01292026 BUSINESS

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN businesses are suffering “discomfort” because there is “no right of offset” between taxes due to the Government and outstanding bills it owes to them, a senior accountant is warning, adding that it is inflicting “a toll” on corporate cash flows.

Craig A. 'Tony' Gomez, the Baker Tilly Gomez accountant and managing partner, told Tribune Business that the absence of such a “provision”, which he said exists in many free market economies, means some companies face having to pay substantial sums in Business Licence fees, VAT, real property tax and other levies at the same time as the Government owes them significant monies.

Suggesting that this can inflict “significant damage to cash flow”, especially for small and medium-sized businesses, he called for there to be better “communication or linkages” between different ministries, agencies and departments so that the Bahamian private sector can offset, or net off, taxes they owe to the Public Treasury against sums due

of

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government’s proposed acquisition of Grand Bahama Power Company could “burden” Bahamian taxpayers with the financial cost of covering its losses unless the island expands to the necessary critical mass through populatipn and business growth.

Dillon Knowles, the Grand Bahama Chamber of Commerce president, responding to the Prime Minister’s disclosure that it is negotiating to buy GB Power warned that converting it “into a state-owned enterprise is not in the

BY ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

CAFÉ Johnny Canoe, the prominent Bahamian restaurant brand, has revealed it will close on this Saturday, January 31, just over four years after it re-opened during the latter stages of the COVID-19 pandemic.

The Baha Mar Boulevard-based establishment, in a post on its Facebook Post, confirmed its decision to shut down without going into the reasons why as it thanked customers for their support.

• Call to net-off due taxes against Gov’t payables

• Absence of inter-Gov’t linkages causes ‘damage’

• DIR: ‘Escalate’ if no query reply within five days

to them without compromising the Government’s own revenues.

Praising the “significant improvement” in the Business Licence filing process compared to when the current system was introduced two years ago, Mr Gomez also told this newspaper that “greater effort has to be made” by the Department of Inland Revenue to respond to, and resolve, taxpayer queries “on a timely basis”.

He added that, while the tax authority’s responsiveness has improved, “in a number of cases” there have still been delays in receiving answers to tax-related inquiries.

This, the Baker Tilly chief said, places companies in danger of missing VAT, Business Licence and other filing

long-term best interest of Grand Bahama”.

In a statement issued to Tribune Business, he argued that any government ownership would suffer from, and encounter, the challenges experienced by GB Power’s current owner, Canadian energy giant, Emera. This chiefly is the absence of a sufficiently large customer base over which GB Power can spread its infrastructure and operating costs and thus lower per subscriber bills.

Pointing out that Bahamas Power & Light’s (BPL) current business model results in New Providence

“After much thought, we want to share that Café Johnny Canoe will be closing as of January 31, 2026,” the notice said. “We are deeply grateful to our customers, neighbours and community for the support, memories and friendships over the years. Serving you has been an honour, and we thank you for making Café Johnny Canoe a special place. Please join us before January 31st as we celebrate our final days.”

Cafe Johnny Canoe first opened in 1992, but shut down in 200 after its

Thursday, January 29, 2026

deadlines, thus exposing them to potential fines and leaving them in an “uncomfortable position”.

Dexter Fernander, the Department of Inland Revenue’s operations manager, told Tribune Business that “the learning curve is increasing” with the number of challenges, complaints and difficulties encountered by companies in submitting this year’s Business Licence reurns having decreased compared to the prior two years.

With businesses, and their legal and accounting advisers, now seemingly more familiar with the process, he added that the tax authority has

Gov’t treating GB residents as ‘puppets’

over power firm deal

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government was yesterday accused of treating Grand Bahama residents as “puppets” by generating more questions than answers over its announced ambitions to acquire the island’s electricity monopoly. Darren Cooper, proprietor of D’s Car Rental and a well-known radio talk show, told Tribune Business that the Prime Minister’s disclosure of the memorandum of understanding (MoU)

with Emera, the Canadian energy giant that presently owns 100 percent of Grand Bahama Power Company, was premature given that no final, binding deal for an acquisition. Asserting that the press conference given by Philip Davis KC was akin to giving residents “false hope, and comparing it to last May’s announcement of the stillto-close Grand Lucayan deal with Concord Wilshire, he argued that the Government has failed to address “the full magnitude” of the

7th Annual Cancer Society Charity Golf Tournament tees of society’s 50th anniversary celebration

Charity golf tournament tees off Cancer Society’s 50th anniversary celebrations

The Cancer Society of

The Bahamas officially launched its 50th Anniversary year with the successful staging of its 7th Annual Charity Golf Tournament, held on Monday, January 12, 2026, in observance of the Majority Rule Holiday at Baha Mar’s Royal Blue Golf Course.

Hosting the Charity Golf Tournament on Majority Rule Day added special significance to the occasion, symbolizing unity, progress, and collective responsibility—values that closely align with the Cancer Society’s five decades of service to the nation.

This year’s tournament brought together 104 golfers; a record number for the event, corporate sponsors, partners, and supporters for a day of friendly competition and fellowship, all in support of the Society’s mission to provide care, education, and support to individuals and families affected by cancer throughout The Bahamas.

Participants took to the course early Monday morning, enjoying ideal weather conditions and a wellorganized event that reflected the strong partnerships and community spirit that have sustained the Cancer Society for five decades. Despite none of the golfers hitting a holein-one to win one of two brand new vehicles from Easy Car Sales and Nassau Motors, excitement filled the air as the tournament director, Phil Andrews and golfer Billy Holowesko, were both winners as they drove their golf balls into Jimmy’s Wines and Spirits’ Man in the Boat, securing prizes for one (1) year. Prizes were also awarded to the top-scoring teams, the players with the longest drives, and the winners of the raffle drawing, which took place after the tournament. Representatives of the Cancer Society noted that the 7th Annual Charity Golf Tournament marks the first official event of the Society’s 50th Anniversary celebrations, setting the tone for a year of reflection, gratitude, and renewed dedication

to the fight against cancer. “For five decades, we have been privileged to serve our communities, and events like this remind us that the fight against cancer is strengthened through partnership, generosity, and shared purpose.”

The golf tournament followed closely on the heels of another successful fundraising event, A Night at the Races, which was held on November 22, 2025. That event drew strong attendance and enthusiastic participation, further demonstrating the community’s continued commitment to the work of the Cancer Society. Together, the two events underscored the momentum building as the organization enters its milestone anniversary year.

“For 50 years, the Cancer Society of The Bahamas has been privileged to serve our communities,” the Society shared. “The success of events like A Night at the Races and our Charity Golf Tournament highlights the strength of our partnerships and the generosity of a community united in hope.”

The Cancer Society expressed sincere appreciation and heartfelt gratitude to its presenting sponsors, Colina Insurance and Odyssey Aviation, to its Bronze, Silver and Hole sponsors, Tournament Director and committee members, donors, volunteers, and participants whose ongoing support makes these events possible. Their contributions remain vital in ensuring the Society can continue providing compassionate care and critical services across The Bahamas.

As the Cancer Society embarks on its 50th year, the success of these fundraising events reflects not only past achievements, but also a strong foundation for the future.

The next event will be the Stride for Life Fun Run Walk scheduled for Saturday February 28 at 6am at Goodman’s Bay. We are proud to have CG Atlantic Group of Companies as Title Partnership and RBC Royal Bank as Partner of Commitment.

All proceeds from the events goes towards the expansion of the Cancer Caring Centre.

Crisis management vital for businesses to survive

SINGLE

Asocial media post can destroy a reputation built over decades. This is not hyperbole but the stark reality of conducting business in the digital age, where news travels at the speed of a thumb swipe and public opinion crystallises before facts fully emerge.

For Bahamian businesses, whether family-owned restaurants on Bay Street or established firms serving the financial sector, the question is no longer whether a crisis will occur but when, and whether the business will survive its aftermath.

The digital landscape has fundamentally altered the nature of business crises.

A customer complaint that once might have reached a dozen people through word of mouth now reaches thousands within hours through Facebook, Instagram or online review platforms.

A disgruntled employee's allegations, a product

KEITH

OYE II

failure or even a misunderstood social media post can escalate from minor irritation to existential threat before business owners finish their morning coffee. The traditional luxury of crafting careful responses over days has evaporated, replaced by the expectation of immediate, transparent communication.

Recent hurricanes have taught Bahamian businesses harsh lessons about crisis preparedness. Those with established communication plans maintained customer relationships and protected revenue streams even while operations were disrupted. Those without plans lost not just immediate business but long-term credibility. Yet natural disasters represent only one category of crisis. Digital age businesses face data breaches, employee misconduct, public relations disasters, supplier failures and dozens of other scenarios that demand swift, co-ordinated responses.

The foundation of effective crisis communication begins long before any crisis occurs. Businesses must identify potential vulnerabilities specific to their operations. A hotel faces different risks than a law firm, which faces different risks than a retail store. Establishing

clear chains of command proves equally critical. During a crisis, confusion about decision-making authority compounds the original problem. Who speaks for the company? Who approves public statements? Who monitors social media? A Nassau-based business discovered this gap when an employee posted an unauthorised response to online criticism that escalated rather than resolved the situation. Contact lists represent another essential element often overlooked until urgently needed. Businesses should maintain updated information for employees, key customers, suppliers, media contacts, legal counsel and relevant government agencies. During Hurricane Dorian, businesses with comprehensive contact lists could inform stakeholders quickly about closures and recovery timelines. Those

RESOLUTION - See Page B7

Bahama with a more than 90 percent increase in 2025 compared to 2024, and a more than 100 percent increase over pre-pandemic arrivals in 2019.” No figures were provided.

