03212019 BUSINESS

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THURSDAY, MARCH 21, 2019

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LIGHTHOUSE POINT

‘Night and day’ - if Disney’s $32m effect stays on island By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DISNEY’S cruise port will have “a night and day” effect on South Eleuthera provided most of its forecast $32.2m annual impact remains in the community, a business leader said yesterday. Thomas Sands, the Eleuthera Chamber of Commerce’s president, told Tribune Business that the area now needed “a strategy to maximise the benefits” that will flow from the cruise line’s planned $250m-$400m investment so that local businesses and workers feel the brunt of its advantages. Speaking after the prime minister tabled the government’s Heads of Agreement with Disney in Parliament yesterday morning, Mr Sands said the deal’s details “sound like Christmas” on the surface if all sides fulfill their obligations. He warned, though, that the government needed to assist in providing “another level of support” so that South Eleuthera

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MULTIPLE Grand Bahama businesses and residents could be “victims of a fraud” that may have cost the island’s sole electricity provider millions of dollars, it was revealed yesterday. Grand Bahama Power Company, describing the alleged “energy saving devices” at the centre of its probe as “fake”, said the electricity cost reductions at premises where they had been installed were only achieved by bypassing or tampering with the meter. And GB Power’s

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

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CABINET minister yesterday said Bahamian tourism is “firing on all cylinders” with forward stopover bookings for the next three months some nine percent ahead of 2018 comparatives. Dionisio D’Aguilar, minister of tourism and aviation, revealed that forward booking indicators for April - which contains the Easter weekend - were up 15.6 percent year-over-year due to the timing of when the holiday fell. Confirming that The Bahamas’ higher-spending air arrivals were meeting projected early increases, Mr D’Aguilar said the 2019 first quarter was maintaining the momentum generated by an “unprecedented” 2018 performance. “The Bahamas is experiencing unprecedented growth. The record year up until recently was 2014, with 5.3m [total visitors], and we have now blown that way with 6.6m. We’re hoping that this year that would continue, maybe not at the same rate of growth, that’s a bit ambitious,” he

regulator, speaking out for the first time last night, said its own investigation had revealed that all the work and installations performed by the company selling these devices “was unpermitted” and “executed outside the scope of their licence”. The Grand Bahama Port Authority (GBPA) urged homeowners and businesses to contact its Building and Development Services department if any so-called “energy cost saving devices” had been installed at their location so it could ensure the work was permitted and compliant with the building code.

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CCA succeeds in halting Sarkis $2.25bn lawsuit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHA Mar’s main contractor has persuaded a New York court to halt Sarkis Izmirlian’s $2.25bn fraud and breach of contract claim against it until its appeal has been heard. The New York State Supreme court’s appeal division has stayed all aspects of the case against China Construction America (CCA) until it hears the contractor’s appeal against the lower court’s emphatic

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Tourism ‘firing on all cylinders’ via 9% rise

Electricity theft ‘fraud victims’ face big bills By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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rejection of its bid to strike out Mr Izmirlian’s case. The appeals division granted CCA’s request after agreeing that the Chinese state-owned firm was “at risk of irreparably” losing its right to take Mr Izmirlian’s claim to arbitration rather than have it continue through court proceedings. “Absent a stay, Defendants will be forced to jeopardise their right to arbitration by filing counterclaims and by

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• Stopover bookings up 15.6% for April • Minister: Growth is ‘unprecedented’ • And matching early year forecast

DIONISIO D’AGUILAR conceded at a press conference yesterday. “I think we have done an excellent job marketing the destination. We started our new campaign with Lenny Kravitz, which has created enormous brand awareness. The Bahamas is a hot place to come to. What has suddenly changed? New inventory [Baha Mar], new brand campaign, we’re firing on all cylinders and it’s having a significant impact on our economy.” Ministry of Tourism data shows forward bookings over the next three months, the March to May 2019 period, are running nine

percent ahead for international arrivals. Its data partner, Forward Keys, which tracks and reports inbound visitor data from key markets, reported that international arrivals to The Bahamas grew by 15 percent in January 2019 versus January 2018. “Several key markets registered double digit growth,” Mr D’Aguilar said. “In February, international arrivals increased by 11 percent year-overyear. The forward booking situation for the next three months, March to May is optimistic, with forward bookings running nine percent ahead for international arrivals. April, which is ahead by 15.6 percent, shows the most favourable outlook.” The figures revealed yesterday indicate that The Bahamas’ tourism performance is broadly in line with the forecast given by Mr D’Aguilar in January, when he told Tribune Business that projected air arrivals would be up 16 percent for three of 2019’s

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‘We’d be double size’ if not for SEC probe By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

first four months. “We’re still experiencing this incredible growth,” Mr D’Aguilar told Tribune Business then, referring to the advance booking data captured by ForwardKeys. “Initial indications are that air arrivals for the month of January, air arrivals are projected up by 15.6 percent. February will be up 16.3 percent, and March down by 2.8 percent. April is forecast to be up by 16.8 percent.” Mr D’Aguilar explained that the year-over-year forward bookings comparison for March was down due to the timing of Easter. Whereas that peak travel period fell at the end of March in 2018, the holiday this year occurs further into April. He added that the ForwardKeys data, while representing “arrivals on the books in The Bahamas”, did not cover the entire market and only accounted for several key tourist feeder markets for

A “SUPER-STRONG” Bahamian broker/ dealer would be “twice the size it is now” if not for a “bogus” US investigation targeting its principal, Tribune Business was told yesterday. Guy Gentile, head of MintBroker International, the former Swiss America Securities, told this newspaper that the Bay Street-based business’ “super strength” - with $20m in annual revenues and profit margins in the 30 percent range - had enabled it to withstand the Securities & Exchange Commission’s (SEC) ongoing offensive against himself. Describing the US capital markets regulator’s actions as totally unjustified, he reiterated that it had no evidence to prove its central allegation that he and MintBroker had been directly soliciting American clients while lacking the necessary registration approvals to do so. “It’s frustrating to me that where the [US] government someone or investigates someone there’s always the perception you’re doing something wrong,” he told

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THE TRIBUNE

Thursday, March 21, 2019, PAGE 3

TRUMP-ING US TRAVEL WARNING ON BAHAMAS By NATARIO MCKENZIE

on Friday as the US president bids to “counter China’s predatory economic practices” in the region among other issues on his agenda. Potential opportunities for energy investment and security co-operation will also be discussed. Meanwhile, turning to the Ministry of Tourism’s response to the US travel advisories, Mr D’Aguilar said yesterday: “I think we have managed that process quite well. We have mobile our marketing machinery to dampen the effects of the advisory. “We need to improve the process by which we deal with those advisories.

It incorporates to a degree how it is reported in the local press. They pick it up off the wire and how it’s reported domestically. We need to make sure that when we do report it domestically that the report includes all the research, and has an opinion that may vary from the tenacity of the advisory.” Mr D’Aguilar had last month expressed dismay over the timing of the US alert, given that it coincided with a peak winter tourism season in which The Bahamas was set for “double digit” stopover arrivals increases for three of 2019’s first four months. He added ranking The Bahamas alongside countries such as Mexico and Jamaica was unwarranted, and described the language used in the US State Department’s latest advisory as “far too severe” despite giving this nation credit for improvements made to visitor security. Pledging to “work harder” with the US Embassy and ensure this nation is upgraded to “level one”,

the safest designation that the State Department awards foreign countries, Mr D’Aguilar acknowledged: “We have our work cut out for us.” So-called “level one” nations are those where the US State Department says Americans can “exercise normal precautions” when travelling. The Bahamas, though, is currently “level two”, meaning Americans should “exercise increased caution”. Mr D’Aguilar last month admitted he was especially concerned about the widespread media coverage that the travel advisory has received in the US, the source market for around 85 percent of The Bahamas’ total visitors, where it has been featured on local TV stations, websites and print media. A Tampa TV station, Fox 13, even carried quotes from a soon-to-be-visitor to The Bahamas on its website about how she may change her itinerary in response. While not deterred from her vacation, Terris Ross said

she was “definitely going to take heed of the warning. And maybe be more aware of my surroundings”. Jet skiing, part of her original plans, was likely to be out. “Naturally it’s concerning,” Mr D’Aguilar told Tribune Business of the elevated level of US media coverage. “It’s surprising that it got as much traction as it did given that certain sections of the verbiage was better this year than it was last year. “I contend that the verbiage is still too strong, and we’re going to work diligently in softening the verbiage... These travel advisories are very important, and show we must work harder and closer with the US Embassy to ensure that, over time, there’s a continued downward trend in the security of the warnings. “Our goal should be to go from ‘level two’ to ‘level one’. What do we have to do to do that, given that we have so many tourists. That’s what we will do. We have our work cut out for us, and it involves a number of

ministries, not just the minister of tourism and Ministry of Tourism.” He argued, though, that such travel advisories and warnings of crime needed to be set in that context and reflect the reality on the ground in The Bahamas. Ed Fields, the Downtown Nassau Partnership (DNP) managing director and Atlantis spokesman, in an Insight column in The Tribune, said the 43 offences recorded against visitors to The Bahamas in 2018 showed there was a 0.00000717 percent chance of tourists becoming a victim of crime. Elements of the US travel advisory are outdated, as it refers to a shooting incident at the Sand Trap bar on West Bay Street in 2016, which no longer exists. And The Bahamas’ was given a grudging improvement, with Americans now urged to “exercise caution” at the Arawak Cay Fish Fry and in over-the-hill areas “especially at night”, rather than avoid them altogether as previous advisories had recommended.

