01232026 BUSINESS

BY NEIL HARTNELL Tribune Business Editor

SIR Franklyn Wilson yesterday asserted that “pockets of The Bahamas will experience their best year in history” in 2026 while conceding that complaints the economic benefits are not being felt by all will always be “the reality”.

The Arawak Homes and Sunshine Holdings chairman identified south Eleuthera, home to the Jack’s Bay project that he chairs, as one such area poised for a 2026 surge thanks to its growth and that of other nearby tourism-related developments. Grand Bahama was another location where “very significant things” were poised to happen during early 2026.

Bahamas

• Sir Franklyn: South Eleuthera in ‘great shape’, GB to follow

• Urges ‘behaviour change’ for those not feeling the impact

• Issues personal plea for overseas Bahamians to come home

And, while warning that The Bahamas must not forget those “left behind”, he argued that many in this situation will not escape unless they alter “personal behaviour patterns” such as “overloading” themselves with consumer debts that they are then unable to repay or excessive gambling expenditures.

well overseas, he said there is “reason to believe many are not doing better abroad than they could do in The Bahamas”.

Sir Franklyn also issued a plea for Bahamians working and living abroad to reverse the “brain drain”, caused by the most skilled and talented citizens leaving for education and lucrative employment abroad, to consider returning home as the economic and other “opportunities here are real”. While many are doing

VAT cut ‘goes

against grain’ of food security

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

A BAHAMIAN agricultural entrepreneur last night warned that the Government’s elimination of VAT on unprepared foods will “go against the grain” of improving national food security, import substitution and growing more produce locally unless accompanied by similar tax relief for local farmers.

Caron Shephard, president of the Bahamas Agri

Entrepreneurs Co-operative, told Tribune Business that cutting the VAT rate from 5 percent to zero on all unprepared food with effect from April 1, 2026, threatens to place local farmers at a “competitive disadvantage” because the cost of rival imports will have been slashed at every stage of the supply chain once they reach these shores.

With Bahamian producers already struggling to match imported foods, she urged Prime Minister Philip Davis

Bahamas can’t afford to not be ‘financial crime fighter’

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

THE Attorney General yesterday signalled that “the cost of not being a fighter” in complying with global anti-financial crime standards outweighs “the burden” imposed on small jurisdictions such as The Bahamas in meeting these benchmarks.

Ryan Pinder KC, the attorney general, addressing

BY FAY SIMMONS Tribune Business

THE Grand Bahama Port Authority’s (GBPA) president yesterday hailed AML Foods’ $10.3m investment in a new distribution centre as a sign of investor confidence in Freeport, asserting: “Companies do not invest millions of dollars in places they have lost faith in.” Ian Rolle, speaking at the ground-breaking for the Queen’s Highway facility that will create 20 jobs, said: “This is not merely a milestone for AML Foods; it is a declaration of confidence in Freeport and in the resilient people of Grand Bahama.

“And, on behalf of the Grand Bahama Port Authority, I offer sincere

the Central Bank of The Bahamas’ seventh annual anti-money laundering research conference, said the cost of falling foul of global standard-setters was brought home to this nation during the two years that it languished on the Financial Action Task Force’s (FATF) so-called ‘grey list’. This, he added, sparked a foreign direct investment (FDI) slowdown

Voicing optimism about The Bahamas’ overall prospects for 2026, Sir Franklyn told Tribune Business: “Let me put it this way: My view is there’ll be areas of the country that experience their best year in history; areas, pockets. South Eleuthera will be among them. And I’m not talking about no recent times; in history. South Eleuthera

KC in a January 22, 2026, letter to similarly eliminate VAT on all “essential agricultural inputs” - such as seeds, animal feed, egg cartons and related packaging materials, and fertilizers and pesticides - for “registered” Bahamian farmers from the same date.

“Farmers nationwide commend your government’s decision to remove VAT from unprepared foods. We understand that this initiative is intended to provide meaningful relief to Bahamians, particularly those earning the minimum wage of $260 per week, and to ease the burden on families striving to maintain a sustainable household budget,” Ms Shephard wrote.

“We agree with the objective of making fresh fruits and

will experience the best time in its history.” Besides his own Jack’s Bay project, which was recently said to have generated almost $59m in real estate sales in the near twoyear period since April 2023, he also pointed to Disney’s Lighthouse Point cruise port destination as well as the nearby Ritz-Carlton Reserve

vegetables more accessible, especially for families who must often choose between fresh produce and frozen or canned alternatives…. However, while the focus has rightly been placed on consumer relief, we respectfully submit that farmers - the backbone of domestic food production - have been inadvertently overlooked.

“Farmers are on the front lines, working tirelessly to bring high-quality food to market. Encouragingly, consumers continue to show enthusiasm for purchasing directly from farms, farmers’ markets and Family Island producers. We therefore humbly recommend that your government revisits the

Public hospitals in overtime control as budget ‘exhausted’

• Paid from January onwards only if MD approves

• Ex-minister warns of service, care quality impact

• Nurses chief: ‘Puts healthcare in peculiar position’

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Public Hospitals Authority (PHA) has imposed strict payment controls “to preserve funding for urgent priorities” after “exhausting” its overtime budget within just three months of the current 2025-2026 fiscal year.

The operator of the Princess Margaret (PMH) and Rand Memorial hospitals, as well as the Sandilands Rehabilitation Centre, warned in a January 13, 2026, internal memorandum that with effect from this month all overtime payments for doctors, nurses, medical and other staff will not be processed unless first approved by the office of PHA managing director, Dr Aubynette Rolle.

The instruction has sparked concern among PMH staff, with Muriel Lightbourn, the Bahamas Nurses Union’s president, telling Tribune Business that it was placing healthcare “in a peculiar position” by seemingly implying that her members and other medical professionals may not be paid due compensation for overtime worked.

Companies revamp staff benefits for modern age

As the global workplace evolves, companies in The Bahamas are stepping boldly into 2026 with compensation packages that go far beyond salary alone. Today’s employees are seeking a holistic mix of professional development, personal well-being and lifestyle flexibility, and forward-thinking Bahamian employers are responding with innovative benefits designed to attract and retain top talent in an increasingly competitive market.

One standout benefit is complimentary international conference attendance, where employees receive full sponsorship to attend major global industry events. From technology

summits to medical forums, these experiences foster international networking, cultural exposure and cutting-edge knowledge that

Bahamian employees bring back home. Another highly sought-after perk is “work from anywhere” weeks, allowing staff to work remotely from locations around the world for up to 90 days annually. This flexibility not only enhances the ‘worklife’ balance but also boosts creativity and morale, especially for employees with a passion for travel.

Companies are also introducing personalised Lifestyle Spending Accounts (LSAs), which are monthly stipends employees can use on hobbies, wellness services or travel, thereby tailoring benefits to their individual lifestyles and life stages. Long-term loyalty is being rewarded through

paid or unpaid sabbaticals, offering seasoned employees the chance to pursue passion projects, research or extended travel, allowing them to return refreshed and reinvigorated.

