business@tribunemedia.net
Wednesday, January 14, 2026
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VAT undermined by ‘hacksaw’ approach BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s move to eliminate VAT on all unprepared foods was yesterday branded a “hacksaw” approach that fails to deliver targeted financial help to struggling Bahamian families while undermining the principles upon which this tax was first introduced. Gowon Bowe, who headed the private sector’s Coalition for Responsible Taxation (CRT) when VAT was first implemented on New Year’s Day 2015, told Tribune Business that the Davis administration’s latest bid to address cost of living woes ahead of the general election should have employed “surgical-like behaviour” rather than handing a further tax break to wealthy
• Wealthy get new tax break from latest food cut • Tax Coalition chief brands move ‘double dumb’ • Opposition argues ‘simply too little, too late’ Bahamians and residents who do not need it. And, by effectively ‘doubling down’ through a second VAT cut on unprepared foods within 12 months, he argued that the Government is moving further away from the universally agreed
GOWON BOWE low-rate, broad-based model that The Bahamas adopted when the tax was implemented more than a decade ago. Mr Bowe, who is also Fidelity Bank (Bahamas) chief executive, told this newspaper that the introduction of more exemptions
and zero-ratings - such as that unveiled by the Prime Minister on Monday night - is the opposite of a model universally agreed by the Government and private sector in 2015 and threatens to make VAT compliance and administration more complex and challenging. And he also questioned what had become of the plan to address affordability and cost of living challenges faced by low income Bahamian families by redistributing a portion of VAT revenues to them via RISE and other social assistance initiatives - rather than the zero-ratings and exemptions used by both the Minnis and Davis administrations. Mr Bowe went so far as to describe the situation as “double dumb”, likening it to a school student copying exam or test answers from an equally stupid pupil. He pointed out that the Davis administration, which had heavily
criticised its Minnis predecessor for eliminating VAT on so-called ‘breadbasket’ foods and medicines, and raising the general VAT rate to 12 percent in 2018, was now essentially adopting the same ‘zero rating’ and exemptions plan. “When you look at the reasons why we wanted to have no VAT exemptions from the beginning, it was on the basis of having no complexity or eliminating complexity so that everyone knew what the rate was and to eliminate gerrymandered pricing by misclassification - you couldn’t pass something off as food or medicine,” the Fidelity Bank (Bahamas) chief said. “I think the other side of it is that when you’re trying, in the absence of an income tax-based system, to effect the distribution of certain benefits to a certain class
‘Don’t repeat past Super Value: ‘No guarantee’ all mistakes’ over the items VAT re-priced by April 1 Development Plan BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• February House tabling for Planning Institute Bill • Not passing before election would be ‘setback’ • Institute to have ‘autonomy’; Gov’t ‘can’t dictate’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FAILING to give the National Development Plan legal effect ahead of the upcoming general election would be “another setback we have to climb over”, the initiative’s chairman warned yesterday, while adding: “We don’t want to repeat the mistakes of the past.” Felix Stubbs, who heads the National Development Plan’s steering committee, told Tribune Business he has received “assurances” that the Bahamas National Development Planning Institute Bill 2026 - which was released for public consultation yesterday - will be passed by Parliament prior to the election being called by Prime Minister Philip Davis KC. He disclosed that the committee intends to push the Bill, which will give the National Development Plan a statutory legal footing, “very rapidly” through the consultation process with the aim of tabling it in the House of Assembly next month. That will occur after
SUPER Value’s president yesterday she cannot “make any promises” that all product prices will reflect VAT’s elimination on unprepared foods at the April 1 deadline given the mammoth task involved in adjusting thousands of goods that account for 80 percent of its sales. Debra Symonette told Tribune Business that, given the size of the 13-store supermarket chain’s inventory, it is possible it may “have to ask for an extension”
beyond the transition date to complete the re-pricing of all shelf items so that they reflect the just-announced VAT reduction from 5 percent to zero. However, she pledged that - even if the shelf and inventory re-pricing is not completed within the twoand-a-half months allowed by the Government - customers will still be charged the correct cost at the register because the new prices will be contained in Super Value’s computer system. Suggesting that consumers will be “elated” at the latest tax break unveiled by the Davis administration,
THE Prime Minister yesterday asserted he has “removed the knees” off Bahamians by cutting the VAT rate and providing tax breaks as he accused the former Minnis
move have already been segregated into one goods basket. “Come April 1 customers are going to be looking for that change. We have to be ready. Whether the shelf [products] is going to be 100 percent changed I cannot say for sure because of the number of items,” Ms Symonette disclosed to Tribune Business. “Coming down to the end, if we need an extension we’ll have to ask. Even if it comes down to us not being able to change every item on the shelf, everything will be correct in the system so when customer go to the register the right price will be charged.” Asked how optimistic she and Super Value are about all product prices being changed in time to reflect a zero VAT rate
ADJUST - See Page B2
Chamber: Uphold ‘principles’ on GBPA ownership change FELIX STUBBS a tight two-week consultation, enabling Bahamians to submit feedback, concerns and potential changes to the Bill, which will drive any adjustments made by the Attorney General’s Office. Describing the proposed legislation’s release as “a huge step forward” in the decades-long effort to institutionalise national planning, and create a development ‘road map’ that is non-partisan and immune to politically-motivated change, Mr Stubbs told this newspaper that the Bill has been crafted to give the Institute “some autonomy” and prevent the
STRATEGY - See Page B4
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ANY changes to the Grand Bahama Port Authority’s ownership and structure must result in Freeport’s administration being controlled by local stakeholders and key economic assets directed by investors capable of developing a 250,000person city, it was argued yesterday. Dillon Knowles, the Grand Bahama Chamber of Commerce’s president, in a messaged reply following Tribune Business’s exclusive revelation that a Bahamian investor group is seeking to raise more than $400m in capital to acquire both the GBPA
and its Port Group Ltd affiliate, said these requirements had been spelled out to the Government at least ten years ago. “A decade ago, the the GB Chamber responded to a request from government for a vision for Freeport,” he wrote. “The principle that undergirded the Chamber’s response was the need for the administration of the city to be under the control of the various stakeholders of Grand Bahama. “And that the asset holding companies need to be controlled by entities that have the vision, and financial and intellectual capital, to develop a city of 250,000 residents - not just a promoter of land sales. “Those were sound principles at the time and
PM: We took Minnis’ 17% VAT ‘knees off’ Bahamians By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
given the constant complaints over high prices and cost of living struggles, Ms Symonette told this newspaper that Super Value’s sales will also potentially gain a boost if shoppers redeploy the VAT savings into extra food purchases. And, confirming that the supermarket chain will likely incur higher overtime costs as a result of the work required to complete the product and shelf re-pricing, she nevertheless predicted that this time will be easier than implementing last year’s VAT cut from 10 percent to 5 percent as all products affected by the Government’s latest
TAXATION - See Page B4
administration of planning to increase it to 17 percent if re-elected to office. Philip Davis KC defended his administration’s record on tax relief and economic recovery against claims from Opposition MPs that the tax burden has instead increased. Facing their attacks in Parliament, he said argued that claims of increased taxation are “far
from the truth” and urged his opponents to give “particulars” about the alleged burden his administration has placed on Bahamians. “This refrain that this government, this administration, led by Brave Davis, increased taxes on Bahamians is far from the truth. And instead of just saying that we increased the tax burden on Bahamians,
perhaps the member ought to give further and better particulars as to where those taxes were on Bahamians,” said Mr Davis. “What we did is we relieved The Bahamas of taxes. We said in our ‘Blueprint for Change’ that we would relieve them from taxes. And that's what
DISPUTE - See Page B5
continue to be so today. The significance of any change in the existing structure should be judged against those criteria.” Born Free Capital, the Bahamian group, is certainly seeking to meet the latter “principle”
after unveiling its plans to develop a “new smart city” with that same population size. Multiple Freeport sources, speaking on
VISION - See Page B5
PAGE 2, Wednesday, January 14, 2026
HGC MELLOR TOP PRODUCER
THE TRIBUNE
HGC A BETHEL TOP PRODUCER
HGC HILLER TEAM
Real estate firm unveils top producers for 2025 A BAHAMIAN real estate firm has unveiled its best producers for 2025 following what it described as a strong year driven by sustained demand and limited inventory in key locations. Named as overall and Nassau’s top producers for 2025 were Philip Hillier and Anya Mousis of The Hillier Team, marking the seventh consecutive year they have earned the firm’s top honour. “The Hillier Team are thrilled to be top producer seven years in a row,” said Mr Hillier. “One could say we make it look easy. However, it takes dedication and lots of hard work. We work tirelessly all the time to make our clients happy. We are grateful to our valued clients for the support and trust they place in us.” Mr Hillier added that 2025 was a strong sales year, with activity returning close to post-pandemic levels driven largely by continued interest in the market’s high-end segment. He said the firm has
KRISTI HULL
FRANK KNOWLES
KRYSTLE RODGERS
seen increased relocation interest from European and Canadian buyers seeking long-term lifestyle and tax-efficient opportunities in The Bahamas. Ms Mousis said: “I am proud, deeply thankful and energised. Our clients’ trust is our foundation, and a team that supports, challenges and elevates one another is our greatest asset. True success is always a collective effort, and I am excited to build on this momentum together.” In Grand Bahama, Ewa Mellor was named top
producer while also earning honours as top exclusive listing agent and most properties sold for 2025. “Honestly, I truly feel blessed and very motivated by this,” said Ms Mellor. “Of course I’m proud, but what matters most to me is knowing that people felt taken care of and confident during such an important time in their lives. Being recognised as top producer on the island is a huge honour, especially in such a competitive market, and I’m extremely grateful for the trust so many families,
buyers and investors placed in me. “For me, this recognition isn’t just about numbers. It’s about knowing that people felt supported during one of the biggest decisions of their lives. This success came from hard work, honesty, long days and nights, constant follow-ups and truly caring about my clients’ results. It motivates me to keep raising the bar for myself and my community.” Frank Knowles was recognised as top producer for Abaco. “It is certainly an honour to be recognised
as a top producer with HG Christie, particularly when noting the strong group of seasoned professionals I have the privilege to work with,” she said. “The HG Christie team plays a huge part in making it all possible, but I am most grateful to my clients who continue to trust my guidance whether buying or selling real estate in The Abacos.” Anne Bethel earned top producer honours for Eleuthera, while Krystle Rodgers was named top producer for Exuma. “This achievement reflects decades of trust, strong relationships, and a shared commitment with my team to serve clients with integrity and local insight. I’m grateful to help connect people to this remarkable island and to continue supporting its sustainable growth,” Ms Bethel said. “Earning top producer for the island of Exuma is a deeply rewarding milestone,” said Ms Rodgers. “It is made even more
meaningful by achieving it while becoming a mother. It reflects dedication, balance and a continued commitment to serving my clients and community with excellence.” Kristi Hull was recognised for excellence in resort marketing. John Christie, HG Christie’s president and managing broker, said: “I’m incredibly proud of the collective performance of our agents this year. Their professionalism, consistency and commitment to excellence continue to elevate our brand and deliver outstanding results for our clients. “As we look ahead to 2026, the Bahamas real estate market remains strong and full of opportunity. With sustained international interest, limited inventory and our agents’ deep local expertise, we are well positioned for another year of growth, momentum, and success.”
