08222023 BUSINESS

IMF: Bahamians need more protection from bank failure

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN depositors have inadequate protection against “the failure of the largest credit union or any medium-sized bank”, the IMF is warning, as it urged that coverage more than double in percentage terms to $120m.

The International Monetary Fund (IMF), in a report on the measures The Bahamas should implement to prevent and respond

to financial institution collapse, described strengthening the Deposit Insurance Corporation - the entity that fully insures deposits up to a maximum $50,000 in the event of bank or credit union failure - as “a high priority task despite the current financial system soundness”.

Pointing out that the Corporation’s fund, from which payouts would be made, is “low”, the IMF argued in a paper released yesterday that “reforms are needed in a variety of areas” including its

Caribbean: Don’t hold us to higher standard than Atlantis

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROYAL Caribbean asserts it would be “highly inappropriate” to hold it to a higher standard than Atlantis and other developers with its Bahamian head optimistic there will be no “conflict” with the Paradise Island mega resort.

Philip Simon, the Royal Beach Club’s president and general manager for the cruise line’s Bahamas operations, told Tribune Business that “fostering an atmosphere of collaboration” on Paradise Island will “bode very well for the future” and enable all developers to focus on enhancing the visitor product for their own economic benefit.

His comments came after Vaughn Roberts, Atlantis’ senior vice-president

of government affairs and special projects, said in a question submitted as part of the public consultation for the Royal Beach Club’s

Environmental Impact Assessment (EIA) that “it’s disappointing” Royal Caribbean did not also release the Environmental

governance through an increase in the number of external directors compared to Central Bank, Ministry of Finance and other public sector insiders. It also identified the Bahamian cooperatives sector as an area of “some distress” and financial weakness.

The Washington D.C.-based Fund added that the Deposit Insurance Corporation’s 20-day payout target was more than double the international goal of seven days,

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Management Plan (EMP) as part of the same process. “As a potential neighbour, you should understand our concerns about the project and why it’s disappointing that you cannot share your Environmental Management Plan (EMP) with us as part of the public consultation process so we can review and ask you informed questions about it. What level of detail can we expect in the plan?” Mr Roberts wrote on Atlantis’ behalf.

Royal Caribbean, in response, promised that the EMP will be released publicly in accordance with Bahamian environmental laws and procedures. Its answer implied that Atlantis was seeking to hold it to a higher standard than those the meg resort and other Bahamas-based

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‘Flabbergasted’ at Royal Caribbean’s PI approval

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN environmental advocate yesterday said she was “flabbergasted” that Royal Caribbean’s Paradise Island project has been given the go-ahead, adding:

“I don’t understand how

they think they’re going to pull it off.”

Gail Woon, founder of Earthcare, who submitted multiple questions to the Royal Beach Club’s Environmental Impact Assessment (EIA) consultation, told Tribune Business that nothing which emerged from the process changed her opinion that the 17-acre site is

too small for the average 2,750 passengers it will accommodate per day.

Arguing that “you don’t have to be a rocket scientist” to arrive at such a conclusion, she added that she was “insulted” to learn the Department of Environmental Planning and Protection (DEPP) had given its approval from Royal Caribbean

rather than the agency itself or another part of the Government.

Ms Woon suggested that permission for the cruise giant to proceed was always likely given the Government’s early 2023 announcement that it had given the $100m Royal Beach Club approval in principle, subject to

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DPM targeting ‘best year in Bahamas history’ on tourism

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE DEPUTY prime minister yesterday predicted that “barring an act of God” this nation can look forward to the “best year ever in the history of The Bahamas” with tourist arrivals 30 percent up on pre-COVID highs.

Chester Cooper, also minister of tourism, investments and aviation, reiterated his

expectation for record

tourism arrivals numbers at the Caribbean Investment Forum 2023’s launch.

He added that the increase in airlift to The Bahamas has contributed to the “phenomenal growth” that has seen visitor arrivals for 2023 year-to-date exceed 2019’s comparatives by 30 percent.

“We are seeing phenomenal growth in tourism, supported by our aviation partners,” Mr Cooper added. “So we talked

about Jet Blue direct from LA, we talked about direct flights from Seattle and LA on Alaska Airlines. Amer-

ican Airlines announced recently some phenomenal changes, additional flights; daily service from from Dallas, daily service from from Charlotte to many of the Family Islands including Abaco, Exuma, Eleuthera.

“Today we are seeing announcements from Delta with direct service from Florida to Nassau, daily

direct non-stop service from Atlanta to Nassau. This is phenomenal. I invite the stakeholders to brace themselves. It’s good now and it’s getting better. We’re seeing a 30 percent arrivals number ahead of where we were in 2019.

“2019, I remind you, was a record-setting year, so barring an act of God we’re going to break the eight million visitor arrival mark. And we anticipate

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THE Central Bank’s governor yesterday asserted The Bahamas “is advancing efforts” to guard against a domestic financial crisis with the authority set to oversee these efforts potentially formed “within the next six months”.

John Rolle, speaking to Tribune Business after the International Monetary Fund (IMF) released recommendations for strengthening the financial system and its institutions against potential collapse, said “a lot of the groundwork” has been done to create the Financial Stability Council that will drive implementation of these and other measures.

Explaining that the initiative aims to prepare the Bahamian financial sector and its participants “ahead of time”, so they know how to manage a crisis and avert possible failure, he added that individual institutions will also have “to develop a playbook” for when they themselves “come under strain” to facilitate recovery

and prevent a wider systemic shock.

“The Financial Stability Council is one of the inter-agency co-ordinating mechanisms that’s recommended,” Mr Rolle told this newspaper. “We’ve done a lot of the groundwork and had discussions between the relevant regulators and Ministry of Finance. Those discussions are ongoing in terms of how we operationalise such a framework.

“A lot of the sketching of the framework is complete, and we think it could happen within the next six months or so. Possibly before that. Certainly we have already had

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Central Bank advancing financial crisis ‘playbook’

Royal

PHILIP SIMON VAUGHN ROBERTS JOHN ROLLE

IMF HEADQUARTERS

$5.70 $5.75 $5.81 $5.94

MORE DOWNTOWN PROPERTY OWNERS EYE DEMOLITIONS

THE deputy prime minister yesterday said more owners of derelict downtown Nassau properties have been approaching the Government since demolitions began to inquire if their buildings can be taken down too.

Chester Cooper, also minister of tourism, investments and aviation, reiterated that a demolition permit from the Ministry of Works is required prior to tearing down dilapidated, abandoned and unsafe buildings. He added that the Government also wants to “preserve the charm” of downtown Nassau and will not be demolishing historical buildings.

“So we are going to continue the process of demolishing old buildings that are not protected under the historical buildings protocols,” Mr Cooper

said. “What we want to see is a revitalised downtown and it’s becoming contagious. We went through the process of demolishing two buildings recently and we’re receiving calls from others to offer the demolition of their buildings.

“The one thing I would say, though, is that demolishing a building requires approval from the Ministry of Works. It requires a demolition permit. So there are some owners who are enthusiastic about this process and have opted to demolish, I would just caution them that this permit is required.

“We want to maintain and preserve the charm associated with downtown. Many of the buildings are designated historical buildings that cannot be demolished under the statutes so we have to follow these protocols very closely.”

Mr Cooper said the Government intends to create more green spaces and solicit proposals for new restaurants on Bay Street.

He added that Bahamians have started to take note of the changes on Bay Street since the Downtown Revitalisation Project began.

“What’s next is we’re going to create some some green spaces,” Mr Cooper said. “I’m excited about that. We talked with some market makers in the eatery space. We’re going to get some proposals there for new restaurants and eateries on Bay Street real soon.

“That’s going to be a big announcement that we want to share after fleshing out some of the details. We’re hoping to create rest opportunities and green spaces, and benches and picket fences on some of these spaces. This is only the beginning where we’re just getting started, and we will continue to keep you informed as to the medium and long-term prospects of this project.

“I want to highlight, though, the small things we’re doing are short wins, quick wins in the shortterm, bearing fruit. People

are commenting that Bay Street looks better and it smells better, and it’s warming to the hearts of the team who are actually working on this project and I thank them for their work.”

Royal Caribbean International has now received approvals from the Department of Environmental Planning and Protection (DEPP) for its $100m beach club on Paradise Island. Mr Cooper said: “I’m happy to note that there’s been consultation, widespread consultation from what I understand, and I hope that this collaboration will, in fact, continue. “I’m aware there were suggestions. I trust that those suggestions will be appropriately considered as well. So I cannot speak to whether there will be backlash or not. Clearly some organisations act on their own motivations. But if those motivations were environmental, I’m delighted to hear that the Government has advanced the process to a point

where the DEPP has been able to look at all of the environmental concerns and have them addressed appropriately.

