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Wednesday, December 31, 2025

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Healthy growth for stopover tourism says Central Bank of The Bahamas By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net STOPOVER tourism is showing healthy growth in The Bahamas, but the gains are not evenly spread across the country. According to the Central Bank of The Bahamas Monthly Economic and Financial Developments report, air arrivals to the Family Islands jumped more than 14 percent in November, while New Providence experienced an 8 percent decline in stopover visitors. The report highlighted that while the cruise sector continues to perform strongly, high-value stopover arrivals remain constrained by factors such as limited hotel capacity and softer demand from the U.S. market. This uneven growth signals opportunities — and challenges — for islands seeking to attract longer-staying, higher-spending visitors. “Although tourism continued to register healthy growth, inflows remained tempered by subdued performance in the high-value-added stopover category, given constrained accommodation capacity and softer demand from the United States market. However, healthy gains persisted in the

THE Prime Minister will make repairing the roads in Abaco a priority, a member of the North Abaco Pastors Association (NAPA) claimed yesterday. During a press conference held in October which detailed a list of issues plaguing Abaco, including the pothole infested roads, Reverend Rudy McKinney added that more lights and verges need to be installed on the roads in North Abaco. Reverend Marvin Mills, NAPA’s President noted that damages from the many potholes in Abaco’s roads has cost some persons a decent of money in repairs. However, according to Bishop Cedric Bullard, former NAPA chairman and Senior Pastor of New Life Ministries International, Prime Minister Philip Davis has heard their cries, informing shortly after the press conference them that the roads are “a priority for him.” “The roads are still a problem but I know the prime minister

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

CENTRAL BANK OF THE BAHAMAS

• Air arrivals rise Family Islands, fall New Providence • Central Bank flags capacity, US demand constraints • Limited hotel rooms cap high-value visitor growth

cruise sector,” the Central Bank report noted. “Total stopover arrivals grew by 3.7percent relative to November 2024, reflecting continued recovery in the U.S. market, while cruise passenger arrivals expanded by 12.4 percent year-on-year.” Among the Family Islands, Grand Bahama, Abaco, and Eleuthera led the way, with the report stating that arrivals outside of New Providence

increased by 14.3 percent, reflecting growing interest in destinations beyond the nation’s main hub. By contrast, New Providence saw visitor numbers decline by 8.2 percent, highlighting differences in performance between islands. A breakdown by major port of entry showed that total arrivals to the Family Islands rose by 15.6 percent, while visitors to

ARRIVALS - See Page B3

did say that that's a priority for him, for Abaco,” Bishop Bullard said. “But he couldn't give us a date. He said it's a concern for him. So it's something that he's looking into to really get that done for us. He reached out to us and said that he heard our concern, and it's of interest. It's of a concern for him.” The upgradinging of the Treasure Cay Airport, was also acknowledged by Mr Davis. During the press conferences NAPA members said the airport, especially after Hurricane Dorian “has been in need of new terminal and proper bathroom facilities.” Bishop Bullard said since then, the airport has been “cleaned up” and he believes more will be done to bring the airport up to par. ”Treasure Cay Airport which we were concerned about, it's well cleaned up,” he said. “I'm glad it's cleaned up, because it's full of airplanes. A lot of tourists in and there's no more parking space. It's compact with planes and it's beautiful. It's cleaned down, it's just groomed properly. Thank God for that.

“And I think the runways, they kind of cleaned it up on the side. I think they're making provision to to get some work done because I know they did some opening up the two sides so planes can turn around. So, the only thing we're waiting for now, is getting a building there, someplace for people to be able to use the restroom... We're looking for a proper building. But it's something that needs to be done. And I think he has expressed interest and he will be dealing with all of that, because he said they're building airports around the country, and at this time Abaco is one. “He said that a number of things are going on. A number of airports are being constructed, and we are one that he's concerned about getting it done. He heard the cry and he's going to be making some efforts to get some things done for us. But he said, right now, he said, out of all of that, he said, because people lives are at stake, the road is a priority for him right now.”

PHILIP DAVIS PM The North Abaco Port located in Cooper’s Town, which is said to be sitting and “deteriorating,” was brought to Mr Davis’ attention as well. Bishop Bullard said they know interested parties willing to help with the funding for the port. “He [Mr Davis] said he realized it's going to cost some money to get it done,” Bishop Bullard said. “But he's just depending on finding funds to get it done. We know persons who are interested, and they've got funds. Not only so much that the government, but if we can find persons... because, like I said, we do have persons who've been talking to us. There's a company that is interested here in North Abaco. So we're looking into something.”

Retail Liquor Association plan legal challenge over ‘unfair competition’ by drink distributors BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net LIQUOR retailers have voted to challenge in court next year what they say is “unfair competition” or “predatory behaviour” by their distributors who sell alcohol at the same or lower cost, contributing to lack of competition in the industry. George Robinson Jr, owner of Base Road Wholesale Bar has been vocal regarding what he deems as “injustice.” He said for ten years, distributors and wholesalers including 700 Wines and Spirits, Jimmy’s Wines and Spirits and Bristol Wines and Spirits have created a lack of competition in the field. “This been going on from the last 10 years,” Mr Robinson said. “It had gotten

Fee increases leave Bimini marinas struggling • Fewer boats threaten small-business activity islandwide • Rising costs divert visitors to rival destinations • Government reviewing impact of marine fee hikes

Abaco road repair ‘a priority’ for PM claims Bishop Cedric Bullard – ‘but no date given’ BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

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worse. And some people who said that they were going to address it was with the company. They started to do some end roads about it bu then apparently they left the company. A lot of people have left the company since because they're fed up.” Mr Robinson added that during a meeting held on Monday, a group of retailers who go by the name the Retail Liquor Association, has agreed to seek legal measures to combat the issue. “We had a meeting yesterday, our association, and we are upset with 700,” Mr Robinson said. “We have to do something next year with them. This unfair competition that they are doing is really injustice to us because 700 supposed to be a

distributor, which all of us purchase from them. “Now, they're coming around, and they're underselling us. They having these sales and stuff and selling to the public, either the same price, and in some cases cheaper than what they selling it to us for. And a lot of people are up in arms against because we don't think it's right, and they don't see nothing wrong with it. “We trying to see if it's law. I know some states have a law what you call unfair competition or predatory behaviour. But I mean even with law or no law, that is not right. You can't be a wholesaler and you are distributor which is fine, but then our biggest competition are our distributor. [A] couple times we tried to find it if there is a law. Some

say, it don't have to be a law but certain things are not permitted. “We have voted next year to challenge it in court with them. We were thinking about this for years now, but they keep saying they're going to do better. So we feel like the only place to go is go to the court if it isn't in law, to put it in law, to say that it is against the law for what's you call unfair competition. I know some parts of the world, you can't do that. You could get sue for unfair competition. “And right now they're having a sale today and tomorrow. And when you look at the prices they're offering the public, some, some of some of the items are even cheaper. Like I just bought some champagne from them. They sold it to