Building The Bahamas by ‘one farm at a time’ A BAHAMIAN nonprofit is targeting a vision of thriving farms in all 41 constituencies by reawakening what it describes as the joy of farming. Philip Smith, the Agricultural Development Organisation’s (ADO Bahamas), executive director and founder, said that since the organisation’s inception in 2022 it has been working to ease hunger in The Bahamas and slash the country’s $1bn-plus annual food import bill through local farming. “Twenty years ago, I baked a loaf of coconut bread, put it in my beat-up van, and parked by a beach. A man walked by and looked at me, and I could see the hunger in his eyes before even noticing the holes in his shoes. I rolled
down the window and handed him the bread,” said Mr Smith. “Hunger may never end, but growing what we can will help ease the pangs of hunger and cultivate a healthier population.” ADO Bahamas, in a statement, said it is working toward its goals by educating all sectors of the community about farming and providing supplies, tools and resources to make agriculture a reality. It added that current projects include Backyard Garden Farming, with more than 3,200 backyard farms established in New Providence, Grand Bahama and Abaco to help families reconnect with growing their own food. Other initiatives include community farms, with six
Zero VAT groceries 80% of supermarket’s sales ADJUST - from page B1 from April 1, she added: “I don’t want to make any promises. I can say we’ll do our best to have everything changed but there is no guarantee because we can only work with what we have and do the best we can. “The system is not so difficult. That is technology stuff, and they just have to program so that
all the items a 5 percent are changed to zero. The difficult part is the pricing of the individual items on the shelf. That takes the time. That could run into… maybe 10,000 items. When you look at even one single item there are large quantities of it possibly on the shelves. “There are thousands. It could be up to 10,000. I’ll tell you that we looked at changing to just pricing the
community gardens established across The Bahamas as hubs for local engagement and sustainable farming. Agricultural tools, resources and infrastructure have also been provided to 32 schools across New Providence, Grand Bahama, Abaco, Eleuthera and other Family Islands. ADO Bahamas said corporate and community partnerships have been critical to its growth, having teamed with the Ministry of Education, Disney Cruise Lines, TK Foundation, Royal Caribbean Cruise Lines, RBC and the Inter-American Institute for Cooperation on Agriculture (IICA). Recently, staff members from Disney Cruise Lines joined students from Patrick J. Bethel High School
in Abaco to work in the school’s garden. Together, they planted and harvested greens and prepared salads from their harvest. “It was touching to hear a number of students say they never eat salads,” said Mr Smith. “That day the students were eager to try healthy salads knowing they had grown them with their own hands. Initiatives like this help students take an interest in food security and agricultural careers. “After 16 years of personal experience feeding persons, the greatest joy is teaching someone to feed themself. ADO Bahamas is doing this for Bahamians one farm at a time.”
DISNEY Cruise Line staff members joined students from Patrick J. Bethel High School in Abaco for ADO Bahamas’s School Agriculture Programme.
shelf; putting tags on the shelf rather than individual items, but we found customers like the individual tags. That’s what we’re sticking to,” Ms Symonette added. “We’re going to make an effort to change all the items to reflect the change. “It would be a whole lot easier for us if we only had to do the shelf. It creates a challenge otherwise in that particular area. It takes a lot of man hours to do that [pricing individual products]. We have a limited amount of staff to do it, and that requires extra time.” Ms Symonette confirmed
this will mean Super Value likely incurring increased overtime costs. She added that the overnight transition from 5 percent VAT to zero on most of Super Value’s sales is “not a difficulty”, and said the latest cut will be simpler to implement than last year’s. “It’s going to be easier because everything is set up in the system, and it’s just a matter of flagged items going to a zero rate,” the Super Value president explained. “Last time we had to distinguish between the cooked items, grocery items
and non-food items. Right now, we find the majority of the sakes, 80 percent of the sales, are the 5 percent items. I am pretty sure consumers will stick to that and buy more of the 5 percent items when they go to zero and they have to pay less because of the reduction in VAT. “I’m thinking that they’ll use their savings to get more for their money. If they spent $100 before, they can now buy a little more for the same outlay. I’m sure they will appreciate the change in the VAT rate. I guess to some extent
it will increase our sales if they use the savings to buy more.” Ms Symonette said the zero VAT rating will also save Super Value on the cost of purchasing goods from its suppliers. “The consumers are going to be elated,” she added. “I’m sure they are elated because they are going to get this break. I don’t know if I want to use the word ‘crying’, but they have made it clear that they need a break and currently say the prices are so high, so this will get them the break they have been lobbying for.”
THE TRIBUNE
Wednesday, January 14, 2026, PAGE 3
Gov’t seeks approval for $30m water loan BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Government yesterday sought Parliament’s approval to borrow nearly $30m from the Caribbean Development Bank to finance major Water & Sewerage infrastructure upgrades across several islands. Leon Lundy, minister of state in the Prime Minister’s Office with responsibility for the Water & Sewerage Corporation, told the House of Assembly that the $29.933m loan would finance phase two of the Bahamas Water Supply Improvement Project that aims to modernise water systems and improve service reliability. He added that the project represents a total investment of $46.99m, combining the proposed loan from the Caribbean Development Bank with $17.057m counterpart financing from the Government.
LEON LUNDY “This resolution allows this government to enter into the necessary contractual agreements for the financing of phase two of the Bahamas Water Supply Improvement Project. It further approves the application of those funds, with the Water and Sewerage Corporation serving as the executing agency,
MP: Gov’t borrowing must pass ‘national equity test’ BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net AN OPPOSITION MP yesterday argued that the Government’s $30m borrowing plan for water infrastructure fails a “national equity test” because Grand Bahama has been left out. Iram Lewis, independent MP for Central Grand Bahama, questioned in Parliament why the Caribbean Development Bank loan focuses on other Family Islands while Grand Bahama receives little investment despite its taxpayers helping to fund the project through VAT, Customs duties and other taxes. “This nation's second city, the industrial capital, is invisible in the Government's investment plan, yet highly visible when it comes time to pay the bill,” said Mr Lewis. “The debt you are incurring is sovereign debt. It is backed by the consolidated fund, according to what I'm understanding. The tax collected in Freeport- the VAT my constituents pay at the grocery store, the Customs duties on goods that fall outside the bonded area, the departure tax - those tax dollars go into the pot from which we will pay this loan back. Think about it.” Mr Lewis said the island has long struggled with rusty water, damaged infrastructure and water salinity issues, specifically in areas outside
of the Grand Bahama Port Authority’s (GBPA) purview. The GBPA’s affiliate, Grand Bahama Utility Company, supplies Freeport with water and the Water & Sewerage Corporation - which will execute the $30m loan - has no presence on the island. “There is a legacy issue in central Grand Bahama. We've had issues for years and years of rusty water and damaged infrastructure. I've seen pictures of water coming out of the pipes in central Grand Bahama, people losing clothes they put in the machine. By the time it comes out, it's destroyed,” said Mr Lewis. “So, we have borrowed $30m, and central Grand Bahama - the area that has been highly advertised and has been complaining about rusty water for years and years - was not considered in this most critical borrowing exercise.” Mr Lewis also raised concerns about the sustainability of the Government’s $30m foreign currency loan for water infrastructure, warning that borrowing without addressing management and leakage at the Water and Sewerage Corporation risks “mortgaging” the country’s future. “We are told this is a loan to the Water and Sewerage Corporation (WSC). But we all know the reality of WSC is a corporation that has historically struggled to collect revenue, struggled to maintain its grid, and struggled to
to advance critical water supply works across Abaco, Andros, Crooked Island, Eleuthera, Rum Cay and New Providence,” said Mr Lundy. “This project represents a total investment of $46.99m, comprising the proposed loan of $17.057m in counterpart financing from the Government of stay out of the red,” said Mr Lewis. “Are we throwing good money after bad? If we borrow this $30m to fix the pipes but do not fix the management, do not fix the leakage, the non-revenue water - we are told that some 50 percent of what is produced is lost into the ground - then we are simply mortgaging our children's future to water the limestone rock.” Mr Lewis said the $30m loan would create contracts and jobs for other Family Islands, including trenching work, pipe fitting and other wages that circulate in those local economies, and questioned why Grand Bahama is left out of these benefits despite contributing tax revenue that helps fund the project. “This resolution represents a philosophy of trickle-down death. The Government believes that if they borrow for the Family Islands, eventually the whole country rises. But for Grand Bahama - and I have to be Grand Bahama-centric in this - it feels like we are being asked to bail out the boat while we are swimming on our own. We need to pivot,” said Mr Lewis. “If the Government brings a loan resolution to this House, it must pass a national equity test. If you are going to tax Grand Bahama to pay for pipes in Eleuthera, you must show me where you are investing in hospitals in Freeport. You must show me where you are investing in airports in Grand Bahama. You cannot treat Grand Bahama as a cash cow for tax revenue and go south for capital expenditure.”
