08202025 BUSINESS

WEDNESDAY, AUGUST 20, 2025

TUC threatens strike action ‘in short

BY ANNELIA NIXON

Business

INDUSTRIAL action has been pledged “in very short order” by the Trade Union Congress (TUC) - with the airport and the foot of Paradise Island bridge to be targeted.

The action comes as the TUC supports the Bahamas Taxicab Union (BTCU) and the Bahamas General Workers Union (BGWU). It follows complaints that livery drivers are being allowed to “steal” jobs from taxi drivers. The TUC includes thousands of members in its affiliate unions.

Obie Ferguson, president of the TUC, yesterday told

The Tribune that there may be possible industrial action in the near future - and said it would likely take place at the airport and PI bridge.

Both Mr Ferguson and Tyrone Butler, president of the BTCU, spoke at a press conference on Monday at the BCPOU hall on the

and that our debt trajectory is on a downward course.

challenges plaguing the transportation industry.

The two locations targeted are those the BTCU have complained are in support of allowing livery drivers to service tourists.

“Things are getting worse, and it’s reasonable to assume, after talking with the president last night [Monday] and after talking with the group of taxi drivers, there’s likely to be, in very short order industrial action at the airport,” Mr Ferguson said. “They are not treated properly. They are not respected as they ought to.”

Mr Ferguson also said the Nassau Airport Development Company [NAD] “is charging taxi drivers $1 which the taxi drivers must

add to the fee paid by the customer”.

“This is not permitted in law, and for which the taxi drivers get no benefit from it,” Mr Ferguson added. “We say that is wrong. And even if there was going to be a charge, at least 50 cents ought to be paid to the taxi drivers for the benefit of the organisation and for the benefit of their members. Bearing in mind, taxi drivers do not have no insurance in some instances. And when they’re sick, they have to reach in their pockets to pay medical bills, etc, which makes it much more difficult, because the stations where they work traditionally, those stations are now being challenged by other

users, and it reduce their chances of excess money. So you can rest assured that the Taxicab Union, will be taking action, which will be joined by the TUC. The TUC will support them, and they struggle to get back to where they were in 1958. One will be at the airport and one will be at the bridge.

“The next step we’ll be looking at is Paradise Island, at the foot of the bridge. We have to do something to protect Bahamian workers. And we’re asking for all Bahamians, no matter what political side they are on... [it] doesn’t matter. We are not fighting politics. We are

By FAY SIMMONS Tribune Business Reporter

THE

Office of The Prime Minister in a statement yesterday said the Fiscal Responsibility Council’s Annual Budget report demonstrates the country is “moving in the right direction” and they will not be “distracted” while on the path of fiscal consolidation and continued growth.

While acknowledging the findings of the FRC report, the Davis administration said they are committed to reducing

the debt to GDP ratio to 50 percent by fiscal year 2030/2031 and supporting growth and job creation.

“The government remains confident in the overall direction of its fiscal and economic strategy. We have charted a clear path to reduce the debt-toGDP ratio to 50 percent by FY2030/31, while continuing to support growth, job creation, and targeted social investment,” said the statement.

“The council itself has confirmed that The Bahamas is broadly compliant with the Public Financial Management Act, 2023,

Air Canada resumes flights

By FAY SIMMONS

DIRECTOR of Aviation Kenneth Romer said Air Canada will resume flights to the country today after reaching a settlement with their union.

The airline began suspending services last Wednesday in response to a strike notice by its Flight Attendants Union, leading to cancellations for all their destinations.

“We are pleased to confirm that Air Canada has announced that it will gradually resume service today after reaching a mediated settlement with its Flight Attendant Union, allowing Customers to once again book and fly with confidence,” said Dr Romer.

“We expect a resumption of the airline’s scheduled Nassau operations beginning tomorrow”

About 10,000 flight attendants walked off the job on, claiming Air Canada failed to address their demands for higher pay and compensation for unpaid ground work, including during boarding.

Their union defied two back-to-work orders from a regulatory tribunal, forcing Air Canada to push back plans to partially restore service.

Dr Romer said displaced passengers received local assistance and he is

“The government is unapologetic in its commitment to ensuring that fiscal policy is not pursued as an end in itself but as a means to improve the daily lives of Bahamians. Decisions such as adjusting the VAT rate on essential items are designed to ease cost-ofliving pressures on families at a time when inflation and global shocks remain very real concerns.”

While the FRC report acknowledged that both recurrent and capital expenditures through the first nine months were generally in line with the budget, it emphasised that the government must deliver a $96.6 m surplus in Q4 to meet its fiscal objectives. The council warned that potential underperformance in certain revenue categories could threaten the achievement of this goal.

The report also found the government failed to comply with two critical requirements: oversight of public enterprises and transparency around public-private partnerships.

While acknowledging these concerns, the Davis administration said their approach is “guided by realism and prudence” and maintained providing SOEs with capital investments will allow them to improve service delivery.

“The government recognises that the council has raised questions about revenue targets, expenditure ceilings, and the treatment of capital spending. Our approach is guided by realism and prudence,” said the statement.

“The decision to allow SOEs to undertake critical capital investments is not an attempt to obscure expenditure but to accelerate national development through entities best

Water tower improvements ‘will broaden site’s income’

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

OFFICIALS from the Antiquities, Monuments and Museums Corporation say improvements to the water tower will “broaden” the site’s income base.

Don Cornish, managing director of the Antiquities, Monuments and Museums Corporation, while not able to confirm when work on the water tower will be completed, told reporters stakeholders will benefit from the improved facilities.

“There have been some delays that were accounted for by rain and some other particulars regarding the vendors on site. We’re anxious, obviously, to get a clear understanding of when the construction will be completed. But we’re not anxious to get it done if it’s not properly done,” said Mr Cornish.

“Obviously, you want to make sure the site is user-friendly, userready, and that we can return it to the proper tenants, which is the stakeholders, and give them an opportunity to benefit.”

The government announced a four-month closure of Fort Fincastle to facilitate the repairs in March and relocated straw vendors to Fort Charlotte while repairs were being completed.

With the deadline now passed, vendors have become “anxious” as the government has not disclosed how long their temporary arrangements will be extended.

When Tribune Business visited Fort Charlotte last month, vendors had complaints about slow sales, extreme heat, damaged goods due to rain leaking though the patched tarps and rodent infestation

Mr Cornish said officials has discussed the delays with both the Straw Market Authority and the Straw Vendors Association and encouraged vendors to “be patient” while repairs are being completed.

