11272025 BUSINESS

Sarkis’ deal with CCA ends Nassau hotels wind-up threat

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SARKIS Izmirlian’s deal to settle his multi-billion damages award against Baha Mar’s main contractor will end the threatened winding-up of two other major Nassau resorts, it was revealed yesterday.

The Lyford Cay-based developer, who conceived and executed the Cable Beach strip’s $4.2bn transformation into today’s mega resort complex, disclosed that the “resolution” struck with China Construction America (CCA) “meets our expectations” although neither unveiled the sum that Baha Mar’s original developer will now be paid to end their decade-long fght. However, papers obtained by Tribune Business reveal that - provided the settlement

• Settlement ‘meets expectations’ of Baha Mar founder

• Payout discount hinted but still likely well over $1bn

• Decade-long battle ‘cast shadow’ over Chinese rm

is approved by the New Jersey federal bankruptcy court at a December 2, 2025, hearingall legal battles between Mr Izmirlian and the Chinese state-owned contractor will cease provided the deal is implemented in full. The documents confrm that, apart from ending CCA’s bid to overturn Mr Izmirlian’s now-$1.8bn damages award by the New York state courts, the settlement will also halt

his own bid to wind-up the immediate parent entity for downtown Nassau’s British Colonial and Margaritaville Beach resorts before the Bahamian Supreme Court.

Newspaper advertisements published last week disclosed that Mr Izmirlian’s petitions to wind-up CCA (Bahamas), which holds both resorts, as well as its CSCEC (Bahamas) afliate, were due to be heard before Justice Simone

Fitzcharles in less than two weeks’ time over a three-day period between December 9-11. CSCEC stands for China State Construction and Engineering Corporation, CCA’s immediate Chinese parent. That threat has now been averted by the deal struck

- See Page B8

Merchant’s online ‘salvaging’ aids double-digit sales growth

By NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

A BAHAMIAN home improvements merchant yesterday revealed that retail and construction trade sales for 2025 to-date have both increased by double-digit percentages year-over-year with its e-commerce platform “salvaging a lot more” transactions that would previously have gone overseas.

Brent Burrows II, CBS Bahamas’ vice-president of retail and sales, told Tribune Business that the amount of sales “originating” via its website have tripled - rising to 15

percent from around 5 percent when it was launched two-three years ago - to help this nation retain business formerly directed to the likes of Amazon and Home Depot. He suggested that this growing trend, as well as the growing traction the retailer’s Robinson Road-based Pro Store is gaining among Bahamian contractors, has helped to drive a year that has been better than 2024 with the upcoming festive season forecast to be little diferent than the prior months. Mr Burrows told this newspaper that CBS Bahamas, which is the ‘anchor’ merchant in Carmichael Road’s

Restaurant chain’s costs jump from 37% to 60% of revenue

By ANNELIA NIXON Tribune Business

Reporter anixon@tribunemedia.net

A BAHAMIAN restaurant chain continues to target expansion to downtown Nassau, the Family Islands and other Caribbean nations despite challenges posed by its cost of goods increasing from 37 percent to 60 percent of revenue.

Chef Kevin Culmer, chief executive of Tropical Gyros, which successfully fnanced its development via a

crowdfund raise through the now-defunct ArawakX platform, yesterday said he is still receiving interest from potential franchisees in locations such as Andros, Eleuthera, Exuma and Bimini as the restaurant opened its latest franchise location in Delaporte on New Providence.

“We'll probably maybe go Downtown if there's a person who wants to put a franchise Downtown,” Mr Culmer said. “We did open in Freeport. We did

Airport hotel developer in early 2026 selection

By FAY SIMMONS

LYNDEN Pindling International Airport’s (LPIA) operator is set to name the developer for its planned airport hotel in the 2026 frst quarter, it was disclosed yesterday.

Vernice Walkine, the Nassau Airport Development Company (NAD) president and chief executive, said interested parties have been given until February 2026 to submit proposals for the revived efort to develop a hotel with up to 240 rooms at Nassau’s main gateway.

Speaking to Tribune Business, Ms Walkine said a selection committee will review submissions before making a fnal decision and announcing the chosen developer.

South-West Plaza, is “not doing” any Black Friday specials for the second consecutive year given the belief that people are “losing interest” in the event.

However, he added that the work the retailer has done on ensuring it is fully stocked, with the products, prices and quantities demanded by customers, has also paid of through the year-over-year sales growth enjoyed to-date.

“Year-to-date, our retail sales are up 14 percent versus 2024,” Mr Burrows told Tribune Business. “We attribute a lot of that growth to the

• CBS Bahamas in 14% retail jump, 21% contractor hike

• Daily sales volumes originating on website triple to 15%

• Not doing Black Friday as shoppers ‘are losing interest’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER Baha Mar director yesterday asserted that the settlement with China Construction America (CCA) has “vindicated” Sarkis Izmirlian by “clearing his name” and giving him “just rewards” for the wrongs he sufered when ousted from the project more than a decade ago.

Dionisio D’Aguilar, the ex-minister of tourism and aviation who sat on the Baha Mar Board prior to the development being plunged into Chapter 11 bankruptcy protection at endMay 2015, told Tribune Business that the deal struck with the Chinese state-owned contractor was a tribute to Mr Izmirlian’s “tenacity and doggedness” to pursue redress for the project’s missed opening.

While the compensation payout for Baha Mar’s original developer was not disclosed, and was ‘blacked out’ in legal documents, Mr D’Aguilar - who sat on the project’s Board prior to becoming a Cabinet minister in the Minnis administration - suggested that “calmer heads prevailed” at CCA and its afliate entities after they realised Mr Izmirlian “wasn’t going to walk away until vindicated”. He added that the $4.2bn Baha Mar development only exists today because of the original developer’s “vision” and “desire to build an incredible facility”, and argued that all the “naysayers”, critics and doubters who have attacked Mr Izmirlian over the failure to complete the project on time, and on budget,

MAKING THE DIGITAL FRONTIER OUR OWN ‘EXTENDED REALITY’

Across the globe, businesses are embracing a new digital frontier that blends the physical and virtual worlds to redefne how we work, learn and connect. This frontier is known as Extended Reality (XR), a term that includes Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR). While these technologies were once associated mainly with gaming or entertainment, they are now driving innovation in business operations, training and customer engagement.

KEITH

R OYE II

From the boardroom to the construction site, XR is changing how companies think about efciency and experience. Imagine a Bahamian architect using a headset to walk clients through a virtual model of a new resort in Exuma before the frst block is laid. Or picture a tourism operator in Nassau using AR to give visitors an interactive historical tour through Bay Street. These scenarios are no longer futuristic; they are happening right now. At its core, XR enhances understanding and collaboration. Businesses can visualise data, simulate environments and train employees in realistic yet

risk-free digital spaces. In industries such as aviation, healthcare and hospitality - all vital to the Bahamian economy - this means improved safety, reduced costs and better service outcomes.

For example, a local airline could use VR simulations to train ground staf on emergency procedures without disrupting real operations. Similarly, hotel teams could practice guest interactions in immersive, multilingual environments, preparing them to meet the expectations of diverse travellers. The advantage lies not only in reducing training expenses but also in improving retention and performance.

Beyond training, XR ofers new pathways for marketing and customer engagement. A real estate agent in Abaco could host a virtual property tour, allowing potential buyers abroad

CCA AFFIRMS: ‘WE’LL STILL OWN TWO DOWNTOWN NASSAU RESORTS’

By NEIL HARTNELL Tribune Business Editor

BAHA Mar’s main contractor last night confrmed the deal struck with Sarkis Izmirlian to resolve their decade-long legal battle will see it retain ownership of two downtown Nassau hotels.

China Construction America (CCA) and its two Bahamian afliates, in a statement received just before Tribune Business went to press, said the settlement - which now must be approved by the New Jersey federal bankruptcy court - ends the threat posed by Baha Mar’s original developer attempting to wind-up the company that holds the British Colonial and Margaritaville Beach Resort.

Afrming that Mr Izmirlian’s winding-up petition, which was due to be heard by the Supreme Court in less than two weeks’ time on December 9-11, is among the legal actions that will cease as a result of the settlement, CCA said this paves the way for it to retain ownership of both resort properties.

Referring to Mr Izmirlian’s BML Properties vehicle, CCA said: “In accordance with the agreement, BML Properties is dropping all claims in the US and The Bahamas against CCA, CCA Bahamas and CSCEC Bahamas and their respective afliates without any admission of liability on their part.

“The agreement is subject to approval by the US Bankruptcy Court in New Jersey, which CCA hopes to obtain in the coming days. CCA Bahamas will retain its ownership interest in the British Colonial and Margaritaville Beach Resort hotels, which the company believes will beneft the entire Bahamian community well into the future.” CSCEC stands for China State Construction and Engineering Corporation, which is CCA’s parent.

The two Bahamas-domiciled entities, as well as CCA’s US arm, were the three defendants potentially liable to pay Mr Izmirlian some $1.8bn after he won his ‘fraud’ and ‘breach of contract’ claim against them in the New York State Supreme Court

CROWDFUNDED RESTAURANT IN SEVENTH NEW PROVIDENCE SITE

By ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

A BAHAMIAN res-

taurant chain that was crowdfunded via the now-defunct ArawakX platform has Tropical Gyro has opened its seventh New Providence location via a Delaporte franchise.

Iko Patton, a veteran of 20 years in the food and beverage industry, is Tropical Gyros’ latest franchisee at a location which employs eight persons after opening in the third week in June 2025.

“It's always a pleasure to be able to sit and speak about the growth of the company, the strides we have made and, more importantly, how Bahamians now have the opportunity to move from being employees into employers through our franchise opportunities,”

Chef Kevin Culmer, Tropical Gyro’s founder and chief executive, said yesterday.

“As most people are aware, Tropical Gyros was founded in 2015 at the World IAAF (International Association of Athletics

Federations) world relays. We've gone through a huge growth over the past ten years. This year makes ten years since we actually, you know, came up with the idea, and it's been a battle. I won't say it's been easy. It's been difcult.”

Once it was determined he had the ability to support multiple locations, Mr Culmer said he decided to ofer franchise opportunities to Bahamians at afordable rates.

