have been manufactured, and I under stand will be available near the middle of next year. In the intervening period, temporary tanks are being secured and also the water wells in Eleuthera are being rehabilitated.”
The water shortages in central Eleuthera have coincided with commer cial disputes between the Water & Sewerage Corpo ration and Aqua Design, which operates the reverse
osmosis plant that supplies the former and its custom ers with water. “The Water & Sewerage Corporation has been engaged in nego tiations with Aqua Design. There are a number of legacy debts owing to Aqua Design and other desalina tion companies,” Mr Sears said.
Robert Deal, the Water & Sewerage Corporation’s general manager, told Trib une Business the debt owed to Aqua Design is now less than $1m. He said this was a significant reduction from the $4.5m peak in 2021, which prompted Aqua Design’s first threat to dis connect water supplies.
Mr Sears, meanwhile, said of the debts: “Arrange ments were made to pay in installments and that is being done. Some of the contracts, I think there are about 20 contracts, some of them were expiring at different times and that is being addressed by way of temporary extension.
“Currently the Water & Sewerage Corporation is working very aggressively to address the problems not just in the immediate, but also long-term, because the objective is to ensure that we have a sustainable, reli able supply of water.”
Bahamas Power & Light (BPL) outages have further disrupted Eleuthera’s water
supply. Mr Sears explained: “When you have the dis ruption of electrical power supply, you also have a direct impact on the pump ing of water. So clearly, because it is a core value of the public policy of the Government, we have to increase the incorporation of renewable energy in the generation of power.
“The IDB (Inter-Ameri can Development Bank) is working with the Govern ment, and the Government will be rolling out a number of solar micro grids in the southern Bahamas as well as in Eleuthera. The Water & Sewerage Corporation, within the next month or so, will be commissioning
imported inflation on food items.
The government has engaged the Israeli firm, Volcani International Part nerships, to help develop farming on a mass scale. The investment in this partnership is $3m, and is intended to develop cultiva tion centres for Eleuthera and New Providence first, then to expand to the other Family Islands.
two solar systems with the pumping station in Abaco. So we have to deal both with water and power, and move the country in terms of sustainability and more reliable systems for water generation.”
A SENIOR Scotiabank executive voiced optimism over the country’s economic prospects when she recently visited The Bahamas to meet with Prime Minister Philip Davis KC.
Anya Schnoor, the Canadian-owned bank’s executive vice-president for the Caribbean, Central America and Uruguay, said tourism’s recovery and its positive impact on employ ment and the economy will help The Bahamas recover from COVID-19’s devastation.
The bank, in a statement, said she discussed its growth strategy for The Bahamas and several matters impact ing the Caribbean region during her meeting with the Prime Minister. Ms Schnoor outlined Scotiabank’s com mitment to investing in the Caribbean’s, and detailed its support for investments in technology and services that boost the customer experience.
“The Bahamas and the entire Caribbean region possess unique potential for wide-scale technological, economic and infrastruc tural development, and as a global leader within the financial services industry, we are committed to play ing our part to foster this development. As we further position ourselves to enable these advancements, we will continue to align our strat egy in the region to benefit both The Bahamas and the countries in which we oper ate,” Ms Schnoor said.
Scotiabank (Bahamas) has recently expanded its digital investments in a bid to better meet the finan cial needs of both existing and potential customers. These include upgrades to its ABM (automated bank ing machine) network to include intelligent deposit machines, which have expanded the services avail able to customers outside branch locations.
Ms Schnoor also high lighted the work being done to transform physi cal locations, including the renovation of Scotiabank’s Wulff Road and Jerome Avenue location into a facil ity dedicated to providing personalised sales and ser vices to customers.
Scotiabank said that over the past year it has invested more than $40,000 on initiatives that have benefited more than 1,200 individuals, including stu dents and members of the disabled community in The Bahamas.
CHESTER Cooper, deputy prime minister, and minister of tourism, investments and aviation, is heading the Bahamian delegation to the World Travel & Tourism Council’s (WTTC) Global Summit.
The conference, which is being held this week in Riyadh, Saudi Arabia, brings together government ministers and tourism exec utives in a bid to address and redesign the sector’s priorities for the future.