“We’ve spoken to them. They have interest in determining the date. The initial conversation that we had said and we had all agreed… we had estimated for July finish. There have been some

from IDB to help Blue Economy

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Davis administration has signed a $30m loan agreement with the InterAmerican Development Bank to support small and medium-sized businesses in the Blue Economy.

Prime Minister Philip Davis said the blue economy is “filled with untapped potential” and the IDB financing will allow entrepreneurs to capitalize on the broad range of opportunities in the sector.

“This sector is filled with untapped potential, and we have targeted the vast potential within the blue economy as one of the pillars of our economic diversification strategy,” said Mr Davis.

“Capitalising on the value added from fisheries, shipping, and marine biotechnology will require new strategies and partnerships to expand the production of goods and services beyond traditional exports.”

He said in addition to providing investment opportunities for entrepreneurs the project will also fund the construction of visitor centres on Family Islands and signage at historical sites.

A portion of the proceeds will also be used to fund Bahamas Agriculture and Marine Science Institute (BAMSI) and initiatives to mitigate the effects of climate change.

Mr Davis explained that $17.735m will be spent on local businesses, $5.05m has been designated for BAMSI and $4.77m will be used on climate change mitigation efforts.

“Component 1 is focused on small business support. $17.735m will support small and medium-sized enterprises with small loans, grants, and guarantees for developing sustainable tourism, aquaculture, and mariculture initiatives, said Mr Davis.

“Under Component 2, $5.05m is designated for

Above & Beyond: A Clear View into Aviation Safety

By The

THE Civil Aviation Authority of The Bahamas (CAA-B) is the state’s regulator for aviation safety, security, and oversight. As the world of aviation grows increasingly complex, the responsibility of national aviation authorities has become more critical than ever. With more than 193 countries signatory to the Convention on International Civil Aviation (Chicago Convention), (ICAO), the global commitment to safe and secure air transport remains unwavering.

In this special CAA-B Talks Series, of the "Above & Beyond" article theme, we highlight who we are, what we do, and how the CAA-B ensures the continued safety and security of aviation across The Bahamas in accordance with ICAO standards.

Our Mandate

The mandate of the Civil Aviation Authority of The Bahamas is established under the Civil Aviation Act and includes:

Regulating civil aviation in accordance with national legislation

and international obligations; Ensuring compliance with the Standards and Recommended Practices (SARPs) issued by the International Civil Aviation Organization (ICAO); Certifying and monitoring civil aviation service providers, operators, and licensed personnel; Developing national regulations to enhance aviation safety, security, and efficiency.

CAA-B acts as the independent safety oversight authority for The Bahamas and reports to the Minister of Tourism, Investments & Aviation.

ICAO and the Global Aviation Safety Framework

As a member of ICAO, The Bahamas is committed to implementing SARPs across the 19 Annexes to the Chicago Convention. These cover areas such as: Personnel Licensing (Annex 1) Rules of the Air (Annex 2)

Aircraft Operations (Annex 6)

Airworthiness (Annex 8)

Aerodromes (Annex 14)

Safety Management (Annex 19), and more SARPs are not automatically binding in domestic law. States must either incorporate them into their national regulations or provide evidence of equivalent safety measures. In The Bahamas, the CAA-B ensures these obligations are met through technical guidance, Civil Aviation Regulations (CARs), and publications.

Our Organizational Pillars

CAA-B's oversight responsibilities span across several technical departments, including:

1. Flight Operations

Oversight of Air Operator Certificate (AOC) holders Evaluation of flight crew procedures, manuals, and training Ramp inspections and operational surveillance

2. Airworthiness

Inspection and surveillance of aircraft

maintenance organizations (AMOs)

Issuance of Certificates of Airworthiness

Monitoring continued airworthiness and aircraft inspections

3. Personnel Licensing Licensing of pilots, aircraft maintenance engineers, ATC officers, and other airmen

Conduct of examinations and validations

Examiner oversight and standardization

4. Air Navigation Services (ANS) Oversight of air traffic services and CNS/ATM systems

Surveillance of ATC operations and training

Approval of aeronautical charts and procedure designs

5. Aerodromes and Ground Aids

Certification and inspection of airports

Wildlife hazard assessments

Runway safety and obstacle evaluation

MCKINNEY: COLD MIX IS FAMILY ISLAND SOLUTION

BY ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

AN entrepreneur is looking to bring locally made cold mix asphalt to the Family Islands, which he says are under-serviced.

Born from challenges obtaining asphalt while working on a project in Eleuthera for the Water and Sewerage Corporation, Virley McKinney, project manager of Asphalt Maintenance Paving & Testing

Co Ltd, sought to fill a need for easier access to asphalt on the outer islands of The Bahamas. He said while other asphalt plants produce the product on a larger scale, his McKinney Black product produces also for “ the 'do it yourselfers,' the gardeners, [and] people just working on their own, and they just need a little bit of tar without having to go through all the red tape of the asphalt plants".

“The product is essentially a cold mix asphalt that we manufacture locally and

we package and distribute to the Family Islands to assist with road repairs and maintenance,” Mr McKinney added. “Ultimately, the goal is not only to ship out to the Family Islands, but we also have small home repairs that go on. Maybe you just added a new light, maybe you just added a new gate, and had to trench a small little section of your asphalt to install a pipe. You may want just a little bit of asphalt, just to, put back in there and make that good. So a lot of the

local hardware stores, the Wongs, the CBS, the JBRs, they also sell imported cool mix asphalt from other companies too. There's two companies that they import their material, they're US brands.

“Apart from servicing the Family Islands, it's also servicing the local community too, and the hardware stores. So we want to put some of our goods on the shelves too.”

Mr McKinney said while Bahamas Hot Mix (BHM) is a good option, producing

6. Aviation Security and Facilitation Security program approvals

Inspection of screening checkpoints

Liaison with law enforcement and border control

7. Safety Management and Risk Oversight State Safety Program (SSP) implementation

Voluntary and mandatory incident reporting systems

Safety data analysis and safety promotion

Our Strategic Initiatives To elevate aviation standards in The Bahamas, the CAA-B has undertaken numerous initiatives: Modernization of Regulations: Aligning Civil Aviation Regulations with ICAO Annexes and emerging technologies (e.g., RPAS, UAM, seaplane ops).

E-Licensing Platform: Implemented a digital licensing system for pilot and maintenance certifications.

Public Awareness Campaigns: Including

both hot mix and cold mix, they produce on a major scale and use dated techniques including “cut back oils like diesel and bituminous material” which “isn't really good in terms of the environment”. He added that Bahamas Striping Group of Companies does not manufacture cold mix and instead purchases in bulk from a company in Baltimore. Mr McKinney argued the cold mix in Baltimore is used as a temporary solution because cold temperatures freezes the product before it arrives at its destination and the area is permanently reinstated once temperatures allow.

the "Fly Safe, Fly Smart" initiative targeting unauthorized air operators.

