1224025 BUSINESS

business@tribunemedia.net

Wednesday, December 24, 2025

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Up to 1,500 jobs ‘at risk’ but boating fee progress • • •

Marina chief: Cut boat entry time from eight hours to one Tourism, private sector in second meeting on fee reforms ‘Movement’ by Ministry of Finance but negotiation ongoing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN marinas have warned the Prime Minister that up to 1,500 Bahamian jobs are “at risk” from the 40 percent decline in boating traffic amid signs of progress towards an acceptable compromise for both PETER MAURY the Government and private sector over the Budget fee hikes. Peter Maury, president of the Association of Bahamas Marinas (ABM), in a letter to Philip Davis KC’s office that has been seen by Tribune Business, called for reforms that will slash the time taken for visiting vessels to clear Customs and Immigration by up to 87.5 percent as he urged “swift corrective action” to maintain this nation’s competitiveness. Asserting that more than 60 percent of visiting yacht captains surveyed by the ABM said they were choosing alternatives to The Bahamas because of “the complexity and length of the clearing process”, Mr Maury argued that this nation needs to cut the time required to complete this from up to eight hours down to one by “simplifying and digitising” its systems. The Association weighed in amid ongoing negotiations between the Ministry of Finance and tourism industry over adjustments to the new and increased fees, as well as cruising permit changes, that accompanied

DISCUSSIONS - See Page B7

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Gov’t owing BISX $1m in unpaid fees By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

• Listing and trading levies not paid for three years

THE Government owes the Bahamas International Securities Exchange (BISX) a “material” $1m in unpaid fees for the listing and trading of its debt securities dating back over the past three years, Tribune Business can reveal. Keith Davies, BISX’s chief executive, in response to this newspaper’s inquiries confirmed that the Bahamian stock exchange was forced to record “a significant loss” in its most recent audited financial statements due to having to “write down” over $700,000 of what the Government owes to comply with global accounting standards.

• Exchange forced to take $700,000 ‘write down’

BISX’s expansion coming ‘out the gate’ in early ‘26 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas International Securities Exchange (BISX) is aiming to bringing two key projects “out of the gate” in the 2026 first half with its chief executive yesterday conceding that these had been delayed after “getting a little sidetracked”. Keith Davies told Tribune Business that the exchange is seeking to launch its longawaited “private listings market” towards the end of next year’s first quarter, with its crowd-funding platform already under construction - set

• ‘Material’ sum causes ‘significant financial loss’ Voicing optimism that the outstanding sums will be settled by the Davis administration in “a timely and orderly manner”, he nevertheless warned that it “could impact” BISX’s operations if the matter remains unresolved and is dragged out over a long period of time. The BISX chief to swiftly follow in the second quarter as it seeks to execute on plans to grow, broaden and deepen the Bahamian capital markets. “We are still working to deliver on things we talked about last year,” he conceded. “The one we are shortly issuing for consultation is going to be the private listings market. We’ve essentially completed work on that. There are a few minor things we want to tweak on it, but there’s nothing preventing us from putting it out there and moving forward with it. “We’re going to take steps to release it to market participants for comment. I’m hoping to release it before the end of the year. That’s going to be the private listings market. That is allowing private companies to create separate tradable private markets for their securities

GROW - See Page B5

Keith Davies

said the issue has been raised with “a senior level” of government as well as privately. Attempts by Tribune Business to obtain comment from the Government before press time were unsuccessful, but this newspaper understands the unpaid listing and trading fees were discussed at both

Andrew Mountbatten-Windsor

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BISX’s recent annual general meeting (AGM), which was attended by representatives of its 40-plus shareholders, and at the exchange’s most recent Board of Directors meeting. Besides being BISX’s largest shareholder, owning 40-plus percent of the exchange’s equity via the Central Bank, the Government is also the exchange’s largest participant in terms of market capitalisation and the number of debt securities that are listed and traded. The last available data, for the 2024 first quarter, showed that some 242 Bahamas government registered stock (BGRS) issues worth a collective $4.4bn were listed on BISX.

PAYMENT - See Page B7

Peter Nygard

FBI sought to grill UK royal on ties to Nygard Cay owner By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net US law enforcement wanted to interrogate the UK’s now-former Prince Andrew over potential links to convicted sex offender Peter Nygard, especially any women he had met at the disgraced Canadian fashion tycoon’s Lyford Cay property in The Bahamas. Documents revealed as part of US Justice Department disclosures related to fellow sexual predator, Jeffrey Epstein, reveal that the Federal Bureau of Investigation (FBI) and US attorney’s office for southern New York sought legal assistance from their UK counterparts in grilling the fallen British royal, now known as Andrew Mountbatten-Windsor, as part of a

probe into “an international sex trafficking ring” involving Mr Nygard. The request, which was made on April 3, 2020, just weeks after the COVID19 pandemic forced most of the world’s major economies to close, saw US federal law enforcement authorities invoke the provisions of their mutual legal assistance treaty (MLAT) with the UK and request that Andrew be “compelled” to answer questions under oath if he declined to submit to a voluntary interview. No interrogation by the FBI is reported to have taken place, but the US request stipulated: “The US authorities are investigating Peter Nygard, a Canadian citizen, and other

LINKS - See Page B5

PAGE 2, Wednesday, December 24, 2025

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TECHNOLOGY THE TRUE LEVELLER IN ‘DAVID AND GOLIATH’ FIGHT

T

he story of David and Goliath resonates particularly well in the business world today, where small enterprises face off against multinational corporations with seemingly unlimited resources. Yet in The Bahamas, where small and medium-sized enterprises account for around 80 percent of private sector employment, technology is emerging as the great equaliser, offering local businesses unprecedented opportunities to compete and thrive. Consider the transformation in marketing capabilities. Where corporations once dominated advertising through

expensive television campaigns and billboards, Bahamian small businesses can now reach thousands of potential customers through social media platforms at a fraction of the cost. A local restaurant promoting its conch salad special on Instagram can achieve engagement rates that rival national chains, building authentic connections that larger corporations often struggle to replicate. The entrepreneur operating from a storefront on Bay Street now has access to the same digital tools as global brands. The rise of e-commerce platforms represents another crucial development. Bahamian

artisans and retailers no longer need a physical presence on every island to serve customers throughout the archipelago. A craft vendor in Eleuthera can sell to customers in Grand Bahama or even internationally without the overhead costs of multiple locations. Payment processing systems that once required complex merchant accounts are now accessible through simple mobile applications, democratising commerce in ways previously unimaginable. Cloud computing deserves particular attention in this discussion. Small businesses can now access enterprise level software for accounting, inventory management and customer

relationship management through affordable monthly subscriptions. A boutique hotel in Exuma can use the same reservation system as international chains, while a local construction company can manage projects with tools that rival those used by multinational contractors. This technological parity allows Bahamian businesses to operate with a professionalism that builds trust and credibility. The tourism sector, vital to our national economy, illustrates these principles vividly. While large resort chains have substantial marketing budgets, smaller guest houses and tour operators are leveraging online review platforms and booking sites to compete effectively. Authentic experiences, personalised service and genuine Bahamian hospitality shine through digital channels, often attracting travellers who deliberately seek alternatives to mega resorts. Data analytics now provides small businesses with insights into customer behaviour and market trends. A retail shop in downtown Nassau can track which products sell best during cruise ship arrivals, adjusting inventory accordingly. These decisions, informed by real data rather than intuition alone, improve efficiency and profitability. Communications technology has similarly transformed operations, with video conferencing enabling Bahamian businesses to collaborate with international partners

without the expense of constant travel. However, embracing these opportunities requires addressing certain realities. Internet connectivity remains inconsistent in some parts of The Bahamas, creating a digital divide that disadvantages businesses in less developed areas. Government and private sector initiatives to expand telecommunications infrastructure are therefore crucial to ensuring all Bahamian businesses can compete effectively. Digital literacy represents perhaps the most significant challenge, as technology only empowers those who know how to use it. Training programmes, whether through government initiatives or community organisations, will determine how successfully Bahamian small businesses leverage these tools. The implications for our national economy are substantial. As small businesses become more competitive and efficient through technology adoption, they create more jobs, generate more tax revenue and contribute more robustly to economic diversification. A thriving small business sector reduces our dependence on foreign investment and builds wealth that stays within Bahamian communities. The path forward requires collaboration. The Government can support this transformation through policies that encourage technology adoption and investments in digital

KEITH

ROYE II infrastructure. Educational institutions can ensure students graduate with the relevant technological skills. The private sector can mentor smaller enterprises and create partnerships that share knowledge and resources. The David and Goliath story ended with the smaller fighter's victory, not through matching his opponent's strength but through leveraging different advantages. Bahamian small businesses need not become corporate giants to succeed. By embracing technology strategically, they can offer personalised service, authentic experiences and community connections that larger competitors cannot replicate. Those who recognise these tools as essential rather than optional will find themselves better positioned to serve customers, manage operations,= and grow their businesses. In doing so, they strengthen not just their own enterprises but the economic foundation of our nation. • NB: About Keith Keith Roye II is a highly analytic and solutions-driven professional with extensive experience in software development. He holds a BSc in computer science, and his career includes leading and delivering global software projects in various industries in The Bahamas and the US.

