08062019 BUSINESS

THE TRIBUNE

TUESDAY, AUGUST 6, 2019, PAGE 1

business@tribunemedia.net

TUESDAY, AUGUST 6, 2019

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‘For too long we’ve accepted mediocrity’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas needs “comprehensive financial sector reforms” if its economy is to grow, with a leading investment analyst arguing: “For too long we’ve been accepting mediocrity.” Larry Gibson, vice-president of Colonial Pension Services (Bahamas), told Tribune Business this nation needed to go much further than the government listing its debt on the Bahamas International Securities Exchange (BISX) and “put in place those fundamental

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Chief Justice unveils ambitious e-reforms By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HE Chief Justice is targeting the total digital transformation of the Bahamian court system through a multi-year “e-services” rollout designed to “catch up with where the rest of the world is”. Brian Moree QC told Tribune Business that “you cannot put a price tag” on the planned judicial overhaul given its potential to positively impact virtually the entire Bahamian economy and society.

Don’t be capital markets ‘follower’, Bahamas is urged By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must focus on “leading capital market developments in the Caribbean” and stop being a follower, an investment bank chief is urging. Michael Anderson, pictured, RoyalFidelity Merchant Bank & Trust’s president, told Tribune

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Business that The Bahamas was “one of the last” in the

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• Courts to be digitised in 2-3 year roll-out • Will enable Bahamas to ‘catch up rest of world’ • ‘Cant put price tag’ on economic, social benefits

BRIAN MOREE QC, left, being sworn in as Chief Justice by Governor General CA Smith.

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Supreme Court Rules revamp by April 2020 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The first reforms will focus on eliminating the bureaucratic, paper-based filing of court documents and replacing this with a technology platform that will allow them to be submitted electronically. Mr Moree, arguing that it was “simply impossible” to run the judicial system without such a platform,

THE Chief Justice is aiming to revamp the Supreme Court Rules, some of which are 40 years old, by April 2020 in a bid to develop “an entirely new and modern foundation” for handling civil and commercial cases. Brian Moree QC told Tribune Business that “the time is long overdue” for reforming the procedures that govern how Bahamian courts deal with civil cases as part of the wide-ranging and “across the board”

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PAGE 2, Tuesday, August 6, 2019

THE TRIBUNE

BAIC instructs at food processing workshop SIXTEEN food processors, including students from Louise McDonald High School, were taught the fundamentals of making jam and pepper during a two-day workshop in late July. In Bimini, who are members of the Bimini Innovations Distribution Depot were taught the fundamentals of making jams and pepper sauce during a two-day food processing workshop from July 23-25, 2019. The workshop, for members of the Bimini Innovations Distribution Depot, was organised by island administrator, Cleola Pinder, in conjunction with the MP for West End and Bimini, Pakeisha Parker-Edgecombe. Bishop Gregory Collie, the Bahamas Agricultural and Industrial Corporation’s (BAIC) chairman, praised the participants for taking advantage of the opportunity to invest in themselves. He encouraged them to learn as much as possible about techniques in food processing. “Lots of fruits and vegetables are wasted in our

RESIDENTS of Bimini who participated in a food processing workshop hosted by BAIC. homes and throughout the country every day, so we must find ways to preserve them for future use so that we can save some money,” he said. Noting that The Bahamas spends millions of dollars per year importing food, Bishop Collie said BAIC was doing its part to help reduce the country’s food bill by teaching Bahamians to become entrepreneurs. “BAIC is encouraging entrepreneurs to produce enough for themselves and for local consumption so that we can keep some money as we enhance our cottage

industries,” he added. The workshop was facilitated by BAIC’s food processing manager, Tonjia Burrows. She described the workshop as “very successful”, adding that

participants want her to come back to Bimini to do training on barbeque sauce and seasonings. Participants were also taught packaging and labelling of products.

Over-the-hill group hosts business pitch night By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A LOCAL non-profit is aiming to promote entrepreneurship within the inner city and likely see its over-the-hill incubator initiative replicated in similar communities.​ Lend A Hand Bahamas, which was incorporated in 2014 and is based in the Bain and Grants Town community, recently held its entrepreneurial pitch event at the Atlantis Paradise Island resort. The event, according to Lend A Hand Bahamas’ Chairman Lucas Metropulos, is part of a larger effrot by the organisation to bolster entrepreneurial efforts in the over-the-hill communities. Last week, the organisation launched its Over-the-Hill Incubator Program from which youth and adult participants will receive mentorship and resources throughout the year. Of the 20 plus persons attending the workshop, six individuals were afforded the opportunity to present their ideas at the pitch event last Friday. ​ “The entrepreneurial pitch event was an idea we wanted to do for a while. We wanted to really promote entrepreneurship in the community. For this past week they had an incubator where kids attended workshops with different people coming in. There were different guest speakers who came in and

led workshops on things like marketing and finance. The kids also got the opportunity to put forth their ideas and match them mentors who helped them develop a business plan and began having conversations about building and growing their ideas,” said Metropolus.​ He continued: “There were six persons selected from about 20 or so to pitch their ideas at the event. It wasn’t intended to be a shark tank type event where the kids got grilled but an opportuity where the kids got good advice to move forward. It was more of a learning opportunity for the kids.”​ Among the ideas presented were a ride sharing service, a grocery delivery service, a Bahamian beauty product line and a handcraft business.​ “Now for a whole year, everyone and not just the six individuals who pitched, but about 22 individuals who participated in the weeklong program and want to continue with their idea can do so. They will have access to continued mentorship and the opportuity to develop a more robust business plan. They will be able to do this at our training centre. Out of the 20 I’m sure there are going to be several who want to continue with their ideas. I think this is going to be a great annual event. It’s a model we hope others will look to replicate in other urban-like communities in The Bahamas.”

BAIC ‘saw’ potential in conch shell jewellery THE Bahamas Agricultural and Industrial Corporation (BAIC) has invested in machinery that is helping entrepreneurs to make jewellery from conch shells. BAIC’s contracted instructor, Apryl Martin, is overseeing training on the Taurus 3 Wing Saw. It is a diamond blade cutting machine that cuts hard materials such as granite, stone, glass and conch shell. It is an advance shape-cutting saw that commanded attention in conch shell carving workshops that started in Freeport earlier this, and which attracted some 30 participants. Mrs Martin said she was introduced to the Taurus 3 Wing Saw in 2009 on a trip to Rum Cay, while conducting a course in sea shell craft. She met a man who was using it to make trinkets out of conch shells. Two weeks later she purchased one and “it was the answer to my prayer to make my work easier”. A craft teacher and owner of the business, Shell Art, Mrs Martin has been using the Taurus 3 Wing Saw for several years to create conch shell products such as pendants and shell charm bracelets, butterfly pins, shell hair combs, shell hair clips and shell candle holders. She also produced conch shell lamps, sea shell lamps and shell vases. BAIC approached her to introduce some new programmes, including conch shell carving, which she was introduced to by Taiwanese Instructors in 1997 when The Bahamas enjoyed diplomatic relations with the island. She then spent about five years teaching conch shell carving to students one-onone, and also introduced students to the Taurus 3 Wing Saw by cutting softer shells. BAIC the asked her to conduct the latest

MAKING use of the Taurus 3 wing saw for conch shell jewelry.

training, and she described the Conch Shell Carving Stage One workshop held earlier this year as “the first class I ever taught with 30 people”. Some 22 of the 30 students who the first stage in April and May returned for the second instalment in July. They were instructed on how to use the Saw to manipulate the conch shell into conch jewellery. Mrs Martin said the students were given six images to cut, including the hibiscus, the conch, the starfish,

the turtle, the clam and an image from their own creation and imagination. “What I did was I placed them in groups and took samples of what they were doing. I then allowed them to watch me work the saw as they took pictures and videos, and it helped them step-by-step,” she said. BAIC has designed training programmes to encourage persons to become self-employed in the art of producing Bahamian-made items.

THE TRIBUNE

Some cruise projects ‘closer than others’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister says negotiations over multiple cruise industry investments in The Bahamas remain on track although some “are closer than others” to coming to fruition. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that talks over the Grand Lucayan purchase, Carnival’s $100m cruise port for Freeport, and the $250m outsourcing of Nassau’s cruise port were all “proceeding on plan” from the government’s perspective. Voicing optimism that several of these projects will be underway before yearend, Mr D’Aguilar said: “My official response is that negotiations are continuing. “Some of the deals are closer than others, some still have some ways to go. As far as we’re concerned everything is on schedule and proceeding on plan. Everything is subject to final Cabinet approval. Hopefully some will be done before the end of the year; that would be the intention.” Both Carnival’s cruise port and the Grand Lucayan purchase were announced during the 2019 first quarter. The latter deal, featuring a joint venture between Royal Caribbean Cruise Lines and the Mexican-based ITM Group, is proposing the $65m acquisition of the hotel coupled with a $130m investment to turn the surrounding area and Freeport Harbour into a destination product. Michael Scott, chairman of Lucayan Renewal Holdings, the Governmentowned vehicle that controls the Grand Lucayan, also confirmed to this newspaper that talks with ITM/Royal Caribbean are progressing.