They are now, as a result, making more gratuities. We all initially thought Atlantis would see some reduction in their occupancy levels but they have managed to maintain their occupancy levels. “The amount of money that’s flowing down to the average Bahamian worker employed in tourism, by definition, has to have grown because our numbers are increasing. In terms of tours and excursions I can only go by what I hear, and everyone says that things hot. I don’t have any science to prove that. I think that the trickle down effect is happening. You will also find pockets where it is not.” Perhaps equally as difficult to determine, Mr D’Aguilar added, is whether visitor spend has increased as a result. “That data takes a while to collect. It’s a bit more complicated than

simply tracking the number of persons that come in,” he said. “There are a number of ways we track that data. We survey people but also look at the VAT refunds people claim, and that gives us an indication for where people are spending money, but the number we generally stick with is about $1,500 for a stopover visitor and approximately $100 for a cruise passenger.” Mr D’Aguilar continued: “The research is still being done on whether there are increases in spend. Economic impact is a function of the number of visitors multiplied by spend. If the number of visitors have gone up, even if the spend were to remain the same, the economic impact would be significant. “What is so incredible about these numbers is the

overall increase in air visitors. That is the critical component because they are spending on average around $1,500 per person. When that goes up by 16.7 percent the economic impact on that is quite substantial.” Mr D’Aguilar said the Ministry of Tourism is

exploring ways to get increase airlift capacity to several of the Family Islands. “We’re trying to crack that nut,” he admitted. “How to get additional air capacity into those islands. “They have very small inventories. Certainly, our

16-island marketing campaign is trying to build the case to go to other islands within The Bahamas and not just Nassau/Paradise Island. We’re really trying to push the fact that if you want a Caribbean holiday, The Bahamas has it all. It’s a challenge.”

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday said he has “cautiously” asked the prime minister to raise The Bahamas’ concerns over US travel advisories when he meets Donald Trump this weekend. Dionisio D’Aguilar, minister of tourism and aviation, said there was a “fine line” between raising awareness and creating fear with the advisories issues by the US State Department and its Nassau embassy. He revealed: “I cautiously asked the prime minister if he could mention to the [US] president that some additional thought could be incorporated into these travel advisories. The purpose of the travel advisory is to create a level of awareness, I get that. The difficulty is you don’t want to create a level of fear. There is a fine line there.” Dr Hubert Minnis and other Caribbean leaders will meet with Mr Trump

TOURISM MINISTER: ALL SAY ‘THINGS ARE HOT’ By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday said the benefits of The Bahamas’ “unprecedented” tourism growth were having a “trickle down” effect that is boosting various segments of the industry. Dionisio D’Aguilar, responding to a Tribune Business question, said: “As Baha Mar, for example, has ramped up they have begun to take on additional people.

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PAGE 4, Thursday, March 21, 2019

THE TRIBUNE

AVIATION ATTORNEY GIVES AIRCRAFT REGISTRY UPDATE A HIGGS & Johnson partner addressed proposed upgrades to this nation’s aviation regime at the recent International Business and Finance Summit (IBFS) in Bimini. Michael FL Allen, an aviation specialist and chairman of the government-appointed steering committee

MICHAEL ALLEN

charged with upgrading The Bahamas’ aircraft registry, gave a progress report on efforts to implement the Cape Town Convention. This includes the preparation of draft legislation, which has been submitted to the Attorney General’s Office, for the accession of The Bahamas to the

Convention and completion of a “gap analysis” to identify essential aircraft registry improvements. Mr Allen also highlighted linkages between aviation and financial services, as he guided attendees through the development and operation of a lease finance investment structure

involving international investment and Bahamian financial services products, including investment funds, corporate vehicles and trusts. The presentation gave insight into possible Sharia compliant dimensions to the structure. Mr Allen, who is also chairman of the Air Transport Advisory Board,

said: “The Bahamas is on track to position itself to attract first-class aviation operators, high net-worth individuals, heads of state, multinational corporations, commercial operators and others wishing to take advantage of a premier aircraft registry operated in a favourable jurisdiction”.

‘Night and day’ - if Disney’s $32m effect stays on island FROM PAGE ONE residents and businesses were properly prepared to exploit the opportunity rather than “be overwhelmed by it”. The chamber president also said Eleutherans would be better able to judge the Disney project’s economic impact if the figures provided in the Heads of Agreement were broken down to show where the benefits will be most felt - such as employment/wages or spending with local businesses and suppliers. The government’s agreement with Disney for development of a new cruise destination at Lighthouse Point, on Eleuthera’s southern-most tip, contained

several “headline-grabbing” figures from an assessment of the project’s likely economic impact by Oxford Economics. “The analysis examined a 25-year timeline, including four years of development and construction, and capturing ongoing operations from 2023 to 2043,” the Heads of Agreement said. “Over the 25-year time horizon the project is expected to provide an $805.1m increase in Bahamian GDP and a $357.5m increase in government revenues.” Dividing those numbers by 25 suggests the Disney project will generate an annual $32.2m boost to Bahamian GDP and economic output, and a $14.3m rise in

government revenues. Yet Mr Sands said South Eleuthera needed the numbers to be broken down, and be able to understand what they mean, before being able to judge the beneficial impact on the community. “I think the big question is how does that break out in terms of what is going to go into the local economy,” he told Tribune Business. “The actual community versus what spills out to the national and international. “How do you break that down? Any increase in economic activity is positive, but my definitive question is what does that mean in terms of South Eleuthera? What tends to happen is that contractors

come in, and services will be rendered, nationally and internationally. “I preempt that by saying more economic activity happening is positive, and we assume it’s going to be significant in terms of economic activity,” the Eleuthera Chamber of Commerce chief continued. “If we assume that the majority of that is going to filter into the local economy it’s significant; day and night for South Eleuthera. It’s a significant change. But one caveat with this is that, because the economy has been in recession for such a long time, there’s a lot of preparation that needs to happen from the local

economy perspective to maximise the opportunity.” Mr Sands reiterated previous calls for the government to introduce legislation such as the Downtown Nassau Revitalisation Act, or designate south Eleuthera an Economic Empowerment Zone (EEZ) as it has done for Over-the-Hill, to provide a platform for businesses to exploit the spin-off possibilities to come from Disney Cruise Line’s destination. Having previously told Tribune Business that the area had been in recession for 25 years, he argued that many businesses are “not capable of maximising the benefits” for themselves without an incentive-type regime being put in place. “A strategy needs to be created to incentivise players in the local economy otherwise the percentage we’ll be able to retain is significantly less,” Mr Sands said. “On the surface it [the Disney] project does sound like an incredible opportunity for this community. “This goes beyond Disney. What is coming is so significant there has to be an incentives initiative that is given or provided to the local economy to be prepared to execute. This is truly significant in a very positive way. I welcome Disney. I think it’s a hell of an opportunity. I’m concerned with: Are we prepared to maximise it and not be overwhelmed by it. “It’s here. We’re pretty sure Disney will deliver the majority of what they indicated. It all sounds like Christmas. There’s another level of support needed from a government initiative to support businesses that are existing and businesses that are new.” Mr Sands expressed hope that Disney, which is widely considered to be the most environmentally sensitive of all the cruise lines, will set the standard for other cruise destinations in The Bahamas. “I think they have the expertise, and they have made a commitment to prove they are leaps and bounds above the other cruise lines, setting a trend for the future,” he told Tribune Business. “In my engagements with them I think they’re very committed to seeing it through. “I hope it will make other cruise lines coming to The Bahamas as accountable as them, so this becomes a benchmark of what to expect in other locations.” The Heads of Agreement does not explicitly commit Disney Cruise Line to increasing calls on Nassau and Freeport by 30-40 percent compared to 2018 figures, only stating that the Disney affiliate responsible for the 751-acre Lighthouse Point project “understands” this will occur. Disney is poised to add an extra cruise ship to its fleet every year from 2021 to 2023, with each having capacity for 4,000 passenger. By the time Lighthouse Point’s cruise destination is fully completed, the cruise line’s fleet will be able to carry a total 25,000 passengers. “The developer understands that once the three new cruise ships are added to the Disney Cruise Line fleet and in full service in 2024, Disney Cruise Line intends to increase the number of its ships’ calls at the Port of Nassau and/or the port of Freeport by 30-40 percent over the number of calls made by Disney Cruise Line ships at the Port of Nassau in 2018, subject always to berth availability,” the Heads of Agreement states. That does not amount to a cast-iron guarantee calls will increase, with the document tabled by the prime minister yesterday revealing the government has agreed to lease a portion of the seabed to Disney - to facilitate its cruise pier and docking - for a 50-year term at the “base rent” of $1,000 per acre per year.

