09052023 BUSINESS

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‘Record growth’ for tourism according to bank report

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

TOURISM is showing “record growth” according to a new report from the Central Bank of The Bahamas - while economic growth continues at a moderate pace.

The Monthly Economic and Financial Developments report said: “Tourism sector output continued to record strong growth, bolstered by robust gains in the high value-added air component and in the sea segment, attributed to the ongoing demand for travel in key source markets.”

It also said: “The domestic economy is projected to sustain its

positive growth trajectory in 2023, buoyed by ongoing gains in tourism sector output. However, as indicators return to pre-pandemic levels, the pace of expansion is expected to moderate. Further, downside risks to the sector persist, related mainly to exogenous factors, such as elevated global prices, which could disrupt travel sector activity. In addition, major central banks’ counter-inflation policies could weaken the travel spending capacity of key source market consumers.”

The report added: “Monthly data revealed that tourism maintained a healthy growth momentum in July, amid strong gains in both the high-value air

Reserves stay ‘buoyant’ though growth reduced

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Central Bank yesterday said The Bahamas’ external reserves are set to remain “buoyant” in 2023 although June’s growth is $44.4m short of 2022’s expansion.

The regulator’s monthly economic development report maintained that the Bahamian economy will sustain positive growth in 2023, sustained by ongoing gains in the tourism sector. It also warned that the expansion is expected to moderate as indicators return to pre-pandemic levels.

“External reserves grew by $39.8m to $2,737.3m during the review month, although a moderation from the $84.2m expansion in the comparable period of the previous year,” the Central Bank said.

“Contributing to this outturn, the Central Bank’s net purchase from commercial banks widened to $84.7m, from $33.9m in the prior year. Meanwhile, commercial banks net intake from their customers strengthened to $102.9m, from the $23.1m gain last year.

“In contrast, the Central Bank’s transactions with the public sector reversed to a net sale of $45.4m, from a net purchase of $54.8m in 2022.”

The Central Bank predicted that external reserves will remain above international benchmarks this year through foreign currency brought in from tourism.

It said: “External reserve balances are forecasted to remain buoyant in 2023, remaining above international benchmarks, supported by anticipated foreign currency inflows from tourism and other

SEE PAGE B4

Government restructuring sparks hope for business priorities

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE business community is “looking forward” to working with new Cabinet ministers following the government reshuffle, said Khrystle RutherfordFerguson, the Bahamas Chamber of Commerce and Employers Confederation’s chairman, yesterday.

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KHRYSTLE RUTHERFORD-FERGUSON

traffic and the sea segment, on account of the ongoing demand for travel in the major source markets.”

The number of departures in July by passengers also rose - with the Nassau Airport Development Company reporting total departures - net of domestic passengers - were up by 15.7 percent to 167,052, compared to last year.

The report said: “Specifically, US departures increased by 16.1 percent to 149,967, while non-US departures grew by 12.5 percent to 17,085, compared to the previous year. On a year-to-date basis, total outbound traffic expanded

SEE PAGE B4

Sad to see Sweeting gobut hopes for new minister

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE new agriculture minister arrives to hopes that he will get on his feet quickly and continue with former minister Clay Sweeting’s mandate for farming.

Jomo Campbell will become the new Minister of Agriculture and Marine Resources, with his predecessor moving to become Minister of Works and Family Island Affairs, after a reshuffle by Prime Minister Philip “Brave” Davis.

Lance Pinder, Abaco Big Bird Poultry’s operations manager, told Tribune

Business that while he is happy that the Local Government portfolio is now removed from the Agriculture and Marine Resources portfolio, he is “sad” to see the former minister, Clay Sweeting, leave to go to another ministry. Mr Campbell, the new minister, was previously Minister of State for Legal Affairs.

Mr Pinder said of the shuffle: “I was glad to see that they put local government out of that ministerial portfolio and it is now just agriculture and fisheries, because agriculture and fisheries and family island affairs was a big portfolio and was really unrelated. I think that is a step in the

right direction there and they will be able to focus more on things.”

Mr Pinder said some of the things the new minister needs to focus on are the “Golden Yolk and also I think I would say the projects that were already in the works and pick those back up and keep it going. The hatchery programme is also another initiative they need to keep going as well”.