Mental health has taken centre stage through holistic ecosystems, including digital wellness platforms, artificial intelligence (AI) powered tools and dedicated mental health days to promote rest and recovery.

Professional growth remains a priority through upskilling and certification stipends, ensuring employees can access high-demand credentials and advance within their companies.

Family-focused benefits are also expanding. Inclusive family and caregiver support now covers fertility

Family Guardian’s financial strength rating is reaffirmed

FAMILY Guardian and its BISX-listed parent have seen their financial strength and creditworthiness reaffirmed by the insurance industry’s top rating agency.

treatments, adoption, surrogacy and eldercare concierge services, reflecting the diverse realities of modern families.

To ease financial stress, employers are offering financial wellness coaching, providing access to certified planners and tools for debt management and investment education.

Even pets are part of the equation, with “pawternity” leave and pet support, including paid time-off for new pets and company-sponsored pet insurance.

Finally, environmental responsibility is being encouraged through climate impact and green incentives, such as electric vehicle (EV) charging subsidies, bike-to-work programmes

periods, and remains elevated when compared with pre-pandemic years but is being managed actively.

and paid volunteer days for environmental causes. Together, these benefits signal a shift in The Bahamas toward compensation packages that value the whole person, positioning local companies as employers of choice in the modern era.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

AM Best, in a statement issued earlier this week, said it had confirmed Family Guardian’s B++ (good) financial strength rating plus its long-term issuer credit rating of ‘bbb+’ (good). And it did likewise for the life and health insurer’s BISX-listed parent, FamGuard Corporation, affirmed its long-term issuer credit rating of ‘bb+’ (fair). The outlook for all ratings is stable.

AM Best said its Family Guardian ratings reflect the insuer’s balance sheet strength, which was assessed as strong, as well as its “strong operating performance, neutral business profile and appropriate enterprise risk management

(ERM)”. This, though, was offset by the concentration of operations and risk within The Bahamas; limited investment options and heavy reliance on government debt; and “significant” mortgage delinquencies”.

“The balance sheet strength assessment reflects Family Guardian’s risk-adjusted capitalisation at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR),

no financial leverage and strong liquidity, which is offset by its limited investment options, including a high concentration of sovereign debt holdings and a material but declining allocation to mortgage loans, within which there are significant delinquencies,” the rating agency said.

“AM Best notes that the volume of mortgage loan delinquencies is consistent with recent reporting

Family Guardian’s operating performance remains strong, with a continued trend of positive net earnings from multiple business segments with low volatility from year to year, which have supported capital growth.

“The business profile assessment considers Family Guardian’s good market position in The Bahamas and creditworthy product offerings offset by its geographic

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concentration in the Bahamas. The company’s ERM framework and governance structure are appropriate for its risk profile,” AM Best added.

“Concerns remain regarding the continued impact from global economic conditions over the past few years on The Bahamas. However, the country has seen growing capital investments in tourism over the past couple of years. AM Best will continue to monitor the economic conditions in The Bahamas and will take appropriate rating actions as they change.”

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

REALTORS yesterday argued that the Government’s $30m investment in the 147-unit affordable home Premier Estates subdivision will barely “dent” The Bahamas’ 12,000-strong housing shortage.

Praising the Government for the proposed

development in the Perpall Tract area, Mikhail Barnett, an agent with Condo Vikings and Jolie Luxury Homes, nevertheless argued that architectural structures and engineering have to be upgraded. He added that homes now need to be built similar to high-rises in New York given the scarcity of land available in New Providence.

“We need to start thinking like how New York is

being built,” he said. “The way they're able to have millions of persons within their population is because they build up. And in real estate, we learn that you own your plot of land, what is below it and the airspace above it - of course, at a reasonable height - because there's air restrictions, space and planes. But we got to start building up.

“So the Government's plan is to invest $30m on

$200m resort objectors fearing hearing ‘fundamentally flawed’

OPPONENTS of the

$200m Rosewood Exuma resort project yesterday voiced concern that the public planning consultation over its application for site plan approval risks being “fundamentally flawed”

The Save Exuma Alliance (SEA), a collection of other business operators from the island, in a statement argued that more time should be granted to review the “substantial volume of highly technical and detailed material” that has been filed with the Department of Physical Planning by developer Yntegra Group.

And, urging the Department and Town Planning Committee to reconsider their approach, the Alliance also argued that the timing and location of the public hearing - February 5, at night at Back Point All-Age School - was inconvenient for many.

“The Save Exuma Alliance (SEA) is deeply concerned about the consultation process surrounding Yntegra’s re-filed

site plan application for the Rosewood Exuma development on Sampson Cay,” it said. “One of our representatives viewed the newly filed documents at the Town Planning Committee headquarters and found that a substantial volume of highly technical and detailed material has been filed.

“Properly assessing all this information will require review by experts, and copies to share with those experts for discussion were not available. In addition, given the importance of what is at stake in terms of environmental concerns for an ecologically significant area, we may need time to consult with and instruct attorneys.

“Clearly, the window from now until February 5 is wholly insufficient for meaningful analysis or informed public consultation to take place.” The Alliance’s concerns did not end there.

“The scheduling of the meeting for the evening hours in Black Point, Exuma, is also highly problematic. Black Point

is a small, isolated community with no air access after dark, and night-time boating is dangerous, as evidenced by numerous past accidents,” it added. “The community has little to no available accommodation, effectively requiring overnight arrangements that are simply not feasible.

“SEA members live throughout Exuma, as well as in New Providence and other islands, making it logistically impossible for many of our members who have jobs, are parents with young children, and reside elsewhere to arrange overnight travel to such a remote location on such short notice.

“SEA is therefore urging the Town Planning Committee to reconsider its approach and, at a minimum, grant an extension of several weeks before any consultation hearing is held. Without adequate time, accessibility and opportunity for informed public input, this process risks being fundamentally flawed and cannot reasonably be

147-units of affordable homes. But the dent, what they're trying to put that in, is making up for 12,000 homes, which is less than 1 percent basically... The architectural structures and the engineering have to be upgraded. We need to now think about building highrise homes. We need to think about New York.

“Think about the density of New Providence

BUILD - See Page B5

considered a valid or meaningful consultation.”

Yntegra Group declined to comment on procedural matters, which it described as “within the sole remit of the Town Planning Committee”.

In a statement, Yntegra said it is “fully compliant with all legal and regulatory requirements” and expressed confidence in the “competence, independence and diligence” of the authorities.

“Yntegra refrains from commenting on matters within the sole remit of the Town Planning Committee, including the scheduling and conduct of consultations. We are fully compliant with all legal and regulatory requirements and have full confidence in the competence, independence and diligence of the relevant authorities to carry out their work in accordance with the law,” said Yntegra Group.

“We welcome the opportunity to take the Town Planning Committee and wider public through our plans at the public consultation meeting in Black Point on February 5, 2026.

