08182023 BUSINESS

Fidelity ‘ramp up’ after 30% first half profit fall

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FIDELITY Bank (Bahamas) yesterday pledged to “ramp up” its performance during 2023’s final months after a near-30 percent first-half decline put the “stretch” $25m profit target for the full year seemingly beyond reach.

Gowon Bowe, the BISXlisted commercial bank’s chief executive, told Tribune Business it was anticipating an

improved second half due to a reduction in loan loss provisions compared to what was incurred during the first six months as “recoveries creep in”.

Revealing that the lender has revised its “worst case” scenario for full-year profits to $16m, he added that it is now targeting a bottom line “consistent” with 2022 and 2021 of between $20m-$22m. To get there, he noted that Fidelity Bank (Bahamas) is on target to recover around $4m in delinquent loans by year-end, having

clawed back some $1.8m during 2023’s first-half.

Reiterating that it expects to recover an average $4m-$5m per year when its “aggressive collection efforts”, targeting some $80m in consumer credit write-offs, kicks-in, Mr Bowe told this newspaper that Fidelity Bank (Bahamas) plans a major Christmas push on its merchant card services business having added some 1,500 new accounts in recent months.

This, in turn, is boosting the bank’s fees and commissions income, which rose by 20.8 percent or more than $500,000 during the 2023 first half to $3.43m. Mr Bowe added that the straw vendors and taxi drivers, who Fidelity Bank (Bahamas) has equipped to accept debit and credit card payments from visiting tourists, have seen business increase by 30 percent as a result.

He confirmed that the bank is seeking to build its non-interest income streams into a “sizeable chunk” of total revenues given

$29m

Exuma cays quieting labelled ‘mockery of justice’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FRESH bid to quiet the title to two Exuma cays, valued at a collective $29m, was yesterday branded “a mockery of justice” by the family estate which defeated the previous attempt in the Supreme Court.

Ambrose Nixon, one of the executors for the late King Richard Nixon’s estate, told Tribune Business that the current effort by Samuel Burrows and his

attorney, Andrew Allen, to obtain a certificate of title to Lumber Cay and Jim Cay in the Exumas is “a waste of the court’s time” given the previous reversal the duo suffered at the Chief Justice’s hands.

Speaking after the late King Nixon’s estate yesterday took out newspaper advertisements, warning persons not to deal with Mr Burrows, Mr Allen and others in relation to the estate’s property, he urged the Bahamas Bar Association and justice system to “put its foot down” and

Make Freeport ‘boom town’ before Hawksbill deal ends

stop such Quieting Titles actions from happening.

Pointing to the time and money spent by King Nixon’s estate in dealing with rival land ownership claims, Ambrose Nixon told this newspaper that the estate will now file an adverse claim in response to Mr Burrows’ action and seek to have the matter struck out.

“Honestly and truly, they are wasting the court’s time,” Ambrose Nixon said of the latest Quieting Titles

SEE PAGE B5

BISX-listed firms blame profits drop on inflation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TWO BISX-listed companies have blamed surging inflation for a margin squeeze that resulted in first-half and second quarter 2023 profits slipping against prior year comparatives.

J. S. Johnson, the insurance broker and agent, blamed a 16.53 percent cost increase at Insurance Company of The Bahamas (ICB), its property and casualty underwriting affiliate, for a near-$400,000 decline in net income for the year to end-June 30, 2023.

And Commonwealth Brewery, the vertically-integrated Kalik manufacturer,

noted that “continued cost pressure” across its business resulted in second quarter profits falling by 7.7 percent to $4.551m as opposed to $4.907m in the same period last year.

Alister McKellar, J. S. Johnson’s managing director, told shareholders: “The cost of goods and services across the globe has skyrocketed over the past few years - from the grocery store to the gas pump - and our business has not been immune to the effects.

“Despite an overall 11.75 percent increase in total income for the period ending June 30, an even larger increase in overall expenses (13.75 percent)

SEE PAGE B6

Bahamians increasingly becoming fraud victims

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Financial Intelligence Unit (FIU) yesterday warned of an increase in Bahamians having funds stolen from their bank accounts after falling victim to phone and online scammers. The unit, which has responsibility for receiving and analysing suspicious transactions reports (STRs) submitted by financial institutions, then forwarding those that merit further investigation to the relevant authorities, said Bahamians

were being tricked into handing over their account numbers, passwords and details by persons pretending to be bank representatives on the phone or via e-mail.

“The Financial Intelligence Unit (FIU) of The Bahamas hereby advises financial institutions and the public at large of incidences of fraudulent activities that are adversely affecting account holders of various commercial banks in the jurisdiction. The FIU has noticed an increase in suspicious transaction reports (STRs) where commercial banks have reported

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE GRAND Bahama Chamber of Commerce’s president is seeking a legal opinion on whether corporate income tax can be lawfully imposed in Freeport as he yesterday warned that time is running out to make the city a “boom town”.

James Carey told Tribune Business that The Bahamas cannot afford to “wait until the 11th hour” to ensure Freeport finally fulfills its potential with the city’s founding treaty, the Hawksbill Creek Agreement, set to expire in just over 31 years from now.

Voicing fears that this nation may have already “squandered” the Port

area’s free trade zone potential, he agreed that the potential imposition of corporate income tax in Freeport was against both the spirit and intent of the Hawksbill Creek Agreement’s efforts to encourage the development and growth of a new city.

“I’m waiting for a legal opinion on whether it can be applied to Freeport,” Mr Carey told this newspaper on the Government’s corporate income tax proposal. “I suppose anything can be applied with the right legislation. Freeport has gone through a hell of a lot...

GOWON BOWE

JAMES

COMPANIES AND GOV’TS MUST SOMETIMES RESET

Staying ahead of the game has never been so important. Businesses need to make sure they are questioning all those things they do out of ingrained habit versus what customers and shareholders have come to expect and feel comfortable with. Once you have identified things that are not working, leaders must have the courage to stop doing them and change course. Sometimes entire companies need a pivotal reset. This means stopping, changing course and evaluating what is happening and regrouping before moving forward.

CONSOLIDATED Water was joined by directors and officers of its Bahamian subsidiary to mark its 50th anniversary by opening Nasdaq trading. L to R: Ethan Adderley (director); Rick McTaggart, director and president; Wil Pergande, chairman; Linda Beidler-D’Aguilar, director and secretary; Ramjeet Jerrybandan, executive vice-president and chief operating officer; Kevin Simmons, director); Alecia Bowe, director; George Watson, director.

A pivotal reset is a tool employed to prevent a downward spiral from happening, so use it wisely when you see things trending in the wrong direction - either for you personally or within your company culture.

With our country, government and political system seemingly in the midst of a reset, we focus this week’s column on the power of corporate reset and lessons we can learn in the process.

1. If reorganising is necessary, hire the absolute best restructuring experts. Know when to get expert help in shifting gears. Sometimes

the internal forces have become blind to the issues and fresh eyes are required.

2. Assemble a team of believers within your company, because a major reset requires teammates who have faith and trust one another. No ‘negative Nancy’s’ or ‘pessimistic Paul’s’ are required at this stage.

