A BAHAMIAN bank is accusing a payments provider of exploiting FTX’s collapse and related unproven claims to trash its reputation in revenge for launching a $35m damages claim against it.
Deltec Bank & Trust, in legal filings with the south Florida federal court this Wednesday, asserted that Ibanera and its principal, Michael Carbonara, have resorted to smear tactics and a campaign to undermine its integrity amid allegations that they have “unlawfully withheld” $20m belonging to the Lyford Cay-based institution and its clients.
Arguing that it has “a valid claim for defamation” over allegations posted on the payment provider’s website, Deltec is claiming this was nothing more than a “blatant attempt” to undermine its business reputation by trying
‘Blatant attempt’ at retaliation over $20m lawsuit
to tie it to FTX’s November 2022 implosion as it continues to pursue the return of the “misappropriated” funds via the federal court system.
While Deltec provided banking and other facilities for Alameda Research, the private entity owned by FTX’s now-jailed founder, Sam Bankman-Fried, no court has ruled that the Bahamian institution had a role in the fraud that led to the crypto exchange’s failure. And, while it has been named as a respondent/defendant in several class action lawsuits
launched by FTX investors, no wrongdoing has been proven.
“Deltec alleges that Ibanera published a public statement on its website, purporting to be a response to this lawsuit against Ibanera, but which in fact was a blatant attempt to invoke the specters of ‘fraud’ (including ‘the FTX fraud’), ‘money laundering’ and ‘illicit financial activities’ with the intention of causing harm to Deltec’s reputation and business, resulting in damages to Deltec,” the Bahamian bank alleged.
“Deltec alleges that the statement contains false information and also juxtaposes and omits selected facts to create a false impression. Deltec has clearly put Ibanera on notice of the claim against it. Ibanera claims that the statement is ‘true’ or simply ‘opinion’ or ‘hyperbole’.
“Yet the only explanation for Ibanera to mention FTX in a statement purporting to respond to Deltec’s entirely unrelated complaint against Ibanera is that Ibanera intended to retaliate against Deltec for filing this lawsuit by harming Deltec’s business operations,” it continued.
“Damage to Deltec’s business and reputation is also the only plausible reason for repeatedly associating Deltec with ‘fraud’, ‘money laundering’ and ‘illicit financial activities’ when Deltec has engaged in none of these activities... Ibanera’s assertion that its statement is
THE Supreme Court yesterday rejected assertions that The Bahamas’ provision of assistance to a global Internet and cyber fraud investigation is “an impermissible fishing expedition”.
Justice Darron Ellis, in a June 12, 2025, verdict, rejected the targeted company’s demand for the Attorney General’s Office to provide
specific information to aid its defence on the basis that this “would transform these preliminary proceedings into a premature mini-trial” and create unnecessary extra costs and delay.
His ruling was sparked by a request for The Bahamas to provide legal assistance to German prosecutors, who are seeking to trace the ill-gotten gains from a purported Internet-based cyber scam that defrauded several thousand victims.
Some $500,000 of these proceeds were alleged to have been transferred to an account with Bahamas-based The Winterbotham Trust Company on December 7, 2020. The account’s beneficial owner, Tubmanberg Ltd, and its director, Nathaniel Bosfield, are the two “respondents” in the case, and there is no suggestion that the well-known Bahamian financial services provider has done anything wrong.
The German request for legal assistance prompted the Attorney General’s Office to initiate proceedings under the Criminal Justice (International Co-Operation) Act on May 31, 2022. It obtained a Supreme Court Order just 14 days later requiring The Winterbotham Trust Company to hand over all documents and information related to the Tubmanberg Ltd account
‘Under-explored’ TV, film targeted for tax breaks
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Deputy Prime Minister yesterday revealed the Government is crafting a package of tax breaks and other concessions aimed at stimulating the “underexplored” film and TV production industry;
Chester Cooper, also minister of tourism, investments and aviation, told the House of Assembly during the 2025-2026 Budget debate that The Bahamas has been placed “at a serious disadvantage” and become “non-competitive” by failing to offer speciallytailored incentives to lure an industry it has sought to attract for decades.
Pledging that legislation to create this incentive package will be tabled in Parliament “in the coming months”, he also voiced optimism that the opening of the Creative and Performing Arts School of The
SEE
‘Reclaiming national identity’ in Downtown Nassau revival
By NEIL HARTNELL Tribune Business Editor
THE Deputy Prime Minister yesterday said a “a major entertainment” project could serve as an anchor for reviving downtown Nassau - an objective he described as “reclaiming our national identity”. Chester Cooper, also minister of tourism, investments and aviation, speaking in the House of Assembly during the 2025-2026 Budget debate, disclosed that two hotel developments are also being considered as part of efforts to kick-start Bay Street’s revival as he warned that 30-40 years of
decay will not be reversed overnight. Suggesting that the cruise lines have voiced interest in staying in Nassau longer, “but the product has to be there”, Mr Cooper also asserted that the Davis administration has facilitated some $12bn worth of investment projects since taking office in September 2021 although no complete breakdown of these projects was provided. “Downtown Nassau is finally beginning to receive the transformation it has desperately needed for far too long. We are witnessing 30 to 40 years of decay. We are now doing something
Seabed lease reforms in marina uncertainty
• Questions over fee rates and other levies
• Industry meets with Port Department today
• Seabed ‘under-served Gov’t income stream’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN marinas were yesterday said to be uncertain over how and whether new charges and provisions for seabed leases will impact the sector ahead of today’s meeting with the Port Department.
Peter Maury, the Association of Bahamas Marinas (ABM) president, told Tribune Business that the industry is unsure whether it will now have to pay seabed lease fees in addition to dock licence fees - or if the former will replace the latter - as a result of reforms to the Port Authorities Act accompanying the 2025-2026 Budget.
The Bill containing the amendments stipulates that the changes are designed “to strengthen the regulatory regime for the grant of seabed leases”, with all persons seeking “to construct an industrial, commercial or private pier, wharf, jetty, groin, mooring or abutment, or undertake any other activity on or affecting the seabed”, now having to apply to lease the seabed area that will be affected.
Supporting documents, such as financial statements, a site plan and any other licences/ permits requited to operate the intended business will have to be provided to the Government, with the applicant also required to “demonstrate compliance with all applicable environmental and regulatory requirements”. And, while the “maximum term” for any seabed lease will be 25 years, the Port Authorities (Amendment) Bill 2025 does not specify what the rates and fees will be. Instead, these are left for the responsible minister, meaning the minister of transport, to “prescribe” by Order and regulations.
PETER MAURY CHESTER
Using migrant labour to aid Bahamas economy
This week’s column makes a case for how migrant workers can benefit small island developing nations such as The Bahamas. With a population of around 400,000 and a land mass that could easily accommodate ten times’ this number, some consideration should be given to a strategic migration plan that will benefit our economy and stem the tide of illegal immigration that has created our current dilemma over the issue.
Migrant workers can be a significant asset for small, developing countries, particularly through remittances, which can boost the economy and improve living standards. Additionally, they can cover labour shortages, provide valuable skills, and contribute to economic growth.
Remittances: Migrant workers often send a portion of their earnings back to their home countries, which can be a major
source of foreign exchange and significantly improve the economic situation for families and the country as a whole. These remittances can be used for education, healthcare and other essential needs.
Labour market contributions: Migrant workers can help address labour shortages in sectors such as agriculture, construction and domestic work. They can also contribute to the growth of industries and fill specific skills gaps that might be lacking in the domestic labour force.
Skills and knowledge transfer: Migrant workers often return to their home countries with new skills and knowledge gained through their work experience abroad. This can lead to improved productivity, innovation and entrepreneurship within the local economy.
Economic growth: By contributing to the labour force, paying taxes and
Bahamas relaunches its Summer Boating Flings
THE Ministry of Tourism, Investments and Aviation has confirmed its Summer Boating Flings are back with six trips to multiple Bahamian islands scheduled between now and end-July.
The ministry, in a statement, said the voyages will occur on every weekend from June 6 through July 28 with beginner and seasoned boaters alike crossing the Gulf Stream on an “ocean road trip” across several Bahamian islands.
It added that this year’s schedule features six trips to Grand Bahama, Bimini and Eleuthera, with the firstever Canes x The Bahamas Boating Fling, hosted by
stimulating economic activity, migrant workers can indirectly contribute to the overall economic growth of their home countries.
Social impact: Migrant workers can also have a positive impact on social welfare by contributing to social security systems and improving access to healthcare and education for their families. Can you imagine a University of the Bahamas with campuses on four different islands providing education to thousands of local and international students?
Cultural impact: The exchange of culture that will happen organically can only add value to the Bahamian experience. The diversity and infusion in new foods, music, festivals and other cultural elements will add that extra colour to the vibrancy of our existing cultural expressions.
• NB: Ian R Ferguson is a talent management and
FERGUSON IAN
organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
University of Miami basketball Hall of Famer Jack McClinton, taking place from July 24–27 in Bimini. This will feature snorkelling expeditions, cultural celebrations and receptions organised by the Ministry of Tourism and hosted by University of Miami sporting greats. The festivities will also give boaters a chance to experience the Goombay Summer Festival, featuring authentic Bahamian food, music and cultural heritage. The Ministry of Tourism added that ‘The Black Boaters of SOFLO’ will lead a flotilla of more than a dozen vessels, guided by Bahamas boating ambassador, Larry Quiton. The
group, which seeks to make boating more accessible and welcoming to a broader range of communities, regularly hosts meet-ups and group excursions throughout South Florida.
Participants will also have the opportunity to take part in an extended trip to Abaco from July 9 to July 19. All trips will depart from the Bahia Mar Yachting Centre in Fort Lauderdale. Each vessel must have a valid cruising permit obtained prior to departure in order to facilitate initial clearance and entry processes into The Bahamas.
The Ministry of Tourism recommended that interested persons attend a Captains Meeting at the Bahia Mar Marina in Fort Lauderdale. Meetings are held on the Wednesday before each trip and begin at 6.30pm.
Father-anddaughter duo lead realtor’s 2024 sales
THE father and daughter duo of Dean and Ilianna Spychalla led the way at Better Homes & Gardens Real Estate MCR Bahamas by holding the top two sales spots for every quarter in 2024.
The real estate firm, in a statement, said the Spychallas are consistently turning in top performances while both managing resort properties in the Family Islands while they do it. Ilianna is based at Chubb Cay in the Berry Islands, while Dean divides his time between Exuma and Eleuthera.
“It certainly wasn’t in the plan,” laughs Ilianna, “but I guess it was destined from the start.” She is the manager of the Chub Cay Resort & Marina, where she oversees a 110-slip marina capable of handling vessels from 40 feet to 150foot mega yachts. She also sells those slips, which are attracting record linear foot prices, and Ilianna, who sold more than a dozen last year, says only a shortage of inventory will slow sales in the future.
