12032025 BUSINESS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas’ loss is threatening to become a $100m gain for the US Virgin Islands (USVI), the Association of Bahamas Marinas (ABM) president asserted yesterday, as the latest boat tracking data shows “a 40 percent decline in vessels” visiting this nation.

Peter Maury told Tribune Business that information obtained from boating industry reports, coupled with disclosures by the Virgin Islands Professional Charter Association (VIPCA) and other groups, suggest a Caribbean rival

• Marinas chief cites ‘40% decline in vessels’ from AIS tracking

• And Harbourside Marine boss reveals same ‘huge decrease’

• Fee fall-out worsens ‘shift’ caused by 14% charter tax rate

is set to create 2,000-plus jobs and enjoy 15-25 percent yachting sector growth due - to a large extent - to owners and operators shunning The Bahamas over new and increased fees and regulations.

Noting that this shift to other Caribbean

Bad weather costs

Nassau 16,000 cruise ship tourists

By NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

NASSAU lost an estimated 16,000 visitors and four vessel calls on Saturday after strong winds prevented all but one ship from docking at the city’s $300m cruise port, it was confirmed last night.

Michael Maura, Nassau Cruise Port’s chief executive and director, told Tribune Business that “20 miles per hour-plus” winds blowing from the east north-east - rather than Nassau Harbour’s deteriorating break waters - were the primary reason why only one of five expected cruise calls made it into port that day. Downtown Nassau merchants, restaurants tour operators and other cruise-reliant tourism businesses thus missed out on significant anticipated revenue, as confirmed by Paolo Garzaroli, president of Graycliff Cigar Company, who said the resort and attraction operator had been “staffed for an onslaught” of visitors on Saturday only to receive “dribbles”.

But Mr Maura, while acknowledging this is “not the first time” that high winds have prevented cruise ships from docking in Nassau, told this newspaper

By NEIL HARTNELL

that “one of the blessings of The Bahamas” is that its multiple destinations give the lines sufficient flexibility to adjust their schedules for bad weather.

He explained that the relative proximity of cruise line private islands may have allowed the impacted ships to call at those destinations first, then return to Nassau later when the weather has eased, thus making up for the revenues and activity that may have been lost on Saturday. However, even though Nassau harbour’s decaying break waters were not the prime cause of Saturday’s cruise ship docking difficulties, Mr Maura said The Bahamas cannot afford to “kick the can down the road five years” on essential repairs that need to be made urgently to prevent disruption to the Arawak Cay-based Nassau Container Port and the country’s import dependent economy.

He added that the “wave energy”, which would have surged through gaps in the break water at Paradise Island’s western end on Saturday, would have hit Arawak Cay’s eastern end and been deflected to further erode the sand forming the Western Esplanade and Junkanoo beaches.

territories “builds on a 40 percent drop” in foreign yacht charters in The Bahamas, following the implementation of an effective 14 percent tax rate, he argued that “early data shows US Virgin Islands charters gaining 15–2 percent in bookings for the

2025-2026 winter season” as vessels divert away from this nation.

“US Virgin Islands’ charter bookings are up 15–20 percent year-overyear for the 2026 first and second quarter, per

YachtCharterFleet and CharterWorld data, as operators reroute from The Bahamas,” Mr Maury wrote in a paper shared with Tribune Business.

“Catamaran charters, popular for island-hopping, have seen a 15 percent year-over-year rise in the Caribbean overall, with US Virgin Islands capturing around 30 percent of Bahamas’ lost share due to berth availability and lower costs.

Each diverted yacht generates

$100,000–$300,000 in local spend - provisioning, fuel, excursions - potentially adding $50m to $80m to US Virgin Islands’ $500m to $600m annual yacht sector.”

The ABM president reiterated that a significant share of The Bahamas’ boating market has, or is in, the process of diverting away from this nation over the new and increased boating fees - anchorage fees and a separate fishing permit fee - that were introduced with the 2025-2026 Budget, plus the greater uncertainty and ‘red tape’ involved in obtaining these permits and clearing into the country. Other complaints centred on how the fees and regulatory changes were implemented, and the lack of warning and consultation with the boating industry.

arguing that this is contradicted by its confirmation that the decision was “subject to external review” to ensure the price tag and scope of works matched. And he also queried why, as Tribune Business reported two weeks ago when it broke the story, the

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Hotel and Tourism Association’s (BHTA) president yesterday affirmed the 2026 winter season is “pacing ahead” of this year’s performance even as the industry’s line staff union disclosed that some employees were still working “reduced weeks” in November.

Jackson Weech, also vice-president and general manager of operations for Atlantis, told Tribune Business that the upcoming Christmas and New Year period appears positive “straight across the board” while a “strong base” of group business bookings has placed next year’s first quarter on a “solid” footing.

However, Darrin Woods, the Bahamas Hotel,

By NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

SARKIS Izmirlian’s personal involvement helped secure the settlement of his decade-long legal battle with Baha Mar’s main contractor that was yesterday approved by a US judge. Legal documents filed yesterday with the New Jersey bankruptcy court, and obtained by Tribune Business, disclose that Baha Mar’s original developer was involved in “consultations by telephone” during the two-day mediation that resulted in the deal over his $1.8bn damages award by the New York State Supreme Court China Construction America (CCA), and its two Bahamian affiliates, CCA Bahamas and

Government and Bahamian people needed to finance the aid conditioning repairs rather than the ministry’s landlord, Goodman’s Bay Development Corporation, since the system was seemingly part of the building and not the tenant’s responsibility. Describing the circumstances surrounding the contract award to Noontide Management Group as “absolutely absurd”, Dr

Catering and Allied Workers Union (BHCAWU) president, disclosed that November had been “softer than usual” with some union members and resort workers still not restored to full working weeks despite Thanksgiving last week marking the traditional start of the winter tourism season.

Describing this as “not overly concerning or alarming”, the union chief attributed the relative softness to the ongoing impact that the Trump tariffs and other economic uncertainties are having in the US - The Bahamas’ largest source market that generates around 90 percent of annual visitors.

Acknowledging that these are factors outside The Bahamas’ control, Mr Wood said the union is focused on training and preparing its members

CSCEC Bahamas, in a statement confirmed that the US court had approved the “comprehensive agreement” with BML Properties, Mr Izmirlian’s corporate vehicle, to resolve the long-running Baha Mar dispute.

“We are pleased that the court has approved this resolution, which enables us to focus exclusively on our strategy for delivering world class construction projects and hospitality operations to our customers worldwide,” said Yan Wei, CCA’s chairman and chief executive. “We are grateful for the steadfast support of our customers, team and partners as we move forward to embrace future opportunities.”

CCA reaffirmed that CCA Bahamas will, as a result of the settlement,

for fundamental changes to the world of workespecially the potential introduction of artificial intelligence (AI), which he branded an issue where “we can’t bury our heads in the sand”.

Both Mr Weech and Mr Woods, talking ahead of today’s BHTA and tourism industry annual general meeting (AGM), spoke out after the Central Bank of The Bahamas revealed that air arrivals to this nation fell against 2024 comparatives in eight of the first nine months this year. The banking industry regulator, unveiling its monthly economic developments report for October 2025, disclosed that April is the only month to enjoy a year-over-year air arrivals increase with numbers up 9 percent, or 14,300 persons, at 173,000. That, though, is likely to

have been at least partially driven by the peak Easter holiday weekend this year falling in April whereas it occurred in March in 2024. All other months have experienced year-overyear declines, albeit by relatively modest numbers

CIBC ‘TAPS’ SMES ON NEW PAYMENTS SERVICE

CIBC Caribbean says it plans to expand the rollout of its new Tap on Phone payment service to The Bahamas and other nations in the region following its recent launch in Barbados. The bank, in a statement, said the payment service will enable small and medium-sized enterprises (SMEs) to transact business with customers more easily. It added that it will enable merchants to accept contactless payments easily and securely using a compatible smart phone. These smart phones will become contactless terminals that allow them to accept card payments from customers without additional hardware.

Jennifer Fuller, CIBC Caribbean’s director for enterprise payments, cards and merchant services, said: “Simply put, it’s a new contactless payment technology that allows clients to pay in seconds using their smart phone or tablet.

“But more than that, it represents the way we at CIBC Caribbean continue to make doing business easier, smarter and more connected for everyone”.

Ms Fuller added: “With Tap on Phone, merchants can now deliver a smoother, faster check-out experience, and CIBC merchants only need to download the Fygaro VPOS app from the app store to get started. No need for an additional dongle or hardware, and

payments from transactions are deposited the very next business day into your CIBC business account.”

Ariel Rochwerger, chief executive of Fygaro, which

has partnered with CIBC Caribbean to enable the technology, said: “For small businesses, keeping up has often meant big costs: From purchasing hardware to

Modest inflation increase in July

PRICES paid by Bahamian consumers remained relatively stable in July with inflation increasing by just 0.6 percent compared to the prior month and by 1.3 percent year-over-year.

The Bahamas National Statistical Institute (BNSI), in unveiling a July inflation report that measures the overall change in prices, confirmed that the inflation rate increased by 0.6

Opposition: Air arrivals fall exposes ‘tourism illusion’

ARRIVALS - from page B1

and percentages. The greatest drop-off was in August, when air arrivals fell by 6.3 percent or 7,700 yearover-year to116,300, while January was down by 6,600 or 4.66 percent at 134,500.

This was pounced upon by Kwasi Thompson, the Opposition’s finance spokesman, who asserted that the figures have exposed what he called the Government’s “tourism illusion”.

He argued: “The latest data from the Central Bank of The Bahamas reveals that despite the Government’s claims of booming air and sea arrivals, air arrivals have actually declined in eight of the first nine months of 2025 when compared to 2024. The Central Bank’s monthly economic and financial developments report shows a drop

of about 1.9 percent, or roughly 27,800 passengers. “August saw the steepest fall at more than 6 percent. January declined nearly 5 percent. These are our supposed peak periods, yet the numbers continue to slide…. Just a couple of months ago, deputy prime minister Chester Cooper announced that The Bahamas had broken tourism records for three consecutive years and suggested 2025 would be another record-setter. But the Central Bank’s own reporting exposes the truth.

“The Government is blending cruise passengers and air arrivals to sell the illusion of a booming sector. Cruise visitors typically spend far less, and air arrivals include thousands of people who only transit through The Bahamas. They are not hotel guests, they are not booking tours,

‘Can’t kick can down road’ over harbour breakwaters

WIND - from page B1

Speaking after Mr Garzaroli blamed the break waters for impacting Nassau’s cruise tourism industry, Mr Maura said that while they contributed to the difficulties on Saturday they were not the primary factor.

“The break water does have an impact, most certainly, in that a properly functioning break water improves the utility of then harbour entrance,” the Nassau Cruise Port chief told Tribune Business. “But the major issue earlier this week would have been the wind.

“On Saturday, we had 20 mile per hour-plus winds out of the east north-east.