Training and Capacity Building: Ensuring inspectors are ICAOcompliant through USOAP CMA Phase 1 and OJT training.

Data-Driven Surveillance: Enhanced surveillance planning based on risk indicators and incident trends.

Establishment of Satellite Oversight Offices: To better monitor regional activities in the Family Islands, plans are underway to establish satellite offices in several family islands.

Oversight and Surveillance CAA-B executes oversight through:

Certification inspections

Surveillance audits

Ramp and enroute inspections

Document and system reviews

AVIATION - See Page B3

“But in the Family Islands we ain't so lucky because if the government comes in and paves those roads today, it'll be probably a lifetime or a couple of decades before they come back in and repave it again,” Mr McKinney added. “So our cold mix as compared to Baltimore's cold mix is more of like a permanent solution. We don't want that temporary because we could pave year round in The Bahamas. We want something, once we put it down, or Water and Sewerage go in and make an excavation for a new connect, once you put that

ASPHALT - See Page B3

Bridge and airport to be targeted in action

fighting for the Bahamian workers, the Bahamian working people.”

This move, according to Mr Ferguson, will also be on behalf of the BGWU, another TUC affiliate which has also threatened industrial action.

“What we’re contemplating doing is working hand

in hand with the Bahamas Taxicab Union and BAIC, Bahamas General Workers Union,” Mr Ferguson said. “I wouldn’t want to explain the details that we discussed in detail with the Taxicab Union. But what I can assure you, we are going to work with the Taxicab Union. We will work with every union in this country that is committed to the benefit of members and for

Davis hails ‘untapped potential’ of sector

BLUE - from page B1

BAMSI-related activities. And finally, $4.77m is allocated for Component 3, which will fund ongoing activities to mitigate the effects of climate change in The Bahamas.” This breakdown accounts for $27.555m of the $30m loan. When pressed by reporters to explain how the remaining $2.445 of the loan arrangement will be allocated Senator Michael Halkitis, minister of economic affairs said the government will be expected to provide those

Officials hail upgrades to water tower

WATER - from page B1

delays and we’ve had to communicate that,” said Mr Cornish.

“We have to continue to encourage the vendors to be patient. It’s difficult for them. You can imagine that they’re under tents at Fort Charlotte, and we got their agreement to do that, and I know it’s not the coolest

summer. So obviously all of those things, the security of their goods, the fact that this is really their home. So we intend to return them here.

“Many factors have influenced that, and I give my apologies for that, but obviously there are circumstances that are prevailing beyond our control. In the meantime, we’re trying to ensure that they understand

Going above and beyond for safety

Incident investigation and follow-up

The State Safety Oversight (SSO) model, defined by ICAO, includes the following critical elements:

Primary aviation legislation

Specific operating regulations

State civil aviation system and safety functions

Qualified technical personnel

Technical guidance and tools

Licensing, certification, authorization, and approval obligations

Surveillance obligations

Resolution of safety concerns

those who are affiliates of the TUC, we will work with them to bring this country back in some kind of order for the benefit of the average Bahamian.” BTCU has a long-standing rivalry with livery drivers. Mr Butler, who accuses livery drivers of operating “illegally” and in spaces reserved for taxi drivers, has also been vocal about his disapproval of

funds as a counterparty to the loan.

“This is a $30 m program. In all IDB programmes, there’s an element of it called counterparty financing. So the IDB would provide, in this case, about 90 percent of the funds. The counter party, which is the government, is expected to provide the additional funds. So that is the difference that you see… the government would provide the remainder as the counterpart,” said Mr Halkitis.

the extent to which we’ve had to be delayed and why.”

He said the site is the most visited by cruise passengers in the Caribbean and the improved facilities will include a gift shop further expanding the opportunities for retail business.

“This is the most visited site for the cruise business in the Caribbean. And so given the impact it has on our economy, we obviously want a quality product, and I’m satisfied... that we will have a quality product here, and this will also add to our

hotel properties, including Atlantis, who allow them to “steal” jobs from taxi drivers.

“We’re not going to sit around and wait for the minister or any other agencies to string us along with promises,” Mr Butler told Tribune Business in a recent interview. “We’ve been given a lot of empty promises up to this point, and we’ve seen the results. Our patience basically run out with this government and its response to a lot of the things that we’ve been asking them to address. And so we’re at that point now where we expect to

Shirley Gayle, the IDB’s Bahamas representative, said the loan has an execution period of five years and but could not confirm the interest rate.

“This loan would have an execution period of five years. Generally, on our projects the standard time for execution and disbursement is five years. However, based on the progress over that time, there’s a possibility to extend,” said Ms Gayle.

inventory of opportunities for retail,” said Mr Cornish. “There’ll be a gift shop on the inside, in addition to the observation deck, and chances for us also to have paying patrons of that facility. So that’s very comforting for us. It gives us an opportunity, really, to broaden our base in terms of our income.”

The $3m contract awarded to SJK Construction in May 2024 includes interior and exterior restoration work to address structural concerns at the long-inactive Water Tower.

turn up the heat in short order.

“It’s not just the government that we have issues with. We have issues with singular properties, hotel properties also, and the airport, and so all of these areas that are challenging to us we’re going to seek to do what we need to do to have them addressed one way or the other. I mean, we’re not going to sit around and allow persons to just want to have meeting and talk and talk and no results.” Mr Ferguson declined to disclose when action will occur but warned that it is

likely and will happen “in very short order”.

The government last night issued a statement ssaying the Ministry of Energy and Transport has held discussions with union representatives from both taxi and livery drivers.

The government said “concrete action” included road traffic supervisor changes at the airport to monitor drivers, and expansion of taxi holding spaces.

The ministry is said to be seeking guidance from the Attorney General’s office on existing legislation and “the practical impact for all affected groups”.

Govt ‘will not be distracted’ from fiscal path

positioned to deliver sector-specific projects. The government will continue to improve reporting on these initiatives to ensure clarity and transparency.”

The Davis administration said they will be moving ahead with initiatives that provide long term savings and strengthen resilience including energy reform, pension for civil servants and the rationalisation of SOEs.

strategies, and expanded access to concessional financing demonstrate that debt management remains a top priority.”

Noting that there is “still room for improvement”, the government maintained their fiscal strategy is “balanced” and “sustainable”.

