PRIME Minister Philip Davis acknowledged Standard & Poor’s (S&P) ‘B+’ long-term credit rating with a “stable” outlook while “recognising there is much work yet to be done”.
Mr Davis said his administration is not “kicking the can down the road” and is taking a proactive approach to solve some of the country’s long-standing issues.
He noted that the country is currently undergoing an energy reform and his administration is “challenging” the Grand Bahama Port Authority to live up to the terms of the Hawksbill Creek Agreement wile investing in
PM Davis reacts to S&P ‘B+’ credit rating outlook
• Bahamas credit rating stable, but challenges remain
• Opposition’s negative take on S&P report sparks debate
the country’s infrastructure and people.
“We know there’s a lot more work ahead,” said Mr Davis.
“A global inflation crisis has hit our Bahamian families hard.
There aren’t any easy answers or quick fixes – so we’re taking on our country’s toughest problems.
“Problems that were decades in the making don’t vanish overnight. Taking on the big fights and challenging the status quo requires a willingness to push forward where others decided to give up. Some of these policies and investments in change will pay dividends soon; others will take time. But the important
GB ‘better than in 25 years’ in real estate performance
By FAY SIMMONS Tribune Business
THE real estate sector in the Bahamas is “very solid” with Grand Bahama performing better than it has in 25 years.
The market is experiencing significant growth, particularly in Grand Bahama, according to John Christie, president and Managing Broker at HG Christie Speaking at the Bahamas Real Estate Exchange, Mr Christie said the sector saw a “huge boom” over the pandemic as investors purchased luxury properties in The Bahamas, driving up the cost, especially in New Providence.
“We had a huge boom and it sort of continued on,” said Mr Christie.
“All the real estate got bought up especially in the luxury world, there’s very little inventory now, so the prices have increased quite a lot, very little inventory.
”We're
thing is that we’re no longer kicking the can down the road – and as a result, our country is finally moving in the right direction.”
S&P, in its analysis released late last week, projected that Bahamian economic output, or gross domestic product (GDP), will grow by 1.8 percent in 2024. That rate is some 0.5 percentage points below the 2.3 percent projected by the International Monetary Fund (IMF) in its most recent Article IV consultation and the Bahamian Central Bank, which is predicting similar growth above 2 percent.
The report contained several positives in that it maintained The Bahamas’ present ‘B+’ longterm credit rating together with
‘Hopeful’
If you want to buy something in the luxury span, the prices are just high if you want to get in. That’s what it is.
in Bahamas despite US strike risk
By ANNELIA NIXON anixon@tribunemedia.net
SOME Bahamian companies are remaining optimistic despite the International Longshoremen’s Association’s promised strike today, and they hold high hopes that the Biden administration will not allow it to be prolonged.
Despite the Biden administration stating last week they do not wish to intervene in negotiations between the United States Maritime Alliance and ILS who are battling over wage increases, CNN Business reported representatives from President Joe Biden’s team reached out to both parties over the weekend.
James Sands, CFO of Lorene’s Shop and Derek Sands CEO of ShipX Worldwide both told Tribune Business that the Biden administration has to step in at some point, even if only to prevent an economic tragedy.
“It’s still very solid. It has probably slightly slowed down a bit, but it’s still very solid. In Nassau the inventory is very low, so that keeps the prices high. And the markets around the Bahamas is still strong, pretty much strong all around.”
He emphasised that real estate is the most sustainable sector in The Bahamas, benefiting both local and foreign investors.
By FAY SIMMONS
OPPOSITION
Leader Michael Pintard called on the Davis administration to provide “comprehensive” banking reforms to end “unjustifiable” bank charges.
Mr Pintard noted that CIBC reported a net income of $33.3m for the third fiscal quarter of 2024, up from $30.9m the previous year which demonstrates their ability to introduce low or
“This is what we have to sell, and make money and it’s not only selling to non-Bahamians, a lot of Bahamians are investing and making this money.”
