Page 12 Tempo Previsão de três dias Amanhã Parcialmente nublado. Ventos nordeste cinco a dez nós, virando para sudeste, aumentando de oito a 12 nós durante a noite. Mares dentro do recife um a três pés, fora do recife de cinco a nove pés, diminuindo. LOW 67 Sunday Monday 73 F 75 F Mistura de sol e nuvem. Ventos sudeste 10 a 15 nós, aumentando de 12 a 18 nós ao meio-dia, depois de 18 a 24 nós durante a noite. Mares dentro do recife um a três pés, fora do recife de cinco a oito pés, aumentando durante a noite. BAIXA 69 77 F Quase nublado com chuvas durante a noite. Ventos sul 20 a 30 nós, coragem de 40 em torno de chuveiros, virando noroeste 18 a 24 durante a noite. Mares dentro do recife de dois a três pés, fora do recife de oito a 12 pés. BAIXA 69 Temperaturas e condições meteorológicas durante o período de 24 horas, terminando às 8h00 de hoje. Precipitação (em polegadas) 3.01 1.2 MAIO Aceso Hoje à noite 4.46pm 2.95 Maré Vezes Hoje Amanhã Domingo Alto 0357 Baixo 1016 Alto 1618 Baixo 2239 Alto 0254 Baixo 0911 Alto 1517 Baixo 2143 5.51 1.2 JUNHO Pôr do Sol 5.16pm 8.94 4.51 JULY Sunrise 6.52am 5.59 5.64 Hoje UV Moderado AUG real 4 1,02 Este Mês 5,00 Média 5,5 SEP Alta 0456 Baixa 1117 Alta 1716 Baixa 2333 Baixa: 1,2 6,6 6,09 OUT Média: 3,4,5 Alta: 6,7 Guia de Viajantes Gateway Cidades Atlanta 64 Principalmente Ensolarada Boston 58 Chuveiros Charlotte 60 Principalmente ensolarado Miami 83 Chuveiros NYC (JFK) 56 Parcialmente nublado Philadelphia 57 Parcialmente nublado Washington DC 55 Parcialmente ensolarado Toronto 43 Parcialmente nublado Halifax 48 Parcialmente nublado London 50 Parcialmente nublado None. Você pode ficar do lado de fora com segurança Tome cuidado durante o meio dia e não passe muito tempo desprotegido durante o sol Procure sombra durante o meio dia, cubra e use protetor solar Muito alta: 8,9,10 Passe algum tempo na sombra entre as 10h e as 16h. Camisa, protetor solar e chapéu essenciais. Extreme: 11 Evite ficar de fora durante as horas do meio dia. Camisa, protetor solar e chapéu essencial) Temp Água HOJE: períodos de sol. Ventos nordeste dez a 15 nós, diminuindo entre oito e 12 nós durante a tarde. Mares dentro do recife de dois a três pés, fora de cinco a nove pés. LOW 65 73 F Todays Weather foi patrocinado por Friday, November 20, 2015 71 F CITY Oi Low Wthr Barbados 87 78 pc Barcelona 66 47 clr Pequim 41 37 rn Berlin 54 50 rn Buenos A 71 64 rn Cairo 73 59 pc Colombo 87 77 Dublin 54 43 rn Harare 86 61 rn Havana 86 73 pc Jerusalém 75 57 clr Joburg 75 54 rn Lisboa 66 50 clr Madrid 70 35 clr Manila 90 77 rn Moscovo 32 26 sn Nairobi 78 58 rn Nassau 85 69 pc Nova Deli 80 53 clr Paris 59 53 pc Rio de Janeiro 86 76 rn Roma 64 51 pc Tel Aviv 75 57 clr Tóquio 68 60 rn Vancouver 45 38 pc ESTADOS UNIDOS Atlantic City 62 43 rn Austin 72 38 clr Baltimore 63 45 rn Birmingham 70 69 clr Chicago 61 56 pc Cincinnati 65 58 pc Cleveland 71 58 cldy Denver 51 30 pc Detroit 64 57 clr Gnd Rapids 63 54 clr Honolulu 87 71 pc Houston 72 50 clr Jacksonville 80 70 Key West 84 76 cldy Las Vegas 66 44 clr Los Angeles 76 49 clr Memphis 67 56 clr Milwaukee 60 53 clr Nashville 66 64 clr Nova Orleães 64 58 clr Orlando 88 71 min Pittsburgh 65 54 cldy Providence 49 27 km Raleigh-D 72 53 rn St Louis 63 58 clr St Petersbg 85 74 rn San Diego 74 52 clr San Fran 63 49 clr Shreveport 67 49 clr Tampa 89 74 rn Sexta-feira, 20 de novembro de 2015 Page 16 Negócios da UnitedHealth sopram para Obamacare Page 16 SCEPTER PARTNERS Um extraordinário empresa de investimento busca fortalecer seus laços com as Bermudas Gerente de dinheiro para o ultra-rico Scott Neil Uma importante entidade de investimento soberano, que representa as principais partes interessadas com um patrimônio líquido combinado de mais de 100 bilhões, fortaleceu seus laços com as Bermudas. A presença e as atividades da Scepter Partners deverão colocar as Bermudas no mapa dos fluxos de capital de investimento soberano, de acordo com a empresa de gestão de ativos. Nos próximos meses, a Sceptre pretende anunciar uma série de veículos offshore para investimento direto em transações fora do mercado nos setores de recursos naturais e hospitalidade. O especialista em investimento direto e banco comercial para riqueza soberana representa mais de 14 bilhões de ativos discricionários. É liderada pelos antigos laços da Blackstone Advisory Partners Ásia Island: a Scepter Partners foi fundada em 2014. O banco comercial e o sindicato de investimentos diretos para riqueza soberana representam mais de 14 bilhões em ativos discricionários, e seus principais interessados incluem membros seniores da Ásia e da Ásia. Famílias de alto patrimônio do Golfo. A empresa tem escritórios em Nova York, Londres e Pequim. Está fortalecendo suas ligações com as Bermudas, comprometendo-se a administrar seus negócios de gerenciamento global na Ilha. Fundada em 2014, a Scepter tem sede na Century House, na Par-la-Ville Road. Vários de seus executivos têm laços de longa data com Bermudas, incluindo o presidente e diretor executivo Rayo Withanage, que frequentou a Saltus Grammar School depois que sua família se mudou para a ilha em 1980. Comentando sobre o compromisso com Bermudas, Withanage disse: Como Bermuda continua desenvolver suas atividades e efetivamente competir com outros centros financeiros offshore, esperamos que a presença de nossas atividades possa melhorar substancialmente o papel das bermudas na implantação de capital por importantes investidores soberanos e escritórios familiares. Quando o Sr. Withanage deixou Bermuda, mudou-se para a Nova Zelândia, onde estudou Direito. Ele então se mudou para Brunei e fundou um escritório multifamiliar comercial com membros seniores da família real das nações. A revista Euromoney já nomeou Withanage como um dos financiadores mais influentes do Oriente Médio e da Ásia. Outro pessoal da Sceptre, com ligações para as Bermudas, inclui o chefe de operações do grupo, Daniel Fenster. Ele viveu nas Bermudas durante o final dos anos 90, quando trabalhou para a Alpha Fund Management. E o conselho geral do grupo é Stefan Nadarajah, o único filho do Bala Nadarajah. O falecido Sr. Nadarajah era um proeminente advogado do setor de seguros e recebeu o crédito por estabelecer as bases para o crescimento das Bermudas como um importante centro de resseguro global. Ele morreu em 2013, mas por 30 anos esteve envolvido em toda a legislação e regulamentação que moldou o setor de seguros e resseguros nas Bermudas. Dois membros da família governante de Brune, o príncipe Abdul Ali Yil Kabier e o príncipe Bahar Bolkiah, são diretores do Scepter. Os outros diretores são Sir John Bond, ex-diretor do HSBC. Berkeley deve ser tratado como uma jurisdição que já tem equivalência com o novo marco regulatório de seguros da União Européia. , Solvência II, de acordo com um alto funcionário da Comissão Europeia (CE). Os comentários de Olivier Guersent indicam claramente o apoio da CE à candidatura das Ilhas à equivalência de países terceiros. Quando a CE aprovar oficialmente, apresentará um projecto de legislação no Parlamento Europeu, após o qual os estados membros terão até três meses para dar o seu contributo. Só então o status equivalente das Bermudas pode ser completo. Guersent, diretor-geral para a estabilidade financeira, serviços financeiros e sindicato de mercado de capitais, disse que a Comissão está adotando duas decisões de equivalência, relativas às Bermudas e ao Japão. Falando em uma conferência em Frankfurt, organizada pela Autoridade Europeia de Seguros e Pensões Complementares de Reforma, o Sr. Guersent instou os supervisores nacionais a ignorar as etapas finais do processo legislativo, de acordo com um relatório da publicação on-line Insurance ERM. Não creio que os supervisores nacionais devam tratar ativamente os países não pertencentes à UE como não equivalentes enquanto isso, se houver uma decisão positiva de equivalência da Comissão pendente no exame do PE e do Conselho, disse ele. Eles devem exercer tolerância a esse respeito. Na visão das Comissões, eles devem levar em conta a decisão de equivalência de rascunho, caso contrário, eles podem tomar ações que poderiam ter que ser revertidas logo em seguida. A Suíça foi o primeiro país a obter equivalência de países terceiros com as novas regulamentações que reforçarão as exigências de capital e os padrões de governança corporativa das seguradoras que operam na União Européia. A Autoridade Monetária das Bermudas, reguladora financeira de Bermudas, solicitou a equivalência em um esforço plurianual apoiado pela indústria que ajudará a garantir que as empresas sediadas nas Bermudas não fiquem em desvantagem ao escrever negócios na Europa. Foto: Scott Neil Olhando para reforçar IB: Patrick Tannock, presidente da Abic, e Sam Hollis, diretor de operações da ACEA Tannock: Bermuda sem fricção ajuda a atrair IB Scott Neil Do poder de colaboração para uma história sobre o tiro de militares britânicos em o primeiro barco da Copa das Américas a ser avistado na costa das Bermudas, havia muita variedade no encontro anual da Associação das Empresas Internacionais das Bermudas (Abic). A colaboração foi o tema recorrente na reunião dos líderes empresariais, a quem se juntou o palestrante convidado Sam Hollis, diretor de operações da Autoridade de Eventos da