12292022 BUSINESS

Central Bank wants stricter due diligence to stop another FTX

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Central Bank of The Bahamas has called for stricter due diligence on the transfer of funds in the wake of the FTX collapse.

The call comes in the bank’s newly released Draft Digital Assets Guidelines. Due to the collapse of the FTX cryptoexchange, The Bahamas has been raked over the coals in international media, with criticisms suggesting a slack digital assets regulatory regime, with

In its newly released guidelines, the bank is

asking for the risk management framework governing digital assets activity to be fully integrated into the overall risk management processes of the supervised financial institution (SFI).

It said: “Any increase in risks posed by digital assets exposure should be captured and effectively incorporated into SFIs’ Internal Capital Adequacy Assessment Process (“ICAAP”). In carrying out digital asset activities, SFIs must comply with the obligations imposed by the AML/CFT laws of The Bahamas as well as the Central Bank’s revised

Christmas sales back to 2019 levels, say retailers

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

Downtown demolition of buildings ‘a fair process’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE demolition of dilapidated downtown buildings is done through a “fair process”, says the Downtown Nassau Partnership (DNP).

Charles Klonaris, the DNP’s co-chair, said the group stands behind the Ministry of Tourism, Investments and Aviation with the push to demolish dilapidated and abandoned buildings in the Downtown area.

He said: “If you’ve got a derelict building and it’s just sitting there and doing nothing we had to do something about it. Then we

looked if whether or not the property taxes have been paid and then we ask for the property tax to be paid, then we also get a notice for them to refurbish the building. So the process is a fair one and its not just going in and tearing down a building. There’s process and it’s a fair process that we have because we looked at the real property tax and we give notice about the balances behind property tax. They give notice about trying to refurbish it and bring it into a reasonable functional position. We do this before it’s determined to tear down the building.”

Govt ‘will defend right to collect overflight fees’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

DEPUTY Prime Minister Chester Cooper last night said the government will defend the country’s right to collect overflight fees in the face of threats by US airlines to stop flights.

Mr Cooper, also the Minister for Tourism,

line with 2019 levels. Sales were very good. Up until the last moment on Christmas Eve.”

He added: “We closed at 8pm, we didn’t stay open until midnight because we wanted our staff to get back home. But it was busy on Christmas eve, which was that Saturday, which

made it a little busier than it would have fallen on a weekday. So that was definitely nice.”

Hot items this year at CBS were the home appliances and “gift items” for homes, including small power tools. “Then also

More than 300 percent rise in tourism in November over previous year

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE tourism sector continued its “robust” growth in November, according to the Central Bank of The Bahamas’ monthly economic and financial developments report - with arrivals up by an astonishing 341.5 percent from 2021.

The report said: “Monthly data suggested that the tourism sector continued to record robust growth during the review period, amid relaxed pandemic restrictions and heightened demand for travel in the key source market.

“Official data provided by the Ministry of Tourism (MOT) indicated that total passenger arrivals by first port of entry grew to 570,154 in October, from 260,942 visitors in the same month of 2021. Specifically, the dominant sea segment rose to 484,480, vis-á-vis 204,067 visitors in

the prior year. Further, air traffic expanded to 85,674 from 56,875 a year earlier — surpassing pre-pandemic levels; representing 114.1 percent of air arrivals registered in 2019.

“A breakdown by major ports of entry revealed that total arrivals to New Providence increased to 235,282 in October, from 140,581 in the comparative period of 2021. Leading this outcome, the air and sea segments both advanced to 69,408 and 165,875 visitors, respectively. Likewise, traffic to the Family Islands amounted to 308,209 visitors, compared to 106,365 a year earlier, as air and sea visitors measured 13,717 and 294,492, respectively. Further, Grand Bahama attracted 26,663 visitors, exceeding the 13,996 recorded in the previous year, attributed to gains in the air and sea components, of 2,549 and 24,114, respectively.”

much criticism directed at the Securities Commission of The Bahamas. However, the Central Bank also has oversight of financial institutions involved in the

transfer of funds between authorised agents and broker dealers that deal in digital assets.

CENTRAL BANK OF THE BAHAMAS

RETAILERS are back on par for 2019 with Christmas sales as they look forward to a robust 2023.

Brent Burrows Jr, <zf”-webkitstandard”>manager of e-commerce and online shopping at CBS Bahamas (Commonwealth Building Supplies), told Tribune Business this year’s Christmas season was a “little bit better” than last year’s season. “We are back in

How must businesses adapt throughout the holiday season

We all have our own inferences of what Christmas means to big and small businesses, however despite our views there is still a great deal of pressure to stand against the competition during any festive season. On that side of the spectrum, businesses must step out and step up on their game to capitalize on capturing big sales and opportunities.

