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Friday, January 9, 2026
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RF targets $175m growth to near $1bn fund assets BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• Investment bank eyes billion dollar breach by 2027 A BAHAMIAN investment bank yesterday revealed • Targets ‘very aggressive’ it is targeting $175m total growth for its mutual fund $50m US$ fund expansion family this year with the aim of breaching the “very impor• Expands staff to near 100 so tant milestone” of $1bn in assets under management by it ‘doesn’t drop the ball’ 2027 at latest. David Slatter, RF Bank & Trust (Bahamas) vice-president of investments, told Tribune Business that it is seeking to grow collective assets managed by its Bahamian dollar and US dollar mutual funds to $950m by 2026 year-end through a combination of $100m in organic expansion and the injection of $75m in new investor monies. Speaking after the 2005 full-year returns generated by its Bahamian equities fund exceeded expectations despite concerns of an American-fuelled tourism
slowdown, he pledged that RF Bank & Trust this year plans to be “very aggressive” in growing its three US-dollar mutual funds through a targeted $50m growth in assets under management. And, to ensure the Bahamian-headquartered investment bank does not “drop the ball” on its growth and expansion targets, Mr Slatter told this newspaper that staffing levels are now close to 100 persons split between its Nassau, Cayman Islands and
Barbados offices following a recent recruitment push. Disclosing that RF Bank & Trust is aiming to match the 2025 returns generated by its mutual fund family this year, he said: “We’ve got an objective of growing assets under management by $175m this year in total - $100m from the mutual funds themselves and $75m by bringing in new clients.” Asked how quickly RF Bank & Trust’s investment funds will hit the $1bn assets
THE proposed Mayaguana port’s first phase will involve a $300m investment over a fiveyear period, it was disclosed last night, with the Government and a development fund for that island combining to own a majority 51 percent equity stake. Global Lead Consultant Group, the primary private sector entity involved in the public-private partnership (PPP) with the Government, in response to written Tribune Business questions confirmed that itself and others will hold the remaining 49 percent
Crackdown on late tax exchange filing BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance and financial services regulators are poised to launch a crack down on licensees who fail to file their annual tax information exchange reports on time in a bid to protect The Bahamas from further international scrutiny. The Securities Commission, in January 7, 2026, notice to its broker/dealer, corporate service provider, investment fund and digital assets licensees, warned that itself - along with the ministry and other regulators including the Central Bank,
interest although much work remains to be done before any ground-breaking can take place. The newly-created firm, which affirmed that a “feasibility study” has already been conducted on the potential for developing a cargo, logistics and transhipment hub on the south-eastern Bahamas island, said the project had been conceived as far back as 2018 with work starting in earnest in mid-2020 during the COVID pandemic. Acknowledging that it was in “the infancy stages” of obtaining all the necessary permits and approvals for the development, including
environmental, construction and planning permits, Global Lead Consultant Group said the PPP agreement with the Government was “recently executed”. And, when asked to respond to sceptics suggesting that the PPP will suffer the same fate as previous similar projects, such as the planned $1.8bn I-Group venture, especially given the lack of necessary infrastructure and minuscule workforce on Mayagauna, the private sector partner said its Bahamian management and investors have a “vested interest” in executing on the plan and it
Insurance Commission and Compliance Commission - will begin to impose fines and penalties on those who fail to submit the necessary filings by the due date. Referring to the “historical and persistent issue of late filings” when it came to compliance with the Automatic Exchange of Financial Account Information Act 2017, the Securities Commission said: “Over recent reporting periods, the Competent Authority (Ministry of Finance) and designated supervisory authorities have observed a continued pattern of filings being submitted after the deadline prescribed by the Act. “These filings are critical to the effective oversight of regulated entities and to The Bahamas’ ability to meet its domestic and international regulatory
COMPLIANCE - See Page B5
Mayaguana residents: Port project is ‘slap in the face’ BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Government’s announcement of a $300m public-private partnership (PPP) to develop a Mayaguana cargo port was yesterday said to have left many island residents blindsided with some describing it as a “slap in the face”. Vincent Murphy, Mayaguana’s chief councillor, said that - while residents are open to investment and development - the community should have
been consulted beforehand, with Town Meetings held to gather residents’ input, concerns and suggestions on how the PPP project should proceed. Speaking to Tribune Business, Mr Murphy described the Government’s approach as disrespectful, calling the public announcement a “slap in the face”. He said: “Mayaguana welcomes all investors, but the Government should have gone about it a different way. “We were just waiting for the Prime Minister [Philip
DEVELOP - See Page B4
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Charter fee snafu hurts compliance, creates ‘liabilities’ • Association urges DIR resumes collection, not Port • And calls for four separate cruising permit durations • Consolidate anchorage fee, segment fishing permit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
is “imperative we succeed” to open doors for others. The Government, in announcing a PPP venture that it billed as creating 2,000 full-time jobs once fully operational, said the project would be developed in three phases, with the first featuring construction of a “temporary marine offloading facility” and a deep water port. “The estimated cost of phase one is $300m and will take five years from when we break ground,” Global Lead Consultant Group this newspaper. It did not mention the latter two phases,
THE GOVERNMENT is being urged to restore the Department of Inland Revenue’s responsibility for collecting foreign yacht charter fees amid fears the present system is “undermining compliance” and creating multiple “failures” including “overpayments and unresolved liabilities”. The Bahamas Charter Yacht Owners and Managers Association, in a January 7, 2025, letter directed to Cabinet ministers, MPs and policy advisers called on the Government to “clarify compliance pathways” for charter captains over payment of the legally-mandated 14 percent fee which is now being collected and administered by the Port Department. The Association, submitting a number of proposed reforms as its contribution to the Government’s review of the new and increased boating fees, argued that charter boat and yacht captains need “clear points of contact” for “trouble-shooting and compliance support” when problems occur in paying the legally-mandated fee to the Bahamian authorities. The Davis administration, in a bid to slash bureaucracy and red tape, and improve fee collection efficiency and convenience, eliminated the requirement for foreign yacht charters to make two different payments - a 4 percent fee direct to the Port Department, and 10 percent VAT to the Department of Inland Revenue in the 2025-2026 Budget. This was consolidated into one 14 percent levy, payable to the Port Department, which took effect from July 1, 2025, but the Association argued that this created a whole new set of problems that “contribute directly to charter vessels exiting the region” and lead to The Bahamas - especially the Family Islands - missing out on significant revenue and economic activity. “VAT collection and administration for charter vessels should return to the Department of Inland Revenue (DIR), which is
PORT - See Page B5
PAYMENT - See Page B4
DAVID SLATTER under management benchmark, given that these stood at around $820m at year-end 2025, Mr Slatter acknowledged that - while 2026 remains a possibility - it is more realistic to think it will happen next year. “I would say the $1bn mark, it would be great if it was 2026, but we’re definitely eyeing 2027 to get to
INVEST - See Page B6
‘Success imperative’: $300m Mayaguana port’s first phase BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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PAGE 2, Friday, January 9, 2026
THE TRIBUNE
How to combat the risks businesses must navigate R
esilience will matter more than aggressive growth for most micro and small businesses in 2026. Owners who focus on cash discipline, adaptability, risk diversification and smart technology adoption will be best positioned to weather uncertainty and seize opportunities as they present themselves. Our column this week focuses on eight risks that small businesses must skillfully navigate around, and one mitigation strategy for each obstacle 1. Cash flow volatility Rising operating costs, slower customer payments and unpredictable demand can strain liquidity.Mitigation: Maintain rolling
cash flow forecasts, shorten payment terms, and build a minimum three to sixmonth cash buffer. 2. Over-reliance on one revenue source Dependence on a single major client, platform or product increases fragility - especially when coupled with the reality that consumers remain price-conscious and cautious in their spending decisions.Mitigation: Diversify customers, channels and offerings where possible. Additionally, companies can emphasise value, flexible pricing, clear ROI messaging and customer loyalty programmes. 3. Cyber security and data protection risks
Micro businesses are increasingly targeted because they often lack robust security.Mitigation: Use multi-factor authentication, regular back-ups, staff training and basic cyber insurance. 4. Rapid AI and automation disruption AI tools are changing pricing, productivity expectations and competitive advantage. Even lay persons are leveraging these tools and opting out of traditional services. Mitigation: Adopt AI selectively, upskill staff and reassess which tasks must remain human-led. 5. Rising labour costs and talent retention Wage pressure and skills shortages persist, especially
for digital and technical roles.Mitigation: Focus on retention, flexible work options, cross-training and productivity tools. 6. Supply chain fragility Geopolitical tensions, climate events and logistics costs can still cause disruptions. Businesses in tourism and hospitality are particularly vulnerable.Mitigation: Identify back-up suppliers, keep critical inventory buffers and renegotiate terms. 7. Founder burn-out and single-point dependency Many small businesses rely too heavily on the owner for decisions, sales and operations.Mitigation: Document processes, delegate gradually and protect personal well-being.
Doctors endure six-month wait for health coverage BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net SENIOR doctors at Princess Margaret Hospital (PMH) yesterday said they
are still waiting for their promised health insurance coverage to be implemented some six months after signing an industrial agreement with the Public Hospitals Authority (PHA).
Dr Charelle Lockhart, the Consultant Physicians Staff Association (CPSA) president, said the union has not received any information on the medical insurance that was included as a benefit in their deal.
Dr Aubynette Rolle, the Public Hospitals Authority’s (PHA) managing director, during last year June’s signing confirmed healthcare coverage was part of the terms of the industrial agreement,
8. Under-investment in marketing and brand visibility Cutting marketing during uncertainty can quietly erode future revenue.Mitigation: Maintain consistent, measurable marketing especially digital, content and referrals. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.