Copa das Américas (ACEA). Patrick Tannock, presidente da Abics, pediu colaboração contínua entre o governo das Bermudas, membros da Abic, sindicatos e partes interessadas da comunidade para garantir que Bermuda continue sendo líder em negócios internacionais. Estes são tempos difíceis e todos nós devemos fazer mais com menos. Além de enfrentar desafios sociais e econômicos, maior escrutínio e intensa competição de outras jurisdições, Bermuda está enfrentando uma mudança sem precedentes e estamos em um território desconhecido, disse ele. Precisamos garantir que as Bermudas continuem sendo fáceis de usar, livres de atritos e orientadas a soluções. Continua na página 14 Apostas calculadas: Albert Steede, da GameTime, acredita que os apostadores em St. Georges correm menos riscos que os da loja de apostas de Somerset expande Raymond Hainey em toda a ilha Um ex-herói da Copa e um apostador virou jogo de azar com dois novos lojas. A GameTime, fundada em Hamilton há seis anos, agora tem instalações no leste e no oeste, e o chefe da empresa, Albert Steede, calcula que sua aposta está valendo a pena. O Sr. Steede disse: Apostar é um negócio enorme e algumas pessoas simplesmente não gostam de viajar para a cidade e preferem ficar no leste e no oeste. Isso está dando a eles uma opção adicional, eles têm mercearias e outros tipos de lojas, então por que não uma loja de apostas? A resposta tem sido boa Eu não tenho anunciado e assim que as pessoas ficarem sabendo sobre as novas lojas, a curiosidade vai chegar até eles e dê uma olhada. O GameTime em Somerset, na Somerset Road, perto da Western Union, abriu suas portas há apenas três semanas, enquanto a loja de St George, na Water Street, iniciou suas operações há dois meses. Steede, que capitaneou Somerset e Bermudas no críquete, acrescentou que o nível de negócios está estável, apesar da recessão. Ele disse: as pessoas gostam de ganhar algo apostando Os acionistas da empresa de resseguros PartnerRe ontem apoiaram a oferta de 6,9 bilhões da gigantesca gigante de investimentos Exor. Os acionistas votaram no acordo Minha clientela é ótima. Não há ninguém aqui gastando sua hipoteca ou aluguel. Eles não gastam o que eles não podem perder, o que eu sempre digo às pessoas para fazerem Albert Steede apostar que o negócio da GameTime tem sido o mesmo, nem mais nem menos. Ele acrescentou: Os números que deixam a ilha para ir a Vegas, Atlantic City e outros locais ao redor do mundo nos dizem que o apetite está presente e mostra a magnitude do negócio. A aposta esportiva é uma indústria multibilionária e isso aumenta a cada ano. E Steede disse que um dos segredos do sucesso era oferecer mais do que apenas apostas esportivas tradicionais, com jogos como raspadinhas e jogos de números. E ele disse que um novo jogo envolvendo a escolha de três números para uma chance de ganhar 25.000 seria introduzido no início do próximo mês. O Sr. Steede disse que se ninguém ganhasse o produto, iria para caridade. O ex-vice-chefe da Escola Secundária de Saltus explicou: Devolver a comunidade é muito importante. Ele acrescentou que já havia detectado diferenças entre o leste e o oeste nos hábitos de jogo. Steede disse: St Georges é uma comunidade conservadora, de ritmo lento e Somerset é um lugar mais agressivo e aventureiro. Eles provavelmente vão tentar apostar um pouco mais e tentar tudo o que tenho para oferecer. Em St Georges, havia algumas reservas sobre a loja, porque eles achavam que seria um certo visual, mas eu superei suas expectativas. Steede disse que mudou de carreira depois que um ex-colega em Saltus, Cleon Scotland, mostrou a ele um anúncio de casas de apostas à venda. Os dois se uniram para comprar o que se tornou GameTime, embora Scott e sua família tenham abandonado o negócio há 18 meses, quando ele e sua família se mudaram para a Grã-Bretanha. O senhor deputado Steede afirmou: «Fui bastante afortunado porque me foi concedida uma licença de Saltus no caso de não dar certo. Eu também possuía um diploma em matemática como back-up, então não tive preocupações nem preocupações. Depois de se educar, você tem muito mais opções. Eu me senti confiante em entrar no empreendimento porque tinha algo em que voltar. É só eu agora e está ocupado. Eu queria expandir então decidi tentar. A empresa agora emprega um total de oito pessoas nos três locais. O Sr. Steede disse: Eu tenho uma equipe fantástica sem eles, eu provavelmente ficaria louca. A equipe faz uma enorme diferença. Ele acrescentou: As pessoas podem entrar e fazer perguntas que a equipe terá prazer em explicar-lhes coisas diferentes e ajudá-las a testá-las. Steede disse que todas as instalações da GameTime eram claras e limpas, longe da tradicional imagem de uma loja de apostas. Ele acrescentou: Se alguém vem em todas as minhas lojas, é fresco, moderno e limpo e que atrai mais mulheres lá são mais mulheres a cada mês. O Sr. Steede disse: Minha clientela é ótima. Não há ninguém aqui gastando sua hipoteca ou aluguel. Eles não gastam o que não podem perder, que é o que eu sempre digo para as pessoas fazerem. É uma boa diversão e se as pessoas ganharem um bônus. É uma maneira legal de tentar conseguir um pouco mais no bolso. Os acionistas da PartnerRe aprovam o acordo Exor, que também lhes dá um dividendo especial de 3 por ação, dependendo do fechamento do negócio na sede da PartnerRes, na Hamiltons Pitts Bay Road, nesta manhã. A Exor, controlada pela família bilionária Agnelli, congelou no início deste ano uma oferta rival da empresa de resseguros Axis pela PartnerRe. O PartnerRe disse que a aquisição estava no caminho certo para ser concluída no primeiro trimestre do ano que vem, sujeita à aprovação regulatória. Page 14 Bermudas sem atrito podem ajudar a atrair a IB Business NOVA CPCU DESIGNEES HONRADA Friday, November 20, 2015 Continuação da Página 13 Nossa atitude e nossos comportamentos nos diferenciarão de nossos concorrentes. É por isso que é fundamental que todos nas Bermudas compreendam plenamente o valor dos negócios internacionais para a economia das Ilhas e a responsabilidade que cada um de nós tem por garantir que mantemos esse valor. Não podemos nos dar ao luxo de ser polarizados nesta questão. A Abic esteve envolvida em várias iniciativas este ano com o objetivo de disseminar uma maior compreensão da importância dos negócios internacionais (IB) para a economia das Ilhas. Deve ficar claro que os negócios internacionais não são o cara mau ou o mimado que consegue tudo o que quer, disse ele. Para permanecer competitiva, as Bermudas devem oferecer um ambiente no qual as empresas internacionais tenham o que precisam para prosperar. Da mesma forma, nós, em negócios internacionais, devemos respeitar a cultura das Bermudas, bem como as aspirações e valores do povo das Bermudas. Estamos juntos nessa. A organização, que representa mais de 100 companhias internacionais incorporadas nas Bermudas, vem realizando reuniões com sindicatos, escolas públicas, partidos políticos e outras partes interessadas como parte de sua iniciativa de comunicação. Em parceria com a Bermudas Business Development Agency, vem promovendo uma campanha multimídia expandida conhecida como everybodysbusiness, que mostra como o IB afeta positivamente todos na ilha, estimula o crescimento e a criação de empregos, e como todos podem ajudar a continuar o IB florescer. A campanha incluiu dez horários de shows de rádio de uma hora, anúncios de mídia e vídeos informativos sendo exibidos on-line e em vários locais da ilha. Abic reuniu-se com conselheiros de orientação e oficiais de currículo em escolas públicas de nível superior para desenvolver o currículo de economia, com um objetivo específico de ajudar os alunos a entender a economia das ilhas, o valor do IB e os desafios e as oportunidades dentro do setor. O Sr. Tannock, que foi nomeado presidente no início do ano, disse que a Abic pretende intensificar seus esforços durante 2016. Após o discurso do Sr. Tannocks, um vídeo apresentando o drama da Copa das Américas 2013 em San Francisco, quando a Oracle A equipe dos EUA veio de 8-1 para vencer o Emirates Team New Zealand 9-8, foi apresentada pelo orador convidado Mr Hollis. Ele está envolvido no desafio esportivo desde 2010 e deu uma ideia de como a colaboração entre Jimmy Spithill e Sir Ben Ainslie, possivelmente os dois maiores velejadores do evento hoje, esteve no centro da dramática reviravolta da fortuna que levou ao Oracle. vencendo em 2013. Com Spithill agora liderando a Oracle em busca do título de 2017, e seu ex-companheiro de equipe, Sr. Ainslie, comandando a equipe da Britains Land Rover BAR, Hollis disse: Será fascinante ver quem sai por cima os próximos dois anos. Felizmente, Hollis contou a história do Shamrock IV, o primeiro barco da Copa das Américas a visitar Bermudas. Foi construído na Inglaterra para desafiar o defensor do título americano Resolute. O Shamrock estava navegando para Rhode Island quando a Primeira Guerra Mundial foi declarada. O iate foi instruído a dirigir-se ao porto britânico mais próximo, mas sua chegada dias depois perto de Bermuda não tinha sido antecipada. As luzes de navegação do canal ao redor da ilha haviam sido apagadas por causa da eclosão da guerra, e quando o barco foi avistado no mar, os militares britânicos em Dockyard abriram