01302026 BUSINESS

Bahamas bank: Congress hopeful targeted us with ‘smear canpaign’

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN bank is accusing a Republican candidate seeking to contest a seat in the US Congress of orchestrating a “defamatory smear campaign” against itself and its chairman over claims his payment provider “unlawfully withheld” $20m belonging to themselves and their clients.

Deltec Bank & Trust, in fresh legal filings submitted to the south Florida federal court on Monday, is alleging that Michael Carbonara, who is presently seeking the Republican nomination to contest the state’s 25th congressional district in the upcoming US mid-term elections, sought help to “fight fire with fire” and “play the dirty game” over their increasingly bitter courtroom battle.

The Lyford Cay-headquartered institution, which is claiming that Mr Carbonara and his payments provider, Ibanera, have withheld and refused to return some $20m

TUC

chief to

• Deltec faced effort to trash its reputation over $35m lawsuit

belonging to Deltec and its clients that they were supposed to hold on trust, or escrow, says it has obtained e-mail evidence of an organised attempt to trash its reputation and that of its chairman, Jean Chalopin.

Deltec alleges that Mr Carbonara was advised to initiate a lawsuit against Mr Chalopin in the Miami courts for alleged fraud, potentially using US anti-corruption legislation known as the Racketeer Influenced and Corrupt Organisation (RICO) Act, which was intended to target organised crime. It is also claiming its adversary was told to contact the US Justice Department

‘find

formula’ for PHA overtime solution

BY NEIL HARTNELL and ANNELIA NIXON Tribune Business Reporters

THE Trades Union Congress (TUC) president yesterday said he is aiming “to find a formula” that prevents strikes and other forms of industrial action over overtime pay concerns after multiple nurses and healthcare workers called in sick just as payments are being processed.

Obie Ferguson KC, speaking as the Public Hospitals Authority (PHA) admitted

to a “rise in staff call-outs” at the Princess Margaret Hospital (PMH) and other facilities it manages, told Tribune Business that all healthcare-related unions plan to meet over the situation amid escalating “demands” from workers that they paid what is due for excess hours worked. He added that, with the Cabinet having approved financing for December’s overtime payments that is now being processed and paid, the unions then need to meet with the PHA to

Bahamian unable to work for seven months on boat fall-off

BY FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

A BAHAMIAN service provider to visiting boats and yachts last night tearfully revealed that the increase in boating fees has caused widespread hardship as she has been unable to work for seven months due to the slowdown in traffic.

Sydney Outten, owner of Bella Yacht Concierge Services, speaking at the Association of Bahamas Marinas (ABM) town hall meeting last night, said the industry has been significantly disrupted as a result of the new and increased fees, and accompanying

regulations, which has left many stakeholders now struggling to pay their bills.

“A lot of people have suffered, not just provisioning but people that are in the boating industry. Everyone has suffered all around. I haven't worked for seven months. As a Bahamian that's tough,” said Ms Outten.

“It's really impactful and necessary for them [the Government] to realise how much it has turned the industry upside down. It's got to change because people can't pay their bills, and I just want people to know how much it hurts.”

• Plan for Republican hopeful to ‘play dirty’, ‘fight fire with fire’

“through Trump’s team”, meaning advisers close to US president Donald Trump, over what was described as a “whistleblower deal” and to “leverage your political connections to ensure” Mr Chalopin was arrested in the US. The use of private investigators to “dig” up purported dirt and negative information on the Deltec chairman was also recommended.

Deltec, which is asserting that Mr Carbonara and Ibanera started to “dissemble and offer pretexts” for not returning the funds, and have supplied no good reasons for withholding the $20m, claims the negative statements he and Ibanera have published

• Talk of getting chair arrested, fraud claim, use ‘Trump’s team’

are “false and defamatory”. However, the Republican hopeful has testified in court that Ibanera has retained the assets after it “identified irregularities” involving the Deltec fund transactions.

The Bahamian bank and trust company, in its January 26, 2026, legal filings obtained by Tribune Business, argues that the idea for a campaign to inflict serious damage on its reputation was sparked by the filing of its $35m damages claim against Mr Carbonara and Ibanera in the south Florida federal court on March 3, 2025.

determine how such future compensation will be financed given that its fullyear 2025-2026 overtime budget was exhausted within three months by end-September 2025.

THE Attorney General yesterday warned that all Bahamian financial institutions, not just those with “reportable accounts”, will have to register with the online automatc tax information exchange portal by June 2026 to close what he branded as “a regulatory gap”. Ryan Pinder KC, addressing the Bahamas Financial Services Board’s (BFSB) 2026 chief executive conclave, said the expansion of the tax reporting net to mandate registration by all institutions is essential to maintaining this nation’s compliance with the global common reporting standard (CRS) initiative that is policed by the Organisation for Economic Co-Operation and Development (OECD). Confirming that The Bahamas is still undergoing an OECD examination of its automatic tax information exchange laws and regulations, and the effectiveness of their

GB Power staff

• Union chief: Gov’t approached Emera on sale

• Workers ‘assured’ benefits, industrial deal safe

• ‘Rumour mill was churning’ on FOCOL interest

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GRAND Bahama Power Company employees yesterday said they were informed that any government acquisition of the utility is unlikely to be completed within the 60 to 90-day timeframe announced by the Prime Minister.

Kendall Culmer, president of the Bahamas Industrial Engineers, Managers and Supervisory Union (BIEMSU), which represents GB Power’s middle managers union, told Tribune Business that Dave McGregor, the Caribbean head for Emera, the energy provider’s 100 percent owner, told staff “they don’t foresee” any deal closing within the upcoming two-three months.

Speaking just after he and other workers met with Mr McGregor to address “job security” and other concerns, which were sparked by Prime Minister Philip Davis KC’s announcement that the Government and Emera have signed a memorandum of understanding (MoU) that may lead to the former acquiring GB Power, the union chief disclosed they were “assured” their existing industrial agreements and contracts will be “honoured” in any deal.

Look beyond risk to benefts from criminal record hirings

As labour shortages bite, and corporate responsibility moves higher up the priority list, a growing number of employers are rethinking who gets a fair shot at work. One approach gaining momentum is second-chance hiring, which involves giving people with criminal records an opportunity to rejoin the mainstream workforce. Far from being a risky gesture, evidence shows it delivers clear benefits to businesses and the wider community alike.

First, employers gain access to a highly-motivated talent pool. Many ex-convicts are eager to prove themselves, bringing determination and focus that translates into strong performance on the job. That motivation often turns into loyalty. Research indicates that companies such as Marks & Spencer and Verizon, who hired second-chance employees, found they tended to stay longer, which reduced costly staff turnover.

Productivity is another plus. Research by the Second Chance Business Coalition found that 85 per cent of human resources professionals, and 81 per cent of business leaders, report employees with criminal records perform as well as, or better than, those without. For employers facing constant recruitment cycles, this reliability matters.

Second-chance hiring also lowers recruitment costs. By tapping into an overlooked workforce, and partnering with specialist organisations, businesses can cut spending on advertising and repeated hiring drives. This is particularly valuable in sectors struggling to find staff, including construction, manufacturing and hospitality, where labour shortages threaten growth.

Beyond operational benefits, companies see gains in reputation. Public sentiment strongly favours inclusive hiring, with 81 per cent of people believing businesses that employ

ex-offenders make a positive contribution to society. This boosts corporate social responsibility credentials and strengthens brand trust with customers and communities.

Second-chance hiring also enhances workforce diversity, introducing employees with different life experiences and perspectives. This can improve problem-solving, inclusion and workplace culture.

Perhaps most important, employment plays a vital role in community safety. Stable jobs are one of the most effective ways to reduce re-offending, leading to lower crime rates and stronger neighbourhoods.

As many large corporations have noted, second-chance hiring is not a handout but a “hand up”. It creates extremely loyal employees, strengthens the bottom line and helps build safer, more resilient communities - proof that doing the right thing can also be smart business.

IAN

FERGUSON

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

Trade Commission to focus on financial services exports

BY ANNELIA NIXON

Business

THE Bahamas Trade Commission yesterday said it will focus on increasing this nation’s financial services exports in a bid to improve the country’s balance of trade.

Senator Barry Griffin, the Commission’s chairman, speaking during the Insurance Commission Innovation & Research Programme (ICIRP) InsurTech’s graduation ceremony for its latest 23 graduates, including one from Grand Bahama and another from Jamaica, said it has partnered with the insurance regulator and intends to expand Bahamian service-based exports.

Noting that insurance is one financial service that can be exported, he added: “The Bahamas Trade Commission is happy to be part of that, expanding growth in local partnerships. The Bahamas Trade Commission recently held a meeting with the Insurance Commission, where we have dedicated to become partners on growing the Bahamian economy.

“One of the things that the Bahamas Trade Commission is seeking to do is to take a more active role in expanding Bahamian exports. When people think

about exports, they think about physical products, things that can be manufactured. But The Bahamas is a services-based economy, and our greatest exports are our services. Whether it's tourism services, financial services, professional services, and we see insurance as one of the biggest parts of the exportable financial services that we intend to focus on. So we're happy to be a new partner of the Insurance Commission of The Bahamas.” Mr Griffin added: “In my capacity as chairman of the Bahamas Trade Commission, I travel

extensively and meet with governments, investors and institutions around the world. Insurance, particularly technology-enabled insurance, is firmly on the global radar, and we have an opportunity to be pioneers in that.

“From the Trade Commission's perspective, insurance is a strategic growth sector. InsurTech is a competitive advantage, and Bahamian professionals are an exportable service. We want Bahamian insurance professionals advising regional markets, building platforms for international clients, designing products for global niches, and positioning The Bahamas as a centre of excellence.”

