12202023 BUSINESS

business@tribunemedia.net

WEDNESDAY, DECEMBER 20, 2023

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Gov’ts $544m undershoot on Dorian and COVID-19

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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short of their target, its leading fiscal watchdog has affirmed.

The Auditor General’s Office, in its report on the Government’s accounts for the Dorian and COVIDhit year, also disclosed that the then-Minnis administration’s $1.23bn borrowing exceeded Budget estimates by $474.6m or 62 percent as it urgently sought to plug this income hole and prop

Commission asset turnover as part of FTX’s settlement

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FTX Bahamas’ liquidators have agreed to use “commercially reasonable efforts” to ensure some $426m worth of digital assets held by the Securities Commission are transferred to their US counterparts.

This is among multiple measures in the “global settlement agreement” that Brian Simms KC, the Lennox Paton senior partner, and PricewaterhouseCoopers (PwC) accounting duo Kevin Cambridge and Peter Greaves, have struck with John Ray, head of the 134 FTX entities in Chapter 11 bankruptcy protection in Delaware, to end an acrimonious year-long legal battle that delayed investor recoveries.

Other terms in the deal, filed by Mr Ray and his team yesterday with the federal Delaware Bankruptcy Court, require the FTX US chief “to assist”

the Bahamian trio in recovering $143.2m in cash that was seized by the US Justice Department from accounts belonging to the local subsidiary that they have oversight responsibility for.

That sum, which was in FTX Digital Markets’ name, would provide both a significant source of recovery for creditors as well as finance the liquidation’s expenses. Mr Simms and his PwC colleagues, in their third report to the Supreme Court last month, revealed that the $86.2m in cash balances inherited by the Bahamian liquidators on November 14, 2022, have since reduced by 45.5 percent to $47m at endOctober 2023.

Most of the reduction is attributed to the combined $34.5m paid to the liquidators ($22.2m) and their advisers ($12.3m), as approved by the Supreme Court to cover their costs.

However, Mr Ray and his

SEE PAGE B5

Abaco residents renew water billing complaints

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net AN ABACO resident says she has been hit with a $1,300 Water & Sewerage Corporation bill despite being absent from her property for over three years after it was devastated by Hurricane Dorian.

Ms Williams, a Spring City resident, said that she moved to New Providence while her home was rebuilt in the aftermath of the September 2019 Category Five

storm and only returned on November 2022.

She said: “They charged me for three years of water that no one was even here at this property, and even when we came back the water company was load shedding so they were only turning the pumps on for a short time.

“We were in Nassau. We weren’t even here and we came down one day and were sitting in the yard, because it wasn’t a house to even use the water, and

SEE PAGE B7

up an economy that had literally imploded overnight due to pandemic-related lockdowns and travel closures.

The report, which has been placed on the Ministry of Finance’s new investor relations website, has never been tabled or laid in the House of Assembly as is the norm. But Terrance Bastian, the auditor general, as is customary, wrote in a note dated November 23, 2022, that he was submitting the report to House speaker, Patricia Deveaux, as required by Article 136 (4) of the Bahamian constitution.

It is unclear why the Auditor General’s

2019-2020 report has yet to be tabled in the House more than a year after it was seemingly submitted

by Mr Bastian, which raises questions over whether the Speaker has fulfilled her constitutional mandate to ensure such documents are “laid.... without undue delay”.

The same article 136 (4) in the Bahamian constitution stipulates: “The Auditor General shall submit his reports under paragraph (3) of this article without undue delay to the Speaker (or, if the office of Speaker is vacant or the Speaker is for any reason unable to perform the functions of his/her office, to the

Deputy Speaker) who shall cause them to be laid before the House of Assembly without undue delay.”

Ms Deveaux, when contacted by Tribune Business, said she was unaware of the Auditor General’s 20192020 fiscal year report and would have to “check into” the matter. One source, speaking on condition of anonymity, said there were only two possible explanations for why the report has not been laid in the House - either the Auditor General did not send it, or the Speaker failed to table it.

Whether the Auditor General’s Office itself

TERRANCE BASTIAN

SEE PAGE B3

PATRICIA DEVEAUX

‘Landmark breakthrough’: FTX Bahamas strikes new Ray deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FTX’s Bahamian liquidators yesterday hailed the settlement reached with their US counterpart as “a landmark breakthrough” that will avoid “years of protracted litigation” which would cost creditors dearly.

Brian Simms KC, the Lennox Paton senior partner, and PricewaterhouseCoopers (PWC) accountant duo, Kevin Cambridge and Peter Greaves, said their agreement with John Ray, head of the 134 FTX entities in Chapter 11 bankruptcy protection in Delaware, will create one unified

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The two sides, unveiling their long-awaited “global settlement agreement” via joint media releases

issued simultaneously at 9am, said the deal is based on combining assets from both estates into a single pool with creditors able to select where they will submit their claim - The Bahamas or Delaware.

Double dipping, or submitting claims in both jurisdictions, will not be permitted.

The agreement, which has to be approved by both the Supreme Court and Delaware Bankruptcy Court, will see the local trio “take the operational lead” in seeking to recover assets for creditors and investors via the sale of $256m worth of highend Bahamian real estate acquired by FTX in developments such as Albany,

BRIAN SIMMS KC GoldWynn and One Cable Beach.

And Mr Simms and his PwC colleagues will also be “pursuing specific litigation and avoidance actions” under their agreement with Mr Ray in a bid to further maximise recoveries for creditors.

Included among these targets are likely to be the 1,500 “Bahamian” investors who collectively got $100m out at the time FTX collapsed, which violated both Supreme Court and Chapter 11 asset freezes.

SEE PAGE B4

Business Licence audit can’t be ‘too draconian’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN accountant yesterday warned against the enhanced Business Licence verification process becoming “too draconian” and urged that some flexibility be provided on a “case by case” basis.