Mr Christie said although most persons
“But as far as the real estate, it’s the most sustainable pillar that we have in the Bahamas, and we should be treating it as such,” said Mr Christie.
no fee accounts people with low income.
“The healthy thirdquarter financial reports of CIBC reported last week point to increasing year-on-year profitability; their performance is consistent with the positive results of most financial institutions across the country’s commercial banking sector,” said mr Pintard.
“The strong performance and increasing profitability of Bahamian
“This weekend, senior officials have been in touch with USMX representatives urging them to come to a fair agreement fairly and quickly - one that reflects the success of the companies,” Robyn Patterson, White House spokesperson said. “Senior officials have also been in touch with the ILA to deliver the same message.”
“It can’t. I think the US government would step in because you’re talking about the whole east coast of the United States being affected, and that’s global trade and billions of dollars,” Mr Derek Sands explained. “So maybe it’s a short term thing, you know, within one week to get something going. But what they’re asking is really a significant increase in wages and, I mean, I understand because a lot of the ports, even as it relates to European ports and some of the global ports are already, digitalised and a lot of it has to do with work,, having jobs for a lot of those persons that work on the port but I don’t see it going on more than a week because it’ll be too detrimental.
GUESTS give remarks at the inaugura Bahamas Real Estate Exchange (BRX)
PHILIP DAVIS KC
MICHAEL PINTARD
'MANY' TAKING UP EXEMPTIONS FOR FIRST-TIME HOMEOWNERS
By FAY SIMMONS
INDIRA Wright, manager in the Real Property Tax Unit of the Department of Inland Revenue, said many individuals have come in to the department to take advantage of the Stamp Tax Amnesty and the VAT exemptions for first-time homeowners.
The amnesty allows homeowners to pay stamp tax based on the value of the land when it was purchased.
Once the amnesty ends on November 30, property owners will have to pay stamp tax on the current assessed value of their property.
Ms Wright said the new portal will expedite the process for persons that
with to take advantage of the amnesty period and exemptions.
“Thus far, it's been going really well,” said Ms Wright.
“We've even introduced a new portal so that we can go ahead and quicken the process of your exemption period for that. In addition to that, we also have the amnesty period, and this amnesty was put into effect for those persons who did not have the opportunity to register their properties in years past. We've given them the amnesty to come into the VAT stamp department get your paper stamped, and you have until the end of November to do so at the same price as the value as when you first got your conveyance.
“We’re doing everything necessary to make sure that you're getting that done,
Customer event gives BTC chance to hear their views
at it as a more intentional effort to get that direct feedback, it’s something that we want to continue to do as a company where letting them know that we take them really, we take their experience really important and we want to be able to make sure that we are able to stand up the necessary people, tools and systems to be able to better support them.”
Consumers of course, aired their grievances bringing about varying topics including, roaming. One customer claimed it has been an issue for her.
“My top need that I desperately need from BTC, when I’m travelling, I cannot receive any calls and I cannot make any calls unless it’s on WhatsApp and that has been a concern for me for a quite a while, but that is a major concern for me because I get to travel quite frequently and so the minute I depart the flight, it seems like my whole network is shut down.”
Another customer had the opposite experience,
stating that her phone was the only one able to receive service while in the mountains in China. Customers mentioned trouble with television packages and hacking on WhatsApp among other things.
Gas vouchers and John Bull gift cards were awarded to customers during the luncheon via trivia questions. Sameer Bhatti, CEO of BTC, said: “One of the things I’m most proud of is driving broadband throughout The Bahamas.That’s New Providence and the Family Islands. “Our mission is to connect you, to connect our communities, and to drive change in this country. One of the things I’m most proud of is driving broadband throughout The Bahamas. That’s new providence and the family islands. With that said, my remarks here are brief because I brought two ears to this conversation today. Really to hear from you, really to hear your needs, your points of pain, the opportunities that we have to delight you, not for 2024, but for 2025 and beyond.”