PREDATORY - See Page B2

EDWARD Reckley, president of the Bimini Chamber of Commerce, says the island’s marinas are struggling this holiday season, with fewer than 30 boats in port at the island’s largest marina—far below the full docks normally expected at this time of year. Speaking to Tribune Business, Mr Reckley said “skyrocketing” boating fees and rising costs for visitors have hit the island hard, threatening the businesses that rely on small-boat tourism. “We are crying like every other island—Exuma is crying, Abaco is crying. The only place you probably aren’t hearing complaints is Nassau. But every other island is struggling because prices have skyrocketed,” said Mr Reckley. “Everything is light—very light. Normally, at this time, we have a full schedule, but right now we’re scraping for people.” Mr Reckley explained that higher boating fees, combined with rising fuel and supply costs, are diverting visitors away from Bimini. While some regulars still arrive, the additional expenses have significantly reduced traffic, particularly among smaller boats that are critical to the local economy. “The marinas are concerned; they’re complaining, and everyone is feeling the pinch due to the higher fees,” he added. He said this year, the usual bustle of golf cart rentals, visitors to local bars and restaurants, and New Year celebrations are noticeably diminished, and over the Christmas holidays the situation was similarly bleak. “Over the Christmas holidays, it was the same situation: fewer people traveling because of the high costs for the boats. That’s a big problem. We don’t want to roll into summer like this. At this point, we’re trying to do the best we can,” said Mr Reckley. He said the reduced activity at the marinas has a ripple effect on Bimini’s economy, as smaller boats bring visitors who spend on essentials such as housing, food, and supplies, which in turn supports local businesses. Mr Reckley said he hopes for a return to previous fee structures or the introduction of measures to make visiting more affordable. “I’d like to see conditions return to what they were—or even

SKYROCKET - See Page B3

PAGE 2, Wednesday, December 31, 2025

Court battle looms over liquor sales PREDATORY - from page B1 me for 90 something dollars a bottle, plus VAT. Now they have it on sale today to the public for $70 a bottle. So that mean you could go to 700 and buy the wine cheaper than what they sold it to me for. And like I told them, I have the proof. The Retail Liquor Association is fed up. We are heading to court, because of what they are doing. The retail association is up in arms over the unfair competition from their distributors.” Mr Robinson added that while Jimmy’s Wines and Spirits and Bristol Wines

and Spirits pose a threat, the real competition is 700 Wines and Spirits. And the problem here with 700 is because they have over 45 retail stores,” he said. “In Nassau, they have over 20 retail stores. So with Jimmy’s, even though we go at them too, but they’re not much of a problem, because Jimmy’s only have about three or four retail stores and they are not in the inner city, like 700. “You’ll find their store, like, out by the airport and nearby Albany, in those areas. And when you look at Bristol Sellers,

THE TRIBUNE Bristol, Sellers probably have about three or four stores in Nassau. So they’re not really in the inner city either. But 700, they all over the place. They’re in the inner city. Every nook and cranny you see them in these shopping centres. “ Allegations regarding Heineken providing such wholesalers and distributors a target for sales was also revealed by Mr Robinson. “They are giving them targets to meet and they are comparing us with like Mexico and they try to explain to them that, Mexico is a big city,” he said. “So when they give these guys, these target to meet in wholesale, then it’s interfering with the guys in retail, because they are complaining too, because they can’t meet their target... Like I

told one of the fellas this morning I was talking to, I told him, it look like they trying to make us an alcoholic state. “Right now the Government is trying to curtail the sale of alcohol to minors and for people to be conscious of their drinking. So they probably now is seeing a drop in sales because a lot of people is cutting back on alcohol, because they realize the danger and the health problem it is creating. So, when they see this drop in sales and everything, they try to do things to boost the sales.” Mr Robinson said his inventory is high because no one is buying from him due to sales and lower prices provided by distributors. “Right now, my inventory is so high because no one to sell it to,” he said. “And for us to make couple dollars, we open up Christmas Day, Boxing Day, they. They don’t even open up on Sundays, right? So we can make a little something on Sundays. Sunday gone, when I look, all their stores open up. The Sunday before Christmas all their stores open up.” He added: “We sell Hennessy, and they [distributors] set the price. They said, ‘We want you to try set the price so we could be competitive.’ So we were selling Hennessy for $59 a bottle. When I look in the papers and they’re od, they’re selling it for $49 a bottle. [They said] ‘Oh but we only doing this for the two day sale.’ I said but in

Christmas, when you all had your big sales for three days, a lot of people stack up. Liquor don’t spoil. So they was able to stack up on their sale price. So all our sales were down for Christmas because for all the parties, the people took advantage of the sale. “And all we try to tell them that it is not fair. They agreed with us, but they still doing it. ‘Oh, it’s only two days.’ And we have to put a stop to this. And then the Government, we got to get back at them, because they are saying they trying to protect the small businesses, but they are not doing it.” “They have this egg nog that comes out every Christmas called Evan Williams. I bought cases. So when I look at the price they gave me, they gave me the price for their small bottle, for $13.50 a bottle. That’s my cost price. When I checked to their stores, they selling one bottle for $13.50. “So I contacted them. I said, ‘Why y’all doing this to us?’ [They said] ‘Oh, well, you know, we only have it at our store out by the airport because the people are going to drive out there.’ But we still tell them it is not fair. So when I call their stores uptown, they selling it for $15. So I told them that still is a disadvantage, because for me to compete with them, that mean I have to sell it for $15. I can’t survive making $1.50 on a bottle. And I tried to buy 30 cases, they wouldn’t even give me a discount.

“So what I had to do, I had to put my prices up. Then you get the customers walking in the store saying ‘Well, how come Jimmy’s selling this for $15 and you got it for $19?’ I paying $13.50 a bottle. I have to make a profit. I have to pay staff overhead. And this is what we are facing every day with them. And it’s not right.” Commonwealth Brewery Limited speaking on its retail chain, 700 Wines and Spirits said they do offer sales which are limited in time. It added that “promotional pricing is not limited to our retail arm.” Commonwealth Brewery Limited operates pricing promotions across all of our channels fairly. “From time to time, our 700 Wines & Spirits brand, like any other retailer, offers sales as part of normal business activity. These promotions are planned, limited in duration, and are reflective of market conditions. “It is important to note that promotional pricing is not limited to our retail arm. Trade customers regularly receive promotional pricing, often ahead of retail (700 W&S) sales, to allow them to plan, compete, and drive sales in their own stores. “Our intent is to support growth across the entire market. “We value our trade relationships as well as our commitment to our retail customers across The Bahamas.”