Kendrick Christie, president of the Association of Certified Fraud Examiners Bahamas Chapter, told Tribune Business there should be sufficient “leeway” where $5m-plus companies who have engaged an auditor to produce full financial statements can obtain an extension beyond endJune 2024 if if can be justified.

Noting that the Government is “sticking to its guns”, and refusing to agree to the year’s delay requested by the Bahamas Institute of Chartered Accountants

KENDRICK CHRISTIE (BICA) and Bahamas Chamber of Commerce and Employers Confederation (BCCEC), he argued that while “not backing away” from the set reporting deadlines it needs to examine every company’s case on an individual basis.

Companies with annual turnover exceeding $5m presently have to file their audited financials by endApril, and can possibly obtain a further extension to end-June once they apply to the Department

SEE PAGE B3

PAGE 2, Wednesday, December 20, 2023

Renewable investors tour Eleuthera plants

THE TRIBUNE

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A GROUP of potential investors yesterday toured Eleuthera power plants as the Government’s Family Island renewable energy sought to build momentum.

Sylvanus Petty, North Eleuthera’s MP, said the purpose of the tour was to enable potential bidders to assess the existing generation capacity on Eleuthera plants so that they will have a “clear understanding” of what will be required from them to meet the island’s energy demand.

He said: “The PLP administration is focused on providing renewable and sustainable energy throughout the length and breadth of The Bahamas.

“Today, myself and other potential private investors who have experience in providing this service, took a tour of the private plant in Spanish Wells and the existing plant on Harbour Island, along with the

local island administrator, local government council representatives from the mainland, Spanish Wells and Harbour Island “These site visits provided a clear understanding as to what North Eleuthera has, and what will be needed, to provide a reliable source of power to the people of North Eleuthera in the very near future.”

Mr Petty said investors will submit proposals to the Ministry of Transport and Energy based on the site assessments and enter the “enhancement phase” next year.

He added: “A proposal will be drafted with all the factors to make this transition possible, then provided to the minister in charge of energy, and it is with hopes that the enhancement phase can commence throughout next year.”

The Davis administration earlier this month unveiled the launch of a formal bidding process, or Request for Proposal (RFP), for more affordable, cleaner and sustainable energy solutions

on multiple Family Islands via the provision of microgrids, cleaner fuels and renewables.

JoBeth Coleby-Davis, minister of energy and transport, said several Family Islands are being targeted including Abaco, Andros, Bimini, Eleuthera, Exuma, Long Island, Rum Cay, San Salvador and the Berry Islands.

Eleuthera was the first island scheduled to be assessed for the InterAmerican Development Bank (IDB)-funded initiative, which Mrs Coleby-Davis predicted will attract bids from leading renewable independent power producers (IPPs) who were asked to propose comprehensive “microgrid solutions”.

The microgrid solutions will feature a combined 25 Mega Watts (MW) of renewable energy and an “additional” 90 MW of “prime power generation” across multiple Family Islands. The deadline for submissions under the RFP is January 26, 2024.

Gov’t procurement portal taking ‘positive’ direction

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE GOVERNMENT’S online procurement portal is heading in a “positive” direction by providing timely updates on contract awards, a governance reformer said yesterday.

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business he has made a “strong push” since the start of 2023 to bring government and civil society together so that there can be a better understanding on how to proceed with anti-corruption initiatives.

“What I noted, which I thought was really interesting and very positive, is on the procurement site,” he said. “You now can not only see all the open bids, but you’re also now starting to see the reporting of bids that have been awarded.

“And, in the row on the reporting of the awarded contracts, you can start to see not only who it was awarded to and when the award happened, but also in some instances, but not all of them - a condition of why that was chosen. It might be the most affordable, or was

MATT AUBRY not the most affordable but had better experience.”

After months of controversy over whether the Government is complying with the requirements of the original Public Procurement Act and its successor, especially when it comes to publishing the winning bidder’s name, contract value and details of the award within 60 days of issuance, Mr Aubry said its procurement portal is now “providing confidence to people” who bidding and rely on such work.

Mr Aubry added: “I think that needs to be recognised and commended,because it is forward movement. This start does put us in the right direction.”

Other measures to improve transparency and fight corruption are also “better than they were” in years past. Mr Aubry said: “When public procurement

has all the pieces in place, and there’s a very open and easy to access an appeals process, then that means people who have questions can get it when freedom of information is fully enacted, and when we have a more functional and successful Public Disclosure Act. “If the Government has promised an Integrity Council in their ‘Blueprint for Change’, if that becomes a possibility, then you have all of these things working in tandem as well as the further digitisation of government services. All of these things are a major step forward.”

Other initiatives, such as ensuring public officials are free from potential conflicts of interest, also hold “great potential for the future” and ORG is hopeful the Government will move on these issues in 2024.

Mr Aubry said: “The other thing is there’s been a focus on the public service and helping the public servants to do better. The minister (Pia Glover-Rolle) has talked about that, and talked about different plans. That’s a major contributor to the reduction of corruption, and a major move towards integrity in governance.”

THE TRIBUNE

Wednesday, December 20, 2023, PAGE 3

CBS: ONLINE PLATFORM IN 20% OF XMAS SALES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN retailer yesterday said its e-commerce platform is generating 20 percent of total revenue this Christmas season.

Brent Burrows Jr, CBS Bahamas vice-president of retail and sales, told

Tribune Business that consumer spending in the run-up to the holiday season is “good” with the company’s main South-west Plaza location “filled with customers” for the past week.