That would have been the primary disruptor of cruise line access. We did have a ship that was successful, a smaller vessel that was successful, in entering the

harbour - a Norwegian Cruise Line (NCL) ship.

“But the larger vessels, as a result of being taller and wider, the area of access for the harbour entrance is more impactful for them. As a result of the east north-east wind, the wind coming out of that direction was pushing the ships towards the break water on the Arawak Cay side,” Mr Maura explained.

“The wind was the most significant factor and material aspect in the disruption. Having a proper breakwater most certainly facilitates and improves the utility of the harbour entrance, but the biggest factor was the wind. When the wind is hitting the ships right on the beam; right on the side of the vessel, the port side, it’s not as if the wind can be cut by the bow of the ship and it has the ability to go into the wind. The face of the wind is pushing the vessel’s side.”

percent during the month compared to June. “This change reflects the movement in the average price of goods and services purchased by consumers during this period. This July 2025 increase followed

and they are not supporting local businesses. The higher-spending stopover market is weakening, and many islands are already seeing fewer overnight visitors. Businesses feel it. Workers feel it. Communities feel it,” Mr Thompson continued.

“The empty boasts about top-line arrival numbers only serve to deny the troubling reality. The critical stopover segment has been in decline for a yearand-a-half, even as most Caribbean destinations continue to record increases in stopover tourism. While our regional counterparts are implementing strategies to grow high-value tourism, The Bahamas is moving in the opposite direction.”

Mr Woods took a more sanguine view while praising Atlantis over its plans to create more than 350 full-time jobs through The Cove renovations plus the addition of new retail, restaurant and other amenities. “It means they are not taking their customers for granted and are trying

Mr Maura said that, as a result of the high winds, Nassau and its cruise tourism economy lost potentially 16,000 visitors as Royal Caribbean, Disney, MSC (Mediterranean Shipping Company”) and a second Norwegian Cruise Line vessel were unable to dock at the cruise port.

“I would say that were probably affected by the loss of an estimated 16,000 passengers,” he told Tribune Business. “Are we on occasion impacted by the wind? Most certainly; this is not the first time it has happened.

“But one of the blessings of The Bahamas is, if the ships have difficulty getting into Nassau and the weather at their private destinations is not as bad, what they’ll do is flip flop and call at their private island destinations first and come to Nassau afterwards. We have that benefit, and other places throughout the Caribbean don’t have that benefit of something like this.”

While the condition of Nassau’s harbour breakwaters was not the primary cause of Saturday’s events,

an increase between the months of May 2025 and June 2025,” the Institute said.

“On a month-to-month basis, the major increases by groups were recorded in housing, water, electricity,

to keep up with changing trends in the industry and give guests options,” he said of the Paradise Island mega resort.

“Anything that tries to keep the numbers up is good. We’re still struggling a bit, but can put that down to the tariff wars that are going on. We have seen a softer kind of November than usual around that time, but looking at what’s happened, Thanksgiving is gone and Christmas will be picking up. So when they [Atlantis] start renovations next year it will be a positive boost to the tourism product and something that will be welcome.”

Asked to explain the softer-than-expected November, Mr Woods told Tribune Business: “We’ve seen people working reduced weeks. By this time it would have usually picked up. It’s softer than last year, but not overly concerning or alarming. We know that people are adjusting to the tariff wars and higher costs in the US. When things start to level off somewhat, we’ll

Mr Maura said repairs need to be effected sooner rather than later. “There obviously is a focus today on breakwater restoration,” he said.

“That’s something we need to get resolved.

“It doesn’t matter that the ships are as large as they are. Notwithstanding the size of the vessels, the idea would be to improve access with the restored breakwaters.”

The Nassau Cruise Port chief added: “With the breakwater issue, with wind coming from the east north-east you end up with the surge that goes through the gap in the breakwater on the western end of Paradise Island. That wave energy hits the eastern end of Arawak Cay and deflects to the Western Esplanade beach and continues east to Junkanoo Beach.

“That wave energy removes sand off Western Esplanade beach and Junkanoo Beach, which creates an expense for the Government as government has to restore those beaches. The impact to our economy wasn’t just the 16,000 passengers, but there was some degree of beach

waiting for approvals. We wanted to change that.

“With Tap on Phone, we’ve made payments as simple as a tap. Now, every entrepreneur - from a food truck in Bridgetown to a surf school on the west coast - can accept cards instantly, securely and without barriers.”

As an example of how it can work for small entrepreneurs, Mr Rochwerger added: “Picture a vendor at Haymans Market, selling handmade jewellery.

“Before, she could only take cash, and when a customer wanted to pay by card she had to turn them

gas and other fuels (2.2 percent); health (1.3 percent); and food and non-alcoholic beverages (0.2 percent).”

As for the year-overyear, or trailing 12-month inflation rate, the consumer price index (CPI) for July increased by 1.3 percent compared to the same period last year.

down - not because she didn’t want the sale, but because she didn’t have the tools. Today, that changes.”

Pim van der Burg, CIBC Caribbean’s chief commercial officer, said: “This innovation is transforming everyday commerce, enabling small businesses to participate fully in the digital economy while delivering the effortless payment experience expected by customers.”  Barbados was the first country in the CIBC Caribbean network to roll out the Tap on Phone service. It will be introduced in other countries in the near future.

The Institute said “The major categories that registered increases included furnishing, household equipment and routine household maintenance (10 percent); health (4.2 percent); and housing, water, electricity, gas and other fuels (2.7 percent). Meanwhile, food and non-alcoholic beverages decreased 2.9 percent when compared to this same period last year.”

be a bit better or a lot better than we are.

“We’re hoping that once everything begins to level off over there then it will pick up here and we return to 2024 numbers or even better. We know the factors that have caused that. These are things outside our control. There’s not much we can do with that until things on the outside get better, but we are doing the best we can to prepare for when they do.”

Mr Woods said the union had seen a growing number of workers opting for early retirement before they reach the age of 65, and added that preparing hotel staff for AI - which he acknowledged could impact parts of the industry - is “a tall task but we cannot wait for it to come”.

The BHTA’s MR Weech, meanwhile, in response to the Central Bank data said the resort and tourism industry is working closely with the Ministry of Tourism, Investment and Aviation to craft strategies that “arrest… anything that

erosion resulting from the wave energy passing through the breach in the breakwater, hitting Arawak Cay and pulling sand off the beaches.” Warning that breakwater repairs cannot be delayed, Mr Maura added: “It’s only getting worse. It’s not a situation where it’s going to get better. It’s getting worse every single year. It’s not something where we can kick the can down the road for five years. We need to have a plan.” The Government allocated $12.16m in the 2025-2026 Budget, divided into $6.08m annual slices and spread over two years, to repair the two Nassau Harbour breakwaters. Arawak Port Development Company (APD), the Nassau Container Port operator, disclosed to Tribune Business earlier this year that five vessels were forced by the deteriorating harbour breakwater to wait out at sea during the three months to end-December 2024. Dion Bethell, APD’s president and chief financial officer, writing in the company’s annual report, said:

detracts from the continued building of the land portion” of tourism and air arrivals.

Ponting to the “very strenuous efforts that are being made”, he added that the sector is already seeing “tangible” returns and the “fruits” of its efforts to grow airlift from Canada with the arrival of Porter Airlines and increased service from legacy carriers.

Turning to the Christmas and New Year, as well as the early 2026, outlook, Mr Weech told Tribune Business: “Straight across the board I think we’re going to get through festive in a satisfactory manners then, certainly, looking at 2026, all indications are across the board that the first quarter is going to be solid for us.

“There’s a strong group base across our major hotels and that is going to drive occupancy through the first quarter. Again, all things are lining up. We think the first quarter is going to be strong. At this stage, it is pacing ahead of the 2025 first quarter.”

“If salutary action is not taken, breakwater disintegration will continue to pose a serious threat to life and business at the port and its environs. It bears repeating that the negative effects will reverberate throughout The Bahamas’ import-driven economy.

“I will again remind decision-makers that 90 percent of international shipping cargo passes through APD’s Arawak Cay facilities.... I reiterate that the current and daily state of the 56-year-old barrier negatively impacts ship and port operations and personnel, including APD staff, ships crews and stevedores loading and unloading docked vessels.

“Inclement sea conditions increase danger as the resultant ‘roll’ or ‘pitch’ of cargo vessels being worked can be between six to ten feet up and down. Such occurrences take a significant toll on APD’s cranes and other equipment.”

ROSEWOOD DEVELOPER BLASTS ‘BASELESS’ WORK PERMIT CLAIM

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE $200m Rosewood Exuma developer yesterday blasted as “baseless assertions” the claims a rival resort has made over the number of work permits it is seeking as it pledged to create 500 “well-paying jobs” during the project’s construction and operational phases.

Yntegra Group, the Miami-based developer, rejected assertions by the neighbouring Turtlegrass Resort about its potential hiring of foreign contractors, clarifying that the two referenced in the project’s Heads of Agreement - including one from Singapore - have expertise not currently available in the Bahamas. It added that their involvement will allow

Bahamians to receive technical training as part of the project’s apprenticeship commitments.

The Rosewood Exuma developer explained that one contractor is a global expert in environmentally-friendly timber construction, while the other will oversee specialised installation work involving solar panels and other sustainable building techniques.

“The issuance of work permits will be based on the unavailability of the relevant expertise and qualifications in the Bahamian workforce. Engaging these experts will also provide an opportunity for Bahamians to be trained for future work in this area, in keeping with the commitment in our Heads of Agreement to providing sustained, multi-disciplinary, on-thejob technical skills-training

and apprenticeship programmes,” said Yntegra Group.

“Moreover, the use of environmentally-friendly timber aligns with Yntegra’s previously shared LEED certification initiative and demonstrates our commitment to the highest global standards for environmental practices in resort development. Turtlegrass cannot, on the one hand, claim that the Yntegra project is not environmentally sustainable, while on the other hand, criticise the project for taking the necessary steps to ensure that it is.”

Yntegra stressed that work permits for specialised personnel are standard in resort developments, adding that Turtlegrass’ own Heads of Agreement includes similar language allowing for work permits in cases where special skills are required.

“Even the Turtlegrass Resort Heads of Agreement speaks to the Government’s agreement to ‘facilitate the grant of work permits for jobs requiring special skills and expertise’. Just like Turtlegrass, Yntegra is subject to maintaining a ratio of 80 percent Bahamians to 20 percent non-Bahamians through all phases of the development, as well as Bahamian immigration and labour laws,” said Yntegra Group.

“The policies and processes for obtaining work permits, including advertising available positions so that qualified Bahamians have an opportunity to apply, also remain the same. Given the facts, these assertions by Turtlegrass seem desperate and incoherent.”

Yntegra maintained it is working with a local contractor based in Exuma, Bahamas Industries Construction Company, that planned to hire nearly 150 Bahamians for the project. That, though, was halted due to legal action initiated by Turtlegrass.