Mr Pinder added: “Some of the other things have been going on forever, like the cost of energy is affecting producers as it has been affecting everyone. Hopefully they keep up the Climate Smart Accelerator and all of the initial

things going on at BAMSI (Bahamas Agriculture and Marine Sciences Institute), I think we can start

Sands: Still room to grow, with Family Islands key

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas Hotel and Tourism Association president said there is “more room for growth” and that the country should prepare for the consistency of year round tourism especially in the Family Islands.

Robert Sands told Tribune Business that people want places to go on a year-round basis. “Unfortunately, a number of our hotels have closed in their offseason from this time of the year to winter to allow them to refresh and take a break but it’s a good opportunity,” he said.

Mr Sands also said: “There is more room for growth. Tourism is multifaceted. We have land-based vacations, but also in hotels and the evergrowing Air-BnBs along with cruise passengers.”

He added: “More capacity has been added

throughout the islands of The Bahamas, hotels that were closed with some now reopening. There is the opportunity for yearround tourism in Family Islands.”

Mr Sands also highlighted the prospect of “new investment to come online”, and added: “Most hotels are doing much better from moving away from COVID - from having nothing to now having more sustainable occupancy.”

With no tourism to the country during the

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CENTRAL BANK OF THE BAHAMAS

ROBERT SANDS

BTC continues to invest in Bahamian talent

BTC has recently recruited its 2023 “Graduate” in 23-year-old Kaneisha Victoria Johnson.

BTC’s Graduate Programme is a part of its parent company Liberty Latin America’s strategy to attract and develop young professional talent that will be ready to assume managerial positions upon finalisation of a two-year programme of hands-on job training.

Kaneisha will be mentored and supported by senior leaders at BTC, and she will be placed in a fastpaced rotation programme to learn insights into core

business areas. In turn, this will allow BTC to build a bench of leaders to take on manager and senior manager roles.

Kaneisha, a computer information systems graduate of the University of The Bahamas, holds the title of senior associate at BTC, and she has started her career under the guidance of Keisha Edwards, BTC’s director of fixed mobile convergence. Before joining BTC, Kaneisha completed a oneweek onboarding exercise at Liberty Latin America in Panama.

“I was there for a week, and it was such an amazing experience,” she said. “I had the pleasure of meeting other graduates from all over the Caribbean as well as those based in Panama and Puerto Rico. Along with exploring the city, we met with various leaders within the company who gave us advice as well as tips and tricks to being successful in our roles.

“We learned a lot about our various tracts and what would be expected of us in the upcoming years. We got the opportunity to really network and see how it truly takes a village to make

this company as successful as it is. I look forward to learning over the next two years at BTC and take every experience in with an open mind.”

Darron Turnquest, BTC’s director of people, said: “We are happy to onboard our second graduate and we look forward to having her trained in various roles in the business to determine her strengths. Upon completion of the programme, her presence will only deepen the bench of professionals that we have at BTC so this Graduate programme is one that we will continue to develop every

year as we seek only the best to have them professionally trained.”

Kaneisha is also an entrepreneur and the owner of “Neishy Naturals” – an allnatural hair care business. In her spare time, she plays softball, writes poetry and enjoys cooking and baking. She is a 2017 graduate of Nassau Christian Schools.

Last year BTC onboarded 24-year-old Nicholas Hudson as its first graduate. Hudson, a graduate of Oakwood University in Huntsville, Alabama, is now in his second year of training.

Government restructuring sparks hope for business priorities

FROM

She said: ”As always, the BCCEC remains committed to working with the government of the day on key issues impacting the business community. This extends to all ministers inclusive of those with new responsibilities or ministries assigned to them.

“We are looking forward to meeting ministers with new portfolios that are relevant to businesses. This will allow for a reintroduction and restatement of key priority areas for our members.”

She noted that consultation with the private sector on industry matters is a fundamental part of ensuring that policies are implemented seamlessly.

She said: “The BCCEC believes in meaningful and robust consultation and considers this to be a key cornerstone of good governance and community participation. When stakeholders are engaged, we offer our industry expertise to improve the economic environment. This is particularly important for the smooth implementation of policies.”

The Prime Minister gave a national address

on Sunday when he revealed several new ministerial posts and portfolio adjustments.

He said that Clay Sweeting, Minister of Agriculture, Marine Resources and Family Island Affairs will now be responsible for the Ministry of Works and Family Island Affairs. He added that combing the two ministries “makes sense” due to the large number of Family Island initiatives underway, including the $260m Family Island Airports Renaissance Programme.