“We’re actually seeing more and more traffic online and in the store. I think people are trying to avoid the traffic and the chaos, so they’re shopping

from home, and then the average spend is up as well per actual customer. Both things seem to be up at least right now at this point,” Mr Burrows said. “Online sales are right around 20 percent of our entire revenue, which is good. We’re happy for that.”

Adriano Baldacci, Micronet’s marketing manager, told Tribune Business via e-mail: “Things are

Gov’ts $544m undershoot on Dorian and COVID-19 FROM PAGE B1 submitted the report “without undue delay” could be open to question, but its data verifies the devastating impact that first Hurricane Dorian, then COVID-19, had on the Government’s finances as both events occurred virtually back-toback within seven months of each other.

Noting that the Government had targeted full-year revenues of $2.62bn, the report confirmed: “The $2.08bn actual recurrent revenue fell short by $544.1m or 21 percent.....

Tax revenue collections totalled $1.85bn, $489.96m or 21 percent less than the budgeted $2.34bn.

“The $2.08bn recurrent revenue generated in 20192020, in comparison to the prior year’s $2.42bn revenue performance, is a decrease of $341.7m (14 percent).”

Besides Dorian, the final three-and-a-half months of the 2019-2020 fiscal year were hit by the worst of COVID’s lockdowns and other restrictions.

The Auditor General’s Office said VAT and other

taxes suffered a $278.35m, or 21 percent, shortfall compared to 2019-2020 Budget targets of $1.32bn, while import and export duties undershot their $329.37m goal by $51.89m or 16 percent. Excise tax was the biggest under-performer, down 27 percent or $77.68m against the $283.27 forecast, while real property and tourism taxes were off by 23 percent and 21 percent.

As for non-tax revenue, the Auditor General’s Office found that fell some $54.13m or 19 percent short of 2019-2020 Budget targets.

This category finished at $231.59m, as compared to projections of $285.73m, with fees and service charges and interest/ dividend payments missing their goals by 29 percent or 56 percent, respectively.

Not surprisingly, VAT was the highest revenue generator for the Government during 2019-2020 due to collections gained during the fiscal year’s first three quarters. “The $875.54m VAT revenue collections accounted for 47 percent of the overall $1.85bn tax

revenue,” the report said.

“This was followed by $277.47m (15 percent) for import and export duties, and $205.58m (11 percent) for Excise Tax. “Bahamas Customs’ $338.75m revenue collection for VAT on imported goods decreased by $83.82m (20 percent) over the prior year’s $422.58m.

The Department of Inland Revenue $536.1m revenue collection for VAT increased over the prior year’s $473.15m by $62.95 (13 percent). Overall, VAT revenue decreased by $21.02m (2 percent) over the prior year’s $896.56m.”

The Auditor General’s Office further confirmed the fiscal strain imposed on the Government’s finances as a result of having to incur almost $260m in extra recurrent (fixed-cost) spending, and $299m in additional capital expenditure, to both meet the health challenges sparked

by COVID-19 and support a buckling economy along with thousands of households and businesses.

With extra borrowing required to fill the

going well here both in store and on our e-commerce site. Laptops, phones, tablets, TVs, watches, AirPods and EarPods are all moving really well.”

He added that online sales look “much better” now there is “more awareness” of it. Since the COVID-19 pandemic, there has been “significant” growth in Micronet’s e-commerce platform

year-over-year for each subsequent holiday season.

Latoya Miller, Custom Computers’ retail store manager, said “sales are great” this Christmas season and look much better than 2022’s comparatives. “The fast moving items this year are the Apple watches, the iPhone 15 and we also have some electric scooters and our tablets. People are buying multiples, so we are

financial holes, the report added: “The $1.23bn funds acquired from financing activity (proceeds from borrowings) went over the $764.88m budget by $474.76m or 62 percent.....

With respect to the prior year’s $1.09bn, borrowings increased in 2019-2020 by $142.9m or 13 percent.”

As for the Government’s spending, the Auditor General’s Office confirmed: “The actual recurrent expenditure of $2.53bn went below the $2.78bn revised expenditure budget by $256.59m (9 percent).

Recurrent expenditure increased by $64.59m (3 percent) over prior year’s $2.46bn.....

“Impacted by both catastrophic events, Hurricane Dorian and COVID-19, capital expenditure increased by $163.83m (73 percent) to $387.19m in 2019-2020 over $223.36m in 2018-2019. Capital expenditure went under the $534m final approved budget by $146.89m (28 percent).

“The Ministry of Finance facilitating capital assets acquisition, development, outlays and projects accounted for $179.5m (46.4 percent) of the $387.19m capital expenditure. The Ministry of Public Works accounted for $87.3 (22.5 percent) of the $387.19m.”

Business Licence audit can’t be ‘too draconian’

TESLA'S RECALL OF 2 MILLION VEHICLES TO FIX ITS AUTOPILOT SYSTEM USES TECHNOLOGY THAT MAY NOT WORK

By TOM KRISHER AP Auto Writer TESLA'S recall of more than 2 million of its electric vehicles — an effort to have drivers who use its Autopilot system pay

closer attention to the road — relies on technology that research shows may not work as intended.

Tesla, the leading manufacturer of EVs, reluctantly agreed to the recall last week after a two-year

investigation by the U.S. National Highway Traffic Safety Administration found that Tesla's system to monitor drivers was defective and required a fix.

The system sends alerts to drivers if it fails to detect torque from hands on the steering wheel, a system that experts describe as ineffective.

Government documents filed by Tesla say the online software change will increase warnings and alerts to drivers to keep their hands on the steering wheel. It also may limit the areas where the most commonly used versions of Autopilot can be used, though that isn't entirely clear in Tesla's documents.

NHTSA began its investigation in 2021, after receiving 11 reports that Teslas that were using the partially automated system crashed into parked emergency vehicles. Since 2016, the agency has sent investigators to at least 35 crashes in which Teslas that were suspected of operating on a partially automated driving system hit parked emergency vehicles, motorcyclists or tractor trailers that crossed in the vehicles' paths, causing a total of 17 deaths.