fogo, disse Hollis à platéia. Felizmente, o iate não foi atingido e, mais tarde, partiu para Rhode Island. Na atrasada competição da Copa das Américas, que ocorreu em 1920, o Shamrock perdeu para a equipe dos EUA. Assim, o primeiro barco da Copa das Américas nas Bermudas foi acionado pelos militares, disse Hollis. No entanto, apesar de um começo tão pouco auspicioso para a associação Bermudas com a Copa das Américas há mais de 100 anos, ele disse que membros do Oracle Team USA e suas famílias estavam felizes em viver nas Bermudas. O sucesso dos últimos meses do evento da Bermuda na Louis Vuitton Americas Cup confirmou que a ACEA fez a escolha certa ao escolher Bermudas como sede das finais de 2017, disse ele. Nunca vimos uma atmosfera como esta em nenhum dos outros eventos. A abertura da noite de sexta-feira foi uma delícia e Larry adorou, disse ele, referindo-se a Larry Ellison, dono do Oracle Team USA e do quinto homem mais rico do mundo, medido pela revista Forbes. Ele acrescentou: E as outras equipes estão em êxtase por estar aqui. Scepter reforça os laços com as ilhas Continua do executivo e presidente, Patrick Theros, o ex-embaixador dos EUA no Catar, e o xeque Juma al Maktoum, um proeminente empresário dos Emirados Árabes Unidos. No início deste ano, a BMB, com sede em Bermuda, uma entidade que fornece capital e consultoria para as 500 famílias da Forbes, transformou seus ativos de escritório familiar em Scepter. De acordo com a empresa, isso foi impulsionado pelos interesses dos investidores para converter de um mandato de family office para um banco comercial e um sindicato de investimento direto. O BMB foi descrito como o primeiro escritório multifamiliar comercial de famílias governantes a unificar investidores do Oriente Médio e da Ásia que tradicionalmente eram concorrentes. Foi originalmente fundado em 2004 pelo Príncipe Abdul Ali Yil Kabier e o Sr. Withanage. O Sceptre se apresenta como um sindicato de capital permanente de indivíduos com patrimônio líquido ultra-alto e investidores soberanos que se combinaram para investir em transações de grande capitalização fora do mercado globalmente. Em seu núcleo está uma empresa de banco comercial administrada pela ex-equipe da Blackstone Advisory Partners Asia, que executou mais de 500 bilhões em transações, com foco em mineração, recursos naturais e infraestrutura. Algumas das transações executadas pela equipe agora na Scepter incluíram a reestruturação de 20 bilhões do Banco de Seul, o Projeto de Oleoduto PetroChina West-East de 8 bilhões e a aquisição de 14,1 bilhões de 12% da Rio Tinto pela Chinalco. Foto: Blaire Simmons Muito bem: o capítulo da Sociedade CPCU das Bermudas realizou ontem uma cerimônia de confraternização para novos designados (foto). O Capítulo é composto por profissionais da indústria de seguros e resseguros que obtiveram, ou estão no caminho para obter, a designação profissional do Segurado de Propriedade Chartered Property Casualty. O evento aconteceu nos escritórios da Ace Bermudas no Woodbourne Road Retirement focus Uma reunião especial de café da manhã na próxima semana terá como foco o custo de se aposentar nas Bermudas. O seminário de café da manhã, organizado pela Câmara de Comércio das Bermudas e apresentado por Miguel DaPonte, da BFM, e Nathan Kowalski, co-presidente do comitê de economia das câmaras, examinará as mudanças nas aposentadorias e como se preparar para a vida sem salário. A reunião será realizada no Royal Bermuda Yacht Club, em Hamilton. As portas abrem às 8h e a sessão começa às 8h30. 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GET MOVING oleandercycles. bm Givi 46 Litre Tech (Preto) fmgroup. bm 75 FRONT STREET, HAMILTON HM 12, BERMUDE T 441.296.3600 F 441.295.6209 INFOFMGROUP. BM sexta-feira, 20 de novembro de 2015 Negócios Page 15 Goldman vê a limitação de chamadas da Yellen em estoque WASHINGTON (Bloomberg) A chamada de Yellen pode em breve substituir o Bernanke como procedimento operacional padrão no Federal Reserve. E isso não é uma ótima notícia para o mercado de ações dos EUA. Então, dizem estrategistas do Goldman Sachs Group em relatórios para clientes esta semana. Com o call de Yellen, o banco central estaria inclinado a aumentar as taxas de juros à medida que a economia e o mercado de ações melhorassem, limitando os ganhos em ações. Esse é o lado negativo do Bernanke, que colocou a ideia de que os investidores em ações estavam protegidos contra grandes quedas do mercado, porque o Fed iria facilitar a política para limitar os danos. O ponto de inflexão para essa mudança para um viés de aperto chegará, possivelmente, em 2016, disse o estrategista-chefe de crédito Charles Himmelberg e outros analistas do Goldman em um relatório ontem. Em um cenário que eles nomearam para a presidente do Fed, Janet Yellen, os comícios em ações e outros ativos de risco podem ser atendidos por uma política monetária menos acomodatícia. Isso contrasta com os Feds percebidos Os riscos para os preços de mercado estão do lado de mais, em vez de aumentos menores da taxa na primeira vez em uma década que tivemos uma visão hawkish relativa ao mercado Jan Harzius, função de reação do Grupo Goldman Sachs sob predecessor Yellens Ben Bernanke. Em parte como resultado, Himmelberg e seus colegas vêem um aumento limitado das ações dos EUA em 2016. Especificamente, os estrategistas do Goldman prevêem que o índice Standard Poors 500 chegará a 2.100 no ano que vem. Ficou em 2.080,76 em Nova York. Em um relatório separado, os economistas do grupo disseram que são mais agressivos do que os mercados financeiros sobre a política do Fed pela primeira vez em uma década. Liderada pelo economista-chefe Jan Hatzius, a equipe do Goldman vê o Fed elevando as taxas de juros em 0,75 para um ponto percentual próxima Fotografia por Manuel Balce Ceneta / AP Influência no mercado: presidente do Federal Reserve Janet Yellen disse que a perspectiva de aumento das taxas do Fed no mês que vem possibilidade. O aumento das taxas provavelmente limitará os ganhos no ano das ações após um aumento inicial de 0,25 pontos em dezembro. Os riscos para os preços de mercado estão do lado de mais, ao invés de aumentos menores, na primeira vez em uma década que tivemos uma visão hawkish em relação ao mercado, Hatzius e economista Jari Stehn escreveu em um relatório de 18 de novembro. Traders no mercado de futuros de fundos federais em Chicago geralmente estão apostando em um aumento da taxa do Fed em 2016 de 0,50 ponto ou menos, de acordo com cálculos da Bloomberg. Eles colocaram a probabilidade de uma alta no próximo mês em mais de 65%. Os cálculos baseiam-se no pressuposto de que a taxa efetiva dos fundos federais será, em média, 0,375% após a decolagem. O Fed não aumentou as taxas desde 2006. Sua meta de fundos atuais é de zero a 0,25%. À medida que o banco central aumenta as taxas, o rendimento da nota de 10 anos do Tesouro subirá para 3% até o final do próximo ano, segundo analistas do Goldman. O rendimento ficou em 2,25% em Nova York. Por trás dos grupos mais hawkish do Fed: aumento da inflação. Os preços ao consumidor devem subir 1,8 por cento em 2016. Em outubro, os preços foram apenas 0,2 por cento mais altos do que no ano anterior, pressionados em parte pela queda nos custos de energia. Com o Banco Central Europeu e o Banco do Japão projetados para aliviar a política monetária nos próximos meses, os federais adotaram uma postura mais rígida do que a do dólar, segundo analistas e economistas do Goldman. Himmelberg e seus colegas estrategistas vêem o dólar subindo para 95 centavos de euro por euro e ¥ 130 para os próximos 12 meses, com uma boa chance de que ambos os níveis possam ser alcançados mais cedo do que isso. O dólar ficou em 1,0735 por euro e 122,76 ienes. Hatzius e Stehn consideraram a valorização esperada do dólar um desenvolvimento saudável para a economia mundial, porque mudará a demanda dos EUA para outros países onde o crescimento é mais fraco. Essa oscilação ocorrerá porque um dólar mais forte tornará as exportações dos EUA mais caras e as importações no país menos dispendiosas. Um aumento do dólar não será uma boa notícia para a China, no entanto, por causa de suas moedas ligadas ao dólar, disseram os economistas do Goldman. Eles vêem o crescimento global chegando a 3,5 por cento em 2016 de 3,2 por cento este ano. Grande parte do ganho reflete a estabilização em algumas das economias de mercado emergentes mais atingidas, particularmente na Rússia. Embora a melhor parte do ciclo de ativos de risco nos mercados desenvolvidos esteja provavelmente para trás, achamos que o quadro continua razoavelmente construtivo e ainda parece cedo demais para se preparar para a próxima recessão, disseram. A Square Inc, que começou a ser negociada ontem após uma oferta pública inicial, vale menos do que a avaliação que obteve como uma empresa privada e alguns funcionários estão sofrendo. Embora os primeiros investidores e executivos estejam obtendo grandes ganhos, alguns funcionários da empresa de pagamentos por celular estão descobrindo suas opções de ações abaixo da água, ou valendo menos do que quando foram emitidas. De acordo com documentos normativos, cerca de 21 milhões de opções foram concedidas a um valor acima do preço de fechamento de 13.07 da ação da Squares