Governor: Anti-financial crime fight critical to nation’s stability

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Central Bank’s governor yesterday said international standards, data-driven strategies and cross-border co-operation are critical to The Bahamas’ fight against financial crime John Rolle, speaking at the annual Bahamas Research Conference on Financial Crime, said this nation is taking proactive steps to strengthen its regulatory frameworks, enhance access to critical data and ensure that smaller jurisdictions can effectively demonstrate compliance and resilience ahead of its upcoming Financial Action Task Force (FATF) mutual evaluation.

Mr Rolle said these measures are not merely about compliance, but about safeguarding the stability of the financial services sector, maintaining trust with international correspondent banks, and promoting economic and financial inclusion across the country.

“Beyond our international commitment, it is about safeguarding the stability of our financial sector, enhancing resilience of the sector,and ensuring that legitimate commerce continues to thrive on a cross-border basis. These outcomes rest collectively on the confidence and trust that our international correspondent banks maintain in us,” said Mr Rolle.

“Moreover, our success also allows us to confidently adopt, and continuously refine, risk-based systems that promote greater economic and financial inclusion from which social cohesion and the stability of our country is strengthened.

“Having this perspective also explains why we are steadfastly committed

to achieving robust and compliant outcomes for effectiveness against the FATF’s standards in the upcoming fifth round in the CFATF (Caribbean Financial Action Task Force) mutual evaluations.”

Mr Rolle also called for smarter, more flexible international standards that strengthen the global financial crime prevention while recognising the unique capacities of each country.

He said these standards should be applied proportionally to the actual risk and tailored to each jurisdiction’s capacity, enabling smaller countries to demonstrate effectiveness without being unfairly burdened by rules designed for larger economies.

“It is my hope that this research conference continues to stimulate policy discussions that drive improvements in the formulation and implementation of international standards, particularly where the riskbased ideals are concerned, and where proportionality and tailoring become more prominent in how smaller jurisdictions are able to demonstrate effectiveness,” said Mr Rolle.

The two-day conference serves as a platform for collaboration and knowledge-sharing, bringing together academics, compliance professionals, regulators and international organisations, including representatives from FATF and CFATF.

Mr Rolle said the annual event stimulates researchdriven discussions, fosters innovation in financial crime prevention and strengthen cross-border co-operation, ensuring that both global standards and local practices evolve in step with emerging risks.

IN THE COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

Common Law and Equity Division

Claim No.: 2025/CLE/qui/854

IN THE MATTER OF ALL THAT piece parcel or lot of land situate on the North Side of First Avenue and West Deveaux Street in the Settlement of Cockburn Town in the Island of San Salvador. AND

IN THE MATTER OF the Quieting Titles Act, 1959 (Chapter 393 of the Statute Law of the Bahamas Revised Edition, 2001) AND I N THE MATTER OF the Petition of IRIS FERNANDER

NOTICE

I RIS FERNANDER, The Petitioner claim to be the owner in fee simple in possession of the piece parcel or lot of land hereinbefore described and have made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act to have the title to the said piece parcel or lot o f land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the Act.

Copies of a diagram or plan showing the position boundaries shape marks and dimensions of the said piece parcel or lot of land may be inspected during normal working hours at the following places:(a) The Registry of the Supreme Court Ansbacher Building, George Street in the City of Nassau, New Providence, The Bahamas; (b) The Chambers of Messrs. Davis & Co., The Parthenon,# 17 West Street North Nassau, The Bahamas, Attorneys for the Petitioner.

NOTICE is hereby given that any person or persons having a right of Dower or an adverse claim or a claim not recognized in the Petition shall within thirty (30) days after the appearance of the Notice herein file in the Registry of the Supreme Court in the City of Nassau aforesaid and serve on the Petitioners or the undersigned a statement of his claim in the prescribed form, verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a statement of claim within thirty (30) days herein will operate as a bar to such claims.

Da ted this 13th day of January

Chambers The Pa rthenon # 17 West Street North Nassau, The Bahamas , A.D., 2026

DAVIS & CO.

Attorneys for IRIS FERNAN DER, the Petitioner

Arawak Homes chief cites debt ‘overload’, gambling

GROWTH - from page B1

development spearheaded by Colombian billionaire, Luis Carlos Sarmiento, and movement at Cape Eleuthera and Windermere as justifying his confidence for south Eleuthera.

And, despite its two-decade economic stall, Sir Franklyn also named Grand Bahama among the islands that are poised to thrive - although the full impact may not be felt in 2026as he alluded to upcoming announcements next week by Prime Minister Philip Davis, which will likely focus on the Grand Lucayan and Grand Bahama International Airport as well as, potentially, the $357m arbitration dispute with the Grand Bahama Port Authority (GBPA).

“I am convinced that within the first quarter of this year there’ll be very

significant things happening. Matters are at a certain stage in Grand Bahama, but it will take a little longer for the full impact to be felt,” Sir Franklyn said. “I’m aware of it, but I will not get into specifics because the Prime Minister will have more to say on it in the future.

“Well-informed Grand Bahama businessmen, who know what is going on, tell me the future of Grand Bahama is very bright and strong, so it is no surprise that the Prime Minister is going down there. He’s going to say something… “Overall, when you look at the numbers collectively, there’ll be pockets of the country that experience there best time ever. There will be pockets that are strong, and pockets that do well over the longer-term. If you look at the macroeconomic level as a whole, I think we’re in great shape.”

Bahamian farmer ‘disadvantage’ without similar VAT input reliefs PRODUCE - from page B1

elimination of VAT for registered farmers who are leading the charge toward national food security and self-sufficiency,” Ms Shephard added.

“While the objective of VAT-free food items is commendable, the current framework places farmers at a disadvantage. Local producers are often forced to sell at higher prices than large food stores, which benefit from VAT-free imports, undermining the competitiveness of locally grown produce.

“Our goal as farmers is to deliver quality products at cost-effective prices for consumers. However, the VAT-free advantage afforded to larger retailers unintentionally discourages local production and weakens the push toward food independence.”

Animal feed for poultry, pigs, goats, sheep and other livestock was among the farming inputs that Ms Shephard recommended be made VAT-free, or zerorated, with effect from April 1, 2026. Other items targeted for tax relief included seedlings and plants, potting soil, plant pots and related supplies.

Sir Franklyn projected that it will “take a little longer for the energy policies of the Government to be felt” with the “full impact” from renewable and other reforms, including a cut in the price of electricity, only likely to emerge next year in 2027. FOCOL Holdings, the BISX-listed entity that he chairs and is the largest shareholder of, is heavily involved in the reform process as New Providence’s baseload generation provider.

However, the Government’s political opponents and other observers have frequently stressed that the economic growth, job creation and investments much-touted by the Davis administration are not benefiting, or being felt by, many Bahamians especially amid ongoing cost of living and price pressures.

While admitting that this is a reality, and urging Bahamians to help those who are less fortunate, Sir Franklyn said a number of those complaining are at the margins because of their own poor

“While this list is not exhaustive, these measures would significantly reduce production costs for farmers. The resulting savings would be passed on to consumers, contributing to lower food prices and supporting a healthier Bahamas,” Ms Shephard told the Prime Minister. “Farmers already operate under limited resources where every dollar counts.