FROM PAGE B1 of Inland Revenue (DIR) and it is warranted.

However, Mr Christie told this newspaper: “There should be some understanding of the issues some of them may face. It seems the Government has made a decision requiring audited financial statements, perhaps because there is a push towards corporate income tax or for whatever purpose.

“I have messaged the financial secretary [Simon Wilson] to apply this grace period. Don’t get me wrong, but I don’t want it to be too draconian where there’s no leeway for these companies.” He pointed out that financial institutions licensed by the Securities Commission and Central Bank are able to apply to their regulators for an extension to file their annual audited financials if circumstances warrant.

Suggesting the same should apply to the new Business Licence verification requirements, he added: “There will be these cases where there has to be some understanding applied by the Department of Inland Revenue and Ministry of Finance.”

Failure to properly count inventory, Mr Christie said, was a common issue among companies unused to undergoing a full audit.

However, he argued that undergoing an audit would be beneficial to those $5mplus turnover companies who have never before been subjected to such scrutiny. The Crowe Bahamas partner explained that an annual audit is part of good governance and business practice, since management and ownership both rely on accurate financial numbers to understand how the business is performing.

Audits also have the potential to detect fraud, waste and internal control weaknesses, Mr Christie said, while adding that companies with multimillion dollar annual turnover should possess “robust” accounting and management systems that make the step-up to a full audit much less taxing.

“It will benefit their companies,” he added. “We usually give them very good recommendations on internal controls, fraud risk and

extremely busy this year,” she said.

Margo Farrington, chief marketing officer for Lorene’s Department Store, said she is waiting for government payday for business to “really start picking up”. She added: “People are buying more than one item because they are buying not only for themselves but they are also buying gifts for people.”

to improve their systems.

For companies with $5m, $10m, $20m, there’s some benefit to having an audit.

They should have accounting in place and accounting systems.”

Arguing that it would be “worrisome” if such Bahamian businesses lacked these controls and systems, Mr Christie said: ‘“They should have robust accounting systems and systems of reporting. These are large entities. Their shareholders will certainly want to know those systems are working properly.

“Yes, the audit has a cost, but I don’t think it will be something any large company will be very much concerned about. I think auditors want to be efficient, and if a company has their system operating as efficiently as possible I don’t think you will see complaints about a high level of audit fees.”

When the enhanced Business Licence reporting regime was unveiled by the Prime Minister in the 2023-2024 Budget debate, businesses generating annual revenue between $2.5m and $4.999m were to require a financial review by an independent accountant. That stipulation now appears to have been eased.

Meanwhile, businesses with annual revenue between $250,000 and $499,000 were to originally require accounting certification by an independent accountant, while those with turnover between $500,000 and $2.499m needed a compilation report.

The private sector is arguing that full audited financial statements for companies with turnover in excess of $5m is unnecessary, and overkill, because the Business Licence fee is based only on top-line turnover.

But the Government has not agreed to the year’s deferral sought by the Chamber and BICA. It will give companies until end-April 2024 to submit their audited financial statements. And, once they apply and it is justified, a further two-month extension will be given until end-June 2024. However, once that deadline has passed, potential sanctions - equal to 1-2 percent of revenue - may be enforced.

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PAGE 4, Wednesday, December 20, 2023

THE TRIBUNE

‘LANDMARK BREAKTHROUGH’: FTX BAHAMAS STRIKES NEW RAY DEAL FROM PAGE B1 All fiat cash and digital/crypto asset holdings belonging to former investors will be valued based on their worth at the time of FTX’s multi-billion dollar implosion on November 10-11, 2022. Both the Bahamian liquidators and Mr Ray are to file the necessary papers with their respective courts, seeking judicial approval for their agreement, by January 10, 2024.

Mr Simms, in a statement, said: “We are pleased, subject to court approval, to have resolved the adversarial litigation proceedings regarding the disputes between the two estates which raised novel and difficult legal issues in the largest digital asset cross-border insolvency to-date.

“In the absence of this resolution, the two estates and their customers would have faced years of protracted litigation and expense without a prospect of an early dividend.

This positive outcome will allow the international customers of FTX to submit their claim and receive a dividend in The Bahamas if they so wish.”

His colleague, Mr Greaves, added: “This continues to be an exceptionally complex insolvency with a myriad of jurisdictional, technical and practical challenges to work through.

“For the millions of customers of the FTX group, based across 230 jurisdictions, this is a landmark breakthrough allowing for collaboration in the monetisation of assets and the adjudication of customer claims, with an approach that provides a roadmap to accelerate the return of funds to customers.”

A spokesperson for FTX’s Bahamian liquidators declined further comment. However, the failed crypto exchange’s creditors and investors will be hoping that the ‘second coming’ of their agreement with Mr Ray will hold - and

prove far more beneficial to all concerned - than the first version that was signed by both sides on January 6, 2023.

That fell apart in little over two months, triggering a Delaware courtroom fight in which Mr Ray moved to deny the Bahamian liquidators access to any assets caught in the crypto exchange’s multi-billion dollar collapse.

He made clear his intent to seize control of liquidation proceedings by describing FTX Digital Markets, the Bahamian subsidiary, as an “economic and legal nullity” that served merely as an “offshore front” to enable Sam Bankman-Fried and his closest associates to channel proceeds from their purported fraud away from US regulatory oversight.

This, though, was heavily contested and opposed by the Bahamas trio.

Yesterday’s agreement means that all these legal battles fall away and disappear, much to the relief of creditors and all concerned. Mr Ray and his Bahamian counterparts will now be free to focus

on implementing their agreement, establishing claims processes and adjudicating sums demanded by creditors and, ultimately distributing and returning assets to their rightful beneficial owners.