He said: ”As the new Minister of Works and Family Island Affairs, Minister Sweeting will oversee the significant number of infrastructural projects and upgrades that are underway. Pulling Works and Family Island Affairs together makes sense in our government, because of the scope of our ambitions for our Family Islands.

“With two new airports already opened, and 14 more to go, and major roadworks across multiple islands, we are looking at transformative change.”

Daphne DeGregoryMiaoulis, the Abaco Chamber of Commerce president, said that while

she has not yet consulted the local business community on the new ministerial posts, she is hopeful that Mr Sweeting retaining his Family Island Affairs portfolio will benefit them as he is familiar with the portfolio and aware of their issues. She said: “He has been travelling the Family Islands, so he should be well aware of the issues that are of concern to the Family Islands. So maybe that’ll be good for us. I’m hopeful that’ll be good that he still has his hand in there.”

The Prime Minister also announced that Alfred Sears will be reassigned from Ministry of Works to become Minister of Immigration and the National Insurance Board (NIB).

Mr Davis said that Sears’ role at NIB will be to oversee the agencies “reform” prior to the 1.5 percent increase scheduled for next year. He noted that the changes will simplify the system, prevent fraud and expedite claims.

He said: “Minister Sears will be overseeing those reforms, to make the system simpler and easier to navigate. It’s important to prevent fraudulent claims, and to expedite claims for people who deserve them.

NIB should be there when Bahamians need it, so we need to strengthen the fundamentals, and improve services and accountability.

Mr Davis also announced that Minister of Housing and Transport, JoBeth Coleby Davis will be reassigned as the Minister of Energy and Transport. He explained that the country must transition to renewable energy to make electricity costs more affordable but warned that we should not ‘underestimate’ the costs associated with the change. He said: “If we want to make electricity affordable, if we want Bahamian companies to compete and prosper, if we want to create a more dynamic and inclusive economy, we must transition away from our country’s expensive, outdated, and unreliable electricity infrastructure.

“Energy reform can be a game-changer for us, but no one should underestimate the up-front costs and complexity of transforming the country’s grid.

“Minister Coleby-Davis to serve as Minister of Energy and Transport, to do the critical work of bringing together and coordinating experts and

teams from throughout our government to tackle our energy transition.”

Mr Davis said that Minister of Immigration, Keith Bell will be the Minister of Housing and Urban Renewal. He noted that many Bahamians face difficulties securing affordable housing and said that building affordable homes is a ‘priority’. He said: ”Another problem that has become very serious is that too many of our families are priced out of affordable housing.

“Building affordable homes and building stronger communities is a

priority for us, and doing it in a big way requires strength and focus.”

He also announced that Minister of State for the Public Service, Pia Glover Rolle will be the Minister of Labour and the Public Service; Minister of State for the Ministry of Legal Affairs, Jomo Campbell will be the Minister of Agriculture; Minister of State for Education, Zane Lightbourne will be the Minister of State for the Environment and Basil McIntosh will take on the role of Minister of State in the Ministry of Aviation.

KANEISHA JOHNSON

Bumper business for back-to-school

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BARBERS and beauty salon reported “great” business over the weekend for the back to school rush.

Anton Minnis, vicepresident of the Bahamian Cosmetologists and Barbers Association (BCBA), told Tribune Business that it was a “great weekend” leading into the return to school for students yesterday.

Mr Minnis also said: “We had two soft openings for the school year. The first one they went in for grade

seven to ten so that took some pressure off of us this past weekend. This past weekend was pretty good and it was really comfortable for everyone.”

Mr Minnis said what made this weekend more comfortable than usual was vouchers being handed out by the Fox Foundation for students going back to school - as opposed to constituency offices and organisations calling for a barber to be on site for the weekend.

“This way they were allowed to take the vouchers back to the Fox Foundation and redeem them and that was excellent

for the barbers of the community and it was good thinking on their part,” Mr Minnis said.

He said he hopes that the voucher system continues because it would allow barbers to be in their shops as opposed to having to relocate to a site to service the same customers.

Mr Minnis also said: “Everybody went back with a fresh cut. I notice that a lot of parents were actually coming in a few days prior to this past weekend. That was good because it spaced things through and they didn’t have this exorbitant crowd on a Saturday trying

Graycliff offers Indulgence to guests

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A PROMINENT Nassau eatery is offering a new “Indulgence Series” for guests in the hope of attracting both locals and tourists.

