• Generated by $1.65bn profit, tied to 15% DMTT levy
• But suggestions Bahamas only likely to get ‘portion’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
HOPES were voiced last night that The Bahamas will benefit from a revenue “windfall” after Shell’s locally-domiciled subsidiary revealed it has a $248m corporate income tax liability “accrued” on its books - likely due to this nation’s Domestic Minimum Top-Up Tax implementation. The multinational energy giant, in its recently-released report
‘A year of curve balls’: Realtor head warns on attorney fee hike
By NEIL HARTNELL Tribune Business Editor
THE Bahamas Real Estate Association’s (BREA) president yesterday warned the imminent hike in legal fees for property transactions will make home purchases increasingly unaffordable for persons already “struggling” to buy, and added: “This has been a year of curve balls.”
Carla Sweeting told Tribune Business that the Bahamas Bar Association’s proposed minimum fee schedule, which is set to take effect on New Year’s Day, could potentially double legal fees associated with “99 percent” of real estate transactions and further add to already-high closing costs that many Bahamians are presently unable to meet.
Suggesting that the proposed fees, equivalent to 5 percent of the purchase price for “unregistered” land and 3.5 percent for “registered land”, will likely be “unsustainable” due to ‘sole practitioner’ attorneys under-cutting them to maintain client relationships, she
also voiced concern that the extra cost will make it more difficult for families to afford to probate a deceased relative’s estate. This, Ms Sweeting warned, could lead to a further increase in the already-numerous abandoned and derelict buildings on New Providence and other urban areas. And she also rejected attorney arguments that their fees need to be brought into line with the 6 percent commission earned by Bahamian realtors, which rises to 10 percent for undeveloped land. Attorney fees are normally equal to 2.5 percent
Bahamas First’s $5.8m swing into profitability
By NEIL HARTNELL Tribune Business Editor
nhartnell@tribunemedia.net
BAHAMAS First enjoyed a positive $5.8m swing into profitability for the first nine months of 2025 driven by flat net claims and a 19.6 percent improvement in insurance revenue.
Allison Treco, the BISXlisted property and casualty insurer’s executive chairman, told shareholders in the report for the 2025 third quarter and nine months to end-September that its performance stemmed largely from a strong showing by its Bahamian operations which more than offset some softness in the Cayman Islands subsidiary.
“For the nine months ended September 30 2025, the group reported total comprehensive income of $4.7m - a $5.8m improvement over the total comprehensive loss of $1.1m in the comparative period for 2024,” Ms Treco wrote.
“This positive result was driven by a strong performance from our Bahamas property and casualty segment reflecting higher insurance revenue, lower operating expenses and revaluation gains on property.” She added: “In the Bahamas property and casualty segment, insurance revenue
on 2024 global tax contributions, revealed that its Bahamian subsidiary generated another $1.654bn in profits last year from $32.705bn in revenues. Some $10.867bn of the latter was paid by so-called “third parties”, while the $21.838bn balance originated from third parties.
However, Shell Western Supply & Trading was shown for the first time to have “accrued” $247.503m in corporate tax liabilities on its balance sheet. The report indicated that this is related to The
Bahamas’ implementation of a 15 percent corporate income tax to comply with the global G-7/Organisation for Economic Co-Operation and Development (OECD) initiative, with this levy taking effect from January 1, 2024. The corporate tax liability also corresponds to 15 percent of Shell Western’s $1.654bn annual profit. “As of 2018, Shell's principal business in The Bahamas is Shell Western Supply and Trading (SWST),” Shell’s 2024 global tax report said.
Cheque printers:
“Shell Western Supply & Trading sources crude oil from West Africa and Latin America, and is active in trading and transporting crude oil globally.” Further highlighting a lucrative source of revenue that The Bahamas has potentially been missing out on, Shell added that its local subsidiary - which employs 45 persons - had also paid several million dollars worth of corporate income tax outside this jurisdiction in 2024.
“The corporate income tax figure reflects $2.2m paid by an entity in The Bahamas outside of The Bahamas. This was on income earned from the transportation of goods,” Shell said.
“In November 2024, the Government enacted legislation, in line with the OECD's pillar two framework, which introduces a 15 percent corporate income tax rate on multinational enterprises active in The Bahamas. The tax
‘They’re just nicking
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN cheque suppliers yesterday warned they will be forced out of business if the Central Bank and its licensees succeed in “significantly reducing” or eliminating use of this payment mechanism, with one asserting: “They’re trying to kill us one nick at a time.”
Leslie Fraser, president of Bahamas Cheque Services, told Tribune Business that her company will “close down if it gets much worse than it is now” as it is presently doing “maybe 25 percent of the business we did five years ago” due to the Central Bank’s cheque elimination drive. She added that the firm, which specialises in printing cheques and deposit books, has cut its workforce by “three-quarters”
us to death’
- from 12 staff to four workers and a manager amid the Bahamian commercial banking industry’s drive to push consumers towards digital transactions and away from paper-based and cash payments.
Pierre Dupuch, the former MP and Cabinet minister, who heads Executive Printers, another cheque supplier to the banks, told this newspaper that business volumes have declined by “about 75 percent” since the switch towards digital and electronic banking - and away from cheques as a payment mechanism - began. He warned that the company, too, will have to close unless it can find new, replacement revenue and business streams.
Both Mr Dupuch and Ms Fraser argued that the rush to “significantly reduce”, or eliminate, cheque usage by Bahamian businesses and
choice “makes no sense” and is seemingly anti-consumer choice if it prevents persons from using their preferred mechanism.
Cheque payments accounted for some $3.8bn worth of Bahamas-based payment transactions in 2024, numbering 823.1m in the volume processed, although this represented a decline in volume and value by 14.5 percent and 1.9 percent, respectively. However, they each argued that fears over the vulnerability of cheques to fraud and use in other financial crimes was overblown to justify their elimination.
Both Mr Dupuch and Ms Fraser said the cheques their respective firms print for the banks, as well as corporate clients, contain no less than 12 different security features - far in excess of what they said are the four features incorporated into US and
• Two suppliers fear closure on elimination drive
• Each reports 75% business drop since it begun
• Ex-MP and minister: ‘I’ve fought it long enough’
Canadian cheques. And Mr Dupuch, in particular, argued that there is far more fraud associated with credit and debit card use than cheques. Ms Fraser, arguing that Bahamians “should have the option to pay [by cheque] if they want”, added that the legal reforms proposed by the Central Bank to numerous laws - which would remove cheques as the mandatory or sole form of payment, and provide more flexibility by permitting
DPM pledges continued Bahamian beach access
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Deputy Prime Minister yesterday reaffirmed “the Government's acknowledgement and support of the right of beach access for Bahamians” after it was challenged over whether a Mosko Group development on New Providence’s north coast will create a barrier.
Chester Cooper, also minister of tourism, investments and aviation, spoke up after Adrian White, the St Anne’s MP, questioned whether a land swap between the Government and Mosko Group’s Vakis Ltd, and the realignment of West Bay Street to facilitate the developer’s Rock Point “day trip” destination, would prohibit beach access to the public.
“The point that I was making, Madam Speaker, is that there is a space between two parcels on
the sea which, as a real estate attorney with some familiarity with property plans, would indicate to me that this is likely a beach access, Madam Speaker, and it would be interesting to know whether the Government had considered whether that beach access there is open and accessible to members of the public, and whether, once they access that beach access, whether they can go east and west along the beach, up to the high water mark,
CARLA SWEETING
CHESTER COOPER
REPRESENTATIVES from Nassau Cruise Port, MSC Grandiosa, Bahamas Immigration and Freeport Ship Services gather onboard the vessel during its first-ever visit to Nassau on December 7, 2025.
MSC EYES EXPANSION OF 178 NASSAU CRUISE CALLS
A MEDITERRANEAN
Shipping Company (MSC)
cruise vessel has made its first-ever calls on Nassau and Ocean Cay in what the maritime giant said is a signal of its commitment to The Bahamas.
The MSC Grandiosa arrived in Nassau on December 7 before making its maiden call at Ocean Cay MSC Marine Reserve on December 8. MSC, in a statement, said the calls are part of its ongoing investment in growing guest arrivals and deepening its footprint across The Bahamas.
It added that the visits form part of MSC Grandiosa’s winter Caribbean programme, offering roundtrip sailing from Port Canaveral in Florida.
“The arrival of MSC Grandiosa to Nassau and Ocean Cay speaks directly
to our long-term vision for The Bahamas. Each maiden call represents more than a ceremonial moment; it signals our dedication to creating meaningful, sustainable growth alongside our Bahamian partners,” said Rick Sasso, chairman of MSC (USA) With four ships regularly calling on Nassau and Ocean Cay MSC Marine Reserve during the winter 2025-2026 season, MSC said its voyage itineraries will help to drive greater economic benefits through increased visitor spending and expanded partnerships with local businesses and tourism stakeholders. It added that the deployment builds on MSC Cruises’ multi-year strategy to improve guest access to The Bahamas while supporting job creation, destination development
and community impact programmes.
“We are delighted to welcome MSC Grandiosa on her inaugural call to Nassau. Each new Nassau deployment by MSC Cruises reinforces their long-term commitment to The Bahamas, and strengthens the collaboration we have built over the years. We look forward to ending the year with 178 calls and to expanding the ways we work together to deliver exceptional experiences for our guests.” Michael Maura, Nassau Cruise Port’s chief executive.