“It’s a niche market. The slips are a hot commodity because the fishing abound Chub Cay and the Berry Islands is amazing,” said the agent, who is also the only salesperson based on the island for residential sales. She finished in the top 15 percent of performers for the franchise after two years in the industry.
Dean, who has been in the hospitality industry for more than 40 years, starting at what was then Resorts International (now Atlantis), manages Pineapple Fields Resort in Governor’s Harbour, Eleuthera. He handles condo hotel sales there and at Grand Isle Resort and Spa in Exuma, where he previously served as general manager, and remains the top sales agent.
Neither dad nor daughter intended to go into real estate when they each started out in hospitality. Ilianna recalls a childhood where her father, casino director for Norwegian Cruise Line, would take her onboard the ship on several occasions as a seven and eight-year-old, later working as his assistant in the hotel and restaurant business at Valentine’s Resort & Marina, Harbour Island.
“I was ‘subjected’ to the lifestyle my whole life and naturally fell into the groove,” said Bahamianborn Ilianna, who went from watching her father at work in hospitality to working with him for seven years at Valentine’s. Then COVID hit, resorts closed, they went separate ways but kept in touch daily and, when the world re-opened for business, each had new opportunities and offers.
But the one Ilianna least expected was the phone call from her father, who had branched out years before into real estate. He told her he had paid for a real estate course for a new enrollee who now could not attend, instructed her to pack her bags and be ready to fly back home to The Bahamas to take the course. She did, passing it on the first try.
“Ilianna is a force of nature,” says her father. “When she was working for me at Valentine’s I would say ‘A’, she would say ‘B’ and people would do ‘B’. They thought I worked for her.”
Better Homes & Gardens Real Estate MCR Bahamas partners, Tim Smith and Mario Carey, said the duo have “an incredible work ethic”.
“They know their market and they work hard, never stopping, always low-key but going,” said Mr Carey. “And they are both the kind of down-to-earth people others can relate to and trust,” added Mr Smith. “Caring and credible, perfect for the islands they serve and for the clients who have come to trust us. We are proud of Ilianna and Dean and the fact that they have built such success stories, each on their own and together as a team.”
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FATHER and daughter duo, Dean and Ilianna Spychalla, were named as top performers among agents and brokers at Better Homes & Gardens Real Estate MCR Bahamas. Only the firm’s partners, Mario Carey and Timothy Smith, outsold Ilianna, based in the Berry Islands, and Dean, based in Eleuthera and Exuma.
HOTELIERS WORRIED BUT BRILAND STILL SAFE AMID CRIME UPSWING
By ANNELIA NIXON
HARBOUR ISLAND
hoteliers yesterday voiced optimism that the destination remains safe and attractive for tourists despite the spike in violent crime.
Several resort operators told Tribune Business that, despite the recent murder and other crimes, these were “isolated” and rare incidents as Brilanders understand and “respect” what tourism means to the economy.
However, Lee Prosenjak, Valentines Resort and Marina’s managing director, said he’s “super nervous” about the impact crime could have on the island’s tourism industry, adding that Bahamians must recognise that tourists underwrite Harbour Island’s economy.
“I think it’s two things,”
Mr Prosenjak said. “One is the realisation that everyone is affected by tourism. Everything that happens affects tourism on this island, and that’s everyone’s livelihood, whether or not they work at a hotel. If you do work at one of the other great businesses on this island, it’s all about us delivering people here to have an experience.
“So if we don’t have tourists here, that’s a big deal - that’s an issue. And so everyone needs to know that no matter what, if you live on this island, you’re in the tourism industry. So less people is less money for everyone. And that’s not a good thing. Less safety and security for tourists is less safety and security for everyone.”
Pointing to crime occurring during the COVID-19 pandemic and a year ago, Mr Prosenjak said in the past he has had to calm worried tourists who questioned safety on the island. He said the recent crimes may result in similar concerns.
“We had some crime a year ago where someone else was killed, and it was a lot,” he recalled. “There were a lot of repercussions in the industry. A lot of people calling to say, ‘Hey, is it safe? Are you sure it’s okay? I’m not sure I want to bring my family there.’
“So I did a lot of calming down of people, of tourists, last year when that happened. So I expect a similar thing, seeing that we had a shooting two weeks ago, where thankfully no one was seriously injured, but sure could have been, and this time someone was murdered, and then another injury, too.
“This is what I said last time, too; it wasn’t in a
tourist area. It wasn’t a place where you’re normally going to be hanging out and it was local people against local people. So it wasn’t a, ‘We’re going steal a tourist’s wallet while they walked away from their beach chair’ or something like that,” Mr Prosenjak said.
“That’s how I did it last time, was to say, ‘Nope, your 15 year-old isn’t going to be hanging out there and they’re not looking to go after you or anything like that.’ That’s not a thing. But, I mean, the more crime there is, the harder that is to say, right? What I want is for the behaviour to change. That’s the second point of this. I don’t care if there’s stricter laws against crime or anything like that. I want the behaviour to change.”
With crime sparking fear among locals, Mr Prosenjak added that this may also prevent economic growth if tourists feel safer remaining on resort grounds versus exploring and supporting other local businesses.
“Everything impacts tourism,” he said. “So this wasn’t in a tourist area, or this wasn’t against a tourist. OK. But it’s impacting the tourism. I don’t know that we’ll see someone who is booked to come in to the island today, I don’t think they’re going to cancel
DPM hails record arrivals despite stopover decline
By FAY SIMMONS Tribune Business Reporter
THE Deputy Prime Minister yesterday hailed record visitor arrivals of 4.373m for the first four months of 2025 despite a slight 0.4 percent drop in higher-spending stopover visitors.
Chester Cooper, also minister of tourism, investments and aviation, told the House of Assembly during the 2025-2026 Budget debate that total air and sea arrivals through April 2025 were up 11.7 percent yearover-year from the 3.9m recorded during the same four months last year.
“From January to April of this year, foreign air and sea arrivals to The Bahamas reached 4,372,642, a significant increase over the 3,914,883 recorded for the same period in 2024. This represents a year-over-year growth of 11.7 percent and, even more strikingly, a 64.9 percent increase when compared to the same period in 2019, our last full prepandemic year,” said Mr Cooper.
“In total, The Bahamas received 660,268 foreign air arrivals from January to April 2025, compared to 662,815 during the same period last year - a fractional decline of 0.4 percent, but up 1 percent from 2019.” Mr Cooper said Nassau/Paradise Island saw a 10.1 percent increase in total arrivals although there was a 2.07 percent decrease in air arrivals.
“Nassau and Paradise Island, our flagship destination, saw total arrivals grow from 1,870,438 in 2024 to 2,059,987 this year. That’s an increase of 10.1 percent
year-over-year and 26.4 percent compared to 2019,” he added.
“Importantly, Nassau/ Paradise Island welcomed over 493,000 air arrivals from January to April 2025, compared to 503,461 in the same period last year, a slight decrease, yet still up 9.1 percent from the 2019 figure of 498,252.” Mr Cooper said the “modest dip” in air arrivals was due to “headwinds” and constrained room capacity.
Looking to the other islands, Grand Bahama’s air arrivals grew by 14.5 percent, while Abaco saw a 7 percent increase. “Grand Bahama remains the fastest growing island with air arrivals up 14.5 percent, and we are confident that the opening of Celebration Key in Freeport next month will send sea arrivals skyrocketing,” said Mr Cooper.
“Abaco has rebounded remarkably well, registering 172,792 arrivals this year, up 7 percent from 2024 and 48.3 percent over 2019. Abaco’s air arrivals have grown 13.7 percent yearover-year, second only to Grand Bahama”
Bimini saw a 29.7 percent increase in sea arrivals, but an 11.5 percent reduction in air arrivals, which Mr Cooper contributed to the ongoing airport renovation.
“Bimini, which began accelerating cruise visitors only recently in 2022, saw a massive 29.7 percent increase in total arrivals this year. That’s an extraordinary 152.1 percent increase from 2019. While air arrivals to Bimini declined by 11.5 percent this year, this is largely a reflection of construction during the survey period for the new airport and the temporary cruise
berth adjustments,” said Mr Cooper.
“We are anticipating announcing new international airlift here soon. Sea arrivals are clearly compensating for this dip and reaffirming Bimini’s place as a growing hot spot for leisure tourism.”
Mr Cooper said Exuma saw a 10 percent decrease in air arrivals, which he attributed to the closure of Sandals Emerald Bay resort as it undergoes redevelopment into a Beaches resort. Eleuthera saw a 55.7 increase in arrivals but is constrained by insufficient room capacity, while San Salvador saw a 4.2 percent increase from last year.
“Eleuthera showed a major increase of 55.7 percent in arrivals from last year, and 59.2 percent from 2019. And the only thing holding Eleuthera back any further is room space. Interest is extremely high, but room capacity remains a challenge that is currently being addressed with the development of many new properties,” said Mr Cooper.
“Exuma, which was at its peak in 2024, experienced about a 10 percent dip in arrivals over the first four months of this year, which we attribute to the redevelopment of the Sandals resort into a larger, more family friendly Beaches resort this year that will accommodate more guests and further bolster Exuma’s economy.
“San Salvador saw a small but meaningful 4.2 percent increase from last year. Many islands, supported by our Family Island airlift expansion, are being positioned for steady, sustainable tourism growth.”
DPM: ‘No stone unturned’ in filling Silver Airways gap
By FAY SIMMONS Tribune Business Reporter
jsimmons@tribunemedia.net
THE Deputy Prime Minister yesterday pledged to “leave no stone unturned” in filling the airlift void created by Silver Airways’ collapse with Bahamasair already called upon to help. Chester Cooper, also minister of tourism, investments and aviation, told the House of Assembly during the 2025-2026 Budget debate that the national flag carrier will provide additional flights from south Florida starting on June 23
to “fill the void” left by the carrier’s demise.
He added that although Silver Airways’ closure “caused some difficulty”, Bahamasair will increase flights to provide adequate airlift on the former’s routes and The Bahamas is encouraging other airlines to do the same.
“Regrettably, yesterday we saw the collapse of Silver Airways that services many of our islands from cities in Florida. We regret this and it has caused some inconvenience. However, we have swiftly mobilised Bahamasair that will provide additional flights and
their trip. But it is going to impact.
“Are they going to go out to Gusty’s [Bar] tonight? Maybe not. So they’re going to be much more closed with their wallet in terms of going out and funding around the island. They might stay on the resort grounds, rather than venture out as much, which is bad for our local businesses.
“And the people that haven’t booked yet are the ones that are probably more susceptible to say, ‘You know what? Maybe we’ll go somewhere else.’ Or nothing’s going to happen to us at Baha Mar, so let’s just go there instead’,” he added.
“We are a tiny island. We’ve got a small property in Valentines. If you’re here, you’re going elsewhere. We don’t see people eat breakfast, lunch and dinner here. They’re going out to the other restaurants on the island. They’re going to The Landing, they’re going to Ocean View Club.”