“I think you should speak directly with the developers. This is their project, they will give you an idea as to what their plans moving forward are. They made a proposal, the Government of The Bahamas considered it, and I think that brings us to the point where we are today. There’s been an environmental assessment on the project, and therefore they will give guidance as to where they go to next.”

Mr Cooper said Bahamasair has “incredible potential”, and financial restructuring, technical support and a partnership with Qatar Airways is being lined up for the national flag carrier. He added:

“Bahamasair has always been doing cargo to some extent, mainly between Cuba and Haiti. But this is an area of development that Bahamasair will look

at. Bahamasair has incredible potential. “There are some some issues. We regret sometimes that there are customer complaints. No more than any other airline in the business. But Bahamasair really is on the path for success if we are able to restructure a few things, get some new equipment. They ought to be really riding the bonanza of tourism right now, and people are calling me every day wanting to know if I can do anything to get them a seat on Bahamasair and I simply can’t.

“They’re running very heavy loads. They’re doing extremely well with some financial restructuring, which we will do, with some technical support, which we will provide really shortly from Qatar Airways in a partnership we’re building I’m cautiously, very cautiously, but optimistic nonetheless about the future prospects of Bahamasair and I hope to be able to talk more about them in due course.”

$110m marina project chooses sales partner

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A $110m southern New Providence marina development has selected Bahamas Property Group (BPG) as its exclusive real estate sales and marketing partner.

Legendary Marina Resort at Blue Water Cay, a 120-slip development projected to generate up to 200 jobs at full build-out, is aiming to become the only marina in Nassau to offer a dry storage facility that can protect vessels up to 55 feet in length from hurricane damage. The project, which will be located almost due south of the Freedom Farm baseball field, can presently be reached by driving due

south past Checkers’ Fox Hill outlet. Aiming to be the closest on-island point to the Exuma Cays, the development will also feature engine service and general repair facilities; concierge and vessel provisioning services; 24-hour manned security; customised services including freshwater washdown and engine flushing; and onsite amenities such as a club house, restaurant and pool.

“This is the first of its kind in The Bahamas,” said BPG senior managing partner, Richard Sawyer. “Legendary has developed the most highly-rated and sought after marinas in the region, and we are excited that they chose New Providence for their latest project.

“Every aspect of the project is designed to ensure

that boat owners get the most out of their boating experience each and every time, and can also rest in the knowledge that their investment is safe and secure with a dry storage facility rated to withstand up to 165 mile per hour wind speeds.

“BPG is a 100 per cent Bahamian firm, and we are very proud to have been chosen to work on this project. We believe this marina will raise the profile of the island and the country in international boating circles, and we know the Legendary team is committed to creating employment and skills transfer opportunities for Bahamians. The company’s president, William Pizzorni, has a home here and is invested in the local community.”

Legendry Marina already offers similar services to boat owners at its facilities in Florida and the northern Gulf of Mexico. The company signed a Heads of Agreement with The Bahamas’ government in May 2023 and, with construction

EY BAHAMAS ANNOUNCES NEW BAHAMIAN CPA s

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

EY Bahamas yesterday announced that two young Bahamian employees, Crispin Hanna and Justin Campbell, have earned their Certified

Public Accountant (CPA) designations. Mr Hanna, who joined the accounting firm in 2019, is a senior in the consulting practice at EY. He holds a bachelor of business administration degree in accounting from Acadia University in Nova Scotia, Canada.

“Since I began my professional career at EY, completing the CPA has always been one of those things I just had to do for myself,” Mr Hanna said. “EY has proven to be a great resource, not only with the exams but also in my professional development, with exposure to a

multitude of clients and projects. I thank God and those who consistently pushed and guided me during the CPA journey.”

Mr Campbell, a senior in the assurance practice, has been with EY since 2018 and works with clients in the wealth and asset management sector. He holds a master of business administration (MBA) degree from Beijing Normal University and a bachelor of science degree in accounting from Lincoln University in Missouri.

“My path to becoming a CPA has been a long, rewarding journey,” Mr Campbell said. “At times I almost became discouraged, but these struggles drove me to have a greater

soon set to begin, interest is already extremely high.

“Reservations for boat slips are already being requested,” said BPG sales agent, Patrick Ryan Knowles. “There is enormous excitement for this project among boat owners both local and abroad.

WILLIAM Pizzorni of Legendary Marina Resort (centre) with Bahamas Property Group agent, Patrick Ryan Knowles (left), and Bahamas Property Group’s senior managing partner, Richard Sawyer, at a sales and marketing partnership signing ceremony at the realtor’s head office in Nassau.

“The marina is only the first phase. As the project proceeds, Legendary is hoping to develop a marina village, a range of condo units, oceanfront villas, a hotel development and much more. We believe that this project will quickly grow into an economic hub for south-eastern New Providence, creating countless knock-on benefits and opportunities for Bahamians.”

appreciation for the pro-

cess. Many long days and sleepless nights, accompanied by prayers, are to thank for the completion of this journey. I look forward to perfecting my craft, tackling what is to come and

reminding CPA hopefuls that tough times never last. Rather, tough people do.” Michele Thompson, EY’s regional managing partner for The Bahamas,

PHOTO (left to right): Tiffany Norris-Pilcher, EY Bahamas Partner; Justin Campbell, EY Bahamas professional; Crispin Hanna, EY Bahamas professional; LaNishka Farrington-McSweeney, EY Bahamas Partner.

SCHOOL ROOF FAILURE EXPOSES CONTRACTORS BOARD ABSENCE

By YOURI KEMP Tribune Business Reporter

The Bahamian Contractors Association’s (BCA) president yesterday said the recent collapse of roof trusses at R. M. Bailey senior high school again exposes why the Government should “expeditiously appoint” the Contractors Board.

Leonard Sands told Tribune Business that the continued absence of the self-regulatory body, whose creation was given legal weight in the Construction Contractors Act 2016 (CCA), is the only tool that can ensure construction industry integrity via the licensing and certification of contractors according to

LEONARD SANDS

their abilities and scope of work they can perform.

Describing this as important as a “medical licence”, he added: “Failure to ensure that you’re dealing with persons who have the capability and wherewithal to construct and do business in construction is just

as important as you going to professional medical personnel to deal with your health.”

Prime Minister Philip Davis KC on Sunday said the roof trusses for R. M. Bailey’s lunch pavilion collapsed when a worker, who was not being supervised, moved the brace that was holding them up. Bishop Anthony Roker, principal of A & M Construction, the contractor carrying out the work, took “full responsibility for what happened”. He added that he has four decades of experience in the construction industry, and has done work for both FNM and PLP governments.

Mr Davis described the worker who moved the brace as an “agent”, suggesting he was not

directly employed by A & M Construction but by a third-party sub-contractor. The Prime Minister also denied that the R. M. Bailey construction contract was awarded due to “favouritism” or political connections.

However, what was not mentioned is that A & M Construction has also been awarded the $18m contract to upgrade Cat Island’s New Bight airport.

A review of Tribune Business files showed Mr Davis announced this contract award, for a key infrastructure asset in his own constituency, at last year’s Cat Island Business Outlook conference where he mentioned Bishop Roker and the company by name. Mr Sands, meanwhile, said: “The Construction

Contractors Act is now an Act of parliament. It is now law. But the law cannot take effect without the Board in place, so the government of The Bahamas is in breach of the law which it established more than five years ago.”

It was also reported that A & M Construction did not have contractors’ allrisk insurance in place when the trusses collapsed and also did not possess a written contract - only an oral one - for the work that was taking place. Questions are now likely to be asked over whether the New Bight airport work has a written contract and is covered by the necessary insurance.

“All I have to say on that is if the Ministry of Education is comfortable engaging individuals for

hundreds of thousands of dollars, and possibly millions of dollars worth of work, on a verbal agreement, it makes me question if they should have education in the same phrase as ministry, because that seems to be a very unintelligent thing to do,” Mr Sands said.

“This is one of the reasons why we feel that the Construction Contractors Act Board has not been appointed because then ministers or governments or politicians can determine when they want their friends to do work, to whatever advantage that is for the contractor, to the disadvantage of the agency because it is not regulated, governed or obviously

Shipping costs rise 40% for new price pressures

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIAN consumers and businesses were yesterday warned that local goods prices will be unable to escape the fall-out from a 40 per cent increase in shipping costs over the the past three months.

Michael Hall, managing director of Bahamas Maritime Logistics Service (BMLS), told Tribune Business that while shipping and logistics is “doing much better than it was” in COVID-19’s immediate aftermath it is facing new cost pressures due to a combination of firming oil (fuel)

prices and rising global demand.

“There is a lot of demand now, and I think the issue is now the security of goods reaching its destination within a proper amount of time. So what would take a month will now take two months, and also the shipping costs increased as well due to the demand after COVID,” he added.

“A lot of the fuel costs have gone up, and this has been seen with a lot of terminals around the world. Getting containers by ship, by train or by airplane, everything has gone up at least by 40 percent.”

