12192018 BUSINESS

business@tribunemedia.net

WEDNESDAY, DECEMBER 19, 2018

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S&P: ‘Reforms will take time to pay off’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Government last night hailed its success in breaking “the perpetual cycle of credit rating downgrades”, despite Standard & Poor’s (S&P) warning its reforms will “take time to pay dividends”.

KP Turnquest, the deputy prime minister, conceded that the Government needs to both “speed up” economic growth and ensure it benefits more Bahamians in a statement that interpreted

* Govt hails breaking ‘downgrade cycle’ * Nation kept at ‘junk’; no new slip expected * Private sector: ‘Trim fat off monkey on back’

the credit rating agency’s latest assessment as affirmation of the “tremendous progress” it has made in combating this country’s fiscal woes.

S&P, in its latest assessment of the Bahamian government’s creditworthiness, maintained this nation’s current “BB+/Stable/B” KP TURNQUEST

Private sector not against regulation - just its inefficiency

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN businesses are not opposed to regulation, just its inefficiencies, two private sector leaders have told Tribune Business.

Gowon Bowe, pictured, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that the “push back” from legitimate

businesses stemmed from the obstacles and bureaucracy in the Government’s compliance processes rather than any opposition to the notion of being regulated.

‘Not out of woods’ on financial crime rating

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas cannot afford to “prematurely celebrate” its upgraded compliance with global anti-financial crime standards when it remains on two “watch lists” and under “enhanced” scrutiny.

Emmanuel Komolafe, pictured, a compliance and risk management specialist, told Tribune Business that while The Bahamas’ reevaluation by the Caribbean Financial Action Task Force (CFATF) was “undoubtedly positive news” this nation is “not out of the proverbial woods” just yet.

For while the CFATF upgraded The Bahamas’ compliance with almost onethird of global anti-money laundering and counter terror financing standards (AML/CFT), it has still kept this nation in “enhanced follow-up” because it has a “low to moderate” score when it comes to effective implementation of these benchmarks.

And, in turn, the CFATF’s Paris-based parent, the Financial Action Task Force (FATF), still has The Bahamas on its 11-strong list of nations with “strategic deficiencies” in their antifinancial crime regimes, along with the likes of wartorn Syria and Yemen.

Mr Komolafe argued that The Bahamas’ should be given credit by the FATF for the positive

re-evaluation by its Caribbean affiliate when it assesses this nation’s progress in addressing such “structural deficiencies” in February and June next year, respectively, ahead of the September 2019 deadline for full implementation of its “action plan”.

This was especially since the FATF’s listing of The Bahamas appeared to be based on some of the same legal and technical issues upgraded by the CFATF. “Many in the financial services industry have long held the view that The Bahamas has always been a well-regulated jurisdiction with a robust legislative and regulatory framework for AML/CFT,” Mr Komolafe said.

“However, the recently issued Follow-up Report (FUR) by the CFATF, which constitutes an acknowledgment of our commitment to compliance with international standards and the significant amount of work undertaken to-date, is a welcome development.”

SEE PAGE 8

ROBERT MYERS Speaking after the Government confirmed it is eliminating the need to obtain upfront proof of National Insurance Board (NIB) compliance before business licence renewals are issued, Mr Bowe said it was vital that different public sectors communicated with each other electronically to ease the burden on the private sector.

Similarly, Michael Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, told this newspaper that the NIB step’s

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Bay St ‘survival’ fears over cruise industry port bid

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER downtown Nassau retailer yesterday expressed concern that many remaining businesses may not “survive” if the cruise line-backed bid to take over the port is successful.

Sarah Hug, proprietor of Sarah’s Secrets, told Tribune Business that she moved out of downtown two-and-a-half years ago to focus on her Cable Beach store due to a lack of “quality tourists” and spending by cruise passengers.

Recalling the “huge change” in tourist numbers and spending that occurred when the cruise ships were allowed to keep their retail stores, restaurants and other attractions open while in port, Ms Hug said she felt

such pressures will only get “worse” if the cruise lines and their Bahamian partners are given the contract to operate and manage Prince George Wharf.

She expressed particular concern over the cruise lines’ onboard marketing programmes, which inform passengers about which attractions and stores to visit when in a particular port. Ms Hug said stores had to pay to be featured, and “recommended”, placing small businesses such as hers at a competitive disadvantage because she could not afford to do so.

She added that current merchants on Bay Street, and the wider downtown area, likely shared her concerns and fears over the cruise lines’ involvement in one of the three Nassau

SEE PAGE 5

Fishermen seek ‘pick-up’ despite poaching threat

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN fishermen have begun to finally see a “pick-up” in their harvest this crawfish season, a top executive said yesterday, warning that poachers “aren’t easing up” and have changed their tactics.

Keith Carroll, vicepresident for the Bahamas Commercial Fishers Alliance (BCFA), told Tribune Business: “They are finding a different way now to

poach. They are doing one or two-day runs in go-fast boats now. I don’t know how long they have been doing that, but the Defence Force seems to be catching up to them now. They won’t stop. They aren’t easing up that’s for sure.”