The Bahamas to the Water and Sewerage Corporation. It forms part of a deliberate long-term strategy by this administration to strengthen essential infrastructure through prudent borrowing, strong institutional partnerships and disciplined execution.” Mr Lundy said phase two will finance the installation of approximately 48 miles of new water mains across New Providence, Abaco, Andros, Crooked Island and Eleuthera. He added that Rum Cay will benefit from 6.8 miles of new mains and the construction of a reverse osmosis desalination facility - a development expected to significantly strengthen water security for the island. “All infrastructure works will be designed to climate-resilient standards, recognising the realities we face as a small island developing state. This is not infrastructure built for yesterday’s conditions, but for tomorrow’s risks - strong
storms, rising seas and increasing environmental pressures,” said Mr Lundy “Beyond physical infrastructure, this project invests in people and systems. Engineering design, hydraulic assessments, procurement support and construction supervision will be provided through specialised consultancy services to ensure quality and value for money.” Mr Lundy said phase two builds on the first stage, which was also supported by the Caribbean Development Bank. During that phase, more than 112 miles of water mains were installed or rehabilitated across New Providence and several Family Islands. “Those works addressed aging infrastructure, reduced system losses and improved service reliability. Equally important, phase one strengthened the institutional capacity of the Water and Sewerage Corporation through public education initiatives, climate risk assessments and
organisational reform,” said Mr Lundy. “That experience demonstrated two things very clearly. First, that wellplanned investment in water infrastructure delivers real and measurable benefits; and second, that this country is capable of executing complex, multi-island projects when the right partnerships and government frameworks are in place. Phase two builds directly on that foundation.” Mr Lundy added that the project is part of the largest investment in the history of the Water and Sewerage Cooperation, and it runs alongside other major initiatives supported by international financing institutions, including a $100m credit facility with the Inter-American Development Bank as well as public-private partnerships and government-funded projects across multiple islands.
Food stores hail VAT but cut query timing BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net BAHAMIAN food stores yesterday hailed the Government’s efforts to lower the cost of living by eliminating VAT on unprepared foods while also voicing hope that the move is not just a pre-election ploy. Ivan Carey, who runs Kenneth’s Food Store’s Bahama Avenue branch, said he has been advocating for the complete removal of VAT on foods for a while. “I was advocating for that long time; from we had meetings with the Prime
Minister when they had first tried to increase the breadbasket items,” Mr Carey said. “That was the suggestion; that in order to reduce food costs, all they needed to do is eliminate the VAT from day one. “They was trying to increase the number of breadbasket items. The food stores and the pharmacies stood up against the Government just about a year or two ago. They had tried to reduce a lot of prices on certain items and increase the number of breadbasket items, which is already an extensive list as it is.
“We had suggested to the Government from way back then: ‘Why don't they eliminate the VAT?’ At that time, that would have been an automatic 10 percent decrease on your food bill. So they could have started then.” Horace Miller-Major, Centreville Food Market’s proprietor, said the Government’s decision to cut VAT on uncooked food items sold is a good gesture but questioned how it will recoup the tax revenue foregone. “It's a good gesture, I think,” Mr Miller-Major
EAT - See Page B5
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PAGE 4, Wednesday, January 14, 2026
Public’s input critical to halt ‘one step forward, two back’ STRATEGY - from page B1 Government from being able to “dictate” to it. The Bahamas National Development Planning Institute will “initiate and co-ordinate” all national planning, and have oversight responsibility for its governance and implementation, while being held accountable by its own Board of Directors. “I think this is a huge step forward,” Mr Stubbs said of the legislation’s release. “This is something that we’ve been planning for a number of years now, and we’re just happy to reach this point. The consultation ends at the end of January and, after that we will collect all the points and feedback that we get and send it back to the Attorney General’s Office. They will then make any adjustments that are necessary, and we will have a parliamentary session before it goes to Parliament for the debate.” The parliamentary session will be a briefing on the legislation for all MPs and Senators in a bid to obtain a cross-party consensus and unity ahead of the House of Assembly and Senate debates to ensure the Bill’s hopefully-smooth passage. Asked when the Bill will likely be tabled in the House of Assembly, Mr Stubbs replied: “We
anticipate some time during the month of February. “It will move very rapidly. This is why we’ve given just a two-week consultation. Once it’s done, it’s done. The parliamentary session will be scheduled for the following week, and we expect it to be tabled in the House of Assembly. I expect that once it goes to Parliament it will take maybe one sitting; we’ll have all the parliamentarians on the same page. It will be fairly quick, and then it will go through the Senate the following week. They’ve promised that.” Mr Stubbs said he has already spoken to Prime Minister Philip Davis KC about the committee’s goals, and is now aiming to talk with Opposition leader Michael Pintard to ensure a non-partisan approach to the Bill’s progress. The proposed legislation, besides creating the Planning Institute, makes it responsible for advising the Government “on major issues relating to governance, the economy, social policy and the environment of The Bahamas”. And, if passed in its current form, the Planning Institute will also develop a plan “for the most effective use of The Bahamas’ resources by assessing existing and projected social, economic and manpower resources” plus “prepare
‘Slippery slope’ fear if no data-based reform TAXATION - from page B1 of persons, this approach does not have a surgical-like behaviour. This is a hacksaw. The reason I say that is that, ultimately, the benefits of the elimination of VAT on all unprepared foods will not be limited to those who have difficulty paying their grocery bill. “It will also benefit those persons who have no difficulty. The reality is that they will be spending more than those on the margin, so they’ve reduced taxation at a higher level for those who have more than those who have less rather than a straightforward system where everybody is taxed at the same rate and the excess collected from those who have means is distributed to those who need assistance.” Prime Minister Philip Davis KC and his administration have now announced the slashing of VAT on all unprepared
foods and groceries twice within 12 months. The first cut, also unveiled in a New Year’s address, went halfway by cutting the rate from 10 percent to 5 percent, and the latest move - due to take effect on April 1, 2026, to give merchants time to adjust their systems and pricing - goes a step further by eliminating this to zero. Mr Davis, likely with one eye on the upcoming election, signalled that the Government remains concerned about the impact high prices and living costs are having on Bahamian families and voters while acknowledging that previous measures have not had the effect he desires - “some impacts take time”. Consumers will no doubt enjoy having 5 percent taken off the cost of many foods. However, Mr Bowe told this newspaper: “The reality is that we have gotten to the point where the election has taken over and the mode of what’s popular not what’s appropriate. This looks to
THE TRIBUNE governance, economic, social policy and environmental models for the guidance of policymakers, investors and other planners”. “It also gives some guidelines for the composition of the Board that will manage the whole process,” Mr Stubbs said of the legislation, “and gives the Planning Institute some autonomy in terms of its ability to raise its own funding and how that funding gets to be spent. It gives significant autonomy. It says we consult with the minister, in this case the Prime Minister, as the Planning Institute will be in the Office of the Prime Minister. “He can consult with the Planning Institute, and we tried to word the Bill so that it doesn’t allow for political ties. The Government cannot dictate to the Planning Institute. The Planning Institute can take policy, offer its opinion and send it back to the Government.” The National Development Plan, which was conceived and put together during the last Christie administration, was intended to be a cross-party, non-partisan and non-political effort to develop a ‘road map’ that would guide the country’s direction and progress The Bahamas towards the kind of nation its citizens desire. However, despite seeking to be non-partisan, the National Development Plan appeared to be shelved under the Minnis administration, with little to no
progress made as first Hurricane Dorian, and then the COVID-19 pandemic, dominated its four-and-a-half tenure in office. “It’s a huge step,” Mr Stubbs reiterated of the Bill’s release for public consultation. “One of the concerns we’ve had in the past is that every time we change government we change the planning process, and what that does is that it doesn’t allow us to move forward with anything. “It will help to formalise a process for how we move forward with a centralised plan, and how successive governments build on a Plan that’s the people’s plan as opposed to one political party’s plan.” However, to both achieve and preserve this, and prevent any potential political contamination, Mr Stubbs added that it was critical the Bill be passed prior to the imminent general election. “I think it will be important to get it done before,” he told Tribune Business. “We don’t want to repeat the mistakes of the past. I’ve been given assurances that it will be passed before any election is called. Should that not happen we will have to do everything in our power to ensure it moves forward after the election. “Like I’ve always said in the past, having a National Development Plan is critical to the success of any country. Many countries have proven that. We in The Bahamas have huge potential that we haven’t realised
and I think having a centralised plan worked on with successive governments gives us a better opportunity to realise that potential. Every time we change plans when we change the Government it causes us to lose momentum. “I think that if we do it properly, over time we’ll begin to see the results,” Mr Stubbs said. “It will not happen overnight but you’ll see as The Bahamas goes forward year after year.. you’ll see the results of proper planning releasing the potential that we didn’t have in the past, and people will say: Why didn’t you do this sooner. “This [the Bill’s release] is a key step. I would go as far as to say that if we don’t get this passed now it will be another setback that we have to climb over.” Mr Stubbs also urged Bahamians to participate in the legislative consultation, adding that the public’s input is critical in making it an all-inclusive effort. “It is not the Government’s plan, but a national plan. That’s why public participation is essential. It is about giving the country a shared vision of where we want to be in the future and openly mapping out how we get there,” he said. “By inviting public input, we can move beyond the ‘one step forward, two steps back’ cycle and get everyone focused on the same goal. There may be different paths to reach it, but the goal is common, and the process must include everyone.”