DIONISIO D’AGUILAR

MICHAEL SCOTT

“All the parties have met, we’re continuing on with the negotiations and we’re on track,” Mr Scott said when contacted by Tribune Business, declining to comment further. Sources familiar with the Grand Lucayan talks, speaking on condition of anonymity, said negotiations between the government and joint venture over the sales agreement and Heads of Agreement for the project were likely to begin this week. “They’re pushing hard,” one contact said of the government. “They’re getting down to the critical part of finalizing the Heads of Agreement. The parties have had a status meeting, and all are aware of what’s outstanding, what needs to be done, and are moving to the stage of holding regular meetings to ensure they all stay on track.” Tribune Business revealed last month that the government had extended the Letter of Intent (LOI) for the Grand Lucayan purchase by 30-days to end July as ITM and Royal Caribbean sought to tie down airlift and sealift components for the project. This newspaper was told that ITM, in particular, had become increasingly uneasy over what it perceived as difficulties in tying down the Hutchison Whampoa-controlled Freeport Harbour Company over redevelopment of the harbour.

That project, and addition of extra cruise berths, is critical if ITM/Royal Caribbean are to generate the passenger numbers necessary to sustain a transformed Grand Lucayan. Multiple Tribune Business sources, though, said the harbour and cruise port deal between ITM and Hutchison was eventually signed at the beginning of July. With sealift out of the way, attention has now turned to Grand Bahama International Airport - also ultimately controlled by the Freeport Harbour Company - given that securing sufficient airlift is also key to the ITM/Royal Caribbean plans. Tribune Business sources last week confirmed that the airport “is on the radar” of all involved in the negotiations, given that its relatively high fees in comparison to regional rivals have been blamed in the past for deterring airlines from flying into Grand Bahama. ITM is thought to have been reluctant to make headway on the Grand Lucayan’s purchase, and negotiations with the government, until both the harbour and airlift issues are squared away. It is seeking to bring an extra two million cruise visitors to Grand Bahama per year, creating 2,000 jobs in the first phase alone. Its proposal focuses on developing water-based adventure theme parks at

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both Freeport Harbour and around the resort. The Grand Lucayan will be upgraded to “five-star hotel accommodation”, and feature multiple gaming, entertainment and restaurant experiences in a bid to set Grand Bahama apart from its competitors - not just Florida and other Caribbean nations, but Nassau/ Paradise Island and the Family Islands. Meanwhile, the Government is also negotiating the transformation of Nassau’s cruise port with Global Ports Holding, the Turkish-headquartered and UK-listed, ports operator that it selected as the preferred bidder for Prince George Wharf. The Minnis administration is hoping that upgrading the port of entry for more than 3.5m cruise passengers annually will act as a catalyst to spark other efforts to revitalise downtown Nassau and the Bay Street area. Global Ports Holding has pledged to provide a $10m interest free loan to small Bahamian retail investors to enable them to acquire shares in an investment fund that will have of 49 percent equity ownership in the project. Those 20,000 Bahamians will hold shares in The Bahamas Investment Fund set up by CFAL (the former Colina Financial Advisors). Global Ports Holding operates 18 cruise ports and two commercial ports in ten countries, spread across the Mediterranean, Atlantic and Asia-Pacific regions. It serves over eight million passengers at its cruise ports, and handles more than 300,000 TEUs (twentyfoot equivalent units) and about five million tons of total cargo at its commercial ports.

Tuesday, August 6, 2019, PAGE 3

INNER CITY YOUTH TO GET ‘A HAND’ IN JOB PLACEMENTS By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A BAHAMIAN nonprofit is aiming to prepare inner city youth for the workforce through leveraging its connections in an effort to help individuals get their “foot in the door”.​ Lucas Metropulos, Lend A Hand Bahamas chairman told Tribune Business: “There are a lot of the hotels and other companies that do support us. We talk to them pretty extensively. We tell them that we can send them some really great employees. We have a workforce prep programme which kind of feeds into the entrepreneurial and computer

science programme we have.​” He added: “Working with some of our volunteers and donors, we allow them to come in and host workshops and talk to the kids. We’re really trying to get the kids ready, mostly for entry level jobs whether it be for maybe Baha Mar, Atlantis or some data entry type role. It’s really about trying to help the young people get their foot in the door.”​ Lend A Hand Bahamas, which was incorporated in 2014 and based in the Bain and Grants Town commuity, recently held an entrepreneurial pitch event at the Atlantis Paradise Island resort. ​

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PAGE 4, Tuesday, August 6, 2019

Supreme Court Rules revamp by April 2020 FROM PAGE ONE

judicial system transformation he is embarking upon (see other article on Page 1B). Besides improving access to justice and the speed at which matters are dealt with, the newly-appointed chief justice said the Rules changes will also help to reduce legal costs and cut the long-standing case backlog that continues to undermine court efficiency. He revealed that the Rules changes presently being considered and worked on by a specially-appointed committee cover everything from greater case management powers for judges to cross-border procedures, international co-operation and greater use of alternative dispute resolution (ADR) and mediation.

Justice Moree also disclosed that judicial officials are still mulling whether to create specialist courts, such as a family court and commercial court, so that such cases receive focused, dedicated attention that results in swifter resolution. This would bring The Bahamas into line with many other jurisdictions. Describing the Supreme Court Rules reform “as a major issue of and by themselves”, he told this newspaper: “We are working very closely with the Bahamas Bar Association and other stakeholders in this regard. “I have appointed a committee comprised of judges, the registrar and members of the Bar who will be dealing with this. The timeline, and I have to be careful about this but I don’t mind saying it, is we are looking at having those rules finalized by the first week of December this year. “This is with the view to having widespread training of the Bar and judicial officers in the first quarter of 2020, and then pulling the trigger and bringing the new rules into effect on April 2, 2020.” The chief justice said “the

THE TRIBUNE updating and modernising of the Supreme Court rules is one component” of the wider effort to transform the Bahamian court system so that it can “more effectively discharge its core functions”. “We are working on rules which were adopted in 1978, with numerous amendments during the past 40 years,” Justice Moree added. “Our current approach is to repeal and replace those rules with an entirely new and modern foundation, which is based on the civil procedure rules adopted in England in 1999 and subsequently by a large number of Commonwealth jurisdictions, including Australia, New Zealand and most of the countries in the Caribbean. “I regard, and I think it’s generally regarded by the Bar, that this process of replacing our Rules and putting in a modern, comprehensive set of new Rules is a very important part of addressing some of the systemic issues we are confronted with.” The Supreme Court’s Rules set out the procedures for how most civil and commercial cases are dealt with. Bankruptcies, company winding-ups, certain types

of probate and divorce and matrimonial matters are not covered because they are each governed by their own specific rules. Illustrating the importance of the Rules changes, Justice Moree explained: “They are really the foundation for the commencement, conduct and ultimate disposition of all cases which fall under them. “Therefore, bearing in mind they were passed in 1978, some 41 years ago, although certain amendments have been made the fact of the matter is the time is now overdue for us to adopt new Rules which are more efficient, incorporate procedural best practice and are designed specifically to make the whole course of litigation less complicated and generally more accessible to the public. “I hope that this is going to provide the means to achieve a more expeditious and less costly approach to litigation. The Rules are going to change a whole lot of issues.” Identifying specific areas that will be impacted by the reforms, Justice Moree said: “It’s going to address more effective and greater case management powers for judges, which is critical because the current trend in courts around the world is for cases to be judge-driven and not lawyer-driven. “There’s an increasing emphasis on judges taking firm and robust control of cases before them to reduce the disposition cycle from beginning to end of the case; how long it takes to dispose of it. These Rules are going to address this area very significantly.” He added that the Rules reforms will also “eliminate or reduce a number of protracted applications which currently have the effect of delaying the conduct of the case”. “We have some of those powers now,” Justice Moree added, “but this will provide a more aggressive platform to conduct hearings by teleconference and the like.” Cross-border procedures and international cooperation will also receive attention in the Supreme Court rules reforms. The first area was highlighted last

