02042026 BUSINESS

Lucayan staff five weeks’ unpaid for a second time

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GRAND Lucayan staff have gone five weeks without pay for a second time, it has been confirmed, with the resort now owing a total $17m to its Bahamian and international suppliers and other creditors.

Well-placed Tribune Business sources, speaking on condition of anonymity, revealed that workers - including in-house security staff responsible for protecting the Bahamian people’s nine-figure investment in the property - have not received any salary payments and other due compensation since December 22, 2025, when the Government covered five weeks’ wages that were previously outstanding.

Obie Ferguson KC, the Trades Union Congress (TUC) president, whose Bahamas Hotel Managerial Association (BHMA) represents 91 middle managers at the Grand Lucayan, yesterday revealed his members are contacting him daily after going without pay for the entire month of January as well as the final week in December.

Describing the predicament of Grand Lucayan staff as one of the most “severe” situations he has dealt with, the union chief told this newspaper he has “never had this experience” where an employer both fails to pay

FOCOL to launch 5MW GB Power solar within 30 days

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

BISX-listed

FOCOL Holdings will begin supplying Grand Bahama Power Company (GBPC) with five mega watts (MW) of soalr power within the next 30 days, it was revealed last night.

• ‘Very, very dire situation’; vendors also owed $17m

• Investments chief pledges staff pay ‘any day now’

• Union head brands ‘terrible’, ‘never experienced this’

workers what is owed and does not provide a timeline for reme dying the situation.

Mr Ferguson said Grand Lucaya workers are presenting in a “no man’s land” because, besides not receiving what is due to them, they have not been officially terminated which means they cannot claim unemployment benefits and other protections from the National Insurance Board (NIB). Staff are thus unable to pay bills and obligations as they fall due, and cannot plan for the future amid the ongoing “uncertainty” over the Concord Wilshire deal.

Voicing particular surprise that the Government who is the employer at fault, having likely breached the Employment Act, industrial agreement with the

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

guson added that he has yet to obtain a meeting with Prime Minister Philip Davis KC in a bid to resolve the situation.

However, Phylicia WoodsHanna, the Government’s investments chief and head of the Bahamas Investment Authority (BIA), yesterday pledged to Tribune Business that the outstanding salaries and other benefits owed to Grand Lucayan staff could be paid “any day now”.

Responding to messaged questions from this newspaper, she reassured that the BIA together with the Ministry of Finance and Attorney General’s Office “are

Epstein ‘interested’ in financing Long Island physics investment

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Dexter Adderley, FOCOL Holdings president and chief executive, speaking at a University of the Bahamas (UoB) legal week seminar said the group’s subsidiary, Bahamas Solar Renewables (BSR), is achieving a “meaningful milestone” by integrating renewable energy into Grand Bahama’s power mix.

“Today, we are very proud to highlight one of our most meaningful renewable milestones. FOCOL, through BSR, Bahamas Solar Renewables, has partnered with Grand Bahama Power Company to provide 5 MW of solar energy within the first quarter of this year; in fact, over the next 30 days,” said Mr Adderley.

“As a company with our origins in Grand Bahama, we are exceptionally grateful to the Grand Bahama Power Company for partnering with us on their strategic project. This partnership represents the first utility-scale solar integration of its kind within our portfolio, and demonstrates how renewable energy can be aligned with existing grid infrastructure. It also reinforces the power of local partnerships - Bahamian companies working together to advance a cleaner, more resilient energy future.”

The solar energy power purchase agreement (PPA) was signed in 2023 and marked a step forward in expanding cleaner, cheaper energy sources on Grand Bahama. The 25-year PPA, once implemented, is expected to help increase renewable energy to 10 percent of GB Power’s overall generation mix.

Nikita Mullings, GB Power’s chief operating officer, last year said the agreement was part of the utility’s broader strategy to stabilise electricity costs for its 19,000 customers while supporting national energy goals.

THE convicted paedophile and sex offender, Jeffrey Epstein, voiced “interest” in investing in the construction of physics-led science institute proposed for Long Island near the Stella Maris resort, it can be revealed.

E-mails among some three million Epstein-related documents released by the US Justice Department last week disclose that the late financier was approached some seven years after he was jailed for soliciting prostitution from underage girls about helping to finance the planned Bahamas Centre for High Energy Physics, Astrophysics, Gravitation and Cosmology.

Epstein and his foundation were pitched almost exactly ten

years ago by Professor Eduardo Guendelman, who Internet research shows is still based at Israel’s Ben Gurion University. The proposed project was also linked to the University of Miami and a member of its faculty, Professor Thomas Curtright, and the two scientists to this day still hold an annual science conference at Long Island’s Stella Maris’ resort.

Professor Guendelman, in a February 15, 2015, e-mail said he was reaching out to Epstein, who later committed suicide while in jail awaiting trial on fresh sex crime allegations, because he understood the Palm Beach-based financier and his foundation supported “interesting science projects”.

“One such project that you could be interested in is the establishment of a Centre for Theoretical Physics in The Bahamas,” the Israeli scientist

Generation reforms to save Nassau $120m in fuel costs

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

FOCOL Holdings’ top executive last night said its overhaul of New Providence’s baseload electricity generation could save consumers up to $120m annually in reduced fuel costs alone.

Dexter Adderley, the BISX-listed company’s president and chief executive, said the transition from heavy fuel oil (HFO) and automotive diesel oil (ADO) to cheaper liquefied natural gas (LNG) will generate lower energy costs for households and businesses while also delivering cleaner, more reliable supply.

Speaking at a University of the Bahamas (UoB) legal week seminar, Mr Adderley said that while he cannot provide exact figures for how the LNG generation project will affect individual electricity bills - since it is only one part of the overall energy system, and does not include transmission, distribution and grid management - the

THE Grand Lucayan’s prospective purchaser was yesterday said to be “finalising” its development plans and brand/ operating partners with the processes for obtaining the necessary permits to launch its $827m development set to begin imminently.

Phylicia Woods Hanna, the Government’s investments director and head of the Bahamas Investment Authority (BIA), told Tribune Business that the Davis administration plans to form “a special team dedicated” to managing and expediting the approvals process for Concord Wilshire so that long-awaited construction and demolition activity

wrote. He described the proposed project as providing, for the first time, “high level research and graduate studies” in The Bahamas on physics, with an initial staff complement of five permanent researchers, ten post-graduate students and ten doctoral students.

Professor Guendelman also revealed his plans to “request funding from the Bahamas government” and international funding agencies, adding that “considering how attractive Long Island is” and its proximity to the US east coast, it should prove an attractive venue” for hosting scientific

resulting savings for The Bahamas and consumers will be “significant”.