Despite the rising in shipping costs, the postCOVID supply chain bottleneck between China and the US has eased as

more containers are placed into circulation. This has improved the flow of physical goods trade across the Pacific between the two major economic powers.

“That’s being smoothed out,” Mr Hall added. “The reason is that a lot of these containers are reaching their destination and, of course, as truckers get them to their destination those containers are obviously being freed up.... To keep up with the demand for containers, they’ve been building those containers on a regular basis. So it’s smoothing out. “Supply and demand is not going to just allow bottlenecks at any particular port where it’s happening. Because right after COVID things started opening up.

You saw the bottleneck happen in places like California and New York, and different places. You have places like China and France building new containers, building new ships in order to reach and answer to the demand of the suppliers.”

However, Mr Hall said new cost cost pressures have emerged to impact the shipping industry, which he described as “just the way of logistics now. There has been a lot of new costs that have gone in locally.

“I’m not even looking at it globally, but the global enforcement of these new costs has a big effect on the local,” he added. “For instance, containers and concrete and anything we import is going to be more.

The actual cost of the shipping container used to be $3,000 from Europe. It has now increased to $8,000.”

The bulk of these cost increases are concentrated in “Bunker C and fuel costs”, while food prices and other supplies will face added pressures from the high demand generated by a strong tourism season.

“All of those things are going to increase because the amount of tourism is increasing. So obviously that’s automatic, and as long as those demands are high, the imports are going to be high,” Mr Hall said.

Explaining the Bahamian market for the next six months, Mr Hall added: “It’s going to be tough because with a looming depression coming on and

Boat registration hikes are ‘too big of a jump’

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

ABACO marina operators and vessel owners say the hike in boat registration fees is causing confusion and is simply “too big of a jump” that many will struggle to pay.

Resident Scott Peterson said he was under the impression the fee for his private vessel was $68, only to be told it is - with inspection fees included - now a combined $775. Faced with more than an 11-fold increase, he added: “Even the Government can’t be that inconsiderate.”

He said: “I have a 20 foot run-about and the license fee up until recently was somewhere $50, $30, something like that. Now, they want to charge $700 plus a $75 inspection fee. And the general feeling is that the Port Department has gotten confused; this isn’t a foreign charter vessel, this is my own personal boat.

“Everybody kind of feels as though that is wrong because what’s listed on the Government website for the Waterskiing Act for private vessels is $68, and it just seems there was some confusion within

the Government because for them to raise it from $50-odd to $700 one time is.. that’s.. even the Government can’t be that inconsiderate.”

However, the $700 annual registration fee for a vessel between 20-39 feet in length, plus a $75 inspection fee, is no mistake based on the revised fee schedule attached to the Water Skiing and Motor Boat Control (Amendment) Bill that was passed with the 2023-2024 Budget.

Mr Peterson also criticised marine patrol for seeking out licence delinquents more than they police fisheries violators. He recalled an incident in which a member of the marine patrol was ‘“aggressive” with a second home owner whose vessel’s licence had recently expired.

He said: “They also recently introduced a marine patrol, which is not only looking for fisheries violations; they’re also like revenue enforcement. So they come and look at your license and go: ‘You haven’t registered your boat this year. You need to register it’. So they come around checking.

“A friend of mine said [they told her] ‘if you don’t pay this money in the next

day or so, we’ll come and get your boat’. They were very aggressive with her, basically not very friendly at all. He could have said ‘no, ma’am. I’m really sorry, unfortunately, that’s the rule. It’s my job to tell you that’. But, instead, they’re like: ‘If you don’t pay that, we’ll come and take your boat’. You know, you don’t need to treat people like that.”

The manager of a marina in Abaco, speaking on condition of anonymity, said that the sudden increase in first-time and annual boat registration fees was “too big of a jump” and that many persons cannot to pay it. He added that boats are a transportation necessity for many Family Islanders and that they would be “stranded” without a vessel.

He said: “The largest issue is, we’ve gone from a $20 fee to hundreds of dollars overnight. Everybody agrees that $20 was too low; that probably didn’t even cover the salary of the person taking the money. However, some of these boats are thousands of dollars now, like it is excessively expensive, and they made too big of a jump too fast.

“I don’t know what’s going to happen as far as

people paying because I know a lot of people are not going to be able to afford that. Nassau thinks if you have a boat, you’re wealthy. That’s not how the Out Islands work. If you don’t have a boat, you’re stranded here. It’s like having a car. So having $800 for your little boat to get back and forth doesn’t work. It’s too big of a jump.” The source added that while some persons have chosen to park their boats until they raise the funds to pay the licence fees, the Government still does not have enough staff or boats to patrol for individuals operating unlicensed vessels. He said: “There’s a fair amount of people that have boats up on trailers. They’re not going to go back into the water. The Government

doesn’t have a working boat. They can’t afford the fuel to go out to check boats, so how they intend to enforce some of these things is going to be interesting.”

Tavares LaRoda, the New Providence Port Authority’s chairman, previously told this newspaper that the increases to fees that have not been adjusted for two decades were designed to try and catch up with, but not exceed, inflation that has occurred over that period as the Government seeks to incentivise more boat owners to register their vessels in The Bahamas.

Outlining the Davis administration’s strategy, amid major social media outcry over both the firsttime and annual registration fee increases, he argued that the hike in the former category was more than offset

inflation costs, and because we’re right next to the US, obviously The Bahamas will share in those burdens. As their costs go up our costs will definitely go up.

“That will be seen. Everyone can see. That has been proven. Yes, we are building more ports, but all of our normal costs are going up from fuel costs to the cost of food on the shelves. All locals can see these costs. It’s going to be an interesting next six months even rolling into the next year. I think it’s important that we strap down and try to be prepared for the impact of high fuel prices and also the high import costs.”

by the elimination of an effective 20 percent tax rate on boat owners importing their craft to The Bahamas for the first time via the removal of VAT and Customs duty. As for the introduction of inspection fees, Mr LaRoda told this newspaper that The Bahamas had to introduce a mandatory annual check of all private craft because the present voluntary regime was simply incompatible with the wellregulated, blue chip image this nation has in the global maritime industry. Confirming that the Authority is seeking to improve its services to boat owners, including facilitating registration applications online, he added that the turnaround time for most commercial vessel submissions has already been “drastically reduced” to 30 days or less in most instances.

CARIBBEAN: DON’T HOLD US TO HIGHER STANDARD THAN ATLANTIS

developers must comply with by requesting that it reveal the EMP as part of the consultation process.

“As a current neighbour, as we own 13 acres of private land on Paradise Island, we fully understand and appreciate Atlantis’ concerns. What Atlantis does on its property impacts the value of all businesses and property holders across Paradise Island as much as our development,” Royal Caribbean replied.

“Our Environmental Management Plan (EMP), per DEPP (Department of Environmental Planning and Protection) practice, will be made public and will follow the standard of practice for an EMP in The Bahamas. We commit to following the same stringent environmental regulations and processes all developers are required to follow, including other current and future proposed developments.

“It would be highly inappropriate to hold us to a subjective standard and not hold all current and future proposed developments to the same standard, especially projects that are adjacent to Paradise Island.” Asked by Mr Roberts what “financial protections”, or compensation guarantees, it will provide other Paradise Island businesses should

its beach destination create “long-term environmental damage”, Royal Caribbean said this was addressed at the June 8 consultation.

It added that it will “follow the guidance of DEPP with respect to financial obligations stipulated in the Certificate of Environmental Clearance, if and when it is granted”. Atlantis, which previously voiced multiple concerns and misgivings about the 17-acre Royal Beach Club’s potential environmental impact to western Paradise Island, has yet to comment on the DEPP’s verdict that Royal Caribbean has “substantively addressed” all concerns.

Mr Roberts could not be reached for comment yesterday, but Mr Simon in a recent interview said it was in the best interests of all developers with Paradise Island interests to work together for the greater good rather than simply oppose each other’s plans.

“I don’t see a conflict,” he replied, when asked by Tribune Business about Royal Caribbean’s relations with Atlantis. “We’ve seen where there have been some expressions of concern relating to prospective neighbours and environmental concerns. Dialogue has taken place, questions have been asked and answers provided.

“I think it bodes well for the future that we create

an atmosphere of collaboration and that will collectively benefit the product we offer to our guests. That, essentially, is a Bahamian experience that welcomes people and keeps them coming over and over again because they are satisfied.”

Mr Simon said Royal Caribbean has already been holding planning charrettes and meeting with potential “third party providers” of goods, services and other facilities that the Royal Beach Club will require when it launches around summer 2023. “We are very committed to ensuring this is a win-win-win for all involved,” he added.

“It has to truly represent not the ultimate beach and pool day, but the ultimate Bahamian experience for a beach and pool day like no other; that sense of pride and respect that can only be found in The Bahamas. We want to make sure every aspect of our culture is represented. That will only happen with a true partnership.” Royal Caribbean will hold the first in a series of collective workshops with potential third-party Bahamian providers on August 29, and Mr Simon said the cruise line wants to tap into their “thoughts and vision” for what the Royal Beach Club should be so that it captures a true Bahamian identity and sense of place.