“This hiring was halted due to legal actions at the direction of Mr Coughlin [Turtlegrass principal]. Regrettably, especially as we head into the holiday season, he has shown no empathy for the adverse impact his actions are having on the local

community. Instead, he has chosen to malign a Bahamian business owner celebrating a major hiring initiative and their efforts to employ Exumians,” said Yntegra Group/ Reaffirming its projections, Yntegra said the Rosewood Exuma project will create more than 500 “well-paying jobs” during construction and operation, and the company has already seen interest from 350 Bahamians and 40 Bahamian companies about employment and partnership opportunities.

“At last count, more than 350 Bahamians and 40 Bahamian companies are currently interested in working with us. While we have taken this opportunity to strongly refute the accusations made by Turtlegrass, we refuse to continue to engage in a public feud that only serves an audience of one, all while broader opportunities are halted for so many Bahamians,” said Yntegra Group.

“We remain open to working directly with Turtlegrass so that our projects can co-exist for the benefit of the local community. The people of the Exuma Cays have already said that they want a compromise to be reached, and they are ready to move forward. We are listening to them.”

Mr Coughlin had accused Yntega Group of exaggerating its claims about job creation and local employment opportunities.

In a statement this week, he criticised the project’s Heads of Agreement with the Government, which includes work permits for 100 non-Bahamian construction workers and two foreign contractors, questioning why so many positions have been reserved for outsiders.

“Why would a development claiming to support the people of Exuma negotiate such a huge and, in my opinion, totally unnecessary number of foreign work permits into their agreement with the Government? Do they think Exumians and other Bahamians are not capable of doing the work?” Mr Coughlin asked.

“Rosewood Exuma should be called on to explain and justify their unsubstantiated, and apparently unrealistic, claims about local jobs. They say that they are all about creating jobs for the local community while they have negotiated to employ 100 foreign workers as well as two foreign contractors to build their development. At the end of the day, actions speak louder than words.”

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Fort Fincastle water tower and Queen’s Staircase are set to be formally handed back to the Antiquities, Monuments & Museums Corporation (AMMC) this week to mark the near-completion of a $3m restoration project.

$3m Queen’s Staircase, water tower upgrade near handover FORT FINCASTLE WATER TOWER

The AMMC announced yesterday that the handover, expected during the first week of December, comes following extensive work on the water tower and the successful refurbishment of the Queen’s Staircase.

Don Cornish, director of the National Museum of The Bahamas, said the restoration work has been challenging and time consuming due to issues contractors encountered while carrying out repairs.

“Since March, our stakeholders have shown extraordinary patience. Working on an almost 100 year-old structure that has been closed for decades has meant uncovering issues

The contract awarded to SJK Construction in May 2024 included interior and exterior restoration work to address structural concerns at the long-inactive water tower. The renovation work, which began on March 15, was initially expected to be completed within four months but had been delayed due to construction interruptions.

Baha Mar’s first developer personally involved in talks

SETTLEMENT - from page B1

retain ownership of downtown Nassau’s British Colonial and Margaritaville Beach Resort hotels free from the threat of Mr Izmirlian’s winding-up petition. That action has been discontinued as part of the deal that will see both sides drop all claims and legal actions against the other.

“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 affiliates without any admission of liability on their part,” the Chinese state-owned contractor added.

“CCA Bahamas retains its ownership interest in the British Colonial and Margaritaville Beach Resort hotels, which the company believes will benefit the entire Bahamian community well into the future.”

CCA and its affiliates must now also pay an undisclosed settlement amount to Mr Izmirlian to settle the $1.6bn damages he won over his fraud and breach of contract claim against them - a ruling that was upheld by one New York appeals court.

With interest accruing at 9 percent, the damages are understood to have increased to around $1.8bn.

CCA must pay Mr Izmirlian either “two business days after receipt of such funds or 30 days after approval of this settlement agreement by a final Order of the Bankruptcy Court” - whichever comes sooner. This suggests at least part of the payout is to come from other entities within the CCA network and its immediate China State Construction and Engineering Corporation (CSCEC) parent.

“The significant 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 affiliates, including the non-debtor co-defendants (CCA Bahamas and CSCEC Bahamas), is a reasonable and fair exchange for releasing these difficult-to-collect inter-company claims,” CCA said in legal documents last week.

“Put differently, obtaining access to sufficient 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 significant leverage for, apart from the Supreme Court winding-up petition threatening CCA’s two downtown Nassau resorts, the Chinese contractor’s legal filings 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 filings confirm 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 filing with the New Jersey court - which has now been done.

The legal filings 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 offices of Debevoise & Plimpton

primarily dominated by the outfitting of the water tower with a new elevator,” said Mr Cornish.

“Additionally, new systems and surfaces have been installed to strengthen, and reconfigured to meet modern safety and visitor standards. It has been painstaking work, but it is being done so that this complex can once again stand as one of the Caribbean’s most compelling heritage experiences.”

During construction, straw vendors from the site were temporarily relocated to Fort Charlotte, a move Robert Lightbourne, executive chairman of the Straw Market Authority, defended as a necessary step towards long-term improvements.

LLP (a US law firm),” it was confirmed.

“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.”

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 finally 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 filed and impacted CCA’s efforts 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 confident it would have a strong case before the New York State Court

When Tribune Business visited Fort Charlotte, vendors raised complaints about slow sales, extreme heat, damaged goods due to rain leaking through patched tarps, and rodent infestation.

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 reflects 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

Mr Cornish said that while new vendor stalls had originally been planned as part of the redevelopment project, they have not materialised due to factors beyond the AMMC’s control.

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 effectively final and non-appealable, BML Properties has already indicated that it would seek to pursue payment from CCA’s affiliates, including CSCEC

He added that the existing stalls will be refurbished so vendors can resume business in December, and the improved facilities should generate more visitor traffic.

“While the new stalls did not come to fruition, we want the straw vendors to know that they have not been forgotten. We are now working feverishly to refurbish and upgrade the existing stalls so they are functional, safe and attractive. Our goal is simple: To get business flowing again on site without further interruption and as early as possible in December,” said Mr Cornish.

“We understand and deeply sympathise with the straw vendors whose livelihoods depend on this location. These upgrades are being done so that, going forward, the site can sustain higher volumes of visitors, better services and stronger economic opportunities for everyone who trades here.”

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.”

Some of the responsibilities include but are not limited to:

•     Proven experience of a least one (1) year as a file clerk (pre ferred but not required)

•     Dependable with a respect to confidentiality and policies

•     Case file management by organizing, maintaining, and tracking files to make them easily accessible.

•     Excellent organizational skills and great attention to details

•     Knowledge of internal filing and government filing systems

•     Assisting with the intake of new cases and daily administrative tasks.

•     Communicating with court and registries clerks to obtain status on existing matters.

•     Maintaining databases: Inputting status updates in legal data base and updating clients.

•     Preparing legal files for filing with Court and the local registries on a daily basis.

•     Organizing physical and digital files, labeling and updating paper files

•     Gathering and organizing files and documents for coworkers’ use, such as for reports •     Troubleshooting computers, printers, and other office equipment

and sending faxes

delivering, picking up and sending mail

ABM chief: ‘I can’t compete with what Florida is offering’

While there were no objections to paying fees, and ensuring the Government gets its fair share, many boaters are now arguing that The Bahamas is too expensive and not worth the visit.

“Here is an up-to-the minute real time situation in The Bahamas,” Mr Maury said in a Facebook posting earlier this week on the fall-out. “AIS (automatic identification system) is tracking a 40 percent decline in vessels visiting The Bahamas and a 26 percent increase in vessels visiting the Caribbean.

“This means all the jobs in hospitality such as taxis, restaurants, hotels, bars, grocery stores, fuel docks, boat washers, marinas and many other Bahamians will have a bleak Christmas…. Roads and airports don’t matter when tourists are boycotting the country. People need jobs and money. Ain’t no one eating asphalt for Christmas dinner.” And it is not just Mr Maury who is suffering.

Among the 221 replies to the ABM chief’s posting was Ian Rademaker, principal of East Bay Street-based Harbourside Marine, who revealed that business volumes have plunged by more than 40 percent with 2025 marking the first decline he has suffered in 25 years.

“I own Harbourside Marine in Nassau,” he

wrote. “We are the largest marine store in the country. We have seen a huge decrease in cruisers this year and it has severely affected my business. The difference is night and day, and it’s more than 40 percent down.

“I employ 55 Bahamians who rely on the cruisers for their living. Without them, we will have no choice but to downsize. We have had growth for the last 25 years until this year. We are going backwards now.”

Other posters were just as blunt. Alex Wassitsch wrote:

“As a hospitality worker who is on the ground I will tell you right now that this government has taken food off my table. Their maritime policies have negatively impacted my earnings in a major way.

“Where we used to see three to five super yacht groups a week we are now seeing three to five super yacht groups a year. These people spend and tip very well and are sorely missed. The Government of The Bahamas has caused harm to every Bahamian that works with our maritime industry.”

John Loos, describing himself as a Bahamas property owner, said: “Bahamas was convenient as well as beautiful and welcoming. It currently does not feel that same way to many in US. As a land owner and a property tax payer in The Bahamas for 25-plus years, I have not been there since the

Opposition chair questions why landlord did not pay

CONTRACT - from page B1

Sands reiterated the Opposition’s assertion that it was over-priced by between three to six times’ and represents poor value for the hard-pressed Bahamian taxpayer.

“This is the way they procure so many things,” he told this newspaper. “The concern about the taxpayer doesn’t exist. They are spending public funds as if it’s their money and the taxpayer is a secondary concern.

“They’ve gotten so used to these non-competitive awards or these excuses as to why they are not going to follow the Public Procurement legislation. It appears as if everything is an exigency. everything is an exigency. When they say the law requires competitive bidding except in emergency circumstances, everything is clearly an emergency circumstance to them, which is clearly not the case.”

The Public Procurement Act 2023 only permits the

“direct award” of contracts when the circumstances are urgent and/or involve an emergency, while ‘restricted bidding’ is to be used in cases when goods and services are only available from a small number of suppliers.

“Let them explain why a $450,000 project ends up costing the Bahamian taxpayer $1.56m,” Dr Sands added. “I don’t believe there’s any value for the taxpayer, and I don’t believe they care.” Noontide was to be paid $1.561m with the balance to $1.7m consisting of 10 percent VAT.

But Tribune Business sources said air conditioning contractors, as well as the Government’s own technical staff, had estimated the cost of repairs and mould remediation to be between $260,000 on the low-end to around $450,000 on the high side - the latter number amounting to less than one-third, and just over one-quarter, of the $1.7m VAT-inclusive sum being paid to Noontide.

Dr Sands, meanwhile, argued that the “other part

new fees for one reason or another. It just doesn’t feel the same - not as welcoming or a valued friend.

“Normally our family spent 90 percent of our vacation time going to our properties in The Bahamas. Instead we have been to Europe several times for probably less than it cost to go to The Bahamas these days. The Bahamas aren’t just competing with the Caribbean. With such high costs, in reality The Bahamas competes with as far as Europe. People started focusing on these costs and what they really were.

