12122025 BUSINESS by tribune242

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BRILAND tourism operator is predicting a “significant reduction in revenue” because its estranged US business partner has “crippled” its operations by allegedly failing to comply with a Bahamian Supreme Court order.

Julian ‘Shaq’ Gibson, Conch & Cocout’s Bahamian principal, is asserting that Pablo Conde is continuing to interfere with the tour and destination management operator by refusing to provide access to its website, online booking portals and other social media-related customer acquisition platforms in defiance of Justice Simone Fitzcharles’ November 14, 2025, injunction.

Arguing that this has caused a sharp reduction in future bookings going into 2026, he claimed that the inability “to communicate with customers” is causing “serious financial loss, reputational harm and affecting our business credibility” while also creating challenges to “sustain” Conch & Coconut’s 12 to 16 employees.

• Conch & Coconut faces ‘serious financial loss’, booking fall

• Alleges estranged US partner seeking new Bahamian front

• Local attorneys reject Shaq’s Supreme Court defiance claim

And Mr Gibson discloses that the negative fall-out from the acrimonious break-up of his business partnership with Mr Conde, which is now playing out via courtroom battles in both

The Bahamas and south Florida (see other article on Page 1B), has spread beyond Conch & Coconut to also undermine his Briland real estate business.

He alleged that fellow realtors have warned that potential clients are refusing to do business with him because of the increasingly bitter legal battle with Mr Conde, which has generated admissions of ‘fronting’ by a Bahamian on behalf of a foreigner; unpaid VAT and Business Licence fees said to still exceed $800,000; claims of a ‘forged’ Business Licence; and threats of winding-up petitions.

Mr Gibson also claimed that Robert Arthur, owner of Harbour Island’s Arthur’s Bakery and a licensed realtor

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

BAHAMIANS will be given the opportunity to invest in $40m-$45m worth of renewable and microgrid energy projects being developed in Cat Island, Long Island and San Salvador, it was revealed yesterday.

The consortium behind the project told a media briefing at the Prime Minister’s Office that the capital raise involving Bahamian investors will take place in the New Year and be facilitated by Leno Bahamas, the local financial services provider.

Besides Bahamian-led Renugen Pro, which was the successful bidder on the independent power producer (IPP) tender for Cat Island, Long Island and San Salvador, the consortium features Wilkem Tech and Canada’s Roswall Development.

By ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

A PROMINENT Bahamian doctor last night unveiled a four-phase development at the junction of Collins Avenue and Sixth Terrace that will include a 125-bed hospital spread over six storeys with 297 parking spaces and ambulance entrances/exits.

Dr Conville Brown, speaking at a public hearing held by the Department of Physical Planning, said he plans to expand his current three-story commercial complex with the hospital forming the next phase. Further phases, in what as planned as a 17-storey development, will include additional parking and potentially 65 condominiums, spread between floors 12 and 16 with 13 units per

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BRILAND tourism operator’s estranged US partner is alleging it “misappropriated” the data for customers accounting for

floor, plus roof-top amenities such as a spa and gymnasium.

“The first phase actually is in existence already, and that is the three-storey commercial complex that is there,” he said. “And so we're going to be actually changing this function to that of our conversion to hospital. And that's what will be in phase two, where we convert it to a six-storey and an expanded facility that goes from 72,000 square feet up to 300,000 square feet.”

“On your first floor, we would have management, which is where the bank (Royal Bank of Canada) would have been originally. So you have hospital management and administration. All of the imaging services, CT, MRI and so on

Rosewood Exuma developer faces second legal challenge

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE developer behind the $200m Rosewood Exuma last night disclosed it plans to file a revised site plan with the planning authorities in the coming days after it emerged that the project’s environmental approvals face a second Judicial Review challenge.

Romauld Ferreira, former minister of the environment who has returned to practicing as a private attorney, confirmed to Tribune Business that his client Over Yonder Holdings, developer of Over Yonder Cay, had been granted permission by the Supreme Court to proceed with its bid to overturn the East Sampson Cay project’s certificate of environmental clearance (CEC).

He added that Supreme Court justice Leif Farquharson, in giving the go-ahead

for Over Yonder Holdings to proceed, had also agreed to Turtlegrass Resort joining the same action as a party pursuing the Judicial Review. Turtlegrass and its principal, Bob Coughlin, have filed their own separate Judicial Review challenge to the same CEC permit after becoming one of the leading opponents to the Rosewood project and its developer, Miami-based Yntegra Group. Yntegra, in a statement issued to Tribune Business, reiterated that - as with Turtlegrass’ own Judicial Review - it had not opposed the application and described the grant of permission as a “procedural” step. It pledged that environmental protection has “guided every major design” decision with the Rosewood Exuma project, and voiced confidence that its environmental permits

almost 15 percent of its total revenues while asserting that his trademark violation complaint cannot be heard by the Bahamian courts. Pablo Conde, who was Julian ‘Shaq’ Gibson’s partner in the Conch & Coconut tour and

destination management business prior to the May 2025 implosion of their business relationship, also used his December 10, 2025, legal filings with the south Florida federal court to argue that the US legal system has jurisdiction over a leading Bahamian real estate brokerage. Corcoran CA Christie Bahamas, along with other

Dan Roscoe, Roswall Development’s president and chief executive, said the group has been working on the projects for more than two years, and will now proceed with geotechnical works while also seeking to raise the required financing.

“We are engaged in interconnection studies and finalising the engineering and design that will go into these projects,” Mr Roscoe said. “Concurrently, we are raising the investment that's needed to execute these projects.

“And then, once those two things are done, we will start ordering equipment and, later in 2026, we will be active on building the foundations, the roads, the work that's needed to put these projects together and equipment will start to arrive. And we should be completed on all three islands in 2027.”

Noting that the financing will be facilitated by Leno Bahamas, Mr Roscoe added: “It's a founding principle of both the Government and Renugen Pro to have local ownership of these projects”. He pledged that Bahamians will have an opportunity to invest in them.

“Community engagement will continue throughout the life of the project, and Renugen Pro will not only be involved in the front-end of these projects, but the ongoing operation on an ongoing basis,” he added. “The financing, as I mentioned, is well underway. It's being facilitated by Leno Bahamas, and early in the New Year, the opportunity to invest in these projects will be made public.

“As we said, it's a founding principle of both the Government and of Renugen Pro to have

Making workers dance to the company’s tune

IN today’s competitive marketplace, businesses are constantly seeking innovative ways to elevate performance, enhance customer experiences and foster employee well-being. While cutting-edge technology and strategic planning are crucial, there is a surprisingly simple and highly effective tool that many companies overlook: Music. As research and real world examples continue to show, music has the ability to transform environments, influence behaviour and elevate energy levelsmaking it a powerful asset for businesses of all kinds. For customers, music can be the difference between a forgettable visit and a memorable one. The right soundtrack can shape perceptions, encourage longer stays and even gently

guide purchasing decisions. Upbeat tempos can energise retail environments, helping shoppers feel more enthusiastic and engaged, while softer melodies can create a sense of calm in restaurants, wellness centres and waiting rooms. Music helps set the tone, communicating a brand’s personality before a single word is spoken. When used intentionally, it becomes a strategic tool that enhances the customer journey from the moment they walk through the door. But the benefits extend far beyond the sales floor. For employees, music can be a powerful motivator and mood enhancer. In workplaces where creativity, focus or collaborative energy are essential, background music can help staff stay engaged and upbeat. Studies have long suggested

that music can reduce stress levels, support productivity and boost morale - all key factors in maintaining a thriving company culture. Even short “musical breaks” or energising playlists during team meetings can reinvigorate staff and spark fresh ideas. In corporate settings, music can enhance training sessions, soften the atmosphere of networking events and set a welcoming tone in lobbies and conference areas. In hospitality, curated playlists help create immersive guest experiences. In the fitness and health sectors, music is already central to performance - and other industries can, and should, take note.

The key, of course, lies in intent. Thoughtfully-curated playlists, tailored to different parts of the day and various business

goals, can turn music from simple background noise into a strategic advantage. Whether it is motivating a team during a morning meeting, encouraging customers to linger just a bit longer, or creating a sense of warmth and professionalism, music has the unique ability to shift the atmosphere instantly.

As the business world continues to evolve, leaders are recognising that success is shaped not only by what a company does but by how people feel when they interact with it. Music, with its universal appeal and proven impact, offers an accessible, cost-effective and inspiring way to support both customers and employees. It is time for businesses to tune in and harness its power.

• NB: Ian R Ferguson is a talent management and

organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

Airline expands services to Cat Island and Long Island

MAKERS Air has improved airlift connectivity between South Florida and The Bahamas by expanding its scheduled service to Cat Island and Long Island.

The Ministry of Tourism, Investments and Aviation, in a statement, said the airline’s daily service between Fort Lauderdale Executive Airport and New Bight, Cat Island, began on November 1, 2025.

And seasonal service to Stella Maris in Long Island expanded on November 2, 2025, with flights now operating three times weekly on Tuesday, Thursday and Sunday through August 2026.

The ministry said the increased airlift reflects continued collaboration between itself, the Bahama Out Island Promotion Board and Makers Air in response to traveller demand and the need for reliable Family Island airlift. The move also supports increased access across The Bahamas’ 16 island destinations.

"This expansion of airlift by Makers Air is a vital step forward for our Family Islands," said Chester Cooper, deputy prime minister and minister of tourism, investments and aviation. "It reflects our unwavering commitment to improving connectivity and creating opportunity across

all 16 of our unique island destinations.

