business@tribunemedia.net
Monday, January 5, 2026
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Pintard presses Davis on Grand Bahama delays • Opposition cites rising costs, strained services OPPOSITION Leader • Calls grow for transparency Michael Pintard has renewed calls for the Davis on major deals administration to advance long-delayed development • Healthcare, utilities among projects in Grand Bahama, warning that continued key island concerns uncertainty is undermining By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
confidence and economic prospects on the island. In a statement issued yesterday, Mr Pintard said residents continue to face rising living costs, strained public services and a lack of clarity around major infrastructure commit‑ ments, despite repeated government assurances. He said one of the most significant outstanding issues remains the rede‑ velopment of the Grand Bahama International Airport. “The government prom‑ ised progress on the Grand Bahama International Airport, including the
completion of key phases by 2025. At the start of 2026, not one shovel is in the ground. There’s no clear public accounting of the project’s design, cost, location, or management structure,” Mr Pintard said. Mr Pintard also criti‑ cised the government’s handling of the Grand Lucayan resort redevel‑ opment, arguing that key details have yet to be shared publicly. “This year, the govern‑ ment threw a rally for a Grand Lucayan deal that
none of us still have any details on,” he said. “They staged a demoli‑ tion, but couldn’t find the time to reveal timelines, obligations, or how this project fits into a broader tourism and economic strategy for the island.” He said the Free National Movement believes greater transpar‑ ency is needed around major agreements to ensure residents under‑ stand how such projects will benefit the wider econ‑ omy and workforce.
A GAS station operator is starting the new year with an initiative aimed at high‑ lighting small entrepreneurs through a weekly showcase hosted at his business. Peter Roker, proprietor of Roker’s Gas Station, said the initiative is intended to encourage entrepreneur‑ ship and create growth opportunities for small businesses by giving them a free platform to display their products and services. The event, due to start on January 17, will take place
every Saturday under a tent next to the service station, located at Sir Milo Butler Highway and Faith Avenue. Participation is free of charge, and interested busi‑ ness owners are currently being invited to apply. “Well, essentially, what I would like to achieve is, every Saturday at my gas station, Roker's Gas Station on Sir Milo Butler Highway and Faith Avenue, would be to spotlight an entre‑ preneur, someone who's already doing something that may need encourage‑ ment,” Mr Roker said.
SHOWCASE - See Page B2
Grand Bahama taxi, tour operators see uptick after slow start at Celebration Key By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net BUSINESS activity is showing signs of improve‑ ment for taxi drivers and tour operators in Grand Bahama following an ini‑ tially slow period after the opening of Carnival Cruise Line’s Celebration Key. Industry representatives say while some businesses struggled in the early months as cruise passen‑ gers largely remained at the port, increasing ship traffic and greater coordination are beginning to translate into more movement into the wider community.
Grand Bahama Cham‑ ber of Commerce president Dillon Knowles said the completion of an additional dock at Celebration Key later this year is expected to significantly increase pas‑ senger volumes. “So, by the end of this year, they should be having four ships a day instead of two ships a day enter‑ ing Celebration Key. And they're suggesting that, that should bring about six mil‑ lion passengers a year,” he said. Mr Knowles acknowl‑ edged that many business owners remain cautious about the long-term impact
OPERATORS - See Page B3
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‘Wait and see’ situation over oil prices after US Venezuelan action, warns BPRA • US remains Bahamas’ primary oil supplier • Futures contracts help buffer short-term shocks • Regional markets may feel effects sooner
MICHAEL PINTARD Looking ahead, Mr Pin‑ tard outlined the FNM’s plans to support Grand Bahama’s economic recovery through a mix of large-scale redevelopment and targeted commu‑ nity investment. He said the party intends to con‑ tinue efforts to secure suitable partners for the Grand Lucayan and the airport, while also work‑ ing with entrepreneurs to revive the island’s marina
DELAYS - See Page B2
Gas station operator launches weekly small business showcase By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
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By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net VASCO Bastian, vice‑president of the Baha‑ mas Petroleum Retailers Association (BPRA), said the recent US actions in Venezuela have the poten‑ tial to affect the global oil market, but the precise impact—particularly for the Bahamas—is not expected to be immediate. Speaking to Tribune Business, Mr Bastian described the situation as “wait-and-see,” noting that markets could rally with access to new oil supplies or react poorly.
“The market is definitely going to react, I guess favourably, because there’s the potential—there is more oil to be had. Yeah, so it’s kind of a wait-and-see market. You could tell a lot more tomorrow, when the price of crude oil is posted. Whether it’s going to go up or down, the reaction will not be immediate, but it will come in the very, very near future,” said Mr Bastian Mr Bastian said regional countries in the Lesser Antilles, such as Barbados and Tobago, could feel the effects of changes in Ven‑ ezuelan oil supply more directly due to their closer
VENEZUELA - See Page B2
PAGE 2, Monday, January 5, 2026
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John Rolle reappointed Central Bank governor BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net JOHN A Rolle has been reappointed Governor of the Central Bank of The Bahamas for a two-year
term, which began on January 1. Mr Rolle first assumed the role on January 1, 2016 and was reappointed for a further five-year term on January 1, 2021. A career central banker, he joined the Central Bank
in 1990 and progressed through the ranks of the Research Department. From 2009 to 2012, he was seconded to the International Monetary Fund as a member of the Executive Board and senior adviser to the Executive Director
for Canada, Ireland and the Caribbean. He later served as Financial Secretary in the Ministry of Finance from 2013 to 2015, before returning to the Central Bank. Mr Rolle holds graduate degrees in economics from
Grand Bahama projects lag amid government silence
Retailers say Bahamas oil supply secure
DELAYS - from page B1
VENEZUELA - from page B1
and yachting sector and develop tourism-related businesses that can benefit from cruise and stopover visitors. He said the FNM’s wider agenda for Grand Bahama also includes resolving long-standing issues around utility regulation, completing the Marco City tech hub and commencing classes, attracting new private investment, and advancing environmental by-laws that have remained outstanding. He added that the party plans to work with local authorities, developers and residents to improve roads and utilities in underserved communities, expand parks and community spaces, retrofit public areas with fruit-bearing trees and gardens, improve sports and recreational facilities, and push for the return of US
pre-clearance at the airport as part of a broader strategy to strengthen economic activity and quality of life on the island. Mr Pintard also highlighted ongoing concerns at Rand Memorial Hospital, saying healthcare infrastructure remains a critical issue for Grand Bahama residents. He said urgent priorities include the provision of diagnostic equipment, completion of long-delayed upgrades, addressing staff shortages and reducing the need for patients to travel to New Providence for basic care. He said the FNM intends to continue pressing the government to meet its outstanding commitments while presenting what he described as a more comprehensive and people-centred approach to development in Grand Bahama.