“This administration will not be distracted from the work of fiscal consolidation and growth. The Council’s review underscores that The Bahamas is moving in the right direction. Our economy has demonstrated resilience in the face of hurricanes, global pandemics, and external shocks,” said the statement.

road back, that’s good, once and for all. And so that’s the basis of my product.

“So compared to BHM and Bahamas Striping, I would let the judges do the judging but I suppose we have a better product, because our product is tailored towards a permanent solution as opposed to the temporary Baltimore solution. And then, as compared to [Bahamas] Hot Mix, we use environmentally friendly liquids and fluids. All I use is like biofuels. The only thing I’m using oil wise, or contaminant wise, is asphalt cement, which you can’t really avoid. Everything else is environmentally friendly, or bio fuel, or eco friendly.”

Mr McKinney said he uses rocks manufactured by Bahama Rock in his product.

“Our product, we use rock that’s manufactured in Freeport,” he said. “So our rock in this product is local as well, which means we almost have an unlimited supply, technically. They dredging Freeport. It’s a Bahamian-owned company.

CAA-B maintains all eight elements as required by ICAO’s USOAP CMA framework.

Commitment to the Public and the Industry

CAA-B recognizes that public confidence in air travel depends on effective oversight. As such, we: Engage stakeholders in safety promotion activities

Conduct regular outreach to aviation professionals and the public Issue safety advisories and informational materials

Maintain an open channel for voluntary reporting Conclusion

The Civil Aviation Authority of The Bahamas stands as a vigilant guardian of aviation safety, working behind the scenes every day

Company aims to serve Family Islands AVIATION - from page B2

It’s a Bahamian product. It serves all the islands, you know, the remote islands that’s usually forgotten about, and we use it. The only thing we import are the bio fuels and the bitumen, or the asphalt cement. And so far I’ve already sold over 20 pallets to the Water and Sewerage Corporation.

“This will transform the industry in The Bahamas because we can reduce the importation of these goods. Like I say, we utilise rocks manufactured by Bahama Rock. So we patronising the local community, utilising materials that’s environmentally friendly and that’s locally made and manufactured, and we’ll be able to reach all the islands. So even if the island don’t have a hot mix asphalt plant, their roads can still be maintained, whether we package the material and ship it out or we mobilise with our equipment and materials to produce and install on the ground.”

A civil engineer by trade, Mr McKinney has worked on several projects including, the Freeport airport runway resurfacing, the Nassau Cruise Port, The Carnival Cruise Port and

to ensure the skies remain safe, efficient, and secure. Through robust oversight, international collaboration, and a proactive safety culture, we ensure that The Bahamas continues to rise above global standards in aviation excellence.

Over the upcoming series of articles, we aim to highlight numerous challenges faced by the travelling public and the aviation industry and how we, (CAA-B) actively want to engage the general public in helping us to address these issues.

Below are some of the concerns, among others, that will be addressed in upcoming articles

1. The Hidden Risks of Flying with Unlicensed Operators

2. Understanding the Five Phases of Air Operator Certification in The Bahamas

3. Why Safety Management Systems (SMS) Matter for All Operators

4. Reporting Safety Concerns: How to Use the CAA-B’s Voluntary Reporting System

the container port. While working on a project in Eleuthera, Mr McKinney would load his hot box trucks with hot mix asphalt and utilise the ferry “and barge like five hours”.

He said they would take two trucks at a time and empty them over the weekend and repeat the process. The process resulted in him purchasing an asphalt plant where he could mobilise the asphalt plant to Eleuthera and produce his own hot mix asphalt using local rock “or I get a reduced cold mix asphalt at my location, be it in Nassau or Freeport, package it, ship it out, and then pallet it.

Mr McKinney said he now has “the real McCoy” after many trial and error attempts at creating the mix. He said during the job in Eleuthera, he began to “to pitch the word to” Water and Sewerage. He mentioned that at the time, there was a need for the product.

“Everybody was hogging up their material, and so private contractors weren’t able to get material, but holes were still forming every day,” Mr McKinney added. “So it was like, ‘We need some. Let’s try you out.’ I produced maybe like 20 pallets. I manufactured it. I shipped it out, packaged it. And the report came back pretty okay.”

5. General Aviation Safety: Pilot Responsibilities in Non-Commercial Flights

6. The Importance of Maintenance Release and Continuing Airworthiness

7. Hazard Identification: How Industry and Public Can Help Prevent the Next Accident

8. Dangerous Goods and You: What Passengers and Operators Must Know

9. The Role of Cabin Crew in Ensuring Passenger Safety

10. Aviation Weather: Avoiding the Invisible Killer

more about our role, services, and regulatory

“We are also pressing ahead with structural reforms that will yield long-term savings and resilience. Pension reform for new public sector entrants will contain future liabilities, rationalisation of stateowned enterprises will reduce fiscal transfers, and reforms in energy and digital infrastructure will support both competitiveness and fiscal sustainability,” said the statement

“At the same time, annual contributions to the sinking fund, prudent borrowing

“We will stay the course, tightening expenditure where necessary, strengthening revenue collection, investing in people, and building buffers against risk. The government of The Bahamas is resolute. Our fiscal strategy is balanced, sustainable, and firmly focused on securing a stronger, more resilient future for our nation and our people.”

Romer ‘pleased’ flights to resume today

looking forward to expanded service from the Canadian market.

“We wish to commend the management and staff of Nassau Flight Services - the agency responsible for facilitating Ground Handling Services for Air Canada, along with the Nassau Airport Development team and other industry stakeholders, who have been assisting displaced passengers and

ensuring service recovery over the past few days,” said Dr Romer

“We look forward sustained and expanded service from this very important Canadian market and will keep the traveling community updated on any further developments.”

Lawyer argues Meta can’t be held liable for gunmaker’s Instagram posts in Uvalde families’ lawsuit

By ITZEL LUNA Associated Press

A LAWSUIT filed by families of the Uvalde school shooting victims alleging Instagram allowed gun manufacturers to promote firearms to minors should be thrown out, lawyers for Meta, Instagram's parent company, argued Tuesday.

Nineteen children and two teachers were killed in the May 2022 shooting at Robb Elementary School in Uvalde, Texas.

The families sued Meta in Los Angeles in May 2024, saying the social media platform failed to enforce its own rules forbidding firearms advertisements aimed at minors. The families, who were present at last month's hearing, did not appear in court, with a lawyer citing the backto-school season. Many plaintiffs attended the hearing virtually, he said.