3. Understand that the journey will be brutal, uncertain and will hurt like hell. But do not give up. Tough decisions will have to be made but ensure they are well calculated ones that have been thoroughly thought through. One

wrong or hasty decision can cost you great harm in a reshuffle.

4. Listen. Like never before. Because you will need to learn new things. As you learn, be patient with yourself and those around you, as they are trying to help.

5. It will get personal. But do not let fear overrun you. And maintain your emotional intelligence as always.

6. Be transparent to both internal and external parties. Without critical information, internal staff will assume the worst. And

external parties need to feel your passion.

7. Be positive and remain positive. It is contagious.

8. Stay focused on your business and trust your hired experts to lead the reset because they are good at it.

LENDER NAMES AGENTS IN FAMILY ISLAND EXPANSION

A BAHAMIAN lender yesterday said it is appointing agents throughout the Family Islands as part of a drive to boost access to efficient financial services.

Davinia Munroe, an Easy Payday spokesperson, said in a statement: “Appointing mobile agents has increased customer engagement and satisfaction throughout the Family Islands. The positive feedback is encouraging and confirms that our Family Island face-to-face

services are preferred by those not wanting to use our online lending facility or who can’t get into our Nassau offices.

“Our vision is clear; we aim to have an agent on every Family Island in The Bahamas, ensuring accessibility and personalised services for all.” Newlysigned Easy Payday agents are Exuma and Long Island natives, Aveisha Mckenzie and Lakera Taylor, plus Clarany Cash for Andros.

“We are very pleased to have these three young

SEE PAGE B9

FERGUSON IAN

BISX-listed firm marks 50th birthday in Nasdaq opening

BISX-listed Consolidated Water rang the opening bell to start trading on the Nasdaq stock exchange this Monday to mark the company’s 50th anniversary.

Consolidated Water’s chairman, Wil Pergande, was surrounded by other Board members and management team executives as the bell-ringing was broadcast across business news networks including CNBC, Fox Business News and Bloomberg TV. It was also displayed on the Nasdaq Tower in Times Square.

“We’re honoured to celebrate the 50th anniversary of our founding at the historic Nasdaq MarketSite in Times Square and take this auspicious opportunity to bring recognition to the tremendous growth and success we have achieved over these years,” said Mr Pergande.

“During my 45-year tenure as a director of the company, I’ve witnessed our growth from a small water utility in Grand Cayman to now a multinational company with operations across the continental US, Hawaii, The Bahamas and the Caribbean, and more than

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT

Common Law and Equity Division

BETWEEN

$100m in annualised revenue. Now in our 28th year trading on Nasdaq, I’m very pleased to say the best is yet to come.

“From its beginning, Consolidated Water has pursued a mission to provide state-of-the-art water services to areas of the world where the supply of potable water is scarce. The company’s dedicated team of engineers, builders and operators have long recognised that fresh water is the most precious resource in the world. Today, the company produces more than 25m gallons of potable water daily from its 11 seawater desalination plants and operates 27 wastewater treatment facilities.”

Consolidated Water supplies all the water that the Water & Sewerage Corporation subsequently sells to its New Providence customers via the Blue Hills and Windsor reverse osmosis plants. The company last month entered the US desalination market with a $204m contract to design, build, operate and maintain a seawater desalination plant in Hawaii.

2023 CLE/Qui/00294

IN THE MATTER of the Quieting Titles Act, 1959 AND

IN THE MATTER of ALL THAT piece parcel or Lot of Land containing 4,054 square feet situate on the Southern side of Brougham Street between Blue Hill Road and Market Street in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas and shown on a plan on record in the Department of Lands and Surveys as Plan numbered 6113 NP.

AND

IN THE MATTER of the Petition of VANESSA WALKES-SANDS

NOTICE

THE PETITION OF VANESSA WALKES-SANDS in respect of:“ALL THAT piece parcel or Lot of Land containing 4,054 square feet situate on the Southern side of Brougham Street between Blue Hill Road and Market Street in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas and more particularly described and shown and delineated on Plan No. 6113 NP fled in the Department of Lands and Surveys.”

THE PETITIONER claims to be the owner of the fee simple estate in possession of the parcel of land hereinbefore described free from encumbrances and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act, 1959, in the above action, to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certifcate of Title to be granted in accordance with the provisions of the said Act.

NOTICE is hereby given that any person having a dower or a right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the fnal publication of these presents, fle in the said Registry of Supreme Court and serve on the Petitioner or the undersigned a Statement of his claim in the prescribed form verifed by an Affdavit to be fled therewith. Failure of any such person to fle and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the fnal publication of these presents will operate as bar to such claims.

Copies of the Petition and Plan of the said land may be inspected during normal offce hours in the following places:- the Registry of the Supreme Court, 1st Floor, British American Building, George Street, Nassau, The Bahamas, and the Chambers of the Petitioner’s Attorneys, Duffus House Annex, 36B Sears Road in the City of Nassau, The Bahamas.

NORWOOD A. ROLLE & CO., Chambers, Duffus House Annex, 36B Sears Road, Nassau, N.P. The Bahamas. Attorneys for the Petitioner

CLARANY CASH LAKERA TAYLOR

Tourism advances downtown plans

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

The Ministry of Tourism, Investments and Aviation (MOTIA) sought to further advance pedestrianisation plans when it met with downtown stakeholders on Wednesday, it was confirmed yesterday.

Senator Randy Rolle, the ministry’s global relations consultant who has been tasked with spearheading downtown’s revival, told Tribune Business the discussions over transforming the ‘Zone One’ bloc between Navy Lion Road and Frederick Street had proven fruitful.

Downtown has been split into three zones, and Senator Rolle said: “In keeping with the promise to engage the stakeholders, we just wanted to update them on what’s been happening downtown and we wanted to hear their feedback and concerns.”

Chief among the discussion topics was the recent demolition of derelict buildings east of East Street. The ministry is also in the “final stages” of selecting tourism ambassadors that will be placed in strategic locations downtown. “We also wanted to update them on a new initiative for the pedestrianised market slope, which is the street between the east of the

Straw Market, and making that pedestrian only,” Mr Rolle said.

“The plan was to create some vendor opportunities, but again it will allow for a flow straight from the cruise port through market slope into downtown.” There are also three places where passengers can exit Nassau Cruise Port, making downtown more accessible to them. “We wanted to make sure every business had access to an equal amount of cruise ship passengers,” Mr Rolle added.

“The tourism bicycle unit is back now and it creates a better presence of officers. Some of the stakeholders

Chamber chief optimistic on Carnival’s 2m guests

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Grand Bahama Chamber of Commerce’s president yesterday said he is optimistic that Carnival Cruise Line will deliver two million passengers to the island annually once its Grand Port is completed.

James Carey told Tribune Business that merchants and other businesses attended a recent event where Carnival outlined its retail plans for the port and the requirements and standards that vendors must meet.