His concerns came after the Royal Bahamas Defence Force - for the second time in a week - arrested a group of Dominican fishermen for illegally operating in Bahamians seas. Two Dominican small, go-fast type boats

were apprehended at 11am on Monday just off North East Point, Inagua by the RBDF while on routine patrol.

Onboard were seven Dominican fishermen along with several air compressors and containers of gasoline.

A week ago, on December 11, another seven Dominican fishermen were arrested by the RBDF off Inagua. They have since been charged before the courts on several counts

SEE PAGE 6

THE TRIBUNE

Wednesday, December 19, 2018, PAGE 3

‘FIRST BATCH’ OF SMES PROGRESS TO FUNDING

By NATARIO MCKENZIE

that those seven businesses represented the first batch to have their plans reaching the funding stage.

“We had several businesses at a pitch night about a week-and-a-half ago,” she said. “We have been working with them for a few months now, and to see them get to the point where they have that level of conviction and understanding of their business is amazing.

“I’m very proud. I think we are starting with an

Tribune Business Reporter

nmckenzie@tribunemedia.net SOME seven small and medium-sized businesses have seen their plans progress move forward for funding so far, the Small Business Development Centre’s (SBDC) principal said yesterday.

Davinia Blair, the “Access Accelerator” Small Business Development Centre’s executive director, told Tribune Business

DAVINIA BLAIR

BAHAMAS ON TRACK THROUGH RAIL LINK-UP THE Bahamas has ramped up its tourism marketing efforts in Florida through a partnership with Brightline, the high-speed rail system that connects major cities in the Miami area.

David Helfman, vicepresident of corporate partnerships for a company that plans to expand its tracks to Tampa and Orlando, said it was saturating stations with images from The Bahamas.

“We’re so thrilled that they have chosen us to help promote the islands, and to use us as a unique venue to attract new consumers,” he said. “We want to elevate their experience here, and bring some fun and some flair to our stations, and really expose Bahamas tourism – the culture, the food and the atmosphere - to our premium guests.”

Brightline will host various events with the Ministry of Tourism to promote the destination, and will hold a sweepstakes for a vacation to The Bahamas.

“It’s such a close, easy destination, and it has everything our guests are looking for, which is relaxation, great amenities, a unique culture that they can experience,”

PETE Rose of Bahamas Paradise Cruise Line is interviewed at at Brightline Miami’s Jingle and Mingle. Photo: Anita Johnson Patty Mr Helfman said. “It’s all about the food, the art and the music.”

Betty Bethel-Moss, the Ministry of Tourism’s director of sales and marketing, said: “What is most important for us in marketing the islands of The Bahamas is visibility. We were looking for opportunities where we could have top-of-mind visuals throughout Florida.

“Entering this partnership with Brightline has allowed that because it has allowed us to have this digital takeover on the trains and the stations in West Palm Beach, Fort Lauderdale and in Miami.”

Scores of industry partners attended the partnership’s unveiling, with several

saying they planned take full advantage of the tieup. “One of the main things I love about the partnership with the Ministry of Tourism is that we get to explore markets that we wouldn’t normally do in our budget,” said Peter Rose of Bahamas Paradise Cruise Line. “They also bring great events that allow us to reach people.”

“Brightline is a great company to do a partnership with to promote The Bahamas,” said Veronica Bolanos, director of FRS Caribbean.

“Bimini is one of the destinations that we need to push, and we at FRS Caribbean are happy that this is being pushed because that will bring business to us.”

initial seven that have been fully vetted and will be recommended to the financial institutions for funding.

That’s just the first batch of many.”

The SBDC, a non-profit entity that launched last month, is a partnership initiative between the University of The Bahamas (UB), the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and the Government.

It is designed to build the

institutional support framework for micro, small and medium-sized enterprises (MSMEs) in their initial development stages.

Ms Blair added that the SBDC is aiming to develop a directory that will help local entrepreneurs connect.

“I think it’s going to help a lot by building relationships between entrepreneurs who are all a part of one group,” she added. “Many of them would have gone through training together.”

PAGE 4, Wednesday, December 19, 2018

S&P: ‘Reforms will take time to pay off’ FROM PAGE ONE credit rating together with a “stable” outlook. It suggested it was unlikely to further downgrade The Bahamas over the next two years, although its move yesterday keeps this nation at “junk” status - one notch below “investment grade”.

Mr Turnquest, reiterating the message he delivered in the wake of the International Monetary Fund’s (IMF) recent report, said there was no room for complacency despite the “stabilised” economic and fiscal situation.

He urged the country to “stay the course” on austerity measures that have demanded further sacrifices from Bahamians, lowering living standards and disposable incomes, as any “wavering” might “undo the progress” and undermine the country’s medium to long-term economic viability.

While backing Mr Turnquest’s assertion that The Bahamas has “stopped the bleeding temporarily”, private sector representatives last night said it needed “to get some of the ground back” and reclaim the lost

“investment grade” status with S&P. And Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, warned that the Government “cannot have its cake and eat it” in believing it can achieve higher economic growth without tackling the size and cost of the public sector.