Mr Griffin said the insurance industry is “a significant contributor to the public purse, a generator of high-value professional employment and a cornerstone of economic stability and investor confidence”.

“Before our meeting with the Insurance Commission, I didn't know exactly how much money insurance services in The Bahamas contributes to the public purse,” he added. “I was made aware that 3 percent of every single insurance policy in the country goes to the Government purse. So the insurance industry is a major and significant contributor to the Bahamian economy and the Bahamian

Tourism Development takes

a bite out of

THE Tourism Development Corporation says its Bites on Bay initiative is returning to downtown Nassau on Saturday, February 7, at the junction of Bay Street and Elizabeth Avenue.

government, and you are part of that industry.

“But beyond that, insurance represents one of our greatest opportunities for expansion and diversification. Every industry needs insurance. You look at the world today and part of the economy, part of doing business, part of investor confidence, is having insurance behind every single product and every single service. Car insurance, home insurance, medical insurance, property insurance, pet insurance… insurance exists in almost every single aspect of our lives. And as the world expands, The Bahamas needs to expand its offerings in the insurance industry.

“Furthermore, this industry creates demand for lawyers, bankers, compliance professionals, human resources specialists, IT and cyber security experts, data analysts and developers. Insurance is not just an industry; it is an ecosystem capable of absorbing talent, exporting expertise and creating generational careers for Bahamians.

Highlighting the theme ‘From insight to impact: How insurance professionals can lead the future of innovation’, the Commission’s superintendent, Dana Munnings-Gray, said the graduates “have taken insight and transformed it into readiness, readiness to lead change, improve systems and develop smarter, more resilient solutions for our insurance sector.

“Innovation requires courage and a willingness to embrace change. As John F Kennedy wisely observed: “Change is the law of life. And those who look only to the past or present are certain to miss the future. You, our graduates, embody this principle. By choosing to learn, adapt, and think forward, you have positioned yourselves to shape the future of insurance regulation, operations and service delivery in our country. The knowledge and perspective you have gained equip you to lead progress and contribute meaningfully to the continued evolution of our industry.”

The event, which will be held from 12pm to 8pm, is designed to establish Bay Street as a vibrant hub for food, culture and community. Featured vendors will include Pasta & Nibbles, The New Duff, Island Acai and Eyes Bahamian, who are among some of Nassau’s most popular food truck operators. The Corporation, in a statement, said admission is free, and patrons can enjoy complimentary caricatures, live entertainment and a Junkanoo rush-out at 4pm, bringing authentic Bahamian culture to downtown Nassau’s streets.

Bay

While supporting the Corporation’s broader mission to reinvigorate and revitalise the eastern side of downtown Nassau, these pop-up activations are intended to build momentum and brand recognition ahead of the development of the permanent Bites on Bay Food Truck Park.

“Bites on Bay represents what happens when culture and opportunity come together,” said Treva Strachan, assistant manager at the Tourism Development Corporation. “At its core, the initiative is about providing Bahamians with meaningful platforms to grow, build capacity and take part in a more diverse tourism ecosystem – similar to what we’ve done through the Sun, Sand & Souvenirs pilot incubator.”

Ex-Forbes publisher set to detail AI, demographic link

A FORMER Forbes publisher will explore the connections between artificial intelligence (AI) and demographics when he addresses the upcoming RF Economic Outlook conference on February 13 at the Baha Mar convention centre

Rich Karlgaard, also a global futurist and technology entrepreneur, will explore the links between the two and show just how dynamic human and technological landscapes can be.

The veteran presenter joins a line-up of speakers that includes four best-selling authors, an executive director at Morgan Stanley, a Prime Video television host, and Prime Minister Philip Davis KC.

The RF Economic Outlook conference, now in its 11th year, will be held under the theme, ‘AI tsunami: Navigating the surge of intelligent innovation’. Mr Karlgaard's presentation will examine how demographic forces, ranging from ageing populations to urban migration, interact with artificial intelligence to create new patterns of productivity, growth and social change.

As a futurist and former Forbes publisher, Mr Karlgaard will show how AI is unlocking new frontiers, while also outlining how various industries are

carving out unique paths in the age of AI.

Relating these emerging opportunities to demographic shifts, his address will aim to show how the Caribbean - and The Bahamas in particular - can harness intelligent systems to turn demographic idiosyncrasies into engines of growth and competitive advantage.

AI’s rise is raising questions of whether intelligent machines can offset labour shortages, and if it can bridge or worsen the rural-urban divide. And, particularly in the context of The Bahamas, it remains to be seen what role AI can play in addressing the migratory trends which have led to developmental asymmetries across our archipelago?

Gov’t: ‘Not credible’ to wait for GB Power demand jump

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government yesterday argued that it was “not credible” for the Grand Bahama Chamber of Commerce to argue that cheaper energy costs “must wait until demand grows” as a result of population and business community expansion.

The Davis administration, in a statement, pushed back against assertions by Dillon Knowles, the GB Chamber president, that converting Grand Bahama Power Company, the island’s monopoly energy provider, into a “state-owned enterprise” via the Government potentially acquiring the utility, was “not in the long-term interest” of residents and businesses by asserting that cheaper energy rates cannot wait.

“The Chamber’s framing implies that affordability and stability in Grand Bahama must wait until demand grows,” the Government argued. “That position is not credible as a policy foundation. Reliable and affordable power is a pre-condition for investment and population growth, not a reward for achieving them.

“Serious investors do not commit capital to jurisdictions where electricity costs are structurally high and service risk is treated as an acceptable interim condition. Families do not make long-term life decisions on the expectation that reliability and affordability will arrive later.”

Mr Knowles had 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.

“BPL operates as a stateowned enterprise (SOE) and is effectively subsidised by taxpayers, including those

in Grand Bahama,” he had said in a statement. “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. 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.” The Government, in its reply, did not really address the concerns about “shifting losses on to taxpayers” other than to argue that this was “inconsistent” with modern energy reform goals of improving system reliablity and resilience.

To justify its position, it highlighted the progress made by Bahamas Grid Company, the joint venture public-private partnership (PPP) between private investors and Bahamas Power & Light (BPL), which is supported by North Carolina-based Pike Electric and now owns and controls New Providence’s transmission and distribution (T&D) grid. The Government said that the $130m investment in “foundational” grid improvements has already produced 45 percent and 35 percent reduction in outage frequency and duratin, respectively, for Nassau’s residents and businesses.

“On normal operating days, reliability improved by nearly 50 percent compared to historic performance,” the Davis administration said of Bahamas Grid Company’s perfomance. “These are material outcomes

achieved through modernisation, automation and system integration, including deployment that has prevented tens of thousands of customer interruptions. Energy reform through public-private partnerships and power purchase agreements (PPAs) has resulted in the commitment to invest $1bn throughout the archipelago.

“This is the relevant point for Grand Bahama. The issues acknowledged by the Chamber - hurricane exposure, reliance on expensive rental generation, and the need for major system upgrades - are not an argument for delay. They are an argument for decisive, technically-grounded action with clear accountability and a defined pathway to modernisation.

“The Government’s position is that Grand Bahama deserves an energy solution that is built around outcomes: Improved reliability, stronger resilience and a credible path to affordability and investment readiness. Where stakeholders raise concerns about financial discipline, the Government shares that concern and will insist on cost control, value for money, transparent planning and measurable performance.”

Bahamas Grid Company was also touting its latest progress and achievements in a statement issued yesterday. “Reliability analysis comparing 2025 grid performance against historic data (2020–2024 average performance) has shown a very significant grid performance improvement on New Providence, spanning every day reliability as well as resilience in the face of major weather events - tropical storms or stronger,” it said.

“Inclusive of major weather event days, 2025 saw an impressive 45 percent reduction in outage frequency (SAIFI) and a 35 percent reduction in outage duration (SAIDI). Every day reliability improved even more, as 2025 saw a 47 percent reduction in outage frequency and a 46 percent

JOB VACANCY ACCOUNTANT

LOCATION: Nassau, The Bahamas

REPORTS TO: The Assistant Financial Controller First Trust Bank Limited is seeking a skilled and experienced accounting professional. The successful candidate will be responsible for the ongoing updating and maintenance of the books and records of the bank’s managed entities.

KEY RESPONSIBILITIES

Includes, but is not limited to:

• Pull transaction data from custodians’ online portals.

• Preparation and entry of journal entries into the accounting system.

• Record corporate actions and investigate any differences with custodians.

• Pricing of securities at month-end.

• Perform month end reconciliations with bank and custodian statements and prepare reporting packages.

• Communicate with custodians, managers, and service providers.

• Monitor receipt of monthly and quarterly reporting by external asset managers.

• Recalculate custodian fees.

• Monitor compliance of Managed Entities.

• Assist with the annual audits of the Managed Entities.

• Assist with other accounting/financial projects as assigned from time to time.

REQUIREMENTS

• Bachelor’s degree in finance, accounting or related field from an internationally recognized, accredited university or college is required.

• Professional accounting certification is preferred.

• 3 or more years professional experience as an Accountant in a finance and/or accounting environment.

• Professional experience at a fund administrator / private bank is preferred.

• Project management skills

SUCCESS IN THIS ROLE REQUIRES:

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Competitive salary & benefits packages are commensurate with experience. Bahamians and residents with the right to work only should apply.

Interested candidates can submit their resumes and cover letters via email to hr@ftbbahamas.com or before Friday, February 20th, 2026

reduction in outage duration when compared to previous years.