ontem. O IPO da empresa serve como uma verificação de realidade para funcionários de outras startups multibilionárias, que podem não ter tanto dinheiro quanto esperavam. Os benefícios são ainda mais complicados, uma vez que as startups em estágio final fazem negócios que garantem retornos mais altos para os investidores, fazendo com que os funcionários durem na fila para receber o pagamento. Por exemplo, a Square, Box Inc e outras empresas aceitaram o que são chamadas de catracas como parte das rodadas de financiamento em estágio final, que dão proteção aos investidores caso as ações da empresa não funcionem tão bem. Com a Square, foi garantido aos investidores um prêmio de 20% sobre seu investimento, que valeria 18,56 por ação, significando que a Square teve que emitir mais ações para esses investidores, desvalorizando ainda mais as ações de propriedade dos funcionários. Quando o abalo acontecer e as avaliações voltarem à Terra, você verá uma aceleração no movimento de funcionários iniciantes para empresas maiores e mais estabelecidas, porque elas percebem que não conseguem lidar com o risco, disse Chris Zaharis, que já trabalhou na empresa. start-ups por cerca de 20 anos e trabalhou como consultor para muitos trabalhadores tentando entender melhor seus direitos patrimoniais. Por enquanto, qualquer decepção é apenas no papel. Os funcionários não têm permissão legal para vender nenhuma ação até 180 dias após o arquivamento do IPO da empresa, de modo que o cálculo ocorrerá, dependendo se o preço das ações da Squares subir o suficiente para colocá-las de volta no dinheiro. O estoque teve um bom começo hoje, subindo 45%. Compartilhando o Espírito de Natal 27 anos. Os Lions Clubs of Bermuda, em conjunto com o MarketPlace, incentivam você a deixar uma lata ou caixa de alimentos não perecíveis nas vitrinas localizadas em todas as lojas MarketPlace, Modern Mart, A-One e Shopping Center e Pricerite Store. A comida será montada nos Food Hampers pelos Lions Clubes e entregue a famílias carentes nas Bermudas. Este programa ajuda a todos, incluindo aqueles que dão e aqueles que recebem. Pare por hoje Compartilhe o programa Espírito de Natal, que termina no sábado, 12 de dezembro de 2015. LETS CUIDE DE CADA UM Patrocinado por DOMINGO 29 DE NOVEMBRO DE 2014 Page 16 Sexta-Feira, 20 de novembro de 2015 A UnitedHealth pode deixar o Obamacare NOVA YORK (Bloomberg) A seguradora de saúde dos Estados Unidos está considerando abandonar o Obamacare, uma vez que ele perde centenas de milhões de dólares no programa, o que elimina a assinatura da política doméstica do presidente Barack Obama. O UnitedHealth Group diminuiu os esforços de marketing para planos vendidos a indivíduos este ano e pode abandonar totalmente o negócio em 2017. É uma mudança abrupta em relação a outubro, quando a seguradora disse que planejava vender cobertura por meio do Affordable Care Act em mais 11 estados no próximo ano, elevando o total para 34. A empresa também cortou sua previsão de lucro para 2015. Enquanto milhões de americanos obtiveram cobertura sob o Obamacare desde que os novos mercados administrados pelo governo para os planos foram abertos no final de 2013, no caso da UnitedHealth, eles não foram os mais lucrativos. Os clientes que a empresa adicionou tendem a usar mais cuidados médicos. A UnitedHealth também disse ontem que algumas pessoas estão se inscrevendo para obter cobertura, se cuidando e depois abandonando suas políticas. Não podemos sustentar essas perdas, disse o presidente-executivo Stephen Hemsley a analistas em teleconferência. Nós não podemos realmente subsidiar um mercado que não parece estar se sustentando no momento. UnitedHealth said it expects as much as 500 million in losses on the Obamacare plans in 2016. The insurer will record 275 million of the costs in the fourth quarter. The companys shares fell 5.8 per cent to 110.47 at 12.51pm in New York. Anthem and Aetna, the two biggest health insurers after UnitedHealth, also declined, as did hospital stocks including HCA Holdings and Community Health Systems. Insurance markets rely on premiums paid by healthy people to subsidise the medical costs of the sick. If an insurer sets premiums that are too low or attracts customers that are too sick, it can suffer losses. That can be a particular risk in new markets that an insurer may Salesforce boosted by soaring demand for cloud services SAN FRANCISCO (Bloomberg) Salesforce shares rose to an all-time high after the maker of cloud-based business software forecast another strong year ahead. Shares of the San Francisco-based company jumped 5.6 per cent to 81.68 at 12.41pm yesterday in New York, after earlier climbing as much as 7.2 per cent to their highest level since Salesforces 2004 initial public offering. The stock has gained more than 37 per cent this year, compared with a 1.1 per cent gain in the Standard Poors 500 Index. Salesforces projections for fiscal 2017 revenue topped analysts estimates as the company sees gains across its products and around the world. Chief executive officer Marc Benioff a long-time believer in delivering features over the cloud is extending his offerings as he looks for new ways to bolster spending with existing customers while also wooing new ones. The company has landed deals with customers such as General Motors and Anheuser-Busch InBev as more large companies get their software via the internet. It confirms theyre the envy of the software industry, said Brent Thill, an analyst at UBS Group AG who has a buy rating on the stock. Everyone wants to be like Salesforce. Theyre the Taylor Swift of the industry right now. Sales should reach 8 billion to 8.1 billion during the fiscal year that begins in February, the company said in a statement. That compares with estimates of 7.99 billion. During the quarter ended in October, newer businesses outpaced its more traditional products. Salesforces service cloud business grew 38 per cent while its marketing cloud expanded 29 per cent. Its largest business, sales cloud, grew 10 per cent. The company recently unveiled Losing money on Obamacare: UnitedHealth Group has cut its earnings forecast The cloud has become mainstream and is being widely adopted by really big companies Pat Walravens, of JMP Securities features designed for specific industries, including healthcare and financial services, and has enhanced its popular sales-focused software with new machine-learning tools. The cloud has become mainstream and is being widely adopted by really big companies, said Pat Walravens, an analyst at JMP Securities. Theyre expanding globally theyre adding more verticals, and theyre broadening the functionality they offer. Salesforce has been investing in its own products while also using acquisitions to expand sales and software in recent years. In 2014, Salesforce paid 390 million for RelateIQ, which made tools that automatically keep track of a salespersons interactions with customers, log that information, and use predictive technology to offer helpful reminders about when they should get back in contact. The company also spent more than 2 billion on Exact - Target in 2013, a company that specialised in e-mail marketing. In the most recent quarter, Salesforce saw strength throughout the company, including sales with big customers, president Keith Block said in an interview. We had excellent performance across every geography, in every industry and really in every cloud, Block said. The value of the large deals in Q3 have increased significantly. In fact, we closed a significant eight-figure deal in the quarter with a global high-tech manufacturer. We cant really subsidise a marketplace that doesnt appear at the moment to be sustaining itself Stephen Hemsley, CEO of UnitedHealth Focus and Determination. KPMG in Bermuda knows what it takes to go the extra mile. We are excited to announce the opening of applications for Race Trials for the 2016 KPMG Front Street Mile event. Pick up your entry form today from Sportseller, your local schools, or enter online at racedayworld. bm. All applications should be handed in at Sportseller, located in the Washington Mall, no later than 4:30pm on Friday, November 20, 2015. Fee: Students 8 Adults 15 Trial races to be held on Friday, November 27, 2015 at 6:00pm at the National Sports Centre. All races sanctioned and organised by the BNAA. Race Director: Mike Charles 1 441 292 6515 mcharlesbut. bm not be as familiar with. While United - Health has been slower than some of its rivals to sell Obamacare policies, the announcement may indicate that other insurers are struggling, said Sheryl Skolnick, an analyst at Mizuho Securities. If one of the largest and presumably, by reputation and experience, the most sophisticated of the health plans out there cant make money on the exchanges, then one has to question whether the exchange as an institution is a viable enterprise, Skolnick said. The Obama administration pointed out that many people are signing up for Affordable Care Act policies. About 1.1 million people have signed up for coverage in the first two weeks of enrolment, which began on November 1. The health insurance marketplace is entering its third year and continues to grow, giving millions of Americans access to quality affordable insurance, Ben