proximity and the impact could be either positive or negative, depending on how markets react. For the Bahamas, however, Bastian said the situation is different as the nation’s oil is sources directly from US suppliers. “The United States has been the major supplier of oil for the Commonwealth of the Bahamas for more than 100 years. That relationship—the relationship we have with the United States in regards to them supplying us with oil or crude oil to run power plants and all other stuff, I
don’t think that is ever going to change anytime soon. We have excellent relationships with the United States,” said Mr Bastian He said there is no reason for Bahamians to worry about the country’s oil supply as all major suppliers maintain adequate inventories. “There’s never a need for the Bahamas—or anybody—to worry when it comes to oil. We are the closest neighbors to the United States. The United States is our big brother or sister, and they always make sure that we—and all of our tourists, about 90 percent of whom come from North
Saturdays at gas station become hub for startups SHOWCASE - from page B1 “They might need additional financing. They might need just to be recognized, or their product to be showcased to the public. Because a lot of times people have very, very good ideas, but they’re not getting the exposure they need to get.” Mr Roker said the concept is designed to create a consistent space where entrepreneurs can introduce their ideas to the public while building wider awareness of locally produced goods. “So I feel if I could create something every Saturday, I’ll have a tent out by
the service station, and an entrepreneur can come by and show what he or she is doing,” he said. He added that the initiative reflects a broader need to expand entrepreneurial activity across the country. “I think at the end of the day, we could use a lot more people in business in the country,” Mr Roker said. “I am a very curious person, and I look at ideas, I look at what’s out there, and we’re not really taking advantage of what we could be taking advantage of in creating items that we could sell to each other and even exports.” Mr Roker said he hopes the programme will
American University in Washington, DC, and Carleton University in Ottawa, Canada. He has also earned the right to use the Chartered Financial Analyst designation from the CFA Institute. America—are taken care of,” said Mr Bastian “This is a country that we run; there’s never a need for us to worry. All the major suppliers always have adequate inventory to supply the motoring public or other businesses that depend on oil and gas” He also noted that oil and gas for the Bahamas is purchased on the futures market, meaning prices are locked in for one to three months at a time. On Saturday, January 3, 2026, the United States launched a major military operation in Venezuela, targeting key strategic sites across the country. The mission resulted in the capture of Venezuelan President Nicolás Maduro and his wife, Cilia Flores, who were then taken to the United
States to face federal charges in New York. The early‑morning operation came after months of rising tensions between the two countries. It caused temporary disruptions in Caribbean airspace, leading to some flight cancellations, and prompted Venezuela’s vice president, Delcy Rodríguez, to assume the role of acting president. U.S. officials said the operation was intended to oversee a transition in Venezuela, while reactions from other countries included both support and concern over the action’s legality and consequences. Venezuela holds some of the largest proven oil reserves in the world, estimated at more than 300 billion barrels, making it a major player in the global energy market.
encourage Bahamians to consider enterprising opportunities, particularly in areas where materials are currently being discarded. “I would like to see ideas that come from things that we normally waste,” he said. “Due to our ignorance, we are allowing ourselves to be totally wasteful and throwing away things that other countries cherish and make something out of.” While he said such concepts are welcome, Mr Roker stressed that the primary requirements are quality and authenticity. “The requirements would be that you yourself have produced the item, the item makes sense and whatever the item is, it has to be of quality,” he said. “It doesn’t have to be expensive but it has to be done properly. In other
words, not a lackadaisical effort.” He said entrepreneurs will be scheduled on a rotating basis, with efforts made to promote each participant online and through media coverage. “What would happen is we would line up different entrepreneurs and say, this one is next Saturday, this one is next Saturday, and publicize that, put it online and try and give it as much exposure as possible,” he said. “And, of course, you know, invite the press down too, so the press could promote that idea.” Interested entrepreneurs can submit their contact information to a cashier at Roker’s Gas Station or email Mr Roker at conki42@ gmail.com.
