08252025 BUSINESS

By FAY SIMMONS Tribune Business

A LOCAL environ-

mental advocate has denounced the government’s approval of the $200m Rosewood Exuma development on Sampson Cay as a “catastrophic” blow to the island’s fragile ecosystem.

Joseph Darville, chairman of Save the Bays and Waterkeepers Bahamas, described the decision to permit activities such as dredging for a marina as “sacrilegious” and warned that the ecological damage could be irreversible.

Speaking to Tribune Business, Mr Darville said no level of approval can justify the environmental cost and criticised the notion that economic benefits and job creation

‘Livery

should override environmental protection.

“It’s really sad, really sad. As an environmentalist, it aches my heart that incredible biodiverse area could be so easily given away to be systematically destroyed. The area exemplifies everything that is so beautiful about under the water, and for them to do any harm to that area, it is catastrophic. It is sacrilegious. It should never be allowed to be done,” said Mr Darville.

“I don’t care what permission they have been given. There is no way that anything that they intend to do in that area for development is not going to be catastrophic for that beauty, and we’re going to regret it, because that’s something that we should pass on unblemished to future generations.”

While acknowledging the importance of job creation—especially in remote Family Islands—Mr. Darville argued that Bahamians should not have to choose between employment and environmental preservation.

He suggested that sustainable environmental preservation could generate significant economic benefits and criticised allowing foreign investors to be permitted to damage the environment in order to enrich themselves and provide locals a “couple little jobs”.

“Off course, it is concerning that we have to have employment for our people. But this is just some greedy people who want to make a whole lot of money and are coming in and destroying our environment in order to enrich themselves, to foreigners

and, of course, passing a couple little jobs to Bahamians,” said Mr Darville.

“We could utilize that same area to create preserving of the environment, and get our people involved in all of this area. And we could make an abundance of money.

“We’ve got to establish the fact that we are adamant about preserving the magnificent beauty and that area you cannot restore that. We’re going to pass on a damaged country by allowing foreigners come in and dictate to us what they want to do, and for a proverbial pot of porridge, we give them permission to destroy our own heritage.”

The $200m Rosewood Exuma development on Sampson Cay was granted

drivers also have mouths to feed’

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

A TAXI and tour operator argued that taxi drivers must provide better service while defending livery drivers’ right to earn a living as well.

Following the ongoing dispute between rivals within the transport industry, Cheryl Cambridge, owner of Cheryl’s Bahamas Taxi & Tours which operates across the board providing taxi, livery and tour services, backed livery drivers saying taxi drivers should not think they are the only ones with mouths to feed.

Tyrone Butler, president of the Bahamas Taxicab Union (BTCU) has been vocal about his disapproval

of livery drivers operating in spaces reserved for taxis. He has parted with the Bahamas National Alliance Trade Union Congress (BBNATUC) and has since joined the Trade Union Congress (TUC) headed by Obie Ferguson KC, in the hopes that BTCU will see changes in their favor.

Mr Butler has argued that “the law does not provide for a livery franchise to be operating in the same space as a taxi driver” and has accused the government of “favoring” livery drivers by allowing them to do so. He has also called out hotel properties for doing the same.

Ms Cambridge, however, said taxi operators cannot dictate to property owners who they allow to service their guests. She also

CPC eyes vendor verification system to boost consumer confidence

By FAY SIMMONS Tribune Business

Reporter jsimmons@tribunemedia.net

SENATOR Randy

MONDAY, AUGUST

Poachers top concern for fishing industry

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

FISHERMEN were

“spared” with the passing of Hurricane Erin, and poachers remain top concerns for the industry, says Keith Carroll, the National Fisheries Association’s (NFA) president.

Reporting that boats that have come in thus far have yielded less than satisfactory volumes for the crawfish season, which opened August 1, Mr Carroll, said poachers have been spotted and reported to the Royal Bahamas Defence Force.

“I could say some of the boats [that] come in, they haven’t done as good as last season, but they still did pretty good,” Mr Carroll said. “They see signs of poaching. They saw some boats out there while they was out there. I know they saw poachers, because we got reports from them where they saw them, and we called the Defence Force, but still nothing happen. I don’t know what to say, but the poaching is still there. It ain’t like how it was, but it’s still there.

“People will come and take their chances. It’s up to us to have, you know, Defence Force out there patrolling. And they have to be there 24/7 because these guys only want a chance to get in. If they can get in and fish [for] couple hours, that’s all they need... They travel couple hundred miles to get here, at least 300. And they’ll stay in the old Bahama channel for days and days, looking for opportunities to come in to fish for couple hours and go back out if they have to. And they do that for months until they get enough fish to go home with. We need the Defence Force to be out there at all times. When one boat leave another one got to be there.”

While Mr Carroll attributes lower crawfish volumes to an uptick in poaching, he told Tribune Business that fisherman were spared from what could have been a disastrous impact from Hurricane Erin which threatened the southeastern Bahamas with tropical storm conditions.

“I hope we can continue, getting past this hurricane

Rolle, Chairman of the Consumer Protection Commission (CPC), says the agency is exploring the introduction of a vendor verification system aimed at strengthening consumer confidence and ensuring safer transactions, particularly for tourists and online shoppers. Speaking to Tribune Business, Mr Rolle explained the proposed system would allow both locals and visitors to verify vendors based on their business history and track record.

“We’re looking at some policies that we can

Businesses urged against exploitation in back-to-school shopping season

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Consumer Protection Commission (CPC) is warning businesses against engaging in price gouging during the busy back-toschool shopping season, particularly as families look to take advantage of the VAT Holiday.

Senator Randy Rolle, Executive Chairman of the CPC, is urging merchants to act responsibly and not exploit consumers during this high-demand period. While advising parents to make smart, budget-conscious choices, Mr. Rolle

also issued a direct warning to retailers against engaging in price gouging during the tax holiday.

“Back-to-school shopping can be stressful for families, and while every parent wants the best for their child, it is critical that they remain prudent and mindful with their spending. Do not feel pressured into buying the most expensive or latest brand-name item if it is beyond your budget. Quality, affordability, and

durability are what matter most,” said Mr Rolle.

“At the same time, I want to caution businesses not to engage in price gouging during this VAT Holiday. Parents and guardians deserve fairness and transparency, not exploitation.”

Mr Rolle also encouraged shoppers to carefully compare prices, check the quality of goods, and keep receipts for all purchases made during this period and

noted that those in need of assistance can reach out for government assistance.

“For those who may be having a hard time, help is available. The Department of Social Services and the Ministry of Education both have resources to assist families with school readiness. We urge parents to seek that support if needed so that every child is properly equipped to succeed this academic year.”

Consumers are also being urged to report any instances of unfair pricing or questionable business practices directly to the CPC.

To further support its consumer protection

Bahamas Trade Commission participates in SME Management seminar in China

THE Bahamas Trade Commission recently participated in the Seminar on SME Management for The Bahamas held in China from August 5th to 18th.

The seminar brought together government officials, business leaders, and trade representatives from The Bahamas to learn, exchange, and explore opportunities for collaboration with Chinese counterparts in small and medium-sized enterprise (SME) development.

This dynamic group of representatives from the private and public sector strengthened the delegation’s impact and reach.

During the two-week program, the Bahamian delegation engaged in a series of lectures, workshops, and field visits designed to provide a deeper understanding of China’s business ecosystem, trade policies,

and innovative approaches to SME growth.