“And so therefore we embarked on our next phase of development, which was to ofer franchise opportunities to Bahamians,” he added.

“We have seen the infux of the American franchise restaurants into this country; all of the major ones. We know the names. And when you sit down and look at the cost to try to purchase one of those franchises, you read that it's out of reach for many, many Bahamians. So what we decided to do with Tropical Gyros was to ofer this opportunity to Bahamians at a very, very afordable rate where persons that were not considered part of the

OPEN - See Page B10

to experience island living without stepping on a plane.

For entrepreneurs, this opens new opportunities to reach global audiences and attract investment, both of which strengthen the country’s digital and creative economies.

Across the world, major corporations such as BMW, Accenture and Walmart are integrating XR into daily operations. These examples show that immersive technologies can drive measurable results - from shorter product development cycles to improved employee engagement.

For The Bahamas, embracing XR could help small businesses compete internationally by ofering experiences that go beyond geographical boundaries.

Of course, adoption comes with challenges. High implementation costs, limited access to local expertise and the need for

strong Internet connectivity are hurdles that must be addressed. Yet these challenges also present opportunities for Bahamian technology frms, universities and innovators to build local capacity and develop XR-driven solutions tailored to our context.

In the long term, integrating XR into the national business landscape could stimulate job creation, skills development and diversifcation of the economy. As industries evolve, new roles will emerge - XR designers, 3D modellers, simulation trainers and virtual content specialists. This aligns with the country’s broader vision of becoming a technology-forward economy where creativity and innovation drive growth.

The convergence of technology and imagination has always been a powerful catalyst for progress. Extended Reality is not simply about

wearing a headset; it is about expanding how we see, learn and operate. For The Bahamas, it ofers a chance to move beyond traditional limitations and position itself as a leader in immersive innovation within the Caribbean.

In a world where digital experiences increasingly defne competitive advantage, the question for Bahamian businesses is no longer if XR will reshape operations but how quickly we can adapt to make it our own.

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

over the failure to complete the Baha Mar development on budget and on time.

“We are pleased to have successfully resolved this matter and to move forward with clarity and certainty for our employees, customers and partners,” said Yan Wei, CCA’s chairman and chief executive, in a statement.

“While we remain convinced by the strength of our legal arguments, bringing this matter to a close is in the best interests of our stakeholders and will allow us to focus fully on our strategy for delivering world class construction projects and hospitality operations to our customers.

“We thank our team and partners for their continued support, and look forward to many opportunities together. We also want to extend our appreciation to the people and businesses of The Bahamas for their continued friendship and trust as we look to deepen our relationships in the country.”

Mr Izmirlian had previously reassured staf at downtown Nassau’s British Colonial and Margaritaville Beach Resort properties that their livelihoods would be safe even if he succeeded in persuading the Bahamian Supreme Court to appoint liquidators for their parent company, CCA Bahamas.

Legal documents obtained by Tribune Business confrmed that Mr Izmirlian and his BML Properties vehicle had petitioned for KPMG to be approved as court-appointed liquidators for CCA Bahamas.

The original Baha Mar developer had moved against both companies in a bid to seize and secure control of the two Bahamian hotels on the basis that they represented the most valuable assets owned by the three CCA subsidiaries that were ordered by the New York State Supreme Court to pay him $1.642bn in damages - a sum that rose to $1.8bn given the 9 percent interest that was accumulating daily on the judgment sum.

The two Bahamian resorts were said to have been valued at a combined $355.1m - less than one-ffth of his New York damages award. However, he emphasised that his actions will

not impact the hundreds of employees working at the British Colonial and Margaritaville Beach Resort regardless of the outcome.

“We are seeking the protection of court-appointed guardians [KPMG] to ensure the continued stable operation of the hotels and preserve Bahamian jobs,” said Mr Izmirlian.

Whitney Thier, executive vice-president, general counsel and secretary for BML Properties, the corporate vehicle owned by Mr Izmirlian, cited the alleged insolvency of both CCA (Bahamas) and CSCEC (Bahamas) as the basis for the winding-up petition’s fling given previous admissions that they lacked the cash and other assets to settle the $1.642bn New York judgment.

“To-date, the company has failed and/or refused to pay or satisfy any part of the New York judgment debt which remains fully enforceable as against it,” Ms Thier said of CCA (Bahamas), “or to make any ofer to the petitioner to secure or compound the same.

“In the premises, the company is insolvent within the meaning if section 186 (c) of the Companies Act chapter 308 as it is unable to pay the New York judgment

debt that is overdue and/or the value of the New York judgment debt exceeds the company’s assets. Accordingly, the company should be wound-up by the honourable court.

“The company has stated that it is unable to pay the New York judgment, a debt now due, and that its value exceeds the value of the company’s assets.” CCA (Bahamas), according to a corporate chart released by the contractor itself, is the immediate parent for Neworld One Bay Street Ltd and Strategic Property Holding Ltd, which hold the British Colonial and Margaritaville Beach Resort respectively.

Genguo Ju, CCA (Bahamas) executive vice-president, admitted in a November 1, 2024, afdavit that the combined value of the two Bahamian resorts is “a mere fraction” of the damages award. He asserted in an afdavit that the shares giving CCA ownership of both resorts were valued at $146m in the company’s most recent audited fnancial statements. And an appraisal conducted earlier in 2024 had priced the combined real estate worth of the two properties at between $232.7m and $355.1m.

OVER 120 ATTEND ANDROS DIGITAL BANKING MEETING

MORE than 120 people attended the latest meeting designed to educate and encourage Bahamians on the greater use of digital bankings and payment services.

The Live Digital town hall took place at the South Andros Gymnasium in The Bluf on Friday, November 21, in an area where there is only one commercial bank providing in-person services - on just one day per week.

Residents were able to share their concerns directly with John Rolle, the Central Bank of The Bahamas governor, during a question-and-answer session as well as with other speakers from the fnancial sector.

Earl Miller, whose family owns Nathan’s Lodge in South Andros, said events such as these were “needed” and he encouraged return visits. He said: “Nobody’s carrying cash these days –everybody has a card they want to swipe, or they want to pay by Sand Dollar or they have their wallets out.

“The more the businesses can get online with that, the more it’s going to be easier for them. Everybody’s going cashless anyway, so if you don’t get on board you’re going to get left behind. That’s the key.”

Mr Rolle acknowledged the difculty some South Andros residents have in accessing banking, and said:

“Part of the engagement here was to acknowledge that the community wants to have a better experience.

“Looking beyond the event, I think what you will see is increasing receptivity to using digital channels. That is a process that’s going to take time, but most important is the understanding and appreciation of the direction we’re heading in The Bahamas.”

He added: “We had a very strong turnout and a very interactive session with the community, and I think there is a better appreciation in terms of how they

can tie into a lot more of the digital platforms for banking and payment services.”

Speakers at the event included Mr Rolle; Aaron Chea of Sand Dollar; Roselie Munroe of Fidelity Bank; Michella Perpall of Bank of The Bahamas; Lorian Russell of SunCash; Rithmond McKinney of Scotiabank; and Brooke Greene of Kanoo.

Wenrick Clarke, assistant vice-president of marketing and business development at Commonwealth Bank, said: “For us, we’re very much community minded and big on giving back to the communities in which we serve – and we don’t just serve the places and the spaces where we have a physical branch.

“With your smart phone, you have access to every

single banking capability that we have where there’s a physical presence. With your cellphone you can have that same level of access and without any impediments.”

Lorian Russell, sales promotion and events manager at SunCash, said: “I think we have a very bright future in South Andros. The entire island of Andros as a whole. It doesn’t matter if it’s a personal wallet or a business doing their dayto-day payments that they are receiving, I just see this relationship with this community growing.”

Residents visited booths set up by the fnancial providers to learn about opening new accounts online, how to make payments and how to use digital fnance. Participating

fnancial institutions reported a record number of people signing up for digital services compared to previous Town Halls.

The event was organised by Diane Phillips & Associates (DPA) for the Central Bank and the Clearing Banks Association in co-operation with Percitta Brown, island administrator, Angela Rolle, administrator for the gymnasium, and Carolyn Stuart, former principal of South Andros High School.

Retailer: ‘No reason to think Xmas not good’

INCREASE - from page B1

prevalence and adoption of our website. At the Pro Store, which is geared more towards the builders and contractors, it’s [growth] 21 percent so I guess that says something about ongoing projects and construction throughout the country.

“So far the year is better than 2024. I can say that with certainty. I’m not sure for the industry; I can’t say if it’s an industry-wide thing, but internally we’ve come a long way in terms of diligently stocking and our product ofering - what we carry and the amount we carry. I think it’s something that, clearly, we’ve been working really hard on, and the Pro Store has really gained traction with the contractors and the trades, so they are doing a lot better than in the last couple of years since opening.

“We’ve been working in the last two years on getting the right product and making sure we have the right amount in hand to satisfy customers; especially the Pro Store customers. It’s been a good year so far, and I don’t see any reason why it wouldn’t carry through Christmas. It’s defnitely been good. It seems like a higher year. I guess there’s construction and renovation

going on across the country, as we are seeing more of that type of customer.”

Mr Burrows said CBS Bahamas company-wide performance has also received a boost from its online and e-commerce operation. “We’re salvaging a lot more sales that were going overseas to Amazon and Home Depot,” he told Tribune Business. “We’ve been doing a lot of work internally, having the right product at the right price, and there’s been a lot of e-commerce growth this year.

“I don’t have the exact numbers, but now the average is probably around 15 percent of daily sales originate through the website. Two to three years ago, when we started that, it was more like 5 percent or less. More customers are defnitely purchasing online, and a growing number are starting the purchasing journey online, looking at what we have on the website before coming into the store.

“We’ve seen an increase in the percentage of our sales that originate through the website and, speaking to Bahamians, they’re feeling more comfortable shopping online. A few years ago they were not doing it, but now everyone’s going on it.”

The CBS Bahamas sales chief said the merchant is

not as reliant as others on the Christmas season to help drive annual sales, and has also shifted away from Black Friday and its sales/ promotions.

