THE $100m Turtlegrass Resort and Island Club (TGR) on Sampson Cay, Exuma, is advancing with its $17m first phase, which will focus on installing necessary infrastructure. The developers emphasised their commitment to environmental sustainability and community development.
Developers for the resort said it is “deeply committed” to the natural environment and community of Exuma and is looking forward to receiving more details about neighbouring project Rosewood Exuma.
• Developers focus on environmental sustainability and community development
• $2.4m dedicated to Exuma’s environment and youth
• Resort aligns with Exuma’s ecosystem
“We are committed to completing phase one of TGR, which represents an initial investment of $17m. Our project is fully funded and prepared to move forward. In anticipation of completing
New union chief says BPSU ‘anti-union’
By ANNELIA NIXON anixon@tribunemedia.net
BORN from what she claimed was injustice during the union elections in 2023, Latoya Symonette, has formed her own union, the Bahamas Public Sector and Health Professionals Union. Ms Symonette pointed out what she perceived as many shortcomings within the BPSU under president Kimsley Ferguson’s tenure.
“For me, BPSU has shown itself to be antiunion,” she stated. “When I speak about anti-union, I speak about the many members that have come to me and they said to me that under BPSU, BPSU would go to management and make things miserable for them. He would work against people. He would have been someone when it comes to representation and being able to meet your president you were unable to reach him. When it came down to even writing letters to him, he never responds to letters. He’s always in the media and always wants media time to make it look as if he’s relevant but in fact he’s not relevant to his members. Even though you pay into the union, it doesn’t work that way for him. If he likes you he represents you. If he doesn’t like you, he doesn’t. “He doesn’t like females. If you’re an assertive female, and you’re strong and you’re intelligent, he’s threatened by strong females.”
UB staff protest over salary increase delay
By FAY SIMMONS
DOZENS of Univer-
sity of the Bahamas (UB) employees protested at the institution yesterday, voicing frustration over a delay in salary increases for the third time in seven months.
Kimsley Ferguson, president of the Bahamas Public Services Union (BPSU), which represents the staff, criticised the delay and reiterated the call for a salary review that has been pending since 2007.
“We are agitating for the review from 2007; we expect consideration to be given from that particular time to this very day,” Mr Ferguson said. “The particulars that the minister indicated for public servants, while this may be an organisation aside, it is subsidised by the Bahamas government, and so we expect that the government
will do right by the people that we represent.”
Mr Ferguson mentioned he has been in discussions with UB executives, who have indicated that talks are ongoing. Despite this, details of the salary review remain unclear.
“We had a brief conversation with the human resource VP, who advised
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phase two, we are looking forward to learning more about the neighbouring development by Rosewood/Yntegra.” said TGR.
Nursery’s rezoning
hope gets preliminary approval
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Town Planning Committee has granted preliminary approval for the rezoning of 0.361 acres from residential to commercial, allowing the construction of a “small low traffic” office space for Nature’s Way Nursery. This development is set to be located in the same
parcel of land as the existing nursery.
Approval was given with specific conditions: the lot will be designated exclusively for commercial use, with restrictions on the installation of a restaurant, bar, wholesale alcohol sales, vaping, gaming establishments, or the storage of volatile substances.
The development must also meet the Civil Design Section of the Ministry of Works’s requirements for
Mark Thompson, owner of Nature’s Way Nursery, sought the rezoning to construct a “small low traffic” office space.
Speaking to Tribune Business, Mr Thompson explained that he acquired the property over 25 years ago when it was open-zoned.
Over time, the property was rezoned to residential use.
“I’ve been running a commercial entity out of there for about 25 years, which is my nursery, on approximately four out of the five acres. So, I’m just asking for a third of an acre more to be used to build my
access and onsite drainage, and adhere to a maximum building height of two storeys. Additionally, parking must be provided at a rate of one space per 300 square feet of roofed building area, and the building must comply with minimum setback requirements. Parking must be provided at a rate of one space per 300 square feet of roofed building area, and the building must comply with minimum setback requirements.
Miller calls for ‘unified regional position’ ahead of COP-16
MINISTER of the Environment and Natural Resources Vaughn Miller called for a strong unified regional position ahead of a major conference in Riyadh, Saudi Arabia, later this year.
Mr Miller spoke at the recent pre-COP-16 meeting held at Baha Mar on August 8 and 9, held to establish a unified position ahead of the United Nations Convention to Combat Desertification (UNCCD) Conference of the Parties (COP) 16, scheduled for December 2-13, 2024 in Riyadh, Saudi Arabia. Desertification refers to the gradual degradation of fertile land into arid desert due to a combination of natural processes and human activities.
The Caribbean is adversely affected by desertification, and Mr Miller urged they speak with one voice at COP-16. As Caribbean representatives shared their challenges with desertification at the Pre-COP 16 event in Nassau, common threads of land degradation, loss of biodiversity, and impact on human life emerged.