THE TRIBUNE
Monday, January 5, 2026, PAGE 3
more ships to call operators have also seen noting that concerns raised Rising cruise traffic brings tosaid.100 persons,” Mr Wallace allowing at the port. improved activity since previously by taxi operators He said increased promoHe said while Cele- before Christmas. have eased. boost to local businesses tion at the port and greater bration Key represents “Business has been much “The government is
OPERATORS - from page B1 of the cruise port, but said early signs suggest potential upside. “So I think that there’s still a lot of apprehension in the community about the potential impact of Celebration Key. I think that we tend to be a community who believes it when we see it. We don’t project very well or have a lot of faith about what can be,” he said. “But if we’re getting six million passengers into Celebration Key every year, even if the passengers only trickle out of Celebration Key, that should be a significant increase over what
we were getting at Freeport Harbour prior to Celebration Key.” Mr Knowles added that discussions involving the Government, the Chamber and Celebration Key operators have played a role in recent improvements. One tour operator reporting an increase in business is Pirate’s Cove Zipline and Water Park. Principal David Wallace said visitor numbers have grown steadily since the port opened. “For us, when it first started, we were scratching to put, with two boats, to put 25 to 30 people in the park. Now we could get up
coordination with Celebration Key staff appear to be contributing factors. “I have no scientific way of proving it, but I know the Government has hired some ambassadors who are up there now, not only selling Pirate’s Cove, but selling all of the other tours, telling the guests about the other tours that are available,” he said. “I did get a call from Celebration Key this morning to confirm if we do ATVs, because they had some guests who were looking for ATVs, and they wanted to recommend some places.” Mr Wallace said expectations are that business will continue to improve once a second dock opens,
a permanent fixture in Grand Bahama’s tourism landscape, ensuring benefits reach a broad range of operators remains a key concern. “And so while we know that Celebration Key is an integral part of Grand Bahama from now on, it’s not going anywhere. Over $600 million have been invested,” Mr Wallace said. “And so in an attempt so that we can all coexist together… how do we now reach and have persons booked to do those tours outside of Carnival, I think will be very valuable to those business operations.” Meanwhile, Grand Bahama Taxi Union president Harold Curry said taxi
better than it was,” Mr Curry said. “Some days the cabs make two runs, some days they make three runs, some days they run out of cars. It’s up and down. It depends on the ship. But it’s doing much better.” Mr Curry said passengers are increasingly realising that there is more to experience beyond Celebration Key. “As people learning the system, now learning there’s not only a Key but an Island, they decide now they could go out and explore,” he said. He added that the Government has been encouraging greater movement beyond the port,
pushing,” Mr Curry said. “They’re pushing the ship and letting them know we need people to not stay on the ground.” He said the union has since decided not to pursue a meeting with Minister of Transport JoBeth Coleby-Davis due to improved conditions. Adding to the increase in activity, the union launched the Easy Port Lucaya Explorer in November, offering guided tours to Port Lucaya. Mr Curry said about four tours are conducted each week, with two buses currently in operation, introduced in time to capture the Thanksgiving and Christmas cruise rush.
Trump's plan to seize and revitalize Venezuela's oil industry faces major hurdles By JOSH FUNK AP Business Writer PRESIDENT Donald Trump's plan to take control of Venezuela's oil industry and ask American companies to revitalize it after capturing President Nicolás Maduro in a raid isn't likely to have a significant immediate impact on oil prices. Venezuela's oil industry is in disrepair after years of neglect and international sanctions, so it could take years and major investments before production can increase dramatically. But some analysts are optimistic that Venezuela could double or triple its current output of about 1.1 million barrels of oil a day to return
to historic levels fairly quickly. "While many are reporting Venezuela's oil infrastructure was unharmed by U.S. military actions, it has been decaying for many many years and will take time to rebuild," said Patrick De Haan, who is the lead petroleum analyst at gasoline price tracker GasBuddy. American oil companies will want a stable regime in the country before they are willing to invest heavily, and the political picture remained uncertain Saturday with Trump saying that the United States is in charge — while the current Venezuelan vice president argued, before Venezuela's high court ordered her to
assume the role of interim president, that Maduro should be restored to power. "But if it seems like the U.S. is successful in running the country for the next 24 hours, I would say there would be a lot of optimism that U.S. energy companies could come in and revitalize the Venezuelan oil industry fairly quickly," said Phil Flynn, a senior market analyst at the Price Futures Group. And if Venezuela can grow into an oil production powerhouse, Flynn said "that could cement lower prices for the longer term" and put more pressure on Russia. Oil isn't traded over the weekend, so there wasn't an
immediate impact on prices. But a major shift in prices isn't expected when the market does reopen. Venezuela is a member of OPEC so its production is already accounted for there. And there is currently a surplus of oil on the global market. Venezuela is known to have the world's largest proven crude oil reserves of approximately 303 billion barrels, according to the U.S. Energy Information Administration. That accounts for roughly 17% of all global oil reserves. So international oil companies have reason to be interested in Venezuela. Exxon Mobil didn't immediately respond to a request for comment Saturday. ConocoPhillips
spokesperson Dennis Nuss said by email that the company "is monitoring developments in Venezuela and their potential implications for global energy supply and stability. It would be premature to speculate on any future business activities or investments." Chevron is the only one with significant operations in Venezuela, where it produces about 250,000 barrels a day. Chevron, which first invested in Venezuela in the 1920s, does business in the country through joint ventures with the state-owned company Petróleos de Venezuela S.A., commonly known as PDVSA. "Chevron remains focused on the safety and
wellbeing of our employees, as well as the integrity of our assets. We continue to operate in full compliance with all relevant laws and regulations," Chevron spokesman Bill Turenne said. But even with those massive reserves, Venezuela has been producing less than 1% of the world's crude oil supply. Corruption, mismanagement and U.S. economic sanctions saw production steadily decline from the 3.5 million barrels per day pumped in 1999 to today's levels. The problem isn't finding the oil. It's a question of the political environment and whether companies can count on the government to live up to their contracts.
Big Tech's fast-expanding plans for data centers are running into stiff community opposition By MARC LEVY Associated Press TECH companies and developers looking to plunge billions of dollars into ever-bigger data centers to power artificial intelligence and cloud computing are increasingly losing fights in communities where people don't want to live next to them, or even near them. Communities across the United States are reading about — and learning from — each other's battles against data center proposals that are fast multiplying in number and size to meet steep demand as developers branch out in search of faster connections to power sources. In many cases, municipal boards are trying to figure out whether energyand water-hungry data centers fit into their zoning framework. Some have entertained waivers or tried to write new ordinances. Some don't have zoning. But as more people hear about a data center coming to their community, oncesleepy municipal board meetings in farming towns and growing suburbs now feature crowded rooms of angry residents pressuring local officials to reject the requests. "Would you want this built in your backyard?" Larry Shank asked supervisors last month in Pennsylvania's East Vincent Township. "Because that's where it's literally going, is in my backyard." Opposition spreads as data centers fan out A growing number of proposals are going down in defeat, sounding alarms across the data center constellation of Big Tech firms, real estate developers, electric utilities, labor unions and more. Andy Cvengros, who helps lead the data center practice at commercial real estate giant JLL, counted seven or eight deals he'd worked on in recent months that saw opponents going door-to-door, handing out shirts or putting signs in people's yards. "It's becoming a huge problem," Cvengros said. Data Center Watch, a project of 10a Labs, an AI security consultancy, said it is seeing a sharp escalation in community, political and regulatory disruptions to data center development.