“Husbands that convinced their wives to go on fishing trips are now going to new spots, make new connections and friendships. The Bahamas will always have a special place in my heart, but currently among many regulars it doesn’t feel the automatic go to it once was. I hope the Government can get that charm back and make Floridians feel more appreciated and welcomed again,” he added.

“It is a slippery slope they are on, and without drastic policy change I only see it getting worse, sadly. Buying a new boat and the thought is to ship across the pond and explore new areas. Five years ago never would have thought that.”

Others noted that The Bahamas had gone from charging $600 for a cruising permit, which included a fishing permit and no anchorage fee, to a $1,000 cruising permit fee, $350 anchorage fee and $300 per month fishing permit fee. The ‘temporary’ 12-month

of this” is why the Government - and not the landlord - ended up with the repair bill. “It raises an eyebrow as to why this very, very expensive item was paid for by the Government, who is the tenant, as opposed to the owner of the building,” he added.

The property is owned by Goodman’s Bay Development Corporation, an entity part-owned by Colina Insurance Company and its BISX-listed parent. This newspaper understands that the 20-chiller air conditioning system, which has been leaking in the ministry’s protocol offices on the ground floor’s east wing, came with the building. As a result, there has been confusion over whether the landlord or the tenant (government) should take responsibility for repairs, with no clarity obtained on the issue from Goodman’s Bay Development Corporation.

Documents obtained by Tribune Business include a September 19, 2025, memorandum from Jerome Gomez, chairman of the Government’s Public Procurement Board, to Melvin Seymour, permanent secretary in the Ministry of Foreign Affairs, confirming that the air conditioning

cruising permit fee for a vessel below 50 feet in length has risen from $300 to $500, a two-thirds or 66.67 percent rise, with those between 50 feet and 100 feet seeing an increase of similar magnitude from $600 to $1,000. Anchorage fees range from $200 to $1,500 “for foreign pleasure vessels not mooring at a marina”, and are again linked to vessel size.

The two-year frequent digital cruising card (FDCC) has gained traction with boaters. Mr Maury, in his analysis of the US Virgin Islands’ enhanced boating prospects, wrote that marinas in St Thomas and St John are reporting a 20-25 percent increase in inquiries. “The Bahamas’ winter charter share dropped from 36 percent to 28 percent in 2024–2025; US Virgin Islands’ rose to around 12-15 percent, per IYC’s mid-year report,” he added.

“Each charter yacht supports five to ten local roles - crews, brokers, guides. With 1,500–2,000 vessels annually eyeing US Virgin Islands, up from 1,200 pre- 2025, this could add 1,500–2,500 jobs, concentrated in St Thomas’ Crown Bay Marina and St. John’s Coral Bay. The Virgin Islands Professional Charter Yacht Association (VIPCA) notes a 10–15 percent uptick in crew hires for 2026.”

The ABM president added that the US Virgin Islands had passed the Marine Charter Business Revitalisation Act to provide ten-year tax relief for operators, in direct contrast to The Bahamas’ fee “hikes”, and said this “positions US

repair and remediation contract had been awarded to Noontide.

He wrote in the memorandum: “In accordance with the August 21, 2025, decisions on the Public Procurement Board, this is to convey the approval of the minister of finance [Mr Davis] for award of the following contract.”

The contract between the Ministry of Finance and Noontide was signed on October 2, 2025, and appears to have been backdated. Simon Wilson, the financial secretary, signed for the Ministry of Finance, while Noontide’s signatory was its president, Mildred Murphy.

Noontide’s website says it has “20 years’ experience in construction and environmental solutions”, though the only project featured is repairs to the Sir Cecil Wallace-Whitfield Centre, which houses the Office of the Prime Minister. It states its areas of expertise include facilities maintenance and repair, with 90 percent of it business coming from ‘repeat’ clients.

The company’s LinkedIn page provides a few more details, stating it was founded in 2007 and its first project was the plumbing

Virgin Islands as a ‘winner’ in the Caribbean yacht rerouting, with projected 15–25 percent sector growth in 2026, adding $100m-plus economically and 2,000-plus jobs”.

Speaking subsequently to Tribune Business, the ABM president said: “Every marina and support business is calling me and asking me what we are going to do? I said that I don’t make the laws. We’ve talked to the ship yards, the boat yards, the marinas, the hotels… people have genuine concerns. Just like we said would happen has happened.

“It’s not looking good at all. Some of the major marinas, and I don’t want to name any names as everybody likes to protect their business, are not even sold out. Harbour Island is empty. Harbour Island is normally full for Thanksgiving. They’re empty and it’s not just the marinas. It’s the store owners. They’re not coming into the shop, the deli, the liquor store. They’re not going to buy ice and they’re not going to the fuel dock.”

Speaking to his own Bay Street Marina, Mr Maury said: “I have boats staying with me but I’ve discounted the rates; the storage rates. I’m negotiating with a 100foot yacht, saying bring the boat over and just sit in the slip, and we’ll discount the dockage; just buy water and use the facilities. They’re like: ‘It’s not worth it. We’ll go get a slip in the [Florida] cays, and pay less for fuel and groceries’. I’m like I can’t compete with that.

and fire sprinklers for the Atlantis phase three casino expansion. It also touts the “ongoing restoration” of the Meeting Street complex for the National Insurance Board (NIB).Well-placed sources, speaking on condition of anonymity, described Ms Murphy as “well connected” within the governing Progressive Liberal Party (PLP).

The documents seen by Tribune Business show that, while the Noontide contract is dated October 2, it was only received by Mr Wilson’s office at the Ministry of Finance one day later as shown by the October 3 time stamp.

The ‘minute paper’, from Patricia Dean-Johnson in the Ministry of Finance and government procurement department, states that the contract is “submitted for signature” by Mr Wilson “in accordance with the approval granted by the Procurement Board”.

“We’ve done it to ourselves. Everybody can say what they want about a recession. I’ve heard every excuse in the world, but why are we seeing a 25 percent increase in the Caribbean if that’s the case.” Some commentators, though, did voice scepticism in their replies to Mr Maury’s post.

Donald Campbell wrote: “So the logic is that an owner of a million or so dollar yacht will bypass us and pay more in fuel, time etc to go further south than spend a few dollars more in the beautiful Bahamas?

“OK, let’s agree that is true. So, to get your way or word out you denigrate our government and country to the internationals instead of influencing or negotiating with government? On the flip side, the US increased visa fees: Did more or less people seek visas? Sorry, poor messaging.! Try another narrative because you just ain’t making sense at this time.”

Others suggested relying on AIS data may give a false impression as not all vessels may have switched their transponder on. K Christian Rolle wrote: “Most of the dots in The Bahamas are by Nassau. It’s expected. Those other islands in the eastern Caribbean are individual countries mostly.

“Nassau may still have more vessels there but they look like a few single dots perhaps due to how small it is. Look at Florida. You mean to to tell me Florida has less vessels than the Caribbean? Zoom in on Florida.”

It adds that an October 2, 2025, invoice for $858,557, “representing 50 percent mobilisation due to the Noontide Management Group to facilitate the commencement of the approved works under the aforementioned contract” is also included for Mr Wilson’s review and signature. However, a hand-written note on the same document said Noontide’s Ms Murphy was willing to reduce the mobilisation fee payment by 50 percent. “Ms Mildred Murphy, Noontide, has indicated that she is willing to accept a 25 percent mobilisation notwithstanding the contract is asking for 50 percent,” it said.

“The scope of works does not match $1.5m,” one source said. “The scope of works is so flimsy for that amount. The cost is what baffles everyone. That’s astronomical. What are you doing?”

WALL STREET HOLDS STEADIER AS BOND YIELDS AND BITCOIN STABILIZE

By STAN CHOE AP Business Writer

THE U.S. stock market held steady on Tuesday as both bond yields and bitcoin stabilized.

The S&P 500 rose 0.2% following its first loss in six days. The Dow Jones Industrial Average added 185 points, or 0.4%, and the Nasdaq composite gained 0.6%.

Boeing soared 10.1% and was one of the strongest forces lifting the S&P 500. Chief Financial Officer Jay Malave said the plane maker expects growth next year in an underlying measure of how much cash it produces.

MongoDB also helped lead the market and jumped 22.2% after the database company delivered stronger results for the latest quarter than analysts expected.

United Natural Foods climbed 4.6% after reporting a stronger profit than expected.

They helped offset a 6.8% drop for Signet Jewelers, which gave a forecast

for revenue in the holiday shopping season that fell short of analysts' expectations. The jeweler said it's expecting "a measured consumer environment."

Another potential warning about U.S. shoppers' strength came from the chief financial officer of Procter & Gamble, the giant behind Tide detergent and Ivory soap. Andre Schulten said the landscape for U.S. consumers is "volatile" at the moment, though still within the company's expectations. Procter & Gamble slipped 1.1%.

The U.S. economy has been holding up overall, but that's masking sharp divisions beneath the surface.

Lower-income households are struggling with inflation that's still higher than anyone would like. Richer households, meanwhile, are benefiting from a stock market that's within 1% of its all-time high set in late October.

In the bond market, Treasury yields calmed following their jumps the day

before. The 10-year yield edged down to 4.08% from 4.09% late Monday, while the two-year yield eased to 3.51% from 3.54%.

Higher yields can drag prices lower for all kinds of investments, and those seen as the most expensive can take the biggest hit.

Bitcoin, which tumbled below $85,000 on Monday as bond yields worldwide marched higher, pulled back above $91,000. That helped stocks of several crypto-related companies bounce back from sharp slides on Monday.

Strategy climbed 5.8% and more than made up for Monday's loss. Coinbase Global gained 1.3%, and Robinhood Markets rose 2.2% to recover some of their drops from the day before.

All told, the S&P 500 rose 16.74 points to 6,829.37. The Dow Jones Industrial Average added 185.13 points to 47,474.46, and the Nasdaq composite gained 137.75 to 23,413.67.

Monday's climb in Treasury yields came after the Bank of Japan hinted that it may raise interest rates there soon. But hopes are still high that the Federal Reserve will cut its main interest rate when it meets in Washington next week. What comes after that for the Fed, though, is uncertain. The Fed has already cut its overnight interest rate twice this year in hopes of shoring up a slowing job market. But lower rates can fan inflation higher, and inflation has stubbornly remained above the Fed's 2% target.

TRUMP ADMINISTRATION THREATENS TO WITHHOLD SNAP MANAGEMENT FUNDS FROM STATES THAT DON'T SHARE DATA

By GEOFF MULVIHILL and DARLENE SUPERVILLE Associated Press

PRESIDENT Donald Trump's administration warned on Tuesday that it will withhold money for administering SNAP food aid in most Democratic-controlled states starting next week unless those states provide information about people receiving the assistance.