Ocean Cay serves as a regular call for both MSC Cruises and Explora Journeys, the high-end cruise brand. It is also home to the MSC Foundation’s Super Coral Reefs Programme and Marine Conservation Centre.
MSC Grandiosa made its inaugural call at Nassau, Bahamas, on December 7, 2025.
AN AERIAL view of the lighthouse at Ocean Cay MSC Marine Reserve. Photos:Nassau Cruise Port
at Nassau Cruise Port, receives a commemorative plaque from Captain Danilo Cha of MSC Grandiosa to mark the vessel’s first-ever call on Nassau.
GOV’T SET TO LAUNCH POTHOLE REPAIR APP
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Government is planning to imminently launch an app that will allow Bahamians to report potholes and other road-related issues, plus track the progress of repairs in New Providence, a Cabinet minister revealed yesterday.
Clay Sweeting, minister of works and Family Island affairs, said his ministry over the past six months have been testing the See, Click, Fix app which will launch in the upcoming weeks. He added that persons using the app can report roadwork issues including drainage problems and potholes.
“And one of the reasons is identifying them. So the ministry has been working and testing over the past six months an app called See, Click, Fix. So in a few weeks, we're going to launch this app, Madam Speaker. We've been beta testing it for six months, and citizens can now help direct repairs. So the Government has modernised how the public interest works and helps with road repairs throughout New Providence,” Mr Sweeting told the House of Assembly.
“So this app can report not just potholes, but it can flag drainage issues. It can submit road hazard photos, and not only that, you track service of what the Ministry of Works provides to the public. So you can see from when a pothole or road or flooding was reported, so you don't report it to just a minister or to a Whats App group.
“This is a map where you can tag the location and you can see how long. So you hold the ministry accountable for how quick they respond to the complaints by the public. This app shows how the ministry is becoming a people-powered infrastructure management where citizens help to prioritise repairs in real time.”
The app was disclosed as Mr Sweeting spoke to
the West Bay Street road realignment, which will be completed through a partnership between the Ministry of Works and Family Island Affairs and Vakis Ltd, an entity owned by the Mosko Group of Companies.
Vakis Ltd will be responsible for the costs of the road design and construction, utility relocation and drainage improvements. The Government will provide the street lighting and utility materials. Mr Sweeting said the land swap will allow the Government to acquire 44,639 square feet of land while exchanging 34,123 square feet of land with Vakis Ltd to facilitate its planned Rock Point ‘day trip’ destination on New Providence’s north coast.
“This proposal aims to advance the implementation of long delayed works under a revised delivery arrangement. During the initial contract, Madam Speaker, the Government was absorbing the full cost of the road alignment in 2001. In its current form, the stretch of West Bay Street cannot safely accommodate the projected traffic moments for the proposed development. Therefore new roadway design and full realignment is required in the interest of public
Sir Baltron honoured with Caribbean award
THE senior policy advisor to former prime minister Perry Christie has received the Lifetime Achievement Award from the Caribbean Media Exchange (CMEx).
The Ministry of Tourism, Investments & Aviation, in a statement, said its director-general, Latia Duncombe, was among those in attendance for the presentation to Sir Baltron Bethel.
The first Bahamian to be appointed as director general of tourism, and also the longest-serving one, the ministry asserted that Sir Baltron’s leadership helped shape national tourism policy, strengthen regional collaboration and expand opportunities for Bahamians throughout the industry.
Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said: “Sir Baltron Bethel helped lay the foundation for the modern tourism economy we rely on today. His strategic
vision guided The Bahamas through key periods of growth and positioned our nation as a global leader in hospitality. This honour recognies not only his accomplishments, but the deep national pride we share in his legacy.”
The Ministry of Tourism added that Sir Baltron’s work with the Caribbean Tourism Organisation (CTO), where he served in several leadership roles including chairman, broadened The Bahamas’ influence throughout the region and embraced policy, education, economic development and community upliftment.
Mrs Duncombe said: “Sir Baltron’s leadership shaped generations of tourism professionals. He championed excellence, mentorship and innovation long before those ideals became widely adopted across the industry.
“Many of us who serve today continue to benefit from the pathways he
created and the standards he set. This recognition by CMEx honours a lifetime of contribution that continues to guide and elevate our work across The Bahamas and the wider Caribbean.”
In accepting the award, Sir Baltron said: “I am most grateful to God, my supportive family, all those who provided me many opportunities for public service, so many persons and organisations within The Bahamas, the Caribbean region and around the world who supported and partnered with me over the years as we sought the achievement of the educational, economic and social advancement of our people."
Sir Baltron received the Companion of the Most Distinguished Order of St Michael and St George (CMG) from Queen Elizabeth II in 1990. He was later appointed Knight Commander of the Most Distinguished Order of St Michael and St George (KCMG) in the Queen’s 2007 New Year Honours.
During The Bahamas’ Golden Jubilee in 2023 he was awarded the National Public Service Award of
safety, traffic efficiency and pedestrian protection,” Mr Sweeting said.
He added that the realignment will enhance road safety and traffic flow, allow for flood resilience, easier emergency response access and create easier access to the beach and a parking area. “A part of the agreement for the infrastructure improvement is to provide a parking area right there in front of the beach,” Mr Sweeting said. “So, you know, a lot of times persons can't utilise the beach because there's not enough parking. So that is one of the components of the agreement, and the area is also known as a no-build zone. So nothing can be built up to the wall headed on the west side of the road improvement project.
“Madam Speaker, this resolution is about safety first. It's about safer right turns, reduced collision points, flood resilient road design, improved pedestrian protection and future proofing for West Bay Street. No Government should have to compromise on public road safety.
“Madam Speaker, this resolution also fits into a bigger national road and flood mitigation strategy. While this resolution
addresses one specific problem site, I will reiterate that the aggressive nationwide road improvement thrust continues under the Ministry of Works and Family Island Affairs...”
The project, which will be developed by the Mosko Group’s Vakis Ltd entity, is looking to place its Rock Point “day trip” destination between Sandyport and Caves Village at a site that is already owned by Vakis Ltd, centred around the property used in the James Bond movie, Thunderball.
Vakis Ltd which also holds developments such as the Harbour Bay Shopping Centre, said construction on the project is expected to take approximately 18 months and will create between 50 to 100 jobs in the construction phase and over 50 full-time positions with “no delay” in beginning construction one all required approvals are received.
Mr Sweeting said the road safety alignment project along the West Bay Street corridor in the Rock Point area “supports the Government's approval for a road rerouting, and full alignment of the existing West Bay Street roadway at a location that is currently unsafe and vulnerable to flooding, particularly where
a new development requires a right turn lane to be introduced”.
Speaking to other works, Mr Sweeting noted the Coral Harbour road and flood mitigation project and the approval for the Inter-American Development Bank (IDB) climate loan, which will help in fighting flooding in Pinewood and downtown Nassau. He said paving is underway in Joe Farrington Road following the completion of works done by the Water and Sewerage Corporation in that area and, since the beginning of the road paving cycle, almost 32 miles of roadway has been paved throughout New Providence. As for paving and roadworks on the Family Islands, Mr Sweeting said eight miles of road will be paved in South Andros soon with two already having been paved. He said the Berry Islands will see 17 miles of paved road, south Bimini have three-and-a-half miles and Long Island will enjoy 18 miles of road. Over 25 miles of road has been paved in Eleuthera and 16 miles have been paved in Exuma. Cat Island has ongoing roadworks and will see 10 miles of paved road. Two communities in Abaco have been paved.
Excellence and the Medal of Honour, followed in 2024 by the National Honour of Order of The Bahamas Companion (CB).
Sir Baltron received the Lifetime Achievement Award during the 2025 CMEx Leadership Awards on December 7, 2025, in Miami, Florida.
The event celebrated those whose work strengthened Caribbean communities through tourism, business, culture and sustainable development.
CMEx is a non-profit organisation whose mission is to strengthen the capacity of media, government, travel and tourism industry stakeholders, and communities, to understand the importance of tourism in sustainable development, while providing expertise and financial support.
CLAY SWEETING
Tourism encroachment fear raised over Goodman’s Bay
without interruption, basically free use to traverse the beach to the east and the west,” Mr White said.
“I know that there’s a massive rock pile of manmade, man-placed boulders on this beach. So if we’re going to be having a beach access, and Bahamians, once they access the beach, are allowed to traverse up to the knee-high water mark, are they going to be able to traverse without interruption? Or do they have to get rock climbing gear on to get over those man-placed rocks. Madam Speaker, generally, it’s important to keep in mind beach access whenever we’re being asked to do something for developers. Let’s do something for the people.”
Mr White added: “I would have strongly objected to this, I think, or I would have, I would have strongly objected to it if we were being asked to use the Sea Beach Drive subdivision road. That’s Shakespeare Drive right next to Sun’ N Fun Resort, and then continue down that neighbourhood road. But where this yellow road is placed
is not too far away from the existing James Bond property, and I did hear the minister for works and Family Island affairs, central and south Eleuthera, say that there would be no development.
“It’s a ‘no development’ zone on the west of the wall by the existing used beach... But the developer is going to be able to now build from the northern side of the yellow roadway all the way to the sea... So, you know, this is a time when I would have to ask the Ministry of Works to look into that beach access to ensure that they’re satisfied that Bahamians using that beach access can traverse east and west along the high water mark without obstruction.