PM: No contradicton with Emera on GB Power deal

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE PRIME Minister yesterday asserted that his announcement of the Government’s planned purchase of Grand Bahama Power Company does not “contradict” executives from the utility and its owner, Canadian energy giant Emera. Responding to criticism from the Opposition that statements by Emera and GB Power executives appears to contradict his disclosure that a deal is close to completion, Philip Davis KC clarified that he never said it was finalisedand instead indicated that closing will take 60 to 90 days.

He added that the letter to GB Power staff from Dave McGregor, Emera’s Caribbean chief, reflected the company’s preference on the timing of the announcement and was not in disagreement with his comments.

“Emera’s note does not contradict anything that I said. Their concern was, in their view, I ought to have waited until they would have told their staff about the arrangements. They wished to have done it. That's what that note is about,” said Mr Davis.

residents frustrated and weary. He also suggested there may be a discrepancy between the Government’s statements and Emera’s position on the GB Power deal.

“The Government continues to fail the people of Grand Bahama. They continue to make promises to the people of Grand Bahama, and they are simply tired. The letter from Emera seems to be in contrast with what the Prime Minister had expressed yesterday; that there is a deal complete,” said Mr Davis. In his address on the Government’s plans to revive Grand Bahama’s economy, Mr Davis said it has entered into a memorandum of understanding (MoU) with Emera to potentially give it control of GB Power for the first time since the Hawksbill Creek Agreement was signed in 1955.

However, in a letter, Mr McGregor said discussions with the Bahamian government were ongoing and stressed that any transaction remains unfinished. He said the company had preferred to complete any deal before public disclosure and advised employees there is “no final agreement”.

BY FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

THE DEPUTY Prime Minister yesterday pointed to a late-year rebound amid 2025’s 1.6 percent stopover visitor decline as he hailed a new annual total arrivals record of 12.5m visitors representing an 11.4 percent surge over 2024.

Chester Cooper, also minister of tourism, investments and aviation, told the House of Assembly that cruise passenger numbers grew by 14 percent yearover-year while stopover arrivals declined slightly, ending 2025 some 1.6 percent below 2024 levels.

He said both segments are critical to the tourism product, adding that cruise arrivals drive volume and overall activity, while stopover visitors deliver greater economic value per traveller.

“Sea arrivals exceeded 10.6m visitors, representing a 14 percent increase yearover-year and nearly double 2019 levels. That success

reflects years of relationship building with our cruise partners, improved product, improved port operations and new infrastructure across our destination,” said Mr Cooper.

“But while cruise is a volume engine, stopover is a value engine, and both matter. Air arrivals, for their part, were resilient amid disruption, with nearly 1.7m foreign air visitors, slightly 1.6 percent behind 2024.”

Mr Cooper said stopover arrivals strengthened toward the end of the year, rising by 1.1 percent in December compared to 2024 numbers despite weather-related disruptions and ongoing geopolitical challenges.

“We note late-year positive momentum included year-over-year growth in the month of December of 1.1 percent notwithstanding weather constraints, global aviation constraints and geopolitical issues,” said Mr Cooper.

“But I will also put in context what the same figures show: Stopovers in 2025 remained above 2019

Contact Mr. Sean McCarroll 359-2957

Email: sean@mccarrollrealestate.com

levels, 1,821,076 compared to 1,806,908.”

Mr Cooper added that Grand Bahama total tourist arrivals exceeded one million persons as air arrivals rose 20 percent from 2024 while sea arrivals surged more than 90 percent yearover-year. The latter figure was driven by the opening of Carnival’s Celebration Key destination in July, which was not present in 2024, while the increases must be measured against a very low starting base.

“For the first time in more than 22 years, Grand Bahama arrivals have eclipsed one million, reaching 1.1m through December 2025,” said Mr Cooper,

“In fact, air arrivals to Grand Bahama were up 20 percent in 2025 compared to 2024, and more than 30 percent over pre-pandemic levels in 2019. Sea arrivals have exploded in Grand

Mr Cooper added that Canada has emerged as a key market for tourism, now representing 7 percent of all stopover arrivals in 2025, a trend he expects to continue.

“The Ministry’s statistical review notes plainly that, by December year-to-date 2025, stopover arrivals from Canada outperformed 2024 and surpassed 2019 with the launch of flights by Porter Airlines and increased airlift by WestJet and Air Canada,” said Mr Cooper.

“That is what marketing return on investment looks like. It’s airlift, it is route development, it is sustained engagement, and it’s a serious market delivering real business and real results. Canada now accounts for 7 percent of stopover business in 2025 and we anticipate that this momentum will continue, in line with our strategy.”

“And if you follow what I said, look at exactly what I said. There's no contradiction. And even when I was asked by reporters when will the deal be completed, I indicated, and it's in the newspaper as well, that will be anywhere from 60 to 90 days for final completion. So, where’s the contradiction?”

Mr Davis added that Opposition MPs should be grateful his administration is actively taking steps to help the people of Grand Bahama. “We are doing something, and at least give credit for the efforts that we're doing to bring relief to the people in Grand Bahama; something that y’all did not do. Don't even lift a finger to do,” he said. Mr. Davis’ comments came as FNM deputy leader, Shanendon Cartwright, accused the Government of failing to deliver on its promises to the people of Grand Bahama, leaving

“While the discussions are active and have been productive, there is no final agreement at this time,” said Mr McGregor. “Firstly, I want to acknowledge that hearing this via a press conference from the Prime Minister is far from ideal for our valued employees.

“Our overwhelming preference was to ensure we could complete a transaction before any information was shared, but the Prime Minister felt the news could not wait.

“Please know we are working closely with the management team on next steps and, as discussions continue, we promise to keep you informed of any significant progress or final decision,” Mr McGregor added.

“I know that a potential change of ownership can feel unnerving and potentially distracting. I urge you to put safety first as you always do. Keep your mind on task, be mindful of your co-workers and continue to focus on delivering for our customers.”

MSC reveals Ocean

Cay’s new expansion

MEDITERRANEAN

Shipping Company’s (MSC) cruise ship division yesterday unveiled further upgrades to its Ocean Cay private island that include an extended pier able to dock two vessels at the same time.

MSC Cruises, in a statement, said the improvements to Ocean Cay MSC Marine Reserve also incude new guest facilities and experiences with completion of the project expected in late 2027. It added that the expansion will significantly increase cruise calls and bring more visitors to The Bahamas.

The cruise company pledged that construction will generate both direct and indirect employment, creating opportunities for Bahamian contractors, suppliers and service providers. It added that the

increased cruise calls and expanded island operations are expected to drive sustained job creation and broader economic benefits for Bmini and other nearby communities.

Pierfrancesco Vago, executive chairman for MSC Cruises, said, “The next phase of Ocean Cay’s development represents a further investment in the island and will see the creation of a second island, deliver enhanced infrastructure and increased berth capacity, unlocking significant economic opportunities.

“During construction, numerous direct and indirect jobs will be generated, offering substantial opportunities for Bahamian contractors and entrepreneurs. Once completed, staffing on the island will triple, boosting employment and further expanding

prospects for local businesses and communities.

“Ocean Cay stands as a powerful example of what can be achieved through long-term vision and partnership that saw the transformation of the island into a world-class ocean conservation destination and international tourism asset for The Bahamas.”

MSC Cruises said that, since opening in 2019, Ocean Cay has become an important part of its Caribbean voyage schedules and a growing contributor to the Bahamian cruise economy.

Once an abandoned industrial site used for aragonite mining, MSC Cruises said the island has been transformed into a thriving marine reserve and destination, reflecting its long-term commitment to environmental restoration and sustainable tourism

development in partnership with The Bahamas.

Ocean Cay is home to the MSC Foundation’s Super Coral Programme, an initiative dedicated to restoring coral reefs in The Bahamas.

SEAKERS COVE FAMILY BEACH

Through the Marine Conservation Centre on Ocean Cay, the MSC Foundation is partnering with the University of The Bahamas and Bahamas Agricultural and Marine Science Institute

(BAMSI) to support marine science education by providing scholarships and internships that give Bahamian students training and real-world research experience.

Atlantis names new chief for Cove and Reef resorts

ATLANTIS has named Saurabh Mishra as senior vice-president and general manager for its Cove and The Reef properties.

The Paradise Island mega resortl, in a statement, said Mr Mishra brings more than 20 years of leadership in high-end hospitality to his position. It added that he will focus on elevating guest experiences, and enhancing service and operational performance, fostering team development and driving sustained performance.

Mr Mishra arrives in The Bahamas from Galaxy Macau, where he served for more than six years as assistant senior vice-president of hotel operations. He headed properties including the 1,450-key Galaxy Hotel and the 450-key, all-suite Raffles Macau, achieving Forbes Five-Star recognition for the latter in its first year.

During his time at Galaxy Macau, Mr Mishra earned two promotions and secured the first Forbes ‘five-star’ rating in the company’s 12-year history for the Galaxy Hotel.

SAURABH MISHRA

“Saurabh is an exceptional hospitality leader whose global experience brings both strategic perspective and operational strength to Atlantis Paradise Island,” said Audrey Oswell, Atlantis president and managing director.