“That’s why people travel. That’s why they cruise,” he added. “Not only for experience of the product and the ships themselves. They go to different destinations for the culture, to experience the culture of that location. I’m very proud to be Bahamian and of the culture we represent. It’s been our business for a very long time, and there are so many ways to portray it

“At the end of the day culture is who we is, where we is. Jackson Burnside said that all the time. To be able to share that with millions of guests on a daily basis, it’s a wonderful opportunity and business.” Mr Simon pledged that Royal Caribbean has “sought to answer every single question that has come up from the beginning and to be very transparent in the process”.

With the EIA hurdle now seemingly overcome, and the EMP’s terms of reference already agreed with the DEPP, Royal Caribbean now has to publish the latter document and have it reviewed and approved by the environmental regulator before it can obtain its Certificate of Environmental Clearance. The EIA is different from the EMP, as the former identifies the potential environmental impacts from a project, and the latter focuses on how these are managed and mitigate.

CENTRAL BANK ADVANCING FINANCIAL CRISIS ‘PLAYBOOK’

FROM PAGE B1

consultation and follow-up conversations with affected regulators and the Ministry of Finance. We’re working our way through what the Memorandum of Understanding (MoU) looks like between our agencies.”

The Financial Stability Council’s membership will

be comprised of financial services regulators, such as the Central Bank and Securities Commission, as well as the Ministry of Finance and other relevant government agencies and ministries. Its role will be to provide coordinated oversight of the financial services sector and allow for a collective

response to any systemic threats.

Meanwhile, Mr Rolle said reforms to a wide range of financial services laws - the Banks and Trust Companies Regulation Act, the Central Bank of The Bahamas Act, Bahamas Co-operative Credit Unions Act and Protection of Depositors Act - are being crafted to

address the recommendations and issues raised by the IMF in yesterday’s reports, which followed two technical assistance missions to this nation in November 2021 and the same month in 2022.

“Because of the technical assistance we have received from the IMF, we have a good road map so we are working to execute elements of this action plan,” the Central Bank governor said. “There is a lot of work that is being prepared around these pieces of legislation. We are very close to the end of the process. The next stage will be to make the appropriate recommendations to the Government on the kind of changes that need to be done. That work is advancing.”

Mr Rolle said the “main value” from the IMF’s work was its recommendations on how the Central Bank should interact with its bank and trust company licensees, and credit unions, in developing a regulatory framework governing how they - as well as the regulator - respond when they “come under strain” as well as “planning ahead for the worst case scenarios”.

These, he explained, could involve a financial institution having to place itself in liquidation as well as develop a strategy for its revival. Mr Rolle described it as “requiring financial institutions to develop a playbook for when they come under strain”, with the IMF also providing recommendations on the in-house skills the Central Bank requires to handle such situations as well as

Promising to work closely with government regulators at every step, Mr Simon added: “We have to hit the mark in terms of the process and be absolutely engaged with government at every step. We don’t want to make any mistakes along the way. That will only prove detrimental to the work and mission at hand.”

Royal Caribbean, in its responses to the public consultation questions, said:

“As we are committed to making the vast majority of the operation of the Beach Club available to local Bahamian businesses, we will likely partner with a local business for all water activities, including snorkeling.

“We will include in our requirements for that partner that their staff will need to be trained in practices that have the least impact when they go into the ocean and that guests go through a briefing by trained staff prior to entering the water.”

Asked by Atlantis about the potential issues created by transporting close to 3,000 passengers between Nassau Cruise Port and the Royal Beach Club, and back, on an almost daily basis, Royal Caribbean suggested these concerns will be best addressed by the Bahamian-owned ferry business it ultimately hires to provide this service.

the co-operation needed with the Ministry of Finance and other regulators to cope with a “very stressful scenario”.

“It’s really making certain that we put in place the system in The Bahamas as other countries would typically have, so ahead of time we’re prepared to manage a crisis in the financial system,” the Governor told Tribune Business.

“We have a very robust supervisory framework. The most important thing for a country like The Bahamas is being able to supervise and intervene essentially in the kind of financial remediation that financial institutions need before they get into too much strain. As much preventative intervention as possible to steer financial institutions away from crisis is important for a country like The Bahamas.”

The IMF report found that, while the seven credit unions regulated by the Central Bank are too small to pose any systemic threat, the regulator’s options are limited should they fall into distress and face the threat of collapse. “The current law under which distress management and resolution can be undertaken is the Bahamas Co-operative Credit Unions Act 2015 (BCCUA),” the Fund said.

“The Central Bank has the capacity to take supervisory and resolution interventions for dealing with a credit union that is financially unsound or nonviable. Principally, the powers available to the Central Bank are to give directions to a credit union to require it to take remedial actions, to facilitate a merger with a financiallysound credit union, to

“Under the National Investment Policy of The Bahamas, we are not able to own and/or operate our own water transportation service, and therefore we have begun discussions with local Bahamian business partners who could potentially meet our safety and experience requirements,” Royal Caribbean added.

“We would expect to need between four to six passenger vessels for guests and between two to three vessels for employees, provisioning and/or specialised transport. Depending on the configuration a single vessel may be able to perform multiple functions. The final specifications (number of vessels, size, configuration, power, trip schedule, etc) will be determined in conjunction with that partner.

“Once we award a contract to a Bahamian partner, they will be in the best position to address your questions regarding the expansion of their Bahamian business (are we leveraging existing assets or developing new and to what specification), number of new (or existing) employees needed, number of new (or existing vessels) assigned to us, and their long-term sustainability goals as a Bahamian company.”

facilitate the transfer of assets and liabilities of one credit union to another, or in the case of insolvency or capital deficiency, to initiate liquidation.

“The Central Bank does not have the authority to force a merger or business transfer, but can call a credit union board meeting that requires three-fourths of all the members of each credit union to approve an amalgamation or business transfer.” While the Central Bank can place a credit union into liquidation if it is insolvent, has a capital deficiency, cannot meet depositors’ demands or will inflict a loss on members, no other options are available to it.

Noting the proposed reforms to the Act to address these deficiencies, the IMF report added: “The legal framework for resolving failing credit unions is weak and needs to be strengthened. The necessary amendments include the need for well-defined resolution objectives anchored to depositor protection and financial stability; clear triggers for entry into resolution before the point of insolvency; powers for the Central Bank to (either itself or via a statutory administrator) assume control of a credit union; powers to apply resolution actions, principally focused on business transfer/purchase and assumption; and resolution safeguards, particularly the ‘no creditor worse off’ safeguard. The law also needs to enable the Central Bank to initiate and complete resolution without court approval, and without the need for a mandate from a credit union’s members.”

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IMF: Bahamians need more protection from bank failure

and even this objective is “hampered by a lack of deposit data”. It recommended that the Corporation’s fund be expanded, and built up, from 2 percent of insured deposits to “4.7 percent or $120m” within the next five years to give the majority of Bahamian depositors adequate protection and peace of mind.

John Rolle, the Central Bank’s governor, told Tribune Business yesterday that the regulator had “made good progress” in addressing the issues identified by the IMF mission to The Bahamas, which visited this nation twice in November 2021 and the same month in 2022. While he acknowledged that “a lot more work needs to be done”, the Fund’s advice and recommendations have laid out “a good road map” that the Central Bank is now moving to execute (see Page 1B report).

The Deposit Insurance Corporation, which insures only resident deposits and excludes those made in foreign currency from coverage, is financed by the premiums paid by 11 member banks and seven credit unions which are equivalent to 0.05 percent of the average sum of deposits insured. Its protection fund, at end-2021, was

valued at $73.644m and, growing at an average rate of 10 percent per annum, will take some years to reach the IMF’s target.

“Funding of the Deposit Insurance Fund (DIF) is provided through premiums paid by members and interest earned from investments. Member banks, including credit unions, pay premiums on a biannual basis (at end-March and end-September) into a single fund,” the IMF report said.

“The fund level is low and would cover the failure of only the three smallest credit unions and the four smallest banks. It would not be able to cover the failure of the largest credit union or any of the medium-sized banks in the Bahamian financial system.” That means Bahamian depositors would be exposed if any of the Canadian-owned banks, or the Bahamianowned institutions listed on BISX, were to suffer a failure or collapse.

To remedy the situation, and ensure most Bahamians are protected against unexpected financial shocks, the IMF said: “The Deposit Insurance Corporation has reviewed the target fund ratio. Based on the Deposit Insurance Corporation’s expected loss calculations, the target fund should be increased from 2 percent of

insured deposits to 4.7 percent or $120m.

“This fund will be fully constituted as an ex-ante fund and will fully cover deposits in 13 of the 18 member financial institutions. The fund will be financed through premium assessments on member institutions, with the target fund being reached in five years.