Dr Hubert Minnis, MP for Killarney, said: “I was more than happy to hear the minister mentioning that there’d be a ‘no build’ zone, or ‘no build’ area, on the western part of the property because during the day, many residents of the Killarney constituency and from other areas utilise that spot for viewing of the beach, taking pictures.
“Individuals at low tide would even go on the beach and the rocky points
BREA president replies over attorney earnings assertions
PROPERTY - from page B1
of the purchase price for residential real estate transactions currently, but Ms Sweeting said realtors also incur significant costs and are the ones who create the sales deals for attorneys, giving the latter “more money and volume than we get”. Bar Association members, though, are arguing they are the ones exposed to all transaction risks related to compliance, tax payments and closing.
“I heard the rumours ever since the land reform Bills were going through their final stages from the attorneys,” the BREA president told this newspaper of the proposed hike in attorney fees. “This was going to give them more work, more time would have to be invested in doing a transaction, and fees were going to have to change.”
With the start of the switch to a registered land system providing absolute title, and away from the present paper-based deeds, attorneys have suggested their work will double as they have to still conduct title searches on real estate deals while preparing the same transaction to also comply with the new reforms.
But Ms Sweeting, speaking to the recommended fees set out in the Bar Association’s December 3 memorandum, warned: “If all attorneys start with this it’s going to have a negative impact because the reality is now there are people struggling just to get a transaction through as it is.
“Unregistered land is 99 percent of all transactions, so you are increasing fees by 100 percent - from 2.5 percent to 5 percent. The other point I wanted to make is attorneys will not abide by 2.5 percent now because they are not getting sufficient business. We make money on the volume not on the transaction.
“It’s not going to be sustainable. Some of the large firms will put this in place, but individual attorneys will be flexible because they have to maintain their clients…. I suspect the same thing will happen as now with those attorneys who are aggressive and taking cuts at 2.5 percent. They’re going to do the same.”
The fee schedule detailed in the Bar Association’s memorandum sets a floor, or minimum fee scale, that Bahamian attorneys should charge but does not prevent them from levying higher rates. The concern, at least from a public perspective,
and take pictures, wed-
ding pitches, etc, parties. So it’s a very important area that is utilised by the residents and many others. And I’m happy to hear that that would be declared a ‘no build’ zone, and extra parking would be made available so that individuals can park and continue to observe the beauty of the beach and the sunlight, etc.”
Mr Sweeting, in response, said: “I agree with Saint Anne’s in reference to being able to see the coast here when you drive by unless a car is parked there. But there are some ‘no build’ zones all the way up to the wall. So there’s no structure could be built there anyhow, according to Town Planning and what was already put in place. So all that, once you’re driving by, you still have access to be able to see on the water as you drive past. and you’ll be able to park.”
Mr White also pointed to Paradise Island, noting that persons don not have access to the eastern Cabbage Beach access gate.
“We have the ability to exercise eminent domain, so we have to determine what policy are we going to be adopting with regard to access to Paradise Island beach and all, in my opinion, of the primary beaches in New Providence and when I say primary, all of
is that lower and middle income Bahamians could be priced out of accessing critical legal advice when it comes to their likely biggest investment, buying a home, and in areas such as estate planning.
As an example, while attorney fees on residential real estate transactions are typically equal to 2.5 percent of the purchase price, the Bar Association memorandum sets out significant increases. For property conveyances of “unregistered land”, the fee is doubled to 5 percent of the purchase price, while for “registered land” it is being raised to 3.5 percent - the references to “registered” land likely linking to the Government’s recent land reforms.
Elsewhere, the Bar Association’s updated minimum fees raise the cost of drawing a will or codicil by almost 73 percent - from $202.40 in 2006 to $350 with effect from New Year’s Day 2026. And the minimum charge for administering someone’s estate, including resealing, is rising almost 40 percent - from $607.30 to the new $850 - where the gross value involved is $100,000 or less.
“As far as probate and that sort of thing, I think we’re going to see less and less probate because families will not be able to afford to do it,” Ms Sweeting said. “What happens now is with the larger law firms, if you go to probate,
the currently Crown Land beaches; keep those for Bahamians,” he said.
Dr Minnis added:
“Madam Speaker, what many people may not know, at present, approximately, half of Goodman’s Bay is a large open area extending from the hotel heading east and a hotel on the western side. But what has been happening, half of the beach facility is now being utilised by the tourists, guests of the cruise ship, etc, and there are multiple umbrellas, chairs, etc.
“And therefore, if this is not seriously looked at, we’re going to run into the same problems that they have on Paradise Island. So at this point, half of Goodman’s Bay during the day may not necessarily be available to the residents because it’s all utilised as a commercial entity with umbrellas, chairs, etc, for guests from the cruise ship.”
He said: “If we don’t take this matter seriously, Madam Speaker, the trend we’re going is in a year or two, Goodman’s Bay would not be available to us, the locals. Half is already gone, commercialised. Whether approved or not, I cannot say. But with the trend, the remaining half will be utilised or taken away from us within the next year or two, which means that Goodman’s Bay will no longer be
they will make you get a valuation of the real estate and other assets and charge you on the value of those assets.
“If you drive around town, there’s lots of derelict, broken down buildings sitting there because families cannot afford to do the probate, which means that people who have been left those properties have no avenue to sell them.” The BREA president said some attorneys have been willing to wait for payment from the property’s sale, and she added: “You’re going to see more and more of that.”
As to attorney arguments that their fees need to be brought into line with the percentages earned by realtors, Ms Sweeting replied: “I’ve heard those arguments for 20 years from lawyers that real estate agents make more money than them. We have very detailed costs as realtorswe have marketing, we have a website, we have Multiple Listing System (MLS) dues.
“We have a lot of expenses with running an office to make one transaction. When we give the attorneys the sale, the most expensive part of their thing is the title search and making sure they have clear title. They have cost issues, and so do we. Our fees have not been moved in years. I’ve been in this business for decades, and our fees have not changed.
a facility for the Bahamian, local Bahamians, to use.
“And yes, we welcome tourists, just like any other country around the world. But at the same time, we must not compromise our quality of life for our guests. And I ask the minister to be very careful. It’s a delicate situation, but we must strike a balance and protect our own.”
Dr Minnis urged the Government to “open all of those access roadways to the beaches for Bahamians”. He added: “We have completed the map. Some individuals would ask the question, ‘Well, you were in power. You’ve done the map. Why didn’t you open the access?’ We had many challenges, and of course, the map was a long, tedious process. It had to be done, but it’s now completed. So let’s complete the process so that the Bahamians would have access to the beach.”
Mr Cooper replied:
“I want to reaffirm the Government’s acknowledgement and support of the right of beach access for Bahamians all across the Commonwealth of The Bahamas. Goodman’s Bay is managed by Beaches and Parks, and we have already had the conversation of no further expansion.
“The beach chairs and umbrellas that are operated
“The only thing that has increased in cost is real estate, so we make more money and the same applies to attorneys. We’re giving you money and giving you more volume than we do.”
at that site are operated by Bahamian vendors who are seeking to benefit as a result of the growth in tourism. And I agree that there has to be balance, and therefore we have asked them not to expand those enterprises further to ensure that local Bahamians would have an opportunity to comfortably access public beach at Goodman’s Bay.
“I’ve engaged as the MP for Exuma and Ragged Island with the Ministry of Works and the Ministry of Local Government to ensure that all across the island of Exuma we properly mark out and acquire land where necessary to ensure beach access for the future. I think this is a balance that has to be undertaken with growth. We must ensure that we continue to maintain access for the Bahamian people. So this is something that I fundamentally agree with. And I want to thank the member for Killarney for raising the issue.”
The Rock Point “day trip” destination, which will be developed by the Mosko Group’s Vakis Ltd, will be situated between Sandyport and Caves Village. It is expected to take approximately 18 months and will create 50 to 100 jobs in the construction phase and over 50 full-time positions.
Ms Sweeting said a period of market adjustment will be required if the Bar Association proceeds with the implementation of the proposed fees. “None of will be able to survive if we don’t do something,” she added. “We’re all going to have to do something to make it work. It’s still early but the short answer is, yes, this is going to have an impact. At what level I don’t know yet.
“This has been a year of curve balls for us in our industry with the new land registry, amendments to VAT and now this. It’s like everybody’s trying to hurt the economy instead of trying to help it. We’ll have to see. One attorney said the market dictates and I absolutely agree. We’ll see what happens. There is going to have to be a discussion addressing this very soon so that we can have an answer for our members in the New Year.”
Shell accrual prompts new low-rate corporate tax call
REVENUE - from page B1
rate took effect on January 1, 2024.”
Several sources explained that, while The Bahamas is likely to receive some of that $247.503m in accrued corporate tax, it may only gain a portion because of how the G7/OECD initiative is structured. That sum is likely to be divided among the jurisdictions where Shell Western Supply & Trading conducted its business, because the 15 percent corporate income tax has to be paid to the nations where revenues and profits were generated.
“The way the rules are set up, they would have to allocate and award that to the various jurisdictions,” one source, speaking on condition of anonymity, asserted.
“How that plays out will be a wait and see. They’ll have
to apportion it and pay it out in the countries that are participants.