IAN FERGUSON
adding: “Healthcare coverage, which is concerning, is something that we are proud to be able to introduce in advance to other members as part of our team. All CPSA members will now be enrolled in The Bahamas government's group medical insurance plan, ensuring comprehensive health coverage for our physicians and their families at their choice.” When contacted by Tribune Business about the medical insurance yesterday, Dr Rolle said “I don't have any information on that at this stage.” Asserting that she has been “spinning my wheels”, Dr Lockhart said she has given ample time for answers that have not yet been received. Pointing to a meeting held between the Trades Union Congress (TUC) and Prime Minister Philip Davis KC on Monday, Dr Lockhart said no satisfactory responses were provided then either. “So I've been stalling a little bit to try to see if these folks would move it along the way they keep promising that they would, but it's not moving along,” she added. “As you may have seen in the news, we did have a meeting with the Prime Minister. “TUC had a meeting with the Prime Minister on Monday, and it was the generic, 'Oh, I don't know why y'all are still in this position. It has to be the slow civil servants' - meaning us that are not following instructions. And I'm like, 'Absolutely not. I cannot believe you came in here and said that.' “So he threw this very subtle jab, which I don't know if other people picked up... No, it's the people who are managing the civil servants that should hold responsibility for whether they do or they do not do. So that is the managing director of the PHA and the financial secretary and all of that,” Ms Lockhart added. “It is not the people on the ground. It is the management and leaders. So I found it disingenuous for him to have tried to throw the working people under the bus and have the folk that sit at the table with him all the time not take responsibility for what's going on. “I had been stalling, and up to this morning, I messaged the labour consultant to ask, and he has yet to answer me. And it's been like that since we signed our industrial agreement. [I am] very disappointed in the lack of follow through to make sure that what we
signed actually was put into place.” Dr Lockhart said that, during the negotiations, the Government was provided quotes from various insurance companies and made the decision to work with Colina. “Once they made the decision, 'Okay, we're going with Colina for the consultant physician group' that they would have signed on to Colina immediately,” she said. “They said they were going to sign on to Colina. So what is the hold up? All the insurance companies, the major ones, gave them quotes. “They said, 'Okay, we are going to offer CPSA group insurance with Colina.' So I'm assuming that if you accept a quote and you tell a group this is the company that you're going with that you are signed up with them already. Why does it take six months? Because it's not like they were just trying to find a company to sign us on to. No, they had already decided which company they were going to use. So what takes six months?” Adding that health coverage is the union’s biggest and only remaining grievance, Dr Lockhart noted that its industrial agreement was only signed once it was agreed that members would receive insurance but, months later, they are still without a timeline of when members will be onboarded for the insurance. “That [insurance] is the thing that we held off for the longest period of time, not signing, because that was something that was hard fought in our negotiations,” Dr Lockhart said. “And for them to continue to string us along, give us no information, no timelines, answering us when they feel like it, I think that it's bad on their part. “And the Prime Minister seemed to be surprised that we hadn't been enrolled as yet, and he said he would look into it, and that was Monday. So I was trying to give him a good opportunity to follow up on it and give us a response, but I feel like we're still being strung along by the people who make the decisions on the ground. “Their word is they're working on it. But what does that really mean? You're working on it to what end? When is it going to come through? What do you mean by you're working on it? What is the exact hold up? I cannot get a clear understanding of what the hold up is, and it's been more than six months since we signed our agreement.”
THE TRIBUNE
Friday, January 9, 2026, PAGE 3
Construction cost rise fear on Venezuela woe BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Bahamian Contractors Association's (BCA) president yesterday warned that construction costs could rise in 2026 due to potential supply chain disruptions linked to the US intervention in Venezuela and broader regional transportation concerns. Speaking to Tribune Business, Leonard Sands said the BCA is “cautious” that recent US actions in Venezuela could disrupt trade routes used to bring goods from North America and Europe into the Caribbean.
LEONARD SANDS He explained that flight disruptions are already occurring across the region, raising concerns about broader transportation challenges. If cargo vessels travelling across the
Atlantic are also affected, construction materials may not arrive on schedule, leading to delays and higher costs. “We are a bit cautious because recent happenings in North America will, we believe, have some type of impact on trade routes for goods coming from North America and across Europe into the Caribbean, particularly if the ongoing situation in Venezuela continues to cause disruption to transportation. We already know flights are being disrupted across the Caribbean, not only in Venezuela,” said Mr Sands. “So you can imagine transatlantic vessels bringing cargo across the Atlantic
into the Caribbean having to pass through that situation. We have to be cautious that there may be impacts on when materials arrive, and that could increase the cost of those materials. As a result, consumers could unfortunately expect higher building costs going into 2026.” Despite these potential challenges, Mr Sands said the construction sector is expected to remain one of the strongest contributors to The Bahamas economic growth. He added that the sector’s role in driving the country’s gross domestic product (GDP) will not only be maintained but could expand further over time.
“I think all indications show that the construction sector will continue to lead all other indicators toward GDP, only being outpaced by tourism. I think we will remain in that position, and certainly we expect to even extend the impact of construction sector development on the GDP of The Bahamas,” said Mr Sands. He added that he is also optimistic the Government will form the Construction Contractors Board as pledged by the Prime Minister, Philip Davis, KC, last year. “It’s a hope and a wish that the Government would appoint the long-awaited Construction Contractors Board, as the Prime
Minister had promised back in September 2025,” said Mr Sands. “We still believe that this is the most significant Board appointment for the country in terms of continuing the economic recovery of The Bahamas from a construction and development standpoint. While we note that several major developments have already happened in New Providence, especially western New Providence and Paradise Island, which is very encouraging, we feel that many other projects could certainly come to fruition if the Board were appointed and the construction industry in The Bahamas were regularised.”
Fly fishing chief tells Gov’t: Hold firm over boating fees
Lebanon’s financial recovery will rest on security BY ANNELIA NIXON Smith added. “When you people’s eyes are open- else in the world. “When it the boats, because everyTribune Business go to Super Value, if you ing up to this. So this is the comes the people coming body was talking about it and political Reporter want to buy bread, you have same issue we face in The in, I would say to minister and they caught how many anixon@tribunemedia.net to pay whatever the fee is Bahamas.” Cooper, the deputy prime boats? How many mari- reforms, economy to get the bread and walk Prescott Smith urged minister of the Bahamas, nas?... They didn't catch THE Bahamas Fly Fish- out of the store. We have a Bahamians to “see the strat- leave them exactly where one marina. We were all minister says ing Industry Association’s (BFFIA) president and his attorney yesterday urged the Government to stand firm and not bow to pressure over the new and increased boating fees, arguing that the only cuts should be for Bahamians. Prescott Smith was joined by Keod Smith, former MP and the attorney for the Association (BFFIA), with the latter arguing that the current fees and levies are essential to protecting The Bahamas’ marine environment and financing improved maritime law enforcement. “The only thing that we would be saying to the Government now is we would want them to recalibrate some of it because it should not be damaging to Bahamian boaters,” Keod Smith said. “Because you have Bahamian fishermen and people who make a living, who take people back and forth to the sea gardens, for example. And they are also hit by the fee structures. And so we need to look at that very, very carefully.” He clarified his stance that the Government should not reduce or remove the fees but, rather, keep them in place while “educating the rest of us to be sure that we all understand that there is something more than just collecting that money”. “The only part of the fee structure that I believe should be changed at this point in time, and I would want to encourage the minister of tourism not to revisit it, leave them exactly where they are in simple terms. We have a product here,” Keod
product.” Peter Maury, president of the Association of Bahamas Marinas (ABM), has been vocal about the impact the fees have had on marinas across the country. Marina operators, prior to implementation of the increased fees on July 1 last year, warned that foreign vessels would bypass The Bahamas and go elsewhere, as they were unwilling to pay, and are now reporting that marina numbers are down. However, Prescott Smith yesterday said the threat of boycotting The Bahamas is not new. He added that about 20 years ago during the Christie administration he made a four-and-a-half hour presentation to the Government where the boating fees were adjusted from $100 to $300 for international boats. “...And there was [the] same articles and all this talk about boycotting The Bahamas and people losing jobs,” Prescott Smith said. “And that's why it's important to know your history. Joel [Moxey] and I went to the Cabinet back then, and they were saying, 'We're going to boycott The Bahamas. We're going to Turks and Caicos.' Exactly the same noise. “And you say: ‘What is this really about?’ People are not just coming in here to boat. It has to do with the resources that we have in The Bahamas. So just like you hear the issue around Venezuela, and they got right to it, it had to do with the oil or the minerals. And now with technology and the way we're so connected,
egy”, adding: “You're talking to the Bahamian who went to Cabinet 20-something years ago when they adjusted the boating fees. And it was 'Boycott The Bahamas. We're going Turks and Caicos.' “Well, I know as a captain, and you know to run a 55, 75-foot yacht to Turks and Caicos…. So you can't pay the Government a couple hundred dollars more, but you can burn $3,000 worth of fuel? Or $5,000? It doesn't make any sense. “You have 700 islands. So you have to see the strategy. It's a much bigger thing. So when they're ramping up and say, ‘I'm going to the Virgin Islands’, you can look at the Virgin Islands and see that nothing compares to The Bahamas in the world. I'm not talking about just in the Caribbean…” Prescott Smith added: “So notice the issue about the noise for the fees for Bahamians to benefit from, whether it's the $3,000 or $4,000 a year fee, but that same 100-foot yacht goes to Atlantis and spends between $8,000 to $9,000 a week to park at the dock. But nobody is making any noise about that. “So in one month, they could spend $28,000 to $30,000 to park at the dock, but they don't want to pay you the Bahamian $3,000, $4,000 a year for the boating fee. When the marina is built in your marine environment, you're the owners of it.” Keod Smith said the product in The Bahamas cannot be found anywhere
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they are,” he added. “When Peter Maury was making a lot of noise recently, a few weeks ago, guess what? His marina was full. I mean, had all kind of boats there, literally.” Prescott Smith said The Bahamas’ marine resources are what attracts so many boaters to its shores, but added that ‘illegal activity’ also takes place. “Submarines-…they're diving black coral,” he said. “This is like gold and diamonds beneath the surface. And this goes on all through our country, and what they capitalise on is Bahamians don't even know that these things exist. “And so the issue that you're hearing with boating fees is not new, and so that's why Keod and I determined that we have to speak to this, to educate the country [about] the underlying things that persons like Peter Maury and others don't want you to know about.” Prescott Smith said he has spoken to yacht brokers who rent vessels for “$600,000 to one point something million dollars”. He added that during a trip to New York, where he met with the then-deputy director general of tourism, it was revealed to him that there were 3,000 foreign homes in Exuma alone that were running unlicesed businesses. Responding to Prescott Smith’s claims, Mr Maury added: “So according to the Ministry of Finance's own Maritime Revenue Unit, and they came and raided all our marinas... They raided the ones in Nassau, they raided the ones in Freeport, they raided the ones in Abaco and Exuma... You can go look this up, and you can ask them, they raided all of us and raided
compliant.” Mr Maury reiterated that revenue is down for marinas across The Bahamas, and said: “I slashed my rates by 50 percent, but how does that help all the marinas in the Family Islands that can't afford to do that because they don't have boats there? How does that help them if we don't have more boats for everybody to share in? “He [Prescott Smith] talks about being Bahamian... I mean, look at the Out Island marinas. They're empty and the support businesses around it. It's a fact. They can say whatever they want, but I'm telling you, for somebody that's in the industry every day for the last 35 years, we know for a fact, revenue is down in all of the marinas - every single marina, especially since this happened. “Tell him to go to Abaco, get on a plane and go fly around. Go look at it. So, the boats have to come south during the winter, right? So I slash my rates, and I do storage rates. But how does that help if the boats are just sitting here? How does that help anybody? The only way a boat is useful is when it has people on it and it's consuming.” Prescott Smith said he welcomes “the opportunity to debate the issues surrounding the boating fees and sustainable fisheries with any and all who oppose fees that would serve the interest of conservation, and restoration of blocked or restricted marine nursery systems throughout The Bahamas so that visiting boaters and Bahamians alike could enjoy a sustainable fishing of our marine resources”.