“Any savings provided through VAT relief, grants or targeted subsidies would encourage increased production, stimulate economic activity, address market inefficiencies and support innovation. Reducing VAT on essential agricultural inputs promotes job creation, strengthens a struggling sector and

personal choices and decision. “I’m very much aware of people in the road saying they don’t feel it,” he told Tribune Business. “There’s a reality in The Bahamas that’s a real, real problem.

“If the economy grew by drastic levels, double what it would normally be, some people just don’t feel it. There’s some people, for reasons, for decisions they made, who are overloaded with consumer debt or continue to gamble. There are people who have made decisions and I don’t know what you do for them.

“That’s the reality. That’s the way it is. While the economy is doing well, it’s strong, I urge us all to remember those - let’s be candid - who have been left behind. I’m not sure what we do, but we cannot forget them,” Sir Franklyn said.

“At the same time, I am convinced that part of the solution to those left behind has to involve a change in their personal behaviour patterns such as gambling less. They have got to take better care of their money,

advances important national development goals.

“Eliminating VAT on agricultural inputs will increase economic activity, lower costs for consumers and support the expansion of the agricultural industryboth in the current growing season and well into the future.”

Speaking to Tribune Business, Ms Shephard said that VAT’s removal from unprepared foods will give imports zero-rated treatment at every stage of the supply chain from the moment they arrive at The Bahamas’ border - including as they pass through wholesalers and on to food stores. She added that failing to provide similar relief for Bahamian farmers will make them less competitive

their things. It’s serious. I don’t see how it changes for a significant proportion of the population until some behaviour patterns change.”

The Arawak Homes chairman then issued a personal plea for Bahamians living and working abroad to return home and put their talents and experience towards national development. Pointing to “opportunities” that exist and can be created throughout this nation, he asserted that too many Bahamians ignore “the geography of this country” - pointing, as an example, to Inagua alone being “three times’ larger than Barbados’.

“A lot of Bahamians don’t think about the implications,” Sir Franklyn told Tribune Business. “One of the things I see is that there are more and more opportunities for Bahamians who have moved away. I am appealing to all Bahamians who have moved away to look closely at your country again as the opportunities here are real.

on price and undermine national food security goals.

“It is going against the grain,” she warned, “and that is going to work against the farmers. We are already struggling to produce more food, and if we are going to be competing against imports that are VAT free we need to aligned with the same premise of being able to have VAT-free on our first costs.

“We’re only looking at registered farmers. It’s not like it’s going to be another bubble where it’s open to anyone and everyone to bring in inputs VAT-free. We are only asking for it for registered farmers who are registered with the Government. We are not asking the Government to go outside that.”

Ms Shephard added that, if the Government was to implement her VAT-free recommendations, they will be a “cost saving” for all Bahamian farmersespecially on fertilizer and pesticides that are “rather expensive”. She said: “That will enable us to come in at a better cost price than we are now and really compete with the wider market.

“We are producing better quality; it is fresher and lasts longer, and the taste is there which it is not with imports that have been on board a ship in a container. We are able to produce quality crops first-hand for the consumer on a reliable basis. We need to come in at a better price. We’re at a disadvantage with adding VAT on to the first cost.

“There are, of course, many Bahamians doing well overseas. We salute them, commend them and are proud of them, but for those who may not be doing so well there’s home. I have reason to believe a lot of Bahamians are not doing better overseas than they can in The Bahamas, but are almost embarrassed to come back home.

“I’m saying to them: Forget pride. Face facts that you are not doing better. Come back home. Bring your talent and experience. Yes, there’s a brain drain, but there are plenty of opportunities for Bahamians to come back home. Come back home and share your innovation.”

Sir Franklyn said south Eleuthera’s impending growth is “going to create new problems” of a housing shortage and over-employment. And he warned that the need for affordable homes could be difficult to cure unless multiple land title issues in the area are resolved.

“We can produce more if we get it in at a better price, and we’re able to increase our production of more fresh vegetable and fruits that people are consistently asking for,” Ms Shephard added. “We are ready to supply it. Having the elimination of VAT will bring us more in line with the prices that food stores are importing at. This will also fall into line with the sustainable development goals of producing more of our own food.”

Ms Shephard, in her letter to the Prime Minister, wrote: “It is therefore our humble and urgent recommendation that this proposal be considered for its effectiveness, measurable outcomes and positive long-term impact on the agricultural sector.

“The farmers of The Bahamas stand ready, willing and able to produce efficiently, responsibly and at scale - delivering the highest quality products our nation deserves….. As farmers, we enter this new year leaving behind the struggles, disappointments and hardships of 2025, while looking ahead with hope, determination and a clear vision for a stronger and more sustainable agricultural sector in The Bahamas.

“Across the country, farmers have once again invested millions of seeds into the soil and are now transplanting seedlings to ensure the continued production of fresh fruits and vegetables for Bahamians and visitors alike, contributing to the rich flavours that define our national cuisine.”

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

ALGA Investments Ltd. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of ALGA Investments Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the Dissolution was the 22nd day of December, 2025.

Gustavo Dos Santos Vaz Liquidator

N O T I C E

DRAKE ASIA PACIFIC INC.

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 22nd day of December 2025.

Brian Selvadurai Liquidator of

Nurses

And Dr Duane Sands, the Opposition’s chairman and an ex-minister of health, while confirming he had seen the PHA memorandum said it exposed “unrealistic budgeting” as well as staff shortages at the three healthcare facilities.

He added that the fallout, especially if legitimate overtime compensation is denied, could impact the provision of healthcare services and quality of care to the Bahamian public if staff refuse to work extra hours because of non-payment.

Ryan Bastian, the PHA’s deputy financial controller, in the memorandum that was sent to all hospital administrators, financial controllers and their deputies, plus payroll departments, said the Authority is implementing “mandatory managing director approval for overtime payments”.

He wrote: “This memo serves as formal notice on the direction of the managing director [Dr Rolle], effective immediately (January 2026 pay period), that all overtime payments require prior approval from the managing director’s office before they can be processed.

“With effect from the January 2026 pay period, payroll departments are required to notify the managing director’s office of

any overtime payable and obtain written approval from the managing director before any overtime amounts are entered on to the pay sheet and processed. Overtime payments are not to be included in payroll processing without the managing director’s written authorisation.”

Explaining the rationale for the move, Mr Bastian added: “As of September 2025, the overtime budget allocation has been exhausted. This control is being implemented to preserve funding for urgent priorities (for example, critical hires) and to strengthen oversight of overtime expenditure. Your full co-operation and strict adherence to this requirement are appreciated.”

Tribune Business efforts to obtain comment from the PHA before press time last night proved unsuccessful despite multiple calls being made and messages sent. While a response was said to be forthcoming, none was received before press time last night.

Dr Sands told Tribune Business that, besides likely exposing staffing shortages as a result of the 2025-2026 overtime budget being exhausted in just three months, the PHA memorandum is also “an acknowledgement of unrealistic budgeting”.

The Government’s own Budget data for

Bahamas must head

Vertical like New York

BUILD - from page B3

because it’s growing. They said they’re going to build a single-family home on a 5,000 square foot lot. When, really, if you take 30,000 square feet and you build a high rise of maybe 20 to 25 units, then you maximise your 30 acres.”