“It should be significant. We have released the past statements that our project, once fully built-out, will save the country in fuel costs north of $100m, north of maybe even $120m per year in fuel costs alone,” said Mr Adderley.

“How that translates and trickles down to your electricity bill is beyond what I can speak to, other than to say it will be significant. The savings component is very important. But there are also other components, such as the reliability, the environmental benefits and the efficiency of the entire network.”

Mr Adderley said the cost savings from switching to LNG are substantial and, while heavy fuel oil may seem cheaper, it is not attractive to investors because it damages the environment. He added that the transition will bring The Bahamas in line with global standards.

“The world is changing. We have to change. And so whereas the

can begin at Grand Bahama’s ‘anchor’ resort property. Amid growing scepticism from the Opposition and some in Grand Bahama that the resort’s sale to the Miami-headquartered developer will ever complete, she signalled that the Government plans to help accelerate the project’s permits and timelines given that it is significantly behind the schedule unveiled at the Heads of Agreement signing last May. Approvals will also have to be obtained from the Grand Bahama Port Authority (GBPA). “As it relates to Concord Wilshire, the last development plans and branding partner agreements are being finalised,” Mrs Woods-Hanna told this newspaper. “The permitting

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conferences and “add consideraby to tourism”.

“I am pushing for a theoretical physics centre at The Bahamas in Long Island,” the Israeli scientist wrote. “I have been in touch with the developer and he has good contacts with The Bahamas government, but I was told additional sources will probably be needed.” It is unclear whether any Bahamian government funding materialised for the Long Island project although it appears unlikely.

But Epstein, clearly open to the possibility, replied within three days by saying: “Yes, I would be interested.” Professor Guendelman gave an immediate enthusuastic response, adding that the proposed Long Island physics centre could be “endorsed” as “an extension of the University of Miami” due to Professor Curtright’s involvement.

While the planned physics centre project may never have started, Tribune Business has confirmed that the Israeli scientist and his University of Miami colleague still visit Long Island every year for their Bahamas

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Cyber threat alert for Bahamas energy grid

BY FAY SIMMONS Tribune Business

FOCOL Holdings’ top executive last night warned of the cyber threats facing The Bahamas’ energy grid and electricity infrastructure as they become increasingly digitised.

Dexter Adderley, FOCOL Holdings president and chief executive, said the push for smarter, more efficient power systems is also creating new vulnerabilities, thus making cyber security

and data governance central to the future of energy law.

Speaking at a University of The Bahamas legal week seminar, he added that as energy grids become increasingly digital and interconnected, regulators and lawmakers are facing new challenges in protecting infrastructure from cyber threats.

“As our grids become smarter, more connected and more digitised, our energy law is now inseparable from issues of data governance, cyber security

and national resilience - the same systems that improve efficiency and reliability also expand our exposure to cyber threats,” said Mr Adderley.

Referencing a recent cyber attack on Poland’s power grid that targeted critical energy infrastructure, including power plants and renewable energy management systems, Mr Adderley highlighted the vulnerabilities in modern electricity systems.

He said The Bahamas’ national energy policy recognises this risk and

outlines concrete measures to address it, such as segmenting networks, enforcing strict regulations and mandating cyber incident reporting.

“The lesson was clear. As grids modernise, the attack surface expands and governance must keep pace. Our own national policy on one national energy policy framework recognises this reality,” said Mr Adderley.

“It acknowledges that the digitisation and smart grids increase vulnerability to cyber threats, and it points

to the concrete response - responses like network segmentation, multi-factor authentication, cyber security awareness training, strong derogatory requirements, including mandatory cyber reporting.”

Mr Adderley said lawyers are essential to energy reform, ensuring that legal frameworks keep pace with innovation, protect national security and create resilient systems for decades of technological change.

“Lawyers will be needed to draw standards, manage

liability, govern data, oversee compliance and ensure that innovation does not outpace national security,” said Mr Adderley.

“Energy reform, therefore, is not only about producing power. It is about producing systems, safeguarding sovereignty, ensuring that the legal architecture we build today can withstand the risk of tomorrow and decades of technological changes to come.”

THE head of the Bahamas Telecommunications Company’s (BTC) immediate parent company has called for regional leaders to team with regulators and the private sector to convert improved connectivity into tangible, measurable prosperity for the Caribbean.

Inge Smidts, chief executive of Liberty Caibbean, used her address at the regional CANTO Connect 2026 communications conference to set out an actionable agenda for how digital infrastructure can translate iinto jobs, services and scalable Caribbean innovation.

“Connectivity is now our foundation, so the question before us is simple and urgent: With that foundation in place, what are we going to build,” she said.

Speaking under the conference theme, ‘Elevate the Caribbean — from connectivity to global competitiveness’, Ms Smidts focused on three linked priorities - anchoring technology in Caribbean identity; designing intelligent and resilient networks around people; and accelerating the transformation of telecommunications companies into technology platforms that create homegrown opportunity.

“When we marry Caribbean creativity with dependable connectivity and smart policy, we unlock jobs, services and businesses that compete on the world stage. Liberty Caribbean is committed to leading that work by investing in the people, partnerships and platforms that turn connection into measurable prosperity for our islands,” she said.

Ms Smidts called for strengthened partnership models that go beyond financing to include co-regulation, regulatory sandboxes and shared governance.

“Public-private partnership is the engine that will accelerate progress. Governments provide vision and legitimacy; industry

brings scale and technical capability; universities and civil society bring scrutiny and social purpose. When incentives align, impact follows,” she added.

“Invest in platforms and invest in people. Design policy to enable bold experimentation. Build governance that shares responsibility and protects citizens. Together, let us ensure the next wave of Caribbean success is driven by homegrown ideas, led by Caribbean people, and scaled to the world.”

Ms Smidts highlighted Liberty Caribbean’s work in the region, including the JUMP inclusion programme that combines subsidised access, devices, training and an entrepreneurial track to help households and micro-entrepreneurs learn, trade and scale. She emphasised that intelligent connectivity must be designed for real local needs, and has to be engineered for the realities of a disaster-prone region.

“At the same time, we design our networks for the realities our communities face. Intelligent connectivity must serve real local needs, and in a region like ours, it must also be resilient by

design so people, businesses and essential services stay connected when it matters most,” she said.

“We build in the heart of a hurricane zone, active fault lines and volcanoes. When disaster strikes, connectivity is not optional; it is lifesaving.  Our regional emergency work shows that when the industry players partner with satellite providers and governments, we can restore life-critical communications in hours rather than days.”