“Things are looking good,” he added of the holiday season. “Right now, it’s more so the Christmas decor and home improvement type items. People want to get their homes ready for the Christmas season and, in a couple of weeks, will shift towards more gift-type items.

“We are not doing Black Friday this year. We didn’t do it last year. I think the Black Friday thing is overplayed and people are losing interest in it. Christmas is going to be good. Last year was good, and I don’t see any reason why this year should be any different. It’s a little bit early to say how it’s going so far; we’ll get a better idea in a couple of weeks, but so far, so good.

“We’re pleased with how things are trending generally, so there’s no reason to think Christmas would not be good. We don’t rely on Christmas too heavily. Home improvements, home sales and construction keep us going. Christmas is a nice pump up for is with people looking for gifts such as power tools,” Mr Burrows continued.

“It’s defnitely big for us. We’re not a full-on home centre that relies on it a bit more heavily but Christmas is defnitely important.”

AIRLINE’S NEW NASSAU ROUTE TO EXPLOIT 65% CANADIAN SURGE

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

PORTER Airlines yesterday launched its frst-ever Caribbean route to Nassau yesterday as Canadian air travel to The Bahamas surges some 65 percent ahead of 2023 numbers.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, described this growth as “astronomical” while adding that the number of travellers from Canada is far outpacing previous years and setting the stage for an even stronger tourism season.

Speaking as Porter Airlines ofcially launched round-trip service between Toronto Pearson International Airport and Nassau, Mr Cooper said the partnership is coming ahead of “signifcant” airlift expected to come in to Lynden Pindling International Airport (LPIA) next month.

“The growth that we are seeing from Canada is astronomical. When we look back to 2023 and we make the comparison, we're 65 percent ahead of 2023 out of Canada. When we look at 2024, we're tracking ahead as well. We add Porter Airlines before we add the signifcant airlift that's coming in December,” said Mr Cooper.

Joy Jibrilu, the Nassau and Paradise Island Promotion Board's chief executive, said air travel from Canada to Nassau is at an all-time high this winter, with weekly fights almost doubling. She said this increase now accounts for 10 percent of all inbound

seats to Nassau, and Porter Airlines’ arrival is set to build on this growth

“This winter, we're experiencing the highest Canada airlift on record, with weekly direct service doubling from 19 fights to 39 by the end of the year,” said Mrs Jibrilu

“This actually represents 10 percent of all inbound seats to Nassau, and is a tremendous boost for our industry. Porter joins this momentum with a reputation for elevating the passenger experience, and we are proud that your travellers will now be able to enjoy the elevated experience that our islands have to ofer.”

Eddie Eldebs, Porter Airlines’ senior vice-president and chief commercial ofcer, said Nassau is the airline’s frst Caribbean destination and the frst time it has expanded beyond Canada and the US.

NASSAU’S AIRPORT EYEING ‘ROBUST’ THANKSGIVING

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Bahamas’ major airport gateway is poised for “robust” travel numbers this Thanksgiving holiday, its operator confrmed yesterday.

Vernice Walkine, Nassau Airport Development Company’s (NAD) president and chief executive, said high demand from both American and Canadian travellers is driving a “really robust” season and a strong end to 2025 for Lynden Pindling International Airport (LPIA).

Speaking to reporters yesterday, she said Americans are prioritising travel despite economic uncertainties, especially during the Thanksgiving period, and this strong demand is benefting the Bahamas’ tourism sector.

“We are excited to indicate that our passenger numbers for the Thanksgiving holiday season look very strong,” said Ms Walkine.

“Americans have decided that, irrespective of what else is going on in their economy, travel is important to them, especially at Thanksgiving. We’re fortunate to be benefting from that demand. They’re coming here in large numbers, and our hotels are reporting very strong occupancy.”

Ms Walkine added that Thanksgiving travel is expected to match or surpass last year’s numbers, and the airport has already seen a major spike in arrivals.

“Just last Saturday, we had a 6,600 passenger arrival day - the frst since July - which is very encouraging. This Thanksgiving is looking to be at least as

good as last year, if not a little bit better, and we understand from our hotel partners that the Christmas holiday period is also shaping up to be very robust,” said Ms Walkine.

She also highlighted eforts to improve airport efciency ahead of the holiday peak, noting upgrades to security screening, increased stafng and passenger guidance initiatives to ensure smoother processing.

“Over the summer, we had very few complaints. People were able to avoid excessive queues. And so we expect that during this holiday season, the same thing will remain, that people can move through fairly efciently,” she added. Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said Thanksgiving travel is setting the tone for a strong end to the year and he expects the 2025 fourth quarter to outperform the same period last year.

“Thanksgiving is very strong leading into the end of the year. We will continue to see a fourth quarter, in my view, better than the fourth quarter last year, and this will hopefully go straight into quarter one 2026,” said Mr Cooper.  He added that new airlift from Canada and the US is expected to strengthen the end-of-year travel season.

“We're excited about the possibilities. This new airlift out of Canada, as well as the new airlift out of LaGuardia by Delta, is going to really help fnish strong the fourth quarter. This is good for the Bahamian people. It's good for our stakeholders. It's good for jobs, opportunities and entrepreneurs who are going to be providing support to our guests,” said Mr Cooper.

He added that most fights between Toronto and Nassau will operate daily, and the Montreal to Nassau route will begin in February, while Ottawa service starts next month.

“For the frst time in Porter's history, we're growing our network beyond Canada and the US and bringing Nassau into our network,” said Mr Eldebs.

“We ofer daily service throughout most of the winter schedule. At one point it drops to six times a week in early January. Otherwise, we're also ofering new service between Ottawa and Nassau that starts December 13, and

service between Montreal and Nassau that starts February 5. Ottawa to Nassau service is six times weekly. Montreal to Nassau service is three times’ weekly during the season.”

He added that the fights are operated on Porter’s Embraer E195-E2 aircraft, with 132 seats in a twoby-two confguration. The inaugural fight was nearly full, with 118 of the seats occupied.

“Porter ofers an elevated economy experience for everyone. We ofer free beer and wine onboard our aircraft, free premium snacks, and then everybody fying back and forth between Nassau and Toronto also gets free Wi-Fi on board our aircraft. People seem to love it, and that's really what diferentiates us in the marketplace,” said Mr Eldebs.

“No middle seat on any Porter fight. It's a two-bytwo confguration, and so that also makes it a nice experience.”

in March 2015 should now apologise following what was revealed in his New York court battle with CCA.

“It’s great news,” Mr D’Aguilar told this newspaper, after the settlement between Mr Izmirlian and CCA was unveiled yesterday. “I think it brings to a conclusion a very big and painful fght by Mr Izmirlian to vindicate himself for his actions and to receive his just rewards for the wrongs that were committed against him.

“I admire his tenacity and doggedness to seek vindication for what turned out to be very honourable conduct. He conducted himself honourably, ethically and morally during this entire process. I know this was a process that was very painful for him, and I’m sure he’s delighted to put this behind him. It’s great news to put this whole very unfortunate afair behind us and all parties can move on.”

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, also hailed the settlement between Mr Izmirkian and CCA. “I mean, I’ve not yet [been] briefed on it, but sufce to say, any settlement of a dispute in the tourism business is a is a good outcome, and would certainly have the support of the of the Government of the Bahamas,” he said. “I think disputes hold up progress, and if they’re able to settle the matter amicably, I think that goes a long way for the economy and the Bahamian people.”

Mr D’Aguilar, meanwhile, said the settlement, which will halt all ongoing legal battles between Mr Izmirlian and CCA, also ends the threat potentially posed to the British Colonial and Margaritaville Beach Resort by the winding-up

petition launched by Baha Mar’s developer against their immediate holding company.

That was due to be heard by the Supreme Court in less than two weeks’ time, from December 9-11, as Mr Izmirlian targeted CCA (Bahamas) and another afliate which - together with the Chinese contractor’ US arm - were held jointly liable to pay the $1.642bn damages awarded to him by the New York State Supreme Court over his “fraud” and “breach of “contract claim.

“It also removes the uncertainty surrounding the British Colonial property and the Margaritaville property,” Mr D’Aguilar said of the settlement, which now has to be approved by the New Jersey federal bankruptcy court. “A settlement had to be worked out.

“I think everybody is delighted a settlement was worked out, and they can move on to the next stage of their lives without this hanging over them. What Mr Izmirlian was demonstrating was a persistent tenacity during this entire process. He demonstrated he clearly wasn’t going to go anywhere and he put so much time and efort and resources into this project that he simply wasn’t ever going to walk away until vindicated and a settlement reached.”

CCA’s US arm sought Chapter 11 bankruptcy protection last Christmas purely to prevent Mr Izmirlian from collecting on his $1.642bn damages award, which has now hit $1.8bn with 9 percent interest accruing daily. However, it was unable to escape Chapter 11 without coming to a deal with Mr Izmirlian, who held more than 99 percent of its debts.

The damages award stemmed from Baha Mar’s original developer winning his claim for ‘fraud’ and ‘breach of contract’ against CCA, over the project’s

failed end-March 2015 opening, at the New York State Supreme Court level - which was then upheld on appeal. Mr D’Aguilar yesterday said the Chinese state-owned contractor likely realised it was better to settle than prolong the decade-long legal battle.

“I guess it took some time, but clearer heads on the other side prevailed and a settlement was reached as it should have been,” he added. “The guilty party knows what they did, and it took a legal process to show everyone what was done and the injustices that were committed against Mr Izmirlian. He had to have his day in court.

“It took a long time, but he was persistent and always felt he was right, they were wrong, and one must admire his wanting to, in essence, clear his name and prove for all to see he had indeed conducted himself honourably. Once that was demonstrated, and beyond any reasonable doubt, in the lower court and then the appeal court, it then boiled down to how it’s going to be settled.”

Mr D’Aguilar said CCA likely realised it did not need the dispute with Mr Izmirlian “hanging over our name, our US operation”, and added: “I’m sure it impacted their reputation globally.” CCA’s media spokespersons did not respond to requests for comment before press time last night, but the former Baha Mar director and ex-Cabinet minister argued that the Cable Beach strip’s transformation would not have happened without the original developer.