THE TRIBUNE

Wednesday, December 31, 2025, PAGE 3

CHESTER COOPER

Rising boating fees threaten marine tourism growth SKYROCKET - from page B1

JAPAN’S Prime Minister Sanae Takaichi poses before ringing the bell during a ceremony to mark the last trading day of the year on the Tokyo Stock Exchange Tuesday, Dec. 30, 2025, in Tokyo. Photo:Eugene Hoshiko/AP

Stocks edge lower as 2025 winds down while gold and silver rise By DAMIAN J. TROISE AP Business Writer STOCKS fell slightly on Wall Street Tuesday as trading for 2025 nudges closer to the finish line. With just one trading day left before the year ends, most big investors have closed out their positions and volume has been thin. Every major index is headed for a double-digit gain for the year. The S&P 500 fell 9.50 points, or 0.1%, to 6,894.24. Even with three straight days of small losses, the S&P 500 is on track for an annual gain of more than 17%. The Dow Jones Industrial Average fell 94.87 points, or 0.2%, to 48,367.06. The Nasdaq composite fell 55.27 points, or 0.2%, to 23,419.08. The biggest weights on the market remained technology companies, especially those focused on advancements for artificial intelligence.

Nvidia fell 0.4% and Apple fell 0.2%. Both companies have outsized values that have a greater overall impact on the market's broader direction. On the winning side, Facebook parent Meta Platforms rose 1.1%. The company is buying artificial intelligence startup Manus as it continues an aggressive push to amp up AI offerings across its platforms. Markets were mixed in Asia and higher in Europe. The more notable action was again in the commodities markets. Gold, silver and copper all resumed their ascent after steep declines a day earlier. The price of gold rose 1.4% to 4,386.30 per ounce. Silver prices gained 10.9%. Prices for gold and silver slumped Monday when the Chicago Mercantile Exchange, one of the largest trading floors for commodities, asked traders to put up more cash to make bets on precious metals. Prices for

both metals have surged in 2025 on a mix of economic worries and supply deficits. Copper rose 4.4% and is up more 40% for the year on strong demand. The base metal is critical to global energy infrastructure, and demand is expected to keep growing as the development of artificial intelligence technology puts more of a strain on data centers and the energy grid. Crude oil prices were relatively steady. The price of U.S. crude oil fell 0.2% to $57.95 per barrel. The price of Brent crude, the international standard, was unchanged at $61.92 per barrel. Treasury yields were mixed in the bond market. The yield on the 10-year Treasury rose to 4.12% from 4.11% late Monday. The yield on the two-year Treasury, which moves more closely with expectations for what the Federal Reserve will do, held steady at 3.45% from late Monday.

Overall, Treasury yields have fallen significantly through the year, partly because of the market's expectations for a shift in interest rate policy at the Fed. The central bank cut interest rates three times late in 2025, most recently at its meeting earlier in December. The central bank has been dealing with a more complex economic picture. Consumer confidence has been weakening throughout the year as inflation squeezes consumers and businesses. The continued impact of a wide-ranging U.S.-led trade war threatens to add more fuel to inflation. Inflation remains stubbornly high while the jobs market slows down. The Fed can cut interest rates to help the economy weather a slower jobs market. But, that could add more fuel to inflation that is still solidly above the Fed's 2% target. Hotter inflation could stunt economic growth.

improve—because around this time of year, we normally have full activity at the marinas and local businesses. There has to be some way to make it work for everyone,” he said. Earlier this year, the government introduced a series of increases to boating and yachting fees, including higher cruising permit costs and a new 10 percent levy on yacht charter operations. Officials said the measures were designed to improve revenue collection, enhance regulation of the maritime sector, and support environmental protection efforts. Industry stakeholders, however, warned that the higher fees could make The Bahamas less competitive compared with other Caribbean destinations. Charter companies and marina operators noted

that visiting vessels might choose alternative locations with lower fees and fewer administrative hurdles, potentially diverting millions of dollars in spending away from Family Island communities that rely on maritime tourism. In response to the criticism and industry concerns, Deputy Prime Minister Chester Cooper recently said the government is reviewing the boating and yachting fees and promised to make adjustments where necessary. Mr Cooper, who is also Minister of Tourism, Investments, and Aviation, stated that the Davis administration will assess the “impacts” and “implementation” of the new and increased fees, plus regulatory adjustments, that were introduced with other Budget reforms on July 1, 2025.

Family Islands fuel November tourism gains ARRIVALS - from page B1 New Providence decreased by 8.2 percent, confirming that the Family Islands are driving the overall growth in air arrivals. “The growth in highvalue stopover arrivals was constrained by limited hotel capacity and weaker-than-expected U.S. demand, highlighting the need for

strategic investment to expand accommodation and diversify offerings,” said Central Bank The regulator also pointed out the broader economic impact of tourism: “Visitor expenditure continued to underpin economic activity in the distribution, transportation, and hospitality sectors, supporting employment and business turnover across the islands.”

PAGE 4, Wednesday, December 31, 2025

THE TRIBUNE

The legendary Warren Buffett steps back this week and Berkshire Hathaway enters a new era By JOSH FUNK AP Business Writer GREG Abel faces the challenge of taking over Berkshire Hathaway from the legendary Warren Buffett later this week. Many regard Buffett as the world's greatest investor after he grew Berkshire from a struggling New England textile mill that he starting buying up for $7.60 a share in 1962, to the massive conglomerate it is today with shares that go for more than $750,000 a pop. Buffett's personal fortune of Berkshire stock is worth roughly $150 billion even after giving more than $60 billion away over the past 20 years. Berkshire for decades has routinely outpaced the S&P 500 as Buffett bought up insurance companies like Geico and National Indemnity, manufacturers like Iscar Metalworking, retail brands like Dairy Queen, major utilities and even one of the nation's biggest railroads, BNSF. Along the way, Buffett bought and sold hundreds of billions of dollars of stocks and profited handsomely from his famously long-term bets on companies like American Express, Coca-Cola and Apple. Berkshire has struggled to keep that pace in recent years because it has grown so huge and also struggled to find new and significant acquisitions. Even this fall's

GREG Abel is seen at the CenturyLink Center in Omaha, Neb., in this Saturday, May 5, 2018, file photo. Photo:Nati Harnik/AP $9.7 billion acquisition of OxyChem probably isn't big enough to make a difference in Berkshire's profits. Investors will be watching closely to see what changes Abel might make in Berkshire's trajectory, but don't expect any seismic shifts. Buffett isn't going anywhere and Abel has already been managing all of Berkshire's noninsurance businesses since 2018. Buffett will remain chairman and plans to continue coming into the office each day to help spot new investments and offer Abel any advice he asks for. Some changes are likely CFRA Research analyst Cathy Seifert said it is

natural for Abel to make some changes in the way Berkshire is run. Taking a more traditional approach to leadership with nearly 400,000 employees spread across dozens of subsidiaries makes a lot of sense, she said. But Berkshire operates under an extremely decentralized structure that trusts its executives with significant decisions. Everyone associated with the company has said there are no plans to change that. The world learned that Abel was to become the designated successor at Berkshire in 2021 when Buffett's longtime business partner, the late Charlie Munger, assured

shareholders at an annual meeting that Abel would maintain the company's culture. Part of Buffett's sales pitch to company founders and CEOs thinking of selling their companies has always been that Berkshire would largely allow them to continue running their companies the same way as long as they delivered results. "I think the investment community would likely applaud Greg's management style to the degree that it sort of buttons things up," Seifert said. "And if it helps performance, that can't really be faulted." Abel plays an active role managing companies Abel has already shown himself to be a more hands-on manager than Buffett, but he still follows the Berkshire model of autonomy for acquired companies. Abel asks tough questions of company leaders and holds them accountable for their performance. Abel did announce some leadership changes earlier this month after investment manager and Geico CEO Todd Combs departed, and Chief Financial Officer Marc Hamburg announced his retirement. Abel also said he's appointing NetJets CEO Adam Johnson as manager of all of Berkshire's consumer, service and retail businesses. That