DPM heads meeting with tourism industry leaders

Medical practice halting NHI laboratory services

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

A PROMINENT medical practice yesterday confirmed that it will halt the provision of laboratory services to National Health Insurance (NHI) patients with effect from February 15 but denied this was due to non or late payment by the Government-run scheme.

Oak Tree Medical Centre, in a social media post, said: “We wish to inform the public that Oaktree Medical Centre will no longer offer laboratory services within the OMC Network under the NHI programme.”

While the notice did not state why NHI laboratory services were being discontinued, Enesca Smith, Oak Tree’s human resource manager, confirmed the move is

not due to delayed or a lack of NHI payments.

“In regards to doing the lab services it's just we're taking the lab in a different direction, not necessarily due to non-payment,” she said.” Ms Smith said Oak Tree has discontinued NHI laboratory services for the time being but has “left the doors open” to resume those operations should it choose.

She added that Oak Tree is still providing primary care physician services under NHI. Meanwhile, Dr Arlington Lightbourne, founder and chief executive of Bahamas Wellness Health System, while unable to speak to NHI payments for physicians, confirmed that these are, at minimum, two months behind schedule.

He added that he does not know when doctors will

receive payment, but he and his team remain committed to their patients even though profits are being affected and “hopefully we're not forced to walk away”.

“We're just like everybody else,” Dr Lightbourne said. “We're very behind on payments. At minimum, we're two months behind, currently not told when the next payment will come. We remain committed to taking care of our patients, so we're not going to leave them out in the cold, but it's certainly been incredibly difficult trying to manage without knowing when revenue comes in.

“It's affecting the bottom line. It's affecting our ability to pay staff, to pay rent and to keep the business going. It's really difficult. We're committed to our staff. We're committed to

our patients, and so we continue to push forward until we find some solution. Hopefully we're not forced to walk away. But that's nowhere near our decision at this point.”

Dr Lightbourne believes most physicians involved in the NHI scheme are committed to taking care of their patients, and it would be a difficult decision if they had to discontinue it. However, overhead expenses and employee salaries have to be paid, and having no “no rhythm or rhyme” to when NHI monies can be expected adds to the challenges.

“I think it's getting harder and harder as they stare down unpaid bills and things, and expenses in arrears,” he added. “And I think the difficult thing about it is not just being paid late. It is not knowing

Corporate income tax must be made simple

BY ANNELIA NIXON Tribune Business Reporter

BAHAMIAN companies yesterday said they are open to replacing the existing Business Licence fee regime with a corporate income tax provided the latter is properly implemented.

C. Allen Johnson, chief executive of Buy, Build, Borrow, Bridge, said a corporate tax would attract international business and potentially benefit local companies.

“A properly-implemented income tax that deals directly with profits as opposed to income, I think, would serve us a good purpose,” he said. “We have one of the highest numbers of tax exchange agreements. So that puts us in an advantageous position to actually come with a low tax regime or even a flat tax regime...

“We talk about a 15 percent corporate tax. I am not one to agree that we should have them impose a minimum tax on us. We should

do something in our best interest.

“But if we were to, say, have a 10 percent corporate tax or something of that sort, what it would do is allow us to attract more international businesses to domicile here in The Bahamas. But they’d have to take a not just-registered domicile here, but actually conduct business in The Bahamas here to be able to take part of those.”

Should a corporate income tax be implemented, Mr Johnson suggested a tiered approach but warned that too many rates results in “accounting gymnastics”. “Now I would extend it that we should go beyond corporate tax straight into income tax,” Mr Johnson said. “The progressive taxation when it comes to income tax, personal income tax, would allow us to exempt those individuals that would meet what we call, the people who would be in the... safety net, say under $20,000 or whatever income we decide to put it.

“But going back to the position of corporate income tax, we can do a

savings is a big issue, and we are committed to delivering those savings, know that this energy reform project and the part that we are playing is bigger than just the savings. It’s about coming in aligned with global standards and global trends, and where the rest of the world is,” said Mr Adderley. He added that the introduction of LNG will be the “single most impactful

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flat tax, or we can do a tiered tax, but not to make it complex. If you do a progressive tax, not to have all these multiple levels and such that it becomes confusing, or people try to use accounting gymnastics to get into one other position...

“A flat tax would be like 10 percent for all corporate income. A tiered tax would be under $1m you pay 5 percent. One million dollars to $5m you pay 7 percent. Two million dollars... you know, some variations of that,” he added.

“But what happens, though, the more of those tiers you have, the more gymnastics and accounting you will have. So you want to make it straight out where the guy that pays 7 percent is net equal to the guy that pays 5 percent. But what it does, it doesn't penalise the guy that makes too much that he say, 'Oh, you're taking so much of my basis.' And so when we do the tier tax, I would keep it maybe five categories or something of that sort.”

Robert Pantry, founder and chief executive of the Simplified Group of

shift” in the country’s energy sector.

“One of the most significant developments underway is the introduction of LNG to power on New Providence, as we are now advancing the single most impactful shift in the modern Bahamas energy sector with this project,” said Mr Adderley.

“This year, The Bahamas will experience the

Companies, said he is not opposed to a corporate income tax but warned that it can be complex. He said that, if imposed, it must be kept simple.

“I am not opposed in principle to the introduction of a corporate income tax, but my support would be highly dependent on how it is designed and implemented,” he said. “While income tax can appear more equitable on paper, it also introduces additional complexity.

“In a small economy like The Bahamas, where economies of scale are limited, this makes it especially important that any tax system be simple, efficient and carefully designed to achieve its intended outcomes while avoiding unintended consequences.

“For businesses like ours, the impact would depend on factors such as the tax rate, the treatment of deductions and whether the introduction of a corporate income tax is accompanied by the reduction or elimination of existing taxes so as to avoid unnecessary tax layering. If structured thoughtfully,

first introduction of natural gas at Clifton Pier.  That moment will mark the beginning of LNG being available in country, which we recognise as a milestone that can lower emissions, stabilise pricing and set the stage for real, measurable reduction in electricity costs for both households and businesses.”

when you're going to be paid. I can't even say to a bill collector that, ‘Hey, I'm going to be able to pay you in two weeks or a month,’ because I have no idea when they're going to pay.

“There's no rhythm or rhyme to it. And every time we ask, they can't tell us anything. And usually it's like the day before they will say, ‘Expect a payment.’ I think that's what makes it difficult. How do you run a business like that? Your expenses are not so chaotic. They are regular, every month like clockwork. But you have no way of predicting what your income is going to be, even though this is income you worked for.