Nonetheless, the holiday season presents excitement and changes in buying behavior, causing some business transactions to skyrocket while others experience a downhill. In either case, understanding how the holidays affect businesses, yours in particular, will help in the preparations to keep business operations robust

The ArT of GrAphix

BY DEIDRE M BASTIAN

throughout the competitive season.

If your business is booming during the holidays, chances are it may also be

booming for your competitors as well. That said, one important factor to consider as you prepare for the holiday rush, is knowing “what your competition is doing”. With everyone jostling for the lion share of the holiday profits, competition can be fierce, therefore you may wish to look for ways to get an edge since it’s evident that businesses are really seriously in the game to make money.

Notably, spending patterns change during the holidays and understanding how these changes affect your business is important, therefore ramping up marketing activities is a good way to capitalize and maximize on sales during this peak period.

Whilst there are hardly any guarantees of success, there are a number of things you can do to

better prepare your business for the rush. Whether you’re marketing a product, solution or service it is important to get started early as to strategize and receive the most revenue opportunities.

Notably, in the spirit of “starting early”, it is clever that businesses diversify seasonal deals and bundle approaches as much as possible as it encourages consumers to make early purchases which is a winwin deal. Moreover, a consideration to adjust business hours such as opening earlier or staying an hour late is an awesome customer service strategy as well.

Subsequently, it’s not news that social media is now one of the most important frontiers for achieving a strong business performance. In essence whether

you are offering a physical product, digital service or conceptual solution, ensuring that your social media profiles reflect your current status/personality is a giant step to attract new customers and offer the best opportunity. It is evident that in order for any business to survive in a technical society, it is imperative that the business regulate and make adjustment to its outdated way of doing things, as surely it will have a negative effect on sales operations. Under these circumstances, if your product or service offering is obliging, no doubt customers will be tempted to return. Therefore, to ensure that customers are satisfied and engaged, customer service and good sale prices is key. By all means, consider investing in staying

in contact with regular customers via newsletters or customer loyalty programs, which will no doubt keep your business relevant.

Ultimately, it is important to take stock of your business’ position on both the physical and digital level in the run-up to the holidays. Implement strategies and leverage specialist skills and talent during this period as it is a great way to stay ahead. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

• NB: Columnist welcomes feedback at deedee21bastian@gmail.com

ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained Graphic Designer/Brand Marketing Analyst, Author and Certified Life Coach

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

FOREIGN reserves dropped for second year in a row by $116.2m to hold at $2,902.1m as the government looks to the International Monetary Fund’s (IMF) special drawing rights (SDR) draw down, according to the Central Bank of The Bahamas.

In its monthly economic and financial developments report for November, the bank said: “External reserves declined by $116.2m to $2,902.1m in November, in pace with the $113m falloff in the previous year. Underlying this outturn, the Central Bank’s net sales to commercial banks was approximately stable at $61.9m. However, the Central Bank’s net foreign currency sales to the public sector expanded to $60.7m from $50.8m a year

earlier. Further, commercial banks net outflows to their customers increased to $59.7m from $49.4m in the prior year.”

The report added: “Expectations are that the domestic economy will maintain its positive growth momentum in 2022, undergirded by ongoing improvements in the tourism sector, despite elevated downside risks. These risks relate to COVID-19 vulnerabilities, should any significant relapse occur on the international health front. Further, higher global fuel prices could constrain the travel industry’s competitiveness, while the major central banks’

counter-inflation policies could curtail the travel spending capacity of key source market consumers. Nonetheless, new and ongoing foreign investment-led projects, combined with post-hurricane rebuilding efforts, are anticipated to provide impetus to the construction sector, which will also contribute to the growth matrix.”

Unemployment is expected to remain above pre-COVID-19 levels, with any jobs created concentrated in the constructions sector along with the full rehiring of tourism sector employees.

The report continued: “In the fiscal sector, the

government’s net financing gap is anticipated to stay elevated, although consolidating. Specifically, the fiscal position is expected to remain impacted by ongoing disbursements for health and social welfare outlays related to COVID-19, along with spending still associated with the reconstruction of key infrastructure following the major hurricane in 2019. Further, the recovery in revenue is anticipated

to be significantly linked to tourism-led improving trends in taxable economic activities. Financing of the estimated budgetary gap is expected to require a blend of domestic and external borrowings, but with a higher percentage of the total funding from domestic sources.”

It added: “Monetary sector developments will continue to be marked by elevated levels of banking

sector liquidity, as commercial banks maintain their conservative lending posture. Further, external reserves are forecasted to end the year above 2021 levels, given ongoing recovery in private sector foreign exchange market inflows. This follows seasonal drawdowns and, through December, both portfolio outflows linked to purchases of Bahamas government foreign currency bonds, and the use of the 2021 IMF SDR allocations for fiscal purposes. As a result, external balances should remain more than adequate to sustain the Bahamian dollar currency peg.”

