12312024 BUSINESS

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TUESDAY, DECEMBER 31, 2024

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Call for PPP to help Abaco housing crisis

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net ABACO is suffering from a housing crisis, according to an Abaco township chairman, who has proposed a private-public partnership to help solve the post-Hurricane Dorian problem on the island.

Roscoe Thompson, chairman of Marsh Harbour Spring City Township, said Bahamians should be given an opportunity to help rescue Abaco from the lack of housing plaguing the island through PPPs allowing for rent-controlled long-term home rentals.

“I think [the] government can look at a PPP, a private part public partnership,” Mr Thompson said. “I mean in all honesty, with the land that we have here and availability of land - and this is something that I presented to both administrations - why not allow Bahamians to go into partnership and if they get the crown land at a reduced rate or a lease agreement for X amount of years, let a

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to invest and become part of solving the problem here.

“I don’t know why many Bahamians haven’t jumped at it. Is it because of the red tape… but I think something needs to be done because the government cannot afford to just go and build housing.

We just don’t have the money.

Even if it went through the IDB or through the mortgage corporation. We see what happens with that.

“I don’t know what the answer is. I would love to see that it is rectified to where it gives the opportunity, that if a Bahamian is looking to do something like that, the

Nine-month loss for Bahamas First

ROSCOE THOMPSON government is willing to work with them because that then relieves a lot of pressure off of them saying, ‘hey, what about the housing?’ It also gives opportunity for people living in the trailers that can afford a reasonable price. Not something that if I went and built three duplexes on my property, I can charge what I want with them. But it gives an opportunity where if you work with the government and you can get something done with that in a private public partnership, that they put stipulations like you can’t charge over 500 for a

THE Bahamas Trade Commission intends to expand its National Trade Diversification Programme to Family Islands in 2025.

Senator Barry Griffin, deputy chairman of the Bahamas Trade Commission said the main focus for next year will be working with local industry partners to lower the cost of goods and services in the country.

Speaking to Tribune Business, Mr Griffin said the commission has several

BARRY GRIFFIN “exciting initiatives” slated for 2025, including expanding the National Trade Diversification Programme to Family Island residents and

enhancing the local agricultural and fisheries sectors through targeted trade missions and investment forums.

“First and foremost, we intend to expand the National Trade Diversification Programme to include more sectors and bring in many of the Family Islands,” said Mr Griffin.

“Importantly, we also intend to promote transparency and competition in the marketplace. We will also continue our efforts to enhance the local agricultural and fisheries sectors through targeted trade missions and investment forums that will

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By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

attract new partnerships.

Additionally, we plan to roll out a comprehensive plan to streamline trade facilitation and reduce the barriers to entry for local businesses.”

The National Trade Diversification Programme run by the commission introduces local businesses to diverse suppliers across the world and offers assistance and research as it relates to trade products and consumer activity.

Mr Griffin said the diversification programme is “going at full steam” and key sectors,

A LOCAL insurance company has seen an over $1m loss for the first nine months of 2024, Bahamas First reported a loss of $1.1m over the first nine months of 2024, according to their unaudited quarterly report for as at September 2024.

Alison Treco, executive chairman, said the insurance service result for the period improved by 13.2 percent or $1m largely in part to a more favourable claims loss ratio for their Cayman subsidiary which had been previously plagued with problems stemming from delays in processing claims as a result of introducing a new information technology (IT) system.

“For the nine months ended September 30, 2024, the group reported a total comprehensive loss of $1.1m compared to $0.8m for the nine months ended September 30, 2023,” said Ms Treco.

“During the period, the insurance service result improved by 13.2 percent in comparison to the nine-month period in 2023, which amounted to a $1.0m increase. A more favourable claims loss ratio for Cayman health was the largest contributor to this performance.”

She noted, however, that the improved claims loss ratio was “surpassed” by lower investment gains, due to the decline of the share price of one investment.

“However, this positive result was surpassed by lower investment gains during 2024 than

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Trade diversification scheme to expand to Family Islands

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

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CIBC notches 11 percent income rise

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A BISX-listed bank has reported a net income increase of 11 percent.

Jacqui Bend, CIBC Bahamas managing director, said the bank reported net income of $136.3m, up $14m or 11 percent from prior year’s net income of $122.3m.

In her review of the results for the year ended October 2024, Ms Bend said the bank “delivered another strong performance” as it continues to leverage digital infrastructure and deepen client relationships.

“2024 marked the completion of a significant transformation program which involved the rationalisation and consolidation of

JACQUI BEND business lines and markets along with large investments in our technology platforms to enhance client experience and improve

operational effectiveness.

This culminated in our rebrand to CIBC Caribbean,” said Ms Bend.

“The bank delivered another strong performance for the fiscal year as we continued to execute our client-focused strategy by leveraging our digital infrastructure, deepening client relationships, investing in our people while enabling, simplifying and protecting the bank. Our strategic investments are creating a strong foundation for future growth and optimisation of resources across our various strategic business segments.”

Ms Bend said this financial performance was “positively impacted” by solid performing loan growth, higher US interest margins and a favourable provision for credit losses.

“Revenue performed well year-over-year as loan originations increased, and we benefited from a sustained uplift in other income. However, US interest rates are anticipated to fall in 2025 and may impact our revenue momentum; but could also promote increased credit demand in the market” said Ms Bend.

She noted that the bank had increased operating expenses due to spending on strategic investments and other regulatory costs but the credit losses were “significantly down” and their credit rating remains strong.

“We experienced higher operating expenses due to increased spending on strategic investments, activity-based costs and other costs associated with

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PAGE 2, Tuesday, December 31, 2024

CFAL SUPPORT FOR CHILDREN AT CHRISTMAS CHILDREN have been given a helping hand for Christmas by the team at Colina Financial Advisors Limited (CFAL) which has donated gifts, school supplies, and funds for community initiatives.

CFAL staff presented gifts purchased from a wish list for students at the Erin H Gilmour School for the Blind and Visually Impaired. In addition to the gifts, six laptop computers were donated to help enhance the learning experience at the special needs school.

Kevin Cartwright, principal of the school, said:

“I take this opportunity to express my most sincere thanks and appreciation to CFAL and its staff for your generous donation during this Christmas season.

“I can assure you that you put smiles on the faces of our students and joy in their hearts, and we at our school are most grateful for the tools you furnished our school with.”

In a further display of community support, CFAL staff raised $1,450 through contributions for the Feeding the Five Thousand: The 12 Days of Christmas Initiative.

These funds were used to purchase reading comprehension and numeracy workbook packages for students at Uriah McPhee Primary School.

Charlestina Bowles, of CFAL’s staff social committee, said: “Our staff is always eager to give during the holidays. It’s inspiring to see so many of our team members come together to support those in need.”

Fellow committee member Dashanique Moss said: “Each year we strive to bring a little more light and joy to the lives of others, and embody the true spirit of giving.”

CFAL’s Staff Social Committee Members Dashanique Moss (far left, back row), and Charlestina Bowles (sixth from left), pose with students, teachers, and parents of the Erin H. Gilmour School for the Blind and Visually Impaired on Thursday December 19. CFAL staff purchased gifts for the students from a wish list and the company donated six laptop computers.

Trade diversification scheme to expand to Family Islands FROM PAGE B1 including agriculture and fisheries will be targeted.

He added the commission has been successful in culminating new partnerships with regional and international trade bodies manufacturers and producers which has directly benefited local producers and small businesses and they are looking forward to continuing along this trajectory in the new year.

“Through these partnerships, we’ve secured better access to regional and global markets and have negotiated favourable terms for Bahamian businesses,” said Mr Griffin.

For the local agriculture and fisheries sectors, Mr

Griffin said the commission is working to offer them support through improving access to “affordable and high-quality inputs”.

He said the commission has been working with international partners to secure lower prices an offer logistical support for a more efficient distribution system.

