03212022 BUSINESS

Auto dealer eyes 15% cut back on ‘taper off’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN auto dealer yesterday said he plans to “cut back” on summer orders by 15 percent amid fears consumer demand will “taper off” despite a strong start to 2024.

Fred Albury, Auto Mall’s principal, told Tribune Business that his experience and “gut feeling” were urging caution on upcoming new and used auto inventory because after two “bumper years” for the sector “the market can only bear so much”.

Speaking as early 2024 data indicated the industry is matching the same sales pace as last year, he acknowledged that January and February had been “very strong” with economic activity and consumer demand matching 2023 levels.

things go from here and whether we will go back into regular ordering.

“2023 was a bumper year; probably one of our best seasons for a long time. It is not going to be strong like this for ever,” Fred Albury continued. “We have to factor in that it will slow down out there. The hurtful part is with the ordering.

‘Ship has sailed’ over Bahamas 15% revisit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamian financial services industry’s call to “revisit” the 15 percent minimum global corporate tax is too late because “that ship that has sailed”, a prominent local banker warned yesterday.

However, Fred Albury told this newspaper: “I feel by the second half of this year there’s going to be a bit of a tapering off so that’s what I’m factoring into our ordering. The market can only bear so much. We’ve had two strong years, 2022 and 2023. That’s my opinion, my gut feeling and my experience over the years.

“I’m probably going to, for the summer months, go a bit less on inventory. I’m speaking for Executive Motors [the Toyota dealer]. My brother is still doing very well with Quality Auto, Hyundai and Suzuki. To answer your question, I will probably cut back on orders by 15 percent for the summer months and see how

“It’s a four-five month cycle from the time you order to receiving the vehicles. If things slow down, you have to store and fund the inventory or discount it. Stuff like that. I don’t want to get into that position.” The Auto Mall chief spoke as industry data, accumulated by the Bahamas Motor Dealers Association (BMA), showed new vehicle sales matching 2023 numbers through January and February.

Ben Albury, the BMDA’s president, told this newspaper: “Based on January and February, we’re on the same trajectory we were on last year. Looking at the two months, if we were to break them down and

‘Crack down on real’ maritime tax evaders

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government was yesterday urged to “crack down on the real tax evaders” in the maritime industry as opposed to continually hiking fees on the same compliant businesses that always pay.

Andoni Lisgaris, the Bahamas Excursion Operators Association’s (BEOA) president, speaking after up to 75 percent cuts in boat registration fees were passed in the House of Assembly, said his real concern lay not with this levy but the broader need to ensure equitable taxation for all sector players.

“To be honest, the registration fees are just a drop in the bucket compared to all the other taxes we pay,” he told Tribune Business. “They [the Government] don’t want to go out and collect the taxes they have implemented like VAT. They just want to go out there and raise other fees.

“Instead of raising my registration fees, why not go out there and crack down on the real tax evaders, the VAT evaders? That’s where the real taxes are. What else do you want from me?... That’s the issue for me.”

Mr Lisgaris said it was possible “to stand on the dock in the harbour with a cup of coffee”, watch the

Central Bank in multiple exchange control eases

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Central Bank last night unveiled multiple reforms to further relax The Bahamas’ exchange control regime that it believes will not create any “material” risks for the US dollar peg and wider economy.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business this nation “must decide how we compete” via non-tax advantages that differentiate it from rivals rather than seeking last-minute changes to a G-20/OECD minimum tax drive where almost 140 nations - including this one - have already signed on to comply.

Emphasising that this was not criticism of the joint letter sent to the United Nations (UN) ad-hoc taxation committee by the Bahamas Financial Services Board (BFSB) and Association of International Banks and Trust

Companies, which argued the 15 percent minimum tax violates the sovereign right of nations to set their own systems and rates, he argued this nation must approach “from a position of strength”.

Mr Bowe told this newspaper that The Bahamas must adopt a “David versus Goliath” mentality, or the mindset employed by its leading track and field athletes at the Olympics and World Championships, and learn to consistently punch

Asserting that the latest liberalisation is in keeping with the “sustainable and manageable” pace needed to safeguard the Bahamian dollar’s one:one fixed exchange rate peg with its US counterpart, the Central Bank said commercial banks and money transmission businesses will have freedom to approve more regular payment transactions.

Highlighting at least ten types of current transaction it believes will be positively impacted, the regulator said the value

The banking regulator, in a statement, said the easing will remove the need to obtain the Central Bank’s prior approval for a variety of current and capital (investment) account transactions and thus provide residents, businesses and work permit holders with a more efficient process involving reduced time and costs.

BLOCKCHAIN EMERGES AS SECURITY GAME CHANGER

n

Blockchain,

a network of computers. Unlike traditional centralised databases, which are susceptible to hacking and manipulation, blockchain operates on a transparent and tamperresistant platform. Each transaction is securely linked to the previous one

through cryptographic hashes, creating a chain of blocks that ensures the integrity and immutability of the data.

One of the key advantages of blockchain technology is its ability to provide transparency in business transactions. In traditional

business models, multiple parties involved in a transaction maintain separate records, leading to potential disputes and discrepancies. With blockchain, all participants have access to the same decentralised ledger, thus eliminating the need for intermediaries and fostering trust among stakeholders. The financial services sector has been quick to recognise the potential of blockchain, with crypto currencies such as Bitcoin and Ethereum gaining popularity as alternative forms of currency. Blockchain’s decentralised nature ensures that transactions are secure and transparent, reducing the risk of fraud and providing a more efficient means of conducting payments.

However, the impact of blockchain extends far beyond the realm of crypto currencies. Industries such as supply chain management, healthcare and real estate are exploring the possibilities of integrating blockchain to streamline processes and enhance security. In supply chain management, for instance, blockchain can provide a transparent and traceable record of the entire supply chain - from manufacturing to distribution, thereby reducing the risk of counterfeit products and ensuring the authenticity of goods.

Moreover, blockchain technology has the potential to revolutionise identity management and cyber security. The decentralised nature of blockchain makes it highly resistant to hacking and unauthorised access. Individuals can have greater control over their personal data, deciding what information to share and with whom. This shift towards decentralised identity management could significantly reduce the instances of data breaches and identity theft.

Despite the immense potential, the widespread adoption of blockchain still faces challenges, including regulatory concerns,

ROYE II KEITH

scalability issues and the need for standardised protocols. However, as the technology continues to mature, industry leaders and governments are increasingly recognising its transformative potential and are working towards creating a conducive environment for its growth.