“The global settlement agreement is another critical milestone for the FTX debtors,” said Mr Ray in his own statement. “The unique challenges raised by the conflicting filings of the FTX debtors and FTX Digital Markets have been some of the toughest the team has faced.

“But we recognised at the beginning that we have an overlapping constituency: FTX.com customers. I am thrilled to have achieved a settlement so clearly in customer interests, one that also respects the important role to be played by the joint official liquidators and The Bahamas in the global recovery effort.”

Some observers, though, will likely wonder why the two sides could not have reached this position with their initial January agreement rather than become tied-up for a further 11 months in costly legal

CALL 502-2394 TO ADVERTISE TODAY! PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RAASHEEDA SINESE WILLIAMS of Freeport, The Bahamas, Parents of RENEICE SHAMEL WILLIAMS A minor intend to change my child’s name to RENEICE ALEXANDRIA WILLIAMS If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE FRANCISCO E ROSANA TOSIN LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 205815 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 18th day of December A.D. 2023.

Francisco Carlos Tosin Liquidator

battles that only heaped additional costs on both the Bahamian and Chapter 11 estates.

The two sides will now “pool assets and co-ordinate the establishment of reserves, and the timing and amount of distributions” so that FTX creditors “receive substantially identical relative distributions at substantially identical times” in both the Bahamian and Delaware claims proceedings. Creditors will have to decide the jurisdiction where their claims will be paid by the 2024 second quarter.

“All customers of FTX. com, other than insiders and certain excluded customers against whom the FTX debtors have pending or potential claims, will have the opportunity to elect whether to have their claims reconciled and paid in the liquidation proceeding for FTX Digital Markets in The Bahamas or in the Chapter 11 cases of the FTX Debtors,” FTX Digital Markets said yesterday.

“The parties intend that this election by customers will not have material economic consequences for holders of claims. FTX.com customers will be required to elect to file their claim either against FTX Digital Markets or the FTX debtors, and shall not be permitted to file the same claim in both proceedings, releasing their claims in the proceeding that is not elected.

“Eligible FTX.com customers that do not make any election will have their claims reconciled and paid in the Chapter 11 cases.”

The agreement is similar to that outlined by the Bahamian liquidators in their third report to the Supreme Court last month, where they said the arrangement will result in equal treatment for FTX Digital Markets’ near-53,000 creditors.

Given that the majority of FTX’s client base was non-US based, it remains likely that the majority of claims could be made against the Bahamian estate. “The basis of the global settlement being discussed is that the parties agree to a plan that treats FTX Digital Markets customers no less favourably (when taken as a whole) than the class of FTX.com customers,” the Bahamian liquidator trio wrote.

“This requires a mechanism through which assets can be notionally pooled and allocated between estates and claims determined. Based on the liquidators’ assessment, the assets and liabilities of the debtors [Chapter 11 estate] and the FTX Digital Markets estate are so commingled that it is difficult or impossible to unravel.”

“The liquidators believe the pooling of customers and creditors of FTX Digital Markets to be in the best interests of the estate... The liquidators are of the view that, given the costs and risks of the extant litigation, considering a compromise with the debtors which would allow distributions through a process in which customers and creditors can either prove in the US or The Bahamas is in the best interest of the estate.”

NOTICE

BullTec Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 209820 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 18th day of December A.D. 2023.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Leonardo Spies Vieira, whose address is Rua Carlos Baumhardt 613, Santo Antonio 96835272, Santa Cruz Do Sul, RS, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 30th day of December A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 18th day of December A.D. 2023.

Leonardo Spies Vieira Liquidator

NOTICE

Legacy Alpha Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 210413 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 18th day of December A.D. 2023.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Henrique Ayres Jameli, whose address is Rua Da Vereda 50 Ap 2503 BL 2, Vila Da Serra, CEP: 34006-077, Nova Lima, MG, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 30th day of December A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 18th day of December A.D. 2023.

Henrique Ayres Jameli Liquidator

NOTICE

Hermenegildo Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 201565 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 19th day of December A.D. 2023.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Guilherme Bender Lima, whose address is Rua Doutor Ruberley Boaretto Da Silva 144, Campinas, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 31st day of December A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is ro ed Dated this 19th day of December A.D. 2023.

Guilherme Bender Lima Liquidator

THE TRIBUNE

Wednesday, December 20, 2023, PAGE 5

COMMISSION ASSET TURNOVER AS PART OF FTX’S SETTLEMENT FROM PAGE B1 team have agreed “no later than January 29, 2024” to provide the Bahamian liquidators with an unspecified loan to enable FTX Digital Markets to pay its administrative expenses.

Their deal also establishes a process “for the prompt cash sale” of $256m in high-end Bahamian properties that the failed crypto exchange acquired in developments such as Albany, GoldWynn and One Cable Beach prior to its implosion. The disposal will be governed by a “properties exclusive sales agency agreement”, with FTX Digital Markets allowed to submit a claim for $256.291m.

And, as part of efforts to monetise assets for the benefit of tens of thousands of former FTX customers and creditors, the agreement between Mr Ray and the Bahamian liquidators stipulates that there is to be a “prompt transfer of digital assets held by the Securities Commission of The Bahamas”.

“FTX Digital Markets shall use commercially reasonable efforts to obtain the return of the digital assets held by the Securities Commission of The Bahamas.

Upon such return, FTX Digital Markets shall transfer all such digital assets to the debtors (Mr Ray),” the agreement states.

The Bahamian capital markets regulator transferred digital assets to a secure digital wallet under its control in early November 2022, just days after FTX Digital Markets was placed into provisional liquidation by the Supreme Court. It obtained an emergency court Order approving the transfer amid fears that the collapsed

crypto exchange was being hacked, and the assets were about to be lost or stolen.