“In recent months, we have been working with regional and international partners to secure better prices for essential agricultural and fishing supplies, such as seeds, fertilizers, feed, boxes and storage and fishing gear. By collaborating with suppliers and negotiating directly for bulk orders, we’ve been able to reduce the costs of

Call for PPP to help Abaco housing crisis FROM PAGE B1 one-bedroom. I know it’s a massive scale, but you’re not talking about any major, top-end, high-end apartments. You’re just talking somewhere where somebody can live.”

Mr Thompson said this PPP would bring a lot of opportunities to Abaco noting it would provide for those who move to Abaco for work, including “teachers in our government system” and police officers. Some hotel operators in Abaco raised the same concerns with Tribune Business, stating, they are in need of skilled workers and the idea of welcoming persons from other islands to fill those positions become discouraging at the thought of the lack of housing in the island. Mr Thompson also pointed out that “construction is still booming here in Abaco” and construction workers also need a place to lay their head while completing projects adding that that place must also be affordable.

He noted that the housing that is available are mostly homes and property that were converted into short-term rental units such as Airbnbs, resulting in a large need for long-term rentals.

“The market’s good but the problem is finding housing. There is hardly any rentals, not just here in Marsh Harbour, but also in Dundas and Murphy Town.

If you do find something, it’s, for [a] two-bedroom, anywhere from $1,700 to $2,000. And it’s been an ongoing issue since Dorian… I don’t know if that’s because a lot of people turned a lot of their

properties into Airbnbs rather than long-term rentals.

“Even if you look at Montage, Sterling Montage, they’re having to build their own workers barracks out by St Francis, just as an example, to house workers because there is not the availability of homes or apartments for rent over here. I’ve even noticed it in Marsh Harbour, and I can really speak for Marsh Harbour proper a lot of our apartments are already rented out and it doesn’t seem that anybody is wanting to build triplexes or quads or whatever it may be at this point in time.

And I don’t know why, because there is such a high demand. You still also have government workers and police living in the trailers at the government complex.

“A lot of people, when they moved, they didn’t come back. But also, when a lot of people, they sold their property, a lot of the people that bought [them] turned them into Airbnbs…

They’re not looking for long-term rentals. They were looking for that shortterm. I guess they make more money on it in the long run.

“That’s the problem.

That’s a big issue here in Abaco. Because I had somebody ask me the other day, ‘Roscoe, please, if you hear of any one-bedrooms or two-bedrooms that come available in Marsh Harbour…’ And I said, ‘Are you willing to pay over $2,000 for a two-bedroom? That’s how high the prices have gotten. Even for one-bedroom in Marsh Harbour, you’re probably paying about a thousand bucks for [it].”

Nine-month loss for Bahamas First FROM PAGE B1 in 2023, as investment gains reported through other comprehensive income was $1.2m lower during 2024 primarily due to the decline in the share price of one investment,” said Ms Treco.

For the third quarter, Bahamas First reported a total comprehensive income of $2.6m compared

to $2.2m for the same period last year.

“Similar to the yearto-date experience, the insurance service result improved over prior period by $1.1m, while the investment gains within other comprehensive income were less favourable by $0.7m when compared to prior year,” said Ms Treco.

these inputs, which directly impacts the bottom line for local producers,” said Mr Griffin.

“However, it’s not just about getting cheaper supplies. We’re also focused on ensuring that these savings are passed on to farmers and fishermen. One of the ways we’re doing this is by creating more efficient distribution channels and logistics support, which reduces middleman costs.

“Additionally, we’ve been facilitating partnerships with BAIC and other local cooperatives and associations to ensure that smaller-scale producers are able to access these inputs at the same competitive prices as larger operations.”

THE TRIBUNE

He added that during the first quarter the commission will evaluate the process to ensure local farmers and fishermen feel the cost savings.

“In the first quarter of 2025, we will continue to evaluate and refine these processes to make sure the cost savings are felt at the farm and dock levels, with a focus on both shortterm relief and long-term sustainability for the agricultural and fisheries sectors,” said Mr Griffin.

Mr Griffin said work is also being done to improve the local manufacturing sector by working with global manufacturers to import the latest technology, equipment and training.

“For both the agriculture and fisheries sectors, modernisation is key to increasing productivity and ensuring that our industries remain competitive on the global stage,” said Mr Griffin.

“We’ve already begun discussions with international equipment manufacturers to secure deals that will allow local farmers and fishermen to access high-quality new and used machinery at competitive prices.”

Additionally, the commission is partnering with the Bahamas Agricultural Industrial Corporation (BAIC) and the Bahamas Agriculture and Marine Science Institute (BAMSI) to

push global best practices in training and management.

Mr Griffin said the first training session of 2025 will take place January 28-29 and will focus on the impact of climate change on fishermen and coastal communities.

“We have partnered with an organisation that works closely with fishing communities across the Caribbean,” said Mr Griffin.

“The training will focus on the impact of climate change on fishermen and coastal communities and advice on what can be done to cope. Additionally, attendees will receive a toolkit designed by international law firm Squire Patton Boggs which will provide guidance on international remedies available to Bahamian fishermen.”

CIBC notches 11 percent income rise FROM PAGE B1 protecting the bank in a highly regulated environment. The provision for credit losses was significantly down from the prior year mainly due to

a non-recurring account recovery, our credit quality remains strong,” said Ms Bend.

“Economic growth in the country advanced at a moderate pace in 2024, as output has already completed its

recovery cycle following the COVID-19 pandemic.

Tourism remains the primary engine of expansion, while robust construction activity also continues to strengthen growth. Additionally, inflation continues

to soften. The country’s outlook remains stable, but potential threats to the global economy like commodity price shocks and/ or slower global growth could negatively impact prospects.”

AMERICAN flags are displayed with Chinese flags on top of a trishaw on Sept.

16, 2018, in Beijing.

Photo:Andy Wong/ AP

Treasury says Chinese hackers remotely accessed workstations, documents in 'major' cyber incident

By ERIC TUCKER Associated Press CHINESE hackers remotely accessed several U.S. Treasury Department workstations and unclassified documents after compromising a third-party software service provider, the agency said Monday.

The department did not provide details on how many workstations had been accessed or what sort of documents the hackers may have obtained, but it said in a letter to lawmakers revealing the breach that "at this time there is no evidence indicating the threat actor has continued access to Treasury information."

It said the hack was being

investigated as a "major cybersecurity incident."

"Treasury takes very seriously all threats against our systems, and the data it holds," a department spokesperson said in a separate statement. "Over the last four years, Treasury has significantly bolstered its cyber defense, and we will continue to work with both private and public sector partners to protect our financial system from threat actors."

The revelation comes as U.S. officials are continuing to grapple with the fallout of a massive Chinese cyberespionage campaign known as Salt Typhoon that gave officials in Beijing

access to private texts and phone conversations of an unknown number of Americans. A top White House official said Friday that the number of telecommunications companies confirmed to have been affected by the hack has now risen to nine.

The Treasury Department said it learned of the problem on Dec. 8, when a third-party software service provider, BeyondTrust, flagged that hackers had stolen a key "used by the vendor to secure a cloudbased service used to remotely provide technical support" to workers.

That key helped the hackers override the service's

security and gain remote access to several employee workstations.

The compromised service has since been taken offline, and there's no evidence that the hackers still have access to department information, Aditi Hardikar, an assistant Treasury secretary, said in the letter Monday to leaders of the Senate Banking Committee.

The department said it was working with the FBI and the Cybersecurity and Infrastructure Security Agency and others to investigate the impact of the hack, and that the hack had been attributed to Chinese state-sponsored culprits. It did not elaborate.

list of impacted individuals, officials said. Letters RHODE ISLANDERS' DATA WAS LEAKED FROM A will be sent to those indiwith instructions on CYBERATTACK ON STATE HEALTH BENEFITS WEBSITE viduals how to access free credit PROVIDENCE, R.I. Associated Press CYBERCRIMINALS who hacked Rhode Island's system for health and benefits programs have released files to a site on the dark web, a scenario the state has been preparing for, Gov. Daniel McKee said Monday.