“He has a demonstrated ability to inspire teams, drive brand and service standards, and will lead The Cove and The Reef through their next chapter of luxury growth and customer service excellence.”

Mr Mishra holds an executive MBA in global business management from the Indian

Institute of Management (IIM-Calcutta), and a bachelor’s degree in tourism and hospitality from Utkal University. He has been recognised with industry honours, including Travel + Leisure Luxury Awards Asia Pacific’s best hotel general manager in Macau (2023 and 2024) and finalist for the Stelliers Hotelier Awards hotel general manager of the year (2022).

“It is a profound honor to join the exceptional team at Atlantis Paradise Island and to lead The Cove and The Reef -- two extraordinary sanctuaries that represent the highest expression of luxury, serenity and discovery,” said Mr Mishra.

“Atlantis Paradise Island is more than a destination. It is a place where wonder, imagination and world class hospitality come together to create experiences that stay with guests for a lifetime. I am inspired by the iconic legacy of Atlantis and look forward to contributing to the continued evolution and enduring success of this remarkable resort.”

Taxi drivers ‘soundly reject’ Uber approach

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

TAXI drivers have “soundly rejected” an approach from an Uber representative about launching ride share options in The Bahamas, their union president revealed yesterday.

Tyrone Butler, the Bahamas Taxi Cab Union (BTCU) chief, said: “We have any number of things in place. We have a lot of taxi drivers that have created apps for persons who want to do something similar. So we are providing that service that normally rideshare would provide meaning, if you want a cab service or ride, you can go on one of these apps.

“We have a number of them that's available. So, that's something. We're open to that, but we've been approached by Uber, and it's not something that was welcome. We entertain it, but it's not something

that people are open to at this time.

“We were approached by a representative late last year. We had a number of meetings with them. We presented the information to our members. It was soundly rejected, and there seems to be no interest in collaborating with the Uber company because Uber was willing to use the services of taxi drivers,” Mr Butler added.

“And even that, our members didn't find favour with that. So I think the majority of persons who drive in the public service sector are comfortable with where they are at, and they believe that they have the ability to offer whatever service the locals want.”

Taxi fares are regulated by the Government, as opposed to rideshare options, Mr Butler said, noting that persons tend to believe rideshare would mean cheaper prices.  “The issue with locals taking transportation is a

lot of it has to do with people's perception of pricing,” he said. “And a lot of people seem to think that because you get a ride share, in most cases it's cheaper because the person who's doing that ride share, they don't have to carry any liability. And for them, anything, even if it's $10, that's more than perhaps what they would have got.

“But the taxi fares are regulated by the Government. They set the rate. Not the taxi driver. The only thing the taxi driver can add on is if you do additional stops or you add additional persons. Then you pay additional fares. But our affairs are basically set by the Government, and it's not something that we make up.

“Now you may hear a lot of complaints about people complaining about taxi fares. We can't accept that as being factual because we're operating in an environment where there's a lot of livery, and a lot of persons who represent

themselves to be taxis. And we've seen a lot of that. You go downtown, you see any number of people in selfdrive cars picking up tours.”

Mr Butler said the union is still battling with livery drivers, and properties including Atlantis and Lynden Pindling International Airport (LPIA), but noted it is “going to have to do what we got to do” to address matters. He added that while he has presented a list of grievances to the Office of the Prime Minister weeks ago, he has not received a response.

“But while I'm talking, I also want to say that we recently had a meeting with the president of the congress, Mr [Obie] Ferguson, and the rest of the colleagues at the Prime Minister’s Office some weeks ago, and we gave them a number of issues that we felt were outstanding for us, and we haven't heard anything back on that,” he said.

“And that's very disheartening to know that you speak with the nation's leader, and he gives you his word in a meeting and you still don't see any results. So I'm highly disappointed, but we're going to press on because I think the frustration is starting to boil again for us. And we're looking forward to doing what we need to do, because some of these properties rearing their ugly heads, particularly Atlantis and the airport. So we're going to have to do what we got to do.

Cabinet approves overtime payment for PHA workers

BY ANNELIA NIXON Tribune Business Reporter

THE Davis administration’s Cabinet has approved the payment of outstanding overtime owed to Public Hospitals Authority (PHA) staff for December 2025, the hospital operator has confirmed.

The PHA, in a memorandum issued on Tuesday, said that while overtime payments had been approved it is “working to finalise and determine the appropriate process and method to facilitate these payments, while ensuring that there is no disruption to the regular payroll process”.

“It is anticipated that the overtime payment will be completed by the end of next week or, at the latest, during the following week,”

the PHA said.. “Further updates will be provided as this process progresses.”

Some nurses, though, are alleging that they have yet to receive their holiday pay either.

Muriel Lightbourn, the Bahamas Nurses Union president, said there are major concerns over compensation for her members with overtime not having been paid since October laat year.

“I would say that there's major issues with our union, our members in terms of compensationb- our nurses being compensated. And amazingly, so not just with this issue that came up with the nurses not being paid, or employees at PHA not being paid for their overtime that they would have worked, and the policies that they're now creating for the overtime - paying

overtime as of January, this month-end,” she added.

“But there's some issues where we've had nurses also in the Ministry of Health and Wellness, who have worked overtime from October and still not been paid yet. They've had nurses who have had monies deducted from their salaries from June, some up to $600, from June, and still aren’t being told why that money was taken from their salaries. I really need to have the conference on Friday, and you'll be there. I will explain it, because I do not want to take away from my colleagues and their issues.”

Ms Lightbourn told Trib-

une Business she is in the process of collecting more information before she speaks further, but understands some persons have received their holiday pay while others have not.

She added that Dr Michael Darville, minister of health and wellness, needs “to be in touch with your people”, as she spoke to his recent comments that exhaustion of the PHA’s overtime budget was brought to his attention just days before it was due to be paid.

“You know how I felt about that,” she said. “Hearing the minister say something like that is you

really need to be in touch with your people. He needs to be in touch with what is going on in healthcare. Healthcare in this country, to me, is not getting any better. And while he is so concerned about signing off on this new hospital, what we have in our hands, it's crumbling. It is breaking down.

“You are not just working in an environment that is not conducive for working. And our nurses and healthcare workers, they continue to go and they continue to press. And he's not, to me, he's not doing anything to improve it.

“I've spoken to Dr Darville. He knows how I feel.

Mr Butler added: “With Atlantis and the airport, the issue has always been the harbouring of livery franchises in the same space as taxis. And that's been a challenge for us, and it will continue to be a challenge, and we will continue to press on with that fight. So Atlantis is the only property outside of the airport.

“Those are the only two properties where these liveries seem to find space to operate. And when we spoke to the Prime Minister, he was well aware, and he agreed that they ought not be operating in that fashion. He gave us some assurance that he was going to address the matter, and to date, we haven't gotten any redress on that.

“They haven't improved. And, in some cases, it's gotten a bit worse. And what we didn't want to do is have a disruption in the industry during the holiday season. Now the holiday season is behind us we think it's time for us to get back to the table and see if we can resolve some of these issues. But we wanted everybody to have a good holiday season. That's now, as I said, behind us, but we're going to do what we have to do as an organisation. And I trust the leadership of our president, brother Ferguson and the rest of the colleagues here.”

I don't mince on words with him, because when you look at the hospitals and our clinics, look at the people who go there. They could fly away when they have the flu. They could go away for the flu and then come and tell the public that, oh, they went out to be treated for influenza. Influenza, wow.

“That's in the ghetto; that's the flu. That's what you're going for. We don't have persons who do that. We have people sitting in hospitals every day for long periods. You could imagine your grandmother, a 90 year-old woman sitting in a wheelchair for 24 hours to see a doctor and you talking about you…”

Tax authority: ‘Learning curve has increased’ over returns

expanded the capacity of its online filing portal to accept returns from an estimated 55,000-58,000 Business Licence filers.

And, cautioning companies to make sure they send electronic queries to the correct category on the Department of Inland Revenue’s website, Mr Fernander urged the Bahamian private sector to “escalate” their inquiries to the agency if no reply is received within five days.

The January 31 deadline by which Bahamian companies must submit their actual 2025 turnovers and Business Licence fee calculations, and estimated fees and turnover for 2026, is now just two days away and Mr Gomez said that, for the private sector, “one or two issues remain”.

In particular, he said that while companies may owe ‘X’ amount in Business Licence fees, which do not have to be paid until March 31, the Government in turn could owe them tax credits, VAT refunds and for goods and services they have supplied to it - or a combination of these.

“There are balances outstanding and owing to

these business houses,” Mr Gomez explained. “The question arises: If I owe you and you owe me, why can’t we have the right of offset?

This is not unusual in free market economies, but it seems there is no provision for a right of offset and, as a result, there’s significant damage to cash flow at a number of businesses where they have to pay significant VAT or Business Licence fees even though their accounts receivables reflect a significant baance owed from the Government.

“That is causing some discomfort in a number of business houses. In fairness to, perhaps, one agency versus another agency, my Business Licence and VAT accounts are with the Department of Inland Revenue and Ministry of Finance, but my revenue generation entity [that owes a business money] could be the Ministry of Works.