The Heads of Agreement does not detail the size of this acreage, but says Disney will have the right to renew the lease for a 50-year term - effectively giving it a century-long lease. A “rent review” will take place at ten-yearly intervals with price increases indexed to inflation. Disney, according to the Heads of Agreement, will also be constructing a private marina for its “invitees” and shore boat excursion providers. Construction on its project must begin within 24 months of the March 7 signing with the government, provided it has acquired the property from The Related Group and Meritage Hospitality, and obtained all the necessary permits and approvals. The cruise line’s planned investment covers a wide dollar range, extending from $250m to $400m, with most of this going into the cruise pier’s construction. Should the spend be less than $250m, the Heads of Agreement contains a formula to proportionately reduce the tax breaks and investment incentives Disney will receive. It has the go-ahead to construct “dining and beverage facilities”, including the sale of alcohol, merchandise and retail facilities, and spa facilities, aquatics and recreational facilities. While the Heads of Agreement mentions roles for Bahamian retail vendors and tour/excursion providers, the document is silent on who will own and operate the “food and drink”, spa and aquatics. Disney is said to have “committed” to develop just 20 percent of the 751-acre Lighthouse Point property, “much of it for low density uses”. A minimum of 120 Bahamians are to be employed during construction, with an 80/20 workforce ratio favouring Bahamians compared to expatriates. This, though, is subject to qualified Bahamian workers “being available.... to meet such ratio”. And “the complexity of some construction works”, such as the pier, and need to meet international standards, may require higher numbers of expatriates. A total of 150 permanent Bahamian jobs is pledged. Skills training is promised, and the Heads of Agreement pledges that space will be provided “at a minimal rent” to allow Bahamian vendors to sell authentic local goods to Disney’s cruise passengers. The developer, though, together with the government will determine the number and type of vendors, who must all meet its standards. The same applies to a variety of Bahamian sea and land-based tour/excursion providers, who will “be selected” by Disney and have to maintain sufficient passenger liability insurance and, again, meet the cruise line’s standards. Disney will also control the sale of its own branded merchandise and rental of aquatic gear, and commits to sourcing “a minimum five percent” of its food locally. The cruise line is not to begin construction until all environmental approvals are in place, and has committed to providing the government with tourism planning services upon request to help improve “the tourism experience at certain destinations in The Bahamas” among other things. At least 30 percent of the power produced by Disney for the project is to come from renewable sources. The government has also inserted a “most favoured nation” clause to ensure that Disney is treated no less favourably than other cruise lines when it comes to tax breaks and other investment incentives. It has granted Disney the usual concessions, including exemptions on customs,

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THE TRIBUNE

Thursday, March 21, 2019, PAGE 5

ALIV TO ACCEPT B$ RIGHT FROM LAUNCH ALIV’S top executive has pledged that the mobile operator and its controlling shareholder, Cable Bahamas, will accept payment in digital Bahamian dollars from the day these are launched. Damian Blackburn, speaking at the Central Bank of The Bahamas’ blockchain seminar, said both companies are well-equipped with data networks that can handle digital currencies. The Central Bank of The Bahamas announced in early March that it had selected NZIA Ltd as the preferred technology solutions provider to design and implement a digital Bahamian dollar through the “Project

SEATED from left: Eardley Grant, University of The Bahamas (UB) assistant professor; Trevor Turnquest, BTC vice president for networks and engineering; Andrew Pike, Fidelity chief technology and operations officer; Chief ALIV Officer Damian Blackburn; and Cash N’ Go Managing Director Julian Rolle. Sand Dollar” initiative. Project goes live per- Butler, to announce that Mr Blackburn, who was sons will be able to buy you will also be able to pay a panellist in discussions Aliv top-up and Aliv plans your Cable Bahamas bill on the future of block- with it. [in the same fashion]. The chain/financial technology “I’ve also been given speed of everybody adoptin The Bahamas, said: “As the okay by Cable group ing it is crucial. I encourage soon as the Sand Dollar chief executive, Franklyn all corporate entities and

‘Night and day’ - if Disney’s $32m effect stays on island FROM PAGE FOUR stamp and excise duties on all construction materials - something that has been extended to its contractors. The cruise line has also received a 20-year real property tax break, renewable for “successive ten year” periods, and a two-decade exemption on levies on its revenues, earnings and dividends. Environmentalists reacted angrily to the Heads of Agreement’s release, saying it represented the “realisation of our worst environmental, economic and societal fears”. An alliance of Save the Bays, Waterkeepers Alliance, reEarth and BREEF said in a statement: “It is a betrayal of the promises made of the economic future to the people of South Eleuthera, and a betrayal of the very mandate of transparency and openness on which this government was elected. Conspicuously absent from the document are the sections enumerating

concessions made by the government. “What we see described in this Heads of Agreement is a high volume, high impact project encompassing not only massive infrastructure, but substantial and irreversible alteration of the natural surroundings at Lighthouse Point. “What we see is a repeat (or worse) of Castaway Cay, where Disney quite literally manufactured an artificial beach, dredged an enormous channel, and turned what used to be a pristine island of stunning beauty into an amusement park that bears virtually no resemblance to the rest of The Bahamas.” The group added: “What we see in this Heads of Agreement is Disney excluding Bahamians from any real economic opportunities as the company stipulates it will not only construct, but also operate, all dining and beverage, spa, aquatics and recreational facilities at Lighthouse Point. “What we don’t see is

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any assurance of... a level economic playing field on which Bahamians can effectively compete for tourist dollars. What we don’t see is any assurance that bringing 12,000 to 20,000 people to one of the most treasured and fragile sites in The Bahamas can create more than 150 jobs, at best.”

the government likewise, as I’ve just announced on behalf of the Cable Bahamas group to consider receiving money in Sand [digital] dollars from day one.” Mr Blackburn added that trust in the digital Bahamian dollar, ease of registration, compelling reasons to use it, and an effective “cash in and cash out process” - together with total collaboration from existing and new industry stakeholders - was critical to the success of its launch. “You can bet your bottom Sand Dollar that the day after somebody has received their pension money from the government into their Sand Dollar wallet that they will want

to cash it out,” he said. “If they cannot cash it out in a convenient manner there will be backlash. “In an area this complex we need the largest amount of collaboration The Bahamas has ever seen. Aliv and Cable Bahamas will have to work closely with the Bahamas Telecommunications Company (BTC), and banks will need to collaborate with solutions providers, remittance providers and emerging companies to make it all work.” The Central Bank expects that, at the conclusion of the Sand Dollar project, all residents in The Bahamas will have equal, expanded access to modernised digital payments capabilities.