“Reliable air service strengthens our tourism economy and delivers real benefits to our communities. These new routes will make it easier for visitors to discover the authentic heart of The Bahamas while supporting local growth. We welcome this partnership as it helps us share more of our country with the world."

David Hocher, Makers Air’s president, said: “We’re thrilled to expand our service to both Long Island and Cat Island, making it easier than ever for travellers to experience the beauty and charm of these unique destinations.

“These new schedules not only enhance convenience for vacationers but also provide important support for local communities by improving access and ensuring more reliable delivery of goods and supplies. It’s a win for both residents and visitors.”

Makers Air currently serves 11 Bahamian islands via scheduled flights - Chub Cay; Congo Town; Fresh Creek; Governor’s Harbour; Great Harbour Cay; North Eleuthera for Harbour Island; Rock Sound; San Andros; and Staniel Cay. Walker’s Cay is a private charter only at this time.

UTILITIES PROMISE RAPID 2026 IMPROVEMENTS FOR CAT ISLAND

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

BAHAMIAN communications and energy providers pledged to provide improved services and upgraded infrastructure for Cat Island as early as the 2026 first quarter during a meeting attended by the Prime Minister.

Dominic Petty, the Bahamas Telecommunications Company’s (BTC) head of Family Islands for technical operations, told residents facing connectivity challenges that he speaks “without fear of contradiction” in announcing that “in the first quarter of 2026 we have some goals that are already set out”.

He added that the carrier will focus on fibre optic cable repairs and ensuring that fibre links in Cat Island are secure. Mr Petty said BTC is also focused on resilience and boosting its LTE (Long-Term Evolution) network to improve mobile data service.

Asserting that BTC is “committed to upgrading our infrastructure in the first quarter of 2026”,

he added: “And what does that mean? Everyone in the Commonwealth of the Bahamas, which is inclusive of Cat Island, deserves high speed Internet on the level that you can find in Grand Bahama or in New Providence.

“And so that's what we are committed to. So when we talk about speed in terms of 200, 300, 400 megabits per second, when we talk about telecasting, when we talking about whatever you can think of, that will happen in Cat Island.” Mr Petty pointed to Bimini as “proof of execution”.

“We actually have upgraded the entire infrastructure in Bimini in a few short weeks,” he said. “So Bimini is off the old corporate infrastructure, and Bimini right now is experiencing the same level of speed that persons experience in Grand Bahama as well as in New Providence.

“I know Starlink is very popular in the family of islands. How does it compare to Starlink? We had a lot of pushback in Bimini as it relates to how it compares. But I'm happy and pleased to say that a lot of persons that have Starlink

now have what we call BTC Air.

“And so what it would provide for the residents of Cat Island, you would have the opportunity to get the TV, the Internet, as well as the telephone at a level, again, like I said, that you will find in in New Providence or Grand Bahama. So that's something that we are committed to by March 31, 2026.”

Toni Seymour, Bahamas Power & Light’s (BPL) chief executive, said lnd clearing has been completed at the Cove Power Station to allow for Renugen Pro to begin works as part of its renewable energy projects in Cat Island, San Salavador and Long Island.

“The Government of The Bahamas rolled out the new energy era, which includes microgrid installations on all Family Islands,” Ms Seymour said. “So I'm pleased to announce that land clearing has been completed at the rear of our power station, located in the Cove.

“Renugen Pro was the successful independent power producer (IPP), and they're going to be installing 2.4 mega watts (MW) of LNG (liquefied natural gas)

powered generation, a one MW solar farm and a 2.5 MW battery energy storage system. So what that does for Cat Island, it not only increases the installed capacity of the island, but it incorporates renewable generation into the mix, which pushes us closer to our goal of 30 percent renewable by 2030.”

Ms Seymour apologised for the recent outages Cat Islanders have experienced, explaining that the new 1.5 MW Caterpillar generator that was installed in September at the Cove power station broke down. She said equipment and technicians were flown from New Providence to Cat Island to repair it, and it is now operational again. She did, however, note that another unit is down but BPL teams are working to have it repaired.

“The second unit - so Murphy's Law, 'anything that can go wrong will’,” she said. “A second unit also went down. We do have sufficient generation. We have 4.5 MW installed at the Cove Power Station. The peak load in Cat Island is around two MW, which we saw during the regatta

CAT ISLAND WARNED ON AIRPORT, ROADS DELAYS

By ANNELIA NIXON Tribune Business

WORK on Cat Island’s roads and its multi-million dollar New Bight airport will take longer to complete due to logistics issues, a senior Ministry of Works engineer has revealed.

Dexter Williams told a Town Hall meeting on the island that the Arthur’s Town’s airport is “basically finished”. He added that the runway apron, terminal building and

navigational aids still need to be installed. However, he added that work on the New Bight Airport will “consume most of next year” due to the need for runway realignments.

“For the New Bight Airport, that will consume most of next year because it has to be totally realigned because of the length,” he said. “There's an issue with the length. It could not be extended in the existing profile because of the hill. So it had to be realigned.

“And then what we are seeing now, there's a lot of swamp in the area of the new alignment that will require specific and special types of engineering treatment before we can come up with the base. So most of next year that work will be going on.

“And also the roadwork will be extended,” Mr Williams added. “Because the problem, too, with the roadworks is that the materials to do the work, or to do the asphaltic concrete element of the work, have to be

imported and there's issue an with the dock and the draft.

“So the mother ship would have to take the aggregate offshore, then another barge would have to go and meet it, then they have to transport it, and then they have to bring it to shore. So there's a lot of logistical issues.

“So the better part of next year... But it is progressing because we have designed it with respect to FDOT (Florida Department of Transportation)

FREEPORT’S TAINO BRIDGE TO CLOSE DECEMBER 17

A GRAND Bahama Port Authority (GBPA) affiliate is warning Freeport residents that the Taino Beach Bridge will be temporarily closed from December 17 with all vehicular traffic required to shift to the newly-constructed causeway.

Lucaya Services Company (LUSCO) and Tamarind Development, in a joint statement, said the bridge’s closure is required to complete essential structural work that cannot be carried out safely while it remains open.

They confirmed that, during this period for which no timelines were provided, access to and from Taino Island will shift to the temporary causeway. While the bridge has operated with weight limits in recent months, they said the temporary causeway now safely supports all vehicle types, including garbage collection trucks, concrete trucks, dump trucks and other heavy equipment required for daily operations and ongoing development on Taino Island.

LUSCO and Tamarind Development said motorists will now have to follow a revised route. This starts from Midshipman Road, and continues along West Beach Road before turning left on to Alan Circle. Once there is no

oncoming traffic, they must make an immediate right on to the temporary Taino Causeway before proceeding to Tennents Road. There, motorists must stop, then turn right to continue on to Taino Island via West Beach Road.

The posted speed limit on the causeway is 10 miles per hour. “The opening of the temporary causeway is an important and positive milestone for residents and businesses,” said said Julie Paice, Tamarind Development’s manager.

“For the first time in many months, essential service vehicles and heavy equipment can safely traverse to and from Taino Island without the weight restrictions previously imposed on the bridge. This ensures consistent waste collection, uninterrupted construction activity and improved daily access for the community.”

LUSCO and Tamarind Development said the ongoing bridge renovation is designed to deliver a modern, durable and resilient structure for long-term community use.

festivities. So we do have more than enough generation to meet your needs, but because we lost our two biggest engines, one right after the next, that created a need for us to do a rotational power supply.

“So some of you would have experienced some outages, and for that, we are truly sorry, but we are working around the clock. The team's on the ground. We send over teams from New Providence and the other islands as needed to make sure that you get back up and running as quickly and as safely as possible.”

With contracts for two desalination plants on Cat Island having been signed by the Government, Ayla Isaacs, assistant general manager of the Water and Sewerage Corporation (WSC), said one reverse osmosis (RO) plant is “very near completion. She added that the utility is in the final stages of preparing the plant for commissioning, while the other is expected to be activated in either the 2026 first or second quarter.

Philip Davis KC told his constituents: “My job is to face both truths with you and to talk honestly about

standards. So the same quality asphalt you get in Nassau is the same quality you'll be getting here.”

Mr Williams said 95 miles “of new s1, that's FDOT specification pavement from Orange Creek down to the south in Port Howe” are being installed, “and then to McQueen's, and also the settlement roads”. He added that the New Bight Airport is being constructed to International Civil Aviation Organisation (ICAO) standards.

“The length is 7,000 by 100 feet, with the necessary aids that would assist aircraft in landing,” Mr Williams said of the runway.

“Also, in Arthur's Town, we

what comes next. I came here this evening for three reasons. First to report to you face to face on the work that is happening in Cat Island, Rum Cay and San Salvador, and agencies’ representatives will be here to discuss those with you.

“The road and water project, the airport works, the new desalination plants, the clinics and the energy plants. You deserve clear information. You deserve some timelines. You deserve to know where we are keeping pace and where we are behind.

“Second, I've come to listen. You hear me talk all the time on the news and tonight, we want to hear you. I want to know how these projects feel from your side, where the detours are causing problems, where communications have fallen short, where a small fix could make a big difference in daily life. Statistics in Nassau are one thing, but the experience here is what really matters. And third, to talk about the future in a serious way.”

have an improved airport with two inches of asphalt, 7,000 feet by 150 feet wide, with new aprons, upgraded aprons, upgraded drainage systems, upgraded navigational aids.