“It could be at Customs, the dock or the airport, but why is there no communication or linkage between the various departments? It would just make life a bit easier,” Mr Gomez added. “While it may not be a significant profig measure for many businesses, their performance may be

Restaurant closing just over four years after re-opening

CLOSURE - from page B1

15-year run ended due to the demolition of the former Nassau Beach Resort and surrounding properties to make way for construction of the Baha Mar mega resort. A new restaurant with a similar name, Naughty Johnny’s,

located in the Old Fort Bay Town Centre, opened at the same time with Mike Pikramanos, its owner, explaining that the new location was a way to “be able to continue the legacy”.

“We’re just trying to bring it back a bit, trying to elevate it a bit, food wise, make it a little different and more funny,” he added

benchmarked on a cash flow basis.

“If they have a significant amount owed by a government agency, and a significant amount owed to them by the Department of Inland Revenue, for example, you can imagine the toll that takes. This does not necessarily fall at the feet of large business houses; it could be small businesses and not-so-big businesses and not-so-small business houses.

“The larger businesses are better able to withstand the strain of these kinds of events, but for medium-sized and small businesses they cannot withstand it so well unless their bankers are tremdendously kind to them to allow them to operate on overdraft facilities.”

Despite what he described as “significant improvements” to the Business Licence fee filing process, and the Department of Inland Revenue’s online portal, Mr Gomez added that “first and foremost” among other corporate concerns is the ability to obtain timely responses to tax-related queries so that they can ensure filings and payments

at the time. “Everywhere I went people spoke about it, and as much as they talked about it, I said let’s bring it back and make it more interesting. We’re getting good reviews, good reaction.”

Years later, during the COVID-19 pandemic, Cafe Johnny Canoe was revived and re-opened on Baha Mar Boulevard after a $1.5m investment. The reopening was set, and the lease signed, just as COVID-19 hit the country but plans

ESTATE OF MICKY DARRIN PINDER

TAKE NOTICE that anyone having a claim against the Estate of MICKY DARRIN PINDER late of Leo Pinder Main Street, Spanish Wells, St. George’s Cay, Bahamas, who died on the 14th day of February, 2025, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 13th February, A.D., 2026.

ESTATE OF KEITH ALEXANDER BISHOP

TAKE NOTICE that anyone having a claim against the Estate of KEITH ALEXANDER BISHOP late of Palmetto Point, Eleuthera, Bahamas, who died on the 30th day of June, 2025, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 13th February, A.D., 2026.

are correct, meet deadlines and thus avoid sanctions.

“In any reporting system, particularly in the tax environment, there are sundry questions of qualification and classification - which items qualify and do not qualify [to be taxed],” Mr Gomez told Tribune Business. “Equally, if you are not a traditional business or the likes of a convenience store, there are always over tax reportable items.

“There are often too many unanswered opinions or queries that go unanswered on a timely basis. Some items attract VAT, some do not. Some attract the traditional Business Licence rates, some may have to be considered by the relevant authorities as to how they are defined.

“A number of business houses have these unanswered questions, and eventually some d get a bit frustrated in that they are not getting timely responses to enable them to be timely tax contributors. Those business persons are not looking to avoid paying Business Licence or VAT. They want to make sure their interpretation of the law, the Business Licence Act and regulations, is consistent with the law.”

Mr Gomez added:

“Unfortunately, if they are to make the appropriate deadlines, timelines they need to have their concerns addressed and, in a number of cases, that’s not

happening. So the taxpayer is uncomfortable as the deadline approaches.

“I must say that the Department of Inland Revenue and Ministry of Finance have been responsive, and I feel like they have accommodated in very many instances, but if you give me an extension and I still don’t get an answer at the end of the extensiion timeline, what am I supposed to do? Greater effort has to be made to ensure issues are resolved on a timely basis.”

Mr Fernander, though, told Tribune Business that the Department of Inland Revenue stands “ready”, and is doing its best, to answer all taxpayer queries as swiftly as possible. “We haven’t had any challenges so far,” he said of the Business Licence filings. “I have not reviewed the system to see what the level of filings is, but the majority have not complained about the process.

“The learning curve is increasing and improving. Individuals are definitely now used to the Business Licence actuals and Business Licence estimates, and are filing both. Individuals used to forget one and file the other. The learning curve has increased.”

Encouraging companies to submit preliminary figures by January 31, and request a deadline if their accountant needed more time to verify and certify

the numbers, Mr Fernander urged filers to make sure those doing the attestation - for firms with annual turnovers between $250,000 and $5m - are on the Bahamas Institute of Chartered Accountants (BICA) approved list.

“We’re here ready to address concerns,” he added. “We’ve increased the capacity of the page. A lot of people have not sent in a PDF; they’ve sent a compressed Zip drive. Some accountants have sent them with a security code, which we’re fine with….

“We have met with the [portal] developer to make sure the queries are not going into the general area. We’re asking people to place queries in the correct category. If you don’t select the category they go into ‘general’. If you pick ‘VAT’, they will go into the VAT area.

“We’re asking the public to take their time, and are trying as best as possible to address these concerns. If you don’t see signs of a response within five days ask them to escalate it further so that we can see it through.” Mr Fernander also urged accountants and attorneys to make sure they submit their client’s taxpayer identification number (TIN), rather than their own, otherwise filings will not show up on their client’s account.

continued to revive the restaurant. It was reported that the project was delayed due to the shutdowns associated with COVID-19 as construction had just started. Though the pandemic marked a period of economic uncertainty, it was

reported that business was strong for the restaurant.  Tribune Business visited Johnny Canoe yesterday to speak with Mr Pikramanos regarding its closure. While he was not present at the restaurant, this newspaper attempted to reach him by leaving a message and contact information with a manager. The manager said she would contact the owners of the restaurant to pass on the message, but Tribune Business did not hear back before press time.

ESTATE OF PAULA MARIA WARD a.k.a. PAULA JONES-WARD a.k.a. PAULA MARIA JONES late of Winton Meadows, Nassau, Bahamas

TAKE NOTICE that anyone having a claim against the Estate of PAULA MARIA WARD a.k.a PAULA JONES-WARD a.k.a PAULA MARIA JONES late of Winton Meadows, Nassau, Bahamas, who died on the 6th day of May, 2020, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 13th February, A.D., 2026.

GBPA: GB Power ownership change needs our approvals

PURCHASE - from page B1

subsidising the Family Islands, and keeping rates and tariffs there “artificially” lower than they ought to be, Mr Knowles said that in contrast GB Power - as a privately-owned entity - must recover all operating and capital improvement costs through its rates.

However, with Philip Davis KC suggesting that the Government’s proposed purchase of GB Power would result in “universal” electricity rates applying across The Bahamas, the GB Chamber president warned that this could push the Grand Bahama utility into losses that would have to ultimately covered by the taxpayer.

“The Government justifies acquiring GB Power on the basis that electricity prices on Grand Bahama are higher than elsewhere in The Bahamas. However, this comparison ignores economies of scale. Electricity costs in smaller markets across the Family Islands are comparable to Grand Bahama, while New Providence benefits from significantly lower costs due to its size,” Mr Knowles said.

“BPL’s rates are standardised nationwide, meaning New Providence subsidises smaller islands. As a result, Family Island rates are artificially low and would likely exceed Grand Bahama’s if priced independently. In addition, BPL operates as a state-owned enterprise (SOE) and is effectively subsidised by taxpayers, including those in Grand Bahama.

“Its debt now exceeds $500m and is unsustainable, forcing the Government to privatise parts of BPL to address financial and reliability failures. GB Power, as a private entity, does not have the option of operating at a loss. It must recover all costs through rates. Recent hurricanes damaged generation capacity, forcing reliance on expensive rental generators,” he added.

“A $50m system overhaul and government-mandated solar expansion is needed, but cannot be justified without growth in demand. Neither Emera nor the Government can reasonably absorb this cost without losses or price increases. Government acquisition would simply align Grand Bahama’s rates with the rest of the country by shifting losses on to taxpayers.”

Single social media post can destroy reputation

RESOLUTION - from page B3

scrambling to compile lists in the midst of crisis found themselves multiple steps behind throughout the recovery process.

Pre-drafted message templates provide crucial head starts when every minute matters. While specific details will vary, the basic structure remains consistent: Acknowledge the situation, express appropriate concern, explain what is known, outline actions being taken, and indicate when further updates will be provided. Having these frameworks prepared allows businesses to customise and deploy responses rapidly rather than starting from blank pages while pressure mounts.

Social media monitoring has become non-negotiable for crisis preparedness. Businesses must actively track mentions, reviews and conversations about their operations. Many crises announce themselves through rising numbers of complaints online before reaching traditional channels. Early detection allows early intervention, often preventing minor issues from becoming major crises. Several free and low-cost tools enable even small Bahamian businesses to monitor their digital presence effectively. Transparency and honesty form the bedrock of effective crisis communication. The temptation to minimise problems or delay disclosure often proves overwhelming, yet these approaches consistently backfire in the digital age. Customers and stakeholders generally respond well to honest acknowledgment of problems coupled with

genuine efforts to address them. The local businesses that maintain loyal customer bases through various crises were invariably those that communicated openly and took visible corrective action.

Speed matters, but accuracy matters more. The pressure to respond immediately can lead to premature statements requiring later correction. A better approach involves quickly acknowledging awareness of the situation, and committing to provide detailed information within a specific timeframe. This buys space for fact-gathering while demonstrating responsiveness. Different stakeholders require different communication approaches. Employees need internal briefings, customers need reassurance, media requires factual statements, and regulators may need formal notifications. The recovery phase deserves equal attention to the immediate crisis response. After addressing the urgent situation, businesses must communicate what they learned, what changes they are implementing, and how they will prevent recurrence. This follow-through demonstrates seriousness and helps rebuild trust. Customers are remarkably forgiving of businesses that handle crises well but unforgiving of those that learn nothing from them.