In one ad posted on Instagram, the Georgia-based gunmaker Daniel Defense shows Santa Claus holding an assault rifle. In another post by the same company,

a rifle leans against a refrigerator, with the caption: "Let's normalize kitchen Daniels. What Daniels do you use to protect your kitchen and home?"

The lawsuit alleges those posts are marketed toward minors. The Uvalde gunman opened an online account with Daniel Defense before his 18th birthday and purchased the rifle as soon as he could, according to the lawsuit. He also owned various Instagram accounts and had an "obsessive relationship" with the platform, at times opening the app more than 100 times a day, plaintiffs' lawyers found in an analysis of the shooter's phone.

Plaintiffs say minors can access gun content on Instagram

Meta attorney Kristin Linsley argued that the families provided no proof that minors, including the Uvalde gunman, even read the Daniel Defense posts on Instagram. She also said the posts didn't violate Meta's policies because they weren't direct advertisements and did not

include links to purchase any products. Katie Mesner-Hage, representing the victims' families, said the defense's claim is "fundamentally unfair," as the plaintiffs don't have access to Meta data that would indicate whether the shooter encountered those posts. She added that if the content had landed on the shooter's feed, as the plaintiffs allege, then Meta "not only knew about it, they designed the system so it would be delivered to him."

"They knew more about him than anyone else on the planet," she said.

Linsley said content advertising firearms for sale on Instagram is allowed if posted by "brick-and-motor and online retailers," but visibility of those posts was restricted for minors under Meta's advertising policies from the end of 2021 to October 2022.

"This is not a playbook for how to violate the rules. This is actually what the rules are," Linsley said.

The plaintiff's team, however, showed a fake

Legal Notice

International Business Companies Act

VIOLET CAPITAL CORPORATION (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of VIOLET CAPITAL CORPORATION completed, a Certi issued and the Company has therefore been struck of of the dissolution was the

EXXON YEMEN LNG

N O T I C E IS HEREBY GIVEN as follows:

(a) EXXON YEMEN LNG COMPANY, LTD dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 18th day of August 2025 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is M. Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Dated the 20th day of August, 2025.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

profile they created for a 17-year-old boy earlier this month, through which they were able to search Daniel Defense's Instagram account and see a post that included a picture of a gun, as well as a link to the gun manufacturer's website.

When the link was clicked, the gun-maker's website opened, and the team was able to select a firearm and add it to their cart, all within Instagram's app — an experiment that refutes Meta's assertion that posts relating to firearms aren't visible to users under 21, Mesner-Hage said.

Linsley said in her rebuttal that the experiment was done this year and not in 2021 to 2022, which is when the policy she described was in effect.

The families have also sued Daniel Defense and video game company Activision, which produces "Call of Duty."

Case hinges on social media's responsibility for content creation

Linsley said the Communications Decency Act

allows social media platforms to moderate content without being treated as publishers of that content.

"The only response a company can have is to not have these kinds of rules at all," Linsley said. "It just gets you down a rabbit hole very quickly."

Mesner-Hage argued Meta is not protected by the act because social media platforms don't just host speech, but help curate it through its algorithms.

Daniel Defense, she said, didn't have to pay for ads to get free access to Meta's analytical data through its business account on Instagram. That data shows the company which age bracket and gender engaged most with a specific post. "Daniel Defense is not on Instagram to make friends. ... They're on there to promote their product," Mesner-Hage said. "It's not a paid advertisement, but I would struggle to describe this as anything other than an advertisement."

The lawsuit alleges that firearm companies tweaked their online marketing to

CALIFORNIA MAN WHO ADMITTED SHIPPING WEAPONS TO NORTH KOREA IS SENTENCED

TO

8 YEARS IN PRISON

LOS ANGELES

Associated Press

A CALIFORNIA man has been sentenced to eight years in prison after admitting to shipping weapons and ammunition to North Korea that he said were to be used for a surprise attack on South Korea, authorities said Tuesday. Shenghua Wen, 42, came to the U.S. from China on a student visa in 2012 and remained in the country illegally after it expired, according to a statement from the U.S. Attorney's office in Los Angeles.

Wen pleaded guilty in June to one count of conspiracy to violate the International Emergency Economic Powers Act and one count of acting as an illegal agent of a foreign government, the statement says. He was sentenced on Monday.

Wen told investigators that before he entered the

EXXON YEMEN LNG COMPANY, LTD

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 10th day of September A.D., 2025. In default thereof, they will be excluded from the beneft of any distribution made by the Liquidator.

Dated the 20th day of August, A.D., 2025.

M. Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

comply with Meta's policies, including by avoiding the words "buy" or "sell" and not providing links to purchase, and that the social media company did not protect users against such strategies.

Last month, lawyers for Activision also argued that legal proceedings against them should be thrown out, saying the families allegations are barred by the First Amendment. The families alleged that the war-themed video game Call of Duty trained and conditioned the Uvalde gunman to orchestrate his attack.

Lawyers for the plaintiffs asked the judge to allow them to amend their lawsuit with the new information they presented Tuesday before ruling on the defense's motion. The defense claimed that was unnecessary, as the case would not have merit even with the amendments.

The judge has yet to rule on Activision's motion and did not immediately rule on the Meta case.

California, to North Korea via Hong Kong in 2023. He told U.S. authorities that he was wired about $2 million to do so, according to the complaint. Authorities did not specify in the complaint the types of weapons that were exported.

U.S., he met with North Korean officials at an embassy in China, where they instructed him to procure goods for the North Korean government. He also admitted that he tried to buy uniforms to disguise North Korean soldiers for the surprise attack, a federal complaint says.

North Korean leader Kim Jong Un has demonstrated an intent to deploy battlefield nuclear weapons along the North's border with South Korea, a U.S. ally, recently delivering nuclearcapable missile launchers to frontline military units.

United Nations resolutions ban North Korea from importing or exporting weapons. In 2022, North Korean officials contacted him via an online messaging app and instructed him to buy firearms, prosecutors said. He shipped two containers of weapons and other items from Long Beach,

To carry out his operation, Wen purchased a business in 2023 called Super Armory, a federal firearms licensee, for $150,000, and registered it under his business partner's name in Texas. He had other people purchase the firearms and then drove them to California, misrepresenting the shipments as a refrigerator and camera parts. Investigators did not say whether Wen had organized any shipments during his first 10 years in the U.S. The FBI in September seized 50,000 rounds of ammunition from Wen's home in the LA suburb of Ontario that had been stored in a van parked in the driveway, the complaint says. They also seized a chemical threat identification device and a transmission detective device that Wen said he planned to send to the North Korean government for military use, the complaint says.