He argued that the Government had to “get that monkey off the private sector’s back”, and focus on addressing the cost and ease of doing business as its 2019 priority, while calling on it to explain how it will achieve 5.5 percent gross domestic product (GDP) expansion without “trimming the fat” from the public sector.

Still, Mr Myers praised S&P’s maintaining of The Bahamas’ current rating as “a good accomplishment” for The Government as it further suggested its actions to-date have at least laid a platform to reverse a decade-long economic and fiscal decline.

The global rating agency outlined its expectation that The Bahamas will suffer no further creditworthiness downgrades over the next two years, while praising the Minnis

THE TRIBUNE administration for delivering on its promises to introduce Fiscal Responsibility legislation and narrowing the annual deficit.

“The ‘stable’ outlook reflects S&P’s expectation that robust political institutions will anchor fiscal consolidation and moderate economic growth over the next one to two years,” S&P said yesterday.

“The sovereign credit ratings on The Bahamas reflect the country’s high external liquidity needs and debt levels, which are rising, and a slow-growth economy that has lost competitiveness over the past decade.

“This deterioration has led to weakened public finances and higher debt levels. Nevertheless, the country’s strong institutional foundation continues to provide necessary checks and balances that have prevented further erosion to creditworthiness.”

Outlining the rationale for maintaining, and not upgrading or downgrading The Bahamas this year, S&P added: “We expect the Government to continue to progress toward its fiscal sustainability goals, which should support economic growth.

“Nevertheless, it will take time to reach the Government’s target deficit and debt ratios in our view.

We believe that stronger tourism activity [has bolstered] economic growth in 2018, following a return to

growth in 2017, supported by the opening of Baha Mar. Longer-term growth prospects will depend on success in attracting new investment.”

S&P’s “glass half full” assessment echoes much of the recent IMF evaluation, finding that while The Bahamas has made progress it still has a long way to go to reverse the past decade’s fiscal and economic instability following the 2008-2009 recession.

And, while the Minnis administration’s reforms todate may be correct, they will take time to yield the desired results and positive benefits desperately sought by many Bahamians in an economy that continues to suffer with high unemployment and reduced incomes.

“While the Government’s fiscal initiatives should support reduced deficits, we think that it will take time to see the dividends of these reforms translate into sustainable public finances and higher economic growth,” S&P warned yesterday.

It added that the Government “may also consider additional tax reform”, but did not identify these measures, which could be a reference to the ongoing examination of the business licence regime.

S&P said “measures taken in the last year should support deficit reduction”, a likely reference to the 2018-2019 budget’s tax hikes, while it also credited the Government for imposing a ten percent recurrent spending reduction in the prior fiscal year and requiring state-owned enterprises (SOEs) - which account for 15 percent of expenses - to become self-sufficient.

And the rating agency, while admitting that 20172018 revenue targets were missed, and the deficit came in at $415m instead of the projected $320m, said this performance still “represents a significant improvement from the $661m deficit in 2016-2017”.

“In 2018, the Government passed its promised Fiscal Responsibility Act, which includes target deficit, debt

and spending limits as well as transparency and reporting requirements,” S&P said. “Although these limits, if met, should arrest the deterioration in the country’s fiscal deficit and debt levels, their implementation targets are 2020-2021 and 2024-2025, respectively.

“In 2018, we expect our measure of net debt to reach 48.9 percent of GDP. Thereafter, we expect more moderate deficits will slow the debt burden increase.

Interest expenses should remain slightly below 15 percent of revenue over the next two-to-three years.

If the interest burden surpassed 15 percent of revenue, it could put pressure on our assessment of The Bahamas’ debt position.”

S&P also predicted a rise in The Bahamas’ external (foreign currency) borrowings and debt to rise in 2018, hitting a level equivalent to about 65 percent of current account receipts (CARs).

It applied similar sentiments to The Bahamas’ GDP growth prospects, adding: “The economy’s falling real GDP per capita growth over the past decade reflects structural challenges that will be difficult to overcome in the near term. This growth is lower than that of peers with similar levels of income.

“We expect that GDP per capita will be about $31,470 in 2018, and GDP per capita growth will average 0.21 percent over the next three years. GDP growth in 2017 was muted at 1.4 percent, and partly reflected lower tourism activity in the wake of hurricane-related disruptions... We expect stronger tourism activity to support economic growth in the current year.

“New measures enacted by the Government should eventually lead to better economic growth prospects, although we believe it will take time for these actions to have a measurable impact.”

S&P forecast that The Bahamas will achieve “slightly higher” real GDP growth averaging 1.4 percent over the next three

years, due to Baha Mar and the expansion of Nassau/ Paradise Island’s hotel room inventory, although this was somewhat offset by the postHurricane Matthew loss of rooms on Grand Bahama.

S&P has now kept The Bahamas at “junk” status, and below investment grade level, for two years now.