The bank has also made arrangements with the Ministry of Finance to have “direct access to the $174.8m in SDRs allocated to The Bahamas by the IMF in 2021. As at December 19, 2022, this allocation was valued at US$232.8m.”

MORE THAN 300 PERCENT RISE IN TOURISM IN NOVEMBER OVER PREVIOUS YEAR

The report added: “On an annual basis, total arrivals rebounded to 5.3m from 1.2m in the corresponding 2021 period, when a 30.9 percent contraction was registered. Supporting this outturn, air arrivals accelerated to 1.2m passengers, exceeding the 79.8 percent growth a year earlier, reflecting gains in all major

source markets. Similarly, sea arrivals rose to 4.2m visitors, a turnaround from a 61.4 percent reduction in 2021

“The most recent data provided by the Nassau Airport Development Company Limited (NAD) showed that for the month of November, total departures—net of domestic passengers—moved higher to 106,462 from 79,055 in

the comparative period of 2021. Specifically, US departures expanded to 90,023 from 68,425 in the previous year. Further, non-US departures rose to 16,439 from 10,630 in the same month of 2021. On a year- to-date basis, total outbound traffic increased to 1.2m from 0.7m passengers in the comparative period a year earlier, following a 64.9 percent

expansion in the preceding year. In particular, U.S. departures rebounded to 1.0m visitors, extending the 83.8 percent growth in the prior year. Likewise, non-US departures grew to 0.1m, a reversal from the 30.0 percent decline in the corresponding period last year.

“As it relates to the short-term vacation rental market, data provided by

AirDNA mirrored these positive trends. Specifically, during the month of November, total room nights sold rose to 119,105 from 95,440 in the comparative 2021 period. Contributing to this outcome, the occupancy rates for both entire place and hotel comparable listings increased to 50.3 percent and 48.3 percent, respectively, compared to 50.7

GOVT ‘WILL DEFEND RIGHT TO COLLECT OVERFLIGHT FEES’

FROM PAGE B1

Investments and Aviation, said in a statement last night that the government note, “the complaint to the US Department of Transport from some of our USA partner airlines”.

He said: “We intend to formally respond to the complaint and will not

litigate the matter in the press. We value the relationships we have built with our tourism partners and always operate with a view to maintaining them and promoting a balanced consultative process.

“We assure the Bahamian people that we will always defend our sovereign right to manage and charge for

the use of our airspace; having regard to the internationally held principles of fairness, transparency and cost-relatedness.”

Mr Cooper was responding after US airlines lodged a formal complaint to the US Department of Transportation over “discrimination” over the collection of fees to use the Bahamian airspace.

The joint complaint, filed on December 19 under the International Air Transportation Fair Competitive Practices Act, was made by American Airlines Group, Atlas Air Worldwide Holdings, Delta Air Lines, FedEx, JetBlue Airways, Southwest Airlines, United Airlines, and United Parcel Service.

They allege the fees being charged are unjust, discriminatory, anticompetitive and unreasonable – and further alleged that The Bahamas is levying astronomical charges for air navigation services that exceed the costs to The Bahamas of providing those services by millions of dollars.

The Bahamas has brought in over $30m in overflight

CHRISTMAS SALES BACK TO 2019 LEVELS, SAY RETAILERS

FROM PAGE B1

the small kitchen appliances like the blenders, the air fryers, toasters, toaster ovens, things of that sort. So around Christmas time those are always the big

items, anything someone could use as a gift.”

Margo Farrington, chief marketing officer for Lorene’s Department Store, also said they were happy with this year’s sales particularly since it trended

Seeking Position

towards Bahamians spending money at home. She added: “We were quite stocked this year. We had a good amount of inventory. We ordered very early. That was what helped us this year.

“We are now hoping that 2023 will be a better year, but I haven’t looked at the numbers yet but I believe we will be up from last year.”

The vaccine restrictions for entry into the US may be putting Bahamians off from travelling for shopping, leaving more disposable income for them to spend at home “which was good, because we had the inventory,” Ms Farrington added.

Tanya Bain, retail manager at the Perfume Bar, said her stores were up 20 percent on last year’s sales already, particularly for her downtown store that benefitted significantly from the influx of cruise ship passengers that disembarked

percent and 47.9 percent a year earlier. Further, as depicted in Graph 1, price indicators showed that yearover-year, the average daily room rate (ADR) for entire place grew by 12.4 percent to $551.72 and hotel comparable listings, by 5.0 percent to $190.92.”

fees last fiscal year and are targeting more than $40m for this fiscal year. This is performing well over what was forecast by Dionisio D’Aguilar, the former Minister for Tourism under the previous administration led by Dr Hubert Minnis, who averaged it to be just over $2m a month in collected overflight fees when the agreement between the Bahamas government and the US Federal Aviation Administration.

the ship to walk downtown. “They were able to bring in a lot of sales and an increase in the numbers, I think because of the amount of cruise ships that’s now in port and people are now getting out of COVID and they are more settled.”