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), VENTURES LTD. (the “Company”) dissolution. dissolution is KATHERINE GUERRERO PARADA Liquidator and can be contacted at AQUILINO DE LA GUARDIA ST., NO. 8, PANAMA, REPUBLIC OF PANAMA. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before

Trump weaponization czar urged New York Attorney General James to resign over mortgage probe

By MICHAEL R. SISAK Associated Press

PRESIDENT Donald Trump's political weaponization czar sent a letter urging New York Attorney General Letitia James to resign from office "as an act of good faith" four days after starting his mortgage fraud investigation of her. Then he showed up outside her house.

Ed Martin, the director of the Justice Department's Weaponization Working Group, told James' lawyer on Aug. 12 the Democrat would best serve the "good of the state and nation" by resigning and ending his probe into alleged paperwork discrepancies on her Brooklyn townhouse and a Virginia home.

"Her resignation from office would give the people of New York and America more peace than proceeding," Martin wrote. "I would take this as an act of good faith."

Then last Friday, Martin turned up outside James' Brooklyn townhouse in a "Columbo"-esque trench coat, accompanied by an aide and New York Post journalists. He didn't meet with James or go inside

Home

the building. A Post writer saw him tell a neighbor: "I'm just looking at houses, interesting houses. It's an important house."

James' lawyer Abbe Lowell shot back on Monday, telling Martin in a letter his blunt request for James' resignation defied Justice Department standards and codes of professional responsibility and legal ethics.

The Justice Department "has firm policies against using investigations and against using prosecutorial power for achieving political ends," Lowell wrote. "This is ever more the case when that demand is made to seek political revenge against a public official in the opposite party." "Let me be clear: that will not happen here," Lowell added.

Lowell also blasted Martin's visit to James' home as a "truly bizarre, made-for-media stunt" and said it was "outside the bounds" of Justice Department rules. He included an image from security camera footage showing Martin, in his trench coat, posing for a photo in front of James' townhouse. He

said Martin looked as if he were on a "visit to a tourist attraction."

The Associated Press obtained copies of both letters on Tuesday. A message seeking comment was left for Martin's spokesperson. James' office declined to comment.

The letters were the latest salvos in a monthslong drama involving Trump's retribution campaign against James and others who've battled him in court and fought his policies.

James has sued the Republican president and

Depot's sales improve as customers stay focused on smaller projects

By MICHELLE CHAPMAN AP Business Writer

HOME Depot's sales improved during its fiscal second quarter as consumers remained focused on smaller projects amid cost concerns and economic uncertainty, but its performance missed Wall Street's expectations.

The Atlanta-based company also said shoppers should expect modest price increases in some categories as a result of rising tariff costs, though they won't be broad-based. Company executives told analysts during the earnings call after the results were released that more than 50% of its products are sourced domestically and wouldn't be subject to any tariffs.

In May, Home Depot said it didn't expect to raise prices because of tariffs, saying it had spent years diversifying the sources for the goods on its shelves.

But Billy Bastek, executive vice president of merchandising at Home Depot, told analysts on Tuesday that tariff rates are significantly higher than they were when it released earnings results in May.

"Our customers tend to shop for the entire project,

" Bestek said. "And you think about a small flooring project, tile grout, bath tub and vanity and a bath project. And so we're laser focused on protecting the cost of the entire project."

Revenue for the three months ended August 3 climbed to $45.28 billion from $43.18 billion, but fell short of the $45.41 billion that analysts polled by FactSet were looking for. Sales at stores open at least a year, a key indicator of a retailer's health, rose 1%. In the U.S., comparable store sales increased 1.4%.

Home Depot's stock surged more than 3% in Tuesday afternoon trading. Neil Saunders, managing director of GlobalData, said that Home Depot saw consumers concentrating on smaller projects and gardening during the quarter.

"As the largest improvement player, Home Depot is getting the lion's share of this growth and remains the number one destination for consumers due to strong customer service, a comprehensive range, and sharp pricing," he said. "The latter factor will serve it well as consumers become more price conscious."

Customer transactions declined less than 1% in the quarter. The amount

NOTICE

NOTICE is hereby given that THOMPSON XARYN NOEL of James Cistern, Eleuthera, 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 13th day of August, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby

of

that

Stapledon 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 20th day of August, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

shoppers spent rose to $90.01 per average receipt from $88.90 in the prioryear period.

"Our second quarter results were in line with our expectations," Chair and CEO Ted Decker said in a statement. "The momentum that began in the back half of last year continued throughout the first half as customers engaged more broadly in smaller home improvement projects."

Home improvement retailers like Home Depot have been dealing with homeowners putting off bigger projects because of increased borrowing costs and lingering concerns about inflation.

The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows.

Sales of previously occupied homes have slumped as elevated mortgage rates and rising prices discourage home shoppers.

Sales of such homes in the U.S. slid in June to the slowest pace since last September as mortgage rates remained high and the national median sales price climbed to an all-time high of $435,300.

his administration dozens of times and last year won a $454 million judgment against Trump and his companies in a lawsuit alleging he lied about the value of his assets on financial statements given to banks. An appeals court has yet to rule on Trump's bid to overturn that verdict.

Earlier this month, the AP reported, the Justice Department subpoenaed James for records related to the civil fraud lawsuit and a lawsuit she filed against the National Rifle Association.

Martin's investigation stems from a letter Federal Housing Finance Agency Director William Pulte sent to Attorney General Pam Bondi in April asking her to investigate and consider prosecuting James, alleging she had "falsified bank documents and property records."

Pulte, whose agency regulates mortgage financiers Fannie Mae and Freddie Mac, cited "media reports" claiming James had falsely listed a Virginia home as her principal residence, and he suggested she may have been trying to avoid higher interest rates that often apply to second homes.

Records show James was listed as a co-borrower on a house her niece was buying in 2023. Lowell said records and correspondence easily disproved Pulte's allegation.

While James signed a power-of-attorney form that, Lowell said, "mistakenly stated the property to be Ms. James' principal residence," she sent an email to her mortgage loan broker around the same time that made clear the property "WILL NOT be my primary residence."

Pulte also accused James of lying in property records about the number of apartments in the Brooklyn townhouse she has owned since 2001.

A certificate of occupancy issued to a previous owner authorized up to five units in the building, where James lives and has rented out apartments. Other city records show the townhouse has four units, a number James has listed in building permit applications and mortgage documents.

On Aug. 8, Bondi appointed Martin, a former Republican political operative, to investigate. Martin, the current U.S. pardon attorney and former acting U.S. attorney for Washington, D.C., is also investigating mortgage fraud allegations against Sen. Adam Schiff, D-Calif. Schiff's lawyer called the allegations "transparently false, stale, and long debunked."