While potentially highly damaging for The Bahamas and its reputation for economic stability, as it signals to the international capital markets that this nation’s creditworthiness (the Government’s ability to pay its debts) has slipped into dangerous territory, the effects will have long since been priced in.

Still, the Government is still likely having to pay more for current and future debt issues, raising its debt servicing (interest) costs, and sucking money away from essential public and security services. The “junk” status may also deter investors assessing The Bahamas as a place to invest, as it raises questions about the Government’s economic management.

The Ministry of Finance, in a statement yesterday, said the S&P report confirmed that the Government had halted the expansion of its annual fiscal deficits and slowed the growth of a near-$8bn national debt.

Mr Turnquest was quoted as saying: “Now that the fiscal and economic situation is stabilised, the task remains to maintain fiscal discipline and speed up the pace of economic growth that must be broad and inclusive.

“The S&P report echoed what we have been saying: We must stay the course, for if we waver now, we could undo the progress and diminish the medium to long-term viability of the country. This administration takes seriously its core responsibility to be fit and accountable stewards of the

SEE PAGE 6

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Side

2018 CLE/Qui/

IN THE MATTER of the Quieting Titles Act, 1959 AND IN THE MATTER of ALL THAT piece parcel or Lot of Land being Lot 6 in Block 5C in Englerston Subdivision comprising an area of 4,244 square feet and situate on the Northern Side of a Public Road called Florida Court and now known as Coco Plum Road in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas.

AND IN THE MATTER of the petition of TEZEL FLORINE ANDERSON ________________________________ NOTICE ________________________________ THE PETITION OF TEZEL FLORINE ANDERSON in respect of:-

“ALL THAT piece parcel or Lot of Land being Lot 6 in Block 5C in Englerston Subdivision comprising an area of 4,244 square feet and situate on the Northern Side of a Public Road called Florida Court and now known as Coco Plum Road in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas and more particularly described and shown and delineated on Plan No. 5872 NP filed in the Department of Lands and Surveys.”

THE PETITIONER claims to be the owner of the fee simple estate in possession of the parcel of land hereinbefore described free from encumbrances and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959, in the above action, to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. NOTICE is hereby given that any person having a dower or a right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the final publication of these presents, file in the said Registry of Supreme Court and serve on the Petitioner or the undersigned a Statement of her claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the final publication of these presents will operate as bar to such claim.

Copies of the Petition and Plan of the said land may be inspected during normal office hours in the following places:- the Registry of the Supreme Court, 1st Floor, British American Building, George Street, Nassau, The Bahamas, and the Chambers of the Petitioner’s Attorneys, Suite # 6, Gomez Building Dowdeswell Street east of Christie Street in the City of Nassau, The Bahamas.

NORWOOD A. ROLLE & CO. Chambers Suite #6 Gomez Building Dowdeswell Street east of Christie Street Nassau, N.P. The Bahamas Attorneys for the Petitioner

THE TRIBUNE

Wednesday, December 19, 2018, PAGE 5

Bay St ‘survival’ fears over cruise industry port bid FROM PAGE ONE cruise port bids, but were unlikely to speak out for fear of retribution.

“I left downtown because we didn’t get any of the business from them,” Ms Hug told Tribune Business of the cruise lines. “If you’re not paying money to advertise on the ship, they don’t recommend your store, and the quality of tourist diminished.

“We were not getting the quality tourists downtown coming off the cruise ships.

There was a huge change when they allowed the cruise ships to have stores open in port. I can’t remember when, but there was a significant difference. I remember noting it.”

Ms Hug recalled how cruise shop personnel approached her and the store “offering me the option to pay to be talked about. Being a very small business, and not having a chain like the jewellery stores, I couldn’t afford to do it because it was very expensive.

“The small businesses, none of us could afford to promote as it was too costly.

They’d recommend your business, and others they wouldn’t recommend. They were pretty much saying it was safe to go to this business because we recommend them, but with those we don’t recommend you’re on your own.

“One of the girls mentioned my shop because she liked the stuff I sold, but she didn’t do it often as she’d get into trouble because I was not paying. You have to pay big bucks. I was downtown for 25 years. With both businesses I had that happened on a consistent basis.”

Ms Hug said she feared such practices, and the cruise lines’ dominance and control of the sector and its benefits, would only become worse if the bid they are backing succeeds.

“I would feel very bad for the people around downtown. I think it would tip the scale,” she told Tribune Business. “I’m grateful I’m not there, but for those that are I feel very bad for them as I think it could put them out of business.

“That’s what they did for my shop. I had to move my business out of downtown.

Many other small businesses closed down at the same time as me. They [the cruise lines] have the same brands and shops we have downtown and on Bay Street, and the same customers.

“It would hit those local businesses and impact employment - it already has, but I think it will be worse,” Ms Hug continued.

“I don’t think a lot of people will speak up on it because they’re scared their businesses will be impacted.

“I don’t mind because I’m not there. I think it will clean them up, and I don’t see how they could survive that.”

The cruise lines are likely to vehemently dispute Ms Hug’s assertions, and argue that there is no connection between their bid for the port and treatment of downtown Nassau merchants and retailers, although they have long called for the city’s tourism product offering to be upgraded.