“And I think this needs to be clear, is that… this idea that physicians are all wealthy, and therefore they're being greedy for

a corporate income tax could be manageable; if not, it could affect cash flow and reduce the ability of businesses to reinvest and grow.”

Mr Pantry shares the view of many in that he prefers a corporate income tax to the current Business Licence fee regime, noting it is more equitable for businesses “that are reinvesting earnings”.

“The Business License fee is effectively a tax on gross turnover, meaning businesses are taxed regardless of profitability. A corporate income tax, which is based on net profits, is generally more equitable and better aligned with sustainable business growth, especially for companies

wanting to be paid on time, that people forget that physicians are employers and they have overheads, like everyone else. And so many physicians have restructured their practices around NHI, meaning they have added on people and resources in order to allow for NHI,” Dr Lightbourne said.

“So when this major restructuring is not working out financially, it means that you're in a bind. You've already structured your practice around it. How do you move forward now? And, thankfully, Bahamas Wellness operates multiple services and we have things that are not totally dependent on NHI. That doesn't make it easy, but I can imagine those who are only dependent on NHI must have a very difficult time making ends meet.”

that are reinvesting earnings,” he said.

“That said, it is critical that any move towards a corporate income tax represents a genuine replacement or meaningful reduction of the Business Licence fee, rather than an additional layer. Given the size and structure of the Bahamian market, careful attention must also be paid to thresholds and design features to ensure the system works effectively for both businesses and the Government. If implemented thoughtfully, such reform could improve fairness, support investment and contribute to more stable long-term revenue outcomes.”

NOTICE

In the Estate of REUBEN ALEXANDER FOX late of East Bay Street, Eastern District, New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 6th March 2026 after which date the Executrix will proceed to distribute the assets having regard only to the claims of which she shall then have had notice.

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

W. E. OLANDER & CO.

Attorneys for the Sole Executrix 432 Bay Street, Nassau, The Bahamas

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Under the arrangement, GB Power will purchase solar electricity at an average rate of nine cents per kilowatt hour (KWh), contributing to The Bahamas’

national target of generating 30 percent of its energy from renewable sources by 2030. Mr Adderley yesterday said the renewable, clean energy transition is not just about installing technology

Concord Wilshire ‘finalising’ development, brand partners

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processes are about to commence. As you are aware, it is critical for any investor to have all the necessary permits in place - both from government and, in the case of Freeport, from the GBPA before starting any work.

“The developer is working to get those applications submitted for works to commence. The Government will have a special team dedicated to managing the process. Alll processes being undertaken by the Government, although they may appear from the outside as delays and are painful, are done to ensure that the future development is in the best interest of Grand Bahamians given the history” of the Grand Lucayan.

Mrs Woods-Hanna said development timelines, deadlines and start dates will be unveiled “when the first development plans are rolled out”. She echoed Prime Minister Philip Davis KC in describing the Concord Wilshire project as “very complex” due to the number of entities involved

as brand and/or operating partners for different parts of the redeveloped Grand Lucayan.

Noting that the Government has devoterd significant time, manpower and resources to facilitating the development, the BIA chief said: “A lot of hours have been dedicated to that. Once everything has been confirmed in terrms of legal documents for the branding partners, we can move on to the approvals process.

“The Government has committed to put together a team specificaly to deal with that and ensure permits are expedited in a safe manner that protects the Bahamian people.” Mrs Woods-Hanna’s comments signal that Concord Wilshire will function as a master developer entering into contracts with different operating partners to manage and run separate parts of its project.

Tribune Business had previously told that renowned Australian golfer, Greg Norman’s, company was being tapped to manage the upgraded golf courses, while other brand and operating partners will be hired to oversee assets such as the

NOTICE

NOTICE is hereby given that JEAN YVES GELIN of P. O. Box SS-19009, #37 Jackson Street, Nassau Village, 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 4th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KARINE GEORGES of Rupert Dean Lane, P.O. Box N-7290, 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 twentyeight days from the 4th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MICHELINE CHARLES of Joans Heights, East Street South, 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 28th 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 ROSALIND CLAIRE THACKRAY of South Ocean, New Providence, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

but building a strong legal and regulatory foundation that anticipates risk, protects national sovereignty, safeguards the environment and gives investors and the public confidence.

He stressed that energy projects are long-term commitments, and strong legal frameworks help prevent long-term costs to citizens, ensuring that innovation ultimately serves the public

different hotels, the casino and marina. This newspaper has also been informed that Disney Cruise Line has shown interest in developing a water-based adventure park near the revived Grand Lucayan.

Pinning down these components likely requires significant time and legal resources from both Concord Wilshire and the Government, which may have been a factor behind the drawn-out wait to close the Grand Lucayan’s sale that has frustrated resort staff as well as many residents and businesses on Grand Bahama.

Tribune Business sources, speaking on condition of anonymity, said Concord Wilshire executives and teams are at the Grand Lucayan almost every week to inspect the property and refine their plans.

However, they added that “the story keeps changing” on a weekly basis, with the developer’s representiatives first saying only one property will be demolished only for another team the next week to assert that the entire complex will be torn down.

Tribune Business previously reported that the conveyances, transferring title and ownership of the Grand Lucayan from

interest rather than shortterm goals.

“That transition did not begin with equipment. It began with approvals, roles and responsibilities that are defined in law. Innovation succeeds only when regulation anticipates risk, protects sovereignty, ensures environmental stewardship and creates bankable certainty for

the Government’s special purpose vehicle (SPV), Lucayan Renewal Holdings, to Concord Wilshire’s own Bahamian-domiciled entity, were completed prior to the much-touted Heads of Agreement signing in May 2025.

It is also thought that the resort’s acquisition has been structured as a so-called “take-down purchase”, meaning the $120m sales price will be paid in installments by Concord Wilshire. As the developer demolishes each new part of the existing Grand Lucayan, a new portion of the purchase price will be paid to the Government. The $120m has not been paid yet, while the transition and hand-over to the developer has been a protracted affair.

This newspaper understands that there has been some reluctance by the Government to grant all the tax breaks and other investment incentives that the buyer is seeking. Concord Wilshire is thought to be arguing that it needs significant concessions given that it is trying to revive a stopover tourism market that sources say is “100 percent dead”, but the Government’s concern is understood to be that it would have to give the same tax breaks to

NOTICE

NOTICE is hereby given that ALISHA ROSEGARDINE CATY of Butlers 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 4th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SARAH KANDICE ANDERSON of Albury Lane, Shirley 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 twenty-eight days from the 4th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SYLVANIE VILBRUN THEUS of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th 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 LONIS AUGUSTAVE of Milton Street off Market Street, New Providence, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

investors and the public,” said Mr Adderley.