Lowell said it appears the working group Martin leads "is aptly named as it is 'weaponizing'" the Justice Department "to carry out the President's and Attorney General's threats."

NOTICE

NOTICE is hereby given that SHAMA-DONYA GUERRIER of Taylor Drive, South Beach, 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 13th day of August, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MARJORIE JAY THOMPSON MUNNINGS of #142 Pinewood Drive, Pinewood 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 twentyeight days from the 13th day of August, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Nexstar Media Group buying Tegna in deal worth $6.2 billion

By WYATTE GRANTHAM-PHILIPS and MICHELLE CHAPMAN AP Business Writers

NEXSTAR Media Group is buying broadcast rival Tegna for $6.2 billion, bringing together two major players in U.S. television and the country's local news landscape.

If the transaction is approved, Nexstar will pay $22 in cash for each share of Tegna's outstanding stock. And the regulatory greenlight could be likely under President Donald Trump's administration, which has long-advocated for loosening industry restrictions.

Announcing the proposed merger Tuesday, Nexstar CEO Perry Sook pointed directly to actions being pursued by the Trump administration, which he said "offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources."

He added that "Tegna represents the best option for Nexstar to act on this opportunity."

Nexstar oversees more than 200 owned and partner stations in 116 markets nationwide today and also runs networks like The CW and NewsNation. Meanwhile, Tegna owns 64 news stations across 51 markets.

Consolidation would mean pooling together all of these resources — and that typically includes cutting any "redundancies" identified in the process, explained Paul Hardart, director of the entertainment, media and technology program at New York University's Stern School of Business.

"The good news for Nexstar is that makes it run at a lower cost rate, which they need to do because there's all these headwinds on the revenue side," Hardart said. But for local communities that rely on the company's stations, the bad news is that "there will be a homogenization of content," he added.

Other experts note that previous consolidation in the industry has already shown this.

Nexstar, founded in 1996, has itself grow substantially with acquisitions over the latest two decades, becoming the biggest operator of local TV stations in the U.S.

after it purchased Tribune Media back in 2019. And Danilo Yanich, professor of public policy at the University of Delaware, says the company is the "biggest duplicator" of news content today — pointing to recent research he worked on that looked at how often local TV news used the exact same words in at least 50% on their broadcasts.

Nexstar's size gives it the most opportunity to syndicate information in this way, Yanich noted, and further duplication seems all but likely as the company looks to "achieve economies of scale," he added.

Nexstar on Tuesday maintained that the deal will also help it give advertisers a bigger variety of local and national broadcast and digital advertising options.

The potential purchase also arrives amid wider regulatory shifts. Brendan Carr, the Trump-appointed chairman the Federal Communications Commission, which will need to give the transaction the green light, has long advocated for loosening industry restrictions. On Aug. 7, the FCC announced that it would be repealing 98 broadcast rules and requirements that it

identified as "obsolete, outdated, or unnecessary."

Some of those rules date back nearly 50 years, the FCC said, and apply to "old technology that is no longer used." Carr maintained that such provisions no longer serve public interest.

In late July, the U.S. Court of Appeals for the Eighth Circuit also vacated the FCC's "top four" rule, which has long prohibited ownership of more than one of the top four stations in a single market. The ruling is still subject to a monthslong assessment by the FCC, but could significantly clear the way for future mergers in the industry.

In company earnings calls held in early August, before Tegna and Nexstar publicly confirmed merger talks, both Tegna CEO Michael Steib and Nexstar's Sook pointed directly to this ruling, and applauded Carr's deregulation agenda as a whole.

"We believe that deregulation is necessary, important and coming," Steib said in Tegna's Aug. 7 call, noting that local broadcasters are "up against big tech competitors who have absolutely no encumbrances in how they compete."

Trump administration vying to own a big stake in Intel after SoftBank's $2 billion bet on company

By MICHAEL LIEDTKE and ELAINE KURTENBACH AP Business Writers

U.S. Commerce Secre-

tary Howard Lutnick on Tuesday confirmed the U.S. government is vying for a 10% stake in Silicon Valley pioneer Intel in an unusual deal that would deepen the Trump administration's financial ties with major computer chip manufacturers and punctuate a dramatic about-face from the president's recent push to oust the company's CEO.

The ambitions that Lutnick confirmed in a televised interview with CNBC came the day after various news outlets reported on the negotiations between the Trump administration and Intel. The investment would be made by converting federal government grants previously pledged under President Joe Biden's administration into a bushel of Intel stock that would turn the U.S. government into one of the company's largest shareholders.

"We think America should get the benefit of the bargain," Lutnick told CNBC as he explained why President Donald Trump is pushing for the deal. "It's obvious that it's the right move to make."

Intel declined to comment on the negotiations with the Trump administration.

The notion of the U.S. government holding a huge stake in Intel would have seemed inconceivable back in the company's heyday when its processors were powering a personal computer boom that began in the mid-1970s. But Intel has been mired in tough times after missing mobile computing era unleashed by the iPhone's 2007 debut.

Intel has fall even farther behind in recent years during an artificial intelligence craze that has been a boon for two of its oncesmaller rivals, Nvidia and Advanced Micro Devices. The Trump administration is hitching a ride on their success by imposing a 15% commission on their sales of their chip sales in China in exchange for their export licenses. Those fees are expected to translate into billions of dollars in additional government revenue.

The U.S. government's negotiations to become a major Intel shareholder are coming on a heels of a $2 billion investment Japanese technology giant SoftBank Group disclosed late Monday that it plans to make in the Santa Clara, California, company. Softbank is accumulating its 2% stake in Intel at $23 per share — a slight discount from the stock's price when its investment was announced.

Intel's shares surged nearly 7% to close at $25.31 on the news of Softbank's big bet on Intel, coupled with Trump's designs on the company. SoftBank invests in an array of companies that it sees as holding long-term potential. It has been stepping up investments in the United States since Trump returned to the White House. In February, its chairman Masayoshi Son joined Trump, Sam Altman of OpenAI and Larry Ellison of Oracle in announcing a major investment of up to $500 billion in a project to develop artificial intelligence called Stargate.

"Semiconductors are the foundation of every industry, Son said in a statement. "This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role."

Trump's interest in Intel is also being driven by his desire to boost chip production in the U.S., which has been a focal point of the trade war that he has been waging throughout the world since he returned to the White House earlier this year for his second term in office. "We want Intel to be successful in America," Lutnick said during his CNBC interview.

Boosting domestic production of computer chips also ranked high on the Biden administration's agenda, which resulted in the 2022 passage of the CHIPS and Science Act.