The National Development Plan represented the first ever co-ordinated effort to plan the Bahamas’ development in a systematic manner using empirical data and analyses, and input was sought and obtained from multiple stakeholders including the private sector, civil society groups, non-profits and the general public. Labelled ‘Vision 2040’, it aimed to break with The Bahamas’ past ad hoc approach to national growth by setting a clear path towards a more sustainable future. Its ‘road map’ was designed to feature measurable goals and objectives for the Bahamas to attain, so that its progress towards achieving its development targets can be judged according to set timelines. Vision 2040 focused on four main policy pillars the economy, governance, social policy and the environment, both natural and built - in its first 400-page draft. The Bill, in its ‘objects and reasons’ section, states: “The Government wishes to establish the National Planning Institute to provide for the Government’s goals and strategy for the long-term development of The Bahamas. “The work of creation and implementation of the National Development Plan shall be that of the body corporate, the Institute. The Institute will carry out the necessary functions and be possessed of the requisite powers.”
eliminate VAT on food in its entirety. What about re-distributing tax revenues to those who cannot pay their food bills? “Would it not be better for them to receive a cash injection from taxes paid by those who can afford food? It’s actually contradicting the policy of the [Christie] administration that implemented VAT. It’s contradicting what they [the Davis administration] said when they reduced VAT to 10 percent and eliminated exemptions, and ultimately is not targeted at those on the margins as it benefits those not on the margins and eliminates the responsibility for the RISE programme to redistribute money collected from those who have foods to those who don’t. There was no mention of that in the address.” He added: “This administration should be well aware of the empirical studies that were done at the time VAT was introduced, and all the research saying keep it simple, broad-based, lower rate and high compliance. I don’t think anything
has greatly changed in the world around us.” Michael Halkitis, minister of economic affairs, last year said the Government would forego around $30m in annual revenue by cutting VAT on unprepared food from 10 percent to 5 percent. Given that the latest cut is of the same magnitude, it is likely a similar sum will be foregone this time. Mr Bowe said the Government was likely to make up any shortfall from other areas of its Budget, and potential new and increased fees elsewhere but -pointing to the ongoing boating fees controversy - warned that The Bahamas has to be careful about “biting the hand that feeds us” with such measures. “If we are not smarter in our analysis and use of empirical information, we will set ourselves on a slippery slope where we will be very popular in the short-term but cause ourselves hardship in the long run,” he added. The Fidelity chief also warned against government simply trying to appease “the emotional
cries” of the Bahamian public. The Government’s political opponents meanwhile, arguing that the Prime Minister has now heeded their long-standing calls to eliminate VAT on ‘breadbasket’ and other foods, yesterday challenged why he did not go further end remove the 5 percent rate on medications, women and baby items to further ease the cost of living crisis. Michael Pintard, the Free National Movement (FNM) leader, in a statement argued that the Prime Minister’s national address was “a package of shameless campaign cuts designed to distract a frustrated and increasingly impatient nation, rather than confront the real cost of living pressures Bahamians face every single day”. He added: “The Prime Minister announced that his latest affordability measures will take effect on April 1 - on April Fools’ Day. The irony is not lost on the Bahamian people. For nearly five years, families have been asked to stretch shrinking pay cheques, absorb rising prices and accept explanations instead of relief. Now, with an election on the horizon, this government suddenly discovers urgency. “If these measures were truly essential, Bahamians would not have had to wait almost five years to see them. The Free National Movement has consistently called for VAT relief on food and essential items for years. In December 2021, Opposition MPs warned against reapplying VAT to items that were previously zero-rated.
“In April 2022, we called for VAT to be removed from breadbasket food items as immediate cost of living relief. In 2023 and 2024, we renewed those calls repeatedly as food and electricity costs climbed. This government ignored those warnings, only to adopt the same direction now when the political calendar demands it.” Dr Duane Sands, the Opposition’s chairman, told Tribune Business that the VAT elimination on unprepared foods was “simply too little, too late” for many hard-pressed Bahamian families. “It took him long enough,” he said of Mr Davis. “This incrementalism ought to have been avoided. There’s no reason why the hardship that was levied on the Bahamian people was allowed to continue and persist. “You create a hardship, and now want credit for incrementally rolling it back when you shouldn’t have done it in the first place… We have a serious affordability crisis, the cost of living is a massive problem here, and what he did is simply too little, too late. They have been told from the beginning this was a mistake, and they went through with it anyway. “They were told in successive House debates that it was a bad idea, and they should roll it back because it was hurting people, but they said it’s just Opposition rhetoric. Now we see the Bahamian public saying the same thing, and I hope the Bahamian public makes sure he and, by extension, thety pay a phenomenal price for being hard-headed.”
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Wednesday, January 14, 2026, PAGE 5
Port purchaser must have means for 250,000 city VISION - from page B1 condition of anonymity, said the bid by the group featuring Nicholas Rees, chairman and co-founder of Kanoo, the digital payments provider; attorney John Bostwick and Paige Waugh, grand-daughter of Rupert Roberts, Super Value’s owner, had raised more questions than answers. One veteran Freeport business contact said the $400m that Born Free Capital is seeking to raise appears to be just to finance the acquisition of the GBPA and Port Group Ltd, the latter of which holds the 50 percent interests in Freeport Harbour Company and Grand Bahama Development Company (DevCO). Apart from a proposed $65m initial public offering (IPO), they said there seemed to be no mention of any capital to develop Freeport. “We need an investor to not only buy the families [the Haywards and St Georges] out but to make new development,” the source said. “These are not developers.” For Freeport’s revival, they argued
the city needs an investor of the calibre of billionaire Joe Lewis’s Tavistock Group, which spearheaded Albany’s construction, or Discovery Land Company, the developer behind Baker’s Bay on Abaco. “They have deep pockets, experience and have done it before,” the source added. Another contact, intimately familiar with the GBPA and its inner workings, challenged the $120m-$150m valuation placed on DevCO and its 75,000 undeveloped acres on the basis that two-thirds - some 50,000 acres - are swamps and mangroves. And they also questioned how Born Free Capital’s plans will work, and align with, efforts by a Mediterranean Shipping Company (MSC) affiliate, in partnership with Blackrock, the world’s largest asset manager, to acquire the Freeport Container Port as part of a multi-billion dollar global deal - an arrangement that could also involve buying Hutchison Whampoa’s 50 percent interest in Freeport Harbour Company. Born Free Capital is billed as a “100 percent
Pintard brands PM’s VAT rise claim as an ‘untruth’ DISPUTE - from page B1 we did. But we had to be responsible in doing it. We met this country in a crisis; relief cannot come to further add burden to our people, so we had to be responsible in how we approached this.” Mr Davis’s remarks came after Shanendon Cartwright, the St Barnabas MP and FNM deputy leader, said the tax burden on Bahamians has increased under the current government despite the Davis
administration warning during the previous election that taxes would rise if the FNM was elected. He argued that the Government has broken its promise and is now responsible for higher taxes. “The truth still remains that the tax burden in this country has increased under this present government, even though this government came in and said, ‘If you elected the Free National Movement, your taxes would go up’. But it is, in fact, this government
Existing inventory causes retailers VAT headaches EAT - from page B3 said. “It is a good thing on behalf of the Government. There’s a lot of people out there that are suffering. I mean, most of the masses are, and with the high prices of everything else, as far as electricity and everything else that comes along with it, I think it’s a good gesture. “However, you do that and then where are they going to get the money from now to offset VAT? If you eliminate the VAT on food items, there has to be a cost somewhere. So now, where is that going to hurt us in the long run?” Mr Carey, however, said food is a necessity and VAT should have never been added to these products to begin with. “Even if they offset the VAT, let’s say on cars, for example, I would say it’s more of a luxury,” Mr Carey said. “I know we need vehicles, but it’s not something that you need to survive every day. It’s not like food that you have to have to live. So, even if they offset it in some other areas, I think that it’s still a good thing. “I’m all in favour of it being eliminated from the
food, at least, because the persons that are affected the most are the small guys. And I deal with people who are struggling every single day to make ends meet; to put food on the table. And so it’s going to benefit them. And that’s what this government always claimed to be - the Government for the small man.” Adding that he hopes this is a permanent adjustment, Mr Carey said it is the opinion of many that the VAT elimination is to win persons over with elections looming. “I just hope that it’s not a short term incentive, pre-election, because I would be very disappointed if the Government used this as a ploy for election, and then right after election, or shortly after, they put it right back on,” Mr Carey said. “And that’s what all of the public that I’ve talked to, all of them, are saying because they feel like it’s something sneaky, because [of] the timing. “Knowing that election is right around the corner, it just seems suspicious to many. And a lot are sceptical that if the Government is returned to office, that
Bahamian-owned acquisition vehicle” that is seeking to purchase both the GBPA, and its quasi-governmental and regulatory powers, and the 50 percent Freeport Harbour Company and DevCO interests held by Port Group Ltd. Details of Born Free Capital’s plans are contained in a November 1, 2025, “investment presentation” which has been obtained by Tribune Business. The purchase strategy is divided into two phases, dubbed ‘Project Lionfish’ and ‘Project Grouper’ respectively, with the former focused solely on acquiring 100 percent of Grand Bahama Development Company (DevCO). This first stage would seemingly involve purchasing the 50 percent DevCO stake held by Hutchison Whampoa’s real estate arm, as well as the matching equity interest held by Port Group Ltd, which is the entity into which all the GBPA’s productive economic assets have been transferred to. Other Hutchison interests, including the Freeport Harbour Company, would not be touched. Born Free Capital’s presentation values the whole of DevCO, and its remaining 75,000 acres of undeveloped land, at