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Wednesday, December 24, 2025, PAGE 3

ABACO SPA PARTIALLY BLAMES FOOD STORE CHIEF: ‘KEEP THE SMALL MAN IN MIND’ BOATING FEES FOR SALES DROP By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net AN Abaco spa yesterday partially blamed a downturn in sales on the increased boating fees that the Government has pledged to review. Suzette Colquhoun, proprietor of Island Spirit Touch Mobile Spa, said customer turnout has been slow this Christmas season which she described an unusual trend for her business. She added that with 20 percent of her customer base being persons who visit Abaco during the boating season “it put a damper on the holidays”. “Well, it's been pretty slow,” she said. “Around this time, it's normally kind of slow, but it hasn't been this slow. Like, this is super slow. But I think the boat, yacht issue, I think that contributed somewhat. “Like, I said, it's not super busy because I don't get really busy until after Christmas. But we get manageable work around this time. I haven't gotten any yacht calls for the whole season, so that's pretty unusual. “It put a damper on the holidays, I can tell you that. And I used to make a little bit more than I do now. I'm managing, but normally I do a little bit better than just managing.” Ms Colquhoun suggested the Government go easy on taxation as tourists “have the power” given The Bahamas is heavily reliant on the industry. “The majority of people’s bread and butter is tourism,” she said. “So what I would say is go easy on the taxes, but maybe implement laws with the fishing situation and certain things… “Just have your officers out there doing their job, making

sure everything is standardised and up to the laws and regulations of the islands. But putting this ridiculous tax in right now... Even if the people have the money, they won't want to spend the money. They’d rather go some place else. And it just shows that they have got the power because we survive off of them. “Even if they're doing the tax, my daughter had mentioned one idea, which makes sense - gradually do the tax. Do the tax small. Understand everything is getting expensive around the world. Instead of just trying some elaborate, big, huge tax on them, just maybe go up 10 percent, maybe 20 percent - something that won't make them cry. And then, after a couple of years, you can maybe increase them, but little by little,” Ms Colquhoun added. “At the end the day, they have other destinations. Eventually they might come back here regardless of them kicking up a fuss. But, in the meantime, we got hurt. There aren't many destinations they could go and have the water and the beauty. But, at the end of the day, while they are doing that and deciding whether they want to go back to The Bahamas, we are going to be hurt in the process. “Ain't nothing wrong implementing taxes. I mean, the US do it all the time. They've stiffened up all kind of laws on other people but, just like I said, do it in small portions instead of making some big, elaborate tax.” Ms Coloquhon added: “My thing is, even when you're taxing these people, what you doing with the money, because Abaco, we need roads and light. We've been crying, Abaco been crying, hollering about roads and light.

You doing all this taxing, you're doing all of this, and we don't even see infrastructure. We don't see nothing. We don't get nothing back from it, plus you want to hurt our income on top of that. So make it make sense, and that don't make no sense at all.” Ms Colquhoun’s comments came after the Governemnt said it would review the fees. Latrae Rahming, the Prime Minister’s communications director, said the Prime Minister met with a team from the Ministry of Finance to discuss the issue on Monday afternoon. “We have said from the start that this government is going to consult with industry,” he said. “I know that the Prime Minister would have received some feedback from the maritime or the associations who have been very vocal from the start. “Obviously, we understand that we have, the Government of The Bahamas, has a vested interest in the economic success of our Family Islanders. And so the Prime Minister is listening to what he's hearing. He met with the relevant team from the Ministry of Finance yesterday [Monday] afternoon to discuss it much more broadly. “And so we expect that the Prime Minister will say that the position of the Government moving forward at some point… I mean, of course the purpose of the increase was to really make sure that The Bahamas was benefiting from its marine environment, and to ensure that the environment was protected... And so I think it's the right thing for government to do, even when it implements a policy, to be able to review that policy and see the impact of the policy over a short and medium-term.”

A SMALL grocery store proprietor yesterday urged the Government to “keep the small man in mind” as larger rivals storms seemed to benefit more from the issuance, and use, of voucher systems. With Bahamians purchasing turkeys, hams and other holiday essentials, Horace Miller-Major, Centreville Food Market’s owner, said he has seen a slight 5 to 10 percent uptick in sales for Christmas even though many consumers are shopping at larger stores. “There's a little uptick, nothing of significance I would say. The competition out there is keen,” he said. “And so therefore, with the voucher system that is out there that everybody's receiving, the bigger stores seems to benefit more than the small ones. And so it seems like the smaller ones are always the last, so we get left behind because we can't compete with the biggest stores.” In terms of future partnerships between the Government and smaller stores, Mr Miller-Major said it “depends on who the relevant authorities line themselves with”. He added: “The smaller stores seems to be at a disadvantage because we cannot get as much supplies as the bigger stores, and so we are at a disadvantage. And so the people that get the voucher systems, or the vouchers, are more inclined to go to the bigger stores to shop... “Hopefully they may look at the smaller people and involve them in the process. I don't think we should have to go out there to position ourselves or try to beg them to do anything. They should be looking out for the smaller man. “Let's keep the small man in mind, and hopefully the powers that be, they may see the need

Doctors Hospital chief to relinquish CEO post DOCTORS Hospital yesterday confirmed that Dr Charles Diggiss will step down as its chief executive with effect from February 1, 2026, while continuing to serve as president. The BISX-listed healthcare provider, in a statement, said Doctors Hospital had expanded during his tenure as president and chief executive to feature two hospitals and 13 primary and specialty clinics. It has also launched the LAMP affordable care programme and established a NAECOB-registered allied health training institution. “It has been an honour and a privilege to lead this extraordinary institution as president and chief executive,” said Dr Diggiss. “Doctors Hospital Health System is widely respected for its clinical standards, patient-centred care and dedication to developing the next generation of healthcare professionals.” Dr Diggiss began his medical career as a general surgeon and developed

DR CHARLES DIGGISS laparoscopy in general surgery at Doctors Hospital in the mid-1990s. The BISX-listed healthcare provider added that he also developed the contracted emergency room physician services. It said that, under his leadership, Doctors Hospital Health System (DHHS) has earned international accreditation for safety and quality. It achieved six consecutive Joint Commission International (JCI) accreditations, and became the first hospital in the Caribbean to

receive this distinction. It now employs more than 800 team members and affiliated physicians. “Serving Doctors Hospital Health System has been the privilege of my lifetime,” Dr Diggiss added. “From my early days moonlighting at Doctors Hospital to cover night-time patient needs in the early 1980s to assuming the role of president and chief executive in 2021, I have been inspired by our mission to provide exceptional care to every patient. “I have a deep sense of gratitude for the confidence and trust that so many patients placed in me over the years. I am deeply grateful to our Board of Directors, leadership team, physicians and associates, whose dedication made our success possible. I look forward to participating in this new role as Doctors Hospital Health System continues to advance healthcare delivery and improve lives.” The Board of Directors said it will announce Dr Diggiss’ successor as chief

executive imminently. “Dr. Diggiss’ vision and leadership have been instrumental in shaping Doctors Hospital Health System into the trusted institution it is today,” said Felix Stubbs, its chairman. “We thank him for his extraordinary service.” Dr Diggiss has held the chief executive post for more than four-and-a-half years after he replaced Charles Sealy in early 2021. He had warned Doctors Hospital shareholders of the impending transition in the company’s recently-released 2025 annual report. “As we prepare for the next chapter, I want to share that I will be stepping down as chief executive at the end of fiscal year 2026,” Dr Diggiss said. “I will, however, continue to serve as president of DHHS (Doctors Hospital Health Systems), remaining actively engaged in guiding our strategic direction, supporting leadership continuity and championing the mission we all share.

to kind of push some things our way... because we serve a community too, not only the big stores but us, the smaller stores, serve the community as well. So we're very disadvantaged when it comes to that.” Apart from stiff competition from larger food retailers, Mr Miller-Major said the Trump tariffs have also impacted grocery shopping. “Well, supply chains, with the tariff in the US, because you're not really getting the stuff that you used to get, and the prices have gone tremendously high,” he said. “And so with that your buying power is reduced because you don't want to bring the stuff in and it sits on your shelf because the price is so high. And then the average consumer does not know what it takes for you to land that product here to your shelf. “And so they only come in saying 'Oh, you increase the price on me' and this and that; the next thing. But they don't take into consideration when going to the States, the tariff has increased everything tremendously.” Other businesses, however, have seen a more positive turn this Christmas season. Party Décor and More, a growing business that is three years-old, has seen a 25 percent increase in sales this year. Its owner, Wenneka Brown-Knowles, said sales are up because she has invested in more inventory and continues to do so quarterly. Envy Hair, while experiencing a slower than normal holiday season, is still busy with sales up 70 percent. Its owner, Melissa Williams, said the economy plays a role in customer spending. “I guess the way the economy is running,” she said. “You know, when the hotel is slow there's the trickle down effect. We don't make money if they don't make no money.”