The state has an outreach strategy to encourage potentially impacted Rhode

Islanders to protect their personal information, according to a press release from McKee's office. The governor said it wasn't yet clear if all of the files stolen from RIBridges have been posted to the dark web, a part of the internet hosted within an encrypted network and accessible only through specialized anonymity-providing tools.

"Right now, IT teams are working diligently to

analyze the released files.

This is a complex process and we do not yet know the scope of the data that is included in those files," according to a statement from McKee's office.

McKee said in an afternoon press conference that Deloitte, the company that built and maintains RIBridges, has been in contact with the cybercriminals.

The state is working with Deloitte to generate the

monitoring.

State programs that rely on RIBridges include Medicaid, the Supplemental Nutrition Assistance Program known as SNAP, Temporary Assistance for Needy Families, Childcare Assistance Program, Rhode Island Works, Long-term Services and Supports, the At HOME Cost Share Program and health insurance purchased through HealthSource RI.

THE TRIBUNE

Tuesday, December 31, 2024, PAGE 3

‘Sonic 3’ and ‘Mufasa’ battle for No. 1 at the holiday box office

By LINDSEY BAHR AP Film Writer TWO family films dominated the holiday box office this week, with “Sonic the Hedgehog 3” winning the three-day weekend over “Mufasa” by a blue hair.

Paramount’s Sonic movie earned $38 million, while “Mufasa” brought in $37.1 million from theaters in the U.S. and Canada, according to studio estimates Sunday. On a normal weekend counting Friday, Saturday and Sunday ticket purchases, the winner would be somewhat clear.

But when the Christmas holiday falls on a Wednesday as it did this year, the studios look at two sets of numbers: The five-day earnings and the three-day weekend earnings. With the five-day tally, The Walt Disney Co.’s “Mufasa” had the edge, bringing in $63.8 million.

It all adds up to a rather robust theatrical landscape, helped by the continued success of “Wicked” and “Moana 2,” which are on their sixth and fifth weekends, respectively.

The vampire horror “Nosferatu” also debuted fairly triumphantly. Robert Eggers’ modern reimagining of a 1922 silent film starring Nicholas Hoult and Lily-Rose Depp rose to the top of a starry batch of Christmas Day newcomers, which included the Bob Dylan biopic “A Complete Unknown,” with Timothée Chalamet; the erotic drama “Babygirl” with Nicole Kidman; and “The Fire Inside,” about boxer Claressa Shields.

“Nosferatu” landed in third place with $21.2 million from the weekend and $40.3 million from its first five days. Not accounting for inflation, it had the best Christmas Day opening ever for a genre film, with $11.6 million (besting “The Faculty’s” $4.4 million in 1998). Focus Features released the R-rated film in 2,992 theaters.

It was a gamble to open “Nosferatu” on Christmas, when family films or allages blockbusters tend to be prioritized. But it paid off, attracting the coveted 18 to 34-year-old demographic to theaters.

“It was a risky move, but we knew that we had such a great film,” said Lisa Bunnell, who leads distribution for Focus Features. “A lot of people thought we were insane. But I think the more that people thought we were crazy, the more we all felt like it was the right thing to do.”

The response to the unconventional counter-programming was gratifying. The sarcophagus-inspired popcorn buckets are even reselling for over $100.

“People keep talking about ‘how do we get people back into the movies?’ I think the only way you can get people to go back is to shake it up,” Bunnell said. “You don’t just spoon feed them the same things over and over again.”

The Bob Dylan movie, directed by James Mangold, also got off to a bright start with $11.6 million over the weekend and $23.2 million since Christmas. The 5-day total is a record for Searchlight Pictures since Disney acquired the company in early 2019. It’s been well received by both critics

(96% on Rotten Tomatoes) and audiences (A on CinemaScore) and will likely get more of a boost from the awards race.

“Babygirl,” an A24 release from filmmaker Halina Reijn, played on 2115 screens, earning $4.4 million over the weekend and $7.2 million since Christmas. The film stars Kidman as a married, buttoned-up CEO who begins an affair with a young intern at the company, played by Harris Dickinson.

Kidman won the best acting prize for her performance at the Venice Film Festival.

“The Fire Inside,” from Amazon MGM Studios, meanwhile got a bit lost in the mix despite strong reviews. It has earned a total of $4.3 million, with $2 million coming from weekend showings where it played in 2006 theaters.

Thanksgiving releases continued to perform well through the Christmas timeframe. Fourth place went to “Wicked,” which earned another $19.5 million, bringing its domestic total to $424.2 million.

On Tuesday, the lavish movie musical will also be

THIS image released by Paramount Pictures and Sega of America shows Jim Carrey, as Ivo Robotnik, in a scene from “Sonic the Hedgehog 3.”

Photo:Paramount Pictures available to rent or purchase at home. It’s a move that has drawn some critics who believe making it available at home after only 40 days in theaters will cannibalize profits.

“Moana 2” rounded out the top five films this weekend with $18.2 million. The Disney movie has made $882.5 million globally and is closing in on $400 million domestically.

Christmas Day itself was massive for the industry, with $61 million in ticket sales. Thursday was nearly as big, with $50 million.

“Every day was like Saturday at the box office because of the way the holidays lined up,” said Paul Dergarabedian, Comscore’s senior media analyst.

Comscore is projecting that the year will net out with about $8.75 billion in domestic box office receipts. That’s down about 3.3% from last year, which cracked $9 billion, and the

pre-pandemic normal of $11 billion.

Final domestic figures will be released Monday.

Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Comscore, are: 1. “Sonic the Hedgehog 3,” $38 million.

2. “Mufasa: The Lion King,” $37.1 million.

3. “Nosferatu,” $21.2 million.

4.

“Wicked,” $19.5 million.

5. “Moana 2,” $18.2 million.

6.

“A Complete Unknown,” $11.6 million.

7.

“Babygirl,” $4.4 million.

8. “Gladiator II,” $4.2 million.

9. “Homestead,” $3.2 million.

10. “The Fire Inside,” $2 million.

California will soon require insurers to increase home coverage in wildfire-prone areas

By TRÂN NGUYN and STEFANIE DAZIO Associated Press INSURANCE companies that stopped providing home coverage to hundreds of thousands of Californians in recent years as wildfires became more destructive will have to again provide policies in fire-prone areas if they want to keep doing business in California under a state regulation announced Monday.

The rule will require home insurers to offer coverage in high-risk areas, something the state has never done, Insurance Commissioner Ricardo Lara's office said in a statement. Insurers will have to start increasing their coverage by 5% every two years until they hit the equivalent of 85% of their market share. That means if an insurer writes 20 out of every 100 state policies, they'd need to write 17 in a high-risk area, Lara's office said.

Major insurers like State Farm and Allstate have stopped writing new policies in California due to fears of massive losses from wildfires and other natural disasters.

In exchange for increasing coverage, the state will let insurance companies pass on the costs of reinsurance to California consumers. Insurance companies typically buy reinsurance to avoid huge payouts in case of natural disasters or catastrophic loss. California is the only state that doesn't already allow the cost of reinsurance to be borne by policy holders, according to Lara's office.

Opponents of the rule say that could hike premiums by 40% and doesn't require new policies to be written at a fast enough pace.

The state did not provide a cost analysis for potential impact on consumers.

"This plan is of the insurance industry, by the insurance industry, and for the industry," Jamie Court, president of Consumer Watchdog, said in a statement.

The requirement is under review by the Office of Administrative Law before it takes effect within 30 days.

"Californians deserve a reliable insurance market that doesn't retreat from communities most vulnerable to wildfires and climate change," Lara said in a statement. "This is a historic moment for California."

The new rule is part of Lara's effort to persuade insurers to continue doing business in the nation's most populous state. He unveiled another rule earlier this month to let insurers consider climate change when setting their prices. Insurance companies had said that because they can't consider climate change in their rates, many opted to either pause or restrict new business in the state. The new rule to include climate change in rates will take effect later this week.