Ernest McPhee, general manager of Runaway Hill Inn, added: “Usually, when things like this happen, the guests start to call and start to ask questions.” He said he would expect guests to call and inquire again due to recent events, but asserted that he is confident in the police stationed on Harbour Island.
“I’ll tell you that more police are on the ground
just walking through the community,” Mr McPhee said. “Police are walking the streets. They’re on the ferries. So it is like a sense of safety. I don’t think this is something that’s going to continue. And it seems like the police on the island, they are taking it serious and they’re addressing it. So moving forward, I don’t see any issues escalating or getting more serious.
“On the hotel side, most of the hotels, we have security on property. I have security on property. Our property is monitored 24/7 with my team here. The guests have my direct line. If they see something, they could call me directly as the general manager, and we have a good relationship with the community. And like I said, even though things might be happening, it’s happening on a more local level.
“Persons in the community, they know what tourism brings to the island. They respect the hotel premises. They respect the guests. They love the guests. Most of these guests have been coming for years. Some of them been coming 30, 40, years. So they know persons on the island,” Mr McPhee continued.
“Some of them might even know the persons involved in these crimes and these issues that we’re having now. They know
Long Island hit by water shortages
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
LONG Island residents have been without water services for days due problems with the island’s reverse osmosis plant, their MP told the House of Assembly yesterday. Adrian Gibson, speaking during the mid-year Budget debate, said Long Island has been neglected under the Davis administration, citing deteriorating infrastructure, damaged roads, delayed clinic renovations and an ambulance that has
families… In terms of locally, there’s a certain like I say, respect for the tourism industry and tourism, knowing that this is where we get our bread and butter from. So I don’t think it’s going to affect tourism.
“From the Government side, I think the Government just needs to support the police because they’re doing a great job and they’re pushing. If they need resources, whether it be financial or more vehicles, or anything like that. Definitely, I think the Government needs to support them in that way. Keep in mind that I’m on Harbour Island, but if you think about Eleuthera in general, it’s a huge island, the longest in The Bahamas.”
Henry Rolle, managing partner of The Rock House, agreed, adding: “This season was supposed to be a lot slower than it is. But most places are reporting record numbers. There’s still issues happening on the island. A lot of issues that we wish weren’t happening again.
“Like I said, the police, they are reacting. I’m not fully aware of any plans they have in place in terms of preventative measures. The one thing that I know that they have been doing is just having meetings with local businesses, listening to concerns, trying to address them.”
become a nesting place for wasps due to inactivity.
He said the projected $75.5m Budget surplus projection is“fluff” if it does not address the Government’s outstanding debts and facilitate the needs of citizens.
“What good is a Budget surplus if ambulances are parked up and rotting and clinics aren’t open? Core services continue to deteriorate. Delivery remains broken. Surpluses demand an almost perfect execution.
more capacity on these routes beginning June 23 to fill the void,” Mr Cooper said. “We are also actively engaging our other airline partners to do likewise. I’m pleased to report that Makers Air will be providing daily direct service to New Bight, Cat Island, and will be adding a third flight to Long Island.” Silver Airways, in a message to travellers issued late on Tuesday night, said the “airline holding company” acquiring its business out of Chapter 11 bankruptcy has elected to cease operations
The German request, from prosecutors based in Osnabruck, revealed: “For several years now there have been persons in Germany and other states who have become victims of fraudulent Microsoft phone calls by callers posing as employees of Microsoft (USA).”
They asserted that the scam involved a pop-up window appearing on victims’ computers that both prevents them from being able to use it and indicates there is a virus infection. The same pop-up window, though, “offers to help the victims by having them call a certain telephone number” using Voice over Internet Protocol (VoIP) technology.
German prosecutors added that, when the number was called, persons reached “a call centre” allegedly staffed by Microsoft
(USA) employees. They were then instructed to download a maintenance software called TeamViewer to combat the purported computer virus infection.
The German legal request, though, asserted that this was a ruse and the downloaded software instead gave the scammers access to a victim’s computer data. They would then alter this data without the victim suspecting anything, then blame the changes on the ‘virus’ and charge a fee for “correcting the problem” and restoring the data.
The Osnabruck prosecutor’s office said personal data belonging to a German citizen, Roland Wrobel, had been misused to rent 30 of the phone numbers used in the scheme. These numbers were, in turn, traced to a US company, Twilio Inc, which said the numbers were assigned to a reseller, PhoneWagon and its principal, Ryan Shank, who would
DELTEC: FTX COLLAPSE
FROM PAGE B1
simply pulled from the ‘public record’, or inactionable ‘opinion’ or ‘hyperbole’, rings entirely hollow.”
FTX is not the only controversy that Deltec Bank & Trust has been embroiled in. Earlier this year it confirmed it was close to resolving its dispute with the US Justice Department over the ownership of $13.475m that was seized by the federal authorities for allegedly being generated by a massive fraud. However, no charges or accusations of wrongdoing were brought against the Bahamian institution.
Deltec is presently seeking an emergency freeze and injunction from the south Florida court to prevent Ibanera from moving or dissipating the disputed $20m. The defamation accusation has become the latest stage in the two sides’
rent them out to the alleged perpetrators. “Based on the data which was still in the custody of Twilio Inc, and provided by them, the prosecutors were able to identify more than 2,400 individual cases with damages of more than $125,000 euros, which equates to more than $140,000,” the German legal assistance request alleged.
Seeking to trace the scheme’s money flows, they alleged that some $16.219m “was received in the three targeted accounts, of which $2.271m went into the Payoneer (EU) Ltd account held by Nathaniel Bosfield, director of Tubmanberg”.
The remainder flowed into Tubmanberg accounts in Singapore and Curacao and, from there, a $500,000 transfer to the company’s account with The Winterbotham Company account was traced. Tubmanberg is now seeking to challenge the Order requiring the financial
USED
escalating legal battle over Deltec’s claims that Ibanera has effectively stolen funds which belong to the Bahamian bank and trust company and its clients. The Bahamian bank is asserting that Ibanera published the claims with “actual malice” given that the two sides’ relationship did not start until after FTX’s collapse. It added that the latter event has nothing to do with their dispute over the $20m retained by the payments provider plus Deltec’s demand for an additional $15m in damages.
“Ibanera knew exactly what it was doing when it published that statement, and its token disclaimer that it takes ‘no position on whether any impropriety by Deltec has actually occurred’ amidst four paragraphs connecting Deltec with money laundering, fraud, illicit financial activities and the
provider to hand over information on its account.
The company’s attorney, in early 2023, signalled that it had reached an agreement with the Attorney General’s Office. “Unfortunately, subsequent events led prosecutor Jurgen Lewandrowski in Germany to believe that the negotiations were nothing more than a ruse meant to impede the progress of the action and the adherence to the terms of the ex-parte Order,” Justice Ellis wrote. Tubmanberg Ltd, which was represented by Sean Moree KC, attorney at McKinney, Bancroft & Hughes, on January 30, 2025, requested that the Attorney General’s Office provide information on whether there is an active German criminal investigation against it; how the details sought on its account would assist any probe; and whether there is any evidence to support an “inference of malfeasance” against it.
The Attorney General’s Office rejected the request, arguing that it was “inappropriate” and that it was “without merit and bound to fail” as Criminal Justice (International Co-Operation) Act proceedings are specialist cases governed by their own legislation and procedural rules. This prompted Tubmanberg Ltd’s bid for an Order to compel production of the information it sought.
Detailing the company’s arguments, Justice Ellis wrote: “Counsel submits that, in the present case, no allegation of fraud has been made against the first respondent. Requiring Winterbotham Trust Company to disclose the information sought would, therefore, constitute an impermissible fishing expedition.”
And, with no investigation targeting Tubmanberg Ltd, or a conviction secured against it, Mr Moree argued on its behalf that it “would be premature
AS $35M DAMAGES REVENGE
FTX scheme is entirely disingenuous,” Deltec added in its legal filings.
“Finally, Ibanera accuses Deltec of being ‘two-faced’ and of having ‘acted with ill will in addressing other litigations’ because Deltec alleged that it ‘has since learned that Carbonara and a prior company he formed were sued for similarly stealing and dissipating millions of dollars’ worth of funds they were entrusted to transmit’.
“This accusation is inappropriate as it has nothing to do with the sufficiency of Deltec’s defamation claims against Ibanera, and the allegation in the complaint is both true and directly relevant to Deltec’s claims that defendants have now engaged in the very same conduct here.”
Ibanera has also threatened to use US anticorruption legislation,
SEABED LEASE REFORMS IN MARINA UNCERTAINTY
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Speaking ahead of today’s meeting between the Port Department and boating/ marina industry, which is intended to discuss the Budget reforms impacting the sector and which are due to take effect from July 1, Mr Maury said he and the ABM had heard the Government is now planning to amalgamate the separate taxes and fees on foreign yacht charters into one combined 14 percent levy.
Presently, foreign yacht charters pay a 4 percent fee to the Port Department plus 10 percent VAT on the value of the charter. The proposed combination of these levies into one combined 14 percent fee could not be confirmed before press time last night, but Mr
Maury argued that “it’s not going to move the needle” as the effective total tax rate remains unchanged. The ABM chief said it appeared the authorities believe the move will increase boating traffic to The Bahamas, as incoming vessels will no longer have to undergo the process to register to pay VAT. However, Mr Maury said yacht brokers had already informed him that such a change “will not make any difference” to plans that do not involve The Bahamas.
As for the seabed lease and associated fees, he added: “To get a dock licence to build the marina, you have to go through this and pay a fee for the docks you build. We already pay a dock licence. Are they going to convert us to a seabed
licence or do we have to pay this on top of a dock licence? I don’t know. I can almost tell you that it’s going to be on top of everything.
“We haven’t heard anything from the Port as to what the law means. For commercial operators, many of the marinas are already open. Is this something that is going to come after. For somebody asserting no new taxes, they [the Government] have figured out a lot of new stuff. I don’t know what to call it... levies and fees, but it adds up to new taxes and where we are I just don’t know what they’re doing.”
However, there is a body of opinion that believes successive administrations have chronically under-valued seabed leases granted to commercial operators
the Racketeer Influenced and Corrupt Organisation (RICO) Act, which was intended to target organised crime as the statutory basis for bringing a claim against Deltec although it has failed to detail the precise grounds it will use.
The Bahamian institution, in a previous statement to Tribune Business, also asserted that it “categorically rejects” allegations in a report commissioned by Ibanera which claimed it “misrepresented” that all the $410.206m sent to them were its own monies.
And the Lyford Caybased operator dismissed the report’s suggestion that there were “undue delays” in its response to Ibanera’s requests for information, which the latter alleged left it exposed to Singapore financial institutions shutting down its bank accounts.
and have effectively given these valuable sites away for a peppercorn rent. The Port Authorities (Amendment) Bill 2025 also includes provisions allowing the Government to “charge a seabed environmental levy fee annually” and set a separate rate.
Mario Carey, the Better Homes & Gardens Real Estate MCR Bahamas principal, who has long advocated for such a levy as well as higher seabed lease rental rates, hailed the reforms in a recent interview with Tribune Business. He added, though, that all private and public stakeholders should be involved in determining how to best use the monies generated by the environmental levy.