“Notably, I stay on fully engaged as provost of our Institute of Learning (DH-TIOL). This planned transition is part of a thoughtful, deliberate succession process. We are confident in our executive leadership pipeline and have full faith in the next generation of leaders who will carry our vision forward with skill, compassion and clarity of purpose. “DHHS is in a strong position - operationally, financially and culturally. As president, I remain committed to strengthening our partnerships, expanding our reach and ensuring that everything we do continues to serve the evolving needs of our patients, associates and communities.” No successor was named in the 2025 annual report, but a smooth transition was promised by the healthcare provider. “In preparation, a comprehensive transition plan has been developed to ensure a smooth and

strategic leadership handover. This plan reflects our commitment to continuity, cultural alignment and long-term stability,” Doctors Hospital said. “As part of this transition, key members of our strategic leadership team are actively participating in executive leadership programs with Shift180, a renowned leadership consultancy. These programmes are focused on succession readiness, strategic execution and fostering a values-driven leadership culture.”

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Tourism marketing expands via Aventura Mall campaign THE Ministry of Tourism, Investments and Aviation has extended its ‘A lifetime of islands’ winter marketing campaign with a series of digital advertising placements at Aventura Mall in Aventura, Florida. Using the tagline ‘It’s not one island. It’s a lifetime of them’, the Ministry said in a statement that the out-of-home digital displays provide a refreshed, multi-channel effort to celebrate the breadth and variety of visitor experiences across The Bahamas.

Since its New York city Times Square roll-out earlier this year, the campaign has been extended to Canada and the UK, with the Aventura Mall placement serving as the latest addition to its international footprint. The digital displays are running throughout the mall from December 4, 2025, through January 28, 2026, reaching visitors during the peak holiday and winter travel planning season. The Ministry said the placement forms part of

its winter media approach, leveraging high-visibility environments with heavy foot traffic to inspire travel desire. It added that the campaign was conceived to portray The Bahamas as 700 islands and cays, including 16 major populated islands, each with its own identity, culture and experiences. A ‘Lifetime of Islands’ highlights rock musician Lenny Kravitz and his hit, ‘Fly Away’, with the campaign driving the message that the

destination is more than a single location. Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said the winter extension reflects the ministry’s focus on sustaining destination awareness during key travel decision-making moments. “As we continue to build on the momentum of this campaign, it is important that The Bahamas remains visible in spaces where travel inspiration begins,” he said. “Extending ‘A

lifetime of islands into high-traffic environments during the winter season allows us to reinforce the depth of our destination and keep The Bahamas top of mind as travellers plan their next getaway.” Latia Duncombe, the Ministry of Tourism’s director-general, said the Aventura Mall placement supports its broader goal of encouraging discovery across the destination. “‘A lifetime of islands’ reinforces that The Bahamas is not a one-time visit,

but a destination that invites ongoing discovery,” she said. “Placing this message in a high-engagement environment like Aventura Mall allows us to connect with travellers at moments when curiosity and travel intent are naturally high, while reinforcing the depth and diversity that distinguish each island and every return visit.”

HOLLIS COSMETICS

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MAMA SASSY

Bahamian entrepreneurs unveil products with Xmas experience THE Tourism Development Corporation (TDC) says its bid to empower Bahamian entrepreneurs and strengthen their tourism industry participation continued with the hosting of a festive lunchtime shopping experience at Sun,

Sand & Souvenirs in downtown Nassau. The Corporation, in a statement, said Sip & Shop: Corporate Edition featured a new group of entrepreneurs from its Sun, Sand & Souvenirs incubator, providing them with a platform to introduce their products to the public while highlighting the breadth and creativity of Bahamian-made goods.

Designed with downtown Nassau professionals in mind, the Friday, December 12, event also allowed attendees to begin holiday shopping while directly supporting Bahamian small businesses. Treva Strachan, the TDC’s assistant manager and project lead for product development, said: “For us, the reopening of Sun, Sand & Souvenirs is more than a moment - it’s momentum.

“It demonstrates what’s possible when small businesses are given the platform, visibility and support they need to grow. This new mix of vendors reflects the diversity and depth of Bahamian talent, and we’re proud to continue shaping a retail space where creativity can flourish.” Sip & Shop: Corporate Edition forms part of the TDC’s wider mandate to ensure Bahamians are positioned to benefit from tourism by creating access to markets, building entrepreneurial capacity and connecting locally-made products to both residents and visitors. Sun, Sand & Souvenirs is located two doors east of Bayside Food Store.

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Wednesday, December 24, 2025, PAGE 5

Exchange seeks to ‘strengthen’ market’s corporate governance GROW - from page B1 and allowing private individuals to enter those markets to trade those securities. “These markets will be incubators for private companies that may wish to go public in the future. They will issue financial statements internally among themselves. There will be some public disclosure about the role of the company and its operations, and some limited financial information,” Mr Davies explained. “We want to give that company the ability to operate as they are making disclosures, but those disclosures will be internal. That’s a step for us.” Parallel to, and running alongside, the

“private listings market” initiative is BISX’s “crowd funding 2.0” platform that will both fill the gap created by ArawakX’s demise and enable companies that are “a bit more mature” to raise capital from Bahamian investors via a regulated market where disclosure and other supervisory mandates must be met. “Close on the heels of that will be the crowd funding platform. The platform is literally being built,” Mr Davies told this newspaper. “The private capital rules have already been issued. We’re going to mirror those and do enhancements for our market and how it operates will take into account the concerns about how people want crowd funding to work.

US wanted details on women Andrew met in The Bahamas LINKS - from page B1 co-conspirators’ involvement in an international sex trafficking ring victimising adult women and minor girls. “The investigation concerns, among other things, allegations of sex trafficking at various locations inside and outside the US, including Nygard’s estate in Lyford Cay, The Bahamas, referred to as Nygard Cay. Sex trafficking victims were transported internationally, including between The Bahamas and locations in the United States. “The investigation of Peter Nygard and others is ongoing and no charges have been filed as of this date. The investigation has revealed that, on at least one occasion, Prince Andrew travelled to Nygard Cay in The Bahamas, a location where Nygard is believed to have trafficked minor and adult female victims,” the US Justice Department document stated. “Authorities seek to question Prince Andrew regarding his visit(s) to Nygard Cay during the time period under investigation, and other information he may have about Peter Nygard and related individuals. Prince Andrew is not presently a target of this investigation, and US authorities have not, to date, collected evidence that he committed any crime under US law.” The US law enforcement agencies also asked to interview Andrew themselves. Among the key Nygard-related questions that they wanted to put to him were “the history and nature” of the then-prince’s relationship with Mr Nygard; “details regarding

any trips” he took with or to visit the disgraced Canadian fashion tycoon; details on all his trips to Nygard Cay regardless of whether its owner was there or not; and “the names and descriptions” of any women he met at Nygard Cay or through Mr Nygard. The FBI was especially interested in any women who Andrew met “under the age of 18 years-old” and their names. It was also seeking details of any communications between Andrew and Mr Nygard, and their representatives, and on any payments made between the two including for “travel, lodging or other expenses paid in connection with any visit to Nygard Cay, Bahamas”. Andrew, who has been stripped of virtually all his royal titles and honours due to his past connections and dealings with Epstein, has consistently and vigorously denied all wrongdoing. The FBI’s Nygard-related interest in him could have related to a much-publicised visit the UK royal made to Nygard Cay in 2000, where he and his ex-wife, Sarah Ferguson, and their two daughters, Princess Beatrice and Princess Eugenie, were photographed at the property with Mr Nygard. The fallen fashion tycoon frequently released photos of visiting celebrities at Nygard Cay for his own purposes, and there is no evidence of wrongdoing by Andrew during his visits to the western tip of Lyford Cay. However, also included among the documents released by the Department of Justice is a document detailing an informant’s tip about how taped evidence of Epstein’s involvement

“I call it crowd funding 2.0 done through BISX, and using strong market fundamentals for a regulatory structure. People should welcome these additions. But what they should remember is crowd funding is designed for those very new, junior companies that don’t have a lot of operating history. It’s companies at the beginning of their operational phase for the most part. “Therefore, people need to enter this market understanding the risk profile is higher. We want to make sure you understand why and when you enter a market like that; crowd funding 2.0. Be aware of it, understand what it means. Don’t invest if you don’t understand. Only invest a portion of what you can afford to lose. Don’t think this is going to be a major money maker overnight.”