With the high-rise option, 25 homes can be built over 30,000 square feet versus one home being built over 5,000 square feet, Mr Barnett said. He also suggested the Government implement a homeowner association for such high-rise buildings where residents pay a $100 monthly maintenance fee. The fee would cover the quarterly or yearly painting of the building as well as lawn maintenance, which

would save the Government money. Mr Barnett said high-rise buildings can also allow for extra parking spaces.

“If persons had a reliable, professional, trustworthy transportation system that shows up on time and respects law and order, versus how these bus systems currently are, I’m sure I would park my car, leave it home, and I would use the bussing system,” he said.

“So we take away the burden of traffic when we create so much density when it comes to buildings, residential buildings. The housing market is almost like the cars. You have one person to a car when, if you carpool, we could have 50 persons to a car. The same thing with Premier Estates. You can have 25 units on

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, MARCIA CLEO GARLAND aka MARCIA CLEO LIGHTBOURNE of United States of America, intend to change my name to MARCIA CLEO MCKENZIE. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that JOYNER KERSEE JOSEPH of Carmichael 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 twentyeight days from the 16th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that REBERT CESAR of Dignity Gardens, 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 23rd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

the 2025-2026 fiscal year appears to back this up. While the PHA was allocated some $247.856m in Bahamian taxpayer funds, representing a $15.4m or 6.6 percent increase over the prior year’s $232.456m, the Authority had already spent $203.665m or 87.6 percent its 2024-2025 budget after just nine months.

At that pace, the PHA was on course to spend a total $254.58m for the 2024-2025 full Budget year, meaning it would have overshot its allocation by almost $22m. “It’s almost like budgeting $10 when you know it’s $100, and then the response is ‘see what you can make so with’,” Dr Sands said of the PHA’s budget and implications of the memorandum.

“The problem is, because you have not appropriately budgeted, you have to cut back on essential services. There are certain challenges because you are telling the staff to provide an essential service, and have to do the work, but can’t get paid. How is it you could exceed the budget knowing you have a shortage of nurses? It speaks to unrealistic budgeting that has serious consequences for service delivery.

“You basically have a service where there is no sustainable financing provided for the level of care you know you have to provide. It’s the same issue with National Health Insurance (NHI), the same issue with vendors providing goods and services for healthcare. It’s across the board

a 30,000 square foot lot, versus one single family home on a 5,000 square foot lot.

“And if you do the math on 30 acres, you could do something amazing. Keith Bell, Prime Minister Philip Davis, all of them are very forward thinkers and I know they can do it. JoBeth Coleby, at the Ministry of Transport, I know she could do it. Everybody could come together, and these ministries could do something very amazing.”

Mr Barnett added: “You can’t build 147 single family homes and expect to say you’re going to make a change within the housing market when you need 12,000 homes - and that’s what you need to be building per year.”

He said there are Bahamians who will be priced out of the housing market, and the country will see more homelessness “not by choice, but because their

services where you have so under-budgeted you have hobbled the services you are mandated to provide and paid to provide,” Dr Sands added.

“To go on and say you’re going to expand NHI, expand drug and pharmaceutical access… With what? Basically, the managing director’s office is going to be in the business of micro managing every single ward, every single shift. If I need someone to work overtime, I’ve got to get approval from the managing director’s office…

“It’s impossible to reconcile a scenario where you have an acknowledged shortfall of 400 nurses and other healthcare professionals but have not budgeted to make up that shortfall.”

Ms Lightbourn, the nurses union president, said she is seeking clarity from the PHA after members voiced concerns to her. “I trying to reach out first to Mr Bastian, the financial controller at PHA,” she said. “I have some concerns about that.

“So once I would have spoken to him, I would speak to my members because some of them have reached out already to me concerning it. I just asked them to give me an opportunity to speak to him, and then I will speak to them.

“It did say, if we have any concerns, to speak to him, so I will first speak to him. I was trying to reach him earlier today, but I didn’t get any response from him. So as soon as I reach to him,

parents never gave them a head start and left them generational land”.

“Imagine the Bahamas in 100 years,” he added. “You can’t create land, but you could go up with the high-rise buildings and give some people some sort of ownership through owning a condo. It’s not about what the people are used to. It’s what you need. It’s what we need. And sometimes we don’t understand the hard choices that have to be made, whether people see the vision or not.”

Catherine MacLeay, of HG Christie, said Bahamian home buyers struggle to obtain mortgages from the banks because of their existing debt and income levels.

“You still got to do credit checks and stuff like that,” she said. “It’s like in Nassau, you’ve got two-thirds of the country’s population, so they’re always going to be needing housing. But, for

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, TRISTIAN MALIK NA’SHON RICHARDSON intend to change my name to TRISTIAN NA’SHON RICHARDSON STOVEL. If there are any objections to this change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that ALBERTHINY ST. ANGE of Carmichael Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 16th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that EDRICE RENE JOSEPH of Scapians Road, Soldier 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 twentyeight days from the 16th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

whether I get to him tomorrow or not, I will speak to my members.”

Ms Lightbourn said she is under the impression that if nurses work overtime they might not be paid for their services. If that is the case, she added: “Nobody is work for free.”

“It is a concern to me as it pertains to our members…. when we look at the fact that you’re asking for overtime to be paid based on the managing director’s approval,” she said.

“So what you’re saying to the nurses is if I’m called to do overtime, I work the overtime, that nurse work the overtime. However, if the managing director says, ‘Well, this can’t be paid’, then what happens? The nurses don’t get paid for what they work.

“And so it’s putting health care in a peculiar position, because as a nurse and as the nurses’ president, I would say to them, well, if they call you to work in overtime, you don’t work it because you’re not sure whether you’re going to get paid, whether the managing director is going to say, ‘Okay, I could approve that’,” Ms Lightbourn continued.

“Nobody is work for free. When you work, you expect to be paid. And that’s exactly what it is. Especially overtime, because you’re saying that, ‘Okay, I’m going to take the time from my family’, all this other stuff, all these other things.The nurse could have a social life. You’re taking time from her social life.”

example, Grand Bahama certainly needs housing. We need it as either rental options - one, two and three bedroom options. Or we need two to four-bedroom houses that are affordable for people to purchase.

Ms Lightbourn added:

“My take, like I said, is overtime is something that the nurse can make a decision whether she wants to work it or not. And most of the time, when you work overtime, you’re taking time away from your family. You’re taking time away from a social life.

“And so for me to work it and then be said that it’s paid on the managing director’s discretion, no. That’s not cool. And even so, say somebody call in sick early in the morning. The shift starts at 8am for nurses, somebody calls in sick, say, 6.30am. Where are you going to find a managing director to approve that? Or are you saying that they work it, and then after they done work it, the managing director decides whether you’re going to get paid for it or not? That’s not acceptable

“And then even still, they’re saying that the overtime that the nurses have already worked, that that is not going to be paid in January’s pay stub,” Ms Lightbourn said. “You should not be able to make that decision when the nurses have already worked that overtime.