“The portion that is allocated to us, it’d be great if we can get the whole thing but the purpose of it is to prevent any country claiming a windfall from multinationals’ global market activity.” Ryan Pinder KC, the attorney general, yesterday directed Tribune Business to speak to the Ministry of Finance about Shell’s accrued Bahamian corporate income taxes. Michael Halkitis, minister of economic affairs, did not respond to messages before press time. However, the Government itself appears to only be anticipating that it will receive a portion of Shell’s Bahamian corporate tax liabilities based on previously-published forecasts. It has forecast that the
Suppliers assert more card fraud than through cheques
PAYMENT - from page B1
digital transactions - would require the Government’s approval and involvement.
Asked what would happen to Bahamas Cheque Services if the Central Bank and its licensees succeed with their cheque objectives, Ms Fraser told Tribune Business: “Basically, I’ll tell you honestly, we’d close down if it gets much worse than it is now.
As you can imagine, I don’t want to close down because we have staff who have families and loans to pay. We’ve reduced staff by three-quarters; we used to have 12 and are down to four and a manager.
“They’ve [the banks] stopped ordering even deposit books because of new innovation in that department. Sales have decreased. For the business we did five years ago, we’re doing maybe 25 percent now of what that was.
It’s their cheque [elimination] drive. I think, honestly, they’re down to the last few industries. An industry that likes to use cheques is real estate companies and attorneys. They like to use cheques.”
Ms Fraser said corporate clients have enabled Bahamas Cheque Services to survive thus far, and added: “We still have a good business and are able to stay afloat. When you buy a piece of property for $500,000, you can write a cheque for that. They [realtors and attorneys] like to stick it all together until everything is complete and they push through a sale. We still get a lot of business companies.”
Those days of writing a $500,000 cheque for a real estate transaction may soon be over, though, if proposals by the Central Bank and commercial banks proceed and take effect before year-end 2026. They are
Bahamas drives 19.6% insurance service jump
COVER - from page B1
rose by 8.3 percent relative to the same period in the prior year, primarily driven by growth in the motor line of business. As net claims remained relatively flat, this revenue growth resulted in a 19.6 percent increase in the insurance service result.
“While the Cayman property and casualty segment recorded higher gross premiums written, this was offset by more ceded premium from the property line of business, resulting in a flat movement in the total insurance service result for the Cayman segments from prior year.
“Other operating expenses improved by $0.8m, assisted by lower credit impairment losses and expense reversals attributed
to the triennial building revaluation exercise. The revaluation gains from property also boosted other comprehensive income by $2.7m during the quarter.”
As for the three months to end-September 2025, representing the third quarter, Ms Treco wrote: “The group recorded total comprehensive income of $4.5m compared to $2.6m for the same period in 2024. “The 2025 third quarter insurance service result was $0.4m lower than the same period last year. The revaluation gains noted previously were fully recorded during the third quarter and were narrowly offset by a $0.4m decline in unrealised gains on investments, thus increasing other comprehensive income relative to the 2024 third quarter.”
DMTT will generate some $140m in additional revenue, equivalent to around 1 percent of economic output or gross domestic product (GDP), during the current 2025-2026 fiscal year.
Meanwhile, questions were asked yesterday as to whether Shell’s new taxation burden will result in it exiting this jurisdiction. “Shell has been able to shift a lot of taxation off its books,” one source said of its Bahamas presence, “and if that liability has accrued it doesn’t make sense to have their operation here because it becomes another cost centre. They set it up here to avoid paying that amount of tax. The reason for setting up in The Bahamas now goes away.”
However, shifting to other nations will not be so easy if all are still signed on to the G-7/OECD minimum 15 percent global corporate income tax initiative. Yet this has been weakened after Donald Trump withdrew the US from it earlier this year.
proposing a $1,000 maximum limit on the value of a cheque that can be cashed over-the-counter at a financial institution, and also suggesting the maximum value of a transaction that can be paid for by a cheque be limited to $10,000.
Ms Fraser hinted she found it ironic that Gowon Bowe, Fidelity Bank (Bahamas) chief executive, who co-chairs the steering committee overseeing the cheque initiative, also heads a financial institution that “still does a lot of cheque orders” with Bahamas Cheque Services.
“As I said to him in an e-mail I have yet to send, they’re trying to kill us one nick at a time,” she told Tribune Business. “Just nick us to death. I need to calm things down. Sometimes you do things in the heat of the moment that you tend to regret later.”
Affirming that a substantial reduction in cheque use “would probably definitely put us out of business”, Ms Fraser added that clients still prefer to have a “paper trail” of cheque payments and create “duplicates” so
Paul Moss, president of Dominion Management Services, who has long advocated for The Bahamas to implement a corporate income tax albeit at a rate lower than 15 percent, told Tribune Business yesterday that the Shell data again exposed the benefits of such reforms if this nation has “the courage” to move in such a direction.
“This is a windfall we can all benefit from. No doubt, no doubt. We should be able to get something out of it,” Mr Moss said of Shell’s $247.503m Bahamian tax liability. He added that it was “not too late” for The Bahamas to implement a version of corporate income tax for its own purposes at a lower rate than 15 percent given the US stance.
“We ought to look at it and not be so high,” he said. “We can benefit from that from the amount of companies that we have in the country and not paying substantial taxes. It benefits us if we can do it. We should really be leaning on the US
they have a physical copy for their files.
She also asserted that the touted greater efficiency of digital payments, and increased security, when compared to cheques, was exaggerated. “We have 12 different security features,” Ms Fraser explained. “We have tags that show up under blue, and we have orange ink. When you rub it, it changes and comes back. They are very secure.
“There’s very little need [for their elimination]. What do we do when a foreigner comes here with a US dollar cheque? Do you know how hard it is to transfer money from the US to here? What are we going to do? I have clients who write me US dollar cheques all the time.
“Can they eliminate US dollar cheques in the system out there? There are many second homeowners and others who can only have US dollar bank accounts. It’s not as cut and dried as it appears. It looks to me that the only reason the banks want to do this is they want to eliminate the cost of processing. What do
so heavily at this time. That should be the way we look at it in terms of financial services.
“It [Shell] certainly does show the benefit, but with that we need courage because if we have the courage to go and do it we’ll benefit from it, but unfortunately what we do is wait for the world to do it and then we proceed after them.”
Those connected to the financial services industry and other observers previously warned that the perceived benefits from the newly-introduced 15 percent corporate income tax - to only be levied at present on Bahamian-domiciled entities that are part of multinational groups enjoying 750m euros or more in annual turnover - could be “severely diluted” depending on the extent of the fall-out from Mr Trump’s move. The US president’s order, declaring that the 15 percent global corporate minimum tax deal
we do now? That’s what I’d like to know.” Mr Dupuch, voicing similar sentiments, asserted that the elimination of cheques as a form of payment “makes no sense to me”. Explaining that Executive Printers is contracted by Royal Bank of Canada (RBC) to supply cheques used by its clients, he argued that it is “next to impossible” to exploit them for fraud and other financial crimes because of the 12 in-built security features and other safeguards surrounding their printing.
Pointing out that the cheques supplied by Executive Printers have triple the four security features required by US and Canadian cheques, Mr Dupuch said of the Central Bank initiative: “I have had a lot of calls today on this matter. I’m obviously prejudiced because we’re in that business. It would basically put every cheque printer out of business.
“We’re trying to look at other things that the company can do to sort of offset that, and if we cannot find sufficient other things for
Cracker Barrel lowers revenue forecast as traffic falls after logo blowup
By DEE-ANN DURBIN AP Business Writer
CRACKER Barrel posted lower-than-expected sales in its fiscal first quarter and trimmed its revenue forecast for the year as it continued to feel the fallout from a botched plan to revamp its logo and restaurants.
The Lebanon, Tennessee-based restaurant chain said Tuesday its revenue fell 5.7% to $797.2 million in the three months ending Oct. 31. That was lower than the $800 million Wall Street anticipated, according to analysts polled by FactSet.
Cracker Barrel said its same-store restaurant sales dropped 4.7% while sales
in its retail shops dropped 8.5%. Those declines were also slightly higher than analysts forecast.
Cracker Barrel said it now expects total revenue of $3.2 billion to $3.3 billion in its 2026 fiscal year. That's down from $3.35 billion to $3.45 billion previously. The company also said it expects adjusted pre-tax earnings of $70 million to $110 million, down from $150 million to $190 million previously.
Cracker Barrel shares fell more than 10% in afterhours trading Tuesday.
Cracker Barrel announced in August that it
was simplifying the chain's logo as part of a larger plan to modernize the chain's dark, antique-filled restaurants. But the move had disastrous consequences. Fans didn't like that the new logo didn't include Cracker Barrel's longtime mascot, an overall-clad man leaning on a barrel, or the words "Old Country Store." They also rebelled against the store redesigns.
Cracker Barrel backtracked a week later, saying it would keep the logo. In September, the company also suspended its plans to
produced by the G-20 and Organisation for Economic Co-Operation and Development (OECD) “has no force or effect” in the US, effectively reintroduces the concept of international tax competition to global affairs with countries offering different rates in a bid to attract multinational firms and capital.