Tourism ‘firing on all cylinders’ via 9% rise FROM PAGE ONE this nation - meaning that stopover arrival numbers could ultimately turn out to be even greater than these forecasts. The Ministry of Tourism yesterday confirmed that airlift capacity to The Bahamas grew by 20 percent in January year-over-year, “with a solid seat growth from the best connected international markets, the US, 23.9 percent, and Canada, 12.7 percent”. The trend has continued, as international air capacity grew by nearly 12 percent

year-over-year in February. “Last year was a record breaking year for cruise ship and stopover arrivals,” the ministry added. “By the end of 2018, air and sea arrivals had totalled more than 6.6m visitors, an increase from the 6.1m recorded in 2017 or 486,176 more visitors. Stopover visitors alone had increased by 16.7 percent in 2018 as compared to 2017.” Mr D’Aguilar said major Family Island destinations were also benefiting from the tourism growth. “I think the commercial airlines added additional lift into our three

major Family Island destinations, which are Marsh Harbour, Exuma and North Eleuthera,” he said. “It’s no secret that the infrastructure in place in Exuma and North Eleutehra is woefully deficient. They are multi-million solutions. To put a new airport in Exuma is going to be $30m-$40m. To put a new airport in north Eleuthera will be north of $60m-$70m. The second busiest airport is Abaco. It’s the second busiest airport in the country and we’re seeking to see how we can improve that experience down there.”

PAGE 6, Thursday, March 21, 2019

THE TRIBUNE

Electricity theft ‘fraud victims’ face big bills FROM PAGE ONE

Freeport’s quasi-governmental authority confirmed that GB Power contacted it after a recent meter audit revealed “a number of suspected electricity diversions at several businesses within the port area”. “As a result we immediately began our own independent investigation into this matter, which is currently ongoing,” the GBPA said. “Thus far, we can confirm that all of the work performed by the licensee [of the GBPA] was unpermitted, and was executed outside the scope of the licence.” The controversy resulted in GB Power cutting supply to the Cooper family’s fast food franchises for almost an entire week (they were restored last night), while Sav Mor Drugs, the largest pharmaceutical services provider on Grand Bahama, was another to experience similar treatment and be forced to run on generators while the utility carried out its investigation. Tribune Business knows who installed the “device” at the Coopers’ KFC, Burger King and Pollo Tropical franchises, but has chosen

PICTURES of the device and meter circumvented.

to withhold his name for the moment as numerous sources said he has “gone to ground” and cannot be located. However, many of his clients are now faced with having to pay GB Power significant sums in compensation for electricity which they have used but not paid for as a result of his actions. While the businesses and homeowners involved may be blameless, Tribune Business was told that - under the Electricity Act and Freeport’s bye-laws - responsibility for paying up falls on them. GB Power, in its statement yesterday, said some of the so-called “devices” were simply boxes containing

wiring that did nothing at all, while purported capacitors were just boxes filled with sand and dirt. It produced photographic evidence of what it had uncovered. “This makes the fraud even more unethical,” one energy source, speaking on condition of anonymity, told Tribune Business, “because these people were being sold a bag of fruit juice, magic fairy dust. There’s not even any electrics in it.” Asked how much this could have cost GB Power, in terms of amount of unbilled electricity and the dollar value, the source said: “I would say it amounts to the millions, across the spectrum, especially if you have high-end people and wealthy

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second home owners using it in their homes. “They’ve [the installers] been bypassing the meter box, and are in a heap of trouble. The businesses and residences could claim and feign ignorance, but they’re still going to be liable for the loss suffered by the Power Company because they were the beneficial recipients, in effect, of stolen goods.” Impacted businesses and residents will now likely have to negotiate financial settlements with GB Power to compensate the utility for electricity which was consumed but never paid for, creating an unwanted burden for many in an economy that is still trying to recover. Tribune Business’s source revealed they, too, had been offered “energy saving devices” in the past but, realising they did very little, rejected their installation. “Our savings would have been 0.1 percent per month,”

they added. “No way on God’s name was I going to spend $20,000 to save $80 per month.” Another Freeport contact, also speaking on condition of anonymity, said they also turned down such a device. “I didn’t want to touch it,” they said. “It didn’t make sense to me. A kilowatt is a kilowatt. I’m sitting her smiling, not having to look over my shoulder at GB Power.” Tribune Business reported yesterday that purported “devices” at the heart of the GB Power and GBPA probes have been installed widely throughout Grand Bahama and Nassau, as well as some Family Islands, in a desperate bid by some companies and homeowners to reduce energy costs. While they had been promoted as helping to produce a significant reduction in electricity bills, this is not what even genuine capacitor banks are designed

to produce. These are intended to enable motors and electrical equipment to run more smoothly and efficiently, but do not cut the amount of energy consumed. Tribune Business sources suggested that, in order to produce the promised savings, some installers had wired the devices such that they bypassed a “leg” of the electricity meter box. This, they explained, meant that not all energy consumption by a home or business was recorded by the utility resulting in underbillings and losses to it. GB Power yesterday confirmed this newspaper’s analysis, revealing: “These businesses are a victim of fraud, and were in fact either connected directly to GB Power’s power system via a meter bypass, or the meters were tampered with to under-read actual usage. “To date, at every location inspected by GB Power and the [police] in the presence of the owners, it has been shown that all ‘devices’ are simply boxes consisting of bogus wiring with red or green lights, some with small unconnected LCD screens and sand-filled canisters pretending to be ‘capacitors’ in some instances. “These fake boxes do nothing but act as a smokescreen for the dangerous diversion of GB Power’s electricity supply and bypass of our meter infrastructure. All customers with these fake boxes installed throughout the island have been abstracting GB Power’s electricity supply without paying for the electricity consumed.” GB Power said “the number of such fake devices and non-compliant installations are unknown to us” presently, but warned that such practices were dangerous for all parties.

THE TRIBUNE

Thursday, March 21, 2019, PAGE 7

‘We’d be double size’ if not for SEC probe

FROM PAGE ONE

Tribune Business. “In this case, that doesn’t exist. “We as a company have taken steps long, long ago to ensure we have more than one bank, and have banking partners that understand what’s happening. We’re surviving. Our business did better last year than in 2017, although not by much. “I don’t know what will happen this year. I expect it to be about the same, maybe down a bit, but not due to this [the SEC],” he added. “There’s more competition, more players entering the space. There’s another firm in The Bahamas that competes with me, offering online trading. “We’re still the leader in the space. We believe that we’re the largest in the space. There’s others doing exactly the same as I’m doing; they’re not doing anything differently. Why are they not being harassed.” Mr Gentile’s Bahamian broker/dealer, which is based in the Elizabeth on Bay Plaza off Bay Street, was set up to offer online brokerage services to day traders offshore, giving them a competitive platform from which to play the markets. However, both he and MintBroker International have been bedeviled by the SEC’s nine-year legal pursuit of himself, which - in its latest form - has resulted in banks and clearing houses severing relationships and closing accounts after receiving subpoenas from the US capital markets regulator requesting information on all their dealings. Mr Gentile, who has already staved off several SEC lawsuits, has described its actions as a vendetta in response to his decision to stop working for it and the US Department of Justice as an informant in cases that

helped snare several financial criminals. Despite previously warning that the SEC’s actions, and especially its latest probe, could undermine both MintBroker International’s future and that of its 60 Bahamian staff, Mr Gentile said no workers had deserted a business that remains highly capitalised. “Every week I put an inhouse memo out, but it’s [the SEC investigation] not had any affect,” he told Tribune Business. “To-date we’ve lost just one bank account in Canada, but the fact the SEC says it’s investigating someone, everyone gets afraid. “It’s a bogus investigation because they want to punish me. They’ve been getting away with it, and finally I’ve put my foot down and sued them.” Mr Gentile said it was impossible to determine the business and clients

potentially lost to MintBroker International because of the investigation, adding: “It’s hard for me to quantify in numbers. There’s no question that some customers see this and close their accounts, and some customers do not open accounts at all. “We’ve not lost any staff because of this. We’re a very well capitalised firm. If we lose bunch of clients we’re not going to have a problem paying our staff. We’re super strong. We do $20m a year in revenue and profit margins are in the 30 percent range. “It’s a very profitable, successful business. Could we have many more employees and clients? Yes. The firm would be twice the size if they left me alone. If I was able to focus on building my business, and not putting resources into defending myself... This is not good for business. Most businesses

don’t survive this. The fact we have says a lot right there.” Mr Gentile, in previous court filings, detailed the lengths MintBroker International had gone to so that it cannot be accused of soliciting US clients. “It maintains a website that is accessible from anywhere in the world, but no marketing efforts whatsoever are directed towards the United States. All of the company’s advertisements on the Internet explicitly state that the advertisement was not intended for US persons, and the broker/dealer’s website contains a pop-up which prevents access to anyone with a US Internet IP address unless