“They said they are projecting two million passengers on the ground a year, and I did ask what the expected onshore spending will be in whatever period they select. Basically they deferred to the cruise ship association’s estimated per person spending, but I

reminded them that they offer themselves up as high end,” Mr Carey added. Carnival has not disclosed its full master plan for proposed cruise port yet, but will soon be forthcoming. “Their master plan is still under design. The pier hasn’t started construction yet, so that is where they’re at. Right now there is nothing visible except for the excavation and the piling and the debris on the ground,” Mr Carey said. “It’s still early days, but Carnival is very committed, based on their words, to completion of this project and making the Grand Port their premier Carnival port. There are a limited number of [retail] places they have available right now and I don’t remember the number. But a few things they will insist on is properly-run businesses that will add the type of supply, and they are not going to allow

any sort of duplication of business.

“These businesses need to be very professional, and they need all of the amenities for sales like point of sales systems and machines to take credit cards.... The question remains as to how many cruise passengers will leave the port and venture outside of the port, which becomes very critical for the island,” the Chamber chief added.

“There are a lot of people interested. There was initial talks of everything being channelled through Carnival in terms of sales and the use of Carnival dollars or whatever currency they use on the ship. But that’s not going to happen at the onset. It will just be regular transactions as if they were guests purchasing outside of the port. I think persons are keen that they need to get their act together and get organised to be ready to participate.”

BAIC EXECUTIVES MAKE GOVERNOR GENERAL CALL

THE GOVERNOR GENERAL, Sir Cornelius Smith, received executive team members of the Bahamas Agricultural and Industrial Corporation (BAIC) in a courtesy call at his office earlier this week. Pictured from L to R: Lester Miller; Lester Stuart; Deidre LaRoda; chairman Leroy Major; Sir Cornelius; Troy Sampson; Kervan Culmer; and Martin Albury.

Photo:Patrick Hanna/BIS

Make Freeport ‘boom town’ before Hawksbill deal ends FROM

“There was a question back then whether VAT could be applied in Freeport, but that effort abated. I suppose corporate income tax will follow the same line. It’s going to drive costs up for merchants. There’s a domino effect throughout.

The merchants aren’t going to take a hit; ultimately it’s passed on to the consumer. It’s a trickle down.”

The estimated 3,500 Grand Bahama Port Authority (GBPA) business licensees presently enjoy exemptions from income, capital gains and real property taxes under the Hawksbill Creek Agreement, although the Davis administration’s recent attacks on Freeport’s quasigovernmental authority and founding treaty raise many questions and much uncertainty - including the future duration and extent of these tax carve-outs.

The Government itself has already admitted it is uncertain over whether any corporate income tax can be applied in Freeport. “Businesses under the Hawksbill Creek Agreement in Freeport are exempt from paying the Business Licence fee, alongside the elimination of property taxes and import duties,” its corporate income tax ‘green paper’ said.

“For these free trade zones, appropriate Bahamian legal advice would be required to determine whether the application of corporate income tax would be legally possible, though any application of corporate income tax would likely erode the competitive advantage afforded to this area.”

The four corporate income tax reform ‘options’ floated by the Government would, in most instances, see the new tax replace the Business Licence fee for many companies. However, the impact would be different in Freeport as most businesses there pay their licence fees to the GBPA rather than the Government. It is unclear whether they would, too, cease paying these fees to the GBPA if a corporate income tax was introduced.

Mr Carey, meanwhile, implied that the corporate income tax discussion had merely created another element of uncertainty for Freeport. He said: “Freeport does need a bit of a break, and the recent machinations of the Government and Port Authority have only caused trepidation. The Government and Port Authority need to come together and have some serious discussions on the way forward.

“There’s 30 years left on the Hawksbill Creek Agreement and we don’t want to wait until the 11th hour to make the place boom. It’s to the country’s advantage to start the boom now so that when it comes to an end we have a booming city. There’s no reason why the Government cannot put in the effort. They’re deriving a lot of taxes out of Freeport and there’s talk of real property tax as well.

“You cannot just tax, tax. The Government has a huge appetite for spending and it’s constantly looking for all sources to satisfy that appetite.” Asked by this newspaper whether a corporate income tax would go against the Hawksbill Creek Agreement’s intent and spirit to create a ‘tax-free’ free trade zone, Mr Carey replied: “In my view, it does.

“The whole concept of Freeport being the city it is was intended to make it the ideal city that was great for The Bahamas, great for the residents and great for the Government., but we seem to be badly off the mark right now. Every time you turn around there’s more taxation. The Government has a huge appetite for taxation because they have an equally big hole to fill through their spending.” When this newspaper raised the question of whether Freeport and, by extension, The Bahamas are in danger of squandering the Hawksbill Creek Agreement’s final 31-plus years, Mr Carey said: “I think that in many ways the benefits have been squandered already because there are so many things now that, for development purposes, need government permission and approval.

“There’s no easy path any more except for routine type businesses. It has to go by way of the Port Authority and the Government. It’s just incredibly difficult to do business. You look at places like Abaco, Exuma, Eleuthera, where the Government is the only stop. Here we have the Port Authority and the Government. It’s just a little more complex than other places when it should be more seamless and easier to business.”

A corporate income tax will be the first such incomebased levy in the country’s history, apart from the National Insurance Board’s (NIB) payroll-based contributions, and is intended to ensure The Bahamas complies and fulfills its obligations as one of 140 countries that have signed on to the G-20/Organisation for Economic Co-Operation and Development (OECD) drive for a minimum 15 percent global corporate tax.

In the first instance, this initiative applies only to corporate groups and their subsidiaries that have a minimum annual turnover in excess of 750m euros. The Government’s ‘green paper’, which is dated May 17, 2023, sets out the first option as merely introducing a 15 percent corporate income tax for all Bahamasbased entities that fall into that 750m-plus turnover category, while maintaining the Business Licence status quo for all entities which are not affected.

Mr Carey yesterday said he understood the global pressures facing The Bahamas, but added that “there are always exceptions to every rule and we need things to happen here”. Disclosing that Freeport businesses and residents anticipate that more pressure will be applied to the GBPA and its owners, the Hayward and St George families, he questioned “how much appetite” they have for “fighting” the Government.

Pointing out that a thriving Freeport will benefit all stakeholders, including the Government and its taxes, the GB Chamber chief added: “The fist step is the Government and the Port Authority getting together and hammering out the way forward. We’ve heard a lot of talk about the airport but, all of a sudden, it’s gone quiet and we’re not seeing or hearing anything.

“We can’t be sure of anything. It’s not looking particularly bright because there’s no definitive way forward.”

NOTICE

PACIFIC BLACK LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 205750 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General on the 25th day of July 2023.

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

Michael Vieira Da Silva

PUBLIC NOTICE

REAL ESTATE BOARD

LICENSED BROKERS/SALESMEN/APPRAISERS/DEVELOPERS

The Public is notifed for general information that the following persons have renewed their licenses as of January 1st, 2023. These licenses are valid until December 31, 2023. The public is advised that the list of names below include registered, licensed members of The Bahamas Real Estate Association. The public is further advised that only licensed real estate salesmen and brokers are legally permitted to conduct the business of real estate in The Bahamas.

$29m Exuma cays quieting labelled ‘mockery of justice’

FROM PAGE B1

petition. “We are going to strike it out and apply for an adverse claim. It’s making a mockery of the justice system. We have to stop allowing things like this to happen in this country.