For small Bahamian businesses operating with limited resources, crisis communication planning might seem like a luxury reserved for larger enterprises. The opposite is true. Small businesses have fewer resources to absorb reputational damage and cannot afford the customer loss that poor

Taxis to renew Livery battle

DRIVE - from page B5

“So that’s something that we will continue to fight. And, as I said, we are frustrated now with the whole process. But we’ve given every opportunity to the Government and to those properties to try and correct the situation and, to this date, we haven’t found any reasonable solution.”

Mr Knowles continued: “This does not solve the underlying problem, nor does it improve long-term reliability. In fact, it risks reducing Grand Bahama’s relatively strong reliability to the national average, which experiences frequent outages. Governments do not run businesses better than private investors. The real solution is increased demand.

“Grand Bahama needs population growth and economic investment to achieve the scale necessary for lower electricity costs. That requires Government and the Grand Bahama Port Authority (GBPA) to collaboratively reform the regulatory environment and attract export-driven industries and skilled workers. Anything else is a shortterm measure that cannot be sustained. Turning GB Power into a state-owned enterprise is not in the longterm best interest of Grand Bahama.”

Mr Knowles told Tribune Business subsequently that all businesses catering to the local, domestic market, including GB Power, require Grand Bahama’s economy and population size to grow. “Those in the domestic market need more customers, need more

crisis management brings. A basic plan requires more time than money, and can be developed internally without expensive consultants. Testing crisis plans through simulations reveals gaps and builds confidence. Simply walking through a hypothetical scenario and discussing responses provides valuable preparation. The digital age has made crisis communication planning essential for business survival. For Bahamian enterprises navigating an increasingly connected and transparent marketplace, a crisis communication plan represents not paranoia but prudence. The question facing every business owner is simple: Will you develop your plan during calm times or discover its absence during chaos?

• NB: About Keith Keith Roye II is a highly analytic and solutions-driven professional with extensive experience in software development. He holds a BSc in computer science and his career includes leading and delivering global software projects in various industries in The Bahamas and the US.

demand. There’s no way to bring down prices without it,” he said.

Several observers yesterday suggested the fact that an “option” exists for the Government to potentially acquire GB Power signals that Emera may be looking to divest and sale the utility, raising questions about how much it is willing to invest in capital improvements to network infrastructure.

The Grand Bahama Port Authority (GBPA), meanwhile, said that as GB Power’s regulator any change in ownership would require its approval and consent. This comes as it awaits the imminent decision in its $357m arbitration dispute with the Government, and the ongoing Supreme Court battle over whether itself or the Utilities Regulation and Competition Authority (URCA) is the supervisory authority for utilities in Freeport, and if it is the Hawksbill Creek Agreement or Electricity Act that holds sway.

“As the regulator, GBPA notes that any transaction involving a change in ownership or control of GB Power would require the consent of GBPA,” Freeport’s quasi-governmental authority said. “GBPA is not aware of any finalised agreement or confirmed sale of the Grand Bahama Power Company.

“Emera has confirmed to GBPA that discussions with

the Government remain preliminary in nature and have not progressed to any concluded or binding arrangement. GBPA has been further advised by Emera that it will be informed should any substantive developments arise.

“At present, it is business as usual, with GB Power continuing its focus on the safe, reliable and efficient delivery of electricity services to Grand Bahama.

GBPA remains focused on its mandate to ensure that residents and businesses across the island have access to reliable power at an affordable cost.”

Meanwhile, Kwasi Thompson, the Opposition’s finance spokesman, demanded that the Government disclose the memorandum of understanding (MoU) that sets out the path and framework for it to potentially acquire GB Power so that Bahamians know what is involved.

“An MoU is not an agreement; it is a starting point,” the east Grand Bahama MP told the House of Assembly.

“At this stage, the Government has not provided us with the critical details required to properly assess the proposal. Do they even know these details? Is it proposed that the Government will be purchasing all the assets belonging to the Power Company?

“Will the Government be responsible for the maintenance and upgrade

of these assets? What are the financing arrangements underpinning the transaction, or the extent of the public resources that may be committed? Who will manage the company? What is the capital investment, particularly on maintenance, system upgrades, and how will operational costs be funded, or how these decisions will ultimately affect electricity rates for consumers in Grand Bahama?

“The Prime Minister has spoken of government control of the power company, yet at the same time BPL across the country is moving in the direction of less government control. How will GB Power fit in the overall energy plan for The Bahamas?” Mr Thompson said, asking what other “options” there were besides a government purchase.

“The Government has seen fit to make the announcement, so tell the whole story. The Opposition therefore calls on the Government to table the MoU, let the Bahamas properly evaluate it, and disclose your plans for the proposed structure, financing, ownership, management responsibilities and implementation timetable, so that this initiative can be evaluated openly, responsibly and in the best interests of the people of Grand Bahama and The Bahamas as a whole.”

Mr Butler claimed livery drivers, for the most part, hang around the Atlantis property and are given jobs by the bellman or the doorman. “It’s the same thing at the airport. In fact, it’s worse at the airport, because at the airport there’s a hustle where you have the taxi drivers who’s standing there waiting for the fare, and the livery drivers are hustling the people away,” he added.

GB Power chief: ‘No final agreement’ set

problems besetting Grand Bahama and branded the Power Company announcement as “a political stunt”.

“I would say, as a Grand Bahamian, that I think the Government continues to use us as puppets because you have not finalised the agreement,” Mr Cooper told this newspaper of the Emera MoU for GB Power.

“You have announced something that is in the preliminary stages which, for me as a Grand Bahamian brings scepticism.

“That you would prematurely announce something and to see the response

from Dave McGregor who responds for Emera and GB Power refuting what was said. The Govenrment did not see the need to give us details of what is required. False hope is something that may not happen like the Grand Lucayan.

“If the Government acquires GB Power, what is the price they are buying it at and the Bahamian people will have to pay? Who are going to be the partners?

There are so many unanswered questions just like they did with the Grand Lucayan sale,” Mr Cooper added.

“They left us to speculate and try to pull the

answers out of the Government that the Government came to Grand Bahama to give. Unacceptable…. This announcement of taking ownership of GB Power is a political stunt because there was nothing meaningful or helpful to guide us on the next way forward for Grand Bahama. The press conference was a waste of time and the people’s money at our expense.”

Dave McGregor, Caribbean chief operating officer for Emera, GB Power's 100 percent owner, in a letter to the utility’s staff issued within hours of Mr Davis announcement, made clear that both local and Bahamian management were blindsided and caught unawares by the Prime Minister’s disclosure.

He indicated that, from Emera and GB Power’s perspective, Mr Davis’ address was premature becausewhile there is “a possible option” for the Government to acquire the utility - “no final agreement” has been reached or sealed.

The Prime Minister, who signalled that, in the Government’s eyes the purchase is due to close in 60-90 days, yesterday insisted in the House of Assembly that the GB Power deal will be completed. However, that will require agreement from Emera, which is unlikely to be happy that Mr Davis effectively ‘jumped the gun’ because it is a publicly-traded company listed in both Canada and the US.

“I realise this news came as a surprise,” Mr McGregor told GB Power staff. “I want to acknowledge

that hearing this via a press conference from the Prime Minister is far from ideal for our valued employees. Our overwhelming preference was to ensure we could complete a transaction before any information was shared, but the Prime Minister felt the news could not wait.”

This signals that Mr Davis likely wanted to make a major announcement to potentially distract attention from the lack of detail provided on progress in closing the Grand Lucayan deal. Mr McGregor said Emera and the Government have “mutual goals” over ensuring Grand Bahama has access to reliable electricity that is affordable.

“This has always been Emera’s priority, and we have indeed been in discussions with the Government on how best to accomplish this together,” he added. “This does include a possible option for the Government to purchase the Grand Bahama Power Company.

“While the discussions are active and have been productive, there is no final agreement at this time.” Mr McGregor acknowledged that “a potential change of ownership can feel unnerving and potentially distracting”, and urged GB Power staff to focus on safety, their customers and doing their jobs.

Mr McGregor declined to comment further in a messaged reply to Tribune Business, and Emera’s own statement repeated his message to staff, adding: “For now, it is business as usual.”

The Prime Minister justified the GB Power purchase on the basis that it would align electricity rates in Grand Bahama with the rest of The Bahamas and help lead to a

unified energy sector policy for the entire country. He hinted that it would lead to cheaper energy prices and costs in Grand Bahama, but the island’s electricity rates have not always been more expensive than Bahamas Power & Light (BPL).

Grand Bahama residents, meanwhile, continued to voice misgivings about the Government acquiring their island’s privately-owned energy provider given its less-than-stellar track record in managing/owning BPL and supplying electricity to the rest of The Bahamas.

Joe Darville, the Save the Bays environmental advocate and Grand Bahama resident, told Tribune Business he was “totally, totally surprised” by the Government’s ambitions to acquire GB Power. “I would like to see more details on the purchase and what the benefits will be for residents of Grand Bahama,” he added.

“We have become accustomed to regular power. I would say that the Government has got to assure us, and they’re talking about the cost factor which I can appreciate, because it costs more here, but at the same time we’re accustomed to the fact we’ll get power.