Blockchain technology is not just a buzzword associated with crypto currencies; it is a revolutionary force that has the potential to transform the way we conduct business and secure our digital transactions. As industries continue to explore and implement blockchain solutions, we can expect a paradigm shift in the way we perceive and interact with the digital world, ushering in a new era of transparency, efficiency and security. The journey towards widespread adoption may be ongoing, but the promise of blockchain’s impact on business transactions and cyber security is undeniable.

KWASI: SELF-INFLICTED INFLATION FROM RUSHED BOATERS FEES

THE “rushed” boaters fee increase has caused “homegrown self-inflicted inflation” created by the Davis administration, according to Opposition finance spokesman Kwasi Thompson yesterday.

Speaking in Parliament yesterday, Mr Thompson accused the government of again not consulting with Family Island boat owners when making the amendments to the Boat Registration Bill and the Water Skiing and Motorboat Control Bill.

He said that commercial boat owners and fishermen have “very real challenges” and fee increases have a direct impact on Family Island residents, particularly those that reside on cays.

He said: “The PLP administration recently moved to suspend their rushed increase of fees on recreation and commercial boat owners. This calamity that we find ourselves in is the government’s own making. These fees were implemented without consultation, ignoring the human impact on small boaters and fishermen and on the cost of doing business and thus retail prices and partaking of marine products sold on average to the Bahamian kitchen table. This is what I call homegrown self-inflicted inflation.

“Unfortunately, the government has again not properly consulted in my constituency. You have not consulted with those who are in East Grand Bahama, who this bill will affect. There are very real challenges faced by small Bahamian commercial boat owners, by small fishermen

and these increases in the bill have a direct impact on the lives of those people in East Grand Bahama.

Particularly in the East End settlements, including Sweetings Cay and Water Cay.”

He argued many Family Island residents use their boats similarly to how New Providence residents use their cars and it was “cruel” to implement such a large increase.

He said: “Many fishermen use their vessels to provide for their families, the same way in fact like Sweeting Cay the same way that we use our cars is the same way that they use their boats. It is cruel to increase registration and such an extreme way. The Fisheries Association has raised concerns that the smaller fisherman may simply just be unable to afford these fees.”

Mr Thompson also questioned how boat owners use their vessels for multiple

purposes such as fishing, transportation and recreation should classify their boats.

He argued many Family Island residents use their boats as their primary means of transportation to the mainland for themselves and their families as well as fishing to earn a living.

He said: “What about the persons who live in Sweetings Cay who use their boats for multiple purposes. So, the bill makes a distinction between those who use their boats to carry persons and who use it for recreational purposes, that’s a different category commercial and then who use their boats for commercial fishermen.

“All of those boats usages have different rates. They charged different rates. Well in Sweeting’s Cay they use their boats for recreational purposes. But they also use the same boat to

carry persons back and forward to Sweetings Cay and they also use the same boat to fish and to sell and to carry those fish and conch to the mainland to sell. So, they use their boats for different purposes all would fit within those categories. So which category should they now choose to go under?

“In the Family Islands, it is not as cut and dry as it is maybe in New Providence. The same boat as I said is used to fish, transport persons and for recreation purposes.”

He also argued the new requirements to provide records of crew training and boat maintenance prior to registration may be difficult for Family Island residents as many do not have formal training and perform most boat repairs themselves. He said: “So you must present to the New Providence Port Authority a record of valid crew training. Most persons don’t

have no formal training when you go on these boats and Family Islands but you must present a record of valid crew training. You must also present surveys conducted in the last 12 months. And my understanding is these surveys are expensive. And then how many of these surveys are to be produced? What does the survey need to say and what if it is not will you not be granted or will you not be registered if you don’t provide the service?

“You must also provide a history of dry docking you must also provide records of boat maintenance.

Somebody in Sweeting’s Cay I guarantee that they don’t have a record of boat maintenance because most of them may provide the maintenance themselves.”

Former landfill’s manager hails five-year milestones

THE elimination of fires, recycling of more than 100,000 construction waste loads and a reduced carbon footprint have been hailed as milestones in the former New Providence landfill’s five-year transformation.

Now named the New Providence Ecology Park (NPEP), management of the 160-acre site once known as “the dump” was taken over in 2019 by a consortium headed by Kenwood Kerr, the Providence Advisors principal, and featuring numerous Bahamian waste services providers.

“When NPEP inherited the site, we inherited a legacy issue,” said its chairman, Felix Stubbs. “The site was previously a hazardous landscape that posed serious environmental and health risks, contributing to air and water pollution and affecting the quality of life for nearby residents.

“Today, Bahamians have a functional facility which handles and manages their waste in a safe and sustainable way. We are very proud to say that the landfill is truly no longer a dump. We’re changing the narrative around waste management, and we’re doing so from the inside out.”

To date, NPEP said it has trained more than 75 Bahamian staff in all aspects of solid waste and hazardous material management so that they can manage the

The consortium, in a statement to mark that five-year anniversary, said it has “made significant strides towards environmental sustainability” at the Tonique Williams Highway site. Since 2019, it added that 100,000 loads of construction and demolition waste have been recycled, alongside the processing of more than 1.2 million tires through shredding and baling techniques.

landfill’s daily operations. This is said to have resulted in the elimination of uncontrolled fires, a persistent challenge that the Pan American Health Organisation (PAHO) identified as an “urgent public health hazard” in 2017.

Through the consolidation, closure and covering of more than 80 acres of open waste, NPEP said there have been zero uncontrolled fire incidents since 2019.

“When considering the most challenging issues of the previous landfill, fires are frequently at the forefront of residents’ concerns. For us, successfully preventing hazardous fires for the past five years represents a pivotal achievement,” said Mr Stubbs.

“This accomplishment, along with the resulting benefits like cleaner air and enhanced property values for neighbouring residents, signifies a substantial

advancement in protecting the health and safety of our community.”

NPEP said its initiatives have significantly reduced the landfill’s carbon footprint via the creation of more than 50,000 cubic yards of compost, which has been redeployed as a vegetative layer. Some 400,000 cubic yards of organic waste has also been diverted. These efforts have been complemented by an engineered landfill gas system that captures methane gas, a potent greenhouse gas.