The ultimate goal of the new rules is to get homeowners out of the California Fair Access to Insurance Requirements (FAIR) Plan, which often serves as the last resort when insurance companies stop providing coverage for those living in areas threatened by wildfires, Lara's office said. The plan could help a homeowner fulfill insurance requirements imposed by mortgage companies, but it is mainly designed as a temporary safety net with basic coverage until policyholders find a more permanent option.

The number of people on California's FAIR plan more than doubled between 2020 and this year, reaching nearly 452,000 policies.

Wildfires have always been part of life in California, where it only rains for a few months out of the year. But as the climate has gotten hotter and dryer, it has made those fires much larger and more intense. Of the top 20 most destructive wildfires in state history, 14 have occurred since 2015,

according to the California Department of Forestry and Fire Protection.

The 2018 fire in Paradise, California, killed 85 people and destroyed about 11,000 homes, and some residents have struggled to find home insurance since.

Steve Crowder, the town's mayor, lost his house and business. Since then, his family has rebuilt their home but struggled to find insurance. The Crowders were forced to enroll in FAIR Plan earlier this month. Despite paying roughly $5,000, the mayor said his home is insured for roughly $100,000 less than its value and the house's contents are only half-covered.

"You couldn't rebuild what you got for what it's insured for," he said.

His constituents face similar problems. With policies skyrocketing from roughly $1,200 annually before the Camp Fire to $5,000 now — or even up to $20,000 a year for large homes — some have abandoned attempts to find coverage altogether.

In the years after the Camp Fire, Crowder said the town has successfully brought back some insurers after enacting new ordinances with high standards to keep structures safe, such as rules regarding clearances, vegetation and fences.

While the mayor welcomed the state's new rules, he said he and his constituents are skeptical things will improve.

"Anything that will help get insurance in California, period, is helpful," he said, but added: "Let's wait

NOTICE This is to inform the

GENERAL PUBLIC

that the private roadways and parking areas situated in the Harbour Bay Shopping Centre between East Bay Street and Shirley Street will be closed on Wednesday 1st of January, 2025 in order to preserve the right of way ownership thereof.

The Owners

A FIREFIGHTER watches as flames from the Mountain Fire consume a home in Camarillo, Calif., Nov. 6, 2024.

Photo:Noah Berger/AP

JOB POSTING: BAHAMAREEFS ASSISTANT PROGRAM MANAGER (#56053) ESSENTIAL FUNCTIONS: The BahamaReefs Assistant Program Manager (APM) develops, manages, and advances conservation programs, plans and methods and provides technical leadership for the Northern Caribbean Program (The Bahamas and Turks and Caicos), with a focus on the administration and implementation of the program Impact Funding for BahamaReefs, a long-term blended finance initiative being led

by The Nature Conservancy and the Global Fund for Coral Reefs. With guidance and support from the BahamaReefs Program Manager, the APM will support the overall administration and execution of the project, including reporting on project outcomes to the granting agency, development and management of workplans, supporting budgets, and monitoring program progress. S/he will support project teams, liaise with the implementing partners, and provide adaptive management of project priorities.

MINIMUM QUALIFICATIONS: t #BDIFMPS T EFHSFF BOE ZFBST FYQFSJFODF JO OBUVSBM SFTPVSDF NBOBHFNFOU marine science, or related field. t &YQFSJFODF XPSLJOH PO DPOTFSWBUJPO QSPKFDUT JO ćF #BIBNBT PS $BSJCCFBO t &YQFSJFODF JO POF PS NPSF PG UIFTF BSFBT DPSBM DPOTFSWBUJPO BOE SFTUPSBUJPO climate adaptation and mitigation, or blue economy initiatives. t &YQFSJFODF JO QSPKFDU NBOBHFNFOU FYQFSJFODF MFBEJOH DPNQMFY PS NVMUJQMF projects, including managing staffing, workloads, and budgets under deadlines. t &YQFSJFODF SFTFBSDIJOH BOE TZOUIFTJ[JOH JOGPSNBUJPO BOE QSFQBSJOH programmatic and technical reports for public and/or privately funded projects, giving attention to details. t &YQFSJFODF SFDSVJUJOH BOE NBOBHJOH DPOTVMUBOUT BOE PS WPMVOUFFST BOE working closely with a variety of national and community-based stakeholders in The Bahamas including government agencies. t "CJMJUZ UP FYQMBJO DPOTFSWBUJPO QSBDUJDFT UP UFDIOJDBM BOE OPO UFDIOJDBM audiences. t &YQFSJFODF XJUI QSPCMFN TPMWJOH BOE DPOĘJDU SFTPMVUJPO t &YQFSJFODF DPNQMFUJOH UBTLT JOEFQFOEFOUMZ BDSPTT NVMUJQMF QSPKFDUT BOE within allotted timeline(s). t &YQFSJFODF VTJOH EFTLUPQ BOE XFC CBTFE BQQMJDBUJPOT TVDI BT .4 8PSE &YDFM 1PXFS1PJOU POMJOF NFFUJOHT BOE DMPVE TUPSBHF QMBUGPSNT t "CJMJUZ BOE XJMMJOHOFTT UP CFDPNF TDVCB DFSUJĕFE BEWBODF EJWJOH TLJMMT UP B NJOJNVN PG 1"%* 3FTDVF %JWFS BOE FOSPMM JO ćF /BUVSF T $POTFSWBODZ Scientific Diving Program.

HOW TO APPLY To see full job description, visit IUUQT DBSFFST OBUVSF PSH and apply online to Job # 56053.

Please note that all applications must be submitted through The Nature Conservancy’s online application system. Hard copy applications will not be accepted. The application deadline is 11:59pm EST on 12 January 2025.

PAGE 4, Tuesday, December 31, 2024

THE TRIBUNE

In 2024, artificial intelligence was all about putting AI tools to work

By MATT O'BRIEN and SARAH PARVINI AP Technology Writers If 2023 was a year of wonder about artificial intelligence, 2024 was the year to try to get that wonder to do something useful without breaking the bank.

There was a "shift from putting out models to actually building products," said Arvind Narayanan, a Princeton University computer science professor and co-author of the new book "AI Snake Oil: What Artificial Intelligence Can Do, What It Can't, and How to Tell The Difference."

The first 100 million or so people who experimented with ChatGPT upon its release two years ago actively sought out the chatbot, finding it amazingly helpful at some tasks or laughably mediocre at others.

Now such generative AI technology is baked into an

increasing number of technology services whether we're looking for it or not — for instance, through the AI-generated answers in Google search results or new AI techniques in photo editing tools.

"The main thing that was wrong with generative AI last year is that companies were releasing these really powerful models without a concrete way for people to make use of them," said Narayanan. "What we're seeing this year is gradually building out these products that can take advantage of those capabilities and do useful things for people."

At the same time, since OpenAI released GPT-4 in March 2023 and competitors introduced similarly performing AI large language models, these models have stopped getting significantly "bigger and qualitatively better," resetting overblown expectations that AI was racing every few months to some

kind of better-than-human intelligence, Narayanan said. That's also meant that the public discourse has shifted from "is AI going to kill us?" to treating it like a normal technology, he said.

AI's sticker shock On quarterly earnings calls this year, tech executives often heard questions from Wall Street analysts looking for assurances of future payoffs from huge spending on AI research and development. Building AI systems behind generative AI tools like OpenAI's ChatGPT or Google's Gemini requires investing in energy-hungry computing systems running on powerful and expensive AI chips. They require so much electricity that tech giants announced deals this year to tap into nuclear power to help run them.

"We're talking about hundreds of billions of dollars of capital that has been poured into this

technology," said Goldman Sachs analyst Kash Rangan.

Another analyst at the New York investment bank drew attention over the summer by arguing AI isn't solving the complex problems that would justify its costs. He also questioned whether AI models, even as they're being trained on much of the written and visual data produced over the course of human history, will ever be able to do what humans do so well.