Intel was among the biggest beneficiaries of the program, but it hasn't been able to revive its fortunes while falling behind on construction projects spawned by the CHIPS program.

The company has received about $2.2 billion of the $7.8 billion pledged under the incentives program — money that Lutnick derided as a "giveaway" that would better serve U.S. taxpayers if it's turned into Intel stock, which he said would be in the form of non-voting shares so the government wouldn't be able to use the stake to sway how the company is managed. But Intel's ongoing struggles also means the U.S. government is taking on a risky investment. The company is in the midst of its latest turnaround attempt under CEO Lip-Bu Tan, who was hired in March to shake things up. Tan's turnaround effort so far has been focused on a cost-cutting spree that is gutting the company's workforce and further delaying construction on a chip plant in Ohio that has been in the works since 2022.

Intel's market value is hovering around $110

Beyond their core broadcast TV businesses, both Nexstar and Tegna also boast digital news, mobile app and streaming offerings, all of which have played key roles for the industry as consumers change the way they consume news and other entertainment.

Broadcast TV has been hit particularly hard by "cord-cutting," with more and more households trading their cable or satellite subscriptions into content they can get via the internet.

"The challenge has been recently of 'cord cutters' — but the bigger concern is the 'cord nevers,' of people who grew up never watching television, or linear television," said Hardart, noting that most consumers,

billion, only a slight uptick from where it was when Tan arrived and leaving it more than 60% below its peak reached about a quartercentury ago during the early phase of the internet boom.

In another strange twist to the new alliance, President Donald Trump had demanded that Tan resign in an August 7 post spurred by concerns about investments that Tan had made in China chipmakers while he was working as a venture capitalist.

But Trump backed off after the Malyasia-born Tan professed his allegiance to the U.S. in a public letter to Intel employees and went to the White House to meet with the president, who applauded the

particularly young people, have just about all the content they want on social media or their phone. Despite these shifting landscapes, experts like Yanich say the suggestion that tech players "could do what local journalism does simply doesn't hold up," pointing to the difference in content and reach. Still, he notes that other broadcasters could soon follow Nexstar and Tegna's footsteps, consolidating the industry even further. Nexstar's proposed purchase of Tegna is expected to close by the second half of 2026. Beyond the regulatory greenlight, it still needs approval from Tegna shareholders.

Intel CEO for having an "amazing story." That truce apparently sparked the negotiations that may culminate in the U.S. government owning a chunk of Intel. Although rare, it's not unprecedented for the U.S. government to become a significant shareholder in a prominent company. One of the most notable instances occurred during the Great Recession in 2008 when the government injected nearly $50 billion into General Motors in return for a roughly 60% stake in the automaker at a time it was on the verge of bankruptcy. The government ended up with a roughly $10 billion loss after it sold its stock in GM.

Wall Street falls further from its records as Nvidia, Palantir and other AI stars dim

By STAN CHOE AP Business Writer

WALL Street faded on Tuesday following drops for Nvidia and other stars that have been riding the mania surrounding artificial-intelligence technology.

The S&P 500 fell 0.6% for a third straight loss, though it remains near its all-time high set last week. The Dow Jones Industrial Average added 10 points, or less than 0.1%, and the Nasdaq composite slumped 1.5%.

The heaviest weight on the market was Nvidia, whose chips are powering much of the move into AI. It sank 3.5%.

Another AI darling, Palantir Technologies, dropped 9.4% for the largest loss in the S&P 500. It's seen bets build up sharply that its stock price will drop, according to S3 Partners. Only Meta Platforms has seen a bigger increase this year in what's called "short interest," where traders essentially bet a stock's price will fall. Meta, the owner of Facebook and Instagram, sank 2.1%.

Criticism has been rising that stock prices across Wall Street have shot too high, too fast since hitting a bottom in April and have become too expensive. Palantir's stock came into Tuesday with a tremendous gain of 130% for the year so far.

One way companies can make their stock prices look less expensive is to deliver growth in profits.

Palo Alto Networks rose 3.1% after reporting earnings and revenue for the latest quarter that topped analysts' expectations. The cybersecurity company also gave forecasts for profit and revenue in its upcoming fiscal year that were above Wall Street's.

Home Depot's gain of 3.2%, meanwhile, was the biggest reason the Dow did better than other indexes.

The retailer reported results for the latest quarter that were a bit short of what analysts expected, but it delivered growth in revenue and stood by its prior forecasts for revenue and profit over the full year.

Other big retailers will give their latest profit

updates in coming days. Lowe's and Target are on deck for Wednesday, while Walmart and Ross Stores will report on Thursday.

The week's headliner for Wall Street is likely arriving on Friday. That's when the chair of the Federal Reserve, Jerome Powell, will give a highly anticipated speech in Jackson Hole, Wyoming. The setting has been home to big policy announcements from the Fed in the past, and the hope on Wall Street is that Powell may hint that cuts

to interest rates are coming soon.

The Fed has kept its main interest rate steady this year, primarily because of the fear of the possibility that President Donald Trump's tariffs could push inflation higher. But a surprisingly weak report on job growth across the country may be superseding that.

Traders on Wall Street widely expect the Fed to cut interest rates at its next meeting in September in order to give the economy a boost. Treasury yields have

Aug. 18,

come down notably in the bond market as a result, and they eased on Tuesday. The yield on the 10-year Treasury fell to 4.30% from 4.34% late Monday.

Strategists at Bank of America warn that Powell may not sound as inclined to cut interest rates as the market is expecting. He could remain non-committal and discuss the possibility of a worst-case scenario for the economy called "stagflation." The Fed has no good tool to fix that situation,

where the economy stagnates at the same time as inflation remains high.

On Wall Street, Viking Therapeutics tumbled 42.1% after the biopharmaceutical company released results from a clinical trial of an oral tablet that could treat obesity and other metabolic disorders. Tegna rose 4.3% after Nexstar Media Group said it will buy the owner of 64 television stations across the country for $22 per share in cash. Nexstar, which owns the CW and local television broadcasters of its own, added 0.7%.

All told, the S&P 500 fell 37.78 points to 6,411.37. The Dow Jones Industrial Average added 10.45 to 44,922.27, and the Nasdaq composite fell 314.82 to 21,314.95.

In stock markets abroad, indexes rose in Europe after falling modestly in Asia.

Tokyo's Nikkei 225 index slipped 0.4% as market heavyweight SoftBank Group Corp. fell 4% after it announced it was taking a $2 billion stake in U.S. chip maker Intel.

MARINE FORECAST