“As a small island developing state, it is important to consider how the systems we employ will impact the environment,” said Mr Stubbs. “We have seen the storms increasing in power, we have seen articles of rising sea level threats, and we have seen the Prime Minister advocate for carbon credits on a global stage. For us at NPEP,

minimising our carbon footprint and emissions was one of our big five-year goals.”

Better-defined roads, a sealed active waste area, organised compost windrows and engineered ponds for run-off and emergency fire response represent other improvements. A structured residential dropoff zone, which did not exist five years ago, has also been introduced. NPEP said more than 750,000 customers have used this facility to sort their waste for recycling.

In 2023, the facility processed more than 100 tons of glass via a recycling programme. This has reduced health hazards by controlling pests, decreasing mosquito populations and managing stray dogs.

NPEP said it is now seeking to build on the methane gas capture and treatment systems to ultimately reduce the Bahamas’ carbon output

by an estimated 150,000 tons of carbon dioxide per year. This will coincide with the introduction of landfill gas-to-energy infrastructure to turn captured methane into sustainable power.

Land reclaimed by NPEP’s remediation efforts will lay the foundation for other sustainability infrastructure. This will be achieved by increasing organic and foodwaste diversion initiatives, partnering with the private and public sectors to further reduce carbon dioxide generation and increase compost production.

“Our fifth anniversary is not just a milestone but a stepping stone towards greater environmental achievements. Together, we are setting a new standard for waste management and ecological preservation,” said Mr Stubbs.

Tighter inspection and tougher penalties under new boat rules

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

STRENGTHENING the safety and oversight of the boating industry was given as the reason for changes to the Boat Registration Bill 2024 and the Water Skiing and Motorboat Control Bill in Parliament yesterday.

JoBeth Coleby-Davis, Minister of Energy and Transport said that under the amendments every boat must be inspected by the New Providence Port Authority and owners must provide records of crew training and boat maintenance prior to registration.

She said: “The purpose of the amendment to the Boat Registration Act is to provide for additional inspection requirements

and insurance, replace and strengthen the offences provision, and to replace the Schedule and provide for new registration and inspection fees. “Specifically, the Bill will see an amendment to section 6 of the principal Act, requiring every boat, before being registered under the Act to be submitted for inspection to the New Providence Port Authority and that the Port Authority be provided with record of crew training, surveys conducted in the last 12 months, history of dry docking, and boat maintenance records. “Under the amended Act, Madam Speaker, every owner, or operator of a boat registered to ply or for hire in waters of The Bahamas shall procure and maintain a comprehensive insurance policy from a

company licenced under the Insurance Act to carry on insurance business in The Bahamas.”

She said that under the amendments penalties will also be strengthened with boat owners who fail to register their vessel facing fines between $5,000 to $10,000 and a $1,000 to $5,000 fine for hiring persons without obtaining a licence. She said: “Let’s be clear, any legislation that requires compliance, must include provisions to deter nonconformance. If we do not include penalties, the Bill will not be worth its salt – it would lack teeth.

“A penalty of not less than $5,000 dollars and not exceeding $10,000 is liable for owners who do not register their boats, complete inspection, or have a valid insurance policy is not in hand.

Taxi fare increase gazettedand ministry to meet drivers

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE fare increase for taxi drivers has been gazetted, Minister of Energy and Transport JoBeth ColebyDavis said yesterday.

Speaking in Parliament, Ms Coleby-Davis said the ministry will host a town hall for taxi drivers “in short order” and in addition to the fare increase for New Providence the

rate adjustment for Family Island taxi drivers is being completed.

She said: “In short order, the Ministry of Energy and Transport will host a town hall for taxi drivers in conjunction with The Bahamas Association Hotel Tourism Association. “The last increase in taxi fares occurred in 2017 more than six years ago. The time has long been passed for fares to be increased. Therefore, I am pleased to share with this honourable house that the increase in taxi fares for New Providence has been gazetted and that my ministry is in the process of completing the rate adjustment for taxi fares in our Family Islands.”

Ms Coleby-Davis also said a town hall meeting will be held with bus drivers next month to discuss their fee increase and other means of improving the sector.

She said: “The public bus transportation is critical to the economic and social life of our country. Every day, thousands of Bahamian workers and students use public transportation. Over the years and through various administrations, tremendous work has been undertaken to improve the sector.

“For the record, Madam Speaker, the Davis administration is committed to enhancing the sector. Therefore, I wish to advise this honourable house that

“A penalty of not less than $1,000 and not exceeding $5,000 is liable under the Act for any person who acts as master of a boat for hire or employs any other person to do so without first obtaining a licence under the Act.”

Ms Coleby-Davis said although the fees outline in the bills may be criticised “the fees have not been adjusted in many years” and they have taken steps to “cushion” small boat owners.

She said: “The amendments to the Boat Registration Bill, and the Water Skiing and Motorboat Control Bill are necessary and will bring greater clarity for the boating industry.

“As minister with responsibility for transport, I acknowledge that in some quarters the fees outlined

there will be a town hall for members of the public, bus franchise owners and public bus drivers in early April. During the meeting, my ministry will share plans to increase the bus fare and discuss measures to enhance the sector.”

She added existing bus routes will be reviewed to determine if new routes need to be implemented and the ministry will work with stakeholders to improve the sector.

She said: “As there has been some population shifts on the island of New Providence, we must review existing bus routes, explore the need for new bus routes, and undertake the gazetting of bus stops. “Ministry will work with all stakeholders. We will collaborate with a view to improving the industry for the benefit of all Bahamians.”

in the schedules of both Bills will be criticised, however, it is important to note that the fees have not been adjusted in many years. Additionally, we have taken the necessary steps to cushion the owners and operators of small boats –which are primarily used by our fishermen and small tour operators from the increase in fares.”

She said they have considered feedback from the public when adjusting registration fees, especially the views of Family Island operators. She said: “We have listened to feedback from members of the public – especially the views of fishermen in communities like West End in Grand Bahama, Spanish Wells in North Eleuthera, and Petty’s in Long Island - and subsequently amended

registration fees in the First Schedule of the Bill.”

She said the Davis administration supports the “blue economy” and that the reforms are “in the national interest for safety and protection”.

She said: “The Government of The Bahamas is committed to improving governance of the boating sector. Our approach to this reform-driven approach will involve both policy changes and adjustments, as well as legislative updates.