essentially creates a third division of the company and takes some work off of Abel's plate. He will continue to manage the manufacturing, utility and railroad businesses. Abel will eventually face more pressure to start paying a dividend. From the beginning, Berkshire has held the position that it is better to reinvest profits rather than making quarterly or annual payouts to shareholders. But if Abel can't find a productive use of the $382 billion cash that Berkshire is sitting on, there may be a push from investors to start paying dividends or to adopt a traditional stock buyback program that would boost the value of shares they hold. Currently, Berkshire only repurchases shares when Buffett thinks they are a bargain, and he hasn't done that since early 2024. Still, Abel will be insulated from such pressure for some time since Buffett controls nearly 30% of the voting power in the stock. That will diminish gradually after his death as his children distribute his shares to charity as agreed. Berkshire has a solid foundation Many of Berkshire's subsidiaries tend to follow the economy and profit handsomely whenever the country is prosperous.

Meta buys startup Manus in latest move to advance its artificial intelligence efforts DETROIT Associated Press META is buying artificial intelligence startup Manus, as the owner of Facebook and Instagram continues an aggressive push to amp up AI offerings across its platforms. The California tech giant declined to disclose financial details of the acquisition. But The Wall Street Journal reported that Meta closed the deal at more than $2 billion. Manus, a Singapore-based platform with some

Chinese roots, launched its first "general-purpose" AI agent earlier this year. The platform offers paid subscriptions for customers to use this technology for research, coding and other tasks. "Manus is already serving the daily needs of millions of users and businesses worldwide," Meta said in a Monday announcement, adding that it plans to scale this service — as Manus will "deliver general-purpose agents across our consumer and business products, including in Meta AI."

NOTICE LUIAN LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 207659 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 29th day of December A.D. 2025.

Berkshire's utilities typically generate a reliable profit, and its insurance companies like Geico and General Reinsurance supply more than $175 billion worth of premiums that can be invested until claims come due. Investor Chris Ballard, who is managing director at Check Capital, said most of Berkshire's businesses "can almost take care of themselves." He sees a bright future for Berkshire under Abel. One of the biggest questions right now may be how much additional change there will be in company leadership after Combs' departure, if any at all. The head of the insurance unit, Vice Chairman Ajit Jain, who Buffett has long lavished with praise, is now 74 and many of the CEOs of the various companies have continued working long after retirement age because they like working for Buffett. "As a long-term shareholder, we aren't too concerned with Todd's departure and don't think this is the tip of some sort of iceberg," said Ballard, whose firm counts Berkshire as its largest holding. "Todd's situation is unique. It's just a reminder that Warren's pending departure is imminent and they're preparing for a new phase — one that we're still excited to see unfold." META CEO Mark Zuckerberg speaks during the company’s Connect developer conference Wednesday, Sept. 17, 2025, in Menlo Park, Calif. Photo:Nic Coury/AP

Xiao Hong, CEO of Manus, added that joining Meta will allow the platform to "build on a stronger, more sustainable foundation without changing how Manus works or how decisions are made." Manus confirmed that it would continue to sell and operate subscriptions through its own app and website. The platform has grown rapidly over the past year. Earlier this month, Manus announced that it had crossed the $100 million mark in annual recurring

revenue, just eight months after launching. Some of Manus' initial financial backers reportedly included China's Tencent Holdings, ZhenFund and HSG. And the company that first launched the platform — Butterfly Effect, which also operates under

the name monica.im, which was founded in China before moving to Singapore. A Meta spokesperson confirmed on Tuesday that there would be "no continuing Chinese ownership interests in Manus AI" following its transaction, and that the platform would

also discontinue its services and operations in China. Manus reiterated that it would continue to operate in Singapore, where most of its employees are based. Meta CEO Mark Zuckerberg has been pushing to revive its commercial AI efforts as the company faces tough competition from rivals such as Google and OpenAI, maker of ChatGPT. In June, the company made a $14.3 billion investment in AI data company Scale and recruited its CEO Alexandr Wang to help lead a team developing "superintelligence" at the tech giant.

Legal Notice

International Business Companies Act (No. 45 of 2000)

NOTICE

TMR INVESTMENT LTD.

WESTLIGHT HOLDINGS LTD.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of TMR INVESTMENT LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

Notice is hereby given that in accordance with Section 138 (4) of the; International Business Companies Act, 2000, WESTLIGHT HOLDINGS LTD. is in Dissolution. The date of commencement of dissolution is the 23 day of December, 2025.

(the “Company”)

The date of completion of the Dissolution was the 11th day of December, 2025.

(In Voluntary Liquidation)

Aegis Corporate Services Limited Building Six, Caves Village West Bay Street, P.O. Box SP-63771 Nassau, Bahamas Liquidator

PATRICK DE TEVES ROCHA LIMA LIQUIDATOR

Gustavo Dos Santos Vaz Liquidator

NOTICE

FDL Corporation

ALVES DOS REIS HOLDING LTD.

Netzach Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 212058 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 211117 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 212534 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 29th day of December A.D. 2025.

LEANDRO ALVES DOS REIS LIQUIDATOR

YLAN ADLER LIQUIDATOR

(In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 29th day of December A.D. 2025.

FERNANDO DE LUCCA LIQUIDATOR

THE TRIBUNE

Wednesday, December 31, 2025, PAGE 5

As a property slump drags on, China’s economy looks more resilient than it feels By CHAN HO-HIM AP Business Writer

WORKERS hammer silver jewelry into shape at a shop in Beijing, Thursday, Dec. 18, 2025. Photo:Ng Han Guan/AP

BY some measures, China's economy is looking resilient, with strong exports and breakthroughs in artificial intelligence and other advanced technologies. But that's not how it feels for many ordinary Chinese, who have been enduring the strain from weak property prices and uncertainty over their jobs and incomes. While some industries are thriving thanks to government support for technologies such as AI and electric vehicles, owners of small businesses report tough times as their customers cut back on spending. Some economists believe that the world's second largest economy is growing more slowly than official figures suggest, even though China may hit its official 2025 annual growth target of about 5%. Beijing has averted a damaging full blown trade war with Washington after President Donald Trump struck a truce with Chinese leader Xi Jinping, but many longer-term challenges remain.