“And on the roads we will be improving the safety of the commute with the signage... and also drainage. So we want to minimise the flooding along the road. So basically it's a total infrastructure upgrade with respect to the road and the airport.”

Dr Kenneth Romer, deputy director-general of tourism and the director of aviation, added: “But we

IMPROVE - See Page B4

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Conch & Coconut battle: Bahamas

interest’ claim countered

PATENT - from page B1

defendants to Mr Conde’s US lawsuit alleging unfair competition and violation of the Conch & Coconut trademarks he purports to own, had previously argued that its inclusion was “improper” because no evidence has been provided to show they “directly participated” in the Conch & Coconut business or any of the conduct complained of.

However, Mr Conde has hit back by reiterating his claim that the Bahamian real estate brokerage “directly participates in” - and benefits from - Mr Gibson’s use of the disputed Conch & Coconut trademarks “to further their own business”. And he argued that Corcoran CA Christie Bahamas has significant ties to south Florida, having hosted the ‘Keys to Paradise’ event in the state to market Bahamian real estate just five days before his filing.

The former Conch & Coconut partner, who is embroiled in litigation against Mr Gibson and other

parties on both sides of the Florida straits, argued that - in addition to having jurisdiction over Corcoran CA Christie Bahamas - the US court is also the only forum that can resolve disputes related to trademarks and patents that have been registered in that nation.

While Mr Gibson has moved to register Conch & Coconut and other names as trademarks in The Bahamas, Mr Conde is claiming that he already owns these by virtue of their prior US registration and is arguing that the Harbour Island business is using them illegally without his permission. And, in his latest south Florida filings, he claims that Letamae Johnson (formerly DeCosta), a Bahamas resident hired to provide accounting services for Conch & Coconut, and who works with Mr Gibson, had “misappropriated” data covering 745 bookings that generated some $770,315 worth of business for the tour operator.

“In May 2025, I discovered that Conch & Coconut’s protected data, which included

Three-island provider eyes capital raise in New Year

RENEWABLE - from page B1

local ownership of these projects. So there will be an opportunity for Bahamians to invest directly in these projects. The total value of these projects combined, with the three islands, is roughly between $40 and $45m.”

Mr Roscoe said the renewable energy systems will be hurricane resistant, providing cleaner and more lower-cost, stable solar

power which will increase energy affordability. Diesel generation will also be replaced.

“Battery systems are quickly changing the way that we produce electricity,”

Mr Roscoe said. “They are faster and better in almost every aspect than their fossil fuel counterparts. So they, along with the solar, combine to make a very powerful electricity and reliable electricity source. In addition, we are also bringing clean

Hills and swamp land force runway rethink

IMPROVE - from page B3

just didn’t undertake the construction of an airport in New Bight. That is going to be, I call it the most sustainable airport perhaps in our country, with 40 percent solarisation.

“So the Prime Minister has been a global voice and champion when he speaks to sustainable development. He’s modelling it in Cat Island. So you’re going to get about a 20,000 square feet facility, solar panels. You’ll find there’ll be room that speaks to the arrival of more visitors.

“We speak about the indigenous approach. Cultural authenticity and native craftsmen will be able to spray their wear. We have a crossfire rescue building

that is almost completed and will be commissioned in the first quarter of next year. It follows shortly again by the opening of our new airport in New Bight.

“Then we’re looking again at Arthur’s Town Airport. This week, we actually installed the roof in New Bight. Over 7,000 feet of a new runway, again, building on facilities there that were not attracting the quality of visitors to our shores. What we have seen is that the construction of these airports and this renaissance of our Family Islands has created a global buzz. We have seen evidence of this, such as American Airlines for the first time, beginning the inaugural flight into Bimini.

“We saw Long Island airport that has the hill being

Conch & Coconut’s customer information, was downloaded by certain defendants, Julian ‘Shaq’ Gibson and Johnson,” Mr Conde is alleging.

“By applying Florida zip/ area code information to this data, I able to filter and arrow the number of customers to those in Florida. In total, defendants misappropriated the customer information for 745 bookings from 441 Florida residents, which I calculated through the application of Excel filters. I also totalled the amount paid by Florida residents to Conch & Coconut for these services, including the booking services, whose booking data Johnson misappropriated, which amounts to $770,315.24. This amounts to 14.8 percent of Conch & Coconut’s revenue.”

Mr Conde spent much time attacking the arguments by Mr Gibson and the other defendants that The Bahamas, and not Florida, should be the jurisdiction where the legal battle is heard and decided. He largely sidestepped the two

natural gas to these projects to backstop the solar and the battery (energy storage system) to create a fully reliant system.”

Noting that the consortium has analysed energy demand for each island, and designed systems to meet that demand, Mr Roscoe said it will provide Cat Island and San Salvador with one mega watt (MW) of solar power that will meet 90 percent of the islands’ energy demand.

“For Cat Island and San Salvador, we have one MW of solar,” he said. “Long Island, slightly bigger, we have three MW of solar. And each island will have a varying amount of natural gas

removed and the new terminal. And then Bahamasair, for the first time, saying 100 percent seat capacity increase in Long Island and American Airlines. These are new things. If we build it, they will come,” Dr Romer added.

“And the same thing is happening again with Cat Island. This renaissance in Cat Island is going to totally transform the tourism landscape, because aviation is the enabler for tourism. We know that tourism is putting the 50 percent value into GDP into the pocket of local entrepreneurs and stakeholders. And while tourism is the oxygen, aviation is the blood. Aviation has to fuel the tourism engine.

“So, Cat Island get ready again for an increase in visitors, for new opportunities for entrepreneurs and stakeholders to increase airlift and your new facility, both New Bight and in Arthur’s Town, is coming soon, directly.”

existing Bahamian Supreme Court Orders/injunctions which prevent him from interfering with Conch & Coconut’s business while allow the latter to continue using assets such as its golf carts for its business.

“As trademark rights are territorial and must be exercised in the sovereignty in which they are awarded, a Bahamian court has no authority to enforce these rights. This renders The Bahamas an inadequate alternative forum,” Mr Conde alleged. “Trademark rights are territorial, and a US court will not recognise the decision of a foreign court regarding US trademark rights in the US.

“Because of the territoriality doctrine, decisions of courts outside the US are not relevant to the ownership and enforcement of trademark rights within the US. “As a result, Mr Conde is arguing that “The Bahamas is not an alternative forum for plaintiffs’ unfair competition and trademark infringement claims”.

“The parallel proceeding in The Bahamas cannot, because of the territorial nature of trademark law, provide any judicial economy because the Bahamian courts cannot provide plaintiffs with protection within

and batteries based on not only their regular usage, but the seasonal usage in certain high seasons, like homecoming and regatta, festivals and so forth. All of these designs will provide major improvements to grid stability, capacity and the resilience of these islands, and increase the quality of life for both the residents and the businesses that rely on energy to meet their needs.”

“So what’s happening next? We’re finalising the geotechnical and interconnection, the front-end engineering work that’s essential to construct these projects. Once that is done and the financing is finalised, we will purchase and procure the panels, the batteries, the generators, all the components that are needed to execute these projects and start construction. We will work collaboratively with the Government, with

the US on the basis of US trademark property rights,” he reiterated. “And the preliminary injunction in The Bahamas is not an extra-territorial injunction, nor again would the Bahamian courts have the authority to issue one, for trademark infringement or unfair competition in the US.”

Mr Conde also repeated his “theft of trade secrets” claim against Mr Gibson and Ms Johnson, alleging that the latter had used her access prior to the break-up to “cancel out plaintiffs’ reservations and download all of plaintiffs’ booking data”. He added: “The trade secret customer information and leads from the booking data misappropriated by Johnson includes 441 customer addresses and phone numbers from Florida residents. From this information, plaintiffs were able to provide over $770,315 worth of services to Florida residents in the last two years, accounting for 14.8 percent of plaintiffs’ total revenues from the United States.”

Mr Gibson and other defendants to Mr Conde’s action had previously asserted that The Bahamas “has a national interest” in resolving the dispute through its own judicial system because it involves a

the local communities and with BPL in the execution of these projects over the next two years.” Lamore Bingham, operations manager for Renugen Pro, said engineering, preliminary design and planning are already in progress, land has already been cleared and geotechnical studies have been completed. He added that the consortium is working with the Ministry of Energy and Transport and Bahamas Power & Light (BPL), and they will use a hybrid clean energy design, which combines solar photovoltaic (PV), battery storage and natural gas generation. Its 25-year power purchase agreement (PPA) with the Government will serve as “a long-term solution to support the growth in tourism, small businesses and residential and community developments on

National Investment Policy that reserves businesses such as Conch & Coconut for 100 percent exclusive ownership only. Mr Gibson’s ex-US partner is non-Bahamian, which would violate this policy, and the former has previously admitted to ‘fronting’ for Mr Conde. Now, in the defendants’ joint dismissal bid, they also argue that The Bahamas has “a paramount interest” in safeguarding Conch & Coconut’s trademarks, patents and intellectual property - rights which Mr Conde claims he ownsbecause the operations are located in this nation.

Mr Conde, though, rejected this by asserting: “While some of the events in this matter occurred in The Bahamas, the claims and injuries arise in the US from defendants’ actions in the US, including operating a website and Instagram available in the US that infringes plaintiffs’ US trademarks, and marketing, offering to sell and selling services that infringe plaintiffs’ US trademarks to US customers, including Florida residents. The United States, not The Bahamas, has the superior interest of addressing infringement of US trademarks in the US.”

each island”, as the project “fully aligns with the Government’s commitment to deliver stable, modern, sustainable power throughout The Bahamas”.