Deltec, though, told this newspaper that it has supplied the south Florida federal court with evidence proving its average response time to Ibanera’s requests was just 1.5 days. And Lanecia Darville, its in-house attorney, in court-filed documents accused the payments provider of “gamesmanship” and seeking to place Deltec “under duress” with requests that were vague and featured tight deadlines. Ibanera’s counter-attack had alleged it was unaware that $203.45m, or close to half, of the $410.206m it received and processed on the Bahamian bank’s behalf belonged to the latter’s clients. The report, produced by Nizam Ismail, founder and chief executive of Singaporebased Ethikom Consultancy, asserted that outbound money transfers belonging
“Frankly, I think it’s an under-served income stream that is being ignored,” Mr Carey said of the seabed’s use for commercial purposes, “and that has been ignored and neglected. Especially when you are selling a dock slip for up to $20,000 and basically paying no rent... “There should be a model for where that money is spent, what that model looks like. A lot of stakeholders should be involved in developing that model to preserve our environment. That ain’t no joke. It’s a serious matter. I’ve been preaching that for a while and it’s a good sign that someone is listening.
That’s a big step in the right direction.”
Mr Maury, meanwhile, also voiced concern that
and inappropriate for Winterbotham to release [its] confidential records”.
The Attorney General’s Office, though, stood firm and maintained that there was no other mechanism for compelling the production of information or evidence sought by another countrya position that Justice Ellis agreed with. “Critically, this matter is still at an investigatory stage,” he ruled. “No charges have been laid, and no pleadings have been filed. The first respondent appears to seek information solely to determine whether a charge will eventually be laid. In such circumstances, this application appears premature and inappropriate.....
“In the court’s considered view, granting this request would transform these proceedings into a premature mini-trial, contrary to the overriding objective of the CPR (civil procedure rules), which is to deal with these cases justly, expeditiously and cost-effectively.” Justice Ellis thus dismissed Tubmanberg’s request.
to Deltec’s clients totalled $288.896m - a sum $85.445m greater than what came in. He suggested that the latter figure, or difference, was made up by Deltec’s own funds, of which Ibanera received some $266.756m. Deltec alleged to Tribune Business that Mr Ismail is not the “independent expert” that Ibanera made him out to be. “Instead, they relied on an undated report authored by their own former global head of legal and compliance, who did not appear in court or testify regarding his findings,” the Bahamian bank alleged.
“The report, prepared by a former Ibanera employee and lawyer, offered opinions about contractual matters but did not provide any substantiated examples of alleged delays or material inconsistencies. The claim of ‘material inconsistencies’ regarding the originator or beneficiary of funds was entirely unsupported by any factual evidence.”
reforms to the yacht charter section of the Boat Registration Act, which stipulate that “the charter of a vessel less than 55 feet in length shall not be negotiated or contracted for a duration less than 48 hours”, could prevent Bahamians from gaining necessary experience as well as drive more boating business from The Bahamas.
“The problem is that those are the boats on which Bahamians gain experience,” he explained. “You don’t get on to a 100 metre or 30 metre boat right away. You have to have sea time. Nobody will hire you if you don’t have sea time. The only way to learn that is on smaller catamarans that Bahamians run to the Family Islands.”
‘UNDER-EXPLORED’ TV, FILM TARGETED FOR TAX BREAKS
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Bahamas this September will develop a sufficientlyskilled and numerous local workforce able to staff film and TV productions that target this nation.
“In the vein of continuing to invest in targeted niche markets, both to support the growth in the number of visitors, but also to deepen their relationship with The Bahamas, one area that we are looking at that is underexplored is tourism relating to the film and television industries,” Mr Cooper said.
“In terms of the physical infrastructure, we lack dedicated film and television studios, along with all the ancillary equipment and services which support them. In terms of the talent pool, despite the high-level interest expressed by those in the creative industries, we do not have in significant numbers, highly trained, highly skilled talent, in the
creative, performing and production arts in sufficient quantity.
“Thankfully, with the upcoming opening in September of the new Creative and Performing Arts School of The Bahamas (CAPAS) we will soon have talented Bahamians trained to world-class level to bolster the ecosystem.”
The Bahamas has longharboured ambitions to establish itself as a major location for film and TV productions, especially those that are water-based or require a sunny, warm, tropical climate. Numerous films, such as the James Bond classics Thunderball and The Spy Who Loved Me, as well as Silence of the Lambs, have at least been partially shot in The Bahamas.
One of the first investment projects approved by the inaugural Christie administration was the Bahamas Film Studios at Gold Rock Creek in Grand
Bahama, which were used as the venue for filming part of the Pirates of the Caribbean series. However, the venture failed to progress and eventually ceased operations.
Mr Cooper, acknowledging that The Bahamas has lost ground to rival jurisdictions, told the House of Assembly yesterday: “In the past, one of the biggest obstacles to productions filming here was the lack of incentives for filmmakers. We are one of the few jurisdictions in this space which do not provide concessionary tax incentives to attract productions.
“This has put us at a serious disadvantage and made us non-competitive. In order to support the CAPAS graduates in finding work, and to build a studio infrastructure here, the time has come to correct this. I am therefore pleased to inform the House that in the coming months, I will be asking my colleagues to
introduce legislation to provide a framework for tax and duty-free concessions for audio-visual production and overall production here in The Bahamas.
“This opens the door not only to single productions, but also to the prospect of long-running series being shot in The Bahamas. We wish to be the first country of choice not only for any production which requires a tropical setting, but also which requires talent of the highest order. The potential benefits to tourism, education and culture cannot be overstated.”
Mr Cooper, reiterating that The Bahamas needs to double its hotel room inventory over the next five to seven years “in order to stay in the stop-over game”, also urged resort developers, owners and operators to focus on creating all-inclusive properties targeted at families and couples.
“To continue to grow and compete we must continue to target investment in room inventory, particularly in the all-inclusive space,” he argued. “I have said before we need to double our inventory over the next five to seven years in order to stay in the stopover game. I will talk about some of the things that are happening in this space.
“The all-inclusive model has evolved. It is no longer just for the budget-conscious traveller. It is now a fixture in the luxury market, in the family market, in the couples’ market. Major global brands – Hyatt, Marriott, Hilton – have entered the space in a serious way. If we are to remain competitive, we must ensure our pipeline of hotel investment includes a healthy mix of boutique, luxury and allinclusive offerings.”
Alluding to the competitive threat, Mr Cooper added: “As we continue to monitor out
‘RECLAIMING NATIONAL IDENTITY’ IN DOWNTOWN NASSAU REVIVAL
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about it. But let me be clear that fixing decades of decay will not be an overnight thing,” the deputy prime minister said.
“This government is moving aggressively to breathe life back into the heart of the capital, to return it to its rightful place as a vibrant, walkable, commerce-driven hub of Bahamian culture, heritage and innovation. But let me also be clear about this: The Government cannot do this alone.
“Revitalising Bay Street requires a true partnership – a collaboration between public and private stakeholders, and critically, the full participation of the Bahamian people.” Mr Cooper said the Government believes downtown
Nassau and Bay Street must become more “than a daytime retail zone” in a return to the long-touted ‘living city’ concept where persons live as well as work in the area, “Instead it becomes a dynamic neighbourhood where people live, do business and enjoy world-class leisure experiences. Already, we’ve seen tangible signs of momentum. At least two new hotel projects are under active consideration, along with a major entertainment development that could serve as a cornerstone for the downtown revival, especially east of East Street,” he added.
“These represent credible interest and the beginning of real change. We are turning old into new. We have demolished ten buildings. We anticipate next week to
DPM: ‘No stone unturned’ in filling Silver Airways gap
FROM PAGE B3
in The Bahamas as well as Florida and the wider Caribbean.
“We regret to inform you that we are ceasing operations as of today, June 11, 2025,” the airline said.
“In an attempt to restructure in bankruptcy, Silver entered into a transaction to sell its assets to another airline holding company who, unfortunately, has determined not to continue Silver’s flight operations in Florida, The Bahamas and the Caribbean.
“Please do not go to the airport. All credit card purchases should be refunded through your credit card company or your travel agency.” The sudden, immediate shutdown will likely have left tourists in The Bahamas, who were booked
to return on Silver Airways, stranded in this nation at least temporarily, while Bahamians in the US who were scheduled to fly with the carrier may find themselves in a similar position. Mr Cooper had already downplayed Silver Airways’ demise as “a bump in the road”, noting the carrier’s failure was not surprising or unexpected as it had been in Chapter 11 bankruptcy protection in the US since late December 2024 and the Christmas/New Year holiday. He added that the outcome was no reflection on The Bahamas as a destination or the financial returns it offers for airlines.
Documents obtained by Tribune Business from the south Florida federal bankruptcy court reveal that Silver Airways owed
begin the demolition of the Levy building. We believe that this is an ideal space for a boutique hotel with residences and a marina.
“We are leading by example, but we are not done yet. If it is an historical building, we ask that you access the incentives under the Downtown Revitalisation Act. To owners of dilapidated properties that are not protected we ask you to fix or demolish. If you don’t, we will – at your cost.”
Looking to the future, and what downtown Nassau can become, Mr Cooper said: “There is enormous potential here. From restaurants and roof-top lounges to galleries, shops and live entertainment venues. Our international cruise partners have indicated interest in later stays, and that creates a real opportunity for
six-figure sums to both Nassau Airport Development Company (NAD), Lynden Pindling International Airport’s (LPIA) operator, and its counterpart on Bimini.
NAD was shown to be Silver Airways’ largest Bahamian creditor, owed some $138,817 as at May 22, 2025, while another $103,213 was due to Bimini Airport Development Partners. The Airport Authority was owed $63,293 at the Family Island airports that it still controls and operates, with another $47,181 due to Nassau Flight Services for ground handling, security services and Immigration.
Silver Airways was also a major airlift provider to key Family Island destinations, especially Abaco (Marsh Harbour); North Eleuthera; Governor’s Harbour; Great Exuma; and Bimini, as well as serving Nassau and Freeport.
a thriving nightlife economy along Bay Street.
“But we must meet that demand with experiences worth staying for. The product has to be there. To that end, we are launching a new initiative this quarter — a ‘mood market’ concept we’re calling ‘Bites on Bay’. Food trucks have already been ordered, and this space will serve as an anchor for a vibrant, family-friendly entertainment hub.
“We want Bahamians and visitors alike to return to downtown, not just for
shopping but for energy, culture and atmosphere. We need more quality restaurants, more roof-top bars and more creative spaces .”
Suggesting that there are investors willing to fund entrepreneurs in these spaces, he added: “This is about creating major opportunities for entrepreneurship and empowerment, with real backing, real resources and real support.
“We are also accelerating investment through the Tourism Development Corporation, which is developing
competitiveness to sharpen our strategic focus, we look to our Caribbean counterparts and some of the gains they have had.