“Specifically, since installation in late 2024, smart IntelliRupter devices have mitigated 47 breaker-level outages, preventing 25,827 customer interruptions, and the devices' automatic reclosing capability is estimated to have prevented an additional 185 outages, which could have resulted in 205,000 customer interruptions. Furthermore, customers directly downstream of IntelliRupters have experienced an 87.4 percent reduction in outage frequency,” Bahamas Grid Company continued.

“In fact, Bahamas Grid Company’s economic impact analysis estimates that when the magnitude of the reliability improvements that we have seen in 2025 is sustained over the expected 30-year life of the grid assets, it would deliver up to $1bn in net present value savings to the New Providence economy. This economic

upside would be enabled by avoided outage costs and greater service continuity.”

Bahamas Grid Company said the $130m investment in initial upgrades is some 20 percent ahead of schedule pace and on track for an April 2026 finish. It added that, since fall 2025, some 193 new steel poles have been installed, replacing aging wooden infrastructure and providing Category Five hurricane-grade resilience, while 260,000 feet of transmission cable has been reconductored with double-capacity wire to support future load growth and new generation.

Some three new substations are under construction to give improved system protection, faster restoration and the ability to reroute power to limit large-scale outages, while 174,000 feet of fiber has been installed to expand remote monitoring, protection schemes and realtime grid control.

Elsewhere, the Government argued that the need for ‘economies of scale’ in

Description

a small, archipelagic nation such as The Bahamas is why a unified national approach to energy reforms and tariffs is required. “In an archipelago, scale limitations are exactly why a co-ordinated national approach is required,” it added of its strategy in seeking to acquire GB Power.

“Fragmented pricing and isolated planning may appear tidy, but they create inequality and undermine national competitiveness. The Government rejects any approach that normalises the idea that Bahamians should shoulder materially different burdens based solely on geography….

“The Bahamas is one country. A national approach to rate policy reflects a deliberate choice to avoid deepening disparities between islands and to ensure that essential services are delivered on equitable terms. That is not an accounting trick. It is a governance responsibility.”

Career Opportunity

Inventory Assistant

Job Overview The Inventory Control Officer is a key role in the business to ensure smooth operations of inventory management, stock management and equipment management andmaintenance.

Responsibilities

& Duties

• Packing stock and inventory management according to safety standards

• Ensuring Safety Data Sheet (SDS) cards are displayed and person stock is issued to are aware of SDS cards pertaining to released products

• Collection stock and complete customs brokerage

• Ensuring stock and equipment is secured in the relevant storage areas

• Ensuring safety standards and practices are kept at all times

• Maintaining an inventory tracker of company owned vehicles and assignments of such

• Assist in full Stock Audit to be carried out every month

• Reconciling the inventory report

• Prepare inventory forecast

• Co-operate and support the company’s S.H.E. (Safety, Health, and Environment) initiatives

Benefits

Qualifications & Experience Required

• Qualification (Degree, Diploma, or Certificate) in Business, Logistics, or a related discipline.

• Over 1–2 years of hands-on experience in warehouse operations and inventory control

• Experienced in customs brokerage procedures and logistics, a plus.

• Hold a valid driver’s license.

• Computer literate in Microsoft Office, Google docs and Google Sheets

• Proficient in auditing processes and drafting precise, data-driven reports.

• Ability to work in a dynamic environment with minimum supervision

Apply for this job

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https://apply.workable.com/rentokil-initial/j/461922922F/

Union president: ‘We see why Gov’t bullish’ on URCA regulatory takeover

POWER - from page B1

Mr Culmer also told this newspaper that Mr McGregor informed workers that it was the Government which approached Emera about GB Power’s potential purchase, rather than the Canadian energy giant seeking an exit route.

The BIEMSU president said they were told talks were sparked by the Government’s desire to align Grand Bahama with national energy reforms and policy direction, and added that the “rumour mill has been churning” over speculation that BISXlisted FOCOL Holdings, which is taking over New Providence’s baseload generation, is interested in acquiring GB Power.

He also suggested the Government’s approach to acquire Grand Bahama’s electricity monopoly shows why it has been “so bullish” on the Utilities Regulation and Competition Authority (URCA) taking over energy regulation in Freeport via the recently-passed Electricity Act 2024 - describing the two moves as seemingly part of a “long thought-out plan”.

Mr Culmer, confirming that GB Power’s estimated

204 staff were both blindsided and unnerved by the Prime Minister’s announcement, revealed that Emera and GB management executives do not expect any deal for GB Power’s sale - assuming one is concluded - to close within the timeline announced by Mr Davis.

“We were told just now that they don’t foresee anything in the 60-90 dat window that the Prime Minister said,” the union president told Tribune Business. “We were actually in a meeting with Dave McGregor when you called.

“We just want to make sure that, in the discussions, the employees become a topic and they secure our jobs. We were assured that will happen, but he said they aren’t that close to having that discussion right now”

Mr Culmer’s account indicates that Emera’s and the Government’s timelines with regard to GB Power are not aligned, with the Davis administration likely seeking to move faster because of the upcoming general election. Any closing that takes longer than 90 days to complete means a deal is unlikely to close before the polls open.

PHA admits ‘increase in call-outs’ of sick nurses

for December, when and how much, and if any outstanding balances remain owing. He argued that the present situation represents a breach of both the union’s various industrial agreements with the PHA and the Employment Act’s overtime-related sections.

“I think we have to meet on it because it appears as if they [the PHA] don’t have any funds and, if that is the case, we have to sit and try to figure out how best we can meet that situation,” Mr Ferguson said of the position adopted by the doctors, nurses and other healthcare-related unions.

“The workers are demanding payment. That being the case, there has to be a meeting of the minds around that vacuum and how it is to be filled.” Mr Ferguson called for both the

PHA and healthcare unions to meet and, via open, transparent and frank dialogue, determne the current position and how due overtime will be paid moving forward recognising the 2025-2026 fiscal year’s allocation has been exhausted.

“I don’t understand why they are going the route they are going,” the TUC president added of the PHA and the Government. “They need to sit down with the unions and negotiate and come to a reasonable understanding, not to disregard and pretend the unions don’t exist. That’s a ‘no, no’.”

Asked by Tribune Business whether industrial action, including potential strikes, was likely, Mr Ferguson replied: “No. At this stage we want to find a formula that will cause us to avoid these types of situation.” However, the PHA yesterday confirmed the “recent increase in staff call-outs” for alleged sickness coinciding with the concerns on overtime pay. Payment moving forward will likely rely on obtaining

Tribune Business previously reported that the MoU provides a framework, or pathway, to potentially consummmate a GB Power sale but does not mean a deal has - or will be - done. Mr McGregor subsequently confirmed the document only gives the Government a “possible option” to acquire the island’s energy monopoly and there is “no final agreement” that has been reached by the two parties.

While Elrondo Thompson, president of the Commonwealth Electrical Workers Union (CEWU), which represents GB Power’s line staff, declined to comment yesterday, Mr Culmer said Mr McGregor informed workers that it was the Governmentrather than Emera - which initiated discussions over a potential acquisition.

“We were told the Government approached Emera to purchase because they’ve been trying to get information from GB Power in terms of smart meters, solar farms,” the union president added. “We are so far ahead of them in many areas. Dave also brought up that it’s difficult to compete against Nassau, compete against Bahamas Power & Light (BPL), because of the

more taxpayer monies from the Ministry of Finance.

Muriel Lightbourn, the Bahamas Nurses Union (BNU) president, said yesterday of the rise in callouts: “Well, I’m just saying that they’re sick and that’s it. If they’re sick, they have their right to call in. They have two days in which they could call in back to back. And they can exercise their rights.

“They could do that without a sick certificate. And so if they choose to exercise their rights, that’s their rights. And if you sick, I can’t very well tell the nurse if she’s sick, go to work. That’s not helping them. That’s not helping the institution.”

Ms Lightbourn said the PHA has acknowledged that nurses are frustrated and feel disrespected. She added: “If they had done it in a different manner, it would not have been so so bad but you have got to respect the fact that these are adults that are working.

“They acknowledge it and they understand it, and I guess it’s blatant to them now that the nurses are frustrated. They’re feeling disrespected and everything else. You know what it is to work and then tell me that

subsidies the Government provides.”

Mr Culmer indicated questions were asked over whether the Government could provide the same subsidies to GB Power.

“The Government said we won’t provide a subsidy but we will purchase,” was his account of what Mr McGregor relayed. “BPL receives, and we don’t receive, any subsidy at Grand Bahama Power, but it’s still a competitive market against a company that receives government funding.

“We just wanted to know if Emera approached the Government, or if it was government that approached Emera. He confirmed that to us.” Mr Culmer confirmed that the MoU, and how it was announced, has impacted staff confidence and morale due to the resulting uncertainty it has caused.

“It was to the point where management had to say take ‘a go slow day’,” he revealed. “We’ll deal with everyday stuff, nothing over-bearing. They know our minds are not at ease. Everybody’s in shock. Emera over the last two years has been trying to build employees’ confidence, and now this has happened they have to start again from day one.

“Everyone was taken aback and surprised when we heard. I kind of feel that the Prime Minister was pre-empting. We know

I’m not going to get paid? Have a conversation. And I believe if they had done it in a different manner, it would not have been so bad. You got to respect the fact that these are adults that are working.

“You have to accept the fact that when a nurse or any employee, for that matter, works overtime, one, they have a goal in mind. Two, they are neglecting their family for those extra hours. Three, they’re not obligated to do it and they’re there. You have to also look at their social life that they’re giving up. Most of these nurses work these during the Christmas holidays, and I heard someone said they really worked hard. So why you can can’t pay up?”

With December’s overtime payments now being processed, Ms Lightbourn said she will have to speak with her members to understand how they feel about the matter.