The Government, in taking over that company, has got to do better than they’ve been doing in Nassau and the Family Islands because we’re used to getting power unless something extraordinary happens.

“We have got to be guaranteed, not only the residents but businesses, that we will get regular power much more than they do in New Providence,” Mr Darville said. “I have apprehension, but need the Government to come out and give assurances as to why they are taking over the Power Company

and what benefit that will be to the people of Grand Bahama and if they will be able to invest in power generation.

“I await more specifics and details on it, but at the present time I have trepidation about that. Definitely.” In fact, BPL’s reliability on New Providence - unlike Eleuthera and other Family Islands - has improved over the past year, which is likely at least partially due to the outsourcing of the island’s grid infrastructure to Bahamas Grid Company.

And, at the same time, GB Power’s reliabilty deteriorated in 2024 and 2025 to such an exent that the Grand Bahama Port Authority (GBPA) declined to approve its three-year tariff application through 2027 and suspended consideration of it.

Michael Pintard, the Opposition’s leader, yesterday alluded to GB Power’s recent struggles but said there was nothing in the Davis administration’s management and stewardship of BPL to suggest it would fare better than Emera. “The Government has a record of failure around BPL in multiple places in The Bahamas, which does not give us confidence in Grand Bahama that they will do a better job,” he told Tribune Business.

“Just ask the residents of Eleuthera and MICAL. Multiple islands face systemic problems and government interference that gives us pause that the Government is seeking to buy GB Power. They do not offer a pathway for more consistent electricity supply, for cleaner energy supply, and cheaper energy supply. Not in price, not in consistency, not in cleanliness. We do not see a pathway.”

Rubio details how the Trump administration will control Venezuela’s oil money

By DAVID KLEPPER and REGINA GARCIA CANO Associated Press

THE Trump administration soon will allow Venezuela to sell oil now subject to U.S. sanctions, with the revenue initially dedicated to basic government services such as policing and health care and subject to Washington's oversight, Secretary of State Marco Rubio said Wednesday.

The United States will retain control in the short term to ensure the oil revenue is used to stabilize Venezuela, Rubio said at a Senate Foreign Relations Committee hearing. He noted that the interim leaders of the South American country will submit "a budget" every month of what they need funded.

"The funds from that (oil sales) will be deposited into an account that we will have oversight over," Rubio said, adding that the U.S. Treasury would control the process. Venezuela, he said, "will spend that money for the benefit of the Venezuelan people."

Rubio offered new insight into how the U.S. is planning to handle the sale of tens of millions of barrels of oil from Venezuela, which has the largest proven reserves of crude in the world, and oversee where the money flows. After the U.S. raid that captured then-President Nicolás Maduro this month, the U.S. is working to influence the next steps in the South American

country through its vast oil resources.

The U.S. will not subsidize oil industry investments in Venezuela, Rubio said, and is only overseeing the sale of sanctioned petroleum as an "interim step."

"This is simply a way to divide revenue so that there isn't systemic collapse while we work through this recovery and transition," Rubio said. Democrats and some Republicans on the committee pressed Rubio for more details about Trump's plans for Venezuela's oil. Sen. Chris Murphy, D-Conn., asked for assurances from Rubio that the sale of Venezuelan oil will be fair and open, not rigged to benefit

oil companies allied with Trump.

"You are taking their oil at gunpoint, you are holding and selling that oil … you're deciding how and for what purposes that money is going to be used in a country of 30 million people," Murphy said. "I think a lot of us believe that that is destined for failure."

Under Maduro, Rubio said Venezuela's oil industry benefited the country's corrupt leaders and countries such as China, which purchased Venezuelan oil at a discount. Now, Venezuela's interim leaders are assisting the U.S. in seizing illegal oil shipments, he said.

The U.S. will give Venezuela's current leaders instructions on how the money can and cannot be spent and conduct audits to ensure it is used as intended, Rubio said. He said Venezuela could use the money to pay for policing or to buy medicine.

The fund was initially set up in Qatar to avoid having the proceeds seized by American creditors and

because of other legal complications that stem from the U.S. not considering Maduro's government legitimate, Rubio said. Hundreds of millions of dollars have already been set aside and as much as $3 billion more is anticipated, he said.

"It's an account that belongs to Venezuela, but it has U.S. sanctions as a blocking mechanism," Rubio said. "We only control the dispersal of the money, we don't control the actual money."

Earlier this month, acting Venezuelan President Delcy Rodríguez said cash from oil sales would flow into two sovereign wealth funds: one to support crisis-stricken health services and a second to bolster public infrastructure, including the electric grid. The country's hospitals are so poorly equipped that patients are asked to provide supplies needed for their care, from syringes to surgical screws. They also must pay for lab and imaging tests at private hospitals.

Two companies made dried milk powder linked to botulism in ByHeart baby formula

By JONEL ALECCIA AP Health Writer

TWO companies processed and supplied dried milk powder that could be a culprit in the outbreak of botulism tied to ByHeart infant formula that has sickened dozens of babies, The Associated Press has learned.

Organic whole milk powder that tested positive for the type of bacteria that causes botulism was made from milk provided by Organic West Milk Inc., a California company, and processed at a Dairy Farmers of America plant in Fallon, Nevada, company officials said.

The source of the contamination, however, is not yet known. Both companies and the U.S. Food and Drug Administration emphasized that the investigation into the unprecedented outbreak that has sickened 51 babies in 19 states is ongoing.

Bill Van Ryn, an owner of Organic West Milk, said he learned last week that a sample of his company's milk powder collected by the FDA had tested positive for the germ that causes botulism.

But that doesn't mean his product is the source of the outbreak, Van Ryn stressed.

"Nothing has been proven about our milk yet," he said, adding: "Something happened in the process of converting the milk to powder and then

in converting it to baby formula."

Organic West, which supplies milk from 55 farmers, didn't sell organic whole milk powder to any infant formula maker besides ByHeart, Van Ryn said. The milk company has halted sales of the powder used in any product intended for babies and children until more is known about the source of the outbreak, he added.

Powdered milk is made by pasteurizing liquid milk, concentrating it through evaporation and spraying it into a hot chamber, which causes the water to evaporate and leave behind fine, dry milk particles.

The Dairy Farmers of America is a global dairy cooperative. Its plant in Nevada processes about 1.5 million pounds of raw milk daily into 250,000 pounds of whole milk powder.

The Dairy Farmers of America said in a statement that Organic West was the source of milk for the sample that FDA collected that tested positive for botulism bacteria. The milk was processed into powder that met all required tests, the company said. Organic West subsequently sold the milk powder to ByHeart.

"Manufacturers of enduse consumer products have a responsibility to properly process ingredients to ensure product safety," the statement read.

FDA officials said on Jan. 23 that a sample of organic

whole milk powder collected from a supplier had tested positive for the botulism bacteria, though the agency didn't identify the supplier. Tests showed that sample was a genetic match to a sample taken from a finished can of ByHeart formula.

The agency also found the bacteria in an unopened can of formula matched a sample from a sick baby — and it also matched contamination detected in samples of milk powder used to make ByHeart formula and collected and tested by the company.

ByHeart officials declined to identify the source of those milk powder samples. The infant formula company has recalled all its products.

Botulism spores are common in the environment and can be found in most foods at very low levels, said Kristin Schill, a botulism expert at the University of Wisconsin-Madison.

Healthy adults consume Clostridium botulinum spores every day without becoming sick. But babies have immature guts that may not be able to prevent the spores from germinating and growing. Once they do, the spores produce a toxin that can cause paralysis and death.

Spores can be found everywhere, including in milk, though typically at low levels, Schill said. Pasteurization doesn't kill the germs. They can be present

in the processing environment, too.

Botulism spores have been found in infant formula in the past, but this

is the first large outbreak linked to the product. The risk has been considered so low that testing for botulism in infant formula is

not required, though some formula makers voluntarily screen for microbiological signals that could indicate contamination

Tesla annual profit plunges to lowest level since pandemic

By BERNARD CONDON AP Business Writer

TESLA'S annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world's biggest electric vehicle maker to a Chinese rival and boycotts hammered sales.

The EV company run by Elon Musk reported Wednesday that net income last year dropped 46% to $3.8 billion. It was the second year in a row of steep declines. The drop came despite the introduction of cheaper models and Musk's promise to remain laser-focused on the

company after a foray into U.S politics.

Still, Tesla investors have kept the faith in Musk. The stock is up 9% in the past year.

Musk has been urging investors to focus less on car sales and more on what he considers a bright new future of robotaxis ferrying millions in cars without drivers, or even steering wheels, and robots watering plants and taking care of elderly parents.

On a conference call, Musk said Tesla would be closing down production of two models, S and X, in the second quarter this year and converting a Fremont,

California, factory to produce its Optimus robots.

For the fourth quarter of last year, Tesla's net income also plunged, down 61% to $840 million, or 24 cents. Excluding one-time charges, net income totaled 50 cents per share, compared to analysts' forecasts of 45 cents.

"They've got aging product that is less and less competitive as others manufacturers come out with new models, then there is the general brand destruction," said Telemetry analyst Sam Abuelsamid. "Musk's involvement in politics has turned off customers."