"I drive a ten-year-old car and have no plans to replace it given the economic climate," Xiao said. "If my apartment hadn't depreciated so significantly, I might have already bought a new one." Xiao said he used to spend a "considerable amount" on his son's tutoring fees. "But now we've cut that entirely and teach him ourselves instead," he added. "I feel quite uncertain about the economic outlook." A Tianjin-based tutor, who only gave his surname as Zhou as he's not authorized by his company to speak to the media, said his income dipped by more than a third as more parents stopped sending their children for tutoring. "Because of the economic situation, parents are unwilling to spend money on tutoring," said Zhou. "They prefer large group classes instead of one-onone tutoring." "Business is much worse than before -- about 50 percent worse than during the COVID period," he added. "The future looks bleak." Growth is likely slowing in 2026 Most forecasts are for the economy to grow more slowly in 2026 and beyond, as China's leaders tinker with incremental policies while putting off fundamental reforms that might help boost consumer confidence.

Chinese consumers are feeling the pinch Business is "very tough" right now as people don't have much disposable income, said billiards hall owner Xiao Feng, who lives in Beijing. "It seems the wealthy don't have the time, and the ordinary folks don't have money to spend," said Xiao. "After deducting all costs, including rent, labor, utilities, I'm just breaking even." Xiao and his wife, a nurse, have a 10-year-old son. With her stable income, she is now the household's breadwinner. "Before, I used to contribute about 100,000 yuan (about $14,250) annually to the household," said Xiao, who has cut his staff from eight to five as competition has intensified. "But I've had no income for about six consecutive months now." Beijing-based commercial property agent Zhang Xiaoze said he used to make up to 3 million yuan (nearly $428,000) a year during the peak years of the mid-2010s. Now he brings in about 100,000 yuan annually, and the the business environment is "extremely challenging," he said.

"Demand is weak because many companies are relocating out of Beijing," Zhang said, who is married with one child. "The fundamental issue is that people don't have money." "There are times when I must dip into my savings to support the family," he said. Two sides of China's economy China's ruling Communist Party is promoting leader Xi's push for "high-quality growth" and domestic innovation as it shifts investment and policies toward a consumption-driven growth model and high-tech industries. During its rapid ascent as an export manufacturing superpower, China invested heavily in infrastructure such as railways, highways and ports, industrial zones and other property development. While boosting consumer spending and business investment are key priorities, exports remain a vital driver of employment and economic growth. In the first 11 months of this year Chinese exports amounted to a record $3.4 trillion -- with growing shipments to Southeast Asia and Europe helping to offset a sharp drop to the U.S. -- versus imports of $2.3 trillion.

"China's economy is amidst what I call a 'Great Transition,' as it moves away from the growth engines that drove growth the past three decades," said Lynn Song, chief economist for Greater China at ING. As is true in the U.S., in China the AI boom has helped drive gains in share prices. But the resources that have poured into the technology sector have not translated into a direct wealth effect for most people, said Song. "It is no surprise that many feel the situation on the ground is not reflecting the relatively more optimistic growth picture," he said. The divergence between the official economic growth figures and what many Chinese people are feeling suggests China 's actual growth "may be well below" what official data suggest, said Zichun Huang, China economist at Capital Economics. Recent economic data indicate growth is slowing. Retail sales increased by just 1.3% in November from a year earlier, slower than October's 2.9% growth. Fixed-asset investment, meanwhile, dropped 2.6% in the first 11 months of 2025. Disposable household income growth has been

"China's economy is amidst what I call a 'Great Transition,' as it moves away from the growth engines that drove growth the past three decades.” Lynn Song

running below pre-pandemic pace in recent years, economists at HSBC said in a recent report, and "income gains from property have virtually vanished." The International Monetary Fund recently raised China's growth forecast from 4.8% to 5%, near the official target, and banks including Goldman Sachs raised their forecast for China's economic growth in recent months. Other estimates vary. Capital Economics forecasts growth at a 3% to 3.5% annual pace this year. The Rhodium Group, a think tank, puts it at 2.5% to 3%. The property slump is a pain point Much of China's consumer and investor confidence hinges on property, the main repository for most household wealth. Housing prices have fallen 20% or more since they peaked in 2021. The massive downturn followed a crackdown on excessive borrowing in the real estate industry that triggered a debt crisis. In the first 11 months of this year, new home sales fell 11.2% by value from a year earlier, according to China's National Bureau of Statistics. Property investments fell nearly 16% year-on-year. Xiao, the Beijing billiards hall owner, bought an apartment in the city's Tongzhou district in 2019 for more than 3 million yuan. ($428,000). It's now worth about ($342,000).

Challenges ahead center on consumption and investment, but with the housing market remaining weak, growth momentum may be slow, economists said. Excess supply in many industries, including autos, steel and consumer goods is a chronic problem, depressing prices and profits. Chinese export prices have fallen by over 20% overall since early 2022, according to HSBC. Government efforts to tame price wars have so far had "minimal impact," it said. The country's growing trade surplus, at more than $1 trillion in 2025, is also adding to trade friction, potentially triggering protectionist moves that may crimp exports. Economists such as Michael Pettis of the Carnegie Endowment for International Peace argue that a fundamental shift enabling workers to hold much more of the nation's wealth is needed. But that so far appears to be politically untenable. With people cutting back on everything including business trips, a budget hotel owner in the northern city of Shijiazhuang was glum about the outlook. "I don't see an immediate rebound in the economy," said the man, who gave only his surname, Zhai, fearing that making critical comments about the economy could get him in trouble.

NOTICE

MMX Ltd.

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MMX Ltd. is in dissolution as of December 29, 2025. International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR

NOTICE

POWERDO LTD.

Single Line Ltd.

RJP LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 205854 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 210570 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 210260 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 29th day of December A.D. 2025.

WASHINGTON JAVIER BOTELLA FACHOLA LIQUIDATOR

RICARDO MAZZUTTI DE CASTRO LIQUIDATOR

RONALDO GUILHERME SCALON LIQUIDATOR

NOTICE

Lorenzetti Incorporation Ltd.

UKATE LTD.

RPA Familiar Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 211305 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 201937 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 209594 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 29th day of December A.D. 2025.

KELLY REGINA LORENZETTI LIQUIDATOR

LUIZ PAULO BARTILOTTI CHAVES LIQUIDATOR

RODRIGO PASCOAL AZEVEDO LIQUIDATOR

PAGE 6, Wednesday, December 31, 2025

arrow-word Arrow-words are like crosswords, but the clues are printed inside squares on the grid. Write your answers in the blank squares in the direction indicated by the arrows. Solution tomorrow

Imaginary Tropical From one fruit side to the other

TV's Ten Pound _

BLONDIE

Knitting rods

Shooting conflict

Rigorous

THE TRIBUNE

_-turvy, upside down Expand

Luxurious railway coach

Former Portuguese monetary unit Toasted snack

Mouth part

Songbirds Tools for boring holes

wordSEarch JUDGE PARKER

5 11

Dolt

Biblical priest

Month

Cuts a tooth

Plunder

F L O K X V E T N A D N A K KCARPE DIEM Brilliant Long effect narrow V O T Q F N C Z M A C W A S U cut Additional Opals, Written C D A Y T R A C O O B O S W N e.g. promise to pay a debt Sixpence (inits.) J N G P Y F V L O R B D X B J Code TV series, Football's for H Press _ You O A E M O M I V T S G N T X S Stop _ Walcott clothes Being Served? Seller T T L R O X V A U O O E E Q Q Pretty UncommA N T I U L E O N D T U L B X on Recite In this T E N H V X T Y E N S N F L D with ease place (4,3) Hot drink Fix I L O K Z G X O T E E I S O A Vaselike _ Holmes, vessel G L L A R G O V I C R M H T W news Poker presenter stake A A S F X U P Z R S P I M O K Despatch Silverywhite Transport B R G Z R O M N K E S D K M O metal company At that Liberates M S W H T G E A J R G I H N AMARVIN time Clerk's workplace _ Farrow, Epoch pictured O N A I P S T A C C A T O O U Reared O N I T N A D N A Q J A Z C I Flavour (anag.)