“The Davis administration supports the blue economy. We are committed to listening and acting in the best interests of all Bahamians. The increased regulations and reforms for both commercial and recreational boats is in the national interest for safety and protection.”

FINANCIAL GROUP CHAIR TO GAIN TRAILBLAZER AWARD

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN financial institution’s chairman is set to receive the Trailblazer Award at today’s Society of Trust and Estate Practitioners (STEP) Bahamas conference.

Ivylyn Cassar, principal of Equity Bank Bahamas and Equity Trust Bahamas, was described as the committee’s unanimous choice to receive the reward after receiving input from the STEP Board.

Theo Burrows, STEP Bahamas conference committee chairman, said: “It was an easy choice to choose Ivy for the Trailblazer Award.

“She continues to blaze trails and make significant contributions to the financial services industry in The Bahamas, and to the ongoing work of the STEP Bahamas branch. Her drive, dedication and generosity are unmatched, and we are extremely delighted that she has accepted such a deserving award.”

The Award pays recognition to “a senior professional in the financial services industry who has made significant contributions to the trust and estate sector, often creating paths for others to follow professionally and also being a leader in the community”.

SEE PAGE B12

RF CONFERENCE ATTRACTS RECORD 300 ATTENDEES

RF Bank & Trust yesterday said its annual Economic Outlook conference attracted a record-breaking 300 attendees when it was held at Baha Mar’s convention centre last week.

The Bahamian financial institution, in a statement, said the conference served as a platform for international experts to explore critical issues facing the global economy with a particular focus on the transformative potential of Artificial Intelligence (AI).

Five international speakers presented, covering topics ranging from climate change to geopolitics. However, the prevailing theme throughout the event was AI’s impact on both global and local economies in the foreseeable future.

The conference began with opening remarks from Michael Halkitis, minister of economic affairs. David Slatter, RF Bank & Trust’s vice-president of investments, then welcomed an audience comprising government officials, business leaders and students.

Key conference takeaways emphasised the irreversible presence of AI in the business landscape, with speakers urging companies to embrace the technology to maintain competitiveness. They reiterated the indispensable role of humans in the workplace, emphasiaing the need for ethical development and deployment of technological advances.

DIONISIO D’AGUILAR, former minister of tourism and aviation, engages with presenters during a question and answer session.

To: WENDELL CLARKE

formerly of Freeport, Grand Bahama, one of the Islands of the Commonwealth of The Bahamas.

ADVERTISEMENT OF SERVICE OF THE NOTICE APPLICATION

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Highlights included a panel discussion featuring Ryan Pinder KC, the attorney general, ecologist Chris Heider, and former minister for St Lucia, Dr James Fletcher, which was moderated by Dwayne Whylly.

The conference also highlighted the urgency of addressing the ongoing climate crisis, stressing the accountability of first-world nations for the repercussions faced by developing countries.

Presentations were also given by thought leaders such as Kevin Surace, Rumman Chowdhury, Anu Bradford, Dr Fletcher and Jerome Rand. Conference sponsors included Aliv Business, Doctors Hospital, Fidelity Bank, Glinton Sweeting & O’Brien, J S Johnson, PwC, Tribune Media, eCapital, Graham Thompson and CG Atlantic.

MICHAEL HALKITIS, minister of economic affairs, bringing opening remarks at the annual RF Economic Outlook Conference. RYAN PINDER KC, the attorney general, gives his position on carbon credits during the RF Economic Outlook panel discussion.

JOHN ROLLE, governor of the Central Bank, asks presenters a question.

‘Crack down on real’ maritime tax evaders

boats carrying visitors out on tours and excursions, look at their numbers and see which ones are still operating as private vessels.

“You could see for yourself some of those boats are non-compliant and they never get stopped,” he added.

“You don’t need to raise taxes; just go collect what you need and you will be fine. That’s what I want.

My thing is that VAT has been around since 2015. It’s

nine years, almost a decade. Some of these businesses have been in business way before VAT was implemented and are still not VAT registered. It’s been nine years.

“I think you can go out there, make some calls, see who’s registered and not registered, and go from there. That’s my position right now.” The House of Assembly yesterday passed the revised fees, representing changes to those unveiled just ten months ago with the 2023-2024

Budget, through the Boat Registration (Amendment) Bill 2024 and the Water Skiing and Motor Boat Control (Amendment) Bill 2024. Both went through their second and third readings in the House, with the Government likely keen to have them passed and gazzetted before the deadline for private vessel registration is met at end-March. Paul Maillis, the National Fisheries Association’s (NFA) secretary, described the passage of both Bills as “a

bittersweet moment” for the industry. While the fisheries industry was happy that it has been carved out, and given its own largely reduced first-time and renewal boat registration fees, he explained that the sector remained concerned about the impact the hikes will have on private boat owners who use their vessels for non-commercial purposes - especially in the Family Islands.

“It’s a bittersweet moment,” Mr Maillis explained. “On one hand the commercial fishermen are happy a concession was made to them that is more reasonable and acceptable in the form of an increased fee. But, on the other hand, there’s something to be said about how the recreational industry has been handled in terms of how high the fees are for boat owners who are not commercial fishermen.

“It’s still sad they have to pay such high fees bearing in mind the diversity of Bahamians with different financial backgrounds who live on the sea, utilise the sea for every day economic activity and subsistence activity.” Mr Maillis said this included Family Island residents “who all depend on their boats, and don’t use their boats for commercial fishing but subsistence, transportation and semicommercial activity”.

He added: “The way the registration requirements are laid out, it puts a second homeowner with a 28-foot vessel and three 300 horse power engines to go have fun on the ocean on the same footing as a 20-foot Carolina skiff with a 60 horse power engine that is used by an old man in Kemp’s Bay to catch snapper.

“It’s very unfortunate. We have spoken to hundreds of fishermen and people across the country reacting to the prospect that their

little boats, or reasonablesize boats, have gone up so much. One example is sailing boats for regattas. They are very long, and go into the category that is 30 feet to 40 feet long.

“They have no commercial value. They have cultural value, and are going into the category of boat that costs thousands of dollars to renew every year. It’s very, very frustrating that the economic value, the cultural value is not taken into consideration, and Bahamian ownership is not taken into consideration,” Mr Maillis continued.

“While we’re happy that commercial fishing was made provision for, it’s a bitter pill to swallow for every day Bahamians.” The Boat Registration (Amendment) Bill contained several wrinkles compared to the version introduced last July as it created several new boat length categories.