between $120m and $150m. DevCO’s acquisition is branded “crucial to unlocking” Freeport’s potential as a special economic zone (SEZ) since its 75,000 acres will form the location of a new “smart city by the sea” capable of housing the 250,000-plus people needed to staff and drive the free trade zone. The presentation, which has been issued to solicit potential investors and the necessary financing to make Born Free Capital’s plans a reality, also discloses that it will hire major maritime, infrastructure and coastal engineering and construction firms to develop “diked systems” that will protect Freeport and the “new smart city” from future Hurricane Dorian-style storms surges as well as climate change-related sea level rise. The second phase, ‘Project Grouper’, involves the acquisition of both the GBPA and Port Group Ltd through the purchase of their ultimate parent company, Cayman-domiciled Intercontinental Diversified Corporation (IDC), which is valued at $270m. This would include purchasing the 50 percent equity ownership interest in Freeport Harbour Company, plus the entire 100 percent of Grand Bahama Utility Company,
which is Freeport’s water supplier. It would also involve acquiring Freeport Commercial and Industrial, the land-holding company that owns 8,000 acres of real estate targeted for commercial and industrial development, plus Carrick Ltd, which is the ultimate immediate parent for a 50 percent stake in Sanitation Services Company. Port Group Ltd’s minority Grand Bahama Shipyard interest would also be involved in the proposed deal. To finance its ambitious acquisition, Born Free Capital’s investment presentation reveals it is seeking an initial $402.8m in financing through a mix of debt and equity capital. The $42.8m worth of equity is broken down into $5m injected by its “founders’, with a further $37.8m to be raised from both “pre-seed” and “seed investors” in two separate rounds. The $360m debt, described as “bridge” or “mezzanine” financing, will be raised through the issuance of two preference share classes that will pay interest returns to investors of 10 percent over a two-year period. At the end of that 24-month period, Born Free Capital is offering to either convert those
preference shares to $441m worth of equity shares in itself or refinance them via long-term debt worth the same amount and paying 6.5 percent interest. The presentation also reveals that Born Free Capital is planning to give Bahamian investors, as well as GBPA licensees, an equity ownership interest in the purchase by issuing 20m common shares, priced at $3.25 per share, in a $65m initial public offering (IPO) although a date and timeline for this was not provided. Two tranches of four million shares, worth a collective $13m each, would be allocated to a fund created for GBPA licensees and the Government’s National Investment Fund, respectively, with the remaining 12m - valued at a collective $39m - would be available for purchase by Bahamian private investors. Collectively, the Government, licensees and Bahamian investors would end up owning 5 percent of Born Free Capital’s equity, with the largest interests held by its founders (25 percent); and seed and converted preference share investors (30 percent and 35 percent) if all goes to plan.
that has increased the tax burden on the Bahamian people,” said Mr Cartwright. Mr Davis, however, maintained that when his government took office, it immediately acted to reduce VAT to 10 percent after it had been raised by the previous Minnis-led government from 7.5 percent to 12 percent. He alleged it was about to increase further to 17 percent. “The record will show that the election was called early because they were about to increase it further to 17 percent. But we lowered it, and as we were able to stabilise the economy, see recovery, and see the
work coming to fruition, we then rewarded the Bahamian people and reduced VAT again on food items by 5 percent and now to zero because of what we were able to do over these years,” said Mr Davis. “Instead of saying that we have our foot on the neck of the Bahamian people, we removed their knees off the Bahamian people.” Mr Davis added that although the Government did restore VAT on breadbasket food items, the overall effect still resulted in a net savings for Bahamians. “They could talk. They could shout. They could say we put tax back on breadbasket items. Yes, VAT was put back on breadbasket
items. But the net result was still a savings to the Bahamian people. When you look at the items in a grocery store trolley, the net savings was less burden on them, and now there is no burden when it comes to food,” said Mr Davis. Michael Pintard, the Opposition Leader, challenged Mr Davis’s claim that Bahamians are benefiting from tax relief. He argued that many of the breadbasket foods dismissed as “not in the trolley” are, in fact, regularly purchased by families. He also criticised the Government for not providing actual figures to show the net impact of its tax policies, calling on the
Davis administration to produce data to support claims about savings and relief. “Apart from the untruth about us going to increase tax, I don’t believe the Prime Minister fully knows what those of us who represent constituencies and have people who rely on some of those same items experience. He said it’s not in the trolley, but they do, in fact, purchase them. And this government has never brought any figures to show the net result of the tax choices they’ve made. He ought to do that exercise,” said Mr Pintard.
they will then put the VAT back on. And some [are] saying perhaps even increase it to compensate for the loss over the months prior to election. [It’s a] major concern for many. Just about every person I’ve talked to has raised that concern.” Another concern, according to Mr Millar-Major, surrounds existing inventory. “What we probably have to do is don’t order anything, and let everything sell out, and then come April 1, then you make your order to offset that,” he added. “We all take that into consideration. And so therefore, you just have to, like I say, monitor your ordering up to that point and then go from there.” While the announcement caught Mr Millar-Major by surprise, he said the transition will not be difficult. He noted that “everything is computerised” which makes the change tedious but easier.
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Hospital and nurses fail to negotiate during second day of NYC's largest nursing strike in decades By PHILIP MARCELO and JOSEPH B. FREDERICK Associated Press HOSPITAL officials and union leaders traded barbs Tuesday, but failed to return to the bargaining table on the second day of New York City's biggest nursing strike in decades. The union accused one hospital, Mount Sinai, of illegally firing three nurses, though the medical center claimed the individuals had sabotaged emergency preparedness drills. Another hospital, Montefiore Medical Center, criticized what it described as the union's "reckless demands" and "troubling proposals" in contract talks. The hospitals also sought to downplay the strike's impact, with Montefiore claiming it has "not canceled even one patient's access to care" during the work stoppage. Mt. Sinai said around 20% of its
regular nurses have so far opted to remain on duty rather than join the strike line. "This strike is designed to create disruption, but our patients are continuing to receive the care they trust us to provide," NewYork-Presbyterian, one of the impacted hospital systems, said in statement. But the fired Mt. Sinai nurses maintain they're being silenced for being outspoken union organizers. "We will not be bullied," said Liliana Prestia, speaking at a rally Tuesday at Mount Sinai's flagship campus on Manhattan's Upper East Side. "It was Mount Sinai's cruel attempt to stop us from joining the strike line and to make us an example to our fellow nurses." Union officials said none of the hospitals has agreed to additional bargaining sessions since their last meetings on Sunday.
Montefiore, however, said the union hasn't reached out. The union says roughly 15,000 nurses walked off the job Monday morning at multiple campuses of the three hospital systems. The hospitals, in response, have hired droves of temporary nurses as both nurses and administrators have urged patients not to avoid getting care during the strike. New York City, like the U.S. as a whole, has had an active flu season. The city logged over 32,000 cases during the week ending Dec. 20 — the highest oneweek tally in at least 20 years — though numbers have since declined, the Health Department said last Thursday. Roy Permaul, an intensive care unit nurse who was among those picketing in front of Mt. Sinai, said he and his colleagues are prepared to stay out for as long
Trump pressures Iran with tariffs that could raise prices in the US By PAUL WISEMAN AP Economics Writer PRESIDENT Donald Trump has once again drawn his go-to diplomatic weapon — tariffs, this time to coerce the Iranian government to
end its bloody crackdown on nationwide protests. Trump said in a social media post on Monday he would impose a 25% tax on imports to the United States from countries that do business with Iran. The
sanctions could hurt the Islamic Republic by reducing its access to foreign goods and driving up prices, which would likely inflame tensions in a country where inflation is running above 40%.
NURSES strike in front of Montefiore Hospital in the Bronx borough of New York, Tuesday, Jan. 13, 2026. Photo:Seth Wenig/AP as needed to secure a better contract. But Dania Munoz, a nurse practitioner at Mt. Sinai, stressed that the union's fight wasn't just about better wages. "We deserve fair pay, but this is about safety for our patients, for ourselves and for our profession," the 31-year-old Bronx resident said. "The things that we're fighting for, we need. We need health care. We need safety. We need more staffing." The New York State Nurses Association said it filed an unfair labor practice charge against Mt. Sinai
on Tuesday for terminating the three nurses on the eve of the strike. Mt. Sinai maintains the nurses had hid supplies from replacement nurses in training during emergency preparedness drills. It said the "completely unacceptable behavior" was captured on security footage. Meanwhile, NewYork-Presbyterian called the union's wage proposals "unrealistic," saying they represent a roughly 25% wage increase over the next three years. It also stressed that administrators are not seeking to eliminate health
benefits for nurses, as the union claims. And Montefiore criticized the union for a proposal it says would prevent nurses from being fired, even if they're found to be compromised by drugs or alcohol while on the job. But the union said Montefiore was "blatantly mischaracterizing" one of its basic workplace proposals, which would have added protections for nurses dealing with substance use disorders and which has already been adopted in other hospitals around the state.