Under the theme ‘Travel for a better future’, the summit will connect public and private sector leaders to explore further tourism investments.
concerns to Tribune Busi ness that moving to such a case-by-case system will expose the process to “political favouritism”. He, in common with other Abaconians, argued that the present tax breaks structure needs to remain beyond December 1 as the island lost a year-and-a-half of reconstruction to the COVID-19 pandemic and needs more time given the damage’s extent.
Mr Wilson, though, pledged that “anyone who has a valid” claim for tax relief to assist Dorianrelated reconstruction will still be “honoured” from this Thursday onwards. “The best way to put it is if you have a valid claim for Dorian damage it will be honoured,” he told this newspaper.
“So what some folks have done, because of ship ping delays and so forth, is they have come to us in advance and said they have purchased supplies but, because of supply chain issues, they are going to arrive after December 1. We’ve accommodated those persons. In Abaco I think there’s a fair few, but we’ve accommodated them.
“They came in, they pro duced their information and said they’ve purchased this,
but because of the supply chain they’re not going to arrive until next year, Janu ary and so forth. That’s not a big issue. We’ll accommo date those persons.”
However, Mr Wilson said the Government had to guard against poten tial “abuse” of the SERZ Orders such as persons using the tax breaks to lower the cost of kitchen renovations rather than for rebuilding/reconstruction purposes. “That’s what we don’t want,” he explained.
“To be quite honest, the SERZ Order, the cost associated with that is significant. It is not inex pensive. When you do these types of Orders, what you are doing is a form of cross-subsidisation. The persons in New Providence are actually paying for that. That’s acceptable in the immediate aftermath of the storm, when everybody has to chip in to make things better, but three years later it’s really unfair. We’ve just got to find a way to rebal ance it. It cannot go on indefinitely.”
Asked how much tax rev enue has been foregone by the Government under the present SERZ Order and its predecessors, Mr Wilson replied: “I would suspect, looking at the overall Department of Inland Rev enue numbers, comparing
pre-SERZ and after SERZ, I would not be surprised if it was probably at $40m$50m per annum or higher, actually.” That would imply total Dorian-related tax concessions worth around at least $150m have been granted over the last three years.
Michael Halkitis, minis ter of economic affairs, first signalled the Government’s new direction at the Abaco Business Outlook confer ence when he asserted that the present wide-ranging concessions regime was “not optimal” and cannot “go on for ever”, hinting it may switch to a framework where tax breaks were granted on a case-by-case application basis.
The Davis administration feels the existing SERZ is giving away too much revenue in tax breaks. It reimposed VAT on con struction services earlier this year, with the Minis try of Finance stating at the time that concessions were being granted to wealthy second homeown ers who did not need them to rebuild properties that were fully insured to their replacement value. Essen tially, the view was such homeowners were getting VAT and duty-relief twice.
Ministry of Finance offi cials also subsequently said the SERZ and related tax
breaks were being abused for tax evasion and other illicit purposes, with vehi cles and other expensive items imported using the VAT and duty exemptions turning up at Potter’s Cay in Nassau and other loca tions outside the Dorian hit areas.
However, Abaco resi dents and businesses have frequently pleaded with the Government to extend the existing SERZ order beyond tomorrow’s end given that the island’s rebuilding from a storm estimated to have inflicted $3.4bn in total loss and damages will likely take between five to ten years. A similar timeframe, and sentiments, have been voiced by persons in Grand Bahama - especially in the island’s east.
Mr Thompson yesterday said “there’s no confirma tion or clarity” on what will replace the present SERZ structure from tomorrow onwards, especially on what documents persons and businesses will have to provide to secure tax exemptions and who they must be submitted to. The Marsh Harbour/Spring City township head said persons were being told they have to get approval from a “SERZ Office” even though no such entity exists.
the Republicans having taken control of the House of Representatives and looking to probe FTX’s donations to Democrats.
The FTX Prop erty Holdings situation further highlights the complex cross-border and multi-jurisdictional issues facing the Baha mian joint provisional liquidators, Brian Simms KC, the Lennox Paton senior partner, and Price waterhouseCoopers (PwC) accounting duo Kevin Cam bridge and Peter Greaves.