week by the Privy Council case involving the ability of a Bahamian investment fund liquidator to serve proceedings on a party outside The Bahamas. “Our procedures on that are outdated and do not reflect modern jurisprudence and practice in this area,” Justice Moree said of the cross-border issues, noting the global trend towards greater co-operation between the courts of different countries. The cross-border enforcement of judgments will also be included in the changes. “The procedures for the payment of costs in court cases, which is sometimes a very laborious procedure, that regime is also going to be updated,” the chief justice added. “It’s also going to provide in a more significant way for the disposition of applications based on the papers that are filed rather than oral hearings. In certain straightforward matters there will be powers for the judge to dispense with it without an oral hearing.” While attorneys and their clients would still be able to challenge any decisions delivered under this procedure, Justice Moree explained: “All of this has to do with reduction of the timeline, taking away delays and doing things more quickly, more efficiently and less costly. “A lot of these areas directly relate to our ability to clear the backlog in the court system. As we reduce the time cycle to disposition and move cases through the court system more efficiently, using a modern technology platform, featuring new Rules and the full co-operation of the Bar, the more we are able to reduce the backlog.” Justice Moree added that “introducing a more effective and robust system of alternative dispute resolution (ADR), and specifically including mediation in the context of court cases”, is another element in the Rules reform strategy to reduce the burden on the court system and make inroads into the backlog of cases. While The Bahamas now possesses a modern legislative framework to support

arbitration and ADR, the chief justice said it still “needs to put in the breadth and depth supporting infrastructure” – in the form of a back office administration system and other features – “to make it more attractive to go through arbitration rather than the courts” for both foreign and international investors. Justice Moree said a properly-functioning arbitration system would reduce the volume of cases heading to court by resolving disputes, especially on the commercial and family side, before they arrive there. For that reason alone he argued that The Bahamas needed to get “up to date” on ADR by incorporating it into its court procedures, and added: “We need a holistic approach to all these things, and need to provide ADR as a viable, efficient, cost effective alternative that becomes attractive to the market.” The revised Supreme Court Rules will also provide for mediation to occur at several points during civil and commercial case cycles in an attempt to resolve disputes without going all the way to trial. “Our current Rules in the context of The Bahamas are somewhat outdated,” Justice Moree told Tribune Business, “so we are updating them to bring them in line with international practice. “There are many more areas, but the bottom line is these Rules are not just a technical project for lawyers. These Rules have a direct, practical and meaningful impact on our courts, which allows us to provide better services to the public in the disposition of their cases because we are highly focused on providing a high level of service to them. “We have to ensure that the system, procedures and support services keep up with the excellent record of our judiciary, so that the overall effect is a modern, efficient service which is providing increased access to the public in delivering the judicial adjudication of matters that come before the courts.”

THE TRIBUNE

Tuesday, August 6, 2019, PAGE 5

Chief Justice ‘For too long we’ve accepted mediocrity’ unveils ambitious e-reforms FROM PAGE ONE

FROM PAGE ONE

said the initiative will “reconstitute” all court registries in The Bahamas and lead into the development of electronic case management, fee payment, scheduling and other digital services. Pledging that all changes will be “sustainable” and implemented over a two to three-year period, the chief justice said the objective was to provide swifter, more efficient and less costly access to justice for all. He added that this would boost The Bahamas’ ability to attract the high-end, legitimate international business that the economy needs by demonstrating its ability to swiftly resolve complex commercial disputes, while also reducing legal costs faced by local investors. And, by contributing to the speedier resolution of criminal cases, Mr Moree said the judicial reforms will aid “peace, order, governance and stability” in Bahamian society by taking wrong-doers off the streets more quickly. He conceded, though, that the ambitious reform initiative was “not innovative” when compared to other countries’ judicial systems and will, in effect, simply enable The Bahamas to catch up with the rest of the world. Mr Moree also disclosed that he had been “encouraged” by discussions with the government on funding and other issues related to the construction of a new “customised”, purpose built Supreme Court complex. This facility, he added, would consolidate all courts, the registry and other services into one property and end the inefficiency created by having to move court files between the Supreme Court’s current four to five buildings. “We are contemplating a major, substantial programme of reform throughout the judiciary,” Mr Moree told Tribune Business. “We have a system that is in great need of reform and modernising, and we think that if we succeed it will bring great benefits to Bahamian society and The Bahamas as a jurisdiction.” “First and foremost we have to establish a modern technology platform which will be implemented throughout the entire judiciary. It is simply impossible to continue to manage the courts in the absence of a sophisticated, modern technology platform which will allow us to launch e-services in the discharge of the duties and functions of the court.” Explaining how such a “platform” will act as the foundation to revolutionise all Magistrate and Supreme Court processes, Mr Moree added: “For example, we have to introduce e-filing of court documents. “At the moment, the entire system for filing court documents in the Magistrate’s Court and Supreme Court is manual, and it’s a laborious and outdated system. We hope to introduce an e-filing system where all court documents can be filed electronically via a laptop, and make electronic payments of case filing fees. “We also hope to introduce an electronic case management system,” he continued. “That will be enormously helpful in managing cases through our system, tracking the progress of a case throughout its life. It will provide a powerful management tool to more effectively manage

the resources of the court.” Mr Moree said the e-services roll-out will also extend to electronic scheduling of court dates, with attorneys able to apply for hearing dates electronically and receive confirmations via the same route. “There are other e-services that will come into effect once we have a modernised, effective technology platform in place to manage the courts,” he added. “This is enormous. This will reconstitute the entire system for Registries in our courts. “Registries are the back offices of the court, where all the paperwork moves. We have a large civil registry that is desperately in need of modernisation. All of the registries need to be modernized and we need to move to computerised services throughout our registries.” The reforms outlined by the newly-appointed chief justice have been spoken about for years, and Mr Moree conceded that there was likely to be scepticism from some as to whether the initiative was for real and will be seen through to implementation. “It’s going to have to happen incrementally,” he told Tribune Business. “We have to look at the launch and roll-out of these services over two to three years. “It’s not innovative. We’re not reinventing the wheel here. It’s simply catching up to where the rest of the world is. We are capable of it and will do it.” Describing the co-operation and buy-in of The Bahamas Bar Association and other stakeholders as vital, Mr Moree said ongoing training for users of the technology platform – and a team of IT professionals dedicated to its maintenance, upkeep and repair – were also critical for the project to take root. “It has to be done in a way that is sustainable; not done for one, two, three years and the whole thing then falls apart,” he explained. “Hopefully we will have a project that takes us into the future. I know this is an ambitious plan. “We’ve started the work. Trust me, if you speak to people around here, I’m only seven to eight weeks into this but there were some ongoing projects commenced before I was put here and we’re looking at those, utilising the hard work and adapting them to meet the objectives laid out.” Mr Moree said site visits to other countries to assess how they administer their court systems are already being held, with a delegation set to visit the eastern Caribbean and St Lucia courts this week. Besides hiring outside consultants, the judicial system is also working closely with the Information Technology unit in the Prime Minister’s Office. The chief justice added that the Supreme Court’s physical location also needed to be addressed if the modernisation push is to succeed, given that its courts, registries and other services are presently located in separate buildings stretching from George Street to just north of Bank Lane. “If we’re going to successfully complete the project it’s imperative that as part of this reform programme we have a customised Supreme Court building that brings together all the courts, registries and services together in a specially designed complex,” Mr Moree said. “All I can say on the record at this point is that

I know this has been talked about many times before. I understand there might be a certain scepticism about this, but I’ve been very encouraged by the discussions I’ve had with the appropriate persons in the political directorate who are involved with funding this project. “I hope to say more about this in the next few months. It’s at a very delicate stage at the moment, but we’re all agreed that this is an important subject. Mr Moree was unable to provide a total cost for either the overall project or its components, although some funding is already in place, but he argued that any price paled in comparison to the benefits it will deliver if executed properly. “I can’t say at the moment there’s an overall figure,” he told Tribune Business. “What I can say is this. I should be self-evident to all of us in The Bahamas that the rule of law and the overall administration of justice is critically connected to our economy and the social development of our people. “And, as far as the criminal justice system is concerned, to the overall peace, order, governance and stability of our society. We have to connect the dots and understand one issue impacts another. In the overall scheme of society, you cannot put a price tag on the overall importance to civil society from an efficient, independent, impartial and modern criminal justice system and administration of justice. It touches the life of all of us in many different ways.” Voicing optimism that the other two branches of government, the executive and Parliament, will “buy into” the judicial reform drive, Mr Moree said the initiative was not intended to be critical of what had gone before. “The main benefits will be a more efficient and less costly court system for the resolution of all noncriminal disputes,” he told Tribune Business. “It will benefit the overall economy because it’s important to demonstrate to these companies and businesses looking to do business in The Bahamas that there is an impartial, high quality judiciary that allows them to resolve disputes in a timely manner.” Mr Moree said dispute resolution is “an integral part of conducting business”, with increased commerce tending to lead to an increased volume of commercial court cases. “It’s a major part of being able to attract international business,” he added. “To be competitive with other jurisdictions and attract the type of business we want, we have to have a very efficient and sophisticated court system to deal with disputes that arise. That also has an impact on Bahamians who conduct business. “There are a large number of Bahamian businessmen, members of society, who have disputes. If we can more expeditiously resolve disputes and contain the costs related to that it’s a direct benefit to society,” Mr Moree continued. “I would suspect any significant improvement in the court system will bring tangible and direct benefits to the entire Bahamian population, and also international business and persons conducting business with this jurisdiction.” The chief justice said it will also aid the crime fight, and help “preserve the rule of law that’s essential to our democracy”, via the quicker resolution of criminal cases.