The Palmdale location also did “exceptionally well” as it held as their second highest performing store for this Christmas season.

There was one wrinkle to the season, because a lot of inventory was not available due to shortages with their suppliers. “It was not a matter of ordering ahead of time, some of our supplies just didn’t have the stock. A lot of our suppliers had issues, but we will definitely order twice as much for next year. We believe next year will be a much bigger year.”

She added: “There was a shortage of raw materials this year. So even though we came back to work, a lot of factories around the world did not get back online and that’s what affected the stock supply this year.”

Central Bank wants stricter due diligence to stop another FTX

Guidelines on the Prevention of Money Laundering & Countering the Financing of Terrorism.”

The draft guidelines also call for SFIs to ensure customers are “adequately informed of the fundamental benefits, risks and terms of the products” they are investing in. This speaks to the heart of the FTX debacle as the cryptocurrency FTX was allowing investors to purchase was tied to other riskier investments or, worse, nothing at all as FTX just minted new coins as it

went along with nothing underpinning its value. Despite the new guidelines, SFIs are not permitted from giving traditional financial services to digital asset businesses, however the Central Bank reserves the right to impose additional requirements for SFIs to meet in order to provide these services from the issuing of digital tokens to doing business on behalf of clients investing in digital assets.

SFIs are also required to notify the Central Bank prior to engaging in initial token offering (ITO).

The draft guidelines also say: “FIs are also required to notify the Central Bank prior to onboarding relationships with Digital Assets Service Providers. SFIs should communicate the details of the relationship and ensure that the entity has the proper risk management framework to mitigate any risks that could materialize from third party or outsourcing arrangements. Any additional requirements would depend on the SFI’s existing reporting requirements, profitability, and capital adequacy. Further, it is the duty of the SFI to inform

the Central Bank of any third party service provider arrangements in which the licensee may be involved.”

It added: “When onboarding new clients for digital asset custodial services, SFIs should undertake enhanced due diligence (“EDD”) to ascertain the source of funds used to acquire the digital assets and the origination of the assets. SFIs should also obtain a list of beneficiaries and signatories on the custody account. SFIs facilitating digital custody should require that the client provide any combination of their public

key, private key, or wallet address, as necessary, to identify the beneficial owner of the digital asset.

“SFIs must maintain adequate accounting and other relevant records, adequate systems and controls to accurately track ownership and quantity of client digital assets; and maintain appropriate business continuity processes, procedures and controls.”

More importantly, “SFIs must not accept virtual currency tokens or other digital assets as deposit liabilities on their balance sheets.”

Downtown demolition of buildings ‘a fair process’

FROM PAGE B1

Chester Cooper, the Deputy Prime Minister and Minister for Tourism, Investment and Aviation, told reporters earlier this month six dilapidated buildings have been torn down this year alone in Downtown with more scheduled to be demolished next year. This move aims to be a fix for the problems that have

plagued the downtown area for the past decade, with the eastern portion past Elizabeth Avenue looking like a veritable ghost town with empty buildings in a poor and unkempt state.

Mr Klonaris added: “Everyone is in compliance. All of the downtown merchants are in agreement to what we’re doing and this is an important process for the revitalisation of the city,

so remember there is a process, we don’t go down and right away tear down buildings ourselves.”

He also said the new cruise port is pushing this revitalisation. “It is like a new a new city Downtown when the cruise ships docked there. That has become an important addition for the revitalisation of the city. Very important. You can see at one time

you’ve got 20,000 tourists downtown on Bay Street, it’s incredible and we still have a long way to go. But it has brought in a lot of confidence to a lot of retailers and they are much happier than before.

“So we’re hoping that 2023 if it continues this way with the additional cruise ships, and the completion of the port, it’s a very

important addition to the revitalisation of the city.”

Whether or not the Downtown area will see the glory days of the late 1970s to late 1980s remains to be seen, but whatever happens the cruise port will have a pivotal role in the development. In addition, will be the completion of the US Embassy on the northern side of East

ASIAN SHARES EXTEND LOSSES AFTER WALL STREET DECLINE

By ELAINE KURTENBACH AP Business Writer

SHARES slipped in Asia on Thursday after benchmarks fell more than 1% on Wall Street in the middle of a mostly quiet and holidayshortened week.

U.S. futures were mixed and oil prices declined.