Mr Ray has already suc ceeded in his bid to have
their Chapter 15 bid for legal recognition by the US courts transferred from southern New York to Delaware, with the appli cation yet to be heard. It is likely that both sides will seek to negotiate a compro mise, and explore whether they can work together for the benefit of FTX and its creditors, in a bid to avoid potentially costly legal bat tles and competition for FTX’s assets.
FTX Property Hold ings’ address was given as the G.K. Symonette Build ing on Shirley Street in Nassau. This building is home to the Clement May nard & Company law firm,
IN THE ESTATE OF JAMES HAROLD BRADLEY late of 502 Covebrook Lane, Knoxville in the state of Tennessee in The United States of America. Deceased.
NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 16th day of December A. D., 2022 to send their names and addresses and particulars of their debts or claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned.
AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late JAMES HAROLD BRADLEY will be distributed among the persons entitled thereto having regard only to the claims of which the Executors shall then have had notice in writing.
Dated this 16th day of November, A. D. 2022
Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, 400 West Bay Street, Nassau, Bahamas.
INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)
Notice is hereby given in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Zingara Limited has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 21st day of November, 2022.
Signed: Anibal Cesar Jesus Santos Liquidator“I’m disappointed. That’s me, and I know a lot of other people are too,” he told Tribune Business on the Government’s position. “I think it will close down a lot. A lot of Abaconians feel disenfranchised, a little perturbed, a little upset. We thought we would get a little longer. This govern ment, during election time this was one of their cam paign promises, and they’ve gone back on it.
“It’s only been three years since Dorian, and we lost a year-and-a-half to COVID. A lot of people have not had the funds and financing to rebuild. Now people are finally getting the money, but can they still rebuild or bring in a car they had approval for in 2020 but did not have the means to do then?
“It’s really going to hurt the economy. They’re doing it to limit what the second homeowners get, but you can still give blanket duty and VAT-free to help more people but better police it. You don’t have to go to a case-by-case basis. I believe it’s a way of getting rid of the SERZ and not extend ing it. It’s going to hinder Abaco big time.”
Mr Thompson argued that non-renewal of the present SERZ structure will also push persons to acquire building materials,
now almost certain not to proceed.
The report also showed a $2.29m purchase at the Veridian Corporate Centre.
appliances, furniture, fix tures and equipment from abroad rather than through local retailers. He pointed out that non-profits such as Ger3 (Global Emergency, Relief, Recovery) were still helping to construct homes on Abaco and buying mate rials locally rather than overseas.
Another Abaco business man, speaking on condition of anonymity, echoed Mr Thompson’s concerns over “political favouritism” by pointing out that a caseby-case approvals system would leave the granting of Dorian-related tax breaks open to “subjectivity” rather than “available to all”. They, too, were una ware of what will replace the existing SERZ Order.
“There’s a lot of angry people here, a lot of angry people,” they said. “It’s going to be a lot harder, if not impossible, for people to rebuild. It’s another nail in the coffin of Abaco courtesy of Nassau.” Many Abaco residents believe the Public Treasury will benefit more long-term if post-Dorian recovery is speeded up so that the island again becomes the second-biggest tax contributor.
which includes Allyson Maynard-Gibson KC, the former attorney general and FTX’s attorney, among its counsel and partners. The Bahamian arm of Alameda Research, the trading entity controlled by embattled FTX chief, Sam BankmanFried, is also listed as having this same address.
Based on reports that FTX Property Holdings purchased between $121m to $130m of Bahamian real estate, which could be a conservative estimate given suggestions the total value may be as high as $300m, and the standard attorney’s fee of 2.5 percent of the purchase price for property deals, it is possible that Mrs Maynard-Gibson and Clement Maynard & Co earned between $3.025m and $3.25m if they handled all this work.