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the VAT stamp exemption, as well as those who never registered their property.”
She warned that failing to register your property with the department will cause future issues and encouraged persons to take advantage of the initiate.
“Surprisingly, we have tons of Bahamians coming in,” said Ms Wright. “We always say the same thing over and over. If you don't register your property, that's a problem for you within the future. So, take advantage of what we're offering now and register.”
She said there are generations of Bahamians paying real property tax debts and encouraged homeowners to pay their balances before they are due in March to capitalise on the 10 percent “early bird” discounts.
“There's a time frame in which you have to pay property taxes,” said Ms Wright.
‘I always encourage persons, if you know you have real property taxes, which all Bahamians do, come in and catch the 10 percent which is the early bird special, and then after that, you don't know how it's going to affect your future.
“You have persons carrying over taxes that makes no sense. You have generations and generations with debts. Come and deal with what you have now, so that you can get this out of the way, we have easier processes. You must be encouraged, because we're now empowering our Bahamian people. More knowledge, more power. The more you know, the more you want to get your business involved. So, I'm
encouraging, encouraging the Bahamas at large to come and deal with your properties.”
Dexter Fernander, operations manager at DIR, explained for first-time homeowners there is a VAT exemption and waved real property taxes for the first five years. He added that senior citizens can receive a 50 percent discount on their real property taxes for an owner-occupied property on properties values less than $1.5 m.
“There are some discounts for the first time owner, you have the exemption,” said Mr Fernander.
“There is an exemption that the property is up to 300,000, and as you are in that first home, you have five years on the real property tax side. You are
exempted from real property tax.
“Senior citizens over identified by National Insurance, or if you reach the age of 65 you have a 50 percent discount on your owner occupied, not your rental units or your commercial units, your owner occupied.
“The intent of the law was to assist those that are in the middle class and the lower income bracket. If your house is $1.5 m you are not considered lower class, there's a cap. You would get a discount up to $3,250 and then there's an early discount if you pay any billing cycle, if you pay before March 30, there is a 10 percent discount on that property.”
GB ‘better than in 25 years’ in real estate performance
FROM PAGE B1
tend to focus on purchasing real estate in New Providence, the Family Islands offer the “best values” for persons wishing to invest.
He explained many Family Islands have little development on them and persons should look to secure investment
properties on Out Islands while prices are still low.
“When most people think about The Bahamas, 90 percent seems to focus on Nassau,” said Mr Christie.
“I travel all over The Bahamas, and all we have is real estate. I mean, you go to most islands in the Bahamas, its nothing but a sea of green. You fly over and see very little development, just a little spot here, very little spot there. So, we’re framing our real estate mindset based on Nassau and we’ve got to stop.
“The Family Islands offer the best values around. If you’re in Nassau, prices are quite high, but if you want to get going and as an investment, you can buy a cheaper property. Even like $20,000 can get a nice piece of property in Eleuthera, Cat Island, Abaco, anywhere like that. Theres lots
of good deals still out there for people that want to get in the business, He said the real estate market in Grand Bahama is performing better than it has in 20 to 25 years and most Family Islands, except the southern islands have seen an increase.
“It’s been very solid,” said Mr Christie.
“I mean, it hasn’t really slowed down. Most of the islands in the south is still slow, but Abaco and Grand Bahama have been doing very well. Grand Bahama is doing great, better than it has in 20 to 25, years. Eleuthera is amazing, and Exuma even Long Island, so it’s all doing well everywhere.”
INLAND REVENUE AND CLX LOGISTICS
‘Hopeful’ in Bahamas despite US strike risk
“I guess because they’re thinking it’s an election year, they don’t want to decide and I guess that’s why it’s better for them to strike now because they know that someone has to get involved at this particular point in time. But just because of the revenue that’s going to be lost, the carriers are going to have to make a decision. It’s either going to be some of these profits go to them or they’re going to take a major hit, because every day a supply chain is impacted, it almost turns into almost like a week or two weeks process of catching up every day.”