Sessions focused on topics such as China’s modernization process, the Belt and Road Initiative (BRI), cross-border ecommerce, digital transformation, and legal frameworks supporting SME development. In addition to classroom instruction, delegates participated in site visits to Chinese technology firms and industrial parks. Notably, the delegation visited iFlyTech, a leading AI company, where discussions centered on how artificial intelligence can be harnessed to advance innovation and entrepreneurship in The Bahamas. Strategic meetings were also held with trade and ecommerce agents to explore partnership opportunities that could facilitate greater access to international markets for Bahamian entrepreneurs.

The Bahamas delegation included: Senator Barry Griffin, Chair, Bahamas Trade Commission; Mr. Brickell Pinder, Director of Trade, Ministry of Economic Affairs; Ms. Tia Hanna, Project Officer, Ministry of Economic Affairs; Ms. Glenisha Albury, Board Member, Bahamas Trade Commission; Mr. Ian Cargil, Board Member, Bahamas Trade Commission.

“This seminar was a significant step in strengthening bilateral cooperation between The Bahamas and China,” said Senator Barry Griffin, Chairman of the Bahamas Trade Commission.

“By learning firsthand how China supports and grows its SMEs, we can identify ways to adapt these strategies to the Bahamian context, ultimately fostering innovation, job creation,

mandate, the Commission speaking to Tribune Business, Mr Rolle said the CPC will be working closely with Price Control officers to carry out regular inspections of stores. In addition, a new secret shopper initiative has been launched to identify dishonest retail practices from the ground level.

and sustainable economic growth at home.”

The Trade Commission emphasized that the insights gained will not only strengthen local SMEs but also inform initiatives in education, youth and women’s empowerment,

in accordance with the National Trade Policy.

Importantly, this program represents capacity building for both government officials and the business community— a direct accomplishment of one of the Commission’s key goals for 2025–2026. The Seminar also discussed how customs procedures are simplified and integrated to support exports by SME’s. The delegation also used the opportunity to discuss

“These are a group of regular shoppers that understand the trends and we've set a criteria where they will identify certain things to look for while they are shopping. When they find issues they will take a record of these things, document, take pictures and report this back to the CPC and we will launch an investigation,” said Mr Rolle.

“The main goal is to ensure that we are protecting the rights of consumers and to minimize the amount of complaints because we’ve been proactive in identifying these things.”

He said the new initiative will assist the watchdog with gathering information about retailers that may be engaging in unscrupulous activities. The initial group of about 30 shoppers were selected to go into grocery stores across New Providence and identify discrepancies such as expired items and price gouging.

how lobster exports from The Bahamas could be facilitated. The Bahamas Trade Commission extends sincere gratitude to the Government of the People’s Republic of China for their partnership and hospitality throughout the program. This initiative lays the foundation for stronger business ties and expanded trade relations between the two countries. For enquires email: trade@bahamas.gov. bs Issued by The Bahamas Trade Commission

NFA president says RBDF alerted to threat

FISHING - from page B1

season. That’s our biggest concern,” Mr Carroll added. “It was only really threatening the eastern side of islands, mostly on the ocean side. So it didn’t really do nothing to the banks side. So, it didn’t really affect the fishermen that much.”

Mr Carroll said a hurricane can destroy traps used by fisherman, as well as disrupt marine life, resulting in difficulties in catching fish. He argued that the losses fishermen take in the aftermath of a hurricane should be recognized by the government.

“When Hurricane Irma came over The Bahamas, it impacted Inagua and Ragged Island,” Mr Carroll said. “During Hurricane Irma, I lose all the traps I had. I had almost 4,000 traps. I lose every one. Not

one trap I had to fish with. Then the guys who had condos from Ragged Island, along the Ragged Island Cays and straight down, all those condos gone. That was thousands of condos. And that’s people traps, and we had to replace them and start all over again.

“Even the government and the people didn’t realize because they was reporting that The Bahamas has been spared the brunt of the hurricane, but they didn’t know that it affected the fishermen.

Majority of fishermen lose just about everything they had when it comes to their traps. I mean, we didn’t lose no boats, but we lose the traps.

“It’s like you get a store and you don’t have nothing inside it to sell. No inventory. Everything gone. So when the government talk about losses due to storms, once a storm go over any

bank, the great Bahama bank, the little Bahama bank, they need to take an assessment from the fishermen and see what the fishermen lost before they put a value on what the country lost.

“You’ll have to wait and you’ll have to rebuild,” he added. “You have to start over. Usually, the guys who could buy the traps back they’ll have to get them back. Sometimes they lose that season. Let’s say for instance, Hurricane Erin were to come over the country, and we were to lose all our traps. We wouldn’t be able to fish again until next season, because you’ll have to get the material, you have to build these straps, and you’ll have to set them back. So you might get couple, you might get one or 200 in the water before the season, but you wouldn’t catch yourself until the next season.”

Proposed platform for locals and tourists to verify vendors’ business history

VENDOR - from page B1

implement a system to verify vendors based on a history or track record of the business they would have done in the past. Similar to the vendor ID system that was implemented for tourism. This way if anything happens, the government has records and information on these particular vendors,” said Mr Rolle.

“We think this will go a long way not only in protecting local consumers but also visitors that may feel wary shopping in a strange place the verified vendors system could offer them peace of mind. We see others in the region taking the same measures so we

were somewhat ahead of the game to understand how a verified system works.”

The initiative follows Mr. Rolle’s recent participation in a two-week SME Management seminar in China, where delegates toured tech firms, industrial parks, and engaged in meetings with trade and e-commerce agencies.

The trip, he noted, was instrumental in helping the CPC gain a clearer understanding of international logistics and trading systems—especially those involving partnerships with Chinese vendors.

“We’ve been seeing more Bahamian businesses that are buying directly from vendors in China. There’s

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also some persons who want to form trading relationships, and partnerships with companies here in the Bahamas as well,” said Mr Rolle.

“If we could get in front of those relationships, then at the onset, we can make sure that system is tight enough to protect us as much as possible.”

According to Mr Rolle, China’s structured vendor verification system served as a valuable model. He and the CPC team observed firsthand how wholesalers are vetted on platforms such as Alibaba and Shein.

“We made notes of all of the various sites that trade and sell so that we were able to make contact with some of these wholesalers and different platforms,” said Mr Rolle.

“It was a great opportunity for us to understand how they verify these wholesalers and figure out some of the policies that we can implement to better safeguard our merchants while they are importing from sites like Alibaba or Shein,”

The proposed verification system is still in its planning phase, but Mr Rolle suggested that adopting elements from international models could significantly improve trust and accountability in both domestic and cross-border commerce.

Call for better service from taxi drivers

LIVERY - from page B1

“the law does not provide for a livery franchise to be operating in the same space as a taxi driver” and has accused the government of “favoring” livery drivers by allowing them to do so. He has also called out hotel properties for doing the same.

Ms Cambridge, however, said taxi operators cannot dictate to property owners who they allow to service their guests. She also claimed that taxi drivers do not market themselves as a clean and customer friendly choice to tourists or locals and should work towards providing better service.