By KAREEM CHEHAYEB Associated Press LEBANON'S moves to remove weapons from all non-state groups and assert full state control are as important as financial reforms if the economy is to recover after years of crisis, the economy minister said Thursday. "You need economic reforms, but you also need security and political reforms," Amer Bisat told The Associated Press after a cabinet session in which the Lebanese military reported progress on a plan to disarm Hezbollah and non-state groups and expand deployment in southern Lebanon. "We're moving, and we're moving fairly decisively and clearly in that direction," he said, adding that asserting full sovereignty to boost investor confidence goes beyond disarmament and military deployment in the south. "(It) is also the control of the borders, control of the airport, control over smuggling, money-laundering, terrorist activities," said Bisat. Lebanon's military said Thursday it has completed the first phase of the plan, though Israel maintains that Hezbollah is still present and rearming in areas the army said it now fully controls. Israel and Hezbollah's monthslong war in 2024 battered large swaths of the country and set it back the further economically after years of crisis. The World Bank estimates $11 billion in damages and economic losses from the conflict. The country fell into a protracted financial crisis in 2019 after decades of corruption and mismanagement.
PAGE 4, Friday, January 9, 2026
Private sector eyes Palm Beach ‘splash’ if amendments are made PAYMENT - from page B1 structured to manage VAT registration, TIN (taxpayer identification number) issuance, input tax credits and reconciliation through a fully online system,” the Association argued. “The current collection of flat 10 percent VAT payments [sic, 14 percent] through the Port authorities while continuing to require return filing with the DIR has created systemic reconciliation failures, including uncredited input tax, accumulated overpayments and unresolved liabilities. “This has undermined compliance and contributes directly to charter vessels exiting the region, despite the sector’s high economic contribution -particularly in Family Island communities.” Peter Maury, the Association of Bahamas Marinas (ABM) president, yesterday backed these woes and concerns in describing the charter fee payment situation as “very mixed up”. He explained that the switch to a consolidated 14 percent fee, and relieving the Department of Inland Revenue of collection and administration responsibilities, has resulted in charter vessels incurring potential “liability” because they are still receiving VAT-related billings and notices. “Everybody had created a VAT account that was paying it,” the ABM chief explained of the yacht charter fee structure prior to July 1, 2025. “The boats that subsequently left The Bahamas can’t cancel their account, so they are still getting billed but are not even here. I’ve given a list of accounts to the DIR to basically get rid of. “Now, you have boats that are here that want to pay but can’t do so through their VAT account. They have to pay the Port Department but there is no way to file on their account. They
cannot provide VAT filings if it has not been entered in, and the Port has not entered it in. They have just created another bottleneck.” Providing further explanation, Mr Maury said: “If they pay the fee through the Port, it doesn’t credit on their VAT account, which is where the boats want to see it being recorded. They are paying the Port, but want to see it on their account with the Department of Inland Revenue because they are still getting [VAT] notices. “But no one at the Port is updating their account, so it creates a liability issue. It’s just a mess. It’s just created more problems. There’s no way to get what they paid at the Port into their VAT account when the whole exercise was to get them to pay VAT. Now, they want to pay VAT, but they have to pay the Port Department and the Port is not updating their VAT account. “From their standpoint they are in violation of VAT…. These boats are very expensive assets, and their owners are very high net worth. They cannot afford the liability of a tax issue in The Bahamas because they filed a piece of paper wrong,” he added. “They cannot update their accounts because VAT is registering a zero amount as they are paying it at the Port. They have to file zero.” The Bahamas Charter Yacht Owners and Managers Association’s intervention comes as negotiations between the Government and private sector over potential revisions to the new and increased boating fees, and the regulatory changes that accompanied them in the 2025-2026 Budget, are understood to have resumed following the New Year holiday. The Association, in its three-page recommendations missive, called on The Bahamas to introduce a
Residents demand more development consultation DEVELOP - from page B1 Davis, KC] to at least come and have a Town Meeting with the people to hear their concerns and their ideas about the project, and ask how we would like to go about it the right way before they even announced it. But it’s just a slap in the face announcing it without even coming and confronting the people.” Mr Murphy highlighted the value of Mayaguana’s natural resources, particularly its limestone and aragonite rock, and raised concerns that investors are primarily interested in
extracting these resources. He warned that the local community could be left with nothing if the proposed port development is not carefully managed. “The important thing in that area is the limestone rock. I know they had a few investors checking in the same area, most of them running behind that aragonite rock. The people of Mayaguana can’t let them just take that from us and leave none for us; leave us empty,” said Mr Murphy. “Like I said, we invite all investors, but it should be done the right way. I know it’s the limestone - the
THE TRIBUNE cruising permit structure featuring 30-day, 90-day, 180-day and 365-day permits with Immigration approvals to match these durations. It also urged the Government to consolidate the new anchorage fees with the cruising permit levy and make the new fishing permits available for renewal and purchase online. Suggesting that fishing permit duration match that of the relevant cruising permit, the Charter Association also recommended that The Bahamas charge different fees for “low intensity” recreational fishing and sports fishing - effectively charging a higher price for activities that will have the most impact on fishing stocks and the marine environment. “Cruising permits should be offered in standardised increments of 30, 90, 180 and 365 days to better reflect the needs of transit, seasonal and long-term cruising vessels,” the Charter Association argued, although it did not mention the newly-introduced two-year Frequent Digital Cruising Card (FDCC) that has gained traction with boaters. “Where a vessel holding a longer-term permit must temporarily exit Bahamian waters, re-entry within a defined window - a recommended 30-45 days from exit - should not invalidate the original permit. Formal outbound clearance should be required if the vessel intends to return, with exit and re-entry dates recorded on the original cruising permit for documentation purposes. “Immigration and check-in procedures should be repeated as required based on persons aboard, without requiring forfeiture and repurchase of the permit.” Speaking further to Immigration-related issue, the Charter Assocation said: “Immigration permissions should align with the duration of the vessel permit issued at entry. Where a vessel is granted a 30-day, 90-day or 180-day cruising or charter permit, crew and
owners should receive a corresponding period of lawful stay up to the statutory maximum. “For stays exceeding 90 days, no more than one renewal should be required provided reasonable substantiation exists - such as a valid charter license, longterm cruising permit or property ownership. Additional renewals should only be necessary where plans materially change.” While The Bahamas’ new two-year frequent digital cruising card (FDCC) has gained traction with boaters, others have pointed out that The Bahamas has 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 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. And the new anchorage fees range from $200 to $1,500 “for foreign pleasure vessels not mooring at a marina”, and are again linked to vessel size. “Anchoring fees should be fully consolidated into the cruising permit fee. Anchoring is an inherent component of cruising activity, and separate charges applied universally upon entry create unnecessary duplication and confusion,” the Charter Association asserted in its letter. “Fishing permits should be available for purchase and renewal online and offered in the same standardised increments as cruising permits. “A clear distinction should be maintained between low-intensity recreational fishing and higher-intensity sports fishing activities, such as the use of electric reels, a multitude of rods, outriggers or tournament participation. Each category should be governed and priced separately, with enforcement
clearly aligned to the applicable regulations.” Calling on The Bahamas to “ensure consistent and fair application” of the boating fees and regulations, the Charter Association added: “Effective enforcement depends on clarity, consistency and fairness. Regulations should be communicated and applied uniformly across ports and officers, with accountability mechanisms in place to address improper conduct. “However, enforcement can only succeed once rules are practical to comply with and consistently applied. Establishing that baseline is a pre-requisite to fair and effective regulation.” Finally, calling for a comprehensive economic impact study to be conducted on the boating industry’s impact in The Bahamas, the Charter Association concluded: “The marine tourism sector is a vital contributor to The Bahamas’ economy, particularly within the Family Islands, where visiting vessels support local businesses, employment and community livelihoods. “Recent policy changes affecting this sector have had significant and immediate impacts, prompting concern among operators, service providers and the broader boating community. This document is submitted in the spirit of dialogue, co-operation and good faith, and in recognition of the Government’s stated intention to review the current framework and its implementation. “The recommendations that follow are intended to be practical, constructive and grounded in operational realities to restore confidence, improve compliance and strengthen The Bahamas’ position as a premier and welcoming destination for responsible marine tourism.” As Tribune Business previously reported, none of those voicing concern about the revised boating fees and their impact are disputing that The Bahamas has a sovereign right to determine
and set these levies at the level it deems appropriate, or that visiting boaters should pay their fair share in taxes and fees in return for commercial exploitation of this nation’s waters and environment. They have even acknowledged that smaller, properly communicated rises may have been justified. Instead, the main issue has been the zero consultation with boaters and industry, coupled with the lack of notice and time to adjust, as well as the scale and breadth of the changes and how they have been implemented in practice. This has led to significant uncertainty and confusion, with The Bahamas not providing a timely or coherent message to its visitors. Tribune Business sources, speaking on condition of anonymity, said the tourism and marina industries, as well as all businesses that rely on the boating sector for their livelihoods, are hoping The Bahamas can “make a big splash” by unveiling a revised fee structure and accompanying regulatory reforms in time for the Palm Beach Boat Show in early March. Noting that the non-charter business typically “falls off” in January and February, before picking up again in time for March and the Spring-summer season, one source said: “The big opportunity is the Palm Beach Boat Show coming up in early March to make a big splash and announce what we are doing.” They added that this will give The Bahamas sufficient time to get it right, and balance the private sector’s demands for immediate relief with the Government’s revenue objectives and goals of marine and environmental protection, ensuring visitors contribute to funding these initiatives. “I was staying a marina hotel in Bimini, and the marina had five to six boats. It was basically empty. We’re definitely feeling the pinch,” they said.
rock - that they’re all running behind. If it wasn’t for that aragonite rock, they wouldn’t be going back there. We don’t even know if these people have the funds, because they could use that same rock and invest.” Iris Charlton-DePass, another resident. said she and other islanders had no prior knowledge that a project was being planned. She believes that being left out of the consultation process is an insult to the community. Speaking to Tribune Business, Ms Charlton-DePass said matters affecting Family Islands should involve direct engagement with residents rather than springing plans on them without warning. “We had no idea that a project was ongoing on
the island, or that there were plans being made to initiate a project here. I think the people have been insulted because they were not consulted,” said Mrs Charlton-DePass. “Moving forward, I don’t think any issue that pertains to any island should be handled the way this has been done, because I believe the powers that be need to meet the people, let them know what is going on, and not just tell them all of a sudden ‘We have some plans’.’ It just should not be working like that in 2026.” Mrs Charlton-DePass criticised the Government for moving forward with a major project without first addressing the community’s fundamental needs. She highlighted that the island lacks essential infrastructure, and questioned the logic and priorities behind the PPP port development, suggesting that it is unreasonable to focus on new development while basic services and infrastructure remain inadequate. “We have other issues here that need to be addressed; many of them. How could the Government, or whoever this is - I don’t even know who’s fronting or pushing it jump over the immediate concerns of the people of Mayaguana?” she asked. “We don’t even have roads, a proper clinic or a functioning education
system - it’s been shambles back here. We don’t have proper docking facilities, and the airport is not open yet. People are still going into that old hangar building where water was settling...and then they come talking about some projects they plan to do without even addressing these initial needs? It does not make sense.” Ms Charlton DePass also expressed scepticism about successive governments’ handling of development projects on Mayaguana, noting that similar proposals have been presented repeatedly over the years but never come to fruition. She said that while the the port proposal might sound appealing, the real priority should be ensuring that the people of Mayaguana actually benefit. “We heard this before. It looks like every couple of years, or every decade, the same thing is reintroduced. I don’t know if these people are copying and pasting, but something is going on. They always come up with this flashy plan about what they’re going to do... shoot it across to Mayaguanians, and then nothing happens,” Ms Charlton-DePass added. “Not that the plan doesn’t sound good, but whoever is writing up these contracts has to make sure that the people start benefiting from these plans. Even before they start, they need to do what they’re supposed to
be doing in the first place - making sure the islands have at least the basic things they need. We don’t have the basic things we need. “Yeah, the project might sound good and nice, but we heard it all before; some long years ago. It has never been recent. Nobody has come down to meet with the residents to discuss any project they have coming up. So this was a slap in the face, and they need to come again. They need to come with some kind of respect for the residents on this island.” But Mr Moss, a MICAL constituency resident, took a more optimistic view of the port project, describing it as “phenomenal” for the economy of the southern Bahamas. He said Mayaguana currently has virtually no economy, and the project could stimulate growth, create jobs and provide much-needed development on an island that has barely 100 inhabitants. “This is going to be phenomenal. Mayaguana is about to take off like a rocket. It’s going to do so well because Mayaguana, as it stands today, has zero economy - zero. It is really going to stimulate the economy. It’s going to provide employment for people. You know, it’s going to be amazing,” said Mr Moss.