Agriculture Secretary Brooke Rollins said at a Cabinet meeting Tuesday that the action is looming because those states are refusing to provide data the department requested such as the names and immigration status of aid recipients. She said the cooperation is needed to root out fraud in the program. Democratic states have sued to block the requirement, saying they verify eligibility for SNAP beneficiaries and that they never share large swaths of sensitive program data with the federal government. States and the federal government split the cost of running SNAP, with the federal government paying the full cost of benefits.

After Rollins' remarks, a USDA spokesperson later explained that the agency is targeting the administrative

funds — not the benefits people receive.

Twenty-two states and the District of Columbia previously sued over the request for information, which was initially made in February. A San Francisco-based federal judge has barred the administration, at least for now, from collecting the information from those states.

The federal government last week sent the states a letter urging compliance, but the parties all agreed to give the states until Dec. 8 to respond.

"We have sent Democrat States yet another request for data, and if they fail to comply, they will be provided with formal warning that USDA will pull their administrative funds," the USDA said in a statement Tuesday.

Federal law allows the USDA to withhold some of the money states receive for administering SNAP if there's a pattern of

noncompliance with certain federal regulations.

But "there's never authority to withhold the SNAP benefits and, in this case, there's also no authority to withhold the administrative funding," said David Super, a law professor at Georgetown University who has studied the food aid program for several decades.

Administration says data is needed to spot fraud

About 42 million lower-income Americans, or 1 in 8, rely on SNAP to help buy groceries. The average monthly benefit is about $190 per person, or a little over $6 a day.

Rollins has cited information provided by states that have complied, saying it shows that 186,000 deceased people are receiving SNAP benefits and that 500,000 are getting benefits more than once.

"We asked for all the states for the first time to turn over their data to the

“We asked for all the states for the first time to turn over their data to the federal government to let the USDA partner with them to root out this fraud, to make sure that those who really need food stamps are getting them.”

Brooke Rollins

federal government to let the USDA partner with them to root out this fraud, to make sure that those who really need food stamps are getting them," Rollins said, "but also to ensure that the American taxpayer is protected."

Her office has not released detailed data, including on how much in benefits obtained by error or fraud are being used.

The USDA said Tuesday evening that 28 states and Guam have complied with the request for information. That list consists primarily of states with Republican governors, though North Carolina — which has a Democratic governor — also has complied.

Twenty-two states have sued to block the request.

Experts say that while there is certainly fraud in a $100 billion-a-year program, the far bigger problems are organized crime efforts to steal the benefit cards or get them in the name of made-up people — not wrongdoing by beneficiaries.

SNAP has been in the spotlight recently

U.S. Rep. Jahana Hayes, a Connecticut Democrat who is a co-sponsor of legislation to undo recent SNAP changes, said Rollins is trying to make changes

Complicating things is the U.S. government's earlier shutdown, which delayed reports on the job market and other areas of the economy.

Investment giant Vanguard said its data suggest the U.S. labor market "remains stable but is still soft compared with last year."

Overall hiring numbers are slower on a monthto-month basis. But fewer workers are going after job openings because of weaker immigration and an uptick in retirements, according to Adam Schickling, a senior

U.S. economist at Vanguard. That in turn means hiring doesn't need to be as strong as in the past to keep the unemployment rate steady. In stock markets abroad, indexes moved modestly across much of Europe and Asia.

South Korea's Kospi was an outlier and jumped 1.9% for one of the world's bigger moves. Tech stocks helped lead the way, including rises of 2.6% for Samsung Electronics and 3.7% for chip company SK Hynix.

without transparency — or without a role for Congress — and that she is mischaracterizing the program.

"Individuals who are just trying to buy food, those aren't the ones who are gaming the system in the way that the administration is trying to portray," Hayes said in an interview on Tuesday before Rollins announced her intention.

The impact of states losing administrative funds for SNAP isn't clear. But some advocates have warned that other policies that would shift more administrative costs to states could be so costly that some could drop out of SNAP entirely rather than absorb the extra costs. States cannot tap the money used for benefits to cover administrative costs.

The program is not normally in the political spotlight, but it has been this year.

As part of Trump's big tax and policy bill earlier in the year, work requirements are expanding to include people between the ages of 55 and 64, homeless people and others.

And amid the recent federal government shutdown, the administration planned not to fund the benefits for November. There was a back-and-forth in the courts about whether they could do so, but then the government reopened and benefits resumed before the final word.

In the meantime, some states scrambled to fund benefits on their own and most increased or accelerated money for food banks.

Tip of an iceberg: Hong Kong’s deadly blaze raises anger over corruption and safety lapses

By CHAN HO-HIM AP Business Writer

UNCOMFORTABLE

questions are being raised over who is to blame for Hong Kong's deadliest blaze in decades.

As the territory mourns over the high-rise apartment fire that killed at least 156 people, anger and frustration are mounting over building safety lapses, suspected construction corruption and lax government oversight.

But bigger issues are at play. Some political analysts and observers say the tragedy could be the "tip of an iceberg" in Hong Kong, a city whose skyline is built on high-rise buildings. Suspicions of bid-rigging and use of hazardous construction materials in renovation projects across other housing estates have left many worried the disaster could be repeated.

Police and the city's anti-corruption body have arrested 15 people so far in a wide-ranging probe into a multi-million dollar renovation project at the Wang Fuk Court apartment complex, where the fire broke out on Wednesday. Those detained include scaffolding subcontractors, directors of a construction company and a consultancy.

Officials focus on safety of materials

"The question (one) should be asking, really is that, what happened at Wang Fuk Court, can it happen elsewhere?" said Steve Tsang, director of the SOAS China Institute in London.

Hong Kong officials initially said tests of green netting covering bamboo scaffolding at the housing complex in suburban Tai Po showed that it met fire safety codes, but highly

flammable foam panels used to seal windows during the repairs, aided by strong winds, caused the blaze to spread swiftly between seven of the eight towers in the complex.

But on Monday, Eric Chan, Hong Kong's chief secretary, said that seven of 20 additional samples collected later from the site failed to meet safety standards. Authorities said there was evidence contractors cut costs by using cheaper substandard netting along with standard materials to pad their profits, after a typhoon in July damaged some of the netting originally installed.

Some fire alarms failed to sound when the fire broke out, residents and officials said.

"It did open a Pandora's box," said John Burns, an honorary professor of politics and public

administration at the University of Hong Kong (HKU).

"You've got all of these issues which have been swept under the table," said HKU's Burns. "Because of all that we now know -- or believe we know -- about bid-rigging, collusion, corruption, no fire alarms, government negligence, all of these things have come out."

As a precaution, authorities suspended work on renovations at 28 other projects managed by the same construction company. With residents of high-rises worried, contractors were removing foam boards and netting used to cover scaffolding at other projects.

The netting "is not a one particular estate problem. It's a much wider general problem," said Tsang of SOAS.

Residents raised concerns before the fire Government oversight also has come into question. Residents of Wang Fuk Court had been voicing safety concerns to the authorities about construction materials such as netting used in the renovations, according to documents reviewed by The Associated Press.

The Labor Department said it reviewed netting's product quality certificate and found it "in line" with standards. It also said it had conducted 16 inspections at the complex since last year — most recently about a week before the fire — and had warned contractors repeatedly they had to ensure they met fire safety requirements.

As critics raise questions about government accountability, Hong Kong officials are emphasizing actions

Bulgaria's government withdraws controversial budget after major protests

they have taken against the contractors, and aid provided to the victims.

"The focus of the people's anger is on not so much the kinds of materials used (but the) lack of supervision and oversight from (government) departments," said Willy Lam, a political analyst and senior fellow at The Jamestown Foundation.

Responding to public pressure, the territory's chief executive, John Lee, said Tuesday that an independent committee led by a judge will investigate the fire. He brushed aside a question from a reporter on if he should keep his job.

"Yes, we need a reform. Yes, we have identified failures in different stages. That is exactly why we must act seriously to ensure that all these loopholes are plugged," he said, adding that the "whole building renovation system" will also be reformed to prevent any further such disasters.

Ronny Tong, an adviser to Lee, deflected questions about possible lax enforcement. "Some people have broken the law and they were deliberately trying to deceive authorities. This is not the problem of those who enforce the laws, right?"

Oversight is seen as lacking

Critics say bid-rigging and other collusion, inflated costs and a lack of transparency are common in Hong Kong projects. Multilayered subcontracting chains, which are common for big projects, raise the risks for substandard work and limited oversight, said Jason Poon, a contractor turned activist who has exposed problems at other Hong Kong construction projects.

"This is just the tip of an iceberg," Poon said.

not allow ourselves to be robbed," people chanted at the protest in Sofia.

Banners included slogans like: "Young Bulgaria without the Mafia."

By VESELIN TOSHKOV Associated Press

BULGARIA'S gov-

ernment said Tuesday it is withdrawing a controversial budget proposal after an evening demonstration drew tens of thousands of peaceful participants that was later marred by clashes between a much smaller group of masked men and police.

Opposition and business groups have warned that plans for higher taxes, increased social security contributions and spending increases could hurt investment and expand the shadow economy as the country prepares to join the eurozone at the start of next year. The center-right government of Prime Minister Rosen Zhelyazkov first promised to withdraw the draft for thorough revision after protests last week, but later backtracked, sparking protests in the capital, Sofia, and other major cities on Monday night. Organizers said that 50,000 people rallied in Sofia.

Protesters, many of them young Bulgarians, called for the government to revise the draft budget or step down.

"We will not allow ourselves to be lied to; we will

Bulgarian President Rumen Radev, an opponent of the government who hails from the political left, weighed in on the side of the protesters in a televised address to the nation on Tuesday evening. He said changes were needed that "will lead to the rule of law and the restoration of statehood."

"The government is disgraced. Resignation is urgent. Early elections are the only way forward," Radev said. He urged Bulgarians "not to miss the opportunity to change Bulgaria," while also calling for "unity, will and wisdom to preserve peace from provocations."

Earlier in the day, Prime Minister Zhelyazkov listed several changes that will be made, including a review of the investment program, and did not rule out the possibility of entering 2026 with an extended budget from this year.

"We will do what is necessary to ensure that the budget is consensual," Zhelyazkov said after a government meeting. He said that the government is ready for compromises but would not bow to demands to step down.

Mario Bikarski, senior Eastern and Central Europe

Hong Kong, a former British colony that was handed to Chinese control in 1997, increasingly has cracked down on dissent and criticism of the government, which is deemed politically sensitive.

A sweeping national security law imposed by Beijing in 2020 after a crackdown on massive pro-democracy protests already has effectively eliminated most public dissent. So, Beijing's national security arm in Hong Kong and local officials moved quickly to stifle accusations of government negligence over the deadly blaze.

On Saturday, the organizer of a petition calling for officials to take responsibility for the fire was arrested by national security police, local media including the online media outlet HK01 reported.

The Office for Safeguarding National Security in Hong Kong warned that the city's tough national security law would be imposed against "anti-China" forces who use the fire to "incite hatred against authorities".