Roberta Garzaroli, Graycliff’s general manager, told Tribune Business that with the new initiative that they have decided to offer “different experiences” for their guests. She added: “We offer activities at lunchtime with the wine lunch, then we also afternoon tea, we offer day passes, we offer chocolate classes, we offer cigar classes, we offer the wine blending. So this is a time slot that is at 4.30pm in the afternoon just to give people something else that they can do. So we’re going to change the theme probably every month right now is the way it’s going to

work, where this month will be champagne and you will get three different tastes of either champagne, prosecco or a sparkling wine and we’re pairing it with lobster with three different lobsters cooked three different ways and each month it is a different theme.”

Seeking to appeal to both locals and visitors, the activity costs $75, a different price point than Graycliff’s wine lunch, which is a fivecourse meal at $140 per person.

A release sent to the media about the Indulgence Series said: “Each session is led by a knowledgeable sommelier or bartender, who will expertly guide guests through the selection of beverages. To enhance the experience further, one of the skilled waitstaff will lead guests through the culinary pairings, ensuring a seamless and immersive journey of taste and discovery.”

“‘Our aim with Indulgences at Graycliff Hotel &

Restaurant is to offer our guests an experience combining our finest elements of gastronomy and hospitality,’ says Enrico Garzaroli, CEO of Graycliff Hotel and Restaurant. ‘We are excited to provide guests the opportunity to savour the interplay of flavours and aromas from expertly paired wines or spirits with exceptional culinary creations.

“Each Indulgences experience is unique, offering a chance to explore a different culinary theme with carefully curated selections from Graycliff’s award-winning wine and spirits lists. For example, Bubbles & Lobster pairs three distinct sparkling wines – Champagne, Prosecco, and Sparkling with lobster prepared in three ways. Other Indulgences are Bubbles & Conch, Bubbles & Caviar, Wine & Cheese, Rums & Chocolate, and Tequila & Seafood and many more.”

Seventh heaven for Bahamas company in awards

A BAHAMIAN-owned company has won major travel award for the seventh time.

Island Destination Services (IDS) has received the 2023 Bahamas’ Leading Destination Management Award – having won seven of these awards in the past eight years at the World Travel Awards. This year’s opening ceremony was held at Sandals in St Lucia on August 26 and marks the awards’ 30th anniversary.

“Over the past year, IDS has achieved several significant milestones that have contributed to this remarkable win,” says Lonise Carey, IDS co-owner, ADMEI president and industry leader. “Our investment in cutting-edge technology allowed us to streamline operations and offer more personalised services to our clients. These initiatives not only elevated the quality of our services but also positively impacted the local economies we work in.”

“We aim to further reduce our environmental footprint through eco-friendly initiatives and support local communities in even more meaningful ways. We will continue to innovate in our approach to destination management.” IDS is a full-service destination management company specialised in producing successful corporate incentive programmes and group travel events.

to get their hair cut for the new school year.”

The resurgence of COVID-19 is still lingering on the mind of barbers and stylists but they were “always prepared,” to handle the COVID-19 protocols. “We never really strayed from the COVID19 protocols, we found it advantageous to keep it up in the stores” he said.

“He continued, “Hair salons on the other hand, because they are now appointment based due to the COVID-19 and also now the barbers have

become appointment based, it has helped us a lot and it has really helped us to organize ourselves and be a little more expeditious and offer a higher level of professionalism.”

Mr Minnis warned, however, about the stragglers still coming into the barber shops that he has been and will continually be sending them back home because he does not want to play any part in their truancy. “Some boys have been coming to the barber shops and we have been sending them back. The authorities have

a programme now where they are moving around the barbershops to get kids to school for 9:00am and don’t let them be in the barber shop at 9:30am or 10:00am. That is a very good initiative. The parents aren’t sending them. The child on his walk to school decides to come into the barbershop and they will sit there until it is there turn. But now we are turning them away and we are trying to get all of the other barbers to do the same because we don’t encourage delinquency or truancy,” he said.

Reserves stay ‘buoyant’ though growth reduced

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net private sector receipts. Consequently, external balances should remain more than adequate to sustain the Bahamian dollar currency peg.”

“Based on the prevailing outlook, the Central Bank will retain its accommodative policy stance for private sector credit and pursue policies that ensure a favorable outturn for external reserves, and mitigate financial sector disruptions. Further, the Bank will continue to monitor developments within the foreign exchange market, and if necessary, adopt appropriate measures to support a positive outcome for the foreign reserves.”