Rangan has a more optimistic view.

"We had this fascination that this technology is just going to be absolutely revolutionary, which it has not been in the two years since the introduction of ChatGPT," Rangan said. "It's more expensive than we thought and it's not as productive as we thought."

Rangan, however, is still bullish about its potential and says that AI tools are already proving "absolutely incrementally more

productive" in sales, design and a number of other professions.

AI and your job Some workers wonder whether AI tools will be used to supplement their work or to replace them as the technology continues to grow. The tech company Borderless AI has been using an AI chatbot from Cohere to write up employment contracts for workers in Turkey or India without the help of outside lawyers or translators.

Video game performers with the Screen Actors Guild-American Federation of Television and Radio Artists who went on strike in July said they feared AI could reduce or eliminate job opportunities because it could be used to replicate one performance into a number of other movements without their consent. Concerns about how movie studios will use AI helped fuel last year's film and television strikes

by the union, which lasted four months. Game companies have also signed side agreements with the union that codify certain AI protections in order to keep working with actors during the strike.

Musicians and authors have voiced similar concerns over AI scraping their voices and books. But generative AI still can't create unique work or "completely new things," said Walid Saad, a professor of electrical and computer engineering and AI expert at Virginia Tech.

"We can train it with more data so it has more information. But having more information doesn't mean you're more creative," he said. "As humans, we understand the world around us, right? We understand the physics. You understand if you throw a ball on the ground, it's going to bounce. AI tools currently don't understand the world."

WHAT WE KNOW ABOUT THE DEADLY JEJU AIR PLANE CRASH IN SOUTH KOREA

By HYUNG-JIN KIM and KIM TONG-HYUNG Associated Press KOREA has vowed thorough investigations to find what caused a plane crash that killed 179 people, saying Monday that it will also inspect all Boeing 737800 aircraft operated by the country's airlines.

Sunday's crash, the nation's deadliest aviation disaster in decades, has sent a shock wave through South Korean society, which is already facing a political crisis that led to the successive impeachments of the country's top two officials — President Yoon Suk Yeol and Prime Minister Han Duk-soo.

Here are things to know about developments on the crash.

Jeju Air flight 7C 2216 had departed from Bangkok and was making its landing at Muan International Airport in southern South Korea. After an initial failed landing attempt, the Boeing 737-800 plane received a bird strike warning from the ground

control center. The pilot then issued a distress signal before the plane came down with its front landing gear closed, overshot the runway, slammed into a concrete fence and burst into a fireball.

Observers say videos of the crash showed the plane was suffering from suspected engine trouble, but the landing gear malfunction was likely the main reason for the crash.

South Korean Transport Ministry officials said Monday they will examine whether the fence the plane hit — which housed a set of antennas designed to guide aircraft safely during landings — should have been made with lighter materials that would break more easily upon impact. They said they were also trying to establish whether there were any communication problems between air traffic controllers and the pilot.

Ministry officials said Monday the plane's flight data and cockpit audio recorders were moved to a research center at Seoul's Gimpo International

Airport ahead of their analysis. Ministry officials earlier said it would take months to complete the investigation of the crash.

Does the crash represent another setback for Boeing?

The crash wrapped up a troubling 2024 for U.S. aviation giant Boeing, which has grappled with safety problems, a machinists strike and plunging stock prices.

Experts say the 737-800 aircraft is a more proven model than the company's much-maligned 737 Max jetliners, which were linked to fatal crashes in 2018 and 2019. Still, South Korean authorities said they'll conduct safety inspections on all of the 737-800s operated by domestic airlines, including 39 by Jeju Air. Representatives from Boeing and the U.S. National Transportation Safety Board were to travel to Seoul to participate in the South Korean investigation.

On Monday, another Boeing 737-800 plane operated by Jeju Air returned to

RESCUE team carry the body of a passenger at the site of a plane fire at Muan International Airport in Muan, South Korea, Sunday, Dec. 29, 2024.

Photo:Ahn Young-joon/AP the Gimpo airport shortly after takeoff when the pilot detected a landing gear issue. Jeju Air said the issue was resolved through communication with a landbased equipment center but the pilot decided to return to Gimpo as a precautionary measure.

What do we know about the victims?

Only two people — both crew members — survived.

They were rescued from

Legal Notice

Legal Notice

NOTICE

NOTICE

LIVEX HOLDINGS INC.

L.EU.T ART LTD.

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows:

(a) Livex Holdings Inc. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) L.EU.T Art Ltd. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 30th day of December, 2024 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said Company commenced on the day of 30th December, 2024 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Delco Investments Limited of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

(c) The Liquidator of the said Company is Delco Investments Limited of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 30th December, A.D. 2024

Dated this 30th day of December, A.D. 2024

Delco Investments Limited Liquidator

Delco Investments Limited Liquidator

the plane's tail section, the only part of the aircraft that remained relatively intact after the crash.

One of the survivors was treated for fractures to his ribs, shoulder blade and upper spine. Ju Woong, director of the Ewha Womans University Seoul Hospital who treated him, said the man told doctors he "woke up to find (himself) rescued."

The passengers were predominantly South Korean, although they included two Thai nationals.

The Transport Ministry said Monday that authorities have identified 146 bodies and are collecting DNA and fingerprint samples from the other 33.

Park Han Shin, a representative of the bereaved families, said they were told that the bodies of their loved ones were so badly damaged that officials need time before returning them to their families. He called for the government to mobilize more personnel.

Will South Korea's political crisis affect its handling of the aftermath?

The crash caps a tumultuous month for South Korea that began with Yoon's extraordinary but short-lived martial law imposition. Following that, the opposition-led legislature voted to impeach

Yoon and then his replacement, Han. Deputy Prime Minister Choi Sang-mok is now the country's acting president.

Also, the safety minister resigned and the police chief was arrested over their roles in the declaration of martial law. The absence of the top officials directly responsible for handling disasters has caused concerns among many people.

Choi quickly traveled to the crash site, met bereaved families and presided over emergency meetings to discuss the incident.

On Monday, Choi instructed authorities to conduct an emergency review of the country's overall aircraft operation systems. He said that South Korea should use the crash as a chance to formulate steps to prevent the recurrence of similar disasters and build a safer country.

What has reaction been from around the world?

World leaders expressed their sympathies as South Korea dealt with the tragedy.

Thailand's prime minister, Paetongtarn Shinawatra, expressed deep condolences to the families and ordered the country's Ministry of Foreign Affairs to provide assistance immediately.

Airway Management Company Ltd. NOTICE

NOTICE Lark Air Holdings Ltd

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Incorporated under the International Business Companies Act, 2000 ofAirway the Commonwealth of TheLtd. Bahamas.

Management Company Registration Number 157428 B

Incorporated under the International Business Companies Act, 2000 of the Commonwealth The Bahamas.

Lar Air oldingsof Ltd Registration Number 157333 B

BNA Smart Systems Ltd.

NOTICE

velope ID: F612231C-B696-4EF1-8E94-BF036081A4FF

Docusign Envelope ID: F612231C-B696-4EF1-8E94-BF036081A4FF

Incorporated under the Companies Act, 2000 (InInternational VoluntaryBusiness Liquidation) of the Commonwealth of The Bahamas Registration Number 157428 B

NOTICE

Incorporated under the Companies Act, 2000 (InInternational VoluntaryBusiness Liquidation) of the Commonwealth of The Bahamas Registration Number 157333 B

Notice is hereby given that the above-named Company is in dissolution, commencing on the 24th day of December (In Voluntary Liquidation) A.D. 2024.

Notice is hereby given that the above-named Company is in dissolution, commencing on the 24th day of December A.D. 2024.

(In Voluntary Liquidation)

Articles Dissolution have been duly registered by the Notice isofhereby given that the above-named Company is in dissolution, Registrar.

The Liquidator Enrique Tavares commencing on the ______day of ________isA.D.Manuel 2024.