Between April and June alone, its latest reporting period, it counted 20 proposals valued at $98 billion in 11 states that were blocked or delayed amid local opposition and state-level pushback. That amounts to two-thirds of the projects it was tracking. Some environmental and consumer advocacy groups say they're fielding calls every day, and are working to educate communities on how to protect themselves. "I've been doing this work for 16 years, worked on hundreds of campaigns I'd guess, and this by far is the biggest kind of local pushback I've ever seen here in Indiana," said Bryce Gustafson of the Indianapolis-based Citizens Action Coalition. In Indiana alone, Gustafson counted more than a dozen projects that lost rezoning petitions. Similar concerns across different communities For some people angry over steep increases in electric bills, their patience is thin for data centers that could bring still-higher increases. Losing open space, farmland, forest or rural character is a big concern. So is the damage to quality of life, property values or health by on-site diesel generators kicking on or the constant hum of servers. Others worry that wells and aquifers could run dry. Lawsuits are flying — both ways — over whether local governments violated their own rules. Big Tech firms Microsoft, Google, Amazon and Facebook — which are collectively spending hundreds of billions of dollars on data centers across the globe — didn't answer Associated Press questions about the effect of community pushback. Microsoft, however, has acknowledged the difficulties. In an October securities filing, it listed its operational risks as including "community opposition, local moratoriums, and hyper-local dissent that may impede or delay infrastructure development." Even with high-level support from state and federal governments, the pushback is having an impact. Maxx Kossof, vice president of investment at Chicago-based developer The Missner Group, said developers worried about
losing a zoning fight are considering selling properties once they secure a power source — a highly sought-after commodity that makes a proposal far more viable and valuable. "You might as well take chips off the table," Kossof said. "The thing is you could have power to a site and it's futile because you might not get the zoning. You might not get the community support." Some in the industry are frustrated, saying opponents are spreading falsehoods about data centers — such as polluting water and air — and are difficult to overcome. Still, data center allies say they are urging developers to engage with the public earlier in the process, emphasize economic benefits, sow good will by supporting community initiatives and talk up efforts to conserve water and power and protect ratepayers. "It's definitely a discussion that the industry is having internally about, 'Hey, how do we do a better job of community engagement?'" said Dan Diorio of the Data Center Coalition, a trade association that includes Big Tech firms and developers. Data center opposition dominates local politics Winning over local officials, however, hasn't translated to winning over residents. Developers pulled a project off an October agenda in the Charlotte suburb of Matthews, North Carolina, after Mayor John Higdon said he informed them it faced unanimous defeat. The project would have funded half the city's budget and developers promised environmentally friendly features. But town meetings overflowed, and emails, texts and phone calls were overwhelmingly opposed, "999 to one against," Higdon said. Had council approved it, "every person that voted for it would no longer be
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PEOPLE opposed to a data center proposal at the former Pennhurst state hospital grounds attend an East Vincent Township supervisors meeting, Dec. 17, 2025, in Spring City, Pa. Photo:Marc Levy/AP in office," the mayor said. "That's for sure." In Hermantown, a suburb of Duluth, Minnesota, a proposed data center campus several times larger than the Mall of America is on hold amid challenges over whether the city's environmental review was adequate. Residents found each other through social media and, from there, learned to organize, protest, door-knock and get their message out. They say they felt betrayed and lied to when they discovered that state, county, city and utility
officials knew about the proposal for an entire year before the city — responding to a public records request filed by the Minnesota Center for Environmental Advocacy — released internal emails that confirmed it. "It's the secrecy. The secrecy just drives people crazy," said Jonathan Thornton, a realtor who lives across a road from the site. Documents revealing the extent of the project emerged days before a city rezoning vote in October. Mortenson, which is developing it for a Fortune 50
company that it hasn't named, says it is considering changes based on public feedback and that "more engagement with the community is appropriate." Rebecca Gramdorf found out about it from a Duluth newspaper article, and immediately worried that it would spell the end of her six-acre vegetable farm. She found other opponents online, ordered 100 yard signs and prepared for a struggle. "I don't think this fight is over at all," Gramdorf said.
PAGE 4, Monday, January 5, 2026
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US military operation in Venezuela disrupts Caribbean holiday travel, hundreds of flights canceled By MATT O'BRIEN, JOSH FUNK and AUDREY MCAVOY Associated Press THE U.S. military operation that captured Venezuelan President Nicolás Maduro and flew him out of the country early Saturday also disrupted Caribbean travel at a busy travel time for the region. No airline flights were crossing over Venezuela that day, according to FlightRadar24.com. And major airlines canceled hundreds of flights across the eastern Caribbean region and warned passengers that disruptions could continue for days after the Federal Aviation Administration imposed restrictions. Flights were canceled to and from Puerto Rico, the Virgin Islands, Aruba and more than a dozen other destinations in the Lesser Antilles island group north of Venezuela. Airlines waived change fees for passengers who had to reschedule flights. But U.S. Transportation Secretary Sean Duffy said Saturday night that the restrictions would end at midnight EST and airlines would be able to resume normal operations Sunday. Southwest Airlines said in a statement that it added six extra round-trip flights to Puerto Rico on Sunday's schedule and another eight round-trips on Monday to help get travelers home from their vacations. It also added two additional Sunday flights to Aruba. At the Queen Beatrix airport in Aruba, a popular holiday destination for U.S. vacationers just 15 miles (24 kilometers) off Venezuela's coast, officials said they expected a return to normal Sunday after a day of canceled flights that stranded travelers or blocked them from flying to the island. In Barbados, Prime Minister Mia Mottley said at a news conference that "the consequences of the conflict have been exceedingly disruptive to both of our ports of entry," an airport as well as a seaport from which cruise ships sail.