“A number of our regional neighbours – many of them smaller and traditionally lesser-known tourism destinations – embarked on a deliberate and co-ordinated campaign to expand their connectivity through increased airlift. Antigua, St Lucia, St Martin, Grenada, St. Kitts, Cayman Islands, Turks and Caicos, these are so-called ‘boutique islands’.
“We do not concede ground, but to be clear we must continue to sharpen our edge. The advantage of our product is that we have a market to match of similar size and offering. We will continue to expand connectivity, both direct international as well as domestic commuter services,” he continued. “What we must do now is meet the moment with co-ordination, boldness, speed and more financial muscle.”
an incubation centre focused on authentic Bahamian goods and services. This will provide a platform for emerging entrepreneurs and creators to bring their products to market and to visitors in a way that reflects the true essence of The Bahamas.
“This is more than a facelift for Bay Street. This is about reclaiming a piece of our national identity and turning it into a living, breathing economic engine. We are not waiting for change; we are helping to build it, and we invite every Bahamian to be part of it.”
Long Island hit by water shortages
The surplus is only real when all bills are paid. Until then, this is Budget fluff,” said Mr Gibson.
“You cannot run a government on projected optimism. You cannot feed families with forecasts. You cannot pay nurses and teachers with confidence and future execution. Vendors are still begging to be paid. If you claim a surplus, prove line by line reconciliation, publish the unpaid bills.”
Mr Gibson said business confidence is down and questioned how the Government will meet its projected fiscal surplus if they have not hit this year’s deficit target and have multiple outstanding bills.
“Inflation is up, business confidence is down. The Bahamian people are not fooled. Revenue, according to the Government, has risen to $2.5bn, but spending is also up by nearly $300m. [I’m] talking about salaries, contracts, consultants, political appointees and, prior to the mid-year Budget, the Government came in here, demonstrated to us that they ran a $395m deficit and accrued over $122m in unpaid bills. So I think all of us were surprised to hear about a surplus. That was just a
few months ago,” said Mr Gibson.
He criticised the Davis administration for not investing in “long-term reform” and choosing to spend more money on “optics” and travel than social and health initiatives. “Where is the Family Island Development Fund? It was announced, then reannounced, but it’s still not delivered,” Mr Gibson added.
He said the Budget is a “rerun of press conferences and recycled promises” and does not address the current issues faced by the public.
“Let me be clear, this Budget was built on projections, not performance, on spin on paper over reality, not the painful truth. This is not a reformist budget. This is yet another stop-gap Budget dressed in PR glitter. Not a single line item speaks to the long-term reform,” said Mr Gibson. “You see no restructuring of the public corporations, no modernisation of pension for government pension plans, no public sector performance management system, none of these things. This is a government that governs by optics. The Budget isn’t a road map. It’s a re-run of press conferences and recycled promises.”
US-backed Israeli company’s spyware used to target European journalists, Citizen Lab finds
By ERIKA KINETZ and PAOLO SANTALUCIA Associated Press
SPYWARE from a U.S.backed Israeli company was used to target the phones of at least three prominent journalists in Europe, two of whom are editors at an investigative news site in Italy, according to digital researchers at Citizen Lab, citing new forensic evidence of the attacks.
The findings come amid a growing questions about what role the government of Italian Prime Minister Giorgia Meloni may have played in spying on journalists and civil society activists critical of her leadership, and raised new concerns about the potential for abuse of commercial spyware, even in democratic countries.
"Any attempts to illegally access data of citizens, including journalists and political opponents, is unacceptable, if confirmed," the European Union's executive branch said in a statement Wednesday in response to questions from members of parliament. The European Commission "will use all the tools at its
Spain’s prime minister asks nation for forgiveness after high court investigates a close confidant
By SUMAN NAISHADHAM and JOSEPH WILSON Associated Press
SPANISH Prime Min-
ister Pedro Sánchez on Thursday asked the nation for forgiveness after a close confidant in his Socialist Party was put under investigation for his alleged participation in a kickback scheme.
The damaging case is the latest legal scandal — none of which have gone beyond the preliminary investigation phase — that have dogged Sánchez's inner party circle and his family for the past year. Sánchez himself hasn't been accused of any wrongdoing.
¨I want to ask forgiveness to the public because the Socialist Party and myself as its general secretary
disposal to ensure the effective application of EU law."
Meloni's office declined to comment Thursday, but a prominent member of her Cabinet has said that Italy "rigorously respected" the law and that the government hadn't illegally spied on journalists.
The company behind the hacks, Paragon Solutions, has sought to position itself as a virtuous player in the mercenary spyware industry and won U.S. government contracts, The Associated Press found.
of another former minister in Sánchez's government. Cerdán was the Socialist Party's No. 3 official until he resigned from that post on Thursday.
not should have trusted him," he said, referring to Socialist lawmaker Santos Cerdán.
Sánchez spoke hours after Spain's Supreme Court said that Cerdán is suspected of being involved in an alleged kickback scheme for government contracts. It was part of an ongoing investigation that already had pointed to the participation
"I have known Santos Cerdán since 2011 ... and worked arm in arm with him," he said, adding that no matter what happens in the court case "this is an enormous disappointment."
Speaking at the Socialist Party headquarters in Madrid, Sánchez repeatedly asked Spaniards for forgiveness and said that he had learned of the corruption charges against Cerdán only hours before. Sánchez said that Cerdán is defending his innocence.
Backed by former Israeli Prime Minister Ehud Barak, Paragon was reportedly acquired by AE Industrial Partners, a private investment firm based in Florida, in a December deal worth at least $500 million, pending regulatory approvals. AE Industrial Partners didn't directly respond to requests for comment on the deal.
Paragon's spyware, Graphite, was used to target around 90 WhatsApp users from more than two dozen countries, primarily in Europe, Meta said in
The public act of contrition by Sánchez comes around 14 months after he took five days off to consider his political future when a judge launched an investigation into his wife, Begoña Gómez, for alleged influence peddling. Instead of resigning, he said he would fight on and denounced what he called a "smear campaign" by media outlets aligned with right-wing political leanings.
On Thursday, the Spanish leader said that he would order an external audit of the Socialist Party's accounts, but he refused to call an early election like his political opponents have demanded for months.
"There won't be elections until 2027, because this is not about me or the Socialist Party. This is about a project to bring positive change to the country," Sánchez said.
Despite leading a minority government, Sánchez said that he was sure he could finish out his fouryear term. He has so far maintained the backing of his government's junior members and a myriad of smaller regional and leftist parties in parliament.
"There is no crisis in my government," Sánchez said.
January. Since then, there's been a scramble to figure out who was hacked and who was responsible.
"We've seen first-hand how commercial spyware can be weaponized to target journalists and civil society, and these companies must be held accountable," a spokesperson for WhatsApp told AP in an email. "WhatsApp will continue to protect peoples' ability to communicate privately." Meta said the vulnerability has been patched and they have not detected subsequent attacks. Meta also sent a cease-anddesist letter to Paragon. Last month, a California court awarded Meta $168 million in damages from Israel's NSO Group, whose spyware was used to hack 1,400 WhatsApp accounts, including of journalists, activists and government officials.
"It is unacceptable in a democratic country that journalists are spied on without knowing the reason. We do not know how many there are and if there are others," Vittorio di Trapani, president of the Italian journalists' union FNSI, told the AP.
As secretary of the Socialist Party organization, Cerdán held the third-most powerful position in the prime minister's party. Shortly after the court made public that there were sufficient indications that Cerdán was involved in the alleged kickback scheme, Cerdán renounced his seat in parliament and his party posts. While never a minister, Cerdán was charged with sensitive political negotiations, including the key talks between the Socialists and Catalan separatist parties that allowed Sánchez to form a new government in late 2023.
One of Europe's longest-serving leaders, the 53-year-old Sánchez has displayed adroit negotiating skills to stay in power since 2018, when he led Spain's only successful no-confidence motion against his conservative Popular Party predecessor.
This week, Spain's Supreme Court also announced that it would put the country's prosecutor general on trial over allegations of leaking confidential information in a tax fraud case involving the boyfriend of Isabel Díaz Ayuso, the conservative head of the Madrid region and one of Sánchez's main political rivals.
NOTICE is hereby given that JEAN GUY SINVIL CINEAS of Soldier Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of June 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 211533 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 11th day of June
GIORGIA Meloni attends a debate at the Senate in Rome, Oct. 26, 2022.
Photo:Andrew Medichini/AP
TRUMP ADMINISTRATION MOVES TO LIFT BIDEN-ERA MINING RESTRICTIONS NEAR BOUNDARY WATERS IN MINNESOTA
By STEVE KARNOWSKI Associated Press
PRESIDENT Donald Trump's administration is moving to lift restrictions on copper-nickel mining that the Biden administration imposed near the Boundary Waters Canoe Area Wilderness in northeastern Minnesota.
The decision, announced Wednesday by Agriculture
Secretary Brooke Rollins and Interior Secretary Doug Burgum, threw a lifeline to the proposed Twin Metals Minnesota mine near Ely.
Democratic administrations have tried to kill the project because of what they called the threat of
acid mine drainage into Boundary Waters, the country's most-visited federally designated wilderness area.
Twin Metals is owned by Chilean mining giant Antofagasta. President Barack Obama's administration declined to renew the company's mineral rights leases in the area in 2016. The first Trump administration reinstated those leases in 2019.
President Joe Biden's administration canceled the leases again in 2022 and imposed a 20-year moratorium on mining known as a "mineral withdrawal" in a 350-square-mile (900-square-kilometer) area of the Superior National Forest upstream from the wilderness that includes
the proposed underground mine site.
Trump has singled out copper as a focus of his domestic minerals policy and promised during a campaign stop in St. Cloud, Minnesota, last year that he would quickly reverse the moratorium.
The Boundary Waters is managed by the U.S. Forest Service, which is part of the Agriculture Department, putting it under Rollins' purview, and the leases are controlled by Burgum's Interior Department.
"After careful review, including extensive public input, the US Forest Service has enough information to know the withdrawal was never needed," Rollins
TRUMP SIGNS MEASURE BLOCKING
CALIFORNIA’S BAN ON NEW SALES OF GAS-POWERED CARS
By MICHELLE L. PRICE, SOPHIE AUSTIN and SEUNG MIN KIM Associated Press
PRESIDENT Donald Trump signed a resolution on Thursday that blocks California's first-in-thenation rule banning the sale of new gas-powered cars by 2035.
The state quickly announced it was challenging the move in court, with California's attorney general holding a news conference to discuss the lawsuit before Trump's signing ceremony ended at the White House.
The resolution was approved by Congress last month and aims to quash the country's most aggressive attempt to phase out gas-powered cars. Trump also signed measures to overturn state policies curbing tailpipe emissions in certain vehicles and smogforming nitrogen oxide pollution from trucks.
Trump called California's regulations "crazy" at a White House ceremony where he signed the resolutions.
"It's been a disaster for this country," he said.