BISX’s planned ‘crowd funding’ tier will seek to marry investors with small and medium-sized enterprises seeking to expand. Persons will be able to acquire, and trade, shares in these companies although the sums invested will likely be less than in full IPOs. Offerings will also be less costly in this tier. The exchange’s strategy is to broaden and deepen the capital markets through the addition of these two new tiers below those companies that have undergone initial public offerings (IPOs). It is seeking to provide corporate Bahamas with more options and flexibility when it comes to raising finance for their ventures via a structured, regulated market. And it will also create a pathway where companies can graduate, and move, from one layer to the next to where, ultimately, they are ready to become public

companies via IPOs. And, from the investor perspective, BISX’s expansion will offer more options for Bahamians to generate greater returns, as well as increasing their long-term savings, in an environment where issuing companies will have to disclose their performance. Asked when the two initiatives will be launched, Mr Davies said: “The private listings market, I think we would want to take a bit more time with the consultation lasting three to four weeks. We’re going to put it out and reach out to individuals so nothing gets lost in the woods. “We’re going to individually touch them, the Chamber of Commerce, individual companies that may be interested to get their feedback on how this is operated… We’re looking at a month of consultation. That is the end of January. Let’s say January, February,

March. Let’s say towards the end of the first quarter, if all goes well, that [the private listings market] will be done.” As for the ‘crowd funding 2.0’ platform, Mr Davies added: “I had always targeted that for the first quarter next year. I won’t give a date on that. I know our goal is to complete it, and when completed it should be operational. All the inputs will be there. We might run a couple of test companies through it to see how it flows. “April, May, June is when we want to go live. That’s the goal we are driving towards. Even if we miss we have a goal that we want to attain. There’s also some work we’re doing that I’ll mention without giving any details. We’re looking at a corporate governance initiative through BISX to strengthen the market.”

in sex trafficking could be located in The Bahamas. Said to have been received on March 8, 2020, just weeks before the FBI made its assistance request to the UK authorities for help in interviewing Andrew, the anonymous tip was said to have been “resolved from Finland” the country of Mr Nygard’s birth, although there is no indication that it ever came from him. It was alleged that Epstein was “organising” inappropriate material for the then-UK royal. “For evidence look for keys stored in the drawing room,” the tipster alleged. “There are tapes in a secret compartment of a drawer next to a Michelangelo picture of a flower vase at his house in The Bahamas. Look also for other things in the kitchen. There is also another studio apartment in The Bahamas and in Ipanema, Brazil, and Florianopolis, Brazil.” Mr Nygard’s Bahamian affairs dominated local media headlines for the best part of the last decade, especially his battle with Lyford Cay neighbour, hedge fund magnate, Louis Bacon. What began as a dispute over access rights to Nygard Cay exploded into an all-encompassing feud that embroiled Cabinet ministers, MPs and both major political parties. The Canadian fashion tycoon made no secret of the financing he provided for the Progressive Liberal Party’s (PLP) 2012 general election win after he perceived a conspiracy against him to prevent the rebuilding of his fire-ravaged Nygard Cay property. He sought the then-Christie administration’s approval to rebuild, but was blocked in the courts by legal action initiated by Save the Bays, the environmental advocacy group backed by Mr Bacon. Mr Nygard was alleged to have illegally expanded

Nygard Cay by reclaiming Crown Land belonging to the Bahamian people from the sea. In revenge, he waged a campaign of harassment and intimidation against perceived enemies, which resulted in explosive allegations - never proven - that he was behind a ‘murder for hire’ plot. In taking on Mr Bacon, the Canadian fashion tycoon was battling

someone with deeper pockets and equal - if not greater resolve - than himself. The hedge fund chief ultimately located Mr Nygard’s achilles heel - his abuse of, and crimes against, women, many of whom were allegedly underage. His global fashion empire collapsed amid charges brought against him in the US and Canada. Nygard Cay also fell into ruin.

In late autumn 2023, following a six-week trial in Toronto, Mr Nygard was convicted of four counts of sexual assault, including one against a teenager. A “Canadian success story gone very wrong”, said superior court Justice Robert Goldstein on sentencing him last year to 11 years in jail.

PAGE 6, Wednesday, December 24, 2025

THE TRIBUNE

THE TRIBUNE

Wednesday, December 24, 2025, PAGE 7

BISX chief is confident payment will be in ‘timely, orderly fashion’ PAYMENT - from page B1 The Government securities market is thus the largest liquidity pool, and greatest source of breadth and depth, for the Bahamian capital market supported by the BISX platform. Mr Davies yesterday reassured investors that the outstanding payments will not disrupt, or interfere with, the trading of government debt securities via BISX but said resolution was urgent from the exchange’s perspective. One well-placed source, speaking on condition of anonymity, confirmed that the figures relating to the Government’s unpaid fees and the write-down enforced on the Bahamian stock exchange were accurate. “That is correct, and I think there is a substantial amount still owing,” they revealed. “The Government has promised to pay, and there’s no reason to think they will not pay given their substantial resources. BISX did have to take a provision for it. There’s discussions with the Government around how to settle the fees. For a small business, which is what BISX is, it’s a substantial

amount of money. It is an issue, and the company needs to get it sorted.” Mr Davies, when subsequently contacted by Tribune Business, said: “The answer is that we are owed fees for the performance of our listing and trading functions with government debt. I think that is an accurate statement that we can reflect given that it is out there in the public domain. “The issue was raised at a senior level [of government] and it was raised privately earlier this year. I was encouraged by the fact it was indicated that it will be addressed. I remain confident and hopeful that this will be resolved in a timely and orderly manner. “Over the last three years these fees have not been settled,” the BISX chief added. “During our last audit, our external auditors required us to make a bad debt provision. This was done in accordance with international accounting standards. These last audited financials, we recorded a significant loss because we had to writedown over $700,000. “This impacts the profitability of the exchange, but this is not because we are financially weak.

Clearance ‘complexity’ pushing 60% of boat captains elsewhere DISCUSSIONS - from page B1 changes to the 2025-2026 Budget and were implemented on July 1. While all sides were last night tight-lipped, and not commenting publicly, this newspaper understands progress is being made following the second of two meetings yesterday. Well-placed sources confirmed that yesterday’s encounter was a follow-up to last Thursday’s meeting between Simon Wilson, the Ministry of Finance’s financial secretary, and multiple private sector representatives who included Jackson Weech, the Bahamas Hotel and Tourism Association’s (BHTA) president; Don Williams, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman; and Chantelle Sands, the Abaco Chamber of Commerce president. With boating business “looking quite dismal” for the Christmas/New Year period and peak winter season, this newspaper understands that the private sector supplied a number of recommendations for changes to the two-year frequent digital cruising card (FDCC) and one-year cruising permit. There were also suggestions that the Government introduce a six-month and 30-day cruising permits to accommodate more short-stay visitors. One contact, speaking on condition of anonymity, added that “a new fee structure” was proposed along with suggestions that the present framework be “suspended” while new levies are slowly rolled-out during the 2026 first quarter. It is unclear, though, whether the Government would accept such a strategy given the precious revenue that would be foregone by the Public Treasury. Tribune Business understands that the backand-forth negotiations between Mr Wilson and the same private sector

representatives continued yesterday. The meeting is thought to have ended with the tourism and Chamber executives now set to present the outcome of what was discussed to their respective members as early as last night. They will then report back to Mr Wilson and the Ministry of Finance today and see if an agreement with the Government on any fee and regulatory revisions, plus the way forward for the boating industry, can be sealed. However, even if a consensus is reached, it will likely require the approval of the Davis administration’s Cabinet which, with the Christmas holiday intervening, is unlikely to occur before next week. “The meeting was very positive,” one source, speaking on condition of anonymity, said of yesterday’s encounter. “The Government is willing to move on what makes sense.” Another added: “There is movement but still can’t comment while negotiating.” Tribune Business understands that the two sides are seeking to strike a balance, or find the proverbial ‘sweet spot’, where the Government generates sufficient revenue from the boating sector to help finance environmental preservation, marine resources management and ensure visitors pay their fair share in taxes. The private sector, while backing these goals, wants to ensure the level of the fees and how they are introduced does not scare boaters away. While The Bahamas’ new two-year frequent digital cruising card (FDCC) has gained traction with boaters, others have pointed out that The Bahamas has gone from charging $600 for a cruising permit, which included a fishing permit and no anchorage fee, to a $1,000 cruising permit fee, $350 anchorage fee and $300 per month fishing permit fee. The ‘temporary’ 12-month cruising permit fee for a vessel below 50 feet in length has risen from $300

NOTICE

ANIMA ANIMUS LTD. Incorporated under the International

Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 205250 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 19th day of December A.D. 2025. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Carlos Augusto Montenegro Ferraz, whose address is Av. Heitor-Lobos, 500, Apt 94-A, Sao Jose dos Campos, SP, Brazil, 12.243-260. 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 23rd day of December A.D. 2025.