“No doubt about it,”

Mr D’Aguilar told Tribune Business. “Sarkis Izmirlian contributed many years of the prime of his life to development of that project. That project operates in The Bahamas today because of him; his vision and desire to build an incredible facility that is enormously impacting the economy of The Bahamas.

“That’s really something he can be proud of. I think there were a lot

of naysayers, and a lot of people said some not nice things about Mr Izmirlian. I think he’s proven them all wrong and it’s time that all he has done for The Bahamas, and all the lives he’s impacted, created an enormous amount of jobs and attracted millions in foreign arrivals, to be recognised.

“He was the genesis of using Bahamian artists throughout the property. That was him. It was not just jobs and impact but he wanted to create opportunities for Bahamian artists to show their works and hopefully improve their ability to make a living from their creations. That’s just one example of how he took that project and how it impacted many sections of the Bahamian community,”

Mr D’Aguilar continued.

“It’s been a very painful process. I think that what was most disheartening was people believed Mr Izmirlian had done something wrong, and it took his tenacity, hard work and diligence to clear his good name, put on the record what actually happened, seek his just rewards and, clearly now, he has received his just rewards. I think everybody is ready to move

on; I’m sure he is, and to put this whole sad episode behind them.

“When he drives past that property [Baha Mar], he can look at it with pride and know people know what he did beyond any reasonable doubt whatsoever. It would be nice if the naysayers acknowledged they were wrong, but I am sure that will never happen.”

CCA’s failure to complete Baha Mar on time, and on budget, at end-March 2015 triggered a fnancial and liquidity crisis for Baha Mar. Attempts to negotiate a resolution with the project’s fnancier, China Export-Import Bank, failed amid the total breakdown in trust between Mr Izmirlian and CCA.

Realising that the contractor and fnancier, both owned by the Beijing government, were likely to unite to squeeze and force him out, Mr Izmirlian fled for Chapter 11 bankruptcy protection in Delaware. This, though, angered the Christie administration who viewed the move as a betrayal of its eforts to broker a solution.

The Government, as a result, united with CCA and China Export-Import Bank

to oppose recognition of the Chapter 11 process by the Supreme Court. This was likely done with one eye on the upcoming general election in 2017, and a belief that the Chinese were a better bet than Mr Izmirlian to complete the project before the vote. The Delaware court ultimately ended the Chapter 11 protection in deference to the Bahamian courts resolving the Baha Mar dispute. Mr Izmirlian was ousted as developer as the Government secured the appointment of joint provisional liquidators, while China Export-Import Bank named Deloitte & Touche as its administrators for the project.

The accounting frm’s sales process failed to fnd a buyer, but the development was subsequently sold to Chow Tai Fook Enterprises (CTFE), the Hong Kong conglomerate that is its current owner. However, Mr Izmirlian had not exhausted all his legal options and, at Christmas 2017, initiated the New York action against CCA that led to yesterday’s settlement.

CCA uncertain over appeal, ght ‘undermining’ business

between CCA on one side, and Mr Izmirlian and his BML Properties vehicle on the other. The two Bahamian entities, together with CCA’s US operation, were jointly liable to pay the $1.642bn awarded to Baha Mar’s original developer after the New York State Supreme Court’s comprehensive verdict in favour of his ‘fraud’ and ‘breach of contract’ claim.

Mr Izmirlian, in a statement released yesterday, said: “We are pleased to have put this matter behind us and reached a resolution that meets our expectations.

“The economic impact of Baha Mar will be felt for decades to come, and we remain proud to have been the visionaries behind this landmark development. I want to extend my heartfelt thanks to the people of The Bahamas for their unwavering support and the many letters of encouragement throughout the past decade.”

The exact sum that CCA and its afliates will pay Mr Izmirlian is redacted, or ‘blacked out’, in the New Jersey legal papers obtained

by Tribune Business. However, the compensation will take the form of a “cash payment” and must be paid within 30 days of the federal bankruptcy court approving the settlement deal.

CCA’s flings suggest that Mr Izmirlian and BML Properties have accepted a slight discount on their damages award which, with 9 percent interest accruing daily, is understood to have increased from the original $1.642bn to around $1.8bn as of yesterday. The Beijing-controlled contractor described the payment amount as “reasonable under the circumstances”, adding that it represented “a reduction.. in liabilities” by an undisclosed percentage.

However, it is unlikely that Mr Izmirlian will have accepted a payment much less than the New York State Supreme Court award, let alone the $1.8bn it has now hit, in settling the decade-long battle with CCA that was sparked by the failure to complete Baha Mar on time, and on budget, in 2015 and ultimately led to his ousting as the project’s developer.

The payout is thus still likely to be well in excess of $1bn, and CCA’s own legal flings efectively confrm that its US arm will be relying on other afliates to fnance Mr Izmirlian’s compensation, including

CSCEC Holdings, its immediate parent.

“The signifcant value that will be provided to CCA in the form of payment of the settlement amount by, or using funds from, CSCEC Holding and other afliates, including the non-debtor co-defendants (CCA Bahamas and CSCEC Bahamas), is a reasonable and fair exchange for releasing these difcult-to-collect inter-company claims,” CCA added.

“Put diferently, obtaining access to sufcient value to fully resolve the Baha Mar litigation that has cast a shadow over CCA’s business is plainly in the best interests of the estate.”

Baha Mar’s original developer also appears to have held signifcant leverage for, apart from the Supreme Court winding-up petition threatening CCA’s two downtown Nassau resorts, the Chinese contractor’s legal flings make clear its US arm would have been unable to emerge from Chapter 11 bankruptcy protection without securing a deal with him.

The judgment awarded to Mr Izmirlian accounted for more than 99 percent of CCA’s debts, and yesterday’s legal flings confrm that both sides had agreed to “defer” until today the “submission of any evidence” in the Supreme Court winding-up cases to

allow for the settlement agreement’s fling with the New Jersey court - which has now been done.

The legal flings also reveal that the parties reached a settlement within 48 hours of beginning the New Jersey court-ordered mediation last week. “The parties convened to mediate their disputes on November 20, 2025 at the ofces of Debevoise & Plimpton LLP (a US law frm),” it was confrmed.

“Following the mediation, on November 21, 2025, all parties agreed to the principal terms and conditions of the settlement, and negotiated and executed the term sheet on November 23, 2025.”

Describing the settlement as “truly global”, CCA and its attorneys added that “it resolves any and all claims” between the two sides including the contractor’s fnal bid to overturn the $1.8bn damages award at the New York Court of Appeals plus the Bahamian Supreme Court winding-up petition.

“The terms of the settlement include a release of claims between the parties and a resolution of the outstanding disputes related to the Baha Mar litigation, including CCA’s pending motion for leave to appeal to the New York State Court of Appeals, and the winding-up proceedings for CCA Bahamas and CSCEC Bahamas in The Bahamas initiated by BML Properties,” CCA afrmed.

“The settlement provides, inter alia, that the parties will withdraw any pending motions in either of these proceedings, including BML Properties’ pending motions in this Chapter 11 case, upon the settlement efective date.

“The parties have already contacted the New York Court of Appeals and the relevant tribunal in The Bahamas to request a stay in pending legal proceedings while the court considers this settlement motion, and have further agreed that if the settlement motion is granted, they will request that all pending legal proceedings related to the disputes, other than this motion, be paused or discontinued, and no further action be taken in them, pending payment of the settlement amount.”

The Chinese contractor hinted that its decision to settle had been sparked by uncertainties over whether its last-ditch appeal of Mr Izmirlian’s $1.642bn damages award will succeed, given that the New York Court of Appeals has yet to give it permission to mount a challenge let alone hear the substantive aspects of its case.

And the fall-out from the decade-long Baha Mar dispute has “cast a shadow” that has damaged CCA’s ability to secure new construction contracts, with the contractor arguing that further prolonging it “would maintain the cloud over CCA’s business, distract its management and ultimately undermine its business”.

“The settlement is also in the best interests of the debtor’s [CCA] estate,” the Chinese contractor argued. “The settlement will allow CCA to fnally conclude the Baha Mar litigation and remove an overhang that has constrained the business operations of CCA and its operating subsidiaries for years.

“The Baha Mar litigation and related adverse judgment is the principal reason that this Chapter 11 case was fled and impacted

CCA’s eforts to implement a restructuring. It also constrained the CCA group’s ability to obtain surety bonds which, in turn, limited its ability to secure new construction contracts.”

While CCA stood by its assertions that the New York verdict in favour or Mr Izmirlian was “incorrect as a matter of law”, and “feels confdent it would have a strong case before the New York State Court of Appeals”, it admitted that the latter forum had yet to grant it permission to proceed with the appeal and may never do so.

“The settlement amount refects the considered, informed business judgment of CCA and the special committee [for Chapter 11] with respect to these probabilities of success,” CCA added. “The settlement also avoids future highly complex litigation, both with BML Properties and others…

“In addition, were CCA’s motion for leave to appeal denied by the New York Court of Appeals and the Baha Mar judgment rendered efectively fnal and non-appealable, BML Properties has already indicated that it would seek to pursue payment from CCA’s afliates, including CSCEC Holding, through veil-piercing and direct claims in connection with the Baha Mar litigation.

“If pursued, this litigation, even if it would not directly impact CCA’s estate, would maintain the cloud over CCA’s business, distract its management, and ultimately undermine its business. The settlement also avoids this costly and complex litigation for CCA.”

Tropical Gyros to make franchising ‘a ordable’

PURCHASE - from page B1

well initially, but we’ve had some challenges in Freeport. Freeport is a whole diferent community and economy right now. And so we’ve had some persons who have expressed interest for Andros, Eleuthera, Exuma and Bimini. So, you know, we’re exploring those opportunities.”

Continuing to look beyond The Bahamas’ borders, Mr Culmer said interest has been expressed by “quite a number of persons” in the US, two in Jamaica and, “based on the Zoom I had last night, we’re looking at Antigua and St Vincent as well.

“So, the possibility to expand Tropical Gyros internationally is there if we get the right strategic partner. We know that we don’t have the fnancial capability to get it done yet, so we would be relying on strategic partnership and franchising in order to push it on the international level,” he added.

Mr Culmer said he wants to encourage Bahamian employees to become employers through franchise opportunities. Noting that the cost to bring in an American franchise is out of reach for most Bahamians, he said the Tropical Gyros model requires just $150,000 to launch a franchise.