Wakana, a spokesman for the Department of Health and Human Services, said by e-mail. UnitedHealth said it suspended marketing of its individual exchange plans and is cutting or eliminating commissions for brokers who sell the coverage in many markets. UnitedHealth covers fewer than 550,000 people on the Obamacare exchanges. About 9.9 million people had insurance through the US - and staterun insurance markets as of June 30. The company is evaluating the viability of the insurance exchange product segment and will determine during the first half of 2016 to what extent it can continue to serve the public exchange markets in 2017, UnitedHealth said in a statement yesterday announcing the changes. Last month, UnitedHealth had struck a more optimistic note. I think well see strikingly better performance on the insurance exchange business next year, chief financial officer David Wichmann told analysts on an October 15 conference call. Other insurers have struggled to profit from the government-run marketplaces created by Obamacare. About a dozen non-profit co-op plans created under the Affordable Care Act have failed. E-WASTE RECYCLING DROP-OFF DAY Saturday, 21 November 2015 from 9:00 a. m. until 5:00 p. m. At the Tynes Bay Waste to Energy Facility on Palmetto Road, Devonshire. DROP OFF THE FOLLOWING ELECTRONIC WASTE ITEMS FOR RECYCLING: Household air conditioners Monitors Televisions Cathode ray tubes (CRTs) Computer processing units (CPUs) Keyboards Telephones Cell phones Printers Copiers Typewriters Mainframe equipment Laptops Fax machines Stereo equipment/radios Satellite receivers Other circuit board containing equipment and anything with batteries or a power cord For further information or to arrange recycling of large, commercial loads, please call Colleen Clacken at 501-3023 or e-mail recyclegov. bm. facebook/recyclebermuda GOVERNMENT OF BERMUDA Ministry of Public Works Friday, November 20, 2015 Business Page 17 BRITAIN Retail sales growth slows but outlook is rosy for the British consumer Shoppers take a breather HBOS executives facing ban LONDON (Bloomberg) UK retail sales fell more than economists forecast last month as consumers took a breather after going on a spending spree in September. Sales volumes declined 0.6 per cent from September, the Office for National Statistics said in London yesterday. That was more than the 0.5 per cent decrease economists had forecast in a Bloomberg survey. Excluding auto fuel, sales dropped 0.9 per cent, also more than predicted. The decline followed a 1.7 per cent jump in total sales in September, the biggest increase in almost a year, as Britons took advantage of promotions surrounding the Rugby World Cup and warm weather. Record employment, improving wages and negative inflation are putting money in the pockets of consumers, which is likely to sustain consumer spending. Consumers remain the main engine of growth and can withstand a forecast pick-up in inflation next year, said Alan Clarke, an economist at Scotiabank in London. The UK consumer has reason to be happy and optimistic. The first interest-rate hike has been pushed back and back, and when rates do go up its been promised it will be gradual, so life doesnt get much better. The Bank of England held its benchmark interest rate at a record-low of 0.5 per cent this month as it weighed domestic strength against below-zero inflation and a slowing world economy. Its latest forecasts were taken as a signal that low rates were needed for a while longer. Food sales fell 1.3 per cent, while non-food sales declined 0.3 per cent, the ONS said. Clothing and footwear and household goods posted the biggest declines, falling 1.8 per cent and 0.8 per cent respectively. Prices, as measured by the retail-sales deflator, fell an annual 2.1 per cent in October. Retail slowdown: a pedestrian out shopping in London LONDON (AP) A report into what caused the 2008 collapse of British bank HBOS said yesterday that the firms former bosses were ultimately responsible for its failure, and recommended that regulators ban them from working in financial services. The report also blamed a past regulator for failing to investigate bank leaders properly. Only one former HBOS executive has so far been formally investigated. Peter Cummings, the former head of corporate banking, was fined 500,000 (763,000) and banned from working in senior banking positions. HBOS, formed from the merger of Halifax and Bank of Scotland in 2001, expanded too rapidly before the financial crisis struck and collapsed in 2008. It was taken over by the Lloyds Banking Group and required billions of pounds in a bailout funded by taxpayers. Current regulators the Financial Conduct Authority and Prudential Regulation Authority said they will now review whether to take any enforcement action against three of the banks former leaders. They are ex-chief executives Andy Hornby and James Crosby, as well as former chairman Dennis Stevenson. The report also said former finance director Mike Ellis, former head of the banks international division Colin Matthew and former chief of the banks treasury department Lindsay Mackay should be investigated. Cerberus mulls UK mortgage business LONDON (Bloomberg) Cerberus Capital Management LP is considering whether to start a business offering new UK residential mortgages from the remnants of Northern Rock and Permanent TSB Group Holdings, according to three people with knowledge of the matter. The US private-equity firm has acquired about 12.2 billion pounds (19 billion) of UK home loans from the collapsed banks and could use some of these assets as a base for a new mortgage company, said two of the people, who asked not to be identified because the details are private. While the idea was presented to the British government, Cerberus doesnt have a plan in place and no decision has been made, one of the people said. Cerberus would join private-equity firms Blackstone Group and TPG Capital operating companies in one of Europes most lucrative and competitive property markets. While its Northern Rock and Permanent TSB loans place it within the top 20 lenders, it would be some way behind Britains biggest mortgage lender, Lloyds Banking Group Plc, with about 300 billion of home loans, according to data compiled by the Council of Mortgage Lenders. Cerberus could use a mortgage-servicing platform it acquired with about 2.5 billion of Permanent TSBs Capital Home Loans operation, which mostly includes performing buy-to-let advances to landlords, two of the people said. 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We will work hard to shift our growth from just expanding scale to improving its structure. What he means is that Chinas economic deceleration the official growth rate of 6.9 per cent is a six-year low is the sign of an economy in transition. Its moving from an over-reliance on exports and government-led investment to an economy that is more consumer-led. So hows that going First the bad news: the industrial goods-producing sector of the Chinese economy is in recession and likely to remain there for at least another year. Now the good news: the domestic-oriented service sector is likely to keep growing at low, double-digit rates and that should result in real GDP growth of 4 per cent to 5 per cent. Until recently, Chinas economy grew rapidly, thanks to a booming manufacturing sector that imported raw materials and equipment to produce goods that were exported to North America and Europe. Slow growth in the developed world, however, put an end to that ploy. Chinas other stimulus, infrastructure investment, resulted in ghost cities and a pile of debt now totalling 208 per cent of gross domestic product. Together, the debt overhang and excess capacity will limit future growth. Now, exports are declining after decades of 20 per cent annual growth. An earlier housing boom, driven by aggressive bank lending in response to the 2007-2009 recession, has been followed by a decline in construction. Growth in capital investment continues to slow. The industrial sectors growth rate plummeted from a 22 per cent annual rate in the second quarter of 2007 to a mere 0.2 per cent in the third quarter of this year. You might think all these weak numbers signal that the Chinese economy overall is headed toward recession. I dont believe so, and heres why: Services (which includes consumer spending) grew at a healthy 12 per cent annual clip in the third quarter from a year earlier. True, the stock market bubble and housing boom propelled that growth, which is falling back to earth now. Still, since the recession, the service sectors share of GDP has grown while the industrial sectors share retreats. Since the first quarter of 2007, services gained 8.2 percentage points of GDP, to 51 per cent, while the industrial sectors share dropped 5.8 points, to 40 per cent. The remaining 9 per cent is agriculture. Services share of GDP first topped that of industry in the second quarter of 2012. Slower pace: joggers run along the Bund in Shanghai, where service-economy growth is strong A major obstacle to consumer spending in China is its high and rising savings rate. It was 30 per cent in the first quarter, compared with just 4.8 per cent in the US in September. Chinese