things modern financial systems have”. While hailing the $3bn move as “a step in the right direction”, he argued that Bahamians needed to “stop fooling ourselves” that this country has a “first world economy” when it was lagging so far behind Caribbean and international rivals in modernising its financial services infrastructure. Mr Gibson said this was a prime reason why the Bahamian economy is “moribund” and failing to grow more rapidly, and he warned that it would continue to “meander along” without deep-seated reforms that improved the ease of doing business together with transparency and accountability. Urging The Bahamas to “wake up” and realise just how far it was lagging behind, he identified a credit rating agency to assess the creditworthiness of Bahamian companies as one of the missing “pieces of the puzzle”. Mr Gibson said such an agency, which is the corporate world’s equivalent of the imminent credit bureau for individual borrowers, was becoming increasingly important given the growing trend of private companies seeking to raise debt financing from private investors. Without an independent analysis of these companies’ prospects and ability to repay the debt, the Colonial Pension Services chief warned that it would be difficult to build capital markets confidence in such offerings. “It’s not until we have all the pieces in place; a credit rating agency for individuals and companies, and an improved settlement process, that our financial sector and economy will be in a position to grow,” Mr Gibson warned. “If you look at our economy right now it’s just so slow and moribund. The reason for that is we’re so far behind the times and need to put in place those fundamental things modern systems have.” The government and BISX last week confirmed that a 20-year journey is nearing completion with the listing of the former’s medium and long-term

LARRY GIBSON Bahamian dollar debt, divided into more than 200 issues and worth collectively over $3bn, on the exchange. The move, first mulled when BISX was launched in 1999, is another example of how difficult it can be to introduce change in The Bahamas and move this nation into line with long established practices in other nations. While “applauding” a development that took almost two decades to come to fruition, Mr Gibson told Tribune Business: “The unfortunate thing is we tell ourselves we’re in a first world economy but we’re not. “This is a step in the right direction to get us closer, but let us not fool ourselves any. We’re so far behind in modernising our financial sector. We need comprehensive financial reform in this country if we’re going to get any better. For too long we’ve been accepting mediocrity.” Mr Gibson said The Bahamas needed to “take a hard look at the government”, describing “every single touch point” where the government interacts with businesses and individuals as “antiquated”. “Until we improve this we will not see any meaningful improvement in the ease of business,” he added. “Until we kick on this path and really improve transparency and accountability, our economy is going to be slow and meander along.” Turning to the government’s BISX debt listing, Mr Gibson said: “This is only the beginning. This is something that should have happened 20 years ago, but I guess we do everything incrementally, one step at a time.

“We need to wake up and realise we’re so far behind, lagging in many respects, and this is why so many regional economies have overtaken us and we’re going nowhere fast.” While the secondary market trading of government debt via BISX is not scheduled to begin until November 2019 at earliest, Mr Gibson said securing this – as well as its listing – had been one of the “key objectives” when the stock exchange was first conceived. Suggesting that the move will “open up” the government debt market to more institutional and retail investors, he added: “It brings greater transparency to the whole process and improves the system of settlement in The Bahamas. “It makes capital raising far more efficient. The most important driver is the whole issue of establishing an effective yield curve, and it goes hand-in-hand with efforts to establish a credit bureau. It should give transparent, fair and equitable insight into risk across the whole spectrum.” With the pricing of government bonds known and available to the whole market, Mr Gibson said this could be used as a benchmark to price corporate debt offerings – bonds and preference shares. Ultimately, he suggested it could even be a mechanism to assess individuals’ credit risks. “A great problem in this country is you’re seeing a lot of private companies issuing debt, whether preference shares or bonds,” he added. “The next part of the puzzle is a credit rating agency.”

PAGE 6, Tuesday, August 6, 2019

THE TRIBUNE

Don’t be capital markets ‘follower’, Bahamas is urged FROM PAGE ONE Caribbean to list and trade government debt via the local stock exchange. While praising the government’s confirmation that it will list $3bn of medium and long-term bonds on the Bahamas International Securities Exchange (BISX), Mr Anderson said this nation needed to move beyond simply playing “catch up” to regional rivals. He also called on the government to “fulfill its promise”, made in 2004, and hand registrar and transfer agency responsibilities for its listed debt securities to the private sector via the Bahamas Central Securities Depository (BCSD). The pledge was made as part of a wider capital markets review, but the government has instead decided to create its own Bahamas Government Securities Depository (BGSD) and leave responsibility for maintaining records of who owns its debt with the Central Bank. The privately-owned BCSD handles share registrar and transfer agency duties for BISX’s listed companies, and Mr Anderson said his argument for the government to further relinquish control by moving this function from the Central Bank was “not purely” motivated by RoyalFidelity’s one-third ownership of the BCSD. Pointing out that “everyone” in the Caribbean had already accomplished what the government and BISX had announced last week, the RoyalFidelity chief told Tribune Business: “We’d be one of the last capital markets to move government debt on to the stock exchange. “We’re kind of catching up a bit, and what we should be focusing on is how we

lead capital market developments from a Caribbean perspective and not simply following everyone else. “I’m hoping to see them take additional steps to privatise, from a securities perspective, how they deal with government debt. It just improves the efficiency of process and standardises how all securities in the market are dealt with.” Although secondary market trading of government bonds via BISX is not scheduled to begin until November, with listing taking place this month, Mr Anderson said those were valid reasons why the Minnis administration should also entrust its debt record-keeping to the private sector. “Back in 2004 the government had a committee set up to review capital market development,” he recalled. “The government confirmed at that stage it would move its debt on to the stock exchange and issue it through the Central Securities Depository. “What the government is now doing is listing their securities on the stock exchange but are creating their own securities depository. That means one promise from government in 2004 has yet to be fulfilled; moving the registry for its securities to the private sector and out of the Central Bank, which would be a significant step for the market.” While the government will retain control over the settlement process, and the records of who holds its debt, Mr Anderson praised it for relinquishing its grip on the pricing (interest rates) for its issues to the market. “I think it’s a very positive initiative by the government and, going forward, it allows the market to set the rates for government debt,” he told Tribune Business.

“When the market trades government debt, it’s going to fundamentally determine whether it pays a premium or discount, and set the rate at which it buys government debt. “Other people will be able to raise and price their debt against the government’s, and the market will become more efficient at pricing debt.” Previously the Central Bank set the price and interest rates for government debt “artificially” via its over-the-counter auction method. “Going forward the problem for government may be that it does not control the rate at which it issues paper,” Mr Anderson added. “The intention will be that market forces dictate more, and the government is acknowledging that, which is a big step for government.” The RoyalFidelity chief said the secondary trading of medium and long-term government debt via BISX will be “a major revenue earner” for the stock exchange given that it will be the largest, deepest and most liquid security listed. Many of BISX’s listed equities are thinly traded because only a relatively small portion of the stock is in public hands due to companies being controlled by a single majority shareholder or group of like-minded shareholders. CIBC First Caribbean, for example, is 95 percent owned by the Canadian parent, while both FINCO and Fidelity Bank (Bahamas) are 75 percent controlled by their own majority shareholder. “What you’ll see in terms of tradable securities, that $3bn that gets added will be a significant component of trading going forward,” Mr Anderson said. “It’ll be the single largest bloc of securities available for trading by the market.”