It comes as the Republican president is mired in a clash with California's Democratic governor, Gavin Newsom, over Trump's move to deploy troops to Los Angeles in response to immigration protests. It's the latest in an ongoing battle between the Trump administration and heavily Democratic California over issues including tariffs, the rights of LGBTQ+ youth
and funding for electric vehicle chargers.
The state is already involved in more than two-dozen lawsuits challenging Trump administration actions, and the state's Democratic Attorney General Rob Bonta announced the latest one at a news conference in California. Ten other states, all with Democratic attorneys general, joined the lawsuit filed Thursday.
"The federal government's actions are not only unlawful; they're irrational and wildly partisan," Bonta said. "They come at the direct expense of the health and the well-being of our people."
The three resolutions Trump signed will block California's rule phasing out gas-powered cars and end the sale of new ones by 2035. They will also kill rules that phase out the sale of medium- and heavy-duty diesel vehicles and cut tailpipe emissions from trucks.
In his remarks at the White House, Trump expressed doubts about the performance and reliability of electric vehicles, though he had some notably positive comments about the company owned by Elon Musk, despite their fractured relationship.
"I like Tesla," Trump said.
In remarks that often meandered away from the subject at hand, Trump used the East Room ceremony to also muse on windmills, which he claimed "are killing our country," the prospect of getting electrocuted by an electricpowered boat if it sank and whether he'd risk a shark
attack by jumping as the boat went down.
"I'll take electrocution every single day," the president said.
When it comes to cars, Trump said he likes combustion engines but for those that prefer otherwise, "If you want to buy electric, you can buy electric."
"What this does is it gives us freedom," said Bill Kent, the owner of Kent Kwik convenience stores. Kent, speaking at the White House, said that the California rules would have forced him to install "infrastructure that frankly, is extremely expensive and doesn't give you any return."
The Alliance for Automotive Innovation, which represents major car makers, applauded Trump's action.
"Everyone agreed these EV sales mandates were never achievable and wildly unrealistic," John Bozzella, the group's president and CEO, said in a statement.
Newsom, who is considered a likely 2028 Democratic presidential candidate, and California officials contend that what the federal government is doing is illegal and said the state plans to sue.
Newsom said Trump's action was a continuation of his "all-out assault" on California.
"And this time he's destroying our clean air and America's global competitiveness in the process," Newsom said in a statement. "We are suing to stop this latest illegal action by a President who is a whollyowned subsidiary of big polluters."
A look at Boeing’s recent troubles after Air India crash
The Associated Press
THE crash of a Boeing 787 passenger jet in India minutes after takeoff on Thursday is putting the spotlight back on a beleaguered manufacturer though it was not immediately clear why the plane crashed.
The Air India 787 went down in the northwestern city of Ahmedabad with more than 240 people aboard shortly after takeoff, authorities said. It was the first fatal crash since the plane, also known as the Dreamliner, went into service in 2009, according to the Aviation Safety Network database. Boeing shares fell more than 4% in afternoon trading.
The 787 was the first airliner to make extensive use of lithium ion batteries, which are lighter, recharge faster and can hold more energy than other types of batteries. In 2013 the 787 fleet was temporarily grounded because of overheating of its lithium-ion batteries, which in some cases sparked fires.
737 Max
The Max version of Boeing's best-selling 737 airplane has been the source of persistent
troubles for Boeing after two of the jets crashed. The crashes, one in Indonesia in 2018 and another in Ethiopia in 2019, killed 346. The problem stemmed from a sensor providing faulty readings that pushed the nose down, leaving pilots unable to regain control. After the second crash, Max jets were grounded worldwide until the company redesigned the system. Last month, the Justice Department reached a deal to allow Boeing to avoid criminal prosecution for allegedly misleading U.S. regulators about the Max before the two crashes. Worries about the plane flared up again after a door plug blew off a Max operated by Alaska Airlines, leading regulators to cap Boeing's production at 38 jets per month.
Financial woes
Boeing posted a loss of $11.8 billion in 2024, bringing its total losses since 2019 to more than $35 billion. The company's financial problems were compounded by a strike by machinists who assemble the airplanes plane at its factories in Renton and Everett, Washington, which halted production at those
posted on X. "We look forward to working with Sec. Burgum to pursue American Energy Dominance and reverse the costly and disastrous policies of the Biden Administration."
Twin Metals spokesperson Kathy Graul praised the Trump administration for beginning the process of reversing the Biden administration's decision, which she said was "based on a deeply flawed assessment" that failed to consider environmental safeguards the company built into its project design.
The company argues that its mine design will prevent acid discharges, and that the best way to determine whether it's safe is
by allowing it to undergo a formal environmental review process, which the state canceled in 2022.
"Overturning the mineral withdrawal will allow Minnesota the opportunity to become a global leader in the much-needed domestic production of minerals under some of the most rigorous environment and labor standards in the world," Graul said in a statement.
But critics disputed her claim about public input, pointing out that the Trump administration has not conducted a formal public comment process on the policy reversal.
"The announcement by Secretaries Burgum and Rollins is shocking," Ingrid Lyons, executive director of Save the Boundary Waters, said in a statement. "They claim to have consulted with the
people of Minnesota about the Boundary Waters when they clearly have not."
Democratic U.S. Sen. Tina Smith of Minnesota scoffed at the secretary's claim about a "careful review," saying on X that the administration is "using pseudoscience to justify bad actions" and predicting that the decision will be challenged in court.
"Not this mine. Not this place. The Boundary Waters are too precious," Smith said.
Republican U.S. Rep. Pete Stauber, who represents northeastern Minnesota and has championed the region's iron and copper-nickel mining industries, said the Bidenera decision was a "massive wrong" that only "further cemented our reliance on Communist China" for critical minerals.
facilities and hampered Boeing's delivery capability. For the first three months of 2025, Boeing reported a narrower loss of $31 million compared with the previous year. CEO Kelly Ortberg said Boeing made progress on stabilizing operations during the quarter.
Orders and deliveries
The stepped-up government scrutiny and the workers' strike resulted in Boeing's aircraft deliveries sliding last year.
Boeing said it supplied 348 jetliners in 2024, which was a third fewer than the 528 that it reported for the previous year.
The company delivered less than half the number of commercial aircraft to customers than its main rival Airbus, which reported delivering 766 commercial jets in 2023.
Still, Boeing's troubles haven't turned off airline customers from buying its jets. Last month the company secured big orders from two Middle Eastern customers. The deals included a $96 billion order for 787 and 777X jets from Qatar, which it said was the biggest order for 787s and wide body jets in the company's.
Newsom later Thursday doubled down on his state's assertion of its right to set environmental regulations. He signed an executive order requiring state air regulators to propose new rules further limiting air pollution and greenhouse gas emissions from cars and trucks if a court ultimately upholds California's rules that Trump sought to kill.
Trump's signing of the resolutions comes as he has pledged to revive American auto manufacturing and boost oil and gas drilling.
The move follows other steps the Trump administration has taken to roll back rules that aim to protect air and water and reduce emissions that cause climate change.
The Environmental Protection Agency on Wednesday proposed repealing rules that limit greenhouse gas emissions from power plants fueled by coal and natural gas.
PRESIDENT Donald Trump speaks during an event to sign a bill blocking California’s rule banning the sale of new gas-powered cars by 2035 in the East Room of the White House, Thursday, June 12, 2025, in Washington.
Photo:Evan Vucci/AP
Coinbase hires top political strategist as crypto industry flexes its newfound political might
By JOEY CAPPELLETTI, KEN SWEET and JILL COLVIN Associated Press
A SENIOR adviser to Kamala Harris' 2024 presidential campaign is joining Coinbase's global advisory council, which already includes several former U.S. senators and President Donald Trump's ex-campaign manager, as the cryptocurrency exchange broadens its political reach.
David Plouffe, a top Democratic strategist best known as an architect of Barack Obama's successful 2008 presidential campaign, is the latest addition to the council, joining as the cryptocurrency industry plays an increasingly prominent role in shaping fast-moving legislation in Congress.
The bipartisan involvement reflects how both parties see crypto holders as an important and growing base of potential swing voters they are eager to tap, as well as their efforts to shape — and profit from — the lucrative industry. It also shows the political heft the crypto industry now carries under Trump, with several Democrats and Republicans joining the company's payroll.
The crypto industry was among the largest spenders in the 2024 election. A crypto super political action committee spent over $130 million in 2024 congressional races. Coinbase — the nation's largest crypto exchange — was
the super PAC's biggest contributor.
The cryptocurrency industry's bets are already paying dividends. Congress is now moving quickly on industry-friendly legislation that would create a comprehensive framework for the regulation of digital assets amid a shift in Washington. Trump, a Republican, has pledged to make the U.S. the global capital of cryptocurrency, contrasting with what industry leaders viewed as a stifling regulatory approach under the previous Democratic administration.
Americans may soon be able to invest in crypto in their retirement accounts, after Trump's Labor Secretary repealed a Biden administration guidance that said crypto may not be appropriate for 401ks and IRAs. President Joe Biden's regulators had argued that extreme volatility of cryptocurrencies makes the asset class too risky for Americans trying to save long-term for retirement.
Regardless of how crypto has performed in the past, the ability for Americans to put their retirement funds — roughly $44 trillion in assets — into crypto will lead to billions of dollars in profits for the industry, if even a small portion of Americans put their assets into a cryptocurrency fund.
Trump and his family have also been aggressively expanding their personal business into almost every part of the cryptocurrency ecosystem, including raising
billions of dollars to buy bitcoin, creating a new stablecoin and launching and promoting a Trump-themed meme coin.
Trump addressed crypto enthusiasts at Coinbase's policy conference in New York via video on Thursday, saying it's "a really big honor" to be called the "first crypto president."
"Congratulations to everyone at this exciting time for your industry and in our country's life," Trump said, to applause.
Chris LaCivita, the former co-campaign manager of Trump's 2024 presidential bid, joined Coinbase's advisory council in January.
Interviewed at Thursday's conference, LaCivita and Plouffe recounted their efforts to court so-called "crypto voters" in the 2024 election. Both the Harris and Trump teams viewed the group as a new bloc of potential swing voters who were up for grabs. Coinbase chief policy officer Faryar Shirzad said the company met with both campaign to sell them on the potential.
LaCivita said Trump — who had once been a crypto skeptic — quickly came around, with the help of input from his sons Barron Trump and Donald Trump Jr.
"The newness of it I think was exciting, from the president's standpoint," said LaCivita. "It didn't take really a lot."
The campaign, he said, also saw an opportunity to reach a swath of voters who may not have been actively
engaged with politics in the past, including Black and younger voters, with whom the Republican Party struggled in the past.
"It gave us an opportunity to establish common ground with an area and a demographic that we need expand in in order to be successful," he said. "This was one of those just great growth opportunities in politics," which he said are "few and far between."
Plouffe said the Harris campaign had reached the same conclusion and argued the group is only growing.
"The folks who own crypto are pretty politically competitive," he said.