“When you look at the cost of bringing an American franchise to The Bahamas, they won’t speak to you unless you have a certain asset worth, like half a million, a billion dollars,” Mr Culmer said. “I think McDonald’s, you have to have $1.2m disposable income, free and clear, in order to get a McDonald’s franchise. So when you start looking at all the persons that have brought American franchises here, you recognise they’ve invested millions of dollars into it.

“Tropical Gyros franchise, we look at it as something that’s way more afordable, like $150,000 roughly, to try to get something of the ground. And so it becomes more attractive to

Nassau gateway generates 9,400 jobs and $60m GDP

EXPANSION - from page B1

“We’ve given developers until February of next year to submit their proposals. A selection committee will review them, decide which developer we want to work with, and we’ll be able to make that announcement some time in the frst quarter of next year,” said Ms Walkine.

The project is part of NAD’s broader plan to enhance the airport experience and expand services for travellers. The airport hotel is expected to serve

as a key amenity for tourists and business visitors, complementing ongoing improvements at LPIA aimed at increasing efciency and capacity for both domestic and international trafc.

Speaking to the expansion plans, Ms Walkine said the process is progressing steadily and NAD executives are eager to see the project move forward, but provided no further updates on timelines.

“I don’t have any updates to share at this particular time. We have our Board

average Bahamians... but,

more importantly, we give people opportunities. When we look at the amount of people we employ, we fnd that, as a company, we tend to pay our staf more than the average restaurant…

“We have seen the infux of the American franchise restaurants into this country; all of the major ones. We know the names. And when you sit down and look at the cost to try to purchase one of those franchises, you read that it’s out of reach for many, many Bahamians. So what we decided to do with Tropical Gyros was to ofer this opportunity to Bahamians at a very, very afordable rate where persons that were not considered part of the elite fnancial class of the country would still be able to aford a Tropical Gyros franchise.”

Mr Culmer said franchisees play a key role in the brand’s development. While he strives to provide as much logistical support as possible, he noted challenges faced by the food industry as a result of the rising cost of groceries.

“Every day our inventory costs are going up. When I started this business, our cost of goods was 37 percent of revenue. Now it’s

meeting next week, so we’ll see where that leads us, but this is certainly something we’re very excited and anxious to get going. It’s a whole process, and for now, there are no further updates,” said Ms Walkine.

She said LPIA makes a signifcant impact on The Bahamas’ economy, supporting more than 9,400 jobs and contributing $60m to the country’s gross domestic product (GDP) annually.

“The airport’s most recent economic impact study indicated that LPIA generated more than 9,400 direct and indirect jobs, and contributed $60m to our national GDP,” said Ms Walkine.

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close to 60 percent. And so we are challenged every day with providing, frst and foremost, our mandate of providing a healthy option for Bahamians but also an afordable one. Yes, there are times we may have to do a slight increase, just to meet our ability to keep the business open,” Mr Culmer added.

He said price fuctuations occur but, in order for operations to continue, he is doing what he can to get groceries at a cheaper rate and charge less for the food Tropical Gyros sells.

“I just had two Zoom calls this week with a group in Louisiana,” Mr Culmer said. “One is a hydroponic farmer that is producing produce hydroponically. They took me on a tour of their facility via Zoom where they are

looking to provide us with all of our produce - our lettuce, tomatoes, bell peppers, onions, at a much lower rate than we’re currently purchasing it here from our suppliers.

“We also in discussions with poultry farmers. There’s a Black Farmers Association in America that is looking to just supply black-supported businesses in America. And so I also had a meeting with them yesterday via Zoom, where these people provide chicken for Tyson, this particular farming organisation. And so we are looking to see the best that we can do to bring our prices down.

“We do have some wholesalers here that are trying to fnd us the best possible price. Sometimes they have to go to diferent regions.

That’s my responsibility on

a daily basis. I am encumbered with trying to fnd lower inventory costs not only for the company, but also for our franchisees, because they have bought into this business,” Mr Culmer added.

“They’ve invested their money to open up their location. They do all of their infrastructure, everything on their own. The only thing Tropical Gyros provides them is the licensing rights to trade under our name. And, of course, they purchase the inventory from us to prepare. So we are working diligently to try to fnd alternative measures but it’s a challenge. It’s a challenge. It is a challenge every day. But you know, if you’re in the fght, you have to stay in it. You can’t give up.”

Some Americans: Trump is to blame for taking the “thanks” out of Thanksgiving

THIS morning is American Thanksgiving. Sadly, many Americans willbe framing their viewsabout thiswonderful, joyous,and yet sobering holiday around the causticcurrent politicsofthe nation. There s a feelingthat s hard toescape onthisuniquely American day of feast, family, and festivity. The next general electionwill marktheunmistakable, inevitable ebbing of the currentpresident s strong grip on theRepublican Party andonthe leversofAmerican government and military power. Things don t lookgood for Donald Trumpat themoment. There s no relief that he promised onthe costof livingfor Americans. In fact, his corrosive tariffs regime is broadly seen as cruellyand unnecessarily amplifyingthe inflationarypricetrends intheUS economy thatdoomed the Biden/Harris candidacies just a year ago.The tariffs epitomize Trump s economic malfeasance.

There are other issues that work against Trump.One is certainly hisdefensiveness on the whole Jeffrey Epstein issue. But even more important for us andthe world is his stubbornness on Ukraine. It’s helpful to seek perspective in considering this, away from thecloying familiarityof Washington.

Well beyond the WashingtonDC beltway,theair seems fresh. There’s a crisp

bite to anybreeze these days, aswinter rollstoward America’s Mid-Atlanticregion.Outin farwesternVirginia, in the shadow of the AppalachianMountains andthe Blue Ridge Parkwayand the Shenandoah River, it feels more distantthan simplya coupleofhours fromthecapital.

Old friendsReggie and Mary livethere andrecently welcomed holidayguests from Washington DC. Reggieand Marywereenjoyinga leisurelycoffeewith old friends and--despite nearly everyone warning against it because the subjecthas become so divisive in the US-theywere talkingpoliticsand trying again to figure out what is in Donald Trump’s head. Mary has never been able to tolerateTrump. Shequickly looked upold friendsin Torontowhen hewasshockinglyelected in2016.She wanted to vent to them and see if theymight sponsorher and Reggie ona moveto Canada. But her long-timepals had recently passed.

Reggie sees himselfas a pragmatist. Give me the situation, andI’ll tryto figureout how to manage it, so we come out ahead or no worse than we began,’ heis fondof saying. He triesto seethe benefitof Trump’s presidency, but admits that it s been hard to do in recent months, asthis second Trump termlurches toward the first quarter pole.

Once her guests were

settled,Mary spokefiercely. Cananyone honestlytellme what Trumpis doingin Ukraine? she demanded. No one replied right away, so she continued.

Thisstupid warhasnow been underway for almost four years.Counting Putin s illegalannexation ofCrimea in 2014, it’s actually been going on for almost a dozen years! The wholeenterprise is supremely illegitimate. Russia has no business whatsoever doing what it is doing, and yet Trumpcontinues tosupport theKremlin andturn hisback on Ukraine, anation fighting for its freedom like America did 249 years ago!

TheUSis goingtocelebrate two-and-a-halfcenturies of independence next summer. Atthesame time,itappearsit will stillbe activelyhindering efforts toassist Ukrainein its own fightfor independence from rapacious Russia. What is this even about?

Reggie glanced around the roomquickly,as iftryingto gauge the willingnessof his guests to engage in another spirited review ofthe current president’s mystifying myopia whenitcomes toRussiaand its president Vladimir Putin. Noone raisedtheireyebrows

in response, soReggie dipped his toein thediscussion, almost immediately regretting doing so.

He began quietly, almost reluctantly. “Dear Mary, I assume you are hoping one of us can crack thecode of this president and offer you a reasonableexplanation. I m going to try. Ifyour questions were rhetoricaland notlookingfor answers,this wouldbe agood timetolet meknowandwe can talkabout footballor Taylor Swift’s upcoming marriage.

Mary didn’treply, nor smile, and their guests seemed vaguely engaged, ifonly to see wherethings turnedout between theirlong-time friends.

“OK,here goesnothing,” Reggiesaidwith asmileno one returned. “I’ve done some reading and thinking about Trumpand Ukraine,because it doesn’t make any sense to me either. I ve concluded that there are probably two explanations for Trump slove affair with Putin. Both are consistent with Trump as I understand him.

Mary looked over at her long-timepartner witha puzzled curiosity. He didn t usually speak this way. She

considered for a moment when she realized that he really had been thinking aboutthis. She had just been shouting into the wind,venting fruitlesslyasshe and her friends so often did. But Reggie lookedthoughtful, serious, and full of something to say. She sat still and waited. Reggie paused, took a breath, and began. “The first reason has to do withTrump, Biden,and Ukraine. RememberTrump’s attemptsinhis firsttermto withhold aid to some other countries until they launched investigationsinto JoeBiden and his son Hunter? Trump correctly deduced, and often spoke publicly, about the threat to his re-election that Biden represented. Hetried to smearhis future opponentin anyway he could.Here area fewconclusionsthat Ifoundfrom thereport ofthe HouseIntelligence Committee:

“I think thesecond reason for Trump sbromance with Putiniswhat haslongbeenrumoured. I think Putin may have something profoundly embarrassing forTrump that the president fears might be released. My hunch is that whatever it is, I think this scary information wouldreveal a side of Trumpthat he fears could also be exposed by the release of the Epstein files. No moretrance forMary. She satup andlooked directly at Reggie. “I always wondered about that,” she said. “Are you thinking about Trump s time in Moscow during theMiss Universe pageantthat hestaged there in2013? Iremember hearinga lotofspeculation about that whenTrump was running forpresident forthe first time,and eventhen, his positive fascinationwith Putin washardto understandorexplain. Reggie thoughtfor amoment. “It might be that. It could be anything,really. ButTrump hasalso oftenreferred toRoy Cohn as amentor. Cohn was Senator Joseph McCarthy's chiefcounsel during hisinfamous investigationsof suspected communists in the 1950s. There isstill much speculation that Cohn was gay. IfPutin hassomethingon Trump, it couldrelate to some sex-based embarrassment either from Cohn,Epstein, or someone else.