“Honestly and truly, I feel the courts allow things to happen because there are processes we have to go through. We are very concerned but the reality is they are wasting the court’s time. The truth is the truth. The case went on for a yearand-a-half, the judge took his time, it was a process going back and forth before the court recounting what had happened before.”

There is nothing to suggest Mr Burrows or Mr Allen have done anything wrong in launching a fresh bid to obtain a title certificate to Lumber Cay and Jim Cay. Both Mr Allen, son of late finance minister, Sir William Allen, and Mr Burrows, were among those who featured in Sir Ian Winder’s September 12, 2022, verdict where he set aside a previous Certificate of Title to both islands on the basis that it had been obtained via fraud and abuse of the Quieting Titles Act.

The certificate had been obtained by the same Mr Burrows in partnership with Gardie Nixon, with both men represented by Mr Allen. But, slamming the “falsehoods” and “deliberate concealment” employed by the duo to obtain title to the islands, which was granted by the Supreme Court via a different case on July 18, 2017, the Chief Justice said the fraud meant the later sale of both islands to companies owned by a Virginia-based developer, David Tilton, was “null and void”.

His verdict detailed allegations that the two islands were sold to Mr Tilton for a combined $1.8m - a sum equivalent to just 6.2 percent of their combined appraised value. Lumber Cay, in particular, was said to have been appraised at $20m alone, and offers a prime real estate/tourism development opportunity as a 30-acre parcel located just 700 feet south of Staniel Cay, the renowned boating and second home destination.

Mr Allen was also described in the judgment as acting for Mr Tilton and his companies. He was said to have been a president, director and shareholder of Archipelago Development & Resorts III and Jim Cay Company, with Mr Tilton funding the quieting action, but Mr Allen subsequently vehemently denied that there was any land fraud or that he played a role in any such conspiracy, adding that the Chief Justice’s verdict got it “very, very wrong”.

He last week told Tribune Business that the latest Quieting Titles petition by Mr Burrows, with Gardie Nixon no longer involved, will expose “the actual story” concerning both cays. Jim Cay is an eight-acre island situated north of Lansing Cay, between Musher and Hog Cay, and Mr Allen said the new action is “based on a completely new set of

circumstances” to what was before Sir Ian. Asserting that there are no plans to ‘flip’, or sell, either cay to Mr Tilton or anyone else should his client be successful, he added that Mr Burrows’ claim is based on a possessory title - meaning that he actually lived on, or worked on, both cays for an extended period of time - “without those documents tying us to” the estate of the late King Richard Nixon, whose other children including Ambrose Nixon successfully overturned the previous title certificate in the case before Sir Ian.

Sir Ian, in his verdict, found that Mr Burrows “misled the court” by failing to disclose that he was placed on Lumber Cay by Wayde Nixon, a member of the Nixon family, to be a caretaker. And one witness testified in the trial that he had been promised a boat and a house “if he testified that Samuel lived on Lumber Cay for the last 20 years”.

However, Mr Allen yesterday said: “We’re going to present the true story. We have the opportunity to present the actual story. This is Samuel’s possession, and if something was taken fraudulently from King Nixon, then prove it. Prove he owned it and it was taken from him. We’re saying King Nixon’s estate never owned the property.” Mr Burrows is the late King Nixon’s brother-in-law and uncle to all his children, many of whom successfully opposed him in the original Quieting Titles action. Ambrose Nixon yesterday said he still has faith in the judicial system, and that the estate has resources to continue the fight, but questioned what happens to Bahamians faced with similar challenges who lack the financial resources and means for a legal battle.

“It’s an abuse of the justice system for them to continue to do this,” he blasted. “A lot of people are going through this. It’s sad to know they don’t have the money to go back into the court system and fight these cases. The lawyers know that and use that to their advantage.

“The justice system is still just. It’s a process you have to go through, but it has to come to an end at some point. I feel honestly and truly that the system needs to be more open, and that the Bar Association needs to pull up its socks and deal with those attorneys that take advantage of the system and take advantage of people who don’t have the ability to fight them. I just pray that once the justice system is doing their job we’ll have a better answer for every situation.”

Mr Allen, though, pointed out that Sir Ian’s ruling did not give or confirm that King Nixon’s estate has title to, and is the true owner, of both cays. He added: “What it does reflect is that the Chief Justice did not give the cays to them. He restored the status quo and left the cays in exactly the same condition as before, which made us feel we were entitled to quiet them again.”

INTER-SHIPPING MANAGEMENT LTD. Reg. No. 51598 B

NOTICE OF DISSOLUTION

Notice is hereby given, in accordance with Section 138(4) of the International Business Companies Act of 2000, that the above-named Company commenced dissolution procedures on the 16th day of August 2023 and that Sterling (Bahamas) Limited of Suite 205A, Saffrey Square, Bank Lane & Bay Street, P.O. Box N-9934, Nassau, Bahamas has been appointed voluntary Liquidator of the Company. Notice is also hereby given that any person having a claim against the Company is required, within 14 days of the date of this Notice, to send their names, addresses and particulars of their debts or claims to Sterling (Bahamas) Limited, the Liquidator of the Company, or in default thereof they will be excluded from the beneft of any distribution made before such debts or claims are proved.

Dated this 16th day of August

Sterling (Bahamas) Limited

BISX-listed firms blame profits drop on inflation

FROM PAGE B1

dragged consolidated net income down from $4.463m to $4.27m.” That represented a 4.31 percent year-over-year decline, with Mr McKellar adding that ICB’s woes were compounded by increased reinsurance costs as a result of rates “hardening” worldwide.

“Our underwriting segment was affected most by the perfect storm of inflation and the hardening of the global reinsurance market over the period,” he explained. “As mentioned in previous reviews, the risk exposure of the entire Caribbean (and Florida) remains under intense scrutiny by global reinsurers.

Some have decided to pull out of the region altogether, while those who remain have substantially increased their rates across the board, raising costs for everyone.

“As a result, expenses in this segment increased from $28.095m to $32.74m or 16.53 percent compared to the same period last year, which drove down overall net income from $611,744 to $512,137 (-16.28 percent).

While some of the decline in income this period is the result of a non-recurring gain in 2022 that boosted income by nearly $600,000 last period, the overall negative effect of inflation on our financials over the period is clear.

“Our agency segment fared relatively better over the period, with only a slight decline in net income for the period from $3.851m to $3.758m (-2.42 percent). Results were buoyed by a modest increase of nearly 1 percent in net revenue from contracts with customers.”

Bahamian property and casualty underwriters such as Insurance Company of The Bahamas must acquire huge amounts of reinsurance annually because their relatively thin capital bases mean they cannot cover the multi-billion dollar assets at risk in this nation, thus making them dependent on global support.

ICB, in its recent 2022 annual report, said the drop in reinsurance availability for this country and the wider Caribbean has already pushed property insurance costs for Bahamian homeowners and businesses to the highest levels it has seen in its 26-year history.

As for Commonwealth Brewery, it told investors it

had managed to shrug-off the second quarter’s modest profits decline as net income was “marginally” ahead for the 2023 half-year at $6.5m compared to $6.2m for the 2022 comparative. Operating costs for the first six months were up 11 percent year-over-year at $57m.

“In the second quarter, Commonwealth Brewery recorded a net profit of $4.6m, which is a slight decline versus the comparative period in 2022 (net profit of $4.9m),” the company said.