Tribune Business was previously shown a report, which checks confirmed was genuine and had been wellresearched, disclosing that FTX has acquired some $74.23m in west New Provi dence real estate during 2022 alone. Most of these purchases involved prop erty in the high-end Albany community, along with the acquisition of units in the Veridian Corporate Centre. The acquisitions by FTX Property Holdings, the crypto exchange’s real estate arm, ranged in value from a high of $30m to $8.9m, $7.479m, $7.311m, $7m and $6.75m at Albany, accord ing to the report, which was being widely circulated on social media. Some $4.5m was also spent to acquire the Bayside Executive Park site for its planned $60m headquarters, which is
“The corporate offices for FTX are currently housed at the Veridian Corpo rate Centre, which was originally built and sold by Sebas Bastian,” the document said. “These are not rentals or leases.
FTX has purchased these units outright. Addition ally, there is one purchase of a condominium at One Cable Beach for $2m made by Sam Bankman-Fried directly in late 2021.”
Mr Ray previ ously alleged that corporate funds belonging to the crypto exchange were used to fund Bahamian real estate purchases by its executives who then put the properties in their own, per sonal names rather than the company’s.
“In The Bahamas, I understand that corporate funds of the FTX group were used to purchase homes and other personal items for employees and advisors. I understand that there does not appear to
Legal Notice NOTICE
follows:
Investment Fund
Shareece Scott Liquidator
be documentation for cer tain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisors on the records of The Baha mas,” Mr Ray asserted.
Meanwhile, downtown Nassau’s Margaritaville Beach Resort was revealed to be Alameda Research’s fourth largest creditor with a sum of $55,319 due to it - presumably for providing hospitality and entertain ment-related services to Mr Bankman-Fried’s trading entity. The resort is part of The Pointe complex, built and owned by China Con struction America (CCA).
And, intriguingly, another of Mr Bankman-Fried’s Bahamian entities, Technol ogy Services Bahamas Ltd, was shown as having an Abaco registered address in the residential Pelican Shores area. The address was Johnny Cake Lane, Marsh Harbour, Abaco, Bahamas, indicating it may be registered at someone’s house.
NOTICE IS HEREBY GIVEN as follows:
(a) SAPROPIN 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 29th day of November 2022.
(c) The Liquidator of the said Company is Delco Investments Limited of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
Dated this 30th day of November A.D. 2022
Delco Investments Limited Liquidator
NOTICE IS HEREBY GIVEN as follows: (a) Eastern Diversified Company 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 29th day of November 2022. (c) The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
Dated this 30th day of November A.D. 2022 Baird
road paving will likely last through December but should be “substantially” complete before the start of 2023.
“The work is progressing. The Water and Sewerage Corporation has had to do some additional work in terms of the water mains, and I had a meeting with Water and Sewerage, BPL and BTC, with the Ministry of Works and also with the contractor and they have a co-ordinated strategy,” he added.
Mr McCartney, who ear lier this year revealed that his law firm lost around $100,000 in client billings and IT equipment after its servers, computers and Internet were “fried” amid the ongoing roadworks, yesterday said the road clo sures and diversions had been extremely inconven ient for clients who had to visit Halsbury Chambers to sign legal documents and for meetings.
The law firm’s staff had also complained about damage to their vehicles from passing through potholed, unpaved streets, and the ex-DNA leader added that it was “of the utmost importance” that any road works project be completed on time to minimise the fallout for affected residents as well as the financial impact for businesses.
“We are looking forward to a brand new Village Road, and we are hoping and praying that Santa can deliver on that gift in early 2023,” Mr McCartney told Tribune Business. “It’s been like this for almost a year. It’s a great inconvenience
and has been a trying period. They indicated recently that the roadworks should be completed by next month. That seems to be ambitious looking at the state of things, but that’s my hope as we go into the New Year.”
Mr Fox, though, has likely suffered an even greater impact. He revealed that the Water & Sewerage Corporation has not used the roadworks to address the ten-year sewer prob lem impacting both his business and some 10-15 apartments located behind it, as his connection is still not properly hooked up to the state-owned utility’s main line.
“I’m catching hell,” he told Tribune Business. “The only thing I got from Water & Sewerage was an old bill, and they asked me how I’m going to pay for it? I told them I need some compen sation. I knew as soon as I said that they would come at me another way. They did run a sewer line to my wall, but didn’t connect it with my sewer line, and they didn’t run a water line. Still no change here. Same old, same old.”