The disaster may overshadow an election on Dec. 7 for Hong Kong's Legislative Council if angry voters stay away, said Jean-Pierre Cabestan, a locally-based political scientist and a senior research fellow at Paris's Asia Centre think tank. Turnout for such votes is scrutinized by Beijing as an indicator of approval of the semi-autonomous territory's "patriots-only" governance system.

"The question for the Hong Kong government is: do they care about what the people think?" Burns said. "They absolutely should. (And) if they ignore public opinion, I think, on this issue, this is a huge mistake."

analyst at the risk intelligence company Verisk Maplecroft, predicated that redoing the budget "will be rocky with increased scrutiny from unions, business groups and the public."

"There is broad consensus about the need for fiscal prudence," he added in emailed comments. "However, repeated attempts to increase taxes are likely to inflame social tensions further."

Organizers had urged demonstrators to keep Monday's protest peaceful, warning that provocations were possible and calling on anyone witnessing such acts to record them.

Tensions escalated as small groups of protesters moved to the offices of the main ruling parties and started throwing plastic and glass bottles, firecrackers and stones at the buildings and police officers guarding them.

Clashes erupted between police officers and youth people dressed in black hoodies and masks, while garbage containers were burned and police vehicles were vandalized. Police in full riot gear pepper-sprayed protesters.

Emergency services reported that several injured people were taken to hospitals, while many were examined and provided with assistance on the spot.

"The protest proceeded peacefully, quietly, and calmly, and I congratulate the citizens for that," Sofia police chief, Lyubomir Nikolov, told reporters on Tuesday. He explained that the escalation was caused by individuals who had been organized in advance and added that a total of 71 people has been detained.

The leader of the opposition We Continue the Change party, Assen Vassilev, told reporters on Tuesday that it plans to submit a no-confidence motion in Parliament "if the government does not resign this week."

"This government does not have the moral right to govern the country any longer," he added.

Even if the budget is redone, public concerns about large-scale corruption will keep the government unpopular, particularly with the younger urban electorate.

INDIA MANDATES PRE-INSTALLATION OF GOVERNMENT

CYBER SAFETY APP ON ALL SMARTPHONES

By SHEIKH SAALIQ Associated Press

INDIA'S telecoms ministry has directed smartphone manufacturers to pre-install a government-run cybersecurity app on all new devices, according to a government order, raising concerns of data privacy and user consent in one of the largest handset markets in the world.

The Ministry of Communications' order issued Monday asked smartphone makers to pre-install the government's "Sanchar Saathi" app on all new devices within 90 days and to prevent users from deleting it. The order also requires manufacturers to push the app onto older models through a software update, extending the

mandate beyond phones available in the market.

The ministry said the app, which is available to India's 1.2 billion smartphone users, was essential in "curbing misuse of telecom resources for cyber frauds and ensuring telecom cyber security." But privacy advocates say the order marks an effort to erode user privacy and consent.

"This is the beginning. It is government testing the waters," said Nikhil Pahwa, a digital policy expert and founder of the tech site MediaNama. "Once a government app is forcibly pre-installed on our devices, what's to stop them from pushing future apps that could be used for surveillance?"

Amid growing criticism, India's telecom minister, Jyotiraditya M. Scindia, on

Tuesday called the app a "voluntary and democratic system" and said users can choose to activate it and "easily delete it from their phone at any time."

Scindia did not clarify Monday's directive

instructing smartphone manufacturers to ensure the app's "functionalities are not disabled or restricted."

The "Sanchar Saathi" app, which was released in January, was designed to let users block and track lost or stolen phones and

Trump says he's rebuilding Dulles airport while his administration is fixing the 'people movers'

By SEUNG MIN KIM

Associated Press

PRESIDENT Donald Trump said Tuesday that his administration will embark on a reconstruction of Dulles International Airport in northern Virginia.

"We're also going to rebuild Dulles airport because it's not a good airport," Trump said during a meeting of his Cabinet members at the White

House. "It should be a great airport, and it's not a good airport at all. It's a terrible airport." Dulles is one of the three Washington-area airports and its quality is a hotly-debated topic among Washingtonians.

Trump, a former real estate mogul, said the Dulles building was "incorrectly designed." He nonetheless praised Eero Saarinen, the Finnish-American architect

NOTICE International Business Companies Act (No. 45 of 2000)

Blue Nirvana Ltd.

Registration Number: 168530 B (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000) Blue Nirvana Ltd. commenced voluntary liquidation on the 3rd day of December, 2025.

Any person having any claim against Blue Nirvana Ltd. is required on or before the 17th day of December, 2025 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the bene t of any distribution made before such claim is approved.

GSO Corporate Services Ltd. of 303 Shirley Street, P.O. Box N-492, Nassau, The Bahamas is the Liquidator of Blue Nirvana Ltd.

GSO Corporate Services Ltd. Liquidator

NOTICE

Brain Tech Overseas ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 201722 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 28th day of November A.D. 2025.

who designed the main terminal at Dulles.

"We're going to turn that around and we're going to make Dulles airport -serving Washington and Virginia, Maryland, etc. -we're gonna make that into something really spectacular. We have an amazing plan for it."

His motorcade took an unannounced drive through Dulles in early November.

At the time, the White House said Trump wanted to take the detour to the airport to assess potential future projects.

During Tuesday's Cabinet meeting, Transportation Secretary Sean Duffy singled out the controversial "people movers" that ferry travelers in between concourses. One of the vehicles, which are also called "mobile lounges," crashed

NOTICE GADA INC.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 211089 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 2nd day of December A.D. 2025.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Mafra, whose address is Luiz Bruns 225, Santa Rita, CEP: 88352-185, Brusque, SC, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 31st day of December A.D. 2025 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 2nd day of December A.D. 2025. ASSIS MAFRA LIQUIDATOR

to identify and shut down fraudulent mobile connections. Since its launch, it has drawn more than 5 million downloads and helped recover more than 700,000 lost devices, according to government data.

Pahwa said the main concern is that the app's role could eventually expand, giving authorities greater ability to "access device status." He said the order also removes user consent as a choice.

"Phones are our personal spaces. We have a choice to have what we want on them. Here the government is taking away that choice," he said.

in November. Still, some experts questioned the substance of Trump's Dulles remarks.

Sheldon H. Jacobson, an airport security and aviation infrastructure expert whose research contributed to the design of TSA PreCheck, called the president's announcement a "head-scratcher," noting it comes amid substantial modernization work already underway at Dulles, including a new 14-gate concourse set to open next year that will give passengers direct access to its AeroTrain system.

The order is also expected to face resistance from smartphone companies like U.S.-based Apple, whose internal policies prohibit preinstalling thirdparty apps on its devices, including those developed by governments. It also comes as several governments take similar steps.

In Russia, authorities have recently promoted the MAX messaging service, which must be pre-installed on all smartphones. Critics say the platform functions as a surveillance tool, noting that MAX openly states it will provide user data to officials upon request.

"I can think of a lot higher priorities right now," he said, pointing to the long-needed updates to the nation's aging air traffic control equipment. Trump said Tuesday that his administration was also working on modernizing the air traffic control system. Jacobson said the airport's continued reliance on people movers remains a "glaring weakness," but added that "there are a lot of things actually in very good shape at Dulles right now," including the AeroTrain.

NOTICE MONARK INVESTMENT ENTERPRISES, INC. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MONARK INVESTMENT ENTERPRISES, INC. is in dissolution as of November 25, 2025.

Miguel A. Coello situated at 5 Woodland Rd. –Skyline Heights – Nassau, The Bahamas is the Liquidator.

LIQUIDATOR

NOTICE GZ Global Investments Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 1502329 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 28th day of November A.D. 2025. GIORDANA GIURIATO LIQUIDATOR

STARBUCKS TO PAY $35M TO NYC WORKERS IN SETTLEMENT AS ONGOING STRIKE DRAWS POLS TO PICKET LINE

By JENNIFER PELTZ Associated Press

STARBUCKS will pay about $35 million to more than 15,000 New York City workers to settle claims it denied them stable schedules and arbitrarily cut their hours, city officials announced Monday, hours before Mayor-elect Zohran Mamdani and U.S. Sen. Bernie Sanders visited striking baristas on a picket line.

The development came amid a continuing strike by Starbucks' union that began last month at dozens of locations around the country.

The workers want better hours and increased staffing, and they are angry that Starbucks hasn't agreed on a contract nearly four years after workers voted to unionize at a Buffalo store.

Union votes at other locations followed, and about 550 of Starbucks' 10,000 company-owned stores are now unionized. The coffee giant also has around 7,000 licensed locations at airports, grocery stores and other locales.

Workers and the company dispute the extent and impact of the strike, but Mamdani, Sanders and some state and city officials sought to amplify the baristas' message by mingling with scores of strikers and supporters outside a Starbucks shop in Brooklyn. "These are not demands of greed — these are demands of decency," Mamdani, a democratic socialist who ran on pledges to aid working-class people, told the crowd. Some workers carried giant mock-ups of Starbucks takeout cups, bearing the union's logo instead of the coffee chain's insignia.

Four years after the first shop's union vote, "Starbucks has refused to sit down and negotiate a fair contract," said Sanders, a Vermont independent who supported Mamdani's campaign.

Starbucks spokesperson Jaci Anderson said the company was "ready to talk when the union is ready to return to negotiations." While the union picketed, Starbucks "focused on continuing to offer the best job

in retail," where more than 1 million applicants seek jobs annually, Anderson said in a statement.

"The facts speak for themselves," she said.

Striking baristas described a harried workplace with chronic short-staffing, online orders so complex that the ticket is sometimes longer than the cup, and last-minute calls to come in.

"It is the company's issue to give us the labor amount to schedule partners fairly, and they are not scheduling us fairly, no matter how much money we are making them," said Gabriel Pierre, 26, a shift supervisor at a store in suburban Bellmore.

Starbucks has been trying to bounce back from a period of lagging sales as inflation-conscious U.S. customers questioned whether its coffee concoctions were worth the money. The Seattle-based company recently reported the first increase in nearly two years in samestore sales — a term for sales at locations open at least a year — but restructuring costs, store redesigns and other changes took

a bite out of profits in its July-September quarter.

Under the agreement announced Monday with New York City's Department of Consumer and Worker Protection, Starbucks will pay $3.4 million in civil penalties, in addition to the $35 million it is paying workers. The company also agreed to comply with the city's Fair Workweek law going forward.

The company said it's committed to operating responsibly and complying with all applicable local laws and regulations everywhere it does business, but Starbucks also noted the complexities of the city's law.

AI’s impact could worsen gaps between world’s rich and poor, a UN report says

By ELAINE KURTENBACH

AP Business Writer

BEHIND the hoopla over the promise of artificial intelligence lay difficult realities, including how such technology might affect people already disadvantaged in a data-driven world.

A new report by the United Nations Development Program notes most of the gains from AI are likely to be reaped by wealthy nations unless steps are taken to use its power to help close gaps in access to basic needs, as well as such advanced know-how.