DEMOCRATIC presidential candidate Sen Elizabeth Warren, D-Mass, speaks during a candidate forum on labour issues on Saturday in Las Vegas. Photo: John Locher/AP

Democrats tussle over health care at Nevada labour forum LAS VEGAS Associated Press DEMOCRATIC presidential candidates’ tussle over health care reform continued on Saturday as they pitched themselves to Nevada union members, with former Vice President Joe Biden declaring he’s “against any Democrat who wants to get rid of Obamacare” and Sen Kamala Harris saying no Democrat should be on the debate stage without a plan to cover everybody. They were among 19 candidates speaking at a forum held by the nation’s largest public employees union in the state that will cast the first votes in the West in next year’s primary. The American Federation of State, County and Municipal Employees, which represents 1.6 million workers nationwide, and the candidates made their cases for why their plans would be the best for union workers in addition to discussing other key union issues such as raising wages and expanding collective bargaining rights. Harris, who has introduced a version of “Medicare for All” that would allow closely regulated private plans, said she developed it in part by consulting with organised labour. “I’ve been listening to a lot of folks in labor who have said to me, ‘look, we negotiated contracts where we’ve given up wages for these health care benefits and under the Medicare for All plan we would lose them or we would be certainly in fear of losing them,” she said. She added she chose to phase her plan in over ten years because “that will allow for at least two cycles of organising and negotiating contracts.” Her remarks about Democrats without a plan to cover everybody were surely aimed at Biden, whose campaign says his plan would cover 97 percent of people. Earlier

in the day Biden raised his voice as he defended former President Barack Obama’s health care overhaul law, saying supporting it helped Democrats win key seats in the 2018 election. Meanwhile Vermont Sen Bernie Sanders, who authored a Medicare for All bill, said guaranteed government health care will allow unions to be free to “sit down and negotiate decent wage increases”. Sen Elizabeth Warren, who also backs Medicare for All, tried to redirect attention to the Trump administration’s efforts to have federal courts declare the entire Affordable Care Act law unconstitutional. “When we talk about the great debate right now in health care, it’s not Democrats versus Democrats. It’s Democrats versus Republicans. Republicans want to take away health care from tens of millions of people in this country and they’re actively still trying to do it,” Warren said. The day’s remarks were yet another indication that health care has emerged as one of the clearest dividing lines for the massive Democratic field, and one of several where Biden has tried to paint his rivals as criticising Obama’s legacy. Former Obama Cabinet secretary Julian Castro, who recently sparred with Biden on immigration, said it’s not an attack on Obama to acknowledge Democrats can do better. He said the Obama administration improved over time by decreasing the number of deportations, but also said Democrats should have made immigration reform a priority when they controlled Congress early in Obama’s presidency. “There are lessons that we can learn,” Castro said. “This is not about criticising President Obama, this is about ‘OK, what does the next administration have to do?” Beyond health care, most candidates pledged labour

COMMONWEALTH OF THE BAHAMAS

would play a strong role in their administration and said they’d work to allow government employees to collectively bargain following Nevada’s recent law giving that power to state workers. Many candidates pledged to boost taxes on the wealthy to pay for things like expanded child care and decreasing college debt. Sen Cory Booker of New Jersey said he’d give people who work at home taking care of disabled family members a tax credit, while Washington Gov Jay Inslee said union workers should be helping build clean cars and other new technology to fight climate change. The union has not decided if it will endorse in the Democratic primary but will take its time considering because they’ve “got a lot of friends in the race,” President Lee Saunders said. The candidates packed in events around the Las Vegas area over the weekend in a nod to Nevada’s status as the third state where Democrats will vote in the primary, just after Iowa and New Hampshire and before South Carolina. Despite Democrats largely sweeping the state in 2018, it remains a battleground where President Donald Trump sees a chance of winning next year. He lost the state in 2016 to Democrat Hillary Clinton by two percentage points. Other candidates who spoke on Saturday included: Massachusetts Rep Seth Moulton, Montana Gov Steve Bullock, billionaire activist Tom Steyer, author Marianne Williamson, New York City Mayor Bill de Blasio, Sen Amy Klobuchar of Minnesota, Rep Tulsi Gabbard of Hawaii, Rep Tim Ryan of Ohio, Sen Michael Bennett of Colorado, Mayor Pete Buttigieg of South Bend, Ind, and former Reps John Delaney of Maryland and Beto O’Rourke of Texas. 2018/CLE/gen/00780

IN THE SUPREME COURT Common Law & Equity Division IN THE MATTER OF property comprised in an Indenture of Mortgage dated 29th day of December, A.D., 2005 between Elvoin Vernita Storr of the one part and Scotiabank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9509 at pages 507 to 517. BETWEEN

SCOTIABANK (BAHAMAS) LIMITED AND ELVOIN VERNITA STORR ________________ NOTICE ________________

TO:

Plaintiff

Defendant

ELVOIN VERITA STORR

TAKE NOTICE that: 1.

An Order has been issued on the 15th May, 2019 against you in the Supreme Court of The Bahamas being Action No. 2018/CLE/gen/00780 by Scotiabank (Bahamas) Limited, the Plaintiff herein. A copy of the Order may be inspected at the Supreme Court Registry situate on Marlborough Street, in the City of Nassau on the Island of New Providence, The Bahamas.

2.

It has been ordered that service of the Order filed 5th July 2019 in the said action be deemed to have been effected on you by virtue of this advertisement.

3.

That the Court further Ordered that the existence of further proceedings be deemed to be served on you by way of similar advertisements. Dated the 6th day of August 2019 GRAHAM THOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas. Attorneys for the Plaintiff

THE TRIBUNE

SMALL BUSINESS SLOWS AS TRADE WARS CONTINUE, ECONOMISTS SAY NEW YORK Associated Press THE latest economic numbers point to a further slowing of business at many small companies, and economists say trade wars are a significant reason for the decline. On Wednesday, payroll company ADP reported that its small business customers had added just 11,000 new jobs during July at its small business customers, those with up to 49 employees. The smallest companies, those with under 20 employees, cut 18,000 jobs. The slender gain followed the loss of a combined 45,000 jobs during May and June. It was also far below a gain of 66,000 in April and the 52,000 jobs small companies added on average each month in 2018. The latest report showed that 5,000 jobs were lost in the manufacturing sector, ADP said. Meanwhile, the Institute

for Supply Management, a trade group for corporate purchasing executives, said manufacturing activity grew at a slower rate during July for the fourth straight month. The ISM includes executives from companies of all sizes. The trade wars that began with the Trump administration’s tariffs on China early in 2018 and continued with retaliatory duties on US goods are taking a toll on domestic manufacturers, economists say. Companies that import raw materials are paying 25% more on a wide range of products, and those who sell their products overseas are being hit by retaliatory tariffs. US companies including retailers could take a further hit now that Trump is planning to tax $300bn in Chinese imports, primarily consumer goods, in September. The trade wars and a slower global economy “are fast at work already doing real damage of the foundation of this

Tuesday, August 6, 2019, PAGE 7

To advertise in The Tribune, contact 502-2394

economic expansion,” said Scott Anderson, chief economist with Bank of the West, after the Labor Department released its July employment report on Friday. Although employers added 164,000 jobs last month, Anderson said growth in non-farm payrolls fell in the past three months, averaging 1.1% a month, down from a high of 1.9% in January. Small business employment is also down because companies are finding it hard to fill their open positions. They face a tight labor market and the fact that they can’t compete with higher salaries and benefits that big corporations offer. Mark Zandi, chief economist at Moody’s Analytics, said that the “job market is throttling back” because of the shortage of available workers and trade tensions. He said President Donald Trump’s tariffs appear to have caused a decline in manufacturing.

HSBC SAYS ITS CEO TO LEAVE AFTER JUST 18 MONTHS LONDON Associated Press

BANK HSBC yesterday announced the surprise departure of CEO John Flint after just 18 months, saying new leadership was needed amid increasing economic uncertainty, and that it was cutting some 4,000 jobs to reduce costs. London-based HSBC Holdings said Flint stepped down by mutual agreement. Noel Quinn, the chief executive of global commercial banking, will serve as interim CEO while the bank looks for a permanent replacement. Flint, 51, spent almost 30

years at the bank before he became CEO with the promise to “continue to innovate and accelerate the pace of change” needed to meet the demands of shareholders and customers. HSBC shares have fallen almost 14% since Flint took over, compared with a less than 1% drop in the FTSE 100 Index. The bank yesterday reported second quarter profits of $4.4bn, up 7% compared with the same period last year, but it warned that “geopolitical issues could impact a significant number of our major markets”. Economic growth is expected to slow in the US and China

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, YOLETTE SHARELL HENDFIELD AKA SHARELL HENDFIELD AKA SHARELL ARMBRISTER of Blue Hill Road South, P.O.Box CR-54320 New Providence, Bahamas intend to change my name to YOLETTE SHARRELL ARMBRISTER. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that CHRISTOPHER R. TOMLINSON of Lyford Cay, Nassau, 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 29th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that GEOFFREY W. TOMLINSON of Bayroc Condos, West Bay Street, Nassau, 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 29th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ROHAN WAYNE KERR JR of #8RE Cooper Drive, Nassau, 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 30th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

amid a trade war between the world’s two biggest economies. Asia accounts for 80% of HSBC’s profits. And Britain is preparing to leave the European Union on Oct 31, raising uncertainty for the London-based business.