“So most of them, they’re looking forward to that overtime on this payday. So you can’t say it’s not big. No, that’s too definite. So I really need to have his understanding of that before we go any further with that, because I need to know and my members need to know.”

“And that’s where it’s really tough, because it’s building costs, importing the cost of things that adds the price up, the building price. Then they have to be able to qualify with the banks.”

NOTICE

NOTICE is hereby given that WILLMENS ALAIN 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 23rd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KEVON LEIGH SPENCE of P.O. Box SP60894, #33 McKinney Drive, 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 23rd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ELSWERT VERN PLUMMER of #1 Ferguson Estate, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 16th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

OPENING - from page B1

to properties marked by storms unless they see sunshine ahead.”

Mr Rolle said the project will bring both short-term and long-term benefits to Grand Bahama, generating “immediate economic activity” during the construction phase while providing “lasting value” to the community through the expected 20 permanent hires.

“This project, representing an investment of $10.3m, will create immediate economic activity through construction and

professional services, and lasting value through 20 new permanent jobs. It strengthens supply chains, enhances efficiency and reinforces Grand Bahama’s role as a strategic logistics and distribution hub for our nation,” he added. Gavin Watchorn, the BISX-listed food retail and franchise group’s president and chief executive, said the distribution centre in Freeport is a strategic investment that will improve operational efficiency and generate broader economic activity on the island.

He said the company plans to hire local contractors when possible, and added: “This distribution centre is a strategic investment in both our business and in Grand Bahama.

“By investing $10.3m in this facility, we are strengthening our ability to serve customers nationwide while creating new jobs and supporting economic activity on the island. As with every AML project, we will be using local contractors wherever possible, ensuring that the economic benefits of this development circulate within the community.”

The new distribution centre, located on Queen’s Highway at the site of AML Foods’ former Solomon’s grocery store site,

will serve as a central hub for the group’s operations across Grand Bahama, New Providence, Exuma and Eleuthera, improving supply chain efficiency, product availability and support for its store network.

AML Foods has an established presence in Grand Bahama, including two Solomon’s grocery stores, Cost Right Wholesale Club, a Domino’s Pizza location, and its Freeport corporate office, collectively employing around 300 persons. The distribution centre is scheduled for construction completion in the 2026 third quarter, with operations expected to begin shortly thereafter.

What to know about FDA’s review of new Zyn advertising proposal

By MATTHEW PERRONE AP Health Writer

AMERICANS who smoke may soon be hearing a lot more about Zyn, the flavored nicotine pouches that have generated billions in sales while going viral on social media.

The Food and Drug Administration convened a public meeting Thursday to consider whether Philip Morris International should be allowed to advertise its pouches as a less-harmful alternative for adults who smoke cigarettes.

Government documents and presentations made at the meeting suggest FDA regulators are leaning toward approving the company's request.

But a panel of independent experts asked pointed questions about the company's research, the risks of underage use and whether the new marketing language would really steer smokers away from cigarettes. Nevertheless, they said the proposed risk statement is likely accurate.

"There are very few things that are legally available and worse for you than cigarettes, so it's a pretty low bar to be safer than cigarettes," said Lisa Postow, a panel member and scientist at the National Heart, Lung and Blood Institute.

The FDA is not bound to follow the panel's guidance and will make the final decision on whether to approve the marketing claims. There is no deadline for a decision.

Zyn contains nicotine powder and comes in 10 flavors, including mint, coffee and citrus. Nicotine pouches have been a rare source of growth in the tobacco industry, where companies have struggled to replace shrinking revenue from cigarettes, chewing tobacco and other legacy products.

Here's what to know about Zyn's review before the FDA:

Why is FDA reviewing Zyn now?

Philip Morris asked the agency to approve new marketing language for Zyn, emphasizing its relative health benefits when compared with cigarettes.

Specifically, the company wants to say that using Zyn reduces the risk of "mouth cancer, heart disease, lung cancer, stroke" and other smoking-related diseases. Adding that language to Zyn promotional materials would further cement the brand in the U.S., where it dominates sales of nicotine pouches.

Central Bank: ‘Crucial year’ for financial services sector

REGULATE - from page B1

and subjected financial transactions involving The Bahamas to greater scrutiny, incurring greater delays and costs that impacted the country’s financial services sector.

“As a country, we have invested heavily in legislative reform, institutional frameworks, technology and human capital to keep pace with the evolving standards,” Mr Pinder said.

CONTAINERS of Zyn, a smokeless nicotine pouch, are displayed for sale among other nicotine and tobacco products at a newsstand on Feb. 23, 2024, in New York.

Photo:Bebeto Matthews/AP

the latter’s 40 “recommendations” or standards for combating money laundering and other forms of financial crime. The CFATF teams visit to The Bahamas will take place in October 2026.

Last January, the FDA authorized Zyn to remain on the market after years of federal review, saying company data showed the small pouches are less harmful than cigarettes and other traditional tobacco products. Zyn was the first nicotine pouch to win FDA authorization.

If FDA signs off on the "reduced risk" claims, Philip Morris would be able to use the language in ads, mailing materials and online posts.

"Adults who smoke need accurate information about different tobacco products and the relative risks associated with them," said Keagan Lenihan, a Philip Morris vice president.

What's the evidence?

FDA scientists appeared to back the company's proposal, saying "the totality of the evidence" supports the statement that Zyn reduces the risk of various smoking-related illnesses.

But the outside experts noted that Philip Morris did not conduct long-term studies of Zyn users or whether reading messages about lower risks led more smokers to switch.

"Whether or not the claim is going to accelerate that switching, there is no data here to answer that question," said Cristine Delnevo of the Rutgers Institute for Nicotine and Tobacco Studies, who led the panel.

Philip Morris already sells a similar oral tobacco product, snus, a type of tobacco pouch popular in Sweden and other Scandinavian countries. Studies in those countries have consistently shown lower rates of lung cancer, mouth cancer and related diseases among snus users when compared with smokers.

The FDA approved a reduced-risk claim for the company's snus in 2019 and panelists noted that there has been little uptake of those products by U.S. smokers. But Philip Morris executives said the language could have an impact over time.

"The more you communicate to adult smokers with this type of claim it will hopefully only increase switching to Zyn," Lenihan said.

What about underage use?

In addition to considering potential benefits for smokers, the FDA is required to review the potential harms to young people and nonsmokers.

Representatives from anti-tobacco groups pointed to worrying signs: Videos from "Zynfluencers" and other young people using the pouches have racked up tens of millions of views on social media platforms in recent years.

Andrew Tardiff of the Campaign for Tobacco-Free Kids noted that Philip Morris did not test how its marketing messages might influence teenagers.

"Zyn has features that enhance its appeal to young people. It's sold in a variety of flavors. It's easy to conceal. And it can be used discretely," Tardiff

said, citing similarities to Juul, the e-cigarette widely blamed for sparking the recent trend in teenage vaping.

Tardiff and other speakers also said that teenagers could be attracted by a Zyn rewards program that allows purchasers to accrue points that can be exchanged for electronics, gift cards and apparel.