Mr Fox had previ ously told this newspaper that his sewer connection to the Water & Sewerage Cor poration’s main pipe is the lowest-lying one in the Vil lage Road area. Due to the “degradation” associated with the previous infra structure, during period of heavy rain or frequent use by other businesses in the area, his pipe “becomes half full” and starts to back-up.
As a result, to cure the problem he was forced to install a 100-gallon lift
N O T I C E IS HEREBY GIVEN as follows:
(a) GRACE SINO 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 23rd November, 2022 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 30th day of November, 2022.
Bukit Merah Limited Liquidator
N O T I C E IS HEREBY GIVEN as follows:
(a) ABUNDANT SPRING 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 23rd November, 2022 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 30th day of November, 2022.
Bukit Merah Limited Liquidator
N O T I C E IS HEREBY GIVEN as follows:
(a) E2E FAMILY 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 24th November, 2022 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 30th day of November, 2022.
Bukit
station at his own expense to ensure the waste form his pipe could be pumped into the Water & Sewer age Corporation’s main line. Hopeful that the installation of new sewage infrastructure would pro vide a permanent solution, Mr Fox said his hopes have been dashed because the new main line has been installed at a depth eight to 12 inches (around a foot) higher than his connecting pipe.
Asserting that the main sewerage line should have been laid at the same depth as the lowest line, which is his, Mr Fox said the Water & Sewerage Corporation had instead simply run a sewer line to his property’s wall and stopped it there “turned up vertical”.
While he already has well water, the Montague Motors principal said: “They didn’t actually make the connection. As soon as I dig down on my side, I will have to dig up my pipe and re-run it all the way back to connect. That’s major work. I will have to bring in a back hoe and dig down 12 feet to elevate my pipe to connect with Water & Sewerage.”
He added that the apart ments behind Montague Motors had been told to seek Morley Realty’s permission to run a line through the latter’s prop erty so that it can connect with the Water & Sewerage Corporation’s main pipe on Shirley Street rather than Village Road.
As for auto sales, Mr Fox said: “Business is way down. I don’t know whether to laugh or cry. It’s a mess but, in any event, they said they would start paving from
December 1. This week I’m going to start going to see the Ministry of Finance to see if they will give me some compensation on the VAT, but a reliable source said to me I’m unlikely to see anything.
“It is what it is. No one can get to me. It hasn’t got any better since you and I last spoke in October. They asked me: Can you put a figure on how much you have lost? It’s hard to say, as last year we were recov ering from COVID so sales were still down. I can’t tell you accurately what the last three months have cost me, but it’s a significant amount of money.”
Mr Fox, estimating that sales were down at least 30-40 percent due to the roadworks, added: “I can’t give them a definitive figure; whether it’s $38,000 or $100,000. If I give them figures from last year, my sales were starting to increase by 5 percent to 10 percent every month but, after COVID, that figure doesn’t accurately paint a picture of what’s going as I know my sales would
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 3221986 and share your story.
N O T I C E IS HEREBY GIVEN as follows:
(a) MARE AZZURRO 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 23rd November, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands.
Dated this 30th day of November, 2022.
Leeward Nominees Limited Liquidator
N O T I C E IS HEREBY GIVEN as follows:
(a) KCY INC. 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 23rd November, 2022 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 30th day of November, 2022.
Bukit Merah Limited Liquidator
N O T I C E IS HEREBY GIVEN as follows:
(a) CH COMPANY 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 24th November, 2022 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 30th day of November, 2022.
otherwise be up 20-30 per cent from last year.
“I haven’t given up, but don’t see I have much recourse on this. Whether I go to the minister [Alfred Sears] or not, I don’t know. I was going to write to him to say the least you could do is hook up my water line.”
The Government, in the aftermath of the New Prov idence Road Improvement project one decade ago, did provide tax and other forms of relief to impacted busi nesses given the outcry and number that were affected.
Mr McCartney, mean while, argued that roadworks projects need to be managed and handled better. “I certainly under stand the need for road improvements and what have you, but I do think in
terms of giving the neces sary notices to residents and persons using the street as to when there will be diversions, I think that can be handled much better. It causes great frustration.