THE ANGLICAN DIOCESE OF THE BAHAMAS AND THE TURKS AND CAICOS ISLANDS

(Incorporated Trustees Of The ChurchOF OfTHE England In The Bahamas) THE ANGLICAN DIOCESE BAHAMAS AND THE TURKS AND CAICOS ISLANDS

(Incorporated Trustees Of The Church Of England In The Bahamas)

FINANCIAL COMPTROLLER FINANCIAL COMPTROLLER

iocese of The Bahamas and The Turks and Caicos Islands is seeking a The Dioceseindividual of The Bahamas andthe Theposition Turks andof Caicos Islands is seeking a ly qualified to fill Financial Comptroller. This suitably qualified individual to fill the position of Financial Comptroller. This r isofficer the chief functionary theDiocesan Diocesan Office. is thefinancial chief financial functionary for for the Office. Duties include, butnot are limited, not limited,to: to: include, but are • Managing the efficient operation of the Accounts Departments of the

Managing the efficient of the Accounts Diocesan Office andoperation the four schools of the Anglican Departments Central Educationof the Diocesan Office(ACEA), and theensuring four schools Anglican Central Education Authority adherenceoftothe policies and procedures. • Having control of the finances of the Diocese and the keeping of proper Authority (ACEA), ensuring adherence to policies and procedures. records of financial transactions. Having control of the finances of the Diocese and the keeping of proper • Preparing monthly reports on the financial position of the Diocese to the records Bishop, of financial transactions. The Synod, The Diocesan Council, The Diocesan Finance Committee, The Anglican Education position Authority, of Thethe Diocesan Preparing monthly reports onCentral the financial Diocese to the Pension Board and The Property Committee. Bishop, The Synod, The Diocesan Council, The Diocesan Finance • Preparing all financial statements for the Diocese in accordance with Committee, The Anglican Central Standards. Education Authority, The Diocesan International Financial Reporting Pension Boardas and Theperson Property Committee. • Acting a contact and liaise with external auditors, bankers and government agencies. Preparing all financial statements for the Diocese in accordance with • Assisting with the preparation of the Diocesan budget. International Financial Reporting Standards. • Supervising the maintenance and repairs of non-parochial Diocesan Acting as a contact personinand withwith external auditors, buildings and grounds Newliaise Providence, the exception of thebankers schools. and government agencies. • Traveling to Family Islands as required. • Performing duties as requested the Bishop, the Bishop-in-Council Assisting with theother preparation of the by Diocesan budget. or Diocesan Administrator. Supervising the maintenance and repairs of non-parochial Diocesan buildings and grounds in New Providence, with the exception of the schools. The successful candidate should possess: • A Bachelor’s Degree in Accounting Traveling to Family Islands as required. • CPA, ACCA or equivalent desired by the Bishop, the Bishop-in-Council Performing other duties as requested • At least 10 years’ relevant experience or Diocesan Administrator.

• Up to date knowledge of accounting regulations. • A strong proficiency in Microsoft Office and Peachtree Programs. uccessful candidate • Strong writtenshould and oralpossess: communication skills. A Bachelor’s Degree in Accounting • Excellent leadership and management skills, with hands on approach. Good organizational skills and a commitment to timely and accurate CPA,•ACCA or equivalent desired reporting.

At least 10 years’ relevant experience

Applications must contain a cover letter and CV and may be submitted via email to hr@bahamasanglican.org or dropped off at the Diocesan Office, Sands Road no later than Wednesday March 27, 2019 at 5p.m.

they confirm they have not been solicited,” he explained. “If a US-based investor seeks an account they cannot circumvent the pop-up and sign for one over the Internet. Instead, they must contact The Bahamas and request an access code. That code, once obtained, will allow the investor to create an online account and acts as proof that the client was not solicited by SureTrader [one of MintBroker’s trade names], but rather voluntarily took steps to find the website and open an account. “I understand that the securities laws to not preclude unregistered broker/dealers from serving United States

customers, and that the prohibition is on soliciting them - something SureTrader takes great effort to avoid doing.” Tribune Business reported in 2016 how Mr Gentile and his broker/dealer were allegedly used as “bait” by the Federal Bureau of Investigations (FBI) to help snare numerous international securities fraudsters. He claimed that he and his Bahamian businesses, including the now-closed Sur Club Sushi Bar, were “forced” to play key roles in undercover “sting” operations targeting criminals earning millions of dollars from market manipulation scams.

PAGE 8, Thursday, March 21, 2019

THE TRIBUNE

CCA succeeds in halting Sarkis $2.25bn lawsuit FROM PAGE ONE

commencing discovery,” CCA and its attorneys argued, which the New York appeals court seemingly found persuasive. The stay means CCA does not, for the moment, have to file a defence to Mr Izmirlian’s $2.25bn claim or begin the “discovery” and document request/ exchange process with Baha Mar’s original developer. This effectively halts, and delays, the court case which is to CCA’s - rather than Mr Izmirlian’s advantage. CCA has wanted to push the case into arbitration, and/ or have it thrown out. But this was refused by the New York State Supreme Court, which comprehensively ruled in Mr Izmirlian’s favour. Justice Saliann Scarpulla, in her ruling, found that Mr Izmirlian’s BML Properties could use the investors’

SARKIS IZMIRLIAN agreement with CCA to invoke New York as the appropriate location to resolve their legal disputes. She ruled that there was nothing that bound Baha Mar’s original developer to arbitration, and rejected CCA’s argument that Mr Izmirlian and BML Properties could not bring “direct claims for a loss in the value of [their] equity investment as the loss simply reflects damages incurred by the company (Baha Mar)”. Justice Scarpulla said an action could be brought where one shareholder

suffered a disproportionate loss in comparison to others, noting that a CCA affiliate held $150m worth of preference shares in the Baha Mar project. The New York court also found that the original Baha Mar developer had provided enough evidence to “sufficiently plead” fraud thanks to the numerous e-mails, documents and meetings referenced. It also rejected CCA’s argument that the fraud claims duplicated the breach of contract allegation. In her ruling, Justice Scarpulla noted how Mr Izmirlian and his family lost their entire $845m equity investment in Baha Mar, along with “expected future profits”, after the project’s secured financier, the China Export-Import Bank, took possession of the mega resort and ultimately sold it to current owner, Chow Tai Fook Enterprises (CTFE).

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THE TRIBUNE

Thursday, March 21, 2019, PAGE 9

Federal Reserve foresees no interest rate hikes in 2019 WASHINGTON Associated Press THE Federal Reserve left its key interest rate unchanged yesterday and projected no rate hikes this year, reflecting a dimmer view of the economy as growth weakens in the United States and abroad. The Fed said it was keeping its benchmark rate — which can influence everything from mortgages to credit cards to home equity lines of credit — in a range of 2.25 percent to 2.5 percent. It also announced that by September, it will no longer reduce its bond portfolio, a change intended to help keep long-term loan rates down. Combined, the moves signal no major increases in borrowing rates for consumers and businesses. And together with the Fed’s dimmer forecast for growth this year — 2.1 percent, down from a previous projection of 2.3 percent — the statement it issued after its latest policy meeting suggests it’s grown more concerned about the economy. What’s more, with inflation remaining mild, the Fed feels no pressure to tighten credit. In signaling no rate increases for 2019, the Fed’s policymakers reduced their forecast from two that were previously predicted in December. They now project one rate hike in 2020 and none in 2021. The Fed had raised rates four times last year and a total of nine times since 2015. The central bank’s theme yesterday, in its statement and in a news conference by Chairman Jerome Powell, is that it will remain continually “patient” about pursuing any further rate hikes. In his news conference, Powell used some version of the word “patient” no fewer than ten times. Stock market indexes initially rallied on the news, but the gains soon faded and many stocks finished the day down. The Dow Jones Industrial Average lost 141 points, or 0.5 percent. Analysts said the Fed’s downgraded outlook for the economy might have alarmed investors. “We think the Fed’s forecasts are still too upbeat,” said Michael Pearce, senior US economist at Capital Economics, saying he thinks sluggish growth will lead the Fed to start cutting rates early next year. The Fed’s decision yesterday was approved on an 11-0 vote. Still, stock prices have been generally surging since early January, when Powell abruptly reversed course and made clear that the Fed was in no hurry to raise rates and would likely slow the runoff from its balance sheet. And while stocks struggled yesterday, the Fed’s plans for no credit tightening this year sent Treasury yields tumbling, with the ten-year yield touching its lowest level in more than a year. The yield reached 2.53 percent, down from 2.61 percent late on Tuesday and 3.2 percent late last year.