“The proposed target fund is appropriate and puts the Deposit Insurance Corporation on a sound financial basis,” the Fund added. “The target fund will be reviewed every three years. The Deposit Insurance Corporation could complement this methodology by assessing the amount to be paid out in each institution and applying an estimated default risk for each institution based on historical data, supervisory assessments and stress tests.

“This check would ensure that the fund will have the minimum level necessary to cover insured deposits in the bulk of the system.” Data provided in the IMF’s report, which is dated August 2023, shows that $2.331bn out of a total $8.313bn in total deposits held by the Deposit Insurance Corporation’s 11 bank members was covered by insurance at end-June 2022. That is equivalent to 28.1 percent, or just over $1 out of every $4, dollars

deposited with these 11 banks.

As for the seven credit unions, some $336.5m or 80.9 percent of their combined $416.2m deposits were insured at end-June 2022. However, when combined with the banking sector, the latter’s heavier weighting meant that some $2.668bn or 30.6 percent out of $8.729bn in total deposits held by the combined institutions were covered or insured at that date. The IMF, meanwhile, also recommended that the Deposit Insurance Corporation have “a dedicated, pre-arranged back-up funding requirement” to ensure it does not suffer a liquidity crisis in the event of a systemic financial sector crisis and contagion.

“Typically, such backup funding is provided by the Ministry of Finance,” the IMF added. “However, the provision of such funding must be extremely fast. In this context, the Central Bank might appropriately provide the funding within the context of a formal agreement under which all credits to the Deposit Insurance Corporation are indemnified by the Ministry of Finance. Any use of this emergency funding facility should be repaid from asset recoveries or levies on members.”

Justifying the effort to strengthen the Deposit Insurance Corporation, the Fund said: “Despite the current financial system soundness, strengthening the deposit insurance system is a high priority task. First, unexpected shocks are always possible and the Deposit Insurance Corporation needs to be prepared for such unexpected eventualities. Second, some smaller financial institutions are reporting weaker financial conditions and some distress.

“The cooperative sector, for example, has a relatively high level of non-performing loans, is subject to lighter supervision and regulation than for banks, and the applicable resolution regime is very limited in scope and is undergoing reform. Full implementation of the Deposit Insurance Corporation system (together with strengthening supervision and resolution arrangements) will enhance financial stability and limit the risks of destabilising depositor expectations.

“Reforms are needed in a variety of areas,” the Fund continued. “The governance of the Deposit Insurance Corporation should be strengthened under current proposals to appoint additional external directors, and thereby

increase the size of the board and reduce the dominance of ex-officio officers. Procedures for implementing a sound deposit insurance scheme are also needed.

“The Deposit Insurance Corporation needs to obtain depositor data in a timely manner and in the appropriate format. Information arrangements should be strengthened to ensure that the Deposit Insurance Corporation is informed well in advance about institutions that are likely to fail. The Deposit Insurance Corporation should then use that information to ensure they can respond promptly and accurately to the requirements of a failure.

“While coverage levels are broadly appropriate, deposit protection should be extended to US dollardenominated deposits as a policy objective as the resolution law is revised. There is also scope for strengthening the funding arrangements, including the increasing the target fund ratio and establishing a back-up emergency liquidity facility. Procedures are also needed to guide the reimbursement process, starting from collection of deposit data to identifying amounts to be paid out, and to transferring needed funds to the payout agent.”

DPM targeting ‘best

year in Bahamas history’ on tourism

FROM PAGE B1

that based on the strategies that we’re putting in place by the Ministry of Tourism right now that we’re going to exceed the eight million tourists arrival mark, which would be the best year ever in the history of The Bahamas.”

Mr Cooper said Bahamians continue to capitalise on the short-term vacation rental market, and there are currently more than 5,000 listings in The Bahamas on Airbnb. He encouraged more homeowners to renovate and make rooms available, as short-term vacation rentals provide an opportunity for locals to “empower themselves”.

He said: “I think we have, at last check, more than 5,000 Airbnb listings alone. So this doesn’t factor in VRBO and other booking

sites. So this is good for The Bahamas. Bahamians are taking advantage of this new trend. COVID spurred this on because people prefer to have their own spaces rather than to be in big resorts.

“In places like Exuma, it’s really filled the void for a lack of hotel rooms. So Bahamians are investing, they’re making money. It’s good for tourism, it’s good for the product and it’s helping to bridge the need for more rooms. I’m excited that Bahamians are using it as an opportunity to empower themselves. And I call on more Bahamians to participate, to make rooms available, renovate those rooms.”

“Many travellers are not necessarily looking for the presidential suite at Baha Mar or Atlantis; they prefer a ‘down home’ type

experience. They want to go in Rolleville, Exuma. They want to go kite surfing and they want to walk back to their vacation rental units,” the deputy prime minister continued.

“Community-based tourism is something that we are supporting, along with that heritage and cultural tourism we are pushing heavily. I believe the Airbnb, VRBO and vacation rentals generally help us to get tourists

directly in the communities to experience the warmth of who we are.

“And really that authentic people-to-people experience, whether it’s organised through our people-to-people programme or not. That connection to Bahamians in real communities is really something that cannot be duplicated anywhere in the world.”

Mr Cooper said the renovation of downtown Nassau’s British Colonial hotel should be completed by December. He added that airlift to Grand Bahama has increased, and that the Grand Bahama International Airport’s redevelopment

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is “progressing” although he provided no details yesterday. He added: “We are seeing new developments across the islands of The Bahamas. We are anticipating by late November, early December that the British Colonial is going to be open. You’ll see some demolition work happening in the Cable Beach strip over the course of the next 12 months (the former Melia resort).

“I hope that we’ll see some more tangible movement in that direction. We have Montage coming in Abaco, we have Sampson Cay, we have Cave Cay, we have Elizabeth Island, we have Torch Cay in the

Exumas. The future’s looking bright. We’re having a significant level of interest also in Grand Bahama. We have significant airlift also directed to Grand Bahama from American Airlines, and interest from Delta and Frontier and Bahamasair. “We’re relaunching the Bahamasair flight to to Raleigh, North Carolina, so we’re doing some really exciting things and, of course, cruise continues to be off the charts as well. But in terms of building that stopover market, the president of BHTA is right, we can and will deploy more rooms over the course of time and we are excited about this possibility.”

SUNSHINE FARMS, LIMITED

NOTICE IS HEREBY GIVEN that at an Extraordinary General Meeting of the Shareholders of the above-named Company duly convened and held on the 9th day of August, A. D. 2023 the following resolutions were passed:

RESOLVED that SUNSHINE FARMS, LIMITED be wound up voluntarily.

RESOLVED FURTHER that JONELL ROLLE be appointed the Liquidator for the purpose of such winding up.

Dated the 18th day of August, A. D. 2023. H & J CORPORATE SERVICES LTD. Registered Offce For the above-named Company

CHESTER COOPER

‘Flabbergasted’ at Royal Caribbean’s PI approval

favourable environmental findings, and added that environmental activists can do little now except monitor Royal Caribbean’s activities and ensure it abides by all its pledges and commitments, as well as applicable laws and regulations.

“I’m quite flabbergasted.

I don’t really see where that June 8 meeting answered a lot of the questions we had,” she said. “I’m amazed. I’m amazed that it was approved, and I’m also insulted it was announced through Royal Caribbean’s website and not through the Government. Whose leading it? Is Royal Caribbean leading it or the DEPP leading it?”

The DEPP, in its August 15 letter to Royal Caribbean, said the cruise line has “substantively

addressed the environmental concerns” surrounding its Paradise Island project and can now proceed to the next step of the approvals process which involves submission of its Environmental Management Plan (EMP) for review by the same agency. Ms Woon said Royal Caribbean’s answers to her questions were “what I would have expected them to say. I wasn’t surprised”. While she plans to visit Royal Caribbean’s private island, Coco Cay, located in the Berry Islands, on August 28at the cruise line’s invitation to assess its waste water treatment systemthe same model that it has pledged to install at Paradise Island - she added that the DEPP’s approval has made the trip “sort of moot”.

EY BAHAMAS ANNOUNCES

NEW BAHAMIAN CPA s

FROM PAGE B2

Bermuda, the British Virgin Islands and the Cayman Islands, said: “It’s a pleasure to congratulate Crispin and Justin on becoming new CPAs. This designation is a product of their hard work and

commitment, and a foundation on which they can build a rewarding career.

“At EY, we are committed to attracting and developing local talent, providing the ongoing training, education and mentorship to enable young Bahamians

NOTICE

NOTICE is hereby given that LOVENSKIE MYRTIL of Fox Hill, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of August, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Confirming that her Royal Beach Club concerns have not changed, she reiterated: “That strip of land is too small for that amount of people. It’s quite simple. You don’t have to be a rocket scientist to figure that out. I think there’s going to be several swimming pools and however many food and beverage outlets. It’s just too much for that tiny piece of land. I just don’t understand how they think they’re going to pull it off.” Royal Caribbean, in one of its answers to the EIA consultation, said: “By 2027, we expect between 900,000 and one million guests will visit the Royal Beach Club each year. As a result, we would expect an annualised maximum daily capacity of 2,750 guests per day. This translates to 171 guests per acre (assuming

to realise their full leadership potential.”