With the idea that there’s no way to have a plan in a case like this, both Derek Sands and James Sands find solace in the belief that the strike, if it happens, will not exceed two weeks, which is doable. However, James Sands did express
a little more concern as it pertained to holiday shipments. Being that multiple retailers experienced a shipment delay in some school uniform items during the summer, making it difficult for consumers to shop for back-to-school, another possible cargo delay due to a strike is a bit unnerving.
“We do a lot with dresses and our Levi’s and dockers,” James Sands said. “I mean, all those type of things are the biggest, I would say. We probably don’t have enough to take us through Christmas, but we have enough probably to get us close to Christmas.”
Derek Sands explained to Tribune Business that ShipX moves auction vehicles and pre-owned vehicles from the United States and for that reason he said “it doesn’t affect our market directly right away”.
“In the short term, the majority of our carriers
‘Much to be done’ but Davis positive over S&P
FROM PAGE B1
a “stable” outlook, the latter of which signals that S&P is unlikely to further downgrade this nation’s creditworthiness within the next 12 months. It also gave credit for a “robust recovery” post-COVID and the Government’s fiscal consolidation efforts, which have slashed the deficit and contained debt.
But, on the negative side, S&P hinted that failing to rebuild fiscal headroom more quickly means The Bahamas remains highly exposed to hurricanes and other external shocks. “We think the country’s record of slow progress in reforming public finances and key economic sectors led to a weakening of its financial profile,” the credit rating agency added.
Michael Halkitis, minister of economic affairs, in a brief reply to Tribune Business inquiries, said of the S&P report: “We are very encouraged, but we understand there is more work to be done.”
Kwasi Thompson, Opposition finance spokesman, asserted S&P “did not adjust the economic outlook upward and, instead,
the report tells a somewhat bleak story of the economic trajectory of The Bahamas”.
In response, Mr Davis said it is “disappointing” that the Opposition appears to be “rooting for bad news” and he will not allow “bad-faith criticism” to hinder the country’s progress.
“It has been disappointing to see the Opposition so determined to ignore our country’s progress, instead of celebrating it,” said Mr Davis.
“They almost appear to be rooting for bad news. But we know Bahamians across our islands are working hard to build a stronger and more inclusive economy; none of us are going to let any bad-faith criticism slow us down.”
Other observers, speaking on condition of anonymity, said the S&P report was describing a Bahamas that is “treading water, not moving forward or back”.
One added: “The way I read this is that if they don’t put forward a credible plan, absent that you’re going to continue to see this kind of sluggishness.”
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, CAMARYN WENDY TAIJA MAJOR of P. O. Box EE-16412, Ponderosa Estates, New Providence, Bahamas, intend to change my name to CAMARYN WENDY TAIJA MILLER. If there are any objections to this change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-792, Nassau, Bahamas no later than Thirty (30) days after the date of the publication of this notice.
won’t be affected and that’s just industry wide, except for the global carriers like MSC and Maersk and some of the other guys but as relates to a lot of the, the smaller island carriers, they’re not unionised, so they’re not going to be affected in the short term,”
Mr Derek Sands explained.
“But if we see this happening for more than a few days, of course it’s a chain reaction and that kind of slows down even us purchasing goods or clients
purchasing goods out of Florida because that now affects supply chain.
“We may see delays, but we’re not going to be fully impacted because of some of the agreements we have. They’re not unionised and are not a part of the ILA. So, yeah, in some ways, where we do utilise cargo on other major carriers, those lines would be affected but for other cargo that we moved independently of those major lines,
that cargo is not going to be affected.