Despite such factors, FDA staffers note that teenage use of nicotine pouches remains relatively low at 2.4% of high school students, according 2024 federal survey data.

“We have invested in the compliance team at the Office of the Attorney General, having almost doubled its size since I became Attorney General a little over four years ago.  We have invested in digital platforms, training and industry support, costing millions of dollars, all at the expense of the Bahamian people….

“The investment we have made, and commitment we have reinforced, raises an important and often uncomfortable question: Is the burden placed on small developing states such as The Bahamas too heavy?

Some will argue that it is.

But what is the cost of not being a fighter in this arena?

The answer is clear: denial of access to much-needed financial delivery channels and markets.

“The Bahamas experienced this first-hand during its placement on the FATF ‘grey list’ from October 2018 to December 2020, when foreign direct investment slowed and cross-border financial transactions faced increased scrutiny, delays and costs,” Mr Pinder added.

“At this conference I have called for an empirical study on the cost benefit analysis of compliance to countries like mine, as compared to larger more developed FATF and OECD (Organisation for Economic Co-Operation and Development) members. Maybe we will see this on the agenda next year.”

The Bahamas is now preparing for its fifth-round mutual evaluation by the Caribbean Financial Action Task Force (CFATF), the FATF’s regional affiliate, to assess its compliance with

“This year will be a crucial year for the financial services sector as The Bahamas makes preparation for the Caribbean Financial Action Task Force (CFATF) fifth round mutual evaluation exercise. The actual on-site visit is scheduled for 19-30 October, 2026,” the Central Bank said in its latest quarterly update to licensees.

Mr Pinder said yesterday: “Eleven public sector agencies are actively engaged in these preparations, as The Bahamas works to maintain its ‘40 for 40’ ratings of compliant and largely compliant with the FATF’s ‘40 Recommendations’. At the time we obtained ‘40 for 40’ status we were only the sixth country in the world, and only the second in our hemisphere, to achieve the momentous standard.

“We must ensure this ranking is maintained, and thus our public sector agencies have increased investments in human resources, technical systems and training programmes to strengthen institutional capacity and effectiveness. Over the past five to seven years, The Bahamas has undertaken a comprehensive overhaul of its legislative, regulatory, supervisory and enforcement frameworks.

“National risk assessments for money laundering, terrorist financing and proliferation financing have been completed. In addition, the 2021 National Strategy has been updated to cover the period 2023 to 2028,” he added.

“While we remain hopeful that our preparations will result in a successful mutual evaluation outcome, we recognise that challenges in complying with evolving international financial crime standards will persist. Nevertheless, we are a resilient people and remain committed to being a strong and co-operative partner in the global fight against financial crime.”

Missouri rejects a ban on college athlete prop bets after NCAA gambling scandals

By DAVID A. LIEB Associated Press

MISSOURI gambling regulators on Thursday rejected a request from the NCAA to restrict bets on the performance of college athletes in response to recent betting scandals, but left open the possibility of revisiting the issue as the state’s fledgling sports betting market gets better established.

The action by the Missouri Gaming Commission came just a week after the NCAA sent a letter to state gambling oversight boards asking them to ban college athlete prop bets — a popular type of wager focused on what individual players will do in a game, like scoring a certain amount of points in basketball or surpassing a particular passing yardage in football. The NCAA also urged states to ban certain other specialty bets, such as wagers on whether a team

will trail by a particular point spread at halftime of a game. The NCAA contends such bets are ripe for manipulation by athletes facing pressure, harassment or bribes from bettors. It pointed to last week’s federal indictment of more than two dozen people for alleged bribery, wire fraud and conspiracy in a scheme that involved more than 39 players on more than 17 NCAA Division I men’s basketball teams attempting to rig more than 29 games. But Missouri gambling regulators said they didn’t want to change the state’s rules less than two months after legal sports betting launched in the state. Missouri became the 39th — and latest — state to allow sports betting on Dec. 1 under a state constitutional amendment that narrowly won voter approval.

Trump sues JPMorgan for $5 billion, alleges the bank closed his accounts for political reasons

By KEN SWEET AP Business Writer

PRESIDENT Donald Trump sued banking giant JPMorgan Chase and its CEO Jamie Dimon for $5 billion on Thursday over allegations that JPMorgan stopped providing banking services to him and his businesses for political reasons after he left office in January 2021. The lawsuit, filed in Miami-Dade County court in Florida, alleges that JPMorgan abruptly closed multiple accounts in February 2021 with just 60 days notice and no explanation. By doing so, Trump claims JPMorgan and Dimon cut the president and his businesses off from millions of dollars, disrupted their operations and forced Trump and the businesses to urgently open bank accounts elsewhere.

“JPMC debanked (Trump and his businesses) because it believed that the political tide at the moment favored doing so,” the lawsuit alleges.

In the lawsuit, Trump alleges he tried to raise the issue personally with Dimon after the bank started to close his accounts, and that Dimon assured Trump he would figure out what was happening. The lawsuit alleges Dimon failed to follow up with Trump. Further, Trump’s lawyers allege

Workplace

that JPMorgan placed the president and his companies on a reputational “blacklist” that both JPMorgan and other banks use to keep clients from opening accounts with them in the future.

In a statement, JPMorgan said it believes the suit has no merit.

Trump threatened to sue JPMorgan Chase last week at a time of heightened tensions between the White House and Wall Street. The president said he wanted to cap interest rates on credit cards at 10% to help lower costs for consumers. Chase is one of the largest issuers of credit cards in the country and a bank official told reporters that it would fight any effort by the White House or Congress to implement a rate cap on credit cards. Bank industry executives have also bristled at Trump’s attacks on the independence of the Federal Reserve.

Debanking occurs when a bank closes the accounts of a customer or refuses to do business with a customer in the form of loans or other services. Once a relatively obscure issue in finance, debanking has become a politically charged issue in recent years, with conservative politicians arguing that banks have discriminated against them and their affiliated interests.

rights agency

“I just don’t feel that I have enough information to grant a request by the NCAA to prohibit this type of sports wagering, because I don’t know enough yet,”

commission chair Jan Zimmerman said. Legal sports betting has spread quickly across the U.S. since the Supreme Court cleared the way for states to adopt it in

2018. Through the first 11 months of 2025, legal sportsbooks generated $15 billion in revenue, up over 17% from the same period a year earlier, according to the American Gaming

Association. Missouri has not yet reported its initial sports betting revenues.

State prop bet rules vary greatly

Prop bets on professional athletes are currently allowed in every state that has legalized sports betting. But states have widely differing rules for bets on college athletes.

More than a dozen states place no limits on collegiate prop bets while nearly an equal number prohibit all such bets. Missouri is among several states that fall somewhere in between. It prohibits prop bets on athletes playing in games involving Missouri colleges and universities but allows them for all other collegiate games.

US STOCKS CLIMB SOME MORE AFTER TRUMP CALLS OFF HIS TARIFFS FOR GREENLAND

By STAN CHOE AP Business Writer

U.S. stocks rose again Thursday and regained more of their losses for the week following the latest walk back by President Donald Trump from tariffs he had earlier threatened.