Tribune Business was told that The Bahamas will need to closely monitor global fall-out, and whether other jurisdictions follow the US lead under Mr Trump, otherwise it could ultimately lose multinational business if its corporate income tax rate remains at 15 percent while others lower theirs. This would produce a potential exodus of corporate business seeking a better return from lower tax rates in other nations. Should such a scenario occur, the expected $140m annual revenue boost for the Government from implementing the DMTT may also not materialise.
the company to do, we close it up and fire everyone working for it. People do want cheques but the business has gone down. I think the Central Bank is being stupid. This is not the last time they’ve done this. They’ve made this threat for three years.”
Mr Dupuch said Executive Printers has seen its business volumes drop “about 75 percent” since the Central Bank began its cheque use reduction and elimination drive. “There’s no need to eliminate cheques,” he argued. “Some people live by them, and I recognise people are using digital, these cards more and more, but the thing is it should not be eliminated. Every Tom, Dick and Harry who can get a cheque cannot get these cards.
“There’s more fraud in credit cards. They have not got to the point of making them safe. It’s up to them. I’ve fought it long enough. I’m tired. I’m 87 years-old. I think I’m not going to fight these people very much more.”
remodel stores. The chain operates around 650 restaurants nationwide, with many in Texas, Florida and Tennessee.
Cracker Barrel shareholders voted late last month to keep company CEO Julie Felss Masino in place despite the logo debacle.
But one of the company's directors, Gilbert Davila, resigned from Cracker Barrel's board Thursday after preliminary results indicated that shareholders rejected his reelection. Davila, who joined Cracker Barrel's board in 2020, is the president and CEO of DMI Consulting, a multicultural marketing firm. He reviewed Cracker Barrel's advertising as part of his role on the board.
ICEBlock app maker sues Trump administration over its pressure on Apple to remove app
By MATT O'BRIEN AP Technology Writer
THE maker of an iPhone app that flagged sightings of U.S. immigration agents sued the Trump administration for free speech violations on Monday, alleging that U.S. Attorney General Pam Bondi used her "state power" to force Apple to remove the app.
Apple in October removed ICEBlock and other apps from its app store after Bondi said they put Immigration and Customs Enforcement officers at risk by enabling people to track ICE activity in their neighborhoods.
The lawsuit from ICEBlock app maker Joshua Aaron argues that the government's actions violated the First Amendment.
"We're basically asking the court to set a precedent and affirm that ICEBlock is, in fact, First Amendment-protected speech and that I did nothing wrong by creating it," Aaron said in an interview Monday. "And to make sure that they can't do this same thing again in the future."
Aaron said the other part of the lawsuit "is to basically have them stop threatening myself and my family."
The lawsuit asks a federal judge to protect the Texas-based software developer from prosecution, alleging "unlawful threats made by Attorney General Bondi, Secretary of Homeland Security Kristi Noem, ICE Acting Director Todd M. Lyons, and White House Border Czar Tom Homan to criminally investigate and prosecute Aaron for his role in developing ICEBlock."
Oreo is bringing zerosugar cookies to the US
By DEE-ANN DURBIN AP Business Writer
REJOICE, New Year’s dieters: Oreos are getting a sugar-free option.
Mondelez said Tuesday that Oreo Zero Sugar and Oreo Double Stuf Zero Sugar will go on sale in the U.S. in January. They’re a permanent addition to the company’s Oreo lineup.
It’s the first time Mondelez has sold sugar-free Oreos in the U.S. They’re already sold in Europe and China, the company said.
Mondelez said consumers are increasingly seeking what it calls “mindful indulgence,” and the new Oreos will fill an existing gap in the market for sugar-free sandwich cookies. Others have also noted the trend toward healthier snacks. In a report earlier this year, the market research company Circana found that a majority of Americans are seeking out snacks they consider “good for them.” Conagra Brands, which makes popcorn and Slim Jim meat snacks, said in a recent snacking
The Department of Justice said it had no comment on the lawsuit beyond Bondi's previous statements about the app. With more than 1 million users, ICEBlock was the most widely used of the ICE-tracking apps in Apple's app store until Bondi said in October that her office reached out to Apple "demanding that they remove ICEBlock" and claiming that it "is
report that Millennials and Generation Z consumers, in particular, are seeking portion-controlled and wellness-focused snacks.
Coca-Cola Zero Sugar, which was introduced in 2017, saw sales jump 9% last year, while original Coke sales grew just 2%. Mondelez is also facing competition from Hershey, which sells zero sugar versions of Reese’s Peanut Butter Cups and other candies, and Voortman, a sugar-free wafer cookie brand.
Mondelez said it spent four years developing no-sugar Oreos so it could ensure the cookies still tasted like the originals. For sweetening, the Oreos contain maltitol, a type of sugar
UK sanctions Russian and Chinese firms suspected of being 'malign actors' in information warfare
By JILL LAWLESS Associated Press
BRITAIN announced sanctions against Russian media and ideas outlets on Tuesday as the U.K's top diplomat warned Western
nations must raise their game to combat information warfare from "malign foreign states."
Foreign Secretary
Yvette Cooper said the U.K. was imposing sanctions on the microblogging
The COMMONWEALTH OF THE BAHAMAS 2025/CLE/qui/01082
IN THE SUPREME COURT Common Law & Equity Side
Telegram channel Rybar and its co-owner Mikhail Sergeevich Zvinchuk, the Foundation for the Support and Protection of the Rights of Compatriots Living Abroad — also known as Pravfond and described by
IN THE MATTER of the Quieting Title Act, 1959 AND IN THE MATTER of the Petition of DENISE CHRISTINE TYNES AND
IN THE MATTER of ALL THAT piece parcel of land containing 6000 sq. ft. and being Lot no. 83 situate on the western side of Guadeloupe Street and approximately one hundred and twenty (120’) feet southward of Martinique Road in Golden Gates Subdivision 2 in the western district of the island of New Providence one of the islands in the Commonwealth of The Bahamas which boundaries shape marks and dimensions as are more particularly delineated on the plan led with the Department of Lands and Surveys being plan 6483 NP and the plan led in this action.
The Petitioner in the matter claims to be the owner by virtue of possession of the tract of land hereinbefore described and the Petitioner has made an application to the Supreme Court of the Commonwealth of The Bahamas under Section 23 of the Quieting Titles Act, 1959 to have the title to the said land investigated and the nature and extent thereof determined and declared in a Certi cate of Title to be granted by the Court in accordance with the provisions of the said Act.
Copies of the said plan may be inspected during normal business hours at a. The Registry of the Supreme Court Marlborough Street, and b. The chambers of the undersigned
NOTICE IS HEREBY GIVEN that any person having a dower or a right to dower or an adverse claim or a claim not recognized in the Petition shall on or before the 29th of January 2026 le Notice of such claim in the Registry aforesaid and serve on the undersigned a statement of such claim in the prescribed form veri ed by an A davit to be led therewith. The failure of such person to le and serve a statement of such claim within the time xed by this Notice shall operate as a bar to such claim
Dated this 4th day of December, A.D., 2025 COMMON LAW CENTRE
designed to put ICE agents at risk just for doing their jobs."
Apple soon complied, sending an email to Aaron that said it would block further downloads of the app because new information "provided to Apple by law enforcement" showed the app broke the app store rules.
According to the email, which Aaron shared with The Associated Press in
October, Apple said the app violated the company's policies "because its purpose is to provide location information about law enforcement officers that can be used to harm such officers individually or as a group." Aaron has countered that it works no differently from Apple's own maps app that lets drivers know about nearby police speed traps.
Google also followed Apple in taking down some ICE-tracking apps from its app store in October, though ICEBlock was never available on its Android phone platform.
Aaron said Trump's immigration enforcement initiatives have only grown more aggressive since his app was taken down, and less information makes possible a "paramilitary force that can continue to operate with impunity." He's repeatedly compared Trump's immigration enforcers to the "Gestapo" secret police force of Nazi Germany, though the lawsuit itself doesn't make that connection, instead drawing on U.S. founders' warnings against domestic despotism. "I mean, these are people that are wearing masks --- which is the antithesis
alcohol that’s also found in some fruits and vegetables; polydextrose, a soluble fiber; sucralose, a sweetener
derived from sugar; and acesulfame potassium, a synthetic sweetener.
Comparing the nutrition data on Zero Sugar and
of everything about this country -- and they are not identifying themselves, and they're zip-tying children and they're throwing women into vans," Aaron said by phone Monday. Bondi told Fox News earlier this year that Aaron was endangering law enforcement and "giving a message to criminals where our federal officers are. And he cannot do that. And we are looking at it, we are looking at him, and he better watch out, because that's not protected speech."
Aaron said he launched the app in April as a way to help immigrant communities protect themselves from surprise raids or potential harassment. Immigrant advocates had mixed feelings about the app's usefulness, but civil liberties experts said efforts to remove it resembled what authoritarian governments have done outside the U.S., such as when Chinese pressure in 2019 led Apple to remove an app that enabled Hong Kong protesters to track police.
Apple, which is not a party in the lawsuit, didn't immediately respond to a request for comment about it.
regular Oreos is tricky, since the serving sizes differ.
A serving of Oreo Zero Sugar cookies, which is defined as 22.6 grams, has 90 calories, 4.5 grams of fat and 16 grams of carbohydrates. A serving of regular Oreos, which is defined as three cookies or 34 grams, has 160 calories, 7 grams of fat and 25 grams of carbohydrates.