The PHA yesterday said December’s overtime payments are being processed via a direct payment system different from the regular salary mechanism, adding that it is working to minimise disruptions caused by the rise in call-outs.

“The Public Hospitals Authority acknowledges concerns from team members regarding outstanding

Emera would want to reach out to employees before it goes public. We knew that was out of character for Emera, and with it being political season we don’t know if the announcement about the MoU was 100 percent because in Dave’s communication he didn’t really mention it.”

Still, Mr Culmer conceded that speculation of interest in GB Power has been growing. “We have been asking questions,” he added. “Grand Bahama is small and the rumour mill has been churning for a while that FOCOL is interested in buying GB Power. The employees feel it may not be the Government; that they may do a public-private partnership (PPP) with FOCOL to acquire GB Power.

“We see why the Government has been so bullish in trying to make URCA the regulator for GB Power. It seems like they had a long thought-out plan which they are now doing.” URCA is currently embroiled in a Supreme Court dispute with the Grand Bahama Port Authority (GBPA) over who has regulatory authority in Freeport, and which of the Hawksbill Creek Agreement and Electricity Act are superior.

Mr Culmer, though, described “job security” as the “greatest concern” for GB Power employees should a sale close. Preserving their existing salaries

overtime payments and the recent increase in staff callouts across our institutions,” the PHA said in a statement. “We understand the frustration and are taking responsible, urgent steps to address these matters.

“Financing for outstanding overtime has been approved and is now being processed. The PHA remains committed to resolving this issue with urgency, transparency and fairness.

“Meetings with union representatives have been productive and solution-focused. Disbursements are being processed, and discussions will continue in good faith to address outstanding matters. To expedite payments, overtime compensation is being issued through a direct payment system, as this falls outside the standard payroll cycle,” the PHA continued.

“The Public Hospitals Authority acknowledges the rise in staff call-outs, and is actively managing schedules and reallocating resources to minimise disruptions across our facilities. Leadership teams are maintaining safe staffing levels and implementing contingency measures to ensure essential healthcare services remain uninterrupted.

“We wish to reassure the public that patient safety and quality care remain our

and benefits, and contrac-

tual rights, as provided by their industrial agreement is paramount amid fears of potential downsizing, hiring persons from outside Grand Bahama, and the political interference that impacts all state-owned enterprises (SOEs). He added that some have “a real objection to becoming government-owned”.

“That was the main issue we asked Dave McGregor about, and they have not reached that far in the talks as yet,” Mr Culmer said, “but when they do get there they’ll lay out this is a company with an industrial agreement in place and there’s an expectation for that to be honoured.

“That’s our bread and butter. Will it be them buying out everybody’s years of service and starting anew, and us falling under BPL’s [union] agreements?That’s the question we asked. If they take over this year, do we keep our years of service or start afresh, and do our contracts remain in place?

“We asked those questions, and Dave assured us that when they get to that stage there will be some protection for us in it and they will not lead us astray. We will hope it’s business as usual. We feel that, of the two [GB Power and BPL], this is the best company.”

highest priorities. Ongoing assessments are being conducted to ensure teams can respond swiftly and effectively to emerging needs while preserving continuity of care. We remain confident that, through collaboration and shared purpose, we will navigate this period responsibly and emerge stronger together.” However, Dr Duane Sands, the Opposition’s chairman and a former minister of health, told Tribune Business that yesterday’s sick-out involved more than “just a few nurses”. He added:

“It’s been a wide-scale reduction in the number of people available to care for patients across the healthcare system. That’s the report I’ve gotten.

“It’s pretty clear this is tied directly to the concerns about not being compensated for overtime worked. If that is indeed the case, it’s unfortunate but not surprising. Certainly, since this matter has started I have seen the angst among staff because this has become a very challenging situation for people.

“Having received instructions that you’re not supposed to work overtime without explicit authorisation, what do you do when you have a sick or dying patient that needs your care?”

“Upon information and belief, after Deltec filed suit, Carbonara falsely told Kerim Eravci, a client of Ibanera, that Deltec committed sanctioned transfers,” Deltec alleged.

“On March 4, 2025, Kerim Eravci wrote an e-mail to Richard Gardner, the chief executive of a company called Modulus. On information and belief, Carbonara, who was included as a recipient of the e-mail, authorised, approved and directed Eravci to send the e-mail on Carbonara’s behalf.”

The e-mail, which was quoted in full by Deltec, referred to how Mr Carbonara’s election campaign was purportedly being backed by persons close to Ron DeSantis, the Florida governor and former US presidential candidate; Greg Abbott, the Texas governor; and Tom Cotton, current Republican senator for Arkansas.

If he wins the Republican nomination, Mr Carbonara will battle long-time Democratic congresswoman, Debbie Wasserman Schultz, for a seat in the House of US Representatives in the mid-term elections scheduled for later this year. The e-mail produced by Deltec

suggests that the campaign against itself was designed as revenge and an attempt to protect the Ibanera chief from the controversy surrounding the “unlawfully withheld” $20m.

“The CEO of the bank I’ve been partnered with, Ibanera, is going to be running for Congress with the help of DeSantis’s team, Tom Cotton, Governor Abbot and many other key Republican players,” Mr Ervaci was alleged to have written to Mr Gardner.

“This last year they took on a client called Deltec, which committed sanctioned transfers, and now they’ve been patiently waiting for them to file a lawsuit to counter-sue them at the instruction of their lawyers. Ibanera has frozen $18m of their funds.

“This will turn into a long nasty battle and I remember you were king of fighting fire with fire. They are looking for a serious PR guy who can run smear campaigns against Deltec to play the dirty game Deltec is starting, and help refortify Michael’s online reputation since it matters now.”

Deltec branded the e-mail as “false and defamatory”, as it denies making so-called “sanctioned transfers’. It added: “Nor has Ibanera

regardless of [whether] they have reportable accounts.

suggested as much in this action or identified any transaction that is subject to economic or trade sanctions laws.” However, Mr Gardner replied with alleged suggestions as to how Deltec’s reputation could be damaged.

““File suit on Jean Chalopin personally in Miami with fraud claims. I also think RICO is relevant,” he purpotedly responded to Mr Ervaci. “Contact . . . the DOJ through Trump’s team and work out a whistleblower deal.. Leverage your political connections to ensure Jean gets arrested at the right time.”

Mr Chalopin, besides chairing and part-owning Deltec, is also a cartoonist world-renowned for creating the Inspector Gadget cartoon series. “Mr Gardner also suggested that Carbonara ‘hire private investigators in each location where Jean has done business. Have them dig deep and go undercover in person, conduct interviews with associates and more. You will need this ammo to keep the authorities interested. I would provide all of that info to the authorities, and simultaneously post everything online, under an untraceable account and, of course, include everything in the lawsuit’,” Deltec alleged of the advice given to Mr Carbonara.

“On March 12, 2025, Carbonara took one step

forward in his smear cam-

paign. Ibanera published a false statement on its website that improperly and inaccurately ties Deltec to ‘the FTX fraud’, ‘money laundering and all types of fraud’, and also refers to unidentified ‘regulatory authorities’ purportedly conducting an investigation of Deltec’s transactions with Ibanera,” the Bahamian bank and trust company alleged.

“In the same written publication, Ibanera attempts to mask the defamatory public statement with a disclaimer, only the disclaimer itself is defamatory by suggesting: ‘Ibanera takes no position on whether any impropriety by Deltec has actually occurred.’ Deltec has never been contacted by any regulatory authority regarding its transactions with Ibanera. Ibanera has produced no evidence that any regulatory authority is investigating those transactions. Ibanera’s public statements about Deltec are false and defamatory.”

Deltec, in a previous statement to Tribune Business, said: “The core issue remains: Ibanera must answer for why it is withholding funds, and why it secretly converted Deltec’s funds into crypto currency, all the while continuing to issue account statements showing the funds as fiat currency. Deltec remains committed to recovering its

assets and holding Ibanera accountable.”

A previous Florida court ruling found Ibanera and its affiliates had agreed to provide cross-border transfers and multi-currency payment accounts for Deltec and its clients under the terms of a July 18, 2024, processing services agreement (PSA). It created segregated client accounts at banks and other financial institutions to hold the funds, which it promised to hold in trust. The accounts were established at the Development Bank of Singapore (DBS), but “Ibanera began having issues with the ability to execute payments on behalf of” Deltec as early as October 2024. The Bahamian bank learnt on October 22, 2024, that the provider’s SWIFT payments via DBS were on hold - at a time when it had $31.7m in Ibanera’s accounts.

“On November 19, 2024, plaintiff [Deltec] requested that Ibanera transfer $15m to another one of its accounts. A month later, Ibanera transferred $12m to plaintiff. Notwithstanding its transfer of the partial amount, Ibanera’s issues with money transfers continued in December 2024,” the Florida court said.

“Beginning in January 2025, plaintiff made repeated requests to Ibanera to transfer the remaining funds - the equivalent of approximately $20m - to plaintiff’s account in another financial

institution. Although Ibanera acknowledged the receipt of plaintiff’s transfer request, it did not transfer the funds to plaintiff.”

After Deltec Bank & Trust sent a February 3, 2025, letter demanding the $20m be transferred to it, Ibanera replied that it had failed to comply with its obligations under the PSA and the payments provider has sustained “significant losses” as a result. It countered that it was “entitled to keep the funds to offset its losses” caused by Deltec’s allegedly “unauthorised activities”. However, the Bahamian institution argued that these “activities” were never “identified” to it, and that the claims were merely a “pretext” and smokescreen to justify why Ibanera continued to “improperly hold” its $20.674m through “unsupported excuses”.