One bright point was Tesla's gross profit margins,

Microsoft beats Wall Street expectations with $81.3B revenue

Wednesday that its revenue for the October-December quarter was $81.3 billion, up 17% from the same time last year as it furthers its goal to expand global adoption of its artificial intelligence tools. The company reported net profit for the quarter of $30.9 billion, or $4.14 per share, beating Wall Street expectations. Those results excluded the impact from Microsoft's investments in ChatGPT maker OpenAI.

MICROSOFT said

Microsoft was expected to earn $3.91 per share on revenue of $80.31 billion for the October-December quarter, according to analysts surveyed by FactSet Research.

Microsoft's profit was higher, at $38.5 billion, or $5.16 per share, when not

N O T I C E

Gulf Pearl Shipping Limited

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 23rd day of December, 2025.

Brian Selvadurai Liquidator of

Gulf Pearl Shipping Limited

N O T I C E

Gulf Horizon Shipping Limited

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 23rd day of December, 2025.

Brian Selvadurai Liquidator of

Gulf Horizon Shipping Limited

Gulf Crystal Shipping Limited

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 23rd day of December, 2025.

Brian Selvadurai Liquidator of

which leapt to 20% last quarter from 16% a year ago.

"Tesla's ability to show improving profitably was a surprise," said Morningstar analyst Seth Goldstein. "I think that is the reason the stock is up now."

Goldstein said he was also encouraged by plans outlined in Tesla's earnings report to roll out robotaxi service in Houston, Miami and five other cities in the first half of this year.

incorporating its OpenAI investments, reflecting a new accounting practice the company says it will be using going forward. Those investments reflect OpenAI's restructuring last year. Microsoft had a roughly 27% percent, or $135 billion stake, in OpenAI as the startup, originally a nonprofit, has converted itself into a new for-profit public benefit corporation.

While no longer OpenAI's exclusive cloud provider, a relationship that helped bankroll

NOTICE

RJMA LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 207791 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 26th day of January A.D. 2026.

RENATO NATALINO PARDINI LIQUIDATOR

N O T I C E

Gulf Moon

Shipping Limited

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 23rd day of December, 2025.

Brian Selvadurai Liquidator of

Gulf Moon Shipping Limited

N O T I C E

Gulf Coast Shipping Limited

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 23rd day of December, 2025.

Brian Selvadurai Liquidator of

Gulf Coast Shipping Limited

Investors cheered earlier this year when Musk shifted his focus back to the company after spending months as head of a government cost-cutting team in Washington. But it's not clear his attention will remain as undivided in the new year. He has plans to take his rocket company SpaceX public, possibly in June, in what many expect to be a blockbuster IPO that make him the world's first trillionaire — but also possibly distract him.

the AI company's early growth, Microsoft also will retain commercial rights to OpenAI products through 2032.

Sales from Microsoft's AI-focused cloud computing business segment was $32.9 billion for the last three months of the year, up 29% from the same time last year and above the $32.4 billion expected by analysts polled by FactSet. Despite beating expectations, Microsoft stock dropped nearly 5% in after-hours trading after it released its earnings report.

The latest Tesla figures are a setback for a company that had promised so much a year ago.

After President Donald Trump was elected, investors pushed up the stock on a bet that his advisory role in the new administration would help the company. Instead it backfired. Customers angry with his work for Trump and his right-wing political stances boycotted the brand. Musk had also promised a year ago that European regulators would approve its partial self-driving software within three months, a potential big boost to Tesla sales there. But that didn't happen either. And investors were also excited about Teslas robotaxi service promising rides without anyone driving the car. But instead they got cars with supervisors inside to grab the controls in case something went wrong, though on this count there may be progress. Tesla recently said it was removing these safety drivers in Austin where it launched the service in June and has vowed to aggressively expand into other cities in the coming year.

amounts of spending on the infrastructure of

puter chips and data centers needed to power

Microsoft

Nadella said on an

ings call with investors that the company is still in the "beginning stages" of AI diffusion, a term for spreading the usage of AI to a variety of sectors.

N O T I C E

Gulf Mist Shipping Limited

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 23rd day of December, 2025.

Brian Selvadurai Liquidator of

Gulf Mist Shipping Limited

N O T I C E

Gulf Mews Shipping Limited

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 23rd day of December, 2025.

Brian Selvadurai Liquidator of

Gulf Mews Shipping Limited

Federal Reserve keeps interest rates unchanged even as Trump continues to insist they be lowered

By CHRISTOPHER RUGABER AP Economics Writer

THE Federal Reserve pushed the pause button on its interest rate cuts Wednesday, leaving its key rate unchanged at about 3.6% after lowering it three times last year.

Chair Jerome Powell said at a news conference after the central bank announced its decision that the economy's outlook "has clearly improved since the last meeting" in December, a development that he noted should boost hiring over time. The Fed also said in a statement that there were signs the job market is stabilizing.

With the economy growing at a healthy pace and the unemployment rate appearing to level off, Fed officials likely see little reason to rush any further rate cuts. While most policymakers do expect to reduce borrowing costs further this year, many want to see evidence that stubbornly-elevated inflation is moving closer to the central bank's target of 2%. According to the Fed's preferred measure, inflation was 2.8% in November, slightly higher than a year ago.

Michael Gapen, chief U.S. economist at Morgan Stanley, said that Powell kept the door open for further rate cuts this year, "when they get enough evidence inflation is decelerating."

Powell suggested in his remarks that the impact of tariffs, which have pushed up the cost of many goods such as furniture, appliances and toys, will peak in the middle of this year and inflation will fall after that.

In a sign of the unprecedented situation in which the Fed finds itself in Trump's second term, Powell was asked to address a number of issues not directly tied to monetary policy but that could very well decide how the Fed

implements its policy going forward.

Two officials dissented from Wednesday's decision, with Governors Stephen Miran and Christopher Waller preferring another quarter-point reduction.

President Donald Trump appointed Miran in September, and he had dissented at the three previous meetings in favor of a half-point cut. Waller is under consideration by the White House to replace Powell, whose term ends in May.

The Fed's decision to stand pat will likely fuel further criticism from Trump, who has relentlessly assailed Powell for not sharply cutting shortterm rates. A reduction in the Fed's key rate tends to lower borrowing costs for things like mortgages, car loans, and business borrowing, though those rates are

also influenced by market forces.

A key issue facing the Fed is how long it will remain on hold. The rate-setting committee has been split between those officials opposed to further cuts until inflation comes down, and those who want to lower rates to further support hiring.

Powell suggested that there may not be that many more rate cuts needed.

The economy's solid 4.4% annual growth rate in the July-September quarter, the most recent data available, is a sign that interest rates aren't so high that they are noticeably slowing growth, he added.

In December, just 12 of the 19 participants in the committee's meetings supported at least one more rate cut this year. Most economists forecast the Fed

“The expectation is that we will see the effects of tariffs flowing through goods prices peaking and then starting to come down, assuming there are no new major tariff increases.”

Jerome Powell

NOTICE

NOTICE is hereby given that KENCY LOUIS Golden Isles, Carmichael Road, Nassau, 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 22nd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that IVAN MORTON MBOYA JOHNSON OF 13 Belgrave Lane, Freeport, Grand Bahama, The Bahamas, P.O. Box F-42857, 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 January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

will cut twice this year, most likely at the June meeting or later.

One issue still overhanging the Fed's decision-making is the administration's trade policy and the tariffs it has imposed on many U.S. trade partners. When asked if the impact of tariffs had already moved through inflation, Powell said "a lot of it has," and added that the Fed generally sees the import taxes as a one-time price increase.

"The expectation is that we will see the effects of tariffs flowing through goods prices peaking and then starting to come down, assuming there are no new major tariff increases," Powell said.

Fed officials met this week in the shadow of unprecedented pressure from the Trump White House. Powell said Jan. 11 that the Fed had received subpoenas from the Justice Department as part of a criminal investigation into his congressional testimony about a $2.5 billion building renovation. Powell in an unusually blunt video statement said the subpoenas

NOTICE

NOTICE is hereby given that OMAWATTIE RAMKISSOONKNOWLES of P.O. Box AP59223 Slot #669 Post Boxes Etc., #3 Pine Avenue, Gleniston Garden, Nassau, 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 22nd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KERINE PEARLETA WILLIAMS-MILLER of Farrington Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

FEDERAL Reserve Chair Jerome Powell speaks at the Federal Reserve, Wednesday, Dec. 10, 2025, in Washington.

were a pretext to punish the Fed for not cutting rates more quickly.

On Wednesday, Powell declined to add anything to that earlier statement.

And last week, the Supreme Court took up Trump's attempt from last year to fire Fed governor Lisa Cook over allegations of mortgage fraud, which she denies. No president has fired a governor in the Fed's 112-year history. The justices at an oral argument appeared to be leaning toward allowing her to stay in her job until the case is resolved.

When asked why he decided to attend the Supreme Court hearing, Powell said, "I would say that that this case is perhaps the most important legal case" in the Fed's history. "And as I thought about it, I thought, it might be hard to explain why I didn't attend."

When asked by reporters if he was confident the Fed can retain its independence, Powell said, "Yes," and added, "I'm strongly committed to that and so are my colleagues."

Trump has suggested he is close to naming a new Fed Chair, to replace Powell once his term ends in May. The announcement could come as soon as this week, though it has been delayed before.

The president's efforts to pressure the Fed may have backfired, economists say, as Republicans in the Senate have voiced support for Powell and threatened to block Trump's replacement chair.