“At the completion, Cat Island, Long Island and San Salvador will experience fewer outages and have a more reliable power supply,” Mr Bingham said. “The new energy hybrid system also works together with building a more sustainable Bahamas through the plan to reduce carbon dioxide emissions by 65 percent based on the current diesel emission models.

“We also have significant reduction in fossil fuels dependence. The design also includes inherent capacity headroom. This will allow us to serve existing demand and support incremental load growth without the need for additional new investment. This will be transformational for all our islands.”

Conch & Coconut chief says real

estate clients ‘won’t work with me’

himself, had revealed to him Mr Conde was still flouting The Bahamas’ national investment policy which reserves industries such as real estate and tour operations for 100 percent Bahamian ownership.

Suggesting that Mr Conde was seeking a new Bahamian partner or ‘front’ following their split, Mr Gibson alleged that Mr Arthur had informed him that he had “rejected” a request made by Mr Conde’s father to help the US duo “with their business of renting houses on Harbour Island”.

The Conch & Coconut chief’s allegations are contained in a December 9, 2025, affidavit that was filed just six days before Monday’s hearing on Justice Fitzcharles’ Order where both sides are due to be present. However, Mr Conde’s Bahamian attorneys are denying he breached the Supreme Court injunction because it did not “mandate” that he give Mr Gibson and the Bahamian operation access to the company’s website and social media platforms.

Justice Fitzcharles had ordered that Mr Conde and his US-domiciled companies be barred from interfering or intervening with Mr Gibson and the Harbour Island-based operations until the full trial.

The latter and his attorneys, Callenders & Co, have interpreted this to mean granting them full access to the Conch & Coconut booking engines and online platforms that were under Mr Conde’s control in Florida.

Mr Gibson, in an e-mail sent to Mr Conde on the same day that the Supreme Court order was granted,

demanded: “Please communicate with me directly and immediately, providing full access, user name/password and any other administrative access to the Conch & Coconut domain and all Conch & Coconut Google access, including full e-mail access and administrative controls.”

Similar demands were made in a letter sent by Simone Morgan-Gomez, of Callenders & Co, to Michaela Sumner-Budhi of Graham, Thompson & Company, the attorney for Mr Conde. “Uninterrupted access” was sought to the company’s Google, Instagram, Hubspot, Slack, Logdity, Trip Advisor, Ring Central and FarHarbor accounts, as well as to Conch & Coconut’s website and e-mail account.

Mrs Morgan-Gomez, in a follow-up letter sent on November 17, 2025, also demanded that Mr Conde remove the “temporarily closed” sign that had been placed on Conch & Coconut’s Google listing. “Each day that the Order is not complied with constitutes your client being in contempt of the Order,” she warned.

However, Mrs Sumner-Budhi refuted the non-compliance and contempt claims in a letter sent the following day. “We are unable to reconcile the requests set out in the letter with the terms of the Order,” she replied. “Respectfully, the Order is prohibitory in nature and is limited to restraining the defendants from interfering with Conch & Coconut’s business operations.”

The Graham, Thompson & Company attorney reiterated this stance in a further letter on November 27, 2025, adding: “With respect, we do not share your position that the Order mandates

the defendants provide access to domains/websites and accounts owned by the LLC [Mr Conde’s company]. Any historical access your clients may have had to the same was based on the relationship which existed at the time when the parties co-operated to ensure the success of the venture each had embarked on.”

Mr Gibson and his attorneys, though, remain adamant that Mr Conde is in breach of the Supreme Court Order and continuing to undermine Conch & Coconut’s Briland operations. They added that his former US partner still has the Conch & Coconut online listing, “which shows that they are still offering services which constitute business reserved for Bahamians even though they are Americans and cannot lawfully conduct” such activity.

Asserting that he is the one being prevented from “conducting… lawful business” through Mr Conde’s control of the online domains and booking platforms, Mr Gibson added that Google’s ‘temporarily closed’ designation “continues to materially interfere” with his ability to attract and retain customers, obtain credit and services from suppliers and gain access to providers who can collect tourist payments.

And, while Trip Advisor has removed the ‘temporarily closed’ designation, no other provider has restored access for Mr Gibson and his team following their May 2025 break-up and ‘divorce’ from Mr Conde. He is alleging that his former US partner had successfully persuaded Instagram to block him on the basis that he was “infringing” on Mr Conde’s trademark ownership of the Conch & Coconut brand.

“Social media is very important to us getting new business,” Mr Gibson asserted. “We need to access that new Instagram account, and the lack of access is interfering with [Conch & Coconut’s] ability to post pictures and information to the public regarding its services, current and future business.”

He added that “many customers” have informed him and his staff that they believed Conch & Coconut had closed, while also complaining that their e-mail and online inquiries had not been answered and that they had gone to rival tour, destination management and concierge providers.

“As [Conch & Coconut’s] business depends on tourists, and we are currently in the high season, the defendants’ failure to comply with the Order is severely detrimental. The harm is ongoing, increasing and suffered daily by the claimants,” Mr Gibson alleged of the impact to Conch & Coconut.

Accusing Mr Conde and his Florida-based companies of “directly and substantially” interfering with the business, and doing so “deliberately and continuously, he added: “Their actions have caused serious financial loss, reputational harm and affected our business credibility so that some persons are reluctant to do business with us.

“Based on the recent bookings, we anticipate a significant reduction in revenue and are working tirelessly to counteract this and improve the business,

The defendants’ refusal to restore access to the claimants’ essential business platforms has crippled [Conch & Coconut’s] ability to communicate with customers, generate revenue and sustain its 12-16 employees.”

Mr Gibson cited numerous visitor interactions where potential clients had been unable to contact or communicate with the Briland-based operator, making it challenging to secure or retain the business. One booking, for a March 2026 “bonfire” party involving 60-70 guests, and which would have generated gross income of between $25,000 to $45,000, was disrupted by the company being cut-off from its booking platforms.

“That is how far ahead persons are booking, but we are not seeing as many future bookings as we have seen in previous years because we are not allowed to access the online platforms,” Mr Gibson alleged. “Our inability to access the online platforms interferes with our business today and future business. We do not know what business the defendants ignored which those potential customers have not returned to us and went elsewhere for their services.”

Mr Gibson added that the fall-out has spilled over to his real estate sales and rental business on Harbour Island. “I have been informed by various of my realtor friends and colleagues that clients who are seeking to rent, buy and sell real estate have stated that

they will not work with me because of the rumours that I am currently fronting for an American/foreign person, I am doing business which I do not own, the Government of The Bahamas is investigating me for potential unlawful actions post the 2023 and 2025 Department of Inland Revenue raids…,” he alleged. ‘They [clients] do not want their rental deposits or other business caught up in a company that may not exist or may be shut down in the near or foreseeable future. Robert Arthur, who owns Arthur’s Bakery on Harbour Island, and is also licensed by the Bahamas Real Estate Association (BREA) to practice real estate, recently communicated with me regarding the first defendant’s father, Pablo Conde senior, contacting him to ask if Mr Arthur would assist them in ‘their business of renting houses on Harbour Island’. He told me that he rejected that request.”

Accusing Mr Conde of “playing with”, and “attempting to ruin”, a business that he cannot participate in because it is reserved for 100 percent Bahamian ownership, Mr Gibson said: “We are just asking for what is ours… Every day we are challenged to defend ourselves and our business reputation against rumours that we are out of business, fronting for Americans and/or simply lazy and incompetent because we do not respond to customers.”

High rise condos set for later phase

BUILD - from page B1

will be in this tower number two area.

“And in tower number three is where you would have your emergency room services. This is your in and out, of course, with entrance into the parking facility. And this is your circulation area so the ambulance will come in from East Avenue and this is the exchange area between our patients that will be coming by that kind of transportation.”

Dr Brown said the second floor will include beds for the critical care units. The third floor will feature additional surgical operating theatres and interventional suites. “The second floor is similar, except now you have your first set of beds, so you can have critical care units, and you can have step down beds or medical surgical beds,” he said.

“And, of course, on the eastern side of tower number five we have the two specialty areas, one with 10, the other with 11, beds. On the third floor, additional surgical operating theatres, and our interventional suites will be on the third floor, and the

same configuration as well. Again, on the east wing, hospital beds, other specialty units and, of course, your circulation units will always be as we see on the western side.

“The fifth floor will be the last floor with beds.

And then after that, where you have beds on the fifth floor, you actually will then have all parking on all the subsequent floors after that. So that’s what you’re seeing here. So those are car parking spaces, and I think there’s about 87 spaces per floor, and this is your eighth through 11th floors, quite similar, except on the seventh floor you have the roof of this entity on the fourth floor up, and that is not shown on the others.”

Dr Brown said phase three will involve the installation of a parking garage that extends from levels seven to level 11. He told attendees the site had inadequate parking.

“And so in front of the wash house on Gibbs Corner, we have, I think it’s just under an acre, 0.8 acres of property,” he said. “And interestingly, it really only provides for 66 spaces, which really is a very expensive and inefficient, not to

mention scattered way, of trying to park. Hence, the idea of having the parking deck on property.”

Phase four, according to Dr Brown, would include condominium units and amenities on levels 12 through 17 which would support the hospital and its patrons. “Phase four would be to add the residential component, which will service both the hospital and could also serve as an investment opportunity for those that wish to assist in... the expense of this significant venture,” he said.