MUSICAL TERMS Find all the terms listed below in the grid. Solution tomorrow AGITATO ● ALLEGRO ● ANDANTE ANDANTINO ● CON MOTO ● CRESCENDO DIMINUENDO ● FORTE ● LARGO ● LEGATO MOLTO ● PIANO ● PRESTO ● RALLENTANDO RITENUTO ● STACCATO ● TEMPO ● VIVACE

_ the bullet or _ back

Kernel

Partially dried grapes

60s song, The Young _

Martin _, pictured Into the air

Backless seat

Imposes obedience

Or nearest offer (abbr.)

Auction item Way off

Dread

Foolish

Before

Come about Employment

Workers on a job

Also known as (abbr.)

Leamington _, town

Small viper

Coniferous tree

Remain Sofa Spells of careless activity

Historical infantry weapon

Parrot type

HAGAR THE HORRIBLE Friday’s solutions

TIGER thE alphaBEatEr

arrow-word

ditloidS

Sudoku EaSy

Black squares: 3, 7, 11, 15, 17, 19, 20, 24, 27, 28, 32, 33, 35, 39. across: Rabbit, Warren, Doctor, Jounces, Flaky, Genic, Hider, Plinths, Odious, Winger, Convex. down: Midriff, Prawn, Racy, Antimony, Zygote, Bark, Arc, Jinks, Two, Join, Quiche, Crunched, Coax, Snips, Browsed.

across: Ciaran, Dine, Debt, Lamb, Roo, Oast, Opal, Ure, Jada, Lab, Dave, Man-made, Quad, Gracious, Ore, Asti, Sweep, Trip, Ace, Arthur, Bee, Aside, Horses, Ali, Nat, Peril, Havers, Dee. down (left to right): Ana, Row, Rhona, Bad blood, Nearest, Rav, Rita, Palm, Cee, Haste, Tan, Moa, Abi, Pause, Netball, Crisps, Adequate, Tuba, Ussr, Beard, Via, Tide, Lie, Eye, Drip, Exile. Shaded letters: Trevor

1 11 Players in a Hockey Team, 2 6 Legs on an Ant, 3 1 Horn on a Unicorn, 4 4 Gills in a Pint, 5 5 Vowels in the Alphabet, 6 2 Ugly Sisters in Cinderella

4 6 5 1 2 3 8 9 7

thE alphapuZZlE

CALVIN & HOBBES

across: Doll, Festival, Sensual, Noble, Wreck, Social, Exhort, Scream, Jasper, Eager, Usher, Marquis, Senility, Hymn. down: Disowned, Fuss, Lunge, Heathen (clue), Bunker, Peril, Enlist, Prompt, Tunic, Cherry, Vibrate, Gauzy, Leek, Imprison.

wordS CRAVE

tV croSSword across: 1 Gates, 6 Tina, 8 Kangaroo, 10 Firth, 11 Heigl, 12 French, 15 Reid, 16 Ransom, 17 Rita, 19 Natalie, 21 Hamm, 22 Daryl. down: 2 Anne, 3 Skyler, 4 Ralf, 5 Countdown, 6 Tointon, 7 Ash, 9 Nesbitt, 13 Hart, 14 Kingsley, 17 Ruth, 18 Adam, 20 Tea. tV show: In Flight

triVia wordSEarch 1 Babes in Arms, 2 Charon, 3 Munster, 4 Emile Zola, 5 Violin, 6 Scrooge, 7 Sir Thomas More, 8 Bonn, 9 Sheepdog, 10 Robert Burns 3+9=12, 6x5=30, 9x4=36

Greg Rusedski Bradley Wiggins Steve Redgrave

SMall croSSword

Gala, Lava, Vain, Into, Toto, Toga

QuiZ of thE wEEk 1 Boxing, 2 Jones, 3 Small game bird, 4 1960s, 5 Cheese, 6 Field hockey, 7 Forty, 8 Daniel Craig, 9 Two, 10 Quick.

1 3 7 8 9 5 4 2 6

6 9 8 2 3 4 1 7 5

7 4 3 9 5 1 2 6 8

5 2 1 6 7 8 9 4 3

3 5 6 4 8 9 7 1 2

Sudoku MEdiuM 9 1 2 3 6 7 5 8 4

8 7 4 5 1 2 6 3 9

BattlEShipS

across: 1 Preferred, 7 Real, 8 Piece, 10 Was, 11 Deadly, 13 Insulting, 14 Fasten, 16 Age, 18 Tests, 19 Eden, 20 Extending. down: 1 Predicate, 2 Recent, 3 Fled, 4 Rim, 5 Rewrite, 6 Designing, 8 Pillars, 9 Fastest, 12 Uneven, 15 Seed, 17 Ate.

croSS douBt across: MOURN down: FULLY

2 6 8 3 7 9 5 1 4

3 9 7 4 1 5 2 6 8

4 5 1 2 6 8 9 7 3

7 2 3 6 9 4 1 8 5

9 4 5 1 8 2 6 3 7

1 8 6 5 3 7 4 2 9

5 3 4 7 2 6 8 9 1

8 1 2 9 5 3 7 4 6

Sudoku difficult

6 7 9 8 4 1 3 5 2

kakuro

kEijo 2

3 2 1 4 9 7 3 2 1 6 4

3 2 1 5 4 1 2 2 7 3 1 2 9 5 8 1 2

9 3 7 8 1 4

SuMthiNg

MuddlESoME

clock-wiSE

2 8 9 7 4 6 3 5 1

8 1

1 7 4 8 3

9 6 8

Quick croSSword

targEt

across: 3 Applicant, 8 Amen, 9 Astronomy, 10 Slough, 11 Shred, 14 Tinge, 15 Lend, 16 Erode, 18 Deem, 20 Spill, 21 Raise, 24 Vacant, 25 Wednesday, 26 Slur, 27 Brutality. down: 1 Lassitude, 2 Rejoinder, 4 Push, 5 Larch, 6 Cancel, 7 Name, 9 Agree, 11 Stove, 12 Desirable, 13 Adulatory, 17 Essay, 19 Magnet, 22 Sisal, 23 Seer, 24 Vast.