“This was mainly driven by increased selling and marketing expenses, continued cost pressure on raw and packing materials, personnel expenses and increased finance expenses mainly related to foreign exchange. As a result of this second quarter performance, comprehensive income for the first half of 2023, at $6.5m, was up marginally versus the $6.2m earned in the comparative period of 2022.

“Management will continue to execute its Evergreen strategy to drive sustainable, balanced growth by identifying specific cost mitigations as we navigate the ongoing market volatility whilst building for the future.”

Turning to the first six months, Commonwealth Brewery said: “Operating expenses increased to $57m for the period (+11 percent), primarily driven by increased production and logistics, selling and marketing as well as payroll expenses. Certain of these increases reflect the ongoing pressure from inflation. Commonwealth Brewery will continue to implement cost productivity programmes and other measures to mitigate any profit margin dilution.

“Commonwealth Brewery continued to experience strong growth in net revenue during the period ending June 2023 (+11 percent) when compared to the same period of 2022. Key drivers were the continued economic recovery, the market alignment of excise tax and the ongoing growth of tourism. Revenue growth was delivered through a combination of margin per hectolitre – to offset ongoing inflation – and volume growth in key categories such as beer, malts, and spirits.”

PUBLIC NOTICE

The Public is hereby advised that I, ANNECIA KNOWLES of Lumumba Lane in the Eastern District, New Providence, Bahamas intend to change my name to ANNECIA REID If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, OVERCARD PLUMET INC. is in dissolution as of August 15, 2023

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

FROM PAGE B1

instances of account holders reporting unauthorised online transfers to persons unrelated or unknown to them,” the FIU said.

“Based on information received, victims reported the unauthorised transfers but would also note being contacted previously by a purported representative from the bank. The victims would then admit providing their account information to the purported representative. These individuals are victims of telephone banking fraud.

“The purported representative would then advise that there is an issue with your account information or request verification of a recent transfer. They induce the account holder to provide them with their personal banking information. The purported representative then uses this information to either use the client’s online banking or block the account holder from their account to use their online banking,” the FIU added.

“In other cases, victims have been noted to provide information as a result of an e-mail purporting to come from their banking institution requesting that the account holder confirm their banking information to avoid being blocked from their account. The e-mail will contain a link the account holder would click on to provide the information. This type of fraud is known as a phishing scam where the victim is induced to reveal sensitive information.”

The advisory also warned that persons may become involved in receiving fraudulent funds through bogus online employment recruiters that convince them the monies have been transferred for legitimate purposes. These individuals then send a portion of the amount to the fraudsters and unknowingly participate in the schemes. Others catch on to the illicit schemes and willingly participate.

The FIU said: “The recipient can be either a complicit or a non-complicit participant in the fraudulent scam. Based on information received from the recipient, they would have been contacted by an unknown individual through a social media platform where they are recruited by the individual for a job which requires them to determine the product or service of a business.

“The recipient is then advised that their account would be credited, and they were to keep a portion of these funds as payment for the completed job and the remainder should be transferred to them.

“These recipients genuinely believe that they were

CALL @ 502-2394

NOTICE First Last Category Postal Address Town/District Island

hired, and the funds were legitimately transferred. In other cases, the recipients have some knowledge of the fraudulent activity and are aware that the transfers to their accounts are unauthorised and some attempt to defraud the fraudsters by collecting the funds but not wiring out the funds to the fraudsters as instructed. These people become complicit in the fraudulent scam.”

Wayne Munroe, minister of national security, acknowledged the rise in fraudulent transactions while speaking at the Computer Incident Response Team stakeholder conference this week. He added that as technology becomes more accessible, participants are more vulnerable to persons with malicious intent. This threat extends to financial institutions, the general public and government agencies.

He said: “The Davis administration’s Blueprint for Change noted that we’re committed to advancing The Bahamas as a digital society. We fully understand that we are in an era of technology, regardless of some of us still relying on paper. Our citizens, civil agencies, private sector, government agencies and safety and security defences are all utilising more and more digital platforms.

“The ultimate goal is to accelerate digitisation, thereby increasing productivity. Simultaneously, as the cyber landscape becomes more accessible, it is also becoming increasingly connected and increasingly more complex. Hence the number of cyber threats, and attacks on both personal and commercial levels are on the increase. With the continuous advancement and evolution of technologies, vulnerabilities also are on the rise both for individuals and state actors.”

Mr Munroe maintained that cyber security is an important part of the digital push, and that a comprehensive approach to cyber protection through robust digital infrastructure is vital to protect The Bahamas from cyber crimes. He said: “Critical to accelerating the nation’s economic growth and development by digitisation is cyber security. Cyber security and cyber reliance are essential to advancing a digital society that secures and protects every citizen of The Bahamas.

“From a national perspective, it is crucial to ensure a comprehensive approach to cyber security challenges, irrespective of whether these take the form of international cyber attacks, or are unintentional through natural disaster, technological errors or accidents.

“We can only improve protection against cyber incidents through the interaction between preventative measures, a robust digital infrastructure, the ability to deal with cyber attacks, the fight against cyber crime and sufficient cyber security competence.”

COMPANIES ACT,

2000 Mountain

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, Mountain Invest SA is in dissolution.

The dissolution of the said Company commenced on August 16, 2023 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.

FIDELITY ‘RAMP UP’

AFTER 30% FIRST

HALF PROFIT FALL

FROM PAGE B1

that itself, and all rival commercial banks, will be competing for the same borrower pool with no appreciable growth in their loan books “for at least three years”.

Mr Bowe, affirming that the bank is not moving away from its traditional loans and deposits model, and views fee and commission income as complementary to this, reiterated that its ultimate goal is to be “a $50m profit bank” and that it will achieve this by focusing on a long-term strategy as opposed to “short-term profits that appease the market”.

The Fidelity chief spike out after the bank’s unaudited results for the six months to end-June 2023 showed a 29.5 percent, or more than $3m, year-overyear fall in first-half income to $7.318m as opposed to $10.367m the prior year. Net interest income was flat against 2022 comparatives at $26.682m, with the rise in fee and commission earnings producing a marginal increase of less than $400,000 in total income at $29.174m.

However, Fidelity Bank (Bahamas) saw total expenses increase by more than $3.4m, or 18.7 percent, year-over-year as these rose to $21.857m from $18.411m.

The major culprit was the more than-$2.3m surge in loan loss provisions, which jumped by 90.9 per cent year-over-year to $4.883m compared to $2.558m in the 2022 first-half. General and administrative expenses also rose, growing by just over $850,000 from $8.459m to $9.311m.

Mr Bowe, though, said there were already signs that the loan loss provisioning is easing. “Our second quarter provisions are about $500,000 less than the first quarter,” he told Tribune Business. “We’re starting to see more of the recoveries creep in. We are expecting that the third quarter and fourth quarter provisions will continue to see a decline.

“We know last year and the year before we had COVID recoveries of roughly about $5m a year. We’re not going to have that this year, but as we increase the recovery effort through bankruptcy and more aggressive collections we expect to be running at $4m-$5m a year on that one because of the $89m delinquent portfolio.