Mr Miller called for a “people-centred approach”, where the health, livelihood and culture of the peoples who inhabit the region are always the priority in decision-making. Together, he said, Caribbean countries can make a meaningful impact in
the global discussion on the environment.
The Pre-COP 16 meeting focused on specific objectives.
The first was to unify and align the positions of Caribbean Small Island Developing States on issues such as land degradation, drought, and sand and dust storms. The second was to develop comprehensive strategies and policies to address the environmental challenges faced by the region. The third was to enhance the capacity of Caribbean SIDS to manage environmental risks and implement sustainable practices.
One of the issues covered is the effect of sand and dust plumes. It was noted at the first PISLM Ministerial Council that Sahara dust outbreaks in the Caribbean have increased since 1981 and that the dust is contributing to drought in the Caribbean.
Mr Miller thanked the Ministry of the Environment and Natural Resources Forestry Unit, led by Danielle Hanek, for a successful conference.
The meeting in Nassau was chaired by Alfred Prospere, Minister for Agriculture, Fisheries, Food Security and Rural Development, Government of St Lucia, and Calvin James, executive director of the Partnership Initiative for Sustainable Land Management (PISLM).
(L-R) Sherilita Dore-Tyson, Permanent Secretary, Ministry of Sustainable Development, St. Kitts & Nevis; Ritesh Sardjoe, Permanent Secretary of the Directorate of Environment; Edgar Hunter, Senior Technical Advisor, Ministry of the Environment, Rural Modernisation, Kalinago Upliftment and Constituency Empowerment, Dominica; Hon. Alfred Prospere, Minister for Agriculture, Fisheries, Food Security and Rural Development, Government of St. Lucia, Chair of the Pre-Cop 16 Meeting; Hon. Vaughn P. Miller, M.P., Minister of the Environment and Natural Resources and Host Minister; Calvin James, Executive Director of the Partnership Initiative for Sustainable Land Management (PISLM); Hon. Adrian R. Forde, M.P. Minister of Environment and National Beautification, Green and Blue Economy, Barbados; Hon. Anthony Smith, Minister of Agriculture, Lands, Fisheries, and the Blue Economy, Antigua and Barbuda; Julius Smith, Environmental Specialist, Ministry of Planning and Development, Trinidad and Tobago.
THE UNCCD Pre-COP 16 Meeting, heldin Nassau, Bahamas August 8 & 9, 2024, included strong representation from Ministers of Government and top officials around the Caribbean. Photos:Samantha Black/MENR
$17m resort ready to advance first phase
FROM PAGE A24
TGR has already employed 20 Bahamians and invested $12m in the project development phase. Additionally, $2.4m has been allocated for conservation and local youth initiatives.
Miami-based investment firm Yntegra recently announced a partnership with Rosewood Hotels and Resorts to develop a new luxury project, Rosewood Exuma, on the 124-acre East Sampson Cay.
This development will feature 33 suites, all with views of the island’s
distinctive pink and white sands, and is expected to create 500 local jobs. Previously, TGR had raised concerns about Yntegra’s proposed super yacht marina, which they feared would conflict with their low-density, sustainable development model and potentially halt their plans. However, TGR developers have now received “new insights” that have provided a “positive signal” for both projects to coexist. “In light of the recent announcement of Yntegra’s partnership with Rosewood, new insights about the proposed project
NEW UNION CHIEF SAYS BPSU ‘ANTI-UNION’
While Ms Symonette was less than pleased with Mr Ferguson’s leadership, she was even more disappointed with the results of the 2023 election. At that time, she was vice president of the POWER Team and Alexander Burrows was president. They ran against Mr Ferguson, however, Ms Symonette claimed there were “breaches in how an election should run” and alleged irregularities in the election. She said physical evidence was gathered and presented to the Department of Labour.
“I lie in my bed and I question God because it was like there was so much cries out there,” she said. “There was so many people that was misrepresented. It went against the very core as to what a union ought to do for its members.”
Ms Symonette said that is when she approached Mr Burrows and made a suggestion that they start their own union. She claimed he said they did not have the funds and the resources and that he planned to run again in the next election. Ms Symonette said she could not stand for that. She wanted to both see and make a change before the next election. Holding on to the belief that “the Lord will provide”, Ms Symonette took the matter into her own hands and started the process of forming what is now the BPSHPU.
“The team dismantled and they followed me,” she claimed. “They made me their president. I was like, ‘how do I form a union?’ So they said you need a constitution and so I met with the NCTUB, the oldest congress in the Bahamas and
they helped me in terms of drafting a constitution. The constitution was drafted in less than a week. It was submitted to the registrar at the Labour Department. It got passed on June 5, 2024.” She said before it was even registered hundreds of people had signed up to join her union. She said they began traveling to the Family Islands and spreading the word. Ms Symonette feels grateful for the way things panned out. She said she doesn’t have to worry about taking care of the baggage of BPSU, and she can start anew.