For example, persons bringing in a new boat that is 19 feet or less in length will now pay a first-time registration fee of $700 as opposed to the previous $1,000 - a 30 percent cut. However, the Government has now split the next vessel size category - 20 feet to 39 feet - in two.

This means that while owners of boats between 20-28 feet will enjoy a $900 first-time registration fee reduction, as it drops from $3,000 to $2,100, those in the 29 feet to 39 feet bracket will pay $3,500. That latter figure represents a $500 increase on what they would have paid under the previous structure.

The same applies to annual registration renewal fees, with the 29 feet to 39 feet category now paying $860 as opposed to the previous $700. Kwasi Thompson, Opposition finance spokesman, yesterday read in the House of Assembly the concerns that fishermen have with

the new fees and associated boat inspection regime.

“It appears that they will bite off more than they can chew, and will need to increase the fees in order to pay enough staff to perform the administrative duties associated with these amendments,” was one opinion cited by the east Grand Bahama MP.

Another read: “The fees are quite high compared to what was previously in place. The requirements listed are extreme. Annual survey, maintenance records, crew training and so on. These are unreasonable requirements. Surveys are expensive. Most crew have no formal training. Maintenance records are non-existent. While I understand the approach, this is entirely impractical.”

Others, according to Mr Thompson, stated: “There is no list provided for requirements that need to be met. Only states that they will determine if a vessel is seaworthy. Vague at best. Lots of options to increase fines, but no data on requirements or emphasis on safety. They appear to be looking at the easiest way to increase revenue with the least amount of work.”

“What passes for seaworthy?” another fisherman purportedly said. “Where is the basic list of safety requirements for registration? Annual inspection; this means that an officer of the Port Department will have to travel to each boat…. Nationwide! Nobody can bring their boats to the Port Department. This is not like driving your car to an inspection centre for road traffic.”

“Changes are needed, but should be implemented over time with consultation from the private sector who actually has a handle on the boating community. More than 50 percent of boats get registered once, and never again,” one said.

‘Ship has sailed’ over Bahamas 15% revisit

above its weight through quality customer service, workforce expertise and “innovation” in the products and services it offers.

And, suggesting that The Bahamas is conflating sovereignty with “inter-dependence”, the Fidelity Bank (Bahamas) chief said that as an international financial centre (IFC) this country has to understand its “bread is buttered” through “playing by the rules” set by the developed countries as this ensures continued access to the markets and customers that form this nation’s client base.

Describing the BFSB/ AIBT letter as “a consensus view”, Mr Bowe said: “I will speak candidly to you, as I shared with them, that from our perspective as an institution and me personally, we are not in agreement with those elements. To me, we conflate sovereignty with inter-dependence.

“We as a sovereign nation can choose not to sign on to various accords and various agreements, but the reality is that we have to decide how does that leave us in terms of our inter-dependence as an IFC? The reality is there’s nothing about the [OECD’s] inclusive framework that’s eroding or impeding our sovereignty.

“It’s really saying if you want to be part of this... call it a social club, being facetious, you join and play by these rules or you don’t. If we want to be part of this club, which includes most of the world, then you have to play by the rules set by the bigger players of this club.

As an IFC, that’s where or bread is buttered as we offer services to those jurisdictions,” he confirmed.

“We are part of a global initiative which, once you comply with it, opens doors which would otherwise be closed. We have to decide how we compete... He who has the gold sets the rules.”

The BFSB and AIBT, in a joint March 14, 2024, letter to the committee drafting the proposed United Nations (UN) convention on international tax co-operation argued it was irrelevant if a country’s tax rate was “0 percent or 15 percent” so long as corporate entities were doing real business and abiding by key rules.

PAUL MOSS

“I think that’s spot on. They ought to look at it. We have a basis where we start out, as a nation, saying we shouldn’t act as a tax collector for other countries or agree to tax conformity. It’s not what it’s about. It’s about tax competition, and they’re right to recognise we need to participate in this industry. If we conform to what they want, there’s no basis for tax competition,” Mr Moss told Tribune Business.

back to the pebble - being David - and asking how we strike. As it relates to sovereignty, that is not one that is the real issue. Tax rules have nothing to do with sovereignty. It boils down to whether everyone playing by the same rules.”

And they also called for uniform “transfer pricing rules”, so that multinational groups cannot avoid/evade their tax obligations in one jurisdiction by transferring funds to a subsidiary located in another country through purporting to purchase goods or services from it.

The joint BFSB/AIBT letter, which was copied to Ryan Pinder KC, the attorney general, in his capacity as The Bahamas’ and Caribbean representative on the UN committee, effectively argued that focusing on establishing a uniform tax system and rate for all countries as a counter to avoidance and evasion by large multinationals was misplaced and would eliminate tax competition between nations.

“Revisit the minimum global corporate tax requirement, as it infringes on sovereign nations’ autonomy to establish and manage their own tax systems,” the two largest advocacy groups in the Bahamian financial services industry argued.

“Alternatively, international tax rules should focus on substance presence rules and standardised transfer pricing rules to prevent tax evasion through profit shifting. If entities operate in substance and form within a country, that country’s tax rules should apply, whether 0 percent or 15 percent.”

Paul Moss, president of Bahamas-based Dominion Management Services, yesterday branded the BFSB/AIBT letter and the thinking it outlined as “refreshing” because it recognised that the “conformity” being pushed by the G-20/OECD would eliminate this nation’s tax competitiveness and advantages via the 15 percent ‘one size fits all’ minimum corporate tax.

The letter, signed by Niekia Horton, the BFSB’s chief executive and executive director, and Bruno Roberts, the AIBT’s chairman, said the focus should instead be placed on establishing common “substance/ presence rules” to ensure corporate entities are doing real business in the territories where they operate.

“If we accept this 15 percent, when it comes time for The Bahamas to implement this taxation on its domestic economy, the rate will have to be 15 percent because of ring fencing. That’s been going on historically where countries must not have different tax regimes for foreign and domestic entities.”

Mr Moss’ point is that, once the Government implements the Qualified Domestic Minimum Top-Up Tax, local entities which are part of multinational groups with turnover exceeding 750m euros will be subject to a 15 percent corporate income tax.