“We are expecting this year to be the start of it. We have recovered to-date, at the half-year, $1.8m so we are well on the way to $4m for the full year. It’s interesting. We discussed in the Board meetings that it’s almost as if we have two loan portfolios; a performing portfolio and a non-performing portfolio.”

That $80m non-performing portfolio features legacy consumer loan delinquencies that have built up over many years. Recoveries from it will be the goal of Fidelity Bank (Bahamas) credit collections centre, which will be supported by branch staff, who will still be responsible for managing/ administering performing loans and originating new credit. Employees who generate recoveries will be rewarded through an incentive initiative.

Asked whether Fidelity Bank (Bahamas) is revising downwards the 2023 full-year profits target it unveiled earlier this year, Mr Bowe confirmed: “We are looking at that in terms of where we want it to land.

We know that the $25m, which was a stretch target, is not realistic this year. We are still targeting a consistent profit with last year of between $20m-$22m....

“We certainly expect the second half to be stronger and are doing the sensitivity analysis. Our target now is that we know we will not hit $25m, but to be consistent with the prior year, which requires us to ramp up over the next two quarters. We know the collections and debt recovery will benefit

us in that, and we know that the merchants we have brought on board becoming more accepting of the cards, there’s opportunity there. “We know our worst case is $16m [profit], but we’re still targeting $20m-$22m so that we’re consistent with the prior year. We’re still looking at that range.” Mr Bowe said Fidelity Bank (Bahamas) will especially concentrate on its merchant services business, and the fee and commission income derived from it, as part of “the three elements we are focused on between now and December”.

He explained: “One is that during the holiday period there is a higher spend on credits cards and unsecured lending. In the last 18 months, we’ve expanded our merchant category and merchant customers by around 1,500. We are looking at how do we have those at maximum spend. We are doing a number of promotions in conjunction with MasterCard and Visa in terms of how we encourage a cashless society.

“The more people spend on cash with merchants, the more flows to us in fees and commissions.”

Mr Bowe argued that merchants would save more through accepting a higher volume of credit and debit card payments, even though the average card discount rate may be between 3-4 percent, as the reduction in cash use would enable them to rely less on security guards, vaults and armoured cars - expenses he estimated could be equivalent to 10 percent of every dollar earned.

The Fidelity chief also disclosed the straw vendors and taxi drivers equipped by the bank to accept debit and credit card payments have seen a 30 percent increase in business as a result, although the fees and commissions derived will complement - rather than replace - the bank’s core loan business.

“The reality is that there are not new borrowers emerging. There are existing borrowers,” Mr Bowe told Tribune Business. “We are all competing for the same pool of borrowers. From our perspective, we see that being a similar situation for at least the next three years.

“We are looking to build the non-interest income to a sizeable chunk of revenue. If we can take that number from roughly $7m this year to $10m, that can be a drop to the bottom line of $3m. We are not a bank that is looking to move away from the traditional model of deposits and lending. We are simply looking for complementary opportunities.”

Describing the merchant services business as offering a “value-added” product, Mr Bowe said Fidelity Bank (Bahamas) is focused on steady expansion towards its $50m per year profit target. “I shared with the Board and shared with the staff that we are not looking for short-tern profits to appease the market and then have long-term adjustments,” he explained.

“We’d like to have a steady ramp up to where we want to be rather than volatile ups and downs. We want to move in a very consistent pattern that allows our shareholders to achieve stability. They can rest assured that their dividends will not be interrupted in any form or fashion, and can rest assured the return on equity will be consistent and not see volatility where there are significant profits and losses.

“We are very much deliberate in our approach.... so that we don’t have shortterm gains for long-term pain. I’d rather have shortterm pain for long-term gain. Our intent is that we are certainly targeting us being a $50m profit bank and we will only achieve that by steady progress towards that number as opposed to taking extra measures that could easily lead to extra risk if not addressed.”

Lender names agents in Family Island expansion

FROM PAGE B2

ladies as part of our team helping residents meet their financial needs and challenges with our Easy Payday loans in the Family Islands,” Ms McKenzie said. “This position allows me to give back to my community.

“Most persons are not computer savvy and are unable to go into Nassau. I am able to give Exuma residents personalised service in securing needed loans. Whether for small business inventory or back-to-school shopping, this on-island presence helps.”

Ms Taylor said there is a great need for accessible financial services on Long Island, and that customers appreciate the fast and flexible Easy Payday loan service she now offers locally. She added that being an agent has not only provided her with an additional source of income but also empowered her to serve her community.

“Given our limited banking options, many locals often find themselves in need of a financial bridge, especially as many residents find it challenging to travel to Nassau for loans. With a choice to work full-time or part-time, being an agent is an avenue to accumulate more income for me. The sign-up process was uncomplicated and straightforward,” she added.

“It’s rewarding to assist individuals in need. My hope is for Easy Payday to gain even more recognition throughout Long Island. The feedback from those we’ve helped financially has been overwhelmingly positive.”

“The introduction of local agents like Aveisha, Lakera and Clarany in the Family Islands ensures a personalised approach, tailored to the unique needs and challenges of each island’s population,” said Ms Munroe. “We’re looking forward to welcoming more agents throughout the Family Islands.”

Tourism advances downtown plans

FROM PAGE B3

also spoke about wanting to see officers directing traffic like how it was years ago like the old Nassau.”

Along with the demolition of the derelict buildings, corporate sponsors have signed up to continue with the cleanup and beautification of downtown Nassau. Atlantis is among those that will assist with providing green spaces.

Mr Rolle said: “We have major corporate sponsors who have worked with the community before and want to do some things in the community, and that’s going to help us create our murals and work on our downtime in downtown where we can move it to different spots on Bay Street.”

Downtown businesses were “very receptive” to

the information from the Ministry of Tourism, Investments and Aviation, and were “very positive” on what was discussed at the meeting. The “next steps” will be providing renderings of what the market slope will look like when it is pedestrianised, and display how traffic will flow and how people will be directed coming off the cruise ships. There will also be changes to the public transportation regime, too. “We will move the bus stop on East Bay in front of government publications, and we will create benches and have that as a drive-in bus stop. I would like for busses to be able to turn into that bus stop. We will provide benches, but that can’t be in the street any more. That is a major inconvenience,” Mr Rolle said.

Biden's approval rating on the economy stagnates despite slowing inflation, AP-NORC poll shows

By JOSH BOAK AND EMILY SWANSON

Associated Press

PRESIDENT Joe Biden has devoted the past several weeks to promoting the positive impacts of his policies — but his efforts have yet to meaningfully register with the public.

Only 36% of U.S. adults approve of Biden's handling of the economy, slightly lower than the 42% who approve of his overall performance, according to the new poll from The Associated Press-NORC Center for Public Affairs Research.

Both figures are close to where Biden's approval numbers have stood for about the past year and a half, including just two months ago. Signs of an improving economic outlook have done little to sway how people feel about the Democratic president as he gears up for a 2024 reelection campaign that could pit him against his predecessor and 2020 opponent, Republican Donald Trump.

Job growth has stayed solid with the unemployment rate at 3.5%, while the pace of inflation has slowed sharply over the past year to the annual rate of 3.2%.