"These are not MAGA voters. They are swing voters. Lean a little Democratic, certainly lean a lot younger."
Both were also bullish on their party's chances in next year's midterm elections.
Plouffe stressed the party
out of power generally has an edge. He acknowledged that the Democratic Party "has a lot of work to do on its brand" after their disappointing finish last year, but said he hoped "that's going to come from the people who run and from the grassroots together."
LaCivita said the goal for Trump would be to demonstrate to voters that he is delivering on his campaign promises.
US PRODUCER PRICES RISE MODEST 2.6% IN MAY WITH INFLATIONARY PRESSURES STILL MILD
By PAUL WISEMAN AP Economics Writer
U.S. wholesale prices rose modestly last month from a year earlier, another sign that inflationary pressures remain mild.
The Labor Department reported Thursday that its producer price index — which measures inflation before it its consumers — rose 2.6% in May 2024. Producer prices rose 0.1% from April to May after dropping 0.2% the month before.
Excluding volatile food and energy prices, wholesale costs were up 0.1% from April and 3% from May 2024.
The readings were slightly lower than economists had forecast.
Wholesale energy prices were unchanged, although gasoline prices rose 1.6% from April after falling the month before. Food prices at the wholesale level ticked up 0.1% after dropping 0.9% in April. Egg prices, volatile because of the bird flu, rose 1.4% following 39.3% drop in April;
they are up 125% from May 2024. The report came out a day after the Labor Department said that consumer prices rose a modest 0.1% last month from April and 2.4% from a year earlier.
Since returning to office, President Donald Trump has rolled out 10% tariffs on nearly every country in the world as well as specific levies on steel, aluminum and autos. Importers in the United States pay the taxes and pass them along to consumers via higher prices when they can. For that reason, economists expect inflation to pick up later this year.
So far, his tariffs don't seem to have had much of an impact on prices overall. Wholesale prices can offer an early look at where consumer inflation might be headed. Economists also watch it because some of its components, notably health care and financial services, flow into the Federal Reserve's preferred inflation gauge — the personal consumption expenditures, or PCE, index.
Inflation began to flare up for the first time in decades in 2021, as the economy roared back with unexpected strength from COVID-19 lockdowns. That prompted the Fed to raise its benchmark interest rate 11 times in 2022 and 2023. The higher borrowing costs helped bring inflation down from the peaks it reached in 2022, and last year the Fed felt comfortable enough with the progress to cut rates three times.
But it has turned cautious this year while it waits to see the inflationary impact of Trump's trade policies. The central bank is expected to leave rates unchanged at its meeting next Tuesday and Wednesday.
"There is no incentive for the (Fed) to debate hiking rates in today's figures," Carl Weinberg, chief economist at High Frequency Economics, wrote. "In fact, if the Fed did not know that tariff increases were in the pipeline, it might even contemplate cutting rates.''
DAVID PLOUFFE, right, Uber senior vice president of policy and communications, talks about the Uber expansion in Phoenix as Arizona Gov. Doug Ducey listens during a news conference announcing the opening of the new Uber offices June 11, 2015, in Phoenix.
Photo:Ross D. Franklin/AP
JETZERO PLANS TO BUILD $4.7B PLANT IN NORTH CAROLINA, AIMS TO CREATE 14,500 JOBS
GREENSBORO, N.C.
Associated Press
JETZERO Inc. announced plans Thursday to build its first manufacturing plant for a next-generation passenger jet in central North Carolina, a project that if successful would create more than 14,500 jobs there in a decade.
The California-based startup intends to build the factory at Greensboro's airport, investing $4.7 billion. The planned hirings from 2027 through 2036 would be the largest job commitment in North Carolina history, according to Gov. Josh Stein.
The company previously identified Greensboro as one of three finalists for the factory to build its fixedwing — also known as all-wing or blended-wing — Z4 aircraft, which JetZero says will be 50% more fuelefficient than traditional tube-and-wing airliners.
JetZero has said it's already received about $300 million in investment
in the Z4 project, including a U.S. Air Force grant to build and fly a demonstrator model by 2027. United Airlines and Alaska Airlines also are project investors and have made conditional purchase agreements for their fleets, the company said. JetZero aims for the planes to go into service in the early 2030s, with a goal of completing 20 airplanes per month at full production. Stein, on hand with JetZero executives and other officials for the formal announcement at Piedmont Triad International Airport in Greensboro, cited North Carolina's robust aerospace industry and the first manned powered flights at Kitty Hawk by the Wright brothers in 1903.
"North Carolina is the perfect location," Stein said. "North Carolina was first in flight. We are also the future of flight." The jobs would pay minimum average salaries of more than $89,000, according to the state Department of Commerce, which
provided details of the project earlier Thursday to a state committee that awards economic incentives.
State and local monetary and training incentives for JetZero and the project described at the committee meeting could exceed $2.35 billion by the 2060s if investment and job-creation thresholds and other requirements are met.
A portion of state incentives awarded by the committee — more than $1 billion over 37 years — is based on a percentage of income taxes withheld from plant workers' paychecks. The incentives also include up to $785 million from Guilford County and Greensboro and $450 million from the General Assembly to help with infrastructure, officials said. The project includes a research facility for composite structures.
A commerce department official said that JetZero, headquartered in Long Beach, California, looked for over a year for a plant
GOP TAX BILL WOULD COST POOR AMERICANS $1,600 A YEAR AND BOOST HIGHEST EARNERS BY $12,000, CBO SAYS
By FATIMA HUSSEIN Associated Press
THE Republican tax bill approved by the U.S. House of Representatives would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually, according to a new analysis released Thursday by the Congressional Budget Office.
Middle-income households would see a boost of roughly $500 to $1,000 per year under Republican President Donald Trump's tax bill, the CBO found.
The cuts to the lowestincome households come from proposed cuts to social safety net programs including Medicaid and a food assistance program for lower-income people, known as Supplemental Nutrition and Assistance Program.
The bill also proposes expanding work requirements to receive food aid and new "community engagement requirements" of at least 80 hours per month of work, education or service for able-bodied adults without dependents to receive Medicaid. Some proposed tax breaks would be temporary, including a
tax break on tips and overtime, car loan interest and a $4,000 increase in the standard deduction for seniors.
Treasury Secretary Scott Bessent and other Republicans have sought to discredit the CBO's analyses of the bill and say that the U.S. could head toward economic catastrophe if the measure is not passed. GOP Idaho Sen. Mike Crapo said during a Senate Finance Committee hearing on Thursday that the tax bill "recognizes the solution to our debt crisis is not to tax
Americans more, it is to spend less."
"The legislation recognizes that extending proven tax reform is critical for working families," he said.
Administration officials have said the the cost of the tax bill would be offset by tariff income. Recently, the CBO separately estimated that Trump's sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.
EX-CONGRESSMAN BILLY LONG CONFIRMED AS COMMISSIONER OF THE IRS, AN AGENCY HE ONCE SOUGHT TO ABOLISH
By FATIMA HUSSEIN Associated Press
FORMER U.S. Rep.
Billy Long of Missouri was confirmed on Thursday to lead the Internal Revenue Service, giving the beleaguered agency he once sought to abolish a permanent commissioner after months of acting leaders and massive staffing cuts that have threatened to derail next year's tax filing season. The Senate confirmed Long on a 53-44 vote despite Democrats' concerns about the Republican's past work for a firm that pitched a fraud-ridden coronavirus pandemic-era tax break and about campaign contributions he received after President Donald Trump nominated him to serve as IRS commissioner.
While in Congress, where he served from 2011 to 2023, Long sponsored legislation to get rid of the IRS, the agency he is now tasked with leading. A former auctioneer, Long has no background in tax administration.
Long will take over an IRS undergoing massive change, including layoffs and voluntary retirements of tens of thousands of workers and accusations that then-Trump adviser Elon Musk's Department of Government Efficiency mishandled sensitive taxpayer data. Unions and advocacy organizations have sued to block DOGE's access to the information.
The IRS was one of the highest-profile agencies still without a Senate-confirmed leader. Before Long's confirmation, the IRS shuffled through four acting leaders, including one who resigned over a deal between the IRS and the Department of Homeland Security to share immigrants' tax data with Immigration and Customs Enforcement and another whose appointment led to a fight between Musk and Treasury Secretary Scott Bessent.
After leaving Congress to mount an unsuccessful bid for the U.S. Senate, Long worked with a firm that distributed the pandemic-era employee retention tax credit. That
location, examining 25 sites in 17 states.
JetZero, currently with just 225 workers, enters a jet purchasing market dominated by industry behemoths U.S.-based Boeing and European Airbus.
"We have already shown strong commercial interest and momentum to meet the real airline demand for this aircraft," CEO Tom O'Leary said. "So this is more than just a factory. It's a launchpad for a
new chapter of American aerospace."
While a variant of the Z4 would have tanker and transport uses in the military, JetZero has said that it would focus first on building a commercial jetliner with about 250 seats and a range of 5,000 nautical miles.
The 5-year-old company says the plane's shape will reduce drag and the mounting of engines on the top and back of the plane will make it much quieter than traditional airliners. The
Z4 would run on conventional jet fuel but could be converted to hydrogen fuel, according to JetZero.
JetZero says Z4 travelers will board through larger doors and into shorter but wider cabins, and aisles will be less congested as bathrooms will be far away from galleys where meals are prepared.
"It's going to deliver a better passenger experience than you've ever had before on any other plane," O'Leary said.
tax credit program was eventually shut down after then-IRS Commissioner Daniel Werfel determined that it was fraudulent.
Democrats called for a criminal investigation into Long's connections to other alleged tax credit loopholes. The lawmakers allege that firms connected to Long duped investors into spending millions of dollars to purchase fake tax credits.
Long appeared before the Senate Finance Committee last month and denied any wrongdoing related to his involvement in the tax credit scheme.
Treasury's Deputy Secretary Michael Faulkender, who briefly served as IRS' acting commissioner, sent an email to IRS employees after Long's confirmation.
He said Long's experience "will be critically important to the IRS at this time of transformation, as we build a modern IRS that will deliver on the Secretary's priorities of service, collections and privacy for generations to come," according to the internal email obtained by The Associated Press.
NORTH Carolina Gov. Josh Stein makes an announcement that JetZero will build its manufacturing facility for its future Z4 passenger jet at Piedmont Triad International Airport in Greensboro, during a ceremony on Thursday, June 12, 2025 at PTI Airport in Greensboro, N.C. PPhoto:Walt Unks/AP
HOUSE Speaker Mike Johnson, R-La., attends a signing event for a bill blocking California’s rule banning the sale of new gaspowered cars by 2035, in the East Room of the White House, Thursday, June 12, 2025, in Washington.
Photo:Alex Brandon/AP
Wall Street ticks closer to its record after Oracle rallies
By STAN CHOE AP Business Writer
U.S. stock indexes ticked higher on Thursday following another encouraging update on inflation across the country. The S&P 500 rose 0.4% to pull back with 1.6% of its record. The Dow Jones Industrial Average added 101 points, or 0.2%, and the Nasdaq composite gained 0.2%.