By The Associated Press
SMOKE rises from Fort Tiuna, the main military garrison in Caracas, Venezuela, after multiple explosions were heard and aircraft swept through the area, Saturday, Jan. 3, 2026. Photo:Matias Delacroix/AP In Puerto Rico, Lou Levine, his wife and their three children were due to return to the Washington, D.C., area Saturday morning, but he woke up to his wife saying their flight was canceled. He found out why when he checked his phone. They first tried calling JetBlue to reschedule. The airline called back about
is fortunate to have a flexible and understanding employer. But his daughter will be missing a week of high school. And then there are the unexpected expenses. "I love it here. But we have dog-sitting and cat-sitting and car rental. It's fine. It's just really painful on the wallet," Levine said.
“The Caribbean is a top destination this time of the year. We do have a lot of people who are trying to get back home this weekend ahead of work and school on Monday.” Aixa Diaz two hours later, but the agent was not able to help them. Levine and his wife saw others messaging JetBlue on social media and did the same. The airline responded and booked them on a flight Saturday, turning their weeklong New Year's holiday into a twoweek sojourn. Levine, a manager at a software company, said he
The Levines hoped to book an earlier trip back if possible. This weekend was already past the peak 13-day holiday period when AAA projected that 122.4 million Americans would travel at least 50 miles (80 kilometers) from home, but there were plenty of travelers still trying to squeeze in some more time
Last year's odd economy in five charts, and what to watch for in 2026 By CHRISTOPHER RUGABER AP Economics Writer THE economy in 2025 was filled with contradictions, as growth was healthy while hiring slowed, inflation stayed elevated and unemployment rose. Last year's odd outcomes raise a host of questions for the upcoming year: Will a growing economy eventually boost the sluggish job market? Or are last year's weak job gains a sign of a stumbling economy that could get worse? There is another uncomfortable possibility: The
Saks CEO steps down as luxury retailer struggles under heavy debt load
economy could keep growing without much hiring, as technology — particularly artificial intelligence — enables more companies to step up their production of goods and services without adding more workers, leading to a "jobless expansion." Adding to the complications, the six-week government shutdown last fall disrupted the collection and publication of economic data, leaving policymakers at the Federal Reserve with a cloudier view of the economy that
will only slowly clear up this year. "2026 begins at a time when it is hard to say how 2025 ended," Stephen Stanley, chief economist at Santander, an investment bank, said in a note to clients. Sharp inequality has also meant that wealthier U.S. households account for a rising share of spending, so that even healthy growth figures mask underlying weaknesses among lower-income families — what many economists refer to as the "K-shaped" economy.
on tropical beaches before heading back to colder temperatures. "The Caribbean is a top destination this time of the year," AAA spokesperson Aixa Diaz said. "We do have a lot of people who are trying to get back home this weekend ahead of work and school on Monday." Diaz said "it's understandable we want to unplug," but travelers should keep track of what's going on and allow airlines to send them phone alerts. An announcement by Luis Muñoz Marín International Airport in San Juan, Puerto Rico, that was posted on the social platform X said restrictions were put in place because of the "security situation related to military activity" in Venezuela. As a result, nearly 60% of all flights to and from that airport were canceled Saturday, according to FlightAware.com. Foreign airlines and military aircraft were not included in the restriction, the statement said. Air Canada said its flights to
the Caribbean were operating normally, though it gave travelers an option to rebook. Another Canadian airline, WestJet, said it canceled Aruba flights "out of an abundance of caution." All major U.S. airlines cancelled flights across the Eastern Caribbean Saturday because of the restrictions and adjusted their schedules. Nearly two dozen island destinations were affected by the cancellations, including Anguilla, Antigua, Curacao, St. Lucia and the U.S. and British Virgin Islands. But destinations farther to the west like the Dominican Republic and Jamaica were generally not affected. New York-based JetBlue said it canceled about 215 flights "due to airspace closures across the Caribbean related to military activity." Dutch airline KLM said it too canceled flights affecting thousands of passengers but planned to resume service Sunday to and from Curacao, Aruba, Bonaire and other islands.
Still, Stanley, like many economists, is somewhat optimistic: He expects that hiring will pick up on the back of stronger growth fueled by large tax refunds early this year, a result of President Donald Trump's tax cut legislation. Companies may also step up hiring because they face much less uncertainty this year from tariffs. This year "could turn out to be a better year," said Federal Reserve governor Christopher Waller last month. "Now whether that pulls the labor market along with it, I certainly hope it does." Here are five charts that illustrate the economy in 2025, and where it may be headed.
Hiring stayed weak and unemployment rose
Growth accelerated after a weak start Surveys suggest Americans have a gloomy outlook on the economy, but that hasn't kept many of them from spending at a healthy clip. Solid consumer spending — likely fueled mostly by higher-income Americans — boosted growth to a 4.3% annual pace in the July-September quarter, a much better than expected showing and the biggest increase in two years. The healthy gain followed two quarters where Trump's tariffs distorted the economy. A surge in imports in the first three months of the year caused the economy to shrink as businesses sought to bring in products from overseas ahead of the duties. Growth likely continued in the final three months of the year, but the government shutdown almost certainly weighed on output, reducing growth by one percentage point, economists forecast.