He added that ramps that will take persons from floor to floor for parking.

“Otherwise you have two elevators within the main hospital core, an additional two larger hospital elevators here,” he said.

“And then, of course, for the condominiums, you have two elevators for those and, interestingly, for the parking we actually intend to use two car elevators.

And you could imagine, if you’re going to be going up four or five floors, or even eight floors, you really don’t want to ask a patron to drive a car up eight floors and then they say, ‘Oh, I forgot something. I have to go back down...

“So that’s not the intent, and we expect that really only for the first three floors that the hospital staff,

Lawsuit challenges the approval of an exploratory drilling program in Alaska petroleum reserve

By BECKY BOHRER Associated Press

CONSERVATION

groups and an Iñupiat-aligned group sued Thursday to overturn

the recent approval of an exploratory drilling program in the National Petroleum Reserve-Alaska, saying it was improperly analyzed by the federal government and could harm

caribou and important habitat areas.

The U.S. Bureau of Land Management approved a one-year program proposed by ConocoPhillips Alaska last month that included

particularly the physicians who have to come in and out, will be able to drive in and drive back out. While everybody else, their vehicles, will be valet parked on the parking floors and using not the ramps so much, but mainly the car elevators to take them up and down.”

Noting that the Town Planning Committee is concerned about the development of “a concrete jungle”, Dr Brown presented images of a vertical garden on the proposed structure. He said the goal is to to develop a gated, secure multi-phase and mixed-use hospital, which will have residential and parking components in the tower.

“So in looking at Collins Avenue with the commercial complex over here and the Medical Pavilion over to the left, and Atlantis all the way to the north, literally the entire street when I was a child, most of Collins Avenue, was a residential street for the most part,” Dr Brown said.

“I’m not a child any longer. But what has also changed, apart from my maturation process, is that the whole area is now 98 percent-plus commercial. So there’s probably about three houses left on Collins Avenue that could be deemed residential, and probably two of those are not even occupied. And

seismic surveys aimed at helping identify oil and gas reserves and plans to drill four exploration wells. Activities would occur near existing ConocoPhillips Alaska developments, including the large Willow oil project, the lawsuit states.

The complaint, filed by Earthjustice on behalf of Sovereign Iñupiat for a Living Arctic, the Center for Biological Diversity and The Wilderness Society, says the process around the company’s application and its subsequent approval lacked transparency and was rushed. A final decision was issued days after a limited public comment period ended, it says.

The Bureau of Land Management “has pushed this project through without proper analysis or process and without considering the significant flaws in the measures it relies on to justify its approval of the

so that is the present commercial complex that is in existence right now. Originally, it was intended to be the signature location for the Royal Bank of Canada (RBC). That had its own challenges.”

Melanie Cartwright, director of Funshine Academy daycare and preschool, voiced the same concerns she had regarding Mr Brown’s development in 2022. She read a letter that she had written in August 2022, stating her concerns that construction can be harmful to children in her care. She also noted that her 2022 letter did not receive a response, and voiced concerns regarding the boundary wall being compromised.

“Please note that my approval from Physical Planning for the use of my property as a pre-school required the playground to be properly enclosed,” she said. “As a result of my boundary wall becoming a part of the complex being built, there is no longer a boundary wall so there is no separation.

“So, like I said, the building is actually sitting on the playground. Please also note that this wall was not built to support such a massive structure, but merely to divide properties. Therefore, the wall is beginning to crumble with exposed steel.

exploration program,” the lawsuit states. It names as defendants the Bureau of Land Management and its parent agency, the Department of the Interior, along with top officials including Interior Secretary Doug Burgum.

Interior Department spokesperson Alyse Sharpe said the department does not comment on pending litigation. Dennis Nuss, a spokesperson for ConocoPhillips Alaska, said in an email that the company is confident in the “robustness” of its plan and permits and looks forward to completing its work within the limited winter exploration season.

There has been longstanding debate over how much of the petroleum reserve — which covers an area roughly the size of Indiana — should be open for development. President Donald Trump’s administration has moved to roll back limits on drilling and

The building is now structurally compromised.”

Dr Brown argued “most of the Centreville area has what was described to me as shared walls by the surveyor”. Another attendee, Inez Major also renewed her concerns, noting that if the project proceeds as planned the only view she would have is the sky. She also voiced concerns over the presence of a generator.

“Now the other issue is with the location of a very large generator of which preparation is already underway,” she read from a letter she wrote. “A trench is being dug and multi-layers of large conduits running the length of approximately 120 feet are now in the trench at that time. Now the generator will be right under my bedroom window, which is on the second floor of my apartment.

“I’m not at all comfortable with the generator so close to the house, my living space and my window. Now it is not just an uncomfortable situation. It is potentially a serious mental health issue that could result from the following, such as obnoxious smells, diesel coming from the windows into the bedroom and into... spaces of my building, the noise pollution, exhaust, vibration and not being able to sleep or enjoy the apartment.”

protections enacted during the Biden administration, and a law passed this year calls for the first lease sales in the reserve since 2019.

The push has been cheered by the state’s Republican congressional delegation and governor, but it raised concerns among environmentalists who caution against the continued embrace of new oil production in the face of climate change. The reserve is home to Teshekpuk Lake, the largest lake in Alaska’s arctic region and third-largest in the state.

Nauri Simmonds, executive director of Sovereign Iñupiat for a Living Arctic, said the proposed exploration program is “not only an assault on caribou and tundra — it is another chapter in the enfoldment of our people into systems designed to fracture us from within.”

“Sovereign Iñupiat for a Living Arctic stands against this approval because our future depends on protecting our homelands, our unity, and our right to live free from the harms of industrial expansion,” Simmonds said in a statement.

The group describes itself online as “an organization of Iñupiat Peoples and community members that believe in a balanced Earth for future generations.”

There are differing views among Alaska Natives, however, over further oil development in places like the petroleum reserve.

A group representing many North Slope leaders, Voice of the Arctic Iñupiat, has supported efforts to drill there.

IN THIS undated photo, provided by the United States Geological Survey, permafrost forms a grid-like pattern in the National Petroleum Reserve-Alaska, managed by the Bureau of Land Management on Alaska’s North Slope. Photo:United States

Pakistan urges social media platforms to crack down on militant accounts to avoid legal action

By MUNIR AHMED Associated Press

PAKISTAN on Thursday

urged major social media platforms to crack down on accounts linked to militant groups, warning that failure to act could lead to stricter government measures or legal action.

At a news conference in Islamabad, Deputy Interior Minister Talal Chaudhry said scores of accounts on X were operating from neighboring Afghanistan, India and elsewhere in the world, spreading extremist content and aiding outlawed militant groups.

He presented what he described as documentary evidence and said militants were benefiting from support inside the two countries.

There was no immediate comment from Kabul or New Delhi.

An estimated 70 million people in Pakistan — a nation of about 250 million — use social media platforms.

Chaudhry said Pakistan is currently serving as "a wall between terrorists and the world," and warned that groups operating against Pakistan could eventually threaten other nations.

IN THIS July 21, 2020 file

ties to the Afghan Taliban government, he said.

"This is a matter of serious concern," Chaudhry said. "Kabul is not only sheltering militants but, in some cases, elements of the Afghan government are providing patronage to individuals spreading hate material and terror content against Pakistan." He said Islamabad has repeatedly asked Kabul not to allow militants to use Afghan soil for attacks in Pakistan.

"We do not want to ban social media platforms," Chaudhry said. "But we will be compelled to do what we do not want if we don't get cooperation," he said.

a man opens social media app

use of artificial intelligence to detect and remove mirrored accounts that glorify militant groups or promote hate speech.

will withstand judicial scrutiny.

And, while acknowledging that the legal battles are delaying development work and the creation of jobs for Bahamians, Yntegra revealed it will seek to make progress by initiating a new process for Town Planning Committee approval after withdrawing the earlier application due to the changed location of its service dock.

“Yntegra has volunteered to submit a revised site plan to the Town Planning Committee to avoid further procedural delays. The company intends to file its application for preliminary site plan approval in the coming days,” the Miamibased developer told Tribune Business.

“We remain committed to transparency, environmental responsibility and creating inclusive, sustainable economic opportunities for the people of Exuma. While we will continue to participate in the legal process in good faith, our focus remains on delivering a project that will benefit hundreds of Bahamians in the Exuma Cays and beyond.”

Turning to the latest Judicial Review action, it added: “Yntegra Group acknowledges the recent ruling granting Over Yonder Holdings leave to proceed with a Judicial Review of the certificate of environmental clearance (CEC) issued for the Rosewood Exuma project.

“As with the previous leave granted to Turtlegrass

Pakistan has witnessed a surge in violence in recent months, mostly claimed by the Baloch Liberation Army, or BLA, and the Pakistani Taliban, who are known as Tehrik-e-Taliban Pakistan or TTP. The TTP is a separate faction but allied with the Afghan Taliban, which seized power in Afghanistan in August 2021.

Many TTP leaders and fighters have found sanctuary in Afghanistan since then.

Pakistan often accuses Afghanistan and India of supporting the BLA and the TTP, accusations both neighbors deny.

Developer: Environment has ‘guided every major decision’

Resorts, this Over Yonder Holding Judicial Review application was not opposed by Yntegra or the other parties involved, and the decision to grant leave is procedural.