Indeed, Michael Bayley, Royal Caribbean’s top executive, recently argued that Nassau’s cruise port would benefit from the industry’s direct involvement because of its great expertise and experience in knowing what cruise port infrastructure is required. He added that the cruise lines also have no interest in operating Prince George Wharf, and would likely turn this over to a third party.

The involvement of the four cruise lines - Carnival, Disney, Norwegian & Royal Caribbean Cruise Lines - was also billed as a

strong vote of confidence in the future of The Bahamas’ cruise prospects.

However, there are likely to be concerns over what some will perceive as the cruise lines’ “conflict of interest”, since they would be both operator and customer if the group was selected as Prince George Wharf’s manager. And the port would also directly compete with their multiple Bahamian private islands, with some likening their involvement to “the fox guarding the hen house”.

The cruise lines have also recently come under increasing scrutiny by many Bahamians amid the perception that they retain the vast majority of the industry’s economic benefits, while this nation gets the crumbs, especially given their increased reliance on the same private islands where they control the majority of attractions and activities.

The cruise industry, though, will likely point to recently-released data to refute such concerns. A recent economic impact survey on behalf of the Florida-Caribbean Cruise Association (FCCA) found that cruise passenger spending in Nassau and Freeport soared by 59 percent over the past three years, making The Bahamas the third highest-yielding destination in the Caribbean.

The study attributed the rise to increased luxury goods purchases, with per capita spending rising from $82.83 in 2015 - a low to average sum in comparison to the rest of the Caribbean - to $131.95 just three years later, an almost $50 increase.

And, when it comes to further increasing spending and getting passengers offship, the cruise industry will point to its partnership with the 50-strong Bahamian investor group, Cultural Village (Bahamas), headed by former Family Guardian president, Gerald Strachan, in the port bid.

Mr Strachan, in a previous statement to Tribune Business, said the group’s “reimagination” of Nassau’s cruise port and downtown will fulfill demands “that we move away from cookie cutter proposals with no sense of place”.

He added: “To date we have been fairly quiet about our submission because, as far as we can tell, it alone captures the culture, history and heritage of The Bahamas, which will give visitors to the redeveloped Prince George Dock a sense of place while solving the most critical problems expressed by our residents, our visitors and the cruise companies,” Mr Strachan said.

“Beyond that, we see our proposal as a critical catalyst for the redevelopment of the downtown area, and its elements will provide an invitation for our residents and for our visitors from both Cable Beach and Paradise Island to frequent a far less congested city centre.”

Besides Mr Strachan, Cultural Village (Bahamas) team also includes former Central Bank of The Bahamas governor, Julian Francis; Craig Tony Gomez, the Baker Tilly Gomez accountant and principal; and Robert Pantry, former director of retail banking at Scotiabank (Bahamas). Extourism minister, Vincent Vanderpool-Wallace, is an adviser to the group.

Other concerns relating to the Nassau cruise port include the fact that in evaluating the rival Global Ports Holding bid, the Government will effectively be assessing themselves given that the Government holds a 40 percent equity ownership interest in its partner, BISX-listed Arawak Port Development Company (APD).

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, CATHERINE FAITH IVA WALL of Yamacraw Hill Road, New Providence, The Bahamas, intend to change my name to CATHERINE FAITH IVA CLARIDGE. If there are any objections to this change of name by Deed Poll, you may submit such objections to the Chief Passport Officer, P. O. Box N-742, New Providence, The Bahamas no later than Thirty (30) days after the date of the publication of this notice.

DESIGNERS NAMED FOR $500M PROJECT A PRINCETON architectural firm yesterday said it has been selected to design the revival of Port St George, the $500m investment project proposed for Long Island.

The Bahamas’ newest eco-engineered luxury resort on Long Island. The Hilliers have been honored with over 350 design awards.

Studio Hillier, and its principals, J Robert and Barbara Hillier, will design an 882-acre luxury resort that covers twoand-a-quarter miles from Exuma Sound to the Atlantic Ocean. The project is billed as featuring a fivestar hotel and 100-acre protected harbour, where 640 vessels can be moored, making it the largest such facility in The Bahamas.

They will be accompanied by a harbour village featuring retail shops, lodging, restaurants, condominiums and a range of services for the community. “Our goal with Port St George is to offer visitors and homeowners alike an environmentally and socially-conscious escape from hectic, modern-day life,” said Duane Gerenser, president of Star Resorts Inc. “Long Island remains

THE PLAZA at Port St George. virtually untouched, and Port St George will serve as a non-invasive oasis from which to explore its natural wonders. In collaboration with Studio Hillier, we’re creating an environment that not only serves those who choose to visit Long Island, but also those who already call it home. The Studio Hillier plan now very successfully integrates the local community into the project by creating opportunities for sports, education and entrepreneurs.”

Port St George will incorporate a beach club and condominium units built on terraced terrain. A golf course, tennis courts and sporting fields will be built on the land between the harbour and the Atlantic ridge.