CARLOS AUGUSTO MONTENEGRO FERRAZ LIQUIDATOR

Governance and accounting standards don’t allow us to have receivables on our books for that period of time and remain uncollected. The total owed is approaching close to $1m. For an institution of our size, this is material. We couldn’t treat it like a [receivable] as we have in years past. That’s why we are where we are right now.” The write down/bad debt provision has interrupted BISX’s recent consistency in delivering annual profitability. However, Mr Davies reassured investors and capital markets participants that the outstanding fee payments will not disrupt trading of government debt securities on BISX. “Let me be very clear,” Mr Davies told Tribune Business. “Under no circumstances would we ever consider interruption of the listing and trading of government debt. It’s important to point out here that the decision to list and trade government securities after all these years was an important step for the Government, the country and BISX. “We understand the role we play as a vital instrument in the flourishing of the economy. This is not something that we feel will not be resolved. It’s just when. We have standards. We have one fee structure. It’s applicable

to everyone. We are not treating the Government any differently from any other listed issuer. “It’s just got to the point where it’s impacting our financial standing as it relates to the reporting of our financials. It’s not something that can be removed from our financials, and that’s where the financial impact comes into play.” Mr Davies said the writedown’s disclosure in BISX’s recently-released latest financial statements has sparked “more than a few inquiries as to what is going on. Shareholders are naturally inquiring, when they saw the numbers, why this is happening and what is being done. “All those types of questions we have to answer,” the BISX chief executive added. “At the end of the day, this is a governance and accountability matter, and this could impact our operations going forward if we have to write-off all of this, which is something we have not planned for or anticipated.” BISX’s two-decade wait for the Government to list and trade its Bahamian dollar debt securities (bonds) on the exchange was finally ended in July 2020. This was what BISX had been hoping for when it launched operations in May 2000, amid expectations that

such a move would give it an immediate market that was both broad and deep. This never happened and, with BISX having ramped up its costs and structure in anticipation of business that never materialised, it led directly to the Government-led “bail out” - through the Central Bank - some three to four years later that was essential to rescuing the exchange and ensuring its survival. Mr Davies said BISX had “built a sustainable exchange” without having the benefit of government debt securities for some 20 years by being “prudent” and transparent with its operations. “We now need to solve what we consider to be an administrative matter,” he told Tribune Business of the near-$1m in unpaid government fees. “This was addressed at a senior level, and something like this should have been addressed some time ago. It is a material amount, and it also reflects work, time and effort put into it. This is not the future; this is the present. Besides being a significant shareholder, the Government is a significant participant in the marketplace. “Since we operate as a regulated entity, we have a fiduciary responsibility to the market, shareholders and regulators. We want

to make sure everything is done with proper, transparent governance and give confidence to the market that we will not be doing something special for different people at different times.” One source, speaking on condition of anonymity, suggested that one way for the Government to pay-off the outstanding fees - given its present cash flow woes - would be to sell-off a portion of its equity ownership interest in BISX. “There’s no real need for the Government to be a shareholder; they became a shareholder through the Central Bank,” they added. “The Central Bank acquired the stake to help BISX deal with losses and inject capital so that it could get back up and running. The Central Bank stepped up, put up the initial money and take a shareholding. “BISX could offset the liability by buying back or taking government shares, and the Government could pay off the debt by selling shares. That’s one potential mechanism if the Government doesn’t see value in owning the shares. The Government may want to settle without paying cash.”

to $500, a two-thirds or 66.67 percent rise, with those between 50 feet and 100 feet seeing an increase of similar magnitude from $600 to $1,000. And the new anchorage fees range from $200 to $1,500 “for foreign pleasure vessels not mooring at a marina”, and are again linked to vessel size. Mr Maury, in his letter to the Prime Minister, warned that the “economic ripple effect” from the $25m revenues lost by Bahamian marinas due to the decline in boating traffic will also slash government taxes by up to $10m from reduced VAT, Business Licence and other income sources. “I write on behalf of the Association of Bahamas Marinas and the Bahamian-owned marinas, boat yards and marine service businesses we represent to bring to your immediate attention a critical issue that is severely impacting our industry and the broader Bahamian economy,” the ABM president told Mr Davis. “Recent industry data and marina operator reports indicate that The Bahamas is losing approximately $25m in annual direct marina revenue due to the combination of high taxes, fees and an excessively complicated and time-consuming clearing-in

process for cruising yachts and charter vessels. “This figure does not include the additional multiplier effect on local employment, fuel sales, provisioning, repairs and other marine-related spending and supportive businesses.” Mr Maury said charter yacht calls “at major Bahamian marinas” had declined by 38 percent between 2019 and 2024, with cruising yacht arrivals falling by 42 percent over the same five-year period. He added that cruising yachts spend an average $18,000 to $22,000 for a seven to 14-day stay at Bahamian marinas, including for the provision of dockage, power, water, fuel, repairs and provisions. And charter yachts spend an average $45,000 to $60,000 per week. Based on the spending declines, and the 40 percent reduction in boating traffic, Mr Maury wrote: “With approximately 1,800 fewer cruising yachts and 450 fewer charter yachts visiting Bahamian marinas annually compared to 2019, the direct revenue loss to marinas alone is conservatively estimated at $24.5m to $26.3m per year and more in the local economy…. “The $25m direct marina revenue loss translates to

approximately 1,200 to 1,500 direct and indirect jobs at risk in the marine sector; $8m to $10m in lost government tax revenue (VAT, Business Licenses and other levies) from reduced visitor spending; a weakened competitive position against regional neighbours, threatening The Bahamas’ status as the premier yachting destination.” Mr Maury argued that the 10 percent VAT rate imposed on marina dockage, fuel and services “is among the highest in the Caribbean”. He added: “Competing destinations such as the British Virgin Islands, St Maarten and Antigua charge 0–5 percent VAT on similar services. “The $300 to $2,000 annual cruising permit fee (depending on vessel length), combined with mandatory Immigration and Customs processing fees, anchorage fees and fishing permits adds significant cost.” Asserting that price is not the only concern, Mr Maury called for a more efficient, seamless and less lengthy clearance process into The Bahamas for visiting boats and yachts. “Average clearing-in time in The Bahamas is four to eight hours, sometimes requiring overnight stays,

compared to 30–90 minutes in competing jurisdictions,” the ABM president argued. “Over 60 percent of surveyed yacht captains report choosing alternative destinations due to the complexity and length of the clearing process. This results in lost overnight stays, fuel purchases, and provisioning revenue.” Mr Maury urged the Government to “reverse this trend” by targeting a “maximum one-hour” clearance time by simplifying and digitising the process, as well as the payment of charter licences and fees “at a competitive rate” such as 6 percent. He also called for a “tiered cruising permit fee” with a discount for vessels which spend a minimum number of days in The Bahamas, and a “temporary VAT exemption on marina services for the next 18-24 months to stimulate recovery and regain market share”. The ABM chief concluded: “The $25m annual revenue loss is not sustainable, and corrective action now will protect jobs, restore competitiveness and ensure that The Bahamas remains the world’s leading yachting destination.”