THE TRIBUNE
Friday, January 9, 2026, PAGE 5
PPP partner asserts: ‘We are not I-Group’ PORT - from page B1 which involve construction of a cruise ship terminal plus a “deep water transshipment port and terminal for larger vessels, plus adjacent land development and handling components”. Asked how it plans to overcome the lack of supporting infrastructure and workforce in Mayaguana, especially given the scale of the proposed project and investment, Global Lead Consultant Group replied: “We have completed a feasibility study and the signs look positive for a successful venture. We will have to create all the necessary infrastructure to make the port function. “That is where our partner 77 construction UK, who are a subsidiary of 77 Insaat, a globally-recognised development and construction company with relevant experience from around the world, [comes in]. They have worked in some of the most difficult places on the planet.” Detailing the PPP’s origins, Global Lead Consultant Group added: “We have been working on this project from mid-2020. The idea was conceived about a year earlier in 2018 but we had to do research and studies. Negotiations with the Government has been going on for four years. All agreements have not been completed and finalised. In reference to land, any land will be on a lease basis for a 25-year term.” That is a reference to the project’s potential use of Crown Land or other real estate that belongs to the Bahamian people. “In reference to approvals, we are really at the infancy stages.
Outside of the recently-executed PPP not much else has been approved. We still have to go through the EIA, which is very intensive and extensive. We still need building permits and a lot more items on the checklist to cross-off,” the private sector partner added. “Global and its partners are responsible for all aspects of the project coming to fruition - from financing, planning, design construction and commissioning of the port. These will be overseen by a Board of Directors of which the Government will appoint its own directors. The Government and its agencies are responsible for all approvals. “The Government and the Mayaguana Island Development fund will own a 51 percent stake in the project, and Global and its partners will own a 49 percent stake. Once everything is in place, and the risks have been reduced and a port is completed, an equity stake will be offered to the general public to participate.” This is also not the first time that the Government has sought to create, and stimulate, economic activity on Mayaguana via a PPP focused on major infrastructure developments such as a shipping port and enhanced airport. A similar effort, which saw the Christie administration partner with the Boston-based I-Group, fizzled out with little to none of the promised development and economic activity ever emerging. Asked to respond to sceptics suggesting their PPP will suffer a similar fate, Global Lead Consultant
Penalty enforcement to counter OECD scrutiny COMPLIANCE - from page B1 obligations. While a degree of regulatory forbearance may be warranted, it has become necessary to move toward a more consistent and structured enforcement approach.” The Securities Commission, and other financial services regulators, have been given the status of designated supervisory authorities under reforms to the Automatic Exchange of Financial Account Information Act that were passed by Parliament last year. This enables them to enforce compliance by their respective licensees and administer the submission of necessary tax-related data on their clients that will be passed to their home country authorities. Warning that they now plan “to formally address late filings and impose applicable penalties”, the Securities Commission and other financial services regulators - which all issued a similar letter - said the Ministry of Finance will be responsible for imposing sanctions for late submissions in 2022 and 2023. However, the relevant regulators will take over this responsibility for 2024 tax information exchange filings by their licensees - which were due to be submitted in last year - and all submissions moving forward. And, unless licensees pay the assessed penalty or provide evidence that they met the legally mandated deadline within 14 days of receiving notice of the fine, “further regulatory action” may be taken against them.
“Licensees and registrants are strongly encouraged to review their filing records, ensure that all outstanding obligations are brought up to date, and implement internal controls to ensure timely compliance going forward,” the Ministry of Finance, Securities Commission and other regulators warned. One financial services source, speaking on condition of anonymity, said they were unsure how widespread the problem of late filing by Bahamian institutions is but warned that any non-compliance could attract scrutiny and attention from the Organisation for Economic Co-Operation and Development (OECD) which oversees the global application of the common reporting standard (CRS). That is the standard all nations, including The Bahamas, must comply with in exchanging tax information on overseas and non-resident clients automatically with their home country authorities as part of the global crackdown on tax evasion and avoidance. “For the purpose of international assessments, late filing is just unacceptable across the board,” the source said. “It impacts the ability of overseas financial authorities to get information from us. In these circumstances we have to be seen to have an enforcement regime around the issue to encourage 100 percent compliance. “The idea of the penalty is a nudge that it is a crackdown. The Competent Authority is certainly not trying to put anyone out of
Group said: “We are not the I-Group. We are Bahamians with a vested interest in seeing this project become a success because it will create opportunities for Bahamians all across The Bahamas. “It is imperative that we succeed because it will open the door for other Bahamians to have the opportunity to work on these types of projects and developments…. We are extremely confident that with the support of the Government and the team of international experts that we have assembled this project will come to fruition and be successful for the entire Bahamas. “For those in the southeast Bahamas and Turks and Caicos Islands this will be a blessing. They will be able to bring the cost down with having a major port in such close proximity. The first phase is a deepwater port and that should take five years to complete once we get shovel in the ground. We will speak to the first phase, which is estimated to be a $300m investment.” Expanding further on the project’s potential economic benefits, Global Lead Consultant Group said: “The project will benefit the south-eastern Bahamas by creating business opportunities and employment opportunities. There are limited services in Mayaguana and everything will be needed. “We have in our PPP agreement with the Government that the people of Mayaguana and their descendants will be given first priority. This is for obvious reasons. The people of the south-east Bahamas and all Bahamians who are interested in participating in this project will be given priority. “The port will put Mayaguana on the map we have ships pass all the time and do not stop business with a penalty. It’s to encourage compliance on time.” Prime Minister Philip Davis KC, addressing Parliament on last year’s reforms to the Automatic Exchange of Financial Account Information Act, warned that the OECD wanted The Bahamas to upgrade its “administrative compliance framework” after this country’s regime underwent a second assessment in July 2025. “During the on-site assessment, the assessment team recognised that The Bahamas has a CRS automatic exchange of financial information compliance strategy in place, which is still evolving, but noted that we need to further develop our administrative compliance framework,” Mr Davis said. “The amendments we are debating today essentially empower designated supervisory authorities (DSAs) charged with the responsibility of conducting compliance and investigation activities, such as audits and onsite visits to financial institutions, to ensure that they are reporting in a timely manner, to inspect and verify documents and records. “The compliance activities also extend to ensuring that self-certifications are being collected and that the information reported in the CRS automatic exchange of financial information reporting portal are correct and accurate,” he added. “The Bahamas is also under an obligation to ensure that financial institutions and persons are aware of potential circumvention schemes, including the risks presented by citizenship by investment and residence by investment schemes to prevent misuse and address it when detected.”
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because there are no facilities. We have direct shipping routes to Europe and Africa. Mayaguana is half-way between Florida and Puerto Rico. This is just the beginning. Our plan is more long-term and multi-faceted.” Vincent McDonald, a 35-year hospitality entrepreneur who owns Curly’s Group of Companies - the parent of Curly’s Bar on Cable Beach and Curly’s Restaurant on Arawak Cay - and is a partner in Bahamas Renewable Energy Company (BREC), is Global Lead Consultant Group’s chairman. Other principals include its chief executive, Winfield ‘Johnny’ Outten, a former banker who founded Tiffany Marble Products, which later became Bahamas Kitchen and Bath, and also Countrywide Builders. He is currently a director of the Bahamas Entrepreneurial Venture Capital fund. Leslie Hutchison, an engineer and project manager, is named as Global Lead Consultant Group’s chief operations officer, and is said to have worked on New Providence’s $200m road improvement project as well as the upgrades to water and sewerage and road infrastructure in downtown Nassau. Also named is Junardo Hall as the project’s financial consultant, while
Global Lead Consultant’s attorney is Owen Wells, the McKinney, Turner & Company partner, who The Tribune today reports is being asked by the governing Progressive Liberal Party (PLP) to stand as its general election candidate in the newly-created St James constituency. The Prime Minister’s Office, in a statement, described the ‘Port at Mayaguana’ as “a major maritime and logistics project intended to strengthen economic activity in Mayaguana and across the south-east Bahamas”. It said the development - if successful - would develop transhipment and storage facilities for container shipping and bulk cargo, along with the necessary support services and utilities. “Mayaguana sits close to strategic shipping lanes used by vessels transiting toward the Panama Canal and other major ports, placing the island at a crossroads between the Americas and Europe. This PPP positions Mayaguana to play a stronger role in regional trade, cruise activity and related services,” the Prime Minister’s Office said in explaining the project’s rationale. “Under the PPP, Global Lead Consultant Group, together with its team, will work alongside the Government to develop a project
that includes port and land side works, a transshipment and storage port for containers and bulk cargo, excavation, housing and supporting facilities, and upgrades to utilities. The private partners referenced by the project team include 77 Construction UK, among others.” An Internet search yielded few details on 77 Construction UK. However, the Prime Minister’s Office said the Mayaguana port project is being structured as a joint venture between the Government and its private sector partners in the PPP, although the precise terms and ownership percentages were not disclosed. “The project is to be jointly owned by the Government of The Bahamas, the Mayaguana Island Development Fund, and Global Lead Consultant Group,” it added. “The operating entity will be Mayaguana Port Group Ltd (MPGL). The Mayaguana Island Development Fund component is intended for the direct benefit of Mayaguana, and the partners have indicated an intention to engage the community on the use of those funds.” That indicates Mayaguana Island Development Fund is being created solely to hold the interest of, and provide benefits to, island residents.