“Yeah, so in the short term, it’s not a major effect, but what we’re really monitoring is the fact that supply chain could be really damaged and therefore, a lot of suppliers that our clients purchase from in South Florida could definitely have some issues with putting together orders and stuff in the next, you know, two to three weeks depending on how long the strike goes on.”
Derek Sands also noted that his customers are on edge, wondering what’s going to happen if the US dock workers follow through with the strike.
“I can only tell them based on, you know, monitoring the situation because it’s very fluid, but it seems like it’s going to happen and if it does, then we have to take it one day at a time but the longer it happens, the more effect it has on the supply chain.”
‘Show leadership’ on bank fees
FROM PAGE B1
banks aligns with the FNM’s stated position that there exists sufficient space within banks’ commercial framework to introduce low-fee/no-fee accounts to low income earners, students and senior citizens on modest fixed incomes.”
He suggested The Bahamas adopt measures aimed at financial inclusion and affordability as regional partners such as Barbados and Belize have done.
Mr Pintard said although the Central Bank is looking into implementing a basic account option for low income people the Davis administration should “step to the forefront” of resolving the issue.
“The Opposition welcomes the announcement by the Governor of the Central Bank that it is mulling the requirement that all banks offer a low fee ‘basic account’ and separately, that the Central Bank is looking to prohibit merchant overcharges on credit
card transactions,” said Mr Pintard.
“However, while the FNM will continue to unreservedly support the work of the Central Bank in its efforts to protect consumer interest, we maintain that the Davis administration must step to the forefront of these efforts. It is time for our government to show true leadership.
“We call on the Davis administration to articulate a comprehensive package of banking reforms that will eliminate unjustifiable charges, implement low fee/no fee accounts for certain market segments, re-introduce branch banking to Family Island communities, and support new and additional Bahamian investments in banks and other financial institutions.”
Jacqui Bend, CIBC managing director, last week highlighted the bank’s stellar performance, emphasizing its commitment to a client-focused strategy that leverages digital infrastructure, deepens
client relationships, and fosters a connected workforce.
“For the third quarter of fiscal 2024, we achieved a net income of $33.3m, up from $30.9m the previous year. For the nine months ending July 31, 2024, our net income reached $103.6m, an increase of $12.6m, or 14 percent, compared to $91m in the prior year,” said Ms Bend.
She noted that US benchmark rate reductions can affect the “revenue momentum” of the institution.
“Our financial performance has benefited from increased revenue, primarily driven by higher net interest margins in our US dollar loan portfolio and growth in our interest-bearing assets,” she explained.
“Our focus on client relationships and strong loan originations in corporate and personal banking have contributed to this growth. However, we anticipate that headwinds from US benchmark rate reductions may affect our revenue momentum.”
TAKEAWAYS FROM AP'S REPORT ON HOW SHRIMP FARMERS ARE EXPLOITED AS SUPERMARKETS PUSH FOR LOW PRICES
By DAVID RISING Associated Press
A NEW investigation focused on three of the world's largest producers of shrimp released on Monday claims that as big Western supermarkets make windfall profits, their aggressive pursuit of ever-lower wholesale prices is causing misery for people at the bottom end of the supply chain.
The regional analysis of the industry in Vietnam, Indonesia and India, which provide about half the shrimp in the world's top four markets — the United States, European Union, United Kingdom and Japan — is based on research done by an alliance of NGOs. It found a 20%-60% drop in earnings from pre-pandemic levels as producers struggle to meet pricing demands by cutting labor costs.
In many places this has meant unpaid and underpaid work through longer hours, wage insecurity as rates fluctuate, and many workers not even making low minimum wages.
Supermarkets linked to facilities where exploited labor was reported by workers include Target, Walmart and Costco in the United States, Britain's Sainsbury's and Tesco, and Aldi and Co-op in Europe.
The regional report brought together more than 500 interviews conducted in-person with workers in their native languages, in India, Indonesia and Vietnam — published separately as country-specific reports — supplemented with secondary data and interviews from Thailand, Bangladesh and Ecuador.