NOTICE

NOTICE

NOTICE is hereby given that CAROLYN DESHOMMES of Carmichael Road , Nassau, 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 30th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that VALANKA SAINT HILAIRE of Carmichael Road , Nassau, 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 30th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 2 AUGUST 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,179.84 | CHG: -36.33 | %CHG: -1.64 | YTD: 70.39 | YTD%: 3.34 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.92 2.60 2.00 3.00 11.75 6.17 4.64 12.50 2.74 2.41 10.00 7.10 15.60 9.00 3.75 14.00

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 9.17 6.13 3.54 8.59 2.35 1.75 7.51 6.10 11.25 6.20 3.01 13.00

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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)

LAST CLOSE 4.19 17.43 6.00 5.92 2.49 1.80 2.18 11.75 6.16 4.43 9.02 2.81 2.40 10.13 7.00 15.36 9.00 3.41 14.00

CLOSE 4.19 17.43 6.00 5.92 2.49 1.80 2.18 11.05 6.16 4.43 9.02 2.83 2.40 10.17 7.00 15.45 9.00 3.41 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.70 0.00 0.00 0.00 0.02 0.00 0.04 0.00 0.09 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

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

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

VOLUME 45

1,000

4,860 1,400

VOLUME

EPS$ 0.240 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.467 0.000 0.611 0.743 0.939 0.203 0.631

DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.600

P/E 17.5 18.7 N/M 18.3 N/M N/M -5.0 15.6 12.8 24.1 14.4 27.7 5.1 N/M 11.5 20.8 9.6 16.8 22.2

YIELD 3.82% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.52% 3.57% 2.71% 0.00% 2.40% 2.50% 3.23% 3.43% 3.50% 2.22% 3.52% 4.29%

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

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

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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%

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

MUTUAL FUNDS 52WK HI 2.25 4.29 2.06 191.61 158.55 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.63 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.25 4.29 2.06 191.61 158.33 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.57 9.92 8.68 11.38

YTD%12 1.86% 1.25% 1.35% 3.85% 7.12% 1.57% 0.99% 1.32% 3.22% 3.25% 3.82% 2.59% 8.44% 3.87% 1.84% -0.71% 7.40% 10.20%

MTH% 3.97% 4.23% 2.73% 6.28% 2.08% 4.58% 4.25% 4.12% 5.64% 6.65% 8.36% 4.81% 0.78% 4.17% 2.29% 0.16% 2.70% 1.30%

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

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PAGE 8, Tuesday, August 6, 2019

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THE TRIBUNE

Moon calls for ‘peace economy’ with N Korea, slams Japan SEOUL Associated Press SOUTH Korea’s president yesterday described the country’s escalating trade war with Japan as a wake-up call to revamp its economy and issued a nationalistic call for economic co-operation with North Korea, which he said would allow the Koreas to erase Japan’s economic superiority in “one burst”. President Moon Jae-in made the comments in a meeting with senior aides to discuss Japan’s imposition of trade curbs on South Korea. They came as a surprise since North Korea has raised tensions in recent weeks with tests of new short-range weapons that pose a threat to South Korea’s security. “The advantage Japan’s economy has over us is the size of its (overall) economy and domestic market. If the South and North could create a peace economy through economic cooperation, we can catch up with Japan’s superiority in one burst,” Moon said in the meeting at Seoul’s presidential Blue House. “Japan absolutely cannot prevent our economy from taking a leap. Rather, (Japan) will serve as a stimulant that strengthens our determination to become an economic power,” he said. Moon’s claim that South Korea could overcome the trade dispute with Japan, the world’s third-largest economy, by co-operating with North Korea, a desperately poor nation currently under crippling UN sanctions, shows that he is running out of ideas for

SOUTH Korean President Moon Jae-in speaks during a meeting with his senior aides at the presidential Blue House in Seoul, South Korea yesterday. Moon described the country’s escalating trade war with Japan as a wake-up call to revamp its economy and also issued a nationalistic call for economic co-operation with North Korea, which he said would allow the Koreas to erase Japan’s economic superiority in “one burst”. seeking leverage against Japan, which for decades has maintained a huge trade surplus with South Korea, some analysts said. Even if economic cooperation between the Koreas fully resumes after quick progress in nuclear diplomacy — which looks increasingly unlikely — rebuilding the North’s economy following decades of isolation and policy blunders could be a long and excruciating process. Opposition lawmaker Lee Man-hee, spokesman for the conservative Liberty Korea Party, said Moon’s comments were shocking and delusional. “After refusing to issue a single warning over North Korea’s blunt provocations targeting (South Korea), why is the president talking about inter-Korean economic co-operation now?,” Lee said. “A peace economy — where peaceful relations drive economic growth — only sounds good, and it’s not clear what it is and how things will be actually done.” Moon has described Japan’s moves to downgrade South Korea’s trade status and tighten controls on exports to South Korean manufacturers as a deliberate attempt to damage his country’s export-dependent economy. He has accused Tokyo of weaponising trade to retaliate over political disputes surrounding the countries’ bitter wartime history. Tokyo says its measures are based on national security concerns and, without providing specific evidence, has questioned the credibility of South Korea’s export controls on sensitive products. Japanese officials have also claimed that South Korea could not be trusted to faithfully implement sanctions against North Korea and suggested that the South may have allowed sensitive materials to reach the North. North Korea and Japan didn’t immediately respond to Moon’s comments. The North has been demanding that Seoul turn away from Washington and restart inter-Korean economic projects held back by US-led sanctions against the North. The US has said the sanctions should stay in place until the North takes concrete steps to relinquish its nuclear weapons and ballistic missiles. The North has significantly reduced its diplomatic activity with the South amid a stalemate in the larger nuclear negotiations with the US It has been ramping up its weapons tests, including two test firings of what it described as a new rocket artillery system last week, while

expressing frustration over the slow pace of diplomacy and the continuance of USSouth Korea military drills that it sees as an invasion rehearsal. Choi Kang, a senior analyst at Seoul’s Asan Institute for Policy Studies, said Moon’s comments could create friction with Washington and also send a wrong message to North Korea, which may think that its brinkmanship is working and push further to increase pressure on Seoul. He said Moon’s comments are “a confession that Seoul doesn’t have many cards in its hands.” He said it was unclear whether Moon’s suggestion that he could create a breakthrough in the trade row with Japan through inter-Korean relations was realistic. Choi also said Moon’s words would strengthen views that the trade dispute between South Korea and Japan may signal a larger geopolitical divergence between the US allies over North Korea and other security issues. He said that may complicate Washington’s efforts to maintain cooperation to deal with the North’s nuclear threat and counter the regional influence of China. Moon met with North Korean leader Kim Jong Un three times last year and they agreed to resume economic co-operation when possible, voicing optimism that international sanctions could end to allow such activity. But the interKorean peace process has halted since the collapse of a nuclear summit between Kim and US President Donald Trump in February over disagreements over exchanging sanctions relief and disarmament. Earlier yesterday, South Korea said it plans to spend 7.8 trillion won ($6.5bn) over the next seven years to develop technologies for industrial materials and parts as it moves to reduce its dependence on imports. The government will also financially support South Korean companies in mergers and acquisitions of foreign companies and expand tax benefits to lure more international investment, while easing labor and environmental regulations so that local companies can boost production, the country’s trade ministry said. South Korea’s plans are aimed at stabilising the supply of 100 key materials and parts in semiconductors, display screens, automobiles and other major export sectors, where its companies have heavily relied on Japanese imports to produce finished products.

LEGAL NOTICE

NOTICE International Business Companies Act No.45 of 2000 ALLIANCE INVESTMENT FUND LTD. (the “Company”)

Notice is hereby given that,in accordance with Section 138(8) of the International Business Companies Act, No.45 of 2000, the Dissolution of ALLIANCE INVESTMENT FUND LTD. (IBCNo.164548B) has been completed, a Certificate of Dissolution hasbeen issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 25th day of July 2019

WND LIMITED Liquidator

THE TRIBUNE

Tuesday, August 6, 2019, PAGE 9

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PAGE 10, Tuesday, August 6, 2019

THE TRIBUNE

Lashing back, China lets yuan drop, halts US farm purchases WASHINGTON Associated Press CHINA decided yesterday to meet President Donald Trump’s latest tariff threat with defiance, letting its currency drop to an 11-year low and halting purchases of US farm products. The moves, which came four days after Trump threatened more taxes on Chinese imports, knocked stock markets worldwide into a tailspin. On Wall Street, the Dow Jones Industrial Average was down more than 850 points by mid-afternoon. Earlier, stocks tumbled from Shanghai to London on fears the escalation in US-China trade tension will drag down a global economy that is already weakening.