Notice is hereby given that the above-named Company is in dissolution, Registrar.

Liquidator Enrique Tavares commencing on theThe ______day of ________is A.D.Manuel 2024.

Sanchez of Calle Pedro Henriquez Ureña 103, La Esperilla, Articles of Dissolution haveDominican been duly registered by the Registrar.having The Santa Domingo 10106, Republic.

Persons Liquidator is Manuel Enrique Tavares Sanchez of Calle Pedro Henriquez Ureña a Claim against the above-named are required on or before 103, La Esperilla, Santo Domingo 10106, Dominican Republic. Persons having a theagainst 24ththeday of December A.D. 2024 to mail and email Claim above-named Company are required on or before the _______ day names, addresses andnames, particulars of their debts or claims of their _________ A.D. 2024 to mail their addresses and particulars of their debts or to claims the Liquidator of Company, or in default thereof they may be theto Liquidator of thethe Company, or in default thereof excluded of any distribution made before such proved. they from maythebebenefit excluded from the benefit of claim anyisdistribution made before such claim is proved.

Dated this _______ day of _________ A.D. 2024

Articles of Dissolution have been duly registered by the

Sanchez of Calle Pedro Henriquez Ureña 103, La Esperilla, Articles of Dissolution haveDominican been duly registered by thePersons Registrar.having The Santa Domingo 10106, Republic.

Liquidator is Manuel Enrique Tavares Sanchez of Calle Pedro Henriquez a Claim against the above-named are required on orUreña before 103, La Esperilla, Santo Domingo 10106, Dominican Republic. Persons having a the 24th day of December A.D. 2024 to mail and email Claim against the above-named Company are required on or before the _______ day names, addresses and particulars of particulars their debts or debts claims of their _________ A.D. 2024 to mail their names, addresses and of their or to claims the Liquidator of Company, or in default thereof they may be theto Liquidator ofthethe Company, or in default thereof excluded benefit of any distribution madebenefit before such proved. they from maythebe excluded from the ofclaim anyis distribution made before such claim is proved.

Dated this _______ day of _________ A.D. 2024

Dated this 24th day of December A.D. 2024.

Dated this 24th day of December A.D. 2024.

_______________________________

_______________________________

Manuel Enrique Tavares Sanchez

Liquidator

Manuel Enrique Tavares Sanchez

Liquidator

NOTICE (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, BNA Smart Systems Ltd. is in dissolution.

The dissolution of the said Company commenced on December 18, 2024 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.

The sole liquidator of the said Company is Kim D Thompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D Thompson Sole Liquidator

THE TRIBUNE

Tuesday, December 31, 2024, PAGE 5

Value-seekers drove 2024’s retail trends and dead ends

By ANNE D'INNOCENZIO and DEE-ANN DURBIN AP Business Writers Value was in vogue in 2024.

Shoppers and restaurant patrons in the U.S. were choosy about where and how to spend their money as they wrestled with high housing and food prices.

Well-heeled customers traded down to Walmart and Aldi. Diners opted for fast food or home cooking instead of sit-down restaurants. Department stores struggled as buyers shopped online or at cheaper chains like H&M. Residents also moved away from buying furniture or investing in expensive renovations, opting to refresh their homes with inexpensive items like frames and candles.

Those shifts changed the buying and eating landscape in 2024. As of Dec. 20, Coresight Research tracked 48 retail bankruptcies in the U.S., compared with 25 during the same period a year ago. And at least 22 restaurant chains filed for bankruptcy this year, the highest number since 2020, according to BankruptcyData, a company that tracks filings.

Here are some of the trends – and dead ends – that The Associated Press tracked in 2024:

WINNERS: WALMART The nation's largest retailer typically shines during tough times as shoppers turn to the discounter for groceries, which account for 60% of Walmart's total business. And just like during the 2008 Great Recession, Walmart saw households with incomes of $100,000 or above making up more of its clientele.

But this time around, company executives think they can keep those customers because they've expanded online services and added more stylish clothes and mannequins.

AMAZON Online juggernaut Amazon leaned into its reputation as a destination for deals to appeal to bargain-hungry buyers.

In November it launched Amazon Haul, a new lowcost storefront featuring electronics, apparel and other products priced under $20. And the company said its Prime Day event in July resulted in record sales. But Amazon could face headwinds in the coming year with threatened tariffs on products from China and labor unrest in the U.S. FAST CHAINS

CASUAL

NOTICE NOTICE is hereby given that KATY JEAN of Hanna Hill, Eight Mile Rock, Grand Bahama, 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 24th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that PATRICIA GREEN CAMPBELL of #233 Beldock Avenue, Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that TASMIN MILECHE BROWN of #233 Beldock Avenue, Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that CHILES FERTILIEN of All Saints Way, Golden Isles 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 24th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

It was a good year for restaurant chains like Shake Shack that are a step up from fast food but still offer good value. Cava, which specializes in fresh Mediterranean food, said its revenue surged more than 33% in the first nine months of this year as it rapidly built new restaurants. Chipotle got some heat from value-conscious diners about smaller portions, but drew customers back after retraining workers to ensure "consistent and generous" portions.

JEANS SELLERS The wide-leg jeans silhouette – the "it" style that rapidly replaced boot-cut and skinny jeans – drove sales across many different retailers this year. Macy's, Abercrombie & Fitch, Levi Strauss, Gap and Stitch Fix were among those citing the trend as a big sales booster in recent months. Valueconscious buyers could snap them up at Walmart for $29. At the high end, Gucci had wide-leg versions for $1,200.

MCDONALD'S The year didn't begin well for McDonald's. The company's sales slumped as inflation-weary customers chose to eat at home instead of grabbing fast food. But a $5 meal deal introduced in June helped

THIS combination image shows signage of Chipotle restaurant Feb. 8, 2016, Walmart store, in Walpole, Mass., Sept. 3, 2019, McDonald’s restaurant on April 29, 2024, in Albany, Ore., a Target store sign is shown in Amherst, N.Y., Aug. 18, 2009.

Photo:AP draw lower-income customers back into stores.

McDonald's extended the deal through the end of this year and said more value is coming in 2025. The fast food giant is working to get customers back after a fall E. coli outbreak linked to raw onions in Quarter Pounder hamburgers sickened at least 104 people in 14 states.

LOSERS: TARGET Target's cheap chic fashions and home decor have long been a big attraction, but the chain faced challenges in 2024. Unlike Walmart, Target is more reliant on discretionary items like clothing because less than a quarter of its sales come from food and beverages. It has always battled a perception of being more expensive, and

analysts say its merchandise has lately been in disarray.

Still, Target drew crowds on Black Friday with exclusive Taylor Swift products.

STARBUCKS Starbucks had a tough year. Orders are getting increasingly complex, with thousands of ways to customize drinks. That's leading to long lines and incorrect pickup times on the mobile app. New offerings like olive oil-infused coffee didn't attract customers, who also grew tired of Starbucks' high prices. Starbucks hired a new CEO, Brian Niccol, in the fall to help turn things around.

But labor strife, which led to strikes in December, could continue to hurt the company in 2025.

LEGACY RESTAURANTS Several decades-old chains threw in the towel in 2024, succumbing to rising competition, changing dining patterns and big portfolios of outdated restaurants. Red Lobster, TGI Fridays and Buca di Beppo all filed for Chapter 11 bankruptcy protection and shuttered dozens of locations. A leaner Red Lobster later exited bankruptcy under new ownership, but it remains to be seen whether older chains can turn around years of declining sales.

BIG TICKET ITEMS At the height of the coronavirus pandemic, U.S. consumers took advantage of low interest rates and stimulus benefits to remodel their homes and make other big purchases.

But last year, they pulled back. That's been a challenge for retailers like Best Buy, the nation's largest consumer electronics chain, which noted lower sales of appliances, home theaters and gaming equipment.

Home Depot and Lowe's also reported lower sales of big-ticket items, particularly discretionary kitchen and bathroom remodeling projects.