“What he [Tyrone Butler] fail to understand, you have livery drivers who got children away to school, children in school,” she said. “I know one livery driver who wife have cancer. Every dollar he makes he send to her- she’s away doing treatment. They are Bahamians. They working. They treating them as if they foreigners, [like] they shouldn’t be getting no work.

“The taxi drivers think only them one have mouth to feed. You must remember now, we are all Bahamians, and we got to feed our family. Number one, you go to the airport, seven, eight o’clock at night, the taxi drivers sleep. At the dock, they sleep. No

shower. They sleep in the car. The car smell bad. They don’t use air condition99 percent of them don’t have air condition on. You know how much times my guests didn’t come with me and I ask ‘how come you going back with us?’ They say ‘Because we had a ride from hell. The car was dirty. Driver have on jeans, t-shirt and flip flop.’

“And so at the end of the day, we need a good service. We need livery drivers who keep the car clean.

And you can’t tell Atlantis that a livery driver cannot be on their private property. If someone requests a limousine or a livery, which most of them are the SUVs and town cars, you can’t

Environmentalist warns governmentapproved project could cause ‘irreversible’ ecological damage

EXUMA - from page B1

a certificate of environmental clearance (CEC) for construction activities including land clearing, excavation, dredging, land reclamation/filing, land grading and installation of infrastructure.

Bahamas Industries and Construction Company

How

(BICCo), the local general contractor for the project, announced last week that it has already identified and screened 146 prospective employees—65 percent of whom are from the Exumas, with the remainder primarily from New Providence and Grand Bahama.

The project has stirred significant backlash from

local businesses and environmentalists who fear the dredging and development will destroy seagrass beds, wetlands, and marine habitats, potentially altering the underwater landscape of East Sampson Cay. Save Exuma Alliance (SEA)—a coalition of businesses including Staniel Cay Yacht Club and the

Nvidia's chips became central to the U.S.-China trade war

Associated Press

WHEN Nvidia CEO Jensen Huang revealed Friday that the company is working with the Trump administration on a new computer chip designed for sale to China, it marked the latest chapter in a longrunning debate over how the U.S. should compete with China's technological ambitions.

The reasoning has sometimes changed — with U.S. officials citing national security, human rights or purely economic competition — but the tool has been the same: export controls, or the threat of them.

Nvidia believes it can eventually reap $50 billion from artificial intelligence chip sales in China. But it so far has been held back by restrictions imposed by President Joe Biden's administration and then reinforced by President Donald Trump before negotiating a quid pro quo deal.

How did these chip export controls start?

China has its own chip foundries, but they have

historically supplied only low-end processors used in autos and appliances. Beginning in 2014, the Chinese government tried to change that with a new "Big Fund" that invested huge amounts of money into hundreds of semiconductor companies.

Meanwhile, the U.S. government, starting in Trump's first term, began cutting off China's access to a growing array of tools to make chips for computer servers, artificial intelligence and other advanced applications.

China was particularly irked when it was blocked from buying a machine available only from a Dutch company, ASML, that uses ultraviolet light to etch circuits into silicon chips. The restrictions stalled Chinese efforts to make transistors faster and more efficient by packing them more closely together on fingernail-size slivers.

Chinese telecommunications giant Huawei became the public face of the trade tensions, with U.S. claims of its products' potential use for espionage a backdrop

for a broader struggle for economic and technological dominance.

"We don't want their equipment in the United States because they spy on us," Trump said in 2020 as the administration tightened restrictions to block Huawei from accessing chip technology, at the same time as he was threatening to ban TikTok on similar grounds.

Biden ups the ante on chip restrictions

President Joe Biden maintained those restrictions after taking office in 2021, but also ramped them up with a series of export controls that blocked sending to China the world's most advanced chips and factory equipment.

That affected Chinese sales for California chipmaker Nvidia, the leading designer of the specialized chips needed for artificial intelligence technology.

After the first restrictions took effect in 2022, blocking chips including Nvidia's H100, the company designed a new kind of chip that was not quite advanced

tell them ‘We don’t have that.’ We do have it. They want their guests to be happy. The taxi drivers get, I would say 75 percent of the business. They want a higher percentage.

“And at the end of the day, they treat the people, the tourist, bad. They don’t even give a little tour on the way down. They smoking and drinking in the car with the guests in the car, speeding, whatever have you.”

Ms Cambridge’s comments echoed complaints made by the public on a recent Tribune Business online article concerning the TUC threatening a strike on behalf of the BTCU. Commenters claimed taxis do not care to service locals, vehicles are unclean, operators drive recklessly and drivers do not display manners. A commenter challenged that a customer should have the right to choose between a taxi and a livery service.

adjacent Turtlegrass Resort & Island Club—has been vocally opposed.

Bob Coughlin , principal of Turtlegrass Resort & Island Club has been outspoken about his concerns over the Rosewood development, and has threatened to halt work on his $75m project and abandon his ambitions if he is ignored

A formal petition started by Eric Carey, consultant for Turtlegrass, was submitted to the Government demanding that environmental approvals be denied until a more comprehensive

enough to meet the thresh-

old for restrictions.

The Biden administration escalated its restrictions in 2023 to block those newer chips. Then Nvidia again came out with a new kind of chip that could slip into China: the H20.

Trump's back-andforth on the H20

The Trump administration in April halted the sale of the H20 and other advanced computer chips to China over national security

Ms Cambridge also recalled Mr Ferguson’s recent interview with Tribune Business where he stated at least 50 cents of the $1 taxi operators must pay to the Nassau Airport Development Company (NAD) should be given back to the drivers. While Mr Ferguson argued the law does not permit it and that “taxi drivers do not have no insurance in some instances” Ms Cambridge said as a company she has to pay NAD $3 but it’s only “fair.”

“I’m a company, so we pay $3. I see the taxis saying in the paper where they paying $1 and they ain’t getting nothing back, and Obie [Ferguson] saying they should get 50 cents back. That airport has to be paid for. This money helps to pay for the airport. The airport got to be clean. They have a recreation room, air condition, bathroom facilities. Who paying for that?

study of the project’s impact is conducted.

That petition now has more than 4,900 signatures.

The coalition has called on the government to either significantly reduce the scope of the project or relocate it to a larger island.

“We do not want a glitzy Miami-style resort with 350 guests and hundreds of employees in a fragile island community. We do not want supply ships plying the waters directly over prime tourist areas making them unsafe for swimming and snorkeling. Please, hear our plea. Just say ‘No’ to

concerns, but Nvidia and AMD revealed in July that Washington would allow them to resume sales of their chips, which are used in AI development.

After taking a $4.5 billion blow to its finances during the February-April period, Nvidia estimated the export crackdown in China would cost the company another $8 billion in potential sales from May through July.

The squandered opportunities fueled Huang's efforts to persuade Trump

Who paying for all of this?

That same $1 help pay for this. That ain’t free.

“Our company, we pay $3 and we know that we have a recreation room that has to be paid for. The taxi driver only paying $1 and Obie Ferguson saying, 50 cents, should go back, give it to the taxis for this and they don’t have insurance. That’s their business if they don’t have insurance. We have National Insurance that we have to pay- mandatory. If I don’t pay my national insurance for my staff and me, my business license won’t get renewed. The taxi drivers don’t pay nothing. Let them pay National Insurance.

“And I don’t ask the government to give me nothing back. I think that’s fair enough, because they keep the grounds clean, keep the area clean, so I could have a bathroom to wash my hand and do whatever else.”

the current Yntegra plan,” said SEA.