What did the researchers find?
In Vietnam, Hawaii-based Sustainability Incubator investigators found that the workers who peel, gut and devein shrimp typically work six or seven days a week, often in rooms kept extremely cold to keep the product fresh.
Some 80% of those involved in processing shrimp are women, many of whom rise at 4 a.m. and return home at 6 p.m. Pregnant women and new mothers can stop one hour earlier, the report found.
In India, researchers from the Corporate Accountability Lab found that workers face "dangerous and abusive conditions." Highly salinated water from newly dug hatcheries and ponds, tainted with chemicals and toxic algae, also contaminate surrounding water and soil.
Unpaid labor prevails, including salaries below minimum wage, unpaid overtime, wage deductions for costs of work and "significant" debt bondage, the report found. Child labor was also found, with girls aged 14 and 15 being recruited for peeling work.
In Indonesia, three non-profit research organizations found that wages have fallen since the COVID-19 pandemic and today average $160 per month for shrimp workers, below Indonesia's minimum wage in most of the biggest shrimp-producing provinces. Shrimp peelers routinely are required to work at least 12 hours per day to meet minimum targets. What do the supermarkets say?
Switzerland's Co-op said it had a "zero tolerance" policy for labor law violations and that its producers "receive fair and marketdriven prices."
Germany's Aldi did not specifically address the issue of pricing, but said it uses independent certification schemes to ensure responsibly sourcing for farmed shrimp products, and would continue to monitor the allegations.
"We are committed to fulfilling our responsibility to respect human rights," Aldi said.
Sainsbury's referred to a comment from the British Retail Consortium industry group, which said its members were committed to sourcing products at a "fair, sustainable price" and that the welfare of people and communities in supply chains is fundamental to their purchasing practices.
The Vietnam Association of Seafood Exporters and Producers issued a statement calling the allegations in the report "unfounded, misleading and detrimental to the reputation of Vietnam's shrimp exports," citing government labor policies.
The NGO's report stresses that using middlemen to buy the shrimp obfuscates the true sources of shrimp that appear in western supermarkets, so many retailers may not be following ethical commitments they've made about procuring shrimp.
Only about 2,000 of the 2 million shrimp farms in the major producing countries are certified by either the Aquaculture Stewardship Council or the Best Aquaculture Practices ecolabel, making it "mathematically impossible for certified farms to produce enough shrimp per month to supply all of the supermarkets that boast commitments to purchasing certified shrimp," the report says. What can be done?
U.S. policymakers could use antitrust and other laws already in place to establish oversight to ensure fair pricing from western retailers, rather than imposing punishing tariffs on suppliers, says Katrina Nakamura of Sustainability Incubator, who wrote the regional report. In July, the European Union adopted a new directive requiring companies to "identify and address adverse human rights and environmental impacts of their actions inside and outside Europe."
WORKERS harvest shrimps at a farm in Kebumen, Central Java, Indonesia, Tuesday, Sept. 24, 2024.
Photos:Dita Alangkara/AP
Wall Street sets more records to close a winning September and third quarter
By STAN CHOE AP Business Writer
WALL Street closed its latest winning month and quarter with more records on Monday. The drift higher for U.S. stocks followed a wild start to the week for financial markets in Asia, where Japanese stocks tumbled and Chinese indexes soared.
The S&P 500 climbed 0.4% to an all-time high and clinched its fifth straight winning month and fourth straight winning quarter. The Dow Jones Industrial Average added 17 points, or less than 0.1%, to its record set on Friday. The Nasdaq composite rose 0.4%.
Wall Street has catapulted to records on hopes the slowing U.S. economy can keep growing while the Federal Reserve cuts interest rates to offer it more juice. A big test will arrive Friday, when the U.S. government offers its latest monthly update on the job market.
An overriding worry on Wall Street is whether the economy may already be heading for a recession.