“And having them done in a timely manner is of the utmost importance. It has been going on for one year. It’s not a highway. It’s one street. I can only assume they have all sorts of other infrastructure that they have to deal with, water and electricity, but 12 months is really pushing it and frus trating to no end.” Besides dealing with the utilities’ pipes and underground cables, the project’s scope of works has also changed several times.
N O T I C E IS HEREBY GIVEN as follows:
(a) INFINITE CHAMPION 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 23rd November, 2022 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 30th day of November, 2022.
Bukit Merah Limited LiquidatorN O T I C E IS HEREBY GIVEN as follows:
(a) TYL INVESTMENT HOLDINGS 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 24th November, 2022 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 30th day of November, 2022.
Bukit Merah Limited Liquidator
N O T I C E IS HEREBY GIVEN as follows:
(a) ENYONG INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on the 23rd November, 2022 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 30th day of November, 2022.
Bukit Merah Limited Liquidator
N O T I C E IS HEREBY GIVEN as follows:
(a) FRYINGYAN HOLDINGS 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 23rd November, 2022 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 30th day of November, 2022.
Merah Limited Liquidator Bukit Merah Limited Liquidator Bukit Merah Limited Liquidator
FROM
remains to be seen. Hope fully that will not hit us at all.”
With travel demand remaining strong, and the all-important tourism industry that drives Baha mian consumption and spending maintaining its recovery momentum, Ms Morley voiced optimism that Christmas 2022 will provide the local retail industry with sufficient financial breathing room to help merchants withstand any future shocks in 2023.
“I feel like for those of us who made it through COVID, there’s certainly no cushion any more for anyone, so in terms of
building back up that finan cial cushion to withstand other hurdles that are ahead it’s going to be a busy season to be watching,” she told Tribune Business. “I think for a lot of people it will be just what helps build up any cushion for what lies ahead. Nobody has a crystal ball, but it’s definitely better to be prepared.
“Everybody is hoping it’s going to be a good Christ mas. Events are back in a real way, so there’s things to shop for again, a reason to shop. Consumer demand has definitely picked up, with everyone excited to feel some level of normalcy again. I think people are excited for a normal Christ mas. I think everyone is
Resolve vehicle, were responsible for the two tax payer-financed bail-outs of Bank of The Bahamas over the past decade plus a $40m rights issue.
The BISX-listed institu tion is now seeking to put that behind it, as it signalled in its annual report. “The Bank of The Bahamas has been able to substantially conquer the challenges that were brought on by the pan demic,” it said. “The bank has yielded positive results such as excess liquidity, strong capital positions and return to profitability.
“During the current fiscal year, the bank has embarked on several initiatives to provide more sustainable growth opportunities both operationally and finan cially. As the bank continues its journey to rebuilding its brand, it remains steadfast in providing new and inno vative banking solutions, as well as creating a safe and healthy environment for both customers and staff.
“The collective efforts of the team at Bank of The Bahamas have gener ated unequivocal results for the year ended June 30, 2022. The bank’s net income of $11.8m is $8.1m
or 216.43 percent higher than prior year’s net income of $3.7m. Also noteworthy is the decrease in the bank’s net impairment losses by $4.4m or 92.53 percent com pared to prior year.”
The annual report con tinued: “Deposits from customers and banks, which account for approximately 93.19 percent of total liabili ties, increased by $64.1m or 9.22 percent from $695.9m as at June 30, 2021, to $760m as at June 30, 2022.
The bank noted significant increases in savings and demand products, while term deposits reflected a decrease during the year.
“In the aftermath of the pandemic, the customer base is more inclined to having their funds readily available and businesses are geared towards better man agement of cash flows. The overall positive variance in deposits was supplemented by the increase in other liabilities due to timing of the remittance of funds from the Governmentguaranteed hurricane loan collections and higher pre paid card holder liability to social services, as there was an increase in the ben efit amount and an increase in the number of persons receiving the benefits.”
just ready to feel festive again. Everybody keeps predicting a recession, but it doesn’t seem like consumer demand has slowed. We’ll see how it all shakes out.”
This will be the first Christmas for three years that is free of COVID restrictions. The festive season is vital to the finan cial health and well-being of retailers, accounting for up to 40-50 percent of annual sales for some, thereby making it “a make or break” period for such operators.