A MAN walks past a money exchange shop decorated with different banknotes at Central, a business district of Hong Kong. China’s yuan fell below the politically sensitive level of seven to the US dollar yesterday, possibly adding to trade tension with Washington. The currency weakened to 7.0177 in early trading following US President Donald Trump’s threat last week of tariff hikes on additional Chinese imports in a fight over Beijing’s trade surplus and technology policies. Raising worries that China will wield its currency as a weapon in a trade war, Beijing let the Chinese yuan weaken to the politically sensitive level of seven to the US dollar for the first time since February 2008. Also yesterday, China’s official Xinhua news agency reported that Chinese companies have stopped buying US farm products — a direct shot at Trump supporters in rural America. Together, the currency devaluation and suspension of farm purchases suggest that China has decided to stand tough, rather than cave in Trump’s threats. “The Chinese side won’t submit to the US,” tweeted Hu Xijin, editor-in-chief of China’s hardline Global Times newspaper. The weaker yuan makes Chinese exports less expensive in foreign markets. It also helps offset the impact of US tariffs on Chinese products. The Chinese currency hit 7.0391 to the dollar by late afternoon, making one yuan worth 14.2 cents. The level of seven to the dollar has no economic significance but carries significant symbolic weight.

“The thought of a currency war is crossing more than a few traders’ minds,” Stephen Innes of VM Markets said in a report. Trump promptly took to Twitter to denounce the move as “currency manipulation”. He added, “This is a major violation which will greatly weaken China over time.” China’s central bank blamed the yuan’s drop on “trade protectionism” — an apparent reference to Trump’s threat last Thursday to impose tariffs Sept 1 on the $300bn in Chinese imports to the United States in addition to the $250bn he’s already targeted. The US and China are engaged in a bitter dispute over allegations that Beijing steals trade secrets and pressures foreign companies to hand over technology as part of an aggressive campaign to make Chinese companies world leaders in advanced technologies such as artificial intelligence and quantum computing. The weakness of the yuan, also known as the renminbi, or “people’s money”, is among US grievances against Beijing. American officials complain that a weak yuan gives Chinese exporters an unfair price edge in foreign markets and helps swell the massive US trade deficit with China. The US Treasury Department declined in May to label China a currency manipulator but urged Beijing to take steps “to avoid a persistently weak currency” and warned that it would be watching closely. China’s central bank sets the exchange rate each morning and allows the yuan to fluctuate by 2% against the dollar during the day. The central bank can buy or sell currency — or order commercial banks to do so — to dampen price movements. It appears “the currency is now also considered part of the arsenal to be drawn upon”, Robert Carnell of ING said in a report. He said yesterday’s move might be part of “a concerted series of steps aimed at

pushing back at the latest US tariffs.” Until now, economists had expected the People’s Bank of China, the Chinese central bank, to intervene and put a floor under the currency if it threated to breach the seven-to-thedollar level. A central bank statement yesterday blamed “unilateralism and trade protectionism measures”, a reference to Trump’s tariff hikes. But it tried to play down the significance of “breaking seven”. “It is normal to rise and fall,” the statement said. It promised to “maintain stable operation of the foreign exchange market”. Chinese leaders have promised to avoid “competitive devaluation” to boost exports by making them less expensive abroad — a pledge the central bank governor, Yi Gang, affirmed in March. But regulators are trying to make the statecontrolled exchange rate more responsive to market forces, which are pulling the yuan lower, partly on fears Trump’s tariffs will weaken the Chinese economy. The yuan has lost 5% since February. Globally, a weaker yuan might lead to more volatility in currency markets and pressure for the dollar to strengthen, Louis Kuijs of Oxford Economics said in a report. That would be “unwelcome in Washington”, where Trump has threatened to weaken the dollar to boost exports. A weaker dollar “would be bad news” for Europe and Japan, hurting demand for their exports at a time of cooling economic growth, Kuijs said. The Chinese central bank tried to discourage speculation last August by imposing a requirement that traders post deposits for contracts to buy or sell yuan. That allows trading to continue but raises the cost. Beijing imposed similar controls in October 2015 after a change in the exchange rate mechanism prompted markets to bet the yuan would fall. The currency temporarily steadied but fell the following year. The Chinese are well aware of the pain the trade war is causing American farmers, a loyal part of Trump’s political base. Their retaliatory tariffs on $110bn in US products targeted soybeans and other key agricultural products. To ease the pain in rural America, Trump has rolled out two packages of farm aid worth a combined $27bn. Yesterday’s Xinhua report said that Beijing would “not rule out the possibility of levying additional tariffs” on US farm imports. Xinhua said Trump’s plan to tax another $300bn in Chinese imports “seriously violated” a ceasefire agreed to in June by Trump and Chinese President Xi Jinping.

THE TRIBUNE

Tuesday, August 6, 2019, PAGE 11

Energy Department wants to build nuclear test “fast” reactor BOISE, IDAHO Associated Press A NEW nuclear test reactor is needed as part of an effort to revamp the nation’s fading nuclear power industry by developing safer fuel and power plants, the US Department of Energy said yesterday. The federal agency said it will prepare an environmental impact statement as part of the process to build the test reactor in Idaho or Tennessee by the end of 2025. Public comments on the environmental review are being taken through Sept 4. The Versatile Test Reactor would be the first new test reactor built in the US in decades and give the nation a dedicated “fastneutron-spectrum” testing capability. Such reactors are called fast reactors. “This testing capability is essential for the United States to modernise its nuclear energy infrastructure and for developing transformational nuclear energy technologies that reduce waste generation and enhance nuclear security,” said US Energy Secretary Rick Perry in a statement. US residents have been wary of nuclear power since the core from Pennsylvania’s Three Mile Island underwent a partial meltdown in 1979 in one of the nation’s worst nuclear mishaps. That was followed

by a reactor at the Chernobyl nuclear power plant in Ukraine exploding and burning in 1986. In 2011, an earthquake and tsunami led to the Fukushima nuclear disaster in Japan where the cores of three reactors suffered meltdowns after cooling systems failed. Federal officials say the proposed test reactor would help create new and safer fuels, materials and reactors being developed by civilian companies in the US. “If this capability is not available to US innovators as soon as possible, the ongoing shift of nuclear technology dominance to other international states such as China and the Russian Federation will accelerate, to the detriment of the US nuclear industrial sector,” said Rita Baranwal, the Energy Department’s assistant secretary for Nuclear Energy. The Energy Department had a fast reactor, the Experimental Breeder Reactor II, operating in eastern Idaho until it was shut down in 1994 as the nation turned away from nuclear power. Edwin Lyman, senior scientist and acting director of

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LEGAL NOTICE

NOTICE GRANDE PEDRO LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) GRANDE PEDRO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 01st August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas. Dated this 06th day of August, A. D. 2019 _______________________________ CST Administration (Bahamas) Limited Liquidator LEGAL NOTICE

NOTICE FIRESTICK HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) FIRESTICK HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 01st August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P. O. Box N-3023, Nassau, Bahamas Dated this 06th day of August, A. D. 2019 _______________________________ Bukit Merah Limited Liquidator LEGAL NOTICE

NOTICE MARKLIN LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) MARKLIN LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 01st August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas. Dated this 06th day of August, A. D. 2019 _______________________________ CST Administration (Bahamas) Limited Liquidator

the Nuclear Safety Project at the Union of Concerned Scientists, a nonprofit, said fast reactors such as the proposed Versatile Test Reactor are less safe than current reactors. Most nuclear reactors in use now are “light-water” reactors fueled by uranium and cooled with water. Lyman said the test reactor will be cooled with harder to control liquid sodium and likely fueled by plutonium, increasing potential nuclear terrorism risks because plutonium can be used to make nuclear weapons. “There is nothing good

about these reactors,” he said. “I think there is a love of plutonium in the (Energy) Department that is irrational.” Revamping the nation’s nuclear power is part of a strategy to reduce US greenhouse gas emissions by generating carbon-free electricity with nuclear power initiated under the Obama administration and continuing under the Trump administration, despite Trump’s downplaying of global warming. Reducing spent nuclear fuel, federal officials say, is also an objective of the new

test reactor. The US has no permanent repository for about 77,000 tons of radioactive spent fuel, stored mainly at the commercial nuclear power plants where they were used to produce electricity. But Lyman said fast reactors would produce waste even more hazardous and difficult to dispose. According to the US Energy Information Administration, at the end of December, there were 98 nuclear reactors at 59 power plants producing about 20% of the nation’s energy. Most of the reactors

are decades old, and many are having a tough time competing economically with other forms of energy production. The Energy Department is considering building the test reactor at the Idaho National Laboratory in eastern Idaho or the Oak Ridge National Laboratory in eastern Tennessee. On a related front, the Energy Department late last year restarted the Transient Test Reactor at the Idaho National Laboratory to test new nuclear fuels. That facility had been on standby since 1994.