Tokyo’s Nikkei 225 index lost 1.3% to 25,990.68.

The Hang Seng in Hong Kong shed 1.1% to 19,681.70, while the Shanghai Composite index was down 0.3% at 3,077.80.

Investors are watching to see how China’s relaxation of its stringent COVID-19 policies, and the outbreaks of infections that have followed, will affect business activity and travel.

One concern is that the massive outbreaks could generate new, potentially vaccine resistant variants of the virus, “leading to knock-on virus surges across the globe, China’s reopening could still mark a positive step over the long run in light of past global attempts in bringing virus cases under control,” Yean Jun Rong of IG said in a commentary.

Australia’s S&P/ASX 200 gave up 1.2% to 7,004.40. Bangkok’s SET index edged 0.1% higher.

The Kospi in Seoul sank 1.8% to 2,240.81 on news that South Korea’s industrial production fell minus 3.7% from a year earlier in November, worse than forecast and a bigger drop than the minus 1.2% the month before. Retail sales were down 1.8% from the month before.

The worst year since 2008 for the S&P 500 has been winding down with little in the way of data to drive trading. But later Thursday, the U.S. government was due to release jobless claims, a measure of employment that could provide insight into how the economy is faring as the Federal Reserve raises interest rates to quash inflation.

The Fed has already raised its key interest rate seven times this year and is expected to continue raising rates in 2023. The key lending rate, the federal funds rate, stands at a range of 4.25% to 4.5%, and Fed policymakers forecast that the rate will reach a range of 5% to 5.25% by the end of 2023. Their forecast

doesn’t call for a rate cut before 2024.

On Wednesday, the S&P 500 fell 1.2%, with technology, energy and industrial stocks among the biggest weights on the benchmark index. It finished at 3,783.22.

The Dow Jones Industrial Average dropped 1.1%

to 32,875.71. The Nasdaq slid 1.4% to 10,213.29. The Russell 2000 gave up 1.6%, ending at 1,722.02.

Bond yields were mixed. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.88% from 3.85% Tuesday. The yield on the two-year

Treasury fell to 4.34% from 4.38% late Tuesday.

With two more days of trading left in 2022, the S&P 500 is headed for a roughly 20% drop for the year, even as profits and margins for companies in the index have hit record heights this year. The Dow is on pace for a 9.5% drop,

The Central Bank will also only allow the issuance of electronic money by SFIs that are linked to funds held on the SFI’s balance sheet as “fiat deposit liabilities or fiat funds that have been placed in the custody of SFIs for electronic money transactions”, and also these monies will also be backed by central bank fiat currency, putting the central bank at the centre of the risk of ensuring that all digital assets are backed by it as it takes full responsibility of the gaps in the Digital Assets and Registered Exchanges (DARE) Act.

Street just above Shirley Street, which will attract hundreds of people on a daily basis, bringing more business foot traffic to the Downtown area. “They are going to employ a large amount of high income employees, plus Downtown would have benefitted from the construction of the embassy,” Mr Klonaris said. “Then you’ve also got the construction of the central bank that’s also going to add a lot to the city of Nassau.”

while the Nasdaq is doing much worse, on pace to plunge 34.7%.

Southwest Airlines slid 5.2% as the carrier grappled with the fallout after cancelling thousands of flight cancellations. The airline’s CEO said it could be next week before the flight schedule returns to normal. Shares in other airlines also fell. Delta Air Lines dropped 2.8% and United Airlines fell 2.4%.

A CURRENCY trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Dec. 29, 2022. Shares slipped in Asia on Thursday after benchmarks fell more than 1% on Wall Street in the middle of a mostly quiet and holiday-shortened week.

Photo:Lee Jin-man/AP

THIS IS TO INFORM THE GENERAL PUBLIC THAT THE PRVATE ROADWAYS AND PARKING AREAS SITUATED IN THE HARBOUR BAY SHOPPING PLAZA BETWEEN EAST BAY STREET AND SHIRLEY STREET WILL BE CLOSED ON SUNDAY 1ST JANUARY 2023 IN ORDER TO PRESERVE THE RIGHT OF WAY OWNERSHIP THEREOF.

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers

A BROAD slide for stocks added to Wall Street's recent losses Wednesday, as investors count down to the end of the worst year for the S&P 500 since 2008.

The S&P 500 fell 1.2%, with technology, energy and industrial stocks among the biggest weights on the benchmark index. The techheavy Nasdaq composite slid 1.4%. Both indexes

came into this week with three straight weekly losses. The Dow Jones Industrial Average dropped 1.1%, while the fell Russell 2000 index of smaller company stocks fell 1.6%.