BrEakNEck acne bane bank banker barn bean been bracken bran BREAKNECK bren cane canker careen crane crank earn keen knack knacker knar knee kraken nacre narc nark near neck nerka ranee rank

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

Sudoku Answer

Kakuro Answer

THE TRIBUNE

Wednesday, December 31, 2025, PAGE 7

Seven things you may not know about dividends BY Amy C. Arnott Associated Press I RECENTLY dug into the pros and cons of dividend reinvestment. Readers of the article sent me questions about other dividend-related topics. Here are some of the most common questions I got: What should I know about reinvested dividends and wash sales? Reinvesting dividends means purchasing additional shares, which can complicate sales or tax-loss harvesting in taxable accounts. The IRS' wash-sale rules prohibit claiming a tax loss after a sale if you've purchased the same or "substantially identical" security 30 days before or after selling. You could wait at least 30 days after a dividend before selling, and make sure to sell

at least 30 days before the next dividend, but to reduce hassle, it's probably best not to reinvest dividends for holdings that you plan to sell soon. If I reinvest dividends, will I end up with fractional shares that are difficult to sell? Reinvesting dividends typically means purchasing small amounts that get added to your existing stock/fund position. You'll probably end up with fractional shares, where you own only part of a share. Most major brokerages let you sell fractional shares, but you typically need to sell fractional shares as a market order, and liquidating fractional shares may take an additional day. How are dividends taxed? For stocks and stock funds, the tax rate depends

on whether the dividend is qualified or nonqualified (also called ordinary). Dividends are qualified if you meet the 60-day holding requirement within a 121day window around the ex-dividend date; these are taxed at capital gains rates — 0% or 15% for most people. Others are taxed as ordinary income. Dividends from holdings that don't meet these requirements are nonqualified and are taxed as ordinary income. Bond or bond fund payments are considered interest income and are typically taxed as ordinary income. Income from Treasury bonds is exempt from state and local taxes, and income from municipal bonds is usually exempt from federal, state, and local taxes, depending on the issuer's location.

Are reinvested dividends taxable? As I mentioned in another article, dividends for holdings in taxable accounts are taxable whether taken in cash or reinvested. If you reinvest dividends, you'll need to add each dividend to the holding's cost basis. You could end up with many separate tax lots with different cost-basis levels. When you sell the stock, you'll need to match each sale with a specific tax lot. Are stocks that pay dividends better? Money is fungible — it doesn't matter whether you receive it as income or capital appreciation. A company's value shouldn't depend on whether it pays a dividend. However, behavioral finance researchers have found that many

investors perceive dividends as more stable and predictable than capital gains. Tax issues are another important consideration. How do dividendoriented strategies perform in a recession? Dividend stocks historically hold up well during economic slowdowns and can provide downside protection in drawdowns. However, funds that focus on high-yield stocks without incorporating quality screens tend to be more exposed to economically sensitive sectors, and companies that may not be able to keep paying dividends during recessions. Can I live off my portfolio's dividends and interest income in retirement? Some investors like this approach. Dividends can

create steady income similar to a regular paycheck, and many investors like the idea of leaving their principal untouched. However, it can be tough to create a portfolio that generates enough yield for an incomeonly approach, especially one that keeps pace with inflation. An income-only approach to support retirement spending might mean you'd need to amass a larger portfolio. By the same token, an income-focused approach means you would likely be underspending during retirement and might end up with a large portfolio balance after death. That might appeal to retirees who have a strong interest in leaving a bequest, but limits your spending while you're alive.

German prosecutors will drop probe of Russian magnate Usmanov after he agrees to pay nearly $12M BERLIN Asssociated Press

A POLICE officer walks by a monument honoring 150 years of the Chinese community in Panama City, June 13, 2017. Photo:Arnulfo Franco/AP

Beijing condemns the demolition of a monument honoring the Chinese community in Panama By ABRAHAM FELIPE TERÁN and MEGAN JANETSKY Associated Press CHINA on Monday condemned the demolition of a monument honoring the Chinese community in Panama, the latest development as the Trump administration pushes for the Central American nation to distance itself from Beijing. Panama's president echoed the condemnation, blaming local authorities and pledging that the monument would be rebuilt. Overnight, videos circulated on social media showing large excavators tearing down the monument, which commemorated 150 years of Chinese presence in Panama and Chinese migrants who helped build railroads and the Panama Canal. Erected in 2004 with traditional Chinese architectural elements — including a ceremonial arch, curved roof tiles and stone lions — it stood at a scenic overlook near the Panama Canal. By morning, construction workers were removing the leftover rubble. All that was left of the monument were two broken stone lions placed next to the curb. The Chinese Embassy in Panama accused the local authorities in Panama of having "brazenly and forcibly demolished" the monument and "seriously damaged the friendly sentiments of the Chinese people towards the Panamanian people." Xu Xueyuan, the Chinese ambassador, demanded an explanation in a post on X. "This monument, which held 171 years of life, blood, and dedication from the Chinese community, has been shattered to pieces," the ambassador wrote. "A symbol of China-Panama friendship, reduced to nothing. And I ask: why?"

U.S. President Donald Trump has claimed that China exerts control over the canal, which is run by an independent authority. Trump has provided little evidence to back his claim and Panama's government has repeatedly rejected the assertion. Trump has pushed to offset economic ties between Latin American nations and China, which have strengthened in recent years as China outpaced American investment in much of the region. The office of the local government, the Arraiján mayorship, said the monument was demolished because it presented "structural risks" for public safety, dismissing allegations it was a political move. The statement did not say why the demolition was carried out at night. Panama President José Raúl Mulino said there was "no justification whatsoever for the barbarity" of the demolition and announced the federal government would rebuild the monument. "This is a traditional community in our country spanning back generations," he said on X. "They deserve all our respect. An investigation should be initiated immediately. Such an act of irrationality is unforgivable." Both Panamanians and Chinese were angry at the demolition. Some members of the Chinese community staged a protest at the site while some businesses said they would shut down in protest. Panamanian tour guide Jaime Bustos said he was shocked when he took a group of Italian tourists to visit the monument. "They helped build our interoceanic railway, they helped build the Panama Canal, and they're helping our country's economy," he said, speaking of the Chinese community in Panama. "I believe this was a cruel act."

GERMAN prosecutors say they will drop an investigation of Russian oligarch Alisher Usmanov, a close ally of President Vladimir Putin, over possible breaches of sanctions after he agreed to pay 10 million euros (about $11.8 million) to the authorities. The Uzbekistan-born billionaire and metals magnate, who was reelected as the president of the International Fencing Federation last year, has been facing European Union sanctions imposed after Russia's full-scale invasion of Ukraine in 2022. The Munich prosecutors office said on Tuesday

that the probe of Usmanov, which prompted police raids of dozens of properties in Germany linked to him three years ago, would be dropped upon receiving the payment. Some funds and assets linked to Usmanov had been frozen under the EU sanctions. A probe of money laundering allegations was dropped last year, his press office said in a statement. Prosecutors said Usmanov was suspected of transferring about 1.5 million euros through foreign-based companies for management of two properties in the lakeside town of Rottach-Egern, south of Munich, in the months after the sanctions were imposed.