Powell has the option of remaining as a Fed governor beyond May but told reporters he hadn't made a decision about whether to stay or leave.

The chair was also asked if he had any advice for his successor. "Don't get involved in elected politics," he said. "Don't do it." As for interest rates, Wall Street expected the Fed to hold steady at least until June.

Twelve of the 19 members of the Fed's rate-setting committee have a vote, including all seven members of the board of governors, the president of the New York Fed, and a rotating group of four presidents from the regional Fed banks.

This year, Beth Hammack, president of the Cleveland Fed; Neel Kashkari, president of the Minneapolis Fed; Lorie Logan, president of the Dallas Fed; and Anna Paulson, president of the Philadelphia Fed, will vote on rate decisions. All have recently expressed some skepticism of the need for further cuts in the immediate future.

PUBLIC NOTICE

The public is hereby advised that I, MONICKA WILSON of Turnquest Alley, Soldier Road North, P.O. Box N7075, Nassau, Bahamas intend to change my name to MONIQUECA WILSON. 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. INTENT TO CHANGE NAME BY DEED POLL

JOHNSON of 13

The

Freeport,

P.O.

F-42857, 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 January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that HANCY DORVIL of Quintine Alley, Wulff Road, Nassau, 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 22nd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

US stocks hold near their all-time high while the dollar's value stabilizes

By STAN CHOE AP Business Writer

FEW ripples washed through Wall Street Wednesday after the Federal Reserve decided to hold its main interest rate steady, just like investors expected.

The U.S. stock and bond markets each remained at a virtual standstill, while the U.S. dollar stabilized following its sharp recent slide. Some of the strongest action remained in the gold market, where the metal's price jumped to another record.

The S&P 500 was nearly unchanged and inched down by less than 0.1% from its all-time high. The Dow Jones Industrial Average added 12 points, or less than 0.1%, and the Nasdaq composite rose 0.2%.

Seagate Technology jumped 19.1% for the biggest gain in the S&P 500 after the seller of hard drives and other data-storage products reported a bigger profit for the latest quarter than analysts expected. CEO Dave Mosley cited demand driven by artificial-intelligence applications, among other things.

Nvidia, the stock that's become the poster child

Middle

of the AI boom, climbed 1.6% and was the strongest single force lifting the S&P 500. It also benefited from an encouraging report from ASML, whose machinery helps make chips.

The Dutch company gave a forecast for revenue in 2026 that topped analysts' expectations, and CEO Christophe Fouquet said customers have been notably more encouraged about "the sustainability" of AI demand. That helped allay concerns that the AI frenzy has gone overboard and created a potential bubble that may burst.

On the losing end of Wall Street was Amphenol, whose stock tumbled 12.2% even though it reported a stronger profit than analysts had forecast. Expectations were high for the maker of fiber-optic connectors and other high-tech equipment after its stock came into the day with a surge of 23% for the young year so far.

Companies across the market are under pressure to deliver solid growth in profits following record-setting runs for their stock prices. Stock prices tend to follow the path of corporate profits over the long term, and earnings need to rise to quiet criticism that

stock prices have grown too expensive.

Apple slipped 0.7% ahead of its profit report coming on Thursday. Because of its immense size, it was the single heaviest weight on the S&P 500.

All told, the S&P 500 edged down by 0.57 to 6,978.03 points. The Dow Jones Industrial Average rose 12.19 to 49,015.60, and the Nasdaq composite rose 40.35 to 23,857.45.

In the foreign-exchange market, the U.S. dollar stabilized as Treasury Secretary Scott Bessent said in an interview on CNBC that the U.S. government is not intervening in the currency market and continues to want a "strong dollar."

The dollar climbed against the euro, British pound and other rivals, a day after an index measuring the U.S. dollar's value against several of its peers dropped to its weakest level since early 2022. It also climbed against the Japanese yen, which had jumped earlier in the week with rumors that U.S. and Japanese officials may intervene in the market to prop up the yen's value.

The dollar has been generally weakening since President Donald Trump entered the White House

East worries over possible US strike on Iran one month after protests began

By JON GAMBRELL Associated Press

IRANIAN officials reached out to the wider Middle East on Wednesday over the threat of a possible U.S. military strike on the country, while the value of Iran's currency reached a new low a month since the start of protests that spread nationwide and sparked a bloody crackdown.

Two nations, Saudi Arabia and the United Arab Emirates, have signaled they won't allow their airspace to be used for any attack. But America has moved the USS Abraham Lincoln and several guided missile destroyers into the region, which can be used to launch attacks from the sea. Iran's currency, the rial, fell to a record low of 1.6 million to $1, according to

local currency traders. Its value has been plunging since late last year, and is down from about 32,000 to $1 a decade ago. Economic woes had sparked the protests that broadened into challenging the theocracy. It remains unclear what U.S. President Donald Trump will decide about using force, though he has threatened to use it in response to the killing of

last year, and its descent accelerated after Trump threatened tariffs earlier this month against several European countries that he said opposed his taking control of Greenland.

Such threats, along with worries about risks like the U.S. government's heavy debt, have periodically pushed global investors to step away from U.S. markets, a move that's come to be called "Sell America."

In the bond market, Treasury yields held relatively steady following the Fed's widely expected move to hold its main interest rate steady.

The Fed cut rates several times last year in hopes of shoring up the job market,

peaceful demonstrators. At least 6,221 people have been killed in the protests, activists said.

Trump also indicated Wednesday that he wants movement toward a deal that his administration has been seeking with Tehran that would prohibit Iran from developing nuclear weapons in return for a lifting of economic sanctions. "Hopefully Iran will quickly 'Come to the Table' and negotiate a fair and equitable deal - NO NUCLEAR WEAPONS - one that is good for all

but inflation remains stubbornly above its 2% target.

Lower interest rates could worsen inflation while giving the economy a boost.

Lower rates could also further undercut the U.S. dollar's value, which would help U.S. exporters. Trump has been pushing aggressively for lower rates.

The Fed's chair, Jerome Powell, said that interest rates look to be "in a good place" at the moment, giving the central bank time to and wait and see how things progress. In the meantime, "the economy has once again surprised us with its strength," he said.

parties," Trump wrote on his Truth Social platform. "Time is running out, it is truly of the essence!"

Mentioning the June strikes on Iran as the U.S. inserted itself in Israel's 12-day war on the Islamic Republic, Trump wrote: "The next attack will be far worse!"

Iran's mission to the United Nations was quick to respond to Trump, posting on X that "Iran stands ready for dialogue based on mutual respect and interests—BUT IF PUSHED, IT WILL DEFEND ITSELF AND RESPOND LIKE NEVER BEFORE!"

Rubio comments on Iran U.S. Secretary of State Marco Rubio said the increasing military presence in the Middle East has been put in place "to defend against what could be an Iranian threat against our personnel" -- a message that stands in contrast to Trump's continuing threats to strike Iran if it does not yield to his demands.

"I think it's wise and prudent to have a force posture within the region that could respond and ... if necessary, preemptively prevent the attack against thousands of American servicemen and other facilities in the region and our allies," Rubio told Congress.

He was cautious regarding the prospect of a change in government. "You're talking about a regime that's been in place for a very long time," he said in response to a question. "So that's going to require a lot of careful thinking, if that eventuality ever presents itself."

In stock markets abroad, indexes sank in Europe following better performances in Asia.

South Korea's Kospi rose 1.7% to another record, thanks in part to a 5.1% leap for chip company SK Hynix, while Hong Kong's Hang Seng rallied 2.6%.

The yield on the 10-year Treasury remained at 4.24%, where it was late Tuesday. As global investors have stepped away from the U.S. dollar due to political instability and other worries, prices have surged for gold and other metals as investors searched for something safer to own. Gold's price topped $5,000 per ounce this week for the first time, and it added another 4.3% to settle at $5,340.20.

Iran's state-run media, which now only refers to protesters as "terrorists," remains the sole source of news for many as Tehran cut off access to the global internet some three weeks ago. But Iranians have become angry and anxious, seeing footage of protesters shot and killed while worrying about what may happen next as the economy sinks further.

"I feel that my generation failed to give a better lesson to younger ones," said Mohammad Heidari, a 59-year-old teacher in Tehran. "The result of decades of teaching by my colleagues and me led to death of thousands, and maybe more injured and prisoners."

Egypt's Foreign Ministry said its top diplomat, Badr Abdelatty, separately spoke with Iranian Foreign Minister Abbas Araghchi and U.S. Mideast envoy Steve Witkoff to "work toward achieving calm, in order to avoid the region slipping into new cycles of instability."

Witkoff, a billionaire real estate developer and Trump's friend, had earlier negotiated over Iran's nuclear program. There was no immediate acknowledgment from the White House of the call.

The Turkish foreign minister also spoke by phone with Araghchi about reducing regional tensions. Turkish officials have expressed concern that intervention in Iran could spark instability or trigger a refugee influx.

N O T I C E

IN THE ESTATE OF MABEL LOUISE

ELDON late of High Point Drive of Great Harbour Cay, one of the Berry Islands, in 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 the same duly certified in writing to the Undersigned on or before 27 February 2026, after which date the Sole Executrix will proceed to distribute the assets having regard only to the claims of which she shall then have had notice.

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

DELANEY PARTNERS

Attorneys for the Sole Executrix Chambers

P. O. Box CB-13007

5th Floor Lyford Cay House Western Road, Lyford Cay New Providence, The Bahamas