DEPARTMENT STORES Department stores, particularly those catering to middle income shoppers, have struggled to hold onto customers as many turn to online shopping or to fastfashion retailers. Among the worst performers: Menomonee Falls, Wisconsin-based Kohl's, which reported its 11th consecutive quarter of sales declines this year. Outgoing CEO Tom Kingsbury recently owned up to merchandising mistakes, including scaling back fine jewelry, popular store label brands and petite sizes. Customers will see those categories return in the coming year.

PAGE 6, Tuesday, December 31, 2024

THE TRIBUNE

STOCK MARKET TODAY

Wall Street slips in final days of a banner year for US stocks THE NEW York Stock Exchange is shown in New York’s Financial District on Dec. 23, 2024.

Photo:Peter Morgan/AP

By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers U.S. stocks closed broadly lower Monday as a banner year on Wall Street looked set to finish on a sour note.

The S&P 500 fell 1.1%, its third straight decline.

Roughly 90% of stocks within the index lost ground. On the secondto-last day of 2024, the benchmark index was still on track for its second straight yearly gain of more than 20%.

The Dow Jones Industrial Average fell 1%, and the Nasdaq composite ended 1.2% lower.

Big Tech companies were the heaviest weights on the market, worsening the slump. Apple and Microsoft fell 1.3%. Their pricey valuations tend to have an outsized impact on the broader market.

Elsewhere among tech stocks, Meta Platforms dropped 1.4%, Netflix slipped 0.8% and Amazon fell 1.1%.

The S&P 500's technology and communication services sectors have been the market's high flyers, notching gains of 37.1% and 39.9%, respectively, so far this year.

Boeing fell 2.3% after one of its jets skidded off a runway in South Korea, killing 179 of the 181 people aboard. South Korea is inspecting all 737-800 aircraft operated by airlines in the country.

The disaster was yet another blow for Boeing following a machinists strike, further safety problems with its troubled top-selling aircraft and a plunging stock price. Its shares have declined more than 30% this year.

Airlines that fly Boeing jets wavered in the wake of the crash. United Airlines fell 1.4% and Delta Air Lines dropped 0.9%.

All told, the S&P 500 fell 63.90 points to 5,906.94.

The Dow dropped 418.48 points to 42,573.73, and the Nasdaq fell 235.25 points to 19,486.78.

Bond yields fell. The yield on the 10-year Treasury fell to 4.53% from 4.63% late Friday. The yield on the two-year Treasury

fell to 4.25% from 4.33% late Friday.

The price of U.S. crude oil rose 0.6%. Energy stocks held up better than the rest of the market, falling just 0.1%.

Natural gas prices jumped 12%. That helped support gains for natural gas producers. EQT Corp. rose 5.1% for the biggest gain among S&P 500 stocks.

Indexes in Europe and Asia mostly fell.

Markets are nearing the close of a stellar year driven

AI is becoming ingrained in businesses across industries. Where is it going in 2025?

By WYATTE GRANTHAM-PHILIPS AP Business Writer AS artificial intelligence continues to grow at a rapid pace, more and more businesses are grappling with how to adapt both quickly and responsibly.

Dan Priest is the new Chief AI Officer at PwC,

one of the world's largest consulting firms, where he works with companies across industries as they adopt this burgeoning technology both into their day-to-day operations and future business models.

He says 2024 was all about proving what AI brings to the table — and expects

2025 will shift more into scaling it.

Priest recently spoke with The Associated Press about his new role and other AI business predictions his team has for the year ahead. The interview has been edited for length and clarity.

Q: When did PwC decide it wanted a Chief AI Officer?

A: We launched the role in early July, on the heels of us doing an AI impact analysis and strategy for the firm. The motivation was simply to make sure we were tapping into AI's full potential, responsibly,

CROSSWORD PUZZLE Wednesday, January 1, 2025 Happy New Year 2025

by a growing economy, solid consumer spending and a strong jobs market.

Wall Street expects companies within the S&P 500 to report broad earnings growth of more than 9% for the year, according to FactSet. The final figures will be tallied following fourth-quarter reports that start in a few weeks.

Wall Street was encouraged by cooling inflation throughout the year that had brought the rate of inflation close to the Federal Reserve's 2% target.

That raised hopes that the central bank would deliver a steady stream of interest rate cuts, which would ease borrowing costs and fuel more economic growth.

The Fed cut interest rates three times in 2024, but has signaled a more cautious approach heading into 2025 amid stubborn inflation and worries about it reheating. The latest report on consumer prices showed that inflation edged slightly higher, to 2.7%, in November.

Worries about the potential for inflation reigniting have been further fueled by tariff threats from incoming

President Donald Trump.

Companies typically pass along the higher costs from tariffs on goods and raw materials to consumers.

While U.S. stock indexes have historically gotten a boost at year's end —often referred to as a 'Santa Claus' rally — the recent market declines put a damper on that.

"The 'Santa Claus rally' that most were calling for and asking for we perhaps got earlier in November," said Keith Buchanan, senior portfolio manager at Globalt Investments. "This week is going to be another week of drift, whether it's drifting up or down."

Investors have very little corporate and economic news to review this week, which is shortened by the New Year holiday.

Markets will be closed on Wednesday.

On Thursday, investors will get an updated snapshot of U.S. construction spending for the month of November. On Friday, Wall Street will receive an update on manufacturing for December.

to best serve our clients. We work with companies across a range of sectors — including tech, health care and hospitality.

each type of foods, products and excursions people wanted. Now, with gen AI, they can have a personalization engine that says, "I'm a fan of these luxury products," and then make sure those types of luxury products are on board. Or, "I'm a fan of this type of food," and they can make sure that food is on the menu. It gives companies a way to personalize the experience that wasn't possible before.

Q: What have the companies you work with told you about how they're adopting AI? A: AI is showing up in some form or fashion for the majority of our clients these days. In a recent survey that we did of Fortune 1000 companies, nearly half of respondents said AI is fully embedded in their workflows — and then about a third had even embedded it in their products and services.

And AI is more than just a tech initiative, it's also adjusting business strategies. CEOs overwhelmingly recognize that AI will impact their business model in some way — with about 73% of those we spoke to in a predictions report saying that they believe AI would cause a shift in their business model. In particular, we're increasingly seeing generative AI both in the presence of the consumer and throughout product development.

Q: Can you give me examples of what that looks like?

A: To be competitive, companies can't just predict what consumers want anymore. You have to give them a way to personalize the specific products and services they want — and gen AI has a means of doing that.

Take a business in the cruising sector, for example. In the past, cruise lines would have to predict what

Q: What risks should companies keep in mind when approaching AI? A: AI is not monolithic, and there are different maturity levels for different uses. You've seen issues in contact centers, for example, where AI agents were introduced and in some cases gave customers hallucinations with wrong information. And so having a "maturity test" to make sure they tech you're using is ready for prime time, particularly when it's customer-facing, is important.

Those same disciplines are critical for protecting internal data, which you don't want inadvertently training a large language model.

That's one category of risk. On the other side of all of this, another risk is not moving quickly enough and falling behind. Your AI strategy will either put you ahead or make it hard to ever catch up. If we take a lesson from the Internet era, a lot of those early movers ended up being winners for the next ten, 20 years. We expect to see something very similar for companies that embrace AI today, both early on and in a trustworthy way.

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Tuesday, December 31, 2024, PAGEare 7s

THE TRIBUNE

JUDGE PARKER

CARPE DIEM

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Solution in Monday’s puzzle pull-out

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SUMTHING Fit the missing numbers into the grid so that all the sums are correct – reading left to right or on single lines top to bottom. There are 11 squares to fill, with one digit in each, and the 11 digits you must use are listed below.

But where do they all go?

Solution in Monday’s puzzle pull-out

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MARVIN 4

Daily Express Friday, August 30, 2024

Puzzles

BLONDIE

×

×

We’ve given you one digit to get you started.