NOTICE Eurotextile Management Ltd. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Eurotextile Management Ltd. is in Dissolution as of December 12th, 2018.

Lighthouse Corporate Services Ltd., situated at Old Fort Building 4, Suite 303, Lyford Cay, Nassau, Bahamas is the Liquidator.

LIQUIDATOR ______________________

Photo: Studio Hillier The harbour area will feature traditional Bahamian design influences, while the Atlantic side offers a cutting-edge modern look.

A total of 515 residences are planned, comprising 500 condominiums and 15 luxury villas. Solar photovoltaic (PV) and high-tech battery storage systems, rainwater retention systems, refuse composting and geothermal air conditioning will also be used.

The Hilliers, in a release yesterday said they have designed Harbour Island in Tampa, Florida; the five million square foot Sprint World Headquarters in Kansas; The Irving Convention Centrein Texas; and New Jersey’s first planned unit development, Twin Rivers in East Windsor.

They have also designed

the global world headquarters for Glaxo Smith Kline in London; Star City, a billion-dollar casino and theatre complex in Sydney, Australia; as well as buildings in 17 other countries.

The duo have worked on projects in Antigua and Bermuda, including the conference centre at the Princess Hotel.

“Our plan is to make Port St George the most comfortable, desirable, aesthetically appealing and sustainable destination in The Bahamas. That is a tall order, but possible with the rapid advances in technology and a team dedicated to creating a seamless experience for guests. That is what a vacation should be,” said Bob Hillier.

four9three Ltd.

Company No. 1529747 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that four9three Ltd. is in voluntary liquidation.

The voluntary liquidation commenced on 8th November, 2018 and Roland Steinmann of Seefeldstrasse 5, 8008 Zurich, Switzerland, has been appointed as the Sole Liquidator.

Dated this 9th day of November, 2018 Sgd. Roland Steinmann Voluntary Liquidator

PAGE 6, Wednesday, December 19, 2018

Fishermen seek ‘pick up despite poaching threat FROM PAGE ONE resulting in sentences up to nine months and $413,000 in fines.

“Hopefully, when the Government introduces stiffer penalties, these guys will think twice about doing what they do. This season

didn’t start off too good,” Mr Carroll said.

“It’s starting to pick up a little bit, I guess, because the Defence Force has been catching up with poachers.

This season wasn’t too good starting out. It’s starting to pick up up a little bit now.

We hope things continue to pick up.”

THE TRIBUNE

S&P: ‘Reforms will take time to pay off’ FROM PAGE FOUR fiscal affairs and the longterm economic well-being of the nation.”

Mr Myers, while backing Mr Turnquest’s analysis, said The Bahamas now needed to move beyond stabilising its

creditworthiness and ensure it returned to “investment grade” status as rapidly as possible.

He added of the latest S&P rating: “We need to see that come back up.

We’ve stopped the bleeding temporarily, but now we need to get into recovery mode and get some of the ground back.

“That isn’t going to happen with words alone.

It’s going to happen with lowering the cost, and improving the ease, of doing business. People are

Legal Notice

NOTICE

Spinder Corporation (the “Company”) NOTICE IS HEREBY GIVEN as follows:

(a) Spinder Corporation is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said company commenced on the 17th day of December, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Calynn Thurston of Deltec Fund Services Limited, Deltec House, Lyford Cay, P. O. Box N-3229, Nassau, Bahamas.

Notice is hereby given that DIEUSON ESPERANCE of Carmichel Road, New Providence, P.O. Box N-10584, The 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 signed statement of the facts within twenty-eight days from the 12th December, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

Legal Notice NOTICE CAVAL INVESTMENT LIMITED

Legal Notice

NOTICE

Brovy Investments Limited (the “Company”)

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows:

(a) Brovy Investments Limited is in dissolution under the provisions of the International Business Companies Act, 2000.

(a) CAVAL INVESTMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 17th day of December, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said Company commenced on the 17th December, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Calynn Thurston of Deltec Fund Services Limited, Deltec House, Lyford Cay, P. O. Box N-3229, Nassau, Bahamas.

(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 18th day of December, A.D. 2018

Calynn Thurston Liquidator

Shareece E. Scott Liquidator

TUESDAY, 18 DECEMBER 2018

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL LAST CLOSE AML 4.44 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.35 BBL 0.56 CAB 2.30 CIB 9.30 CHL 6.16 CBL 4.62 CBB 11.25 CWCB 2.38 DHS 1.78 EMAB 8.01 FAM 6.30 FBB 12.85 FIN 6.98 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.44 17.43 7.00 4.90 1.35 0.56 2.30 9.30 6.16 4.61 11.25 2.33 1.78 8.00 6.30 12.85 6.98 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.05 0.00 -0.01 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

VOLUME

1,500

VOLUME

DIV$ 0.100 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 20.7 18.7 N/M 15.5 N/M N/M -3.9 13.3 14.0 29.9 17.9 22.8 8.5 N/M 9.4 18.3 12.1 13.1 20.6

YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 3.57% 0.00% 7.63% 3.57% 2.60% 5.51% 2.58% 3.37% 1.05% 4.44% 3.89% 2.15% 3.59% 4.61%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST Prime + 1.75%

YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

NOTICE IS HEREBY GIVEN as follows:

(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 19th day of December, A.D. 2018

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 0.277 0.631

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25% NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.41 8.57 6.55 10.68 11.65 10.62 9.92 8.69 11.79

NOTICE

VEOLIA INVESTMENT LTD. (the “Company”)

(b) The dissolution of the said Company commenced on the 18th December, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

BISX ALL SHARE INDEX: CLOSE 2,075.88 | CHG -1.35 | %CHG -0.06 | YTD 12.31 | YTD% 0.60 52WK LOW 3.50 19.17 4.90 3.32 0.90 0.18 2.10 8.70 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.85 3.25 12.51

Legal Notice

(a) VEOLIA INVESTMENT LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

MARKET REPORT 52WK HI 4.50 20.91 7.50 4.90 1.35 0.56 3.92 9.30 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50

Mr Myers also called on the Government to release the report, and recommendations, produced by the “Ease of Doing Business” committee chaired by Lynn Holowesko, arguing that both private sector and the public needed to be given an insight into its thinking and plans.

S&P, meanwhile, warned: “We could lower our ratings on The Commonwealth of The Bahamas over this (one to two year) period if public finances do not improve as quickly as expected. This could result from stagnant economic growth, external shocks or weakened political commitment. The lack of confidence that this may generate could push debt costs higher, leading to a downgrade.

“Conversely, we could raise the ratings over the same timeframe if the Government reduces the annual increase in general government debt beyond our expectations. This, combined with significantly higher economic growth forecasts, could lead to an upgrade.

NOTICE

Calynn Thurston Liquidator

BISX LISTED & TRADED SECURITIES

not going to come here if we are not regionally competitive and it’s a pain in the backside to do business.

“The focus has to be on the cost and ease of doing business, and right-sizing the size of government.

That’s how to get the economy moving. There’s no magic here. There’s only so many buttons we can press here, and we’ve pressed the tax and cost button too many times.”

Mr Myers argued that critical to higher GDP growth is the Government’s ability “to trim the weight off the monkey on the private sector’s back” - a reference to a public sector many see as too large and bloated, and an impediment to improving the ease and cost of doing business.

The ORG chief argued that The Bahamas cannot achieve greater economic expansion without tackling the public sector’s size, saying: “You can’t have your cake and eat it: To keep the big fat monkey on the back of the private sector and expect the economy to grow. They’ve got to get real and cut some fat off that monkey.”

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

Shareece E. Scott Liquidator

Legal Notice

NOTICE

CHAMEX HOLDINGS LIMITED (the “Company”) NOTICE IS HEREBY GIVEN as follows: (a) CHAMEX HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 18th December, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 19th day of December, A.D. 2018 Shareece E. Scott Liquidator

NOTICE

SPACE AIR INVEST LTD. (in Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on 19th December, 2018. Articles of Dissolution have been duly registered by the Registrar.

The Liquidator is Lynden D. Maycock, P. O. Box EE-15953, Nassau, Bahamas.

All person having claims against the above-named Company are required on or before 19th January, 2019 to send their names and addresses and particulars of their debts or claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 19th day of December, 2018

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

Lynden Maycock Liquidator

THE TRIBUNE

Wednesday, December 19, 2018, PAGE 7

Private sector not against regulation - just its inefficiency FROM PAGE ONE elimination in time for 2019 business licence filings was “very much welcomed” as part of a wider effort to marry enhanced tax compliance with better customer service.

“Ultimately the desire is that the Government and its various agencies have systems that speak to one another, and follow the idea that of ensuring businesses are in compliance with laws and regulations but ease the burden of doing that,” Mr Bowe said.

“Having to go to different agencies is tedious. Businesses have no difficulty doing that if it can be done online, or in some fashion that allows for the agencies to report back to the Department of Inland Revenue.”

Mr Bowe said the Government’s information management and approvals processes will benefit the more its various systems are integrated, and added: “I don’t think businesses are saying to the Government: ‘We don’t want regulation’.

Most businesses are saying: ‘Efficient regulation’.

“The Government needs

MIKE MAURA to satisfy itself their in compliance with applicable laws and regulations without being restrictive. All the push back is coming from efficiencies embedded in the process. The more efficient we’re able to carry out these processes, the less push back we’re going to have.”

Mr Maura, echoing the BICA president, said: “I believe that any and all steps that the Government can take to both streamline and reduce the bureaucracy, and time the corporate citizen spends complying with regulation, is a great step towards a modern, efficient and growing economy.”

Backing the NIB “letter” move, he added: “Our

expectation, though, is that this progressive step has been facilitated and accomplished by intra-government connectivity, which simultaneously accomplishes tax compliance verification and great customer service.

“This is important as its effective success mitigates the possibility of excessive taxes which often exist when a government is inefficient.”