The Fed’s policymakers have clearly settled on the belief that more than a decade after they cut their benchmark rate to a record low near zero — and kept it there for seven years — that rate has now reached what’s called “neutral”: neither stimulating nor restraining economic growth. The central bank’s pause in credit tightening is a response, in part, to slowdowns in the US and global economies. It says that while the job market remains strong, “growth of economic activity has slowed from its solid rate in the fourth quarter”. Some Fed watchers have said they think the next rate move could be a cut later this year if the economy slows as much as some fear it might. But at his news conference, Powell played down that prospect. “It is a great time for us to be patient and to watch and wait,” Powell said, invoking the theme he has sounded in recent months. In its statement, the Fed laid out a plan for stemming the reduction of its balance sheet: In May, it will slow its monthly reductions in Treasurys from $30bn to $15bn and end the runoff altogether in September. Starting in October, the Fed will shift its runoff of mortgage bonds into Treasurys so its overall balance sheet won’t drop further. The Fed had aggressively bought mortgage and Treasury bonds after the 2008 financial crisis to help cut borrowing rates, spur lending and stimulate growth. With the economy now much stronger, the Fed has been gradually shrinking its bond portfolio. But now it’s prepared to slow and then stop that process to avoid putting upward pressure on loan rates. The central bank’s new embrace of patience and flexibility reflects its response since the start of the year to slow growth at home and abroad, a nervous stock market and persistently mild inflation. The Fed executed an abrupt pivot when it met in January by signaling that it no longer expected to raise rates anytime soon. The shift toward a more hands-off Fed and away from a policy of steadily tightening credit suggests that the policymakers recognise that they went too far after they met in December. At that meeting, the Fed approved a fourth rate hike for 2018 and projected two additional rate increases in 2019. Powell also said he thought the balance sheet reduction would be on “automatic pilot”. That message spooked investors, who worried about the prospect of steadily higher borrowing rates for consumers and businesses and perhaps a further economic slowdown. The stock market had begun falling in early October and then accelerated after the Fed’s December meeting. President Donald Trump, injecting himself not for the first time into the Fed’s ostensibly independent deliberations, made clear he wasn’t happy, calling the December rate hike

FEDERAL Reserve Chair Jerome Powell listens to a reporter’s question during a news conference in Washington yesterday. Photo: Susan Walsh/AP

wrong-headed. Reports emerged that Trump was even contemplating trying to fire Powell, who had been his hand-picked choice to lead the Fed. But after the December turmoil, the Fed in January began sending a more comforting message. At an economic conference soon after New Year’s, Powell stressed that the Fed would be “flexible” and “patient” in raising rates. Powell, appearing last week on CBS’s “60 Minutes”, denied that pressure from Trump had influenced the Fed’s policy shift.

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PAGE 12, Thursday, March 21, 2019

THE TRIBUNE

UK’s May asks a wary EU to delay Brexit until June 30

LONDON Associated Press EXACTLY 1,000 days after Britain voted to leave the European Union, and nine days before it is scheduled to walk out the door, Prime Minister Theresa May, pictured, hit the pause button yesterday, asking the bloc to postpone the UK’s departure until June 30. EU leaders, who are exasperated by Britain’s Brexit melodrama, will only grant the extension if May can win the UK Parliament’s approval next week for her twice-rejected Brexit deal. Otherwise, the UK is facing a chaotic “nodeal” departure from the bloc within days, or a much longer delay that May says she will not allow while

she is in power. May, who has spent two and a half years trying to lead Britain out of the EU, said it was “a matter of great personal regret” that she had to seek a delay to Brexit. In a televised statement from 10 Downing St, May said she shared the frustration felt by many Britons who have “had enough” of endless Brexit debates and

infighting — though she did not accept a role in causing it. Instead, she blamed Parliament for the deadlock, and warned that if lawmakers did not back her deal it would cause “irreparable damage to public trust”. “It is high time we made a decision,” May said. In a letter to European Council President Donald Tusk, May acknowledged that the Brexit process “clearly will not be completed before 29 March, 2019” — the date fixed in law two years ago for Britain’s departure. May asked to delay Britain’s withdrawal until June 30, and said she would set out her reasons to EU leaders at a summit in Brussels today. Her longshot plan is to

hold a third vote in Parliament on her deal next week, then use the EU-granted extension to pass the legislation needed for an orderly departure from the EU. “As prime minister I am not prepared to delay Brexit any further than June 30,” May told the House of Commons — a hint she could quit if Britain is forced to accept a longer pause. Tusk said he thought a short delay to Brexit “will be possible, but it would be conditional on a positive vote on the withdrawal agreement in the House of Commons”. May’s request — and Tusk’s response — leaves Britain and the bloc facing Brexit uncertainty right up to the deadline for departure. Withdrawing without a deal could mean huge disruptions for businesses and UK residents, as well as those in the 27 remaining EU countries. “Even if the hope for a final success may seem frail, even illusory, and although Brexit fatigue is increasingly visible and justified, we cannot give up seeking until the very last moment a positive solution,” Tusk said in Brussels. Tusk made clear what other EU leaders have long

hinted: The EU is unwilling to give Britain more time unless the government can find a way out of the Brexit impasse. German Foreign Minister Heiko Maas said that “if the (EU) Council is to decide on extending the deadline for Britain, then we would like to know: Why, why, why?” French Foreign Minister Jean-Yves Le Drian said a delay could only be granted if May guaranteed that its purpose “is to finalise the ratification of the deal already negotiated”. EU leaders are united in saying that the divorce deal it spent more than a year and a half negotiating with Britain can’t be renegotiated. But the deal has twice been rejected twice by hefty margins in Britain’s Parliament, amid opposition from pro-Brexit and pro-EU lawmakers. May had planned to try again this week to get the agreement approved, until the speaker of the House of Commons ruled that she can’t ask Parliament to vote on the deal again unless it is substantially changed. May told Tusk that despite the ruling “it remains my intention to bring the deal back to the House”. She’s

likely to do that next week — within days or hours of Britain’s scheduled departure — by arguing that circumstances have changed and the speaker’s bar on a third vote no longer applied. But she faces a struggle to overturn the huge margins of defeat for her deal in previous votes in January and last week. Tusk did not say whether the EU would be willing to grant a long delay to Brexit if Britain changed course and abandoned May’s deal for a new approach. British opposition politicians, and pro-EU members of May’s Conservative government, have urged a longer extension, saying a delay of just a few months could leave the country once again facing a no-deal Brexit this summer. They want to commit to a close post-Brexit economic relationship with the bloc to ease disruption for businesses and citizens. Opposition Labour Party lawmaker Angela Eagle said May should “stop banging her head against the brick wall of her defeated deal” and seek cross-party support for a new Brexit strategy.

THE TRIBUNE

Thursday, March 21, 2019, PAGE 13

What’s next after UK seeks 3-month delay to Brexit?

BRITAIN’s Prime Minister Theresa May leaves 10 Downing Street to attend the weekly Prime Ministers’ Questions session, at parliament in London yesterday. Photo: Matt Dunham/AP LONDON As soc iated Pres s WITH just nine days to go until Brexit day, Prime Minister Theresa May has asked the European Union to postpone Britain’s departure from the European Union until June 30. The decision is in the hands of the 27 remaining EU nations, whose leaders must agree unanimously for an extension to be granted. Here’s a look at what could happen next: SUMMIT SHOWDOWN May plans to make her case to EU leaders at a summit in Brussels today. European Council President Donald Tusk said the bloc would likely authorise a short postponement, but only if Britain’s Parliament

approved the Brexit agreement negotiated by the EU and May’s government. UK lawmakers have already rejected the deal twice. The leaders of the EU’s remaining countries are likely to give approve an extension in principle, then wait to see if May can get her deal through the House of Commons next week. The bloc may also have qualms about the length of the delay May is seeking. Some feel a three-month extension would require Britain to participate in May 23-26 elections for the European Parliament. The UK won’t be represented in the parliament after it quits the EU, and its seats already have been given to other countries to fill in the May election.