But the tariffs could create blowback for the United States, too, potentially raising the prices Americans pay for imports from Iranian trade partners such as Turkish textiles and Indian gemstones and threatening an uneasy trade truce Trump reached last year with China. The death toll from protests in Iran surpassed 2,000 people on Tuesday, activists said, as the hard-line Islamist government attempts to tamp down dissent against economic hardship and political repression. The Trump administration has offered scant details since announcing the new tariffs targeting Iran. For instance, the White House has not said whether the taxes would be stacked on top of double-digit levies Trump imposed last year on almost every country on earth. Or whether he would exempt some energy imports as he has in the past. It's also unclear what legal authority the president is relying on to impose the import taxes. He invoked the 1977 International Emergency Economic Powers Act to justify his most sweeping tariffs last year. But businesses and several states have gone to
court arguing that Trump overstepped his authority in doing so. The Supreme Court is hearing the case and could throw out Trump's tariffs and force him to send refunds to the U.S. importers that paid them. Years of sanctions aimed at stopping Iran's nuclear program have left the country isolated. But it still did nearly $125 billion in international trade in 2024, including $32 billion with China, $28 billion with the United Arab Emirates and $17 billion with Turkey, according to the World Trade Organization. Iran bought more than $6 billion worth of imports from the European Union that year. Russia and India also do considerable business with Iran. Energy dominates Iran's exports. Its top imports include gold, grain and smartphones. Trump's attempt to pressure Iran is likely to cause collateral damage. Most prominently, his tariffs could upend his attempts to maintain a trade peace with China. Last spring, the United States and China hammered each other with triple-digit tariffs, threatening to end trade between the world's two biggest economies and
briefly panicking global financial markets. The two countries spent the rest of year trying to deescalate their trade conflict, reaching a truce in October that reined in tariffs, ended China's boycott of American soybeans and eased its restrictions on exports of rare-earth minerals and technologies critical for fighter jets, robots and other products. The new tariffs, aimed at punishing Iran, would hit China because of its trade ties with Tehran. "President Trump's threat to increase tariffs by 25% against China and other trading partners due to developments in Iran underscores just how fragile the U.S.-China trade truce is," said former U.S. trade negotiator Wendy Cutler, now senior vice president at the Asia Society Policy Institute. "Even if he does not actually implement the tariff hike, damage has already been done. This threat erodes trust between the U.S. and China which is already at a low level.'' Adnan Mazarei, a nonresident senior fellow at the Peterson Institute for International Economics, doubts that the tariffs would persuade the Iranian government to ease its crackdown on protesters.
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Wednesday, January 14, 2026, PAGE 7
The death toll from a crackdown on protests in Iran jumps to at least 2,571, activists say IN THIS photo obtained by The Associated Press, Iranians attend an anti-government protest in Tehran, Iran, Friday, Jan. 9, 2026. Photo:UGC/AP
By JON GAMBRELL Associated Press THE DEATH toll from nationwide protests in Iran has surpassed 2,500, activists said, as Iranians made phone calls abroad for the first time in days Tuesday after authorities severed communications during a crackdown on demonstrators. The number of dead climbed to at least 2,571 early Wednesday, as reported by the U.S.-based Human Rights Activists News Agency. That figure dwarfs the death toll from any other round of protest or unrest in Iran in decades and recalls the chaos surrounding the country's 1979 Islamic Revolution. Iranian state television offered the first official acknowledgment of the deaths, quoting an official saying the country had "a lot of martyrs" and that it did not release a toll earlier because of the dead suffering gruesome injuries. However, that statement came only after activists reported their toll. The demonstrations began a little over two weeks ago in anger over Iran's ailing economy and soon targeted the theocracy, particularly 86-year-old Supreme Leader Ayatollah Ali Khamenei. Images obtained Tuesday by The Associated Press from demonstrations in Tehran showed graffiti and chants calling for Khamenei's death — something that could carry a death sentence. Soon after the new death toll became public, U.S. President Donald Trump wrote on his Truth Social platform: "Iranian Patriots, KEEP PROTESTING - TAKE OVER YOUR INSTITUTIONS!!!" He added: "I have canceled all meetings with Iranian Officials until the senseless killing of protesters STOPS. HELP IS ON ITS WAY." However, hours later, Trump told reporters that his administration was awaiting an accurate report on the number of protesters that had been killed before acting "accordingly." Trump said about the Iranian security forces: "It would seem to me that they have been badly misbehaving, but that is not confirmed." Iranian officials once again warned Trump against taking action, with Ali Larijani, secretary of Iran's Supreme National Security Council, responding to U.S. posturing by writing: "We declare the names of the main killers of the people of Iran: 1- Trump 2-" Israeli Prime Minister Benjamin Netanyahu. Death toll spikes The activist group said 2,403 of the dead were protesters and 147 were government-affiliated. Twelve children were killed, along with nine civilians it said were not taking part in protests. More than 18,100 people have been detained, the group said. With the internet down in Iran, gauging the demonstrations from abroad has grown more difficult. The AP has been unable to independently assess the toll. Iran's government has not offered overall casualty figures. Skylar Thompson with the Human Rights Activists News Agency told AP the new toll was shocking, particularly since it reached four times the death toll of the monthslong 2022 Mahsa Amini protests in just two weeks. She warned that the toll would still rise: "We're horrified, but we still think the number is conservative." Speaking by phone for the first time since their calls were cut off from the outside world, Iranian witnesses described a heavy security presence in central Tehran, burned-out government buildings, smashed ATMs and few passersby. Meanwhile, people were concerned about what
dishes. While satellite television dishes are illegal, many in the capital have them in homes, and officials broadly had given up on enforcing the law in recent years. On the streets, people also could be seen challenging plainclothes security officials, who were stopping passersby at random. State television also read a statement about mortuary and morgue services being free — a signal that some likely charged high fees for
comes next, including the possibility of a U.S. attack. "My customers talk about Trump's reaction while wondering if he plans a military strike against the Islamic Republic," said shopkeeper Mahmoud, who gave only his first name out of concern for his safety. "I don't expect Trump or any other foreign country cares about the interests of Iranians." Reza, a taxi driver who also gave just his first name, said protests are on many people's minds. "People — particularly young ones — are hopeless, but they talk about continuing the protests," he said. Iranians reach out, but world can't reach in Several people in Tehran were able to call the AP on Tuesday and speak to a journalist. The AP bureau in Dubai, United Arab Emirates, was unable to call those numbers back. Witnesses said text messaging was still down, and internet users in Iran could connect to government-approved websites locally but nothing abroad. Anti-riot police officers wore helmets and body armor while carrying batons, shields, shotguns and tear gas launchers, according to the witnesses. Police stood watch at major intersections. Nearby, witnesses saw members of the Revolutionary Guard's
all-volunteer Basij force, who carried firearms and batons. Security officials in plainclothes were visible in public spaces. Several banks and government offices were burned during the unrest, witnesses said. Banks struggled to complete transactions without the internet, they added. Shops were open, though there was little foot traffic in the capital. Tehran's Grand Bazaar, where the demonstrations began Dec. 28 over the collapse of Iran's rial
currency, opened Tuesday. A witness described speaking to multiple shopkeepers who said security forces ordered them to reopen no matter what. Iranian state media did not acknowledge that order. The witnesses spoke on condition of anonymity for fear of reprisal. It also appeared that security service personnel were searching for Starlink terminals, as people in northern Tehran reported authorities raiding apartment buildings with satellite
NOTICE JPRNT LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 208709 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 13th day of January A.D. 2026. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. JUAN PABLO CORREA GOSSWEILER, whose address is Rua Antonio Maria Coelho 6225 Torre 01, AP 1202, Caranda, Bosque I, CEP: 79002-221, Campo Grande, MS, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 12th day of February A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved. Dated this 13th day of January A.D. 2026.
JUAN PABLO CORREA GOSSWEILER LIQUIDATOR
the release of bodies amid the crackdown. Khamenei, in a statement carried by state TV, praised the tens of thousands who took part in pro-government demonstrations nationwide on Monday. "This was a warning to American politicians to stop their deceit and not rely on traitorous mercenaries," he said. "The Iranian nation is strong and powerful and aware of the enemy."