NOTICE OCEANEX LIMITED Reg. No. 203584 B NOTICE OF DISSOLUTION Notice is hereby given, in accordance with Section 138(4) of the International Business Companies Act of 2000, that the above-named Company commenced dissolution procedures on the 15th day of December 2025 and that Sterling (Bahamas) Limited of Suite 202 Marina Lane, Sandyport, West Bay Street, P.O. Box N-9934, Nassau, Bahamas has been appointed voluntary Liquidator of the Company. Notice is also hereby given that any person having a claim against the Company is required, within 14 days of the date of this Notice, to send their names, addresses and particulars of their debts or claims to Sterling (Bahamas) Limited, the Liquidator of the Company, or in default thereof they will be excluded from the benefit of any distribution made before such debts or claims are proved. Dated this 19th day of December 2025 Sterling (Bahamas) Limited Liquidator

NOTICE

Yellow Cacau International Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number r 210035 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 23rd day of December A.D. 2025. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Ms. Ana Luiza Couto do Nascimento, whose address is SAS Q 03 LT 02 SL 1014, Brasilia – DF, CEP: 70.070- 3030, Brasilia, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 22nd day of January A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved. Dated this 23rd day of December A.D. 2025.

ANA LUIZA COUTO DO NASCIMENTO LIQUIDATOR

Legal Notice

Legal Notice

International Business Companies Act (No.45 of 2000)

NOTICE

IOP International Fund Ltd., SAC (the “Company”) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) IOP International Fund Ltd., SAC is in dissolution. The date of commencement of the dissolution is 19th December, 2025. Marcelo Bandeira de Mello is the Liquidator and can be contacted at Rua Susano 100 apartment 41, Post Code 01435-030, Sao Paulo, Brazil. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 29th December, 2025.

Marcelo Bandeira de Mello Liquidator

International Business Companies Act (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) GRUNHORN INTERNATIONAL LTD. (the “Company”) is in dissolution. The date of commencement of the dissolution is 12th December, 2025. Delio José De León Mela is the Liquidator and can be contacted at Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama. All persons having claims against the abovenamed company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 31st December, 2025.

PAGE 8, Wednesday, December 24, 2025

THE TRIBUNE

US stocks rose again in 2025 after overcoming turbulence from tariffs and Trump’s fight with the Fed By STAN CHOE AP Business Writer IT WAS a scary good year for investors. It was scary because the U.S. stock market plunged to several historic drops on worries about everything from President Donald Trump's tariffs to interest rates to a possible bubble in artificial-intelligence technology. In the end, though, it was a great year for anyone with the stomach to stick through the swings. S&P 500 index funds, which sit at the heart of many savers' 401(k) accounts, returned more than 18% in 2025 through Dec. 11 and set a record high that day. It's their third straight year of big returns. Here's a look at some of the surprises that shaped financial markets along the way: Tariff tremors Trump dropped the biggest surprise on "Liberation Day" in April, when he announced a sweeping set of tariffs that were more severe than investors expected. It immediately triggered worries about a possible recession and spiking inflation. The S&P 500 plunged nearly 5% on April 3 for its worst day since the 2020 COVID crash. The very next day, it dropped

6% after China's response raised fears of a tit-for-tat trade war. The tariffs' impact went beyond the stock market. The value of the U.S. dollar fell, and fear even shook the U.S. Treasury market, which is seen as perhaps the safest in existence. Trump eventually put his tariffs on pause on April 9 after seeing the U.S. bond market get "queasy," as he put it, which sent relief through Wall Street. Since then, Trump has negotiated agreements with countries to lower his proposed tariff rates on their imports, helping calm investors' nerves. Wall Street motored higher through a remarkably calm summer thanks to euphoria around artificial-intelligence technology and strong profit reports from companies. The market also got a boost from three cuts to interest rates by the Federal Reserve. Trade worries can still cause havoc in markets, and Trump sent stocks spiraling as recently as October with threats of higher tariffs on China. Trump and the Fed Another surprise was how hard, and how personally, Trump lobbied to get the Federal Reserve to lower interest rates.

NOTICE

NOTICE is hereby given that JOY JOHN MWALUGAJA of P.O.Box N-8156, #26 Mckinney Avenue, Stapledon Gardens, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 17th day of December 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

SPECIALIST Anthony Matesic works on the floor of the New York Stock Exchange, Tuesday, May 6, 2025. Photo:Richard Drew/AP

The Fed has traditionally operated separately from the rest of Washington, making its decisions on interest rates without having to bend to political whims. Such independence, the thinking goes, gives it freedom to make unpopular moves that are necessary for the economy's longterm health. Keeping interest rates high, for example, could slow the economy and frustrate politicians looking to please voters. But it could also be the medicine needed to get high inflation under control.

As inflation stubbornly remained above the Fed's 2% target, the central bank kept rates steady through August. This drew Trump's ire – even though it was his own trade policies that were driving fears about inflation higher. Trump continuously picked on Fed Chair Jerome Powell, even giving him the nickname "Too Late." Their tense relationship reached a head in July when Trump, in front of cameras, accused Powell of mismanaging the costs of a renovation of the Fed's headquarters. Powell, in turn, shook his head.

NOTICE

NOTICE is hereby given that NIXON VICTOR of Murphy Town, Abaco Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of December 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Even though Wall Street loves lower rates, the personal attacks caused some queasiness in financial markets because of the possibility of a less independent Fed. Powell's turn as Fed chair is set to expire in May, and the wide expectation is that Trump will choose a replacement more likely to cut rates. Good but not first "America first" didn't extend to global markets. Even as U.S. stocks soared to another double-digit gain, many foreign markets fared even better. The technology frenzy that helped fuel gains for the S&P 500 and the Nasdaq composite drove Korea's KOSPI higher in 2025, enjoying its biggest gain in more than two

decades. South Korea is a technology hub and companies including Samsung and SK Hynix surged amid the focus on artificial intelligence investments and advancements. Japan's Nikkei 225 had a double-digit gain for a third straight year. Besides the focus on AI and the technology sector, the gains were boosted in October and November following national elections and plans for a $135 billion stimulus package. European markets also had a strong year. Germany's DAX got a boost as the government announced plans to ramp up spending on infrastructure and defense, which could fuel economic growth in Europe's largest economy. The European Central Bank spent the first half of the year cutting interest rates, which helped give financial markets across Europe a boost. France's CAC 40 was a laggard, up 10% as of Monday. Crypto's ups and downs Even with a reputation for volatility, cryptocurrencies still managed to surprise market watchers. Bitcoin dropped along with most other assets early in the year as Trump's trade policies scared investors away from riskier investments.

NOTICE

NOTICE is hereby given that ROSENA FRANCOIS of Young Street of East Street 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 24th 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 DEVONIA MORGAN of #15 Clifton Street, Mount Royal Avenue, Centerville off Wulff Road, 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 17th day of December, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ROWNA FRANCIS of Fox Hill Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th 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 CASSANDRA FRANCOIS of Fox Hill Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of December 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, December 24, 2025, PAGE 9

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JUDGE PARKER

CARPE DIEM

MARVIN

C I M J N M Q H O A G O P U W O U W M Y N C K O I O C I Y M U I M M M D L I D X N Z J U V U N N L I E M O M I K I I G I B N U L M U L N O N S U O I M C I N E N S O R N N N U Z F H Q Q T C Q A E C I B R K V R T R T B I A O A V A N A D I U M Q R N D W Q G D T Z Q A O O N O Y A O G A N E N A L U M I N I U M L H J R E P P O C Y T K

BLONDIE

Find all the terms listed below Solution tomorrow ALUMINIUM ● ANTIMONY ● CARBON ● CHROMIUM ● COPPE HELIUM ● INDIUM ● OGANESSO RHENIUM ● RUBIDIUM ● SILICO TIN ● TITANIUM ● VANADIUM ZIRCONIUM

YESTERda

HAGAR THE HORRIBLE

TIGER

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CALVIN & HOBBES

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S R H M A P S Y A K N M O N T Y P Y L K A L U M B E R A K X I R B K V U W C T O R R A P D Y X H J O B U H E L Z P A K J F B S L T M A P P Q O E I D S A L M Q K E S G I E I I A X L Z Y X D N Y N N C L E N O L O C E H J K V X Q E J F X N U D G E N U D G F L Y I N G C I R

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across: Enamour, Backchat, Oeuvre, Bathos, Puddle, Qu Were, Dungeon.

down: Become, Ac Vehicle, Zombie, St Patina, Orchard, Fr (clue), Lament.

DENNIS THE MENACE Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Sudoku increases from Monday to Sunday Best described as a number crossword, the task in Kakuro is to fill all of the empty squares, using numbers 1 to 9, so the sum of each horizontal block equals the number to its left, and the sum of each vertical block equals the number on its top. No number may be used in the same block more than once. The difficulty level of the Conceptis Kakuro increases from Monday to Sunday.