Tiffany Norris-Pilcher, EY Bahamas country managing partner and regional emerging manager platform leader, said: “Well done to Crispin and Justin. Their richly deserved success illustrates how EY’s strong pipeline of local talent has tangible value both to the firm and to the community.”

LaNishka FarringtonMcSweeney, EY Bahamas partner and regional antimoney laundering leader,

one acre is removed for back of house needs).”

Ms Woon, meanwhile, argued that the consultation process “put the cart before the horse” by not allowing persons to review and critique Royal Caribbean’s EMP, and pose further questions, before DEPP gave its approval. She also suggested the go-ahead was almost a foregone conclusion given that the Government announced the approval in principle earlier this year subject to environmental outcomes.

“Our Prime Minister announced this was going ahead before any of the environmental things were done, so everyone was chasing their tails to get things done that should have been done before thus announcement was made,” she argued. “Most definitely, certainly, because the

added: “Educational support plays a critical part in opening doors of opportunity for future generations of Bahamian leaders. We seek to address this need through the EY Bahamas Jamaine McFall Memorial Scholarship, which is valued at up to $30,000 per annum and renewable for up to five years.

“It helps bright young people get the education they need to earn a professional licence and is a great way for EY to give back.”

NOTICE

NOTICE is hereby given that JENNIKA CLAIRE JEAN of Market Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of August, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

announcement was made by the highest person in the country everyone else had to fall into place and dot their ‘i’s’ and cross their ‘t’s’ after the fact. Our last hurrah was June 8. Now they’ve been approved there is nothing we can do as far as we are concerned. When the DEPP did their approval it tied their hands. We can complain in the newspaper and make noise, but as far as stopping it that’s pretty much impossible unless Atlantis takes them to court, which I don’t think they’ll want to do.”

Rashema Ingraham, executive director of Waterkeepers Bahamas, yesterday agreed that it is now critical to monitor Royal Caribbean’s Paradise Island activities and ensure it lives up to both its pledges and environmental laws/

regulations once the project moves into the construction and operational phases.

“It’s just a matter of monitoring those phases of the operation and staying in close contact with DEPP if any issues arise,” she explained. “They’ve provided their protocols and guidelines, so it’s just a matter of any discrepancies or concerns that may arise going forward.”

Ms Ingraham said her remarks related just to the Royal Beach Club’s environmental implications, and not the socio-economic issues raised by the project, which she argued the cruise line has yet to address. “It’s just now us continuing to be on alert,” she added. “We hope they continue as good corporate citizens. Let’s hope nothing happens. We’re going to wait and see.”

SCHOOL ROOF FAILURE EXPOSES CONTRACTORS BOARD ABSENCE

FROM PAGE B3

doesn’t have any kind of oversight.”

The Public Procurement Act’s section 22 mandates that where the value of a contract exceeds $50,000, but not $250,000, the tenders committee in the relevant Ministry where the contract is being executed can award it. However, if the contract is worth more than $250,000, then the Tenders Board will have oversight, and if it is over $1m approval has to come from the Cabinet.

Noting that contracts for school repairs, which reflect contracts of significant magnitude, must come before a Tenders committee at the very least, Mr Sands added:

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“I can imagine that work they have engaged is much more than $50,000, and no document can come before the Tenders Board by conversation. It has to be in written contract, it has to be reviewed,” Mr Sands said.

“It’s not really the contractor’s fault. It was the people who engaged the contractor and everyone involved in that practice. This is not commonplace in The Bahamas, and it has never been.”

Arguing that awarding oral contracts is a “departure from the norm” and has “never been protocol” for any administration, Mr Sands said: “I have many, many contractors who have contracts with several ministries, and they have written and reviewed contracts, and none of them have a contract that is verbal to build a structure amounting to hundreds of thousands of dollars and them to just go and build it.”

NOTICE

NOTICE is hereby given that SHACQUILLE ONIEL CORNWALL of #44 Pine Yard Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of August, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that NADIA PIERRE of Monastery Park, New Providence, 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 15th day of August 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that RICARDO JUSTIN of Ramming Street, New Providence, 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 15th day of August 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Hodgkin’s lymphoma vs non-Hodgkin’s lymphoma

By ALESHA CADET Tribune Features Writer acadet@tribunemedia.net

COMMON illnesses

such as influenza are relatively minor inconveniences in most healthy people’s lives, but for those struggling with lymphomas, these illnesses can become severe and cause disastrous damage to the body.

In an interview with Tribune Health, Errin P Storr, administrator at the Cancer Society of the Bahamas, shared things to know about Hodgkin’s lymphoma vs non-Hodgkin’s lymphoma.

“In our view, most Bahamians tend to ignore the warning signs and more self-awareness is crucial when your body loses the ability to fight off common, minor illnesses and infections such as the flu, a sore throat, et cetera. While being diagnosed with Hodgkin’s lymphoma/nonHodgkin’s lymphomas it can be a potentially distressing experience, but with so many new developments in cancer treatments, it is not the end of all ends as these cancers are highly treatable,” she said.

Ms Storr said the Cancer Society has launched a communication campaign involving social media, newsletters, news articles and a monthly meeting with specialised doctors to raise the awareness of the causes, symptoms, prognosis and treatment of Hodgkin’s/non-Hodgkin’s Lymphoma.

“We encourage

persons to sign up with the National Health Insurance (NHI) so that they can get regular checkups including blood-work from private physicians at a fraction of the cost,” said Ms Storr. Starting in the lymphatic system, which is part of the body’s germfighting immune system, lymphomas occur when germ-fighting white blood cells called lymphocytes (a type of white blood cells) grow abnormally and lose their ability to stop infection, she explained.

Causes

Hodgkin’s lymphoma and non-Hodgkin’s lymphoma are the two main types of lymphomas, and though they sound similar, they have notable differences, particularly concerning risk factors, prognosis and causes.

“While both types of lymphomas affect the lymphatic system, they affect different types of lymphocytes. When examining a biopsy sample under a microscope, doctors can identify Hodgkin’s lymphoma by the presence of Reed-Sternberg cells, which are abnormally large cancer cells that grow uncontrollably and collect in areas of the lymphatic system, such as the lymph nodes. As these cancerous

lymphocytes continue to build up, tumours can form, reducing the body’s ability to fight infections,” said Ms Storr.

In contrast, she said, non-Hodgkin’s lymphoma begins in B lymphocytes, which fight infections by creating antibodies, and T lymphocytes, which directly destroy harmful pathogens. Furthermore, the biopsy samples of non-Hodgkin’s lymphoma patients lack Reed-Sternberg cells, a key indicator of Hodgkin’s lymphoma.

“Hodgkin’s lymphoma and non-Hodgkin’s lymphoma are both relatively rare, but the latter is more common, accounting for four percent of new cancer cases in many countries,” said Ms Storr.

“Through focused campaigns, more Bahamians will be enlightened to get routine screenings and gain the ability to recognise early signs, which is vital to improving their health. Furthermore, we believe that to limit the risk of cancer, more Bahamians must focus more on healthier choices and exercise more frequently, quit smoking, consume less sugary drinks, incorporate a diet rich in fresh fruits and green leafy vegetables.” Ms Storr said most nonHodgkin’s lymphoma patients are over the age

of 55, while Hodgkin’s lymphoma primarily affects young adults, especially those in their 20s. Because lymphomas affect the lymphatic system, those taking medications to suppress their immune responses are at higher risk, as are those living with HIV and other autoimmune diseases. Also, unlike non-Hodgkin’s lymphoma, which starts in lymph nodes anywhere in the body, Hodgkin’s lymphoma usually begins in upper areas, such as the neck, armpits and chest.

Symptoms

“Even though Hodgkin’s lymphoma and non-Hodgkin’s Lymphoma have stark differences, they share similar symptoms, including enlarged lymph nodes, fever, persistent fatigue, severe itching, and unexplained weight loss. However, one key difference is that some Hodgkin’s lymphoma patients experience pain in their swollen lymph nodes after consuming alcohol,” she said.

“Since Hodgkin’s lymphoma and non-Hodgkin’s lymphoma are distinct diseases, with different trajectories and treatment options, proper diagnosis is essential for receiving the best care. A highly curable

The Red Ribbon Ball returns after three-year hiatus with ‘night

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

AFTER a three-year hiatus due to the COVID-19 pandemic, the Bahamas AIDS Foundation’s biggest fundraiser, the Red Ribbon Ball, is back to close the year out in grand style.