“Energy projects do not last five years. They last 30,40, 50 years. These are long term projects. The agreements that govern them will be interpreted by the courts long after today’s policymakers and executives are gone.

“This is why lawyers are not peripheral to energy reform. They are the risk

other major investors such as Atlantis and Baha Mar, which have ‘most favoured nation’ clauses in their own Heads of Agreement that state they are to be treated no less favourably than other resort investors.

In the meantime, the Government’s political opponents have continued to attack the Davis administration over the Grand Lucayan deal. Kwasi Thompson, the Opposition’s finance spokesman, told Tribune Business it is “tragic” that employees have been left in “limbo” - not paid for five weeks but unable to claim unemployment benefit and other National Insurance Board (NIB) assistance because they have not been formally dismissed.

“We are still having these reports of them not being paid for several weeks; more than one month,” Mr Thompson said. “It’s obviously a very difficult situation for them, it’s a very uncertain time for them. They have not been given any information on how long they are going to continue in this state of limbo.

“They have not gotten their severance pay. They have challenges. If you do not have a letter of dismissal you cannot go to NIB for unemployment benefit. It’s a huge slap in the face for the Prime Minister to have last week said what he said, and said the employees have been paid when they have not been. It’s an

architects when regulations lack innovation, nations face infrastructure decay, financial exposure, environmental liability, weakened sovereignty and long-term cost burdens on citizens. Law ensures that innovation serves the public interest, not just present ambition.”

unfortunate, tragic situation for those employees.

“It remains a time of uncertainty for Grand Bahama with respect to the future of the Grand Lucayan. The public has still not been provided with any information on the deal, no confirmation of receipt of funds by the Government, no information on when the deal will be completed. Grand Bahama has been left with a cloud of uncertainty, and it’s a national embarrassment how the Government is dealing with this matter.”

The Grand Lucayan sale includes the 56-acre beachfront resort along with the adjacent 160-acre Reef Golf Course. Concord Wilshire last year said the revived property will feature seven major resort components, including three new hotel buildings and branded timeshare units.

Other features include a 35-acre cruise destination open to all cruise lines and guests, a 25,000 square foot indoor/outdoor casino, the conversion of the Reef Golf course to a 160-acre Greg Norman signature golf course, and a 16-slip megayacht marina. Construction is expected to begin within 90 days of obtaining the necessary permits and approvals. The project will be rolled out in phases, creating 1,320 construction jobs and 1,750 permanent positions once the resort is fully operational.

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NOTICE

NOTICE is hereby given that MARIE GEORGES of Eneas Street, P.O. Box N-7290, 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 twentyeight days from the 4th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that HERMANE RAYMOND of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th 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 LUDOVIC PIERRE of Berry Island, 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 28th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

TUC president: Hotel staff in employment ‘no man’s land’

all diligently working to settle all employees as soon as possible”.

Apart from the outstanding five weeks’ wages, this will also likely involve calculating the likes of any owed vacation pay, overtime and days in lieu amid ongoing preparations for the Concord Wilshire deal’s closure (see other article on Page 1B). “There’s a process being undertaken to make sure the employees are paid and, in terms of them being paid it could be any day now,” the BIA director said.

Tribune Business contacted Mrs Woods-Hanna after both Julian Russell, chairman of Lucayan Renewal Holdings, the Government-owned special purpose vehicle (SPV) that holds the Grand Lucayan, and Latrae Rahming, the Prime Minister’s communications director, both declined to comment on the staff non-payment and referred this newspaper to her.

The Grand Lucayan and its staff are said to be presently facing “a very, very dire situation” because, apart from the unpaid salaries and other benefits, the property’s water supply remains cut-off by the Grand Bahama Utility Company over an unpaid bill said to exceed $900,000.

Tribune Business was told that workers still on-site are also fearing the Grand

Bahama Power Company could turn-off electricity “any day now” over similar arrears. Around 40 staff are understood to still be working at the resort, which closed to paying guests and stopped taking reservations on October 20, 2025, in anticipation of Concord Wilshire taking over and the sale closing. That, though, has yet to happen, and in the absence of running water and functioning bathrooms, the remaining workers - 35 of whom are women - are forced to currently “go across the street” to relieve themselves.

This newspaper was told that Miami-headquartered Concord Wilshire had initially wanted to close the Grand Lucayan on September 19, 2025, to pave the way for demolition and construction activity to take place. Executives from the prospective new owner communicated this to the resort’s management team one week earlier on September 12, and asked to meet with the rest of the workforce.

However, although a staff meeting was arranged, this was aborted at the last minute after it became clear that - in the absence of the necessary government representatives - Concord Wilshire executives would be unable to answer numerous questions such as the issues relating to termination and severance pay.

And, while the Government was aware of the October 20th reservations halt, Tribune Business was told it moved too slowly in organising a human resources and financial team to start assessing what was due to Grand Lucayan workers in terms of severance pay, benefits and other outstanding sums ahead of the planned transition to Concord Wilshire.

The resort is understood to have a roster of 309 workers contracted, with 77 of those full-time employees. The work to establish what was due to the only began in December 2025, this newspaper understands, some two months after the reservation shut-down. From that time, staff had been told to take lieu days, then vacation days, amid the lack of work.

The salary non-payment has been exacerbated by the lack of communication about the resort’s fate and that of the Concord Wilshire deal, with workers uncertain over job security and their futures. Grand Lucayan management, too, is understood to have been kept in the dark by the Government with no staff briefings taking place.

“The situation is only getting worse and worse,” one source, speaking on condition of anonymity, told Tribune Business. “The golf course remains open but a private company, the Grand Bahama Port Authority (GBPA), the pressure

they’ve gotten to keep it

open, they are securing the golf course in terms of cutting the rough and fairways.

“You do have a skeleton crew, but not nearly enough to keep the golf course running. Someone is footing the bill for what the Government is supposed to do.” Tribune Business was also informed that the Grand Lucayan owes a collective $17m in payables to its vendors and suppliers, with the sums involved ranging from as low as $250 to as high as $1m.

“Every other week it’s something different with them,” this newspaper was told of the resort. “It’s just a dire situation; a very, very dire situation.” The Government budgeted no funding for the Grand Lucayan in the 2025-2026 Budget, seemingly in anticipation of the Concord Wilshire deal closing prior to the fiscal year’s start which, together with the Public Treasury’s tight cash flows, might explain the present payment difficultied.