“Yntegra believes that Rosewood Exuma’s greatest strengths are the communities that surround it and the pristine natural beauty of the Exuma Cays. That’s why protecting this environment has guided every major design and development decision. The Sampson Cay project has undergone a thorough and science-led environmental review in accordance with Bahamian law and international best practices,” Yntegra continued.

“This rigorous process included the publication of key documents, site visits and several public consultation meetings with community stakeholders. Yntegra remains confident in the integrity of the environmental review process led by the Department of Environmental Planning and Protection (DEPP), and in the expertise of the Bahamian and international professionals who guided it.”

In a nod to the extra costs and delays caused by the Judicial Review challenges, Yntegra said: “While legal actions threaten to delay a transformational project that is expected to generate over 500 well-paying

jobs, including 250 full-time roles during resort operations, every decision by the court at this juncture marks progress towards the goal of getting Bahamians to work.

“Especially the nearly 150 Bahamians already identified for construction roles through our vendor, Bahamas Industries Construction Company, and the 350 job seekers and 40 Bahamian entrepreneurs who are ready to work with us in areas ranging from food service and hospitality to local retail and logistics.”

Over Yonder Holdings had previously also moved to challenge the now-withdrawn planning approvals granted to Rosewood Exuma over fears the project “will be disastrous for the Exumas” and threaten its own $148m investment.

Darla Tollefson, president of Yonder Holdings, the Over Yonder Cay developer, in a March 21, 2025, letter to the Department of

Chaudhry said Pakistani investigators recently identified at least 19 X accounts that were linked to militants and were being run from India. More than two dozen additional such accounts are active from Afghanistan, some with apparent

Physical Planning argued that maritime conditions in the “narrow strait” that will serve Rosewood Exuma’s commercial dock “are simply too treacherous” for it to be used as the main route for supplying the proposed $200m project.

Citing “strong currents”, large underwater rocks and the presence of “shallow, narrow cuts”, the Over Yonder Cay chief asserted that such “dangerous conditions” mean “it is not a question of ‘if’, but ‘when’ a catastrophic” marine accident will occur and damage a pristine environment located just 1,700 feet away from its own property.

Tollefson, explaining that Yonder Holdings its seeking to safeguard its investment and “protect it for generations to come”, argued that the Rosewood Exuma development’s density and scale “will have a net negative impact on the region’s long-term environmental, social and economic welfare”.

Asserting that Yonder Holdings and its principals are not opposed to development, Tollefson nevertheless insisted “it needs

Chaudhry said so far the cooperation from X has remained limited, while platforms such as WhatsApp, YouTube, Telegram and Facebook have begun assisting Pakistan in identifying accounts spreading extremist content. He urged social media companies to open offices in Pakistan for better coordination and called for the

to be smart development that preserves the natural environment for both Bahamians living in the region and tourists”. He argued that the current plans submitted by Rosewood Exuma’s developer, Miami-based Yntegra Group, do not meet this criteria.

Yntegra Group, which is headed by Felipe MacLean, has consistently rejected and pushed back against the environmental concerns.

The Miami-based developer has asserted that its project will have a $1.6bn impact over 20 years, translating into $80m per year, along with an $834m boost to Bahamian economic output (GDP) and $336m in additional income for Bahamian workers over the same period.

However, Yonder Holdings’ president, in the March 21, 2025, letter to Mr Zonicle, asserted of Rosewood Exuma: “In short, we believe the development as currently proposed will be disastrous for the Exumas.

“Yonder Holdings, a Bahamian company, acquired the Crown Lease for Over Yonder Cay in 2007 and has since spent in

While Pakistan has not yet taken legal action against X, Deputy Law Minister Aqeel Malik, who also spoke at the news conference, suggested the government could consider measures similar to Brazil, where the Supreme Court fined the platform for failing to provide registration data linked to accounts spreading disinformation. Pakistan, in recent years, has briefly banned YouTube, TikTok, and X, often accusing the platforms of sharing hateful, obscene or anti-state content. Earlier this year, Pakistan's parliament passed a controversial bill that will give the government sweeping controls over social media, including sending users to prison for spreading disinformation.

excess of $148m to develop and maintain the island, all the while doing so in harmony with the local ecosystem and preserving the natural beauty of the Exumas. Over Yonder Cay is staffed and maintained almost exclusively by Bahamian employees.

“Over Yonder Cay is approximately 1,700 feet away from where the developer intends to build a service dock capable supporting 486,627 square feet of living space for 352 hotel/ condominium guests and 150-unit employee housing,” the letter added.

“Given our close proximity to the proposed high density development and our very substantial investment in the region, we are understandably concerned. We are not against development in The Bahamas that will promote the long-term prosperity of the region, but as designed this project will have a net negative impact on the region’s long-term environmental, social and economic welfare.”

photo,

‘TikTok’ on his cell phone, in Islamabad, Pakistan.

Photo:Anjum Naveed/AP

AFTER AIRBUS ISSUE, DOT SAYS AIRLINES DON'T HAVE TO COVER PASSENGER EXPENSES

AMID AIRCRAFT RECALLS

By RIO YAMAT AP Airlines and Travel Writer

THE U.S. Department of Transportation has issued new guidance telling airlines they do not have to cover passenger expenses, such as meals or hotel stays, when flight cancellations or long delays are caused by aircraft recalls.

The guidance, released on Wednesday, comes after widespread disruptions last month amid the busy Thanksgiving travel period in the U.S. stemming from inspections and software updates that carriers had to perform immediately for safety reasons on a widely used Airbus commercial aircraft. About 6,000 planes were impacted.

Airlines worldwide scrambled to fix a computer

code issue that may have contributed to a sudden drop in altitude on a JetBlue plane in October, which injured at least 15 people.

Airbus said an examination of the JetBlue ordeal found a software glitch that could have affected flight-control systems on its A320 family of aircraft, the primary competitor to Boeing's 737 planes.

In the U.S., airlines must provide full refunds when they cancel a flight, regardless of the reason. But the Transportation Department does not require them to cover lodging or meals for stranded passengers — even when a disruption is the airline's fault. Instead, airlines voluntarily offer varying levels of compensation for

disruptions caused by something considered within their control, such as crew scheduling issues or mechanical problems, and the department says carriers must adhere to their commitments.

Ten U.S. airlines, for example, offer meal vouchers when a passenger is left waiting three or more hours for a new flight after a "controllable" cancellation or a delay. They include legacy carriers Delta Air Lines, American Airlines and United Airlines, as well as low-cost carriers like Allegiant Air and Spirit Airlines. All but one of them — Frontier Airlines — promise to cover lodging for passengers if they cause an overnight cancellation or delay.

Bulgaria's government resigns after mass protests and just weeks before nation due to join eurozone

By VESELIN TOSHKOV Associated Press

BULGARIA'S government resigned on Thursday after mass protests gripped the country and just weeks before the European Union nation is due to join the eurozone.

The resignation of the minority coalition, led by the center-right GERB party, was announced minutes before parliament was scheduled to vote on a no-confidence motion tabled by the opposition over economic mismanagement and supported by growing public anger with widespread corruption.

"Ahead of today's vote of no confidence, the government is resigning," Prime Minister Rosen Zhelyazkov told reporters in parliament.

The demonstrations on Wednesday came after last week's protests that were sparked by the government's budget plans for higher taxes, increased social security contributions and spending increases. The

government later withdrew the contentious 2026 budget plan. The protesters' demands had expanded to include calls for the center-right government to step down.

"The decisions of the National Assembly are meaningful when they reflect the will of the people," Zhelyazkov said, referring to the anti-government protests. "We want to be where society expects us to be."

Students from Sofia's universities had joined the protests, which organizers said outnumbered last week's rallies that drew more than 50,000 people. Media estimates based on drone visuals put the number of protesters at over 100,000.

At the core of the protesters' frustrations is the role of Bulgarian politician and oligarch Delyan Peevski, who has been sanctioned by both the United States and the United Kingdom, and whose MRF New Beginning party backs the

The new DOT guidance clarifies that disruptions caused by aircraft recalls are not categorized as "within an airline's control," meaning those voluntary customer service commitments do not apply, although carriers can still offer them if they choose to do so.

The department said the guidance will remain in place while it continues rule-making on how flight disruptions should be categorized.

government. Peevski has been accused by opponents of helping shaping government policy in line with oligarchic interests.

"We have no doubt that the government will receive support in the upcoming vote of no confidence. Regardless, the decisions of the National Assembly are important when they reflect the will of the sovereign," the prime minister said.

Zhelyazkov's government survived six votes of no confidence since it was appointed in January, but this time the large turnout of protesters on the streets was a game changer.

The resignation will be formally submitted to parliament on Friday, which must adopt a resolution to accept it. After this formal procedure, President Rumen Radev will give the biggest group in parliament the chance to form a new government. If it fails, the second-largest grouping will get a chance before the president choses a candidate.

If all attempts fail — which is likely — he will appoint a caretaker Cabinet until a new election is held.

Political analysts expect that another vote — the eighth since 2021 — will likely produce a similar deeply fragmented parliament facing an uphill task to form a stable government.

NOTICE

INTERNATIONAL FINANCIAL INVESTMENTS LTD (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 24th of November 2025. Articles of Dissolution have been duly registered by the Registrar. The liquidator is Peter Cartwright, of Nassau, Bahamas.

Dated this 24th day of November 2025.

Peter D. Cartwright LIQUIDATOR

In September, the Trump administration scrapped a Biden-era proposal to make it mandatory instead of voluntary to provide compensation to passengers for major disruptions caused by an airline, which would have brought U.S. policy closer in line with European airline consumer protections.