To avoid running afoul of the European Union’s (EU) ring fencing strictures, which forbid countries having separate tax regimes for domestic and international business, the same 15 percent rate will have to be applied to the domestic economy. And Mr Moss, too, conceded that the BFSB/AIBT letter was likely too late to have any impact.

Mr Bowe yesterday said he understood the letter’s purpose in setting out The Bahamas’ entire case to the UN committee, including how it has been wronged by past blacklistings and other regulatory initiatives launched by developed countries, but argued that this nation needs to approach financial services by exuding “strength” instead of “weakness”.

“We have to decide whether we are ‘David versus Goliath’ or crying wolf and saying everything is ‘woe is me’,” he told Tribune Business. “I believe in taking the David versus Goliath model and finding the pebble to strike Goliath. If we are talking about financial services, why don’t we imagine how we can compete?

“I believe there is merit in pleading all matters that concern us, but we have to be careful not to come from a position of weakness and asking someone to level the playing field for us, but go

The mobility of international capital and business means “the only way to have a level playing field” is through a minimum level of taxation regardless of where an entity is located, Mr Bowe added. He argued that The Bahamas must seek out other competitive advantages than simply offering international clients no or low-rate taxation.

“The competition should be on service, the expertise in the jurisdiction and the innovation in the products and services we’re developing to meet the needs and wants of those customers we’re trying to attract,” the Fidelity Bank (Bahamas) chief told Tribune Business. “If we eliminate tax arbitrage as a reason to

pick The Bahamas, and I don’t want us to be playing in that space... I want us to be saying we can develop products, structures and legal entities that comply with the minimum tax but provide competitive advantages because of our proximity to the US, our experience in the trust business and we give you a better service than anywhere else.

“I accept the position that there are concerns [on the 15 percent minimum corporate income tax]. Those are not concerns that have no merit, but I take the view that ship has sailed so we need to be coming more from a position of strength,” Mr Bowe continued.

“More than what is the way of the world, we need to be a little more aggressive in how we take on the world. I understand the purpose of the submission.

The UN is asking what are our concerns. I take a totally different view. Sovereignty in the 21st century

has nothing to do with your ability to write laws. Sovereignty is only useful to the extent you can access the rest of the world.”

While this nation “can close itself off” like its western neighbour, Cuba, Mr Bowe questioned whether it can survive like that.

“When you look at it, I think The Bahamas needs to move away from saying we need to make our laws because that somehow makes us sovereign,” he added.

“We have to be a bit more progressive in our thinking rather than playing the old game. We want our sovereignty and tax competition, but the reality is we want their interest, customers and business to come here. We can’t then call the rules unfair. We have to differentiate ourselves as opposed to saying we have an innate ability to do what we need to do. That doesn’t happen in the real world.”

Central Bank in multiple exchange control eases

of gifts that can be sent to non-residents, churches and charitable organisations without requiring Central Bank approval is being increased from $15,000 to $100,000.

The threshold at which group/business travel requires Central Bank exchange control approval is being raised by the same amount, from $15,000 to $100,000, while commercial banks and money transmission firms can approve foreign payments for car rentals and hotels booked through local travel agencies up to the amount stipulated on the bill.

And temporary residents, or work permit holders, will be able to obtain a Bahamian dollar credit card without Central Bank approval. All these reforms, which impact current account transactions, will come into effect in ten days’ time on April 1, 2024.

As for the capital, or investment, account reforms, the Central Bank said they will be implemented on June 1, 2024. With effect from that date, individuals will be able to convert up to $100,000 for overseas investment purposes, such as acquiring securities or real estate, without obtaining the regulator’s prior approval. This authority has now been delegated to an “authorised dealer”, namely a commercial bank.

And foreign currency purchases of non-residential and mixed-use Bahamian real estate by overseas nationals “may conclude without reference to the Central Bank”, although development and multi-residential projects - as well as those involving Bahamian dollar financing - will still need its approval. “The relaxation covers a range of current and capital account items, including the easing of rules for non-resident real estate transactions; easier access of residents to foreign currency financing from overseas; and more streamlined approvals of payments for gifts to non-residents, insurance remittances, travel and franchise royalties,” the Central Bank said.

“The Central Bank is also introducing a more simplified process for locals wishing to invest overseas via the Investment Currency Market (ICM), which would take effect on June1 , 2024, in order to establish the additional administrative and reporting mechanisms that are needed for authorised dealers (commercial banks).”

Confirming that these moves are being undertaken after consultation with the Ministry of Finance, the Central Bank added: “The reform measures represent yet another phased liberalisation, balancing the objectives of improved administrative processes and deepened capital

market access against preserved sustainability of the Bahamian dollar fixed exchange rate......

“The Central Bank has carefully evaluated the balance of payments risks involved with the proposed reforms. The impact [to] net foreign exchange outflows is not expected to increase to any material degree for the Bahamian economy.

“Additionally, through the reporting requirements in place for commercial banks, the Central Bank is able to monitor relevant transactions statistically to inform any policy adjustments that might be needed from time to time,” the regulator continued.

“For the remainder of 2024 and 2025, the Central Bank will continue to focus on the following: Deeper stakeholder engagement on capital account liberalisation and capital flow management policies; more visible and better promotion of the quality of the regulatory regime impacting commercial bank delegated responsibilities; and strengthened public relations capacity in the policy and technical work streams inside the Central Bank relating to the accumulated policies on exchange control.”

Other current account transactions impacted by the elimination of prior Central Bank approval requirements include the payment of insurance premiums to

To: MELISSA ROCHELLE MARCIA SMITH-FEASTER and JAMAINE FEASTER

formerly of o. ndependence Avenue, Freeport, rand Bahama

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non-resident beneficiaries; pension payments of up to $1m to non-residents; franchise royalty payments; and child support and alimony payments up to a $100,000 threshold regardless of whether they have been ordered by a court or not.

As for the ability of work permit holders to obtain Bahamian dollar credit cards, the Central Bank said: “Some banks may not be clear on this, but this is the case now. If an individual or company qualifies for a Bahamian dollar loan, they may obtain a Bahamian dollar credit card without reference to the Central Bank.

“This includes companies designated resident that have some level of Bahamian ownership, temporary residents and economic residents. The purposes and maximum limits would still be governed by existing rules/policy.”

This would involve not using a Bahamian dollar credit card for capital transactions without prior approval of the Central Bank. They could also not be used for property purchases other than owneroccupied homes with a cap of $400,000.