“For me, I was very disappointed in how the elections went but I looked at it and I said not because we lost there and we were cheated there means you give up because it was never about the title,” she said. “It was about the movement and working for the people and so I’m happy it went that way because we were able to start a new union. With starting a new union we disinherited their liabilities, we didn’t inherit the bad that happened to the membership, so we don’t have to answer for anything that union would have done.”
Ms Symonette says she plans to be a better and more accessible leader who helps her members. She claims she has taken a good chunk of BPSU members and welcomed them into BPSHPU.
“He’s been someone who’s been a tyrant to his own union,” she said. “He’s the one that’s been destructive in his own union. He has worked against his members so what he did for me was, I was able to take his members because of the poor treatment towards his members. They ran to me because we never was exposed to good representation. So once I spoke to them and they saw what I was about, they immediately left his union.”
Ms Symonette said her union is part of the National Congress of Trade Union of The Bahamas.
have emerged, offering a renewed perspective,” TGR said.
“Specifically, we are excited that the proposed site of the project’s marina has been relocated to the southern side of Big Sampson Cay. And, given the expertise of the partners involved, we believe such a move is both possible and practical. It is also a positive signal for the future coexistence of our developments and the local environment.”
TGR said they remain committed to conserving the biodiversity of the Exuma cays and aims to make Exuma a leading
eco-tourism destination in the Bahamas. They plan to incorporate renewable energy into their development and ensure it harmonises with the local ecosystem.
“Our goal is to attract visitors to Exuma while raising awareness about conservation efforts through hands-on learning opportunities and providing our guests with activities highlighting the area’s natural beauty and ecological significance,” TGR said.
“In addition to prioritising renewable energy sources, we are designing our destination to
harmonise with the delicate ecosystem of the Exumas, like the underwater environment north of Big Sampson Cay, which includes rich seagrass beds and crucial tidal flows that act as vital habitats for marine life such as conch, fish, rays, and sea turtles.”
Looking ahead, TGR is eager to learn more about Rosewood Exuma and explore potential synergies that could benefit the Exuma community.
“Like Rosewood, TGR supports responsible, ecologically sound, and sustainable development,” said TGI’s statement.
Nursery’s rezoning hope gets preliminary approval
FROM PAGE A24
own office and professional space,” Mr Thompson said. He emphasised that the proposed three-unit professional space would not impact local traffic, as it will not cater to retail customers.
“I proposed a multi-use professional space. But nothing like a food store, and it’s not a retail type situation that would have traffic. This is sort of boutique professional space. I have a nursery and a home on the property, and I basically want to construct an
office building out front. It’s pretty basic. We’re going to keep it screened, we’re going to be low traffic,” Mr Thompson added. The Town Planning application for the site on the eastern side of South Ocean Boulevard states that the developer
“We believe that in the Exumas, such developments can enhance the overall visitor experience and create sustainable economic opportunities for the local community. We are eager to learn more about Yntegra and Rosewood’s partnership and proposed development, and we look forward to exploring potential synergies that will ultimately benefit the people of Exuma and The Bahamas as a whole.”
intends to “create a space that harmoniously blends with the natural landscape while providing valuable amenities and services tailored to the needs of our community”.
“Our intention is to ensure that the proposed development for the site seamlessly integrates with the surrounding environment, enhancing the overall organic feel and function of the site,” the application noted.
UB staff protest over salary increase delay
FROM PAGE A24
that some discussions were taking place. I don’t know what needs to be discussed; it’s in the industrial agreement,” Mr Ferguson added.
“It had a time-sensitive situation attached to it. We expect now that we would be receiving the results or a proposal as to what the salary review is looking like.”
The Davis administration has received praise for the number of industrial agreements signed with trade unions since taking office in 2021.
Prior to the 2021 general election, the Progressive Liberal Party (PLP) signed a memorandum of understanding (MOU) with The National Congress of Trade Unions Bahamas (NCTUB) and the Commonwealth of
The Bahamas Trade Union Congress (CBTUC).
According to the MOU, the parties agreed to work together to redefine wages, amend labour-related laws to better protect workers, and consult on public policy matters before granting concessions to foreign investors.
However, Mr Ferguson expressed concerns that the BPSU is being “ostracised”
US SHOPPERS SHARPLY BOOSTED SPENDING AT RETAILERS IN JULY DESPITE HIGHER PRICES
BY CHRISTOPHER RUGABER AND ANNE D’INNOCENZIO AP Business Writers
AMERICANS stepped up their spending at retailers last month by the most in a year and a half, easing concerns that the economy might be weakening under the pressure of higher prices and elevated interest rates.