Marlon Johnson, the Ministry of Finance’s financial secretary, confirmed to Tribune Business earlier this week that the Minnis administration has ended “one of the major issues of contention” for the private sector by eliminating the NIB “letter of good standing” requirement up front.

He warned, though, that companies are “not off the hook” when it comes to being current with NIB contributions, as compliance checks have now moved “from the front end to the back end”.

Mr Johnson said the ministry remains firm in not issuing business licences to firms that are delinquent on their social security contributions, and promised that the Department of Inland Revenue will be constantly checking with

NIB to identify those that are non-compliant.

“Instead of having businesses do that on the front end, we will do that on the back end to determine if businesses are compliant.

That was one we realised we could do very readily at the back end,” he added.

“This does not get businesses off the hook to be compliant with NIB. We are working with NIB to get information on delinquent businesses upfront. We will check when businesses come in against the information

we have, and not extend business licences to persons who the data indicates are non-compliant.

“It’s incumbent, before businesses come to us for business licences, to ensure they’re compliant with NIB if they have reason to think they’re not.” The timely, and full, payment of due NIB contributions has been a regular compliance issue for The Bahamas’ national social security system.

Yet Bahamian businesses have grown increasingly frustrated in recent years with

the Government’s inefficient, cumbersome approvals processes, many of which remain paper-based amid the lack of electronic (Internet) connectivity between different agencies and departments and with the private sector.

A regular complaint has been the need to visit, and obtain, approvals from multiple agencies to gain key permits such as the business licence, all of which costs companies time and money, and undermines the “ease of doing business” in The Bahamas.

PAGE 8, Wednesday, December 19, 2018

‘Not out of woods’ on financial crime rating FROM PAGE ONE

Yet he cautioned: “While our progress in addressing identified deficiencies ought to be noted, there remains much work to be done. It would be premature to celebrate as we are not out of the proverbial woods as long as The Bahamas remains on the FATF’s list of jurisdictions with strategic deficiencies.

“We’re still on the

enhanced CFATF monitoring list, so have to temper the celebrations so to speak, and are still on this listing of the FATF in addressing structural deficiencies.”

Despite the re-evalution, which upgraded The Bahamas’ compliance with 13 of the FATF’s 40 anti-money laundering/counter terror financing standards, The Bahamas remains in the CFATF’s “enhanced followup” programme.

THE TRIBUNE “Enhanced follow-up is based on the CFATF’s policy that deals with members with significant deficiencies (for technical compliance and/or effectiveness) in their AML/ CFT systems, and involves a more intensive process of follow-up,” the CFATF explained.

“The Bahamas will remain in enhanced follow-up on the basis that it had a low or moderate level of effectiveness for seven or more of the 11 effectiveness [implementation] outcomes [for these standards].”

Mr Komolafe, assessing the FATF’s “action plan” demands on The Bahamas, said that while this also

focused on implementation “some weight was also placed on the addressing of identified technical deficiencies which the CFATF report shows that we have done to a large extent”.

“Hopefully, this will factor into the FATF’s assessment of The Bahamas and result in our removal from the adverse listing,” he told Tribune Business. “The FATF mentioned technical deficiencies as well.

If the CFATF follow-up report looked at technical aspects of compliance, that should factor into that list and the FATF’s decision to remove The Bahamas.”

Carl Bethel QC, the attorney general, yesterday

expressed hope that the CFATF report would result in the US Treasury and its UK equivalent both withdrawing or modifying advisories warning their financial institutions to apply greater scrutiny to transactions and clients connected to The Bahamas.

While also hopeful this will happen, Mr Komolafe said these advisories were issued in response to The Bahamas’ inclusion on the FATF’s list not that of the CFATF. The Bahamas’ efforts to meet anti-financial crime standards, and secure its removal from the FATF and other lists, were also backed yesterday by Standard & Poor’s (S&P), the international credit rating agency.

Suggesting that its progress will help strengthen correspondent banking ties, and prevent their further loss, S&P said: “We

believe decisive measures to address international scrutiny of offshore banking in The Bahamas should help stop further contraction in the financial services sector and also lessen pressure on correspondent banking relationships...

“Loss of correspondent banking relationships remains a risk for The Bahamas, as it does for many of the Caribbean sovereigns we rate. While we do not believe that this trend will threaten the banking sector’s ability to roll over its debt, we do think that it could further stress the financial system.

“We believe this highlights the importance of the Central Bank’s new AML/CFT supervision regime, which should strengthen compliance and assist in the maintenance of the system’s correspondent banks.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, RAJ-ANNE RACQUEL HORTENCE MARY BRENNEN and JERMAINE BLACK acting for and on behalf of our son TEJARI ROHANN RAOUL BLACK, a minor, of the Eastern District of New Providence, The Bahamas intend to change his name to TEJARI ROHANN RAOUL BRENNEN . If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this Notice.

NOTICE RAVENSCROFT SHIP MANAGEMENT LTD. NOTICE IS HEREBY GIVEN as follows: (a) RAVENSCROFT SHIP MANAGEMENT LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 18th day of December, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company