“Mr Carbonara testified that Ibanera retained all the funds associated with plaintiff,” the Florida court wrote. “He clarified that Ibanera has not used any of plaintiff’s funds to offset any potential liability plaintiff may owe.

“Regarding the impact of the instant litigation, Mr Carbonara testified that Ibanera has lost clients, banking relationships and other business opportunities. Mr Carbonara further explained that Ibanera has suffered significant reputational and financial harm.”

implementation and enforcement, he said: “We are currently in the middle of an OECD peer review, having had preliminary meetings and assessments with our final submission on our assessment due by the end of April.

“We passed amendments that empower the regulators to be responsible for inspections and evaluations of the industry, and to ensure enforcement measures are complied with. There is a regulatory gap - the identification of all financial institutions in the jurisdiction. You will hear from the regulators about how they intend on obtaining the population of financial institutions in the short-term.”

Explaining the changes and reforms now required, Mr Pinder added: “The current legislative regime only requires financial institutions with reportable accounts to file in the portal. We will pass new legislation that will require a one-time registration for all financial institutions in The Bahamas,

“We will require this registration to be done by June of this year. We will work with you so you have a complete understanding of what the new requirements will be and how to ensure clients who are financial institutions comply.” Besides maintaining pace with global regulatory and compliance demands, Mr Pinder said this needs to be balanced with further innovation in products and services to meet ever-evolving client needs.

The Attorney General highlighted several new product-led Bills that the Government aims to pass within the next several months - likely ahead of the upcoming 2026 general election. These aim to place civil law products, typically found in jurisdictions such as Europe and Latin America, on a common law footing under Bahamian statute, while also meeting client demands for tools that can exploit blockchain advances and are geared to private equity.

“We are finalising a new piece of legislation to continue The Bahamas’ innovative linkage between civil law practices and common law,” Mr Pinder said.”We have drafted a Usufruct Interest Bill, which seeks to establish a legal framework for usufructs, a term rooted in civil law jurisdictions and refers to the right to use and enjoy the benefits of someone else’s property without owning it.

“We are working closely with the Securities Commission to develop a new set of SmartFund rules to create a fund specifically to address valuation and accounting rules applicable to private equity,” he added.

private equity. We anticipate the private equity SMART fund to be in place by the end of February.

“Through work with the Securities Commission of The Bahamas we will authorise proposed structures and corresponding scope of regulation for DAOs. We hope to release a draft Bill next month and pass it by the end of March.” AG unveils blockchain and private equity fund reforms REFORM - from page B1

“Usufructs are not currently codified in Bahamian law but are similar to common law concepts existing under property and trust law, particularly in life interests, trusts and leaseholds. A Usufruct will be permitted in law in The Bahamas over any Bahamian legal entity. It is anticipated that your civil law clients, whether from Europe or Latin America, will embrace this innovation. The Bill is being finalised, and we look to pass it next month.”

As for other product developments, Mr Pinder said Bills and rules to create Decentralised Autonomous Organisations (DAOs) to take advantage of blockchain, as well as a new type of SMART fund geared towards private equity investments, will also come to fruition shortly.

“Many of your clients participate in private equity investments but are looking for a vehicle that is responsive to the particularities of

“One area that has evolved, and we think the time is right to develop regulation and structure, is with Decentralised Autonomous Organisations or a DAO, a blockchain-based, community-owned entity with no central leadership, governed by code and member votes through smart contracts,” Mr Pinder continued.

Clearance speed, funds use can offset negative fee fallout

ANCHOR - from page B1

Peter Maury, the ABM president, said that while marinas in New Providence have already taken a serious financial hit, with revenue dropping by about 25 percent in the last quarter, the situation is far worse in the Family Islands.

He said some marinas are reporting losses as high as 60 percent, while those in

the southern Bahamas are struggling the most, with some operating only minimal hours and being forced to lay-off staff.

“For Nassau marinas our revenues were off in the last quarter roughly 25 percent.

The difficulty in the Family Islands is exponential compared to Nassau. We get reports from our some of our marinas that are down 60 percent. That affects the

whole community,” said Mr Maury. “The southern marinas, I think, are suffering the most. Some of them are just on skeleton days, so some of their staff have been laidoff. It's not good.”

Captain Arthur Knowles, however, said that while fees are an issue everywhere in the yachting industry, The Bahamas is actually more affordable

Altria earnings fall short amid lower cigarette sales and competition for nicotine products

By MATTHEW PERRONE

AP Health Writer

SHARES of Altria

dipped Thursday after the tobacco giant reported flat earnings due to declining cigarettes sales and challenging competition for newer products, including flavored nicotine pouches.

The Richmond, Virginia-based company said fourth-quarter revenue slid 2% to $5.8 billion, mainly driven by lower cigarette sales. Tobacco companies have long had to manage shrinking sales of their main product category, but Altria executives said cigarettes have been increasingly squeezed

by the introduction of unauthorized disposable electronic cigarettes, which are often cheaper and come in fruit and candy flavors. “We have long advocated for stronger enforcement against illicit products,” Altria CEO Billy Gifford said Thursday. The company reported adjusted net income of $1.30 per share, falling short of Wall Street expectations for earnings per share of $1.32, according to analysts surveyed by Zachs Investments Research.

Company shares fell more than 2.4% in morning trading.

Altria executives updated investors on the company’s longstanding efforts to diversify its business into next-generation products, such as e-cigarettes and nicotine pouches, though the company is not a market leader in either space.

In December, the Food and Drug Administration officially authorized Altria’s pouches, on! Plus, in several flavors, including mint and wintergreen. The brand has been available for years, but FDA authorization means the products have the agency’s permission to remain on the market and expand nationally.

Layoffs are piling up, heightening worker anxiety. Here are some of the biggest recent job cuts

By WYATTE GRANTHAM-PHILIPS

AP Business Writer

AS layoffs pile up, workers are feeling increasingly anxious about the job market.

In the U.S., economists have said that businesses are largely at a "no-hire, no fire" standstill, leading many to limit new work, if not pause openings entirely amid economic uncertainty.

Hiring has stagnated overall — with the country adding a meager 50,000 jobs last month, down from a revised figure of 56,000 in November.

But a growing list of companies are also cutting jobs. Employers have initiated layoffs across sectors — with many pointing to rising operational costs that span from President Donald Trump's barrage of new tariffs, stubborn inflation and shifts in spending from consumers, whose outlook on the U.S. economy recently plummeted to its lowest level since 2014. Others are still working to downsize their workforces after a pandemic-era hiring boom, particularly in e-commerce. At the same time, more and more businesses are reducing their workforces as they redirect money to artificial intelligence, often

baked into wider corporate restructuring.

Beyond the private sector, thousands of federal government employees lost their jobs in cuts taken by the Trump administration last year — forcing many to look for new work. That's further strained workers' overall sentiment about finding stable employment today.

Here are a few companies that have announced some of the largest job cuts recently.

Dow

Chemicals maker Dow, Inc. announced plans to cut about 4,500 jobs on Thursday — as part of broader push to "streamline" operations, which includes putting more emphasis on AI and automation. The cuts come on top of previous reductions taken by the company over the last year. Dow moved to axe 1,500 roles in January 2025, and another 800 over the summer.

Amazon

E-commerce giant Amazon slashed about 16,000 corporate roles on Wednesday — just three months after laying off another 14,000 workers. In its latest round of layoffs, Amazon cited restructuring aimed at "removing bureaucracy" in its operations, but

the cuts also arrive as the company continues to ramp up spending on AI. CEO Andy Jassy previously said that he anticipated generative AI to reduce Amazon's corporate workforce.

UPS

On Tuesday, United Parcel Service said it plans to cut up to 30,000 operational jobs this year — notably as the package company continues to reduce the number of Amazon shipments it handles amid wider turnaround efforts. UPS said these cuts will be made through a voluntary buyout offer for full-time drivers and attrition. The reductions come on top of a combined 48,000 job cuts that the company disclosed in 2025.

Tyson Foods

Late last year, Tyson Foods said it would be closing a plant that employed 3,200 people in Lexington, Nebraska — bringing job losses for nearly a third of the small town's population of 11,000. The layoffs began on Jan. 20, but the company notified state officials that it was temporarily retaining under 300 workers to help complete the closure. Tyson in November also announced plans to cut one of two shifts at an Amarillo,

compared to other regional destinations.

He pointed out that the increased fees are not a major problem for the majority of yacht owners, but noted that while regional competitors charge significantly higher anchorage fees they are more efficient with clearing passengers.

“The fees aren’t an issue for 99 percent of the yachts. We were recently in the BVI; my clearance fees were over $12,000 just for two weeks. We paid it, but that fee, that transaction, happened in less than five minutes,” said Mr Knowles.

However, company results showed the company’s products losing ground in the latest quarter. Altria said on! pouches’ share of the market shrank to about 13%, down about 5 points from the prior year.

The U.S. market for pouches is dominated by Zyn, the flavored brand from Philip Morris International, which accounts for more than two-thirds of sales for the category, according to figures from Nielsen.

Altria executives said they faced pricing competition from Philip Morris in the latest quarter, including 2-for-1 sale promotions for Zyn.

Gifford said Altria plans its own pricing strategy as it expands its FDA-authorized nicotine pouches at the regional and then national level later this year.

“Certainly as we introduce at retail we’ll have various introductory price

“My anchorage fee in Saint Barts was $3,900; that's just the clearance fee for one week. The Bahamas fee is $1,500.”