The Government is thought to have been subsidising the Grand Lucayan’s operations by between $1.2m to $1.5m per month ever since it acquired the resort from CK Property Holdings, Hutchison Whampoa’s real estate arm, six-and-a-half years ago.

Some $17.882m was used for this purpose during the 2022-2023 Budget year and, during the first nine months of the following fiscal period, $16.632m out of the $17m allocated was spent on subsidising the Grand Lucayan.

A further $17m was estimated for the 20242025 fiscal year, with some

Paris prosecutors raid X offices as part of investigation into child abuse images and deepfakes

By SYLVIE CORBET Associated Press

FRENCH prosecutors raided the offices of social media platform X on Tuesday as part of a preliminary investigation into allegations that include spreading child sexual abuse images and deepfakes. They have also summoned billionaire owner Elon Musk for questioning.

X and Musk's artificial intelligence company xAI also face intensifying scrutiny from Britain's data privacy regulator, which opened formal investigations into how they handled personal data when they developed and deployed

Musk's artificial intelligence chatbot Grok. Grok, which was built by xAI and is available through X, sparked global outrage last month after it pumped out a torrent of sexualized nonconsensual deepfake images in response to requests from X users.

The French investigation was opened in January last year by the prosecutors' cybercrime unit, the Paris prosecutors' office said in a statement. It's looking into alleged "complicity" in possessing and spreading pornographic images of minors, sexually explicit deepfakes, denial of crimes against humanity and manipulation of an

PETUNIA COMPANY LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) Petunia Company Limited is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 3rd day of February 2026.

(c) The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 4th day of February A.D. 2026

Baird One Limited Liquidator

ENIGMA BAHAMAS LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) ENIGMA BAHAMAS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 3rd day of February 2026.

(c) The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 4th day of February A.D. 2026

Baird One Limited Liquidator

$15.888m already spent during the nine months to end-March 2025. This pace placed the resort on track to require a $21m-plus subsidy for the full 2024-2025 fiscal year, meaning it would overshoot its Budget allocation by $4m.

Mr Ferguson, confirming that the five weeks’ outstanding wages “seems to be correct”, said: “I’ve made additional inquiries to meet with the Prime Minister and am looking forward to that meeting. I hope I can get it within the day.”

Asked about the impact on Grand Lucayan staff and his BHMA members, he replied: “Terrible. It’s terrible. They are on the phone to me seven days a week, twice on Sundays, and nothing has happened. I’m trying to see whether the Prime Minister can bring some sort of relief to them because they have commitments, they have mortgages, school fees, different bills. The whole shebang. It’s very, very difficult.”

As for whether he has encountered such a situation before, Mr Ferguson said: “Not so severe. There have been cases where payment was not made but the company always agreed that the workers would be paid on a specific date and did pay them. In this case, we don’t have any specific information as to when payment will be made.

automated data processing system as part of an organized group, among other charges.

Prosecutors asked Musk and former CEO Linda Yaccarino to attend "voluntary interviews" on April 20. Employees of X have also been summoned that

same week to be heard as witnesses, the statement said. Yaccarino was CEO from May 2023 until July 2025.

In a post on its own service denying the allegations, X railed against the raid on its Paris office as "an abusive act of law enforcement

theater designed to achieve illegitimate political objectives rather than advance legitimate law enforcement goals rooted in the fair and impartial administration of justice."

In a message posted on X, the Paris prosecutors' office announced the ongoing searches at the company's offices in France and said it was leaving the platform while calling on followers to join it on other social media.

Mr Ferguson agreed that Grand Lucayan staff are in an employment “no man’s land” - not being paid but unable to claim NIB unemployment benefit because they have not been officially terminated. “It’s a very awkward situation. I don’t understand the logic,” he added. “I am sure the Prime Minister will come up and do what he needs to do, but I cannot say definitvely when he might do that….

“This is a serious problem. It’s a really serious problem. I am the leader of 91 BHMA members, and I cannot tell them when they will be paid… I’m trying to do my best to avoid unnecessary situations, but it’s very difficult if you have a family and your employer is not paying you. They don’t want to fire you, don’t want to make you redundant. What do you do?

Mr Ferguson said the Government has requested that he and the BHMA submit a “proposal” regarding the Grand Lucayan in October 2025, but since then had received no response. “It’s the Government that’s at fault,” he added. “I’m very surprised. The Government has always been upfront with workers the past few years. There may be some delays here and there, but generally they come through.

“Here, there is no certainty. No certainty. If the workers go berserk, how can you say they are being irresponsble? They have children to feed, bills to pay. I find it difficult to understand. I’ve never had this experience. I’ve never had it.”

“It’s a breach of the Employment Act, it’s a breach of the industrial agreement, it’s a breach of the agreement that expired but the terms become part of the individual worker’s contract. That’s a breach as well. It’s unfortunate that in The Bahamas we go through these experiences with the worker.”

"At this stage, the conduct of the investigation is based on a constructive approach, with the aim of ultimately ensuring that the X platform complies with French law, as it operates on the national territory," the prosecutors' statement said. European Union police agency Europol "is supporting the French authorities in this," Europol spokesperson Jan Op Gen Oorth told the AP, without elaborating.

‘Everyone grateful’ if sex offender backed science centre after Joaquin

Advanced Study Institute & Conferences (BASIC) event that is held at the Stella Maris resort. And a 2020 Internet posting, featuring photos of Professor Guendelman, discloses the existence of Bahamas Advanced Study Institute and Conferences.

This has an address of 4A Ocean Heights, Hill View Circle, Stella Maris, Long Island, which the Israeli professor - who is described as someone well-known in the area - runs.

The documents released by the US Justice Department reveal that the exchanges involving Epstein and the Bahamas physics centre project continued throughout 2015, with references to setting up a Skype call between the financier and the two scientists. The University

of Miami was said to have shown “great interest”, along with physicists from around the globe, and there was also the suggestion to seek Lyford Cay Foundation funding.

Professor Guendelman, in a February 22, 2015, e-mail to Epstein said “a developer in Long Island” called Richard Keyworth “has mentioned that he was willing to sell the land needed for the centre at a discount and also help using his connections to get some (but probably not enough) funding from the Bahamian government”.

Tribune Business records show that Mr Keyworth took over the much-touted Port St George project after the original developers pulled out. Unveiled in 2008, that development was touted as creating over 300 jobs on a 951.4-acre site in northern Long Island.