PAGE 6, Friday, January 9, 2026
Almost three-quarters of BISX stocks see 2025 improvement INVEST - from page B1 that $1bn mark,” he affirmed. “We have our US dollar component from an assets under administration standpoint, and we’re going to be very aggressive this year in growing that side of the business. “Right now, the target is $50m growth in assets under administration on the US dollar side, and we have an office in Cayman that drives that effort as well. The fact the Central Bank has made foreign currency more readily available by allowing brokerage houses to approve up to $100,000 per year, per client, that’s an opportunity to give Bahamian dollar clients more global exposure.” Mr Slatter, revealing that RF Bank & Trust has
set a $1.57bn assets under management target for year-end 2026 - a figure that includes all mutual funds and other investments it managers and administers - said investors almost have to “ignore” the ongoing global geo-political uncertainty otherwise they will never be able to fulfill their objectives and generate the desired returns. “For the mutual funds, if we can get up to $950m, that’s the target for this year,” he told Tribune Business. “When we hit that $1bn mark we will make sure to make the market aware because that’s a very important milestone. “We’ve been growing our team, and getting close to 100 people in total at RF Bank & Trust. We’ve added more personnel in Cayman
THE TRIBUNE and Barbados, as well as here in The Bahamas. We want to make sure we have the persons in place to manage growth. We don’t want to drop the ball from that standpoint.” Reflecting on 2025, Mr Slatter said the feared tourism and economic slowdown as a result of Donald Trump’s tariff policies and other uncertainties had failed to materialise with almost three-quarters of stocks listed on the Bahamas International Securities Exchange (BISX) enjoying improved share prices last year. This helped drive RF Bank & Trust’s mutual fund performance, especially that of its Targeted Equity Fund, whose principal investments are in publicly-traded stocks listed on BISX. The investment house’s Secure Balanced Fund, which has a mix of equity and fixed income investments, also benefited from the
showing by publicly listed companies. Mr Slatter said the third of RF Bank & Trust’s mutual funds, the Prime Income Fund, whose investments comprise fixed-income securities such as government and corporate bonds, plus the likes of preference shares, also out-performed 2024’s returns over the full year although it did not hit the equity-related highs partly due to its lower risk profile. “The funds performed well, and in line or slightly above expectations,” the RF Bank and Trust investments chief said. “The Prime Income Fund generated returns of approximately 3.4 percent for the year, which was up over 2024 by around 0.8 percentage points, so it’s moving in the right direction. Its assets under management are up to half-a-billion dollars, or $500m, and assets
under management grew by around $30m. “The Targeted Equity Fund generated returns of around 8.2 percent for the year with assets under management up to around $155m. That was definitely the strong performer for us. We had assets under management growth in that fund of around $24m and, if you look at the Secure Balanced Fund, its returns were around 6 percent for the year. “We’re pleased with the local equity returns. We had told clients we were targeting 5-7 percent for the year, but came in at around 8.2 percent, so we exceeded the targeted returns for the year. I was a little concerned about a US slowdown and the impact on tourism, but the US economy remained stable despite the turmoil.” Mr Slatter said the three Bahamian dollar-denominated mutual funds possess around $700m in combined assets under management, while their three US equivalents - the Targeted Income Fund , International Opportunities Fund and Hedged Strategies Fund - hold another $120m. Assessing the 2025 performance of BISX-listed stocks, the RF Bank & Trust investment chief said: “It was kind of a broad story. It wasn’t as if there was just a single company driving things. Only five stocks were in negative territory during the year versus 14 that were up and one that was flat. “Especially in the fourth quarter there was a nice bump in a number of stocks, and in the third quarter as well. It was a tell of two halves if you look at the first half versus the second half. One of the companies that stood out was Bank of the Bahamas” which has emerged from two taxpayer bail-outs over the past decade that helped rescue the bank. “It’s a turnaround story if you look at where they are now compared to where they were a few years, when they were restricted on who they can lend to,” Mr Slatter added. “Those restrictions
have been removed, and they can pay dividends again.” He cited Colina Holdings (Bahamas), Bahamas First, CIBC Bahamas, and Consolidated Water and Emera, whose Bahamian Depository Receipt (BDR) prices appreciated by 36 percent and 30 percent, respectively, as other strong performers along with RBC FINCO which - while its share price rose by only 5 percent - consistently paid out extraordinary dividend returns to shareholders. “Commonwealth Bank was the poorest performer, down 10 percent over the course of the year, but it’s one of those stories where performance has been improving and there has been an increase in dividend payments,” Mr Slatter said. “The market wasn’t paying attention. The price has started to stabilise, and Commonwealth Bank is probably as low as it’s going to go.” Voicing optimism for 2026, Mr Slatter said “we can perhaps have another good year with 7-8 percent returns on the equity fund. He added that, given continued economic and geopolitical uncertainties, RF Bank & Trust will again focus on portfolio diversification and risk mitigation especially in the international markets. Besides geographic diversification into European and Asian markets, he added that defence stocks, as well as rare earth minerals and precious metals such as gold, will receive significant attention in 2026. “There’s a lot of stuff going on, and a lot of opportunities, and we will definitely be doing our best to drive a lot of these projects and bring them to market and really extend opportunities for clients and anyone looking to participate,” Mr Slatter said. “There is this whole geopolitical uncertainty. You almost have to ignore it. If you get too obsessed with the day-to-day noise it will distract you from what you’re trying to do.”
China and Japan, uneasy neighbors in East Asia, are at odds again By TED ANTHONY AP National Writer THEY'RE at it again. China and Japan — frenemies, trading partners and uneasy neighbors with a tortured, bloody history they still struggle to navigate — are freshly at each other's rhetorical throats as 2026 begins. And it's over the same sticking points that have kept them resentful and suspicious for many decades: Japan's occupation of parts of China in the 20th century, the use of military power in East Asia, economics and politics — and, of course, pride. From insinuations that Chinese citizens face dangers in Japan to outright accusations of resurgent Japanese imperialism, this first week of the year in China has been marked by the communist government scorning Tokyo on multiple fronts and noticeably embracing the visiting leader of another crucial strategic neighbor: South Korea. The latest chapter in Japan-China enmity surged In November when Japan's new leader waded into
choppy bilateral waters. She said, in effect, that if China moved militarily against Taiwan, she wouldn't rule out involving Japan's constitutionally defense-only military. That didn't go over well in Beijing, which has teed off on Tokyo over the years for far less. "Prime Minister Sanae Takaichi's erroneous remarks concerning Taiwan infringe upon China's sovereignty and territorial integrity, blatantly interfere in China's internal affairs, and send a military threat against China," Foreign Ministry spokesperson Mao Ning said Wednesday, a week after military exercises around the island ended. "We urge Japan to face up to the root causes of the issue, reflect and correct its mistakes." That's hardly uncommon language. China frequently demands Japan ponder the path it has taken and correct its "erroneous" course. It's rhetoric, sure, but it goes far deeper. And sometimes it's hard to tell what's real umbrage and what's ginned
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, NYEISHA JOYANN MOULTRIE née CASH of 5th Street, The Grove, Nassau, Bahamas and ALVARDO VALENTINO FORBES of Mars Bay, South Andros, parents of VA’NAE NYLAH PAYTHON CASH intend to change our child’s name to VA’NAE NYLAH PAYTHON FORBES. If there are any objections to this change of name by deed poll, you may write such objection to the Chief Passport Officer, P. O. Box N-3746, Nassau, The Bahamas or at deedpoll@bahamas.gov.bs no later than thirty (30) days after the date of the publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DENEESHA WILLIAMS of Discover Close, Nina Crest, Regency Park Subdivision, New Providence, Bahamas, mother of DIAVE ELAINE WILLIAMS intend to change my child’s name to DIAVE LAYNE MERCEDES VICTORIA WILLIAMS. If there are any objections to this change of name by deed poll, you may write such objection to the Chief Passport Officer, P. O. Box N-3746, Nassau, The Bahamas or at deedpoll@bahamas.gov.bs no later than thirty (30) days after the date of the publication of this notice.
THE TRIBUNE
Friday, January 9, 2026, PAGE 7
Budget office expects Federal Reserve to cut rates in 2026 By FATIMA HUSSEIN Associated Press THE Federal Reserve is expected to cut shortterm rates in 2026, with its key interest rate settling at 3.4% towards the end of President Donald Trump 's term in office in 2028, according to a new report released Thursday by the nonpartisan Congressional Budget Office. Despite the Fed's cuts, however, the budget office projects the yield on 10-year Treasury notes to increase gradually, from 4.1% in the fourth quarter of 2025 to 4.3% in the fourth quarter of 2028. The 10-year Treasury yield is a benchmark for mortgage rates, so the forecast suggests mortgage borrowing could get more
expensive over the next two years. The CBO on Thursday released new economic projections for the next three years, taking into account Trump's tariffs, immigration policies and last year's federal government shutdown, among other factors. "Together, those adjustments affected the near-term path of GDP, employment, and inflation but did not materially change the overall economic outlook through 2028," the report states. Jobless rates are expected to increase before they improve over the next two years, the report states. The CBO expects the unemployment rate to peak at 4.6% in 2026 but then ease to 4.4% in 2028
FEDERAL Reserve Chair Jerome Powell speaks at the Federal Reserve, Wednesday, Dec. 10, 2025, in Washington. Photo:Jacquelyn Martin/AP
— affected largely by the impacts of Trump's tax and spending law, passed by Congress and signed in July,
as well as fewer migrants in the country. Also, the budget office projects that real gross
domestic product growth is expected to rise to 2.2% in 2026, supported by the tax and spending law and a rebound from the late-2025 shutdown. GDP growth is then set to slow to an average of 1.8% in 2027 and 2028 as fiscal support wanes and labor force growth slows. The forecasts are similar to those made by the Federal Reserve, though the Fed expects growth will reach 2% in 2027 and 1.9% in 2028. Last September, when the CBO released an updated three-year outlook, it issued the same projection for GDP growth for the next three years.
Inflation is expected remain above the Fed's 2% target in the near term, the CBO says, due to tariffs and stronger demand, gradually falling to 2.1% in 2028. On Wednesday, the CBO released data that predicts the U.S. population is projected to grow by 15 million people in 30 years, a smaller estimate than in previous years, due to Trump's hardline immigration policies and an expected lower fertility rate. Lawmakers established the Congressional Budget Office more than 50 years ago to provide objective, impartial analysis to support the budget process.
Saudi Arabia alleges UAE smuggled wanted Yemen separatist leader out of the country By JON GAMBRELL Associated Press SAUDI Arabia said Thursday that the United Arab Emirates smuggled a separatist leader in Yemen wanted for treason out of the country and flew him to Abu Dhabi. The UAE had no immediate reaction to the accusation, which further escalates tensions between the neighboring nations on the Arabian Peninsula as their partnership in the yearslong war in Yemen breaks down. A Saudi military statement said that Aidarous al-Zubaidi, the leader of the Southern Transitional Council, fled Yemen by boat to Somalia. Al-Zubaidi was then flown to Abu Dhabi, the UAE's capital, the statement said. Saudi-Emirati relations sour The UAE has been the major supporter of the council, known as the STC, which sparked a confrontation between Saudi Arabia and the UAE in recent days, after STC fighters advanced in two governorates and appeared to be preparing to secede from Yemen. The Saudi statement from Maj. Gen. Turki al-Malki included him naming a major general in the UAE as being involved in al-Zubaidi's purported escape, along with identifying his nom de guerre — something highly unusual in Gulf Arab relations. It also suggested that an Ilyushin Il-76 aircraft used in the operation had been deployed in "conflict zones" like Ethiopia, Libya and Somalia — routes that the Emirati military has been accused of funneling weapons through in the past. The UAE has denied running guns into those areas. The Emirati Foreign Ministry didn't immediately respond to a request for comment from The Associated Press.