Prescott Smith, president of the Bahamas Fly Fishing Industry Association, also defended the fee increase, noting that most guests pay more for vessel storage in their home countries than they do in fees to traverse The Bahamas. He argued that boaters would be more willing to accept and pay the fees if they clearly understood that the funds were being reinvested to improve the marine environment.

“Sit down with the Government and say, look, the boaters would be more inclined to come in here and face fees if they know that the monies are going towards cleaning up the coastline throughout the country,” said Mr Smith. “You have an opportunity to turn this issue around and even educate visiting boaters and the Bahamian public, because when you look at the fees, you will see people won't have that much of an issue If we say where the money is going to go improve the situation.”

“Certainly as we introduce at retail we’ll have various introductory price promotions. We feel very excited about the differentiation we have and the consumer feedback.”

Altria CEO Billy Gifford

promotions,” he told investors and analysts Thursday.

“We feel very excited about the differentiation we have and the consumer feedback.”

Gifford and other executives said the company remains interested in other alternative tobacco products, including e-cigarettes.

The company faced a major setback in that space last year when international trade regulators ruled that the company’s vaping devices, sold under the brand NJOY, infringed patents held by Juul. The ruling blocks imports and sales of

Texas plant, eliminating an additional 1,700 jobs.

HP

Also in November, HP said it expected to lay off between 4,000 and 6,000 employees. The cuts are part of a wider initiative from the computer maker to streamline operations, which includes adopting AI to increase productivity. The company aims to complete these actions by the end of the 2028 fiscal year.

Verizon

Verizon began laying off more than 13,000 employees in November. In a staff memo announcing the cuts, CEO Dan Schulman said that the telecommunications giant needed to simplify operations and "reorient" the entire company.

Nestlé

In mid-October, Nestlé said it would be cutting

16,000 jobs globally — as part of wider cost cutting aimed at reviving its financial performance amid headwinds like rising commodity costs and U.S. imposed tariffs. The Swiss food giant said the layoffs would take place over the next two years.

Novo Nordisk

In September, Danish pharmaceutical company Novo Nordisk said it would cut 9,000 jobs, about 11% of its workforce. The company — which makes drugs like Ozempic and Wegovy — said the layoffs were part of wider restructuring, as it works to sell more obesity and diabetes medications amid rising competition.

Intel

Intel has moved to shed thousands of jobs as the struggling chipmaker works to revive its business. Last year, CEO Lip-Bu Tan said Intel expected to end 2025 with 75,000 "core" workers, excluding subsidiaries, through layoffs and attrition. That's down from 99,500 core employees reported the end of 2024.

NJOY Ace products into the U.S.

Altria paid $2.75 billion in 2023 to acquire NJOY after selling its stake in the troubled vaping company Juul. Altria took a $1.3 billion charge on the value of its vaping business in the most recent quarter.

The maker of Marlboro cigarettes recorded adjusted revenue of$5.08 billion, topping Wall Street forecasts.

Three analysts surveyed by Zacks expected $5 billion.

For 2026, Altria expects full-year earnings between $5.56 and $5.72 per share.

The company previously announced a 15% workforce reduction.

Procter & Gamble

Last summer, Procter & Gamble said it would cut up to 7,000 jobs over the next two years, 6% of the company's global workforce. The maker of Tide detergent and Pampers diapers said the cuts were part of a wider restructuring — also arriving amid tariff pressures.

Microsoft

Microsoft initiated two rounds of mass layoffs last year — first impacting 6,000 and then another 9,000 positions. The tech giant cited "organizational changes," but the cuts also arrived as the company spends heavily on AI.

Other companies that have taken job cuts recently

1. General Motors cut about 1,700 jobs across manufacturing sites in Michigan and Ohio last fall, in addition to hundreds of temporary layoffs for other employees.

2. Skydance-owned Paramount initiated roughly 1,000 layoffs in October, and later announced plans to cut another 1,600 jobs as part of divestures in Argentina and Chile.

3. Target in October moved to eliminate about 1,800 corporate positions.

4. ConocoPhillips announced plans to lay off up to a quarter of its workforce, or between 2,600 and 3,250 workers, taking most of the cuts before the end of 2025.

5. Lufthansa Group says it will shed 4,000 jobs by 2030.

After a day of sharp swings, Wall Street ends nearly where it began

By STAN CHOE AP Business Writer

A DAY of dramatic swings on Wall Street, including Microsoft's worst drop in years and a sudden reversal for the price of gold, finished with only relatively modest moves on Thursday.

The S&P 500 slipped 0.1% after flirting with its record high in the morning and dropping by as much as 1.5% later in the day. The Dow Jones Industrial Average rose 55 points, or 0.1%, after erasing an earlier loss of more than 400 points, and the Nasdaq composite fell 0.7%.

Microsoft was the heaviest weight on the market by far, and the tech giant tumbled 10% even though it reported stronger profit and revenue for the latest quarter than analysts expected. Investors honed in instead on how much Microsoft is

spending on investments, whether growth in its Azure cloud business will slow and how long its push into artificial-intelligence technology will take to turn into big profits.

It was the stock's worst day since the market's COVID crash in 2020.

Tesla also weighed on the market after falling 3.5%. It delivered a bigger profit for the latest quarter than analysts expected, but the results were sharply lower than from a year earlier.

Tesla's leader, Elon Musk, has been trying to get investors to focus less on its flagging car sales and more on the company's robotaxis and robots.

Companies across the market are under pressure to deliver at least solid growth in profits following record-setting runs for their stock prices. Stock prices tend to follow the path of corporate profits over the

Trump says Venezuelan

long term, and earnings need to rise to quiet criticism that stocks have grown too expensive.

ServiceNow dropped 9.9% even though it reported a stronger profit for the latest quarter than expected. Analysts praised the performance, but it wasn't enough to stop a slide for the stock that's been underway since the summer.

Still, more stocks rose within the S&P 500 than fell. Leading them was Meta Platforms, which rallied 10.4% after the company behind Facebook, Instagram and WhatsApp topped profit expectations, even though it also said it will continue its massive investments in AI.

IBM was another winner and climbed 5.1% after surpassing analysts' expectations for profit and revenue. Southwest Airlines flew 18.7% higher even

though its profit fell short of forecasts. It gave a forecast for earnings in 2026 that blew past analysts' expectations, saying it's seeing strong momentum after making changes like charging baggage fees and having assigned seating.

All told, the S&P 500 slipped 9.02 points to 6,969.01. The Dow Jones Industrial Average added 55.96 to 49,071.56, and the Nasdaq composite fell 172.33 to 23,685.12.

airspace will reopen to commercial travel and Americans soon can visit

By MICHELLE L. PRICE

Associated Press

PRESIDENT Donald Trump said Thursday he has informed Venezuela's acting president, Delcy Rodríguez, that he will open up all commercial airspace over Venezuela and Americans will soon be able to visit.

Trump said he instructed his transportation secretary, Sean

Duffy,

and U.S. military leaders to take steps to open the airspace for travel by the end of the day.

"American citizens will be very shortly able to go to Venezuela, and they'll be safe there," the Republican president said.

Venezuela's government did not immediately comment.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, SHAWN MICHELLE CARTWRIGHT of Bilinay Lane, Shirley Street, Nassau, Bahamas intend to change my name to SHAN MICHELLE CARTWRIGHT. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that ROLANDA DANIEL of Podoleo Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 30th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LOUBERT PIERRE of Marsh Harbour, Abaco, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KEVON LEIGH SPENCE of P.O. Box SP60894, #33 McKinney Drive, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

While the State Department continued warning Americans against traveling to Venezuela, at least one U.S. airline announced its intention to resume direct flights between the countries soon.

American Airlines was the last U.S. airline flying to Venezuela when in 2019 it suspended flights between Miami and the capital,

Caracas, as well as the oil hub city of Maracaibo. The airline said Thursday it would share additional details about the return to service in the coming months as it works with federal authorities on security assessments and necessary permissions.

"We have a more than 30-year history connecting Venezolanos to the U.S., and

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, LEO RIDGE SYPHRIN of Faith Avenue, Nassau, Bahamas intend to change my name to LEO RIDGE SIMON. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that MELISSA CAVINE GREEN of P.O. Box F-44655, #46 Alexis Drive, Imperial Park, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DIEUSSIKA JEAN of Tarpum Bay, Eleuthera, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that REBERT CESAR of Dignity Gardens, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Some of the wildest action in financial markets was again for precious metals.

Gold's price rallied near $5,600 per ounce in the morning before suddenly and briefly dropping back below $5,200. It then steadied somewhat and rose modestly to another record.

It was only on Monday that gold's price topped $5,000 for the first time, and it had nearly doubled over the last 12 months.

we are ready to renew that incredible relationship," Nat Pieper, American's chief commercial officer, said in a statement. "By restarting service to Venezuela, American will offer customers the opportunity to reunite with families and create new business and commerce with the United States." Before Venezuela came undone in the mid-2010s, it was not uncommon for Venezuelans to take weekend leisure trips to Miami. U.S. airlines stopped flying to Venezuela before the

Silver, which has been zooming higher in its own feverish run, had a similar and sudden reversal of momentum before ticking higher again.

Prices for precious metals have been surging as investors look for safer things to own while weighing a wide range of risks, including a U.S. stock market that critics call expensive, political instability, threats of tariffs and heavy debt loads for governments worldwide.

Department of Homeland Security in 2019 ordered an indefinite suspension, arguing that conditions in Venezuela threatened the "safety and security of passengers, aircraft, and crew."