“Demand a do-over that is far smaller and kinder to these islands, or work with them to place it on a bigger island, because these Exuma cays that we cherish will not have a chance for a do-over if the sea grasses and the reefs are gone, the conch vanishes, any surviving turtles divert to safer habitats and if the locals and visitors who fell in love with the Exuma cays find another place to fall in love with when they no longer want to come here.”

and other administration officials that the restraints would do more harm than good for the U.S.

"The question is not whether China will have AI, it already does," Huang told analysts during a conference call in late May. "The question is whether one of the world's largest AI markets will run on American platforms. Shielding Chinese chipmakers from U.S. competition only strengthens them abroad and weakens America's position."

What to know about visas for foreign truckers and the politics of a deadly Florida crash

By TIM SULLIVAN and CATHY BUSSEWITZ Associated Press

SECRETARY of State Marco Rubio announced this week that the U.S. will pause issuing work visas to some foreign truck drivers, warning darkly that they are "endangering American lives and undercutting the livelihoods of American truckers."

He provided no details Thursday in his two-sentence post on the social platform X, leaving some in the trucking industry wondering if many drivers would be affected.

The short answer: No.

But the announcement appeared to be as much about politics as road safety, coming as a deadly Florida crash involving a foreign truck driver became increasingly politicized, with the offices of two ambitious governors battling publicly over responsibility.

With the Florida crash spilling into national politics, here's what you should know:

Will many drivers be affected?

It depends how you define "many," and the exact number isn't clear.

But it appears that at most a few thousand of the country's estimated 3.5 million commercial truck drivers would be affected by the new directive.

The pause is aimed at drivers applying for three types of visas, the State Department said Friday, most notably the H-2B visa for temporary workers.

Only roughly 1,500 visas for truck drivers were issued this fiscal year under the program, and 1,400 last year, according to Jeff Joseph, president of the American Immigration Lawyers Association.

The program has helped offset what many observers see as a persistent shortage of commercial drivers.

But H-2B visas are capped for most years at 66,000, with drivers making up only a couple percent of the total.

The other two visa categories listed by the State Department are the E-2, for people who make substantial investments in a U.S. business, and the EB-3, which is for skilled workers such as health care employees, IT professionals and skilled tradespeople like electricians.

Trucking groups are pleased … and relieved

The Owner-Operator Independent Drivers Association, a trade association representing small-business truck drivers, applauded the administration for "seeing through the myth of a truck driver shortage and continuing efforts to restore commonsense safety standards on our nation's highways."

The association dismisses talk of scarcity, saying there are often independent truckers available but companies prefer drivers who cost less.

Jerry Maldonado of the Laredo Motor Carriers Association, a group of 200 trucking companies operating on both sides of the southern border, was relieved when the State Department released more details about Rubio's announcement.

Mexican and Canadian drivers operate in the U.S. with B-1 visas, he said, which allow non-U.S. citizens to enter the country briefly. Some worried those visas could also be paused.

"The announcement did scare some people, but I'm glad for the clarification," Maldonado said.

The deadly Florida crash

What to know about China's new regulations on rare earths

By ELAINE KURTENBACH

AP Business Writer

CHINA released new interim measures Friday tightening controls on mining and processing of rare earths that are used in many high-tech products

including electric vehicles, smartphones and fighter jets. The rules released Friday by the Ministry of Industry and Information Technology apply both to rare earths originating in China and those that are sent to China for refining.

They require companies to comply with quotas for various minerals. Companies must have government approval to deal with rare earths and must accurately report the amount of rare earths products being handled. Violators will face legal penalties and also have

Rubio's announcement came after three people were killed when truck driver Harjinder Singh made an illegal U-turn on a highway, according to the state's Highway Patrol.

A nearby minivan slammed into Singh's trailer as he made the turn. Singh and his passenger were not injured.

The Department of Homeland Security said Monday that Singh, a native of India, was in the country illegally.

The crash quickly turned political, with supporters of Florida's Republican governor, Ron DeSantis, blaming California's Democratic governor, Gavin Newsom. Both men have been mentioned as possible presidential contenders.

Homeland Security said Singh obtained a commercial driver's license in California, one of 19 states that issues licenses regardless of immigration status, according to the National Immigration Law Center.

"Three lives lost because of Gavin Newsom. Because of California's failed policies," Florida Lt. Gov. Jay Collins said Thursday at a news conference in Stockton, California.

their quotas for rare earths reduced.

Here's what to know.

The 17 rare earth elements, including such minerals as germanium, gallium and titanium, aren't actually rare. But they're hard to find in a high enough concentration to make mining them worth the investment. China has been gradually tightening restrictions on exports of such materials, partly in response to U.S. controls on its access to American advanced technology.

In April, just after U.S. President Donald Trump announced a raft of tariffs on dozens of U.S. trading partners, Beijing announced permitting requirements for seven more rare earths: samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, citing

Singh, who flew to California after the Aug. 12 crash, was arrested by U.S. Marshals in that city.

DeSantis sent Collins to California to oversee Singh's return to Florida, where he is charged with three counts of vehicular homicide and immigration violations. Collins, accompanied by law enforcement personnel, escorted Singh onto the plane.

A Newsom spokesperson called Collins' trip a "photo op" and criticized Florida officials for letting a "murder suspect walk."

Safety? Or politics?

Trump administration and Florida officials insist that their concerns center on immigration and road safety. In recent months the administration has taken steps to enforce

the need to "better safeguard national security and interests and to fulfill global duties of non-proliferation." Those limits raised worries that manufacturers in the U.S. and elsewhere would run short of vital materials needed for production, an issue in China-U.S. trade talks. In response to U.S. concessions on access to computer chip design software and jet engines, Beijing announced in June that it was speeding up approvals of rare earths exports. In July, China's Ministry of State Security said it was cracking down on alleged smuggling of rare earths materials that it said threatened national security, indicating Beijing was moving to exert more control.

English-language proficiency requirements for truckers, following incidents in which drivers' ability to read signs or speak English may have contributed to traffic deaths.

On Friday the State Department also said the government is launching a review of how it screens foreign drivers and "enhanced vetting" will apply to those without valid visas.

Others see things differently.

"It's part of this game to show the voters who put Trump in power that he's doing his daily job to enforce immigration," said Joseph, of the American Immigration Lawyers Association. "You create fear and panic in communities that there's a bunch of 'illegal alien' drivers on the roads."

Over the past several decades, China has come to dominate rare earths processing. It now supplies nearly 90% of the world's rare earths, even though it mines only about 70% of such materials.

China holds nearly half of the world's known reserves of rare earths, but it also imports significant amounts of rare earths from neighboring Myanmar for processing and export.

Since it controls technologies used for refining rare earth elements and has banned exporting that know-how, China holds a near-monopoly on smelting and separating them. In 2024, the United States obtained 70% of the rare earths it used from China; 13% from Malaysia; 6% from Japan and 5% from Estonia.

Trump halts work on New England offshore wind project that's nearly complete

By ISABELLA O'MALLEY Associated Press

THE Trump administration halted construction on a nearly complete offshore wind project near Rhode Island as the White House continues to attack the battered U.S. offshore wind industry that scientists say is crucial to the urgent fight against climate change.