The Transportation Department said at the time that the move was "consistent with Department and administration priorities." President Donald Trump has sought to significantly roll back or modify federal regulations that his administration deems are wasteful or burdensome.

Assen Vassilev, the leader of the opposition We Continue the Change-Democratic Bulgaria coalition, called the government's resignation "the first step in making Bulgaria a normal European state."

"The next step along this path is to conduct fair and free elections rather than elections compromised by vote manipulation as in the previous campaign," he added.

The Balkan country of 6.4 million people is due to make the switch from its national currency, the lev, to the euro on Jan. 1, to become the eurozone's 21st member. Bulgaria joined the EU in 2007.

NOTICE 414 Holding BH Ltd Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 204938 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 11th day of December, A.D. 2025.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. ALEJANDRO UBILLA SCHAURICHT, whose address is Antonio Machado 7806 Parque Miramar Barra de Carrasco Canelones Uruguay. 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 11th day of December A.D. 2025. ALEJANDRO UBILLA SCHAURICHT LIQUIDATOR

NOTICE DIAGRAM HOLDING LTD Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 1500223 (IBC) (In Voluntary Liquidation)

Notice is hereby given that the above-named

is in dissolution, commencing on the 11th day of December, A.D.

Dated this 11th day of December A.D. 2025. ALEJANDRO UBILLA SCHAURICHT LIQUIDATOR

A DEPARTURE board lists delayed and cancelled flights at O’Hare International Airport, Sunday, Nov. 30, 2025, in Chicago.

Photo:Adam Schreck/AP

BULGARIAN Prime Minister Rosen Zhelyazkov announces that Bulgaria’s government resigns following mass protests, at the Bulgarian Parliament in Sofia, Bulgaria, Thursday, Dec. 11, 2025. Photo:Bulgarian News Agency/AP

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2025.

Average US long-term mortgage rate ticks up to 6.22%, but remains close to its low for the year

By ALEX VEIGA AP Business Writer

THE average rate on a 30-year U.S. mortgage edged higher this week, though it remains relatively near its low point so far this year. The uptick brings the average long-term mortgage rate to 6.22% from 6.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.6%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week. The rate averaged 5.54%, up from 5.44% last week. A year ago, it averaged 5.84%, Freddie Mac said.

Mortgage rates are influenced by several factors, from the Federal Reserve's

interest rate policy decisions to bond market investors' expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

The 10-year yield was at 4.12% at midday Thursday, slightly higher than it was a week ago.

The rise in mortgage rates comes a day after the Federal Reserve cut its main interest rate for the third time this year and indicated another cut may be ahead in 2026. The Fed doesn't set mortgage rates, so even when it cuts its short-term rates that doesn't necessarily mean rates on home loans will necessarily decline.

That's what happened last fall after the central bank cut its main rate

for the first time in more than four years. Instead of falling, mortgage rates marched higher, eventually cresting above 7% in January this year. At that time, the 10-year Treasury yield was climbing toward 5%.

Mortgage rates began declining this summer ahead of the central bank's September rate cut, its first in a year. The average rate on a 30-year mortgage got as low as 6.17%, the lowest

US sanctions Venezuelan President Maduro's 3 nephews as pressure campaign ratchets up

By FATIMA HUSSEIN Associated Press

THE U.S. imposed sanctions on three nephews of Venezuelan President Nicolás Maduro, among others, on Thursday as President Donald Trump looks to inflict further pressure on the South American nation. The new sanctions on Franqui Flores, Carlos Flores and Efrain Campo

come a day after Trump announced that the U.S. had seized an oil tanker off the coast of Venezuela. Also included in the sanctions are Panamanian businessman Ramon Carretero, six firms and six Venezuela-flagged ships accused of transporting Venezuelan oil.

Carretero is accused of facilitating oil shipments on behalf of the Venezuelan

NOTICE

NOTICE is hereby given that PATRICK EDOUARD GUERRIER of Marsh Harbour, Abaco, 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 12th 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 EDLYN JEAN-BAPTISTE of Palm Beach, 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 5th 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 FERNETTA MOXEY of #6 Bedford Avenue, 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 5th 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 ANN-MARIE MELLIS of Tailor Street, Nassau Village, 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 5th day of December, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

government, and the Treasury says he has had business dealings with the Maduro-Flores family, including partnering in several companies together.

The Treasury's Office of Foreign Assets Control published the list of sanctions on Thursday.

The sanctions are meant to deny them access to any property or financial assets held in the U.S., and the

penalties are intended to prevent U.S. companies and citizens from doing business with them. Banks and financial institutions that violate that restriction expose themselves to sanctions or enforcement actions.

Treasury Secretary Scott Bessent said in a statement that "Nicolas Maduro and his criminal associates in Venezuela are flooding the United States with drugs

PUBLIC NOTICE

The Public is hereby advised that I, SHERRY BURROWS of P.O. Box N3140 of #7 Lucky Heart Corner of the Central District of the Island of New Providence intend to change my name to SHERRY CHYNELL THOMAS If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice. INTENT TO CHANGE NAME BY DEED POLL

A SIGN is posted for a new home for sale in Ambler, Pa., Thursday, Oct. 16, 2025.

level in more than a year, on Oct. 30. That pullback in rates helped lift sales of previously occupied U.S. homes in October on an annual basis for the fourth straight month.

Still, affordability remains a challenge for many aspiring homeowners, especially first-time buyers who don't have equity from an existing home to put toward a new home purchase. Uncertainty over the economy and job market are also keeping many would-be buyers on the sidelines.

The overall decline in mortgage rates this fall has been a boon for homeowners eager to refinance their home loan to a lower rate.

that are poisoning the American people."

"Under President Trump's leadership, Treasury is holding the regime and its circle of cronies and companies accountable for its continued crimes," he said.

This is not the first time Maduro's family has been involved in a political titfor-tat with the U.S.

In October 2022, Venezuela freed seven imprisoned Americans in exchange for the United States releasing Flores and Campo, who had been jailed for years on narcotics convictions. The pair were arrested in Haiti in a Drug Enforcement Administration sting in 2015 and convicted the following year in New York.

Applications for mortgage refinancing loans jumped 14% last week from the previous week, and accounted for about 58% of all home loan applications, according to the Mortgage Bankers Association. Applications for loans to buy a home climbed nearly 5%. Economists generally forecast that the average rate on a 30-year mortgage will remain slightly above 6% next year.

"While this is unlikely to deliver the sharp relief some buyers are hoping for, rates are expected to be low enough to help counterbalance continued, but modest, home price growth," said Anthony Smith, senior economist at Realtor.com.

Carlos Flores had been sanctioned in July 2017 but was removed from Treasury's list in 2022 during the Biden administration years in an effort to promote negotiations for democratic elections in Venezuela.

The U.S.'s latest actions against Venezuela follow a series of deadly strikes the U.S. has conducted on alleged drug-smuggling boats in the Caribbean Sea and eastern Pacific Ocean, which have killed at least 87 people since early September.

Trump has justified the attacks as a necessary escalation to stem the flow of drugs into the United States and asserted the U.S. is engaged in an "armed conflict" with drug cartels.

Photo:Matt Rourke/AP

JUDGE

CALVIN & HOBBES

DENNIS THE MENACE

CLIMATE CHANGE IS STRAINING ALASKA’S ARCTIC. A NEW

MINING ROAD MAY PUSH THE REGION PAST THE BRINK

By ANNIKA HAMMERSCHLAG Associated Press

ICE blocks drift past Tristen Pattee's boat as he scans the banks of Northwest Alaska's Kobuk River for caribou. His great uncle Ernest steadies a rifle on his lap. It's the last day of September, and by every measure of history and memory, thousands should have crossed by now. But the tundra is empty, save for the mountains looming on the horizon — the Gates of the Arctic National Park.

Days after Pattee's unsuccessful hunt, the Trump administration approved construction of the Ambler Access Road — a 211mile (340-kilometer) route designed to reach massive copper deposits that would cut through that wilderness, crossing 11 major rivers and thousands of streams where salmon spawn and caribou

migrate. The approval, which is facing lawsuits though proponents believe construction could start next year, came as record rainfall in Northwest Alaska flooded villages and ripped through fish spawning habitat — the latest climate-driven blow to Indigenous communities already watching caribou and salmon numbers plummet. As the co-owner of a wilderness guiding company in Ambler, Pattee's livelihood depends on keeping this landscape intact. An Inupiaq hunter, his ability to feed his family and continue the subsistence traditions of his ancestors depends on healthy caribou and fish populations.

Yet he supports building the road.

"Everything takes money nowadays," said Pattee, who serves on Northwest Arctic Subsistence Regional Advisory Council, a federal

advisory group. Jobs in local villages are scarce, and with gasoline at $17.50 a gallon, the ability to power all-terrain vehicles and boats needed to hunt is out of reach for many. Pattee estimates a single caribou hunting trip from Ambler costs $400. Mining jobs, he believes, would offer a lifeline, and the minerals could slow the climate shifts that are threatening his subsistence way of life.

It's the irony of climate change in Northwest Alaska: the minerals needed to power the green energy transition sit beneath some of the continent's last pristine wilderness — a landscape already on the frontlines of the climate crisis, where temperatures are rising four times faster than the rest of the planet.

"I see the climate changing. I've been seeing it for years now. It's scary," said Pattee. "Losing our culture,

our tradition, is very concerning. So let's do anything we can to help mitigate it."