Even as the economy picked up, hiring did not — in fact job gains weakened after Trump's announcement of sweeping tariffs in early April, which he dubbed "Liberation Day." The economy even shed jobs in June, August, and October. The unemployment rate, meanwhile, rose from 4% in January to 4.6% in November, highest in four years. December's figures will be released Jan. 9. There were several reasons hiring likely slowed: The uncertainty around tariffs, which Trump imposed, then in some cases lowered or removed, or delayed, led many companies to put hiring on hold. Still, layoffs remain low, in what has been a "low-hire, low-fire" job market. At the same time, the ongoing adoption of artificial intelligence may have led many firms to hold off on adding workers, as they sort out what the new technology can do for them. "AI, AI, AI, AI -- that is all I have heard since this summer," Waller said last month, referring to comments he has heard from business executives explaining why they are reluctant to add jobs. Still, there are signs of improvement: Employers cut 105,000 jobs in October, but that was mostly because of a large drop in federal government jobs stemming from the Trump administration's purge of government workers, which didn't formally take effect until that month. Excluding government, businesses added an average of 75,000 jobs a month in the three months ended in November, a significant increase from just 13,000 in
THE top executive of the private company that owns Saks Fifth Avenue and Neiman Marcus is stepping down as it struggles with debt taken on to buy a rival almost two years ago. Saks Global Enterprises said Friday that the departure of CEO Marc Metrick is effective immediately, and that he will be replaced by Executive Chairman Richard Baker. Baker will continue to serve as executive chairman. In addition to debt from Saks' $2.65 billion acquisition of Neiman Marcus in the summer of 2024, the company is facing increasing competition from a fragmenting luxury goods sector. Hudson's Bay Co., the Canadian owner of Saks Fifth Avenue, split off the luxury retailer's e-commerce business, Saks.com in 2021. After acquiring Neiman Marcus three years later, Saks Fifth Avenue changed its name to Saks Global. Saks Global, based in New York City, completed a $600 million notes offering in August in an effort to bolster its liquidity following the Neiman Marcus acquisition. The company is trying to winnow down its heavy debt load with global sales of luxury goods that are expected to contract for the second straight year in 2026. Wealthier customers have rebelled against extravagant price hikes on goods that haven't drummed up much excitement, in addition to growing anxiety about the global economy, according to a new study by Bain & Co. consultancy released in November. Metrick joined Saks Fifth Avenue in 1995 and held a variety of positions at Saks and Hudson's Bay. He was named CEO of Saks Fifth Avenue in 2021 and CEO of Saks Global in 2024. The company said Friday that he is stepping down to pursue new opportunities. the three months ending in August. However, most of the hiring this year has been heavily concentrated in just a few sectors — health care, restaurants and hotels, and government (outside of October). Most large private industries have shed jobs. Inflation remained stubbornly high Even though inflation fell sharply in 2023 and 2024 from a four-decade high, there was little improvement last year. Annual inflation, according to the Federal Reserve's preferred measure, actually ticked higher to 2.8% in September — the latest data available — from 2.7% in December 2024. Elevated costs became a potent political issue in races as diverse as governors' contests in Virginia and New Jersey and New York City's mayoral race. All were won by Democrats as Trump found himself grappling with issues of "affordability," which he referred to as a "hoax." Inflation cooled in November, according to the more widely-followed consumer price index, though economists said the figures were distorted by the government shutdown. Prices were mostly collected in the second half of November, after the shutdown ended, when holiday discounts were more likely to be in effect. Some economists worry inflation will worsen in early 2026, as companies implement annual price changes and pass through more tariff costs. But most expect inflation will continue to slowly cool in 2026 and move closer to the Fed's 2% target.
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Monday, January 5, 2026, PAGE 5
Wall Street edges higher in a wobbly start to 2026 By DAMIAN J. TROISE AP Business Writer U.S. stocks eked out small gains on Wall Street Friday in a wobbly day of trading to kick off the new year. Markets were mostly quiet on the first trading day of 2026, with the influential technology sector driving much of the up-anddown action. The mostly minor moves also cap off a tepid and holiday-shortened week. Markets were closed on Thursday for New Year's day. The S&P 500 rose 12.97 points, or 0.2%, to 6,858.47. The benchmark index is coming off a gain of more than 16% in 2025. The Dow Jones Industrial Average rose 319.10 points, or 0.7%, to 48,382.39. The Nasdaq composite fell 6.36 points, or less than 0.1%, to 23,235.63. The index was weighed down by losses for Microsoft and Tesla. Foreign markets fared better and benchmarks in Britain and South Korea hit records.
Technology stocks steered the market, especially companies with a focus on artificial intelligence, continuing the trend that pushed the broader market to records in 2025. Nvidia jumped 1.3% and was the biggest force trying to push the market higher. But a 2.2% fall for Microsoft helped to check those gains. Tesla also weighed on markets with a 2.6% drop after after reporting falling sales for a second year in a row. Nvidia, Microsoft and Tesla are among the most valuable companies in the world and their outsized valuations give them more influence on the stock market's direction. That includes sometimes pushing the market up and down from hour to hour. Technology companies have been a major focus because of advancements in artificial intelligence technology and the potential for growth within the sector. Wall Street has been betting that demand for computer
chips and other items needed for data centers will help justify the big investments from technology companies and their pricey stock values. Furniture companies gained ground following President Donald Trump's move to delay increased tariffs on upholstered furniture. RH rose 8% and Wayfair rose 6.1%. E-commerce giant Alibaba climbed 4.3% and Baidu, maker of the Ernie chatbot, jumped 9.4% in Hong Kong after it said it plans to spin off its AI computer chip unit Kunlunxin, which would list shares in Hong Kong early in 2027. The plan is subject to regulatory approvals. Crude oil prices were mostly stable. Prices for U.S. crude oil fell 0.2% to $57.32 per barrel. The price of Brent crude, the international standard, fell 0.2% to $60.75 per barrel. The price of gold fell 0.3%. Treasury yields held steady in the bond market. The yield on the 10-year
TRADER Fred Demarco works on the floor of the New York Stock Exchange, Friday, Jan. 2, 2026. Photo:Richard Drew/AP Treasury rose to 4.19% from 4.17% late Wednesday. The yield on the two-year Treasury, which moves more closely with expectations for what the Federal Reserve will do, held at 3.48% from late Wednesday. Wall Street will move past the mostly quiet holiday season starting Monday. The first full week of the new year will include several closely watched economic updates. They will also be some of the last big updates the Fed sees before its next meeting at the end of January.
Next week will feature private reports on the status of the services sector, which is the largest part of the U.S. economy, along with consumer sentiment. Government reports on the job market will also be released. The hope is they'll help paint a clearer picture of how various parts of the U.S. economy closed out 2025 and where it might be headed in 2026. The Fed has had a more difficult task because of the complex shifts within the economy. It cut interest rates three times toward the end of 2025, partly to
help counter a weakening jobs market. But inflation remains above its target rate of 2% and cutting interest rates could add more fuel to rising prices. Consumers have already expressed more caution amid the squeeze from stubborn inflation and the U.S. trade war with much of the world has added more uncertainty. The Fed has already signaled concern and caution. Wall Street is betting that the central bank will hold its benchmark interest rate steady at its January meeting.