Under the theme “The Magic of the 1001 Arabian Nights”, the Foundation’s signature event will be held on Saturday, November 4, in the Grand Ballroom of Atlantis Paradise Island.

The ball is a major component of the Foundation’s fundraising activities and organisers promise it will be a “night of philanthropic elegance.”

According to Foundation’s president, Lady Camille Barnett, the ball will enable the organisation to successfully accomplish their mission statement.

“The ball is instrumental in helping the Foundation to bounce back post-pandemic and to continue its vital work in the fight against AIDS,” she said.

The target fundraising goal for this year’s Red Ribbon Ball is set at $150,000.

While this sum will not meet all of the Foundation’s financial requirements, she said it will go a long way to providing the

needed education, awareness, support and advocacy needed in the fight against HIV/AIDS in the Bahamas.

“The success of the Red Ribbon Ball relies on corporate and individual sponsors, ticket sales, donations of prizes and services and ads in our ball booklet. Ball tickets are $300 per person, a table for ten is $3000, a full-page ad is $900, a silver sponsorship is $3,730, gold is $4,500 and platinum is $6,000,” she said.

More details about the upcoming ball will be released at a later time.

The AIDS Foundation has been doing its best to keep is various programmes going over the past three years, but with limited finances, this task has proven difficult.

“The Bahamas AIDS Foundation survived through the pandemic years, but along the way we were forced to disengage many of our team members, halt our after-school programme for children and adolescents infected and affected by HIV/ AIDS, which over the years has impacted 1,300 children, and postpone our major fundraiser, the Red Ribbon Ball in 2020, 2021 and 2022,” said Lady Barnett.

“During the pandemic, with our limited team and resources,

we pivoted to assisting our children and their families with their food security needs through weekly grocery deliveries. These grocery deliveries continue as food security continues to be a very real issue in the Bahamas. Our social worker continued to provide counselling and support, often utilising virtual platforms. This support for persons living with HIV and their families also continues. Providing academic support to our students has always been an important goal therefore during the pandemic we insured that our students had the necessary tools for virtual learning.”

Post-pandemic, the AIDS Foundation remains unwaveringly committed to the fight against HIV in the community – to raising awareness and securing funds for our services and programmes, she added.

The Foundation has restarted its outreach to the Family Islands with the goal of visiting five islands this year to offer HIV/AIDS education.

“Our team has already been to Bimini, Harbour Island and Exuma. We propose to travel to Inagua and Long Island before the end of the year; 2024 will see us targeting five more islands. Weekly grocery deliveries are

type of cancer, Hodgkin’s lymphoma has a better outlook than non-Hodgkin’s lymphoma, and doctors typically use chemotherapy and radiation therapy to treat it.”

As part of the efforts to give hope and comfort to those battling cancer, the Cancer Society of the Bahamas’ Cancer Caring Centre, equipped with all the necessities and furnished with comfortable beds, provides relaxing accommodations to Family Islanders seeking treatment in Nassau.

“Our dedicated staff members are always ready to assist with care and transportation to and from medical appointments, grocery shopping, pharmacy errands or banking needs. The Society also hosts reassuring Support Group Meetings, every second and fourth Thursday of the month for adult cancer patients and their caregivers (who are relied on for physical and emotional support). At our

meetings, professional clinicians, encourages cancer patients with lead discussions aimed at helping them cope with the emotional turmoil stemming from their diagnosis,” said Ms Storr.

In addition to continued communication campaigns, Ms Storr said the Cancer Society will continue to hold monthly free clinics in the Family Islands, where residents can receive pap smears screenings and PSA testing.

She said the goal is to also attend as many health fairs as possible in New Providence at which information pamphlets can be handed out to explain the different types of cancers. More promotional events will also be hosted in the coming month. For further information on services, awareness campaigns and promotional merchandise, visit the website, www.cancersocietybahamas.org, call (242) 323-4441, or email admin@ cancersocietybahamas.org.

ongoing and serve to impact one hundred and seventy-seven individuals. We also deliver twice monthly a hot meal courtesy of The Lord’s Kitchen,” said Lady Barnett. She explained: “Preparing our children and adolescents with life and coping skills is a critical element that we accomplish through partnerships with other civil society organisations, for example, Everyone Counts and Global Conversations (working with Pan American Development Fund and Royal Caribbean International). Providing support to persons living with HIV is still a very important part of our services and this could include referrals, hospital and clinic support, job referrals, job preparation, housing assistance, psychological counseling, school supplies, clothing bank,

home visits and other medical care including dental and vision.”

In the area of education and awareness the Foundation has been working on an animation of a Bahamian storybook. The Foundation has also returned to hosting our Candlelight Vigil, Annual Raffle, Fun Run Walk Cycle and our major fundraiser the Red Ribbon Ball.”

Those interested in assisting the AIDS Foundation can do so in meeting the food security needs of clients, so grocery items in dry goods and canned goods, are welcomed. Also needed are toiletries, cooking gas, cleaning supplies, water etc. Funds are needed for outreach to the Family Islands and other HIV educational activities, and for our support and counseling services.

of philanthropic elegance’

Learn to recognise the differences between the types of cancer

DIAGRAM showing common sites where lymphoma spreads.

Bahamas AIDS Foundation sets fundraising target of $150,000

LADY CAMILLE BARNETT, president of the Bahamas AIDS Foundation.

Menopause and its effects on the genitourinary system

within the life, menopause emerges as a transformative chapter that has been both revered and misunderstood throughout history.

Like the changing of leaves in autumn, menopause is a natural and inevitable process that every woman eventually encounters. Yet, despite its universal presence, this biological phenomenon remains shrouded in mystery for many.sidered the “change of life”, marks the end of fertility, embracing a woman with the wisdom of years while bidding farewell to the monthly cycle that once defined her reproductive years. hormonal adjustments orchestrated by the body, yielding a diverse array of experiences among women.

While some may traverse this path with gentle breezes, others might encounter a few unexpected gusts.

Beyond its physical implications, menopause is a holistic metamorphosis that extends its touch to emotional and mental realms.

Fluctuating hormones can being, conjuring an array of emotions akin to the changing seasons themselves.

Yet, as we explore the effects of menopause, we inevitably encounter facets that have long remained concealed from the spotlight. Genitourinary symptoms, for instance, are often overlooked but deeply significant.

These encompass a range of discomforts affecting the urinary and genital areas, from dryness and irritation to urinary incontinence. While discussions about hot

have begun to find their place in the open, genitourinary symptoms still reside in the realms of hushed conversations.

logue lies the recognition that these symptoms not only affect the physical, but also reverberate through emotional and intimate spheres. The mosaic of horesteem and quality of life, often in silence.

What is menopause?

from the Greek words

the natural end of menusually happens somewhere between the ages of 45 and 55, but it can happen at different times for differmight even happen earlier, especially if someone has had treatments like surgery to remove the ovaries or chemotherapy.

During this time, when hormones in the body change, especially with a decrease in oestrogen caused by a decline in ovarian activity, different symptoms related to menopause can show up. These often include vasoand night sweats, prevalent in around three-quarters of women and significantly affecting a quarter of them. These symptoms can start well before menstrual irregularities, known as

sist for about seven years on average.

Yet, for a third of women, they endure longer, with one in ten experiencing them for up to 12 years.

THE UROLOGY DOCTOR IS IN...

only 54 percent of women discussed their sexual health with their healthcare providers when asked, and surprisingly, 33 percent did not discuss it at all.

Dr Greggory Pinto

and the burden of symptoms, menopause holds personal, health, and economic importance.

Genitourinary Syndrome of Menopause (GSM)

In 2014, the Interna-

a consensus that the term “genitourinary syndrome of menopause” better encompasses and accurately represents the range of issues related to the external genitalia, urinary tract, and sexual wellbeing that result from lower oestrogen levels during the menopausal phase. In the past, terms like “vulvovaginal atrophy,” “atrophic vaginitis,” and “urogenital atrophy” were commonly used to describe certain issues.sionals might still use thesecle by DiBonaventure and their team, this syndrome could affect as many as 1 in 2 postmenopausal women.

VIew of Treatment Options

ducted in Europe in 2015. The survey revealed that

when oestrogen levels drop suddenly, such as in cases of surgical menopause, patients might experience significant sexual issues and even a decrease in their overall quality of life. This highlights the significance of addressing these concerns openly and seeking appropriate care.

What are the symptoms?

Post-menopausal women may experience a vast array of symptoms. -

Journal of Obstetrics and Gynaecology, led by Gandhi and their team, has classified these symptoms into three key areas, shedding light on the challenges faced by postmenopausal women.

1. Genital related sympchanges that menopause introduces, genital discomfort is a common concern. Though the list is not exhaustive, it encapsulates a spectrum of sensations such as vaginal and pelvic pain, along with feelings of pressure. Dryness, irritation leading to a burning sensation, itchiness, redness, and even the occurrence of a whitish discharge fall within this category.