Foreign currency outflows related to current account transactions increased by $87.9m to $652.4m compared to the

same period in 2022. Credit and debit card transactions increased by $88.3m, while outflows for travel-related transactions and non-oil imports grew by $9.4m and by $6.9m, respectively. Factor income remittances were reduced by $13.6m; oil imports, by $1.9m; and transfer payments by $1.3m.

As for the credit quality of the commercial banking system, Central Bank said the quality indicators have improved with a reduction of $14.6m or 2.5 percent in June. As a portion of total outstanding credit, loans in arrears fell by 27 basis points to 10.5 percent of the total.

“A breakdown by the average age of delinquency showed that non performing loans (NPLs) reduced by $20m (5.0percent) to $379.3m, resulting in a 37-basis point narrowing in

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the attendant ratio to 7 percent,” it added. The Central Bank reported declines in nonperforming mortgages by 44 basis points to 9.2 percent, consumer loans by 39 basis points to 5.3 percent and commercial loans by 13 basis points to 5 percent.

“In contrast, short-term arrears (31-90 days) rose by $5.5m (3 percent) to $185.2m, with the associated ratio moving higher by 10 basis points to 3.4 percent.” the Central Bank continued. “An analysis by loan type revealed that mortgages arrears contracted by $9.2m (2.8 percent) to $346.9m, owing to a reduction in the longterm segment, by $11.4m (4.8 percent), which outstripped the $2.3m (1.9 percent) rise in short-term arrears.

“Similarly, consumer loan delinquencies fell by $7.5m

Sad to see Sweeting go - but hopes for new minister

FROM PAGE B1

(4.6percent) to $153.9m, due mainly to a $7.6m (6.9 percent) falloff in NPLs, as opposed to the $0.2m (0.3 percent) uptick in the shortterm segment. However, commercial delinquencies rose by $2.1m (3.3percent) to $63.7m, as the shortterm component increased by $3.1m (25.5 percent), outweighing the $1m (2 percent) decline in the long-term component.

“Against this backdrop, banks reduced their total provisions for loan losses by $17.2m (4.8 percent) to $339.8m in July, with the ratio of total provisions to arrears lowering by 1.5 percentage points to 60.2 percent. However, the ratio of total provisions to NPLs rose by 18 basis points to 89.6 percent. During the month, banks also wroteoff an estimated $24.4m in overdue loans and recovered approximately $4.7m.”

Sands: Still room to grow, with Family Islands key

FROM PAGE B1

COVID-19 lockdowns, the only way for the sector to go is up, and all sub-sectors are bearing fruit from that tourism resurgence with strong performances.

Mr Sands added: “Because of COVID-19

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RESPONSIBLE FOR MAINTENANCE (HANDS ON) FOR A LARGE LUXURIOUS PROPERTY. MAINTENANCE INCLUDES, BUT NOT LIMITED TO:

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and because of Hurricane Dorian, we lost a lot of capacity and once that additional capacity comes back online, it gives you more inventory and as we go to year-round tourism that gives you more inventory, new products give you new inventory, so you still have growth opportunities.”

to make traction down there.”

Another long-standing matter for farmers is also the lack of “crop insurance,” something that there is no mechanism for in the country and no private insurer wishes to take up the task and neither does the government have the mechanisms. “The cost of production and the quality of import versus the local items and other things we

need to have addressed. Maybe at some point we need to get some type of crop insurance programme,” Mr Pinder said. Sidney Sinclair, principal of Down to Earth Adventure Farms, also said while he does not know much about the new minister (Campbell), he hopes that he makes a visit to his farm to see the work needed and begin helping him with grant funding to continue the construction of the expansion of his operation.

‘Record growth’ for tourism according to bank report

FROM PAGE B1

by 28.1 percent to approximately one million passengers. In particular, US departures moved higher by 28.0 percent to almost 0.9 million visitors, vis-à-vis the same period in 2022. Likewise, non-US departures rose by 28.8 percent to just over 0.1 million visitors, compared to the prior year.

“Positive trends were mirrored in the short-term vacation rental market. The latest data provided by AirDNA showed that in July, total room nights sold increased to 201,530 from 170,904 in the corresponding 2022 period.

“Reflecting this outturn, the occupancy rates for both entire place and hotel comparable listings rose to 67.0 percent and 60.2 percent, respectively, relative to 61.8 percent and 55.0 percent in the prior year.”