In a statement Thursday, Somalia's Immigration and Citizenship Agency, which is a part of the Ministry of Internal Security, said it was launching an investigation of "the alleged unauthorized use of Somalia's national airspace and airport" calling it unacceptable and a violation of its sovereignty. It also said that any attempt by al-Zubaidi "through alleged external support" to evade Saudi Arabia's call for dialogue is contradictory to the dialogue process and would be a breach of bilateral agreements without naming an external actor. The STC didn't immediately acknowledge the allegation either, saying Wednesday that al-Zubaidi had remained in Aden, where forces allied against the Iran-backed Houthi rebels had congregated for years since the rebels seized Yemen's capital, Sanaa. A meeting with the STC Saudi Arabia's ambassador to Yemen, Mohammed al-Jaber, said on X on Thursday morning that he met with the STC delegation that landed in Riyadh a day earlier. They discussed al-Zubaidi's recent actions, which he said "harmed the southern cause and didn't serve it." "We also explored ways to work in the future to address what happened in a manner that serves the Southern cause, the Coalition's efforts to achieve security and stability in Yemen, and we addressed the arrangements for the Southern Cause Conference, which will be held in Riyadh soon," he said. Meanwhile, Mohamed al-Ghaithi, an STC member and head of the negotiation and reconciliation committee supporting the Presidential Leadership Council, called the meeting with al-Jaber "fruitful" and praised the kingdom's initiative to sponsor the conference aimed at finding
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a group including al-Zubaidi and others, since 2022. On Wednesday, the leadership council expelled al-Zubaidi and charged him with treason after he apparently declined to fly to Saudi Arabia for talks. It marked the latest pushback against the STC by Saudi Arabia, which also recently launched airstrikes against the group and an arms shipment the kingdom said came from the UAE. Addressing long-standing grievances
THE PRESIDENT of the Yemen’s Southern Transitional Council Aidarous Al-Zubaidi sits for an interview, Sept. 22, 2023, in New York, while attending the United Nations General Assembly’s annual high-level meeting of world leaders. Photo:Ted Shaffrey/AP
“We also explored ways to work in the future to address what happened in a manner that serves the Southern cause, the Coalition's efforts to achieve security and stability in Yemen, and we addressed the arrangements for the Southern Cause Conference, which will be held in Riyadh soon.” Mohammed al-Jaber a resolution in the south. Al-Ghaithi confirmed that the delegation "rejected everything that harms unity." "We have heard clear commitments from our brothers in Riyadh toward our people's cause and ensuring a secure and stable future," he posted on X. On
Wednesday, the STC had said it lost contact with its delegation after they landed in Riyadh, with a council representative saying that members' cellphones were either switched off or ringing with no one answering. Southern Yemen had been run under the Presidential Leadership Council,
Meanwhile, Hans Grundberg, the U.N. special envoy for Yemen, met Thursday with PLC members in Riyadh to discuss developments in Yemen and its broader implications, according to a statement released by the envoy's office. Grundberg said that an anticipated conference expected to be hosted by the kingdom "offers a timely opportunity to reduce tensions, address long-standing grievances through political means, and move discussions towards stabilization." Background on the conflict The war in Yemen, on the southern edge of the Arabian Peninsula and bordering the Red Sea and the Gulf of Aden, has killed more than 150,000 people, including fighters and civilians. It has created one of the world's worst humanitarian disasters. The Houthis have also launched attacks against shipping over the Israel-Hamas war in the Gaza Strip, disrupting a vital route for global commerce.
The U.S., which earlier praised Saudi-Emirati efforts to end the crisis over the separatists, has launched airstrikes against the Houthi rebels under both Presidents Joe Biden and Donald Trump. Saudi Arabia's foreign minister met with U.S. Secretary of State Marco Rubio in Washington on Wednesday. This latest accusation will further strain ties between Saudi Arabia and the UAE, OPEC members and neighbors that increasingly have competed over economic issues and regional politics, particularly in the Red Sea area. The Yemen dispute has become their most serious confrontation in decades. The Saudi statement came as part of what appeared to be an organized media push over the incident by Saudi broadcasters and newspapers that offered details that could prove embarrassing for the Emiratis. The Saudi-owned satellite news channel Al Arabiya aired what it described as intercepted telephone calls highlighting al-Zubaidi's alleged escape. Saudi Arabia's English-language newspaper Arab News offered a front-page image of al-Zubaidi under the headline "WANTED" in the style of a poster from the American Old West. A scathing front-page editorial by the state-backed newspaper said that the separatist leader's refusal to come to the kingdom was "cementing his image as a traitor to his country."
PAGE 8, Friday, January 9, 2026
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DeepSeek’s AI gains traction in developing nations, Microsoft report says By CHAN HO-HIM and MATT O'BRIEN AP Business Writers DEEPSEEK, the Chinese tech startup that rivals OpenAI's ChatGPT, has been gaining ground in many developing nations in a trend that could narrow the gap of artificial intelligence adoption with advanced economies, a new report suggested. In the Thursday report, researchers from Microsoft said global adoption of generative AI tools reached 16.3% of the world's population in the three months to December, up from 15.1% in the previous three months. Yet the divide of AI adoption in developed and developing countries is widening, the report noted, with AI adoption across what Microsoft characterizes as the global north growing nearly twice as fast as in the global south. "We are seeing a divide and we are concerned that that divide will continue to widen," said Juan Lavista Ferres, chief data scientist for Microsoft's AI for Good Lab, which used anonymized "telemetry" to help track global device usage. Countries that invested early and consistently in digital infrastructure and AI led in terms of shares of users, including the United Arab Emirates, Singapore, France and Spain, according to the report. Some of Microsoft's figures overlapped with the findings of a Pew Research Center survey published in October that mapped which countries are more excited than concerned about AI. In both reports, for instance, South Korea stood out in its embrace of AI. Microsoft has a vested interest in AI adoption — its business and much of
the tech industry and stock market is staking its future on AI tools becoming more widely used and profitable — but Lavista Ferres said his lab is looking more broadly at the topic. His researchers found that the rise of Chinese startup DeepSeek, which was founded in 2023, has fueled wider AI adoption across the developing world given its free and "open source" models – with key components available for anyone to access and modify. When DeepSeek released its advanced reasoning AI model called R1 in January 2025, which it said was more cost-effective than OpenAI's similar model, it raised eyebrows in the global technology industry and many were surprised by how China is catching up with the U.S. in technological advancements. Leading science journal Nature published peer-reviewed research co-authored by DeepSeek founder Liang Wenfeng in September, describing it as a "landmark paper" from the Chinese startup. Lavista Ferres said DeepSeek is a "good model" for tasks like math or coding, but it operates differently from U.S.-based models on topics like politics. "We have observed that for certain type of questions, of course, they follow the same type of access to the internet that China has," he said. "Which means that there will be questions that will be answered very differently, particularly political questions. In many ways that can have an influence on the world." DeepSeek offers a free‑to‑use chatbot on web and mobile, and has also given developers global access to modify and build on its core engine. Its lack of subscription fees has
"lowered the barrier for millions of users, especially in price‑sensitive regions," Microsoft's report said. DeepSeek didn't immediately respond to a request for comment on the report. "This combination of openness and affordability allowed DeepSeek to gain traction in markets underserved by Western AI platforms," the report added. "DeepSeek's rise shows that global AI adoption is shaped as much by access and availability as by model quality." Developed countries including Australia, Germany and the U.S. have sought to limit the use of DeepSeek over alleged security risks. Microsoft last year banned its own employees from using DeepSeek. Adoption of DeepSeek remained low in North America and Europe, the report found, but it surged in its home country China, as well as Russia, Iran, Cuba, Belarus – places where U.S. services face restrictions or where foreign tech access is limited. In many places, DeepSeek's prevalence correlated with it being a default chatbot on widely available phones made by Chinese tech companies like Huawei. DeepSeek's market share in China was 89%, the report estimated. That's followed by Belarus's 56% and Cuba's 49%, both of which also had low AI adoption more broadly. In Russia, its market share was around 43%. In Syria and Iran, DeepSeek's market share reached around 23% and 25%, respectively, the report added. In many African countries including Ethiopia, Zimbabwe, Uganda and Niger, DeepSeek's market share was between 11% to 14%.
THE SMARTPHONE apps DeepSeek page is seen on a smartphone screen in Beijing, Jan. 28, 2025. Photo:Andy Wong/AP
Farmers drive tractors through Paris and block highways in Greece to protest free trade deal By SYLVIE CORBET and DEREK GATOPOULOS Associated Press DOZENS of angry farmers demonstrated in France and Greece Thursday, halting traffic and blocking key roads with tractors to protest European Union plans to move forward with a free trade deal with five South American nations. Farmers drove about a hundred tractors into Paris and gathered in front of France's powerful lower house of parliament, the National Assembly, under close watch from a large number of police officers. In Greece, farmers escalated nationwide protests, launching a 48-hour blockade of major highways, junctions and toll stations. Tractors lined key routes across the country, halting all traffic except emergency vehicles in protest of the contentious EU-Mercosur agreement and rising costs. European farmers have long denounced the trade deal with the Mercosur nations of Brazil, Argentina, Bolivia, Paraguay
and Uruguay, arguing that it would hurt their livelihoods and flood the market with cheaper imports. Ludovic Dupeux, of the Rural Coordination branch in Corsica, came all the way from the Mediterranean island by boat, tractor and train to reach Paris. He said centrist President Emmanuel Macron has not done enough to prevent the deal from being signed. "We want President Macron to stand by the side of farmers," he said. "He needs to clearly tell it out loud and to impose it, too." Farmers in Greece say they're pushed to desperation Greece's main highway connecting Athens to the northern city of Thessaloniki was shut in both directions at several points, as farmers demanded stronger state support. Police directed traffic to secondary routes when possible and did not intervene to counter the blockades. But the country's conservative government has warned that it would not tolerate more extended blockades. "We've reached a breaking point," Yiannis Baritas, a cabbage farmer and father of five, said at roadblock in southern Greece. "We'll stay here as long as it takes to support our families. They've pushed us to desperation." The protests, which began in November, initially centered on rising production costs, worsened by a series of crises: a subsidy fraud scandal delaying legitimate payments, and a sheep and goat pox outbreak. The government on Wednesday announced concessions to try and head off the latest protests, including cheaper electricity rates for farmers and fuel tax rebates. The proposed trade deal would create a vast free-trade zone between Europe and South American nations. "If this agreement goes through, Greek agriculture is finished," Vangelis Roubis, a protest organizer, told The Associated Press outside the southern city of Halkida. "Greece depends on agriculture and tourism," he said. "We don't have heavy industry like
Germany or France. Production costs here are 300% higher than in Latin America." Roubis pointed to potatoes as an example: Greek farmers need 35 to 40 cents per kilogram to break even, compared with roughly 10 cents in Brazil. "We want Greece to join the block of EU nations that rejects this deal," he added. Pressure on French government French farmers set up roadblocks across the country in recent days. On Thursday about 20 tractors were in the Paris city center, some at the Arc de Triomphe monument and others in the Eiffel Tower neighborhood, despite a ban issued by authorities, the Interior Ministry said. Convoys of tractors "bypassed and forced their way," the ministry said. But most of the tractors were blocked further from the center at key traffic arteries that mark Paris' limit. Thursday's protest was staged by the Rural Coordination union to put further pressure on France's government, which protesters say has not shown strong enough opposition to the deal. José Perez, President of the Rural Coordination in the Lot-et-Garonne region in southwestern France, said "the goal today is to come to Paris to express our demands closer to those who have the power." "It's a strong symbol," he told The Associated Press. Farmers' concerns about the Mercosur trade deal are combining with anger about government sanitary measures against the spread of a bovine disease, Perez stressed. The Rural Coordination, which has links to the far right, said in a statement farmers expect "quick, effective decisions to face ongoing challenges." The EU this week renewed internal negotiations over a free trade agreement with five South American nations, amid speculation that a deal could be signed in Paraguay on Jan. 12. The deal's supporters, led by Germany, may be able to pass over objections from France and Poland.