Even though the Fed cut rates earlier this month and has indicated more relief is on the way, U.S. employers have already begun paring back on their hiring.
Before this month, the Fed had kept interest rates at a two-decade high in hopes of slowing the economy enough to stamp out high inflation.
"Payrolls remain the biggest catalyst" for the U.S. stock market until the election, strategists and economists at Bank of America wrote in a BofA Global Research report.
At Goldman Sachs, economist David Mericle said he's expecting Friday's report to show hiring in
September was stronger than the 146,000 growth in payrolls that economists across Wall Street were broadly forecasting. In the past, a strongerthan-expected number could have hurt the stock market by fanning worries about upward pressure on inflation. Now, though, it would likely be welcomed as a signal that a recession shouldn't be as big a worry. Interest rates and the strength of the economy are usually the two main levers that set prices for stocks. In Asia, the levers were pulling in opposite directions.
Japan's Nikkei 225 slumped 4.8% on worries the country's incoming prime minister will support higher interest rates and other policies that investors see as less market-friendly. Shigeru Ishiba is set to take over on Tuesday.
Ishiba has expressed support for the Bank of Japan's move to pull interest rates away from their near-zero level, which puts upward pressure on the value of the Japanese yen. A stronger yen can hurt profits for Japanese exporters, which make sales in other currencies and then convert them back into yen. Toyota Motor's stock fell 7.6% in Tokyo, while Honda Motor's dropped 7%. Monday. Stellantis, the company that owns the Jeep brand and others, tumbled 14.7% in Milan after cutting its forecast for upcoming profit. It cited investments to turn around its U.S. operations and increased Chinese competition. That in turn helped drag down automakers Ford Motor and General Motors on Wall Street. Ford fell 2%, and GM dropped 3.5%. A 2.3% rise for Apple helped offset such losses
and was the strongest force lifting the S&P 500 to its latest record. After weakening in late July with other Big Tech stocks amid worries their prices had shot too high, Apple's stock has been climbing back toward its all-time closing high of $234.82. It finished Monday at $233.00.
All told, the S&P 500 rose 24.31 points to 5,762.48. The Dow added 17.15 to 42,330.15, and the Nasdaq gained 69.58 to 18,189.17.
In China, meanwhile, indexes soared 8.1% in Shanghai and 2.4% in Hong Kong following the latest announcements of stimulus for the world's second-largest economy. It was the best day for Shanghai stocks in nearly 16 years.
China's central bank announced moves on Sunday to ease mortgage rates for existing home loans by Oct. 31. That followed a flurry of announcements last week from China's central bank and government intended to prop up the Chinese economy, whose growth has been flagging in part because of the weight of a struggling real-estate sector.
Markets in mainland China will be closed Tuesday through Oct. 7 for a holiday marking 75 years of communist rule.
In the bond market, U.S. Treasury yields rose after investors took comments from Fed Chair Jerome Powell as a hint that coming cuts to interest rates may be more traditional sized.
The Fed began its ratecutting campaign with a larger-than-usual reduction of half a percentage point, and many traders had built expectations that the next meeting in November could yield a similar sized reduction.
THE NEW York Stock Exchange is shown on Sept. 18, 2024, in New York. Photo:Peter Morgan/AP
With strike looming, progress is reported in talks between Eastern and Gulf ports and dockworkers
By TOM KRISHER and WYATTE GRANTHAM-PHILIPS Associated Press
WITH a strike deadline looming, the union for 45,000 dockworkers and the group representing East and Gulf Coast ports have exchanged wage offers, leaving a ray of hope that a deal can be reached without a major work stoppage.
In a statement, the U.S. Maritime Alliance, which represents 36 ports from Maine to Texas, said that both sides have moved from their previous positions. The alliance said it also asked the union to extend the current contract.
The International Longshoremen's Association is threatening to strike at 12:01 a.m. Tuesday in a move that could silence ports that handle about half the ship cargo coming in and going out of the U.S.