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, ARCHERA STELLA NEYMOUR of W/Gaudloupe Street, S/Martinque Road, N/Dominica Way, Golden Gates #2, Nassau, Bahamas intend to change my name to ARACHERA ESTELLA NEYMOUR. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE IN THE ESTATE of JAMES GOMEZ, late of Marsh Harbour Abaco, one of the Islands of The Commonwealth of The Bahamas, deceased. Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 26th day of January A.D., 2026, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall then And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys for the Administrator Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas
PAGE 8, Wednesday, January 14, 2026
THE TRIBUNE
FEWER AMERICANS SIGN UP FOR AFFORDABLE CARE ACT HEALTH INSURANCE AS COSTS SPIKE By ALI SWENSON and NICKY FORSTER Associated Press FEWER Americans are signing up for Affordable Care Act health insurance plans this year, new federal data shows, as expiring subsidies and other factors push health expenses too high for many to manage. Nationally, around 800,000 fewer people have selected plans compared to a similar time last year, marking a 3.5% drop in total enrollment so far. That includes a decrease in both new consumers signing up for ACA plans and existing enrollees re-upping them. The new data released Monday evening by the Centers for Medicare and Medicaid Services is only a snapshot of a continuously changing pool of enrollees. It includes sign-ups through Jan. 3 in states that use Healthcare.gov for ACA plans and through Dec. 27
for states that have their own ACA marketplaces. In most states, the period for shopping for plans continues through Jan. 15 for plans that start in February. But even though it's early, the data builds on fears that expiring enhanced tax credits could cause a dip in enrollment and force many Americans to make tough decisions to delay buying health insurance, look for alternatives or forgo it entirely. Experts warn that the number of people who have signed up for plans may still drop even further, as enrollees get their first bill in January and some choose to cancel. Health care costs at the center of a fight in Congress The declining enrollment comes as Congress has been locked in a partisan battle over what to do about the subsidies that expired at
“That’s a serious issue, but Republicans would argue we’re using government money more efficiently, we’re targeting people who really need it and we’re saving $35 billion a year.” Robert Kaestner
the start of the new year. For months, Democrats have fought for a straight extension of the tax credits, while Republicans have insisted larger reforms are a better way to root out fraud and abuse and keep costs down overall. Last week, in a remarkable rebuke of Republican leadership, the House passed legislation to extend the subsidies for three years. The bill now sits in the Senate, where pressure is building for a bipartisan compromise. Up until this year, President Barack Obama's landmark health insurance program had been an increasingly popular option for Americans who don't get health coverage through their jobs, including small business owners, gig workers, farmers, ranchers and others. For the 2021 plan year, about 12 million people selected an Affordable Care Act plan. Enhanced tax credits were introduced the following year and four years later enrollment had doubled to over 24 million. This year's sinking signups — sitting at about 22.8 million so far — mark the first time in the past four years that enrollment has
NOTICE
PAGES from the U.S. Affordable Care Act health insurance website healthcare.gov are seen on a computer screen in New York, Aug. 19, 2025. Photo:Patrick Sison/AP been down from the previous year at this point in the shopping window. The loss of enhanced subsidies means annual premium costs will more than double for the average ACA enrollee who had them, according to the health care research nonprofit KFF. But extending the subsidies would also be expensive for the country. Ahead of last week's House vote, the nonpartisan Congressional Budget Office estimated that extending the subsidies for three years would increase the nation's deficit by about $80.6 billion over the decade. Americans begin looking for other options Robert Kaestner, a health economist at the University of Chicago, said some of those who abandon ACA plans may have other options, such as going on a partner's employer health
NOTICE
NOTICE is hereby given that ROSE-MARIE ESTINFIL of Pinewood Gardens, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that RICARDO JOHNSON of Staniard Creek, Andros, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE
plan or changing their income to qualify for Medicaid. Others will go without insurance at least temporarily while they look for alternatives. "My prediction is 2 million more people will lack health insurance for a while," Kaestner said. "That's a serious issue, but Republicans would argue we're using government money more efficiently, we're targeting people who really need it and we're saving $35 billion a year." Several Americans interviewed by The Associated
Press have said they're dropping coverage altogether for 2026 and will pay out of pocket for needed appointments. Many said they are crossing their fingers that they aren't affected by a costly injury or diagnosis. "I'm pretty much going to be going without health insurance unless they do something," said 52-yearold Felicia Persaud, a Florida entrepreneur who dropped coverage when she saw her monthly ACA costs were set to increase by about $200 per month.
SiriusXM rehires Chris Cuomo to host morning talk show NEW YORK Associated Press CHRIS Cuomo is returning to SiriusXM, putting him on the air with morning and evening talk shows. He will host a two-hour weekday show centered on listener calls on the satellite radio company's P.O.T.U.S. channel, starting Jan. 20 at 7 a.m. Eastern. Guests on his first few shows include Democratic Maryland Gov. Wes Moore, Republican Kentucky Sen. Rand Paul, sportscaster Bob Costas and political consultant James Carville, the company said Tuesday. Cuomo previously hosted a show at the network but quit in 2021, shortly after he was fired from CNN when it was revealed that he
assisted his brother, former Democratic New York Gov. Andrew Cuomo, in fighting accusations of sexual harassment. A former prime-time host at CNN and a reporter at ABC News earlier in his career, Cuomo has reemerged at the cable network NewsNation, where he hosts an evening talk show. "Too much of our politics is about teams instead of truth," said Cuomo, also son of the late Democratic New York Gov. Mario Cuomo. "'Cuomo Mornings' is going to be about breaking through those barriers, asking better questions and bringing people into the conversation instead of talking past them."
NOTICE
NOTICE is hereby given that OLDOFH SAINTIL of Nassau Village, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that ADEMAS JEANITH of Claridge Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 14th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that DAVID DESHOMMES of Better Root Street off Charles Saunders Highway, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE
NOTICE
NOTICE is hereby given that LASHONTA NOEL of Kemp Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of January 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that LOUBEN GUSTAVE of Minnie Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of January 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that MARYANN ITURRALDE of 8th Street Spanish Wells, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of January 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
d
NOTICE
NOTICE is hereby given that DJENANE FANFAN of #11 KoolAir Sub, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of January 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that EMILIENNE EXANTUS SYLVESTRE of Bacardi Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
d
NOTICE
NOTICE is hereby given that EVENS FANFAN of #11 Kool-Air Sub, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of January 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Wednesday, January 14, 2026, PAGE 9
Wall Street pulls back from its records as JPMorgan Chase and Delta kick off earnings season TRADER Robert Finnerty Jr., foreground, works with colleagues on the floor of the New York Stock Exchange, Monday, Jan. 12, 2026. Photo:Richard Drew/AP
By STAN CHOE AP Business Writer WALL Street pulled back from its records on Tuesday following a mixed start to the latest profit reporting season for big U.S. companies. The S&P 500 fell 0.2% from its all-time high set the day before. The Dow Jones Industrial Average dropped 398 points, or 0.8%, from its own record, while the Nasdaq composite slipped 0.1%. U.S. companies are under pressure to deliver strong growth in profits to justify the runs to records their stock prices have made. Analysts expect companies in the S&P 500 index will deliver earnings per share for the final three months of 2025 that are 8.3% higher than a year earlier, according to FactSet. JPMorgan Chase helped kick off the latest reporting season by delivering weaker profit and revenue than analysts expected. Its stock fell 4.2% and was one of the heaviest weights on the market. The shortfall may have been because some analysts hadn't updated their estimates to account for an earnings hit resulting from the bank's purchase of the Apple Card credit card portfolio. CEO Jamie Dimon sounded relatively optimistic about the U.S. economy, saying
"consumers continue to spend, and businesses generally remain healthy." Delta Air Lines lost 2.4% despite reporting a stronger profit than analysts expected. Its revenue came up short of Wall Street's expectations, as did the midpoint of its forecasted range for profit in 2026. Chipotle Mexican Grill sank 2.3% after saying it's looking for a new chief marketing officer, a move that surprised analysts. On the winning side of Wall Street were several health care companies
that raised their financial forecasts at an industry conference with analysts. Moderna jumped 17.1% for the biggest gain in the S&P 500 after saying it expects to report revenue for 2025 that's above the midpoint of the range it had forecast in November. It also offered updates on several products, including a seasonal flu vaccine that could see potential approvals beginning later this year. Revvity rose 6% after the life sciences company said it expects to report profit for 2025 that's above the top
At-home STD tests offer new options for screening and treatment By MATTHEW PERRONE AP Health Writer NEW options for testing and treating some of the most common sexually transmitted diseases are becoming available, a trend that experts hope will keep downward pressure on U.S. infection rates. Last year, the Food and Drug Administration approved the first at-home test that can detect three common infections in women — gonorrhea, chlamydia and trichomoniasis — as well as the first homebased kit for the virus that causes cervical cancer. The agency ended the year by approving two different drugs for gonorrhea, the first new options for the disease in decades. It's positive news after cases of sexually transmitted infections reached alarming highs before and during the COVID-19 pandemic, which disrupted screening, education and treatment for sexual health nationwide. But the pandemic years also brought positive developments for testing. The same technology used for the first over-the-counter coronavirus tests is now being translated into homebased kits for syphilis and other sexually transmitted infections. Previously, the FDA had mostly limited the use of such tests to health professionals. "Sexual health can be stigmatized and people can be hesitant about testing," said Dr. Ina Park, a sexual health specialist at the University of California, San Francisco. "Now we have a lot of options for patients who may be wary of going into a provider's office." New tests offer convenience and quicker turnaround times Testing company Visby Medical launched its threein-one test for women last year, following FDA approval in March. The test includes a vaginal testing swab and a small testing device. After uploading a photo of the device, users can review the results on a mobile app. The test, which costs $150, also includes a telehealth consultation with a medical provider who can discuss the results and prescribe antibiotics or other medication, if needed. The entire process — from buying the test to getting a prescription — can take as little as six hours, compared with several days under the traditional
testing model, says Dr. Gary Schoolnik, Visby's chief medical officer. Previously, a nurse or doctor would have to collect a sample, send it out to a lab, get the results and then schedule a follow-up appointment to discuss the results. "Many patients are very hard to track down and a lot of them, if they have a positive test result, are never treated and are lost to follow-up," said Schoolnik, who is also a professor emeritus at Stanford Medical School. The FDA approved Visby's test based on study results showing that it correctly detected the three infections with accuracy rates around 98% or higher. That's similar to tests performed at hospitals and health clinics. Some home-based tests still require outside input to get the results. For example, in May the FDA approved Teal Health's testing kit for HPV, the virus that causes cervical cancer. The company's Teal Wand allows women to collect their own vaginal sample, which is then placed in a tube and shipped to a laboratory for processing. Updated federal guidelines for HPV screening released earlier this month endorsed self collection for the first time. The FDA recently approved the first new gonorrhea drugs in decades The bacteria that causes gonorrhea has constantly evolved, developing resistance to nearly every antibiotic used to treat it. Both of the two new drugs can be taken by mouth, a major advantage over the current standard of care: an injection of the antibiotic ceftriaxone. Nuzolvenc, developed through a public-private partnership, comes in granules that dissolve in water. Bluejepa, from GlaxoSmithKline, is a tablet that is also approved to treat urinary tract infections. The Centers for Disease Control and Prevention previously recommended another drug, oral azithromycin, alongside injectable ceftriaxone, but dropped the pill from its guidance after signs that gonorrhea was growing resistant to it.