The report released Tuesday likens the situation to the "Great Divergence" of the industrial revolution, when many Western countries saw rapid modernization while others fell behind.

Questions over how companies and other institutions will use AI are a near universal concern given its potential to change or replace some jobs done by people with computers and robots.

But while much of the attention devoted to AI

focuses on productivity, competitiveness and growth, the more important question is what it will mean for human lives, the authors note.

"We tend to overemphasize the role of technology," said Michael Muthukrishna of the London School of Economics, the report's main author, told reporters. "We need to ensure it's not technology first, but it's people first," he said, speaking by video at the report's launch in Bangkok.

The risk of exclusion is an issue for communities where most people are still struggling to access skills, electric power and internet connectivity, for older people, for people displaced by war, civil conflict and climate disasters. At the same time, such people may be "invisible" in data that will not take them into account, the report said.

"As a general-purpose technology, AI can lift productivity, spark new industries, and help latecomers catch up," the report says.

Better advice on farming, analysis of X-rays within seconds and faster medical diagnoses, more

NOTICE

NOTICE is hereby given that DWAYNE RICORDO FORBES  of Sandilands Village Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of November 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of December 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

effective weather forecasts and damage assessments hold promise for rural communities and areas prone to natural disasters.

"AI systems that analyze poverty, health, and disaster risks enable faster, fairer, and more transparent decisions, turning data into continuous learning and public value," it says.

Still, even in wealthy nations like the United States, the potential for data centers to devour too large a share of electricity and water has raised concerns. Ramping up power generation to meet higher demand may hinder progress in limiting the emissions of carbon from burning fossil fuels that contribute to global warming, while also causing health hazards.

The technology raises ethical, privacy and cybersecurity concerns: researchers have found hackers using AI to automate portions of cyberattacks. There also is the problem of deepfakes that can misinform or facilitate criminal activity.

Asian nations including China, Japan, South Korea and Singapore are well placed to take advantage of AI tools, the report

notes, while places like Afghanistan, the Maldives and Myanmar lack skills, reliable power and other resources needed to tap into the computing potential of AI. Inequalities between regions within countries mean some places even in advanced economies are prone to be left behind.

About a quarter of the Asia-Pacific region lacks online access, the report says.

If such gaps are not closed, many millions may be excluded from the kinds of devices, digital payment systems, digital IDs and education and skills that are required to participate fully in the global economy, falling further behind, said Philip Schellekens, the UNDP's chief economist for the Asia Pacific.

Other risks include misinformation and disinformation, surveillance that violates rights to privacy and systems that can act as "black boxes," reinforcing biases against minorities or other groups. So transparency and effective regulations are crucial guardrails for ensuring AI is used in fair and accountable ways, he said.

NOTICE

NOTICE is hereby given that KASIAN MARIE CAMPBELL of P. O. Box N-8739, St. Albans Drive and Laird Street off Market Street and Blue Hill Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of November, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that NAROME RUFFIN of Winton Meadows, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from

"This is notoriously challenging to manage," Anderson said.

Most of the affected employees who held hourly positions will receive $50 for each week worked from July 2021 through July 2024, the department said. Workers who experienced a violation after that may be eligible for compensation by filing a complaint with the department.

"I sure hope that it gives Starbucks an awakening," said Kaari Harsila, 21, a Brooklyn store shift supervisor who was picketing Monday. The settlement also guarantees that employees laid off during recent store closings in the city will get an opportunity for

reinstatement at other Starbucks locations.

The city began investigating in 2022 after receiving dozens of worker complaints against several Starbucks locations. The investigation eventually expanded to hundreds of stores. The city said the probe found, among other things, that most Starbucks employees never got regular schedules, making it difficult for staffers to plan other commitments, such as child care, education or other jobs.

The company also denied workers the chance to pick up extra shifts, so they remained part-timers even when they wanted to work more, according to the city.

OPENAI CEO SAM ALTMAN DECLARES ‘CODE RED’ TO IMPROVE CHATGPT AMID RISING COMPETITION

SAN FRANCISCO

Associated Press

OPENAI CEO Sam Altman has set off a "code red" alert to employees to improve its flagship product, ChatGPT, and delay other product developments, according to The Wall Street Journal. The newspaper reported that Altman sent an internal memo to staff Monday saying more work was needed to enhance the artificial intelligence chatbot's speed, reliability and personalization features.

This week marks three years since OpenAI first released ChatGPT, sparking global fascination and a commercial boom in generative AI technology and giving the San Francisco-based startup an early lead. But the company faces increased competition with rivals, including Google, which last month unleashed Gemini 3, the latest version of its own AI assistant. OpenAI didn't immediately respond to a request

for comment Tuesday. Tech news outlet The Information also reported on the memo. Altman said this fall that ChatGPT now has more than 800 million weekly users. But the company, valued at $500 billion, doesn't make a profit and has committed more than $1 trillion in financial obligations to the cloud computing providers and chipmakers it relies on to power its AI systems. The risk that OpenAI won't make enough money to fulfill the expectations of backers like Oracle and Nvidia has amplified investor concerns about an AI bubble.

Nick Turley, an OpenAI vice president and its head of ChatGPT, posted on social media Monday that online search is one of the product's biggest areas of opportunity as the company focuses on making ChatGPT more capable and "even more intuitive and personal."

NOTICE

NOTICE is hereby given that FEDILIN JEANVILLE of George Town, Exuma, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of November, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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MICHAEL AND SUSAN DELL DONATE $6.25 BILLION TO ENCOURAGE FAMILIES TO CLAIM 'TRUMP ACCOUNTS'

By THALIA BEATY Associated Press BILLIONAIRES

Michael and Susan Dell pledged $6.25 billion Tuesday to provide 25 million American children 10 and under an incentive to claim the new investment accounts for children created as part of President Donald Trump's tax and spending legislation.

The historic gift has little precedent, with few single charitable commitments in the past 25 years exceeding $1 billion. Announced on GivingTuesday, the Dells believe it's the largest single private commitment made to U.S. children.

Its structure is also unusual. Essentially, it builds on the " Trump Accounts " program, where the U.S. Department of the Treasury will deposit $1,000 into investment accounts it sets up for American children born between Jan. 1, 2025 and Dec. 31, 2028.

The Dells' gift will use the "Trump Accounts" infrastructure to give $250 to each qualified child under 11.

"We believe that if every child can see a future worth saving for, this program will build something far greater than an account. It will build hope and opportunity and prosperity for generations to come," said Michael Dell, the founder and CEO of Dell Technologies whose estimated net worth is $148 billion, according to Forbes.

Though the "Trump Accounts" became law as part of the president's signature legislation in July, the Dells say the accounts will not launch until July 4, 2026. Michael Dell said they wanted to mark the 250th anniversary of U.S. independence.

"We want these kids to know that not only do their families care, but their communities care, their government, their country

"We believe that if every child can see a future worth saving for, this program will build something far greater than an account. It will build hope and opportunity and prosperity for generations to come.”

Michael Dell

cares about them," Susan Dell told The Associated Press.

Under the new law, "Trump Accounts" are available to any American child under 18 with a Social Security number. Account contributions must be invested in an index fund that tracks the overall stock market. When the children turn 18, they can withdraw the funds to put toward their education, to buy a home or to start a business.

The Dells will put money into the accounts of children 10 and younger who live in ZIP codes with a median family income of $150,000 or less and who

won't get the $1,000 seed money from the Treasury. Because federal law allows outside donors to target gifts by geography, the Dells said using ZIP codes was "was the clearest way to ensure the contribution reaches the greatest number of children who would benefit most."

The Dells hope their gift will encourage families to claim the accounts and deposit more money into it, even small amounts, so it will grow over time along with the stock market.

There is a political benefit for Trump and fellow Republicans. The accounts will become available in the

midst of a midterm election, providing money to millions of voters — and a campaign talking point to GOP candidates — at a critical time politically. The $1,000 deposits are slated to end just after the 2028 presidential election.

At the White House on Tuesday, Trump praised the Dells saying their gift was, "truly one of the most generous acts in the history of our country."

Trump said many companies and many of his friends would also be donating, adding "I'll be doing it, too."

Brad Gerstner, a venture capitalist, who championed this legislation, said the accounts will give all children renewed hope in the American dream.

"It's hard to give effective dollars away at scale, particularly to the country's neediest kids in a way that you have confidence that those dollars are going to compound with the upside of the U.S. economy," said Gerstner, who is also the founder of Invest America Charitable Foundation,

is supporting the Treasury in launching the accounts.

"Fundamentally, we need to include everybody in the upside of the American experiment. Otherwise, it won't last. And so, at its core, we think it can re-energize people's belief in free market, capitalist democracy,"" Gerstner said of the accounts.

About 58% of U.S. households held stocks or bonds in 2022, according to the U.S. Securities and Exchange Commission, though the wealthiest 1% owned almost half the value of stocks in that same year and the bottom 50% owned about 1% of stocks.

In 2024, about 13% of children and young people in the U.S. lived in poverty, according to the Annie E. Casey Foundation, and experts link the high child poverty rates to the lack of social supports for new parents, like paid parental leave.

While the funds in the Trump Accounts may help young adults whose families or employers can contribute to them over time, they won't immediately help to diminish childhood poverty. Cuts to Medicaid, food stamps and child care that were also included in the spending package are likely to reduce the support children from low-income families receive.

Ray Boshara, senior policy adviser with both

the Aspen Institute and Washington University in St. Louis, said he is excited about the idea that the Trump Accounts will be able to receive contributions from the business, philanthropic and governmental sectors.

"We would like to see this idea continue and get better over time, just like any big policy,' said Boshara, who co-edited the book "The Future of Building Wealth." "The ACA, Social Security – they start off fairly flawed, but get much better and more progressive and inclusive over time. And that's how we think about Trump Accounts. It's a down payment on a big idea that deserves to be improved and there's bipartisan interest in improving them."

Through the Michael & Susan Dell Foundation, the Dell's have reported giving $2.9 billion since 1999, with a large focus on education.

Michael Dell said they had not initially envisioned committing so much to boost the child investment accounts, but Susan Dell said that changed over time.

"We're thrilled to be spearheading this in the philanthropy sector and are so excited because we know that more people are going to jump on board because really, we can't think of a better idea and better way to help America's children," she said.

By PAUL WISEMAN AP Economics Writer

THE world economy has proven surprisingly durable in the face of President Donald Trump's trade wars, the Organization for Economic Cooperation and Development said Tuesday, upgrading its outlook for global and U.S. economic growth this year.

The 38-country OECD now forecasts that the world economy will grow 3.2% this year, down a tick from 3.3% in 2024 but an improvement on the 2.9% it had predicted for 2025 back in June. The organization, which does economic research and promotes international trade and prosperity, expects global growth to slow to 2.9% next year. The OECD also raised its forecast for U.S. growth this year – to 2%, up from the 1.6% it had forecast in June.