The Commerce Department reported Thursday that retail sales jumped 1% from June to July, the biggest such increase since January 2023, after having declined slightly the previous month. Auto dealers, electronics and appliance stores and grocery stores all reported strong sales gains.
The July retail sales data provided reassurance that the U.S. economy, while slowing under the pressure of high interest rates, remains resilient. It showed
that America’s consumers, the primary driver of economic growth, are still willing to spend.
The prospect of a stillgrowing economy is likely to be promoted by Vice President Kamala Harris’ presidential campaign, which is preparing to roll out policies Friday to ban “price gouging” on groceries. On Wednesday, her opponent, former President Donald Trump slammed the economic record of the Biden-Harris administration, though he wildly inflated cost increases on food and monthly mortgage payments.
Other economic data released Thursday was also mostly positive, including a report on first-time applications for unemployment benefits. The figures show that businesses are mainly holding onto their workers and not increasing layoffs.
With Americans spending more, economists at Morgan Stanley have boosted their forecast for growth in the July-September quarter to a 2.3% annual rate, from an earlier estimate of 2.1%. The economy expanded at a healthy 2.8% rate in the April-June quarter.
All told, the latest data is consistent with an economy that is headed toward a “soft landing,” in which the Federal Reserve raises interest rates enough to cool inflation but not so much as to cause a recession.
“The ongoing resilience of consumer spending should ease recession fears and reduce the odds markets have placed on a larger (half-point) cut” at the Fed’s meeting in midSeptember, said Michael Pearce, an economist at Oxford Economics. Instead, economists increasingly expect the Fed to begin cutting interest rates next month with a modest quarter-point reduction in its key rate, which affects many consumer and business loans.
due to not being a party to the 2021 MOU.
“We are tired of hearing that you signed 32 industrial agreements and the people can benefit. Maybe it’s because we were not a part of signing the memorandum of understanding that we’re being ostracised,” he said. In previous demonstrations, Mr Ferguson has accused UoB leadership of being slow to address staff concerns.
Adjusted for inflation, sales rose about 0.8% last month. And excluding gas station sales, which don’t reflect Americans’ appetite to spend, retail purchases also rose 1%. Consumers have been pummeled since the pandemic by high prices and elevated interest rates. Yet at the same time, average wages have also been rising, providing many households with the means to keep spending.
Inflation-adjusted wages have increased slightly from a year ago. Upper-income households have also seen their wealth increase, with stock prices and home values having jumped in the past three years. Increases in wealth can encourage more spending.
Auto sales jumped 3.6% last month, the largest increase since January 2023. It marked a rebound from the previous month, when a cyberattack involving many dealerships slowed sales. Sales at electronics and appliances stores surged 1.6%. And they rose 0.9% at hardware stores and garden centers. Restaurant sales were up 0.3%, a sign that Americans are still willing to spend on discretionary items, such as eating out.
White House says prescription drug deals will produce billions in savings for taxpayers, seniors
By AMANDA SEITZ and ZEKE MILLER Associated Press
TAXPAYERS are expected to save billions after the Biden administration inked deals with pharmaceutical companies to knock down the lists prices for 10 of Medicare's costliest drugs.
But how much older Americans can expect to save when they fill a prescription at their local pharmacy remains unclear, since the list cost isn't the final price people pay.
After months of negotiations with manufacturers, list prices will be reduced by hundreds — in some cases, thousands — of dollars for 30-day supplies of popular drugs used by millions of people on Medicare, including blood thinners, diabetes drugs and blood cancer medications. The reductions, which range between 38% and 79%, take effect in 2026.
event at Prince George’s Community College in Largo, Md., Thursday, Aug. 15, 2024.
Vice President Kamala Harris, however, wasted no time Thursday campaigning on the new drug deals, especially since no Republicans supported the law, called the Inflation Reduction Act (IRA), and it barely passed Congress in 2022.
recent weeks during earnings calls that they don't expect the new Medicare drug prices to impact their bottom line.
Instead, they warned Thursday that the new law could drive up prices for consumers in other areas. Already, the White House is bracing for a jump in Medicare drug plan premiums next year, in part because of changes under the new law.
Taxpayers spend more than $50 billion yearly on the 10 drugs, which include popular blood thinners Xarelto and Eliquis and diabetes drugs Jardiance and Januvia.
With the new prices, the administration says savings are expected to total $6 billion for taxpayers and $1.5 billion overall for some of the 67 million people who rely on Medicare. Details on those calculations, however, have not been released. And the White House said it could not provide an average cost-savings for individual
"I've been waiting for this moment for a long long time," President Joe Biden said Thursday, during his first policy-oriented appearance with Vice President Kamala Harris since leaving the presidential race. "We pay more for prescription drugs, it's not hyperbole, than any advanced nation in the world."
Medicare enrollees who use the drugs.