Both Biden and Trump have weaknesses as older candidates seeking a rematch. Trump, 77, faces a series of criminal indictments that include his possession of classified material and allegations that he tried to overturn the 2020 election, which has rallied support among Republicans while leaving him with substantial vulnerabilities in a potential general election contest.

Biden, 80, has yet to fully bring Democrats to his side as the lingering aftershocks of inflation still weigh on

people's minds. Along with members of his cabinet and Vice President Kamala Harris, Biden has been speaking about the $500 billion worth of new investments by private companies that he said came from incentives he signed into law.

Erica Basile, a teacher who describes herself as a "staunch Democrat," said she feels the economy is "mediocre, but improving."

"I do think in many ways they're working very hard at getting the economy back on track post-COVID," said Basile, who lives in Lynnwood, Washington.

Just 65% of Democrats approve of Biden's economic leadership, while 76% approve of how he's handling the job overall. In follow-up interviews, some survey respondents felt torn between the desire to return to a sense

of normalcy after Trump's presidency and the desire for even more sweeping policies to address climate change, health care costs and taxes.

"When Joe Biden was selected to be the nominee and eventually won, my feeling at the time was that he could be the most milquetoast and undramatic president to help the country cool down," said Steven Peters, 41, who works in information technology in White House, Tennessee. "Unfortunately, that's what he's been. I'm dissatisfied because I had hoped there would be more change."

Peters added, "He's really middle of the road when a lot of people would like to see more dramatic action."

For GOP supporters, such as Merritt Rahn, 74, Biden has gone too far. Rahn said he is retired but

also works at Home Depot and sees higher gasoline and food costs as making it harder for families to get by financially. The Jensen Beach, Florida, resident said Biden will further hurt the U.S. by moving energy sources away from oil and gas. "It's a death to our society and economy," said Rahn, who added that he believes Biden "has no clue what's going on."

The poll also found that 55% of Democrats say they don't think Biden should run again in 2024, though a large majority — 82% — say they would definitely or probably support him if he is the nominee. Overall, only 24% of Americans say they want Biden to run again.

Among Democrats who approve of how Biden is handling the economy, 58% would like him to seek

another term. Just 20% of those who disapprove of his performance on the issue want the incumbent president to run again.

Biden continues to struggle to appeal to younger Democrats, especially on the economy. Only 52% of Democrats under age 45 say they approve of his handling of the economy, compared with 77% of those older.

The president has used the term "Bidenomics" to try to encompass his ideas to lower costs for people on Medicare, shift toward electric vehicles and renewable energy, and build factories for advanced computer chips and batteries. Yet some are still struggling to understand what the term means. Asked about the definition of Bidenomics, Cory O'Brien, 39, said: "You know what, dude, I have no idea. Biden is a free market capitalist like most moderate Democrats are."

The age gap extends to Biden's reelection campaign: Just 34% of Democrats under 45 want him to run again, compared with 54% of those older than that. Still, about three-quarters of younger Democrats say they'll most likely support him if he's

the nominee, though only 28% say they definitely will. O'Brien, who works in education and lives in Massachusetts, said he expects the 2024 election to be "miserable" for voters because of the likely Biden and Trump rematch.

"I think it's going to be a miserable election cycle," he said. "We're going to see a lot of the same stuff that we saw in 2020."

Biden also faces renewed pressure related to investigations over his son Hunter's business dealings.

The poll finds that a majority of Americans — 58% — have hardly any confidence in Biden to reduce corruption in government, though that's unchanged since January. Another 30% have some confidence and 10% have have a great deal of confidence.

The poll shows that 23% of Americans say they have a great deal of confidence in Biden's ability to effectively manage the White House, 31% have some confidence and 45% have hardly any. Despite the fact that Biden has achieved several of his major policy goals, just 16% say they have high confidence in his ability to do that, while 38% say they have some confidence and 44% hardly any.

The Public is hereby advised that I, ONNECIA KNOWLES of Lumumba Lane in the Eastern District, New Providence, Bahamas intend to change my name to ONNECIA REID If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

TO ALL SHAREHOLDERS

The Board of Directors of Bahamas Waste Limited has declared a Dividend for Ordinary Shares, to all shareholders of record as of August 25, 2023, of $0.16 cents per share

The payment will be made on September 6, 2023, through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent

Robert V. Lotmore Corporate Secretary

PRESIDENT Joe Biden speaks about the Inflation Reduction Act of 2022 during a ceremony on the South Lawn of the White House in Washington, Sept. 13, 2022. It’s a once-in-a-generation undertaking, thanks to three big bills approved by Congress last session. They’re now coming online. Biden calls it “Bidenomics.” Republicans criticize it as big government overreach. Taken together, the estimated $2 trillion is a centerpiece of Biden’s re-election effort.

Photo:Andrew Harnik/AP

Wall Street weakens again as higher bond yields keep biting

By STAN CHOE AP Business Writer

WALL STREET fell for a third straight day Thursday as rising yields in the bond market keep cranking up the pressure.

The S&P 500 sank 33.97, or 0.8%, to 4,370.36, and August is on track to be its worst month of the year by far. The Dow Jones Industrial Average dropped 290.91 points, or 0.8%, to 34,474.83, and the Nasdaq composite fell 157.70, or 1.2%, to 13,316.93.

The losses were widespread. Some of the hardest hit were high-growth stocks seen as the most vulnerable to higher interest rates. Meta Platforms sank 3.1%, and Tesla dropped 2.8%. Apple fell 1.5% and was the heaviest weight on the S&P 500. Stocks broadly have been retreating in August following a torrid first seven months of the year. That’s in part because a swift rise in bond yields is forcing a

reassessment of how much to pay for stocks.

The 10-year Treasury, which is the centerpiece of the bond market, is now yielding 4.28% after touching its highest level since October in the morning.

If it reaches 4.34%, it will be at a level unseen since 2007, according to Tradeweb. That’s before the financial crisis and Great Recession caused yields to collapse to record lows. The 10-year Treasury was yielding less than 0.70% three years ago.

Higher yields are good for bond investors, who get fatter payouts for their investments. But it hurts stock prices because investors are suddenly less inclined to pay high prices for them and other investments that aren’t as steady as bonds.

Higher yields also mean borrowers have to pay more to get cash, which can crimp corporate profits and cause unforeseen things to

break in the system, like the three high-profile U.S. bank failures that shook markets this spring.

Homebuyers are feeling the sting. The average rate on a 30-year mortgage hit its highest level this week in more than 20 years.

Yields have been on the rise as more reports show the U.S. economy remains remarkably resilient. On the upside for markets, the data

means the economy has been able to avoid a longpredicted recession. But on the downside, it could also keep upward pressure on inflation. That would give the Federal Reserve reason to keep interest rates higher for longer.

More data came in Thursday showing a firm U.S. economy. Fewer workers applied for unemployment benefits

last week than economists expected. It’s the latest signal that the job market continues to be solid.

A survey of manufacturers in the mid-Atlantic region also unexpectedly showed growth, when economists were expecting another month of contraction. Manufacturing has been one of the areas of the economy hit hardest by much higher interest rates.

“The labor market continues to be resilient— maybe too resilient for the Fed’s liking,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office.