Oracle pushed upward on the market after jumping 13.3%. The tech giant delivered stronger profit and revenue for the latest quarter than analysts expected, and CEO Safra Catz said it expects revenue growth "will be dramatically higher" in its upcoming fiscal year.
That helped offset a 4.8% loss for Boeing after Air India said a London-bound flight crashed shortly after taking off from Ahmedabad
airport Thursday with 242 passengers and crew onboard. The Boeing 787 Dreamliner crashed into a residential area near the airport five minutes after taking off. The cause of the crash wasn't immediately known.
Stocks broadly got some help from easing Treasury yields in the bond market following the latest update on inflation. Thursday's said inflation at the wholesale level wasn't as bad last month as economists expected, and it followed a report on Wednesday saying something similar about the inflation that U.S. consumers are feeling.
Wall Street took it as a signal that the Federal Reserve will have more leeway to cut interest rates later this year in order to give the economy a boost. The Federal Reserve has been hesitant to lower interest rates, and it's been
on hold this year after cutting at the end of last year, because it's waiting to see how much President Donald Trump's tariffs will hurt the economy and raise inflation. While lower rates can goose the economy by encouraging businesses and households to borrow, they can also accelerate inflation.
The yield on the 10-year Treasury fell to 4.35% from 4.41% late Wednesday and from roughly 4.80% early this year.
Besides the inflation data, a separate report on jobless claims also helped to weigh on Treasury yields. It said slightly more U.S. workers applied for unemployment benefits last week than economists expected, and the total number remained at the highest level in eight months. That could be an indication of a rise in layoffs across the country.
"We believe that were it not for the uncertainty caused by the tariffs, the combined information coming from the inflation and labor-market data would have compelled the Fed to have resumed cutting its policy rate by now," according to Thierry Wizman, a strategist at Macquarie.
The Fed's next meeting on interest rates is scheduled for next week, but the nearly unanimous expectation on Wall Street is that it will stand pat again. Traders are betting it's likely to begin cutting in September, according to data from CME Group.
Trump's on-and-off tariffs have raised worries about higher inflation and a possible recession, which had sent the S&P 500 roughly 20% below its record a couple months ago. But stocks have since rallied nearly all the way
CHINA GRANTS RARE EARTH EXPORT PERMITS AFTER US TRADE TALKS, OFFERS RELIEF BUT UNCERTAINTY PERSISTS
By JOSH FUNK and DIDI TANG Associated Press
THE high-level negotiations over China's export controls of rare earths is giving U.S. businesses some relief, even though it may be only for now.
China has approved "a certain number" of export permits for rare earth elements and related items, its commerce ministry said on Thursday, one day after U.S. President Donald Trump declared that Beijing would supply to the U.S. companies those key elements and the magnets made from them following a two-day trade talk in London.
"I will be one of the happiest people out there if, if in fact, China starts to, to release some of those heavy rare earths and allows them to get into the world economy because the world economy is going to shut down without those heavy rare earths," said Mark Smith, chief executive officer of NioCorp., which is developing a new mine in Nebraska to produce niobium, scandium, titanium and an assortment of rare earths.
Export controls of the minerals apparently eclipsed tariffs in the latest
round of trade negotiations between Beijing and Washington, after China imposed permitting requirements on seven rare earth elements in April, threatening to halt production of cars, robots, wind turbines and other high-tech products in the U.S. and around the world.
Negotiators from the two governments said they reached a framework to move forward, with details yet to be agreed to by Trump and Chinese President Xi Jinping, but businesses welcomed the developments, even though uncertainties persist.
Important elements used in many products Rare earth elements are some of the most soughtafter critical minerals. Despite the name, they aren't actually rare, but it is hard to find them in high enough concentrations to make mining them economical. They are also difficult to extract from the ore, and China over the past several decades has built dominance in the processing capacity, supplying nearly 90% of the world's rare earths.
In the heat of the tariff war with Trump, Beijing on April 4 announced permitting requirements for seven heavy rare earths:
samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, citing the need to "better safeguard national security and interests and to fulfill global duties of non-proliferation."
The elements China has restricted, such as terbium and dysprosium, are key ingredients needed to make permanent rare earth magnets withstand high temperatures. That is crucial for a variety of uses in electric vehicles, wind turbines and military uses like jet engines and nuclear submarines.
Some of the other rare earths needed for those magnets are produced at the only operating U.S. rare earths mine run by MP Materials in California, but China remains the only source of nearly all of what's known as the heavy rare earths. MP Materials previously sent the heavy rare earths that it mines to China for processing but it halted that in April amid the tariffs. The company is working to expand its own processing capability as soon as possible, and it is building a new magnet plant in Texas.
Looming shortages start to hit manufacturing
back on hopes that Trump will lower his tariffs after reaching trade deals with other countries. Many of Trump's tariffs are on hold at the moment to give time for negotiations, but Trump added to the uncertainty late Wednesday when he suggested the United States could send letters to other countries at some point "saying this is the deal. You can take it or you can leave it."
hence the bottleneck in supply," Mukherjee said.
Neha Mukherjee, rare earths analyst at Benchmark Mineral Intelligence, had previously predicted that most companies wouldn't start to run short of rare earths until later this year, but it appears some companies already have problems.
"The overall market stockpile exists, but looks like a lot of OEMs (original equipment manufacturers), especially auto manufacturers, were not prepared, especially in Europe," Mukherjee said. Some American companies have stockpiled, but they "might start experiencing constraint if this continues."
"Looks like most of the stockpile is still in China
On June 4, the European Association of Automotive Supplies said the industry was "already experiencing significant disruption" due to China's export restrictions on rare earths and magnets. "These restrictions have led to the shutdown of several production lines and plants across Europe, with further impacts expected in the coming weeks as inventories deplete," the group said.
Questions remain about latest trade deal
Details are still scarce on any agreement on rare earths shipments from China.
On Thursday, He Yadong, spokesman for the Chinese commerce ministry, said China will "sufficiently consider the
On Wall Street, Chime Financial jumped 37.4% in its first day of trading on the Nasdaq. The technology company is trying to be the main financial hub for customers, connecting them with its bank partners.
GameStop dropped 22.5% after saying it plans to raise $1.75 billion by borrowing at zero interest rates, though the lenders could choose to be repaid in the video-game retailer's stock instead of cash.
reasonable needs and concerns by all countries in the civilian field" in reviewing applications of export permits for rare earths and related items.
He said that it is consistent with international practice to put export controls on rare earths because they can be used for both civilian and military purposes.
China's limits on rare earths remain a threat
In a note, Gabriel Wildau, managing director of the consultancy Teneo, wrote that even though there is an agreement for now, "supply cutoffs will remain an everpresent threat." That's because China's licensing regime for the export of the seven heavy rare earths and related magnets is permanent, despite perceptions at the time that it was an act of retaliation, he wrote.
SPECIALIST Glenn Carell works on the floor of the New York Stock Exchange, Tuesday, June 10, 2025.
Photo:Richard Drew/AP
CALIFORNIA INSURANCE REGULATOR LAUNCHES INVESTIGATION INTO STATE FARM OVER CLAIMS FROM LA FIRES
By SOPHIE AUSTIN and MEAD GRUVER Associated Press
CALIFORNIA'S top insurance regulator on Thursday launched an investigation into State Farm over the company's handling of claims from the January Los Angeles-area wildfires.
The investigation comes after survivors of the Palisades and Eaton fires said that the state's largest home insurer was delaying and mishandling claims regarding damage to their homes and possible contamination from smoke.
The blazes destroyed thousands of buildings around Los Angeles, killed 30 people and displaced thousands of others. They were estimated to be among the costliest natural disasters in U.S. history.
California Insurance Commissioner Ricardo Lara said the investigation will review whether the company complied with state consumer protection and claim-handling laws.
"Californians deserve fair and comprehensive treatment from their insurance
companies," the Democrat said in a statement. "No one should be left in uncertainty, forced to fight for what they are owed, or face endless delays that often lead consumers to give up."
State Farm, which has about 1 million home insurance customers in California, said it will cooperate with the state's review. The insurer has received roughly 13,000 claims related to the fires and has paid out about $4 billion to customers, the company said. "We're here to help our customers recover and we empathize with those who are rebuilding their lives,"
State Farm said in a statement. "Our focus continues to be on supporting our customers in their recovery from the largest fire event we have ever experienced."
Survivors of the Eaton fire in Altadena have raised concerns about possible lead, asbestos and heavy metal contamination in their homes because of smoke.
State Sen. Sasha Renée Pérez, a Democrat representing Pasadena, in April called on Lara to launch a
probe into the alleged mishandling of claims.
"The survivors of the Los Angeles County fires are experiencing financial and emotional hardships due to State Farm's delays and denials of their valid insurance claims," she and other lawmakers said at the time. "Despite years of faithfully paying premiums, they have been met with excessive documentation demands, denial of claims despite clear evidence, a
convoluted and arduous claims process, and silence when seeking help after the disaster."
Lara said homeowners should file formal complaints regarding State Farm's handling of claims to help the state take action. The Department of Insurance announced a task force last month to recommend best practices for addressing smoke damage.
A wildfire victims advocate praised the
investigation as a "critical step toward accountability."
"State Farm is unjustly denying legitimate smoke damage claims, forcing families already harmed by the Eaton and Palisades fires to make the impossible choice of living in toxic homes or paying tens of thousands out of pocket for remediation. We stand ready to hold State Farm accountable," Kiley Grombacher, co-founder of the California Fire Victims Law Center, said in a statement.
Insurers including State Farm had difficulty doing business in California even before the wildfires. In 2023, State Farm and others stopped issuing residential policies because of the wildfire risk.
Last year, Lara unveiled regulations aimed at giving insurers more latitude to raise premiums in exchange for more policies in highrisk areas. State Farm said at the time the company was struggling.
The wildfires, which destroyed more than 16,000 buildings, made matters even worse.
In May, state regulators allowed State Farm to raise
premiums 17% statewide for its California home insurance customers to help the company rebuild its capital after the costly wildfires.
State Farm initially sought a 22% rate increase for homeowners but revised it down a recent hearing before an administrative judge. The new rates in effect this month include a 38% hike for rental owners and 15% for tenants.
People who lost homes in the fires sued in April, alleging State Farm and other insurers colluded to "suddenly and simultaneously" drop coverage or halt writing new policies in fire-prone areas, including areas that burned. That left the homeowners underinsured and struggling to rebuild, the lawsuit alleges. The American Property Casualty Insurance Association, the largest national trade association representing home, auto and business insurers, called the lawsuits meritless, saying it monitors to ensure its members comply with the state's antitrust laws.
MARINE FORECAST
MEGAN MANTIA, left, and her boyfriend Thomas, only first game given, return to Mantia’s fire-damaged home after the Eaton Fire swept through the area, Jan. 8, 2025, in Altadena, Calif. Photo:Ethan Swope/AP