The S&P 500 gained 0.5% and added to its big gain from Wednesday, when Trump said he had reached “the framework of a future deal with respect to Greenland” and called off 10% tariffs for European countries that he said opposed his having the Arctic island. The index has recovered most of the losses it took after Trump shook financial markets with his initial tariff threat.

The Dow Jones Industrial Average climbed 306 points, or 0.6%, and the Nasdaq composite rose 0.9%.

It’s the latest example of Trump making a big, initial threat, only to pull back after seeing how much pain it created in financial markets. The pattern has led to the “TACO” acronym, suggesting that “Trump Always Chickens Out” if markets react strongly enough. Tuesday’s drop for the U.S. stock market was the worst since October and large enough that Trump, who often takes credit when Wall Street is doing well, acknowledged “the dip.”

But the pattern has also led to deals for Trump that outsiders may have initially considered unlikely if not for his market-shaking opening moves.

Details are still sparse about the framework of a deal on Greenland that Trump said he reached with the head of NATO. And it is not a signed deal yet.

Financial markets were still showing some signs of nervousness on Thursday. Gold’s price swiveled between small losses and gains before turning 1.6% higher. Its price often rises when investors are looking for something safer to own. The value of the U.S. dollar also weakened against the

euro and several other foreign currencies.

But Treasury yields held relatively steady in a signal that foreign investors weren’t rushing out of the U.S. bond market.

Yields got some support from reports on the U.S. economy’s strength that came in better than expected. One said fewer U.S. workers applied for unemployment benefits last week than economists expected in a potential signal that the pace of layoffs remains low. A second suggested the U.S. economy grew at a faster rate during the summer than the government initially estimated.

A third said that inflation in November was close to economists’ expectations, while spending by U.S. consumers was a touch better than expected.

The yield on the 10-year Treasury climbed as high as 4.28% following the reports, but it later eased to 4.25% from 4.26% late Wednesday.

On Wall Street, Northern Trust climbed 6% after reporting a stronger profit for the end of 2025 than analysts expected. CEO Michael O’Grady also said

that the financial services company is entering 2026 with “strong momentum across all our businesses.”

Procter & Gamble added 2.6% after likewise delivering a better profit than analysts expected. Revenue for the company behind the Downy, Pantene and Tide brands, though, fell just shy of expectations amid what CEO Shailesh Jejurikar called a “challenging consumer and geopolitical environment.”

Shares of BitGo, a company that helps crypto businesses and traditional financial firms hold and manage digital assets, rose 2.7% in their debut on the New York Stock Exchange.

The company priced its stock at $18 per share in its initial public offering, above its earlier estimated range of $15 to $17.

JPMorgan Chase rose 0.5% after a lawsuit filed by Trump against the bank caused minor ripples for its stock. Trump accused JPMorgan Chase of closing his accounts for political reasons after he left office in 2021. They helped offset an 8.1% drop for spice seller McCormick & Co., whose

profit fell short of expectations. CEO Brendan Foley said it continues to face rising costs because of “a shifting global trade environment.”

All told, the S&P 500 rose 37.73 points to 6,913.35.

The Dow Jones Industrial Average added 306.78 to 49,384.01, and the Nasdaq composite gained 211.20 to 23,436.02. In stock markets abroad, indexes climbed across Europe and Asia amid relief on Trump’s walk back of tariffs. Japan’s Nikkei 225 jumped 1.7%, and Germany’s DAX returned 1.2% for two of the world’s bigger moves.

Global markets also got support from a continued easing of long-term yields in Japan’s bond market. They had spiked early in the week on worries that Japan’s popular prime minister could make moves that would add heavily to the government’s already big debt.

But the 40-year Japanese government bond yield has come back since hitting a record and dropped below 4% on Thursday after hitting 4.22% on Tuesday.

scraps antiharassment guidance, citing Trump’s orders

By CLAIRE SAVAGE and LEAH ASKARINAM

The Associated Press

THE federal agency in charge of enforcing workplace anti-discrimination laws on Thursday voted to rescind its own guidance on how to guard against harassment at work, marking another major shift in U.S. civil rights enforcement under President Donald Trump’s second administration.

The U.S. Equal Employment Opportunity Commission’s newly-established Republican majority voted to rescind the 190page document designed to serve as a resource for compliance with Title VII of the Civil Rights Act of

1964, including how to protect transgender workers. Chair Andrea Lucas and recently-installed Commissioner Brittany Panuccio cited Trump’s executive order issued last year — in which he decreed there are two immutable sexes, male and female — as one of the reasons for revoking the document.

Lucas emphasized at the beginning of Thursday’s meeting that the commission’s decision to rescind the guidance “will not leave a void where employers are free to harass wherever they see fit, leaving a trail of victims in their wake,” citing several recent examples of settled harassment cases. And Panuccio said that

private sector resources on anti-harassment law would fill in any gaps.

But critics argue that all workers will now be more vulnerable to harassment without the EEOC guidance. Kalpana Kotagal, the lone Democrat on the commission, likened it to “throwing out the baby with the bathwater.” She voted against getting rid of it.

“At the height of the #MeToo movement, millions bravely came forward to share their stories, exposing harassment as an abuse of power,” Kotagal said. “The EEOC rose to the occasion by promulgating the guidance being rescinded today, which

strives to make workplaces safer for everyone.”

The EEOC received more than 35,000 harassment complaints in fiscal year 2024.

The agency updated its guidance on workplace harassment in April 2024 under President Joe Biden for the first time in 25 years following a 2020 Supreme Court ruling that gay, lesbian and transgender people are protected from employment discrimination. Lucas voted against the guidance at that time, citing her opposition to language warning employers against deliberately misgendering transgender employees or refusing them access to

bathrooms corresponding with their gender identity.

“It is neither harassment nor discrimination for a business to draw distinctions between the sexes in providing single-sex bathrooms or other similar facilities which implicate these significant privacy and safety interests,” Lucas wrote in a 2024 statement dissenting to the guidance.

The agency under Lucas’s leadership has been aggressively paring back protections for transgender workers, dropping lawsuits on their behalf as well as requiring heightened scrutiny for incoming complaints related to gender identity.

Workers’ groups have voiced strong opposition to removing the EEOC’s harassment guidance. Led by the National Women’s Law Center, more than 80 organizations signed a letter urging Lucas to preserve it.

A few dozen protesters clustered outside the EEOC building on Thursday morning before the meeting, holding signs demanding “hands off the EEOC” and waving flags bearing the blue-and-yellow equality logo for LGBTQ+ rights group Human Rights Campaign.

“The fact that they’re taking this majorly in-depth guidance that is so worker-centered and they’re just chucking it all is such a slap in the face,” said Kate Miceli, a protester who previously worked at the Women’s Bureau at the Department of Labor.

A group of 12 former EEOC and Department of Labor officials said withdrawing the whole document deprives “employers of a clear blueprint for creating and maintaining a harassment-free workplace and complying with anti-discrimination laws.”