With two more days of trading left in 2022, the S&P 500 is headed for a roughly 20% drop for the year, even as profits and margins for companies in the index have hit record heights this year. The Dow is on pace for a 9.5% drop, while the Nasdaq is doing much

NOTICE

RIMURU LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 207134 B.

(In Voluntary Liquidation)

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

Dated this 23rd day of December A.D. 2022.

Henrique Diesel Dietrich Liquidator

worse, on pace to plunge 34.7%.

The latest losses don't bode well for investors hoping for another "Santa Claus" rally. That's Wall Street's term for when stocks rise in the last five trading days of December and first two of January.

"The proverbial 'Santa Claus' rally, which since 1950 has statistically returned approximately 1.3-1.8% nearly 80% of the time, has looked as though Santa has taken an early vacation," said Quincy Krosby, chief global strategist for LPL Financial.

Investors are in the middle of a mostly quiet and holiday-shortened week. Markets were closed on Monday for the observed Christmas holiday and there are no major economic reports expected this week.

A report from the National Association of Realtors showed that the housing market continued cooling amid high prices

and steeper interest. Pending home sales fell 4% in November.

The report weighed down homebuilders. Toll Brothers fell 2.4%.

U.S. crude oil prices settled 0.7% lower and natural gas prices plunged 10.8%. That hurt energy stocks. Exxon Mobil fell 1.6%.

Southwest Airlines slid 5.2% as the carrier grappled with the fallout after cancelling thousands of flight cancellations. The airline's

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, AMEEN MORTIMER of Farrington Road, P.O. Box CB-12627, Nassau, Bahamas intend to change my name to TRAYON MORTIMER. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

CEO said it could be next week before the flight schedule returns to normal. Shares in other airlines also fell. Delta Air Lines dropped 2.8% and United Airlines fell 2.4%.

Tesla rose 3.3% as it stabilized from steep losses it suffered after reports Tuesday that it temporarily suspended production at a factory in Shanghai.

The Chinese government announced late Tuesday that it will start issuing new passports, a major step away from anti-virus travel barriers that likely will bring a flood of tourists out of China for next month's Lunar New Year holiday. China has already said it will drop most of its COVID-19 travel restrictions next month.

Hong Kong's Hang Seng climbed 1.6%, while the Shanghai Composite index dropped 0.3%.

Markets in Europe closed mostly lower.

In the U.S., the S&P 500 fell 46.03 points to 3,783.22. The Dow dropped 365.85 points to close at 32,875.71. The Nasdaq slid 139.94 points to 10,213.29. The

Russell 2000 gave up 27.49 points to finish at 1,722.02.

Bond yields were mixed. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.88% from 3.85% Tuesday. The yield on the two-year Treasury fell to 4.34% from 4.38% late Tuesday.

Wall Street remains on edge and will likely continue dealing with volatile trading as the Federal Reserve continues its fight against stubbornly hot inflation. The Fed and other central banks have been raising interest rates to stifle borrowing and slow spending in order to tame inflation. The strategy, though, risks slowing the economy too much and bringing on a recession. The Fed has already raised its key interest rate seven times this year and is expected to continue raising rates in 2023. The key lending rate, the federal funds rate, stands at a range of 4.25% to 4.5%, and Fed policymakers forecast that the rate will reach a range of 5% to 5.25% by the end of 2023. Their forecast doesn't call for a rate cut before 2024.

NOTICE is hereby given that RAYMONDE VIXAMAR of #22 Church Hill, New Providence, 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 and signed statement of the facts within twenty-eight days from the 22nd day of December, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

AN NYSE sign is displayed at the New York Stock Exchange in New York, on Nov. 28, 2022. Stocks edged higher in morning trading on Wall Street Wednesday, Dec. 28, 2022, as investors count down to the end of the worst year for the S&P 500 since 2008.

Photo:Seth Wenig/AP

By QASSIM ABDUL-ZAHRA Associated Press

IRAQ’S prime minister has ordered a crackdown on local businesses operating under the names of international brands without legal permission, his office said Wednesday.

The move by the premier, Mohammed Shia al-Sudani, comes after The Associated Press reported last week that Iraq has become a major center of trademark violations and piracy.

In one prominent example, a chain of fake Starbucks has been operating under the international coffee company’s logo in Baghdad, the Iraqi capital. Starbucks filed a lawsuit in an attempt to shut down the trademark violation, but the case was halted after the owner allegedly threatened lawyers hired by the coffee house.

Amin Makhsusi, the owner of the fake branches, had admitted to the AP that he operated the stores

without a license from Starbucks but denied making threats. He said he had first tried to obtain a license legally, but after being turned down, decided to open the store anyway.

The statement from alSudani’s office said that trademark infringements are “a violation of the law, and a crime that harms the business environment and foreign investments” as well as harming “Iraq’s reputation and its ability to attract major companies and institutions with internationally registered brands and trademarks.”