“Over the years, the Central Bank, in consultation with the minister of finance, has gradually increased the delegated authority of commercial banks to approve payments for various categories of current account transactions; gradually increased the access of Bahamians to both inward and outward facing investment transactions; and

liberalised the ease with which non-residents (particularly foreign investors) transact with the domestic economy,” the Central Bank said last night.

“Liberalisation measures continue to be paced against outcomes that are sustainable and manageable, given the overriding importance of maintaining adequate foreign reserves to safeguard the Bahamian dollar fixed exchange rate. On the whole, the 2024 measures are expected to result in improved efficiencies for both residents and temporary residents (work permit holders).

“For residents, the measures further reduce the requirement for prior approvals from the Central Bank for a range of payments on transactions on both the current account (trade-related payments and transfers) and the capital and financial account (investments),” the regulator added.

“For temporary residents, added ease is provided in obtaining certain local currency products and services provided by commercial banks. For non-residents, residential real estate transactions will be further distanced from exchange control vetting.”

John Rolle, the Central Bank’s governor, foreshadowed further liberalisation and easing of the administrative functions surrounding The Bahamas’ foreign exchange regime at his January media briefing. He said the focus would be placed on “defining limits” for how much overseas

currency individuals can access via commercial banks without having to obtain the Central Bank’s approval first.

“The Central Bank is also taking a very cautious and measured approach to further liberalisation of exchange control measures. After the forthcoming consultation with the Government, we anticipate a further shift in delegated responsibility for investment currency market transactions to commercial banks, and some increased delegation for commercial banks to approve other foreign exchange transactions,” the Governor explained.

Responding to further Tribune Business questions on the issue, Mr Rolle added: “The emphasis is on shifting the system even more in the direction of individuals being able to go directly to commercial banks to complete transactions without getting initial approval from the Central Bank.

“We are going to look at how we can define limits even for investment currency that the commercial banks can facilitate for individuals, and there are certain categories of noninvestment transactions - what we typically refer to as current account transactions - where there’s room to allow commercial banks to operate with higher approval limits.

“Again, the intention there would be there’s less need for individuals to come to the Central Bank for prior approvals.”

Auto dealer eyes 15% cut back on ‘taper off’

extrapolate over 12 months, we’re a hair above where we were last year - about ten to 11 units over. If all things remain the same, we will have a slightly better year than we did last year.

“January was just below what was last year, and February was just above where it was last year. We’re pretty much on an even keel at this point. From everybody I talk to they seem very optimistic. It seems like the businesses are doing well and the production is starting to really get moving.

“The economy is very strong, construction is very strong, and we’re seeing a lot of demand for commercial vehicles, both in the construction field and delivery vehicles - that type of thing,” Ben Albury told Tribune Business. “I can only say on my end we’re seeing about a 10-15 percent increase in commercial vehicle demand.

“As long as tourism stays strong, and construction stays strong, we can look forward to a good year. I always talk to people when

“If we can just keep this going and get supply.... I’m starting to get vehicles I was fighting very hard to acquire last year. I think it’s a lot about getting production now.” Ben Albury, who is also Bahamas Bus and Truck’s general manager, and other Bahamian auto dealers have been prevented from obtaining the vehicle inventory required to meet demand by the post-COVID supply chain backlog and manufacturer delays. However, the BMDA president yesterday described his dealership’s inventory levels as “swollen right now”, likening the situation to where “the tap is starting to crack open and its rushing out”. And, in a sign that the Bahamian economy remains robust, he revealed that Bahamas Bus and Truck has seen a 10-15 percent increase in demand for commercial vehicles.

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I go into a business and ask around, and most people I talk to seem quite busy.

I’m also seeing vehicles now that last year they were only trickling through. “On what’s been shipped and what’s arriving, those numbers are starting to climb pretty quickly. I’m hoping by the end of the year things will be back to normal. I’m swollen right now. I have tons of inventory. A lot of things I was working on, the tap is starting to crack open and are

rushing out,” the BMDA president continued.

“The bad part is that I have to watch space and cash flow. What I find when I’m inventory heavy is that my sales are better. People feel they can come here and have more to choose from. We have a broad selection and are expanding some of our model line-ups. People feel as if they are not being pressed into making a choice when there is a lot of inventory.

“I figure that, by summer, my inventory should be

pretty much anything you want.” However, Ben Albury also voiced concern about the difficulties involved in keeping vehicle prices under control given the ever-increasing cost of multiple auto components as well as other variables such as shipping costs.

“The kicker is the pricing, keeping that under control,” the BMDA president said. “Nothing in this world

seems to slow down on pricing. I would say, over the last four to five years, prices on some models could have gone up by as much as 20-30 percent. Shipping costs, material costs, it never ends.

“But everybody I talk to in the industry seems to be happy and feels this is going to be another good year. It’s still early but that’s where we’re aiming.”

FINANCIAL GROUP CHAIR TO GAIN TRAILBLAZER AWARD

Latonia Symonette-Tinker, the Bahamas Financial Services Board’s (BFSB) chair, said: “There is no doubt that Ivy’s personal career accomplishments more than justify her as the Trailblazer Award recipient as a significant contributor to not only the financial services industry in The Bahamas but also to many of the individuals we see here today as professionals in the industry.

“She has not only created a path for others to follow, but she continues to create more trailblazing paths as she ascends to higher heights. She’s not done yet.”

Over the next five years he added Ivylyn Cassar, Kim Thompson and Dillon Dean to the executive team. In 2010, they executed a 90 percent management buyout of Experta and rebranded the company as Equity in 2012. Equity Group International (EGI) was created in 2012 to hold the 90 percent interest.

Mr Cassar (who passed in 2021) retired in 2016, and Ivylyn took on the chairmanship of EGI and Equity Bank. She is now EGI co-chair with Dillon Dean. In 2018, EGI established Equity Investment Funds and, in 2021, EGI established Equity Trust Bahamas.

“I am deeply honoured and humbled to receive the Trailblazer Award,” said Mrs Cassar. “There are so many people who have served as mentors throughout my career, and to them I owe a debt of thanks. As a STEP member since 1996 I also owe so much of the success that I have enjoyed in my career to STEP’s professional development and education programmes.” Equity employs more than 60 Bahamians, and operates in both the international and domestic markets. It was initially established in 2003 as Experta Trust Company (Bahamas) with Gilbert D. Cassar, who had previously served as a director, assuming the role of managing director.