The biggest difference: a serving of regular Oreos contains 13 grams of added sugars, or 26% of the recommended daily amount. Zero Sugar Oreos contain none.
Estonian intelligence as a front for the GRU spy agency — and the Center for Geopolitical Expertise, a think-tank run by Russian ultranationalist ideologue Alexander Dugin.
Two China-based firms — i-Soon and the Integrity Technology Group — also were sanctioned "for their vast and indiscriminate cyber activities against the U.K. and its allies," Cooper said.
In a speech at the Foreign Office in London, Cooper said Britain and its allies face escalating "hybrid threats … designed to weaken critical national infrastructure, undermine our interests and interfere in our democracies."
"We should call this out for what it is: Russian information warfare. And we are defending ourselves," Cooper said. She said threats include physical attacks such as sabotage as well as disinformation campaigns "flooding social media with generative AI and manipulated videos" aimed at undermining Western support
“We should call this out for what it is: Russian information warfare. And we are defending ourselves.”
Foreign Secretary Yvette Cooper
for Ukraine's resistance to Russian invasion.
British officials point to fake websites and political ads during Moldova's recent election and fake news sites carrying videos with false claims about Ukrainian President Volodymyr Zelenskyy and his wife designed to undermine support for Ukraine. Cooper delivered her speech to mark 100 years since the signing of the Locarno Treaties, a set of agreements among European nations that bolstered peace in Europe after World War I. She stressed the importance of international cooperation at a time when U.S. President Donald Trump has been upending long-established alliances
and sowing doubt about the United States' commitment to NATO. A U.S. national security strategy published last week depicts Europe as a divided continent in decline and questions whether it will continue to be a reliable partner for the United States. Cooper, who met U.S. Secretary of State Marco Rubio in Washington on Monday, said those talks "were incredibly clear about the strength of the US commitment to NATO."
"What I see in Europe is strength," she added. "The strength and commitment to the support for Ukraine and also strength to step up to the plate and to ensure that we are increasing our investment in defense."
A U.S. Immigration and Customs Enforcement agent is seen in Park Ridge, Ill., Sept. 19, 2025.
Photo:Erin Hooley/AP
THIS image provided by Oreo shows Oreo Zero Sugar Cookies. Photo:Oreo/AP
SECRETARY of State Marco Rubio, right, walks with Britain’s Foreign Secretary Yvette Cooper at the State Department, Monday, Dec. 8, 2025, in Washington.
Photo:Mark Schiefelbein/AP
MICROSOFT INVESTING $17.5 BILLION IN INDIA FOR AI AND CLOUD INFRASTRUCTURE
Protesting Greek farmers swarm onto airport tarmac in Crete, forcing halt to flights
By ELENA BECATOROS Associated Press
ANGRY farmers protest-
ing delays in the payment of subsidies swarmed onto the aircraft parking area of the international airport on the southern Greek island of Crete on Monday, managing to evade riot police who used tear gas and stun grenades to keep them back.
Images from local media showed dozens of farmers standing on a section of the tarmac at the Nikos Kazantzakis international airport in Heraklion, the main town in Crete, forcing the airport to suspend all flights.
Clashes also broke out near the airport of Crete's second-largest city, Chania, with riot police using tear gas to disperse protesting farmers who pelted them with rocks and overturned a police patrol car, local media reported. Two people were reportedly injured in Chania.
The clashes in Crete are the latest escalation in farmer protests over delays in the payment of European Union-backed agricultural subsidies in the wake of a scandal which revealed fraudulent subsidy claims.
Farmers have deployed thousands of tractors and other agricultural vehicles at border crossings and key points along highways
across the country, periodically stopping traffic and threatening to completely blockade roads, as well as ports and airports.
On Friday, riot police fired tear gas at protesting farmers attempting to block the main access road to the international airport outside the northern Greek city of Thessaloniki. Police have been enforcing traffic diversions in several parts of northern and central Greece to skirt the blockades, while farmer roadblocks at the country's northern borders with Bulgaria, Turkey and North Macedonia have already hampered truck traffic, causing long backup lines of freight vehicles.
The payment delays have come as authorities review all requests following revelations of widespread fraudulent claims for EU farm subsidies. Protesters have argued that the delays amount to collective punishment, leaving honest farmers in debt and unable to plant their fields for next season. Greece's farming sector has also been hit this year by an outbreak of goat and sheep pox that led to a mass cull of livestock.
Michalis Chrisochoidis, the minister for public order, said last week that the government remained open to talks with protest leaders, but warned that
it wouldn't tolerate the shutdown of major transit points.
Protests by farmers are common in Greece, and similar blockades in the past have sometimes severed all road traffic between the north and south of the country for weeks.
The subsidy scandal prompted the resignation of five senior government officials in June, and the phased shutdown of a state agency that handled agricultural subsidies. Dozens of people have been arrested for allegedly filing false claims, in response to an investigation led by the European Public Prosecutor's Office.
The independent EU body dealing with financial crime said at the end of October that the investigation was linked to "a systematic large-scale subsidy fraud scheme and money-laundering activities."
By RAJESH ROY Associated Press
MICROSOFT on Tuesday announced its biggest-ever Asia investment, amounting to $17.5 billion, in India over the next four years to advance the country's cloud and artificial intelligence infrastructure.
CEO Satya Nadella revealed this in an X post after meeting with Indian Prime Minister Narendra Modi in New Delhi.
Nadella said that Microsoft was committing the investments to help India build the "infrastructure, skills and sovereign capabilities" needed for its AI future.
The announcement underscores the growing global competition among major technology
companies to expand in India, which has become one of the world's fastest-growing digital markets.
In October, Google said it will invest $15 billion in India over the next five years to establish its first AI hub in the country.
Located in the southern city of Visakhapatnam, the hub will be one of Google's largest globally.
Nadella is in India on a three-day trip that includes discussions with policymakers, as well as participation in AI-focused events in the country's tech hub, Bengaluru, and financial capital, Mumbai.
India has set ambitious targets to become a leading global hub for AI and semiconductor manufacturing.
The government has introduced financial incentives
aimed at attracting global chipmakers and major technology companies to strengthen the country's innovation ecosystem, boost jobs and reduce dependence on imported technologies.
"When it comes to AI, the world is optimistic about India," Modi said on X after meeting with Nadella.
Microsoft's latest India investment plan tops its earlier announcement this year of investing $3 billion in building cloud and AI infrastructure, as well as new data centers and skilling the workforce over the next two years.
The company, which has operated in India for more than three decades, employs more than 22,000 people in the country and has been expanding cloud and data center capacity to support advanced computing needs. Microsoft said in a statement that it hopes to scale up its ongoing operations across India. It plans to have its largest hyperscale presence in the country with a new data center going live in mid-2026.
IN this handout photo provided by Microsoft, Chief Executive Officer Satya Nadella, left, shakes hands with Indian Prime Minister Narendra Modi during their meeting in New Delhi, India, Tuesday, Dec. 9, 2025. Photo:Microsoft/AP
FARMERS throw stones at police during clashes with officers blocking their march to Chania’s airport on Crete, Greece, Monday, Dec. 8, 2025, amid protests over delayed EU farm subsidies.
Photo:Giannis Angelakis/AP
GOOGLE FACING A NEW ANTITRUST PROBE IN EUROPE OVER CONTENT IT USES FOR AI
KELVIN CHAN
AP Business Writer
GOOGLE faces fresh antitrust scrutiny from European Union regulators, who opened an investigation Tuesday into the company's use of online content for its artificial intelligence models and services.
The latest regulatory flexing by Brussels risks antagonizing President Donald Trump's administration, though EU officials denied they were singling out American Big Tech companies.
The European Commission, which is the 27-nation bloc's top antitrust enforcer, said it's examining whether
Google has breached competition rules through its use of content from web publishers and material uploaded to YouTube for AI purposes.
Regulators are concerned that Google has given itself an unfair advantage by using content for two search services, AI Overviews and AI Mode, without paying publishers and content creators or letting them opt out.
AI Overviews are automatically generated summaries that appear at the top of its traditional search results, while AI Mode provides chatbot-style answers to search queries.
They're also examining whether Google uses videos
uploaded to YouTube under similar conditions to train its generative AI models, while shutting out rival AI model developers.
Officials said they're seeking to determine whether Google gained an edge over AI rivals by imposing unfair terms and conditions, or giving itself privileged access to content.
"This complaint risks stifling innovation in a market that is more competitive than ever," Google said in statement. "Europeans deserve to benefit from the latest technologies and we will continue to work closely with the news and creative industries as they transition to the AI era."
The Commission, which is the bloc's executive arm, is carrying out the investigation under the EU's longstanding competition regulations, rather than its newer Digital Markets Act that was drawn up to prevent Big Tech companies from monopolizing online markets.
"AI is bringing remarkable innovation and many benefits for people and businesses across Europe, but this progress cannot come at the expense of the principles at the heart of our societies," Teresa Ribera, the commission's vice president overseeing
More people crowdfunded for essential needs like food and housing in 2025, according to GoFundMe
By JAMES POLLARD Associated Press
MORE and more people are turning to GoFundMe for help covering the cost of housing, food and other basic needs.
The for-profit crowdfunding platform's annual "Year in Help" report, released Tuesday, underscored ongoing concerns around affordability. The number of fundraisers started to help cover essential expenses such as rent, utilities and groceries jumped 20%, according to the company's 2025 review, after already quadrupling last year. "Monthly bills" were the second fastest-growing category behind individual support for nonprofits.