“When we were in the grip of COVID, consum ers shopping locally really made all the difference in the world for retailers who were able to survive in that
period,” Ms Morley said, calling for a repeat this Christmas. “We hope local consumers recognise their importance and value, and hopefully they will discover the value of shopping at home and maybe continue to think about shopping local before logging on to the Amazons of this world.
“For this Christmas, the biggest thing is going to be while we have little bumps and surprises down the road ahead of us, that we build that financial cushion just in case and build that finan cial cushion for BPL price increases. We have quite a few cost and price increases being thrust into the mix. There’s also something that Customs has planned for
ASIAN shares were mostly lower Wednesday ahead of a closely watched speech by the Federal Reserve chief that may give clues about future interest rate hikes.
Investors were also eyeing developments in China, where protests have erupted over the "zeroCOVID" strategy that has confined millions of people to their homes, sometimes for months. Shares fell in Tokyo but were higher in Sydney, Seoul, Hong Kong and Shanghai. Oil prices rose.
China has eased some controls after demon strations in at least eight mainland cities and Hong Kong. It's unclear if pro tests will start up again after authorities detained an unknown number of people and stepped up surveillance.
Renewed restrictions on businesses and other activity have hit manufacturing, with an official survey announced Wednesday showing the
purchasing managers index falling to 48.0 in November from 49.2 the month before. The index is on a scale of 0 to 100 where readings 50 and above show expansion.
"A further fall in the new orders and new export orders indices suggests this was largely driven by weak ening domestic and foreign demand," Capital Econom ics said in a report. "Todays surveys suggest that inten sified virus disruption has delivered another blow to the economy this month."
Japan's benchmark Nikkei 225 lost 0.6% in early trading to 27,858.16. Aus tralia's S&P/ASX 200 edged up nearly 0.2% to 7,265.60. South Korea's Kospi rose 0.5% to 2,444.98. Hong Kong's Hang Seng added 0.3% to 18,257.80, while the Shanghai Composite edged up 0.2% to 3,156.71.
"Due to a more reflective approach to the recent zeroCOVID measures, Chinese stocks have taken substan tial leaps and bounds this week. However, that opti mism is giving way to hawkish contemplation as
the clearing of goods which could lead to more expense.
“BPL is going up, the cost of clearing goods is going up, the minimum wage is going up, which has a ripple effect for other employees as well because no one wants to be earning the same as someone on a lower rung than they are.
It just seems like there has been a lot of cost increases at the same time, and they are coming when we already have global infla tion to worry about,” Ms Morley said.
“It’s like there’s the global inflation level, which we’re price takers on and don’t have any control over, and there’s other things where we have a bit more
flexibility to stagger the timing rather than have them all in one year. That’s why I’m nervous there’s this additional layer of inflation. It’s not just one thing. The aggregate becomes a bigger deal.
“I haven’t heard of any tax breaks being put out there for busi ness. I’m struggling to understand how all these additional costs are going to be absorbed. There’s noth ing to offset them other than raising prices on top of whatever cost increases have been received from our vendors. That is a little bit worrisome, hence the need for Christmas.”
0.00%
traders twiddle their thumbs awaiting a speech from Fed eral Reserve Chair Jerome Powell later Wednesday," said Stephen Innes, man aging partner at SPI Asset Management.
Investors have been hoping that the Fed could ease up on its rate increases and are closely watching the latest data on inflation, consumer spending and the employment market. They'll be looking for any signs of a shift in policy when Powell speaks at the Brookings Institution about the out look for the U.S. economy and the labor market on Wednesday.
The Fed's benchmark rate currently stands at 3.75% to 4%, up from close to zero in March.
Wall Street capped an unsteady day of trading with an uneven finish, as gains by energy companies were offset by losses in technol ogy and other sectors. The S&P 500 slipped 0.2% to 3,957.63, its third straight drop. The tech-heavy Nasdaq composite fell 0.6% to 10,983.78, while the Dow Jones Industrial Average ended just barely in the green, at 33,852.53. The Russell 2000 index of small company stocks rose 0.3% to 1,836.55.