The regulator’s action came under fire from Mr Ray, who initially alleged it was evidence of “collusion” between the Bahamian authorities and FTX’s disgraced co-founder, Sam Bankman-Fried. However, he was later quoted in a statement confirming that the Securities Commission had acted properly in safeguarding assets for the benefit of creditors.

Meanwhile, yesterday’s agreement also requires Mr Ray to co-operate with the Bahamian liquidators’ efforts to recover the multimillion dollar sum seized by the US Department of Justice from FTX Digital Markets’ bank accounts in late 2022.

“Each party shall co-operate and use commercially reasonable efforts to assist... the other party in the prompt realisation of assets allocated to the other party, including with respect to the transfer of the disputed digital assets, the release of the Department of Justice seized funds to FTX Digital Markets’ estate and in monetising the Bahamas properties,” the agreement states.

The Bahamian liquidation trio have previously confirmed they were negotiating with the Department of Justice for the $143.2m’s return, and were even contemplating legal action against the US federal government institution if talks did not result in a fruitful outcome.

The only mention in the latest report, dated November 10, was that the Supreme Court authorised the liquidators to continue talking to the US Justice Department “in relation to the funds in bank accounts in the US in

the company’s name that have been seized.. and, if so advised, issuing proceedings in the US against the Department of Justice for the release of said funds”.

Seemingly recognising the issues this has created, Mr Ray and his team have agreed to provide their Bahamian counterparts with loan financing. “The debtors agree to provide FTX Digital Markets with the advance Digital Markets loan as soon as reasonably practicable following the initial settlement effective date, but no later than January 29, 2024,” the agreement stipulates.

“FTX Digital Markets shall apply the proceeds of the allowed Digital Markets loan solely to pay administrative expenses.” The initial settlement date is defined as the day when both the Supreme Court and the Delaware Bankruptcy Court have approved the two sides’ settlement agreement.

While no figure is mentioned for the loan, an annex to the settlement agreement mentions $78m “to be transferred to FTX Digital Markets”, and sets out a formula for how it is to be repaid. Also listed among the assets to be allocated to the Bahamian subsidiary and its liquidators is the ‘Blue Water’ property at Old Fort Bay that was allegedly acquired using FTX monies as a home for Mr BankmanFried’s parents.

Elsewhere, both sides are to work together to facilitate “joint claims hearings” by the Supreme Court and Delaware Bankruptcy Court.

“The Debtors shall, at the request of FTX Digital Markets, take all commercially reasonable actions as may be reasonably appropriate or necessary to request that the Bankruptcy Court conduct

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NOTICE IMPORTANT HOLDING INC. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, IMPORTANT HOLDING INC. is in dissolution as of December 18, 2023.

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

LIQUIDATOR ______________________

NOTICE HILLSIDE VENTURES LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, HILLSIDE VENTURES LTD. is in dissolution as of December 18, 2023.

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

LIQUIDATOR ______________________

one or more joint claims hearings with the Bahamas court,” the agreement says.

The Bahamian liquidators and Mr Ray are also required to submit all necessary legal filings seeking approvals for

their agreement from the Supreme Court and Delaware Bankruptcy Court by January 10, 2024. As for the Bahamian real estate, the FTX US chief has committed to “object to and contest any and all claims” made against them in the Chapter 11 proceedings.

The only claims that will be superior to FTX Digital Markets’ in relation to the Bahamian real estate will be those dating from before early November 2022 when the crypto exchange was placed into then-provisional liquidation in this nation and Chapter 11 protection in the US.

THE TRIBUNE

Wednesday, December 20, 2023, PAGE 7

Abaco residents renew water billing complaints FROM PAGE B1 they came and took the meter out.”

Ms Williams explained that her home was completely destroyed by Dorian, and she had an outstanding bill of only $100 when the storm struck. That balance was paid when she returned to start the rebuilding process, but she has now been presented with a bill for $1,322.49.

She said: “The bill prior to Dorian would have been like between $101 and $105, and when we came back and started building I went and paid that. Then they presented us with a $1,300 bill after the fact.

“The 1,322.49 we got, and we went and paid it because we were trying to get in the house. Now I just went to Water and Sewerage and paid $190-plus for the last bill they ran again. My bill is usually between $101 to 105.”

Ms Williams said that, immediately after Dorian, many persons in Spring City obtained water from neighbours who had manual well pumps. She added: “You couldn’t use it and, even if you could, there was no water because the water tower went down and there was no power, so there was

no way possible people could have got water.

“We had to go to the neighbour because we come to try and clean up and see if we could get the area cleaned down, and there is a lady who had a hand pump and that’s how people here in Spring City, the majority of us, got water.”

The Abaco resident said she queried the large bill with Water & Sewerage representatives prior to paying it but said one employee, who was not an Abaco native, showed ‘“no compassion” for the plight of persons trying to rebuild their lives.

She said: “My husband and I went in and spoke to them about why is the bill so high, and I overheard the lady in the back saying: ‘Well, pay your water bill and leave your light off.

You need water, not light.’

“She was very rude.

That’s not her business, that’s not her place, that’s not her calling and I think that is very rude of a customer service representative. That particular person is not an Abaconian, and that particular person was not here during the hurricane and probably does not a have a piece of property that was damaged or totally destroyed,

like the majority of us. No compassion.”

Tribune Business previously reported how Abaco residents had slammed the Water & Sewerage Corporation’s move to launch mass pre-Christmas disconnections over bills dating back four years to Hurricane Dorian.

Robert Deal, the Water & Sewerage Corporation’s general manager, responding to this newspaper’s inquiries pledged that the state-owned utility is working with Abaco residents on “a case by case basis” to address the issues created

by Hurricane Dorian, subsequent service interruption and the lack of account billings for four years.