It said that Iraqi authorities had taken “legal measures” against a number of businesses found to be operating under fake trademarks, but did not specify which ones.

Asked whether the government had ordered the “Starbucks” stores to be shut down, Yahia Rasool, a spokesperson for al-Sudani, declined to comment beyond the statement issued by his office.

NOTICE

MARUBA LIMITED

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000 MARUBA LIMITED is in dissolution as of December 28, 2022.

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

L I Q U I D A T O R

IN

THE ESTATE of MARY ELIZABETH HIGGS late of Yellow Elder Gardens Subdivision in the Southern District of the Island of New Providence, one the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 29th day of December A.D., 2022, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrators shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

At one of the unauthorized “Starbucks” branches in Baghdad, the signs bearing the logo had been removed from the

storefront by Wednesday and the main entrance was shuttered by a roll-down metal cover. However, another door remained

NOTICE

JTAV INVESTING CORPORATION In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000 JTAV INVESTING CORPORATION is in dissolution as of December 28, 2022.

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

L I Q U I D A T O R

NOTICE

JESLAU MANAGEMENT FOUNDATION In Voluntary Liquidation

Notice is hereby given that in accordance with Section 52(2) (b) of The Foundations Act. 2004, JESLAU MANAGEMENT FOUNDATION is in dissolution as of December 23rd, 2022.

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

L I Q U I D A T O R

open and the shop was still doing business inside, serving coffee in Starbucksbrand paper cups.

Makhsusi told the AP that the stores had taken down the “Starbucks” signs and logos under orders from security officials, but that they were still selling the stock of Starbucks coffee and cups, bought retail, which they had to “get rid of.”

The chain will change its name, he said, to be able to operate legally.

However, the issue of counterfeiting and piracy in Iraq goes beyond coffee.

NOTICE

VANCAR UNITED FOUNDATION In Voluntary Liquidation

Notice is hereby given that in accordance with Section 52(2) (b) of The Foundations Act. 2004,VANCAR UNITED FOUNDATION is in dissolution as of December 23rd, 2022.

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

L I Q U I D A T O R

NOTICE

MONTE BRAVA INVESTMENT LTD In Voluntary

Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MONTE BRAVA INVESTMENT LTD. in dissolution as of December 23, 2022

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

L I Q U I D A T O R

www.bisxbahamas.com

(242)323-2330 (242) 323-2320

39.95 39.950.00 0.9321.26042.93.15% 2.761.60Benchmark BBL 2.76 2.760.00 0.0000.020N/M0.72% 2.462.31Bahamas

BFH 2.46 2.460.00 0.1400.08017.63.25% 2.852.25Bank

Bahamas BOB 2.61 2.610.00 0.0700.000N/M0.00% 6.306.00Bahamas

BPF 6.30 6.300.00 1.7600.000N/M0.00% 9.808.78Bahamas Waste BWL 9.75 9.750.00 0.3690.26026.42.67% 4.502.82Cable Bahamas CAB 4.50 4.500.00 -0.4380.000-10.3 0.00% 10.657.50Commonwealth Brewery CBB 10.25 10.250.00 0.1400.00073.20.00% 3.652.54Commonwealth Bank CBL 3.60 3.58 (0.02) 20,0000.1840.12019.53.35% 8.547.00Colina Holdings CHL 8.53 8.530.00 0.4490.22019.02.58% 17.5012.00CIBC FirstCaribbean Bank CIB 15.99 15.990.00 0.7220.72022.14.50% 3.251.99Consolidated Water BDRs CWCB 2.96 3.010.05 0.1020.43429.514.42% 11.2810.05Doctor's Hospital DHS 10.50 10.500.00 0.4670.06022.50.57% 11.679.16Emera Incorporated EMAB 9.41 9.36 (0.05) 0.6460.32814.53.50% 11.5010.06Famguard FAM 11.22 11.220.00 0.7280.24015.42.14% 18.3014.50Fidelity Bank (Bahamas) Limited FBB 18.10 18.100.00 0.8160.54022.22.98% 4.003.55Focol

MICHAEL

A.