Tesla loses title as world's biggest electric vehicle maker as sales fall for second year in a row By PAUL HARLOFF and BERNARD CONDON Associated Press TESLA lost its crown as the world's bestselling electric vehicle maker on Friday as a customer revolt over Elon Musk's rightwing politics, expiring U.S. tax breaks for buyers and stiff overseas competition pushed sales down for a second year in a row. Tesla said that it delivered 1.64 million vehicles in 2025, down 9% from a year earlier. Chinese rival BYD, which sold 2.26 million vehicles last year, is now the biggest EV maker. It's a stunning reversal for a car company whose rise once seemed unstoppable as it overtook traditional automakers with far more resources and helped make Musk the world's richest man. The sales drop came despite President Donald Trump's marketing effort early last year when he called a press conference to praise Musk as a "patriot" in front of Teslas lined up
on the White House driveway, then announced he would be buying one, bucking presidential precedent to not endorse private company products. For the fourth quarter, Tesla sales totaled 418,227, falling short of even the much reduced 440,000 target that analysts recently polled by FactSet had expected. Sales were hit hard by the expiration of a $7,500 tax credit for electric vehicle purchases that was phased out by the Trump administration at the end of September. Tesla stock fell 2.6% to $438.07 on Friday. Even with multiple issues buffeting the company, investors are betting that Tesla CEO Musk can deliver on his ambitions to make Tesla a leader in robotaxi services and get consumers to embrace humanoid robots that can perform basic tasks in homes and offices. Reflecting that optimism, the stock finished 2025 with a gain of approximately 11%.
The latest quarter was the first with sales of strippeddown versions of the Model Y and Model 3 that Musk unveiled in early October as part of an effort to revive sales. The new Model Y costs just under $40,000 while customers can buy the cheaper Model 3 for under $37,000. Those versions are expected to help Tesla compete with Chinese models in Europe and Asia. For fourth-quarter earnings coming out in late January, analysts are expecting the company to post a 3% drop in sales and a nearly 40% drop in earnings per share, according to FactSet. Analysts expect the downward trend in sales and profits to eventually reverse itself as 2026 rolls along. Musk said earlier last year that a "major rebound" in sales was underway, but investors were unruffled when that didn't pan out, choosing instead to focus on Musk's pivot to different parts of business. He has has been saying the future of the company lies with its
THE TESLA logo is displayed at a Tesla dealership Thursday, Mar. 13, 2025, in Miami. Photo:Lynne Sladky/AP driverless robotaxis service, its energy storage business and building robots for the home and factory — and much less with car sales. Tesla started rolling out its robotaxi service in Austin in June, first with safety monitors in the cars to take over in case of trouble, then testing without them. The company hopes to roll out the service in several cities this year. To do that successfully, it needs to take on rival Waymo, which has been operating autonomous
taxis for years and has far more customers. It also will also have to contend with regulatory challenges. The company is under several federal safety investigations and other probes. In California, Tesla is at risk of temporarily losing its license to sell cars in the state after a judge there ruled it had misled customers about their safety. "Regulatory is going to be a big issue," said Wedbush Securities analyst Dan Ives, a well-known bull on
the stock. "We're dealing with people's lives." Still, Ives said he expects Tesla's autonomous offerings will soon overcome any setbacks. Musk has said he hopes software updates to his cars will enable hundreds of thousands of Tesla vehicles to operate autonomously with zero human intervention by the end of this year. The company is also planning to begin production of its AI-powered Cybercab with no steering wheel or pedals in 2026.
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Amid wildfire grief, an LA-area resident sowed sunflowers and hope where her home once stood By ALEX VEIGA Associated Press MISSI Dowd-Figueroa brought life back to the fire-ravaged plot where her home once stood -- one sunflower at a time. The registered nurse and mother of three lost her 1898 farm-style house in the Eaton Fire, one of two deadly wildfires that tore through the Los Angeles area last January, obliterating entire neighborhoods and displacing tens of thousands of people. A year later, many are still grappling with grief and sorrow. Few have been able to rebuild so far, and the rest face no shortage of challenges. "The Altadena I know and love is gone," DowdFigueroa said, referring to the suburb devastated by the fire. "Everything burned down — my dentist,
my pharmacy — all of it's gone. But there's still something about Altadena that feels like Altadena now, even though there are no homes." She's among those who decided to stay. Her process of healing started with tiny seeds that gave her hope and eventually turned her barren property into a flourishing garden. Dowd-Figueroa and her family had lived in the four-bedroom, three-bath house for 10 years. It was the longest she'd ever lived in one place, and the sense of loss left her stricken by waves of sadness. For months, she would drive to the empty lot and cry. Her grief and shock deepened when she realized that, in addition to her late grandmother's artwork that was in her home, her father's ashes were gone forever.
"I spent several days digging through the ashes just looking for his little urn, and I never found it," said Dowd-Figueroa, 44. Gone, too, were every family photo except those saved on her iPad. "That was like a second grief, too. I was like, 'Well, great.' Now, if my dad knew, he'd be so disappointed because he was such a family lineage type of person," she said. "I have nothing from my father. You know, I'll never touch anything that he touched ever again." Then one day, after cleanup crews had removed the last of the debris from the 2,000-square-foot lot, she brought along some flower seeds. They were mostly sunflowers, but also included zinnias and cosmos, among others, and planted them in the soil.