THE COMPANIES ACT, CH. 308 NOTICE OF VOLUNTARY WINDING UP
THE FIG TREE FOUNDATION LIMITED (In Voluntary Liquidation) Registration No. 54538 C TAKE NOTICE that 1.
The above-named Company was put into solvent voluntary 08 _ day of January 2026 by a resolution liquidation on the _ passed in lieu of a meeting of the Company.
2.
Livingston S Marshall of Blake Road, PO Box CB-13375, Nassau N.P., The Bahamas has been appointed Voluntary Liquidator of the Company.
3.
Any creditor of the above-named Company is required to submit to the Voluntary Liquidator, Proof(s) of their respective debt or claim against the above-named Company by sending such Proof(s) to the Liquidator via email: lmarshall@discoverylandco.com no later than 4:00pm on the February , 202_. 6 Such Proof(s) should state __ 09 day of _____ the creditor's name, address, particulars of debt or claim, documentation to prove debt or support claim, and any entitlement to priority.
January Dated this_ 09 day of ____
_, 2026 _
L.s.d� Livingston S Marshall Voluntary Liquidator
THE TRIBUNE
Friday, January 9, 2026, PAGE 9
JUDGE PARKER
CARPE DIEM
MARVIN BLONDIE
HAGAR THE HORRIBLE
TIGER
CALVIN & HOBBES
DENNIS THE MENACE 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.
Yesterday’s Sudoku Answer
MICRO CROSSwORD
CHALLENGER
Yesterday’s Answers
Yesterday’s Kakuro Answer
PAGE 10, Friday, January 9, 2026
THE TRIBUNE
Early birds can begin filing their taxes on Jan. 26 this year
MARVIN
BLONDIE
By FATIMA HUSSEIN Associated Press JAN. 26 marks the official start date of the 2026 tax filing season, when the IRS will begin accepting and TIGER 2025 tax returns. processing April 15 is the filing deadline to avoid penalties and interest. Tax season is the annual period when taxpayers prepare and submit their income tax returns for the previous calendar year to the IRS and most U.S. citizens and permanent residents need to file a tax return if they make more
than a certain amount of money for the year. Tax experts, including the IRS' independent watchdog, have warned that this year's filing season could be hampered by the loss of tens of thousands of tax collection workers who left the agency through planned layoffs and buyouts spurred by Elon Musk's Department of Government Efficiency. IRS Chief Executive Officer Frank Bisignano, who was named to the new role in October, said "the IRS workforce remains
“President Trump is committed to the CALVIN &of HOBBES taxpayers this country and improving upon the successful tax filing season in 2025. I am confident in our ability to deliver results and drive growth for businesses and consumers alike.” Scott Bessent
vigilant and dedicated to their mission to serve the American taxpaying public. At the same time, IRS information systems have been updated to incorporate the new tax laws and are ready to efficiently and effectively process taxpayer returns during the filing season." Bisignano is also commissioner of the Social Security Administration. The IRS will also be responsible for implementing major provisions of Republicans' tax and spending package signed into law last summer. Several provisions in the law retroactively affect the 2025 tax year, likely leading to more questions from taxpayers and requiring the IRS to update tax forms. "President Trump is committed to the taxpayers of this country and improving upon the successful tax filing season in 2025," said acting IRS Commissioner Scott Bessent in a news release. "I am confident
HAGAR THE HORRIBLE
A SIGN is displayed outside the Internal Revenue Service building May 4, 2021, in Washington. Photo:Patrick Semansky/AP in our ability to deliver results and drive growth for businesses and consumers alike." The IRS expects to receive roughly 164 million individual income tax returns this year, which is on par with what it received last year. The average refund amount was $3,167, according to IRS data. Bessent has said on several occasions that the effects of Republican tax law will result in bigger tax refunds in 2026.
Protests erupt in Iran’s capital after exiled prince’s call; internet cuts out soon after DENNIS THE MENACE By JON GAMBRELL Associated Press PEOPLE in Iran's capital shouted from their homes and rallied in the street Thursday night after a call by the country's exiled crown prince for a mass demonstration, witnesses said, a new escalation in the protests that have spread nationwide across the Islamic Republic. Internet access and telephone lines in Iran cut out immediately after the protests began. The protest represented the first test of whether
the Iranian public could and bazaars Sudoku is a number-placing puzzleshut baseddown on a 9x9ingrid it to Iranian government be swayed bywith Crown several givensupport numbers. of Thethe objectprotesters. is to place the interference. Attempts to 1 to 9 inSo the empty squares so the each row, Prince Reza numbers Pahlavi, far, violence around theeach dial landlines and mobile column and eachdemonstrations 3x3 box contains the same whose fatally ill father has number killedonly phones from Dubai to once. The increases fled Iran just before thedifficulty at level leastof the 41 Sudoku people whilefrom Iran could not be conMonday to Sunday country's 1979 Islamic Rev- more than 2,270 others have nected. Such outages have olution. Demonstrations been detained, said the in the past been followed have included cries in sup- U.S.-based Human Rights by intense government port of the shah, something Activists News Agency. crackdowns. that could bring a death The growth of the Meanwhile, the protests sentence in the past but now protests increases the themselves have remained underlines the anger fueling pressure on Iran's civil- broadly leaderless. It the protests that began over ian government and its remains unclear how PahlIran's ailing economy. Supreme Leader Ayatollah avi's call will affect the Thursday saw a continu- Ali Khamenei. CloudFlare, demonstrations moving ation of the demonstrations an internet firm, and the forward. that popped up in cities and advocacy group NetBlocks "The lack of a viable rural towns across Iran on reported the internet alternative has undermined Wednesday. More markets outage, both attributing past protests in Iran,"
CROSSWORD PUZZLE
Monday, January 12, 2026
MICRO CROSSwORD
CHALLENGER
Saturday’s Answers
The latest National Taxpayer Advocate report to Congress published in June states that the IRS workforce has fallen from 102,113 workers at the end of the Biden administration to 75,702. The IRS website does not include the latest employment numbers on the agency's workforce. IRS employees involved in last year's tax season were not allowed to accept a buyout offer from the Trump administration until
after the taxpayer filing deadline of April 15, 2025. The June National Taxpayer Advocate report to Congress warned that the 2026 season could be rocky. "With the IRS workforce reduced by 26% and significant tax law changes on the horizon, there are risks to next year's filing season," said Erin M. Collins, who leads the organization assigned to protect taxpayers' rights.
wrote Nate Swanson of the Lordegan in Chaharmahal Washington-based Atlantic and Bakhtiari province. Council, who studies Iran. A deputy governor in "There may be a thousand Iran's Khorasan Razavi Iranian dissident activists province told Iranian state who, given a chance, could television that an attack at emerge as respected states- a police station killed five men, as labor leader Lech people Wednesday night in Wałęsa did in Poland at the Chenaran, some 700 kilomend of the Cold War. But eters (430 miles) northeast so far, the Iranian security of Tehran. Late Thursday, apparatus has arrested, per- the Revolutionary Guard secuted and exiled all of the said two members of country's potential transfor- its forces were killed in a number crossword, the task in Kaku mational leaders."Best described asKermanshah. is to fill all of the empty squares, using numbers 1 to 9,
Thursday's demonstration Iran weighs Trump threatto the sum of each horizontal block equals the number rallies at home left, and the sum of each vertical block equals the numb Iran has faced rounds on its top. No number may be used in the same block mo and in street nationwide in than once. The of difficulty level of the protests Conceptis Kaku Pahlavi had called recent years. As sanctions increasesfor from Monday to Sunday. demonstrations at 8 p.m. tightened and Iran struglocal (1630 GMT) on Thurs- gled after the 12-day war, day and Friday. When the its rial currency collapsed Saturday’s Saturday’s clock struck, neighborhoods in December, reaching 1.4 across Tehran erupted million to $1.Kakuro ProtestsAnswer began Sudoku Answer in chanting, witnesses soon after, with demonstrasaid. The chants included tors chanting against Iran's "Death to the dictator!" theocracy. and "Death to the Islamic It remains unclear why Republic!" Others praised Iranian officials have yet the shah, shouting: "This is to crack down harder on the last battle! Pahlavi will the demonstrators. Trump return!" Thousands could warned last week that if be seen on the streets. Tehran "violently kills "Great nation of Iran, the peaceful protesters," Amereyes of the world are upon ica "will come to their you. Take to the streets and, rescue." as a united front, shout your Trump's comments drew demands," Pahlavi said in a new rebuke from Iran's a statement. "I warn the Foreign Ministry. Islamic Republic, its leader "Recalling the long and the (Revolutionary history of criminal interGuard) that the world and ventions by successive U.S. (President Donald Trump) administrations in Iran's are closely watching you. internal affairs, the Foreign Suppression of the people Ministry considers claims will not go unanswered." of concern for the great Pahlavi had said he would Iranian nation to be hypooffer further plans depending on the response to his critical, aimed at deceiving call. His support of and from public opinion and coverIsrael has drawn criticism in ing up the numerous crimes the past — particularly after committed against Iranithe 12-day war Israel waged ans," it said. But those comments on Iran in June. Demonhaven't stopped the U.S. strators have shouted in State Department on the support of the shah in some demonstrations, but it isn't social platform X from clear whether that's sup- highlighting online footage port for Pahlavi himself or purporting to show demona desire to return to a time strators putting up stickers before the 1979 Islamic naming roads after Trump or throwing away governRevolution. Iranian officials appeared ment-subsidized rice. "When prices are set so to be taking the planned protests seriously. The hard- high that neither consumline Kayhan newspaper ers can afford to buy nor published a video online farmers can afford to sell, claiming security forces everyone loses," the State would use drones to iden- Department said in one message. "It makes no diftify those taking part. Iranian officials have ference if this rice is thrown offered no acknowledgment away." Meanwhile, Nobel Peace of the scale of the overall laureate Narges protests, which raged across Prize remains many locations Thursday Mohammadi even before the 8 p.m. imprisoned by authordemonstration. However, ities after her arrest in there has been reporting December. "Since Dec. 28, 2025, the regarding security officials people of Iran have taken being hurt or killed. The judiciary's Mizan to the streets, just as they news agency report a police did in 2009, 2019," her son colonel suffered fatal stab Ali Rahmani said. "Each wounds in a town outside time, the same demands of Tehran, while the sem- came up: an end to the iofficial Fars news agency Islamic Republic, an end to said gunmen killed two this patriarchal, dictatorial security force members and religious regime, the and wounded 30 others end of the clerics, the end of in a shooting in the city of the mullahs' regime."