Tech stocks pull Wall Street lower as

gold

It featured plans for a boutique hotel with 146 suites/villas; 60 boutique villas; more than 300 residential lots and 331 multi-family lots; and marinas with numerous boat slips; plus golf courses, a town centre and other resort/ community amenities.

The project was projected to have an annual economic impact of between $54m to $90m, and at the time the developers had also signed a 25-year management agreement with Langham Hotels International. Some 875 construction workers were forecast to be employed over the buildout phase, but none of this has ever occurred.

Professor Guendelman, in a March 29, 2015, e-mail, told Epstein that one of the posssible sites for the physics centre was “conveniently located close to the resort of Stella Maris”. He added:

and silver prices bounce back

By STAN CHOE AP Business Writer

THE U.S. stock market sank in mixed trading on Tuesday, while gold and silver bounced higher after their latest sell-off.

The S&P 500 fell 0.8% and pulled further from its all-time high set last week.

The Dow Jones Industrial Average dipped 166 points, or 0.3%, and the Nasdaq composite sank 1.4%.

Several influential Big Tech stocks weighed on the market, including drops of 2.8% for Nvidia and 2.9% for Microsoft. Such giants have been hampered by worries that their stock prices shot too high and became too expensive following their yearslong dominance of the market.

Stocks of software companies and others seen as potential losers to competitors powered by artificial intelligence also slumped.

ServiceNow fell 7% to

bring its loss for the young year so far to 28.3%.

Such declines dragged the S&P 500 to its fourth loss in the last five days, even though the majority of stocks in the index rose. That included a 6.8% climb for Palantir Technologies, which reported a bigger profit for the latest quarter than analysts expected. Its forecast for 61% growth in revenue this year also topped analysts’ expectations.

Some of the day’s strongest action remained in the metals markets. Gold’s price climbed 6.1% to settle at $4,935.00 per ounce in the latest swing since its jaw-dropping rally suddenly halted last week. Silver’s price, which has been whipping through even wilder moves, rallied 8.2%.

Gold and silver prices had been climbing for more than a year as investors looked for safer places to

Spain looks to ban social media for under-16s, joining others in Europe

By SUMAN NAISHADHAM Associated Press

SPAIN plans to ban social media access for children under 16, Prime Minister Pedro Sánchez said Tuesday, in a move designed to shield young people from the harms of online content.

Sánchez chided the world’s biggest tech companies in a speech at a Dubai summit, saying they allow illegal content such as child sex abuse and nonconsensual sexualized deepfake images to proliferate on their platforms. He said that governments also needed to “stop turning a blind eye.”

“Today, our children are exposed to a space they were never meant to navigate alone,” Sánchez said. “We will no longer accept that.”

Spain joins a growing number of countries, including Australia and France, which have taken or are considering measures to restrict minors’ access to social media.

In January, France approved a bill banning social media for children under 15, paving the way for the measure to take effect at the start of the next school year in September. The bill would also ban the use of mobile phones in high schools. Australia has started implementing the world’s first social media ban for under-16s, after its government passed a measure that holds platforms including TikTok, Twitch, Facebook, Snapchat, Reddit, X and Instagram liable for failing to prevent children from having accounts. Denmark has introduced similar legislation to ban access to social media for users under 15, while the U.K. said last month it would consider banning young teenagers from social media, as it tightens laws designed to protect children

from harmful content and excessive screen time.

Sánchez said that Spain would require social media companies to enforce the ban with age verification systems, “not just check boxes, but real barriers that work.” Many social media apps require users to be at least 13, though enforcement varies. Users are often asked to declare their own age.

Spain’s ban will be added to an already existing measure centered on digital protections for minors that is being debated by parliament, a government spokesperson said. Sánchez said that could happen as early as next week. It’s unclear if Sánchez’s left-wing coalition will get the approval needed in Parliament, where his government lacks a majority. A spokesperson for the far-right Vox party said the Sánchez government’s measure was aimed at “making sure that no one criticizes them,” while the main opposition party — the center-right Popular Party — said it had proposed similar restrictions last year, seemingly offering its support.

Social media companies Meta — which owns Facebook and Instagram — and X did not immediately respond to a request for comment.

But Elon Musk, X’s billionaire owner and the world’s richest man, wrote that “Sánchez is the true fascist totalitarian,” in a post referencing the Spanish leader’s speech at the World Governments Summit in the United Arab Emirates. In his address, Sánchez also said that Spain had joined five other European countries in what the Spanish leader dubbed a “coalition of the digitally willing” to coordinate the regulation of social media platforms at a multinational level.

“By the way, I was told that the resort of Stella Maris is now for sale, but the owner wants only a selected number of people to know about this and I was told I could tell you in case you were interested. Contact Richard Keyworth.”

Epstein never indicated any interest in acquiring Stella Maris which remains for sale to this day. Professor Guendelman, though, on September 13, 2015, suggested the possibility of creating two physics centres - one in The Bahamas, the other in Israel - with staff at the latter “paid from The Bahamas (no need to pay taxes there; money goes further”.

However, the Long Island plans were briefly interrupted by the devastation inflicted by Hurricane Joaquin in late 2015. However, Professor Guendelman told Epstein

in an October 7, 2015, e-mail that the destruction might incentivise Bahamian government support for the physics centre given the need to revive the island’s economy and create jobs.

“As you know there is a new situation in Long Island due to the big destruction caused by Hurricane Joaquin,” he wrote. “How it affects our plans? Well, it adds a new dimension to the motivation to build a physics centre in Long Island, Bahamas.

“In addition to the scientific side, such a project will enhance the morale of the islanders and probably get strong support and endorsement from the Government of The Bahamas and other Bahamian organisations. I am sure everybody will be very grateful to you if you were to participate in the advancement of a high-level centre for The Bahamas for

both scientific and humanitarian reasons.” Epstein, though, appears to have been unhappy with aspects of this plan although the released documents do not disclose exactly what. Professor Guendelman e-mailed him three hours after sending the first October 7, 2015, e-mail, replying: “OK, we understamd your point of view, but the northerrn part of the island where we are planning to have the centre was much less affected. We will survey the area in January.. and inform you.” Professor Guendelman and Professor Curtright held their first BASIC conference in Long Island in 2016. However, the e-mails show that while the physics centre project may never have started, they kept in contact with Epstein by inviting him to the 2019 event.

park their cash amid worries about everything from tariffs to a weaker U.S. dollar to heavy debt loads for governments worldwide. Their prices took off in particular last month, and gold’s price at one point had roughly doubled over 12 months.