Earlier this week, Trump's administration notified Congress that it was taking the first steps to possibly reopen the shuttered U.S. Embassy in Caracas as it explores restoring relations with the country after the U.S. military raid that ousted then-President Nicolás Maduro.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, DERRICK MAJOR of West End Avenue, New Providence, Bahamas intend to change my name to DEREK OWEN ROLLE. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that JEAN DAVID ANTOINE of P.O. Box N-3180, #2 Golden Gates, Dominican Way, 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 30th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that TWANNA SASHA-KAY BAIN of P.O. Box FH-14690, Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that WILLMENS ALAIN of Fox Hill, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Venezuela’s acting president signs oil industry overhaul, easing state control to lure investors

By REGINA GARCIA CANO Associated Press

VENEZUELA'S acting President Delcy Rodríguez on Thursday signed a law that will open the nation's oil sector to privatization, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades.

Lawmakers in the country's National Assembly approved the overhaul of the energy industry law earlier in the day, less than a month after the brazen seizure of then-President Nicolás Maduro in a U.S. military attack in Venezuela's capital.

As the bill was being passed, the U.S. Treasury Department officially began to ease sanctions on Venezuelan oil that once crippled the industry, and expanded the ability of U.S. energy companies to operate in the South American nation, the first step in plans outlined by Secretary of State Marco Rubio the day before. The moves by both governments on Thursday are paving the way for yet another radical geopolitical and economic shift in Venezuela.

"We're talking about the future. We are talking about the country that we are going to give to our children," Rodríguez said.

Rodríguez proposed the changes in the days after U.S. President Donald Trump said his administration would take control of Venezuela's oil exports and revitalize the ailing industry by luring foreign investment.

Private companies to control oil production

The legislation promises to give private companies control over the production and sale of oil and allow for independent arbitration of disputes.

Rodríguez's government expects the changes

to serve as assurances for major U.S. oil companies that have so far hesitated about returning to the volatile country. Some of those companies lost investments when the ruling party enacted the existing law two decades ago to favor Venezuela's state-run oil company, Petróleos de Venezuela SA, or PDVSA.

The revised law would modify extraction taxes, setting a royalty cap rate of 30% and allowing the executive branch to set percentages for every project based on capital investment

US applications for jobless benefits, a proxy for layoffs, tick down to 209,000 last week

By MATT OTT AP Business Writer

U.S. applications for unemployment benefits inched down modestly last week, remaining at historically healthy levels despite recent high-profile layoff announcements.

Applications for jobless aid for the week ending Jan. 24 fell by 1,000 to 209,000 from the previous week’s number which was revised upward by 10,000, the Labor Department reported Thursday. Analysts surveyed by the data firm FactSet were expecting 205,000 new applications.

Applications for unemployment benefits are seen as representative of U.S. layoffs and are close to a

real-time indicator of the health of the job market. An assortment of high-profile companies have announced job cuts in the past year, including UPS, Amazon and Dow this week alone. That, combined with the government’s own sluggish labor market data, has left Americans increasingly pessimistic about the economy.

Earlier this month, the government reported that hiring remained tepid in December, capping a year of weak employment gains that have frustrated job seekers even though layoffs and unemployment remained low.

Employers added just 50,000 jobs last month,

NOTICE

MSD Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 212250 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 20th day of January A.D. 2026.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. MAURO SERVULO DELGADO SANTOS, whose address is R Tab Ferreira De Carvalho 611, AP 702, Cidade Nova, CEP: 31170180, Belo Horizonte, MG, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 19th day of February A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 20th day of January A.D. 2026. MAURO SERVULO DELGADO SANTOS LIQUIDATOR

N O T I C E

BAYALAG ESTATE LTD.

(Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 28th day of January, A.D., 2026. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas.

GALNOM LTD. Liquidator

nearly unchanged from a downwardly revised figure of 56,000 in November, the Labor Department said. The unemployment rate slipped to 4.4%, its first decline since June, from 4.5% in November, a figure also revised lower.

needs, competitiveness and other factors.

It also removes the mandate for disputes to be settled only in Venezuelan courts, which are controlled by the ruling party. Foreign investors have long viewed the involvement of independent courts as crucial to guard against future expropriation.

Will change Venezuela's economy

Ruling-party lawmaker Orlando Camacho, head of the assembly's oil committee, said the reform

The economy gained just 584,000 jobs in 2025, an average of around 50,000 per month. That’s sharply lower than that more than 2 million added in 2024, which amounts to an average of nearly 170,000 per month.

The 2025 numbers represent the smallest annual job gains since the COVID-19 pandemic decimated the job market in 2020. Outside of recessions, it’s the slimmest annual increase since 2003.

NATIONAL Assembly President Jorge Rodriguez takes part in a rally holding up a copy of a new law after lawmakers approved legislation opening the nation’s oil sector to privatization, in

Venezuela, Thursday, Jan. 29, 2026.

"will change the country's economy."

Meanwhile, opposition lawmaker Antonio Ecarri urged the assembly to add transparency and accountability provisions to the law, including the creation of a website to make funding and other information public. He noted that the current lack of oversight has led to systemic corruption and argued that these provisions can also be considered judicial guarantees.

Those guarantees are among the key changes foreign investors are looking for as they weigh entering the Venezuelan market.

"Let the light shine on in the oil industry," Ecarri said.

Some oil workers support overhaul

Oil workers dressed in red jumpsuits and hard hats celebrated the bill's approval, waving a Venezuelan flag inside the legislative palace and then joining lawmakers in a demonstration with ruling-party supporters.

The law was last altered two decades ago as Maduro's mentor and predecessor, the late Hugo Chávez, made heavy state control over the oil industry a pillar

The January jobs report is due out next Friday, with analysts forecasting another ho-hum 50,000 job gains.

The Labor Department also recently reported that businesses posted far fewer jobs in November than the previous month, a sign that employers aren’t yet ramping up hiring even as growth has picked up.

of his socialist-inspired revolution.

In the early years of his tenure, a massive windfall in petrodollars thanks to record-high global oil prices turned PDVSA into the main source of government revenue and the backbone of Venezuela's economy.

Chávez's 2006 changes to the hydrocarbons law required PDVSA to be the principal stakeholder in all major oil projects.

In tearing up the contracts that foreign companies signed in the 1990s, Chávez nationalized huge assets belonging to American and other Western firms that refused to comply, including ExxonMobil and ConocoPhillips. They are still waiting to receive billions of dollars in arbitration awards.

From those heady days of lavish state spending, PDVSA's fortunes turned — along with the country's — as oil prices dropped and government mismanagement eroded profits and hurt production, first under Chávez, then Maduro.

The nation home to the world's biggest proven crude reserves underwent a dire economic crisis that drove over 7 million Venezuelans to flee since 2014.

Businesses and government agencies posted 7.1 million open jobs at the end of November, down from 7.4 million in October. Layoffs also dropped as companies seem to be retaining workers even as they are reluctant to add staff, a trend economists refer to as “low hire, low fire.”

Recent government data has revealed a labor market in which hiring has clearly slowed, hobbled by uncertainty raised by President Donald Trump’s tariffs and the lingering effects of the high interest rates the Fed engineered in 2022 and 2023 to rein in a spike of pandemic-induced inflation.

APPLE’S IPHONE SALES SURGE TO NEW QUARTERLY HIGH DESPITE EARLY MISSTEPS IN ARTIFICIAL INTELLIGENCE

By MICHAEL LIEDTKE AP Technology Writer

APPLE’S iPhone sales soared to a new quarterly record during the holiday season, despite artificial intelligence blunders that prompted the technology trendsetter to get a helping hand from Google.

The October-December results announced Thursday reflect the allegiance of Apple’s fans, who eagerly snapped up the latest iPhone 17 models even though the company still hasn’t delivered on its 2024 promise to smarten up the device’s Siri assistance with AI.

Apple tried to offset its AI miscues with a new “liquid glass” design for the iPhone 17 and older models installed by way of a free software upgrade released last September. That formula helped produce

Former First Brands CEO

iPhone sales of $85.3 billion, a 23% increase from the same time in the previous year. It marked Apple’s highest iPhone sales for a three-month period since the device’s debut in 2007.

“The demand for iPhone was simply staggering,” Apple CEO Tim Cook crowed during a conference call with analyst while predicting the device will become a cutting-edge platform for AI.

The iPhone’s robust performance propelled Apple to a profit of $42.1 billion, or $2.84 per share for the quarter, a 16% increase from the previous year. Total revenue also rose 16% from the previous year to $143.8 billion. Both the earnings and sales exceeded the analyst projections that steer investors.

Apple’s shares rose by about 1% in extended trading after the numbers came

Patrick James and his brother are indicted for bilking billions from banks

By MATT OTT AP Business Writer

PATRICK James, the former CEO of bankrupt auto parts supplier First Brands Group, was indicted on federal fraud charges and arrested Thursday in Ohio with his brother Edward, a former senior executive with the company, the government said.

The indictment from the U.S. Attorney's Office in the Southern District of New York said the James brothers "perpetrated a yearslong fraud" to obtains billions of dollars for First Brands — and millions for themselves — by duping investors and banks with fake documents and false financial reports. When it filed for bankruptcy protection in September, officials representing First Brands said the company had more than $9 billion in debt and only $12 million in cash, according to Thursday's charging documents.

After changing its name to First Brands from Crowne Group about five years ago, the Cleveland company began buying and then cobbling together a number of aftermarket auto parts manufacturers through debt-financed deals. Acquisitions by First Brands included well-known industry brands like Fram filters, Autolite sparkplugs and Anco windshield wiper blades.

The government alleges that the James brothers falsely inflated invoices for accounts receivable and borrowed against them two and three times, unbeknownst to lenders and investors. This yielded billions of dollars of financing for the company, which the James brothers used to finance a lavish lifestyle, the indictment said.