LEGAL NOTICE

NOTICE WHITE PEGASUS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) WHITE PEGASUS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 01st August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

YOUR

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(c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas. Dated this 06th day of August, A. D. 2019 _______________________________ CST Administration (Bahamas) Limited Liquidator

PAGE 12, Tuesday, August 6, 2019

THE TRIBUNE

S&P 500 plunges in worst loss of year as trade war escalates NEW YORK Associated Press US stocks plunged to their worst loss of the year yesterday and investors around the world scrambled to sell on worries about how much President Donald Trump’s worsening trade war will damage the global economy. China let its currency, the yuan, drop to its lowest level against the dollar in more than a decade, a move that Trump railed against as “currency manipulation”. It also halted purchases of US farm products. The moves follow Trump’s tweets from last week that threatened tariffs on about $300bn

LEGAL NOTICE COMMONWEALTH OF THE BAHAMAS

2011/CLE/gen/01497

IN THE SUPREME COURT Common Law & Equity Division IN THE MATTER OF ALL THAT piece parcel or lot of land containing 4,679 square feet being property situate on the Southern Side of Cameron Street about 160 feet Eastward of Baillou Hill Road in the Southern District of the Island of New Providence. AND IN THE MATTER OF the Quieting Titles Act 1959 AND IN THE MATTER OF the Petition of Gregory Thompson NOTICE THE PETITION of GREGORY THOMPSON of Western District of the Island of New Providence, in one of the Islands of The Commonwealth of The Bahamas in respect of: ALL THAT piece parcel or tract of land containing 4,679 square feet being property situate on the Southern Side of Cameron Street approximately 160 feet Eastward of Baillou Hill Road in the Southern District of the Island of New Providence one of The Commonwealth of The Bahamas GREGORY THOMPSON claims to be the beneficial owner in fee simple in possession of the parcel of land hereinbefore described and such ownership arises by virtue of possession of the said land. Copies of the filed plan may be inspected during normal office hours at: 1.

The Registry of the Supreme Court, Ansbacher House, East Street North, Nassau, N.P., The Bahamas;

-2The Chambers of Aksum Law Chambers, Aksum House, Okra Hill Road, Nassau, N.P., The Bahamas; recognized in the Petition shall on or before the 30th day of August A.D., 2019 file in the Supreme -2-or right to dower or adverse claim or a claim not NOTICE is given that any person having dower Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form, recognized in the Petition shall on or before the 30th day of August A.D., 2019 file in the Supreme verified by an Affidavit to be filed therewith. Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form, Failure by any person to file and service a statement of such claim on or before the 30th day of verified by an Affidavit to be filed therewith. August, A.D., 2019 will operate as a bar to such claim. Failure by any person to file and service a statement of such claim on or before the 30th day of 2.

August, A.D., 2019 will operate as a bar to such claim. AKSUM LAW CHAMBERS, Aksum House, Okra Hill Road, AKSUMN.P., LAWThe CHAMBERS, Nassau, Bahamas Aksum House, Attorneys for the Petitioner Okra Hill Road, Nassau, N.P., The Bahamas Attorneys for the Petitioner

TRADER James Coffey works on the floor of the New York Stock Exchange yesterday. US stocks nosedived in early trading on Wall Street yesterday as China’s currency fell sharply and stoked fears that the trade war between the world’s two largest economies would continue escalating. Photo: Richard Drew/AP of Chinese goods, which would extend tariffs across almost all Chinese imports. The escalating dispute between the world’s largest economies is rattling investors unnerved about a global economy that was already slowing and falling US corporate profits. The S&P 500 dropped 87.31 points, or 3%, to 2,844.74 for its worst loss since December, when the market was wrapped in the throes of recession fears. It was down as much as 3.7% in the afternoon. The Dow Jones Industrial Average lost 767.27, or 2.9%, to 25,717.74, and the Nasdaq composite fell 278.03, or 3.5%, to 7,726.04. “A 3% drop in a day is very significant, and you’re seeing sizeable moves in every major foreign market,” said Rich Weiss, chief investment officer of multi-asset strategies at American Century Investments. “I am surprised at the market’s surprise at China’s retaliation,” he said. “We started a fight, and when the opponent punches back, I’m not sure why we’re surprised.” The sell-off began Monday in Asia, where indexes lost more than 1%, and intensified as it swept westward through Europe to the Americas. Investors in search of safety herded into US government bonds, which sent yields plunging. The yield on the tenyear Treasury note, which

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rises with expectations of stronger economic growth and inflation, fell to its lowest level since Trump’s 2016 election energised markets, down to 1.72% from 1.85% late Friday. The yield on the two-year note, which is more influenced by interest-rate moves from the Federal Reserve, sank to 1.58% from 1.71%. Both are unusually large moves. A warning light of recession in the bond market also began shining more brightly, which traders said may have added to the selling pressure on stocks. When short-term Treasury yields are higher than longterm rates, a rule of thumb says a recession may arrive in about a year. The threemonth yield was at 2.00% Monday afternoon, 0.28 percentage points higher than the ten-year’s yield. A month ago, it was 0.21 points higher. “The market sell-off is showing that there is a severe lack of confidence that this is going to work out for us economically, at least in the short term,” Weiss said. Of course, the US economy is still growing, the unemployment rate remains close to its healthiest level in nearly half a century and US stock indexes set record highs just over a week ago. But the escalating trade tensions and investors’ disappointment that the Federal Reserve didn’t commit to a lengthy series of interestrate cuts at its meeting last week have since sent the S&P 500 on a six-day losing streak, its longest since October. The S&P 500 is 6% below its record. “A recession is still unlikely, but the probability of it is higher, still at less than 20%,” said Nate Thooft, head of global

asset allocation at Manulife Investment Management. The biggest threat coming out of the past week, he said, is that all the uncertainty about trade will scare CEOs and shoppers away from spending. That would threaten the expected ramp up in growth that economists have been expecting later this year. He expects US economic growth to muddle along. It may fall as low as 1% and make things feel like a recession, he said, but a real recession remains unlikely in part because interest rates are low. Technology stocks bore the brunt of yesterday’s selling, and Apple slid 5.2%. It not only depends on Chinese factories to assemble its iPhones, but China is also the only country aside from the United States that accounts for more than 10% of its sales. Companies are in the final stretch of the latest round of quarterly earnings reports, and results haven’t been as bad as initially feared, though still down from year-ago levels. Profit for companies in the S&P 500 is now expected to contract by roughly 1%. That’s better than the nearly 3% drop expected earlier. More than three quarters of the S&P 500 have reported financial results. Meat producer Tyson Foods jumped 5.1% for the biggest gain in the S&P 500 after it reported profits that were better than Wall Street expected. It was one of only 11 stocks in the S&P 500 able to eke out a gain. Gold rose as investors sought safer ground. It added $19.00 to $1,464.60 per ounce. Silver rose 13 cents to $16.35 per ounce, and copper fell three cents to $2.54 per pound. Benchmark US crude fell 97 cents to settle at $54.69 a barrel. Brent crude oil, the international standard, fell $2.08 to $59.81 a barrel. Wholesale gasoline fell sixcents to $1.72 per gallon. Heating oil declined five cents to $1.84 per gallon. Natural gas fell five cents to $2.07 per 1,000 cubic feet. In Asia, where tensions between Seoul and Tokyo are worsening in a trade dispute entirely separate from Washington’s and Beijing’s, Japan’s Nikkei 225 index fell 1.7%, and South Korea’s Kospi lost 2.6%. The Hang Seng in Hong Kong dropped 2.9%. In Europe, France’s CAC 40 fell 2.2%, and the German DAX lost 1.8%. The FTSE 100 in London dropped 2.5%. The dollar fell to 106.02 Japanese yen from 106.55 yen on Friday. The euro strengthened to $1.1202 from $1.1113.

FALLING POUND APPEARS TO GIVE UK SERVICES COMPANIES A LIFT LONDON Associated Press THE falling pound appears to have helped Britain’s services companies pick up new business in July but the wider economy remains stagnant as the latest Brexit deadline looms into view, a closely watched survey showed yesterday. Financial information company IHS Markit and the Chartered Institute of Procurement & Supply said their “all-sector” purchasing managers’ index — a gauge of business activity across manufacturing, construction and services — rose to 50.3 points in July from 49.2 the previous month. The increase took the index back above the 50-point threshold that separates contraction from growth. But it remains at historically low levels: with the exception of a brief decline seen in June 2016 during vote to leave the European Union, the index has only been lower six times since the global financial crisis a decade ago.