The number of "essentials" fundraisers has increased over the last three years in all of the company's major English-speaking markets, according to GoFundMe CEO Tim Cadogan. That includes the United States,
Canada, United Kingdom and Australia.
In the United States, the self-published report comes at the end of a year that has seen weakened wage growth for lower-income workers, sluggish hiring, a rise in the unemployment rate and low consumer confidence in the economy.
Cadogan said GoFundMe can see that people are struggling to keep up with the rising cost of living. "Someone may be behind on rent or needs a little bit of extra help to get through the next month," Cadogan said. "That's a function of what's going on in these economies. And what is interesting is that people do step up and support folks in those situations."
Among campaigns aimed at addressing broader community needs, food banks were the most common recipient on GoFundMe this year. The platform experienced a nearly sixfold spike in food-related fundraisers between the end of
October and first weeks of November, according to Cadogan, as many Americans' monthly SNAP benefits got suddenly cut off during the government shutdown.
These uses suggest that online crowdfunding has come a long way from its roots as a way for entrepreneurs to raise money for their artistic or business endeavors, according to University of Toronto postdoctoral researcher Martin Lukk.
Lukk, who studies economic inequality and co-authored a book about the "unfulfilled promise of digital crowdfunding," said the findings act somewhat as a "barometer of where things are at in terms of desperation."
"When there's no other net to catch people, I think GoFundMe is where they often end up," Lukk said. Lukk cautioned that GoFundMe data doesn't show the "full extent of the desperation" because not
everyone in need participates and many users don't end up reaching their goals. Organizers must have internet access and technological know-how, he said, and a successful campaign often requires savvy storytelling and strong social networks. Iesha Shepard, 34, was initially embarrassed to ask for help.
The New Orleans native said she's dealt with chronic heart failure ever since she was shot multiple times four years ago. A single mother of two daughters, she said she fell sick last month and hasn't been able to work her part-time hotel job for the past three weeks.
Then came the eviction notice. As someone who "barely can make a living," Shepard said she has struggled to keep up with the rising cost of rent and groceries. When her social security application got denied for the second time, she said she felt especially discouraged.
NOTICE
Ludovico-Piroli Family Enterprise Ltd Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 210724 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 09th day of December, A.D. 2025.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. SILVIO LUDOVICO FERREIRA PIROLI, whose address is R. PORTO UNIAO 216 SAO PAULO - SP – BRAZIL
CEP: 04568-020. Any Persons having a Claim against the above-named Company are required on or before the 31st day of December A.D. 2025 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 09th day of December A.D. 2025.
SILVIO LUDOVICO FERREIRA PIROLI LIQUIDATOR
competition affairs, said in a statement.
Last week the Commission opened an antitrust investigation into WhatsApp's AI policy. It also fined Elon Musk's social media platform X 120 million euros ($140 million) for breaching digital regulations, which drew complaints from Trump officials that American companies were being targeted.
The Commission is "agnostic" about the nationality of companies it is investigating, spokeswoman Arianna Podesta said.
"Of course, the sole focus of our antitrust investigations is a possible illegal behavior and the harm that this could bring to competition and consumers within the European Union," she told reporters at a regular briefing in Brussels. Google will have the chance to reply to the concerns and the Commission has also informed U.S. authorities about the investigation, she said. Brussels has no deadline to wrap up the case, which could result in sanctions including a fine worth up to 10% of the company's annual global revenue.
She turned to crowdfunding because, as she said, "I don't want to be homeless with my children around the holiday time."
"That was my last option," Shepard said. "I prayed and I did a GoFundMe." She never expected the response she's gotten. Her fundraiser has collected more than $1,000 of her $1,800 goal. Setting up the campaign was easy, she said, and the donations really ramped up after she uploaded TikTok videos about her situation. A Nov.
29 post has been viewed more than 10,000 times.
Cadogan said his team always hopes that countries have strong government programs around health, housing or seniors' well-being, for example. But GoFundMe recognizes that no country's systems address everything, he added. At the end of a year that began with the Los Angeles wildfires that struck Cadogan's community of Altadena, the GoFundMe CEO said he is "blown away" by the power of help.
N O T I C E
ZYRIAK UNIVERSAL S.A.
NOTICE IS HEREBY GIVEN as follows:
(a) ZYRIAK UNIVERSAL S.A. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on the 8th December, 2025 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Octagon Management Limited, Poinciana House South, 1st Floor, East Bay Street, Nassau, Bahamas.
Dated this 10th day of December, A. D. 2025
Octagon Management Limited Liquidator
THIS is the Google logo on a building in New York, Oct. 27, 2025.
Photo:Gene J. Puskar/AP
GOFUNDME CEO Tim Cadogan attends the Time100 Gala, celebrating the 100 most influential people in the world, at Frederick P. Rose Hall, Jazz at Lincoln Center on April 24, 2025, in New York. Photo:Agostini/Invision/AP
WHAT TO KNOW ABOUT PARAMOUNT’S HOSTILE BID FOR WARNER BROS. DISCOVERY
By MAE ANDERSON AP Business Writer
WARNER Bros. Discov-
ery’s friendly agreement to sell itself to Netflix just got upended by a hostile actor -- Paramount, which made Warner shareholders a higher offer and touched off what is likely to be a lengthy fight in the latest episode of media industry consolidation.
The bid comes after Warner last week agreed to be bought by Netflix for $72 billion. The competing offers set the stage for combining some of the most beloved entertainment properties.
Netflix’s vast library includes “Stranger Things” and “Squid Game,” while the much smaller Paramount owns its Hollywood studio and major TV networks like CBS and MTV. Both covet Warner, which owns Warner Bros. Pictures, HBO and the Harry Potter franchise.
“Whichever media company, if any, ultimately secures (Warner), controls the calculus of the streaming wars and so much more,” said Mike Proulx, vice president and research director at research firm Forrester.
Both offers will face regulatory scrutiny, an issue President Donald Trump has already weighed in on.
Here’s what to know about the three players and what the bids mean for the entertainment industry.
A look at the offers
CEO David Zaslav has been seeking offers for Warner Bros. Discovery since at least October, when he said the company might
be open to selling all or parts of its business.
Paramount said Monday it had submitted six proposals to Warner over a 12 week period before its offer was rejected in favor of Netflix.
So Paramount decided to go straight to Warner shareholders with a bid it says is worth about $79.9 billion, or $30 per share in cash.
Paramount, unlike Netflix, is also offering to buy the cable assets of Warner, and asking shareholders of the company to reject the Netflix bid. Paramount CEO Larry Ellison said the offer is worth about $18 billion more in cash than the competing cash-and-stock bid from Netflix.
The Paramount deal includes help from investors such as Trump’s son-in-law Jared Kushner and funds controlled by the governments of Saudi Arabia and Qatar, according to a regulatory filing.
Netflix is offering a combination of cash and stock valued at $27.75 per Warner share. Its offer values Warner at $72 billion, excluding debt, but it is not bidding on Warner-owned networks such as CNN and Discovery.
Before Paramount’s bid, the Netflix deal was expected to close in the next 12 to 18 months, after Warner completes its previously announced separation of its cable operations.
Warner must advise shareholders whether Paramount’s offer constitutes a superior offer by Monday, Dec. 22. If Warner decides that Paramount’s offer is superior, Netflix would have the opportunity to match or beat it.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, CHARLES RENALDA SEYMOUR of Freeport, Grand Bahama, Bahamas intend to change my name to CHARLES BENJAMIN RENALDA SEYMOUR. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE
NOTICE is hereby given that GUENSON GENSLEE BELVY of Flamingo Court, 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 10th day of December, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that NAROME RUFFIN of Winton Meadows, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of December 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that MAGARETTE RUFFIN of Winton Meadows, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of December 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
If Warner scraps the deal with Netflix, it would owe the streaming company a termination fee of $2.8 billion.
Competing bids makes an eventual deal more likely
Matthew Dolgin, senior equity analyst at research firm Morningstar, said there are still many unknowns, including whether Netflix will now sweeten its bid.
But, he said, a competing offer makes it more likely that Warner will eventually be acquired.
“With Paramount now also being involved formally with an offer to shareholders, it’s even more likely to us that Warner gets acquired, because it’s no longer a single decision that may or may not hinge on regulatory approval,” he said. Shareholders have until Jan. 8, 2026, to vote on Paramount’s tender offer.
Donald Trump weighed in earlier Another wild card could be President Trump. He already weighed in on
NOTICE
NOTICE is hereby given that FREDERIC RONALD of P.O. Box N1470 Bamboo Town, Nassau, The Bahamasis 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 10th day of December 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Sunday, saying the deal struck by Netflix to buy
Warner “could be a problem” because of the size of the combined market share.
The Republican president said he will be involved in the decision about whether the federal government should approve the deal.
Paramount’s CEO is the son of Oracle founder Larry Ellison, an ally of Trump. Federal regulators under Trump approved Paramount’s $8 billion merger with Skydance in July.
Regulatory scrutiny awaits either deal
On the Netflix offer, state or federal regulators could be most concerned about the massive size of a combined Netflix and Warner subscription service, said Morningstar’s Dolgin. Netflix is already the world’s largest streaming service. That’s less of a concern with the Paramount deal, because its streaming service is smaller and has less of an international footprint than Netflix.