That's because there are a number of factors — from discounts to the coinsurance or copays for the person's Medicare drug plan — that determine the final price a person pays when they pick up their drugs at a pharmacy.
The new drug prices are likely to most benefit people who use one of the negotiated drugs and are enrolled in a Medicare plan with coinsurance that leaves enrollees to pay a percentage of a drug's cost after they've met the deductible, said Tricia Neuman, an executive director at the
Starbucks is giving its new CEO a huge pay package and not making him move to Seattle
By MICHELLE CHAPMAN AP Business Writer
STARBUCKS' incoming
CEO could make well in excess of $100 million in his first year with the company under an incentive-laden contract, and he will not be required to relocate from his home in California to Seattle, the home of the global coffee giant.
Starbucks announced on Tuesday that Brian Niccol would become its chairman and CEO, taking over from Laxman Narasimhan, who stepped down abruptly after spending a little more than a year as the company's top executive. Niccol will become Starbucks' chairman and CEO on Sept. 9.
Niccol is among the mostly highly sought after corporate executives after establishing a track record of success in turning around companies that have hit a rough patch, including Taco Bell and, most recently, Chipotle.
Niccol took the top job at the California chain in 2018 when Chipotle was being roiled by a series of foodborne illness outbreaks that had sickened more than 1,000 of its customers over several years.
Revenue at Chipotle has nearly doubled since his arrival after he energized product innovation and at the same time, instituted employee benefits like a program that pays employees' college tuition costs at certain schools.
Starbucks is counting on Niccol to revive fading sales and re-establish the company as a destination where customers are willing to pay premium prices for its products.
In a filing with the Securities and Exchange Commission late Wednesday, Starbucks said that the 50-year-old Niccol will receive a cash bonus of $10 million as well as $75 million in equity to make up for what is being forfeited by his abrupt departure from Chipotle. The equity
component of his pay package will vest over time and is contingent on meeting performance targets.
If Starbucks meets those targets and other goals, his pay could easily surpass $100 million in his first year.
Niccol's annual base salary will be $1.6 million. He'll also have an annual cash incentive opportunity at a target of 225% of his base salary and a maximum of 450% of base salary. If he achieves the maximum incentive, it would be about $8.8 million.
Starting in fiscal 2025, Niccol will be eligible to receive annual equity awards worth up to $23 million.
Perhaps just as notable, Starbucks is not requiring that Niccol relocate to Starbucks headquarters in Seattle, saying he can remain in Newport Beach, California, where he currently lives and where Chipotle is based.
According to a regulatory filing, Starbucks will help create, with assistance
health policy research nonprofit KFF.
"It is hard to say, exactly, what any enrollee will save because it depends on their particular plan and their coinsurance," Neuman said. "But for the many people who are in the plans that charge coinsurance, the lower negotiated price should translate directly to lower out-of-pocket costs."
Those savings won't kick in until 2026. Until then, some Medicare enrollees should see relief from drug prices in a new rule starting next year that caps how much they pay annually on drugs to $2,000.
"Two years ago, as vice president, I was proud to cast the tie-breaking vote that gave Medicare the power to negotiate," Harris said to cheering crowds. "In the two years since, we've been using this new power to lower the price of lifesaving medication."
Prior to dropping out of the race, Biden had centered his reelection bid around lowering health care and drug costs. But the messaging failed to resonate deeply with Americans, in part because the savings have not had widespread reach.
Powerful drug companies unsuccessfully tried to file lawsuits to stop the negotiations. For years, Medicare had been prohibited from such dealmaking. But the drug companies ended up engaging in the talks, and executives had hinted in
"The administration is using the IRA's pricesetting scheme to drive political headlines, but patients will be disappointed when they find out what it means for them," said Steve Ubl, the president of the lobbying group Pharmaceutical Research and Manufacturers of America (PhRMA).
The criticism is ironic, health law expert Rachel Sachs of Washington University said. Drug companies have typically supported capping the price older Americans pay for drugs because they don't eat the cost — insurers or Americans who pay premiums do.
from Niccol, a small remote office in Newport Beach and the company will hire an assistant for Niccol at that location. Niccol will commute to Seattle as needed, as well as embark on any other business travel that's deemed necessary.
Starbucks Chief Financial Officer Rachel Ruggeri is serving as the interim CEO until Niccol arrives in early September.
Shares of Starbucks were little changed Thursday.
DEMOCRATIC presidential nominee Vice President Kamala Harris, left, and President Joe Biden depart after speaking about the administration’s efforts to lower prescription drug costs during an
Photo:Susan Walsh/AP
BRIAN NICCOL, named the chairman and chief executive officer of Starbucks on Aug. 13, 2024, is shown during an interview on June 9, 2015, in New York. Photo:Mark Lennihan/AP
Wall Street leaps, and S&P 500 rallies
1.6%
By STAN CHOE AP Business Writer
as US shoppers drive the economy
WALL Street rallied to one of its best days of the year Thursday after data showed the U.S. economy is holding up better than expected, with particular credit going to the country's shoppers.