LEGAL NOTICE

NOTICE TIMCO CORPORATION LIMITED NOTICE IS HEREBY GIVEN as follows: (a)

TIMCO CORPORATION LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 19th day of MARCH, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

PARLIAMENTARY POKER A thousand days after a public referendum in which British voters decided to leave the EU, Brexit is stalled because Britain’s Parliament is split down the middle between supporters and opponents of Brexit. Both sides are critical of May’s approach to an extension: Brexiteers say it will betray voters’ decision in 2016 to leave the EU; pro-Europeans say it will only prolong Britain’s Brexit crisis. Pro-Brexit and pro-EU lawmakers are also unimpressed by May’s divorce deal, and Parliament has rejected it twice by hefty margins. Yet May says she plans to try again. She hopes to persuade reluctant pro-Brexit lawmakers that backing her

deal is their only hope of delivering Brexit, and to convince pro-EU legislators that they are down to choosing between her deal and a chaotic no-deal Brexit. May’s plan was complicated last week when the speaker of the House of Commons said the prime minister couldn’t seek a third vote on her twicedefeated divorce deal unless it was substantially altered. May is likely to argue that circumstances have changed and that restriction ruling should no longer apply.

will leave the EU on March 29 with no deal. That could cause upheaval for businesses and residents in both Britain and the EU, with the sudden imposition of tariffs, customs checks and other barriers to trade and travel. If Parliament approves her Brexit deal, May plans to use the delay to pass the legislation necessary for Britain’s orderly departure. Britain’s Parliament has voted to rule out a “no-deal” Brexit — but it remains the legal default position. The only ways to stop it are for Parliament to ratify a deal or to cancel Brexit, which May has said she would never do.

CLIFF-EDGE DEPARTURE If May’s deal keeps failing to clear Parliament and the EU refuses to allow a lastminute extension, Britain

THE END OF MAY? May has spent almost three years trying to shepherd Britain out of the EU, and said yesterday that “as prime minister, I am not

prepared to delay Brexit any further than June 30” — a hint she could resign rather than oversee any more delays. Many on both sides of Britain’s Brexit divide would be happy to see her go, but her replacement by a new Conservative leader would not solve the country’s political crisis. Opposition politicians think the only way forward is an early election that could rearrange Parliament and break the political deadlock. May has ruled that out, but could come to see it as her only option. And anti-Brexit campaigners haven’t abandoned the idea of a new referendum on remaining in the EU. There’s currently no majority for that in Parliament, but the political calculus could change if the paralysis drags on.

PAGE 14, Thursday, March 21, 2019

THE TRIBUNE

US JUDGE BLOCKS OIL, GAS DRILLING OVER CLIMATE CHANGE BILLINGS, MONTANA Associated Press A JUDGE blocked oil and gas drilling on almost 500 square miles in Wyoming and said the federal government must consider the cumulative climate change impact of leasing broad

swaths of US public land for oil and gas exploration. The order marks the latest in a string of court rulings over the past decade — including one last month in Montana — that have faulted the US for inadequate consideration of greenhouse gas emissions

when approving oil, gas and coal projects on federal land. US District Judge Rudolph Contreras in Washington appeared to go a step further than other judges in his order issued late on Tuesday. Previous rulings focused on individual lease sales or

TRINIDAD Drilling rigs are seen off of Way Highway 59 outside of Douglas, Wyo. A judge has blocked oil and gas drilling on almost 500 square miles in Wyoming and says the government must consider cumulative climate change impacts of leasing public lands across the US for energy development. The order marks the latest in a string of court rulings over the past decade faulting the government’s consideration of emissions when issuing energy leases. permits. But Contreras said that when the US Bureau of Land Management auctions public lands for oil and gas leasing, officials must consider emissions from past, present and foreseeable future oil and gas leases nationwide. “Given the national, cumulative nature of climate change, considering each individual drilling project in a vacuum deprives the agency and the public of the context necessary to evaluate oil and gas drilling on federal land,” Contreras wrote. The ruling coincides with an aggressive push by President Donald Trump’s administration to open more public lands to energy development. It came in a lawsuit that challenged leases issued in

Wyoming, Utah and Colorado in 2015 and 2016, during President Barack Obama’s administration. Only the leases in Wyoming were immediately addressed in Contreras’ ruling, which blocks federal officials from issuing drilling permits until they conduct a new environmental review looking more closely at greenhouse gas emissions. The case was brought by two advocacy groups, WildEarth Guardians and Physicians for Social Responsibility. WildEarth Guardians climate programme director Jeremy Nichols predicted the ruling would have much bigger implications than a halt to drilling in some areas of Wyoming, assuming the government does what Contreras has asked.

NOTICE

NOTICE is hereby given that MARCELLIN ETIENNE of Peter Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.

NOTICE

NOTICE is hereby given that YARMONY MACTAGGART BELLOWS of 21000 Hwy 6, Eagle, Colorado, 81631, P.O. Box 1885 is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

“This is the Holy Grail ruling we’ve been after, especially with oil and gas,” Nichols said. “It calls into question the legality of oil and gas leasing that’s happening everywhere.” Wyoming Gov Mark Gordon criticised the ruling, saying carbon emissions shouldn’t be reduced at the expense of workers who provide reliable and affordable energy. “Bringing our country to its knees is not the way to thwart climate change. We need solutions not grandstanding,” said Gordon, a Republican. Bureau of Land Management spokeswoman Kristen Lenhardt said the agency was still reviewing the ruling and “determining a path forward regarding the implications”. Burning fossil fuels extracted from federal land generates the equivalent of 1.4 billion tons annually of the greenhouse gas carbon dioxide, according to a November report from the US Geological Survey. That’s equivalent to almost one-quarter of total US carbon dioxide emissions. An industry group said the BLM already was analysing emissions appropriately. “The judge is asking BLM to take a wild guess at how many wells would be developed on these leases,” said Kathleen Sgamma with the Western Energy Alliance. Following previous court rulings over climate change, the BLM has gone back and reconsidered the effects of fossil fuels and then reaffirmed its approvals of projects. That could happen again in this case, with further studies done before drilling was allowed to proceed, said Harry Weiss, an environmental lawyer based in Philadelphia whose clients have included oil and gas companies. “This decision should not be interpreted as a ban on leasing activities,” Weiss said. “The court is not ruling on whether it’s thumbs up or thumbs down. The court is simply grading how the administration did analysing the issues.”

LYNDEN PINDLING INTERNATIONAL P.O. BOX AP-59222 NASSAU, BAHAMAS

The Airport Authority is seeking to recruit suitably qualified Bahamians to fill the following position:

SURVEILLANCE OPERATOR Applicants must possess an Associates Degree in Business Administration from an accredited educational institution. Or the applicant must have a minimum three (3) years’ experience in the related field. The applicant must exercise the utmost degree of confidentiality. The applicant should be self-motivated and be able to work in a high demand environment. The successful applicant will report to the Surveillance Manager and Surveillance Supervisors. The salary for the position is commensurate with qualification and experience. Qualified applicants must submit their resumé and copies of academic certificates along with three letters of reference no later than Friday, March 22nd, 2019. Sealed envelopes should be addressed as follows: ATTENTION: SURVEILLANCE POSITION Manager, Human Resources The Airport Authority Lynden Pindling International Airport P.O. Box AP-59222 Nassau, Bahamas

THE TRIBUNE

Thursday, March 21, 2019, PAGE 15

Europe, Canada to do own reviews of Boeing flight system Associated Press THE decision by Europe and Canada to break with US air-safety regulators over the safety of the Boeing 737 Max is likely to delay the resumption of flights after two of the jets crashed. The Europeans and Canadians vow to conduct their own reviews of Boeing’s changes to a key flight-control system, not to simply take the Federal Aviation Administration’s word that the alterations are safe. Those reviews scramble an ambitious schedule set by Boeing and could undercut the FAA’s reputation around the world. Boeing hopes by Monday to finish its update to critical software that can automatically point the nose of the plane sharply downward in some circumstances to avoid an aerodynamic stall, according to two people briefed on FAA presentations to congressional committees. The FAA expects to certify Boeing’s modifications and plans for pilot training in April or May, one of the people said. Both spoke on the condition of anonymity because they are not authorised to speak about the briefings. But there are doubts about meeting that timetable. Air Canada plans to

remove the Boeing 737 Max from its schedule at least through July 1 and suspend some routes that it flew with the plane before it was grounded around the world last week. American Airlines, Southwest Airlines and United Airlines, which are slightly less dependent on the Max than Air Canada, are juggling their fleets to fill in for grounded planes, but have still cancelled some flights. By international agreement, planes must be certified in the country where they are built. Regulators around the world have almost always accepted that country’s decision. As a result, European airlines have flown Boeing jets with little independent review by the European Aviation Safety Agency, and US airlines operate Airbus jets without a separate, lengthy certification process by the FAA. That practice is being frayed, however, in the face of growing questions about the FAA’s certification of the Max. Critics question whether the FAA relied too much on Boeing to vouch for critical safety matters and whether it understood the significance of a new automated flight-control system on the Max.