“The challenge is that due to the absolute devastation in central Abaco following Hurricane Dorian, particularly in the greater Marsh Harbour area and the Treasure Cay area where we have over 5,000 customers in total, the issuance of bills was put on hold for a period but we resumed the issuance of bills for these customers earlier this year and we are actively working to regularise these accounts post-Dorian,” Mr Deal said.

“New property owners are urged to contact our team to arrange transfer of

ownership documentation updating in our system. The Water & Sewerage Corporation remains committed to working with each and everyone of our valued customers in the Abacos, particularly in Central Abaco, where the regularising of accounts is ongoing.

“The Water & Sewerage Corporation will be flexible with our customers noting the circumstances of, and following, Hurricane Dorian, but we do want them to contact us so that we can work with them to regularise their accounts. Adjustments will be granted based on the individual circumstances and the information/documentation presented.”

Another Abaco resident, Ms Burrows, said she returned to the island in September 2023 only to receive high bills for June when her home was unoccupied. Since she has returned her water supply has been off on most days.

She explained that she had an outstanding balance of $185 prior to Hurricane Dorian but is unaware why the Corporation charged her for time she did not spend in Abaco.

She said: “I know about the $185 but the rest of this bill I need to know

when did it happen. June 6, they send me like $300 and something because you take off the $185 off the $530. Then, on September 1, they sent me another bill for $225. 94. I just moved in the house on September 20.

“Then they sent me another bill for $225.94 in December. There was only me, one, in the house and most of the time my water is off. I would have said that somebody must be using my water but I don’t have any water. When I was doing my house for me to get water for the guys to do my tiles, I had to go across to my neighbour to get water.

There was no water in this house. I didn’t even know they changed the meter.”

Ms Burrows said that when she questioned the bill, Water & Sewerage officials suggested she had a leak on her property and requested that she bring a letter from her plumber verifying that she does not have one before her account is credited in the first cycle of 2024.

She added: “They told me to go get a letter from the people who did your plumbing, bring that and then we will give you a credit. I asked how much credit but they said they didn’t know until I brought

THE WEATHER REPORT

5-DAY FORECAST

ORLANDO

High: 70° F/21° C Low: 56° F/13° C

TAMPA

TONIGHT

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Cloudy and windy

Breezy early; otherwise, cloudy

Breezy and nice with clouds and sun

Breezy and nice with clouds and sun

Cloudy and breezy

Breezy in the a.m.; mostly cloudy

High: 73°

Low: 67°

High: 74° Low: 66°

High: 76° Low: 67°

High: 77° Low: 69°

High: 78° Low: 69°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

71° F

63° F

74°-63° F

75°-64° F

75°-66° F

77°-67° F

E

W

ABACO

S

N

High: 70° F/21° C Low: 67° F/19° C

12-25 knots

S

WEST PALM BEACH High: 71° F/22° C Low: 64° F/18° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 72° F/22° C Low: 65° F/18° C

E

W S

E

W

High: 70° F/21° C Low: 61° F/16° C

MIAMI

High: 72° F/22° C Low: 65° F/18° C

10-20 knots

KEY WEST

High: 73° F/23° C Low: 65° F/18° C

NASSAU

Today

1:39 a.m.

1:54 p.m.

2.7 2.6

7:53 a.m. 0.2 8:19 p.m. -0.2

ALMANAC

Thursday

2:42 a.m.

2:55 p.m.

2.8 2.4

9:02 a.m. 0.2 9:15 p.m. -0.3

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 75° F/24° C Low .................................................... 68° F/20° C Normal high ....................................... 79° F/26° C Normal low ........................................ 67° F/19° C Last year’s high .................................. 81° F/27° C Last year’s low ................................... 72° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................ 53.48” Normal year to date ................................... 39.19”

Friday

3:42 a.m.

3:55 p.m.

2.9 2.3

10:08 a.m. 0.1 10:09 p.m. -0.3

Saturday

4:39 a.m.

4:52 p.m.

3.0 2.3

11:08 a.m. 0.0 11:01 p.m. -0.4

Sunday

5:31 a.m.

5:45 p.m.

3.0 2.2

12:02 p.m. 0.0 11:50 p.m. -0.4

Monday

6:20 a.m.

6:35 p.m.

3.1 2.2

12:52 p.m. -0.1 ---------

Tuesday

7:06 a.m.

7:21 p.m.

3.1 2.2

12:37 a.m. -0.4 1:38 p.m. -0.2

Ht.(ft.)

SUN AND MOON Sunrise Sunset

High: 76° F/24° C Low: 69° F/21° C

N

S

E

W S

15-25 knots

6:50 a.m. Moonrise 5:25 p.m. Moonset

12:50 p.m.

12:32 a.m.

Full

Last

New

First

Dec. 26

Jan. 3

Jan. 11

Jan. 17

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 76° F/24° C Low: 68° F/20° C

High: 76° F/24° C Low: 71° F/22° C

N

High: 74° F/23° C Low: 69° F/21° C

E

W S

LONG ISLAND

TRACKING MAP

High: 77° F/25° C Low: 71° F/22° C

H

Low

CAT ISLAND

E

12-25 knots

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

Forecasts and graphics provided by AccuWeather, Inc. ©2023

High: 73° F/23° C Low: 69° F/21° C

N W

TIDES FOR NASSAU Ht.(ft.)

ELEUTHERA

High: 73° F/23° C Low: 67° F/19° C

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

High

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

N

N

UV INDEX TODAY

TODAY

High: 69° F/21° C Low: 54° F/12° C

the letter and there was nothing they could do until the next bill in February next year.