2. Urological challenges:fest in urological issues that affect both day-to-day life and overall well-being. The necessity to frequently urinate, both during the day and night, becomes a recurrent issue. This is often accompanied by an inability to suppress the urge to urinate, leading to moments of discomfort. Various forms

of incontinence, recurring urinary tract infections, and a sense of unease while passing urine further compound the urological challenges faced by postmenopausal women.tions: The sphere of sexual health undergoes significant shifts during menopause, prompting attention to the emotional and physical aspects of intimate relationa decline in libido and arousal, accompanied by a lack of natural lubrication. This can result in discomfort during intercourse, sometimes leading to bleeding or women may find it challenging to achieve orgasm, further contributing to the evolving landscape of sexual experiences during this life phase.

What can you do?

If you are concerned about any of the above symptoms, it is important to be seen by your local clinician who may refer you to a urogynaecologist, urologist or gynaecologist for further assessment and management. Given the wide range of presentations each patient will likely need a tailor-made approach to address their concerns and involve a multidisciplinary team approach.

Vaginal oestrogens

the changes in and around the female genitourinary system around menopause is due to the reduction in the oestrogen levels. -

menopausal care involves addressing these changes, and often, vaginal oestrogens come into play. These therapies aim to alleviate discomfort and maintain

the health of the vaginal and urinary areas. However, for those with a history of breast cancer, a cautious approach is warranted. Prior to embarking on this therapy, seeking guidance from cancer specialists is vital to ensure safety and appropriateness. In certain cases, caution should also be exercised. Individuals with a history of blood clots in arteries or veins, bleeding disorders, or unexplained vaginal bleeding should tread carefully when considering vaginal oestrogen treatments. In such situations, consulting relevant medical specialists is crucial. These consultations are not just for ensuring safety, but also for optimizing the potential benefits of the therapy.

In conclusion

fresh chapter in the narratives of countless women, a juncture where the tapestries of their lives are rewoven.

era of extended lifespans, this transition becomes an extended voyage, casting its effects over an even that calls for our collective attention, summoning us to foster awareness and cultivate a sanctuary of holistic well-being for these exceptional individuals.

Why is my knee popping?

WHEN you squat down, run or lift an object, you may hear a popping sound coming from your knee. In most cases, this noise indicates age-related joint changes or crepitus, a condition caused by friction between the bone and cartilage.

On the other hand, popping might be a precursor to osteoarthritis or indicate you have developed a meniscus tear. Learn about the potential sources of this sound and when to seek treatment.

What’s behind the knee popping sound?

There are several issues that could be causing your knee to pop, including:

joints in your body and allows for smooth movement and usage. However, bubbles can accumureleased, make a snapping or popping sound. This can occur as the bone and cartilage grind against each other.

change, cartilage can unevenly wear away over time. When you move, the worn cartilage passes over the bone or ligaments, which creates a cracking or popping noise.

kneecap or patella is not aligned with the rest of the bones, you may hear and feel popping. Injury to this area, including the kneecap and surrounding tissues, is frequently accompanied by pain and swelling.

Sources of a popping knee

Your knee may be popping in response to one of the following conditions.

Air bubbles

For people of all ages, air bubbles can accumulate in the these get released when the knee is bent or stretched.

Meniscus tear

response to the cartilage between

the shin and thigh bones tearing. Damage may be gradual in response to age, poor positioning or an injury. Not only will you hear a popping sound, but it may feel as if something in your knee is repeatedly catching on another part. This sensation may be accompanied by swelling, pain and your knee could feel locked, abnormally loose or unable to fully move. This condition may heal on its own or require corrective surgery.

Osteoarthritis

developing osteoarthritis of the knee from years of wear placed on the cartilage. Ignoring the cracking and popping will cause the condition to get progressively worse, as the cartilage continues to break down.

Tendonitis

Tendons in this area can become swollen and get caught or trapped around the edges of a joint, potentially becoming iliotibial band tendonitis. You may feel the tendon moving or catching right below the surface of the

skin.

Cartilage injury

Gradual wear or an injury can result in damaged cartilage. Youing around the area or find you have limited range of motion. It may feel as if the bones in your knee grind together as you move.

Patellar injuries

Popping may relate to an injuryditions include:

tendon located between the kneecap and shinbone experiences a tear. You may see bruising or an abnormal depression in this straighten your leg.

This condition occurs when theping and a grinding sensation, you your leg.

of stress placed on the patella may wear away the surrounding cartilage, causing patellofemoral stress syndrome. This condition, also

due to over-training, running on an incline or uneven terrain, or falling hard directly onto the knee.

Ligament injuries

When popping is followed by pain and swelling, this may the posterior cruciate ligament

Treatment for knee popping

In most cases, rest, ice and can reduce swelling and discomfort. However, popping that can indicate a more significant injury.

Other signs of a knee injury include: with rest and staying off the knee.ers have no effect.

location, often accompanied by swelling, redness and tenderness. on your knee.

numbness in the knee.

Based on the condition, you may be asked to adjust your exercise routine, undergo surgery, spend more time resting or attend a series of physiotherapy sessions. toward the following strategies to reduce the risk of another knee injury:

better-fitting footwear on strengthening the knee and maintain a full range of motion in the kneecles around the knee, including quadriceps and hamstrings injury? Work with a physiotherapist to regain mobility, improve your form and strengthen related muscles.

The art of letter writing

WOW WORLD OF WOMEN

By VICTORIA SARNE

IN MY previous column of July 25, I voiced my misgivings about the use or abuse of cell phones and various social media platforms.

I intended a follow-up piece to be about letter writing and, as often happens, a strange synergy occurs with like-minded people writing simultaneously on the same or related topic.

So it was no surprise to me that no sooner had I submitted the column than I found two articles along similar lines, one of which was especially poignant, describing how beautifully meaningful writing an actual letter can be, as opposed to an electronic message.

The article appeared in the Epoch Times, written by the author known by the letters SWNS; but it is a real-life story about a young family in England who suffered an unbearable tragedy.

The father had a brain tumour, and although in remission for many years, it eventually took his life. But before he died, he

hand-wrote birthday cards to each of his young twin daughters, 17 months old at the time. He wrote cards to mark their next 30 years of birthdays – an amazing gift of love and communication, something tangible to connect them to a father they would not have the joy of knowing; something to touch and feel and keep forever; so meaningful it can’t possibly be compared to an email or a text!

It begs the question: Aren’t some of the “old-fashioned” things we carelessly replace with the new shinier thing, worth hanging on to because they serve a unique purpose eliciting a more profound emotional response reminding us of our humanity?

I was searching through some personal papers recently and unearthed my late father’s handwritten, hen-scratched pages of our family tree, almost as indecipherable as when I first received them.

Perhaps because I no longer receive cards or letters in his easily recognisable, but hard to read writing, I am now unfamiliar with cracking the code. I also found the last letter he wrote to me before his death. The pale blue standard airmail form with the small, tight letters making words, sentences and maximum use of the allotted space, even running up the sides if he ran out

of horizontal space; instantly connecting me to him as if the postman had just popped it through the letterbox and it had plopped onto the mat, shrinking the miles between England and Canada as soon as my fingers touched it.

The smell and familiar feel of the paper, the colour of the ink, the fact that a human hand had taken the time and given careful thought to the message seemed to make it so much more intimate.

I could hear his voice, see him in the words and envision him sitting at his desk or the dining room table, maybe occasionally looking up and out of the window at his pretty little garden - taking his time, making his time, for me.

How important and eagerly anticipated were those missives, keeping me glued together far from home and family, as I imagined him sealing the letter when finished and walking it down to the village post office greeting one or two familiar people as he passed with a “good morning to you. sir.” And I spent many an hour writing 10-page epistles back (somehow, we found the time, made sure we made the time, to make a space in our busy lives because the act of connecting mattered.)

Now we say we don’t have time; even with all the apparent

time-saving technology at our disposal: and social media gone wild - twittering away in all its formats.

We do everything on the go. But on the go to where? We carelessly throw away sentences and instead click on an emoji reducing the complexities of life to an electronic symbol.

Writing and reading old letters or cards when a writer has penned his or her thoughts rather than using a keyboard seems to reflect more eloquence or care in how we express ourselves.

I love my computer, can’t live without it, but anticipating a personal email doesn’t cut it in the same way. Cold and impersonal, no matter what the words are saying, the black letters marching across the screen like

THE WEATHER REPORT

a column of ants are not going to elicit the same response from me. I want that tactile sense engaged, to see the flow of the ink.

I want to experience the touch, feel, smell of the paper so that it is a fully sensual experience and I can see and hear the author through the uniquely individual strokes of the pen, the whirls and flourishes, placing that person right in front of me, warm and human and, for a paused moment, I can imagine they are sitting close enough to touch, sharing and breathing in my space and the conversation feels as real as if it is in real time. editor and publicist. She can be contacted at vixanwriter@mac. com.

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

TRACKING MAP

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.