“Where there is smoke, sometimes there really is fire.

"President Trump,personally and acting through agents within and outside of the US government, solicitedthe interferenceof aforeigngovernment, Ukraine, to benefit his reelection... President Trump conditioned official acts (delivering militaryand otherassistance) on apublic announcementby the newUkrainian president (Volodymyr Zelensky) that Ukrainewould initiateaninvestigation intoalleged improprietiesby JoeBiden. Inpressuring PresidentZelensky to carry out this demand, President Trump withheld critical US military assistance tofight Russian aggression in eastern Ukraine." Reggie reminded his listeners that inJanuary 2020,the Government AccountabilityOffice a non-partisan watchdog, found that the White House broke federallaw bywithholdingCongress-approved military aid to Ukraine. Zelensky refused, Reggie continued. “Trump lostto Bidenin November2020.And Trump neverforgets andhe neverforgives. So,it’s entirely possible that Trump s otherwise inexplicable behaviour--ashe triessohard tostacktheceasefire deck in favour of Russia--is simply retributionfor Zelensky’s refusal to engage in a political scam six years ago. I think that sentirely consistent with who Trump has repeatedly revealed himself to be duringhis decadeor soin publicpolitical life,” Reggie concluded. Now let s stretch our legsand havea drinkof something, take a break. There’s more.” Theothers leftMary toher thoughts. After afew minutes, her friendsreturned andfound her still sitting there, looking off intospace. Reggiestarted slowly again,carefully choosing his words.

Oldest resident of San Diego Zoo, dies at about 141

By JAIMIE DING Associated Press

LOS ANGELES (AP) After more thana century of munching onher favouritefoods ofromaine lettuceand cactus fruit,beloved Galapagos tortoise Gramma, the oldest resident of theSan Diego Zoo, has died. Gramma was born in her native habitat and wasestimated to be about 141 yearsold, zoo officials said. She died Nov. 20. It's notclear exactly when the tortoise arrived at the San Diego Zoo, but zoo officials said she came from the Bronx Zoo in either 1928 or 1931 as part of their first group of Galapagos tortoises. Asthe worldchangedaroundher, shedelightedvisitors with her sweet, shy personality. She lived through two World Wars and 20 U.S. presidents.

Her carespecialists affectionately called her"the Queen of the Zoo." She was suffering from bone conditions related to her old age that progressed recently before she was euthanized, the zoo said.

Many visitors commented onsocial media about getting to first visit Gramma when they were young, and being able to come back years later with their kids.

Cristina Park,69, said oneof her earliestmemories from her childhood was going to theSan Diego Zoo when she was 3 or 4years old and riding on theback of a tortoise. That's nolonger allowed,but theexperience inspiredher to keepasmalldeserttortoiseas apetandlearnmoreabout tortoise conservation.

"Just how amazing it is that they managed to live through so much," Park said. "And yet they're still there."

Galapagostortoises canlive forover 100years inthe wild, and close to double that in captivity.

The oldest known Galapagos tortoise was named Harriet, who lived at the Australia Zoo until the age of 175. She was collected from the Galapagos Islands in 1835, when she was just the sizeof a dinner plate, according tothe zoo. This means that shehatched somewhere around 1830,and she died in 2006.

Galapagostortoisesinclude 15subspeciesoftortoises fromthe islands,three ofwhich weredeemed extinct.The rest are all vulnerable or critically endangered, according to the International Union for Conservation of Nature. Concerted efforts have been made to breed these tortoises in captivity overthe past several decades,with more than 10,000 juvenilesreleased to thewild since1965, according totheGalapagosConservancy. Somesubspecieshavebeen brought back from the brink of extinction.

In April, four baby Galapagos tortoises were born at the Philadelphia Zoo to first-time parents that were roughly 100 yearsold,a firstinthezoo'shistory.In June,ZooMiami resident and Galapagos tortoise Goliath became a first-time father at the age of 135.

elite fnancial class of the country would still be able to aford a Tropical Gyros franchise.”

“And so we launched our frst franchise in 2024 on Prince Charles Drive. That franchisee has a second location now on Soldier Road West, closer to Blue Hill Road.” Having begun in Tropical Gyro food truck, Mr Patton has seen the franchise and relationships with customers grow. He said customer service is key, and is dedicated to taking Tropical Gyros to the next level through quality customer service.

“I’ve been inside the food and beverage industry for almost 20 years now…” Mr Patton said. “I understand the importance of tourism. I understand the importance of service; customer service. I understand the importance of paying attention to small details. And it’s always my motto, in anything I do, to make sure that my staf know don’t give my guests anything that you won’t eat or you won’t want. That’s key. I work really hard. I understand what it takes to put in the hard work.”

Mr Culmer said the Delaporte location was strategically placed, attracting persons from Westridge,

Sandyport and other nearby communities. Mr Patton added that Delaporte was one of the only areas that did not have a Tropical Gyros restaurant, noting that those who live in the surrounding communities have few restaurant options.

Mr Patton also took into consideration the needs of community members, stating that persons in the Delaporte area are health conscious and often in search of afordable and healthy food options.

“I could guarantee you one thing. Every day they open a shop, I will see somebody either going to the gym or coming from the gym,” Mr Patton said. “So the health aspect is a serious aspect in the back here. People are really taking their health very serious in the back here. And they want something that they

can eat at an afordable price, and also get to the gym and not too heavy. And we ofer that.

“I choose this area because there’s nothing here that’s grounded for that type of recipe. And I’m being graduated a lot of times from diferent customers that walk in the store saying, ‘I’m so happy that you’re in the back here right now’. They love it. They glad we came here, and they like what we provide for them.

“Like he [Mr Culmer] said, the western district is a whole diferent ball game. It is very much so diferent. You have to understand the guests that come here, and they prefer quality. And the money is never a problem with the people in this neighbourhood. It’s more quality and service, and I think I provide that.

“This is my frst time coming out and actually bringing the brand Tropical Gyros in the Delaporte area. The reason why I choose this area is because, basically, the people in this community right now are more into health, you know, more health conscious people. And Tropical Gyros provides that. The junk is so convenient in The Bahamas, and here in this, this brand, we ofer a taste of healthiness with grilled food for a longer living and a longer lasting living. So it’s something I want to be a part of, something I love to do. And I think we’re going to move forward. I think we’re going to move this brand to another level.” Mr Patton said the franchise opportunity came about through a mutual friend of his and Mr Culmer.

“When I frst initially started, I was a client coming inside the Tropical Gyros store, ordering the food. I tasted the food, fell in love with it, came back again and again and again,” Mr Patton said. “And then through a friend of mine, mutual friend of ours, the opportunity arises that there’s a chance for a franchise. And I spoke to Kevin, and we fast forward. I’m here today. It’s a beautiful opportunity for all Bahamians. And I’m a pure example that it can happen because I came from nothing.”  Mr Culmer said while the Food Truck is mainly used for pop-up events and catering, it is a possibility that it will be sent to Freeport where Tropical Gyros once had a physical presence.

AMBITIOUS PLAN TO STORE CO2 BENEATH THE NORTH SEA SET TO START OPERATIONS

By JAMES BROOKS Associated Press

APPEARING frst as a dot on the horizon, the remote Nini oil feld on Europe's rugged North Sea slowly comes into view from a helicopter.

Used to extract fossil fuels, the feld is now getting a second lease on life as a means of permanently storing planet-warming carbon dioxide beneath the seabed. In a process that almost reverses oil extraction,

chemical giant INEOS plans to inject liquefed CO2 deep down into depleted oil reservoirs, 1,800 meters (5,900 feet) beneath the seabed.

The Associated Press made a rare visit to the Siri platform, close to the unmanned Nini feld, the fnal stage in INEOS' carbon capture and storage eforts, named Greensand Future.

When the project begins commercial operations next year, Greensand is expected to become the European Union's frst fully-operational ofshore CO2 storage site.

Environmentalists say carbon capture and storage, also known as CCS, has a role to play in dealing with climate change but should not be used as an excuse by industries to avoid cutting emissions.

Future plans

Mads Gade, chief executive of INEOS Energy Europe, says it will initially begin storing 400,000 tons (363,000 metric tons) of CO2 per year, scaling up to as much as 8 million tons (7.3 million metric tons) annually by 2030.

"Denmark has the potential to actually store more than several hundred years of our own emissions," says Gade. "We are able to create an industry where we can support Europe in actually storing a lot of the CO2 here."

Greensand has struck deals with Danish biogas facilities to bury their captured carbon emissions into the Nini feld's depleted reservoirs.

A "CO2 terminal" that temporarily stores the liquefed gas is being built at the Port of Esbjerg, on the western coast of the Danish Jutland peninsula.

A purpose-built carrier vessel, dubbed "Carbon Destroyer 1," is under construction in the Netherlands.

Climate solution

Proponents of carbon capture technology say it is a climate solution because it can remove the greenhouse gas that is the biggest driver of climate change and bury it deep underground.

They note the Intergovernmental Panel on Climate Change, the world's top body of climate scientists, has said the technology is a tool in the fght against global warming.

The EU has proposed developing at least 250 million tons (227 million metric tons) of CO2 storage per year by 2040, as part of plans to reach "net zero" emissions by 2050.

Gade says carbon capture and storage is one of the best means of cutting emissions.

"We don't want to deindustrialize Europe," he said. "We want to have actually a few instruments to decarbonize instead."

Experts at Denmark's geological survey say Greensand sandstone rock is well-suited for storing the liquefed CO2. Almost a third of the rock volume is made up of tiny cavities, said Niels Schovsbo, senior researcher at the Geological Survey of Denmark and Greenland.

"We found that there (are) no reactions between the reservoir and the injected CO2. And we fnd that the seal rock on top of that has sufcient capacity to withhold the pressure that is induced when we are storing CO2 in the subsurface," added Schovsbo.

"These two methods makes it a perfect site for storage right there."

Limitations and criticism

But while there are many carbon capture facilities around the world, the technology is far from scale, sometimes uses fossil fuel energy in its operations and captures just a tiny fraction of worldwide emissions.