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Friday, January 9, 2026, PAGE 11
‘Worst in Show’ CES products include AI refrigerators, AI companions and AI doorbells PEOPLE look at a display of the Bosch eBike Flow app at the Bosch booth during the CES tech show Wednesday, Jan. 7, 2026, in Las Vegas. Photo:John Locher/AP
By MATT O'BRIEN AP Technology Writer THE promise of artificial intelligence was front and center at this year's CES gadget show. But spicing up a simple machine like a refrigerator with unnecessary AI was also a surefire way to win the "Worst in Show." The annual contest that no tech company wants to win announced its decisions Thursday. Among those getting the notorious "anti-awards" for invasive, wasteful or fragile products were an eye-tracking AI "soulmate" companion for combating loneliness, a musical lollipop and new AI features for Amazon's widely used doorbell cameras. Shouting at a 'bespoke AI' fridge that also hawks grocery products Samsung's "Bespoke AI Family Hub" refrigerator received the overall "Worst in Show" recognition from the group of consumer and privacy advocates who judged the contest. Samsung invites users to speak to the refrigerator and command it to open or close the door, but a demonstration at the sprawling Las Vegas technology expo showed it didn't always detect what people were saying if there was too much ambient noise. That was just part of the complications and reliability concerns Samsung added to an appliance that's supposed to have one important job: keeping food cold, said Gay Gordon-Byrne of the Digital Right to Repair Coalition in a recorded video ceremony announcing the anti-awards. "Everything is an order of magnitude more difficult," she said of the fridge that also uses computer vision to track when food
items are running low and can advertise replacements. Samsung said in response that "a trade show floor is naturally very different from a consumer's home environment. Our Bespoke AI experiences are designed to simplify decisions around the home, making life more convenient and enjoyable." The South Korean tech giant also said "security and privacy are foundational" to the AI experiences in the fridge. Who decides what's 'Worst in Show' The judges have no affiliation with CES or the trade group that runs the show. They say they make the choices based on how uniquely bad a product is, what impact it could have if widely adopted and if it was significantly worse than previous versions of similar technology. The judges represent groups including Consumer Reports, the Electronic Frontier
Foundation and right-to-repair advocates iFixit. "We definitely intend some shame," said iFixit's director of sustainability, Elizabeth Chamberlain, in an interview. "We do hope that manufacturers see this as a poke, as an impetus to do better next time. But our goal isn't to really shame any particular manufacturer as such. We're hoping that they'll make changes as a result of it. We're pointing to trends that we see in the industry as a whole. And a lot of the things that we're calling out, we picked an individual product, but we could have picked a whole category." Amazon's doorbells once again ring privacy alarms An array of new features for Amazon's Ring doorbell camera system won the "Worst in Show" for privacy for "doubling down on privacy invasion and supporting the misconception that more surveillance always makes us safer,"
said Cindy Cohn, executive director of the Electronic Frontier Foundation. Among the new Ring features is an "AI Unusual Event Alert" that is supposed to detect unexpected people or happenings like the arrival of a "pack of coyotes." "That includes facial recognition," Cohn said of the new Ring features. "It includes mobile surveillance towers that can be deployed at parking lots and other places, and it includes an app store that's going to let people develop even sketchier apps for the doorbell than the ones that Amazon already provides." Amazon didn't immediately respond to a request for comment. Deskbound AI 'soulmate' companion is always watching your eyes Winning the "People's Choice" of worst products was an AI companion called Ami, made by Chinese company Lepro, which mostly
sells lamps and lighting technology. Ami appears as a female avatar on a curved screen that is marketed as "your always-on 3D soulmate," designed for remote workers looking for private and "empathetic" interactions during long days at the home office. It tracks eye movements and other emotional signals, like tone of voice. The group says it is calling out Lepro "for having the audacity to suggest that an AI video surveillance device on a desk could be anyone's soulmate." Advocates acknowledged the device comes with a physical camera shutter but said they were unsettled by its "always-on" marketing. Lepro didn't immediately respond to a request for comment. Tech lollipop gets dinged for environmental waste Lollipop Star attracted attention early at CES as a candy that plays music while you eat it. Its creators say it uses bone induction technology to enable people to hear songs — like tracks from Ice Spice and Akon — through the lollipop as they bite it using their back teeth. But the sticks can't be recharged or reused after the candy is gone, leaving consumer advocate Nathan Proctor to give it a "Worst in Show" for the environment. "We need to stop making so many disposable electronics, which are full of toxic chemicals, require critical minerals to produce and can burn down waste facilities," said Proctor, who directs the Public Interest Research Group's right-torepair campaign. A spokesperson for Lollipop Star maker Lava
Brand didn't immediately respond to a message seeking comment. A treadmill powered by an AI chatbot fitness coach raises security concerns "Worst in Show" for security went to Merach's internet-connected treadmill that boasts of having the industry's first AI coach powered by a large language model that can converse with the user but also proactively adjust the speed and incline based on heart rate changes. All that collection of biometric data and behavioral inferences raised concerns for security advocates, but so did the fine print of a privacy policy that stated: "We cannot guarantee the security of your personal information." China-based Merach didn't immediately respond to a request for comment. Talking coffee makers and making e-bikes hard to fix German tech company Bosch received two "Worst in Show" awards, one for adding subscriptions and enhanced voice assistance from Amazon's Alexa to coffee-making with a "Personal AI Barista" espresso machine and another for a purported anti-theft and battery lock feature on an e-bike app. Cory Doctorow, author of the book "Enshittification: Why Everything Suddenly Got Worse and What to Do About It" and himself a "Worst in Show" judge, criticized Bosch's "parts pairing" to digitally connect an e-bike with its parts, like motors and batteries, in a way that flags a part if it appeared on a database of stolen products.
PAGE 12, Friday, January 9, 2026
THE TRIBUNE
Most of Wall Street drifts as defense companies rally By STAN CHOE AP Business Writer MODEST moves for Wall Street overall masked some big swings underneath the surface on Thursday, including for makers of weapons and other military equipment after President Donald Trump said he wants to increase spending on them sharply. The S&P 500 barely budged and inched up by less than 0.1%, coming off its first loss in four days. It remains near its all-time high set earlier this week. The Dow Jones Industrial Average rose 270 points, or 0.6%, and the Nasdaq composite fell 0.4%. The majority of stocks climbed as yields ticked higher in the bond market following mixed reports on the U.S. economy. The number of U.S. workers applying for unemployment benefits rose last week, a potential indicator of increasing layoffs, but by
no more than economists expected. Other reports said U.S. workers improved their productivity by more in the summer than economists expected, while the U.S. trade deficit unexpectedly shrank in October. On Wall Street, defense-industry companies rallied after Trump said he wants to increase U.S. military spending to $1.5 trillion in 2027 from $901 billion in order to build the "Dream Military." L3Harris Technologies jumped 5.2%, Lockheed Martin climbed 4.3% and Northrop Grumman added 2.4%. They bounced back from losses the prior day, when Trump complained defense contractors were making military equipment too slowly. RTX came under particular criticism by Trump, and its stock lagged behind rivals. It inched up 0.8% after Trump said that it was the "slowest in increasing their volume."
Trump signed an executive order Wednesday calling on the Pentagon to ensure future contracts with contractors contain a provision prohibiting their ability to buy back their own stock during a period of underperformance on U.S. government contracts. Another winner on Wall Street was Constellation Brands, which climbed 5.3% after the beer and wine company reported a better profit for the latest quarter than analysts expected. They helped work against drops for several technology stocks that held back the overall market. Nvidia was the heaviest weight on the S&P 500 after dropping 2.2% and giving back some of its big gain of nearly 40% last year. All told, the S&P 500 added 0.53 to 6,921.46 points. The Dow Jones Industrial Average added 270.03 to 49,266.11, and the Nasdaq composite fell 104.26 to 23,480.02.
SPECIALIST James Denaro works at his post on the floor of the New York Stock Exchange, Thursday, Jan. 8, 2026. Photo:Richard Drew/AP Elsewhere, oil prices jumped to continue their zigzags since Trump ousted the leader of Venezuela last weekend. A barrel of benchmark U.S. crude climbed 3.2% to $57.76. Brent crude, the international standard, rose 3.4% to settle at $61.99 per barrel. Venezuela is potentially sitting on more oil than any other country in the world, and any increase in production could push further downward on prices, which
Trump says he wants government to buy $200B in mortgage bonds in a push to bring down mortgage rates By JOSH BOAK and ALEX VEIGA Associated Press PRESIDENT Donald Trump said on social media Thursday that he is directing the federal government to buy $200 billion in mortgage bonds, a move he said would help reduce mortgage rates at a time when Americans are worried about home prices. Trump and the White House have been trying to show they are responding
to voter concerns about affordability ahead of midterm elections in November. Home prices have generally risen faster than incomes because of a persistent construction shortfall, making it harder for renters to buy their first home and for existing owners to upgrade to a new property — a challenge that dates back to Trump's first term and the recovery from the housing market collapse
that triggered the global financial crisis in 2008. Trump said the two mortgage companies under government conservatorship, Fannie Mae and Freddie Mac, have $200 billion in cash that will be used to make the purchase. "This will drive Mortgage Rates DOWN, monthly payments DOWN, and make the cost of owning a home more affordable," Trump posted on social media.
White House officials did not immediately respond to questions about the timelines for how purchases would occur. The Federal Reserve has in the past bought mortgage bonds during times of economic turmoil in order to help reduce interest rates, leading many homeowners to refinance into rates of 3% or less. The low rates of the recent past make these homeowners reluctant to sell their properties, depriving the market of inventory.
have already fallen on expectations for plentiful supplies. But billions of dollars of investment are likely necessary to get Venezuela's aging infrastructure in good-enough shape to ramp up production sharply. It's not just Venezuela where the U.S. military could see action, as Trump talks about "troubled and dangerous times." The president in recent days has also called for taking over the Danish territory of Greenland for national security
reasons and has suggested he's open to carrying out military operations in Colombia. In stock markets abroad, indexes moved modestly in Europe following a weak finish in Asia. Japan's Nikkei 225 dropped 1.6% for one of the world's bigger moves, while Hong Kong's Hang Seng fell 1.2%. In the bond market, the yield on the 10-year Treasury rose to 4.18% from 4.15% late Wednesday.
"At a high level I feel this is putting a Band-Aid on a deeper issue and it probably wouldn't lower rates enough to really undo the mortgage rate lock-in effect," said Daryl Fairweather, chief economist at the real estate brokerage Redfin. Fairweather estimated the government purchases of mortgage debt could shave 0.25 to 0.5 percentage points off the rate for a 30-year fixed rate mortgage. But the purchases wouldn't address other factors such as a chronic shortage of homes on the market, which has helped make homeownership unaffordable
for many Americans, she cautioned. Mortgage rates have been averaging around 6.2%, according to Freddie Mac, which went into conservatorship along with Fannie Mae in 2008 when the U.S. economy crashed during the Great Recession. Thirty-year mortgage rates haven't been below 6% since September 2022. "Lowering mortgage rates by maybe a quarter point or half a point maybe will encourage more demand on the margins, but I don't think it's going to solve the restrictions that exist in the housing market," Fairweather said.