The CARICOM conference chair, and the Prime Ministers of St. Lucia and Barbados, CARICOM Secretary General and team arrived in The Bahamas September 5 to offer support and assess the damage in the wake of Hurricane Dorian, 5 September 2019.

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NASSAU, Bahamas, Sept. 5, 2019 /PRNewswire/ — Bahamian officials continue to assess the damage in The Abacos and Grand Bahama Island, the two islands in the Northwest Bahamas that were devastated by Hurricane Dorian. Relief teams are currently deployed and are providing assistance to those in need.

The Bahamas Ministry of Tourism & Aviation (BMOTA) urges travelers to consider keeping and pursuing their vacations to the islands that were not affected and remain open. In the Northwest Bahamas, these include the Bahamas capital of Nassau and neighboring Paradise Island, as well as Eleuthera, Harbour Island, Andros, Bimini and The Berry Islands. The Islands in the Southeastern and Central Bahamas remain unaffected, including The Exumas, Cat Island, San Salvador, Rum Cay, Long Island, Acklins/Crooked Island, Mayaguana and Inagua.

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The Central Bank of The Bahamas as issues the following statement assessing the economic prospects of The Bahamas following the devastation wreaked but Hurricane Dorian earlier this week:

Medium-term prospects for The Bahamas are still positive. However, the unprecedented devastation caused by hurricane Dorian and the disruption in travel itineraries to many airports will negatively impact the economy in the short-term.

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The government of The Bahamas has released a statement in the wake of the catastrophic impact of Hurricane Dorian on Grand Bahama and Abaco islands.

Read the full statement here:

The Government of The Bahamas has committed its full attention to dealing with the catastrophic consequences of Hurricane Dorian. Cabinet, as a full body, has met three times since Hurricane Dorian began its assault on Abaco three days ago, and a Cabinet Committee of relevant Ministers has met with the National Emergency Management Agency (NEMA) every day since then.

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Although Grand Bahama and Abaco bore the brunt of Hurricane Dorian, heavy rain and high tidal swells also hit New Providence.

See pictures of the aftermath here.

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Prime Minister Dr Hubert Minnis addressed a National Emergency Management Agency (NEMA press conference at NEMA headquarters, September 2, 2019, as Hurricane Dorian continues to impact Grand Bahama.

Prime Minister Minnis said upon the “all clear,” there will be rapid assessment and relief and recovery initiatives – most urgently in Grand Bahama and Abaco.

“Critical measures are in place and every resource will be brought to bear,” he said, “to bring relief as quickly as possible.”

He said that he had received kind encouragement from leaders of the Caribbean Community and from around the world. He asked Bahamians and residents to open their homes at this time to family and friends in need.

The category 5 storm hit Elbow Cay, Grand Bahama island and the Abaco islands over the weekend.

There have been wide reports of damage as Hurricane Dorian moves slowly across the north west region of The Bahamas island chain.

So far, only one death has been reported but the extent of the damage and loss of life has yet to be assessed.

Dorian made its first landfall on Elbow Cay, at 12:45 pm Sunday, with maximum sustained winds of 185 mph and gusts over 220 mph. A second landfall occurred at Marsh Harbour, on the island of Great Abaco, with the same intensity.

The third landfall occurred along the eastern shores of Grand Bahama late Sunday evening. Dorian continued to produce category 5 strength, with winds topping 180 mph.

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Last fiscal year (FY2018/19), the government recorded a deficit of $222.4 million, or 1.7 per cent of GDP, marking the lowest deficit and fiscal ratio achieved in The Bahamas in nearly 10 years.

It is also the first time since FY2012/13 that any government has met its deficit target. The Ministry of Finance published the latest provisional fiscal data in the Fourth Quarter Report on Budgetary Performance for FY2018/19.

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The performance highlights of the top 25 publicly traded global banking institutions in terms of market capitalization (M Cap) for the quarter ended 31 March 2019 have been analyzed by GlobalData, a data and analytics company.

The top 25 reported a 4.6 per cent growth in the aggregate M Cap as on 31 March 2019 (Q1 2019), which stood at of US$3.4 trillion, as compared to US$3.2 trillion as on 31 December 2018 (Q4 2018). There were 19 banks, which reported quarter-on-quarter (QoQ) M Cap growth with Bank of America, Citigroup, China Merchants Bank, Morgan Stanley and Goldman Sachs growing over 10 per cent.

Bank of America’s share price grew from US$24.64 in Q4 2018 to US$27.59 in Q1 2019, on the back of better than anticipated revenue and profits growth, lower taxes and strong consumer banking results in FY2018. Despite falling short of revenue target in the fourth quarter of FY2018, Citigroup managed to beat its profit target on account of greater cuts in operational expenses and loan loss provisions.

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Etienne Dupuch Jr Publications is pleased to offer readers more ways to read the current issue of The Bahamas Investor Magazine.

A primary resource of business and finance news and information, the full-colour 132-page publication is essential reading for anyone looking to live, work or invest in The Bahamas.

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