The Greensand project aims to bury up to 8 million tons (7.3 million metric tons) of CO2 a year by 2030. The International Energy Agency says nearly 38 billion tons (34.5 billion metric tons) of CO2 were emitted globally last year.

Environmental campaigners say CCS has been used as an excuse by industries to delay cutting emissions.

"We could have CCS on those very few sectors where emissions are truly difcult or impossible to abate," said Helene Hagel, head of climate and environmental policy at Greenpeace Denmark.

"But when you have all sectors in society almost saying, we need to just catch the emissions and store them instead of reducing emissions — that is the problem."

While the chemical giant ramps up carbon storage eforts, it is also hoping to begin development at another previously unopened North Sea oil feld.

"The footprint we deliver from importing energy against producing domestic or regional oil and gas is a lot more important for the transition instead of importing with a higher footprint," said Gade, defending the company's plans.

South Korea's largest satellite launched on Nuri rocket in ambitious space mission

By KIM TONG-HYUNG Associated Press

SOUTH Korea launched its largest satellite yet on its nationally developed space rocket early Thursday, the fourth of six planned launches through 2027.

The three-stage Nuri rocket lifted of from the country's spaceport on an island of the southwestern coastal county of Goheung. Aerospace ofcials said the rocket placed a 516-kilogram (1,137-pound) science satellite and 12 microsatellites into a target orbit about 600 kilometers (372 miles) above Earth.

The Korea Aerospace Administration said the main satellite made successful contact with a South Korean ground station in Antarctica about 40 minutes after liftof at 1:55 a.m., confrming that it was functioning normally, including the deployment of its solar panels. The 12 microsatellites will contact ground stations sequentially according to each device's communication schedule.

Kyunghoon Bae, the country's science minister, declared the launch a success and said it reaffrms that South Korea has acquired independent space launch and transport capability.

He said the launch represents a "turning point" for the country's space

industry, as it marked the frst time a private company — Hanwha Aerospace — assembled the rocket under a technology transfer from the Korea Aerospace Research Institute, the national space agency.

"Building on today's success, we will steadfastly pursue the development

U.S. stocks rise as Wall Street’s winning streak grows to four days

By ALEX VEIGA AP Business Writer

U.S. STOCKS closed broadly higher Wednesday, extending Wall Street’s recent winning streak to a fourth straight day.

The S&P 500 rose 0.7%, the Dow Jones Industrial Average gained 0.7% and the Nasdaq composite added 0.8%.

Solid gains for technology companies led the rally, although the gains were widespread, with most of the sectors in the benchmark S&P 500 index fnishing higher. Gainers also outnumbered decliners by more than 2 to 1 on the New York Stock Exchange.

U.S. markets have a shortened trading week due to the Thanksgiving holiday,

closing on Thursday and opening for shorter hours on Friday.

The market’s recent rebound, fueled by investor hopes for another Federal Reserve interest rate cut in December, has helped erase most of the major indexes’ losses following a bout of selling earlier this month.

“It’s a tech-driven, buy-the-bounce kind of response to the very swift sell-of that we saw,” said Sam Stovall, chief investment strategist at CFRA.

“Investors are of the mind that this pullback has run its course and that it’s going to lead to a December dash to the fnish line.”

Dell Technologies climbed 5.8% after saying it has received record orders

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for its artifcial intelligence servers. Dell and other technology companies had fallen earlier in the month as investors worried the prices for their stocks had gotten too frothy amid the frenzy over AI. Nvidia, the market’s most valuable company, rose 1.4%.

Among other tech winners was Microsoft, which rose 1.8% and Broadcom, which added 3.3%.

Financial sector stocks also helped lift the market. Robinhood Markets jumped 10.9% for the biggest gain among S&P 500 companies after the trading platform said it plans to roll out a futures and derivatives exchange next year to expand its predictions market business.

of next-generation launch vehicles, lunar exploration and deep-space missions," Bae said.

The main satellite launched Thursday is equipped with a wide-range airglow camera to observe auroral activity and separate systems for measuring plasma and magnetic felds

Urban Outftters joined a host of other retailers this week in reporting earnings that exceeded Wall Street forecasts, and its shares jumped 13.5%.

Petco surged 14.5% a day after the pet supply chain delivered mixed quarterly results but raised its fscal year earnings outlook.

On the downside, shares of Deere dropped 5.7% after the farm equipment company issued a downbeat forecast, citing pressure from tarifs.

In the bond market, the yield on the 10-year Treasury slipped to 3.99% and the yield on the 2-year Treasury rose to 3.48%.

Stocks have been rallying as comments from Federal Reserve ofcials have given traders more confdence the central bank will again cut interest rates at its meeting in December. Traders are betting on a nearly 83% probability that the Fed will

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and for testing how life-science experiments perform in space.

The dozen smaller "cube" satellites, developed by university teams and research institutions, include GPS systems to study Earth's atmosphere, infrared cameras to track plastic in the oceans, and systems for testing solar cells or communication equipment.

Thursday's event was the country's frst launch involving a Nuri rocket since May 2023, when it successfully placed a 180-kilogram (397-pound) observation satellite into orbit, and the fourth overall since its frst attempt in October 2021, which failed to deliver a dummy device. Further launches are planned in 2026 and 2027 as part of a multiyear project to advance the country's space technologies and industries, and to reduce the gap with leading Asian

cut next month, according to data from CME Group. The central bank, which has already cut rates twice this year in hopes of shoring up the slowing job market, is facing an increasingly difcult decision on interest rates as infation rises and the job market slows.

space powers, such as China, Japan and India.

Nuri is a three-stage rocket powered by fve 75-ton-class engines in its frst and second stages and a 7-ton-class engine in its third stage, which releases the payloads at the desired altitude. It's the country's frst space launch vehicle built primarily with domestic technology, a core asset for a nation that had largely relied on other countries to launch its satellites since the 1990s.

The Naro Space Center, South Korea's lone spaceport, saw its frst successful launch in 2013 with a twostage rocket built with Russian technology, following years of delays and repeated failures. The rocket reached its target altitude during its frst test in 2009 but failed to deploy a satellite, and then exploded shortly after liftof during its second test in 2010.

Cutting interest rates further could help support the economy as employment weakens, but it could also fuel infation. The latest round of corporate earnings reports was mostly positive, but economic data has been mixed.

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Layo s are piling up, raising worker anxiety. Here are some companies that have cut jobs recently

By WYATTE GRANTHAM-PHILIPS AP Business Writer

IT'S A tough time to be looking for a job.

Amid wider economic uncertainty, some analysts have said that businesses are at a "no-hire, no fre" standstill. That's caused many to limit new work to only a few specifc roles, if not pause openings entirely. At the same time, sizable layofs have continued to pile up — raising worker anxieties across sectors.

Some companies have pointed to rising operational costs spanning from U.S. President Donald Trump's barrage of new tarifs and shifts in consumer spending. Others cite corporate restructuring more broadly — or are redirecting money to artifcial intelligence.

Federal employees have encountered additional doses of uncertainty, impacting worker sentiment around the job market overall. Shortly after Trump returned to ofce at the start of the year, federal jobs were cut by the thousands. And the record 43-day government shutdown also left many without paychecks.

The impasse put key economic data on hold, too. In a delayed report released last

week, the Labor Department said U.S. employers added a surprising 119,000 jobs in September. But unemployment rose to 4.4% — and other troubling details emerged, including revisions showing the economy actually lost 4,000 jobs in August. The shutdown also resulted in holes for more recent hiring numbers. The government says it won't release a full jobs report for October. Here are some of the largest job cuts announced recently:

HP

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

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

General Motors

N O T I C E

Gulf Baynunah Shipping Limited

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certifcate of Dissolution issued by the Registrar General on the 12th day of November 2025.

Brian Selvadurai Liquidator of

Gulf Baynunah Shipping Limited

N O T I C E

Gulf Muttrah Shipping Limited

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certifcate of Dissolution issued by the Registrar General on the 12th day of November 2025.

Brian Selvadurai Liquidator of Gulf Muttrah Shipping Limited

N O T I C E

Garnet Shipping Company

Bahamas Limited

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certifcate of Dissolution issued by the Registrar General on the 12th day of November 2025.

Brian Selvadurai Liquidator of

Garnet Shipping Company

Bahamas Limited

General Motors will lay of about 1,700 workers across manufacturing sites in Michigan and Ohio in late October, as the auto giant adjusts to slowing demand for electric vehicles. Hundreds of additional employees are reportedly slated for "temporary layofs" at the start of next year.

Paramount

In long-awaited cuts just months after completing its $8 billion merger with Skydance, Paramount plans to lay of about 2,000 employees — about 10% of its workforce. Paramount initiated roughly 1,000 of those layofs in late October, according to a source familiar with the matter.

In November, Paramount also announced plans to eliminate 1,600 positions as part of divestitures of Televisión Federal in Argentina and Chilevision in Chile. And the company said another 600 employees had chosen voluntary severance packages as part of a coming push to return to the ofce full-time.

Amazon Amazon said in October that it will cut about 14,000 corporate jobs, close to 4% of its workforce, as the online retail giant ramps

up spending on AI while trimming costs elsewhere. A letter to employees said most workers would be given 90 days to look for a new position internally.

UPS

United Parcel Service has disclosed about 48,000 job cuts this year as part of turnaround eforts, which arrive amid wider shifts in the company's shipping outputs. UPS also closed daily operations at 93 leased and owned buildings during the frst nine months of this year.

Target

Target in October said it would eliminate about 1,800 corporate positions, or about 8% of its corporate workforce globally. The retailer said the cuts were part of wider streamlining eforts.

Nestlé

In mid-October, Nestlé said it would be cutting 16,000 jobs globally — as part of wider cost cutting aimed at reviving its fnancial performance amid headwinds like rising commodity costs and U.S. imposed tarifs. The Swiss food giant said the layofs would take place over the next two years.

Lufthansa Group

N O T I C E

Gulf Rastaq Shipping Limited

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certifcate of Dissolution issued by the Registrar General on the 12th day of November 2025.