Danish wind farm developer Orsted says the Revolution Wind project is about 80% complete, with 45 out of its 65 turbines already installed.

Despite that progress — and the fact that the project had cleared years of federal and state reviews — the Bureau of Ocean Energy Management issued the order Friday, saying the federal government needs to review the project and "address concerns related

to approve wind or "farmer destroying Solar" projects. "The days of stupidity are over in the USA!!!" he wrote on his Truth Social site this week. Scientists across the globe agree that nations need to rapidly embrace renewable energy to stave off the worst effects of climate change, including extreme heat and drought; larger, more intense wildfires and supercharged hurricanes, typhoons and rainstorms that lead to catastrophic flooding.

Rhode Island Gov. Dan McKee criticized the stopwork order and said he and Connecticut Gov. Ned Lamont "will pursue every avenue to reverse the decision to halt work on Revolution Wind" in a post on X. Both governors are Democrats. Construction on Revo-

“This arbitrary decision defies all logic and reason — Revolution Wind’s project was already well underway and employed hundreds of skilled tradesmen and women. This is a major setback for a critical project in Connecticut, and I will fight it.”

Connecticut Sen. Richard Blumenthal

to the protection of national security interests of the United States."

It did not specify what the national security concerns are.

President Donald Trump has made sweeping strides to prioritize fossil fuels and hinder renewable energy projects. Trump recently called wind and solar power "THE SCAM OF THE CENTURY!" in a social media post and vowed not

lution Wind began in 2023, and the project was expected to be fully operational next year. Orsted says it is evaluating the financial impact of stopping construction and is considering legal proceedings. Revolution Wind is located more than 15 miles (24 kilometers) south of the Rhode Island coast, 32 miles (51 kilometers) southeast of the Connecticut coast and 12 miles (19

NOTICE

COMMONWEALTH OF THE BAHAMAS 2025 IN THE SUPREME COURT CLE/QUI/No.00439 Common Law and Equity Division

IN THE MATTER of ALL THAT piece parcel or lot of land No.6, Block 29 situate at Coconut Grove Subdivision and on the eastern side of Sixth Street approximately 250 feet southwards of Palm Tree Avenue at the Central District of the island of New Providence in the Commonwealth of the Bahamas and containing 4.985 square feet.

AND

IN THE MATTER of the Quieting Titles Act 1959 AND

IN THE MATTER of of the Petition of Randy Thomas Lewis and Seanalea Linley Lewis

NOTICE

The Petitioner in this matter claims to be the owner in fee simple possession of the tract of land hereinbefore described and the Petitioner has made an application to the Supreme Court of the Commonwealth of the Bahamas under Section 3 of the Quieting Titles Act 1959 to have his title to the said land investigated and the nature and extent thereof determined and declared in the Certifcate of Title granted by the Court in accordance with the provisions of the said Act.

Copies of the Plan may be inspected during normal offce hours at:

(1) The Registry of the Supreme Court.

(2) The Chambers of the undersigned.

NOTICE IS HEREBY GIVEN that any person having dower or right to dower or an adverse claim or a claim not recognized in the Petition shall before the 4th day of September, A.D.,2025 from the publication of the notice inclusive of the day of such publication fle Notice in the Supreme Court in the City of Nassau in the Island of New Providence aforesaid and serve on the Petitioner or the undersigned a statement of his or her claim in the prescribed form verifed by an Affdavit to be fled therewith. The failure of any such person to fle and serve a statement of his or her claim within the time fxed by the Notice aforesaid shall operate as a bar to such claim.

Dated this 7th day of July, A.D., 2025

PYFROM & CO, Chambers No. 259, Shirley Street, Nassau, N.P., Bahamas. Phone: 325-2800 Attorneys for the Petitioner. (2x11 NJ)

kilometers) southwest of Martha's Vineyard. Rhode Island is already home to one offshore wind farm, the five-turbine Block Island Wind Farm.

Revolution Wind was expected to be Rhode Island and Connecticut's first commercial-scale offshore wind farm, capable of powering more than 350,000 homes. The densely populated states have minimal space available for land-based energy projects, which is why the offshore wind project is considered crucial for the states to meet their climate goals.

"This arbitrary decision defies all logic and reason — Revolution Wind's project was already well

underway and employed hundreds of skilled tradesmen and women. This is a major setback for a critical project in Connecticut, and I will fight it," Connecticut Sen. Richard Blumenthal, a Democrat, said in a statement.

Wind power is the largest source of renewable energy in the U.S. and provides about 10% of the electricity generated in the nation.

"Today, the U.S. has only one fully operational largescale offshore wind project producing power. That is not enough to meet America's rising energy needs. We need more energy of all types, including oil and gas, wind, and new and emerging technologies," said Erik

Milito, president of the National Ocean Industries Association, a group that supports offshore oil, gas and wind. Green Oceans, a nonprofit that opposes the offshore wind industry, applauded the BOEM's decision. "We are grateful that the Trump Administration and the federal government are taking meaningful action to preserve the fragile ocean environment off the coasts of Rhode Island and Massachusetts," the nonprofit said in a statement.

This is the second major offshore wind project the White House has halted.

Work was stopped on Empire Wind, a New York

offshore wind project, but construction was allowed to resume after New York Sen. Chuck Schumer and Gov. Kathy Hochul, both Democrats, intervened.

"This administration has it exactly backwards. It's trying to prop up clunky, polluting coal plants while doing all it can to halt the fastest growing energy sources of the future – solar and wind power," said Kit Kennedy, managing director for the power division at Natural Resources Defense Council, in a statement. "Unfortunately, every American is paying the price for these misguided decisions."

FED CHAIR POWELL FACES

FRESH CHALLENGES TO

FED INDEPENDENCE AMID POTENTIAL RATE CUTS

By CHRISTOPHER RUGABER AP Economics Writer

NOW that Federal Reserve Chair Jerome Powell has signaled that the central bank could soon cut its key interest rate, he faces a new challenge: how to do it without seeming to cave to the White House's demands.

For months, Powell has largely ignored President Donald Trump's constant hectoring that he reduce borrowing costs. Yet on Friday, in a highly-anticipated speech, Powell suggested that the Fed could take such a step as soon as its next meeting in September.

It will be a fraught decision for the Fed, which must weigh it against persistent inflation and an economy that could also improve in the second half of this year. Both trends, if they occur, could make a cut look premature.

Trump has urged Powell to slash rates, arguing there is "no inflation" and saying that a cut would lower the government's interest payments on its $37 trillion in debt.

Powell, on the other hand, has suggested that a rate cut is likely for

By HILLEL ITALIE AP National Writer

A POSTHUMOUS and "unsparing" memoir by one of Jeffrey Epstein's most prominent accusers, Virginia Roberts Giuffre, will be published this fall, publishing house Alfred A. Knopf said Sunday.

"Nobody's Girl: A Memoir of Surviving Abuse and Fighting for Justice" is scheduled for release Oct. 21, the publisher confirmed to The Associated Press. Giuffre, who died by suicide in April at age 41, had been working on "Nobody's Girl" with author-journalist Amy Wallace and had completed the manuscript for the 400-page book, according to Knopf. The publisher's statement includes an email from Giuffre to Wallace a few weeks before her death, saying that it was her "heartfelt wish" the memoir be released "regardless" of her circumstances.

reasons quite different than Trump's: He is worried that the economy is weakening. His remarks on Friday at an economic symposium in Grand Teton National Park in Wyoming also indicated that the Fed will move carefully and cut rates at a much slower pace than Trump wants.