The S&P 500 jumped 1.6% for its fourth-best day of the year and its sixth straight gain as the U.S. stock market rights itself following a scary few weeks. It's back to within 2.2% of its all-time high set last month after briefly falling close to 10% below it.
The Dow Jones Industrial Average rose 554 points, or 1.4%, while the Nasdaq composite burst 2.3% higher as Nvidia and other Big Tech stocks recovered more of their stumbles from the last month.
Treasury yields also leaped in the bond market following the encouraging economic report. One said U.S. shoppers increased their spending at retailers last month by much more than economists expected, while another said fewer U.S. workers applied for unemployment benefits.
chief economist at Annex
equipment also said it would eliminate thousands of jobs as it shifts to fastergrowing areas of technology like artificial intelligence.
Ulta Beauty's stock rose 11.2% to help lead the market after Warren Buffett's Berkshire Hathaway revealed it has built an ownership stake in the retailer. All told, the S&P 500 rose 88.01 points to 5,543.22.
The Dow gained 554.67 to 40,563.06, and the Nasdaq composite rallied 401.89 to 17,594.50.
In the bond market, the 10-year Treasury yield clambered up to 3.91% from 3.84% late Wednesday following the strong economic data.
worries at the time that the U.S. economy's growth was sliding.
The Fed has been clear about the tightrope it began walking when it started hiking rates sharply in March 2022: Being too aggressive would choke the economy, but going too soft would give inflation more oxygen and hurt everyone.
The signals of a resilient U.S. economy helped drive smaller stocks in particular on Thursday. Smaller companies can be more beholden to the strength of the U.S. economy than huge multinationals, and the Russell 2000 index of smaller stocks rose 2.5% to help lead the market.
That dud of a jobs report raised worries the U.S. economy could buckle under the weight of high interest rates brought by the Federal Reserve, and it contributed to turmoil in stock markets worldwide.
But Thursday's reports hint a perfect landing may still be possible, one where the Fed slows the economy's growth by just enough through high rates to stifle inflation but not so much that it causes a recession.
"The growth scare isn't over, but it's a little less scary," said Brian Jacobsen,
A year ago, such reports could have sent the stock market reeling on worries they would push inflation higher. But good news for the economy is once again good news for Wall Street, particularly after a report showed U.S. employers pulled back on their hiring last month by much more than expected.
Wealth Management.
Inflation has also been improving since it topped 9% two summers ago, punctuated by reports earlier this week on prices at both the consumer and wholesale levels. That has cleared the way for the Federal Reserve to soon deliver the cuts to interest rates that Wall Street loves.
Walmart added to the optimism after it delivered a bigger profit for the spring than analysts expected, and its shares climbed 6.6%
The retail giant also raised its forecast for sales for the full year, indicating U.S. shoppers can keep spending. Such spending by U.S.
consumers makes up the bulk of the economy.
It was just one of several big companies to join the parade of businesses topping analysts' expectations for springtime profit.
Deere & Co. rode 6.3% higher after the seller of backhoes, dozers and other equipment reported higher profit and revenue than expected. That was despite what it called challenging conditions across the agricultural and construction sectors globally.
Cisco Systems' profit and revenue for the latest quarter squeaked past analysts' forecasts, and its stock jumped 6.8% after the maker of networking
Harris zeroes in on high food prices as inflation plays a big role in
By ZEKE MILLER
AP White House
VICE President Kamala
Harris is zeroing in on high food prices as her campaign previews an economic policy speech Friday in North Carolina, promising to push for a federal ban on price gouging on groceries as she looks to address one of voters' top concerns. Harris is putting particular emphasis on rising meat prices, which she says account for a large part of rising bills at checkout.
the presidential race
Year-over-year inflation has reached its lowest level in more than three years, but food prices are 21% above where they were three years ago. Republican presidential nominee Donald Trump has pointed to inflation as a key failing of the Biden administration and its energy policies. Harris, at the same time, is drawing closer to President Joe Biden's legislative and economic record. The two celebrated their efforts to cut prescription drug prices as she made her first joint speaking appearance, at an event in
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Maryland, with Biden since she replaced him at the top of the Democratic ticket nearly four weeks ago.
They announced that drug price negotiations will knock hundreds of dollars — in some cases thousands — off the list prices of 10 of Medicare's most popular and costliest drugs. The program was created through the 2022 health care- and climate-focused Inflation Reduction Act.
Harris' vote Senate vote, as vice president, helped Democrats overcome unanimous GOP opposition to make the bill law.
"The tiebreaking vote of Kamala," Biden told the audience, "made that possible."
He added that Harris is "gonna make one helluva president."