But regulators may raise red flags over the combination of the Paramount and Warner film and television studios, because relatively few of those remain, Dolgin said. As the streaming landscape has matured, more media companies are seeking growth through acquisitions.
Warner Bros. Discovery itself was created in 2022 when U.S. telecom giant AT&T Inc. spun off and then combined its WarnerMedia operations with Discovery Inc.
NOTICE
NOTICE is hereby given that TERCILLON DELVA of Dundas Town, Marsh Harbour, Abaco, 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 10th day of December, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE WARNER Bros. water tower is seen at Warner Bros. Studios in Burbank, Calif., Friday, Dec. 5, 2025.
Photo:Jae C. Hong/AP
JUDGE PARKER
BLONDIE
TIGER
CALVIN & HOBBES
DENNIS THE MENACE
US stocks hold in place in the countdown to the Federal Reserve’s meeting on Wednesday
By STAN CHOE AP Business Writer
U.S. stocks largely held in place on Tuesday as Wall Street waits to hear what the Federal Reserve will say Wednesday about where interest rates are heading.
The S&P 500 edged down by 0.1% and remained near its all-time high set in October. The Dow Jones Industrial Average dipped 179 points, or 0.4%, and the Nasdaq composite added 0.1%.
JPMorgan Chase was the heaviest weight on the market after a top executive, Marianne Lake, said the bank's expenses could rise to $105 billion next year.
That would be up 9% from an estimated $95.9 billion in expenses this year, though Lake also said JPMorgan Chase is "feeling pretty good about the underlying financial health of the borrowers in our portfolio." Its stock fell 4.7%.
Another drop came from Toll Brothers, which lost 2.4% after the homebuilder reported weaker results for the latest quarter than analysts expected.
CEO Douglas Yearley Jr. said demand for new homes remains soft across many markets, and he talked about "affordability pressures" that could be affecting potential homebuyers.
One big factor in that affordability question is mortgage rates. They're cheaper than they were at the start of the year, though they perked up a bit after October. That's largely because of questions in the bond market about how much more the Federal Reserve will cut its main interest rate.
The widespread expectation is that the Fed will cut interest rates Wednesday afternoon, which would be the third such easing of the year. Lower interest rates can give the economy and prices for investments a boost, though the downside is they can worsen inflation. The U.S. stock market has run to the edge of its records in part because of the growing assumption that the Fed will cut rates again on Wednesday.
The big question is what the Fed will say about where interest rates will go
after that. Many on Wall Street are bracing for talk aimed at tamping down expectations for more cuts in 2026.
Inflation has stubbornly remained above the Fed's 2% target, and Fed officials are notably split in their opinions about whether high inflation or the slowing job market is the bigger threat to the economy.
Treasury yields climbed in the bond market after a report on Tuesday showed that U.S. employers were advertising 7.7 million job
openings at the end of October. That's up a smidgen from the month before and the highest number since May.
If the job market is not worsening, it may not need as much help from the Fed through more cuts to rates.
After the report on job openings came out, the yield on the 10-year Treasury erased what had been an earlier dip and rose to 4.18% from 4.17% late Monday.
The yield on the two-year Treasury, which moves more closely with expectations
CURRENCY traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the Hana Bank headquarters, in Seoul, South Korea, Friday, Dec. 5, 2025. Photo:Ahn Young-joon/AP
for what the Fed will do, rose to 3.60% from 3.57% late Monday.
Elsewhere on Wall Street, Exxon Mobil climbed 2% after increasing its forecast for profit over the next five years, thanks in part to strength for its fields in the Permian basin in the United States and off Guyana's shore.
Ares Management rallied 7.3% after S&P Dow Jones Indices said the investment company will join its widely followed S&P 500 index.
It will replace Kellanova, the maker of Pringles and Pop-Tarts, which is being bought by Mars, the company behind Snickers and M&Ms.
CVS Health rose 2.2% after unveiling new financial forecasts, including expectations for annual compounded growth in earnings per share at a "mid-teens" percentage over the next three years.
Home Depot fell 1.3% after flipping between gains and losses. It gave a preliminary forecast for 2026 that said the broad home improvement market may shrink by up to 1%. But it also gave a separate set of forecasts saying its earnings per share could grow in the mid- to high-single digit percentages if the housing market recovers.
The market's most influential stock, Nvidia, slipped 0.3% after President Donald Trump allowed it to sell an advanced chip used in artificial-intelligence technology to "approved customers" in China. The H200 is not Nvidia's top product.
All told, the S&P 500 fell 6.00 points to 6,840.51. The Dow Jones Industrial Average dipped 179.03 to 47,650.29, and the Nasdaq composite rose 30.58 to 23,576.49.
MARINE FORECAST
CZECH POPULIST BILLIONAIRE BABIŠ SWORN IN AS PRIME MINISTER
By KAREL JANICEK Associated Press
POPULIST
billionaire
Andrej Babiš was sworn in Tuesday as the Czech Republic's new prime minister, following October's parliamentary election, as the next government is expected to steer the country away from supporting Ukraine and reject European Union policies on issues like the environment.
Babiš, previously prime minister from 2017-2021, promised Czechs that he will fight for their interests "at home and anywhere in the world" and will do his utmost for the Czech Republic to become "the best place for life on earth."
President Petr Pavel had asked him to form a government after his ANO, or YES, movement won big in the October ballot and agreed to form a majority coalition government with two small political groups, the Freedom and Direct Democracy anti-migrant party and the right-wing Motorists for Themselves.
The parties have agreed to create a 16-member Cabinet, with ANO holding eight posts and the prime minister's office. The Motorists would have four and the Freedom party three. Pavel will appoint the entire Cabinet on Monday, his office said.
The new partnership makes up 108 seats in the 200-seat lower house of parliament, relegating the four center-right parties of the pro-Western government led by previous Prime Minister Petr Fiala to the opposition.
The new coalition is set to follow Hungary and Slovakia and shift the Czech Republic away from supporting Ukraine in Russia's nearly four-year war. Coalition members are also critical of the EU, rejecting policies particularly on environment and migration.
"An old ally has returned," Hungarian Prime Minister Viktor Orbán said of Babiš. Orbán is widely considered Russian President Vladimir Putin's
closest partner among EU leaders. "Welcome back on board Andrej!"
Babiš, 71, still faces fraud charges in a case involving EU subsidies, and the new parliament will have to lift his official immunity for a court to issue a verdict.
After he lost the 2021 parliamentary election, he was beaten by Pavel, a retired army general, in a vote for the largely ceremonial post of president.
Babiš was appointed as prime minister after he met a condition set by Pavel and publicly announced that he would get rid of his major businesses to avoid a conflict of interest that could arise from his private dealings and his political status.
Babiš owns around 200 companies under the Agrofert conglomerate. He said an independent trustee will be in charge of Agrofert in a trust fund, while it will be under control of an independent protector until he dies. His descendants will inherit it.
PEPSICO TO CUT PRICES, ELIMINATE PRODUCTS AS PART OF A DEAL WITH AN ACTIVIST INVESTOR
By DEE-ANN DURBIN AP Business Writer
PEPSICO plans to cut prices and eliminate some of its products under a deal with an activist investor announced Monday.
The Purchase, New Yorkbased company, which makes Cheetos, Tostitos and other Frito-Lay products as well as beverages, said it will cut nearly 20% of its product offerings by early next year. PepsiCo said it will use the savings to invest in marketing and improved value for consumers. It didn't disclose which products or how much it would cut prices.
PepsiCo said it also plans to accelerate the introduction of new offerings with simpler and more functional ingredients, including Doritos Protein and Simply NKD Cheetos and Doritos, which contain no artificial flavors or colors. The company also recently introduced a prebiotic version of its signature cola.
PepsiCo is making the changes after prodding from Elliott Investment Management, which took a $4 billion stake in the company in September. In a letter to PepsiCo's board,
Elliott said the company is being hurt by a lack of strategic clarity, decelerating growth and eroding profitability in its North American food and beverage businesses.
In a joint statement with PepsiCo Monday, Elliott Partner Marc Steinberg said the firm is confident that PepsiCo can create value for shareholders as it executes on its new plan.
"We appreciate our collaborative engagement with PepsiCo's management team and the urgency they have demonstrated," Steinberg said. "We believe the plan announced today to invest in affordability, accelerate innovation and aggressively reduce costs will drive greater revenue and profit growth."
Elliott said it plans to continue working closely with the company.
PepsiCo shares were flat in after-hours trading Monday.
PepsiCo said it expects organic revenue to grow between 2% and 4% in 2026. The company's organic revenue rose 1.5%. the first nine months of this year.
"We feel encouraged about the actions and initiatives we are implementing with urgency to improve both marketplace and financial performance," PepsiCo Chairman and CEO Ramon Laguarta said in a statement.
PepsiCo said in February that years of double-digit price increases and changing customer preferences have weakened demand for its drinks and snacks. In July, the company said it was trying to combat perceptions that its products are too expensive by expanding distribution of value brands like Chester's and Santitas.
PepsiCo also said it plans to review its supply chain and continue to make changes to its board, with a focus on global leaders who can help it reach its growth and profitability goals.
PLASTIC bottles of Pepsi are displayed at a grocery store, Nov. 15, 2023, in New York.