UZBEK-born Russian businessman Alisher Usmanov attends a meeting of Russian President Vladimir Putin and Crown Prince Sheik Mohammed bin Zayed Al Nahyan of the United Arab Emirates at the Novo-Ogaryovo state residence outside Moscow, Sept. 12, 2013. Photo:Maxim Shemetov/AP He was also alleged to have failed to declare valuables to authorities, including jewelry, paintings and wines. Usmanov's defense team had challenged the allegations about his ties to the companies and valuables and the applicability of EU law in the case. The prosecutors said the discontinuation of the

investigation upon the payment was authorized under German criminal law. The 10 million euros will be distributed among the state treasury, a Bavarian victim support foundation and an association for prisoner welfare and probation services, the prosecutor's office said.

CROSSWORD PUZZLE

Thursday, January 1, 2026

PAGE 8, Wednesday, December 31, 2025

THE TRIBUNE

Judge blocks White House's attempt to defund the CFPB, ensuring employees get paid By KEN SWEET AP Business Writer

continues through the legal process. In recent weeks, the White House has used a new line of argument to potentially get around the court's injunction. The argument is that the Federal Reserve has no "combined earnings" at the moment to fund the CFPB's operations. The CFPB gets its funding from the Fed through expected quarterly payments. The Federal Reserve has been operating at a paper loss since 2022 as a result of the central bank trying to combat inflation, the first time in the Fed's entire history its been operating at a loss. The Fed holds bonds on its balance sheet from a period of low interest rates during the COVID-19 pandemic, but currently has to pay out higher interest rates to banks who hold their deposits at the central bank. The Fed has been recording a "deferred asset" on

its balance sheet which it expects will be paid down in the next few years as the low interest bonds mature off the Fed's balance sheet. Because of this loss on paper, the White House has argued there are no "combined earnings" for the CFPB to draw on. The CFPB has operated since 2011, including under President Trump's first term, drawing on the Fed's operating budget. White House lawyers sent a notice to the court in early November, where they argued that the CFPB would run out of appropriations in early 2026, using the "combined earnings" argument, and does not expect to get any additional appropriations from Congress. This combined earnings legal argument is not entirely new. It has floated in conservative legal circles going back to when the Federal Reserve started operating at a

Lee Enterprises stabilizes finances with $50M investment led by billionaire David Hoffmann

professor and chair of local news at Northwestern University's Medill School of Journalism. In recent years Lee — like many news companies — has cut staff and sold off some of the real estate its newspapers own as advertising and website traffic declined. Many Lee publications also stopped printing on Mondays. The company also struggled with $455.5 million of debt taken on when it bought Warren Buffett's newspapers from Berkshire Hathaway and refinanced its existing debt. Lee said the new infusion from Hoffmann and other investors will allow it to reduce the interest rate on that debt from 9% to 5% and to save about $18 million a year. "Lee's back was up against the wall. And I

THE White House cannot lapse in its funding of the Consumer Financial Protection Bureau, a federal district court judge ruled on Tuesday, only days before funds at the bureau would have likely run out and the consumer finance agency would have no money to pay its employees. Judge Amy Berman ruled that the CFPB should continue to get its funds from the Federal Reserve, despite the Fed operating at a loss, and that the White House's new legal argument about how the CFPB gets its funds is not valid. At the heart of this case is whether Russell Vought, President Donald Trump's budget director and the acting director of the CFPB, can effectively shut down the agency and lay off all of the bureau's employees. The CFPB has largely been inoperable since

By JOSH FUNK AP Business Writer LEE Enterprises announced a compromise Tuesday with billionaire investor David Hoffmann, who offered to take over the nation's third-largest newspaper chain this year, to help stabilize the company's finances with a $50 million investment and set Lee up for the future. Hoffmann, whose family investment firm already owns more than 40 other publications, will become Lee's chairman as he continues to pursue his goal of becoming the country's largest newspaper publisher. He has said in recent

President Trump has sworn into office nearly a year ago. Its employees are mostly forbidden from doing any work, and most of the bureau's operations this year has been to unwind the work it did under President Biden and even under Trump's first term. Vought himself has made comments where he has made it clear that his intention is to effectively shut down the CFPB. The White House earlier this year issued a "reduction in force" for the CFPB, which would have furloughed or laid off much of the bureau. The National Treasury Employees Union, which represents the workers at the CFPB, has been mostly successful in court to stop the mass layoffs and furloughs. The union sued Vought earlier this year and won a preliminary injunction stopping the layoffs while the union's case

interviews that he believes newspapers can continue to play an important role in covering local communities and build a successful digital subscription business. Lee said that when Hoffmann takes over, CEO Kevin Mowbray will retire after 39 years with the Davenport, Iowa-based company, which owns the St. Louis Post-Dispatch, Buffalo News, Omaha World-Herald and dozens of other publications in 25 states. "With improved financial stability and a clear governance framework in place, the focus can now be on disciplined execution and long-term value

creation," said Hoffmann, who declined to comment beyond the statement on the deal. He built his initial fortune through the DHR Global executive search firm he founded and went on to set up his investment fund. It now includes more than 125 brands and 22,000 employees and is set to become the controlling owner in the Pittsburgh Penguins next year. The test will be whether Hoffmann and Lee reinvest in newsrooms to strengthen coverage of high school sports and other local institutions like he has talked about after he takes over, said Tim Franklin, a

CROSSWORD PUZZLE

Thursday, January 1, 2026

DIRECTOR of the Office of Management and Budget Russell Vought speaks to reporters at the White House, Thursday, July 24, 2025, in Washington. Photo:Julia Demaree Nikhinson/AP loss. The Office of Legal Counsel, which acts as the government's legal advisors, adopted this legal theory in a memo on November 7. However, this idea has never been tested in court. In her opinion, Berman said the OLC and Vought were using this legal theory to get around the court's injunction instead of allowing the case to be decided on merits. A trial on whether the CFPB employees' union can sue Vought over the layoffs is currently scheduled for February 2026. "It appears that defendants' new understanding of "combined earnings" is an unsupported and transparent attempt to starve the

CPFB of funding and yet another attempt to achieve the very end the Court's injunction was put in place to prevent," Berman wrote in an opinion. "We're very pleased that the court made clear what should have been obvious: Vought can't justify abandoning the agency's obligations or violating a court order by manufacturing a lack of funding," said Jennifer Bennett of Gupta Wessler LLP, who is representing the CFPB employees in the case. A White House spokeswoman did not immediately respond to a request for comment on Berman's opinion.

THE OMAHA World Herald building is seen in downtown Omaha, Neb. Nov. 30, 2011. Photo:Nati Harnik/AP think it was looking for a way to stabilize the business," Franklin said. Buffett and incoming Berkshire CEO Greg Abel did not respond to questions Tuesday, but before selling off Berkshire's newspapers, Buffett concluded the industry was "toast" and destined for an unending decline.

Unlike when Lee fought off a takeover bid from the Alden Global hedge fund three years ago, the publisher's board has embraced Hoffmann's approach. Hoffmann agreed to buy $35 million of new Lee stock at $3.25 per share to go along with the 9.8% of the company's stock he already controlled.

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.

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 MARKSO ALMERUS of Shamrock Avenue, Carmichael Road, 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 31st day of December, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.