The decline before the road

Over the last two decades, the Western Arctic Caribou Herd has plummeted from nearly half a million to some 164,000 — a 66% decline, according to the Alaska Department of Fish and Game. Of those that remain, fewer now cross the Kobuk River during fall migration, where Pattee and other Inupiaq hunters

would historically gather in late summer to stockpile meat for winter. While caribou populations naturally fluctuate, scientists say the increasingly delayed cold and snow that triggers the migration south has caused caribou to remain in the Brooks Range, where they are difficult for hunters to access.

The day after Pattee's unsuccessful hunt, the first snow fell. On Oct. 6 — far later than historical norms — caribou began trickling across the Kobuk. Then the rains came, bringing heavy, late-season downpours that scientists say are becoming more common in the warming Arctic and devastating for salmon. Intense rainfall can damage and dislodge eggs, while rising water temperatures reduce oxygen levels fish need to journey upstream.

One recent study found dozens of clear streams in the Brooks Range have turned orange with toxic levels of metals — changes researchers believe is the result of permafrost thaw — which may help explain recent drops in salmon numbers. Chinook and chum salmon in particular are experiencing "sustained and dramatic declines" with periodic population crashes, which has led to complete closures of some fisheries, according to NOAA Fisheries.

Experts worry about what this year's record storms will mean for future runs.

"Elders who've lived here their entire lives have never seen environmental conditions like this and they've never seen fish conditions this poor," said Alex Whiting, Environmental Program Director for the Native Village of Kotzebue.

Adding pressure to a buckling landscape

The Ambler Road would add its own pressures. Thousands of culverts and nearly 50 bridges would disrupt water flow and fish passages, and more than 100 trucks would traverse the road daily over the decades-long production period. Federal biologists warn the region's rocks contain naturally occurring asbestos and that heavy traffic would kick up dust that would settle on thousands of waterways as well as the vegetation caribou depend on. The road would also fragment the habitat of the Western Arctic Caribou Herd, potentially hindering migration patterns. The Bureau of Land Management designated some 1.2 million acres of nearby salmon spawning and caribou calving habitat as "critical environmental concern."

Then there's the mine.

Vast amounts of water would be drawn from rivers and lakes, while groundwater levels and permafrost would be permanently disrupted. The operation would

generate enormous quantities of waste rock and require a tailings facility to store toxic slurry, risking spills that could send heavy metals into waterways. Given the record-breaking rainfall the region has seen in recent years, residents downstream worry about breaches. In Kotzebue, a hub of 3,000 at the mouth of the Kobuk where flooding prompted an emergency declaration this fall, many fear contamination could harm drinking sources and traditional Inupiaq foods like fish and bearded seals, which are already threatened by disappearing sea ice.

Poop "rolls downhill — and that's where Kotzebue's at," said Karmen Monigold, an Inupiaq member of Protect the Kobuk, a grassroots effort working to stop the road, and co-chair of the Kotzebue Sound Subsistence Advisory Council. Monigold learned to live off the land as a child from her grandparents. Determined to share her connection to nature, she taught her four sons and their cousins to hunt and fish. She's watched climate change erode the subsistence lifestyle she fought to preserve and fears the road would accelerate that loss.

Like many opponents, she doubts promises that the road would remain private and notes other Alaska roads, such as the Dalton Highway, opened to the public despite similar assurances. An influx of outside hunters and fishers, they fear, would further stress fish and caribou populations. Even Pattee's support for the road hinges on it being closed.

"We lose so much every generation," Monigold said. "But right now we still have enough of a culture for it to be worth fighting for."

In an emailed statement, Kaleb Froehlich, Managing Director of Ambler Metals, the company behind the mining project, said the operation would use proven safety controls for permafrost and will treat all water from the mining process to strict standards. The company also tracks precipitation to size facilities for heavier rainfall and has a binding agreement with NANA, an Alaska Native corporation, to prioritize recruitment from nearby communities.

Ambler Metals declined to comment on concerns specific to the road, including naturally occurring asbestos, traffic impacts, public access and habitat fragmentation, noting the company is not the road developer, though it has contributed to pre-development costs and would be its primary user. The Alaska Industrial Development and Export Authority, the state-owned investment bank developing the road, did not respond to a request for comment.

GRAVE markers are tilted due to thawing permafrost at a cemetery in Kotzebue, Alaska, Friday, Sept. 26, 2025.

Photos:Annika Hammerschlag/AP

TRISTEN Pattee hunts with his family along the Kobuk River near Ambler, Alaska, where heavy rains have contributed to riverbank erosion Tuesday, Sept. 30, 2025.

US stocks rise after the Fed cuts rates and hopes build for more

By STAN CHOE AP Business Writer

THE U.S. stock market rose to the edge of its record on Wednesday after the Federal Reserve cut its main interest rate to bolster the job market, and hopes strengthened for more cuts to come in 2026.

The S&P 500 climbed 0.7% and finished just shy of its all-time high, which was set in October. The Dow Jones Industrial Average jumped 497 points, or 1%, and the Nasdaq composite rose 0.3%.

Wall Street loves lower interest rates because they can boost the economy and send prices for investments higher, even if they potentially make inflation worse. Wednesday’s cut to interest rates was widely expected and did not move markets much by itself. But some investors found encouragement from comments by Fed Chair Jerome Powell, which they said were less forceful about shutting down the possibility of future cuts than they had been anticipating.

Powell said again on Wednesday that the central bank is in a difficult spot, because the job market is facing downward pressure when inflation is simultaneously facing upward pressure. By trying to fix

one of those problems with interest rates, the Fed usually worsens the other in the short term. Powell also said for the first time in this rate-cutting campaign that interest rates are back in a place where they’re pushing neither inflation nor the job market higher or lower. That gives the Fed time to hold and reassess what to do next with interest rates as more data comes in on the job market and on inflation.

“We are well positioned to wait and see how the economy evolves,” Powell said.

But he also said no one at the Fed is expecting a hike to interest rates in their “base case” anytime soon, and he spent much of his discussion in a press conference following the rate announcement talking about the job market.

After voting on Wednesday’s cut, Fed officials released projections for

where they see the federal funds rate potentially ending 2026. The median member is penciling in one more cut by the end of next year, the same as three months earlier. That projection is under the microscope because Fed officials had seemed unusually split about how much more help the economy may need from lower interest rates. With inflation stubbornly above the Fed’s 2% target, some officials

had been saying it was the bigger threat for the economy rather than the job market.

In Wednesday’s vote, two Fed officials voted against the cut of a quarter percentage point because they did not want to reduce rates now. A third official, meanwhile, voted against Wednesday’s cut because he wanted a deeper reduction of half a percentage point.

In the bond market, Treasury yields eased as hopes rose for additional cuts to interest rates in 2026.

Traders are now betting on a 71% chance that the Fed will cut the federal funds rate at least twice next year. That’s up from the 64% chance seen shortly before the Fed announced its decision, according to data from CME Group.

The Fed also announced a program where it will buy shorter-term Treasurys to help keep the financial system running smoothly. It’s not a large-scale program like past efforts by the Fed to buy bonds to keep interest rates low and stimulate the economy, but it helps keep shorter-term

Coca-Cola names a company veteran as its new CEO

By DEE-ANN DURBIN AP Business Writer

COCA-Cola said Wednesday that its chief operating officer will become its next CEO in the first quarter of 2026.

The Atlanta beverage giant said its board elected Henrique Braun as CEO effective March 31. James Quincey, Coke's current chairman and CEO, will transition to executive chairman of the company. Braun, 57, has worked at Coca-Cola for three decades. Prior to assuming the COO role earlier this year, he led operations in Brazil, Latin America, Greater China and South Korea. He has held positions overseeing Coke's supply chain, new business development, marketing, innovation, general management and bottling operations. Braun was born in California and raised in Brazil. He holds a bachelor's degree in agricultural engineering from the University Federal of Rio de Janeiro, a master of science degree from Michigan State University and an MBA from Georgia State University. David Weinberg, Coca-Cola's lead independent director, called Quincey, 60, a "transformative leader" who will continue to remain active in the business. During Quincey's nine

years as CEO, Coke added more than 10 additional billion-dollar brands, including BodyArmor and Fairlife. He also brought Coke into the alcoholic drink market with Topo Chico Hard Seltzer, which went on sale in 2021.

rates lower than they otherwise would be.

The yield on the 10-year Treasury fell to 4.15% from 4.18% late Tuesday. The two-year yield fell more and sank to 3.53% from 3.61%.

On Wall Street, GE Vernova flew 15.6% higher after the energy company raised its forecast for revenue by 2028, doubled its dividend and increased its program to buy back its own stock.

Palantir Technologies added 3.3% after saying the U.S. Navy will use its artificial-intelligence platform as part of a $448 million program.

Cracker Barrel Old Country Store rose 3.5%.

The restaurant chain caught up in a furor around its logo design reported better results for the latest quarter than analysts expected but also cut its forecast for revenue this fiscal year, as well as for an underlying measure of earnings.

On the losing end of Wall Street was GameStop, which fell 4.3% after reporting weaker revenue for the latest quarter than analysts expected. The video-game retailers’ profit topped forecasts, though.

In 2020, Quincey led a restructuring that reduced Coke's brands by half and laid off thousands of employees. Quincey said Coke wanted to streamline its structure and focus its investments on fast-growing products like its Simply and Minute Maid juices. But as Quincey steps down as CEO, Coke is facing numerous challenges, including tepid demand for its products in the U.S. and Europe and increasing customer scrutiny of its ingredients.