MICRO CROSSwORD

CHALLENGER

Yesterday’s Answers

Yesterday’s

Yesterday’s

Sudoku Answer

Kakuro Answer

PAGE 10, Wednesday, December 24, 2025

THE TRIBUNE

CROSSWORD PUZZLE HOW SEUK KIM’S

Thursday, December 25, 2025

TRAGIC PLANE CRASH BUILT A VOLUNTEER ARMY OF PET RESCUERS By JENNIFER PELTZ Associated Press

CROSSWORD PUZZLE

Friday, December 26, 2025

ON A sparkling late-fall Sunday at a rural Virginia airfield, 16 careworn passengers were getting off a flight that changed, even saved, their lives. Some looked bemused, some wary, some enthusiastic as they were carried off a small private plane onto the tarmac at Culpeper Regional Airport. Then they were escorted to a grassy patch for a potty break and fresh air before catching their connecting flights. The three cats and 13 dogs — including a skinny, shy pit bull mix named Jenny and her seven puppies — were part of a complex weekly airlift conducted by a far-flung, loose-knit group of volunteer pilots and animal lovers. For some years, they have brought pets from overwhelmed Southern animal shelters to foster and rescue groups farther north. But this day was special: The volunteers relayed 117 animals, about twice as many as usual, to mark the anniversary of a tragedy that transformed the group: member Seuk Kim’s fatal crash on a rescue flight on Nov. 24, 2024. “Everybody really feels it,” said Sydney Galley, the co-founder and CEO of the group, now called Seuk’s Army. But, she said, “he would be so excited to see us with so many dogs.” A pilot’s dedication Kim, 49, had realized a childhood dream of learning to fly and was looking to make a career of it after decades working in the financial sector. The Springfield, Virginia, man also liked animals. So after connecting with Galley and others through an animal rescue discussion board called Pilots N Paws, he was in. All in — Kim did multiple animal flights a week and recruited other pilots. He also brought batteries, diapers and other supplies to people in need after Hurricane Helene last year. On his last day, Kim left Culpeper with four dogs, delivered one to a Maryland airport, then took off with the rest for Albany, New York. His 1986 Mooney M20J plane went down in New York’s Catskill Mountains after he reported hitting turbulence. The crash killed Kim and one of the dogs, but the other two survived and were adopted. ‘I don’t think I can do this anymore’ “I don’t think I can do this anymore,” Karissa Gregory, who with Galley coordinates the flights, told other volunteers after Kim’s death. But one of the pilots, Kley Parkhurst, reminded her that aviators assess and accept the risks of flying. He thinks of Kim whenever he flies animals and dips his plane’s wings in tribute if he passes the crash site. Still, Parkhurst, who also does charity medical flights, had no qualms about continuing the animal transports. “I just want to keep the legacy that we started together going,” Parkhurst said recently. How Seuk’s Army regrouped, and grew

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While Kim’s family and friends mourned, news coverage drew attention, new volunteers and more partners to the grassroots nonprofit coordinated largely via WhatsApp chats and Facebook posts. A year later, what is now Seuk’s Army transports two to three times as many

animals as it did before, Gregory said. Pilots use their own planes and pay flight costs, which run hundreds of dollars an hour. Galley, her husband and co-founder pilot Jerry Stephens, and other volunteers have largely underwritten veterinary bills, supplies and other needs. But the Piedmont, South Carolina-based group has started taking organizational and fundraising steps, including a 5K charity run last June at the Culpeper airport, the group’s ad hoc hub. Airport manager Tanya Woodward says a local grant writer is looking for potential donors to fund a dedicated outdoor area for the animals. In a nation where shelters and rescue organizations take in millions of cats and dogs annually, and hundreds of thousands are euthanized for reasons that can include lack of space, rescue flights open new foster possibilities for agencies like the Heard County Animal Control Center in Franklin, Georgia. With its 20 kennels always full and animals sometimes doubled up, the center works with Seuk’s Army to transport as many as eight pets a week across the country, director Kyli Putzek said. She said Heard County doesn’t euthanize animals because of overcrowding these days, but “it wouldn’t be the same story” without the rescue flights. Rescue flights are a logistical feat Volunteers wore T-shirts bearing Kim’s photo as they unloaded, walked, played with, cleaned up after, and reloaded the dozens of animals that came through Culpeper on the memorial flights last month. Stephens and others had flown the creatures from South Carolina, Georgia and other Southern locales. Other pilots would take them on to Northeastern airports, in a logistical puzzle that ultimately spanned about 16 airfields, seven planes, many cars and vans and quick adaptations to weather forecasts. Gregory monitors them more anxiously in the wake of Kim’s death. When departure times neared, leashed dogs waited on the tarmac like a crowd at an airport boarding gate, in a loose line with various degrees of fidgetiness. There was Daisy, a 96-pound bloodhound whose owner had died, and Copper, a handsome hound who had been surrendered amid a divorce. Middie had been abandoned, pregnant, in Georgia. Jenny, the pit mix, and her 8-week-old puppies had been facing euthanasia at an Alabama shelter, Gregory said. Puppies get a bird’s-eye view Seventy-five hundred feet (2,300 meters) over the mid-Atlantic countryside, co-pilot Michael Nuzback turned around in his seat. “Hello, puppies. Come say hi!” he said, unlatching a crate and helping one of Jenny’s pups out. Another followed for a brief stint up front with Nuzback and pilot Stephen Nur. The volunteer pilots were flying a turboprop plane owned by Pilots to the Rescue, a decade-old charity that collaborates periodically with Seuk’s Army. Founder Michael Schneider said he appreciates the group’s work, and “there’s no shortage of rescuing animals” to be done. The pups, which seemed more interested in the pilots’ laps than in the view of the Chesapeake Bay, were tucked back in their crate before night fell over the Eastern Seaboard.

THE TRIBUNE

Wednesday, December 24, 2025, PAGE 11

Trump order halts offshore wind projects for at least 90 days By MATTHEW DALY and JENNIFER McDERMOTT Associated Press THE Trump administration has directed five large-scale wind projects under construction off the East Coast to suspend their activities for at least 90 days, according to letters from the Interior Department obtained Tuesday by The Associated Press, which provide new details on the government's move to pause the offshore ventures. During the pause, the Interior Department will coordinate with project developers "to determine whether the national security threats posed by this project can be adequately mitigated," the Bureau of Ocean Energy Management said in a letter to project developers. The 90-day period can be extended if necessary, the ocean management agency said.

The administration announced Monday it was suspending the offshore wind projects because of national security concerns. Its announcement did not indicate whether the pause was limited, nor did it reveal specifics about the national security concerns. It was the latest step by the Trump administration to hobble offshore wind in its push against renewable energy sources. It comes two weeks after a federal judge struck down President Donald Trump's executive order blocking wind energy projects, calling it unlawful. The move angered local officials who have supported the projects and posed a new threat to offshore wind development that has faced increasing pressures since Trump took office. The letter to the developers said the Defense Department completed a recent assessment regarding

the national security implications of offshore wind projects and provided senior leadership at Interior with new classified information, "including the rapid evolution of relevant adversary technologies and the resulting direct impacts to national security from offshore wind projects." The potential impacts are "heightened by the projects' sensitive location on the East Coast and the potential to cause serious, immediate and irreparable harm to our great nation," the letter said. The letter was signed by Matthew Giacona, the acting director of BOEM and a former lobbyist for the National Ocean Industries Association. Kirk Lippold, a national security expert and former Commander of the USS Cole, said concerns about wind turbines' possible effects on radar systems

"have been known for decades." While Interior Secretary Doug Burgum said new classified information indicates turbines may pose a national security threat, "I want to know what's changed?" Lippold said in an interview on Tuesday. "What threat vector has changed? Have the Chinese developed new weapons or techniques that we're unaware of and can't fight against?" "To my knowledge, nothing has changed in the threat environment that would drive us to stop any offshore wind programs," he said. House Democrats, meanwhile, have called for an ethics investigation into Giacona's actions since taking over at the agency that manages offshore waters. Giacona's work may directly overlapped with his prior lobbying work for

WIND turbine bases, generators and blades are positioned along with support ships at The Portsmouth Marine terminal at the staging area for Dominion Energy’s wind turbine project Monday Dec. 22, 2025, in Portsmouth, Va. Photo:Steve Helber/AP the ocean industries group, Democrats said. A spokesperson for Interior said Giacona "is a highly qualified and ethically sound employee who is working tirelessly on behalf of this administration to make real change for the American people." Wind proponents slammed the administration's move to suspend the projects, saying it was another blow in an ongoing attack by the Trump administration against clean energy. Democratic governors of four affected states — Connecticut, Rhode Island, Massachusetts and New

THE WEATHER REPORT

5-DAY FORECAST

TODAY

TONIGHT

THURSDAY

FRIDAY

SATURDAY

York — issued a joint statement Tuesday vowing to fight the action, which they said "lands like a lump of dirty coal for the holiday season for American workers, consumers and investors." Pausing active leases, including for projects that are nearly completed, "defies logic, will hurt our bid for energy independence, will drive up costs for America's ratepayers and will make us lose thousands of good-paying jobs," the governors said. "It also threatens grid reliability that is needed to keep the lights on."