Powell pointed to economic growth that "has slowed notably in the first half of this year," to an annual rate of 1.2%, down from 2.5% last year. There has also been a "marked slowing" in the demand for workers, he added, which threatens to raise unemployment.

Still, Powell said that tariffs have started to lift the price of goods and could continue to push inflation higher, a possibility Fed officials will closely monitor and that will make them cautious about additional rate cuts.

The Fed's key short-term interest rate, which influences other borrowing costs for things like mortgages and auto loans, is currently 4.3%. Trump has called for it to be cut as low as 1% — a level no Fed official supports.

However the Fed moves forward, it will likely do so while continuing to assert its

"The content of this book is crucial, as it aims to shed light on the systemic failures that allow the trafficking of vulnerable individuals across borders," the email reads. "It is imperative that the truth is understood and that the issues surrounding this topic are addressed, both for the sake of justice and awareness."

Giuffre had been hospitalized following a serious accident March 24, Knopf said, and sent the email April 1. She died April 25. "In the event of my passing, I would like to ensure that NOBODY'S GIRL is still released. I believe it has the potential to impact many lives and foster necessary discussions about these grave injustices," she wrote to Wallace. In 2023, the New York Post had reported that Giuffre had reached a deal "believed to be worth millions" with an undisclosed publisher. Knopf spokesperson Todd Doughty said

NOTICE

NOTICE is hereby given that ELMICIA PETIT-FRERE Carmichael Road, West Avenue, Nassau, The Bahamas  is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization, as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of August 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

longstanding independence. A politically independent central bank is considered by most economists as critical to preventing inflation, because it can take steps — such as raising interest rates to cool the economy and combat inflation — that are harder for elected officials to do.

There are 19 members of the Fed's interest-rate setting committee, 12 of whom vote on rate decisions.

One of them, Beth Hammack, president of the Federal Reserve's Cleveland branch, said Friday in an interview with The Associated Press that she is committed to the Fed's independence.

"I'm laser focused ... on ensuring that I can deliver good outcomes for the for the public, and I try to tune out all the other noise," she said.

She remains concerned that the Fed still needs to fight stubborn inflation, a view shared by several colleagues.

"Inflation is too high and it's been trending in the wrong direction," Hammack said. "Right now I see us moving away from our goals on the inflation side."

Powell himself did not discuss the Fed's independence during his speech

that she initially agreed to a seven-figure contract with Penguin Press, but moved with acquiring editor Emily Cunningham after Knopf hired Cunningham as executive editor last year.

Giuffre had stated often that, in the early 2000s, when she was a teenager, she was caught up in Epstein's sex-trafficking ring and exploited by Britain's Prince Andrew and other influential men. Epstein was found dead in a New York City jail cell in 2019 in what investigators described as a suicide. His former girlfriend, Ghislaine Maxwell, was convicted in late 2021 on sex trafficking and other charges.

Andrew had denied Giuffre's allegations. In 2022, Giuffre and Andrew reached an out-of-court settlement after she had sued him for sexual assault. A representative for Andrew did not immediately return the AP's request for comment.

in Wyoming, where he received a standing ovation by the assembled academics, economists, and central bank officials from around the world. But Adam Posen, president of the Peterson Institute for International Economics, said that was likely a deliberate choice and intended, ironically, to demonstrate the Fed's independence.

"The not talking about independence was a way of trying as best they could to signal we're getting on with the business," Posen said. "We're still having a civilized internal discussion about the merits of the issue. And even if it pleases the president, we're going to make the right call."

It was against that backdrop that Trump intensified his own pressure campaign against another top Fed official.

Trump said he would fire Fed Governor Lisa Cook if she did not step down from her position. Bill Pulte, a

"Nobody's Girl" is distinct from Giuffre's unpublished memoir, "The Billionaire's Playboy Club," referenced in previous court filings and initially unsealed in 2019. Through Doughty, Wallace says she began working with Giuffre on a new memoir in spring 2021.

Giuffre's name has continued to appear in headlines, even after her death. In July, President Donald Trump told reporters that Epstein had "stolen" Giuffre from Mar-a-Lago, his private club in Florida where she once worked. She had alleged being approached by Maxwell and hired as a masseuse for Epstein. Maxwell has denied Giuffre's allegations.

Doughty declined to provide details about the Epstein associates featured in "Nobody's Girl," but confirmed that Giuffre made "no allegations of abuse against Trump,"

NOTICE

NOTICE is hereby given that FAITH BRIANCA DUFLEURAND of Hawksbill, Bimini Place ee o , a d Bahama,  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 25th day of August 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

N-7147, Nassau, New Providence, The Bahamas.

Trump appointee to head the agency that regulates mortgage giants Fannie Mae and Freddie Mac, alleged Wednesday that Cook committed mortgage fraud when she bought two properties in 2021. She has not been charged. Cook has said she would not be "bullied" into giving up her position. She declined Friday to comment on Trump's threat. If Cook is somehow removed, that would give Trump an opportunity to put a loyalist on the Fed's governing board. Members of the board vote on all interest rate decisions. He has already nominated a top White House economist, Stephen Miran, to replace former governor Adriana Kugler, who stepped down Aug. 1.

Trump had previously threatened to fire Powell, but hasn't done so. Trump appointed Powell in late 2017. His term as chair ends in about nine months.

who continues to face questions about Epstein, the disgraced financier and his former friend.

Knopf's statement says the book contains "intimate, disturbing, and heartbreaking new details about her time with Epstein, Maxwell and their many well-known friends, including Prince Andrew, about whom she speaks publicly for the first time since their out-of-court settlement in 2022." Knopf Publisher and Editorin-Chief Jordan Pavlin, in a statement, called "Nobody's Girl" a "raw and shocking" journey and "the story of a fierce spirit struggling to break free."

Giuffre's time with Epstein is well documented, although her accounts have been challenged. She had acknowledged getting details wrong, errors she attributed to trying to recall events from years ago. In 2022, she dropped allegations against Alan Dershowitz, saying in a statement at the time that she may "have made a mistake in identifying" the famed attorney as an abuser.

Powell is no stranger to Trump's attacks. Michael Strain, director of economic policy studies at the American Enterprise Institute, noted that the president also went after him in 2018 for raising interest rates, but that didn't stop Powell.

"The president has a long history of applying pressure to Chairman Powell," Strain said. "And Chairman Powell has a long history of resisting that pressure. So it would be odd, I think, if on his way out the door, he caved for the first time."

Still, Strain thinks that Powell is overestimating the risk that the economy will weaken further and push unemployment higher. If inflation worsens while hiring continues, that could force the Fed to potentially reverse course and increase rates again next year.

"That would do further damage to the Fed's credibility around maintaining low and stable price inflation," he said.

"'Nobody's Girl' was both vigorously factchecked and legally vetted," a Knopf statement reads. Giuffre's co-author on her memoir, Wallace, is an award-winning magazine and newspaper reporter whose work has appeared in The New York Times and the Los Angeles Times, among other publications. She has also collaborated on two previous books, Pixar co-founder Ed Catmull's "Creativity, Inc." and former General Electric CEO Jeff Immelt's "Hot Seat."