Wall Street rallies to records as Federal Reserve still sees rate cuts for 2024

By DAMIAN J. TROISE and STAN CHOE AP Business Writers

U.S. stocks rallied to records Wednesday after the Federal Reserve indicated it's likely to deliver the cuts to interest rates this year that Wall Street craves, despite some discouragingly high inflation reports.

The S&P 500 jumped 46.11 points, or 0.9%, to 5,224.62 and set an all-time high for a second straight day. It's already run up 9.5% so far in this young year, which is a bit better than the average for a full year over the last two decades.

Some of Wall Street's nervousness coming into the day washed away after the Fed released a survey of its policy makers, which showed the median still expects the central bank to deliver three cuts to interest rates in 2024. That's the same number as they had penciled in three months earlier, and expectations for the relief that such cuts would provide are a big reason U.S. stock prices have set records.

The Dow Jones Industrial Average jumped 401.37, or 1%, to 39,512.13, and the Nasdaq composite roared 202.62 points higher, or 1.3%, to 16,369.41. Both also hit records.

The fear on Wall Street was that the Fed may trim the number of forecasted cuts because of a string of recent reports that showed inflation remaining hotter than expected. The Fed has been keeping its main interest rate at its highest level since 2001 to grind down inflation. High rates slow the overall economy by making borrowing more expensive and by hurting prices for investments.

Fed Chair Jerome Powell said he noticed the last

two months' worse-thanexpected reports, but they "haven't really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road towards 2%. That story hasn't changed."

Powell said again that the Fed's next move is likely to be a cut sometime this year, but that it needs more confirmation inflation is moving toward its target of 2%.

The Fed has dangerously little room for error. Cutting rates too early risks allowing inflation to reaccelerate, but cutting too late could lead to widespread job losses and recession.

"I don't think we really know whether this is a bump on the road or something more; we'll have to find out," Powell said about January and February's inflation data. "In the meantime, the economy is strong, the labor market is strong, inflation has come way down, and that gives us the ability to approach this question carefully."

Fed officials upgraded their forecasts for the U.S. economy's growth this year, while also indicating they

may end up keeping its main interest rate higher in 2025 and 2026 than earlier thought.

"They probably figure they don't need to cause a recession to tame inflation, and that's a good thing," said Brian Jacobsen, chief economist at Annex Wealth Management. In the bond market, Treasury yields had a mixed reaction.

The two-year Treasury yield, which closely tracks expectations for Fed action, initially jumped before quickly giving up the gain. It eventually fell back to 4.61%, down from 4.69% late Tuesday, as traders built bets for the Federal Reserve to begin cutting rates in June.

Traders had already given up on earlier hopes for the Fed to begin cutting in March. The worry is that if the Fed waits too long into the summer before lowering rates, it may not end up doing so all year. That's because of the risk of appearing political if it were to make big changes to policies just ahead of U.S. elections set for November.

Reddit poised to make its stock market debut after IPO

amid strong demand

By MICHAEL LIEDTKE

AP Technology Writer

REDDIT will enter a new era as a publicly traded company with a market value of $6.4 billion after the social media platform's initial public offering was priced at $34 per share.

The price announced late Wednesday came in at the top end of the target range set by Reddit's investment bankers as they spent the past few weeks gauging investor demand for the stock. It sets the stage for Reddit's shares to begin trading Thursday on the New York Stock Exchange under the ticker symbol "RDDT" in a debut likely to spur a flurry of commentary on Reddit's own platform, as well as competing social media outlets.

The interest surrounding Reddit stems largely from a large audience that religiously visits the service to discuss a potpourri of subjects that range from

silly memes to existential worries, as well as to get recommendations from like-minded people. By tech industry's standards though, Reddit remains extraordinarily small for a company that has been around since 2005. Meta Platforms — whose biggest social media service Facebook was started just 18 months earlier than Reddit —- boasts a market value of more than $1.2 trillion. Meta also generates annual revenue of $135 billion, while Reddit's remains below $1 billion. And then there is this problem: Reddit has never profited from its broad reach, while piling up cumulative losses of $717 million. That number has swollen from cumulative losses of $467 million in December 2021, when the company first filed papers to go public before aborting that attempt. In the documents filed for its revived IPO, Reddit

SINGA RESOURCES

LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) SINGA RESOURCES LTD. 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 20th day of March 2024.

(c) The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 21st day of March A.D. 2024

attributed the losses to a fairly recent focus on finding new ways to boost revenue.

But Reddit will now have more money in the bank to finance its ambitions to expand its influence and reel in more revenue in the process.

The IPO raised about $748 million, including about $228 million for Reddit shareholders who opted to sell some of their stock. Another $519 million is earmarked for Reddit, but the San Francisco-based company won't receive all that money because it still

has to pay commissions and other costs associated with the offering. Bankers still have a 30-day window to sell another 3.3 million shares that would raise an additional $112 million, before deducting commissions and fees.

Reddit set aside up to 1.76 million of the 15.3 million shares being offered in the IPO for users of its platform. Per the usual IPO custom, the remaining shares were bought primarily by mutual funds

NOTICE

NOTICE is hereby given that

VIJAYASARADHI RAMANA IKA of 02 Blue Marina Apts, Dundee Bay Drive, Bahamia, Freeport, Grand Bahama., The Bahamas 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 21th day of March 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

PORTHOUSE COMPANY LIMITED

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of PORTHOUSE COMPANY LIMITED has been completed and the company has been struck from the Register on the 22nd day of February 2024.

Baird One Limited Liquidator

Baird One Limited Liquidator Legal Notice

Baird One Limited Liquidator

House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 21st day of March A.D. 2024

Delco Investments Limited Liquidator

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of ENDEAVOUR ASSET HOLDING COMPANY LTD. has been completed and the company has been struck from the Register on the 26th day of January 2024.

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LEGAL NOTICE NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Nurburgring Ventures Ltd. (the “Company”) is in dissolution.

The date of commencement of the dissolution is 12th day of March, 2024.

Daniel Lopes Monteiro, is the Liquidator and can be contacted at Alameda Escocia, 284, Alphaville Residencial

1, Barueri, Sao Paulo, SP, CEP 06474-120, Brazil.

All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 11th day of April, 2024.

Daniel Lopes Monteiro Liquidator