"This is a market that's waiting for more infor mation, particularly from Powell," said Quincy Krosby, chief equity strate gist for LPL Financial.
Technology stocks were the biggest drag on the broader market. Apple fell 2.1%. Financial and indus trial stocks were among the gainers. American Express added 2% and United Parcel Service rose 2.8%. Energy stocks rose as U.S. crude oil prices climbed 1.2%. Hess rose 1.8%.
Railroad operators rose amid hopes that a rail strike can be averted if Congress votes to impose a deal that unions agreed to in Septem ber. Union Pacific rose 2% and CSX gained 1.8%.
The Conference Board reported on Tuesday that consumer confidence fell slightly in November from October, but remains rela tively strong. Consumer spending has been solid area of the economy, along with employment.
The U.S. government will be releasing several reports about the labor market this week. A report about job openings and labor turnover for October will be released Wednesday, followed by a weekly unemployment claims report Thursday. The closely watched monthly report on the job market will be released on Friday. In energy trading, bench mark U.S. crude gained 81 cents to $79.01 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, added 91 cents to $85.16 a barrel.
WALL Street capped an unsteady day of trad ing with an uneven finish for the major stock indexes Tuesday, as gains by energy companies were offset by losses in technology and other sectors.
The S&P 500 slipped 0.2%, its third straight drop. The tech-heavy Nasdaq composite fell 0.6%, while the Dow Jones Industrial Average ended just barely in the green and small-com pany stocks rose.
The mixed finish came as investors watched develop ments in China and looked ahead to a speech Wednes day by Federal Reserve Chair Jerome Powell for clues as to what the central bank will do next in its fight to lower stubbornly hot inflation.
Wall Street is especially eager to hear what Powell
has to say after remarks on Monday by two Federal Reserve bank president s helped spur a broad sell-off for stocks.
"This is a market that's waiting for more infor mation, particularly from Powell," said Quincy Krosby, chief equity strate gist for LPL Financial.
The S&P 500 slipped 6.31 points to 3,957.63.
The Nasdaq dropped 65.72 points to 10,983.78. The Dow, which had been down as much as 187 points, gained 3.07 points to close at 33,852.53.
The Russell 2000 index of small company stocks rose 5.59 points, or 0.3%, to 1,836.55.
Technology stocks were the biggest drag on the broader market. Apple fell 2.1%. Financial and indus trial stocks were among the gainers. American Express added 2% and United Parcel Service rose 2.8%.
Energy stocks rose as U.S.
crude oil prices climbed 1.2%. Hess rose 1.8%.
Railroad operators rose amid hopes that a rail strike can be averted as Congress prepares to take up legisla tion this week to impose a deal that unions agreed to in September. Union Pacific rose 2% and CSX gained 1.8%.
Bond yields gained ground. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.76% from 3.68% late Monday.
Markets in Europe were mixed and markets in Asia rose broadly.
Hong Kong's bench mark index jumped 5.2% as protests in China seem ingly calmed down amid a heightened police presence in major cities and the gov ernment eases some of its lockdown restrictions.
China's "zero-COVID" policy includes strict lock down procedures that have crimped the nation's
economy and threaten global supply chains. That has added to broader concerns globally about stubbornly hot inflation and the potential for recessions to hit economies worldwide.
Wall Street's big focus remains the Federal Reserve's fight against the hottest inflation in dec ades. The central bank has been aggressively raising interest rates to make bor rowing more difficult and tame high prices. The Fed's benchmark rate currently
stands at 3.75% to 4%, up from close to zero in March.
Investors have been hoping that the Fed could ease up on its rate increases and are closely watching the latest data on inflation, consumer spending and the employment market. They'll be looking for any signs of a shift in policy when Powell speaks at the Brookings Institution about the outlook for the U.S. economy and the labor market on Wednesday.
The Conference Board reported on Tuesday that consumer confidence fell
slightly in November from October, but remains rela tively strong. Consumer spending has been a solid area of the economy, along with employment.
The U.S. government will be releasing several reports about the labor market this week. A report about job openings and labor turnover for October will be released Wednesday, followed by a weekly unem ployment claims report Thursday. The closely watched monthly report on the job market will be released on Friday.
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