NOTICE

NOTICE is hereby given that JEFFREY PETITEFRERE of Finlayson Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.

NOTICE

NOTICE is hereby given that YARMONY MACTAGGART BELLOWS of 21000 Hwy 6, Eagle, Colorado, 81631, P.O. Box 1885 is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

TEXT OF THE FED’S STATEMENT AFTER ITS MEETING WEDNESDAY WASHINGTON Associated Press Below is the statement the Fed released yesterday after its policy meeting ended: Information received since the Federal Open Market Committee met in January indicates that the labour market remains strong but that growth of economic activity has slowed from its solid rate in the fourth quarter. Payroll employment was little changed in February, but job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Recent

indicators point to slower growth of household spending and business fixed investment in the first quarter. On a 12-month basis, overall inflation has declined, largely as a result of lower energy prices; inflation for items other than food and energy remains near two percent. On balance, marketbased measures of inflation compensation have remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the committee seeks to foster maximum

employment and price stability. In support of these goals, the committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The committee continues to view sustained expansion of economic activity, strong labour market conditions, and inflation near the committee’s symmetric two percent objective as the most likely outcomes. In light of global economic and financial developments and muted inflation pressures, the committee will be patient as it determines what future adjustments to the target range for the federal

funds rate may be appropriate to support these outcomes. In determining the timing and size of future adjustments to the target range for the federal funds rate, the committee will assess realised and expected economic conditions relative to its maximum employment objective and its symmetric two percent inflation objective. This assessment will take into account a wide range of information, including measures of labour market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.

PAGE 18, Thursday, March 21, 2019

THE TRIBUNE

PUBLIC NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANISKA JANICE MCKENZIE also known as ANISHKA JANICE MCKENZIE of Florence Nixon Cresent, Millenium Gardens, P.O. Box EE-17912, Nassau, Bahamas, intend to change my name to ANISHKA JANICE RAMSEY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

The Public is hereby advised that I, ABRAAM JOSEPH of New Providence one of the Islands of The Commonwealth of The Bahamas, intend to change my name to ABRAHAM ANDREW THIBEAUD. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

Fed news sends bond yields sharply lower; US stocks mixed By ALEX VEIGA AND STAN CHOE Associated Press

MARKET REPORT WEDNESDAY, 20 MARCH 2019

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

BISX ALL SHARE INDEX: CLOSE 2,111.95 | CHG -1.93 | %CHG -0.09 | YTD 43.38 | YTD% 2.34 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 1.96 1.15 3.68 10.20 6.60 4.64 12.50 2.74 1.81 9.02 6.40 15.60 6.99 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.80 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL LAST CLOSE AML 4.37 APD 17.43 BPF 6.49 BWL 5.39 BOB 1.96 BBL 1.15 CAB 2.22 CIB 9.85 CHL 6.16 CBL 4.50 CBB 10.65 CWCB 2.60 DHS 1.79 EMAB 9.00 FAM 6.40 FBB 15.60 FIN 6.98 FCL 3.35 JSJ 13.85 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.25 17.43 6.00 5.39 1.96 1.15 2.20 9.85 6.16 4.50 10.64 2.62 1.79 9.01 6.40 15.57 6.98 3.35 13.85

CHANGE -0.12 0.00 -0.49 0.00 0.00 0.00 -0.02 0.00 0.00 0.00 -0.01 0.02 0.00 0.01 0.00 -0.03 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

VOLUME 3,000 1,000 3,000 4,267 100 2,000 20,000 3,000

1,000 6,000

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.104 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.200 0.090 0.600

P/E 28.9 18.7 N/M 16.7 N/M N/M -4.2 14.1 12.8 29.2 17.0 25.7 8.6 N/M 13.3 20.4 12.1 12.1 21.9

YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.74% 0.00% 7.21% 3.57% 2.67% 5.83% 2.29% 3.35% 0.93% 3.75% 3.21% 2.87% 2.69% 4.33%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.69 1.12 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

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

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

BANKS led US stocks mostly lower yesterday after a brief rally sparked by the Federal Reserve’s latest policy update faded. The real action centred in the bond market, where prices rose sharply, pulling Treasury yields down to the lowest levels they’ve seen in more than a year. The central bank said it expects no interest rate increases this year and issued a dimmer outlook on the US economy. That triggered one of the biggest slides for Treasury yields in months, knocking the ten-year Treasury yield as low as 2.53 percent, down from 2.61 percent late on Tuesday and from 3.20 percent late last year. The two-year Treasury yield, which is more influenced by Fed movements, fell to 2.39 percent from 2.45 percent late on Tuesday. Yields have been falling steadily since November, as worries rose about a slowing global economy and traders subsequently made moves in anticipation of a more patient Fed. The Fed’s decision to put rate increases on hold is a marked change from three months ago, when the central bank projected two rate hikes in 2019. The move comes as Fed officials project that the US economy will grow more slowly this year and in 2020, a change from the panel’s projections just three months ago. The central bank also said it will stop shrinking its bond portfolio in September, a step that would help hold down long-term interest rates. The Fed’s announcement was clearly positive for the market, said Quincy Krosby, chief market strategist at Prudential Financial. “Powell’s suggestion that the Fed is on hold this year is important,” she said. “The question for the market remains whether or not the four rate hikes from last year and the unwinding of the balance sheet at the same time could be continuing, even now, to tighten financial conditions.” The S&P 500 dropped 8.34 points, or 0.3 percent, to 2,824.23. The Dow Jones Industrial Average fell 141.71 points, or 0.5 percent, to 25,745.67. The average had been down more than 216 points earlier. The Nasdaq composite eked out a slight gain, adding 5.02 points, or 0.1 percent, to 7,728.97. The Russell 2000 index of smaller-company stocks gave up 11.83 points, or 0.8 percent, to 1,543.16. Major European indexes finished lower. It was only last autumn that interest rates were on the rise and rattling investors, who worried that an overly aggressive Fed would keep raising rates and choke off growth in the face of a slowing global economy. The Fed increased rates four times last year and three times in 2017. Besides encouraging

more borrowing and economic growth, lower interest rates can make stocks look more attractive to investors, at least when compared with the lower amount of interest that bonds are paying. On the losing end, though, are US banks, whose profits can take a hit if the gap between shortand long-term interest rates narrows. Financial stocks in the S&P 500 fell 2.1 percent for the largest loss among the 11 sectors that make up the index. Bank of America lost 3.4 percent. Developments in the trade talks between the US and China helped pull the market lower earlier in the day. President Donald Trump said if negotiations result in a deal, tariffs could stay in place for some time to ensure Beijing “lives by the deal”. Trump added that the White House was discussing keeping tariffs for a “substantial period of time”, adding that China has had “problems living by certain deals”. Administration officials are set to visit China for more negotiations late next week. Trump said the talks are “coming along nicely”. Wall Street is hoping for a resolution to the damaging trade war between the world’s largest economies, which has made goods more costly for companies and consumers. Despite yesterday’s downbeat finish, the market is still off to a roaring start to the year. The S&P 500 index is up 12.7 percent so far in 2019. That’s better than the full-year gains for the benchmark index in four of the past five years. News of tighter supplies of oil and continued production cuts helped to briefly push the price of benchmark US crude oil above $60 a barrel. It hadn’t closed above that price since November. It fell back slightly in afternoon trading, finishing with a gain of 1.4 percent to $59.83 a barrel. The rise came after the US government reported that supplies of oil fell 9.6 percent last week and news that OPEC plans on maintaining deep production cuts. The price of oil has been increasing sharply since Christmas Eve, when it hit a low of just over $42 per barrel. That followed a 44 percent plunge since October 3, when it hit a high of just over $76 per barrel. Brent crude gained 1.3 percent to close at $68.50 a barrel. Wholesale gasoline added 1.2 percent to $1.92 a gallon, heating oil rose 0.9 percent to $2.01 a gallon and natural gas fell 1.9 percent to $2.82 per 1,000 cubic feet. The dollar fell to 110.61 yen from 111.41 Japanese yen on Tuesday. The euro strengthened to $1.1446 from $1.1352. Gold dropped 0.4 percent to $1,301.70 an ounce, silver lost 0.4 percent to $15.32 an ounce and copper gave up 0.1 percent to $2.92 a pound.

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