Here are the missing digits to fit in:

1, 2, 2, 2, 3, 3, 4, 4, 4, 7, 8

=

CRUSADER PRIZE CROSSWORD 8 ACROSS 1 Pauper gets depressed – also unacceptable (4-3-3) 6 Betting journalist was rushed (4) 10 Saying farm animals are behind the conclusion (7) 11 Flowers had Lisa in pieces (7) 12 Churchgoer finding procedure first (9) 13 Explosive fool, alternatively, did a U-turn (5) 14 Man has last of scampi cooked (5) 15 Understand about old daughter following guardian (9) 17 Same dialect in translation (9) 20 Engineers assembled first at a certain distance (5) 21 Forbidden to throw a boot (5) 23 After directions, grows strangely informed in forum (9) 25 Insects do not start vitamin deficiency (7) 26 Man taking traitor to be unpredictable (7) 27 Fool loses cape on hill (4) 28 Blocked pub reviewing cider ad (10)

HAGAR THE HORRIBLE

TIGER

CALVIN & HOBBES

1 2 DOWN 1 Imagine head of drama getting a lot of paper (5) 2 Reportedly rubbish sentence that’s expanded by food (9) 10 3 Tune gets processed and made cool (3-11) 4 Critical attorney, new in dynasty (7)SAMURAI SUDOKU 12 5 French article, old-fashioned, 1 5 8 3 4 9 7 6 2 7 4 1 5 9 6 3 8 2 of unknown 3origin (7) 6 9 7 1 2 5 4 8 8 2 5 3 1 4 6 9 7 7 Indicate location 7 2 4 (5) 6 8 5 3 9 1 9 6 3 7 2 8 5 1 4 2 7 1for 4 9 3 6 8 5 5 7 6 1 4 9 2 3 8 8 Duke is on track 14 4 3 6 5 2 8 9 1 7 3 9 4 8 5 2 7 6 1 conversation9 (9) 8 5 1 6 7 2 3 4 2 1 8 6 7 3 9 4 5 9 A short campaign, 5 9 2 8 amazingly 3 4 1 7 6 2 3 5 4 8 9 2 3 5 1 7 6 8 1 3 2 7 6 4(14) 5 9 7 6 8 1 3 2 4 6 7 8 5 9 fantastic in appearance 6 4 7 9 5 1 8 2 3 4 9 1 6 5 7 9 8 1 4 2 3 14 Squandered something 9deep8 1 5 4 7 17 3 2 6 fried by journalist (9) 6 4 5 3 2 9 7 1 8 2 3 7 1 8 6 9 4 5 16 Rushed some distance after 1 9 5 8 2 3 7 6 4 8 1 2 5 9 3 4 2 7 8 6 1 having stolen 4 2keys 6 5 (9) 7 1 3 9 8 6 5 4 2 7 1 5 8 6 3 9 4 18 Actors hide 8article 7 3 6 –4a9 5 1 2 9 7 3 8 6 4 1 9 3 7 5 2 21 22 4 8 6 9 5 1 2 7 3 game (7) 9 4 7 3 1 8 6 2 5 2 5 1 7 6 4 9 8 3 3 2 9 6 7 4 5 1 8 19 Unhappy with clothes first, 6 3 8 9 5 2 1 4 7 7 1 5 8 3 2 6 4 9 say (3,4) 7 1 2 4 9 5 8 3 6 6 5 8 2 4 9 1 3 7 3 without 6 9 2 8 7a 4taxi 5 1– 9 3 2 7 1 5 4 8 6 22 Rasher being 25 5 8 4 1 3 6 2 7 9 1 4 7 3 6 8 9 2 5 reverse! (5) 24 Walked home, going round SMALL CROSSWORD church (5)

● The Target uses words in the main body of Chambers 21st Century Dictionary (1999 edition)

HOW many words of four letters or more can you make from the letters shown here?

In making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. No plurals.

Verb forms ending in S permitted.

TODAY’S TARGET Good 12; very good 18; excellent 24 (or more). Solution on Monday

Call 0907 181 2585 for today’s Target solution *Calls cost 80p per minute plus your telephone company’s network access charge.

BATTLESHIPS FIND where the fleet of ships shown is hidden in the grid. The numbers to the right of and below the grid indicate how many of the squares in that row are filled in with ships or parts of ships. The ships do not touch each other, even diagonally. Some squares have been filled in to start you off.

Solution on Monday 1

MICRO CROSSWORD

CHALLENGER

Yesterday’s Answers

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WORDSEARC

N O S P M O H C P V Z E P G 15 S Y A R O R O L U R H H R R L H X W U R A E P E18 S B Y19 R T R H M X Q I T N C E S V W E O Q R A W W 23 H T E E N F O C R W K O O R N E C A G O S A G F B W M26 A L D X W N V V B E F W C F S 28

THE ALPHA

Black squares: 1 18, 25, 31, 33, 39, Across: Shocking Endow, Jargon,TA C T Wasabi, Knife, Mu 32 m Down: Pummel, A Oxidants, CAN you crack the Alphabeater? Each grid Global, TARGET Extra letter cl Efts, Gut, number represents a letter – or black square. Squibs, 0907 181 25 AsWHOLEFOOD in Alphapuzzle, every letter of the alphabet (Deduct three minut delf dole dowel fled flew floe flood DOU each extra clue letter is used.

But youfold havefool to complete the grid too!CROSS flow flowed fooled fowl Across:Full GREEK Use the given squares solution fowled heldletters hold and holeblack holed howl below Down: DRAMA thehowled grid to lewd start. lode The grid is ‘rotationally 0907 181 25 lowed oleo weld symmetrical’ – in other words, it looks the *Calls cost 80p per min whole WHOLEFOOD wold wolf wolfed your telephone comp SUMMIT UP same woolif you turn the page upside down. network access cha Solution on Monday 84 and 59

THE ALPHABEATER

N I C I GK R L N

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

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Across: 1 At present,277 Entrap, 9 Blow-dry, 10 Iced, 12 Win, 13 Cleaner, 14 Err, 15 Deli, 17 Lookout, 19 Status, 20 Generally. Down: 1 Arbiters, 2 Talc, 3 Pro, 4 Endeavour, 5 Strand, 6 Nadir, 8 Punditry, 11 Denote, 13 Crate, 16 Lull, 18 Owl.

TARGET

DENNIS THE MENACE

3

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1 x Battleship

3 x Destroyer

2 x Cruiser

4 x Submarine

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A 14 40 30 40 2 17 11 10 4 31 32 36 B C 33 6 28 3 31 35 31 5 25 14 19 40 D E 27 36 29 13 21 38 36 36 40 15 28 27 F G 18 31 19 7 38 5 10 3 33 38 36 30 H I 20 15 10 36 30 7 20 25 34 36 3 22 J 24 33 40 15 30 31 14 38 36 36 K 31 7 L 17 31 28 12 5 M 21 13 10 25 26 22 9 N 32 31 20 20 12 20 35 26 13 O 26 38 2 PBest described as a number crossword, the task in Kakuro 28squares, 18 8 using 3 numbers 40 2 1 to219, so 38 Qis10 to fill9all of34the 4empty Rthe sum of each horizontal block equals the number to its 16 and 38the37 35 vertical 5 12block 9 equals 21 19 34 14 Sleft, sum10 of each the number Ton its top. No number may be used in the same block more 17 once.

1 22The32difficulty 40 16 27 Conceptis 29 5 Kakuro 23 38 Uthan level31 of the Vincreases from Monday to Sunday.

38 18 39 19 33 2 22 26 13 25 37 W 3 X 40 20 31 11 10 7 29 40 39 10 Y 10 2 Yesterday’s Yesterday’s Z 1

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Sudoku H Answer ■

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Answer ■ U VKakuro

■

● Alternatively, for six Extra Letter clues to your mobile, text DXBEAT to 64343. Texts cost £1 plus standard network rat

KEIJO 2

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Place the tile the grid so four differ numbers and different sh appear in eac and colum

Solution Monday