Biden undertook his own efforts to contain rising food prices, including creating a "competition council" that tried to reduce costs by increasing competition within the meat industry, part of a broader effort to show his administration is trying to combat inflation.
Asked Thursday if he was concerned Harris would seek to distance herself
positioned to handle the economy, while 38% say that about Harris. About 1 in 10 trust neither Harris nor Trump to better handle the economy, according to the latest Associated PressNORC Center for Public Affairs Research poll. Trump, speaking Thursday at his golf club in Bedminster, New Jersey, argued Harris is proposing "communist price controls" that would lead to shortages, hunger and more inflation. He was flanked by popular grocery store items as he sought to highlight the rising cost of food. Staff spread out a selection of items, including tubs of instant coffee, sugary breakfast cereals, pastries and fruit.
Consumer confidence surveys show that high prices remain a persistent source of frustration for shoppers, particularly among lower-income Americans, even as inflation has cooled. Overall prices are about 21% higher than before the pandemic. Average incomes have risen by slightly more than that, boosting spending even as Americans report a gloomy
The two-year Treasury yield, which more closely follows expectations for action by the Federal Reserve, jumped to 4.09% from 3.96% late Wednesday.
Traders still widely expect the Federal Reserve to cut its main interest rate at its next meeting in September, which would be the first such cut since the 2020 COVID crash. But they're now largely expecting the Fed to lower rates by the traditional quarter of a percentage point, according to data from CME Group.
A week ago, many traders were forecasting a more severe cut of half of a percentage point because of
Smaller stocks have been even jumpier than the rest of the market, rising more than the S&P 500 when data indicate the U.S. economy is doing well and interest rates are about to come down, but tumbling more sharply when pessimism rises.
In stock markets abroad, indexes also rose in much of Asia and Europe.
Japan's Nikkei 225 rose 0.8% after data showed its economy returned to growth during the spring. The U.K. economy also grew during the latest quarter, a welcome signal following a rough run, and the FTSE 100 rose 0.8% in London.
expensive, according to government data.
Supply disruptions during the pandemic were one reason prices rose. Many meat processing plants closed temporarily after COVID-19 outbreaks among their workers.
But the Biden administration has charged that corporate consolidation in the meat processing industry has played a larger role by enabling a small number of companies to raise their prices by more than their their costs.
Four large companies control 55% to 85% of the beef, chicken, and poultry markets, the White
but they didn't admit any wrongdoing.
Some economists have argued that large food and consumer goods companies took advantage of pandemic-era disruptions. Economist Isabella Weber at the University of Massachusetts, Amherst, called it "seller's inflation." Others referred to it as "greedflation."
Harris' proposals on price gouging come as there is some evidence that "sellers' inflation" is fading. Consumers have become more discriminating, and are passing on some higher-price purchases while seeking out cheaper alternatives.
Grocery prices, on average nationwide, have risen just 1.1% in the past 12 months, in line with pre-pandemic increases, the government said Wednesday.
MIDORI INVESTMENTS LIMITED
MIDORI INVESTMENTS LIMITED
N O T I C E IS HEREBY GIVEN as follows:
(a) MIDORI INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on the 15th August, 2024 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 16th day of August, A. D. 2024 Bukit Merah Limited Liquidator NOTICE
International Co. Ltd. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, L’orangerie . is in dissolution as of International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
THE NEW York Stock Exchange, at right, is shown on Wednesday, Aug. 14, 2024, in New York. Photo:Peter Morgan/AP
PRESIDENT JOE BIDEN, right, listens as Democratic presidential nominee Vice President Kamala Harris speaks about the administration’s efforts to lower costs during an event at Prince George’s Community College in Largo, Md., Thursday, Aug. 15, 2024.
Photo:Susan Walsh/AP
Wrongful death suit against Disney serves as a warning to consumers when clicking ‘I agree’
By CORA LEWIS and SEAN MURPHY Associated Press
A WRONGFUL death lawsuit against Walt Disney Parks and Resorts is serving as a reminder to consumers of the importance of reading the fine print when signing up for a streaming service or smartphone app.
The lawsuit was filed by the family of a New York woman who died after eating at a restaurant in Disney Springs, an outdoor dining, shopping and entertainment complex in Florida owned by Disney.
Disney is arguing that the lawsuit should be dropped because the plaintiff, the woman's husband, once signed up for a trial subscription of the Disney+ streaming service. That service, they argue, includes a subscriber agreement in which the customer agrees to settle any lawsuits against Disney out of court through arbitration.
Such agreements, which customers quickly consent to by clicking "I agree" when downloading an app or a streaming service, are so stacked against the consumer that it's often difficult to offer good legal advice, said John Davisson, director of litigation at the
Electronic Privacy Information Center.
"The consumer is presented with this contract and really doesn't have an opportunity to negotiate the terms," Davisson said. "It's yes or no."