DEAN

& CO., Attorneys for the Administrators

Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114

Nassau, The Bahamas

100.00100.000.00 100.00100.00BGS: 2015-6-7Y BG0307 100.00100.000.00 100.00100.00BGS: 2015-6-30Y BG0330 100.00100.000.00 100.00100.00BGS: 2015-10-7Y BG0407 100.00100.000.00 102.07102.07BGRS FX BGR105026 BSBGR1050263 102.07102.070.00 102.73100.97BGRS FX BGR141230

102.73102.730.00 103.16103.16BGRS FX BGR142231 BSBGR1420318 103.16103.160.00 100.71100.01BGRS FL BGRS70023 BSBGRS700238 100.71100.710.00 91.9191.91BGRS FX BGR127139 BSBGR1271398 100.00100.000.00 92.6792.67BGRS FX BGR131239 BSBGR1312390 92.5592.550.00 90.9890.98BGRS

4.50% 6.25%

5.35%

5.40% 5.14% 5.60%

2.582.11 2.583.48%3.87% 4.883.30 4.884.49%5.32% 2.261.68 2.262.74%3.02% 205.22164.74 190.45-6.40%-6.95% 212.41116.70 169.68-20.12%-15.15% 1.761.71 1.762.49%2.79% 1.941.78 1.935.71%7.96% 1.881.79 1.863.39%3.91% 1.030.93 0.93-8.94%-9.55% 9.376.41 10.107.82%9.00% 11.837.62 13.4413.58%15.81% 7.545.66 7.712.57%2.83% 16.648.65 13.25-20.10%-19.25% 12.8410.54 12.03-4.50%-4.64% 10.779.57 10.59-0.55%-1.61% 16.279.88 16.27N/AN/A 11.228.45 11.223.00%25.60% 14.8911.20

4.55% 4.81%

5.65% 5.35% 5.00%

6.25% 4.50% 6.25% 4.25% NAV

17-Nov-2030 15-Feb-2031 15-Jul-2039 15-Jun-2040

4.53% 5.00% 29-Jul-2023 15-Jan-2039 15-Oct-2049 17-Jan-2040 15-Jun-2030

25-Jul-2026 26-Jul-2037 26-Jul-2035

22-Sep-2033

6.25% 30-Sep-2025 30-Sep-2022

15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 25-Nov-2022

Date

31-Oct-2022 31-Oct-2022

31-Oct-2022 30-Nov-2022 30-Nov-2022 30-Nov-2022 30-Nov-2022 FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund

30-Nov-2022 30-Nov-2022

NOTICE

ROCKY RIDE: TESLA STOCK ON PACE FOR WORST YEAR EVER

By ALEX VEIGA AP Business Writer

OWNING Tesla stock this year has been anything but a smooth ride for investors.

Shares in the electric vehicle maker are down nearly 70% since the start of the year, on pace to finish in the bottom five biggest decliners among S&P 500 stocks. By comparison, the benchmark index is down about 20%.

While Tesla has continued to grow its profits, signs of softening demand and heightened competition have investors increasingly worried. And then there's CEO Elon Musk's acquisition of Twitter. Some of Musk's actions since taking over the social media company, including doing away with a content moderation structure created to address hate speech and other problems on the platform, have unnerved Twitter's advertisers and turned off some users.

That's stoked concerns on Wall Street that Twitter is taking too much of the billionaire's attention, and possibly offending loyal Tesla customers.

Musk's acquisition of Twitter opened up a political firestorm and has caused Musk and Tesla's brand to deteriorate, leading to a "complete debacle for the stock," Wedbush analyst Dan Ives wrote in a research note this week.

Musk has said that he plans to remain as Twitter's CEO until he can find someone willing to replace him in the job.

Despite Musk's focus on Twitter, Tesla's results have been solid this year.

The Austin, Texas, company posted year-over-year profit and revenue growth through the first three quarters of 2022, including more than doubling its third-quarter profit from a year earlier.

Still, electric vehicle models from other automakers are starting to chip away at Tesla's dominance of the U.S. EV market. From 2018 through 2020, Tesla had about 80% of the EV market. Its share dropped to 71% in 2021 and has continued to decline, according to data from S&P Global Mobility.

This month, in a rare move, Tesla began offering discounts through the end of the year on its two

top-selling models, a sign that demand is slowing for its electric vehicles.

Ives predicts that Tesla will likely miss Wall Street's estimates when the company reports its fourth-quarter results, citing higher inventory levels, the

recent price cuts and overall production slowdowns in China. He also expects a "softer trajectory for 2023."

"The reality is that after a Cinderella story demand environment since 2018, Tesla is facing some serious macro and company specific

EV competitive headwinds into 2023 that are starting to emerge both in the U.S. and China," Ives wrote.

Still, Ives is optimistic that Tesla's long-term prospects remain solid as the global market for electric

vehicles grows — and Musk refocuses on Tesla.

"However, any further Musk strategic missteps will be carefully scrutinized by the Street and further weigh on shares," he wrote.

A TESLA logo is seen at the company’s store in Denver’s Cherry Creek Mall on Feb. 9, 2019. Owning Tesla stock in 2022 has been anything but a smooth ride for investors. Shares in the electric vehicle maker are down nearly 70% since the start of the year, on pace to finish in the bottom five biggest decliners among S&P 500 stocks.

Photo:David Zalubowski/AP