households save huge portions of their limited incomes because of the obligation in a Confucian society to provide for ones family, but also because pensions are limited and China lacks a social-safety net. There is evidence, however, that Chinese consumers are spending more. Passenger rail traffic continues to grow by a solid 10 per cent. Interest in personal health and sports is growing, and the number of marathons and marathon participants doubled between 2011 and 2014. After a slump in sportswear sales following the 2008 Beijing Olympic Games, sales are again jumping. Internet traffic through mobile devices has nearly doubled this year, and movie box-office revenue is up more than 50 per cent. Sales for technology, alternative energy, education, media and entertainment companies are rising much faster than those in basic industries. Twenty newer Chinese stocks tracked by Goldman Sachs had 23 per cent revenue growth in the first half of 2015 versus a year earlier, compared with 2 per cent for older companies. Further evidence of the shift can be found in employment growth, which is increasing for the services sector and declining for heavy industry. Since 2007, the labour force in services rose 8.2 per cent, but just 3.1 per cent in heavy industry. On balance, then, Chinas heavy industry is retreating while services are rising. What will these trends mean for future growth Bear in mind that the service sector also is vulnerable. The earlier boost to financial services by the stock market and housing bubbles has been reversed. Also, laid-off workers from private heavy industry and state-owned enterprises have reduced purchasing power. Using regression analysis, my firm measured the effects on GDP of various combinations of growth in the manufacturing and industrial sector and the services sector. For the third quarter, the 0.2 per cent growth in secondary industries (manufacturing, energy, construction and mining) combined with the 11.9 per cent advance in the tertiary sector (services) results in a total GDP gain of 5.4 per cent. Adding the 0.5 per cent GDP contribution from the ever-shrinking primary sector (agriculture), the total comes to 5.9 per cent still below the (likely overstated) official 6.9 per cent growth rate, though not by much. Chinese statisticians have no doubt been inflating their GDP numbers since Maos Great Leap Forward in the 1950s demanded big output gains or else. Overstatements are probably greater now that growth is slowing. Even if services rose at an optimistic 13 per cent, when combined with flat manufacturing growth in future years, GDP would still rise only 6 per cent Open until 6pm. 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Christmas Stockings (6) PRIZES FROM THE FOLLOWING: Danby Dehumidifier Amana Electric Range Maytag Washer Dryer Whirlpool Microwave Weber Q BBQ Carnation Home Fashions - Bath accessory sets Ritzenthaler - kitchen towels Cambridge Towels - bath towels Avanti Linens, Bath Towels Creative Bath - Beveridge Dispensers MStyle - shower curtains Maytex Mills - Shower Curtains/Hooks MASTERS HOME CENTRE annually. A more realistic flat manufacturing sector and 10 per cent growth in services yields 4.3 per cent overall GDP, but dont count on the Chinese National Bureau of Statistics to report a number that low So even Beijings newly reduced growth target of 6.5 per cent is unrealistic. The 4 per cent to 5 per cent range is more likely and thats based on clearly overinflated historical numbers. Still, ongoing growth in the services and consumer sector should stave off recession in China and actual declines in GDP. As China shifts from an export - and infrastructure-led economy to one more domestically driven, its impact on other economies will drop. In particular, Chinas role as the vacuum for the worlds commodities will continue to recede. Look for the recent nosedive in commodity prices, be it copper and other nonferrous metals, iron ore, coal or other basic materials, to persist. On the other hand, Chinese food imports may gain as rising personal income levels result in diet upgrades. It takes more grain to turn pigs into pork than it takes to satisfy human nutrition needs directly with corn. China will no longer dazzle the world as it did in past decades by taking over global manufacturing and growing rapidly. But at least slower, domestic-led growth will be more sustainable. 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Water Jugs (4) and much more. Friday, November 20, 2015 VOLKSWAGEN VW to delay investment in China venture SHANGHAI (Bloomberg) Volkswagen AG is delaying its plan to boost its stake in its joint venture with China FAW Group Corp by two to three years after reviewing the investment in the wake of its emissions-cheating scandal. The comments by VW China chief Jochem Heizmann, made at an event ahead of this weeks Guangzhou Auto Show and confirmed by the company, come as Volkswagen faces billions of euros in costs for its emissions cheating scandal. VW faces a deadline today to present a remedy plan to California regulators for four-cylinder diesel engines that spew as much as 40 times the allowed amount of smog-producing nitrogen oxide. The FAW partnership was forged in 1991 in Changchun for licensed production of the Audi 100 sedan. VW has been in talks to raise its 40 per cent stake in the joint venture with FAW for a more balanced structure similar to the 50-50 per cent pact for its other venture with SAIC Motor Corp. Chief executive officer Matthias Mller said as recently as October 28 that the company was still working on a possible increase in the FAW stake. The German carmaker has been in talks to lift its stake in the FAW joint venture, and chairman Hans Dieter Ptsch has said a decision may be reached by the end of this year. Volkswagens shares rose 3.1 per cent to 104.50 euros at 11.15am in Frankfurt. Permit is B19/15 Prizes will not be exchanged by Masters Limited for Cash. Draw results will be final and winners names will be published in the local press. Employees (and their families) of Masters Limited and their Advertising Agency shall not be eligible to enter the draw. Friday, November 20, 2015 Business Page 19 1,340.21 unchanged 17,732.75 -4.41 2,081.24 -2.34 5,073.64 -1.56 13,473.83 73.86 6,329.93 50.96 19,859.81 210.63 Fed-fuelled rally stalls 25,841.92 359.40 22,500.22 311.96 3,617.06 48.59 2,919.83 33.75 5,293.30 104.20 WALL STREET NEW YORK (Bloomberg) US stocks struggled to add to the biggest rally in nearly a month, as a profit warning from UnitedHealth Group jolted the healthcare sector while energy producers followed oil lower a day after the Federal Reserve eased concern that higher interest rates would derail economic growth. UnitedHealth Group slumped 5.7 per cent after saying it may pull out of the ObamaCare insurance exchange market amid high costs. Competitors Anthem and Aetna fell more than 6.5 per cent. Consumer staples and technology shares countered with gains as Keurig Green Mountain jumped 18 per cent on better-than-expected results, while Salesforce and Intel rallied on a stronger-than-estimated sales outlooks. The Standard Poors 500 Index slipped 0.1 per cent to 2,081.24 in New York, with the gauge trading in its tightest intraday range since May 22. The Dow Jones Industrial Average lose 4.41 points to 17,732.75, and the Nasdaq Composite Index declined less than 0.1 per cent. About 6.5 billion shares traded hands on US exchanges, 13 per cent below the three-month average. The market probably needs to move sideways here for a while, David Spika, global investment strategist for Guide - Stone Capital Management, said by phone. The way we rebounded from the correction was very rapid. There are more reasons to go down than up. Minutes from the Federal Reserves Photograph by Scott Eells/Bloomberg Stocks with a buzz: investors woke up and smelt the coffee after Keurig Green Mountain reported better than expected results. The companys shares jumped 18 per cent yesterday October meeting released on Wednesday indicated that policymakers believe the economy is strong enough to withstand higher rates as early as next month, while stressing that the pace of any tightening will be gradual. That message helped unleash a rally that sent the SP 500 to within 2.3 per cent of its May all-time high. The gauge is up about 11 per cent from the bottom of a summer sell-off sparked by worries that a slowdown in Chinas economy would spread. Caution over the impact of Chinas weakness kept the Fed from raising rates in September. Recent data has bolstered the case for raising borrowing costs for the first time since 2006, with the latest payroll report released after the Feds October meeting showing the biggest increase in hiring this year. A report yesterday showed initial jobless claims continued to hover around four-decade lows as the labour market strengthens toward full employment. The Philadelphia Feds monthly business outlook unexpectedly rose in November, while an October index of leading economic indicators gained for the first time since June. Traders are now pricing in a 68 per cent probability that the Fed will raise rates next month. The earnings season is drawing to a close, with 95 per cent of SP 500 companies having