But those rallies suddenly gave out last week, and gold’s price dropped from close to $5,600 to less than $4,500 on Monday. Silver plunged 31.4% on Friday alone.

Many traders say that what turned the momentum was expectations that President Donald Trump’s nominee to lead the Federal Reserve will keep interest rates high to fight inflation, though some disagree. Most agree that simple gravity took over afterward.

After gold and silver prices had shot up so much, so quickly, they were bound to fall back at some point,

particularly with so many investors piling in to gold as a way to bet on continued weakness for the U.S. dollar.

“The move underscored how stretched anti-USD positioning had become,” according to strategists at Barclays.

On Wall Street, PayPal dropped 20.3% after reporting weaker results for the latest quarter than analysts expected. It also named a new CEO after it said “the pace of change and execution” over the last

two years “was not in line” with the board of directors’ expectations. Pfizer fell 3.3% even though it reported stronger profit for the latest quarter than analysts expected. The pharmaceutical company gave a forecasted range for profit in 2026 whose midpoint was below analysts’ expectations. Shares of Banco Santander, the Spanish bank, that trade in the United States fell 6.4% after it said it will buy Webster Financial in a

Russia bombards Ukraine with drones and missiles a day before planned peace talks

By KAMILA HRABCHUK Associated Press

RUSSIA carried out a major overnight attack on Ukraine in what President Volodymyr Zelenskyy said Tuesday was a broken commitment to halt striking energy infrastructure as the countries prepared for more talks on ending Moscow's 4-year-old full-scale invasion.

The bombardment included hundreds of drones and a record 32 ballistic missiles, wounding at least 10 people. It specifically took aim at the power grid, Zelenskyy said, as part of what Ukraine says is Moscow's ongoing campaign to deny civilians light, heating and running water during the coldest winter in years.

"Taking advantage of the coldest days of winter to terrorize people is more important to Russia than diplomacy," Zelenskyy said. Temperatures in Kyiv fell to minus 20 degrees Celsius (minus 4 Fahrenheit) during the night and stood at minus 16 C (minus 3 F) on Tuesday.

NATO Secretary-General Mark Rutte visited Kyiv in a show of support. He said that the overnight strikes raise doubts about Moscow's intentions on the eve of talks, calling them "a really bad signal."

He added that it was clear that the attacks only strengthen Ukrainians' resolve.

Officials have described recent talks between Moscow and Kyiv delegations as constructive. But after a year of efforts, the Trump administration is still searching for a breakthrough on key issues such as who keeps the Ukrainian land that Russia's army has occupied, and a comprehensive settlement appears distant. The talks in Abu Dhabi, United Arab

Emirates, are scheduled for Wednesday and Thursday.

Zelenskyy said Ukraine is ready to discuss how to end the fighting. "But no one is going to surrender," he said. Dispute over power grid attacks

A Kremlin official said last week that Russia had agreed to halt strikes on Kyiv for a week until Feb. 1 because of the frigid temperatures, following a personal request from U.S. President Donald Trump to Russian President Vladimir Putin. However, the bitter cold is continuing and so are Russia's aerial attacks.

Zelenskyy, however, accused Russia of breaking its commitment to hold off its attacks on Ukraine's energy assets, claiming the weeklong pause was due to come into force last Friday.

"We believe this Russian strike clearly violates what the American side discussed, and there must be consequences," he said.

Trump claimed Putin "kept his word" on the temporary pause.

"It was, it's a lot," Trump told reporters. "You know, one week is — we'll take anything, because it's really, really cold over there."

He added that he wanted Putin to extend the pause. "I would have liked him to," he said. "I want him to end the war."

The bombardment of at least five regions of Ukraine comprised 450 long-range drones and 70 missiles, Ukrainian officials said.

Russian officials provided no immediate response to Zelenskyy's comments.

Ukraine says Russia has tried to wear down Ukrainians' appetite for the fight by creating hardship for the civilian population living in dark, freezing homes.

It has tried to wreck Ukraine's electricity network, targeting substations, transformers, turbines and generators at power plants.

Ukraine's largest private power company, DTEK, said that the overnight attack hit its thermal power plants in the ninth major assault since October.

NATO show of support

Rutte addressed the Ukrainian parliament during his visit and said that countries in the military alliance "are ready to provide support quickly and consistently" as peace efforts drag on. Since last summer, NATO members have provided 75% of all missiles, and 90% of those used for Ukraine's air defense, under a financial arrangement whereby alliance countries buy American weapons to give to Ukraine, he said.

European countries, fearing Moscow's ambitions, see their own future security as being on the line in Ukraine.

"Be assured that NATO stands with Ukraine and is ready to do so for years to

cash-and-stock deal valued at roughly $12.3 billion. The parent company of Webster Bank rallied 9%.

On the winning side of the market was PepsiCo, which rose 4.9% after the snack and beverage giant’s profit and revenue for the latest quarter nudged past analysts’ expectations. It also said it would cut prices this year on Lay’s, Doritos and other snacks to try and win back inflation-weary customers. DaVita rallied 21.2% after the provider of dialysis and other health care services likewise delivered a better profit for the latest quarter than analysts expected.

All told, the S&P 500 fell 58.63 points to 6,917.81. The Dow Jones Industrial Average dipped 166.67 to 49,240.99, and the Nasdaq composite sank 336.92 to 23,255.19. In the bond market, the yield on the 10-year Treasury eased to 4.26% from 4.29% late Monday. In stock markets abroad, indexes bounced back in Asia from sharp losses the prior day.

South Korea’s Kospi surged 6.8% for its best performance since the wild days of the COVID crash and recovery in early 2020.

come," Rutte said. "Your security is our security. Your peace is our peace. And it must be lasting."

Kyiv apartment blocks left without power

In Kyiv, officials said that five people were wounded in the strikes that damaged and set fire to residential buildings, a kindergarten and a gas station in various parts of the capital, according to the State Emergency Service.

By early morning, 1,170 apartment buildings in the capital were without heating, Kyiv Mayor Vitali Klitschko said. That set back desperate repair operations that had restored heat to all but 80 apartment buildings before the attack, he said. Russia also struck Ukraine's northeastern Kharkiv region, where injuries were reported, and the southern Odesa region.

The attack also damaged the Hall of Fame at the National Museum of the History of Ukraine in the Second World War, in Kyiv, Ukrainian Culture Minister Tetiana Berezhna said.

"It is symbolic and cynical at the same time: The aggressor state strikes a place of memory about the fight against aggression in the 20th century, repeating crimes in the 21st," Berezhna said.