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

NOTICE

NOTICE is hereby given that WILLIAM ARTHUR LEATHERS  #24 Charlotte Island - OFB PO Box CB 11090, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization, as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of August 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that PAUL MUGISHA KAMURASI P.O.Box N-1305, #188 Melvern Road, Yellow Elder Gardens, Nassau, The Bahamas  is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization, as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of August 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

WHAT'S NEXT AFTER A COURT CUT DONALD

TRUMP'S $515 MILLION FINE TO $0

By MICHAEL R. SISAK Associated Press

PRESIDENT Donald Trump was quick to declare "TOTAL VICTORY" after a New York appeals court threw out a civil fraud penalty that stood to cost him more than a half-billion dollars.

But Thursday's ruling overturning the key punishment in New York Attorney General Letitia James' lawsuit isn't the last word. James, a Democrat, has vowed to appeal to the state's highest court.

Trump still faces other punishments as a result of the lawsuit — including a ban on him and his two eldest sons holding corporate leadership positions for a few years — and could appeal in an attempt to get those reversed.

Here's a look at how the court ruled and what's next: Appeals court ruled the fines were excessive

A five-judge panel of New York's mid-level Appellate Division overturned Trump's whopping monetary penalty while narrowly endorsing a lower court's finding that he, his company and co-defendants engaged in fraud by padding his wealth on financial statements he used to secure loans and make deals.

"While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billiondollar award," two of the judges wrote.

so there won't be any half-billion dollar checks exchanging hands. Instead, the president is now eligible to get back the $175 million bond he posted to hold off collection while he pursued his appeal. Such bonds are common in the appellate process, acting as placeholder to guarantee payment.

Trump obtained the bond after James raised the possibility of the state seizing his assets if he couldn't pay the penalty or didn't do so in a timely fashion.

If the Appellate Division had ruled against Trump and upheld the penalty, he would have been on the hook for the whole sum. Now, barring a reversal in the Court of Appeals, he and his co-defendants owe $0.

Other punishments of the Trumps still hold

The Appellate Division nixed Trump's monetary punishment but upheld other penalties. They include:

—

A two-year ban on Trump's sons, Eric and Donald Trump Jr., from serving as a director or officer of a New York company, effectively booting them from their roles managing the Trump Organization's day-to-day operations.

— A three-year ban on Trump holding a corporate leadership position in New York.

The penalty — which started at a base of $355 million and has since soared to more than $515 million with interest — violated the U.S. Constitution's ban on excessive fines, the judges ruled. They also dismissed several million dollars more in monetary penalties for Trump's co-defendants, including sons and Trump Organization executives Eric and Donald Trump Jr.

“While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billion-dollar award.”

New York’s mid-level Appellate Division

'Frauds found here leap off the page,' judge said James, a perennial thorn in Trump's side, sued him in 2022, alleging he padded his net worth by billions of dollars on financial paperwork and habitually misled banks and others about the value of prized assets like golf courses, hotels, Trump Tower and his Mar-a-Lago estate.

After a trial, Judge Arthur Engoron ruled last year that James had proven Trump engaged in a yearslong conspiracy with executives at his company to deceive banks and insurers about his wealth and assets.

"The frauds found here leap off the page and shock the conscience," Engoron wrote in February 2024.

James plans to appeal court ruling

James said Thursday that she will seek to challenge the Appellate Division's ruling in the state's highest court, the Court of Appeals. Otherwise sharply divided, the Appellate Division judges agreed that Trump's monetary penalty was excessive. That could make it tough for James' office to convince the Court of Appeals to step in and revive the fine.

But, as is common in a multi-layer appeals court system, the Appellate Division and the Court of Appeals aren't always in sync.

Trump could also choose to appeal the court's decision to further fight the finding that he committed fraud. A message seeking comment was left for his lawyers.

Trump can now get his bond money back

Trump never paid the lower court's hefty fine,

— A three-year ban on Trump and his companies from getting loans from banks registered in New York. Those measures have been on hold during the appellate process and, the judges said, Trump can seek a court order to extend the pause pending further appeals.

Ruling might lead to another trial

The Appellate Division judges were divided on whether it's practical or even necessary to hold another trial. The prospect of a retrial, with Trump or at least his lawyers again hunkered down in a Manhattan courtroom, was one of several topics that split the judges across three separate concurring and dissenting opinions totaling 323 pages and more than 100,000 words.

Judges John Higgitt and Llinét Rosado argued a new trial was necessary because Engoron had failed to comply with a prior Appellate Division ruling ordering him to weed out allegations barred by the statute of limitations.

But Judges Dianne Renwick and Peter Moulton wrote that it was "difficult to imagine" another trial happening while Trump is president, calling the idea of "recreating a vast record of testimony and documents" both "Sisyphean and unneeded." Doing so, the Democratic appointees wrote, "would likely consign this meritorious case to oblivion."

Another judge, David Friedman, was alone in arguing that the case should be dismissed entirely and never have been brought in the first place.

He questioned James' motivation for suing Trump and whether, under state law, she even had the authority to bring him to court over private business transactions when none of the parties involved complained about being duped.

"Plainly, her ultimate goal was not 'market hygiene' ... but political hygiene, ending with the derailment of President Trump's political career and the destruction of his real estate business," Friedman wrote.

Wall Street soars on hopes for lower interest rates as the Dow surges 846 points to a record

By STAN CHOE AP Business Writer

WALL Street rallied to its best day in months on Friday after the head of the Federal Reserve hinted that cuts to interest rates may be on the way, along with the kick they can give the economy and investment prices.

The S&P 500 leaped 1.5% for its first gain in six days and finished just shy of its all-time high set last week.

The Dow Jones Industrial Average soared 846 points, or 1.9%, to its own record after topping its prior high from December. The Nasdaq composite jumped 1.9%.

"Ka-Powell" is how Brian Jacobsen, chief economist at Annex Wealth Management, described the reaction to Jerome Powell's highly anticipated speech in Jackson Hole, Wyoming. "The Fed isn't going to be the party-pooper."

The hope among investors had been that Powell would hint that the Fed's first cut to interest rates of the year may be imminent.

Wall Street loves lower rates because they can

goose the economy, even if they risk worsening inflation at the same time.

President Donald Trump has angrily been calling for lower rates, often insulting Powell while doing so. And a surprisingly weak report on job growth this month pushed many on Wall Street to assume cuts may come as soon as the Fed's next meeting in September.

Powell encouraged them on Friday after saying he's seen risks rise for the job market. The Fed's two jobs are to keep the job market healthy and to keep a lid on inflation, and it often has to prioritize one over the other because it has just one tool to fix either.

But Powell also would not commit to any kind of timing. He said the job market looks OK at the moment, even if "it is a curious kind of balance" where fewer new workers are chasing after fewer new jobs. Inflation, meanwhile, still has the potential to push higher because of Trump's tariffs.

In sum, Powell said that "the stability of the unemployment rate and other labor market measures

allows us to proceed carefully as we consider changes to our policy stance."

Treasury yields tumbled in the bond market as bets built that the Fed would cut its main interest rate in September. Traders see an 83% chance of that, up from 75% a day earlier, according to data from CME Group.

The yield on the 10-year Treasury fell to 4.25% from 4.33% late Thursday. The two-year Treasury yield,

which more closely tracks expectations for Fed action, sank to 3.69% from 3.79% in a notable move for the bond market.