reported. Of those, 74 per cent beat earnings estimates, while 44 per cent exceeded sales forecasts. Analysts project profits for index members dropped 3.7 per cent in the third quarter, compared with a 7.2 per cent decline at the start of the season. The Chicago Board Options Exchange Volatility Index rose 0.8 per cent Thursday to 16.99, after sliding the most in nearly four weeks on Wednesday. The measure of market turbulence known as the VIX is up about 13 per cent this month after posting its biggest monthly drop ever in October. Seven of the SP 500s 10 main groups advanced, with technology, utilities and phone companies rising the most. Healthcare companies fell 1.6 per cent, and energy retreated along with oil prices. Salesforce rallied to a record after forecasting stronger-than-estimated sales in its approaching fiscal year, demonstrating growing demand for cloud-based software. Also boosting the tech group, Intel surged 3.4 per cent after saying 2016 sales will climb in the mid single-digit per cent range, making the case that it doesnt need a buoyant personal-computer market to achieve growth. Local rates Butterfield Bank Bermuda dollar base rate 3.75 US dollars Buy 1.0000 Sell 1.0043 Buy 1.0000 Sell 1.0025 (Over 250,000) Canadian dollars Buy 1.3535 Sell 1.2872 London rates US dollars Buy 1.5721 Sell 1.4958 Canadian dollars Buy 2.0864 Sell 1.9648 London/Bermuda rates Buy 1.5721 Sell 1.4958 US dollar buying rates Australian dollar Danish kroner Euro Hong Kong dollars Jamaican dollars Japanese yen New Zealand dollar Norwegian kroner Swedish kroner Swiss franc Insurers Co. Close Ace 115.57 Arch 74.07 Argo Group 64 Assured 26.99 Aspen 50.16 AIG 61.98 Aon 93.82 Allied World 35.8 Axis 55.55 Blue Capital 17.7 Endurance 65.51 Enstar 155.85 James River 31.05 Maiden Hldgs 14.84 Marsh 55.58 PartnerRe 138.95 Everest Re 186.06 RenRe 110.57 Third Point Re 13.62 Validus 46.23 Willis 45.26 WhiteMtn 777.02 XL Group 38.08 London-listed insurers (in UK pence) Hiscox Lancashire 1,005 746 Transport / Telecoms Nabors 8.99 Frontline 2.88 Nordic American 15.15 Belmond 10.20 0.7383 6.7571 1.1028 7.5 177 115.75 119.41 0.6714 8.3644 8.4288 0.9863 Change 0.23 0.18 0 -0.29 -0.12 0.02 -1.19 -0.08 0.06 0.09 -0.12 -0.28 -0.3 -0.09 0 0.03 1.95 -0.19 0.06 0.53 0.6 2.04 0.68 1 -1.5 -0.70 -0.03 -0.23 0.01 WORLD MARKETS Stocks rise on Fed minutes SYDNEY (Bloomberg) Asian stocks rose after minutes from the most recent Federal Reserve meeting showed policymakers faith in the worlds biggest economy, with officials saying the pace of any rate increases will be gradual. The MSCI Asia Pacific Index advanced 1.6 per cent to 133.57. The gauge has rallied 10 per cent from a two-year low in September as investors prepare for the first US interest-rate increase since 2006. In the statement following their October gathering, Fed policymakers made it clear that a rise would be considered at the December 15-16 meeting. The pace of the rise is whats much more important than the rate rise itself, said Angus Gluskie, a managing director who oversees 550 million at White Funds Management in Sydney. If a rise occurs slowly, then markets, investors and consumers all have time to respond to it and adjust accordingly. Thats the ideal circumstance and thats certainly what the Fed is trying to achieve. Japans Topix index advanced 0.9 per cent. The BOJs decision to keep already unprecedented stimulus unchanged was forecast by all 41 economists in a Bloomberg survey and comes days after a report showing Japan fell back into a recession in the six months through September. Prices fell in August and September. They want the Fed to kind of do the work for them, Eric Liu, head of research at Vanda Securities Ltd, told Bloomberg TV in Hong Kong. They want to see what the Feds got in December and how currencies react. South Koreas Kospi index rose 1.3 per cent and New Zealands NZX 50 Index added 0.3 per cent. Australias SP/ ASX 200 Index gained 2.1 per cent to the highest level since October 29, led by lenders. Westpac Banking added 2.6 per cent and Commonwealth Bank of Australia advanced 1.7 per cent. OzForex Group surged 30 per cent after Western Union offered as much as A888 million (632 million) in cash for the provider of online international payment services whose brands include UKForex and USForex. James Hardie Industries slumped 7.5 per cent, among the largest declines on the MSCI Asia Pacific Index. CANADA MARKETS Valeant and raw-materials rally TORONTO (Bloomberg) Canadian stocks rose a second day as Valeant Pharmaceuticals International advanced the most in four years and gold prices rebounded from a five-year low, offsetting a decline in energy shares. Raw-materials producers jumped 1.2 per cent to lead equities higher. Gold futures rose the most in three weeks as a measure of the dollar retreated from the highest in at least a decade. While there is now a 66 per cent chance US Federal Reserve policymakers will raise interest rates at their December meeting, the pace of subsequent increases would be slow, according to minutes of their last meeting released on Wednesday. The Standard Poors/ TSX Composite Index rose 73.86 points, or 0.6 per cent, to 13,473.83 in Toronto. The SP/ TSX has declined 7.9 per cent this year, trailed only by Singapore and Greece among developed markets. Canadian equities have faltered this year amid declines in commodity and healthcare stocks of at least 20 per cent. The countrys equity market has been hampered by a slump in oil prices, slowing overseas growth and the prospect of an interestrate increase from the Federal Reserve. Bombardier ended the day little changed, after gaining as much as 14 per cent and losing 6.3 per cent. The company agreed to sell a 30 per cent stake in its rail business to Caisse de Dpt Placement du Qubec for 1.5 billion. BSX REPORTS Butterfield shares hold steady The Royal Gazette/BSX Index yesterday closed unchanged at 1,340.21. The Bank of Butterfield was unchanged at 1.98 after 7,000 shares traded. Bermuda Press (Holdings), the parent company of The Royal Gazette, was also unchanged at 6.50 after 300 shares changed hands. The BSX Insurance Index ended the day up 7.67 points (0.44 per cent) at 1,662.87. Page 20 Friday, November 20, 2015 Overseas Americans set free by Shia rebels in Yemen Page 23 PARIS ATTACKS Suspected mastermind died in raid Alleged PARIS (AP) The Belgian jihadi suspected of masterminding deadly attacks in Paris died along with his cousin in a police raid on a suburban apartment building, officials said yesterday. Paris Prosecutor Francois Molinss office said 27-year-old Abdelhamid Abaaoud was identified based on skin samples, but authorities did not know how he died. His body was found in the apartment building targeted in the chaotic and bloody raid in the Paris suburb of Saint-Denis on Wednesday. Three police officials say a woman who died in the raid was Abaaouds cousin. One said Hasna Aitboulahcen is believed to have detonated a suicide vest after a brief conversation with police officers. The bodies recovered in the raid were badly mangled, with a part of Aitboulahcens spine landing on a police car, complicating formal identification, according to one of the officials. The officials all spoke on condition of anonymity because they were not permitted to divulge details of the investigation. Police launched the operation after receiving information from tapped phone calls, surveillance and tipoffs suggesting that Abaaoud was holed up there. Eight people were arrested in the raid. With France still reeling from the Friday attacks that killed 129 people and wounded hundreds of others, Prime Minister Manuel Valls warned yesterday that Islamic extremists might at some point use chemical or biological weapons, and urged lawmakers to extend a national state of emergency by three months. Terrorism hit France not because of what it is doing in Iraq and Syria. but for what it is, Valls told the lower house of Parliament. He added, We know that there could also be a risk of chemical or biological weapons. Valls did not say there was a specific threat involving such weapons. Elsewhere in Europe, jittery leaders and law enforcement moved to protect their populations as Rob Wainwright, director of the European Unions police co-ordination organisation Europol, warned of a very serious escalation of the terror threat in Europe. In Italy, Foreign Minister Paolo Gentiloni said law enforcement was searching for five people flagged by the FBI in response to a US warning about potential targets following the Paris attacks. The State Department issued a warning on Wednesday that St Peters Basilica in Rome, Milans cathedral and La Scala opera house, as well as churches, synagogues, restaurants, theatres and hotels had been identified as potential targets. Danish and Norwegian police were asked to be on the lookout for a man Swedish authorities said is wanted in connection with an investigation into preparation for a terrorist offence. Swedens Security Service, known as SAPO, said the request was not linked to the Paris attacks. In Belgium, where many of the Paris attackers lived, Prime Minister Charles Michel announced a package of additional anti-terror measures, and said 400 million would be earmarked to expand