Police in Finland arrest 2 members of cargo ship's crew in connection with damage to undersea cable By The Associated Press FINNISH authorities have arrested two members of a cargo ship's crew in connection with damage to an undersea telecommunications cable in the Gulf of Finland that occurred earlier this week between the capitals of Finland and Estonia, police said Thursday. The damage was discovered early Wednesday in Estonia's exclusive economic zone. The cable belongs to Finnish telecommunications service provider Elisa and is considered to be critical underwater infrastructure. Helsinki police have opened an investigation into aggravated criminal damage, attempted aggravated criminal damage and aggravated interference with telecommunications. Officials placed two other crew members under travel bans as a result of the ongoing investigation, Helsinki police said in a statement Thursday. Police would not release the ranks of the crew members aboard the ship, their nationalities or other details. The ship, named the Fitburg, was flagged in St. Vincent and the Grenadines. It had been traveling from Russia to Israel. The 14 crew members hail from Russia, Georgia, Azerbaijan and Kazakhstan and were detained by Finnish authorities. Finnish National Police Commissioner Ilkka Koskimäki said earlier this week that the ship was dragging its anchor for hours when it was discovered in Finland's exclusive economic zone. He noted investigators are not speculating on whether a state-level actor was behind the damage. Finnish Customs discovered structural steel in the cargo that originated in Russia and falls under
sanctions imposed by the European Union, the agency said in a statement. "Import of such sanctioned goods into the EU is prohibited under EU sanctions regulations," the statement said. "Finnish Customs continues to investigate the sequence of events and the applicability of EU sanctions legislation to this case." The undersea cables and pipelines crisscross one of the busiest shipping lanes in Europe, linking Nordic, Baltic and central European countries. They promote trade and energy security and, in some cases, reduce dependence on Russian energy resources. Finnish authorities last year charged the captain and two senior officers of a Russia-linked vessel, the Eagle S, that damaged undersea cables between Finland and Estonia on Christmas Day in 2024. The Finnish deputy prosecutor general said in an August statement that charges of aggravated criminal mischief and aggravated interference with communications were filed against the captain and first and second officers of the oil tanker. The officers, whose names were not made public, denied the allegations, the statement said. However, a Finnish court in October dismissed the charges because the damaged cables were outside Finland's territorial waters. The Kremlin previously denied involvement in damaging the infrastructure, which provides power and communication for thousands of Europeans. The Eagle S was flagged in the Cook Islands but had been described by Finnish customs officials and the European Union's executive commission as part of Russia's shadow fleet of fuel tankers. Those are aging vessels with obscure ownership, acquired to evade
SEIZED vessel Fitburg in the harbor of Kirkkonummi, Finland, Thursday, Jan. 1, 2026. Photo:Roni Rekomaa/AP
Western sanctions during the war in Ukraine and operating without Western-regulated insurance. For the West, such incidents are believed to be part of widespread sabotage attacks in Europe allegedly linked to Moscow following its full-scale invasion of Ukraine in 2022.
"I was already going there every day crying, so I was like, 'Why am I just sitting here?' I might as well do something that keeps me busy, and I enjoy, because
the house I'm in now, I can't have a garden," she said. Sunflowers can take up cadmium and other heavy metals that can be left behind in the soil, though
experts debate their effectiveness after a wildfire. Dowd-Figueroa hoped they would help remove toxins on her property once she ripped them out by the roots and tossed them after they died, being careful not to leave behind seeds. For several months, while Dowd-Figueroa and her husband took steps toward eventually building a new home, the garden flourished, blanketing a large swath of the lot with a colorful display of approximately 500 flowers — bright orange and red ones, as well as yellow ones with giant heads.
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JUDGE PARKER
CARPE DIEM
MARVIN BLONDIE
S R O F G C J N E U Monday, January 5, 2026, PAGE 9 A O F Y T T N B O C L L I D E T O A E M A Y Q S R A Z C P L D P S I R T Q A H Y T O F D P E A C H M P L J T R A T L L E E Y C R E M E B R U
Find all the terms listed below Solution tomorrow APPLE PIE ● BAKEWEL CHEESE BOARD ● CHEES CREME BRULEE ● CUSTARD ● FIGGY PUDDING ● FRUIT ICE CREAM ● JAM ROLY-PO LEMON MOUSSE ● PANCAKES PEACH MELBA ● POACHED PEA RICE PUDDING ● TRI
YESTERd Quick croSSword HAGAR THE HORRIBLE
TIGER
CALVIN & HOBBES
DENNIS THE MENACE
across: 3 Practised, 8 Rant, 9 Remainder, 10 Seeped, 11 Truth, 14 Copse, 15 Earn, 16 Renew, 18 Tier, 20 Other, 21 Tempt, 24 Brazen, 25 Necessary, 26 Free, 27 Challenge. down: 1 Prosecute, 2 Interpret, 4 Reed, 5 Chair, 6 Innate, 7 Ever, 9 Refer, 11 Tenet, 12 Haphazard, 13 Entranced, 17 Worry, 19 Reveal, 22 Paste, 23 Mesh, 24 Brag.
wordSEarch S Q N J K B U Z G N A P O L L O N O I T A T S E I R E R R N T M D E E S A E E U N Q S V S G G A A H L I O P A N L W A V R R U G N H I C A H T T O B K Q B W T I O I A G A F M R M H H H V H D K L A R E V A N A L U N A R M O D N E I L A R M S
targEt
thE alpha
throwback abhor abort actor arch arco bark boar borack borak bract brat braw broach broch broth brow carob cart char chart cobra cork crab craw croak crow hark hart hoar kart kora krab okra rack roach rock rota tabor taro thro throb throw THROWBACK torc torch track wart work wort worth wrack wrath wroth
across: Invalid, A Cherubic, Foible, Dosage, Specime Grommet. down: Kimono, E Brioche, Cloche, H Advent, Donjon, A (clue), Sluice, Grit
Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Sudoku increases from Monday to Sunday Best described as a number crossword, the task in Kakuro is to fill all of the empty squares, using numbers 1 to 9, so the sum of each horizontal block equals the number to its left, and the sum of each vertical block equals the number on its top. No number may be used in the same block more than once. The difficulty level of the Conceptis Kakuro increases from Monday to Sunday.
MICRO CROSSwORD
CHALLENGER
Saturday’s Answers
Saturday’s
Saturday’s
Sudoku Answer
Kakuro Answer
PAGE 12, Monday, January 5, 2026
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