UV INDEX TODAY

SUNDAY

0 1 2 3 4 5 6 7 8 9 10 11+ LOW

ORLANDO

High: 80° F/27° C Low: 57° F/14° C

TAMPA

Breezy with sun, some clouds

Partly cloudy

Partly sunny

Nice with plenty of sunshine

Mostly sunny

Sunshine and delightful

High: 79°

Low: 68°

High: 80° Low: 68°

High: 79° Low: 66°

High: 80° Low: 66°

High: 79° Low: 65°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

79° F

66° F

81°-69° F

82°-68° F

83°-66° F

82°-65° F

High: 81° F/27° C Low: 60° F/16° C

E

W

ABACO

S

N

High: 75° F/24° C Low: 67° F/19° C

8-16 knots

S

WEST PALM BEACH High: 80° F/27° C Low: 64° F/18° C

8-16 knots

FT. LAUDERDALE E

W

FREEPORT

High: 80° F/27° C Low: 66° F/19° C

N

S

E

W

High: 77° F/25° C Low: 66° F/19° C

MIAMI

High: 80° F/27° C Low: 67° F/19° C

8-16 knots

NASSAU

KEY WEST

Ht.(ft.)

Low

Ht.(ft.)

2.8 2.2

4:02 a.m. 4:54 p.m.

0.2 0.1

ALMANAC

Thursday

11:04 a.m. 11:38 p.m.

2.7 2.3

4:49 a.m. 5:35 p.m.

0.3 0.1

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 73° F/23° C Normal high ....................................... 78° F/26° C Normal low ........................................ 66° F/19° C Last year’s high .................................. 78° F/26° C Last year’s low ................................... 64° F/18° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................ 49.76” Normal year to date ................................... 39.27”

Friday

11:51 a.m. -----

2.6 -----

5:43 a.m. 6:20 p.m.

0.3 0.0

Saturday

12:32 a.m. 12:43 p.m.

2.4 2.4

6:42 a.m. 0.4 7:09 p.m. -0.1

Sunday

1:30 a.m. 1:40 p.m.

2.6 2.3

7:47 a.m. 0.3 8:02 p.m. -0.2

Monday

2:30 a.m. 2:41 p.m.

2.7 2.2

8:54 a.m. 0.2 8:58 p.m. -0.4

Tuesday

3:31 a.m. 3:44 p.m.

2.9 2.2

10:00 a.m. 0.1 9:57 p.m. -0.5

Forecasts and graphics provided by AccuWeather, Inc. ©2025

High: 78° F/26° C Low: 70° F/21° C

Sunrise Sunset

High: 79° F/26° C Low: 69° F/21° C

N

S

E

W

10-20 knots

S

12-25 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

SUN AND MOON 6:52 a.m. Moonrise 5:27 p.m. Moonset

10:15 a.m. 9:44 p.m.

First

Full

Last

New

Dec. 27

Jan. 3

Jan. 10

Jan. 18

CAT ISLAND

E

W

TIDES FOR NASSAU High

N

High: 78° F/26° C Low: 69° F/21° C

VERY HIGH EXT.

10:22 a.m. 10:49 p.m.

ELEUTHERA

High: 79° F/26° C Low: 68° F/20° C

HIGH

Today

The patented AccuWeather.com RealFeel Temperature® is the only index that includes all the weather factors that play a role in how we perceive temperature, including the effects of wind, humidity, sunshine, precipitation, pressure, and elevation. Shown are the highest and lowest values for each day.

N

MODERATE

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection. Shown is the highest value of the day.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 69° F/21° C

High: 80° F/27° C Low: 70° F/21° C

N

High: 80° F/27° C Low: 70° F/21° C

E

W S

LONG ISLAND

TRACKING MAP

High: 81° F/27° C Low: 70° F/21° C

12-25 knots

MAYAGUANA High: 81° F/27° C Low: 74° F/23° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 74° F/23° C

H

High: 82° F/28° C Low: 70° F/21° C

GREAT INAGUA High: 83° F/28° C Low: 74° F/23° C

N

E

W

E

W

N

S

S

12-25 knots

12-25 knots

MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS NE at 8-16 Knots NNW at 7-14 Knots NE at 10-20 Knots NNE at 10-20 Knots NE at 12-25 Knots NNE at 8-16 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots N at 7-14 Knots NE at 8-16 Knots N at 6-12 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 8-16 Knots NE at 10-20 Knots NNE at 7-14 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NNE at 8-16 Knots

WAVES 3-6 Feet 3-5 Feet 1-2 Feet 1-2 Feet 5-9 Feet 3-6 Feet 4-8 Feet 3-6 Feet 4-8 Feet 3-5 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-2 Feet 4-7 Feet 3-5 Feet 3-6 Feet 2-4 Feet 6-10 Feet 4-8 Feet 1-3 Feet 1-2 Feet 3-6 Feet 2-4 Feet 1-3 Feet 1-2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 76° F 76° F 75° F 74° F 79° F 79° F 82° F 81° F 79° F 78° F 76° F 76° F 78° F 78° F 82° F 82° F 81° F 81° F 82° F 81° F 78° F 79° F 81° F 81° F 79° F 79° F

PAGE 12, Wednesday, December 24, 2025

CAUTIOUS SHOPPERS STEP UP SPENDING TO START HOLIDAY SEASON

THE TRIBUNE By ANNE D'INNOCENZIO AP Retail Writer CONSUMERS stepped up gift giving during the first seven weeks of the holiday shopping season, according to new data released Tuesday. But uncertainty about the economy is making shoppers more targeted in their buying. From Nov. 1 through Sunday, cash and credit card

sales rose 4.2%, which is less than the 4.8% increase during the same period a year ago, according to Visa's Consulting & Analytics division. The data, which exclude sales from auto dealerships, gas stations, and restaurants, are not adjusted for inflation or the impact from President Donald Trump's tariffs. When adjusted for inflation, retail sales rose a more modest 2.2% for the first seven weeks of the holiday period, according to Visa's U.S. principal economist Michael Brown. That compares with the inflation adjusted 3% in the same year-ago time frame. "It's certainly not a spectacular season," Brown told The Associated Press. "It's sort of an average holiday season given concerns about macro economic growth, inflation. There's still a lot of uncertainty among the consumer population." Mastercard SpendingPulse, which also tracks cash and credit card spending, said that sales rose 3.9% from Nov. 1 through Sunday. That's above its 3.6% forecast for the overall season, but also lower than last year's 4.1% increase during the same period. Shoppers "blended online and in-store shopping to find the best deals and maximize convenience," said Michelle Meyer, chief economist at Mastercard Economics Institute. The figure, not adjusted for inflation, excludes sales from automotive dealerships and gas stations, but includes business from restaurants. Mastercard SpendingPulse didn't have an inflation-adjusted figure available. Retailers say customers are being selective and focused this year on gifts while holding off on the usual holiday decor spending. Many households are struggling with higher prices for groceries, rent and imported goods hit by tariffs. The latest job report, released by the Labor

Department last week, also shows a souring employment picture. As a result, consumers have been more gloomy. Consumers' confidence in the economy fell in December, marking the fifth straight monthly decline as Americans grew anxious about high prices and the impact of Trump's sweeping tariffs, according to the latest reading from The Conference Board. Even with those anxieties, shoppers remain resilient. When all the numbers are in, Visa expects holiday sales data will be more or less in line with its prediction of a 4.6% sales increase between November and December. Several of the holiday season's busiest shopping days are still ahead, including the day after Christmas and first Saturday after the holiday, according to Sensormatic, which tracks retail foot traffic. RetailNext, which measures real-time foot traffic in physical stores, noted there was a 5.4% decline in customer traffic on Saturday compared with last year. So-called "Super Saturday" typically competes with Black Friday as the busiest shopping day of the season. The drop suggests that Americans are spreading their trips across the final weeks before Christmas and are sticking to shopping lists, according to Joe Shasteen, global manager, advanced analytics at RetailNext. Still, the overall data from Visa and Mastercard are in line with the forecast from the National Retail Federation, the nation's largest retail industry trade group. It expects sales over November and December of between $1.01 trillion and $1.02 trillion. That would be up 3.7% to 4.2% over last year. Figuring out consumer behavior this season has been challenging after a 43-day federal government shutdown interrupted the publication of U.S. economic data, including retail sales.