A message was left Monday evening seeking comment from the union.
"We are hopeful that this could allow us to fully resume collective bargaining around the other outstanding issues in an effort to reach an agreement," the alliance statement said.
The Alliance said its latest offer would increases wages by nearly 50% over the six-year contract, and
triple employer contributions to retirement plans. The offer also would strengthen health care options and keep current language that limits automation.
The union has demanded 77% pay raises over six years to help deal with inflation. Many of the ILA workers can make over $200,000 per year, but the union says they must work large amounts of overtime to reach that figure.
The two sides had not held formal negotiations since June, and a strike appeared imminent. In a statement Monday morning, the union said the ports had refused its demands for a fair contract and the alliance seemed intent on a strike. The alliance has said it was willing to bargain.
A work stoppage would significantly snarl the nation's supply chain, potentially leading to higher prices and delays in goods reaching households and businesses if it drags on for weeks.
If drawn out, the strike would force businesses to pay shippers for delays and cause some goods to arrive late for peak holiday shopping season — potentially impacting delivery of anything from toys or artificial Christmas trees, to cars, coffee and fruit.
NOTICE is hereby given that MARDOCHIE SIMON of Lumumba Road, Fox Hill South, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
A strike could have an almost immediate impact on supplies of perishable imports like bananas, for example. The ports that could be affected by the strike handle 3.8 million metric tons of bananas each year, or 75% of the nation's supply, according to the American Farm Bureau Federation.
Americans could also face higher prices as retailers feel the supply squeeze.
"If the strikes go ahead, they will cause enormous delays across the supply chain, a ripple effect which will no doubt roll into 2025 and cause chaos across the industry," noted Jay Dhokia, founder of supply chain management and logistics firm Pro3PL.
Dhokia added that East Coast ports aren't the only ones at risk for disruption, as concern leading up to the strike has already diverted many shipments out West, adding to route congestion and more pressure on demand. Impacts will also be felt internationally — particularly in places like the United Kingdom, he said, where the U.S. is its largest trading partner.
In addition to higher wages, ILA members want a total ban on the automation of cranes, gates and container-moving trucks used in the loading or unloading of freight.
A strike by the ILA workers — set to impact ports from Maine to Texas — would be the first by the union since 1977. West Coast dockworkers belong to a different union and aren't involved in the strike.
If a strike were deemed a danger to U.S. economic health, President Joe Biden could, under the 1947 TaftHartley Act, seek a court order for an 80-day cooling-off period. That would suspend the strike.
NOTICE is hereby given that KISNEL VILBRUN of Carmichael Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Just weeks ahead of a tight presidential election, Biden has signaled that he will not exercise this power.
During an exchange with reporters on Sunday, Biden said "no" when asked if he planned to intervene in the potential work stoppage.
A White House official said that at Biden's direction, the administration has been in regular communication with the ILA and the alliance to keep
the negotiations moving forward.
Lael
the alliance's
members Monday afternoon and urge them to resolve the dispute fairly and quickly — in a way that accounts for the success of shipping companies in recent years and contributions of union workers.
(Dissolved)
NOTICE IS HEREBY GIVEN that pursuant to Section 138(8) of the International Business Companies Act, 2000 (No. 45 of 2000) the dissolution of HELIZ HOLDINGS LTD. (Dissolved) (the “Company”) has been completed and a Certificate of Dissolution has been issued by the Registrar of Companies. The Company has been struck off the Register of Companies with effect from the 14th day of August, 2024.
TONI Y. GODET and CELESTE F. MITCHELL Liquidators
NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of Connect-Two Ltd. is complete.
SHIPPING containers are stacked in the Port of New York and New Jersey in Elizabeth, N.J., May 20, 2021.
Photo:Seth Wenig/AP
The president directed Chief of Staff Jeff Zients and National Economic Council Director