Still, even with the upgrade, the American economy –the world's largest -- would have grown considerably more slowly than it did in 2024 (2.8%).

Since returning to the White House in January, Trump has overhauled U.S. trade policy, imposing taxes on imports to build a protectionist wall around the previously open American economy.

"The global economy has been resilient this year, despite concerns about a sharper slowdown in the wake of higher trade barriers and significant policy uncertainty," OECD Secretary-General Mathias Cormann wrote in a commentary accompanying the forecasts. Still, he added: "We expect higher tariffs to gradually feed through to higher prices, reducing growth in household consumption and business investment.''

The OECD expects China, the world's No. 2 economy, to grow 5% this year, same as in 2024. It sees the 20 economies that share the euro currency collectively expanding 1.3% in 2025, lackluster but up from 0.8% in 2024.

India, which has supplanted China as the world's fastest-growing major economy, is expected to generate 6.7% growth this year, up from 6.5% in 2024.

The trade barriers were widely expected to slow growth and push up costs. But his tariffs have come in lower than the ones he threatened to impose in the spring. Many companies beat the levies by importing foreign goods into the United States before they took effect. And the U.S. and world economies are getting a boost from massive investments in artificial intelligence.

EDMUNDS COMPARES THE NEW CADILLAC OPTIQ AND AUDI Q4 E-TRON

By MICHAEL CANTU Associated Press/Edmunds

THERE are many luxury electric SUVs to choose from, but they are often out of reach financially for most buyers. This is especially true now that the $7,500 federal tax credit has been eliminated. But there are some options if you're working with a modest luxury budget. Two of the most compelling are the Audi Q4 E-tron and Cadillac Optiq. Audi introduced its Q4 E-tron back for the 2022 model year. It's a bit smaller than the brand's gas-powered Q5 but is still plenty practical. It also receives some updates for 2025, including a new base version with increased range and power, as well as more standard equipment. Cadillac, for its part, has been expanding its lineup of electric SUVs. Its new Optiq is stylish and powerful, and it's the least expensive electric Caddy you can buy. So which small SUV is the better option?

The car experts at Edmunds

compare the Q4 E-tron and Optiq to find out.

Range and power

The Optiq's single-motor rear-wheel-drive model offers the most range in this comparison: an EPA-estimated 317 miles. The dual-motor all-wheeldrive model's range drops slightly to 303 miles. The Q4 E-tron's range tops out at 288 miles with the single-motor rear-wheel-drive model and drops to a somewhat disappointing 258 miles in the dual-motor allwheel-drive model.

The 2026 Optiq is also more powerful than the Q4 E-tron. It makes 315 horsepower in its single-motor configuration or a stout 440 horsepower with dual motors. The Q4 E-tron is hardly slow, but it nonetheless trails with its 282 horsepower for the single-motor version or 335 horsepower with dual motors.

Winner: Optiq

Tech features and interior comfort

Cadillac equips the Optiq with an extensive array

of standard tech features, including a massive 33-inch display screen, a 19-speaker premium audio system, Cadillac's Super Cruise hands-free highway driving system, and a Google Built-In infotainment system with Google Maps navigation. Many advanced driver aids, including a 360degree camera system, are also standard. Unfortunately, Apple CarPlay and Android Auto smartphone integration, which makes it easy to use your phone's apps and functions fully, isn't offered.

The Q4 E-tron's standard features aren't as impressive, but they cover the basics with a package of advanced driver aids, a digital instrument panel and a smallish center touchscreen. You do get Apple CarPlay and Android Auto, which connect wirelessly for added convenience.

To get some features that are standard on the Optiq, you'll have to pay extra for them in the Audi. Audi doesn't offer a hands-free driving system either.

The Optiq's slightly larger cabin provides a

little more passenger room in both rows, and its front seats are more comfortable. Heated and ventilated front seats with a massaging function are optional on the Optiq, but the Q4 E-tron surprisingly only offers heated seats. The Cadillac also boasts a more comfortable ride over bumps than the Audi.

Winner: Optiq Utility

The Optiq's larger cabin delivers more cargo space, too. The Caddy provides 26 cubic feet of space with the rear seats up and 57 cubic feet with them down. The Q4 E-tron has 24.8 cubic feet of space behind the rear seats and 53.1 cubes with the rear seats folded down. Neither electric SUV has a front trunk, but the Optiq has a small underfloor storage area in the cargo area. When it comes to small items, both SUVs offer an adequate amount of small storage areas, including a sizable area in front of the center console. But the Q4 E-tron is the winner in towing thanks to its 2,650-pound max rating,

which tops the Optiq's 1,500-pound rating. Winner: tie

Pricing and value

The 2026 Cadillac Optiq has a starting price of $52,395, which is among the lowest you'll find for a luxury electric SUV. The top Premium Sport trim, which adds more features, is only about $3,000 more.

Considering the Optiq's mile-long list of standard features, lengthy driving range and upscale interior, it boasts great value.

The 2025 Audi Q4 E-tron has a starting price of $51,095. The top Premium Plus trim adds about

$4,500 more. Although it starts slightly lower, the Q4 E-tron doesn't match the Optiq's value because it offers significantly fewer standard features, less comfort and a shorter driving range. We also noticed more low-budget interior panels and materials in the Audi.

Winner: Optiq Edmunds says

The clear winner here is the Cadillac Optiq. We still like the Q4 E-tron for its elegant interior and excellent tech features, but it was simply outmatched by the Caddy's robust value, superior comfort and longer driving range.

MARINE FORECAST

A look at the Thanksgiving shopping weekend and what's next

By ANNE D'INNOCENZIO AP Retail Writer

THE nation's shoppers may feel gloomy about the economy, but they certainly were in the mood to shop over the five-day Thanksgiving weekend that wrapped up on Cyber Monday.

As Wall Street analysts and retailers sift through the data from the weekend

— the unofficial start to the season and a good barometer of shoppers' financial health and the strength of the economy — the figures show that shoppers went online and in stores to scour for deals on everything from TVs to clothing. But all that economic uncertainty did affect spending.

Shoppers were very focused and selective, some malls reported.

Of course, the weekend looks a lot different from 15 years ago, when shoppers camped out in the wee hours of the morning and fought in store aisles for doorbusters like TVs.

Shoppers are still heading to stores, but the biggest growth is online, which now accounts for 30% of total holiday sales. That's up from 15% in 2012, according to the National Retail Federation, the nation's largest retail trade group.

Adobe Analytics reported Tuesday that so-called Cyber Week — the five-day period from Thanksgiving to Cyber Monday — brought in $44.2 billion online overall, up 7.7% year-over-year, bolstered by record spending online during Black Friday.

On Cyber Monday, consumers spent $14.25 billion, up 7.1% and making it again the year's biggest online shopping day.

National Retail Federation's CEO Matt Shay said Tuesday that shoppers wall off the winter holidays from all the economic noise, building a moat around the season.

"The holidays is really very much an emotional purchase," Shay said. "Families plan for it. They invest in it. And as a component of the holidays, the fiveday Thanksgiving weekend is really the psychological kickoff of the holidays."

Based on the group's survey of shoppers from the weekend, Shay called the period a "very solid beginning" to the holiday season. The group still expects sales over November and December of between $1.01 trillion and $1.02 trillion. That would be up 3.7% to 4.2% more than last year. Here's a look at the data, the discounts, and what's next for retailers among other issues:

The latest data shows record traffic

Software company Salesforce reported that for Cyber Week — it measures from Nov. 25 through Monday — global online sales increased to $336.6 billion, up 7% compared with the year-ago period. U.S. online sales increased to $79.6 billion, up 5% year for that week, compared with the year-ago period.

The Mall of America in Bloomington, Minnesota, reported on Tuesday that more than 235,000 people visited the iconic center on Black Friday, making it the busiest Black Friday on record in the mall's history. The traffic number was up 8.5% compared with the same day on 2024 and nearly 2% above pre-pandemic 2019, the mall said.

Mastercard SpendingPulse, which tracks in-person and online spending, reported Saturday that overall Black Friday

sales excluding automotive rose 4.1% from a year ago. The retail sales indicator, not adjusted for inflation, showed online sales jumped by double digits — 10.4% — while in-store purchases inched up 1.7%.

Still, shoppers were laser-focused.

William Lewis, marketing director of Westfield Garden State Plaza in Paramus, New Jersey, noted on Black Friday that, "People are definitely buying." But Lewis noted that shoppers are more targeted and have done their homework ahead of time on social media or store sites.

"They know exactly where they are going," he added.

Discounts were generous, but don't expect them to get better

Ahead of the Thanksgiving weekend, promotions didn't come as early as last year or were more muted,

SHOPPERS wait in lines before they browse through stores at Mall of America for Black Friday deals, Friday, Nov. 28, 2025, in Bloomington, Minn.

according to some malls and analysts. But for the big weekend, retailers ramped up discounting to be in line with last year's sales event, according to Adobe and big malls like Mall of America.

But if shoppers were dilly dallying about buying a specific sweater and waiting for the prices to go down after this weekend, that may not be the best strategy.

Discounts won't improve on many items, and stores came into the season with leaner inventory amid an uncertain economy, analysts said.

Vivek Pandya, Adobe's director of Adobe Digital Insights, noted that prior to the Thanksgiving weekend kickoff, discounts on average ranged from 10% to 17% and then accelerated to an average range of 18% to 30% for the holiday kickoff.

But he expects that retailers will likely pull back from those discounts and will hover a little above what shoppers saw to the run-up of Black Friday. The exception would be poor-selling seasonal items, which need to be sold before Dec. 25, Pandya said.

As for inventory, there were fears of empty shelves when tariff rates ballooned in April, but analysts said stores were able to navigate the vacillating tariff policy, bringing in goods at lower rates.

Nikki Baird, vice president of strategy at Aptos, a retail technology firm which works with fashion clients, noted that, "I think consumers will continue to find the things that they're looking for, but there will be fewer choices."

Some shoppers relied on artificial intelligence tools

Shoppers are using AI tools to track prices or get gift recommendations, though the usage is still modest. On Cyber Monday, AI traffic to U.S. retail sites — measured by shoppers clicking on a link — increased by nearly eightfold, according to Adobe. From Nov. 1 through Dec. 1, AI traffic is up nearly ninefold, it said. The services were used most in categories including video games, appliances, electronics, toys, and personal care products, according to Adobe.

Salesforce reported that across Cyber Week, AI and agents influenced 20% of all orders, accounting for $67 billion in global sales. In the U.S., AI and agents drove 17% of orders, or $13.5 billion in sales. The figure encompasses everything from a ChatGPT query to AI-supplied gift suggestions on a retailer's website. What's next

The Thanksgiving weekend is a key barometer of spending for the season. But with worries of rising prices, will shoppers taper their spending as the season progresses? And what about next year?

Baird said she will be looking at the period between the post-Thanksgiving weekend and the last week before Christmas to see whether spending keeps up.

"I think that will help us answer the question of whether this was a concentration of spending or a trend of spending," she said.