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"We were down to one class of antibiotics recommended to treat gonorrhea and we had no other good options," said Park. "So to have two new options in the same year is very exciting." The new tests and drugs come as STD rates are falling again
end of the forecasted range it had earlier given. Its forecast for revenue in the fourth quarter also topped analysts' expectations. Cardinal Health added 2.8% after saying it expects to earn at least $10 in adjusted earnings per share in its fiscal 2026 year, up from its prior forecasted range of $9.65 to $9.85. All told, the S&P 500 fell 13.53 points to 6,963.74. The Dow Jones Industrial Average dropped 398.21 to 49,191.99, and the Nasdaq composite sank 24.03 to 23,709.87.
In the bond market, Treasury yields eased after a highly anticipated update on inflation came in close to economists' expectations. The data strengthened expectations that the Federal Reserve will cut its main interest rate at least twice in 2026 to shore up the job market. Lower interest rates could make borrowing cheaper for U.S. households and boost prices for investments, but they could also worsen inflation at the same time. Tuesday's report showed that U.S. consumers paid prices last month for gasoline, food and other costs of living that were 2.7% higher overall than a year earlier. That's a touch worse than economists expected and above the Fed's 2% target for inflation. But, in a more encouraging sign, an important underlying trend of inflation wasn't as bad last month as economists expected. That could give the Fed more leeway to lower interest rates later. "We've seen this movie before—inflation isn't reheating, but it remains above target," according to Ellen Zentner, chief economic strategist for
Morgan Stanley Wealth Management. The data helped the 10-year Treasury ease to 4.17% from 4.19% late Monday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do, inched down to 3.52% from 3.54%. A day earlier, Treasury yields swung amid worries about the Federal Reserve's worsening feud with President Donald Trump. The concern is that the president's attacks on the Fed could result in a central bank that's more subservient to the White House. Experts say that in turn could lead to higher inflation over the long term. In stock markets abroad, indexes were mixed in Europe and Asia. Japan's Nikkei 225 soared 3.1% for one of the world's biggest moves and set a record, thanks in part to strength for technology-related stocks. Investors expect Japanese Prime Minister Sanae Takaichi, who took office in October, to try to capitalize on her relatively high popularity and call a snap election, hoping to strengthen her mandate for higher government spending.
The CDC's provisional data for 2024 showed a third consecutive year of fewer gonorrhea cases, and the second year in a row of fewer adult cases of chlamydia and the most infectious forms of syphilis. Experts point to several factors behind the trend, including less sexual activity among young people, increased use of an antibiotic as a morning-after pill to prevent infections and more at-home screening.
The new tests could drive further reductions, although some experts urge caution. As more people test at home it could become harder to track national infection rates, which previously have been reported by a handful of large testing laboratories. Additionally, the new tests and drugs come with higher price tags that may limit access. For example, Visby's $150 test is not covered by insurance. Add to that recent Trump administration funding
cuts to the CDC and other public health agencies and there could be more challenges on the horizon. "I'm feeling very optimistic about the fact that people have more testing options and also that we now have access to new drugs." Park said. "What I fear is these cuts to public health are going to decrease access to sexual health care for populations who can least afford to take advantage of these new options."
Solution tom THE TRIBUNE
PAGE 10, Wednesday, January 14, 2026
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JUDGE PARKER
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FAMOUS JAME
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Find all the terms listed below in the grid. Solution tomorrow ACASTER ● BAY ● BOND ● BROWN CARTER ● CLERK MAXWELL ● COBURN COMEY ● DORNAN ● EARL JONES ● FRAN GANDOLFINI ● HUNT ● LOVELOCK ● MAS MAY ● PATTERSON ● PUREFOY RODRÍGUEZ ● WOODS
HAGAR THE HORRIBLE
TIGER
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across: 1 Refuse, 4 Motive, 9 Sooner or later, 10 Respect, 11 Gorse, 12 Raise, 14 Ideal, 18 Drake, 19 Evasion, 21 Unintentional, 22 Theory, 23 Pedlar. down: 1 Resort, 2 Fool’s paradise, 3 Sieve, 5 Obliged, 6 International, 7 Earned, 8 Worth, 13 Sweater, 15 Adjust, 16 Peony, 17 Angler, 20 Agile.
CALVIN & HOBBES
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across: Scarcity, Slice, Incognito, Out, Trip, Maroon, Hungry, Breezy, Equity, Pike, Fix, Herbivore, Alert, Shipment. down: Shirt, Halfway, Auction (clue), Excel, Cage, Drought, Tribal, Starch, Sojourn, Limp, Piton, Episode, Century, Elect.
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.
MICRO CROSSwORD
CHALLENGER
Yesterday’s Answers
Yesterday’s
Yesterday’s
Sudoku Answer
Kakuro Answer
PAGE 12, Wednesday, January 14, 2026
THE TRIBUNE
Wall Street executives warn Trump: Stop attacking the Fed and credit card industry
JAMIE DIMON, CEO of JPMorgan Chase, speaks at the America Business Forum, Thursday, Nov. 6, 2025, in Miami. Photo:Rebecca Blackwell/AP
By KEN SWEET AP Business Writer UP until this week, Wall Street has generally benefited from the Trump administration's policies and has been supportive of the president. That relationship has suddenly soured. When President Donald Trump signed the One Big Beautiful Bill into law in July, it pushed another significant round of tax cuts and also cut the budget of the Consumer Financial Protection Bureau, at times the banking industry's nemesis, by nearly half. Trump's bank regulators have also been pushing a deregulatory agenda that both banks and large corporations have embraced. But now the president has proposed a one-year, 10% cap on the interest rate on credit cards, a lucrative business for many financial institutions, and his Department of Justice has launched an investigation into Federal Reserve Chair Jerome Powell that many say threatens the institution that is supposed to set interest rates free of political interference. Bank CEOs warned the White House on Tuesday that Trump's actions will do more harm than good to the American economy. But in response, Trump did not back down on his proposals or attacks on the Fed. BNY Chief Executive Officer Robin Vince told reporters that going after the Fed's independence "doesn't seem, to us, to be accomplishing the administration's primary objectives for things like affordability, reducing the cost of borrowing, reducing the cost of mortgages, reducing the cost of everyday living for Americans." "Let's not shake the foundation of the bond
market and potentially do something that could cause interest rates to actually get pushed up, because somehow there's lack of confidence in the Fed's independence," Vince added. The Federal Reserve's independence is sacrosanct among the big banks. While banks may have wanted Powell and other Fed policymakers to move interest rates one way or another more quickly, they have generally understood why Powell has done what he's done. "I don't agree with everything the Fed has done. I do have enormous respect for Jay Powell, the man," JPMorgan Chase CEO Jamie Dimon told reporters Tuesday. Dimon's message did not seem to resonate with President Trump, who told journalists that Dimon is wrong in saying it's not a great idea to chip away at the Federal Reserve's
PRESIDENT Donald Trump arrives at Joint Base Andrews, Tuesday, Jan. 13, 2026, in Joint Base Andrews, Md. Photo:Evan Vucci/AP independence by going after Chair Jerome Powell. "Yeah, I think it's fine what I'm doing," Trump said Tuesday in response to a reporter's question at Joint Base Andrews after returning from a day trip to Michigan. He called Powell "a bad Fed person" who has "done a bad job."
Along with the attacks on the Fed, President Trump is going after the credit card industry. With "affordability" likely to be a key issue in this year's midterm elections, Trump wants to lower costs for consumers and says he wants a 10% cap on credit card interest rates in place by Jan. 20. Whether
he hopes to accomplish this by bullying the credit card industry into just capping interest rates voluntarily, or through some sort of executive action, is unclear. The average interest rate on credit cards is between 19.65% and 21.5%, according to the Federal Reserve and other industry tracking sources. A cap of 10% would likely cost banks roughly $100 billion in lost revenue per year, researchers at Vanderbilt University found. Shares of credit card companies like American Express, JPMorgan, Citigroup, Capital One and others fell sharply Monday as investors worried about the potential hit to profits these banks may face if an interest rate cap were implemented. In a call with reporters, JPMorgan's Chief Financial Officer Jeffrey Barnum indicated the industry was willing to fight with all resources at its disposal to stop the Trump administration from capping those rates. JPMorgan is one of the nation's biggest credit card companies, with its customers collectively holding $239.4 billion in balances with the bank, and having major co-brand partnerships with companies such as United Airlines and Amazon. JPMorgan also recently acquired the Apple Card credit card portfolio from Goldman Sachs. "Our belief is that actions like this will have the exact opposite consequence to what the administration wants in terms of helping consumers," Barnum said. "Instead of lowering the price of credit, it will simply reduce the supply of credit, and that will be bad for everyone: consumers, the
broader economy, and yes, for us, also." Even the major airline and hotel partners who partner with banks to issue their cards were also not pleased with the White House's push to cap interest rates. "I think one of the big issues and challenges with (a potential cap) is the fact that it would actually restrict the lower end consumer from having access to any credit, not just what the interest rate they're paying, which would upend the whole credit card industry," said Ed Bastion, CEO of Delta Air Lines, to analysts on Tuesday. Delta has a major partnership with American Express, and its co-brand credit card brings in billions of dollars in revenue for Delta. Trump seemed to double down on his attacks on the credit card industry overnight. In a post on his social media platform Truth Social, he said he endorsed a bill introduced by Sen. Roger Marshall, R-Kansas, that would likely cut into the revenue banks earn from merchants whenever they accept a credit card at point-of-sale. "Everyone should support great Republican Senator Roger Marshall's Credit Card Competition Act, in order to stop the out of control Swipe Fee ripoff," Trump wrote. Trump told reporters Tuesday that he was not going to back down the credit card interest rate issue. "We should have lower rates. Jamie Dimon probably wants higher rates. Maybe he makes more money that way," Trump said.