Brian Selvadurai Liquidator of Gulf Rastaq Shipping Limited

In September, Lufthansa Group said it would shed 4,000 jobs by 2030 — pointing to the adoption of artifcial intelligence, digitalization and consolidating work among member airlines.

Novo Nordisk

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

ConocoPhillips

Oil giant ConocoPhillips announced plans in September to lay of up to a quarter of its workforce, as part of broader eforts from the company to cut costs.

Between 2,600 and 3,250 workers were expected to be impacted, with most layofs set to take place before the end of 2025.

Intel

Microsoft

In May, Microsoft began laying of about 6,000 workers across its workforce. And just months later, the tech giant said it would be cutting 9,000 positions — marking its biggest round of layofs seen in more than two years. The company has cited "organizational changes," but the labor reductions also arrive as the company spends heavily on AI.

Procter & Gamble

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

Intel has moved to shed thousands of jobs — with the struggling chipmaker working to revive its business. In July, CEO Lip-Bu Tan said Intel expected to end the year with 75,000 "core" workers, excluding subsidiaries, through layofs and attrition. That's down from 99,500 core employees reported the end of last year. The company previously announced a 15% workforce reduction.

N O T I C E

Gulf Coral Shipping Limited

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certifcate of Dissolution issued by the Registrar General on the 12th day of November 2025.

Brian Selvadurai Liquidator of

Gulf Coral Shipping Limited

N O T I C E

Gulf Elan Shipping Limited

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certifcate of Dissolution issued by the Registrar General on the 12th day of November 2025.

Brian Selvadurai Liquidator of Gulf Elan Shipping Limited

UK’s unpopular Labour government tries to ght back with a tax-raising budget

By PAN PYLAS and JILL LAWLESS Associated Press

BRITAIN'S unpopular center-left Labour government sought to seize the political narrative Wednesday with a tax-raising budget that it hopes will boost economic growth, reduce child poverty and ease cost-of-living pressures.

But the budget's contents were leaked half an hour before Treasury chief Rachel Reeves delivered the statement in the House of Commons, in a sign of the chaos that has engulfed the government during weeks of mixed messaging and political infghting.

The government was elected in a landslide victory in July 2024 on a promise not to raise taxes on income for working people. Reeves acknowledged some of the budget's 26 billion pounds ($34 billion) in tax hikes, largely to increase the bufer available to the government for any future shocks, broke

the spirit of that pledge and would face criticism.

But, she said, "I have yet to see a credible or a fairer alternative plan for working people."

The biggest change in terms of money raised is freezing the thresholds at which earners pay Britain's diferent income tax levels for a further three years from 2028, meaning as wages rise, more people fall into higher tax brackets.

Other measures included a mansion tax over 2 million pounds ($2.6 million), changes to the capital gains tax regime, higher gambling taxes, a new levy on electric car use and a cut to taxfree provisions for private pensions.

She also announced measures to ease the fnancial pressure on households, including increasing the minimum wage, freezing rail fares for the frst time in 30 years and cutting levies on household energy bills.

To applause from Labour lawmakers, Reeves got rid of a much-criticized

restriction that had limited benefts paid out to families with one or two children. That decision will lift 450,000 children out of poverty, she said.

A budget repeat

The budget was strikingly similar to Reeves' frst budget a little more than a year ago, even though she insisted at the time that it would be the only big tax-raising budget in this parliamentary term, which is due to run to 2029.

Unfortunately for Reeves, the U.K. economy, the world's sixth largest, isn't doing as well as she hoped, with many critics blaming her decision last year to slap taxes on business. Though there were signs that the economy was improving in the frst half of the year, when it was the fastest-growing among the Group of Seven leading industrialized nations, it has faltered again.

False dawns have been a regular feature of the U.K. economy since the global

fnancial crisis of 2008-2009. If the economy had kept growing at pre-crisis levels, it would be nearly a quarter bigger than it is now. That's a lot of lost activity — and a lot of lost tax revenue going into Treasury cofers.

In addition to the longterm costs of the fnancial crisis, Britain's public fnances, like those of other nations, have been squeezed by the COVID-19 pandemic, the Russia-Ukraine war and U.S. President Donald Trump's global tarifs. The U.K. bears the extra burden of Brexit, which has knocked billions of the economy since the country left the European Union in 2020.

Meanwhile, Reeves has dealt with spending commitments aimed at easing the cost of living as infation remains stubbornly high, including making up for a series of about-faces on planned welfare cuts.

Helen Miller, director of the Institute for Fiscal Studies, said Reeves should be commended for more than

TRUMP ADMINISTRATION SAYS LOWER PRICES FOR 15 MEDICARE DRUGS WILL SAVE TAXPAYERS BILLIONS

U.S. SECRETARY of Health and Human Services Robert F. Kennedy Jr. speaks during the Western Governors’ Association meeting Thursday, Nov. 20, 2025, in Scottsdale, Ariz.

Photo:Rebecca Noble/AP

doubling the bufer available to the government to 22 billion pounds.

"By providing greater insulation against economic turbulence, the additional bufer will reduce the risk of playing out this year on repeat in 2026," she said. In a sign that investor concerns have moderated, the interest rate charged on British government bonds fell, which if sustained should bolster the growth outlook.

Chaotic backdrop

On Nov. 4, Reeves made a speech to prepare the public and markets for a hike in income tax rates, which would break a key election promise. After an outcry among Labour lawmakers, and a better-than-expected update on the public fnances, she reversed course, opting for smaller revenue-raising measures.

Then, the entire fscal forecast from the independent watchdog the Ofce for Budget Responsibility, including details of the

By ALI SWENSON Associated Press

PHARMACEUTICAL

companies have agreed to slash the Medicare prices for 15 prescription drugs after months of negotiations, reductions that are expected to produce billions in savings for taxpayers and older adults, the Trump administration said.

But the net prices it unveiled for a 30-day supply of each drug are not what Medicare recipients will pay at their pharmacy counters, since those fnal amounts will depend on each individual's plan and how much they spend on prescriptions in a given year.

Health Secretary Robert F. Kennedy Jr. touted the deals as part of the administration's eforts to address afordability concerns among Americans. The Medicare drug negotiation program that made them possible is mandated by law and began under President Joe Biden's administration.

"President Trump directed us to stop at nothing to lower health care costs for the American people," Kennedy said in a statement Tuesday evening.

"As we work to Make America Healthy Again, we will use every tool at our disposal to deliver afordable health care to seniors."

The announcement marks the completion of a second round of negotiations under a 2022 law that allows Medicare to haggle over the price it pays on the most popular and expensive prescription drugs used by older Americans, bringing the total number of negotiated drug prices to 25. The new round of negotiated prices will go into efect in 2027. Reduced prices for the inaugural round of 10 drugs negotiated by the Biden administration last year will go into efect in January.

Price negotiations apply to drugs treating diabetes, asthma, cancers and more

The latest negotiated prices apply to some of the prescription medications on which Medicare spends the most money, including the massively popular GLP-1 weight-loss and diabetes drugs Ozempic, Rybelsus and Wegovy. Some of the other drugs involved in the negotiations include Trelegy Ellipta, which treats asthma; Otezla, a psoriatic arthritis drug; and various drugs that treat diabetes, irritable bowel syndrome and diferent forms of cancer.

Dr. Mehmet Oz, Centers for Medicare and Medicaid Services administrator, said the administration delivered "substantially better outcomes for taxpayers and seniors in the Medicare Part D program" than the previous year's deals. Under the frst round of Medicare price negotiations, the Biden administration said the program would have saved about $6 billion on net covered prescription drug costs, or about 22%, if it had been in efect the previous year. The Trump administration said its latest round would

budgets' main measures, was published online half an hour before Reeves' statement.

Reeves said the early release was "deeply disappointing and a serious error" by the budget watchdog.

The OBR blamed a "technical error," saying it went live on its website too early. It said it will report to all relevant authorities, including the Treasury, as to what happened.

High political stakes

The budget is a highstakes moment for Reeves and Prime Minister Keir Starmer, who is facing mounting concern from Labour lawmakers over his dire poll ratings. Opinion polls consistently put Labour well behind the hard-right Reform UK party led by Nigel Farage.

The next election doesn't have to be held until 2029, and the government hopes that its economic measures will spur higher growth and ease fnancial pressures.

have saved the government about $8.5 billion in net spending, or 36%, if it had been in efect last year.

It's unclear exactly how much money the newly announced deals could save Medicare benefciaries when they are buying prescription drugs at the pharmacy because those costs are determined by various individual factors.

A new rule that kicked of this year also caps outof-pocket drug costs for Medicare benefciaries at $2,000, giving some relief to older adults afected by high-cost prescriptions. The administration said estimated out-of-pocket savings for Medicare benefciaries with drug plans is about $685 million.

Spencer Perlman, director of health care research at Veda Partners, said the Trump administration's improved outcomes probably resulted from the mix of drugs being negotiated and lessons learned from the frst year of negotiations.

Net drug prices are proprietary, he said, but "if we take the administration at their word, I think it demonstrates that they have secured meaningful price concessions for seniors, meaning the Medicare Drug Price Negotiation Program is working as intended."

Medicare recipients can't get GLP-1 drugs for obesity, but the administration is making changes The GLP-1 weight-loss drugs that were part of the negotiations have been especially scrutinized for their high out-of-pocket costs. Yet it's still unclear to what extent Medicare benefciaries who want to use the drugs to treat obesity will be able to do so.

Medicare has long been prohibited from paying for weight-loss treatments, but a separate deal recently announced between the Trump administration and two pharmaceutical companies included plans for a pilot program that will expand coverage for the drugs to additional highrisk obese and overweight people.

The Trump administration this year has also negotiated several unrelated deals with drug companies to lower the cost of their products for the wider population. Pharmaceutical companies, meanwhile, have sued over the Medicare drug negotiations enabled by the 2022 Infation Reduction Act and remain opposed to them.

"Whether it is the IRA or MFN, government price setting for medicines is the wrong policy for America," Alex Schriver, senior vice president of public afairs at the Pharmaceutical Research and Manufacturers of America, or PhRMA, said in a statement. "These fawed policies also threaten future medical innovation by siphoning $300 billion from biopharmaceutical research, undermining the American economy and our ability to compete globally."