the fight. He told lawmakers that security personnel will be increased and special attention will be paid to eradicating messages of hate. He also called for more international co-operation, and said he wants to amend the Belgian constitution to extend the length of time terror suspects can be held by police without charge. All democratic forces have to work together to strengthen our security, Michel said. In Belgium, authorities launched six Woman suicide bomber had been under surveillance PARIS (AP) Hasna Aitboulahcen lived a secular life, drinking alcohol and rarely visiting a mosque, but police say she died an extremists death: blowing herself up by detonating a suicide vest. The 26-year-old daughter of a Moroccan immigrant had been under police surveillance because her name came up in a drug-trafficking case, said a police union official, speaking on condition of anonymity because he wasnt authorised to talk to media. Aitboulahcen died Wednesday as police closed in on an apartment in suburban Saint-Denis, along with Abdelhamid Abaaoud, the man suspected of orchestrating the November 13 attacks across Paris that killed 129 people. It was not known if she had any role in the attacks. Also unclear is her exact connection to the 28-yearold Abaaoud, the son of a Moroccan-born shopkeeper in Brussels. Three police officials said Aitboulahcen often described herself as his cousin, but the term also is used by young French of North African descent to refer to close friends who are no blood relation. Her final moments were marked by a brief, angry exchange with police during the siege. Where is your boyfriend an officer demanded, according to an official, who also spoke on condition of anonymity because he was not authorised to disclose details of the investigation. She replied: Hes not my boyfriend Then there was an explosion, which police said was the detonation of the bomb in her vest. Parts of her mangled body were blown onto a police car parked outside the apartment where she and nine others, including Abaaoud, engaged in an hours-long standoff. Born in the Paris suburb of Clichy-la-Garenne, Aitboulahcen moved to the eastern French town of Creutzwald with her parents and four siblings when she was 16. She had a sister and two brothers, Creutzwald Mayor Jean-Luc Wozniak, told The Associated Press. He added that the four siblings spent some time in foster ringleader: this image made available in the Islamic States English-language magazine Dabiq, shows Belgian Abdelhamid Abaaoud who died in a raid in the Paris suburb of Saint-Denis on Wednesday Photograph by Christophe Ena/AP Scene of bloody gunfight: police raided this building apartment in the Paris suburb of Saint-Denis on Wednesday Photograph by Daniel Ochoa de Olza/AP Love is inevitable: a man in Paris looks at a graffiti message, which plays with words. Next to it is an image of victim Elodie Breuil. Breuil died in the shooting at the Bataclan concert hall raids in the Brussels region yesterday linked to Bilal Hadfi, one of the three suicide bombers who blew themselves up outside the Stade de France. An official in the Belgian federal prosecutors office told The Associated Press the raids were taking place in the suburb of Molenbeek and other areas of Brussels. The official, who spoke on condition of anonymity because the investigation is continuing, said the actions were focusing on Hadfis entourage. French Foreign Minister Laurent Fabius urged the international community to do more to eradicate the Islamic State group, which claimed responsibility for the attacks on a rock concert, Parisian cafs and the national stadium. Fabius, speaking on France-Inter radio, said the group is a monster. But if all the countries in the world arent capable of fighting against 30,000 people (IS members), its incomprehensible. France has stepped up its airstrikes against extremists in Syria, and French military spokesman Col Gilles Jaron said yesterday that French forces have destroyed 35 Islamic State targets in Syria since the attacks on Paris. Next week, French President Franois Hollande is going to Washington and Moscow to push for a stronger international coalition against IS. Speaking after the seven-hour siege in Saint-Denis, Hollande said that France was at war with the Islamic State group. In its English-language magazine, Islamic State said it will continue its violence and retaliate with fire and bloodshed for insults against the Prophet Muhammad and the multitudes killed and injured in crusader airstrikes. care, and the family moved into an apartment located in a housing project in 2006. Some years later Aitboulahcen left Creutzwald and settled in the Paris suburb of Clichy-sous-Bois, returning occasionally to visit her father, Wozniak said. Her father, who was born in Marrakech, and her older sister moved to Morocco, the mayor added. Two years ago, Aitboulahcen briefly managed a construction company based in the Paris suburb of Epinaysur-Seine that went bankrupt less than ten months later, according to an official registry of company filings. Neighbours and relatives quoted by French media said she drank alcohol and rarely attended a mosque. Because her name came up in a drug-trafficking case, Aitboulahcen was under surveillance, and her movements may have led authorities to the Saint-Denis flat. Authorities had tapped her phone at the time of the raid, according to two police officials, also speaking on condition of anonymity because they were not authorised to talk to media. They did not say when the wiretap began. EU security measures up for debate BRUSSELS (AP) France and Belgium will urge their European partners today to tighten gun laws, toughen border security and choke off funds to extremist groups, a week after at least 129 people were killed in attacks in Paris. But at an emergency meeting in Brussels, European Union interior and justice ministers will not agree on any new measures that could be immediately introduced to restore calm among countries rattled by the co-ordinated strikes in the French capital. Indeed, documents prepared for their talks and seen by The Associated Press show that the ministers will merely try to push forward on priorities already identified, but not acted on, by EU leaders following the attacks in Paris in January on a satirical newspaper and a kosher grocery. Heres a look at whats up for discussion: The ministers will examine new proposals, including a ban on some semi-automatic weapons and a guarantee that no private individual can own one, even if it has been permanently deactivated. At least one officially deactivated weapon was put back into service in Belgium and used in the attacks in Paris in January. Also on the list are tighter rules to prevent the purchase of arms or ammunition over the internet stricter conditions on collectors to limit the risk their guns might be sold to criminals common EU standards for marking weapons so they are easier to trace and better information exchanges so a person banned from buying a firearm in one country cant get one by crossing a border. A crackdown on illegal weapons or explosives coming from the Balkans, and other former or current conflict areas, is likely too. The Europeans have been working on an airline passenger name record system for about eight years. It would give authorities access to names, credit card details, travel itineraries and more. The EU has a system for exchanging passenger data with the US, Australia and Canada, but the 28 nations are unable to agree on one among themselves, mostly due to privacy concerns. Draft legislation has been held up in the European Parliament since April 2012. In the face of the impasse, Belgiums prime minister affirmed yesterday that his country would push ahead on such a system on its own. Britain also has its own system, and other countries are developing them. France and Belgium want to stop foreign fighters from travelling to Syria and Iraq, then bringing their know-how back to Europe. More than 1,200 Europeans are thought to have done so. The idea is to introduce systematic controls on Europeans when they enter the EU. At the moment, travel documents of European citizens are checked visually but not swiped into the blocs vast database, as they are with non-EU nationals. But introducing systematic checks will require changes to the rules governing Europes passport-free zone, known as the Schengen area. The ministers will commit to step up information sharing. Problem is, information is often jealously guarded by nations. About half the information in the hands of the European police agency Europol is provided by just a few of the 28 member countries. The idea now is to at least enter data about all suspected foreign fighters in the vast Schengen Information System computer database used in the passport-free zone. The EUs executive arm will be asked to find ways to boost co-operation between Financial Intelligence Units, the national agencies that monitor money laundering and analyse suspicious transactions. Their findings could be made available to Europol. Traffic in artworks will also be scrutinised, to close a big market for cultural items pillaged by the Islamic State group.
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