U.S. retailers, mean the Fed could hike interest rates again at some point, he said. Hopes had been rising on Wall Street that the Fed could be done after it raised its main rate last month to the highest level in more than two decades. Traders had also been hoping the Fed would begin cutting rates early next year. Such a move would be a relief for markets because high rates work to lower inflation by slowing the entire economy and hurting prices for investments. Minutes from the Fed’s latest meeting released Wednesday suggested officials are unsure of their next move. They say it will depend on what upcoming reports about inflation and the job market say.

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows. ORLANDO Low: 76° F/24° C High: 92° F/33° C TAMPA Low: 80° F/27° C High: 91° F/33° C WEST PALM BEACH Low: 79° F/26° C High: 89° F/32° C FT. LAUDERDALE Low: 80° F/27° C High: 89° F/32° C KEY WEST Low: 83° F/28° C High: 90° F/32° C Low: 80° F/27° C High: 90° F/31° C ABACO Low: 82° F/28° C High: 89° F/32° C ELEUTHERA Low: 82° F/28° C High: 88° F/31° C RAGGED ISLAND Low: 82° F/28° C High: 86° F/30° C GREAT EXUMA Low: 82° F/28° C High: 87° F/31° C CAT ISLAND Low: 79° F/26° C High: 89° F/32° C SAN SALVADOR Low: 80° F/27° C High: 89° F/32° C CROOKED ISLAND / ACKLINS Low: 82° F/28° C High: 87° F/31° C LONG ISLAND Low: 82° F/28° C High: 87° F/31° C MAYAGUANA Low: 81° F/27° C High: 90° F/32° C GREAT INAGUA Low: 82° F/28° C High: 89° F/32° C ANDROS Low: 81° F/27° C High: 88° F/31° C Low: 79° F/26° C High: 90° F/32° C FREEPORT NASSAU Low: 80° F/27° C High: 91° F/33° C MIAMI

N S E W 4-8 knots N S E W 6-12 knots N S E W 7-14 knots N S E W 12-25 knots N S E W 10-20 knots N S W E 12-25 knots N S W E 12-25 knots N S E W 7-14 knots

5-DAY FORECAST A t-storm; breezy in the afternoon High: 90° AccuWeather RealFeel 101° F The exclusive AccuWeather RealFeel Temperature is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day. Cloudy with a couple of t-storms Low: 80° AccuWeather RealFeel 86° F A shower and t-storm in the morning High: 88° AccuWeather RealFeel Low: 80° 96°-85° F A t-storm in spots in the morning High: 91° AccuWeather RealFeel Low: 81° 102°-88° F A t-storm around in the morning High: 90° AccuWeather RealFeel Low: 80° 102°-86° F Breezy with some sun High: 90° AccuWeather RealFeel 101°-85° F Low: 78° TODAY TONIGHT SATURDAY SUNDAY MONDAY TUESDAY ALMANAC High 93° F/34° C Low 84° F/29° C Normal high 89° F/32° C Normal low 76° F/24° C Last year’s high 93° F/34° C Last year’s low 77° F/25° C As of 2 p.m. yesterday 0.08” Year to date 39.57” Normal year to date 22.65” Statistics are for Nassau through 2 p.m. yesterday Temperature Precipitation SUN AND MOON TIDES FOR NASSAU First Aug. 24 Full Aug. 30 Last Sep. 6 New Sep. 14 Sunrise 6:45 a.m. Sunset 7:42 p.m. Moonrise 8:32 a.m. Moonset 9:14 p.m. Today Saturday Sunday Monday High Ht.(ft.) Low Ht.(ft.) 9:50 a.m. 2.8 3:54 a.m. 0.7 10:05 p.m. 3.1 3:56 p.m. 0.7 10:26 a.m. 2.9 4:26 a.m. 0.7 10:39 p.m. 3.0 4:34 p.m. 0.8 11:03 a.m. 2.9 4:58 a.m. 0.7 11:14 p.m. 2.9 5:14 p.m. 0.9 11:42 a.m. 2.9 5:31 a.m. 0.7 11:51 p.m. 2.7 5:56 p.m. 1.0 Tuesday Wednesday Thursday 12:25 p.m. 2.9 6:07 a.m. 0.8 ----- ----- 6:44 p.m. 1.1 12:34 a.m. 2.6 6:48 a.m. 0.8 1:14 p.m. 3.0 7:38 p.m. 1.2 1:23 a.m. 2.5 7:37 a.m. 0.8 2:11 p.m. 3.0 8:41 p.m. 1.3 MARINE FORECAST WINDS WAVES VISIBILITY WATER TEMPS. ABACO Today: SE at 6-12 Knots 3-5 Feet 10 Miles 85° F Saturday: SE at 10-20 Knots 4-7 Feet 10 Miles 85° F ANDROS Today: SE at 7-14 Knots 1-2 Feet 10 Miles 86° F Saturday: SE at 10-20 Knots 1-2 Feet 10 Miles 86° F CAT ISLAND Today: ESE at 12-25 Knots 4-7 Feet 10 Miles 85° F Saturday: ESE at 12-25 Knots 4-7 Feet 10 Miles 85° F CROOKED ISLAND Today: ESE at 12-25 Knots 4-7 Feet 10 Miles 84° F Saturday: ESE at 12-25 Knots 4-7 Feet 5 Miles 84° F ELEUTHERA Today: ESE at 10-20 Knots 3-6 Feet 7 Miles 85° F Saturday: ESE at 12-25 Knots 4-7 Feet 10 Miles 85° F FREEPORT Today: S at 6-12 Knots 1-2 Feet 10 Miles 85° F Saturday: SE at 8-16 Knots 1-2 Feet 10 Miles 85° F GREAT EXUMA Today: SE at 10-20 Knots 1-2 Feet 10 Miles 85° F Saturday: ESE at 12-25 Knots 1-3 Feet 10 Miles 85° F GREAT INAGUA Today: E at 12-25 Knots 3-5 Feet 6 Miles 84° F Saturday: E at 12-25 Knots 3-5 Feet 7 Miles 84° F LONG ISLAND Today: ESE at 12-25 Knots 3-5 Feet 10 Miles 84° F Saturday: ESE at 12-25 Knots 3-6 Feet 10 Miles 85° F MAYAGUANA Today: ESE at 15-25 Knots 5-9 Feet 6 Miles 84° F Saturday: ESE at 12-25 Knots 4-8 Feet 7 Miles 84° F NASSAU Today: ESE at 10-20 Knots 1-3 Feet 10 Miles 85° F Saturday: SE at 12-25 Knots 2-4 Feet 4 Miles 85° F RAGGED ISLAND Today: E at 12-25 Knots 3-6 Feet 10 Miles 85° F Saturday: ESE at 12-25 Knots 3-6 Feet 10 Miles 85° F SAN SALVADOR Today: SE at 12-25 Knots 2-4 Feet 6 Miles 85° F Saturday: ESE at 12-25 Knots 2-4 Feet 10 Miles 85° F UV INDEX TODAY The higher the AccuWeather UV Index number, the greater the need for eye and skin protection. Forecasts and graphics provided by AccuWeather, Inc. ©2023 H TRACKING MAP