On Wall Street, stocks of smaller companies led the way. They can benefit more from lower interest rates because of their need to borrow money to grow. The smaller stocks in the Russell 2000 index surged 3.9% for its best day since April and more than doubled the S&P 500's rally.

Homebuilders jumped on hopes that easier interest rates could encourage more people to buy homes.

Lennar, PulteGroup and D.R. Horton all rose more than 5%.

Travel companies, meanwhile, climbed amid hopes that easier interest rates could help U.S. households spend more. Norwegian Cruise Line rallied 7.2%, Delta Air Lines flew 6.7% higher and Caesars Entertainment rose 7%.

Shares of Nio, a Chinese electric-vehicle maker, that trade in the United States leaped 14.4% after it began pre-sales of its flagship premium SUV model, the ES8.

Intel climbed 5.5% after Trump said the chip company has agreed to give the U.S. government a 10% stake in its business.

Nvidia rose 1.7% to trim its loss for the week.

The company, whose chips are powering much of the world's move in to artificialintelligence technology, had seen its stock struggle recently amid criticism that it and other AI superstars shot too high, too fast and became too expensive.

Nvidia CEO Jensen Huang said Friday that the company is discussing a potential new computer chip designed for China with the Trump administration. The chips are graphics processing units, or GPUs, a type of device used to build and update a range of AI systems. But they are less powerful than Nvidia's top semiconductors today, which cannot be sold to China due to U.S. national security restrictions.

All told, the S&P 500 jumped 96.74 points to 6,466.91. The Dow Jones Industrial Average leaped 846.24 to 45,631.74, and the Nasdaq composite rallied 396.22 to 21,496.53. In stock markets abroad, Germany's DAX returned 0.3% after government data showed that its economy shrank by 0.3% in the second quarter compared with the previous threemonth period. Indexes rose across much of Asia, with stocks climbing 1.4% in Shanghai and 0.9% in South Korea.

MARINE FORECAST

European postal services suspend shipment of packages to US over tariffs

By DEMETRIS NELLAS and MAE ANDERSON Associated Press

THE end of an exemption on tariff duties for low-value packages coming into the United States is causing multiple international postal services to pause shipping as they await more clarity on the rule.

The exemption, known as the " de minimis" exemption, allows packages worth less than $800 to come into the U.S. duty free. A total of 1.36 billion packages were sent in 2024 under this exemption, for goods worth $64.6 billion, according to data from the U.S. Customs and Border Patrol Agency.

It is set to expire on Friday. On Saturday, postal services around Europe announced that they are suspending the shipment of many packages to the United States amid confusion over new import duties.

Postal services in Germany, Denmark, Sweden and Italy said they will stop shipping most merchandise to the U.S. effective immediately. France and Austria will follow on Monday.

The U.K.'s Royal Mail said it would halt shipments to the U.S. on Tuesday to allow time for those packages to arrive before duties kick in. Items originating in the United Kingdom worth over $100 — including gifts to friends and family — will incur a 10% duty, it said.

"Key questions remain unresolved, particularly regarding how and by whom customs duties will be collected in the future, what additional data will be required, and how the data transmission to the U.S. Customs and Border Protection will be carried out," DHL, the largest shipping

provider in Europe, said in a statement. The company said starting Saturday it "will no longer be able to accept and transport parcels and postal items containing goods from business customers destined for the US."

A trade framework agreed on by the U.S. and the European Union last month set a 15% tariff on the vast majority of products shipped from the EU. Packages under $800 will now also be subject to the tariff.

The U.S. duty-free exemption for goods originating from China ended in May as part of the Trump administration's efforts to curb American shoppers from ordering low-value Chinese goods. The exemption is being extended to shipments from around the world.

Many European postal services say they are pausing deliveries now because they cannot guarantee the

TRUMP SAYS HE’LL KEEP EXTENDING TIKTOK SHUTDOWN DEADLINE

PRESIDENT Donald Trump is calling national security and privacy concerns related to TikTok and its Chinese parent company "highly overrated" and said Friday he'll keep extending the deadline for the popular video-sharing platform until there's a buyer.

Congress approved a U.S. ban on TikTok unless its parent company, ByteDance, sold its controlling stake. But Trump has so far extended the deadline three times during his second term — with the next one coming up on Sept. 17.

"We're gonna watch the security concerns," Trump told reporters, but added, "We have buyers, American-buyers," and "until the complexity of things work out, we just extend a little bit longer." The first extension was through an executive order on Jan. 20, his first day in office, after the platform went dark briefly when a national ban — approved by Congress and upheld by the U.S. Supreme Court — took effect. The second was in April, when White House officials believed they were nearing a deal to spin off TikTok into a new company with U.S. ownership that fell apart after China backed out following Trump's tariff announcement.

His comments follow the White House starting a TikTok account this week.

"I used TikTok in the campaign," Trump said.

"I'm a fan of TikTok," he said. "My kids like TikTok. Young people love TikTok. If we could keep it going." As the extensions continue, it appears less and less likely that TikTok will be banned in the U.S. any time soon. The decision to keep TikTok alive through an executive order has received some scrutiny, but the administration has not faced a legal challenge in court — unlike many of Trump's other executive orders. Americans are even more closely divided on what to do about TikTok than they were two years ago.

A recent Pew Research Center survey found that about one-third of Americans said they supported a TikTok ban, down from 50% in March 2023. Roughly one-third said they would oppose a ban, and a similar percentage said they weren't sure.

Among those who said they supported banning the social media platform, about 8 in 10 cited concerns over users' data security being at risk as a major factor in their decision, according to the report.

goods will enter the U.S. before Aug. 29. They cite ambiguity about what kind of goods are covered by the new rules, and the lack of time to process their implications. Postnord, the Nordic logistics company, and

Italy's postal service announced similar suspensions effective Saturday.

"In the absence of different instructions from US authorities ... Poste Italiane will be forced, like other European postal operators, to temporarily suspend

U.S. Postal Service delivery vehicles are parked outside a post office in Boys Town, Neb., Aug. 18, 2020.

acceptance of all shipments containing goods destined for the United States, starting August 23. Mail shipments not containing merchandise will continue to be accepted," Poste Italiane said Friday.

Shipping by services such as DHL Express remains possible, it added.

Björn Bergman, head of PostNord's Group Brand and Communication, said the pause was "unfortunate but necessary to ensure full compliance of the newly implemented rules."

In the Netherlands, PostNL spokesperson Wout Witteveen said the Trump administration is pressing ahead with the new duties despite U.S. authorities lacking a system to collect them. He said that PostNL is working closely with its U.S. counterparts to find a solution.

"If you have something to send to America, you should do it today,"

Witteveen told The Associated Press.

Austrian Post, Austria's leading logistics and postal service provider, stated that the last acceptance of commercial shipments to the U.S., including Puerto Rico, will take place Tuesday.

France's national postal service, La Poste, said the U.S. did not provide full details or allow enough time for the French postal service to prepare for new customs procedures.

"Despite discussions with U.S. customs services, no time was provided to postal operators to re-organize and assure the necessary computer updates to conform to the new rules," it said in a statement.

PostEurop, an association of 51 European public postal operators, said that if no solution can be found by Aug. 29 all its members will likely follow suit.