Year on year, the average daily room rate for entire place listings also increased

by 4.7 percent to $563.52 and for hotel comparable listings, by 1.9 percent to $199.58, according to the report.

The employment rate is also expected to improve associated with job gains concentrated largely in the construction and tourism sectors. With regard to construction the signing of several foreign direct investment projects expected to commence and continue, gives the bank the confidence that employment gains will be sustained.

The report also noted that the improved tourism performance is positively correlated with the country’s fiscal performance. “….The Government’s net financing gap is anticipated to sustain its downward trend. The recovery in revenue is expected to be significantly connected to tourism-led improvements in taxable economic activities,” the report said.

In the Estate of ROSCOE JOHN DARVILLE a.k.a. ROSCOE DARVILLE, late of #18 Sapodilla Street, Johnson Road Estates Subdivision in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of the Bahamas, deceased.

Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of the 4th day of October A.D., 2023 after which date the Executor will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.

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

MICHELLE Y. CAMPBELL & CO. Chambers #55 Mackey Street Nassau, Bahamas

Attorney for the Executor of the Estate Roscoe John Darville a.k.a. Roscoe Darville

Japan announces emergency relief for seafood exporters hit by China’s ban over Fukushima water

By MARI YAMAGUCHI Associated Press

JAPANESE Prime Minister Fumio Kishida announced on Monday a 20.7 billion yen ($141 million) emergency fund to help exporters hit by China's ban on Japanese seafood over the release of treated radioactive wastewater from the damaged Fukushima nuclear power plant.

The discharge of the wastewater into the ocean began Aug. 24 and is expected to continue for decades. Japanese fishing associations and groups in neighboring countries have strongly opposed the release. In addition to China's ban on all Japanese seafood imports, Hong Kong has banned Japanese seafood from Fukushima and nine other prefectures.

Chinese trade restrictions have affected Japanese seafood exporters since even before the release began, with shipments held up at Chinese customs for weeks. Prices of scallops, sea cucumbers and other seafood popular in China have plunged. The ban has affected prices and sales of seafood from places as far away from Fukushima as the northern island of Hokkaido, home to many scallop growers.

Kishida said the emergency fund is in addition to 80 billion yen ($547 million) that the government previously allocated to support fisheries and seafood processing and combat damage to the reputation of Japanese products.

"We will protect the Japanese fisheries industry at all costs," Kishida said, asking people to help out by serving more seafood at dinner tables and other ways.

The money will be used to find new markets for Japanese seafood to replace China and fund government purchases

of seafood for temporary freezing and storage. The government will also seek to expand domestic seafood consumption.

Officials said they plan to cultivate new export destinations in Taiwan, the United States, Europe, the Middle East and some southeast Asian countries — such as Malaysia and Singapore. Kishida talked with workers at a fish market last Friday to assess the impact of China's ban and pledged to protect Japan's seafood industry.

Kishida heads to Indonesia on Tuesday to attend the annual summit of the Association of Southeast Asian Nations, where he may face criticism over the wastewater release from Chinese Premier Li Qian, who is also attending.

Large amounts of radioactive wastewater have accumulated at the Fukushima plant since a massive earthquake and tsunami in 2011 destroyed its cooling

systems and caused three reactors to melt.

All seawater and fish samples taken since the release of the treated wastewater began have been way below set safety limits for radioactivity, Japanese officials and the plant operator say.

Mainland China is the biggest overseas market for Japanese seafood, accounting for 22.5% of the total, followed by Hong Kong with 20%, making the ban a major blow for the fisheries industry.

Seafood exports are a fraction of Japan's total exports, and the ban's impact on overall trade will be limited unless tensions escalate and China widens its restrictions to other trade sectors, said Takahide Kiuchi, executive economist at Nomura Research Institute.

Beijing is angry over U.S. trade controls that limit China's access to semiconductor processor chips and other U.S. technology on security grounds. Japan has

also curbed exports of chipmaking technology. Such restrictions imposed by Tokyo and possible future steps could cause an escalation of Chinese trade bans against Japan, Kiuchi said.

"Taking into consideration such risks, the Japanese government needs to carefully think about how to deal with worsening ties with China, not just over the treated water discharge

but also how it should cooperate with the United States in areas of investment and trade restrictions with China," Kiuchi said in a recent analysis.

World shares surge after Wall St gains on signs the US jobs market is cooling

By ELAINE KURTENBACH

AP Business Writer

STOCKS were higher in Europe and Asia on Monday following a report that signaled the US jobs market, while still healthy, shows some signs of cooling, raising hopes for an easing of interest rate hikes.