Ms Burrows said that she paid the outstanding $185, but still had her services disconnected. When she returned to Water & Sewerage to speak with customer service representatives she was told to bring in at least $300.

“They cut me off before I paid the money. I went back and pay on the $185 that morning and, when I came home, my water was off. So I went back Friday and I carry a letter explaining what happened, that didn’t do anything,” she added. “She didn’t listen to me. They said to bring some more money; bring $300.

You don’t do people like that.

“They bring somebody from Nassau who don’t understand what happened to Abaco people. There are people that work in there that know what happened. I’m sure they know my house was left with only the four walls, and now they are going to hit me with this bill.”

12-25 knots

MAYAGUANA High: 78° F/26° C Low: 70° F/21° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 78° F/26° C Low: 73° F/23° C

High: 77° F/25° C Low: 72° F/22° C

GREAT INAGUA High: 80° F/27° C Low: 73° F/23° C

N

E

W

E

W

N

S

S

12-25 knots

12-25 knots

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

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

WINDS NE at 12-25 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 10-20 Knots NNE at 15-25 Knots NE at 12-25 Knots NNE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 15-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NNE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 8-16 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots

WAVES 6-10 Feet 6-10 Feet 1-3 Feet 1-3 Feet 6-10 Feet 8-12 Feet 4-8 Feet 5-9 Feet 6-10 Feet 8-12 Feet 3-6 Feet 3-5 Feet 1-3 Feet 1-2 Feet 3-6 Feet 4-8 Feet 4-7 Feet 4-7 Feet 6-10 Feet 8-12 Feet 2-4 Feet 2-4 Feet 3-6 Feet 3-6 Feet 3-5 Feet 2-4 Feet

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

WATER TEMPS. 77° F 77° F 74° F 72° F 80° F 80° F 81° F 80° F 78° F 78° F 75° F 72° F 77° F 78° F 81° F 81° F 80° F 80° F 81° F 80° F 79° F 78° F 80° F 80° F 80° F 79° F

PAGE 8, Wednesday, December 20, 2023

THE TRIBUNE

STOCK MARKET TODAY

Wall Street ticks up, and S&P 500 pulls closer to a record on rate-cut hopes

By STAN CHOE AP Business Writer WALL Street ticked higher Tuesday and pulled within a good day of its record amid hopes that moves by Japan to keep

interest rates easy for investors could be a preview for the rest of the world.

The S&P 500 rose 0.6% and is just 0.6% shy of its record set nearly two years ago. The Dow Jones Industrial Average gained

251 points, or 0.7%, and set its own record for a fifth straight day, while the Nasdaq composite climbed 0.7%.

Enphase Energy jumped 9.1% for the biggest gain in the S&P 500 after the

maker of microinverters for the solar industry told employees it will cut 10% of its global workforce and make other streamlining changes. Stocks of oil-andgas companies also pushed the market higher after

crude prices recovered some of their sharp drops from recent months.

Around the world, stocks were mixed in mostly quiet trading. Japan was an exception, and the Nikkei 225 jumped 1.4% after the Bank of Japan decided to keep its benchmark interest rate below zero and hold other policies steady in hopes of encouraging more borrowing and spending.

The S&P 500 has rallied more than 15% since late October on hopes that a similar, easier approach to interest rates may soon be arriving on Wall Street.

With inflation down from its peak two summers ago and the economy still growing, the rising expectation is for the Federal Reserve in 2024 to pivot away from its campaign to hike interest rates dramatically.

Fed Chair Jerome Powell seemed to give a nod toward such hopes last week when he did not push forcefully against traders’ expectations for several cuts to rates next year. Wall Street loves lower rates because they give investment prices a boost and relax the pressure on the economy and the financial system.

The hope is the Fed can pull off what was earlier seen as a nearly impossible tightrope walk, by first getting inflation under control through high interest rates and then cutting rates before they push the economy into a recession.

A report on Tuesday showed the housing industry appears to be in stronger shape than expected. Homebuilders broke ground on many more homes in November than expected, roughly 200,000 more at a seasonally adjusted annualized rate.

Of course, Wall Street’s big recent moves also have critics saying the rally looks overdone and that stocks now appear expensive relative to how much profit companies are making.

More cautious investors also say the number of rate cuts traders have penciled in for 2024 looks unlikely unless the U.S. economy falls into a recession.

Some Fed officials have been sounding more cautious about the prospect for rate cuts since Powell’s comments last week. On Friday, for example, the president of the Federal Reserve Bank of New York said it was “premature to be even thinking” about whether to cut rates in March.

Markets have nevertheless been ebullient, with the S&P 500 coming off its seventh straight winning week for its longest such streak in six years.

Showing how ravenous investors have become, clients at Bank of America poured $6.4 billion more into U.S. stocks last week than they withdrew. It’s the fourth-largest such inflow since the bank began tracking the data in 2008, strategist Jill Carey Hall said in a BofA Global Research report.

To Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, the S&P 500 still looks reasonably valued given moderating inflation. But she also says the risk of a “short-term pause” for the market is rising given how much fervor has built up, with one survey of investor optimism well above its long-term-average, among other potential signals of caution.

In the bond market, the yield on the 10-year Treasury slipped to 3.92% from 3.94% late Monday. It was above 5% in October, at its highest level since 2007 and putting tremendous downward pressure on the stock market.

Elsewhere on Wall Street, shares of Tylenol maker Kenvue rose 2.2% following a favorable ruling for it in federal court. The company wanted to exclude the opinions of experts in a multijurisdictional against it on whether in-utero exposure to acetaminophen, the pain reliever used in Tylenol, could lead to autism or attention deficit disorder.

Judge Denise Cote of U.S. District Court for the Southern District of New York agreed with Kenvue, ruling Monday that the testimony was inadmissible.