"The defendants operated First Brands as a 'Ponzi' scheme in which new loan proceeds were used to pay back old lenders and to fund their extravagant lifestyle," said Kareem Carter, an agent with the Internal Revenue Service.

A spokesperson for James said "Patrick James is presumed innocent and denies these charges. He built First Brands from nothing into a global industry leader and has always been devoted to the success of the company. Mr. James looks forward to presenting his case in court."

A lawsuit brought against Patrick James in November accused the former First Brands CEO of securing billions of dollars in debt financing based in part on fraudulent invoices, then transferring hundreds of millions of dollars to himself and other affiliates to "fund his and his family's lavish lifestyle," which includes seven homes and 17 cars.

The lawsuit claims that James, with the help of unnamed conspirators, transferred $8 million to his son-in-law's wellness company, $2 million for James' family office, at least $3 million toward the rent of his New York City townhouse, $500,000 to his personal chef and another $150,000 for a "celebrity personal trainer," the lawsuit claimed.

The majority of the transfers occurred between 2023 and 2025, according to the lawsuit.

The indictment released on Thursday also revealed a guilty plea from former First Brands executive Andy Brumbergs for his role in the scheme. Brumbergs is cooperating with the government.

Patrick James, 61, and his brother Edward, 60, each face nine counts, including wire fraud, bank fraud and conspiracy to commit money laundering. Most of the charges carry a maximum sentence of 30 years if convicted. Patrick, the former CEO, is also facing a potential life sentence.

They are scheduled to appear before a judge in Ohio later Thursday, according to the indictment.

out. But the stock price still remains slightly down so far this year, and isn’t that much higher from where it finished at the end of 2024.

Zacks Investment Research analyst Ethan Feller said the worries about Apple’s late start in AI appeared to have been overblown and now appears well positioned to roll out more of the technology “as a feature that scales naturally across its ecosystem,” which also includes iPads, Mac computers and smartwatches in addition to iPhones. Apple said more than 2.5 billion active devices worldwide are now running on its various operating systems.

The Cupertino, California, company will try to sustain the momentum by finally releasing a batch of delayed AI features, including an Siri upgrade that is supposed to make the

assistant more conversational and versatile.

To pull it off, Apple is tapping into Google’s latest AI model, Gemini 3, in a tacit acknowledgment of its own shortcomings in a technology that’s widely considered to be the industry’s biggest breakthrough since the iPhone’s introduction.

Despite its AI deficiencies, the iPhone ended last year as the worldwide sales leader with a nearly 20% market share that ranked just ahead of Samsung, according to the research firm International Data Corp. In a show of its confidence, Apple forecast its revenue for the January-March period will climb by at least 13% from last year, above the roughly 10% bump that analysts had been anticipating.

The AI boom is confronting Apple with another

challenge: a shortage of memory chips that for smartphones and laptops amid the voracious demand for the same processors in the massive data centers that are being built to power AI features.

Besides threatening to curtail iPhone production, the memory chip crunch is also driving up their prices — a factor that has already been eroding Apple’s profit

margins. That financial pressure could eventually push Apple to raise the prices on iPhones and other products to help offset the rising memory chip costs

“We do continue to see market pricing for memory increasing significantly,” Cook told analysts Thursday. “As always, we’ll look at a range of options to, to deal with that.”

Starbucks sees room to expand with hundreds of new US stores and increased seating

By DEE-ANN DURBIN AP Business Writer

STARBUCKS said Thursday that it plans to open hundreds of new stores across the U.S. and add seating capacity at thousands of existing locations, doubling down on a strategy of emphasizing the company's cafes as community hubs even as consumer demand for drivethru coffee grows. The company unveiled its plans during a presentation in New York for investors. After announcing in September that it would close hundreds of less profitable stores, Starbucks said it now expects to open up to 175 new U.S. coffee shops this year and around 400 in 2028. Its plans include smaller-format stores that are 20% cheaper to build but still offer comfortable seating, drivethru service and mobile order pickup capacity.

Chairman and CEO Brian Niccol said Starbucks ultimately sees an opportunity to build at least 5,000 new cafes across the U.S., with the smaller store format presenting much of that opportunity. There are thousands of sites where no Starbucks operates within a mile of a competitor, he said. Starbucks is particularly eyeing the central, southern and northeastern U.S. for store development.

In some ways, Starbucks is running counter to a growing U.S. trend of drive-thru-only coffee shops like Dutch Bros and 7 Brew. In September, the National Coffee Association, an industry trade group, found that 59% of U.S. coffee drinkers who bought coffee outside their home in the past week had used a drive-thru, which was an alltime high.

But Niccol said Thursday that over the last month, more than 60% of Starbucks' customers came into a store to order their coffee, and he thinks it's important for those stores to feel vibrant and inviting.

"Our cafes are our point of differentiation," Niccol said. "We want people to be in our coffeehouses."

Starbucks said it plans to add 25,000 additional seats to its U.S. cafes by the end of its fiscal year this fall. That's part of an ongoing upgrade process that is intended to make existing stores warmer and more welcoming.

The improvements, which cost around $150,000 and are done overnight while stores are closed, have been completed at 200 locations and are expected to spread to 1,000 by fall. Starbucks expects to finish the retrofitting work in 2028. The company has around 10,000 company-operated stores in the U.S.

Niccol said Starbucks is seeing customers dwell longer in stores that are revamped.

Niccol, who joined Starbucks in 2024 to revive its flagging sales, said the company's turnaround is taking hold. Starbucks has been adding staff and equipment to stores to improve service times and give employees more time to connect with customers.

Among Starbucks' priorities in the coming year is improving its afternoon business, which is weaker than its performance in the morning. In the spring, the

Russia's Lukoil plans sale of international assets in response to planned US sanctions

BY THE ASSOCIATED PRESS

RUSSIAN oil company

Lukoil plans to sell its international assets to U.S. private equity firm Carlyle Group, Lukoil said Thursday, as it rushes to divest its global portfolio in the face of impending U.S. sanctions. The U.S. Treasury gave Lukoil until Feb. 28 to sell its foreign assets in response to sanctions imposed by U.S. President Donald Trump to push for a ceasefire in Russia's war on Ukraine. Lukoil didn't give further details on the value of the deal, but said in a statement that it

wouldn't include the company's assets in Kazakhstan.

The sale still requires approval from the U.S. Office of Foreign Assets Control, which administers sanctions. In the meantime, Lukoil said that it would continue negotiations with other prospective buyers.

Carlyle Group said in a statement that its approach to Lukoil International would be on ensuring operational continuity and preserving jobs. It also said that it recognized the assets' "critical importance to nations' infrastructure and domestic energy security."

When asked about the deal, the Kremlin said that it couldn't comment on corporate agreements.

company plans to introduce customizable energy drinks made with a proprietary green coffee extract. It's also planning more snackable foods that are high in protein and fiber, like flatbreads, cottage cheese and protein popcorn.

The company is also installing equipment designed to speed up service. A next-generation espresso machine will cut in half the 70 seconds it now takes to pull espresso shots and double capacity to eight shots at a time, the company said. The machines will begin rolling out to U.S. stores in 2027.

Starbucks also expects changes to its loyalty program to boost sales. A three-tiered program set to start March 10 in the U.S. and Canada will have various benefits for Green, Gold and Reserve members.

Starbucks has 35.5 million active loyalty members in the U.S. alone.

Green members will still earn one star per dollar spent, and stars can be redeemed for food and beverages. But they will earn a $2 credit faster than before and get free drink modifications once per month, the company said.

"For us, the most important thing is that the interests of the Russian company involved are protected and respected," Kremlin spokesman Dmitry Peskov said Thursday.

Swiss commodities trading firm Gunvor previously announced its proposals to buy Lukoil's assets in October, but later withdrew its offer after being called "the Kremlin's puppet" by the U.S. — an accusation that the Geneva-based company rejected.

In an X post on Nov. 6, the U.S. Treasury Department alluded to Russian President Vladimir Putin's decision to send Russian troops to launch an all-out invasion of Ukraine on Feb. 24, 2022, and Trump's efforts to end the war.

"President Trump has been clear that the war must end immediately," the department's post on X said. "As long as Putin continues the senseless killings, the Kremlin's puppet,

Members who spend more will earn more perks. Reserve status members, who must earn 2,500 stars in 12 months, gain access to exclusive merchandise and events, including all-expense paid trips to coffee-focused destinations like Milan and Costa Rica.

Earlier this week, Starbucks reported stronger-than-expected sales in its fiscal first quarter. The company said its same-store sales were up 4% globally and in the U.S. in the October-December period, which marked its best U.S. performance in two years. It expects global and U.S. samestore sales to rise 3% in its 2026 fiscal year.

On Thursday, the company shared guidance for its 2028 fiscal year. It continues to expect U.S. and global samestore sales to rise 3% or more, and it expects revenue to grow by 5%. Starbucks also forecast earnings per share of $3.35 to $4. That compares to adjusted earnings per share of $2.13 in its 2025 fiscal year. Starbucks shares fell 1% in midday trading Thursday.

Gunvor, will never get a license to operate and profit."

Lukoil has stakes in oil and gas projects in 11 countries. It has refineries in Bulgaria and Romania and a 45% stake in a refinery in the Netherlands, as well as gas stations in a number of countries.

Trump announced new sanctions against Lukoil and Rosneft, Russia's two biggest oil companies, on Oct. 22. Together, the two companies account for roughly half of the country's oil exports, providing a major source of government revenue. The sanctions make it difficult for Lukoil and Rosneft to do business outside of Russia. In addition to barring U.S. businesses from dealing with the two companies, the sanctions carry the threat of secondary sanctions on foreign banks that handle their transactions.