Germany's DAX advanced 0.7% to 15,949.69 and the CAC 40 in Paris picked up 0.8% to 7,354.96. In London, the FTSE 100 was up 0.8% at 7,522.38.

The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.2%. U.S. markets will be closed for the Labor Day holiday.

"It appears that global markets are primed to be smitten with the idea of a 'Nirvana' Fed tightening outcome, entailing the 'immaculate dis-inflation'

that does not cause employment pain," Tan Boon Heng of Mizuho Bank said in a commentary.

Apart from the favorable jobs data, fresh stimulus from China's financial regulators for the beleaguered property sector also supported buying. They have cut down-payment requirements for first and second-time home buyers and lowered rates on existing mortgages, noted Yeap Jun Rong of IG.

Hong Kong's Hang Seng index jumped 2.5% to 18,844.16, while the Shanghai Composite index added 1.4% to 3,177.06. Tokyo's Nikkei 225 was up 0.7% at 32,939.18.

In Seoul, the Kospi jumped 0.8% to 2,584.55. Sydney's S&P/ASX 200 added 0.6% to 7,318.80. Shares also rose in Taiwan and Southeast Asia.

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NOTICE

NOTICE is hereby given that ELIKSON PAYOUTE of Grant Town, Eight Mile Rock, Grand Bahama, 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 29th day of August, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Friday on Wall Street, the S&P 500 finished 0.2% to 4,515.77. The Dow Jones Industrial Average rose 0.3% to 34,837.71. The Nasdaq composite closed less than 0.1% lower, at 14,031.81, breaking a fiveday winning streak.

The Labor Department reported Friday that employers added a solid 187,000 jobs in August. The job growth marked an increase from July's revised gain of 157,000, but still pointed to moderating hiring compared with earlier this year. From June through August, the economy added 449,000 jobs, the lowest three-month total in three years.

The report also showed the unemployment rate rose to 3.8% from 3.5%. That's the highest level since February 2022, though still low by historical standards. Strong hiring and consumer spending have helped stave off a recession that analysts expected at some point in 2023. But they also make the central bank's task of taming inflation more difficult by fueling wage and price increases.

PEOPLE

stock board showing Japan’s Nikkei 225 index at a securities firm Monday, Sept. 4, 2023, in Tokyo. Stocks were higher in Asia on Monday after Wall Street was boosted by a report that signaled the US jobs market, while still healthy, is showing some signs of cooling.

steady at its next policy meeting in September.

and U.S. Bancorp added 1.5%.

But recent economic snapshots have bolstered the view on Wall Street that the Fed may hold rates

NOTICE

NOTICE is hereby given that ONIECIA SHANTEL SHERWOOD, of Soldier Road, Windsors Place, 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 5th day of September, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The U.S. central bank has raised its main interest rate aggressively since 2022 to the highest level since 2001. The goal has been to rein inflation back to the Fed's target of 2%. The Fed has maintained that it is ready to keep raising interest rates if it has to, but will base its next moves on the latest economic data.

Banks and financial services stocks accounted for a big share of the gains among S&P 500 companies. Charles Schwab rose 2.3%

Rising oil prices helped push energy stocks higher, as the price of benchmark U.S. crude jumped 2.3%. Exxon Mobil rose 2.1% and Chevron was up 2%.

/AP Market fears that the Fed might have to keep interest rates higher for longer — following reports showing the U.S. economy remains remarkably resilient — led the market to pull back in August.

Early Monday, U.S. benchmark crude was down 11 cents at $85.44 a barrel. Brent crude oil lost 6 cents to $88.49 a barrel. In currency trading, the U.S dollar rose to 146.36 Japanese yen from 146.22 yen late Friday. The euro rose to $1.0793 from $1.0779.

NOTICE

NOTICE is hereby given that PLACIDE LOREUS of Flamingo Gardens, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of September, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MICK ROMAIN ARCHER of P.O. Box N1213 Stapleton Gardens, Auster Lane, 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 5th day of September, 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 AMRIK MATHEW BOODOO, of #3 Pine Street, Pinewood Gardens, 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 5th day of September, 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 JOHNSON MOISE, of P.O. Box N10326 #36 Twynam Heights, 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 5th day of September, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

walk in the rain in front of an electronic

Photo:Eugene Hoshiko