What are the details of the lawsuit against Disney?
Kanokporn Tangsuan's family says in the lawsuit that the 42-year-old New York doctor had a fatal allergic reaction after eating at an Irish pub in Disney Springs. The lawsuit claims Tangsuan and her husband,
Jeffrey Piccolo, and his mother decided to eat at Raglan Road in October 2023 because it was billed on Disney's website as having "allergen free food."
The suit alleges Tangsuan informed their server numerous times that she had a severe allergy to nuts and dairy products, and that the waiter "guaranteed" the food was allergen-free.
About 45 minutes after finishing their dinner, Tangsuan had difficulty breathing while out shopping, collapsed and died at
TRIBE AND ENVIRONMENTAL GROUPS URGE WISCONSIN OFFICIALS TO RULE AGAINST RELOCATING PIPELINE
By TODD RICHMOND Associated Press
A TRIBAL leader and conservationists urged state officials Thursday to reject plans to relocate part of an aging northern Wisconsin
pipeline, warning that the threat of a catastrophic spill would still exist along the new route.
About 12 miles (19 kilometers) of Enbridge Line 5 pipeline runs across the Bad River Band of Lake
Superior Chippewa's reservation. The pipeline transports up to 23 million gallons (about 87 million liters) of oil and natural gas daily from the city of Superior, Wisconsin, through Michigan to Sarnia, Ontario.
The tribe sued Enbridge in 2019 to force the company to remove the pipeline from the reservation, arguing the 71-year-old line is prone to a catastrophic spill and land easements
a hospital, according to the lawsuit.
A medical examiner determined she died as a result of "anaphylaxis due to elevated levels of dairy and nut in her system," the lawsuit said.
What is Disney's position?
Disney said in a statement this week that it is "deeply saddened" by the family's loss but stressed that the Irish pub, which also is being sued, is neither owned nor operated by the company.
allowing Enbridge to operate on the reservation expired in 2013.
Enbridge has proposed a 41-mile (66 kilometer) reroute around the reservation's southern border. The project requires permits from multiple government agencies, including the Wisconsin Department of Natural Resources and the U.S. Army Corps of Engineers.
Part of the permitting process calls for the Wisconsin Coastal Management Program, a division within Gov. Tony Evers' Department of Administration, to rule on whether the
A DISNEY logo forms part of a Disney Plus menu on a computer screen in
More notably from a consumer protection standpoint, Disney argues that Piccolo had agreed to settle any lawsuits against Disney out of court through arbitration when he signed up for a one-month trial of Disney+ in 2019 and acknowledged that he had reviewed the fine print.
"The first page of the Subscriber Agreement states, in all capital letters, that 'any dispute between You and Us, Except for Small Claims, is subject to a class action waiver and must be resolved by individual binding arbitration'," the company wrote in a motion seeking to have the case dismissed.
Arbitration allows people to settle disputes without going to court and generally involves a neutral arbitrator who reviews arguments and evidence before making a binding decision, or award.
Piccolo's lawyer, in a response filed this month, argued that it was "absurd" to believe that the more than 150 million subscribers to Disney+ have waived all rights to sue the company and its affiliates in perpetuity — especially when their case has nothing to do
reroute complies with state coastal protection policies.
Bad River Chair Robert Blanchard told division officials during a public hearing on the question that the reroute would run adjacent to the reservation and any spill could still affect reservation waters for years to come. Other opponents, including representatives from the National Wildlife Federation and the Sierra Club, warned that the new route's construction could harm the environment by exacerbating erosion and runoff. The new route would leave scores of waterways vulnerable in a spill, they added.
13, 2019.
with the popular streaming service.
What can consumers do to protect themselves?
While it's difficult to give consumers actionable advice when such agreements are so lopsided in favor of companies, Davisson suggested supporting lawmakers and regulators who are attentive to these issues.
The Federal Trade Commission has historically supported the idea of disclosure terms protecting companies, even though the agreements are often dense and hard for typical consumers to comprehend. But Davisson says there has been a shift among policymakers and federal regulators.
"Generally, it's understood that it is literally impossible for consumers to read and interpret and fully understand all of the contracts that they're being asked and expected by the law to agree to and abide by as they go about their day," he said. "Especially in an increasingly online world in which we're interacting with dozens or hundreds of platforms and services a day."
They also argued that Enbridge has a poor safety record, pointing to a rupture in Enbridge's Line 6B in southern Michigan in 2010 that released 800,000 gallons (about 3 million liters) of oil into the Kalamazoo River system. Supporters countered that the reroute could create hundreds of jobs for state construction workers and engineers. The pipeline delivers energy across the region and there's no feasible alternatives to the reroute proposal, Emily Pritzkow, executive director of the Wisconsin Building Trades Council, said during the hearing.
